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e
Volume 136
,financial
rnnick
New York, Saturday, January 14 1933.
Number 3525
7 he P inancial Situation
EW YORK STATE, on Wednesday of this week,
offered $50,000,000 of one-year notes at par,
bearing only 1% per annum interest, and received
subscriptions for four times the amount of the offering, the subscription books being promptly closed
and the notes immediately advancing to a slight premium above par. To the superficial observer this
will appear as an indication of the high credit of
the State, but it is nothing of the kind. The credit
of the State is high, but when any borrowing unit or
borrowing entity is able to float issues bearing such
an abnormally low rate as 1% per annum explanations must be sought in other directions, and they
are to be found in the superabundance of banking
credit, in the main, because Reserve bank credit has
been put out with a freedom and abandon that passes
understanding, with the result of a huge congestion
of funds at the financial centers which induces financial institutions to bid against one another out of a
desire to find employment for the idle funds at almost
any rate of return, no matter how ridiculously low.
There is nothing sound or healthy in such a state
of things, and it is full of menace. It enables the
United States to borrow huge sums of money at
almost no cost, but therein lies its greatest peril, for
obviously the artificial process cannot be kept up
indefinitely, with Government borrowing continued
on an enormous scale, not merely to meet budget deficits, but also the growing needs of the Reconstruction Finance Corporation for relief in a hundred different ways, which it seems impossible to deny or to
withhold. And the end may come abruptly, as it
usually does, and then the situation may become
serious.
This borrowing by the State at 1% per annum is of
course the natural result of the borrowing by the
United States at even more abjectly low rates, all
as the result of the same underlying conditions,
namely, that the Federal Reserve banks, to make
credit easy and rates of interest low, have acquired
over $1,800,000,000 of United States Government
securities, even after this week's reduction in the
total, or over a billion dollars more than 12 months
ago. The United States Treasury, as part of its
December financing last month, offered $250,000,000
of certificates of indebtedness running for a year and
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bearing interest at the rate of only 34 of 1% per
received subscriptions for over 16 times
annum, and
the amount, the aggregate of the bids reaching
$4,128,000,000—all because of the huge masses of
idle funds which have accumulated at the financial
centers because of the policy referred to. The Re.
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serve authorities only last week, after holding their
Open Market Policy Conference of the Federal Reserve System, gave out a statement saying "that it
was the view of the Conference that there should be
no change in the System's policy intended to maintain a substantial amount of excess member bank
reserves, the continuance of which it deems desirable
in present conditions."
As so much stress is being laid on the desirability
of excess bank reserves, it deserves to be noted that
one means of providing excess bank reserves in recent
months has been the taking out of additional bank
note circulation, which simply means setting the
printing presses to work,something which in the not
very remote, past was always deemed a very questionable process. The other means has been through
the purchase of United States Government securities
by the Federal Reserve banks, an equally questionable process. The Reserve banks have now stopped
adding to their holdings of United States securities,
and the past week have permitted some reduction
in the same but with aggregate holdings of United
States bonds, Treasury notes, certificates of indebtedness and Treasury bills still amounting to $1,812,388,000 (the exact amount on Wednesday evening of
the present week), and with some of the bills and
certificates constantly running off, the Reserve
banks are necessarily all the time in the market for
new supplies even if there is no intention further to
enlarge their totals. And by reason of this situation
the artificial process of abnormally low rates of
interest here is maintained by its own unending
operations. Accordingly, purchasers of the certificates and bills know that a good portion of their purchases will in the end be taken over by the Reserve
banks themselves, and that therefore they need not
worry about finding an outside market for them.
It is only in that way and because Reserve authorities are bent on adding to the excess reserves of the
member banks that such absurdly low rates of return
as are shown by the sale of Treasury bills are made
possible. Last month, it will be recalled, the Treasury disposed of $100,039,000 of 91-day Treasury bills
on a bank discount basis of only about nine one
hundredths of one per cent. per annum (0.09%).
This meant that the Treasury obtained the use of
$100,039,000 for a period of 91 days at the relatively
trivial cost of $22,009—in other words, that the cost
was almost next to nothing. At this week's sale of
$75,000,000 of 91-day bills the rate of return to the
purchasers of the bills was a little higher, being
0.20% per annum, but this is also an abnormally low
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Financial Chronicle
figure, and the difference is simply one of degree.
At Chicago, as we noted last week, vigorous protest
is being registered against such an anomalous state
of things, one bank executive being quoted as saying:
"When the yield of Governments gets down below a
quarter of 1% per annum,the clerical labor required
to put them on the books costs more than the interest
yield,"—which appears to be the literal truth.
One further thought suggests itself at this point,
and that is that the low rate of return referred to is
the rate to the purchasers of the bills. But when
these bills find their way into the Reserve banks, as
many of them do, the original purchasers must of
course count upon making some profit out of the
transaction, and that means that the Reserve banks
must take them over (the obligations) at a figure
netting an even lower rate. What rate the Reserve
institutions actually realize in such instances is an
interesting question. Perhaps a Congressional investigating committee will some day dig out the
facts, and then the country will have full knowledge
as to the length to which the Reserve institutions
have proceeded in carrying out their policy of maintaining substantial amounts of excess reserves for
the member banks. We may go a step further and ask
how many of those who attended last week's Open
Market Policy Conference really had any knowledge
on that point? For the present the one redeeming
feature is that the past week the Federal Reserve
authorities reduced their holdings of United States
Government securities from $1,850,910,000 to $1,812,388,000, presumably by letting some of the bills run
off and not replacing them with new purchases.
There is, however, still another phase of the sale
of $50,000,000 one-year notes the present week bearing only 1% per annum interest that deserves a most
careful consideration. We refer to the fact that it
must necessarily encourage unsound methods of
municipal financing. Obviously when money is so
readily available and at such abnormally low rates
of interest all check on needless borrowing and the
careful limiting of the extent of borrowing is removed. This must be the case even in the case of
municipalities ordinarily well administered; the
tendency to restrict borrowing, which should always
be present, is necessarily absent when it is so easy
to indulge in the process. Of course borrowing at
1% per annum is possible only to States and municipalities in the enjoyment of the highest credit standing, but the descent to the other extreme often comes
with unexpected suddenness, through neglect of the
most ordinary precautions and which precautions
even ordinarily prudent people fail to observe when
checks and curbs are lacking. And in the case of
borrowing, the strongest and most effective check
against unwise and unsound methods is that found
in the cost of borrowing. This really imposes its
own limit upon recklessness by exacting a heavy
penalty as the cost, but very often this does not happen until recklessness has been carried to dangerous
extremes. Therefore, easy and cheap borrowing is
always to be discouraged, and particularly in the
case of States and municipalities.
Speaking generally, municipal obligations are
under greater discredit to-day than at any other
time in the history of the country, and that makes
the exceptions of high credit stand out with greater
prominence. Yet unnatural ease, especially when
it is the result of wholly artificial conditions, is to
be strongly deprecated because it may lead to putting
Jan. 14 1933
the exceptions off from their high pedestal. Back
in 1873 and the years immediately following, a number of municipalities got into trouble, but the lesson
of that experience was well learnt, and for fully
half a century thereafter it was rare to find a municipal obligation in voluntary or involuntary default.
There were occasional instances where municipal
issues were held void because of the failure to observe
legal requirements, but even such instances were
quite uncommon,so that the general class of municipal obligations ranked high. To be the owner of a
Stale or municipal issue (and States are included
within the term "municipal") was to be the owner
of an obligation holding a high place in the investment market.
All this has now change& During the era of violent speculation which ended in 1929, municipal extravagance and profligacy were rampant, and to-day
municipalities without limit find themselves in
trouble unable to meet their obligations (and by that
we do not refer merely to the Florida cities which
indulged in reckless excesses), and obliged to ask
concessions from their creditors. Anyone who will
take the pains to go through the news columns of
our State and City Department,on subsequent pages,
can find numerous instances of the kind. In fact, so
many municipalities at the moment are in deep
water and unable promptly to provide for their maturing obligations that it almost seems as if municipal issues would soon fall into a class no better than
the ill-fated railroad issues.
For that reason anything that is calculated to
impair the excellent credit which many municipalities still maintain is to be deplored. And we wish
to point out that New York State does not stand
alone at the present time in being able to borrow so
cheaply. Many municipal towns in New England
find it possible to indulge in short-term borrowing
at rates fully as low as that realized the present week
by New York State, and some even lower. To mention only some of the negotiations of that kind which
are reported in our news columns the present week,
Beverly, Mass., placed a $200,000 revenue anticipation loan, dated Jan. 11 1933 and maturing Nov. 3
1933, on a discount basis of only 1.02%. Dedham,
Mass., placed $85,000 in notes dated Jan. 11 1933
and due Nov.7 1933, on a discount basis of less than
1% per annum—in exact figures, only 0.87%. Then,
also, Syracuse, N. Y., placed $2,000,000 tax anticipation notes running from Jan. 13 1933 to Sept.13 1933
at an interest rate of 13
4%. All this is a product
of the policy of encouraging a redundancy of credit
supplies at a time when there is no need for them,
and it is to be hoped it will not swerve the few,
municipalities still in enjoyment of high credit from
the right path.
We repeat that easy and cheap borrowing on the
part of municipalities may mean their speedy undoing. The experience of New York City still stands
as a warning, and we will repeat here what we said
last week as showing the quick transition from high
credit to the opposite extreme. The City of New
York on Sept. 24 1931 sold to local banks a total of
$57,000,000 tax notes and revenue bills, of which
$51,000,000, due in three months, bore interest at
only 1%%,while $6,000,000, due in four months, was
sold on a basis of 11/ %, the most favorable terms
2
ever realized by the city. The very next month, however (namely, October 1931), when there was a realization of the true condition of the city, the munici-
Volume 136
Financial Chronicle
pality, borrowing $48,500,000 on note issues due in
January and February 1932, was obliged to pay interest rates of 4, 414 and 4 % in order to obtain the
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2
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needed funds; later in 1931 the city paid as high
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2
as 5 % for its short-term borrowings. It is to be
hoped that easy and cheap borrowing encouraged
by a mistaken credit policy will not lead municipalities still in good credit to depart from the standards
necessary to maintain their credit.
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money. They no longer watch each other. They are
given every inducement to band together and take
what they can from the Treasury.
"There are said to be over 2,500 counties which
produce wheat, over a thousand which produce cotton,'and heaven only knows how many which produce
hogs. There are at least six million farms, most of
which produce at least one of the many commodities
covered by the Jones Bill. Let us try to imagine
Federal agents sent out from Washington with certificates redeemable at the Treasury which they may
give to farmers when they, the agents, are satisfied
HERE is apparently nothing to be said with that the farmer has reduced his acreage 20% over a
reference to the action of the House of Repre- five-year average. Has anything like this ever been
sentatives on Thursday in passing by a vote of 203 proposed by men in their right minds? The scheme
to 151 the farm allotment or farm parity bill—after could not be administered if every one of the three
rice, peanuts and butter fat had been added to the thousand-odd agents were a hero, a saint, and a sage.
original four articles, namely, wheat, cotton, hogs To think of attempting to administer it through ordinary human beings, to think of giving thousands of
and tobacco, the producers of which are to receive officeholders the power to
'hand out public money in
gratuities at the hands of the Federal Government, this fashion, to expect them to be accurate and fair,
except that the prayer must be that in its further to suppose they could withstand the pressure of
course to the statute book, it will at some stage meet local opinion, is sheer madness."
with the defeat which it so richly merits. The measNothing need be added,or could be added, to what
ure apparently lacks even a single redeeming feature. is here said, in utter condemnatio
n of the whole
Walter Lippmann, in his article in the New York measure.
"Herald Tribune" yesterday calls it "A Package of
Dynamite," and points out how radically different
NE favorable development of the week deserves
the present Jones bill is from the Norbeck-Hope bill
record here. We refer to the decision of the
introduced in Congress last July and in which the
United States Supreme Court'holding that the Interidea embodied in the Voluntary Domestic Allotment
Plan had its origin, all safeguards and precautions State Commerce Commission is wholly without authority to compel railroad companies to build lines
being now cast aside. Says Mr. Lippmann:
of road in a new and unopened territory and against
"In the original plan, it was provided that the the will and good judgment of the directors of the
Farm Board should determine what the domestic road. The case was that where the Commerce Comconsumption of, let us say, wheat, was for a crop mission sought to compel the Oregon-Wash
ington
year. The Board was then to allot to each State a RR.& Navigation
Co. to build a 185-mile connecting
quota in proportion to the average acreage planted
in that State for the past five years multiplied by line across Oregon at a cost of between $9,900,000
the average yield per acre for the past 25 years. That and $11,000,000. The Court affirmed a decree of
quota fixed the total number of bushels of wheat the Oregon Federal District Court dismissing an
on which any State could draw the 42c. adjustment order by the Commission. Justices Cardozo, Brancharge from the Treasury. In other words, the plan deis and Stone dissented.
fixed the exact amount beyond which no State could
The case was the first of its kind to reach the
go in calling upon the Treasury.
Court and has a bearing on other pending actions
"When the State's quota was fixed, a State committee allotted to each county its proportionate part regarding railroad construction. Two primary
of the quota. In each county a committee allotted points were concerned in the opinion delivered for
to each farmer his proportionate share of the quota. the majority by Justice Roberts. First was the right
. The plan required that each farmer entering into the of the Court to take jurisdiction in the issue and the
scheme must make'an affidavit as to'how much wheat second was the extent of the Commission's authority
his farm had produced in the past five years, and under the
Inter-State Commerce and Transportation
that this affidavit should be published locally. The
Acts. As to the Commission's powers, the opinion
fundamental idea was that since in each county the
quota was fixed, every farmer would watch every said:
other farmer to see that he did not claim more than
"We should expect, if Congress were intending to
his proper share. The theory was that the self- grant to the Commission a new and drastic power to
interest of each farmer would make him vigilant to compel the investment of enormous slims for the desee that his neighbor did not cheat. For if his neigh- velopment of service of a region which the carrier
bor was allotted more than his proper share, he would had never, theretofore, entered or intended to serve,
lose by that amount. The plan was supposed to be the intention would be expressed in more than a
self-enforcing on the principle that each man would clause in a sentence dealing with car service."
become his brother's keeper. States would watch
Concluding the majority opinion, Justice Roberts
States, counties would watch counties, farmers
proceeded as follows:
would watch their neighbors.
"The Jones Bill abandons the idea entirely. Under
"The railroads, though dedicated to a public use,
the Jones Bill an agent appointed by the Secretary remain the private property of
their owners, and
of Agriculture pays the money to the farmer when their assets may not be taken
without just compensathe agent is satisfied that the farmer has reduced his tion. The Transportation Act
has not abolished this
acreage 20%. If the farmer cheats the agent, the proprietorship. State
courts have uniformly held
Treasury, and not his neighbor, suffers. Every in- that to require extension
of existing lines beyond
centive to bring about local control over the farmer the scope of the carrier's
commitment to the public
is removed. Instead of all the farmers of a neighbor- service is a taking of property
in violation of the
hood having to agree on how they will divide a fixed Federal Constitution.
quota they all are invited to make the best bargain
"The decisions of this Court will
they can with an agent appointed from Washington. vain for the announcement of any be searched in
principle of conIf they all succeed in hornswoggling the agent, the stitutional interpretation which would support
the
whole neighborhood obtains that much more Federal order of the Commission. The
statements in New
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Financial Chronicle
England Divisions Case, 261 U. S. 184, and DaytonGoose Creek Ry. v. United States, 263 U. S. 456, in
respect of the purposes of the Transportation Act, on
which appellants rely, must be read having in mind
the situations there presented and the nature of the
orders approved. Care was taken in those cases to
demonstrate that the sections upheld did not, in
application, go beyond the regulation of rates and
the disposition of the excess over a fair return collected by a carrier, and it was shown that no taking
or confiscation of property resulted. Those decisions
are far from sustaining the validity of an order
which seeks to require the investment of millions of
dollars in a new venture in undeveloped areas. Such
a compulsion imposes upon the carriers and its property 'burdens that are not incident to its engagement.' Northern Pacific Ry. Co. v. North Dakota,
236 U.S. at p.595. The construction we adopt makes
it unnecessary to pass upon the grave questions of
constitutional validity raised by appellant's argument.
"It is urged that as the order involved trackage
amounting to only 1.2% of that now maintained by
the Union Pacific System,the requirement may properly be considered an extension rather than a new
line, though a 'different view might prevail if the
Oregon-Washington alone •be considered. But
whether the order be treated as a command to the
Oregon-Washington Co. as a separate corporate
entity, or as an injunction to the Union Pacific System it is an attempted exertion of a power not conferred. Assuming, without deciding, that the Commission was entitled to treat the Oregon-Washington Co. as an instrument of the Union Pacific Sysas one
tem, and the required extension,
therefore,
adding only a small percentage to the presept mileage
of the system, still the purpose is to compel a new
investment for the development of a new area at the
request and in the interest of the State of Oregon,
whose desire is that its natural resources shall be
exploited."
The Commerce Commission has often exceeded its
authority, but the present was a case where the
power of mischief was especially great if the Court
should hold that the Commission was endowed with
authority to order the building of new lines in new
territory. Accordingly, the decision that no such
authority or power exists is to be hailed with great
satisfaction.
HE Federal Reserve condition statements this
week reveal some changes of a highly encouraging nature. Among the first of these is to be noted
the fact that the Reserve System's holdings of United
States Government securities have been allowed to
contract in amount of $38,522,000, the total of the
holdings having fallen from $1,850,910,000 Jan. 4 to
$1,812,388,000 Jan. 11. Presumably some bills ran
off and were not replaced by new bills, and as this
is a step in the right direction, it is to be hoped that
a similar policy will be pursued in succeeding weeks
and that gradually the huge holdings of United
States Government securities will be allowed to go
through a process of liquidation and eventually lead
back to the normal. If the effect is to raise the
abnormally low rates of interest and discount (to
the disorganization of the money and investment
markets) at which the United States Treasury has
been able to do its borrowing, so much the better,for
the effect will be to restore confidence in the general
financial condition of the country, so sadly lacking
at the present time. As the result mainly of this
diminution in the holdings of United States Government securities, the volume of Reserve credit outstanding, as measured by the bill and security hold-
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Jan. 14 1933
ings, has also been reduced in amount of $41,844,000,
the total of such holdings the present week being
$2,098,003,000 as against $2,139,847,000 last week.
The volume of Federal Reserve notes in circulation
has at the same time also been reduced in amount
of over $50,000,000, the amount this week being down
to $2,687,024,000 from $2,737,656,000 last week.
Total money of all kinds in circulation is reported as
having decreased during the week in amount of $80,000,000. The gold holdings at the same time have
further increased from $3,173,356,000 to $3,222,533,000. Of this increase $10,037,000 represents further transshipment to this side of gold held abroad
as part of the debt payment made by Great Britain to
the United States on Dec. 15. The total of the gold
still held abroad is now $51,091,000 as against $61,128,000 last week. As a result of the addition to
the gold holdings and the concurrent reduction in
the volume of Federal Reserve notes outstanding,
the ratio of total reserves to deposit and Federal
Reserve note liabilities combined has risen during
the week from 63.0% to 64.1%. The increase in ratio
would have been still larger, except that the deposit
liabilities further increased from $2,587,376,000 to
$2,644,471,000, the increase being due to the fact that
member bank reserves further heavily increased, rising from $2,514,451,000 to $2,573,944,000. United
States Government securities pledged as part collateral for Federal Reserve notes were reduced during the week from $426,100,000 to $384,400,000.
Holdings of acceptances for account of foreign central banks show no change of consequence at $39,932,000 against $40,157,000 last week; 12 months
ago, on Jan.13 1932, the holdings of domestic acceptances on behalf of foreign central banks still aggregated $285,141,000. Foreign bank deposits with the
Reserve institution are a little higher at $20,629,000
as against $18,853,000 last week; a year ago, on
Jan. 13 1932, these foreign bank deposits stood at
$75,129,000.
USINESS failures in December made quite a
favorable showing, relatively speaking. The
number was larger than for any month since August;
likewise, the liabilities were heavier, but a substantial reduction appears as to both, compared with the
same month in the preceding year. R. G.Dun & Co.'s
records show 2,469 insolvencies in the United States
for the closing month of last year with $64,188,643
of indebtedness. In December 1931 there were 2,758
similar defaults involving $73,212,950 of liabilities.
The decrease in the number was equal to 10.5% and
in the indebtedness 12.3%. For the full year 1932
the situation is different. The record for that period
is the highest ever shown, with a very marked increase in both divisions of the report, notwithstanding the considerable reduction in the last four months
of the year. Business failures in 1932 numbered
31,822, with liabilities of $928,312,517. These figures compare with 28,285 defaults in 1931 for $736,309,102 of indebtedness. The latter record was the
highest up to that time. The increase in the number
of failures last year over 1931 was 12.5%, and in
the liabilities 26.1%. The increase was wholly in
the first eight months of 1932. A very notable change
in the other direction appeared in the report of the
final four months.
The decrease in December from that month in the
preceding year was wholly in the trading division
of the record. The very large trading section showed
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Financial Chronicle
1,686 failures against 2,013 similar defaults in December 1931, a reduction of 15.7%. Trading failures
constituted 68.4% of the total of all business failures in December; this ratio was somewhat lower
than usual. Trading liabilities last month were $29,890,367 against $38,385,309 for December 1931. As a
result of the disturbed economic conditions in the
fall of 1931, mercantile failures increased very
largely, and it was in the trading division that the
losses were most severe. On the other hand, there
was an increase in December 1932 in the failures
of manufacturing concerns; also for agents and brokers. Manufacturing defaults in December 1932 numbered 614, involving $24,576,891 of indebtedness,
against 591 defaults for $22,453,828 in December
1931. As to agents and brokers, the number of failures last month was 169, with $9,721,385 of liabilities
compared with 154 in December 1931, owing
$12,373,813.
All four of the large classes into which the trading
division is separated show a reduction in failures last
month. These four sections cover the grocery lines,
dealers in clothing, general stores and dealers in
drugs. The decline for the two classes first mentioned was very marked. The four classes constitute
more than one-half of all the trading defaults that
were reported. There was a decrease also as to failures of hotels and restaurants; dealers in dry goods;
shoes and leather goods;in furniture; hardware,and
for jewelers. The increase in the manufacturing
division continues largely in the iron, machinery and
lumber sections; also, in printing and engraving and
in milling and bakers. In clothing manufacturing
lines there was a large reduction, but in furs, hats,
and gloves an increase appeared. For leather and
shoes and in the clay and glass divisions an increase
was also shown.
The large failures in December were again quite
numerous. It was owing to this fact mainly that
the liabilities for that month are so heavy. There
were 131 such defaults in that month, where the indebtedness in each instance was $100,000 or more,
the total of the latter being $31,174,230. In December 1931, 110 similar defaults occurred, for which
there was owing $37,511,400. These losses were
mainly among manufacturing concerns, whereas a
year ago it was the trading division that suffered
most severely.
HE New York stock market this week has continned to show an improved tone, even though
prices have in most cases moved within a narrow
range. On Monday the market displayed more or
less hesitancy, this following the closing of business on Saturday last, because of the funeral on that
day of former President Calvin Coolidge. On Tuesday, however, prices moved sharply upward, mainly
because of a concurrent rise in several of the commodity markets, and especially in the price of wheat.
May wheat in Chicago sold above 50c. a bushel for
the first time since Oct. 29 last, and on Wednesday
it sold at 51%c.; there has been a reaction since then,
however, and the close yesterday was 48%c. against
4814c. on Friday of last week. There appeared to
/
be no well defined reason for this except that the
*inter wheat crop in December was reported as showing the lowest condition for that date since the reports were begun back in 1863, and has suffered further impairment of condition since then because of
continued unfavorable weather. Cotton prices have
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201
also been an element of,strength at times, the spot
price here in New York having been marked up on
Tuesday to 6.40c; though having since fallen back
again, and being reported yesterday at 6.25c. against
6.25c. on Friday of last week. The price of copper
also developed a firmer tendency.
Even accounts regarding the steel trade were a
little more encouraging than they have been of late.
The "Iron Age" reported in its weekly review a
moderate improvement in the volume of steel business and an increase in operations to 15% of capacity
as against the year-end low of 13%. It added that
steel consumers were still very cautions, even in the
matter of modest replenishment of depleted inventories, but that there had been enough new business
from the automobile industry, the can manufacturers
and builders of refrigerators to give some of the
steel companies slightly better schedules than they
had in the latter part of December. Perhaps the
most encouraging feature of all has been the strength
and advance in bond prices that has continued
throughout the week, and has extended to the lowpriced and so-called speculative issues, all of which
showed a rising tendency. There was at the same
time more active buying in the railroad share list,
this being on the theory apparently that some solution for the betterment of the railroad situation will
be worked out in the near future. Call loan rates on
the Stock Exchange have again remained unaltered
at 1% throughout the week.
Trading has been on a moderately large scale.
On Saturday last the Stock Exchange was closed
because of the funeral of Calvin Coolidge. On Monday the sales were 932,500 shares; on Tuesday,
1,148,987 shares; on Wednesday, 1,617,454 shares;
on Thursday, 916,072 shares, and on Friday 833,815
shares. On the New York Curb Exchange the sales
on Monday were 156,800 shares; on Tuesday, 138,195
shares; on Wednesday, 199,380 shares; on Thursday,
119,830 shares, and on Friday, 97,355 shares.
As compared with Friday of last week, prices are
irregularly changed. General Electric closed yesterday at 15% against 16 on Friday of last week;Brooklyn Union Gas at803 against 80%;North American
4
at 30% against 30%; Standard Gas & Elec. at 14%
against 143 ;Consolidated Gas of N. Y. at 62 against
4
62; Pacific Gas & Elec. at 30 against 30%; Columbia
Gas & Elec. at 17% against 17%; Electric Power &
Light at 714 against 678; Public Service of N. J. at
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5378 against 54%; International Harvester at 23%
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against 23%; J. I. Case Threshing Machine at 47%
against 45%; Sears, Roebuck & Co. at 20% against
21y ; Montgomery Ward & Co. at 14 against 14%;
8
Woolworth at 351 8 against 35%; Safeway Stores at
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4178 against 41%;Western Union Telegraph at 28%
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against 2978; American Tel. & Tel. at 10678 against
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10778; International Tel. & Tel. at 7% against 7%;
/
American Can at 61 against 59%; United States Industrial Alcohol at 26% against 26%; Commercial
Solvents at 1178 against 11%;Shattuck & Co. at 878
/
/
against 9%,and Corn Products at 55% against 55%.
Allied Chemical & Dye closed yesterday at 87%
against 87% on Friday of last week; Associated Dry
Goods at 4% against 4%;E.I. du Pont de Nemours
at 40 against 39; National Cash Register "A" at 8
against 8%; International Nickel at 8 against 838
/;
Timken Roller Bearing at 16% against 16; JohnsManville at 22% against 22%; Gillette Safety Razor
at 19 against 19; National Dairy Products at 16%
against 17.78; Texas Gulf Sulphur at 24% against
/
202
Financial Chronicle
/
23%;Freeport Texas at 2558 against 26; American &
/
at 71/4 against 71 8; United Gas ImForeign Power
/
provement at 2038 against 20%; National Biscuit at
4
/
2
1
/
40 against 4014; Coca-Cola at 79 against 771/ ;
/
Continental Can at 4114 against 40%; Eastman
2
1
/
/
Kodak at 5912 against 56%; Gold Dust Corp. at 15
/
against 1512;
/
against 1614;Standard Brands at 15%
Paramount Publix Corp.at 2% against 2½;Kreuger
/
& Toll at 1 8 against 14; Westinghouse Elec. & Mfg.at
/
30 against 30%; Drug, Inc., at 3578 against 35;
Carbon at 34% against 32%; Reynolds
Columbian
Tobacco class B at 31% against 30; Liggett & Myers
2
1
/
class B at 58 against 55; Lorillard at 13% against
2
1
/
12 ,and Yellow Truck & Coach at 3% against 3%.
The steel shares are very little changed. United
/
/
States Steel closed yesterday at 301 8 against 2978
States Steel preferred
on Friday of last week;United
/s
2
1
/
at63 against62%;Bethlehem Steel at 155 against
2
1
/
at 12% against 13 . In the
15%, and Vanadium
/
auto group, Auburn Auto closed yesterday at 5218
/
5338 on Friday of last week; General Motors
against
4
/
/
at 1378 against 13%; Chrysler at 153 against 17;
Nash Motors at 14 against 14; Packard Motors at
,
/
/
7
2% against 2%;Hupp Motors at 2 8 bid against 234
/
14 In the
.
and Hudson Motor Car at 5 against 5
rubber group Goodyear Tire & Rubber closed yester/
day at 1712 against 16 on Friday of last week; B. F.
2
1
/
Goodrich at 5 against 5%; United States Rubber
bid against 5%, and the preferred at 10%
at 5
against 10.
The railroad shares have made a display of
2
1
/
strength. Pennsylvania RR.closed yesterday at17
against 16% on Friday of last week; Atchison Topeka & Santa Fe at 43% against 431/4; Atlantic
/
4
1
/ against 2118; Chicago Rock
Coast Line at 20
2
1
/
Island & Pacific at 4 against 4%; New York Cen2
1
/
tral at 19% against 19½; Baltimore & Ohio at 10
4
1
/
New Haven at 16 against 15 ; Union
against 9/8;
4
4
1
/
Pacific at 75 against 74 ; Missouri Pacific at 33
4
/
/
78;
against 3/ Southern Pacific at 1858 against 173 ;
4
Missouri-Kansas-Texas at 63 against 7; Southern
/
2
1
/
Railway at 6 against 614; Chesapeake & Ohio at 27
/
against 2778; Northern Pacific at 16 against 15, and
14.
4
Great Northern at 93 against 9
The oil shares have moved within a narrow margin.
4
1
/
Standard Oil of N.J. closed yesterday at 31 against
week; Standard Oil of Calif.
4
/
303 on Friday of last
2
1
/
/
at 251 8 against 25%; Atlantic Refining at 16
/.
2
1
/
/
1678; Texas Corp. at 13 against 1378 In
against
the copper group Anaconda Copper closed yesterday
at 77/s against 8% on Friday of last week; Kennecott
2
1
/
Copper at 9 against 10; American Smelting & Re2
1
/
fining at 13 against 13%; Phelps Dodge at 5
4
1
/
4
1
/
against 5 ; Cerro de Pasco Copper at 7 against
.
/
3
74,and Columet & Hecla at 2% bid against 278
TRREGITLAR
tendencies were reported this week
1 on stock exchanges in all the leading European
financial centers, with the main trend toward
slightly higher levels. A firm undertone prevailed
at London, Paris and Berlin despite extremely slow
turnover. Signs of recovery from the business depression are not impressive, but a hopeful attitude is
maintained in Great Britain and on the Continent.
Official trade returns in London indicate that some
improvement is in progress in the British iron, steel,
coal, textile and general engineering lines. The
crisis in Germany is believed to have been surmounted, as a 13% advance in industrial production
since last August was proclaimed, Thursday, by
Jan. 14 1933
Minister of Economics, Hermann Warmbold. The
opinion that the bottom of the depression has been
reached with recovery due in the second half of this
year was expressed by Premier Mussolini, Thursday,
a Rome report to the New York "Evening Post" said.
A little improvement already has appeared, the
Fascist leader declared. These and other predictions
of improvement are stimulating a little buying of
securities on the European exchanges, but not enough
to effect any great changes in quotations. Unemployment figures in the various countries reflect
little actual change in conditions. British totals for
December showed a reduction of 75,519 in the unemployment rosters, owing to the pre-Christmas absorption of workers in trade and industry. The German
Labor Office reported 5,773,000 out of work in the
Reich on Dec. 31, or 105,000 more than on the corresponding date of 1931. Registered unemployed in
Czechoslovakia totaled 750,000 at the end of last
year, while Yugoslavia reports 500,000 jobless.
The London Stock Exchange was cheerful in the
initial session of this week, with prices higher in
almost all sections of the market. British funds
were well supported, while industrial stocks were
in good demand. Home rail issues reflected improved traffic returns. Dealings in the international
list were marked by sharp advances in German and
Latin-American bonds. After a fairly firm opening,
Tuesday, irregularity developed on the London market, and most of the early gains were lost. British
funds closed a trifle easier, and uncertainty likewise
appeared in the industrial group of issues. AngloAmerican trading favorites lost a little ground, but
other issues in the foreign section showed gains.
Business dwindled to very small proportions,
Wednesday, while the price trend remained irregular. British funds were fractionally lower. A few
issues advanced in the industrial group, but most
stocks dropped. International securities were better as a whole, owing in part to favorable overnight
reports from New York. The London market was
again dull, Thursday. British funds,home rail issues
and most industrial stocks drifted slowly lower.
South African gold mining shares reflected a little
demand. International stocks were somewhat
easier. British funds were marked upward, yesterday, after an uncertain opening, but changes in other
sections were nominal.
The Paris Bourse was quiet and heavy at the
opening,Monday,and prices continued to move lower
throughout the session. An impending debate in
the Parliament regarding the huge French budgetary
deficit was a discouraging factor. French securities
lost more ground than foreign issues. The tendency
was irregular, Tuesday, in a further quiet session.
Rentes improved a little, and gains in German bonds
also were registered, but the main trend in the French
industrial stocks was downward. The trend was
better,Wednesday, with business still on a very small
scale. Rentes were in favor on the expectations that
Finance Minister Henri Cheron will be able to balance the budget. Fluctuations in other sections were
insignificant. The Bourse was lifeless, Thursday,
and the sluggish movements did not change quotations appreciably. International issues advanced
slightly on favorable reports from other centers.
The list moved lower yesterday, with international
stocks heavier than French issues.
Advancing prices were reported on the Berlin
Boerse in the opening session of the week, with stocks
Volume 136
Financial Chronicle
203
and bonds alike sharing in the gains. The move- outgo
ing Secretaries of State, it was pointed out.
ment was aided, dispatches said, by indications of No disclo
sures were made regarding the conference
growing confidence abroad in Germany. Prices adheld early this week, but an account in the New York
vanced markedly, but some of the gains were lost in
"Times" stated that the subjects under discussion
realizing sales during the last hour. The tendency
included the European war debts, recognition of
was uneven, Tuesday, notwithstanding a generally
Soviet Russia, and the Manchurian dispute between
confident atmosphere. Electrical and chemical
Japan and China. It is also fitting, a report to the
stocks were under pressure, while mining issues were
New York "Herald Tribune"said,for Secretary Stintbought. Fixed interest issues were steady, but no
son to know Mr. Roosevelt's views, in case further
further gains appeared. The irregularity persisted
diplomatic steps should have to be taken before
during Wednesday's ssesion. Stocks moved forwa
rd March 4. In requesting the conference the President,
at first, but a reaction later wiped out almost
all elect desired to have the benefit of information availthe gains. Electric issues did better than others
. able only to the State Department, it was said.
The Boerse was dull, Thursday, and prices declin
ed
slightly in most sections. Reichsbank shares moved
LTHOUGH the war debt controversy continued
contrary to the general trend, and a few industrial
to echo in parliamentary chambers this week,
stocks also improved, but most issues slowly receded. it remains appar
ent that there will be no official
German bonds were steady. The market was cheer- steps towar settle
d
ment of the defaults of last month
ful as a whole, yesterday, almost all issues advancing. or surve
y of the general problem until the new Administration takes office in Washington on March 4.
N INTERESTING commentary on the current
The position established on Dec. 15 is unaltered,
unsettlement in various parts of the world is
with the Governments that met their payments and
seen by most observers in a request by President
those which defaulted equally anxious for the earliest
Hoover for early ratification by Congress of the
possible reopening of the entire question. The deinternational convention, signed at Geneva in 1925,
bate in the United States Senate on the debts was
providing for regulation of international trade in
resumed last Monday, when a heated discussion dearms, ammunition and implements of war. In a
veloped between Mr. Borah of Idaho and Mr. Johnspecial message to Congress, dated Jan. 10, Mr. Hooson of California. Senator Johnson charged Senator
ver remarked that the convention has been adhered
Borah with withholding vital information on the
to by a large number of other important nations,
intergovernmental debt moratorium late in 1931,
while further progress has been stopped through failbut the latter replied that all information at
his
ure of the United States to ratify. As an alternative
disposal had been made available. The first discus
measure,the President suggested the passage of legission of the problem in the Senate,last week, produ
ced
lation "conferring upon the President authority in
an interesting aftermath in the form of a
visit to
his discretion to limit Or forbid shipments of arms
Senator Borah by Sir Ronald Lindsay, the Britis
h
for military purposes in cases where special underAmbassador. This unusual incident was at
first
takings of co-operation can be secured with the prinattributed to a desire on the part of the Ambassador
cipal arms manufacturing nations." Mr. Hoover
to inform the Senator fully regarding the India
n
prefaced his appeal to Congress with the remark that
Currency Act of 1925, to which Mr. Borah referr
ed.
"recent events have emphasized the urgent need of
Subsequent Washington reports intimated that Sir
more authority to the Executive in control of
the Ronald called on Senator Borah last Saturday
to
shipment of arms from the United States for mililearn if the Senator could suggest a means for immetary purposes." Although no specific developmen
t diate action toward reconsideration of the war debts.
was named in the message, it was widely assum
ed
In the upper chamber of the French Parliament a
that the unofficial war in the Gran Chaco area
be- discussion similar to that at Washington is taking
tween Bolivia and Paraguay prompted the
appeal. place. Senator Damecour attempted to clarif
y the
The likelihood of a further conflict between Colom
bia position, Tuesday, with a charge that Presi
dent
and Peru regarding possession of the Amazon
River Hoover had committed this country durin
g the Hooport of Leticia also is thought to have
influenced ver-Laval conversations of 1931 to
revision of the
Mr. Hoover. Washington dispatches stated
that the debts if France would modify the Germa
n reparasituation in the Far East is not a factor. The
conven- tions payments. Like all other attempts
of this
tion for which ratification is sought provid
es for a nature, M. Damecour's was decidedly
unsuccessfuL
system of export licenses in each country
to govern Former Premier Laval made it clear
the same day
the export of war material, and for full public
ity that the joint communication issued in Washi
ngton
regarding shipments. In the course of an
interview on Oct. 25 1931 covered everything
that took plazeia
with newspaper men, Wednesday, Presid
ent-elect the discussions. In view of the Frenc
h default en
Roosevelt indicated that he also is in favor
of the the Dec. 15 payment,it is noteworthy
that sentiment
principle of embargoes on arms shipments to belligin that country has hardened regarding
non-payerent nations, and especially nations which
are ment of the debt due the United States
Government
aggressors.
A Paris dispatch of Monday to
the New York
The question of American foreign policy was dis"Times" reports that "French public
opinion and
cussed this week in a somewhat broader sense in
Parliamentary opinion is settling down into
a deterconnection with the obvious need for orientation on
mination that no further payment
will be made."
the part of the Administration which will take office A passin
g reference to the debts problem was
made
March 4 next. Secretary of State Henry L. Stimson Thurs
day, by Andrew W.Mellon, Unite States
d
Amvisited President-elect Franklin D. Roosevelt at the
bassador to the Court of St. James's, on
his return to
latter's request, Monday, and reviewed all current Londo
n. His conversations with admini
strative
problems in the course of a lengthy conference. Simi- leader
s in Washington gave him the impression,
Mr.
lar conferences have been held in the past on a num- Mellon remar
ked, that no one is really in a position
ber of occasions between incoming Presidents and to know what
will happen in the war debts contra-
A
A
204
Financial Chronicle
versy. "It really is something the outcome of which
I would like to know myself," the Ambassador is
quoted as saying in an Associated Press dispatch
from London.
CONOMIC experts of the leading nations gathered at Geneva, Monday,for sessions of the preparatory commission of the World Economic Conference. The meeting of experts is the second held
to draw up an agenda for the world gathering,
and reports from Geneva indicate that it is likely
to be more successful than the first discussion
last autumn. After the agenda is prepared it
will be submitted to the organizing committee
of the conference, which is scheduled to meet
in Geneva on Jan. 24. It is generally accepted
that the World Conference will be held in London next May or June. Dr. L. J. A. Trip, of the
B. I. S., presided over the commission sessions this
week. He urged the members to act in accordance
with the gravity of the situation, and the discussion
of measures to be placed before the organizing committee for inclusion in the agenda of the general conference promptly began. Of exceptional interest
were some general statements by Sir Frederick LeithRoss, British Treasury expert, regarding the necessary preliminaries to stabilization of sterling by the
British Government. The primary requirement is
settlement of the war debt problem, the British expert stated. He contended, a dispatch to the New
York "Times" remarks, that there would be no use
convoking the World Economic Conference if this
were not done. A second requirement is the accomplishment of the chief monetary reforms recommended by the Gold Delegation of the League of Nations. Lowering of trade barriers constitutes a third
important point, Sir Frederick indicated. He suggested, in addition, that an international reconstruction finance bank should be established and provided
with a common fund for the aid of countries needing
exchange and other financial help during periods of
difficulty.
Other experts were less definite regarding the
items to be included in the proposed agenda for the
World Conference. Professor John H. Williams, as
the chief spokesman for the United States, agreed
cautiously that debt settlement might be a contribution that this country could make, but he hastened
to assure the commission that his view was personal
and not official. The main contribution of the
United States probably will be in lowered import
tariffs, Professor Williams said. The French representative, M. Rist, hailed the British idea of a common fund which France had sponsored several years
ago in connection with the Danubian union project.
At the suggestion of M. Francqui, of Belgium, this
proposal was referred, Tuesday, to a monetary subcommittee of the preparatory commission for study.
The general discussion turned thereafter on the main
points needed for world economic recovery. The
items included reduction of both intergovernmental
and private indebtedness, currency stabilization,
freedom of capital movements and relaxation of
trade restrictions.
E
!MOST perturbing interference of government
in private business transactions was undertaken yesterday by the British Treasury, in connection with a proposed sale to British interests of
1,000,000 shares of the Boots Pure Drug Co., of Great
A
Jan. 14 1933
Britain, which are owned at present by the United
Drug Co., of America. The Treasury, acting on the
advice of the Bank of England, requested the principals to delay completion of the transaction, Thursday, owing to the possibility that transfer to the
United States of the $25,000,000 involved might upset the British exchange position. In a statement
issued yesterday, by the Treasury, Chancellor of
the Exchequer Neville Chamberlain was represented
as ruling adversely on the proposal. "The Chancellor
of the Exchequer," the statement said, "has considered the matter in all its aspects and has informed
the parties concerned that he regards the proposal
as conflicting with the request he made Oct. 1 1932,
relating to foreign issues the proceeds of which would
be remitted abroad." In a London dispatch of Thursday to the New York "Times," it is remarked that a
storm of protest was aroused in the British capital
by the preliminary request for delay. The proposed
sale of the controlling interest in the Boots chain
of drug shops is understood to have involved
1,000,000 shares at somewhat more than £7 a share,
or an aggregate of approximately $25,000,000 at the
current rate of exchange. British interests, represented by Humbros Bank,Erlangers, Ltd., and Philip
Hill & Partners, expected to float 5s. shares in the
open market to cover the cost of purchase, and this
part of the transaction apparently was regarded by
the Treasury as conflicting with remaining restrictions on new capital issues. Only the restrictions
dealing with the export of capital remain effective,
as the embargo placed on purely British flotations
when refunding of the 5% War Loan was consummated has now been lifted.
OLICIES to be pursued by the proletarian dicta-
P
torship in Russia during the next few years
were outlined by Joseph Stalin in a speech delivered
before the leaders of the Communist party last Saturday and published in Moscow, Monday. The achievements of the five-year plan of industrialization also
were discussed by M. Stalin in general terms. The
address was the first made by the Communist leader
in 18 months, and it was awaited with breathless
interest throughout the Soviet Union. There will be
no compromise with private capital anywhere in Russia during coming years, Mr. Stalin informed his
hearers. But the speed of the first five-year plan
will not be maintained in the second plan. In a
comprehensive account of the address, cabled to the
New York "Times" by Walter Duranty, Moscow
correspondent of that journal, it was indicated that
M. Stalin believed a slower tempo possible hereafter
for several reasons. He explained, first, that a solid
foundation for industrial and rural socialism has
already been laid; second, that the national defense
has been adequately strengthened, and third, that
it is now paramount to master the new technique.
An annual increase in industrial production of 13
to 14% will suffice henceforth, he said, as against
22% annually during the first five-year plan.
The plan, which was concluded Dec. 31 1932, at
the end of 41/4 years, was described by the Soviet
dictator as successful beyond all expectations. The
success achieved, he predicted, will have the effect of
mobilizing the revolutionary forces of the proletariat
of all lands against capitalism. There were repeated
comparisons in the speech of Soviet growth and
"capitalist ruin," Mr. Duranty said, but few references otherwise to foreign lands or the foreign affairs
Volume 136
Financial Chronicle
of the Soviet Union. Planned advances in the industrial program of the recent plan were attained to
the extent of 93.7%, M. Stalin said. The 6.3% lag
he attributed to the unwillingness of neighboring
countries to conclude non-aggression pacts and to
war danger generally, which had compelled the diversion of a number of factories to the needs of national
defense.
The Soviet leader proceeded, Mr. Duranty states,
with an explanation of the purpose of the plan. The
fundamental object, he said, had been to remove the
contradiction between socialized industry, which
resulted from the urban proletarian revolution, and
small peasant individualism, which resulted from
the peasant revolution involving the expulsion of the
landlords and the division of the land. The Soviet
dictator asserted that a Socialist State is impossible
to maintain unless this contradiction is removed,
and that the removal was possible only by establishing a solid industrial basis for large-scale, socialized
agriculture. Otherwise, he continued, while Socialist industry was destroying capitalism, individualist
agriculture would be breeding capitalist elements.
The problem of converting small individual farms
into big socialized units has already been solved, M.
Stalin claimed. Grain mobilized in the hands of the
Government had increased from 10,000,000 tons
yearly to 22,000,000 tons, he said. There are now
more than 200,000 collectives and 5,400 State farms,
including 60% of the peasants and 70% of the cultivated land,the area of which hasincreased 50,000,000
acres in the past four years, he added.
Great improvement has been effected in the material position of Russian workers and peasants
under the five-year plan, M. Stalin declared. Unemployment and insecurity had been abolished among
workers, as well as inequality between rich and poor
peasants, it was maintained. "He stressed the developing socialized commerce and declared a goods supply in the hands of the State was better backing for
the currency than gold," Mr. Duranty reported.
"But 'he omitted to point out the effect of the disproportion between supply and demand, and its
effect on the currency's purchasing power." The
development of such projects as the Dnieprostroy
hydroelectric plant is the answer to the charge that
the Soviet Union does not have a solid currency, the
dictator asserted. In conclusion, the Soviet leader
called for renewed revolutionary vigilance to eliminate the remainder of capitalist elements. "It is a
mistake to think that everything is all right," M.
Stalin remarked. "We have still many defects, such
as carelessness and inefficiency, but despite this we
have immense successes which have excited the admiration of workers throughout the world. The fiveyear plan has broken the bourgeois fallacy that
workers cannot build, and has destroyed the thesis
that it is impossible to build socialism in one
country."
205
to take over the city of Barcelona, Sunday, but the
civil guards frustrated the efforts with ease. Severe
fighting occurred in various parts of the city, which
is the most important industrial center in Spain.
Five persons were reported killed. Similar movements occurred in a number of other towns in southern Spain, and Soviets are reported to have been set
up in one or two instances. The Government at
Madrid considered the movement ended by Monday
night, according to an announcement by Premier
Azana. Minister of the Interior Quiroga scoffed at
the thought of Communism succeeding in Spain, dispatches said. The malcontents called general strikes
in Barcelona, Valencia, Cadiz and other cities, but
the workers did not respond in any great numbers.
Some difficulty was encountered in Seville, Tuesday, and it was announced after a Cabinet meeting
that Premier Azana had been authorized to declare
martial law if he considered this measure necessary.
The movement abated, however, owing to the firm
measures taken by the police in the affected areas,
and Premier Azana indicated Wednesday that martial law probably would be needless. Some officials
believed, dispatches said, that Monarchists had made
common cause with the radicals in the endeavor to
overthrow the republican regime. The death toll
throughout the nation mounted to more than 60,
Madrid reports of Thursday indicated.
iNVASION
of the Chinese Province of Jehol was
I started in earnest this week by the Japanese
military forces in Manchuria, who'have long contemplated a movement for the annexation of this minerally rich Province to the Japanese puppet State,
Manchukuo. The sudden occupation of Shanhaikwan, Jan. 2, was merely a prelude to the invasion, as
that town is located on the main line of communication between China proper and Manchuria, which
lies north of the Great Wall. Essentially similar
movements for Japanese occupation of other important points of communication between old China
and Jehol were started by the Japanese commanders,
Tuesday. The pass through the ancient wall at
Chumen, 14 miles northwest of Shanhaikwan, was
occupied by a mixed brigade of Japanese and Manchukuan troops that day. A detailed report from
Peiping, which is now the headquarters of the Manchurian Marshal, Chang Hsiao-liang, stated that
severe fighting took place between the Chinese defenders and the Japanese cavalry,infantry and artillery, assisted by four airplanes. Tokio reports of
the following day stated that the pass had been taken
after a brief skirmish. Chinese officials and foreign
military observers alike look for extension of this
Japanese movement to Bupei Pass,still farther West,
but also important as a gateway from old China into
Jehol.
A sweeping advance into Jehol by four Japanese
columns,from widely separated points in Manchuria,
was reported Wednesday by Chinese observers in
TTEMPTS to foment a revolt against the repub- Jehol Province.
In the chief of these four movelican Government of Spain were made in the ments, 10,000 Japanese
and Manchukuan effectives
southern part of that country early this week by are employed,it is
reported. The columns are marchCommunists and Syndicalists, but the movement was ing along all the
main highways into the interior of
speedily suppressed by the authorities in Madrid. the Province,
notwithstanding extremely cold
Communists who follow the teachings of Leon Trot- weather. The provincial
capital, Jehol City, is besky have long maintained that Spain is ready for a lieved to be the objective of
this movement. The
dictatorship of the proletariat, and the revolt this Japanese War Office
in Tokio issued a statement
week seems to have been an attempt to put such ideas the same day, stigmatizing as "outlaws
and aggresinto execution. Anarchists and Communists tried sors" the Chinese troops defending Jehol Province
A
206
Financial Chronicle
against the Japanese forces. The occupation "will
be entirely a domestic affair of Manchukuo . . .
and will have nothing to do with any other country,"
the War Office said. Japanese airplanes were reported scouting over Jehol City and other large towns
of the Province, Thursday. Military activities were
hampered,late this week, by snow and sleet.
Determined resistance to the Japanese advance is
apparently to be made by the troops of the Manehnrian War Lord, Marshal Chang Hsiao-liang. The
Chinese Legation in Washington issued a statement
by the young Marshal, Monday,in which he deplored
the ineffectiveness of international efforts to maintain peace, and added that China will be protected
through "the sacrifice of our lives and blood." Washington dispatches also reported the receipt of "unmorally reliable news" that 25,000 Chinese troops
had moved into Jehol from Peiping over interior
passes. Direct reports from Peiping state that the
thief Chinese defenses are at Lingyuan, where the
military roads from the east converge and lead
directly south to Jehol City. Leaders of the Nanking
Nationalist Government of China have urged Marshal Chang to resist the Japanese invasion, but they
have made no attempt to assist him in this endeavor.
Japanese officials in China repeatedly denied, this
week, that their forces will move toward Peiping or
Tientsin, which are far to the south of the Great
Wall. Observers everywhere considered such assurances of no particular importance, in view of repeated violations of previous Japanese assurances
of a like nature. Efforts were made this week by
British officials at Tientsin to adjust the Chinese
and Japanese differences regarding Shanhaikwan,
but the discussions have not been fruitful. No action
was taken by the League of Nations in this newest
development of the Sino-Japanese dispute over Maneburia, this week, and silence also was preserved in
all capitals of the World Powers.
Jan. 14 1933
gold in comparison with £121,330,835 a year ago.
Public deposits rose £272,000, while other deposits
decreased £21,691,162. Of this amount £21,199,585
was from bankers' accounts and £491,577 from other
accounts. The reserve ratio rose sharply from
18.22% a week ago to 23.11%. A year ago the ratio
was 32.24%. Loans on Government securities increased £7,886,000 and those on other securities fell
off £33,157,094. The latter consists of discounts
and advances and securities which decreased £33,087,565 and £69,529 respectively. The discount
rate is unchanged at 2%. Below we furnish comparisons of the different items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1932
1933
1931
1930
1929
Jan. 11.
Jan. 13.
Jan. 14.
Jan. 15.
Jan. N.
A
CiroulatIon_a
358.883,000 354,743,809 349,942,802 351,942,915 380,882,538
Public deposits
12,788,000 22,381.119 22.377.274 24,810,835 15,148,359
Other deposits
148,884.227 108,813,584 98,123.709 100,777.150 104,215.731
Bankers accounts..112,920,507 88,701.879 84,710.988 84,358,135 87,549,972
Other accounts— 33,743,720 37,911,905 33,412,741 36,419,015 38,885,759
Governm't securities109,987.824 53,580,908 52,028.247 81,250,855 55,121,855
Other securities30,895,371 51,891,844 31,310,487 23,705,740 28,598,425
Dint..4 advances 12,902,917 15,848.127 8,355,678 9,671,904 13,058,329
Securities
17,792,454 38.045,717 22,954,811 14,033,838 15,540,098
Res. notes di coin
38,880,000 41.587,028 55,207,210 58,711,428 53,723,549
Coin and bullion— 120,544.105 121,330,835 145,150,012 150,854,341 154,408,085
Proportion of reserve
to liabilities
23.11%
45.81%
32.24%
48.74%
45%
Bank rate
2%
3%
8%
5%
434%
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note Issues, adding at that time /234,199,000 to the amount of Bank of England
notes outstanding.
HE Bank of France, in its weekly statement
dated Jan. 6, shows a loss in gold holdings of
256,589,208 francs. The Bank's gold now stands at
82,759,916,507 francs, which compares with 69,279,465,758 francs last year and 54,109,386,737
francs the previous year. Credit balances abroad
rose 4,000,000 francs, while bills bought abroad fell
off 21,000,000 francs. A decrease in note circulation of 621,000,000 francs reduces the total of notes
outstanding to 84,406,447,025 francs. Last year
circulation aggregated 84,921,657,935 francs and
the year before 77,734,064,630 francs. A decrease
is shown in French commercial bills discounted and
HE Bank of Italy on Saturday (Jan. 7) reduced
its discount rate, effective Jan. 9,from 5% to in creditor current accounts of 863,000,000 francs
4%. The 5% rate had been in effect since May 2 and 478,000,000 francs, while advances against
1932. The 4% rate is the lowest during the existence securities went up 98,000,000 francs. The proporof the Bank. Present rates at the leading centers tion of gold on hand to sight liabilities stands this
week at 77.85%, in comparison with 61.65% a year
are shown in the following table:
ago. Below we furnish a comparision of the various
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
items for three years:
T
T
Cosixtry.
Atatrla.....Belgium...
Buigarls...
Mile
Colorable,—
Czeehooloyetis....
Bennie _ —
Denmark-.
England.-gestonM____
Finland-France_ __.
Germany-.
flee...a
Raisin
Date
Effect
Jan.13 Established.
PrePious
Rate.
6
334
834
434
5
Aug. 23 1932
Jan. 13 1932
May 17 1932
Aug. 23 1932
Sept. 19 1932
7
254
934
53.4
6
434
4
334
2
534
834
234
4
9
Sept. 24 1932
July 12 1932
Oct. 12 1932
June 80 1932
Jan. 29 1932
Apr. 19 1932
Oct. 9 1931
Sept.21 1932
Dec 2 1022
6
5
4
234
(Sli
7
2
5
10
Counite.
Rate in
Date
Rflect
Jan.13 Established.
Holland..
Hungary.—
India
Ireland__
Italy
Japan
1.1thtutula-Norway. _ Poland
Portugal.-RUM11198. Spain
Sweden
Switzerland
234 Apr. 18 1932
454 Oct 17 1932
4
July 7 1932
3
June 30 1932
4
Jan 9 1933
4.38 Aug. 18 1932
May 5 1932
7
4
Sept. 1 1932
6
Oct. 20 1932
634 Apr. 4 1932
7
Mar. 3 1932
Oct. 22 1932
8
334 Sept. 1 1932
2
Jan. 22 1931
Pre-
HOW
Rate.
3
5
5
334
5
5.11
734
434
73.4
7
8
634
4
234
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Jan. 6 1933.
Jan. 8 1932. Jan. 9 1931.
Francs,
Francs.
Francs,
Francs.
Gold holdings... _Dee. 258,589,208 82,759,918,507 89,279.485,758 54,109,386,737
Credit bats. alied_Inc. 4,000,000 2,942,743,546 11,131,240,055 7,124,397,714
a French comm'l
bills dtscounted_Dec. 883.000,000 2,574,824,071 5,899,793,083 7,829.172,402
littills bought abedDec. 21,000.000 1,524,207,983 9,922.384,507 19,332,859,928
Adv.agst.securs_ Inc. 98,000,000 2,813,045,432 2,882,374,125 2,982,108,582
Note circulation_ _Dec. 821,000.000 84.406,447,025 84.921,857.935 77,734,084,630
Cred. curt, accts.-Dec. 478,000,000 21,905,739,588 27,453,192,133 23,325,808,911
Proportion of gold
on hand to sight
Inc.
77.85%
liabilities
0.58%
81.85%
53.54%
In London open market discounts for short bills
a Includes bills purchased in France. b Includes bills discounted abroad.
on Friday were 13-16@%%, as against 13-16(VA%
HE Bank of Germany in its statement for the
on Friday of last week, and 15-16@1% for three
months' bills, as against %@1% on Friday of last
first quarter of January shows a decline in gold
1
week. Money on call in London on Friday was 4%. and bullion of 991,000 marks. Gold and bullion
At Paris the open market rate remains at 1%, and now aggregates 805,232,000 marks, in comparison
with 979,043,000 marks last year and 2,215,945,000
in Switzerland at J 32%marks the previous year. Increases appear in reBank of England statement for the week serve in foreign currency of 1,288,000 marks, in silver
ended Jan. 11 shows a loss of £22,828 in gold and other coin of 64,280,000 marks, in notes on other
holdings, but as this was attended by a loss of German banks of 5,146,000 marks, in investments of
£3,916,000 in circulation, reserves expanded £3,- 42,000 marks and in other liabilities of 21,687,000
893,000. The Bank now holds £120,544,105 of marks. Notes in circulation contracted 186,478,000
T
T
207
Financial Chronicle
Volume 136
marks, reducing the total of the item to 3,373,981,000
tations of the American Acceptance Council for bills
Circulation a year ago stood at4,575,551,000
up to and including three months are I % bid, M%
A
marks.
marks and two years ago at 4,325,786,000 marks.
asked; for four months, %% bid and M% asked; for
Bills of exchange and checks, advances, other assets
3
five and six months, %% bid and 4% asked.
and other daily maturing obligations record decreases
bill buying rate of the New York Reserve Bank is 1%
of 271,066,000 marks, 104,113,000 marks, 60,738,000
for 1 to 90 days; 13/8% for 91 to 120 days, and 13/2%
marks
201,361,000
and
marks
The
respectively-
proportion of gold and foreign currency to note cir-
The
The Federal
for maturities from 121 to 180 days.
Reserve banks show a trifling decrease in their hold
culatibn is now at 27.3%, as compared with 24.9% a
ings of acceptances, the total having moved down
Below we fur-
from $32,617,000 last week to $32,362,000 this week.
year ago and 60.5% two years ago.
nish a comparison of the
various items for three
years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changesfor
Jan.7 1933. Jan. 7 1932. Jan.7 1931.
for 1Week.
Reichsmarks. fleighsmarks. Reichsmark*.
Reichsmarks.
Assets-991,000 805,232,000 979,043,000 2,215,945,000
Dec.
Gold and bullion
40,435,000 106,890,000 222.445,000
Of which depos.abr'd_ Unchanged.
162,252,000 400,419,000
Res've in for'n curl _ _Inc. 1,288,000 115,125,000
Bills of exch. dr checks.Dec. 271,066,000 2,535,022,000 3,871,122,000 2,096.969,000
Silver and other coin_ _Inc. 64,280,000 112,844,000 140,053,000 161,136,000
12,937.000
5,470.000
8,250,000
Notes on oth. Ger. bksInc. 5,146,000
66.630,000
99,016,000
71,950,000
Advances
Dec. 104,113,000
42,000 397.571,000 160.646,000 102,549,000
Inc.
Investments
DeC. 60,738,000 872,900.000 929,971,000 495,272 000
Other assets
Liabilities—
186,478,000 3,373,981.000 4,575.551,000 4,325,786,000
Notes In circulation_ Dec._
0th. daily mat. oblig_Deo. 201,361,000 338,495,000 417,212,000 422,527,000
Inc. 21,687.000 767.552.000 867.479,000 309,617,000
Other liabilities
Propor. of gold & for'n
24.9%
60.5%
27.3%
1.5%
curr,to note cIrcurnInc.
-—4
S
Their holdings of acceptances for foreign correspondents also decreased during the week from $40,157,000
hardening
LIGHT
tendencies
appeared
in
the
New York money market this week, as a result
Open market rates for acceptances
to $39,932,000.
are as follows:
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Bid.
Bid.
Asked.
Asked
Asked.
Bid.
if
34
34
Si
34
Prime eligible bills
—90Days-- ---60Days— —3O Days—
Asked,
Asked.
Bid.
Bid.
Asked.
Bid.
34
34
34
34
34
34
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
Si% bid
Eligible member banks
54% bid
Eligible non-member banks
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
T
HERE have been no changes this week
AND MATURITIES OF ELIGIBLE PAPER.
of the decision of the Federal Reserve System to
modify, to a small degree, the open market operations.
tion of $38,522,000 in Government security holdIn the money market this reduction produced
ings.
hardly a ripple, as it is more than offset by increased
stocks
gold
returning
and
The
currency.
chief
result of the modified policy was a small increase in
-day disthe cost of Treasury borrowing against 91
were opened
Monday was awarded at an
average rate of 0.20%, as against 0.09% on the last
Call loans on the New York Stock Exchange
issue.
Date
Established.
Pfel4MIJ
Ride.
Oct. 17 1931
June 24 1932
Oct. 22 1931
Oct. 24 1931
Jan. 25 1932
Nov. 14 1931
June 25 1932
Oct. 22 1931
Sept. 12 1930
Oct. 23 1931
Jan. 28 1932
Oct. 21 1931
234
a
8
3
4
a
334
2%
4
3
4
234
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
An issue of $75,000,000 bills on which
count bills.
tenders
Rate in
Effect on
Jan. 13.
334
234
334
334
334
3%
234
334
3%
334
334
334
Federal Reserve Bank.
The change was made apparent this week in a reduc-
S
TERLING
exchange
continues
to
the
display
firm trend which developed at the turn of the
1
% to
year. The range this week has been from 3.34
were 1% for all transactions, but accommodation
A for
3.351
was arranged in the outside
4%. Some maturities of time loans showed modest
3
range of from 3.3234 to 3.343' last week. The range
5
%,
for cable transfers has been from 3.34Y4. to 3.35
hardening.
A to 3.34
3
% a
compared with a range of from 3.327
market every day at
'
Brokers loans against stock and bond
'
bankers sight
bills, compared
with
a
collateral declined $13,000,000 in the week to Wednes-
week ago.
day night, according to the usual report of the Federal
on the whole only fairly active, there has been con-
Reserve Bank of New York.
siderable buying of sterling in many centres. Sterling
Gold movements in
While the market in New York has been
the same period resulted in a net gain of $22,918,000
was in demand
in the stocks of the country.
Monday, so that the rate
D
in the week the ruling rate MIS 3.35. The market
both in Paris and
New
York on
went up to 3.35, the
highest quotation in New York since Oct. 22. Later
EALING in detail with call loan rates on the
Stock Exchange from day to day, 1% was the
ruling quotation all through the week both for new
on
several
British
occasions
has
had
evidence
that
the
Government is active in keeping the rate
The time money market has
steady and is prepared to meet freely all demands
been inactive this week, there being no demand for
for sterling, thus preventing too sharp an advance.
loans and renewals.
quoted
Were it not for this official selling of sterling, it is
3
nominally at %% for 30 to 90 days, 4% for four,
the opinion in foreign exchange circles that the rate
this
five
of
class
six
and
accommodation.
months.
There
of
offerings
has
six
class
short
far
excellent
but the
of
the
'
months maturity are 13@13/2%.
Names less well known are 2%.
paper
week
Quotations for choice names
'
dealers requirements.
of four to
been
are
been
has
paper this
demand for commercial
supply
Rates
occasional
On some very high-
transactions
at
13%
are
to
keeping
tinued brisk this week, but paper is very diffito
rate
stable
is seizing
the
present
change for the Exchange Equalization Fund.
Bankers believe that the
balances held for the
equalization fund were reduced sharply during
opinion
HE demand for prime bankers' acceptances con-
cult
the
opportunities to add to its holdings of foreign ex-
the
autumn strain on sterling, but they are also of the
noted.
T
It is
would be far higher than current quotations.
understood that the British Government in addition
obtain
and
greatly restricted.
transactions
are
accordingly
Rates are unchanged.
The quo-
that
British
dollar
steadily in the last few
balances
weeks.
In
have
risen
well informed
circles it is thought that the total British balances
in New York in early December amounted to probably $125,000,000 and it is believed that they have
208
Financial Chronicle
Jan. 14 1933
since risen by something in excess of $75,000,000. GOLD MOVEMENT AT NEW YORK,JAN.4—JAN. 11,INCLUSIVE.
Imports.
Exports.
These figures include private as well as official $14,592,000 from France
10,987,000 from England
balances, but it is believed that the increase is
2,697,000 from Holland
largely accounted for by official transactions of the
999,000 from Canada
None.
222,000 chiefly from Latin.
Equalization Fund. According to London advices
American countries
the market is somewhat in doubt as to whether the
$29,497,000 total
current pressure to buy sterling can in the long run
Net Change in Gold Earmarked for Foreign Account.
be successfully resisted through the use of the GovernDecrease: $1,281,000.
ment's exchange fund. Considerable effort is even
Loss Through Decrease in Gold Held Earmarked Abroad.
$10,037,000.
now being required to hold the market and there is
The above figures are for the week ended Wednesstill a very bullish feeling with respect to the outlook
for sterling. Foreign exchange circles are inclined day evening. On Thursday $2,677,300 of gold was
to attach much importance to a statement by Sir received, $1,958,100 of which came from France and
Frederick Leith-Ross at Geneva on Monday to the $719,200 from England, reported as additional for
effect that Britain is prepared to maintain a pro- Wednesday. There were no exports of the metal,
visional stability of the pound sterling if other but gold held earmarked for foreign account incountries will take progressive steps toward the creased $1,500,000. Yesterday $7,883,900 of gold
suppression of obstacles to monetary and commercial was reported received, of which $4,656,900 came
freedom. He agreed that the fluctuations of sterling from France and $3,227,000 from Holland. There
have undoubtedly had a serious effect on world were no exports of the metal yesterday, but gold
prices and trade, while the exchange and trade held earmarked for foreign account decreased $96,restrictions put into effect by other countries have 600. For the week ended Wednesday evening,
served to strangle international commerce. The approximately $2,177,000 of gold was received at
stability of sterling and the gradual elimination of San Francisco from China. During the week ended
these restrictions, Sir Frederick is reported to have Wednesday, approximately $2,177,000 gold was resaid, would be of the greatest importance to the ceived at San Francisco from China. On Thursday
future of trade. The British representative stated $818,000 more of gold was received from China at
that there is no fundamental difference between San Francisco.
Canadian exchange continues at a severe discount,
return to the gold standard under certain conditions and a managed currency. He said that the showing very little change from last week. On
British view is that a return to the gold standard is Saturday last Montreal funds were at a discount
not a magic formula. To secure a salutary effect of 113.%, on Monday at 111-16%, on Tuesday
upon prices, he said, it would be necessary to come at 111-16%, on Wednesday at 11%%, on Thursback to a managed gold monetary system in order day at 11%%, and on Friday at 113 .
%
Sydney H. Logan, General Manager of the
to avoid fluctuation in prices.
There is apparently no prospect of cessation of Canadian Bank of Commerce, stated in a recent
easy money conditions in London and foreign funds address to the shareholders of the Bank that Canada
are flowing to Lombard Street in embarrassing closed 1932 with an export trade balance of $49,abundance. Two-months' bills are quoted at 13-16% 000,000, compared with an import surplus of $17,to %%, three-months' bills at 15-16%,four-months' 000,000 the previous year. Exports within the
bills at 15-16% to 1%, six-months' bills 1 1-16%. British Empire rose to 40% of the total of CanaThis week the Bank of England shows a greatly dian exports, while trade with the United States
improved position, though gold holdings are down declined 40%. Mr. Logan expressed himself strongly
£22,828. Total bullion holdings on Jan. 11 stood at against any form of currency inflation.
Referring to day-to-day rates, sterling exchange
£120,544,105, which compares with £121,330,835 a
year ago. Note circulation at £358,683,000 has on Saturday last was firm in dull trading. Bankers'
about returned to the normal level, as was to be sight was 3.3438@3.34%; cable transfers, 3.343.
expected after the seasonal increase for holiday @3.34 7-16. On Monday sterling was firmer and
requirements, but the reserve ratio is not responding in demand. The range was 3.34/s@3.344 for
7
5
as quickly because of the high level of bankers bankers' sight and 3.34%@3.35 for cable transaccounts, which stand at £112,920,507, compared fers. On Tuesday exchange was firm. Bankers'
with £134,120,092 on Jan. 4 and with £68,701,679 a sight was 3.34%@3.3538; cable transfers, 3.34 15-16
/
year ago. However, the reserve ratio has increased @3.353/2. On Wednesday the market was dull but
to 23.11% from 18.22% a week earlier, as compared the pound was firm. The range was 3.35%@
with 32.24% a year ago.
3.353/ for bankers' sight and 3.35 7-16@3.355 for
%
At the Port of New York the gold movement for cable transfers. On Thursday sterling continued
the week ended Jan. 11, as reported by the Federal firm. The range was 3.35%@3.353/ for bankers'
Reserve Bank of New York, consisted of imports of sight and 3.353/@3.35% for cable transfers. On
$29,497,000, of which $14,592,000 came from Friday sterling was a trifle easier; the range was
France, $10,987,000 from England, $2,697,000 from 3.343@3.35% for bankers' sight and 3.3498@
Holland, $999,000 from Canada, $222,000 chiefly 3.3532 for cable transfers. Closing quotations on
from Latin-American countries. There were no gold Friday were 3.343 for demand and 3.35 for cable
exports. The Reserve Bank reported a decrease of transfers. Commercial sight bills finished at 3.35;
1
$1,281,000 in gold held earmarked for foreign ac- 60-day bills at 3.34%; 90-day bills at 3.34; documents for payment (60 days) at 3.343, and sevencount. The bank also reported a loss in gold by a day grain bills
at 3.35. Cotton and grain for paydecrease in gold held abroad for its account of ment closed at 3.35.
$10,037,000. In tabular form the gold movement at
the Port of New York for the week ended Jan. 11, as
XCHANGE on the Continental countries prereported by the Federal Reserve Bank of New York,
sents no new trends. French francs, as during
was as follows:
the past several weeks, show an essentially easier
E
Volume 136
Financial Chronicle
209
undertone, though now and again they display temXCHANGE on the countries neutral during the
porary firmness as a result of either official support
war presents no new features of importance.
from Paris or the operation of the British Exchange The Scandinavian currencies except the Danish are
Equalization Account for the purpose of limiting the firmer owing to the improvement in the undertone
swings in sterling. For the greater part of this week of sterling to which they are closely allied. According
French francs were definitely at the gold import to recent dispatches from Stockholm, the Swedish
point from Paris to New York and fresh shipments State debt has increased about 350,000,000 kroner,
of metal were arranged for. In Tuesday's market from 1,850,000,000 to 2,200,000,000. About 214,the franc opened at 3.901%, which is the export point 000,000 of the increase is due to the State support
for gold from Paris, and moved up sharply under the of the Skandiaviska Kreditaktiebolaget, the bank
stimulus of buying by the British Government. most seriously affected by the Krueger crash and
Foreign exchange traders say that there has been a only 119,000,000 kroner of the increase is ordinary
strong demand for sterling for a number of days debt. Holland guilders and Swiss francs are easier
both from Paris and New York, necessitating active on average than last week. This is due in some
intervention by official London, which offered sterling measure to transfers of funds to London and there
freely in order to prevent the pound from rising have been some transfers, especially of Dutch funds,
rapidly.
to the New York market. In Wednesday's trading
A downward reaction in the franc followed on guilders sold down to 40.15 in New York (par is
Wednesday. In the main the undertone of francs 40.20). At the same time Swiss francs sold down to
is easier and the market looks for a continuation of 19.243 for cable transfers. Par is 19.30. Late on
4
heavy gold exports from Paris to this side. Foreign Friday of last week the Federal Reserve Bank of
exchange circles see nothing to stop the flow of gold New York reported a shipment of $20,000 gold to
from France to the United States. Since the latter Switzerland. This was a special transaction and had
part of December nearly $39,000,000 has been re- nothing to do with the exchange rate. At present
ceived, including about $15,000,000 now en route. levels the Swiss unit is well under par and close to the
French gold reserves now amount to about 82,759,- lower point for gold from Switzerland to New York,
916,507 francs as of Jan. 6. This represents a loss estimated at 19.1919. The prospect seems to be that
for the week of 256,589,208 francs. A year ago the Switzerland will lose gold to New York in the near
bank's bullion stood at 69,279,465,758 francs, which future. Spanish pesetas:are steady. The recent discompares with 28,935,000,000 francs in June 1928, turbances in Spain have had no effect on the rate.
following stabilization of the unit. The Bank's ratio The peseta appears to be held more or less pegged to
of Jan. 6 stood at 77.85%, which compares with the French franc and is inclined to move in sympathy
77.29% on Dec. 30 and with 61.65% on Jan.8 1932, with franc quotations.
and with legal requirement of 35%. German marks
Bankers' sight on Amsterdam finished on Friday
are of course steady and are only nominally quoted as at 40.14, against 40.193/ on Friday of last week;
all foreign exchange transactions continue under the cable transfers at 40.15, against 40.20, and comstrict control of the Reichsbank. A recent dispatch mercial sight bills at 40.11, against 40.153. Swiss
from Geneva states that Germany is ready to re- francs closed at 19.243 for checks and at 19.25 for
4
nounce restrictions on currency and commerce, cable transfers, against 19.26 and 19.261 . Copen%
subject to obtaining consolidation of private short- hagen checks finished at
16.953/ and cable transfers
term debts. The announcement was made by the at 16.96, against 17.343/i and 17.35. Checks on
German representatives who were gathered with the Sweden closed at
18.273 and cable transfers at 18.28,
experts at Geneva to prepare the agenda for the against 18.223/i and 18.23; while checks on Norway
world economic conference. Italian lire are steady, closed at 17.273/ and cable transfers at 17.28, against
as they have been for months past. On Saturday
17.233/i and 17.24. Spanish pesetas closed at 8.173/2
last, the Bank of Italy reduced its discount rate to for bankers' sight bills and at 8.18 for cable trans4% from 5%. The new rate is the lowest since the gers, against
8.173/ and 8.18.
existence of the Bank. The 5% rate had been in
effect since May 2 1932.
XCHANGE on the Far Eastern countries is not
The London check rate on Paris closed at 85.86
greatly changed. The Indian rupee is of course
on Friday of this week, against 85.69 on Friday of relatively firmer, owing to the higher quotations for
last week. In New York, sight bills on the French sterling, to which the rupee is anchored at the rate
centre finished on Friday at 3.9038 against 3.901% of one shilling and six pence per rupee. The Chinese
,
on Friday of last week; cable transfers at 3.901%, units are just a trifle firmer owing to a fractional
against 3.90%, and commercial sight bills at 3.90, firmness in silver prices. As frequently pointed out,
against 3.903/g. Antwerp belgas finished at 13.85 buying or selling exchange on China is equivalent to
for bankers' sight bills and at 13.853/ for cable trans- a transaction in silver. This week silver was officially
fers, against 13.853/ and 13.86. Final quotations quoted in New York at from 25 to 25% cents a fine
for Berlin marks were 23.743/ for bankers' sight bills ounce, where last week the range was from 243' to
and 23.75 for cable transfers, in comparison with 253i cents. The all-time low of 241% cents was
/
23.78 and 23.783/2. Italian lire closed at 5.11% for touched only a week earlier, on Thurdsay, Dec. 28.
bankers' sight bills and at 5.12 for cable transfers, According to Handy & Harman, bullion dealers, of
against 5.119 and 5.123/g. Austrian schillings closed New York, there can be no improvement in the silver
A
at 14.103/2, against 14.101 ; Exchange on Czecho- situation until there is an increased demand for the
slovakia at 2.96%, against 2.963 ; on Bucharest at metal from the Far East and this demand can come
A
0.601%, against 0.601%; on Poland at 11.243/, against only when India and China can sell their products
2
11.243, and on Finland at 1.473, against 1.473. in greater volume and at higher prices in world mar2
Greek exchange closed at 0.523/ for bankers' sight kets. Regarding the view frequently set forth that
bills and at 0.529 for cable transfers, against 0.523/ the low prices of silver have affected adversely the
2
and 0.52%.
purchasing power of China and India, Handy &
E
E
Financial Chronicle
210
Harman say, no: "If these countries were exporters
of silver, undoubtedly such would be the case. They
are importers of silver under normal conditions.
Therefore their purchases of bullion should have increased during the year when silver rates were the
lowest in history, had not their ability to buy been
curtailed from some other cause. Such cause, in our
opinion, is the shrinkage in the value obtainable in
world markets for the products which India and
China export, and not to the shrinkage in the value
of silver." There is nothing new in the Japanese
situation and the yen continues to hover close to all
time lows. Apparently some official influence is holding the unit close to 203'. Par is 49.85.
Closing quotations for yen checks yesterday were
20%, against 20% on Friday of last week. Hong
Kong closed at 21%@22, against 215 s@21 13-16;
/
Shanghai at 27%@28, against 27%@28; Manila at
499, against 49%; Singapore at 393/8, against 38 8;
Bombay at 25.40, against 25.30, and Calcutta at
25.40, against 25.30.
XCHANGE on the South American countries
continues only nominally quoted. There are
no new features affecting these currencies. Considering that all foreign exchange and foreign trade
operations are under strict control of governmental
boards, local disturbances of a political nature, such
as recently occurred in Argentina, have no effect on
the purely nominal quotations. There can be no
important developments in exchange on South America until there is a marked improvement in AmericanEuropean conditions.
Argentine paper pesos closed on Friday nominally
at 25% for bankers' sight bills, against 253 on Fri4
day of last week; cable transfers at 25.80, against
25.80. Brazilian milreis are nominally quoted 7.45
for bankers' sight bills and 7.50 for cable transfers,
against 7.45 and 7.50. Chilean exchange is nominally
quoted 63's, against 63'g. Peru is nominal at 18.00,
against 18.00.
E
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
JAN. 7 1933 TO JAN. 13 1933, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers tn New York,
Value in Untted States mono.
Jan. 7, Jan. 9. Jan. 10. Jan. 11. Jan. 12. Jan. 13.
EUROPE$
Austria,whining
139650
Belgium, beige
138473
Bulgaria, ley
007200
Czechoslovakia, kron .029616
Denmark, krone
173100
England, pound
3.342750
sterling
Finland, markka
.014510
France. franc
.039022
Germany, retchsmark .237700
Greece, drachma
.005295
Holland, guilder
.401935
Hungarg. DEMO--....., .174250
Italy, lira
.051198
Norway, krone
.172165
Poland, zloty
111810
030200
Portugal, escudo
Rumania, ieu
.005972
Spain, peseta
.081750
Sweden, krona
182069
Switzerland,franc_ _ _ _ .192505
.013537
Yugoslavia, dinar
ASIAChina.285625
Chefoo tael
.283125
Hankow tael
Shanghai tael ------275781
292291
Tientsbz tael
Hong NOM(dollar__ .214062
Mexican dollar__ . .195625
Ventsfn or Pelyangi
.195000
dollar
.194683
Yuan dollar
India, rupee
I .252965
.206000
Japan, yen
Singapore (S.S.)dolIar1 .388125
NORTH AMER..886510
Canada, dollar
.999300
Cuba, peso
Mexico. peso (silver), .306566
Newfoundland, dollar .884125
SOUTH AMER.Argentina. peso (gold) .585667
.076400
Brazil, milrels
060250
Chile, peso
475000
peso
Uruguay,
,............1. rum'',
1j52400
$
.139670
.138525
.007200
.029611
.173438
$
.139650
.138615
.007200
.029609
.173692
$
.139650
.138621
.007200
.029616
.173896
$
.139650
.138569
.007200
.029616
.173876
$
.139708
.138511
.007200
.029614
.168738
3.34.8625
.014500
.039021
.237628
.005303
.401903
.174250
.051196
.172615
.111950
.030260
.005972
.081717
.182503
.192532
.013587
3.350791
.014466
.039048
.237446
.005285
.401900
.174250
.051195
.172679
.111850
.030300
.005968
.081732
.182638
.192530
.013537
3.354208
.014466
.039026
.237414
.005316
.401830
.174250
.051197
.173023
.111850
.030320
.005972
.081703
.183123
.192508
.013537
3.354333
.014483
.039031
.237428
.005316
.401550
.174250
.051195
.173015
.111850
.030320
.005970
.081707
.183053
.192462
.013562
3.350375
.014514
.039021
.237428
.005302
.401467
.174250
.051189
.172515
.111850
.030280
.005972
.081694
.182538
.192453
.013580
.287916
.285000
.278437
.295000
.215625
.197812
.287708 .290000
.284791 .287083
.277968 .279687
.294791 .297083
.216250 .217187
.196875 .198125
.197500
.197083
.253500
.206125
.388437
.196250
.195833
.253510
.205825
.388125
.288125 .287500
.285208 .284583
.278281 .277812
.295208 .294583
.216406 .216093
.197812 .198125
.197916
.197500
.253900
.205825
.389375
.197083
.196666
.253850
.206175
.389375
.197916
.197500
.253140
.206550
.388250
.889062 .888281 .887864
.999425 .999518 .999518
.306100 .304633 .307233
.886750 .885750 .885250
.885056
.999518
.307733
.882500
.883593
.999518
.306566
.881250
.585835 .585835 .585835
.076400 .076400 .076400
.060250 .060250 .060250
.473333 .473333 .473333
.952400 .952400 .952400
.585835
.076400
.060250
.473333
.952400
.585835
.076400
.060250
.473333
.952400
Ian. 14 1933
HE following table indicates the amount of gold
bullion in the principal European banks as of
Jan. 12, 1933, together with comparisons as of the
corresponding dates in the four previous years:
T
Banks of-
1933.
1932.
1931.
1930.
£
£
£
£
England.__ 120,544,105 121,330,835 145,150.012 150,654,341
France a_ -- 662,079,332 554,235,726 432,875,093 339,667,058
38,239,850
43,324,500
99,696,400 106,699,450
Germany b_
89,888,000
90,339,000
97.587.000 102,635,000
Spain
60,854,000
57.265,000
63,053,000
Italy
56,120,000
86,054,000
73,294,000
35,513,000
Netherlands
37,289,000
72,850,000
Nat.Belg'm
74,171,000
38,292,000
32,750,000
61,042,000
88,962,000
25,765,000
Switzerland.
23,800,000
11,435,000
11,443,000
13,377,000
Sweden._.
13,592,000
8,015,000
7,399,000
9,558,000
Denmark.. _
9,578,000
6,559,000
8,135,000
8,015,000
8,147,000
Norway.. _
1929.
£
154,406,085
269,274,362
133,182,600
102,363,000
54,638,000
36,212,000
25,553,000
20,698,000
13,103,000
9,600,000
8,159,000
Total week_ 1,250,299,287 1,102,828,061 963,213,505 880.931,849 827,189,047
Prey. week_ 1,252,384,379 1,100,698.697 961.460,581 879.303,072 818,425,347
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £2,021,785.
Italian Diplomacy and Eastern Europe.
Speaking in the Austrian Parliament on Jan. 4
regarding the apprehension that had been occasioned
in Southeastern Europe by some recent manifestations of hostility to Italy on the part of Yugoslavia,
and the fear of an open rupture between the two
countries if a customs union between Italy and Albania were concluded, Dr. Otto Bauer, leader of the
Socialist party, was quoted as saying that "irritability on both sides of the Italo-Yugoslav border
reveals a fatal resemblance to the situation before
1914." The hostile manifestations referred to had
their immediate origin in the defacement of some
Venetian basreliefs at Trau,in Dalmatia, by Serbian
nationalists, an act which provoked threatening remarks by Premier Mussolini to which a sharp rejoinder was made at Belgrade. Dr. Bauer did not
profess to see war in the near future, but he warned
the Austrian Government of the need of preserving strict neutrality. Chancellor Dolfuss assured
Dr. Bauer that a policy of neutrality was to be taken
for granted, but on Jan. 10 (Tuesday) the Government was interrogated regarding a large shipment of
arms from Italy to Hungary which had passed
through Austria, and was saved from defeat by a
single vote. On Thursday, following inquiries by
the Ministers of France and the Little Entente,Chancellor Dolfuss gave assurance that such of the arms
as were still in Austria would be returned.
The excitement occasioned by the proposal of a
customs union between Italy and Albania, the latter
a country which has no important volume of products
for export, is due to the special political relations of
the two countries. Early in the World War Italy
occupied Valona, the principal port of Albania, and
some nearby territory, but in 1920 it renounced its
territorial claims while reserving its freedom of action in case Valona or Albanian freedom should be
threatened. In 1921 the Conference of Ambassadors,
representing Italy, France, Great Britain and Japan,
agreed that in case Albania's freedom were menaced
Italy should be intrusted with any necessary measures of intervention, because of the strategic danger
to Italy that would be involved in any change in the
Albanian frontiers. The issue of strategy turns
upon the fact that Valona, which is close to the
southern point of Albania, is separated from the
southern tip of Italy only by the 45 miles of the
Straits of Otranto, and that control of the Straits
and of Albania by a foreign Power would carry with
it naval control of the Adriatic.
The succeeding years have seen a steady strengthening of Italian influence in Albania. In 1925,
Volume 136
Financial Chronicle
following the failure of Albania to obtain from the
League of Nations the financial aid which was needed
for the development of the country, a convention
was concluded, to run for fifty years, for the establishment of the National Bank of Albania. Italian,
Albanian and some foreign capital was provided, but
the bulk of the capital is held or controlled in Italy.
An Albanian Economic Development Company,sponsored by the Bank, was shortly organized, the Italian
Government guaranteeing a loan of $10,000,000.
The Bank has given Albania a gold standard currency and otherwise aided the development of industry and trade, but both the Bank and the Development Company are primarily political enterprises
intended to strengthen Italian influence in the country. The political policy became even more obvious
when, in June 1931, the Italian Government agreed
to loan Albania a maximum of $20,000,000 in ten
annual instalments, no interest being charged and
repayment to depend upon the financial condition
of the country.
The proposed customs union is only another link
in this chain of Italian diplomacy. The belief is
widespread that that diplomacy contemplates a
steady extension of Italian influence in Southeastern
Europe, with Italian predominance as the ultimate
aim. Such a program touches Europe at many
points. It affects the relations between Greece and
Turkey, and the position of France as a mandatory
Power in Syria under the League of Nations. It
affects the French influence in Yugoslavia, which
borders on Albania, and through Yugoslavia the
French influence with the Little Entente. It explains the pressure which Italy has put upon Rumania to agree to a revision of a treaty of friendship
on terms more favorable to Italy in case of attack,
and the readiness to supply arms to Hungary in
anticipation of the "arms equality" which it is expected will soon be granted. A proposal which is
reported to have been made to France for an agreement regarding spheres of influence, Italy to withdraw from Northern Africa in return for a free hand
in the Balkans, is believed to have been rejected by
France, but the fact that the suggestion has been
made explains the concern which is felt in France
and even in Great Britain over the possibilities of
Italian expansion.
Italian motives, of course, are mixed, but those
that count for most can be easily determined. What
bulks largest in European eyes is the well-known
ambition of Mussolini to make Italy the centre of a
great empire, organized and administered on Fascist
principles and reproducing for modern times something of the importance of ancient Rome. With the
exception of Northern Africa, whose promise is not
great, the only direction in which Italian hegemony
can be expected to spread is toward the east, among
the small and disunited States of the Balkan peninsula. Neither conquest nor annexation, apparently,
is contemplated, but neither is necessary for the
kind of political, financial and cultural penetration,
backed by alliances, which has made France a dominating influence in the States of the Little Entente.
The other leading motive is economic. Italy needs
an outlet for a redundant population, and it has no
distant overseas colonies to develop by emigration.
It needs wider markets for its manufactures and
other products, and can offer in return a valuable
market for the grain of the Danubian States. The
increasing trade with Russia, under a favorable corn-
211
mercial agreement, has a bearing upon Italy's special
interest in Russia's Balkan neighbors.
The situation in the Balkans, and in Eastern
Europe generally, is at the moment of a character to
make Italian diplomacy a matter of much concern.
Bulgaria, which has been struggling to recover from
the rule of King Ferdinand, has had to contend with
a renewed outbreak of the Macedonian revolutionists, who hope by terrorist agitation to secure an
independent Macedonian State, and after open fight.
ing in front of the Royal Palace at Sofia between two
rival factions of Macedonians, a reconstructed Cab.
met has been set up which represents no real parliamentary majority and is not expected to last long.
Greece and Turkey were reported on Jan. 1 to have
made a significant gesture of increased friendliness,
due, it is believed, to the Italo-Yugoslav tension.
Yugoslavia, in addition to an economic crisis which
threatens the service of its external loan, finds its
racial elements still at swords'
-points after four
years of rigorous dictatorship, with about the only
rallying point the common hostility to Italy. On
Tuesday it was reported at Belgrade that King Alexander was about ready to cut off the Croats, who'have
persistently fought the unification of the country,as
the only alternative to perennial civil strife. An independent Croat State, if one were set up, might
temporarily strengthen the Serbs, but it would only
add another sore spot to the Balkans and play directly into the hands of Italy.
Any consideration of the position of the Little Entente, and particularly of its political relations with
its neighbors, must take account of the policy of
France, for it is upon France that the members of
the Lttle Entente have from the beginning relied
for political and financial support. Year-end commentators on the European political scene have
pointed out that the position of France has so far
changed as to make the year 1932 the end of a first
post-war era. The political hegemony which France
has enjoyed in Europe since the war has rested upon
its demand for a strict observance of the terms of the
peace treaties, its claim to the largest share of reparations, and its assumption that Germany and her
former war allies must continue to accept a position of relative inferiority. As the chief outside instrument of its policy it has used the League of Nations, whose proceedings it has essentially dominated. Reparations, however, have disappeared with
the Lausanne Conference, the demand of Germany
for arms equality has been virtually conceded in
principle, default on the December war debt payments has split the European front and brought on
a difficult controversy with the United States, and
the failure of disarmament and attempts to settle
the Sino-Japanese imbroglio have greatly weakened
the prestige of the League. In addition, France, in
spite of its hoard of gold, is now feeling severely
the effects of the world-wide business depression and
faces a huge budget deficit. The influence of France
is still great, but it is obviously very much less in
every way than it was even a year ago.
The effects of the decline have made themselves
felt in the Little Entente. With German reparations ended,the reparations which the peace treaties
laid upon Hungary and Bulgaria have also disappeared as practical matters, as have also the payments which Czechoslovakia and other States were
to make to Hungarian minorities and other claimants. The French Premier, Paul-Boncour, could
212
Financial Chronicle
urge the payment of the French share of the latest
loan to Austria as essential to the continuance of
French foreign policy, but the leaders of the Little
Entente are wondering whether French policy
holds now the same promise of benefits as it
did before reparations were wiped off the books.
The success of Germany in refusing to accept further discrimination in armament has not only
prompted Hungary to arm, but has raised the question whether the remaining discriminations of the
peace treaties will not before long be done away with.
Formally, the Little Entente, at its recent meeting,
reaffirmed its stand in favor of the peace requirements, but pencils have been busy figuring the number of men that Germany might be expected to place
on its eastern frontier, and the effect of a liberated
and militant Germany on the status of the Polish
Corridor. There is a feeling, too, that Italy, recognizing the relative decline of France, has seized the
opportunity to throw up a smoke-screen in its proposed customs union with Albania as a cover for its
political program of eastward expansion, and that
the arms sent to Hungary were intended to enable
Hungary to hold Rumania, and perhaps Bulgaria, in
check in the event of trouble between Italy and
Yugoslavia. A leading Prague newspaper went so
far as to declare on Thursday that Mussolini's plan
for an alliance between Italy, Germany, Austria and
Hungary had been achieved.
At the moment,then, the area of greatest political
tension is in Eastern and Southeastern Europe.
Fundamentally, of course, the difficulty lies in the
incongruous elements, political, racial and religious,
which the wisdom of the Peace Conference arbitrarily grouped in the succession States, in the creation of the fantastic Polish Corridor, and in the
attempt to prevent, for a long period if not for all
time,the union of Austria and Germany if both countries should desire to unite. To these primary elements of discord have been added the disastrous economic consequences of a world business crisis, and
the difficulties of national existence under a regime
of high tariffs, shrunken industry and trade and disordered finance. Dr. Bauer may have been right in
seeing in the situation no sign of war, but the conditions are obviously such as a provocative incident
might easily upset. As far as French influence is
concerned, the delicacy of the balance seems likely
to increase the demand of France for security, and
if France feels more rather than less secure, its
allies of the Little Entente may be expected to look
to their defenses. If they do, we shall have, not the
reduction and limitation of armaments which Geneva
has debated, but a competitive armament increase.
Jan. 14 1933
As earnings continued to decline, payment of additional dividends last year were abandoned and if no
dividend is disbursed next month the company's
dividend record since 1847 will be broken, as up to
this time no period of twelve consecutive months
has elapsed without some disbursement being made
to Pennsylvania Railroad shareholders. It is this
fact which causes unusual interest at this time in
the prospective action of the directors.
The board will need to consider several adverse
factors such as the large falling off in traffic and
consequent decrease of earnings, although late reports show the general trend is improving. The
company toward the end of the boom period had
entered upon some extensive construction projects
such as electrification from New York to Washington, and thus far only the central link from Wilmington, Del., to Trenton, N. J., has been completed, but
extensions are being pushed.
New yards and the building of spacious passenger
terminals have engaged the attention of the management since the collapse of the 1929 boom, but another year of progress should make most of these
modern facilities available for railroad use. It was
not contemplated to pay for such permanent improvements out of earnings. Millions were borrowed through the Reconstruction Finance Corporation and the Railroad Credit Corporation to push
the improvements at a time when the work would
be of especial benefit to the unemployed, and when
the usual channels of financing were closed.
Last year when the possibility of dividends being
omitted was discussed it was stated that dividend
payments would not interfere with the ability of
the Pennsylvania Railroad to borrow from the Reconstruction Finance Corporation. If the Federal
representatives have the same attitude now it would
appear that the payment of a dividend at this time
would not disturb the cordial relations between the
railroad and the Reconstruction Finance Corporation.
Nevertheless the lender must at some time be paid,
but there is a probability that the Government will
afford the borrowers of funds during the depression ample time to make payments in moderate instalments.
In the latter part of March last year when the
Pennsylvania board deferred action upon the dividend the shares had a market value of 12%. In
June last year they declined to a new low of 61 2
/,
recovering in September 1932, to 2314 and selling
/
this month around $18.
If for the purpose of avoiding a break in the
splendid dividend record the directors should decide to make some disbursement next month to the
Sentiment Creeps Into Finance—Pennsylvania shareholders the dividend might be made the same
Railroad Dividend Action.
as the last declaration which was 50 cents per share
interest in financial circles exists or 1%. Capital stock outstanding is $658,140,500
A great deal of
over the possible action of the directors of the and even so small a dividend as 1% would call for
Pennsylvania Railroad when they meet the latter a disbursement of $6,581,405.
Ordinarily there is very little sentiment around
part of this month to consider the payment of a
dividend in February. The last dividend paid was the table when directors of a corporation meet to
in February 1932, when fifty cents per share, equal consider the payment of a dividend. Statements
to one per cent on the par value, was disbursed. At are inspected to ascertain if the corporation's earnthe April meeting of the board last year dividend ings are in the black or in the red and to what exaction was deferred and a statement issued by W. tent. But when one of the oldest and greatest of
W.Atterbury, President, said: "In view of the long carriers of the country has paid dividends concontinued decline in earnings, it may be necessary tinuously for 85 years and the question of breaking
to reduce or discontinue payments of quarterly that fine record comes before the board for discusdividends."
sion, well there are times when even a cold blooded
Volume 136
Financial Chronicle
director may bat an eye. And in the meantime not
only the general public but about a quarter of a
million shareholders are expectantly awaiting the
board's decree.
-
213
west of Philadelphia from which point the current
is carried in conduits or other safe means to consumers.
One advantage which Conowingo has over Muscle
Shoals is its proximity to a large population and
to large industrial plants. The population of
Pennsylvania is nine millions, and in the eastern
portion of that State are numerous large factories
of great variety affording a market for power and
light.
Since the Conowingo undertaking was put in operation the Philadelphia Electric Co. has been able
to make several voluntary reductions in its prices
to consumers.
Governor Pinchot of Pennsylvania has long taken
a deep interest in the operation of public utility
plants and it is surmised that his recent visit
to the
home of Mr. Roosevelt where he had evidently been
invited was for the purpose of giving the Presidentelect the benefit of some of his views and of relating
some of the features of the Conowingo enterprise,
which has been well handled even in time of the long
drought which was experienced a few years ago
and which depleted the normal supply of water in
the huge reservoir. When generation by wate
r
power was insufficient to meet the public dema
nd
for current, the managers promptly put into
operation numerous and large generating plants oper
ated
by steam. In anticipation of such an emergenc
y the
means of prompt hook-ups had been prov
ided and
for temporary purposes an adequate
supply was
maintained.
Should the Government undertake distr
ibution of
electric energy generated at Muscle Shoa
ls Mr.
Roosevelt would be well repaid by maki
ng a careful study of the privately operated Cono
wingo
properties.
A survey of the physical features of the hydro
electric plant on the Susquehanna might lead
also
to a study of complex management features which
would be of assistance to Government operation.
To Put Muscle Shoals in the Black.
Having triumphed over one elephant last November the President-elect now proposes to paint
a
white elephant black. In other words he is abou
t
to make a study of Muscle Shoals for the purpose
of
at least making the $150,000,000 project selfsustaining so that it will no longer, by creating defic
its,
be a burden upon the Federal Government, whic
h
constructed that great water-power plant.
It is said to be Mr. Roosevelt's intention not
to
compete with private power and light companie
s in
the distribution of electric current gener
ated at
Muscle Shoals, and therefore not to construct
transmission lines. If he adheres to this the Gove
rnment
will be spared considerable additional expe
nse as
the cost of transmission lines, transformers
and
other electrical apparatus over a large territory,
which the plant at Muscle Shoals is capable
of
supplying, would be large.
The area is partially covered now by the Alab
ama
Power Company and other corporations,
and the
purpose of Mr. Roosevelt is said to be to make
an
agreement with the existing companies to buy
electric
energy of the Government's plant and make
the distribution, each in its own territory, upon
terms
which the Government will consider fair
to consumers.
Before the President-elect makes his inspe
ction
of the Government-owned power plan
t at Muscle
Shoals it might be much to his advantag
e to make
a careful inspection of a privately
constructed,
owned and operated water power
generating plant
and its extensive system provided
for the distribution of electric current. On the Susq
uehanna River
located in Maryland just across
the Pennsylvania
State line is the modern water
power plant of the
Philadelphia Electric Company locat
ed at Conowingo. This point would not
be much out of the Railroad Efficiency
Due in Large Measure to
way of Mr. Roosevelt and his
associates when they
Increased Investment.
start upon their southern
tour via Washington,
The increased use of power is apparently not the
D. C.
only factor contributing to increased production
Excellent improved roads make Cono
.
wingo easily There is also
improvement in organization, in methaccessible and it is inspected by
many sightseers ods and
in machinery.
every year who approach it over
the Baltimore Pike.
The consumption of fuel per thousand gross tonCompleted in about two years the
first commercial miles of
freight hauled by the railroads in 1920 was
units were put in operation on
March 1 1928. The 172
pounds, and in 1931 was 119 pounds, representinstalled horse-power is 378,000
which ranks next ing
a reduction of 21% accomplished in the
to that of the plant at Niagara
past
Falls. The horse- eleve
n years.
power at Muscle Shoals is 260,0
00. A second but
But the economies in railroad operation were
smaller similar plant is located
by
also on the Susque- no
means all in coal consumption. From 1899
hanna at a point above Conowingo.
to
1931 the number of locomotives on the railroads
It is planned to bring the capac
of
ity at Conowingo the
United States increased from 36,703 to 55,40
up to 594,000 horse power. The spill
0,
way of the dam or by
50%, but the increase in their tractive power
is surmounted by a crest on which
are located 50 was
118%; the number of freight cars increased
movable gates, each weighing 42
tons and measur- 63%,
and the increase in load capacity was 57%;
ing 22 feet by 41 feet.
/
1
2
the number of railroad employes increased 36%,
The dam of solid concrete is 4,648
but
feet long and the
ton-miles of revenue freight handled increased
is built on solid rock, the bottom
being 96 feet by 150%
, and the number of freight train miles inbelow the surface of the reservoir,
which •has an creas
ed only 4%. While this was being done
area of 9,000 acres, being 14Y miles
the
2
long and 1.1 working
day in railroad service was reduced
miles in width.
to
eight hours.
Transmission lines and their
hookups are an
In searching for the explanation for
interesting part of this project, form
this increase
ing as it does in railr
oad efficiency,it is found that while
the means of distribution. The term
the miles
inus of each of railroad
line increased only 28%, the capital inof the 59 mile circuits is Plymouth, fifte
en miles vestment incre
ased 162%. This is the immediate
F214
Financial Chronicle
Jan. 14 1933
of Government bonds which accepted the September conexplanation, but back of that investment was intelli- version, were lead to believe that while accepting a reduction
the
gent and enterprising management, utilizing
in the interest of their bonds, they would consolidate their
and inventories of engineers, capital. For ethical reasons, it is obviously impossible for
skill and research work
n to borrow
ehemists, scientists and leaders in every department the Government a few months after this conversio
at a higher rate than 434% and still the:prevailing quotations
knowledge.
of modern
of Government bonds make it evident that the State's credit
It is also noteworthy that the hazards of railroad is no longer worth that much. Thus, the Government sees
service have been reduced, and that the physical toil itself compelled to resort to short term financing, through
bas been lightened by modern equipment installa- the issue of Treasury bonds, a method in absolute contradominated the French finances
tions. Automatic couplers, air brakes, automatic diction with those which
by M. Poincare in
made railroading since the restoration work carried out
stokers and other devices have
1926.
safer and less laborious.
Why is the Government in need of such large loans?
It is of great significance as to the distribution
First of all, to cover the deficits of the two past budgets;
of the benefits of these economies in railroad opera- then to cover the deficits of the Railroad system which is
management for the State's account
tions that during the past thirty-two years the operated under private
and losing at the present at least $160,000,000 a year as a
average pay of all railroad employes increased by
consequence of the crisis, automobile competition and
179%, while the average receipts of the railroads over-taxation.
per ton-mile of freight carried increased but 45%.
Also to cover the deficit of the Post, Telegraph &Telephone
system, also owned by the State. Finally, to raise funds
which
The French Situation at the Beginning of 1933. for the so-called National Equipment Plan and to has been
a certain
(From our Paris Correspondent.)
devised to provide work for the unemployed
been considered with a certain degree of truth extent, the industry with orders.
France has
Now, it is obvious that in order to be able to launch large
as an island of economic peace and security during the catacrisis which has shaken the world since the end of loans the Government will be compelled first of all to balance
clysmic
the budget, which is suffering by reason of an enormous
1929 and particularly the middle of 1931.
In fact the French economic situation only began to be decline in tax revenues, of the lack of German reparation
difficult at the end of 1931, and the depression was evidenced payments and also of expenditures growing out of the passing
during the last year by the decline of from 30 to 40% of the of social legislation. In view of the practical impossibility
of raising taxation, which already absorbs some 27% of
various business indexes compared to the 1930 peak.
For the third year in succession the balance of trade will the National income, the balancing of the budget is commanded by economies in the general administration comprisshow a deficit of some $400,000,000.
from an economic standpoint the situation looks very ing salaries and war pensions which the Parliament is not
Yet
much like stabilized—at a low point of course—with a pos- yet prepared to accept. Until the French people have come
sibility of some small sliding off of the various economic to a better understanding of the disastrous situation of the
Treasury, public credit will only deteriorate.
levels during the present winter.
The Government headed by M. Paul-Boncour, a former
The point of concern when considering France in general
not exactly economic, but political. The public Socialist, is supported by the same political parties as the
to-day is
finances of this country, like most of others, are in a distress- previous one headed by M. Herriot which fell last December
more when the Chamber refused to follow the French Premier and
ing situation. The 1930-31 Budget showed a deficit of
out of a total in excess of $2,000,000,000. decided to defer the payment of the December installment
than $100,000,000
The deficit of the present budget (1931-32) will probably be to the United States of America. Thus the Government
hi excess of $200,000,000, and the Government is now con- supporters in the Chamber of Deputies are still the Radical
fronted with the task of balancing the budget for 1933, which Socialists and the Socialists, and one cannot see how they
in the actual form would show a deficit of nearly $500,- are going to vote the necessary financial measures to which
the Socialists are obviously opposed. The Finance Minister,
000,000.
The alarm was given at the beginning of last July when M. Cheron, has assembled a committee of five Budget
the then Minister of Finance, M.Germain Martin,requested experts giving them as a task to provide him with a reorimmediate economies of about 5% on administration ex- ganization plan of the Public Finances and propose the
penses. This the Parliament flatly refused, accepting necessary measures for the balancing of the Budget. There
economies only to such an extent where salaries and pensions is little to hope in such a scheme as those who pay cannot
remained unaltered. The Radical-Socialist Government, pay much more, and those who receive (public office salaries,
who had just emerged from the May general elections, pensions or other bonuses) are unwilling to make the neceswas supported in the Chamber of Deputies by a majority sary sacrifices. The Minister of Finance has decided,
eomprising the Radical Socialists and the Socialists. Now however, already that during the present year no new
the Socialists were opposed to all economies on salaries and appointment would be made in the Civil Service.
Thus, the atmosphere is extremely confused, and it is
pensions and so were the Conservatives. So that the Government in order to survive and prevent the Country from difficult to foresee any improvement in the generalsituation
undergoing a Socialistic experiment which might have lasted of the country as long as a political truce has not taken
during the whole summer holidays of the Chambers, decided place and rendered possible the restoration of sound public
to submit to the views of the other parties and to leave the finances. Until then, the credit of the country might well
salaries and pensions unaltered.
be discussed, and large exports of gold take place. The
At the end of August, however, the situation of the huge mass of yellow metal existing at the Bank of France
Treasur; was becoming so difficult that the Government (more than 3.300 million dollars) gives, however,full security
decided an immediate conversion of all bonds yielding 5% to the French currency, as it now represents a ratio of 78%
or more into a single 4y2% type. The public was, of course, of reserves to current liabilities. More than $1,500,000,000
absolutely free to accept the conversion or ask for the redemp- could be exported without endangering in the least the
of the French NationalJBanking Institute.
tion at par. In fact, the amount in capital of French Govern- liquidityan external political point of view, the Government
From
ment bonds converted reached about 83 billion francs or seems more and more inclined to get to an understanding
3.300 million dollars with only about 23'% of the bond- with Germany on the various points of discussion now outstanding, and in view of the obvious interest of Great
holders asking for the redemption of their bonds.
it is more than
The Chambers met thereafter at the end of October and Britain to see these discussions settled, be of great use in
probable that the British intervention will
the discussion of the various Treasury questions began again; this matter.
the new 434s which had been issued at the end of October
At the end of December a new Commercial Treaty was
showed already a 3%% discount when officially quoted on signed with Germany,readjusting the tariff to the prevailing
discount has economic conditions and enabling the French importers to
the Paris Stock Exchange. To-day this
use for the settlement of the balance of trade between the
reached from 6 to 7%.
countries some of the French funds now deposited in
Now the French Government has explained that it would two
Germany and the exportation of which had been prescribed
borrow this year the equivalent of more than until now.
seed to
161,000,000,000. With the fall of the public credit materialThe French colonies are still experiencing a very severe
it seems difficult, that any crisis though some improvements appear in Indo-China and
ized by that of the new Rentes
floated within the in North Africa. In the latter district the phosphate proimportant Government loan should be
seem to have come to a good business understanding.
One should not forget that the former holders ducers
sear future.
Volume 136
Financial Chronicle
215
Listings on the New York Stock Exchange for the Year 1932.
The aggregate of new securities listed on the New
York Stock Exchange during the calendar year 1932
(apart from Government and municipal issues) discloses clearly the extraordinary changes that have
taken place in the general financial situation throughout the United States. These changes, brought
about by the economic and industrial conditions and
business depression are reflected in a huge shrinkage
in the total of bond and stock issues of railroad,
public utility and miscellaneous companies listed on
the Stock Exchange and also by the appreciable
decline in the aggregate amount of short-term loans,
such as note issues, as compared with the year 1931.
The total of corporate securities listed during 1932
aggregated $687,564,099, the smallest in 14 years, or
since 1918 when the amount reached only $539,659,347, owing to the financial conditions brought about
by the World War. The total of $687,564,099 for
1932 compares with $2,703,030,179 in 1931, $7,632,633,397 in 1930 and $9,151,523,107 in 1929, which last
was the biggest on record for any 12 months' period
in the history of the Exchange. In this the comparison is in accord with the actual corporate financing for the 12 months as represented by stock
and bond issues offered on the investment market
by corporations, where there has also been an
enormous shrinkage during the last three years in the
offerings of new securities. Full details regarding the
latter appear elsewhere in this issue in our article on
"New Capital Flotations for the Calendar Year."
The latter compilations constitute an accurate index
of new financing done and cover the entire country.
The Stock Exchange listings relate to an entirely
different thing. They embrace not only new but also
old securities which have just found their way to
the Exchange, and they relate only to the New York
Stock Exchange, by which we mean that they do not
include listings on any of the other stock exchanges
of the country. They also include securities replacing old securities, which process occurs chiefly in
cases of recapitalization and of reorganizations.
Among other features in connection with the year's
listing we note the following: (1) The entire absence
of the listing of any foreign government and municipal
securities as compared with $200,150,000 in 1931
and $401,338,000 in the year preceding. We note also
the absence of the listing of any United States Government securities, although approximately $4,972,068,000 of one to 432 year notes were disposed of by
the Treasury during 1932; (2) The sharp decrease in
the total amount of corporate bonds listed, the total
reaching $328,297,600, the lowest since 1918. This
compares with $1,140,591,572 in 1931 and $2,044,305,437 in 1930, the largest for any single year in the
history of the Exchange;(3) The tremendous decrease
in the aggregate total of stocks listed, as distinguished
from bonds, the amount footing up $359,266,499,
this figure being the lowest since the year 1918 when
$312,024,647 was reached. The 1932 figure of
$359,266,499 compares with $1,562,438,607 in 1931
$5,588,327,960 in 1930, and $7,500,355,347 in 1929,
the record for any single year in the history of the
Exchange; (4) The notable decrease in the aggregate
stated and par value of securities of investment trust
companies listed, the total of $307,647 in 1932 comparing with $40,822,640 in 1931 and $269,871,770 in
1930.
During 1932 several companies adopted as a means
to create capital surpluses the expedient of reducing
the stated value of their stocks without reducing the
number of shares outstanding and transferring the
surplus thus created to their surplus accounts.
Others, with the implied intention of saving to their
stockholders and others trading in their stocks the
additional transfer tax fees levied during 1931 and
1932 by the Federal and State Governments, changed
their stocks from no par shares to shares having a
par value without in any way changing the number
of shares outstanding. A list of these companies is
given below. However, as these transactions in no
way alter the status of the shares listed, that is, the
shares as changed are not considered as new or additional listings issued for corporate purposes or for
refunding purposes, they do not enter into our totals.
In like manner the listing of trust company receipts
and of securities marked "assented" or of securities
stamped "assumed," the securities themselves having
been previously listed, are not included in our calculations. These are, however, brought together in
separate tables below.
As in the case of management investment trusts, so
also we find a notable reduction in the number of
fixed or restricted management type trusts in the
organization or management of which, or in the offering or distribution of their securities there is no
objection to participation by member firms, according
to a ruling of the Committee on Stock List. The
securities of these trusts are not listed on the Exchange and the determination of the Committee is
not an opinion as to the desirability of the securities
of such trusts as an investment. A list of these
trusts follows:
Deposited Bond Shares, Convertible Debenture Series
(1938).
Keystone Custodian Funds (1942), series A. B, 0, D. E,
F, G and H.
North American Bond Trust Certificates (1952).
Super-Corporations of America Trust Shares (1952), series
AA.
Super-Corporations of America Trust Shares
(1952). series BB.
Trusteed New York Bank Shares (1957)•
The corporate bond issues listed during 1932, as
already stated, aggregated $328,297,600 as against
1,140 millions in 1931, 2,044 millions in 1930 and
1,651 millions in 1929. Of the 1932 total,railroad
bonds comprised $72,758,700 as against $418,635,572
in 1931 and $940,401,837 in 1930. Of the 1932 total
$55,312,000 were issued for new capital and $17,446,700 were issued for refunding and like purposes.
Public utility bonds listed in 1932 foot up $196,223,000 as against 523 millions in 1931 and 585 millions in 1930. Of the 196 millions listed in 1932,
$180,296,000 were issued for new capital and 810,9.27,000 for refunding purposes. Industrial and miscellaneous bonds listed in 1932 reached only $59,315,900 which represents new capital. This compares
with 198 millions in 1931 and 518 millions in 1930.
The volume of stocks listed in 1932, as already
noted reached $359,266,499 and compares with 1,562
millions in 1931, 5,588 millions in 1930 and 7,500
millions in 1929. Of the 359 millions listed in
1932
railroad stocks comprise $53,483,000, which compare
s
with $9,869,270 in 1931, the smallest figure in
over
30 years, and 745 millions in 1930. Public
utility
stocks listed in 1932 aggregated $114,271,513,
against
237 millions in 1931 and 1,441 millions in 1930,
which
latter was a high record. Industrial and miscella
neous
stocks listed during 1932 reached $191,511,986
the
lowest since 1914. The 191 millions listed in 1932
Financial Chronicle
216
compares with 1,315 millions in 1931; 3,401 millions
in11930 and 5,795 millions in 1929, the highest on
record. Of the 191 millions listed in 1932, $152,195,625 was for new capital $20,791,498 represented
old stocks just listed and $18,524,863 was for refunding purposes, &c.
The total note issues put out in 1932, but not listed
on the Exchange (as compiled further on in this
article) shows a sharp decline under 1931. The
amount in 1932 reached $128,250,000 as compared
with 257 millions in 1931 and 649 millions in 1930.
This table of note issues includes principally notes
issued for extensions or renewals of maturing bonds or
notes, or represents short-term financing. Our object
in referring to this table here is because companies in
taking care of their immediate wants through this
class of financing act to that extent to diminish the
volume of stocks and bonds that would normally be
presented for listing on the Exchange.
The following table embraces the record of aggregate corporate listings for each of the last 10 years:
CORPORATE LISTINGS ON NEW YORK STOCK EXCHANGE.
Old Issues
Now Listed.
s
•
Bonds.
Issued for New
Capital. etc.
a
294,923,900
623,598,672
1,725.295,150
1,190,959,555
884,883.600
1,092.920,490
852.762,800
1,030,620.216
597,242,100
637.040,556
1932
1931
1930
1929
1928
1927
1926
1925
1924
1923
5,000,000
3,578,000
3,410,000
15,000,000
12.428,000
25.107,500
36,623,489
11,962,400
Replacing
Old Securities.
S
28,373,700
513,414,900
315,600,287
445,208,205
953,305 766
746,613,210
238.906.200
520.514,391
406,587,832
619,351,290
Total.
$
328,297,600
1,140.591,572
2,044.305,4:17
1,651.167,760
1 838 189 366
1,851.961,700
1,091,669,000
1,576.242.107
1,040,453,421
1,268,354,246
Stocks.
359,266,499
37,489,798
116,369,263
205,407,438
1932
346,896,024
82,485,537 1,133,057,046 1,562,438,607
1931
2,723,8116,396
546.199,903 2,318,321,661 5,588,327,960
1930
2.660.789.377 1,032,197,383 3.807.368.587 7,500.355.347
1929
443,339,549 1,719,529,458 4,352.044,791
2,189,175,784
1928
217,562,446 1,885,332,325 3,409,373.296
1,306.478.525
1927
687,584.274 1,601.981,439 3,711,450,408
1,421.884,695
1926
344,713,098 1,295,985,711 2,701.007.800
1,060,308.991
1925
623,206.192
286.501,896 1,020.605.601 1,932,313.689
1924
917.756.584
346.922.069 1.346.405.054 2.611.083,707
1A23
•Government issues foreign and domestic not here Included shown separately.
Note.—Appileat outs tor the listing of trust company receipts and of securities
marked "assented'(if preparatory to reorganization), or of securities stamped
"assumed" or "assessment paid"—the securities themselves having previously
been listed—are not Included in this table.
In the following we classify the figures so as to
indicate the amounts under each leading head, namely
railroad, public utility and industrial and miscellaneous companies. This table shows at a glance the
volume of bonds and stocks listed during the last 10
years by each of the different groups mentioned:
Railroad.
Public
UtilWes.
Indus. et
Miscell.
Railroad.
Public
Utilities.
Indus. et
Miscell.
$
1932__ 72,758,700 196,223,000 59,315,900 53,483,000 114,271,513 191,511,986
1931- 418.635.572 523,800.000 198,156,000 9,869.270 237,193.009 1,315,376,328
1930- 940,401.837 585,098.300 518.805,300 745.974,094 1441236493 3,401.117.373
1929- 567.890.460471,134.300 612,143,000 265,148.356 1439787 105 5,795.419.886
1928_ 726.503,066 407.186.300 704,500,000 533.603,989 1396823432 2,421.617,350
1927_ 591,746,000 386,131,500 874,084.200 320,436,200 722,494,135 2,366,442.961
1926_ 246,643.000 345,551,500 499,474,500 93,955.290 594,557,424 3.022,937.694
1925_ 634.183,468 448.344,172 493,714,467 211,528,440 432.310.099 2.057.169,281
1924- 451.866.855 343,819,900 244.766.666 203,465.920 504,253,169 1,224,594,600
1923__ 329.100,746 382,953,500 556,300.000 171.500,230 579,445.089 1.860,138,388
In the following tabulations we undertake to show
how much of the listings in the above were for foreign
purposes. We give first the amounts of securities of
foreign corporations per se, and secondly the amounts
of securities of American corporations issued for acquiring or financing and developing properties outside
the United States. Both amounts, as already stated,
are included in the totals of corporate listings in the
above:
SECURITIES OF FOREIGN CORPORATIONS PLACED IN THE UNITED
STATES AND LISTED ON TIIE NEW YORK STOCK EXCHANGE.
Stocks.
Bonds.
Public
Railroad.
Indus. et
MOM!.
Railroad.
50.000.000 22.800.000
1932
3,578.000 2,729.100
1931 — 80.000.000
179.313,000 74.726.500 112.795.500 332.270.900
1930
125.000.000 130.890.000 267.161.000 41.790.900
1929
1928 -- 15.750.000 98.102.500 203.352.000 46.572.339
1927 -- 106 376.000 51,909 500 174 352.500
23.29:3.000 136.726.000 143.226 000 39.934,300
1926
1925 -- 119.007 000 17.266.000 35.500.000
1924 — 11.962.000 18.000.000 28.500.000
63,900,000
1923 ___ 13.352.500
Public
Utilities.
Bonds.
Railroad.
1932 ___
1931 _
1930 _
1929 _
1928 _
1927
1926 _
1925 _
1924 _
1923
Indus. db
Miscall.
301,280
19.534.347
3.640.000 18.535.185
322.806 78,051.068
2,988,720 82.970.060
400.000
843,700
8.407 918
15,931.000
1933
Public
Utilities.
Stocks.
Indus. &
Miscell.
Public
Railroad,
Indus. et
Miscall.
3,322,440
50,000,000
157,378
50,000,000 36,551.800
63,199,372 12,136,144
57,000,000 1,360.000
124,335,974 9.685,340
25,000.000 31.500,000 144,339,323 86,755,025
7,500,000
33,000.000
51.236,176 33,428,240
5,500,000 15,000,000
38,569.973 68,135,413
25,479,000 86.250.000
68.149,667 40,642,000
500,000
30.000,000 25,775,934 5,792,760
2,247,000 2,618,500 10,000.000 10.000,000 19,118,300 43,589,885
Government issues, foreign and domestic, are not
included in the above tables. As already stated, no
Government securities were listed on the Exchange
during 1932 although, as noted above, the Federal
Government sold approximately $4,972,068,000 of
from one to 4 year notes during 1932. The following is the aggregate amount of such issues listed or
authorized to be listed for the past 10 years:
GOVERNMENT BONDS LISTED ON THE NEW YORK STOCK EXCHANGE
Foreign Issues. U. S. Government
Securities.
((ncl. Canadian).
1932
$200,150,000
1931
8401.338.000
1930
153,295.000
1929
888,639.000
1928
602,831,500
1927
613,186,000
1926
697.700,000
1925
588.720,750
1924
235.929.500
1923
a New York City obligations.
82,121,410,350
250,000,000
494,898,100
494,898,100
200,000.000
al00.000.000
Total.
82,321,560,350
E401,338,000
153,295,000
1,138,639,200
1,097,729.600
1,108,084,100
607,700,000
788,720,750
335.929.500
The purposes on account of which the several blocks of
bonds listed during the year were issued are seen from the
following:
RAILROAD BONDS LISTED FIRST SIX MONTHS OF 1932.
Amount.
Purpose of Issue.
Company and Class of Bonds—
,
Canadian National Ry 436s, 1951-$50.000,000 Corporate purposes
8.200 Issued per reorg plan
C M St P & Pac cony adj 5s, 2000_
Louisville & Nashville sec 55, 1941- 10,000,000 Ref'd'g & constr of bridge
ref&imp 4Ms ser A,2013. 1,205,000 Corporate purposes
NY Cent
148.000 Exch for Prov Co dens
NY N II & II deb 45, 1957
NY Ont & Western gen 48, 1955_ _ 1,980,000 Capital expenditures
St L Southwestern gen&ref 55, 1990 9,327,500 Refunding
$72,758,700
Total
RAILROAD BONDS LISTED SECOND SIX MONTHS OF 1932.
None
PUBLIC UTILITY BONDS LISTED FIRST SIX MONTHS OF 1932.
Amount.
Purpose of Issue.
Company and Class of Bonds—
Bklyn Edison Co gen 58 E. 1952—$25.000,000 Capital expenditures
5,000.000 Old deb just listed
Columbia G & El Corp deb 5s. 1952
Columbia G & El Corp deb 55, 1952 1,175,000 Acq of sec of constit cos
0
,
Kan City Pr & Lt Co 1st 43 ,1961 5,250.000 Improvements, &c
N Y Edison Co 1st lien & ref 5s,'51 25,000.000 Capital expenditures
Taiwan El Pr Co Ltd(Japan)5.i6s'71 22,800.000 Expansion
Virginia El & Pwr Co sec 5 Ms. 1942 4,000,000 Corporate purposes
Total
Stocks.
Bonds.
Ian. 14
SECURITIES OF AMERICAN COMPANIES ISSUED FOR FINANCING
OPERATIONS OUTSIDE UNITED STATES.
$88,225.000
PUBLIC UTILITY BONDS LISTED SECOND SIX MONTHS OF 1932.
Amount.
Company and Class of Bonds—
Purpose of Issue.
Brooklyn Union Gas Co 1st lien &
$10.000.000 Corporate purposes
ref 55, series B, 1957
Columbus Ry P&L Co sec 5391.'42 4.500.000 Refunding, Improvements
Consol Gas Co of N Y 5% debs,'57. 30.000.000 Pay indebtedness, &c
Det Edison Co gen & ref 55 serE'52. 15,000.000 Additions, Mints, &cc
Duquesne Lt Co 1st 4jis ser B,'57. 5,000,000 Additions, betterments. Sre
3,820.000 Improvements, &c
NJ Pr & Lt Co 1st 434s, 1960_ _ _
New York Steam Corp 1st 5s, 1956. 8,700.000 Pay bank loans, &c
Rochester Gas & El Corp gen 58,'62 8,478,000 Refunding
Un El Lt & Pr Co(Mo) gen M58,'57 22,500.000 Additions, impta, &c
Total
$107,998,000
INDUSTRIAL AND MISCELLANEOUS BONDS LISTED FIRST SIX
MONTIIS OF 1932.
Company and Class of Bonds—
Amount.
Purpose of Issue.
Tobacco Products Corp of N T35,591,200;Issued per plan of reorg of
1 Va company
% debs, 2022
INDUSTRIAL AND MISCELLANEOUS BONDS LISTED SECOND
SIX MONTHS OF 1932.
Amount.
Company and Class of Bonds—
Purpose of Issue.
Amer Smelt & Ref Co 1st 58, 1947_ $3,500.000 Acquisition
Owens-Ill Glass Co 5% debs, 1939- 4,60(1,000 Acquis of constituent cos
Radio-Keith-Orph Cp 6% debs'41_
710,800 Issued per refinancing plan
Studebaker Corp 6% notes 1942_ _ .. 14,913,900 Acquis White Motor
Total
$23,724,700
The several stock issues and objects of each are embraced
in the following compilation:
RAILROAD STOCKS LISTED FIRST SIX MONTHS OF 1932.
Amount.
Company and Class of Stock—
Purpose of Issue.
Pittsb Cin Chic & St L cap stk_ _$16.698,300 Old stock just listed
Wayne & Chic cap stk.. 27.752.000 Improvements &c
Pittsb Ft
4,369,900 Exch for St L Southw stks
Southern Pacific Co corn
Total
$48,820,200
RAILROAD STOCKS LISTED SECOND SIX MONTHS OF 1932.
Amount.
Purpose of Issue.
Company and Class of Stock—
$4,356.600 Additions betterments &c
Northern Central Ry cap stk
306.200 Each for St L Southw stks
Southern Pacific corn
Total
54.662,800
PUBLIC UTILITY STOCKS LISTED FIRST SIX MONTHS OF 1932.
Amount.
Company and Class of StockPurpose of Issue.
American & Foreign Pow Co Inc
Common (57,164 shs)
*$1,286,190 Expansion in for countries
Amer Power & Light Co
-$5
*97,844,400 Exch for $5 pref ear A
Cum pref (978,444 shs)
American Tel & Tel cap stk
391,400 Corporate purposes
Electric Power & Light Corp-__
Common (7,623 shs)
*186,763jAcquisition of stocks of
$7 preferred (10,074 shs)
*1,007,4001 constitutent cos
Federal Light & Traction Co com
150.420 Stock dividends
North Amer Co com (344,201 shs)_ *3,442.010 Stock dividends
Pacific Gas & Electric Co com
104.675 Additions &c
Peoples Gas Lt & Coke Co cap stk_ 2,479,500 Corporate purposes
United Gas & Improvement Co
*72,450 Acquis of misc securities
Common (8,280 shs)
Total
8106.965,208
PUBLIC UTILITY STOCKS LISTED SECOND SIX MONTHS OF 1932.
Company and Class of StockAmount.
Purpose of Issue.
American & Foreign Power Co Inc
Common (90,500 shs)
412,036,250 Expansion in for countries
Electric Power & Light Co
Common (11.188 shs)
*615,340 Acquis stk of constit cos
Federal Light & Traction Co corn
162,070 Stock dividend
North Amer Co com (361,437 shs)_ *3.614.370 Stock dividends
Pacific Gas& Electric Co com
878.275 Acquisitions &c
Total
$7.306,305
INDUSTRIAL STOCKS LISTED FIRST SIX MONTHS OF 1932.
Company and Class of StockPurpose of Issue.
Amount.
American Machine & Metals Inc
(v t c)(22,000 shs)
*$398.200 Acquisition
Anaconda Copper Mining Co stk
178,500 Acquis of constit cos
Auburn Automobile Co
Common (8,227 shs)
*427,804 Stock dividends
Borden Co cap stock
97,500 Acquisition
Columbia Pictures Corn
(v t c)(146,925 shs)
*1,830.686 Old stock Just Hated
Consolidated Oil Corp
*40.557,160 Acquis of Prairie cos
Common (8,111,432 shs)
Grigsby-Grunow Co
*1,250,044 Acquis of constit co
Common (312.511 shs)
359,6601Acquhrtion of constitutent
Hat Corp of Am el A stk
3,672.8001 companies
o preferred
Household Finance Corp pref
647,700 Gen corporate purposes
International Business Machines
1,079,037 Stock dividend
Corp cap stock (33,493 shs)(Julius) Kayser & Co
Common (484,120 shs)
*13,698,776 Exch for v t c
Kennecott Copper Co
Cap stock (917,308 shs)
*14.952,120 Acquis of Nevada cons stir
(R M Macy & Co Inc
Common (71,884 shs)
*2.875,344 Stock dividend
Norwalk Tire & Rubber Co
Common (202.730 shs)
'202.730)Issued in exchange for old
7% preferred
527,3005 stocks
Paramount Puolix Corp
*1.989,650 Stock dividend
Common (79,586 shs)
Tr -Continental Corp
Common (307,647 shs)
*307,647 Acquis of constit cos
Westvaco Chlorine Products Corn
*274,100 Each for Un Chem Inc pfstk
Common (27,410 shs)
Total
885.326,758
LISTING OF INDUSTRIAL STOCKS SECOND SIX MONTHS OF 193.
Purpose of Issue.
Company and Class of StockAmount.
American Agricult Chem Co Del
Common (3,335 shares)
*$133.400 Issued per plan of Conn Co
American Home Products Co
Capital stock (61,100 shares)
*2,291,250 Pay notes &c
American Metal Co Ltd
*11,900,000 Exch for non-div bear shs
Common (350.000 shares)
Anaconda Copper Mining Co stock
32,800 Acquis stk of constit cos
Auburn Auto Co corn (12,842 shs). *667,784 Stock dividends
Belding Heminway Co
Common (50,000 shares)
*200,000 Acquis of constit co
Borden Co capital stock
203,800 Acquit;of constit cos
Columbia Pictures Corp v t c
(5.281 shares)
*66,012 Old stock just listed
Consolidated 011 CorpCommon (3,080 shares)
*15,400 Acquis of Prairie cos
Curtiss-Wright Corp common. _
110,611 Pay bank loans
Douglas Aircraft Co Inc
Common (14,131 shares)
*70,655 Issued to bankers under opt
Electric & Musical Industries Ltd
American shares (60,256 shares)- *301,280 Issued per merger agreem't
Grigsby-Grunow Co
Common (13,265 shares)
*53.060 Acquis of consituent cos
Houdaille-Hershey Corp
Class A (174,480 shares)
*1,744,800 Old stock just listed
Kennecott Copper Corp
Capital stock (124.733 shares)._ *2,033,148 Acquis ofNevadaConsCopp
Marmon Motor Car Co
Common (223.659shares)
*2,236,590 Issued per plan ofreorg
National Cash Register Co
Class A (238,000 shares)
*357,000 Issued per plan of recapital
Owens-Illinois Glass Co common
3,025,000 Acquis Root Glass Co
Plymouth 011 Co common
5,250,000 Old stock just listed
Radio-Keith-Orpheum Corp...
Common (218.350 shares)
*4,367,000 Issued per refinancing plan
Snider Pkg Corp corn (210,000 ribs) *1.094,967 Issued per reorganiz plan
Socony-Vacuum Corp cap stock...,498,600 Exchange ofstks of Asso cos
Standard Oil Co of Eon cap stock
3,200,000 Acquis of constituent cos
Studebaker Corp com (538,587 shs)*10.767,740 Aquis White Motor
Sun 011 Co corn (45,606 shares) -- *1,545,131 Stock dividend
Union Oil Co of Calif capital stock_ 54,019.200 Merger of Union 011 Asso
Total
$106.185,228
* Includes shares of no par value. The amounts given represent the
declared or.stated value.
As has been our practice, we give herewith a list of the new
(unlisted) notes issued for one thing or another during 1932.
from the corporate listThis compilation is entirely distinct
ings and the amounts are not included in the above tables.
Note issues represent principally short-term financing and
thus act to diminish the volume of stocks and bonds that
would normally be presented for listing on the Exchange.
PRINCIPAL NOTE ISSUES NOT LISTED DURING 1932.
Amount.
Maturity.
Date.
Rate.
Railroads-Aug. 10 1934 817,500,000
1932.
6%
Baltimore & Ohlo
Jan. 31 1934 3,950.000
1932.
Chesapeake & Ohio Ry
6%
Aug. 1 1934 5,000,000
1932.
Minn St Paul & Sault° Ste Mule_ ---6%
Maturity.
Amount.
Date.
Rate.
Public Utttittes^8750,000
Brockton Gas Light Co
43.% Dec. 1 1932 1934-1935
Brooklyn-Manhattan Transit Corp 6% Aug. I 1932 Aug. 1 1934 13.500.000
Central West Public Service Co--.-7% Aug. 1 1932 Aug. 1 1935 1,000.000
5% Oct. 15 1932 Oct. 15 1935 6.000.000
Eastern Utilities Associates
Edison Electric Blum Coot Boston 414% May 2 1932 May 2 1933 10.000.000
Edison Electric Ilium Co of Boston 5% May 2 1932 May 2 1935 20,000,000
Edison Electric Ilium Coot Boston 5% July 16 1932 July 16 1934 25,000.000
6% May 31 1932 May 31 1933 5.100 000
Hackensack Water Co
Iowa Electric Light & Power Co
2.250 000
7% Aug. 1 1932 1933-1935
North Boston Lighting Properties 54% Oct. 15 1932 Oct. 15 1937 9.000 000
Western Massachusetts Cos
5% Oct. 15 1932 Oct. 15 1937 2.500 000
Wisconsin Public Service Corp
6% June 15 1932 June 15 1933 2.500.000
Wisconsin Valley Electric Co
6% June 15 1932 June 15 1933 4,000.000
217
Financial Chronicle
Volume 136
Industrial and Miscellaneous
Securities Corp (Denver)
5;4% May 1 1932 May I 1933
Total railroad companies for 1932
Total public utility companies for 1932
Total industrial and miscellaneous companies for 1932
Total all companies for 1932
Total as reported for 1931
Total as reported for 1930
Total as reported for 1929
Total as reported for 1928
Total as reported for 1927
Total as reported for 1926
Total as reported for 1925
Total as reported for 1924
200.000
826,450,000
101,600,000
200.000
128,250,000
257,850,000
649.695,000
164.292,500
216,162,000
273,755,000
427.124,500
424,784,050
835,100,000
In the following tables we give a list of the securities for
which trust company receipts were issued during 1932, a
list of bonds stamped as assenting to refinancing plans, a list
of companies for which new certificates were issued through
change in name without changing the number of shares
listed; also a list of companies the par value of whose shares
have been changed, the number of shares listed remaining
undisturbed. These securities are not included in our tables
above as they represent substitutions for securities already
listed and are not considered by us as new or additional
listings. The tables follow:
BONDS STAMPED AS ASSENTING TO REFINANCING PLAN-THE
BONDS HAVING BEEN PREVIOUSLY LISTED.
Cespedes Sugar Co 1st mtge 7%s 1939
$1.991.000
Fonda Johnstown & Gloversville 1st consol gen ref bonds
5.074,000
Total
$7.065.000
SECURITIES FOR WHICH NEW CERTIFICATES WERE LISTED
THROUGH CHANGE IN NAME OF COMPANY WITHOUT
CHANGING NUMBER OF SHARES OF STOCK ALREADY
LISTED.
No. of Shore*
Consolidated Oil Corp (from Sinclair Consol 011 Corp)
Common
6,103,373
Preferred
139.310
Davega Stores Corp (from Atlas Stores Corp)common
256,500
695.854
Eaton Mfg Co(from Eaton Axle & Spring Co)common
Total
7,195.037
SEC URITIES FOR WHICH CERTIFICATES OF DEPOSIT WERE
LISTED-THE SECURITIES THEMSELVES HAVING BEEN
PREVIOUSLY LISTED.
Stocks.
No of Shares.
Federal Water Service Corp class A-Certificates of deposit
570,195
-Mfrs Trust Co ctfs of dep for capital stock (v t c)
I R T Co
350,000
-Cent Hanover Bk& Tr Co ctfs of dep for:
Kelley Springf Tire Co
6% preferred
29.500
8% preferred
52,657
Common
1.063.840
Kelsey-Hayes Wheel Corp-Chase Natl Bk ctfs of dep for corn stk
509,182
St L Southwest Ry-Chase Natl Bk ctfs of dep for pref stock
52,356
Common
104,561
Tobacco Products Corp-Chase Natl Bk ctfs of dep for cl A stock 2.240,460
Common
3.296.652
-Union Trust Co ctfs of dep for com stock-.
White Motor Co
650,000
Bonds.
Amount
Outstanding.
Botany Consol Mills Inc-Chase Natl Bk ctfs of dep for sec 636s 87.007.000
Camaguey Sug no-Chemical Bk& Tr Co ctfs of dep for 1st M 7s 4,650,000
-NY Tr Co ctfs of dep for customs 1st lien 8s 3,877.500
El Salvador, Rep of
Gen Theatres Equip Inc-City Bk Farmers Tr Co ctf of dep for
I0-yr cony 65
29,554.000
Interborough Rapid Transit Co
-J P Morgan & Co ctfs of dep for
10-yr sec cony 7% notes
31,672,100
Chase National Bank ctfs of dep for 10-yr 6% notes
10.500,000
Kreuger & Toll Co-Guaranty Tr Co ctfs of dep for 5% sec debs 47.596,500
Manhattan Ry-Central Hanover Bk & Tr Co ctfs of dep for
consol mtge 4s
40.683.000
Equitable Trust Co ctfs of dep for 2d mtge 4s
4.523.000
NY Chic & St L RR-Guaranty Tr Co dep rec for 3-yr 6% notes 20,000,000
Park-Lexington Corp-Empire Trust Co ctfs of dep for 1st mtge
leasehold 6}is
4,768.500
-San Francisco Ry-Chase Natl Bk,ctfs of dep for consol
St Louis
mtge 4 Yis, series A
109.866.000
Central Hanover Bk & Tr Co ctfs of dep for prior lien 45 ser A. 92.105.097
Series B
25,589,500
Kansas City Ft Scott & Memphis
-Bankers Tr Co ctfs of dep
for ref mtge 45
25.835,000
St Louis Southwestern By-Chase Natl Bk ctfs of dep for 1st
consol mtge 4s
20.727.000
Vertientes Sugar Co
-Mfrs Tr Co Ws of dep for 1st mtge 78
8,200,000
COMPANIES CHANGING PAR OF SHARES WITHOUT CHANGING.
NUMBER OF SHARES ALREADY LISTED.
Name of CompanyNo. of She. Name of CompanyNo. of She
American Colortype Co
c182,000 Lee Rubber & Tire Corp-- 6300,000
Amer. Comm'l Alcohol Corp_ •194,748 Latin & Fink Products Co_-- b419.166
American Woolen Co
f400.000 Ludlum Steel Corp
14204,000
Amer.Zinc, Lead & Sm. Co-- a200.000 McKesson & Robbins,Inc.._ b1,082,555
Associated Dry Goods Corp_ 2599,400 MacAndrews & Forbes Co
8319.643
Aviation Corp.(Del.)
62,831,041 Mengel Co
11320.000
Barnsdall Corp
22,258,779 Murray Corp
c808,912
Bendix Aviation Corp
b2.097,663 National Surety Co
1300.000
Checker Cab Mtg.Corp
"108,382 New York Shipbuilding Corp.
Chrysler Corp
b4,480.266
participating stock
2344.500
Comm]. Film Industries, Inc_ 8524,973 North Amer. Aviation. Inc b2,118,959
Continental Can Co., Inc.-- d1,733,345 Pan-American Petroleum &
Continental-Diamond Fibre
Transport Co., class A._ 11,000,000
Co
b505,000 Class B
j2,474.644
Continental Insurance Co___ 111,949,596 Paramount-Publbt Corp
Curtias-Wright Corp (com.). a6,323.985 Patin° Mines & Enterprises c3.379.604
Class A
a1,142.052 Consolidated. Inc
k1,193,816
Havens Stores Corp
6256,500 Peerless Motor Car Corp-- 1266,914
Electric Boat Co
e300,000 Pure Oil Co
m3,038,370
Pidelity-PhenIx Fire InsurRemington Rand, Inc
•1,290.987
ance Co
h1,385,930 Reo Motor Car Co
112,000.000
General American Investors
Rossi& Insurance Co
n300,000
Co., pref
f84,000 Second National Investors
General Bronze Corp
b287,780 Corp.. $5 pref
0100.000
Gen. Realty & Utilities Corp. 21,548,842 Serve!, Inc
Graham-Paige Motors Corp_ a1,374,639 Twin City Rapid Transit Co_ 81,741.061
f220.000
Howe Sound Co
b488,599 United Cigar Stores Co. of
Internat. Carriers, Ltd
a561,043 America
25,422,805
(G. R.) Kinney Co., $8 pref.
f50,547 (H.F.) Wilcox OH & Gas Co_ 6431,383
• New stock of $20 par value Issued in ratio of one new share
two old
shares of $10 par value. •• New stock of $5 Par value issued in for each one new
ratio of
share for each four no par shares of old stock.
a Shares of Si par value exchanged for no par shares. b Shares of $5 Dar
value
exchanged for no par shares. c Shares of $10 par value exchanged for no
shares. d Shares of $20 par value exchanged for no par shares. e Shares ofpar
$3
par value exchanged for no par shares. i Shares of no par value exchanged for $100
par shares. A Shares of $5 par value exchanged for shares of $25 par
value.
h Shares of $2.50 par value exchanged for shares of $10 par value. 1 Shame of
$10 par value exchanged for shares of $50 par value. j Shares of $5 par
value
exchanged for shares of 850 Dar value. k Shares of no par value exchanged for $20
par value shares. 1 Shares of $3 par value exchanged for $10 par value
in Shares of no par valuue exchanged for $25 par value shares. n Shares ofshares.
$5 par
value exchanged for shares of $10 par value. o Shares of 81 par value exchanged
for shares 01 85 par value.
Financial Chronicle
218
Jan. 14 1933
Gross and Net Earnings of United States Railroads for the
Month of November
Returns of the earnings of United States railroads
now have at least one gratifying feature, namely that
as compared with the corresponding period in the
previous year though the losses in gross revenues continue very heavy, following the cumulative losses for
preceding years, comparisons of the net earnings are
getting on the whole increasingly favorable, this being
due to drastic reductions in the expense accounts.
These reductions are rapidly reaching the point where
they suffice almost completely to offset the further
shrinkages in the gross revenues. Our compilations
this time cover the month of November and the
remarks just made have especial pertinency in their
application to the results for that month-. Stated in
brief, the gross operating revenues for the Class I
railroads show a further drop—we mean after continuous losses in the four years immediately preceding
—of $51,606,559, or 16.93%, but this has been attended by a reduction in operating expenses in amount
of $48,718,045, or 20.47%, leaving therefore a falling
off in net earnings (before the deduction of the taxes)
of only $2,888,514, or 4.32%. This nevertheless leaves
both the gross revenues and the net revenues, at
inordinately low levels, yet it is encouraging to find
improvement in at least the one direction indicated.
In the case of the month of November the cumulative
record of losses runs back for four consecutive years,
losses having occurred even in November 1929 which
was the period of the Stock Market collapse, when
the country passed through what might be called the
initial stages of the depression in business which was
to last so long and which has continued with growing
severity right down to the present time.
In the year referred to, 1929, our tables showed
$32,806,074 loss in gross and $30,028,982 loss in net,
but that was only the beginning of the downward
movement which has been in uninterrupted progress
ever since. In 1930 gross revenues fell off in the further
sum of $100,671,064, and net earnings suffered a
further shrinkage of $27,596,760. On top of this there
came in 1931 (as compared with 1930) a new falling
off of $93,375,649 in gross and of $32,706,576 loss in
net, which has now been followed in November 1932
by $52,606,559 decrease in gross and $2,888,514 decrease in net, making a cumulative record of losses
that has never been previously experienced in railroad
history. The result is that for November 1932 the
gross is down to $253,223,409, as compared with
$561,153,956 in 1926, and the net for 1932 is no more
than $63,966,101 as against $158,501,561 in November 1926. It would be necessary to go back all the
way to 1914 to find a total of the gross as low as that
for 1932 and back to 1919 to find a total of the net
smaller than that for 1932.
1932.
1931.
Inc. (-I-) or Dec. (—).
Month of November—
241,971
242,027
—56 0.02%
Miles of road (170 roads)____
5253,223,409 $304,829,968 —551,606,559 16.93%
Gross earnings
189,257,308 237,975,353 —48,718,045 20.47%
Operating expenses
74.74%
78.07%
—3.33%
Ratio of expenses to earningsNet earnings
563,966.101
566.854,615
—32,888,514
4.32%
To indicate the causes of the foregoing phenomenal
collapse in railroad revenues, it is necessary only to
rehearse what has been said month after month in
recent periods. The phenomenal drop in revenues is
due entirely to the equally phenomenal drop in traffic,
and,thatin turn has followed as a result of the prostration of trade and business in ever growing volume and
on a scale never before witnessed in this country. The
railroads got less traffic because there was less to move
and the evidence of this shrinkage in traffic is found
on every side, just as was the case in all previous
months. One naturally begins with the output of
automobiles because that industry in the prolonged
period of depression has been hit hardest of all. The
production of motor vehicles in November 1932 was
only 59,556 as against 68,867 in November 1931;
136,754 in 1930; 217,573 in November 1929 and
257,140 in November 1928, and that is the result in a
month when the output is always light, it marking the
end of the active season. Other items of traffic have
suffered even heavier diminution. Thus the make of
iron in November 1932 was only 631,280 tons, compared with 1,103,472 tons in 1931; 1,867,107 tons in
1930; 3,181,411 tons in November 1929 and 3,302,523
tons in November 1928. It will be observed that the
1932 total was only about one-sixth that of four years
before in November 1928. The output of steel ingots
in November 1932 was only 1,014,794 tons, against
1,591,644 tons in 1931; 2,212 220 tons in 1930; 3,521,111 tons in 1929 and 4,266,835 tons in November
1928. Here the shrinkage in the four years has been
fully 75%.
There has been at the same time a tremendous
decrease in the production of coal; and coal is one of
the heaviest items of traffic moved by the railroads,
nearly every railroad of consequence in the United
States moving a considerable amount of it and it being
the largest single item of traffic on not a few roads.
It happens that the quantity of bituminous coal mined
in November 1932 was not materially different from
the quantity mined in November 1931, the product
in the one case having been 30,632,000 tons and in the
other 30,110,000 tons, but these figures compare with
38,609,000 tons in November 1930 and with 46,514,000 tons in November 1929. The product of Pennsylvania anthracite was 4,271,000 tons in the month in
1932 and 4,149,000 tons in November 1931, which
compares with 5,176,000 tons in November 1930;
5,820,000 tons in November 1929 and 7,575,000 tons
back in November 1923.
Building construction, we need hardly say, dropped
to very low levels. According to figures prepared by
S. W.Straus & Co., building permits in 552 cities and
towns of the United States during the month of November 1932 involved contemplated outlays of only
$32,696;547 against $66,566,636 in November 1931;
$131,556,758 in November 1930 and $194,289,502 in
November 1929. Still more conclusive on this point
are the figures of the F. W. Dodge Corp., showing
that November contracts for new construction of all
types awarded in the 37 States east of the Rocky
Mountains covered a total outlay of only $105,302,300 in 1932, as against $151,195,900 in November
1931; $253,573,700 in November 1930 and $391,012,500 in November 1929. The inacitivty is reflected
in the diminished cut and transportation of lumber.
The National Lumber Manufacturers' Association reports that the production of lumber in the four weeks
ended November 26 was 405,130,000 ft., as against
500,889,000 ft. in the same four weeks of 1931. In
ratio this was a drop of 19%, and if the comparison
is carried back for another year, a decrease of 55%
appears as compared with the same period of
1930.
Volume 136
Financial Chronicle
219
As it happened, the Western grain movement was 1929. In the table below we show all changes for the
also of lessened proportions. It was quite diminutive separate roads or systems for amounts in excess of
in 1931, but was even smaller in 1932. We deal with $100,000, whether increases or decreases, and in both
the details of the grain movement further along in gross and net.
GROSS EARNINGS
this article and will only say here that the receipts of PRINCIPAL CHANGES INNOVEMBER 1932. FOR THE MONTH
OF
Decrease.
wheat, corn, oats, barley and rye at the Western
Decrease.
$320,982
306 Pere
Pennsylvania
320.834
t et (2 rds)u Sg
primary markets for the four weeks ended Nov. 26 New York Central
312.906
Southern Pacific(2 roads) 2,755,861 N Y Chicago & St Louis294,062
Missouri
-Kansas
-Texas
& Ohio
1932 were only 34,437,000 bushels, as against 42,- Baltimore& SF (3 rds) 2,528.935 Chesapeake & Ohio Lines 279.035
Atch Top
2,447,116
(4 roads).- 1,945.206
Joliet & Eastern__
994,000 bushels in the corresponding four weeks of Union PacificHartford.... 1,872,360 Elgin Chart & St Louis.._ 263,402
249,088
Nash
NYNH&
Angeles & Salt
sAng
1,788,663
1931; 50,186,000 bushels in the corresponding four Chicago Burl & Quincy... 1,407.799 Central of Georgia Lake_ 228.240
Chicago R I & Pac(2 rds)
2223801
:
2 5 583
1.384,147 Wabash
Southern Railway
weeks of 1930; 46,508,000 bushels in the same four Reading Company
1,236,221 Alton RR
2
212: 8g
2 9 397
1,233,394 Kansas City Southern
Chicago & North West
weeks of 1929, and no less than 81,202,000 bushels in Chic Milw St Paul & Pac 1,190.796 Minn St Paul & S S M
210,993
196,885
1.031,878 Chicago St P Minn & Om
Missouri Pacific
the four weeks' period of 1928.
185.619
Illinois Central
956,557 Grand Trunk Western
943,308 Western Pacific
181,061
The best indication of all, however, as to the shrink- Louisville & Nashville._ 859.777 Pittsburgh & Lake Erie
170,996
Great Northern
168,833
822,068 Louisiana & Arkansas...
Erie (3 roads)
age in the volume of tonnage moved is furnished by Northern Pacific
Wt var Central
821,934 Merie n m aryland
164,395
Atlantic Coast Line
803,458
the statistical compilations dealing with the loading of Yazoo & Miss Valley.-- 782,159 Rich Fred & Potomac_ _ _ 1 526
5°,1:48
6
721,629 N 0 Tex & Mex (3 roads)
132,656
Boston & Maine
Norfolk
130,028
railroad revenue freight moved. This is a composite St Louis San Fr (3 roads) 627,629 Chicago Southern
603.149
Ind & Louisville
122.373
8
Seaboard Air Line
549.993 Cinc N 0 & Texas Pac
122,037
.of the shipments of freight of all classes and kinds Central RR of New Jer
Delaware Lack & West
547,306 International Great Nor_
119,553
East
543.627
and it has the additional merit that it covers all the Long Island Hudson.... 504,392 Florida SouthCoast & Atl 119,053
Duluth
Shore
118,881
Delaware &
Chicago Great
railroads in the United States. It appears that for the Lehigh Valley Western... 417,600 Bangor & Aroostook.... 115,790
392.728 Minneapolis & St Louts..
114,560
105,682
362,878 Union RR of Penna.- _
four weeks of November 1932 only 2,195,209 cars St Louis Southwestern
354,409
Denver & Rio Gr West
Total
$48,969,057
327
.099
were loaded with revenue freight on the railroads of Texas & Pacific cover the operations of the(78 roads) Central and the
New York
a These figures
Louis, Michigan
the United States as against 2,619,309 cars in the leased lines-Cleveland Cincinnati Chicago & St. & Terre Haute. Central,
IncludCincinnati Northern and Evansville Indianapolis
ing Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result is a
four weeks of November 1931; 3,191,342 cars in the decrease of $4,772,732.
corresponding four weeks of 1930 and 3,817,920 cars PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF NOVEMBER 1932.
in the same four weeks of 1929. The falling off in
Increase.
Decrease.
Wabash
$1.014,728 NYNH& Hartford-- 8766.913
number of cars Norfolk & Western
three years, it will be observed, in the
923.803 Chicago Burl & Quincy__
758,130
813,046 Atch Top & S F (3 rds).
676,340
loaded with revenue freight has been roughly 1,- Pennsylvania Nashville
Louisville &
693,281 Great Northern
532.656
Chesapeake & Ohio Lines
637,446 Delaware & Hudson_
519.720
622,000 cars.
Chicago & North West__
489,917 Chic R I & Pac (2 roads)
462,157
Lehigh Valley
242,347 Yazoo & Miss Valley_ _ _ _
401.352
The further losses in revenue were inevitable as a N Y Chicago & St Louis_ 237,598 Baltimore & Ohio
382,771
Wheeling & Lake Erie...
167,237 Chic Milw StP & Pac...
377,246
result of this cumulative shrinkage in traffic of all Erie RR (3 roads)
158,191 Reading Company
359,647
Chic New Orl & Tex Pac
146,917 St Louis Southwestern
293,854
124,852 Chicago Great Western__
279,962
kinds. And the remark applies to the separate roads Alton RROhio
Mobile &
103,293 Northern Pacific
227,627
175,015
101,467 St Louis San Fr (3 r(is)_
and systems just as surely as it does to the railroads Illinois Central
Seaboard Air Line
174,551
Total (16 roads)
156.188
55.854,123 Southern Railway
of the country as a whole. These separate roads and
111,547
Atlantic Coast Line
107.080
systems sustained a further severe contraction of their Union Pacific (4 roads).- Decrease Louisiana & Arkansas
$972,638
$8,507,084
revenues in 1932 on top of the antecedent contraction Southern Pacific (2 rds)_ 771,690 Total (29 roads)
Note
-The figures covering the operations of the New York Central and
in 1931, 1930 and 1929. The shrinkage in the gross the leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan
Central, Cincinnati Northern and Evansville Indianapolis & Terre Haute
of $34,112.
earnings of the separate systems was so general, and show a decrease Belt, the resultIncluding Pittsburgh & Lake Erie and the
Indiana Harbor
is an increase of $77,360.
the increases of consequence so rare, that among all
When the roads are arranged in groups or geographthe roads of the country none can be found where the
ical divisions, according to their locEition, all the leadincrease in the gross reached as much as $100,000 in
ing districts-Eastern, Southern and Western-as
amount. In the case of the net results, however,
different regions grouped under these disnumerous instances can be found where the increase also all the
tricts, record heavy losses in gross, following heavy
reached $100,000, and as a matter of fact some of the
likewise in the two previous years, but in the
increases approach or exceed $1,000,000. The Wabash losses
case of the net the showing is different. Here owing
Railroad is especially distinguished in this latter
saving in expenses both the Eastern District
respect. All •this is owing to the fact that in such to the
and the Southern District are able to show improved
instances reductions in expenses have come in to save
out of the five regions grouped in these
the day for the roads. The Wabash railroad last year net and three
districts are also distinguished in the same way.
in 1931 fell fell $150,838 short of meeting its operating two
appears below. As previously
expenses. In 1932, on the other hand, expenses were Our summary by groups
explained, we group the roads to conform to the
curtailed so that in face of a further loss of $223,801
Commerce Commisin gross, the company is able to show a net of $863,890. classification of the Inter-State
sion. The boundaries of the different groups and
The Pennsylvania Railroad for the whole regional
notes to the table.
system shows $5,774,306 decrease in gross, but regions are indicated in the foot
SUMMARY BY GROUPS.
$813,046 gain in net. In November 1931 the PennsylGross EarningsDistrict and Region.
inc.(+)or Dec.(-).
1931.
1932.
Month of November.
vania reported a shrinkage in gross of $11,025,980 and
%
S
$
$
Eastern ',IstriaNew England region (10 roads).- 11,524,930 14,558,448 -3,033,518 20.84
50.280,422 58,553,111 -8,272,689 14.13
in the net of $2,417,327. This came on top of a Great Lakes region (30 roads)
region (25 roads)_ _ 50,765,800 62,477,604 -11,711,804 18.75
shrinkage of $11,523,395 in gross and $2,236,900 in Central Eastern
112,571,152 135,589.163 -23,018,011 16.98
Total(65 roads)
net in 1930, which latter in turn followed $3,244,961
Southern Dinka
30,240,644 37,402,969 -7,162,325 19.15
Southern region (30 roads)
16,444,159 16,986,866
-542,707 3.19
shrinkage in gross and $3,537,386 in net in November Pocahontas region(4 roads)
46,684,803 54,389,835 -7,70.5,032 14.17
of the previous year. The New York Central, if we
Total(34 roads)
Western District
include with it the Pittsburgh & Lake Erie and the Northwestern region (17 roads)._ 27,738,441 33.461,687 -5,723,246 17.10
Central Western region(22 roads)._ 43,625,913 54,175,572 -10,549,659 19.47
Indiana Harbor Belt, has a decrease this time of Southwestern region (28 roads).- 22,603,100 27,213,711 -4,610,611 16.94
93,967,454 114,850,970 -20,883,516 18.18
$4,772,732 in gross, but an increase of $77,360 in
Total(67 roads)
253,223.409 304,829,968 -51,606,559 16.93
In November 1931 the New York Central Total all districts(166 roads)
the net.
Net Earnings
District and Region.
lines suffered a loss of $7,991,282 in gross and of
1931. fnc.(1-)orDee.(-)
1932.
Month of Nor.
District- 1932. 1931.
Southern
$962,774 in net after $11,228,527 decrease in gross and New England region__ 7,277 7,278 2,907,000 3,729,199 -822,199 22.05
9.206,134
Great Lakes region-$3,585,107 decrease in net in 1930 and $2,220,299 Central Eastern region 27,362 27,267 10,597,660 14,401,381 +1,391.526 15.11
+265,266 1.84
25,467 25,509 14,666,647
decrease in gross and $1,661,183 decrease in net in
60.106 60,054 28,171,307 27,336,714 +834,593 3.05
Total
220
Financial Chronicle
District and Region.
Net Earnings
MoniltorNoo.- --Mileage-1932.
1931. Inc.(+) or DMA )
Southern District- 1932. 1931.
s
8
$
%
Southern region
39,861 40,017 5,949,938 6,009,993
-60,05,5 1.00
Pocahontas region
6.103 6,122 7,473,094 5,888,763 +1,584,331 26.90
Total
45,964 46,139 13,423,032 11,898,756 +1,524,276 12.81
Western District
Northwestern region 48,855 48,742 4,719,600 5,843,574 -.1,123,974 19.23
Central Western region 53,908 53,899 11,853,556 15,379,752 -3,526,196 22.93
Southwestern region
33,138 33,193 5,798,606 6,395,819 -597,213 9.34
Total
135,901 135,834 22,371,762 27,619,145 -5,247.383 18.97
Total all districts
241,971 242,027 63,966,101 66.854.615 -2,888,514 4.32
-We have changed our grouping of the roads to conform to the classifiNOTE.
cation of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
-This region comprises the New England States
New England Region.
Greet Lakes Region -Thin region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region.
-This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va.. and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Southern Region.
-This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
Pocahontas Region.
-This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg,
W.Va., and south of aline from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth
WESTERN DISTRICT.
Northwestern Region.-Thla 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 Pacific.
Central Western Region.
-This region comprises the section south of the Northwestern Region, west of a line from Chicago to Peoria and thence to St. Louis, and
north of a line from St. Louis to Kansas City and thence to El Paso and by 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
The Western grain traffic, as indicated above, fell
far below that of November 1931, which in turn was
much smaller than in the corresponding period of
1930. While the volume of corn and barley moved to
the Western primary markets was somewhat heavier
than in November 1931-11,395,000 and 3,150,000
bushels, respectively, against 11,075,000 and 2,167,000 bushels, respectively-the movement of all the
other cereals, in greater or less degree, was on a reduced scale, the falling off in the case of wheat having
been particularly pronounced. For the four weeks
ending Nov. 26 1932, the receipts of wheat at the
Western primary markets were only 16,692,000
bushels, against 24,766,000 bushels in the corresponding four weeks of 1931; the receipts of oats only 2,797,000 bushels, against 4,272,000, and the receipts
of rye only 403,000 bushels, against 714,000 bushels.
Altogether, the receipts of the five cereals (wheat,
corn, oats, barlerand rye) aggregated only 34,437,000
bushels in the four weeks of November 1932 as compared with 42,994,000 bushels in the corresponding
four weeks of 1931; 50,186,000 bushels in the same
Period of 1930, 46,508,000 bushels in 1929, and 81,202,000 bushels in 1928. The details of the Western
grain movement in our usual form are set out in the
table we now present:
'WESTERN FLOUR AND GRAIN RECEIPTS.
4 Weeks
Ended
Flour.
Corn.
Wheal.
Barley.
Oats.
Nov. 26.
(bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago
1932 -- 739.000
274.000 6,429,000
466.000
252,000
1931 --- 950,000 2,427,000 8,092,000
1,318.000
256.000
Minneapolis
10,000 4,091.000
1932 --349,000
677,000 1,400,000
1931
4,986.000
411,000
450.000 1,011,000
Duluth
.
1932
14.000
39,000
5.174,000
597,000
1931 _
3,044,000
7,000
166,000
88,000
Mihsautee54.000
693,000
1932
561,000
46,000
670,000
1931 -- 141.000 2,018.000
345,000
161,000
534,000
Toledo
1932 183,000
83,000
193,000
1,000
1931
1,260.000
150,000
597.000
12,000
Detroit
85,000
10,000
1932
20,000
24,000
96,000
46.000
1931 _
52,000
60,000
Indianapolis vt Omaha
717,000 1,215,000
795,000
1932 _1,496.000 2,221,000
650.000
1931 _
Si. Louis
1,174.000
925,000
262,000
78,000
1932 _-_ 492,000
1,080.000
352.000
126.000
1931 --- 618,000 2,5311,000
Peoria
1,099,000
35,000
94,000
180,000
107,000
1932
243,000
621,000
151,000
75,000
1931 --- 208,000
Kansas Ci4'47,000 3,267,000
534.000
88,000
1932 -681,000
37.000 5,079,000
226.000
1931 --Si. Joseph
.-297.000
155,000
99.000
1932
180,000
122.000
1931 --275,000
Wichita1.000
2,000
1932 --655,000
15,000
5,000
6.000
1931 ---1,144.000
Mour City
20,000
11,000
18.000
1932 _-47.000
168.000
226,000
22.000
1931
Total 45--
1932 --- 1.50%000 16,692.000 11.395.000
1.954.000 24,766.000 11,075,000
1931
2,797.000 3.150.000
4,272.000 2,167,000
Rye.
(bush.)
8,000
37,000
305.000
375.000
56,000
248.000
1,000
13,000
9,000
7,000
20,000
30.000
1,000
2,000
3,000
1.000
1,000
403.000
714.000
Jan. 14 1933
Jan. 1 to
Flour.
Wheal.
Nov. 26.
(bbis.)
(bush.)
Chicago
1932 ___ 7.932,000 13,887.000
1931 ___ 9,773.000 55,056,000
Minneapolis
1932
10,000 53.094.000
1931
72,423.000
Duluth
1932
37,798,000
1931 _-44,896.000
Milwaukee
1932 ___ 510,000 2.947,000
1931 --- 935,000 22,143,000
Toledo
1932 _
12,784,000
1931 _
11,283,000
Detroit
1932
1,553,000
1931 _
1,280,000
buitanapolis Omaha
1912 ___
38,000 21,145,000
1931
39.164,000
St. Louis
1932 ___ 6,284,000 21.587,000
1931 ___ 6,329,000 38,474,000
Peoria
1932
2,108,000 1.579.000
1931
2,562.000 3,041,000
Kansas City
1932 __- 489,000 68.580,000
1931 _-- 110,000 107,356,000
St. Joseph
1932 ___
4,000 5,142.000
1931 11,667,000
Wichita
1932 _
19,722,000
1931 27,704,000
Sioux City
1932 ___ 239,000 1,977,000
1931
2,656,000
Corn.
(bush.)
Oats.
(bush.)
Barley.
(bush.)
Rye.
(bush.)
66,317.000 27,451.000 3,652,000
982,000
53,585,000 16.808,000 4,026,000 1,910,000
5.836,000 11,766,000 12,672,000 4,130,000
7,552,000 9,777.000 12,761,000 4,072,000
342,000
1,427,000
1,595,000 2.802,000 1,520,000
2.100.000 1,847,000
746,000
7.233,000
6,295,000
2,201,000 6,450,000
3,174,000 9,024,000
90,000
138,000
2,435,000
947.000
7,778,000
6,431.000
78,000
62,000
217,000
23,000
149,000
261,000
700,000
680.000
685,000
672,000
286,000
229,000
18.180,000 14,945,000
33,211,000 13.080,000
49,000
41,000
62,000
18,000
13,170.000 4,804,000 1,200,000
17,947,000 13,193,000 1,688,000
91,000
76,000
11.986,000
9,053.000
3,065,000 2,497.000
49,000
3,426,000 3,055.000 2.394,000
7,181.000
21,535,000
1.511,000
2.989,000
2,226,000
8,420,000
11.000
2,000
2,000
1,671,000
2,188,000
5.000
2,000
369,000
1.447.000
34,000
148,000
24,000
148,000
1,889.000
2,267,000
600.000
1,337.000
137,000
68.000
10,000
7,000
Total All
1932 _17,614,000 261,795,000 137,313,000 78.121,000 30,246,000 7,439.000
1931 _19,709,000 437.143.000 163.947,000 75,331.000 33.408,000 9.617,000
The Western livestock movement also appears to
have been much smaller than in November 1931. At
Chicago the receipts comprised only 12,776 carloads
against 19,116 carloads in the previous year; at Kansas
City but 4,503 carloads as compared with 7,049, and
at Omaha only 3,485 carloads against 5,480 cars.
As to the Southern cotton traffic, this was slightly
larger as regards the receipts at the Southern outports,
but much smaller in the case of the shipments of the
staple overland. The latter aggregated only 82,172
bales in November 1932 as against 103,352 bales in
November 1931 and 93,125 bales in November 1930,
but comparing with 67,874 bales in November 1929.
Receipts of cotton at the Southern outports during
November 1932 were 1,665,269 bales against 1,586,882 bales in November 1931; 1,459,571 bales in November 1930; 1,389,118 bales in November 1929, and
1,593,144 bales in 1928, as will be seen by the subjoined table:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN NOVEMBER 1932,
1931 AND 1930, AND SINCE JAN, 1 1932, 1931 AND 1930.
Month of November.
Since Jan. 1.
Ports.
1932.
Galveston.
Houston, Ao
New Orleans
Mobile
Pensacola
Savannah
Charleston
Wilmington
Norfolk
Corpus Christi
Lake Charles
Brunswick
Beaumont
Jacksonville
Total
1931.
478,829
680.966
329.781
48,196
14,827
11.535
18.545
9.816
8,737
23,122
21,481
11.138
7,503
793
457,129
660,866
250.761
75,788
12,245
29,387
15.621
8.457
14,820
35,678
18.879
435
4,801
2,217
1930,
1932.
1931.
1930.
323.578 1.990,718 1.449,079 1.257,201
549,600 2,607.258 2,592.652 2,662,980
263.891 2,119,478 1,010,571 1.237.984
109.275 4214.033 403,468 407,682
5,146 131,035
82,003
50.660
80,070 205,513 375,149
49,645 181.850 136.211 618,527
321,938
13,787
49.269
50,152
54,147
30.823
44,145
85,499 153,962
19,320 318,219 408,112 585.678
15,712 152.384
53,947
36,953
2,140
48.221
10.357
48,900
5,787
34,139
15,468
15,223
97
12.561
20,179
393
1,605,269 1,586,882 1.459.571 8,302,933 6,692,847
7,452.188
RESULTS FOR EARLIER YEARS.
While the showing for the whole of the last three years has
been exceptionally poor,there having been,as already shown,
$51,606,559 loss in gross and $2,888,514 loss in net in 1932,
following $93,375,649 shrinkage in gross and $32,706,576
shrinkage in net in 1931, and $100,671,064 shrinkage in gross
and $27,596,760 shrinkage in net in 1930, it happens, as
already pointed out that there was some shrinkage even in
November 1929, when business depression was already in
its initial stages. The falling off in gross in November 1929
was $32,806,074, and in net $30,028,982. This came, it is
true, after $26,968,447 gain in gross and $29,896,691 gain in
net in 1928, but these latter gains represented a recovery of
only a portion of the large falling off which the roads suffered
in November 1927, when general trade was on the decline and
other adverse conditions affected results unfavorably, and
Volume 136
Financial Chronicle
when our tabulations registered a contraction of $58,159,905
in gross and of $32,544,547 in net. Extending the comparisons still further back, it is found that the heavy loss in 1927
came after only moderate increases in November 1926, our
compilations for this last mentioned year having shown only
$28,736,430 increase in gross and $10,065,218 increase in net.
In November of the preceding year (1925) the gains likewise
were moderate, our tabulation at that time recording $26,960,296 gain in gross, or 5.34%, and $16,775,769 gain in net,
or 12.77%. Moreover, this 1925 gain in gross came after a decrease of virtually the same amount in November 1924 as
compared with 1923. It amounted, therefore, to merely a
recovery of what had been lost the previous year. November
1924,it will be recalled, was the time of the Presidential election, when industrial activity was greatly stimulated by the
result of that election. But trade, nevertheless, was of much
smaller volume than in November 1923, which accounts for
the $26,135,505 decrease then shown. However, while the
1924 gross was diminished in the sum named, there was at
that time no loss in the net, inasmuch as operating expenses
were curtailed in amount of no less than $32,485,896, leaving
the net at that time larger by $6,350,391.
As a matter of fact, up to 1927 the improvement in the net
was continuous year by year ever since 1919, often in the face
ef a heavy falling off in the gross earnings. In November
1923 the change from the previous year was small, there
having been $7,648,500 increase in gross and $7,307,781
increase in net. In November 1922 our statement showed
$57,618,155 gain in the gross and $15,846,050 gain in the
net. In November 1921 there was improvement in the net
even in face of the great falling off in gross revenues. By
;••••.__•••••••_7--••••••••••••••...••••-•••
drastic cuts in every direction, a saving in expenses was then
Tr...42.441......4.0"zien•
effected.in the,extraordinary.amount of $144,962,518,leavinz,
therefore,1318,934,852 increase_in"the net, notwithstandifig
a loss of $126,927,666 in the gross. November of the previous
year was one of the few months of the year 1920 that netted
fairly satisfactory net results, our compilations for November
1920 having registered $154,239,572 increase in gross (mainly
because of the higher schedules of transportation charges put
into effect a few months before), and $37,533,530 of this
having been carried forward as a gain in the net.
In the years immediately preceding 1920, however, the
November show: g was bad, large losses in the net having
piled up in 1919, 1918 and 1917. In 1919, particularly, the
showing was extremely poor, this having been the period
of the strike at the bituminous coal mines. This strike had
the effect of very materially contracting the coal traffic over
the railroads and proved a highly disturbing influence in
other respects. The result was that our tabulations recorded
a loss in gross and net earnings alike for the month-only
$2,593,438 in the former, but $26,848,880 in the net earnings, or over 35%. Added emphasis attached at the time
to this large loss in the net because it came on top of a considerable shrinkage in the net in November of the previous
year. In November 1918 a tremendous augmentation in
expenses had occurred, owing to the prodigious advances
in wages made that year. These wage advances, with the
great rise in operating costs in other directions, so augmented
railroad expenses that the increase in the latter far outdistanced the gain in gross revenues, even though these were
swollen by the higher rates put in force some months before.
The gain in the gross then reached $82,163,408, or 23.06%,
the augmentation in expenses amounted to no less than
$102,091,182, or 39.16%, leaving the net reduced by $19,927,774, or 20.80%. The year before (1917) a closely similar
situation existed and our tabulation for November 1917
recorded $33,304,905 increase in gross earnings, but $20,830,409 decrease in the net. It was in the prodigious expansion of the expenses in these early years that there existed the
basis for the retrenchment and economies effected in subsequent years. In the following we furnish the November
summaries back to 1906. For 1910, 1909 and 1908 in the table
we use the Inter-State Commerce totals, which then were on
221
a very comprehensive basis, but for preceding years (before
the Commerce Commission required monthly returns) we
give the results just as registered by our own tables each
year-a portion of the railroad mileage of the country being
always unrepresented in the totals in these earlier years,
owing to the refusal of some of the roads at that time to give
out monthly figures for publication.
Gross Earnings.
Net Earnings.
Yea?.
Year
Given.
1
Year
line. (-I-) or
Preceding. Dec. (-).
Year
Given.
Inc.(+) or
Year
Preceding. Dec. (-).
Nov.
$
1
$
$
$
I
1906 140.697.123135,123.621, +9,573.502 48,065,287 46.506.160 +1,569.127
1907 - 138.079,281 133.284,422, +4,794,859 39,171.387 46.113.4711 -6,942,084
-8,847,673 74,511.332 66,294,996 +8,216,336
1908 _ 211,597,792 220.445,475,
1909_ 248,087.561 211,784.3571 +36.303,204 94.531,128 74.556.970 + 19,974.158
+994,650 83.922,437 94,383.397 -10,460,960
1910 _ 248,559,120 247,564,470,
1911 - 241,343.763 243,111,388 -1,767.6251 79.050,299 82,069.166 -3.018,867
1912_ 276,430,016244.461,845 +31.968,171 93.017.842
1913 _ 269,220.882278,364,475k -9,143.593 78,212,966 93.282,860 -15,069,894
1914 _240.235,841 272,882,1811 -32,646,340 67,989,515 77,567,898 -9.578.383
1915 _306,733.317 240,422,695 +66.310.622118,002,025 67.999.131 +50.002.894
1916 _ 330.258,745306„
1 +23.652.274118.373.536 118,050.446
_ 360,062.052326.757,147 +33,304,905 96,272,216 117,102,625 -20,830,4 9
0
1918 _ 438,602,283 356,438,875 +82,163,408 75.882,188 95.809,962 -19,927,774
1919 _ 436.436,551439.029,989 -2,593,483 48,130,4671 74,979.347 -26,848.880
1920 _ 592.277,620438,038,048 +154,239,572 85,778,171 48,244,641 +37,533,530
1921 464,440,498 590,468,164-126,027.666 97.366,264 78,431,412 +18,934,852
1922_ 523,748,483466,130,328 +57,618,155113.662.987 97,816.937 +15,846.050
1923 _ 530,106,708 522,458,208 +7,648.500124.931.318 117,623.5371 +7.307.781
1924 504,589,062530,724.567 -26,135,505435.105,125125.084.714 +6.350.391
1925_ 531,742.071504,781.775 +26,960.296148,157,616 131,381,8471 +16.775,768
1926 _ 559,935,895 531,199,465 +28.736.430158,197,446148,132.228.+ 10,065,218
1927 _ 502,994.051 561,153,956 _58,159,905125.957.014 158,501,5611 -32,544,547
1928 _ 530,909,223 503,940.776 +26.968.447157,140.516127,243,825 +29.896,691
1929 _ 498,316,925 531 122,999 -32,806,074127.163.307 157.192,289 -30,028,982
1930 _ 398,211,453 498,882,517-100.671,0641 99,528.934127.125,694 -27,596,760
1931 _ 304,896,868398,272,517 -93.375,649 66,850,734 99,557.310 -32,706,576
1932 253,223,409304,829,968 -51,606.559 63.966,1011 66,854,615 -2,888,514
Note.
-In 1906 the number of roads Included for the month of November was 97:
In 1907,87;In 1908 the returns were based on 232,577 miles of road:In 1909, 239.038;
In 1910. 241,272; In 1911, 234,209; In 1912, 237,376; In 1913, 243,745: In 1914,
246,497: In 1915, 246,910: In 1916, 248,863; In 1917, 242,407; In 1918, 232,274: In
1919. 233,032; In 1920, 235,213: In 1921, 236,043: In 1922, 235,748: In 1923, 253.589:
In 1924, 236,309; In 1925, 236,726: In 1926, 237,335; In 1927, 238.711; In 1928.
241,138; in 1929, 241.695; In 1930, 242,616; In 1931. 242,734; In 1932, 241,971.
The Course of the Bond Market.
The general bond market during this past week went
into new high ground for 1932-33 with volume on the increase. The widest gains were recorded in bonds with
speculative ratings. The rise in the bond market was
accompanied by advances in both commodities and stocks.
Moody's 120 domestic bond price index stood at 83.85 on
Friday as compared with 81.66 a week previous and 79.68
two weeks ago.
Long term United States Government issues advanced,
certificates and early dated notes declined, while the Liberty
bonds and longer date note issues showed little change.
Bills were quoted 0.30%-0.15% as compared with 0.25%0.10% last week. Fluctuations were all confined to a narrow
range, but reflected the general belief in the likelihood of a
test of the long term market for the Feb. 2 refunding of
$144,000,000 certificates with a 33 % coupon. Last week
4
the Federal Reserve System announced that it would continue its easy money policy and for this reason the reduction
this week of $38,522,000 in the amount of Government
bonds held by the System had no apparent effect on this
market. Another factor to consider is that during the week
the new reserves acquired by member banks through the
importation of gold and a decline in currency circulation
more than offset the lost reserves caused by the reduction
of the Reserve System's Government bond holdings.
Moody's eight long term Government bond price index was
103.36 on Friday, 103.51 a week ago and 102.99 two weeks
ago.
The railroad bond market was strong during the week,
practically all types of issues participating in a general
recovery. Railroad news was, for the most part, negative,
so that the price strength presumably was a reflection of the
continued demand for investment media. The very best
issues in the railroad group were quietly firm, with the main
interest of the investing public in bonds outside the highest
grade category. Gains of two or three points were recorded
by many well known issues, among which may be mentioned
Pennsylvania RR. gen. mtge. 43'js, 1965, from 80 to 86%
New York Central deb. 6s, 1935, from 57 to 613/3; Northern
Pacific gen. lien 3s, 2047,from 583/i to 593 ;Great Northern
4
gen. mtge. 7s, 1936, from 6O3 t to 64, and Missouri Kansas
& Texas 1st mtge. 4s, 1990, from 773 to 82. Speculative
low priced bonds shared in the recovery to a substantial
Financial Chronicle
222
extent, with a gain of 2 points from 11% to 13% for Missouri
Pacific gen. mtge. 4s, 1975, a gain of 33 points from 93(
to 13 for Alleghany Corp. cony, coll. tr. 5s, 1950, a gain of
1% points from 18% to 203 for Chicago Milwaukee St.
Paul & Pacific 50-yr. mtge. 5s, 1975. Moody's railroad
bond price index on Friday was 75.71 as compared with
71.96 a week before and 69.40 two weeks ago.
Utility bonds advanced all down the line during the week.
Strength was continuous and vigorous movements were
recorded by a number of issues in the lower priced group.
Among issues to record good gains for the week were Appalachian Electric Power 5s, 1956, from 94 to 963; Georgia
Power 5s, 1967,from 883/i to 893'; Louisiana Power & Light
5s, 1957, from 903 to 933; Tennessee Electric Power 5s,
1956,from 92 to 943 ,and Mississippi Power 5s, 1955, from
4
67 to 72. The trend brought forth new offerings such as
Washington Gas Light 5s, Hackensack Water 5s, Lowell
Gas Light 5s. The utility price index finished on Friday
at 89.17 as compared with 88.23 a week ago and 86.25
two weeks ago.
With isolated exceptions, industrial bonds continued in
demand on rising prices this week. The advance as in the
preceding week was broad and the volume of trading favorably comparable to the same week in 1932. Steels, oils, and
rubbers continued to display a firm tone, most specialties
following this trend. The least satisfactory performances
were by second line and speculative bonds in the merchandising and amusement groups. Tennessee Coal Iron & RR.5s,
1951, an underlying U. S. Steel bond, advanced 33i points
to 1043, Bethlehem Steel p.m. 5s, 1936, were up 13
points to 943.; Standard Oil of N. Y. 43's, 1951, established
4
a new 1932-33 high at 993 ; Goodyear Tire & Rubber 5s,
1957, scored a 4-point gain to 843. On reports of possible
partial bond retirement with funds from sale of its Boots
Pure Drug Investment, United Drug 5s, 1953, extended
their rally to 69%, but lost 3% points on Friday, against
a 1932 low of 42 on Dec. 3. McCrory Stores 53.s, 1941,
were a weak feature, off some 27 points to 35. National
Dairy 53s, 1948, sold at 91, a new high on the current
%
recovery. Wilson & Co. 6s, 1941, up 3% points to 925 ,
reflected greater optimism on meat packing in 1933, making
a new high 1932-33 high price. The 40 industrial price
index on Friday stood at 87.56 as compared with 86.38 a
week ago and 85.48 two weeks ago.
Pronounced strength again characterized the foreign bond
market during this week. German, Austrian, Hungarian
and Brazilian issues were noticeably higher. Other credits
which recorded advancesincluded Chilean,Italian, Bulgarian
Australian obligations, to a slightly smaller extent also,
certain Finnish credits. Argentine bonds also advanced a
couple of points. Japanese issues were about the only group
not participating in the week's upward trend to any discernible extent, except the Ujigwa 7s, which appreciated
some 5 points. Italian Superpower 6s were another credit
moving against the trend, losing slightly for the week.
Moody's foreign bond yield average on Friday was 9.62%,
9.98% a week ago and 10.28% two weeks ago.
General strength continued in the municipal market, the
prime investment issues showing a further slight advance.
New York State was able to dispose of $50,000,000 notes of
one year maturity on a 1% basis. Other new issues were
of limited amount.
In addition to the regular tables giving Moody's computed'
bond prices and bond yield averages which are shown below,
accompanying this week's article is a complete list of bonds
used in compiling these figures.
BONDS USED IN MOODY'S BOND PRICES AND BOND YIELD AVERAGES.
RAILROADS.
Aaa
A
Atch.iTop.'6: B. Fe gen. 45m 1995
B. & 0.-13. W. Div. 5s, 1950
ChesapeakeALOhlo 419), 1992
Chicago & North Western 48, 1987
Chic. Burlington & Quincy 4s, 1958
Chicago & Western Indiana 511e, 1962
Chicago Union!.Station 4115, 1963
C. C. C.& St. Louis 4s, 1998
New York Central 35.45,11997
Erielp. I. 45,11996
Norfolk dr Western145, 1996
Louisville & Nashville 4118, 2003
Pennsylvania 411e, 1970
Ore.-Wash.IRR.A.Navigation 4s, 1981
Pennsylvania 4115. 1985
Reading A 410,11997
So. Pac.-S. F.1Term. 42. 1950
Southern Pacific 4s, 1955
Union Pacific 48, 2008
Southern Pacific 0. L. 411e, 1977
Bea
Aa
Atlantic Coast Line 4s, 1952
Atlantic CoastILine,L.'& N. 4a. 1952
Boston & Maine 58,11967
Baltimore141,0hio4s, 1948
Central 1'aci1ic,4s,11949
Chesapeake Corp. 5s. 1947
Chesapeake M,Ohio 4345, 1993
Erie gen. 4s, 1998
GreatiNorthern 411s, 19713
ChIcagoVz.Western Indiana 46, 1952
Missouri-Kansas-Texas 58, 1962
Delawarer&LHudson 45, 1943
Northern Pacific 411s. 2047
Kan8a4City1Southern 38,11950
New Yorki,Central L. S. 334s, 1998
Southern Pacific 4345. 1981
Northern Pacific Is, 2047
Southern Ry. 55, 1994
Virginian Ry. 55, 1962
Western Maryland 4e, 1952
PUBLIC UTILITLES:
A
Aaa
Appalachian Electric Power 58, 19158.
Bell Telephone of1Pa. 50,1.1980
Georgia Power85s, 1987
CincinnataGas.ftElectrIc 4s. 1968
Houston Lightl& Power 411s, 1981
Consumers1Power 410. 1958
Indianapolislyower & Light 55. 1957
Con. Gas4E.IL. & P., Ballo., 4s, 1981
Jersey1Central Power 411e, 1981
Duquesne Light 411s, 1987
Louisiana Powell& Light 5e, 1957
New England Tel. & Tel. 411s, 1981
N. YAGas. El. Lt. & Pr. 45, 1949
Minneapolis Gas Light 411e, 1950
Ohio Edisonl5s, 1980
Philadelphia Electric 4s, 1971
Tennessee Electric Power 55, 1958
Public Service Electric & Gas 45, 1971
Texas Power & Light 55, 1958
West Penn Power 4e, 1961
Bea
Aa
Carolina Power:d4Light 60, 1056
American Tel. & Tel. 5e, 1985
Central Illinois Public Service 411e, 1981
Columbus Ry., Pr. & Lt. 4811, 1957
Central Power &Might 58, 1958
Consolidated Gas of N. Y. 4315, 1951
Florida Power & Light 5e, 1954
kat
Louisville GaillaqElectric 55, 1952
Interstate Power155, 1957
Niagara Lockport dc Ontario 58, 1955
Iowa-Nebraska Lt. & Pr. B 55, 19611
Northern States Power 411e, 1961
Mississippi Power 5e, 1955
Ohio Power 411s, 1958
NevadalCalifornia Electric Is, 1958
Pacific GasladElectric 411s, 1957
Pennsylvania WateridrIPower 4115, 1968 New Orleans Public Service 55, 1955
PugetlEiound Power & Light 411e, 1950
Southern California Edison 58 1951
INDUSTRIALS.
A
Asa
American Smelting & Refining 55, 1947
American Radiator 411s, 1947
Aluminum Co. of America 5s, 1952
General Electric 334e, 1942
Cudahy Packing 58, 1948
General Petroleum 55, 1940
IniandaSteel 434s, 1978
lllinolseteel 4115, 1940
Lorillard (P.) Co.7s, 1944
Ligget & Myers 58, 1951
National Dairy Products 51(8, 1948
Procteri&IGamble 4345, 1947
Sinclair1Pipe Line 5s, 1942
Standard Oil of New Jersey 55, 1948
Sun 011 511s, 1939
Standard Oil of New York 411s 1951
Texas Corp. 55, 1944
Tennessee Coal, Iron & RR.55, 1951
Tobacco Products 131113, 2022
Union Gulf Corp. 58, 1950
Bea
Aa
Abraham dr Straus 511e, 1943
Atlantic Refining 5e, 1937
Dodge Bros. Bs, 1940
Baldwin Locomotive 55, 1940
Goodyear Tire & Rubber 55, 1957
Gulf 011 of Pa. 58, 1947
Lorillard (P.) Co. 58, 1951
Humble 011 &IRefining 5s. 1937
National Steel 58, 1958
Jones & Laughlin Steel 58, 1939
Pillsbury Flour Mills 8s, 1943
Kresge (8.15.) Co. 55, 1945
Purity Bakeries 58, 1948
Lehigh[Coal & Navigation A 4115. 1954
St. Joseph Lead 5115, 1941
Sauda Falls 55, 1955
Sinclair Oil B 811e, 1938
Sinclair Crude 011 Purch. 5.318, 1938
Wilson & Co.8s, 1941
Swift & Co. 58, 1944
FOREIGN.
Bea
Aa
Australia 58, 195700.
Antwerp 58, l958
Buenos Aires (City) 6115, 1956
Belgium 8118, 19491E
Cuba 510, 1953
Canada 5s, 1952
Finland 5115, 1958
Copenhagest41413, 1953
Germany 5118, 1985
Denmark 411s, 1962
Italy 75, 1951
France 7315, 1941
Japan 511s, 1965
Norwayl5s, 1983
Poland 75, 1947
Rotterdam Os, 1964
Rome 6115, 1952
80113201:113 813, 1938
Tokio 5345, 1961
Sweden 511e, 1954
Jan. 18
12
11
10
9
All
120 Domestics by Ratings.
120
DomesBaa.
Aa.
A.
Aaa.
tic.
83.85
83.97
83.35
82.82
82.28
105.54
105.54
105.20
105.03
104.85
92.25
92.39
92.10
91.39
91.25
Stock
90.89
89.86
89.45
89.04
Stock
89.72
71.38
101.64
78.03
Ba
Berlin 6s, 1958
.1981
1
Buenos Aires (Prov.)86,
Cologne 811s, 1950
Colombia 1313I(Oct.), 1981
Panama 55,111983
Poland 6e, 1940
Prussia 68, 1952
Ruhr Gas 8115, 1953
Rumania 7s, 1959
Un. El. Sexy. (Italy) 75, 1958
A
Akershus 6e, 1983
Argentine 8s, 1957
Austria 75, 1943
Batavian Petroleum 4111311942
Danish Con. Munic. 511e, 1955
Dutch East1Indies 68, 1962
Framerican Ind. Dev. 73e, 1942
Oslo 8s, 1955
Oslo Gas & Electric 68. 1983
Panama 611s, 1953
MOODY'S BOND YIELD AVERAGES.
(Based on Individual Closing Prices.)
MOODY'S BOND PRICES.*
(Based on Average Yields.)
1933
Daily
Averages.
Jan. 14 1933
120 Domestics
. by Groups.
RR.
81.90 84.31 75.71
81.90 64.55 75.71
81.30 63.82 75.09
80.26 63.11 73.65
79.80 82.84 73.06
Exeha nge Clo eed.
79.34 81.58 71.98
78.10 80.97 70.71
77.55 60.52 70.05
77.00 60.01 89.59
Excha nge Clo Bed.
78.55 87.86 78.99
54.43 37.94 47.58
92.97 78.55 95.18
89.87 42.58 43.22
sq
72.55 58.25 71.87
P. U. Indus.
89.17
89.31
89.04
88.77
88.63
87.58
87.89
87.30
86.91
88.134
All
120
1932
Domes
Daily
Averages. sic.
Jan. 13._
12..
11..
10..
5.89
5.88
5.93
5.99
8.02
120 DOMaliall by Rat aft.
Aaa.
Aa.
4.42
4.42
4.44
4.45
4.48
5.28
5.25
6.27
6.82
5.83
A.
8.05
8.05
6.10
6.19
6.23
Stook
8.27
6.38
6.43
8.48,
Stock
6.84
9.23
5.21
8.41
Baa.
120 Domestics
by Groups.
RR.
40
ForP. U. Indus. sign.?.
6.48
8.80
7.83
5.47
6.60
7.80
6.49
6.66
7.89
5.51
8.80
7.98
5.52
6.86
8.04
Exeha nge Clo sed.
5.65
8.97
8.18
5.62
7.10
8.28
5.84
7.17
8.32
7.22
6.69
8.39
Bache nge Clo sed.
7.30
7.41
5.59
12.96 10.49
7.66
5.06
6.34
4.95
9.43
11.84
6.81
6.60 1E9.82
9.60
5.59
9.61
5.82
9.84
5.85
9.93
6.87
7
9.98
6.89
5.87
88.23 88.88
4.48
81.88 104.85
8.07
5.71 10.02
5.43
4.49
80.84 104.33
87.30 86.12
5
6.14
6.72 10.11
5.48
87.04 85.99
4.48
80.49 104.51
4
8.17
6.74 10.19
5.49
86.38 85.74
3
4.50
79.91 104.18
13.22
2
9.86
5.75
5.44
4.51
82.62 103.99
87.89 85.61
High 1932
Low 1932 5.99
8.11 16.88
7.03
65.71 82.09 High 1932 8.74
5.75
57.57 85.81
Low 1932
6.57
5.38
4.65
4.34
96.85 90.55 Low 1931 5.17
93.55 108.98
High 1931
8.57
7.90 18.58
73.55 63.74
62.58 87.96
5.57
High 1931 8.05
Low 1931
Yr. AgoYear Ago—
8.98
8.94
8.09
6.91
7.19 113.78
5.98
81.42 69.86
74.15 93.55 82.74
5.17
Jan. 13 1932
Jan.13'32 6.75
2 Yrs.Ago
Two Years Ago
5.13
5.11
8.40
5.29
4.74
7.09
5.42
4.44
92.82 105.20 100.17 91.81 77.88 94.14 94.43 90.00
Jan.14'31 5.22
Jan. 14 1931
.Note,
--These prices are computed from average yields on the basis o one "Ideal" bond 411% 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 11 ustrate in a more comprehensive way the relative levels and the relative
movement of yield averages, the latter being the truer picture of the bond market.
Volume 136
Financial Chronicle
Secretary of Treasury Mills Reimposes Tax on Imports
of Coal from Great Britain and Germany on Basis
of Ruling of Attorney-General Mitchell—Test in
Courts Urged—Importers Hold Favored-nation
Clauses Should Continue to Give Exemption.
Pending a court decision, the import tax of 10 cents a
100 pounds on coal from Great Britain and Germany was
reimposed by the United States Treasury on Dec. 30,following an opinion by Attorney-General Mitchell that this
course should be pursued.
We quote from a Washington despatch Dec. 30 to the
New York "Times," which went on to say:
The import tax was provided in the Revenue Act of 1932. Shortly
afterward tile Treasury imposed it on imports from all countries excepting
Canada, since American exports to the Dominion were greater last year
than were imports to the United States from that country.
In November the Treasury issued an order exempting British and German coal from the tax on the ground that since Canada had received the
exemption the other two countries were entitled to it under most
-favorednation treaties.
Judi:ial inquiry Urged.
"I am of the opinion that the original ruling requiring the payment
of the import tax on coal, except where a favorable trade balance exists.
Should be allowed to stand, so a judicial inquiry may be had on that basis,"
Mr. Mitchell's opinion said.
"The method prescribed by taw for the importer to protest and litigate
is much simpler and more expeditious than the procedure where the American producer is required to act, and will result in a speedier determination
of the question.
"Furthermore, for me to concur in the action of the Treasury Department of Nov. 14 1932, reversing the original rulings, would in itself imply
an opinion on the merits which under the circumstances is not appropriate.
"Finally, if it should ultimately be determined that the import tax
is payable, the Government would be left in a more advantageous position
respecting payment of the tax if the earlier rulings imposing it are adhered to.
"Considering all the factors in the case, I am clearly of the opinion
that the proper course is for me to refrain from concurring in the action
of the Treasury Department reversing its miginal rulings, and to allow the
tax to stand, in order that the question may be judicially determined on
protest and litigation by the importers.
223
Will Aid Court Test.
"This Department will offer every facility to the importers to enable
them to obtain a speedy judicial decision of the questions involved."
After the tax was imposed on British and German coal last summer,
importers made rpresentations to tile State Department relative to mostfavored-nation clauses, and the exemption was made.
Senator Reed immediately protested, and, after a conference was held
with Mr. Hoover, Secretary Stimson and Secretary Mills, an opinion
was requested from the Attorney-General.
The protest against the tax was based on provisions of the law that
"the import taxes prescribed by Section 601 shall be imposed unless treaty
provisions of the United States otherwise provide.''
Mr. Mitcnell argued that Congress made it clear in the law that "relief'
from tiais import duty on coal was only to be granted where a trade balance
favorable to the United States existed, and that as we have most-favorednation treaties witn most, if not all, of tile nations likely to ship coal to the
United States, the conclusion reached by the Treasury on Nov. 14 would
practically nullify the efforts of Congress to impose an import tax on coal
Intent of Congress Cited.
"Indeed." he added, "it must be conceded that tnere Is nothing to
suggest that during the consideration of this legislation either house of
Congress had in mind most
-favored-nation treaties or that the clause in
this statute respecting treaty provisions would operate, because of such
treaties, to prevent generally the imposition of the import tax on coal.
Attention was called to a provision of the tariff act to the effect that
no decision once made by the Secretary of the Treasury giving construe
tion to any law imposing customs duties should be reversed or modified
adversely to tile United States by the same or any succeeding Secretary
except in concurrence with an opinion of the Attorney-General recommending the same, or a final decision of tile United States Customs Court.
"It definitely appears that tne Treasury Department shortly after
the passage of the Act of 1932 construed Section 601 to allow an exemption
from the import tax on coal only wnere the trade balance favorea the United
States. the Attorney -General continued.
"It thus appears that the action of the Treasury Department in overturning its prior rulings and reaching a conclusion adverse to the collection
of the duties, not naving received the concurrence of the Attorney-General,
was contrary to the provisions of the Act of June 17 1930, and inoperative.
and the submission of the matter to me at this time should be treated as
if the Treasury Department were now requesting concurrence by me In the
Treasuryldecision of Nov .14 1932."
The New Capital Flotations During the Month of December and for the
Twelve Months of the Calendar Year 1932
The distinctive feature of the new financing during the
calendar year 1932 was its light character, and in that
respect December proved typical of the other months of
the year, and in particular those for the last half. New
financing has been light throughout. The total of the new
issues of all descriptions brought out in December was a
little larger than that for the month of November, the comparison being as between $157,920,365 for December and
$75,203,064 for November, but the increase was entirely in
the municipal issues, which contributed $115,976,140 to the
total in December as against only $29,309,390 in November,
and the increase here followed entirely as a result of the
floating of a few issues for exceptional amounts, with the
result that the municipal total for December constituted
the first month since the previous March that the municipal disposals for any single month reached or exceeded
$100,000,000.
The State of New York disposed of $30,400,000 bonds;
Illinois placed $20,000,000; Chicago, $15,036,000; St. Louis,
$6,972,000; New York City, $6,000,000 (assessment bonds
sold to the •sinking fund commissioners), and the State of •
New Jersey, $5,000,000. These six issues alone, it will be
seen, account for $83,408,000 of the total of $115,976,140.
The truth is the municipal bond market continued in the
same state of inactivity that has characterized it during
the entire year 1932, and, Indeed, since the suspension of
the gold standard by Great Britain in September 1931. Only
Issues of exceptionally high credit status and marketability
have been possible to sell at any time during 1932.
The corporate issues brought out in December reached the
slim total of $28,844,225, and as showing how these corporate
issues have suffered contraction in recent years, it needs
only to be said that in December 1931 the corporate total
was $86,330,900; in December 1930 it was $187,643,773; in
1929, $344,946,476, and back in 1928 no less than $1,002,728,082. The corporate issues for December, moreover, em-
braced no foreign issues whatever, not even Canadian offerings, the same as in all the other months of the year.
It is proper to state that our compilations, as is always
the case, are very comprehensive and Include the stock, bond
and note issues by corporations, by holding, investment and
trading companies, and by States and municipalities foreign
and domestic, and also farm loan issues. As a matter of fact,
however, aside from the $28,844,225 of corporate issues and
the $115,976,140 of municipal issues (in addition to $100,000'
for an issue of United States possessions) the only other
financing of the month consisted of the bringing out of
$13,000,000 of farm loan issues representing Federal intermediate credit banks' short-term debentures.
Going further into details, during December there was but
one large corporate flotation worthy of mention, viz.: $15,000,000 New York Chicago & St. Louis RR. Co. 3
-year 6%
notes, due Oct. 1 1935, representing an extension of 75%
of the company's 3
-year 6% notes due Oct. 1 1932.
No foreign securities of any description were offered in
this country during December. It was announced during
the month, however, that a banking group, headed by the
Chase National Bank, had agreed to lend Cuba $3,100,000 in
the form of short-term credits.
Included in the month's financing was an issue of $13,000,000 Federal Intermediate Credit Banks'2% collateral
trust debentures, dated Dec. 15 1932, and maturing in nine
and 12 months, offered at price on application.
Three fixed investment trust offerings were announced
during the month of December, viz.:
Canadian Investment Fund, Ltd., special shares, offered by Calvin
Bullock at price on application.
General Investors Trust (Boston) fully participating shares, offered
by R. L. Day & Co., Boston, at market.
North American Bond Trust certificates, offered by Distributors
Group, Inc., New York, at market to yield 5.32%
There was one new issue during December carrying a
conversion privilege, namely:
$1,200,000 Hawaiian Pineapple Co. Ltd. 6% cumul. preferred stock.
(Each share convertible into four shares of the company's
common stock.)
Proceeding further with our analysis of the new corporate
financing done during December, we find that the railroad
group accounted for $15,000,000, which compares with only
$1,800,000 for that group in November. Industrial and mis-
224
Financial Chronicle
cellaneous flotations amounted to $10,720,625 as against
$2,183,075 in November, while public utility offerings were
only $3,123,600, whereas in November their total was
$37,608,000.
Total corporate offerings of all kinds during December
were, as already stated, only $28,844,225, of which shortterm issues comprised $16,755,000, long-term issues $7,378,000,
and stock issues only $4,711,225.
The portion of the month's financing raised for refunding
purposes was $18,445,600, or about 64% of the total; in
November the refunding portion was $30,958,300, or over
74% of the total; in October it was $19,015,000, or 27%; in
September,$4,332,000, or 39%;in August it was $107,114,000,
or over 80%; in July, $49,029,000, or 43%; in June, $25,230,500, or 80%; in May, $15,000,000, or over 67%; in April
it was $33,124,000, or 68%; in March, $9,097,320, or 15%;
in February, $5,688,000, or 12%, while in January it was
only $1,500,000, or slightly over 3%. In December 1931 the
amount for refunding was $19,347,000, or 22% of the month's
total. The $18,445,600 raised for refunding in December
(1932) consisted of $2,000,000 new long-term to refund existing long-term; $16,000,000 new short-term to refund existing short-term, and $445,600 new stock to retire existing
long-term debt. There was one large refunding issue during
December, namely, $15,000,000 New York Chicago & St Louis
RR. Co. 6% notes, Oct. 1 1935, representing an extension
of maturity.
Jan. 14 1933
the volume of new capital issues brought out in the ordinary
way is of course easily explained. It is due to the fact that
general investment and market conditions have continued
highly unfavorable, making it risky business to undertake
the floating of new securities, even those of a very choice
type. In a measure, also, the Government has really been
pre-empting the ground, and certainly it has been occupying
the investment field to the disadvantage of ordinary financing, a matter of no small consequence, especially in view of
the fact that owing to the prevailing loss of confidence in
security values generally, the demand on the part of the
investing public has been almost entirely for the highest and
best type of security investment—and obviously nothing
could be higher or better than a United States obligation,
though that does not mean that such an obligation may not
suffer sharp depreciation on occasions, as the investor has
learned from sad experience. In recent months, certainly,
United States Government financing has been of far larger
magnitude than the ordinary financing as represented by
the borrowings of corporations, municipalities, farm loan
emissions, and the like. Accordingly, we pursue the practice
of dealing with it before dealing with our compilations
relating to ordinary financing.
In any study of new financing the important point is to
know bow much of the financing represents distinctly new
capital, as distinguished from issues made to provide for the
taking up and retiring of issues already outstanding, and
which are to be replaced by the new issues. And this is
particularly true with reference to the placing of United
States Government securities. Treasury bills are all the
time maturing, having a life usually for only 90 to 93 days,
and have to be replaced with other issues, while Treasury
certificates of indebtedness are another form of short-term
borrowing which has to be periodically renewed without
swelling the outstanding aggregate of indebtedness. So long
as the Government was showing huge budget surpluses and
the public indebtedness was as a result being steadily and
largely reduced, the matter was of little consequence, but
now that there is a budget deficit running into billions a
year,it is important to know the extent to which the Government itself is obliged to have recourse to the investment
and money markets, and on that point it is well to remember
that the United States Treasury provides the funds for all
the financing of the Reconstruction Finance Corporation,
and that none of the obligations of the latter find their way
to market.
During December United States Treasury financing was
on a large scale, comprising $614,898,400 of United States
Treasury notes and certificates of indebtedness, and $100,039,000 of United States Treasury bills.
The Results for the Full Year—Further Heavy Shrinkage
After the Tremendous Falling Off During 1931 and 1930.
In noting the diminutive character of the financing done
in this country during 1932 it is necessary only to cite the
figures, since they tell the story of the decline more eloquently than anything else, making it unnecessary to enlarge
upon them and calling for no explanation except the enumeration of the causes responsible for the contraction. The
aggregate of the new issues of all kinds brought out during
1932 was no more than $1,721,392,655, which compares with
$4,022,941,356 for the calendar year 1931; $7,677,047,291 for
the calendar year 1930, and $11,592,164,029 for the calendar
year 1929. In other words, the amount for 1932 was only
about one-seventh of that three years before, in 1929.
Municipal issues were on a greatly reduced scale, the new
emissions for 1932 aggregating no more than $840,590,310
as against $1,256,254,933 in 1931; $1,487,313,248 in 1930;
$1,430,650,900 in 1929, and $1,414,784,537 in 1928. But
the really prodigious falling off was in the case of the
corporate issues, these having dwindled almost to the vanishing point, and footing up no more than $643,895,345 for 1932
against $2,588,965,423 for 1931; $5,473,279,043 for 1930, and
no less than $10,026,361,129 in 1929. A drop in three years
New Treasury Offerings During the Month of December 1932.
from $10,026,361,129 to only $643,895,345 marks, indeed, a
gigantic collapse. Moreover, of the $643,895,345 in 1932,
On Dec. 6 Secretary of the Treasury Mills offered in the
$318,533,720 was for refunding, that is, to take up old issues amount of $600,000,000, or thereabouts, two new issues of
outstanding, leaving $325,361,625 as the strictly new capital Treasury obligations. The first (series B-1936) comprised
raised by all the corporations in the land. Farm loan issues an issue of four-year 2%% Treasury notes totaling approxialone were on a larger scale, the amount for 1932 at $169,- mately $350,000,000. The second (series TD-1933) consisted
600,000 comparing with $125,600,000 for 1931 and $86,500,000 of an issue of one-year %Vo Treasury certificates of indebtedfor 1930, the 1932 figures all representing issues of the ness in the amount of $250,000,000, or thereabouts. Both
Intermediate Credit banks, the $13,000,000 put out in Decem- the notes and the certificates are dated and bear interest
ber 1932 having carried only 21 2% interest.
/
from Dec. 15 1932, the certificates maturing Dec. 15 1933
In setting out the underlying causes responsible for the and the notes becoming due Dec. 15 1936.
great shrinkage in the new issues brought to market we
Total subscriptions received were $10,806,061,000, of which
can only repeat what we have said over and over again in $4,128,931,000 was for the one-year Treasury certificates
our monthly summaries during the course of the year, namely and $6,677,130,000 was for the four-year notes. The total
that ordinary financing now holds a decidedly subordinate amount of bids accepted for the / or one-year Treasury
3
4%,
place to the financing done by the United States Government. certificates was $254,364,500, and for the 2%%,or four-year
For this reason,in any analysis and review of the demands Treasury notes, the total amount of bids accepted was $360,made upon the money and investment markets, consideration 533,900. Both issues were offered at par. The amount
must first be given to the new issues brought out by the raised for refunding through the sale of the two issues was
United States Government. Then, also, it must be remem- $600,446,200. The remaining $14,452,200 represents an adbered that much of the financing formerly done in the ordi- dition to the existing public debt. In issuing a one-year
nary way through corporate undertakings and by States obligation at an interest rate of % of 1% and disposing of
and municipalities is now being done by the United States it at par, the Treasury established a new low record for cost
through the Reconstruction Finance Corporation and other of borrowing.
Government agencies. It should not be forgotten, either,
A new issue of 91-day Treasury bills was offered by Mr.
that the United States presents its offerings in very tempt- Mills on Dec. 19, in the amount of $100,000,000, OT thereing form, stripping them of all requirements to pay income abouts. The bills were dated Dec. 28, and will mature
taxes, not merely the normal income taxes, but the surtaxes March 29 1933. The total amount applied for was $319,as well, an important consideration now that the income 718,000. The total amount of bids accepted was $100,039,000.
tax rates have been very greatly raised.
The average price of the Treasury bills was 99.978, the averAs a result of all this, new financing by the United States age rate on a bank discount basis being 0.09%, a new record
now represents larger new debt creation than all other low for this type of borrowing. They were issued to replace
sources of new capital issues combined. The shrinking in maturing bills.
Volume 136
Financial Chronicle
In the following we show all the Treasury financing for
the calendar year 1932. The result is found to be that the
Government disposed of $8,213,198,000 during the 12 months
to Dec. 31, of which $5,139,226,700 went to take up existing
Issues, and $3,073,971,300 constituted new debt.
UNITED STATES TREASURY FINANCING DURING
THE CALENDAR
YEAR.
Date
Offered
Dated.
Due.
Amount
Applied for.
Jan. 7 Jan.
91 days
8169.337.000
Jan. 17 Jan. 25 93 days
191.581,000
Jan. 25 Feb. 1 6 months 395,938.500
Jan. 25 Feb. 1 1 year
250.148,000
Jan. 31 Feb. 8 93 days
196.3473,000
Feb. 7 Feb. 15 93 days
211.872,000
Feb. le Feb. 24 41 days
196.183,600
Feb. 24 Mar. 2 91 days
292.984,000
Mar. 5 Mar. 15 1 year
628,000,000
Mar. 6 Mar. 15 7 morttln 952.619.500
Mar. ts Mar. 16 1 year
2,450,606,000
Mar. 27 Mar.30 91 days
360,198,000
Apr. 7 Apr. lb 91 days
399,374.000
Apr. 14 Apr. 20 91 days
289.740.000
Apr. 21 Apr. 27 91 days
241,451.000
Apr. 25 May 2 1 year
1.699,868.000
Apr. 25 May 2 2 years 2.496,4234.700
May 4 May 11 91 days
351.661.000
May 11 May 18 91 days
395,069.000
May 18 May 22 91 days
334.818,000
May 24 June
41 days
296.503.000
June 5 June lb 1 year
1,653.814,000
June 5 June II 3 years 1.143,563.400
June 22 June 29 91 days
292.881,000
July 7 July 13 90 days
273.668.000
July 14 July 20 91 days
241,256,000
July 21 July 27 91 days
191.613.000
July 24 Aug. 1 2 years 1,703.676.800
July 24 Aug. 1 4 years 3,803,722,700
Aug. 4 Aug. 10 91 days
333,468,000
Aug. 11 Aug. 17 91 days
333,747,000
Aug. 18 Aug. 24 91 days
347,816,000
Aug. 25 Aug. 31 91 days
463,281.000
Sept. 6 Sept. 15 5 years 1,351,749.90(
Sept. 6 Sent. 15 1 year
3,069,449,000
Sept. 26 Sept.08 91 days
412,500,000
Oct. 3008. 11 92 days
259,468,000
Oct. 5 Oct. 15 434 years 8,368,343.700
Oct. 12 Oct. 19 91 days
252,465,000
Oct. 19 Oct. 26 91 days
227,202.000
Nov. 1 Nov. 9 91 days
229,939,000
Nov. 9 Nov. 16 91 days
311,766,000
Nov. 17 Nov. 23 92 days
270.688,000
Nov.22 Nov. 30 91 days
302,630,000
Dec. 6 Dec. 15 4 years 6,677,130,000
Dec. 6 Dec. 15 1 year
4,128,931,000
Dec. 19 Dec. 28 91 days
810 718 000
•Average rate on a bank discount basis.
Amount
Accepted.
'
Price.
Yield.
----$50,175,000 Average 99.272 .2.875%
50.937.000 Average 99.358 .2.40%
227.631,000
100
3.125%
144,372,000
100
3.75%
76,399,000 Average 99.314 .2.65%
75.689,001. Average 99.287 *2.76%
62,51,000 Average 99.31f .2.71%
101.412.000 Average 99.309 *2.50%
628.000.000
100
2.00%
333.492.500
100
3.125%
660,653,501.
100
3.75%
102.169.000 3 venuze 99.474 .244%
76,200.000 Average 99.735 *1.05%
75.600.000 Average 99,43 .0.62%
51.550.000 Average 99.841 .0.63%
2:49,197.000
100
2.00%
244.234,600
100
.1.00%
76.744,000 Average 99.829 '0.68%
75.000.000 Average 99.893 40.43%
60,050,000 Average 99.927 .0.29.
7
100.200.000 Average 99.919 *0.324
373.856,500
100
1.50%
416.602,00
100
3.00%
100.466,000 Average 99.1497 .0.41.
,
75.278,000 Average 99.904 •0.39i
75,923.000 Average 99.899 .0.40%
83,317,000 Average 99.882 *0.47%
345,292.60u
100
2.125%
365.138
.00u
100
3.25%
75,217,000 Average 99.866 *0.53%
75,018,000 Average 99.878 *0.48%
82,350.000 Average 99.894 .0.42%
100,500,000 Average 99.918 *0.32%
834.401,500
100
3.25%
451,447,000
100
1.25%
100,665,000 Average 99.941 •0.23%
75,954,000 Average 99.951 *0.19%
508,338,600
100
3.00%
75.110,000 Average 99.965 *0.14%
80,295,000 Average 99.951 .0.20%
75,056,000 Average 99.945 .0.22%
75,480,000 Average 99.948 '0.21%
60,000,000 Average 99.957 .0.17%
100,000,000 Average 99.966 .0.13%
360,533,900
100
2.75%
254,364,500
100
0.75%
100.039.000 Average 99.978 .0.094
9a Approximate.
USE OF FUNDS.
Date
Offered.
Jan. 7
Jan. 17
Jan 25
Jan. 25
Jan. 31
Feb. 7
Feb. 16
Feb. 24
Mar. 5
Mar. 6
Mar. 6
Mar. 23
Apr. 7
Apr. 14
Apr. 21
Apr. 25
Apr. 25
May 4
May It
May 18
May 24
June 5
June 5
June 22
July 7
July 14
July 21
July 24
July 24
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Sept. 6
Sept. 8
dept.26
Dot. 3
Dot. 5
Dot. 12
DM 19
Nov. 1
Nov. 9
Nov. 17
Nov. 22
Dec. 6
Dec. 6
nee la
Type of
Security.
Treasury bills
Treasury bills
334% Treasury etre.
34% Treasury ctfs.
Treasury bills
Treasury bills
Treasury bills
Treasury bills
2% Treasury ctfs.
334% Treasury ctfs.
334% Treasury ctfs.
Treasury bills
Treasury bills
Treasury bills
Treasury bills
2% Treasury ctfs.
3% Treasury notes
Treasury bills
Treasury bills
Treasury bills
Treasury bills
134% Treasury ctfs.
1% Treasury notes
Treasury bills
Treasury bills
Treasury bills
Treasury bills
234% Treasury notes
334% Treasury notes
Treasury bills
Treasury bills
Treasury bills
Treasury bills
3 % Treasury notes
1 % Treasury Ws.
ury hills
Treasury bills
3% Treasury notes
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
244 %Treasury notes
44% Treasury ctfs.
Treomnrly Mlle
Total Amount
Accepted.
Refunding.
$50,175,000 $50,175,000
50,937,000
50,937,000
227,631,000 I 50.000.000
144,372.000 f
76,399.000
76,399.000
75.689,000
75,689,000
62,851,000
62,851,000
10 ,412.000 101.412,000
.28,000,000
333.492,500 1 624,000,000
660.653.500 (
102.169,000 102.169.000
76,200.000
50,175,000
75.600,000
51,550,000
51.550,000
239,197.000
244,234.600
7(3.744,006
76,744,000
75.000.000
76.060.000
60.050,003
60.050.000
100,200,006 100.200.000
373,851,500 I 324,578,500
416,602,80f. r
100.466,004. 100.466.000
75,278.000
75.278.000
75.923.000
75.923,000
83.317,000
51.550,000
345,292,600 I 227.631.000
365.138.000 f
75.217,000
75,217,000
75,016.000
75,016.000
62,350,000
62,350,000
100,500,000 100,500,000
834,401,500'712,504,500
451,447,000 1
100,665,000 100.665,000
75.954,000
50,278,000
508,338,600 333,492,500
75,110,000
75,110,000
80,295,000
80,295,000
75,056.000
75,056.000
75,480,000
75,480,000
60,000,000
60,000,000
100,000,000 100,000.000
360,533,900 I 600,446,200
254,364,500 1
inn nun Ann
Inn nun nnn
New
Indebtedness.
8322,003,000
.28,000.000
370,146,000
26.025,000
75,600,000
239.197,000
244,234,600
465.880.800
31.767.000
482.799.600
573,344.000
25,876,000
174.846.100
14,452,200
•Approximate.
In contrast with the grand total of United States
Treasury
obligations for $8,213,198,000 brought out by the
Federal
Government during the year, of which $3,073,971,300
represented additions to the public debt, the grand total of
the
new financing in the ordinary way for the 12
months, we
have already seen, was only $1,721,392,655, of which
$530,395,366 was for refunding, leaving only $1,190,997,289
of
strictly new capital. The corporate total was only
$643,895.345, of which $325,361,625 was new capital.
Distribution of Corporate Issues Between stocks and
Bonds.
In order to show how, among the corporate issues,
stocks
have been declining more precipitately than bonds
during
the past three years, we introduce here the following table.
225
We give the figures both for the domestic Issues alone and
for the domestic combined with the foreign:
DOMESTIC CORPORATE ISSUES.
Calendar Years1932.
1931.
1930.
1929.
Bonds and notes____ $619,860,300 82,028,034,050 83,430,572,660 82,619,953,750
Preferred stocks____
148,015,667
10,920,875
421,538,230 1,694,749,201
Common stocks
13,114,170
195,115,706 1,105,018,763 5.061,849,892
Total
$643,895,345 $2,371,165,423 $4,957,129,653 $9,376,552,843
DOMESTIC AND FOREIGN, INCLUDING CANADIAN.
Calendar Years1932.
1931.
1929.
1930.
Bonds and notes____ $619,860,300 $2,245,834,050 $3,904,998,160 83,104,952,089
Preferred stocks__
10,920.875
434,538,230 1,808,986,401
148,015,667
Common stocks
13,114,170
195,115,706 1,133,742,653 5,112,422,639
Total
$643,895,345 82,588,965,423 85,473,279,043810,026,361,
129
The Part Played by Investment Trusts, Trading and Holcling
Companies.
Investment trusts, trading and holding companies, which
In 1929 were so prominent in emitting new securities and
contributed so greatly to swell the total of the new issues
in that year, have now almost completely fallen out of the
picture, and this has been one of the factors in the great
falling off which has occurred in the total of new financing.
In the 12 months of 1932 their contribution to the total was
only $1,200,000 against $4,584,550 in 1931, $232,737,079 in
1930, and no less than $2,223,730,898 in 1929. In the following we show the yearly comparisons back to 1925:
Long Term
Short Term
Calendar Years- Bonds & Notes. Bonds de Notes.
Stocks.
Grand Total.
1932
81,200,000
81,200,000
1931
8500.000
4,084,550
4,584,550
1930
$78,750,000
41,000,000
112,987,079
232,737,079
1929
116,250,000
1,000,000 2,106,480,898 2,223,730,898
1928
99,400.000
1,600,000
689,670,670
790,670,670
1927
81,000,000
89,406,978
4,500,000
174,906,978
1926
11,500,000
55,600,000
4,000,000
71,100,000
1925
3,000,000
12,070,000
15,070,000
However, the investment trusts, as previously explained
in these columns, have by no means disappeared. These
trusts, now, however, are not of the type that was so prominent in 1928 and 1929. They do not consist of large new
capital issues offered for public subscription in the way
common prior to 1930 and in the way always done by public
utility, railroad, industrial and other corporations. The
practice now is to gather blocks of securities of one kind or
another and to issue participating interests in the same,
split up into small units. These units are then disposed
of over the counter by distributing groups or syndicates.
Excepting two or three instances, however, no information
of the extent of these sales is forthcoming, and being sales
over the counter it is impossible to make estimates regarding
their amount. Of course, In magnitude the disposals of this
character over the counter do not anywhere near approach
those in the old form and yet they can hardly be treated as
entirely insignificant, even though trust participations of
this kind have no proper place in compilations of new capital
issues. At all events, however, nothing definite is available
as to the extent of the sales of these investment trusts, or
fixed trusts as they are commonly termed. In this state of
things, the only way to indicate the presence of these trusts
Is to enumerate the offerings made from month to month.
In the following table we show the different offerings
made in the 12 months of 1932:
NEW FIXED TRUST OFFERINGS DURING THE YEAR 1932.
January
Bullock Fund, Ltd., shares offered by Calvin
Bullock, New York,
at $1554 per share.
Deposited Bond Certificates, convertible debenture
series 1938,
offered by Allied General Corp., New York, at price to
yield 7%.
First Bond Trust Shares, offered by G. L. Ohrstrom
& Co.. Inc..
New York. at price on application.
February
Investors Bond Certificates (Los Angeles), series
offered by William R. Staats Co.. Los Angeles, at market. A, certificates
larch
First Commonstocks Corp. registered share
certificates, offered by
Racklift, Whittaker & Loomis, Inc., New York. at
market.
"Forty Bond Syndicate" certificates, offered by
McDonald-CallahanRichards Co., Cleveland, at market (initial
price. $630).
April- May- June
None.
July
Super-Corporation of America Trust Shares,
series AA, maximum
distribution series, offered by Super Corporation
of America Depositors,
Inc., New York, at market.
Super-Corporation of America Trust Shares
series BB capital
accumulation series, offered by Super Corporation
of America Depositors.
'
Inc., New York. at market.
Twentieth Century Fixed Trust Shares,series
Century Depositors Corp., New York, at market.B.offered by Twentieth
August- September
None.
October
American Business Shares,Inc., offered
by Lord, Westerfield & Co., at
market.
Domestic Capital Corp.,6% income
debentures, Sept. 1 1942. offered
by Lyon, Pruyn & Co.. New York, at market.
November
Trusteed New York Bank Shares,
offered by National Associated
Dealers, Inc., at $1.65 per share.
December
The conspicuous issues during this month
above in our analysis of the financing done have already been mentioned
during December.
Financial Chronicle
226
The Convertible Feature.
One feature of the old method of financing continues to
be followed in some degree. We allude to the tendency to
make bond issues and preferred stocks more attractive by
according to the purchaser rights to acquire common stock
or other privileges. In the following we bring together the
more conspicuous issues floated during each month of the
present year containing convertible features of one kind
or another, or carrying subscription rights or warrants to
subscribe for or acquire new stock:
CONSPICUOUS ISSUES FLOATED IN 1932 CARRYING CONVERTIBLE FEATURES OR SUBSCRIPTION RIGHTS OR
WARRANTS.
January
None.
February
None.
March
$4.000.000 Virginia Electric & Power Co. convertible secured 535s,
1942. (Each 21,000 of bonds convertible into a like amount
of 1st & ref. mtge. A 5s and $50 in cash on or after March 1
1933, and up to 10 days prior to redemption.)
April
$4.500,000 The Columbus Railway, Power & Light Co. convertible
secured 536s, 1942. (Each $1,000 of bonds convertible into
a like amount of 1st & ref. mtge. B 58, due April 1 1962 and
$40 In cash on or after Oct. 1 1932 and up to 10 days prior to
redemption.)
May
$7,000.000 Associated Gas & Electric Co. guaranteed Eis. 1940. (Each
$1,000 of bonds carries a warrant to purchase company's
common stock at $5 per share, at rate of 1 share for each $100
of bonds, after March 15 1933 and up to March 15 1948.)
June
S4.000,000 The California Oregon Power Co. ref. mtge. 65s, 1942'
(Each $1,000 of bonds convertible into a like amount of ref.
mtge. 6s, due 1962 and $50 in cash on or before May 1 1941
and up to 10 days prior to redemption.)
July
None.
August
$5,330,000 Pennsylvania Electric Co. convertible 6;5s, 7s and 7;55
1933-35. (Each $5,000 of bonds convertible into $6,000 of
company's let & ref. mtge. 5s, H, 1962, up to 60 days prior
to redemption or maturity.)
20,000,000 Public Service Co. of Northern Illinois let lien & ref. mtge.
cony.6s,G, July 1 1937. (Each $1,000 of bonds convertible
Into a like amount of 1st lien & ref. mtge. 60. H, 1952, and
250 in cash prior to Jan. 11937, or 15 days prior to any earlier
redemption date.)
September-S4.000.000 California Oregon Power Co. ref. mtge. 05s, 1942. (Each
$1,000 of bonds convertible into a like amount of ref. mtge.
6s. 1962, and $50 in cash prior to May 11941, or 10 days prior
to redemption.)
October
g3,400,000 Davison Chemical Co. five year 64% notes, 1937. (Each
$1,000 of notes carries a detachable warrant entitling the holder
to purchase, up to Oct. 11937. 40 shares of Davison Chemical
Co. common stock at $15 per share.)
November
None.
December
The conspicuous issue for this month has already been mentioned in our
nalysls of the financing for the month.
The Foreign Issues Placed in the United States.
As already stated, not a single foreign government issue
was floated in the United States during the year 1932
outside of those marketed here by Canada, its Provinces and
municipalities. The Canadian issues aggregated $66,015,000
against $50,422,000 in 1931. There having been no other
foreign government issues in 1932, the Canadian total of
$66,015,000 constitutes the whole of the foreign government
issues brought out in this country during 1932. This figure
compares with $50,422,000 in 1931; with $619,630,000 in 1930;
with $130,062,000 in 1929; and with $689,172,750 in 1928;
with $912,381,300 in 1927; $623,916,000 in 1926; and $791,336,000 in 1925. The refunding portion was $40,000,000 in
1932 against no more than $9,500,000 in 1931, $71,738,000 in
1930, $9,600,000 in 1929, $103,538,413 in 1928, $85,469,000 in
1927, $81,873,000 in 1926, and $201,397,000 in 1925.
There were no Canadian or other foreign corporate offerings in 1932, and even in 1931 they were on a reduced scale,
footing up only $217,800,000 against $516,149,390 in 1930,
$649,808,286 in 1929, and $887,648,150 in 1928, $812,303,125 in
1927, and $725,877,040 in 1926. The aggregate borrowings
therefore in the United States on behalf of foreign countries
both governmental and corporate in the 12 months of 1932
amounted to only $66,015,000 against $268,222,000 in 1931,
$1,135,779,390 in 1930, $779,870,286 in 1929, and $1,576,820,900 in 1928. In 1927 the foreign flotations aggregated
$1,724,684,425, and this compares with $1,349,793,040 in
1926, $1,307,307,500 in 1925, $1,244,795,765 In 1924, and
$360,216,279 in 1923. The following table carries the yearly
comparisons back to 1919:
GRAND SUMMARY OF FOREIGN ISSUES PLACED IN UNITED STATES
(INCLUDING CANADA, ITS PROVINCES AND MUNICIPALITIES).
Total.
New Capital. Refunding.
Calendar Year 1932Canada,its Provinces& municipalities__ 226,015,000 $40,000,000 $66,015,000
Other foreign government
Total foreign government
Canadian corporate Issues
Other foreign corporate issues
Grand total
$26,015,000
$40,000,000
366,015,000
$26,015,000
$40,000,000
$66,015,000
Calendar Years
1931
1930
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
•
Jan. 14 1933
$253,722,000
1,009,213,390
757,837,569
1,319,167,987 .
1,561,119,925
1,145,099,740
1,086,160,500
996,570,320
280,274,600
634,511,034
527,517,000
383,450,887
342.130,300
$14,500,000
126,566.000
22,032,717
257,652,913
163,564,500
204,693,300
221,147,000
248,225,445
79,941,679
125,265,000
50,000,000
138,998,000
263,429,000
$268,222,000
1,135,779,390
779,870,286
1,576,820,900
1,724,684,425
1,349,793,040
1,307,307,500
1,244,795,765
360,216,279
759,776,034
577,517,000
522,448,887
605,559,300
In the following we furnish full details of the Canadian
Government, Provincial and municipal issues brought out in
the United States during the year ended Dec. 31 1932:
-None.
January to July
Price.
August96%
$2,000,000 British Columbia(Province of) 58, 1936
September
$60,000,000 Canada (Dominion of) 4s. Oct. 1 1933($20,000,000
100
new capital and $40,000,000 refunding)
Oaober96.50
British Columbia(Province of) 55, 1935
$4,015,000
-None.
November and December
(comprising $28,015,000 new capital
$66,015,000 Grand total
and $40,000,000 refunding).
Yield
Per Cent.
7%
4%
6.30%
Large Domestic Corporate Issues During the Year.
Domestic corporate offerings of exceptional size during
the year 1932, in addition to those for December, already
mentioned, were as follows:
-$25,000,000 the New York Edison Co. 1st lien &
January.
ref. mtge. 5s C, 1951, offered at 97, to yield 5.25%, and the
$7,500,000 the Kansas Power & Light Co. 1st & ref. mtge.
6s A, 1947, issued at 91%, to yield 6.90%.
-$25,000,000 Brooklyn Edison Co., Inc., gen.
February.
mtge. 5s, E, 1952, issued at 97, to yield 5.25%.
-$10,000,000 Southern California Edison Co., Ltd.,
March.
ref. mtge. 5s, 1954, issued at 96, to yield 5.30%; $8,700,000
New York Steam Corp. 1st mtge. 5s, 1956, issued at 94, to
yield 5.45%; $7,500,000 Public Service Co. of Indiana 1st
mtge. & ref. G 6s, 1952, issued at 87, to yield 7.25%;
$5,000,000 Duquesne Light Co. 1st mtge. 4,4s, 1957, issued at
92, to yield 5.06%, and $5,000,000 the Syracuse Lighting Co.,
Inc., 1st & ref. mtge. 55, B, 1957, issued at 95, to yield 5.35%.
-$20,000,000 the Edison Electric Illuminating Co.
April.
-year 5% notes, due May 2 1935, issued at 98.79,
of Boston 3
yield 5.44%; $10,000,000 the Edison Electric Illuminating
to
Co. of Boston 1-year 4%% notes, due May 2 1933, issued
at 99.76, to yield 4.75%; $5,250,000 Kansas City Power &
Light Co. 1st mtge. 4%s, 1961, issued at 92%, to yield 5.00%,
and $4,500,000 the Columbus fly., Power & Light Co. sec.
2
/
convertible 51s, 1942, issued at 94, to yield 6.31%.
-$7,000,000 Associated Gas & Electric Co. guar. 8s,
May.
1940, offered at par, and $5,100,000 Hackensack Water Co.
1-year 6% notes, due May 31 1933, placed privately.
-$9,327,000 St. Louis Southwestern Railway gen. &
June.
ref. mtge. 5s, 1990, issued at par; $7,424,000 Staten Island
Edison Corp. ref. & imp. mtge. 6s, due June 14 1933, issued
at 99, to yield 7.05%; $4,000,000 Callfornia-Oregon Power
Co. ref. mtge. 6%s, 1942, offered at 93, to yield 7.50%, and
$4,000,000 Wisconsin Valley Electric Co., 1-year 6% notes,
due June 15 1933, offered at 99, to yield 7.05%.
-$30,000,000 Consolidated Gas Co. of New York
July.
deb. 5s, 1957, issued at 94, to yield 5.44%; $25,000,000 the
-year 5% notes,
Edison Electric Illuminating Co. of Boston, 2
due July 16 1934, issued at 99.62, to yield 5.20%; $15,000,000 Union Electric Light & Power Co. (Mo.) gen. mtge.
5s, 1957, issued at 94, to yield 5.44%; $13,500,000 Brooklyn-year collaterally secured 6%
Manhattan Transit Corp., 2
notes, due Aug. 1 1934, placed privately; $10,000,000 the
Brooklyn Union Gas Co., 1st lien & ref. mtge. 5s B, 1957,
Issued at 98, to yield 5.14%; $7,500,000 Connecticut Light &
Power Co., 1st & ref. mtge., 5s D, 1962, issued at 95%, to
yield 5.30%, and $5,709,000 Boston Elevated Ry. Co. 6%s,
1957, offered at par.
August.
-$20,000,000 The People's Gas Light & Coke Co.
1st & ref. mtge. 6s C, 1957, issued at 97, to yield 6.24% $20,000,000 Public Service Co. of Northern Illinois 1st lien &
ref. mtge. cony. 6%s G, 1937, issued at 98, to yield 6.99%;
$18,000,000 Commonwealth Edison Co. 1st mtge. 5%s G,
1962, issued at 93, to yield 6.00%; $8,478,000 Rochester
Gas & Electric Corp. gen. mtge. 5s E, 1962, issued at 92%,
to yield 5.50%; $17,500,000 Baltimore & Ohio RR.6% secured
notes, Aug. 10 1934, issued at 100, to yield 6.00%, and
$5,000,000 Minneapolis St. Paul & Sault Ste Marie fly. 6%
secured notes, Aug. 1 1934, issued at 100, to yield 6.00%.
September.
-$4,000,000 The California-Oregon Power Co.
ref. mtge. 6%s, 1942, issued at 93, to yield 7.50%; $2,382,000
Northern Pennsylvania Power Co. 1st & ref. mtge. 5s, 1962,
Issued at par, and $2,000,000 San Diego Cons. Gas & Electric
Co. (Calif.) 1st & ref. mtge. 5%s D, 1960, issued at 96, to
yield 5.79%.
Financial Chronicle
Volume 136
-$18,000,000 Connecticut River Power Co. 1st
October.
mtge. 58 A, 1952, issued at 94, to yield 5.50%; $15,000,000
Detroit Edison Co. gcn. & ref. mtge. 5s E, 1952, issued at
/
1
%
992 to yield 5.00%; $9,000,000 North Boston Lighting
Properties 52 secured notes, Oct. 15 1937, issued at par,
/
1
%
and $2,500,000 Western Massachusetts Companies 5-year 5%
notes, Oct. 15 1937, issued at 99%, to yield 5.05%.
-$27,500,000 Toledo Edison Co. 1st mtge. 55,
November.
1962, issued at 952 to yield 5.30%, and $4,500,000 Niagara
/
1
,
Falls Power Co. 1st & cons. mtge. A 5s, 1959, issued at 992
/
1
,
to yield 5.03%.
December.
-The large domestic corporate issues for this
month have already been enumerated in our remarks above
In analyzing the financing done during December.
The Chief Refunding Issues.
The most conspicuous issues brought out during 1932
which were used wholly or partly for refunding comprised
the following: $30,000,000 The Edison Electric Illuminating
Co. of Boston 1-year 4 % notes, due May 2 1933, and 3
/
1
2
-year
.5% notes, due May 2 1935, offered in April, all of which
was for refunding; $13,500,000 Brooklyn-Manhattan Transit
Corp. 2
-year 6 %secured notes, Aug. 1 1934, offered in July,
the entire proceeds of which were for refunding; $25,000,000
The Edison Electric Illuminating Co. of Boston, 2
-year 5%
motes, July 16 1934, all for refunding, issued in July; $15,.000,000 out of $20,000,000 The People's Gas Light & Coke Co.
1st & ref. mtge. 6s C, 1957, offered in August. Other offerings in August used entirely for refunding were: $20,000,000
Public Service Co. of Northern Illinois 1st lien & ref. mtge.
'cony. 6 s G, July 1 1937; $18,000,000 Commonwealth Edi/
1
2
son Co. 1st mtge. 52 G, 1962; $17,500,000 Baltimore & Ohio
/
1s
RR. 6% secured notes, due Aug. 10 1934, and $8,478,000
Rochester Gas & Electric Co. gen. mtge. 5s E, 1962. In
'October there was an offering of $9,000,000 North Boston
Lighting Properties 5 % secured notes, Oct. 15 1937, of
/
1
2
which $7,500,000 was for refunding. In November an issue
-of $27,500,000 TOledo Edison Co. 1st mtge. 5s, 1962, provided
.$26,458,300 for refunding purposes. There was one large
refunding issue In December, mention of which has already
teen made in our analysis of the financing during the month.
Farm Loan Issues.
Farm Loan offerings during the year 1932 aggregated
4169,600,000 as against $125,600,000 in 1931 and $86,500,000
in 1930. There were no offerings of this kind during 1929,
but in 1928 a total of $63,850,000 was marketed. In 1927
!the total was $179,625,000; in 1926 it was $131,325,000; in
1925, $188,225,000; in 1924, $179,106,000; in 1923, $392,-505,000; in 1922, $386,415,000; in 1921, $121,940,000; in 1920
there were no farm loan issues, but in 1919 a total of
$110,000,000 was put out. The farm loan issues put out in
1932 comprised 10 separate issue of Federal Intermediate
Credit Banks short-term debentures.
Issues Not Representing New Financing.
In answer to questions that come to us from time to time
as to why our aggregate of corporate issues sometimes varies
from those shown in other compilations, it seems desirable
to point out that we rigidly exclude offerings of securities
which do not represent new financing by the companies themselves. If a banking or investment house buys a block of
stock or bonds long outstanding and then offers the same
publicly, the operation is the same as a sale on the Stock
Exchange, and in no wise represents an application for capital by the company itself. Accordingly, these transactions
cannot be treated as representing new financing. In the
course of a Year such transactions are bound to be numerous
and involve a considerable sum in the aggregate.
During the year 1932 offerings of securities not representing new financing by the companies themselves amounted
to $18,416,000 as compared with $34,581,666 in 1931, $81,180,658 in 1930, $252,365,769 in 1929, and $341,684,959 in
1928. These figures, as already stated, are not included in
our totals of new financing. A comparison by months for
the past five years follows:
1932.
JanuarY
February
March
April
May
June
July
August
September
October
November
December.
Total
$8,000,000
100,000
6,968,000
950,000
2,400,000
$18,416,000
1931.
1930.
1929.
1928.
$25,349,155 260,634,961 224,910,000
10,236,100
19,118,479
13,885,000
$8,920,000
14,884,000
29,142,117
21,289,200
5.500,000
3,674,500
4,488,592 28,783,680
6,056,686
7,300,000 39,238,735 43,666,500
765,000
8,454,086 43,686,850
14,634,200
27,470,274
14,105,000
2,000,000
11,638,625
5,853,060
15,661,503 31,170,474 16,805,440
1,310,400
2,445,500 27,696,500
31.500,000 59,697,900
28,440,555
$34,581,666 $81,180,658 5252,365,769 $341,684,959
227
The Financing of the Reconstruction Finance Corporation.
Our compilations of new financing above do not take account of the various loans made by the Reconstruction
Finance Corporation, as the funds used by the latter are all
provided by the Federal Government, the borrowings of
which have been recorded by us in detail further above.
The Reconstruction Finance Corporation, according to figures made public Dec. 30, has loaned $1,502,168,401, of which
$283,049,032 has been repaid by borrowers.
Revised Grand Totals of the New Financing Done in Each
Month of 1932.
It is of interest to observe that in no month during 1932
did the grand total of new financing in the ordinary way
reach $200,000,000. The largest monthly total of the year
was $199,198,814 reported for January while the smallest
was 876.400.465 shown in November.
January
February
March
April
May
June
July
$199,198,814
94,664,964
191,515,982
142,655,525
123,645,005
147,682,985
155.557,232
August
September
October
November
December
169.482,692
138,606,966
124.061,660
76,400,465
157.920,365
Total
$1,721,392,655
Final Summary.
The following is a complete summary of the new financing
-corporate, State and city, foreign government, as well as
farm loan issues
-for December and for the twelve months
of the calendar year 1932. It should be noted that in the
case of the corporate offerings we subdivide the figures so
as to show the long-term and the short-term issues separately, and we also separate common stock from preferred
stock, and likewise show by themselves the Canadian corporate issues, as well as the other foreign corporate flotations:
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1932.
MONTH OF DECEMBERCorporateDomestioLong-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
F*
Total corporate
Canadian Government
Other foreign Government
Farm Loan issues
Municipal-States, cities, drc
United States Possessions
Grand total
12 MONTHS ENDED DEC. 31Corporate
k Domestic
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm Loan issues
Municipal-States, cities, .1:c
United States Possessions
New Capital.
Refunding.
Total.
$
$
$
5,378,000
755,000
1,600,000
2,765,625
2,000,000
16,000,000
445,600
7,378,000
16,755,000
1,945.600
2,765,625
10,398,625
18,445,600
28,844,225
13,000,000
*99,214.590
100,000
13,000,000
*16,761,550 *115,976,140
100,000
122,713,215
35,207,160
157,920,365
271,048,000
34,121,500
10,475,275
9,716,850
134,796,800
179,894,000
445,600
3,397,320
405,844,800
214,015,500
10,920,875
13,114,170
325,361,625
26,015,000
318,533,720
40,000,000
643,895,345
66,015,000
77,100,000
0761,228,664
1,292,000
92,500,000 169,600,000
079,361,646 a840,590,310
1,292,000
1.190.997.289 fian 3415 MR 1 791 209 11515
Grand total
* Figures do not include $41,676,247 Reconstruction Finance Corporation advances to municipalities, either actually made or proposed during December.
a Figures do not include a total of 8197,274,398 Reconstruction Finance Cororation advances to municipalities,either actually made or proposed to Dec.31 1932.
In the elaborate and comprehensive tables on the succeeding pages we compare the foregoing figures for 1932 with the
corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings,
showing separately the amounts for all the different classes
of corporations.
Following the full-page tables we give complete details
of the new capital flotations during December, including
every issue of any kind brought out in that month. Full
details as to the separate issues for each of the preceding
months of the year can be found in the monthly articles for
those months, these articles appearing usually on the second
Saturday of the month
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR
THE MONTH OF DECEMBER FOR FIVE YEARS.
MONTH OF DECEMBER.
1932.
1931.
1930.
1929.
1928.
'
New Capital. Refunding.
.orporateTotal.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Domestic$
$
$
$
$
$
$
$
$
$
$
$
Long-term bonds and notes_
$
$
$
5,378.000
2,000,000
7.378.000
385,000
24.718.000
25,103,000
54,364,000
56,136,000
1.772,000
85.372.000
6.492,000
91.864,000 205,113,000
18,378.100 223,491.100
Short-term
755,000
16,000.000
16,755,000
18,962,000
3,398.000
22.360.000
38.748,500
43,748,500
5.000,000
19,149.950
338,000
19,487.950
26,150,000
30,550,000
Preferred stocks
4,400,000
1.500,000
445.600
1,945,600
1.000,000
18.165.000
1,000,000
325,000
18,490,000
195,039,028
Common stocks
1.888,000 196,927,028
2,765,625
2.765.625
38,867,900
38,867,900
70,361,723
70,361,723 109,204,526
75,900,000 185,104,526 462,600.301
Canadian
32,948,650 495,548,954
Long-term bonds and notes
14,250.000
14,250,000
30.000.000
30,000,000
42,966.000
4,040,000
47,006,000
Short-term
Preferred stocks
1,605.000
1,605.000
Common stocks
2,147,550
2.147,550
Other foreign
Long-term bonds and notes_
7.600,000
7.600,000
Short-term
Preferred stocks
Common stocks
Total corporate
10.398.625
18,445,600
28,844,225
66,983.900
19,347,000
86,330,900
180,871,773
6,772,000 187,643,773 261.891,476
83,055,000 344,946.476 941,073,332
61,654,750 1,002,728.082
2anadian Government
3,500,000
14,000,000
3,500,000
14,000,000
Other foreign Government._
13.000,000
13,000,000
'arm Loan issues
13,000.000
13.000,000
12,000,000
12.000.000
15,000,000
15,000,000
8,000,000
8,000,000
dunicipal-States, cities, &c
*99,214.590 *16.761,550 *115,976,140
44,410,396
1,349,837
45,760.233
184,122,236
289.304.045
2.651.000 186,773,236
1,523,893 290,827.938
148,332,822
1.096,000 149.428,822
United States Possessions
100,000
100,000
901,000
904,000
650,000
750.000
650,000
750,000
Grand total
122.713,215
35.207.150 157.920.365
124,298.296
20,696.837 144.995.133
384.144.009
9.423.000 393.567.009 565.945.521
84.578.893 650.524.414 1.110.406.154
62.760 7An 1 17,2 1 AR am
* Figures do not include $41,676,247 Reconstruction Finance Corporation advances to municipalities, either actua y made or proposed during December.
1928.
Refunding.
21,918,100
500,000
Total.
79.479,000
117,621,100
11,750,000
6,595.000
37,952,000
22.418,100
750,000
16.000,000
7.950,000
278,097,100
4,000.000
24,050.000
100,000
400,000
500.000
150,000
1,000,000
4,690.000
4.400,000
60,000
30,550,000
5,500,000
13,773,750
50,436,427
34,388.964
488,000
12,395,900
500,000
26,387,275
115.562,483
53,168.575
850,000
25.494,420
34,836.650
262,090.070
125,702.768
694,080,982
31,418.100
13,773.750
79,479,000
192,107,527
46,238,964
i.119:666
888,000
12,895,900
500,000
26,887.275
122,307,483
54,168,575
43,492,000
25,494.420
750,000
278.090,070
2,179.000 133.712.768
61,654.750 1,002.728.082
I'M kr wet
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF DECEMBER FOR FIVE YEARS.
1932.
1931.
1930.
1929.
MONTH OF DECEMBER.
Neu Capital. Refunding.
,
Total.
New Capital. Refunding.
Totol,
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital.
Long-Term Bonds and Notes$
a
$
$
RailroaLs
14,250.000
35,895,000
14,250,000
35,895,000
79.479,000
Public utilities
678,000
2.000.000
2,678.000
9.568,000
9,568,000
23.834.000
1,000,000
63,092,000
24,834.000
6.492,000
69,584,000
95.703,000
Iron. steel, coal, copper, &c
3,500.000
3,500.000
1,500.000
1,500,000
11,750.000
Equipment manufacturers
Motors and accessories
Other industrial ano manufacturing
11,600.000
11.600,000
225,000
2,725,000
225,000
2,725,000
6,095,000
Oil
500,000
500,000
Land, buildings, &c
200.000
200,000
2.800,000
385.000
3,185,000
29,877,000
29.877.000
8.100.000
8,100,000
37.952,000
ober
Shipping
750,000
Inv. trusts, trading, holdings, &c_
16,000.000
Miscellaneous
1,000.000
1.000.000
750.000
750.000
428,000
772.000
1,200.000
3.560,000
3.560,000
7.950.000
Total
5.378.000
2.000.000
7,378.000
24,718,000
385,000
25,103,000
68,614.000
1,772,000
70.386,000
115,372.000
6.492,000 121.864,000
255,679.000
Short-Term Bonds and Notes
Railroads
15.000,000
15.000,000
Puolic utilities
11,462,000
11,462.000
38,098,500
7,650,000
38,098,500
7,650,000
20,050,000
Iron, steel, coal, copper, &c
3.000.000
3,000.000
100,000
Equipment manufacturers
Motors and accessories
100,000
Other industrial and manufacturing
1,000,000
1,000,000
4.500.000
4,500,000
5,000,000
5,200,000
5.000,000
5,200,000
150,000
Oil
400,000
400.000
1,000,000
Land, buildings, &c
400.000
400,000
2.600.000
2,600,000
125,000
125,000
2.987,950
2.987,950
4,690,000
Rubber
Shipping
Inv. trusts, trading, holding. &c..
Miscellaneous
355.000
355.000
798,000
798,000
525,000
525,000
2,912.000
338,000
60,000
3.250.000
Total
755.000
16,000,000
16,755.000
3.398,000
18,962,000
22,360.000
38,748,500
5,000.000
19,149,950
43.748,500
338.000
19,487,950
26.150.000
Stocks
Railroads
21,388,365
75.900.000
97.288,365
Public utilities
445,600
445,600
32.367,900
32,367,900
53,845,310
53,845,310
73.544,771
73,544,771
44.936,427
Iron, steel, coal, copper, &c
122.855
122,855
20,615,214
Equipment manufactures
Motors and accessories
1,393.558
1,393,558
540.000
540,000
25,899,275
Other industrial and manufacturing
4,265,625
4.265.625
15.147.550
10,932,280
15,147,550
10.932.280
103,166,583
Oil
3,675,000
325.000
4,000,000
52,668,575
Land, buildings, &c
1.595,000
1,595,000
850,000
Rubber
25,494,420
Shipping
Inv. trusts, trading, holding, dm_
8.639,110
8,639,110
262.090,070
Miscellaneous
6,500,000
6.500,000
3,000.000
7.055.000
3,000,000
7.055,000
123.523,768
Total
445.600
4,265.625
4.711.225
38,867,900
38,867,900
73.509.273
73,509,273
127,369,526
76,225,000 203.594,526
659,244,332
Total
Railroads
15.000.000
15,000,000
14.250,000
57.283.365
14,250,000
75.900,000 133.183,365
79,479,000
Public utilities
678,000
2,445,600
3,123.600
41,935,900
11,462,000
53.397,900
115,777.810
'1,000.000 116,777,810
144,286,771
6,492,000 150,778,771
160,689,427
Iron, steel, coal, copper,.kc
3,500.000
3,500,000
3.000,000
3,000,000
122,855
1.500,000
122,855
1,500.000
32,465,214
Equipment manufacturers
Motors and accessories
1,393.558
1.393,558
540,000
25.999,275
540.000
Other industrial and manufacturing
4.265,625
5,265.625
1,000.000
11.600.000
4.500.000
16,100.000
15.372,550
18,857.280
20,372,550
5,000,000
18,857.280
109,411.583
Oil
-125:6056
4.575,000
4,900,000
53.668,575
Land. buildings, &c
600.000
600,000
5,400,000
385,000
5,785,000
30.002.000
12.682,950
30,002,000
12.682,950
43,492.000
Rubber
25.494,420
Shipping
750.000
Inv. trusts, trading, holding, &c_
8,639.110
8,639,110
278,090.070
Miscellaneous
1,355.000
1,355.000
8.048.000
8,048,000
3,953.000
4,725,000
772,000
338.000
13.527,000
13.865,000
131.533,768
Total corporate securities
10.398.625
18.445.600 28,844.225
66,983.900
19.347.000
86,330,900
180.871,773
261.891.476
6,772,000 187.643.773
83.055.000 344.946.476
941.073.332
l•ND
00
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE 12 MONTHS ENDED DEC. 31 FOR FIVE YEARS.
1932.
12 MONTHS ENDED DEC.31.
1931.
1930.
1928.
1929.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Zorporate$
$
$
S
Domestic3
$
$
$
$
$
$
$
$
3
$
Long-term bonds and notes.. 271.048,000 134,796.800 405,844.800 950,668.600 677.305.200 1,627,973,800 2.459,670,355 350,648,155 2,810,318,510 1,873,464.340 495,901,260 2.369.365,600 2,174,842,950 999,302,000 3,174.144,950
54,373,800 264,868,600
Short-term
34.121,500 179,894,000 214,015,500 288,698.750 111,361,500 400.060.250 520,034,150 100,220,000 620.254,150 204,712,650
45,875,500 250,588.150 210,494,800
445,600
9,350,000 421,538.230 1,516,742.661 178,006,540 1,694.749,201 1,149,139,062 248.002,300 1,397,141,362
Preferred stocks
10,920.875 116,165,667
10,475,275
31,850.000 148,015,667 412,188,230
3,397,320
13,829,722 1,105.018,763 4,407.144.340 654,705.552 5.061.849.892 1,811,591,954 282,482,015 2.094.073,969
Common stocks
13,114.170 195,115,706
195.115.706 1,091,189,041
9,716,850
Canadian
Long-term bonds and notes140,000,000 213.882.500
45.851.000 259,733,500
285,550,000
72,832,000 221,178,000
140.000,000
285,550,000 148,346,000
5,700,000
250,000
Short-term
5,700.000
-_ -----250,000
13,000,000
Preferred stocks
13,000.000
10,400,000
26,105,000
26,000.000 52,105,000
10.400.000
18,663,890
8,613,400
Common stocks
18,663.890
18,163,900
8,613,400
18,163,900
Other foreign
8.977,000 177.992.000 185,398,339
72.800.000 169.015.000
55,282.500 521.270,000
Long-term bonds and notes72,800,000
2.000,000 187,398.339 465.987,500
31.000,000
1,617,283
10,000.000
5,000,000
5,000,000
31,000.000
Short-term_
10,432,717
10,000,000
12,050,000
14.030.000
103,837,200
Preferred stocks
103.837,200
14,030,000
60.201.750
10,060 000
10,060,000
32.408.847
Common stocks
32,408,847
60.201.750
Total corporate
325.361.625 318,533,720 643.895.345 1,763,448,723 825.516,7002.588.965.423 4,944,403,166 028,870,877 5,473,379,043 3,639,439,561)1.386.921,569 10026361.129 6,079.602,416 1.738,274,615 7.817,877,031
7,158,000 137.744,000
38,052,750
52.212,000
3,000,000
Canadian Government
66,015,000
50.422.000 130,586,000
9,600,000
26,015.000 . 40,000,000
40,922,000
9.500.000
35.052.750
61,812,000
417,306,000
64.580.000 481.886.000
68,250,000
Other foreign Government_
68,250,000 550,581,587 100,538,413 651,120,000
Farm Loan issues
86,500,000
86,500.000
63,850,000
92,500,000 169,600.000
51,000,000 125,600,000
77,100,000
63.850,000
74,600,000
35,637,109 1,414,784,537
Municipal-States, cities, &e
*761.228,664 *79,361,646 *840,590.310 1,234,837,425
21.417,5081.256.254,933 1,434,268,116
53,045.132 1,487.313.248 1.417,774,958
12,875.9421,430.660,900 1,379,147.428
6.161,500
1,699.000
10.325,000
10,325,000
5.090,000
United States Possessions
1,292,000
1,292,000
1,699,000
6,161,500
5.090,000
Grand total
1.190.997,289 530.395.366 1.721,392.655 3.115.507.148 907.434.208 • .022.941.356 7.023,388,282 653.659,0097,677.047.291 10182766.518 1,409,397.511 11592 164,029 8.114.395.681 1,877.450,1379.991.845.818
* Figures do not include a total of $197.274.398 Reconstruction Finance Corporation advances to municipalities, either actually made or proposed to Dec. 31 1932.
0
12 MONTHS ENDED DEC. 31.
Long-Term Bonds and NotesRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Dil
Land, ouildings, &c
Rubber
Chipping
Env. trusts, trading, holding, &c.Wiscellaneous
Total
Short-Term Bonds and Notes
Railroads
Public utilities
Iron, steel, coal, copper, &c
Kquipment manufacturers
Victors and accessories
3ther industrial and manufacturing
)11
Land, buildings, &c
Rubber
3111Proing
Env. trusts, trading, holding, &cWiscellaneous
Total
Stockslailroads
'ubllc utilities
ron, steel, coal, copper, &c
Cquipment manufacturers
doters and accessories
)ther industrial and manufacturing
)ll
...and, buildings, &c
tubber
{hipping
nv trusts, trading, holding, &c
discellaneous
Total
Total
taros&
hiblic utilities
ron,steel, coal, copper, &c
Cquipment manufacturers
dotors and accessories
Ither industrial and manufacturing
)ll
-and. -ulldings, &c
tubber
{hipping
nv trusts, trading, holding, Stc--..
discellaneous
1930.
1931.
1329.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
$
$
$
$
$
$
$
$
$
$
11,127,000 310,097,300 158.332,700 468,430,000 719.318,250 226,662,750 945,981,000 391,742.240 189,413.760 581,156,000
385,022.800 509,820,500 502.681.000 1,012,481.500 1,326.115,100 134,771,500 1.460,886,600 654,296,500 263,776.000 918,072.500
27,700,000 125.013.500
4.075,000
23.625,000
6,062.500 109,002,300
3,188,500 128,200,000
3.500,000 102,939,800
1,850,000
14,217,000
12,934,000
14,217,000
1,850,000
•
12,934,000
Sim
150,000
150,000
t
27.355.000 256.031,910 263.666,339
i.iffiriiio 265,741.339
5,950,000 100,662,000 228.676.910
325,000
94,712,000
325,000
6,950.000 173.000,000 171,484,000
15,416,000 186.900.000
2.000.000 166.050,000
______2,000,000
70,000 171,072.500 328,745.100
5.129,000 333,874,100
1,605.000 114,884,000 171.002.500
3,670,000 113,279,000
50,000
3,620,000
1,000.000
30,000,000
30,000,000
1,000,000
10,000,000
6,000,000
8,100,000
a1,650.000 2 10,000,000
14,100,000
1,650.000
118.250,000
78.750,000
78,750.000
116,250,000
5,591.905
74.813.095
80,405.000 282,115,000
12.905.000 295,020,000
18.730.000
2,694.000
2,200.000
16,036.000
2,200,000
271,048,000 134,796.800 405.844.800 1.163,468,600 677.305.200 1.840,773,800 2,842.587,855 405,476,155 3,248,044,010 2,344,412,679 497,901,260 2,842,313.939
„,..,,,,....
12,000,000
2,500,000
14,500,000
21,500,000
48,050.000
5,360.000
26,860,000
12.530,000
38.500,000
35,520.000
49,825,000
11,325,000
52,878,000 330,448,500
48,526,283
56,539,500 242,487,000 277,070,000
41,713,717
90,240,000
8,285,000 138,144,000 146,429.000 185,947.500
5,000,000
43,750,000
720.000
48,750,000
6,101,000
7.000,000
5,780,000
6.500.000
899,000
100,000
100,000
12,750,000
12,750,000
BIL
10,100,000
500,000
10,100,000
500,000
1
22,350,000
21,950,000
96,705,000
38,000,000 / 59,535,000 174.355,000
21.950,000
21,535,000
4.400.000
2,700.000
1,700,000
657.000
2,400,000
7,500,000
10.440,000
6,843.000
791.000
2.400,000
9,649,000
56.695.650
835,000
73,118,150
57,530,650
16.150,250
1,200,000
1,900,000
14.250,250
74.318.150
4.501,000
4,501,000
3,900,000
15.000.000
18.900.000
450,000
450,000
41,000,000
1,000,000
41,000,000
500,000
500.000
1.000,000
36,615,500
17,770.000
1.000.000
18,770.000
2,254,500
20,898.000
38.870,000
20,898,000
8,310,500
8,310,500
56,308.217 262.638,150
116,361,500 405.060,250 556,734,150 100,220,000 656,954.150 206,329,933
34.121,500 179,894,000 214.015,500 288,698,750
66,055,600
133,279.885
66,055,600
75.900,000 209,179.885
13,426.222 774.881,479 1,229.149.445 205,306.590 1,434,456,035
31,050.000 283.918,561 761.455,252
6,462.175
2,342,920
8,805,095 252,868.561
133,474,530 148,689.880 351,020,200 499,710,080
3,390,000 133,474,530
3,390,000
568,947
568,947
81,481,555
6,117,520
5,511,852
6,117,520
, _ -_
86,993,407
1,371,500 218,066,365 891,582,498 90,923,220 982,505.718
21.135,972 216,694,865
800.000
20,335.972
10,361,200
1,500,000
8,861,200
98,573,463
97,051,612
8,000,000
63,529,330 160,580,942
90,573,463
3,452.500
3,452,500
16,805,000 118,559,030
408,500 118.967,530
16.805,000
1.466,500
1,466,500
88,963,534
25,270,000 114,233.534
2,168,750
2,168,750
23,178,000
23,178,000
112,987.079 2,104.980,898
1,500.000 2,106.480.898
4,084,550 112,987,079
4,084,550
1,200,000
1,200,000
13.342.400 1,184,554,064
382.000 141.319,852 1.171.211,664
25,683,290 140.937.852
25,683,290
1,500,000
1,500,000
23.179,722 1,568,280,883 6,088,696,948 832,712,092 8,921,409,040
31,850,000 343,131,373 1,545.101,161
24.035.045 311,281,373
20,192,125
3,842,920
60,952,000 345,617,300 170,862,700 516,480,000 797,373,850 229,162,750 1.026,536,600 546,522,125 270,673.760 817,195,885
47,827,000
13,125,000
274,350,175 265,906,720 590.256.895 948,638,561 590,250,500 1,538,887,061 2,365.140,852 201,075.722 2.566,216,574 1,931,972,228 510.796.307 2,442,768,535
9.075.000 209,924,530 274.423,380 359.986,700 634,410,080
12,163,500 119,392,300 200,849,530
3,600,000 107.228,800
3,500,000
100.000
2,418,947
___ _ ___
2,418,947
26,967.000
26,967,000
12,934,000
12,934,000
87,643,407
82,131,555
5,511,852
16,217,520
18,217,520
51.i076,860 570.803,275 1,177.198.837
92,998,220 1.270.197,057
44,750,000 181,332,972 519.726,775
15,086,200 136,582,972
10,886,200
4,200,000
78,945,330 349.880,942
15.607,000 279,073.463 270,935,612
791,000
15,892,500 263.466,463
15,101,500
905,000 245,408.150 520,422,280
6,737,500 527,159,780
3.505,000 132,500,750 244,503,150
8,171,000 128,995,750
50,000
8,121,000
89,963.534
25,270,000 115,233,534
15,000,000
48,900.000
33,900,000
2,168,750
2.168,750
31.278,000
37,278.000
10,000,000
t 6,000,000
10.000,000
1,650,000
1,650,000
450,000
450,000
1,500,000 2.223,730.898
-,..- - - - 232.737.079 2,222,230,898
500,000
4,584,550 232,737,079
1,200,000
4,084,550
1,200,000
6.973,903 240,494,852 1,489,942,164
28,501.900 1,518,444.064
65,311,290 233,520,947
2,694,000
62,617,290
12.010,500
12,010,500
ROR RRI ROA
RIR RRR 79(1 5.12 gas %IA 1 IRA 4.41i 792
828.5111_7009_fi85.085.423 4.944.403.166 528.875.877 5.473.279.043 8.639.439.5601.386.921.569 10026361.129
1932.
New Capital. Refunding.
$
$
9,327,000
1,800,000
259,603,000 125,419.800
3,500,000
1928.
Total.
New Capital. Refunding.
$
$
$
206,691,500 505,689,000
298.997.500
939,933.100 568.728.800 1,508,661,900
70,695.600 186.452.000
115,756,400
7,215,000
--7,215,000
780,000
5.800,000
5,020.000
268,986,400 112,249,600 381,236,000
75,000.000
31,747,000
43,253,000
90,270,000 683.664.050
593,394.050
1,300,000
1.300,000
750,000
750,000
99,400,000
1,012,000
98,388,000
45.242,000 461,425,000
416,183,000
2,789,176,450 1,127,416,500 3,916,592,950
12,500.000
114,082.000
500.000
17,000.000
21.600,000
29,500,000
135.682,000
500,000
4,300,000
5,303,900
7,505,800
37,528.100
1,150.000
2,488,100
10,694,200
1,441,500
5,450,000
7,792.000
18.200,000
38,969,600
1,600,000
36,425.000
219,744,800
54,373,800
dp!UOiqp lepLleU!J
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE 12 MONTHS ENDED DEC. 31 FOR FIVE YEARS.
1.600,000
36.425,000
274,118,600
52,597,650
757.465,834
91,933,209
1.920,000
56,968,201
578,179,119
142.910.305
85,383,283
54.582,395
20,400,855
686,706,170
541,634,145
3,070,681.166
139,954,700 192,552,350
160.478.598 917,944,432
34,690,650 126,623,859
----____
1.920,000
95.903,468
38.935.267
114,799,960 692,979,079
4,500.000 147.410.305
86,729,283
1.346,000
8,542,400
63,124.795
20,400.855
- --_____
2.964.500 689,670,670
50.272.240 591,906.885
556.484.315 3,627,165,481
364.095.150 363,646,200 727,741,350
1,811.480,934 760.807,3982,562,288,332
208,189,609 105,386,250 313,575.859
9,135,000
_--- --- 9.135,000
40,865,267 107,153,468
66,288,201
852,469.419 229.537,660 1,082.007.079
193,669,105
46.941.200 240.610,305
716,305,433
93,057,500 809.362,933
55,882,395
8,542,400
64.424.795
21,150,855
- - - - _ -21,150.855
3,976,5011 790,670,670
786,694,170
994,242,145
95,514,240 1.089,756,385
6.079.602.416 1.738.274.615 7.817.877.031
CND
Financial Chronicle
230
Jan. 14 1933
DETAILS OF NEW CAPITAL FLOTATIONS DURING DECEMBER, 1932.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
To Yield
About.
Price.
Public Utilities
2,000,000 Refunding
5.62 Mississippi Valley Public Service Co. 1st M. 55, 1954. Offered by Halsey. Stuart & Co., Ina..
First Wisconsin Co., Edgar Ricker & Co. and Bancnorthwest Co.
5.14 Pennsylvania Power Co. 1st M. 58, 1956. Offered by Drexel & Co. and Bonbright dr Co., Inc.
92
678,000 Add'n.s, impts.; other corp. purp
98
2,678,000
Iron, Steel, Coal, Copper, &c.
3,500,000 Acquire assets of Federated Metals
Corp
Land, Buildings, &c.200,000 Acquisition of mtge. obligations
Company and Issue, and by Whom Offered.
6.15 American Smelting & Refining Co. 1st M. 5s "A," 1947. Offered by Hallgarten & Co., IIaIseY.
Stuart & Co., Inc., and Edward B. Smith ez Co.
8851
100
6.00 Inland Mortgage Corp. Coll. Trust 6s, 1942. Offered by Stern Bros. dr Co., Kansas City,
100
Miscellaneous
1,000,000 Additional capital
6.00 Securities Company of New Jersey Coll. Trust 6s, series 4, 1942. Offered by J. S. Rippel de Co..
Newark. N. J.
SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Railroads
15,000,000 Refunding
To Yield
About.
-Year 6% notes, due Oct. 1 1935. Offered to
6.00 The New York Chicago & St. Louis RR. Co. 3
holders of company's 3
-year 6% notes due Oct. 1 1932.
100
Other Industrial & Mfg.
1,000,000 Refunding
Company and Issue, and by Whom Offered.
Conde Nast Publications, Inc., 1st M.610, due Dec. 15 1937. Offered to holders of company's
3
-year 6% notes. due Dec. 151932.
90(b)
Land, Buildings, &c.300,000 Liquidation of indebtedness
Price on aPpllea'n
100,000 Refund temporary obl'gatlons
100
400,000
Miscellaneous
355,000 Working capital
Catholic Bishop of the Diocese of Indianapolis (Most Rev. Joseph Chartrand) Five-year Os.
Nov. 15 1937. Offered by Kriel & Wichmann, Inc., Indianapolis.
5.50 John Carroll University (Cleveland) 1st M.5S4% notes, May 15 1933-37. Offered by Lafayette..
South Side Bank & Trust Co., St. Louis.
Price on appllca'n Union Investment Co. Coll. Trust notes, April 3 1933
-July 11 1933. Offered 13y Union Investment
Co.. Detroit.
STOCKS.
Par or No.
of Shares.
(a) Amount Price
To Yield
Invoked. per Share. About.
Purpose of Issue.
Public Utilities
445,600 Refunding
445.600 100
Other Industrial & mfg.
'
.
312,500 shs Add equip.; working capital--
1,953,125
6.25
262,500
1.75
150,000 abs Expan. of business; working capital
1,500,000 Working capital
1,500,000
175,000 Addl equipment; working capital_
300,000 Additional capital
175,000
375,000
20 (Par)
1.00
12.50
Company and Issue, and by Whom Offered.
6.00 Mississippi Valley Public Service Co.6% Series 11 Preferred stock. Sold to Wisconsin
Securities Co.
(The) Cleveland & Sandusky Brewing Co. Common stock. Offered by Bonner.
Brooks & Co.
Elizabeth (N. J.) Brewing Corp. capital stock. Offered by Disbrow, Dixon & Potts.
New York.
6.00 Hawaiian Pineapple Co.. Ltd., 6% cum. cony. pref. stock (Convertible Into common
stock on basis of 4 shares of common for 1 share of preferred stock.) Offered to stockholders; underwritten.
Tivoli Brewing Co.(Detroit) common stock. Offered by Wm.C.Roney de Co., Detroit
Philadelphia Life Insurance Co. capital stock. Offered to stockholders; underwritten.
4.285.625
FARM LOAN ISSUES.
Issue and Purpose.
Amount.
Price.
To Yield
About.
13,000,000 Federal Intermediate Credit Banks 234%
coll, trust deb. dated Dec. 15 1932 and due in
9 and 12 months, to provide funds for loan
Price on applica'n
purposes
Offered by
Charles R. Dunn, Fiscal Agent, New York.
a preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stocks are computed at their offering prices.
b 81,000 princlPal amount of new 1st mortgage 610 and $100 in cash offered in exchange for each $1,000 of maturing notes.
New Capital Issues in Great Britain During 1932.
The following statistics regarding the issues of new capital
in the United Kingdom during 1932 have been compiled by
the Midland Bank of London, Limited. It is pointed out
that the figures exclude all borrowings by the British Government for purely financial purposes, shares issued to vendors,
allotments arising from the capitalization of reserve funds
and undivided profits, issues for conversion or redemption
of securities previously held in the United Kingdom, shortdated bills sold in anticipation of long-term borrowings, and
loans by Municipal and County authorities except in cases
where there is a specified limit to the total subscription.
They do not include is ues of capital by private companies exce i t where particulars are publicly announced. In all eases
the figures are based upon the prices of issue.
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
(Compiled by the Midland Bank Limited.)
Month of
Year to
Month of
Year to
December.
Dec. 31.
December.
Dec. 31.
£20,163,000 /253,266,000
1919
£46.779.000 £237,541,000 1928
8.463.000 384,211,000 1927
26,362,000 314,714,000
1920
1921 ______-- 19,353.000 215.795,000 1928
24,697,000 382,519,000
5,283,000 253,749.000
1922
7.537.000 235.669 000 1929
1,695,000 203,760.000 1930
15,862,000 236,160,000
1923
26,087.000 223.546,000 1931
2,692,000
88,668,000
1924
1925_ ___. ___ 24,402,000 219,897,000 1932
4,312,000 113,038,000
NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY MONTHS.
(Compiled by the Midland Bank Limited.)
1932.
1929.
1930.
1931.
£2,895,798
£47,418,161
£16,925,542 £12,332,412
Jarman'
11,994,734
26.154,781
19,606,243
February
33,047,526
13,446,859
12,104,130
26,384,167
March
33.781.109
18,013,115
1,687.195
April
34.767.420
21,270.785
12,296,311
37,899,317
11.009,880
21.131,112
May
12,832,397
17,467,795
June
25.397.926
13,225,111
3,312,507
16.432,065
5,184,993
July
22,211,044
1,666,402
72,500
August
6,559,832
3,592,305
1,315,308
2,664,579
5.039.251
17,000
September'
October
11,509,702
2.482,875
19,745,198
30,496.787
November
19,909,853
4,409.179
10,807,078
12.945,198
December
2.692,359
4,312,163
5.283,190
15,862,175
Year
£253,749,272 1236159,666
188,666,192 £113,038,329
GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES IN THE
UNITED KINGDOM BY MONTHS.
(Compiled by the Midland Bank Limited.)
United
India and Other British Foreign
1930.
Kingdom.
Ceylon.
Countries. Countries.
Total.
January
£11,337,000 11,247,000 £1,656.000 £2,685,000 £16,925,000
February
7,965,000 5.940,000 4,679,000 7,251,000 26,155,000
March
16,948,000
5,716,000 3,720,000 26,384,000
April
11,890,000
50,000
67,000 9,264,000 21,271,000
May
17,816,000
7,200,000 8,489,000 4,394,000 37,899,000
June
7,703,000
266,000 4,382,000
875,000 13,225,000
July
13,108,000
88,000
211,000 3,025,000
16,432,000
3,454,000
August
125,000 2,530,000
451,000
13,560,000
September
2,409,000
1,662,000
460,000
508,000
5,039,000
October
12,763.000 12,000,000
1,413,000 4,321,000 30,497,000
November
11,516,000
75,000 7,529,000
790,000
19,910,000
December
10,447,000
8.000 4,254,000
1,153,000
15,862,000
Year
1931.
January
February
March
April
May
June
July
August
September
October
November
December
Year
1932
January
February
March
April
May
June
July
August
September
October
November
December
Year
£127,356,000 £28,661,000 £41,385,000 £38,757,000 £236,159,000
£994,000 £3,346.000 £12,333,000
1,529.000
10.000
19,606,000
3,458.000
2,428,000
13,447,000
12,000
304.000
1,687.000
11,000 11,010,000
50.000
1,371,000.
924,000 10,025,000
22,000 5,344,000 3,100,000
12,832.000
4,366,000
8,000
2,279,000
13.000 2,885,000
5,185,000
5,000
29,000
1.666,000
1,632,000
21,000
1,315,000
1,294,000
10,000
2,483,000
2,473.000
50,000
4,409,000
4,335,000
24,000
16,000
2,692.000
2,676,000
£7,843,000
£150.000
5,952,000 12,115,000
7,442,000
119,000
£42,588,000 122,469,000 £14,363,000 £9,246,000 £88,666,000
£291,000
9,109,000
11,072,000
9,572,000
8,936.000
15,391,000
3,225,000
50.000
10,000
11,851,000
10,272.000
4,037,000
178,000
1,032,000
3,516,000
1,496,000
£2,605.000
2,805,000
4,925.000
1,864,000
2,067,000
80,000
3,000
10,000
27.000
23,000
7,000
160,000
48,000
7,784,00
271,000
190,000
£83,817,000 £6,390,000 £22,483,000
264,000
37,000
£2,896,000
11,995,000
12.104,000
18,013,000
12,296,000
17,468.000
3,312,000
73,000
17,000
19,745,000
10,807,000
4,312,000
£348,000 £113,038,000
Financial Chronicle
Volume 136
NEW CAPITAL ISSUES IN TUE UNITED KINGDOM BY GROUPS.
(Compiled by the Midland Bank Limited.)
Year 1931. Year 1932.
Governments:
Year 1930.
£1,485,000
United Kingdom
27,770,000 £21,640,000 £3,500,000
lndia and Ceylon
25,521,188
8,931,000 21,141,880
Other British countries
12,551,100
240,000
Foreign countries
Total
Municipalities and public boards:
United Kingdom
India and Ceylon
Other British countries
Foreign countries
Total
Railways:
United Kingdom
India and Ceylon
Other British countries
Foreign countries
£67,327,288 £30,811,600 £24,641,880
£44,537,417 £10,306,682 £32,611,578
1,032,000
24,321
2,736,075
£47,273,492
£10,306,682 £33,667,899
£19,060,625
£310,000
5,549,250
9,767,934
3,115,369
£34,377,809
£3,925,369
Banking and Insurance
£10,114,989
Breweries and distilleries
2,679,767
Electric light and power
6,802,454
Financial, land, investment and trust
12,473,055
Gas and water
9,330,409
Iron, coal, steel and engineering*
75,000
Minos
5,485,293
011
8,050,000
Shipping and canals and docks
32,500
Tea, coffee and rubber
1,345,465
143,515
Telegraphs and telephones
1.131,802
Tramways and omnibuses
Miscellaneous, commercial and industrial__ 29,516,828
£8,524,300
1,253 750
£136.500
1,088,150
5,899,347
8,193,765
2.321,006
2,524,500
3,951,983
Total
Total
£9,778,050
£2,017,046
498,750
11,862,314
3,687.008
6,187,569
• 1,864,719
934,093
714,002
155,250
2,170,000
190.419
557.664
2,068,074
14,731,552
235,625
16,603,705
£236,159,666 £88,666,192 £113,038,329
•Including motors and aviation.
231
Federal Reserve System Might Ease Open Market Policy
—Sign of Such Likelihood Seen Incident to Sharp
Rise in Cost of Treasury Offering.
According to the Washington correspondent of the New
York "Journal of Commerce," a sharp upward movement in
the cost of $75,000,000 in Treasury bills, bids on which were
received at Federal Reserve banks on Jan. 9, and a smaller
than usual oversubscription, was interpreted as indicating
a possible readjustment of holdings of Government securities
by the Reserve System. The account went on to Say:
At the recent open market conference of the Board it was determined to
maintain the policy of keeping member bank excess reserves at a substantial level. These reserves have been fluctuating around $500,000,000
for some time, and it was the understanding that the System did not
deem it necessary that they be forced any higher.
Purpose of Policy.
The policy of acquiring a large volume of Government bonds by the
Reserve banks was initiated for the purpose of boosting excess reserves. If
the reserves get much higher it was indicated that the Reserve System
might reduce its holdings somewhat, although none anticipated a selling
campaign in view of the present uncertain state of business.
By pushing up the excess reserves of member banks it had been hoped to
force money into business and industrial outlets, but this did not materialize.
Officials pointed out that further excess reserves in the hands of the
member banks probably would not be additionally effective.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Jan. 13 1933.
Some encouraging features in trade are noticeable and
underlying conditions are generally conceded to be better,
although real activity is still absent. The increasing disposition to face unpleasant facts squarely and to grapple with
current problems in a more intelligent and clear visioned
manner is bound to have constructive results and these are
gradually becoming more apparent. Car loadings are more
promising and an increase is looked for this week which
should be more than seasonal. Shipping activity is increasing in Europe; idle tonnage decreased at leading ports and
on the London Stock Exchange shipping shares yesterday
wore generally higher. The heavy industries have been
quiet and steel plate prices under keen competition for business are reported to be'decidedly flexible. The decrease in
unfilled orders of the United States Steel Corp. in December,
however, was only 161 tons. Stock and bond prices have
held up well and the latter in particular have been a decidedly
bright Spot. To-day United States Government bonds were
under some pressure on the news that the Federal Reserve
System had reduced it's holdings some $39,000,000. Bond
prices, however, have been well maintained on the whole.
Most commodities ended the week at higher prices. An allotment bill which bore little resemblance to the one originally
proposed passed the House of Representatives, but its
chances of running the gauntlet of the Senate and Presidential
veto are generally considered negligible. Something similar
in the way of radical farm legislation will undoubtedly be
brought up before the special session of Congress which is
practically certain to be called after March 4, but it is
doubtful if it will be quite as full of objectional features as
the.present House bill.
There appears to be little chance of any really constructive legislation being passed at the present session, but
business appears to have largely discounted this prospect.
The shoe manufacturing business has increased a little.
Latterly there has been some increase in sales of merchandise
at New York and collections here are reported somewhat
better. At Chicago a better retail business took place,
especially in white goods in which wholesale business also
showed some improvement. The sales of cotton goods
there were stimulated by recent cuts in prices and wholesale
business in furniture was larger. In Cleveland, production
of cars and trucks in December are estimated at over 100,000
and the December total is likely to be exceeded in January.
All this has had an effect on steel output which rose to 15%
while Pittsburgh was at 14% and the Mahoning Valley at 17.
In St. Louis wholesale business increased slightly but retail
trade was dull although about equal to that of a year ago
while wholesale business though averaging somewhat better
is "spotty. In the St. Louis farming section the feeling is
more optimistic in the expectation of relief measures by
Congress. In Kansas City bank deposits of 34 banks were
up to $272,500,000, an increase of $8;250,000 in three months
and $7,250,000 larger than in the last quarter of 1931.
Dallas, Tex., reported liabilities smaller in a decreased number of failures and trade somewhat larger. At Minneapolis
both wholesale and retail trade increased with the recent
rise in wheat, the bright spot, while bank deposits showed
more than a seasonal gain; the flour trade increased with
some mills offering a discount of 50 cents on flour ordered
out in January. There was also a fair to good business in
clothing. In Richmond, Va., production of cigarettes is
expected to increase owing to the recent reduction in prices.
In San Francisco flour, eggs and hogs advanced, bank
deposits increased for the year and most utilities earned 1932
dividends. In Boston retail trade was slow but shoe factories are beginning to increase their spring output and there
is a brisk demand for leather of the cheaper grades and rayon
plants in many cases are operating at capacity. Woolen
and worsted mills are generally busier than they were a year
ago but the steel trade in New England is dull. In Philadelphia indications point to a better trade. Car loadings
are encouraging. Steel output is above the low of last year
and textile mills in the district are enlarging their payrolls.
The coal trade both in anthracite and bituminous is in better
shape in the Philadelphia district. At New York the automobile show attracts big crowds with prices cut $50. to
$1,000. While of late retail trade in New York City has
increased the total sales of department stores in 1932 show a
dollar value 23% below that of 1931 with a decline in the
country at large in similar sales of 20 to 25%.
As to the stock market, on the 9th stocks were irregular
and less active, closing at a small decline with sales of 932,600
shares. Railroad shares stood up the best. Cotton had a
small advance. Wheat first advanced and then reacted
sharply. Bonds were active with an advance of 2 to 5
to 6 in South American. The
points in German issues and
railroad group made the best showing as a whole of the
domestic issues. Most U. S. Government bonds declined.
The total sales were $13,400,000. On the 10th stocks
advanced 1 to 4 points with an increase in trading to 1,148,987
shares while bonds were also higher with sales of $13,440,000.
The rise in stocks was due largely to an advance in wheat of
2 to 2 2c. Cotton rallied 25 points from the morning's
low. Also the steel statement showed that the unfilled
orders of the U. S. Steel Corp. in December fell off only 161
tons, which was better than expected. A backlog of 1,968,140 tons was regarded as relatively favorable, all things
considered, even though it compared with 2,735,353 in
232
Financial Chronicle
December 1931, and 3,943,590 in 1930. Of even more
encouragement was the persistent activity in bonds at
steadily rising prices. This tends to show a steady reawakening of confidence among investors and is pointed to as one
to the brightest factors of the present situation.
On the 11th stocks advanced moderately and then reacted
on larger profit taking, the sales for the day increasing to
1,617,454 shares. The closing was irregular at an average
trifling decline. Bonds were still the feature, dwarfing stock
in activity and strength. Bond sales shot up to $16,876,000
the largest since the third week in August last year and
prices rose 2 to 5 points with railroad issues especially strong
Foreign bonds were still rising with German issues leading.
On the 12th stocks ended at a small fractional average decline. They showed no pronounced drift and the trading
fell off 700,000 shares from that of the previous day. It
was 916,270 shares. Depressing factors were a decline in
wheat of a cent and realizing sales in stocks; bonds also were
more irregular. But business was still brisk with sales of
$15,490,000. Railroad bonds declined but industrials and
utility issues advanced. On the whole it was a day without
eventful features in either stocks or bonds.
Dullness was again the outstanding feature of to-day's
stock trading, sales totaling only 833,815 shares after an
irregular opening. An early decline was halted by extreme
inactivity and a mild rally in the afternoon made the gains
and losses at the close about even. Washington news was
generally ignored, and there is a general disposition to await
developments pending the special session of the new Congress
which is almost inevitable shortly after March 4. Business
news was fairly good. An undertone of strength was
apparent although there is little in the way of tangible
improvement to point out. Cotton was slightly lower and
wheat declined quite sharply. Sterling rallied on the news
that the proposed sale of the Boots Pure Drug Co. to Drug,
Inc. had been disapproved by the British Government because of the fear that the sterling situation might be disturbed by transferrance of the large amounts of funds necessary to consummate it. Bonds were generally lower and
trading in them was less active, totaling $11,530,000.
United Drug 5s were the weakest feature on the news that
the proposed purchase of Boots Drug by United Drug has
been held in abeyance by the British authorities. The
foreign list was generally lower and all told the recent
prolonged advance in the bond market received a substantial
setback to-day.
Manufacturers represented by the Cotton-Textile Institute, assailed the domestic allotment plan, as embodied
in Bill 13,991 on the ground that the tax will increase mill
prices of the simplest kinds of wearing apparel 30 to 60% in
a statement issued recently. Prices on standard print cloths
commonly used for house dresses and similar, will be 37
higher as they leave the mill, the Institute's cost department reported. Increases on other important items quoted
were: narrow sheetings, used in bagging; low priced garments, building operations and industry, generally, 50%;
hosiery and underwear yarns, from 40 to 60%; denims, the
regular cloth for work clothing and overalls, 38%; chambrays, also important for work garments and children's
clothing, 32%; bed sheetings, 31%; voiles, lawns and other
fine cotton goods, 15 to 25%.
At Charlotte, N. C., a large trade was reported in fine
and fancy cotton goods.
As to the weather, on the 8th it was 29 to 40 degrees in
N. Y. City, 28 to 46 degrees in Chicago, 30 to 44 in Cleveland, 38 to 58 in Kansas City, 26 to 44 at Milwaukee, 16 to
26 in Minneapolis, zero to 8 at Montreal, 38 to 42 at Omaha,
42 to 48 at Spokane and 6 below to 8 above at Winnipeg.
On the 10th the West had some rather warm temperatures
for this time of the year. Chicago had 32 to 52, Cincinnati
20 to 52, Cleveland 30 to 48, Omaha 42 to 52, St. Louis 38 to
58, Milwaukee 32 to 50, Detroit 28 to 42, Seattle 38 to 48,
Philadelphia 36 to 44, Boston 28 to 42, and New York 31 to
45. There was very little rain throughout the country but
it was cloudy in some sections including New York.
-mile gale swept the coast of California,
On the 11th an 80
particularly its southern portion, unroofing houses and doing
other damage and extending down as far as the Mexican
border; 200 oil derricks were destroyed. Lives were lost in
a blizzard in Minnesota. In New York City the temperature
was up to 58 degrees, marking the warmest Jan. 11 on record.
St. Paul had 2 below zero. Winnipeg, 16 below. On the
12th temperature in New York City was 27 to 56. It
was 16 to 44 in Chicago, 4 to 46 at Kansas City, 16 to 32 at
Jan. 14 1933
Cincinnati, 2 below zero to 8 above at Minneapolis, 30 below
at Winnipeg to 4 below;28 to 40 at Boston, 18 to 24 at Cleveland, 8 to 28 at Milwaukee, 20 to 40 at St. Louis. To-day
it was clear and colder with the temperatures 23 to 34
degrees here. The forecast was for probable snow to-night
and cloudy to-morrow. Over-night Boston had 18 to 40
degrees, Portland, Me., 12 to 42; Chicago, 30 to 34; Cincinnati, 22 to 32; Cleveland, 24 to 26; Kansas City, 30 to 38;
Los Angeles, 56 to 72; San Francisco, 44 to 60; Seattle, 34
to 44; Portland, Ore., 34 to 36; Montreal, 2 to 18, and
Winnipeg, 28 below to 4 below.
Loading of Railroad Revenue Freight Continues to
Run Small.
Complete reports for the year show that 28,194,828 cars
were loaded with revenue freight in 1932, the car service
division of the American Railway Association announced
on Jan. 9. The total for the year 1932 was a reduction of
8,956,421 cars or 24.1% under the number loaded in 1931,
and a reduction of 17,522,251 cars or 38.3% under 1930.
Total loading by commodities in 1932, compared with 1931
follow:
1932.
Grain and grain products
Livestock
Coal
Coke
Forest products
Ore
Merchandise,L.C.L.freight.'
Miscellaneous
Total
1931.
1,653,076
949,091
5,339,303
223,772
899,542
210,759
9,079,066
9,840,219
2,024,394
1,162,060
6,493,200
324,743
1,471,398
874,673
10,948,873
13,851,908
18.3%
18.3%
17.8%
31.1%
38.9%
75.9%
17.1%
29.0%
28.194.828
37.151.249
241 07_
Decrease.
For the week ended on Dec. 31, loading of revenue freight
amounted to 406,779 ears, a decrease of 87,801 cars compared
with the preceding week. It also was a decrease of 95,948
cars compared with the corresponding week in 1931 and a
decrease of 208,081 cars under the same week in 1930.
Details follow:
The week of Dec.31 1932, contained Christmas Day holiday as well as a
holiday on Monday. while the corresponding weeks in 1931 and 1930 contained New Year holiday.
Miscellaneous freight loading for the week of Dec. 31 totaled 129,059
cars, a decrease of 9,270 cars below the preceding week, 53,627 cars under
the corresponding week in 1931 and 83,114 cars under thesame week in 1930.
Loading of merchandise less than carload lot freight totaled 127,271 cars,
a decrease of 27,342 cars below the preceding week, 22,231 cars below the
corresponding week in 1931 and 40,938 cars under the same week in 1930.
Grain and grain products loading for the week totaled 22,029 cars, 3,341
cars below the preceding week, 1,931 cars below the corresponding week in
1931 and 10,664 cars below the same week in 1930. In the Western districts
alone, grain and grain products loading for the week ended on Dec. 31
totaled 13,478 cars, a decrease of 1,211 cars below the same week in 1931.
Forest products loading totaled 9,449 cars, 3,207 cars below the preceding
week, 4,272 cars under the same week in 1931 and 14,528 cars below the
corresponding week in 1930.
Ore loading amounted to 1,455 cars, a decrease of 448 cars under the week
before, 834 cars under the corresponding week in 1931 and 3,434 cars under
the same week in 1930.
Coal loading amounted to 99,947 cars, 40,989 cars below the preceding
week, 6,582 cars below the corresponding week in 1931 and 43,638 cars
under the same week In 1930.
Coke loading amounted to 4,319 cars,2,290 cars below the preceding week,
1,520 cars below the same week in 1931 and 4,129 cars below the same week
in 1930.
Live stock loading amounted to 13,350 cars, a decrease of 914 cars below
the preceding week, 4,951 cars below the same week in 1931 and 7,636 cars
below the same week in 1930. In the Western distrcits alone, loading of
live stock for the week of Dec. 31 totaled 10,217 cars, a decrease of 3,800
cars compared with the same week in 1931.
All districts reported reductions in the total loading of all commodities
compared not only with the same week In 1931 but also with the same week
in 1930.
Loading of revenue freight in 1932 compared with the two previous years
follows:
1932.
Four weeks in January
Four weeks in February
Four weeks in March
Five weeks In April
Four weeks in May
Four weeks in June
Five weeks In July
Four weeks in August
Four weeks in September
Five weeks In October
Four weeks in November
Week ended Dec. 3
Week ended Dec. 10
Week ended Dec. 17
Week ended Dec. 24
Week ended Dec. 31
TntAl
1931.
2,269,875
2,245,325
2,280,672
2,772,888
2,087,756
1,966,355
2,422,134
2,065,079
2,244,599
3,158,104
2,195,209
547,461
521,216
516,796
494,580
406,779
2,873,211
2,834,110
2,936,928
3,757.863
2,958,784
2,991,950
3,692,362
2,990,507
2,908,271
3,813,162
2,619,309
636,366
613,621
581,170
440,899
502,727
28 194 R2R
37 131 240
1930.
3,470,797
3,506,899
3,515,733
4,561,634
3,650,775
3,718,983
4,475,391
3,752,048
3,725,686
4,751,349
3,191,342
787,072
744,353
713,865
536,292
614,860
AK , 7 ramn
71,
The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended Dec. 31. In
the table below we undertake to show also the loadings for
the separate roads and systems. It should be understood,
however, that in this case the figures are a week behind those
-that is, are for the week ended Dec.24.
of the general totals
During the latter period only 38 roads failed to show increases over the corresponding week last year.
Financial Chronicle
Volume 136
233
-WEEK ENDED DEC. 24.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
1932.
Eastern District
Group A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N. II. & Hartford_ _
Rutland
Total
Group B.
y Buff. Rochester & Pittsburgh
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_ _
Pittsburgh dr Shawmut
Pitts. Shawmut & Northern__ _
Ulster & Delaware
Total
Group C:
Ann Arbor
Chicago Incl. & Louisville
Cleve. Cin. Chia. & St. Louis..
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line_ _ _
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis_
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia
_
Wabash
Wheeling & Lake Erie
Total Loads Received
from Connections.
Total Revenue
Freight Leaded.
Railroads.
1031.
1930.
1932.
Total Revenue
Freight Loaded.
Railroads.
1932.
1931.
1,271
2,746
7.023
522
2,321
9,383
473
1,200
2,637
5,937
507
2,177
8,730
912
1,431
2,776
7,529
642
2.894
10.087
438
209
4,218
8,399
1,750
1,815
9,987
827
236
4,409
8,051
1,888
1,778
9.346
823
23,744
21,600
25,797
27,205
26,531
6:iio
3.788
6,612
8,790
92
1,102
5,475
1,104
14,208
1,396
368
320
5,525
6,945
9,816
112
1,339
7,242
2,076
18,116
1,153
508
365
&.H5
8,284
10,787
126
1,670
8,096
1,615
16,492
2,184
466
299
4,470
11,627
1,672
756
5,805
17
22,879
1,867
31
193
5,572
4,790
10,458
1,622
777
5,566
15
20,969
1,499
13
176
56,199
43,255
53,197
54,570
51,457
365
1,331
7,172
15
178
190
1,014
2,322
4,759
3,306
3.270
3,881
2,719
951
4,425
2,699
449
1,303
6.189
28
154
171
944
2,287
4,653
3.200
3.103
3,391
2,280
870
3,922
1,791
410
1,519
7,785
57
215
146
930
2,660
4,997
4,056
3,426
2,750
3,256
1,021
4,573
1,903
903
1,494
10,742
28
79
2,761
1,027
5.688
8,325
113
7,353
4,663
3,832
432
6,067
1,513
819
1.540
8,987
86
107
2,066
1,174
5,179
7,324
146
6,351
3,374
3,787
490
5,447
1,744
38,597
34.735
39,704
55,020
48,621
Grand total Eastern District- 118,540
09,590
118.698
136,795
126,609
22,590
666
20.690
1,042
z24,794
1,015
11,009
670
11,080
689
211
5,586
2
277
281
880
48,556
11.898
3,030
89
2,757
"iii
4,959
44
273
162
819
46,746
9,698
4,484
45
2,117
170
5,988
3
339
138
1.078
56.202
12,559
6,603
64
2,253
9,171
55
19
7
2,657
27,354
12,997
702
3
8,714
68
8
13
2,428
26.807
13,644
1,132
3,328
91,223
111,206
67,974
67,969
19,511
15,121
548
3,253
12,488
11,184
517
2,453
14.779
10,573
658
2.165
5,295
2,753
846
487
4,262
2,637
959
280
38,433
26,642
28,175
9,331
8,138
6,174
1,055
285
121
44
1.205
416
254
5,548
16,286
134
6,108
541
276
134
51
1,121
347
285
5,245
14,712
126
7.073
705
384
114
70
1,176
357
302
5,969
16,521
126
3,413
1,184
637
221
52
844
632
2.374
2,700
9,276
465
3,430
923
555
174
45
728
644
2,822
2,690
9,072
700
Group B:
Alabama Tenn.& Northern_ _ _ _
Atlanta Birmingham & Coast__
Atl.& W.P.
-West. RR.of Ala
Central or Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah_ _
Mississippi Central
Mobile & Ohio
Nashville Chatt. & St. Louts_
New Orleans-Great Northern
Tennessee Central
1931.
1930.
1932.
169
527
502
2,546
159
757
559
238
629
17,325
15,736
111
99
1,504
1,985
350
347
197
490
517
2,315
216
894
568
235
561
13,793
11,556
83
95
1,511
1,822
546
328
134
552
521
2,359
217
732
676
282
634
18,218
15,966
74
135
1,836
2,155
467
436
123
490
706
1,641
157
381
975
251
548
6.514
2,490
276
165
946
1,444
231
720
1931.
99
462
762
1,684
98
490
912
266
544
6,506
2,705
262
131
723
1,497
177
423
43,543
35,727
45,394
18,058
17,741
Grand total Southern District
75,065
64,673
78,191
39,856
39,524
Northwestern District
Belt Sty. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific_
Chic. St. Paul Minn.& Omaha_
Duluth Missabe & Northern_
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Minneapolis tir. St. Louis
Minn. St. Paul & S. S. Marie
Northern Pacific
Spokane Portland & Seattle.._
443
10,985
1,958
15,023
2,877
361
420
2,309
201
6,822
439
1,489
3,806
7,730
599
574
9,876
1,820
13.001
2,399
337
334
2,918
205
5,535
337
1,279
3,338
6,557
578
993
12,655
2,166
16,025
3,665
562
704
3,811
244
7,491
440
1,846
4,042
8,097
734
861
6,994
1,974
5,755
2,202
57
347
3,874
124
1,179
298
1,207
1,322
1,430
710
945
6,833
1,828
5,441
2,009
84
288
3,930
154
1,548
269
1,030
1.339
1.555
706
55,462
49,088
63,475
28,334
27,959
15,733
2,451
219
12,142
9,417
2,626
957
3,118
305
816
300
102
9,274
224
242
10.154
1,104
827
16,124
2,474
96
11,638
9,700
1,051
1,156
2,648
293
1,509
309
65
9,025
190
162
10,070
789
1,009
19,880
3,141
177
17,511
11,218
2,268
1,783
3,571
587
984
430
77
13,033
250
175
12,877
925
1,206
3,166
1,352
29
4,743
5,027
1,639
616
1,432
2
831
212
49
2,628
214
589
4,949
9
1,119
3,461
1,625
42
4,685
5,024
1,577
783
1,599
5
641
149
91
2,840
176
502
5,190
7
909
70,011
69,208
90,093
28,606
29,306
89
113
166
1,490
151
1,690
241
1,211
785
365
655
46
3,893
11,459
39
89
6,527
1,721
377
4,699
3,136
1,286
18
123
81
226
1,408
117
1,246
244
1,213
1,036
244
698
36
3,988
11,516
31
98
6,308
1,987
403
4,609
3,591
1,253
13
147
223
219
1,388
173
1.132
331
1,662
998
327
735
66
4,452
13,659
23
68
7,529
1,686
371
5.332
4,492
1,404
37
2,499
333
70
660
31
1,250
731
1,102
839
390
115
210
1,779
5,449
12
91
2,232
979
146
1,870
2.232
1,822
39
1.968
462
82
1,108
40,246
40,475
46.454
24,889
26.279
Total
Total
Central Western DistrictAtch. 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 It Pekin Union
Southern Pacific (Pacific)
St. Joseph er Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
3,383
96,823
Total Loads Received
from Connections.
Total
Alleciheny District
Baltimore & Ohio
Bessemer & Lake Erie
y Buffalo & 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
Pocahontas District
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District
Group A:
Atlantic Coast Line
Clinchfield
Charleston & Western Carolina_
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom_
Seaboard Air Line
Southern System
Winston-Salem Southbound..
Total
Southwestern District
Alton dr Southern
Burlington Rock Island
Fort Smith & Western
Gull Coast 1.1ni
Houston & Brazos Valley
International-Great Northern..
Kansas Oklahoma & Gulf
KAMM City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley_,
Missouri & North Arkansas_ _
Missouri-Kansas-Texas Lines..
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
st. Louis-San Francisco
St. Louis Southwestern
San Antonio Uvalde & Gulf.._ _ _
Southern Pacific in Texas & La_
Texas & Pacific
Terminal RR. Assn. of St. Louis
Weatherford Min. Wells & N.W
Total
32,797
21,798
28,946
1 31,522
21,783
Total
x Included In New York Central. y Included In Baltimore & Ohio RR. z Estimated.
Slight Increase Reported in Wholesale Price Index of
National Fertilizer Association During Week
Ended Jan. 7-First Rise in Many Weeks.
For tho first time in many weeks, wholesale commodity
price advances were more numerous than declines and the
index of the National Fertilizer Association advanced one
point. The latest number for this index is 58.2. For the
preceding week it was 58.1 and a month ago it was 59.5.
Last year at this time the index stood at 64.8. (The three
year average 1926-1928 equals 100.) The Association
continued as follows under date of Jan. 9:
Five of the fourteen groups In the index advanced during the latest week,
three declined and six showed no change. The largest gain was shown in the
group of grains, feeds and livestock. Fats and oils, textiles, building materials and miscellaneous commodities also advanced slightly. The declining groups were fuel, foods and metals. With the exception of the loss
in the fuel group the declining groups showed only small losses.
Advances in the prices of individual commodities outnumbered almost
two to one declines in commodity prices. There were 27 advances during
tho latest week and only 15 declines. During the preceding week there
were 28 commodity price declines and only 13 advances. Two weeks ago
there were 32 price losses and 15 price gains. Higher prices were noted
during the latest week for corn, wheat, oats, light and heavy weight hogs,
lambs, cotton, silk, lard, eggs, flour, apples, silver and hides. Lower
prices obtained for butter, pork, potatoes, heavy melting steel, lead, tin,
rosin and gasoline.
The Index number and comparative weights for each of the 19 groupsilsted
In the index are shown in the table below:
1,633
676
1.304
755
266
207
453
1,791
5,613
26
95
1,978
1,070
210
1,858
2,719
1,940
34
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (19264928=100).
Per Cent
Each Group
Bears to the
Total Index.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
Inn n
Group.
Foods
Fuel
Grains, feeds and livestock_ _ _
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements_
Al. t,rn/Ino nnrnhInnti
Latest
Week
Jan. 7
1933,
Pr,!
ceding
Week.
Month
Ago.
Year
Ago.
58.6
57.7
35.8
43.1
60.7
86.6
70.8
67.4
77.4
46.5
87.3
61.7
67.9
91.8
58.7
58.6
34.4
42.9
60.6
86.6
70.6
67.6
77.4
46.0
87.3
61.7
67.9
91.8
60.4
63.0
36.6
42.5
61.3
86.6
70.5
67.8
77.4
45.0
87.3
61.7
67.9
91.9
68.3
58.8
50.9
49.1
66.5
89.1
72.4
73.5
84.3
50.6
88.9
70.3
79.6
92.7
coo
SR 1
SR 5
04R
Annalist Weekly Wholesale Price Index Advanced
-Cotton and
Slightly During Week of Jan. 10
Wheat Higher.
A slight advance of 0.1 point carried the "Annalist"
weekly index of wholesale commodity prices to 83.9 on
Jan. 10 from 83.8 (revised) the week before. The "Annalist"
in reporting this also said as follows:
The chief cause was the advance in wheat, which spreading to the stock
markets and to some of the other commodities, notably cotton, lifted
234
Financial Chronicle
the farm products index from 65.8 from 63.5. Tne other groups generally
were lower, with gasoline prices showing a sharp drop.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES (1913=100).
(Unadjusted fo Seasonal Variation.)
Jan. 10 1933.
Jan. 3 1933.
Jan. 12 1932.
65.8
91.6
*67.2
115.5
94.3
106.6
95.5
71.1
RA 9
63.5
91.5
a67.9
118.4
94.7
106.6
95.5
71.9
sRA R
79.5
97.4
80.4
124.3
98.4
108.7
96.6
84.1
045
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
*Provisional. a Revised.
Decrease of
of 1% Reported in Wholesale Prices
During Week Ended Jan. 7 by United States
Department of Labor.
The Bureau of Labor Statistics of the U. S. Department
of Labor announces that its index number of wholesale
prices for the week ended Jan. 7 stands at 61.9 as compared with 62.2 for the week ended Dec. 31, showing a
decrease of approximately M of 1%. The Bureau also
announced the following:
These index numbers are derived from price quotations of 784 commodities, weighted according to the importance of each commodity and
based on average prices for the year 1926 as 100.0.
The accompanying statement shows the index numbers of groups of
commodities for the weeks ended Dec. 10, 17, 24, and 31 1932, and Jan. 7
1933:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF DEC. 10,
17, 24, AND 31 1932 AND JAN. 7 1933. (1926=100.)
Week Ended
Dec. 10. Dec. 17. Dec. 24. Dec. 31. Jan. 7.
63.1
44.7
58.7
70.8
52.8
71.6
79.4
70.6
72.3
73.5
63.3
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting
Metals and metal products
Building materials
Chemicals and drugs
Houseturnishing goods
Miscellaneous
63.0
44.7
58.8
69.3
53.0
71.5
79.3
70.6
72.3
73.5
63.2
62.5
44.3
58.4
69.1
52.8
69.5
79.3
70.9
72.3
73.5
63.2
62.2
43.7
57.9
69.1
52.5
69.0
79.3
70.8
72.2
73.5
63.1
61.9
43.8
58.1
68.9
52.7
68.1
79.1
70.7
72.0
73.3
61.4
Production of Electricity During Holiday Period 5.9%
Below That for the Corresponding Three Weeks a
Year Ago.
According to the National Electric Light Association, the
production of electricity by the electric light and power
industry of the United States for the week ended Jan. 7
1933 was 1,460,639,000 kwh., compared with 1,414,710,000
kwh. in the preceding week and 1,619,265,000 kwh. in the
corresponding period last year. Electric output for the three
weeks ended Jan. 7 1933 totaled 4,429,822,000 kwh., a
decrease of 5.9% as compared with the three weeks ended
Jan. 9 1932 when 4,707,569,000 kwh. were produced.
PER CENT CHANGES.
Average of Three Weeks Week End.
Ended Jan. 7 1933. Dec. 17 '32.
Major Geographic Regions
Atlantic Seaboard
New England (alone)
Central Industrial
Pacific Coast
-4.6
-3.6
-8.5
-5.0
-5.9
Total United States
-5.6
-8.2
-5.9
-6.7
Arranged in tabular form, the output in kilowatt hours of
the light and power companies for recent weeks and by
months since the first of the year 1932 is as follows:
DATA FOR RECENT WEEKS.
- 1932-1933. Week of- 1931-1932. Week of- 1930-1931.
Week of
Dec. 10 1,518,922.000 Dec. 12
Dec. 17 1,563,384,000 Dec. 19
Dec. 24 1,554,473,000 Dec. 26
Dec. 31 1,414,710,000 Jan. 2
Jan. 7 1,460,639,000 Jan. 9
Jan. 16
Jan. 14
Jan. 23
Jan. 21
Jan. 30
Jan. 28
Months-
1,671,717 000 Dee. 13
1,675,653 000 Dec. 20
1,564,652 000 Dec. 27
1,523,652 000 Jan. 3
1,619,265 000 Jan. 10
1,602,482 000 Jan. 17
1,598,201 000 Jan. 24
1,588,967,000 Jan. 31
1931.
1932.
1931-'32.
Under
1930-'31.
1,748,109,000
1.769,994,000
1,617,212,000
1.597,454,000
1,713,508,000
1,716,822,000
1,712,786,000
1,687,160,000
1930.
1929.
-9.1%
-6.7%
-5.9%
1932
Under
1931.
January --- 7,014.066,000 7.439,888,000 8,021.749.1300 7,585,334,000
February- 6,518,245,000
6.781,347.000
March
6.303.425.000
April
6.212.090,000
May
6.130.077.000
June
6.112.175,000
July
6,310.667,000
August
6,317,733.000
September
6.633.865.000
October
6.507,534,000
November
December
Tn.!
6,705,564,000
7.381.004.000
7.193,691,000
7,183,341,000
7.070,729,000
7.286,576,000
7.166,086.000
7,099,421.000
7,331,380.000
6,971,644,000
7,288.025,000
7.066.788.000
7,580,335.000
7,416,191.000
7,494.807.000
7,239,697,000
7,363.730,000
7,391.196,000
7,337.106.000
7,718,787,000
7,270.112.000
7.566,601,000
6,850,855,000
7,380.263.000
7,285,350.000
7.486,635,000
7,220,279.000
7,484,727.000
7,772.878.000
7.523.395.000
8.133.485.000
7,681.822,000
7,871,121,000
5.7%
a6.1%
8.2%
12.4%
13.5%
13.3%
16.1%
11.9%
11.0%
9.5%
6.7%
86.063.960.000 39.467.009.000 110.277_1153.1100
a Change computed on basis of average dal 9 reports.
-The monthly figures shown above are based on reports covering approxiNote.
mately 92% of the electric light and power Industry and the weekly figures are based
on about 70%.
Jan. 14 1933
Department Store Sales Increased Less than Seasonal
from November to December, According to Federal
Reserve Board.
Preliminary figures on the value of department store
sales show an increase from November to December of
somewhat less than the estimated seasonal amount. The
Federal Reserve Board's index, which makes allowance
both for number of business days and for usual seasonal
changes, was 62 in December on the basis of the 1923-25
average as 100, compared with 65 in November and 71 in
October. In announcing this on Jan. 11, the Board also
said:
In comparison with a year ago the value of sales for December, according
to tne preliminary figures, was 23% smaller. The aggregate for the year
1932 as a whole was 23% smaller than for the year 1931.
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO.
Federal Reserve District.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
December.*
12 Months Number of
Ended
Reporting Number of
Dec. 31..
Stores.
Cities.
-19
-23
-21
-27
-22
-24
-28
-25
-24
-25
-22
-20
-20
-21
-21
-27
-20
-24
-25
-23
-20
-22
-24
-25
97
52
33
37
50
22
56
18
13
23
18
68
26
28
14
17
22
14
33
9
7
13
8
24
-23
-23
487
215
* December figures preliminary; in most districts the month had the same number
of business days this year and last year.
Seasonal Trend in New York State Factory Employment
Continued from November to December, According
to Department of Labor-Wage Payments Declined
3.6% as Compared with a Usual Increase.
New York State factory employment showed a sharp
seasonal decline during the November to December period,
according to a statement issued Jan. 11 by Industrial Commissioner Frances Perkins. The decrease amounted to
3.1%, as compared with a normal seasonal loss of less than
1%. Total wage payments were decreased by 3.6%,
although normally payrolls have a tendency to rise during
December. The decline reduced employment to approximately the September 1932 level, but the number of persons
employed was still 9% above the July low point. Total
payrolls were reduced to the June 1932 level, but were
8.1% above the July low. Returns from approximately
1,575 representative New York State factories form the
basis for this analysis. We also quote from Commissioner
Perkns' statement as follows:
The December losses lowered the New York State factory employment index, based on the 1925-27 average as 100, to 57.1 (preliminary),
a loss of 15.7% from the corresponding period of the previous year. The
payroll index, also with the 1925-27 base, receded to 42.6 (preliminary),
wtere it was 26.3% below the level of December 1931. The movement
was general, with but two major industrial groups, food procucts and
water, light and power, going against the downward tendency. In New
York City, the drop was somewhat less than in the State as a whole,
factory employment in that city dropping 2.6% and payrolls decreasing
3.6%.
Metal Employment Turns Downward.
Employment In the metal Industries, which had been showing seasonal
Improvement since September, turned downward during December.
Losses were reported by the brass, copper and aluminum, sheet metal
and hardware, iron and steel, firearms, tools and cutlery, and instruments and appliances divisions, all of which had shown increases during
the previous month. Manufacturers of machinery and electrical apparatus, who had taken on a few persons in November. let go 2%% of their
forces in December. The automobile and automobile parts division,
which had shown a sharp decrease in activity during the previous month,
laid off 4.3% of their employees. The cooking, heating and ventilating
apparatus industry extended Its November decline, and reported a drop
In numbers employed of almost 50%. Railroad equipment and repair
shops continued slightly busier. The boat and shipbuilding industry
bad a seasonal recovery and took on a large number of persons.
Sharp Seasonal Losses in Clothing and Millinery.
Seasonal decreases in the number of persons employed In clothing and
millinery factories continued throughout December. but the losses were
unusually severe. The loss from November for the group as a whole
amounted to 7%. All divisions comprising the group participated In the
downward movement. Tile greatest percentage drop was shown by the
men's clothing industry, although normally men's clothing shops begin
in December to re-hire workers in preparation for the spring season.
Textile Employment Lower.
The recent advance in textile mill employment was definitely checked
in December, with the group as a whole showing a decline of 2%, due
probably to seasonal factors. Makers of silk and silk goods and of cotton
goods continued their November curtailment, and manufacturers of knit
goods and of miscellaneous textiles joined in the downward movement
this month. Manufacturers of woolens, carpets and felts reported employment about even with November.
Small Net Rrise in Food Industries.
A small net rise, contrary to the usual seasonal movement. occurred
in the food and tobacco group. This rise, however, was due almost
entirely to an unusual increase in operations in the candy industry. A
few Persons were also taken on by the flour, feed and cereals, meat and
dairy products, and bakery products divisions. Employment In the
Volume
235
Financial Chronicle
136
other industries of the group remained seasonally depressed, with canneries in particular continuing to lay off help in large numbers.
Other Industries Move Downward.
Employment in the furs, leather and ruboer goods group continued to
decline seasonally. Shoe factory employment, however, was a little
higher. All the branches of toe wood manufactures. chemicals, oils and
paints, pulp and paper and stone, clay and glass groups showed decreases.
The tendency in the printing and paper industry continued downward,
while water, light and power plants again took on a few additional workers.
New York City Registers General Decline.
December employment In Now York City factories fell 2.6% below
the Novemoer level, with most of the decrease again being due to adverse
Seasonal influences in the clothing and millinery group. The metal industries were mostly reporting lowered employment, but a good recovery
in the boat and shipbuilding division partially counteracted the movement. Employment In wood manufactures, stone, clay and glass, chemicals, oils, and paints and textiles was lower this month than last. The
food products group, where there was unusual activity in candy factories,
operated with a greater working force than during November. Some
increase was reported by water, light and power plants. Printing and
paper establishments kept their employment about even with November.
Employment Down in All Up-State Centres.
All major up-State centres suffered declines in employment during
December, with losses ranging from less than I% in Binghamton to 8.3%
in Syracuse. Payrolls were also lower in all the cities, excepting Binghamton, where they were 1.3% higher. Curtailment in the metal industries was responsible for a large part of the declines noted in Buffalo,
Syracuse, Albany-Schenectady-Troy and Utica. In Rochester men's
Clothing shops let go many operatives.
The occupancy was 47%, a seasonal decline of only three points from
November compared with an average decline of five points in previous
years. Twenty-three per cent of all hotels reporting had higher occupancies this December than last, Detroit in particular showing good
improvement. 2his is a much higher percentage than usual to show
increase. Reductions in room rates were at practically the same rate.
Contrary to the usual rule, food sales dropped less than room sales,
this being because New Year's celebrations held up well. In New York
especially many of the larger hotels served considerably more covers this
Dec. 31 than last.
December's results were encouraging. The most important change
for the better is the growing number of hotels showing increases in room
occupancy. Sales in dollars still record decreases, but there is no doubt
that the declining trendline is flattening out, despite the fact that rates
are still falling. If hotel rates become stabilized this year, as it is expected
that commodity prices in general will, then the recovery will begin in
earnest.
The following table shows how sales of the last six months have declined
from those of three years ago:
July.
Aug.
Sept.
Oct.
Nov.
Dee.
-50.8% -48.9% -50.7% -55.0% -62.6% -52.6%
-50.6% -50.6% -49.3% -52.2% -53.4% -54.4%
-49.8% -48.9% -51.0% -46.4% -52.1% -54.4%
-39.4% -34.5% -44.9% -45.6% -44.2% -43.5%
-44.3% -49.0% -54.7% -54.0% -50.5% -52.0%
-52.2% -55.5% -48.4% -51.0% -54.7% -39.3%
-44.6% -36.9% -43.5% -48.4% -48.9% -48.3%
-49.4% -49.6% -48.9% -48.2% -49.1% -47.4%
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
All others reporting
Total
-46.8% -47.0% -48.4% -49.5% -50.2% -48.9%
Horwath & Horwath also issued the following analysis:
TREND OF BUSINESS IN HOTELS, SEPTEMBER 1932 COMPARED WITH
SEPTEMBER 1931.
FACTORY EMPLOYMENT IN NEW YORK STATE.
(Preliminary.)
Sales.
Percentage Change
November to December 1932.
Industry.
Total Stale.
-1.7
+2.4
-1.2
-8.4
-5.2
-1.7
-8.6
-0.7
-19.6
-14.1
-1.0
-4.2
-3.2
-2.6
-9.0
-7.6
-2.8
-0.4
-47.3
-2.5
-4.3
+0.4
+30.2
-7.2
-2.2
-7.0
-1.9
-0.4
-0.5
-2.4
-0.4
-11.3
+0.3
-12.3
-6.7
-7.8
-1.4
-4.0
-3.5
-0.1
-0.5
+0.4
-2.8
-0.3
-2.2
-1.9
+0.3
-0.1
-1.4
-7.0
-12.1
-2.5
-4.8
-8.2
-9.6
-9.4
-1.7
+0.4
+0.6
-21.0
-10.6
-4.3
+4.6
+27.8
+2.9
-4.8
-4.6
-12.1
-2.8
-2.4
-6.0
-1.0
-14.3
-3.1
+1.7
-1.7
-0.1
-3.4
-1.8
-1.4
-3.4
-0.1
-2.2
+0.1
No change
Total
Rooms,
-19
-26
-26
-20
-22
-6
-19
-17
-27
-21
-24
-27
-21
-24
-9
-16
-16
-26
-21
Total
-21
Reslaur't
-17
28
-26
-19
-19
-2
-22
-17
28
-
46
58
34
39
49
51
42
47
39
51
64
42
44
55
48
45
51
47
-12
-16
10
11
15
-15
11
-20
47
52
-12
-9
".
."10
"
-DECREASES IN TOTAL (ROOMS AND
ANNUAL SUMMARY FOR 1932
FOOD) SALES FROM 1931.
New CM- Phila.- Wash- Cleve- De- Cali- Other
Total. York. cago, delphiaington. land. troll. fornia. Cities.
January
February
March
April
May
June
July
August
September
October
November
December
-21
-22
-24
-27
-28
-26
-28
-24
-26
-22
-22
-21
-23
-23
-25
-30
-29
-28
-31
-24
-23
-23
-21
-19
-21
-21
-25
-26
-31
-20
-25
-29
-28
-28
-27
-26
-20
-19
-23
-27
-25
-32
-28
-29
-28
-28
-26
-26
-13
-2
-5
-22
-12
-20
-17
-6
-17
-14
-16
-20
-20
-21
-21
-21
-26
-29
-38
-28
-29
-27
-25
-22
-26
-30
-31
-30
-28
-25
-20
-6
-18
-14
-18
-19
-23
-22
-24
-29
-30
-33
-33
-30
-29
-26
-25
-27
Comparisons:
1932 with 1931_ -24 -25 -26 -26 -14 -26 -20 -22 -28
1931 with 1930_ -19 -21 -19 -18 -18 -18 -19 -22 -18
r 1930 with 1929_ -10 -12 -10 -13 -12 -11 -14 -8 -8
+1
+4
+3
+2 -6 no ells +2
P 1920 with 1928_ +2
+1
-0.2
-3.2
+1.5
+0.3
+12.7
-2.5
-1.6
+1.1
-12.3
-7.2
-13.0
-8.4
-4.8
-7.1
-9.6
-7.5
-1.6
+2.7
No change
-9.8 •
-3.3
+3.4
+0.3
+14.4
-3.1
-0.9
+2.8
-3.1
-2.6
Trend of Business in Hotels During December as
Reviewed by Horwath & Horwath-Sales Decreased
21% as Compared with December 1931.
In their survey of business in hotels during December,
Horwath & Horwath state that "the December decrease
in total sales from the corresponding month of the preceding year-21%-is the same as that last Jaunary and
the smallest since then. It is one point less than that in
October and November and from one to seven points less
than the declines in all the other months." It is also noted
that "rooms and restaurant decreases showed about the
same slight measurement of improvement, the former
dropping 21% and the latter 20% from December 1931."
The survey also stated as follows:
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
Texas
All other cities report's
Occupancy.
Room Rate
Percent of
This Same Mo. Inc.(41
Moruh. Last Year Dec.
(-)
IIIIIIIIIII
Total
N. 7. City.
-7.3
Percent ofInc.(+) or Dec.(-)
O.NT
COWOON.W.M .
Stone, clay and glass
Miscellaneous stone and minerals
Lime,cement and plaster
Brick, tile and pottery
Glass
Metals and machinery
Silverware and jewelry
Brass, copper and aluminum
Iron and steel
Structural and architectural Iron
Sheet metal and hardware
Firearms, tools and cutlery
Cooking, heating, ventilating apparatus
Machinery and electrical apparatus
Automobiles, airplanes. &"/
Railroad equipment and repair shops
Boat and shipbuilding
Instruments and appliances
Wood manufactures
Saw and planing mills
Furniture and cabinet work
Planes and other musical instruments
Miscellaneous wood, &a
Furs, leather and rubber goods
Leather
Furs and fur goods
Shoes
Gloves, bags canvas goods
Rubber and gutta percha
Pearl. horn, bone, &o
Chemicals, oils, paints. &o
Drugs and industrial chemicals
Paints and colors
011 products
Photographic and mLscellaneous chemicals
Pulp and paper
Printing and paper goods
Paper boxes and tubes
Miscellaneous paper goods
Printing and bookmaking
Textiles
Silk and silk goods
Woolens, carpets. felts
Cotton goods
Knit goods, except silk
Other textiles
Clothing and millinery
Men's clothing
Men's furnishings
Women's clothing
Women's underwear
Women's headwear
Miscellaneous sewing
Laundering and cleaning
Food and tobacco
Flour, feed and cereals
Canning and preserving
Sugar and other groceries
Meat and dairy products
Bakery products
Candy
Beverages
Tobacco
Water, llght and power
Analysis by Cities in
Which Norwalk .4
Horwath Offices Are
Located.
Failure Record of 1932.
Business failures in 1932 were more numerous in the
United States than in any year for which a record has
been made. The liabilities also exceeded in amount those
reported for any previous year. A tabulation complete
for the year, according to the reports of R. G. Dun & Co.,
shows 31,822 insolvencies for 1932. The liabilities amounted
to $928,312,517. This record includes only the defaults
of commercial concerns. Banking suspensions are tabulated
separately and individual assignments of those not engaged
in mercantile pursuits, are omitted.
The next high-water mark in business defaults was for
the year 1931, when there were 28,285 insolvencies recorded,
with $736,309,102 of liabilities. The increase for 1932 over
the preceding year was 3,537 in number, equal to 12.5%,
and $192,003,415 in the indebtedness, or 26.1%. There
also was an increase in both divisions of this record for
1931 over 1930. The fact of the matter is that business
failures for the past three years have been successively
higher for each year than for the preceding year, and have
exceeded all previous records.
It was during the last three months of 1932 that a marked
improvement in the failure record appeared. This was
achieved in spite of an increase of 396 failures in December
over the November total of 2,073.
Monthly and quarterly failures, showing number and
liabilities, are contrasted below:
Monthly and quarterly failures, showing number and
liabilities, are contrasted below for the periods mentioned:
236
Financial Chronicle
Number.
Liabilities.
1932.
1931.
1930.
2.469
2,073
2,273
2,758
2,195
2,362
2,525
2,031
2,124
6,815
7,315
6,680 $170,679,74 $204,532,998 $195,240,668
2,182
2,796
2,596
1,936
1,944
1,983
1,963
1,913
2,028
. 7.574
5,863
1,993
2,248
2,383
2,026
2,179
2,198
8,292
6,624
6,403 $261,763,666 $155,894,995 $167,731,532
2,951
2,732
3,458
2,604
2,563
3,316
2,347
2,262
2,759
Increase Is Found Less.
"One encouraging fact, however, is shown by the November unemployment estimate and by our trade union reports for November and December;
unemployment is increasing less rapidly this fall than In any other depression year. Even in the fall of 1929. the increase in unemployment was
greater than it has been this year.
"In the three years before 1932, industrial and farm lay-offs threw nearly
1,000,000 persons out of work from October to November. This year
only about 700,000 lost their jobs. Thus. 300.000 men and women who
might have been laid off have been kept at work."
The Federation's unemployment figures follow:
5,904 $220,348,485 $161,278,635 $135,954,091
2,688
2,788
2,816
December
November
October
4th quarter_
September
August
July
3d quarter
Jan. 14 1933
June
May
April
2d quarter_
March
February
January
1932.
1931.
1930.
$64,188,643 573,212,950 $83,683,361
53,621,127 60,659,612 55,260,730
52,869,974 70,660,436 56.296,577
556,127,634 $47,255,650 546.947,021
77,031,212 53,025,132 49,180,653
87,189,639 60,997,853 39,826,417
$76,931,452 $51,655,648 563,130,762
83,763,521 53,371,212 55,541,462
101,068,693 50,868,135 49,059,308
$93,760,311 $60,336,550 $56,846,015
84,900,106 59,607,612 51,326,365
96,860,205 94,608,212 61,185,171
1st quarter_ _ _ _
9,141 8,483 7,368 $275,520,622 $214,602,374 5169,357,551
FAILURES BY BRANCHES OF BUSINESS
-NOVEMBER 1932.
Number.
Total manufacturing
7`radersGeneral stores
Groceries, meat and fish
Hotels and restaurants
Tobacco &c
Clothing and furnishings
Dry goods and carpets
Shoes and luggage
Furniture and crockery
Hardware, stoves and tools__ _
Chemicals and drugs
Paints and oils
Jewelry and clocks
Books and papers
Hats, furs and gloves
All other
.ww-a
www,www.-wow4.wni
Manufacturers
Iron, steel and foundries
Machinery and tools
Woolens, carpets, Scc
Cottons and lace
Lumber and building lines
Clothing and millinery
Hats, gloves and furs
Chemicals and drugs
Paints
Printing and Engraving
Milling and bakers
Leather and shoes
Tobacco
Clay and glass
All other
Liabilities.
1931. 1930
14
35
8
2
65
89
17
12
2
29
48
20
4
11
235
1932.
$
6 1,825,726
28
701,718
6
120,836
4
728,732
77 3,813,909
45 1,077,578
30 1,215,532
323,150
8
1
161,000
15 1,353,656
858,291
34
14
568,820
6
202,507
12 1,453,594
251 10,171.843
614
591
537 24,576,891 22,453,828 19,948,173
123
357
95
9
242
85
80
55
71
137
14
39
17
12
350
159
424
127
40
329
119
84
82
85
139
3
57
16
8
341
138
327
111
23
339
109
82
85
55
109
5
41
15
23
372
2,058,413
4,488,014
4,524,121
88,499
3,171,578
1,716,231
874,563
1,220,948
1,320,262
1,410,932
102,901
434,270
272,563
266,318
7,940,751
1931.
$
524,657
880,509
834,753
153,180
2,479,690
1,946,276
608,787
625,834
396,560
705,596
879,203
705,117
196,666
2,697,571
8,810,429
2,616,284
4,541,979
7.770.314
569,439
4,282,205
3,359,124
1,232,576
2,262,371
1,035,423
1,792,829
109,158
1,064,936
230,594
108,829
7,410,248
1930.
a
406,865
3,174,400
612,374
1,597,796
1,545,200
2,086,745
836,500
1,460,100
3,600
2,277,300
271,949
271,300
28,256
438,100
4,937,688
2,190,511
3,857,174
1,349,391
255,200
4,795,548
1,509,929
715,249
1,817.500
930,900
1,023,184
30,400
397,175
106,900
2.279,826
7,094,141
Total trading
Other commercial
1,686 2,013 1.834 29,890,367 38,385,309 28,353,028
169 154 154 9,721.385 12,373,813 35,382,160
PO-Total United States
2.469 2.758 2.125 64 168 643 73 212 050 53 FM 161
Unemployed in United States Put at 11,590,000
-"AllTime Peak" Reached in that Month, According to
Figures of American Federation of Labor-President Green, However, Finds Rate of Unemployment
Increase Has Lessened.
Unemployment in the United States is reported to have
reached an "all-time peak" of 11,590,000 in November, in
preliminary figures made public at Washington on Jan. 6
by William Green, President of the American Federation of
Labor. However, Mr. Green stated that "unemployment
Is increasing less rapidly this fall than in any other depression year." From Washington advices Jan. 6 to the New
York "Times" we quote further as follows:
The November figure topped that for August, when the Federation
reported the previous peak In unemployment 11,460,000.
The figures showed that the trend during 1932, through November,
began with an unemployment total of 10,304,000 in January,
rose slightly
In February, receoed in March, climbed steadily thereafter to the
August
peak, dropped below 11,000,000 in September and October, and
then rose
rose 700,000 between October and November.
However, in each of the three years prior to 1932,
according to the
Federation, unemployment increased by about
1,000,000 from October to
November.
The Federation's reports based on trade union figures,
given in percentages and not in actual number of persons,
indicated that trade union
members are faring better than non-union laborers, on
the basis of comparison with summer months.
Idle's Need Now Greater.
Trade union unemployment was given as 25.4% of union membership
In Jull, and 25.1% in August. In November it was estimated at 24.2%
and 24.9% in December.
Trade union members employed part time comprised 23% of
the
bership In November, the highest point yet reached In this category. memMr. Green's statement on the Federation report read'
"Unemployment is now at its all time peak. Our preliminary estimate
of toe total number out of work in the United States in November 1932,
based on Government figures, shows 11,590,000 unemployed; this is higher
by 130.000 than the previous peak of unemployment in August.
"Reports from trade unions for the first part of December show unemployment higher even than In November. We are experiencing the worst
unemployment crisis in our history.
"Those out of work are in greater need now than ever before, for after
three years of depression their resources are exhausted. Mental and physical wreckage caused by depression Is driving families to seek relief in constantly growing numbers. Relief need Is increasing much faster than unemployment.
“In the year ended October, 1932, unemployment increased 60%, but
the number of families aided increased 94.5% and the amount of relief given
88.6%.
Month.
-April
1930
1932
-January
February
March
April
May
June
July
August
September
a October (final)
November (preliminary December (preliminary)_
Estimate
of Total
Number
Unemployed
in the U. S.
2,964,000
10,304,000
10,533,000
10,477,000
10,496,000
10,818,000
11,023,000
11,420,000
11,460,000
10,850,000
10,875,000
11,590,000
Trade Union UnemPlatfment
(Per Cent of Membership).
Unemployed
(Weighted).
Part
Time.
13.3
23.1
23.0
22.5
22.8
22.8
23.6
25.4
25.1
24.8
23.9
24.2
24.9
20
20
21
22
21
21
21
22
22
23
22
io
a Revised.
Business Conditions in Atlanta Federal Reserve District-Large Increase in Award of Contracts for
Building and Construction-Consumption of Cotton Increase Slightly-Decreases Reported in
Wholesale and Retail Trade.
According to the Federal Reserve Bank of Atlanta, "available business statistics for November in the Sixth (Atlanta)
District indicate a substantial gain in awards of building
and construction contracts, compared with both the preceding
month and the same month a year ago, an increase in production of iron in Alabama, a small gain in cotton consumption, and a smaller than usual decrease in wholesale trade,
but building permits at reporting cities declined, and retail
trade decreased by more than the usual seasonal amount."
The Bank, in its "Monthly Review" of Dec. 31, also reported
the following:
Department store sales in November declined 15.4% from October to
November, and were 21.1% less than a year ago. For the year through
November sales have been 23.6% less than in that part of 1931. Daily
average sales decreased 12% from October to November as compared with a
usual decline of 4.2%. Stocks at department stores, which are usually
about the same as for October, increased 3.2%, but were 19.2% smaller
than a year ago. Wholesale trade decreased 10% from October to November,
a smaller decline than has occurred at the same time of the past
two
years. Debits to individual accounts declined 11.6% over the month,
and
were 27% less than in November 1931.
Reserve bank credit outstanding at this bank increased 3.3 millions
of
dollars between Nov. 9 and Dec. 14, due principally to an increase
of about
2.6 millions in discounts. Discounts were, however, 30 millions
less than a
year ago, and holdings of purchased bills were 14.2 millions less, but
holdings
of Government securities about 32 millions greater than at
that time.
Total loans and investments of weekly reporting member banks
changed
little during this five-week period, but were nearly 58 millions
less than a
year ago. Loans were almost 42 millions, and investments 16
millions, less
than at that time.
Construction contracts awarded in November Increased
substantially over
October in four of the States of this district, and were
greater than for
November 1931, in five of these States. For the district as
a whole, the
November total was 70.2% greater than for October, and
more than twice
that for November last year. Building permits at 20
reporting cities,
however, declined from October and were less than a year ago.
There was a
further gain of 1.6% in the consumption of cotton in
three States of the
district for which figures are available, over October, and an
increase of
19.4% over November last year. Output of cloth and yarn
mills reporting
to this bank declined in November but was greater than a year
ago, but
orders increased from October to November and were somewhat
less than a
year ago. Iron production in Alabama increased 6.5% from
October to
November, and was 40.1% less than in November last year.
The following, regarding wholesale and retail trade conditions, is taken from the "Review" of the Atlanta Reserve
Bank:
Retail Trade.
Department store sales In this district have nearly always declined somewhat from October to November, and reach the high peak for the year
in
December because of the holiday trade. Total sales by 38 reporting department stores in November this year decreased 15.4% from October, and
were 21.1% less than in November last year. For the 11 months of 1932
department store roles have been 23.6% less than in that part of 1931.
Reduced to a daily average basis, however, the decline from October to
November was 12%, as against a usual decrease of 4.2% at that time of
year. November sales were 46.7% higher than at the low point in July,
while the gain at the same time last year was 37.6%. Credit sales in
November accounted for 56.7% of the total, as compared with 57.8% a
month earlier.
Stocks of merchandise at the end of November averaged 3.2% larger
than for October, but were 19.2% smaller than a year ago. Turnover for
the month, and for the 11 months, was slightly less than for corresponding
periods in 1931. Accounts receivable declined 1.5% from October to
November and were 18.5% smaller than a year ago, and collections increased
6.1% over those in October, but were 22.9% less than in November 1031.
The ratio of collections during November to accounts receivable due at
the beginning of the month was 28.2%, the same as for October, and compared with 29.2% for November last year. For regular accounts the
November ratio was 30.0%, for October 30.2%, and for November last
year 31.4%, and for the installment accounts the ratio for November was
15.9%, for October 15.3%, and for November a year ago 15.8%.
Volume
136
Financial Chronicle
All of these statistics are based upon reports in actual dollar amounts,
and the percentage comparisons in the statement, and the index numbers
snake no allowance for changes in the level of prices.
Wholesale Trade.
The volume of wholesale trade in the Sixth District registered a decline
of 10% from October to November, indicated by reports from 107 wholesale
firms, and was 17.9% less in dollar value than in November 1931. At the
same time last year there was a decline of 11.2%. The decreases in
October and November together amounted to slightly less than the gain
registered in September, and the index number of wholesale sales in
November is 0.1 point above that for August and 22.7% higher than for
July, the low point in the series. Sales of furniture and drugs increased
over October, and furniture sales were larger than in November 1931.
For the 11 months of 1932 wholesale trade has been 25.2% less than during
that part of 1931 in actual dollar amount, the percentage comparisons
which follow making no allowance for the changing level of prices.
Few Lines of Trade and Industry in Richmond Federal
Reserve District Slightly Up Towards Latter Part
of 1932—Increase in Number of Unemployed During
Year—Richmond Reserve Bank Reports Developments During November and First Half of December
Mostly Seasonal in Character.
The Federal Reserve Bank of Richmond states in its
"Monthly Review" of Dec. 31 that up to the time the "Review" was compiled (Dec. 21), "1932 annual statistics were
not available but some general trends of business during
the year can be pointed out." The Bank said:
The depression continued progressively during the first two-thirds of the
year, but about the beginning of September the descending curves on
business charts began to level off, and in a few lines of trade and industry
turned slightly upward. On the whole, these moderate gains were maintained until the end of the year, with the result that some annual statistics,
when compiled, will show up better than was indicated in the first half
of the year. After the first quarter of 1932 bank failures in the Fifth
District declined sharply, but commercial failures continued in large
numbers. Some progress was made in overcalling hoarding after bank
failures were checked, and a considerable volume of funds was added to
circulation during the closing months of the year from other sources than
banks. Textile mills rather suddenly increased their operations during
the late summer, when it appeared that this year's cotton crop would be
much smaller than the yield of 1931, and, although the crop turned out
considerably larger than early season estimates, the mills held to the
scale of operations established in August and September. In textile sections,
the increased activity of the mills and larger payrolls was reflected In
improved business in many other lines, especially in retail trade. Employment did not improve during the year except in a few scattered industries,
but, on the contrary, the number of unemployed persons slowly increased.
Building declined still further in the Fifth District in 1932, especially
In city construction, but road and highway work continued at about the
usual rate and in the closing weeks of the year plans were made for
extensive road and bridge work as a relief measure. Agricultural yields
turned out much worse than yields last year, and the price level for farm
products failed to advance in keeping with reduced production, thus
further reducing the purchasing power of the rural population.
Examining specifically the developments in the Fifth Reserve District
between the first of November and the middle of December, most of them
appear to be seasonal in character. Rediscounts for member banks at
the
Federal Reserve Bank of Richmond decreased moderately between Nov. 15
and Dec. 15, and member bank reserve balances increased. There was an
Increase in the volume of Federal Reserve notes in actual circulation,
a
normal development at this season when holiday trade increases the need
for currency. Reporting member banks reduced both loans and investments
between the middle of November and the middle of December, and
their
deposits also dropped slightly during the month. Debits to
individual
accounts figures in five weeks ended Dec. 14 failed to show a
normal
seasonal increase in comparison with debits in the preceding five
weeks,
ended Nov. 9, but, on the contrary, declined 2.5%. Employment
showed
no improvement in November and early December; there was some
seasonal
rise in unemployment, chiefly as a result of inclement weather.
Coal
production in the United States in November exceeded production In
November 1931, the first month since the depression began in which production exceeded production of the preceding year. Textile mills in
the
Fifth Reserve District consumed more cotton last month than they
used
in either October 1932 or November 1931. Spot cotton prices, which
declined in November, resisted the influence of an unexpectedly large
estimate of production released on Dec. 8 and since that date advanced slightly
over the price prevailing just prior to the report. Tobacco markets in
North Carolina and Virginia sold much less tobacco in November than in
the same month last year, the decrease being due in part to later opening
of some markets this year, but chiefly to a much lower production in 1932
in both States. Average prices realized by growers last month were
moderately higher than November 1932 prices, and the quality of
tobacco
sold was also slightly better. Tobacco manufacturing declined further in
November except for snuff, which showed an increase in production over
November last year. Construction work provided for in November building permits and contract awards was in very small volume. Retail trade
in department stores in November was relatively better than trade in
October, and wholesale trade was up to seasonal level in most lines in
comparison with trade in recent months.
The "Review" contained the following as to conditions in
retail and wholesale trade:
Retail.
Department store trade in November in the Fifth Federal Reserve District
was about up to seasonal level, but averaged 16.1% less in dollars than
sales in November 1931, according to reports from 33 leading stores in 13
cities. Richmond stores as a whole reported smaller declines in sales last
month than stores in other sections, with Baltimore in second place.
Cumulative sales in the first 11 months of 1932 totaled 18.6% less than
sales in the corresponding period of 1931, Washington leading the other
cities. During the first three weeks in December, for which no actual
figures are yet available, weather was highly unfavorable for retail trade,
and preliminary reports indicate that the stores have suffered accordingly
in their holiday business.
Stocks of goods on the shelves of the reporting stores showed a seasonal
Increase during November, but at the end of the month were 15.0% less than
stocks on hand on Nov. 30 1931, part of this increase being due to lower
237
prices in many lines this year. The figures are reported in dollars, at
retail selling prices. The reporting stores turned their stocks .298 times in
November, and between Jan. 1 and Nov. 30 the average rate of turnover
was 3.139 times, a lower figure than 8.335 times stock was turned in the
corresponding 11 months in 1931.
Collections during November averaged 25.2% of receivables outstanding
on Nov. 1, exactly the same figure reported in October 1932 but lower than
27.3% of outstanding receivables collected in November 1931.
iVholesale.
Wholesale trade in five leading lines was in smaller volume in November
than in either October this year or November last year, but the decrease
under the preceding Month was chiefly seasonal and the drop in comparison
with the corresponding month of 1931 was less than in earlier months this
year. In cumulative sales since Jan. 1, all five lines show lower figures
than for the like period of 1931, shoes decreasing least, with 11.2%, and
dry goods most with 20.8%
Stocks carried by the reporting firms decreased seasonally in November,
and on Nov. 30 1932 all firms were carrying smaller stocks than on
Nov. 30 1931, shoes showing the greatest decline and dry goods the least.
The percentages of collections in November to accounts receivable on
the first of the month were higher in groceries and hardware and lower in
dry goods, shoes and drugs than the percentages for October 1932. In
comparison with the collection percentages reported for November 1931,
those reported for November this year were higher in groceries, dry goods
and hardware, but were lower in shoes and drugs.
No Improvement in Business Activity in Tenth District
During November and Part of December According
to Federal Reserve Bank of Kansas City—Conditions in Wholesale and Retail Trade.
"Market prices for agricultural products and for many
other items of Tenth (Kansas City) District production
continue at abnormally low levels," says the Jan. 1 "Monthly
Review" of the Kansas City Federal Reserve Bank, "and
business activity in the district failed to show any improvement in November and forepart of December." The "Review" added:
November grain prices were generally steady, with the exception of corn,
which moved into lower ground. Hay prices were steady, and cotton
declined slightly. Lambs were 50c. per hundredweight higher for the
month, pork prices closed unchanged, but beef was lower. Prices of cattle
and hogs declined further to mid-December, the former selling at the lowest
levels in over 20 years, and the latter the lowest since 1879. Butter and
egg prices advanced rapidly late in November. Turkey prices broke badly
under heavy holiday offerings, but other classes of poultry continued to
sell at the same low levels.
The Dec. 1 summary of the Bureau of Agricultural Economics, United
States Department of Agriculture, commenting on the agricultural situation,
states as follows:
r Prices of farm products stand this fall at an index of 54 (pre-war average being
considered as 100), prices paid by farmers for commodities bought 106„ farm taxes
about 250, farm wages 84. The general wholesale price level of all commodities
stands at 94. Industrial wage rates are around 175.
The ratio of prices received by the farmer to prices paid by him for
commodities is estimated at 51, as compared to a low ratio of 48 for
June of this year.
Sales at both wholesale and retail declined seasonally, the former by
somewhat less than usual and the latter slightly more.
Marketings of grain and livestock were extremely light, and the countryward movement of livestock for feeding purposes was substantially below
normal.
Production of flour, crude oil and cement declined, both as compared to
October this year and November 1931. Coal production was the same as a
month ago, but exceeded last year's output.
Building activity, especially residential construction, was quiet.
Deposits in member banks show a tendency to increase, but loans and
discounts show further reductions.
In its "Review" the Bank reported the following as to
wholesale and retail trade conditions:
Retail.
Dollar sales of 34 department stores located in Tenth District cities
declined 8.3% in November. Not since 1927 have November sales exceeded
October sales, but the decline this year was slightly larger than reported
in any of the four preceding years. A decrease of 21.2% as compared
to November 1931, although not as favorable a oomparison as shown for
the months of September and October, was considerably better than reported
for the months of June and July. Preliminary reports indicate that holiday
sales, which have been retarded somewhat by the extremely cold weelimr,
will fall considerably short of the normal volume.
Stocks, as usual, showed little change between Oct. 31 and Nov. 30, but
inventories, as of the latter date, were 21.5% lighter than on the like
date last year, thus making the third consecutive substantial annual decline.
Collections during November were at the rate of 35.2% of accounts
outstanding at the close of the previous month as compared to 35% in
October and 36.4% in November 1931.
Wholesale.
November witnessed about the usual falling off in wholesale trade, all
lines, with the exception of drugs, which experienced a slight non-seasonal
gain, reporting declines ranging from 9.6% for dry goods to 27.9% for
furniture. Dollar sales substantially smaller than a year ago were reported
by all lines, decreases being as follows: Dry goods, 11.7%; groceries,
17.1%; hardware, 19.3%; furniture, 36.6%, and drugs, 3.5%.
All lines, furniture excepted, reduced their inventories during the month,
and stocks on hand Nov. 80 were, without exception, substantially smeller
than one year earlier.
Factory Sales of Automobiles in November 1932 Compared with Preceding Months.
November factory sales of automobiles manufactured in
the United States (including foreign assemblies from parts
made in the United States and reported as complete units
or vehicles), based on data reported to the Bureau of the
Census, consisted of 59,556 vehicles, of which 47,293 were
passenger cars, 12,024 trucks, and 239 taxicabs, as coin-
Financial Chronicle
238
pared with 48,702 vehicles in October, 68,867 vehicles in
November 1931, and 136,754 vehicles in November 1930.
The table below is based on figures received from 144
manufacturers in the United States for recent months,
42 making passenger cars and 113 making trucks (11 making
both passenger cars and trucks). Figures for taxicabs
include only those built specifically for that purpose; figures
for trucks include ambulances, funeral cars, fire apparatus,
street sweepers, and buses. Canadian figures are supplied
by the Dominion Bureau of Statistics.
NUMBER OF VEHICLES.
Canada.
United States.
TaxiTrucks. cabs.,
PassenTotal. ger Cars. Trucks
Total.
1930
November
1931
November
1932
January
February
March
April
May
June
July
August
September
October
November
Passenger
Cars.
136,754
100,532
35,613
609
5,407
3,527
1,880
68.867
48,185
19,683
999
1,247
812
435
119,344
117,418
118,059
148,326
184,284
183,092
111,141
90,324
84,141
*48.702
59,556
98,706
94,085
99,325
120,906
157,683
160,103
94,678
75,898
64,735
*35,102
47,293
20,541
23,308
19,560
27,389
26,528
22,754
16,436
14,417
19,393
13,595
12,024
97
25
74
31
73
235
27
9
13
5
239
3,731
5,477
8,318
6,810
8,221
7,112
7,472
4,067
2,342
2,923
2,204
3,112
4,494
6,604
5,660
7,269
6.308
6,773
3,166
1,741
2,361
1,669
619
983
1.714
1,150
952
804
699
901
601
562
535
Total 11 mos.
-Nov.)
(Jan.
3,200,285 2,654,876
1930
2,268,197 1,870,302
1931
1 265,287 1.048,514
1932
• Revised. x Includes only factory
cars converted into vehicles for hire.
537,798 7,511 148,570 121,217 27,353
393,004 4,891 80,189 63,069 17,120
215,945
828 58,677 49,157 9.520
built taxicabs and not private passenger
Crude Rubber Shipments from British Malaya During
1932 Lower According to Rubber Exchange of New
York-Total Exports 478,262 Tons as Compared
With 519,740 Tons During 1931-Shipments to
United States Fell 20.2%.
Export movement of crude rubber from British Malaya
increased to the European continent, to Japan and to British
possessions, but fell below the previous year to the United
States, Great Britain and other smaller countries during
1932, according to a statement issued by the Rubber Exchange of New York, Inc., which also said:
Exports to the United States fell sharply at the year-end, from 21,347
tons in November to 16,824 tons in December,and for the full year amounted
to 272.066 tons, compared with 341.051 tons during 1931, a drop of 20.2%.
The United Kingdom, the second largest importer, was shipped 5,317
tons in December against 4,181 tons in November, bringing the full year's
arrivals to 68,444 tons, compared with 74,365 tons during 1931.
Japan, who has taken increasing quantities of the commodity in recent
years, again increased her requirements during 1932, Malayan exports to
that country amounting to 42,117 tons, compared with 32,479 tons in 1931.
Due probably to larger requirements by Australia, rubber exports to
British possessions last year aggregated 11,108 tons, compared with 7,866
tons during 1931.
Due to continued buying by Russia, Germany and smaller countries,
shipments to the Continent in 1932 were increased to 73,263 tons, from
54,993 tons during 1931. Exports to "other countries" were 6,068 tons,
as compared with shipments of 7.061 tons during 1931, while shipments
of"latex revertex," totaled 5,191 tons, as contrasted with 1,925 tons during
the previous 12 months
Total crude rubber exports from Malaya during 1932 were 478,262 tons,
as against 519,740 tons during 1931,a falling off of about 8% on the basis
of preliminary figures.
Rubber exports from the island of Ceylon were substantially smaller
during 1932, totaling 49,479 tons, as compared with 61,573 tons during
1931, a decrease of about 19%. Of this total, the United States took the
largest quantity. December shipments from Ceylon were 5,169 tons.
compared with 4,450 tons during November.
Lumber Production, as Reported by an Average of 596
Mills, for the Five Weeks Ended Dec. 31 1932, Was
14% Below Corresponding Period in 1931-Shipments Were Off 23%-Orders Declined 21%.
We give herewith data on identical mills for the five weeks
ended Dec. 31 1932 as reported by the National Lumber
Manufacturers Association:
An average of 596 mills reported as follows to the National Lumber Trade
Barometer for the five weeks ended Dec. 311932:
(In 1,000 Bd.Ft.)
-Production
-Shipments.-- -Orders Received
1932.
1931,
1932.
1932,
1931.
1931.
369,553
414,710
400,776
515,610
442,877
545,816
36,186
57,222
52,489
76,553
49,391
74,647
Softwoods
Hardwoods
Total lumber_ _ _ 405.739
471,962
620,463
453.265
592,163
492,268
Production during the five weeks ended Dec. 31 1932 was 14% below
corresponding weeks of 1931. as reported by these mills and 47% below the
record of comparable mills for the same period of 1930. 1932 softwood cut
was 11% below that of the same weeks of 1931 and hardwood cut was
37% below.
Shipments in the five weeks ended Dec. 31 1932 were 23% below those of
corresponding weeks of 1931, softwoods showing 22% decline and hardwoods 31% decline.
Orders received during the five weeks ended Dec. 31 1932 were 21%
below those of corresponding weeks of 1931 and 45% below orders for similar
weeks of 1930. Softwoods showed 19% decline and hardwoods,34% decline.
The production of the reporting mills in the five weeks ended Dec. 31
1932 was 17% of their capacity and 34% of their three-year average production (same weeks of 1929-30-31).
On Dec. 31 1932 gross stocks as reported by 325 softwood mills were
2.532,174,000 feet, or the equivalent of 75 days' average production of the
Jan. 14 1933
reporting mills, compared with 3 578,936,000 feet, on Jan. 2 1932, th
equivalent of 106 days' average production.
On Dec. 31 1932 unfilled orders as reported by 517 mills (cutting either
hardwoods or softwoods or both) were 391,803,000 feet or the equivalent of
10 days' average production, as compared with 469,618,000 feet on Jan. 2
1932, the equivalent of 12 days' average production.
Automobile Financing During November and the
Eleven Months Ended November.
A total of only 82,106 (preliminary) automobiles were
financed in November on which but $27,715,513 was advanced, compared with 97,922 (revised) on which $33,623,573 was advanced in October, and with 131,047 on
which $48,568,648 was advanced in November 1931, the
Department of Commerce reported on Jan. 10.
In the first 11 months of 1932 1,439,823 cars were financed with advances of $508,588,231, compared with financing of 2,313,582 cars on advances of $899,869,530 in
the first 11 months of 1931.
Volume of wholesale financing in November was only
$11,704,324 (preliminary), as compared with $13,131,603
(revised) in October and $15,719,974 in November 1931.
Wholesale financing during the first 11 months of 1932
totaled $310,066,711, as compared with $525,183,518 in
the first 11 months of 1931.
Monthly statistics on automobile financing, based on data
reported to the Bureau of the Census by 320 automobile
financing organizations, are presented in the tables below.
These figures include complete revisions to date.
Retail Financing.
Year
and
Month.
1930.
November
Wholesale
Financing
Volume
in Dollars.
Total.
Number
of Cars.
Number
of Cars.
60,159,163
152.185
Volume
in Dollars.
54,669
31,798.647
Total (11 mos.).-
625,428,861 2,760,831 1,135.425,895 1,225,923
695,084,165
Total (year)
660,978,901 2,933,973 1,201,341,267 1,287,796
730,417,562
1931.
January
February
March
April _
May
June
July
August
September
October
November
Total (11 mos.).._
December
29,632,626
New Cars.
Volume
In Dollars.
160,490
172,958
237,273
290,076
277.950
265,389
236,878
204,878
176,663
159,980
131,047
61.691,837
66,130,134
91.997.270
112.982.254
109.372.143
104.642.284
95.910.307
79,598,201
68.284.838
60,691,614
48,568,648
58,499
67.599
102.665
133,347
126,729
115.106
100,832
83.602
67.609
58,055
44.701
32,945,588
36.854.428
55,022.086
70.544,761
68,564,134
63.554,955
59,300.107
46.865.947
38,609.797
33,195,759
25,394,801
525,183,518 2,313,582
899,869,530
958,744
530,852,363
134,663
50.432.428
48.131
27,305,927
950,301,958 1,006,875
358,158,290
40.164,672
49,812,959
63,089.716
71,194.343
72.623,199
58.171.936
48,853.330
43.942.549
35,840.571
25,770,269
15,719,974
29.257.137
Total (year)
1932.
January
February
March
April
May
June
July
August
September
a October
b November
Total (11 mos.).-
554.440.655 2.448,245
34 841,766
33 276.393
34 121.364
33.903,704
38 608,439
43 682.471
26 016,028
22 104,084
18 676,535
13 131,603
11 704,324
122,344
123.574
140.779
155,691
164,721
177.961
132,467
131,069
111,189
97,922
e82,106
44.628.529
44.829,138
51,148,285
56,415,652
58.435,573
63,169.096
44.716,907
45,068,741
38,837.225
33,623,573
27,715,513
23,475,671
23,623.496
26,887.515
31,835.792
33.590,555
38,329,334
24,149.326
24,644.532
21,551,246
17,644,406
13,970,832
508.588,231
310,066.711 1,439,823
41.375
40.780
46,234
57,661
63.885
74.205
45.816
46,416
39,513
31,241
24,644
511,770
279,702,705
Retail Financing.
Year
and
Month.
Used Cars.
Number
of Cars.
Volume
In Dollars.
Unclassified.
Number
of Cars.
Volume
in Dollare.
1930.
94,034
26,830,221
3,482
1,530,295
Total (11 months)
1,457,897
407,161,390
83,011
33,180,340
Total (year)
1.558,932
435.989,399
87,245
34,934,308
97,834
100,696
128,311
149,112
142,796
141.935
128.707
115.020
103,234
97.437
82,816
27,236.324
27.707.242
34,688.428
39.546,288
37.781.543
37,988,162
34,126.071
30,486,513
27,580,567
25,882,006
21,891,123
4,157
4,663
6,297
7.617
8,245
8,348
7,339
6,256
5,820
4,488
3.530
1.509,925
1,568,464
2,286,756
2.891.205
3,026,466
3,099,167
2,484,129
2,245,741
2,094,474
1,613,849
1.282,724
1,287,898
344,914,267
66,940
24,102,900
82.757
21,859.828
3,775
1,266.073
1.370,655
366.774.095
70,715
25,389,573
77,321
78,802
90.121
93,398
96.010
99,513
82,687
80,648
67,724
63,791
54,661
19,974,286
19.941,665
22,779,892
23,066,269
23.257,953
23,394.676
19,225.478
18,908.581
15.989.259
15,035.731
12,831,282
3,648
3,992
4,424
4,632
4,826
4.243
3,964
4,005
3,952
2,890
2,801
1,178,572
1,263,977
L480,878
1,513,591
1,587,065
1.445.085
1,342,103
1,515,625
1,296,720
943,436
913,399
November
1931.
January
February
March
April
May
June
July
August
September
October
November
Total (11 months)
December
Total (year)
1932.
January
February
March
April
May
June
July
August
September
a October
b November
Total (11 Months)
884,678
214,405,075
14,480,451
43,377
a Revised. b Preliminary. cOt this number 30.01% were new cars, 66.58%
used cars. and 3.41% inclassified.
Volume 136
Financial Chronicle
1932 Lumber Production as Reported to National
Lumber Trade Barometer 41% Below 1931.
The 600 lumber mills which reported to the National
Lumber Manufacturers Association through regional associations, for 1932 and 1931, show 1932 production as 41%
below 1931; 1932 shipments 33% below those of 1931; new
business 31% below 1931. These mills reported production
of 5,444,819,000 feet in 1932 and 9,275,809 feet in 1931,
which was 56% of the total production of the country as
reported by the U. S. Census Bureau. Revised figures for
the 52 weeks of 1932 also show net business 24% above production and shipments 25% above production.
During the holiday week ended Jan. 7 1933, 770 leading
hardwood and softwood mills reported lumber production
of 73,315,000 feet which was about 18% above the output
of the previous week, also containing a holiday, when 820
mills reported. This production was 15% of capacity, continued the Association, which further reported as follows:
New business during the week ended Jan. 7, amounted to 84,255,000
feet which was 5% below that reported for the previous week and 17% of
capacity. For the previous week production was 12% and new business
17% of capacity.
All associations reported new business in excess of production except in
the Southern pine region, where orders fell 11% below output.
Comparison of identical mills for the corresponding week of last year,
which was the week ended Jan. 9 and did not include a holiday, shows production of all regions except the Southern pine as considerably below last
year, all reports averaging 20% below. New business this year was 31%
below corresponding week of last year for softwoods; 41% below for hardwoods.
Lumber orders reported for the week ended Jan. 7 1933, by 408 softwood
mills totaled 74.377.000 feet, or 11% above the production of the same
mills. Shipments as reported for the same week were 66.697.000 feet, or
about the same as production. Production was 66,881.000 feet.
Reports from 375 hardwood mills give new business as 9,878 000 feet,
or 54% above production. Shipments as reported for the same week were
13,436,000 feet, or 109% above production. Production was 6.434,000
feet.
Unfilled Orders.
Reports from 351 softwood mills give unfilled orders of 346,643,000 feet,
on Jan. 7 1933, or the equivalent of 12 days' production. The 351 identical
softwood mills report unfilled orders as 346,643,000 feet on Jan. 7 1933, or
the equivalent of 12 days'average production, as compared with 424,985,000
feet. or the equivalent of 14 days' average production on similar date a year
ago.
Last week's production of 396 identical softwood mills was 66,199,000
feet, and a year ago it was 81,548,000 feet; shipments were respectively
65.510,000 feet and 109,920,000; and orders received 73,580,000 feet and
106,887,000. In the case of hardwoods, 196 identical mills reported production last week and a year ago 5,148,000 feet and 7,913,000; shipments
10.683,000 feet and 14,654,000; and orders 7,287,000 feet and 12.440.000
feet.
West Coast Movement,
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 178 mills reporting for
the week ended Jan. 7:
NEW BUSINESS,
UNSHIPPED ORDERS.
SHIPMENTS.
Feet.
Feet.
Feet.
Domestic cargo
Domestic cargo
Coastwise and
delivery
20,528,000 delivery
98,922,000 Intercoastal__15,979,000
Export
10,350,000 Foreign
89,964,000 Export
9,977,000
Rail
8,711,000 Rail
44,408,000 Rail
8,980,000
Local
3,885,000
Local
3,885,000
Total
43,472,000 Total
233,293,000 Total
38,840,000
Production for the week was 40,006,000 feet. Production was 18%
and new business 20% of capacity, compared with 14% and 19% for the
previous week.
Southern Pine.
The Southern Pine Association reported from New Orleans that for 103
mills reporting, shipments were 13% below production, and orders 11%
below production and 3% above shipments. New business taken during
the week amounted to 16,013.000 feet (previous week 13,611.000 at 98
mills);
shipments 15,606.000 feet (previous week 14.759,000); and production
17,974,000 feet (previous week 10.908,000). Production was 30% and
orders 27% of capacity, compared with 19% and 24% for the previous
week. Orders on hand at the end of the week at 101 mills were 48,188,000
feet. The 101 identical mills reported an increase in production of 4%
and in new business a decrease of 21%, as compared with the same week a
year ago.
Western Pine,
The Western Pine Association reported from Portland. Ore., that for
107 mills reporting, shipments wore 51% above production, and orders
59% above production and 5% above shipments. New business taken
during the week amounted to 13,742,000 feet (previous week 15.771,000
at 116 mills); shipments 13,032,000 feet (previous week 15,797,000); and
production 8,643.000 feet (previous week 9,449,000). Production was 7%
and orders 11% of capacity, compared with 7% and 12% for the previous
week. Orders on hand at the end of the week at 107 mills were 87.339.000
feet. The 105 identical mills reported a decrease in production of 32%,
and in now business a decrease of 52% as compared with the same week
a year ago.
Northern Pine.
The Northern Pine Manufacturers of tinneapolls, Minn., reported no
production from 7 mills, shipments 923,0 1feet and new business 865.000
feet. The same mills reported new busin es 44% leas than for the same
week last year.
Northern Hemlock.
The Northern Hemlock and Harwood Manufacturers Association, of
Oshkosh. Wis.. reported production from 13 mills as 258,000 feet, shipments
296,000 and orders 285,000 feet. Orders were 5% of capacity compared
with 3% the previous week. The 11 identcial mills reported a loss of
31% in production and a loss of 61% in new business, compared with the
same week a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 362 mills as 6.348,000 feet. shipments 13,093.000 and
new business 9,276,000. Production was 10% and orders 15% of capacity,
239
compared with 10% and 16% the previous week. The 185 identical mills
reported production 33% less and new business 40% less than for the same
week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 13 mills as 86.000 feet, shipments
343.000 and orders 602,000 feet. Orders were 14% of capacity, compared
with 11% the previous week. The 11 identical mills reported a decline of
74% in production and a decline of 53% in orders, compared with the same
week last year.
New Automobile Models and New Low Prices.
Following the announcement of the Franklin Olympic
two months ago at $1,385, the first time Franklin ever
attempted to enter the medium price field, the Syracuse
manufacturer now bids for a larger share of the fine ear
business by announcing new low prices on the new 1933
Airman, which was shown for the first time at the New
York Automobile Show, held during the current week.
The base price of the Airman, built on a wheelbase of 132 inches, is
$1.935 for the sedan. Other Airman prices are: Club sedan $1,985, sevenPassenger sedan $2,135, and the Oxford sedan at $1,995. These prices
range more than $400 under prices of the 1932 Airman. These radically
lower prices follow the recent announcement of the 1933 Franklin Twelve
priced at $2,885, a thousand dollars less than 1932 for the Five-Passenger
sedan with a wheel base of 144 inches.
All three Franklin lines feature the Franklin supercharger and the aircooled, airplane engine.
The Continental Automobile Co., a subsidiary of the
Continental Motors Corp., has signalized its entrance into
the passenger car field by presenting three new automobiles
at prices ranging from $725 and up for the Ace,$450 and up
for the Flyer, and $355 and up for the Beacon. All prices
are f. o. b. factory. The Beacon creates a new and lower
price class, is a full-sized four-cylinder car of standard tread,
will go 25 to 30 miles on a gallon of gas, and includes four
body types—two-passenger roadster, business coupe, twodoor sedan and four-door sedan. The Flyer, a light six, is
also in the same four models as the Beacon, on a 107-inch
wheelbase, with 65 h.p. The larger six, the Ace, with 85
h.p. is in three models, viz.: Coupe with rumble seat, fourdoor sedan and deluxe sedan, and has a 114-inch wheelbase.
In addition to introducing a complete line of Twelves and
Eights at the National Auto Show this week, the PierceArrow Motor Car Co. exhibited a new and revolutionary car
called the Silver Arrow. Powered with a 12
-cylinder, 175
h.p. engine, and mounted on a 139-inch wheelbase, the
Silver Arrow is of cabin cruiser proportions. Only five ears
of this type are being built, priced at $10,000 each.
NEW PIERCE
-ARROW PRICES.
New
New
Twelves.
Eights.
Club brougham,five-passenger, trunk on rear
$2.785
Sedan,five-passenger
2.975
2,575
Clod sedan,five-passenger
3,095
2,695
Sedan, seven-passenger
3,250
2.850
Enclosed drive, limousine, seven-passenger
3.375
2.975
Note.—All prices are f. o. b. Buffalo. Freight, tax and special equipment extra.
The above models are available, also, in the Pierce-Arrow
Salon groups, with special de luxe appointments. In addition, there are the Custom creations, with 175 h.p. and
142 and 147-inch wheelbases.
Two new 12-cylinder models were presented by the
Lincoln Motor Co. at new and lower prices in both custom
and regular body types. One of the two twelves is built on
a wheelbase of 136 inches, and will develop 125 h.p. The
other twelve, rated at 150 h.p., is a larger ear, with a wheelbase of 145 inches. The former has a base list price of $2,700
and the latter of $4,200. Models available are:
V12-136, Roadster—Convertible roadster, phaeton, touring two-Passenger coupe, five-passenger coupe, town sedan, five-passenger sedan,
seven-passenger sedan, seven-passenger limousine.
V12-145.—Phaeton, touring, five-passenger coupe, five-Passenger sedan,
town sedan (two-window and three-window types), seven-passenger sedan,
seven-passenger limousine.
V12-145 (Custom types).—LeBaron roadster, Brunn convertible victoria, Dietrich convertible sedan, Dietrich two-passenger coupe, Judldns
two-passenger coupe, Bruno cabriolet, Brunn brougham, Judkins berline
(two-window and three-window types). JudkIns sedan-limousine. Willoughby limousine and Willoughby panel brougham.
Prices on the new Willys four-cylinder line range from $395
to $475 and on the six-cylinder line from $595 to $695,
John N. Willys, Chairman of the Willys-Overland Co.
announced on Jan. 5. The six-cylinder models equipped
with the Willys-Knight engine are $100 additional. List
prices of the various four-cylinder models follow:
Coupe two passenger
Coupe four-passenger
Custom coupe
$3951Sedan
4251Custom sedan
4451
$445
475
Prices on the new Oldsmobile line are $130 to $145 under
comparable models in previous lines, it is announced. The
new six-cylinder line ranged from $745 to $855, against a
previous range of 75 to $990 and the eight-cylinder line
from $845 to $955, against $975 to $1,090.
The 1933 models of LaSalle V-8, Cadillac V-8 and Cadillac
V-12 were presented to the public on Jan. 4.1fAll closed
240
Financial Chronicle
models feature the new Fisher ventilation system. Radical
changes have been made in appearance of both Cadillac and
LaSalle, and advanced engineering features are introduced.
Prices on the new Cadillac-LaSalle cars show reductions of
$100 to $250, viz.:
The LaSalle V-8 on a 130
-inch wheelbase lists from $2,245 to $2,395 or
-inch wheelbase
$150 to $250 under previous models. The LaSalle on a 135
ranges from $2,495 to $2,645 with reductions amounting to $150 on each
model.
Models in the Cadillac line are $100 under corresponding body types in
-inch wheelbase V-8 lists from $2,695 to $2,845 and
the 1932 line. The 134
-inch wheelbase from $2,895 to $4,145. The V-12, 134
the 140
-inch wheelbase, ranges from $3,395 to $3,545, and the 140
-inch wheelbase, from
$3,595 to $4,845.
The V-16 is entirely a custom line, the production of which this year will
be limited to 400 cars.
The new Graham Six line, with four body styles, ranges in
price from $745 to $835, against 25 to $895 previously,
showing reductions of $60 to 0 on comparable models.
The standard Graham Eight line has been reduced $80 to
$135, ranging from $845 to $935. The three custom models
have been increased $45 each, now listing at $1,045 for the
coupe and $1,095 for the four-passenger rumble seat coupe
and sedan.
Prices of the new Hupmobile Six line, on a 121-inch wheelbase, range from $995 to $1,095, representing an increase of
$100 on comparable models in the previous 116-inch wheelbase six-cylinder line. A reduction of $100 each has been
made on models in the 122-inch wheelbase eight-cylinder
line, and $150 each in the 126-inch wheelbase eight line.
The former ranges in price from $1,195 to $1,295, and the
latter from $1,445 to $1,545.
Improvements making for added comfort and better
performance are incorporated in the new Flying Cloud Six
and Reo Royale Eight models, the Reo Motor Car Co.
announces. The former's prices start at $995, the lowest at
which the company has ever sold a six-cylinder car.
World Wheat Production Conference Proposed in
Ottawa Jan. 17.
Plans are afoot for conducting a world wheat-production
conference in Ottawa on Jan. 17, according to Associated
Press advices from Winnipeg, Man., Jan. 9, which added:
The Premiers of Saskatchewan, Alberta and Manitoba, Canada's prairie
wheat farmers, and students of the wheat situation here and in the United
States have given the suggestion unqualified approval. The chief wheat
exporting countries will be asked—if the Dominion Government acts on
a suggestion the three Premiers made recently—to send representatives
to the round-table discussions dealing with overproduction and low prices.
Argentina, Australia, the United States and Canada would be invited
to join the conference.
Farmers in western Canada have long stressed a belief that increased
production of wheat is fallacious in view of present conditions and declare that the problem can be dealt with only through co-operative action
by the largest wheat exporting Nations.
Delegates to annual meetings of three prairie wheat pools two months
ago asked the Canadian Government to call such a conference in the belief
it would help stabilize wheat prices and solve marketing problems.
Unanimous approval of the project was voiced at a meeting here of
Premiers of Saskatchewan, Alberta and Manitoba.
Proponents of the move believe that if the production of wheat can
be justified in accordance with needs of importing Nations the world
wheat flood could be checked with consequent improvement in world
prices.
They point out that world markets have been glutted lately, that prices
swing lower right merrily, and that co-operation among the greatest
producers is necessary for a solution of the problem.
Behind the project is considerable study by experts here and in other
nations.
W. R. Ronald, a Mitchell, S. Dak., editor, pointed out recently that
wheat requirements of the world aggregate 700,000,000 bushels, but that
the four countries this year have 1,300,000,000 bushels for export.
"Control of production through limitation of the acreage of the individual
farmer would set forth the means by which the United States, Canada,
Australia, and Argentina could effectively carry out an agreement for
curtailment of production to a near balance with demand," Mr. Ronald said.
Several months ago the Minister of Agriculture in Buenos Aires suggested
that the four countries confer concerning the possibility of limiting wheat
acreage for at least several years.
This remark preceded by a few days a drop in Argentina wheat prices
which put quotations there at the lowest level in 70 years.
Double Wheat Price for Canadian Users Urged by
Prairies—$1.25 a Bushel Fixed Charge for Domestic
Millers Advocated, with Price-Spread Returned to
Grower—To Be Laid Before Ottawa Conference.
. From the Toronto "Globe" we take the following (Canadian Press) from Saskatoon Jan. 10:
A scheme to enable the Governments of the wheat
-growing Prairie
Provinces to carry on through the period of low wheat prices, which render
it almost Impossible for the majority of farmers to pay taxes, will be suggested by the Premiers of these Provinces at the Inter-Provincial Conference
at Ottawa next Tuesday, it was learned here to-day.
It is based on the principle of charging a higher price for wheat in the
home market than for export, as is suggested under a "domestic allotment
plan"said to be favored by President-elect Roosevelt in the United States.
Millers would be required to pay a fixed price for wheat milled for use
in Canada. The figure of $1.25 is suggested, and the difference between
this price and the export price would be pro-rated to the growers.
Jan. 14 1933
Provincial and rural municipal taxes would constitute a first charge
against the differential payment. As the amount of wheat milled and
consumed in Canada is approximately 40,000,000 bushels, if that used
in Canada were sold at $1.25, while the export price was 50 cents, the
difference of 75 cents a bushel would bring $30,000,000.
While the price of wheat has fallen greatly during the past three years,
the price of bread has fallen to a much slighter degree. It is therefore
considered that the higher price of wheat in the home market would raise
the price of bread only very slightly.
Grain from Port Churchill.
The following is from the New York "Times" of Jan. 8:
Ten ships saled with 2,736,682 bushels of grain from Port Churchill,
on Hudson Bay, in the navigation season just closed, according to the
Canadian National Rys. Grain left in storage at the port amounts to
2,430,000 bushels.
Federal Farm Board to Move Baltimore Wheat—Less
than 1,000,000 Bushels There Going to Brazil
Soon.
From the "Wall Street Journal" of Jan. 9 we take the
following from Baltimore:
Less than 1,000,000 bushels of wheat remains in the grain elevators of
Baltimore, all of which belongs to the Federal Farm Board, Stewart
Henderson, Secretary of the Chamber of Commerce, said. This will be
removed shortly to complete the barter of 25,000,000 bushels of wheat
with Brazil for 1,050,000 bags of Santos coffee.
Baltimore had been known to be one of the central storage places for
the Farm Board's wheat, although that organization has been reticent
concerning where it's kept. Last official statement of the Board indicated
that its cash wheat holdings had been reduced to "less than 3,000,000
bushels."
Capacity of the elevators operated by railroads here is about 14,000,000
bushels. Exports of American wheat are virtually non-existent, and
the usual flow of wheat from Canada has been stopped by the refusal of
the English Government to permit operation of the Empire trade agreement to wheat sent from Canada to Great Britain through American ports.
In past winters this trade represented as high as 50% of the total wheat
exporting done by the port.
London Grain Traders See Higher Price for Wheat as
China and India Buy It.
The following (Canadian Press) from London Jan. 9 is
from the New York "Times":
Forecast of greatly improved wheat prices during the early part of this
year is contained in the current review of Messrs. Sanday & Co., grain
traders, quoted to-day in "The Times City Notes."
"Wheat, measured against the general commodity index, has reached
a point which induces on a grand scale buying from India and China, and
this buying effectively cushions the world price structure," it says.
"Oriental buying in its present aggressive shape would be modified
should we experience a sharp price increase peculiar to wheat, but if commodity and security markets generally should be observed to advance,
as has been the case in the past few days, the fundamental strength occasioned by present circumstances will remain in force."
Compulsory Wheat Pool Formed in New Zealand.
The New York "Sun" reported the following (Associated
Press) from Wellington, New Zealand, Jan. 6:
Formation of a compulsory wheat pool designed to maintain the average
value of wheat, based on the New Zealand home consumption value, at
4s. 5d. a bushels ($1.06 at par) and the export value of probably half a
crown a bushel (60 cents at par) is provided for in the regulations issued
to-day under the Board of Trade Act.
A wheat purchase board is to be established to control all dealings in
wheat throughout New Zealand. The coming harvest is expected to
yield an exportable surplus.
Agriculture at Lowest Depths in 1932, According to
President Carey of Chicago Board of Trade—
Government Has Followed Course Which Has Had
Persistent Deadening Effect on Prices—Would
Relieve Private Business of Influence of Surplus
Supervisory Bureaus—Looks for Benefit to Agriculture with Modification of Volstead Act.
It is stated by Peter B. Carey, President of the Chicago
Board of Trade, that "a courageous exhibition by the American people," who indicated their opposition to "waste,
hypocrisy and bureaucracy in government and declared for
a new deal, is to my mind an outstanding event of 1932 and
gives the surest promise of better days ahead." In a statement issued Dec. 31 Mr. Carey also said in part:
Agriculture took a leading part in the revolt, recording definite opposition
to the Agricultural Marketing Act and its Farm Board, and against every
similar Federal agency which unnecessarily burdens our citizens. The
tanner refused to be stampeded by political alarmists.
The temper of our people to-day is sucn that the new party in power
will be held responsible for balancing the National budget and making
necessary tax reductions. The simplest method is to &Wrist° every
useless Government bureau and commission under which the country
staggers. Once private business is relieved of the expense and withering
influence of surplus supervisory bureaus, definite forward steps may
be expected.
There can be no doubt that bureaucratic interference with markets
has pressed prices downward. The Farm Board. In vast speculations,
accumulated immense surpluses. These hung over the world markets as
a threat. Investors who usually help carry the crop were afraid of radical
Farm Board decisions in the way of public selling.
Restrictions of tne grain futures administration took all privacy from
their investment or speculative trades. Domination of the market by
Financial Chronicle
Volume 136
Farm Board subsidiaries swept away its normal freedom and liquidity,
so essential to higher prices.
In a word. our Government has followed a course tnat has had a persistent deadening effect on prices. This course must be changed soon
if the American wheat and cotton farmers are to oe saved from complete
peasantry.
One thing is certain, however. When economic wounds begin to heal,
the markets, free of hampering restrictions, will be quick to respond and
every effort should be given them to aid an upturn.
Sentiment overwhelmingly favors repeal. If this is accomplished, the
Vo'stead Act modified, unquestionably agriculture will benefit. Tne
grain trade, ever in search of more and better outlets for the farmer's
grain, believes revision of the "dry" laws will bring at least a measure
of relief.
Agriculture sank to its lowest depths in 1932. Wheat, oats and rye
all made new all-time lows on the Chicago Board of Trade. May wheat
sold at 46% cents per bushel on Nov. 25 1932: the year previous its lowest
figure on the corresponding date was 54% cents. The July wheat contract sold at 44% cents on July 16 1932: in 1931 it was 52% cents, and the
December contract dropped to 41% cents on Nov. 25 1932. It was 51%
cents a year previous.
Contract cash wheat reached its lowest price in the history of the Board
of Trade on Nov. 1 1932, when it touched 44% cents a oushel. The year
before it had sold above 60 cents. Oats went through its previous record
low on Dec. 3 1932, when the December contract brought only 13% cents.
It had sold more than 10 cents nigner at the same time in 1931. December
rye futures brought 26% cents on Nov. 1 1932, after selling at 44% cents
the previous year.
The top price of any wheat future during the 1932 crop year was 67%
cents, paid for the July delivery, thereby establishing a range of approximately 20 cents in this future for the year. Just how low agriculture
descended is revealed in figures of the United States Department of Agriculture, which show that the gross income of farmers during 1932, placed
at $5,240,000,000, is less than one-half the 1929 return, when farm income
In this country was $11,950,000,000. The decreased total does not represent a sheer drop. Total farm income was $9,403,000,000 in 1930, and
In 1931 it was $6955 000,000.
It is significant of tne situation we must overcome now that this period
of 1929-1932. in which the American farm income has declined more than
$6,500,000,000 for the year, coincides precisely with the life of the Federal
Farm Board. Tills bureau, created under the Agricultural Marketing
Act to aid the farmer, nas dissipated $500,000,000 of the taxpayers money
during the period of falling farm income.
General commodity prices to-day are estimated to be about 80% of
the 1909-1913 level. Yet if wheat, in which much of the Farm Board's
$500,000,000 funds nave been spent, were selling at 80% of the 1909-1913
level it would oe bringing 84 cents a bushel instead of less than 45 cents
recently.
The wheat market suffered another blow from legislative tamperers
when, in tne midnight hours of an adjourning Congress, a bill was rushed
through iv hien increased the tax on commodity sales for future delivery from
one cent to five cents per $100 value. The immediate result was a lower
volume of trade on the commodity markets. The tax created an extra
expense of marketing wnicn, in tne nacure of things, must be passed back
to the producer, already receiving a ruinous price for his products.
It is the belief of the grain industry that the "new deal" for which farmers
have voted will recognize the folly and harmful influence of such legislation and that the tax will be revised at the earliest opportunity. . ..
Live stock production this year nas been the brightest spot in agriculture. Hog prices are low, but hogs have been selling on a basis that
leaves about three cents a pound for the producer. This means that hogs
are paying 30 cents a busnel for corn, a consideraole increase over what is
paid for the grain, as such.
Money actually has been made by some cattle raisers in 1932. The
principal reason again is the dreadfully low price of corn. It is true that
beef prices figure so that cattle are worth approximately haif what they
were three years ago, but corn costa only one-sixth as much to-day as in
1929. It would be extreme to advance the opinion that the live stock
producer is to be envied. But the fact remains that he is much more
solvent than some of his brother farmers if the 1932 returns are estimated
against the Present sales price of his lands.
Bureaucracy imposed itself upon the Chicago Board of Trade in a new
way in 1932. A member of the Exchange, the Farmers National Grain
Corporation, sponsored and financed by the Farm Board, was refused
special privileges which the Exchange cannot grant other members; whereupon this member prevailed upon the politically-appointed Grain Futures
Commission to direct the Board of Trade to close its doors as a contract
market for a period of 60 days, during the heavy crop movement period,
which would have brougnt great injury to producers.
We remained open. Fortunately, the law under which tne action was
brought permits of appeal to the courts and this has been done by the
Board of Trade.
Flour Production in December 1932 Higher Than in
Same Month in 1931.
General Mills, Inc., in presenting its summary of flour
milling activities from figures representing approximately
90% of all flour mills in the principal flour producting
centers, reports that a total of 5,585,140 barrels of flour
were produced during the month of December 1932, as compared with 5,724,825 barrels in the preceding month and
5,431,151 barrels in the corresponding period in 1931.
During the six months ended Dec. 31 1932 there were
produced 34,220,944 barrels of flour as against 38,836,679
barrels during the same six months in 1931,estimates show.
The summary of General Mills, Inc. follows:
PRODUCTION OF FLOUR (NUMBER OF BARRELS).
Month of December.
1932.
Northwest
Southwest
Lake, Central and Southern_
Pacific Coast
Barrels.
1,320,470
1,936,034
2.047.141
281,495
1931.
Barrels.
1,253,965
1,941,150
1,723,845
112,191
Six Mos. End, Dec. 31,
1932.
1931,
Barrels.
8,408,237
12,021,161
11,978.905
1,812,641
Barrels.
10,671,495
13,363.004
12,328.686
2,473,494
5,431,151 34,220,944 38.836,679
5.585,140
Grand total
Note.—This authoritative compilation of flour milling activity represents approximately 90% of the mills In principal flour-producing centers.
241
President Machado of Cuba Upsets Sugar Plan.
Under date of Jan. 7 Associated Press advices from
Havana said:
President Machado to-day wrote the Sugar Export Corporation that be
could not accept its recommendations for assignment of production quota
to sugar mills scheduled to start grinding Feb. 1.
A commission of mill owners had protested the assignment on the ground
that it favored large producers at the expense of small ones.
Insurgent Cuban Cane Growers Reported Opposed to
Chadbourne Plan.
From the New York "Herald-Tribune" we take the following (Associated Press) from Havana Dec. 27:
Headed by Walfredo Rodriguez Blanca, who recently resigned as member
of the Cuban National Sugar Institute and the Sugar Export Corporation,
Insurgent, cane growers of Cuba to-day were laying plans for concerted
attack on the Chadbourne plan.
They blame Thomas L. Chadbourne's scheme, to regulate world sugar
production in an effort to better prices, for the existing misery in rural
Cuba and their own economic predicament.
Bylaws for the new organization were drawn up at a meeting yesterday
and turned over to the government to be approved. Election of officers
and working out of details of organization will come in the next few days,
Rodriguez Blanca said.
In an effort to obtain maximum support for the movement the organizers
Issued invitations to industrial, commercial and agricultural groups to Join
them.
Cuban Improvement Dependent on Rise in Sugar and
Tobacco.
While there was a slight increase in a few retail lines over
the holidays, business conditions in Cuba showed further
declines and no substantial improvement can be expected
in the near future unless there is a marked rise in sugar and
tobacco prices, says a report to the Commerce Department
from Commercial Attache A. N. Nufer, Havana. The Department on Dec. 30 also had the following to say:
Tne official average price of raw sugar in warehouse Habana for export
declined 643-i cents per 100 pounds during the first half of December.
compared with 90 cents per 100 pounds for December 1931. Exports of raw
17 1932 amounted to 2,550.632
and refined sugar from January to Dec.6
long tons compared with 2,625,424 long tons for the equivalent Period in
1931.
Conditions in the tobacco industry showed no improvement during
December. Because of the prevailing prices and the resulting poor financial
condition of most tobacco growers it is expected that the 1933 tobacco crop
will be even smaller than this year's crop. Exports of tobacco from Cuba
during November amounted to $1,139,631 compared with 81,749,693.
Habana bank clearings during the four weeks ending Dec. 17 totaled
only $12,937,000 compared with 822,968,000 for the corresponding period
of 1931. Bank clearings during the first half of the year registered a decline
of 38% compared with the first six months of last year.
Sale of Cuban Sugar to Chilean Refiners.
Associated Press advices yesterday (Jan. 13)from Havana
said:
Julio Lobo of Gaiban,Lobo St Co.,exporters and importers,last night confirmed reports that the Sugar Export Corporation had sold 6,000 tons of
segregated sugars to Chilean refiners through his firm.
Mr. Lobo said the price was 65 cents f. o. b.
The sugar came out of the Corporation's holdings under the Chadbourne
plan for ordered distribution over five years of surpluses world producers
had piled up.
Negotiations looking to the transaction have been going on for some time,
and last month it was announced the sale had been effected. Variation in
price levels shortly after, however, broke off the arrangement.
Mexican Sugar Curb.
From Mexico City the "Wall Street Journal" of Jan. 13
reported the following:
Sugar Producers Union of Mexico has adopted a plan of assigning production quotas to each producing region, instead of to individual planta,tions and refineries, as means of holding the forthcoming crop strictly to
domestic consumption necessities in order to eliminate the grave problem
resulting from commodity surplus of some 100,000 metric tons. Producers
are negotiating for a loan of 5,000,000 Pesos (approximately $1,665,000
American)from the Bank of Mexico to assist those of its members who have
been placed in a precarious financial position as a result of the recent sugar
surplus.
Coffee Consumption in United States Increased,
According to New York Coffee and Sugar Exchange
—Gain of 2.5% During Six-Month Period Ended
Dec. 31 As Compared with Same Period in 1931.
Consumption of coffee in the United States for the sixmonths' period ended Dec. 31 1932, as indicated by deliveries, increased 2.5% over the similar period of 1931,
according to statistics issued by the New York Coffee and
Sugar Exchange. In announcing this on Jan.4 the Exchange
said that "for the first six months of the 1932-33 coffee crop
year, which commenced on July 1 1932, deliveries were
5,432,000 bags compared with 5,297,000 bags during the
first six months of the 1931-32 crop year (from July 1 to
Dec. 31 1931)." The Exchange also said:
Of the total amount consumed in the six-months' period ended Dec. 31
1932 Brazil's share was 3.175,000 bags, or 58.4%, while other countries
supplied 2,257,000 bags, or 41.6%. In the last BIX months of 1931 Brazil
supplied 73%, or 3,671,000 bags, while the competing producing countries
242
Financial Chronicle
supplied only 27% of the amount consumed. The decline in Brazil's
percentage for the last six months of 1932 is attributed to the revolution
in Brazil and the curtailment in shipments which resulted.
Decline of 911,000 Bags from Jan. 1 1932 to Jan. 1 1933
Reported in World's Visible Supply of Coffee by
New York Coffee and Sugar Exchange.
The world's visible supply of coffee,exclusive of the interior
warehouse stocks of Brazil and the Farm Board coffee in
the United States, amounted to 5,508,000 bags on Jan. 1
1933,compared with 6,419,000 bags on Jan. 1 1932,according
to the statistics of the New York Coffee and Sugar Exchange,
which is, the Exchange announced on Jan. 4, a decline of
911,000 bags for the year. Continuing, the Exchange
also said:
There was an increase of 321,000 bags in the world's visible
supply
during the month of December 1932, but it was accounted for
by the
unusual Jump of 452,000 bags in Brazilian port stocks during the
month.
On Jan. 1 1933 the stocks of coffee in the United States and
afloat here
totaled 844.000 bags, compared with 1,920,000 Bags on
Jan. 1 1932.
Stocks in Europe and afloat here on Jan. 1 1933 were
2,061.000 bags,
compared with 2.963.000 bags on Jan. 1 1932.
State of Sao Paulo Coffee Export Tax Reported
Considerably Reduced.
Under date of Jan. 5 the Department of Commerce at
Washington issued the following announcement:
A decree of the Brazilian State of Sao Paulo substitutes the previous
export duty on coffee which was 9% of an official valuation of 23100 milreis
per kilo, amounting to 118340 milreis per 60
-kilo bag, and the additional
tax offive French paper francs per bag, by a tax of 5 milreis per bag, resulting In a reduction of the State export duty from about 14 milreis to 5 mllreis
per bag, according to a cable to the Department of Commerce from Trade
Commissioner David S. Green, Sao Paulo.
Census Report on Cottonseed Oil Production
During December.
On Jan. 12 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on
hand, and cottonseed products manufactured, shipped out,
on hand and exported for four months ended Dec.31 1932:
COTTONSEED RECEIVED. CRUSHED AND ON HAND (TONS).
Mate.
Received at Mills*
Crushed
Aug. 1 to Dec. 31. Aug. 1 to Dec. 31.
On Hand at Mills
Dec. 31.
1932.
1931.
1932.
1931.
AlabamaArizona
Arkansas
187,882
21,782
321,234
43,768
232.961
151,662
447,660
166.849
315.460
150,850 212,997
27.136
26,229
199,553 237,690
64.856
295,401
211,522
575,226
173,747
326,393
47,126
1,744
129,489
70.616
6,285
California
Georgia..
Louisiana
Miss,ssippl
282,944
32,465
404,166
132,912
32,397
182,067
113,405
284,291
123,844
239,576
133,731
120,824
16,626
61,351
40,595
186,232
47,784
115,687
363,050 377,635
1,187,287 1,413,445
48,023
66,024
124,290
14,385
217,125
863,201
35,494
183,266
984,658
39,678
155,290
499,354
12,944
North CarolinaOklahoma
South Carolina
Tennessee
Texas
AU other States
1932.
1931.
48.089
240.968
152,789
354,915
129,528
222,963
157,073
17,967
55,812
59,385
221.392
45,226
102,225
10,346
194.597
442,280
26,397
United States
3.620.530 4.357.555 2.889.763 2.958.060 1.328.607 1.409.601
•Includes seed destroyed at mills but not 300,024 tons and 24.784
Aug. 1, nor 31,363 tons and 18,048 tons reshipped for 1932 and 1931 tons on hand
respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT,
AND ON HAND.
Item.
Season.
Crude oil. lbs_-- 1932-33
On Hand
Aug. 1.
Produced
Aug. 1 Si,
Dec. 31.
*29,523,581
797,239,580
Shipped Out
Aug. 1 to
Dec. 31.
On Hand
Dec. 31.
716,286,917 *143,835.031
1931-32
8,086,071 919,450,115
Refined oil, lbs_ 1932-33 a628,420,148 8606,028,111 840,232,870 126,564,368
a730,492,495
1931-32 277,836,530 738.457,392
491,035,350
Cake and meal-- 1932-33
114,656
1,165.469
913,499
366.626
tons
1931-32
146,888
1,325,887
1,269,579
Hillis, tons
1932-33
1931-32
Linters, running 1932-33
lb. bales
Hull fiber, 500lb. bales
Grabbots,motes,
Ae., 500-lb.
bales
1931-32
1932-33
1931-32
162,773
47,723
235,521
175,904
4,138
3.564
15,250
734,532
828,790
409,220
465,882
10,404
16,989
14,422
661,185
649,539
360,846
350.609
5,208
11,025
11,966
203,196
236,120
226,974
283,895
291,177
9,334
9,528
17,706
1932-33
1931-32
12,475
14,097
7,706
18.866
•Includes 4,182,006 and 14,049,439 pounds held by refining and Manufacturing
establishments and 7.235.770 and 30,727,124 pounds in transit to refiners and
consumers Aug. 1 1932 and Dec. 311932. respectively.
a Includes 4,652,177 and 6,081.613 pounds held by refiners, brokers, agents, and
Warehousemen at places other than refineries and manufacturing establishments
and 5,598,691 and 14,228,320 pounds in transit to manufacturers of lard substitute,
oleomargarine, soap, As., Aug. 1 1932 and Dec. 31 1932, respectively.
S Produced from 655,722,941 pounds of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR FOUR MONTHS ENDED
NOV. 30.
Item
1932.
1931.
Oil, crude, pounds
4 509,053
1,881.925
Oil, refined. pounds
1958,279
2,064,295
Cake and meal, tons of 2,000 pounds
34,082
108,321
Linters, running bales
52,164
29,462
British Mills Continue to Use American Cotton at
Higher Rate Than Last Season.
Cotton Mills in Europe are holding the improvement
which they have recorded in recent months, according to the
New York Cotton Exchange Service. Both English and
Continental mills have increased their activity and forwardings of American cotton to European mill centers are running
ahead of last year. The Exchange service on Jan. 9, said:
Jan. 14 1933
English mills continue to use American cotton at a higher
rate than last
season. Forwarding to Lancashire totaled 33,000 bales last week against
31.000 in the same week last year; for the season to date 557,000 as against
516.000. Sales of yarn were about equal to current output. Japanese
competition has become increasingly serious. Lancashire manufacture
rs
find it impossible to meet Japanese prices on cheap standard
styles and are
being forced to concentrate on quality goods.
Reports of improvement on the Continent were confirmed last week
by
exceptionally heavy Continental forwardings of American cotton. They
totaled 151,000 bales as against 114,000 in the same week last year; for
the season to date 1.872,000 against 1,537,000. French and German mills
are holding their recent gains. Italian mills are increasing their operations
slightly. Belgian mills are slowing down.
Cellophane Prices Lowered-Du Pont Company An.
nounces Reductions Ranging from 5 to 10% for
Plain and Moisture Proof Products.
Reductions ranging from 5 to 10% were made in the price
of transparent cellulose films used for wrapping purposes, by
the du Pont Cellophane Co., effective Jan. 11. According
to officials of the company the reduction was made possible
by increased usage of cellophane, particularly on textiles,
paper products and chewing gum and also on many brands
of breads by bakers throughout the country. It was announced that this is the fifteenth cut made in the price of
cellophane since the domestic manufacture of the product
began in 1924. Transparent moisture-proof cellophane was
reduced from 64 cents a pound to 58 cents, or approximately
10%, and the price for plain transparent cellophane was
lowered from 42 to 40 cents a pound or approximately 5%.
Reduction of 10% in Salaries Made by B. F. Goodrich
Company.
Advices to the "Wall Street Journal" of Dec. 31 from
Akron, Ohio, said:
B. F. Goodrich Co. will cut all salaries 10%. effective Jan. 1. This
represents the third 10% cut for Goodrich employees salaries.
Pay Cut 10% by American Woolen Co.
We learn from Boston advices to the "Wall Street Journal"
of Dec. 31 that the American Woolen Co. has made a reduction of 10% in salaries of all employees receiving more than
$18 a week.
Boston & Albany RR. Shops Reopen-370 Men
Employed.
Associated Press advices from West Springfield, Mass.,
Jan. 3 said the Boston & Albany RR. locomotive shops
reopened on that day after a shut down that began Dec. 15,
and 370 men were re-employed. The shops will resume
the four-day schedule previously in effect.
Petroleum and Its Products -Lima Crude Reduced Ten
Cents
-Ames Defends Control of Oil Production
Oklahoma Senate Orders Investigation of Enforcement.
No definite change in the crude oil situation occurred
during the week, with the exception of a reduction of 10c.
a barrel in Lima crude, posted by the Ohio Oil Co. at Findlay, Ohio.
The problem of supervision of crude production was
freely discussed by C. B. Ames, President of the American
Petroleum Institute, in addressing the Texas Oil & Gas
Conservation Association at its annual meeting in Fort
Worth this week. Mr. Ames strongly stressed his contention
that the public welfare and the smaller producers are really
the greatest beneficiaries of controlled crude production.
Taking as his subject "a sound conservation program,"
he declared that: "Bearing in mind that the public welfare
is the basis of the conservation program it is obvious that
our petroleum supplies will be best conserved if they are
withdrawn from the earth only as needed for consumption
and if they are produced without waste. The two factors,
therefore, which should be constantly borne in mind by the
regulatory bodies are, first, that there should be no waste,
and second, that no more oil shall be produced than is
reasonably needed to supply the consumer.
"It also should be remembered that gasoline and lubricating oils are the products of petroleum which are of greatest
importance; that we have an almost inexhaustible supply of
coal, and that a reasonable demand of the market would not
include fuel oil for the purpose of displacing coal in those
uses to which coal is well adapted."
Oklahoma legislators have now decided to go into the
question of oil supervision thoroughly through the medium
of an investigating committee, authorized by the Oklahoma
Senate in adopting a resolution by Senator Paul Stewart.
Volume 136
Jan. 10.
-Ohio Oil Co., Findlay, Ohio, posts reduction of 10c. a barrel
in Lima crude oil.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
$0.75
Bradford. Pa
$1.72 Eldorado, Ark., 40
.77
Corning. Pa
.85 Rusk, Tex., 40 and over
.77
Illinois
.87 Salt Creek. Wyo 40 and over.
.60
Western Kentucky
1.05 Darat Creek
.95
Midland Dist., Mich
Mid-Continent, Okla., 40 and
1.05
above
.77 Sunburst, Mont
Hutchinson, Tex., 40 and over__
.63 Sante Fe Springs, Calif.,40 and over 1.00
1.00
Spindletop, Tex., 40 and over
.65 Huntington. Calif., 26
1.90
Winkler, Tex
.50 Petrone, Canada
Smackover, Ark.. 24 and over
.75
REFINED PRODUCTS
-GASOLINE TANK CAR PRICES REDUCED
-FUEL
AS STANDARD OF' NEW JERSEY POSTS %c. CUT
OIL WEAKENING
-KEROSENE FAIRLY STEADY.
Led by the Standard Oil Co. of New Jersey, markets in
the Eastern territory reduced gasoline tank-car quotations
Mc. a gallon this week as the weakening tendency of the
refined market continued without check, due in large part
to the partial collapse of the crude price structure last month.
A. A. Maxwell, Vice-President in charge of sales of
Standard Oil Co. of Ohio, in commenting upon the recent
weakness in refined products, especially gasoline, states:
"Present indications are that in 1933 there will be 350,000
fewer cars registered in Ohio than in 1930, and that in the
entire country registrations will be approximately 5,000,000
fewer. Although the number of cars in use has steadily
dropped during the depression, the number of gasoline
service stations has not declined but actually has increased.
In 1930, it is estimated, there were 160 cars in use for each
service station. To-day there are about 120 cars for each
station.
"The dwindling of customers has caused some retailers
to seek to hold their business last year through price cuts
and secret discounts. The result was that the whole market
structure was weakened and gasoline sold at a loss. That is
the picture on the retail side. In the oil fields similar forces
have been working. Efforts to curtail crude oil output and
maintain prices have been seriously weakened by illegal
production of oil, in defiance of curtailment laws. This has
added to the excess of crude oil, much of which has been sold
below officially posted prices. This crude oil finds its way
to the market as cut-rate gasoline, upsetting both crude
oil and gasoline price structure. Since October wholesale
gasoline prices have dropped 50%."
The reduction of Standard of New Jersey was made
effective at all of its deepwater terminals. This company
is now posting U.S. motor gasoline in tank cars to consumers
4
only at 5Mc. a gallon, and 53 e. for "Standard" gasoline.
The new price schedule was quickly met by Standard of
New York, Warner-Quinlan Co., Tide Water Oil Co., with
the exception of Buffalo, N. Y., where Standard of New
York posted a Vic. reduction.'
The general weakness in the markets has been felt in fuel
oils, where competition for business is especially keen. No
actual reductions have been posted, but price-shading on a
wide scale is generally reported.
Kerosene is maintaining a firmer tone than other items,
and 4143 water white is steady at 53/2c. after weakness
earlier in the week which indicated that a Vic. cut might
be forced. But demand created by actual spot needs proved
of sufficient volume to provide a firmer undertone in kerosene
than in many of the other refined products.
Bunker fuel oil, Grade C, is still holding at 75c. a barrel,
refinery, while Diesel is as yet unchanged at $1.65 a barrel,
refinery, both quotations for bulk shipments.
243
Financial Chronicle
This committee will include seven members and will report
its findings direct to the Senate.
Included in the matters to be delved into by the committee
is the administration of the proration laws of the State, and
of all officers and departments responsible for the administration of such laws. This brings into the committee's investigation the State Corporation Commission, various
proration committees and umpires, and the use and actions
of the State militia called out by Governor Murray to
enforce the oil field regulations.
The question of the petroleum industry paying for its
own regulation is questioned by Senator W. C. Fidler of
Oklahoma City, who holds that such procedure will not lead
to reform. He holds that it is no part of the executive
powers of the Governor's office to assess a levy of ye. a
barrel on oil produced in the Oklahoma City field to defray
the cost of military forces used in enforcing proration rulings.
During the week ended Jan. 7 crude production in Oklahoma mounted to 42,350 barrels daily to a total of 399,250
barrels daily.
Price changes follow:
Price changes follow:
-
C. reduction in tank
-Standard Oil Co. of New Jersey posts
Jan. 10.
car gasoline prices at all deepwater terminals Now quoting 5K c. for
U. S. motor grade and 5'4c. for "Standard."
Jan. 11.
-Standard Oil Co. of New York posts Hc. reduction in gasoline
tank car prices, with exception of Buffalo, where (c. cut was made. New
Prices are. unbranded gasoline, 53ic. at New York, Boston and Providence;
6c. at Portland, Me.; "Socony" grade 534c. at New York, Boston and
Providence, and 63c. at Portland, Me.
Jan. 11.
-Gulf Refining Co. posts Hc. reduction in gasoline tank car
prices, as do Warner
-Quinlan, Tide Water Oil Co.. Republic 011.
Gasoline, Service Station, Tax Included.
$.128
$.165 New Orleans
New York
$.135 Cleveland
13
.18 Philadelphia
.19 Denver
Atlanta
135 San Francisco:
Baltimore
187 Detroit
139
Third grade
17
Boston
145 Houston
Above 65 octane-- .180
.195
Buffalo
16 Jacksonville
214
Premium
.155
14 Kansas City
Chicago
14
147 St. Louis
Cincinnati
165 Minneapolis
Kerosene,41-43 Water White, Tank Car Lots, F.O.B. Refinery.
N.Y.(Bayonne) _--$.0534 I Chicago
5.02, 4-.03H New Orleans. as __50.0334
,
7
.0434-.0334 Tulsa
North Texas
.03 I Los Ang., en.. .04(-.06
Fuel Oil, F.O.B. Refinery or Terminal.
15.60
N.Y.(Bayonne)Gulf Coast C
California 27 plus D
Bunker C
5.75-1.00 Chicago 18-22 D-42K-.5P
$.75
.70
Diesel 28-30 D.1.65 New Orleans C ____
.60 Philadelphia C
Gas Oil, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)l ChicagoTulsa
28 plus 0 0--$.035(-.041 32-36 00
5.013
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
Chicago
N. Y.(Bayonne)
$.04-.043
N. Y.(Bayonne)
Pan-Am.Pet. Co.$.06
New Orleans,as. .05-.05Si
Standard 011, N.J.Shell Eastern Pet_ .053I Arkansas
04-.0431
Motor. 60 ocCalifornia
05-.07
tane
11.0531 New York
Colonial-Beacon .06 K Loa Angeles. ex_ .041-.07
Motor. 65 ocGulf ports
07
05-.05H
05(
Crew Levick
tane
Tulsa
z Texas
06
06-.053i
Motor,standard .058
053( Pennsylvania-.05si
Gulf
Stand. Oli, N.Y._ - .0531
053i
Republic 011
Tide Wat. Oil Co._ .05K
Richfield 011 (Cal.)_ .0831
Warner-Quin. Co_ .05,i
•Below 65 octane. z "Fire Cider .083(.
Daily Oil Production Fixed at 74,333 Barrels Daily in
Oklahoma City by State Corporation Commission
-January Proration Order Shows Increase in
Daily Allowable as Compared With December.
According to the Oklahoma City "Daily Oklahoman" a
new proration order, fixing production of the Oklahoma City
field at 74,333 barrels daily and revising the present system
of allocations on water and flat allowables, was issued by
the State Corporation Commission late Saturday night.
The order is effective at 7 a. m. Jan. 1. The December
allowable was 73,510 barrels daily: The paper quoted said:
Another order extended the present proration order for fields outside
Oklahoma City, with the allowable being fixed at 311.670 barrles daily
for those fields. This fixes the total State allowable at 386,003 barrels
daily for the month of January, as compared with 384,684 barrels for
December.
The Oklahoma City order came after Col. Cicero I. Murray, in charge
of military proration enforcement here, had issued an order to shut down the
field Jan. 1 should the Commission fail to get its order out in time. This
action was conditional, Colonel Murray said, and was not to force the
Commission to act, but was merely a safeguard against any probable outbreak or unwarranted opening of wells by certain operators.
The State orders were delayed due to absence from the city of Chairman
Paul Walker and E. R. Hughes of the Commission. Mr. Walker returned
Dec. 31 but was ill with flu, as was E. S. Ratliff, commission attorney.
Slight Increase Reported in Daily Average Crude Oil
Production for Month of November-Inventories
Continue to Decrease.
According to reports received by the Bureau of Mines,
Department of Commerce,the production of crude petroleum
in the United States during November 1932, totaled 63,384,000 barrels, or a daily average of 2,113,000 barrels. These
figures represent a slight increase (9,000 barrels) over the ,
daily average of the previous month but are 14% below those
of a year ago. Production in practically all of the fields in,
November was unchanged from October. The largest in
in output in November occurred in the Conroe field
of Texas; the output of that field increased from about 16,000
barrels daily in October to 27,000 barrels daily in November..
Daily average production in the East Texas field showed
little change, amounting to 360,000 barrels in November
compared with 359,000 barrels in October. The number of
completions in the East Texas field increased but this factor
was offset by the lower allowable per well. Daily average-production in the Oklahoma City and Kettleman Hills fields
registered slight increases in November. The Bureau also
reports as follows:
The demand for crude oil at refineries again increased and withdrawals
from stock were continued. Total stocks of refinable crude oil declined more
than 4,000,000 barrels in November compared with a reduction of slighgy
over 2,0G0,000 barrels in October. Total stocks of all oils declined 9,385.000
barrels in November compared with a decline of 5,735,000 barrels in October.
The larger withdrawal in November resulted from the fact that increases
in the quantities of crude, kerosene, and fuel oil withdrawn outweighed an,
increase in motor-fuel stocks.
The quantity of domestic crude oil refined daily during November was
nearly 50,000 barrels above October, which more than offset a de-Tease in
runs of foreign crude.
The daily average production of motor fuel again increased, amounting to
1,089,000 barrels in November compared with an average of 1,083.000
Financial Chronicle
SUPPLY AND DEMAND OF ALL OILS.
(Including wax, coke, and asphalt in thousands of barrels o 42 U. B. gallons.)
Nov.
1932.
723,801
2,161
32,884
1,048
757,733
2,262
777,754
2,329
40,100
1,700
819,554
2,454
2,455
1,394
72,083
2,325
3,604
2,579
83,217
2,774
41,942
28,593
828,268
2,472
42,935
35,934
898,423
2,690
5,735
b3,179
33,555
48,383
78.891
2,630
77,818
2,510
80,038
2.668
861,823
2,573
946,786
2,835
1,318
5,696
71.877
2.396
2,541
5,494
69,783
2,251
2,449
8,067
69,522
2,317
25,239
71,074
765,510
2,285
24,464
92,758
829,564
2,484
c185
c50
251
c23
c30
307,311 311,659 326,808
40,264 39,996 41,777
347.575 351,655 388,585
3,049
3,457
2,586
247,398 252,295 247,128
Stocks(End of Month)
-d
Crude petroleum:
L East of California
L California e
I I. Total refinable crude
Natural gasoline
Refined products e
73,456
2,449
3,450
128
77,034
2,568
9,385
Demand
Total demand
Daily average
Exports:
Crude petroleum
Refined products
Domestic demand
Daily average
Excess of daily average domestic
Production over domestic demand
65,219
2,104
2,924
91
68,234
2,201
1,963
1.210
69,506
2,317
Decrease in stocks, all oils
Nov.
1931.
63,384
2,113
2,855
94
66,333
2,211
New Supply
Domestic reduction:
Crude petroleum
Daily average
Natural gasoline
Benzol_a
Total production
Daily average
Imports:
6 Crude petroleum
I Refined products
Total new supply, all oils
Daily average
Oct.
1932.
307,311
40.264
347,575
3,049
247,398
326,808
41,777
368,585
2,586
247,128
Jan.
-Nov. Jan.
-Nov.
1932.
1931.
Grand total stocks all oils
598,022 607,407 618,299 598,022 618,299
Days'supply
227
242
232
232
218
Bunker oil (included above In do), medic demand)
2,763
2,916
3,060
35,401
40,267
a Based upon production of coke reported to Coal Division by those by-product
coke plants that recover benzol products. b Increase. c Deficiency. d Stock figures
for 1931 not entirely comparable with these for 1932 as the 1932 figures include bulk
terminal stocks of gasoline and other revisions not carried back into 1931. e California heavy crude and residual fuel included under refined products.
PRODUCTION OF CRUDE PETROLEUM.
(Thousands of barrels of 42 U. S. gallons.)
Nov. 1932.
Oct. 1932.
Total. Daily.Av
Arkansas
California:
Kettleman Hills
Long Beach
Santa Fe Springs
Rest of State
Total California
Colorado
Illinois
-Southwestern _
Indiana
Northeastern
Total Indiana
Kansas
Kentucky
Louisiana-Gulf Coast
Rest of State
Total Louisiana_ - - Michigan
Montana
New Mexico
New York
Ohio-Central & Eastern
Northwestern
Total Ohio
-Okla. City..
Oklahoma
Seminole
Rest of State
Total Oklahoma
Pennsylvania
Tennessee
Texas-Gudf Coast
West Texas
East Texas
Rest of State
Total Texas
West virgin's
Wyoming-Salt Creek Rest of State
Total Wyoming_
Total. Daily As
960
32
1,015
61
70
57
283
471
3
10
2
59
68
64
281
472
3
9
2
2
98
16
34
29
83
20
5
32
9
9
2
11
73
108
208
389
32
1.829
2.107
1,974
8.718
14,828
89
291
49
2
51
2,909
515
1,016
862
1,878
744
189
959
265
284
85
369
2,121
3,378
6,515
12,014
977
2
94
17
33
28
61
24
6
31
9
9
3
12
69
109
210
388
31
3,831
4,975
10,817
6,727
26,350
287
636
393
1,029
128
166
380
224
878
10
21
13
34
3,745
5,072
11.131
7,011
26,959
323
646
398
1,044
121
163
359
226
869
10
21
13
34
2,113
65,219
2,104
Jan.Nov.
1932.
32
1,846
2,109
1,704
8,483
14,142
89
296
50
1
51
2,870
490
1.031
859
1.890
594
159
950
258
276
72
348
2,190
3,243
6.226
11,659
962
63,384
U. S. total
Jan:
Nov.
1931.
10,985
13,836
20,116
15,693
25,257
27.802
20,807
22,303
97,353 107,471
163,533 173,269
1,093
1,419
4,372
4,592
727
735
26
35
753
770
31,658
33,835
5,811
5,942
10,333
8,642
9,283
11.414
19,618
20,056
6,214
3,312
2,277
2,622
11,655
13.920
3,239
3,025
3.253
3,868
986
1,026
4,239
4,894
30,697
41,157
39.677
43,478
70,432
78,940
140,806 163,575
11,422
10,763
5
6
37,957
44,509
58,494
98,409
114,852
72,700
78,840
88,534
290,143 304,152
3,588
4,090
7.403
8,148
4,991
5,521
12,394
13,869
723.801
777,754
NUMBER OF WELLS COMPLETED IN THE UNITED STATES,a
November
1932.
011
Gas
Dry
844
90
280
October
1932.
825
97
353
November
1931.
874
161
253
Jan.
-Nov.
1932.
Jan.
-Nov.
1931.
9,648
937
3,226
6,044
1,856
3,419
To.al
1 214
1,275
1.288
13.811
11.319
a From "Oil SE Gas Journal" and California office of the American Petroleum
Institute.
Daily Output of Crude Oil Increased 79,300 Barrels
During Week Ended Jan. 7 1933
-Gasoline Inventories Off 90,000 Barrels.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Jan. 14 1933
Jan. 7 1933 was 1,777,450 barrels, compared with 1,698,150
barrels per day during the previous week, an average of
1,890,350 barrels per day during the four weeks ended Jan.7
and an average daily output of 2,234,200 barrels for the week
ended Jan. 9 1932.
Stocks of motor fuel at all points declined from 52,339,000
barrels at Dec. 31 1932 to 52,249,000 barrels at Jan. 7 1933,
a drop of 90,000 barrels, as compared with an increase of
1,269,000 barrels during the preceding week.
Reports received during the week ended Jan. 7 1933
from refining companies controlling 91.6% of the 3,856,300
barrel estimated daily potential refining capacity of the
United States, indicate that 1,933,000 barrels of crude oil
daily were run to the stills operated by those companies, and
that they had in storage at refineries at the end of the week,
35,393,000 barrels of gasoline and 127,693,000 barrels of
gas and fuel oil. Gasoline at bulk terminals amounted to
11,167,000 barrels and 1,189,000 barrels were in water borne
transit in or between districts. Cracked gasoline production by companies owning 95.4% of the potential charging
capacity of all cracking units, averaged 389,000 barrels
daily during the week.
The report for the week ended Jan.7 1933 follows in detail:
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(E1311res in Barrels et 42 Gallons Each.)
Week
Ended
Jan. 7
1933.
399,250
88,800
42,450
47,500
24,550
156,050
49,250
137,650
52,600
29,200
32,250
131,650
34,750
97,000
18,150
30,400
5,800
2,650
27,900
469,600
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern (not Ind. Michigan)
Michigan
Wyoming
Montana
Colorado
New Mexico
California
Week
Ended
Dec. 31
1932.
356,900
89,850
44,450
47,300
24,250
156,550
50,150
52,200
29,250
32,800
131,150
33,950
92.950
17,500
29,850
5,900
2,700
27,850
472,600
Average
4 Weeks
Ended
Jan. 7
1933.
,
Q000.17.0.011-CAQ
000000000000,=0000000
barrels in October. The seasonal decline in demand continued and the
daily average indicated domestic demand was 1,010,000 barrels compared
with 1.040.000 barrels in October. The November figure represents a
decline from a year ago of 1%. Stocks of motor fuel reflected the drop in
consumption and increased 112,000 barrels compared with a decrease of
893,000 barrels in October; the total on hand Nov. 30 1932, was 47,152,000
barrels. Salient points in the statistics of the minor products were continued increases in the demand for kerosene and fuel oils. In general, stocks
of all the important refined products eampt gasoline and asphalt declined
In November
The rtfinery data of this report were compiled from schedules of 340
refineries, with an aggregate daily recorded crude oil capacity of 3,575.202
barrels, covering, as far as the Bureau is able to determine, all operations
during November 1932. These refineries operated during November at
61% of their recorded capacity, given above, compared with 339 refineries
operating at 61% of their capacity in October.
.
.i•
w.0w03031303030'. w.
-4w
w13a,4w0'
....4ww.-aws.www.wo-4.p.-4,40.
171'03e0.
461AW0. 03l00l0;
0
01QQCn.001Q0C7
244
Week
Ended
Jan. 9
1932..
481,650
101,150
52,450
49,750
24,250
172.850
51,600
329,500
51,800
29,200
34.250
112,650
26,350
110,750
15,950
38,450
6,100
3,600
36.300
505,600
Tntn1
1.777.450 1.698.150 1.890.350 2 214 200
The East Texas production figure indicated above covers the week ended 7 a. m.
Monday (Jan. 2 1933), and therefore reflects only one day's production (263,550
barrels) since the field was reopened on Jan. I. That single day's production was
then placed upon a daily average basis. The 37,650 figure indicated above being
the calculated dally average production during the week ended the morning of Jan.2
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND GAS AND FUEL
OIL STOCKS FOR WEEK ENDED JAN. 7 1933.
(Figures in Barrels of 42 Gallons Each.)
Daily Refining Capacity
of Plants.
Crude Runs
to Stills.
District.
Reporting
Potential
Rate.
Total.
East Coast
644,700 638,700
APpalacillan_
144,700 135,000
Ind., Ill.. Ky__ _ 434,900 424,000
Okla., Kan., Mo. 459,300 390,000
Inland Texas_ _ 315,300 177.700
Texas Gulf_ _ _ _ 555,000 542,000
Louisiana Gulf_ _ 148,000 142,000
No. La., Ark__
89,300
79,000
Rocky Mountain 152,000 138.000
California
915,100 868.100
%
Daily OperAverage. ated
99.1 409,000
78,000
95.0
97.5 252,000
84.9 175,000
56.4
94.000
97.7 375,000
75,000
97.3
88.5
40,000
22,000
90.8
94.6 413,000
aMotor
Fuel
Stocks.
Gas and
Fuel 011
Stocks.
64.0 12,723,000 7.936.000
57.8 1,740,000
810,000
59.4 7,040,000 3,341,000
44.9 4,687,000 2,725,000
52.9 1,499,000 2,151,000
69.2 6,350,000 7,441.000
52.8 1,440,000 2,583,000
50.6
313,000
449,000
15.9 1,131,000
465,000
47.7 15,326,000 99,792,000
Totals week:
Jan. 7 1933_ 3,856,300 3,532.500 91.6 1,933,000 54.7 c52249,000
Dec.31 l932.. 3,856.3003.532.500 91.6 2,011.000 56.9 52,339,000 127.693.000
127,636,000
a Below Is set out an estimate of total motor fuel stocks on U. S. Bureau
basis for week of Jan. 7 1933. compared with certain January 1932 Bureau of Mines
figures:
A.P. I. estimate B. de M. basis, week Jan. 7 1933_ b
53.350,000 barrels
U. S. 13. of M. motor fuel stocks, Jan. 1 1932
55,107,000 barrels
U.S. B. of M. motor fuel stocks. Jan. 31 1932
60,189,000 barrels
b Estimated to permit comparison with A. P. I. Economics reports,
which is of
Bureau of Mines basis.
c Includes 35,393,000 barrels at refineries, 11,167.000 at bulk terminals, 1
,180,000
barrels in transit, and 4,500,000 barrels of other motor Mel stocks.
Texas Railroad Commission Sets Market Demand for
Gas from West Panhandle Field at 300,000,000
Cubic Feet Daily.
An order was issued Dec. 31 by the Texas Railroad Commission setting the market demand for gas from the Texas
West Panhandle gas field at 300,000,000 cubic feet of gas
daily and providing that all producers participate in the
market outlet. Associated Press advices from Austin, Jan.
1 to the Houston "Post" from which the foregoing was
taken, also reported:
The allowable will become effective at 7 a. m. Jan. 1 and
will continue
until 7 a. m. Feb. 1 at which time it will be adjusted to meet
the market
prevailing on that date.
The order would apply to gas wells only. Market demand
would be
determined by the field supervisors of the Commission.
Certain operators have complained to the Commission for
months that
they were unable to obtain a share in the market outlet for the
natural gas
from the Panhandle. The Commission attempted to shut in
the field until
all operators could be given outlets but a three-judge Federal
court held
Financial Chronicle
At Atlantic Coast ports
Baltimore
Boston
New York
Philadelphia
Others
December.
November.
October.
September.
128,000
140,000
486,000
165,000
255,000
651.000
233.000
71,000
74,000
38.000
448,000
290,000
333.000
1^0.000
349.000
3 0.000
Total
1.034,000
Daily average
33,355
At Gulf Coast ports-Total
x152,000
Daily average
4,903
At Atlantic & Gulf Coast ports
Total
1.186,000
Daily average
38,258
1,095.000
36,500
1,183,000
38,161
086,000
32,847
1,095,000
36,500
1,183,000
38,161
986,000
32.867
87,000
DISTRIBUTION OF TOTAL CALIFORNIA OIL RECEIPTS.
(Barrels of 42 Gallons.)
Month of-
December.
November.
Al Atlantic Coast ports-Gasoline
Kerosene
Gas .11
Fuel oil
Lubricants
455,000
105,000
x225,000
1401,000
710,000
71,000
201,000
105,000
8,000
October.
904.000
78.000
201,000
September,
739.000
74.000
81,000
92,000
Total
1 1RR 000 1 nns non 1.183 000
Aga non
a Received at Port Arthur (75,000 barrels of fuel oil and 77,000 barrels of gas oil).
Imports of Petroleum Advanced Sharply During
December 1932.
According to figures collected by the American Petroleum
Institute, imports of petroleum (crude and refined oils) at
the principal ports for the month of December 1932 totaled
4,442,000 barrels, a daily average of 143,290 barrels), compared with 2,832,000 barrels, a daily average of 94,400
barrels, in the month of November. The Institute's statement follows:
IMPORTS OF PETROLEUM AT PRINCIPAL UNITED STATES
PORTS
(CRUDE AND REFINED OILS).
(Barrels of 42 Galloon.)
Month.
At Atlantic Coast Ports
Baltimore
Boston
New York
Philadelphia
Others
Total
Daily average
At Gull Coast Ports
Total
Daily average
Al All Untied States Ports
Total
Tall
• laun191[
1i/
December.
November.
442.000
64.000
0,614.000
873,000
287,000
425,000
435,000
1.499.000
577.000
267,000
2,238.0010
950.000
221,000
153.000
66.000
1,737.1)00
365.000
302.0(5)
4,280,000
138.064
2,768,000
92,207
3,844.000
124,000
2,623.000
87,433
y162.000
5.226
164.000
2.133
62,000
2,000
4,442,000
2.832,000
04 ann
3.900.000
141 200
October.
September.
2,596,000
62.000
61.000
39,000
1,220,000
948,000
1,187.000
1.240,000
Total
4,442,000
2.832.000
3.906.000
2.623.000
2,8230(y)
190 111111
September.
1,383.000
Lima Crude Oil Price Reduced by Standard Oil Co.
of Ohio.
Announcement of a 10-cent per barrel reduction in the
price of Lima crude oil was made by the Standard Oil Co.
of Ohio on Jan. 10, to become effective immediately.
Slab Zinc Output Lower in 1932-December Production
Highest Since May Last Year-Shipments Continue
to Fall Off.
According to the American Zinc Institute, Inc., 18,489
short tons of slab zinc were produced during the month of
December 1932, the highest since May last when total production amounted to 18,605 tons. The December figure
also compared with 15,958 tons produced during November
1932 and 21,868 tons in December 1931. Shipments continued to fall off, amounting in December 1932 to 15,582
short tons as compare -1 with 16,000 tons in the preceding
month and 23,041 tons in the corresponding month in 1931.
Production during the calendar year 1932 totaled 213,247
short tons as against 300,738 tons in 1931 and 504,463 tons
in 1930, while shipments in 1932 amounted to 218,384 tons
as compared with 314,514 tons in 1931 and 436,275 tons in
1930. Inventories at Dec. 31 1932 rose to 124,705 short
tons, as against 121,798 tons a month previous and 129,842
tons a year ago. The Institute's statement follows:
SLAB ZINC STATISTICS (ALL GRADES), 1930. 1931 AND 1932.
(Tons of 2,000 Lbs.)
Month.
Produced
During
Month.
1932.
January
February
March
April
May
June
July
August
September
October
November
December
Total for year y213,247
Monthly aver
17,771
1931.
January
February
March
April
May
June
July
August
September
October
November
December
Shipped
During
Month.
Stock at
End of
Month.
22,404
21,851
22,503
18,032
18,050
14,971
12,841
16,360
20,638
19,152
16,000
15,582
129,909
129,532
129.477
132,020
132,575
134,027
135,902
133,153
125,775
121,840
121.798
124,705
Retorts Unfilled
xShip- Operary Orders, Daily
ped for End of End of Arer.
Export. Month. Month. Prod.
31
0
0
0
0
20
0
39
20
20
20
20
22,044
21.752
22.016
20.796
20.850
18,742
18,295
14,514
14,915
17.369
19,753
21,023
24,232
23,118
23.712
20,821
19,837
16,116
16.949
18,017
16,028
10,333
8,640
7,587
725
740
724
686
600
548
475
439
442
491
532
596
218,384
18,199170
14 19,339 17,116
-
- - -583
31,064
30,249
35,224
27,418
25,851
27,604
28,460
23,599
20,860
21.181
19,963
23.041
Total for year 300,738
Monthly aver
25,062
314,514
26,210
1930.
January
40,704
February
41.296
March
41,820
April40,597
May
38,681
June
36,448
July
35,389
AURUSt
31,901
September
32.470
October
32.430
November
30.285
December
34,254
145,076
144.389
141,493
143,212
143.049
138,928
131.833
129,701
130,168
130,535
131,015
129,842
86.736
90,068
96.367
100.205
106,080
113,090
117.724
126.835
134.835
143.327
145.139
143.618
1
0
0
0
20
0
20
0
0
0
0
0
33,235
33,118
31,821
26.672
20,624
19,022
19,2h6
19,305
20,417
21,374
19,428
19,875
30,251
33,453
31,216
36,150
31.146
33,086
24,815
20,503
15,388
18.365
21.355
18,273
1.049
1,056
1,043
971
829
783
689
692
708
695
681
705
41
3
Total for year 504,463
Monthly aver
42.039
23
,680
.16;
26
-
-822
20
6
17
26
31
37
31
17
11
0
0
0
59,457
59.929
51,300
50,038
52,072
52,428
46,030
48,004
42.574
38,604
35,092
31,240
39,017
32.962
29,330
29.203
30,515
28,979
34,135
28,972
27,108
29.510
24,481
26,651
1.678
1,594
1,552
1,481
1,437
1.449
1.291
1,323
1,349
1.321
1.067
1.054
47:6:1
30,072 I
1.31
436,275
196
36,356
16
x Export shipments are included in total shipments.
y Includes the following:
Primary zinc from domestic ore by distillation, 183.733; electrolytic, 23,203
total
206.9
Secondary zinc from ordinary type retort smelters
6,3 6
Total
Additional Production
Secondary zinc from large graphite retorts
Primary zinc from foreign ore
Total
a Received at Port Arthur. y 65,000 barre $ at New Orleans and 97,000 barrels
at Port Arthur.
October.
1,829,000
55,000
(ND
Co CAJC.4 0 0
, COON
W
..:P4P
17P011.7e .
VONI D051,
,
W
CW.40...C*WOOW0
,4-,
Month of-
November.
3,128.000
55,000
lw,NONWW.CACWO
RECEIPTS OF CALIFORNIA OIL AT ATLANTIC AND GULF COAST
PORTS (CRUDE AND REFINED).
(Barrels of 42 Gallons.)
December.
bOKINNNNNIN,
NWNW
Gain Reported in Receipts of California Oil at Atlantic
and Gulf Coast Ports in December.
Receipts of California oil (crude and refined) at Atlantic
and Gulf Coast ports for the month of December amounted
to 1,186,000 barrels, a daily average of 38,258 barrels, as
compared with 1,095,000 barrels, a daily average of 36,500
barrels, during the previous month, reports the American
Petroleum Institute. The detailed statement follows:
Month.
Crude
Gasoline
Kerosene
Gas oil
Foe oil
,
014.0..COG WWWNCIN
,
.IWNN
1WWW-4-4(oWW .
Tank-Car Gasoline Prices Reduced-Action Taken by
Standard Oil Companies of New York and New
Jersey.
The price of tank-car gasoline was reduced on Jan. 10
by the Standard Oil Co. of New Jersey M cent a gallon at
all points. This reduction brings the prices at Bayonne,
N. J., to 532 cents a gallon for United States motor grade
and 53 cents a gallon for "Standard" gasoline.
A
The Standard Oil Co. of New York lowered its price of
gasoline in tank-car lots
cent a gallon on Jan. 11 at
New York, Boston, Providence, and Portland, Me., to
conform with the cuts made by the New Jersey Standard
company. At Buffalo the company announced a reduction
of % cent a gallon. The new price for unbranded gasoline
is 53/b cents a gallon at New York, Boston, and Providence,
and 6 cents at Portland, Me. For Socony gasoline the price
is now 53 cents at New York, Boston, and Providence,
4
and 63% cents at Portland.
DISTRIBUTION OF TOTAL IMPORTS.
(Barrels of 42 Gallons.)
WW414.444 4.Cn
,
NN00...0W4.&.
904 .
,
the order invalid on the ground the Commission had exceeded its authority.
The deputy supervisors were ordered to allot to each producing unit, or
fraction thereof, its pro rata share of the allowable production or market
demand.
For the purposes of the order, the field was unitized on the basis of 160
acre tracts. Ono-half the allowable would be based on the potential capacity of the well and the other half on a formula which would take into conconsideration acreage and pressure.
The Commission had issued an order on Dec. 31 designed to reduce the
wastage of gas in the production of oil in the Panhandle field by 200,000,000 cubic feet daily.
245
1
.1b10:41
Volume 136
213 247
11 518
221..765
AVERAGE RETORTS DURING MONTIL
1931.
1932.
1931.
1932.
1932.
1931.
January_ _21.001 32,737 May
20,172 20,032 September_ 13,809 19.752
February._20,629 34.423 June
19,670 19.898 October _ _ _15.901 19,809
March _
_21.078 30.647 July
17,552 17.920 November _18.650 18.245
April
19,469 26.765 August--15,067 18,140 December _20,372 18,223
Financial Chronicle
246
November Daily Average of Natural Gasoline Production Exceeded that for Previous Month, but
Continued Below Corresponding Period in 1931.
According to the U. S. Bureau of Mines, Department of
Commerce, the production of natural gasoline continued its
slow but steady gain in November 1932, when the daily
average output was 4,000,000 gallons compared with 3,960,000 gallons in October. However, the production in Nov.
1932 was 17% below that of a year ago and the cumulative
output for 11 months of 1932 was 18% below that in the
same period a year ago. The largest increases in production
in November 1932 were recorded in the Appalachian district
and in the Texas Panhandle, indicating that the gain in total
output was due to increased takings of natural gas by pipe
line companies. Stocks of natural gasoline at the plants
continued to decline, reaching a new low of 20,078,000 gallons
on Nov. 30 1932.
PRODUCTION OF NATURAL GASOLINE (THOUSANDS OF GALLONS).
Stocks End
of Month.
Production
Nov.
1932.
Appalachian
Illinois, Kentucky, Indiana
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain
California
Total
Daily average
Total (thousands of barrels).Daily average
Oct.
1932.
-Nov. Nov.
Nov. Jan.
1932.
1931.
1932.
6,200 5,400 6.100
800
700 1,000
29,900 31,500 37,800
2.200 1,900 2,600
29,500 29,300 33.000
3,200 3,600 4,900
1,400
1,500 1.900
5.300 5,800 5.800
41,400 43,100 51,800
59,800
7.300
349,100
22,400
324,000
43,200
18,100
57,300
499,900
1.695
205
7,041
508
6.155
744
259
1,021
2.450
Oct.
1932.
1,669
229
9,648
672
7,258
924
254
774
2.772
1933
total about 10.600 tons, and those for February shipment have reached
about 4.000 tons.
Cortection.-Lead, St Louis, average for week ended Jan. 4 was 2.875
cents, and not 4.875 cents, as published in our issue of Jan. 5.
Zinc Stocks Increase.
United States zinc stocks increased during December. owing to a decline
in shipments and a gain in output. Demand was quiet and prices realized
averaged a shade lower on increased competition for business. Sales
were reported during the week at prices ranging from 3.085 cents to 3.125
cents, the inside figure applying against prompt shipment material. Yesterday, the market settled at 3.10 cents.
The statistics of the Institute for November and December, in tons.
follow:
November.
December.
Production
a15.958
18.489
daily rate
l'roduction,
532
596
Shipments
al6.000
15,582
Stocks
a121,798
124,705
Unfilled orders
8,640
7,587
Retorts operating end of month
19,753
21,023
Retorts, average for month
18,650
20,372
a Revised.
Output of zinc in the United States by primary producers during 1932
amounted to 213,247 tons, against 300.738 tons in 1931, according to the
American Zinc Institute. Zinc produced from domestic ore by distillation
totaled 183.733 tons, and output of electrolytic plants was 1.3.208 tons.
Secondary zinc produced in ordinary type retort smelters totaled 6,306 tons.
Tin Mites Trend Upward.
In spite of relatively little business, prices in the domestic tin market
moved steadily upward throughout last week, from a low of 22.30 cents
last Thursday to 22.90 cents at yesterday's close. This trend reflected
mainly several upward movements in prices abroad, as well as the recent
Improvement in sterling exchange. The few small lots of metal sold here
were acquired by consumerp, most of whom made their purchases early
in the week. Toward the close trading was decidedly slow.
Chinese tin. 99%. prompt shipment, closed as follows: Jan. 5, 21.20
cents; Jan. 6, 21.25 cents; Jan. 7, 21.30 cents; Jan. 9, 21.45 cents; Jan. 10.
21.60 cents; Jan. 11, 21.80 cents.
119,900 122.800 144,900 1,381,100 20,078 24,200
4,000
2,855
95
3,960
2,924
94
4,830
3,450
115
4,120
32,884
08
478
-5-6
-7
Foreign Demand for Copper Improves: Domestic Trade
Dull
-Zinc Unsettled.
"Metal and Mineral Markets" in its issue of Jan. 12 1933
reports that the feature in the market for non-ferrous metals
in the past week was the fairly active demand for copper
abroad, resulting in a moderate upturn in the c.i.f. quotations and a better feeling in the domestic trade. Buying
of copper for domestic account remained dull, but producers appeared disinclined to force business at present
levels, and the undertone generally was steady. Lead
business fell off, contrasted with the preceding week, yet
prices were easily maintained, largely on prospects of further
curtailment in output. Zinc showed some irregularity in
prices, with sales of scattered lots at slight concessions. Tin
advanced on renewed support abroad and the higher basis
for sterling. Silver prices showed a higher average for the
week on buying for speculative account. Antimony was
visit but steady at 5.50 cents. Quicksilver remained inactive. The same publication says:
Copper Firmer Abroad.
Interest in copper again shifted to the foreign scene. European consumers were steady buyers of the metal throughout the week, and as the
Cheaper offerings were absorbed the market soon steadied. Prices realized
on c.i.f. business during the seven-day period ranged from 4.90 cents to
5.15 cents. Yesterday, foreign prices, based on actual transactions,
ranged from 5.075 cents to 5.15 cents, depending on the seller. Katanga
was credited with moving up to 5.20 cents on French business, which, in
view of the preferential tariff favoring the Belgian producer in that market,
would bring this figure down to 5.10 cents on competitive business. Consumers abroad are using up quite a fair tonnage of copper, trade authorities
contending that European needs at present are about 55,000 tons monthly
Deliveries in the United States are running between 20,000 and 25.000
tons a month.
Domestic copper sold in a small way during the week on the basis of
5 Cents Per pound, delivered Connecticut, near-by positions. On secondquarter business 5% cents was considered bottom. In spite of the quiet
prevailing here, selling pressure was not in evidence, indicating that producers, with few exceptions, are unwilling to part with metal at current
levels.
In touching on the copper situation, Sir Edmund Davis, Chairman of
Bwana M'Kubwa, speaking at the general meeting of the company held
in London recently, said: "It is common knowledge that the conference
which was lately held in New York broke up without any definite arrangement relating to quotas being made, and though this be so I think that
production in most of the copper mines in the United States may probably
be brought to a standstill at no distant date, and. In this way, perhaps
a reduction may be gradually effected in the accumulated stocks"
Demand for Lead Slumps.
Total volume of lead sales fell off to about a third of that for the preceding week, when a fair tonnage was booked, equivalent to about an
average week's business in 1932. Battery manufacturers were principal
buyers last week, with ammunition interests and jobbers placing most of
the remainder of the uusiness. Prices were maintained in all directions:
sales in the East were entered at 3 cents, New York, the contract basis of
the American Smelting & Refining Co., and those in the Middle West at
the week was held to
2.87% cents, St. Louis. The outstanding feature of
tending to bring production
be the new developments within the industry
output on
In line with current demand. Rumors prevailed of decreased
Co. announced that
the part of several producers, and the National Lead
mine, in southeast
It would soon close its St. Francois mRI and three
Missouri
Total stocks of lead increased to 259,069 tons in December, compared
forfanuary.
shipal3nt
with 254,958 tons in November. Sales of virgin lead
Ian. 14
Domestic and Foreign Prices of Copper-Foreign Price
Higher During Week.
The domestic price of copper during the week (Jan. 9-13)
was unchanged at five cents a pound delivered to the end
of March and ranging from 53i to 53( cents for second
quarter shipments.
The foreign price of copper on Jan. 9 was five cents a
pound c. i. f. Hamburg, Havre and London, which price
was slightly down from the last previous quotation reported.
The price advanced slightly on Jan. 10 to 5.05 cents a pound
but buying at that price was quiet. Another advance in
price was made on Jan. 11, the price being quoted at 5.15
cents a pound. On Jan. 12 the price ranged from 5.15 cents
to 5.25 cents a pound. Yesterday (Jan. 13) copper abroad
was quiet with some producers not quoting. The price was
around 5.10 cents a pound judging from quotations of sellers.
Price of Scrap Steel Increased 25 Cents a Ton.
Heavy Melting scrap steel prices at Pittsburgh were
advanced 25 cents a ton Jan. 10. The new prices, which
represent the first upward change in some time, range from
$8.25 to $8.75.
Steel Output Again Rises-Operations Now at 15%
of Capacity-Price of Finished Steel Declines.
The volume of steel business has gained moderately,
while ingot production, at an average of 15% for the industry,
has made the second consecutive weekly gain, and now
stands at two points above the year-end low of 13% in the
holiday week, says the "Iron Age" of Jan. 12. Steel output
advanced at about a corresponding rate in the early part
of January 1932, though the operation at this time last year
was 25% of capacity. The "Age" further reports as follows:
Steel consumers are still very cautious, even In the matter of modest
replenishment of depleted Inventories, but there has been enough new
business from the automobile industry. the can manufacturers and builders
of refrigerators to give some of the steel companies slightly better schedules
than they had In the latter part of December. The influence of orders
for automobile steels and tin plate is apparent in the widely divergent
activities of various steel produ..ing districts.
At Cleveland. where sheets, bars and wire for the automobile trade
are major products ingot output Is at 35%. while at Wheeling. where
tin plate is an important factor in rolling capacity, a gain to the same
percentage rate has occurred this week. Pittsburgh production has risen
to 14%. while the average for the Valley district has made a gain of 16%•
In contrast. the Chbago district, which depends to a considerable extent
on construction work and the railroads, has not been able to get above its
late December low of 9%. while in eastern Pennsylvania. where structural
shapes and plates are outstanding products, steel output is barely above
10%. A week's shutdown of the Steel Corp.'s Fairfield works in Alabama
has dropped that district's rate below 10%•
The absence of important buying by the railroads is a distinctly discouraging aspect of the currint steel situation, as rollings of rails and
car mati.rial are usually strong supporting factors at this time of the year.
The steel industry believes, however that the fairies.. ,annot much longer
refrain from making purchases for ordinary maintenance work, a recent
spurt in releases of track supplies at Chicago tending support to this expectation. Two Van Sweringen roads and a Southern railway may come
into the market shortly for rails and the Board of Transportation of New
York is taking bids this week on 6.000 tons.
Construction work is at a seasonal ebb, but releases against contracts
placed some time ago are being received by the mills and rollInge will
be increased the latter part of this month. The Reconstruction Finance
Volume 136
Financial Chronicle
Corporation has now advanced a total of $17,753,000 for self-liquidating
projects for which loans have been approved. The week's fabricated
structural steel lettings were only 5,700 tons, not including 1.500 tons
of plates for river barges, and fresh inquiries call for only 4,300 tons.
While the outlook for the automobile industry must remain in abeyance
pending the results of the January exhibitions, the schedules that wire
planned for this month are being carried out. After cars for dealers'
stocks have been shipped, automobile manufacturing will be synchronized
with sales to car users. The caution of the motor car companies is indicated by the fact that some parts makers are. slowing down production
schedults, and a reduction in assemblies of cars will be put into effect
by some units of the industry during the latter part of the month.
The most disturbing factor in the market is price weakness in sheets,
plates and structural shapes. Some grades of sheets are $2 a ton lower.
bringing the' iron Age" finished steel composite price down to 1.936 cents
a pound. or only slightly above its 1932 low. On the other hand, heavy
melting steel scrap Is higher at Pittsburgh, and our scrap composite has
advanced to $6.83 a ton from $6.75 last week. Pig iron is unchanged at
$13.56 a ton.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Jan. 10 1933, 1.938e. a Lb.
Based on steel bars, beams, tank plates.
One week ago
1.948e.
wire, rails, black pipe and sheets.
Onemonth ago
1 9480. These products make 85% of the
One year ago
1.9390. United States output.
High
Low.
1933
1.948c. Jan. 3
1.936c. Jan. 10
1932
1 9770. Oct. 4
1.926c. Feb. 2
1931
2 0370. Jan. 13
1.945e. Dee. 29
1930
2.2730. Jan. 7
2.018c. Dec. 9
1929
2.317o. Apr. 2
2.283c. Oct. 29
1928
2.2860. Dee, 11
2.2170. July 17
1927
2 402o. Jan. 4
2.212c. Nov. 1
Pig Iron.
Jan. 10 1933, $13.56 a Gross Ton.
Based on average of basic Iron at Valley
One week ago
$13.56 furnace foundry irons at Chicago,
One month ago
13.59 Philadelphia, Buffalo, Valley and MrOne year ago
14.041 mingham.
High.
Low.
1933
$13.56 Jan. 3
$13.58 Jan. 3
1932
14.81 Jan. 5
13.58 Dec. 8
1931
15.90 Jan. 6
15.79 Dec 15
1930
18.21 Jan. 7
15.90 Dee. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov. 27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap.
Jan. 10 1933, $8.83 a Gross Ton.
Based on No. 1 heavy melting steel
One week ago
$6.75
quotations at Pittsburgh, Philadelphia
One mouth ago
6.92 and Chicago.
One Year ago
8.50
High.
Low.
1933
36.83 Jan. 10
$6.75 Jan. 3
1932
6.42 July 5
8.50 Jan. 12
1931
11.33 Jan. 6
7.62 Dec. 29
1930
11.25 Dec. 9
15.00 Feb. 18
1929
14.08 Dec. 3
17.58 Jan. 29
1928
13.08 July 2
16.50 Dee. 31
1927
13.08 Nov.22
15.25 Jan. 11
"Steel" of Cleveland, in its summary of the iron and steel
markets, on Jan. 9 stated:
Supported principally by output of tin plate for stock and a carryover
from December of automobile needs and of miscellaneous requirements for
Shipment after inventory time, steelmaking operations expanded to 15-16%
in the week ended Jan 7.
Bookings, however were not the equal of production last week, for one
reason because many consumers had not resumed following their holiday
Shutdown, and whether the steel rate lifts again this week is wholly dependent upon current orders.
The conviction that the long pull is favorable to them still Is entertained
by producers of iron and steel, and patently an output of 15% falls short of
the barest essentials, yet the industry is increasingly handicapped by a
number of exterior factors over whi h it has neither influence nor control.
One factor is politics. Unquestionably, ignorance of the program of the
incoming administration at Washington is holding back business, possibly
to a greater extent than the uncertainty over the outcome of the election did
last fall. The lack of railroad tonnage, so keenly felt now, is attributed in
some measure to uncertainty over longtime policies.
In finished steel, demand is mediocre from every major outlet, even
including the automobile. January steel requirements for this industry
are fast being worked off, and February hinges upon retail sales following
the shows and the Ford program, both of which still are obscure. A possible 90 (lay suspension in the East Texas oil Bele Is dreaded by pipe mills.
Thus far it has not yet been reflected in orders for material, but railroad
shops have resumed on an encouraging scale this month. The Reading
may repair 6,000 instead of 3.000 freight cars, doubling its recent need for
4.000 tons of plates. The Norfolk & Western is considering rebuilding
500 hoppers. The Santa Fe has distributed track fastenings to accompany its recent rail order.
For the proposed Denver water tunnel 4.000 tons of plates will be required.
Bids close Jan. 11 on 5,690 tons of sheet piling, 1,678 tons of reinforcing
bars and 9.740 feet of cast iron pipe for Seattle, which has Just placed a
steel pipeline requiring 1.800 tons of plates. Boston, Incidentally, has
rejected bids on 1.200 tons of cast iron pipe because prices were almost
$7 per ton higher than a year ago.
Raw materials appear slightly more favorable than finished. It develops
that Decembir shipments of pig Iron did not fall below November, and a
slight gain is probable this month. The movement of coke is maintained.
Scrap, however. is a weak point, the market on steel grade being off 25 cents
at Pittsburgh. railroads again holding bach their accumulations, and the
composite of "Steel" easing oft 8 cents this week to $6.21.
Tint plate mills are now operating at 45%. an improvement of five points.
Italy. which did not have a tin plate industry, until three years ago, has
booked some business for the Argentine.
Low as production dipped in December in both pig Iron and steel It
held above the all-time lows of August. Steel ingot output in December
was at the daily rtte of 32.485 tons or 15.02% of capacity, compared with
39.031 tons In November. The 1932 total for ingots is 13.095.727 tons,
compared with 25,192.715 tons in 1931. Last year was a 19-41% year;
1931 was 34 13%. The coke pig iron daily rate In December was 17.650
tops, or 12.5%. giving the year a total of 8.674.067 tons, compared with
18,263.011 tons in 1931.
Steel prices are holding well with the exception of sheets, which have become Increasingly competitive. As a result, the iron and steel composite
of "Steel" is off 16 cents to $28.83, and the finished steel composite 20 cents
to $46.50.
Steel ingot production for the week ended Monday,
Jan. 9, is placed at 15Y2% of theoretical capacity, according
to the "Wall Street Journal" of Jan. 10. This compares
247
with 133.% in the preceding seven days, and 123.% two
weeks ago, when the Christmas holiday shut-downs were
included. The "Journal" adds:
United States Steel Corp. is credited with a rate of about 14;i%, against
13% in the previous week, and less than 12% two weeks ago. Leading
independents are at a shade in excess of 16%. compared with a little under
14% in the week before and 13% two weeks ago.
The following table gives the ingot production for the corresponding
weeks of the five preceding years, with the increases or decreases from
the week immediately preceding'
Industry. United States Steel. Independents.
1932
25+3
24+2
2+33.
1931
40+4
44+3
37+5
65+6
67+6
64+6
1930
82-2
85-2
80-1A
1929
71+1
1928
75+1
67+
Little Change in Steel Backlog.
Unfilled tonnage on the books of subsidiaries of United
States Steel Corp. at the end of 1932 amounted to 1,968,140
tons. This is a decrease since Nov. 30, but of only 161
tons. On the latter date orders totaled 1,968,301, while
at Dec. 31 1931 the backlog was 2,735,353 tons. Below
we give the figures by months for the past six years; figures
for earlier dates may be found in the "Chronicle" of April 16
1927, page 2215.
UNFILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION.
End of
Month.
1932.
1931.
1930.
January ___ 2.648.150 4.132.351 4,488.710
February__ 2.545,629 3.965.194 4.479.748
2.472.413 3.995.330 4.570.653
March
April
2,326.926 3,897,729 4,354.220
2,177,162 3,620.4524,059.227
May
June
2.034,788 3.479,323 3.968.064
July
1,966,302 3.404.816 4.022.055
August._
. 1,969,595 3,169.457 3,580.204
September _ 1.985,090 3.144.833 3.424.338
1.997.040 3,119.432 3,481,763
October
November _ 1.964,301 2.933.891 3.639,638
December
1.9.8.140 2.735.353 3.943.598
1929,
1928.
1927.
4,109.487
4,144,341
4.410.718
4,427.763
4,304,167
4.256,910
4,088 177
3,658.211
3.902.581
4.086.562
4.125.345
4.41..193
4.275.947
4.398,189
4,335.206
3.872.133
3.416.822
3.837.009
3.570.927
3,624,043
3,698.368
3.751.030
3.643.000
3.978,712
3.800.177
3.597.119
3.553.140
3.458.132
3.050,941
3.053.248
3.142.104
3.196.037
3.148.113
3.341.046
3.454 444
3,972,814
Decline in Ingot Production.
The American Iron & Steel Institute in its monthly
report of steel ingot production calculates the output of all
companies in December at 844,618 tons; a decrease of
170,176 tons as compared with November, in which month
1,014,794 tons were produced. Percent of operation in
December dropped to 15.02% from 18.05% in November.
Operations for the year 1932 were at 19.41% and for 1931,
38.13%. The approximate daily output was only 32,485
tons in December, which had 26 working days and 39,031
tons in November with a like number of working days.
In December 1931, which also contained 26 working days,
daily output averaged 59,057 tons and operations were at
23.56% of capacity. Output of all companies in that month
totaled 1,301,211 tons. Below we furnish the monthly
figures since January 1931 as given out by the Association:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1931 TO
-GROSS TONS.
DECEMBER 1932
Reported by companies which made 95.33% of the open-hearth and Bessemer
steel ingot production in 1931.
Months.
1931.
Jan
Feb
March,..
April
May
June
July
Aug
Sept
Oct
Nov
Dec
OpenHearth.
Monthly
Calculated No.ol
Output
Monthly WorkBessemer. Companies Output AU log
Reporting. Companies. Days.
Approx. Per
Cent
Daily
Output OperaAll Cos. tion.a
27
24
26
26
26
26
26
26
26
27
25
26
93.042
106,126
117.475
106,421
98.140
81,837
72.599
66,032
59.439
58.896
63,666
50,047
43.80
49.98
55.30
50.09
46.20
38.52
34.17
31.08
27.98
27.72
29.97
23.56
Total_ _ 21,004.543 3,011,394 24,015,937 25,192,715 311
81,006
38.13
56,133
58,308
52.187
47.625
42,540
34,511
31.701
30.830
37,502
41,098
39.031
32.485
25.96
26.96
24.13
22.02
19.67
15.96
14.66
14.26
17.34
19.00
18.05
15.02
1932.
Jan
Feb
March
.
April
May
June
July
Aug
Sept
Oct
Nov
Deo
2,098,175
2,131,079
2,565,531
2,321,043
2,130,805
1,782,007
1,574,379
1,462,254
1.274.072
1,319,958
1.276,856
1,068,384
1,230,661
1,232,568
1,149,307
1,036,227
950,785
755,123
652.650
696.206
804,556
885,773
838,559
722,522
296,620
296,974
346,137
316,668
301,839
246,365
225.030
174,380
199.151
195,943
240.441
172,046
160,633
157,067
193,944
144,197
103,593
100,249
102,872
97.323
124,970
132,876
128,844
82,652
2,394,795
2,428,053
2,911,668
2,637,711
2,432,444
2,028,372
1,799,409
1,636,634
1,473,223
1,515,901
1,517,297
1,240,430
1,391,294
1,389,635
1,343,251
1,180.424
1,054,378
855,372
755,522
793,529
929.526
1,018.649
967,403
805.174
2,512,140
2.547,027
3,054,339
2,766,959
2.551,633
2.127.762
1,887,580
1,716,829
1,545,411
1,590.180
1,591,644
1,301,211
1,459,450
1,457,710
1,409,054
1,238,250
1,106,030
897,275
792,533
832,402
975.061
1,068,550
1,014.794
844.618
26
25
27
26
26
26
25
27
26
26
28
26
41,973 19.41
Total . 10,954,937 1,529,220 12,484,157 13,095,727 312
.
a The figures of "per cent of operation" in 1931 are based on the annual capacity as
Bessemer and open-hearth steel ingots
of Dec. 31 1930 of 66,069,570 gross tons for
and in 1932 on,the.annual capacity as of Dec. 31 1931 of 67,473,630 gross tons.
Steel Parley at Brussels Closes Without Reviving
Cartel.
The following wireless message from Brussels, Jan. 12,
is from the New York "Times":
The plenary session for reconstruction of the international steel cartel,
which was scheduled to last at least two days, broke up to-night at 7 o'clock
without tangible results.
Financial Chronicle
248
A communique issued to the press says that pourparlers between German.
Belgian, French and Luxembourg delegates for the establishment of new
rules regarding a sales organization took place in a favorable atmosphere
and another conference will be held soon.
Output of Bituminous Coal and Anthracite Curtailed
During Week Ended Dec. 31 1932 Owing to the
Observance of the Christmas Holiday.
According to the United States Bureau of Mines, Department of Commerce, production of coal in the week ended
Dec. 31 1932 was curtailed throughout the country by the
holiday interruptions in the early part of the week. The
total output of bituminous coal is estimated at 5,800,000
net tons as against 7,667,000 tons in the preceding week and
6,100,000 tons in the corresponding period a year ago.
Anthracite production in Pennsylvania is estimated at
892,000 net tons as compared with 1,452,000 tons in the week
ended Dec. 24 1932 and 974,000 tons in the week ended
Jan. 2 1932. Increased activity during the last quarter
carried production of bituminous coal for the year 1932
past the 300,000,000-ton mark. The total output for the
year is estimated at 305,667,000 net tons, or 57.1% of that
of the boom year 1929. Production of Pennsylvania anthracite in 1932 is estimated at 49,350,000 tons, or 66.8% of
the boom year 1929. Comparative statistics follow:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
MONTHLY PRODUCTION OF COAL AND BEEHIVE COKE, 1932 AND 1931.a
1932.
Month.
Bit. Coal
January
February
March
April
May
June
July
August
September
October
November
December
Total
Penn. Ant/i.January
February
March
April
May
June
July
August
September
October
November
December
Total
Total Production for Calendar Yeand
Week Ended.
Dec. 31
1932.
Dec. 24
1932.c
Jan. 2
1932.
1932.
1931.
1929.
Bitum. coal
-a
Weekly total 5,800,000 7,667,000 6,100,000 305,667,000 382,089,000 534,989.000
994,000 1,243,000 1,740,000
Daily aver- - 1,160,000 1.278,000 1,151,000
Pa. anthra.-b
Weekly total 892.000 1,452,000 974.000 49,350,000 59,646,000 73,828.000
196,500
Daily aver_
162.100
243,300
178,400 242,000 194,800
Beehive coke
Weekly total
772.500 1,128.300 6,472,000
19,500
18,000
19,600
3,628
20.800
Daily aver_
2,476
3,250
3,600
3,267
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan county washery and dredge coal, local sales, and colliery fuel. c Revised.
d Figures for 1929 and 1931 represent results of complete canvass of production
made at the end of the calendar years. Figures for 1932 estimated. These estimates
will be revised on receipt of complete figures from the operators. The revisions are
not likely to be serious, as last year the New Year's estimate for bituminous was
99% correct, and that for anthracite, 99.8% correct, when compared with the
operators' final figures.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).
Week Ended
State.
Dec. 24
1932.
Dec. 17
1932.
Dec. 26
1931.
Dec. 27
1930.
Dec. 1923
Average.a
Alabama
221,000
142.000
187,000
210,000
349.000
Arkansas and Oklahoma
81,000
92,000
80,000
46.000
83.000
215,000
Colorado
172,000
126,000
193.000
253.000
Illinois
940,000 1,050,000
771,000 1,130,000 1,535,000
Indiana
335,000
336,000
234,000
296.000
514.000
Iowa
102.000
95,000
63,000
89,000
121.000
Kansas and Missouri
174,000
130,000
210,000
137.000
159,000
Kentucky-Eastern
340,000
660,000
494,000
613,000
584.000
Western
138,000
275,000
182,000
245,000
204.000
Maryland
35,000
33,000
27,000
30.000
37,000
Michigan
12,000
10,000
10,000
15,000
21.000
48,000
Montana
66,000
55,000
56.000
64,000
New Mexico
31,000
32,000
56.000
37,000
32,000
North Dakota
68,000
34,000
50,000
33.000
27,000
Ohio
281,000
450,000
343,000
470,000
599.000
Pennsylvania (bituminous) 1,781,000 1,632,000 1,314,000 1,799,000 2,818,000
Tennessee
103,000
73,000
79.000
78,000
54,000
Texas
16,000
10,000
10,000
21,000
12,000
Utah
100,000
144,000
108,000
121,000
87,000
Virginia
193,000
204,000
142,000
200,000
114,000
Washington
30.000
36,000
57,000
37,000
36.000
West Virginia-Southern b 1,464,000 1,495.000
914.000 1,132.000
883.000
Northern_c
338,000
430,000
357,000
324.000
692,000
Wyoming
88,000
86,000
173,000
105,000
128,000
Other States_d
8.000
8,000
7,000
2.000
5.000
Total bituminous coal._
Pennsylvania anthracite
Total all coal
7,667,000 7,838.000 5,331,000 6,980,000 9,900,000
1,452,000 1,237,000
965.000 1.806,000
706.000
Jan. 14 1933
beehive coke during the 12 months ended Dec. 31 1931.
Comparative tables follow:
Beehive Coke
January
February
March
April
May
June
July
August
September
October
November
December
Total
Production
(Na
Tons).
25.3
24.8
27
25.7
25.3
26
25
27
25.3
26
24.2
26
305.667.000
307.6
3,897,000
4,019,000
4,789,000
5,629,000
3,278,000
2,550,000
3.021.000
3.465,000
4,108,000
5,234,000
4,271,000
5,089,000
25
24.5
27
25
25
26
25
27
25
25
24
26
49,350,000
304.5
26
25
27
26
26
28
25
27
26
26
26
26
No. of
Worklag
Days.
Average
per Working Day
(Net
Tons).
38,949,000
31,737,000
34,226.000
28,777,000
28,613,000
29,491,000
30.103.000
30,858,000
32,255,000
36,075,000
30.426,000
30,579,000
26.3
23.9
26
25.8
26.4
26
26
26
25.3
27
23.6
26
1,481,000
1,328,000
1.316,000
1,115.000
1,126,000
1,134,000
1,158,000
1,187,000
1,275,000
1,336,000
1,289,000
1,176,000
994,000 382.089,000
307.3
1,243,000
6,183,000
5,400,000
4,754,000
5,709.000
5,013.000
4,552.000
3,960,000
4,324,000
4,362,000
6,561,000
4,149,000
4,679,000
26
23.5
26
25
25
26
28
26
25
26
23
26
237,800
229,800
182,800
228,400
200.500
175,100
152,300
166,300
174,500
252,300
180,400
180,000
162.100 59,646,000
No. of
Worklag
Days.
27,892,000
28,013,000
32,250,000
20,300.000
18,384,000
17,749.000
17,857,000
22,489,000
26,314,000
32,677,000
30,632,000
31,110,000
87,900
85.800
87.400
56,000
45,000
41,200
38,200
40.700
45.700
67.600
81.400
95,600
1931.
Average
per Work- Production
ing Day
(Net
(Net
Tons).
Tons).
303.5
196,500
1,102,000
1,130,000
1,194,000
790,000
727,000
683,000
714,000
833,000
1.040.000
1,257,000
1,266,000
1,197,000
155,900
164,000
177,400
225,200
131.100
98.100
120,800
128,300
164,300
209,400
178.000
195,700
3,381
3,432
3,237
2,154
1.731
1,585
1,528
1,507
1,758
2,600
3,131
3,677
144,400
144,300
132.100
96,200
83,200
77,300
67,200
61,600
68,900
93,400
87,100
72,600
27
24
26
26
26
26
26
26
26
27
25
26
5,300
6.000
5.100
3,700
3,200
3,000
2,600
2,400
2,700
3,500
3.500
2,800
Total
772,500 312
2,476
1,128.300 311
3.600
a Figures for 1931 are final. Figures for 1932 will later be adjusted to agree with
the results of the complete canvass of productions for that year.
Anthracite Shipments Higher in December 1932.
Shipments of anthracite for the month of December 1932
as reported to the Anthracite Institute, Philadelphia,
amounted to 4,029,016 gross tons. This is an increase as
compared with shipments during the preceding month of
November of 563,714 tons, and when compared with December 1931 shows an increase of 269,799 tons.
More favorable conditions in the anthracite industry,
reports the Institute, are indicated by increased shipments
during the last two months of 1932, which were the only
two months in that year which showed any increase over
the same months in 1931. The increase for these two
months amounted to 415,343 tons over those months in 1931.
Shipments by originating carriers are as follows:
Month of
Reading Co
Lehigh Valley ER
Central RR. of New Jersey
Delaware Lackawanna & Western RR.
Delaware & Hudson RR. Corp
Pennsylvania RR
Erie RR
New York Ontario & Western RY
Lehigh & New England RR
Total
Dec. 1932, Nov. 1932. Dec. 1931, Nov. 1931
837.715
618,985
298.178
433,809
493,392
527.867
414,426
237,900
166,744
727,877
509,301
248,693
373.159
405,854
432,365
399,938
200,533
167,582
838,762
528,022
338,536
516,544
477,467
393,812
302.322
205,181
158,571
734,338
477,760
282,055
428,342
403,863
349,142
322,990
187,863
133,415
4,029.016 3,465,302 3,759.217 3,319,758
9,119,000 9,075,000 6,037.000 7.945,000 11.706,000
a Average weekly rate for the en ire month. b Includes operations on the
N.& W., C. & 0., Virginian, K. & M . and B. C. & 0. c Rest of State, including
Panhandle. d This group is not stric ly comparable in the several years.
Production of Bituminous Coal, Pennsylvania Anthracite and Beehive Coke During 1932 at a Lower
Rate Than in Preceding Year-December Totals
Exceed Those of Previous Month and Corresponding Period Last Year, According to Estimates.
According to preliminary estimates 31,110,000 net tons of
bituminous coal, 5,089,000 tons of anthracite and 95,600
tons of beehive coke were produced during the month of
December 1932, reports the United States Bureau of Mines,
Department of Commerce. This compares with a total output
of 30,632,000 tons of bituminous coal, 4,271,000 tons of
anthracite and 81,400 tons of beehive coke during November
1932 and 30,579,000 tons of bituminous coal, 4,679,000 tons
of anthracite and 72,600 tons of beehive coke during December 1931.
Production during the calendar year 1932, according to
estimates, amounted to 305,667,000 net tons of bituminous
coal, 49,350,000 tons of anthracite and 772,500 tons of
beehive coke, as against 382,089,000 tons of bituminous
coal, 59,646,000 tons of anthracite and 1,128,300 tons of
Federal Tax Ruling Given on Limitation of
Bond Retirements.
Investors and owners of bonds generally will be materially
affected under an important decision just made by the
United States Board of Tax Appeals, according to J. S.
Seidman, tax export of Seidman & Seidman, certified public
accountants.
"The new ruling," Mr. Seidman explained, "declares that profit or loss
realized by the taxpayer from the retirement of a bond, ,s not the same
as profit or loss resulting from a sale. The difference," Mr. Seidman
explained, "Is that profit or loss on a sale of bonds owned for more than
two years is limited to a 12%% tax, or a 12% tax savings, whereas under
the new decision such loss will be deductible in full from other income
subject to the high surtax rates. On the other hand, profits on bond
retirement will also be subject to the full normal and surtax tax rates
instead of being limited to the 1234% capital gain rate.
"The United States Board of Tax Appeals expressly over rules Itself
and its decision in a previous case invosving the same point. in its latest
decision, the case of John G. Watson Jr., there was involved the question
of the deductibility of a premium paid on Liberty bonds. The bonds
were held by the taxpayer for more than two years, and when retired at
par the taxpayer had a loss which he claimed is deductible at full surtax
rates instead of being limited to the 125i % tax rate.
"In over ruing Its previous decision," Mr. Seidman added, "the Board
stated that it relied upon the plain language of the law and refused to
consider the probable intention of Congress as it did in its earlier decision.
"The adjudication of this point at this time Is of particular importance
under the new law now in effect, which limits the deductibility of security
losses In the case of sales or exchanges.
Financial Chronicle
Volume 136
"If," Mr. Seidman concluded, "a lees on the retirement of a bond is
not the same as a loss upon a sale or exchange. as the United States Board
of Tax Appeals now holds, then such losses will not be subject to the new
249
limitation. Accordingly, in many cases, where such losses would not have
been deductible at all, they will now, under this new decision, be deductible in full."
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve Bank credit
outstanding during the week ending Jan. 11, as reported
by the Federal Reserve banks, was $2,146,000,000, a decrease
of $6,000,000 compared with the preceding week and an
increase of $259,000,000 compared with the corresponding
week in 1932. After noting these facts, the Federal Reserve
Board proceeds as follows:
On Jan. 11 total Reserve Bank credit amounted to $2,106,000,000. a
decrease of $58.000,000 for the week. This decrease corresponds with a
decrease of $80,000.000 in money in circulation and increases of $25,000,000
In monetary gold stock and $12.000,000 In Treasury currency, adjusted,
offset in part by an increase of 360.000,000 in member bank reserve balances.
Hoiaings of discounted bills declined $4,000,000 at the Federal Reserve
Bank of San Francisco and $3,000,000 at all Federal Reserve banks. The
System's holdings of bills bought in open market and of United States
Government bonds show Little change for the week, while holdings of
United States Treasury notes increased $5,000,000 and those of Treasury
certificates and bills decreased $44,000,000.
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 Jan. 11, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
293 and 294.
Changes in the amount of Reserve Bank credit outstanding and in related items during the week and the year
ending Jan. 11 1933, were as follows:
Increase (4) or Decrease (—)
Since
Jan. 11 1933. Jars. 4 1933. Jan. 13 1932.
Bills discounted
Rills bought
U. S. Government securities
Other Reserve bank credit
248,000.000 —3,000.000 —570,000,000
32,000,000 —1.000,000 —182,000.000
1,812,000,000 —39,000,000 +1,062,000,000
13,000,000 —16.000,000
—37.000,000
TOTAL RES'VE BANK CREDIT-2,106,000,000
Monetary gold stock
4 549,000,000
Treasury currency adjusted
1,910,000,000
Money In circulation
Member bank reserve balances
5,589.000,000
Unexpended capital funds, non-mem-2,574,000,000
bar deposits, am
402,000,000
—58.000,000
+25,000,000
+12,000,000
+272.000.000
+92,000.000
+132,000,000
—80,000,000
+60,000,000
—30.000,000
+580,000,000
—54,000,000
Returns of Member Banks in New York City and
Chicago--Brokers' Loans.
Beginning with the returns for June 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City, as well as those in
Chicago, on Thursday, simultaneously with the figures for
the Reserve banks themselves, and for the same week, instead
of waiting until the following Monday, before which time the
statistics covering the entire body of reporting member
banks in the different cities included cannot be got ready.
Below is the statement for the New York City member
and_
—that for the Chicago member banks, for the
banks
—
current week, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week shows a decrease of $13,000,000, the total of these
loans on Jan. 11 1933 standing at $381,000,000, as compared with $331,000,000 on July 27 1932, the low record for
all time since these loans have been first compiled in 1917.
Loans "for own account" decreased from $379,000,000 to
$367,000,000, and loans "for account of out-of-town banks"
from $12,000,000 to $11,000,000 while loans "for account
of others" remain unchanged at $3,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANES IN CENTRAL
RESERVE CITIES.
New York.
Jan. 11 1933. Jan.4 1933. Jan. 13 1932.
$
7,055.000,000 7.037.000.000 6,988,000.000
and investments—total
Loans
3.402 000 000 3.433,000.000 4,465 000.000
Loans—totai
On securities
AU other
1,580,000.000 1,584.000,000 2,216.000.000
1,822,000,000 1.849,000,000 2.249.000.000
Jan. 11 1933. Jan.4 1933. Jan. 13 1932.
3 653.000.000 3.604,000,00 2,523.000,000
U. S. Government securities
2,560.000,000 2,502,000,000 1,676,000.000
Other securities
1.093.000,000 1,102.000,000 847,000,000
Reserve with Federal Reserve Bank._ _1,147,000,000 1,052,000,000 685,000.000
Cash in vault
40,000,000
42,000,000
51,000,000
Net demand deposits
5,880,000,000 5,733,000,000 5,066,000,000
Time deposits
894.000,000 894,000,000 7g9,000,000
Government deposits
112,000,000 133.000.000 124,000,000
Due from banks
85,000,000
98,000.000
61,000,000
Due to banks
1,616,000,000 1,542,000.000 867,000,000
Borrowings from Federal Reserve Bank.
45,000,000
Investments—total
Loans on amour. to brokers & dealers
For own account
367,000,000
For account of out-of-town banks.._. 11,000,000
Foraccount of others
3,000,000
Total
379.000.000
12,000,000
3,000,000
488,000,000
69.000,000
6.000,000
563.000,000
381,000,000
394,000.000
205,000,000
176,000,000
236,000,000
158,000,000
639.000.000
On demand
On time
641,000.000 1,062,000,000
425,000,000
138,000,000
Chicago.
1,084,000,000 1,094,000,000 1,546,000,000
Loans and Investments—total
Loans—total
On securities
All other
358,000,000 .360,000.000
281.000.000 *281,000,000
Investments—total
611,000,000
451.000.000
445,000,000
453.000,000
484,000,000
249,000.000
196,000,000
255.000.000
198,000,000
272.000.000
212,000.000
Reserve with Federal Reserve Bank
Cash in vault
304.000.000
19,000.000
305.000.000
20,000,000
147,000.000
18.000,000
Net demand deposits
Time deposits
Government deposits
939.000,000
318,000,000
13,000,000
925.000,000 1,004,000,000
326,000,000 411.000.000
15,000.000
12,000,000
U.S. Government securities
Other securities
Due from banks
262.000.000
Due to banks
305,000,000
Borrowings from Federal Reserve Bank_
•Revised figures.
245,000.000
298.000,000
117,000,000
256.000,000
2,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York
and Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on Jan. 4:
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on Jan. 4 shows decreases for the week of
$91.000.000 in loans and Investments. $87,000.000 in Government di posits
and $8,000,000 In borrowings from Federal Reserve banks, and increases of
$85.000.000 In net demand deposits and $50,000,000 in time deposits.
Loans on securities declined $29.000.000 at reporting member banks in the
New York district and 339.000.000 at all reporting member banks. "All
other" loans declined $18.000,000 in the Boston district. $6,000,000 each
in the Cleveland and Chicago districts and $44.000.000 at all reporting
innlm and increased $7.000.000 in the New York district.
Holdings of United States Government securities increased $19.000.000
In the New York district, and declined $7.000,000 in the Pbiladupbia
district and $2,000,000 at all reporting banks. Holdings of other securities
Mclined $17.000,000 in the Philadelphia district. $6.000.000 in the Richmond district and $6.000.000 at all reporting banks, and increased $11.000,000 In the New York district.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $81.00o.000 on Jan. 4, the principal changes for the
week being decreases of 58.000.000 and $4,000,000, respectively, at the
Federal Reserve banks of Atlanta and Philachlphia, and an Increase of
$5.000.000 at San Francisco.
A summary of the principal assets and liabilities of weekly
reporting
member banks, together with changes during the week and the year ending
Jan. 4 1933. follows.
Increase (+) as Decrease (—)
Since
Jan. 4 1933. Dec. 28 1932.
Jan.6 1932.
Loans and investments—total-18,713.000.000
—91.000.000 —1.666.000.000
10,214,000,000
—83,000.000 —2.863,000.000
On seeurlties
All other
Investments—total
4,276,000,000
5,938,000.000
8.499,000,000
—39,000.000 —1.411,000.000
—44,000.000 —1,452.000.000
—8.000.000 +1.197,000.000
U. S. Government securities
Other securities
Reserve with F. It. banks
Cash in vault
5.205,000.000
3.294.000.000
2,050,000.000
221,000,000
—2.000,000 +1,148,000.000
—6,000.000
+49.000.000
+1,000,000 +507.000.000
—12,000,000
—35.000,000
Loans—total
Net demand deposits
11,823,000.000
Time deposits
5,706.000,000
Government deposits
332.000.000
Due from banks
1,754.000.000
Due to banks
3,470,000.000
Borrowligs from F. R. banks—
61,000,000
+65,000.000
+50.000,000
—67.000.000
+44.000.000
+166,000.000
—6.000.000
+42.000.000
—148.000.000
+36.000.000
+767.000.000
+898.000.000
—422,000,000
Financial Chronicle
250
Report That West Canada Will Restrict Gold Payment
on Debt.
From the New York "Journal of Commerce" we take the
following from Calgary, Jan. 12:
The refusal of Calgary to pay indebtedness due in New York is being
followed by the passage of resolutions by municipalities throughout Western
Canada stipulating that Canadian bonds shall be paid in gold only to
holders outside the Dominion.
It is readily seen that this at once will create the difficulty of distinguishing ownership. It is freely charged that Canadian holders of the Calgary
Issue had shipped their bonds to agents in New York, making the necessary book transfer of ownership, in order to obtain the book premium.
Resolutions being passed do not usually lay down rules as to tests of
ownership. It is presumed that the burden of proof, however, would be
the holder since it is stated that no gold payment is to be made "unless
and when it is established that such securities were bona fidely owned
outside of Canada prior to Jan. 1 1932."
Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian
banks for Nov. 30 1932 with the figures for Oct. 31 1932
and Nov. 30 1931:
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION OF
CANADA.
Asset..
Current gold and subsidary Coin—
In Canada
Elsewhere
Total.
Dominion notes—
In Canada
Elsewhere.
Total
Notes of other banks
United States & other foreign Currencies_
Cheques on other banks
Loans to other banks In Canada.secured,
including bills rediscounted
Deposits made with and balance due
from other banks in Canada
Due from banks and banking correspondents in the United Kingdom
Due from banks and banking correspondents elsewhere than in Canada and the
United Kingdom
Dominion Government and Provincial
Government securities
Canadian municipal securities and British, foreign and colonial public securities other than Canadian
Railway and other bonds, debs. & stocks
Call and short (not exceeding 30 days)
loans In Canada on stocks, debentures,
bonds and other securities of a sufficient marketable value to cover
Elsewhere than In Canada
In Canada_
Other current loans &
Elsewhere
Loans to the Government of Canada
Loans to Provincial Governments
Loans to cities, towns, municipalities
and school districts
Non-current loans, estimated loss provided for
Real estate other than bank premises_
Mortgages on real estate sold by bank_ _
Bank premises at not more than cost.
less amounts (if any) written off
Liabilities of customers under letters of
cret.lt as per contra
Deposits with the Minister of Finance for
the security of note circulation
Deposit in the central gold reserves
Shares of and loans to controlled cosOther assets not Included under the foregoing heads
Total assets
Nov. 30 1932. Oct. 31 1932. Nov. 30 1931,
38,063,995
38,061,205
38.698,767
16,331,956
47.471,339
40,139,457
76.125,201
55.030,726
87,610,799
163,492,035
11,338
122.498.040
10.119
153,636,112
11,566
163,503,374
122,508.159
13,138.387
18.258.007
99,269,551
14,331.688
19,115.744
114,188,694
3.349,744
3,872.188
3,226,313
8,444,547
13,506,959
4,595,990
146,651,781
100,596,714
90,133,470
551,158,212
515,536,611
507,763,726
159,602.906
48,714,974
159,630.442
51,761,359
155,122.880
56,603,050
107,611,041
117,209,722
156,896.490
87.527.570 112,746,901
99.367,750
998.934,028 1.017.746.959 1,102 493.179
153,561.471 159.039.913 183,715.752
34,204.072
34.252.187
42.049,351
107,035.297
109,213.441
118,132.172
13,363.328
7,452.807
6,385,758
13.455.921
7.610.203
6.549.360
10.893.742
6.421.626
6,218,383
78,781.267
79,586.569
79,852,150
47,539.550
47,275.804
58,942,809
6.595,814
18.881.732
13,362,699
6.597.825
21.381,732
13,040,088
6.814.809
25.380,866
14,378.759
1,541,691
1,559.288
1,723,346
2.959,906,973 2.875,155.781 3,133,030,468
Ltabtitftes.
125,047,564 133,027,195 145,533,231
Notes in circulation
Balance due to Dominion Govt. after de44.757.798 113.113.060
ducting adv. for credits. pay-lists. &O. 105.754.782
27.500.000
66.000.000
65.144.000
Advances under the Finance Act
40,699.075
18,081.259
31,325.641
Balance due to Provincial Governments
Deposits by the public, payable on de472,168,080 493,284,841 817,038,655
I mtuid in Canada
Deposits by the public payable after no1.378.663.124 1.370.553.538 1.395,829.124
tice or on a fixed day In Canada
349,118,042 324.510,561 320.208,199
Deposits elsewhere t ‘• n in Canada
Loans from other banks In Canada, serediscounted_
cured, including bills
Deposits made by and balances due to
11,292.090
10,056,036
10,265.987
other banks in Canada
Due to banks and banking corespond4.539.904
5,741,705
4,510.746
ents in the United Kingdom
Elsewhere than in Canada and the
55.365.871
46.523.375
51,048.541
United Kingdom
1220.360
3.596.118
796.072
Bills payable
47.275.804
58.942.809
47,539,550
Letters of credit outstanding
2.128.548
3.127 415
2.452.6S3
Liabilities not Incl. under foregoing heads
3.516.055
2.988.225
Dividends declared and unpaid
0 162.000 000 162.000.000
162.000.00
Rest or reserve fund
144.500.000 144.500,000 144.500.000
up
Capital paid
2,953,323.086 2,854,970,569 3,122,649.577
Total liabilities
official reports, the footings
Note.—Owing to the omission of the cents In the
in the above do not exactly agree with he totals given.
Canadian Gold at Record-1932 Output Up 13% from
1931.
Canadian Press advices Dec. 31 from Ottawa stated:
Canadian gold production touched a new high record in 1932, the Dominion Bureau of Statistics estimating it at $63,156,000. This is 13%
more than in 1931 and 142% more than in 1922.
The total value of Canada's mineral production this year was placed
gold increased.
at 8182.701.000,compared with $228.029,000 In 1931. Only
The following is a list of production values with totals for 1931 in brackets:
Gold. 863.156,000 1855.687.6001; allver. 25,818.000 1$8.141.900]: nickel,
86.987.000 l815.267,4001; copper. $14.746.000 1824.114,0001; lead. $5.420.000 [87,260,100]; zinc. 84,112,000 186.059.2001.
£24,000,000 Gain in Gold Made in England Last Year.
Under date of Dec. 30 a message from London to the
New York "Times" said:
Since Great Britain abandoned the gold standard in September of last
year, India has exported £81,000,000 gold, of which by far the greater
part has been sent out this year, going partly to London and partly to
America. During 1932 up to Dec. 22. Great Britain's gold imports have
aggregated £151,000,000 and its exports £127,000.000, making the net
gain £24,000,000.
Of the imports, the larger amounts were £67,250.000 received from
South Africa. £55,500,000 from India, /8.000,000 from the United States.
£7,000,000 from Australia, and £3,000.000 from West Africa. Of the
exports, £81,000.000 went to France, £19,500,000 to Holland, £18,000,000
to the United States, nearly E3,500,000 to Belgium, and not quite £14,000,000 to Switzerland.
Increase in Alaska Gold Output—"Depression Rush"
Brought 1932 Total to $9,539,000.
From Nome, Alaska, Jan. 3 Associated Press advices to
the New York "Times" said:
The Northern Lights are seeing a "depression gold rush," which is piling
up Alaska's production of the yellow metal to new heights.
Hundreds of prospectors have revived placer and quartz mining, boosting
production of gold for the year 1932 to $9,539.000. The Alaska branch
of the Geological Survey tentatively estimated that the output for last
year would exceed the previous year by about $32.000.
The Nome "Nugget" says that the 1933 production is expected to
exceed last year's by a quarter of a million dollars.
Small prospectors, rushing in where capitalists feared to spend, are
believed to have much to do with it. While production of every other
mineral lagged, they swarmed to work gold claims with the old-time pan
and crude rockers, as well as modern dredges.
Placer mining was delayed for a time by heavy snowfall, but in the
Summer melting snows sent a plentiful supply of water shooting down
the flumes to help wash out the heavy gold sands.
153,647,679
8,710,921
18,746,452
80.280,456
Jan. 14 1933
Gold Vanishing As Great Britain Puts Coin into Bars—
£7,000,000 Coaxed Out of Private Hands in Most
Recent Rush of Selling—£91,407,000 in Sovereigns
Melted, Says Comptroller of Mint.
Sovereigns—gold coins approximately equal to the
American $5 gold pieces—have nearly vanished from the
British scene, said Associated Press advices from London
Jan. 7, which, as published in the New York "Herald
Tribune," continued:
In the gobn selling rush which began more than a year ago, at least
£7,000,000 (834,000,000) in British gold coins is estimated to have been
coaxed out of private hands in Great Birtain and Ireland.
Few Sovereigns Now in Hiding.
This estimate is made by Colonel Sir Robert Johnson. Deputy Master
and Comptroller of the Royal Mint. In his latest annual report
"The number of sovereigns still to be extracted from their Wing places,"
he said, "is almost negligible."
Sir Robert pointed out that while the sovereign virtually disappeared
from British daily life during the war, it nad now practically vanished even
from British trinket boxes.
Gold selling continues, but at a greatly diminisned rate. Sir Robert
estimated that in addition to £7,000.000 of gold C011s, all approximately
equal amount of standard gold was obtained during the peak period from
jewelry and scrap.
Althougn the amount of Jewelry and scrap coming forward to refiners is
only about one-tenth of what was available in February and March 1932,
it is double the amount now being received in the form of coin.
1930 Conversion Extensive.
The Comptroller pointed out that the conversion of large quantities of
sovereigns into ingots—owing to the drain of bar gold from the Bank
of England—involved £33,000 000 by the close of 1930.
"But the demand had not been satisfied," he said "and the operation
continued in 1931. We tad, in all, dealt in this way with £91.3.10.000 in
-weight sovereigns and about £57,000 in under-current coin when
current
any further remelting. at least for the moment, was rendered unnecessary
by the changed conditions brougnt about by our suspension of the gold
standard."
The rise of the exportable value of the sovereign, which followed as a
corollary to these new conditions, resulted, he said, "in a passionate searching of pockets for stray sovereigns that will not readily be forgotten."
Midland Bank of London Asks Cold Moratorium—
Bank's Review Says Metal Has Ceased to Serve
Useful Monetary Purpose—Article, Believed to Be
Inspired by Reginald McKenna, Suggests Way to
Pay Debts "Indefinitely" in Gold.
A "Hoover moratorium" on gold movements is suggested
in the current issue of the Midland Bank's monthly review,
stated a London cablegram Jan.4 to the New York "Times,"
which went on to say:
The article, which also purports to explain how Britain could continue
paying her war debt to toe United States "almost indefinitely- In gold,
is expected to cause a lively controversy on both sides of the Atlantic.
It is contended that Reginald McKenna, Chairman of the Midland
Bank, and former Chancellor of the Exchequer. Inspired too article, the
wisdom of which is challenged by financial writers nem.
Suggests a "Closed Season."
Reaching the conclusion that a "closed season" or a "Hoover moratorium" on gold movements would undoubtedly contribute greatly to
success in laying the foundations of a revival throughout the world, the
"Betw evi S saysber 1931 and the various dates of the latest available
Bank s reeneweptem
returns the four European central banks showed a total gain of gold of
more than 1300.000 000 41,460 000.001)), w.,ile tne United States, Japan,
Germany and Britain lost £220,000,000 ($1,070,180,000). While inter-
Volume 136
Financial Chronicle
national trade during the past two years has continuously declined in
volume, gold shipments have become larger and larger.
"Indeeo the world is steadily moving toward a point where shipowners.
especially on the transatlantic routes, will be almost as much occupied
in carrying gold backward and forward to no useful purpose, as in moving
goods from producer to consumer.
"The important fact underlying these movements is that gold, even
where it is still the monetary standard, has ceased to serve any useful
monetary purpose. No longer does it operate to correct the disparities
between price levels and interest rates in tne different countries. No
longer does it govern the general trend of commodity prices, for gold has
continued to appreciate in terms of goods notwithstanding large additions
to stocks in gold-standard countries and reduced demand following the
abandonment of tne gold standard by a large part of the world.
Sees Obstacle to Recovery.
"If this were all there was to be said, the frantic exchanges of gold could
be regarded as merely ridiculous. When we inquire into the causes.
however, the matter becomes more serious. Moreover, the uneasiness and
lack of confidence which have been responsible for the major part of the
gold movements have been increased by the very intensity of the flow they
have created. Gold movements of sucn magnitude as these cannot fail
to have a disturbing effect on public psychology in the gold-standard
countries and to place an obstacle in the way of all attempts at organized
recovery."
The simplest explanation of the Bank's suggestion that "payments
could be made in gold almost indefinitely without any substantial effects
one way or the otner upon monetary conditions within the country,"
seems to be that instead of further depleting the Bank of England's present
holdings, gold to the necessary amount should no bought either by the
Bank of England or the exchange equalization fund acting as the agent
of the Government, which would finance the transaction by borrowing
in the form of Treasury bills. In the event the exchange account bougnt
the gold, the review says, "it would have to pay the market price as the
gold was acquired, and It would be paid by the Government presumably
at the rate operative on the day of remittance, so that its profits or losses
would be limited by the fluctuations in the gold exchange value of sterling,
Which determines the sterling price of gold in the open market."
Operations Would Be Secret.
"Such operations." the article continues, "would be veiled in secrecy,
as the account issues no returns or statements of any sort and the monetary
effect, since the Bank of England's position would not be touched, would
be nil. If the Bank of England bought gold, it would have to pay the
market price, but could issue notes against the gold only at its par price.
It seems unlikely that gold purchases on this method would have any marked
effect on monetary conditions ano it remains true that in the last reosrt the
volume of money outstanding is determined by the policy translated into
action of the Bank of England.'
Either process, the review concludes, might be financed, not out of
revenue (that is, a budget item), but by increases in the Government's
sterling indebtedness, and "such increases could well be of the kind that
would bear tittle or no net interest." "The increase in the debt," says the
review, "could thus no almost entirely nominal."
Financial writers here, in criticizing the article, say that ingenious
arguments from tills quarter on how Britain can pay her debts are not
likely to help Britain's negotiators when they get to the other side of the
Atlantic and start trying to educate American public opinion. The "Daily
Herald's" financial editor, for instance, foresees headlines appearing in
to-morrow's New York papers as follows: "Britain Can Pay War Debts
Indefinitely; No Difficulty. McKenna, Former Chancellor, Says. His
Bank Explains How"
Elsewhere it is urged that between now and June "economic common
sense" will prevail over financial considerations in basing Britain's case.
The "Financial Times" editorially says:
"The Midland Bank's conclusion that payments could be made in gold
almost indefinitely as long as the demand for gold is limited by a number
of important countries remaining off the gold standard raises the point
that there can he no general return to gold while the war-debt payments
have to be made to the United States in the form we necessarily adopted
last month. In the hope that this conclusion will be accepted by the
creditor in good time we may leave aside the problem of ways and means
to secure and dispatch more metal without an upset."
British Savings Movement Reports Gain of £7,000,000,
Three State-controlled thrift institutions constituting the
British National Savings Movement announce an increase
of more than £7,000,000 in holdings as of March 31 1932,
which was the end of the last financial year. We quote from
London advices Jan. 9 to the New York "Times," which
also had the following to say:
The holdings then amounted to more than £1,167.000.000.
according
to the annual report of tne National Savings Committee issued
to-night,
and were distributed as follows: National Savings certificates, £477,000.000, Trustee Savings banks, .C186,650,757, and tne Postoffice
Savings
Bank. E503.787.000. (The pound was quoted yesterday at $3.34.)
"There is evidence." the Committee says. "that a good deal of money
withdrawn from savings certificates has been Invested In other Government
securities In fact everything shows that throughout the crisis the confidence of the small investor in Government securities has remained unshaken."
Paris Still Firm For Debt Default—Chamber of Deputies
More Interested in Problem of Balancing Budget.
From its Paris correspondent, the New York "Times" reported the following, under date of Jan. 9:
On the eve of the opening of the new French Parliamentary session,
'which will be almost entirely occupied with discussing how the French
budget is to be balanced and the deficit of 12,000,000,000 francs (about
$480,000,000) made good, it is evident that opinion here has hardened
regarding non-payment of the French debt to the United States and that
there will be no immediate alteration of the decision of Dec. 18 to defer
payment until a new settlement is made.
It may be said that the decision has begun to take a different meaning
and that French public opinion and Parliamentary opinion is settling down
Into a determination that no further payment will be made. Of course
there are many who do not take this attitude. It is also obvious that for
many reasons it will never be taken officially by any French Government.
All the creditor nations of France must take into account now that the
Chamber of Deputies and Senate are the masters in this matter and that
251
any French Government which proposes a war debt payment beyond the
amount of the 3,000,000,000 marks (about $720,000,000) reserved at
Lausanne as Germany's final forfeit will suffer the same fate Edouard
Herriot suffered last month.
For the present the Chamber is not even interested in the question.
There are other and more immediate things, in the opinion of Deputies of
all parties, to be attended to.
At the same time there is a certain interest in the outcome of the
conversations •between Secretary of State Stimson and President-elect Roosevelt. It is thought here that these conversations may lead to a proposal
to begin almost at once a discussion of revision of debt settlements with
those countries which paid the December installment. It is suspected that
Washington will seek as soon as possible to make this differentiation in
the hope that those who did not pay may be brought to realize that it
would be to their advantage to do so even belatedly.
Statement of Bank for International Settlements for
Dec. 31—Cash on Hand Totals 15,051,328.19 Swiss
Gold Francs as Compared With 10,936,849.81
Nov. 30.
Associated Press advices from Basle, Switzerland, Jan. 5,
said as follows:
Following is the balance statement of the Bank for International Settlements, giving its condition as of Dec. 31 1932. Figures are in Swiss gold
francs at par, 19.3 cents'
December,
Assets-November.
I. Cash on hand and on current account with
15.051.328.19 10.936,849.81
banks
II. Sight funds at interest
100.502.333.72 90,568,144.75
III. Rediscountable bills and acceptances:
1. Commercial bills and bankers' acceptances 336,760,770.38 305.528.082.25
169,905,755.38 157,600.847.87
2. Treasury bills
506,666.525.76 463.128,930.12
Total
IV. Time funds at Interest, not exceeding three
231.504.067.24 235,845,975.87
months
V. Sundry bills and investments:
1. Maturing within three months:
54.082.050.73 44,215.953.37
(a) Treasury bills
(b) Sundry Investments
59,351,247.11 59.266.466.10
2. Between three and six months:
7,254.800.25
(a) Treasury bills
1,298,797.28
47,689,075.82 47,551,207.73
(b) Sundry Investments
3. Over six months
821.291.03
621,417.14
Total
VI. Other assets
Total assets
Liabilities—
I. Paid-up capital
II. Reserves:
1. Legal reserve fund
2. Dividend reserve fund
3. General reserve fund
Total
III. Long-term deposits:
1. Annuity trust account
2. German Government deposit
3. French Government guarantee fund
Total
IV. Short-term and sight deposits:
1. Central banks for their own accounts:
(a) Not exceeding three months
(b) Sight
Total
2. Central banks for the account of others:
Sight
3. Other depositors:
(a) Not exceeding three months
(b) Sight
Total
V. Miscellaneous items
Total liabilities
163.042.588.08 158.909,718.48
7.028,878.71
8,361,088.26
1.023.795.721.70 967,750,707.29
125,000.000.00 125,000.000.00
1.318.467.03
2,689,570.55
5.379,141.10
1.318.467.03
2.689,570.53
5,379,141.10
9.387,178.68
9,387,178.68
153,768.617.50 153,768,617.50
76,884,308.75
76,884,308.75
68.648,520.43
68,648,520.43
299.301,446.68 299,301.446.68
23.819,509.49 24.402.767.77
507,317,096.22 452,288.305.85
531.138.605.71 426.692,073.62
13,710.750.03
12.574.040.97
6,234,765.91
100,393.98
6,243,141.38
140.760.49
6.335,159.89
38,924,580.71
6.383,901.87
38,413,065.47
1 023,795,721.70 967,750,707.29
French Bank's Loss of Gold Continues—Outgo in
Four Weeks $13,400,000—Year-End Rise of Loans
and Circulations.
A wireless message from Paris, Jan. 7, is taken as follows
from the New York "Times":
Thursday's weekly report for the Bank of France showed further decrease
In the gold reserve of 102,000,000 francs, or about $4,000,000. In the
same week foreign balances decreased 251,000,000 francs, or nearly $10,000,000. The Bank's combined reserves of gold and foreign exchange were
therefore reduced during the week 354,000,000 francs, or not quite $14,000,000. In four weeks the decrease in the gold reserve, stated in American
values, has been $13,400,e00.
The bank's return, covering the year-end position, shows increase for the
last week of December in bills discounted amounting to 292.000,000 francs.
Note circulation increased 2,462,000,000 ; Hi% is of course usual on the
approach of the year-end settlements. The greater part of the bank notes
put into circulation, however, were drawn from private deposits, which
decreased 2,000,000,000.
France Reported Planning to Seek Arbitration of Deb
Obligations to United States.
On Jan. 7 Associated Press accounts from London stated:
The Sunday "Express" says it "understands the French Government is
prepared to submit to the arbitration of an independent tribunal the whole
question of France's debt obligations to America." The tribunal would
Include economists, as well as jurists.
"The French are confident that on grounds both of justice and of expediency their case for non-payment will be upheld," the "Express" states.
$280,000,000 Cut Urged in French Budget—Experts
Omit Provision for Debt Payment.
In a Paris message, Jan. 7, to the New York "Times." it
was stated that economies totaling 7,000.000.000 francs
[about $280.000.000], with a cut of 2.000.000.000 francs
[about $80,000.000] in the cost of military defense are believed to be among the recommendations which tenchnical
252
Financial Chronicle
experts on Jan. 7 handed to Finance Minister Cheron on
how the French budget can be balanced. The message to
the "Times" continued:
The experts, it is understood, would apply the economy axe both to
pensions and to civil service salaries.
Their report, drawn up under the Chairmanship of Pierre Fournier,
Assistant Governor of the Bank of France, takes no account of the political
situation. That is the business of the Government, which is keeping the
report secret and probably will use only such recommendations as are
likely to be acceptable to the majority in Parliament.
Only a small increase in taxation is recommended, the experts believing
that new taxation would only hinder economic recovery and that the only
possible way to assist trade and business is by reducing governmental expenditures. No provision is made in their skeleton budget for debt payments. Recommendations are made for stricter application of the existing laws.
It is significant in connection with H. Cheron's determination to collect
all taxes that legal action has been taken against Senators Schrameck
and Viellard and Deputy Pechin, who were implicated in a tax-dodging
scandal two months ago, as their Parliamentary immunity does not hold
during the interval between sessions.
H. Cheron will study the report over the week-end and will submit its
main recommendations to the Cabinet next week. Some of these will
be incorporated in the credit bill, which must be voted next month, and
others in the budget bill. There will, however, have to be considerable
modification of the experts' proposals with regard to reduction of pensions
and civil service salaries if the government is to hold the Socialist support
which is necessary for its majority.
Premier Paul-Boncour of France Asks For Bold Economies In Speech to Speech to Veterans He Pledges
Arms Retrenchment.
Premier Joseph Paul-Boncour of France on Jan. 8 made
his first public talk, since he took office at his native town
of St. Aignan-sur-Cher in fulfillment of a promise made
when he was Minister of War to attend the annual dinner
of war veterans. A wireless message from Paris to the
New York -Times" said:
He did not. bowcser, deliver any program speech for his government,
giving as his reason that plans for the future were of no avail so long
so the budget s,tuatioz. had not been settled and order re-established in
public finance. fie supported his Finance Minister, Henry Cheron, In
advocating courageous measures of economy and sacrifice, but the government will not divulge woe these measures are to be until the middle of
next week.
With regard to economy in armaments he said:
"Last July against much opposition I began reduction of the expenditure
and personnel which were necessary to reorganization of the army, and
this work will be continued cy my successor and friend Edourd Daladier
[Minister of War]."
Loan Conversions and Administrative Economies
Among Savings Toward French Balanced Budget.
Administrative economies, fiscal reforms and adjustments
were among the main factors leading toward the nominally
balanced French budget for the calendar year of 1933,
according to the Commerce Department's Regional Division.
The Department, in its advices Jan. 4 further said:
The French proposals for the 1933 budget which are now before Parliament list revenues at 47,802,000,000 francs, expenditures at 47,780,000,000
francs, with a surplus of 22,000,000 francs. With no definite assurance of
business recovery to restore tax returns, recourse was had to other factors
making for a balanced budget. (Franc equals 4 cents, U. S.)
A reduction of 10% in defense expenditures was included in the law
of July 15, instituting administrative economies totaling 1,700,000,000
francs. Fiscal reforms increased revenues by about 450,000,000 francs.
The loan conversions undertaken in accordance with the law of September 17,
saved a net of about 1,400,000,000 francs in annual debt charges. An
additional benefit of about 550,000,000 francs is gained by a new agreement with the amortization office.
With the presumptive deficit, about 12,000,000,000 francs on the basis
of the current estimates, thus reduced to 8,000,000,000 francs, the government has proposed further reductions in expenditures aggregating 4,765,000,000 francs and additional increases in revenue amounting to 3,250,000,000 francs to effect the nominal balance by the proposed 1933 figures.
Proposed 1933 expenditures, as compared with those of a full year at
the current rate (the 1932 fiscal year covers exceptionally 9 months only)
show an apparent decrease of over 5,500,000,000 francs. However, allowance should be made for changes in practice such as the financing bar
loans of certain charges previously budgeted. These reductions cover
practically all items of expenditure except the appropriations for Labor
and Social Welfare, and Merchant Marine.
On the revenue side, while exact comparisons are impossible, it appears
that the yield of taxes is computed at a rate not greatly below the current
estimates. "Direct and assimilated taxes" (chiefly income and property
taxes) are only slightly increased over the current 9-months estimate, as
.
practically a full year's quota under this head was scheduled for the present
short fiscal period. Figuring the other current estimates as representing
roughly three-quarters of the anticipated yield for a full 12-months, the
proposed figures indicate the expectation of large declines In returns from
registration and business turnover taxes, offset to a considerable extent
by the higher receipts from excise taxes, etc., resulting from the fiscal
changes suggested. In non-tax revenues large declines are generally anticipated, especially from State monopolies and enterprises.
Incomes in France Taxed $91,000,000—Only 702 in
Nation Reported Earnings in Excess of $40,000
for the Last Year.
From the New York "Times" of Dec. 25 we take the
following special correspondence from Paris Dec. 17:
For the fiscal year of 1931-1932 (incomes of 1930) the French Government collected 2,280,944,800 francs (about $91,000,000) in general income tax, according to statistics just issued by the Ministry of Finance.
Jan. 14 1933
This general income tax is established on the total incomes of the taxpayers,
wit/, the exception of income from the bonds of the Defense Nationale and
the 1925 4% loan, which are exempt. It is collected only from taxpayers
haling a total net income exceeding 10,000 francs ($400) a year.
The number of taxpayers who were inscribed under these conditions
on the 1931 rolls was 2,150,390, of whom 21,360 were taxed "d'office,"
that is, without their having made any declaration of income. The total
amount of the nec incomes subject to the income tax was 64,139,000,000
francs (about $:4500,000,000).
Out of a total of 2,150,390 taxpayers subject to the general income tax,
1,043,409, or nearly half, had a total net income of between 10,000 and
20,000 francs. and 1,625,313, representing more than 75% of those subject to the tax, an income not exceeding 30,000 francs ($1,200). On the
other hand, only 192,741 taxpayers admitted incomes of more than 50,000
francs ($2.000), of whom 58,313 declared incomes in excess of 100,000
francs ($4,000); 3,078 more than 500,000 francs ($20,000), and 702
Incomes of more than 1,000,000 francs ($4,000) per year.
The amount of the incomes declared by the 702 taxpayers having incomes
of more than 1,000,000 francs was 1,458,000,000 francs, which corresponds
to an average income of a little more than 2,000,000 francs ($80,000).
These are the "millionaires" of France.
1933 Imports Cut by French Quotas—Reduction Made
for First Quarter of Year Because of Excess Entries
in 1932—Affects United States.
The French Government announced on Jan. 3 quota restrictions for imports from the United States to be effective
during the first quarter of 1933. From advices Jan. 3 from
Pars to the New York "Times" we quote:
The basis used heretofore for fixing quotas has generally been adhered
to. Apparently no old quotas are dropped and no new ones added to
the list.
The total quardit Os o' various imports from all countries which will
be allowed to enter France during the next three months have been revised
downward in many instances because the quota restrictions effective
during the last gunner oi 1932 were exceeded by a special arrangement
with the Commerce 1,1.nistry and these excesses were deducted from the
amounts fixed for the first quarter of this year.
Some Imports Are Barred.
Patent leather and glazed iron sheets for automobile bodies and iron
forks and hooks will net be importetd from the Unitetd States during the
first quarter of this yeas because the quotas for these products was far
exceeded during the tbal quarter of last year. Quotas for radio sets,
radio tubes and paper poeucts from the Unitetd States during the first
quartetr of 7933 %Oil be unchanged. Restrictions for machines and machine tools are relatively unchanged.
The quotas on apples and pears from all countries for the first three
months of this year are virtually halved because of excessive importations
during the last quarter. The quantity which will be admitted during
the quarter was fixed at 16,400 tons, compared with 31,000 tons imported in the fourth quartetr of 1932. The apple and pear quotas to be
allocated to the Unitetd States have not been announced.
The Ministries of Commerce and Foreign Affairs both reported favorably
on the proposed Franco-Italian trade convention, similar to the one France
entered into with Belgium last year, fixing a flat 2% import turnover
tax to be collected by the customs officials of each country.
Pact Fixes Lower Tariff.
Countries which have not negotiated such a convention with France—
including the United States—are paying a 2% import tax on raw materials,
4% on semi-finished products and 6% on finished products. The United
States Embassy has already protested to the French Government that the
Franco-Belgian convention discriminates against Unitetd States copper,
which pays a 4% import tax while Belgian Congo copper pays only 2%.
The proposed Franco-Italian convention is expected to come up for
ratification soon aftetr Parliament reconvenes next Tuesday. The principal Unitetd States exports competing with Italian exports to France
which would benefit by a lower import tax are boxwood, tobacco, chemicals,
paints, steam engines, automobiles, automobile bodies, automobile spare
parts, machine accessories and tools.
Participation by France in International Loan to
Austria—Chancellor Dollfuss Sees Sign of Unity in
Lausanne Loan—Asserts Ratification Gives Austria
and World Reason to Hope in 1933.
On Jan. 6 Chancellor Engelbert Dollfuss of Austria stated
that ratification of the $43,000,000 Lausanne loan to Austria
by Italy, France and other guarantor nations had given not
only Austria but the rest of the world reason to view the
coming year with more optimistic eyes.
Associated Press accounts from Vienna Jan. 6, as given in
the New York "Times," went on to say:
"The Lausanne loan, quite beyond Its Importance to Austria, was of
basic international significance, for its ratification demonstrated In a practical way that nations which exert themselves to find a way out of difficulties
through agreements with other nations do not exert
themselves In vain,"
hedelcared
Nor is t
"Nor Is h the first time in recent history that Austria
has noted a
reawakening of an international spirit of co-operation Another occasion
was wnen. after the World War period of hatred and
destruction, a friendly
hand was stretched across the ocean from America.
"Years of trial Ile behind us. Now the last ounce of strength must be
summoned to carry us across what seems to be the low point of
the depression."
After declaring that Austria gratefully remembered the "words of compassion" and "helpful deeds" of the citizens of the United States after the
war, the Chancellor continued:
"We feel ourselves here in agreement with the people of the United
States in their efforts to dissipate the mists of misunderstanding resulting from the war and to revive and strengthen among mankind the spirit
of peace and the consciousness of a common cultural destiny —and In this
respect we are no longer alone in Europe.
'The pressure of distress is forcing all men to the conclusion that only
through the rehabilitation and extension of economic and spiritual connections torn asunder by the war can we hope to overcome the world
economic distress. These hopes and desires ascending Heavenward from
Volume 136
Financial Chronicle
millions of hearts cast a beam of comfort and promise in
the troubled
gloom of the present."
In our issue of Dec. 31 (page 4466) we referred to the
ratification by the French Chamber and Senate of the
proposal for participation by France in the international
loan to Austria. Under date of Dec. 30 a wireless message
from Vienna to the New York "Times," said:
Ratification of France's share of the Lausanne loan to Austria
by the
French Chamber yesterday was the subject of much
newspaper comment
to-day and of explanations by Chancellor Dollfuss to party
associates and
to the domestic and foreign press.
"Despite all the suspicions and insults to which I
and my friends have
been suojected the step we took at Lausanne was
necessary." the Chancellor
told Christain Socialist party leaders. "The charges
against us are false.
We have not betrayed Austria, we have not sold
her freedom. I am convinced we will be really free only when economically independent
."
After expressing gratitude to France, he announced
that Austria would
conclude a number of preferential treaties modeled on
that signed yesterday
with France. One of these will be with Germany.
To the foreign journalists the Chancellor said Austria
had sought help
at Lausanne because of her policy of co-operation with the
rest of Europe
in preference to a one-sided course calculated to damage
the interests of
some of her neighbors, and that she would continue to pursue
such a policy.
While his hearers still were wondering if this meant renunciation
of the
policy of Austro-German anschluss. Dr. DoMuss added that he
had just
signed an agreement marking a substantial advance toward the unification
of Austrian and German law, a step that has been regarded as
leading
Austria to anschluss.
As to the French Senate's action a Paris message Dec. 30
to the "Times" had the following to say:
The French Senate to-nigh by a vote of 144 to 68 approved a government
proposal to guarantee a $14,000,000 loan to Austria which was vigorously
fought yesterday in the Chamber of Deputies. About 100 Senators abstained from voting.
Senator Berenger, in reporting the proposal, summarized a number of
arguments against the measure. That France failed to pay her war-debt
Instalment to the United States yet granted a loan to Austria was not a
serious paradox, he said, because France's refusal to America was not
definite.
See Need for More Aid.
M. Berenger pointed out, however, that granting the guarantee to
Austria could not insure against economic union with Germany (Ansel'loss)
and expressed surprise that Great Britain nad failed to contribute financially
toward realization of the Central European accords reached at the Stresa
parley.
"The Foreign Affairs Committee," warned M. Berenger, "does not believe anything solid will oe accomplished by the Danubian countries without
an effective arrangement with the two other great powers which are at least
as much interested as we are in the matter. Otherwise the situation will
remain precarious and, in the long run, dangerous."
With this warning M.Berenger asked the Senate to approve the measure,
asserting, however, that "acdon will be justified only if followed by a series
of diplomatic readjustments and a strengtneniug of relations with all
interested Central and Eastern European powers."
Pierre-Etienne FiendIn. former Finance Minister, charged during the
Chamber debate yesterday that the loan to Austria in reality was for
reconstruction of the bankrupt Creditanstalt Bank by French and
other
foreign capital. He protested that Austrain bonds were issued
at a price
higher than the new French converted bonds which have fallen
to 93.
Immediately after the Senate formally advised Premier Paul-Boncou
r
of its approval of the Austrian loan this evening he read a decree
in the
Chamber of Deputies adjourning tne French Parliament
until Jan. 10.
The fate or M. Paul-Boncour's Government during the first weeks
of the
new year, it is generally agreed, will depend on the success of Finance
Minister Cheron's efforts to balance the budget.
Pierre Comert Resigns as Head of Information Section
of League of Nations.
From Geneva a wireless message Dec. 26 to the New
York "Times," said:
Pierre Comet% creator of the League of Nations
information section. of
which he has been director for 13 years, to-day handed in his
take effect Jan. 1. lie will then head the information sectionresignation, to
at the French
premier's office in Paris.
The "Journal des Nations," paying tribute to him as "one
of the most
outstanding personalities in the secretariat," credits
him with "succeeding
in putting the public conscience at the service of peace and bringing
into
the League a great power which does not figure on geographical
maps—
press."
the
M. Comert's departure is prmarily due to the power the unanmity
rule
gives the minority here. Tne extreme German nationalists, woose
personal
hostility he had aroused, demanded his dismissal in September
as the price
for their allowing Joseph A. Avernol of France to oecome Secretary General.
Failing then, they persuaded the Reich to threaten to vote against renewing
M. Comert's contract when it expires next June.
Comert preferred to resign rather than remain under
such circumstances.
Artnur Sweetser of Boston. Mass., as M. Comert's deputy, will
be
director until June, when the place will be permanently filled
and
other changes will be made in the secretariat.
acting
League Official Presents Pessimistic Report on
Hungary.
The following from Budapest, Dec. 23, is from the New
York "Times," of Dec. 24:
In a highly pessimistic report on Hungary's financial position. Edward
Roan Tyler, League of Nations Commissioner, revealed that Hungary's
exports for tne last three months of 1932 were only 57% of the amount in
the same period in 1931. The foreign exchange received was only 11%
of that for the same period in 1930.
nu ngary's clearing agreements with other countries facilitated the importation of unnecessary goods but not the exportation of Hungary's
agrarian products, said Mr. Tyler. The government was able to fulfill
only an insignificant part of its obligations to foreign creditors, the mechanlern for payment created by the transfer moratorium last December having
completely failed, he asserted.
253
The present deficit in State finances, despite drastic economy measures.
still is $20,000,000 or more, the income for the last quarter being much less
than the estimates, the report continued. No serious attempt has
been
made by the government to reduce the deficit of the State railways or iron
works, Mr. Tyler charged, and government measures to protect agrarian
debtors have not contributed to balancing the oudget.
Mr. Tyler emphasized that service on the League loan of 1924 was not
being met.
Count Szechenyi Hungarian Minister in Washington
:I'bolt° Return to London Post.
'‘Announcement was-made at the Hungarian Legation on
.
Dec. 27 that Count Laszlo Szechenyi, who has been Minister
at Washington since Jan. 11 1922, has been ordered transferred to London as Minister. A Washington dispatch to
the New York "Times," said:
No date for his departure has been set, but it probably will be in the
Spring. Prior to coming here he was stationed in London.
One of the oldest members of the foreign diplomatic corps in point of
service, Count Szechenyi, his wife, who is the former Gladys M. Vanderbilt. and their five daughters have been among the most active members of
the capital's society and diplomatic set. The Countess is the youngest
daughter of Cornelius Vanderollt.
Death of Dr. Wilhelm Cuno, Former Chancellor of
Germany.
—Stricken with heart disease as he was leaving his Hamburg
residence for a vacation, Dr. Wilhelm Cuno, former Chancellor of Germany, General Manager of the HamburgAmerican steamship line, and intimately connected in his
business and personal relationships with America, died on
Jan.3,said a copyright cablegram to the New York "Evening
Post" from Berlin, which also had the following to say:
Dr. Cuno, who was the first German shipping magnate to
resume connections with the United States after the war, had a public career
bound up
with the darkest days of Germany's post-war history when during
the
occupation of the Ruhr Valley by the French, he was Chancellor of
the
Reich.
Under his regime, Germany attempted a task beyond its strength in
trying by passive resistance to drive the French out of the Ruhr. At his
direction the Government instituted a system supporting all Ruhr families
whose heads refused to work for the French.
Started Record Inflation.
To get the sums required, the Reich printed money at a rate neT-er before
or since heard of in financial history and the net result was an astronomical
inflation and the collapse of the whole plan of German resistance.
Dr. Cuno became Chancellor in November 1922. and was succeeded in
August 1923, by the late Dr. Gustave Stresemann, who liquidated the
passive resistance and laid the foundations for the Dawes plan and the
stabilization of the mark.
His failure in politics did not prevent Dr. Cuno from resuming his place
as one of Germany's leading business chiefs. Already in 1920 he had made
shipping the first of any kind of business contacts with America after the
war by entering into close relationships with the Harriman interests in
New York. After resigning as Chancellor he traveled extensively in the
United States.
Germany's Deficit Put at $492,660,000 — Finance
Minister Sees Cause for Optimism in Figure for
End of Fiscal Year—Four-fifths of Shortage
Incurred Before End of Fiscal Year 1930-1932
Total $190,400,000.
In a Berlin cablegram Jan. 10 to the New York "Times"
it was stated that the first authentic outline of the status
of the Reich's finances in a long time was given to-day by
Count Lutz Schwerin von Krosigk, the Finance Minister,
before the Budgetary Committee of the Reichstag. As a
result of careful and conservative calculations, he announeecT,
the budgetary year ending March 31 would probably leave
the nation with a budget deficit of 2,070,000,000 marks
(about $492,660,000). The cablegram continued:
The Finance Minister did not seem to see any reason for extreme
pessimism in this figure.
Comparing it
of the
United States and France, he declared thatwith the deficits serious
although it was
it need not be regarded as dangerous, especially since it was not a
deficit for a single year, but was the result of three extremely
critical years.
The chief trouble, he declared, was that
much more difficult for Germany than for other nations toit was a deficit temporcover
arily through short term credits so as to prevent an actual shortage
of cash in the Treasury.
The situation in connection with the Treasury's tax and other
receipts in 1932 turned out
worse than had been
the basis of receipts for themuch six months It proved expected. On
first
necessary to
scale down the budgetary estimates by 783,000,000
marks to 6,081.000,000, and to adjust expenditures correspondingly.
Jolgess Expenditures Hem.
It was, however, impossible to reduce
expenditures to the extent that
receipts fell off, especially as the aggravation
of the economic crisis and the
growth of the average number of
unemployed, together with the increasing
inability of the States and municipalties
to raise their share for the support
of the jobless, demanded additional
funds that had not been originally
appropriated.
The deficit for the budgetary
year 1932-1933 alone was estimated by
Count Schwerin von Kroslgk at
800,000,000 marks [about
made up of a 400,000,000 mark shortage in tax receipts as 8190,400.0001.
against revised
estimates, 50,000,000 marks of preferred
stock of the Federal railroads,
Which was to be sold but could not
be, and 350,000,01)0 marks resulting
from unforeseen expenditures or a shortage
in other receipts.
The development of the Reich's _
financial situation in the last few years
as
is shown by the following figures.
254
Financial Chronicle
The deficit for the fiscal year 1930 was 1,190.000,000 marks. The sum
of 420,000.000 marks was appropriated in 1931 for amortization of this
deficit, leaving the remainder at 770.000.000 marks.
The deficit for the fiscal year 1931 was 450.000.000 marks. With the
addition of the deficit of the extraordinary budget of 1931, totaling 470,000.000 masks, the total deficit at the end of the fiscal year 1931 was
1.690.000,000 marks. The sum of 420,000,000 marks was again appropriated in 1932 for amortization,leaving the deficit at 1,270,000,000 marks.
The estimated deficit for the fiscal year 1932 was 800,000,000 marks,
making the total deficit at the end of the fsical year 2,070,000,000 marks.
The Extraordinary Budget Item.
An interesting item in this tabulation is the deficit from the extraordinary
budget of 1931. Since 1926 there has been an extraordinary budget with
a huge uncovered deficit amounting to far more than 1,000,000.000 marks.
It was to have been covered by loans, but as there was no market for such
loans it was transferred from one year to the next. In 1928-1929 it could
partly be covered by surplus receipts and loans.
As there is no prospect, for the time being, of loans to cover the remaining 470,000,000 marks, the Finance Minister declared to-day to keep on
carrying it in the extraordinary budget would mean an attempt to conceal
the actual situation. This amount will therefore be transferred to the
ordinary budget as part of the regular deficit.
The fact that this item alone represents about one-fourth of the deficit
shows strikingly that the Reich's finances are chiefly suffering from the
relative extravagance of former and more prosperous years when governments failed to accumulate adequate reserves for future lean years. In
fact 1,660,000,000 marks, or four-fifths of the present deficit, was incurred
before the end of the fiscal year 1930. Since Dr. Heinrich Bruening became
Chancellor early in 1930 the financial policy ef the Reich has been extemely
sound.
The fiscal year 1932 was the first one since the war that was virtually
free of reparations and other political payments.
The debts of the Reich, according to Count Schwerin von Krosigk,
amounted to 12,264,000,000 marks on Dec. 31. of which the funded debt
totaled 10.428,000,000. The short-term debt Increased by 114,000.000
marks in the first nine months of the fiscal year 1932 to a total of
1.836.000.000.
Increase in German Bank Deposits.
A Berlin wireless message Dec. 30 to the New Yok
"Times" states that reports for November show a new increase in all German savings bank deposits, but deposits
reported by leading commercial banks as of Nov. 30, which
were 7,307,000, compare with 7,390,000,000 at the end of
October. This decline, it is said, was due to reduction in
the standstill balances.
Nazi Paper Urges Cut in Germany's Interest—First
Hitlerite Attack on the Private Debts Refers to
"Gigantic Tributes".
According to Associated Press advices from Munich,
Germany, Jan. 2, Adolf Hitler's newspaper,"Der Volkischer
Beobachter," in an article on that day agitated for reduction
in interest payments on Germany's loans and demanded
the ousting of Chancellor von Schleicher. The advices, as
given in the New York "Times" went on to say:
This was the first Nazi attack on the nation's non-political commitments.
The leader of the Nazis has hitherto maintained that "private debts" must
be regarded as sacred by the Nazis, but the article to-day was apparently
directed at all debts springing from the war or subsequent assistance given
the German Government through foreign capital.
Alfred Rosenberg, Hitler ally and a Nazi propagandist and Reichstag
member, wrote the article, which insisted that the Chancellor's New Year's
speech had said that Germany was freed of reparations payments. The
newspaper said such a statement was not true.
"Those unanswerable words of the Chancellor will be read through the
entire world," it said. "All peoples from now on will believe that Germany
is freed of payments when, in truth, she must pay 410,000,000 marks
(about $98,000.000) annually.
"The world will be astonished when the fight is renewed to secure cancellation of these still effective gigantic tributes or reduction of interest
of these so-styled loans."
Germany Postpones Payment to United States of
$7,922,000 on War Claims and Army Costs.
Secretary of the Treasury Mills announced at Washington
Jan. 4 that the German Government has taken advantage
of the option granted in the debt-funding agreement of 1930.
Payments of 20,400,000 reichsmarks ($4,896,000) falling
due on March 31 on account of awards entered by the Mixed
Claims Commission were postponed, as well as 12,650,000
reichsmarks ($3,026,000) on account of the costs of the
United States Army of Occupation.
Jan. 14 1933
burden of unemployment relief carried oy them. The works undertaken
to relieve unemployment, it is pointed out further, have added nothing
to the cities' revenues.
The "Frankfurter Zeitung" in an article to-day regrets the fact that the
Reich and provincial authorities did not exert their influence to prevent
this action, in the interests of maintaining Germany's credit standing
abroad. The paper urges that the matter be settled by mutual nego
tiations with the American creditors, and until these negotiations are
completed it urges a return to regular service on the bonds.
40-Hour Week to Govern New German Jobs—Luxury
Enterprises Excluded.
The 40-hour week and union wages will be the rule on
all jobs coming under the Government's 500,000,000-mark
(about $119,000,000) immediate emergency program to be
set in operation in January, Dr. Guenther Gereke, Commissioner for Re-employment, announced over the radio
on Dec. 23, it was stated in a cablegram on that date from
Berlin to the New York "Times" which added:
He declared that as far as possible human labor would be favored as
against machine labor, foreign materials would be used only when no
German ones were available, only native workers would be employed, and
fathers of families would receive preference.
The 500,000.000 marks will be advanced by the Reich as loans to public
and semi-public bodies for essential reconstruction and improvements
for which funds would otherwise be unavaliaole. Tne execution of the
work, however, must De allotted to private enterprise, where small business
is to be favored and the large contractors are to be excluded altogether.
Operation must be capable of conclusion in 1933 to come under the
benefits of the appropriation. Interest on the loans will cary witn the
length of time they are to run; when a loan is repayable in 20 years' instalments, for example, the interest rate will be 6%.
Dr. Gereke emphasized that only undertakings for the common weal,
such as the improvement of water, gas and electric works, would be eligiole
for loans, and that luxury enterprises would be rigidly excluded.
Tax Revenue in Germany—All Branches Except
Customs Yielding Less Than Estimates.
Collections of tax revenue in the Reich during the first
eight months of the present fiscal year are stated as 4,455,000,000 marks, out of 7,464,000,000 estimated for the entire
fiscal year. Stating this, a wireless message Dec. 30 from
Berlin to the New York "Times," added:
This is an average monthly collection of 557,000,000 marks, whereas
the estimate had been 622,000,000.
-month period yielded 826,000.000
The income tax during the eight
marks, against 1.630,000,000 estimated for the whole year, tne turnover tax 898.000.000, against 1.820,000.000. The customs yield was
more satisfactory, producing 800,000,000, against an estimate of 1,140.-months, thereby exceeding the average monthly estimate,
000,000 for the 12
Germany's Chief Steel and Mining Concern Ended 1932
with Increases in All Lines.
From Essen, Germany, Jan. 10, the New York "Times"
reported the following:
Marked improvement in production, sales and employment was reported in the quarterly report for October-December of the Vereinigte
Stahlwerke, Germany's biggest steel and mining concern.
The most notable feature of the report is that domestic consumption
has grown more than exports, a new development in the German business
situation. Sales within Germany totaled in value 87,255,000 marks.
against 78,148.711 marks in the preceding quarter, an increase of 12%.
while sales abroad were valued at 51,019,000 marks, compared with
46.888.684 marks, which was a rise of only 9%. Orders on hand on
Dec. 31 totaled about 90% of the numoer at the corresponding date in
the preceding year.
Crude steel took the lead in production, with an increase of 50%, the
total having been 667,372 tons, against 443.487 in the preceding quarter.
Output of pig iron rose from 452,917 to 594,890 tons; coat, from 3,380,120
to 4.076.440 tons, and coke, from 896,925 to 1,078,435 tons.
While the sales in the last quarter of 1932, which totaled in value 138.274.000 marks, were 10% above those in the preceding three months,
they were still well under the sales figure for the Octooer-December quarter
in 1931. which was 144,208,578 marks. On toe other hand, production
of coal and coke showed slight gains, that of iron and steel was almost
even and employment considerably surpassed the level of the corresponding
quarter of 1931.
The working force of Vereinigte Stahlwerke increased from 81,768
hands at the end of September to 88,893 on Dec. 31, whereas at the end
of 1931 the employees numbered 84,512. At the latter date other employees numbered 12,659; on Sept. 30 1932 they had diminished to 11,343.
and at the end of 1932 they had declined to 11,112. Thus, while the
productive labor has been increased, the "white-collar" brigade has been
thinned out.
Bavarian Palatinate Cities Reported Halting Dollar
Loan Service.
The following cablegram from Frankfort-on-Main, Jan. 3,
is from the New York "Journal of Commerce":
F. J. Lisman Denies Reports that City of Heidelberg
(Germany) Asks Change in Debt Service.
The following is from the Now York "Times of Jan. 8:
The Bavarian Palatinate Consolidated Cities 7% bonds will cease to
enjoy the 214% annual sinking fund as of Jan. 1 1933. according to a joint
communique issued by the cities involved
The municipalities jointly and severally obligated on the bonds, which
have all signed the communique, are Ludwigshafen, Kaiserslautern,
Speyer, Frankenthal, Zweibrucken, Neustadt and Landau. The loan,
originally of $3,800.000 floated in 1926, has been cut through sinking fund
operations to $3.159.000.
The interest payment of 410,000 reichsmarks will be kept up, although
It is pointed out this involves great hardships on the municipalities involved.
In explanation of the interruption of sinking fund payments, the communique of the Palatinate cities points to the severely adverse economic
conditions in tae German border districts, and especially toe enormous
F. J. Lisman, Chairman of the Lisman Corporation and former head of
the banking firm of F. J. Lisman & Co., which marketed in 1925 an issue
of $1,500,000 City of Heidelberg (Germany) 73i% bonds due in 1950.
Issued a statement yesterday denying foreign reports that negotiations were
pending between the city and interested bankers here looking toward concessions in the debt service. He said a Swiss law firm had been making the
-rounds of German debtors offering to get in touch with American bondholders.
Mr. Lisman said the American dollar loan absorbed less than 3% of the
income of Heidelberg,and that for this reason concessions at this time did not
appear to be necessary, although doles to the unemployed were absorbing
approximately 25% of the city's revenues. The bonds, listed on the
New York Stock Exchange, closed the week at 57.
Volume 136
Financial Chronicle
Austria to Recognize Drop in Schilling—National Bank
About to Accept 22% Devaluation Abroad—Czechs
to Ease Exchange Curb.
The following Vienna cablegram, Jan. 10, is from the
New York "Times":
A welcome step toward the restoration of relatively normal monetary
exchange conditions was foreshadowed to-day in Austria and Czechoslovakia
which were respectively the second and third countries in Southeast Europe
to impose exchange restrictions.
As a result of the strengthening of its exchange position by the Lausanne
loan, the Austrian National Bank let it be known to-day that it hoped
shortly to be able to accept the 22% devaluation of the Austrian
schilling
in force abroad, instead of arbitrarily maintaining the fiction at home that it
was still worth par.
By this means and the proclamation of an amnesty for past offerences,
it is hoped to obtain large amounts of foreign exchange now held secretly
abroad by Austrians.
Official recognition of the devaluation of the schilling has already been
prepared for by an increase in railroad telephone and postal charges, and
the next step probably will be a 20% increase in customs.
Czechoslovakia plans, beginning in the next few days. to abolish by stages
her restrictions on the purchase of foreign currencies whether for import of
foreign goods or for other purposes.
Control of Danish Kroner Exchange Lifted.
The following from London, Jan. 13, is from the Brooklyn
"Daily Eagle":
Foreign exchange brokers here say that official control of the Danish
kroner exchange has been lifted.
Ihe sharp movements in kroner exchange during the day was the feature
of the London exchange market. After opening at 19.30 kroner to
the
pound, the rate at which the exchange had been held for the past several
weeks, the rate around noon dropped to 19.70 to the pound. The banks
are buying sterling and selling kroner.
The New York "Sun of last night (Jan. 13), said:
Denmark's decontrol of the rate of exchange for Danish currency was
greeted as an augury of more normal times, though complete information
was lacking as to how far the decontrol measures went. Kroner dropped
only about half a cent or fifty points. Scandinavian currency restrictions
never have been as strict as those in force in some other countries and
the
removal of restrictions is easier these than it will be elsewhere. There is
considerable talk of a similar Austrian measure, but no indications yet have
been given as to when and how.
Gold in German Reichsbank Has Risen $11,000,000
—Low Point Was Reached in July.
From Berlin Dec. 30 the New York "Times" reported
the following:
The Reichsbank's gold reserves by the current statement
amount to
800.076.000 marks, whereas the present year's lowest was
754.000.000
In July. In American values the Bank's gold reserves are
now $46,000,000
less than a year ago, but $11,000,000 above the
midsummer minimum.
The latest increase in the Bank's gold reserve was affected
through exchange
transactions with foreign central banks, where the
gold acquired remains
to the Reichsbank's credit. Earlier in the year there were similar
minor
transactions, but in the main the flow of gold to Germany since
midsummer
has come only from Russia.
The Reichsbank's discounts end the year
1,200.000,000 marks below
the same date in 1931. and circulation of all currencies
is down 900,000.000.
One effect of the contraction is the continuing
fall of prices, which tends
both to increase the external value of the mark
and to stimulate repatriation
of capital which had previously fled from Germany.
Spain Grants 420,000,000 Pesetas for Schools—
To Float
Bonds for Purpose—No Private Investors.
The Spanish Government has embarked on a school-building program, it is stated in a report to
the Commerce Department from Commercial Attache C. A. Livengood,
Madrid. The Department Dec. 23 also reported:
A total of 420.000,000 pesetas has been set aside
for this purpose, it was
stated.
No more than 50,000,000 pesetas may be spent in any one year.
On Dec. 1 of this year, obligations to the amount
of 20,000.000 pesetas
were issued. The obligations will be amortizable
in 15 years and will bear
Interest at 6%. They will enjoy all of the privileges
of national bonds and
the General Savings Banks are required to invest
in these bonds 20% of
deposits received beginning Dec. 1.
The Minister of Finance is authorized to dispose
of them directly to the
"Institut° Nacional de Prevision" and to the General Savings
Banks, the
objects of the Government being not to distribute the bonds to the private
Investors.
(Peseta equals $0.08 U. S.)
Neutral City-State to Be Called World City Proposed
Near Antwerp—Belgium Would Finance Construction, Giving United States Equivalent in Bonds
to Pay War Debt.
From the New York "Times" of Jan. 12 we take the following (Associated Press)from Brussels (by mail) Jan.4:
A neutral city-State to be called World City is projected for the largely
unutilized site on the left bank of the Scheldt opposite Antwerp,
with which
the site is now joined by a vehicular tunnel. The plan is that of Professor
Paul Otlet, Chairman of the Union of International Associations,
American participation in the plan, it is suggested, could make
World
City the headquarters for American economic and socio-political activity
in Europe.
Among the economic advantages for Europe which the author envisages
III that through it Belgium could pay her war debt to the United States. It
is proposed that Belgium finance the construction of the
city and Pass on
the cost to the United States in the form of special bonds. Redemption and
Interest on the bonds would be met by the sale of real estate in World
City
and by the taxation of property there.
255
Holland to Sell Bonds
-40
-Year Issue, Carrying 4%,
Totals 296,000,000 Guilders—Bulk for Conversion.
The following from Amsterdam (Holland) is from the
"Wall Street Journal" of Jan. 3:
Kingdom of Netherlands will offer 296,000,000 guilders 4% 40
-year bonds
at par on Jan. 11. Payment is to be made on Feb. 1. Coupon dates of the
new issue will be Feb. land Aug. 1.
Of the total proceeds, fl. 186,000,000 will be used for the conversion of
the first of two 5% issues made in 1932. fhe remaining fl. 110,000,000 will
be used for the redemption of a portion of the outstanding short term debt.
A total of fl. 56,000.000 has already been placed and it is understood that
if the issue is not fully subscribed, a banking syndicate is prepared to take
fl. 59.000,000. In well informed quarters, however, a 100% subscription is
anticipated.
Swedish Debt Increases—Two-Thirds of $70,000,000
Rise Is Laid to Krueger Losses.
Under date of Jan. 6 a Stockholm cablegram to the New
York "Times" said:
The Swedish State debt increased by about 350,000,000 kroner, from
1,850,000,000 to 2,200.000,000. Of the increase only 119,000.000 kroner
is ordinary debt, while 214,000,000 IS due to the State support of the
Skandiaviska Kreditaktiebolaget, the bank most seriously affected by the
Krueger crash.
The Swedish "Financial•Times" gives the total loss on stocks and shares
In Sweden during 1932 as 899,000.000 kroner, of which 684,000.000 was
on Krueger companies. How little the Krueger crash really has affected
Sweden is shown by comparative figures for 1931, showing a total loss of
of 1,785.000.000 of which 1,052,000,000 was on Krueger companies
(The krone was quoted at 18.24 cents yesterday.)
Holders *of Defaulted Yugoslav Bonds Urged By
Institute of International Finance to Support
Protective Committee.
Holders of defaulted Yugoslav bonds are advised to give
their support to a protective committee in a bulletin of the
Institute of International Finance, issued on Jan.4 by Dean
John T. Madden, Director. The Institute of International
Finance is conducted by the Investment Bankers' Association in co-operation with New York University.
The Committee recommended by the Institute was formed
on Dec. 24 and is headed by E. G. Burland, Secretary. Kellogg, Emery and Inness-Brown are counsel, and the National
City Bank is depositary for the Committee. The bulletin
observes that bondholders are committed to no expense by
authorizing the Committee to represent them, and stated its
belief that the Committee will facilitate the preliminary
work to be done before conditions permit a settlement which
would be fair to bondholders. The bulletin says:
In past years the ability of Yugoslavia to obtain foreign exchange in
sufficient amounts to pay principal and interest on its outstanding external
obligations has depended chiefly on the influx of foreign capital and on
receipts of reparations from Germany.
The foreign trade of the country during the last few years has shown
exports and imports substantially balanced, while other credit items such
as emigrant remittances and tourist expenditures were of relatively little
importance. The inflow of foreign capital has ceased, and since the establishment of the moratorium on war dpbts and reparations receipts in cash
from reparations have stopped.
Faced with an adverse balance of payments which caused a decline in
the gold and foreign exchange holdings of the Central Bank, the Yugoslav
Government instituted foreign exchange restrictions, but found itself
unable to maintain the dinar at par and finally declared its inability to
pay the service on the external debt in the currencies of the creditors.
In the absence of foreign loans, either short-term or long-term, Yugoslavia can pay its external debt only through an excess of exports over
imports. So far, however, the foreign trade of the country has tended to
show a slight excess of imports and, under present conditions, it is doubtful
whether a sufficiently large export balance can be obtained to meet the
external debt service in full.
Economic conditions in Yugoslavia depend to a considerable extent upon
those prevailing in other central Miropean countries. Therefore, the
solution of the transfer problem ultimately will depend on economic and
political developments in that part of the world. The economic situation
of Yugoslavia is further aggravated by the conflict between the Serbs of
old Serbia and the Croats and Slovenes, in the provinces combined with
Serbia after the war. The former have stood for a centralized State while
the latter have favored decentralization and have advocated a federated
form of government. This conflict is causing considerable internal
political
friction which tends to retard the economic development of the
country.
The foreign trade in Yugoslavia, in common with that of all other
countries, has greatly contracted since the beginning of the economic
depression.
The value of imports in the first nine months of 1932 as compared
with the
corresponding period of 1931 showed a decline of 44.2%,
while exports
compared on the same basis declined 44.8%. The contraction
in value Is
due partly to lower prices and partly to the decline
in the volume of goods
exchanged.
During the first six months of the current fiscal year
Treasury receipts
amounted to 2,794,000,000 dinars, and the expenditures
to 2,855,000,000
dinars, or 61,000,000 dinars in excess of revenues.
The floating debt
further increased during this period by 150,000,000
dinars, making an
actual deficit of approximately 211,000,000 dinars.
These figures, however,
do not include certain receipts from State
enterprises, from the State
Mortgage Bank, and from the transport tax which
would reduce the deficit.
Actual expenditures in the first six months of
the current fiscal year
were 24.6% below the estimates. The estimated
deficit of 1,150,000,000
dinars is to be met by a profit of 700,000,000 dinars
from the minting of
silver coins, by increasing the sales tax, and
by increasing the tariff on
certain articles. In addition, by an agreement
with the French Treasury,
payments on loans from the French Government are
to be suspended between
Oct. 15 1932 and Oct. 15 1933. This
agreement applies to the 5% loan
of 300,000.000 French francs of 1924, and
to the advance of 250,000,000
French francs in October 1981. The repayment of a credit 100,000,000
of
Financial Chronicle
256
French francs to the Yugoslav tobacco monopoly has also been postponed.
These two operations will relieve the Government of the payment of
285,000,000 francs, or 630,000,000 dinars, during the fiscal year 1932-1933.
The bulletin also states that the formation of a Committee
for the protection of the 7% dollar bonds of the State Mortgage Bank of Yugoslavia would be announced in the near
future.
The formation of a committee to protect the interests of
holders of bonds of the Kingdom of the Serbs, Croats and
Slovenes, now the Kingdom of Yugoslavia, was announced
on Dec. 23. From the New York "Times" of Dec. 24 we
quote:
The Committee, headed by Robert C. Adams, of the Bancarnerica-Blair
Corp., is not asking holders of the bonds, 7s and 8s due on May 1 1962, to
deposit their holdings with it now, but to authorize it to represent them
in any negotiations.
A statement by the Committee points out that the Yugoslav Government
has announced its inability to acquire the necessary foreign exchange to
enable it to transfer funds to New York for the payment of interest and
sinking funds due on Nov. 1. The Finance Minister, it is said, is desirous
of arranging temporary measures in the best interests of the bondholders.
Besides Mr. Adams, the Committee includes George Benard, Frank Callahan of the Chase Securities Corp., Lloyd S. Gilmour of Blyth & Co., Inc.;
George DeB. Greene of E. H. Rollins & Sons, Inc.; Frederic R. Kellogg of
Kellogg, Emery & Inness-Brown ; Professor Michael I. Pupin of Columbia
University, and Ray W. Stephenson of Cassatt & Co. E. G. Burland, 44 Wall
Street, is Secretary. The National City Bank is the depositary.
Yugoslavia Curbs Bank Withdrawals,
From Belgrade (Yugoslavia), Dec. 27, Associated Press
accounts stated:
The Government published a decree to-day authorizing all banks which
find themselves "in temporary difficulties" to restrict withdrawals by savings or commercial depositors in 1933.
Bonds of Hungarian Consolidated Municipal Loan
Dealt in "Flat" on New York Stock Exchange—
Interest Unpaid on 20-year 732% Secured Sinking
Fund Gold Bonds,
Ashbel Green, Secretary of the New York Stock Exchange,
issued the following announcement on Jan. 3:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Jan. 3 1933.
Notice having been received that the interest due Jan. 1 1933 on Hungarian Consolidated Municipal Loan, 20
-year 7 % secured sinking fund
gold ponds. due 1945. is not being paid.
The Committee on Securities rules that beginning Tuesday, Jan. 3 1933,
and until further notice the said bonds snail be dealt in "flat" and to be a
delivery must carry the Jan. 1 1933 and subsequent coupons.
The Committee further rules that in settlement of all contracts in said
bonds made heretofore on which interest ordinarily would be computed
beyond Dec. 31 1932. interest shall cease on Dec. 31 1932.
ASHBEL GREEN,Secretary.
Interest Due on Customs First Lien 8% Sinking Fund
Gold Bonds Series A of Republic of El Salvador
Unpaid—New York Stock Exchange Rules Bonds
Be Dealt in "Flat."
The following announcement was issued by Ashbel Green,
Secretary of the New York Stock Exchange, on Jan. 3:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Jan.3 1933.
Notice having been received that the interest due Jan. 11933. on Republic
of El Salvador Customs first lien 8% sinking fund gold bonds, series A,
due 1948, is not being paid.
The Committee on Securities rules that beginning Tuesday, Jan. 3 1933,
and until further notice the said bonds shall be dealt in "flat" and to be a
delivery must carry the Jan. 1 1933 and subsequent coupons.
The Committee further rules that in settlement of all contracts in said
bonds made heretofore on which interest ordinarily would be computed
beyond Dec. 31 1932. Interest shall cease on Dec. 31 1932.
ASHBEL GREEN,Secretary.
Note.—Attention is directed to the fact that the interest will be paid
on the bonds represented by the certificates of deposit and that the certificates of deposit to be a delivery after Jan. 3 1933 must be stamped accordingly.
A previous reference to the bonds appeared in our issue
of Jan. 7, page 47.
Soviet Russia to Abolish Grain Collecting—Tax Will
Supersede Present System of Taking Wheat at
Fixed Prices—Move Designed to Stimulate Agriculture and Increase Food Supply.
What is described as a long-expected concession to the
peasantry in Soviet Russia in the effort to extract from that
class enough agricultural produce to feed the country assumed definite form on Jan. 11 in the publication of a speech
by Vyacheslaff Molotoff, the President of the Union Council
of People's Commissars according to Associated Press
advices from Moscow, Jan. 11, to the New York "Times"
which further stated:
He announced that the government probably would abolish "collections"
of grain and substitute a grain tax in kind.
Returing to a system In effect 10 years ago, the government would put
the grain collections of the country on the same bassi as was recently esta-
Jan. 14 1933
blished for meat and butter production. Under the proposal, the peasants
would be assessed a definite grain tax in advance of sewing instead of being
subject to levies of grain deliveries on the basis of possibilities as under the
system now in effect.
System Defeats Itself.
A peasant, under the current plan, has never known beforehand what
has been expected of him, and consequently grain production has suffered
badly in the last few years because producers faced the certainty that the
more they raised the more the government would take.
M. Molotoff spoke before a party meeting on Sunday. Although prefacing his speech with the announcement that the Five-Year Plan had been
"accomplished" in four years, he cited figures showing that in general the
key industrial production for all of 1932 increased only 8.5%, compared
with 1931, wnereas a 34.7% increase was listed In control figures as necessary for the fulfillment of the Five-Year Plan and a 36% increase was set
as the actual goal for 1932.
Earlier figures issued on the accomplishments of the first nine months
indicated much greater achievements, setting the increase for that period
at about 14%, he said. Following Joseph Stalin's recommendation
for a general slowing down of the present pace of industrial endeavor,
M.Molotoff declared that the capital investment in industry in 1933 would
amount to 18,000,000,000 rubles, which, he said, is "a little more than was
actually invested in 1932".
Carloadings to Be Slowed.
The same trend was noted in car movements. M. Molotoff set 1933 car
loadings at 58,000 daily, as compared to 60,000 set by the Five-Year Plan
for 1932 and 52,000 actually accomplished. He added that "the supply of
manufactured goods and food must D8 improved."
He said one of the main factors in the accomplishment of this end would
be sharp restriction in number of new workers and employees, steps to
curtail which have already been taken by a widespread reduction in the
number of clerical workers in State institutions.
The Premier evisioned an increase of 14% in the productivity of labor in
1933. He declared this would be brought about by increased efficiency
through the weeding out of large numbers of unnecessary workers in various
enterprises and restrictions hereafter on the number of peasants flowing
from villages to cides in search of work.
Baring Brothers Renew Argentine Loan—Grant Easier
Terms of £1,000,000 Issue.
A cablegram as follows from Buenos Aires, Jan. 10 is from
the New York "Times":
Baring Brothers have renewed a £1,000,000 short-term loan under more
favorable terms than those of the original issue. The loan matures in four
Instalments—in January, February, Marco and April—and was Issued at
,
636a with 20% amortization and three-eights of 1% commission.
The issue is renewed at 5% Interest and three-eighths of 1% commission,
the Argentine government to pay off5% of each instalment as it is renewed.
A London cablegram Jan. 10 published in the Montreal
"Gazette," said:
Reduction of the interest rate on a loan to Argentina by Baring Brothers
was stated to-day to be in accordance with a plan adopted Jan. 1 when
New York bankers reduced interest from 6 to 5% on a $20,000,000 loan
to the Argentine Government.
Congress Ends — Opposition Prevents
Quorum in Special Session.
In a cablegram Jan. 10 from Buenos Aires to the New
York "Times" it was stated that President Justo signed a
decree on that day terminating the special session of Congress
and withdrawing the government progrm of projected legislation from its consideration following continued failure of
the Deputies to function because of lack of a quorum. The
cablegram also said:
Argentine
Opposition Deputies, especially the Socialists, have refused to attend
sessions since the middle of December. The government therefore has
decided it is useless to keep Congress in session.
Latin-American Bond Fund Declares Extra Dividend.
The Empire Trust Co., trustee, is paying to holders of
Latin-American bond fund certificates the regular semiannual distribution of 23/i cents per share, plus an extra 2
cents per share, which is at the annual rate of 9% on the
certificates of the original depositors.
Redemption of Bonds of Italian Credit Consortium
for Public Works.
J. P. Morgan & Co., as fiscal agents, are notifying holders
of Consorzio di Credito per le Opere Pubbliche (Credit
Consortium for Public Works, of Italy) external loan sinking
fund 7% secured gold bonds, series A, due March 1 1937,
and series B, due March 1 1947, that $233,000 principal
amount of the former and $219,000 principal amount of the
latter have been drawn by lot for redemption at par on March
1 1933, out of moneys received and applicable to such redemption. Payment will be made upon presentation and
surrender of the drawn bonds on and after March 1, after
which date interest on the drawn bonds will cease.
New President of Bank of Chile.
Guillermo Caseaux, former Senator and Finance Minister,
was elected as President of the Central Bank of Chile, socordiirirUiiitiid Press advices from Santiago on Jan 2
,
publishe7intig New York "Herald Tribune." —
Financial Chronicle
Volume 136
1932.
From the New York "Herald Tribune" we take the following (United Press) from Santiago, Chile, Dec. 26:
Gold
Production in
Chile in
Gold production in Chile in 1932 amounted to 88,250 ounces, valued at
$1,750,000, being M of 1% of the world production for the year.
Central Bank Urges Chile to Retrench—Says Balancing
of Budget Essential.
From Santiago, Chile, Jan. 6, a cablegram to the New
York "Times" said:
To-day's Central Bank bulletin says Chile has recently undergone its
worst period of depression, which it describes as "complete stagnation
of business, total lack of incentive for any activity, confusion and a sense of
uncertainty arising from the continued drop in foreign exchanges."
It declares that even if a more decisive economic policy is enforced by the
new administration the country must not expect miracles. It holds that the
only way statesmen can expect to renew confidence is by inspiring it here
and abroad by sound measures, especially by balancing the budget to avoid
further depreciation of the currency.
The bulletin points out that price levels have continued to soar and
declares any attempt to mobilize the deposits in banks will be futile until
normal conditions return, while measures designed to expand bank credits
for support of industrial and commercial enterprises are also held up by the
abnormal conditions.
Decline in Ecuador's Revenues—Government Urges
Delinquents to Pay Taxes at Once.
From Guayaquil (Ecuador) Jan. 1, special correspondence
published in the Jan.8 issue of the New York "Times" said:
From a general circular from the Treasury Department calls attention to
the alarming decline in revenues and calls on all agents of the government
to make an effort to increase collections. At the same time an appeal Is
made to the public to pay promptly all accounts owed to the government.
It is pointed out that collections have not been sufficient to make
the most urgent payments,Including the army and the members of Congress.
Revenues are reported to be 3,000,000 sucres below the amount estimated
in the budget, averaging about 62,000 sucres daily, when at least 100,000
are needed for the ordinary expenses of the government.
Heavy Payments by Cuban Treasury.
The following Havana cablegram Dec. 31 is fro1=e
New York "Times":
•
, •
-^
Through advances from the Chase National Bank and the Standard,
Sinclair and Shell-Mexican oil companies and other concerns, the Cuban
Treasury to-day completed payment of $8,106,250 due for amortization and
interest on outstanding bonds for public works. The payment included
Interest due on $20,000,000 of bankers' short-term credit. Payment of
$280,000 was made also on the Speyer and Morgan loans falling due to-day.
Cuba Cuts Interest Rate on Savings Deposits.
According to Havana advices Jan. 3 to the New York
"Times," savings account depositors have been informed
that the interest rate will be 2 instead of 3%. It is further stated:
This reduction, the banks state, is due to the present financial situation in
Cuba which makes it impossible for banking institutes to pay a
larger
Interest. Practically all banking nusiness in Cuba is in the hands of American and Canadian banks, which at present practically control
the sugar
Industry.
New York Stock Exchange Requires Independent Audit
of Annual Reports of Corporations Seeking Listing
Privileges—Certain Railroads Excepted.
Ip indicating that since April 1932 all corporations applying for the listing of their securities on New York Stock
rrcliange have been asked to enter into an agreement to the
—
effect that future annual financial statements shall be audited
by independent public accountants, Richard Whitney,
President of the Exchange,stated that after July 1 all listing
applications will be subject to a certificate of an independent
audit; there is a further requirement that future annual
reports be similarly audited. Mr. Whitney's announcement follows:
Since April of 1932 all corporations applying for the listing of their
securities upon the New York Stock Exchange have been asked to enter
Into an agreement to the effect that future annual financial statements
published more than three months after the date of the agreement shall
be
audited by independent public accountants qualified under the laws of
some State or country, and shall be accompanied by a certificate of such
accountants showing the scope of the audit and the qualifications, if any.
made by them in respect thereto. The Committee on Stock List has considered any reasons advanced why this procedure should not apply in
particular cases, but has made exceptions only in the case of certain railroad companies.
During this period, the New York Stock Exchange has not required that
audited statements be filed with applications for listing, because it was
felt that applicants who had relied upon the former practice of the Exchange would have been subjected to undue delay if the Committee had
pursued any other course.
The New York Stock Exchange now announces that its present policy
In this respect will be continued until July 1 1933, after which date all
listing applications from corporations must contain the certificate of
Independent public accountants, qualified under the laws of some State or
country, certifying to the correctness of the balance sheet, income statement and surplus statement for the most recent fiscal year. In general,
the audit or audits must cover all subsidiaries, and the scope of the audit
must be not loss than that indicated in a pamphlet entitled "Verification of
Financial Statements" issued by the Federal Reserve Board in May 19291
and obtainable from that Board at Washington, D. C. All applications
257
must include an agreement to the effect that future annual reports published
or sent to stockholders will be similarly audited and accompanied by a
similar certificate.
The Committee on Stock List may make exceptions to these requirements in unusual or extraordinary cases where the enforcement of the
requirements would, in its opinion, be manifestly unwise or impracticable.
The Committee has concluded that for the present it will not require audited
statement from railroad companies reporting to the Inter State Commerce
Commission, except in the case of those railroads whose accounts have
heretofore been currently audited by independent accountants.
Representative houses and banks of issue have been advised of the foregoing program, and have expressed themselves as in accord with the plan
outlined above which they believe is sound an dconsistent with the importance of affording to the public the most complete and accurate information
.in regard to the financial condition of corporations whose securities are
publicly dealt in.
Proposal Affecting Odd Lot Dealings Announced by
Henry Zuckerman & Co.—Would Execute Orders in
Eleven Stocks at 313 Point Differential Paying All
Taxes.
Announcement has been made by Henry Zuckerman & Co.
in advices to large commission houses that they will accept
odd lot business in 11 stocks listed on the New York Stock
Exchange and pay all taxes after collecting the usual odd lot
differentials. In its issue of Jan. 4 the New York "Evening
Post," said:
The large odd lot stock houses are not taking the innovation without
turning every possible stone to prevent this.competition from taking their
business away from them.
Confer With Exchange.
Their representatives have been in conference with members of the
various committees of the New York Stock Exchange objecting to the
Innovation in odd lot business for more than a week, but so far the Exchange
has issued no official rulings regarding the matter.
In the meantime the odd-lot houses are maintaining open markets on all
of the stocks on the Exchange. which, of course, is not necessary for the
Henry Zuckerman & Co., organization, and while nothing has as yet been
prepared by the old line houses to enable them to meet this new competition, it was learned to-day that they are making every possible effort to
do so.
How extensively this elimination of taxes in odd-lot trades will affect the
regular odd-lot houses is problematical, but it was the concensus in conservative circles to-day that in time it may serve to draw all of the business
away from them in the stocks named unless some means is found to offset it.
Further the odd-lot firms see great danger in the establishment of a
precedent, which if followed by many other specialists, conceivably vrW
eliminate odd-lot business.
Paul S. Zuckerman is the floor member of the firm in which H. Bertram
Smith and George I. Crolius are partners. He is the spe:laiLst in Chrysler
and Procter & Gamble stocks. Associated with the firm is 0. V. Hedburg.
who is also a specialist and a member of the Exchange.
Letter is Sent.
The letter sent to the commission houses by the firm went out last night
reading as follows.
"We are now executing odd lot orders in the stocks listed below.
"All orders will be executed at one-eighth of 1% from the sale.
"On all purchase orders executed by us, we will pay the full United
States Government and New York State transfer taxes.
Chrysler Corporation
United Corporation, common
United Corporation, pref.
Procter & Gamble
United States Steel
Hudson Motor Car
General Italian Edison
Grigsby Grunow
Studebaker Corporation
McIntyre Porcupine
Cream of Wheat Co.
"Mr. 0. V. Herberg is associated with us and joins us in respectfully
soliciting your odd lot business in these stocks."
Series of Talks on Business Economics as Applied to
Wall Street and Finance in Governing Committee
Room of New York Stock Exchange.
A series of practical talks on business economics as applied
to Wall Street and Finance, by nationally known economists,
in the Stock Exchange Governing Committee room, under
the auspices of the Stock Exchange Institute were inaugurated on Jan. 12. The lectures, Thursday mornings at
8:45 a.m., will be open to brokerage house employees in
addition to the employees of the New York Stock Exchange.
Dr. David Friday, Economist of A. G. Becker & Co.,
talked on "Business Cycles" on Jan. 12. Dr. Ralph E.
Badger, Executive Vice-President of the Union Guardian
Trust Co. of Detroit, will be the speaker on next Thursday,
Jan. 19. Other speakers will include Dr. W. Randolph
Burgess, Deputy Governor of the Federal Reserve Bank of
New York; Dr. William W. Cumberland of Wellington &
Co.; Thomas F. Woodlock; Contributing Editor of the "Wall
Street Journal," formerly a member of the Inter-State
Commerce Commission; and Dr. Carl Snyder, General
Statistician of the Federal Reserve Bank of New York. In
its announcement Jan.' 11 the New York Stock Exchange
Publicity Committee said:
The first group of talks will cover the broader fields of economics and will
include lectures on "The Future of International Investments." "Reparations and Allied Debts," and "The Financial Phase of Recovery." Some of
the later lectures will be on particular phases of the operation of the Stock
Exchange.
The Institute is also offering for the spring term a standard course o
16 units, for completion of which a certificate will be awarded. The courses
offered under this sertIon include accounting, corporation finance, investment principles, analysts of industrial securities, commodity exchanges, and
current economirr problems. A nominal tuition fee is charged.
258
Financial Chronicle
The complete program 01 the Thursday lectures includes:
Jan. 12.
-"Business Cycles," Dr. David Friday. Economist. A. G.
Becker & Co.
-Dr.Ralph E.Badger, Executive Vice-President, Union Guardian
Jan. 19.
Trust Co., Detroit.
Jan. 28.
-"The Future of International Investments," Dr. Max Winkler,
Partner, Bernard. Winkler & Co.
-"Reparations and Allied Debts," Dr. William W. Cumberland,
Feb. 2.
Partner, Wellington & Co.
Feb. 9.-J. M. B. Hoxsey, Executive Assistant to the Committee on
Stock List, New York Stock Exchange.
1111
Feb. 16.
-"The Federal Reserve and the Money Market," Dr. W. Randolph Burgess, Deputy Governor, Federal Reserve Bank of
New York.
Feb. 23.
-"The Communication System of the New York Stock Exchange,"
Dean K. Worcester, Assistant Secretary. New York Stock
Exchange.
Mar. 2.
-"The Financial Phase of Recovery," Dr. Lionel D. Edie, VicePresident. Mayflower Associates, Inc.
Mar.16.
-"How Business is Measured," Dr. Carl Snyder, General Statistician, Federal Reserve Bank of New York.
Mar. 23.
-"The Work of the Arbitration Committee," Peter J. Maloney,
Governor, New York Stock Exchange.
Mar. 30.
-"Important Phases of the Railroad Situation," Thomas F.
Woodlock, Contributing Editor, the "Wall Street Journal."
Apr. 6.
-"Work of the Committee on Se( unities," Walter L. Johnson,
Governor, New York Stock Exchange.
Apr. 13.
-"The Medical Department in Business Organizations," Dr.
Francis H. Glazebrook, Medical Director, New York Stock
Exchange.
Apr. 20.
-Thomas R. Cox, Member. New York Stock Exchange.
•
New York Stock Exchange Fixes Commissions on Bonds
or Notes Having Five Years or Less to Run.
On Jan.3 the New York Stock Exchange established commissions on bonds or notes having five years or less to run to
maturity when selling below 96 or above 110. The rates on
such issues hitherto have not been established by the constitution, but have been set by the brokers said the New
York "Evening Post" which further noted:
The official commissions to non-members are now $1.25 for each $1.000
of principal; to members when principal is not given up. 80 cents; and to
members when principal is given up, 50 cents. These rates are about
one-half the rates on bonds and notes with longer maturities selling In the
same price range.
The announcement of the Exchange follows:
NEW YORK STOCK EXCHANGE
Committee on Quotations and Commissions.
Jan. 3 1933.
To the Members of the Exchange:
Referring to Paragraph (d) Section 2 of Article KIK, the Committee on
Quotations and Commissions has determined that in the case of bonds or
notes having five years or less to run to maturity, when selling BELOW 96
OR ABOVE 110, the rates specified In Section 2, Paragraphs (a)( b) and
(c) of said Article, shall apply.
The Committee has further determined that in the case of bonds or notes
having five years or less to run to maturity, when selling AT OR ABOVE
96 AND AT OR BELOW 110, the following rates of commission, per
thousand dollars of principal, shall apply
To non-members
$1.25
To members (when a principal is not given up)
.80
To members (when a principal is given up)
.50
The Committee has further determined that on securities which pursuant
to call or otherwise, are to be redeemed within 12 months,the rates specified
In said Article do not apply. On such securities, the rates of commission
may be mutually agreed upon.
ASHBEL GREEN, Secretary.
Members Elected to Nominating Committee of New
York Stock Exchange.
The Committee on Publicity of the New York Stock
Exchange, announced on Jan. 9, that at the annual election
of members of the Nominating Committee, the following
members of the Exchange had been elected for 1933:
J. Wright Brown (Jacquelin & DeCoppet), Wm. Shippen Davis (Blake
Bros. & Co.), Robert J Hamershlag (Hamershlag, Borg & Co.). Martin J.
Quinn Jr.(E. C. Benedict & Co.) and Byam K. Stevens (Stevens & Legg),
In our issue of Dec. 24, page 4315, a reference to the
nomination of the members appeared.
Market Value of Bonds Listed on the New York Stock
Exchange-Figures for Jan. 1 1933.
The following announcement showing the total market
value and the average market prices of all listed bonds on the
New York Stock Exchange, was issued by the Exchange on
Jan. 9:
As of Jan. 1 1933, there were 1,549 bond issues aggregating $41.304,596.305 par value listed on the New York Stock Exchange, with a total
market value of $31.918,066,155.
This compares with 1,548 bond issues aggregating $51,542,847,249 par value listed on the Exchange Dec. 1, with a
total market value of $38,095,183,063.
In the following table listed bonds are classified by governmental and industrial groups, with the aggregate market
value and average price for each:
U. S. Government_
Foreign Government_
Railroad industry (U. S.)
Utilities (U. S.)- Industrial (U. S.)
Foreign companies
All bonds
Market Value. Aver. Price
$15,444,787,728
$102.55
3.706,854.404
61.09
6,011,439.094
56.00
3,324,166.706
87.72
2,055,820,802
62.65
1.374,997,421
58.00
$31,918,066,155
$77.27
Jan. 14 1933
The following table, compiled by us, shows the total
market value and the total average price of bonds listed on
the Exchange for each month since Jan. 1 1932:
1932
Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Market
Value.
Aver,
Price.
837,848,488,806
38,371,920,619
39,347,050.100
39,794,349,770
38,896.630,468
36,856,628,280
37,353,339,937
238,615,339,620
$72.29
73.45
75.31
76.12
74.49
70.62
71.71
$74.27
1932
Sept. 1
Oct. 1
Nov. 1
Dee. 1
1933
-Jan. 1
Market
Value.
Aver.
Price.
40,072,839,336
40,132,203,281
39,517,006,993
38,095,183,063
77.27
77.50
76.38
73.91
931,913,066,155
$77.27
Total Short Interest on New York Stock Exchange
During December.
The compilation showing the short interest on stooks
during December was issued on Jan. 6 by the New York
Stock Exchange. Under the ruling of the Exchange made on
Sept. 16, calling for weekly instead of daily reports of the
short positions of members (as noted in our issue of Sept. 24,
page 2083), the figures show the short position existing at
the opening of business each Monday during December. The
highest total for the month was reported on Dec. 19 at
1,888,306, which compares with the high total for November
of 1,862,804 reported on Nov. 28. The announcement by
the Exchange follows:
The following statistics, winch have been compiled from information
secured by the New York Stock Exchange from its members, show the
total short interest existing at the opening of business on each Monday
during December 1932, and the first Monday in January 1933.
1.862,804 Dec. 19 1932
Nov.28 1932
1,888,306
Dec. 5 1932
1,874,181 Dec. 27 1932
1,874,541
Dec. 12 1932
1,825,043 Jan. 3 1933
1,796,976
* Last published figure.
William H. English Jr. of C. D. Halsey & Co. Nominated
President of New York Coffee & Sugar Exchange
Chandler A. Mackey to Be Vice-President.
William H. English Jr., a partner of C. D. Halsey & Co.,
has been named President of the New York Coffee & Sugar
Exchange in the slate presented by the Nominating Committee of the Exchange. The election will be held on Jan. 19.
In announcing this on Jan. 6, the Exchange also said:
Mr. English, who has been serving as Vice-President, will succeed H. H
Pike Jr. Chandler A. Mackey has been nominated as Vice-President to
succeed Mr. English. Earl B. Wilson has been renominated as Treasurer.
The following will serve on the board of managers, in addition to the
above named: Harold L. Bache, Jerome Lewine, E. L. Lueder. M.E.
Blonde, Louis Seitz. F. R. Horne, Frank G. Henderson, W. J. Wessels,
W. W. Pinney, William G. Daub, Charles C. Riggs and A. M. Walbridge.
The new members of the board of managers will be F. R. Horne, F. G.
Henderson, W. J. Wessels and W. W. Pinney. The retiring members
are E. A. Canalize, S. A. Schonbrim, F. Shelton Farr and H. H.Pike Jr
Plan for Consolidation of Four New York Commodity
Exchanges to Be Acted Upon by Members in
February.
Members of the four New York exchanges which plan to
consolidate into Commodities Exchange, Inc., will formally vote on the merger during the second week in February,
it was announced Jan. 9. If the members of each exchange
vote approval, as anticipated, this will make the consolidation effective. The first ballot will be taken by members
of the New York Hide Exchange on Feb. 6; the National
Metal Exchange will vote the following day, the Rubber
Exchange of New York on Feb. 8 and the National Raw
Silk Exchange on Feb. 9.
The boards of governors of all the exchanges, which have
a combined membership of close to 1,000, have already
approved the consolidation and mambers of each exchange,
at special meetings, have evinced an overwhelming sentiment
for the merger.
Because of the large out-of-town and foreign memberships
of each exchange a Proxy Committee has been appointed
to help insure all members having an opportunity to vote
on the consolidation. The members of this committee are:
Harold L. Bache of J. S. Bache & Co.
William E. Bruyn of Littlejohn & Co., Inc.
J. Chester Cuppia of E. A. Pierce & Co.
Paolino Gerli of E. Gerli & Co., Inc.
Addison B. Hall of National Lead Co.
John L. Julian of Fenner, Beane & Ungerleider.
Gioyd Y. Keeler of Orvis Brothers & Co.
Jerome Lewine of H. Hentz & Co.
Edward L. McKendrew of Armand Schmoll, Inc.
Charles Muller.
Ivan Reitler of Federated Metals Corp.
Armand Schmoll, Jr., of Schmoll FilslAssociated, Inc.
Charles Slaughter of Slaughter. H01130 & Co. and
Martin H. Wehncke of Brandeis, Goldschmidt & Co.
When the consolidation is approved by members of the
four exchanges the members will automatically become
members of Commodities Exchange, Inc. Each exchange,
however, will continue to function as a separate organization
Volume 136
Financial Chronicle
until such time as the mechanical consolidation into a
single operating unit under one roof and on one floor is
completed. It is expected that this can be accomplished
in time to have the new Exchange formally opened by May 1.
It is further stated that the new Exchange, by virtue of
the basic importance of the six commodities which will be
traded in-rubber, silk, hides, silver, tin and copper-holds
promise of becoming one of the foremost commodity markets
in the world. The contracts now traded in on the four
exchanges represent, it is said, a value in excess of a billion
dollars annually.
An item regarding the proposed consolidation appeared
in our issue of Dec. 17, page 4148.
Increase in Volume of Trading on New York Cocoa
Exchange During 1932 as Compared with 1931.
More than a billion pounds of cocoa were traded on the
New York Cocoa Exchange during 1932, according to an
announcement issued Jan. 5 by Howard T. McKee, President of the Exchange. He said:
The volume of trading on the New York Cocoa Exchange in 1932 showed
an improvement of 25% over 1931. The turnover for 1932 was 34.798
lots or 1.043.940,000 pounds, compared with 27,995 lots or 839,850.000
pounds in the year 1931.
The "lot" is the unit of trading on the Exchange and each lot consists
of 30,000 pounds of cocoa beans.
Average Liquidity of N. Y. Banks 56% at Close of 1932.
The year-end statements of New York banks and trust
companies reveal many interesting features, according to a
study by Hornblower & Weeks. They state:
The trend toward maintenance of liquidity of resources continues
unchanged; despite tills liquidity earnings covered dividends by a good
margin in most instances: deposits of 15 of these institutions increased over
$700,000,000 since June 30. There were no dividend cuts during the
second half of 1932 and throughout the entire depression no leading New
York Clearing House bank passed a dividend
The year witnessed one of the greatest financial crises in the history of
the country but due to the foresight of tho managements, and the supervision of the Clearing House, the banks were easily able to meet the"run"
on the United States which was borne in large part by the New York
financial institutions, and they emerged from the crisis stronger than
before, with their protfollos written down, overhead expenses cut to a
minimum, and with ample resources to finance the business recovery now
getting under way,
The following table shows capital, surplus and undivided profits of
15 leading banks together with their holdings of cash and U. S. Government securities and their ratio to gross deposits at the end of tne year:
000's Omitted-Bankers Trust
Bank of N. Y. it Trust
Central Hanover
Chase National
Chemical
Corn Exchange
Empire Trust
1st National •
Guaranty
Irving Trust
Manufacturers Trust
Manhattan
National City
N. Y. Trust
Public National
Total
Capital,
$25,000
6,000
21,000
148,000
21,000
15,000
6,000
10,000
90,000
50,000
32,935
20,000
124,000
12,500
8,250
SARCI set
Surplus &
Cash &
Undivided
Gross
U.S. Govt. Aver,
Profits. Deposits. Securities. %
$77,136
9,219
69,031
111,131
45,412
22,550
3,188
81,483
181,233
62,412
20,297
36,889
81,454
22,019
4,407
$621.867 $423,333 68
104,970
53,792 51
594,220
373,256 63
1,466,039
606,294 41
324,458
196,393 61
214,950
114,351 53
58,898
28,786 49
406,071
288,052 71
1,038,778
724,963 70
418,619
298,890 71
392,213
166,117 42
352,936
170,531 48
1,299,378 665,156 51
259,886
135.969 52
90,598
62,163 69
say] fiAl as RAI 751 SA 1114 AAA
Rit 07_
Combined capital funds, as shown above, amounted to $1,417.548.000,
a decline of $131,657,000 for the year. equivalent to approximately 8.5%
of capital funds as of Dec 31 1931
Baltimore Savings Banks Cut Interest Rates.
The majority of the mutual savings banks of Baltimore
will lower interest on deposits from 3% to 3%, effective
from the first of the year, it was indicated in Dec. 30 advices
from that city to the New York "World-Telegram."
Lorain (Ohio) Banks Adjust Interest Rates.
The following is from the Cleveland "Plain Dealer" of
Dec. 10:
Conforming to the general practice of banks throughout the country in
adjusting interest rates on deposits to present conditions, the Lorain
Clearing House Association yesterday announced a 3% rate on savings
deposits effective Jan. 1. This is the rate generally prevailing in Ohio and
elsewhere although several banks in middle west recently have reduced to
234%.
Reduction in Interest Rates by Commercial Banks in
Philadelphia.
According to the Philadelphia "Public Ledger" of Dec. 28,
a lower rate of interest on savings deposits will be paid after
Feb. 1 1933 by a number of the large commercial banks and
trust companies, it was learned following a meeting of bank
executives the previous day. The "Ledger" continued:
The new rate will be 234%' which compares with 3% now being paid.
The reduction in the rate by the commercial banks and trust companies
will continue the 35 of 1% differential now existing between the interest
paid by the four mutual savings banks and the other types of banks, the
259
managers of the mutual institutions having decided on a 3% rate for
1933
several weeks ago, compared with 334% paid this year.
The subject of the 1933 rate was thoroughly discussed yesterday at a
meeting of officials of national banks and trust companies,and it wasdeckled
that the rate generally should be 234% in view of the lowered returns the
banks are now receiving on prime investments.
It was also decided to make the effective date Feb. 1, so that depositors
would be given sufficient notice of the change.
The action to reduce the rate on savings deposits is in line with that
taken by banking institutions in other leading cities. . . .
Philadelphia banks now pay 1% interest on bank deposits, 1% on demand
deposits and 2% on time deposits, requiring 30 days' notice. These rates
are much higher than those paid by banks in a number of other cities.
St. Louis Banks Reduce Interest on Savings Deposits.
From the St. Louis "Globe-Democrat" of Dec. 31 we
take the following:
Four of the large downtown banks here yesterday announced a reduction
of interest rate to be paid on savings depositsfrom 3% as at present to 234%.
effective Feb. 1. Action is in line with revisions at other larger centers
previously announced.
The 3% rate had been in effect with these banks for several years. They
are Boatmen's National Bank,First National Bank in St. Louis, MercantileCommerce Bank and Trust Company and Mississippi Valley Trust Co.
A joint statement made by the four follows. "Securities suitable for investment of savings funds no longer yield a return which will enable banks
to pay the higher rate. Leading banks in other large cities have taken
similar action."
The rates at other banks here remained unchanged, so far as could be
learned.
Reduction in Interest Rates by San Francisco Banks.
San Francisco bankers were divided on Dec. 13 as to the
interest rate they will pay their savings depositors after the
first of the coming year. The San Francisco "Chronicle"
of Jan. 14 reported:
At a late hour last night it stood: Five institutions will reduce their
interest rate to 3% after the first of the year, four will maintain the present
rate of 334%, and two were uncertain.
Bala of America.
Of the two uncertain. Bank of America,it is felt, will maintain the current
rate inasmuch as it is the policy of that institution to meet the highest rate
paid by other local banks. The other uncertain institution is the Pacific
National.
Wells Fargo Bank and Union Trust Company, Crocker First National,
Bank of California, Bank of Montreal and the Canadian Bank of Commerce will reduce their rate to 3% after Jan. 1 1933.
The San Francisco Bank, American Trust Company and Anglo California National, it is understood, will maintain the current rate of 334%.
Largest Reduction.
When these five institutions cut 34 of 1% from the savings depositor
next year it will be the largest four cuts the saver has taken in the past two
years.
At the end of December 1930, San Francisco banks were paying 434%
on money deposited with them. Around the middle of 1931 the first cut
of 34 of 1% to 4% was taken with great concern. Then at the end of that
distress period 334% was paid and the saver was glad of It, holding that the
banks also were hard hit. The next cut around the middle of the current
year to 334% was taken lightly, and now a cut equal to any two previously
made means a cut of 134% for the depositors in the last two years.
Westchester Banks Take County's Deposits at 114%.
Under date of Dec. 26 advices from White Plains, N. Y.
to the New York "Times" said:
The rate of interest paid by local banks on deposits by Westchester
will be 134% instead of 2%, hereafter, according to a resolution
adopted by the Board of Supervisors here.
County
Cleveland Clearing House Association Reduces Interest
Rate on Checking Accounts._
'The Cleveland Clearing House Association banks announced-on Dec. 17 a reduction of rate on interest-bearing
checking accounts from 1% to 1%, effective Jan. 1, according to the Cleveland "Plain Dealer," which stated that
ritgesi rates on savings deposits and certificates of deposit
are not affected.
Deposits in Savings Banks in New York State at New
.
High Figure on Jan. 1.
Deposits and number of open accounts in savings banks of
New York State will reach an all-time high on Jan. 1, according to figures compiled by the Savings Banks Association of
the State of New York, from 11 months' totals, estimated
figures for December and dividends for the final period of
1932.
According to these estimates, the 142 savings banks of the
,State will show deposits of approximately $5,316,000,000
and 5,830,000 open accounts on Jan. 1 1933. This represents a gain in deposits over the previous year of over
$55,000,000 and an increase in number of accounts of 70,000.
The total amount on deposit and the number of open
accounts are, it is stated, greater than ever before in the
history of the savings banks of this State, although the rate
of growth slackened during the year because the incoming
money was offset by the sums withdrawn for living expenses.
260
Financial Chronicle
In fact, as was expected, the gains were considerably lower
than in previous years.
"I think New York State can look with pride at these
figures covering the worst year of the depression," Henry
R. Kinsey, President of the Savings Banks Association of the
State of New York, said on Dec. 30. He added: .
It is true that many savings bank depositors had to draw on their savings
to keep their homes together, but when we regard these withdrawals in
retrospect it appears that they didn't even make an appreciable dent in
the bulk of these $5.000,000,000 in savings. Indeed, the interest alone, left
on deposit in our banks, more than covers the total amount of deposits
withdrawn.
This year has been a year of great hardship, and it stands to reason that
since savings bank depositors in this State equal more than half the State's
adult population, numbers of these depositors should have had their share
f trouble.
A real tribute should be paid to the foresight that half our population
showed in so preparing themselves for this period of stress.
The increase in number of open accounts is even more significant than the
fact that total savings is the greatest in history. It reveals two facts, one
that those who never before had felt the need for saving learned the true
value of a reserve during this period and started to save; second, that those
who shared in the recent upturn in employment after a long period of spending their savings for living expenses hastened again to get on their feet
financially by opening savings accounts.
We of this State can look with hope and even with equanimity toward
the future with this evidence before us of common sense and foresight on
the part of the bulk of our citizens.
Bills Embodying Banking Legislation Recommended by
Superintendent Broderick Introduced in New York
Senate.
While Joseph A. Broderick, New York State Superintendent of Banks, conferred at Albany on Jan. 10 with
Governor Lehman, a series of 15 bills embodying his recommendations for amendments to the banking laws were
introduced in the Senate by Senator John T. McCall
Democrat of New York, new Chairman of the Banking
Committee. An Albany dispatch to the New York "Herald
Tribune," noting this, stated that the measures provide:
Authorization for directors of banks and trust companies to dismiss an
officer or employee at any time and to fill vacancies.
Permission to the Banking Superintendent quickly to merge or sell a
bank or trust company deemed to be in unsafe condition instead of liquidating it.
A limitation on loans to affiliated interests with certain restrictions, to
10% of the capital and spurplus of tne bank.
Permission to savings banks to declare extra dividends where the profit
and guaranty funds amount to 10% of amount due depositors, total dividends in one year not to exceed 5%.
Liberalization of the provisions governing the amount of deposits which
a bank may carry in another bank.
Authority for Banking Superintendent to borrow on the assets of a
closed bank to facilitate liquidation.
Permission for savings banks to open branches of deposit and withdrawal
within their own county and city.
A decrease in the statutory number of directors of banks and
trust
companies.
Authority for the Superintendent of Banks to remove any officer, director
or employee of a banking institution.
Prohibition against any bank or trust company officer becoming an
officer or employee of a corporation dealing in securities.
New provisions considering the reincorporation of banking institutions
under the merger article.
Provision for an increase in the guaranty fund of savings and loans
associations from 5 to 10% of accumulated capital.
Permission for a bank or trust company to open a branch in the county
of its principal office or an adjoining county.
Examination of banks by directors twice each year instead of in the
stated months now provided by law.
The dispatch adds that virtually all the 15 measures
were the outgrowth of experience gained through the failure
of the Bank of United States.
J. A. Carroll, Before Members of Senate Banking Committee, Alleges Chicago Plot Wrecked Unit Banks—
Loop Conspiracy with Reconstruction Finance
Corporation, Clearing House Charged at "Rump"
Hearing.
•
From its Washington correspondent the new York "Journal
of Commerce" reported the following under date of Jan. 8:
Startling charges of a conspiracy between big bankers in Chicago, the
Chicago Clearing House Association and the Reconstruction Finanace
Corporation for the domination of the banking industry ny the former
through the anticipated legailization of branch banking were presented to
members of the Senate Banking and Currency Committee at a "rump"
meeting by John A. Carroll of Chicago.
The hearing, ostensibly called for a discussion of branch banking, was
Protested by Senator Bulkley (Dem. Ohio) on behalf of Senator Glass
(Dem., Va.), the latter claiming that the banking reform bill no longer is
In the custody of the banking committee and, therefore, its consideration
by the Committee, particularly in the absence of a physical quorum of
members, was not in order.
The witness, who was not sworn by Chairman Norbeck, declared that
Melvin A. Traylor dictated the banking situation in Chicago, and otherwise made declarations serving to indicate that the loop banks in that city
had conspired to "wreck" outlying independent institutions which were
piling up huge amounts of deposits and doing a "very satisfactory" business.
Plight Blamed on Reconstruction Finance Corporation.
Mr. Carroll told the Senators that he was Chairman liquidator of 138
banks, many of which would not have closed their doors had it not been
that Government aid had been withheld from them and that they otherwise bad not been discriminated against.
Ian. 14 1933
Much of Chicago's curbstone gossip was dumped upon the official record
of the Committee by the witness, who alluded to what appeared to be
squeeze plays for banking control.
"There was a contest for bank control in America in anticipation of
branch banking in which the unit bank was more or less the innocent
victim."
he declared.
"Chicago was unique in the number of small independent banks and
strings of these institutions as shown by the fact that in liquidation since
the closing of a larger number 60% to 90% has been paid depositors."
He asserted that he had made three trips to Washington at his own
expense for the purpose of endeavoring to tell his story, adding that he was
now being sued for $250,000 for stockholders' liability on the ownership of
but $180.000 of stock in the Hyde Park-Kenwood National Bank, although
the only one of some 150 stockholders selected for litigation. He said the
reason was "to keep me quiet."
Discrimination Is Charged.
As head of the outlying bankers' association, Mr. Carroll said he had
caused the banks in that association to secure membership in the Chicago
Clearing House Association, only to have them discriminated against, he
said, in the matter of relief when they found themselves in distress. He
told the Senators the situation against which he complained caused the
closing of 75 banks, which number was increased by 50 because of the
attitude assumed toward them by the Reconstruction Finance Corporation.
He asserted also that some larger banks had embarked upon a "campaign
of scandal" to discredit smaller institutions in the eyes of depositors.
Asked if that was not against the law of Illinois, he said it at least was an
offense against good sportsmanship.
Senator Dill Proposes Government Buy $250,000,000
Silver—Payment to Be Made Through Issuance of
Silver Currency.
On Jan. 9 Senator Dill introduced a proposal that the
Government buy $250,000,000 worth of bullion to be paid
for by issuing silver currency. Associated Press accounts
from Washington Jan. 9 said:
Describing his bill as "the soundest thing that's been offered" so far to
remometize silver, Mr. Dill said. "It does not violate any of the present
principles of the currency."
He explained the silver certificates would be redeemable in gold or other
money at an equivalent ratio, and estimated that the world's supply of
silver now was about 260,000,000 ounces, purchasable for $65,000,000.
He considered it unlikely tnat India, with vast hoards of silver coinage,
would melt her money and offer it as bullion to tnis country,and said his bill
provided "an experiment worth trying, anyway."
"If this Government adopts the plan and starts to buy sliver, silver will
go up and the fact that a man can get silver for his oills will prevent speculation in the metal." Mr. Dill said.
Since the normal production of silver was comparatively small, the
removal of the surplus would bring economic laws into play that would
help sustain the metal, he added. His bill fixed $1.25 per ounce as the
maximum that could be paid for bullion, which would be bought in the open
market.
Senator Smoot Backs Move for Silver Coinage—To
Offer Bill for Remonetizing the Metal at a Specified
Price.
The move for inflation as a stimulant for economic conditions has drawn into its ranks Chairman Smoot of the
Senate Finance Committee, who believes that the remonetization of silver at a specified price would turn the trick.
Associated Press accounts from Washington,on Jan.8 added:
The ve,eran Republican expressed the opinion to-day that "there has
got to be some form of inflation very soon if we are to improve conditions."
and he said he was preparing legislation looking to aiding the silver industry.
Many bills dealing with the silver and currency question are on the Senate
calendar, or in the course of preparation. The Utah Senator's present plan
Is to offer his proposal as an amendment to the Pittman bill, which provides
for the purchase of silver and the Issuance of silver certificates.
Dissatisfied with the bill because it falls to specify a price, Senator
Smoot said his amendment would take care of that, but ho has
not yet
determined upon a figure.
"We have got to have some inflation, but not paper inflation," he
asserted. "If we increase the price of silver and strengthen the money
situation in that way by bringing to the metal an active value here, it
will employ tens of thousands of people and help the general situation
tremendously."
Senator Borah has under consideration legislation to inflate the currency either by issuance of new money or by reducing the gold content
of the dollar, and thereby lowering its purchasing power. He has not
determined which alternative he will offer, or whether he will propose
it at all this session.
Others sponsoring money bills are Senators Hayden Democrat of
Arizona, who seeks authority for war-debt payments in silver. and Wheeler.
Democrat of Montana, who wants free coinage of silver at the ratio of
16 to 1 with gold.
A number of similar bills are pending in the House, including that of
Representative Patman. Democrat of Texas, to pay the soldiers' bonus
with new money.
Canada's Silver Production in October and Ten Months,
From Ottawa Jan. 4, Associated Press advices said:
Silver produced in Canada in October was 1,511,120 ounces, valued
at $450,441. compared with 1,171,575 ounces in the previous month and
1,698,935 ounces in October 1931, the Dominion Bureau of Statistics
reports. Production for the first ten months of 1932 totaled 15,162,762
ounces, or 13.4% less than in the corresponding period of 1931.
Recovery in Silver Not Looked for by London Brokers—
See Inadequate Demand, Notwithstanding Reduced Production.
The following from London Jan. 6, is from the New York
"Times":
Annual reviews issued this week show London bullion brokers are not
optimistic concerning the outlook for silver. They take the view that
Volume 136
Financial Chronicle
there is little to raise the price on its own merits, because stocks
are plentiful
on all markets and the offtake extremely small.
Production, although estimated at only about 160,000,
000 ounces as
compared with 192,000,000 in 1931, has nevertheless
shown itself to be
more than can be easily absorbed. At the same time tne
bulletins admit
that solution of the problems now besetting tne world might
easily bring
about a rise in world prices, including the price of silver.
Little Interest in Silver Shown in European Countr
ies.
Little general interest in silver is shown in various
European countries, whose currency systems are being
studied
as part of a world survey, says H. M. Bra,tter, of the Commerce Department's Finance Division. The Depart
ment
of Commerce in indicating this on Jan. 5 likewise said:
Countries thus far studied include Belgium, Italy,
Czechoslovakia
Latvia and Lithuania.
While several countries have under way coinage
programs involving
subsidiary silver money, in others silver is not
at present employed in
monetary use.
Belgium, one of the original members of the
Latin
employs no silver in its currency system and, accordin Monetary Union,
g to reports from
Brussels, does not expect to do so in tne near future.
Legally, Belgium
could so employ silver under the existing currency
law, subject only to
the approval of tne Ministry of Finance, but the
public shows no dissatisfaction with the existing coinage of nickel, copper,
and nickel
-copper
pieces.
In Italy the laws applying to silver currency are
only a few years old
During the war the old silver coins disappeared
from circulation. In
1925 the Government decided to resume silver coinage,
nesses of 0.835 and 0.800, instead of 0.900 and 0.835, employing fineas was the case
with the pre-war coinage. The silver coins minted,
of 20,- 10-, and 5
-lire
denominations, have displaced the wartime and
post-war paper money
of like denominations. (One lire equals
approxim
$0.0512.) The
circulation of silver coins was 1,635,143,000 lire on ately
Sept.
close to the maximum of 1.725,000,000 lire at present 30 1932, or very
legally authorized.
Were additional silver to be minted within that limit,
not much more
than 2,400,000 fine ounces of the metal would be required
. For coinage
beyond the limit mentioned, new legislation would be required
.
In Denmark silver is not in use as currency, and the monetar
y law
makes no mention of that metal. Danish coins
now current are made
of alloys of copper, nickel, tin, zinc and aluminum.
To add silver to
the list would require new legislation. Since it seems
to be the general
feeling in Denmark that the present coinage is satisfact
ory, the likelihood of silver being used is very remote.
The Lithuanian currency law permits minting of silver
coins 0.500
fine in denominations of 1, 2, and 5 lite up to 6 Ills per capita.
Silver is
limited in legal tender to 50 lits. (One lit equals approxim
ately $0.10.)
The present circulation of silver coins is about 10,900,0
00 lits, there being
1.500,000 additional in reserve. About 2,600,000 Ills face value
additionl
might be issued without amending the present law.
Whether any more
silver money will be issued depends entirely on
the requirements of the
country's business. Lithuania itself produces
no silver, and there is no
special sentiment for the metal among the people.
Latvia's basic monetary law provides for 1-, 2-, and 5-lat silver
pieces,
0.835 fine. (One lat equals about $0.193.) These coins
may not exceed
30 laits per capita. Silver money is accepted by the Treasury without
limit as to quantity, but in all other payment legal
tender is restricted
s
to 25 late. The present silver coinage is approximately
20 late per capita,
or about 25,200,000 late, the total minted to Oct.
2 1932 being 39,000,000
lats. The latter figure is estimated to have
consumed about 5.235,000
flne ounces of silver.
Were Latvia to issue silver to the full legal
maximum of 30 lets per
capita. about 2,617,500 fine ounces of silver
would be required, it is
estimated.
Issues of National Bank Notes Under
Glass-Borah
Provision in Federal Home Loan Bank
Act Less
Than Authorized—National Banks
Have Called for
Only 17% of Total.
National banks have called for
only 17% of the new
money which the Glass
-Borah amendment to the Home Loan
Bank Act authorized them to issue,
according to records
made available Jan. 5 at the Treasu
ry Department. We
quote from the "United States
Daily" of Jan. 6, which
added:
The total of National bank notes issued
under the amendment reached
$159,136,650 on Dec. 81, a little
more than five months after the amendment became effective permitting the
issuance
of new notes, the records show. Additiona of more than $900,000,000
l information made available
follows:
Until business picks up and attractiv
e lending opportunities present
themselves banks will not find the new
notes profitable unless they need
cash or wish to retire indebtedness. The
Secretary of the Treasury, the
Federal Reserve Board and the Comptroller
of the Currency have recommended against the continuance of the notes
which must be retired at the
end of three years, saying they added an
uncontrollable element to the
currency system.
The $159,000,000 of new National bank notes
which have been issued up
to Dec. 31 have failed to inflate the currency thus
far. The total of
currency outstanding increased by less than the
ordinary seasonal amount
from Nov. 30 to Dec. 31 despite the issuance
of $6,960,700 of the notes
during the month. The average of circulation
rose only $92,000,000 from
the middle of November to Dec. 24, whereas a larger
increase than that is
normal for the last week before Christmas.
The National bank notes, since they are not
adding to the total money in
circulation, are merely replacing other forms
of money, mainly Federal
Reserve Bank notes. They will continue to have
this effect on the currency
until quickening business calls for more money,
and then they may add
to the circulation in an unregulated way.
Large-sized Paper Bills Still in Circulation—
More Than
$472,000,000 Not Yet Returned to
Treasury.
Although it is more than three and one-hal
f years since
the new, small-size bills were introduced, more
than $472,000,000 of the larger size bills have never been
turned into
261
the Treasury for redemption, Walter 0. Woods, Treasurer
of the United States, told the Senate Committee on Banking
and Currency at a hearing, Jan. 7. In indicating this, in its
Issue of Jan. 10, the "United States Daily" likewise said:
Mr. Woods gave the figures in replying to inquiries by Senator Frazier
(Rep.), of North Dakota, whose bill (S. 1197), to liquidate and refinance
farm indebtedness, was under consideration by the Committee. He said
there was no way to tell how much of the BUM yet outstanding would never
be returned to the Treasury.
"There is no way by which we can calculate," be explained, "what
percentage of these bills have been destroyed. We know, of course, that
some of them have and that in the course of time the gold or silver represented by those notes may escheat to the Government. But no living
person can estimate what amount has been destroyed or lost or what amount
of American money is in foreign countries."
William Lemke, of Fargo, N. Dak., who appeared in behalf of the Frazier
measure, told the Committee it was as "very great" interest to the average
person of this country to know what sums of currency had been lost or
destroyed, for that money was not in circulation. He declared there was
too little money in circulation and favored the Frazier bill because it would
increase money available throughout the country.
Senator Borah Proposes to Reduce Purchasing Power of
Dollar—MeasureWould Expand Currency as Aid to
Farmer—Senator Bankhead Urges Increase in the
Value of Silver, Wheeler Its Remonetization.
In Associated Press advices from Washington, Jan. 3, it
was stated that Senator Borah is sounding out the sentiment
of the Senate on his proposal to reduce the purchasing power
of the dollar with a view to offering it as an amendment to
the Glass banking bill, if there is sufficient support. He
declined to reveal the terms of his bill, said the accounts,
which continued:
Party leaders in the Senate refused to-day to discuss the currency question
for publication, but many of them have indicated privately within
the
past few days a belief that something along the line of inflation
is on
the way.
One of the most astute observers in the Senate made the predictio
n
privately to-day that if it does not come at this session it will
at the next.
The use of silver as a monetary reserve was proposed in
the House to-day
by Representative Lamneck, Democrat, of Ohio, as a "sane,
safe" way of
solving economic difficulties.
He endorsed the bill sponsored by Chairman Somers
of the Coinage
Committee to permit the issuance of Treasury notes against
a silver reserve.
"If enacted into law, that bill would deal a death
blow to the depression," Mr. Larnneck said.
"Commodity prices and silver are on the same basis,"
said Mr. Larnneck,
"as one goes up, so does the other."
Passage of the Somers bill, he said, would increase
the use of silver,
make its price rise, help countries whose currency is
based on silver, "and
open up to us the markets of these countries."
Representative Colton, Republican, of Utah, remarked
that he hoped
"the President-elect will, as he promised my people, take
the initiative and
call an international conference on money questions."
In indicating that Senator Borah revealed that he planned
to introduce legislation designed to bring about expansion or
"reflation" of the currency and thereby reduce the value
of the dollar, a dispatch from Washington, Jan. 3, to the
New York "Times" said:
His statement followed an outburst of sharp debate in the Senate on
the monetary question.
Before the debate, which was aroused by a remark by Senator Borah
during a speech by Senator Bankhead, had subsided, many Senators, including
Thomas of Idaho, Logan, Wheeler and Connally, spoke their minds
on
this topic.
Senator Bankhead was speaking on relief for wheat growers, and
Senator
Borah asked whether he thought it possible to raise through
legislation
the price of domestic commodities "when the price of commodit
ies in the
rest of the world is constantly falling."
"At the present time," Senator Borah added, "32 nations
are off the
gold standard and we are on the gold standard. That
is practically
destroying the last hope of the farmer to get any reasonabl
e price for his
commodities. How are we going to remedy this situation
until we remedy
the money situation?"
Bankhead Agrees with View.
In conversation with newspaper men later, Senator Borah
stated that he
had studied the answer to this question at length,
conferring with other
Senators in framing a measure which probably will be
introduced as an
amendment to some important bill before the Senate.
Senator Bankhead told the Senate that he is "in full
accord with the
views of the distinguished Senator from Idaho."
"I have very, very great respect for his views upon
foreign affairs," he
. said. "I have recognized for a long time that
with the depreciated currencies, with the constant fall in price of the pound
sterling, to which half
of the money in the world was tied, it must
Inevitably result in a lowering
of the price of American commodities which
were based upon the world
price.
"I think that is true, and I have indicated
before that I want to reduce
the purchasing power of the dollar.
I should dike to see the purchasing
power of all money lowered.
"I should like to see the purchasing
power of the peoples of other
countries of the world increased. I want
to approach nearer to a parity
in our exchange; and, while it
is a diversion, I am free to say to the
Senator that my views are that the best way
situation is to increase the value of silver." to arrive at that fortunate
•
Support for Bill Pledged.
Senator Thomas observed that the currency
of gold-standard countries
had gone up, rather than that the
currency of countries off the standard
had gone down, and Senator Logan
said that with the monetary system
once stabilized, problems regarding
prices would settle themselves.
"The Senator is dealing with world
finances," Senator Bankhead continued, addressing Mr. Borah. "I have
work out a bill and bring it In here, agreed with him; and if he will
I will stay here day and night to
help pass it, because his doctrine is
in accord with my earnest wishes.
262
Financial Chronicle
but I have not
"We hear a good deal of talk from time to time,
waiting for and am
seen anybody bring in a bill yet. That is what I am
action. We have
anxious to see. I have urged leaders here to get into
I want to
talked long enough. We know what the terrible conditions are.
see some action here."
reminded the Senate that
Senator Wheeler, a leading "silver Senator,"
silver, and
he had introduced a bill more than a year ago to remonetize
that the bill now is in the hands of the Finance Committee.
"I have not been able to get any report out of the committee," he
it
added. "I should like to have it reported on, and I should like to have
discussed on the floor of the Senate. I should like to find out whether
or not the Democrats who stood for silver before, for the remonetization
of silver, are afraid now or are ashamed of the position that they took in 1896
and on previous occasions.
"I am frank to say that in my judgment we must do one of two things
in this country to bring up the price level. We shall either have to go off
the gold standard or we shall have to remonetize silver. In my judgment
there is no other way in which we are going to bring up the price level of
commodities, by reason of the fact that to-day 40 different countries of
the world have depreciated currencies and have gone off the gold standard ;
and yet we here in the United States and in the Congress of the United
States are afraid to take a position on the subject."
Senator Connally suggested that the Wheeler silver bill might better
have gone to the Banking and Currency Committee, but Senator Wheeler
replied that he thought "the tombstone was not so high" in the Finance
Committee.
"I recognize the zeal and the earnestness the Senator from Montana (Mr.
Wheeler) has displayed here since I have been in the Senate in relation
to silver," Senator Bankhead added. "I do not think I am in accord
with him on the fixed ratio, but I commend him for his efforts in the
direction of remonetization of silver.
"I know that the Senator from Nevada (Mr. Pittman) and my deskmate
here from Arizona (Mr. Ashurst) have taken a deep and abiding interest
In this subject and have from time to time brought it to the attention
of the Senate. I wish more Senators felt an interest in it because I believe
that if they did we could finally, in some spirit of compromise and adjustment of conflicting views, bring about some great relief in the monetary
situation."
Colonel Ayres Tells Conference of American Statistical
Association Inflationists Will Go Down to Defeat—
Expects 1933 to Be Turning Point in Business—
Irving Fisher and M. C. Rorty Other Speakers.
According to Associated Press accounts from Cincinnati,
social and economic scientists ended their conventions in
that city on Dec. 31 in disagreement over the prescription
that would cure the ills of the world—and threatened to
carry the debate on into 1933.
Colonel Leonard P. Ayres, Vice-President of the Cleveland
Trust Co., told the concluding conference of the American
Statistical Association that he felt 1933 might go down in
history as the year of the great debate on "dollars and debts."
Here is the question in dispute as he saw it (we quote from
the Associated Press):
"Are we (or are we not) going to change the money laws so as to have
a thinner dollar and more dollars?"
"My own conviction," he said, "is that the inflationists will be defeated
again. History in the United States is against them and the history of
actual inflationary attempts both abroad and here is against them, because
the history of inflation is the history of disaster."
This drew the reply from Dr. Irving Fisher, of Yale, that he believed
Colonel Ayres had failed to make out a good case against inflation. In
fact, Dr. Fisher feared a stalemate.
It was Dr. Fisher's view that deflation, if not too drastic, might help
as much as would higher prices. But the Yale scientist said he thought
there was a possibility that neither the inflationists nor the deflationists
would get very far with the programs next year. If they don't, he said, the
result may be a stalemate in which complete deflation will occur.
Colonel Ayres was reported as follows in Cincinnati advices to the "Wall Street Journal":
We shall look back on the year 1933 as the great year of debate.
There will be serious debates about inflation, on debt readjustments, on
the Federal budget, and, in short, on everything that has assumed importance
RS the depression wears on. But probably at the end of the year we will
be doing business with the same dollar and in the same old way, and we
probably will find that 1933 will be the turning point in business, just
as we probably can say that 1932 has marked the turning point in finance.
We will have to do one of two things in 1933. We will either have to
raise the price structure to meet our debts or we will have to make whatever
readjustments necessary to enable us to carry on business profitably at or
near present levels. My own opinion is that when we have finished the
year the inflationists will have gone down to defeat, as they always have.
There will be much uncertainty in 1933. The business man cannot
plan because he will not know what kind of a dollar he will have to deal
with. There will constantly be a threat of inflation, although I don't think
the fact will materialize.
In the Cincinnati "Enquirer" Colonel Ayres was quoted
as follows regarding the inflation movement:
"So long as the result of this struggle is uncertain, business will be
uncertain, enterprises will be slowed down or suspended, construction will
be small, and industrial output restricted.
"When inflation is out of the way we will be back at the job of adjusting
ourselves to do business at lower prices instead of dreaming of lifting
prices."
From Associated Press accounts from Cincinnati, Dec. 31,
•
we quote:
Malcolm C. Rorty, former Vice-President of the International Telephone St
Telegraph Co., declared that he disagreed with the view that deflation
could be trusted to take its natural course.
"It is entirely possible in economic theory, and possible already in actual
experience, that the spiral downward can go so low that private business
opportunities will entirely disappear," he said.
Mr. Rorty suggested giving "a close approach to war-time powers by
Congress to the President" as a possible escape from the "confusion of
Jan. 14 1933
debate" which, he said, "may find us approaching 1934 at an even lower
level than to-day."
The Cincinnati "Enquirer," in its issue of Jan. 1, had the
following to say regarding the conference:
This convention of the 12 social science organizations has been marked
by warm discussions of matters of great importance and timeliness. As
was indicated in advance interviews by officers of the various associations,
no definite conclusions on economic and social problems of the moment
were reached, but the problems were more carefully and widely studied
from many viewpoints than has been possible heretofore, it was said.
Those who looked to the convention to bring forth a panacea for the
world's economic and social ailments were disappointed, it was pointed out.
The convention, however, constructively gave a clearer and better picture
of the seriousness of the difficulties ahead of government administrators
and from this material they may draw scientifically prepared guiding charts
for the formation of policies, it was explained.
Annual Statement of Federal Reserve Bank of New
York—Gross Earnings at $15,948,943 in 1932 Compare with $7,655,213 in 1931—Net Income in Latest
Year $10,404,550, Against $1,632,081 in Previous
Year.
Total earnings for the calendar year 1932 of $15,948,943
are shown in the 18th annual statement of the Federal Reserve Bank of New York, issued Jan. 12. That figure compares with gross earnings of 87,555,213 in the calendar year
1931. The Bank's net income in 1932 (available for dividends, additions to surplus and franchise tax to the U. S.
Government) is reported as $10,404,550, against $1,532,081
in 1931. After the payment of $3,562,030 in dividends to
member banks, compared with $3,891,599 in 1931, there
was $6,842,520 of net earnings which was added to the surplus account. The total additions to surplus account in the
late year were $9,981,267, of which $6,842,520 represented
the restoration of depreciation reserve on United States
Government securities, charged to surplus account a year
ago. The Bank's profit and loss account for the late year
follows:
PROFIT AND LOSS'ACCOUNT FOR THE CALENDAR YEARS
1932 AND 1931.
1931.
1932.
Earnings—
$3,276,594.84 $1,661,804.55
loans
From
932,504.88 1,638,210.41
From bills bought in the open market
11,157,506.72 3,613,854.20
From United States Government obligations
641,344.16
582,336.21
Other earnings
$15,948,942.65 $7,555,213.32
earnings
Total
Additions to earnings—
For sundry additions to earnings, including income
$1,362,375.51 $1,107,400.45
from annex building
Deductions from earnings—
For current bank operation. (These figures include
most of the expenses incurred as fiscal agent of
$6,190,061.12 $6,298,732.43
the United States)
For Federal Reserve currency, mainly the cost of
printing new notes to replace worn notes in circulation, and to maintain supplies unissued and on
348,371.41
186,667.16
hand, and the cost of redemption
For depreciation, self-insurance, other reserves,
483,435.21
530,039.45
losses, ,ke
Total deductions from earnings
96,906.767.73 97,130,539.05
Net income available for dividends, additions to surplus, and franchise tax to the U.S. Government $10,404,550.43 $1,532,080.72
Dividends paid to member banks, at the rate of 6%
$3,562,030.29 $3,891,598.91
per annum on paid-in capital
Excess of dividends over net income
2,359,518.10
Additions to surplus. The bank is required by law to
accumulate out of net earnings, after payment of
dividends, a surplus amounting to 100% of the subscribed capital; and after such surplus has been accumulated to pay into surplus eactryear 10% of the
6,842,520.14
net income remaining after paying dividends
Franchise tax. Any balance of net income remaining
after paying dividends and making additions to
surplus (as above) is required to be paid to the
U. S. Government as a franchise tax. No balance
remained for such payments In 1932 or 1931
Additions to surplus account—
Net earnings
$6,842,520.14
Restoration of depreciation reserve on United
States Government securities
3,138,746.82
Total additions to surplus account
Charges to surplus account—
Excess of dividends over net Income
Depreciation reserve on U.S. Government securities
Total charges to surplus account
$9,981,266.96
$2,359,518.19
3,138.746.82
$5,498,265.01
Senator Glass Says Bank Bill Has Backing of PresidentElect Roosevelt—Holds Latter Wants Measure
Passed—Senator Willing to Confine BranchBanking Provision to States Permitting It—Attack
on Senator Long.
Fighting for favorable action on his banking bill, Senator
Glass told the Senate on Jan. 9 that he felt authorized to say
that President-elect Roosevelt wanted the measure to pass.
The New York "Times"in its Washington advices (Jan.0),
states that the Senator followed up this declaration, however,
with an assertion that, should the Senate refuse to accept
the branch-banking provision of the bill in its present form,
he was prepared to offer a compromise which would confine
such operations by national banks to States which permit
branch banks. The "Times" acount continued:
Volume
136
Financial Chronicle
Mr. Glass said he ventured to discuss branch banking at some length
"for the reason that it had been assailed in a rather vehement and boisterous
way, with the accompaniment of physical gymnastics," Thursday [Jan.
51,
In the Senate.
Ho was referring to an attack by Senator Long, who is understood to be
planning a rebuttal when debate is resumed to-morrow.
Emphasizing what he belived to be the need for branch banking legsilation, Senator Glass drew a contrasting picture between the situations
found in this country, Canada, Great Britain and France, and said that
In the first five days of January 28 small banks in the United States
had
failed, "while in the whole history of banking in the Dominion
of Canada
the loss to depositors has been in the aggregate $13.500,000."
Contrasts Losses in Canada.
"There has been almost that much loss to the depositors in
the United
States in the nine days of the present month," Senator Glass went
on.
"Thirteen million five hundred thousand dollars in the whole
history of
Canada. $80.800,000 for the month of December in the United States.
"I do not imagine that Senators want their judgment influenced here
at
this session of Congress by what the President-elect would or would
not
do, but I feel authorized to say that the President-elect wants this bank
bill passed. That does not mean that he does not realize—"
Senator Long interrupted with the abrupt query:
"Just where does the Senator get the information that the Presidentelect wants this bill passed?"
Says Roosevelt Favors Bill.
"I am not imparting information of an intimate character to
the Senator
from Louisiana." responded Mr. Glass. '•bassert and the Senate may aocep
it for what the Senate thinks it is worth, that I feel authorized to say that
the President-elect wants this bank bill passed; and I was proceeding
to
say that that does not imply that he does not realize that there is
the
intensest antagonism to that provision of the bill relating to branch banking
and that it is not his judgment that that provision of the bill can not now
be passed.
"I have not intended an exhaustive discus ion of the branch bank feature
for the reason that, feeling well satisfied that we could not now obtain that
sort of legislation that your Banking and Currency Committee with great
unanimity thought should be obtained, and being of a severely practical
nature. I did not care to waste the time of the Senate in an attempt to do
something that in my own judgment we would find it difficult, if not impossible to do.
"As I have indicated, apprehending that perhaps that reasonable proposal might not prevail, I had two amendments prepared by the drafting
service, one confining the operations of the bill to those States whose laws
permit or whose practices tolerate branch banks. Objection having been
raised to that by a Senator whose State has no law on the subject.
I had
drafted a further provision confining the operations of the bill to those
States which by law permit branch banks."
Urges Refunding of Bonds.
Senator Barkley sought an endorsement of a unified banking system
from Mr. Glass, but the latter refused to be diverted at length from
his
topic. Past history of banking legislation had demonstrated the immediate
opposition that such a move would invite from banking interests, he said,
adding, however, that ho had recently received a legal opinion that if
Congress wanted to do so "it may have a single commercial banking
system
In this country."
Going to the support of the section of the bill to create a liquidating
corporation for Federal Reserve member banks, Mr. Glass charged
that
the time employed and expense incurred now in liquidating failed
banks
had "proved an actual scandal in the banking community of the country."
He turned aside to express the opinion that the Treasury should
refund
some of the huge outstanding bond issues at lower interest "and
enable a
staggering Congress to more surely balance the budget."
"Oh, we boast of our patriotism, our patriotism," he
exclaimed, and
then cited the recent action taken by Great Britain in inviting
its citizens
to bring in their high-rate bonds, which were not even
callable, and fund
them at lower rates.
"The holders of these bonds brought them in through
sheer love of
country." he added.
In the "United States Daily" of Jan. 10, Senator Glass
was quoted as saying "what I am trying to impress upon the
Senate now is that this is not a measure thrown together in a
haphazard way, reflecting either the eccentricities or hasty
judgment of the Banking and Currency Committee of the
Senate. It has been gone over paragraph by paragraph,
sentence by sentence, word by word, all phases, legal, moral
or otherwise, being considered and discussed, with alteration
after alteration as the result of mature discussion." The
item in the "Daily"further quoting Senator Glass, continued:
Branch Bank Plan.
"Therefore, there Is no justification for any Senator to apply violent
denunciation or to employ unethical means of discrediting this bill.
"I have not intended an exhaustive discussion of the branch-ban
k feature
for the reason that feeling well satisfied that we could not
now obtain that
sort of legislation that your Banking and Currency Committee
with great
unanimity thought should be obtained, and being of a
severely practical
nature, I did not care to waste the time of the Senate in an
attempt to do
something that in my own judgment we would find
it difficult, if not
impossible, to do.
"For that reason I had the draftine bureau of the Senate
prepare two
tentative amendments to the bill. First. I was perfectly
willing, and indicated upon the floor of the Senate, to accept the amendment of
Senator
Vandenberg, which literally cut the ground from under
the criticism that
it was designed by this bill or that it was possible under this bill to
create
a banking monopoly in any State affected by it.
Provisions of Amendment.
"The amendment, as I recall it, provided that there should be
established
in no community any branch of a national bank unless it acquired the
existing bank. That did not apply to communities in which there
was no
banking facilities, and the Comptroller of the Currency will
tell you that
there are thousands of communities now in this country, in every State
of the Union. utterly destitute of banking facilities.
"The largest tobacco-producing county in Virginia, except one, was.
until a few days ago and may now be, destitute of any banking facilities
at all, because the three banks that were there failed, tying up $2.758,000
of the depositors' money; and this bill would have the effect of supplying
banking facilities to those communities now destitute of them. So that
your Committee has not been unreasonable. We were perfectly willing,
most of us, to accept the amendment of Senator Vandenberg.
263
State Restrictions.
"As I have indicated, apprehending that perhaps that
reasonable proposal might not prevail, I had two amendments prepared by
the drafting
service, one confining the operations of the bill to those
States whose laws
permit or whose practices tolerate branch banks. Objection
having been
raised to that by a Senator whose State has no law on the subject,
I had
drafted a further provision confining the operations of the bill to those
States which by law permit branch banks.
"fhe very plausible contention here is that that would put
the burden
upon the proponents of branch banking to go to the legislatures
in their
respective States if they wanted the system, and have it authorized
there.
I realize the plausibility of that plea, and with that statement,
unless some
senator wants to ask a relevant question. I leave the problem of
branch
banks."
Discussing the liquidating corporation provisions of the bill Senator Glass
said that "the Government has acquired from the earnings of
the Federal
Reserve Banks a greater sum than was paid as a franchise tax by
the
individual National banks of the country in the whole history of the system.
"The Government has not contributed a dollar to the Federal Reserve
System," he continued. "It doesn't pay the wages of
a janitor in the
system. It has not one dollar of proprietary interest in
the system. It
simply is charged with the duty of supervising the administra
tion of the
system under the law to see that nothing of an illegal
nature is done.
Whether the Government has succeeded in doing that is question."
a
Functions of System.
He pointed out that important functions are performed
by the Federal
Reserve banks without a dollar of compensation. "There
has never been a
bond issue by the Government since the first shot in the
World War that
hasn't been negotiated through the Federal Reserve banks as
issues of the
Government," he said.
"The Federal Reserve System in recent years has been
made a doormat
of the Federal 2reasury," he declared. "Their portfolios
now contain
nearly $2,000,000,000 of Government securities, and the portfolios
of the
member banks contain in excess of $3,000,000,000 of Governmen
t securities.
Refinancing Problems.
"Soon the Treasury Department will be faced with the task of
either
paying off $5,000,000,000 in short
-time certificates or of transferring them
into long-time bonds at a much more reasonable rate of
interest than the
outstanding debt now has.
"It may seem presumptuous to suggest that the Governmen
t that may
borrow money at One-bait of I% on 12 months' certificates
might readily
concede that it would be able to refund the outstanding bonded
indebtedness
at a much lower rate than 43 % and thereby
save itself and the taxpayers
a burden and enable Congress to give a more
assured balancing of thp
budget."
Thomas M. Steele of New Haven Re-Elected Member of
Federal Advisory Council to Represent Boston
Federal Reserve District.
At a meeting of the Board of Directors of the Federal
Reserve Bank of Boston held on Jan. 11, Thomas M.Steele,
President of the First National Bank & Trust Co. of
New
Haven, was re-elected a member of the Federal
Advisory
Council to represent the First Federal Reserve District
for
the current calendar year.
Senator Carter Glass in Urging Branch Banking Bill
Says Large Number of Banks Are Likely to Fail
Unless Measure Is Passed-80% of Failures Among
Small Institutions—Accepts Vandenberg Amendment—Senator Long Quotes President-Elect
Roosevelt.
In opening debate on his banking bill, in the Senate on
Jan. 5, Senator Carter Glass (according to the "United
States Daily" of Jan. 6), said that he had the "official
declaration of experienced, seasoned, and expert bank
examiners that unless Congress adopt a wise system of branch
banking, we may with some degree of certainty expect the
failure of 407 banks within a short time, banks which they
attest may be saved if taken over by strong banks." The
"Daily" continued:
He explained teat he had the statement of the Comptrolle
r of the Currency that there are "literally thousands of communities absolutely
destitute
of banking facilities because of failures, which might readily
be supplied
with banking services by strong banks in the rsepective
States, taking over
existing banks or establishing branches." He stated that
he was officially
Informed that "if we could have a sound branch banking
system inaugurated,
33 banks in Illinois could be certainly saved from failure."
Senator Glass said that the toppling over of the little
banks creates a
psychology which finally affects the larger banks. . .
.
He pointed out that his bill does not provide nationwide
but rather Statewide banking. He expressed approval of the Vanderbur
g amendment.
In his statement to the Senate on Jan. 5 Mr. Glass asserted that branch banking constituted the only remedy for
the "now menacing banking situation which faces communities of the United States." The "Daily" further reports
him as follows:
The Virghilna Senator, in explaining the policies which
his bill would lay
down, announced, however, that he was willing to
accept the restrictive
features proposed in the amendment by Senator
Vandenburg (Rep.) of
Michigan, The Vandenburg amendment prohibits
the estab.ishment of a
national bank branch in a community except by tne
process of taking over
misting facilities.
Criticism by Senator Long.
This restriction, however, was not sufficient to
meet the views of Senator
Long Dem. of Louisiana, wno charged
that instead of decentralization of
banking facilities, the Glass bill constituted
a distinct step in the other
direction. His statement was construed by Senator
Glass as meaning that
Senator Long looked upon branch banking as a step
toward monopolistic
control, and the Virginia Senator denied that
would be the result.
"Monopoly." said Senator Glass. "Who are the monopolist
s? These
little pawn shops that want to monopolize
the credit facilities of their own
264
Financial Chronicle
communities—they are the monopolists. They want to set up by law a
tariff wall against credit facilities coming into their provinces, into their
territories and loan the business man, merchant and manufacturer money
upon reasonable terms.
Danger to Bank Structure.
"In my 32 years of service on the Banking and Currency Committees of
Congress, I defy anybody to examine the hearings and show tnat anybody
who wanted banking accommodation ever objected to a branch banking
system."
Senator GASS told the Senate of dangers which he said threatened the
banking structure of the country and of private information which he had,
showing that 470 banks in the several States would fail "within a short
while" unless branch banking were made a part of the Federal law. If
Congress enacts the bill, he said, stronger banks can take over those that
stand on the verge of collapse, place new resources at their disposal and
enable them to go anead in service to tneir communities.
Discusses Amendment.
In discussing his amendment, Senator Long pointed out that it prohibits
branch banking in a city or town where the parent bank is located.
Calling attention to chain bank systems in the country, the Senator contended that under such a system the farmer who would borrow money has
to obtain the permission of a banker 2,000 miles away. He asserted that
the State of Louisiana would have had no difficulty in keeping all of its
banks open If it has not been for "the curse of branch banking" which
was permitted in the State under the sanction of Federal authorities.
"The people of America," he said, "have little to do with the country
now in a financial sense. Five or six per cent of the population own 8%
of the wealth and the financial structure is in their control.
Cites Holding Companies.
"We have to make our fight right now,'' the Senator continued."In order
that the hand of imperial finance shall not go further in its strangulation of
the American people." Ile called attention to establisnment of group
holding corporations among banks.
Discussing the proposal for the establishment of branch banking under
the terms of the bill before the Senate, Mr. Long declared: "The proponents
of the bill do not propose that the little banks shall survive outside the chain.
They do not propose that there shall be any independent, self-sustaining
bank unless it is under the wing of the chain. The theory is to have nothing
in America but the chain system managed by national financial masters.
Tells of Conditions.
"They want to chain up every bank In the country. I can't conceive
of the courage of the men who can propose this kind of monstrosity with
conditions in the Nation as they are."
Senator Glass in response said:
"He says that chain banking, group banking and banking by holding
companies is branch banking. I am sure that would be a revelation to the
members of the Banking ane Currency Committee who have been compelled
to consider the banking problems.
"We have been taught to believe there is a vast deal of difference betwen
chain banking and group banking by hording companies. We have been
taught to believe that the operations of a branch bank relate themeselves
directly to all of the responsibilities and avallablities of the parent bank,
including the double liablity of the stocknolders."
Points Out Responsibility
He pointed out that the parent bank was responsible in the case of difficulties in its branches and that under group banking double liability is not
always imposed.
"Both group and chain banking systems, while not positively vicious,
unless extremely cautiously managed, are a menace to the creeit system,"
the Virginia Senator said. He added tnat there are exceptions to the rule.
and told of an instance in wnich the managers voluntarily had acknowledged
double liability. "They have not gone out, as some of these managers have
done, and stripped their victims by watering their stock," he said.
Emphasizes Need.
Emphasizing the need of branch banking further, Mr. Glass asserted that
"It is about the only remedy now for the menacing situation which faces the
banking system in the United States." He mainathied that the Nation is
not yet out of its financial difficulty.
"The laws and regulations of the Comptroller's office here in Washington
have not been applied now for nearly two years, and the office dare not
apply them now because the best informed may not accurately conjecture
what may be the result," he said. "So many of the banks have their
portfolios choked with Immobile and in many instances worthless investments,so many of the banks have failed and are now failing to write off their
books losses incurred and worthless accounts that the office of the Corntroller of the Currency has been compelled almost to close its eyes to the
situation."
Notes Bank Failures,
The Virginina Senator pointed out that in the first five days of January
there were 28 bank failures. three National banks and 25 State banks.
In December there were 145 bank failures, 19 National banks and 126 State
banks.
"I know how popular is the plea for little banks," he said. "I know what
motivates that plea in many instances. But, when I tell you of the nearly
10,000 or nearly 11,000 banks which have failed in recent years, let me
point out that80% of teem were banks whose capitalization did not exceed
$25.000, pawn snops set up over the country called banks which have
toppled over like ten pins in an alley at every disturbance of business. And
there are Senators who want to perpetuate that sort of thing."
The Washington correspondent of the New York "Journal
of Commerce" in an account of the debate on the bill in the
Senate on Jan. 5 said:
Senator Glass referred to the amendment proposed by Senator Vandenburg
that would prohibit establishment of any branch of a National bank in any
franchise and right
of the smaller communities without first acquiring the
provision
of an existing institution there. Senator Glass agreed that this
would "avert the possioility of undue and ruthless competition," but the
added. "there is not much possibility of that now in the administration of
communities are
the National Bank Act because so few of these afflicted
capable of raising the necessary capital to establbui a unit bank."
SeesIObjeaionsiOvercome;
—
disadvantages" of branch
Is Senator Glass said that any of the "conjectured
the Vandenburg amendbanking proposed in his bill would be overcome by
accept and which I am sure
ment which he said he was "perfectly willing to
willing to accept."
a majority of the Committee is
not only to the States where
Senator Long would limit branch banking
to the town or city in which the parent
branch banking is recognized, but
bank is located.
Jan. 14 1933
Ile told the Senate that the recommendations of former Comptroller of
the Currency Pole had been formulated upon the working of branch banking
In some of the parishes of his own State. Since those banks joined the
national system,said Senator Long, it has been found to have created"one
of the most disastrous conditions that ever has occurred in banking in the
United States. It has almost broken the Southern States," he added.
referring to the expansion in Louisiana of branch banking. He declared
it a "great experiment."
Senator Long Quotes Roosevelt.
In support of his opposition to branch banking Senator Long read from a
statement from the American Bankers' Association quoting President-elect
Roosevelt before the New York Legislature in January 1930, to the effect
that it is necessary by law to maintain the principal that banks are of deflate
benefit to the individual locallby and that there be no great concentration
of banking facilities in one spot or in a few hands. This "is contrary to
sound public policy," he quoted Mr. Roosevelt OS saying, who he declared
also had stated that each community must have control of its own money.
Conclusions and Recommendations by Federal Advisory
Council of Federal Reserve Board on Glass Banking
Bill—Omits Reference to Branch Banking.
The conclusions and recommendations of the Federal
Advisory Council of the Federal Reserve Board on the Glass
banking bill were presented to Senator Norbeck, Chairman
of the Senate Banking and Currency Committee on Dec. 19.
The Council's views, however, were only made available
the present week. It is pointed out in the New York
"Journal of Commerce" of Jan. 6, that strong dissent from
the attempt in the Glass bill to separate commercial and
investment banking, opposition to the proposed transfer
of power from the Federal Reserve banks to the Federal
Reserve Board and qualified approval of the proposal that
affiliates of member banks be regulated is expressed by the
Federal Avisory Council. The same paper said:
While it is generally understood that in its study of the Glass bill the
Council thoroughly explored the question of branch banking, the letter
makes no reference to this issue. According to reports in Wall Street,
the first draft contained a forceful indorsement of branch banking along
the lines recommended last year by Eugene Meyer, Governor of the Federal.
Reserve Board. This part was reported to have been blue penciled later.
Investment Market.
On the question of the relations of the commercial banks to the longterm investment market, the letter says that separation at the present
time would make it difficult for long-term borrowers to carry out the
necessary refunding of tneir debts. . . .
Regulation or affiliates is indorsed. However, the Council holds that
the clause bearing on this point should be amended to apply exclusively
to those affiliates which are engaged in the banking business or in related
fields.
Supervision of System.
The letter says that the clause which subjects State banks to the same
restrictions as nationals with respect to securities investments would deprive the State institutions of chartered rights. It opposes such action.
On the question of supervision of the Federal Reserve System, the Council
would place responsibility directly upon each bank, the board retaining
the function of supervision.
"The bill in several places increases the power of the Federal Reserve
Board and decreases the power of the Federal Reserve Bank," it is said.
"We believe that such a grant of additional power to the Board at the
expense of the Federal Reserve banks is contrary to the lines laid down in
the original Federal Reserve plan; that is, 12 autonomous regional banks
supervised but not operated by the Federal Reserve Board. .
"We suggest, therefore, that the bill be amended so as to carry out the
principle of a decentralized group of banks of issue, enjoying full autonomy
and having full responsibility, subject always to supervision, rather than
operation by the Federal Reserve Board in Washington."
The Advisory Council's letter to Senator Norbeek follows:
FEDERAL ADVISORY COUNCIL,
From Washington, D. C.
Hon. Peter Norbeck. Chairman.
Dec. 19 1932.
Banking and Currency Committee,
United States Senate. Washington.
Sir:
The Executive Committee of the Advisory Council has given careful
consideration to S. 4412. It desires to make the following suggestions
which are in part covered by amendments which have already been offered
in the Senate of the United States. They represent matters which we
deem of vital importance. For convenience, our conclusion!' are divided
into two parts; Part One, dealing with matters more directly affecting
the operations of member banks, and Part Two, dealing with the basic
principles of the structure and operations of the Federal Reserve System.
The sections of the bill are discussed In the sequence in which they occur
In the bill and without reference to their relative importance.
Part One.
1. Section 5 (b):
In June. 1917, Section 9 of the Federal Reserve Act was amended to
Incorporate that—
. . ."any bank becoming a member of the Federal Reserve System shall
retain its full charter and statutory rights as a State bank or trust company,
and may continue to exercise all corporate powers granted it by the State
in which it was created." . . .
Many State banks were induced to come into the System in reliance upon
this provision. The present bill deprives State member banks of important
charter and statutory rights, by the provision of Section 5 (b), which requires that State member banks snail be subject to the same limitations
and conditions with regard to purchasing, selling, underwriting and holding
of investment securities and stock as are applicable to National banks
under Section 5136 of the Revised Statutes, as that section Is to be amended
by Section 14 of this blll. We believe, if the provision in Section 9 of the
Federal Reserve Act, which we have quoted,means anything,it means that
by entering the Federal Reserve System, State banks and trust companies
are not to be deprived of rights which they enjoy under their charters and
under State law, and which relate to the conduct of each individual bank,
as a bank, and do not affect the operations of the Federal Reserve System,
as a system. No other interpretation of this language would give to It
any substantial meaning at all.
Volume 136
Financial Chronicle
The rights hereinbefore referred to, granted in the Act
of June 1917.
led many State banks to take rnembersnip in the Federal Reserve System
and to continue the character of investment which would be barred
under
the proposed Act. This provision would compel State member
oanks to
sell these investments, which would, under present conditions,
result in
great loss. We regard Section 5 (b) as a violation of the terms
which were
used to induce a large number of State banks to join the Federal
Reserve
System.
2. Section 7 (12/3). Page 14. Liquidating Corporation:
In general, the Council indorses the idea of a liquidating
corporation
It is, however, not in harmony with the provisions as set.
forth under Section 7 (128) of the proposed Act. The Council is of the opinion that such
a corporation as is proposed should be financed by the United
States
Treasury. The subscription to the capital stock
of the liquidating corporation required under S. 4412 can be ill afforded by a very
large number
of member banks.
3. Section 14. Page 34:
By abolishing the present rights of National and State member
banks to
deal in and underwrite investment securities and by imposing certain
restrictions upon the holding of investment securities and by requiring the
elimination of securit5 affiliates of member banks, the bill would dangerously curtail the existing facilities for providing long-term
capital
funds. The functioning of this service as fully and efficiently
as possible
Is of vital importance to States, municipalities, railroads, utilities
and,
generally to commerce and industry, especially at this
time when the
constantly recurring maturities of obligations made for capital
purposes,
is one of the principal retarding factors. The present facilities for
obtaining
long-term capital has been built up and is maintained. in a very large
part,
by the participation of member banks, either directly or through the
medium
of security affiliates. We believe that unless member banks are
permitted
to continue their contribution toward the maintenance of these
facilities.
the resulting inability of American business to obtain long-term
funds
will become a major source of difficulty.
For these reasons, we believe the provisions of the bill further
restricting
the investment powers of member banks, should be eliminated.
Section 14 further prohibits the purchase for its own account by a member
bank of more than 10% of any issue of Investment securities of any one
obligor or maker. We believe it desirable to place restrictions in this
respect, but we consider it more logical to base these restrictions on some
reasonable percentage of the bank's capital and surplus, rather than upon
any percentage of the particular issue of securities.
Section 14 further provides on page 36, line 4 to 8. that the limitations
contained in that section are not to be applied to obligations of the United
States or "general obligations of any State or of any political sub-division
thereof or obligations issued under the authority of the Federal Farm
Loan Act as amended." This proviso as to Government obligations
merely
removes the limititions upon the amount of securities of any one obligor.
It does not remove the general prohibition against underwriting or purchasing such Be, unities for resale. Such prohibition would vastly impair the
ability of States and cities to do long-term financing. To-day almost
all
State and municipal financing is done through groups of banks and
bankers
who purchase for Immediate resale.
Even if Section 14 were amended in such a manner as to permit member
banks to underwrite and distribute Government, State and munklpal
obligations, member banks could not afford to maintain bond departments
solely for this purpose. It may be noted that no exception is included
in
this section as to obligations of the Reconstruction Finance Corporation
or obligations of governmental agencies such as Port Authorities, Sze.
4. Security Affiliates, Section 5 (b), Page 8, Lines 11 to 19.
Section 16
and Section 18:
What we have said in point 3 as to the necessity of maintaining
present
facilities for providing long-term capital, applies equally to the
provisions
in the bill which require separation of security affilities from member banks.
This will, at least in some instances, result in the dissolution
of the security
affiliate and its elimination from toe long-term capital market,
since tee
distribution of toe stock of the affiliate to stockholders even
when freed
from restrictions as to sale would not meet the requirements
of the bill.
inasmuch as the bill prohibits continued common stock ownership
where
a majority of the stock of each institution is held by the same stockholders.
We approve of examination of and reports by security
affiliates as provided in the bill, except as hereinafter stated. We
also approve of the
restrictions on loans to and investments In a security
affiliate by a member
bank. as provided In the bill. Furthermore, we recommend
the regulation
of security affiliates by the Federal Reserve Board in such manner,
as it
may see fit, but we believe the compulsory separation
of affiliates would
be detrimental to the puollc interest.
5. Section 22*
The bill amends Section 5200 of the Revised
Statues fly bringing all the
subsidiaries of any corporation within the single
limitation a loans to 10%
of the capital and surplus of the bank. We believe this provision
is essentially unwise in that it does not take into account
the varying credit positions of many subsidiary companies in the country.
Many large corporate groups have legitimate credit needs
well in excess of this limitation.
and the individual members thereof are able to support lines
of credit on
toe basis of their statements and records. The attempt
to apply such a
hard and fast rule to the credit requirements of
members of corporate
groups is sure to result in inequity and hardship.
This provision applies
only to National flanks.
6. Reports bu and Examinations of Affiliates. Section 5 (b),
Section 23
and Section 24 (a):
Section 5 (b), page 7, lines 7 to 9, and Section 23.
page 48, lines 3 to 5,
provide that reports of affiliates of member banks are to
be published by
the bank under the same conditions as govern its own condition
reports.
Since the reports required by these sections may Include material
in eachdon to a financial statement of condition, and since it seems to be the clear
Intention of these sections that only the condition reports shall be
published
we think these two sections of the bill should be amended to provide that
only the condition reports of such affiliates as are engaged In the banking
ousiness or a related business shall to published.
With regard to the examination of National banks and other affiliates,
the bill in Section 24 (a.', page 49, lines 5 to 13, introduces a new penal
provision allowing the Comptroller of the Currency to publish the
!wort
of the examination of any National bank or affiliate widen does not comply
with the recommendations of the Comptroller based on sucn examination.
The clause as it stands Is controversial in character and should be stricken
out pending further stuny of the subject and the enactment of legislation
which will apply equally to all banks in the Federal Reserve System.
Part Two.
8. Section 3 (a) Section 7 (12A) Section 8 and Section 9:
The bill, in several places, increases the power of the Federal Reserve
Board, and decreases the power of the Federal Reserve Bank. We believe
that such a grant of additional power to the Board at the expense of the
Federal Reserve banks Is contrary to the lines laid down in the original
Federal Reserve plan; that is, 12 autonomous regional banks supervised,
This plan provides elastibut not operated,by the Federal Reserve Board
265
city and local self-government properly adapted to the great expanse
of
territory over which it operates. Under it, the Federal Reserve Board
supervises the Federal Reserve System out does not actively engage in
its operations. It seems to us of the greatest importance that the power
of supervision in the Board shall not be transferred into the power to
manage, since tne function of the Board is, and must remain, to supervise
and not to manage. So long as there is no central bank in Washington
for the Board to manage, its powers should be carefully restricted to
matters
of supervision.
We suggest, therefore, that the bill be amended so as to carry out
the
principle of a decentralized group of banks of issue, enjoying full autonomy
and having full responsibility, subject always to supervision, rather than
operation by the Federal Reserve Board in Washington,
in submitting the foregoing recommendations, the Federal Advisory
Council does so with no spirit of obstructive criticism. but we submit them
them simply as its conclusions from a practical viewpoint on the bill as
it has been presented to the Senate. We believe if this bill is adopted
with the modifications which we have suggested, it will be a desirable step
forward In the progress of banking legislation. At the same time we
canuot conclude this memorandum without expressing the opinion that
such a bill would by no means completely cover the field of desirable banking
legislation. We feel that there are some very fundamental phases of
the
banking structure of the United States which deserve the most careful
study and consideration and from which an Improved banking structure
might be evolved.
Respectfully submitted,
W. W. SMITH. President.
Tenders of $229,845,000 Received to Offering of 91-Day
Treasury Bills Dated Jan. 11—Bids Accepted,
$75,090,000—Average Price 0.20%.
Announcement that tenders of 8229,845,000 had been
received to the offering of 875,000,000 91-day Treasury bills
was made by Secretary of the Treasury Mills on Jan. 9.
The total amount of bids accepted was 875,090,000. The
average price of the bills to be issued is 99.948—the average
rate on a bank discount basis being about 0.20%. The
amount compares with 0.90% the average rate paid for the
last previous issue of bills (8100,000,000), to which reference
was made in these columns Dec. 24, page 4316. Secretary
Mills's announcement of the result of the offering of bills
dated Jan. 11 follows:
Secretary of the Treasury Mills announced to-day that the tenders for
$75,000,000 or thereabouts of 91-day Treasury bills dated Jan. 11
1933 and
maturing April 12 1933. which were offered on Jan. 5, were opened at
the
Federal Reserve banks on Jan. 9.
I. The total'amount. applied for was $229,845,000. The highest bid made
was 99.987, equivalent to an interest rate of about 0.05% on an
annual
basis. The lowest bid accepted was 99.939, equivalent to an interest rate
of about 0.24% on an annual basis. Only part of the amount bid for
at
the latter price was accepted. The total amount of bids accepted was
575.090.000. fhe average price of Treasury bills to be issued is 99.948.
The average rate on a bank discount basis is about 0.20%.
New Offering of $75,000,000 or Thereabouts of 91-Day
Treasury Bills to Be Dated Jan. 18.
On Jan. 11 Secretary of the Treasury Mills announced a
new offering of $75,000,000 or thereabouts of 91-day Treasury bills. They will replace a maturing issue of $75,110,000.
Tenders for the now bills will be received at the Federal
Reserve banks or their branches up to 2 p.m. Eastern standard time on Monday, Jan. 16. The bills will be dated Jan.
18 1933 and will mature on April 19 1933, 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 81,000, 810,000, 8100,000, 8500,000 and
81,000,000 (maturity value). The bills are sold on a discount basis to the highest bidder. The announcement of
Secretary Mills says in part:
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. fhe 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.
fenders 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 Jan. 16 1933.
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable prices will follow as soon as possible thereafter, probably on the
°flowing 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.
fhose submitting tenders will be advised of the acceptance or rejection
thereof. l'ayment at the price offered for Treasury bills allotted must be
made at the Federal Reserve banks in cash or other immediately available
funds on Jan. 18.1933.1
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof, will also be exempt, from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.
President-Elect Franklin D. Roosevelt Confers with
Secretary of State Stimson—Also with Col.' House.
At his home at Hyde Park, N. Y., President-elect Franklin
D. Roosevelt conferred on Jan. 9 with Secretary of State
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Financial Chronicle
Stimson. The proposed conference (sought by Mr. Roosevelt), was referred to in our issue of Jan. 7, page 69. The
arrangements were completed on Jan. 6, but Secretary
Stimson left the announcement of the meeting to Mr.
Roosevelt. The latter made known on Jan. 7 that the conference would take place on Jan. 9. According to Hyde
Park advices Jan. 9 to the New York "Times" the whole
field of the international relations of the United States, including war debts and the situation in the Far East, was
discussed at the conference. From the same account we
quote:
"It was very delightful to have the Secretary of State here for lunch,"
Mr. Roosevelt said. "Everything in relation to foreign affairs was discussed. We will continue our conversation on the way to New York."
"I endorse thoroughly what the President-elect has said about the delightful lunch." Secretary Stimson said with a smile. "I had a very satisfactory conversation witn the Governor."
Persistent questioning by a dozen reporters failed to elicit from either of
the conferees details of their conversation. Obviously the President-elect
In seeking a conference with Secretary Stimson desired to familiarize himself with the handling of international problems by the State Department
so as to be ready to take quick action after his inauguration. Bat except
for saying that their discussion covered a broad field, Mr. Roosevelt dedined to tell just what subjects were stressed in their talk of four or five
hours. . . .
An inquiry as to whether it was not unusual for an incoming President
to confer with a retiring Secretary of State brought the reply from both
Mr. Roosevelt and Secretary Stimson that it was not unusual but rather
customary.
Secretary Stimson recalled that President Hoover conferred with Secretary Frank B. Kellogg on matters of foreign policy before he became President. Both President Hoover and Mr. Kellogg are Republicans, but Mr.
Roosevelt added that Woodrow Wilson before he oecame President conferred with Philander C. Knox, then Republican Secretary of State.
"I know I conferred with Lindley M. Garrison, who succeeded me as
Secretary of War," said Secretary Stimson. "We were together for a
week."
In the New York "Journal of Commerce" of Jan. 11, it
was noted that President-elect Roosevelt continued on
Jan. 10 the study of foreign affairs which he commenced
Jan. 9 with a conference with Secretary of State Henry L.
Stimson, when Col. E. M. House was his luncheon guest at
the Roosevelt town house, in New York City. The paper
quoted also said:
While neither the President-elect nor Colonel House would divulge the
details of their conference some observers believed that it might be the prelude of an early move in the field of foreign issues facing the United States
on the part of the incoming Administration witn the co-operation of Secretary of State Stimson. However, it was believed more likely that the
meeting meant that Roosevelt is preparing his foreign policy so that he may
take action in this field without delay after his inauguration March 4.
Denies Cabinet Aims.
Speculation that Colonel House might accept a place in the Roosevelt
Cabinet, possibly as Secretary of State, was set at rest following the luncheon by the Colonel himself. He pointed out that no was in his 75th year
and that he had not taken any official position in the Wilson Administration
when he was 20 years younger. Colonel House was a close advisor of
Woodrow Wilson.
Col. House said his advice to the President-elect had been "to get young
men and not old dodo birds," as his appointees. The conference of the
two men lasted two hours and a half.
Following nis departure Mr. Roosevelt talked with James W. Gerard,
wartime Ambassador to Germany. This conference aroused speculation
as to whether or not Mr. Gerard might be tendered another diplomatic
appointment. Sumner Wells, former chief of the Latin-American Affairs
Division of the State Department, was another Roosevelt caller whose
visit was linked with international problems.
Another visitor yesterday at the Roosevelt borne was Harvey Couch,
member of the Reconstruction Finance Corporation. He discussed the
question of self-liquidating loans for the railroads with the President-elect.
After the meeting the President-elect said that something must be done
about the railroad question, although he did not indicate what it should be.
He said the problem was engaging the attention of "all the mighty minds in
Washington."
Proposed Income Tax Increases Suggested at Conference Between President-elect Roosevelt and Democratic Leaders of Congress Only to Be Considered
as Last Resort, It Is Said.
Proposals for increased Federal taxes to provide additional
revenue, which figured in the conference in New York a
week ago between Democratic leaders in Congress and
President-elect Franklin D. Roosevelt are, according to
Speaker Garner and Representative Rainey, the majority
leader, still in the "suggestion stage," and will not be taken
up except as a last resort. A dispatch from Washington
Jan. 6 to the New York "Times," from which we quote,
also said in part:
Republicans almost to a man, practically all of the so-called Progressives
and a strong element In the Democratic ranks were on the offensive before
the news from New York was an hour old. The Democratic leaders, only
a few of whom had returned to Washington, did not have to wait long before
they realized that a revolt was in the making.
"President-elect Roosevelt did not for a moment favor the enactment
except as a last resort, of legislation increasing the Income tax rates and
lowering existing exemptions," Mr. Rainey announced.
"As for action in this 'lame duck' session, I do not expect any such
action. We will wait until we find out what happens on March 15 before
we consider raising income taxes, and that, of course, would mean in the
extra session of the new Congress, which I am convinced will convene in
the spring, probably in April."
Jan. 14 1933
Garner Has Substitute Plan.
Speaker Garner, agreeing with Mr. Rainey that the income tax proposal
had been discussed only as a "last resort suggestion," and had no fixed place
in the next Administration's tax program, after remarking that "income tax
increases are sound but painful." added that he had a plan of his own which
he believed would raise the revenue necessary to balance the budget.
He declined to disclose its nature.
The Speaker held that it might not be necessary to levy any very heavy
tax increases if the present Congress reduced governmental expenses by
8100,000,000, retained the gasoline and electric energy taxes yielding $137.000,000, and if President Hoover signed the beer bill.
Mr. Garner estimated that beer would raise 3125,000 000, leaving
only 3130,000,000 as the sum necessary to balance the budget, allowing
for economies alreany effected. Like Mr. Rainey, Mr. Garner predicted
an extra session.
Chairman Collier of the Ways and Means Committee, another participant in the New York conference, said his committee would meet early
next week to consider new revenue measures. He indicated this did not
mean consideration of high tax levies.
Many Democrats declared they would rather support a moderate manufacturers' sales tax than subscribe to an income tax program which would
levy a heavier toll upon the smah taxpayers.
Wnether or not the income tax suggestion was "a trial balloon" was a
subject for debate in both Democratic cloakrooms. If it was, the result
was a puncture, and a view widely held is that the Democratic leviers
will have to find another source of revenue to balance the budget.
The Republican leac.ers were of the opinion that the reaction would
ultimately lead to the Democrats accepting some form of sales tax as a
last resort.
The conference of a week ago was referred to in our issue
of Jan. 7, page 69.
President Hoover in Message to Congress Urges Action
Toward Revision of Bankruptcy Laws.
Under date of Jan. 11 President Hoover sent a special
message to Congress renewing his earlier recommendations
for the revision of the bankruptcy laws. In hi Jan. 11
message the President says:
I wish again to emphasize that the passage of legislation for relief of
individual and corporate debtors is a matter of the most vital importance.
It has a major bearing upon the whole economic situation in the adjustment of the relation of debtors and creditors. I therefore recommend
its immediate consideration as an emergency action.
According to the "United States Daily" of Jan. 12 a
conference between three sponsors of bankruptcy bills in
Congress, Senator Hastings (Rep.) of Delaware, and Reprosetatives McKeown and La Guardia and the SolicitorGeneral, Thomas D. Tha,cher, was htld following the
reading of the President's message. The "Daily" further
said:
Representative McKeown later said that the conference reached a
complete agreement except on the proposal of President Hoover to appoint
six referees in railroad cases under the proposed legislation.
It was agreed, Mr. McKeown explained, that the McKeown and La
Guardia bills will be consolidated and that the Hastings bill be along
the same lines as the McKeown-La Guardia consolidated bill. He said
that Senator Hastings will incorporate in his Senate bill a provision that
the referees in railroad cases shall be appointed by Circuit Judges.
Declares Action Assured.
Mr. McKeown said the agreement in conference means that there will
be action at this session of Congress. "This whole legislation," Mr.
McKeown said, "will relieve the present tension. It covers debtor individuals, debtor railroads, and other debtor corporations. It is similar
to legislation that has been in effect for half a century in England, where
all the trouble between debtors and creditors has been settled by deeds
of arrangement.
"The McKeown bill and the La Guardia bill will be consolidated into one
measure. They fit into each other. My bill would repeal Sections
12 and 13 of the Bankruptcy Act of July 1 1898 as amended,and would
add thereto three new chapters, namely; Section 73, providing that in
addition to the jurisdiction exercised in voluntary and Involuntary proceedings to adjudge persons bankrupt, courts of bankruptcy shall exercise
original jurisdiction in proceedings for the relief of debtors. Section 74.
provides for compositions or extensions of time to pay debts.
Provision for Corporations.
"Section 75 provides that any corporation, with certain exceptions but
including any that could become bankrupt under Section 4 of the original
Act, may file a petition or, before adjudication in an involuntary proceeding, an answer, stating that the corporation is unable to meet its
debts as they mature and desires to effect a plan of reorganization. Under
the terms of this pEirt of the consolidated bill, any individual may file
application in the Federal court for an extension of time in which to pay
all or part of his debts and if a majority of his creditors, in number and
amount involved, agree to his proposal to the court, the court may order
an extension of time and grant a stay of proceedings against him pending
the expiration of the extension period.
La Guardia Bill New Chapter.
"The La Guardia bill, which relates to railroads and railroad receiverships, fits into the consolidated bill as a new chapter, Section 76. It
provides that any railroad corporation may file a petition in court stating
that it is insolvent or unable to meet its debts as they mature and desires
to effect a plan of reorganization. Such railroad petitioners would be
required to submit their plans to the Inter-State Commerce Commission
to see if the plan is fair for rate-making purposes before it can be approved
by the courts. The procedure would take railroads out of receivership.
There are upward of 22 railroads now in receivership, largo and small.
"Senator Hastings is going ahead with his bill on the Senate side, along
the same lines as the consolidated bill here."
Senator Hastings recently introduced a bankruptcy bill (S. 4923), but,
It was stated, is now working on a revision of that measure as a new committee print.
[VIII Consider Bankruptcy.
The House Committee on the Judiciary will meet Jan. 13 to consider
bankruptcy legislation and its Chairman, Representative Sumners (Dem.)
of Dallas, Tex., stated orally Jan. 11 he believes there will be legislation
on the subject at this session of Congress.
Volume 136
Financial Chronicle
Chairman Sumners said that two measures, the bill by Representative
La Guardia to amend the bankruptcy laws with respect to railroad reorganizations and the bill be Representative McKeown (Dem.) of Ada.
Olda.. with respect to relief of individual debtors and for corporate reorganization, probably will be consolidated and reported out of the Committee. Mr. McKeown is Chairman of its Sub-committee on Bankruptcy.
To Study lfeasures.
Mr. Sumners said he was studying both measures preliminary to the
full Committee's consideration of them. He said that the subject of
bankruptcy has been studied in informal forums in which interested members of the House have been participants and judging from everything
that has been said, there has been a good deal of progress in the way of
forming judgments as to the need of such legislation.
Declares Passage Unlikely.
Representative Rayburn (Dem.) of Bonham, Tex., Chairman of the
House Committee on Inter-State and Foreign Commerce, which has
jurisdiction over the inter-State railroad legislation generally, expressed
the opinion orally that there is little chance for passage at this session of
controversial legislation affecting the railroads of the country.
The following is the President's message of Jan. 11:
To the Senate and Rouse of Representatives:
On Feb. 29 last I addressed the Congress on the urgent necessity for
revision of the bankruptcy laws, and presented detailed proposals to that
end. These proposals were based upon most searching inquiry into the
whole subject which had been undertaken by the Attorney-General at
my direttion. While it is desirable that the whole matter should be
dealt with, some portions of these proposals as an amelioration of the
present situation are proving more urgent every day. With view to early
action, the Department, Committees, and members of the Congress. have
been collaborating in further development of such parts of these proposals
as have, out of the present situation, become of most pressing need. I
urge that the matter be given attention in this session, for effective legislation would have most helpful economic and social results in the welfare
and recovery of the Nation.
The process of forced liquidation through foreclosure and bankruptcy
sale of the assets of individual and corporate debtors who through no
fault of their own are unable in the present emergency to provide for the
Payment of their debts in ordinary course as they mature, is utterly destructive of the interests of debtor and creditors alike, and if this process
Is allowed to take its usual course misery will be suffered by thousands
without substantial gain to their creditors, who insist upon liquidation
and foreclosure in the vain hope of collecting their claims. In the great
majority of cases such liquidation under present conditions is so futile and
destructive that voluntary readjustments through the extension or composition of individual debts and the reorganization of corporations must be
desirable to a large majority of the creditors.
Under existing law, even where majorities of the creditors desire
to
arrange fair and equitable readjustments with their debtors, their plans
may not be consummated without prohibitive delay and expense, usually
attended by the obstruction of minority creditors who oppose such settlements in the hope that the fear of ruinous liquidation will induce the
immediate settlement of their claims.
The proposals to amend the Bankruptcy Act by providing for the relief
of debtors who seek the protection of the court for the purpose of readjusting
their affairs with their creditors carry no stigma of an adjudication in
bankruptcy, and are designed to extend the protection of the court to
the debtor and his property, while an opportunity is afforded the debtor
and a majority of his creditors to arrange an equitable settlement of his
affairs, which upon approval of the court will become binding upon minority
creditors. Under such process it should be possible to avoid destructive
liquidation through the composition and extension of individual indebtedness and the reorganization of corporations, with the full protection of
the court extended to the rights and interests of creditors and debtors
alike.
The law should encourage and facilitate such readjustments, in proceedings
which do not consume the estate in long and wasteful receiverships.
In the case of individual and corporate debtors all creditors should
be stayed from the enforcement of their debts pending the judicial process
of readjustment. The provisions dealing with corporate reorganizations
should be applicable to railroads, and in such cases the plan of reorganization
should not become effective until it has been approved by the Inter-State
Commerce Commission.
I wish again to emphasize that the passage of legislation for
of individual and corporate debtors at this session of Congress isthis relief
a matter
of the most vital importance. It has a major bearing upon the whole
economic situation in the adjustment of the relation of debtors and creditors.
I therefore recommend its immediate consideration as an emergency
action.
HERBERT HOOVER,
The White House,
Jan. 11 1933
President Hoover Vetoes Bill Granting Independence
to Philippines—House Passes Bill Over President's
Veto.
Yesterday (Jan. 13) President Hoover vetoed the bill
granting independence to the Philippines.
The bill proposed the creation of an intermediate government after about two years, if approved by the Filipino
people. A 10-year period of economic and political weaning would follow, during which American authority would
be curtailed. Complete independence would be established
in the 11th year. Following the presentation of the President's veto message to the House, that body overrode the
veto by a vote of 274 to 94-28 more than the necessary
two-thirds majority. The passage, by the Senate and House,
of the bill agreed on in conference, was noted in our issue of
Dec. 31, page 4478. President Hoover in his message said:
"I am returning this bill because I consider that it is subject
to the most serious objections. In the statement which
follows I do not enter upon many secondary criticisms, but
confine myself to the broader aspects of the subject, which,
in any event, must dominate conclusions as to rightful
action."
267
The President also said:
The bill provides for a Constitution of a specified character to be framed
ke a Philippine convention, for the submission to the Filipino people, and
for the incidental determination as to whether or not they desire independence. In the event of a favorable vote, and after probably about two
years, an intermediate government of the Philippine Islands is established,
the office of Governor General is abolished, and all important civil authority
of the United States is effectively abrogated, except for certain inconsequential powers which are vested in a high commissioner. . . .
If the American people consider that they have discharged their responsibilities to the Philippine people, have carried out the altruistic mission
which we undertook, if we have no further national stake in the islands,
if the Philippine people are now prepared for self-government, if they can
maintain order and their institutions, if they can now defend their independence, we should say so frankly on both sides. I hold that this is not
the case. Informed persons on neither side have made such declarations
without many reservations. Nor can these conditions be solved by the
evasions and proposals of this bill without national dishonor.
The President said that in his view "we must undertake
further steps toward the liberation of the Philippine Islands,
but they should be based upon a plebiscite to be taken 15 or
20 years hence." The President maintains that "this legislation puts both our people and the Philippine people not on
the road to liberty and safety, which we disire, but on the
path leading to new and enlarged dangers to liberty and
freedom itself."
The full text of the message, which is of considerable
length, will be given in these columns another week.
Jones Farm Allotment Bill Passed by House—Would
Stabilize Farm Price of Wheat, Cotton, Hogs,
Tobacco, Peanuts, Butter, Fats and Rice.
By a vote of 203 to 151, the House of Representatives
passed on Jan. 12 the Jones bill for farm relief, applying a
modified domestic allotment plan to staple agricultural
commodities and intended to restore pre-war farm prices.
The bill (we quote from a dispatch from Washington Jan.
12 to the New York "Herald Tribune") undertakes to fix
immediately, and later to stabilize, the farm price of wheat,
cotton, hogs, tobacco, peanuts, butter fats and rice to a
point bearing the same relation to the general commodity
price level that they would have borne in pre-war days. The
dispatch went on to say:
This would be accomplished In the main by a processing tax on those
products and by division of the receipts among all the farmers raising
the specific products who agree to cut their acreage 20%.
The plan would go into effect 30 days after enactment and would
remain in force for an experimental period, with authority placed
in the
hands of the President to continue it. It would be administered by the
Secretary of Agriculture through the thousands of county agents and
representatives of the dairy co-operatives.
The farmers agreeing to the program are to receive adjustment certificates issued by the Secretary in payment for the difference between the
market price of the commodity produced and the fixed "or fair
exchange
price." The Treasury's job would be to collect the processing tax.
The program requires the policing of the farm areas by a horde of Federal agents to see that the acreage and production reduction is carried out
before the certificates of adjustment are issued. Provision is written into
the measure to prevent attachment of the adjustment certificates for the
farmers' debts.
From the same dispatch we quote:
The measure, as it went through the House without serious
effort on the
part of the Republican leaders to force final amendment or its recommittal,
remained virtually unchanged from the form and principal to which it was
altered by a runaway House on the opening day of its consideration, and
admittedly was not the measure approved in tote by the standard farm
organizations and President-elect Franklin D. Roosevelt.
Billion Tax on Consumers Seen,
Amendments written into the Roosevelt-approved plan, including commodities without exportable surplus, resulted in stripping the measure of
the principle of the allotment method, but the Democratic leadership was
convinced to-day that the bill, as it stood, containing provisions for pea
nits rice, and butter fats, was certain of passage and took no steps to restore a semblance of the original measure which was predicated on
assistance to domestically-grown staples whose prices are determined by worldprices.
The addition of rice, peanuts and butter fats to the list of the four major
staples—wheat, cotton, hogs (corn) and tobacco—together with the
Committee's action in writing in fixed-price bounties for the initial
marketing
period, served to-day to run far abofe $1.000,000,000 the estimates
of the
tax to be paid by the processor and passed along to the
consumer as MMUS
of defraying the cost.
Schedule of Fixed Prices.
The altered domestic allotment plan,as envisioned by the House
measure,
seeks to give to the grower, in the initial marketing period, the following
fixed Prices:
Wheat, 75 cents a bushel.
Cotton, 9 cents a pound.
Hogs. 5 cents a pound.
Tobacco, 1434 cents a pound.
Rice. 75 cents a bushel.
Peanuts. 3 cents a pound.
Butter fats, 26 cents a pound.
In subsequent marketing years the prices of all commodities
except hogs
would be the "fair exchange value," determined by the
Secretary of Agriculture as administrator of the act, so that each product
would yield for
the farmer a price based on the average relationship of farm
prices to industrial prices in the period 1909-20. In the second
marketing period,
1933-34, the price of hogs would be fixed at six cents a pound,
and adjustments to show the "fair exchange value" for hogs would
be worked out on
prices for the 15-year Period up to 1920 I
.
Financial Chronicle
268
Tariff on Jute Defeated.
The vote came after a six-hour session directed chiefly to "perfecting
amendments" required by the changes made at the start, colored only by an
exchange between Republican and Democratic leaders over the tariff rates
included, and a chiding of the latter by the former for writing a tariff of
five cents a pound on short-staple cotton, now on the free list.
Efforts of Representative Marvin Jones of Texas, Chairman of the Committee on Agriculture, to provide a similar tariff on jute, a foreign-grown
product, were defeated. after Representative Heartsill, Democrat,of Arkansas. said the proposal was a tariff provision that he could not "stomach as a
Democrat."
Vote for Bill.
As had been predicted, party lines broke definitely, with Republicans of
the Northwestern farm States voting almost solidly for the measure. Sixtythree Republicans went along with 139 Democrats and one Farmer-Laborite, Representative Paul Kvale, of Minnesota,in favor of the bill on the roll
call requested by Chairman Jones when the Republican leaders showed a
disposition to let the measure go through by default, without a record
Vote.
Fifty Democrats, mostly from the urban communities—except the members of New York's Tammany delegation, who went along with the majority for the bill as part of the Democratic program—voted against the bill
and 101 Republicans opposed it. The only effort to recommit the measure
for some specific reason, the usual method of the opposition to force a
record vote, was made by Representative Harry J. Beam, Democrat, of
Illinois. who had fought throughout to remove hogs from its provisions.
His suggestion to send it back to the committee with instructions to take out
hogs was merely howled down, and Chairman Jones took pains to ask for
a roll call when .he saw that Representative Bertrand H. Snell of New
York, Republican floor leader, and his associates at the minority table.
were not inclined to force a record vote.
The Democratic leaders found themselves forced to accept another new
and higher tariff rate when Representative August Andresen. Republican,
butter
of Minnesota, who led the farm bloc Republicans in the fight for
fats, proposed an increase of 5 cents a pound on animal, marine and vegetable oils imported from foreign countries.
the
The debate on jute brought out that the product is used primarily for
cotbagging for baling cotton, and the cotton growers have contended that
used as a substitute. The resurrection of jute
ton fabric itself might be
and the argument that followed was reminiscent of old tariff fights in the
House. Representative Allen T.Treadway, Republican, of Massachusetts,
said Representative Ragon's speech had been a straight-out argument for
Ragon
the Republican tariff policy of protection and that Representative
had acknowledged by his opposition to jute that the Democrats were trying
to write a tariff merely to provide the cotton growers of the South with an
additional bounty, for which the American consumer would pay.
The Andresen amendment on foreign cocoanut oil, which is used extensively in the manufacture of butter substitutes, was adopted by a rising
vote of 118 to 31, after an uproar which indicated many of the members were
unaware of its real significance, in view of the questions asked later.
This confusion was emphasized when the House came out of committee
of the whole to put the finishing touches on the bill. Representative
Joseph B. Shannon, Democrat, of Missouri, arose and offered a motion
that final consideration be deferred for a week. Pressed for his reason for
the motion, Representative Shannon, who was finally ruled out of order,
said:
"I have listened to the debate on this bill from both sides and I am convinced that nobody here knows what it is all about."
From the time the bill was reported by the Committee on Agriculture
held to
and given a special rule, less than ten days ago. the House has been
Its consideration as the third measure of the four-point program announced
by the Democratic leadership at the opening of the short session of Congress.
The Garner resolution for outright repeal of the 18th Amendment failed on
the opening day for lack of the necessary two-thirds vote, and the Collier
beer bill was subsequently passed by the House.
as
With farm relief legislation now voted, completion of the program,
-balancthe budget
far as the House is concerned, would require action on
unless it can be brought
ing plan now admittedly shelved for the short session
in governmental
about by further reduction in appropriations bills, savings
administration, continuance of the gasoline tax and President Hoover's
Garner
approval of the beer bill, if and when passed. Speaker John N.
has made it plain that any additional tax legislation must await appropriations and beer.
Stating that the bill includes an amendment levying a
tax of 5 cents a pound on imported animal, marine and vegetable oils and on the oil content of imported material from
which they are derived in addition to present tariff duties,
the "United States Daily" on Jan. 13 further said:
It fixes specific "fair exchange" values for farm products covered by the
bill. Efforts to include a tax on oleomargarine equal to the adjustment
charge which would be assessed under the measure on processors of butterfat was rejected during the day. The bill now goes to the Senate.
Tax on Rayon Retained.
•
An amendment to eliminate the proposed tax on silk and rayon, which
on the same competitive basis
levy is designed to keep these commodities
the tax retained
as at present in comparison with cotton, was rejected and
in the bill.
The amendment to fix specific fair exchange values for commodities in
by Representative
the bill was offered for the Committee on Agriculture
Jones (Dem.) of Amarillo, Tex., Chairman of the Committee, and sponsor
of the bill. .
Immediately after Representative Jones(Dem.)of Amarillo, Tex.. ChairCommittee amendment
man of the Committee on Agriculture, offered the
initial marketing period.
to fix specific "fair exchange values" for the
Burtness (Rep.) of Grand Forks, N. Dale.. offered an amendRepresentative
value fixed for hogs from
ment to the Committee amendment,to reduce the
5 cents to 4 cents.
Committee amendment was rejected.
The Burtness amendment to the
17 ayes to 61 nays.
Representative Glover (Dem.) of Malvern. Ark., offered an amendment
a paragraph fixing the fair exchange
to the Committee amendment, to Insert
at 90 cents a bushel. He
value of rice during the initial marketing period
below the pre-war price. Representative
explained that this is slightly
Representative Burtness declared
Stafford (Rep.) of Milwaukee. Wis., and
to the prices fixed for the same period
the figure for rice was out of proportion
for other commodities.
Peanut Price Fixed,
Jones asked unanimous consent that the figure be fixed
Representative
was agreed to. and the Glover amendment, as
as 75 cents a bushel, which
was adopted.
modified,
Jan. 14 1933
Representative Cox (Dem.) of Camilla, Ga., offered a similar amendment
to fix the fair price value of peanuts for the initial marketing period at 3
cents a pound. It was adopted.
A similar amendment by Representative Andresen (Rep.) of Red Wing.
Minn.. to fix the exchange value for butter fat at 26 cents a pound also was
adopted.
The House rejected an amendment by Representative McGugin (Rep.)
of Coffeyville, Kans., to eliminate from the Committee amendment all
reference to hogs. Mr. McGugin attacked the provisions of the whole bill
affecting hogs as inconsistent and unfair.
The entire Committee amendment, as amended, then was adopted.
Another amendment, also by Mr. Jones, prescribing the method of computing the adjustment charge on hogs, was adopted, as were perfecting
amendments dealing with rice, butter fat, and peanuts.
Oleomargarine Tax.
Representative Andresen proposed an amendment to impose the same
processing tax on oleomargarine as would be imposed on butter fat,so as to
keep oleomargarine and butter on a similar competitive basis,
Representative LaGuardia (Rep.), of New York City, criticized the
amendment as a burden on the poor and urged its rejection by friends of the
Farm Bill. Representatives Jones and Andresen agreed to withdrawal of
the amendment, but there was objection to this and the amendment then
was defeated by a viva voce vote.
Representative Seger (Rep.), of Passaic, N. J., offered an amendment to
strike out the paragraph levying a tax on silk and rayon for the protection
of cotton processors who would be subject to the cotton processors' tax.
Representative Jones defended the levy on the ground that processors of the
three commodities would remain on the same competitive basis.
Silk Levi, Opposed.
Representatives McGugin and Chindblom (Rep.), of Evanston,
attacked the levy on silk and rayon as an unjustified burden on one industry
for the benefit of another.
Representative Lehlbach (Rep.), of Newark. N. J., offered a substitude
for the Seger amendment, proposing to eliminate only a sentence exempting
from the rayon tax such rayons as is made from cotton suoject to the tax.
The substitute was rejected by the House.
Representative Schafer (Rep.), of Milwaukee. Wis.. moved to strike out
the enacting clause, killing toe Farm Bill. Representative Jones moved
that the Committee of the Whole House rise and report the bill to the House
with the enacting clause stricken, and his motion was rejected. The disposed
also of Mr. Schafer's motion.
Provision for Hogs.
Mr. Segar's amendment to eliminate the tax on rayon and silk then was
rejected by a teller vote of 101 ayes to 115 nays.
An amendment by Mr. McGugin to strike out reference to hogs in
Section 10 of the bill was rejected. An amendment to strike out all of
Section 10, which imposes taxes on the processing of the farm products
affected by the bill, also was rejected.
An amendment by Representative Hope (Rep.). of Garden City, Kans..
Was adopted, reducing from 100 barrels to 25 the amount of flour in the
hands of a retailer which would be exempted from the tax imposed by the
bill on floor stock of certain commodities. Another amendment by Representative Haines (Dem.), of Red Lion, Pa., to exempt fromfhe floor tax
cigars wieghing more than three pounds per 1,000 cigars, was rejected.
Retail Classifications.
An amendment by Representative McSwain (Dem.), of Greenville,
S. C., was adopted, with the effect of including among retailers any individual or company owning three or less stores, instead of excluding from
classification as retailers all owners of more than one store.
Several minor and perfecting amendments were disposed of.
Representative Beam (Dem.), of Chicago, Ill., addressed the House In
Opposition to the tax features of the bill. He urged that the measure be
recommitted to the Committee on Agriculture for amendments to make it
apply to wheat and cotton alone, as an experimental measure. He criticized
Inclusion of hogs in the bill.
Limit on Hogs Rejected.
Representative Burtnes asked a reduction from $250 to $75 in the value
of hogs which a producer may process annually himself, either for home use
or sale, without paying the processing levy. His amendment was rejected,
44 to 60.
An amendment by Representative Schafer to exempt such processing
only when:the pork is for household use of the producer, was amended to
exempt from the levy hogs processed for home use or sale up to $100 a year,
and the amendment.was adopted.
Tar on Jute Opposed.
Representative Snow (Rep.), of Bangor, Me., asked elimination of a
provision for a tax of 5 cents a pound on imported jute. Ile declared such
a levy would impose a burden on farmers, who use Jute products such as
sacking, and would add five cents to the cost of every bag of poultry feed.
The amendment was adopted 114 ayes to 34 nays.
An amendment by Representative McClintic (Dem.), of Snyder, Okla.,
limiting to $7.500 a year the salary which may be paid to an employee of
the Treasury or Department of Agriculture employed to aid in administering the act was adopted.
The Committee of the Whole House then reported the bill to the House.
A motion of Representative Beam (Dem.), of Chicago, Ill., to recommit the
bill to the Committee on Agriculture was defeated, and a roll call then was
taken on passage of the bill.
In or issue of Jan. 7 (page 65) we indicated that the House
Committee on Agriculture had approved the farm allotment
bill on Jan.3 and ordered it favorably reported to the House.
It was also stated in our item of a week ago that a special
rule had been adopted by the House Committee on Rules
on Jan. 4, paving the way for consideration of the bill in
the House on Jan. 5. On Jan. 5 amendments to extend the
benefits of the parity plan to crops now being marketed were
approved by the House Agricultural Committee just before
general debate on the Jones farm relief bill began. The New
York "Times" advices from Washington Jan. 5 reported
this, and added:
Where the original bill provided that the certificates would be issued for
the marketing year 1933-34. the amended measure provides an "Initial
marketing period" after approval of the act.
The fair exchange values during the Initial marketing period were specified
as 75 cents a bushel for wheat. 9 cents a pound for cotton and 5 cents a
pound for hogs in the Committee's amendment. These figures are considerably below the previously estimated level_for wheat and cotton, but
Volume 136
Financial Chronicle
mark an increase of 1% cents a pound over the figure previously named
for the initial marketing period for hogs.
On Jan. 6 Associated Press advices from Washington said
in part:
After a day of speech-making, during which the name of President-elect
Franklin D. Roosevelt was bound more closely to the domestic allotment
plan for fixing minimum prices, a score of progressives found themselves
virtually agreed in favor of the measure.
"We are nearly united in our plans," announced Representative Morello
H. La Guardia, Republican, of New York, Chairman of the group. "With
a few perfecting amendments, most of our men will support the bill. ...
Roosevelt Linked With Bill.
Representative Marvin Jones of Texas, author of the bill, continued
confident of Its ultimate success, though declining to predict what amendments may be made. He remarked off the floor on the upturn in Chicago
wheat prices in anticipation of expected price fixing.
Representative William L. Nelson, of Missouri. was the first Democrat to
link Governor Roosevelt with the relief plan. He told the House he would
"like to go along with the next President of the United States."
"I am told that this is the plan that has been sold to Mr. Roosevelt,"
Representative Nelson said. "If it has been, I am going to do the best I can
to see that he must never pay for it, that my party must never pay for it,
for this plan, like all other artificial plans, must fail"
Representative James M. Beck, Republican, of Pennsylvania, suggested
that "some influential Wall Street financiers sold this plan to Governor
Roosevelt."
Representative William F. Kopp, Republican, of Iowa, remarked, "It
Is generally understood that Mr. Roosevelt favors this plan, and if it is not
passed this session it will be in the next. That being the case, is it not a
good idea to pass it now and give it a fair and early trail?"
In citing the proposed amendments to the bill on Jan. 7,
the Washington report to the "Times.' noted:
Endorsement of the bill, provided it Is amended to Include milk, was received to-day by Representative Jones, Chairman of the Committee on
Agriculture,from the National Co-operative Milk Producers' Federation. .
Maine Opposes Potato Bounty,
Inclusion of potatoes will be strenuously opposed by Representative
Snow, who represents a district in the potato-growing section of Maine.
Mr. Snow has announced that he will oppose the bill in any event.
The potato growers have been moved to action because of the Proposed
duty of 5 cents a pound on jute, which will increase the cost of their potato
sacks and offset any benefits they would receive under the parity Plan.
Efforts to include peanuts will be opposed by the Agriculture Committee.
one member said, because the Dill is intended to Include only exportable
crops.
On Jan. 9 progress on the bill was made impossible by
adjournment out of respect tor two House members who
died over the week end, said Associated Press advices from
Washington that day, but Mr. Jones and his associates
took advantage of the time to study the outlook and prepare
to resist a host of amendments the consideration of which
was scheduled to begin Jan. 10.
On Jan. 10, disregarding the pleas of its leaders the House,
adopted the amendments on peanuts and dairy products
by votes of 111 to 110 and 107 to 75, respectively. The
New York "Journal of Commerce" also had the following to
say from Washington Jan. 10:
The amendment to include rice, which was not opposed by toe Agriculture
Committee, was adopted by a vote of 99 to 24.
The three amendments accepted were the only ones offered during nearly
three hours that the House spent in considering proposed changes to the
program. A barrage of other amendments are expected to make their
appearance to-morrow, of the bill is not killed at the outset when the House
votes on the Cannon motion.
In addition to further enlarging the scope of the entire program,
the
House also changed the provisions outlining the Congressional declaration
of policy in dealing with the agricultural problem by strking out the language which declared that the exportable surpluses of the conunodities are
produced in such quantities as to make prices on world markets a controlling
factor in establishing domestic prices and that substantially the
entire
production of the commodities is processed prior to ultimate
consumption.
The Washington account Jan. 10 to the same paper also
contained the following:
The first test vote on the domestic allotment farm relief
program of the
Democrats will be had in the House to-morrow, when it makes a
decision
as to whether it will strike out the enacting clause of the Jones bill or continue its consideration of the plan.
This stage of the proceedings was reached unexpectedly to-night when
Representative Cannon (Dem., Mo.), seeking permission to address the
House for five minutes. offered the motion to strike out the clause and
opponents of the bill refused him permission to lay the motion aside.
Although supported by approximately 112 Representatives said to be
pledged against adoption of the measure, opponents of the program hold
little hope of being successful in the efforts to kill the bill in this manner in
view of the action of the House earlier in the day when it expressed a willingness to permit rice, dairy products and peanut producers to fall within the
benefits of the plan.
As to the proceedings in the House on Jan. 11, the "Journal of Commerce" said:
Passage of the domestic allotment farm relief program either late tomorrow or Friday was virtually assured to-day [Jan. 111 when the House
by a majority of 61 refused to kill the Jones bill and lined up behind its
leadership against loading the measure down with amendments.
In rapid succession it refused to strikefut the hog provisions, the acreage
control sections. decided against including corn, flaxseed and oats, and was
prepared to take up the amendments of the Agriculture Committee to-morrow fixing the value of wheat,cotton and hogs which is to be realized by the
.
farmers on their present crops. .
The future of the allotment plan hung in the balance at the outset of the
House session to-day by reason of a motion entered last night just before
adjournment by Representative Cannon (Dem., Mo.) to strike out the
enacting clause.
Mr. Cannon had offered the motion merely as a means of securing the
floor to address the House. He had sought to withdraw it when he con-
269
eluded his speech, but was blocked by Representative Goss (Rep., Conn.),
who entered an objection. Mr. Goss tried to-day to withdraw his objection,
but in turn was blocked by Chairman Jones of Texas in charge of the bill,
who declared "we might as well have the showdown now."
Jones Outlines Aid.
Then urging the House to reject the Cannon motion and refuse to accept
any more amendments to the bill, Mr.Jones said, "regardless of the complaint or criticism against the program, this measure will give the farmer
Sc. a pound on all the hogs he markets; 93c. a bushel on all the wheat he
markets, and 12c. a pound on all the cotton he sells."
His speech had telling effect for the House immediately without further
debate rejected the Cannon motion by a standing vote of 161 to 100. It
then proceeded to reject by an even greater majority an amendment pending from yesterday by Representative Beam of Chicago. to strike out the
hogs provisions. The vote was 189 to 88.
Evidence of the control that Mr. Jones and the Democratic leaders had
over the House to-day as contrasted with yesterday when the House
included peanuts and dairy products within the scope of the bill was seen
In the fact that only those amendments went into the measure that had his
sanction.
Included among those was an amendment of Representative La Guardia
(Rep., N.Y.), for the protection of the farmers by providing that no certificate on his crop which will be issued him under the plan is to be subject to
attachment by a creditor.
Andresen Amendments Given.
Also three amendments of Representative Andresen (Rep., Minn.),
permitting farm co-operatives to aid in administering the program; to have
the surplus corn land put under the restrictions of the Secretary of Agriculture, and to prevent an increase in the productionn of butter fats by
limiting the issuance of certificates during the second year of the program's
operation to those producers who did not produce more butter fat than they
did in the preceding year.
Afandatory Cotton Cut Lost.
Efforts to compel a reduction of 50% in the acreage of cotton were
made by Representative McSwain (Dem., S. 0.), but his amendment was
rejected. He contended that the farmer, in compliance with the requirements that he must reduce his acreage 20%, would only exclude the poorest
of his land on which very little could be raised with the resulting effect
that the total production of the crop would be curtailed but little.
Representative Patman (Dem., Tex.) sought to compel the farmers to
limit production of cotton only to domestic requirements by forcing a 65%
reduction in acreage. His amendment was rejected.
Representative Ramseyer proposed that the farmer having not more than
35 hogs in his crop be relieved of the requirement to reduce his production
20%, but that was turned down also by a vote of 76 to 60.
Corn, Other Amendments.
The amendments to widen the scope of the bill to include flaxseed, corn
and oats were offered by Representatives Hall (Rep., N. D.), Gilchrist
(Rep., Iowa), and Schafer (Rep., Wis.). Each was shouted down in suocessive order by "nom."
Yesterday (Jan. 13) a United Press dispatch in the New
York "World Telegram" said:
Chairman Charles L. McNary (Rep. Ore.) of the Senate Agriculture
Committee to-day promised to support the domestic allotment for relief
plan passed by the House if the measure is amended to include all crops.
Senator McNary called a meeting of his committee for Monday to consider the bill. He said he did not expect to hold hearings and hoped to get
quick action.
"I should guess," Senator McNary said. "that with some simplification
and description of fair exchange values and inclusion of all agricultural
commodities, subject to the decision of the Department of Agriculture, the
bill would be reported favorably.
"I am going to support it if we can simplify It, make it practicable and
bring it within the Constitution, because in theory the quckest economic
recovery the country could make would be through increasing the purchasing power of agriculture."
Mr. McNary recalled that the first McNary-Haugen bill, vetoed by
President Coolidge, covered only four commodities.
Voluntary Farm Allotment Plans Viewed as Artificial
— Stimulii by H.H.Heimann of National Association
of Credit Men.
To the extent that a voluntary domestic allotment plan
goes beyond an educational measure to restrict acreage it
will, like every other artificial means, prove a boomerang,
declares Henry H. Heimann, Executive Manager of the
National Association of Credit Men, in an analysis of the
farming situation which is part of his January review of
business. Mr. Heimann says:
This attitude on the allotment plan is not popular but it is a historical
fact. All other domestic premium schemes are simply shifting burdens,
involving more and more other related Inaustries and increasing taxation.
Furthermore, a plan of this kind, if started, in wheat and cotton, could not
well be restricted to these commodities. Those interested in other commodities which are selling at, or near, all time lows, could and would
demand equal consideration. While they might not be politically strong
enough to secure it, the effect would be further maladjustments and disgruntled classes.
Over a long range point of view, sad as it has oeen. a favorable factor in
the agricultural situation is the deflation that has taken place in farm land,
placing new owners in a position to effect low cost production by reason of
small capital investment. The realization throughout the Nation that the
ourdens of taxation must be more equitably spread and should
not be
borne to such great extent by real estate will be most helpful to the
farms.
Taxation on farm lands in the future will not be the problem It has
been in
the past.
Agriculture still has a great deal of liquidation ahead of it.
There is an
evolution silently at work In this industry. The farm of the
future will be
either a 10, 20 or 30 acre farm operated in connection
with an industrial
job, or it will be an industrial farm of five hundred
acres or upwards.
Except where great diversification is possible, the old
160 acre unit is
slowly passing. The burden of debt overhanging the
farms is not only a
serious problem out one, grim as the conclusion may ne,
that will only be
corrected by shifting of ownership.
We might as well face facts and take a lesson from
history. In the last
major depression it is recorded about 50% offarm real estate
changed hands.
Tne total may not reach that amount but there will be considerable
shifting
Financial Chronicle
270
and this will call for additional liquidation in all lines in farming sections.
Yet, the situation is not without hope. Indeed, the first real favorable
factor in the agriculmral situation has just been released. The government estimated that because of reduction of acreage and other factors the
yield on winter wheat will be the smallest since 1904. Should this forecast
prove accurate it will mean a reduction in winter wneat of 75,000,000
bushels. There are approximately to-day. througnout the world, 300.000,000 bushels of wheat above normal surplus requirements. If our
winter wheat reduction is not offset by increases in spring wheat, it is
evident that the world's surplus will be cut one-fourth by the United
States alone.
In the end, the only fundamental recovery that can be had in agriculture
is througn tne operation of the law of supply and demand. The present
deplorable price situation in wheat is largely due to the artificial plans and
barriers now in effect. These plans endeavored to raise the price structure
of wheat, but as history has repeatedly shown, their only effect has been
to raise production and to curtail consumption. When it is realized that
no less than 35 governments are endeavoring in some manner or other to
lift the prices of grain by articificial means, you can understand how the
fundamental economic laws have been seriously hampered and could not
operate in normal manner.
Costs of Farm Allotment Bill Indicated
A. Sloan of Cotton-Textile Institute—
Impose Tax of from 30% to 60% on Mill
Effect on Living
by George
Would
Price of Fabrics.
George A. Sloan, President of the Cotton-Textile Institute,
which represents the cotton manufacturing industry of the
United States, has issued a statement showing the effect of
prices of the Domestic Allotment or Farm Parity Plan as
embodied in the bill (H. R. 13991), reported favorably
last week by the House Agricultural Committee. The
statement, which summarizes the results of a study made
by the Cost Engineering and Statistical Departments of the
Institute, was given as follows on Jan. 9:
For standard print cloths commonly used for house dresses and similar
garments, the increase in the price of the goods as they leave the mill will
approximate 3734 %.
For narrow sheetings, a coarse yarn fabric, used in bagging, low-priced
garments, building operations and in industry generally, a 50% price
Increase.
For yarns, um., largely in hosiery and underwear, the price increase
will range from 40% to 60%.
For denims, used largely in work clothing and particualrly for overalls,
a price increase of 38%.
For chambrays also used for work clothing and children's low-priced
garments, a price increase of 32%.
For bed sheetings, an increase of 31%.
For voiles, lawns, and other fine cotton goods, an increase ranging from
15% to 25%.
It is clearly evident from these figures that this sales tax will range from
30% to 60% on the mill price of fabrics most necessary for the simplest
wearing apparel for men and women and home consumption. Obviously
this will directly and substantiahy increase the cost of living for tne average
wage earner.
During the past few days a group of cotton mill executives, including
Messrs. G. E. Burton, Harry L. Bailey, Gerrish H. Milliken, Robert T.
Stevens, W. D. Anderson and Mr. Sloan, nave conferrred with Professor
Raymond Moley and several prominent members of Congress in regard to
this proposed legislation. While expressing their concern for tne farmers'
problems and the hope that a proper solution will be found, the mill representatives emphasized their grave doubt as to whether the solution will
be reached through the so-called Parity Plan. Moreover, they believe
that this plan involves great hardship to cotton manufacturers and their
customers who comprise the entire public. Among the fundamental objections to the plan, as brought out by the Cotton-Textile Institute's studies,
are the following:
1. As this tax is 100% or more of the present price of raw cotton, there
are strong doubts that the plan will actually correct the inequalities between tae prices for agricultural and other commodities. The extensive
price increases for cotton manufactures it will cause, without a proportionate increase in the price of commodities in general, will decrease the
purcnase of cotton goods and consequently decrease the consumption of
cotton. Even at the present low price of cotton, consumption is below
normal, it having amounted last year to 72% of the average for 1927. 1928
and 1929. The cotton textile industry to day is the largest manufacturing
industry in America from the standpoint of the number of workers employed.
Many business executives in other industries, economists and agricultural
leaders have expressed the view that this industry should lead the way,
or in any event be one of the leading industries, in working out of the depression. Consequently, a further reduction in cotton textile consumption
would have a far-reaching effect upon the cotton mills, including employment.
Apart from slowing down business and checking sales of cotton goods
for uses in which cotton is considered to be firmly established, such a high
tax would lead to substitutions of other fibres or commodities in(place of
cotton in many branches of industry wnere cotton always has had numerous
competitors. Cotton has a strong competitor in paper for containers, for
covering and transporting many heavy commodities such as cement,
sugar, flour, grain, &c., in which many hundreds of millions of yards of
fabric are used annually. Paper, hemp, flax and ramie compete with
cotton as well as jute, which is mentioned in the latest bill;rubber and leather
compete with cotton in belting; in the manufacture of blankets wool is an
important competitor, and in dress goods cotton competes with linen,
rayon, wool and silk. The small compensating tax on rayon and silk is
entirely disproportionate to the tax on cotton as it amounts to less than
10% of the selling price.
In fact, it would be impossible to enumerate the circumstances under
which other fibres and commodities could be used in the place of cotton.
Past experience indicates that when the price of raw cotton is disproportionately high the consumption is reduced. In 1926-1927, a year of comparatively low prices, the number of bales consumed amounted to 27%
in excess of the consumption in 1923-1924, a year of high prices. There
is no question, therefore, that the addition of a tax to toe present price of
cotton as large as that proposed would cause users ofcotton to turn wherever
Possible to fibres and commodities upon which there was no tax, and cotton
farmers would consequently suffer a serious loss of markets.
2. In the event that there would be a reduced acreage planted to cotton
on farms that had qualified for receipt of allotments through having previously engaged in cotton raising, is it not reasonable to expect that the pros-
Jan. 14 1933
poet of tnis reduced acreage would attract to the cultivation of cotton
areas that could not qualify for participation in this fund, not to mention
the strong probability of increased production in foreign countries? Is it
not logical to regard such a oevelopment as likely to more than offset
any voluntary curtailment of acreage in this country?
3. We do not, however,fear an increase in acreage brought about through
prospects of curtailment as much as we fear that production of cotton
would not be decreased by those eligible to the benefits of tne plan. Strong
doubt exists that the per acre yield of cotton can be controlled. Records
show that the yield per acre of cotton is an extremely variable quantity.
In 1931, Texas, the largest cotton State, produced 165 pounds per acre;
Arkansas, the next in importance,(produced 256 pounds per acre; Mississippi
and North Carolina, other important cotton States, produced 209 and 245
pounds respectively. From year to year also there has been a wide variation in the per acre yield. Within the last few years, 1923 to 1931 inclusive,
for all States combined, it has ranged from a low of 130.6 pounds per acre
to 201.2 pounds. Intensive cultivation, increased fertilizer use and favor
able weather conditions are all factors that make it impossible to determine
in advance what will be the aggregate output of cotton. Furthermore,
it Is reasonable to expect that on the reduced acreage prescribed by the
plan, farmers will give more attention to getting the most out of their
remaining land and thus obtain a higher yield.
4. The restricted demand caused by the tax, combined with no proportionate decrease in production, and in fact a possible expansion in production, would not facilitate the recovery of business. Cotton mills would
suffer losses, unemployment would become more acute and the large surplus
of raw cotton with which the industry is now burdened would increase.
These are economic phases that should receive serious consideration of
Congress, entirely apart from the fact that the bill proposes a very high
sales tax on some of the most necessary articles of public consumption.
5. The plan will serious discourage the mills from carrying normal inventories because of the tax involved. Moreover, it will hinder the maintenance of normal stocks in the various channels of distribution. This will
mean intermittent operations, frequent drastic curtailment of employment
In mill centers and resultant higher cost of production. This, in turn,
will necessarily mean even higner prices to the consumer than those directly
resulting from the Domestic Allotment Plan.
6. Any revenue which this tax produces cannot be distributed to the
farmer until cotton plantea this spring is ginned or sold. Consequently,
the increased purchasing power of the farmer, whch is the objective of the
plan, will not begin to be felt until the end of the year. Meanwhile, the
consumers and buyers of nis product will have been struggling under the
burden of an enormous sales tax. It is obvious then that if relief to the
farmer is to take this form, the funds, at least in the first year. must come
general revenue. In fact, we believe it is economically unsound to raise
funds for this purpose from any source other than general revenue or a
sales tax sufficiently comprehensive as not to distort the relative value to
consumers of essential commodities.
Larger Crop Loans Proposed in House—Measure Provides $103,000,000 as Farm Production Aid.
Designed to pave the way for prompt House consideration of a proposal to make available to farmers upward of
$103,000,000 of loans for crop production, the House Committee on Rules, Jan. 9, ordered a special rule making this
proposal(H.J. Res.529)in order as 0. substitute for the Smith
$11,000,000 crop production loan bill (S. 5160), which passed
the Senate Dec. 22. The "United States Daily" of Jan. 10
also reports:
The rule providing for one hour's general debate on the proposal was
agreed to after the Rules Committee heard Representative Jones (Dem.),
of Amarillo, Texas, Chairman of the House Commltee on Agriculture,
sponsor of the House measure; Fuller (Dem.) of Eureka Springs, Ark.,
and Wilson (Dem.), of Ruston, La., in behalf of the bill.
The rule provides for taking up the Smith bill (S. 5160) as it passed the
Senate and then substituting all after the enacting clause with the Jones
resolution. Mr. Jones told the Committtee the House bill would make
available for these loans in the Department of Agriculture 3103.000.000
that the Senate measure would provide only $11,000,000 which would be
inadequate, and that under both measures there would be some additional
sums from collections under prior loans. He said while the Secretary of
Agriculture has not recommended the House bill, it has some provisions
recommended by those handling such loans in the Department of Agriculture.
The Jones bill stipulates as a condition precedent to the loans that the
borrowing farmers agree to reduce acreage or production not to exceed
30% of the crop planted in 1932, which, in answer to questions, he said
might amount, under certain conditions, to 60% reduction under the
acreage or production of 1931.
Representative Fuller suggested some clarification and there was discussion in Committee of some amendatory proposals either in the House
or in conference. The bill relates to allocation to the Secretary of Agriculture under the Reconstruction Finance Act.
Speaker Garner (Dem.), of Uvalde, Texas, said the proposed legislation
would be given prompt consideration, possibly immediately after the
House disposes of the pending Jones Farm Relief Allotment bill.
The Jones resolution (H. J. Res. 529) provides that a first lien on all
crops growing or to be planted, grown and harvested during 1933 will be
required of each borrower as security.
Unified Loan System Sought for Farmers—Absorption
of Joint Stock Lan Banks by Federal Land Banks
Proposed.
A bill for unification of Federal Farm Loan systems through
the absorption or liquidation of Joint Stock Land banks by
Federal Land banks was introduced in the Senate Jan. 11
by Senator Robinson (Dem.), of Arkansas, minority leader,
according to the "United States Daily" of Jan. 12, which
also had the following to say:
Mr. Robinson also introduced a bill permitting Federal and Joint Stock
banks to carry their real estate for five years at the amount of the bank's
investment when the land was a cquiredand to put real estate, purchased
money mortgages, and contracts to sell real estate as collateral security
for bonds outstanding.
Rewriting of Mortgages.
The bill for unification of Farm Loan systems, Senator Robinson explained
authorizes the rewriting of existing mortgages of Federal Land banks and
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Financial Chronicle
of Joint Stock Land banks, acquired under the bill, at a reduced rate of
interest, not to exceed 435%, payment of such mortgage to be amortized
over a period of 40 years.
The Federal Land banks are to purchase the mortgages of the Joint
Stock Land banks whenever 80% of bondholders have agreed to surrender
their bonds for 3% guaranteed consolidated bonds of the Federal banks,
Mr. Robinson said. He explained that no principal payments are to be
required for three years.
Bond Issue Proposed.
It is proposed that the Federal Land banks shall issue bonds in lieu of
those outstanding in sufficient amount to permit the refunding of the
mortgages, the bonds to bear 3% interest and to be guaranteed by the
Government.
With respect to new loans and extensions the Government is authorized
to subscribe additional capital stock of the Federal Land banks to the
amount of $200.000,000 which is designed to enable the Federal Land
banks to accord just and lenient treatment to delinquent borrowers and
to_provide a basis for the capitalization of new loans, he said.
Federal Farm Board Authorizes $1,000,000 Loan to
New England Dairies, Inc.
The Federal Farm Board has authorized a loan of $1,000,000 to the New England Dairies, Inc., according to Associated Press advices from Boston Jan. 11.
Rates on Agricultural Credit Corporation
Loans Fixed at 63,'% by Reconstruction Finance
Corporation.
Interest charges to livestock men and farmers for loans
from the Reconstruction Finance Corporation have been
fixed at 63/2% of the loan according to Associated Press
advices Jan. 13 from Washington, which also said:
Interest
The corporation, on Dec. 24, announced that interest rates on Agricultural Credit Corporation loans would be 05%, with not to exceed 1%
of the total loan as an inspection and appraisal charge.
At the Corporation it was said to-day that as a matter of bookkeeping
it was found necessary to make the charge on a basis of 05% and for this
reason interest at the rate of 05% without any service charge was being
charged. Prior to Dec. 24 the rate was 7%,including the appraisal charge.
Resolution Adopted by House Calling Upon Reconstruction Finance Corporation to Submit Report
of Loans Made Between February and June 1932.
As was indicated in our issue of a week ago (page 80) the
House of Representatives on Jan. 6 adopted a resolution
calling upon the Reconstruction Finance Corporation to
submit to the House, before Jan. 25, during the first five
months of its existence—February to June (inclusive) 1932.
The following is the text of the resolution as agreed to by
the House:
House Resolution 335.
"Resolved, That the Reconstruction Finance Corporation be and is
hereby requested to submit to the House of Representatives on or before
25th day of January next a full and complete report of the operations of
said body during the months of February, March, April, May and June of
the year 1932, showing in detail all loans and commitments made by it
during said months,the dates and amounts thereof, the names and addresses
of the respective borrowers and prospective borrowers, the purpose for
Which each loan or!commitment was made or intended to be made, the
present status of each loan with respect to any repayments effected, and
the amount of public money and public credit employed in said operations.
"Said report shall constitute a part of the public records of the office
of the Clerk of the House of Representatives, and shall be open to public
inspection."
The resolution was introduced by Representative Howard
(Democrat) of Nebraska. From the "United States Daily"
of Jan. 9 we quote:
The resolution had previously been reported by the Banking and Currency
Committee after Mr. Howard had appeared before it in its support.
k The directors of the Corporation will make every effort to forward the
information requested in the resolution by Jan. 25, but because of the
large amount of work involved in compiling the necessary data, it is not
expected that the report will be made prior to that date, according to
information made available Jan. 7 at the Corporation.
ki The task was described as a "vast undertaking," requiring night-and-day
shifts'in the Corporation's clerical personnel, since more than 5,000 items
must be dealt within the preparation of the report.
When the resolution was brought before the House as a privileged matter
Representative Steagall (Dem.), of Ozark, Ala., explained its purpose.
Representative Snell (Rep.), of Potsdam, N. Y., asked what additional
Information had been discovered since the last session of Congress to make
It desirable to provide for publicity of past loans as well as those now being
made. Mr. Steagall replied that the present action is in consonance with the
legislation enacted earlier, and that it makes available information which it
had not been made:available:by legislation.
Mr. Steagall moved the previous question which was ordered by a vote
of 76 to 63, and the:resolution was passed.
In the House on Jan. 6, Representative Steagall during the
debate on the resolution had the following to say (we quote
from the "Congressional Record":
Mr. Steagall.—Mr. Speaker, I want to:make a brief statement in explanation of the resolution. It will be remembered that when the original
bill creating the Reconstruction Finance Corporation was passed there was
no requirement in the legislation for the publication of loans to bo made.
Later we passed an mendment to that Act which was understood to contain
a provision requiring the publication of loans made by the Corporation.
This hi , as fought out in Congress and finally passed with that provision.
ome controversy arose respecting the construction of this particular
provision of the bill. The final action was that the Clerk of the House
construed the legislation to require that the Corporation furnish and publish
ormation covering transactions subsequentlto the enactment of the
271
legislation. The resolution now before the House simply calls upon the
Corporation to submit in accordance with the provisions of the amendment
of the Act as construed by the Clerk of the House, a full report of all loans
and transactions prior to the time covered by the provisions of the amended
legislation of last June. In brief, this is the purpose of the resolution now
before the House.
Mr. Steagall.—Due to an interruption, I am not quite sure I caught
the gentleman's question.
Mr. Snell.—When you passed the amendment to the bill requiring all
future loans to be published, why did you not require at that time all passed
loans to be published, if that was necessary or if there was any special good
to come from doing it _
Mr. Steagall.--It was understood that the legislation required the publication of all loans. The Act as finally construed was to the effect that the
requirement only related to loans made subsequent to the enactment of the
legislation, and all those loans have been published. This is simply to supplement that information. I do not look upon it as a matter that need give
anybody any alarm. Certain it is that on one outstanding instance, which
has provoked widespread discussion throughout the country, the very
fact that a large bank was able to secure a commitment from the corporation that its needs would be taken care of in its efforts to respond to
demands of depositors, it was recognized everywhere that the publication
of this fact by the bank itself enabled the bank to get by its difficulties.
Such a loan gives assurance that a borrowing bank is solvent, else the corporation would not approve the loan. I do not regard the publication of
this information as basis for alarm. The funds that are being lent by this
Corporation belong to all the people of the country, and there are many
members of this House and many people throughout the country who believe
they are entitled to know what is being done by the Corporation. The
money with which loans are made comes out of the 2reasury. The people
who pay the taxes have a right to the information sought by this resolution.
We want them to have it. This was the purpose of the legislation passed
last summer, and is also the purpose of the information desired under the
resolution now before the House.
Ruling of Alabama Supreme Court on Loans Obtained
by Municipalities from Reconstruction Finance
Corporation—Sums Are Not Chargeable to Constitution al Limit.
In its issue of Jan. 5 the Birmingham "Age-Herald"
reported the following from Montgomery, Jan. 4:
The Alabama Supreme Court in an advisory opinion ruled Wednesday
that loans obtained by Alabama municipalities from the Reconstruction
Finance Corporation on self-liquidating projects were not chargeable against
the constitutional debt limits of the municipalities.
The seven justices declined to rule on the constitutionality of the Goodwyn
Act authorizing the loans, stating that the question as presented was "too
general to call for an opinion."
In ruling that the debt was not in violation of the constitutional provision limiting the debts of municipalities, the court held that the loan
"confines the liability to a lien against the plant constructed, extended or
improved," and said the Goodwyn Act prohibited the loan from becoming
a debt against the municipality.
The opinion was addressed to Governor Miller, who asked for the ruling
at the request of the Reconstruction Finance Corporation after receiving
notice that several Alabama municipalities had made application for loans
on self-liquidating projects.
Senator Wagner's Bill Amending Reconstruction
Finance Corporation Act to Put State Aid in
Hands of Committee.
Senator Wagner's bill proposing that relief loans to States
be taken out of the hands of the Reconstruction Finance
Corporation, and otherwise liberalizing Federal relief work,
was introduced in the form of an amendment to the Reconstruction Finance Corporation Act on Jan. 9. The Washington advices on that date to the New York "Times" said:
The amending bill had previously been described by Senator Wagner
as embodying ideas which originated in a feeling approaching resentment
at the alleged meager disposition of the Reconstruction Finance Corporation to utilize its resources. He introduced it without comment to-day.
Loan Committee Provided.
The new Wagner bill provides for the establishment of a relief committee of three members, who would have sole authority over granting of
the relief loans.
It would be empowered to act until July 21 1934 and would have jurisdiction not only over subsequent applications, but those which have been
filed since July 21 1932.
The Costigan-La Follette bill would also remove from the Reconstruction
Finance Corporation its authority to make relief loans and would turn this
authority over to a separate committee. It would appropriate $500,000.000
for direct unemployment relief, to be financed by a long-term bond issue.
Aid for Transients Proposed.
Senator Wagner's amendment would also open a new field for relief
work, providing that the Reconstruction Finance Corporation set up a
$10.000,000 fund for allotment to States to deal with the problem of "needy
transients."
These transients include several hundred thousand boys and young
men cast adrift as the result of the depression.
The money would be administered by the Corporation not in the form
of loans but as outright grants to States which present acceptable plans for
the rehabilitation of the needy transients.
The third major proposal in the Wagner amendment would liberalize
far beyond present law the authorization of loans to States, municipalities
and other public bodies for public works.
These loans henceforth would be authorized "tciaid in financing the
construction, replacement, extension or improvement of projects author
ized under Federal, State or municipal law which, in the opinion of the Corporation, are needful and reasonably sound."
The ten-year provision for the life of indebtedness now permissible under these loans would be repealed through the straight stipulation that
"nothing herein contained shall be construed tobrohibit the Reconstruction Finance Corporation in carrying out the provisions of this paragraph
from purchasing securities having a maturity of more than ten years"
Under date of Jan. 6 advices from Washington to the Ne
York "Herald Tribune" said:
272
Financial Chronicle
Seven Changes Proposed.
Senator Wagner announced that specifically the bill would provide for
seven significant changes in the provisions of the Relief and Construction
Act:
1. Under the existing law no more than $300,000,000 of the funds of the
Reconstruction Finance Corporation may be used for relief purposes. The
bill removes all limitation upon the amounts that may be used by the Corporation in relieving destitution.
ll. The Relief and Reconstruction Act in its present form is susceptible of
the interpretation that a State is not entitled to a relief loan until it is practically prostrate. The bill proposes that a State shall be entitled to a relief
loan if the Governor certifies that it is necessary "to supplement the relief
resources of the State."
3. Heretofore, it has been the practice of the Reconstruction Finance
Corporation to make relief loans to cover the requirements of a State for
exceedingly short periods, sometimes no more than a month. The bill
proposes that relief loans shall cover the needs for the period of at least six
months.
4. No special provision was contained in the Relief and Reconstruction
Act to deal with the problem of transients. The bill proposes that a special
fund of $10,000,000 be set aside in the Reconstruction Finance Corporation, out of which outright grants may be made to States requiring special
assistance in bringing about the rehabilitation of transients and the restoration of these unfortunate drifters to their homes.
Self-Liguidating Clause dodified.
5. A special committee is created by the bill to be known as a relief committee, to be appointed by the President, whose function it will be to pass
upon all relief applications by States and municipalities.
6. The Reliefand Reconstruction Act required that loans may be made by
the Reconstruction Finance Corporation for construction purposes only
upon self-liquidating projects. The bill removes that limitation in so far
as the projects are launched by States, municipalities and other public
bodies, are authorized by Federal, State or municipal law and which "in
the opinion of the Corporation are needful and economically sound."
7. In the Relief and Construction Act the rate of interest to be charged on
all construction loans was left to the discretion of the Reconstruction Finance Corporation. The bill proposes that the rate of interest charged upon
construction loans to States, municipalities and public bodies shall be onehalf per cent more than the rate paid by the Federal Government for longterm financing.
The bill will be referred to the Committee on Banking and Currency.
Meeting of National Transportation Committee Following Death of Its Chairman Calvin Coolidge—
' Latter's Post Not to Be Filled.
The National Transportation Committee, organized last
fall to make a study of the country's various forms of transportation, met on Jan. 9 for the first time since the death on
Jan. 5 of Calvin Coolidge. Following the meeting it was
stated that the former President's place on the Committee
would not be filled.
The New York "Herald Tribune" of Jan. 10 further
reported:
Mr. Coolidge, as Chairman, had directed the work of the Committee.
Since its organization, the Committee has held a series of hearings at which
various groups of transportation enterprises expressed their viewpoints on
national co-ordination of traffic systems. Alfred E. Smith, former New
York Governor, said after yesterday's meeting that the Committee's
report would be completed as soon as possible. He said that it would be far
more comprehensive than had been originally planned.
Bernard M. Baruch, as Vice Chairman of the Committee, presided at
yesterday's meeting. Clark Howell, publisher of "The Atlanta Constitution," will draw up the Committee's resolutions of condolence and sympathy,
which will be sent to Mrs. Coolidge.
Dr. Harold G. Moulton, head of Brooklyn Institute and special adviser
and investigator for the Committee, submitted reports at the closed meeting. Dr. Moulton has been studying the Inter-State Commerce Commission's records and preparing a digest of its findings covering a period
of years of study of railroad problems.
Although the subject of yesterday's discussion was not announced it is
believed that the Committee was going over the reports of Dr. Moulton on
testimony taken at recent public hearings. All members of the Committee
were present, including, besides Messrs. Baruch, Smith, Howell and Dr.
Moulton, Alexander Legge, President of the International Harvester Corp.
Inter-State Commerce Commission Ends Pennsylvania
Long Haul Clause—Rules Inter-State Rates Must
Apply Within State.
The Inter-State Commerce Commission decided Jan. 12
that certain railroad class rates in Pennsylvania made necessary by the long and short haul provisoins of the State constitution were prejudicial, compared with corresponding
rates. New rates were fixed to supersede the tariffs found
prejudicial. The decision, written by Commissioner Eastman, as reported in the New York "Evening Post" Jan. 12,
follows:
There is no gainsaying that neither the Pennsylvania laws nor the decisions of its courts or regulatory authority directly require maintenance of
any particular level of intra-State class rates. Nevertheless,in combination
with other factors, the Pennsylvania long and short haul provisions do
exercise a dominant influence on the general level of the lntra-State class
rates and the operation of those provisions must be viewed in their practical
aspects.
Mr. Eastman cited rates to western Pennsylvania points from Youngstown, Ohio, and Pittsburgh as examples. Owing to circuitous routes
within Pennsylvania he pointed out, rates to certain points in Pennsylvania
were substantially less from Pittsburgh than from Youngstown. Youngstown and Pittsburgh industries compete in many respects.
"In proceedings of this kind," the decision said, "it is the effect of the
State regulation in questions of intra-State commerce which must be considered and not the form of that regulation.
"Nevertheless, it is not inappropriate to observe that methods of common
carriers regulation have widely changed since 1873 when the people of
Pennsylvania considered it desirable to incorporate a rigid long and short
Jan. 14 1933
haul provision in the fundamental law of their State, and practically all the
other States have recognized the advantage of flexibility In provisions of
this kind."
Selected Income and Balance Sheet Items of Class I
Steam Railways for October.
The Bureau of Statistics of the Inter-State Commerce
Commission has issued a statement showing the aggregate
totals of selected income and balance sheet items of Class I
steam railways in the United States for the month of October.
These figures are compiled from reports representing 165
steam railways, including 17 switching and terminal companies. The report in full is as follows:
TOTALS FOR THE UNITED STATES (ALL REGIONS).a
For the Month of Oct.
1932.
For the Ten Months of
1931.
1932.
1931.
Net railway over.income-- $63,932,341 $64,430,045 $267,767,349 $475,302,588
Other income
14,663,298 17,288,241 162,777,192 208,804,005
Total income
$78,598,639 $81,718,286 $430,544,/41 $682,106,573
Rent for leased roads
11,478,815 11,015,364 110,648,429 110,501,992
Interest deductions
45,082,303 44.270,263 445,994,001 441,045,990
Other deductions
1,928,010 20,980,789 20,431,082
1,845,751
Total deductions
158,406,889 $57,213,837 $577,623,219 $571,979,064
Net income
20,188,770 24,504,849 d147,078 878 110,127,509
Dividends declarations (from
Income and surplus):
On common stock
42,131
429,962 54,582,779 213,225,847
On preferred stock
1,143,881
869,591 14,436,791 43,322,511
Bo:ethos Sheet Items.
Balance al End of Oct.
1932.
1931.
Selected Asset Items—
Investments in stocks, bonds, dic., other than those
of affiliated companies
$770,821.902
Cash
Demand loans and deposits
Time drafts and deposits
Special deposits
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and conductors_ _
Miscellaneous accounts receivable
Materials and supplies
Interest and dividends receivable
Rents receivable
Other current assets
$340.836,344 $399,853,036
37,668,037
50,243,510
33,778,394
63.757,358
29,182,519
43,744,357
11,884,321
12,346,963
56,038,418
70,164,933
45,016,433
49,386,914
146,558,535
169,834,423
324,764,342
381,718,385
40.452,687
42,716,482
3,39/.910
6,087,319
9,378.331
13,539,422
Total current assets
$825,287,704
$1,078,932,271 $1,303,393,100
Selected Liability Items—
Funded debt maturing within six months."
$171,192,065
Loans and bills payable
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
$280,285,113 1230,383,455
74,317,646
93,748,899
207,248,040
263,797,585
79,252,844
72,452.377
187,789,411
150,718,875
4,734,007
11.980,410
50,971,674
41,605,003
882,631
11,514,888
111,745,192
110,161.130
34,468,611
34,525.360
18,678,808
23,278.397
$82,285,966
Total current liabilities
$1,030,430.528 31,044,109,630
a Complete data for the following Class I railways not available for inclusion in
these totals: Canadian National Lines in New England, Canadian Pacific Lines In
Maine, and Canadian Pacific Lines In Vermont.
* Includes payments which will become due on account of principal of long-term
debt (other than that in Account 764. Funded debt matured unpaid) within six
months after close of-month of report.
d Deficit.
United States Supreme Court Denies Inter-State
Commerce Commission Has Authority to Order
Road to Build Line—Court Upholds OregonWashington's Objection to Building $9,900,000
Project — Dissenting Opinion Maintains that
Congress Has the Authority to Require Rail
Extensions.
The United States Supreme Court denied Jan. 9 the
authority of the Inter-State Commerce Commission to compel the Oregon-Washington RR. & Navigation Co. to build
a 185-mile connecting line across Oregon, at a cost between
$9,900,000 and 811,700,000. The Court affirmed a decree
of the Oregon Federal District Court dismissing an order
by the Commission. The case was the first of its kind to
reach the Court and will affect similar pending actions
regarding railroad construction. In reporting the decision
the New York "Times", Jan. 9, further states:
Two primary points were concerned in the opinion delivered for the
majority by Justice Roberts. First, was the right of the Court to take
jurisdiction in the issue and the second was the extent of the Commission's
authority under the Inter State Commerce and Transportation acts.
The Supreme Court authority to assume jurisdiction had been questioned because the Government had refused to join in an appeal from
the Federal District Court in Oregon, but Justice Roberts said in his
opinion:
"We think that review may not be denied for want of a necessary party."
As to the Commission's powers, the opinion said:
"We should expect, if Congress were intending to grant to the Commission a new and drastic power to compel the investment of enormous
sums for the development of service of a region which the carrier bad
never, theretofore, entered or intended to servo, the intention would
be expressed in more than a clause in a sentence dealing with car service.
Volume 136
Financial Chronicle
Assails Commission's Contention.
"If a certain paragraph of the law was construed as argued by the Oregon
Commission," he went on, "power would exist to compel a carrier having
lines reaching Chicago and St. Louis, but none connecting those cities,
to build a railroad between them."
Again he said:
"Whether the order be treated as a command to the Oregon Washington
company as a separate corporate entity or as an injunction to the Union
Pacific System, it is an attempted assertion of a power not conferred."
Concluding the majority opinion, Justice Roberts said:
"Though by appropriate legislation the State might forfeit the charter
for non use, the continued existence of the franchise imposed no obligation
to exercise the charter powers. The Oregon Washington company does
not choose to serve the territory which the cross State llne would reach,
has not desired and does not now desire to enter upon the project.
"The possession of a charter which would have made the building of
a railroad legal is insignificant as to the company's actual undertaking.
"Whether the railroad held itself out to serve the region in question
must be decided in the light of all the facts. The record demonstrates
that the territory to be traversed was one the company had neither actually
nor impliedly agreed to serve with transportation facilities."
Cardoso in Dissenting Opinion.
Justices Cardozo, Brandies and Stone dissented. A minority opinion
by the first named said:
"Congress does not transcend the limits of the Constitution when it
establishes a National system of transportation by rail.
"It does not transcend those limits when, in the aid of the system,
thus established, it lays a duty upon the railroads to furnish the extension
requisite for the attainment of the end in view.
"The conclusion is the same, whether the immediate purpose of the
order is to develop the resources of the country in territory contiguous
to roads already built, or to promote convenience of the communities
served imperfectly or not at all."
The case arose when the Oregon Public Service Commission filed a
complaint with the Inter State Commerce Commission against 11 roads,
Including the Oregon-Washington. asserting that they had failed to provide
adequate transportation facilities to an area of some 32,000 square miles
of territory in Oregon.
The Oregon Commission wished the roads to build a line from Crane to
Crescent Lake, but the carriers argued that public convenience and necessity
would not be served, questioned the authority to compel them and took
the matter to the courts after the Inter-State Commerce Commission had
upheld the State Commission.
273
experiments not only has declared against any further resort to artificialities,
but has penitently denounced the principle as unsound and doomed to failure.
As patriotic citizens, we are warranted in asking why the Government
of the United States has not also seen the light. Undoubtedly this is due to
our political system and the peculiar and regrettable susceptibility of Con
grew to group pressure. It should be kept in mind that the whole nation
recognizes the imperative necessity of betterment in the position of the
farmer. Opposition is confined entirely to the character of the schemes
proposed.
In the forefront of these activities stands the professional farm agitator.
They are among the most active lobbyists in Washington. They fought
hard for the McNary-Haugen monstrosities, and they favored the Federal
Farm Board. If this new plan—domestic allotment or farm parity—
whatever it may be called, proves as disastrous as is indicated, they will
espouse some other palliative with unquenched entnusiasm. That is their
business—their racket.Tnev would be equally as active, equally as vocal
In disseminating propaganda for the prevention of cruelty to three-legged
mules if it paid as well.
From a fundamental viewpoint it is hardly to analyze any of these schemes
In specific detail. The seasoned business man will make up his mind in
advance about this latest Congressional proposal. He knows that in a short
time it will be relegated to the lumber room of curiosities along with the
Keely motor, the Philosopher's stone and other contrivances that have
Imposed on the gullibility of mankind.
Our farm problem can be solved. But the solution does not lie along
the pleasant road of the "easiest way." So long as we daily with panaceas
and depend upon the Government to do what we ought to do for ourselves,
we shall be as far away as ever from the solution. We believe that the peope
of the United States and particularly the farmers of the United States are
willing to settle down and work the proolem out for themselves if they are
not deluded by some will-o'-the-wisp hope from political sources.
We believe history can repeat itself, because we have faith in the American
people. We believe they will buckle their belts tighter and make sacrifices
If need be to bring about a sound and lasting recovery, if they have the
right leadersnip and are not misguided victims of demagogic promises
and proposals.
Stocks Owned by Insurance Companies in South
Dakota to Be Listed in Annual Statements at
Market Values As of Dec. 31 1932.
The following is from Pierre, S. Dak., Jan. 4:
The United States Circuit Court of Appeals at Philadelphia has uphdel
the right of the Pennsylvania and other Eastern trunk line railroads to
inaugurate the store door delivery and receipt of freight plan without
first obtaining a certificate of public convenience from the Inter-State
Commerce Commission.
The decision affirms Judge George A. Welsh of the United States District
Court at Philadelphia, who several months ago dismissed a suit filed by
New York transfer companies to prevent railroads from putting the plan
Into effect. The Court holds, however, that the Inter-State Commerce
Commission retains control over the tariffs which the railroads have filed,
fixing the rates for the new service.
Stocks owned by insurance companies doing business in South Dakota
must oe listed in 1932 annual statements at market values as of Dec. 31
1932, according to instructions just issued by the State Insurance Commissioner, C. R. Horswill. Bonds are to be reported at market values
at the end of the year or, if desired, the amortization method may be
applied except upon bonds In default.
Mr. Horswill's notice to the companies follows in full text:
Notice is hereby given that for the purpose of preparing and filing annual
statements for 1932, it is required that stocks and bonds listed therein
be valued as follows:
Stocks: To be valued as of market value on Dec. 31 1932.
Bonds: (a) To be valued as of market value on Dec. 31 1932: (b) or,
if desired, the amortization method may be applied, except on bonds in
default.
This Department does not adopt the so-called "Convention Valuation
Basis." All statements filed must comply with the above requirements.
If book values exceed market or amortized values, the excess shall be
deducted as a nonadmitted asset, and not included in the liability columns.
Tnis Is necessary to reflect the true admitted assets as well as liaoilities.
Statements not filed in compliance will be returned for correction.
C. T. Revere Says Farm Problem Can Be Solved But
Not Through Panaceas—Complications Loom in
Latest Proposals.
"In the latest proposals for farm relief loom complications
far transcending the question of agricultural prices, however
important that may be," says C. T. Revere, Economist with
Munds, Winslow & Potter, members of the New York Stock
Exchange. Mr. Revere says:
Report of President Kasten to Stockholders of First
Wisconsin National Bank of Milwaukee—Decline
in Values and Low Interest Rates on Bank Reserve
Funds Two Factors in Late Year Affecting Banks.
In his report to the stockholders at the annual meeting of
stockholders of the First Wisconsin National Bank, Milwaukee, on Jan. 10, Walter Kasten said in part:
Store-Door Service Wins—United States Court of
Appeals Upholds Railroads' Rights to Inaugurate
Service.
We take the following from the Philadelphia "Financial
Journal":
The chief solace afforded the harassed populations of toe earth
at present
is expressed in the summary tnat we have had depressions before
and that
we have pulled out of them. However, as the world crisis grinds
remorselessly along, witn its mounting financial deatn roll and its tragic
progression
of failing prices, we begin to ask ourselves what element eifferentiates
this
catastrophe from those that have preceded it. Are we being
baffled by
some new, insidious, malignant factor with which we
never before have
had to deal?
In our effort to absolve ourselves from blame we cannot shrug
our shoulders and whine."C'est Ia guerre." To be sure, we are feeling
the aftermath
of the War, but we have had wars before and we liquidated them,
just as
we worked out of previous depressions.
If we will look historical facts squarely in tne face, we will make
two
important discoveries. First, we will find that we were able to recover
from
previous depressions and liquidating past war burdens because we
relied
on the unrestricted energies of the people, their capacity for making individual and collective adjustments to clearly outlined requirements, and made
no attempt to interfere with or obstruct the workings of economic forces.
Second, we will find that due largely to pressure from organized minorities
led by self-seeking agitators and deluded by pledges of political cures for
economic ills, we resorted to experimental artificialities that not only have
one unending record of failure, but, even more important, have postponed
the application of sound remedies.
In accomplishing recovery from the aftermath of previous wars, in climbing out of the mire of our own domestic depressions we had no legislative
programs for agricultural relief; the Federal Farm Board was a benediction
reserved for the years to come: no debenture plan, no equalization fee proposed pressed for enactment. To put it briefly, politics nad not yet reached
out its destroying hand to hamstring the energies of a courageous and
resourceful people.
Within tne last few years we have witnessed the development ofa tendency
to discard tested economic agencies and resort to the substitution of governmental intervention as a price making influence. This movement has made
its appearance largely in so-called democratic countries wnere groups of
producers have exercised powerful pressure in the hope that the State
would mitigate the rigors of fundamental forces and give relief from price
depression.
Apparently we have seen the end of this regime of nostrums in all countries
except the United States. Every other nation involved in these ill-fated
In reviewing the results of the banking year 1932, it is important to
recognize the two principal factors which shaped these results, namely,
the continued decline in values and the extremely low interest rates obtainable on bank reserve funds.
The decline in values of commodities and securities, which was particularly intense during the first part of 1932, naturally resulted in howl
losses to practically every line of business, including that of banking. The
general business stagnation brought about a further large liquidation of
bank loans, thereby reducing the earning assets of banks
Partly due to tne desire of banks for greater liquidity, partly as a result
of Federal Reserve open market operations, and other governmental financial measures, excess reserve funds accumulated in the larger money centres. The abundance of these reserve funds depressed interest rates obtainabte on "primary reserve" assets to such a low point that they have become almost unproductive. An indication of this is the last 1932 bill issue
of the Treasury Department, which was sold at the lowest yield rate on
record. about 0.09%.
It is clear that under these circumstances 1932 was not a profitable year
for the banking business.
Annual Report of M. A. Traylor to Stockholders of
First National Bank of Chicago—Any Defects in
Banking Will Not Be Remedied by Revolutionary
Legislation.
In the annual report to the stockholders of the First National Bank of Chicago, dated Dec. 31 and signed by M. A.
Traylor, President, and F. H. Rawson, Chairman, it is
stated that "since the Civil War there has been no period
in our history in which we have experienced liquidation comparable to that of the present depression." The report goes
on to say:
With an unprecedented collapse of security and commodity
prices, the
withdrawal of gold by foreigners, the failure of thousands of
business enterprises, and the withdrawal of bank deposits because of public
fear, It vraip
274
Financial Chronicle
inevitable that a number of banks, both sound and unsound, should fail.
Bank failures reached their peak in 1931 and have declined materially in
1932. They constitute the principal reason for the large number of proposals for banking legislation. But any defects in banking will not be
remedied by revolutionary legislation which completely changes the banking
system. The various guaranty of deposit bills, for example, simply constitute an attempt to guarantee the unguaranteeable and are wholly unsound.
While no effort should be spared to strengthen our banking system, in this
field as in other businessses the hasty enactment of ill-conceived legislation
should be avoided.
We also quote from the report in part as follows:
In the forefront of the domestic problems confronting us is the increasing
tax burden that national. State and local governments are laying upon
business and upon the general public. It is estimated that our total
government expenditures—national, State and local—now approximate
$15,000,000,000 annually, which is one-third or more of our total estimated
national income for 1932, and equal to almost $125 yearly for every man.
woman and child In the country. The Federal deficit of $2,885,000,000 for
the fiscal year ended June 30 1932—the largest peace-time deficit in our
history—is typical of the situation that prevails in many of our State and
local governments.
Although a portion of our present immense tax burden unquestionably
reflects the financial measures necessary to relieve the general situation and
distress occasioned by unemployment, the facts are that the expenditures
of our various government units have mounted,even in periods of prosperity,
twice as fast as the aggregate income of the people. With almost a 50%
drop in the national income during this depression, and with greatly increased government expenditures, many of our government units are face to
face with a problem of unmistakable gravity. The hopefulness in the whole
situation lies in the fact that the public has become genuinely concerned
over the matter and public officials have been definitely committed to
tax reductions. There is an increasing public insistence that we must refuse
compromise with the causes of the present taxation problem, particularly
as they relate to waste, extravagance and incompetence in the conduct of
government affairs.
There are two essential steps to any lasting solution of this problem.
First, the emphasis should be placed not so much on finding new and supplementary taxes as on reducing where possible, the expenses of government.
To attempt to meet Treasury deficits simply by further increasing taxes is
to add to the already excessive burdens that all private enterprise bears,
which, in the final analysis, will reduce earnings needed to meet new taxes.
Thus we come to the second step, which is the need of a thorough revision of our entire local, State, and national tax systems, that were generally created to function in the earlier economic development of the country, but are wholly inadequate now with the changing forms and types of
property and income. Bureaucracy in government, paternalism, large
Public payrolls, unjustifiable multiplication of government departments
and services are the outgrowth of public demand as well as legislative approval, and it is our responsibility as citizens to restrict these developments.
While the tax situation in Chicago is particularly complex and difficult.
gradual progress is being made in the introduction of economy in the various
governments units and in an ordered solution of the whole problem. . . .
Economy has been the watchword of directors and officers of the First
National Bank and its affiliates, and, while nothing has been done which
would affect our service to customers every effort has been made to curtail
expenses. Acting in concert with other members of the Chicago Clearing
House Association, interest rates on commercial and bank deposits have been
reduced on two occasions during the year, the present maximum rate on
demand deposits being 1 % per annum. Careful analyses of cost and
profit on accounts have been conducted and measures have been adopted
with a view to compensating the Bank for direct expense in handling accounts. In March, the Board of Directors reduced the dividend rate on
the stock of the Bank from 18% to 12% annually, and at the same time the
salaries of officers and employees were reduced.
In so severe a depression, it is inevitable that banks should incur losses
on some of their loans and security holdings. In line with the conservative
policy which has always characterized First National Bank management, it
was decided in September to make adjustments to cover known and anticipated losses. Accordingly, the Board of Directors directed the officers to
transfer the sum of $10,000,000 from surplus account to undivided profits,
increasing that item to $12,600,000, and then to transfer $6,550,000 out of
undivided profits to various reserve and contingent accounts.
A number of factors have combined to reduce bank earnings in 1932.
Chief among them has been the further contraction of business and the
consequent decrease in demand for money. The improvement in interest
rates in the latter part of 1931,reference to which was made in our last annual
statement, continued during the first months of 1932. However, the
benefit was largely offset, as far as earnings were concerned, by a decline
in the volume of loans. During the last half of the year, interest rates have
decreased.
During the year, the foreign department has operated in comparatively
full measure with a minimum of difficulty, and has continued to assist
customers and others in problems occasioned by the crisis in international
financial affairs. The period has been one ofincreased difficulties in foreign
banking procedure. With most nations off the gold basis, and therefore
operating with government
-managed currencies, there necessarily followed
frequent new decrees for protective control. Instability of credit and exchange was thus increased to the point of severely restricting world business
activity.
The attempt being made by so many nations to become more or less self
.
sufficing will result ultimately in an economic system more akin to that of
the 18th than that of the 19th century. The latter had developed a more
or less unrestricted flow of capital and goods from country to country.
This is an absolute necessity if modern large-scale production is to be
successful, for really no country can of itself furnish a market sufficiently
large to make possible profitable production, as at present conducted, in
every branch industry. If industrial nationalism is to be rampant then
there will have to be a return to a much more decentralized system of business and industry and a corresponding permanent decline in the standard
of living.
The trend in savings was in direct contrast with that of the preceding
year, at the end of which our deposits of this class exceeded $150,000,000.
During the first six months of this year, withdrawals from savings were
heavy, culminating toward the end of the interest period in a run of large
proportions. The Bank was fully prepared, both in liquidity and personnel,
meeting the situation so effectively that the calm which followed the storm
July, the increase in savings deposits has been conwas marked. Since:
tinuous, and the volume of inactive funds, due to the scarcity of suitable
Investments and the necessity of large cash reserves, has eliminated any
possibility of profit until interest rates return to a more normal condition.
. . .
In reference to the First-Trust Joint Stock Land Bank, the continued reduetion in the past year of farm commodity prices, which are now at their
lowest point in two generations, has made it impossible for many farmers to
Jan. 14 1933
meet the interest and serial payments on their mortgages. A firm collection policy nas been followed by this Bank, tempered with leniency in
deserving instances wherein it appeased that extension of loan payments
would enable the borrowers to hold their homes. During the year, this
Bank has been compelled to foreclose a number of loans, resulting in the
acquring of the land securing the loans. The entire earnings of the Bank
during the past year have been used for reserves. No new loans have been
made during the year other than for funding part of the sale price of land
disposed of by our Bank. Funds available have been used to retire a part
of outstanding bonds.
The First-Chicago Corporation has continued inactive because of prevailing conditions. The capital stock of the corporation is all held in trust
for the benefit of the stockholders of the First National Bank of Chicago,
none having been sold to the public. All securities owned, having a quoted
market, are carried on the books of the corporation at cost or market,
whichever is lower. Securities not having a market are carried at values
fixed by the officers and in no case exceeding cost.
As in previous years, we give below comparative tables showing figures
at the close of the years 1931 and 1932:
1931.
Deposits,First National Bank
$476,150,000
Deposits,First-Union Trust 8c Savings Bank
199,863,000
-Union Trust & Savings Bank
Savings,First
154,415,000
Earnings, Frist National Bank
4,478,000
Earnings, First-Union Trust & Savings Bank
412,000
Combined earnings of the two banks
4,890,000
Earnings on average capital employed
6.8%
Cash dividends paid during year
4,500,000
Combined resources
771,165,000
* 1932. Before reserves for bond depreciation and contingencies
1932.
$459,624,000
157,074,000
111,324,000
7,186,000
1,058,000
8,244,000
•12.8%
3,000,000
698,010,000
Annual Meeting of Stockholders of First National
Bank of New York—Status of Bank's Affiliate.
The earnings of the First National Bank of New York in
1932 were sufficient to cover the $100 annual dividend
and to justify directors in maintaining the old rate of payment, Jackson E. Reynolds, President, informed shareholders at their annual meeting on Jan. 10. According to
the New York "Times" Mr. Reynolds, who presided at the
meeting,said that the usual profits from syndicate operations
of the bank had not been available in the past year because
of the absence of new financing. He added that the profits
of the institution had been reduced by the establishment of
tax losses through switching of bond investments, with an
estimated saving of $1,000,000 on the bank's income tax,
but with the result of registering substantial losses on bonds
previously bought at higher prices. From the same paper
we also quote:
In response to questions by stockholders relative to the status of the First
Security Co., the bank's investment affiliate. Mr. Reynolds referred to his
recent letter setting forth that the holdings of the company had a market
value about $11,750,000 less than the amount of its borrowings. Mr.
Reynolds said that this statement indicated that the security company was
"sunk" but that it also showed that the First National Bank was in no
way involved. As a further reason for not divulging the nature of the
security company's holdings or operations, he explained that the company
was engaged in a kind of business that is influenced by publicity and by the
kind of "racketeering" that goes on in the stock market, and that the information requested by stockholders could not therefore be given.
All the money owed by the security company is being advanced, Mr.
Reynolds said, by a corporation formed at the end of 1931 by a group of
directors to protect the credit of the company. Mr. Reynolds referred to
this group as "the angels." Asked to deny rumors that some advantage had
been promised to "the angels" for their action in supporting the company
after it was "sunk." Mr. Reynolds said that he did not believe any one
credited such rumors and that there was no truth in them. In response to a
question, he expressed the opinion that shareholders of the bank had no
liability for the losses sustained by the security company.
Several of the shareholders expressed gratitude to the directors for their
action, and it was agreed that a resolution should be drafted embodying an
expression of this sentiment. The drafting of the resolution was left in the
hands of a stockholder to be carried out after the conclusion of the meeting.
Stockholders approved an increase in the number of directors from
eight to nine in order to permit of the election to the board of a banker
whose name was not disclosed. However, this banker is a director of another
bank and it is necessary, therefore, to obtain the permission of the Federal
Reserve Board before he may be made a director of the First National.
In the meantime Frank Rysavy, trust officer of the bank, was elected to
fill the vacancy.
New Hope in World Seen By Albert H. Wiggin in Final
Annual Report as Chairman of Governing Committee of Chase National Bank of New York—Finds
Financial Confidence Improved—Urges Funding of
United States Floating Debt, Reduction in Inter.
Allied Debts, Manufacturers' Sales Tax, Limited
Branch Banking and Federal Regulation of Banks'
Security Affiliates.
Albert H. Wiggin, who retired as Chairman of the Governing Board of the Chase National Bank of New York, at the
annual meeting of the stockholders, on Jan. 10, declared
in his annual report, presented at the meeting, that there
is a new hope in the world, although conditions still remain
very depressed and political difficulties, national and international, are numerous. The shareholders' meeting is the
last at which Mr. Wiggin will preside. As we indicated in
our issue of Dec. 24 (age 4329), Mr. Wiggin requested in
December that he be not re-elected at the meeting. "The
panic of the spring and early summer of 1932 is over," said
Volume 136
Financial Chronicle
Mr. Wiggin in his report. "Financial confidence has greatly
improved. For the first time in three years we had, in
the autumn of 1932, a better than seasonal improvement in
business." Mr. Wiggin also said:
We are passing from the period of emergency credit devices—Reconstruction Finance Corporation, moratoria, standstills, and the like—into a
period where the basis of credit can be restored by opening markets,
starting the movement of goods, balancing budgets, and giving the farmers
good prices by restoring their export market. Lausanne was the starting
point.
According to Mr. Wiggin, "the sweeping victory of Governor Roosevelt and the Democratic party restores unity to our
Government, giving us President, Senate and House of the
same party and facilitating prompt and decisive action. It
foreshadows a change in our foreign trade policy through
the reciprocal lowering of tariffs at home and abroad,fundamental to the restoration of our export trade, which would
produce a rally in farm prices and raw material prices, and
thus restore our domestic market for manufactured goods."
"The deadlock respecting inter-Allied debts, which is so
great a deterrent to our trade revival," says Mr. Wiggin, "is
also made to look much more promising by Governor Roosevelt's statement that the Congress has not limited and cannot
limit the power of the President to negotiate with foreign
Powers, even though it retains the power to ratify financial
arrangements which he may negotiate with them."
Mr. Wiggin likewise said:
Lausanne represented an immense forward step, and the good spirit manifested by France there should be borne in mind by our people when they
condemn the regrettable French default of Dec. 15. It is far more to our
interest to let our foreign policy be animated by admiration of England's
loyal payment under great financial difficulties than to let that policy be
animated by resentment toward France. Neither in France nor in the
United States was public opinion made ready for a proper handling of the
Dec. 15 crisis. Our own democracy will make some allowance for the
difficulties of democrat:c government in France, and will accord respect
to the French Cabinet which staked its existence—unsuccessfully—on the
proposal to pay.
From Mr. Wiggin's report we also quote:
The year 1931 ended in panic, and the rally in the first quarter of 1932
was short-lived. The banking situation was never as bad as hysteria
represented it to be, and the rumors that we were going off the gold
standard, widely current in the spring, had no foundation in fact.
The organization of the National Credit Corporation late in 1931 as an
interim measure, and the organization of the Reconstruction Finance
Corporation, were emergency measures of great importance which turned
the tide in the banking situation.
The Glass-Steagall Bill was a useful measure, which made it possible for
us to release gold on a great scale to frightened central banks in Europe and
other foreign short-term creditors, without further forced liquidation at
home. It has permitted the Federal Reserve System to go far in creating
excess reserves in the member banks, through the purchase of Government
securities. This situation can be easily rectified by allowing short-term
Government securities held by the Federal Reserve banks to run off as
they mature, so as to reduce the excess reserves to much more moderate
proportions while still leaving an easy money market. If it is thought
necessary, this con be done as part of a concerted policy which will ensure
that those member banks which have large surplus reserves will use them
In taking up short-term Government paper, so that no pressure will be put
upon banks whose reserves are not excessive. The necessity of these operations is emphasized by the current year-end return of money in
circulation,
and by the continued undesirable inflow of gold.
Inter-Allied Debts.
My statement made in my annual report of 1931 regarding inter
-Allied
debts has been frequently misquoted. I then said that I was firmly
convinced that "it would be good business for our Government to
initiate
reduction in these debts at this time." I reiterate this view.
This is not
cancellation. ITad we faced this question at that time, we
should not have
the present prices of sterling exchange, raw materials and farm
products.
We have saved at the spigot but lost at the bung.
All good bankers, dealing with embarrassed but honest and
competent
debtors, consider such compromises as are necessary. They
collect all that
they can, but they usually expect to recover most by keeping the
debtor a
"going concern." A creditor of a good farmer embarrassed
by the break
in farm prices will, for his own protection, go very far in the effort to
keep the farmer on the land as an interested and responsible owner. It is
very generally to the creditor's advantage to do this. Our creditor Government, dealing with a foreign government debtor, should apply the same
general principles, with allowance for certain important differences, among
them the facts that in relations between governments bankruptcy courts do
not exist, that the creditor government must consider public opinion not
only within its borders but also in the debtor country, and that the action
of the creditor government can have a profound and far-reaching effect upon
the general economic situation of the creditor country and of the whole
world such as the action of an individual debtor would not have. But the
general principle of working things out from the standpoint of what is
good business for the creditor, and recognition that it is good business for
the creditor in a high percentage of cases to keep his debtor a "going
concern" and to permit that debtor to hold up his head and retain his selfrespect, apply in both eases.
TFIE GLASS BILL.
(1) Increased Supervision Rather Than Detailed Legislative Prohibitions.
I approve the Glass Bill provisions increasing supervisory powers on
the part of the Federal Reserve System and the Comptroller of the Currency,
Including the power to dismiss bank officials who persist in unsound
practices after being warned. I regard as ill-advised and dangerous the
effort of the Glass Bill to forbid detailed practices which, though capable
of abuse, are legitimate and often vitally necessary. Good banking must
depend (a) on good judgment in individual transactions, and (b) on a
eound general money market situation which only the Federal Reserve
System can assure.
275
(2) Security Affiliates of Member Banks of the Federal Reserve System.
The security affiliates of great city banks, though they have suffered in
common with the whole securities market in the disastrous period through
which we have gone, have continued to perform indispensable services in
the flotation of State and municipal bonds, and in the refunding of sound
public utility operating company and other corporate bonds.
The issue and marketing of securities is an essential part of American
economic life, and the abolition of what has become the primary instrumentality for carrying on this business would be very ill-advised. The
security affiliates are necessary if the American capital market is to be
adequately financed and effectively competitive. That the Federal Goyei:nment should regulate and supervise the security business within the limits
of its constitutional authority, and on the basis of sound economic principles, may be taken as a starting point. It is easy for the Federal Government to do this under the Constitution in the case of the security affiliates
of National banks and other member banks of the Federal Reserve System.
The Chase National Bank, since 1921, has invited and received examination
by the office of the Comptroller of the Currency for its security affiliate,
without legal compulsion.
I would advocate amending the Glass Bill so as to provide by law tot
examination and regulation of all security affiliates of member banks, and
I would have power given to the Federal Reserve authorities to develop
regulations and a general code, to be authoritatively applied to such
institutions—which, of course, they could only do to their member
institutions.
(3) Brunch Banking as a Panacea.
I do not believe that had we had a widespread system of branch banking
during the past 10 years, banking conditions would be better than they are.
They might even be worse. Six years of excess reserves, cheap money and
rapid expansion of credit in excess of commercial needs was bound to
produce unfortunate developments, both in banking and in the securities
market. This can be handled through control of the money market by
Federal Reserve bank policy.
I believe that every community which can afford to support strong,
Independent local banks should have them. I favor branch banking in the
city of the head office, as well as county-wide branch banking so that
inadequately capitalized banks in villages may become inexpensive offices
of strong county-seat banks. National banks should have the same branch
banking powers that State banks have under the laws of the States in
which they exist. States where banking capital is scarce may be well
advised to adopt State-wide branch banking, or even to admit brandies
from institutions in other States. But it would be very unfortunate if
New York City banks were forced into competition with one another in
purchasing local banks and converting them into branches, in cities perfectly well equipped in capital and trained banking management to handle
their own banking problems, of which there are eo many in New York
State.
Branch banking outside the immediate locality of the head office involves
difficult problems of personnel, supervision and control—problems peculiarly
difficult in America, where the whole tradition, political and financial, is
congenial to local independence.
Mr. Wiggin is of the opinion that the United States Treasury should take advantage of the present extreme ease in
the money market to fund a very substantial part of the
floating debt of the Government. He says:
It is not necessary that all of the floating debt should be placed in longterm issues. Several maturities should be offered at varying rates. But
the long-term issues should carry rates which will attract investors' money.
The existing low rates on short Government bills, and the large nominal
oversubscriptions at these low rates, are misleading. It is possible to carry
finesse too far. The Treasury should not overstay the market.
I have no sympathy with the view that the funding of the public debt
must wait until the budget is balanced. Both debt funding and budget
balancing are essential parts of sound public finance. Both should be
accomplished, and each as speedily as possible. There is no doubt at all in
my mind of the ability of the Government to fund ita debt at the present
time at fair and proper rates.
As to the manufacturers' sales tax, Mr. Wiggin had the
following to say:
I am in hearty sympathy with the proposal to derive revenue from the
modification of the Volstead Act, but believe that the general manufacturers'
sales tax will also be necessary if our Government is to have adequate
revenue. In principle, I dislike taxes on gross operations. I much prefer,
under normal conditions, taxes on net business profits and other net
Income. But the Government must have money, and must get its money
where the money is to be found. In a period when taxes on net earnings
bring in inadequate revenue, gross operations must also be taxed. The
first and foremost consideration, basic to the welfare of every other interest
in the country, is a strong United States Treasury.
Respecting the German credits and his prospective trip
to Berlin to participate in the negotiations on "standstill"
agreements, Mr. Wiggin said:
Germany.
Extended reference was made in my report of a year ago to our German
credits. Shareholders will be interested to know that not only were interest
obligations met promptly on their due dates throughout 1932, but substantial
payments reducing principal were also received. The German credits of
American banking and financial institutions are the subject of continuing
attention on the part of a special committee of which I am the Chairman.
That Committee will meet in Berlin at the end of the present month, to
consider the agreement by which the credits are governed, which expires
on Fb. 28.
The German picture is very much more encouraging than it was a year
ago. The German debtors have manifested splendid good will and loyalty,
and have done more than they undertook to do. The Government, the banks
and the business community have co-operated in protecting the Reichsbank
and the exchange position, and in this they have had the hearty support
of the masses of the people, who, trained by bitter experience, have been
resolutely opposed to every suggstion of cheapening the currney or weakening the gold basis of the currency. Germany has gone through the year's
political controversies with an impressive steadiness. Confidence, internal
and external, in the political stability of Germany has greatly increased.
Recent weeks, moreover, have brought a steadily growing volume of encouraging reports of improvement in the business situation, and there is statistical evidence that these reports have real foundation. The prices of
German securities, both in Berlin and in foreign markets, have shown
marked improvement. This, in part, has been a reflection of growing
276
Financial Chronicle
foreign confidence in Germany, but, perhaps even more, an evidence of
confidence by Germans themselves in the German position. The most
important single factor contributing to the revival of confidence is, of
course, the Lausanne Agreement.
In his report Mr. Wiggin discussed the operations of the
bank during the past year, as follows:
Position and Operations.
The year made demands on the Chase as it did on every financial institution in the world, large and small. The administration is proud of the
extent to which the Bank was able to render service. Its help was effective
In many situations. The results enhanced the reputation and widened the
friendships of the Bank.
In the second half of the year deposits rose rapidly without a corresponding rise in loans. The relatively small seasonal demand for new
commercial loans made 1932 a quiet year so far as routine banking activity
was concerned, and resulted in the lowest interest rate of all history, thus
reducing earnings.
Decrease in expenses offset to a substantial degree the decrease In
earnings. Economy in operations, reduction in salaries and a lowering of
Interest paid on deposits were effective, so that net income before special
provision for contingencies was not far short of the corresponding net
earnings of 1931.
To provide for readjustments and revaluations the sum of $24,000,000
was transferred on June 17 from Surplus to Reserve for Contingencies,
and at the close of December $10,000,000 was transferred to Reserves from
the Undivided Profits account. The Surplus at the close of the year
was $100,000,000, and the Undivided Profits account $11,130,610.55. The
Capital of the Bank was not changed during the year; it is $148,000,000.
As of Dec. 31 1932, the Cash and Due from Banks amounted to $391,297,423.83, while the investment in United States Government Securities
was $214,996,448.76, and in other securities $231,705,366.20. Short-term
State and Municipal Securities and other Short-term Securities maturing
within two years included in the above showed a total of $116,305,091.11.
The total of Loans and Discounts, $887,187,429.74, included commercial
discounts, "street" loans and customers' loans, both time and demand.
The statement of the Bank showing these figures does not include statements of any of the organizations affiliated with the Chase National Bank.
Dividends.
A dividend of 75c. a share was paid on the capital stock of the Bank
for the first quarter of the year, and 50c. a share was paid for each of
the succeeding quarters. This made the distribution for the year $2.25 a
share on the 7,400,000 Bank shares ($20 par value) outstanding. The
Bank's net income from operations, before special write-offs, was more
than adequate for the distribution. Chase Securities Corporation did not
contribute to the dividends paid during the year. The shares of the
Bank and Securities Corporation are independent of each other, although
owned by the same shareholders.
Shareholders.
The list of shareholders of the Bank and Securities Corporation is a
broadening one. At the close of December it comprised 83,248 names.
Four years ago, before the par value of the Bank shares was reduced
from $100 to $20, it was 12.019. In addition to those resulting from the
mergers that occurred in 1929 and 1930, there have been many new shareholders added from different parts of the country. The average holding
of Chase stock on July 1 1930, immediately after the Chase-EquitableInterstate merger, was 112.1 shares. It is now 39.1 sh.tres.
New York City Branches.
Chase Branches in Greater New York serve 44 of the principal business
and residential communities in the city. . .
The Chase Bank.
The Chase Bank, affiliated with the Chase National Bank, conducts
branches in Paris, Mexico City and the Far East. It had a successful
although quiet year. In Paris a branch that had been opened in temporary
quarters two years ago WRS established on Aug. 22 in permanent quarters
at 29 Avenue George V. Supplementing the facilities of the office at 41 Rue
Canabon, it is now serving the needs of customers whose homes, hotels
and places of business are in increasing numbers being found in the Etoile
section of Paris. This branch has in operation with it a newly established
branch of the Chase Safe Deposit Co. and a branch of the American
Express Co.
Chase Securities Corporation.
Chase Securities Corporation owns and carries at cost on the annexed
balance sheet in excess of 98% of the stock of the American Express Co.
and also all of the stock, except Directors' shares, of the Equitable Trust Co.,
formed at the time of the merger of the Chase National Bank and the
Equitable Trust Co. of New York to perpetuate the Equitable name and
conduct a general trust business. It also owns all of the stock of Chase
Harris Forbes Companies, which it carries on the balance sheet at cost less
the amount of all known losses and portfolio market declines of that
company since the date of acquisition in August 1930.
The other assets of the Corporation which comprise its general portfolio
were marked down to market prices as of Dec. 31 1931 and have been
readjusted to market prices of Dec. 81 1932 on the annexed balance sheet.
Income of the Corporation after expenses has been applied toward the
reduction of the Corporation's portfolio value or added to reserves.
In order that the stockholders of the Chase National Bank and Chase
Securities Corporation may not be unduly handicapped in comparison with
other similar institutions in the payment of State and Federal stock transfer
taxes, it is proposed to the stockholders that shares of the stock of the
Corporaion of no par value be changed into shares with a par value of $5
per share, the nearest even dollar amount to the present capital of the
Corporation. This will at present, under existing laws, reduce State and
Federal stock transfer taxes in the State of New York from $9.80 per 100
shares to $2.20 per 100 shares for stock of the Chase National Bank and
Chase Securities Corporation.
The suggested par value of $5 per share for the authorized 7,400,000
shares of the Corporation's stock will constitute the capital of the Corporation, $37,000,000, instead of the present capital of $40,000,000. The
difference of $3,000,000 will be added to the Corporation's Reserves. Upon
the approval of the stockholders of this proposal, the capital of the Corporation as shown on the annexed balance sheet will be $37,000,000 and
the surplus and profits $18,000,000, with reserves for taxes and contingencies
of $3,874,890.41.
Chase Harris Forbes Corporation.
The consolidation of the issue business of Chase Securities Corporation
Chase Harris
with that of Harris Forbes Corporationo resulting in the
Forbes Corporation, was referred to in my report of last year. The Chase
nation-wide sales organization, devotes
Harris Forbes Corporation, with a
Jan. 14 1933
itself to doing a high-grade bond business, and during 1932 took an
effective part in helping to meet many of the important corporate and
municipal maturities and other financial requirements of its clients.
During the year 1932 Chase Harris Forbes Corporation headed syndicates
which offered new issues amounting to $366,000,000, and participated
in other syndicates which offered issues totaling $411,000,000.
Very material improvements in the organization have been effected
by the elimination of duplication of effort in activities and in personnel
resulting from the consolidation, and by putting into effect many economies
including substantial salary reductions. The Chase Harris Forbes Corporation is in a position to finance the legitimate requirements of corporations
and municipalities. . . .
Administration.
On May 4 Winthrop W. Aldrich was elected Vice-Chairman of the Bank's
Governing Board, retaining the title of President. Senior officers associated
with me in the administration of the Bank continued through the year
In the performance of their respective duties. Their judgment and
unflagging support during what was in many respects an unparalleled
period have been a source of satisfaction to me.
The Bank's Staff.
I wish to make acknowledgment of the effective support received from
the entire staff. It is gratifying to testify to the team-work that was in
evidence throughout the year.
Effective April 1 the Directors reduced salaries of officers and clerks
alike by 10% on annual sums above $5,000, and 5% on sums below that
amount. Further voluntary cuts of salary were taken by members of the
Governing Board. Employees earning $1,200 a year or less were exempt
from changes. Salary reductions followed omission of the so-called Christmas
bonus at the close of 1931, and were accepted as a forerunner of the omission of additional compensation for the official and clerical staff in 1932.
These sacrifices were borne in a manner that spoke for the loyalty and
spirit of our organization.
Changes due to normal turnover have contributed to bring about a reduction in the staff, so that the number of employees is not excessively out
of line with the reduced volume of work. Curtailed activity in certain
departments has lessened the need for clerical help, but men and women
released from given tasks have been used elsewhere, and as a policy the
administration has dispensed with the services of employees only for
cause. The benefit of this policy will be shown when the tide turns and
the work of our staff is required again in increasing volume. . . .
Conclusion.
This report to the stockholders is my valedictory as Senior Officer of the
Chase National Bank. I append my letter of Dec. 21 last [this was given in
our Dec. 24 issue.—Ed.1 to the Executive Committee, requesting that I be
not re-elected as Chairman of the Governing Board, and the generous resolution of the Executive Committee accepting this letter—for which I express
my heartfelt appreciation.
In leaving my desk I commend to the shareholders the administration,
the staff and the progressive policies of our organization. The greatest
usefulness of the Chase lies ahead. It will surely be achieved by the
employment of those attributes of the Bank so successfully demonstrated
in the past—faith, patience, fortitude and relentless effort.
Annual Meeting of Bankers Trust Co. of New York—
President Colt on German Credits Held by Bank.
'cording to the New York "Times" S. Sloan Colt,
'
President of the Bankers Trust Co. of New York, told stockholders at the annual meeting on Jan. 12 that the bank had
about $16,000,000 in German credits under the stand-still
agreement and about $7,000,000 of German Government
and State accounts, and that the bank had no commitments
in France or Argentina.
Charles E. Mitchell of National City Bank of New
York In Annual Report to Stockholders Views
Situation of Railroads More Critical Than Year
Ago—Re-Establishishment of Stable Relationship Between Dollar and Foreign Currencies of
Vital Importance to Business Recovery—Views on
Banking Affiliates.
In his annual report to the stockholders of the National
City Bank of New York on Jan. 10, Charles E. Mitchell,
Chairman,declared that "of vital importance to the progress
of recovery in this country is the re-establishment of astable
relationship between the doliar and foreign currencies, thus
relieving our price structure from the most destructive of
all kinds of competition, namely, that of depreciating currencies of competing nations." Mr. Mitchell went on to say:
Since it is neither practicable, nor Indeed thinkable, for the United
States to adopt either the course of attempting to withdraw behind impenetrable tariff walls, or that of entering upon a competition In currency
depreciation of which the end is zero for all, there remains only the alternative of co-operation with foreign nations in the effort to remove such
obstacles as may still bar the way of their return to a gold balsa.
Above everything else this country should avoid any action or declaration of policy affecting the integrity of the standard of value which may
renew the uncertainty which existed upon that subject one year ago and
which then had most unsettling effects. Any untoward step of that
character would increase the state of world confusion and render futile
the hope of early international co-operation to the end which all countries
desire.
There is ample support for the belief that the low commodity prices
Prevailing are mainly due to disorganization in trade relations which prevents the normal flow of products into consumption, and the disruption
of monetary relations is a leading factor in this disorganization.
An outstanding reason for the disheartening commodity prices now
prevailing is the disruption of price relations. It cannot be too strongly
stated that the ills from which we are now suffering have not had their
origin in the normal workings of the economic system, but are plainly
traceable to violent derangements of world production, trade and finance,
resulting from the great war. The economic system is a complicated
organization for exchanging goods and services, and it works well only when
Volume 136
Financial Chronicle
the varied products and services are offered on the markets in accustomed
relations to each other. The declining volume of business over the world
since 1929 has been clearly due to the fact that many commodities
and
services have not been valued to each other upon the same terms as in
the
past. Gradually these maladjustments are being corrected, and as
industry comes back into balanced relations, this country will assuredly
come into a full volume of business.
The economic system of the United States is essentially sound,
the
most efficient in the world, and capable of providing a higher standard
of
living for the people than yet has been known in any country. Upon
this
point it is possible to confidently repeat the opinion offered here one
year
• ago that until human nature is changed and people are satisfied
with what
• they have, there need be no fear of an end to the possibilities for growth
and expansion in production and distribution.
Mr. Mitchell also alluded in his report to the situation
• confronting the railroads, saying:
Attention reverts to certain matters ranking next in immediate importance
and to which we referred a year ago. The situation of the railroads,
then
accentuated, is even more critical to-day. It is a subject of prime concern
to the American people, not only because of the importance of maintaining
efficient transportation service, but on account of the great body of savings
which are invested, individually and through banks, insurance companies
and other institutions, in the securities of the railroad companies. Railroad credit must be maintained and this requires that the roads shall regain
a self-supporting basis.
Last year emphasis was laid on the need for economy in Government
,
not only of the Federal Government but of all the political sundivisions
as
well, to the end that budgets might be balanced and the burden of taxation
upon industry and the public generally might be reduced. This need continues to be real and pressing. Finally, it was urged that the American
people, realizing the impossibility of isolating themselves economically in
a modern world, should approach such pressing international problems as
debts and tariffs in a spirit of co-operation, and with a willingness to share
sacrifices where necessary, in order to get all trade moving again. This
urge is even more pressing to-day than it was a year ago.
In his report bearing on the condition of the bank, Mr.
Mitchell said:
At this annual meeting we greet the largest number of shareholders
ever recorded in the history of the Bank, 85,000, an increase of about
9.000 since the record was taken for the meeting of last year. To shareholders there has been paid in dividends during the year a total of $13,950,000. This represents $2.25 per share on the 6,200,000 shares outstanding; 75 cents having been paid for the first quarter year and 50 cents
for each of the three subsequent quarters. This latter rate is the equivalent
of 10% on the $124,000,000 of capital stock of the Bank. These dividends have been paid this year entirely by the Bank itself, the affiliated
companies being permitted to retain all of their earnings.
Mr. Mitchell reported that the National City Bank on
Dec.31 shows total resources of $1,615,260,569, and deposits
of $1,299,377,710 which are $119,325,149 below a year ago
and $85,111,117.83 in excess of those shown in the June 30
statement. Domestic net demand and time deposits, he
noted, exceed those of a year ago. The decrease in total
deposits, he stated, is accounted for principally through a
reduction of foreign deposits held at head office, and a
reduction in foreign branch deposits incident to reduced
trade activity and the lower exchange rates at which such
deposits are converted into dollars for the purpose of the
statement. Mr. Mitchell went on to say:
As the statement clearly indicates, the Bank is
carrying an unusually
large portfolio of short-term issues of the Federal
Government and an
excess of cash in the Federal Reserve Bank over
the reserve requirements.
This has resulted in a higher degree of liquidity
than would obtain in
normal times and higher than we would consider
necessary, but it is forced
upon US by the decrease of loan application from regular clients
and other
sound borrowers due to the business depression.
Current operating earnings of the Bank for the year
were $21,953.215.13,
or about $1.000,000 less than the previous year. After
the application
of current reserves, including the customary contingency reserve amounting
this year to $1,828,023.29 the net income of the Bank available
for divdends was $19,717,191.84 compared with a figure of $20,614,886.
75 for
the previous year. After payment of dividends $5.767,191.84 was
carried
to undivided profits as the result of the year's operations.
With the general trade disturbance both at home and abroad
affecting
the collectibUity of accounts and the prices of securities in portfolio, additional reserves were required. For this purpose in mid-year
there was
transferred to reserves from undivided profits the sum of
$8.000.000 and
from surplus a further sum of $14,000,000, and at the year-end the excess
of earnings over dividend requirements for the last six months was likewise
transferred. Of the reserves carried in the statement over the year-end
a substantial amount is unallocated.
A year ago we said that, "For the time being our domestic and foreign
branch system is regarded as sufficiently complete to enable us to render
efficient service to our clientele and our attention with respect thereto is
riveted upon increased efficiency and earning power." Following this
policy there has been some consolidation of branches, both at home and
abroad and we close the year with 73 branches in the five boroughs of
New York City and 98 offices of the Bank and subsidiaries in 25 foreign
countries.
The operations of Domestic Branches for the year have been gratifying.
Operating profits from these branches were $4,338 347.64, as compared
with $3,161,774.05 for the previous year. While a portion of this increase
resulted from an added volume of business due to the more recently acquired
branches, we regard it in large part as resulting from increased efficiency
and economics in administration.
The earnings of the year from Foreign Offices were not as satisfactory
as those from the Domestic Branches. The disturbed business conditions
everywhere abroad and the fact that a large part of the world went off the
gold basis, causing wide exchange fluctuations, prompted extreme caution
and in many cases sharp curtailment of our foreign branch activities. This
was reflected in a decrease in operating profits for the foreign offices which
aggregated $4,031,404.86 this year as against $5,857,950.41 the previous
year.
Our experience with thrift accounts, through our Compound Interest
Department, and with the small loan business as represented by our Personal Loan Department. continues to be gratifying. The thrift deposits
now aggregate over $150,000,000, two-thirds of which is domestic and the
277
balance foreign. Thrift depositors number 675,000. The Personal Loan
Department in its about four and one-half years of existence has made over
375,000 loans totaling over $125,000,000 and averaging about $334. As
evidence of the regularity and promptness of the repayments in this class
of borrowing it is interesting to note that the percentage of slow or unpaid
accounts is now touching a new low mark.
The City Bank Farmers Trust Company is wholly engaged in rendering
trust service and does not act in any sense as a commercial bank. Under
our system it is operated under the control of a separate Board of Directors
who not only attend to the corporate business, but through committees
regularly examine each trust committed to the Company's care. . . .
The Trust Company does not purchase securities for its trusts from either
the National City Bank or the National City Company and it is not
concerned in any way in the underwriting, sale or distribution of securities.
Generally speaking, trust business has been light during the year because
of the comparatively few new corporate trusts and the lower values of estates
and personal trusts. It is gratifying therefore to report that the year's
operating earnings, after current reserves, were $1,842,178.61 as against
$1,444,202.10 for the previous year. Undivided profits, as increased by
these earnings as well as published reserves, were charged with amounts
which it was deemed wise to use to conservatively adjust asset values or
as
available reserve; against general ledger accounts. The statement shows
undivided profits of $1,797,535.96 at the year-end, as against $941,669.61
as of a year ago.
As evidence not only of public confidence in the trust company,
but
also of the character of their continuing operations, it is of
interest to
note that the company has under administration, personal
trusts and
estates having par value of securities of over $1,362.000,0
00, corporate
trusts covering a par value of bonds issued of $5,312,000.0
00 and custodian accounts of a par value of some $2.295,000,000.
The primary concern of the National City Co., whose
statement is
herewith presented, is the long-term or investment money
market in
contrast with the commercial money market, which Is the primary
con- •
cern of the Bank itself. It is an underwriter and one of the largest
dealers
in investment securities which provide the principal channel through
which capital accumulations are made available to finance the
purposes
of industry, commerce, agriculture and government.
. . . It operates
under a practice that no borrowings shall be made from the parent
bank
on different terms than from other banks: that is,
with full collateral.
It carries no bank stocks of any character in its
portfolio.
The condensed statement of the company's assets
and liabilities represents a conservative appraisal of its status,
in which inventories are valued
at or below existing market prices. Reserves
established a year ago
have either been applied or offset against general
ledger accounts where
they will be available if required. While the investment
banking business
has generally been dull throughout the
year, the company's operating
expenses have been curtailed to meet the existing
conditions and a net
operating profit of $463,616.39 has resulted.
This sum has been augmented by recoveries which have brought the amount
carried to undivided
profits for the year to $787,786.91.
For more than a year there has been discussion
regarding investment
affiliates of commercial banks and there are
proposals for their divorcement. We are of the opinion that conservative
ly operated investment
banking affiliates, which in the aggregate are
now doing well over half of
the investment banking business of the
country, constitute not only a
desirable but an essential element in the financial
machinery of the United
States. It is therefore difficult to believe
that Congress will conclude
that it is in the public interest to destroy this
all-important factor in the
long-term money market, especially when
it is universally recognized
that in a period of recovery after a
depression the efficiency of the invests
meat banking system of the Nation must
not be impaired.
To supplant investment affiliates by equally
efficacious private agencies
would take years and when accomplished the
machinery of investment
banking would be beyond Government control.
Inspection and supervision
by governmental authorities of affiliates of banks
which are members of
the Reserve System, in the same way the member
banks themselves are
treated under the law, will afford full public protection
We hold that
regulation of existing machinery, not abolition, is the cure for
any ills
that are suggested by critics of the existing system.
From the New York "Times" of Jan. 11 we take the
following:
Following Mr. Mitchell's report, the meeting was turned
into a forum
and stockholders questioned the Chairman regarding
activities of the
bank, particularly as they related to foreign affairs.
In response to an
inquiry Mr. Mitchell expressed himself as well
satisfied with the German
loans of the bank. He also stated that the bank had
lost nothing in the
Instill failure except as collateral for bank loans had
depreciated, and that
the only loss in connection with ICreuger & Toll
had been in an acceptance
transaction, along with other banks, with the Swedish
Match Co. He
added that he believed that eventually no loss
would be sustained on
account of Swedish Match. He also advised the
holding of bonds of the
National Hotel of Cuba, obligations of which
the bank interests sponsored.
He said that the bank was keeping in close
touch with conditions in Chile.
All retiring directors of the bank were
re-elected.
New York Bank Superintendent Upheld
in Bank of
United States Suit—Justice Shientag
Decides
Omnibus Complaint by State Officer
Stands—
$60,000,000 Involved-38 Officers and Directors
of
Closed Institutions Sued for Negligence in
Losses.
A decision by Supreme Court Justice Shientag
on Jan. 7
upheld the omnibus complaint filed by Joseph A.
Broderick,
New York Superintl3ndent of Banks, as liquidator
of the
Bank of United States, in the suit against 38 officers
and
directors of the bank for $60,000,000 for alleged losses to
the
blink due to their acts and failure to act. The New
York
"Times" of Jan. 8 reporting this further said:
The Court heard an application by 0. Stanley Mitchell.
former President
of toe bank; Robert Adamson. a Vice-President: David
Tishman, Jac L.
Hoffman. Joseph Brown Arthur W.Little and Edward B.
Little to compel
the Supreintendent to file a new complaint in which all the
causes of action
should be stated and numbered separately, on the ground
that different
causes of action have been joined improperly in the
present complaint.
It was asserted that this made it difficult for the defendants
to answer.
Justice shientag's opinion stated
that the suit asked an accounting,
damages for negligence and illegal conduct, and
damages for negligence in
their capacities as directors of the Municipal Bank
& Trust Co., the Bankus
Corp. and other subsidiaries of the Bank of United
States.
278
Previous Rules Are Cited.
surrounding such actions
The Court said that as a result of previous rules
against directors was comthe plaintiff in a representative suit for redress
both at law and in equity in
pelled to bring a variety of independent suits
sustained. It was necessary
order to recover the complete loss and damage
institute those requiring
to:divide the causes of action into groups, and to
calling for legal relief on the
equity on the equity aide of the Court and those
became necessary where
law side of the Court. Accordingly,separate suits
of directors.
the transactions involved different directors or groups
of these cases had cited
The opinion, said tnat the Court of Appeals in one
by legislation." The
the law and said that "remedy should be sought
said, and "was not
Legislature was "deeply concerned," Justice Sidentag
bemired in 'the great
content that actions of this character should remain
permitting such actions
Serbonlan bog." The law was amended in 1907 by
a jury trial on the
against officers and directors, and the Court could order
ts.
question of tne degree of negligence of the varousl defendan
moving defendans
The Court said that the present contention of the
cause of action
that each individual wrong constitutes a separate and distinct
ts were not equally
is without basis, and "it is now immaterial that defendan negligent or illegal
l
liable and were not all concerned In the same wrongfu
transaction." The opinion continued:
of action for com"The language of the statite shows that a single cause
damage sustained Is
posite relief and for the recovery of the entire loss and
of legal and equitable actions formuprovided for, and not the mere joinder
action,"
lated as separately stated and numbered causes of
Contentwn Is Answered.
the defendants have diffiJustice Shientag said tut the contention that
by the fact that of 38
culty answering an omnibus action is "answered
y without encountering any
defendants 30 have already answered seemingl
added that amore debatable
insurmountable difficulties." The Court defendants that claims arising
question is raised on the contention of the
transaction and the acts of the deout of the Municipal Bank & Trust Co.
ry corporations of the Bank of
fendants in the management of the sunsidia numbered.
ly and
United States should be stated separate
case does not deal with wrongs "to
The Court ruled, however, that the
occasioned to the parent company,"
the sunsidiaries distinct from those
the Bank of United States rather than
because "the damage claimed is to
which are attacked were common
to the subsidiaries," and "the transactions
parent company and the subsidiaries."
to the
NIES, &c.
ITEMS ABOUT BANKS, TRUST COMPA
Exchange
The sale of a membership in the Chicago Stock
price makes no
at $4,250 was completed Jan. 11. This
change from the last previous sale.
National
Arrangements were made Jan. 10 for the sale of a
ge membership at $750, unchanged from the
Metal Exchan
the last previous sale.
Co. of New
A statement of condition of the Irving Trust
with a summary of changes during
York, as of Dec. 31 1932,
encies, was
1932 in capital funds and reserves for conting
le to the stockholders of the institution on
made availab
ted as follows:
Jan. 5. The summarized changes were presen
and Reserve for
Summary of Changes During 1932 in Capital Funds
Contingencies.
Capital, surplus and undivided profits,
$125,506.710.63
Dec.31 1931
5,435,752.45
Reserve for contingencies, Dec.31 1931_
$130,942,463.08
98,599,529.61
g profit
Gross operatin
&c_ 10,879,871.17
Less—Charge-offs, depreciation. taxes,
Net loss for year
Dividends paid
$2,280,341.56
8,000,000.00
10.280,341.56
Capital, surplus and undivided profits,
$112.412,121.52
Dec. 31 1932
8,250,000.00
Reserve for contingencies, Dec.31 1932- _ 120,662.121.52
On Dec. 31 1932 the total resources of the Irving Trust
were reported as $553,810,674; the capital stock on that date
is shown as $50,000,000;surplus $55,000,000, and undivided
profits as $7,412,121. Deposits at the close of 1932 are
given as $411,941,943.
At the annual meeting of the Corn Exchange Bank Trust
r, ViceCo., New York, held Jan. 10, Edward S. Malma
ein.
President, was elected a director to succeed A. R. Graust
Milton Ferguson was elected a trustee of the Central Hanmeeting
over Bank & Trust Co., New York, at the annual
held Jan. 12. Mr. Ferguson, who succeeds
of stockholders
ary
Henry W. Howe, deceased, is Vice-President and Secret
bank. All other trustees were re-elected.
of the
nts
At the annual meeting of stockholders of the Mercha
New York, held Jan. 10, the following Board of
Bank of
ms, Judge William
Directors was elected: Mark L. Abraha
Isidor Fine,
Blau, Judge Isaac Cohen, Marius P. Falbo,
Markel, Howard Markel, Jacob L.
Adolph Levy, Arnold
r,
Markel, Ira J. Palestin, J. J. Schmukler, M. M. Teiche
s and Israel H. Zinovoy. Immediately followAaron Wartel
s was held
ing the stockholders' meeting the election of officer
at the directors' meeting. Jacob L. Markel was re-elected
President and M. M.Teicher and Mark L. Abrahams were
ly
,
re-elected Vice-Presidents. Howard Markel former
elected a Vice-President. Emil Stellwagen
Cashier was also
was elected Cashier.
Jan. 14 1933
Financial Chronicle
al
At the stockholders meeting of the Harriman Nation
New York on Jan. 10, directors were
Bank & Trust Co. of
re-elected.
Bank
At a meeting of the directors of the Sterling National
ne
& Trust Co.,of New York,held Jan. 12, Francis X. McKeo
ly Assistant Vice-President, was appointed Vice-Presiformer
Cashier.
dent. Irving Tauscher was appointed Assistant
All the directors of the Sterling National Bank & Trust Co.
held
were re-elected at the annual meeting of stockholders
Jan. 10, with the exception of A. L. Neiman.
At the annual meeting of stockholders of Bancamerication's
Blair Corp., held last Tuesday (Jan. 10), at the corpora
St., New York City, the retiring Board of
offices, 44 Wall
Directors was re-elected.
-4---
retired as a director of the Grace National
held
New York, at the annual meeting of stockholders
Bank,
directors were re-elected.
Jan. 10. All other
W. R. Grace
& Trust
Stockholders of the Commercial National Bank
Jan. 10,
ny, New York, at their annual meeting held
Compa
rs whose terms expired. At the annual
re-elected all directo
William T. Taylor,
meeting of directors held the same day,
was elected Assistant Vice-President and Walter
Secretary,
r and SecreJ. Pfizenmayer, Auditor, was elected Audito
tary.
National
At the annual meeting of stockholders of the
Co., New York, held Jan. 10, Jules
Safety Bank & Trust
elected
A. Wenig, Harold Bach and Robert Alterini were
succeed Charles N. Meltsner, Michael Tuch and
directors to
were reLewis H. Greenberg, who retired. Other directors
elected.
of YorkHarry Engel was elected a director of the Bank
and 8th Ave., New York, at the annual
town, at 38th St.
the late
meeting of stockholders held Jan. 10, to succeed
n. Other retiring directors were re-elected.
George A. Matter
Joseph W. Burden, John W.Drowning, Charles S. GuggenB.
helmer, Richard Hellmann, Frederick Rath, Richard
Scandrett, Jr., and Montgomery Schuyler were elected to
the Board of Directors of the National Bank of Yorkville,
of
at 338 East 86th St., New York, at the annual meeting
held Jan. 10 succeeding those whose terms
stockholders
expired.
Statement of condition of Trust Company of North America of New York City, as of Dec. 31 1932 shows total resources of $4,285,972. Deposits amounted to $3,460,836; cash
and
on hand and in banks, $1,415,690, and U. S. Government
securities, $937,997. Capital stands at
New York State
$500,000; surplus at $250,000 and undivided profits, $25,939.
Walter Jennings, a trustee of the New York Trust Company and a director of the Standard 011 Company of New
Jersey, died of a heart attack in his winter home on Jekyll
Island, Ga., on Jan. 9. He was 74 years old. Mr. Jennings,
who was formerly Vice-President of the Standard Oil Company, resigned from active business several years ago although still retaining his directorship; he had been a director
of the company since 1903.
The North River Savings Bank of New York City has
s
elected Theodore H. Banks, President to succeed Charle
ced on Jan. 10. Mr. Banks
Rohe resigned, it was announ
has been a member of the Board of Trustees of the institution for twenty years. For the last six years Mr. Banks
had been Vice-Chairman of the Board of Directors of Irving Trust Company, an office from which he resigned on
Jan. 10, although he will continue a member of the trust
company's board. His election as Vice-Chairman was coincident with the merger in 1926 of the Irving and the
American Exchange Pacific National Bank, of which latter
institution Mr. Banks had long been Vice-President. In
addition to being a director of Irving Trust Company, Mr.
Banks is a member of the boards of Commercial Union
Assurance Company of London and its affiliated companies;
American Safety Razor Corporation and several other corporations. The North River Savings Bank, chartered in
1866, has been closely identified with the growth of Midtown Manhattan through its years of development as a
Volume 136
Financial Chronicle
district of homes and then transition to a business center
.
The bank moved a short distance west a few years ago
to
206 West 34th Street, near Seventh Avenue, upon the completion of a new building designed for its exclu
sive use.
It has approximately 50,000 depositors and deposits
of about
$33,000,000.
Among the changes at the annual meetings of
the New
York banks this week was the election at the
meeting of
the directors of The Chase National Bank of New York
on
Jan. 11 of Winthrop W. Aldrich as Chairman of the
Governing Board to succeed Albert H. Wiggin, who recen
tly announced his decision to retire as a Chase executive
after
29 years of association with the bank. Mr. Wiggi
n continues as a member of the Board of Directors and the
Executive Committee.
Mr. Aldrich was re-elected as President of
the Bank, a
post which he has held since the Chase-Equitable
merger in
June 1930. Charles S. McCain was re-elected by the direct
ors
on Jan. 11 as Chairman of the Board of Direc
tors, and
John McHugh as Chairman of the Executive Commi
ttee of
the bank. The decision of Mr. Wiggin to retire
as Chairman of the Governing Board was noted in
our issue of
Dec. 24, page 4329. Elsewhere in our issue to-day
we refer
to Mr. Wiggin's annual report to the stockholde
rs this
week. Aside from the changes in the officers of
the Chase
National Bank indicated above, six other members
of the
official staff of the bank were elevated to the positi
on of
Second Vice-President from junior titles. These
officers
were:
Norman W.IIAndrews
Carl E. Buckley_
Paul F. CooleYA
William C. Henchy
Hayward A.
The following were appointed Assistant Manag
ers of the
Foreign Department:
Albert W. Barth
Ferdinand Zegri
William O. Huns
Newly appointed Assistant Managers of
the Credit Department are:
Earle W. Allen1
Charles L. Evans
Frank M. Gregory
Woodruff Johnson
Douglas P. Stewart was appointed Assistant
Trust
Officer. The following were appointed Assis
tant Branch
Managers:
Charles:J. Burger
Cecil G. Grace
John T. McMahon
Howard R. Mears Jr.
James J. Rogers, heretofore Assistant Cashi
er at the
110th Street Branch, was appointed
Assistant Cashier and
Manager of that branch. Justin Hayne
s, formerly Assistant
Cashier of The Chase National Bank
, became an Assistant
Cashier of The Chase Bank, which
is an affiliate of the
larger institution.
On Jan. 10 the Directorate of
the Chase National was
reduced from 77 to 72 memb
ers by the retirement of Amos
L. Beaty, G. N. Dahl, E. C.
Granbery, H. G. Freeman and
Lloyd W. Smith. As to
the stockholders meeting on the
10th, we quote the following
from the "Times":
The
earlier resignation of
Howard E. Cole was announced. Other
directors were re-elected.
Winthrop W. Aldrich, President and
Chairman of the Governing
ViceBoard, presided. . . . At the meetin
the Chase Securities Corpora
g of
tion Albert II. Wiggin, Chairman, and
William
L. McKee retired from the
board. Other directors were re-elec
ted. Mr.
Aldrich presided. In answer
to
the company had lost no money stockholders' questions, he stated that
through either the lireuger or the
collapses. He stated also that
Instill
of $91,000,000 of securities
and investments shown in the Dec. 31 balance
sheet, $40,000,000 represented the
Investment in the American Expres
s Company at cost; $24,000,000,
the
investment in the Chase Harris Forbes
Corporation; $3,000,000, In
Equitable Trust Company, and
the rest, miscellaneous investments, the
of which was in Europe except
none
a few British bonds. Chase
Securities
Corporation's capital stock was change
d from no par value to par of $5
a share.
Winthrop W. Aldrich the new Chair
man of the Governing Board of the Chase National is
a son of Nelson W.
Aldrich, who was United States Senat
or from Rhode Island
for many years and who served there
after as Chairman of
the National Monetary Commission. Senat
or Aldrich was
recognized as an authority on financial
affairs. Mr. Aldrich
was born in Providence, Rhode Island,
November 2 1885.
He graduated from Harvard University in
1907 and secured
his degree from Harvard Law School three
years later. He
was admitted to the New York Bar in
1912 and was a
member of the law firm of Byrne,
Cutcheon and Taylor between 1916 and 1917. A sketch of Mr.
Aldrich's career
further says:
Mr. Aldrich served as a lieutenant in
the United States Naval Reserv
e
In 1917-1918. On January 1 1919 he became
a member of the law firm
of Murray, Aldrich & Webb, counsel for
The Equitable Trust Company
of New York, In December 1929, Mr. Aldrich
was elected President of
The Equitable Trust Company. In June
1930,
with the Chase National Bank, and Mr. Aldrichthe Equitable was merged
became President of the
279
consolidated instituLon. In May 1932, he was elected
Vice-Chairman
of the Chase Governing Board, retaining the title of President.
Directorates held by Mr. Aldrich include those of Chase
and all its
affiliates. He is also a director of the American Telephone
and Telegraph
Company.
Mr. Aldrich is a trustee of Barnard College, a member of
the Academy of Political Science, Society of Naval Architects and Marine Engineers, the American Committee of the
International Chamber of Commerce, etc. He is a brotherin-law of John D. Rockefeller, Jr.
A dinner was held at The Waldorf-Astoria on Wednesday
night, Jan. 11, attended by more than 400 officers of The
Chase National Bank of New York and its affiliates. The
occasion marked the inauguration of a newly organized
club of the officers of The Chase National Bank, Chase
Securities Corporation, Chase Harris Forbes Corporatio
n,
and American Express Company. Joseph C. Roven
sky,
Vice-President of the bank presided. The guest
s of honor
were:
Albert H. Wiggin, retiring Chairman of the Govern
ing Board of the bank;
Winthrop W. Aldrich, who was this week elected
as his successor;
0. S. McCain, Chairman of the Board of Directors;
and
John McHugh, Chairman of the Executive Committee.
Mr. Rovensky paid a warm tribute to Mr. Wiggin
and
Mr. Aldrich. He said of Mr. Wiggin that his retirement
from
the Chairmanship of the Chase was not a retirement
from
the life of the bank or of its officers. "In relieving himse
lf
of his most arduous duties, Mr. Wiggin is
to have a wellearned rest," said Mr. Rovensky. "However, we
say to him
only 'Aid Wiedersehen'; he is not going to
leave us, because we have partaken so much of him."
Mr. Aldrich was acclaimed as their new chief
by those in
attendance at the dinner, and in the name
of the officers of
each organization comprising the Chase famil
y, the Chairman pledged their support and allegiance
to him.
Reeve Schley, Vice-President of the bank,
presented to
Mr. Wiggin, as a token from officers and
employees, an old
English silver table service. The fund
for the purchase
of this gift was begun by a group of clerks
, and contributions were made by every office boy, teller
, clerk and officer
of the bank. Elected as officers of the
new club for its
first year were:
Joseph 0. Rovensky, President
R. R. Hunter, Vice-President
Albert J. Eggers. Secretary
John J. Landrum, Treasurer.
At the Annual Meeting of stockholders
of the Bank of
Manhattan Safe Deposit Company of New
York on Jan.
11, the Board of Directors was increased from
eight to nine
members and the following were elected
for the ensuing
year: J. Stewart Baker, Harry M. Bucklin,
F. Abbot Goodhue, Walter A. Rush, William S. Irish, Willi
am C. Thompson, E. S. Macdonald, Raymond E. Jones,
James P. Warburg.
Announcement was made on Jan. 11 by
F. Abbot Goodhue, President of the Bank of the Manha
ttan Company of
New York, of the appointment of John
N. Haslett, VicePresident, as Manager of the bank's
office located at 135
Broadway. Mr. Haslett had heret
ofore been attached to
the main office at 40 Wall Street.
It was announced on Jan. 7 that
George C. Haigh, who
has been in charge of the Bank
of the Manhattan Company's office at 135 Broadway, New
York, has been transferred to the bank's main office
at 40 Wall Street. Mr.
Haigh started his banking caree
r in 1893 with the American Exchange National Bank.
Upon the merger of the
Irving Trust Company and the
American Exchange National Bank in 1926 he becam
e Vice-President of the Irving
Trust Company at One Wall
Street. In December 1931 he
was elected Vice-President
of the Bank of the Manhattan
Company.
The Board of Directors
of the Fifth Avenue Bank, New
York, was re-elected at the
annual meeting of stockholde
rs
held Jan. 10, with one
addition. Dr. Lewis F. Frisse
ll was
elected to succeed his fathe
r, the late A. S. Frissell who
was Chairman.
At the annual meeting of
stockholders of the Brooklyn
Trust Company of Brook
lyn, N. Y., Jan. 9, the follo
wing
trustees whose terms expir
ed were re-elected for threeyear terms: Harry M.
DeMott, William H. English, John
W. Fraser, John V. Jewel
l, Edwin P. Maynard, and'George
V. McLaughlin. A propo
sal to reduce the number of trustees from 28 to 25 was appro
ved.
280
Financial Chronicle
At the annual meeting of stockholders of the Fort Greene
National Bank, Brooklyn, held Jan. 10, Frank A. Lotsch,
Cashier, was elected a director and Eugene Walter, a
director, was elected a Vice-President, Bennett De Beixedon,
President, reported that the capital would be reduced from
$500,000 to $250,000. It was voted at the meeting to move
the bank's office from its present site at 139 Flatbush
Avenue, to 118 Flatbush Avenue on April 1. All officers
and directors were re-elected.
John F. McKenna was elected President of the Kingsboro
National Bank of Brooklyn at the annual meeting of
directors held Jan. 10. Mr. McKenna, who succeeds the
late Moses S. Lott, was one of the organizers of the bank
which was opened on May 28 1929.
Announcement was made by John C. Jewell, President of
the Williamsburg Savings Bank, Brooklyn, that Fremon C.
Peck had been elected to the board of trustees on Jan. 10.
He succeeds to the vacancy caused by the death of Herbert
F. Gunnison. Mr. Peck is publisher of the Brooklyn TimesUnion.
Stockholders of the M. & T. Trust Co. of Buffalo, N. Y.,
at their annual meeting on Jan. 10 approved the recommendation of the directors to change the name of the institution to Manufacturers & Traders Trust Co. as of Feb.
1 next. An announcement by the bank said:
In resuming the name the bank bore before its merger with the
People's Bank of Buffalo it will again be known under a name similiar
to that used when it was founded over three-quarters of a century ago.
The M. & T. Trust Company was organized in Buffalo in 1856 as the
Manufacturers & Traders Bank, continuing with that title until it became
a National Bank in 1902 when the name was changed to Manufacturers
& Traders National Bank.
At the time of the merger with the Fidelity Trust Co. in Dec. 1925,
the name was changed to Manufacturers & Traders Trust Co. After the
merger with the People's Bank in May 1927, the corporate name was revised to include People's and become Manufacturers & Traders People's
Trust Co. This was shortened to the title M. & T. Trust Co. in 1929.
At the annual meeting of the directors held the same day,
four promotions were made in the personnel of the institution: John N. Garver, Jr., formerly Manager of the Business Extension Department; William G. Wilcox, heretofore
an Assistant Secretary, and George M. Thomson, formerly
Manager of the bank's branches, were made Vice-Presidents,
while W. Chester 13rasuell, formerly Assistant Manager of
the Bond Department, was appointed an Assistant Secretary. All have been associated with the bank for a number
of years.
Leroy B. Williams, heretofore attorney for the Syracuse
Savings Bank, Syracuse, N. Y., was appointed President of
the institution on Jan. 3 to succeed Frederick W. Barker Jr.,
who retired after filling the office for 10 years, according
to the Syracuse "Post" of Jan. 4. Mr. Barker, who is 81
years of age, and has been a banker for 52 years, will continue with the institution as a member of the Board of
Trustees. Other changes in the personnel of the institution,
It was stated, were the promotion of Mercer V. White, formerly Second Vice-President, to First Vice-President, to
take the place made vacant by the death of James Amos,
and the appointment of Nicholas G. Peters as Second VicePresident to succeed Mr. White. Other officers were reelected as follows:
Secretary, Alvin G. Rageman; Treasurer, Robert E. Bushnell; Comptroller, Edward J. Fix.
Concerning the affairs of the defunct Lowell Trust Co. of
Lowell, Mass., Associated Press advices from Lowell on
Jan. 14 1933
The order was made when no objections were offered to the State Banking
Commissioner's rule to show cause why the dividend should not be paid.
In signing the order allowing the payment of something like $291,000 in
the form of dividends,the Vice Chancellor declared that before he signs an
order for the payment of counsel fees the matter must be heard before a
Special Master in Chancery. Who will be designated to hear the plea was
not disclosed.
Vice Chancellor Berry also approved the payment of several preferred
claims totaling $35,705,01, bringing the total amount to be paid out of the
bank's resources by the Banking Commissioner to $326,705. It will be
the first payment of a dividend since the bank closed Dec. 24 1931.
Anthony Augeill of the office of John Milton, Jersey City, counsel for the
Sinking Commission, and Colonel William H. Kelly, State Commisioners or
Banking and Insurance, appeared for the Department. John H. Fitzpatrick, liquidator of the bank for the Commission, was in Court when the
Vice Chancellor announced he would sign the order.
At Mr. Augelli's request the Vice-Chancellor set three months as the time
limit for the filing of all claims against the bank. The payment of this dividend is not considered to jeopardize the efforts of the depositors' committee
to reopen the bank.
Our last previous reference to the affairs of this bank
appeared in the "Chronicle" of Dec. 3 1932, page 3802.
The directors of the Trenton Banking Co. of Trenton,
N. J. at their annual meeting on Jan. 11 advanced John L.
Williamson from Assistant Vice-President to a Vice-President, according to a dispatch from that city to the New York
"limes."
Stockholders of the Mellon National Bank of Pittsburgh,
Pa., at their annual meeting this week added to the Board
of Directors E. R. Crawford, President of the McKeesport
Tin Plate Co. and Paul Mellon, son of A. W. Mellon, according to Pittsburgh advices on Jan. 11 to the New York
"Times."
The First National Bank of Elwood City, Pa., an institution capitalized at $125,000 and with deposits of approximately $1,500,000, has been closed, according to a dispatch from Pittsburgh on Jan. 11, appearing in the New
York "Evening Post."
At the annual meeting of the directors ofl.the North Broad
National Bank of Philadelphia, Pa., on Jan. 10, Fred. C.
Gubler, heretofore a Vice-President, was made President
of the Institution, succeeding Herbert Hope, who resigned,
according to Philadelphia advices to the New York "Times."
The Pennsylvania Banking Department on Jan. 20 next
will make a disbursement of 10% to the depositors of the
Northern Central Trust Co., according to an announcement
made Jan. 6 by Dr. William D. Gordon, State Secretary
of Banking. The Philadelphia "Ledger" of Jan. 7, in reporting the matter, went on to say:
The distribution will mark the third cash advance made to depositors
of the institution, which closed its doors Sept. 28 1931, with a deposit
liability of $1,977,120. Previously a payment of 10% was made April 4
1932. and one of 20% on Aug. 12 1932. This month's payment to depositors will bring the total cash advance to 40%.
According to the Philadelphia "Finance Journal" of Jan.6,
the first and partial account of Dr. William D. Gordon,
State Secretary of Banking for Pennsylvania, in possession
of the property and affairs of the defunct Haddington Title &
Trust Co. of Philadelphia, was filed on Jan. 5 in the office
of the Prothonotary of the Court of Common Pleas. The
account covers the period from Oct. 7 1931, when the institution was taken over by the State Banking Department,
to Oct. 15 1932. The paper mentioned went on to say:
At the end of the period there was cash on hand amounting to $43,640.
An advance payment of 10% amounting to 8104,732 was made to depositors
on Oct. 10 1932. The remaining balance due depositors on Oct. 15 was
$942,285.
On October 15 there were unconverted assets of an appraised value of
021,345, compared with an appraised value on Oct. 7 1931 of $1,506,287.
Jan. 5 stated that Joseph A. Legare, Executive Vice-President of the Appleton National Bank of Lowell, on that day
announced his Bank would make payments on Jan. 11, of
dividends to depositors of the closed institution, at the rate
of 25% of deposits in the commercial department and 20%
in the savings department. The dividend, the dispatch
went on to say, would be the first in the commercial department and the second in the savings, bringing the total in the
latter department to 45% and the total amount to be paid
would be over $700,000.
Elmer E. Bauer, heretofore Cashier of the First National
Bank & Trust Co. of Tarentum, Pa., was recently appointed
Executive Vice-President of the Allegheny Trust Co. of
Pittsburgh, Pa., and assumed his new duties on Jan. 3,
according to the Pittsburgh "Sun-Telegraph of that date,
which went on to say in part:
Vice-Chancellor Maja Leon Berry of New Jersey, sitting
in Chancery Court at:Long Branch,N.J., on Jan.5 signed an
order permitting the distribution of a dividend of 5% to the
Depositors of the defunct A- llentown Trust Co. of Allentown, Pa., on Jan. 10 were to receive a cash distribution of
12%%, amounting to $140,636, according to the Philadelphia "Ledger" of Jan. 7. The institution was taken over
by the Pennsylvania State Banking Department on June
17 last, as noted in our June 25 issue, page 4605.
depositors of the closed Asbury Park & Ocean Grove Bank
of Asbury Park, N. J. Long Branch advices to the Newark
"News" on Jan. 5, from which the foregoing is learnt,
continuing, said:
He (Mr. Bauer) is a native of Pittsburgh, and entered the banking business here in 1905. Since that time he has been engaged in banking ac-,
counting and other financial work. For a time he was also instructor in
banking and public utilities in the evening schools of Duquesne University
and the University of Pittsburgh.
1
Volume 136
Financial Chronicle
The Matoaka NationalfRank, Matoaka, West Va., was
placed in voluntary liquidation on June 21 1932. The
institution, which was capitalized at $25,000, was absorbed
by the Bank of Matoaka.
, The directors of the National City Bank of Cleveland,
Ohio, at their annual meeting on Jan. 10, appointed Charles
B. Reynolds, heretofore First Vice-President, President of
the institution to serve until a permanent successor to the
late Hoyt V. Shulters is chosen. The Cleveland "Plain
Dealer" of Jan. 11, from which this is learnt, continuing
. said in part:
Mr. Reynolds has been with the bank since 1919, first as credit man,
later assistant cashier, then trust officer and since 1923 as First VicePresident.
The new head of the city's oldest bank was with Armour St Co. twenty
• years prior to his entrance into the banking business. He served the large
meat packers in Chicago, Atlanta, Ridimond and Pittsburgh, all of which
are headquarters points.
No other changes were made in the personnel of the institution, which in addition to Mr. Reynolds, is now as
follows: W. T. Ross, Vice-President; A. J. White, VicePresident and Cashier; W. C. Griswold, Vice-President and
E. N. Dekker, A. W. Becker and R. W. Dauber, Assistant
Cashiers.
According to a Zanesville, Ohio, dispatch on Jan. 10,
printed in the Cleveland "Plain Dealer," the following
changes were made in the personnel of the First National
Bank of Zanesville at the directors annual meeting on that
day: Frank T. Howard, formerly Vice-President, was advanced to the Presidency of the institution, succeeding
Joseph B. Lazelere, who was made Chairman of the Board
of Directors, and Peter B. Black was appointed Vice-President to succeed Mr. Howard.
281
Theodore Lely, Harry Hunsberger and Lyell H. Ritchie,
Assistant Cashiers; John R. Bjorkman, Assistant Cashier
and Assistant Manager of Savings Department; Maurice E.
Graves, Assistant Comptroller, and Irving L. Phillips, Assistant Manager of Bond Department.
Directors of the National Builders Bank of Chicago, Ill.,
at their annual meeting on Jan. 10,elected Reuben B. Fuessle
Assistant to the President, and re-elected all the other officers, according to the Chicago "Journal of Commerce" of
Jan. 11.
Stockholdes of the Stock Yards National Bank of Chicago,
Ill., and the Stock Yards Trust & Savings Bank of that city
(affiliated institutions) formally ratified the consolidation of
the institutions, under the title of the Stock Yards Bank &
Trust Co. at their annual meeting on Jan. 10, according to
the Chicago "Journal of Commerce" of Jan. 11. The enlarged bank has combined capital, surplus and undivided
profits of $2,000,000 and deposits of $15,000,000. The paper
mentioned also stated that D. H. Reimers, who had resigned
the previous day as a National Bank examiner, was named
President of the consolidated bank. Mr. Reimers had been
a bank examiner for four years in Chicago and for three years
prior to that assistant National Bank examiner in Iowa, it
was said. Reference was made to the proposed union of
these banks in our Dec. 17 1932 issue, page 4163.
Effective Dec. 21 last, the First National Bank of Bushnell, Ill., capitalized at $75,000, was placed in voluntary
liquidation. The institution was absorbed by the Farmers'
& Merchants' State Bank of Bushnell.
The advancement of Laverne Bassett, formerly President
of the United Savings Bank of Detroit, Mich., to the ChairTwo small Ohio banks—the Farmers' Bank of Savannah • manship of the Board of Directors, featured a number of
and the Farmers' Banking Co. of Wayne—were taken over changes in titles at the institution at the directors' annual
by the Ohio State Banking Department on Jan. 10, accord- meeting on Jan. 10, according to the Detroit "Free Press"
ing to Associated Press advices from Columbus, Ohio, on of Jan. 11. William W. Slocum, heretofore Executive VicePresident, was made President to succeed Mr. Bassett;
that date, which added:
Thomas T. Dunn, was continued as Trust Officer with the
Officials said the banks had suffered diminishing business over a long
added title of Vice-President and Maybe'0. Oliver, formerly
period.
Assistant Vice-President was promoted to a Vice-President
One new director, Charles J. Whipple, President of Hib- Other officers were reappointed, it was stated.
bard, Spencer, Bartlett & Co., wholesale hardware disThe Citizens' National Bank & Trust Co. of Watertown,
tributors, was added to the Board of Directors of the First
National Bank of Chicago, Chicago, Ill., at the stockholders' S. Dak., capitalized at $100,000, was placed in voluntary
annual meeting on Jan. 10,according to the Chicago "Journal liquidation on Jan. 3 1933. The instittion was taken
of Commerce" of Jan. 11. Other directors, with the excep- over by the First National Bank & Trust Co. of Watertown,
tion of Richard Dean, who resigned, and Clive Runnells, which subsequently changed its title to the First Citizens'
who now resides outside Chicago, were re-elected. At the National Bank of Watertown.
annual meeting of the directors held later, Guy C. Kiddoo
was promoted from an Assistant Vice-President to a ViceThe closing of two small Nebraska State banks is indiPresident, and Horace 0. Wetmore and Herbert V. Proch- cated in the following dispatch by the Associated Press from
• now were appointed Assistant Cashiers.
Lincoln, Neb., on Jan. 4:
Lewis Miller was made an Assistant Cashier of the First
The State Banking Department, Wednesday (Jan. 4), announced stockUnion Trust & Savings Bank (the First National Bank's holders of the First State Bank of Sterling had voted to suspend for reorganization because of the death of R. F. Frerichs, former President
affiliated institution). The Board of Directors of the First
The bank had $25,000 capital stock and $5,750 surplus.
National Bank, the paper mentioned stated, forms the Board
The Department also announced the Elmwood State Bank, at Elmwood,
had closed for liquidation. It had deposits of about $60,000, capital of
of Directors and advisory committee of the First Union
$26,000, and surplus of $4,200. Edward Earnest was President and W. M.
Trust & Savings Bank.
McLennan, Cashier.
The Chicago "Journal of Commerce" of Jan. 11 reported
that the directors of the City National Bank & Trust Co. of
Chicago, Ill., were re-elected at the stockholders' annual
meeting on Tuesday, Jan. 10, and at the subsequent meeting
of the directors the officers, headed by Charles G. Dawes,
Chairman of the Board; Philip R. Clarke, President, and
C. O. Haffner, Jr., Executive Vice-President, were reappointed.
According to Associated Press advices from Lincoln, Neb.,
on Jan.6, the Home State Bank and the Security State Bank,
both of Homer, Neb., suspended business on that day in
order to facilitate a merger of the institutions. The dispatch,
continuing, said:
From the Chicago "Journal of Commerce" of Jan. 11, it
Is learnt that the Board of Directors of The Northern Trust
Co. of Chicago, Ill. (which was re-elected by the stockholders
at their annual meeting on Jan. 9) made the following promotions in the bank's personnel at their annual meeting on
Jan. 10: Arlen J. Wilson and Keith J. Sheckler from Second
Vice-Presidents to Vice-Presidents; Solomon Byron Smith
and Harry M. Gustafson from Assistant Cashiers to Second
Vice-Presidents and Reginald G. Olderr from Assistant
Cashier to Assistant Cashier and Manager of Savings Department. From among the employees the directors also
made the following new appointments: John M. Easton,
Manager of Advertising and Publicity; Donald McDougal,
The merging of the Wirt State Bank at Wirt, Okla., with
the Bank of Healdton, at Healdton, Okla., a nearby place,
was reported in Associated Press advices from Oklahoma
City, Okla., on Jan. 7, which said:
The State Banking Department, which made the announcement, said
the Home Bank had a paid-up capital of $25,000, with $2,100 surplus,
and the Security Bank a paid-up capital of $20,000, with surplus of $6,000.
George W. Ashford headed the Security Bank and H. C. Hansen the
Home State.
Scores of bank robberies yearly in Oklahoma have led bank officials of
this State to take unusual measures to protect themselves.
The Wirt State Bank, robbed three times within eight days, merged
with a near-by institution at Healdton to obtain the police protection of
the larger town.
Officials of the Oklahoma Bankers' Association announced that more
than 100 banks in the State are closing during the noon hour and are
allowing no one in the buildings before or after banking hours.
Because of heavy withdrawals which had depleted its
of
cash reserves, the directors of the Hamilton State Bank of
282
Financial Chronicle
St. Louis, Mo., on Jan. 6 voted to cease operations at the
close of business on that day and to place the institution
in the hands of the State Finance Commissioner for the
protection of the depositors. The St. Louis "GlobeDemocrat" of Jan. 7, authority for the foregoing, continuing,
said in part:
The bank is located at 5852 Delmar Boulevard. The bank is not a
member of the Federal Reserve System, the St. Louis Clearing House
Association or the Associated Banks of St. Louis.
The resolution adopted by the directors is as follows:
"Whereas, the Board of Directors of this bank deem the same to be
solvent under the laws of the State of Missouri and having sufficient
assets to pay its obligations, but, whereas, unusually heavy withdrawals
of cash have been made from the bank, unduly depleting its cash reserves;
and, whereas, in view of said situation, the Board of Directors of this
bank deem it advisable in the interest of its depositors to deliver the same
into the hands of the Commissioner of Finance of the State of Missouri;
"Now. Therefore, Be It Resolved, That this bank cease conducting
the business of banking as of the close of business on this date, and that
its affairs be placed in the hands of the Commissioner of Finance. Signed
this 6th day of January 1933.
"THOMAS S. BURKE. President.
"GEORGE E.DEUTSCHMAN,Secretary."
The bank in its last statement as of Dec. 10 1932 showed total resources
of $654,247.19, as against liabilities of the same amount. It has paid-in
capital of $100,000; deposits totaled $388,857.49; general liabilities, including bills payable. $125.555.30. Its total holdings of bonds were
$351,996.20; real estate owned, other than bank building, $11.739.16;
cash assets, $51,726.36; loans and discounts on personal and collateral
security, $218,311.09; real estate loans, $1,600, and surplus, $28,500.
C. A. Wessel and Joseph Manne are Vice-Presidents.
The Citi ens' Bank and the Bank of Walnut Grove, the
only two banks in Walnut Grove, Mo., have suspended
operations temporarily, according to the following dispatch
by the Associated Press from that place on Jan. 2:
Both Walnut Grove banks will be temporarily closed under moratoriums
to-morrow (Jan. 3).
The Citizens' Bank,smaller of the two, did not open Saturday (Dec. 31)•
The Bank of Walnut Grove will not open in the morning.
The Citizens' Bank is capitalized for $12,000; the Bank of Walnut Grove
for $10,000—but the latter does a considerably larger volume of business.
It has deposits of around $100,000, and assets of around $75,000. The
dosing to-morrow is for the protection of depositors, the President. John S.
McLemore, said to-day.
Andrew McMehen is President of the Citizens' Bank.
One or both banks will reopen after a "holiday" for readjustment, it
was predicted to-day.
The Chattanooga National Bank, Chattanooga, Tenn., a
new institution, organized by the directors of the First
National Bank of Chattanooga, opened for business on
Jan. 3 in the former quarters of the First National Bank,
at the corner of Market, Eighth and Broad streets. The
new bank has taken over the strictly banking functions of
the First National Bank, which has separated these functions completely and entirely from its real estate loan and
Investment business, which it will continue to conduct at
its old branch office in the Volunteer Building. The Chattanooga National Bank starts with a capital structure of
$3,000,000, of which $2,500,000 is new money, cash and
paid in, provided by the directors of the First National Bank.
In addition, it has a special reserve fund of $1,000,000 to take
care of any possible future losses. The new organization
has assumed all deposits of the First National Bank and
has purchased from the latter certain loans, discounts and
other assets. Of First National real estate holdings, the
new bank has taken over only the bank building, which it
has written down from over $1,500,000 to $1,000,000. Facilities formerly maintained by the First National Bank at its
Main Street branch will be discontinued and its patrons
served at the main office of the new institution. The statement of condition of the Chattanooga National Bank on the
opening date, Jan. 3 1933, shows total deposits of $14,592,553
and total resources of $20,375,134. J. T. Lupton (Chairman of the Board of the First National Bank, is Chairman
of the Board of the new institution; W. E. Brock (a VicePresident of the First National Bank) is President, and J. P.
Hoskins (President of the First National Bank), Chairman
of the Executive Committee. Other officers of the new bank
are as follows: Z. C. Patten, T. R. Durham, H. R. Rutland
and R. W. Perry, Vice-Presidents; J. R. Higgins, J. W. Durrett and J. V. Holdam, Assistant Vice-Presidents; W. H.
DeWitt, Cashier; G. L. Nichols and P. H. Stegall, Assistant
Cashiers; H. A. Minor, Comptroller, and W. M. Vickers,
Auditor.
That the Sea Island Bank of Statesboro, Ga., closed since
December 1931, would reopen for business on Jan. 3 was
reported in a Statesboro dispatch on Dec. 29. Under the reopening plan, the dispatch stated, all depositors having
deposits of less than $50 would be paid immediately, while
depositors with claims above that amount would receive 20%
In cash and the remainder in four annual payments. Officers
Ian. 14 1933
of the institution were named as follows: C. P. 011iff, President; S. L. Moore, Vice-President, and C. B. McAllister,
Cashier.
The Citizens' Bank of Claxt- on, Ga., capitalized at $30,000,
was absorbed on Dec. 20 1932 by the First National Bank
of the same place.
The Bank of Statesboro, Ga., closed its doors during the
early part of December 1932, according to Statesboro advices
on Dec. 29, printed in the Savannah "News."
John F. Holden, a well-k-nown banker in northeastern
Georgia, and former State Senator, died at his home in
Crawfordville, Ga., on Jan. 5 after a prolonged illness.
Mr. Holden, who was 72 years of age, had been engaged in
the banking business for 50 years. At the time of his death
he was President of the Bank of Taliaferro, the Bank of
Crawfordville, the Bank of Siloam and the Bank of Danielsvile. He was the organizer of the Bank of Stephens and
the First National Bank of Elberton and formerly had
served as their President for many years. The deceased
banker had served two terms in the Georgia Senate as
representative of the 19th District.
According to the Denver "Rocky Mountain News" of
Dec. 22 last, Grant McFerson, State Bank Commissioner of
Colorado, had announced the closing for liquidation on Dec.
20 of the Seibert State Bank at Seibert, Colo., because of
"unfortunate conditions of locality and inability to secure
prompt assistance."
A new high record for depos- its in the bank's 81 years of
history was established on Dec. 31 1932 by the Wells Fargo
Bank & Union Trust Co. of San Francisco, Calif., it was
announced at the annual meeting of stockholders. Deposits
totaled $159,513,640, a gain of $9,000,000 over a year ago
and of $22,000,000 since 1929. In its statement this year the
bank inaugurated a new practice, its investment account
totaling over $86,000,000 now appearing with the notation
"at not exceeding market value." Operating profits of the
bank exceeded dividend requirements by a fair margin and
surplus and undivided profits were increased during the
year to $8,274,736.
E. C. Lipman, Vice-President and director of the Emporium
Capwell Corp., and son of F. L. Lipman, President of the
bank, was added to the Board of Directors.
Purchase of the capital stoc- k of the First National Bank
of Redondo Beach, Calif., by the Bank of American National
Trust & Savings Association (head office San Francisco)
was announced jointly by officials of both institutions on
Jan. 3, when the former opened as a branch of the Bank of
America. The Redondo Beach institution had deposits of
more than $1,000,000 and total resources in excess of
$1,678,000. The Los Angeles "Times" of Jan. 4, from which
the above information is obtained, quoted Will F. Morrish,
President of the Bank of America, as saying:
The First National Bank of Redondo has always
enjoyed our fullest
confidence as one of California's sound and conservative banking
institutions,
and we are indeed pleased to announce the consummation
of a deal whereby
the bank becomes a branch of the Bank of
America. The officers and
employed staff will continue to serve their customers
as heretofore. J. E.
Walker, President of the old First National Bank, continues
as head of
this branch of our bank.
From the San Francisco "Chronicle" of Jan. 6, it is learnt
that the Bank of America National Trust & Savings Association (head office San Francisco, Calif.), has purchased
the First National Bank of Orland, Calif., with deposits of
more than $400,000, and consolidated the institution with the
Orland Branch of the Bank of America, according to Will
F. Morrish, President of the Bank of America. The acquired bank, it was stated, has been in existence for more
than twenty years and at present has assets of more than
$500,000.
The thirty-second annual report of the Provincial Bank
of Canada (head office Montreal), covering the fiscal year
ended Nov. 30 1932, has just recently been published. It
shows that while net earnings were slightly less than in the
preceding year, the percentage of liquid assets, which In
the past has always been maintained at a high level, was
even better than that of last year. Net profits for the period
were $454,659 (as against $467,440 for the preceding year),
which when added to $466,881, the balance to credit of profit
and loss brought forward from the preceding twelve months,
made $921,520 available for distribution. Out of this sum
Volume 136
the following appropriations were made: $350„000 to pay
four quarterly dividends at the rate of 9% per annum for
the first three-quarters and 8% per annum for the last
quarter; $61,600 to take care of Dominion Government taxes
on bank note circulation and provision for income tax;
$40,000 written off real estate and $100,000 to provide for
contingencies, leaving a balance of $369,920 to be carried
forward to the present fiscal year's profit and loss account.
Total resources are shown in the statement as $47,201,271,
of which $26,668,938 are liquid assets, or equal to 64.5% of
the bank's liabilities to the public, as compared with a ratio
of 63% last year. Total deposits are given as $35,291,633,
of which $31,553,519 are interest bearing deposits. The
bank's paid-up capital is $4,000,000 and its reserve fund $1,500,000. The Hon. Sir Hormisdas Laporte is President of
the institution and Charles A. Roy, General Manager. '
Total reserves and deposits of Barclays Bank, Ltd., one
of the "Big Five" London banks, as at Dec. 31, are the
highest on record, according to cable advices received at the
office of the New York representative of the Bank, 120
Broadway. Deposits are reported at £381,846,609 (an increase of more than £46,000,000 from the end of 1931) and
total resources are £414,234,297 (an addition of £41,761,142
during 1932). Cash items are shown as follows: cash in
hand and with the Bank of England, £51,680,992,an increase
of £4,409,296; balances with other British banks and checks
in course of collection, £10,663,886,an increase of £1,025,238
and money at call and short notice, £24,817,550, an increase
of £3,051,100.
An interesting feature of the balance sheet is the total investments, which amount to £87,351,717, of which amount
£81,555,046 represents securities of, or guaranteed by the
British Government. Bills discounted are higher at £66,289,256, while total advances amount to £153,158,667, a
ratio of about 40% to the deposit liabilities. For the year
1932 the directors of the Bank have declared the same
dividends as those paid for many years past, viz.:10% on the
class A shares and 14% on the B and C shares. The Chairman of Barclays Bank, Ltd., is F. C. Goodenough. The
annual general meeting of the Bank will be held in London
on Jan. 19.
The directors of the Midland Bank Limited (head office
London) report that, after making an appropriation towards
bad and doubtful debts fall of which have been fully provided
for) the net profits for the year 1932 amount to £2,019,142
which, with £850,016 brought forward from the preceding
year, made £2,869,158 available for distribution, out of
which the following appropriations amounting to £1,154,880
have been made. To interim dividend, paid July 15 1932,
for the half-year ended June 30 1932 at the rate of 16% per
annum less income tax, £854,880 and to reserve for future
contingencies, £300,000, leaving a, sum of £1,714,278, from
which the directors recommend a dividend be paid on Feb.
1 next, for the half-year ended Dec. 31 1932 at the rate of
16% per annum less income tax, calling for £854,880, and
a balance be carried forward of £859,398.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has continued to show a good tone
the present week. Trading has been quiet and while the
railroad shares and some of the utilities and specialties have
been inclined to move upward, profit taking has frequently
been in evidence and curtailed to some extent the forward
movement of these stocks. Call money renewed at 1% on
Monday and remained unchanged at that rate on each and
every day of the week.
Irregularity was the dominating characteristic as the
market resumed its session on Monday. Trading was quiet
with most of the industrials selling down under profit taking.
Railroad shares were without noteworthy movement, though
several prominent issues displayed a moderate upward
tendency. Chemical stocks and a few of the more active
of the investment shares showed improvement, but the rest
of the list was reactionary. Most of the changes were within
a narrow range, though a few of the trading favorites showed
a gain of a point or more. These included, among others,
Allegheny Steel 1%, points to 83%, American Locomotive
pref.2% points to 233%, Armour of Delaware pref. 23 points
to 48, Bangor & Aroostook 2% points to 243%, Endicott
Johnson 3% points to 3032, General Cigar 2% points to 33,
General Motors pref. 2% points to 763%, Gillette Safety
Razor pref. 2% points to 75, G. W. Helme 2% points to 70,
National Lead pref. A 23 points to 109, Public Service of
283
Financial Chronicle
N. J. pref. 2 points to 86%, West Penn Electric pref. 3%
points to 483% and General Railway Signal 13% points to 17.
Following early irregularity the market rallied sharply
on Tuesday. Railroad stocks were the leaders of the
upward swing, Pennsylvania, Lackawanna and New Haven
moving briskly forward to higher levels. Trading improved
somewhat over the preceding day, the largest part of the
turnover coming during the final hour. The gains ranged
from fractions to 3 or more points and were scattered quite
generously throughout the list. Industrial shares and
specialties also enjoyed sharp gains and chemical shares
and tobacco stocks were in demand at higher prices. The
principal changes were on the side of the advance, the gains
including such active issues as Air Reduction, 23/8 points
3
to 633/s; Allied Chemical& Dye,2% points to 89%; American
Can, 23 points to 613%; American Tel. & Tel., 13% points
4
to 108/s; American Tobacco B, 3 points to 63; Atchison,
3
3
2% points to 453%; Atlantic Coast Line, 2% points to 23%;
J. I. Case, 43( points to 46%; Continental Can, 2 points
4
to 413 ; Crucible Steel pref., 2 points to 24; International
3
Business Machines,3% points to 97%;New York & Harlem,
4 points to 110; Pure Oil pref., 3 points to 61; Union Pacific,
2% points to 763%; United States Steel, 2% points to 31,
and Western Union Telegraph, 13% points to 303%.
Profit taking was in. evidence on Wednesday and fractional
gains and losses appeared as the market closed for the day.
In the early trading considerable activity was apparent and
stocks moved forward all along the line, though the gains
were not especially noteworthy. In. the final hour profit taking appeared and values receded. United States Steel and
American Can were fairly active, but closed without material
change. Railroad shares were moderately firm, but there
were no important changes in. the industrials or specialties.
There were a few small gains of a point or more, but these
were largely in the preferred stocks and included American
Can pref. 13% points to 126%, American & Foreign Power
/
(7) pref. 2 points to 133s, American Smelting Pref. 1%
points to 343%, Atchison pref. 1% points to 645, Columbia
Carbon 1% points to 323%, Detroit Edison 1% points to
%
713%, Erie & Pittsburgh 33'2 pref. 23 points to 50, Hercules
Powder pref. (7) 3 points to 91,International Nickel pref. 5
points to 72, Norfolk & Western 55% points to 124, J. C.
Penney prof. (6) 7% points to 102%, Tide Water Oil pref.
4
23 points to 49, and Worthington Pump pref. 3% points
to 18%.
The market was quiet though fairly steady on Thursday.
The general list was lower, but there were some exceptions
like Drug, Inc.; Brooklyn-Manhattan Transit, and Allied
Chemical & Dye, which were moderately strong. Profit
taking was again apparent, but most of this was absorbed
before the close. Railroad stocks were fairly steady and so
were the industrials, but there were few changes in the public
utility stocks or specialties. Price movements on the side
of the decline included among others, Corn Products, 1%
points to 543%; Homest,ake Mining, 2% points to 150;
Hershey Chocolate pref., 1% points to 78%; Procter &
%
Gamble, 2% points to 253%; United States Steel pref., 13
points to 643%,and Vulcan Detinning pref., 2% points to 64.
Irregularity was again apparent on Friday, the market
showing fractional loses up to the last hour and then moving
briskly forward. Commercial Solvents was the strong spot
in the final trading and moved forward in company with
Allied Chemical & Dye, Amer. Tel. & Tel. and United
States Steel. In the opening hour stocks drifted around
without definite trend, and while the trading was quiet,
the changes were about evenly divided between the advance
and recession. The rally brought modest gains to a number
of active stocks during the final hour. These included
among others, American Bank Note pref., 3% points to
393%; American Smelting 2d pref., 2% points to 263%;
American Tobacco B, 1% points to 633%; Liggett & Myers
pref., 4 points to 129; Procter & Gamble, 1% points to
263%; United States Leather pref., 3 points to 50; Walgreen
pref., 5 points to 883%, and Wrigley Jr., 1 point to 373%.
Stocks were firm at the close.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week Ended
Jan. 13 1933.
Saturday
Monday
Tuesday
Wednesday
Thursday
FrIdaY
Total
..
Male,
Railroad
Stocks.
Number of and Mischa. Municipal &I
Bonds.
Shares.
For'n Bonds,1
932,500
1,148,987
1,617.454
916.072
3.815
83
5A48.82
United
States
Bonds.
Total
Bond
Bales.
HOLIDAY
3769.000 813,407.000
33,444.0001
482.000 13 440 000
4.069.0001
. .
1.339.000 16,876.000
4,020.0001
2.284,500 15,492,500
3.722.0001
1.555,000 12,228,000
3.141.0001
846.618.000 11!SgM(W)I 58420 sno 571.443_500
89,194.000
8,889,000
11,517.000
9,486,000
7.532.000
Financial Chronicle
Salsa at
New York Stock
Exchange.
Jan. 1 to Jan. 13.
Week Ended Jan. 13.
1932.
1033.
Stocke-No. of shares_
Bonds.
Government bonde___
State & foreign bonds
Railroad& misc. bonds
5,448,828
1933.
1932.
9,316,741
20,296,801
56,429,500 326,683,000
18,396,000 17,254,000
46,618.000 48,096,000
872,771.700
31,062,000
14,055,900
$45,056,500
33,184,000
83,274,000
871.443,500 592,033,000
Total
10,655,898
$117,889,600
$161,514,500
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
West Ended
Jan. 13 1933.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. wk. revised_
Philadelphia.
Bait more
'
.
Shares. Bond Sales. Maros, Bond Sales. Shares. Bond Sales.
Exchange Closed. Exchange Closed. Exchange Closed.
20,854
81.000
16,381
$3,000
2,168
510,000
23,851
3,000
1,291
17,720
3.000
6.000
32,553
1,100
36,321
6,000
993
7,000
19,228
4,100
18,082
2,000
831
6,000
4,251
2,000
1,745
1,013
5,000
100,737
811,100
90,249
817,000
6,296
831,000
83,089
$17,000
83,494
26115,000
4.135
$51,300
Jan. 14 1933
improved 2 points, and Cleveland Electric Illuminating
pref. shot forward nearly 2 points to a new high for 1933.
On the other hand, shares like Electric Bond & Share, American Light & Traction and Niagara Hudson were heavy.
The changes for the week were about evenly balanced, those
closing on the side of the advance including, American
Gas & Electric, 313/2 to 32; Associated Gas & Electric A,
1% to 2; Commonwealth Edison, 80 to 825 ; Consolidated
%
Gas of Baltimore, 643/2 to 65; Creole Petroleum, 29/2 to 23 ;
%
Ford of Canada A, 63/2 to 69/2; Gulf Oil of Pennsylvania,
279/2 to 283; New Jersey Zinc, 29 to 303/2; Singer Mfg. Co.,
96 to 99; A. 0. Smith, 19 to 21; Standard Oil of Indiana,
213 to 213/2, and United Shoe Machinery, 34 to 343j.
%
Among the stocks showing declines for the week were
Aluminum Co. of America, 523/2 to 503/2; American Light &
Traction, 18 to 169; American Superpower, 53/2 to 5; Atlas
Corp.,83 to 8; Brazil Traction & Light, 83/2 to 83; Central
States Electric, 29/2 to 23/2; Cord Corp., 63j to 69/2; Deere &
Co., 103 to 10; Electric Bond & Share, 205 to 20; Inter%
%
national Petroleum, 103 to 103/2; Niagara Hudson Power,
%
16 to 153/2; Pennroad Corp., 1% to 19/s; Swift & Co., 83/2
8
to 83 ;Teck Hughes,33/2 to 3%;United Gas Corp.,23 to 2;
%
United Light & Power A, 43 to 33/2, and Utility Power,
1% to 13.
A complete record of Curb Exchange transactions for
the week will be found on page 312.
THE CURB EXCHANGE
Trading on the curb market centered largely around the
public utilities during the present week, and while there
have been occasional periods of irregularity in these shares,
the general trend has been toward higher levels. Industrials
have had spasmodic bursts of strength but the changes, as a
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
rule, have been small. On Monday trading was unusually
quiet with the bulk of the dealings centering around the pubBonds (Par Value).
Blab
Week Ended
(Number
lic utilities. Some pressure was apparent, but the buying
Jan. 13 1933.
Foreign
Foreign
of
Domestic. Government. Corporate.
Total.
Bharat).
was sufficiently strong to absorb most of it before the close.
Industrials moved forward under the guidance of Great Saturday
HOLI DAY
8187,000
Monday
156,800 85,377,000
$203.000 85,767,000
Atlantic & Pacific Tea Co. which was up about 6 points at Tuesday
711,000
138,195 4,587,000
302,000 5,600,000
307,000
199,380 5,801,000
Wednesday
233,000 6,341,000
its top for the day. Substantial gains were recorded by some Thursday
249,000
119,830 4,988,000
207,000 5,444,000
205,000
97,355 4,357,000
of the preferred stocks in the public utility group, while many Friday
162,000 4,724,000
of the common stocks showed losses. Electric Bond & Share
711,560 825,110,000 81,659,000 51.107,000 827,876,000
Total
and Cities Service, for instance, were lower and so was
Week Ended Jan. 13
Jan. 1 to Jan. 13.
Saler at
American Gas, but the undertone was firm. Aluminum Co.
New York Curb
1933.
1932.
1933.
Exchange.
1932.
of America was slightly higher and Deere & Co. registerel
1,454,365
711,560
-No,of shares.
Stocks
1,279,995
2,987,322
moderate improvement. Oil stocks also were higher but
Bonds.
$25,110,000 517,042,000
Domestic
$41,140,000
$30,791,000
the changes were fractional.
529,000
1,659,000
Foreign government..
2,254,000
1,157,000
Small gains were shown by most of the active issues on Foreigncorporate
632,000
1,107,000
2,310,000
1,197,000
Tuesday, though the list was somewhat spotty at times.
Total
$27,876,000 $18,203,000
545.704,000
833,145,000
The preferred stocks in the public utility group showed
small gains, though a large part of the transactions were
COURSE OF BANK CLEARINGS.
for professional account. Electric Bond & Share and Niagara
Bank clearings this week will again show a decrease as
Hudson were higher, though very little interest was manifested in oil shares or mining stocks. In the industrial compared with a year ago. Preliminary figures compiled
issues, Pan-American and National Aviation were most in by us, based upon telegraphic advices from the chief cities of
demand. Mead Johnson was a point higher and Niles- the country,indicate that for the week ended to-day (SaturBement-Pond was stronger, while oil stocks were frac- day Jan. 14), bank exchanges for all the cities of the United
tionally higher. The strong stocks among the power and States from which it is possible to obtain weekly returns will
light issues included the Southern California, Edison B and be 31.3% below those for the corresponding week last year.
Electric Bond & Share 6%. Oils were fractionally higher. Our preliminary total stands at $4,439,559,528, against
Public utilities were the strong stocks on Wednesday, $6,460,293,130 for the same week in 1931. At this center
though gains ranging from fractions to a point or more there is a loss for the five days ended Fridaylof 33.3%. Our
were scattered through the list. Electric Bond & Share comparative summary for the week follows:
moved up about a point and Cities Service attracted conClearings
-Returns by Telegraph.
Per
siderable speculative attention, but closed with only a
1933.
Week Ending Jan. 14.
1932.
Cent.
fractional gain. Niagara Hudson, American Gas & Electric New York
82,305,915,975 83.457.373,822 -33.3
Chicago
146,389,256
229,014,778 -36.1
and some of the more active of the common stocks received Philadelphia
235,000.000
275.000,000 -14.5
143,000,000
221,000,000 -25.3
good support. Aluminum Co. of America was strong most Boston
Kansas City
45,469.535
60.118,221 -24.4
of the session and Great Atlantic & Pacific Tea Co. was up St. Louis
45,200,000
61.300,000 -26.3
76,436,000
101,263,000 -24.5
points to 155 at its top for the day. A. 0. Smith was San Francisco
3
Los Angeles
No longer will re port clearings.
56,8:8,563
79.422,979 -28.4
higher and there were good advances in Commonwealth Pittsburgh
Detroit
67,093,421 -28.9
47,709,632
Edison, Central States Electric pref. and Electric Bond & Cleveland
47,585,867
73,277,073 -35.1
55,868,618 -28.6
30,870,956
Share. Oil shares held firm, though there was little change Baltimore
New Orleans
27,286,161
32,691,176 -16.5
from the preceding day. Mining stocks also lagged behind.
Twelve cities,five days
$3,216,721.945 84.713,423.088 -31.8
482,910,995
588.083,890 -17.9
Dull trading and irregular price movements were the out- Other cities, five days
standing features of the curb market on Thursday, the
Total all cities, five days
$3.699,632,940 85,301,506,978 -30.2
739,926,588
1,158,786,152 -36.1
changes for the most part being about evenly balanced. All cities, one day
Torsi all Anal fraP aroalr
24 420 AM 528
86.460.293.130 -31.8
Industrial shares were comparatively quiet, though Singer
Mfg. Co. was an exception and gained about 3 points at its
Complete and exact details for the week covered by the
top for the day. Aluminum Co. of America was higher for foregoing will appear in our 'ssue of next week. We cannot
a brief period, but closed without change. Electric Bond & furnish them to-day, inasmuch as the week ends to-day
Share was higher by a point at one time, but failed to hold (Saturday) and the Saturday figures will not be available
its gain and Cities Service and other volatile stocks were until noon to-day. Accordingly, in the above the last day
dull and without special movement. Oil shares were dull of the week has to be in all cases estimated.
but steady, and mining stocks were in fairly good demand
In the elaborate detailed statement, however, which we
but showed only fractional gains.
present further below, we are able to give final and complete
Price fluctuations on the curb market were narrow and results for the week previous, the week ended Jan. 7. For
irregular on Friday, and while some of the pivotal issues that week there is a decrease of 30.1%, the aggregate of
showed a sagging trend, there were a number of inactive clearings for the whole country being $5,038,048,855, against
stocks that were inclined to move upward. Florida Power $7,207,931,665 in the same week in 1931. Outside of this
7% pref., for instance, was up 33/2 points; Buckeye Pipe city there is a decrease of 25.8%, the bank clearings at this
center recording a loss of 32.5%. We group the cities according to the Federal Reserve districts in which they are located,
and from this it appears that in the New York Reserve
District, including this city, the totals show a loss of 32.1%,
in the Boston Reserve District of 33.8% and in the Philadelphia Reserve District of 17.3%. The Cleveland Reserve
District records a diminution of 28.8%, in the Richmond
Reserve District 28.1% and in the Atlanta Reserve District
24.9%. In the Chicago Reserve District, the decrease is
25.2%, in the St. Louis Reserve District 1.9% and in the
Minneapolis Reserve District 22.9%. In the Kansas City
Reserve District, the totals suffer a contraction of 28.3%,
in the Dallas Reserve District of 26.7% and in the San
Francisco Reserve District of 36.7%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1931.
Federal Reserve Dists.
1st Boston_ _ _ _12 cities
2nd New York_ 12 "
3rd Philadel'16_10 "
4th Cleveland_ _• 6 "
5th Richmond _ 6 "
6th Atlanta_ __ _11 "
7th Chicago __-20 "
8th St. Louis_ 5 "
9th Minneapolis 7 "
10th KansasCity 10 "
5 "
11th Dallas
12th San Fran._13 "
$
$
%
$
451,060,363
363.009,832 -33.8
240,170,183
3,274,564,046 4,820,999,017 -32.1 7,191,014,302
452,087,900
390,929,628 -17.3
323,323,429
379.674,134
369,995.531 -28.8
192,161,860
156,495,934
151.243,753 -28.1
108,679,518
151.777,713
128,343,759 -24.9
96,440,853
740,176.026
478,785,511 -25.2
358,337,872
159,865,810
101,664,187 -1.9
99.685,122
99,894,867
79.823,008 -22.9
61,508,508
171,662,644
121,734,979 -28.3
87.338,682
60,152,014
50,519,461 -26.7
37,012,682
294,057,320
250,883,001 -36.7
158,836,371
117 cities
Total
Outside N. Y. City
Illi
'17 n1,177
5.038,018,855
1,881,167.694
7
/ 77a rla
nce ,a 'In
1930.
$
557,203,006
7.676,997,803
680,654,216
400,700,028
184,115,746
188,851,462
868,592,576
193,174,592
114,799,783
202,631,165
78,643,760
345,325,870
7,207,931,665 -30.1 10,307,919,017 11,491,090,037
2,534,317,906 -25.8 3.283,399,746 4,001,984,866
0.
.1 7777.
._*c
410794 012
Week Ended Jan. 7.
Clearings at
363.009,832
Second Fade al Reserve D Istrict-New
7,963,537
-Albany.
12,254,642
_
N. Y.
1,335,330
990,846
Binghamton._
41,312,504
Buffalo
27,307,619
920,890
Elmira
539,861
809,844
552,028
Jamestown
New York_
3,156,881,161 4,673,613,759
12.476,810
Rochester
9,137,336
6,147,097
4,127,192
Syracuse
3,553,621
2,778,211
Conn.-Stamfor
600,000
N. J.-Montcial
425,000
29,197,334
Newark
21,841.078
•
43,068.291
37,729,072
Northern N. J
iniobCoLaCobbtio,lo...L.1
IIIIIIII 1111 1
,
....14WWN6A.11 W
WW
000•-.C.Z00.40-4 IA
$
II
240,170,183
1930.
1931.
$
687,305
3,827.742
398,132.010
896.738
481,658
964,839
6,004,687
4,238,377
14,610,134
7.108,413
13,215,900
892,560
646,315
3,593.640
498,504.500
1.608,771
1,222,428
1,169,081
5,187,856
3,953.081
16,256,495
8,521,008
15,763,500
776,331
451,060.363
W
$
$
--Boston
First Federal Reserve Dist rice
727,853
Maine-Bangor-.
453,302
3,709,345
Portland
2,147,797
. 205,435,701 312,000.000
-Boston_
Mass.
817,652
Fall River
598.535
371.612
Lowell
272,863
897,165
New Bedford_
565,350
5,556,544
Springfield_ _ _
3,847,596
3,853,060
Worcester
2,283,555
12.477,363
Conn.
10,759,748
-Hartford
7,407,279
New Haven. _ _
4,366,928
14,512,200
RI.
8,966,200
-Providence
679,759
472,608
N.H.-Manche-3'
Inc. or
Dec. I
•-.NnZNWNWW14..WNCom
NCT.W1.-wONO.-.WWWK
1932.
557,203,006
6,390,603
7,236,638
1,411,887
1,445.234
50,866,650
58,542,052
983,087
885.409
1,241,659
1,509,892
7,024,519,271 7.489,105,171
11,202,724
13,069,101
6,971,982
6,471.154
4,169,568
5,087,371
826,464
868,834
32,767.313
39,904,667
48,817,079
55,028,207
Total(12 cities 3,274,564,046 4.820,999,017 -32.1 7,191,014,302 7,676.997,805
Third Federal Reserve Dist rict-Philad elphia 623,160 -51.2
-Altoona - Pa.
304,049
1,162,267
Bethlehem_ _ •
624,799 -28.3
447,796
824,744
Chester
269,731
729,113 -63.0
982,905
Lancaster_
2,254,380 -57.5
057.268
.
1,810,447
.
Philadelphia.. 308,000,000 367,000.000 -16.1 429,000,000
Reading
1,994,071
5,656,248 -64.7
3,078.277
.
5,042,185 -42.8
Scranton
2,884,479
5,490,873
.
2,839,829 -23.4
2,174,025
3,752,208
Wilkes-Barre..
1,221,010
1,833,925 -33.4
2.089,179
York
5,071,000
4,325,000 -17.2
-Trenton._ .
3,897,000
N. J,
323,323.429
1,290,698
1,212,340
1,305,193
1,933,169
655,000,000
4,054,213
4,923,290
3,584.746
2,189,567
5,161,000
390,929.628 -17.3
452,087,900
680.654,216
Reserve D istrIct-Clev eland.
368.000
630.000 -42.3
b
b
b
51,606,591 -24.5
38,981,363
95,509,601 -28.2
68,601,102
10,677,700 -36.3
6,806,100
.1,000,000 -28.6
713,773
b
b
b
76,681,522 110,571,639 -30.6
4.334,000
b
65,502,421
131,193.869
14,617,200
1,870,178
b
162,156,466
4,985.000
b
68,085.608
143.127.260
17,333,400
2.311,718
b
164,857,042
269,995.531 -28.8
379.674,134
400.700,028
Fifth Federal Reserve Dist riot.- Rich mond.-515,290 -29.3
996,033
364,492
W.Va.-Ilunt'n .
4,490.338 -35.8
3,584,919
2.832.000
Va.-Norfolk _ .
40,475,263 -31.8
39,044.554
27,602,418
a Richmond __ .
873,014 -88.1
2,226,034
1,036.610
S. C.-Charlesto)
79,115,638 -24.7
82,463,928
59,472,165
Md.-Baltimore.
25,774.210 -32.8
28,180.466
17,321,863
D.C.-Washing' 1
1.197,028
4,499,537
45,892,000
2,362.689
102,488,690
27.675.802
Total(10 cities
Fourth Fed° r al
Ohio-Akron...
Canton
Cincinnati... ,
Cleveland.....
Columbus___ _ .
Mansfield_
.
Youngstown _
-Pittsburgh ,
Pa.
Total (6 cities).
192,151,860
151,243,753 -28.1
156,495,934
184,115.746
Sixth Federal Reserve Dist rict-Atlant a
4,178,340 -48.0
2,136,096
Tenn.-Knoxvill9
11,172,912 -8.0
10,274,176
Nashville_ .
39,800,000 -26.1
29,400,000
.
-Atlanta Os..
1,529,330 --44.6
847,576
Augusta
777,740 -54.6
353,193
Macon •
11,599,805 -26.6
8,511,516
Fla.-Jacksonv' 15,934,716 -36.5
10,126,062
Ala.-BirmIng'm1,561,162 -13.9
1,344,735
Mobile
1,579,000 -5.7
1,489,000
Jackson.
Mi9.9.
160,631 -27.4
116,690
Vicksburg...40,050,123 -19.6
32,195,001
Orl'ns.
-New
La.
2,7.00,000
17,568,046
41,014,103
1,681.125
1,728,274
12,814,406
20,986,186
1,873,267
2,415,000
190,397
49,006,909
3,500,000
24,496.268
51,698,901
2,347,801
1,694,390
15,584,675
31,291,982
2332,206
2,338,462
313,573
53,153,204
Total (6 cities).
Total(11 cities I
108,679,548
96,440,852
128,343.759
, 151,777,713
-24.91
Inc. or
Dec.
1932.
1933.
1931.
1930.
Seventh Feder al Reserve D istrIct-Chic ago221,940
-51.2
212,520 103,635
-Adrian
Mich.
1,117.745
280,144 4.552.7
1,828.524
Ana Arbor_ _ 84,906,306 --28.4 136,248,677
60,771.697
Detroit
5,585.509
4,434,515 --47.
2,343.597
Grand Rapids.
2,744,920
-57.
1,329,900 564,700
Lansing
2.734,713
1,365.285
872,057
Ind.-Ft. Wayne
20,924,000
17,545,000
13,545,000
Indianapolis.._
2,788,492
2,678.016 -17.
2,202,926
South Bend
7,042,723
5,540,130
5,025,649
Terre Haute_ _
28,424,123
22,090,200 -48.
11,359,866
Wisc.-Milwaukee
3,258,129
43.1
1,057,85 602.356
Iowa-Cedar Rap
8.725,200
19.0
6,870,38 5,563,608
Des Moines-_
4,297,156
2,884,49 -37.1
1,814,728
Sioux City _ _
840,394
519,265
•
Waterloo
1,445,909
918,188
1,350,87 -32.0
III.-Bloomington
247,018,409 318,012,05 -22.3 502,811,778
Chicago
1,218,110
869,223 -50.1
433,634
Decatur
4,408,823
43.6
3,332,392 1,879,207
Peoria
2,800,520
1,462,792 63.7
531.697
Rockford
2,537,165
2,044,148 -53.1
958,394
Springfield.._ _
293,194
940,295
165,006.347
5,674,793
4,112.700
3,586,288
26,074,000
2,846,966
6,956.272
32,840.547
3.357,879
10,246,685
6,618,411
1,614,567
1,664,839
584,026,537
1,057.936
5,639,423
3,513,084
2,521,815
740,176,026
868.592.576
118,300,000
26,612,514
128.100.000
39,335,975
14,095,980
189,981
667,335
23,980,876
409,200
1,348,541
358,337,872
478,785.511 -25.2
-St.1.0 ulsEighth Federa I Reserve Dis tact
Ind.-Evansville63,200,000 +11.2
70,300,000
Mo.-St. Louis_ _
15.3
22,493,840 19,041,881
Ky.-Louisville _
Owensboro.._ _
13,131,705 -24.0
9,975,339
Tenn.
-Memphis
158,209 -77.6
35.354
51.1
680,433 332,548
Quincy
159,865,810
193,174,592
Ninth Federal Reserve Dist rIct-Minne spoils- 4,338,058
3,152,481 -30.7
2,184,208
Minn.
-Duluth _
68,331,887
26.7
55,679,990 40,830,077
Minneapolis...
20,526,438
16,013.249 -8.9
14,587,402
St. Paul
1,950,300
2,012,306 -41.4
1,415,156
No. Dak.-Fargo
978,952
29.9
619,523 434,354
S.D.
-Aberdeen672,090
-38.8
458,783
277,748
Mont.
-Billings _
3,097,132
1,886,674 -5.7
1.779,863
Helena
4,975,478
79,511,178
22,760.880
2,073.326
1,192,203
706,318
3,580,400
79,823,006 -22.9
99,894.857
114.799,783
Reserve Dis trIct-Kansa s City297,434 -40.3
177,484
179,997 -26.7
131,993
40.0
2,801,512 1,681,469
27,332,528 -39.1
16,638,179
2,600,044 -26.8
1,902,594
17.6
5,158,916 4,253,115
77,695,932 -24.5
58,658,851
3,460.019 -26.7
2,535,120
997,583 -23.4
764,340
a
a
a
1,211,014 -51.6
593,937
341,823
493.926
3,365.294
40,029,147
4,655.105
7,236,473
106.666,252
6.259,780
1,151,077
a
1,463.767
387,271
564,970
3,200,000
40.030.932
4,481,014
8,387,400
135,102,325
7,353,000
1,316,619
a
1,807,634
Total(5 eitieti)-
101,664,187
99,685,122
-1.9
414 700 711
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
1933.
Week Ended Jan. 7.
Clearings at
Total (20 cities)
Inc.or
Dec.
1932.
1933.
Week Ended Jan. 7 1033.
Total (12 cities)
285
Financial Chronicle
Volume 136
188,851,462
Total (7 cities).
Tenth Federal
Neb.-Fremont Hastings
Lincoln
Omaha
Kans.-Topeka.
Wichita
340.-KansasCity
St. Joseph
Colo.-Colo.Spgs
Denver
Pueblo
61,508,808
28.3
121,734,979 -
171,662,644
202,631,165
Eleventh Fede ral Reserve DIstrict-Da liesTexas
656,354
1,260,195 -47,9
-Austin
24.6
35,108,380 26,465,691
Dallas
4,546,471
8,063,637 -43.6
Fort Worth
2,746,000 +12.8
Galveston
3,098,000
3,341,249 -32.8
2,246,166
-Shreveport.
La.
1,639,402
40,862.866
10,222,997
2,899,000
4,527,749
1,644.715
50,264,238
14,429,805
4,357,000
7,348.032
50,519,461 -26.7
60.152,014
78,043,790
$
Total(10 cities)
Total (5 cities).
87.338,082
37,012,682
Twelfth Feder al Reserve 53 istrict-San Franc' sco-33,284,365
30,073,271 -42.0
17,427.830
-Seattle..
Wash.
12,499,000
8,524,000 -48.5
4,389,000
Spokane
1,200,777
31.3
617,124 424,220
Yakima
28,072,468
37.1
22,501,517 14,156,688
Oregon-Portrd _
19,021,308
16,661,279 -31.0
11,500,351
Utah-Salt L C'y
7,887,798
4,933.775 -48.0
2,566,346
Callf.-Long Bea.
Los Angeles... No longer will report clearin gs.
6,629,679
5,526,497 -44.5
3,066,666
Pasadena
8,797,101
35.4
9,868,69 6,372,858
Sacramento _
San Diego
34.7 165.752,418
94,540,049 144,702.94 San Francisco.
4,204,716
2,783,86 -44.0
1,558,469
San Jose
2,307,049
1,713,66 -38.8
1,048,009
Banta Barbara_
2,056,841
40.6
1,339,12 796,074
Santa Monica.
2,343,800
39.5
1,637,250 989,811
Stockton
41,791,776
12,695.000
1,544,316
35,074,710
21,211,815
8,608,614
6,571,038
9,833,949
195.635.189
4,391,458
2,496.641
2,423,764
3,047,600
36.7 294,057,320 345,325,870
Total (13 cities) 158,836,371 250,883,001 Grand total (117
5 038,048,855 7,207,931.665 -30.1 10307919,017 11491090,037
cities)
Outside N.Y.... 1,881,167,694 2,534,317.906 -25.8 3,283.399,746 4,001,984.866
Week Ended Jan, 5.
Clearings at
1933.
•
1932.
Inc. or
Dec.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
Saint 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
3
77,868,137
89.003,828
37,319,098
11,343,854
3,813,403
4,241,964
2,246,054
3,524,136
4,109,398
1,518,181
1,139,913
2,787,374
3,431,018
4,412,461
295.701
229,289
1.372,235
1,028.169
903,176
477,171
482,186
160,201
632,145
571,485
850,521
2,545,479
281,375
720,488
604,870
505,338
417,634
411.870
$
75,636,800
89.487,661
43,826,681
13,372,428
6,068,827
4,639,640
2,812,170
4.495,172
5,267,678
1,928,019
1,754,043
3,749,931
4,796,169
4,358,240
379,043
348,359
1,971,325
869,590
992,655
648,652
575,313
220,959
908,824
560,129
1,209,276
2,756,037
397,773
871,102
770,909
484,745
561,043
537,765
%
+3.0
-0.5
-14.8
-15.2
-37.2
-8.6
-19.8
-21.6
-22.0
-21.3
-35.0
-25.7
-27.4
+1.2
-22.0
-34.2
-30.4
-18.2
-9.0
-26.4
-16.2
-27.5
-30.4
+2.0
-29.7
-7.6
-29.3
-17.3
-21.5
+4.2
-25.6
-23.4
Total (32 cities)
259,193,132
277,256,958
-6.5
1931.
1930.
$
$
132,053,699 127,128,828
133,132,263 132,110,869
47,587,169
48,009,601
23,083,938
20,941,870
6,745,192
7,384,880
6,816,212
6,938,668
4,237,346
4,208,489
8,540,898
6,653,205
8,258,963
11,879,548
2,726,719
2,698,325
2,881,121
2,626,101
4,495,711
4,165.867
6,662,561
6,518,936
5,881,138
5,507,966
561,353
579,270
482,732
730,089
2,949,449
3,350,659
1,448,219
1,342,591
1,461,937
1,445,183
864,649
904,594
827,930
989,702
291,181
391,163
1,071,398
1,053,864
854,955
1,053,750
1,583,385
1,380,918
3,645.922
5,163,481
528,642
521,968
1,007,616
1.203.878
1,094,747
1,068,267
1,045,274
974,257
971,238
961,468
847,413
410,729,512
414,799,711
• No longer reports weekly clearings. b Clearing house not functioning at present.
e No longer reports clearings. I Only one bank open, no clearings figures available.
• tietlmated.
Financial Chronicle
286
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 28 1932:
GOLD.
The Bank of England gold reserve against notes amounted to £119„788,284 on the 21st instant, as compared with £139.422.097 on the previous
Wednesday.
The reduction in the reserve, to which we referred in our last letter. is
due to the sale of gold in connection with the payment made on the 15th
Instant to the United States in respect of war debts.
During the four working days of the week under review, large amounts
of gold have been available in the open market, including 21,100,000 on
one day. Most of the offerings were taken for export.
Quotations during the week:
Equivalent Value of
Per Fine Ounce.
E Sterling.
Dec.22
123s .4Sid.
13s. 9.264
Dec.23
123s. lid.
13s. 8.54d.
Dec.24
1238. 63id.
13s. 9.04d.
Dec.28
123s. &Sid.
13s. 8.814.
Average (for above four days)
123s. 7.62d.
13s. 8.91d.
It was announced in Pretoria yesterday, that, under the Emergency
Act passed last year. the South African Reserve Bank is relieved from
the obligation of redeeming its notes in gold. This action by the South
African Government is due to the political crisis having caused abnormal
purchases of exchange and withdrawals of gold coin for hoarding and it
had been represented to the Government that it wa essential that immediate steps be taken to protect the country's gold and exchange resources
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 19th instant to mid-day on the 24th instant:
Imports.
Exports.
British South Africa
£919.187 United States of America- £3,112,184
British India
409.545 Netherlands
134.340
Straits Settlements and
France
42,623
103.071 Belgium
Dependencies
28,752
Australia
206.819 Germany
5.675
Egypt
99.448 Other countries
1.104
Brazil
54,700
France
99.460
Iraq
11.246
Other countries
16.828
21.920,304
£3,324.678
The SS. Strathnaver, which left Bombay last week carries gold to the
value of about E1,230,000, of which about £690,000 is consigned to London.
£490.000 to New York and £53,000 to Amsterdam.
SILVER
The market remained quiet and owing to the Christmas holidays, the
week contained only four working days. The tendency on the 22d instant
was again easy, selling by China and an absence of support causing prices
to be fixed Sid. and 1-16d. lower at 16 9-16d. and 16S4d. for the respective deliveries. This level attracted some enquiry from both America
and China, and prices on the following day recovered to 16 13-16d. for both
deliveries. The advantage, however, was lost on the 24th instant, the setback being due to re-selling by the Indian Bazaars on a restricted holiday
market. To-day, after a fall of 1-164., prices were fixed at 1611d. for
cash and 16 9-16d.for two months'delivery, which equal the lowest touched
so far this year, the same quotations having been recorded on April 14 last.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 19th instant to mid-day on the 24th Instant.
Imports.
Exports.
Soviet Union (Ru.ssia)----£ 44.665 British India
Poland (including Danzig)_ 20,046 Germany
British India
32,615 Netherlands
Japan
21.123 Other countries
Canada
8.553
Germany
9,430
British South Africa
3,609
Australia
2,534
Other countries
1.111
£3,650
1,468
1.280
1,950
£143.686
28.348
Quotations during the week:
IN LONDON.
IN NEW YORK,
Bar Silver Per Ounce Standard.
(Cents Per Ounce .999 Fine.)
Cash.
2 Wes.
Dec. 22
169-168.
Dec. 21
2534
16,id.
Dec. 23
16 13-16d. 16 13-164. Dec. 22
25
Dec. 24
169-164.
Dec.23
16Kici.
25Si
Dec. 28
16S4d.
Dec. 24
169-164.
244
Average for
Dec.27
24t
above four
days)
16.609d.
16.656d.
The highest rate of exchange on New York recorded during the period
from the 22d instant to the 28th instant was 13.3434 and the lowest $3.31 Si.
No fresh Indian currency returns have come to hand.
The stocks in Shanghai on the 24th instant consisted of about 146,000.00
ounces in sycee. 217,500.000 dollars and 6,880 silver bars, as compared
with about 143,800,000 ounces in sycee,217,500,000 dollars and 6,100 silver
bars on the 17th instant.
ENGLISH FINANCIAL MARKET-PER
CA131,1E..
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Frt.,
Jan. 7.
Jan. 9.
Jan. 10. Jan. 11, Jan. 12. Jan. 13.
Sliver, per oz._ 16 11-166. 16 13-16d. 11344(1.
16446.
16 15-166. 163
-id.
Gold. p.flne oz.123s. 2d. 123s. 3d. 1228. 10d. 122s. 844d.122s.834d. 123s. 26.
Consols.244%. 7344
7334
7344
73
7244
733.4
British 3yi%
War Loan.- 9834
983-4
9874
9844
983.4
9834
British 4%,
1960-90
1097i
10844
1093-4
10874
10874
109
French Rentes (In Parls)fr 77.60
77.20
3%
77.70
77.50
77.40
77.20
French War L'n (in Paris)
5%, 1920
117.80
118.70
118.40
amort - -117.60
119.00
118.40
The price of silver in New York on the same clays has I)(mpri:
Silver In N. Y.,
per oz. (cts.) 25
2541
2574
254g
2534
. 2514
Jan. 14 1933
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Jan.7 Jan.9 Jan. 10 Jan. 11 Jan. 12 Jan. 13
1933. 1933. 1933. 1933. 1933. 1933.
Francs. Francs. Francs. Francs. Francs. Francs.
Bank of France
11,900 11.700 11,700 11,700 11,700 11,700
Banque de Paris ot Pays Bas--- 1,701
1,670 1,670
1,690 1,670
1,650
Banque d'Union Parisienne
480
462
468
467
460
Canadian Pacifio
370
374
371
377
371
Canal de Sues
17,315 17,380 17,390 17,290 17,200
Cie Distr d Electric:Le
2,220 2,225 2.180 2,180 2,200 2,21.5
Cie Generale d'Electricite
2,260 2,220 2,220 2,250
2,230
-Cie Generale Transatiant1que
66
66
65
65
64
---Citroen B
588
578
588
593
587
Comptoir Nationale d'Esoompte 1,189 1,170
1,160 1,180
1,170 1,170
Cots Inc
172
170
160
170
170
170
Courrieres
388
383
381
383
Credit Commercial de France
728
712
712
722
-iiii
-_-_-:
Credit Fonder de France
4,670
4,740
4,770 4,770 4,760 4:750
Credit Lyonnais
2,125 2,100 2,100
2,130 2,120 2,090
Distribution d'Electricite Is Par 2,180
2,180
2,180 2,190 2,190 2,210
Eau: Lyonnais
2.350 2,360 2,380 2,380
2,390 2,370
Energie Electrique du Nord
645
639
642
642
649
Energle Electrique du Littoral998
976
982
982
980
French Line
65
66
65
65
65
64
Galeries Lafayette
99
99
99
99
98
97
Gas le Bon
810
820
820
820
820
830
Kuhlmann
540
530
530
530
530
530
L'Alr LIquide
869
840
840
850
840
830
Lyon (S. L. M.)
1.036
1,035
1,037
1,055
1,050
Mines de Courrieres.
370
380
380
380
380
"iiii
Mines des Lens
490
490
490
490
490
48()
Nord Ry
1,484
1,460
1.470
1,490 1,470
1,460
Orleans Its
984
980
975
964
975
Paris, France
1,000
1,100
1,080
1,070 1,100
1:1570
Paths Capital
133
135
136
136
136
Pechiney
1,128
1,100
1,120 1,140 1.160
1.1i5
Bastes 3%
77.05 77.20
77.70 77.50
77.40 77.20
Rentee 5% 1920
117.50 117.80 118.70 118.40 119.00 118.40
Rentes 4% 1917
88.50 88.50 89.30 89.10
89.60 89.00
Rentee 444% 1932 A
93.55 93.30 94.10
94.10
93.90 93.70
Royal Dutch
1,600 1,650 1,630
1,640
1,630
1,610
Saint Gobaln C.& 0
1,340
1,344
1,390
1,335
1,390
Schneider & Cie
1,347
1,350 1,340 1,346
1,335
Societe Andre Citroen
580
570
580
-iio
590
590
Societe Francalse Ford
108
104
107
104
104
103
Societe Generale Vow:dere
177
176
176
175
176
174
Societe Lyonnais,
2,415
2,385 2,380
_
2,390 2,395
Societe Marseillalse
603
_ __
600
603
600
600
Suez
16,500 17,300 17,300 17,200 17,200 17,200
Tubize Artificial Silk prof
204
204
195
199
194
---Union d'Electricite
8118
800
790
800
800
800
Union des Mines
210
220
210
210
210
210
Wagon-Lits
82
84
82
82
81
----
-iai
THE BERLIN STOCK EXCHANGE.
The Berlin Stock Exchange resumed trading on Friday,
April 291932,after having been closed by Government decree
since Sept. 18 1931. Closing prices of representative stocks
as received by cable each day of the past week have been
as follows:
Jan. Jan. Jan. Jan, Jan.
7.
9.
10.
11. 12.
Per Cent of ParRelohebank (12%)
151
153 153 154 156
Berliner lIandels-Geeellschaft (4%)
90
91
93
93
93
Commerz-und Privet-Bank A. G
53
53
53
53
53
Deutsche Bank und Dim:onto-Gesellschaft- 73
73
73
73
73
Dresclner Bank
62
62
62
62
62
Deutsche Reichsbahn (Ger. RYs.) Pf.(7%)- 92
92
92
93
02
Allgemeine Elektrisitaets-Clesell. (A.E.G.)_ 31
32
31
31
31
Berliner Kraft u. Licht (10%)
118
119
120
120 119
Dessauer Gas (7%)
111
III
111
111
112
Gesfuerel (4%)
82
84
84
85
83
Hamburg. Elektr.-Werke (844%)
111
112 112 114
113
Siemens & lialske(9%)
124 126
124 124 124
I. G. Farbenindustrie (7%)
104 107 105 104
103
Salzdetfurth (9%)
170
175 175 175
174
Rheinische Braunkohle (10%).
183 184 184 185 185
Deutsche Erdoel (4%)
88
89
90
91
91
Mannesmann Roehren
62
63
63
64
63
Hapag
18
19
19
19
19
Norddeutaeher Lloyd
19
20
20
20
20
In
Jan.
13.
158
93
53
73
62
92
30
121
112
85
114
127
104
179
191
91
64
19
20
the following we also give Now York quotations for
other foreign unlisted dollar bonds as of
German and
Jan. 13 1933:
Anhait 78 to 1446
Argentine 5%, 1945. 5100
pieces
Antloquia 8%. 1946
Bank of Colombia. 7%,'47
Bank of Colombia, 7%.'48
Bavaria 634e to 1945
Bavarian Palatinate Cons
Cit. 7% to 1945
Bogota (Colombia)614.'42
Bolivia 6%, 1940
Brandenburg Elec. 6s. 1953
Brasil Funding 5%.'31-51
British Hungarian Bank
744s, 1962
Brown Coal Ind. Corp.
644s. 1963
Call (Colombia) 7%. 1947.
Callao (Peru) 744%. 1944.
Ceara (Brasil) 8%. 1947.
City Savings Bank, Budapest. 7s, 1953
Deutsche Ilk 6% '32 unst'd
Dortmund Mun. Util 6e.'48
Duisberg 7%to 1945
Dusseldorf 7, to 1945..
East Prussian Pr.6s. 1953.
European Mortgage & Investment 74411. 1966French Govt. 54411. 1937...
FrenchNat. Mail SS.60.'52
Frankfurt 76 to 1945
German Att. Cable 75, 1945
German Building & Land
bank 634%, 1948
Haiti 6% 1953.
__
Hamb-Am Line 6445 to '40
Hanover liars Water Wks
6%. 1957
Rousting & Real Imp 7.4.'46
Hungarian Cent Mut 70.'37
Hungarian Discount &
change Bank 7s. 1963...
•Fist price
Bta
46
Ask
60
47
22
21
21
6012
25
24
24
6312
45
119
/5
68
3312
50
22
8
70
3612
1351
! 3712
64
19
16
13
67
12
8
8
130
/86
50
46
46
61
32
89
53
(0
60
63
41
140
10612 108
10712 109
46
50
77
80
5612
66
65
5912
71
72
46
5612
13412
50
5912
3512
123
24
Hungarian Itai Bk 7)s,'32
Koholyt 6 hs, 1943
Land M Bk, WEIDAW 80.'41
Leipzig Oland Pt 844s. '46
Leipzig Trade Falr 7s, 1953
Luneberg Power, Light &
Water 7%, 1948
Mannheim & Palat 7s. 1941
Munich 7s to 1945
Munic Bk. Hessen, 78 to'45
Municipal Gas & Elea Corp
Recklinghausen, 7s, 1947
Nassau Landbank 644s.'38
Nat Central Savings Bk of
Hungary 7445, 1962....
National Hungarian & Ind.
Mtf20. 7%. 1948
Oberpfalz Elee 7%, 1946
Oldenburg-Free State 7%
10 1945
Porto Alegre 7%. 1968-- Protestant Church (Germans) 78. 1948
Prov Bk Westphalia Sc,'33
Rhine Westph Elea 7s, 1936
Rio de Janeiro 6% 1933.
Rom Cate Church 634s,'46
C Church Welfare 7s,'46
Saarbruecken M Bk 65. '47
Salvador 7%. 1957
Santa Catharine (Brazil)
8%. 1947
Santander (Colom)is. 1948
Sao Paulo (Brasil) 6s. 1947
Saxon Public Works 9% '3.?
Saxon State Mtge Cs. 1947
Stem & Halske deb 6s. 2930
South Amer Rya C%. 1933
Stettin Pub Util 7s. 1946..
Tucuman City 7s, 1951_
Vesten Else Ry 7s, 1947._
Wurtenberg 7s to 1945._
ala Ask
17412 7612
5612 5912
56
63
C8
65
4312 4512
50
63
58
-16
53
68
61
(0
51
7012
53
7212
1404
4212
/30
55
31
60
46
/9
50
12
5112
781.,
75
/612
57
51
73
/14
53
79
78
912
70
5212
76
15
17
10
/12
15
/10
18
2513
./231
62
67
400
440
611
: 63
621
6512
1121
1512
461
4812
61
65
Financial Chronicle
Volume 136
CURRENT
NOTICES.
— —
—Judge C. D. Jessup announces the opening of an office in the Esperson
Building, Houston, Texas, for the general practice of law, to specialize in
the preparation, examination and collection of Texas municipal bonds and
warrants.
For the past 10 years Judge Jessup, who was formerly county judge of
Brazorta County, has served as exclusive municipal counsel for Teems bond
companies, the last five years with the J. R. Phillips Investment Co. of
Houston.
—Allison-Williams Co., investment bankers, has acquired and will
continue in the present location the investment banking business heretofore
conducted by Drake-Jones Co., Minneapolis. The following members of
the Drake-Jones Co. organization will be affiliated with Allison-Williams
Co.: W. J. Allison, Waiter Bartlett, 0. M. Bergman. C. 0. Blore, J. S.
Graham, S. L. Kaldem, I. D. Owen and E. L. Williams.
—Announcement is made of the withdrawal of Ransom L. ICalbfleisch
from the firm of Kalbfieisch & Hedberg and the formation of Hedberg &
Koppisch, members of the New York Stock Exchange. The new firm
comprises Rangner B. Hedberg, member of the Exchange, and Walter F.
Koppisch. The firm will continue the business heretofore conducted by
Kalbflelsch & Hedberg.
—Lord, Westerfield & Co. announce that the following men will be
associated with them in the distribution of American Business Shares, Inc.;
P. K. McHarry, in charge of wholesaling in Ohio, Indiana and Kentucky:
George Wayne Jacobs, in charge of a Philadelphia wholesale office. and
V. D. Tillotson who will have territory in Eastern Pennsylvania, Maryland
and the Southeast.
—Following the dissolution of the firm of Kimbley & Co., announcement
Is made of the formation of Blyth, Bonner & Kimbley, members New York
Stock Exchange, with offices at 52 Wall Street. Partners of the new firm
are Robert L. Harding, John R. Marshall, Frank R. Kimbley, Charles A.
Krick' and H. T. W. Huntting.
—J. E. Morton has been employed to organize a sales promotion department for Racklift, Whittaker & Loomis, Inc. Mr. Morton will co-operate
with dealers who are distributing shares of American 13ankstocks Corp.,
First Insuranstocks Corp. and First Commonstocks Corp.
—Lloyd F. Hayden, formerly of the Engineering Department of the
Electric Bond & Share Corp. and Armour & Company, is now in charge of
the Reorganization Department of W. G. Riley & Company, 1 Wall St.
—Edward E. Smith announces the opening of offices with Marshall.
Campbell & Co. at 61 Broadway to transact a general investment and
brokerage business in over-the-counter securities.
—Newburger, Loeb & Co., are distributing their annual summary of the
outlook for the new year as viewed by some of the better known forecasting
services.
—The Foreign Bond Department of F. A. Willard & Co. is distributing a
bulletin entitled "Investment Management Applied to Foreign Dollar
Bonds."
—Quist & Co., 61 Broadway, specialists in municipal bonds, announce
that H. Copeland Robinson has become associated with them.
—R. A. Seager has become associated with the New York office of A. 0.
Allyn & Co. as a member of their sales organization.
—James Talcott, Inc., has been appointed factor for Robert R. Batldn
Silk Corp.. New York City, distributors of silks.
—Outwater & Wells, Jersey City, are distributing their January list of
New Jersey investment offerings.
—Myth & Co., Inc., have prepared a list of New York and General
Market municipal bonds.
—Harold K. Young has joined the sales organization of Van Alstyne.
Noel & Co.. New York.
—Hammons & Co., Inc., has prepared for distribution a list of railroad
bonds.
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of October,
November and December, 1932 and January 1 1933:
&Mines in U. B. Treasury Oct. 1 1932. NOV.1 1932. Dec.1 1932. Jan. 11933.
Net gold coin and bullionNet silver coin and bullion
Net United States notes__
Net National bank notes_
Net Federal Reserve notes
Net Fed. Res. bank notes
Net subsidiary silver
Minor coin. do
$
257,122,851
28,930.939
2,726,989
17,193,335
5,802,600
3,455
10,991,763
6,133,321
$
234.323,980
28,862.977
3,250,176
17,641,189
4,857.685
15,854
12.206,548
5,959,058
$
238,881,180
26,653,183
2,859,811
16,080,345
5.314.175
25,744
12,578,144
6,264,166
Total cash In Treasury_
Less gold reserve fund_
328,904,753
156.039,088
308,917,487
156.039,088
308.618.748 *326,313.462
156.039,088 156,039,088
Cash balance in Treas'y
Dep. in spec. depositories
'
account Treas'y bonds,
Treasury notes and certificates of Indebtedness
Dep. in Fed. Res. bank—
Dep. in National banks—
To credit Treas. U. 8._
To credit dish. officersCash in Philippine Islands
Deposits In foreign depts_
Dep.in Fed. Land banks_
172,865,665
150.878,379
152,577,660
687.912,000
44,988.005
538.079,000
36.946,737
484,960.000
49,326,952
7.529,709
18,886.978
1,217,099
1,294,049
7,586,692
19,500,980
1,321,507
1,369,471
6.884.683
19,199,609
1,184,970
1,247,383
7,594,261
23,314,840
1.110,733
980,358
Net cash In Treasury
and in banks
1,020,286.723
Deduct current liabilities_ 158,167,500
913,555,034
158.824.533
7.56,120,042
166,390,538
8796,773,490.00
4;1% Fourth Liberty Loan of 1933-38
1,933,213,600.00
6,268,099,450.00
Treasury bonds
431% bonds of 1947-52
4% bonds of 1944-54
331% bonds of 1946-56
3$6% bonds of 1943-47
311% bonds of 1940-43
331% bonds of 1941-43
3J4% bonds of 1946-49
3% bonds of 1951-55
758.983.300.00
1,038,834,500.00
489,037,100.00
454,135,200.00
352.994,450.00
544,916,050.00
821,402,000.00
766,531,350.00
8,201.313.050.00
5.224,883,950.00
Total bonds
Treasury Notes
3% Series A-1934, maturing May 2 1934
• % Series 13-1934, maturing Aug. 1 1934
3% Series A-1935, maturing June 15 1935_ _
331% Series A-1936. maturing Aug. 1 1938
234% Series 13-1936, maturing Dec. 15 1931L_
331% Series A-1937, maturing Sept. 15 1937._
3% Series 13-1937, maturing Apr. 15 1937_ __ _
4% Civil Service Retirement Fund, Series
1933 to 1937
4% Foreign Service Retirement Fund. Series
1933 to 1937
4% Canal Zone Retirement Fund, Series 1936
and 1937
814,222,970,490.00
244,234,600.00
345,292,600.00
416.602.800.00
365.138,000.0
360,533,200.00
834,401.500.00
508,328,900.00
$3,074,531,600.00
220,000,000.00
2,120,000.00
2,124,000.00
3,298.775.600.00
Certificates of Indebtedness
331% Series A-1933, maturing Feb. 1 1933__ _
• % Series TM-1933, maturing Mar. 15 1933
2% First Series, maturing Mar. 15 1933
2% Series 13-1933. maturing May 2 1933
134% Series TJ-1933, maturing June 15 1933_
154% Series T5-1933. maturing Sept. 15 1933_
% Series TD-1933, maturing Dec. 15 1933..
144,372,000.00
680,715.500.00
33,606,150.00
239,197,000.00
373.856,500.00
451,447,000.00
254,364,500.00
$2,157,558,650.00
4% Adjusted Service Ctf. Fund, Series maturing Jan. 1 1933
126,900,000.00
Treasury Bills (Maturity Value)—
Series maturing Jan. 11 1933
Series maturing Jan. 18 1933
Series maturing Jan. 25 1933
Series maturing Feb. 8 1933
Series maturing Feb. 15 1933
Series maturing Feb. 23 1933
Series maturing Mar. 1 1933
Series maturing Mar. 29 1933
75,954,000.00
75,110,000.00
80,295,000.00
75,056,000.00
75.480,000.00
60,000,000.00
100,000,000.00
100,039,000 00
2,284,458,650.00
641.934,000.00
Total interest-bearing debt outstanding
Matured Debt on Which Int. Has Ceased—
Old debt matured—issued prior to Apr. 1 1917
4% and ot% Second Liberty Loan bonds of
1927-42
454% Third Liberty Loan bonds of 1928
351% Victory notes of 1922-23
434% Victory notes of 1922-23
Treasury notes. at various interest rates
Ctfs. of Indebtedness, at various rates of int
Treasury bills
Treasury savings certificates
120,448,138,740.00
1,599,520.26
2,826,500.00
4,521,900.00
19,200.00
1,029.450.00
17,168,750.00
23,801,900.00
13.186,000.00
674,675.00
64,807,895.26
Debt Bearing No Interest—
United States notes
Less gold reserve
348,681,018.00
158,039,088.03
190.641,927.97
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional currency_ _
Thrift and Treasury savings stamps, unclassified sales. &a
96,576,049.50
2,040,299.35
3,351,879.68
292,810,158.50
820.805,556,791.78
Total gross debt
COMPARATIVE PUBLIC DEBT STATEMENT.
[On the basis of daily Treasury Statements.]
Aug. 31 1919
Dec. 81 1931
March 31 1917
When War Debt
Pre-War Debt.
Was At Its Peak.
A Year Apo.
$1,282,044,346.28 $26,596,701,648.01 317,825,449,753.00
Gross debt
Net balance In gen. fund
74,216,460.05
1.118,109,534.76
474.689,5E6.83
170,274,374
762,981,000
55.512,223
287
BrPtathlforward
First Liberty Loan of 1932-47$1,392,227,850.00
334% bonds
4% bonds (converted)
5,002,450.00
431,% bonds (converted)
535.983,300.00
737,561,518
182,809.523
5
255,001.543
26.668.099
3,050,111
16,783.685
5,106,090
35,652
12.793.047
8,875,235
Available cash balance_ 882,119,223 754,730,501 589,729.504 554,751,995
•Includes Jan. 1. 817.951.500 silver bullion and 85379.567 minor. &a.. coin
not included in statement "Stock of money."
Preliminary Debt Statement of the United States
Dec. 31 1932.
The preliminary statement of the public debt of the United
States Dec. 31 1932, as made upon the basis of the daily
Treasury statement, is as follows:
Honda
$599,724,050.00
2% Consols of 1930
2% Panama Canal Loan of 1916-36
2% Panama Canal Loan of 1918-38
3% Panama Canal Loan of 1961
3% Conversion bonds of 1946-47
211% Postal Savings bonds (4th to 43d Series)
48,954,180.00
25,947,400.00
49,800,000.00
28,894,500.00
43,453,360.00
8796,773,490.00
Gross debt less net balance in gen. fund__ $1,207,827,886.23 $25,478,592,113.25 $17,350,760,194.17
Sept. 30 1932
Nor. 30 1932
Last Quarter.
Last Month.
Dec. 31 1932.
Gross debt
$20,611,241,804.76 $20,806,013,836.26 $20,805,556,791.78
Net balance in gen. fund
554,751,994.75
862,119,223.29
589,729,503.99
Gross debt less net balance in gen. fund_$19,749,122,581.47 820,216,284,332.27 $20,250.804.797.01
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Dec. 31 1932 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of Dec. 31 1932.
Assets—
Gold coin
Gold bullion
CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabilities—
963,381,279.04 Gold ctts. outstanding-1,328,626,439.00
2 197,150,400.30 Gold coin, Fed. Reeve
Board (Act of Dee. 23
1913, as amended
June 211917)
1,576,903,697,37
Gold reserve
156,039,088.03
Gold in general fund98,962,454.94
Total
3,150,531.679.34
Total
3,160,531,679.34
Note.—Reserve against 3346.881,016 o U. S. notes and 81,216,650 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured
by silver dollars
in the Treasury.
SILVER DOLLARS.
Assets—
$
Liabilities—
$
Silver dollars
501,234,068.00 Sliver ctfs. outstanding_ 491,300.819.00
Treasury notes of 1890
outstanding
1,216,650.00
Silver dolls. in gen.fund
8,716.599.00
Total
501,234.068.00
Total
501,234,088.0
1,657,103.59
33,062,604.95
15,527,812.56
51,541,853.05
40,394,941.32
37,039.879.81
1,350.00
3,142,959.30
182,809,522.74
554,751,994.75
717.699.05 Net balance
1,110,733.07
Total
737,561,517.49
737,161,517.49
Total
Note.—The amount to the credit of disbursing officers and agencies to-day was
$372,060,203.76.
Under the Acts of July 14 1890 and Dec. 23 1913. deposits of lawful money for
the retirement of outstanding National bank and Federal Reserve bank notes are
paid Into the Treasury as miscellaneous receipts, and these obligations are made,
under the Acts mentioned, a part of the public debt. The amount of such obligations to-day was 596,576,049.50.
$959.845 in Federal Reserve notes and $16,729,464 in National bank notes are
In the Treasury in process of redemption and are charges against the deposits for
the respective 5% redemption funds.
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details of Government receipts and disbursements for November 1932 and 1931 and the six months of the fiscal years
1932-1933 and 1931-1932:
—Month of December—
General Funds.
1932.
1931.
Receipts—
Internal revenue—
Income tax
140,747,314 257,409,833
Miscell. internal revenue.. 73,039.832 39,838,710
Total
213,787,146 297,248,543
Customs
19,929,207 26,549,413
Miscellaneous receipts—
-owned
Proceeds of Govt.
securities—
13,437
Principal—for'n oblige's_
Interest—for'n obligaMs 65,755,361
259,076
Railroad securities
239,887
551,157
All others
2,842,135
2,353,525
Panama Canal tolls, &c
1,958,491
3,839,566
Other miscellaneous
3,817,618
Total
306,488,475 332,656,087
Expenditures—
General
191,051,796
Public debt—
97,531,644
Interest
418,764,000
Sinking fund
Refunds of receipts—
1,299,729
Customs
5,300,646
Internal revenue
Postal deficiency
618,682
Panama Canal
Subscription to stock of Federal Land banks
Agricultural marketing fund
a504,650
(net)
Distribution of wheat and cot4,907,938
ton for relief
Adjusted service etf. fund...
Civil service retirement f'd_
Foreign service retirement f'd
Dist. of Col. (see Note 1)......
Total
Excess of receipts
Excess of expenditures
July 1 to Dec. 311932.
1931.
343,227,857
387,360,027
615,324,342
270,571,381
730,587,884
137,651,440
885,895,723
197,389,803
13,437
65,755,361
456,608
9,849,790
10,362,337
23.809,048
1,145,820
13,896.490
11,940,899
24,185,357
978,485,905 1,134,454,092
329,554,881
418,764,000
290,908,399
355,299,200
2,095,592
7.616,192
10,000,000
729,916
5,987,399
33,938,572
45,078,592
5,100,997
a3,984,420
07,183,600
88,601,984
9,293,439
100,000,000
20,850,000
416,000
7,775,000
200,000,000
20,850,000
215,000
9,500,000
9,365,444
42,060,450
95,000,000
5,543,783
al00,880
200,000,000
_718,969,785 847,209,423 2.138,446,098 2,489,415,470
412,481,310 514,553,336 1,159,960,193 1,354,961,378
Special Funds.
Recet pts—
Applicable to public debt retirements—
Principal—foreign oblige's_ 31,553,763
Interest—foreign obliga'n.s_ 1,363,350
From estate taxes
From franchise tax receipts
(Fed. Res, banks dr Fed.
Intermed. Credit banks)
From forfeitures, gifts, &c_
2,586,101
Other
2,535,141
7,000
11,475,822
18,500
14,307,216
35,503,214
2,535,141
44,399,936
14,325,716
33,886,650
a2,889,687
14.688.118
33,893.650
9,832,595
18,500
44.795,326
30,996,963
14,688,118
43,726,245
Expenditures—
Public debt retirements
Other
Total
Excess of receipts
Excess of expenditures
4,506,251
Stocks—
673,691
30,488,110
Summary of General and
It Special Funds.
Total general fund receipts_ __306,488,475 332,656,087
2,535,141
Total special fund receipts.,.- 35,503.214
978,485,904 1,134,454,092
44,399,936
14,325,716
Total
341,991.689 335,191,228 1.022,885.840 1,148,779,808
Total general fund expends__718,969.785 847.209,423 2,138.446.098 2,489.415,470
43,726,245
44,813,826
Total special fund expends__ 30.996.964 14.688,118
Total
Excess of receipts
Excess of expenditures
749,966,749 861,897,541 2,182.172,343 2,534,229,296
407,975,060 526,706,313 1,159,286,503 1.385,449,488
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Arkansas Nat Gas pref_10
Armstrong Cork Co
*
Columbia Gas & Elec Co.
Fort Pittsburgh Brewing_ 1
Independent Brewing- -.50
Jones & Laug'n St pref. 100
Koppers Gas & Coke pf 100
Lone Star Gas
Mesta Machine Co
5
Pgh Bess & Lake Erie. _ 50
Pittsburgh Brewing_.
.A00
Preferred
50
Pittsburgh Coal Co Pt.. 100
Pittsburgh Forging Co......
Pittsburgh Plate Glass-25
Pals Screw & Bolt Corp_ *
Plymouth Oil Co
6
United Engine & FdY•
Westinghouse Air Brake.*
Westinghouse El ,k Mfg.50
5
16%
13-4
744
8
5
30
Unlisted—
Copperweld Steel Co. •
General Motors Corp_ _10
Gulf 011 Corp
25
I.eonard Oil Develop_ _ _25
Lone Star Gas 6% pf_ _100 68
Pennsylvania RR
50
Standard 011 (N J)
25
United States Steel_ _100
IN't Pub Serv v to
*
* No par value. r Cash sale.
3
5
16%
1%
2
44
50
741
7%
28
5
12%
19%
2
13%
244
9
12
1344
30
3
5
17%
1%
2
44
51
7%
8
28
54
1244
1945
244
13%
244
9
12
1444
31.44
534 534
1331 1431
15o
68
1534
3034
2844
534
15c
70
1834
313.1
3134
534
Range for Year 1932.
Low.
260
2
July
150
3(4 May
252
4% June
2,215
1% Dec
2
30
Jan
15 37
July
105 30 June
2,473
3% Apr
130
6
May
100
440
3
Apr
10
6
Feb
90 20
Nov
1% Dec
45
197 12% June
300
1% Dec
125
6
Apr
65 r11% Dec
149
9% Apr
497 16
June
20
415
1,600
103
1,261
211
1.459
3,671
5
73-4
2434
15c
42
65-4
2234
2134
234
Mar
July
June
May
July
June
June
July
June
High.
5%
10
21
2
534
80
69
11
19%
Feb
Jan
Sept
Dee
Nov
Jan
Aug
Sept
Jan
12
21%
32
3%
20%
5%
13
23%
17%
43%
Nov
Nov
Feb
Jan
Sept
Aug
Sept
Sept
Sept
Sept
10
20
3934
75c
82
2334
373.4
5234
944
Feb
Sept
Aug
July
Sept
Sept
Sept
Sept
Sept
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, Jan. 7 to Jan. 13, both inclusive, compiled from official sales lists.
Stocks—
Friday
Sales
Last 1Veek's Range for
Range Since Jan, 11033,
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Low.
High.
Allen Industries pref
•
6
City Ice & Fuel
•
1134
Cleve Flee II16% pref__100 10944 109
Cleveland Ry ctf of dep 100
38
Cleve Securities P L pref_*
4%
Cliffs Corp v t c
"
Dow Chemical corn
33
32
Elec Control & Mfg com •
12
Faultless Rubber corn_
"
1744
Firestone T & R6% pf_100
623.4
•
Foote-Burt corn
744
734
Gent T & R 6% pf ser A 100
30
Goodrich B F
•
534
Goodyear T & It com____• 1734
1534
Harbauer corn
2.
4
3
•
Interlake Steamship corn_•
16
Kaynee corn
10
434
Kelley Island L & Tr corn •
93-4
National Acme com____10
23-4
234
National Refining com__25
334
National Tile corn
13.4
•
1900 Corp class A
* 24
23
Ohio Brass B
•
534
Packer Corp corn
*
334
Richman Bros corn
* 2844 2834
Seiberling Rubber Com. •
2
Selby Shoe corn
*
103-4
Sherwin-Williams com_ 25 17
17
AA preferred
100
81
Thompson Products Inc_ _•
734
744
Youngstown S & T pref 100 23
20
• No par value.
6
12
1093-4
39
5
5%
33
12
20
623-4
834
30
534
1834
234
16
434
93-4
244
4
134
24
634
334
2944
2
1034
173-4
81
734
23
100
6
180 1134
313 109
230 28
4
%
96
4
260 30
10 12
55 1734
25 623.4
160
734
10 30
81
53-4
1,086 1534
50
234
45 1431
100
434
50
91.4
310
244
28
334
100
13.4
197 23
85
534
20
334
216 283.4
25
2
15 103.4
137 15
43 81
150
73-4
60 20
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jai
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Jan
Jan
Jai
Jan
Jan
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange, Jan. 7 to Jan. 13, both
inclusive, compiled from official sales lists:
Stocks—
12,152,977
17.850.311
35,552,824
3.679.208
Pittsburgh Stock Exchange.—Record of transactions
at Pittsburgh Stock Exchange, Jan. 7 to Jan. 13, both
inclusive, compiled from official sales lists:
44,813.826
Total
31,553,764
1,363,350
16,234,306
35,529,925
21,297,741
Total
9,703,075
7,079,691
57,082.343
73 061,972
Expenditures—
Dist. of Col. (see Note 1)____ 4,280,669
5,072,945
15,393,086
12,734,208
Govt. life insurance fund—
Policy losses, &o
1.841,176
1,642,688
11,818,062
11,776,465
Investments
3,347,610
3,333.327
23,092.191
25,747,456
Other (See Note 2)
2,970,129 09,598,266
a4,585,363
22,696,165
Total
12,439,585
450.694
48,373,241
70,299,029
Excess of receipts or credits_
6.628,997
2,762,943
8,709,102
Excess of expenditures
2,736,510
Receipts and expenditures for June reaching the Treasury in July are included.
a Excess of credits (deduct).
Note 1.—Expenditures for the District of Columbia representing the share of the
United States are charged against the amount to be advanced from the general fund
until the authorized amount is expended. After that they are charged against the
revenues of the District under trust funds. For total expenditures the items for
District of Columbia under general fund and under trust funds should be added.
Note 2.—Since July 1 1932 deductions from salaries creditied to the Civil Service,
Foreign Service, and Canal Zone retirement funds and the earnings from investments of such funds and of the adjusted service certificate fund have been classified
as receipts, whereas prior to that date such items were used to offset expenditures
for the respective funds.
205,955,400 1,168,971,692 1,372,071,210
95,197,542
329.599,200
July 1 to Dec. 31
1932.
1931.
1
5
441,018.16
Jan. 14 1933
—Month 0/December—
Trust Funds,
1932.
1931.
Receipts—
$
3
District of Columbia
1,462,592
1,684,254
Govt. life insurance fund.... 5,263,658
4,779,740
Other (See Note 2)
2,976,825
615.697
=
r Assets—
Gold (see above)
Silver dollars (see above)
United States notes__
Federal Reserve notes
Fed. Res, bank notes
National bank notes
Subsidiary silver coin_
Minor coin
Silver bullion
Unclassified—
Collections, ezo
Deposits in:
Federal Res've banks_
Special depositaries,
sect sales of Treas.
bonds. Treas. notes
and etfs. of indebt_
Nat. and other bank
depositaries—
To credit of Treasurer of U. S
To credit of other
Gov't officers
Foreign depositaries—
To credit of Treesurer of U. S
To credit of other
Gov't officers
Philippine treasury—
To credit of Treasurer of U. S
Financial Chronicle
GENERAL FUND.
Liabilities—
98,962,454.94 Treasurer's checks outstanding
8,716.599.00
3,050,111.00 Depos. of Gov't officers:
5,106.090.00
Post Office Dept
35.652.00
Board of Trustees,
16,783,685.00
Postal Savings Sys12,793,047.16
tern
5.179,567.23
5% reserve, law17,951.499.93
ful money
Other deposits__ _
1.695,667.60
Postmasters, clerks of
courts, disbursing
49,326,951.87
officers. dm
Deposits for:
Redemption of Fed.
Res. notes (5%
434,960,000.00
fund,gold)
Redemption of Nat.
bank notes (5%
fund, lawful money)
7,594,261.08
Retirement of addl
circulating notes.
23,314,839.67
Act May 30 1908...
Uncollecteditems, exchanges, &c
262.658.88
0 P=7P0PPPPVPPPPPPWPPWPPPPPPPPPP
,
7 0= 0=0= 00=POOOOOPPOPOOOOPPOOOOO
288
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Amer. Laundry Mach.
..20
Amer Rolling Mill corn__25
Carey (Philip) com_ _100
Cin Gas & Flee pref.,.100
Cin Street RY
50
Cin & Sub Bell Tel
50
City Ice dr Fuel com
Dow Drug com
•
Eagle-Picher Lead
20
Fyr Fyter "A"
Gibson Art corn
Kroger corn
•
Procter & Gamble new. _ _•
Pure 0116% pref
100
Richardson com
•
US Playing Card
10
• No par value.
9
9
45
91
fl%
59%
12
3
3
5
11
17
25%
48
4
12%
9%
1044
45
92%
7
61
12
3
3
5
11
18
29
48
4
13
26
245
2
279
15
185
3
50
15
145
32
105
945
10
80
180
Range Since Jan. I.
Low.
9
Jan
844 Jan
4044 Jan
87% Jan
6
Jan
58
Jan
12
Jan
3
Jan
3
Jan
5
Jan
11
Jar
17
Jai
25% Jan
48
Jan
4
Jan
12% Jan
High.
9% Jan
10% Jan
45
Jan
9244 Jan
7
Jan
63
Jan
12
Jan
3
Jan
3
Jan
6
Jan
11
Jan
18
Jan
29% Jan
Jan
48
4y, Jan
Jan
13
Financial Chronicle
Volume 136
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
Dec. 31-Chattanooga National Bank, Chattanooga, Tenn_ __$1,500,000
President: W. E. Brock. Cashier: W. H. DeWitt. To
succeed the First Nat. Bank of Chattanooga, Tenn.
Name of Company.
Railroads (Steam) (Concluded).
Pearls & Bureau Valley (s.
-a.)
United N.J. RR.& Canal Co.(quar.)
Virginian Ry. Co., pref.(guar.)
289
When
Per
Cent. Payable.
$314 Feb. 10 Holders of rec. Jan. 20
50c Apr. 1 Holders of rec. Mar.20
$114 Feb. 1 Holders of roe. Jan. 14
Public Utilities.
Associated Telep., pref. (guar.)
Feb. 1
Atlantic City Electric Co., $6 pref. (gu.)
Feb. 1
CHANGE OF TITLE.
Bangor Hydro-Electric Co. (quar.)
Feb. 1
Brit. Columbia Telep. Co.,6% 2d pf.(qu)
Feb. 1
-Straus Nat. Bank & Trust Co. of Chicago. Ill, to
Jan. 3
Brockton Gas Light Co.(guar)
Jan. 16
"American Nat. Bank & Trust Co. of Chicago."
Canadian Western Natural Gas Lt., Ht.
-The First Nat. Bk. & Tr. Co. of Watertown, S. Dak. to
Jan. 3
& Power (guar.)
Jan. 16
Central Arizona Light di Power
"The First Citizens National Bank of Watertown."
$134 Feb. 1
57 preferred (guar.)
VOLUNTARY LIQUIDATION.
$1% Feb. 1
$6 preferred (guar.)
Central Power & Light,7% pref.(guar.) 134 Feb. 1
Dec. 27
-Hartshorne National Bank, Hartshorne, Oklahoma..___ $50,000
6% preferred (guar.)
134 Feb. 1
Effective Dec.4 1930. Liq. Agent:0. 0.Hollins, HartConcord Electric Co.,6% pref.(quar.)
1% Jan. 16
shorne, Oklahoma. Succeeded by Bank of Hartshorne,
700. Jan. 16
Common (guar.)
Oklahoma.
Cunningham Natural Gas. A (guar.).
- 114e. Jan. 10
Dec. 30
-The First National Bank of Comanche, Oklahoma__ $25,000 Electric Power Associates, Inc.
Effective Dec. 16 1932. Liq. Agent: W.L. Hert,care of
10o. Feb. 1
Class A & common (guar.)
$234 Jan. 16
the liquidating bank. Absorbed by Security State Bank
Exeter & Hampton Electric (quer.)
of Comanche, Oklahoma.
68° Jan. 16
Fitchburg Gas & Elec. Lt. Co. (quar.)-Green & Coates Sts.(PhIla.)Pass.Ry.(qu) $114 Jan. 7
Jan. 3
-The Matoaka Nat. Bank, Matoaka, West Va
$25,000 Hartford Electric Light Co. (quar.)
6814o Feb. 1
Efective June 21 1932. Lig. Agent and Committee: The
Hydro-Elee. Security, 5% pref. B (8.-a.) 258. Feb. 1
Bank of Matoaka, Matoaka, West Va. Absorbed by
Lawrence Gas & Electric Co. (guar.).
- 90c Jan. 13
the Bank of Matoaka, Matoaka, West Va.
Lincoln Telep.& Teleg.,6% -A"Pf..(gu) 1% Feb. 10
Jan. 3
-The Citizens Nat. Bk.& Tr. Co. of Watertown S. flak..
100,000 Los Angeles Gas & Elec. Corp.
6% preferred (guar.)
134 Feb. 15
Effective Jan. 3 1933. Liq. Agent: L. T. Morris, care of
900. Jan. 13
Lowell Electric Light Co.(guar.)
the liquidating bank. Absorbed by the First National
Malone Light & Power,S6 pref.(quar.)- $114 Feb. 1
Bank & Trust Co. of Watertown, S. flak., which has
Massachusetts Pow. di Light Association
changed its title to "The First Citizens National Bank
500. Jan. 16
Preferred (guar.)
of Watertown."
Feb. 1
Michigan Gas & El. Co.,7% pt. (qu.)_ _
Jan. 4
-The First National Bank of Bushnell, Ill
75,000
El% Feb. 1
$6 prior lien (guar.)
Effective Dec. 21 1932. Liq. Agent: Charles E. Henry,
114 Feb. 1
6% preferred (guar.)
Bushnell, Ill. Absorbed by Farmers & Merchants
$114 Feb. 1
$6 preferred
State Bank, Bushnell, Ill.
New Orleans Public Service, Inc.
141-16 cJan. 5
Common (guar.)
Jan. 16
North Boston Lighting Prop. (guar.).
- $1
Ohio Public Serv. Co.. 7% pf. (mthly.). 581-30 Feb. 1
Auction Sales.
a. Feb. 1
-Among other securities, the following, 6% preferred (monthly)
41 2-3o Feb. 1
5% preferred (monthly)
not actually dealt in at the Stock Exchange, were sold at auction Philadelphia City Pass. Ry.(8.-a.)
$334 Jan. 1
El% Feb. 1
Potomac Edison 7% pref.(guar.)
in New York, Boston, Philadelphia and Buffalo on Wed- 6% preferred (guar.)
134 Feb. 1
Public Service Co.of Colorado
nesday of this week:
55 1-30 Feb. 1
7% preferred (monthly)
500. Feb. 1
6% preferred (monthly)
By Adrian H. Muller & Son, New York:
41 2-30 Feb. 1
5% preferred (monthly)
Shares.
Stocks,
50c. Feb. 1
$ per Share. Rhode Island Public Sexy. Co., pt.(qu.)
Class A (guar.)
51
Feb. 1
125 87th street and East End Avenue Corp.(N.Y.),corn., no par
}$9 lot
20c. Feb. 1
Rockland Light & Power (guar.)
250 87th Street and East End Avenue Corp.(N.Y.), pref., par $100
63c. Jan. 16
25 Cresbur Holding Corp., stamped
54 lot Springfield Light Co.(Mass.)(qua:.)..-Jan. 1
5,600 National Silk Dyeing Co.,Paterson, N.J.,corn., no par
$500 lot 13th & 50th Streets Pass. Ry.(s.-a.)---- 36
Toledo Edison Co.7% pref.(monthly) 58 1-3e Feb. 1
2,500 Transamerica Corp., par $25
6% preferred (monthly)
500. Feb. 1
BondsPer Cent.
41 2-3o Feb. 1
5% Preferred (monthly)
20.00011re ConsolIdato Italian° 5s. Issue Deo. 1 1918
Jan. 3
$I
$870 lot United Ohio Utilities A & B (guar.)
$2,000 Interborough-Metrop. Co., coll. trust 414% gold bonds. Ctrs. of dep.:
6% preferred (guar.)
$114 Jan. 3
6% part. preferred (guar.)
55-10 American Watch & Diamond Co., pref.; 100 Safe Guard Corp.(Del.).
I% Feb. 1
no par
6214c Feb. 1
$11 lot York Railways, pref. (guar.)
By R. L. Day & Co., Boston:
Shares.
Stocks.
$ per Share.
15 National City Bank, Lynn. par $100
50
5 First National Bank, Revere
$10 lot
100 Utilities Hydro & Rail Shs. Corp., corn, with warr.; 32 B. J. Baker & Co.,
coin., class A; 30 Boston Chamber of Commerce Realty Trust, 1st pref.,
Par 5100; 14 Melrose Trust Co., Melrose, Mass. Dar $10; 51 foxy Theatres
Corp., class A: 17 Rosy Theatres Corp., corn
485 lot
2 Pawtucket Gas Co., preferred, par $100
7934
30 Units First Peoples Trust
334
8 General Equipment Corp
s
750 Nashua Gummed & Coated Paper Co
1634
60 Towle Manufacturing Co
50
Bonds
Per Cent.
$5.000 Electric Public Service Co., deb.6s. 1937
434 flat
$5,000 Inter Continent Power Co., deb.(is, 1948
$2 flat
$2,000 National Service Co.,(is, 1932
668 flat
Fire Insurance.
15o. Jan. 25
Fireman's Ins. Co.(Newark)(guar.)...25c. Feb. 1
Franklin Fire Insurance (qua:.)
25e. Jan, 14
Great American Insurance Co.(quar.)-258. Feb. 1
Home Insurance Co.(guar.)
$3
Jan. 11
Ins. Co.of the State of Penna.(s.
-a.)Northwestern Fire & Marine Ins.
50e. Jan. 3
Fire Ins. Co.(N. J.) (qua:.)... 3734 c Jan. 23
(5.-a)Stndr
West American Ins. Co
$1
Miscellaneous.
Agnew Surp. Shoe St. Ltd.,7% pf.(qu.). 114 Apr. 1
American Banluitocks Corp.(guar.)._ Sc.Jan. 16
American Factors Ltd. (monthly)
loo Feb. 10
American Investors, 53 pref.(quar.)__
75e Feb. 1
Amer. Machine & Foundry Co.com.(gu) 20c Feb. 1
American Motor Ins. (Chicago) (qua:,).. 45e Jan. 1
Archer-Daniel-Midland. pref. (guar.)
114 Feb. 1
Atlantic Fin.& Discount,7% pt.(8.-a.).
35c Jan. 16
5134 Feb. 1
Atlas Powder Co,Pref• (guar.)
By Barnes & Lofland, Philadelphia:
Belding-CortIcellt Ltd.,corn.(guar.)_ _ _ $144 Feb. 1
5134 Feb. 1
Shares. Stocks.
$ per Share Hinman Electric, $7 pref. (guar.)
Boston RR. Holding prof.(s.
Jan. 10
52
-a.)
5 United New Jersey RR. & Canal Co., par $100
19934 Bway. Dept.Store,7% cum. 1st pf.(qu) 134 Feb. 1
.
10 First National Bank of Philadelphia, par $100
28034 Brookmlre Investing (guar.)
84c Jan. 16
15 City National Bank of Philadelphia, par $100
2634 Buywell Food Markets, Ltd.,7% pf.(gu) 134 Jan. 10
20 Central-Penn National Bank, par .310
29
Cabot (Godfrey L.), Inc
Jan. 13
$15
5 Philadelphia National Bank, par $20
6514 Callfornla-Western States Life Insurance
10 National City Bank, New York, par $20
47
75c Jan. 16
Co. (qua:.)
12 Corn Exchange National Bank & Trust Co., par VO
43
Campe Corp.,614% pref.(guar.)
134 Feb. 1
20 Penn. Co.for Insur. on Lives & Granting Annuities, par $10
47
Canadian Foreign Investment Corp
5 Irving Trust Co., New York, par $10
25
8% cum. preferred (guar.)
Jan. 18
8
Counties Title & Trust Co., Ardmore, Pa., par $100
10
$1 lot Central Illinois Securities Corp. pref.(qu)
150. Feb. 1
10 Counties Title & Trust Co., Ardmore,Pa., par $100
$1101 City Ice & Fuel, corn.
50o. Mar.31
(guar.)
22 National Industrial Finance Association, pref., par MO
$150 lot
614% preferred (guar.)
134 Mar. 1
25 Reliance Insurance Co., par $10
5
Cleveland Graphite Bronze (guar.)
100. Jan. 3
15 MInehill & Schuylkill Haven RR.Co., par $50
4514 Cluett-Peabody & Co., Inc., corn.(nu.)
258. Feb. 1
Mitchell Fletcher Co., pref., par $100
100
460 lot Collins dr Co.(guar.)
50o Jan, 16
200 Philadelphia Co. for Guaranteeing Mortgages
500
Columbia Carbon Co.(guar.)
50c Mar. 1
1 Rookhill Coal & Iron Co., pref.; 25 Coopers Creek Chemical Co., pref.; 10
Commonwealth Llfe Ins. Co.(KY.)(q11.) 40c Jan. 7
Coopers Creek Chemical Co., com
$10 lot
Extra
10e Jan. 7
Bonds-Per Ce4t Consolidated Cigar corp., prior pt.(MO $114 Feb. 1
Preferred
I% Mar, 1
$1,000 Rittenhouse Sq. Corp., Inc., (is
$1 lot Consolidated((Max.)
OS Corp.,8% pref.(Qum.) 2
Feb. 15
Continental Can Co., Inc., coin.(guar./500 Feb. 15
By A. J. Wright & Co., Buffalo:
Dennison Mfg. Co.,debenture stock
h4
Feb. 1
Stocks.
Shares.
$ per Sh. Diamond Match Co., common (qua:.)...
25c Mar. 1
Preferred (5.-a.)
10 International Rustless Iron, par $1
75c Mar. 1
20e
Dictaphone Corp., pref.(guar.)
Mar. 1
$2
5 Angel International Corp., corn., par $1
20e
Dividend Shares, Inc.(guar.)
2o Feb. 1
Eastern Theatres Ltd., corn.(guar.)
50c Mar. 1
Eppens, Smith di CO.
$2
Feb. 1
DIVIDENDS.
Seml-annual
Aug. 2
$2
Exchange Buffet Corp.(qua:.)
614c Jan. 31
Fafnir Bearing Co
75c Deo, 31
Dividends are grouped in two separate tables. In the Faloonbridge Nickel Mines
10o Jan. 20
(Initial)
first we bring together all the dividends announced the General Cigar Co., coin. (guar.)
SI
Feb. 1
Preferred(Mar.)
(
UN Mar. 1
current week. Then we follow with a second table, in Hollinger Consol. Gold Mines, Ltd.
(Monthly)
50 Jan. 28
which we show the dividends previously announced, but Humbert,Shoe Ltd.(guar.)
50e Feb. 1
Hutchins Investing Corp.,57 pf. (qu.)... 5114 Jan, 14
have not yet been paid.
which
International Cigar Mach. Co.(qua:.)... 37110 Feb. 1
Interstate Dept. Stores, Inc., pref.(qu.) 114 Feb. 1
The dividends announced this week are:
Rekaha sugar Co.(monthly)
10o Feb. 1
Knudson Creamery Co., Cl. A&B
37140 Feb. 20
Lawbeck Corp.,$6 pref.(guar.) (OW- 5134 Feb. 1
When
Per
Books Closed
Lehigh & Wilkes-Barre Coal Co. of N.J.
Cent. Payable.
Days Inclusive.
Name of Company.
(quarterly)
$2 Jan. 20
Loew's Boston Theatres, COM.((Mar).Railroads (Stea
150 Feb. 1
Loose-Wiles Biscuit Co., corn. (guar.)._
5114 Jan. 17 Holders of roe. Jan. 7
Eastern Pennsylvania (13.-a.)
500 Feb. 1
Magnin (I.) & Co., 6% Pre:•
Kansas City St. Louis & Chicago-.
134 Feb. 15
6% preferred (guar.)
114 Feb. 1 Holders of roe. Jan. 20
114 May 15
6% preferred guaranteed (guar.)
6% Preferred (guar.)
Louisiana & Missouri River, pref.(s.-a.)- $3% Feb. 1 Holders of roe. Jan. 20
114 Aug. 15
6% preferred (guar.)
114 Jan. 1
114 Nov. 15
Paterson & Hudson River (s.
-a.)
Books Closed
Days Malaise.
Holders of reo. Jan.
Holders of rec. Jan.
Holders of roe. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
15
11
10
15
5
Holders of rec. Jan. 14
Holders of rec. Jan. 14
Holders of tea. Jan. 14
Holders of rec. Jan. 14
Holders of rec. Jan. 14
Holders of tee. Jan. 6
Holders of rec. Jan. 6
Holders of roe. Dee. 15
Holders of rec. Jan. 16
Holders of rec. Jan. 6
Holders of tee. Jan. 6
Holders of rec. Dec. 23
Holders of rec. Jan. 14
Holders of rec. Jan. 20
Holders of rec. Jan. 7
Holders of rec. Jan. 31
Holders of tee. Jan. 81
Holders of rec. Jan. 7
Holders of rec. Jan. 14
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
6
15
15
15
15
Holders of tee. Deo. 19
Holders of rec. Jan. 7
Holders of rec. Jan. 14
Holders of rec. Jan. 14
Holders of rec. Jan. 14
Holders of tee. Jan. 20
Holders of tee. Jan. 20
Holders of rec. Jan. 14
Holders of rec. Jan. 14
Holders of tee. Jan. 14
Holders of rec. Jan. 16
Holders of rec. Jan. 16
Holders of tee. Jan. 16
Holders of tee. Jan. 6
Holders of tee. Dee. 20
Holders of rec. Jan. 14
Holders of roe. Jan. 14
Holders of tee. Jan. 14
Holders of tee. Dee. 31
Holders of tee. Dee. 31
Holders of tee. Jan. 12
Holders of tee. Jan. 20
Holders of rec. Jan. 14
Holders of rec. Jan. 20
Holders of roe. Jan. 7
Holders of rec. Jan. 14
Holders of rec. Jan. 9
Holders of rec. Dee. 31
Holders of rec. Jan. 16
Holders of tee. Mar.15
Holders of tee. Jan. 10
Holders of tee. Jan. 31
Holders of roe. Jan. 81
Holders of roe. Jan. 21
Holders of reo. flee. 31
Holders of rec. Jan. 21
Holders of rec. Dec. 31
Holders of rec. Jan. 20
Holders of rec. Jan. 14
Holders of rec. Jan. 16
Holders of rec. Dee, 31
Holders of rec. Jan. 18
Holders of tee. Jan. 6
Holders of tee. Jan. 10
Holders of roe. Jan. 20
Holders of roe. Jan. 10
Holders of rec. Jan. 15
Holders of rec. Jan. 10
Holders of rec. Jan. 20
Holders of rec. Mar.15
Holders of roe. Feb. 15
Holders of rec. Dec. 30
Holders of tee. Jan. 21
Holders of roe. Jan. 3
Holders of rec. Feb. 14
Holders of rec. Jan.
Holders of rec. Jan. 4
Holders of rec. Jan. 200
Holders of rec. Feb. 150
Holders of tee. Feb. 1
Holders of rec. Feb. la
Holders of tee. Jan. 20
Holders of tee. Feb. 15
Holders of tee. Feb. 15
Holders of reo. Feb. 17
Holders of tee. Jan. 14
Holders of rec. Jan. 31
Holders of tee. Jan. 25
Holders of rec. July 25
Holders of reg. Jan. 20
Holders of tee. Dee. 21
Holders of tee. Jan. 1
Holders of roe. Jan. 16
Holders of rec. Feb. 20
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of roe. Jan.
Holders of roe. Jan.
13
16
10
21
16
25
31
21
Holders of rec. Jan. 10
Holders of rec. Jan. 21
Holders of rec. Jan. 18
Holders of rec. Feb. t 5
Holders of tee. May 5
Holders of rec. Aug. 5
Holders of rec. Nov. 5
Financial Chronicle
290
Name of Company.
When
Per
Cent. Payable.
Books Ciosed.
Days Inclusive.
Miscellaneous (Concluded).
McIntyre Porcupine Mines (guar.)
25c. Mar. 1 Holders of rec. Feb. 1
1240. Mar. 1 Holders of rec. Feb. 1
Extra
Metal & Thermit Corp., corn. (quar.)_ _
$1 Feb. 1 Holders of rec. Jan. 20
Midwest Oil Co., corn. (guar.)
40. Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
60. Jan. 16 Holders of rec. Dec. 31
I 40c. Jan. 16 Holders of rec. Dec. 31
$10 par (guar.)
Mtge. Corp. of N. S. (guar.)
514 Feb. 1 Holders of rec. Jan. 24
Nash Motors Co. (guar.)
25c. Feb. 1 Holders of rec. Jan. 20
National Battery
50c. Jan. 2 Holders of rec. Dec. 28
National Industrial Loan Corp. (guar.). 164e. Feb. 15 Holders of rec. Jan. 31
New England Equity Corp., corn.(qu.)_
50c. Feb. 1 Holderatof rec. Jan. 16
New York & Honduras Rosario Mining
•
mill
) Co. (guar.)
24 Jan. 28 Holders of rec. Jan. 17
New York Merchandise Co., corn. (qu.)
250. Feb. 1 Holders of rec. Jan. 20
Preferred (quar.)
14 Feb. 1 Holders of rec. Jan. 20
Nicholson File Co., corn. (guar.)
30c. Jan. 3 Holders of rec. Dec. 20
No. Amer.Trust Shares, new 1955 (s.
-a.) 1.0520. Jan. 15 Holders of rec. Dec. 31
-a.)
1958, new (s.
054c Jan. 15 Holders of rec. Dec. 31
Noyes(C. F.) Co., Inc.,8% pref (qu.)_
45c Feb. 1 Holders of rec. Jan. 28
Outlet Co., common (guar.)
Feb. 1
$1
olders of rec. Jan. 20
1st preferred (guar.)
14 Feb. 1
elders of rec. Jan. 20
2nd preferred (guar.)
olders of rec. Jan. 20
.14 Feb. 1
Owens-Illinois Glass Co., corn. (quar.)-- 50c. Feb. 15
elders of rec. Jan. 30
is Preferred (guar.)
$14 Apr. 1 Holders of rec. Mar. 16
Pennmans, Ltd., corn.(guar.)
75c Feb. 15 ;Holders of rec. Feb. 6
I. Preferred (guar.)
5155 Feb. 1 Holders of rec. Jan. 21
Philadelphia Bourse, pref.(annual)
$14 Feb. 1 Holders of rec. Dec. 31
Pioneer Mill Co., Ltd.(monthly)
Sc. Feb. 1 ;Holders of rec. Jan. 21
Prentice(G. E.) Mfg. Co.(quar.)
Jan. 15 Holders of rec. Jan. 1
$1
Process Corp.(guar.)
Sc. Feb. 1 Holders of rec. Jan. 27
Protective Life Ins. Co.(annual)
Jan. 2(Holders of rec. Jan. 2
$6
Pullman. Inc. (guar.)
750. Feb. 15 :llolders of rec. Jan. 24
Raymond Concrete Pile $3 cony. pf.(qu.)
75c. Feb. 1 ;Holders of rec. Jan. 20
Republic Service Corp.,$8 pref. (quar.)_ $155 Feb. 1 Holders of rec. Jan. 16
Rich Ice Cream (guar.)
500. Feb. 1 Holders of rec. Jan. 4
Riverside Cement Co., 1st pref.(quar.)- $14 Feb. 1 Holders of rec. Jan. 14
St. Lawr. Fl. Mills Co., Ltd.,com.(qu)- 37350. Feb. 1 ;Holders of rec. Jan. 20
514 Feb. 1 • Holders of rec. Jan. 20
, Preferred (guar.)
t
Savannah Sugar Refg. common (quar.)- $14 Feb. 1 ioldat rec. Jan. 16
5154 Feb. I
Preferred (guar.)
f rec. Jan. 18
old
Securities Co. of New York (s.
f rec. Dec. 31
-a.)
5255 Jan. 18 pIold
55.858 Jan. 18 Holders of rec. Dec. 31
Selected Management Trustees Shares
Sharp & Dohme,Inc., $355 pt. A (qu.)_ _
50c. Feb. 1 molders of rec. Jan. 18
Squibb (E. R.)& Sons, $8 1st pref.(qu.) 1514 Feb. 1 wHolders'of rec. Jan. 15
25c. Feb. I Holders otr cc. Jan. 15
II Common (guar.)
Tide Water Oil Co., pref
sly, Feb. 15 Holders of rec. Jan. 20
Trusteed Amer. Bank Shs., orig. ser___ _ .104e. Jan. 31
Series A
032c. Jan. 31
Trustee Standard 011 Shares, series A_
13472c Jan. 18
Union Oil Co. of Calif.(guar.)
25c Feb. 10 Holders of rec. Jan. 19
United Investment Shares, series C
.01645c Jan. 16 Holders of rec. Dec. 31
United States Shares Corp.,series F.reg_
12c Feb. 1 Holders of rec. Dec. 31
Series F coupon
120 Feb. 1 Holders of reo. Dec. 31
United States Sm., Refg. & Min. Co.
lb•rg
/11
AMU
Common (quar.)
r2.50 Jan. 14 Holders of rec. Dec. 30
Preferred (guar.)
8755c Jan. 14 Holders of rec. Dec. 30
Upson Co.7% pref. (guar.)
14 Jan. 21 Holders of rec. Jan. 3
Westhighse. El.& Mfg.Co.corn.& pf_
o, Feb. 20 Holders:0[km Jan. 23
White Rock Mineral Springs Co.
auvr!"...-41P
Common (guar.)
50c Apr. 1 l Tiel of rec. Mar. 17
i r
c
First preferred (guar.)
14 Apr. 1 Holders of rec. Max. 17
Second preferred (guar.)
8524 Apr. I Holdesr of ree. Mar. 17
Woolworth (F. W.) Co. cap.stk. ((in.)._
80c Mar. 1 Holders of rec. Feb. 10
Woolworth (F. W.)Co., Ltd., ord.(s.-a.) Is. 6d Feb. 8 Holders of rec. Jan. 13
Extra (final)
8d Feb. 8 Holders of rec. Jan. 13
Wrigley(Wm.) Jr.(monthly)
25c Mar. 1 Holders of rec. Feb. 20
Monthly
25c Apr. 1 Holders of rec. Mar. 20
Monthly
25c May 1 Holders of rec. Apr. 20
Young Men's Real Est. Inv. Co
$12
Jan. 6 Holders of rec. Jan. 4
Name of Company.
Jan. 14 1933
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Continued).
Central Power Co.,6% pref.(guar.)- - -155 Jan. 15 Holders of roe. Dec. 31
7% preferred (guar.)
154 Jan. 15 Holders of rec. Dec. 31
Chesapeake & Pot. Tel. Co. of Bait. City
Cumulative preferred (guar.)
3134 Jan. 16 Holders of roe. Dec. 31
Chester at Philadelphia RY
8755e. Jan. 15 Holders of rec. Jan. 9
Cincinnati Street It7
25o. Feb. 1 Holders of rec. Jan. 14
Cleveland Elec. Ilium.(o.. pref. (qu.)- _ $155 Mar. 1 Holders of rec. Feb. 15
Clinton Water Works,7% pref. (grier.). 14 Jan. 18 Holders of roe. Jim. 2
Columbia Gas & Elec., Corn. (guar.)_
1250. Feb. 15 Holders of rec. Jan. 10
6% preferred series A (guar.)
155 Feb. 15 Holders of rec. Jan. 20
5% preferred (guar.)
Feb. 15 Holders of rec. Jan_ 20
Cony.5% cum. pref. (guar.)
14 Feb. 15 Holders of rec. Jan. 20
Col. Ry.,Pow.& Lt. Co.
14 Feb. 1 Holders of rec. Jan. 14
634% B preferred (quar.)
Commonwealth Edison Co.(guar.)
$15.1 Feb. 1 Holders of rec. Jan. 14
Commonw'h TeL(Madison)8% pt.(qu.) 155 Jan. 15 Holders of rec. Dec. 31
Commonwealth Utilities, pref. C (an.)-. 14 Mar. 1 Holders of rec. Feb. 15
Consol. Gas Co. of N. Y.,corn.(guar.)
St
Mar. 15 Holders of rec. Feb. 3
$14 Feb. 1 Holders of roe. Dec. 30
$5 preferred (guar.)
Consol. Traction Co. of N. J. (s.-a.)
$2
Jan. 16 Holders of rec. Dec. 31
154 Apr. 1 Holders of rec. Mar. 15
Consumers Power Co.,$5 pref. (guar.)
14 Apr. 1 Holders of rec. Mar. 15
8% preferred (guar.)
1.85 Apr, 1 Holders of rec. Mar. 15
9.8 preferred (guar.)
7% preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 15
500. Feb. 1 Holders of rec. Jan. 14
8% preferred (monthly)
50e. Mar. 1 Holders of rec. Feb. 15
8% preferred (monthly)
50e. Apr. 1 Holders of rec. Mar. 15
13% preferred (monthly)
55e. Feb. 1 Holders of tee. Jan. 14
8.8% preferred (monthly)
550, Mar. 1 Holders of rec. Feb. 15
8.6% preferred (monthly)
Mc. Apr. 1 Holders of roe. Mar. 15
8.8% preferred (monthly)
50c Feb. 1 Holders of roe. Jan. 20
Dayton Power & Light, pref. (monthly)
Jan. 18 Holders of rec. Dee 20
Detroit Edison Co., capital stock (guar.) 1
Diamond State Tel. Co..64% pf. (ciu.) 14 Jan. 14 Holders of tee. Dec. 20
Duquesne L. Co.,5% corn. 1st pf. (gu.)• 14 Jan. 16 Holders of rec. Dec. 31
Edison Elec. Ilium. Co. of Boston (qu.)_ $3
Feb. 1 Holders of rec. Jan. 1 7
Jan. 18 Holders of rec. Dee. 3
El Paso Elec. Co..7% pref. A (quar.)....
155 Jan 18 Holders of rec. Dec. 3
6% preferred (guar.)
fl4 Jan. 18 Holders of roe. Dec.
Electric Bond & Share Co.,corn.(quar.)_
$114 Feb. 1 Holders of rec. Jan.
$6 preferred (guar.)
514 Feb. 1 Holders of rec. Jan.
$5 preferred (guar.)
6834c. Feb. 1 Holders of rec. Jan. 1
Hartford Elec. Light.(guar.)
5750Feb. 15 Holders of rec. Jan. 1
Havana Elec. dr Utfl. Co. 8% pref.__
Illinois Commercial Telep., $13 pref. ((111.) $134 Jan. 14 Holders of rec. Dec. 3
14 Feb. 1 Holders of rec. Jan. 1
Iliinois Northern Utilities,8% pref.(011.)
.
414 Feb. 1 Holders of rec. Jan. 1
$7 preferred (guar.)
Illinois Pow. & Light Corp.,6% pt.(qu.) $155 Feb. 1 Holders of rec. Jan. 1
Internat. Hydro-Elec. System
8755e Jan. 18 Holders of rec. Dec. 2
5355 cony. preferred (guar.)
814 Feb. 1 Holders of rec. Jan. 1 a
Internat. Util. Corp.,$7 pref.(guar.)
8740.Feb. 1 Holders of rec. Jan. 1 a
$34 preferred (guar.)
43340.Jan, 18 Holders of rec. Dec. 315
5151 preferred (guar.)
Joplin Water Works, 13% prof. (guar.).. 1 4 Jan. 18 Holders of rec. Jan. 2
Kentucky Utilities. 8% pref. (guar.)._ 814 Jan. 14 Holders of rec. Dec. 27
Lexington Telep. Co.,634% pref.(guar.) 14 Jan. 14 Holders of rec. Deo. 31
50c Jan. 10 Holders of rec. Dec. 31
Lincoln Tel., Sec.(guar.)
Preferred (guar.)
$14 Jan, 10 Holders of ree. Dee, 31
Lone Star Gas,84% pref.(guar.)
14 Feb. 1 Holders of rec. Jan. 20
$14 Feb. 1 Holders of rec. Jan. 14
Louisiana P.& L.,$6 pref.(guar.)
Louisville Gas & Electric Co.(KY )14 Jan. 14 Holders of rec. flee. 31
7% cum. preferred (guar.)
155 Jan. 14 Holders of roe. Dee. 31
8% cum. preferred (guar.)
134 Jan. 14 Holders of rec. Dee. 31
5% cum. preferred ((Mar.)
50 c. Jan. 16 Holders of rec. Jan. 5
Maine Gas Co.,corn.(guar.)
514 Jan. 16 Holders of rec. Jan. 5
Preferred (guar.)
Massachusetts Utilities Assn iref.(au.) 132550. Jan. 16 Holders of rec. Dec. 31
Ian. Si Holders of rec. Jan. 20
Milwaukee El Ry ALL Co.8% pt. (ou.) 1
75e. Mar. 1 Holders of ree. Feb. 28
Milwaukee Gas Light Co.. 7% pf. (go.)
Mohawk Hudson Pow. Co.. 1st pf.(au.) slit Feb. 1 Holders of ree. Jan. 18
Monongahela Valley Water. prof. (qu.) $14 Jan. 18 Holders of rec. Jan. 2
Montreal Light, Heat & Power Consol.
S 38e. Jan. 31 Holders of roe. Dec. 31
Common (guar.)
Below we give the dividends announced in previous weeks Montreal Telegraph Co. (guar.)
r800. Jan. 16 Holders of roe. Dee. 31
Jan. 14 Holders
Montreal
and not yet paid. This list does not include dividends an- Mountain'tramways Co.. (guar.)(MI.)- $24 Jan. 20 Holders of ree. Jan.
1
States Power Co., pref.
of
nounced this week, these being given in the preceding table. Mountain States Tel & Tel. Co.(quar-). 52 Jan. 16 Holders of rec. Dee. 31
roe, Dee. SI
National Power & Light Co.$8 Pf.(gu.)- $154 Feb. 1 Holders of rec. Jan. 14
Natural Fuel Gas (guar.)
25c. Jan. 18 Holders of roe. Dec. 31
Per
Books Closed
When
Nevada-California Elec. Corp., pref.(qu) $14 Feb. 1 Holders of rec. Dec. 30a
Name of Company.
Cent. Payable.
Days Inclusive.
New Bedford Gas & Edison Lt. Co.(au.)
750. Jan. 15 Holders of rec. Dee. 22
New Brunswick Tel. (guar.)
12 4c. Jan. 15 Holders of rec. Dec. 31
Railroads (Steam).
New York Tel. Co.. 854% prof. (guar.)
154 Jan. 113 Holders of rec. Deo. 20
-a.)- 2114 Feb. 16 Holders of roe. Jan. 6
Alabama Great Southern. prof (s.
New York Utilities, pref.(guar.)
5134 Feb. 1 Holders of rec. Jan. 14
Jan. 7 Holders of roe. Dec. 15
Albany de Susquehanna,special
$2
Northern Indiana Public Service Co.
Atchison Topeka & Santa Fe, pref.(s.
-a.) $255 Feb. 1 Holders of rec. Dec. 30a
14 Jan. 14 Holders of rec. Dee. 31
7% preferred (guar.
Feb. 1 Holders of rec. Dec. 27
Southern (semi-annual)
Canada
$155
14 Jan, 14 Holders of rec. Dec. 31
8% Preferred (guar.)
Cincinnati Inter-Terml gtd. 1st Pt.(8.-s.) $2
Feb. 1 Holders of roe. Jan. 28
14 Jan. 14 Holders of roe. Dee. 31
54% preferred (guar.)
Cleveland Mein Chic & St. Lords (8.-a.) $5
Jan. 31 Holders of rec. Jan. 21
Northern N.Y.Utilities. Inc., of. (qu.)_ $154 Feb. 1 Holders of rec. Jan. 14
5% preferred (guar.)
14 Jan. 31 Holders of rec. Jan. 21
Northern Ontario Power Co.. Ltd.
-Delaware RR. Co. (s.
-a.)
$1 July 1 Holders of rec. June 15
Common (guar.)
500 Jan. 25 Holders of rec. Dec. 111
Georgia RR & Banking Co. (quar.)---- 52
Jan. 15 Holders of roe. Dec. 81
134 Jan. 25 Holders of tee. Dec. 31
6% corn, preferred (guar.)
Hudson & Manhattan, pref. (5.-a.)
52% Feb. 15 Holders of tee. Feb. is Northern States Power Co.(Del.)
Kansas City Southern. pref. (guar.)-500. Jan. 18 Holders of rec. Dec. 31
155 Feb. 1 Holders of rec. Dec. 31
Clam A common (guar.)
Little Schuylkill Navigation RR. &
7% preferred (guar.)
14 Jan. 20 Holders of roe. Dec. 31
Coal Co.(s.
-a.)
81.10 Jan. 18 Holders of roe. Dee. 18
134 Jan. 20 Holders of tea. Dec. 31
8% preferred (guar.)
Louisville, Henderson & St. Louis (s-a)-- $4 Feb. 15 Holders of rec. Feb. 1
Northwestern Bell Telep.Co.
Preferred (a-a)
5235 Feb. 15 Holders of rec. Feb. 1
14 Jan. 14 Holders of rec. Dec. 21
64% cum. preferred
mahoning Coal RR.. corn.(guar.)
$tig Feb. 1 Holders of rec. Jan. 18 Orange &Rockland Elec. Co.(quar.)-$2 Feb. 1 Hoiders of roe. Jan. 25
Michigan Central (s.
31 Holders of rec. Jan. 21
Jan
$25
-a.)
Pacific Gas & Elec. Co., corn.(guar.).
500 Jan. 18 Holders of rec. Dee. 31a
MIII Creek dr Mine Hill Nev.& RR.
Pacific Lighting Corp., corn. (guar.).
75e Feb. 15 Holders of toe. Jan. 20
10% guaranteed (s.-a.)
14 Jan. 15 Holders of rec. Dec. 31
Pacific Lighting Corp. $8 pref. (guar.)_ _ $14 Jan. 18 Holders of rec. Dec. 31
Mine Hill & Schuylkill Haven (3.-a.)-.. $154 Feb. 1 Holders of rec. Jan. 14
Pacific Tel. & Tel., pref. (guar.)
$155 Jan. 18 Holders of rec. Dec. 31
Norfolk & Western Hy., adj. pref
Peninsular Telephone, 7% pref.(guar.). 11e Feb. 15 Holders of rec.
$1 Feb. 18 Holders of rec. Jan. 31
}eb.
Northern Central By.(8.-a.)
Jan. 14 Holders of rec. Dec. 31
Pennsylvania Power Co.
$2
Northern RR.of N. H.(guar.)
$14 Jan. 31 Holders of rec. Jan. 90
13.80% preferred (monthly)
55e. Feb. I Holders of rec. Jan. 20
Pitts"). Bessemer & L. Erie, COM. (011.)
75c. Apr. 1 Holders of rec. Mar. 15
8.8% preferred (monthly)
55e. Mar. 1 Ilolders of rec. Feb. 20
6% preferred (guar.)
514 June 1 Holders of rec. May 15
$8 preferred (quay!
81% Mar. I Holders of roe. Feb. 20
Pitts., Clnn.. Chic.& St. L.(s.
Peoples Gm Light & Coke Co.(quar.)_ _
5254 Jan. 20 Holders of tee. Jan. 10
-a.)
$tsi Jan. 17 Holders
3
Pittsburgh & Lake Erie (s.
414 Feb. 1 Holders of tee. Dec. 27 Peoples Tel. Corp.(Butler, Pa.), (guar.) 514 Jan. 15 Holders of rec. Jan. 31
-a.)
of rec. Dec.
Reading Co., common (guar.)
25c. Feb. 9 Holders of roe. Jan. 12 Philadelphia Co. common (nuar.)
35e. Jan. 26 Holders of rec. Dec. Si
Shamokin Valley & Pottsville (a.-s.).Philadelphia Elec. Co., pref. (quar.)$115 Feb. 1 Holders of rec. Jan. 16
$14 Feb. 1 Holders of rec. Jan. 10
Ph dadel ph I a Suburban W at. Co.. of.
(q11) 155 Mar. 1 Holders of rec. Feb. 1 la
Public Utilities.
Power Corp. of Canada, Ltd.
Alabama Power Co. $5 pref. (guar.)- - $14 Feb. 1 Holders of roe. Jan. 14
6% cum. pref. (guar.)
£13.4 Jan. 16 Holders of roe. Dec. 31
Amer. Cities Pow.& Lt. cl. A (guar.)_
r75c. Feb. 1 Holders of rec. Jan. 5a
8% non-cum. participating pref. (qu.) 155 Jan. 18 Holders of rec. Dec. 31
American District Telep.(guar.)
Jan. 18 Holders of rec. Dec. 15
$1
Public Service Co. of Ind., 87% pf. (rm.) 5134 Jan. 18 Holders of rec. Dee. 31
Amer. Dist. Teleg.(N.J.). coin.(qu.)-. $1
Jan. 15 Holders of rec. Dec. 15
$6 preferred (guar.)
$155 Jan. 16 Holders of rec. Dee. 31
Preferred (guar.)
Public Service Corp. of New Jersey
$154 Jan. 15 Holders of rec. Dec. 15
American Gas & Eisa.. $8 prof. (guar-)- $14 Feb. 1 Holders of rec. Jan. 9
6% preferred (monthly)
50c. Jan. 31 Holders of rec. Jan. 3
American Lt. & Traction Co.,com.(qu.)
50c. Feb. 1 Holders of rec. Jan. 13
Public Service Co. of No. III., Corn.(gu.)
75c Feb. 1 Holders of roe. Jan. 14
155 Feb. 1 Holders of rec. Jan. 13
Preferred (quar.)
7% preferred (guar.)
154 Feb. 1 Holders of rec. Jan. 14
American Tel & Tel. Co. (guar.)
Jan. 18 Holders of rec Dec. 20a
$24
6% preferred (guar.)
155 Feb. 1 Holders of rec. Jan. 14
25e. Feb. 1 Holders of rec. Jan. 8
Amer. water Work & Elec.. corn. (au.).
San Diego Como'. Gas & Elec. Co.
I 14 Jan. 18 Holders of rec. Dec. 23
Bell Telephone Co. of Can.(guar.)
Preferred (guar.)
14 Jan. 14 Holders of me. Dee. 31
Bell Tel. of Pa.. 655% cum. pref. (guar.) 14 Jan. 19 Holders of rec. Dec. 20
Sedalia Water Co. pref. (guar.)
5154 Jan. 15 Holders of rec. Jan. 1
900. Jan 15 Holders of rec. Dec. 31
Bridgeport Hydraulic Co.. corn. (guar.)
Shawinigan Water & Poser Co.eom.(qu) I I3o. Feb. 15 Holders of roe. Jan. 21
150e. Ian. 16 Holders of rec. Dee. 31
British Col. Pow. Corp.. Ltd. cl A (m)
South Pitts. Water Co.7% pt.(gust.).. 14 Jan. 18 Holders of rec. Jan. 2
British Columbia Tel. Co.(guar.)
81% Feb. 2 Holders of roe. Jan. 15
14 Jan. 18 'folders of roe. Jan. 2
6% preferred (guar.)
15; Feb. 1 Holders of roe. .Ian. 31
Broadway Newport Bridge,5% Pf.(till.)5% preferred (s.-a.)
13; Feb. 20 Holders of roe. Feb. 10
Brooklyn-Manhattan Transit Corp.
Sou. Calif. Edison Co.. Ltd., corn.(qu.). 2
Feb. 15 Holders of rec. Jan. 20
155 Jan. 18 Holders of rec. flee. 31
Preferred series A (guar.)
Original preferred (guar.)
Jan, 15 Holden of rec. Dec. 20
2
Buff. Niagara & East Pr. Corn.
14 Jan, 15 Holders of roe. Dee. 20
54% series C pref. (guar.)
1
Feb. 1 Holders of roe. Jan. 14
$5 let preferred (guar.)
Southern California Gas Co.,6% pf.(au) 37%c. Jan. 14 Holders of rec. Dee. 31
6% preferred A (quay.)
3
Calgary Power Co.. Ltd.. 1 % Pf 0111.1- 1% Feb 1 Holders of rec Jan. 14
3755c. Jan. 14 Holders of rec. Dee. 31
California Oregon Pow. Co..7% cc (go.) 14 Jan. 18 Helder.; of rec. Dec. 31
Southern Calif. Gas Corp.56% pf.(qu.)_ $134 Feb. 28 Holders of rec. Jan. 31
1% Ian. 18 Holders of rec. Dee. 31
8% preferred (guar.)
Southern Canada Power Co.. Ltd.
200 Jan. 25 Holders of rec. Dec. 31
Ltd. corn.(qu.)...
Can. Nor. Pow. Corp..
Common ((luar.)
£250. Feb. 15 Holders of rec. Jan. 31
14 Ian IA Holders of rec Dec 31
7% cum. preferred (guar.)
8% cum preferred (guar.)
14 Jan. 18 Holders of rec. Dee. 20
20e. Feb. 1 Holders of rec. Dec. 31
Southern Counties Gas Co.(Calif.)
Central Hudson Gas & Elec. (guar.).6% preferred (guar.)
Central Illinois Pub. Serv 85 of ((lu.) 1% Ian. 18 Holders of rec. Dee. 20
155 Jan. 16 Holders of rec. Dec."31
Southern New England Telep. Co. (qu.) $2
Jan. 16 Holden; of rec. 1)e0.:31
Central Kansas Power.7% pref.(1111.)- - 14 Jan. 15 Holders of rec. Dec. 31
14 Jan. 15 Holders of rec. Dec. 31
Stamford Gas & Elec. Co. (guar.)
$24 Jan. 18 Holders of tee. Dec. 31
8% preferred (guar.)
Ih
Financial Chronicle
Volume 136
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
291
Per
When
Cent. Payable.
Miscellaneous (Continued).
Folio (J. J.) & Co.,8.-a
$5
Jan. 14
7% preferred (guar.)
1% Jan. 14
Fidelity Fund, Inc., cl. A, corn. (guar.)_
50o. Feb. 1
Class A, corn., extra
15e. Feb. 1
Finance Co.of Amer.,CIA & B oom.(qu.)
100. Jan. 16
43%c. Jan. 16
7% preferred (guar.)
Cl A preferred (guar.)
8,40. Jan. 16
250. Jan. 20
Firestone Tire & Rubber, corn.
214 Jan. 15 Holders of rec. Dec. 31
1% Mar. 1
6% preferred (quar.,
134 Feb. 1 Holders of roe. Jan. 12
Fishman (N. H.) Co., Inc.
154 Feb. 15 Holders of rec. Jan. 20
Class A and B preferred (guar.)
$1% Jan. 15
134 Feb. 15 Holders of rec. Jan. 20
50c. Jan. 15
Food Machinery Corp.. pref.(monthly)134 Feb. 1 Holders of roe. Jan. 5
500. Feb. 15
Preferred (monthly)
134 Feb. 1 Holders of rec. Jan. 5
Premed (monthly)
50c. Mar,15
100 Jan. 19 Holders of rec. Dec. 22
13, Mar. 1
Geist(C.H.)6% pref.(guar.)
134 Jan. 16 Holders of roe. Jan. 2
$1
Feb. 1
General Cigar, corn. (guar.)
5134 Jan. 16 Holders of rec. Dec. 31
$154 Mar. 1
Preferred (guar.
5134 Jan. 31 Holders of rect. Jan. 20
10c. Jan. 25
General Elec. Co.,corn.
m1-6sh Feb. 20
Banks and Trust Cos.
Common
Corn Exchange Bank Trust Co.(guar.). $1 Feb. 1 Holders of rec. Jan. 24
150. Jan. 25
Special stock (guar.)
50c. Feb. 1
General Foods Corp., corn. (quar.)_
Fire Insurance Companies.
750. Feb. 1
General Mills, Inc., corn. (guar.)
Boston Ins. Co. d(quar.)
$4
Apr. 1 Holders of rec. Mar.20
General Motors Corp..$5 prof.(quiz.)... $134 Feb. 1
Firemen's Fund Ins. Co. (guar.)
750 Jan, 16 Holders of roe. Jan. 5
General Stockyards Corp., corn. (guar.) 75c, Feb. 1
Insurance Co. of N. A.(s.
$l% Feb. 1
Jan, 16 Holders of roe. Dec. 31
$6 cony. preferred (guar.)
$1
-a.)
Gillette Safety Razor Co..$5 pref.(qu.)- $1% Feb. 1
300. Feb. 1
Miscellaneous.
Gold Dust Corp., corn. (guar.)
Abraham & Straus. Inc.. prof.(quar.)
$1,4 Feb. 1 Holders of roe. Jan. 14
Gotham Silk Hosiery Co., Inc.
134 Feb. 1
7% preferred (quit)
500 Feb.
Holders of rec. Jan. 17
Adams-MinisCorp., corn. (quar.)
Preferred (quar.)
Gottfried Baking Co.. Inc., el. A (quiz.) 750. Apr. 1
$1% Feb. 1 Holders of rec. Jan. 17
75e. July 1
Affiliated Products (monthly)
Class A (guar.)
Holders of rec. Jan. 18
1 3 1-3e Feb.
Mr Reduction Co.. clap. stock (guar-)75e. Oct. 1
Class A (guar.)
750 Jan. 16 Holders of rec. Dec. 31
Ajax 011 & Gas Co.(guar.)
30. Jan. 1 Holders of rec. Dec. 31
Govt. Gold Mining Areas Cons., Ltd.
Pw45
Alaska Juneau Gold Mining (guar.) Holders of roe. Jan. 10
15o Feb.
Amer. dep. rec. reg. shares
Allied Chemical & Dye Corp., corn.(qu.) $1% Feb.
$134 Jan. 16
Holders of rec. Jan. 11
Guarantee Co. of N. A.(guar.)
$23, Jan. 16
American Can Co., corn. (guar.)
$1
Feb. 1 Holders of rec. Jan. 250
Extra
Amerada Corp., cap. stk. (guar.)
20c Jan. 16
500. Jan. 3 Holders of rec. Jan. 140 Flawallan Sugar Co
American Home Products (monthly)._
Holders of roe. Jan. 140 Hercules Powder Co., preferred (guar.). $1% Feb. 15
350. Feb.
American Ice Co., pref. (gust.)
Hershey Chocolate Corp..corn•(quiz.)-. 514 Feb. 15
$1,4 Jan, 25 Holders of roe. Jan. 6
$I Feb. 15
American News Co.. corn. (hi
Preferred (guar.)
-monthly) 25c. Jan. 16 Holders of roe. Jan. 6
$1 Feb. 15
American Rolling Mill,8% pf. (Otter.).- 1% Jan. 15 Holders of rec. Dec. 31
Extra
American Ship Building (guar.)
Hibbard, Spencer, Bartlett & Co.
50o. Feb. 1 Holders of rec. Jan. 14
100. Jan. 27
Amoskeag Co., common (s
$1 July 3 Holders of rec. June 24
Monthly
-a)
be. Feb. 24
Monthly
Preferred (s-a)
$234 July 3 Holders of rec. June 24
Andre Citroen Corp.
100 Mar,31
Monthly
Amer. dep. rec."B" bearer shares.._so 31.77f. Jan. 21 Holders of roe. Jan. 13
Hobart Mfg.Co.,corn.(guar.)
25o Mar, 1
Anglo-National Corp. el. A,coin.(guar.) 250. Jan. 16 Holders of roe. Jan. 5
Holland Land (liquidating)
50c.
Angio-Persian Oil Co., Ltd.
Holly Development Co.(guar.)
234c Jan. 15
Amer. dep. roe. 1st pt.stk.reg.(s.
Homestake Mining Co.(monthly)
75e. Jan, 25
-a.). zw4 Feb. 7 Holders of roe. Dee. 16
Amer.dep.rec.50 pref.stk.reg.(3.-a.) zw4% Feb. 7 Holders of roe. Dee. 18
Honolulu Oil Corp
250, Jan. 15
Asbestos Mfg., pref. (guar.)
Horn & Hardart Co.(N.F.), corn.(qu.) 500. Feb. 1
35e. Feb. 1 Holders of rec. Jan. 20
Austin,Nichols& Co.,Inc.,prior"A"(gu.) 25o. Feb. 1 Holders at roe. Jan. 13
Household Finance Corp.
Automobile Banking (semi-ann.)
A & B common (guar.)
90e. Jan. 15
Jan. 14 Holders of rec. Dec. 31
$1
Preferred (semi-ann.)
$1.05 Jan. 15
Participating preferred (quar.)
Jan. 14 Holders of rec. Dec. 31
24
Automobile Finance, pref. (s.
Howe Sound Co.(guar.)
10e. Jan. 16
87340. Jan. 15 Holders of rec. Dec. 31
-a.)
Baldwin Co.6% prof.(guar.)
Industrial Cotton Mills, pref. (guar.).- 13.4 Feb. 1
$1% Jan. 14 Holders of n3c. Deo. 31
Bayuk Cigars, Inc., 1st pref.(quar.)._- $1% Jan. 15 Holders of rec. Dec. 31
Ind. Cot. Mills. Ino.(S.C.) 7% Pl.
(V. - 154 Feb. 1
Beatty Bros., Ltd..6% let prof
150. Jan, 25
1% Feb. 1 Holders of rec. Jan. 15
Insuranshares Corp. of Del., coin.(ann.)
Beech Nut Packing Co.,7% pt. A (qui- 1% Jan. 15
Interallied Inv., A (s.
350. Jan. 15
-a.)
International Harvester, corn. (quar.)... 30e. Jan. 16
BeneficialIndustrialLoanCorp.,corn.
(qr) 37%0. Jan, 30 Holders of rec. Jan. 14
Preferred, ser. A,(guar.)
international Nickel Co. of Canada
8734e. Jan. 30 Holders of rec. Jan. 14
Bloomingdale Bros., Inc., pref.((Mara-- $1)4 Feb.
1134 Feb. 1
Holders of rec. Jan. 20
7% preferred (guar.)
Bon Ami Co., class A (guar.)
Internat. Printing Ink Corp.. pref.(au.) 134 Feb. 1
$1 Jan. 31 Holders of rec. Jan. 16
International Shoe, preferred (monthly). 500. Feb. 1
Class 11 (guar.)
500, Jan. 17 Holders of roe. Jan. 13
Preferred (monthly)
Class B, extra
50e. Mar. 1
50c. Jan. 17 Holders of rec. Jan. 13
Boss Manufacturing Co.. corn, (quar.)_
500. Apr. 1
Preferred (monthly)
25c. Fob, 15 Holders of rec. Jun. 31
7% preferred (guar.)
50c. May 1
Preferred (monthly)
134 Feb. 15 Holders of rec. Jan. 31
Brakpan Mines, Ltd., ord. bearer
500. June 1
Preferred (monthly)
4 ah. Feb. 17 Holders of roe. Dec. 31
Brantford Cordage Co., Ltd. tat pf.(qu.) 500. Jan. 15 Holders of rec. Dec. 20
Interstate Dept.Stores,7% pref.(qu.)_. 15' Feb. 1
British-American Tobacco Co., Ltd.
Invest. Found., Ltd.. prof.
38c. Jan, 16
Amer. dep. rcts, ord. bearer (final)
hl2c. Jan. 16
preferred
to 8 d Jan. 23 Holders of rec. Dec. 23
(quar,)_.Convetibl
Interim
JantLen Knitting Mills. pref. (quar.)_._ 2134 Mar. 1
w10 d Jan. 23 Holders of roe. Dec. 23
Amer.dep. rots. ord.reg.(final)
w 84 Jan. 23 Holders of rec. Dec. 23
Jewel Tea Co., Inc., common (quiz.).... 75e. Jan. 16
Kidder Participations, Inc.
Interim
w10 d Jan. 23 Holders of rec. Dec. 23
Brown Shoe Co., pref. (guar.)
750. Jan. 16
1% Feb. 1 Holders of rec. Jan. 20
Preferred (guar.)
50e. Jan. 16
No. 2 preferred (guar.)
6043 Jan. 20 Holders of roe. Jan. 10
Bucyrus-Monighan Co., class "B"stook
50c. Jan. 16
Byers(A. M.) Co.. pref.(guar.)
No. 3 preferred (guar.)
$1% Feb. 1 Holders of rec. Jan. 14
Calamba Sugar Estates (guar.)
25e. Feb. 1
400. Apr. 1 Holders of rec. Mar. 15
Kress(S
dc Co.common (quar,).....
15c. Feb. 1
Special preferred (guar.)
350. Apr, 1 Holders of rec. Mar. 15
Preferred (guar.)
Kroger Grocery & Baking 7% prof.(au.)
134 Feb. 1
Calaveras Cement, pref. (quiz.)
$1% Jan. 15 Holders of rec. Doe. 31
Canada Bud Breweries, Ltd., com.(qu.) 125o Jan. 16 Holders of rec. Dec. 31
Lake View & Star Co.(London),Interlm.s tn123,
Canada Dry Ginger Ale, Inc
5134 Jan. 10
Lamont, Corliss (guar.)
2513 Jan. 16 Holders of roe. Jan. 3
Canadian Bronze Co., Ltd., corn.(guar.) 3131c Feb. 1 Holders of rec. Jan. 20
Lane Bryant, Inc.,7% pref.(Quar.)
I% Feb. 1
Preferred (guar.>
Langendorf United Bakeries. Inc., A stk. 2543. Jan. 15
$1% Feb. 1 Holders of rec. Jan. 20
Canadian Dredge & Dock Co.. Ltd..
Lazarus(F.& R.)& Co.634% pref
13.4 Feb. 1
Common (guar.)
Jan. 20
$1 Feb. 1 Holders of roe. Jan. 15
Lehigh & Wilkes Coal of N.J.(qu.)
-B
42
Preferred (guar.)
20c. Mar. 1
151% Feb. 1 Holders of rec. Jan. 16
Link-Belt Co., common (guar.)
Canadian Fairbanks Morse Co.. pf.(qu.) $13, Jan. 14 Holders of rec. Dec. 31
Sc. Jan. 20
Lucky Tiger Comb. Gold Mining Co...
Canadian Industries, Ltd., A&B (guar.) 8734c Jan, 16 Holders of rec. Dec. 31
3e. Apr. 20
Quarterly
7% preferred (guar.)
1 114 Jan. 16 Holders of rec. Doe. 31
250. Jan. 16
MacAndrews & Forbes Co., corn,(qu.)
Capital City Products
100 Jan. 15 Holders of reo. Jan. 4
134 Jan. 16
Preferred (guar.)
Cartier, Inc.. 7% pref
500. Feb. 15
87340 Jan. 31 Holders of roe. Jan. 14
Macy (R.H.)& Co.. corn.(guar.)
Central Manhattan Properties
1214c. Jan, 16
$1.08
Magma Copper Co.(guar.)
Century Ribbon Mills, pref. (quar.)-McCall Corp.(guar.)
500. Feb. 1
$1,4 Mar. 1 Holders of rec. Feb. 20
Century Shares Trust (s-a)
350. Feb. 1 Holders of rec. Jan. 5
McColl Frontenac 011 Co., Ltd.,pf.(qu.) 5134 Jan, 14
Cherry-Burrell, Prof.(guar.)
$I% Feb. 1 Holders of rec. Jan. 16
McGolrick Bd.& Mtge. Corp.. pf.
5334 Jan. 15
Cincinnati Postal Terminal & Realty,
1110x/111e Shoe, common (guar.)
300 Feb. 1
634% pref (quarter)
1% Jan. 15 Holders of rec. Jan. 4
First prePwred (guar.)
8134 Feb. 1
City Investing Co
$134 Jan. 16 Holders of rec. Jan. 10
Second preferred (guar.)
734c.Feb. 1
Colgate-Palmolive-Peet Co., coin.(guar) 25c. Jan. 21 Holders of rec. Jan. 14
Merch .RenigeratIng Co.(N.Y.),pf.(qu.) 13.4 Feb. 1
Consol.Chem. Indus., Inc.. Pf.331.A(au.) 3714e, Feb. 1 Holders of rec. Jan. 15
Modlne Mfg. Co., common (guar.)
15o Feb. 1
Consolidated Laundries Corp.. pref.(qu) al% Feb. 1 Holders of rec. Jan. 16
Mohawk Investment (Boston) (quiz.).
30e Jan. 16
Consolidated Mining & Smelting
.10
National Biscuit Co. common (quiz.)....
Holders of roe. Dec. 31
70e Jan, 14
Consolidated Royalty Oil Co
50 Jan. 25 Holders of rec. Jan. 14
National Fuel Gas Co., cap. stk. (qu)-.
250 Jan. 16
Coon (W. B.) 7% pref. (guar.)
134 Feb. 1 Holders of rec. Jan.
National Lead. Prof. B (guar.)
$134 Feb. 1
Corn Products Refining Co.,coin.(qu.). 750 Jan. 20 Holders of rec. Jan. 17
National Tea Co., pref. (guar.)
4
13540 Feb. 1
Preferred (guar.)
$114 Jan. 16 Holders of rec. Jan. 4
New England Grain Prod.,$8 pt.A (qu.) $134 Jan. 15
Crescent Creamery,7% pref.,(quar.).
134 Jan. 16 Holders of rec. Dee. 31
New Jersey Zinc Co
50c Feb. 10
Crowell Publishers, 7% pref. (3-a)
334 Feb. 1
Newberry (J. J.),Realty, pref. A (qu.)_ _ $1.62 Feb. 1
Crum & Forster, cam.(guar.)
15c Jan. 14 Holders of roe. Jan. 4
6% preferred (guar.)
5134 Feb. 1
Preferred (guar.)
$2
Mar.31 Holders of roe. Mar. 21
Niagara Snare Corp.of Md.cd. B (qu.)_ _
10e Jan. 16
Cudahy Packing Co.. corn. (quar.)... 6234a Jan, 15 Holders of rec. Jan. 5
Oahu Ky.& Land Co.(monthly)
150. Jan. 15
Cumulative Trust Shane
078c Jan. 16
Oahu Sugar Co.. Ltd
Sc, Jan. 16
Curtiss Wright Exp.,6% pref.(quar.)-- 134 Jan. 15 Holders of rec. Dee, 31
Onomea Sugar Co.(monthly)
200. Jan. 20
DeHavtliturn Aircraft Co., Ltd. Am.
Otte Elevator Co.common (guar.)
250 Jan, 16
zw234 Jan. 12 Holders of rec. Dec. 27
dep. rec. for ord. reg. (annual)
5154 Jan. 16
Preferred (guar.)
Deposited Insurance Shs. A
07250 Feb. 1 Holders of rec. Dec. 31
Pacific Finance Corp., series A (guar.). 20e Feb. 1
Devonian 011 Co.(guar.)
150 Jan, 20 Holders of rec. Dee. 31
Series C (guar.)
1634e Feb. 1
Extra
be. Jan. 20 Holders of rec. Dec. 31
Series D (guar.)
1734e Feb. 1
District of Columbia(Wash.. D.C.)(qu ) $2 Jan. 15 Holders of rec. Dec. 31
Pacific Finance Corp. of Calif.(Del.)
Dome Mines, Ltd., corn.
250. Jan. 20 Holders of ree. Dec. 31
Preferred A (guar.)
200. Feb. 1
Extra
10c Jan. 20 Holders of rec. Dec. 31
Preferred C (guar.)
16340 Feb. 1
Dominion Bridge Co., Ltd. (guar.).
Preferred D (guar.)
- 1500. Feb. 15 Holders of rec. Jan. 31
17140 Feb. 1
Quarterly
I 50c May 15 Ilolders of reci. Apr. 29
Pan-American Life Ins. Co
600 Jan. 1
Dominion Textile Co..Ltd..pref.(qu.)- 18154 Jan. 15 Holders of rec. Dee. 31
Penmans. Ltd., common (guar.)
7543 Feb. 15
Duplan Silk Corp.. corn. (s-a)
500 Feb. 15 Holders of rec. Feb. 1
Preferred (guar.)
1134 Feb. 1
&Wont de Nem.
(El.)& Co.
Pennsylvania Salt mfg Co.,corn.(qu.)
?Sc.Jan. 14
Debenture (guar.)
Jan. 25 Holders of ree. Jan. 10
Philadelphia Bourse, pref.(annual)
$134 Feb. 1
Eastern Theatres. pref. (guar.)
Jan. 31 Holders of rec. Dec. 31
Philadelphia Insulated Wire (s-a)
50c Feb. 1
Elect. Household Utilities Corp
Jan. 25 Holders of rec. Dec. 30
Philip Morris&Co.Ltd-Inc.cap.stk.(qu.) 250 Jan, 16
Ely & Walker Dry Gds. Co. 1st pt.(3.-a )
Jan. 16 Holders of rec. Jan. 6
Phillips-Jonas Corp.. 7% pref. (guar.)
- ht 5' Feb. 1
2nd preferred (11.-a.)
Jan. 16 Holders of roe. Jan. 5
Marne & Atwood Mfg. Co
150c Jan, 3
Eureka Pipe Line Co.(guar.)
Feb. 1 Holders of ree. Jan. 16
Plymouth Cordage (guar.)
$154 Jan. 20
Ewa Plantation Co
Feb. 15 Holders of roe. Feb. 4
Premier Shares Inc.
15c Jan. 16
Faber. Coe & Gregg. Prof.(guar.)
Feb. 1 Holders of tee. Jan. 20
Primary Trust Shares, series A
33696c Dec. 31
Farmers & Traders Life Ins.(Syracuse)
Procter & Gamble.8% prof. (guar.).
Jan. 14
- 2
(Quarterly)
Holders of reo. Mar. 11
$23, Apr.
Prudential Investors, Inc.. 56 pf.(qu.)._ $134 Jan, 14
Faultims Rubber Co., corn.(guar.)
50c Apr.
Holders of rec. Mar. 15
Quaker Cate Co., corn. (guar.)
51
Jan. 16
Federal Knitting Mills Co., corn. (guar.) 623Ic Feb.
Holders of rec. Jan. 14
Preferred (guar.)
$134 Feb. 28
Extra
Holders of rec Jan. 14
$3 Feb.
Railways Corp.(guar.)
2
Jan, 15
Fibreboard Products, prof. (guar.)
$13, Feb.
Holdres of rec. Jan. 16
Reed (C. %.) Co. class A (guar.)
50c Feb. 1
Public Utilities (Concluded)..
Standard Gas & Elec. Co.corn.(guar.)-46 cum. preference (guar.)
$7 cum. preference (guar.).Standard Power & Light corn.(quar.)._
Preferred (quar.)
United Gas& El. Co.(N.J.). 5%p1.(s.-a)
United Gas& El.Corp.(N.J.)5% preferred (semi-ann.)
United Ohio Utilities Co.6% pref (fm.)
West Penn Elect. Co.,7% cum. pf.(qr.)
6% cum. preferred (guar.)
West Penn Power,7% pref.(guar.)
6% preferred (guar.)
Western P. Serv. Corp.,Initial
Wichita Water.7% pref.(guar.)
Wisconsin Gas & Elec., pref.(quar.)
Wisconsin Telephone Co.. prof. (guar.).
30e. Jan. 25
313.4 Jan. 25
8154 Jan. 25
30o. Mar. 1
5134 Feb. 1
234 Jan. 15
Holders of rec. Dee. 31
Holders of rec. Dec. 31
Holders of rec. Dec. 31
Holders of rec. Feb. Ila
Holders of rec. Jan. 14a
Holders of rec. Dec. 31
Books Closed.
Days Inclusive.
Holders of rec. Jan. 1
Holders of rec. Jan. 1
Holders of rec. Jan. 1
Holders of rec. Jan. 1
Holders of roe, Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holder, of rec. Jan.
Holders et rec. Feb. 1
Holders of rec. Dee. 3
Holders of rec. Jan. 1
Holders of rec. Feb. 1
Holders of rec. Mar. 1
Holders of rec. Feb. 1
Holders of rec. Jan. 1
Holders of rec. Feb. 2
Holders of rec. Dee. 1
Holders of rec. Dee 1
Holders of rec. Dec. 1
Holders of rec. Jan. 1
Holders of rec. Jan. 1
Holders of we. Jan.
Holders of rec. Jan. 1
Holders of rec. Jan. 1
Holders of roe. Jan.
Holders of roe. Jan. 1
a
a
a
a
a
a
Holders of rec. Jan. 1
Holders of roe Mar. 20
Holders of rec. June 20
Holders of rec. Sept. 20
Holders of rec. Dec. 30
Holders of rec. Dec. 31
Holders of rec. Dec. 31
Holders of rec. Jan. 10
Holders of rec. Feb. 3
Holders of rec. Jan. 25
Holders of rec. Jan. 25
Holders of roe. Jan. 25
Holders of rec. Jan. 20
Holders of rec. Feb. 17
Holders of rec. Mar. 24
Holders of rec. Feb. 18
Holders of rec. Dec. 14
Holders of rec. Dec. 21
Holders of rec. Jan. 20
Holders of rec. Jan. 5
Holders of rec. Jan. 12
Holders of rec. Dee. 31
Holders of rec. Dec. 31
Holders of rec. Dec. 31
Holders of rec. Jan. 20
Holders of rec. Jan. 20
Holders of rec. Jan. 16
Holders of roe. Jan. 9
Holders of roe. Dee. 20
Holders of roe. Jan. 3
Holders of rec. Jan. 14
Holders of rec. Jan. 15
Holders of rec. Feb. 15
Holders of rec. Mar. 15
Holders of rec. Apr. 15
Holders of rec. May 15
Holders of rec. Jan. 16
Holders of rec. Dec. 31
Holders of rec. Dec. 31
Holders of rec. Feb. 25
Holders of roe. Dee. 30
Holders of roe. Dee. 20
Holders of rec. Dec. 20
Holders of rec. Dee. 20
Holders of rec. Jan. 20
Holders of rec. Jan. 20
Holders of rec. Jan. 20
Holders of rec. Dec. 29
Holders of rec. Jan. 18
Holders of rec. Doe. 31
Holders of rec. Jan. 20
Holders of rec. Jan. 10
Holders of rec. Feb. 15
Holders of rec. Jan. 10
Holders of rec. Apr. 10
Holders of rec. Dec. 31s
Holders of roe. Dec. 31a
Holders of rec. Jan. 20
Holders of rec. Deo. 30
Holders of rec. Jan. 16
Holders of reel Dec. 31
Holders of rec. Jan. 5
Holders of rec. Jan. 16
Holders of rec. Jan. 18
Holders of rec. Jan. 16
Holders of roe. Jan. 23
Holders of roe. Jan. 20
Holders of rec. Dee. 31
Holders of rec. Dec. 180
Holders of rec. Dec. 31
Holders of res. Jan. 20
Holders of rec. Jan. 16
Holders of rec. Jan. 1
Holders of rec. Jan. 20
Holders of rec. Jan. 16
Holders of rec. Jan. 16
Holders of rec. Dee. 23
Holders of rec. Jan. 12
Holders of rec. Jan. 6
Holders of rec. Jan. 10
Holders of rec. Dec. 30
Holders of tee. Dec. 30
Holders of rec. Jan. 1
Holders of rec. Jan. 1
Holders of roe. Jan. 1
Holders of rec. Jan. 14
Holders of roe. Jan. 14
Holders of rec. Jan. 14
Holders of rec. Dec. 23
Holders of rec. Feb. 6
Holders of rec. Jan. 21
Holders of rec. Doe. 31
Holders of rec. Dec. 31
Holders of rec. Jan. 16
Holders of rec. Jan. 4
Holders of rec. Jan. 20
Holders of rec. Dec. 28
Holders of rec. Doe. 31
Holders of rec. Dec. 31
Holders of rec. Dec. 23
Holders of rec. Dec. 31
Holders of rec. Dee. 31
Holders of rec. Feb. 1
Holders of rec. Dee. 31
Holders of rec. Jun. 21
Financial Chronicle
292
Name of Company.
Per
When
Cent. Payable.
Miscellaneous (Concluded).
Russell Motor Car Co.,Ltd.. pref.(en.)
134 Feb. 1
$133 Jan. 18
Si. Croix Paper Co.. Corn.(quar.)
25e. Feb. 1
Salt Creek Prod. Assoo. (guar.)
200. Jan. 15
San Carlos Milling Co., Ltd.(monthly) Scott Paper Co.,7% ser A,pref.(guar.). 134 Feb. 1
6% series B, preferred (guar.)
134 Feb. 1
Seeman Bros., Inc., common (guar.)._ 62.4c Feb. 1
Shuron Optical Co., pref. (guar.)
$153 Jan. 3
Simms Petroleum Co.(guar.)
250. Jan. 16
Slattery (E. J.) Co.. pref. (quar.)
134 Apr. 1
Solvay Amer Invest. Corp.. prof.(guar.) $134 Feb. 15
Southland Royalty Co.(quar.)
50. Jan. 15
Spicer Mfg. Corp. pref. (quar.)
750. Jan. 15
Spring Mines, Ltd., ord. bearer
Is. 9d Feb. 17
Stafford. pref. (initial liquidating)
$18
Stand. Coosa Thatcher Co.7% pt.(an.).
Jan. 15
Standard 011 Co. of Ohio pref. (guar.).- $134 Jan. 16
State Street Investment (Boston) (qu.). 500 Jan. 16
Steel Co. of Can., ord. (guar.)
143340 Feb. 1
Preferred (guar.)
14331c Feb. 1
Sunshine Biscuits, common (guar.)
50c Feb. 1
Super Corporation of Amer.Trust Shares
Series C (5.-a.)
300.
Series D (s.
-a.)
13.18c
Series AA and BB (s.
-a.)
50. Jan. 15
Superheater Co. (guar.)
1234c Tan, 16
Superior Port. Cement. Inc.. A (rattly.) 2733c. Feb. 1
Surety Credit Co., Inc. (s.
100. Jan. I
-a.)
Preferred (5.-a.)
400. Jan. 1
Swift Internacional Corp.(s.
$1
Feb. 15
-a.)
Took-Hughes Gold Mines,Ltd.(quar.).
150. Feb. 1
Telautograph Corp. cap. stock (quar.)
25c. Feb. 1
Tuckett Tobacco Co., Ltd., pref.(qu.)
$134 Jan. 14
United Biscuit Co.of Amer., pref.(qu.). $134 Feb. 1
United Securities, Ltd., common (qu.)
500. Jan. 16
U. S. Pipe & Fdy., corn.(guar.)
50c Jan. 20
300. Jan. 20
First preferred (quay.)
United States Shares Corp.. ses. U red
$2.98
United States Smelting Refg.& Min.Co.
25e. Jan. 14
Common (quar.)
134 Jan. 14
Preferred (guar.)
100. Feb. 1
United Verde Extension Mining Co
Universal Leaf Tobacco Co., corn (guar.) 500 Feb. 1
lg Jan. 20
Vulcan Detinning pref.(guar.)
Walgreen Co.. corn., initial (qm.) -. 250. Feb. 1
9d Jan. 17
West Springs, Ltd., ord. reg
Western Grocers, Ltd., pref.(guar.)- - $14 Jan. 15
1
250. Jan. 31
Westinghouse Air Brake Co.cap.stk.
(q
(s.
2o. Jan. 18
Wisconsin Bankshares Corp., corn. -a.)
500. Jan. 14
Worthington Ball Co. class A (quar.)_
25e. Feb. 1
Wrigley (Wm.) Jr. Co.(monthly)
Books Closed.
Days Inclusive.
Holders of rec. Dec. 31
Holders of reo. Jan. 7a
Holders of reo. Jan. 16
Holders of reo. Jan. 7
Holders of reo. Jan. 17
Holders of reo. Jan. 17
Holders of rec. Jan. 16
Holders of rec. Dec. 31
Holders of roe. Dec. 30
Holders of reo. Mar. 18
Holders of rec. Jan. 16
Holders of reo. Jan. 3
Holders of rec. Dec. 31
Holders of reo. Dec. 31
Holders of rec. Jan. 5
Holders of rec. Jan. 23
Holders of reo. Dec. 30a
Holders of reo. Dee. 30a
Holders of roe. Jan. 4a
Holders of rec. Jan. 20
Holders of rec. Jan. (ia
Holders of reo. Jan. 10
Holders of reo. Dec. 31
Holders of rec. Dec. 20
Holders of reo. Dec. 31
Holders of reo. Jan. 10
Holders of reo. Dee, 31
Holders of rec. Jan. 20
*Surplus and Net Demand
Undivided
Deposits,
Profits,
Average.
Time
Deposits,
Average.
8
Bank of N.Y.& Tr. Co.
6,000.000
Bank of Manhat.Co____ e20,000.000
National City Bank_ --- 124,000.000
Chemical Bk.& Tr.Co
21,000,000
Guaranty Trust Co
90,000,000
Manufacturers Tr. Co
32,935,000
Bk&Tr.
Central Hanover. 21,000,000
15,000,000
Corn Exch. Bk.Tr.Co-10,000,000
First National Bank
50.000,000
Irving Trust Co
Continental Bk.& Tr.00
4,000,000
. 148,000,000
('base National Bank _ .
500.000
Fifth Avenue Bank
25,000,000
Bankers Trust Co
10,000,000
Title Guar.& Trust Co
10,000.000
Marine Midland Tr. Co3,000.000
Lawyers Trust Co
12,500,000
New York Trust Co____
7,000.000
Coral Nat. Bk.& Tr.Co.
2,000,000
Harriman N.B.& Tr.Co
8,250,000
Public N. B.& Tr. Co_
8
$
9,134,200
86,118,000
e36,818,500
250,171,000
82,028,100 a995,859,000
45,640,900
247,105,000
180,830,200 6885,580,000
22,125,700
251,027,000
70,119,500
478,952,000
22,740,800
175,984,000
85,527,300
349,570,000
75,148,000
325,577,000
6,754.900
23,817,000
118,336,50001.220,052,000
3,608,900
40,794,000
77,007,600 d517,879,000
21,218,400
24,926,000
7.075.800
42.228,000
2,597,700
8,981.000
22,093.500
202,191.000
8.583,900
48,840,000
848,400
22,810,000
4,385,300
39,160,000
$
11,955,000
38,600,000
194,926,000
38,332,000
88,901,000
90,585,000
64,324,000
22,604,000
32,553,000
43,990,000
2,087,000
141,138,000
2,918,000
54,011,000
1,282,000
5,486,000
1.103,000
24,327,000
3,486,000
5,217,000
28,238,000
620.185.000
902,822,100 8.235,417.000
872.021.000
• As per official reports: National. Sept. 30 1932: State. Sept. 30 1932; Trust
• As of Nov.6 1932.
companies. Sept. 30 1932.
Includes deposits in foreign branches as follows: (a) $196,825,000;(b) 348,662,000;
(c) $59,132,000; (d) $24,697,000.
NATIONAL BANKS
-AVERAGE FIGURES.
Other Cash. Res. Dep., Dep. Other
Loans,
Disc. and Gold. Including N. F. and Banks and
Bank Notes Elsewhere 7'rtuf Cos
Investments.
Gress
Deposits.
$
1,200
$
$
$
$
63,400 1,838,700 1,453,000 17,389,400
Brooklyn
Peoples Nat'l__
5,000
84,000
Holders of rec. Jan. 140
Holders of reo. Jan. 17
Holders of reo Jan. 14
Holders of reo. Dec. 31
Holders of rec. Jan. 17
Holders of reo. Dee. 31
Holders of reo. Dec. 310
Holders of reo. Dee. 810
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JAN. 7 1933.
Totals
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, Jan. 6 1933.
Manhattan$
Grace National_ 18,172,900
Weekly Return of New York City Clearing House.
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now 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. We give the
statement below in full:
• Capital.
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 Jan. 6:
Holders of rec. Jan. 15
Holders of reo. Dec. 31
Holders of rec. Dec. 31
Holders of rec. Jan. 7
Holders Of reo. Jan. 7
Holders of rec. Jan. 18
T The New York Stock Exchange has ruled that stook will not be quoted exdividend on this date and not until further notice.
jThe New York Curb Exchange Association has ruled that stock will not be
quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
di Correction. a Payable in stock.
fPayable in common stock. o Payable In scrip. S On account of accumulated
dividends. .1 Payable in preferred stock.
m A dividend, payable In common stock (now owned by General Electric Company) of Radio Corporation of America, at the rate of one-sixth (1-8) of one share
of common stock of Radio Corporation of America for each share held of common
stock of General Electric Company was declared.
o Westinghouse Electric & Mfg. distribution of 34 share of Radio Corp. of America
stock for each share held. Preferred stockholders have option of receiving 53.50
In cash in lieu of above. Dividend including the optional feature, constitutes to
preferred holders full payment of preferential dividend for 1933.
IT Govt. Gold Mining Areas Cons. Ltd. div. Is based on Union of So. Africa our
rency.
r Amer. Cities Pow.& Lt. class A dia. Is payable In cash or 1-32 sh. of el. B stock.
a White Rock Mineral Springs 2d Prof. stock Pays $2.50 per share on 859 shares
equivalent to 50c. per share on 4,295 shares of common stock for which the 2d Prof.
may be exchanged,and payable on the equivalent number of common If so exchanged
before the record date.
t Payable in Canadian funds.
Payable In United States funds.
o A unit.
to Leas deduction for expenses of depositary.
a Less tax.
Clearing House
Members.
Jan. 14 1933
5,610,000
347,000
42,000
5,130,000
-AVERAGE FIGURES.
TRUST COMPANIES
Loans,
Discount d
Investments
Cash.
Reserve Dep. Dep. Other
N. F. and Banks and
Elsewhere. Trust Cos.
ManhattanEmpire
Federation
Fulton
United States
$
$
ii
49,961,900 2j11,100 13,946,700
T33,195
421,585
5.561.909
18,838,000 *2,167,300 1,324,200
68,045,758 5,500,000 25,282,461
Brooklyn
Brooklyn
Kings County
94,628,000
23,817,779
2,955.000 10,355,000
1,887,002 9,830,189
Gross
Deposits.
S
$
2,826,900 58,682,500
1,065,202 5,578.420
780,200 18,664.800
71,468,515
369,000 111,533,000
28,886,791
* Includes amount with Fedora Reserve as follows: Empire, $1,195,500: Fulton,
$2,009,100.
-In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended Changesfrom
Previous
Jan, 11
Week.
1933.
Capital
Surplus and profits
Loans, disc'ts & investls.
Individual deposits
Due to banks
Time deposits
United States deposits
Exchanges for Clg. House
Due from other banks...
Reeve in legal depositles
Cash in bank
Res.In excess in F.R.Bk_
$
79,900,000
88,742,000
798,478,000
555,042,000
177,120,00
195,270,00
12,247,00
10,312,00
173,015,000
87,489,000
8,990,00
18.898.000
Week Ended
Jan. 4
1933.
$
$
79,900.000
Unchanged
+1,137,000
87.605,000
-4,443,000 802,919.000
-4,683,000 559,725,000
+13,335,000 163.785.000
+7,264,000 188,006,000
14,814,000
-2,567,000
16,529,000
-8,217,000
+13,939,000 159,078,000
+13,270.000
74,219.000
-778,000
9,768,000
+12.322.000
4.576.000
Week Ended
Dec. 28
1932.
$
79,900,000
67,518,000
819,745,000
545,887,000
151,808,000
193,188,000
18,433,000
7,988.000
142,019,000
70,979.000
10,510.000
2.449.000
Philadelphia Banks.-Neginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
Jan, 7
1933.
$
76,948.000
Capital
151,590,000
Surplus and profits
Loans, dints. and invest_ 1,122,813,000
19,948,000
Exch. for Clearing House
186,00R,000
Due from banks
220,742,000
Bank deposits
630,455,000
Individual deposits
276,636,000
Time deposits
1,127,833,000
Total deposits
Reserve with F. R. Bank_
96.822.000
Changes from
Previous
Week.
Week Ended
Dec. 81
1932.
Week Ended
Dec. 24
1982.
$
$
$
-83.000
77.011,000
77,011,000
-48.788,000 200,378,000 200,378,000
-24,518,000 1,147.331,000 1,161,486,000
+295,000
19.653,000
18,566.000
+18,805,000 147,403,000 138,630,000
+24,024.000 196,718,000 201,436,000
+480.000 829.975,000 826,859,000
+5,093,000 281,729,000 271,089,000
+19.411.000 1,108.422.000 1,099,384,000
+2.559.000
94 252 nnn
OA 722 000
293
Financial Chronicle
Volume 136
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Jan. 12, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 249, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JAN. II 1933.
Jan. 11 1933. Jan. 4 1933. Dec. 28 1932 Dec. 21 1932. Dec. 14 1932 Dec. 7 1932. Nov. 30 1932. Nov. 23 1932 Jan. 131932.
RESOURCES.
Gold with Federal Reserve agents
Gold redemption fund with U.S. Trees
$
$
2,345,320,000 2,344,625.000 2,335,345,000 2,297,515,000 2,298.899,000 2,281,059,000 2,242,398,000 2,230,351,000 2,074,369,000
58,342,000
40,350,000
40,496,000
40,831,000
39,742,000
38,931,000
39.087,000
40.048,000
40,018.000
Gold held exclusively twat. F. R. notes 2,385.092.000 2,385.121,000 2,376,176,000 2,337,865,000 2,327.830,000 2,320,146,000 2,282,446,000 2,270,369.000 2,132,711,000
Gold settlement fund with F. R. Board
405,282,000 342.098.000 346,342,000 321,942,000 370.791,000 367.276.000 339,926,000 339.487,000 385.583,000
Gold and gold certificates held by banks_ 432,189,000 446,137,000 429,013.000 451,814.000 394.716,000 390,641,000 426,952,000 443,296,000 483,542,000
3,222,533,000 3,173,356.000 3.148,531.000 3,111,621.000 3,093.337,000 3,078,06:0,000 3,049,324,000 3,053,152.000 3,001,836,000
195,112.000 179,928.000 173.322,000 169,370,000 145.770.000 185,054,000 192,635,000 188,871.000 186,045,000
Total gold reserves
Reserves other than gold
Total reserves
3,417,645.000 3,353.284,000 3,321.853.000 3,280,991,000 3.279,107,000 3.263,117,000 3,241.959.000 3,242,023,000 3,187,881.000
Non-reserve cash
78,415,000
84,034,000
70,231.000
91,647,000
82.554,000
74,449,000
73,324,000
77.071,000
74,001,000
His discounted:
Secured by U. S. Govt. obligations—
77.760.000
77,378.000
66,590,000 *71.172,000
87,953,000
95,513,000 103.253.000 105,304.000 4:47,348,000
Other bills discounted
181,561,000 •179,930,000 189,622.000 192,937,000 196.520,000 203,105.000 205,720,000 202,216.000 380,993,000
218,151,00
32,362,000
267,382,000
33,307,000
270.315,000
33,221.000
244.473.000
33.769.000
298,618,000
33.717.000
308,973,000
34,880,000
307,520,000
34,646.000
818.341,000
213,801,000
420,901,000
296,414,000
420,740,000
296,419,000
420.703,000
286,908,000
420,669,000
357.449,000
420,637,000
379,175,000
420,714,000
377,687.000
420.713.000
3(38,677,000
320,267,000
30,596,000
1,000,219,000 1,133,595,000 1,133,578.000 1,143,084,000 1.072,609,000 1,050,865,000 1,052,365.000 1,061,359,000
Total U. S. Government securities
Other securities
Foreign loans on gold
251.102.000
32,617,000
420,763,000
301,406,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
400,712,000
1.812.388.000 1,850,910,000 1,850.737,000 1.850,899,000 1,850.726.000 1,850,677.000 1,850,766.000 1,850,749,000
5,571,000
5,411,000
5.337.000
5.350,000
5,649,000
5,378,000
5,218.000
5,102,000
751,575,000
29,732,000
Total bills and securities
2,098,003.000 2,139.847,000 2,157,075,000 2,159,806,000 2,174,346,000 2,188,349.000 2,200,030,000 2.198,265,000 1,813,449.000
05,550.000
Gold held abroad
61,128.000
72,638.000
51,091,000
8,663,000
2,868,000
2,781.000
Due from foreign banks
2,861.000
2,976.000
2.781,000
2,854,000
2,977,000
2,982.000
18,368,000
13,556.000
12,256.000
14,110.000
14,775 000
13,455,000
14.436,000
Federal Reserve notes of other banks.-17,951,000
17.735,000
Uncollected items
339.550,000 458,654.000 359 736.000 358,810,000 407.925.000 323,943,000 353,468,000 333,500,000 439,210,000
57,811,000
Bank premises
58,212.000
58,169.000
54,212,000
58.211,000
58,211,000
58,169.000
53.844.000
53,880.000
33,931,000
All other resources
35,802,000
39,880,000
39,259,000
36,831.000
42,889,000
40,351,000
40,394,000
39,606,000
Total resources
LIABILITIES.
F. R. notes In actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks
Other deposits
6,113.143,000 6,209,629,000 6.105,130,000 6,075.829,000 6,053,163,000 5,964,625.000 5,985,694,000 5,962,108.000 5,637,728,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
2,644,471,000 2,587.376,000 2.563.238.000 2,521.398.000 2.444.874.000 2,466,816,000 2,484,226.000 2.478,901.000 2,130,110,000
334,256 000 438.053.000 348.639.000 341.844,000 396,415.000 318,614,000 354.109.000 333,630.000 427,469,000
151.309.000 151,332.000 151.314,000 151,334.000 151.415.000 151,522,000 151,591,000 151,969,000 159,836,000
278,599,000 278.599,000 259.421,1100 259.421.000 259.421,000 259,421,000 259,421,000 259,421,000 259,421,000
25,126,000
47.060.000
45,429,000
43,759,000
44,546.000
44.061,000
16.613,000
47,103.000
17,484,000
2,687,024,000 2,737,656,000 2,735,458,000 2.756,363,000 2,713,935,000 2,723,666,000 2,692,286,000 2.694,428,000 2,635,766,000
2,573,044,000 2,514,451,000 2,481,674.000 2,446,056,000 2,424,532.000 2,395.484,000 2,410,594,000 2,400,351,000 1,994,347,000
32,638,000
36,249,000
23,535,000
25,942,000
42.172,000
30,837.000
23.848,000
23.700.000
21,430,000
75,129,000
25,947,000
29.869.000
19.053.000
19,221,000
14,010,000
18.853,000
10,293,000
20,629,000
27,996.000
22,739.000
19,872,000
26,485.000
24.150,000
20,339.000
26,349,000
30.224,000
28.468,000
Total liabilities
6,113,143,000 6,209.629,000 6,105,130,000 6,075,829,000 6.053.163,000 5.964,625,000 5.985,694,000 5.962.108.000 5,637.728.000
Ratio of gold reserve to deposits and
It. note liabilities combined
62.9%
59.4%
58.9%
59.0%
59.5%
59.5%
59.3%
58.9%
60.4%
Ratio of total reserves to deposits and
F. R. note liabilities combined
66.9%
62.2%
62.7%
63.0%
63.1%
62.7%
64.1%
62.9%
82.6%
Contingent liability on bills purchased
for foreign -orrespondents
40,157,000
36,338,000
36,171,000
35,911,000
33,458.000 285,141,000
39,932,000
36,117.000
32,329,000
Maturity DtstrI5uifo3 of Bills and
Short-Term Securities
1-15 days bills discounted
16-30 days bills discounted
31-90 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
170.733,000
21,085,000
26,976,000
18,526.000
10,831.000
175,810.000
18,722,000
28,164,000
17,794,000
10,612,000
187,581,000
20,288.000
29,013.000
19,503.000
10,997,000
189,212.000 198.229,000
20,297.000
22,069.000
30,095.000
32.119.000
19,446,000
19,724,000
11,265,000
11,432,000
214.371.000 224.502,000 223.026.000 631,648,000
42,342,000
22,697.000
22,795,000
23.870,000
68,043,000
30,209,000
30,572,000
30.746.000
54,810,000
20,403,000
20,088.000
19,429.000
10,938,000
11,016,000
10,449.000 21,498,000
Total bills discounted
1-15 days bills bought in open market _ _
16-30 (lays bills bought in open market,,..
31-60 days bills bought In open market
61-90 days bills bought In open market
Over 00 days bills bought In open market
248,151.000
6,064,000
6,489.000
11,818.000
7,991.000
251,102,000
5,111,000
5,857,000
10,242,000
11,407,000
267,382.000
6.452 000
5,742.000
10.385,000
10,728.000
270,315,000
8,061,000
4,855.000
11,003.000
9,302,000
284,473.000
4,074.000
2,766.000
1,923,000
25.006,000
298,618,000 308.973.000
11,276,000
2,738,000
7.850.000
4,559.000
7.319,000
2.258,000
8,435,000
24,162,000
Total bills bought in open market...1-15 days U. S. certificates and bills_ __
18-30 days U. S. certificates and bilis_ _31-60 days U. S. certificates and bills....
61-90 days U. S. certificates and bills__
Over 90 days certificates and bills
32,362.000
119,758.00(1
62,975.000
143.550,000
213.031.000
550.005.000
32,617,000
108,583.000
83.325,000
192.750.000
213,031,000
535,906,000
33.307.000
58.355.000
119,759.000
151,525,000
224,284.000
579.656,000
33.221,000
56,250.000
108,564,000
171,125,000
274.731.000
532,418,000
33.769.000
63,000,000
58.356.000
177,733,000
143,550.000
629,970,000
33,717,000
34,880.000
68,000,000
162,839,000
160,550.000
659,476,000
70,500,000
149.064,000
164,325,000
668,476,000
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 daye municipal warrants
Over 90 days municipal warrants_
307,520.000
9.047 000
1/.283.000
8,300.000
8,016.000
818,341.000
84,417,000
40.361,000
49,527,000
38,797,000
699,000
34.646.000
69,000,000
213,801.000
20,950,000
40,225,000
61,429,000
68,344,000
209,764,000
177,564,000
127.375 000
697.420,000
1,090.219.000 1,133,595,000 1,133,578,000 1,143,084,000 1,072,609,000 1,050,865.000 1,052.365,000 1,081 359 000
4,818,0(10
5,340.000
4,049,000
4,735.000
4,156,000
5,088.000
5,058.000
3,951.000
387,000
296.000
1,000.000
823,000
10.000
1,139,000
622,000
10.000
13,000
13.000
313,000
282,000
288,000
559,000
13.000
13,000
400,712,000
2,266,000
156,000
204.000
120.000
1,000
Total municipal warrants
5.218.000
5,102,000
6,649,000
2,747,000
5,571,000
5,411,000
5,378,000
5,337,000
5,350,000
Federal Reserve Notes—
Issued to F. R. Bank by F. It. Agent_ 2,929,953.000 2,980.366,000 2,999,717.000 3,005,204.000 2,960,303,000 2,946,756,000 2,913,683,000 2,919.768.000 2,931,929,000
Held by Federal Reserve Bank
242.029,000 242,710,000 204,259,000 248,841,000 246,368.000 223,090,000 221,397,000 225,3441,000 296,163.000
In actual circulation
2.687,024.000 2,737,656.000 2,735.458.000 2,756,363,000 2,713,035,000 2.723,666,000 2.692,286,000 2.894.428.000 2,635.766,000
Collateral Held by Agent as Security
for Notes Issued to Bank—
By gold and gold certificates
Gold fund—Federal Reserve Board
By eligible Pacer
U. B. Government securities
1,111,675.000 1,089,365.000 1,105,285,000 1,078,255,000 1,125,479,000 1,138,889,000 1.085.353.000 1.075,806.000 867,789,000
1,233.645.000 1,255,260.000 1,230,060.000 1,221.269.000 1,163.420.000 1,142.170.000 1,157.045,000 1.154.545.000 1,206,580,000
232.679,000 235,401,000 252,304.000 254,606.000 268.735,000 282,876.000 293,944.000 291,742,000 952,413,000
384,400,000 426,100.000 428,500,000 471,600,000 426,300,000 408.600,000 414.400.000 429.900.000
Total
2,962,399,000 3,006,126,000 ,016.149,000 .073 721 000 2,983.934.000 2.972.535.000 2,950,742.000 2.951.993.000 3,026,782,000
Revi ed fig •res.
,
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS1933
Two Ciphers (00) omitted.
( Total,
Boston, New Tort. Fiala. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.Ctly. Dallas. San Fran.
Federal Reserve Bank of—
RESOURCES.
I
$
Gold with Fed, lies. Agents____12.345,320,0
fund with U.S.Treas.; 39.742.0
Gold redem.
I
Geld held excl. agst.F.1t. notes 2,385.062.0
Gold settlern't fund with F.R.Bd 405.282.0
Geld & gold ctfS. held by banks_ 432,189,0
$
$
$
$
$
601,535,9 156,000,0 187.070,0 70,000,0 58,500.0
5,812,0 5,359,0 5,692.0 1,865.0 2,857,0
—
607,347.0 161.359.0 193.682,0 71,865,0 61,357,0
139,991.0 19.958.0 33,634,0 11,769,9 8,195,0
309.356,0 7,908,0 18,692,0 3,440.0 8,975,0
$
$
$
$
$
$
696,910.0 76,155.0 41,040,0 62,480,0 23,640,0 182.263,0
3,361,0 1,505.0 2.204,0 2,095.0
1.353,0 5,567,0
3,222,533.0 223,073,0 1,056,694,0 189,225.0 245.988,0 87,074,0 78,527,0
195.112.0 17,792.0
59,413,0 20,520,0 12,477,0 9,808.0 5,727,0
834,808,0 94,539,0 54,496,0 86.372,0 36,119,0 235.618,0
29,559,0 9.477,0 4,798,0 7,290,0 8.517.0 10.734,0
Total reserves
3,417,645,0 240,865,0 1,116,107,0 209,745,0 258,465,0 96,842,0 84.254,0
91,647,0 6,333.0
20.648,0 4,636,0 5,212,0 4,157,0 5,456,0
Non-reserve cash
discounted:
Bills
27,492,0 11,031,0 7,722.0 1,893,0 1,764,0
68,590,0 3,727,0
Sec. by 17.8. Govt. obligations
31,070.0 35,585,0 14,592,0 13,831,0 15,164,0
181,561.0 8,772,0
Other bills discounted
863,367,0 104,016.0 59,294.0 93,662,0 44,636.0 246,352,0
16,610,0 3,919,0 2,474,0 3,048,0 3,929.0 9,225.0
Total gold reserves
Reserves other than gold
Total bills discounted
(um iwoialit in (men market
$
188,827,0
2,072,0
190.899.0
17.269.0
14,905,0
248,151,0 12,499,0
32.362.0 2.161.0
53,562.0 46,616,0 22.314,0 15.724,0 16,929,0
10.027.0 3.115.0 2.921.0 1,7600 :0 051 0
700,271,0 77,660,0 43.244.0 64.575,0 24,993.0 187,830,0
108,262,0 14,156,0 8.701.0 13.305,0 7,041,0 22.961,0
26,275,0 2,723,0 2.551,0 8,492.0 4,045,0 24,827,0
3.844,0
12.113,0
4,808,0
313,0
468,0
3,526.0 10,001,0 10,859,0
357,0 3,171,0
4,147.0 21.901,0
15,957.0
5 R4R ft
8,334,0 10,314,0 11,327,0
046 0
640.0
856.0
4,504.0 25,072,0
856.0 2,163.0
Financial Chronicle
294
Total.
Two Ciphers (00) omitted.
Phila.
Boston. New York.
RESOURCES (Concluded)
$
U. S. Government securities:
• 420,763,0
Bonds
• 301,406,0
Treasury notes
• 1,090,219,0
Certificates and bills
$
Cleveland. Richmond Atlanta.
$
g
Ian. 14 1933
3
$
Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
g
$
$
$
$
$
$
20,303,0
16,791,0
57,329,0
187,054.0 31,123,0 36,431,0 9,632,0
9,547,0
120,343,0 23,778,0 31,189,0 8,246,0 8,146,0
411,747,0 81,188,0 106,491,0 28,153,0 27,811,0
41.279,0 13,916,0 17,198,0 11,755,0 17,300,0 25,225,0
35,342,0 11,486,0 8,237,0 10,003,0 6,249,0 21,596.0
180,929,0 39,218,0 28,126,0 34,156,0 21,336,0 73,735,0
Total U.S. Govt.securities 1,812,388,0 94,423,0
5,102,0
Other securities
719,144,0 136,089,0 174,111,0 46,031,0 45,504,0
3,711,0 1,000,0
257,550,0 64,620,0 53,561,0 55,914,0 44,885,0 120,556,0
391,0
2,098,003,0 109,083,0
51.091,0
2,982,0
228,0
17,951,0
228,0
339,550,0 38.180,0
53.880,0 3,280,0
40,394,0
648,0
791,444,0 186,820,0 199,346,0 63,545,0 65,471,0
51,091,0
1,095,0
328,0
295,0
116,0
104,0
387,0
967,0 1,828,0
6,656,0
974,0
101.986,0 26,296,0 30,482,0 26,760,0 10,275,0
12,818,0 3,024,0 6,929,0 3,237,0 2,422,0
21,096,0 1,136,0
1,963,0 3,068,0 4,116,0
277,355,0 73,900,0 64,906,0 68,097,0 50,245,0 147,791,0
Total bills and securities
Gold held abroad
Due from foreign banks
Fed. Res. notes of other banks_
Uncollected items
Bank premises
All other resources
16,0
406,0
2,214,0 1,072,0
37,225,0 14,616,0
7,595,0 3,285,0
1,497,0 1,027,0
11,0
87,0
209,0
87,0
633,0 1,263,0
264,0 1,465.0
7,857,0 17,078,0 11,772,0 17,023.0
1,746,0 3,559,0 1,741,0 4,244,0
1,811,0
961,0 1,406,0 1,665,0
Total resources
6,113,143,0 398,845,0 2,128,941,0 432,372,0 503,659,0 199,593,0 173,072,0 1,206,269,0 201,851,0 138,732,0 187.755,0 114,080,0 427,974,0
LIABILITIES.
F.R.notes in actual circulation_ 2.687.024,0190.571,0 562,137,0 231,322,0 281,906,0 98,594,0 96,761,0 686,003,0 105.313,0 81,052,0 90,400,0 37,916,0 225,049,0
Deposits:
Member bank reserve account 2,573,944,0 135,006,0 1,300,852,0 127,518,0 142,191,0 51,764,0 45,488,0 415,303,0 60,030,0 37.057,0 65,814,0 46,868,0 146,053,0
3,725,0 2,397,0 1,352,0
423,0
Government
21,430,0 1,825,0
2,970,0 1,153,0 1,542.0 1,603,0
978,0 1,964,0 1,498,0
662,0
Foreign bank
682.0
2,531,0
448,0
20,629,0 1,421,0
7,660,0 2,045,0 1,928,0
759,0
565.0
565,0 1,362,0
Other deposits
3,597,0 2,576,0
376,0
173,0
28,468,0
739,0
9,901,0
131,0 2,145.0 2.658,0 1.124,0
652,0 4,396,0
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
2,644,471,0
334,256,0
151,309,0
278.599,0
17,484,0
138,991,0 1,321,383,0 130,847,0 147,806,0 56,784,0 47,717,0
98,951,0 24,718,0 29,784,0 25,784,0 10,442.0
37,424,0
10,856,0
58,619,0 16,042,0 14.099,0 5.159,0 4,732,0
85,058,0 29,242,0 28,294,0 11,616,0 10,544,0
20,460,0
2,793,0
201,0 1,770,0 1,656,0 2,876,0
543,0
425,156,0 65,665,0 39,233,0 67.530,0 50,049,0 153,310,0
36,734,0 15,385,0 7,567,0 16,702,0 12,384,0 18,381,0
16,157,0 4,360,0 2,886,0 4,052,0 3,920,0 10,427,0
39,497,0 10,186,0 7,019,0 8,263,0 8,719,0 19.701,0
2,722,0
942,0
975,0
808,0 1,092,0 1,106,0
Total liabilities
6,113,143,0 398,845,0 2,128,941,0 432,372,0 503,659,9 199,593,0 173,072,0 1,206,269,0 201,851,0 138,732,0 187,755,0 114,080,0 427,974,0
Memoranda.
49.3
Reserve ratio (per cent)
59.3
62.4
58.3
60.8
59.3
57.9
60.1
77.7
50.7
64.1
73.1
65.1
Contingent liability on bills pur906.0 1.142.0
1.142.0 27h80
39 932•0 2.876.0
13.697.0 4.136.0 3.900.0 1.536.0 1.379.0
5.121.0 1.339.0
chased for torn correspondents
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve Agent at-
In actual circulation
2,687,024,0 190,571,0
Collateral held by Agent as security for notes issued to bits
1,111,675,0 47,010,0
Gold and gold certificates
1,233,645,0 141,817,0
Gold fund-F. R. Board
232,679,0 12,477,0
Eligible paper
384,400,0 9,900,0
U. S. Government securities
Total collateral
Phila.
Boston. New York.
Total.
Two Ciphers (00) omitted.
$
8
Federal Reserve notes:
Issued to F.R.Bk. by F.R.Agt. 2,929,953,0 210,427.0
Reid by Fedi Reserve Bank_ 242,920,0 19,856,0
2 082 309 II 211 204 ()
$
Cleveland Richmond Atlanta.
8
$
$
$
Chicago.
$
St. Louis. Minneap. Kan.Cily. Dallas. San Fran.
$
$
$
g
g
642,187,0 245,257,0 293.717,0 106.080,0 114,995,0
80,050.0 13,935.0 11,811,0 7,486,0 18,234,0
721.936,0 113,525,0 83,753,0 97,885,0 41,956,0 258,235.0
35,933,0 8,212,0 2.701,0 7,485,0 4,040,0 33,186,0
562,137,0 231,322,0 281,906,0 98,594,0 96,761,0
686,003,0 105,313,0 81,052,0 90,400,0 37,016,0 225,049,0
472,535,0 78,290,0 71,470.0 18,345,0
129,000,0 77,710,0 116,500,0 51,655,0
55,742,0 46,480,0 22,274,0 16,335,0
43,000,0 85,000,0 20.000,0
264,910,0 23,655,0 13,540.0 10,680,0 12.240,0
432,000,0 52,500,0 27,500,0 51,800,0 11,400,0
15.713,0 8,167,0 8,581,0 10,547,0 4,162,0
15,000,0 29,300,0 34,700,0 28,000,0 14,500,0
14,000,0
44,500,0
17,438,0
40,000,0
657.277_0 245.480_0 2952440 108 335 0 115 nall 0
85,000,0
97,263,0
14.763,0
65,000,0
727.623.0 113.622.0 84.321.0 101.027.0 42.302_0 262 nqs 0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions" on page 249, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement" and include
all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were included with loans, and some
pf the banks Included mortgagee in Investments. Loans secured by U. S. Government obligations are no longer shown separately, only the total of loans on securiti$
being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial
paper, only a lump total being given. The number of reporting banks is now omitted: in its place the number of cities Included (then 101), was for a time given, but beginning Oct. 9 1929 even this has been omitted. The figures have also been revised to exclude a bank in the San Francisco district with loans and investments of $135,000.000
Gn Jan. 2 1929, which had then recently merged with a non-member bank. The figures are now given In round millions Instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE CF
BUSINESS JAN. 4 1933 (In millions of dollars).
Phila.
'
I
4,019
272
393
1,833
2,186
310
289
504
3,992
322
182
2,654
1,338
2,050
221
11,823
5,706
332
1,754
3,470
95
17
745
400
16
190
176
1,107
53
6,191
1,315
145
171
1,610
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap.Ean.C1111. Dallas. San Fran
599
5,205
3,294
U.S. Government securities
Other securities
665
8,499
Investments
-total
$
8,011
4,276
5,938
On securities
All other
8
1,169
10,214
Loans
-total
Reserve with F. R. Dank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Boston. New York
$
18,713
$
$
1,090
1,877
$
564
503
$
2,083
1,071
300
322
484
587
114
186
108
214
491
806
264
237
254
482
324
155
109
77
12
649
294
27
144
219
110
26
844
806
25
113
238
36
13
284
230
10
97
107
$
a
$
a
$
$
519
291
504
376
1,726
1,354
273
174
242
230
965
602
752
112
161
52
122
78
164
70
160
241
724
181
729
246
117
282
146
761
WC
WW
Loans and Investments
-total
Total.
'
I
410
319
126
120
57
60
146
116
90
56
428
333
WW
W.4WOW
W
4t0-4WW0W0
I
Federal Reserve Dinfia-
373
42
1,312
890
24
343
399
45
7
310
200
4
104
110
20
5
150
139
1
73
65
43
13
336
178
5
175
175
28
8
221
130
15
97
91
86
17
561
921
38
170
191
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 Jan. 11 1933, in
comparison with the previous week and the corresponding date last year:
Jan. 111933. Jan. 4 1933. Jan. 13 1932.
$
Resources
Gold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury_
601:535,000
.
5,812,000
588,080,000
6,155,000
470,239,000
11,454,000
Gold held exclusively asst. F. R. notes
Gold settlement fund with F. It. Board_
Gold and gold certificates held by bank.
607,347,000
139.991.000
309,356,000
594,235,000
64.770,000
320,514.000
481,693,000
189,652,000
288,913.000
1,056,694,000
59,413,000
979.519 000
53,314,000
960,258,000
41,858,000
Total gold reserves
Reserves other than gold
1,116.107,000 1,032,833.000 1,002,116,000
Total reserves
26,648,000
21,230,000
23,003,000
Non-reserve cash
Bills discounted:
27.492,000
29,563.000 150,307,000
Secured by U. S. Govt. obligations.-31,070,000
29,111,000
40.903,000
Other bills discounted
Total bills discounted
Buis bought in open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
Total U.S. Government securities..
Other securities (see note)
Foreign loans on gold
58.562,000
10,027,000
58,674.000
9,780,000
191,210,000
67,184,000
187,054,000
120,343,000
187,267.000
118,674,000
111,467,000
16,934,000
411,747,000
427,413,000
156,000,000
719,144.000
3,711,000
733.354,000
3,807.000
284,401.000
14,713,000
Jan. 111933. Jan. 4 1933. Jan. 131932.
Resources (Concluded)
Gold held abroad
Due from foreign banks (see note)
Federal Reserve notes of other banks...
Uncollected items
Bank premises
All other resources
Total resources
51,091,000
1,095,000
6,656,000
101,986,000
12,818.000
21,096.000
61,128,000
1,066.000
3,140,000
6,944.000
5,905,000
140.075.000 119,941.000
14,817,000
12.818.000
20,506,000
12,547,000
2,128,041.000 2,102.215,000 1,738,977,000
LiatrfittfawFed. Reserve notes In actual circulation_ 562,137,000 584.006,000
Deposits-Member bank reserve acct__ 1,300,852,000 1,227,414.000
2,970,0002,730.000
Government
7.660,000
6,046.000
Foreign bank (see note)
9,901.000
12.830.000
Other deposits
572,742,000
856,722.000
6,622,000
30,404,000
15,766,000
1,321,383.000 1,249.020.000
98,951,000 122.913,000
58,619,000
58,619.000
85.058,000
85.058.000
2,793,000
2,599,000
909,514,000
113,856,000
60,894,000
75,077,000
6,894,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
Total liabilities
2,128,941,000 2.102,215.000 1,738,977,000
Ratio of total reserve, to deposit and
59.3%
Fed. Reserve note liabilities combined
56.3%
67.6%
Contingent liability on bills purchased
13 697,000
791.444,000 805.615,000 557.508,000
for foreign correspondents
13.107.000
93,436,000
Total bills and securities (see note).NoTE.-Beginning with the statement of Oct. 17 1925, two new items were added In order to show separately the amount of balances held abroad and amounts due to
,
In addlti n. the caption "All other earnings assets.- Previously made up of Federal Intermediate Credit Bank debentures, was changed to "Other
foreign correspondents.
neaurniaa," and the caption,Total (earnings assets" to -Total bills and securities." The latter term was adopted as a more accurate description of the total of the discount
acceptances and seouritlis acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act. whioh It was stated are the only Items Included therein
Volume 136
ore
0011
Financial Chronicle
U. S.
Sinanriat
Rates quoted are for discount at purchase.
C.:1-Trartiriv.
Tattinterrill
Bid.
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
Including Postage6 Mos.
12 Mos.
Within Continental United States except Alaska
810.00
$6.00
In Dominion of Canada
11.50
6.75
South and Central America, Spain, Mexico, U. S.
Possessions and Territories
13.50
7.75
Great Britain, Continental Europe (except Spain), Asia,
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15.00
8.50
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CHICAGO OFFICE-In charge of Fred. H. Gray, Western Representative,
208 South La Salle Street, Telephone State 0613.
LONDON OFFICE-Edwards & Smith, 1 Drapers' Gardens, London, E. C.
WILLIAM B. DANA COMPANY, Publishers
William Street, Corner Spruce, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor. Jacob Seibert;
Business Manager, William D. Riggs;
Treas.. William Dana Seibert; Sec.. Herbert D.Seibert. Addresses of all, office of Co.
Wall Street, Friday Night, Jan. 13 1933.
review of the
Stock Market is given this week on page 283.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Railroad and Miscellaneous Stocks.
-The
STOCKS.
Week Ending Jan. 13.
Range for
Sales
for
Week.
I
Lowest.
Range for Year 1932.
Week.
Highest.
Lowest.
Highest.
RailroadsPar Shares.$ per share.$ per share.1 S per share.1 per share.
Colo & Sou 1st Prof.100
Mar 30
Sept
130 1434 Jan 10 154 Jan 12 8
Cuba RR pref __ _..100
10 434 Jan 11 44 Jan 11 23i Dec 20
Aug
Erie & Pittsburgh.
.50
Jan 11 50
Jan 11 48
Sept 50
30 50
Sept
Hud & Manh pref__100
Jan 12 21 May 48
1y
Jan
Jan 12 35
100 35
tu Cent preferred_100 100 2031 Jan 9 2034 Jan 9 9
38
Sept
Lea.sed lines
100
19 32)4 Jan 9 3434 Jan 12 1534 June 45
Aug
Int Rys of Cent Am...
34 June 3
Jan
1
234 .Tan 10 234 Jan 10
Certificates
Jan 12 1
Jan 12 2
May 2
Oct
2
3
Preferred
Jan 11 37-1 June 1134 Sept
Jan 11 8
100
3
8
Iowa Central
34 Aug 134 Dec
100
1
14 Jan 9 14 Jan 9
Market St Ry
34 Jan 10
.34 June
34 Jan
100
10
34 Jan 10
MStP&SSA1 pia_100
Jan 11
. May 6
1
4
Sept
400 14 Jan 11 2
Leased line
Dec 204 Sept
100
10 74 Jan 11 734 Jan 11 5
Morris & Essex
Jan 13 40
Jan 13 58
50
July 60
43 55
Sept
Nash Chat & St L__100
Jan 11 74 May 304 Sept
70 1534 Jan 10 17
N Y & Harlem prof..50
Jan 12 100
Jan 12 99
July 125
10 99
Apr
Pitts Ft W & Cli Dl.100
Jan 10 105
Jan 10 140
July 136
10 140
Feb
Rens & Saratoga_..l00
Jan 11 99
Jan 11 75
May 1024 Nov
14 99
Wabash pref 13
Jan 10
100
300 134 Jan 10 2
Jan
34 June 3
Indus. & Miscell.
Am Mach & Mous ctfs.*
ASSO Dry Gds 1st pf 100
2d preferred
100
Austin Nichols prior A •
Barker Bros pref
100
Bigelow-Sanford Carp_.
Brown Shoo pref._ _100
Burns liros pref. _100
___
Chile Copper
25
Comm Cred prof (7)_25
Comm Inv Tr pf (7) 100
Warrants stamped_ _ _
Consol Cigar prof (7)100
Crown Wiliam 1st pf__.
Cushrn Sons prof(8%)•
Dresser Mfg class A.. *
Class 13
Eng l'ub Serf Prof (6)_*
Franklin Simon prof 100
Intl Comb Eng pf etre •
Island Creek Coal prof 1
300 134
200 214
100 1534
10 14
110 73.4
300 774
1 110
30 234
210 8
10 2034
30 107
600
10 4434
20 224
20 604
311 8
100 334
100 38
60 15
100 434
90 90
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10 1%
11 21)i
9 1534
12 14
11 731
9 8
9 110
10 234
12 9
11 204
11 107
12
10 444
13 2234
12 604
12 8
12 334
12 38
13 1534
11 434
11 90
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
12 1
12 181
4
9 124
12 11334
10 7
9 c834
9 100
10 1
11 5
11 114
11 94
12
112
10 19
13 19
12 4934
12 5
12 14
12 25
12 15
11 271
11 85
Kelly Spring Tire new 5
Kelth-Albee-Orph pf100
*
6% pre( new
6% prof Ws
Kelsey-Ilayes NV111 ctts*
Kresge Dept Stores__ _ *
Martin Parry
Newport Industries_ _ _1
Omnibus Corp pref_100
Outlet Co
Pee Tel & Tel Prof. _100
PanbleProd&Refpf 100
-Fierce-Arrow Co p1.100
Revere Cop & Br 0E100
Sheet Transp & Trad .£21
US Gypsum prof.. _100
Linty Leaf Tob prof 106
Vulcan Detaining 01100
Walgreen Co prof..100
Wheeling Steel pref_100
1,000 14
100 14
100 10
100 51
200
34
200 14
31
4
311 2
100 6534
20 394
9010934
30 634
10 17
220 10
100 1534
1,00510134
50 101
60 80
100 884
500 18
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10 2
12 14
11 10
13 51
13
331
12 14
9
34
10 234
12 6534
9 40
12 110
11 634
12 17
9 12
10 154
33 104
12 1014
13 81
13 8834
11 20
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9
12
11
13
13
11
9
11
12
11
13
11
12
11
10
10
9
12
13
9
7
Apr 3
Dec 42
Dec 35
July 184
Dec 30
Dec 1534
Aug 1194
Nov 30
Dec 16
June 2134
Feb 105
Nov 14
July 72
De 37
Jun 76
July 23
Dec 124
June 6134
Oct 7234
Nov 1534
Apr 90
Aug
Sept
Mar
Sept
Jan
Aug
Jan
Jan
Sept
Mar
Sept
Sept
Feb
Mar
Mar
Feb
Feb
Mar
Jan
Feb
Dec
May 30
Sept
16
May 534
Oct
1
Ap
Apr
34
Jun
334
June 71
Apr, 46
June 109
Apr 14
May, 41
Dec 25
Apr, 1634
June 105
July 100
May 80
Jun 834
Aug 3134
Mar
Mar
Aug
Mar
Apr
Jan
Nov
Jan
Sept
Oct
Oct
Nov
Aug
Dec
Jan
34
14
54
25
8534
334
14
8
8
844
70
62
80
21
• No par value. c Cash sale.
Quotations for United
States
Treasury Certificates of
-Friday, Jan. 13.
Indebtedness, &c.
An/thrill/.
Int.
Rate.
Did.
Asked.
Maturity.
In:.
Rate.
Bid.
Asked.
Dee. 15 1933._
Sept. 15 1033.__
June 15 1933 __
Mar. 15 1933.__
May 2 11133...
Aug. 11934...
nor. 15 lo36._
4%
14%
133-4%
2%
2
%
24%
231%
1003.2
1001022
10013,2
1007,,
10013.2
101.22
1013
.,
10011.,
100112,
10012 2
,
1001122
10010.,
101232,
10111n
May 2 1934._
June 15 1935._
April 15 1037...
Aug. 11936...
Sept. 15 1937._
Feb. 1 1933._
Mar. 15 1933.--
3%
3%
3%
334%
334%
34%
331%
10223.2
102312,
1021.2
1031,,
10227 2
,
10011.2
10037.2
102".5
102".2
1022,,
1032n
10222,,
100 2,,
,
1001,22
295
Treasury Bills.
-Friday, Jan. 13.
United
Asked.
0.30%
0.30%
0.30%
0.30%
Jan. 18 1933
Jan. 25 1933
Feb. s 1931
Feb. 15 1933
0.15%
0.15%
0.15%
0.15%
States
Certificates
on
Liberty
the
Bid.
Feb. 23 1933
Mar, 1 1933
Mar. 29 1933
Apr. 12 1933
Loan
New
Asked.
0.30%
0.30%
0.30%
0.30%
0.16%
0.15%
0.15%
0.15%
Bonds and
York
Stock
Treasury
Exchange.
-
Below we furnish a daily record of the transactions in
Liberty Loan and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Jan. 7 Jan. 9 Jan. 10 Jan. 11 Jan. 12 Jan. 13
-- -- --First Liberty LoanHigh
10223.2 102332, 1023en 102372, 10221.2
334% bonds of 1932
-ow_
-47_41
10231.2 10210a: 1023
'n 10233.2 10233n
(First345)
Close
1022122 10233
.2 102",, 102"st 10233.2
Total sales in $1,000 units_ _ _
3
83
33
64
38
Converted 4% bonds of(High
101 10.2 101 322
1932-47 (First 48)._
101 1722 1013.2
LowClose
101.33 1013
.2
Total sales in $LOW units...
1
Converted 44% bondergh
162-3i22 10225a: 102-2in 10233.2 1023322
7
of 1932 47 (First 4348) Low..
10230si 1023
'n 1022in 1023
'n 102178
102"32 1023"ii 102,3n 1023
Close
'n 10223.2
Total sales in 31,000 units- - _
41
45
54
33
21
Second converted 434 11141gh
bonds of 1932-47 (First( Low.
• ---Second 448)
Close
----Total sales in 21,000 units_ _
Fourth Liberty Loan
{High
107 -3;2; 103 ;2 103
2
- -3)
-; - 7,
163 ;2
103
-3
13
434% bonds of 1933-38._ Low_
103usi 103i'n 10318,, 10308,, 103"n
103)
(Fourth 4348)
Close
0n 10310ri 103"2, 103.s. 10311.2
86
Total sales in $1,000 unity...
104
85
272
167
Treasury
11011
(High
% 110.81 110,6,, 110.8. 1101322
8
1100n 110. 11013s, IMP)" 11010,2
434s, 1947-52
Close HOLI- 110'
0ii 110183, 1101022 11018,, 11013.2
Total sales in $1,000 units___ DAY
42
81
17
281
156
{High
107'n 107122 1073
.2 1073
.2 1073ai
8
45. 1944-1954
1063
Low_
.it 106".. 106 F, 10630.2 106.21
Close
106En 1071n 107322 107
1063•22
Total sales in 21.000 units...
60
156
14
90
369
1053
High
.2 1053ii 108'n 105082 1050n
34s, 1948-1958
105
{Low_
105'n 105"2: 105
104"ii
Close
105322 1050n 105'n 105
104"ri
Total sales In 21,000 units___
17
9
249
78
73
102142 10213.2
(High
'
10237i 1023 n
348, 1943-1947
1023.2 10210n
1021'3 102.n
Close
102.3 102'31,
102331 102.n
Total sales in $1,000 units___
7
32
34
34
{High
98312. 98382, 953.ri 9820
, 983011
3s, 1951-1955
Low_
933•22 9530n 98":: asn,
Els'ar
Close
983132 98"n 983
.n 983
.,
983
.n
Total sales in $1,000 units...
164
37
277
191
1254
102"n 102'3a: 102.023 102131 10211n
,
34s, 1940-1943
{HighLow.
102.1i 10200,, 102"32 102113 102121
Close
10233ii 102'3 1021322 102113 102.”
”
Total sales in $1,000 units...
37
7
12
32
6
{High
102"31 102"s2 102182 10211z 1020°n
,
348, 1941-43
Low.
102.32 10210n 1021322 10212
. 1023n
Close
102.31 10213,1 10213., 102043 102'n
Total sales in 21.000 units__
69
3
88
68
13
{High
993in 99.
99":1
0n 1001., 100
334s. 1946-1949
Low_
99"n 99"si 9930.2 9936
, 990.32
0924, 993en 100
99n,
Close
993.32
Total saks in $1.000 units_ _ _
231
303
116
34
104
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
23 4th 434s
1 Treasury 4s_
12 Treas. 33 1943-47
-Is
10332, to 10313
.2
1063.it to 106"n
1023si to 102'n
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 3.3431
3.3534 for checks and 3.3534@3.3534 for cables. Commercial on banks,
sight, 3.3403.35; 60 days. 3.34 Si 03.3431; 90 days, 3.3331@3.34; and
documents for payment, 60 days. 3.343403.3434. Cotton for payment,
3.35.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.90340
3.903-4 for short. Amsterdam bankers' guilders were 40,143.4 @40.15.
Exchange for Paris on London, 85.86; week's range, 85.97 francs high
and 85.66 francs low.
The week's range for exchange rates follows:
Sterling. ActualChecks.
Cables.
High for the week
3.3534
3.353-1
Low for the week
3.3434
3.3474
Paris Bankers' Francs
High for the week
3.904
3.90 11-16
Low for the week
3.9034
3 9034
Germany Bankers' larks
High for the week
23.7734
23.7934
Low for the week
23.72
23.7334
Amsterdam Bankers' Guilders
High for the week
40.2134
40.22
Low for the week
40.12
40.15
The Curb Exchange.
-The review of the Curb Exchange is
given this week on page 284.
A complete record of Curb Exchange transactions for the
week will be found on page 312.
CURRENT
NOTICES.
-Ham.mons & Co., Inc., Now York, announce the opening under the
management of P. J. Ford of branch offices in Albany and Syracuse. With
the opening of these two offices the firm, which conducts a general investment business, will have six branches. The Boston office was opened last
week and in addition other branches are maintained in Chicago. Philadelphia
and Portland, Maine.
-Tucker-Needham, Inc., Minneapolis, announce the change of the firm
name to Needham & Co., Inc., as of Jan. 10. Associated with
Needham
& Co. are Clyde 0. Needham, Ezra M. Cameron. Sterling Lawton,
L. E.
Itobcy and M. E. Gordon.
-James Talcott, Inc., has been appointed factor for Empire
Knitting
Mills, Brooklyn, Now York, manufacturers of knit goods.
-Bristol & Willett, 115 Broadway, N. Y., have issued their
current list
of insurance stocks.
Jan. 14 1933
296
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
tgr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Jan. 7.
Monday
Jan. 9.
Tuesday
Jan. 10.
Wednesday
Jan. 11.
Thursday
Jan. 12.
Friday
Jan. 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of Ilk-share lots.
Lowest
Highest
PER SHARE
Range for Previous
Year 1931.
Lowest
Higheet
Railroads
Par 5 Per share $ per share 1. Per share 5 per sh ;re
7914 Dec 2033 Feb
3
Mai Topeka & Santa Fe...100 1778June 28 94 Jan 14
100 35 July 9 86 Jan 18 z75 Dec 10814 Apr
Preferred
25 Dec 120 Jan
934May 26 41 Sept 2
Atlantis Coast Line RR 100
14 Dec 877 Feb
4June 1 2138 Jan 21
8
33
100
Baltimore & Ohio
25 Dec 8012 Feb
6 June 3 4113 Jan 14
100
Preferred
18 Dec 663 Feb
3
912June 2 35 4 Aug 29
4
50
Bangor & Aroostook
80 Dec 11312 Mar
100 50 June 1 91 Sept 13
Preferred
10 Dec 66 Feb
3
4 July 13 19 4Sept 2
100
Boston & Maine
8Ju1y 6 1014 Nlar 8
812 Oct 1338 June
27
Brooklyn & Queens Tr_No par
46 Dec 843 June
4
No par 2314June 28 58 Mar 6
Preferred
3113 Oct 893 Mar
8
No par 1118June 8 5014 Mar 8
71,700 Bklyn Manh Transit
83 Dec 94, Feb
*
4
88 preferred series A_No par 3112June 8 783 Mar 5
3.100
13 Dec
8
213 Aug 11
912 Feb
12 Apr 13
200 Brunswick Ter & Sty &WY° par
05
7l4may 31 205
8Mar 5
103 Dec 4538 Feb
4
19,500 Canadian Pacific
72 Dec 102 Apr
Caro Clinch & Ohio stpd 100 39 July 26 70 Feb 6
934July 6 3112 Jan 14
233* Dec 4512 Feb
25
49,800 Chesapeake & Ohio
33 Aug 29
12 Dec
13 Dec
12July 15
Chic & East Ill Sty Co _ _ _ _100
5 Aug 25
12May 12
12 Dec
112 Dec
100
6% preferred
100
212 Dec
538 Aug 29
77 Feb
8
114June 2
100
500 Chicago Great Western
713 Dec 2712 July
212May 25 1512 Jan 22
100
Preferred
2.500
113 Dec
87 Jan
8
413 Aug 25
114June 1
1,800 Chic Milw SIP & Pao__No par
213 Dec 158 Feb
8
8 Aug 25
118May 26
100
Preferred
3,600
6 Dec 4512 Feb
1413 Aug 25
2 NIay 31
24.300 Chicago & North Western_100
1312 Dec 116 Mar
4 Dec 22 31 Jan 22
100
Preferred
2,100
8
112May 25 163 Jan 22
Ve Dec 6512 Jan
5,200 Chicago Rook Isl & Pacific..100
14 Dec 101 Mar
314 Dee 29 2712 Jan 14
100
713 713 2,700
7% preferred
818 812
83
8 812
1018 Dec 90 Jan
2 May 25 2412 Jan 14
100
8% preferred
900
7
7
7
7
712 712
712 Dec 48 Jan
412June 29 2912Sept 23
100
Colorado & Southern
*113 25
4
*1134 25
*113 20
4
10 Dec 4212 Feb
1 Dec 29 1112 Jan 2
300 Consol RR of Cuba pref_100
17
8
17
8
17
3
17
8
13
4
134
84 I)ec 1571.1 Feb
100 32 July 8 9212Sept 3
2,600 Delaware & Hudson
57
57
5714 5814 .56' 58
85ept 23
1754 Dec 102
457
Jan
812June 1
2518 2738 2478 267
4
8 2414 253 60,700 Delaware Lack & Western_50
312 Dec 4534 Feb
9 Jan 13
111May 28
200 Deny & Rio Or West pref.... 100
23
4 23
4 *212 312 *212 312
5 Dec 3934 Feb
2 May 31 1134Sept 8
100
612 3,000 Erie
6
612 *618 614 *6
638 Dec 4512 Feb
2
253Nfay 19 157 Aug 2..
100
First preferred
73* 4,100
714 7 4
714
73
3 *7
3
5 Dec 4b11 Jan
2 May 25 1012 Aug 21,
100
Second preferred
43
8 418 2,000
4
45
8 514 *414 43
155 Dec 6934 Feb
8
512May 28 25 Jan 14
100
93 103 35,300 Great Northern prof__
8
8
1012 1138 1018 11
312 Dec 2714 Feb
2 May 3 10 Sept 8
Gulf Mobile & Northern___100
*218 4
*218 4
*213 4
13 Dec 75
Jan
212 Dec 23 1512Sept 8
100
Preferred
400
*414 5
4
414 47
8 *312 43
Jan 18
2614 Dec 4412 Feb
8 May 31
100
1512
300 Hudson di Manhattan
4
*143 1514 1514 153 *15
8
8Sept 6
918 Dec 89 Feb
434June 1 247
100
4
8
8 1314 133 18.400 Illinois Central
14
143
4 135 145
7 Dec 61
Jan
4 May 5 1412 Jan 2S
*514 8
*514 8
RR Sec Ws series A___1000
*514 8
43 Dec 34 Mar
8
214June 10 1458 Mar 7
412 434
438 43
8
4 4,200 Interboro Rapid Tran vs e..100
414 43
1514Sept 8
678 Dec 45 Feb
214June 1
83
4 834
400 Kansas City Southern____100
814 814 *818 858
100
5 June 9 25i4Sept 2
15 Dec 64 Feb
500
14
1453 143 •13
8
16
15
Preferred
8 Dec 81
5 June 8 2914Sept 8
Jan
50
14
143
4 1312 1418 1314 1312 10.700 Lehigh Valley
2014 Dec 111
712Nfay 26 3814 Sept 2
Feb
26
2738 2514 2614 245 2512 9,000 Louisville & Nashville ___ _100
8
3
25 Dee 61 Feb
9 Sept 17 463 Mar 11
140 Manhattan RY 7% guar___ 100
*1612 19
*1514 187 *1514 19
8
4
87 Dec 39 Feb
8
4 June 8 203 N1ar 8
68
4 718 8,800 Manh Sty Co mod 5% guar.100
812 713
614 614
9 Jan 28
512 Dec 22 Feb
218 Dee 17
Market St Ry prior pref_ _ _100
8 *25
8 47
3 *258 47
8 *23
8 47
•214 47
8 47
8 .25
8
as Aug 11
Is Jan 12
•I8
•13
3
8
Is Dec
•18
3
8
•18
3
8
*18
3
8
3
8
1 Jan
4
MinneapolLs & St Louis_ _ _ 100
8
1 Dec 1113 Feb
43 Sept 7
12 Dec 21
600 Minn St Paul & SS Marie_ 100
1
*114 2
114 *1
•1
2
17
8
17
s .1
37 Dec 263 Jan
8
114Nfay 26 13 Sept 23
4
63
63
4 73
8
714 75
8
638 73
8
653 714
4 654 6,500 Mo-Kan-Texas RR--No par
Sept 23
314June 1 24
1012 Dec 85
100
145
8 4,800
1412 1512 15
Jan
Preferred series A
153
4 1412 1512 14
123 1414
4
853 Dec 42114 Feb
112Nfay 25 11 Jan '22
100
4
438
358 33
4 4,300 Missouri Pectin)
33
4 4
33
4 4
33
4 4
12 Dec 107 Feb
212N1ay 26 28 Jan 26
100
13,600
55
8 6
618 63
8
612 7
Cony preferred
618 7
618 63
4
7 Sept 3
8
12 Jan
*18
i4 1,400 Nat Rye of Mexico 2d pref_100
18
18
14
18
18 4._ _
is
is
18 Feb 9
la Oct
8
247 Dec 13214 Feb
8
834June 2 863 Jan 15
100
io 2112 1958 21
80,500 New York Central
19
20
193 2012 1918 21
8
93
4Sept 8
112May 18
213 Dec 88 Feb
3 8 35
5
8 1,100 N Y Chic & St Louis Co....100
358 358
314 312,
314 314
3
3
5 Dec 94 Mar
2 June 2 1553 Jan 22
100
412 412
414
414 45
8 1.700
47
8 5
413 434
Preferred Belles A
418
50 8214May 18 12712 Aug 16 2101 Dec 227 Feb
108 109 *107 110 *107 110
70 N Y & Harlem
e208.g 110
1093 110
4
8
17 Dec 947 Feb
8 May 26 315 Jan 21
1538 163 27,400 NY N H & Hartford
100
g
17
1613 1738 16
3
1614 1513 174
15
4
52 Dec 1195 Feb
*
100 117 JulyCC 783 Jan 14
8
Cony preferred
3
3 2812 2912 3,800
4 30
303
4 2955 303
283
4 2878 293
28
4
3July 12 153 Sept 8
33
514 Oct 137 June
9
9
8
5,500 N Y Ontario & Western_100
03
8 93
8
9 8 10
3
9
97
8
8
83* 93
1 Feb 26
18 Dec 12
*14
N Y Railways pref--_ _No par
4 Dec
12
2 Feb
8
12
*3
3
*3
*3
8
12
*3
8
12
12
334SePt 6
14 Dec 20
114 1,800 Norfolk Southern
3 Dec
4
100
114 *1
1
112 *1
814 Jan
1
1
118
1
8
100 57 June 27 136 Feb 17 1055 Dec 217 Feb
4
4
700 Norfolk & Western
4
8
1183 1183 120 124 ;1223 1223 *11912 1223
8
11812 119
8512 1)ec 93 Mar
100 65 July 5 8112 Dec 20
40
83
8312 *82
'
1
Preferred
' 8312 8312 ;82
8312 8312 8312
3Sept 8
1412 Doc 807 Jan
512May 26 253
100
4 1512 1614 21,800 Northern Pacific
8 1618 163
8 1613 173
8
1538 1612 1514 165
312Seot 9
1 Mar 17
114 June
100
*118 2
2
60 Pacific Coast
2
7 Mar
158
158 •118 2
8 2
•15
8
,
1614 Dec 64 Feb
612June 1 233 Jan 21
50
8
4 173 18 121,600 Pennsylvania
1712 183
183
4
1612 1758 163 1838 18
514Sept 8
%Ma,'27
Da Dec
100
212 *1
213 ,.*1
212
Peoria & Eastern
212 *1
912 Jan
•1
213 *1
ls4Juno3O 18 Aug 25
4 I)ec 85 Feb
100
*6
7
*512 612
200 Pere Marquette
*7
12
7
7
612
612
312.1une 2 26 Aug 25
813 Dec 9214 Feb
100
280
8 *812 1012
Prior preferred
812 87
88 9
7
8
87
8
83
8 838
212June 1 21 Aug 25
712 712
100
518 Dec 80
130
Preferred
8
8
7
818
7
7
8
8
Jan
6 Dec 23 2112 Aug 25
1118
11 Dec 86 Jan
*7
1113 *7
*614 10
Pittsburgh & West Virginia 100
*614 10
*614 10
012June 10 5214Sept 2
30 Dec 9711 Feb
_50
1,200 Reading
293 30
4
32
31
3238 x32
30
3014
.2712 32
3212
50 15 July 11 33 Jan 29
28 De.. 48
let preferred
•2812 3212 *2812 3212 *2812 3218 *2812 3212 *30
Jan
50 15 May 2 33 Sept 2
28
500
28
28
2753 Dec 47
*24
28
2d preferred
*22
28
26 .23
26
Jan
65 Jan 14
8
1
113 *1
1
118
33MaY 28
1 18 4,100 St Unita-San Francisco.....100
3 Dec 523 Jan
118
118
118
113
4
984 Jan 22
1 May 2
13
8
13
4 1,700
134
100
158 •158
414 Dec 78
158
lat preferred
158
112
138
134
Jan
3 May 21 137
8Sept 8
100
At Louis South western
414 Dec 3312 Jan
712 •412 712 *412 712 *412 712
*3
712 .3
100
858 Dee 28 2012 Jan 26
29
*7
29
1514 Dec 60 Feb
*7
29
Preferred
293
8 •7
8•___
•---- 293
133 Jan
1 Sept 2
18 Dee
18 Jan 2
*14
3
3
No par
600 Seaboard Air Line
•13
3
8
3
8
i8
*14
3
8
14
3
8
4
15* Sept 2
*12 1
8
7
8
7
7
8
7
8
14 Jan 4
100
3
4
3
4
500
13 Dec
Preferred
*12
3
218 Jan
100
612.1une 1 375 Jan 21
8
8 1852 187g 101,100 Southern Pacific Co
264 Dec 10913 Feb
8 1812 195
1712 185
8 1714 1918 1918 197
212May 16 1812Sept 8
614 612
100
11.500 Southern Railway
534 8
8
63 Dec 657 Feb
8
614 63
8
614 634
63
8 67
8
3 July 1 23348ept 8
100
7,100
10 Dec 83 Feb
Preferred
73
4 8
4
813 83
83
4 94
7 4 83
3
4
812
8
39
100 13 Nov 30 35 Sept 7
*16
22 Dec 100 Jan
Texas & Pacific,
*15
39
40
397 •16
8
•16
40 .16
8Nf ,
37 as 28 14 Mar 8
100
300 Third Avenue
*512 6
6
513 Apr 1514 July
6
512 612
512
512
3
•514 53
412June 10
113 Dee 29
200 Twin City Rapid Transit_ _100
4
2 Dec 177g Feb
114
23
4
.114 212 .112 23 .
11
*114
112
112
7 June 16 2412 Jan 26
100
30
8
4 *73 1254
1112 Dec 62 Feb
8
Preferred
7% 718 *73 123
*7
1234
7
7
8July 11 9412 Feb 13
100 273
7018 Doe 20.51s Feb
8
4 747 7714 7412 7612 51,200 Union Pacific
8
7312 7638 733 7653 7512 773
7153 Aug 25
6612 2,000
100 40 May 31
66
61 Dee 87 May
Preferred
8
4 65 6514 6512 66
63 633
4 633 643
414 Aug 29
%June 2
100
500 Wabash
*13
4 3
2
2
Is Dec 26
218
218 218 .21g
17
14
2
Jae
6 Jan 28
100
1 June 1
1,200
214
113 Dec 51
Preferred A
212 23
23
4 23
234
214
23
4 318
4
23
4
3
Jan
8SoP0 2
113
112MaY 28
100
2,000 Western Maryland
*53
4 6
6
6 14
63
8
5 Dec 193* Feb
8
512 51 i
6
6 14
1114 Sept 2
2 May 26
100
21 preferred
200
55
8 53
8 *458 9
5 Dec 20 Feb
63
8 63
8 .43, 612 *414 6
434 Aug 25
17
8
17
8
12June 9
100
700 Western Pacific,
2
2
13
4
13
4
13 Dec 147 Feb
4
•13
4 2
2
2
8
100
11 May 31
4
87 Aug 25
3
3
1,600
3
3 Dec 8152 Feb
314
Preferred
8 *3
3 4 35
,
34 352
3
333
$ per share $ per share 8 per share
43
4412 423 4514
4
6112 63
605 61
8
2238 22
233
4
21
97 103
1034
8 10
1278 133
4
123 13
4
2312 2414 *2312 247
8
7012 703
*69
71
4
8
8
*718 8
*313 4
*318 4
*3114 45
*33
45
26
2713
2612 27
.70
7212 7214 7214
5
8
*12
*I*
5
8
8
14
1412 137 1412
*5014 5614 s__ 5614
2818
273 283
4
8 27
*3
4 2
8
*12 15
112
*1
112 *1
27
8 278
*253 27
8
772 83
8
8
8 18
218 214
2
23
8
27
3
3 18
8 31,8
47
8 53
4
5
618
8
8
712 818
513
5
43
4 5
714 77
712 818
67
3 7
614 63
4
*1134 20
.1134 20
.13
8 2 4 *114 218
3
5612 5412 5712
55
243 263
4
8 2418 2658
*23
4 312 *3
312
614
6
512 6
67
1) 714
63
4 713
418 43
4 .418 412
012 1078
8
03* 103
*218 4
•2
4
*4
6
*4
5
•14
1514 *1414 1514
13
1414
1314 14
*514 8
•5
8
414 412
412
412
73
4 814
*712 81 4
14
14 4 *1314 15
,
Stock
1312 147
8 121 4 143
8
243 2534 2412 2578
8
Exchange
1514 1514 .1514 19
8
63* 63
4
*614 53
Closed
•1512
*83
518
*53
1518
*914
214
912
6114
•118
123
4
•1
13
8
23
8
*25
8
23
8
18
89
53
8
70
153
4
97
8
214
912
627
8
113
13
112
138
234
3
23
4
*1512
*83
5
.53
1478
9
214
912
6012
*1 18
2125
8
is
118
23
4
*214
*218
18
89
53
2
69
1418
93
4
214
97
1
64
114
8
127
112
113
3
3
234
$ per share 3 per share $ per share
4
4414 4611 433 4512 4314 4458
8
*6514 673
8
6414 6514 545 65
4
223 233
4
4 203 2218 2014 21
8
4 1018 1012
1012 1118 103 103
13
1312 1312 13
13
14
24
24
223 233 *2212 24
4
8
7412 *71
7413 *71
7412
*72
10
*8
9
10
*8
10
*312 4
8 434
4
418 *37
*3812 45
*397 45
8
*3818 45
295
8
253 293
4
4 28
2612 27
7512 76
76
8
725 7312 74
*12
5
8
5
8
*12
12
12
1413 1413 133 1418 1313 1378
4
55
55 • •
*45
55 •
2714 28
8
2753 283
8 273 28
*53 114
*3
8
114
.
12 2
1 12
112 *118
114 114 *118
27
8
27
3
*27
8 3
278 3
73
4
7
8
8 18
8
8 14
2
2
2,
4
2 8 23
3
8 *2
3
3
3
314
314 312
412 5
4
514 53
512 614
8
8
9
9
83
4 914
418 434
514
5
8
514 55
3O
*1513
*83
53*
*53
.1414
*9
212
97
8
6212
118
125
8
*118
138
3
*212
•212
•1114 and asked prices: 10 sales 03 tuts day
Shares.
54,400
1,800
7.000
19,900
3.200
700
80
700
400
Industrial & Miscellaneous
Abraham & Straus
No par
*1512 18
18
89
100
*83
89
Preferred
512
47
8 5
No par
7.600 Adams Express
100
Preferred
5912
6912 *53
No par
400 Adams Mills
1412 1412
15
1,100 Address Multlgr Corp No par
9
9
s
93
900 Advance Run)elY
212
No par
212 *2
7
912 9 8 1,900 Affiliated Products Ino_No par
8
97
4
No par
6313 62 623 15,300 Air Reduction Inc
114
100 Mr Way Mee Appliance No par
114 *1
427
8 1114 12
18,500 Alaska Juneau Gold M1n___10
A P W Paper Co
1 12 *118
Na par
112
13
8
112 17.600 Allegheny Corp
112
No par
27
8 27
8 2,300
3
Frei A with $30 warr____100
*212 3
Pref A with 840 warr____100
3
Pref A without warr---100
300
4
23
4 *212 23
-rights.
s E -dividend. y Ex
18
89
512
8912
15
914
25
8
10
6413
118
127
3
112
15
8
3
3
23
4
*1512
.83
512
.53
*1412
93
8
212
*953
62
*1
117
8
*118
13
8
3
*234
*212
10 June 1
68 July 1
133May 31
22 June 24
12 June 1
813 Dee 2
1 14June
414May 2
3018July
12June
734June
7 Dec 2
8
3
3NlaY 3
%Mar 3
%June
'aline 1
235 Aug 29
8
98 Mar I
912Sept 7
73 Sept 8
3018 Mar 8
14 Sept 8
47 Au./ 11
8
1612 Mar 17
8
6312Bept
3128elit 9
1653 Jan 21
4 Nfar 15
35/
38110I 8
814Sent 9
8 Sept 8
8 Bent 9
18 Dec 39 Aug
96 Dec 10613 May
318 Dec 2312 Feb
5012 Dec 92 Apr
2218 Jan 8313 Aug
10 Oct 2312 Feb
2 Sept 1138 Mar
4218 Dec 188.,8 Nov
1758 i )ee 20 Fe b
114
7
23
4
113
2
13
4
it,
Dec
Jan
Dec
Dec
Dec
Dec
Dec
103 Feb
8
2018 June
9 Aug
123 Feb
4
5918 Feb
59
Feb
5514 Feb
-
I
New York Stock Record-Continued-Page 2
297
'FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SECOND PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Jan. 7.
Monday
Jan. 9.
Tuesday
Jan. 10.
Wednesday
Jan. 11.
Thursday
Jan. 12.
Friday
Jan. 13.
Sales
far
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
-share tots.
On basis of 100
Highest
Lowest
PER SHARE
Range for Previous
Year 1931.
Lowest
Highest
3 Per share $ per share $ per share 3 per share Shares. Indus. & Miscell. (Con.)_Par $ per share $ per share $ Per share $ per share
10 Dec 4614 Feb
5 May 27 15 Sept 8
70 Allegheny Steel Co----No par
7
7
4
3
7 4 7 4 *712 7 4 *713 73
3
3
*
64 Dec 1821 Feb
8718 883 81,800 Allied Chemical & Dye-No par 4213June 27 881413ept 8
4
875 897
8
8
863 893 x877 892
4
4
Preferred
100 9613 Apr 14 120 Dec 29 100 Dec 126 Apr
_
_ 1,000
119 1195 119 120 *121
8
119 119
163813ept 8
4 June 1
104 Dec 42% Feb
812
1
18 3,700 Allle-Chalmera Mfg__-_No par
8
8
812 9
8
83
4
412July 7 10 Jan 11
8
7 8 Dec 187 Feb
1
300 Alpha Portland Cement No par
*57
8 612
8
*57 10
*57 10
8
54 6
3
h Dec
24 Mar
24Sept 8
14 April
Amalgam Leather Co_ _No par
*3
*3
4 114
134
4 114
*3
4
*34 112
6 Oct 20 Jan
4 Dec 29 10 Mar 4
7% preferred
100
8
/ *6
1
4
84
814 *6
*6
814 *6
1
1114 Dec 23 Mar
No par 12 Jan 25 22 4Sept 8
1,900 Amerada Corp
*20
21
2112 213
4 2012 21
2158 22
312June 2 1512Sept 3
518 Oct 290* Feb
10
912 912 *912 1014 1,600 Amer Agri° Chem (Del) No par
1012 1014 1012
3
1214 Dec 62 4 Feb
5 May 31 2212Bept 8
10
900 American Bank Note
124 1214 128 1214 1214
1112 1112 12
36 Dec 664 Feb
Preferred
50 28 June 21 47 Feb 15
100
*3614 39 8 *3618 398 *3614 397
8
398 397
2% Aug 25
43 Jan
4
14 Apr 29
14 Dec
*11
200 American Beet Sugar--No par
114
118 *1
118
114
114 *118
14 Dec 177 Jan
93 Aug 23
4
1 Apr 29
100
7% preferred
20
414 414
*414 5
4 6
*33
*3 4 6
3
1312 Dec 38. Feb
8Sept 8
612June 2 177
1.100 Am Brake Shoe & Fdy _No par
4
113 1134 103 11
4
1038 1038 1034 12
8
71 Dec 1243 Mar
Preferred
120
100 40 July 11 90 Feb 18
75
75
75
75
*6114 6912 6912 70
5818 Dec 129% Mar
1June 27 7372 Mar 8
25 291
6018 613 81.000 American Can
4
4 6014 62
4
573 6112 611 623
12June 2 129 Mar 14 116 Dec 15218 Apr
Preferred
100 93
1,550
127 12713 *12612 130
12614 128
1233 125
4
4
312June 2 17 Sent 6
1,100 American Car & Fdy---No par
7% 712
4 Dec 383 Feb
13
712 8
8
7 8 77
7
8
203* Dec 86 Mar
Preferred
2,500
19
100 15 Dec 28 50 Aug 29
20
1914 20
1912 19
19
19
71Sept 6
/
4
178 Apr 22
5 Dee 4314 Feb
No par
iool American Chain
*2
4
*2
4
4
314 314 •2
*2
312
28 Dec 88 Jan
7 June 22 26 Jan 28
7% preferred
100
*8
13
*8
13
•758 13
*758 13
*75 13
8
No par 18 June 1 38 Nov 23
1,200 American Chicle
3014 Dec 485 Mar
8
4
363 38
1363 38
4
37
37
*363 38
4
*3614 38
814Sept 24
2 July 13
5
Oct 2114 Feb
No par
300 Amer Colortype Co
3
3
*3
4
4
234 234
234 234 *2
1.500 Am Comml Alcohol Corp_20 11 May 26 27 Sept 29
21
2112 2014 208 *20
213* 2158 2012 21
21
5 Jan 9
2 8 Dec 16 Mar
3
3 Dec 16
4
114 114
118 11
/
4
900 Amer Encaustic, Tiling_No par
114
*1
114
114
114 *1
93
/
4
413ept 8
23 Apr 11 153
4
300 Amer European Beces_No par
95
8
75* Dec 331 Feb
*95 108
8
9 4 934 10 10
3
*912 103
8
2 May 31 15 Sept 6
4
618 Dec 513 Feb
No par
712 31,600 Amer & Forn Power
7
678 714
7
738
7 2 72
3
7
7% 84
3813 Jan 21
5 May 31
20 Dec 100 Mar
Preferred
No par
1214 3.600
1212 125
8 12
14
114 113
4 1114 1134 12
284May 26 21 14 Aug 29
10 Dec 7918 Feb
2d preferred
No par
818 83
8 2.200
814 912
814 812
8 4 94
3
3
734 812
3 4June 1 33 Jan 18
3
18 Dec 90 Feb
$6 preferred
NO par
600
*918 11
.10
105* 11
12
1012 *1012 11
11
4 Dec 103 Jan
613 Aug 30
3 May 27
10
8
200 Am Hawaiian SS Co
4% 47
*438 43
412 412
4 *414 434 *4 8 4%
3
1 Sept
67
8Sept 8
1 May 31
8 Mar
200 Amer Hide & Leather-No par
41 *318 4
/
4
/ *3
1
4
*314 4
3
3
314 3
8May 3 27 Sept 7
713 Dec 30 Apr
47
Preferred
100
*1512 168
*1538 1638 16
300
16
16
16
*1512 17
37
Oct 64 Mar
8
3,900 Amer Home Products_No par 25 June 1 513 Mar 9
x3712 38
3812 3914 388 39
383 383
8
4 3812 39
33 Dec 28 213* Mar 8
1013 Oct 31% Feb
No Par
613 612 5,900 American foe
618 612
512 6
514 58
5
5 14
43 Dec 773 Jan
4
100 35 Dec 27 68 Mar 8
6% non-cum pref
*3314 39
*3312 39
39
*3314
41
*32
40% *33
5 Dec 26 Feb
212June 2 12 Sept 8
712 7% 9.000 Amer Internat Corp __No par
73
3
7 4 819
8%
7
14 818
8
8
118 Jan
3 Aug 30
4
14 Jan 6
4 Dec
Am L France & FoamiteNo par
3
8
*14
3
8
*14
3
8
*14
3
8
"4
3*
*
4
4 Aug 30
/
1
4
1 July 20
11 Dec 15 July
/
4
100
Preferred
14 *132 214 *138 214
214 S132 2
*114 234 *114
4
3 8July 1 1514 Aug 29
5
5 Dec 303 Feb
718 73
4
8
712 712 2,400 American Locomotive-No par
8
73
4 814
78 8
294 Dec 84% Mar
100 17% Dec 28 49 Sept 6
Preferred
300
23
2318 *21
2314 2314 23
2318 23% 121
23
16
Oct 4314 Mar
7
12June 27 2214 Jan 14
8
4
1312 123 1314 133 1312 4,800 Amer Mach & Fdry Co-No par
1212 1312 123 1314 13
4
7 Mar
114 Oct
3 4Mar 9
1
1 June 9
--No par
200 Amer Mach & Metals
*134 2
*158 2
2
2
2
2
*134 2
47 Dec 23 4 Feb
112June 1
3
914 Aug 30
413 45
8 2,100 Amer Metal Co Ltd-No par
412 412 *412 5
412 5
/ *412 3
1
4
612June 2 32 Aug 30
14 Dec 8913 Feb
100
8% cony preferred
240
3
*20 4 22
21
21
21
19
1912 *19
18
19
25 Dec 5714 Feb
220 Amer News Co Ino----No par 14 July 21 33 Jan 30
20
*198 20
20
20
4 19
4 1912 193
1913 193
3 June 2 171*Sept8
3
111 Dec 647 Feb
e
818 84 24,000 Am Power & Light----No par
812 9
9
/
1
4
77
8
8
814
83
4418 Dec 102 Mar
Preferred
No par 1514June 30 58 Jan 14
233
4 5,200
23
2412 2318 2412 23
2312 24
2212 23
3
No par 10 July 6 49 4 Jan 14
85
$5 Preferred
2012 3,100
/
4
2014 2012 19
20 8 211 20
3
21
1914 20
1214Sept 9
714
712 21,000 Am Rad & Stand Ban'y_No par
318.1une 1
714 712
8
73
8 75
7
712
5 Dec 2113 Mar
714 712
3 May 25 1812Sept 6
25
73 Dec 378k Feb
8
94 912 16,600 American Rolling MW
9
9%
834 934
2 93*
9 2 103
3
33
2
8June 27 x2914 Mar 7
194 Dec 66 Feb
/
1
600 American Safety Rasor_No par 133
2034 223 *21
8
2212
22
2112 *2112
22
21
22
%June 20
33
4Sept 12
9 Feb
Amer Seating v to
No par
15* Dec
*114 212 *114 212 *114 312 *114 312 *114 212
7
813(30 2
18 Apr 22
No par
18 Dec
Amer Ship & Comm
15* Feb
*
/
1
4
3
8
*14
3
3
*14
3
2
%
*4
*14
3
8
/
4
20 Oct 42 Jan
Amer Shipbuilding Co_No par 10 June 22 251 Jan 14
*1214 16
8
*123 16
*123 16
8
*1214 16
•1214 16
518May 31 2714Bept 8
1713 Dec 5813 Feb
1278 133* 124 137
1212 1314 14,700 Amer Smelting & Refg_No par
1438 133* 14
14
75 Dec 13818 Mar
Preferred
100 22 June 21 85 Jan 29
344 2,200
/
1
*301 33
8
34
31
3314 34
348 3312 34
45 Dec 102 Mar
/
1
4
2d preferred 6% oum.-100 15 July 5 55 Feb 19
2412 2412 24
900
26%
26
23 *2414 27
24% 24
4June 1 364 Aug 29
28
Oct 4214 Mar
25 213
400 American Snuff
*32
33
33
3212 3212 324 *3214 33 *3214 33
/
1
7
8
97 Dec 1107 July
100 90 Jan 11 106 Sept 13
Preferred
10218 10218 *102 104 *10214 104 *10214 104 *10214 104
10
3 May 31 1518Bept 6
5 Dec 3114 Feb
Stock
4,000 Amer Steel Foundries-No par
7
712 75*
7
738
74 7%
7
718 732
68 Dec 113 Feb
100 34 July 8 80 Feb 18
Preferred
56
30
35
56
*45
53
53 •____ 55 •____ 53
4
33 Dec 4814 Mar
(Exchange
3212 33
No par 20 May 31 363 Mar 3
4
33
333
4 333 338
321 33
4
2,300 American Stores
33 4 34
3
/
1
4
34
/ Oct 60 Mar
1
4
WC 13 June 2 39 Jan 13
2212 23
900 Amer Sugar Refining
*223 2312 2212 2312 23
2212
4
*22
23
8412 Dee 10813 Mar
Closed
100 45 May 31 90 Aug 27
Preferred
*81
87
*82
83
*8118 84
*82
83
*82
83
318 Dec 1118 Feb
23 Apr 29 1014 Aug 25
4
par
*513 7
100 Am Sumatra Tobacco-No
*6
*6
7
7
*6
7
6
8
4
8
100 69114July 11 1373 Feb 19 11218 Dec 2013 Feb
10638 108
105 4 10858 10718 1093* 10638 108
3
1057 10714 66,600 Amer Telep & Teleg
4
6018 Dec 1283 Apr
25 4012June 1 8634Mar 9
5918 6012 6012 61
6012 6178 6018 615
4 3,200 American Tobacco
s 6014 613
64 Dec 1323 Apr
4
25 44 June 1 89% Mar 8
6034 6214 60 4 6314 611 8318 6114 63
Common class 13
3
4
613 637 36,200
8
96 Dec 132 May
100 9314June 2 11812 Oct 14
11314 11314 1133 1133 11414 11512 *114 115
Preferred
4
800
4
115 115
Jan
19 Dec 105
4 June 3 25 Jan 25
87
2 872
712 7 4 *812 14
700 American Type Founders 100
3
83
4 84
84 9
3
3
72 Dec 11012 Feb
15
100 1012July 6 70 Jan 8
Preferred
1514 1514 15 4 167 187
480
8 1712 1813 17
3
1714
2318 Dec 803 Feb
4
19
1912 17
Eleo_No par 11 May 20 3412Mar 8
1814 183 19
8 4,800 Am Water Wks &
1812 1812 173 185
4
4
2184 Dec 803 Feb
727 31 Mar 8
1612 1634 16
11 Mal
No par
Com Vol tr ctfs
1612 164 163
1,600
/
1
4 16
16
1612 *15
6412 Dec 107 Mar
56
56
No par 26 June 2 75 Jan 15
•55
lst preferred
*56
3912 58
65
200
*56
60
58
2 8 Dec 11% Jan
5
l'sMay2S 10 Sept 6
434 434 *414 5
No par
414 484 2,400 American Woolen
44 58
3
5
5
5
1514 Dec 40 July
26
26
100 1518 Jan 4 39785ept 8
25
Preferred
2614 26
2414 243
4 2,800
26
2614 26
Jan
*12
%
*12
3
4
4
24 Aug 29
.12
8
8
13 Dec
12
14May 10
12
12
11
300 Am Writing Paper ctfs_No par
214 Dee 18 Feb
8 Aug 29
2 July 9
*2
•2
7
*2
7
No par
*2
8
8
Preferred oertifs
*2
8
218 Dec
83 Feb
4
8Sept 6
67
*234 3
114May 2
*234 3
3
400 Amer Zino Lead & Smelt__ _1
388 *2 4 318 *23
4 382
3
1912 Dec 4518 Aug
*17
2812 *17
2812 •37
2812 *1713 2812 *17
25 10 June 1 35 Aug 30
28'2
Preferred
/
1
914 Dec 434 Feb
3 June 30 1938f3ept 8
8 8 834
3
75* 7% 30,900 Anaconda Copper Mining-50
8
78 814
812
78 83
414 43
6 Dec 2614 Mar
15 Sept 8
8 *438 64 iii4i2 618 *412 618 *412 618
3 Apr 11
200 Anaconda Wire & Cable No par
13 Sept36 Feb
514May 2 1718 Mar 2
9
/ 10
1
4
1,200 Anchor Cap
*912 10
10
10
No par
1014 10
9
% 10
*62
63
8
69% Dec 997 Mar
*82
63
140
6482 6412
6212 63 *6212 68
No par 40 May 12 75 Sept 8
$6.50 cony pref
*3
*3
8
9 Sept 9
l3
aMay31
*3
7
6
4 Dec1913 Feb
*3
*3
6
6
Andes Copper Mining_ _No par
12
12
*1112 1278 *12
1278 *1012 127 *11
8 May 18 Feb
7 Apr 18 1512Bept 3
127
8
100 Archer Daniels MidI'd_No par
*9512 99
*9512 99
*9512 99
Jan
596
99
*96
99 '
90 Dec 102
100 85 Apr 19 10014 Oct 26
7% Preferred
46
48
4812 484. *47
4814 47
4814 1,100 Armour & Co (Del) pref-100 24 May 31 61 Aug 29
4814 *47
20
Oat 72 Jan
158
134
112 134
158
1%
134
1% 15* 3,300 Armour of Illinois class A-- _25
4SePt 9
5
8June 2
23
15*
3 Dec418 Jan
4
118 118
1
118
118
1
1
118
118
1
h Oct2 s Jan
7
2 Sept 12
%June 7
Class B
2,300
25
1038 114 104 1112 *10
11
10
1018 3,300
10
10
518 Dec47 Jan
318May 31 157 Aug 29
Preferred
100
13
13
*114
13
•114
112
182
130
13
8 •114
200 Arnold Constable Corp_No par
158 Dec9 July
1 May 3
35* Aug 29
•158 48
.
51.34 43
4 *15
8 4 4 *2
43* *2
3
4 Oct1013 Feb
4Sept 24
Artloom Corp
43
4
53
No par
15* Dec 14
.1
114 4
,112 114
114 114 *114
15
8
15
8 *114
8
100 Associated Apparel Ind_No par
114 Dec287 Feb
3 Aug 29
3
8June 30
43
4 5
*458 5
5
514
4
/ 414 3,200 Assoc Dry Goods
1
4
5
5
8
5 4 Dec 295 mar
3
3 May 16 11 Sept 8
par
No
*148 153 *1434 1538 •141 15
4
/ *1414 153 *143 158
1
4
4
/
1
8 Dec31 Feb
3
Aesoolated 011
612July 9 164 Aug 11
23
*458 8
*458 8
•438 8
*45
8 7
*45
8 7
Jan
All Cil & W 188 Lines-No par
10 Dec 39
438 Dec 27 1214 Aug 16
.512 11
.5512 11
*512 9
.512 7
*334 11
Preferred
15 Dec5313 Jan
53 Dec 29 1512 Jan 27
4
100
8
8 165 1678 163 167
4
163 167
4
183 17
4
8 1612 165
8 3,600 Atlantic Refining
85* Dec 235* Feb
85* Feb 9 21788ept 8
25
107 1114 101 1112 113 12
8
8
103 113 *1012 11
4
8
1,500 Atlas Powder
18 Dec54 Feb
7 Dec 29 2313 Feb 2
No par
•62
65
66
63
83
66
63
66
63
63
240
Preferred
774 Dec997 Jan
100 4518June 29 7918 Jan 13
28
*2
*2
23
234 *2
*2
23 '
52
Atlas Tack Corp
24
1
18
1 July 23
118 Dec3 Jan
Vs Aug 10
No par
5158 5412 5338 5512 5214 5412 52
52
55
53% 46,400 Auburn Automobile-No par 283
4May 16 15114 Jan 14
8413 Oct 29518 Apr
13
*7
8 13
8
*7
3 I%
*7
8
*7
8
1%
12 Sept284 Mar
*7
11
I%
Austin Nichols
13 Feb 19
178Sept 9
No par
714 75*
71* 712
718 712
63
4 718 38.200 AviatIon Corp of Del (The)--5
63
4 714
112June 1
618 Mar
2 Dec
8 8 Dec 19
7
6
614
53
8 614
512 6
58 6
6
6
6
6,800 Baldwln Loco Works_ _No par
2 May 31
12 Aug 29
4% Dec 2738 Mar
14111 15
1118 1434 1234 14
14
153
13
13
910
/
1
8 May 27 3718 Aug 29
Preferred
100
15 Dec1044 Mar
7212 7212 7214 7214
73
7512 *73
*71
7512 *71
100 Bamberger (L)& Co pref_100 62 July 8 99 Feb 25
85 Dec 107 Feb
*7
3 17
8
*3
8 18
*7
8 17
8
*7
8
18
.7
*7
8
17
8
Barker Brothers
No par
313 Aug 24
13 Apr 9
13 Oct 10 Jan
4
37
3 414
34 4
3
3 8 44
7
33
4 4
33
4 4
9,300 Barnsdal Corp class A
33
3June 1
6
4 Dee 1412 Feb
7 Sept 3
57
*312 9 2 *312 9 8
3 8 3 8 *4
7
,
7
7
57
8 *4
10 Bayuk Cigars (no
2 Dec 29 13 Feb 1
No par
14 Dec 33 Jan
*28
28
31
3212 *28
30
*29
30 •29
30
1s5 preferred
50
100 30 Dec 8 59 Jan 7
60 Dec 90 Mar
113 1134 114 113
12
117 1178 12
4
4 1058 1118 1,800 Beatrice Creamery
50 1012 Nov 3 4312 Jan 14
87 Dec 81 Mar
0113 6213 6118 6112 *6112 64
*6114 6112 6114 6114
800
Preferred
100 62 Dec 20 95 Jan 18
90 Dec 111 Mar
463* 47
4614 47
4712 48
48 48
*46
48
1,000 Beech-Nut Packing Co
20 2914May 31 452 Dec 29
374 Oct 62 Apr
4
*44 434
412 4 8 *44 412
418 44
5
418 418
500 Belding Heminway Co_No par
618 Aug
83
4Sept 8
25 Jan 4
8
11June
/
4
__ *603
_ 36412 ____
_ ,16412
6518 6518 '10478
100 Belgian Nat RYS part pref____ 573
547 Dec 80% Jan
8
8
:1Ju
1 625 Deon 30
1014 111 1034 --- 4 11 - 112 1018 --/
4
111
/
4
f
1012 107 15,200 Beni= A5
11
128* Oct 2518 Feb
412May 27 1804 Jan 14
5115%1011
No par
103* 1038 10
/ 105* 11
1
4
1118
9 4 10 4 1014 104 1,100 Best & Co
3
3
193 Dec 4614 Mar
4
5 4June 2 24% Feb 19
3
No par
15
8 1638 168 151 1612 154 153 16.300 Bethlehem
153* 1434 163
174 Dec 70% Feb
714June 28 2958Se9t 6
Steel Corp-No par
324 3312 327 33
317 3218 31
8
33
/ 33
1
4
/ 32
1
4
8
2,900
60 Dec 1237 Mar
7% preferred
100 1614July 1 74 Jan 9
63
4
51
4 5 4 *5
3
55* 512 *5
4
53
4
800 Blaw-Knox Co
6 Dec 29 Feb
35
8June 1 10 Aug 11
No par
*518 1112 ____ 1112 *2
1112 *2
1112
1112 *2
15 Oct 21 Nov
614June 13 14 Feb 15
Bloomingdale Brothers_No par
._
•60 5
60 •_ - 60 *_
60 *_-_- 60
95 Jan
75
6
Preferred
61
Dec
154 137
ilf2 14 ia58 14% iii4 55 4 4,533, 14 2,900 Bohn Aluminum & Br-No 100 49 8June 21 2214 Jan 14 2154 Dec 63 Aug
133
Dec
Jan
2
47
par
55
.53% 55
4 54 5414 8,54% 143
5314 4
300 Bon Ami clan A
49
Oct 58614 Apr
No par 31 June 1 65 Nov 11
3 Feb
14 Dee
Booth F1sheri
1 Aug 23
%May 13
No par
_i_.
11 Dec 1714 Feb
/
4
let preferred
11 Jan 5
4
14 Nov 7
100
2578 2534 263
247
8 514 25
8 2512 2618 2434 2512 20,400 Borden Co (The)
3513 Dec 7612 Mar
25 20 July 1 4312 Mar 9
9
9
/
1
4
9
94
9 8 94
3
9
94 95*
3
9
/ 5,300 Borg Warner Corn
1
4
9 Dec 30 4 Feb
3
31sMay 26 14148ep1 8
10
214
014
3.
8
•14
•l„
2
8
4.14
2
8
2
8
2,
33 July
4
4 Dec
Botany Cons Mills dam A--50
114SePt 7
14 Apr 26
ch 85,
s
4$ 5
7
47
8 5
454 48 2,900 Briggs Manufacturing-No par
434 v
712 Dec 22% MAY
4
1111 Mar 5
2 1.1une 1
7
I per share $ Per share
8
14 814
864 888
11912 11912
8
814
*6
10
4.2, 1h
*6
814
2138 2112
10
1012
117 1178
.3614 3978
*118 114
•234 6
10
1014
*6114 6912
5814 5912
124 124
712 g
*19
197
8
*Bid and Asked mires no sales on his day. z Fx-dividend. u Ex-rights.
New York Stock Record-Continued-Page 3
298
Jan. 14 1933
riir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
sagurday
Jan. 7.
Monday
Jan. 9.
$ per share $ per share
*814 912
7912 8012
34
•32
*214 3
258 25,
212 322
*35
40
138 112
38 414
17
8
17
*138 134
*312 438
8
818
*38
412
8
8%
20 22
*118 114
*78 1
*13
4 214
1334 1438
*4518 60
934 1014
*3
3
12
212 278
*3
4
10
10
1538 15%
*6
712
*24% 341
1418 4612
55% 56
8
8
8 4 82
2
4
*58 112
Tuesday
Jan. 10.
3
I% *2
1478 15
15
4
212 *214 23
59 *52 60
712 8
78
1
118
118
7
*5
7
1138 *1118 12
50
50
50
19
2018
19
8
168 1514 163
3
3
314
7% *7
714
712 812
818
*658 8
8
438 *334 458
8
1718 1618 167
.12
34
24
*8
17
17
1218 *1014 1218
*90 100
100
7812
4 78
771 773
45 45
*435, 45
1212 1234 1212 128
80 80
80 80
47
4 4 484
3
5
Stock
*5012 7018 •501 70%
Exchange *1012 13 *1012 13
612
6
83
8 63,
3314 3112 3414
32
Closed
10
1012
10
10
17
1758 1612 1738
7518
75 4 753
3
4 75
514 6
*514 512
4
*24
2418 *233 2418
*1912 21
*1912 21
8
*727 76
73
73
8
2018 203
4 191 207
8712
*86
8712
105 *1032 10412
*10312
10% 1114 107 1111
212 238
238 234
4818
45
4518 45
1312
*312 1312 *4
8 9
814 83, *83
*614 712
46% 71
41
*4% 712
412
46
46
46
46
8
23
4 27
238 318
8 4 958
3
8 4 914
3
8
8118 8238 607 6212
98 98%
98 98
514 51
4 4 514
3
512 538
538 558
100 100 *100 10018
12
12
12
12
118
118
*I
114
%
5
8
*12
3
4
*43* 412 *438 4 4
8
3
4
8
4
*5
2
3
4
38
39
38
38
42
3934 4118 40
438 412
*412 5
1612 163
4 1614 167
21
25
258 234
8
51
5 4 618
3
55
5638 5414 5638
137 140
138 140
31
33
4
34 4
3
2534 263
2638
4 26
37
4
3 3 33
5
38
4
183 19 *1814 183
4
27
27
*253 27
4
4
•118 13
4 *11$ 13
15
1434 *14
•13
2212 24
22
23
*58 13*
*34 1
*158 2
2
2
*912 10
10
10
221 231
23
•22
8
1114 1114 *107 12
4214
42
4214 42
214 238
214 212
35
5 37
8
338 358
42 5
3
414 414
*212 312
318 314
4% 47
414 414
*214 3
*214 3
8
9
813 9 4
3
4:68% 7238 *71
7212
*1118 14
*1118 14
1918
1914 19
19
268
4
283 *26
*26
1212 1258 1238 1238
15
1414 1414 15
12% 132 1212 1314
8
341 3512 353 36%
*52 138
*58 15
• Bid and asked prices: no sa es on
Friday
Jan. 13.
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 $ per share $ per share Shares Indus. & Miceli. (Con.) Par $ per share $ Per share
4 May 26 1012 Jan 1
Briggs & Stratton
No par
*814 91
*814 912 *814 91
2,100 Brooklyn Union Glas-No par 46 June 2 8912Mar
8012 81
81
81
8012 82
300 Brown Shoe Co
3212 3212 3238 323 •32 34
No par 23 July 9 38 Feb 1
8
118July 8
412Sept
412 1,200 Bruns-Balke-Collender_No par
*214 314
218 23, *2
714Sept
112June 2
10
1,000 Buoyrus-Erie Co
234 3
3
314
28 318
6
212May 31 1018 Sept
Preferred
3
312 378
4
41
1,700
3
100 35 June 18 80 Sept
30 7% preferred
35
3518 35 35
*35
40
12 Apr 9
No par
11
318Sept 2
1,500 Budd (E 0) Mfg
11
138
138
112 2
312July 27 14 Jan 28
100
4
5
334 4
438 412
330 7% preferred
41 Jan 14
58May 26
No pat
1,800 Budd Wheel
2
2
214
214
214 214
31 Jan 25
1% Apr 11
Bulova Watob
No par
*13
8 13
4 *13
8 13
4 *13
8 13
4
8 Sept 7
2
18May 28
No par
200 Bullard Co
312 312
338 338 •312 4
75, 1.700 Burroughs Add Maoh_No par
614June 1 1314 Aug 26
738
8
814
7 4 78
3
*37
41
*37
4
3 Dec 24 218 Mar 9
No par
Bush Term
41
*334 4%
7 Dec 30 85 Mar 9
Debenture
100
380
814 84 *8
83
8 914
82
2212 2314 *22
120 Bush Term Bidgis gu pref-100 1214July 12 85 Jan 7
22
2312 22
17
sSept 8
%July 5
Butte & Superior Mining -.10
*138 114 *118 114 *118 114
8
12 Apr 5
2 Sept 1
100 Butte Copper & Zlb 4
7
*3
4
*3
8
*3
4
7
8
7
8
57
8Sept 8
aune 10
.....N. var
13
15
200 Butterick Co
138
*13
4 214 •158 2
7 May 16 2458Sept
No par
1438 1438 1334 1414 6,100 Byers Co(A M)
1412 15
Preferred
100 3514May 23 69 Sept
*4518 60 *46
60 *46
60
114June 1 19 Sept
-No par
1012 103
5.100 California Packing..
10
4 1014 1014 10
118 Sept 1
18June 17
10
400 Callahan Zino-Lead
*14
3
8
%
%
*14
4
8
77
sSept
112May 27
238 234
2.700 Calumet & Heela Cons Cop_25
8 23
4
23
8 23
4 *23
914 Aug 2
212Juno 1
3
3% *3
300 Campbell W & C Fdy--No par
3
3
412
95, 1018
6 June 2 15 Sept
9 4 103
3
4
98 10% 6,200 Canada Dry Ginger Ale No par
No par 1018June 2 233413ept
300 Cannon Mlle
16
1512 1512 *15
*15
16
912Sept
2% Apr 8
73
No par
Capital Adminis el A
*61
712 *6
*6
73
8
50 19 Arne 16 32 Aug 2.
*25
Preferred A
32 *2411 32 *2412 32
453ept
100 1634June 9 653
8
4612 4918 4638 481 154,200 Case (J I) Co
47% 50
Preferred certificates100 30 May 17 75 Jan 1
500
58 5814
60 60
57
60
488June 2 15 Jan 1
812 918
818 814 8,000 Caterpillar Tractor----No par
812 84
8
114June 21 125 Sept
812 9
834 84 1,300 Celanese Corp of Am--No par
*812 9
35, Jan 1
7s Aug 10
Celotex Corp
No par
*28 114
*28 114
*5
8 114
214 Feb 2
58 Deo 28
Certificates
No par
712 Mar 1
118 Deo 16
3
3
Preferred
100
60
*2
3
*2
3
738June 2 2012Sept
1411 1514 4,900 Central Aguirre Asso-No par
1412 15
15
15
814 Jan
238June 2
400 Century Ribbon MIlls_No par
253 25,
238 238
*214 234
242
Preferred
100 55 Dec 31 85 Jan 2
60
*52
60
70
63 *80
312June 2 1512E1:302
7
7% 5,000 Cerro de Pasco Copper-No par
738 738
734 814
33 Feb 1
68 Dec 29
*1
118 *1
500 Certain-Teed Produots_No par
118 *1
118
438 Dec 21 1S58 Aug 2
7% preferred
100
*5
7
*5
7
*5
7
*1114 12
*1134 1212 1,100 Ctty Ice & Fuel
1134 12
No par 11 Oct 13 2812 Feb 19
Preferred
100 438g Nov 23 68 Jan 5
40
50
50
50
50 *5018 55
5 1612 Aug 19 3018Sept 9
900 Checker Cab Mfg Corp
2038 1934 1934 2012 2012
20
4SePt 8
47sJune 28 z203
8,500 Chesapeake Corp ...No par
1614 1612 16
163
8 1534 16
6 4 Jan 22
5
1 May 25
800 Chicago Pnetimat Tool-No par
314
318 318 *3
314 314
212June 17 1214Sept 9
Cons preferred
No vas
400
7
,
718 Vs *612 7 8
71v
*712 9
13 Dec 27 14 Mar 12
No par
400 Chicago Yellow Cab
7
7
*7
8%
*634 8
10
100 Chickasha Cotton 011
*7
8
7
7
5 June 10 1212Sept 7
8 Sept 10
112June 23
*334 45
4
4
*4
100 Childs Co
438
No par
48e98 8
No par
8
1614 1718 157 1612 1514 157 79,900 Chrysler Corp
5 June 2 218
218 Jan 14
*12
14July 5
No par
200 City Stores
*12
3
4
12
3
8
3
4
31 July 12
*8
17
8 4 Jan 7
3
No par
*6
17
Clark Equipment
*6
17
1218 •1014 1218
*11
1218 *11
Cluett Peabody & Co No par 10 Apr 14 22 Mar 5
*90 100 *90 100
100 90 June 1 98 Feb 15
90
90
Preferred
10
79
7814 79
798 7812 795
1,900 Coca-Cola Co (The)_--No par 68% Dec 17 120 Mar 8
45
447 45
45
8
No par 4158July 9 50 Mar 22
4478 4534 1,900
Class A
1212 13
1214 1212 *1134 1212 5,000 Colgate-Palmolive-Peet No par 1014 Dee 27 3112 Mar 9
7914 7912 *80
81
100 65 June 1 95 Mar 11
*80 8012
500 6% preferred
5
5
*414 518
2
28‘May 31 107 Mar 7
41,2 418
No par
900 Collins & Alkman
*5012 703 *5012 7018 *5012 7018
Non-young preferred-100 55 June 9 80 Mar 17
*1012 13 *1012 13
*1012 13
9 Jan 11 1212 Oct 14
Colonial Beacon 011 Co_No par
718 718 *612 7
85
8 133,
7
700 Colorado Fuel & Iron-No par
2 s July 1 1478 Sept 8
323 34
33
4
3334 3434 21,800 Columbian Carbon vie No par 1312May 31 4j7 Mar 9
35
10
1012 *10
4I4May 9 1472 Aug 27
1014
105 *10
8
700 Columb Plot Corny 80
-No par
171 1784 17
414June 2 21 Sept 8
1738 1658 1714 52,000 Columbia Oss & Eleo-No par
741 7534 75
76
77
76
1,400 Preferred series A
100 40 Apr 8 We Aug 30
578 6
512 512
378June 2 11 Mar 5
518 518 2,800 Commercial Credit----No par
*2334 2418 24
24
24
24
4July 19 28 Sept 2
Class A
300
50 113
*1912 2012 *1912 2012 *1912 2012
Preferred B
25 101pJune 14 21 Sept 3
7238 7238 7212 7212 *7212 74
40 834% first preferred-100 40 June 7 75 Nov 4
2112 218 2112 2178 2112 22
5,000 Comm Invest Trust-No Par 10 sJune 2 277, Mar 3
7
8714 8738 87 87 '85 8812
300
Cony preferred
No par 5512June 2 82 Nov 16
10412 10412 *104 105 *104 105
100 88 June 3 102 Dec 30
10 838% 1st preferred
1114 1178 1114 1214 82,200 Commercial Solvents_No par
1118 12
45e2t 8
312May 28 133
212 278
51 Aug 29
212
25, 54,900 Commonw'Ith & Sou___No par
212 23
4
Patine 2
4718 4934 49
50
48
48
3,200 $6 preferred series-No par 2738June 2 6812 Mar 11
*312 1312 *312 1312 *312 1312
5 May 25 12 Sept 8
Conde Nast Publica'ns_No par
812 812 *814 9 4 1,300 Congoleum-Nairn Ino_No par
812 85,
3
612June 2 121413ept 7
*614 712 *6% 712 *614 712
4 May 28 11 Sept 8
No par
Congress Cigar
*5
*5
6
7
338 Dec 27 2413 Jan 8
48 47
200 Consolidated CigarNo par
46 46
4712 471
*48
473
4
50 Prior preferred
100 17 June 2 60 Mar 7
3
2% 28
234 28
53, Jan 11
314 5,300 Consol Film Indus
I June 1
1
918 10 10.800 Preferred
8% 912
8 4 912
3
2 4June 14 1138 Mar 7
3
NO par
62
8314 6138 6318 6112 6258 40.100 Consolidated Gas Co
4Mar 8
-No par 3112June 2 6133
4 9812 9812 3,100
9818 9858 9812 983
Preferred
No par 7218June 2 9913 Dec 29
434 5
5
5
5118 538
2,400 Consol Laundries Corp_No par
4 Dec 24 10% Jan 13
53
53, 58
512 53
4
55 13,200 Consol 011 Corp
8
9 Aug 11
4 June 1
No par
10018 10014 *100 105 *100 101
600 8% preferred
100 79 Feb 13 101 Sept 8
12
12
12
58
12
% 1,800 Consolidated Tertile___No par
138 Aug 30
14Mar 22
*112 134 *118 134 *118 13
4
100 Container Corp class A_ _20
218 Feb 19
%June 18
*3
5
8
%
*12
5
8
:1
3
4
400
11* Jan 18
Class B
%Mar 4
No Par
41
"48, 45,
43
4 43
412
4
200 Continental Bak class A No par
27
8 Sept 7
8May 31
3
4
3
4
7
8
5
8
3
8
3
4
1,100
No par
% Apr 7
Class B
138 Aug 27
40 40
40 40
398 40
1,100
Preferred
100 2478June 2 473 Mar 5
4
4112 4214 411 4212 41
413s 24.000 Continental Can Ino-No par 1758June 27 41 Mar 8
514 *5
514 *4% 514
5
700 Cont'l Diamond Fibre_No par
1312Sept 7
3 Apr 8
1714 1658 1678 1614 1614 3,100 Continental Insurance
17
63
4May 25 2514 Aug 23
2.50
214 212
4
212 23
2% 238 7,500 Continental Motors-- _No par
334Sept 24
3
8May 27
57
6
534 6 11,000 Continental Oil of Del_No par
6
6
938Sept 0
3 8June 2
3
8 54% 5514 23,200 Corn Products Refining--25 245e July6 553 Sept 2S
5512 5634 5414 557
8
13612 139 *13512 1393 *13512 1393
4
4
450
Preferred
100 9912June 2 140 Oct 25
8
313 35, 4,300 Coty Ins
33
4 34
3
3 4 38
7
/
1
4Sept 9
112May 31
No par
26
2614 253 2612 3,300 Cream of Wheat ctfs
2612 27
4
No par 1312June 27 26% Oct 4
4 *3
3
3
*318 33
33,
700 Crosley Radio Corp_
714Sept 9
214May 3
No par
*18
1834 1838 1838 18
18
eoo Crown Cork & Seal- No par 2772May 31 2378 Deo 1
*2534 27 *2534 27 *2512 267
*
500
8June 2 3012Nov 10
32.70 preferred
No pox 173
*1
134 •1
134 *1
134
Crown Zellerbaoh v t o_ No par
3 Aug 29
12June 9
1478 147$ *14
15 *1214 15
100 Crucible Steel of America_ _100
6 May 31 2314 Jan 14
23
23
24
2312 2112 2112
690
2
Preferred
100 14 Dec 23 497 Jan 14
*3
4
*5
8
7
8
3
4
3
4
7
8
31813ept 6
200 Cuba Co(The)
12June 6
No par
2
*158 2
*134 17
2
37 Aug 31
200 Cuban-American Sugar--10
%May 25
15
15
15
15
*914 17
130 Preferred
312May 28 26 Aug 31
100
23
23
23
23 •22
23
700 Cudahy Packing
50 20 May 28 3512 Mar
*1112 1214 *11% 1184 1112 11%
300 Curtis Pub Co(The)
7 June 29 31 Jan 1
-No par
4314 45
45 45
45
4858 1,800
Preferred
4
No par373 Dec 21 86 Jan 1
1
7imay 5
214 238
218 214
2
2 14 25,600 Curtiss-Wright
314Sept 2
33* 31
3% 38 3,300
314 312
434Sept
1% Mar 28
1
Class A
5
6
6
5
5
5
1,000 Cutler-Hammer Inc--No par
312May 28 12 Sept
8 318 *213 314
318 314 *22
500 Davega Stores Corp
214 Oct 28
5
72
4SeP8
412 438
434 48
418 412 7,400 Davison Chemical
914803
I May 26
No par
*212 3
•22 3
*212 3
238 Dec 2
1 June 30
Debenham Securities
83
912 98
8 9
812 812 1,800 Deere & Co prof
614June 29 1514 Jan I
20
1
70
7112 7112 70
100 64 July 8 122 Jan 1
300 Detroit Edison
702 7012
*1184 14
*1112 14
13
13
100 Devoe & Raynolds A-_No par
7 May 28 165k Oct 2
19
19
1838 183
4 1814 183
4 2,600 Dlamond Match
No par 12 Apr 9 1918Sept
2612 263 *2634 28 *2714 28
4
200 Participating preferred .25 2012May ' 4 Dec 2
13 263
1214 1258 1214 1212 1214 1214 2,000 1‘ome MInes Ltd
7% Jan 4 1278 Deo 2
No par
1538 1558 1518 1514 1514 1514 1,800 Dominion Stores lAd...No par 1114Ju11e 2 1812SeD8
8 1218 1278 15.400 Douglas Aircraft Co Inc No par
8 1212 133
121 133
5 June 2 1858SePt 2
38
3612 363* 3814 3514 36 30.900 Drug Inc
No par 23 May 31 57 Feb 1
*58 1%
*58 1%
*3
1 15
312Sept
5 Dec 29
8
Dunhill International -No par
$ per share
*814 91
80
8014
3212 3212
*214 31
31
3
312 4
*35
40
138 134
4
4
178 2
*138 134
*4
438
77
8 8
*338 42
83
a 8'2
22
22
*118 114
7
8
7
8
*13
4 214
1414 1438
*4518 60
10
1034
%
3
8
214 212
*3
4
95, 10%
15
15
*638 73
8
2412___
44 49
55 57
8
8%
83
4 84
*5
8 114
4112
15
212
59
7%
1
*5
11
50
19
16
314
*512
818
*612
*358
1838
*12
*6
*1014
•
Wednesday I Thursday
Jan. 11.
Jan. 12.
ay. z z • en .
PER SHARE
Range for Previous
Year 1931,
Lowest
Highest
$ per share $ per share
8 Sept 2412 Mar
723 Dec 1298 Mar
8
32% Jan 4512 JO'
218 Dec 15 Feb
3% Dec 20% Feb
4811 Dec 347 Feb
8
75 Dec 114 Apr
55 Feb
112 Dec
10 Dec 50 June
258 Dec 13 Feb
314 Dec 1584 Jan
338 Dec 23 Feb
10 Oct 3214 Feb
1538 Dec 31 Feb
49 Dec 104 Jan
85 Dec 113 Mar
% May
13 Feb
4
I Dec
234 July
3 Dec 205 Feb
1078 Dec 6934 Feb
68 Oct 10678 Feb
8 Dec 53 Feb
13 Mar
14 Oct
3 Dec 1138 Feb
53 Dec 1638 Mar
1038 Dec 45 June
17 Jan 25 Mar
412 Dec 16 Feb
24 Dec 3638 Feb
3314 Oct 13118 Feb
53 Sept 116 Mar
1014 Dec 521, Feb
238 Dec 16 Feb
2% Dec 1438 Mar
15, Dec 1334 Mar
78 Dec 37% Mar
11 Dec 2534 July
218 Jan
814 Sept
50 May 90 Sept
97 Sept 3018 Feb
24 Jan
714 Mar
11
Jan 35 Aug
2512 Dec 373 Feb
8
6312 Dec 90 Apr
137 Dee
31 Oct
63 Dec
8 Sept
8 Dec
5% Dec
118 Oct
14 Dec
8% Dec
15 Dec
92 Dec
97% Oct
453k Dec
24 Dec
k
797 Dec
818 Dec
68 Dec
71 June
,
61 Dec
82 Dec
5418 Feb
15% Feb
35 Feb
23 Jan
1234 Mar
3334 Feb
2534 Mar
48 Feb
2278 Mar
34% Feb
105 July
170 Feb
5312 June
50% Mar
10418 Sept
1712June
95 Aug
1012 Nov
1912 June
11138 Feb
1158 Dec 455 Mar
7218 Dec 10912 Mar
8 Sept 2314 Feb I
1918 Dec 357 Feb
15 Oct 2418 July
52 Dec 92 Sept
151k Sept 34 Mar
80 Dec 90 Jan
94 Dec 108 Aug
85 Dec 2118 Feb
s
3 Dec 12 Feb
46 Dec 1003 Mar
8
10 Dec 3414 Feb
678 Jan 144 Aug
1384 Dec 304 Mar
20 Sept 3734 June
42 Dec 73 Mar
38
4June 15 Feb
8
738 Oct 187 Feb
5714 Dec 10958 Mar
88 Dec 2107 July
8
12 Dec
15% Mar
418 Dec 1578 Feb
64 Dec 103 Mar
134 Mar
14 Jan
8% Jan
78 Dec
3 Jan
14 Dec
412 Dec 30 Feb
338 Feb
12 Dec
40 Sept 7712 Feb
3014 Dec 6284 Mar
312 Dec 1578 Feb
1818 Dec 6178 Feb
4% Feb
1 Dec
5 June 12 Feb
3614 Oct 8658 Feb
118 Dec 15212 Apr
2 8 Dec 18 Feb
7
20 Sept 34% Mar
884 Feb
213 Dec
1314 Dec 3814 Feb
2218 Dec 348 Feb
4
118 Dec
6% Jan
20 Dec 63 Feb
36% Dec 106 Jan
5% Jan
73 Dec
1 Dec
534 Mar
6 Dec 35 Jan
z29 Oct 4878 Mar
20 Dec 100 Feb
70 Dec 11858 Mar
57 Feb
1 Dec
818 Mar
13 Dec
8
7 Dec 41 Jan
314 Dec 23 Feb
153 Sept 1218 Jan
133 Dec 22 Jan
8
11014 Dec 195 Feb
812 Dec 1918 Feb
1058 Dec 23 Mar
19% Dec 2812 Aug
63 Oct x1312 Mar
8
11
Oct 24 API*
77 Dec 2114 June
424 Oct 7834 Mar
814 Mar
112 Dec
tar FOR SALES DURING THE
New York Stock Record-Continued-Page 4
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Jan. 7.
Monday
Jan. 9.
Tuesday
Jan. 10.
Wednesday
Jan. 11.
Thursday
Jan. 12.
Friday
Jan. 13.
$ per share $ Per share $ Per share $ per share $ per share $ per share
•1212 15 .1212 15
*1212 15
*1212 15
*1212 15
100 10078 10012 101
8
10012 101
10114 10112 1005 10112
*112 278 *112 27
8 *112 27
8 *112 2
*112 2
5612 59
575 597
8
8 5918 6014 5858 6014 5818 593
4
*12012 _ _ *1204 _ _ *12012 123
12012 12012 *120
_ __
512 - 8
55
53
4 - 53
4
512 6
512
55
8 55
512 8
383 3912 3838 4014 4014 414 4014 4112 393 405
4
8
4
*107 109 x103 10414 103 10414 104 104
10314 10414
8
"12
*12
5
*3
8
54
*12
7
8
54
3
4
*12
*434 9
*434 7
*454 7
*43
4 7
*43
4 7
1958 2012 1934 2012 2014 207
8 1912 205
8 1918 1958
867 867
8
8 8712 8712 *833 8712 *833 8712 *833 8712
4
4
4
1
1
118
118 .1
14 *1
118 *1
118
4
13
4 *15
13
4
8 13
134 13
15
8 15
134
4
8 .15
8
74
7
63
4 718
718 74
714 73
718 74
4
18
1812 177 18
193
18
8 1918 2012 1814 19
8
*1612 1712 *1618 1612 17
1712 183
18
4 163 17
4
255 253 *2412 26
8
8
2512 2512 *2412 2514 25
25
.---14 .---4 *---4 *---14 *- - - 14
3012 301
3012 3012 31
31
.31
*31
32
32
*104 11618 *104 11618 *104 11618 *104 11618 *104 11618
*714 812
8
83
4
914 912 *812 912 *8
812
30 30
30
30
*31
30
30
35 .31
35
*29
32
*30
3278 33
33
33
3414 345
33
8
10 8 11
5
1012 1012 11
11
"103 107 *10 4 107
4
5
8
8
*412 43
4 .45
8 454
412
412 *47
8 5
45
8 45
8
•1
118
1
112 *114 2
114
118
1
1
10
10
10
10
25
*10
*10
10
10
25
*14
14
014
•14
13
3
•14
13
118
8
*14
118
•1
5
*1
5
*1
3
*1
*1
3
3
*27
8 318
318 312
314 314 *312 334 *3
33
4
103 11
4
1478 .113 15
4
*113 15
1478 *11
*11
4
*78
114
114
*78
114
7
8
*3
4
7
8
*3
4 114
*814 113
4
814 838
838 812
812 9
*83 10
4
*3818 50
*40
49
48
497 *40
8
497 *40
8
494
*112 134 *112 134 *112 13
4
13
4 *112 13
13
4
4
*3
4
1
4
7
7
8
8
*3
7
4
8
1
7
8
*3
*3
4
338 312 *318 312
314
318 34
318
312 312
"912 14
1012 1017 *912 11
14
*10
*912 1012
4
1818 1814 1831 *173 18
1712 1712 18
1712 1712
*612 8
*612 8
.612 8
*612 8
*612 8
*83 15
4
*83 15
*83 15
1
4
*83 15
4
4
*83 15
*8112 _ _ *8112 _
*82
•82
_
_
*8112 .1212 1312 *1258 1312 1312 fils 1312 Ws 1312 - -12
13
6114 6212 61
6138 6214 6314 63
6318 633
63
8
a 54 5358 5378 5334 5414 5338 5358 534 5338
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 1004hare lois.
Lowest
Shares. Indus. & MIscell. (Con.) Par $ per share
Duplan Silk
512June 1
No par
800 Duquesne Light let pref....100 87 May 31
Eastern Rolling MILls__No par
1 June 1
19,600 Eastman Kodak (N .1).No par 3514July 8
6% cum preferred
10
100 99 Jan 22
1,300 Eaton Mfg Co
3 June 27
No par
75,600 El du Pont de Nemours._ __20 22 July 19
4June 2
2,100 6% non-voting deb
100 803
Eitingon &Mid
18June 17
No par
214May 9
100
63.% cony let pref
12,900 Elec Auto-Lite (The)
812June 1
--No par
40
Preferred
100 61 June 1
12.1une 22
300 Electric Boat
3
2,000 Elec & MIIS Ind Am shares_
%June 30
21,200 Electric Power & Light No par
4Ju1y 1
23
3,100
Preferred
No par 104 July 9
2,600
86 preferred
8Ju1 y 8
87
No par
300 Elec Storage Battery .No par 125
8June 2
Is Jan 13
Elk Horn Coal Corp _No pa
500 Endicott-Johnson Corp____50 16 July 7
Preferred
100 98 May 31
500 Engineers Public Sery__No par
4 June 2
200
85 cony preferred____No par 16 July 8
700
18 July 7
$53.4 preferred .....No par
800 Equitable °Mae Bldg__No par
104 Dec 20
500 Eureka Vacuum Clean_No par
2 J11130 9
5
'way 28
700 Evans Products Co
4
110 Exchange Buffet Corp_No par
93 Jan 30
Fairbanks Co
1 Sept 9
25
Preferred
1 June 30
100
214 Dec 28
800 Faribanks Morse & Co_No par
Preferred
60
100 10 Dec 3
12June 13
100 Fashion Park Assoo____No par
2,300 Federal Light & Trao
814 Dec 30
15
20
Preferred
No par 30 June 16
100 Federa. Motor Truok_No par
112May 26
500 Federal Screw Works No par
1251ay 25
1,400 Federal %Neter Set" A No par
,
214 Dec 28
200 Federated Dept Stores_No par
612June 17
2,200 Fidel Phen Fire Ins N Y_2.506 May 28
4June 2
Fifth Ave Bus Sec Corp.No par
53
Filene's Sons
7 Mar 31
No par
Preferred
-_
100 75 June 2
1,800 Firestone Tire le Rubber-10 1012June 1
2,900
Preferred series A
100 45 July
4,300 First National Stores_No par 35 July
F sk Rubber
No par
18 Feb
let preferred
100
14 Feb
____ ____
1.1 pre? convertible
100
4 Oct 1
•73 10
4
.814 10
*612 10
*612 10
.612 10
Florsheim Shoe class A_No par
414 Apr 2
*94
97
97
97
*93
98
100
.93
*93
98
98
6% preferred
100 83 July 1
4
314 314
4
*312 5
314 312
*312 414
2 June
700 Follansbee Bros- _ No par
93 10
4
10
1018
10
10
94 912
1,20(1 Foster-Wheeler
9
No par
9
3 May 2
*278 4
312 312 *312 33
.338 4
4
4
4
200 Foundation Co
I July
No par
1834 19
1878 20
197 2018 195 20
8
1912 195
8
8 2,900 Fourth Nat Invest w w
1014June
1
214 23
8
214 212
23
8 212
25
8 212
8 4.000 Fox Film class A
214 23
1 July
5
2512 264 26
263
8 2514 2614 2412 2512 2414 245
8 9,400 Freeport Texas Co
No par
10 May 3
9
9
*11
247 *1014 247 *1014 247 *1012 247
8
8
8 1,000 Fuller (0 A) prior pref No par
8
218May 1
7
7
*714 8
*718 8
.71g 8
*718 8
$6 2d pref
10
No par
3 June
rye
158 *13
8 2
*114 2
*138
*138 2
2
Gabriel Co (The) cl A_ _No par
14June 1
Stock
7
7
*7
8
*7
8
*7
8
50 Gamewell Co(The)--- -No pa
*7
512 Dec 2
8
33
4 37
8
33
4 33
4
33
8 38
5
33
4 33
8 1,900 Gen Amer Investors
4 .312 37
12June
No par
Exch.nge •4712 53
53
53
*50
58 .50
58 .50
100
Preferred
58
No par 26 June
184 19
1818 19
1812 193
8 1812 19
1818 183 25,000 Gen Amer Tank Car...No par
4
912June 2
Closed
75
8 73
8
75
8
78
8
75
8
77
8
712 75
8
712 712 1,200 General Asphalt
484.June
No par
13
133
4 1312 133
8
4 137 143
8 14
1414 14
1418 5,100 General Baking
5 1012June 2
*105 110
105 105 *105 110 .105 107 *105 107
150
58 preferred
No par 90 June 2
234 234
27
8 27
8 *3
314
27
8 314
3
31
1,500 General Bronze
12June 2
5
•118
134 *112 13
4 *112 13
4 *112 13 .
General Cable
14 13
14May 31
4
No par
•
312 5
*312 5
312 312
35
8 3 8 •318 33
5
8
200
111May 14
Class A
No par
9
9
*814 10
914 10
10
10
4
914 93
330
7% cum preferred
100
4June 1
33
31
33
33
33
33
33
3212 3212 3212 3212
900 General Cigar Inc
No par 20 June I
107 107
107 107
107 107 *107 110 *107 110
70
7% preferred
100 75 June 9
1558 16
1512 16
16
165
8 15518 1614
153 157 54,800 Genera, Electric
8
8
No par
812May 31
115 1178 113 117
8
4
8 117 117
8
8 114 12
1134 117
8 8,200
Special
,
10 105 July 1
2614 267
8 2638 2718 2658 274 2612 263
4 2614 27
23,100 General Foods
8May 31
No par
195
114
13
8
118
114
118
13
8
114
lls 2,200 Gen'l Gas & Elee A__ _No par
118
114
38July 14
•712 9
*734 812
9
9
812
812 .8
400
11
Cony prat serlec A__ _No par
3 June 28
117 1178 *117 1778
8
8
1178 117
8 12
11
12
11
90
$7 pref class A
No par
514July 14
•145 18
8
*143 18
4
143 143
4
4 14
013
14
18
60
$8 pref class A
No par
514July 14
2414 2414 *2514 _
*25
___ .2458
_ •2458
_
200 Gen Ital Ed 800 Elea Corp_ __ _
1818 Apr 29
387 3938 3912 407
8
- _- 4,300 General 5111121
8 41
- 405 8
41
--414 x403 41
14
4
No par 28 May 28
963 963
4
4 9712 98
*9754 99
974 975* 975 975
8
500
8
Preferred
100 76 July 15
135 1418 135 1414 143 147
8
8
8
8 14
147
8 133 143 247,100 General Motors Corp.
8
4
10
75
8June 30
57614 7612 7512 7612 763 7714 7612 774 7614 7612 3,300
4
$5 preferred
No par 58'4 July 9
5,3 518 *518
618 *518 55
8 *518 53
8
300 Gen Outdoor Adv A
518 518
No par
4 June 28
.234 27
8 .23
4 3
*23
4 27
8 *23
4 27
8 *23
Common
4 27
8
No par
25 Nov 15
8
312 312.
312 5
4
538 .35
8 53
8
5 8 53
3
8
110 General Print ng Ink___No par
212July 1
3712 3712 *35
43
*35
43
*35
40 .35
40
20
$8 preferred
No par
2712June 27
*314 33
8
312 312
358 334
314
312 .3
33
8
900 Gen Public Service
No par
1 May 4
16
17
1612 173
4 167 1734 1718 1718 1612 167
8
8 4,900 (Jen Railway ffignal
No pa
618July 11
*65
693
4 693 70 .70
693 *65
4
4
7414 .70
7414
20
6% preferred
100 65 July 30
3
4
3
4
3
4
3
4
3
4
7
8
54
3
4
*3
4
800 Gen Realty A Utilittee_No par
7
8
14Slay 19
*512 7
*512 7
7
7
*6
9
*618 9
100
$6 preferred
No par
5 June 10
.414 618
5
5
618 618 *512 612 .55
8 618
200 General Refractories_ _ _No par
13
4June 29
*914 12
*94 12
*914 12
*914 11
.914 11
Gen Steel Castings prof No pa
8
19
197
8 187 193
8
4 1914 2014 19
195
8 185 1938 30,100 Gillette Safety Rasor_No par 1038 Mar 28
8
Jan 5
7214 75
7354 743
4 7434 75
7412 7412 733 7334 4,700
4
Cony preferred __ __No par 45 June 28
114
112 *114
112
14
112 .114
112
14
112 4,600 Gimbel Brothers
No par
7
8June 24
*718 93
4 *718 93
4 *74 93
4 *74 9
8718 9
Preferred
100
63 Dec 29
6
514
512
53
8 534
6
6
512 512
55
8 55
8 2,000 Glidden Co (The)
No par
318June 3
*58
56
58
5814 *5612 57
*5612 57
5612 5612
30
Prior preferred
100 35 Apr 28
4
4
4
4
4
4
33
4 4
37
8 414 2,900 Gobel (Adolf)
No par
8May 14
25
1614 1634 x16
1638 1578 165
8 1538 1618 1512 1512 6,605 Gold
Dust Corp vi o
No pa
814May 31
•103 105 .103 105 *103 105 .103 105
10218 103
300
$6 cony preferred__ No par 70 July 1
514 54
54 54
5
4 5
4
512 618
55
8 54 13,500 Goodrich Co (B F)__ No par
214May 28
15
.1312 15
15
15
16
163 1814 17
4
17
1,300
Preferred
100
7 May 31
1512 1612 1614 173
153 1614
4 17
4
1834 17
18
41,500 Goodyear Tire & Rubb_No par
5125Iay 31
42
41
.40
4212 44
42
433 45
4
44
444 3,300
let preferred_
No par r19 4June 1
3
12
1212 125 125
8 1212 123
8
4 12
12
12
123
4 3,200 Gotham Silk Hose
No pa
714 Jan 5
*_.__ 58 .____ 58 *__ 58
*40
58
*45
58
Preferred
100 5014 Jan 11
23
8
2
214
214
212
2
2
238
2
214 14,000 Graham-Paige Motore_No par
1 May 27
*438 47
8 5
8 *45
43
4 43
4 0412 43
4 *414 43
4
100 Granby Cons M Sm & Pr._100
23
8June 14
6
6
*53
*512 614 *512 6
6
6
4 614
300 Grand Union Co tr ctfs_No par
312June 1
3312 3412 3338 3418 3414 3414 .3212 3418 *3312 34
500
Cony pref series
No par 22 June 1
1212 1212 1217 1212 *1212 15
•1118 2014
*1212 15
200 Granite City Steel
No par
63
4June 1
2014 2134 2011 2034 20 1 203
3
4 2012 2012 20
201
2,100 Grant (NV T)
No par 1412May 28
*63
4 714
4
64 63
8 7
634 7
*67
*67
2 7
1,300 Gt Nor Iron Ore Prop_ _No par
.
7
5 June 23
717
7
7
7
718 *7
74
74 718 1,300 Great Western Bugar No par
34 Apr 5
73
73
73
73
74
*7212 73
74
74
74
40
Preferred
_100 48 June 1
114
114
114
118
114
14
118
114
118
11
1,800 Grigaby-Grunow
No par
12 Apr13
"
14
8
"
14
4
3
4
•14
•
Ni
4
4
321
100 Guantanamo Sugar..- _No par
'Mar 7
113 1212 *12
122
4
10
4 1,600 Gulf States Steel
1018 1033 1114 1112 12
No par
212June 8
20
*175 20
20
8
*1758 20
•173 20
8
*175 20
8
60
Preferred
100 12 July 23
8 177 183 *18
4
•18
8
193 *183 193
8
4
193 •18
1912
8
600 Hackensack Water
25 15 May 27
287 287 02712 283
8
2612 2612 *2612 29
*2612 27
8
90
7% preferred class A
25 19 May 27
2
15
214
8
158
158 2
17
8 2
158
15
8 6,100 Hahn Dept Stores
No par
5
8July 11
8 1414 1414 •12
•1114 15
143
1414 *12
812
14
100
Preferred
100
718July 5
*312 414 *312 414 *312 414 *312 41
4
4
300 Hall Printing
10
312July 19
•15
18
25
197 .18 - 1972 18
•18
*15
25
10 Hamilton Watch pref
1Q0 20 Oct
4978 50 .47
50 .47
*4812 50
50
*47
50
20 Hanna CM A) Co $7 pt_No par 33 May 27
28
10
*8
*8
8
.8
8
10
10
*8
10
100 Harbison-Walk Refrac_No pat
7 May 26
•3,,
1
12
17
12
12
1
*5
8
12
*38
200 Hartman Corp elms B_No par
18 Dec 24
*I.,,
1
1
•12
a
1
•i2
34
*12 1
100
Class A
No par
%June 27
• Bid and asked prices; no sales on this day. z Ex-dividend. y Ex-rights.
299
WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
Highest
PER SHARE
Range for Precious
Year 1931.
Lowest
Highest
$ per share S per share $ per share
15 Sept 23
10 Sept 1434 Feb
10153 Nov 30
923 Dec 10712 Aug
4
612Sept 9
212 Dec 1314 Mar
873 Jan 14
4
77 Dec 1853 Feb
4
125 Oct 18 103 Dec 135 Sept
97
85ept 7
53 Dec 21 Mar
8
593 Feb 19
4
50 Dec 107 Mar
10518 Aug 25
94 Dec 12484 Aug
218Sept 12
12 Dec 114 Feb
1212 Jan 6
74 Dec 69 Feb
323 Mar 7
4
20
Oct 743 Mar
8
10014 Feb 16
94 Dec 110 Jan
212 Jan 6
3 Dec
4
412 July
4 Jan 8
24 Sept
8
97 July
16 Sept 8
9 Dec 603 Feb
4
64 Jan 14
41
Dec 10818 Mar
5512 Jan 14
32 Dee 9814 Mar
3314 Mar 7
23 Dec 66 Mar
3 Aug 31
4
4 Dec
114 Feb
37148ep1 8
2312 Dec453 Sent
8
115 Nov 17 x983 DecI 115 Aug
8
25 Feb 16
15 DecI 49 Mar
51 Feb 23
42 Dccl 87
Jan
57 Mar 16
42 Dccl 91 Mar
19 Jan 4
184 Oct1 353 Jan
8
714 Mar 29
4
314 Dee1 123 Mar
21*Sept 8
Dec
1
85 Feb
8
113 Jan 11
4
10 Dec 25
Jan
134Sept 13
3 Mar
12 Sept
4 Aug 11
2 Dee1 13 June
312 Dec1 293 Mar
64 Aug 29
8
473 Mar 8
4
40 Dee1 1094 Feb
17
8Sept 10
1
612 Feb
Dec
22 Jan 25 21512 Dee1 497 Feb
8
64 Mar 11
48 Dec 92 Mar
8
24 Dec
35 Feb 6
73 Feb
8
23 Aug 12
8
l's Dec 1512 Feb
8
103 Mar 16
Jan
3 Dee1 30
1012 Dec1 2718 Aug
1534Sept 3
273 Jan 15
4
20 Dec 5614 Feb
812 Mar 8
518 Oct9 Feb
1612Sept 6
1514 Oct4 Aug
94 Jan 18
8514 Feb 104 May
1s4 Aug 30
127 Dec 20 June
8
64 Aug 30
495 Dec 6618 June
8
5412 Dec 28
41
Jan 63 Aug
34 Aug 30
14 Sept
7 Feb
8
238 Aug 30
4 Sept
3 Feb
2 Aug 30
312 Mar
12 Sept
10 Feb 20
77 Dec 3512 Jan
8
99 Nov 21
80 Dec 10212 Mar
414Sept 6
4 Dec 1934 Feb
157 Sept 8
8
8 Dec 6412 Feb
714 Aug 27
212 Dec 1612 Mar
223
8Sept f z15311 Dec 3212 Feb
57 Aug 27
8
24 Dec 383 Feb
8
1314 Oct 4314 Mar
z285 Nov 15
8
26 Oct 24
30 Dec 85 Apr
32 Feb 9
20 Dec 65 Feb
312Sept 28
8
1 Dec
63 Feb
15 Dec 60 Feb
17 Jan 11
512Sept I,
218 Dec
77 Mar
s
45 Dec 88 Mar
71 Sept 21
353
4Mar 8
28 Dec7318 Feb
1512 Jan 15
95* Sept47 Mar
1958 Mar 4
94 Dec 2558 Apr
95 Dec 114 Mar
106 Sept 15
5 Aug 24
4
912 Feb
13 Dec
5 Sept 6
112 Dec 13 Feb
1112Sept 8
212 Dec 2512 Feb
Jan
25 4Sept 2
3
1112 Dec 65
3838 Mar 10
25 Oct 4812 Feb
108 Dec 13
93 Dec 117 Sept
2618 Jan 14 2 8 Dec 543 Feb
4
-227
1178 Sept 8
107 Dec 1218 Jan
8
4012 Mar 9
2814 Dec 56 Apt
23 Feb 17
4
114 Dec
812 Feb
243 Jan 14
4
4
143 Dec 763 Mar
4
30 Aug 24
394 Dec 90 Feb
40 Feb 15
30 Oct 92 Mar
25 Mar 11
203 Dec 353 Mar
8
4
4812Sept 8
2918 Dec 50 Mar
9612 Dec 13
85 Dec 10014 Sept
245 Jan 14
8
2138 Dec 48 Mar
8714 Mar 12
7934 Dec 1035* July
9 Feb 13
54 Oct 28
Jan
4 Jan 5
34 Oct 1014 Feb
14 Jan 28
1014 Oct 31 Mar
60 Feb 18
4312 Sept 76
Jan
74 Aug 29
25 Dec 23 Feb
8
285 Jan 14
8
21 Dec 8418 Mar
90 Jan 13
81 Dec 114 Mar
21 Dee
214 Sept 2
911 Mar
1834Sept 14
135 Dec 7418 Mar
8
15 8 Sept 7
3
12 Dec 5738 Feb
27 Aug 29
14 Dec 65 Apr
2414 Mar 3
914 Oct 383 MaY
4
724 Aug 22
45 Dec 764 May
3 4 Aug 29
3
13 Dec
4
77 Feb
8
31 Jan 13
2644 Dec 52 July
103
8Sept 7
412 Oct 1618 Feb
78 Sept 14
40 Dec 82 Aug
I; Aug 30
35 Oct
8
8
97 Mar
205
8Sept 8
144 Dec 4218 Mar
10112 Dec 20
85 Dec 11712 May
1238Sep1 3
358 Dec 207 Feb
8
3314Sept 6
10 Dec 68 Feb
293 Aug 30
4
133 Dec 5212 Feb
4
6912 Aug 30
35 Dec 91
Feb
30 4Sept 2
3
3 Sept 131 Apr
54
4
704 Oct 31
Jan 72 Apr
50
458 Jan 12
178 Sept64 May
113
8Sept 7
514 Dec 225 Feb
8
93 Mar 4
4
7 Oct 1838 Mar
3514 Mar 7
21 Dec 46 Slay
17 Sept 3
1154 Dec 29 4 Feb
3
3014 Mar 8
2412 Dec 42 Aug
1314 Jan 14
10 Dec 2312 Apr
12 Aug 27
8
53 Oct 117 Jan
4
83 Aug 24
73 Dec 9812 Jan
2345ept 8
63 Mar
4
1 Dec
1 Sept 7
Is Dec
1 12 Jan
2118Sept 22
4 Dec 374 Feb
40 Oct 14
15 Dec 80 Mar
23 Jan 12
22 Dec 3012 Mar
28 Apr 26
2614 Sept30 Apr
93 Mar
4
14 Dec
44 Aug 30
8
28 Aug 29
14 Dec 637 Mar
8
11 Sept193 Mar
1118 Jan 7
Jan
30 Mar 7
94 June 103
67 Dec 94 Feb
70 Jan 14
1112 Dec 44' Feb
18 Sept 7
12 Dec
2 Sept 6
7 Feb
52
17 Dec 10 s Feb
4 Mar 8
s
5
New York Stock Record-Continued-Page 5
300
tar FOR SALES DURING
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Jan. 7.
Monday
Jan. 9.
Tuesday
Jan. 10.
Wednesday
Jan. 11.
Thursday
Jan. 12.
Friday
Jan. 13.
9 per share $ per share $ per share $ per share $ per share 8 per share
18
70
*518
*17
*88
5714
80
Stock
Exchange
Closed
4
17
8 *I% 13
70
70
70
/
1
4
512 *518 5
17
17
171
88
88
93
4
5714 *5714 573
80 80
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14 43
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153 155
218 218
50
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2512 2534 2514 26
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115 115 *116 118
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110 *10012 110 *10018 110
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1314 1314
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1
4
2218 *1518 2218 •1518 2218 *1518 2218 *1518 2218
*1518
p Ex-rights.
•Bid and asked prim: no sales on this day. Es-dividend.
Jan. 14 1933
THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
Sales
for
the
Week.
STOCKS
NEW YORK STOC:K
EXCHANGE.
PER SHARE
Range for Year 1932
on bails of 100
-share lots.
Lowest
Shares. Indus. & MIscell. (Con.) Par 8 Per share
1%Nov 30
Hawaiian Pineapple Co Ltd _20
14June 7
No par
200 Hayes Body Corp
700 Heime (0 W)
^5 50 June 2
43
4June 8
No par
100 Hercules Motors
137 Aug 4
8
No par
500 Hercules Powder
100 7012June 1
$7 cum preferred
280
500 Hershey Chocolate---No par 4312 July 13
Cony preferred
No par 67 June 14
1,100
/ Apr 1
1
4
Hoe (R) & Co Class A_No par
314 Dec 27
No par
800 Holland Fume°.
23 Dec 24
4
Hollander & Sons (A)
-No par
100 110 Feb 15
1,800 Homestake Mining
1 May 25
1,800 Houdaille-Hershey al B No par
400 Household Finance part p1_50 4214J0ne 3
8 4May 31
8
1,400 Houston 011 of Tex tern etts 100
IlaMay 4
Voting trust Otte new____25
1,700
47 Dec 29
3
No par
1,600 Howe Sound•t a
sMay 31
27
No par
2,900 Hudson Motor Carii2may 28
2.600 Hupp Motor Car dim-AO
%June 1
Indian Motooycle
.
No par
1 Apr 1
10
800 Indian Refining
718June 27
No par
5,400 Industrial Rayon
4
No par 143 Apr 29
3,100 Ingersoll Rand
.---No par 10 June 25
600 Inland Steel
%May 25
2,000 Inspiration Cons COpper_-_20
1 June 1
1,500 Insuranshares CM Ino_No par
3
14July 15
2,200 Insuransharee Corp of Del_ _ _1
14 Apr 8
200 Interoont'l Rubber____No par
2July 13
15
No par
900 Interlake Iron
/ Ave 7
1
4
tnternat Agricul
No par
3 Apr 16
/
1
4
100
Prior preferred
200
4,200 lot Business Machines _No par 5212July 8
114May 31
I
1,000 Internat Carriers Ltd
/
1
4June 3
8
1,800 International Cement-No par
12May 23
2,200 Inter Comb Eng Corp-No par
413 Nov 30
No par
Cony preferred
600
3
No par 10 8July 8
96,600 Internal Harvester
4June 14
100 683
Preferred
8June 10
23
2,200 list Hydro-El Sys al A_-No par
%June 30
500 Int Mercantile Marine-NO Par
312May 31
13,3001 Int Nickel of Canada-No par
100 50 June 28
Preferred
100
2.7une 2
13
100 Intermit Paper 7% prof_100
I:jun° 9
el A-No par
200 Inter Pap & Pow
'May 25
No par
Class B
14 Apr 14
No par
Class 0
100
13 Dec 23
4
100
Preferred
1,300
3 Dec 15
100 Int Printing Ink Corp.NO Par
4
100 x 241 Jan 15
Preferred
10
Panne 2
No par
2,700 International Salt
14July 7
No par 20
1,000 International Shoe
712July 9
100
300 International Silver
100 28 May 7
7% preferred
30
8May 31
23
51,500 Inter Telep & Teleg___No par
112May 31
200 Interstate Dept Stores_No par
10
Preferred ex-warrants_ .10(. 18 June 24
212 Dee 29
No par
100 Intertype Corp
1 1014 Apr 18
100 Island Creek Coal
No par 1513May 31
900 Jewel Tea Inc
No par 10 May 31
17,900 Johns-Manville
100 45 July 21
10
Preferred
60 Jones & Laugh Steel pref_100 80 July 6
40 K C P& Lt let pf ear B-No par 9012 Apr 8
3 May 21
300 Kaufmann Dept Stores 812.50
41 July 23
NI, par
800 Kayser( J) & Co
12June 1
Kelly-Springfield Tire_No par
%may 26
Certificates of deposit
400
Panne 27
100
preferred
8%
7 June 28
8% pref certlfs of deposit__
100 20 Jan 2
6% preferred
14 Deo 21
5,200 Kelsey Hayes Wheel-No par
/
1
4May 16
2
No par
5,800 Kelvinator Corp
60 Kendall Co pt pf aer A_No par 17 July 21
4 sJune 30
7
No par
26,700 Kennecott Copper
612 Dec 29
Kimberley-Clark
No par
12 Apr 4
No par
Kinney Co
3 June 25
No par
Preferred
aJuly 5
63
10
31,400 Kresge (88) CO
100 88 May 18
10
7% preferred
No par 18 June 30
Kress (8 H) & Co
i,,May 31
25
11,100 Kreuger & Toll(Am offs)
10.600 Kroger Grim 03 Bak___No par 10 May 31
8,500 Lambert Co (The)____No par 25 May
2 May 26
No par
Lane Bryant
11 Apr 12
/
4
5
1,400 Lee Rubber & Tire
3 8 Apr 6
8
200 Lehigh Portland Cement _50
100 40 Dec 22
7% preferred
110
1 May 14
900 Lehigh Valley Coal___No par
114July 16
50
Preferred
300
Lem Lehman Corp (The)_ --No par 3012June 16
6 May 26
900 Lehn P. Fink Prod Co_No par
33*May 13
300 Libby Owens Glass.__No par
1,300 Liggett & Myers Tobacco_25 3214June 2
25 3418May 31
Series B
21,700
100 100 May 31
Preferred
200
100 Lily Tulip Cup Corp No par 14 June 21
812 Apr 4
Lima Locomot Works_No par
612June 2
No par
200 Link Belt Co
No par
9 May 3
1,800 Liquid Carbonic
32,500 Loew's Incorporated-No par 1314May 31
No par 89 July 7
Preferred
300
1%June 2
No par
2,900 Loft Incorporated
14May 26
Long Bell Lumber A.
-No par
2,500 Loose-Wiles Biscuit
JulyJul
120 91861/4 July 14
0
7% let preferred
210
9 May 31
No par
17,000 Lorillard (P) Co
100 7314 Jan 8
7% preferred
12June 24
No par
100 Louisiana OU
3 Dec 12
100
Preferred
812June 2
900 Louisville 0 & El A_ __No par
11 Jan 5
/
4
700 Ludlum Steel_.._.._ ---No par
2,210
2,400
1,500
600
200
100
3,200
500
800
4,000
1,800
1,900
100
500
No par
Cony preferred
MacAndrews & Forbee_No par
100
6% preferred
No par
Mack Trucks Inc
Maar (R H) Co Ino.--No par
1
Madison Sq Gard• e_No par
Magma Copper
No par
Mallinson (H R)& Co_No par
Menet! Sugar
100
Preferred
100
Mandel Bros
No pox
Manhattan Shirt
25
Maracaibo 011 Explor_No per
Marine Midland Corp
-10
Marlin-Rockwell
N; par
Marmon Motor Car. .No par
Marshall Field & Co No par
Matt:limn ALleall Workallo par
Preferred
100
25
May Dept Storm
Maytag Co
No par
Preferred
No par
No par
Prior mimed
Highest
PER SHARE
Range for Previous
Year 1931.
Lowest
Highest
I per share $ per share I per share
10 Jan 12
814 Nov 431 Jan
312Sept 2
8 Mar
1 Dec
8128Sept 8
60
Oct 100 Feb
5 Dec 18 Mar
813 Jan 15
26 Dec x58 Mar
29128ept 9
95 Jan 12
95 Dec 119% Mar
83 Mar 9
4
68 Dec 1033 Mar
83 Mar 8
7013 Dec 104 Mar
13* Jan 12
8% Mar
1% Dec
1212 Aug 16
1014 Dec 37 Feb
10 8 Mar 10
3
514 Dec 1918 Apr
163 Dec 2
81
Jan 138 Dec
21 Deo
412Sept s
94 Mar
/
1
5718 Jan 5
5212 Sept 65 Mar
2414Sept 6
15 Dec 6812 Feb
/
1
4
53
8860 6
3 Dec 1418 Feb
1612 Jan 12
1112 Dec 2912 Feb
113 Jan 8
4
73 Oct 25 Jan
4
5 8 Jan 11
3
3% Oct 1318 Feb
218Sept 6
43 Feb
4
3* Dec
234 Nov 9
118 Dec
4% Feb
40 Sept 3
21
Oct86 Feb
447
8Sept 8
Jan
25 Dec 182
/
1
4
197 Dec 71
277 Sept 2
8
Feb
7%Sept R
3 Dec 113 Feb
8
93 Feb
3 s Jan 7
7
214 Den
414 Dec 123 July
818Sept 3
4
3 Aug 30
/
1
4
14 Sept412 Feb
71413ept 6
27 Dec 15 Jan
3
1 Dee
312 Aug 26
5 Feb
/
1
4
15 Aug 31
44 Dec 5114 Feb
/
1
117 Mar 9
92 Oct179 4 Feb
3
8 Dec 123 Feb
5% Jan 13
8
16 Dec 6212 Feb
183 Jan 14
4
17 Jan 15
a
12 Oct4 Feb
21 Jan 15
312 Dec 394 Feb
223* Dec 6011 Mar
341 Aug II
/
4
108 Jan 8 105 Dec 14312 Mar
918 Dec 81 Feb
113* Mar 9
212 Dec 1612 Jan
414 Aug 27
7 Dec 201a Feb
12128ept 8
86 Mar 7
80 Dec 123 Mar
12 Sept 8
7 Deo 42 Mar
17 Oct1014 Feb
Os Aug 29
2
2 Aug 29
% Dec
6 Jan
% Oct412 Feb
112Sept 6
1238Sept
mar
Mat
Dec
10
8
4 4 Dec 16'
8114
814
45 Nov 28
25 Dec6912 May
2312 Feb 17
18 Dec 42 Feb
44 2 Jan 15
3
87 Dec 54 June
26 Sept 8
15 2 Dec51 Mar
7
65 Feb 13
50 Dec 901a Mar
48ep1 8
153
718 Dec33 8 Feb
3
11 Jan 9
8 Dee 213* Feb
5212 Jan 8
5212 Dec67% Mar
7 Apr 1
45* Dec 18% Feb
2012 Aug 30
141 Dec 81
Jan
4
35 Feb 13
24
Oct5712 Feb
333
8Sept 23
153* Dec 80114 Mar
1 Jan 22
4
99
8314 Dec126 Apr
84 Jan 5
68 Dec 123% Mar
1133
14
4Jan 23 11111 Oct 118 % Apr
7
8
F5
b
:
9 Mar
Dec
143
88ept 2
714 Dec 243 Mar
8
27 Mar 7
3
/ Oct3 May
1
4
/
1
4
214Sept 8
24128ept 8
5% Oct 26 Mar
24 Sept 29
5313 Oct 13
10 Sept 45 Mae
414 Jan 14
3 Dec 29% Feb
10 8 Feb 19
3
6 Sept 1512 Mar
38 Feb 23
20 Jan 60 Apr
1914Sept 8
9 8 Dee 31% Feb
3
19 Jan 9
/
1
4
13 2 Dec 41
7
Jan
11 Dec 2012 Jan
5 Sept 2
19 Aug 31
5 Dec 70 Jan
19 Jan 14
15 Dec 295* Aug
110 Mar 7 10014 Dec 115 Aug
37 Jan 21
2614 Dec 55 Feb
565 ;n 24
918 a 16
4 m
Dec
18% Mar 8
12% Dec3513 May
40 4 Oi:t n873* Mar
4
:8
272
73* Aug 30
814 Dec 1718 Jan
818Sept 9
45 Mar
4
17 Oct
8
11 Aug I
a Dec 1824 Feb
75 Jan 12
72 Dec 10112 Feb
4 4 Aug 26
3
13 Dec
4
81 Jan
8
1112 Aug 30
6 Dec 30 July
517
88ept 8
8
35
Oct 697 Feb
2414 Mar 7
184 Oct 343 Feb
4
/
1
9
/
1
48ept 8
513 Dec 2078 Apr
6512 Oct 4
Feb
89 Oct 91
67
14Sept 24
40 Oct el% Feb
132 Oct 15 110 Dec 146 may
21 Mar 8
16 Sept 2612June
1938 Aug 27
/
1
123 Dec 344 Feb
4
14 Mar 9
14 Dec 33 Feb
21 Mar 8
1312 Dec 5518 Feb
37114Sept 9
237 Dec 6312 Feb
8
80 Sept 8
56 Dec 99 Mar
5 Sept 10
23* Oct
613 API
2 8 Aug 12
7
Jan
4
5 July
4
Mel
128 Feb 2
1218 Oct 10 122714 Dec 1244 Jsa
7
16 8
27
6
1838Sept 8
10
Oct 2178 July
10612Sept 27
748 Deo 10215 Aug
4
214July 27
1 Deo
613 Feb
18 Jan 9
20 Dec 55 Jan
233* Mar 8
1
177 Dec 3198 Feb
8
113*&01 6
4 Dec 19 Mal
612 Jan 8 26 Sept 13
912 Aug 5 1514 Feb 17
5712May 3 80 Sept 13
10 June 2 283413ept 28
17 June 14 6013 Jan 14
412Sept 3
212 Jan 8
412 Apr 14 133
4Sept 7
13 Jan 8
4 Sept 3
% Mar 2
2I4Sept 2
14 Apr 13
314Se0t 2
43
4Sept 6
1 Dec 28
9 Aug 29
312June 2
112 Aug 5
%June 28
612June 2 14% Aug 23
1
48ep1 8
5 4May 31 133
13 Apr 21
312Sent 8
3 July 6 1313 Jan 14
9 June 1 207 Mar 10
*
/
1
4
89 Apr 13 105 Jan 13
912June 30 20 Jan 13
6 Aug 30
1 July 13
3 Apr 14 10128ept 19
2218 Den 17 3514 Jan 7
10 Dec 5214 Feb
13 Dec 25 Feb
60 Sept 10013 Ape
12 Dec 431k Feb
50 Dec 10614 Feb
7% Mae
2 Sept
71s Oct 273* Feb
43 Mai
4
/ Dec
1
4
5 Mae
% Nov
% Dec 1278 Jan
3 Sept
8 June
Co Dec 12 Vet
82 Feb
4
18 Sept
914 Dec 244 Feb
/
1
4
9 Dec 321 Feb
52
114 Dec 10 Feb
91 Dec 3338 Feb
12 Dec 3112 Jar
104 Oct 1255* Mar
s
155 Dec 39 Mal
112 Dec
8 8 Feb
7
2
5 Sept 241 Mal
35 Dec 7111 Mal
.
,
New York Stock Record-Continued-Page 6
301
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SIXTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Jan. 7.
Monday
Jan. 9.
Tuesday
Jan. 10.
$ per share $ per share $ per share
1612 1612 163 1638
8
*---63 •
4
5
*312 5
20
21
18
20
4,312 5
*312 5
2038 21
2038 21
47
4738 47
48 3
7
25
3 258 *233 258
6
618
6
618
3
4 1
1
1
58 7
5
6
6
*958 1014 10
103
8
212 24
212 23
4
*712 1312
712 712
18
1812 *1814 19
*212 3
234 23
4
412 458
43
8 458
5614 7
*6 4 714
3
3918 394 *38
45
*1612 177
8 177 178
8
114
113 15
8
112
*9
4 9 8 *914 10
7
*712 8
*712 8
2814 2918 2914 31
14
1438 1378 143
4
*22
27
*2312 27
4
1
12
1
*3
8
*3
8
53
5
8
14
141
1378 141
4
318 31
318 328
*512 612
614 614
16
15
1638 1838
*712 81
*74 81
3 4 314
3
358 334
58
101
*8
1012
1314 1324 1312 141
*214 3
258
258
*14 3
*114
2
36
403
394 405
8
138 13824 137 138
7
2 8
81
4 814
1738 1814 1718 173
4
•12
*12
7
3
8
1% 158 •218 31
1773 181
17
1812
26
28
*25
26
*4
51
218
*4
*5114 80
*5114 80
109 109
106 1063
4
57812 80
57812 80
14
1438 13% 1412
2058 2058 2014 21
3
Pi *5 4 6 4
3
*6
2218 2218 *22
30
7
4 814 *8
84
3
8
8
8
8
*2
213 *2
212
5
5
*54 512
3
3
*3
4
714 74 *712 8
Stock
9
*4
9
*3
*5
25
*8
25
Exchange
34
7
8
1
*18
2
218 *134 212
Closed
31
31
*31
3613
98 101
*9734 997
8
*106 110 .106 110
18
1818 1778 1814
2914 30
't 294 3Q84
*44
45
*4418 45
618 65
8
534 618
*71
727
73
73
712 71
*73
3 71
*27
3734
3734 *27
138
138
133 112
853 7
65
8 7
17
8 2
178 2
5% 6
3
58
8 58
214
214
218 24
*5
74 *5
712
*511 8
*54 8
12
124 1178 134
*96 10412 *96 105
4
4
438
418
813 87
97
7
3
8
35
35
36
3524
3
01s 31
30 8 307
8
3
4114 4218 41
43
738 733 *712 8
8
014 8111 *7912 81
234
278
258 23
4
*12
1212 *12
1212
12
12
*1112 1238
*5
7
*5
7
•12
14
12
12
0
3
7
3
5
3
53
238 212
214 212
•7
8
1
1
3
4
1
8
3
13
*12
1s
24 24
24 214
*55
8 578
512 51
•
113 114
14
118
305 305
8
8 3058 31
254 251
25% 2814
9214 9214 95
97
78
,
78
7
8
5
.4
6
13
13
*75___
77 78
•: 7
51
5
51
54 5i
*2913 30
*- -- 82
418 438
*814 9
*3
6
*1814 3912
512 57
8
*21
2 278
*24 5
*14
3
8
*412 6
78
7
4
11
11
*33
40
*44 6
*18
19
*2
278
*12
1512
•1
2
•I8
24
*4
*10
*75
77
*512
518
5
2913
__
414
*84
*3
•181
54
3
*218
*212
4,14
4
.458
7
8
11
*3353
*44
*18
*2
14
*1
*18
Wednesday
Jan. 11.
Friday
Jan. 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER MARS
Range for Year 1932
Ots basis of 100
-share lots.
Lowest
Highest
$ per share Shares, Indus. & Mlace11. (Cos.) Par $ per share $ per share
1712 173
4 3,100 McCall Corp
No par 10 May 31 21 Jan 14
1
412 McCrory Stores elan A No par
214
612 Dec 20 16 Apr 18
Class B
8,745
114 2
No Par
5 Dec 5 19 Jan 14
Cony preferred
512 1014 7,925
100 20 Dec 30 62 Fen 18
*312 5
McGraw- Hill Pub Co_No par
24May 13
712 Jan 7
10,700 MoIntyre Porcupine Minee_5 13 May 25 215 Dec 8
194 20
8
4813 484 9,500 McKeesport Tin Plate_No par 28 June 2 6214 Feb 19
2 8 25
5
8 1,800 MoKeeson & Robbins-No par
118June 1
612Sept 9
*55
e 618
Cony pref series A
800
318May 31 23 Feb 13
50
38
12 22,900 McLellan Stores
3
3July 6
No par
4 Mar 5
450
412 44
8% cony pref ser A
100
7 Dec 27 36 Mar 14
10 3 1053
5
500 Melville Shoe
No par
7 8 Dee 24 18 Jan 9
7
*214 212
500 Mengel Co (The)
5 Aug 29
1 July 20
1
8
*75 12
300 Mesta Machine Co
514May 28 1913 Jan 9
5
1718 1818
700 Metro-Goldwyn Plot pref-27 14 June 9 2214 Jan 14
*212 238
5
100 Miami Copper
112June 1
6148e06 8
48 4
5
53 8,600 Mid-Cont Petrol
33 Apr 9
4
No par
87
8Sept 7
*612 7
300 Midland Steel Prod
2 June 9 1238Sept 8
No par
*38
45
100
8% cum let prof
100 25 June 2 65 Sept 2
*1612 18
100 Minn-Honeywell Regu_No par 11 June 3 2312 Jan 18
138
138 2,000 Minn Moline Pow Impl No par
5
8June 8
318 Aug 27
100
Preferred
9
*6
No par
4 Dec 27 144 Aug 11
Mohawk Carpet MIlls_No par
*714 8
5l3June24 14 Sept 9
2912 29'z 3,800 Monsanto Chem Wks
8May 31 303 Mar 8
-No par 133
4
137 1414 112,700 Mont Ward St Co Ins_ _No par
8
312May 31
1812Sept 29
*25
100 Morrel (J) & Co
30
No par 20 May 14 3514 Mar 12
500 Mother Lode Coalition_No par
*14
as
13May 20
3 Aug 16
4
*38
100 Moto Meter Gauge&Eci No par
%
14 Apr 22
114Sept 8
*1212 1414 1,000 Motor Products Corp_No par
Z38June27 2938Sept 8
*34 314
500 Motor Wheel
65
2 June 10
3Sept 8
No par
*6
64
200 Mullins Mfg Co
2 June 1 1333 Jan 13
No par
*14
30
1612
Cony preferred
5 June 1 27128ept 2
No par
*712 612
Munsingwear the
7 Aug 17 1518Sept 8
No par
5
228 July 1
*338 3 8 1,700 Murray Corp of Amer_ _No par
94 Mar 2
*8
Myers F & E Bros
1012
No par
718June 30 19 Feb 13
137 144 40,600 Nash Motors co
8
8 May 31 1984Sept 8
No par
238 238
700 National Aome
514Sept 7
114May 25
10
*114 2
Nat Hellas Hess prof
IsMay 25
6 Sept 8
100
4012 20,000 National Biscuit
40
8
10 2014 July 1 467 Mar 7
137 13812
800
7% cum pref
100 101 May 31 14214 Oct 24
8
83
3 2,500 Nat Cash Register A--_No par z614 Dec 27 183
45ept 7
1612 174 37.300 Nat Dairy Prod
8June 29 3133 Mar 8
No par 143
32
14June 30
1
100 Nat Department Stores No par
3
*14
8
5
218 Aug 30
*12
8
*212 3
•213 24 *212 2 8
5
100
Preferred
100
114 Dec 22 10 Aug 27
184 17
: 18
1
1818 1812 18
3,700 Nat Meth Prod
No par 13 June 1 274 Aug 12
3
*24 8 26
26
26
26
*25
$2.50 preferred
300
40 2018May 31 3212 Feb 26
6ig *412 778 *412 7 8
glg
7
100 Nat Enam & Stamping_No par
818Sept 12
3 July 8
8s
80
*52
80
*53
80
552
National Lead
100 45 July 8 92 Jan 8
10614 10612 *106 10912 1,065
1064 107
Preferred A
100 87 July 12 125 Mar 11
*7812 80
12 80
*7812 80
*78
Preferred B
100 61 July 7 105 Jan 13
8
1414 1514 1412 14% 143 1412 18,800 National Pr & Lt
8June 2 2038Sept 6
No par
65
22
21
4,700 Nat Steel Coro
213
21
3 2012 21
No par 131zJulY 8 337
38ep1 3
63
*6
4 *54 63
4 *55
National Supply of Del
312June 2 13 Sept 6
3 624
50
10
*2212 26
30
*22
30
*22
Preferred
100 1312May 26 3914 Aug 29
7 4 724 1,900 National Surety
3
814
8
412July 8 1938 Aug 29
814
10
8
1,100 National Tea Co
5
73
4 8
753 8
753 7
No per
312May 28 104 Aug 20
Nelsner Bros
*2
21
*2
2'2
212 *2
No par
512 Jan 14
112 Apr 26
528
5
400 Nevada Consol Copper No par
5
5
*438 5
213M8y 31
10'4Sept8
*3
3
4
*3
4
3
200 Newton Steel
l53June29
No par
812Sept 6
4 9
200 N Y Air Brake
83
4 *73
•73
4 83
4 9
No par
414June 13 1412Sept 7
*312 9
9
*4
New York Doak
9
*4
34 Dec 28 10 Sept 8
100
*8
25
*8
25
*8
25
Preferred
100 20 Apr 9 30 Aug 17
700 N Y Inveetors the
7
*3
4
12June 2
%
*3
7
4
8
7
8
3 4 Aug 29
3
No Par
*17
8 2
2
8 2
2
*17
800 N Y ShIpbldg Corp part etk- _ I
15 Dec 21
8
614 Feb 29
3612 *32
3612 *32
*32
7% preferred
90
3612
100 20 June 2 57 Mar 2
98
98
9712 98
240 N Y Steam $8 prof
9818 9812
No par 70 May 28 100 Oct 26
110 110 *106 110 *106 110
20
$7 1s1 preferred
No par 90 June 4 10918 Mar 14
1778 1818 1753 1828 1712 173
4 5,900 Nortunia Mince Ltd
5
No per 10 4MaY 31 213813ept 8
8
305 3112 297 31
8
2953 304 51,000 North American Co
No par 13114June 2 43146 pt 8
45
45
46
46
*4512 48
Preferred
200
60 2512July 11 248 Sept 8
64 63
8
5 4 618
3
53
4 54 15,400 North Amer Aviation
65 Dec 31
8
5
114MaY 31
8414 *75
*75
774 *7418 81
200 No Amer Edison pref Nopar 49 July 13 88 Sept 6
100 North German Lloyd
3 712
*714 712 *714 712 *73
25
8June 20
8 Jan 21
*27
373 *27
4
373 *27
4
Northwestern Telegraph-50 15 June 3 33 Aug 30
378
4
112 2
112 214
13
4 2
4,000 Norwalk Tire & RubberNo par
4
3 Feb 9
212 Aug 30
77
7,400 Ohio Oil Co
5 Jan 5 11 Aug 10
No par
7
74
7
718
8
2
2
24 25
17
3 2
5,900 Oliver Farm Equip__ _No par
12 Apr 28
4 Aug 6
614 63
3 *518 612 *513 6'±
Preferred A
900
212May 24 1014 Aug 25
No par
2
218
*218 214
2
218 2,200 Omnibus Corp(The) TON° par
112 Jan 4
4
43 Mar 8
712 *5
*5
712 *5
Oppenheim Coll & Co No par
3 June 7
7'±
94 Jan 21
*54 8
54 514 *43
4 8
10 Orpheum Circuit Inc pref_100
314June 16 15 Sept 9
1214 Mg 1214 123
4 1214 1212 11,500 Otte Elevator
No par
9 May 31 2212 Jan 8
100 100 •101 10434 *100 105
10
Preferred
100 90 May 26 108 Nov 25
414 438
37
4
4%
4
5,300 Otis Steel
No par
914Sept 7
114May 27
8% 10 4
912 107
8
3
812 84 1,280
Prim preferred
100
3'eMayl9 2038Sept 6
354 3514 34
34
344 3514 2,20(1 Owens-Illinois Glass Co_-25 12 June 2 4214 Nov 10
30 3 3114 303 307
,
8
s 30
303 14,000 Pacific Gas & Eleotrie-__25 167
8
8June 1 37 Feb 13
4234 433
8 4214 43
42
42'2 7,500 Pacific Ltg Corp
3
No par 20 4June 2 474 Aug 29
8
8
812 812 *8
91
280 Pacific Mills
100
314May 26 14 Aug 29
81
81
804 813
1
4 81
8138
170 Pacific Telep & Teleg
100 58 June 1 1043 Mar 5
4
258 2 s
1
25
253 23
2 4 8,000 Packard Motor Car___No par
3
514 Jan 11
112July 8
121: 124 *12
25
*12
24
100 Pan-Amer Pete & Trans____5
6 July 11
14 Sept 19
•1112 123 •1112 123 51113 123
3
8
8
Class B
100
5
71 1July 19 141213ept 14
*5
7
*5
7
*5
7
Park Tfiford Inc
No par
2 Apr 28 10 Sept 6
411
44
12
1
.11
200 Parmelee Transporta'n No par
5
s
'*June 1
2 Jan 8
*12
3
4
*12
3
100 Panhandle Prod & Ref-No par
*12
3
114 Jan 15
14 Dec 20
238 212
2
21s 34,800 Paramount Publlx
2
23*
10
112May 28 1112 Jan 14
7
8
1
7
1
%
1,100 Park Utah C M
7
1
lig Apr 14
2 Sept 9
53
•12
15
•12
400 Paths Exchange
3
2
No par
14 Aug 29
14May 12
*13
214
4 218 •2
2
2
300
Preferred class A
No pot
114June 1
5 4 Feb 17
1
*53
4 6
58 5
7
7
55
8 5 8 1,200 Patina Mime & EnterprNe per
5
312July 14
91213ept 6
1
1
1
1
*118
114 1,200 Peerless Motor Car
%June 8
3
41 Apr 12
4
3012 311 ' 3 31
530 4
3012 30 4 2,700 Penick & Ford
3
No per 16 June 8 8234 Mar 8
281 2718 2818 27
2512 2812 28,700 Penney (J Cl
No pot 13 May 81 3412 Mar 8
98 10222 100 102'4 101 10212 15.285
Preferred_
100 60 June 1 91 Mar 6
78
78
7
.78
1
711
78
400 Fenn-1)1xle Cement
-No par
12 Apr 14
212 Aug 29
6
*4
6
•4
6
•4
6
Preferred series A
100
11 Nov 2
8 Sept
*13
15
15
•13
15
*13
15
100 Peoples Drug Store_ --No par 12 Oat 3 1612May 14
17
*75
__
*75
79
*75
79
614% eon* preferred_-_100 5018July 8 96 Feb 23
7612 ---1
77
78
764 7738 75
7614 2,700 People's 0 L & C (Chlo)--100 89
July 9 121 J 916
*61
7
: 7
*612 7
.612 7
Pet Milk
No par
5 DecDeo 7 1212 Jan 7
5i
5
514 5%
51g
5'8
51s 5,700 Petroleum Corp of Am_No par
23
4May 5
53
8
7828e96 6
533
538
54 512
54 512 7.900 PhelPel-Dodge Corp
25
37
8June 1
1153Sept 8
2912 30
31
3012 3012 *3012 34
400 Philadelphia Co 6% pret
51
18 June 3 41 Mar 10
62 *.___ 62 *____ 62 •____ 62
16 preferred
No par 48 June 27 76 Sept 7
424
414 41
418 414
4
4
2,600 Phila & Read 0 dc 1.
--No par
2 June 27
7 1Sept 9
1
*814 8
83
1
*814 83
4 *814 8 4
1
Phillip Morrie & Co Ltd___10
7 June 1 13 Aug 22
8
*3
*3
6
6
*3
6
Phillips Jones Corp---No par
812 Apr 25 121
48ept 22
39% *1814 3912 *1814 3912 •
1814 39'±
Ph Illps Jones prig
100 10 Apr 26 32 Feb 10
51
4 6
6
57
6
8 8
8
57
12,900 Phillips Petroleum
No par
2 June 1
813Sept 6
8 *Vs 2 8 •23
272 •23g 27
7
8 2s
Phoenix Hosiery
8
2 Nov 25
918 Aug 27
*212 5
5
*212 5
•
212 5
Pierce-Arrow clam A--.110 par
1
114June 1
9 Jan 13
.14
3
8
3
8
3
8
4
8
14
14
600 Pierce Oil Corp--......
26
14 Jan 2
%Sept 1
*5
6
6
*43
4 8
43
4 43
200
Preferred
100
3
12 Jan 5
9 Aug 9
1
•3
4
7
8
7
8
7
8
78
7
2,300 Pierce Petroleum
No par
12May 17
1%Sept 30
11
1118 1188 1,000 Millbury Flour Mille_ No par
11
1 18 11% 11
9'i Dc 29 2212 Jan 9
*3314 40
40
*323 40
4
*3318 40
Pirelli Co of Italy Amer shares_
21 June 2 313 Mar 18
4
6
*512 6
*512 6
54 54
100 Pittsburgh Coal of Pa
100
3 May 4 115313ept 8
*18
19
19
*1814 19
*1814 19
Preferred
Ion
17 Deo 28 40 Jan 28
278 *2
*2
3
3
*2
3
Pfttob Screw & Bolt__ _No par
2 Ape 12
47 Aug 16
8
14
15
15
21
*15
*15
21
50 Pltta Steel 7% sum pref.-100
912June 29 2414 Sept 12
2
•1
11
*1
11
*3
4 112
Pittsburgh United_ _ _ .....25
5 Dec 29
8
3 4Sept 7
3
*21
2314 24
24
2412 *21
10
2412
Preferred
100 14 May 17 44 Sept 6
$ per share
163 17
4
*3
48
7
*312 47
8
16
17
*312 5
2018 2012
4853 5018
2158 24
8% 61
1% 1
6
6 18
107 107
8
3
*214 212
74 718
1818 181s
*212 28
412 478
612 612
45
*39
*1612 18
112 11
9
14 914
*714 8
304
30
1412 15
2518 251
*18
38
5
*8
8
3
8
147 147
34 31
64 S'±
161
*15
.712 61
3 3 33
5
101
8
1412 151s
*212 3
*114 2
4018 41
138% 138's
812 838
173 18
8
• old and asked mires no sales on this day 8
Thursday
Jan. 12.
$ per share
1714 173
4
112 3
112 312
714 147
8
*312 5
1912 2018
485 493
8
4
8 21
25
8
.53
4 812
7
8
2g
478 618
*1012 1114
*214 212
*758 12
1812
*18
*212 253
45
4
5 43
612 612
*38
45
*1812 18
*114
112
*6
914
*714 8
30
30
14
143
4
*25
30
•
18
3
3
%
is
1412 141
*318 31
6
6
*14
161
*74 gi
34 338
*8
101
1418 143
4
2 8 21
3
*114 2
4053 41
137 1377
7
812 812
174 1712
Ex01110.nd an 1 .4-rigta.•
3 Ex-dividend
PER SHARE
Range for Previous
Year 1931,
Lowest
Highest
$ per share $ per share
1512 Dec 36 Jan
15 Dec 5134 Feb
1412 Dec 5153 Feb
54 Dec 9313 Mar
6 Dec 29 Feb
12 Oct 2612 Mar
3812 Oct 10312 Apr
33 Dec 17 Jan
3
15 Dec 373 Feb
8
112 Dec 104 Mar
2812 Dec 70 June
1412 Dec 34 Mar
2 Sept
812 Feb
17 Dec 223 Dec
8
15 Dec 27 Apr
23 Sept 105 Feb
4
8
4
5 Oct 163 Jan
7 Oct 3112 Feb
3514 Oct 94 Feb
15 Dec 5812 Feb
114 Dec
74 Feb
618 Dec 48 Mar
8
7 4 Dec 215 Mar
3
1614 Oct 2834 Aug
65 Dec 2914 Feb
8
28 Dec 58 Feb
14 Sept
8 Feb
4
5 Dec
8
44 Mar
15
Oct 475 Apr
8
5 Dec 197 Feb
8
814 Dec 367 Mar
8
20 Dec 7214 Mar
11 Dec 3114 Jan
5 Oct 188 Mar
4
20 Oct 4512 Mar
15 Dec 407 Mar
3
213 Dec 10 4 Mar
3
3 Dec 32 Feb
7
363 Dec 833 Feb
8
4
11912 Dec 15314 May
718 Dec 39 4 Feb
3
20 Dec 504 Mar
74 Feb
12 Dec
47 Dec 60 Jan
4
16 Dec 361s Feb
514 Dec 2778 Feb
1784 Dec 132 Jan
111 Dec 143 June
100 Dec 120 4 July
3
1014 Dec 4414 Feb
1812 Oct 5813 Feb
5 Dec 7014 Feb
20 Dec 111 Feb
310 Dec 7612 Mar
614 Dec 247 Mar
3
3 Dec 2514 Feb
43 Dec 1414 Feb
4
214 Dec 24 Feb
412 Dec 25 Jan
714 Dec 374 Jan
20 Sept 80 Jan
11 Dec 1318 Jan
213 Oct
74 Aug
40 3 Oct 71 Aug
5
8018 Dec 1071 Mar
4
94 Dec 118 Apr
10 Oct2912 May
26
Oct9014 Feb
401: Dec 57 Mar
23 Dec 11
3
Apr
79 Dec10712 Aug
4 Dec 3538 Apr
21 Dec 4712 May
12 Jan
2 Nov
518 Dec 1912 Jan
III Dec
53 Feb
3
218 Dec 26
Jan
153 Oct
64 Mar
818 Dec 2812 Feb
44 Dec 72 Mar
1618 Dec 5813 Jan
97 Dec 1294 Mar
313 Dec 163 Feb
8
8 Dec 691 Feb
:
20 Dec 393 Jan
4
2953 Oct 547 Mar
8
35 Oct 691 Mar
:
4
73 Dec 2614 Mar
29314 Dec 1311 Mar
4
34 Dec 117 Feb
8
3 Sept 11 Mar
1 Dec
47 Jan
3
5 1)ec
8
414 Feb
513 Dec 5014 Feb
7 Sept
3
214 Mar
14 Dec
278 Feb
838 July
118 Dec
413 Sept 1511 Feb
2 Oct
45 Feb
8
22 Oct 4612 Feb
265 Dec 441‘ Aug
4
79 4 Dec 10014 Sept
3
14 Dec
518 Feb
212 Dec 29 Jan
15 Dec 3518 Mar
78 Dec 10414 Aug
107 Dec 250 Feb
9 Dec 1712 Jan
2 2 Dec 10 s Feb
7
7
578 Dec 256. Feb
110 Dee 5612 Mar
60 Dec 1023 May
4
2 4 Dec 1214 Mar
1
8 Dec 121s Ault
9 Dec 1472 Nov
12
36 Dec 52 Jan
4 Dec 181 Jan
4
312 Dec 1014 Apr
54 Oct2714 Feb
/
1
% Dec
112 Feb
1
32 Dec 233 Feb
4
12 Dec
353 Feb
191 Dee 87 Mar
2612 Sept 393 Mar
4
4 Dec 2812 Jan
273 Dec 80
4
Jan
3 Dec 1514 Feb
217 Dec 87
8
Jan
1
Dec 15 Feb
40 Dec 9953 Feb
I.
New York Stock Record-Continued-Page 7
302.
Ian. 14 1933
IITFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SEVENTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Jan. 7.
Monday
Jan. 9.
Tuesday
Jan. 10.
Wednesday
Jan. 11.
Thursday
Jan. 12.
Friday
Jan. 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 100-share lois.
Lowest
Highest
8 Per share $ per share 3 per share $ per share $ per share 8 Per share Shares. Indus. & Miscall. (Con.) Par 8 Per share
83
4
112
12 Dec 17
Pittston Co (The)
No par
*34 112
.34
112
*14 112
*3
4 112
838 Nov 25
912 912
9
912
5
4 9
9
938 2,000 Plymouth 011 Co
•83
9
9
Poor & Co class B
112May 25
No par
*234 34 *23
8 318 *234 34 *23
4 318 *27
4 312
114May 27
-Am Tob ol A No par
400 Porto Ric
*2
24 24
3
3
234 *2
23
4 23
4
3
24 3
1
*7
8 1
*7
2 1
%May 6
Class B
No par
*72 112
1
1
*72 1
200
7
*6
7
7
714 73
8
612 612
114 Juke 6
700 Poeta!Tel & Cable 7% pref 100
612 612
812
june 2
Prairie 011 & Gas
25
*528 6
*534 6
*558 6
*522 6
*558 6
512June 2
25
100 Prairie Pipe Line
*8
838 *77
8
8
8 83 •73
*73
4 8
2
4 88*
34June 1
No par
1
1
118
1
118 *1
4,400 Pressed Steel Car
7
8
3
4
7
8
7
8
8 37
314 32
8 *33
33
8 33
8
312 312 *314 312
258June 13
Preferred
100
820
8
8June 30
No par 197
2812 29
2814 2834 2712 2888 2518 2714 2514 263 13,600 Procter & Gamble
4
5% pref (ser of Feb 1 '29) 100 81 July 6
140
*101 102 1017 102 103 104 10412 10412 103 104
*3
8
12
2
8
2
8
18May 25
38
38
28
38
600 Producers & Refiners Corp_ _50
.38
12
*41
53
4
Preferred
60
10
1 May 10
4
*318 4
*34 4
4
*318 4
5312 545
8 54 5514 54
5312 54
543
4 5312 5414 13,200 Pub Set Corp of N J___No par 28 July 11
$5 preferred
No par 82 June 30
1,000
8312 8612 88 88
8634 8712 *8512 867
87
2 86
100 7112June 2
99 997 10018 10018 10038 10038 100% 10078 10078 100% 1,300 6% preferred
8
100 9212May 27
11134 11134 11212 11212 111 113
7% preferred
110 111
800
*10814 110
8% preferred.....- 100 100 July 8
100
125 125 *126 135 *126 135 *126 135
126 133
800 Pub Ser El & Gas pf $5.No par 83 June :103 103 103 103 10312 10312 103 10312 102 102
No par 1012June 2
21
22% 2114 2214 2112 2212 22
2272 22 2214 23,000 Pullman Inc
278June 2
25
358 334 4,000 Pure Oil (The)
358 3%
358 334
312 378
34 312
100 50 Jan 5
30 8% cony preferred
62 62
*62 67
61
61
*60 65
*61
65
438May 25
No par
94 914
938 10
81
4 914 5,500 Purity Bakeries
88 9 4
7
3
9
94
212May 26
512 534
538 58
5% 538 32,700 Radio Corp of Amer.....No par
53
4 6
588 57
50 10 June 2
Preferred
18
*17
20 *17
19 "1614 18 *16
19 *16
838May 31
Preferred B
No par
1012 1034
1112 1012 118
9 4 1014 6,900
3
11
113
4 11
112June 1
No par
3,900 Radio-Keith-0mb
3
3
3
314
312 314
3
3
312 388
438 July 11
73
400 Raybestos Manhattan_No par
7
7
712
712 712 *7
4
*63
4 Vs *63
218July 18
*612 7
7
900 Real Bilk Hosiery..... - _ _10
*612 7
7
634 7
64 64
7 June 23
100
_ *2418 __ _ *22
_ *22 -- . ...... Preferred
*22 __ _ *22
*14
12
*14
12
*14
12
*14
12
*14
12
ls Apr 12
No par
Reis (Robt) dc Co
100 el Dec 31
let preferred
3
4 3 4 *112 3 4 *112 34 *112 312
1
4 *13
*112 33
1 May 28
1
388 4,700 RemIngton-Rand
388
37
8 3%
38 4
312 4
312 4
100
4 JUnd 3
let preferred
100
17 *1014 17 *1014 1418 *1018 12
10 10 *10
6 June 14
26 preferred
100
*9
18
18
18
*9
*9
18
*9
*9
18
14 Apr 4
10
1,300 Reo Motor Car
4 2
134
134 *11
8
13
4 17
* •13
4 17
13
4 17
8June 2
17
714
612 7 11,900 Republic Steel Corp-No par
658 7
7
64 714
63
8 68
6 June 28
1414 15
100
14
1434 1338 1338 2,400 6% cony preferred
1214 14
1214 1212
I July 6
*138 2
*138 2
200 Revere Copper & Brasa_No par
114 114 *138 2
*118 112
2 Dec 29
No per
*214 912 *214 613
*214 10
Class A
*214 5
*214 5
558July 20
No par
600 Reynolds Metal Co
9
*8
9
8
818 818 *8
8
8
8
3 Feb 23
No par
100 Reynolds Spring
612 612 *512 612 *512 612 *512 612
•512 612
2958 30
2978 3012 3038 313 45,700 Reynolds(R J) Tob class B_10 2612June 30
29
2972 2914 30
4
4
10 64 May 2
Claw A
342
60 60
60 60
60 60
60 6018 60 60
14June 23
12
12
12
12
12
12
.28
%
12
12 1,000 Richfield 011 of Calif__ _No par
4 July 12
No par
*7
10
1
.7
11
*7
11
Ritter Dental Mfg
*7
11
*7
10
5
112May 28
47
414 412
434 518
458 458 1,600 Rosela Insurance G
*414 412
5
21
2114 203 207 *2012 2078
2114 2012 21
800 Royal Dutch Co (N Y shares) 1218 Apr 21
*21
4
8
458July 13
10
812 834
8
812
812 838
814 814
8
83
* 5,900 St Joseph Lead
No par 30's July8
41
4134 40% 4112 414 4258 4112 4214 414 4214 8,300 Safeway Stores
100 60 May 26
6% preferred
*8312 85
84 84
200
*837 85
2
3
*8312 894 *83 4 85
100 89 June 2
7% preferred
963
4
4
9612 *9414 963 *94
9612 *94
*94
9634 *94
14 July 14
*318 434
*318 3
*3
414 *318 5
600 Savage Arms Corp_ _No par
212 3
12 Dec 28
114 114 *114 112
112
*I
114 *I
300 Schulte Retail Stores__No par
I
1
100
5 Oct 2 i
7
.512 7
Preferred
20
*6
7
7
512 7
7
7
No par 18 May 81
31
*29
31
10 Scott Paper Co
*29
*29
31
31
31
*30
31
1914 192
4 19
is% 19
8
65 Apr 12
1914 1812 1812 1814 1814 5,800 Seaboard 011 Coot Del_No par
1 Apr 12
No par
•114 2
*114 2
*114 2
*114 2
Seagrave Corp
*114 2
7
9 8June 28
214 224 2012 2112 2018 2034 32,900 Sears. Roebuck & Co No par
2034 2112 2014 22
1
2
2
214
214
12July 5
*2
212
2
2
600 Second Nat Investors
.214
24
3
Stock
1 2114June 22
34 *32
34
34 34
Preferred
200
3434 *3312 35
*33 34
%May 4
No per
Seneca Copper
Exchange
*14
%
*14
3
8
*14
12
"
14
3
8
•14
%
1
112June 25
214
178 2 ' 2
2
24
218 5,000 &viol Inc
2
2
218
9t2
9
94 ' 9
914 92
2
No par5 May 28
8% 938 4,600 Shattuck (P0)
Closed
914
3
18
34 314
*318 4
4
,34 4
314 314
112 July
3
314
No par
600 Sharon Steel Hoop
8,7une 13
17
No par
1,900 Sharpe & Dohme
3% 37
33
4 4
32 4
2
2
312 37
3 4 38
3
*2212 25 *22
Cony preferred set A_No par 1112July 21
25
25
25 *22
.2012 25 *22
58
514 588
54 542
24 Apr 23
No par
5,400 Shell Union 011
5
538 512
538 512
4412 4412 4412 4412 4412 43
100 18 May 31
44
Cony preferred
700
43
44
44
Shubert Theatre Corp_No par
'*June 2
234.1une I
No par
714 712 4,800 Simmons Co
74 814
75
8 74
3
7
74
3
8
73
4 77
10
814 Apr 8
600 Simms Petroleum
4
53
4 53
4 6
614 614
*512 6'4 *584 614 *53
312 312 *312 4
25
300 Skelly 011 Co
24 Feb 8
338 322
312 312 *312 4
100 12 Jan 4
*2372 257
Preferred
300
2512 2512
2 2514 2514 25 25
*2334 26
*212 3
Snider Packing Corp __No par
17 Dec 30
8
*232 312 *232 34 *212 312 *212 3
25
514May 31
3
713 7 4 21,100 B000ny Vacuum Corp
7
2
75
8 72
712 77
714 Ps
714 Ps
6518 64
2,300 Solvay Am Invt Tr pref_100 35 June 28
63 63
64
64 *64
61
*61
69
44 Apr 12
-No par
3,700 So Porto Rico Sugar
8
157 1618 1578 16
1638 163
4 1618 1714 1612 17
Preferred
100 8612May 27
60
115 115 *112 115 11314 11314 115 115
114 114
, 8,800 Southern Calif Edison
1
25 15 4June 2
278
27
2714 27
2612 2738 2714 28
2612 27
114May 28
Southern Dairies el 13--No par
*112 5
*112 5
*112 5
*112 5
*118 5
412July 7
400 Spalding (A CO & Broe_No par
414 553
*47
8 7
*47
8 7
*47
8 7
3
5
100 25 Dec 30
50
1st preferred
50
50 *29
27
27 *25
*2518 29 *2518 29
Spang CbalfantdrCo'MONO par
*412 8
81 Mar 7
4
*412 8
*412 8
*412 8
*412 8
Preferred
100 15 Nov 30
*1712 33
*1712 33 *1712 33 *1712 33 *1712 33
1 May 28
600 Sparks WithIngton--No par
178 2
2 2
17, 13
178 17
2 *17s 214 *17
No par
20 Spear & Co
12July 8
3
4
*12
3
4
*12
*12
3
4
12
12
*12
N
8 May 4
200 Spencer Kellogg & Bone No par
9
9
10
10
*9
*9
10
*9
*9
10
No par
100 Spicer Mfg Co
3 Dee 19
534
334 *3
512 512 *5
*5
534
"5
6
No par
912June 1
Cony preferred A
4
4
*1234 1818 *123 1812 •1234 1812 *1234 1812 *123 Ms
58May 31
200 Spiegel-May-Stern Co_No par
*212 312 *212 312 *212 314
212 3
*238 312
838June 2
No par
1512 19,600 Standard Brands
1512 1522 151g 1512 1512 1522 1512 1532 15
No par 110 June 2
Preferred
300
8
123 123 *121 12312 *12114 123 *1217 12312 12178 12178
/July 20
1
4
200 Stand Comm Tobacco_No par
112
112 *1
112 •1
114
114 *1
•1
114
758June 2
153
4 1412 1512 13,400 Standard Gas dr El Co_No par
153
4 15
1414 143
4 15
1414 147
Preferred
No par
914June 2
2412 2412 2314 2314 2,700
227 2312 237 25
23
2314
*41
45
45
45 *41
$6 oum prior pref--No par 21 July 19
43 *41
*41
43 *41
No par 28 June 3
57 cum prior pref
200
4612 4612 *4612 50 "4612 4958 *4612 4958
*4012 48
*78
I
14June 24
*78
1
Stand Investing Corp_ _No par
*7
8 14
.78
1
*7
8 1
2,200 Standard 011 Export pref...100 z 81 June 9
9912 100 100 10018 100 10014 998 100
9978 100
2538 6,900 Standard 011 of Calif __ _No par 1512.1une 2
2512 25
258 25
25 2534 2434 2538, 25
1614 3,200 Standard 011 of Kansas
7 Apr 7
25
•1528 16
1512 1512 1512 1512 1512 1612 16
8
2 3072 3114 19,000 Standard 011 of New Jersey_25 197 Apr 23
3
304 3138 3014 3138' 3034 3138 30 4 313
100 Starrett Co (The) L IL No par
6
8 July 12
*3
6
.3
*3
6
3
5
*5
8
',May 21
1
1
7
8 1,000 Sterling Securities el A _No pa
*58
*3
4
7
8
7
8
%
7
8
%
13JUly 11
100
*112 2
No par
*112 238 *15, 2% *112 2
2
2
Preferred
400
23 *2212 24
22
22
*2134 22
Convertible preferred_ ___50 1812June 2
2338 2334 23
172May 26
312 334
352 312
33
2 312 4,5C0 Stewart-Warner Corp
10
312 334
312 35
438July 3
No par
15.700 Stone & Webster
872 912 .9
912 10
934 1058
934
9% 1018
212May 28
54
42
8 4
/
1
4
5
412 458 17,800 Studebaker Corp (The) No par
478 518
518
5
100 30 Nov 25
250
3178 347
33
3338 33 33
33
Preferree.
33
3434 33
4
38 *36
36
3618 *36
No par 243 Apr 13
38 "36
200 Sun 011
38
38 *36
100 68 July 18
93 95
93 943
540
*93
95
93
Preferred
4 92
93
937
*938 97
98
4
*938 9% *95
7 June 11
938 97
300 Superheater Co (Tbe)....No par
8 9%
983
14 Jan 6
1
*78 1
*34
1
112
No par
114 112
112
112 14.700 Superior Oil
214May 26
100
414
4
5
414 458
3
1,100 Superior Steel
4
4
*3 4 45
5
2 *3 4 4 8
11* July 19
*232 1012 *23 1012 *23* 1012
*238 101
*238 101
Sweets Coot Amer (The).-50
8
28
1
*3
8
7,
*3
2
7
2
14 Mar 31
.2
8
7
No par
8
*38
78
4C0 Symington Co
4May 28
No par
Clam A
*14
7
8
7
8
*3
4
500
3
4
3
*3
4
7
8
7
8
7
3
*87
8
6 July 20
*878 9
91
9
9
*9
Corp-No par
912 z9
300 Telautograpb
9
1 May 25
*218 238 •
*218 21
2
No par
*212 28
232
2
200 Tennessee Corp
2
914June 29
1334 1418 1312 137
25
1312 137
8 1334 14
1314 1334 7,500 Texas Corp (The)
12 July 6
241g 2322 2414 2334 24
2312 2334 2312
2312 2422 18,700 Texas Gulf Sulphar_No par
112 Apr 12
*11 178 *158 I%
/
4
10
/
4
15* 134
*158 11 *15* 2
200 Texas Pactfle Coal &OIL
212June 2
5
512
6
5
5
5
5
6
47
2 6
3,400 Texas Pacific Lan I Trust- -1
2 Apr 6
No par
*514 614
612 612
614 614
300 Thatcher Mfg*5 4 73
3
4
6
6
No par 2212 Apr 19
"3014 35 *3014 35 *3014 35 *3014 35 *3014 35
23.60 cony prof
212 Dec 23
414 *3
414
414 *3
No par
414 *3
*3
414 *3
The Fair_
35 *30
35 *30
35
100 38 July 28
43 *30 35 *30
*30
7% preferred
%June 2
112 112
112 112 *112 172
112 112
500 Tbarn201d CONo par
112
112
1638 •1412 165 *1412 16'z
8
16
1 10 May 31
15
15
300 Third Nat Investors
*1412 16
• Bid and asked prices: no sales on this day. z Ex-dividend. v Ex-rights.
e Cash sale.
PER SHARE
Range for Previous
Year 1931.
Highest
Lowest
5 per share $ per share 3 per share
3 Sept 12
538 Dec 1814 Jan
12128ept 29
1358Sept 8
3 Oct 13N Jan
658Sept 8
2 Sept 27 Feb
234 Aug 16
58 Sept
8 Feb
174Sept 8
4 Dec 3912 Jan
44 Dec 2088 Feb
912Se94 7
12145e94 6
5 Dec 2612 Feb
/
1
4
4 Aug 30
114 Dec
718 Feb
17 Sept 7
54 Dec 4758 Feb
423 Jan 14
4
3688 Dec 7114 Mar
10312 Dec 28
97 Dec 11212 Sept
158 Mar 9
1 Dec
6 Feb
934 Mar 30
8 Dec 16 Feb
60 Mar 7
4918 Dec 9612 Mar
90785ept 6
78 Dec 1024 May
10212 Aug 25
92 Dec 1204 Aug
114 Mar 10 11212 Oct 1393 Aug
4
1304 Mar 5 118 Dec 16012 Aug
8714 Dec 10714 Aug
10312 Dec 2
28 Sept
1514 Dec 5812 Feb
612 Aug 2
314 Dec 1178 Jan
80 Aug 2
5312 Dec 10172 Jan
157 Mar
1034 Dec 554 Mar
54 Dec 274 Feb
1312Sept
20 Dec 5518 Mar
3278 Jan 1
2358Sept
94 Dec 60 Mar
45*94
73
4 Dec
232 Dec
84 Dec 294 Mar
x123 Aug 3
4
812Sept
178 Dec 3078 Feb
30 Sept
5 Dee 90 Feb
11213ept
17 Jan
8
Is Dec
6 Sept 13 Apr
758Sept
178 Dec 193 Feb
;12 Aug 2
4
614 Dee 88 Jan
29 Aug 3
10 Dec 98 Jan
3112 Aug 3
2% Dec 1018 Feb
"%Sept
412 Dee 2518 Feb
1373Sept
818 Dec 64 Feb
287 Sept
8
218 Dec 13 Jan
814Sept
1212 Aug 2
6 Dee 30 Jan
1178Sept 2
8
7 Sept 223 Mar
212 Oct 1814 Mar
1278Sept 9
4014 Jan 14
324 Dec 5412 June
7118June 13 69 June 754 Feb
14July 26
/
1
18 Dee
6 Jan
/
1
4
12 Oct 3
53 Dee 4114 Mar
4
814 Dec 26 Feb
912 AU 23
23348ept 7
13 Dec 4258 Feb
4Sept 8
7 Dec 303 Feb
173
8
5914 Mar a
3838 Jan 6912 Aug
90 Oct 3 6314 Dec 9818 Sept
99 Oct I
71 Dec 1084 Aug
738 Feb I
338 Dec 2014 Feb
4 Jan 13
8 Dec 1118 Mar
30 Jan 5
30 Dec 65 Mar
42 Feb 13
3612 Dec 51 Aug
4
2038 Dec 31
54 Oct 203 Apr
234 Jan 21
24 Dec 11 Feb
3714 Jan 18
8014 Dec 6314 Feb
8 Aug 30
611 Feb
1 Dec
4
36% Aug 25
27 Dec 5818 Feb
IN Feb
1 Aug 30
4 Sept
84 Dec 113 Apr
5 8 Jan 13
3
4
814 Dec 294 Feb
123 Mar 8
4
24 Dec 1378 Feb
48ePt 8
73
7 Sept 8
818 Oct 21 Mar
3014 Jan 18
28 Dec 6112 Mar
212 Dec 1014 Jan
83
4Sept 7
15 Dee 78 Feb
65145e1)6 7
1% Aug 10
93 Mar
4
4 Dec
13
/
1
48ept 27
6 Dee 2334 Feb
/
1
4
712 Aug 25
34 Dec 11 Feb
53
2 Dec 127 Jan
413eDt 6
8
83125ept 7
10 May 62 Jan
712Sept 6
1214Bept 6
8 Dec 21 Aug
/
1
4
67 Sept 6
40 Dee 95 Mar
191413ept 8
014 Dec 1712 Jan
1124 Dec 28
87 Oct 11212 July
32 Feb 19
/
1
4
28 Oct 5412 Feb
/
1
4
3 Feb 26
5 Mar
24 Sept
12 Jan 12
8 Dec 36 Jan
95 Jan 9 94 Dec 1154 May
9 4 Mar 3
1
9 4 Dec 274 Feb
3
4812 Jan 2
4812 Oct 9212 Jan
5 Sept 8
8
2 Deo 135 Mar
4 Feb
% Dec
114 Apr 28
9 Sept 164 Mar
11 Sept 8
4
6 Sept 173 Feb
872Sept 7
18 Sept 7
1114 Dec 3312 Feb
5 Aug 29
3 Dec 1712 Mgr
1012 Dec 204 Feb
1778 Aug 27
123 Dec 28 1143 Dec 124 July
4
4 Feb
2 Jan 4
11 Dec
4
8
3414 Mar 8
2518 Dee 883 Mar
/
1
2978 Dec 644 Mar
4114 Jan 14
40 Dec 101 Mar
6212 Aug 24
55 Dec 1094 Mar
75 Jan 15
414 Feb
214 Aug 25
/ Dec
1
4
874 Dec 106 Sept
10012 Dec 24
2318 Dec 5114 Feb
817813ept 7
7 4 Dec 19 Jan
/
1612 Aug 20
26 Dec 524 Feb
3732Sept 6
6 Dec 8414 Feb
48%4 7
83
572 Feb
2%Sept 7
12 Dec
988 Feb
111s Dec
4 Sept 8
1618 Dee 40 Mar
26 Aug 27
8
42 Sept217 Mar
4
8128ept 8
97 Dec 6418 Mar
2Sept 8
173
1314 Sept 8
9 Oct 26 Mar
76 Dec 11814 Apr
10478 Mar 81
2634 Oct4514 Feb
3972 Oct 11
75 Dec 10412 Feb
92 Dec 30
11 Dec 4058 Feb
1412 Sept 3
15 Feb
4
14 Deo
2 Sept 6
2 Dee 1878 Mar
/
1
4
9.4 Sept 28
1012 Dec 157 Aug
11 Jan 4
8
218 Feb
1 Sept 6
12 Dec
1
4
Oct64 Jan
23 Aug 30
114 Dec 214 Mar
4
133 Mar 29
2 Dec
438 Sept 8
912 Jan
97 Dec 357 Jan
8
IR , t Sept 6
8
194 Dec 5534 Feb
264 Feb 17
8
612 Jan
17 Dee
4 Aug 5
4% Dec178 Feb
812Sept 8
378 Dee 22 Feb
10 Nov 14
2458 Dec 41 Mar
32 Dec 8
538 Dec 23 Jan
81413ept 8
87 Oct10612 Feb
85 Jan 28
9 Feb
14 Dec
4 Sept 10
1114 Dec 27 Feb
1712 Dec 29
New York Stock Record-Concluded-Page 8
303
Vir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING
.
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Jan. 7.
Monday
Jan. 9.
Tuesday
Jan. 10.
Wednesday
Jan. 11.
$ per share $ per share $ per share $ per share
"712 10
*8
10
*818 10
512 658
614 612
612 67
8
*3
4
7
8
*3
4
7
8
*3
4
7
8
*12
14
12
12
12
12
33
8 312
338 33
314
8
312
4318 4318 43
43
*4312 4412
*8 4 15
,
*10
15
*10
15
*4612 50
4614 4614 49
49
*278 312 *3
312
314 314
15
16
1518 16
16
1612
---- ---- ---- ---- ---- ------- ---- ---- ---- ---- ---55
8 578
512 53
4
53
18 53
4
*312 4
*313 4
*312 4
4
418
4
4
4
418
*553 60
4
59
59
5712 59
*2038 2114 2114 2114 *203 213
4
4
*18
1
*12 1
*12
1
*33
4 4
4
4
4
4
118
114
118
118
118
114
1238 13
1234 1312 1314 133
8
612 61
*6
7
*6
6s
27
277
8 263 28
4
273 283
8
4
11
11
1078 11
1114 1138
12
12
*12
13
.1138 131
2658 273
4 2618 278 2738 2811
*58
581 *5712 5812 5712 571
1512 1517 1512 1638 167 17
8
*95
981 *9514 981 *9514 99
1414 15
1414 15
1412 147
14
14
1
4 1 14
14
*4
10
.378 10
4
*33 10
914 95
8
912 10's
918 91
36
3714 36
3612 3714
367
112
112
112
112 *118
11
8
4 33
314 314
33
4
35* 33
2412 25
245 2512 255 2614
8
8
20
2038 2018 2012 203 203
8
9914 100
9912 997
8 99324 993
8
*12 112
*12
112
*12 112
*47
8
512
512 512 *512 614
*72
797 *72
8
797 *72
8
797
8
114
138
118
118
114
114
4818 4814 48
4814 *4734 49
2512 2512 2518 251* 26
26
.1341 14
*1212 13
*12
20
•5
8
1
13
8
I
*3
4
I
912 10
93
8 912
93 1018
4
*133 14
4
14
14
133 133
4
4
*1
312 *1
4
*1
4
3
*38
4
8
3
*3
4
8
3
*3
4
1114 1114 *9
107
8 *9
11
*412 43
8
43
8 43
4
438 458
4712 4814 4612 4612 *47
49
2114 2112 22
2212
22
22
*214
23
4 .214 23
258
4 112
2638 263
4 2614 2714 2614 2714
4
33
4
4 33
4
34111
43
4
73
8 73
s
712 8
8
8 18
*4412 47
*4412 47
47
47
Stock
418
418
418
418
918
5
5
5
43
4 5
518 51
Exchange
10
10
9 4 10
3
11
10
143 15
4
1538 1578
15
15
Closed
40
40
40
40
40
40
283 30
8
2814 31
30 4 32
3
6112 623
4 6218 6578 65
667
59
59i,, 5912 5912 *59
60
35
8 37
8
312 334
33
4 4
'o
.
18
3
8
*3
8
12
*3
8
1"10
2018 *10
1518 1518
1618
13
133
4 13
133 1414
137
4
8
*1
4
*118 4
*118
35
8
*24
28
*23
28
*24
28
7
8
7
8
1
1
.1
114
518 *414
.414
518 •412 518
*42
49
*43
49
*43
49
*783 80
4
80
847
8 8312 8312
1818 20
1818 20
193 '2014
8
8
8
814 814
812 812
*112 2
2
2
"17
8 2
314 314 *3
614 •314 5 4
3
1
118 *1
118 *1
11
*13
15
*13
15
*1313 16
2
2
178 218
2
218
*5
8
"5
8
*5
8
114
114 *114
138
114
1 14
4
4
37
8
438 43
4
412
*85
8 97
8
978 1134 1112 117
8
*8
9
*8
9
*8
9
•1
138 *1
13
8 *118
114
913 93
4
93 10
3
1014 101
*4612 50
*47
50
*45
50
29
3017 2812 303
4 295 31
8
133 1334
8
1338 14
1334 1438
293 3118 2912 3117 305 3184
4
8
*7218 76
"7214 76
7214 7213
*414 53
4
5
5
5
5
'15
1714 *15
1714 *15
1714
45
451 *44
45
447 4578
8
56
561 "57
58
58
58
45
481 *4812 50
48
50
1073 10912 10812 109
4
10812 10912
*101 105 .101 103
100 101
*33
8 414 *4
43
8 *4
418
13
8
13
8 *114
138
117
*612 10
.63 10
4
*718
71
*712 81
812
*7
8
8
*10
20
*10
20
*10
20
*14
15
5
8
•112
258
*16
214
*1214
114
45
8
*2212
345
8
1434
*17
"10
*818
37
*713
312
*2113
5512
1214
*Ai
412
513
112
234
1812
238
20
13
8
43
4
24
357
8
143
4
24
20
11
37
912
33
8
26
612
1214
1
43
8
143 15
4
3
3
*118
23
4
17
218
"125
8
138
478
24
343
4
14
*17
*15
*818
3634
*73
4
33
8
•2118
*512
117
8
4.34
43
4
15
16
5
8
"a
3
4
112 *118
112
23
4
23
4 3
17
*17
1812
238
218 238
19
17
16
112 15
8
13*
53
8
5s
5
2518 *23
27
355 3618
36
8
15
1514 16
23
31812 23
21
181s 181s
.
1818 11
11
37
3634 3714
912 *73
4 912
35
8
358 414
24
*2114 24
612 *538 612
133
8 123 1312
4
1
*3
4
1
434
43
8 43
8
Thursday
Jan. 12.
$ per share Shares.
.712 10's
7
718 3,100
400
3
.1
3
4
*12
14
200
318
318 4,700
44
44
600
*10
15
*47
300
50
312 1,100
3
1618 1612 5,400
---- ---- --- -3518 5 8 14,000
*312 4
11,700
4
4
.5512 60
400
2134
*21
100
*12 1
412
*4
300
1
1
18 1.500
8
*127 1313 1,300
600
512 53
27
277 35.500
8
1,100
1114 11l
200
1153 113
8
263 2814 210,600
4
*58
59
300
*15
1612
600
*9514 99
6,000
1334 14
14
14 14,700
100
8
37
8 37
913 93 76,900
4
4
7,000
363 37
*118 112
30
8 33
35
8 1,100
2618 2814 24.900
2012 18,200
20
*9912 100
800
*12 112
300
512 512
797
'72
8
118 1,700
118 •1
118
1,100
4814 4818 4814
*47
255 26
8
*2513 263
500
4
127 1238 127 127
8
70
8
4
*3
8
•3
8 I
I
93
4
4 93
938 913 4,300
*1312 133
.1312 14
4
400
4
*1
4
*1
*3
8
*3
8
34
3
4
11
*9
103
'9
4
100
*438 43
4
43
8 43
8 2,000
49
49
*4714 49
500
2238 223 •215 2214
8
8
1.000
25
•2
8 •2
3
2614 2512 2612 6,500
26
300
3 8 338 *3513 5
5
8lz 1,200
712 712 *73
47
50
47
50
400
43
4 454
418 413 1,400
518 53
4 *5
514 6.600
107g 12
1038 111.4 4,800
16
16
1612 1612 2,000
40
40
*4014 41
500
297 313
8 2912 303 146,100
8
8
6512 63
64
641s 18,800
*591 4 597
8
8 597 597
8
600
33
4 4
35
8 37
8 7.000
•3
8
12 '
200
12
3
8
*10
233
100
8
2338 *10
1314 135
8 125* 1314 6,900
*112 3 8 •112 35
5
8
*24
28 '24
28
'1
1
1
1'l
300
'43
8 43
8 '43
8 5
*43
49 '43
49
83
833
4 83
83
130
1913 1914 1812 1813 1,060
83
4 83
4 83
4 '73
600
4
112
15
8 •112 2
400
312 31_
*234 6
200
1
1
.1
118
400
15
15
"1318 15
100
178
2
178
178 5,100
*5
8
.5
8
5114
1 18
11z
112 2,700
412 45
8
4
Cs 2,900
*1133* 11
11
11
160
*8
0
8
8
100
*1
11
*1
118
1038 1012 10
10
1,900
"45
4912 *45
4913
2834 30
2818 29
22,600
14
1438 137 137
8
8 5,000
2914 307
8 295 303 54.900
8
8
7214 7214 *7214 76
40
.414
514 .414
514
200
*15
1714 •15
1714
457 50
48
5112
640
5814 62
5812 63
410
50
52
507 5112
8
250
10912 110
109 110
740
100 100 "100 101
50
*4
412 *35
8 4
114
13
4 *114
1,
2
500
7,
8 7 2 '7
,
712
200
*7
8'
*7
'7
812
100
*10
20
*10
20
*1518 17
5313
•112
27
8
1814
2
31618
*1 1
*43
4
'23
353
4
1518
"17
*16
*818
36'2
*734
33
8
*2114
512
123
8
•3
4
438
STOCKS
NEW YORK STOCK
EXCHANGE.
Sales
for
the
Week.
$ per share
*81.1 10
7
7 12
3
4
3
4
•12
14
314 33
8
4418 441g
'10
15
49
49
314 312
16
1612
---- ------- ---514 512
*312 4
4
418
57
57
*21
213
4
•12 1
434
*4
118
118
'1314 133
8
6
6
2718 2818
1113
11
*115 1318
8
263 278
4
5814 581
101
*15
'9514 99
14
147
8
14
11
.33 10
4
95 10
8
3612 3714
112
*114
353 4
26
27
8
203 2034
"993 100
4
*12 112
*513 63
4
797
'72
8
*15
17
500
3
.1
3
*514
4
400
112 *118
118
3
3
3
4,300
1814 *1712 2312
200
2 18
2
218 10,800
1714 .
1618 1714
300
112
114
114 2,200
518 *412 5
1,800
26
*23
26
400
357
8 345* 353 29,800
8
1518 14
14
2,100
23
"17
23
20 .1512 20
100
11
•8113 11
367
8 3712 377
8 2,200
912 "73
4 912
37
8
33
8 353 9.600
24
*2114 24
512 '512 612
.500
123
8 12
1214 3,000
.4
1
3
1
412
414 414 3.600
• Ilid .o tasked maces: no sales on this dip z LA-dividend
Friday
Jan. 13.
PER SHARE
Range for Year 1932
On basis of 100
-share lois
Lowest
Highest
PER SHARE
Range for Previous
Year 1931.
Lowest
Highest
Indus. & Mlseell.(ConcL) Par $ Per share $ per share 5 per share $ per share
Thompson (J R) Co _
_25
713 Nov 12 1634 Mar 5
12 Dec 35 Mar
Thompson Produ-ts 1 ncNo par
23
4June 3 10 Feb 29
63 Oct 18 Feb
8
Thompson-Starrett Co_No par
38June 11
214 Aug 29
7 Dec
8
83 Mar
8
$3.50 cum pref
No par
12 June 2 1712Sept 22
1412 Dec 3414 Mar
Tidewater Assoc 011No par
2 Apr 8
53
8Sept 8
9 Jan
218 Dec
Preferred
100 20 Feb 3 e0 Sept 8
2012 Oct 6. Jan
Tide Water 011
No par
5 June 6
10 Aug 26
97 Nov
8
18 Mar
Preferred
100 30 Feb 9 62 Sept 8
30 Dec 83 Feb
Timken Detroit Axle
2 July 6
10
63
4Sept 8
312 Dec 12 Feb
Timken Roller Bearing_No par
73
4July 8 23 Jan 9
1613 Dec 59 Feb
Tobacco Products Corp No par
27x Jan 5
83 Mar 5
8
15 June
8
412 Nov
Class A
No par
638 Jan 4
9 Mar 3
8 Dec 14
Apr
Transamerica Corp _ _ _ _No par
212 Jan 2
718Sept 8
2 Dec 18 Feb
Transue & Williams SVINo par
214July 13
8125ep1 6
27 Dec 1712 Mar
8
Tr -Continental Corp. No par
112May 26
512Sept 3
2 Dec 113 Feb
4
6% preferred
No par 42 Jan 2 72 Sept 9
3612 Dec 9414 June
Telco Products Corp
No par 193
8May 31
31 12Mar 9
24
Dec 4558 Feb
Truax Traer Coal
No par
14May 27
318 Jan 14
1
Jan
Dec 10
Teuscon Steel
10
2 Apr 19
714 Aug 25
57 Dec 24 Feb
8
Ulen & Co
No par
12May 4
318 Aug 21
2 Dec 213 Mar
4
Under Elliott Fisher Co No par
73 July 7 243
8
88ept 6
133 Dec 753 Feb
8
4
Union Bag&Paper CorpNo par
512June 2 1158 Aug 27
5 Dec
19 Ault
Union Carbide & Carb_No par
1512May 31 363 Mar 7
8
2718 Dec 72
Feb
Union Oil California
8 July 8 153
25
8Sept 6
II
Itec 265 Feb
8
Union Tank Car
No par 1liJune30 1914 Jan 2
16 Dec 2518 Jan
United Aircraft & Tran No par
812May 28 343 Sept 23
8
97 Dec 387 Al ar
8
8
Preferred
50 3014A1 ay 13 58 Dec 31
40
Oct 6114 Aug
United Biscuit
No par
11 July 8 2812 Mar 4
18 Dec 4134 Mar
Preferred
100 75 July 8 103 Mar 23
90 Dee 122 Mar
United Carbon
8.1une 1
No par
18 Sept 2
63
,
618 Oct 283 Feb
4
United Cigar Stores
18 Nov 7
1
13 Jan 11
4
1 18 Dec
712 Apr
Preferred
2l5May21 20 Jan 11
100
20 Dec :76
Apr
United Corp
312June 2 14 Sept 8
No par
713 Dec 31 14 Mar
Preferred
No par 20 June 2 39388ept 8
2618 Dec 5218 Mar
United Dyewood Corp...__100
7 Apr 22
8
318Sept 2
44 Dec
312 Apr
United Electric, Coal-No par
8July S
67 Aug 711
23
8
Jan
3
12 Feb
United Fruit
10141one 2 3238 Aug 22
No par
1712 Dec 673 Feb
4
United Gas Improve. No par
914June 2 22 Sept 8
153 Dec 3738 Mar
8
Preferred
No par 70 June 2 99 Dee 31
4
83 Dec 1063 Aug
United Paperboard
84 Aug 8
100
12 Dec 29
2 Sept
3, Jan
4
United Plece Dye Wke_No par
33
8.1une 24 117
8Sept 6
9 14 Dee 3134 Feb
6 Si% preferred
100 6412June 21 9312 Jan 21
933 Dec 10812 Mar
3
United Stores class A _ _No par
s,Nlay 23
3 Jan 28
138 Dec
93 Ayr
8
Preferred class A__ _ _No par 27 Jan 4 4814 Mar 9
21
Oct52 Apr
Universal Leaf Tobsecoh'o par
11 May 31
31 Sept 9
157 Oct4112 Ayr
8
Universal Pictures 1st pid_iO0 103 Dec 24 50 Jan 27
4
24 May 5712 Aug
12 Apr 7
Universal Pipe 04 Rad__No pa
218 Aug 29
12 Oct4 1 eb
US Pipe & Foundry
714June 2 18,8 Sept 6
20
10 l)ec 3718 Mar
18t preferred
No par
1112June 22 D,8 Aug 2e
3
133 Dee 2014 Mar
4
U S Distrib Corp
No par
2 June 9
4 DecIII Mar
l's Dec 15
U S Express
100
14 Jan 15
l‘iSept 7
13 Jan
4
811 1113C
US Freight
No par
312May 27 153 Sept 8
412 Dec 3012 Mar
4
US & Foreign &cur__ _No par
13
8June 16
6,%12ept 3
17 Oct 1212 Feb
8
Preferred
No par
26 June 2 64 Sept 8
40 Dec 90
Feb
US Gypsum
20 1012June 2 27 Sept 6
1412 Dec 50 Mar
U S Hoff Mach Corp_ _No par
2 Apr 29
4
8 Sept 6
212 Dec 123 Apr
8
U S Indu,trial Alcohol_No par 1314June 2 361 1Sept 3
203 Oct 773 Feb
8
8
US Leather via
114May 31
No par
714Sept 8
15 Dec
8
103 Mar
4
Class A v t I)
No Pa'
314June 13 18 Sept 3
3 14 Dec
157* Mar
Prior preferred v t a 100 4414June 3
701e Sept 8
5714 Dec 8012 July
U 8 Realty & Impt. _No par
2 June 2 113
4Sept 7
512 Dec 3614 heb
U S Runner
No par
114June 2 1014 Aug 31
312 Dec 203 Mar
8
1st preferred
318.1une 10 2034 Aug 30
100
618 Dec 3618 Mar
U S Smelting Ref & Mln50 10 June 2 223 Aug 11
4
125 Sept 25114 Nov
8
Preferred
31 July 6 4578 Aug 11
50
35 Scot 47
Apr
U S Steel Corp
100 2114June 28 5238 Feb 19
8
36 Dec 1523 Feb
Preferred
100 5112June 28 113 Feb 19
94 Dec150 Mar
U S Tobacco
_No par 55 June 2 66 Apr 27
587 Dec717 Mar
8
8
Utilities Pow ar Lt A___ No par
112May 25 103 Jan 14
8
Feb
77 13cr 31
8
Vadsco Sales
14 Mar 3
-No pa
118Sept 8
38 Dec
2 Feb
Preferred
100 12 June 1 20 Jan 9
14 May 28
Feb
Vanadium Corp of Am_No pa
514May 31
Dec763 Mar
2334Sept 6
4
11
Van Raalte Co Inc_ _ _ _No par
2 Dec 30
7 Feb 24
7 Oct145 Oct
8
5% non-cum pre
100 1512 July 13 423
48ept 7
22 Oct 60 June
Virginia-Carolina ChemNo par
II Mar 14
12 Oct
238 Aug 25
314 Feb
(ier preferred
318 Feb 26 11 14 Aug 24
100
234 Dec 17
Feb
74, preferred
100 20 Apr 12 693 Nov 18
34 Dec 713 Jan
4
4
Virginia El & l'ow 38 pf No par 60 June 9 90 Sept 9
Dec 109 May
81
Vulcan Detinning
714July 11
100
8
2014 Dec 713 Feb
347 Aug 2/
2
Waldorf System
718Mny 31
No par
8
173 Oct 277 Feb
19 Jan 2
8
Walworth Co
3
4June 27
No par
438 Aug 30
III Dec 15
Feb
Ward Ba1ng elms A _ _No par
214May 14 1014 Jan 13
614 tor 2712 Mar
Class B
34May 7
No par
25 Jan 14
8
112 Dee
83* Jan
Preferred
24
100 12 May 31 4012 Afar 16
Apr 5712 Jan
Warner Broe Pictures_ _No par
218 Dec 203 Feb
41:Sept 9
12June 2
8
$3.85 cony pref
4 June 2 20 Feb 1
No par
812 Dec 4012 Jan
liMay 26
Warner Quinlan
No par
214 Aug 30
7 Dec
8
73 Feb
8
Warren Bros
114May 28
No par
8328430 8
33 Dee 401141 Feb
4
Convertible pref... _No par
2 June 2 1711 Jan 14
1214 Dec 497 Feb
8
Warren Fdy & Pipe _ _ _No par
714May 13 1414Sept 9
1314 Dee 32 Feb
Webster Eisenlohr
No par
2 Jan IS
%Mae 4
14 Dec
6 Feb
Wesson Oil & Snowdrift No par
818 July 1
20 Sept 6
12 Dec 26,4 Mae
Cony preferred
No par 42* July 29 58128ept 8
4414 Oct5712 Feb
Western Union Telegraph_ IGO
123,June2Q 50 Feb IA
3812 Dec 1503 Feb
4
Westingh'843 Air Brake_No par
914 Apr 8 1818 Sept 2
11
Dec 3618 Feb
Westinghouse El & Mfg. ___50 1555J,,ne29 4312Sept 7
2212 Dec 1073 Feb
4
lot preferred
60 5212June 2 82 Sept 9
6014 Dec 11912 Feb
Weston Elea Instrum't.No pa
914 Feb 19
212 Apr 8
6 Dec 28
Feb
Class A
No par
1314 Apr 8 19 Jan 14 219 Dec 3614 Jan
West Penn Else class A No par 25 May 27 SO Seta 1
50, Dec 10514 Apr
2
Preferred
100 22 June I
76 Jan 11
55 Dec 112 Mar
a% preferred
100 20 June 2 70 Jan 12
4912 Dec 103 Mar
West Penn Power pref... _ 100 80 June 10 111 Oct 10
9314 Dec 120 Feb
6% preferred
190 9914ione lo 1013 Mar 1:s
4
58 19e, 44312 July
West Dairy Prod el A_ _No pa
312 Nov 10 1612 Mar 3
8 Dec 4412 Feb
,4
Claw 14 vie
No par
43 Mar 4
1 June 1
8
2% Der
1 272 Mar
Westvaco Chlorine ProdNo par
3 June 1
125* Mar 9
73 Der 40 Mar
8
Wheeling Steel Corp-No par
5 June 15 15 Sent 6
9 Dec 2014 July
Whit. Motor
67
50
8June 2 27,4SePt 14
73 Oct 2614 Jan
8
Certificates of deposit
1934 Nov 4 24 Oct 5
White Rock Min Syr et( No par 11 July 7 2812 Mar 7
20 Dec 473 Mar
4
White Sewing Mactilee_No Par
14 Apr 8
214 Aug 29' % Dee
5 Apr
Cony preferred
No par
14 Apr 8
2348ept 6
1
Dee 1914 Apr
Wilcox Oil& Gas
23
4May 4
5
814 Aug 12
33 Drc
4
93 Mar
8
Wilcox-Rich 01 A oonv_Ne par
1312June 2 2012 Mar 17
714 Der 10 Mar
Willys-Overland (The,
6
3
8May 26
37
8Sept 8
13 Oct
4
8 Mar
Cone preferred
100
6 June 7 25 Jan 26
4412 Oct 564 May
Wilson & Co Inc
No par
NJune 2
13 Afar 14
4
3 Oct
Feb
8
4
Class A
No par
13
01443
,31
4-18 Sept 1
IN De• 103 Feb
4
Preferred
100 11 June 2 31 Mar 10
15
Oct 5134 Jan
Woolworth (F W) CO
10 22 JUDE 2 455 Mat 8
*
35 Der 723 Aug
4
Worthington P & M
100
5 May 31
24 Sept 8
1514 Dec 1067 Feb
8
Preferred A
100 1412June 2 41 Jan 15
3814 Dec 95 Mar
Preferred B
100 12 May 27 31 Sept 3
23 Dec 833 Mar
8
Wright Aeronautical._ No par
37 Apr 4
8
1812sept 8
7i8 Dee 27
Feb
Wrigley (Wm)Jr (Del)_No par 2514June 1
57 Jan 14
46 Dec 803e Mar
Yale A, Towne Mfg Co
25
612July 5
15 Sept 23
814 Dec 30
Jan
Yellow Truck & Coach Cl B.10
138June
734Flept 6
3 Dec
1518 Mar
Preferred
100 12 May 17 4012 Set), 8
151, 13ec 76 Mar
Young Spring & Wtre__No par
3 June 2 117
8Sept 9
Feb
6 Dee 29
Youngstown Sheet & T_No par
4 May 25 2712Seot 6
Feb
12 Dec 78
Zenith Radio Corp_ __ _No Par
iesi AY 17
2 Jan 22
,, Dec
514 Feb
Zonite Products Corp
1
4 Dec 3
97 Mar 8
8
63 Dec 14 June
4
v Ex-right. e Ex-warrant,
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
304
0,, Jan
1 1009 the Exchange method of rioting bonds was changed and prices are now "and intrrest"-except for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 13.
Price
Friday
Jan. 13.
Week's
Range or
Last Sale.
Range
for Year
1932
Price
Friday
Jan. 13.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 13.
Week's
Range or
Last Sale,
cla
Range
for Year
1932
Nos No. Low
Ask Low
Bid
MO
Mob
Hick No. Low
1
46
49% 4618
4618
3618 5512
Dominican Rep Cut Ad 510'42 M
a34 June'32
50
10220541023355 221 9410102342
a34
2d aeries s f 510
8
51
40
2 96.01023n
92 A S
1st ser 534s of 1926
101"n 101"12
30
1940 M O -35" ill. 39
6
4012
912
10217
28% 54
,3102"U 244 973
2d series sink fund 5 Ma_ _1940 A 0 3012 Sale 3
41102"a
6612
9
67 64
.
4
1001732AUg 32
243 79
1003
0101322 Dresden (City) external 78_1945 M N 63
nits 101
100 10114 99% 10012 14
1947 J
Dutch East Indies extl 13s
29
4 100
754 101
1962 M 8 100 Sale 993
% 759
103% 1032
98142104732
40
-year external(is
99% 10
1107n 110"ss 484 98330110
744 10013
-year ext 510__Mar 1953 M 8 9812 _ _- 98%
30
9914 21
75 100%
0
1061.22 1073 689 94 106"st
-year extl 5 Ma_Nov 1953 MN 9812 100 99
30
55 Dec'32
65
20
.0 10542 412 8911n104"st El Salvador (Republic)88 A..1948 J J1
1041
J J
60 Dec'32
40 r60
0 62 8778n102111,
Certificates of deposit
102.0 10217
4 12
473
4
32% 543
522
98.0 98. 1918 821ss 9817n Estonia (Republic of) 7s_1967 J J 464 4812 4714
12st Finland (Republic) extl 88_1945 M
6512 14
62
65 6412
7314
41
102.22 1021.22 128 87314402
19
4
743
68
42
External sinking fund 78_ _1950 M 8 6712 Sale 66
102.0 1021.22 242 881,1102",,
2
63 Sale 63
63
9917s,
4018 78
External sink fund 6148_1958 M
99142 10010 1096 83
38
60
35% 68
External sink fund 5348..1958 F A 59% Sale 5812
3
56 Sale 56
60
404 67
Finnish Mun Loan 630 A..1954 A
State & City-See note below.
8
eo
68%
40
External 610 series B____1954 A 0 57 Sale 57
60
51
1412 453
3
Frankfort(City of) a 16 34s__1953 M N 48 Sale 44
&Municipals.
Foreign Govt.
1271 144 1103 127%
41
3412 21
8
22
French Republic extl 71431 1941
33 Sale 3012
D 126 Sale 126
1947 F A
Agric Mtge Bank a t Os
12212 12314 33 01087 121
8
10
1949 J D 12212 Sale
34
2212 41
35
External 75 of 1924
4
293
Sinking fund 6s A AIN 15 1948 A 0 32
49% 74
8 15
687
8
687 67
1963 M N 65
Akershus (Dept) ext tfa
6
3
3
1812 German Government Interna10 4
12
J
10
10
Antioquia (Dept) coil Ts A 1945
6414 1642
24
5912
31
tional 35-yr 530 of 1930..1965 J 13 6214 Sale 61
11
3
15%
9
1014 Sale
1945J J
External a t 78 ser B
843 411 a41114 794
1949 A 0 8312 Sale 81
German Republic extl 7s
3
3 4 15
8%
1014 11
1012 Sale
1945 J .1
External at 75 ser C
254 15
1014 29
German Prov & Communal Btu
7
10 Sale
1945 J J
External a f 7s ser D
551 191
4512
14
8
1312
4
(Cons Agric Loan)6145 A_1958 J 13 5118 Sale 49
8%
9%
9% Sale
1957 A 0
Externals I 75 let ger
52
60
521
6
28's 60
4
1954 M N 52
412 143 Graz (Municipality) 85
1012 13
814
4
93 Sale
External sec s f 7e 2d ser_ _1957 A 0
8 105
3 381
15
912 26
4
Gt Brit & Ire(U K of)5 Ms_ _1937 F A 105 Sale 1047
912 Sale
8
External sec it t 75 3d ser _1957 A 0
F A
1
10514
10514
10414
19 a64 a9012
3
82
Registered
93
Antwerp (City) external 58._1958 J D a82 Sale 7 4
2 11356 ta773
07234 Sale a723
4 a727
8
5014 19
8
3418 67
14% fund loan Lopt 1960-1990 M
Argentine Govt Pub Wks 68-1960 A 0 5012 Sale 48
10
91
4
70
993
Greater Prague (City) 710.1952 M N 91 Sale 91
Argentine Nation (Govt 00
3014 Dec'32
30
17
6312
50
674 Greek Governments t ser 76_1984 M N 28
35
51
52
48
Sink funds 6s of June 1925-1959 J D 51
4
1968 F A
21
21 Sale 19
12
48
19
3418 67
Sinking fund sec 6.
501
1959 A 0 50 Sale 48
Extl a f 68 of Oct 1925
1952 A 0 78 Sale 77%
9
78%
84
52
108
3
34 8 68
51
Haiti (Republic) a f 6.
4
50 Sale 473
1957 M
External s t aeries A
61
59
5614 Sale 54%
8
16% 527
46
51
1946 A
Hamburg (State)(is
344 67
External 8s series B_ _Dec 1958 J D 51 Sale a4818
7
60
5318 60 59
20
56
34% 87
50 8 98
3
Heidelberg(German)extl 710'50 J.
.
May 1928- -1960 IN N 50 Sale 4814
Extl a f 65 of
27
57
34 a681.4
501 65 34% 68 Helaingfors(City)ext 634e_ _1980 A 0 57 Sale 63
Sale 48
5038
External a f 88 (State RI)-1980 M
9
2118
1812 2112 2014
10
254
3418 6712 Hungarian Munici LORD 7145 1945
8 30
507
Exti 65 Sanitary Worka_1961 F A 4912 Sale 48
17
2114
9% 25
2112 2012
opts sale 48
"
5018 26
344 67
External s 7a____Sept 1 1946
Extl 68 pub wks May 1927 1961 M N
MN 25
30
30
34
17 r40
50
481
3
30% 59 4 Hungarian Land M fast 734s'61
4
Public Works exti 514a-1962 F A 453 Sale 4434
17
2812
30
35
4
143 35
3
41
67
50
Sinking fund 748ser B.-1981 MN 25
50
Argentine Treasury 58 £..--1945 M S 4712 52
43
6
45
45
1812 55
4
4612 883 Hungary (14ingd of) at 7145_1944 F A 44
7714 219
Australia 30-yr 5s_ __July 15 1955 J J 7714 Sale 75
77
80
81
Jan'33
78
af19
464 8914 Irish Free State extl f 5a
1980 1111 N
763 137
External 58 of 1927__Sept 1957 M S 76% Sale 754
4 10014 150 a82
4
9914
8214 Italy (Kingdom of) exti 78-1951 J D 993 Sale 993
7138 317
41
External g 410 of 1928-1958 M N 7072 Sale 0912
3
4 100
4
993 Sale 993
80% 100
941 142
98
D 9412 Sale 09314
75 A '37
62%
Italian Cred Consortium
1943 1
Austrian (Govt) 5 1 7s
9614 22
70% 95
34
20
1(147 M 8 9514 Sale 95%
55
61
External sec a f 78 ser B
1957 J J 59 Sale 58
Internal• t 7s
9412 43
90
55
Italian Public Utility 0211'4_1952 J 3 9314 Sale 9212
61
53
69
8
Bavaria (Free State)630-1945 F A a64% Sale 617
5912 174
5212 84
22
83 102
79
1.
Japanese Govt30-Yr s t8 Ms_1954 FA 59% Bale 5818
1949 M S 10012 Bale 10014 1011
Belgium 25-yr extl 630
49
67
4315 734
60 10018
126
97
Exti sinking fund 530_1985 MN 49 Sale 48
.1 9612 Sale 9538
1955
External a f(is
4
913 107
8
Jugoelavia (State Mtge Bank)
-year If 75_1955 J D 1053 Sale 10512 1061 127
External 30
24
18
6
20
17
12
43
1957 AO 18
4
913 106
Secured a 1 g 713
8
10514 123
1956 M N 1047 Sale 10414
75
Stabilization loan
62
2
62
1612 55
7
5
Leipzig (Germany)if 7s_ _ -1947 FA 69% 72
Bergen (Norway)8812
7
504
32
Jan'33
55
80
75
90
Lower Austria (Prov) 710_1950 J O 52% ____ 52
Eat'sink funds 5s_Oct 15 1949 A 0 65
10518
5
3
98 4r108
1
48
76
7512
80
-year 61_1934 MN 105% Sale 10518
Lyons (City of) 15
7518
65
External sinking fund 5a.._1960 M
10518 11
98%r10514
3
15 8 52
27
60
Marseilles(City of) 15-yr 6a_1934 MN 1054 Sale 105
Berlin (Germany)5 t810_1950 A 0 57 Sale 5612
14
14
912
184
7
91
8
16
483 Medellin (Colombia)610_1954 J O 12 Sale
57
5 f 6a__ _June 15 1958.3 D 54 Sale 49
External
2 Dec'32
2
27 _
314
2
3
6 4 022
23
55
Mexican Irrig Aratng 430_1943 MN
Bogota (City) exti 5 1 8s__ _1945 A 0 2112 Sale 1512
26 Apr'30
8 6
27
6
614 Sale
712 45
Mexico (US) extl 55 01 1899 £'45 Q
34 10
Bolivia (Republic of) extl 88_1947 M N
212 Dec'32
2%
112 -1c 4,
1945
612 40
24 912
6 Sale
(flas)_1968 I J
Assenting 58 of 1899
512
External secured 78
5 Dec'32
112 6
2
84
612 87
6 Sale
Assenting 5s large
478
1989 M
External f 76 WM)
2%
2%
114 5
4
983 10514
Assenting 0 of 1904
10514 33
Bordeaux (City of) 15-yr 6a_1934 M N 10518 Sale 10518
4 3 Dec'32
212 33
%
7
2111 4 s
1514 314
Assenting 0 of 1910
21% 55
8
Brazil(US of) external 85_1941 J D 2112 Sale 177
5
2%
2%
6
2
---1312 r2512
Assenting 0 of 1910 large
2018 103
External s t 6145 of 1926_ _1957 A 0 204 Sale 16%
314
3%
2
1% 6
14
254
Assenting 4. of 1910 small--4
3
of 1927 1957 A 0 183 Sale 1714
19 4 131
External s 610
3
3 4 Jan'33
24
Vs
1112 25
1912 Sale 1412
4 49
Treaa Os of'13 assent(large)'33 Y-3
1952.3 D
193
75 (Central RY)
3
3 4 Jan'33
212 6
26
6412
Small
7212 44
Bremen (State of) exti 71_1935 M S 70% Sale 6912
s
895 189
574 87
6712
2
334 787 Milan (City. Italy) extl 610 1952 -AZ -8812 Sale 87
8
M S 6712 Sale 6712
1957
Brisbane (City) 111 51
s
787 Minas Geraes (State) Brazil
32
8
1958 F A 66 Sale 657
66% 20
Sinking fund gold 5s
21
68
8
164
1958 M 8 20 Sale 17
37
857
s
External s 1 6345
7312 25
195QJ D 7312 Sale 71
20-yearlf6e
21
54
812 17
1959 M S 20 Sale 17
1112 3012
Ext1 sec 610 series A
28% 95
Budapest (City) extl s 1 fla_ _1962 J D 2612 2812 02612
25 20
20
3
1952 3 D 20
614 281.
33
5812 Montevideo (City of) 7s
47
45
9%
Buenos Aires (City)6 Ms2 B 1955 J J 4414 Sale 3
1712 18% 1518
18
3
614 25
53
2
31
External a f 68 series A...1959 MN
40
40
External e f Steer C-2__.1960 A 0 3718 46
93
75
am. 88
55
28
3718
19
New So Wales(State) en'511957 F A 7412 Sale 71%
39
46
External 51 tis ser C-3.._ _1960 A 0 38
741
53
4
2978 875
Ayr 1958 A 0 7414 Bale 7112
External a I be
2212 36 a16se 3714
2212 Sale 2014
Aires (Prov) extl 65_1961 M
Buenos
90
8712 40
19 F A 8512 Sale 8512
70
17
37
-year ext 6.
Norway 20
8 36
227
1981 F A 22 Sale 203
4
External a t 610._
88
35
%
1944 F A 8438 Sale 84
7118 89%
7
10
-year external 88
34
20
2318
J 234 Sale 21
Bulgaria (Kingdom) a f 7s 1967
82
8612 8
87% 49
90
5%
1952
70
-year external 6a
30
2712 17 211413 411s
4
26
2712 263
Stabil'n 51 710__Nov 15 1968 MN
80
814 80
8 39
837
1965
6412 8514
-year a t 5 Ma
40
7512 7912 80
82
22
50
8
6314 84%
External s t 5a___Mar 15 1983
4 38
J
163
1412 Sale 13
(Colombia)7348'46
CaldasDeptof
78
11
59% 80
9214
71
183
Municipal Bank exti 8158_1987 J D 75 Sale 75
88
Canada(Dom'n of) 30-yr 45_1960 A 0 8712 Sale 8612
75
a75
5
4
643 80%
87 10214
129
Municipal Bank extl s f 55_1970 J D
101
1952 M N 10078 Sale 100
58
52
30
15
88 10012 Nuremburit (City) extl 8s.__1952 F A 52 Sale 4912
474
102
100
F A 100 Sale 99
4634
1936
4341
8
953
195, Nt N 44% Sale 4412
30
2
131
90
Oriental Devel guar Os
363 72
86
86% 85
1954 J J 80
Carlsbad (City) 8 II%
4112 Sale 4
4218 33
0%
6814
35
54 194
Extl deb 534s
1612 35
8
4
Cauca Val (Dept) Cobra 730'46 A 0 123 Sale 107
90
60
-year it 6.....1955 M N 8512 8812 82 Dec'32
Oslo (City)30
Central Agile Bank (Germany)
108
75
1
Farm Loan a f 78._Sept 15 1950 M 13 7212 Sale 69 4
1953 1 D 102 1024 02
10214 25
6
,
5:
66 2 Panama (Rep) exti 510
85 10014
188
67
3
15 1980 J J 65 Sale 607
Farm Loan ef 6a_ _July
3
46
11:
21 411
40
724
EU!s f 58 Der A.
.May 15 1963 M N 46 Sale 46
8
667 334 a225 5
4
Farm Loan s t 68_ _Oct 151960 A 0 65 Sale 603
97
712
10% 77
3
2412 6412 Pernambuco (State of) extl 7s '47 M 8 1014 Sale
19
8
7612 245
Farm Loan fla ser A Apr 15 1938 A 0 7214 Sale 69
3 S
9 Sale
8
10
6
Peru (Rep of) external 78_1959M D
333 14114
_1942 M N
1114 47
104 Sale
3
84
Chile (Rep)-Ext1 s t it._
7 Sale
514
10
3
exti s f 65 1st ser 1460
7% 159
Nat Loan
160
10
818
9 Sale
External sinking fund 69_1960 A 0
A 0
511
8
67 Sale
ser_1961 A0
4
314 11534
3
7
Nat loan exti s f Os
103
2111
72
10
81
9 Sale
Ext sinking fund 6a__Feb 1961 F A
55
55% 57
55%
3
44
312 15
6014
Poland (Rep of) gold Os.._...1940
115
10
814
Jan 1961 J J
9 Sale
Ry ref ext f 68
7s.....1947 A 0 543 Sale 5312
4
4
1514
55
Stabilization loan 5 t
66
3912 581s
45
912 Sale
10
814
Sept 1961 M
Ext sink fund (ta
332 1412
External sink fund g 88_1950 11 3 6114 Sale 5912
434 05
6114 48
8 35
858
91
Sale
63_1942 M 8
9
External sinking fund
3
3 2 1412 Porto Alegre(City of) 8a___ _1961 3 0 16 Sale 1118
16
8
18
15
96
10
814
9 Sale
External sinking fund 61_1963 M N
1
9%
4
20
17
Extl guar sink fund 710._1966. 3 16 Sale
54 111s
78
11 Sale
1114 22
4
93
Chile Mtge Bk 6 Ma June 30 1957 J D
85 r32
4
6378 104
Prussia (Free State) ext1 630'51 M 4 613 Sale 60
17
58%
2
15
1414
16
14%
B!610 of 1926__June 30 1961 .1 D
5912 Bale 58 8
6112 145
3
4
1512
External s f Os
1512 564
1114 82
912
Apr 30 1961A 0 1012 Sale
Guar a t 8a
9
5
4
12 1
3
4
163 Queensland (State)foil if 7119 2 A 0 97 Sale 94
97
41
6014 101
912
8 48
115
11% Sale
1962 M N
Guar f 68
F A 8212 Sale 8212
2% 13
47
-year external 14
9(112
25
83
26
66
8
718
1960 M
7% Sale
Chilean Cons Munk 78
94
119507 M 8 a63 Sale 69
7
1712 Rhine-Main-Danube 78 A
68
70
24
6
2
D
16
8
8% 157 16
Chinese (Hukuang Ry) 5a...1951
63
884 Rio Grande do Sul exti a t 88_1946 A 0 19 Sale 18
22
21
8
55
Jan'32
84
8212
Christiania (Oslo) 20-yr s 1 (is '54 M 8 75
19 Sale 1314
1812 203
External sinking fund 68._1468 J D
411 r13
1473 Bale 123
4
18
50
1812 161
External a I is.1 1926_ _ _1968 M N
5
1414
57% 16
8
573 Sale 5012
Cologne(City)Germany6301950 M
1612 Sale 13
s
137 40
Externals 17, munlo loan.1967 1 D
8
183 144
18
5
30
Jan 1961 .3 J
37% 97
Colombia (Rep) 68
-year•t 88_1946 A 0 14 Sale 12
1312 40
14% 42
Rio de Janeiro 25
18
7
36% 94
Ext 1 8a of 1928__ Oct 1961 A 0 3412 Sale 30
Ion F A 11 Sale 812 1314 296
17
30
14
External a f 6148
5
8
26
1941 A 0 25
2712 25
Colombia M tge Bank 6 Ms of
A O
.19641952 m N 91 Sale 897
8
17
91
()Ceix4ty1)6411415
30
Rome (City)
8
913 249
82
2812 23
Sinking fund 78 of 1926_1946 M N 2812 Sale 25%
100 101 10012 100 4
Os..
4r10112
2
17% 307 Rotterdam
3
843
8
2818 12
Sinking fund 7s of 1927_ __1947 F A 27 Sale 25
3412 Sale 3512
6518 84
35
Roumania (Monopolies)75-1959 F A
4
283 56
53
36
1952.3 D 7112 Sale 7014
7112
Copenhagen (City) As
J 6712 72
1953J
68
48
Saarbruecken (City) 68
77
7212 28
39
6714
1953 M N 6512 6812 663
67% 26
4
-year g 410
25
1314 15
12
818 34
Sao Paulo(City)s188._Mar 1952 MN
23
7
4
Jan'32
1412 153 14%
1618 49
Cordoba (City) exti s f 7s._ _1957 F A
1212 Sale
127 46
94
3
External s f 610 of 1927_1957 M N
1312 37
6 r17
2812
28 Sale 2712
External et 75____Nov 15 1937 M N
27
2012
52
San Paulo (State) extl a 1 88_1936 3 3 22
24
4
213
1814 50
.1 24
2
9
3012
3212 27
Cordoba(Prov) Argentina 7s 1942
18
19
1478
1950 J J
External sec s 1 85
8 r2512
4 15
183
Costa Rica (Republic)
18
96
,M 8
1312
External if 7s Water L'n_ 19593 , 13
21 r45
18
15
8
2312 Jan'33
13
2214 28
7s Nov 1 1932 coupon on_1951 MN
14 Sale 1112
2712
External a f 139
17
15
17
7
4 Jan'33
100
1912 193
7
1936 coupon on_1951
73 May 1
58 Sale 573
784 '96
Secured a t 73
59
4
451e 65
60
89
08812
105
Cuba (Republic)65 of 1904_1944 141-13
I
' 1 16
1778 14
83
93 Santa Fe (Prov Arg Rep)78.19421 .)
1131s
12
12
45
9212 10
9
92
92
External ba of 1914 ser A..1949 F A
7312 Sale 70
1 5
8'45 F A
52
82
Saxon Pub Wks(Germany)7 9 1 m N
7734 134
7312 18
164 63%
1949 F A
7312 Sale 7212
External loan 434s
68 Sale 64
6912 83
59
13
7412 Sale 7412
66 8213 Gen ref guar 6 Ms
753
4 30
Sinking fund 510 Jan 15 1953 J J
33
48
Saxon State Mtge hot 75-- _1145 3 0 7414 Sale 7112
7414
42
78
5 25 7112
Public nits 5345 June 30 1945 1 D 40% Sale 4012
68 06634
Sinking fund g 6 Me__Dec 1940.3 D 63
68
2112 5914
30
Cundinamarca (Dept) Colombia
35 17
2114 Sale 020
Serbs Croats et Slovenes 88_1982 M N
60
22
18
16
58
49
15 Sale 11
1959 M N
External s f 610
External sec 72 ser B___ _1962 IN N 2138 Sale 19
3
14
8 28
47
213
5 67 4 10118
94
9512
96
Czechoslovakia(Rep of)88_1951 A 0 95
1958 J D 45 Sale 42
7e
70 10012 Silesia (Prov of) extl
2512 47
4 31
3
423
93 4
9512 21
1952 A 0 95
98
Sinking fund 8s ser B
4
1
/
3
Silesian Landowners Assn 68.1947 F A 49 Sale 45
92% 83 065 4 96
1312 44
5012 46
91 Sale 90
%
exti 6t._..1942 J
-year
Denmark 29
59
3
9! Soissoos (City of) extl ea__ _ 1936 M N 107 8 ____ 10718
10718
101
87
97 107
1
1955 F A 8512 Sale 86
External gold 510
474 814 Styria (Prov)external 7s.....1946 F A 51%
5112
5112
45
22
1
43
7 4 154
External g 414s_ _Apr 15 1962 A 0 74 Sale 7314
9735
57
9212 Sweden external loan 510. _1954 M N 9712 Sale 9612
8
987 172
75
83 Dec'32
M
Deutsche Bk Am part ctf 68_1932
757 86
2
Switzerland Govt extl 5 Me. _1946 A 0 1041 Sale i010414 10478 18 101 r105 4
16
3
85
8412 Sale 83%
Stamped
Ask
Bid
U. S. Government.
First Liberty Loan
1021112 Sale
334% of 1932-47
JD 101,1st Sale
Cony4% 011932-47
J D 102.42 Sale
% of 1932-47
Cony
J D 1011
.4
.421023
26 cony 434% 01 1932-47
Fourth Liberty Loan
AO 103142 Sale
4M% of 1933-38
0
1947-1952 4. 0 11013 Sale
Treasury 410
0
1944-1954 J D 10634 Sale
Treasury 45
0
1946-1956 MS 10423 Sale
Treasury 334e
1943-1947 J D 102.0 Sale
Treasury 3345
Treasury 3s... _Sept 15 1951-1955 MS 98"sz Sale
Treasury 310 June 15 1940-1943 J D 102.22 Sale
Treasury 310.Mar 15 1941-1943 MS 102.0 Sale
Treasury 310.June 15 1946-1949 J D 993045 Sale
Low
100
08
4,
0,
/ At the exchange rate o 1584, to the E chortles. e Natural bond.
r Cash sale. a Deterred dellvprv
-Sylee estate and City securities occur very rarely on the New York Stock Exchange and usually only at lone loterva a. deallogain
-State end City Situ Miss.
NOTE.
The Stock Exchange record hence is Imperfect and misleading, and accordingly we omit It hers.
securities being almost entirely at private sale over the co inter
such
Miles will be found on a subsequent page under the general head of -Quotations for Unlisted Becuritica.'.
Bid and Asked quotatIons, however, by active dealers in these seci
ya\1/4
New York Bond Record-Continued-Page 2
Jan. 14 1933
N
BONDS
Y. STOCK EXCHANGE
Week Ended Jan. 13.
3,3
Price
Friday
Jan. 13.
tt
Bud
Foreign Gest. & Municipals.
Sydney (City) 1 5348
1955 FA 673
.1
4114
Taiwan Elec Pow 5 f 5145_1971 J J
Tokyo City he loan of 1912_1952 MS 3214
External 51 5345 guar__ 1961 AO 4578
137
8
Tolima (Dept of) extl 75._ _ _1947 MN
Trondhjem (City) 1st 530-1957 MN 62
Upper Austria (Prov) 75_ _1945 J D
Externals 1 1336e_June 15 1957 J D 615
8
Uruguay (Republic) extl 85 1946 FA 39
External a f 6a
1960 MN 31
32
External a(65
May 1 1964 M
Venetian Prov Mtge Bank 78 '52 AO 95 4
3
Vienna (City of) extl a f 65_1952 MN 65
Warsaw (city) external 7a__1958 FA 41
Yokohama (City) extl 65_1961 J D 473
4
Railroad
Ala Gt Sou 1st cons A 65____1943 J D
let cone 48 ser B
1943 J o
Alb & Sum let guar 358.-1946 AO
Alleg & West 1st g gu 45_
1998 AO
Alleg Val gen guar g 45
1942 MS
Ann Arbor let e 4a_ -July 1995 Q J
Atch Top & S Fe
-Gen g 45_1996 AO
Registered
AO
Adjustment gold 41__July 1995 Nov
Stamped
July 1995 MN
Registered
MN
Cony gold 45 of 1909____1955 J D
Cony 45 of 1905
1956 J D
Cony g 48 issue of 1910...1960 J D
Cony deb 436s
1948 JD
Rocky Mtn Div let 45_1965 J J
Trane-Con Short L let 45-1958 J J
Cal-Aria let & ref 435 A_1962 MS
AU Knoxv & Nor let g 58_1946 J o
Ati & Charl A L let 434e A 1944 J J
let 30
-year 5a series B
1944 J
Atlantic City tat cone 4e_ _1951
J
AU Coast Line let cons 45July'62 MS
General unified 4365A
1964 J D
L & N coil gold 45____Oct 1952 MN
Ati & Dan 1st g 45
1948 ii
2d 4e
1948 ii
Atl & Yad let guar 4s
1949 AO
Austin & N W let gu g 55...1941 .1
Bait & Ohio 1st g 45_ _ _July 1948 A0
Registered
July 1948 Q J
20
-year cony 4346
1933 MS
Stpd (10% part reduct) - -- MS
Refund dr gen to series A_1995 J D
let gold 55
July 1948 AO
Ref & gen es series C_1995 J O
PLE&W Va Sys ref4a._1941 MN
Southw Div let Si
1950 J
Tol & Cln Div let ref 45 A.1959 J J
Ref & gen Si series D._ 2000 MS
Cony 430
1960 FA
Sangor & Aroostook let 58_1943 ▪ .1
Con ref 45
1951 J J
Battle Crk & Stilr let gu 35_1989 J o
Beech Creek 1st gu g 4s___ _1936 ii
2d guar g 5a
1936 J
Beech Crk ext 1st g 3%8_1951 AO
Belvidere Del cons gu 3365_1943 J J
Big Sandy let 45 guar
1944 1 D
Iloston & Maine let 55 A 0 1967 MS
let M 5e series II
1955 MN
let g 4 he ser JJ
1961 AO
Boston & N 'V Air Ltne let 451955 FA
Bruns & West 1st gu g
4s--1938• J
Buff Hoch & Pitta gang 66._1937 MS
Conaol 44e
1957 MN
Burl C R 63 Nor let & coil 65_1934 AO
Ask
sale
43
36
Sale
Sale
70
Week's
Range or
Last Sale.
Low
6618
41
32
4414
12
63
53 8
,
- -- 4618
Sale 39
Sale 29
Sale 29
97 8 9814
3
Sale 6112
Sale 3818
Sale 4713
05
High No. Low
44
68
34
4112 16
aais
33
16
29
457
8 35
36
137
8 10
512
2
63
4114
5513 14
16
47 4
,
5
15 4
3
39
5
29
31
97
20111
31% 15
22
2
98 8
3
80
12
66
111
31
41
9
240s
4818 58
40
60
80 105 Sept'31
8012 Feb'32
622
4
7718 82 4 8234
,
6612 Sept'32
9478 Sale 9478
9514
25 Sale 23 4
,
25
9512 Sale 9518
967
8
--- 91114 Jan'32
88
90
8312 Dec'32
88 Sale ,3712
8812
oO Aug'32
7612 80
761_
79
.
76 4 811 77
,
78
7812 Sale 73
7812
944 Sale 93
15
8214 ____ 83 4
3
83%
9418 ---- 93 Dec'32
9478
97
86
10312 Feb'31
64 16 71
Oct'32
85
72
69 Dec'32
75
58
78 Sept'32
75 Sale 73 8
7
7512
54 Sale 5214
56
49 Sale 4612
50
18 Sale 1713
18
16
8
16
Oct'32
40
19
24 Dec'32
9212 104 Mar'31
65
82 Sale
77
7814
6912 Sale
65 Sale
4012 Sale
875 Sale
8
45 Sale
7318 Sale
70 Sale
5513 61
39 Sale
2978 Sale
927 Sale
8
70 Sale
3618 56
70
843
4
80
834
3
76
80
684
7014
6414
66
3914
413
4
8434
8818
4414
4912
734
7518
66
70
52 4
,
55
3812
41
29
3212
9112
93
0
70
61 Feb'31
82
Oct'32
100
Jan'30
88 Mar'31
844
6918
697
8
66
53
83
85
38
5312
-8433 Dec
-- 752
68
69 4
3
68
897
8
6138
66
5114 Dec'32
90 Sept'32
85
Jan'33
3658
3912
51
54
70
Sale
663
4
6112
90
8912
Sale
Sale
Range
for Year
1932
34
8
391
____
55
3
6
7
106
1
15
--37
34
57
8
--_-187
7
184
471
119
43
56
16
205
37
51
627
7
3
27
25
18
78
15
r C.rh sales
• Ileterroul 4.0 very
61
67
257 Bale
8
92
95
Price
Friday
Jan. 13,
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 13.
High
7912
67 4
3
4512
70
/8
73
614
43
50
3933
3912
9912
64 4
2
4514
73
Chicago Great West let 45-1959 M 5
Chic Ind A Loutsv ref 8e.....1947 J J
Refunding gold 55
Refunding 4s series C
947 J J
4
18 7j j
1st & gen 56 wines A
1966 M N
let & gen 138 series B_May 1966 1 J
Chic Ind & Sou 50
-year 48_1956 J J
Chic LB & East 1st 434e_ _1969 J D
Chi M & St P gen 45 ser A 1989 J J
Gen g 3%s ser B___May 19811J J
Gen 4368 ser C
May 19841J J
Gen 4345 eer E
May 1989 J J
Gen 4%a ser F
May 1989 J J
Chic 3
4llw St P & Pa:68 A _1975 F A
Cony anj be
Jaw 1 2000 A 0
Chic dr No West gen 83145.1987 MN
Q F
General 4e d
eral re
iste
1987 M N
-ii- - 71 8;314
Stpd 48 non-p Fwi Inc tax '87 M N
n12 4345 sled Fed ire tax_ 1987 M ff
6 3 3
Ge
65
71
Ger 55 nix! Fed Inc tax_ _ _1987 M N
78
95
Sinking fund deb 5e
1933 M N
40
1312
Registered
M N
a7412 95
15
-year secured g 6365-1936 M
77
92
let ref g 55
May 2037 J D
70
89
lit & ref 4345 strap._May 2037 J D
63
854
1st & ref 449 ser C May 2037 J D
72
80
Cony 4 us series A
1949 MN
84
60
60
83
14 Chic R I & P By gems
1988 J J
73
80
J J
68 a94
Refundit g gold 9m
Regis: red
1934 A 0
75
8334
Registered
A 0
77 4 94
3
Secured 454s aerial A
1952 M 5
80
964
Cony g 436a
1980 MN
Ch St L & N 05s_June 15 1951 J D
-1Mi4 85
Registered
J D
GO
90
Gold 334s
June 15 1931 J D
78
78
Memphis Div let g 4a----1951 J D
60
851s Chlec gu
Ir Tlit Bo East lot 55_1960 J D
4414 82
Dew 1 1960 M El
28
63
Chic tin Sta'n 1st gu 434514_1963 I 1
94 40
lit Si series B
1963 1 1
9
30
Guaranteed g 56
1944 1 D
7
40
1st guar 6142 series C
1963 J 1
Chic & West Ind eon 4s
1952 J 1
let ref 634a series A
1982 M S
68
8612 Choc Okla & Gulf core 58.--1952 M N
65
81
an H & D 2(1 gold 448_1937 J J
31
87
OIStL&Cletg41_Au8 21936 Q F
52
egss
F
241 7112 Cin L egiste or 1st eonAug 2 1936 Q N
4
R b & ri
e
gu 45_1942 M
63 eess Chi Union Term 1s1 4142_2020 J 2
1s
274 7934
lit mtge 6.eerie, B
2020 J J
a48
80
Clearfield & Mali let gu 52_1943 J J
4014 8213 Cleve Cin Chi & St L gen 46_1993 J D
311 64
4
General it series B
1993 J D
25
71
Ref & impt 63 eer C
1941 J J
15
69
Ref & Imp)58 ser D
1963 J J
70
96
Ref & impt 4%s ser E
1977 1 J
48
79
Cairo fly 1st gold 45
1939 J .3
Cin W & M Div let g 46_1991 J J
82
9212
St L Div let coil tr g 44_1990 M N
---- ---Spr & Col Div 1st g 4s
1940 NI 5
---- ---W W Val Div lit g 45.-1940 .1 2
8418 5813
43
80
46
80
46
76
12
614 76
83
12 90
70 rg3
2814 78
43
83 4
3
Canada Sou cone gu 55 A_1962 AO 85 Sale 82
72
9018
85
4
Canadian Nat 436e Sept 15 1954 MS 8618 874 8714
4
72 8 9112
3
8734 11
30
-year gold 4345
1957 J J 8618 Sale 864
7318 9114
8733 38
Gold 4 345
8
1968 JO 8612 Sale 8612
4
723 917
877
8 50
1
Guaranteed g
93 4 Sale 9214
9312 60
1969 J
80
9714
8
Guaranteed g 5s--__ Oct 1969 AO 927 Sale 9258
804 9712
9334 29
Guaranteed g Si
9233 Sale 9238
1970 FA
3
9314 39 a79 4 9738
Guar gold 4345__June 15 1955 J D 891 Sale 8834
8
9378
76
90
37
Guar g 436e
4
1956 FA 8618 873 87
73
877
8
92
7
Guar g 4%5
Sept 1961 MS 87 Sale 87
75
92
873
4 39
Canadian North deb af 75_1940 ID 1044 Sale 10418
90% 1057
1047
8
8 93
25-year if deb 634a
10512 Sale 10414
1946 J J
91% 1074
107
30
10-yr gold 4365._ _Feb 18 1985 J J 987 Sale 9818
8
83 100
99
60
Canadian Pao Ry 4% deb stock
67 Sale 65
6812 156 a4712 74
Coll Sr 4345
797
2 33
1946 MS 7712 Sale 7614
64
864
55 equip tr ott,
9012 18
1944 Ji 90 Sale 87
68
93
Coll tr g 15a
3
Dec 11954 JO 85 4 Sale 8413
6112 8714
3
85 4 36
Collateral trust 4345
1900 Ii 744 78
7433
66
77
84
2
Car Cent 1st eons g 4s
1949 J J
16 Dec'32
16
21
Caro Clinch &0 1st 30-yr 65_1938 in
89
76
90
14
93
78
1st & cons g 13e aer A _Deo 15'52 JO 84 Sale 6912
74
63
94
15
6212 6212 Nov'32
Cart & Ad let gu g 4a
1981 JO 45
62
75
38
Cent Branch U P let g 45 1948 JD 29
40 Dec'32
301 55
4
36
60
Central of Ga let g Be_ _Nov 1945 FA
65 Dec'32
65 r81
1713 20
M
Conaol gold 55
17
1945
14
20
55
18
14 912
7
8
Ref & gen 5345 series 13-.1959 AO
912
1
6
41
512 8
Ref & gen 66 series C
1959 AO
753 se) 31
7 4 J7 . 33
7
:
6
38
70
Chatt Div pur money g 45-1951 J D
Mae & Nor Div 1st g 55_1946 ii ____ 8312 9314 June'31
Mid Ga & All Div pur m ISa '47 J
10212 Nov'30
'
I
24 Dec'32
Mobile Div 1st g 55
1946
23
. 6013
Cent New Eng let Feu 45_ _1961 J J
Cent RR & Mg of Oa coil 5E1937 MN
Central of N J gang
Si
1987 J J
Registered
1987 Q J
1
General 45
1987
Cent Par 1st ref gu g 4a___ _1949 FA
FA
Registered
Through Short L let gu 45_1954 A0
Guaranteed g (iii
1960 FA
Charleston & Elav'h lit 74_1936 J J
1989 MN
Chas & Ohio let con g 85
Registered
1989 MN
General gold 434s
1992 M
MB
Registered
Ref & hunt 445
1993 AO
Ref & impt 4 %a ger 13
1995 i2
Craig Valley tat 65_May 1940 J J
Potts Creek Branch 1s14s1946 J
It & A Div 15t con g 4a.„1989 .1 .1
J
2d coneol gold 45
1989
Warm Spring V let g 85_1941 MS
Chic & Alton RR ref g 85_ _1949 AO
Chic Bur/ k Q-III Div 3365.1949 J 1
Ii
Registered
Illinois Division 45
1949J 1
General 45
1958M S
1977 F A
let & ref 4345 ser B
1971F A
lst & ref Se ger A
Chicago & East III 1st 69„.1934 A 0
C & E 111 By(KM 00) eon 5e_1951 M X
Chicago & F:rie 1st sold he. _1982 M N
305
Week's
Range or
Last sate.
Range
for Year
1932
Bid
35
43
Ask Low
High No Low
High
24
Sale 3414
38
157
66 4
3
Sale 4212
43
3
32
60
35 Dec'32 _35
65
55
2
5112 Sept'31 _38
1013 42
16
11 Id - 1512
2
18
10
15
18
18
46
1
614 80
6112 Dec'32
50
95 4
88
9,834 95
,
6
9818
94
42
4834 55
71
48 Sale 4618
4212 Jan'33 _3612 62
3812 .46
518 53
8
4812
52
32
4412 72
52 Sale 50
52
4514 72
56
54
76
52
6412 57 Dec'32
134 42
2012 Sale 183
4
22
526
24 1533
518
6 Sale
6 4 690
3
35
4313 30
81
4312 Sale 40
47 Aug'32
417 41%
4
_
36
4613 25
46 Sale 4513
70
464 70
46 Sale 46
4613
2
50
73
47 Sale 47
47
1
45
45
52
50
23
83
52
47
83
6012 74
59
61
10
60
59
59
76
80
4
60
5714 Sale 52
49
87
5714 32
22 Sale 1978
15
67
2213 115
193 Sale 1734
4
14
46 1
3
2012 97
20 Sale 18
137 46%
a
2013 57
1414 Sale 1212
84 39
15 s 719
7
6312 Sale
5914
6313 20
6413 Sept'32
27
30 4 217
3
9614 Apr'31
_
2712
3
29 4 36
14
1613 255
73
78
3
6412 May'32
6312 75
8512 May'31
57
63
40
60 60
60
1
45
42 Sale 42
28
28 Sale 2478
28
9
10018 Sale 9854 10018 57
10314 Sale 02
104
61
102 Sale 02
1025
8 26
11212 Sale 12
113
23
6512 Sale 641
6633 37
75 Sale 687
8
75
24
40
65
70 Sept'32
88
88
5
95
95
Jan'33
97
Oct'32
84
87
83
83
15
100 Sale 9914
100
7
1043 Sale 10414
10514 73
70
75 Sept'32
74
80
75
75
1
88
95
89
Oct'32
47
70
70 Nov'32
49
52
4914
5233 26
47 Sale 44
48
93
87
9213 8618 Jan'33
____ 6978 6234
3
62 4
1
75
85
75
Jan'33
7518 _ _ _ _ 76 Dec'32
5818 Aug'32
2914
___
2812
15
Sale
____
Sale
Sale
C C& I gen cons g 85___ _1934 2
10014 ____ 100 Dec'32
Clev Lor & W con let g 55..1933 AO 9218 9614 95
95
Cleveland At Mahon Val g fie 1938 J
72
90 101 Sept'31
Clev & mar 1st ECU e 41 N
45
9818 101
1935
97 Dec'32
Clev & P gen KU 4366 ser B_ _1942 AO 968 ____ 91 June'32
4
Series B 334/1
1942 AO
86
Jan'33
Series A 434e
1942 J J 963
4
98 Dec'30
Series C 3%a
1948 MN
7684 June'32
Series D 3369
1950 AF
83
Oct'32
Ger 4%5 iser A
1977 FA
81
Oct'32
Cleve Sho Line let gu 430-1961 * 0 80 Sale80
80
Cleve Union Term let 5345._1972 * 0 7138 Sale 6834
7133
litif 55 series B
1973 * 0 6612 677 6518
8
693
8
1st aT guar 43.4s series C 1977 AO 60
6213 6212
65
Coal River By let gu 45
in 8214 ___ 85 Dec'32
1946
Colo & South ref & ext 410_1935 MN
77 Sale 76
78
General mtge 436s ser A...1980 MN 5312 Bale 52
5412
Col & El V let ext g 45
1948 A0 771 ---- 75 Sept'32
4
Col & Tol let ext 45
1955 FA 87
____ 8412 Dec'32
Conn & Paasum Riv 1st 4s..1943 AG
90 Dec'30
Consol By non-cony deb 4a 1954 21 398 73
4012
4013
Non-cony deb 45
1956 ii
*0
Non-conv deb 4e
19116
4612 Sept'32
Non-cony deb 4s
1956 J J 31
6614 45 Dec'31
Cuba Nor By let 5369
1942• D 2012 Sale 1712
201
Cuba RR let 50 year Si 4_1952 J
26 Sale 26
29
lat ref 730 series A
1936 ID 2513 Sale 25
27
let lien & re 6s ser B
19311 J O 26
30
28 Dec'32
Del & Hudson let & ref 45_1943 MN 825 83 8012
8
58
1935 AO 9618 99
, 95
Gold 6I45
1937 MN 92
921 92
I)RR & Bridge 1st gu g 45-1936 FA 925s _ _
9214
Den & R 0 1st cone g 45__.1936 J J 35 Sale 34
Conant gold 4345
1936 21 30
39
37
Den & R Wert ger he Aug 1955 FA
15 Sale 15
Ref & hart ISs ser B._Apr 1978 AG 21 Sale 19%
Dee M & Ft D let gu 45_ _1936
Certificates of deposit
'
I
212 30
24
Dee Plaines Val 1st gen 4%5.1947 MS _
45
Det & Mae in lien g 42
1955 J D 25
34
Second gold 48
1995 J D
10
25
25
Detroit River Tunnel 4148-1961 MN 80
85
824
Dui Mlaasbe & Nor Ben 56_1941 • 1 102
10212
Dui & Iron Range 1st 55
1937 AO 10112
10114
Dui Sou Shore & All g 53_1937 J J
1714 193 1812
4
68
7
4918 75
6834
257
8
26
4
3312 55
92
93
10
76
98
89 Dec'32
71 r94
---- 7914 7612 Oct'32
65
82
8512 Sale a80
8612 87 8474 88
East Re Minn Nor Div 1st 4e '48 AO
78
- 7834
7833
6 -- - - -- East T Va & Ga Div let 56_1958 M
7513 Bale 754
754
1
60
8
0
Elgin Joliet & East 1st (t 56_1941 MN
61 Sale 5812
61
95
30
79
El Patio & S W let Si
1965 * 0
10218 106 111 june'31
Erie 1st cony g 41 prior
---1996 J J
105 Sale 10418
106
25 -95- 14Registered
1998 21
_
1024 Dec'32
9778 10214
let cormi gen lien g 45
1996 J J
102 Sale 101
97
7015 10014
102
Registered
1996 .1 1
98 Dec'32 -- -83
96
Penn coil trust gold 46
1951 FA
91 Sale 893
4
93
41
60111 57
50
-year cony 45 series A-1958 * 0
904 Sale 8812
92
147
6 '
0
04
Series B.
1953 * 0
94 Sale 94
94
94
9934
1
Gen cony 48 series 111
1953 * 0
70
8812 9458 Aug'31 - -Ref & impt 58 of 1927____1967 MN
93 Sale 93
7
72
90
Ref & impt 5s of 1930_-__1975 * 0
9312
8412
- 84
64
84
Jan'33 ___
Erie & Jersey 1st 5 f 65..._1955 .1
92
_92 Oct'32 -- 92
Genesee River It 51 65_1957 J
4(f)
443 403
4
4
333 co
3
Erie & Pitts g gu 354s ear B 1940 Ii
413
4 40
9013 Sale 90
73
9012 21
90
Series C 330
1940 I,
- 843 Dec'32 ___
4
78
844 Fla Cent & Pen 1st cons g Ss 1943 21
-i8
513
1
9673
965 Florida East Coast let 4341_1959 J D
78
9812 11
Sale 90 8
9
,
917 131
8
74
93
let & ref 5e Genes A
1974 M
8312 Sale 81
74
8312 69
8814
Certificates of deposit
90 Sale 87
90
20
68
9912 Fonda Johns & Glov let 4 %a 1952 MN
45
58
58
4112 7012
Jan'32
(Amended) let cone 4465_ _1982 MN
12 Sale 11
6
25
124 96
Fort St U D Co 1s1 g 4 %a_ 1941 J
943 Sale 90
4
Ft W & 'len r hit 2 54. 1961 JO
943
4 27
794 112
• Look under list of Matured Bends on page 309.
81
81
50
74
84
85
98
Sale
453 Sale
4
99 101
37 Sale
37 Sale
___ 40
-2813 Sale
29 Sale
8414
_
80 Sale
884
8814 91 4
,
16
30
45
3
38
4
3
34
,
418 12
3
4
9013 95
3
5018 50
62
68
19
73
18
9
48
644
0
- .
4
.
50
78
644
45l 66
30
69
1212 49
83 984
90 104
92 10112
100 11312
65
79
63
87 4
5
60
70
82
90
70
964
86
97
72
77
834 99 4
2
9333 104
78
76
68
7712
89
89
48
99
40
84
2814 7134
86
76
5912 70
66
WM
847 80
4
561 88
/
4
94
90
103
97
"ii" W91
91
7
77
14
5
9
56
76 g 76
5
83 83
79% 8912
78
8715
63 1034
83 8 93
2
85
844
82
8812
60
93
36
70%
75
78
77
8412
11
10
3560
60
871
4
464 464
44
18
17
14
18
25
24
32 i
1
45
46
42
8314 129
97
21
9212 14
Dec'32
_
37% 183
40
15
163 202
4
22
62
63
834
7412
92
29
314
6
815
874
96
97
9214
69
70
38
49%
Dec'32
Aug'32
Oct'32
Dec'32
8212
Dec'32
10114
1812
45
24
20
71
98
94
16
61
34
34
89
1024
101
3312
70
86
80
58
87
96
84 Dec'32
8212
84
81
Jan'33
98 Sept'31
74%
70
5712 June'32
4334
47
41
41
99
Jan'33
33
37
32
37
57'2 Aug'31
2812
31
28 8
,
31
84 Dec'32
80
80
8613 Aug'32
9613 Aug'32
18 Dec'32
45
45
3
38
7
3
314
418 Dec'32
3
3
87 Nov'32
92 Nov'32
2
2
2
1
3
-
a
50
46
674
2E03
44 0
39
1
99
-20
23
22
113
189
344
-
1
3
20
14
2
64
8814
63
4
68
993
s
6112
4912
13
.
3
134
67
76
83
8618
15
43
2
112
4
24
3
87
81
49
93
vi
88
864
4218
60
5
7
17
912
9612
944
‘0,--
New York Bond Record-Continued-Page 3
306
BONDS
E
Price
Work's
BONDS
I.aRange
I
N. Y. STOCK EXCHANGE
g."1 for Year
Friday
Range or
N. Y. STOCK EXCHANGE ul
Week Ended Jan. 13.
1932
Last Sale. go
"11. Jan. 13.
Week Ended Jan. 13.
1:
iI
.s a.
Jan. 14 1933
Price
Friday
Jan. 13.
Week's
+3....
Range org .w.‘"
Last Sate.
go Y3
Range
for Year
1932
Ask Low
High
Bid
High No, Low
•High No Low
High
Ask Low
Bid
Minn & St Louis 1st cons 56.1934
6512 96
6512 Dec'32 ---68
Frem Elk & Mo Val let 68 1933 A 0 60
212 11
212 6
212 Dec'32 --__
1934 MN
Ctts of deposit
7
3212 75
65
Bend let 50_1933 A 0 8514 67 60
Galv Haus &
2
78 314
1
rl Dec'32 ____
1st & refunding gold 48_1949 M 6
4
43 18
7
9 8 r334 Dec'32 ---5
Ga & Ala Ry 1st cons be Oct 1945 1 .1
4 8
74 1 Dec'32 ____
1
Ref & ext 50-yr Is ser A 1982 Q F
Ga Caro & Nor lst gu g be 19295
b
112 5 Dec'32 ____
Q F ____
Certificates of deposit
16
201s
_ 19 4 20 Aug'32 ---.
3
1 1934 J 1
Extended at 6% to July
7
43 5 16
7
334 50 8
M St P & SS M 13012 g 45 lot gu'38 J .1 42 Sale 4138
3
29 4 63
3312 3434 Dec'32 ---Georgia Midland let 35____1946 A 0 28
19
6
13
04 sons0
1812
5014
1812
1938 J .2 18
Jan'31 ____ ____ _
.1942 1 D 50 --- 100
& Oswegatchte 1st Is.,
0ouv
45
60
10
35
1938 J J 44 Sale 44
1st cons be gu as to Int
a90
744
4
8818
Or R & I ext 1st gu g 410-1941 I i 8815 Bale 87
13
Jan'33 ---1946 J J ____ 15
1212 37
1st & ref Oa series A
3
9238 1044
Grand Trunk of Can deb 75_1940 A 0 10415 Sale 10312 104 4 61
9
3
94 31
9
9 Bale
1949 M El
25
4 70
-year 530
12
87 10214
1936 M 3 1015 Sale 10012 1013
*
-years 165
15
62
30
1978 J J 62 Sale 6814
40
72
B
..
1st ref 5145 ser
0 ---- ----96 Nov'30 __-- ___
1947
Grays Point Term let 6&
3
__
8
1st Chicago Term 5 f 45..1941 MN 60 ___ 95 8 Dec'30 --__ ___
647 334
98 4
454 -- 3
1 64 Bale 6014
Great Northern gen 7sserA_1936
3
85
72 - 85
_
_ 97% 0/1'31 ___ _ __
___ Mississippi Central let 58_1949 J J 85 Sale 84
J _
Registered
32
2812 Jan'33 --144 42
1969 J J 25
Mo-Ill RR let bs ser A
5
80
51 87
3
83
let & ref 4145 series A____1981 J J ii12 ---4 76
8212 89
5514 80
8
53
20
38
Mo Ken & Tel 1st gold 48_1990 .1 D 82 Sale a7712
12 85
General 5145 series B____1952 J J 5212 Sale 497
3
704 75
38
79
24
4118 7814 Mo-K-T RR pr lien be ser A_1962 1 J 89 4 Sale 6412
511
1973 J J 51 Sale 48
General be series C
814 eg
6212 69
4
7
1982 1 J 8012 643 59
40
-year 45 aeries B
5 35
483
39
73 k
General 4145 series D.„ 1976 I J 474 Sale 4814
704
36
65 81
Jan'33 -___
38
7412
Prior lien 410 ser D -___1978 J .1 60
4812 64
J 4712 Sale 47
General 484s series E......1977.2
40
18 a12
60
__
Cum adjust be ser A _Jan 1967 A 0 38 Sale 35
Green Bay & West deb ctfa A___ Feb 2712 - -- 574 Apr'31 ---- ____
26
50
173 6312
4
4
8
2 _74 Mo Pan 1st & ref be ser A___1965 F A 24 Sale 24
44 712 7
Feb
Debentures MA B
8
147 693
7
4112
1975 M 5 1312 Sale 1112
General 48
90 90
Greenbrier By 1st gu 4s____1940 M N 8014 --.. 90 Aug'32 --2538 407
1712 60
1977 M fi 2318 Bale 231a
1st & ref 58 series F
3012 17
20
50
Gulf Mob & Nor 1st 510 B 1950 A 0 3012 Sale 29
7
2514 188
8
1712 60
1978 M N 237 Sale 23 8
1st .1: ref Si ser0
30
31
18
52
1950 A 0 30 Sale 29
aeries C
1st mtge Is
5
133 338
ab
464
1949 MN 1114 Sale 1012
Cony gold 5145
22
40
Gulf & 51 1st ref & ter 5eFeb1952 J J ---- ----22 May'32 --263 127
8
6
1712 60
ley ref g 5 aeries H
66
94
1980 A 0 234 Sale 2314
17
97
9514
99
Hocking Val 1st cons g 4145_1999 J 3 97
8
253 339
7
1712 80
1981 F A 23 8 Sale 2314
J
let & ref 59 ser I
Ape31
- 10012
1999 J
Registered
8
887 69 Dec'32 -__
63
69
88
Mo Pao ad 75 ext at4% July 1938 MN 80
75
85
79 Dec'32 --Housatonic Ry cons g 5s_ __ _1937 MN 70
_
Mob & Blr prior lien g 55_1945 J J __- 95 95 Aug'31
12 90
1937 J J 8512 100
90 Sept'32 --- a80
H & T C 1st g Is int guar
J J ---- 90 97 Sept'31 ____ _ - -89
82
4
86
Small
Houston Belt & Term 1st 58_1937 J 1 88 Sale 85
57
25
19461 J --------53 Aug'32 ____
1st M gold 49
95
_
90
1
9812
___ 9812
Houston E & w Tex 1st g 68_1933 M N
J J ____ 4812 81 July'31 ____ _--- ---Small
93 964
9812 10018 12
1933 M N -5i 100
1st guar Is
r72
14
90 85
20
6512
M It 60
89
7
88 8 96
60
Mobile & Ohio gen gold 48_1938
4
Bud & Manhat Ist bs ser A_1957 F A 873 Sale 84
9 Jan'32 __-512 ___
9
914
55
123
Montgomery Div lst g 58_1947 F A
27
64
Adjustment income Is Feb1957 A 0 53 sew 62%
r3 Dec'32 ____
8 5
33
1 Is 2312
1977 M 1
Ref & impt 4140
3
5
2
5
6
28
4
1938 M S
Sec 5% notes
72 a88
- 78 Nov'32 -Illinois Central 1st gold 45_1951 J J
85 65 Dec'32 ---,_
61
8
75 4
2
Ws 80
7812
Mob & Mal let gu gold 4s 1991 M S 65
91
7612 1951 .1 J 78-- 7812
let gold 330
95
88
/
4
933
4
3
1937 .7 J --- 93 4 933
J J
Mont C lst gu 88
8614 June'31
Registered
1
90
82
90
1937 1 J SO Sale 90
8118 78
1st guar gold 58
Extended 1st gold 330-1951 A 0 7812 _--- 78 Dec'32 ___
8 21
757
82
754 7412
77
75
1951 M El 25 ____ 73 Mae30--- ._ --. Morris & Eseex 1st ffU 3348.20001 D ___ 81
1st gold 3s sterling
81
Oct'32 ---81
86
1956 MN
5
65
29
70
Constr M baser A
Collateral trust old 0---_1952 A 0 60 Sale 59
66
80
1955 M N ____ 704 6918 Jan'33 ____
Constr M 4145 ser B
5612 22
35
68
1955 M N 5318 Sale 5318
45
Refunding
5 74
49% 66
Dec'32 ___
5412
1952 1 J 54
Purchased lines 310
7012
5
7012 Sale 704
46
7214
47
40
2
25
597 Nash Cbatt & Si L 48ser A-1978 F A
Collateral trust gold 45_1953 M N 4412 Bale 4214
70
Oct'32 ---86
68
83
1937 F A 85
4956 54 N 65
60 57
58
10
N Fla & S 1st MI If 511
37
88
Refunding be
% 1/8 18 July'28 ____
11
70
35
82 4 Nat Ry of Mex pr lien 4348 1957 1 1
3
70 Sale 68
-year secured 8145 5_1938
15
3
40 4 238
19
July 1914 coupon on
534
Aug 1 1966 F A 39 Bale 3714
411-year 4 N s
1
Its
__ ____
114 Dec'32 ____
,
50
63
1
65
Assent cash war rot No.4 on
19501 0 6312 ---- 65
Cairo Bridge gold 45
_ _ _
4
2 __-- 123 July'31 ____
--_
8
Guar 4s Apel4 coupon_1977 A0 Litchfield Div 1st gold 35.1951 J J 513 ---- 70 Sept'31 ____ __
i
318
4
1 Jan'33 ____
6312
50 Assent cash war rct No. Son ------------1
Div & Term g 310 1953 J I ___ ____ 8312 Dec'32 ---Loulsy
42
86
Nat RR Mex pr lien 430 Oct'26
Omaha Div 1st gold 38_1951 1' A 6018 ____ 55 Sept'32 ___.
4
3
8 2 4 13 Jan'33 ____
_
13
1
234
45
Assent cash war rct No. 4 on
66
4
St Louis Div & Term g 35_1951 J J 473 - 56 Dec'32 --_A0
1951 -- - - - 22 Ape28 ____ ___
62
58 Dec'32 _
1st consol 45
8012
1951 J J
50
Gold 334s
its
is 1
II -I2 1 Dec'32 _-__
1i8
582 784
8
Assent cash war rat No.4 on ,,_.,
585* Nov'32 ____
Springfield Div 1st g 310_1951 J J 603 75
714 Nov'32 ---85
5212 714
N 58
1954 m 484 66
85 Dec'32 ____
1951 F A 8218 67
Naugatuck RR 1st g 45
Western Linea let g 49
75 75
___ 75 Nov'32 ____
F A -------- 90 July'31 -- ___ ____ New England RR cons 58_1945 J J
Registered
79
79
8912 79 Nov'32 ___
721946 J J 68
Consol guar 4s
III Cent and Chic St L & N 090 92 Nov'30
78
48
N J Junction RR guar lst0.1986 F A 50
2314 59
Joint let ref 58 series A-1983 .1 D 46 Sale 43
32
35
32
3
55 -IF2
5
J J 30
43
48
2212 56
NO &NE lat ref &Impt410 A'52
let & ref 410 series _ __1963 J 0 42 Sale 4112
5012
504
2
50
70
93
go Gee31 ____ _ _. - - New Orleans Term lit 45-1953 J 1 - _ 50
CInd Bloom & West 15t ext 4s 1940 A 0 83
20 Dec'32 --30
20
43
el - - N 0 Tex & Max n-ti Inc 15s 1935A 0 17
70
75 Nov'32 __-1950J J 50
81
Ind III & Iowa lat g0
154 45
2312 22
1954 A 0 2012 2312 2012
Oct'32 ---39
1st iSs series B
89
58
Ind & Louisville let gu 45-1956 1 J 251 35
19 Dec'32 ____
15
45
1956 F A 2012 50
3
93 4 90 Dec'32 ---lit 58 series C
79
92
Ind Union Ity gen be eel' A-1965 1 1 80
225* 19 Jan'33 ---15
5
441
1956 V A 20
91
90 Dec'32
90
85
1st 410 series D
1966.2 1 80
Gen dr ref 55 series B
23
24
2512 15
4
173 584
1954 A 0 22
243
4 24
1st 514s series A
16
60
Int & Oct Nor let 65 ser A 1952 2 J 2212 Sale 2034
8912 Aug'32 -___
80
91
894
5
514 27
5% gale
2
1952 A 0
30
N & C Bdge gen guar 4)0..1945 1 .1 81 --__
Adjustment 65 iser A-July
100 Jan'33 .___
92 100
3
20 4
3
8
1956.2 1 20 4 Sale 20
12
50
N 'Y B & M B 1st con g 541_1935 A 0 994
let bis series B
2114
2114
1956.2 2 2012 27
2
12
4811
let g Is series C
8412 81
3518 92
MN 4012 4212 4014 Jan'33 _--65-1935 M N 1314 Sale 58
1g 64
24
NY Cent RR cony deb
lot Rye Cent Amer 15158 B 1972
8
4
87
8
83
1998 F A 867 673 627
58
7
80 9
2
45
23
45
3
Consol 45 aerlea A
604
lit coil trust 6% g notes_1941 MN 45 8 50
4212
4812 138
31
72
Jan'33 ____
35
30
Re/ & Impt 434s series A 2013 A 0 44 Sala 4512
18
1947 F A
31
38
ref 610
1st lien &
493 348 667
l
7914 161
2
Sal e 78
3342 7 3
9
8
7 4
Ref & impt ife series C.... 2013 A 0 48 sae
Iowa Central 1st gold ba__ -1938
212 3
J D
3
1
3
2
54 NY Cent & Dud Riv M 33451997.1 J 7834
Certificates of deposit
72 Dec'32 ___
77
674 78
1997 J J 88
54 Dec'32
4 1
3
1951 145 ii
Registered
4 112
1st & ref g 45
73
55
51
9212
1934 M N 70 Sale 70
Debenture gold 48
7112 16
7012 68
83
8212
79
-year debenture0 _., 1942J J 87
30
85
James Frank & Clear let 4s 1959 1 11 ____ 6818 72 Sept'32 ____
.424
484 349
31
72
--- 103 Mar'31 ____ ___ .,. _
Ref & Impt 410 ser A____2013 - . 45 Sale
1938 1 1
Kai A &0 R 1st gu g 58
7012 69
71
48
A 89
60
76
8514
6518 75
8514
1
1990 A 0 3457 - 78
Lake Shore coil gold 3145_1998F Kan & M 151 gu II 45
684
69
1998 F A ____ 6612 6512 Nov'32 ____
34
70
75
53
Registered
A 0 50% Bale 505*
K C Ft 8 & M Ry ref g 48_1938
8
707 1384
71
73
24
61
_
46 Dec'32 ____
40
4612
Mich Cent coll gold 3348-1998 F A 68
Certificates of deposit
68
934 Oct'31 __
134
-.
1998 F A
81
62
354 70
Registered
Kan City Sou 1st gold 33.. _1950 A 0 it-) Sale 594
4
79
ii Ws 82
65
55
28 s 7118 NY Chic & St L lat g 48...-1937 A 0 704 793 774
Sale 4812
7
3
Apr 1950 1 1 53 8
Ref & 'mot 68
904
4
923 324
78
1937 A 0 ---- ---- 934 Mar'30 ____ ___- .-.
Registered
Kansas City Term 1st 49-19130 1 J 9218 Sale 9014
1932
13
80
64
85
6% gold notes
I
Kentucky Central gold 45..1987 J 2 781 - 80
35 Jan'33
40
____ ____ ____
84 Aug'31
Guaranty Trust dep rata- -_ - 37
2Kentucky & nd Term 4%5_1981 2 2 ____ 65
3
194 67
-103 4
32 4 444
6
80
894 July'31 ____ ____ ___.
Refunding 5145 series A 1974 A 0 18 4 Sale 17
1981 1 1 40
Stamped
18
188
104 10
197838 1 18 Bale 1514
89 Ape30 _
series C
Ref 4%e
1
1981 i .
Plain
8
1514 150
4
1935 A 0 131 Bale 123
84 184
67 Nov'32 ____
12
50
83
68
3-yr 6% gold notes
Lake Erie & West 1st g 58_1937 J J 55
99
9218
92%
1
75
90
32
69
47
Oct'32 --_N Y Connect let gu 4145 A.1953 F A 95
. 60
1941 J i __
2d gold be
1953 F A 95 ---- 9114 Nov'32 --__
674 93
28
81
66
7912
1st guar be series B
Lake Sh & Mich So g 310 1997 1 D 80 Sale 80
8634 Jan'33 -_
N y & Erie 184, en gold 48_1947 M N 8/ ___8812 8815
75
67
Registered
1997 J._ P 754 -.- 7412 Jan'33 ---1933 M B 99 100 100 Sept'31
ad ext gold 4448
74
9012
83 Nov'32 ___
84
Leh Val Harbor Term gu Is 1954 r A 80 3
1946 M N ---- 75 4 40 Dec'32 --__
- Yd.
55
84
NY & Greenw L gu g bs
79 r70 Dec'32 ---el gu g 410-1940 1 1 80
Leh Val N
684 88
79
37
12 60
4
3
27
363 34 4
N Y & Harlem gold 310_2000 M N 84 ---- 88 Jan'33 --__
Lehigh Val c's) cons g 48-2003 MN 34
75
90
MN _
56
28
450 B_1973 M N 8512 ____ 90 Nov'32 ___
3
28
33
NY Lack & W ref
33
Registered
76 __ 844 Dec'31
3812
7
33
63
NY & Long Branch gen 48_1941 M it
2003 MN 58 Bale 3434
General Cons 410
-.
7
334 6784 NY & NE Bost Term 45-.1939 A 0 -,,... ,_-. 9512 July'29 _ -_ --- 42
2003 M N 4214 45 40
General cons be
iii4 19
6212 5512 Dec'32
1947 M S Ob 90
90
94
1
80
NY N H & H n-ci deb 45
90
Leh V Term Ry lst gu g 55 1941 A 0 90
Oct'32 ____
_ 65 65
50 Y67
Oct'32 ____
65
65
Non-cony debenture 3345.1947 M 8 50 .--.. 50
Lehigh & NY 1st gu g 0..„1945 M 3 _
_
2
52
54
61
1
8414
61
90
8414
84
Non-cony debenture 3348_1954 A 0 - - 5212 51
Len& East let 50-yr be gu.19135 A 0 io
65
55 D'32
40
684
_ Non-cony debenture 48_Dec'321956 J .1 63
Little Miami gen 45 sores A_196 2 m 0 7712- - 9112 MaY'31 ---- ....
56
2
1956 M N 66 Sale 58
40
68
93- 1 Non-cony debenture 4s
01
1935 A 0 100 10118 9934 Jan'33 _-g 8a
Long Dock oonsol
.
5
50
5712 557
54
bo
19613 J J 48
Cony debenture 3Xs
Long Island1948 s .1 82 Sale 80
83
42
1938 1 D 9614
824 95
9512 Jan'33 _
493* 95
Cony debenture68
General gold 0
J J ---- _- - - 704 Dec'32.-_
dm 92
8712 19
M 8 88%
86
704 87%
Registered
1949
Unified gold 4s
3 80
94
8
55
82
1940 A 0 89
10014
8
80 100
Collateral trust 6s
2
1934 . D 9812 Sale 9812
Debenture gold Is
4514 31
1957 M N 45 Salo 39
30
59
5
95
99
95
604 9314
Debenture 45
1937 m N 95
20
-year p m deb ba
89
6513
42
77
8812 18
of 1927._1967 J D 63 Sale 62kl
70
8714
1st de ref 4145 ser
1949 M 8 88 Sale 87
Guar ref gold 45
8
895*
52
154 50
2
38
83
86
Harlem R & Pt Chas 1st 45 1954 M N 893 Sale 89
Loesiana & Ark 1st laser A _1969 J 1 3314 Sale 33
55
76
Jan'33 _-__
74
75
4s 1945 10 8 73
Louis &Jeff Bdge Co gd g
96
382, 60
58
5
98 4
864 98
N Y 0& W ref g 48 Juna_1992 M 5 54 Sale 5218
3
3
1937 M N 9712 ---- 98 4
Louisville & Nasbville 58
47
19661 D 45 Bale 44
62
34 4912
87
120
69
89
General 45
1 864 Bale 08412
1940
Unified gold 4s
4
85 Nov'32 __ _
85 86
1
& Beaton 4 1942 A 0 823 92
1
82
764 824 NY Providence
83
8412 82
Registered
74
7214 Nov'32 ...-__
70
774
7312 62
50
84
NY & Putnam 1st con gu 48_1993 A 0 68
1st refund 510 series A._2003 A u 734 Sale 69
34
2003 A 0 70 Sale 65
2
18
54
106
70
45
78
N Y Sus(' & West 1st ref 56_1937 J J 323* Sale 325*
let & ref be series B
21
1937 F A __-- 85
Oct'32 ____
21
21
2d gold 410
33
68
40
7518
let & ref 4348 series C___ _2003 A 0 88 Sale 8212
1712 20
1612 Jan'33 ___
1940 F A
16
General gold Se
394
1941 A 0 88 100
91 Sept'32 _
95
91
Gold 58
64
90
1943 M N 51
A
9212
i
92
Jan'33 ---,
64
TermIcal 1st gold Se
3
62 a 8012
Paducah & Mem Dives...1946 F. 59
70
70
62
28
4834 75
12
447 56
2
N Y W Chas & B let ser I 410'41 1 J 4518 Sale 4412
St Louts Div 2d gold 35-1980 M.. ._. 4312 Sale 4312 045
105
8
10
4
963 10133
81
8812 Nord Ry ext'l sink fund 6344 1960 A 0 104 10514 105
1st g 410_1945 m * 82 ___ a8212 Dec'32 ___Mob & Monte
3
34 3
2
31z
218 2012
3
45
20
594 Norfolk South 1st & ref A 53_1961 F A
South Ry joint Monon 45.1952 J 2 45 Sale 40
11
13
13
13
1
10
60
1
75
70
81
Norfolk & South 1st gold 59_1941 MN
7418 ____ 75
AU Homy & Cin Div 4a 1955 MN
104
2 100 10412
Norf & West RR impt&ext 85'34 F A 104 104I 104
3
1996 A 0 99 4 Sale 984 10014 165
1
783 100
95
4
98
101
N 4 W Ry 1st cons 5 45
1934 1 1 10012___ 101
Mahon Coal RR 1st 58
9712 9418 /awn --1996 A 0 98
64
Registered
2
8018 944
534
50
5334
59
RR (South Linea) 48 1939 M N 64 Manila
8634 994
Div'l 1st lien & gen g 48_1944 J J 100 Sale 9934 10012 U
51
65
50 Jan'33 _-__
50
52
1959 M N
lit ext 4s
977
1941 J D 984 Sale
96
80 Mar'32 ____
9812 18 a79
80
85
Pocah C & C joint 44
85
Manitoba SW Colonire'r 69 1934 2 D
A-1974 M 8 100 ____ 87 Aug'32 _-_
3
87
99 4
11_
Man 0 B & N W 1st 310_1941-_ J30 ____ 8712 Aug'31 ____ ...=. - . North Cent gen & ref 5s
_ 85 Aug'32 ___
445 0
1974 M S ---9
Geo & ref 410 ser A
2
.2 Sept'32 ___.
Mex Internist let 48 asetd.„1977 IA 9
3678 35
50
i
33
35
North Onto let guar g 55_1945 A 0 ---- -Central Detroit & Bay
Michigan
6
Q .1 8114
86
83
65
__ 98 Aug'31 ____ ..- ---. North Pacific prior lien 45-1997 Q 7 87 Sale 8734 7667 , _ 1_12
1940 / .1 80
City Air Line 45
_
3
55 4 80
Registered
M 3,
79 May'26 ____ -__
86
Jack Lane & Sag 310-1951 MN 85 3
2
61% 132
Gen lien ry & Id ir 3s.Jait 2047 Q F 59 4 Sale 584
66
70% 96
48
84
7515 ___ 84
1952
let gold 310
_ 5512
Jan 2047 Q F ---Registered
5512 11
45
70
4814 66
69 69 Dec'32 ___
1979 2 2 60 Ref & Impt 430 ser C
38
77
18
84
64
55
Ref & Root 4 145 series A..2047 J J 81 -40
65
Dec'32
47
60 48 D'32 ___
Mid of NJ 1st ext be
724 71
Ref & impt tis series B____2047 J J 71
74
87
45
901s
75
188
87 June'32 --944 A
Mil & Nor 1st ext 410(1880)1930 J 00 ___- 84
48
82
67 87
1
67
Ref & front 58 eerie. C____2447 i .1 61
50
7412
8
887 70 Nov'32 ___
1934 1 0
Cons ext 434e (1884)
65
1
484 82
Ref &(mot 58 series D___2047 J J 65 Sale 65
28
43
40
6918
mij spar & N W 1st gu 48..1947 M 8 4212 Sale 4212
Pac Term Co lat g IN_ 1933 J J --------100 Nov'32 __ 100 1004
Milw & State Line 1st 310_1941 J J _ _ __ 8278 90 APe28 --- --- ___ Nor Ry of Calif guar g ba ..,1038A 0 51
___ 954 Oct'31 ____ _--- --Nor
..__
r Cash sale. I
D.frrred doll very
• Look
under list of Matured Bends on
OW
109
.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 13.
4,
:'..e
4.2
z ...
...1.
4
Prce
i
Friday
Jan. 13.
Ask
Bid
44 Sale
8712 ---70 ____
Week't43 _
.
&Inas ar
VA
Last Sale.
CO
Range
for Year
1932
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 13.
•t•
...g
ilt
-..a
307
Price
/Wait
Jan. 13.
Week's
Range or
Last Sale
el
E4
iiii8
Range
for Year
1932
Low
High No Low
High
814
Ask Low
High No. Low
Hitd
42
44
9
28
54
Southern Ry 1st cons g 58-1994 J .1 6414 Sale 60
66
4718 86%
93
97 Mar'31 ___ ____
___
J .1 --------58 Nov 32 ____
Registered
.
58
75
82 Nov'32 ___ 82 90
Devel & gen 45 series A,_.1956 A 0 2214 Sale 20
233 219
4
12
54
81 Nov'32 _
82
70
Devel & gen es
1956 A 0 2612 Sale 25
28
84
1512 87
9312 95
9414
95
60
77
92
Devei & gen 6345
1956 A 0 2914 Sale 2612
30
190
18
72
10318 105 104
104
2
88 10214
Mem Div let g 58
70
40 Dec'32 ___,
1996J 2 40
40
55
1041 10712 1047
8
8 10538
3
.‘ 12 103%
,
St Louis Div 1st g 45
1951 J .1 45 Sale 43
45
b
3613 674
8634 Sale 8512
877 110
5
6012 84
East Tenn reorg lien g 5s 1938 M 5 ____ 80 101 Sept'31
--__
_ 32
1
32
174 304
Mobile Az Ohio coil tr 45_ A938 M S 25 Sale 22
26
ia lifg -41
85 87
831 Jan'33 ____
72
go
Spokane Internet let g 58_1955 J .1 20 Bale 20
20
4
15
40
83
85
8314
84
16
74
93
Staten Island Ry 1st 4345_1943 J D --------60 May'32 ---60
80
78
83 87 Sept'32 --__
87
9518 Sunbury & Lewiston let 48_1936 J J --------9712
101 102 102
102
4
8812400412
3912 Sale 3912
40
24
30
Tenn Cent 1st Be A or B-1947 e 0 25 Sale 25
65
30
11
9
51
7512 83
79
82
21
eo
8114 Term Agin of St List g 4348 1939 A 0 1005 ____ 991 Jan'33 _--8
88% 9
912
__ 96 Dec'32 ____
93 5
5
88
9614
let cons gold .58
1944 F A 9918 ___ 99 Dec'32 _--85
99
1005 Sale 9812 10018
5
6
8514 98
Gen refund s f g 4s
1953 1 J 79 Sale 79
80
15
70
8012
100
____ 9812
9812
6
85
96
Texarkana At Ft Slat 5348 A 1950 F A 66
67
6512
6512
2
513 78
4
10312 Sale 10314
104
23
867 103
8
rex & N 0 con gold 511
70 Dec'32 --1943.3 J ---- 80
70
70
867 Sale 805
8
8
867 130
5
5014 87% Texas & Pac let gold 6s
2000 1 D 94 Sale 91
97
32
75
9212
9212 Sale 90
9255 101 1.5412 94
2d Inc fts(Mar'28 cp on)Dec 200o Mar --------95 Mar'29 _______
1015 Sale 10012 102
5
129
7514 1021s
Gen & ref 58 series B
50
1977 A 0 50 Sale 48
30
28 if'
--------833 Mar'31 ____
4
Gen & ref 5t2 series C
1979 A 0 5012 Sale 47
301
40
25
7012
8412 Sale 823
4
85
32
53
90
Gen & ref es series D
50
1980 J 0 50 Sale 48
15
28
70%
675 Sale 6618
5
703 283
5
3212 743 Tex Pac-Mo Pac Ter 548 A 1964 M 5 50
4
59
58 Dec'32 ---40
8912
7812 Sale 7512
7934 79
47
81
Tol & Ohio Cent let gu Es 1935 J J 81 100
863 Dec'32 _--4
70
923
4
284 4012 353 Dec'32 ____
8
55
28
Western Div let g 5s
1935 A 0 80_ 75 Aug'32 ---75
96
13
4 33
Jan'33 ____
4 212
l's 10
1935 J D 70 - General gold 55
82
82 Dec'32 ____
75
82
9712 75
77
75
3
85
79
Tol St L & W 50
52
44
A 0 44
44
-year g 48-1950
2
42
60
40 Sale 37
42
68
29
71
Tol WV Az0gu 450 ser B-1933 J J 10014 101 10014 Dec'32 ---- 100, 100 4
4
,
35
37
28 Dec'32 ---28
let guar 45 series C
57
____ 9618 Apr'31 ---_ ____ ____
1942 M 5 88
--. 43
3914
3912
6
26
60
Toronto Ham & Buff 1st g 4s 1946 J D 65 ____ 88 Dee'31 ---- ._ _ _
__
1
97
994 10014 97
86
98
Union Pee 1st RR & id gr 48 1947 J , 9912 Sale 99
9978 286 084 2 _, 9
912
95 103
80 Aug'32 ____
80 84
5
Registered
J .1 983 Sale 982
983
8
2
88
9514
8112 ___ 81
81
1
77
let lien & ref 45
8312
June 2008 M 9 9018 Sale 89
9112 99
70
88
%
21 Sale 21
23
11
167 26
5
Gold 434s
1967 J J 91 Sale 90
91
19 a57% 8832
1st lien & ref 5s
2
June 2008 M 8 19338 104 10218 10212
85 103
P CC Az St L gu 434s A
4
4
1940 A 0 993 Sale 993
993
4
5 09212 99
40-year gold 49
1968 J D 83 Sale 83
86
18 a563 84
8
Series It 4348 guar
92
Jan'33 ___
902 9912 U NJ RR & Can gen 4s.„..1944
1942 A 0 102 105
8
M 5 985 ____ 9814 Dec'32 _89
9814
Series C 4 48 guar
1942 M N 102 105 99 Dec'32 _--90
9912 Utah & Nor 1st ext 4s
_ 100 July'31 ____
1933 J 1 9914
_
Series I) 45 guar
1945 SIN 95
95 Dec'32 ____
98
86
9514 Vardalla coos g 4s series A 1955 F A
80
____ 80 June'32 ---80 "80
Series E 434s guar gold...1949 F A 8412 ____ 8512 Oct'32 __
85% 8512
Cons a f 45 aeries B
83 8 -_,- 9312 Sept'31
5
1957 M
.._
8
Series F 4s guar gold
9512 917 Vera Crux &P east 43451933 J N
1953 J 0 9212 ____ 917 Dec'32 ___
2
J
214 3
11
214
2
114 -4
Series 0 4s guar
1957 51 4 9212 ____ 92 Dec'32 ____
814 92
Virginia Midland gen 58
92
90
1936 M N 85
90
1
75
95
Series II eons guar 48
1960 F A 9080
' ---80
80
Va & Southwest 1st gu 5e 2003 J J 65
70
69 Dec'32 _ - 55
80
Series I cons guar 4348_1963 F A 961g -- -3- 96 Dec'32 ___09 4
8414 96
let cons 5s
1958 A 0 39 Sale 383
4
3912 30
23
60
Series .1 cons guar 448_1964 M N 96
92 Nov'32 ____
87
93
Virginian fly let 58 series A_1962 M N 9514 Sale 95
96
68
7014 WI
General Si 55 series A __1970 J D 87 90
83
90
24
5212 9212
let mtge 4348 series 11---1962 M N 8814 887 88
s
88 3
5 12
86
70
(Ion nage guar Si ser IL _1975 A 0 87
90
84
893
4
55
2
941t
Gen 434s series C
89
8112 82
73
1977.3 J 81
8518 Wabash RR 1st gold 5s
68
1939 M N 65 Sale 60
65
41
5214 79
Pitts McK & Y 211 gu 68
1934 J .1 100% ____ 100 Dec'32 ____
211 gold 5s
99 100
1939 F A 43
45
43
43
30
Pitts Sh & L E 1st g 58
21
59
1940 A 0 100% ____ 1013
4 1013
4
2
9515 9718
Deb es Berke B registered 1939 J J
_ _ 98% May'29 ____
_
1st cons& gold 58
1943.3 . ---- - 10014 Aug'28 ____
_ -_
1
let lien 50
-year g term 45_1954 J J 22- - 35 Dec'32 ____
35
42
Pitts Vs & Char 1st 411
35
___-47
____ 90 Nov'32 ____
____73
1943 SIN 87
90
Oct & Chic ext let 5s....1941 J J
5212 74
70 Nov'32 ---Pitts Az W Vs 1st 445 aer A_1958 .1 13
52
73
__
Jan'33 __ _
31
Des Moines Div let g 45_1939 1 J 3
30
58
40
32 Nov'32 ____
28
1st M 4%e series B
48
34
3771958 A 0 34- 5 36
36
2
293 55
4
Omaha Div lot g 34s
1941 A 0 3312 47
36
37
14
34%
33
let M 430 series C
1960 A 0 36 Sale 3212
367
8 10
293 583
4
Toledo & Chic Div g 45..1941 M 5 41
4
55
5712 Aug'32 --Pitts Y & Ash 1st 48 ser A 1948 I D 85 ____ 8512 Oct'32 ____
50
60
8512 85% Wabash fly ref & gen 534s A 1975 M S
73
4 63
7
4
73
4 171
2
lot gen 58 series B
54 19
1962 F A 91
____ 90 July'32 ____
8812 90
Ref & gen 58(Feb. coup)B '76 F A
32
8
7
53
4
8
291
312 19
ProvidenceSemi' deb 45
Se
dab
1957181N ---- --- - 71% July'31 ____
,
___
___
Ref & gen 4348 series C__ _1978 A 0
75
74 Sale
6
28
218 1815
Providence Term let 4s
1956 AI 5 78 ____ 75 June'32 ____
74% 75
Ref & gen 5e aeries D
A 0
718 Sale
614
1980
718 22
218 lels
Warren let ref go g 3%5_ _2000 F A 50
65
56
Oct'32 ____
5538 58
Reading Co Jersey Cen coil 4s'51 A 0 77 Sale 7214
77
Washington cent 1st gold 4s 1948 Q M 51
17
5712 79
64 60 Nov'32 _--56
Gen & ref 4%a series A
80
83
891
57
1997 1 J 8818 Sale 8512
8614 Wash Term 1st ffU 348-.1945 F A 9012 -___ 89
Jan'33 _--77 4 8812
Gen Az ref 4 3413 series B
,
1997 J J 86
8812 85 8
5
5514 85%
8812 52
let 4 -year guar 45
1945 F A 94 ___ 9412
9412
5
8312 90
Rensselaer & Saratoga 68_1941 M N --------113
Oct'30 ____ _
. Western Maryland let 4s---1952 A 0 60 Sale 59
61
45
3712 8612
Rich Az Merck let g 48
1948 M N ---- 40
40 Sept'32 ____
32 __40
1st & ref 545 series A__1977
J 8312 Sale 60
64
67
2335 894
Mehra Term Ry lot gu 55_1952 .11 J 97
8
9612 Dec'32 ____
93
J 10114 102 al0115 10114
96 2 Welt N Y & Pa let g 511---1937
,
7 08915 101
Lilo Grande June let gu 56-1939 J 0 60 84 85 Sept'31 ____
. _
1943 A 0 823 85 843 Jan'33 ____
General gold 48
4
4
7212 9112
Rio Grande S011 let gold 48_ _1949 J 1 --------1 Dec 32 ____
1
.-1
2918 101
217 53
Guar 45 (Jan 1922 coupon) '4.0.3 1 --------712 Apr'28 ____ . ._ -_. Western Pac 1st 5a ser A_1946 PA 8 2614 Sale 2614
2
Weat Shore 1st 48 guar
2361 .J .3 7112 Sale 71
7318 88
Rio Grande West 1st gold 48_1939 J 1 58
85
79
687 5912
8
62
23
45
75
697 69 . 70
Registered
2361 J .1 66
25
82
let con & coll trust 45 A...1949 A C 3712 Sale 37
74
3814
14
28
56
Wheel & L E ref 4 4e eel' A -I966 M 5 ____ 72
71
Jan'33 ___ _1 50
It I Ark & Louis 1st 4 48.....1934 M 5 28 Sale 25
72
29
36
18
70
___ 75
Refunding 58 series B
1966 51 S
80
-Canada 1st gu g 45
2, 60
Rut
62
491. 4314
1949 J I 43
4314
2
1949 M 5 5130
ItR let comic.' 4s
611
70
72
72
72
4
5212 80
Rutland let con 4 34o
1941 J 1 46
55
50 Aug'32 ---_
35
Wilk & East lot gu g Ss__ _1942 1 D 1918 27
50
20 Dec'32 ---- I
11
354
1938 J 13 --------9118 Oct'31 _ _
Will Az S F let gold 55
. _
St JOS & Grand 151 let 4e
1947 J J 8612 90
87
Jan'33 ____
81
897 Winston-Salem S B let 48..1960 .1 J
NI
95 90
90
18
:1 (
St Lawr & Adr let g 5s
-- 7
84;
1996.5 J ____ 81
95 Apr 31
.
WL5 Cent 50-yr lot gen 48_1949 J J
_
103 Sale 1012
4
11% 31
29 gold 61
714 4754
19913 A 0 ____ 85
663 Oct'32 ____
4
5212 - - 7. 8 8
Sup & Out div & term 1st 48'36 M N
9
1018 Sale 1015
11
19
St Louis Iron Mt & Southern7
88
Wor & Conn East 1st 448..1943 1 J 42 -- -- 8814 Sept'31
fly & (.) Illy let g 45
1933 M N 5012 Bale 4478
51
300
35
83,2
141 1. l'eor Az N W let go 85_1948 J J --------30
Jan'33 ____
31
64
INDUSTRIALS.
I
St L-San Fran pr lien 40 A 1950 J 1
.
Sale 1012
12
•
93
714 34
Abitibi Power & Paper let 551953 . D
•
1
Certificates of deposit..___ -___
•
11
12
1014
I
12
3
7
1612 Abraham & Straus deb 530_1943
Prior lien 58 series II
1950.3 J
12 Sale 1014
123
4 36
A 0 9014 92
With warrants
618 42
8912
Certificates of deposit
90
13
68% 90%
10
113 1012
4
1214
712 16
61
Adams Express coil tr g 4s..1948 3 S 64 Sale 64
4
Con 131 4 34s series A
6412 10
4714 70
1978 IA ti
9% Sale
812
912 134
6
2814 Adriatic Elec Co ext1 78_ _1952 e 0 92_ 92
Certificates of deposit
92
1
6612 93
11
12
6 Dec'32 ____
812 15
Albany Parlor Wrap Pap 68_1948 e 0 287 - - 2815
5 il
Certifs of deposit stamped -- 30
4
24
4812
9 Sale
73
4
912 88
518 1212 Allegtsny Corp coil tr 56.--1944 F A a29 Bale 2612
At L S W let g 4e bond ctfe_1989 '31N 58
30% 199
8
4112
6212 5912
5912
2
4714 71
Coll & cony 55
1949 J D 22 Sale 2012
2sg 44 ine bond etre' Nov_1989 J J 35
2418 150
5 2 40
,
50
35 Dec'32 ___
35
65
1950 A 0 13 Sale
Coll & cony 58
let terminal & unifying 58_1952 1 J
15
360
78
art 83
26
34 33
15
55
3418 19
Allis-Chalmers Mfg deb 5s__1937 M N 7614 Sale 7614
Gen & Ref 8 fse tier A
77
1990.3 J
32
68
91
2314 Salo 22
277 103
8
15
4334 Alpine-51octan Steel let 75_1955 M S 558 60
55
Si Paul & K C Sh L 181 4348_1941 F A
55
1 a30
51 2
357 Sale a2912
,
36
28
2484 80
141 1' & Duluth let con g 45,1968 J D 784 ____ 77 Nov'32 ____
73
77
Amer Beet Sug cony deb 68_1935 F A 30 Sale 2912
St Paul E Gr Trk let 440_1947 J J --------62 Sept'32 ____
3112
7
16
47
112
62
American Chain deb s I es1933 A 0 70 Sale 68
St Paul Minn & Man con .4_1933 J 1 951 Bale 9512
70
3
40
8712
9512
2
8812 98
Amer Cyanamid deb 5----1942 A 0 7518 95
let consol it Be
77
1933.3 1 9612 Sale 9412
78
5
62
80
9612
7
90 10014 Am & Foreign Pow deb 58 2030 M 8 3614 Bale
Os reduced to gold 434s1933 J .1 96 Sale 91
33
39
154 51
408
96
49
RS
9814 American Ice a f deb 58__1953 J 0 6234 Sale
Registered
.1 1) 95 Sale 9312 Nov'32 ____
83(4 13
55
75
9312 9312 Amer I 0 Chem cony 53411_1949 M N 8314 Sale 62
Mont ext let gold 411
80
831
1937 J D 81
92
544 81
84
78 Dec'32 ____
78
92
Am Internet Corp cony 5348 1949. J 81 Sale 7814
pacific ext go 48 (sterling)
1
81
.1940I J
70
767 75 Dec'32 _ __
83'4 8112
5
68
81
Amer Mack & Fdy 8 1 68_1939 A 0 10518 Sale 10418 1054 31
dt Paul On Dep let & ref 58.1972 J J 101 Sale 10012
3 102 4 104 8
,
,
101
14
87 100% Amer Metal 514% notes,,., 1934 A 0 7215 Sale
72
74
124
37
81
Am Srn & It 1st 30-yr 58 serA1947 A 0 863 Sale
4
S A & Ar Pass let gu e 45_1943 J J 5914 Sale 5712
87
72 072
98
5914
14
44
80% Amer Sugar Ref 5-year 68_1937 J J 105% 1053 8412
Fe Pres & Phen let 58-1942 51 S 00 100
Santa
4 10515
4 16
90 Dec'32 __
98 108
80
97
Am Telep & Teleg cony 48 1936 M 5 103 Sale 10212 1053
Say Fla & West lst g 68
1934 A (1 94 101.)
10318
6
9412 103
95 Aug'32 __
94 100
30
-year coil tr Si
1946 1 0 10618 Sale a1053 107
1934 A 0 91
let gold 59
4
111
____ 101
9718 107
Oct'31 ______ ....
35
-years f deb 5s
1960 1 J 1063 Sale 10614
4
dcIoto V & N E let gu 45_1989 51 N
10712 236
913 10614
4
90 Dec'32 ___
70% 9012
20
-year 5 f Silo
1943 51 N 10812 Sale 10818
Seaboard Air Line let g 40_1950 A 0
•
;
109%193
99 109
•
Cony deb 44o.
1939.3 .1 106 Sale 106
1951. A 0
Gold 45 stamped
e
9515 107%
*
107
e
15
•
Debenture 58
centre of deposit atemPed__ e 0
1965 F A 10614
5% 14
107
214
9112 1063
54 Dec'32 ____
4
412 1412 Am rype Found deb es___ _1940 A 0 35 Sale 10614
certif.. of deposit unstam Veld A 0
44
4015
4418
5
7
9718
29
--.. --__
_ --_
Am Wet Wks & El coil tr 56934 A 0 9518 Sale 927
_1
Adjustment 58
Oct 1949 F A
12 - % ijoc.5i ___
2
8
9512 77
1313
95
Is __- e
I7
Deb g es series A
Refunding 41)
1975 M N
1959 A 0
7018 Sale 68
•
*
•7214 43
*
48
8418
Certificates of deposit
218 412 118 Dec'32 __114 7
Am Writing Paper let
31 sale
38
let & cons 1313 series A__ _1945 51 5
34
37
31
5
12
312 :15
77 Anglo-Chilean Nitrate g 611_1947 .1 J 34
46
14
7s.. _1945 MN
Certificates of deposit
312 Sale
412 514 412
18
214
1
512 11
312 46
13
5 7
Ark & Mem Bridge & Ter 5 _1964 M S 7812
AN a, Him 30 yr 1st g 4/1-d1933 M S
4
__- 78 Aug'32 ____
75
712 10
80
712 Dec'32 --__
67 20
5
Armour & Co (Ill) let 4 41_ _1939 J D 80 Bale 79
Seaboard All Fla 1st gu thi A 1935
8012 76
5712 8214
Armour & Co of Del 5340._1943 J J 7278
A 0
of depoalt
Certificates
1
Sale
134 118
76%
73
45
65
5
118
5
8 6
Armstrong Cork cony deb 56_1940 .1 n 7512 7812 7118
1935
Series II
50
9
77
78
Associated 011 6% g notes_1935 M 5 1023 10314 7512
Certificates of deposit
F A
4
1
10318
103%
5
5
9418 103
3 Jan'33 _...4
3
4
212 Atlanta Gas L. lot 56
1947 J 7 9814 ____ 9512 Oct'32 ____
_ _ __ 8914 Oct'32 ____
So & No Ala cone gu g 58_ _ 4136 F A 91
95
95,
75
2
894 A tl Gulf & WI SS I. coil tr 581959 .0 1-year 50.1963 A 0 80
J 39% Bale 37
8512 go ccc.32 __ _
Gen cone guar 50
44
80
29
35
40
85
Atlantic Refining deb 58
1937 J 1 1017 Sale 10118
102% 57
So pee coil 48(Cent l'ar coil)I '49.3 D 54 Sale 50
8515 102
54% 130
29
74
Baldwin Loco Works let 56_1940 M N 94
06
94
9414
65
3
89 10112
140
lot 448(Oregon Lines) A 1977 M 13 6334 Sale 6312
48% 843 itatavian Petr guar
4
deb 44.3_1942 1 .1 9414 Sale 933
1934 1 D 65
-year cony 55
4
20
737 707
94 8 148 0012 94
5
70%
1
58
97
Belding-Ilemlnway 88
1936.5 J
4
1968 M 13 52 Sale 483
Gold 43411
4
78
54
90
73
31
7312 Bell Telep of Pa Si series B_I948 J J 873 98 088 Dec'32 ___
1093 Sale 10912 110
4
Gold 434e with warrants 1969 M N
513 Sale 48
4
53
984 10910
30
242
29
74
1st dt ref 58 series C
1960 A 0 11014 Sale 11014
1981 MN 51 Bale 4812
Gold 4348
2815 724 Beneficial Indus
9834 110
527 273
11118 30
Loan deb es 1948 M 5 86
Ban Fran Term let 48
85
1950 A 0 771 85
64
14
87
88
75
80
4
597g 85
Berlin City Elec co deb 6 42 1951 J 0 6815 95
Sale 6712
7012 114
2012 64 2
,
So pac of Cal let con gu g 50 1937 51 N 101 102 102
102 I
2
98 10018
Deb •Inking fund 634s___ _1969 F A 6712 Sale 663
4
6912 58
20% 62
Jan'30 ____ ____
So pee coast 1st gu g 41). _ 1937 J J 8318 ___ 96
_
Debenture ea
1955 A 0 60 Sale 59
a79
169
6412 120
50 --1912 5818
864 Berlin Elec El & tinders
So Par RR let ref 4e1955 J J 7634 Sale 76
6481956 A 0 61 Bale 557
Registered
1 J ____ ___. 9512 Nov'31 ____ ---- -___ Beth Steel lot
637
5 73
2312 68%
& ref 55 guar A '42 M N .2874 Sale
89
13
!Stamped (Federal tax).. 1965 J 2 --------9212 may.30 ____ ____ ___.
69
97
30
-year p m &IMP% Of 5&1936J 1 9412 Sale 87
94
95
13
7214 98
Due May 8 Due Aug. a Deferred delivery
• cast,sale I
• Loot under list of Matured Bends on Page
309.
Og & L Cham let gu g 45___1948 J .1
Ohio Connecting fly let 4s_ _1943 51 5
Ohio River RR 151 g 55
1936 J D
General gold 55
1937 A 0
Oregon RR A. Nay COLO g 43_1946 J D
Ore Short Line 1st cons g 58.1946.3 .1
Guar and cons 59_
1946 J 1
Oregon-Wash let & ref 48
1961 1 j
Pacific coast Co 1st g 58_li....13 1 D
Pao RR of Mo 1st ext g 4s 1938 F A
2d extended gold 52
1938.3 J
Paducah & ills tat erg 4 45_1955 J 2
Parls-Orleans RR ext 5345_1968 M S
Pauline fly 1st Az ref 5? 78_ _1942 M S
i's Ohio & Det 1st & ref 4348 A'77 A 0
Pennsylvania Hit cons g 43_1943 M N
Consol gold 48
1948 M N
45 sterl sptd dollar may 1 1948 M N
Consol sinking fund 4345_1960 F A
General 43413 series A
1965 J D
General 55 series II
1968.3 D
15-year secured 6 As
1936 F A
Registered
F A
40
-year secured gold 55-_1964 M N
Deb g 4 48
1970 A 0
General 43413 ser D
1981 A 0
Peoria & Eastern let cons 49_1940 A ta
Income 4s
April 1990 Apr
Peoria & Pekin Un lst 5Fis._1974 F A
Pere Marquette let ser A 58.1956.3 1
let 41) series B
1956 J J
let g 4348 series C
1980 M 5
Phila Balt & Wash 1st g 4s1943 M N
General 56 series B
1974 F A
Gen ! g 434s ser C
.
1977 1 J
Philippine Ity 1st 30-yr a f 46 '37 J 1
e
1
New York Bond Record Continued-Page 4
New York Bond Record-Continued-Page 5
308
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 13.
t
Z.a.
Price
Friday
Jan. 13.
Week's
Range Or
Last Sale.
Range
for Year
1932.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 13.
Eg
Ian.
Price
Pridag
Jan. 13.
Week's
Rang.
Last Bate.
4
sa
14 1933
Range
for Year
1932.
Bid
Ask Low
High No. Low
High
High
5042 12
4
/
571
21
Gulf States Steel deb 5 Ns_ _1942 in 4912 53 48
30
8
96
.1 96 Sale 9458
Hackensack Water 1st 45._ _1952
7814 93
19
3
61
49
11
514 Hansa SS Lines 6s with warr 1939 AO 61 Sale 55
Harpen Mining 13s with stk purch
7134 70
7212 44
s
war for com stock of Am she'49 ii 88
182 89
158 3
158 Dec'32
1818 Dec'32
1952 FA 1614 29
1412 26
118 478 Havana Elec consol g 5s
214 414 r214 Jan'33
h 154
4
3
3
24 4
8
Deb 510 Bedell of 1925....1951 MS
114
114
3
314 Jan'33
1
1312
2
7
7212
71
812 30
Hoe(R)& Co lst Hs set A_1934 A0 1334 Sale 1312
50
7212 Sale 6512
848 21
15
4
/
9714 1071 Holland-Amer Line Os (flat) _1947 MN 1812 _ _ _ 1734 Dec'32
1063 Kale 10638 108
s
53
30
44
7014
50
Houston Oil sink funds 34s.1940 MN 52 Sale 5015
108
994 108
10712 Sale 107
34
2814 5014
27
9618 453 68 9114 Hudson Coal 1st sf55 set A.1962 J D 3334 Sale 33
95 Sale 0312
98 1054
1949 MN 10818 Sale 10718 1081s 13
Hudson Co Gas 1st g tai
58
51
51 Sept'32
3
8 38
94 10312
5518 Humble 011 & Refining 5e _ _ _1937 *0 103 4 Sale 1024 1037
50
50 Nov'32
37
87
80 84
4
1
/
86 Sale 8512
42
9612 107
39 100 11014 Illinois Bell Telephone 5s_ _1958 in 10612 Sale 10814 107
4
/
1111 Sale 11078 112
17
4
903 103
1940 *0 10134 Sale 1013
4 103
103 11612 Illinois Steel deb 4 Hs
1171 - - 1164 jan'32
4
/
5812 47
1554 51
Medea Steel Corp mtge 68_ _1948 PA 5612 Sale 55
158 Sept'32
147 160
158
5
95 8
96
5 90
1936 MN 9414 _ _ _ 9558
18
103 Ind Nat Gas & 011 ref 5s
894
4
1
/
103 Sale 10312 105
7812 23 61
7514
88
1978 *0 784 Sale
118 1004 10714 Inland Steel 1st 434s
107 Sale 10612 107
3
77
19
7912 74
59 83 4
1981 FA 77
let M s f 4 Ws ser B
91 1043
4
10518 Sale 10434 10512 37
2 54
6712
66
80
6712 6712
3114 59
541s 663
.1 5434 Sale 50
44
32
Interboro Rap 'Fran let U._1966
71
26
32 Sale 28
•
1932 AO
6
-Year 65
10
62
55 Sale 55
3514 90
16
17
1
23
17 Sale 17
Certificates of deposit......
s 12
447
44 Sale 43
3412 80
•
•
1932 MS
notes
-year cony
10
6312 10
1534 83
6312 Sale 6112
of deposit
10
MN 10614 Sale 10534 1083
Certificates
4
9914 10612
Cal 431 dc E Corp unf & ref 541_1937
42
4
30 60
1951 MN 42 Sale 3072
15 44912 76 Interlake Iron 1st 55 B
65
1940 ii 365 Sale 6412
Cal Pack cony deb 55
3 6112 96
lot Agile Corp 1st & coil tr &94
Cal Petroleum cony deb 5 1 55'39 FA 9412 Sale 94
8 32
4
1
/
54
40 Sale 3972
40
4
64 97
95
Stamped extended to 1942_ __ MN
1938 MN 95 Sale 95
Cony deb s f g 5345
6212 36
74
42
1212 4218 Int Cement cony deb 5s _ _ _1948 MN 6114 Sale 56
8
20
4
1941 AO 1878 203 18$8
Canada SS L let & gen 8t
202
44
60
19
20 993 10812 Internet Hydro El deb 6s._ .1944 AO 4178 Sale 41
108
JO 1073 Sale 107
4
s
Cent Dist Tel 1st 30-yr 55._1943
40
9 30
4
544
4
964 108 Inter Mere Marines I es__ 1941 AO 40 Sale 40
Cent Hudson 0 & E 6s.Jan 1957 MS 10614 Sale 10572 10614 15
28
4712 50
69
77 Internet Paper M set A & B_I947 J J 4634 Sale 4512
4 35
54
743
Cent III Elec & Gas let 5s _A951 FA 7414 Sale 7112
1534 60
11
3812
1955 MS 1512 Sale 1414
8 60 97
93
Ref s f tis series A
1941 MN 83 120 93
Central Steel 1st gel 8s
3112 318
4
1
/ 51
14
3012 33
2312 44 lot Telep & Teieg deb g 414s 1952 J J 2834 Sale 2712
4
1
/
Certain-teed Prod 510 A...1948 MS 3912 Sale 35
37 313
1714 59
28
1939 J J 3412 Sale 34
Cony deb 4 Ws
3412 76
70
a69 Sale 6712
Chesap Corp cony 5s May 16'47 M
5412
18
3312 382
3278 Sale 29
9 97 105
1955 FA
4
1
/
Deb 54
ChO L & Coke 1st gu g 56-1937 J J 10512 Sale 10514 10512
87
8412 20
55
4
Investors Equity deb 55 A...1947 D 8314 843 84
Chicago Railways 1st Sci stpd
5
85 5
8
4
1
/
84
55
4
•
FA
Deb 55 set B with warr__ 1948 AO 8312 843 84
Sept. 1 1932 20% part.Pd.....
84
8312
1
65
1948 AO 8318 87 84
14
Without warrants
48
3
39 4 22
1943 AO 3812 Sale 36
Childs Co deb be
108
44
20 82
1947 J J 4358 Sale 37
Co deb Si
Chile Copper
90 104
J 10412 Sale 1044 10412 18
79 82
100
4
1
/ 983 K C Pow & Lt let 4345 set B_1957
4
1968 AO 9918 Sale 99
Cin G & E let M 48 A
9012 104
1961 FA 105 Sale 10434 10514 80
let M 410
77 Dec'30
Clearfield BR Coal 1st 48_1940 J J 3518
7218 93
9412 110
6 isitif. 16" Kansas Gas & Electric 410_1980 D 94 Sale 9312
J J 40 Sale 40
40
1938
Colon Oil cony deb Cis
4114 231
12 82
4512 20
3314 67 Karstadt (Rudolph) 1st 6s_.1943 MN 39 Sale 3212
Colo Fuel & Ir Co gen 51 58_1943 FA 4012 48 45
3658 18
24 83
2
1946
S 3014 Sale 314
3018
13 65 Keith(B F) Corp 1st 6s
1934 FA 3018 Sale 30
Col Indus 1st & coil 58 cru
41 a88
87
24
141
MN 874 Sale 87
Co 534s with warr_ _1948 MS 6018 65 64
3
89 8
4
1
/
59 8812 Kendall
Columbia0& E deb be May 1952
69
7012 69 Dec'32
5812 75
66 60 881 Keystone Telep Co let 5s.
.1935 j
89
:
4
Apr 15 1952 AO 88 Sale 863
Debenture tis
107
9812 10512
6
8712 Kings County El I. & P 5e_ _1937 AO 107 Sale 107
s
877 198
68
Jan 15 1981 J J 864 Sale 8612
Debenture 58
8
1347
6 11812 13212
1997 AO 133 135 132
97
Purchase money 13e
79
9714 52
Columbus By P & L 151 4 he 1957 J J 97 Sale 9612
75
76
7
57
20 9814r10612 Kings County Kiev 1st g 411- -1949 PA 7514 80 75
1942 A 0 310512 Sale 310518 106
Secured cony g 5345
105
3 92 105%
105 10612 105
Kings Co Lighting let 55_ _.1954 J
4
1
/
11312 118 112 Dec'32
106 11212
7 88 10014
1954 ,y
First and ref 034s
N 10012 Sale 10018 1004
Commercial Credit if Cla A 1934
99
5012 50 Jan'33
a25
8 834 984 Kinney (GM& Co 7 W %notes'36 JO 48
3
4
973
1935
▪ 97 4 Sale 97
Coll Osf 5 W% notes
62
40
82
91.12
1034 209
Kresge Found'n coil tr 62.. _ _1936 J D 6012 Sale 6048
A 1110318 Sale 102
79 101
Comm'l levest Tr deb 534s_1949
1278 178
591s
6
1959 MS 12 Sale 1114
.1 10818
104 10678 Kreuger & Toil sees f 55
Computing-Tab-Bee s t 6s 1941
- - 10612 Dec'32
19
8
6
1214 20
8
MS 115 1278 1158
s
J 9978 Sale 9934 1003
Certificates of deposit
8612 9714
1951
Conn By & L let & ref g 4 Ws
5 89
1951
10112
6812
J 101 104 101
Stamped guar 4 Ws
93
86
86 Sale 8212
37 63
Lackawanna Steel 1st 52 A_ _1950 M
Consolidated Hydro-Elec Works
98
96
96
71
5
.1 6512 Sale 6312
22 62 Laclede G-L ref & ext 5e_1934 *0 96 Sale 93
6512
of Upper Wuertemberg 75_1956
4
78
012 818
8
8
7
45
4 38
663
818
2214
Coll & ref 514s series C___1953 FA 665 Sale 623
5
Cons Coal of Md 1st& ref 59-1950
3
4
444 753
6612 57
A 10612 Sale 10614 107
141 399 107
Coll & ref 514s series D___1980 FA 6512 6612 6138
deb 550_1945
Consol Ga8(NY)
414
44 Sale
5 107
8
14 1214
Lautaro Nitrate Co Ltd 66_1954 J J
1015 307
87 101
101 Sale 101
1951
Debenture 4345
92
884
2 81
IN
8
105
98 1047 Lebigh C & Nav s 4 He A_ _1954 ii 8738 90 8878
10414 Sale 104
1957
Debenture 55
1
8014 90
104
Cons sink fund 414s ser 0.1954 J J 8758 100 88 Sept'32
104 1044 104
904 10378
Consumers Gas of Chic gu be 1936
90 Jan'33
48 93
10612 Sale 10812 10612 20
91312r10714 Lehigh valley Coal 1st g 5s__1953 ii
Consumers Power 1st be C 1952
.
-751482 80
80
7
60
38
20
38 Sale 35
Certificates of deposit
1946
Corp 1st 65
Container
94 Dec'31
45
20
r35
1st 40-yr gu int red to 4%_1933
-year deb 58 with warr 1943 in 20 Sale 16
15
9812 10014
1934 FA 11:10T4_ 10018 Dec'32
let&refsfss
UN 7712
734 12
7212
Copenhagen Telep 5s_Feb 15 1954 FA 7012 72
. 3518 Dec'32
44
9 1002 104 4
36
1944 FA 38 1f3
let & ref. f 5s
5
,
Corn Prod Refg let 25-yr s f Os'34 MN 10412 Sale 10334 10412
43
10 82
18
1954 FA 234 3812 20 Dec'32
90
90 8912
let & ref s f bs
91
Crown Cork & Seals f 68_ _ _1047 JO 85
48
24
1984 FA 2318 40 36 Dec'32
81
1st & ref s f 5s
4 27
633
56
Crown Willamette Paper 68_1951 J J 6312 Sale 6314
41
3212 Oct'32
30
1974 FA 2212 32
lit & ref s t be
.
4 10
r433
4114 69
Crown Zellerbach deb be r w 1940 MS 4312 45 42
•
•
e
4
/
38 1151 1218
Liggett & Myers Tobacco 75_1944 AO 122 Sale 12034 122
Cuban Cane Pro.] deb 68_ _ _ _1950 J J
4
12 9612 10812
,
1951 PA 1063 1074 107 4 108
55
Cuban Dom Sugar 1st 730_1944
2
8412 86 64
9014
1941 *0 81 Sale 81
312
Ils 318 Loew's Inc deb a t 85
3
We of dep stpd and unstpd
90
19
53 4 83
1952 JO 90 Sale 89
8
4
/
8 12 974 10614 Lombard Elec 78 ser A
1937 JJ 1061 Sale 10614 1085
Cumb T & T 1st & gen 5s
11334
9 1015 115
8
1944 AO 113 Sale 113
Lorillard (P) Co deb 75
4
1951 PA 9812 Sale 9758
4
/
5s
4 43 811 1018
4
4 23 85 101
983
Del Power & Light let 4348_1971 J J 1017 Sale 10118 1013
91 1004
74
9812
4
9512 Louisville Clas & El(Ky)50_1952 MN 10512 Sale 10512 10614 48
1969 .1 .1 9812 993 9712
1st & ref 4345
8 864 100
1
/
Lower Austria Hydro El Pow4
1969 J J 10114 Sale 10012 1013
let mortgage 414.
52 47
50
7
1944 PA 50
46
3 20
9278
lat s f 610
75 9712
Den Giui & El List & ref it Os'51 MN 93 95 92
N 93
7972 963
9312 92 Jan'33
4
Stamped as to Penns tax_1951
91
62
11
52
--- 100 Dec'32 -- -- 100 102 McCrory Stores Corp deb 510'41 JO 35 Sale 35
Detroit Edison let coil tr 51_1933 J J
251s 60
3912 133
66
1949 A 0 jails Bale 1011 103
4
/
9512 10312 McKesson & Robbins deb 534s'50 MN 338 Sale 36
Gen & ref fe series A
212 10
2
5
212 Dec'32 _I 55 J D 102 Sale 10112 10214 31
ManaU Sugar 1st s f 7 Hs__ _1942 *0
4
1
/
94 r104
Gen & ref 543 series B
312
10
214 Dec'32
2
82 96 1024
Stamped Oct 1931 coupon 1942 *0
1902F A 10212 Sale 10134 103
Gen & ref 5s series C
7bs
_
5 Dec'32.,.
2
314 1
Certificates of deposit......
160 87
Gen & ref 410 series D_1961 F A 9834 Sale 9812 100
8
983
131s
17
314
4 77
93 100 10112 Manhat Rv N Y)cons g 45 1990 AZ 3134 Sale 2914
1962 A 0 103 Sale 10112 103
Gen dc ref M series E
23 2512
2512 Sale 22118
251s
2
1940 M N 90 Sale 89
Certificates of deposit
171
91
Dodge Bros cony deb 6s
8912
66
34 20
121s 3512
20
3
2018 in 19
10
69
2d 48
Bold (Jacob) Pack 1st 88_1942 M N 70 Sale 66
s
503 75
1942 J
57
59
5
Certificates of deposit______
Donner Steel 1st ref 7s
60 57
8612
50
86
(W8 8914 85 Oct'32
70
RR & Lt if 544-1953 MS Pow 1st 6s ser A..1966 M N 4812 Sale 43
4812 98
Duke-Price
374 51112 Manila Elee
8 87
9314 1044 Mfrs Tr Co We of partio in
Duquesne Light 1st 410 A 1987 A 0 10484 Sale 10414 1053
83
52
4
55 55
58
5518
1957 M S 10614 Sale 1055
4 14
A I Namm & Son let 68_1943
1st M g 4 Ws series B
98 1(4312
8 1063
55
21
1
343 3434
4
343
4
Marion Steam Shovel If 68_1947 *0 34
6514 92
•
•
75311 81
•
•
Market St Ry 7sser A _April 1940 Q J 71 Sale 7018
East Cuba Bug 15-yr s f g 734s'37 Ni
60
25
6 94 11)312 Mead Corp let Os with wart.1945 MN 47 4 Sale 45
3
4858 51
El III Bklyn let cone 4s _ _1039 J J 10412 Sale 10358 10412
Ed
4
58 958
34
2 10412 11838 Merldionale Elec lit 78 A _ _.1957 AO 7212 Sale 90
93
120
120
Ed Elee(N Y) 1st cone g 5 1995 J J 11918
5.1 9534 Sale 9412
75 100
96
8834 45
27
20
5838 Metr Ed 1st A ref 59 set C 1953
El Pow Corp (Germany) 615s '50 MS 63 Bale 83
4
1
/
1953 A
3
34
67 8 83
42
MS 8958 Sale 88
87 90
64
68
s
895
19851
1 et g 4 Hs series D
1634 57
1st sinking fund 6345
331s 79
68
37
Metrop Wat Sew & Dr 5 10_1950 *0 6834 70 6618
Ernesto Breda Co 1st M 75._1984
38114
11
11 Dec'32
1212 15
74
7612 10
Met West Side El(Chic) 45_ _1938 PA
36 70
With stock purchase warrants. FA
56
4
1
/
844
14
Mlag MIII Mach lets f 7s__ _1956 in 644 Sale 6258
734 97
4
1
/ 40
94
68
17
6914 7512 6814
4
1
/
53
77
Midvale St & 0 coil tr s f 5e 1936 MR 9418 Bale 93
Federal Light & Tr let 58._ 1942 M
84
1
/
69
18
4
1
/ 944
73
67
MIlw El Hy & Lt let Si B
534 78
1961 3D 82 83 82
let lien a f 5s stamped_ 1942 MS 6914 72 8512
95
3
4
1
/ 25
82
7712
1942 M
72
46
7712 Sale 74
62
let mtge 5a
1971 ii 8012 82 8214
let lien 61 stamped
1
/
854 94 60 95
4
1
/
60
7
de
41
58 Sale 58
Montana Power lat be A_ _1943ii 8518 Sale 84
30-year deb 65series B__ _1954
5838 15
84
85
82
4
54
1939 J D 8318 85 84
Deb Is series A ------1962 J D 5734 Sale 55
55 a93
Federated Metals 5 f 7s
44
97
1946 J J 95 Sale 94
Montecatinl Min & Agile60 94
F!stdebsfg7s
•
9612
*
1937 J J 9638 Sale 95
1941 M
7 67 r97h4
Deb g 7s
sf88
Fisk Rubber ist
4
8614
1
/
754 904
4
1
/ Montreal Tram let & ref 53._1941 J J 86 Sale 86
10012 15
8
812 103
7
Framerlcan Ind Dec 20-yr734er42 J J 10012 Sale 100
7512
(leo & rots t 5e series A..1955 *0 6812 72 66 Dec'32
66
13 Jan'33 ____
1058 16
1012 20
Francisco Bug 1st et 7 W a._ _1942 MN
.
Gen & ref If fat set B _ _ _1955 *0 6814 72 6314 Aug'32
8314 8314
3 69 80
78
Ger & ref e f 410 ser C_ _1955 *0 5738. 7014 Oct'32
78 Sale 78
60 7014
Gaonett Co deb 6s ser A _ ___194?. F A
gips gain
77
1955 *0 6814 II 77 Sept'32
Gen & refs f 5s ser D
77
Gas& El of Berg Co cons g 551949 J D 10534 - - - - 9818 June'32
144
81
1939 .1 .1 79 Sale 7878
8012
254 6912 Morris & Co lets f 4 Ws
75
60 81
Gelsenkirchen Mining 65._ _1934 M 8 7334 Sale 7212
82
MortgageFond Co 45 tier 2..1966 AO 4014 70 4038 Dec'32 -- -4014 5014
8112 12 67
8212 8012
Ger Amer InveatorsdebOsAl9ti F A 81
12
80
1934 JO 76 Sale 75
8912 lno
12 68 964
Murray Body 1s16 We
Gen Baking deb s 15 34s____1940 A 0 10012 Sale 10014 101
opts 10412
_ 105
67
Mutual Fuel Gas 1st gu g 58_1947 MN 106
25
108
53
4
7
5478 52
54
Gen Cable luts f 5345 A-- _1947 J
95 84 Dec'32
93 10212 Mut Un Tel lad 68 ext at 5% 1941 MN
5
9934 101 10014 10014
88
84
1942 F
deb g 3 We
Geo Electric
267 65
8
6212 15
Gen Elec (Germany)75 Jan 15'45 J J 61 Sale 60
5712 16 328
Namm (A I) & Ron._See Mfrs Tr
51
574 Sale 534
1940 J
Sfdeb048
.1 54 Sale 52
8oh 54
24is 4914 Nassau Elec gu g 45 stpd_ 1951
54
557
104
8 98
1948 MN 5412 Sale 4978
20
-years f deb 8a.
1942 JO 5414 80 53
4
973 10358 Nat Acme Ist a fes
5 64 60
54
1937 F A 10214 Sale 0218 10238 68
Gen Mot Accept deb ils
Nat Dairy Prod deb 5 Ne_ _ _1943 FA 9014 Sale 8812
10418
7 953 106
4
91
4
1
/
333
4
/
711 95
1940 F A 1044 Sale 04
Petrol let 81 55
Gent
84
6
1958 *0 80 Sale 7812
724 8512 Nat Steel let roll Os
8112 162 60 86
1939 J J 84
8514 81
Gen Pub Seri" deb 5348
71
Newark Congo! Gas cons 58.1948 JO 106 _ _ _10512 105
38
4
1
/
a6512 35
95 10411
1
Gen Steel Cast 534s with wart'49J J 73 Sale 65
•
NJ Pow & Light let 4 Hs_ _1960 AO 8958 Sale 88
4
1
/
90 235
•
77 96
Gen Theatres Equip deb 6e._1940 A 0
214 10
14
6
1
80 79
8
531s 3311
112 2
79
_
Newberry (J .1) Co 534% notes'40 *0 75
Certificates of deposit
9712 110
121 5918 New Eng Tel & Tel bs A
1952 JD 111 Sale 11018 11118 53
31
•
65
85 Sale 61
Steel & Irsecls 1945
Good Hope
s
7934 82 60
lst g 4 Ws series B
91 1053
1961 MN 106 Sale 106
ill'.
10712 56
Goodrich (11 F)Co let6 Ws 1947 J J 7934 Sale 7712
4612 82
New Oil Pub Serv lit Is A 1952 AO 6312 Sale 61
3414 52
4934 118
33
84
1945 in 47 Sale 48
Cony deb 85- .
4
1
/
141
4514 80
6111 8.
1955 in 6312 Sale 60
86
90
First & ref 58 series It
64
511_1957 MN 8412 Sale 8118
Goodyear Tire & Ru st
70
90
46
NY Dock 1st gold 48
72
1951 PA 5458 Sale 5412
4
7
56
87
Gotham Bilk Hosiery deb Os.1936 J O 86 Sale 86 Jan'33 ____
54
30
5
1938 *0 3512 Sale 32
Serial 5% notes
1
/
364 39
2512
1940 FA
614 1112
Gould Coupler 1st sf65
4
1
/
NY Edison lit Or ref 0145 A.1941 AO 114 Sale 114
3314 69
115
4278 23
43 10612 113
401s
1944 FA
at Cons El Pow (Japan)78 1950 J J 4114 Sale 36
let lien & ref 5s eerie/ B.._ _1944 AO 10758 Sale 10754 108
4
1
/ 29 0718 10714
294 60
3812 51
3778 Sale
lat & gen 5 f 6145
pam AO 10734 Sale 10714
lit lien Ar 144 he mem.r
10814 72 100 10712
1950 MS
Bing & Bing deb 6348
Botany Cons Mills 6345.-- 1934 AO
AO
Certificates of deposit
Bowman-Bilt Hotels 1st 75__1934
Btmp as to pay of $435 pt red._ MS
B'way & 7th Ave 1st cons 55_1943 JO
JO
Certificates of deposit
Brooklyn City RR let 5e____1941 J
Bklyn Edison Inc gen 55 A..1949 J J
1952 J J
Gen mtge 5s series E
1988 J J
Bklyn-Manh B T sec 65
Bklyn Qu Co & Sub eon gtd Es'41 MN
1941 J J
let be stamped
1950 FA
Bklyn Union El 1st g 5s..
Bklyn lin Gas let cons g 5s 1945 MN
1st lieu & ref (is series A 1947 MN
1936 J J
Cony deb g 5;0
1950 J D
Debenture gold 5s
let lien & ref be series B.._ _1957 MN
Gen El 4 Ws series )3 _1981 FA
Buff
1952 AO
Bush Terminal 1st 441
1955 J J
Conedl 53
Bush Term Bides 55 SU tax ex '30 AO
1945 MN
By-Prod Coke 1st 5145 A
Mob No Low
Ask Lose
BM
12
4
183 2412 1634 Jan'33
Jan'33
5
8
514
512
2
512
10
5
4
4
,
r "gel, pall. n .latarr.rnienVpry. • Lank tinder dee of Matured Bonds on MR 309
New York Bond Record-Concluded-Page 6
N
BONDS
Y. STOCK EXCHANGE
Week Ended Jan. 13.
ft
NYG8SEILtII&PowgSsl948J D
Purchase money gold 4a__1949 F A
NYLE&WCoal&RR 540'42 MN
NYLE&WDock Jr Imp 68'43 J J
N Y Rye Corp Inc 6s
Jan 1986 Apr
Prior lien 63series A
1965 2 J
NY & Richm Gas tat Os A..1951 M N
NY State Rye let cons 4348 A '82
Certificates of deposit
MN
60-yr let cons 6 %a set B4_19112
Certificates of deposit
N Y Steam 8s ser A
1947 M N
18t mortgage 53
1951 M N
lstMSs _
1958 M N
NY Telep 1st & gen a f 448_1939 MN
N Y Trap Rock let 6ti
19462 D
Niag Lock &0 Pow let 53 A _1955 A 0
Niagara Share deb 543
1950 M N
Norddeutsche Lloyd 20-yr s fi6s'47 M
Nor Amer Cem deb 614e A_ _1940 M S
North Amer Co deb de
1961 F A
No Am Edison deb baser A_ _1957 M
Deb 514e ear B _ _ _Aug 151903 F A
Deb 5e aeries C___Nov 161969 MN
Nor Ohio rrac & Light 66_ _ _1947 M
Nor States Pow 25-yr 54 A .1941 A 0
let & ref 5-yr 88 err B _ _._1941 A 0
North W T lat td g 4148 gtd _1934 J 2
Norweg Flydro-El Nit 53.48._1957 MN
Price
rriaas
Jan. 13.
Week's
Range or
Last Sale.
10
3
4
112
1077
8
10378
10378
105
55
10412
88
5712
21
89
85
89
833
8
10714
1033
4
10814
92
85
2
114
114
112 Dec'32
2
_
Sale 10738 109
30
Sale 1023
93
104
4
Sale 10212 104
72
Sale 1043
8 105
94
Sale 55
2
55
Sale 10314
11
105
Sale 873
57
4
681
Sale 5712
138
80
Sale 21
241
20
Sale 863
99
4
89
Sale 84
24
87
Sale 8712
43
89
Sale 8212
843 111
Sale 107
4
10714
Sale 1033
1043
39
4
Sale 108
1061
54
99 08812 Dec'32
683 88
4
897
8 16
14
10212
- 10134 104
10212 Sale 10014
9
10212
1814 25
18
Jan'33
101 10112 0101
10118 11
7112 Sale 71
2
1
1001
10014
4- 10014
8612 (fE;12 6714
8
6812
2412 51
2312 Sale 21
100 10118 101
10114 30
1055 Sale 1053
8
8
10612 83
2
8818 8712 8712
8712
1083 Sale 1083
4
3 10712 48
108 1083 1081
8
1083
4 44
•
•
1
3012 3212 3014
30 4
,
84 21
33 Sale 33
37
1414 Bale 1414
1614 47
1312 Bale 1234
1458 115
1512 Sale 1512
71, 14 012
8
1043 --- 102 8
4
5
84 Sale 65
8012 __
87
7712 ---- 78
8538
89
807912 7912
3 83
823 Bale 8284
4
44 Sale 42
95 Bale 943
4
11212 114 112
105 8 10814 104 4
5
3
8912 90
96
8958 Sale 8814
1053 Bale 10412
8
9912 Sale 994
8812 Bale 82
45 Bale 45
1
1512
1
012
Oct'32
9
88
Nov'31
78
Jan'32
Dec'32
_
Dec'32
8484 37
22
44
9812 430
11
114
25
108
_
Apr'32
138
90
1053
8 47
997
8 95
8812 12
483
4 72
Phillips Petrol deb 548
19392 D
Pillsbury }Tr Mills 20-yr 133.1943 A 0
Pirelli Co(Italy) cony 78_4_1952 M N
Pocah Con Collieries let et 58'57 J J
Port Arthur Can & Dk 88 A-1953 F A
1st M thi series I3
1953 F A
Port Gen Elec let 414e ear C_1980 M S
Portland Gen Elec let 541. _ _1935 J J
Porto Rican Am 1 ob cony 8s 1942 J J
Postai Teleg & Cable coil 58.1953 J
Pressed Steel Car cony g 5e_ A933 J .1
Pub dery El &(I let & ref 4348'87 J D
let & ref 448
1970 F A
1st & ref 48
1971 A 0
Pure 011 f 4% notes
1937 F A
81614% notes
1940M 9
Purity Bakeries e f deb 58._ _1948 J J
75 Sale 73
10212 Bale 10214
100
60
87 68
35
65
5312
35
841 63
8918 Sale 8614
100 Bale 100
3014 321 304
2614 Sale 25
50 Sale 50
10518 Bale 105
10514 Sale 105
10014 Sale 99 4
3
7812 Bale 7712
76 Bale 78
8812 Bale 88
75 4 161
3
103
13
Jan'33 _
Dec'32 _
_
Oct'32
Aug'32 -70 4 415
3
101
93
33
15
2812 98
57
14
1053
4 40
1055
8 40
1007 204
8
7912 36
77
35
67
41
Itadio-Keith-Orpheum part paid
otfe for del: 8s & corn etk1937 MN 60
69
80
Debenture gold Os
1941 J D
1512 171 18
Remington Arms 1st a f 88_.1937 M N 85
89
84
Item Rand deb 5Iie with war '47 M N 51 Sale
4
Repub I & S 10-30-yr 58 f....1940 A 0 80 Sale 503
79
Ref & gen 154s series A _ _1953 J J 3612 52
53
Revere Cop & limas 88 ger A41948 M
57
60
5714
Rbeinelbe Unions f 78
1948 J J 8312 Bale 0593
8
Rhine-Ruhr Water series 6_ _1953 J
56% Sale 54%
Rhine-Westphalia El Pr 73_1950 M N 733 Sale 89
4
Direct mute Os
1952 M N 6814 sale 65
Cons M 88 of 1928
1953 F A 87 Sale 63
Con M 83 of 1930 with wai 1955 A 0 6714 Sale 827
8
Richfield 011 of Calif 88
1944 M N
•
Certificates of deposit
111 N
25 4 Sale 25 4
3
3
Rime Steel 151 f 7s
1955 F A
3
84 -- 38
Roch 0& El gen M 5145 ser C'48 M S 108 108 105
Gen mute 4 4s series D__ _1977 M S 9812 ---- 9612
Gen mtge 58 serim F
1962M
1043 1047 1043
4
8
4
Roch & Pitts C&Ipm 5e_ _1946 M N
85
Royal Dutch 45 with warr_1915 A 0 89l Sale 88
Ruhr Chemical 8 f 68
1948 A 0 59
63
5912
Dec'32
19
3
3
85
53
67
80
10
53
4
80
661
98
571
71
76
19
701
89
701 129
70
145
281
11
Jan'33
1051
10
Oct'32
10514 55
Dec'30
90
10
62
38
St Joseph Lead deb 614e..1941 MN
917 Bale 91%
8
92
11
St J08 Ry Lt Ht & Pr let 53_1937 MN 9178 Sale 88%
93
21
St L Rocky Mt & P 53 8t1071-1955 J 2 2718 35
33
33
3
St Paul City Cable cons 58_1937 J J
59
45
42
42
2
Guaranteed 58
69
1937 J J 45
55
55
1
Ban Antonio Pub Bert let 68 1952 J 2 87
90
,
85%
88
10
Bchulco Co guar 648
1946 J .1 25 Sale 25
2512 27
Guar f 814e eerlea B1946 A 0 28 Bale 28
28
8
Sharon Steel hoop if 514e_1948 F A
Jan'33
38
_
Shell Pipe Lines f deb 544_1962 M
8412 Bale 83
85
83
Shell Union Oils f deb 58_1947 M N 8214 Bale 8114
83
52
Deb 58 with warrant6._194 A 0 82 Bale 82
8312 148
Shinyeteu El Pow 1st 6 4e 1952 J D 381s Bale 35 4
375
8 33
3
Shubert Theatre 63_June 15 1942 2 D
34
11
112
1
6
Siemens & 'Wake s f 784_193 .1 J
92
93 4 11
,
Debenture 5 1 63:13
1961 M S 82 Sale 793
8212 89
4
Sierra & Ban Fran Power 68 1949 F A 10112 Sale 10112 1013
18
Silesia Eleo Corp a f 14a. _194 F A 58
891
591 55
2
Silesian-Am Corp coil tr 7s 1941 F A 4018 48
3812
40% 25
Sinclair Cone 011 I5-yr 7e
8
1937 M S 993 Sale 9914
9974 86
/
let lien 614s aeries B
971
97 Sale 9614
95
Sinclair Crude 0116 488er A.19 .1J
1013 10112 1017
3
1 3 -11 D
8 23
Sinclair Pipe Lines the
1942 A 0 103 Sale 103
1033
8 eo
Skelly 011 deb 548
0814 Bale 6E414
1939 M
70
19
Smith (A 0)Corp let 1348_1933 M N 1007 Sale 1007
8
8 11
8 1007
Solvay Am Invest 13e ser A_ _1942 M S 9012 Sale 9014
14
92
r Cash gait.
I I /eferred 4e1i*er.
BONDS
N . Y STOCK EXCHANGE
Week Ended Jan. 13.
Price
Friday
Jan. 13.
Week's
Range or
Last Sale.
11
Range
for Year
1932
asa
sk Low
High No. Low. High.
11112 Bale 11118
11112 12 10014 11114
1013 Sale 1013
8
44
8 102
871s 102
-- 95 80 June 32 -_ _ _
so 150
100 100 June'31 _ _ _ _
5
3 114 114 Jan'33
12 2
12
38
20
377: Sale 35
28
50
10312 Bale 10212 10312 15
8514 103
Ohio Public Service 734e A.41948 A 0
1st & ref 7s series B
1947 F A
Old Ben Coal let (le
Ontario Power N
let 58_1943 F A
1944 F
Ontario Power Sem/ 1st 5348_1950 2
Ontario Tmnornission let 53_1945 MN
Oslo Gas & El Wks exti 53_4..1983 M
Otis Steel let M Os ear A_._ _1941 M S
Owens-Ill Glass etsM
1939 J 2
Pacific Gas & El gen & ref 58 A '42 J J
Pao Pub Sem 5% notes
,
1938 M
Pacific Tel & rel let 58
1937 2 J
Ref mtge iSs series A
1952 MN
Pan-Am PetCo(ofCanconv 138 '40 J D
Certificates of deposit
Paramount-B'way let 5148_1951 J J
Paramount-Fam'e-Lasky 83.1947 2 D
Paramount Publix Corps 48-1950 F A
Park-Lea let leasehold 848_1953
Certificates of deposit
Parmelee Trans deb 63
1944 A 0
Pat & Passaic0& El cons 5111949 M
Pathe Each deb 78 with wary 1937 M N
Pa Co au 34e coil tr A reg.-1937 M
Guar 348 coil trust ear B.1941 F A
Guar 3145 trust ate C
1942 J D
Guar 334e trust ctfe D
1944 J D
Guar 48 ear E trust cite__ _1952 M N
Secured gold 458s
1983 MN
Penn-Dixie Cement 1st 6e A _1941 M S
Pennsylvania P & L 1s5 414s1981 A 0
Peop Gas I. & C let couslls1943 A 0
Refunding gold 58
1947
Registered
Phil& Co sec 55 series A __ _1987 2 D
Flinn Elec Co let & ref 448_1987 M N
1st & ref 48
1971 F A
Phlia & Reading C & I ref 55_1973 .1 J
Cony deb 83
1949 M S
ig
Range
for Year
1932.
309
I
I
I DII
4.1 1•••• •
.
Bia
ask Low
High No. Low
Mob
.
45
South Bell Tel & Tel let a t 58'41 J J 1061 Sale 10812 107
97 4 107
1
gips 1004
S'weet Bell Tel 1st & ref 5e__1954 F A 10612 Sale 106% 10714 48
79
7
81
Southern Colo Power 13e A _1947 J J 784 81
64
93
18
8
165 983 105
Stand 011of N deb 5e Dec 15'46 F A 1047 Sale 10412 105
4
4
4 100
270
Stand 011 of NY deb 44e_ _1951 J D 993 Sale 983
9834
82
Stevens Hotel let Os series A _1945
43
246
41
Studebaker Corp 6% g notes 1942 J D 4214 Sale 414
50 4
7
Sugar Estates (Oriente) 78_1942
12 2
1
Jan'33
1
51 S
5
12
18
1
Certificates of deposit
10853 10912 10712 Jan'33
Syracuse Ltg Co 1st g 53_1951 J D
984 1074
1
5
14
10414 Sale 10214
10438 11
9912 109
Tenn Coal Iron & RR gen 58.1951 J
93 192%
904 1033 Tenn Conn & Chem deb Os B 1944 M
55
57
52
5518 12
8
39
66
3
10014 118
88 103
Tenn Elee Pow let fie
3538 102
1947 J D 100 Bale 99 8
93
202
9518 105 Texas Corp cony deb 58„....1944 A 0 9112 Bale 914
7112 9312
4214 10
33
70
Third Ave Ry let ref 45
51
1960 J J 42 Sale 4112
33
8618 1C212
Ad)Inc 53 tax-ex N Y.Jan 1980 A 0 2312 Sale 22% 2434 151
184 nil
89
88
89
88
39
72, Third Ave RR 1st g 58
2
13
1937 2
84
9114
18% 534 Tobacco Prods(NJ)614s..2022 MN 95% Bale 95,
4
96 662
75 4 9612
3
47
Ills 37
Toho Elec Power let 7a....1955 M S 50 Sale 4814
391 138
:
5°
53
89
Tokyo Elec Light Co LW
8
65 fel,
35 4 207
3
:
D 35 Sale 345
let 88 dollar series
52
1953
213
,
80
94
Trenton 0& El let g 5a--1949 M S 105 2 - -- 10412 Dec'32
99 1045
4
2212 25 a23
89
Jan'33
57
Truax-Traer Coal cony 848_1943 M
32
5312 Sale 5112
90% 103
5312 27
Trumbull Steel lets I 14
1940 M
38
8812
10 Felo'32 89 11123 Twenty-third St Ry ref 53_1982 .1 2
4
10
10
100 1057 Tyrol Hydro-Eiec Pow 7148_1955 M N 60 _ -- 62
62
3
5
25
55
80
97
12
62
9
Guar sec a f 719
1952 F A 62 Bale 08018
22
6312
4118 7414
424
17.192awa Elec Power 81 78_1945 M 8 434 50
45
8 3 14
3912 71
73 10814 Union Elec Lt & Pr(Mo)58_1933 M N 101 Bale 101
10118 26
99 10212
4
71 10414
4 10412 122 10012 1033
Gen mtge gold fie
1957 A 0 1023 Sale 1023
4
2514 Un EL& P
6
104 Sale 104
104
3
let g 548A 19462 J
9814 105
83 10112 Union Elev Ry(Chic)58__ _ _1954 A 0 15 _ -- 18
18
1
4
143 48
21
74
10512 104
Union 011 30-yr Os A_ _May 1942 F A 10512 Sale 105
921 10412
:
80 100 4
,
5 490 1003
8 100 4
3
1st lien f 53 ger C_Feb 1935A 0 100% --- 1005
2
6014 7812
Deb te with warr_
8812 29
66
891
Apr 19452 D 88 Sale 8712
2
9912 Sale
50
15
12
United Biscuit of Am deb65_1942 M
4
994
85 8 991
7
:
90 1007 United Drug Co (Del) 58_1953 M S 83 8 Sale 604
a
703
5
70
42
93
9414 10812 United Rya St L let g 4s
24
25 Dec'32
_
1934 J
22
40
73
9.
6212
1J S Rubber last & ref Seser A 19472 J 4812 Bale 48
6012 165
28
97 11167 United SS Co 15year _ _1937 MN
4
881 85
88
6
911
:
72
983 1084 Un Steel Works Corp 634aA _1951 J D 578 Sale 58
4
80 4 152
,
6813% 5612
•
Sec f Ile series C
80
es 147 5612
4
1951 J 13 573 Sale 56
1
4
3758
Sink fund deb 843 eer A 1947 J J 5814 Sale 56
5912 135
4
10
11 563
34
82
United Steel Wks of Burbach1212 60%
94
Esch-Dudelange e f _ _1951 A 0 9518 97
9512 23
63
9712
1012 55
191 20 Dee31
Universal Pipe & Rad deb Os 1936 J D
5
78887,1
Unterelbe Power & Light 136_1953 A 0 65
8612 59
22', 5434
20
10
Utah Lt & Trac lat & ref 58_1944 A 0 88 4 Bale 8712
3
724 22
6514 to
2
2312 Utah Power & Light let 138._1944 F A
7212 Sale 707
8
74
118
9113
60
994 103
4
UticaElecL&PletefgSej9SOJ 2 1043 --- 10412 Dec'32 _ _
97 10412
49
8012 Utica Gas & Elec ref & ext 58 1957 J .1 108
_ 108
108
3
9812 108
DUI Power & Light 5148
1947 J D 3318 sale 31
34 4 82
3
124 51%
76
83
4
Deb be with warrants_
1969 F A 293 Sale 2812
30
283
48
10
Strle 85%
Without warrants
F A
_
73
,
80 4
7
86
1e 834 Vanadium Corp of Am cony 58'41 A 0 4714 Sale 47
48 4 32
3
30
75
554 8512 Vertientes Sugar let ref 78_ _1942
24
an
14 Sale
158
Certificates of deposit
158
N4 5
2
/
1
4
73
9412 Victor Fuel 1st e f 5/
10
14
10 Deo'32
1953 J J
_
9
14
100 10912 Va Elec & Pow cony 5143_1942 M
1047 Sale 104%
8
104 8 13
7
89 103 s
7
86 1043 Va Iron Coal & Coke 1st g 5s 1949 MS 50
4
57
50
Oct'32
69%
40
98
90
5
Va Ry & Pow let & ref taL _ _1934 3, 102 8 Bale 102% 1023
4 28
9618 103
68
90
1718 11
Walworth deb 6145 with wary '35 A0 12
11
10
22
8
921 1047
:
18 Dec'32
A0
Without warrants
:
101 30
83
997
8
let sinking fund Os ser A__1945 AO 2212 Sale 2212
2312 15
10 4 3
,
7
52
701a Warner Bros Pict deb Bs__ _ _1939 MS 193 Sale 19
4
20
61
94 40
61
29
29
25
25
5
Warner Co let 88 with warr_1944 AO 18
2518 66
A0 1913 Bale 184
Without warranta
20
13
30
67
45
78
02812 10 al4
Warner-Quinlan Co deb 831939 MS 26 Bale 25
36
90 102
106
Warner Sugar Refin let 78_41941 J O 10412 10514 105
97 106%
12
73 10012 Warren Bros Co deb 65
B 43 Sale 04114
1941
43
12 11
21
68
82
89
.• 1 1043
4 --- 10512 Jan'33
Wash Water Power a f 58_ _ _1939
95% 10512
49% 80
11018 Ill 110
11018
Westchester Ltg 5s stpd gtd-1950 J
6 100 111
804 63
1
3
West Penn Power ear A 53 1948 MS 105 4 Bale 105 4 108121
90 4 10812
,
38
8614
109
9
1963 MS 108 10812 10814
let Is series F
9413 108
83% 10112
106
' 106
2)
10618 20
1956
1st sec 5s aeries0
96 106
143 4212
4
42
14
3 100 4 94
3
Western Electric deb 6&......1914 AO 100 Bale 993
89 101
40
82
31
70
Western Union coll trust 514_1938 J 2 70 Sale 8712
50 8614
9114 10418
11
62
49
80
Funding A real eat g 448_1950 MN 6012 Sale 80
91 011 44
8
713
8 80
1936 FA 705 Sale 69%
50
97
15
-year 8143
83 100
D 5714 Sale 563
4
577
8 67
75
1951
36
25
-year gold lie
604 87
573 Sale 57%
4
59
89
35
1980 M
-year 58
72%
30
5712 174
591 35
:
4
Westphalia Un El Power 68_1953 J J 8812 Sale 493
114 4812
/
1
51
79
80 Sale 60
637
8 10
40
77
Wheeling Steel Corp let 5481948 j
55% 15
30
65
let & ref 414s aeries B....1953 * 0 54 Sale 5212
White Eagle Oil & Ref deb 5148'37
50 1041
: With stock purch warrants_ _ _ _ MS 10312 1033 10312 103%
961e 104
1412 19
33
White Sew Mach Os with war?'38 J 2
35
5
81 35
:
40
85 4
3
J
34
40
32
10
Without warrants
35
7
14 36
2814 714
814 40
1940 MN 36 Bale 32
Pectic s t deb 68
36
35
45
85
Wickwire Spencer St'l let 75_1935
29
65
13 Bale
8
138
CU dep Chase Nat Bank_
13
8
5
114
44
75
78(Nov 1927 coup on)Jan 1935
1418 59
CU dep Chase Nat Bank_ MN
138 Bale
Ps
2
14 612
S's
12
52% Willys-Overland sf6148__1933 MS 65
8818 92
6712 Jan'33
98
28
684 Wilson & Co 1st Sf 88 A
8414 91
_1941 AO 923 Sale 90
8
931
38
21
59
Youngstown Sheet & Tube 5e '78 JJ 60 Sale 58
44
75
81
70
183 58%
4
lst mtge f 50 am B
7414
62
45
45
1970 AO 61 Bale 57
185858
•
5
36
28
40
90 104
75
9712
1004 104
Matured Bonds
66
17
13814
6912
64
95
70
91
3014 42
50
81
40
55
70
93
20
604
28
82
23
45
587 881:
e
47
86
47
857
8
32
59%
12
42
91
27
78
80 100
10
5218
20
4114
72% 1004
68
97 a
7
913 103
4
894 103%
43 • 7312
951 101%
:
66
90
(Negotiability Impaired by Maturity)
MATURED BONDS.
N. Y. STOCK EXCHANGE.
Week Ended Jan. 13.
Price
Friday
Jan. 13.
Aid
Week's
Range or
Lass Sale.
Ask Low
Range
for Year
1932
g
ia
4
High No. Low
High
Railroad.
Seaboard Air Line let g 48-1950 A 0
1950 AO
Gold 48 stamped
1959 AD
Refunding 13
75 23
8
27
8
4
11
7
3
Dec'32
Jan'33
3
Industrials
Abitibi Pow & Paper 1st 58._1953 J D
Chic Rye 58 Mod 20% part paid.. F A
Cuban Cane Prod deb Be_ _ _ _1950 J
Eaat Cuba Sug 15-yr e f g 74e'37 M S
1514
15 Bale 138
493 Dec'32
5712 60
1 Dec'32
3
4 114
Jan'33
312 37g 4
1941 MS
FM Rubber 181 f 88
Gen Theatre/ Equip deb 88_1940 * 0
1932 AO
Interboro Rap Tran 65
1932 M S
10
-year 7% notes
Pan-Am Pet Co (Cal) cony 88'40 J D
1944 IS N
Richfield 011 of Calif 88
Stevens Hote1133series A __ _ _ 1945 J 2
54 Sale
214 Sale
18 Sale
8514 Sale
3112 Bale
257 Bale
3
16
14
'a, S ill.000at 73"deferred dellverY.
-
7
30
_
54
18
50
212
7
2
183
4 51
17
6112
8812 137
29
31'I 14
281
48
2514
15 Jan'33
• Look under list of Matured sonde.
55 r25
8
4% 193
4
is 6
1012 41
31
5414
1
4
2
le
16
1
10 4
3
44
712
Mg
10
8211
74
3
443
4
79
3
9
3612
28
Financial Chronicle
310
Jan. 14 1933
Outside Stock Exchanges
-Record of transactions at
Boston Stock Exchange.
the Boston Stock Exchange, Jan. 7 to Jan. 13, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Railroads
83
83
Boston & Albany
100 67
67
Boston Elevated
Boston dz Maine1034
Pref stamped
100 13
10%
CIA let stpd
14
Class B let ptd stpd_ _100
12
100
Cl C 1st pf stpd
14%
Class D 1st pref stpd 100
24% 24
Prior pref stpd
132
132
Boston & Providence
1%
East Mass St Ry Co 1st Pf7
Maine Central
1539
N Y N II & Hartford--100
100 79
76
Old Colony
50 17% 16%
Pennsylvania RR
Miscellaneous
American Continental corn
6
534
Amer Pneum Svce 1st P1-50
8
Amer Tel & Tel
100 106% 105%
2%
1%
Amoskeag Mfg Co
Bigelow Sanford Carpet-739
•
8
8
Bost Personal Prop Trust
2
2
Brown Co. preferred
Crown Cork Intl Corp
339
334
X
East Boston Land Co
East Gas & Fuel Assn
•
44
434
Common
100 68% 6739
434% prior pref
100 55
6% cum pref
5334
5%
5
Eastern S S Lines Inc com •
84
1st preferred
178
Edison Elm Ilium
100 179
5
5
Employers Group
16% 14%
General Capital Corp
2%
Gilchrist Corp
•
19
Gillette Safety Razor_
12% 12%
Hygrade Sylvania Lamp__ _
9
Int Button Hole Mach Corn
9
6
International Hydro Elec__
Libby McNiel & Libby_
1%
25
Loew's Theatres
8
Mass Utilities Assoc v t cr_•
Mergenthaler Linotype 100
National Service Co
New England Pub Serv_ _
New Eng Tel & Tel__ __100
Pacific Mills
100
Ry Lt & SPCUN CO (COM)_ _
Reece Folding Mach Co 100
Shawmut Assn tr etts____•
•
Stone & Webster
•
Swift & Co new
•
Torrington Co
Union Twist Drill Co
United Founders corn....'
25
U Shoe Mach Corp
2
18%
60c
239
90%
739
9
439
499
639
639
8%
8% 8%
303i 30%
8
8
1%
13-4
34% 33
preferred
31% 31%
U S Elec Power Corp
---- 9.4
Venezuela 191ex 011 Corp100
%
839
Waldorf System Inc
10%
Waltham Watch pref
warren Bros Co new._•
_
434
4
Westfield Mfg (ctfs. of deo) ------1
18%
1
2%
91%
86
68
High.
5039 Jtily 130
Jan
69 June 7634 Jan
25
465
3
35
5
40
3
15
534
1,039 12
10 100
18%
5
15
5
8
497
30 4o
2,752
634
Jan
July 26
June 24
Jan
Jan
June 32
Jan
June 50
June 62
Jan
Feb
July 135
Jan
July
6
Sept
Dec 14
June 314 Jan
Jan
June 100
June 23% Jan
6
8
109%
2%
9
8%
234
334
94
310
20
3,077
401
380
150
80
10
100
199
4
70%
139
8
5%
1%
139
51c
Apr
934
May
14%
July 137
May
7
June 22
July 12%
Dec
934
339
Jan
Dec
2%
Sept
Aug
Feb
Aug
Feb
Feb
Jan
Dec
Jan
4%
68%
55
539
84
183
5%
16%
2%
20%
13
9
6
1%
8
347
234
286 35
228 28
4%
325
10 79
205 119
155
3
620 10
100
234
1,248 10%
70 10
698
739
85
2%
57
%
30
7
May 10
June 69
June 70
Nov
10
July 85%
June 205
June 11
June 21
Oct
539
Jan 244
June 24%
Sept 10
June 10%
July
3%
June
83-4
Feb
Dec
Jan
Feb
Jan
Mar
Jan
Sept
Jan
Mar
Jan
June
Aug
Feb
Mar
125
150
2,300
346
946
500
45
243
250
1,255
14
15
25e
1
65%
3
639
500
334
499
95
90
701
1,646
426
80
30
5
25
560
36
22
7%
%
224
23%
99
20c
734
8
134
1
Dec
3%
Dec 53
Nov
1
Apr
9
July 116
May 14%
Dec 16
Aug
134
June
8
July
1739
Dec 20
June 39
May 13
July
34
June 4034
June 378%
Apr
2%
July
14
Dec 1739
June 20
May
534
Dec 1839
Aug
Jan
Jan
Jan
Jan
Aug
Mar
Jan
Sept
Sept
Apr
Dec
Jan
Aug
Mar
Jan
Sept
Dec
Dec
Nov
Sept
Jan
239
20
1
2%
94
839
9
5
695
10%
83-4
30%
8
1%
35
32
1
%
8%
10%
4%
1
ne
60
35c
30c
Bondskmoskeag Mfg Co 69_1948
".;111c Jet Ry Stk Yds 531940
11:ast'nMassRy ser B 5s '48
Fart., A 4'.,
1048
38
98
27
25
97%
27
Low.
10%
14
15
13
1439
25
132
1%
7
17%
79
18%
Mining
26
29.4
Calumet & Hecia
26
2
Copper Range
100
Hardy Coal Co
1 -----1434
Island Creek Coal
25
fi
Isle Royale Copper
10c
Keemeenaw Copper
%
La Salle Copper Co
25
739
Magma copper
10
Mohawk Mining
25
Nipissing Mines
5
134
North Butte
27c
25c
Pond Creek Pocohontaa_
934
Mining
aulney
500
500
Jnlon Land & Cop Min Co
Sc
35c
Utah Apex Mining Co___5
250
:nab Metal dr Tunnel
38
96
25
24H
174
285
Range for Year 1932.
234
2%
100
1435
.%
120
%
799
10
14
27e
1034
190
50
405
500
50
100
1,330
341
6
105
50
1,060
420
326
500
250
1,150
ex
134 May
134 Apr
8
Sept
44 Sept
10%
14
30e
300
May
July
Nov
Apr
18
239
50c
75c
Aug
Aug
Apr
Dec
9
H
15o
4
34
May
Apr
June
June
May
183-4
1%
760
10
3
Feb
Sept
Sept
Sept
Sept
310 Dec
20c June
1% Sept
65e Aug
Dec
$1,000 r38
June
4,000 81
June
1,200 20
5001) 171.5 Jan
6534 Mar
9834 Oct
31% Mar
4194 Mar
•No par value. a Ex-dividend. r Cash sale.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, Jan. 7 to Jan. 13, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low High. Shares.
Abbott Laboratories corn.' 23
Acme Steel Co cap stock 25
Amer Pub Service pfd_100
Asbestos Mfg Co com....._1
435
Aseoe Tel Utll common_ •
Sandi! Aviation oom----• 10%
Borg-Warner Corp corn.,10
999
Brach & Sons(E J) corn.,,'
•
Bruce Co (E L) corn
Bucyrus-Monighan el A_ •
20
2
Butler Brothers
• 32
Central Ill PS pref
Cent Ill Roue Corp
Common
•
Convertible preferred_ -•
•
1%
Cent S W UCH oom new-•
8
Preferred
•
Prior lien preferred
Chain Belt Co cora
Chicago Corp
1%
•
Common
•
Preferred
Chi
N W Ry oom---100
4%
7
Chicago Yellow Cab cap-.'
•
3
Mee Service Co camClub Aluminum Uten Co.•
Commonwealth Edison 100 8134
6
6%
Cord Coro
21%
12%
6
4%
139
1039
9
4$9
5
1199
1%
31%
23
350
13
100
10
6
800
5%
I%
150
11% 4,450
9% 11,650
300
7
1,000
11%
10
300
2
120
3339
%
%
6% 7
134
134
8
10%
1799 18%
9% 10
1%
18
4%
7
2%
1%
um
634
8%
3%
7919 82
639 7
Range for Year 1932.
Low.
18% June
9
May
231 Nov
ex Nov
June
I
4% May
8% May
4
Dec
2 June
6
Oct
1
May
15
May
50
200
500
310
20
10
34
5
34
4
8
7
1,000
1,450
8,050
450
7,650
200
2,800
9.700
$9
7%
2%
6
14
34
4814
2
June
June
May
May
June
Apr
High.
31%
184
50
6%
12%
18%
144
7%
14
16
4
69%
Jan
Sept
Jan
Oct
Jan
Jan
Sept
Jan
Jan
Jan
Aug
Jan
1% Jan
Jan
15
63-4 Feb
44
Jan
Jan
45
14
Apr
June
34
June 25%
Dec 14%
Dec 13
6%
May
134
Dec
June 122
814
June
Sept
Sept
Aug
Mar
Jan
Sept
Jan
Jan
Friday
Sales
Lan Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Pan Price. Low. High. Shares.
Crane Co
Preferred
100
Curtis Lighting Inc corn., •
Curtis Mfg Co corn
8
De Meta me pref w w
•
Dexter Co (The) com__- _5
Elec Household Util Corn 5
General Candy Corp A_5
Godchaux Sugars Inc B. •
Goldblatt Bros Inc corn_ *
Great Lakes Aircraft A--•
•
Great Lakes D D
Grigsby Grunow Co corn.'
Hall Printing corn
10
Harnischfeger Corp corn.'
Houdallie-Hershey Corp
Class A
•
Class B
Iron Fireman Mfg corn vtc*
Kellogg Switchb'd & Sup
Common
10
Kentucky Util Jr cum pt 50
Libby moNein & Libby
Common
10
Lincoln Printing corn_
•
McQuay-Norris Mfg corn •
McWilliams Dredging corn.
Marshall Field common__'
Material Serv Corp corn.10
Mickelberry's Fd Prod cm 1
•
Middle West [Jill new- $6 preferred class A _ _ _ _•
Midland United common.'
Modine Mfg corn
•
National Battery pref
Nat'l Sec Inv
1
Common
National Standard corn_ •
Noblitt-Sparks Ind corn..'
•
North Amer Car corn_
No Amer Lt & Pvrr corn •
No'west Bancorp coal--50
Prima Co common
•
Public Service of Nor Iii
Common
•
Common
100
6% preferred
100
7% preferred
100
Quaker Oats Co
•
Common
100
Preferred
Railroad Shares Corp corn*
Rath Packing (The) corn 10
•
Raytheon Mfg corn
Rollins Ilos Mills cony pi_•
Ryerson & Sons Inc corn_ _•
Seaboard Utll Shares- -•
Sears. Roebuck & Co corn •
Standard Dredg cony pfd.*
Storkline Furn cony pf....25
15
Swift Internacional
25
Swift dr Co
Thompson Co (J R)corn 25
Union Carblde & Car cap_•
20
U 13 Gypsum
100
Preferred
U B Radio & Telev com_.•
•
1411 & Ind Corp
Convertible preferred_ -•
Vortex cup
-
common
Bonds
Chicago City RYs Is
Certificates of deposit.- Chicago Railway'
Certificates of deposit...
1927
Con mtge 50 A
1927
Con mtge 5s B
Consol Elec & Gas 6s_.1937
Insull U til Inv as__ _ _1040
Metrop. West Side El 48'38
208 So La sae St Bldg
1958
53
-4s
Low.
19
20
4
4
4% 499
4% 439
2
2
4% 5
239 239
1
1
14% 1431
1%
$4
834 834
IA
134
4
4%
3
3
270
20
10
110
100
150
10
100
50
150
350
2,750
450
100
3% 3%
6
2%
50
100
100
% July
3
1
May
2% Dec
1%
1%
194
21% 24)9
150
110
99 Apr
14 June
2
2
2
1%
1
25% 26
8% 9
5% 6%
5
639
3% 3%
14
34
%
%
%
3-4
6% 6%
1539 15%
500
150
200
350
3,000
150
450
1,900
50
100
100
30
34
1
2034
3
3
739
299
99
39
$9
4%
11
%
11% 11%
16
16%
339
339
3% 3%
839 8%
1039 1039
4,350
50
100
100
100
150
200
34
6
2%
595
634
33.4
34
94
16
10%
46
8495
1%
34
20%
1
4
15%
839
26%
8%
•
Class A
Walgreen Co common.-.•
Ward (Montg) Ix Co CI - _•
Wayne Pump
Convertible preferred_ •
Wisconsin Bank Shares
•
Common (new)
• No par value
20
Range for Year 1932
13%
543-4
45%
4539
83
94
83
112
14
16%
194
6
9
35
20%
1
339
15%
8%
834
26)9
21%
10299
834
1%
334
139
9
64
8
6
10
5
8
3
239
19
234
1334
2%
1134
5
Jan
Oct
June
Jan
Jan
Jan
Sept
Sept
Jan
Jan
Jan
Sept
Jan
Mar
1134 Mar
44 Sept
7
Aug
5
48
Aug
Jan
Nov
June
May
July
Dec
Dec
Apr
Dec
Dec
June
June
4%
14
35
1039
1334
1434
7
7
64
634
12
20
Jan
Jan
Feb
Jan
Sept
Jan
Sept
Jan
Jan
Jan
Jan
Aug
H
7%
1134
1%
2
7
10
July
June
Oct
Dec
Dec
Dec
Dec
2
Jan
2034 Jan
20% Sept
6
Jan
24
Jan
21% Jan
15
Nov
22
27
49%
55
July
July
June
July
125
115
104%
114
Jan
Feb
Jan
Jan
240
130
100
10
1,000
50
50
500
900
100
760
2,100
3,650
400
1,100
400
50
900
150
100
50%
95
%
13
34
6
535
39
16
39
I%
9
64
7%
20%
10%
85
6
34
2
June 103
June 110
June
1%
June 1734
Apr
6%
Aug
8
May 11
May
134
Nov 2234
Dec
4
Oct
8
May 2534
Dec 19
Dec 16%
Nov 32
June 264
June 119
Mar 16
May
3
July
1134
Mar
Dec
Aug
Feb
Oct
Feb
Sept
Jan
Nov
Sept
Nov
Mar
Mar
Aug
Jan
Sept
Feb
Sept
Jan
Feb
50
100
1,450
1,530
5
Oct
14
June
8% Apr
22
July
10
84%
115
94
16%
1%
6
9
35
22
1
5%
1739
8%
9%
28%
2239
103
935
139
3)9
1)9
June
June
May
July
Dec
May
Apr
Dec
Aug
.111113
,
June
Apr
July
Dec
1,550
300
40
10
48
47
85
94
6% 6%
19
19
13% 1434
52% 55
15
2
239
3
r39
239
1)9
$9
9
34
fiR
34
339
3%
High.
% Dec
May
144 Jan
2334 Jan
19
Aug
73
Jan
4%
Jan
10
100
5335
5339 54
$10,000
33% June
614 Aug
59%
14
6
5935
,
11
6
26
1)9
14
5934
14
6
26
139
14
5,000
6,000
5,000
1,000
7,000
3,000
35
Apr
Apr
439 Mar
27
Dec
4 May
1099 July
54
20
9%
38
38%
37
22
24
6,000
23
42% Mar
1%
14
24
x Ex-dividend
y ho
-rights
83%
Oct
Aug
Sept
Aug
Sept
Jan
Mar
r Cash sale.
-Record of transactions at
Toronto Stock Exchange.
the Toronto Stock Exchange, Jan. 7 to Jan. 13, both inclusive, compiled from official sales lists:
sales
Friday
Last 'veers Range for
Range Since Jan. 1 1933
IVeek.
of Prices.
Sale
Par. Price. Low. High. Shares.
Low.
StocksHigh..
400
34
34
34
,n, Jan
Abitibi Pr & Paper Co_ - •
% Jan
1
1
100 1 Jan 1% Jan
loco
6% preferred
204 214
45 204 Jan 214 fan
Alberta Pacific Grain p1100 21
5
5
10
5
*
Beatty Bros corn
Jan
5
Jan
95
04
395 92
100 95
Bell Telephone
Jan 95
Jan
12
5 12
12
Blue Ribb Corp 6H% pf 50
Jan
12
Jan
19
35 18
19
Brantford Cordage 1st p125
Jan
19
Jan
939 939
1,549
939
9
Brazilian T L & Pr com_ _*
Jan
10
Jan
20 1534 Jan
1539 1534
•
Brit Col Power A
1639 Jan
2
26
148 26
25
634
Burt F N Co com
Jan 28
Jan
100 550
550 55c
• 55c
Brewers & Distillers
Jan 550
Jan
1%
40
•
194
1% Jan
Canada Bread corn
14 Jan
2% 2%
46
21
% Jan
Cement Com
•
Canada
239 Jan
10 1739 Jan
1739 19
Preferred
•
19
Jan
125
834 8%
894
8% Jan
Canada Wire & Cable 13_ _•
8% Jan
3
3%
00
3
Canadian Canners com_ •
Jan
394 Jan
r
5
5
5
Cony preferrd
10
5
Jan
5% Jan
13 503-4 Jan 53
5036 53
100
1st preferred
Jan
339
331
*
65
Can Car & Fdry com
3% Jar
3% Jan
35 10
1139 11%
25
Jan 11% Jan
Preferred
13% 1399
335 13% Jan
Dock com• 13%
Can Dredging &
133-4 Jan
5639
70 55
55
Can General Elec pref.-_50
Jan 5639 Jan
2
65
2
2
Can Industrial Alcohol A.'
Jan
2
Jan
93.4 Jan
934 9%
175
Canadian Oil COM
10
Jan
96
100 96
96
100
Jan 06
Preferred
Jan
1
4
Canadian pacific Ry ____ 25 1594 1599 1634 2,153 15- Jan
1699 Jan
4
*
434
530
4
Cockshutt Plow corn
Jan
4% Jan
239
380
239
2%
234 Jan
Consolidated Bakeries_ _.*
2% Jan
68
1,096 58
59
Cons Mining & Smelting 25 58
Jan 68
Jan
172 173
7 170
100
Jan 173
Consumers GM
Jan
3
3
25
3
3
Jan
Cosmos Imp'l Mills com__•
3
Jan
702 1699 Jan
1634 173-4
Domlnion Stores Com_ ___• 17
1734 Jan
•
23
23
60 23
Jan 23
Fanny Farmer mei
Inn
Financial Chronicle
Volume 136
Friday
Sales
Range Since Jan. 1 1933.
Last Week's Range for
Sale
ofPrim.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Low.
High.
Ford Coot Canada AU...*
Goodyear T & Rub prat 100
Great West Saddlery corn •
Gypsum Lime & Alban...*
Ham United 'rhea com_ _25
Hunts Limited
Int'l Milling 1s1 pref.- 100
A*
.1
,
Intl Nickelcom
Kelvinator of Can corn. •
Preferred
100
Laura Secord Candy corn •
Loblaw Groceterias A.---•
B
•
Loew'sThe Marcus corn 100
s
Preferred
Massey-Harris corn
*
Moore Corp
A
corn*
100
Muirheads Cafeterias Com*
National Sewer Pipe A_..*
Ont Equit Life 10% pd_100
Page-Hershey Tubes corn •
Photo Engravers & Elec...•
Pressed Metals
Riverside Silk Mills A ._..*
com*
Russell Motor pref
100
Simpson's Ltd prat._ _100
Steel Co of Canada CoM_ •
Tip Top Tailors corn
•
Union Natural Gas com •
Walkers Hiram corn
•
Preferred
•
Weston Ltd
100
Preferred Geo*
Winnipeg Electic nom_
•
Bank—
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
7%
90
2
o
114
3
4
18
5
51
44
2
334
44
934
100 140
100
100
100
100
100 14134
100
74
90
4
2
24
7
99
9
14
57
3734
1134
114
6
35
34
7
784
34
16
5
51
94
16
7
44
9
1634
2
34
434
94
18
67
34
ni
734 1,049
91
52 90
100
4
4
2
155
2
234
25
2.4
15
7
7
99
5 99
94 58,310
9
14
10
1%
57
20 57
38
20 3734
114 670 1134
114
195 114
6
1
6
35
4 35
2%
559
34
7
40
7
79
30 784
6
4
18H
20 16
54
52
5
5334
55 50
94
20
94
16
15
20
7
754
50 44
45
8
10
9
270 164
17
2
25
2
334
231
354
54 1,800
44
934 1.384
94
184
65 18
67
10 67
34
20
34
138 140
141 148
150 155
18434 186
260 260
140 14134
165 170
38
28
33
23
5
20
128
137
135
148
1844
260
137
164
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
754
91
4
2
24
8
99
94
14
57
38
114
114
6
35
34
7
79
4
16
534
5334
9%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
84
45
12
17
2
4
534
94
1834
67
34
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
140
148
155
189
260
1414
170
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Camden Fire Insur
5
104 1034
100
Electric Storage Batery 100
254 254
60
Ftre Association new
21
21
100
Horn ac Hard (Phila) corn •
95
93
30
Horn & Hard (NY)com_ •
20% 20%
100
Preferred
100
91
90
80
Insurance Co of N A.....10
334 354
800
Lehigh Coal & Navigation*
84
8
900
834
Lehigh Valley
50
134 1434
513
Pennroad Corp v t c
•
14
134
134 4,700
Pennsylvania RR
16% 1854 19,100
50
Penna Salt Mfg
27
294
50
125
Phila. Electric of Pa $5 pf.•
1024 10354
140
Phila Elec Pow pref
25 334 324 334
900
Phila Rap Trans 7% pf 50
5
100
534
Phil & Rd Coal & Iron_ •
44 434
50
Philadelphia Traction_ _50
300
2034 22
Reliance Insurance
454 434
100
10
Scott Paper
31
•
31
5
Seaboard Utilities Corp__
4
34
220
34
TonoBelmont navel_ -1
sre
% 3,000
Tonopah Mining
1500
31
Union Traction
10§ 12
50
750
United Gas Impt com new• sou 2034 2034 7,800
Preferred new
994 9934
•
211
Warner Co
•
14 14
200
West Jersey & Seash RR 50
49
50
115
Bonds—
Elec at Peoples tr etre 48'45
Lehigh Vail Trs gen 4s 2003
Phila Eine(Pa) lat 5s '66
PhIla VI Anso rn A14. 1072
62 143
Jan 153
Jan
26 1664 Jan 1664 Jan
2 95
Jan 95
Jan
Toronto Curb.—Record of transactions at the Toronto
Curb, Jan. 7 to Jan. 13, both inclusive, compiled from
official sales lists:
Stocks—
"Tway
00 68
Last Week's Range for
Range Since Jan. 1 1933
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Low.
High.
Beath & Son W D A
•
Can Bud Breweries com__*
Canada Malting CO
•
Canada Vinegars nom. *
Canadian Wineries
•
Can Wire Bound Boxes A •
Canada Paving pre(
•
Distillers Corp Seagrams_•
Dominion Bridge
•
Dom Motors of Canadal0
Dufferin Pay & Cr St corn •
Hamilton Bridge com_
•
Honey Dew corn
•
Hurnberstone Shoe nom_ *
Imperial Tobacco ord_ _ _ _5
Montreal L H & P Cons._•
National Steel Car Corp_ *
Power Corp of Can com__•
Robert Simpson pref._ ..100
Service Stations corn A_ •
Shawinigan Water & Pr- •
United Fuel Invest pref 100
011—
British American 011_ _ __•
Crown Dominion 011 Co. •
Imperial 011 Limited
•
International Petroleum...*
McColl Frontenac Oil corn*
Preferred
100
Supertest Petroleum ord_ •
Preferred A
loo
• No par value.
134
44
44
17
8%
31
834
5
8
934
114
80
1334
4
64
134
15
1%
44
654
434
164
2
1
234
54
17
8%
31
8
8
74
34
1134
5
4
634
14
1534
14
44
634
5
1734
234
1
2%
54
17
84
32
8
8%
74
334
8
3
8%
114
9
60
13
93
84
3
94
1134
9
60
14
93
1234
5
50
165
860
120
75
10
5
225
140
SO
25
60
50
20
430
115
50
119
10
150
40
20
4
8
134
1334
14
44
854
44
1634
134
1
234
54
17
8
31
6
8
74
3
1054
5
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4
64
14
154
14
44
10
5
174
24
1
2%
%
17
84
32
8
84
74
354
124
9%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
2,493
50
3.403
1,101
50
50
210
20
8
3
84
114
8
60
13
93
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
8%
34
94
12
9
60
14
93
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange, Jan. 7 to Jan. 13, both inclusive, compiled from official sales lists:
Stocks—
Frulay
Sags
Last Week's Range for Range Since Jan. 1 1933
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Low.
High.
Brown Shoe corn
*
Preferred
100
Burkart Mfg, pre(
•
Coco-Cola Bottling nom_ _1
Harrill-Brown Shoe com_25
Hussmann-Ligonler corn..'
Internal Shoe pref
100
Laclede Steel 00M
20
McQuay-Norris corn
*
Michigan-Davis corn
•
afo Portl Cement com._25
Rice-Stlx Dry Gds corn...'
Scullin Steel pre(
•
Southw Bell Tel prof- .100
Wagner Electric corn_ __ 15
.
Bonds—
Rennin Steel na
33
33
110 110
4
4
94 104
2% 234
1
1
264 2634 27
9
9
25
25
5
5
64 6%
3
3
3
1% 14
115% 116
54 534
54
4
934
1041
21
21
10 33
70 110
100
4
94
185
20
234
45
1
25 2834
30
9
40 25
5
100
64
10
57
3
14
20
84 115
138
534
33.000
Jan 33
Jan 110
Jan
4
Jan 1054
Jan
234
Jan
1
Jan 27
9
Jan
Jan 25
Jan
5
Jan
634
Jan
3
Jan
14
Jan 116
554
Jan
21
Jan
21
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
* No par value.
Philadelphia Stock Exchange.
—Record of transactions
at Philadelphia Stock Exchange, Jan. 7 to Jan. 13, both
inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
American Stores
• 34
.100 113
Bell Tel Co of Pa prof.
*
Budd (E GI) Mfg Co
100
Preferred
•
Budd Wheel Co
334 34
1124 114
1% 1%
5
5
2
2
200
350
200
60
100
Range for Year 1932.
Low.
20
96%
34
4
1
High.
June 3854 Feb
May 113% Dec
3% Sept
Apr
Jan
Nov 15
4% Jan
June
Range for Year 1932
Low,
High.
9% June 154
14% June 33%
144 July 2334
7354 June 120
15 June 26
82 June 107
18 May 40
534 June 144
534 June 284
1 June
4%
654 June 2334
1934 June 40
86 June 1014
234 June 314
434 June 18
1% June
734
17
Oct 29%
2
Apr
7
19 June 484
4 July
34
II, Jan
4
lai May
54
8 May 1734
934 June 22
70 June 9874
14 June
534
35
July 55
204 21
85,000 16
35
35
5,000 31
1094 110
5,000 100
10731 1074 2.000 98
Sept
Mar
Nov
Jan
Aug
Sept
Mar
Jan
Sept
Sept
Sept
Aug
Dee
Dee
Jan
Sept
Belt
Sept
Max
Jan
Feb
Jan
Jan
Sept
Dee
Mar
Jan
June 29
Feb
June 324 Deo
Feb 1084 Dee
June 106W Dee
•No par value.
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, Jan. 7 to Jan. 13, both inclusive, compiled from official sales lists:
Stocks—
Loan and Trust—
Canada Permanent._ __100 145
143 146
Toronto General Trusts 100 166% 166% 1664
Tnmntn Mortrnure
50 95
95 95
* No par value.
311
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Friday
Sales
Last IVeek's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Arundel Corp
• 16
Atl Coast Line (conn)___50
Baltimore Tube Co corn__
Black & Decker com
•
Ches & Pot Tel of Bit pt 100
Commercial Credit
634% lit prof
100 7234
7% preferred
Convertible A
Consol Gas E L & Pow___• 644
6% pref ser D
100
534% pref w I ser E._100
100 1004
5% preferred
Fidel & Guar Fire Corp.10
Fidelity & Deposit
50 284
Finance Co of Am el A____ ______
Houston 011 prof
354
Maryland Can Co
3%
March & Miners Trump_• 194
Monon W Penn PS prof 25 14
New Amsterdam Can Ins
16
Northern Central
Penns Water & Power.....' 55%
South'n Bankers Securities
Corp pref
United Porto Rican Sug—
Common
5c
Preferred
1
United RY8 & Elea
50
US Fidelity & Guar new 10
34
Bonds—
Baltimore City
4s school hours
1957
Macon Doublin & Say '47
Maryland Elea Ry 84s '57
North Ave Market 68 '40
United fly & El
1949
1st ils
1949
1st 42
• No par value.
12
1234
16
17
19
19
1
1
14 2
116 116
7254 73
194 19%
24
24
644 65
1094 110
105 105
100 100%
84 64
25
29
5
5
334 3%
3
334
194 194
14
14
15% 1734
70
70
534 554
5c
5
5c
1
12c
34
100
2
220
1,875
12%
10
1034 11
High.
July 28
May 38
14
Dec
54
Apr
July 116%
Sept
Sept
Dec
Aug
Dec
Dec
20 50 May 74
Dec
7 12% July 20
45 24 Sept 25
Sept
375 39 June 70
Aug
36 102 . Dec 110% Jan
13 97 May 107
Jan
41 92% June 102
Dec
8
Dec 15
Jan
2
392 284 May 85% Jan
38
3
Apr
715 May
5
2 June
7
Aug
84 Jan
1,035
24 June
115 17
Aug 23
Aug
115 13
Mar
July 20
819 12
Apr 22 Sept
14 45 June 7034 Feb
62 34 June 57
SePt
5e
100
20
12
55
how.
940 14
10 11
20
1
1
45
2 1104
50
1
12c
34
100
20
12
52
Range for Year 1932.
Sc
Dec
5c Dec
Dec
1
3c Dec
2 June
250
1
8
1%
834
Dec
Dec
June
Mar
Jan
984 Oct
$500
1,000
7,000
4,000
95
Apr
10
50
Aug
Sept
21
55
Aug
Sept
8,000
8,000
Nov
12
10% June
30
23
Jan
Sept
San Francisco Stock Exchange.—Record of transactions at San Francisco Stock Exchange, Jan. 7 to Jan. 13,
both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Range Since Jan.1 1933.
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Low.
High.
Alaska Juneau
11% 1154 11%
Anglo Calif Bank
19% 19% 20
Bank of California
1424 142% 145
Calamba Sugar
854 854
7% preferred
124 1254 12%
Calif Cotton Mill
1
1
1
California Packing
1054
10
Calif West Sts Life Ins_
31
31
Caterpillar
84
754 9%
Coast Co,GdiE 6% 1st pref 78
78
78%
Cons Chemical Industry.. 1354 13% 14%
Crown Zeller v t
1%
1% 1%
Preferred A
8% 9
Preferred B
854 854
Eldorado 011 Works
1054 10%
Emporium
24
254 2%
Fireman's Fund Insur—
43
43%
Food Mach Corp
554 554
Golden State Ltd
4
4
Hawaiian C &IS Ltd ___ 2754 2754
Home F & M Ins
21
21
Inv Assoc
3% 354
Langendorf United Bak A_
534 5%
La G & E preferred
98
9554 98)4
Magnavox
34
,
%
34
Magnin 6% preferred
6154 614
Mere Amer Realty 6% prof
60
60
No Amer Inv 534% prof ...... 11% 12
No Amer 011
5% sg
Occidental Insurance
1051' log
Oliver United Filters B
1g
Pacific Gas
..303,4 29%
25% 25% 25%
6% lit preferred
23
224 234
% Preferred
42% 42
Pacific Light Corp
43
93
9134 93
8% preferred
Pao Pub Serv non-vot_ _ _
Non voting preferred....
81
Pacific Telephone
80
81%
109
109 110
6% preferred
Plien Whistle pref
54
%
Shell Union
554
5% 554
Sherman Clay prior pref.__ 68
68
68
11% Jan 13
Jan
95 19% Jan 20
Jan
35 14214 Jan 1524 Jan
180
83( Jan
834 Jan
25 124 Jan 124 Jan
Jan
50
1
Jan
9% Jan 104 Jan
2,350
45 30% Jan 31% Jan
8,834
6% Jan
9% Jan
47 78
Jan 784 Jan
1,194 12% Jan 14% Jan
134 Jan
805
134 Jan
95
Jan
Jan
80
Jan
834 Jan
295 104 Jan 104 Jan
100
2% Jan
2% Jan
280 43
Jan 44
Jan
210
534 Jan
534 Jan
321
Jan
4
Jan
6 274 Jan 274 Jan
so 21 Jan 22% Jan
151
34 Jan
3% Jan
531 Jan
Jan
6
924 Jan 9634 Jan
880
Jan
34 Jan
10 61% Jan 614 Jan
110 60
Jan 80
Jan
70 114 Jan 12
Jan
217
54 Jan
5% Jan
33 104 Jan thy, Jan
240
Jan
I% Jan
4.082 294 Jan 31
Jan
5,126 24% Jan 25% Jan
1,370 22% Jan 234 Jan
4,479 39
Jan 43
Jan
556 894 Jan 93
Jan
150
51 Jan
3,1 Jan
44 Jan
175
Jan
100 78
Jan 814 Jan
144 107% Jan 110
Jan
100
3,4 Jan
34 Jan
1,04
5% Jan
5% Jna
40 68
Jan 68
Jan
Financial Chronicle
312
Sales
Friday
Range Since Jan. 1 1933
Last Week's Range for
ofPrices.
Week.
Sale
Low.
High.
Stocks (Concluded) Par. Price. Low. High Shares.
Socony Vacuum
Southern Pacific
Spring Valley Water
Standard California
Tidewater Associated
6% preferred
Transamerica
Union 011 of Calif
United Air
Western Pipe Steel
18%
25
5%
27%
7%
17%
434
24%
3%
43%
534
10%
26%
8%
3,110
19%
4,023
414
10
2,809
25%
230
3%
125
44%
514 33,745
11% 1,120
28% 5,727
814
175
7% Jan
1614 Jan
4% Jan
2434 Jan
314 Jan
43% Jan
534 Jan
9% Jan
25% Jan
731 Jan
736
19%
4%
2514
44%
5%
11%
28%
8%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, Jan. 7 to Jan. 13,
both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
10
Bolsa Chica 011 A
Broadway Dept St pref_100
California Bank
25
*
Chrysler Corp
20
Citizens Natl Bank
Douglas Aircraft Co Inc..*
Farm Az Merch Natl Bk 100
Goodyear Tex Mills pf_100
*
Hancock Oil corn A
LA Gas & Elec pref--_100
LA Investment Co
10
Monolith Port Cem pf 10
Mortgage Guar Co. __100
Pacific Amer Fire Ins Co 10
Pacific Finance Corp com10
Preferred A
10
Pacific Gas & Elec com.25
25
6% 1st preferred
*
Pacific Lighting corn
Pacific Mutual Life Ins.10
Pacific Pub Serv 1st pi.._*
Pacific Western 011 Corp..*
*
Richfield 011 Co com
Sec First Nati Bk of L A.25
So Calif Edison Ltd corn 25
So Calif Edison 7% pf A_25
25
6% preferred B
514% preferred C_ _ _25
So Counties Gas 6% pf 100
Southern Pacific Co. .100
Standard 011 of Calif__ - _•
*
Taylor Milling Co
•
Transamerica Corp
25
Union Oil of Calif
134
38
70
96
1
6
253-4
2934
4434
27
2634
2434
253-4
534
11
136
1.74
37
37
38
38
1634 1634
37
37
1214 1334
300 301
6934 71
6
6
9514 9614
1
1
2
2
9
9
5
5
534 636
974
936
3036 3054
2534 2531
43
43
2914 293-4
5
4% 434
334
334
3-.6
%
44
4536
2634 2714
2651 2636
24
243-4
2236 2214
88
86
18
18
247-4 2534
4
434
A% 534
103-4 11%
Range for Year 1932.
Low.
High.
134 Apr
100
534
July 55
35 30
100 3614 July 61
May 2036
100
6
June 55
200 35
600
534 June 1814
May 300
38 210
Apr 77
316 62
314 May 1016
100
May 100
124 66
7
400
234 Oct
314
134 June
100
Dec 115
9
78
7
July 25
100
334 June
8
1,600
8
June
1,000
934
June 37
200 17
400 20
May 26
100 21% May 4534
May 39
100 25
Nov
13
200
4
8
400
3 June
100
1%
3<4 June
1,950 36% June 65
1,100 16% June 32%
1,500 2134 May 2734
1,600 1834 May 25
300 173% June 23
July 92
10 75
200
614 June 37
1,800 1434 June 313-4
336 Dec
200
8
7,700
234 Jan
7
2,400
1516
,
754 July
Sept
Jan
Mar
Sept
Jan
Sept
Oct
Jan
Sept
Jan
Feb
Mar
Jan
Jan
Aug
Aug
Feb
Jan
Sept
Mar
Mar
Sept
July
Mar
Feb
Jan
Mar
Jan
Feb
Jan
Sept
Jan
Sept
Sept
• No par value.
Ian. 14 1933
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, Jan. 7 to Jan. 13,
both inclusive, compiled from sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Range for Year 1932.
Low.
High.
2,500
10
.06 July
.23 Feb
100
8,000
500
54 June
.05 Oct
414 Dec
3
Sept
.23 Dec
414 Dec
Admir Alaska
Anheuser Busch
1
* 140
Banca Blair
Como Mines
Conrad Razor
1
1
1
.19
414
234
.10
43-4
Det & Can Tunnel
Eldorado Gold
Fade Radio
Fisk Rubber
Fuel Oil Motors
*
1
1
•
10
236
.07 .07
300
1.38 1.50
300
234 2% 16,900
.13 .13
200
.15 .20 12,800
.03
1.00
2
.13
.08
Dec
Apr
Aug
Dec
Dec
.29
1.46
4%
.13
4
Feb
Feb
Sept
Dec
Feb
General Electronics
Golden Cycle
Granada Gold
-D
Huron Holding C
KlIdun Mining
*
10
1
1
1
234 12,900
9
200
1.35 1,700
%
100
1.65 2,300
154
8
.85
%
1.10
Sept
June
Dec
May
Dec
274
1136
1.03
174
3.40
Dec
Jan
Feb
Mar
Au
1
Macassa Mines
Petroleum Conversion_ __5
1
Railways New
Rhodesian Selec Tr___5 sh
.07
.07
140 140
.15
274
34
334
1
234
9
1.30
3.6
1.40
234
.19
414
.20
1
3
1
.22
1
33.4
1
2,500
500
2,500
400
.12
14
234
14
May
Dec
Oct
May
.37
336
314
134
Mar
Feb
Dec
Sept
.25
.26
.50
14
Apr
Nov
May
May
.63
2
1.20
134
Sept
Jan
Dec
Sept
Sherritt-Gordon
Shortwave & Tele
Siscoe Gold
Sylvestre UM A
1
•
1
*
.38
.38
.35
1.30
134
.38
.39
1.30
134
500
500
100
100
Tom Reed Gold
Treadwell Ukon Ltd
1
1
.23
1.50
.23
1.25
.23
1.50
1,500
300
.14 May
1.00 June
.48 Jan
2.50 Mar
Western Pub Serv
Western Television
Wisconsin Hold A
Zenda Gold
•
1
10
1
34
8%
.10
536
34
S
.10
536
%
934
.12
100
1,700
500
3,000
14 Oct
6
Dec
.05 Feb
236 Jan
1236 Nov
.28 Nov
Bonds
list Match Is C-13_ __ _1947
1336 1334 52,000
10
Nov
11
Dec
* No par value.
-See page 288.
Cleveland Stock Exchange.
-See page 288.
Cincinnati Stock Exchange.
-See page 288.
Pittsburgh Stock Exchange.
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 (Jan. 7 1933) and ending the present Friday (Jan. 131933). It is compiled entirely from
the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bonds, in which
any dealings occurred during the week covered.
Friday
Sales
Last Week's Range for
Sales
of Prices.
Week.
Par. Price. Low. High. Shares.
Week Ended Jan. 13.
Stocks-
Indus. 8z Miscellaneous.
Abbott Laboratories corn *
Acetol Products cl A
25
Acme Wire v t o
•
Air Investors v t o
Convertible pref
Warrants
Allied Mills
•
Alum mrs. I '0 common.. •
8% preference
100
Alumin11111 Ltd
Common
•
6% preferred
100
Amer Austin Car
•
Amer Beverage corp. . •
Amer Brit dr Continental_*
Amer Capital Corp
*
g3 preferred
American Cyanamid Co
-Class A vol corn
10
Class B non-vot com___•
Amer Electric Securities
-1
New Part pref
Amer Equities com
1
Amer Foun ler+ corp
•
Amer Investors com
1
Class B warrants
Amer Mfg prof
100
Amer Thread pref
5
Amsterdam Trad Am shs."
Anchor Past Fence
•
Armstrong Cork Co
•
Assoc Elec Indus Ltd
Am dep rcts ord sits reg£1
Atlantic Securities
Atlas Utilities Corp eom_ _•
•
$3 preferred A
Warrant.
Auto Voting Mach eom_ •
Aviation Securities
•
Axton Fisher Tob cl A__10
100
Babcock Ar Wilcox
Beneficial Indus Loan__ •
Blue Ridge Corp-Common
6% not cony prof
•
•
Bour ois Inc
Burco Inc warrants
Burma Corporation
Am dep rein for reg shs
20
Butler Bros
I.
•
Cable Radio Tube v t
•
Carnation Co com
•
Carrier Corp corn
Celluloid Corp 1st pref__ •
100
Childs pref
Cities Service common...•
Preferred
Preferred 13
i
"Wide Neon
Columbia Pictures
1
Colombia Syndicate
6034
1856
30
2%
Range for Year 1932.
Low.
High.
2214 22%
3% 334
6% 734
34
36
6% 634
54
34
3% 4
49
5411
42
44
100
100
2,000
100
100
1,000
1,100
2,750
500
29
4
2
X
2%
%
2%
22
33%
Jan
July
Apr
Jan
May
Dec
Apr
Ma,
Ally
30%
6%
12%
154
7
%
5
90
66
18% 18%
30
30
X
X
23
% 3%
34
11
500
100
100
700
190
8%
23
34
2
June
June
Feb
Nov
May
Sept
44
Sept
39
Si Sept
Oct
8
14 Jan
Feb
Jan
Sept
Sept
Nov
Feb
Sept
Sept
Aug
4%
334
36
3
55
3
334
,
2% May
8% Mar
4%
200
8,400
4
Apr
1% June
Mar
6
8% Sept
314
3
2% 2%
134
1
314
3
11
14
4314 43%
2% 2%
7%
7
1% 134
4% 5
1,500
500
3,400
1,700
200
50
100
300
2,200
200
234
2%
4
134
%
42%
1%
5
%
3
Ort
Dec
June
June
Feb
Feb
July
June
Dec
May
634
3%
234
4%
1%
54
3%
914
4%
9%
Oct
Nov
Aug
Aug
Aug
Aug
Sept
Sept
Sept
Sept
200
314 3%
10
100
10
7% 8% 10,900
1,100
35% 37
2% 314 3,500
500
2
2
100
315 314
55
100
55
2%
2
414
32
1
14
6%
30
Nov
Apr
Jan
June
June
May
May
July
4
931
11%
40
434
3%
1014
7511
Mar
Aug
Sept
Aug
Sept
Sept
Sept
Dec
11% 11%
334
100
5%
27
415
414
414
4%
50
6,000
20
8
July
July
Mar
45
12% Oct
234 3%
29% 2916
314 314
34
SI
1,200
300
100
100
36
1834
1%
34
May
Jul,
May
Feb
4%
3334
4%
%
114
114
900
200
1%
1%
1%
1%
17
3
1611
X
7%
5%
20
16
214
1631
1%
14
10%
he
27
300
X
200
714
600
5%
150
20
160
17
3% 63,400
1,100
1714
200
114
500
X
100
10%
in 1.900
1
June
14 Apr
14
8%
2%
20
5
1%
'0
1
i4
434
June
June
June
Jan
July
Ma,
Man
July
May
Jan
Aug
Sept
Sept
Sept
214 Sept
3% Aug
134
18
12%
31%
30
8%
6354
4%
1%
15
11
Mar
Jan
Aug
Sept
Jan
Feb
Mar
Feb
Ian
Aug
Sent
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par. Peke. Low. High. Shares.
Range /or Year 1932
Low,
High.
Consul Automatic
100
he
hi Feb
he
Merchandising v t e...-_*
111
34 Sept
34 Dec
200
Consol Retail Stores
•
31
Mar
51
2
Continental Shares Ina
100
100
X
54
Cony preferred
% July
4% Aug
100
Preferred series B. _100
34
%
Si July
3% Aug
9,400
6% 7
6%
Cord Corp
2
Mkt)
.
8% Sept
Corroon Reynolds Corp
100
10% 10%
7 June 18
•
86 preferred A
Mar
3%
334 3% 1,000
134 June 10% Aug
Crocker Wheeler Elec.-- _•
300
3
33.4
134 Jan
Crown Cork Internet A--•
5% Nov
15
100
15
1
•
Cuban Tobacco v t 0
Nov
Mar 23
11% 11%
100 1014 Dec 1914 Mar
Cuneo Press Inc
9% 1136 11,500
• 10
Deere & Company
3% June
174 Scut
De Forest Radio com___ •
54
% 1,300
Si slum,
%
134 Jan
•
Detroit Aircraft
% 1,000
11
'is Aug
34 Feb
33
33
100 21% July 39
Dow Chemical com
Sept
600
Dublier Condenser Corp-1
56
%
34. July
1% Sept
1
1
*
Duval Texas Sulphur_
500
Y. May
1% Nov
136 134
Elder Klectrte Coro
•
600
3
Sept
3% 4
Elect Power Assoc corn_ •
200
9
14 Oct
Aug
3%
•
3% 4
Class A
2,700
231 June
9
Aug
Electric Shareholding
500 19
$6 ore with warrants... 4034 33% 4034
Mar 5414 Aug
Federated Metals Corti
New name FED CorP.•
414 434
200
Dee
334 Dec 18
First Nat Stores 7% pf_100 111
111 111
20 100
May 111
Dec
1%
Fisk Rubber
•
800
1% 2
134 Dec
,
31 Boot
4
Preferred
100
1934 2114
200 1815 Sept 28% Oct
Ford Motor Co Ltd
Amer dep rcts ord reg.£1
3%
314 354 2,100
2% May
64 Jan
Ford Motor of Can el A_ __•
6%
6%
% 1,100
Mar
15
May
5
Ford Motor of France
4
4
Amer deposit rets
200
6% Mar
3 June
%
Foundation Company
3% 3%
•
100
Foreign shares
5% Aug
311 June
7
7
7
Garlock Packing corn_ _
33% 4%
General Aviation corn
•
Gen Electric (Gt Britain)
.41
634
Am dep rcts ord reg.
Gen Theatres Equipment
•
$3 cony preferred
3-1
34
8% 9
9
•
Glen Alden Coal
414
Globe Underwriters Each 2
434 431
334
Goldman Sachs Trading....•
33-4 336
Oold Seal Elea
1
34
34
Gorham M0.10
10
• 10
33 cum pref w w
Gorham Mfg corn V t
• 2034 1931 20%
Graymur Cory
Gt Atl & Pee Tea
149 155
Non rot corn stock_ _ _.• 152
7% let preferred_ __100
120 124
Grocery Stores Prod
•
14
14
Voting trust etfs
Happiness Candy Store •
%
11
2
2
•
Hazeltine Corp
21% 21%
•
Horn & Hardart Co
714
Hydro Elec Securities. •
734
3% 3%
Hygrade Food Products_ •
16
16
Imp Tob of Gt Brit & I__ £1
Insurance Co of No A m_ _ 10 34% 3334 35
10
'16
Insurance Securities
34
34
200
2,000
4% Jan
1% Juoe
8% Jan
5% Sept
500
554 June
8% Mar
100
1,200
100
7,600
4,100
34 June
JUIIP
2% Nov
1
June
14 July
100
200
5,100
% July
3
8
July
1014 June
1%
2334
5
5
%
10
Dec
1314 Sept
17
Mar
320 10354 hias 168
210 108
June 120
100
100
200
100
200
300
2,100
1,100
5.700
31
34
234
15%
414
1%
1214
18%
34
Dec
May
may
May
June
June
Jan
44.,
Dee
Jan
Sent
Sent
Aug
Oct
Sept
July
114 Jan
Sept
734 Jan
Jan
29
1114 Mar
44 Sept
16% Oct
Mat
40
-'14 Sept
Financial Chronicle
Volume 136
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Interstate Equities Chnix-1
50 1434
$3 cony preferred
•
Irving Air Chute
*
Jonas & Naumburg
Kleinerts Rubber com •
335
Letcourt Realty corn_ •
Preferred
•
Lehigh ,
Lerner Stores Corp
634% pref with warr 100
Ley & Company
•
Libby McNeil et Libby- •
Louisiana I and k Expi_ •
Mengel Stores% pref with warr_100
1
Mavis Bottling class A
34
Mayflower Associates_ _ .* 28
*
Mead Johnson de Co
Minneapolis-Hones well
Regulator pref
100 64
Montgomery Ward & Co
Class A
• 5531
Mtge Bk of Colom Am sheNational A v Ion.
•
Natl Belles Hess com
1
134
Nat Bond h Share Corp...
1
Nat Investors corn
Warrants
Nat Service Co corn
3.4
National Sugar Refining •
Nat Union Radio Com__1
%
Milliner Bros pref
i00 10
New Amsterdal Cas'ty_ _ 10
Niagara snare of Ma tilt 6
53.4
-Pond
Niles-Bement
•
54
Northwestern Yeast_ _100
Novadel-Agene
•
Pan Amer Airwave
--10
Parke, Davis & Co.__ ._.• 18
1%
Pennroarl Corp corn v t e- •
PhillIp Morris
10
234
Phoenix securities
TI
1
Common
$3 cony pre'set A- .10
Pilot Radii,& Tube class A•
Pitney-Bowes Postage
Meter_
•
Pittsburgh Plate Glass-25 14
Potrero Sugar corn
Powdrell & Alexander- :
Propper McCallum
Hosiery corn
•
Prudential Investors
•
Pub Util Holding corn
•
Without warrants
Warrants
$3gum Prof
Pyrene Mfg Co cora- _10
Railroad Shares
•
Rainbow Lumin ProdClass A
•
Class It corn
Reeves (Daniel) coin_
* 1534
Re Hance Internal 4.44m 11 •
.
2%
Reliance Management._ •
Reybarn Co
- 10
Royal Typewriter cora_ *
634
Safety Car Heat &
lit. Regis Paver corn.
334
104
7% pref
Seaboard Mil Shares*
Securities Allied Corp.'
731
Segal Luck & Hardware •
Selected Induatries ino___. 1
111
Common.
$5450 prior stock
25
Allotment ctfs.
.
-----Selfridge Provincial Stores
Am dep rota
El
Shenandoah •
New common.
1
Sherwin-Williams
25
Silica Gel Corp v t e. . ..
•
Singer Manufacturing100
99
Smith (A 0 corn
,
•
Spiegel May & Stern p1100 28
Starrett Corp 6% prof. 50
Stutz Motor Car
• 1731
Swift & Co
25
834
Swift Internacional.. _15
Taggart Corp corn
•
Technicolor 1444 com . •
4
Tobacco & Allied Stocks_ *
Tobacco Prod Corp (Gel). I
Tobacco Secur Trust Ltd
Am dep rots ord ref.__ ..£ 104
Am dep rots def reg___5s
24
Yranscont 41r Trans._ •
434
Trans Lux Daylight
1
Picture Screen new
1%
Tri-Continental warrants_
Tublse Chatillon corn....1
Class A
1
Union Amer Investing •
•
United F ninOurs 4•0111
United Shoe Mach corn.-25 3431
United Stores Corp v t a..'
U S Financial Holding
common with warrants_l
•
U S Foil class B
Ti 5 & Internatl Secur
•
54
1st pref with MUT
*
19%
U S Lines Inc pref
US Playing Card coin_ _10
*
Universal Insurance Co_20
311
utility Equine. sun-. •
Prior stock
•
Utility & Indus corn
•
Preferred
•
Van Camp Packing corn.-•
54
5
7% preferred
3.4
Want & Bond class B
•
Walgreen Co corn
Walker (H) Gooderham &
Worts common
44
•
Preferred
•
Western Air Express_ _ _ 10
Western Cartridge prof.100 60
Westvaco Chlorine pref 100
Wil low Cafeterias
•
Wilson-Jones
Woolworth (17 W) Ltd
Amer dep rcts for ord ehs 114
Public Utilities
A Mama Power 87 prat...* 65
Am Cities Pow & Lt
Cony class A
25 28
1
P
. New Class ii
441
Amer & Foreign Pow war?.
434
Amer Gas & Elea nom_ _• 32
• 8951
Preferred
Range for Year 1932
Low.
High.
he
35
144 144
5
535
41 1
334 34
154 1%
4
4
7% 735
1,200
100
400
1,000
100
100
100
200
a%
5
2
35
335
1
4
534
Dec
June
June
Aug
Apr
May
Dec
May
Si
164
8
114
6
6
1835
14%
2335
23
rl
r1
2
2
Si
Si
100
3,150
200
600
12
rl
1
31
Aug
Dec
may
Ma
2034 Feb
Dec
rl
4
Jan
214 Sept
934 935
/5
35
28
28
45
46
25
400
200
300
14
31
20
29/4
Oct
July
June
July
941
3.4
30
61
64
140
50
June
714 Mar
68
55%
670 41
53
July 72
200
24 3
41 Nov
3
8% 3,900
7
2% Jae
631
14 11,000
1
1
Nov
245
300 18 June
244 2535
In
300
2% 235
1 June
415
145 1%
10
241
Si June
31 Jan
1,700
34 1
34
25
400 210 June 254
23
500
135
ho July
%
%
10
10
2
64 May 2241
16% 164
25 144 Aug 1914
1,300
4 June 12%
54 6
200
June 11%
4
511 614
Apr 105
105 112
10 94
200 22 July 474
4515
45
700 1334 July 30
2734 28
800 114 AP
1734 1831
19
Jun
1
135 1% 9,900
44
2
215 5,700
411
2 Jun
'is
'is
1034 10%
2
214
300
400
1,100
3
34
1331 14
131 14
10
10
700
300
200
100
135
4%
3.4
711
34
2%
435
24
91
115
411
54
31
151( 16
234 24
135 1%
1
1
6% 634
1834
18
334 334
2115 24
73(
34
735
Si
134
3934 45
47
40
1.4
1
'ti Jul
8
July
54 June
14
1214
1
5
June
June
Dec
Aug
100
1,700
1
2
May
July
900
9,900
1,100
100
200
% July
Apr
1% Jun
2
Dec
II. June
200
30
300
400
1,500
1,100
100
200
9,200
190
200
500
600
215
12%
134
1414
31
43(
51
2,500
300
900
,
44 Jun
2814 Jun
28 Jun
1000
4
34
1231
ft
54
Apr
June
Dec
June
Jun
Jan
May
Jun
June
July
May
Jun
Jun
34 July
Nov
Aug
Sept
Sept
Aug
Feb
Feb
Sept
Dec
Aug
Aug
Mar
Mar
Jan
Dec
Sept
Sept
Sept
Sept
Sept
Aug
Sept
Mar
Jan
Aug
Sept
Sept
Dec
Sept
Jan
Nov
Mar
11( Sept
124 Nov
33( Jan
54
19%
14
1615
Sent
Sept
Dec
Feb
34 Aug
7% Sept
If(
14
84
2%
2
Sept
Aug
Sept
Aug
Sept
234
14
204
3
241
235
10
40
844
50
10
2
Sept
Sept
Sept
Deo
Aug
Sept
Sept
Sept
Sept
Apr
Aug13.4
Aug
Jan
3
57
57
Aug
Sept
Sept
115 Sept
2% 2%
17
17
Si
14
96 100
19
2235
28
28
/i
3.4
1534 174
84 844
1534 1734
14 14
33.4 4
22
22
35
Si
200
25
500
90
500
100
600
3,400
2,800
1,200
100
1,500
100
100
104 104
2% 214
415 534
100
100
1,700
73 June
,
1
115 June
1% June
114 135
500
111 14
400
5
6
400
1135 114
100
13
1435
400
14 14 11,800
3331 35
400
34
15
800
Dec
May
June
June
June
May
214 June
% June
214
24
14
19%
13
34
4031
41
Oct
Aug
Aug
Aug
Sept
Aug
Mar
Jan
Apr
Apr
Jan
June
June
June
31
544
13(
324
145
23
6%
44(
4944
314
1131
2
215
434
1834
Apr
Sept
Sept
Sept
Aug
Jan
Mar
Aug
Feb
Feb
Feb
Jan
Jan
Mar
Aug
831
84
134
62
66%
235
1031
Aug
Oct
Dec
Dec
Mar
Jan
Mar
134
1334
14
75
11
15
Si
74
64
10
34
4
1544
35
Dec
34
Dec 2414
Apr
3
May 138
July 59
July 31
June
2%
Nov 24
Dec 22
Mae 26
Dec
4
AY(
June
June 26
May
14
1%
34
34
1
6
3.6
334
34
19%
Si
13
34
2
41
1%
334
Si
%
1
14
200
100
103
200
100
150
250
1,900
200
600
300
100
200
300
500
44 4%
834 84
134 1341
6045
60
5631 58
14 14
7
7
200
200
100
100
50
100
100
1144 11%
2,300
7% Jan
6134 6535
270
ISM July
34
354
3.4
19%
3.4
12
3
14
41
131
34
35
35
1
13%
28
300
27
415 4% 4,800
414 545 3,000
304 33% 25,500
8911
730
86
31
24
31
931
3.4
10
July
July
June
July
Dec34
Si Dec
34 Dec
834 Apr
35
26
1
2%
2%
74
445
4131
42
41
5
194
14
134
1434
60
May
Dec
June
July
Aug
Jun
Jun
July
Jul
Apr
Jun
July
Nov
Jan
Sept
Sept
Jan
Nov
Aug
Sept
Mar
Mar
Feb
Aug
Sept
Sept
12
Oct
235 Sept
445 Sept
124 Dec
93
394
83.4
10
414
914
313
rciday
Last Week's Range for
Sale
Public Utilities
Week.
ofPrices.
(Concluded)
Par. Price. Low. High. Mares.
Jan
Aug
Sept
Sept
Sep*
Aug
25 x1631
Amer L & Tr corn
435
Am Superpower Corp corn •
•
let preferred
•
Preferred
MOW Gad & E100 corn.....'
•
2
Class A
•
$5 preferred
Warrants
Assoc Tel $1.50 pref
Assoc Telep Util oom_ •
Brazilian Tr L & P ord.. •
831
Buff Meg & East Pow p125 22%
•
$5 let preferred
Cables & Wireless Ltd
Am dep rots B ord 8113-Z1
Cent Pub Sere
1
Class A_
8
Cent & S'west Util $7 prof•
$7 prior lien pref
1
235
Cent States Elea new corn.*
6% pref with warr___100
6% pref without warr 100
100
7% preferred
100
Cony pref
Cony pref optsec'29_100
Warrants
Cities Serv P & L$6 preferred
Cleve Elea I Hum corn...' 32%
100 110
6% preferred
Columbia Gas a MOO
100 95
Cony 5% pref
Commonwealth Edlson_100 82%
Common & SouthernCoePWarrants
Consol0 k LAP Bait corn' 65
Conaol Gas Util class A..5
3.4
10
Duke Power Co
East States Pow cote B_ •
5
East Gas & Fuel Assoc__•
100
6% preferred
454% prior pref
_100
Eastern Util Associates •
Cony stock
Elee Bond &Share corn---15 20
•
$5 cumul prof
• 43
$6 preferrea
Electric Pwr & Lt 2d pf A.•
Option warrants
44
Empire Dist Elec Co
100
0% Prof
Empire Gas & Fuel
7% preferred
100 1335
100
8% Preferred
European Electric ClassA10
214
Option Warrants
Florida P & L $7 pref.,...' 3334
x1611
4%
67
3114
131
1%
8
he
1835
135
854
2115
9135
1814 1,500
534 26,400
300
68
300
3235
200
231
231 4,400
10
80
34 2,200
18%
100
400
14
800
83.1
2231 2,200
800
9231
Si
14
4,000
34
8
1734
215
74
8
12
17
7
31
15
10
1735
2%
711
8
12
17
7
31
60
250
50
5,20
2
100
100
2
10
10
16
16
3235
31
1084 110
50
700
150
96
94
7931 82%
875
1,500
sie
64
15
58
211
5
5411
68
22
34
194
3915
41
1045
4
54 6,900
1,700
65
100
35
58
50
27
% 1,000
300
5
100
544
25
68
100
2214
700
335
21% 112,300
300
3931
43% 5,100
300
12
600
435
10
10
1314 14
144 14%
231 234
III
31
3315 3334
50
200
100
100
4,300
25
Range;or Year 1932
Low,
10
134
28
9
35
1
6
,
32
1215
I
7
154
71
May
June
June
June
June
July
Aug
Mar
May
July
May
May
June
hi May
34
9
10
z2
434
37
%
8
4%
4
fi
Dee
Sept
Nov
Dec
Dec
Aug
May
May
May
Dec
High.
24%
10%
72%
48
7
59
Si
16
1134
134
2331
92
Aug
Aug
Aug
Sept
Feb
Aug
Jan
Aug
Aug
Jan
Mar
Aug
Dec
14 Sent
1
2934
55
234
25
23
45
40
254
235
11
Dec 50
19 June 35
924 Apr 105
Oct
Feb
Jan
Dec
Aug
Aug
Sept
Sept
Sept
Aug
Jan
Aug
Nov
40 May 10814 Sept
4914 July 122
Jan
P.. June
3714 Jun
rho Dec
July
31
Si JUDO
2% June
30% June
48 June
1614 July
154 May
6 June
16% July
19
May
634 June
14 May
1
69%
3%
73%
84
68
65
27
554
44
,
59%
67
45
714
Aug
Sept
Aug
Mar
Sept
Mar
Jan
Aug
Sept
Aug
Aug
Aug
Aug
Mar
Aug
8
July
21
6
7
I
Si
244
May
May
May
Apr
Dec
413% Jan
5234 Mar
43.4 Sent
Aug54
79% Jan
Aug
Gen Gas& Elec $6 prat B-•
11
300
8
314 July 25
Jan
Gen Pub Serv $6 pref....'
23
Feb
120 10% May 50
30
Georgia Power $6 pref. •
7034
200 47 May 82
66
Jan
Illinois P & L $6 pref
•
32
32%
50 21 June 63% Mar
Interest! Utility
Class B
1
14 2,500
Dec
2
I
Nov
•
Italian Superpower A
500
411 Aug
135 134
% June
Long island LtgCommon
1235 1235
100 124 DeC 20% Sept
100
6% pref series B
7031 7031
July 88
Mar
25 45
Los Ang G & E 6% pf- 100
95
Jan 100
9531
Jan
150 100
Marconi Internal Marine
Common Am dep
514 Nov
435 JUDO
535 534
400
135
Mareuni Wirer' MOM 1
154 115 6,900
234 Sept
34 May
2
Mass Util Assoc corn vte.•
2
2
1% May
400
3% Aug
50
5% cony Prof
2515 2515
50 14% JUDO 28
Aug
.
3
Memphis Nat Gascom_ _ •
3
335
500
5% Jan
1% All,
Metropolitan Edison Co
•
704 73
$6 preferred
75 35 JUDO 80
Aug
•
Middle West Util corn
100
Ii.
rho Dec
Jan
ha
7
Mohawk & Hud Pr let pt.*
83
83
75 55 JUI10 95
Jan
Mountain Ste Tel de Tel 100
96
96
Apr
10 88 May 105
National P & L $13 pfd...•
6735 6834
650 35 JUDO 8014 BIM
New England Pow AM/
4731 4734 4834
80 12 June 594 Jan
8% Preferred __
Dec
Dec 12
New Eng Pub Serv $6 P1-5 1231 1231 1231
50 12
92
9211
150 75% June 115
New England Tel& Tel 100
Jan
N Y Pow & Lt 7% pref.100
9414 96
5
66 May 100
Jan
40
70
42
28
Mar
July 55
N Y Steam Corp cem---• 42
116 1164
15
N Y Telep133i% Pre1-100 116
98 Jun* 115% Dec
Niagara Hud Pow
15 15% 15% 1631 5,600
Common
714 July 20
Aug
700
.4 n1
44 June
CI A opt warr
114 Aug
100
Class C warrants
54
he Dec
35
3.4
1% Aug
1
Nor Amer Util Sec com--*
1
500
34 July
2
Aug
39
40
70
Nor States Pow Isom A.100 39
34% Dec 83
Jan
70
100
7115
100 46 Jun
9434 Jan
7% prof
44 4%
4
Okla Nat Gas 634% 0_100
50
235 Jun
Sept
11
Pacific 4 &
um of 35 2535 2535 25% 1,200 194 July 26% Jan
Pacific Ltg Corp $6 pref.-•
150 81% Jun
9231 92%
9334 Mar
Pa Pow 43. Lt $7 pref
92
2215 Jan
250 65 Jun
9534
Pa Water & Power Co-* 55
400 35 June 584 Sept
55
58
PugetSound P &1•
204 24
35 preferred
110 29
Dec 55% Apr
•
$6 preferred
1415 16
70 26
Feb
Dec 58
•
Railway & Light Sec corn.
94
75
4
9
Jan
July 20
Shawinigan Wat & Pow...' 1131 1014 114
800
631 May 2014 Sept
Sou Calif Edleon25 264 26% 27
300 21% May 2741 Jan
7% pref series A
2415 24% 1,600 174 June 25
25
6% Pre:ser
Jan
54% pret Clara! C...._25 2234 22% 2231
700 1731 June 22% Jan
Standard P & L
•
Preferred
36
50 20 June 70
36
Aug
Tampa Electric Co
-_253i 2535 25%
100 18 June 32
Jan
Union Gas of Can.
3
3
300
6 Sept
134 June
United Corp warrants.....
400
331 334
1% June
Sept
6
UnitedGas Corp com____•
2
2
24 11,004)
14 May
444 Aug
Prof non-voting
25
• 26
27% 4,100
834 June 55
Jan
Option warrants
44
.4 1,100
he May
1% Aug
United It& Pow corn A _ •
314 44 8,300
34
154 May
9% Aug
• 18% 174 1935 2,900
$6 cony 1st pre
84 June 53% Jan
S Elee Pow with ware •
1
2,700
51
Tit JUDO
214 Aug
13t11 Pow & Lt corn
•
131
111 14 5,000
54 May
4% Sept
•
ClassBvtc
300
531 611
Aug
1% July 15
preferred
100 2535 2335 25%
7%
100 12 June 61% Jan
West Massachusetts Cos-•
3416 34%
,
25 19
July 3534 Sent
Former Standard Oil
Subsidiaries)
Buckeye Pipe Line
50 27
25
27
300 1734 July 35
Jan
Chesebrough Mfg
25
90
90
50 53 June 90
Mar
Eureka Pipe Line
100
284 2835
150 18 June 35
Mar
Humble Oil & Ref
25 44
44
45
900 35% June 55
beot
imperial Oil(Can) coup- •
831
8
831 2,200
631 June 10% Sent
Indiana Pipe Line
10
335 335
,
100
714 Feb
24 July
National Traasit____12.50
715 714
200
64 Dec
8% Sept
Northern Pipe Line
5%
5
514 2,400
10
5% Dec
3% May
South Penn Oil
25
114 1145
200
9% Jan 1654 Aug
So'West Pa Pipe Line_ _50
33
33
50 27 June 37
Feb
Standard 011 (Indiana)
-25 214 21% 2114 19,100 13% Apr 2534 Sept
I()
Standard Olt(Ky)
11% 10% 114 2,200
814 Jun
15% Mar
Standard Oil(Neb)
25
14
144
Jan
200 10% July 19
Standard Oil (Ohio)
1911 21
350 1514 Apr 304 Aug
5, preferred
100
85
85
40 75
Aug
July 87
314
Financial Chronicle
Friday
Sales
Last Week's Range for
Other 011 Stocks
Sate
of Prices.
Week.
Par. Price. Low. High. Shares.
Amer Maracaibo Co
1
Arkansas Nat Gas corn_ •
Corn class A
100
Preferred
British Amer 011 Ltd
Coupon stock
Carib Syndicate
25c
Columbia 011 & Gas vto..•
Cosden Oil Co
Common
•
Ctfs of Dep COM
Creole Petroleum Corp_ .•
Gulf 011 Corp of Penna__25
Intercept Petrol COM- --5
International Petroleum..'
Kirby Petroleum
•
Lion Oil Refining Co
Lone Star Gas Corp
•
Mich Gas & Oil Corp. •
Middle States Petrol
Class A vt
•
Class 13 vt
•
Mountain & Gulf Oil Co_ _1
Mountain Producers- --10
National Fuel Gas
•
New Bradford Oil
25
North European 011_ _.1
Root Refg prior pref.. •
Salt Creek Prod Assn__ 10
Southland Royalty
5
Sunray 011 Corp
5
Texon 011 dz Land
•
Venezuelan Petroleum.__5
Woodley Petroleum
1
"Y"011.8 Gas Co class A_1
Mining
Bunker Hill & Sullivan_ _10
Bwana M-Kubwa Copper
American shares
Comstock Tun dc Drain_l
Consol Copper Mines_ _5
Consol Min & Smelt_ _ _.25
•
Copper Range
1
Cresson Consol G M
Cusi Mexican Mining_50c
Goldfield Consol Mines_10
25
Reda Mining Co
Hollinger Consol M___6
Hud Bay Mln & Smelt
Lake Shore Mines Ltd __ _ _
25
New Jersey Zinc
Newmont Mining Corp. 10
NIpIssing Mines
•
Ohio Copper Co
Pacific Tin Spec Stock._ _ •
Pioneer Gold Mines Ltd__ I
Roan Antelope Copper..._
Silver King Coalition
Shattuck Denn Mining_ _ _5
Teck Hughee Mines
United Verde Extension 50c
5
'Utah Apex Mining
Wright Hargreaves Ltd....
Range for Year 1932.
Low.
500
600
5,200
100
31 Jan
31 May
14 May
135 July
44
34
314
5,15
631 Dec
31 Jan
35 May
911 Mar
34 July
235 Aug
14
116
14
2%
36
134
2
251
31
73-4
A
1
75%
9.4
135
400
100
1,100
134 114
116 131
214
234
2831 27
2911
1-16
34
1035 10% 104
9-4
94
1%
116
796
114 114
500
300
3,000
3,200
2,000
4,500
100
100
1,400
200
34
55
141
23
fis
8
14
14
3%
36
54
31
31
3174
236 34
134 13
134
9-4
4
34
A
4
4
4
455
4
3% 3
371
5-16
5-16
7i 4 8
1
200
400
200
5,500
1.500
400
100
100
1,700
300
800
500
100
100
400
16
16
14
216
8
31
Ill
216
34
24
54
235
A
1635 17
34
34
14
91
55
31
335
29
3055
1631
Ile
3
4
8
3%
1%
316
55
234
he
Si
14
2%
5%
3
28%
29
104
14
3
3%
8
211
1
3.16
14
%
336
50
200
he
3,16 14,900
100
31
55
20
100
234
300
Si
700
Si
14
100
3%
800
5%
1,300
3% 2,600
29% 5,200
30% 1,800
174 2,500
13.5
1,900
14 6,400
3'
100
434 10,000
8% 3,900
24
400
IN
200
316 3,500
2
2,000
%
300
316 3,800
,
85
39
May
May
Jan
June
Mar
June
Jan
June
Apr
Jan
Apr
Jan
Mar
Apr
June
94 Jan
11: June
131 Apr
235 June
34 June
71 Feb
455 May
35 June
14 Jan
H Nov
14
Dec
51 May
55 Aug
31 June
May
29
14 Apr
55 Jan
pg June
h.: Jan
July
2
354 June
41 May
214 June
144 Apr
415 May
•14 June
III Jan
1% Feb
245 Apr
335 May
2
Apr
1
Nov
24 May
14 Apr
94 Nov
134 Apr
Bondslabstua Power Co
1946 9936 9835 100
1st dr ref bs
24,000 84
1951
96
9411 96
1st & ref 58
26,000 75
94
95
1956
30,000 78
1st ref 55
4 48____ 1967 81
&
7831 8156 142,000 70
1968 87% 87
83
let & ref 5.5
16,000 75
64%
Ala Water Service 5s_ _1957 6435 64
2,000 53
Aluminum Cos 1 deb 581952 98% 98% 99
81,000 81
Aluminum Ltd den (Is. 1948 57% 5634 57% 15,000 45
Amer Commonwealth Pow
234
214 256 12,000
Convertible deb 65_ _1940
1
69
72
Amer & Cont Corti 5
18,000 47
3-1943
234
Am Commun'y Pwr 534s'53
2,000
514 6
am El pow('top deb tie. t7 25% 2311 26
56,000 18
9116 9016 92 107,000 62%
killer 0 tft el deb 56..2028
27
29
11,000 13%
Am Gas & Pow deb(1s.1939 28
234 2516 25,000 1114
1953
Secured deb 5s_
6294 260,000 38
58
•m Pow & Lt deb SA...2016 61
Am Radiat. deb. 43551947 964 954 9631 65,000 79
4916 5356 112,000 30
Amer Roll Mill deb 55_1948 53
454% notes..Nov 1933 691.6 63% 694 102,000 46
35
32
4,000 17
American Seating 6s_ _1936 35
Appalachian El Pr bs. 1956 964 934 9614 136,000 724
Appalachian Gas fis_ 1945
516 516 3,000
2
Cony deb 6s B
514 514 11,000
..l945
94
23,000 9675
Appalachian Pow 5s. 1941 10314 10334 104
2024 83
3,000 54
Deb 13s
83
83
Arkansas Pr de 1.1 5. .1956 90
0031 143,000 (17
89
Arnold Print Wks 6s__1941 5634 5551 5636
5,000 39
Associated Elmo i 36e_ _1953 4634 4516 4756 138,000 17
,
Associate° Gas & Hee Co
9
Cony deb 5 tis
193s 2436 234 26 131,000
24
24
Registered
12,000 124
9,000
Cony deb 448
1948 2331 23% 26
9%
Cone deb 4358
1949 234 2116 26 350,000
9
24
Con? deb 56
1950 25
2756 218,000 ziO
Deb be
1968 24% 2331 27 399,000
854
911
30
34 140,000
Cony aeb 5 4fi
1977 33
49
52
20,000 19
Assoc. Rayon deb ro 1950
Assoc Telephone Ltd 55 '65
8811 8914 6,000 7455
Assoc & T deb 54s A 55 2511 254 2614 48,000 144
Assoc Telep iitil 148 1944 20% 20% 2114 80,000 12
. 1913 42
a34
42
21,000 25
Atlantic City Elec 58._1960
9731 9734 10,000 94
Delwin Loeo Works 548'33
Bait & Ohio 55 ser F._1996
Bates Valve Bag 135 1942
without warrants
Bell Temp of Canada
1955
1st M 55 ser A
1957
1st M ba sec Pi
1960
1st M 56 ser C
Binghamton LB & P 5e'46
Birmingham Elec 4145 '68
Birmingham Gas 5s...1959
BirmIng'm WatWks5.414'54
Blackstone Val G&E 55 '52
Boston & Albany 45.._1933
Boston Consol Gas 5s_1947
Boston Terminal 3169_1947
Broad River Pwr 55 A.1954
1939
Buff Gen Elec 5.9
Ian \I Its Is. I
uanacUan Pac Ry ne _ _ 1942
Carolina Pr & 1458 . .956
CtteriAllar Tractor 58 1935
Cedar Rapids M & P 5553
1961
Cent Arimr,a L & P
Central Ill Pub Service
1956
55 serles E
1st & ref 431 ser F.1967
,
1st mtge fie sec O.1968
1981
4548series FI
Cent Me Pow baser D_1955
let & ref 454s ser E.1957
June
June
June
May
May
July
May
July
98
104%
484
10174
91%
7074
97
98
92
7654
7256
7651
100
92
Sept
Sept
Aug
Sept
Jan
Sept
Aug
Aug
Aug
Jan
1% Aug
31 Aug
16 Dec
44 Sept
14% Aug
Aug
35 Jan
755 Sept
554 Sept
July
6
55 July
104 Sept
ilia Sept
245 Deo
135 Dec
3255 Aug
1%
89
34
45
55
34
535
535
6
30%
3534
284
135
9-4
8
415
855
235
156
455
455
1%
34
1
Aug
Jan
Aug
Sept
Aug
Aug
Aug
Aug
Jan
Dec
Sept
Des
Sept
Sept
Sept
Sept
Oct
Deo
Aug
Dec
Oct
Jan
Jan
Sept
Deo
999'
9535
9654
8455
91
75
994
75
Jan
Mar
Jan
Jen
Jan
Aug
Aug
Sept
96
45
27
45
43
69
44
51
46%
88
72
14
7536
94
July
Dec
93
Aug
434 Deo
45
32
404 June
7634
72
764
72
984
9016
2%
234
315
444
%
1251
1
335
11
2
July
July
July
Jule
July
July
JU1Y
June
June
July
July
June
Oct
83
86% 125.000
3714 4015 324,030
99
934
99
9636
76
52
95
10335
98
1044
8514
45
106%
101
91%
70
95
97
89
Apr
Aug
Sept
Aug
Dec
Jan
11
Jan 70
Sept
May 19
Jan
46
Aug
JU1Y
May 9035 Deo
July 47
Aug
July 3731 Jan
May 8215 Jan
July 96
Sept
July 67
Mar
Apr 76
Mar
July 47
Feb
May 9134 Oct
July
16
Jan
Apr
1331 Jan
Apr 10434 Dee
June 90
Sept
May 9134 Sept
Sept
Aug 65
June 67
Aug
65
100
100
1004
100
794
52
9511
High.
Aug
Sept
Aug
Aug
Aug
Aug
Aug
Dec
Jan
1. eb
Jan
Feb
Oct
60
Apr
100
93,000 84
100 144,000 834
1004 46.000 834
102
51,000 75
79% 16,000 65
10,000 3914
56
95% 3,000 84
10355
1,000 92
98
5,000 97
104% 4,000 91%
85.14
1,000 83
48% 63,000 384
10632 16,000 101
10134 3,000 94
9256 50,000 80
7335 221,000 MS
97
32,000 794
934 44,000 914
92
14,000 74
Jan
Jan
Jan
Apr
June
July
Aug
Apr
Dec
June
Dec
July
Mar
Apr
No.
JU1Y
\I.,.
Nov
urn
101
10054
100%
z9211
814
7535
04
103
981.1
104%
85
68
107
10234
98%
8834
9455
303
91
Oct
Oct
,
01
Dec
Mar
Jan
Nov
Dee
Dec
Nov
Sept
Mar
Dec
Sept
Sept
Aug
Deo
Oct
Aug
79%
733-4
73
73
101
92
July
June
July
June
May
May
8255
79
85
79
9735
89%
Sept
Aug
Jan
Aug
Dee
Oct
65
1,000
85,000
102,000
33,000
19,000
33,000
9,000
6234
53
57
55
74
74
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Bonds (Continued) Par. Price. Low. High.
Cent Ohio L & P55._ _1950 69
69
71% 8,000
Cent Power 55 ser D__1957
12,000
7234 75
Cent Pow & 13 15t 5s.1956 654 65
85,000
67
Cent Pull Serv 548_1949
131 14 134,000
With warrants
135
1%
30,000
Without warrants
32,000
Cent States Elec 513._ _1948 45% 4551 46
Deb 534s Sept 15, 1954
4536 47
66,000
with warrants.
46
76,000
Cent States P & L 53% '53 39
37% 39
8255 83% 42,000
Chic Dist Elea Gen 4356 '70 83
90
93% 25,000
Deb 5548 Oct. 1. 1935 91
Chicago Junction Rye &
97
Union Stk Yards 58_1940
971-1 8,000
24
24
5,000
Chic Pneum Tool 5356 1942
28,000
Chic Rys etre of deps.1927 59
554, 59
Cigar Stores Realty Holdinit
Deb 5168 series A_ _ _1949 373-4 3714 3934 33,000
61% 18,000
Cincinnati St Ry (3s 13_1952 6154 56
33
3634 42,000
(Mies Service 58
1966 35
Cony deb 55
1950 37% a3514 38% 84,300
58
90,000
Cities Service Gas 534s '42 573-4 51
74
57,000
63
Cities Sere Gas Pipe L '43 68
41 239,000
Cities Serv P.8 L 55513 '52 4055 37
1949 41% 37% 41% 60,000
5358
1004 106
31,000
Cleve Mee III 1st 58.. _1939
55 series A
1954 10731 10711 108.4 3,000
109 110
29,000
Gen 55 series B
1961
28,000
1933 9556 9414 96
Cleveland Ry 55
8,000
93% 95
Colorado Power 55_ _1953
Commerz und Privet
63% 66 187,000
1937 65
Bank 548
Commonwealth Edison
23,000
105 106
1st M ba series A_ _ _1953
1st M bs series 13_1954 10455 10456 10535 41,000
1st 455s series C____1956 10094 1004 10251 30,000
1st M 43-4s series 0_1957 10056 1003-410194 55,000
62,000
416s series E
1960 10056 100 101
,
1st M 4s series F__.1981 9236 9231 9335 291,000
5.16s series 0
1962 105% 1054 10634 113,000
86% 126,000
Com'wealth Subsid 554s '48 84% 83
5234 74,000
Community Pr & Lt 5s 1957 5155 46
Connecticut Light & Power
1954 11031 1104 1104 1,000
53.4s series B
23,000
435s series C
1956 10451 1044 105
58 series D
1962 10655 105% 10616 18,000
Conn River Pow 5s A._'52 9874 984 100 166,000
Consol GEL&P 448 1935 10331 10314 103% 14,000
Consol Gas El Lt & P(Balti
9811 99% 72,000
1981 99
1st ref s f 413
98% 98% 99 153,000
New w I
47,000
let & ref. 5568 ser E 1952 10515 10534 106
7,000
105 106
411s series GI
1969
107 1074 5,000
1970 107
455 series H
108 10835 3,000
Consol Gas(Balt City)58'39
Gen mtge 455s
1954 10636 105% 10635 4,000
Consol Gas Util Coist& coil 63 ser A_.1943 2655 2334 2734 90,000
10,000
411 5
4%
Deb 645 with warr 1943
2,000
45
52
Consol Publishers 6%51936 52
45
45
1,000
1936 45
731s stamped
10434 104% 70,000
Consumers Pow 548-1958
38,000
10555 106
1936 106
lst & ref 58
1956 59% 574 6155 86,000
Cont'l GA El 513
984 86,000
97
Continental 011 5318_193". 98
54
6,000
53
Continental Secur 85_1942
6855 69% 18,000
Crane Ciz 5s._ _.A ug 1 1940 69
554 14,000
Crucible Steel deb 58..1940 5555 52
2,000
72
72
Cuban Telephone 7558 1941 72
40
40
2,000
Cuban Tobacco 55 _ _ _1944
91% 92% 20,000
Cudahy Pack deb 548 1937 92
Sinking fund 58_ ..1948 10214 102% 103% 16,000
80,000
87
88
Cumberland CoP&L4555'56
Dallas Pow & Lt 69_1949 10731 105% 107% 22,000
6,000
1952 1024 102% 103
Be series C
Dayton Pow d: Lt 55._1941 1054 10416 10534 25,000
78% 80% 4,000
Delaware El Pow 5355 1959
101% 102% 7,000
Denver Gas & Elee 58_1949
83
83
1,000
Deny & Salt Lake 68_ _1950
1960 37
37
37
10,000
Os
74
74% 6,000
Derby Gas & Elec 58...1946 74
96
9814 69,000
Det City Gas 6s ser A 194. 97
91
27,000
1950 9014 90
6e 1st series B
Detroit & Internet Bridge4
Aug 1 1952
4
655s
43-4 3,000
3
2
11,000
3
Ctfs of deposit
Dixie Gulf Gas 648 -1937
8611 48,000
79
With warrant.
100% 101% 4,000
Duke Power 4358
1967
Eastern Util Assoc 55_1935
9834 9856 3,000
East Utilities Invest
23
58 with warrants... 4954 2116 21
33,000
Edison Elea III (Boston)...
9935 9916 5,000
3
-year 5% notes_ _ _1933
1934 1034' 103 1034 66,000
2
-year 58
1935 10311 103 1034 145,000
5% notes
4011 474 292,000
Elsa Power & Light 55.20361 45
Elec Pub Serv 545 C_1942
1614 17
4,000
El Paso Nat Gas 6168_1943
With warrants
57% 574 1,000
El Paso Electric 58
_1950
85
8656 7,000
Empire Dist El 5s.. _1952 4836 464 4835 53,000
Empire Oil& Refg 5481942 4536 424 48 148,000
Ercole Merrill Elec Mfg
6548 with warrants_1953
68
72
29,000
Erie Lighting 58
1967 9831 984 101
15,000
European Elec 6 45....196F,
88 Ithout warrants
6916 65
70,35 20,000
European Mtge Inv 7sC'57 ------ 34
3455 14,000
746 series A
1950
35
35
1,000
Fairbanks Morse deb 55242 5135 48
5155 13,000
Farmers Nat Mtge 75.1963 30
30
30
1,000
Federal Water Sere 5356'54 34
74,000
3235 36
Finland Residential Mtge
Bank,6,.........1981 4435 4034 4435 63,000
Firestone Cot Mills 58.'48 8494 83
843.5 13,000
Fisk Rubber 54a.....1931 43
1,000
43
43
Certificates of deposit... 414 404 42% 45,000
8e etre of dePosit--1941
33.000
49
47
Fla Power Corp 531s 1979 6214 59
6255 55,000
P inetria Power & I.r
P154 6936 66% 70 /06,000
Garlock Packing 6s_ ..t939 70
8,000
70
70
58,000
Cary El & Oas 555er A 1934 69
083-1 70
Gatineau Power 1st As 195r 7131 09
7155 164,000
Deb gold 65 June 15 1911
5255 5035 5436 29,000
oon
__it%
ser B...
524 5156 5355 23,000
General Bronze 65
51
3,000
_1940
51
(Jo. Motors eeepi Corp
5% serial notes
1004 1004 6,000
1933
5% serial notes
1934 10235 102% 102% 4,000
5% serial notes
103 1034 13,000
1935
5% serial notes
1936 10355 10335 10334 10,000
Gen Pub Um 64+ A 6956 2016 20
214 50,000
26,000
614.
......
..13133 28
2751 28
2,000
60
Gen Refractories 55_1933 55
55
23,000
Gen W at tYke & El be 1943 4514 45
47
6s sertea B
1944
134 134 10,000
4,000
1255 13
Certificates of deposit... 13
Georgia Power ref Ss_ _1967 894 884 9035 294,000
5,000
Ge..rgla Pow & I.t 55. _197S 5856 5651 50
195.3
Gesture'&has
Without warrant ....
'
,
6931 31,000
69% 67
Ian. 14 1933
Range for Year 1932
Low.
54
July
5155 may
42
June
1
17
35 June
Dec
June
High:
78
76
76
Sept
Aug
Aug
2731 Jan
20
Aug
MSS Aug
18
20
54%
42
May
July
Apr
July
57
59
8414
90
95
25
34
Dec
Dec
Apr
9635 Dec
5335 Aug
5335 Aug
1094
434
16
:17
33
4914
26%
34
9911
99
9811
84
82
June
June
May
May
May
May
July
Dec
Feb
Feb
Oct
Aug
z2955 June
40%
67
4955
524
62)4
68
5831
51
10(1
1064
10735
9255
93%
Aug
Feb
Sept
Dec
Leo
Mar
Aug
Jan
Aug
Aug
Jan
Sent
Sept
Sept
Dec
Dec
Dec
624 Dec
86
8254
78
78
78
6935
94
40
38
June
June
June
June
May
May
Aug
May
June
10635
1044
100
100
99
9051
106
83
69
Dec
Dec
Dec
Dec
Deo
Dec
Dec
Aug
Aug
103
911
95%
92
10035
May
July
July
Dec
Aug
110
1044
10555
974
104
Dec
Dec
Nov
Dec
Dee
82
Jan
102
96
94
10235
964
June
June
Feb
Aug
Aug
110
106
104%
10855
10356
Sept
Dec
Dec
Dec
Dec
1334
14
41
50
8734
mg
35
8031
32
5134
39
55
30
59
95
71
97
90
95
55
92
80
25
53
704
644
Nov
Nov
July
Nov
Feb
Mar
May
AM
July
July
June
June
Mar
June
June
June
June
July
Jan
June
Apr
May
Apr
June
May
May
40
25
81
52
103
106
6834
97
52
89
77
83
393.4
97
1034
87%
106%
10136
105
8035
10134
863-4
4316
75
974
91
Aug
Aug
Feb
Dec
Deo
Deo
Aug
Dec
Aug
Jan
Mar
Jan
Dec
Mar
Dee
Dec
Sept
Oct
Dec
Aug
Dec
Oct
Mar
Sept
Feb
Sept
51 Dec
1% Dec
9935 Dec
755 Mar
7
Feb
46
June 8554 Oct
85 June 10034 Dec
9814 Oct 100
Oct
8
July
35
Aug
984
993.4
98
29
17
June 102% May
July 10234 Nov
May 103 Sept
June 6714 Aug
Apr
Nov 27
56
61
36
26
Nov
July
July
May
42
90
June
713-4 Oct
June 100
Aug
70
Apr
Sept
87
654 Jan
509-4 Aug
38
Am
1934 Apr
25
Apr
34
July
14
May
21
July
62
35
80
6
,
40
56
25
62
1034
8
4811
45
an
551-4
49
544
3736
37
20
Jan
Jan
Apr
Apr
Dee
July
May
July
July
Mar
Jun.
tun..
June
5454
SI
54
4951
57
68
78
64
55
7536
7331
704
00
Sept
Aug
Oct
Oct
Oct
Aug
Feb
Oct
Feb
Aug
Sept
Sept
Aug
98
964
94
9351
16
20
29
2214
:651
84
6354
454
Jan
Jan
May
Jan
Dec
Dec
July
May
June
Nov
May
June
10134
10231
10235
1034
44
5
,
70
4811
24
13
90
6855
Aug
Dec
Nov
Dec
Aug
Aug
Jan
Aug
Aug
Dec
Jan
Oct
23
June
69
Dec
Jan
Jan
Aug
Aug
Aug
Dec
Financial Chronicle
Volume 136
Bonds (ContInued)Gillette Safety Razor 55 '40
Glen Alden Coal 4a___ _1965
Glidden Co 5415
1935
Gobel (Adolph)6315_1935
With warrants
Godchaux Sugar 7445_1941
Grand (F W)Prop 6s_1948
Grand Trunk Ry 630_1936
Grand Trunk West 48_1950
Great Northern Pow 58'35
Great West Pow 55_1946
Green Mt Power Is...1948
Greenwich Wat & Gas 55'52
Guantanamo & West 6s '58
Guardian Investors 513_1948
With warrants
Gulf Oliof Pa bs
1937
ba
1947
Gulf States Util 56-1956
1st & ref 4145 ser B.1961
Hackensack Water 5s_1977
55 when issued w 1..1938
Hall Printing 5115.....1947
Hamburg Elec 75
1935
Hamburg El & Und 5346'38
Hanna(M A) 6s
1934
Havana Docks 7s_ _ _1937
Hood Rubber 10-yr 510'36
75
1936
Houston Gulf Gas
6345 with warr___1943
1st mtge & coil65-1943
nous L & P let 4115E.1981
1st & ref 43.4s ser 13.1978
1st 55 series A
1953
Hydraulic Power Is.. __1951
Hygmde Food Products
135 series A
1949
Idaho Power 55
1947
Illinois Central RR 4145'34
111 Nor Utilities 5a.--1957
III Power Co Is
1933
III Pow & L 1st 65 ser A '53
1st & ref 5145 ser B_1954
let & ref rts ser C_ _ _1958
8 I deb 515s_May 1957
Indep Oil& Gases_ _1939
Indiana Electric Corp
13s series A
1947
6145 series B
1953
55 series C
1951
Indiana Gas Service be 1948
Indiana Hydro-El 55.1958
Indiana de Mich Else
55
1957
1st & ref Is
1955
Indiana Service 5a
1963
let & ref Is
1950
Indianapolis Gas 55_ .1952
P & L be ser A '57
Indianapolis Water
1st & ref 431s
1940
Inland Pow & Lt 6s__1957
Inaull CHI Invest 65._1940
With warrants ser B....
International Power Sec.
Secured 6115 ser 0_1955
7e series E
1957
7s series F
1952
International Salt 58..1951
Internet Securities 55_1947
Interstate Power Is.
..1957
Debenture 65
1952
Interstate Public Service
645 series 13
1949
55series D
1956
4145 series F
1958
Interstate Telephone Is '61
lowa-Neb L & P 5a._ _1957
1st & ref 55 series B 1961
Iowa Pow & Lt 434s._1958
Iowa Pub Serv 511s. _1959
55
1957
Immo Hydro-Elec 75_1952
laotta Fraschini 75...1942
With warrants
Italian Superpower of Del
Debt; as without war '63
Jacksonville Gas Is...1942
Jamaica Wat Sup 5 As__'.55
Jer C P & L 1st 5s 51.-1947
let 414s series C...1961
Jones& Laughl'n Steel 55'39
Kansas City Gas 68_ _1942
Kansas Elec Power 65_1937
Kansas Gas & Elec 65_2022
Kansas l'ow Is A
1947
Kansas Power & Light
Is series B
1957
Kentucky Utilities De
la 11 5s
1961
541s series D
1948
5455 series F
1955
As series 1
1969
Keystone Telep 5%5.1955
Kimberly -Clark 55...1943
Koppers & C deb 5s1947
Sink fund deb 5115 1950
Kresge (S S) s
1945
Certificate of deposit_Laclede Gas 544s
1935
Larutan Gas 6%s_ __ _1935
Lehigh Pow &our 69_2026
Leonard Tletz 744s 1946
Lexington Utilities 58_1952
Libby MoN & Libby 5s '42
Long Island Ltg 65-1945
544s series A
1952
Lone Star Gas Is.....1942
Los Angeles Oas & Elea
let & gen. be
1961
be
1939
544s series I
1949
Louisiana Pow & Lt be 1957
Louisville Gaa & Elec
let & ref 43-4s ser 0.1961
Louisville Henderson
& St Louis Ry 5s
1946
Manitoba Power 530_1951
Mass Gas Co
Sink fund deb 56_1955
511s
1946
Mass Mil Assoc Is. 1949
Melbourne El Supp 7445'46
Memphis l'ow & Lt 55.1948
4316 series C
1978
Metrop Edison As F 1962
4s series E
1971
Mich Northern Pow Se 1941
Mich Pub Serv Is..._1947
___1947
Mid States Petrol 6115245
Midland Valley 55_ _ _ _1943
4
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Price. Low, High.
$
Range for Year 1932
100% 100% 1014 40,000
55
55
57% 18,000
82% 8344 14,000
83
May 10044 Deo
77
42% July 60% Aug
62 May 88% Sept
68
3,000
68
78
4,000
78
3,000
10
12
100
2,000
99% 100
6544 4,000
65
100% 100% 101
40,000
105% 105% 106% 10,000
8,000
86
85
66
1,000
66
20
1,000
20
58
58
2
87
45
90%
9134
75
75
13
78
100%
10045
80
96
9935
63
69
94
38%
Low.
May
June
June
Jan
June
July
Feb
June
June
Apr
High.
7631
90
29
101
69
101%
104
85
85
34
Sept
Oct
Jan
Aug
Mar
Nov
Dec
Apr
Apr
Aug
3741 38% 2,000 24 June 45
Oct
100% 101 106,000 90 June 10041 Dec
99% 100% 30,000 83 June 99H Dec
July 85 Sept
7944 81% 23,000 56
21,000 5534 July r78
Sept
7234 74
9545 98% 12,000 94% Dec 96
Nov
98% 9941 202,000
18,000 57
Dec 6741 Oct
844 86% 26,000 34 may 81
Dec
3,600 e23% May 65% Dec
69
65
10,000 70% July 92
Dec
94
95
9931 9914 2,000 97 June 100% Dec
Aug
3734 3814 6,000 33 Sept 60
Aug
46% 4834 19,000 40% Sept 71
10,000
49,000
37,000
26,000
33,000
2,000
17%
21
73
75
8514
9541
Jan
June 50
May 683.4 Aug
May 94% Dec
Dec
May 95
June 101% Dec
Feb 10444 Dec
43
44% 8,00(1
102 102% 9,000
28,00
43
42% 40
98% 98
99% 15,000
100% 100% al00% 15,000
7341 70
77 117,000
7241 26,000
71% 65
71 232,000
68
63
53% 6041 29,000
58
88% 8841 3,000
2114
88,1
133%
724
98
56
50
4814
80%
64
May 4934 Jan
Feb 1014 Nov
Dec 61
Aug
Apr 9541 Dec
Dec
Apr 101
June 91% Jan
June 88
Jan
June 83
Jan
June 74% Feb
Jan 90
Dec
3741
50
95
9434
3531 3741
50
45
96
95
9445 9641
102 103%
105 105
83% 82
89% a86
7431
78
105
75% 7514
83% 13,000
8914 8,000
28,000
78
105
5,000
753.4 1,000
63
75
55
91
57
June 90
July 95
Jan 79
Jan 102
Jun
80
105
9741
28
29
82
9441 94
105
99
30%
32%
83%
9541
91
82
16
16%
71
72
May 102% Nov
Jun
9731 Nov
Feb
July 62
Feb
July 63
July 86 May
Jan
May 98
99
30
31
1,000
26,000
27,000
33,000
10,000
151,000
Mar
Mar
Mel
Dec
Sept
11,000
9741 98
6% 6% 1,000
111
90
9541
90
79
50
6011
41%
88)1 Feb
6% Dec
9811 Oct
1313R Jan
3,000
% May
38% Jan
141
145
90
89
95 a99%
83
90
80
79
51%
47
58% 60%
39
42%
16,000
27,000
11,000
14,000
17,000
89,000
55,000
52
62
5234
5714
36
4614
19
June 90
Oct
June 93
Oct
Jan 83
Oct
June 81
Oct
Aug
JULY go
July 16934 Mar
May 52
Aug
8315
8045
90
70%
6744
64
83%
83
88%
83
8345
75%
90
7211
6814
64
84%
8415
89%
83
83)4
8145
1,000
20,000
20,000
2,000
26,000
51,000
18,000
1.000
1,000
42,00
70
57
5144
42%
64%
66
75
76
61
48
June
July
Apr
June
June
June
June
Aug
May
June
95
80
75
65
84
82
87
84
8231
81%
Mar
Aug
Feb
Jan
Nov
Nov
Oct
Feb
Jan
Nov
7035
70
71
17,00
44
July
67
Feb
2014
40
90
7914
7431
9211
80
75
64
61
May 55
July 66
May 102
May 100%
May 9334
June el03
June 96
May 9144
June 91
July 90
724
67%
84
834
8941
40% 404 4215 25,000
50% 49;1 51
30,0001
102
7,000
10135 102
10141 101 101% 65,000
9534 95% 964 175,000
2.000
10234 103
95
95
2,000
9211 92% 2,000
8544 80
85% 18,000
7344 71% 7531 27,000
84
73%
85
70
86
73
70
5431
8141
74
77%
94%
86
59
63
78%
65
6911
49
96
83
88
7445
88
78
73
54%
8141
79
8141
943.5
88
64
63
83%
6941
71
50
99%
84
88
6,000
6314 July
Oct
Feb
Dec
Dec
Oct
Dec
Jan
Dec
Sept
Jan
85% Dec
44,000
4,000
4,000
27,000
1,000
1,000
80,000
61,000
1,000
9,000
88,000
1,000
173.000
5,000
9,000
15,000
21.000
3.000
1,000
60
6635
62
584(
3711
80
46
52
854
70%
38
32
483.4
28
54%
424
73%
68
76
June 82
June 92%
June 84
June 82
June 5844
June 87%
June 88
June 9041
July 95
July 93
June 77
Feb 57
June 874
Jun
62%
Jun
78
May RI
Jun 101
July 85
Jun
93%
102% 103% 17,000
2,000
105% 10541 105
10545 105% 105% 20,000
94 105,000
93% 90
9941
99%
93
88
May 104% Nov
May 104% Nov
June 105% Dec
May 93
Mar
May 100
774
73
79
81
87
6335
63
8345
69%
50
100
80
44
100
80
44
101
13,000
90
SO
46
1,000
21,000
32
954 84,000
934( 91
98
9744 99% 42.000
8641 86% 86,1 1,000
1,000
95
95
95
29,000
10041 102
101
15,000
95% 9541 96
95% 238,000
95% 94
86
83
26,000
83
101 101
1,000
6,000
62% 68
37,000
44
34
43% 45)4 17,000
64
65
65
60
91%
86%
85
65
99
55
24
35
Dec
Jan
Jan
Jan
Jan
Dec
Aug
Mar
Mar
Jan
Jan
Aug
Nov
Aug
Dec
Jan
Mar
Oct
Mar
Mar
Oct
67% Sept
June 91,1 Sept
June 97% Jan
June 90
Jan
Feb 9211 Dec
May 10014 Oct
Sept 93
Dec
Aug 94
Oct
June 82% Oct
Oct 99% Nov
June 72
Jan
Apr 3944 Aug
Dec 43
Bonds (Conttnuett)Mllw Gas Lt 440.-1967
Mbineap Gas Lt 4%5_1950
Minn Gen Elec 5s....1934
Minn P & L 1st 55-1955
let & ref 4145
1978
Mississippi Power 55-1955
Miss Power & Light 5e '57
1944
Miss River Fuel 65
Without warrants
Miss Ely Power 1st 681951
Mo Pow & Lt 5115„....1955
Missouri Public Serv 55 '47
Monon West Penn Pub Ser
lst lien & ref 514s B 1953
Mont Dakota Pwr 544s '34
Montreal L U & P Con
1st & ref be ser A___1951
1970
5a series B
Morris Plan 68
1947
Munson SS Line 645s_1937
With warrants
Narragansett Elec 55 A '57
1957
ba aeries B
Nassau & Suffolk Ltg Is'45
Nat'l Elea Power 58.-1978
Natl Food Products Os 1944
Nat Pow & Lt Os A
2026
Deb be series B
2030
Nat Public Service 55 1978
Certificates of deposit...
NationalTea Co 5s_ 1935
Nebraska Power 4115_1981
Deb Os series A ____2022
Neisner Bros Realty es '48
Nevada-calif Elec 55.1956
New Amsterdam Gas Is'48
N E Gas & El Assn 5e.1047
Cony deb 55
1948
Cony deb 55
1950
New Eng Pow An 55_1948
Deb 5445
1954
New Engi Power Co 5s '51
New Orl Pub Serv 4155'35
6s series A
1949
N Y Cent Elec 5%s_ _ _1950
N Y & Foreign Investing
5455 with warrants_1948
NYP& L Corp let 4;0'67
NY State G & U 410.1980
531s
1962
N Y & Weetch Ltg 48_2004
Niagara Falls Pow 68_1950
Is series A
1959
Nippon El Pow 611a...1953
No American Lt & Pow
5% notes
1933
5% notes
1934
5% notes
1935
5% notes
1936
5445 series A
1956
Nor Coat Util 5346_1948
Nor Ind G & E 6s_ _ 1952
Northern Indiana P Slit & ref 5s ser
55 series D
1969
1970
4345 aeries E
Nor N Y CHI 55E_ _1955
1943
Os series C
Nor Ohio Tmc & Lt ba 1956
Nor Ohio Tr & Lt 5s._1956
No States Pr 534 %notes'40
Ref 454s
1961
Northern Texas Utilities
-78 without warrants 1935
Northwest Electric 68_1935
N'western Power 6s_ _1960
N'western Pub Sen.581957
Ogden Gas Co bs
1945
Ohio Edison 1st 5s
1960
New w 1
Ohio Power 1st be B__1952
let & ret 4%seer D_1958
Debenture Os
2024
Ohio Public Service Co1st & ref mtge65sor C'53
let & ref eis ser D-1954
515s series E
1961
Okia Ga 6. Elect 5s....1950
Deb (Ise- les A
a
1940
Okla P & Wat 5s ear A _1948
Oswego Falls Cs
1941
Pat Gas et El Colo as senes B
1941
let !- ref .18 ebr C_ _ _1952
Is series D
1955
1st & ref 4145 E
1957
let&ref4t4sE
1960
Pacific Lt & Power 59_1942
Pee Pow & Light 5. . 195..
W.-sterti Oil 11He'42
With warrant.. .
Palmer Corp of La 68..1938
Park & Tillord 6s
1936
Peon cent l.a P 4 KY 197i
Penn Dock & Warehouse
64 without warr..._ _1949
6e etre of dep
1949
Penn Elea 45 ser F._ _ _197 I
Penn Ohio Ed 511s B.1959
Deb 611 series ....1950
Penn -Ohio P& L 5148 1954
Penn Power be
. 1035
Penn Pub Serv fla C 1947
Is aeries D
1954
Penn Teiep Is sec C__1960
Penn Wet & Puw 4,4e IPAR
Is
1940
Peoples 055 Lt & Coke
4. series B
19-81
6a iserlea C
1957
Phila. Electric Co 5a
1966
Phila Elec Pow 646_1972
Philadelphia Rap Tr 65.'62
Phila Suburban Counties
Gas & Elec 4145_ _ _ _1957
PhIla Suburban Water 5555
Piedmont Hydro El Culet & relS is CIA. _1950
Piedmont & Nor Ry 5s.'54
Pittsburgh Coal 65...1949
Pittsburgh Steel 6e___1948
Pomerania Elec 6a____1953
Portland Gas & Coke be '40
Potomac I Anson Os E.1956
4416 series F
1961
Potomac Elm Power Is '36
6s series B
1953
Power Corp of N Y 640'42
Power Securities 68_1949
American series
t rooter & Gamble 4 45 '47
••••• • • "I.."ph68 19
315
F'rtgay
Sales
Last Week's Range for
Week.
Sale
of Prices.
Pries. Low. High. $
101% 102%
8834 8844 89
103% 103%
86
84% 86
8041 7844 81
72
72
7315
83
82
81
105
Range for Year 1932
Low.
9,000 88
27,000 62
9,000 100
17,000 70
33,000 67
7,000 50%
36,000 56%
11,000
88
86
10441 10594 55,000
1,000
91
91
5,000
64
64
61
86%
68
50
High.
June 100
June 89
May 10334
June 91
June 84
July 7714
May 84
Sept
Aug
Dec
Sept
Oct
Mar
Aug
June 84
Mar
June r104% Oct
July 92
Aug
July 86% Aug
46;1
71% 7531 21,000
45
13,000
48
5435 May
40
Dec
13011 Mar
4311 Dec
9544
9444
44
9434 95% 236,000
94% 41,000
94
2,000
44
44
82% Feb
81% Feb
41
Aug
97 Sent
95% Sept
65
Mar
941
9
911 5,000
70,000
102% 10241 103
13,000
10241 103
1,003
101 101
2
334 60,000
3445 10,000
32
89,000
82
82
78
69
8531 69% 142,000
4%
89%
9614
89%
%
20
5234
40%
June 24
Sept
June 10211 Dec
Aug 102
Dec
Aug 9614 Nov
June 4634 Jan
May 34% Jan
June 90
Sept
June 80
Jan
39,000
16,000
83,000
5,000
5,030
91,000
7,000
65,000
26,000
128,000
134,000
53,000
2,000
81,000
3,000
2,000
1514
60%
88
75
15
5594
90
4034
40
41
294
30
93
36
3531
75
Dec
June
Feb
May
June
June
July
Apr
Apr
Apr
June
June
July
June
July
July
18% 1741 19%
85% 87
101% 101 101%
9744 96% 9844
22
24%
68% 6654 6944
101% 102%
58
59%
58
60
57% 60
58% 5731 59%
60% 6011 6234
64% 6374 6544
10344 103%
6344 5944 65
48
4944
48
82
82
all%
85%
100%
99
37
77
101%
7045
70
72
67%
7531
103
77
63
88
Nov
Sept
Dec
Oct
Aug
Jan
Dec
Aug
Aug
Aug
Jan
Aug
Dec
Aug
Apr
May
6,000 38 Jun
70
70
66
75 Sept
98% 97% 99 566,000 73 May 9834 Dec
9041 88
91% Oct
91% 395,000 884 Jun
103% 99% 105 158,000 84
Aug los% Dec
97% 97% 9744 10,000 7814 Apr 9641 Dec
107% 107 108% 20,000 101% Mar 107% Oct
105
10444 105
37,000 9514 AD 10441 Dec
41% 3841 41% 7.000 30 Jun
Feb
59
100% 10041
94% 94,1
85
8534
86% 82% 87
40% 46
45
36% 36
367-4
9941 97% 9935
2,000
10,000
29,000
18,000
142,000
3,000
17,000
87%
60%
55
47%
35
21
60%
May 100% Nov
Fe
94% Dec
July 85% Dec
July 86% Aug
Oct 54 Sept
May 49% Sept
July 99% Oct
22,000
854 90
87% 88
6,000
8111 84% 12,000
4,000
83% 84
96
% 96% 1,000
10215 102 103
32,000
100
96% 100% 24,000
19,000
91
90% 91
95% 94% 97% 203,000
62
6414
6244
77
8744
79
79
75
79
June 8714 Jan
Jan
June 88
May 82% Aug
JU1Y
Aug 86
Dec
July 95
Jan 100% Dec
Jan 94% Sept
May 93% Aug
Apr 94% Dec
8,000
12,000
6,000
12,00
56,00
47,000
112,00
15,000
178.000
1,000
50
81
8
70%
93%
80
June 87
Aug 93%
May 4311
Dec 78
Oct 100
May 9711
sa
74
70
t
e
02
June 196 5i45
De
June
July 95% Oct
70
65
70
67
60
43
35
June
June
June
May
June
June
June
8941
84%
83% 85
93
91
1331 1431
75
72
100% 101
101
96% 96% 9734
96% 96% 97
103% 10445
98
9945
99
9441 94%
85
14%
95
8841
9134
58
5014
106
105
101%
101
107%
70
62%
87
79%
93
88%
89
89
76
58
4911
8,000
95
8941 32,000
13,000
90
9144 138,000
77% 5,000
5944 35,000
22,000
52
111 112
106 106%
10435 10541
10011 10141
100% 10141
107 107%
68% 7194
62
8244
45
74%
Oct
Jan
889
87()11 SeAug
pt
83
Aug
59% Aug
Sept
63
June
June
May
May
May
Jun
Jun
11044
111644
11,544
99%
100
107
85
Dec
Dec
Dec
Dec
Dec
Dec
May
6614 37.000 5.47
13,000 73
87
45
2,000 39
79,5 50,000 61%
Jun
Sep
July
July
714
82%
60
85
Mar
Oct
Feb
Aug
Jun
Oct
Juts
May
Jun
May
Jun
Jun
Jul
Jul
Jul
Apr
31
3034
77%
8394
8434
101%
101
100
92
9511
99%
106
Dec
Dec
Sept
Apr
Mar
Dec
Dec
Aug
Aug
Oct
Dec
Nov
93
91
93%
1054 1054 106%
110
109% 110
107% 10641 107%
60
5831 604
104% 10441
10341 103%
67%
6434
8814
6711
55
9631
84%
80
10514 10541
108
9641
96
11,000 100
16,000 9451
21,000 91
116,000 821(
104,000 82
8,000 100
140,000 5011
30
30
30
30
31
30
7334 72% 7414
69% 68% 6944
81
78
73
10211 102 103
102% 10041 10244
98
96 100
92
93
95
9511
100
9941 101
1067-4103
73,5
65
88%
67H
5944
98%
89
Nov
May
Mar
Oct
Dec
Dec
75
68
89
67%
5941
9941
8941
82
105%
108
96%
5,000 18
14,000 10%
43,000 6434
3,000 41
18,000 55
38,000 84
24,000 81%
52,00J 86
5,000 82
2,000 84%
31,000 85
14,000 100
130,000 68 may 8911 Dec
118,000 97% Aug 105
Dec
47,000 101% Apr 109
Dec
76,000 98 June 106% Dec
4,000 38
Aug 68% Jan
5.000
1,000
94
90
Jan 103% Sent
June up% Nov
45,000 34% May 66
16,000 50 May 73
24,000 88 June 90
2,000 55
July 85
8,000 46% Dec 48%
11,000 90
Aug 9614
51,000 70 JUlY 90
6,000 68
July 54
5,000 101% July 105%
7.000 10331 Aug 108
.5,000 67 June 98
654 6214 66% 5,000
105
40,000
10411 105
69
61,000
6414 70
Oct
Oct
Sept
Jan
Dec
Dec
Mar
Oct
Oct
Dec
Aug
Dec 7014 Dec
68
9634 Feb 10441 Dec
15 q inne 5914 Dec
Financial Chronicle
316
Bonds (Continued)
rtaag
so les
Last Week's Range for
Week.
of Prices.
Sale
Pries, Low. High.
Pub Sera of N J 6% ctfe....- 118
Pub Serv of Nor Illinois
1956 99%
let & ref 5a
1986
1st & ref 58 sec C
1978
4545 series D
1st & re 4 tift car E_19841 90%
let & ref 41.4s car F..1981 9(P%
1937 106%
Sl4sseriesO
Pub Serv of Oklahoma
1957 73%
58series D
Pub Serv Sub She A -1949 79%
Puget Sound P dr L 6 As '49 66%
let & re/ Ss set C...1950 66
let & ref 4%s ser D.1950 61
1968
Quebec Power 55
Queens I3oro G & E
1958
Ref 4%s
Reliance Management
-1954 63
5s with warrants
Remington Arms 5%9_1933
So ions 1545 15%
Repnbuie •
14%
Certificates of deposit- _ _
Rochester''ens Pow 581953 47
Rochester Ry & Lt 50_1954
Ruhr ties orp 6 As..1953 62
Runr Ft ',sine A tis A.19531 56
Ryerson dr Sons 5s_1943
St Louis Gas & Coke 66 '47 1534
St Louis Springfield and
1939 48
Peoria RR 59
1944
St Paul Gas Lt 55
Safe Harbor War Pr 4 48'74 101%
San Antonio Pub Serv 59'58 81
San Diego Cons Gas & Elec
1960
514e series D
San Joaquin LAP 5a _1957 98
1955
Sauda Fails bs A
Saxon Pub Works 65_ _1937 66%
Schulte Real Estate 6s'35
Without warrants
1937 104%
Scranton Elee 56
Scripps(E W)Co 5348 1943
Seattle Lighting 5.5-1949 49
Shawinigan W & P 44s'67 6234
1st 434s series B. _ 1968 6234
1970
1st bs series C
'
1st 4 4s series D....1971 83
Sheffield Steel 5%8_ _1948
Sioux City Gas de El
1949
8s series 13
_2028
Southeast P & L
81
Without warrants
South Carolina Pwr 58 1957 62
Sou Calif ',Alison bs__ _1961 105%
1952 105
Refunding bs
Refunding 58 June I 19154 105%
(len C ml As__ _11139 107%
Sou Calif Gas Co 5,3_1957 99
1952
534s series B
1961 94
1st & ref 44s
Sou Calif Gas Corp 58.1937 88%
Sou Counties Gam 44s 1968
Southern Gas Co 630_1935 92%
Sou Indiana 0& E 5)45'57
Sou Indiana Ry 4s_ _1951
Southern Natural Gas 65'4s
45
Stamped
Southern Pub ULU 59_ _1943 100
Southwest G & E bs A.1957 81%
let mtge. 58 ser 13...1957 82
Sou'west Assoc Telep be '61 55
nou'west I,t & Pow 55_1967
So'west Nat Gab 6s._ 1945 37
So'west Pow& IA 68..2022 81
S'west Pub Serv 85_1945 67
Springfield G & E 55.. _1957 8734
Staley (A El Mfg 8a_ 1942 78%
Stand Gas & Elea (Is_ _1935 62
1935 63%
Cony fls
1951 52%
Debenture fie
Debenture 6s _Deo 1 1968 5111
Stand Invest 58 ex-war1937
Stand Pow & Lt 85_1957 48%
Stand Telephone 534s 1943
Stinnee (Hugo) cony
7s without warr Oct 1 1936 63
_1946 56%
7e without wars
Sun Oil deb 5411-1939
5% notes
1934
Sun Pipe Line 58
1940
Super Pow of III 414s. '68 82
let M 44s_ _ _ ....___1970 83
lilSa
1961 93
Swift & Co let m ffis 1944 102%
g% notes
1940 97
Syracuse Lt 534s_ _ 1954 107
Tenn Electric Pow 59_1956 94%
Tennessee Power Is. _1962
Tenn Pub Serv bs____1970 94
Ternl Hydro Elec 634s 1953 7534
Texas Cities Gas Se__ .1948 57
Texas Elec Service 56.1960 88%
Texas Gas Utiles__ _ .1945 21%
Texas Power & LI 51..1958 90%
1937
Si
2022
6s
1934
Thermoid Co fis
42
With warrants
Tide Water Power 55_1979 88
Toledo Edison 59
1982 9614
1947
let mtge 58
Tri-Utilitles nab 513_1979
Twin City Rap Tr 534s '52 31
1944 20
Ulan Co deb 68
Union Atlantic 4%8_1937
Union Elect Lt & Power
1947 103%
5s series B
HU Gulf Com 58 July 1 .80 102%
Union Terminal 1st 5E1_1942
United Else(N .I) 4s....1949 102
United Mee Service 7.1956 78
United Industrial 6141 1941 63%
1945 64%
let 68........._
& Pow 65._ _1975 51
United
lit 514s____APril 1 1959
1974 52%
Deb a 64e
1952 56
Un Lt & Ry 514s
1952
65 series A
1973 48%
as ser A
234
United Public Sent 68_1942
UnitedRy(Ilavana)734s '36
U S Rubber
-year 8% notes -1933 914
3
% serial notes_ _ _ 1933
615% serial notes...1934
634% serial notes_ _1935 41%
614% serfal notes_ _1936
834% serial notes_ 1938
% serial notes_ 1939
614% serial notes_1940
Utah Pow& Lt 4348_,1944 67
2022
6s series A
1174 119
Range for Year 1932
Low.
7,000 100% Apr
High.
116% Deo
9654
96%
90%
89%
89%
105%
100%
96%
90%
92
93
107
85,000
5,000
2,000
13,000
79,000
180,000
70%
70
60
60
58
97%
June r9754
June 95%
July 87%
June 87%
July 88
Oct 10531
72
77%
64%
63
60%
84
75%
8055
67%
66
63
84%
54,000
35,000
337,000
68,000
208,000
2,000
55%
38
56%
5334
52%
704
May
June
June
July
June
July
8054 Aug
is
Aug
Aug4
7734 Mar
M sr
73
Oct
89
82
May
96
48
53
7
7
13%
92
13
IA
58%
5
June 88%
May 98
'514
May
June 24
June 64
July 106
May 554
May 55
June 84%
May 2534
96% 99
6,000
3,000
15,000
11.000
8,000
16,000
4,000
123,000
23,000
3,000
57,000
80%
9354
1534
14%
45%
106%
58%
56
82
13
63
95
1534
15%
48
107
67
60%
83
164
48
103%
10114
76%
5114 4,000
103% 2,000
92,000
102
22,000
81
1054 1054 1,000
2,000
98
97
5,000
104 105
654 67% 25,000
814
104%
68
45
58
5834
68%
57%
70
84
104%
70
49
65
64
71%
65
70%
Deo
Dec
Dec
Dec
Dec
Dec
Dec
Jan
Sept
Aug
Aug
Aug
Dec
1)eo
Dec
Jan
Sept
July 10234 Oct
95
874 Joffe 101% Dec
Apr
61% Aug 85
99% Oct 10531
8114 July 9634
84% May 103
37% July 63%
Dec
Dec
Oct
Sept
Dec 42
8
4,000
2,000 1034 Dec 103%
9,000 5234 June 70%
33,000 3814 Dec 664
61,000 65
Aug 76
78,000 61,
Aug 076
66,000 61
Aug 86
June 76
47,000 52
2,000 48
Aug 75
Feb
Dec
Mar
Aug
Mar
Mar
Mae
Mar
Aug
92% 94
3,000
Dec
92
Dec
75% 81%
82
58
105 105%
104% 105%
104% 10534
106% 108
99%
99
102% 102%
95
94
87% 88%
92% 92%
92%
92
104% 10514
384 39%
38,000
8,000
46,000
39,000
44,000
20,000
6,000
1,000
12,000
13,000
3,000
2,000
33,000
3,000
44
47
94
9334
93
98%
82
86
70
71%
85%
62
93%
38
June
June
keb
Feb
Feb
Feb
July
July
May
June
Aug
June
Aug
Dec
8614
71)
1044
104%
104%
106%
97%
101%
9334
8834
92
z93
104%
4834
Aug
Mar
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Mar
Dec
Aug
Dec
Oct
45
100
82%
82
55
70
38
61
69
8734
7834
64%
66
53%
53%
67
504
32
10,000
2,000
48,000
14,000
14.000
23,000
24,000
12,000
4,000
2,000
21,000
87,000
14,000
61,000
27,000
2,000
97,000
11,000
25%
98
58
73
30
47%
11%
35%
60
72%
45
3214
35
30
30
50
28
27
July
Dec
Apr
Oct
June
June
June
Aug
July
July
June
June
June
May
June
June
May
5014
99
81%
80
60
79
39
81
7214
83%
75
83%
83
77%
73
75
70
51
Aug
Dec
Sept
Nov
Jan
Aug
Aug
Jan
Sept
Dec
Dec
Aug
Aug
Aug
Aug
Sept
Aug
Jan
83,000 22
65
62
55% 58 137,000 17%
101% 102% 3.000 86
101 101% 7,000 86
1,000 80
97
97
16,000 5431
84
82
81
8334 59,000 52
9334 2,000 578
93
101% 102% 28,000 92%
44,000 67
94% 97
7,000 100
106% 107
93
9534 11,000 78
94 r9635
5,000 83
20,000 67
90% 94
71
76% 68,000 42
31,000 82%
.5134 57
90 109,000 63
88
8
19% 21% 36,000
88
911% 275,000 67
28,000 90
10254 104
82% 82% 4,000 7015
Mar
June
Jan
Feb
July
July
Apr
June
June
May
June
June
Feb
July
May
June
May
Apr
June
June
July
56
53%
102%
101%
95
80
79
9034
103
95
106%
92%
92
88
72%
58%
89)4
25
9214
103
94
Deo
Dee
Deo
Dec
Sept
Aug
Aug
Dec
Aug
Mar
Dec
Mar
Feb
Oct
Oct
Aug
Aug
Aug
Feb
Sept
Mar
2,000
42
19,000
69
98% 503,000
105% 5,000
34 7,000
31% 30,000
80,000
20
9934 10,000
22
46
9534
81
%
2414
10
98
July
July
Dec
July
Apr
May
June
Dec
20,003 90
64,000 84
8,000 a75
9,000 91%
9,000 32
36.000 144
49,000 19
60,000 30
1,000 52
33,000 34
56,000 32%
21,000 594
8.000 34
1%
3,000
4,000 15
Feb
MAY
June
June
June
May
May
May
July
June
June
July
July
Dec
June
OM
86
35
27%
2514
24
21
22%
84
46
Jan
Jan
May
May
July
Apr
Apr
Apr
Dee
June
44%
99%
7954
77%
50
6534
3334
57
67
8534
7431
5934
61
50
51
67
46%
30
42
83
96%
105
34
3034
113
9934
103% 104
101% 102%
91% 91%
101% 102
78
76
68
58
68
60
48
53
72% 7234
5034 5334
57
55
80
79
46
4854
234 2%
24
24
91
100
60
41
40%
39
37
38
85%
56
91% 46,000
100
4,000
1,000
60
6,000
43
7,000
42
39% 4,000
39% 4,000
9,000
39
4,000
67
62
16,000
88
may
Jan. 14 1933
Saks
Prtday
Last Week's Range for
Week.
Sale
ofPrises.
Bonds (Concluded) Par. Pries. Low. High.
Utica Gas& Rice1958
SaserleeD
1952
5e series E
1937
Valvoline 011 7s
Vamma %Vat Pow 534s 1957 68
Van Camp Pkg as_ _ _ _1948
Van Sweringen Corp 68 '35
With warrants
Va Elec & Power 58.,
.1955 100
Virginia Power 5s. _1942
Va Public Serv 534s A 1946 76%
1st ref 53 tier 13
1950 70
20 year deb fls
1946 60%
Waldorf-Astoria Corp
75 cUs with ware _1954
Ward Baking Co 6a...1937 93
Washington Gas Lt 5s_1960
Wash Ry & Elec 4s___1951
Wash Water Power 55_1960 102%
Wed Penn Elec 55-2030
West Penn Pow 4s ser H'S!
West Texas Util 59 A_ _1957
Western Newspaper Union1944
Cony deb 65
Western United Gas & Elec
1955
let 54seer A
Wise Elect Pow 55_ _1954
Wise-Minn Lt & Pow 58'44
Wise Pow ai Lt baser F_'58
1956
59 series E
Wisconsin Public Service
1952
6s series A
Yadkin River Pow 56_1941
York Railways 5e__1937
Range for Year 1932
Low.
High.
103%
102
55
89
23%
6,./00
9,000
2,000
7,000
3,000
99%
88
5034
67%
12
Oct 1024 Nov
June 102% Dec
Feb
Dec 85
Dec 674 Dec
Dec 404 Apr
5
4
99% 100%
102% 103
75
7834
6934 71
61
58
6,000
29,000
11,000
22,000
28,000
21,000
3
79
90%
52%
50
9434
Dec 49
Jan
July 99% Oct
Dec
July 102
July 50
Aug
July 78
Aug
June 72
Oct
102
101%
55
68
21
434 1,000
11,000
93
2,000
103
36,000
91
102% 32,000
8334 Sept 8634 Oct
83
July 100
Dec
5234
34,000
61
55
53,000
99% 101
50% 52% 71,000
3514 May 88% Aug
84 June 100
Dee
25
Feb
July 65
2734
26
604
434
93
102
89%
101%
254 Dec
73 June
12
93
Sept
Sept
2735
6,000
86% 87%
102 10234
86% 8231 88%
83% 87
87
84% 88
87
17,000
8,000
11,000
37,000
20,000
%
90
75
69%
714
May MI Sept
June 101% Dec
July 87
Oct
June 92
Oct
June 89% Sept
12,000
41,000
15,000
73
78
72
June
June
July
87%
89
91
Foreign Government
And efunicip 1101es
Aerie Mtge Bk (Colombia)
7s
1946
1947
713
Baden (Consol) Ie.__ _1951 55%
Buenos Alree(Prov) 734647 34
78
April 1952 2934
1948 10
Cauca Valley 75
Cent Bk of German State &
Prov Banks Sc B _1951 65
1952
66 seriee A
1955 75
Danish 5%.
5s
1953 59%
Danzig Port & Waterways
53
64e July I 1952
German Cons Munk,76.'47 61%
1947 59%
Secured Si
Hanover (CIty) 7s. _ _ _1939 58
Hanover(Prov)634e._1949 53%
Indus Mtge Bk (Finland)
let mtge coil s f 7a_ .1944 72
Lima(City),Peru 634:3 1958
Certificates of deposit- -- ------
9434 96
89
85
92
91
14)4 Apr
35
Aug
92% Nov
94% Sept
8834 Aug
2934
3134
53%
31%
23
8
30
32
57%
34
29%
11%
9,000
3,000
31,000
27,000
15,000
34,000
22
21
le%
2834
21
8
Jan 39
Sept
June e39% Sept
May 5914 Dec
June 46
Sept
Deo 4354 Jan
May 15% Jan
60
48%
75
58%
61,000
66
5554 17,000
2,000
75
11,000
81
23
11%
53
45
May
May
Jan
Feb
6134 Geo
45
Deo
90
Sept
79
Oct
46
56
56
56
50
53
21%
15
1314
18%
14
June
May
May
June
June
444
Eb14
54%
54
404
Jan
Deo
Dec
Dec
Dec
62%
8134
59%
54%
119,000
161,000
149,000
50,000
33,000
19,000
70% 72
5% 03% 6,000
1,000
5
5
49 June
2% Dec
4
Dec
75
10
4
Sent
Aug
Dec
8,000
18,000
4% July
91( May
10
19
Feb
Sept
41
Apr
8% 1214
Marautiao (State) 7s_ _1958 10
1214 15
14
Medellin is series E___1951
Mendoza (Prov) Argentina
19% 19%
External 7546 erg...1951
Mortgage Bank of Bogota28
28
784 Issue of May 271 1947
27%
•27
7s (Issue of Oct 27).1947
1234
12
Mtge Ilk of Chile 65_193: 12
66
85
Mtge Bk (Denmark) 55 '72
6% 934
Parana (State) 'Th.__ _1958
8% 12
Etto de Janeiro 6348_ __1959 10
Russian Govt
4
3
3
6145
1919
3
231 04
Certificates
3
2% 4
1921
534e
2% 4
3%
Certificates
10334 103%
Saarbrueeken(City)713 1935
Saar Basin is
1935 10054 9954 100%
5
8%
Santiago (Chile) 78_1961
5% 6%
6%
1949
78
2,000
16
Dec
1,000
3,000
11,000
11,000
15,000
57,000
20
19
9
51
334
3
Dec 41
Apr
Dec 37
Jan
June
Feb
16
May 7614 Oct
June 114 Jan
June eta
Jan
49,000
415,000
106,000
194,000
9,000
14,000
24,000
13,000
34
%
%
%
88
83
314
2%
Apr
2% Dee
Apr
3
Aug
May
814 Aug
July
Aug
3
Mar 103% June
Jan 100% Deo
Dec 13
Jan
July
Feb
13
a Deterred delivery
ri Sold under the rule
•No par value.
r Sold
or caeh.
WI When Issued. s Ex-dividend. o-o-d Certificates of deposit'
eum Cumulative. cons Consolidated. •t o Voting trust Certificates. eon, Convertible. w w With warrants. m Mortgage.
s See alphabetica• list below "tor Deferred Delivery" sales affecting the range
for the year.
American Capital Corp., common, claw A, Dec. 29. 100 at %
American Capital Corp. Common moss B. June 14. 7 at
American Solvents & Chemical 610. w. w.. 1936. March 17. 51.000 at 1414
Associated Gas & Electric 5e. 1950, July 14, $3,000 at
Associated Gas & Electric 4548 reale, 1949, Oct. 29. $2,000 at 2234,
Binghamton L. H.& P. 55. 1946, Oct. 26. 1.000 at 93
Central States Electric, common. Dec. 24, 300 at 1%.
Cities Service deb. Se, 1950, May 28. $1,000 at 1634.
Commerz-and-Privat Bank 514s, 1937, May 28. $1,000 at 29.
Commonwealth & Southern warrants. June 15. 500 at 54.
Continental Gas & Electric 7% Prior pref., July 22, 25 at 42.
Employers Reinsurance Corp.. June 28. 100 at 14.
General Water Works & Elec. 68, series 8, 1944, June 6, 310,000 at O.
Hamburg Elev., Underground & St Ry 534e 1938 May 25, 55.000 at 2314
Indianapolis Water,5345 1953, Dec. 27, $1,000 at 10134.
Interstate Equities Corp new corn., Dec. 22. 200 at 34
Interstate Power Se, 1957, March 10. 55,000 at 70.
Iowa Public Service 554a. 1959. Feb. 1. $1.000 at 84.
Sept Middle West Utilities be. 1934, May 28. 51.000 at 134.
50
68% Serif Middle West Utilities 58. 1935, May 28. 55.000 at 14.
Dec National Public Service bs ctfs. of dep. 1978. Oct. 15. 55.000 at 27.
97
105% Nov New Bradford Oil. Feb. 8. 500 at 4.
234 Jan Northern Texas UM is 1935. Sept. 28. $1.000 at 86.
44
Aug Pacific Western 011 634s. w. w.. 1943. June 7. $1.000 st 4614.
Aug Public Service of Northern Illinois 7% pref.. April 5. 75 at 68,
37
98% Nov San Joaquin Light & Power 58 1962. Nov. 25, $1,000 at 104
Securities Corp. General. April 9, 800 at 2
103% Deo Southern Gas Co.. 6%e. 1935, Aug. 30. 51.000 at 94.
Dec Springfield Gas & Electric, 55, A 1957, Dec. 28, 31,000 at 85%.
101
9234 Oct Super Power Co. 66. 1961, June 7 $1,000 at 77
101% Dec 'Fri-Utilities Corp. deb. 56, 1979. Feb I. $2.000 at 354
Oct Union Terminal (Dallas) 61. 1942, June 14. 52,000 at 75.
77
5734 Dec
e See alphabetical list below for "Under the Rule" sales affecting the range for
57% Dec
Aug the year.
70
Agricultural Mtg Bk (Columbia) 7a, 1947, Sept. 28. $1.000 as 44.
Jan
85
71% Aug Blackstone Valley Gas & Else. be, 1939. May 19. 51.018) at 10214.
68% Jan Blackstone Valley Gas & Elec. be A 1951, Sept. 21,33,000 at 106%.
Mar Cities Service pro: 13, Jan II, 10 at 5
88
Aug Connecticut Light & Power 414s, cerise 0. 1956. Aug. 30. 53.000 at 105.
68
Jan Interstate Telephone fa. series A, 198, May 9. $2,000 at 69.
29
3934 Aug Jones & Laughlin Ste° Se. 1939, March 31, 33.000 at 10354.
Kansas City Gas 6s. 1942, March 1, $4,000 at 98
9434 Sept Public Service Co. of No. Illinois 4545, 1978. Feb 8, 31.000 at 88
100% Nov Rio de Janeiro 6145. 1959. Jan. 18. $12.000 Cl 16)4.
Sept saawtrugan Water & Power 434s. series B. 1968. March 10. 32.000 at 78.
78
70
Aug Sun 011 55. 1934, Sept. 7. 81.000 at 102.
65% Sept Sylvanite Gold Mines. Jan 2-. 100 at H.
Sept Toledo Edison Se. 1947. Apr 26. $1.000 at 94.
62
Aug United Light & Rye. deb. Its. 1973. March 9 $2.000 as e5k.
62
Sept Universal Pictures. Common. Sept. 28. 100 at 834.
62
Jan Welch Grape Juice common. Jan 27. 26 at 3734.
83
Aug Wheeling Fleetrir Se 1941 Mal IS SI 000 at 101
76
317
Financial Chronicle
Volume 136
Quotations tor Unlisted Securities-Friday Jan. 13
Public Utility Bonds,
New York State Bonds.
Bid.
Canal & Highway
5s Jan & Mar 1933 to 1935
5s Jan & Mar 1936 to 1945
5a Jan & Mar 1946 to 1971
3.35
3.60
3.75
4s
/
Highway Imp 41 Bent '63
4s
/
Canal Imp 41 Jan 1964__.
Can & Imp High J & M 1985
4
/
Barge CT 41 Jan 1945_ _
8
Ask.
117
117
113
109
Bid.
5312 w l
B14 A skz
Ask.
World War Bonus
8
4
/
41 April 1933 to 1939._ 3.35 -4s
/
41 April 1940 to I949__ 3.45 --Institution Building
4s Sept. 1933 to 1940.--- 3.35
48 Sept. 1941 to 1976._ 3.40
Highway Improvement
4s Mar & Sept 1958 to '57 110
Canal Imp 4s J &J'60 to'87 110
Barge C T 4s Jan 1942 to '46 107
Amer S P S 5/is 1948_M&N
Atlanta 0 L 5s 1947 ..-1&D
4s
/
Celt G & E 51 1933_ F&A
let lien coil U 5140'48J&D
let lien coil tr 65'46.M&S
Fed P El let 68 1947_ _J&D
8
4
/
Federated UUI 51 '57 M&S
III Wat Ser ist 5e 1952_J&J
Iowa So Utll 634s 1950.J&J
Louis Light let 58 1953_A&
New York City Bonds.
Bid.
9412
9412
9412
9412
4
943
9812
9812
9812
9812
Bid. Ask.
48
/
96
9612 a41 June 1974
a3s May 1935
8612 041 Feb 15 1978
4s
/
85
533(s May 1954
48
/
8612 a41 Jan 1977
85
Nov 1954
03348
4s
/
8812 91 a41 Nov 15 1978
ais Nov 1955 & 1956
4s
/
92 a41 March 1981
eta M & N 1957 to I959__. 90
8
4
1
a4/ M & N 1957
91
89
ais May 1977
4
/
91 a418 July 1967
89
a4s Oct 1980
8
4
/
6
4
/ Feb 15 1933 to 1940.- 5.00 4.75 a41 Dec 15 1974
41
9412 aftis Dee 1 1979
93
46
/
a41 March 1980
9412 9514
48
/
a41 Sept 1960
9412 9514 ads Jan 25 1935
48
/
041 March 1982 & 1964 _ _
9412 95' Gas Jan 25 1936
48
/
1141 April 1966
9412 9514 as Jan 25 1937
aftis April 15 1972
a Interchangeable. to Coupon. e Registered coupon (serial).
Ask.
9514
4
95,
4
95,
9514
9512
991 1
9914
9911
,
99 4
4
1023 10312
103 1033
4
10312 10114
Port of New York Authority Bonds.
Ask.
Bid.
6.25 5.75
93
Bid.
Bayonne Bridge 48 series C
J&J 3.
1938-53
46
/
Inland Terminal 41 ser D
M&S
1936-60
48
/
5.10 4.80 Holland Tunnel 41 series E
M&S
1933-60
5.10 4 80
4s
/
Arthur Kill Bridges 41
M&S
series A 1933-46
Geo. Washington Bridge!lugedes B 1936-50_ _J&D
4 tis ser B 1939-53..M&N
Ask.
96
6.10 5.75
4.25 4.10
U. S. insular Bonds.
-Bid
Philippine Government
97
4a 1934
88
is 1946
90
43(8 Oct 1959
90
4a
/
41 July 1952
95
5s April 1955
95
Se Feb 1952
97
8
1
/
54 Aug 1941
102
Hawaii 434e Oct 1956
Ask
100
92
93
93
100
100
101
105
Honolulu fts
US Panama 38 June 1 1961_
28 Aug 1 1936
2s Nov 1 1938
Govt of Puerto Rico
4
/
415 July 1958
5s July 1948
Bid.
102
10114
100
100
95
98
Ask
106
10214
10014
,
100 4
100
102
Federal Land Bank Bonds.
Bid
8612
8612
8712
8712
8712
97
till
is 1957 optional 1937_M&N
4s 1958 optional 1938.M&N
411
/
41 1956 opt 1938__J&J
Jar...1
4s
/
41 1957 opt '37
48
/
41 1958 opt 1938___M&N
58 1941 op,ional 1931_MdeN
J&D
41 1933 opt 1932
4s
/
Ask
8712
8712
8812
2
88,
8812
98
11 112
6
4
/
41
434e
s
4
/
41
6
4
/
41
s
4
/
41
4
/
418
4s
/
41
1942 opt 1932__M&N
1943 opt 1933.___J&J
3----J&J
1953 opt 193
1955 opt 1935____J&J
1956 opt 1936.-Jda
1933____J&J
1953 opt
1954 opt 1934____J&J
Bid
93
93
91
91
91
93
93
Ask
94
01
92
92
92
94
94
New York Bank Stocks.
Ask
Par Bid
s
4
/
Bank of Manhattan Co .20 311 337
35
Bank of Yorktown
101
40
100 30
Bensonburst Natl
Chase
20 341e 3612
.
100
Citizens Bank of Bklyn_100
12
City (National)
20 1; 4612
Comm'l Nat Bank & Tr _RN) 152 182
Fifth Avenue
100 1375 1475
First National of N Y._100 1500 1550
60
Flatbush National
100
35
Fort Greene
100
350
Grace National Bank_._100
AO
Harbor State Bank
25
Harriman Nat Ilk & Tr _100
MI
Kingsboro Nat Bank.__100 49
Ask
Par Bid
9
25
6
Lafayette National
100
Merchants
60 "66" g
"
Nat Bronx Bank
25 12
17
National Exchange
6
3
Nat Safety Bank & Tr__ _25
6
4
25
Penn Exchange
100 no 115
Peoples National
Public Nat Bank &'Tr ___25 2812 301z
20
4
314 8,
Richmond Nail
12
9
Sterling Nat Bank dr Tr_ _25
2712 3212
Textile Bank
100 25
30
Trade Bank
12 4
Washington Nat Bank_ _100
80
Yorkville(Nat Bank 00.100 50
1st
Bid
__ _
144
15
17
340 360
7214 74'1
18
13
177 192
149 153
4018 42l
40
30
17
22
181s 201
4
/
74
77
30
32
6.00
11.00
6.00
2.00
8.76
8.50
3.00
4.00
5.00
600
3.60
2.00
2.00
10.00
4.00
50.00
3.875
5.00
4.00
700
4.50
1.50
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
5.00
5.00
5.00
3.50
3.00
Bid.
Defaulted.
Ask
Par Bid
4
/
11
Major shares carp
1
/ - -1
;
• 144 16
Mass Investors Trust
Mohawk Investment Corp..
Mutual Invest Trust class A
24
4
Mutual Management corn.' 23658 2713'1
2912 31
National Shawmut Bank__
g 5
42
4
1
/
National Trust Shares
3
73 84
Nation Wide Securities Co.. 28 4 2.83
Voting trust certificates_
344 414
N Y Bank & Trust Shares
1.40
No Amer Trust Shares
1.80 2 05
Series 1955
1.80 2.05
Series 1958
212
1414
512
3t
312 011 Shares Inc Units
12 its
._ Old Colony Inv Tr corn
6
80e Old Colony Trust Assoc Sh •
4
1
/
12
11
8
Pacific Southern Inved pf
4
/
4
1
/ 11
Class A
25
52
I
3
Class B
10
5
8
173 Petrol & Traci g Corp cl A .•
3 Public Service Trust Shares 2.75 --55
1
Representative Trust Shares 8.67 7.17
sa
1
8, Royalties Management....
Ask
1.80
8
1.55
314
7
14
15
10
31
3
34
3
4
1
/
Central Nat Corp class A.
Class B
Century Trust Shares
Charterea Investors corn..'
•
Preferred
Chelsea Exchange Corp A..
Class B.
Consolidated Equities Inc_ _
Corporate Trust Shares....
Series AA
Accumulative aeries
Series AA mod
Series ACC mod
Crum & Foster Ins Shame
10
Common B
7% preferred
100
Crum & Foster Ina corn__ •
8% preferred
Cumulative Trust Shares_ _ _
21
61
16
114
50
0114
1,
112
1
1.87 _ Second Internet See cl A •
50
1.67 _
6% preferred
Securities Corp Gen 86 pf •
167
1.68 1.90 Selected American Shares__
1.88 1.90 Selected Cumulative She_ _
Selected Income Shares_ _ _
8 Selected Man Trustees She_ _
6
Shawmut Association com_•
68
•
10 Spencer Trask Fund
8
80 Standard All Amer Corp_
77
2.82--- Standard Amer Trust Shares
Standard Collet Trust Shs..
Standard OH Trust Shares A
2.9
Class B
314
s
27
•
4
1
/ 3 State Street Inv Corp
2
714 --- Super Corp of Am Tr Bhs A
AA
3
5
2.20 2.40
BE
3
4
1
/ 414
1.12 1.19
125
144
108
102
52
102
206
80
46
46
44
56
ao
Par Biel Ask
12 24
Kansas City Pub Serv pref•
Kentucky Sec Corp com_100
100
6% preferred
81"
Metro Edison $7 pref 13_ 111 80
50
Mississippi P & L $6 pref_ _• 46
89
Miss River Power pref_ _100 87
14
7
Mo Public Sent pre_... 100
Nassau & Suffolk Ltg pf 100
100
Nat Pub Seri/ pref A
65
4
"
67
Newark COna01 Gas_ _ _ -100 9 4 100 2
_
79
New Jersey Pow & Lt 58 pf
N Y &Queens E L & P01100 98
P 13_ _ __• 10
Pacific Northwest
100
6% preferred
15
15
100 12
Prior preferred
.50
Philadelphia Co $5 pref.
70
5
79
5
Somerset Un Md Lt__ _100 62
South Jersey Gas & Elec_100 147
Tenn Elec Pow 8% pref _100 65
fit;
United 0& E(NJ) pref 100
United Public Service pref.
Wash Ry & Elec com_ _100 2.75 2:A5
91
100 87
5% preferred
2
1014
3
2.06
55e
8
117
56
157
70
30
88
135
45
FO
55
58
63
36
34
115
63
800
56
80
73
60
60
30
118
140
100
100
50
100
201
73
40
40
40
50
Ask
32
8
6
8
6
8
6
_
97
10212 _
32
30
60
72
68
3
I
80
78
8912 9012
96
94
100
55 69
147
35
95
147
64
15
81
8
ii1- 4912
2
_ __
Bancamerica-Bla it
Bankers Nat Invad'it Corp •
Bancsicilla Cor,,
•
Basic Industry Shares
I
British Type Invest A
Bullock
Ask.
50
152
65
26
83
130
40
42
50
51
60
33
31
100
57
601)
54
75
70
75
55
27
ga
Investment Trusts.
Guaranteed Railroad Stocks.
Alabama & Vicksburg (III Cent)
Albany & Susquehanna (Delaware dr EIudsonl. 100
Allegheny & Western (Buff Rot% & Pitts)
50
Beech Creek (New York Central)
10)
Boston & Albany (New York Central)
118.
Boston & Providence (New Haven)
100
Canada Southern (New York Central)
Caro ClInchtield & Ohio(L & N. A C L)4% l00
100
Common 5% stamped
Chia Cleve Cine & St Louis pref(N Y Cent)-.200
50
Cleveland & Pittsburgh (Pennsylvania)
50
/letterman !Mock
(Pennsylvania)
Delaware
100
Georgia RR & Banking (L& N, A C LI
Lackawanna RR of NJ (Del Lack & Western).100
100
woman central (New York Central)
50
Morris & Essex (Del Lack & Western)
Lackawana & Western (D L & WI. 100
New York
50
Northern Central (Pennsylvania)
100
Ole. Colony (N Y N H & Hartford)
50
°metro & Syracuse (Del Lack & Western)
Pittsburgh Bess & Lake Erle(U S Steel)
Preferred
Pittsburgh Fort Wayne dr Chicago (Penn)._ _ _100
100
Preferred
Rensselaer & Saratoga (Delaware & Hudson)_ .100
100
St Louis Bridge let pref (Terminal RR)
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR & Canal (Penns)
Valley (Delaware Lackawanna & western)...100
Vicksburg Shreveport & Pacific (Ill Cent)
Preferred
50
Warren RR of NJ (Del Lack & Western)
West Jersey & Sea Shore (Penn)
d Last reported market.
• No par value.
Bid
Par Bid
Amer Bankstocks CorP--• 1.55
8
Amer Brit dr Cont $6 pref.'
1.46
Amer Business Shares
2
4
1
/
Amer Composite Tr Shares.
412
Amerde Continental corp.8
Am Founders Corp 8% p560
812
50
7% preferred
5
Amer & General See cl A..'
• 2512
8% preferred
314
Amer Insumnstocks Corp.•
314
Assoc Standard 011 Shares._
Ask
Par Bid
20 2414 2614
Empire
100 250 275
Fulton
100 342 347
Guaranty
10 2414 264
Irving Trust
100 2000 2100
Kings County
23
Lawyers Title & Guar..100 18
25 31
33
Manufacturers
2,
4 4,
4
Mercantile Bank & Trust _ _
25 97 100
New York
Title Guarantee & Trust_20 3212 3512
70
100
Trust Co of N A
60
20 50
Underwriters Trust
100 1600 1700
United Staten
(Guarantor In Parenthesis.)
Dividend
Par in DoUar,.
BidAsk
8314
7814 801.;
6912 72
7012 7312
34
3612
8412 671z
83
62
60
Public Utility Stocks.
Po:
Arizona Power pref.__ 100
Assoc Gas & El orig pref. •
56.50 preferred
$7 preferred
Atlantic city Elec $6 pref.'
Bangor Hydro-El 7% 01_100
Broad River Pow pf___ 100
Cent Ark Pub Sera pref.100
Cent Maine Pow 6% Iltf -100
Cent Pub Sere Corp pref _•
Consumers Pow 5% pref
100
6% Preferred
100
6.80% preferred
Dallas Pow & Lt 7% pref 100
Derby Gas & Elec $7 pref_ _•
100
Essex-Hudson Gas
Foreign Lt & Pow units-Gas & Elec of Bergen _ _100
_100
Hudson County Gas
•
Idaho Power 6% pref
100
7% preferred
Inland Pow & Lt pt._
100
Jamalca Water Supply p1.50
Trust Companies.
Par
Bence Comm ItalianaTr100
Bank of Sicily Trust_ _ _20
.
Bank of New York & Tr_100
Bankers
10
Bronx County
20
Brooklyn
100
Central Hanover
20
Chemical Bank & Trust_ _10
Clinton Trust
100
Colonial Trust
1011
Corn Ilk & Trust
10
Corn Etch Bk & Trust...20
25
County
Newp N & Ham as '44_J&.1
NY Wat Ser 58 1951.M&N
9812
02
47 23:2 Old Dom Pow 5a_May 15'51
27:2 5
4512 4912 Parr Shoals P 58 1952..A&0
4
/
Peoples LA P51 1941 ..las.1
s
16
2012 Roanoke W W 5.9 1950_J&J
United Wat Gas & E 581941
Western P55345 1980_ F&A
Wichita Ry & L 58 1932....
15254
02
--57554612
ao
C Ex-coupon.
Deposited Bank Shs ser N Y
Deposited Bank Sin stir A
Deposited Insur Shs A
Diversified Trustee She A
Dividend Shama
Equity Corp corn stamped..
Equity Trust Shares A
First common:dock Corp.
•
Five-year Fixed Tr Stuns._
•
Fixed Trust Shares A
•
11
Fundamental 'Pr Shares A _ _
•
Shares B
Guardian Invest pref w war
Gude-WinmilI'Fred Corp_ _•
Huron Holding Corp
Incorporated Investors_ _ _ _•
Independence Tr Shares __•
Intermit Security Corp(Am)
100
634% preferred
6% preferred
100
Investment Co of America_ •
100
7% Preferred
Investment Fund of N J_ _ _
•
Investment Trust of N Y.
Investors Trustee Shares__
Low Priced Shares
112
ig
25
14
631
1.85 2:05
514 5
4
1
/
4
1
/ 31s
2
3.85 4.35
6 14 612
3
10 4 1112
3
_
2.66
33 41;
4
338
314
31
4
1
/
4
1
/ 46
42
2.45
1 55 1.75
255 --I .55 1.75
4.40 4.90
4 30 4.80
4
1
/
4
1
/ 2
2
Trust Shares of America...
2.20 2 45 Trustee Stand Investment C 1.60 1.85
1.55 180
4
1
/
3
1.40 1.65 Trustee Standard 011 She A
4
/
31 112
2.88 ._
4
1
/
4
/
31 3
_ Trustee Amer Rank Rho A
5.93
1.80
_ Trusteed NY Bang SWUM- 1.60
4.76
312 -4
/ 31
31 - ; Trusteed N Y City ita nus_
4
1
/
3 20th Century orig series... 1.90
3
2.10 2.40
SeriesB
8
-4
1
/ 918
7
Two-year Trust Shares
32
4
1
/
4
1
/
4 514
43
United Bank Trust
112 2
4
/
13'4 141 United Fixed Shame ser Y._
4
23 --1.80 2.10 United Insurance Trust....
U (3 & British International
10
4
•
Preferred
12
6
3
15'4 15 4
U S Elec Lt & Pow Shares A
11
6
2.77 2.87
82 112
912
9
Voting trust Ws
1
/
84 12
212 312 17n N Y Bank Trust CS... 4.60 4.90
4.65 4.95
Un Ins Tr Masser F
4
1
/ 4
3
3.65 4.00
U /3 Shares ger H
314
2.15
Trust shame
212
universal
Telephone and Telegraph Stocks.
Bid
105
8
_
100
12
90
105
AO
--.
13
100
104
Pal Bid
l
Pa Bid 'Ask
2 11Sugar Estate. Oriente Pi 100
• ----
455
Par Bid
Cuban Telephone
100
7% preferred
100
Empire & Bay State Tel _100 32
Franklin Teleg 62.50_ _ _ _100 25
Int Ocean Teleg 6%.
100 50
Lincoln Tel & Tel 7%
• eo
New York Mutual Tel..100 14
Ask
35
43
4)0
Per
Northw Bell Tel p1834% 100
Pac & Atl Teleg U 8 1%._25
Porto Rico Telephone_ __100
Rocti Telep 28.50 let p1-100
25
So & Atl Teleg $1.25
'Fri Staten Tel & Tel $8_ ---•
Wisconsin Telep 7% pref 100
Sugar Stocks.
Haytian Corti Amer
z ittx-gtoek dividend
s
y Ex-rights.
•
318
Financial Chronicle
Jan. 14 1933
Quotations for Unlisted Securities-Friday Jan. 13-Concluded
Chain Store Stocks.
Par Bid
Butler (James) coin_ _ _ _100
Preferred
2
100
Diamond Shoe pref
100 40
Edison Bros Stores pref_100 32
Fan Farmer Candy Sh pf__• 15
Fishman(M H)Stores _ _•
Preferred
100
Kobacker Stores fret_ _100
8
Lord & Taylor
100 88
let preferred 6%
100 58
Sec preferred 8%
100 68
Ask
2
5
48
42
20
16
90
Insurance Companies.
Par 840
Miller (I) & Sons pref_.100
6
MockJuds&Voehringerpf100 20
Murphy (S C) 8% pref_100 75
Nat Shirt Shops DeI.)of 100
9
N Y Merchandise 1st Pt-100 75
•
Piggly-Wiggly Corp
312
Reeves (Daniel) pref__ _100 103
Rogers Peet Co nom_ _ 100
Schiff Co pref
100 55
Ask
8
30
85
20
7
50
135
Industrial Stocks.
Par
Alpha Portl Cement pf__100
American Book $4
100
Bliss(E W)1st pref
50
2d preferred B
10
Bohn Refrigerator pL___100
•
Bon Ami Co B com
Brunsw-Balke-Col pref_ _100
Burden Iron pref
100
Canadian Celanese com_ __•
Preferred
100
Carnation Co corn.
•
Preferred $7
100
Chestnut & Smith com____•
Preferred
100
Color Pictures Inc
Columbia Baking corn_ ___•
let preferred
•
2d preferred
Congoleum-Nairn $7 pf_100
Crosse & Blackwell com_ •
Crowell Pub Co $1 corn •
$7 preferred
100
De Forest Phonotilm Corp-Doehler Die Cast Prof--•
Drylce Holding Corp
•
Eisemann Magneto corn. _ _•
Preferred
100
Gen Fireproofing $7 pf_ _100
Graton & Knight corn
•
Preferred
100
Herring-Hall-Mary Safe_100
Howe Scale
100
Preferred
100
Industrial Accept com____•
Preferred
100
Locomotive Firebox Co_ _ _ •
Macfadden Public'ne com_5
Bad
50
40
Ask
Par
86 Macfadden Publiens Pf-- -•
44 Merck Corp $8 pref
100
20 National Licorice corn_ _ _100
712 National Paper & Type.100
55 New Haven Clock pre_ _100
s2i 29
New Jersey Worsted pf_100
2912 3012 Ohio Leather
•
35
25
1st preferred
100
712 912
2d preferred
100
75 Okonite Co $7 pref
70
100
712 10 Petroleum Derivatives._ --•
82
86 Publication Corp corn
•
2
$7 let preferred
100
Riverside Silk Mills
4
10
•
•
S4 112 Rockwood & Co
is
Preferred
5,4
100
2 Rolls-Royce of America...
Rory Theatres unit
1
14
Common
98 101
Preferred A
2
•
20 Rubel Coal & Ice com__•
17
Preferred 51.75
25
75
Solid Carbonic Ltd
14
6 Splitdorf Beth Elec
3
•
9 Standard Textile Pro_ _100
Class A
4
100
35
Class B
100
35
45 Stetson (J B) Co pref____25
114 Taylor Wharton Ir&St corn •
2
Preferred
100
16 Tenn Products Corp pref_50
15
1
3 TubizeChatillon 7% cu pf100
3
Walker Dishwasher com___•
6
4 White Rock Min Spring
25
37 1st preferred
29
100
2
$10 2d pref
5
100
3 Woodward Iron
2
100
Bid
14
76
18
Ask
1512
80
24
20
30
12
35
10
13
417
15
2
9
75
7
I13
5
35
43
2
la 212
112
4 2
11
13
25
a, 134
1
4
10
11
16
12 3
314 612
212 5
35
45
2
4
72
70
2
Ask
Bid
502 Merchants Refrig Os 1937_
85
N 0 Or No RR 58 '55_F&A 612
NY & Hob Ferry Ets '48 J&D 6212
N Y Shipbldg 56 1940_M&N 60
55
55 Pierce Butler & P 644s 1942 e8
Prudence Co, Guar Coll
534s. 1961
4513
8012 Realty Aasoc Sec 13s '37.J&J 29
66 Securities Co of N Y 48. _
40
17 61 Broadway 545 '50.A&O 554
11 So Indiana Ry 4s 1951_ F&A
38
Stand Text Pr 8446 42 M&S Is
56 Struthers Wells Titusville
634s 1943
10
se
60 Tol Term RR 448'57 MAN 70
25 US Steel 5a 1951
114
Witherbee Sherman es 1944
6912
Certificates of deposit _ _ _ _
Woodward Iron 5s 1952_J&J
Ask
1.5
66
41
75
Aeronautical Stocks.
Ask
40
12
Kilmer Airplane & Mot ..1
Sky Specialties
•
Southern Air Transport...'
•
Swallow Airplane
Warner Aircraft Engine.._•
Whittelsey Manufacturing.
dot
714
8
10
2Is 414
3
6
212 413
212
212
312 5 2
,
Par
Hudson Insurance
10
Importers & Exp of N Y 25
Independence Indemnity_ 10
Knickerbocker
5
Uncoln Fire
5
Lloyds Casualty
5
Voting trust eertifs
5
Lloyds Ins of Amer
Bid
Maleetic Fire
6
Mass Bonding & Ins
25
Merchants Fire Assur com10
Merch & Mfrs Fire Newark 5
Missouri States Life
10
3
14
22
3
5
5
19
26
6
7
2
234
3
25 20
30
100 330 355
10
914 113
4
General Alliance
•
Glens Falls Fire
5
Olobt• az Republic
5
Globe & Rutgers Fire__ 25
Great American
10
Great Amer Indemnity__ --5
5
2614
53
2
75
13
554
10
93
4
30
2412
73
8
39
43
5 s1518
10
1
10
612
50
10
10
10
10
National Casualty
10
7
5
National Fire
10 3912 4113
National Liberty
2
252 43
8
National Union Fire
20 18
23
New Brunswick Fire
10
814 1014
105 New England Fire
10
7
12
73 New Hampshire Fire
4
10 32
35
3214 New Jersey
20
104 1213
New York Fire
3
10
6
9
North River
2 50 1052 1252
Northern
7
12.50 27
31
15 Northwestern National__25 7112 7612
314
712 Pacific Flre
25 25
35
45 Phoenix
10 473 4934
4
31 Preferred Accident
5
7
9
153 Provld nce-Washington _ _10 183 203
4
4
4
Public Fire
5
12 212
7 Public Indemnity
2 50
13
3
2714 Reliance Inaur of Phila._ _10 --_83 Rhode Island
8
5
95 Rochester American
25 __-_ 30 1412
7 St Paul Fire & Marine_
54
25 109 114
Security New Haven
10 24
26
113 Springfield Fire & Marine 25 60
4
70
Standard Accident
50
2818 Stuyvesant
25
7
9
93 Sun Life Assurance
3
100 260 310
Travelers
41
100 360 375
U S Fidelity & Guar Co-_ _2
46
314 514
1612 U S Fire
4 183 203
4
4
Westchester Fire
2
2.50 143 163
8
5
812
Par
Bond & Mortgage Guar__ 20
Empire Title & Guar_ .._ -100
Guaranty Title & Mortgage.
RomeTitle Insurance..._25
International Germanic Ltd
Ask
Bid
1312 1612
40
70 100
11
15
20
Lawyers Mortgage
National Title Guaranty
New
N Y Title & Mtge
State Title Mtge
Par
20
100
10
100
Bid
Ask
8
352
14 3
2
312
15
20
6
218
114
147
34
50
61
40
20
Par Bid i Ask'
Par Bid i Ask
Amer Nat Bank & Trust
j
Harris Trust & Savings_100 295 310
See Straus Nat Bank & Tr
'
1 Northern Trust Co
100 450 '470
Central Republic
100
12 1 I Strauss Nat Bank & Tr.100
Continental Ill Bk & Tt_100 9113 93121 New name Am NatBk&Tr 80
85
First National
100 174 177
Bid
412
812
63
4 8'4
24
7
5
14
16
16
18
City of New York
100 s95
Colonial States Fire
10
5
14
Connecticut General Life 10 2914
Consolidated Indemnity_ _ _5
112
Constitution
10
Continental Casualty..._10
5
Cosmopolitan
10 12
Eagle
21 1
Excess
5 612
I ederal
10 40
1 idelity & Deposit of Md-2C 214
Franklin Fire
5 1334
Halifax Fire
Hamilton Fire
Hanover Fire
Harmonia
Hartford Fire
Hartford Steam Boiler
Home
Home Fire Security
Homestead Fire
Ask
40
32
1614
4212
143
4
8
612
Realty, Surety and Mortgage Companies.
Chicago Bank Stocks.
Alexander Indus 8% pf-100
American Airports Corp. •
Central Airport
•
Cessna Aircraft common....•
Curtiss Reid Aircraft corn..
Baltimore Amer
Bankers & Shippers
Boston
Carolina
Bid
38
30
1434
3712
113
4
4
413
514
82
Industrial and Railroad Bonds.
Bid
Adams Express 4s '47-J&D 51
American Meter es 1946___
7914
Amer Tobacco 4s 1951 F&A 94
Am Type Fdrs 88 1937 NI&N 45
Debenture es 1939_M&N 47
Am Wire Fab 75 '42__M&S 60
Bear Mountain-Hudson
River Bridge 78 1953 A&C) 7613
Chicago Stock Yda 58 1961 62
Congo] Coal 44s 1934 M&N
13
C011801 Mach Tool is 1942 6
63#2
Consul Tobacco 4s 1951_
91
EquIt Office Bldg M 1952_ 52
['avian Corp 85 1938
s7
fournal of Comm 6348 1937 40
tans City Pub Serv 68 1951 2312
r.oew's New Brd Proves 1945
J&D 68
Par
Aetna Casualty dr Surety_10
Aetna Fire
10
Aetna Life
10
Agricultural
25
American Alliance
10
American Colony
10
American Constitutton _20
American Equitable
5
American Home__ _
_20
American of Newark__ _24
American Re-Insurance._10
American Reserve
II
American Surety
25
Automobile
10
Ask
Bid
14
1
3
2
5
2
5
5
118
New York Real Estate Securities Exchange
Bonds and Stocks.
Active Issues.
Bid.
Active Issues.
Ask
Bid.
BondsAlden. The,6s 1941
Ailerton N Y Corp 5425 47
105 Broadway Bids 5345 '51
Court & Remsen St Big 6540
Drake, The 6s
1939
17
9
57
13
20
Bonds r Concluded1912 Pk Murray Office B13648'41
12 Prudence Co 545 1961
el
Realty Assoc Sec Corp 65'37
15 Savoy Plaza Corp 6s '45_
25 40 Wall St Bldg (is 1958...
10 East 40th St Bldg 68 1940
18-20 Eat 41st St Bldg 0540
Hearst Brisbane Prop es'40Os 1942
Hotel Lexington 65 1943....
Hotel Lexington ctfs
Hotel St George 5418 1943..
19
12
41
43
912
8
20
24
18
46
_ __
12
9'2
24
Lincoln Bldg 534s 1953....
Munson Bldg 645 1939
N Y Athletic Club (is 1946._
New Weston Hot Ann 68'40
1 Park Ave Bldg 6s_..1930
Paramount Theatres 65 '45_
2 Park Ave Bldg 611 1941
24
40
231
13
39'2
19
39
27 N Y Title & Mortgage Co
45 Title Guarantee & Tr Co
2012
16
22
42
17
44
26
9
38
Ask.
-
io
30
12
42
Stocks
Bond & Mtge Guarantee Co
City & Suburban Homed Co_
Lawyers Mortgage Co
Lawyers Title & Guar Co
1412 1512
5
7
64 713
18
20
2
24
,
3313 3413
Other Over-the-Counter Securities-Friday Jan. 13
Short Term Securities.
Allis-Chal Mfg fts May 1937
Amer Metal 5448 1934 A5t0
Amer Wat Wks 58 1934 A&O
Railroad Equipments.
818 .485
Ask
Bid
7614 Mir Meg Pet 4448 Feb 15 '30- 35 10012
Union Oil M 1935_ _ _ _ FAA 1003 1613713
4
8
8
9518 961a United Drug deb fie '33 /1560 96
99
72341
Water Bonds.
Bid
,
Alton Water 58 1" e__A&O 84
Ark Wat let 5#3 A 1956.A&0 86
Ashtabula W W Os '58_A&O 78
Atlantic Co Wat fe'58.1111,8 79
Birm W W let 5148.A'144A&O 95
1st m 513 1954 ser B__J&D 90
let M 1957 series C__ F&A 90
Butler Water Is 1957...A&O
City of Newcastle Wet its '41 87
City W (Chat) 58 B '54 J&D 92
lst 5s 1957 serlee C_M&N 91
Commonwealth Water
FAA 87
1st 5a 1956 B
lst m 56 1957 efif C-FAA 87
Davenport W Os 1961 J&J 85
J&J 8112
ES LA lot W 58'42
let m 68 1942 ser B._J&J 91
F&A 80
let fa 1960 ser D
Ask
87
88
DNS
HuntIon W let es '54.141&14 93
1st m 58 1954 ser B__M&S 87
58 1962
81
82 Joplin W WI. 57 ser AMA8 79
Kokomo W W 5e 1958_J&D 81
97
•• Monm Con W 1st 58'58 J&D 85
Monon llai W 544s '50_J&J 80
85 Itichro W W 1st M '57_141&N 83
_ St Joseph Wat Os 194I-A&O 9413
South Pitts Water Colas 5s 1955
_
FAA 9914
let ref 56'60 ser A. J&J 91
1st & ref 56 '60 set 13_J&J 90
Terre
WW 68'49A J&D 42
87
let m 56 1956 ser B J&D 85
84 Texarkana W 1st 58'58 FAA 76
92 Wichita Wet let (is '49 M&S 92
let m Os '56 ser IL._FAA 83
82
let m 56 1960 set C_M&N 83
Ask
88
81
83
87
85
98
100
si
86
ktlantio Coast Une es
Equipment 6348
Baltimore & Ohio es
Equipment 444s & 158--Buff Roch & Pitte equip 13s
Danadian Pacific 454s & es
:3entral RR of N J 65
"hesapeake & Ohio es
Equipment 648
Equipment 5s
3hicago A North West es __
Equipment 048- :31110 RI & Pee 4 48 & 55Equipment es
)olorado & Southern es ____
11elaware & Hudson es„..Erie 4446 M
Equipment Os
lreat Northern 65
EquIpment 58
locking Valley 58
Equipment es
Ilinois Central 434s & fa
Equipment es
Equipment 78 & 644s...
Bid .40
5 75 5.00 Kanawha & Michigan
68___
550 4.50 Kansas City Southern 5445_
7.00 0.00 Louisville & Nashville es__
7 00 6.00
Equipment 644s___
7.10 6.00 Minn St P &SS M 4 48 & 58
6.25 560
Equipment 044s & 78_-_5.00 4 015 Missouri Pacific 645
4.75 4.25
Equipment es
4.75 4.25 Mobile & Ohio to
4.75 4.25 New York Central 434s &fps
8 54, 7 II
Equipment es
8 50 70'1
Equipment 71
1
901) 8.00 Norfolk A Western 434*.....
9 Di .
11.01 Northern Pantile 76
5 00 8 00 Pacific Fruit Express 76._ __
66.) 4.60 Pennsylvania RR equip 56._
14.00 7 50 Pittsburgh & 1.r.ke Erie 64
901) 7.50 Reading Co 444s & 56
5 50 4.75 St Louis & San Fran lis
5.50 4.75 Southern Pacific Co 4148.__
5 50 4.75
Equipment 75
55)) 4.75 Southern RY 434s & 541
Equipment es
700 #1.25
7.00 6.25 Toledo & Ohio Central 1118._ _
7.00 6.25 Union Pacific 78
• No per value. a And dividend.
Ex-dividend. is Ex-rights.
0 Last reported market.
Btd
Ask
7 00 5.50
8 514 7.00
5 75 4.75
675 475
10 00 800
10.410 800
10 00 8.50
1000 8.50
i0 00 8 00
6 50 0.00
8 50 0.00
6 50 6.00
4 50 310
5 Si 4.10
4 50 3 50
4 75 3 75
6 50 5 75
4 75 4.25
1Q00 4.00
521 4.75
5.25 4 *75
1Q00 8.00
10 00 8.00
650 5.ao
4 60 850
s Flat pries.
Current earnIng5
Itiontbip,
4J: uartertp
artb 11)ati
Ream.
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUES.
Below will be found all returns of earnings, income and profits for current periods, whether monthly, quay.
terly 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 those given in our issues of Jan.7, Dec.31 and some of those given in our issue of Dec. 24. 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 Earn.
ngs Record" was absolutely complete up to the date of issue, Dec. 23, embracing every monthly, semi-annual
and quarterly report which was available at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The figures in most cases are merely for a month later, but there are also not a few instances of additions to the list, representing companies which had not yet made up their returns when the December number of the "Monthly
Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week,furnishing a reference to every
return that has appeared since the last preceding number of the "Monthly Earnings Record." The latter is
complete in and by itself, and for most persons will answer all purposes. But to those persons who are desirous
of seeing the record brought down to date every week, this further and supplementary index in the "Chronicle"
will furnish an invaluable addition. The "Chronicle" index in conjunction with the "Monthly Earnings Record"
will enable any one at a glance to find the very latest figures of current earnings and income,furnishing a cumulative record brought down to date each and every week-an absolutely unique service. A further valuable feature
Is that at the end of every return, both in the "Chronicle" and the "Monthly Earnings Record," there is a reference
line showing by date and page number the issue of the "Chronicle" where the latest complete annual report
of the company was published.
Issue of Chronicle
issue of Chronicle
Issue of Chronicle
When Published. Pale.
Name of CompanyWhen Published. Page.
name of Company.
Name of CompanyWhen Published Poe.
Dec. 24_4392Kaynee Go
Dec. 31..4553
Adams Express Co
Jan. 7_. 153 Consumers Power Co
Jan. 14__ 335
Jan. 14_ 332 (Geo. E.)Keith Co
Akron Canton & Youngstown
Dec. 31..4547 Continental Motors Corp
Dec. 3I__4554
Dec. 31-_4564 Kelsey Hayes Wheel Corp
Alabama Great Southern
Dec. 31__4550 Cosgrove Export Brewery Co
Dec. 31__4567
Jan. 7_ 163 Kelvinator of Canada, Ltd.
Alabama Power Co
Dec. 31._4553 Crex Carpet Co
Dec. 31..4567
Dec. 31..4557 Kelvinator Corp
Alabama ‘Vater Service Co
Jan. 14__ 320 Cuban-American Sugar Co
Jan. 14__ 322
Dec. 31_4556 (The)Key West Electric Co
Alaska Juneau Gold Mining Co
Jan. 7_ 151 Cuban Cane Products Co
Dec. 31..4567
Kilburn Mill
Jan. 7_ 164
Jan. I4__ 320 Debenhams Securities, Ltd
Alton RR
Jan. 7._ 154
Inc
Dec. 31_.4548 (B.) Kuppenheimer & Co.,
Dec. 24_4376 Delaware & Hudson
Alton & Southern RR
Jan. 7._ 150
American European Securities Co._ _Jan. 14__ 324 Delaware Lackawanna & Western_ _Dec. 31_4548 Lake Superior & Ishpeming
Jan. 7__ 150
Jan. 7_ 149 Lake Terminal
321 Denver & Rio Grande Western
American & Foreign Power Co
Jan. 14..
Jan. 14_ 336
Jan. 7_ 149 Lautaro Nitrate Co., Ltd
American Hide & Leather Co
Jan. 14_ _ 321 Denver & Salt Lake
Jan. 14__ 336
Dec. 31.4541 Lawyers Mortgage Co
American International Corp
Jan. 14.. 324 Detroit & Mackinac
Jan. 7._ 154
Jan. 7._ 149 Lee Rubber & Tire Corp
Detroit Terminal
Dec. 31..4553
American Power & Light Co
Jan. 7__ 150
Dec. 3L.4548 Lehigh & Hudson River
American Products Co
Dec. 24_4387 Detroit Toledo & Ironton
Jan. 7_ 150
Jan. 7__ 149 Lehigh & New England
Detroit & Toledo Shore Line
American Telephone & Telegraph
Jan. 7__ 151
Jan. 14._ 332 Lehigh Valley Coal Co
320 Discount Corp.of N. Y
Jan. 14
Co
Dec. 31__4548
Dec. 31_ 45.4
Lehigh Valley RR
American Vitrified Products Co__ ._Jan. 14_ 330 Dominion Bridge Co., Ltd
Jan. 7._ 152
Dec. 24.4359 Lehman Corp
Dominion Glass Co.,Ltd
Amer. Water Works & Elec. Co.,Inc.Jan. 7__ 151
Dec. 31__4554
164
Jan. 7
Lehn & Fink Products Co
330 Dryden Paper Co., Ltd
Jan. 14
American Yvette Co., Inc
Jan. 7_ _ 152
Duluth Missabe & Northern
Dec. 31..4548
Lexington Water Co
Dec. 3i..4556
Armour & Co
Jan. 7_ _ 152
Atlantic_ _Jan. 7__ 149 Loblaw Groceterias, Ltd
Dec. 31_ 4553 Duluth South Shore
Associated Gas & Electric Co
Dec. 31..4549
Dec. 31_.4548 Long Island
Duluth Winnipeg & Cl. acific
Atchison Topeka 8c Santa Fe Ry_ Dec. 31..4551
Jan. 7__ 150
Los Angeles & Salt Lake
Jan. 7__ 151
Atchison Topeka & Santa Fe SYstem Dec• 31_4547 Duplan Silk Corp
Jan. 7._ 150
Louisiana & Arkansas
Jan. 7.. 151
Dec. 31-4547 Duquesne Light Co
Atlanta Birmingham & Coast
Dec. 31..4549
Dec. 31..4554 Louisiana Arkansas & Texas
Dec. 31.4547 Eastern Mass. Street Ry. Co
Atlanta & West Point
(Del.) Jan. 7.. 152
Jan. 7_ 151
Louisville Gas & Electric Co.
Dec. 31.4547 Eastern Steamship Lines, Inc
Atlantic City
Dec. 31_4549
Louisville & Nashville
Dec. 24..4378
Dec. 31.4547 Eastern Utilities Associates
Atlantic Coast Line
Dec. 31_ A554
Jan. 14__ 321 Madison Square Garden Corp
Atlantic Gulf & %V. Indies SS. Lines_ Dec. 31__4553 East Kootenay Power Co
Dec. 3I..4551
164 Maine Central RR
Jan. 7
Dec. 31__4553 Endicott Johnson Corp
Auburn Automobile Co
Jan. 7.. 168
Manhattan Shirt Co
Automatic Voting Machine Corp_ Jan. I4__ 330 Electrical Products Corp. of Wash_.Jan. 7_ _ 151
Dec. 31...4554
Market Street Ry. Co
Dec. 31_ _4554
Electric Power & Light Corp
Baltimore & Ohio Chicago TerminalJan. 7__ 149
Dec. 24__4393
Dec. 31.4548 May Hosiery Mills, Inc
(The) Baltimore & Ohio RR. Co__Doc. 31_4547 Elgin Joliet & Eastern
Jan. I4__ 321 Medicine Hat Greenhouses, Ltd.. Dec. 24__4393
Dec. 31..4551 El Paso Electric Co
Bangor & Aroostook RR. Co
Jan. 7__ 152
Jan. 14__ 333 Mexican Light & Power Co
Jan. 14__ 320 Ely & Walker Dry Goods Co
Bangor Hydro-Electric Co
Jan. 7__ 152
Dec. 31..4554 Mexico Tramways Co
Engineers Public Service Corp
Barcelona I r. I loht & ow. Co., Ltd Jan. 7__ 151
Jan. 7__ 150
Midland Valley RR. Co
Dec. 31_4551
Jan. I4__ 321 Erie Railroad Co
Baton Rouge Electric Co
Dec. 3I__4549
Minneapolis & St. Louis
Jan. 7_ 151
Dec. 31_4549 Equitable Office Bldg. Corp
Beaumont Sour Lake & Western
Dec. 31_4549
De . 31__4554 Minn St. Paul & Sault Ste. Marie
Jan. 7__ 149 Evans Products, Inc
Ry. Co. of Chicago
Belt
Jan. 7__ 150
Mississippi Central
Fall River Gas Works Co
Dec. 24..4378
Dec. 31.4547
Bessemer & Lake Erie
Jan. I4__ 322
De . 31__4554 Mississippi Power Co
Dec. 24..4388 Federal Light & Traction Co
Biltmore Hats, Ltd
Dec. 244379
Dec. 31_ _4544 Mississippi River Power Co
Dec. 24__4388 Florida East Coast
Black & Decker Mfg. Co
Jan. 7._ 150
Jan. 7__ 165 Missouri Illinois
Dec. 31._4553 Florsheim Shoe Co
Boston Elevated Ry
Jan. 7__ 150
Ft. Smith & Western
Jan. 7__ 149 Missouri-Kansas-Texas Lines
Dec. 3L..4551
(The) Boston & Maine RR
Jan. 7_ 150
Ft. Worth & Denver City
Dec. 31__4548 Missouri & North Arkansas Ry
Jan. 7._ 161
Boston Personal Property Trust
Dec. 31__4549
Dec. 31._4550 Missouri Pacific
Brazilian Trac., Lt.& Pow. Co., Ltd_ Dec. 31.4553 Ft. Worth & Rio Grande
Dec. 3L.4549
Jan. 7__ 165 Mobile & Ohio
Dec. 3L4563 Fourth National Investors Corp_
Brennan Packing Co
Dec. 31..4554
Galveston Electric Co
Jan. I4__ 321 Mohawk Valley Co
British American Tobacco Co., Ltd_Jan. 7_ 161
Dec. 24_4376
Galveston-Houston Electric Ry. Co_lan. 14_ 321 Monongahela Connecting
British Columbia Power Corp., Ltd_Jan. 14_ _ 321
Jan. 7_ 150
Galveston Wharf
Dec. 31..3548 Monongahela RR
Broadway Department Stores, Inc_Jan. I4__ 331
Dec. 24.4376
Gamewell Co
Dec. 24_4379 Montour RR
Brooklyn Eastern District Terminal_Jan. 7_ _ 149
Dec. 24_4394
Dec. 24_4391
Dec. 31 4547 Gelsenkerchen Mining Corp
Moore Drop Forging Co
Burlington & Rock Island
Dec. 24..4394
Dec. 31..4553 General American Investing Co
Jan. 7_ 154 (John) Morrell & Co., Inc
California Water Service Co
Jan. I4__ 337
Dec. 31.4547 Georgia Power Co
Dec. 3I__4554 (Philip) Morris Consolidated, Inc
Cambria & Indiana
Jan. 7.. 161
Jan. I4__ 337
Georgia RR
Jan. 7__ 149 Nash Motors Co
Canada Cement Co., Ltd
Jan. 7__ 168
Dec. 24...4388 Georgia Southern & Florida
Jan. 7_ 150 Nashua mfg. Co
Canada Malting Co
Jan. 7_ _ 166 Nashville Chattanooga & St. Louis_ _Dec. 31_ _4549
Canada Northern Power Corp., Ltd_Dec. 31..4553 Glidden Co
Jan. 14
331 (Adolf) Gobel, Inc
Jan. 7_ _ 168
Dec. 24__4391
National Investors Corp
Canada Vinegars. Ltd
Jan. 14__ 320
Dec. 31__4548 National Rys. of Mexico
Canadian Nat. Lines in New Eng--Jan. 7._ 149 Grand Trunk Western
Dec. 31..4551
Great Northern
Dec. 24__4394
Dec. 3L..4548 National Standard Co
Canadian National Rys
Green Bay & Western RR
Dec. 31.4551
Dec. 3I__4544 (The) Nevada-California Elec. Corp_ Dec. 31__4555
Canadian Pacific
Jan, 7__ 149 Guantanamo & Western RR.Co_
Jan. 7.. 150
_Dec. 24_43s0 Nevada Northern
Pacific Lines in Me
Canadian
Dec. 3I__4548
Dec. 31..4551
Canadian Pacific Lines in Vermont_Jan. 7_ _ 149 Gulf Coast Lines
New Jersey & New York
Dec. 24.4388 Gulf Colorado & Santa Fe
Dec. 31_4547 New Orleans & Northeastern
Dec. 31._4550
Carreras, Ltd
Dec. 31..4547 Gulf Mobile & Northern
Dec. 31.4548 New Orleans Terminal
Dec. 31._4550
Central of Georgia
Jan. 14__ 321 Gulf Power Co
Jan. 14
322 New Orleans Texas & Mexico
Dec. 3l..4549
Central Illinois Light Co
Dec. 31..4547 Gulf & Ship Island
Dec. 31__4548 New York Central
Dec. 3L.4549
Central RR.of New Jersey
Dec. 24_4376 Gulf States Utilities Co
Jan. 14_ 321 New York Chicago & St. Louis
Dec. 31..4549
Central Vermont Ry
Dec. 31..4547 Harding Carpet. Ltd
Dec. 31..45'5 (The) New York New Haven & HartCharleston & Western Carolina
Dec. 31_4553 Harris-Seybold Potter Co
Dec. 31_4552
Jan. I4__ 334
ford RR.Co
Checker Cab Mfg. Corp
Jan. 14_ 322 New York Ontario & Western
Dec. 31..3549
(The) Chesapeake & Ohio Ry.Co _ _ _ Dec. 24__4376 Hat Corp of America
321
Haverhill Gas Light Co
Jan. 14
Dec. 24..4379 New York Susquehanna & Western_Dec. 3L.4549'
Water Service Co
Chester
Dec. 31..4547 Hercules Motors Corp
Dec. 31_-4555
Dec. 24_4379 New York Telephone
Chicago Burlington & Quincy
Dec. 31_4547 Honolulu Rapid Transit Co., Ltd Dec. 31_4554 New York Water Service Corp
Dec. 31__4555
Chicago & Eastern Illinois
Dec. 3I..4548 Horn & Hardart Baking Co
Dec. 31..4566 New York Westchester & Boston Ry.Dec. 31_4555
Chicago & Erie
Dec. 31_4547 Houston Electric Co
Jan. 14_ 322 Newburgh & South Shore
Dec. 31..4549
Chicago & Great Western
Jan. 7__ 150
Jan. 14
Jan. 7__ 149 Hygrade Food Products Corp
335 New Orleans Great Northern
Chicago & Illinois Midland
Jan. 14_ 322 New York Connecting
Jan. 7__ 150
Chic. Indianapolis & Louisville Ry_Jan. 7._ 149 Illinois Bell Telephone Co
Jan. 7__ 150
Dec. 31._4548 Norfolk Southern
Dec. 31_4547 Illinois Central System
Chicago Mil. St. Paul & Pacific
Dec. 31..4551
Dec. 31._4548 Norfolk & Western
Dec. 31_4547 Illinois Central RR
Chicago & North Western
Jan. 7.. 150
Jan. 14
Dec. 31..4547 Illinois Power Co
322 Northern Alabama
Chicago River & Indiana
Dec. 3I__4549
Dec. 31..4548 Northern Pacific
Jan. 7_ 149 Illinois Terminal
Rock Island & Gulf
Chicago,
Jan. 7._ 152
Jan. 14__ 322 Northern States Power Co.(Del.)
Chicago, Rock Island & Pac. Ry Co_ _J an. 14.. 320 Illinois Water Service Co
Dec. 31..4549
Dec. 31_4549 Northwestern Pacific
..Dec. 31..4547 Indiana Harbor Belt
Chicago St. Paul Minn & Omaha.
Dec. 31._4555
Jan. 14
162 Industrial Rayon Corp
322 Ohio Edison Co
Jan. 7
Cleveland Tractor Co
Jan. 14__ 322
Jan. I4__ 322 Ohio Water Service Co
Jan. 7._ 149 Interborough Rapid Transit Co
Clinchfield
Jan. 7__ 150
163 International Great Northern
Dec. 31__4548 Oklahoma City-Ada-Atoka Ry
Jan. 7
Cockshutt Plow Co.. Ltd
International Shoe Co
Jan. 7__ 153 (The) Orange & Rockland Elec. Co- _Dec. 31..4555
Jan. 7_ 151
Collins & Ackman Corp
Dec. 31._4550
Dec. 31..4551 Oregon Short Line RR
Jan. 14... 321 Intl. Rys. of Central America
Collins & Alkman Corp
Dec. 31__4554 Oregon-Wash.RR.& Navigation Co_ „I an. 7__ 151
Dec. 3L.4548 Kansas City Power & Light Co
Colorado & Southern
Dec. 31__4548 Oregon Washington Water Sen. Co.Dec. 31..4555.
149 Kansas City Southern Ry
Jan. 7
Columbus & Greenville
Jan. 7._ 169
Kansas City Southern Ry.
Outboard Motors Corp
(The) Commonwealth & Sou Corp Dec. 31-4553 kThe)
Dec. 24__4376 Pacific Telephone & Telegraph Co_ _Jan. 14.. 322.
System
Dec. 24..4376
Conemaugh & Black Lick
Dec. 31_4547
ansas, Oklahoma & Gulf Ry. Co Jan. 7_- 149 Panhandle & Santa Fe
Gas Elec. Lt.& Pr. Co.of Haitian. 7.. 151
Cons.
320
Financial Chronicle
Issue of Chronicle
Name of CompanyWhen Published. Page.
Paramount Publix Corp
Dec. 24__4379
Paramount Motors Corp
Dec. 24..4395
Patterson-Sargent Co
Dec. 24_4395
Peerless Motor Car Co
Jan. 14_ 338
Pennsylvania Gas & Electric Co
Dec. 31..4555
Pennsylvania RR. Regional System_Dec. 31..4552
Peoria & Pekin I nion
Jan. 7_ 150
Pere Marquette Ry. Co
Dec. 31..4552
Philadelphia Co
Jan. 7_ 153
(The) Philippine Railway Co
Jan. 7_ 151
Pill'n Whistle Corp
Dec. 24_4396
Pittsburgh & Lake Erie
Dec. 31..4549
Pittsburgh & Shawmut
Jan. 7_ 150
Pittsburgh Shawmut & Northern___Jan. 7_ 150
Pittsburgh Sub Water Service Co___Jan. 14_ 322
Pittsburgh & West Virginia
Jan. 7__ 150
Ponce Electric Co
Jan. 14_ 323
Public Utility Holding Corp.of Am_ _Jan 14_ _ 323
.
Puget Sound Power & Light Co____Jan. 14_ 323
The Pullman Co
Jan. 14._ 323
Radio Keith Orpheum Corp
Dec. 24..4396
Railway Express Agency
Jan. 7.._ 152
Rath Packing Co
Jan. 7__ 170
Reading Company
Dec. 31_4549
Reserve Petroleum Co
Jan. 7__ 170
(R. J.) Reynolds Tobacco Co
Jan. 14_ 338
Rhine-Westphalia Elec.Power Corp_Jan. 7.. 159
Richmond Fredericksb'g & PotomacDec. 31..4549
Rochester & Lake Ont.W.Serv.CorpDec. 31...4555
Rutland RR
Dec. 31_4550
St. Joseph & Grand Island
Jan.
St. Louis Brownsville & Mexico
Dec. 31..4549
St. Louis & San Francisco Co
Dec. 31_4552
St. Louis San Francisco & Texas
Dec. 31..4550
St. Louis Southwestern Ry. Lines Dec. 31..4552
San Antonio Uvalde & Gulf
Jan. 7__ 150
San Diego & Arizona
Dec. 31_4550
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 A: Florida
Minneapolis & St Louis
Southern
St Louis Southwestern
Western Maryland
1st
1st
4th
1st
1st
1st
1st
Current
Year.
Previous
Year.
Inc.(+) or
Dec.(-)•
1,724.061
1,598.000
14,650
114,944
1,578,789
186,900
202,262
Period
Covered.
wk of Jan
wk of Jan
wk of Dec
wk of Jan
wk of Jan
wk of Jan
wk of Jan
2,381,077
2,052,000
18,868
131,124
1,820,630
235,832
232,153
-657,016
-454.000
-4,218
-16,180
-241,841
-48,932
-29,890
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class I roads in the country.
Gross Earnings.
Length of Road.
Month.
1932.
274,976.249
266.892,520
289.633,741
267.473.938
254.382.711
245,860.615
237,462.789
251.761.038
284.724.582
298,076.110
253,223,409
January
February
March
April
May
June
July
August
Beptem her
October
November
Inc. (+) or
Dec.(-).
1931.
365,522.091
336.182.295
375.617.147
369,123.100
368.417.190
369.133.884
376.314.314
363.778.572
364.385.728
362,551,904
304,829,968
$
-90,545,842
-69.289.775
85.983.406
-101.649,162
114,034.479
123,273,269
138,851.525
112,017,534
79.661.146
64,475,794
51,606,559
Net Earnings.
January
February
March
April
May
June
July
August
September
October
November
45.940.685
57,375.537
67.670.702
56,263.320
47,429.240
47,008.035
46.125.932
62.540.800
83.092.939
98,336,295
63,966,101
1932.
1931.
Miles.
244.243
242.312
241.996
241.876
241.995
242,179
242,228
242.208
242.292
242.031
241,971
Miles.
242.365
240,943
241.974
241.992
242,163
242.527
242.221
242.217
242.143
242.024
242,027
1931.
Amount.
Per Cent.
72.023,230
66.078.525
84.706.410
79.185.676
81.052.518
89.688,856
96.983.455
95.070.808
92,153,547
101,914,716
66,854,615
$
26,082,545
-8,702.988
17.035.708
-22,922.356
33,623.278
-42,680.821
50.857.523
32.530.008
-9.060 608
-3,578,421
-2,888,514
36.24
-13.11
20.18
28.97
41.41
-47.58
52.43
34.12
9.83
3.51
4.32
Net Earnings Monthly to Latest Dates.
Alton R.R.December-
1932.
1931.
1930.
1929.
51,300,792 $1,630,369 $2,219,063
def6,165,317
22.095
430,830
35,450
40,265 def288,861
163,395
From Jan. 1
Gross from railway_ _ _ 14.090,370 18,848,629 24,265,192 28,728,354
Net from railway_
der2,676,078 3,758,638 6,704.852
Net after rents
486,783
1,000,873
64,301
3,278,828
Gross from rallway_ _ _ $1,030,416
Net from railway_ _ _ _
Net after rents
Other Monthly Steam Railroad Reports.
-In the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports of the Commission.
National Rys. of Mexico.
-Month of November- -11 Mos. End. Nov.301932.
1931.
1932.
1931.
Pesos.
Pesos
Pesos.
Pesos.
Railway oper. revenues.. 5,686.633 6,224,127 67,053,887 81,412,360
Railway oper. expenses.. 5,774,084 5,724,245 63,297.270 67.484,101
.
Net oper. income _ _ _ def87,450
Percentage exps.to revs_
102
Tax accruals & uncoil.
620
revenue (deduction). _
5,012
Non-operating income__
Deduct. Items 536-541
466,671
-S. C. C.
I.
499,882
92
3,756,617 13,928,259
94
83
•
*
9.462
425,702
*
4,874,098
def549,730
•
def701.241
Balance
11,368.719 11,533.619 11,368.719 11.533.61919
*
*Due to changes in classification,figures not available.
WEasi complete annual report in Financial Chronicle Jan. 9 '32, p. 323
Kilometers operated
14 1933
Issue of Chronicle
Name of CompanyWhen Published. Page.
Union Electric Light & Power Co.of
Illinois
Dec. 24..4380
Union Electric Light & Power Co.of
Missouri
Dec. 24..4380
Union Pacific Co
Dec. 31..4550
Union Railroad
Jan. 7_ 151
United Bond & Share, Ltd
Jan. 7__ 172
United Corp
Jan. 14_ 340
United Gas Corp
Dec. 31_4556
United Light & Power Co
Jan. 14._ 323
United Merch.& Manufacturers,IncJan. 7__ 172
Universal Cooler Corp
Jan. 7__ 172
Utah-Apex Mining Co
Jan. 7__ 172
Utah RR
Dec. 31_4550
Virginia Electric & Power Co
Jan. 14_ 323
Virginian Ry
J6111. 7_ 151
Wabash Ry. Co
Dec. 31..4550
Wamsutta Mills
Jan. 7__ 173
Wesson Oil & Snowdrift Co., Inc_ Jan. 7__ 152
Western Greyhound Lines. Inc
Dec. 31_4570
Western Maryland Ry. Co
Dec. 31..4553
Western New York Water Co
Dec. 31..4556
Western Pacific
Dec. 31_4550
(The) Western Public Service Co
Jan. 14_ 324
Western Ry.of Alabama
Dec. 31_4550
Western Tablet & Stationery Corp Jan. 7__ 173
West Point Mfg. Co
Jan. 7__ 173
West Virginia Pulp & Paper Co
Jan. 7__ 173
West Virginia Water Service Co
Jan. 15_ 324
Wheeling & Lake Erie
Dec. 31..4550
White Rock Mineral Spring Co
Jan. 14_ 340
Wichita Falls & Southern
Dec. 31_4550
(H. F.) Wilcox 01 & Gas Co
Jan. 7_ 152
William 011-0-Matic Heating Corp Jan. 7__ 173
Willys.0,.erland Co
Dec. 24_4380
Wilson & Co
Jan. 7__ 152
Yazoo & Mississippi Valley
Dec. 31_4548
Chicago Rock Island & Pacific RR. Co.
Month of Nov.
Freight revenue
Passenger revenue
Mail revenue
Express revenue
Other revenue
1932.
1931.
1930.
1929.
$4.145,133 $5,263,124 56,901.161 58,786.021
482,084
714.994
1,042,203 1,492,231
217,672
225,354
247,844
256,528
109,565
123,068
184.936
326,566
205,850
170,137
416,993
542,894
Tot. ry. oper. revenue $5,124,591 $6,532,390 $8,793,227 $11,404,240
Railway oper. expenses_ 4,555,238 5.500,881
6,572,114 8,928,118
Net rev, from ry.offers $569,353 $1,031,509 $2,221,113 $2,476,122
Railway tax accruals.. _ _
415,000
475,000
350,000
600.000
Uncollectible ry. rev_ _ _ _
2.923
880
4,375
6,301
Tot. ry. oper. income.. $151,430
$555,629 $1,666.738 $1,869,821
Equip, rents-debt bal_
209,508
266.830
296,054
386,479
Jt. facil. rents-debit bal
108,887
105,505
100,785
84,313
Net ry. oper. income_def$164.965
$183,294 51,269,899 51,399,029
11 Mos. End.Nov.31Freight revenue
$53,088,234 574.150.516 $89,738,895 5105558,400
Passenger revenue
6,284,613 9,858,871 14,101,926 17,585,154
Mail revenue
2,422,686 2.594,158 2,772,319 2,925,535
Express revenue
1,125,637
1315,891
2.548,082 3,273,351
Other revenue
2,727,954 3,177,296 5,330,124 6,307,706
Total oper. rev
$65,639,124 $92,196,732 8114491,346 5135650,146
Railway oper. expenses_ 51,936,404 69,054,752 83,999,844 99,890,588
Net rev, from opers_ _513,702,690 523.141.980 530,491,502 $35,759,558
Railway tax accruals.. _ _ 5,640,000 6,005,000 6.448,000 7,061,631
Uncoil. railway revenue..
21.550
19,115
31,957
31,210
Total oper. income__ 58,041,170 517,117,865 $23,811,545 $28,666,717
Equip, rents-debit bal. 3.090,783 3,613,831
4,167,078 4,493,877
Jtfacil.rents-debit bal. 1,122,115
1,079,524
1,142,650
1,119,060
Net ry. oper. income_ $3,828,272 $12,424,510 818,501.817 523,053.780
taPLast complete annual report in Financial Chronicle Apr. 22 '32, n. 3086
Inc.(+)or Dec.(-1.
Month.
1932.
Jan.
lassie of Chronicle
Name of CompanyWhen Published. Page.
San Diego Cons. Gas & Electric Co__Jan.
San Francisco Ry. System
Dec. 31_4552
Savannah Electric & Power Co
Jan. 14._ 323
Scranton Sprg. Bk. Water Set. Co Jan. 14_ 323
Seaboard Air Line
Dec. 31_4550
Second National Investors Corp.
Jan. 7._ 170
Selberling Rubber Co
Dec. 31_4569
Shawmut Bank Investment Trust Dec. 31_4555
Sierra Pacific Electric Co
Dec. 24_4379
Soo Line System
Dec. 31..4552
South Bay Cons. Water Co
Dec. 31_4555
South Carolina Power Co
Jan. 14_ 323
Southern California Edison Co..Ltd.Dec. 24_4380
Southern Canada Power Co
Jan. 14_ 324
Southern Colorado Power Co
Jan. 7_ 152
Southern Indiana Gas & Electric Co Jan. 14_ 323
Southern Ry
Dec. 31..4550
Southern Pacific Lines
Dec. 31_4550
Southern Pacific Steamship Lines Jan. 7__ 150
Southwestern Bell Telephone Co...
.Dec. 24..4380
Spokane International
Dec. 31..4550
Spokane,Portland & Seattle
Jan. 7_ 150
Staten Island Rapid Transit
Jan. 7_ 150
(Hugo) Stinnes Corp
Dec. 24_4399
(Hugo) Stinnes Industries. Inc
Dec. 24_4399
Tampa Electric Co
Dec. 24_4380
Tennessee Central
Dec. 31_4550
(The) Tennessee Elec. Power Co__ Dec. 31_4556
Terminal RR. Ass'n of St. Louis
Dec. 31_4550
Texarkana & Ft. Smith
Dec. 31_4548
Texas Mexican
Jan. 7_ 150
Texas & New Orleans
Jan. 7_ 150
Texas & Pacific Ry
Dec. 31_4552
Third Avenue Ry. System
Dec. 31_4555
Third National Investors Corp
Jan. 7_ 171
Toledo. Peoria & Western
Jan. 7_ 150
Toledo Terminal
Jan. 7_ 151
INDUSTRIAL AND MISCELLANEOUS
Alabama Water Service Co.
12 Months Ended Nov. 301932.
Operating revenues
5756,872
Operating expenses
277.394
Maintenance
27,593
General taxes
92,591
Net earnings from operations
$359.294
Other income
3.682
Gross corporate income
8362,976
Interest on long-term debt
213,789
Reserved for retirements,replacements and Federal
income tax and miscellaneous deductions
60,171
CO'S.
1931.
$844,359
304,899
37,312
94,497
$407,649
2,764
5410,414
212,602
56.902
Net income
$89.016
5140,910
Dividends on preferred stock
40,712
40,596
Note -Interest on $372,000 5% debentures owned by Federal Water
Service Corp. has been subordinated to the payment of preferred dividends.
tarLast complete annual report in Financial Chronicle April 30'32, p.3207
American
Telephone & Telegraph Co.
-Month of November-- -11 Mos. Ended Nov. 301932.
1931.
1932.
1931.
Telephone oper. revenues 56.694.578 $8,452,629 $82,454,242 100,362,480
Telephone oper. expenses 5,048,050 5,742,264 56.568,511 63,130,697
Net teleph. oper. revs_ $1,646,528 52,710,365 $25,885,731 537,231,783
Uncollect. oper. revs......
97,127
92,100
1.120,277
1,139,446
Taxes assignable to oper.
220.681
431.920 5,521.164
5.671,752
Operating income__ $1,328,720 52,186345 $19,244,290 $30,420,585
raMast complete annual report in Financial Chronicle Mar. 5 '32, p. 1750
Bangor Hydro-Electric Co.
-Month of November- -12 Mos. End, Nov.30-
Gross earnings
Oper. expenses & taxes
1932.
5174.273
73,870
Gross income
Interest, &c
$100.403
25,346
Net income
Preferred stock dividend
Balance
Depreciation
575.057
1931.
1932.
1931.
5190.928 52.052,973 52.273,479
79,929
905.647
986,202
$110,999 $1.147,326 51,287.277
24.652
302,153
290,930
$86.347
5845.173
$996,347
307,981
298,539
$537.192
139,280
$697,808
141,311
Balance
$397,912
$556,497
la'Last complete annual report in Finacial Chronicle Feb. 20 '32, p. 1869
321
Financial Chronicle
Volume 136
Collins & Aikman Corp.
American 84Foreign Power Co., Inc.
(And Subsidiaries).
(Inter-company Items Eliminated.)
not be
(This statement is for comparative purposes only and should further
for
understood to represent U. S. currency received or available;
qualifications and explanation see letter on page 325.1
Sept.30'32. June 30'32. Dec.31 '31
12 Months EndedSubsidiaries
$55,289,927 $58,012,859 $65,426,170
Operating revenues
29,097,389 29,944.190 32,569,194
Oper.expenses,including taxes
Net revenues from operation
Other income
526.192.538 $28,068.669 $32.856,976
429.965
336,099
359,710
Gross corporate income
Int.to public and other deductions _
Interest charged to construction
$26,552,248 $28.404.768 $33.286.941
4.132,730 4.342.870 4.672,800
1,674,894
803,251
497,383
$22.916,901524,865,149 $30,289,035
Balance
2,452,335 2.436,375 2,503,043
Preferred dividends to public
3,149,110
(deprec'n) reserve approp. 3,000,490 2.934,389
Retirement
230,157
300.757
235,122
Portion applic. to minority interests-Bal. (of which only part is avail.in
U. S. currency) for int. & dive.
on loans and securities of subs.
held by Amer. & Foreign Power
$17.228.954 $19.193,628 $24,406,725
Co., Inc
American & ForeignPower Co.,Inc.:
Bal. ofsubs.inc.(of which only partis
avail. in U. S. currency) to American & Foreign Power Co., Inc. (as
$17.228,954 $19.193,628 $24.406,725
shown above)
347.390
252.769
173.315
Other income
817,402,269 $19,446,397 $24,754,115
Total income
884,050 1.600,421
435,954
Expenses, Including taxes
Interest to public & other deductions_ 7,545,706 7,315.725 6.906,764
$9,420,609 $11.246,622 $16,246,930
Balance
Notts.-Divs. on the pref. stock ($7) and $6 pref. stock of American &
Foreign Power Co., Inc., which are cum., have been paid to Dec. 31 1931.
Dividends on the 2nd pref. stock, series A ($7), which are cum., have been
paid to Sept. 30 1930.
Current assets and current liabilities of subs, stated in foreign currencies
on the books of such subsidiaries are stated in U. S. currency on the consolidated balance sheets at the current cable rates of exchange prevailing at
the dates of such balance sheets. Exchange adjustments arising therefrom
are applied to the consolidated earned surplus at such dates. These exchange
adjustments are not included in the above statement of consolidated income
nor are they applied to the surplus account of the company itself as shown
in the balance sheet on page 326.
tarLast complete annual report in Financial Chronicle July 9'32, p. 287
American Hide & Leather Co.
24 Weeks
12 Weeks
PeriodDec. 10 '32. Dec. 10 '31. Dec. 10 '32. Dec. 12 '31.
Net profit after deprec.
& reserves
- 5133.787 yloss$128,499 x$737,340 yloss$99,444
x Includes credit adjustment of Federal taxes for prior years amounting
to $455,506. y Before inventory adjustments.
larLast complete annual report in Financial Chronicle Aug. 20 '32, p. 1332
Baton Rouge Electric Co.
-Month of November- -12 Mos. End. Nov.30
.
$122,807 $1,429,217 $1,439,640
$128,266
730,648
723,023
61,654
69,655
56.557
63,648
4,164
4,340
135,906
144,459
9,696
9,610
Gross earnings
Operation
Maintenance
Taxes
Net operating revenue
Inc.from other sources a
$44,659
14.422
$46,993
13,798
$498,085
$515,927
5,754
Balance
Interest and amortization
$30.237
$33,194
$498,085
172.783
$521,681
168,495
Balance
Reserve for retirements (accrued)
$325,302
115,000
$353,186
115,000
Balance
Dividends on preferred stock
$210,302
37,246
$238,186
33,167
$205,019
$173,055
Balance for common stock diva, and surplus_ _ _
•Interest on funds for construction purposes.
for maintenance a
During the last 25 years, the company has expended
total of 6.93% of the entire gross earnings over this period, and in addition
during this period has set aside for reserves or retained as surplus a total
of 14.24% of these gross earnings.
la'Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1021
British Columbia Power Corp., Ltd.
-Month of November- -5 Mos.End. Nov.301931.
1932.
1931.
1932.
$1,093,744 $1,203,588 $5.353,653 $55.928,728
610,330 3,021,249 3,255,068
584,216
Gross earnings
Operating expenses
5593.258 $2,332,404 $2.673,660
Net earnings
8509.528
lairLast complete annual report in Financial Chronicle Oct. 8 '32, p. 248
Central Illinois Light Co.
(A Subsidiary of The Commonwealth & Southern Corp.)
-Month of November- -12 Mos. End. Nov. 301931.
1932.
1931.
1932.
$4412,931 $4,540,322 $5.009.462
$389,987
Gross earnings
incl. taxes
Oper. caps.,
2,484,464 2.663,067
210,601
208,682
& maintenance
$181,304
Gross income
Fixed charges
$202.329 52,055,858 52,346.395
365,755
356.976
Net income
Provision for retirement reserve
Dividends on preferred stock
Chester Water Service Co.
12 Months Ended Nov. 30
Operating revenues
Operating expenses
Maintenance
General taxes
1932.
$489.466
138,377
28,628
15,694
1931.
$540.394
141,361
22.617
21,503
Net earning from operation
Other income
$306,767
3.759
$354.913
15.343
Gross corporate income
Interest on long term debt
Miscellaneous interest charges
Reserve for retirements, replacements and Federal
income tax and miscellaneous deductions
$3310,527
148.997
1.081
$3370.256
149,027
5,771
29,307
42.099
8131342
$173,358
Net income
66,000
66.000
Dividends on preferred stock
EXrLast complete annual report in Financial Chronicle April 16 '32, p.2903
(And Subsidiarier).
Nov.26'32. Nov. 30'31. Nov. 30 '30. Nov.30'29.
adef$79,504 b$1,990,102 c$1,241,459 82.370.268
481,617
553,975
555,597
336.974
201,667
15,000
131,000
$672,484 81.888.984
loss$416.478 $1,303,505
Profit
137.509
185,785
Pref. stock bal. over cost
5809.993 81.888,984
$1,489.290
loss$416,478
Profit
Reserve for adjustment
592.748
285,967
d162,762
ofinventories
elos4579,241 e$1.203.323 08217,245 51.686,984
Net profit
539.700
481,293
405.842
332,381
Preferred dividends_ --$797.481 def$264,048 51.147,284
def$911,622
Surplus
Shares com, stock out591,833
587,033
565.000
565,000
standing (no par)$1.95
Nil
$1.41
Nil
Earnings per share
b Includes interest earned
a After deducting interest earned of $66,993.
Inventory
844.733 interest earned. d contingent
amounting to $82,034. c Includes portion thereof charged to
adjustment of $462,761 less $300,000
a charge to surplus. e Exinventory losses created at Feb. 27 1932. byof preferred stock purchased
cost,
cludes $81,744 excess of par value over and $137.509 in 1930.
$185.785 in 1931
for retirement in 1932,
$141.260, after charges
For the quarter ended Nov. 26 1932 net loss was ended Nov.30 1931.
quarter
and taxes, against a net loss of $11.522 in the capital surplus 51.699.006.
1932 was $55,542 and
Earned surplus Nov.26
Chronicle April 16'32, p.2916
Wl..ast complete annual report in Financial
East Kootenay Power Co.
-Month of November- -8 Mos.End. Nov.301931.
1932.
1931
1932.
$325.565
$286.685
$37,073
$34,371
Gross earnings
112,514
91.449
13,781
11.471
Operating expenses
5213.051
5195.236
523.292
522.900
Net earnings
Chronicle June 18 112. p. 4491
Last complete annual report in Financial
10
El Paso Electric Co. (Delaware).
Gross earnings
OperationMaintenance
Taxes
(And Constituent Companies)
Nov.30-Month of November- -12 Mos.End. 1931.
1932.
1931.
1932.
$283,442 82,805.403 $3,546,778
$233,498
119,835 1.182,898 1.413,352
94.189
183,165
154.306
13,647
10,965
308,258
309,302
23,878
11,119
$126,081 $1,158,895 $1,552,002
446,785
445,829
37,020
$713.066 $1,105,216
589,061
$80,990
Balance
238.500
230.000
Reserve for retirements (accrued)
$866.716
$483,066
Balance
44.631
46.777
Dividends on pref. stock of constituent company
$822,085
5436.289
Balance
Dividends on pref.stock of El Paso Electric Co.
194.648
194.968
(Del.)
$627,437
$241,320
Balance for common stock divs. and surplus_ _ _
predecessor companies
During the last 30 years, the company and its
entire gross earnings
have expended for maintenance a total of 6.96% of the have set aside for
period, and in addition during this period gross earnings.
over this
10.40% of these
reserves or retained as surplus a total of
6 '32, p. 1022
WLast complete annual report in Financial Chronicle Feb.
$117,223
36,233
Net operating revenue
Interest & amortization_
Galveston Electric Co.
31Month of December- -12 Mos.End.Dec.
1931.
1932.
1931.
1932.
$325,753
$273,027
$28,483
$21,472
220,060
174,356
17,524
13,900
56,169
34,597
3,117
2,542
8276.229
5208,954
520,641
$16,443
Total operating exps_
49,524
64.072
7,842
5,029
Balance
19,953
2,130
1,335
Taxes
$44,118
$5,711
$3,694
Net oper. revenue_ x- _
deducted from surplus when
x Interest on 8% secured income bonds is 31 1932 and interest for five
was July
declared and paid. Last payment
not included in
months since then not declared or paid is 57,500 and is
this statement.
August
power business was sold in railway
-The entire electric light and
Note.
of the street
1931 and subsequent earnings are from operation
with
and cumulative earnings are compared
business. Current monthly
year.
street railway department earnings for the previous
Gross earnings
Operation
Maintenance
Galveston.HoustonElectric Ry. Co.
-Month of December- -12 Mos.End.Dec. 311931.
1932.
1931.
1932.
$327,411
$244,046
$23,165
916,891
Gross earnings
141,703
13,849
9,785
Operation
49,272
4,662
3,501
Maintenance
5190,976
$18,512
$13,287
expenses_
Total oper.
53,069
4,653
3,404
Balance
22,737
2.754
1,313
Taxes
Net oper. revenue_ _ _ _
Interest (public)
$2,091
5,108
$1,898
5,325
$330,332
60,672
$30,340
$33.426
$3,017
Deficit x
paid and
x Interest on income bonds and notes has not been earned or
statement;
16 months since Sept. 1 1931 is not included in this20 1932 in
5211,582 for
income notes since Oct.
also, interest receivable on secured
the amount of $18.25 is not included.
indebted-In August 1931 certain property was sold and bonded earnings
Note.
ending
ness was subsequently reduced. Twelve monthsprevious gross Twelve
_year.
with corresponding earnings for the
are compared
previous
months ending expenses and interest are not comparable with the
year.
$1.690.102 51.989,419
339,600
339,600
422,646
431.955
$918.547 $1,227,172
Balance
la"Last complete annual report in Financial Chronicle Mar. 19 '32, p. 2143
9 Mos.EndedGross profit
Depreciation
Reserve for taxes
Gulf States Utilities Co.
Gross earnings
Operation
Maintenance
Taxes
-Month of November- -12 Mos. End. Nov.301931.
1932.
1931.
1932.
$459,486 $5,367,754 $6,427,439
$390,677
221,450 2,421.116 2.914,965
177,484
221,597
206,066
19,236
14,141
505,476
415,049
18,582
31,402
Net operating revenue
Inc.from other sources a
$167.648
Balance
Int. & amort. (public)._
$167,648
90.880
1
5200,217 $2,325,522 $2.785,397
6.869
170
$200.047 52.325,522 $2,792,266
1,032,613
1.090,714
91,305
$108,741 $1,234,807 $1,759.652
576.768
Balance
42.786
Interest (Eastern Texas Elec. Co., Del.)
$1,234,807 $1,716,865
Balance
457,333
456,000
Reserve for retirements (accrued)
51,259,532
6
5 :m
$777,
Balance
566.713
Dividends on preferred stock
$692,819
$209,632
Balance for common stock divs. and surplus....
a Principally interest on funds for construction purposes.
p. 1022
MFEast complete annual report in Financial Chronicle Feb. 6, '32,
322
Financial Chronicle
Gulf Power Co.
(A Subsidiary of The Commonwealth & Southern Corp.)
-Month of November- -12 Mos. End. Nov. 301932.
1931.
1932.
1931.
Gross earnings
$66,247
$83.379
$893.534 $1,020,187
Oper. exps., incl. taxes
es maintenance
41,020
47.028
527.764
630.451
Gross income
Fixed charges
$25.227
$36,350
$365,769
170,324
$389.736
161,074
Net income
$195,444
$228,661
Provision for retirement reserve
30,000
30.099
Dividends on 1st preferred stock
67.139
68.062
Balance
$98,304
$130.499
10"Last complete annual report in Financial Chronicle May 21 '32, p. 3824
Hat Corp. of America.
(And Wholly-Owned Subsidiaries)
Earnings for 6 Months Ended Oct. 31 1932.
Sales_
Costs & expenses
32.598,771
2,901,695
Operating loss
Other income
$302,924
31,946
Loss
Depreciation
Interest
•
Net loss
$270,978
43,099
12,366
$326,443
Houston Electric Co.
-Month of December- -12 Mos.End.Dec. 311932.
1931.
1932.
1931.
Gross earnings
$173.646
$215,260 $2,111.945 $2.702.309
Operation
87,045
111.836
1,064,924 1.294,638
Maintenance
21.038
33,441
325,974
408,319
Taxes
14,937
20,183
229,538
251,795
Net oper. revenue_.
$50.625
$49,799
$491.507
$747,556
Int. es amortiz. (public)
24,441
26.602
296.380
318,590
Balance_ x
$26,183
$23,197
$195,127
$428,966
x Interest on 8% secured income bonds is deducted from surplus when
declared and paid. Last payment was Feb. 1 1932 and interest for 11
months since then not declared or paid is $22,000 and is not included
In this statement.
During the last 32 years the company has expended for maintenance a
7
total of 13.350 of the entire gross earnings over this period, and in addition during this period has set aside for reserves or retained as surplus
a total of 9.69% of these gross earnings.
Illinois Bell Telephone Co.
-Month of November- -11 Mos. Ended Nov. 301932.
1931.
1932.
1931.
Telephone oper. revenues $6,102,789 $7,136,360 $72,191,866 $81,850,103
Telephone open expenses 4,392,740 5,131,901 51,064,308 56,475,129
' Net teleph. oper. revs_ $1,710,049 $2,004,459 $21,127,558 $25,374,974
Uncollect. oper.revenues
62.690
52,680
705,602
526,927
Taxes assignable to oper.
648,677
753,902 8,534,790 9,577,418
Operating income_ _ _ _
$998,682 $1,197,877 $11,887,166 $15.270,629
10
-Last complete annual report in Financial Chronicle Feb. 13'32, p. 1194
Illinois Power Co.
(A Subsidiary of The Commonwealth & Southern Corp.)
-Month of November- -12 Mos. End. Nov. 301932.
1931.
1932.
1931.
Gross earnings
$220,294
$242,456 $2,508,861 $2,837,938
Oper. exps., incl. taxes
& maintenance
140,592
134,418
1,526,715 1.648,436
Gross income
$79,702
$108,037
$982,145 $1,189,501
Fixed charges
356,421
350,476
Net income
$625.724
$839,025
Provision for retirement reserve
150,000
150,000
Dividends on preferred stock
260,097
260,593
Balance
$215,627
$428,432
Interborough Rapid Transit Co.
-Month of November- -5 Mos.End. Nov.301932.
1931.
1932.
1931.
Gross operating revenue $5,086.341 $5,640,570 $24,149,693 $26,940,240
Operating expenses
3.421,927 3,448,736 16,958,982 17.806,830
Net operating revenue $1,664,414
Taxes
189,746
Income from oper__ - $1,474,667
Current rent deductions_
417.444
Balance
$1,057,223
Used for purchase of
assets of enterprise. Dr
63.775
Balance-City & Co__ $1,120,999
Payable to City under
contract No.3
$2,191,83 $7,190,'710 $9,133,410
.
,
202,345
957,824
1,003,880
$1,989.489 $6,232,885 $8,129,529
418.706 2,087.796 2.093,130
$1,570,782 $4,145,089 $6,036.398
27,278
79,477
27,743
$1,598,061 $4,224,566 $6,064,141
422,172
422,172
Gross Inc.from oper_ - $1,120,999 $1,175,888 $44.224,566 $5,641,969
Fixed charges
1.125,948
1,168,485 5,615,161
5,853.487
NetIncome from oper_ def$4.948
$7,403def$1390,594 def$211,518
Non-operating income
3.835
8,148
16,664
38,623
Bal. before deduct.5%
Manhattan div. rent def$1,113
$15 551def$1373,930 def$172,895
Amt. regd. for full div.
rental © 5% on Manhattan Ry. Co. modified guar.stk.,payable
if earned
231.870
231,870 1,159.354
1.159.354
Amt. by which the full
5% Manhattan div.
rental wasearned,Dr $232,983
$216,319 $2,533,284 $1,332,249
Note.
-As of Nov.30 1932, there is still unearned balance of the Subway
preferential of $872.854.02, which the Receivers are entitled to collect from
future Subway earnings. The detail is as follows:
Current
Previous
Year.
Year.
Unearned balance October 31
$1,033,376
$51,685
Earns, in excess of Subway preferential retained
month of November
160,522
51.685
Unearned bal. of Subway preferential, Nov.30_ - $872,854
"Current rent deductions" and "Fixed charges" as stated herein are
based upon the outstanding securities of the company and its ooligations
under leases, without attempting to state the portion of such obligation
which may be assumed by the receivers. They are so stated for comparison
with similar items for the previous year.
The net income as herein stated is before deducting any accrual for
receivership expenses, except minor items such as miscellaneous legal
disbursements.
Wlitst complete annual report in Financial Chronicle Oct. 10 '31, p. 2429
Ian. 14 1933
Illinois Water Service Co.
12 Months Ended Nov.301932.
1931.
Operating revenues
$618.076
$670,510
Operating expenses
222,948
236.071
Maintenance
37,785
43,844
General taxes
44,016
40,078
Net earnings from operations
$313.327
$3350,517
Other income
1.878
1,564
Gross corporate income
$315,205
$352,081
Interest on long-term debt
157,500
156,948
Miscellaneous interest charges
327
4,940
Reserved for retirements,replacements and Federal
income tax and miscellaneous deductions
30,892
29,959
Net income
$126,486
3160,233
Dividends on preferred stock
53,400
53,400
Note.
-Interest on amounts due affiliated companies is subordinated to
the payment of preferred stock dividends.
larLast complete annual report in Financial Chronicle April 16 '32, p. 2905
Industrial Rayon Corp.
Period End.Dec.31- 1932-3 Mos.-1931.
1932-12 Mos.-1931.
Net profit after deprec.,
int. & Federal taxes
$448,179
$25,920
$237,251
$683,891
Shares com, stock out
standing (no par)
144,299
144,999
144,299
144,999
Earnings per share_
$3.10
$1.97
$1.64
$4.71
Detailed income statement for quarter ended Dec. 31 1932 follows:
Operating profit,$614,948: depreciation,$146,938: interest, $2,131; Federal
taxes, 317,700; net profit, $448,179.
Gross earnings
Operation
Maintenance
Taxes
(The) Key West Electric Co.
-Month of November- -12 Mos. End. Nov. 301931.
1932.
1932.
1931.
$16,695
$14,665
$189,471
$211,254
5,542
6,557
78.,496
44,362
1,202
1,484
22,188
15,957
1.908
372
20,814
18,319
$5.719
2.274
$8,562
2,307
$67,970
27.367
$92,615
27,944
$3,445
Balance
Reserve for retirements (accrued)
,
Balance
Dividends on preferred stock
$6.254
$40,603
18,333
$64,670
2,500
Net operating revenue
Interest & amortization_
$22,269
24,500
$62,170
24,500
common stock, diva. and surplus__
Balance for
def$2,230
$337,670
During the last 25 years the company has expended for maintenance a
total of 9.25% of the entire gross earnings over this period, and in addition
during this period has set aside for reserves or retained as surplus a total
ef 15.81% of these gross earnings.
Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1022
IN'
Mississippi Power Co.
(A Subsidiary of The Commonwealth & Southern Corp.)
-Month of November- -12 Mos.End.Nov. 301931.
1932.
1932.
1931.
$286.150 $3,043,234 $3,360,751
$245,682
Gross earnings
Oper. exps., incl. taxes
202,513 1.989,159 2,160.684
145,386
& maintenance
$83,636 $1,054,074 $1,200.066
762,215
716.195
Net income
$291,859
$483,871
Provision for retirement reserve
73.200
73,050
Dividends on 1st preferred stock
279.021
267,000
Balance
def$60.362
$143,821
Last complete annual report in Financial Chronicle July 23 '32, p. 629
Gross income
Fixed charges
$100.296
Ohio Water Service Co.
1932.
12 Months Ended Nov. 30Operating revenues
Operating expenses
Maintenance
21,726
General taxes
72.921
1931.
'11T:123 'T11:211
24.451
Net earnings from operation
Other income
$225,899
18,910
78,014
$265,316
19,899
Gross corporate income
$244,808
$285,215
Interest on long term debt
191,000
189,262
Miscellaneous interestcharges7,200
Interest on construction capitalized
All
Cr44.317
Reserved for retirements. replacements and Federal
Income tax and miscellaneous deductions
36,397
43,369
Net income
$16,908
$89,700
x Dividends on preferred stock
75.841
x Preferred dividends for the year ended Nov. 30 1932. in the amount of
377.284 have not been declared, nor accrued on books, but are cumulative.
-The preferred dividends for the year ended Nov. 30 1931 include
Note.
$3,219 dividends accrued on preferred stock, which have not been declared
or paid, dividends having been omitted since Nov. 16 1931.
rarLast complete annual report in Financial Chronicle April 16'32, p. 2908
Pacific Telephone & Telegraph Co.
-Month of November- -11 Mos. Ended Nov.301932.
1931.
1932.
1931.
Telephone oper. revenues $4,353,876 $5,057,622 $51,456,417 $57,531.494
Telephone oper.expenses 2,878.335 3,475,471 34,043,537 38,894,364
Net teleph. oper.revs.. $1,475,541 *1.582,151 $17,412,880 $18,837,130
Uncollect. oper. revs--40.700
42,000
559.200
460,200
514,302
Taxes assignable to oper.
486,538 5,616,226 5,565,071
Operating income_
3920.539 31.053,613 $11,207,454 $12,811,859
tarLast complete annual report in Financial Chronicle Feb. 27 '32, p. 1579
Pittsburgh Suburban Water Service Co.
12 Months Ended Nov. 301932.
1931.
Operating revenues
$330,188
$336,502
Operating expenses
103.917
124,106
Maintenance
15,163
15,688
General taxes
8,084
9,784
Net earning from operation
$212,001
$186,924
Other income
372
703
Gross corporate income
$212,374
$187,627
Interest on long term debt
94,659
92,256
Miscellaneous interest charges
178
Reserved for retirements, replacements and Federal income tax and miscell. deductions
28,565
24,171
Net income
$89.149
$71,021
Dividends on preferred stock
27,500
27,500
a"Last complete annual report in Financial Chronicle April 16'32, p.2908
323
Financial Chronicle
Volume 136
Nov. 301931.
1348,865
150.734
21,182
36.895
Savannah Electric & Power Co.
-Month of November- -12 fibs.End. Noe.30-1931.
1932.
1931.
1932.
$153.311
$172,689 81,923.771 $2.075,063
Gross earnings
727,636
657,739
54,419
53.528
Operation
121,203
118.402
10,804
12,189
Maintenance
210,428
208,855
17,432
14,511
Texas
Ponce Electric Co.
-Month of November- -12 Mos. Encl.
1931.
1932.
1932.
$24,775
$329,749
$25,698
9.445
124,996
9,659
18,207
2,079
862
1,550
41,683
3,592
Gross earnings
Operation
Maintenance
Taxes
811,584
74
$11,699
206
$144,863
893
8140.053
1.049
Net operating revenue
Interest and amortiz
$72,191
34.350
$90,923
34.240
$938.773 $1.015.795
421,211
411.221
Balance
$11.509
Reserve for retirements (accrued)
$11,493
$143.969
40,000
8139,003
40,000
$37.841
Balance
Reserves for retirements (accrued)
856.682
1527.552
137.500
$103,969
26,097
$99,003
26,341
Net operating revenue
Interest charges
Balance
Dividends on preferred stock
$72,662
$77,872
Balance for common stock divs. and surplus___
During the last 30 years, the company and its predecessor companies have
expended for maintenance a total of 7.76 7 of the entire gross earnings
over this period, and in addition during this period have set aside for
reserves or retained as surplus a total of 10.32% of these gross earnings.
'Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1023
$654,533 $1,831,109
227.847
161,693
26.896
34,978
397.853
326,478
339
500
61.944
61,944
8,114
34.463
23.669
41.333
$981,626
• Net income applicable to parent company_- - x$95,966
x There has been charged directly to reserves created from surplus a
net loss of :32,964,713 from sales of securities and a write-down of $807,191
in the book value of securities. The reserves created from surplus have
been credited with the amount of $214,630 representing adjustments of
book values to quoted market prices current at Nov. 30 1932. y Includes
an amount of $165,497 accrued to and paid on July 15 1932 on the notes
of Buenos Aires Central RR. & Terminal Co., payment having been made
from funds provided by the corporation under contract dated June 15 1931
to enable the Terminal company to complete the construction of its subway
and to meet current interest obligations. No accrual of interest on these
notes has been made for the period from July 15 to Nov. 30 1932.
-Above statement does not include operations of certain sub.
Note.
cos.. viz.: Central Public Service Co. and Indiana Consumers Gas &
By-Products Co.
• rif'Last complete annual report in Financial chronicle July 30 '32, p. 812
Puget Sound Power & Light Co.
Gross earnings
(aeration
Maintenance
Taxes
$573,750
$390,052
Balance
207.519
209,056
Dividends on preferred and debenture stock
$366.231
$180.996
Balance for common stock dive. and surplus-During the last 30 years the company and its predecessor companies have
expended for maintenance, a total of 8.51% of the entire gross earnings
over this period, and in addition during this period have set aside for
reserves or retained as surplus a total of 7.78% of these gross earnings.
10 Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1024
Scranton-Spring Brook Water Service Co.
Public Utility Holding Corp. of America.
(Incl. South American Rye. and United States & Overseas Corp.)
1931.
1932.
6 Months Ended Nov. 30'8609.733 $1,323,026
Interest earned •
42,994
336,311
Dividends earned
102,626
1,628
Commissions
68,965
Discount earned
181
177
Other income
Total income
General expenses
Management fee of subsidiary
Amortization of organization expenses
Interest
Deprec.offurniture & fixtures
Amortization of discount on funded debt
Taxes (other than Federal income tax)
Provision for Federal income tax
Minority interests in net income of subsidiary-
$594,853
20.833
(And Subsidiary Companies).
-Month of November- -12 Mos. End. Nov. 301932.
1931.
1931.
1932.
$1,137,527 $1,305,582 13,727,563 $15,890,040
512.705 5.289,733 6.660,779
424.006
935,125
691,065
63,560
50,072
998,370
83.278
1,073,078
96,124
12 Months Ended Nov. 30Water revenues
Gas revenues
1931.
1932.
13,922,397 $4.011 818
1,130,772
1,075.276
Total revenue
Operating expenses
Maintenance
General taxes
Contingency reserve
$4.997.673 15,142.590
1,182.746
1,119,449
269,899
241.372
164,057
156.977
170.000
Net earnings from operation
Other income
$3,309.874 $3,525,889
15,157
13,824
$3,323,698 83,541.045
Gross corporate income
1.572,445
1,646.100
Interest on mortgage debt
147,155
111,476
Interest on gold notes
Reserved for retirements and replacements. Fed357,350
394,039
deductions
eral income tax and miscell.
$1.172,083 31.464.096
Net income
6411,377
a
Dividends on preferred stock
intercompany advance has been sub-Interest on $5 029 100
Note.
ordinated to the payment of preferred dividends.
but
a $412,125 which have not been declared or accrued on the books,
which are cumulative, are not included in preferred dividends for the year
ending Nov. 30 1932. b Includes $17,172 dividends accrued which have
not been declared or paid, dividends having been omitted since Nov. 15
1931.
10PLast complete annual report in Financial Chronicle April 30'32, p.3274
Southern Indiana Gas & Electric Co.
(A Subsidiary of The Commonwealth & Southern Corp.)
-Month of November- -12 Mos.End.Nov.301931.
1932.
1931.
1932.
8265,821 82.996.725 $3.284.010
Grass earnings
8235,358
Oper. exps., incl. taxes
134,704 1,595.393 1,760.344
& maintenance
101.032
Gross income
Fixed charges
$134.326
8131.116 81,401.332 81.523.666
336.062
323,295
31.078.036 81.187.603
277.700
277.700
496.847
521,813
Net income
Provision for retirement reserve
Dividends on preferred stock
Net operating revenue
Inc. from other sources*
1567,324
110,438
1646,037 $6,673,685 $7,295,764
1,298,424
1,032,254
110,165
3413.055
$278,523
Balance
IIWEast complete annual report in Financial Chronicle April 30'32, p. 3275
Balance
Interest & amortization_
$677,763
341,270
1756,202 $7,972,110 $8,328,019
341,930 4.098,373 4,017,895
United Light & Power Co.
1931.
1932.
12 Months Ended Nov. 30Gross operating earnings of subsidiary and controlled cos.(after eliminating inter-co. transfers)376,800,439 $83.982,505
32,589.857 35.768.618
Operating expenses
4.158.218 4.832,281
Maintenance,charged to operation
7,920,379 7.785.220
Taxes, general and income
7,508.656 8.742.099
Depreciation
Balance
$414,272 $3.873,736 $4,310.124
$336.492
Reserve for retirements (accrued)
1,252.505
1.306.433
Balance
12,621.231 13.003,690
Dividends on preferred stock
a2,133.850 2.136.508
$487,381
8867,182
, Balance for common stock, divs, and surplus
* Includes interest on funds for construction purposes, current month,
$75.556.25 (1931, $75,239.36), current 12 months. $880,C39.78 (1931.
$634.785.03). a Includes cumulative dividends unpaid or not declared
of $665,475.
pa During the last 32 years, the Company and its predecessor companies
have expended for maintenance a total of 10.12% of the entire gross earnings over this period, and in addition during this period have set aside for
reserves or retained as surplus a total of 7.10% of these gross earnings.
larLast complete annual report in Financial Chronicle Feb. 6 '32, p. 1023
(The) Pullman Co.
•
-Month of November- -11 Mos. Ended Nov. 30
Sleeping Car Operarns- 1932.
1931.
1932.
1931.
Berth revenue
$2,378.377 $3,376,210 $34,483.531 $50,729,617
Beat revenue
,432
474.460 4,162.3876.289.988
Charter of cars
1,258,198
59,980
101,603
797,805
Miscellaneous revenue
202
809
5.832
8,661
Car mileage revenue__ _
170.024
221,118 2,048,855
1,747,072
Contract revenue-'Dr..29,690 def64,161
1,426,313
2,327,666
Total revenues
12,902,326 $4,238,363 $40.072,098 157.705.871
Maintenance of cars_ _ _ _ $1,515,226 81,987,345 $18,542,946 824,097,828
33,536
36,740
All other maintenance__
374,524
420,755
Conducting car operat'm 1.384,740 2,086.251 17.865.731 25.788,273
215,713
277.118 2.535.353
General expenses
2.915,948
$33.149,217 84,387,456 $39.318,556 853.222.805
Total expenses
753,542 4,483,066
Net revenue (or deficit).. def246,890 def149,092
Auxiliary Operations
Total revenues
Total expenses
Net revenue (or def.)_
$54,771
59,949
$68,505
70.664
def$5,178 def$2,159
Total net rev. (or def.)--def$252,068 def$151,251
144,727
171,729
Taxes accrued
$16.150
$80.708 11,037.283 $1,166.358
702,140
721,090
$316,192
120,000
161,488
$4464,218
120,750
136,489
$206,979
$34,703
Balance
jarLast complete annual report in Financial Chronicle April 30'32, p. 3275
18,090.351 111,185.704
Balance available for dividends
Preferred stock dividends
$5.112.884 $7,938,274
x3,600,000 3.600,000
2,559.796
137,804
279.867
2,906.839
4,535
336,056
Balance available for common stock dividends__ 11,512.884 $4,338.274
$1.25
$0.44
Earnings per share
x Includes 32400.000 accrued but not declared.
'Last complete annual report in Financial Chronicle April 16 '32, p. 2900
Gross earnings
Operation
Maintenance
Taxes
Virginia Electric & Power Co.
(And Subsidiary Companies)
-Month of November- -12 Mos.End. Nor.301931.
1932.
1931.
1 3.
81.277.281 11,402,009 315.587,146 816.997,874
530.392 5,682,952 6.515.412
438,733
1.222.179
98.249 1,039.564
75,578
1.476,600
1.436.841
129,954
62.207
Net operating revenue
Inc.from other sources a
(A Subsidiary of The Commonwealth & Southern Corp.)
-Month of November- -12 Mos.End.Nov. 301932.
1931.
1931.
1932.
1194.337 12.176,317 82,497,427
$183,301
Gross earnings
Oper. exps., incl. taxes
1,331,068
113,629 1,139.034
104,177
& maintenance
Net income
Provision for retirement reserve
Dividends on 1st preferred stock
Gross income of United Light & Power Co
Holding company deductions:
Interest on funded debt
Other interest
Amortization of aond discount and expense__
375.649
$769,692 $1,558,715
2,057,393
2.391.971
South Carolina Power Co.
$79.123
Equity of United Lt. & Pow. Co. in earnings of $8.171,637 811.196,087
of subsidiary and controlled companies
112,721
49,239
Earnings of United Light & Power Co
$8,220,877 $11,308,808
Balance
123,104
130.526
Expenses of United Light S: Power Co
$760.084 $1,047,639
743,933
971,990
Oper.Income (or loss)_def$423,797 def$295,979df$1,287,700 $2,166,743
Gross income
Fixed charges
Net earns,from oper'ns ofsub. & controlled cos-$24,623,329 $26,854,288
4,052.024
Non-operating income of sub. & controlled cos__ 2,981.013
_S27,604.342 $30.906.311
Total income of sub. and controlled companies_ 11,364,695 10,747.777
Interest on bonds, notes,&c
815,139
758,613
Amortization of bond & stock discount & expense
4,352,968 4.393,555
Dividends on preferred stocks
attributable to min.cont.stk- 2.956,429 3.753,752
Proportion of earns.,
$700.760
2,816
3643.413 17.427.787 17.783.682
34.466
60,746
2,946
Balance
Interest and amortiz_ _ _
8703.577
161,806
8646,359 17.462,253 37.844,429
1.931.183
157.041
1.836,790
$541,771
•
Balance
Reserve for retirements (accrued)
8489.317 85.531.069 86,007,638
1.825,000 2.100,000
13.706.069 83,907,638
Balance
Dividends on preferred stock
1,171.415 1.170,745
Balance for common stock divs, and surplus_ 12.534.654 32.736.893
a Interest on funds for construction purposes.
During the last 22 years the company has expended for maintenance a
total of 10.85% of the entire gross earnings over this period, and in addition during this same period has set aside for reserves or retained as surplus
a total of 13.17% of these gross earnings.
Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1025
Financial Chronicle
324
Southern Canada Power Co., Ltd.
12 Months Ended November 301932.
1931.
Gross earnings
12.206,559 $2,344,955
Operating & maintenance
783.775
917,716
Net earnings
$1,423,081 $1,427,239
'Last complete annual report in Financial Chronicle Dec. 3 '32, p. 3857
(The) Western Public Service Co.
(And Subsidiary Companies)
-Month of November- -12 Mos. End. Nov.301931.
1932.
1931.
Gross earnings
$166,i99
12,093.009 32.494.354
$199,542
Operation
89,250
100,731
1,103.558 1,325.236
Maintenance
7,014
8,452
88,241
95.298
Taxes
18,952
b2,747
139.359
138.483
Net operating revenue
$51.082
193,106
$761,849
$935,335
Inc.from other sources a
440
3,425
6.719
Balance
151.032
$93.547
$765,274
$942.055
Interest and amortiz_ _ _
29,472
23,886
293,562
285,944
Balance
121,610
$69,661
1471,711
$656,111
Note interest (Eastern
Texas Elec. Co., Del.)
5.230
19,106
220,395
a-207.173
Balance
$16,380
850,554
$251,315
1448.937
Reserve for retirements (accrued)
220,000
219,925
Balance
$31,315
1229.009
Dividends on preferred stock
62,596
59,502
Balance for common stock divs, and surplus_ __
c$31,250
1169,206
a Interest on funds for construction purposes. b Credit. c Deficit.
K ='Last complete annual report in Financial Chronicle Mar. 7 '32, p. 3460
--
West Virginia Water Service Co.
12 Months Ended Nov.30Operating revenues
Operating expenses
Maintenance
General taxes
1932.
1931.
11,105,055 11.165.291
405,628
443,711
51,399
56,185
143,994
134,663
Net earnings from operation
Other income
$504,035
$530,731
1,634
2,207
Gross corporate income
/505,669
$532.939
Earnings on new properties for Period prior to
acquisition
96.171
Interest on long term debt
258,000
222.137
Miscellaneous interest charges
9,069
5,912
Reserved for retirements, replacements and Federal income tax and miscellaneous deductions
117,469
50.857
Net income
$121,132
$127,561
x Dividends on preferred stock
23,000
68,985
y Dividends on second Preference stock
12,500
a $76,000 which have not been declared nor accrued on the books but
which are cumulative are not included in the preferred dividends for the
year ended Nov. 30 1932. y The preferred dividends for the year ended
Nov. 30 1931 include $5,000 dividends accrued on second preference stock
which have not been declared or paid, dividends having been omitted
since
Oct. 11931.
"Last complete annual report in Financial Chronicle April 16 '32, p. 2911
FINANCIAL REPORTS
American European Securities Co.
(Annual Report-Year Ended Dec. 31 1932.)
A statement of income and analysis of surplus for the year
ended Dec. 31 1932, a condensed balance sheet and a list
of the securities owned as of that date, showing market
value, are given in the advertising pages of this issue.
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
1932.
1931.
1930.
1929.
$587,619
$856,423
$911,891
$695,556
66,383
45.515
44,954
70.201
2,766
1,569
2,162
8.089
Total gross income__ 1656,767
$903,810
1959,007
$773,847
Int, on funded debt_ --170,497
200,000
200.000
200.000
Int. on accounts payable
66
738
9,902
38,675
Expenses
30,213
29,597
37,118
59,631
Taxes paid and accrued..
3,733
4,935
27.361
8,704
Oper. profit for year,... $452,258
$668,540
1684,625
$466,836
Net loss on sales of securities
1.332,405
399,451
298,119 prof240,186
Profit from the purch. &
retire. of co.'s own bds.
321,110
Net income
$269,059
1356.506
8707.022
Divs, on pref. stock__ _1055$559,037
x25,000
300,000
300,000
295,333
Reserve account
240,000
Transfer to capital acc't
to adjust. pref. stock
sold to Its value in liq_
80,000
Deficit
1554,037
$30,911 sur.$86,506 sur.191,689
Previous surplus
1,361.678 1,392,589
1,306,083
1,214,394
Total surplus
Shs. corn. stk. outstand- $777,641 $1,361,678 11,392,589 $1,306,053
ing (no par)
354,500
354,500
354,500
3e4.500
Earnings per share
Nil
Nil
$0.24
$1.17
x This $25,000 covers the payment of a dividend on the pref. stock
for
one month, the balance of the dividend applicable to the quarter ending
Jan. 31 1932 having been charged to surplus in the year 1931.
Gross income: Cash dive.
Interest on bonds_ _ _
Other income
Jan.
14 1933
Aggregate appraised depreciation on secur. held Dec. 31 1932__$11,865.541
Aggregate appraised depreciation on secur. held Dec. 31 1931.._ 10,474,169
Net appraised depreciation on securities for the year 1932.... $1,391,372
Stock dividends are not treated as income but are entered on the books of
the company by recording only the number of shares received and making
no increase in the cost or book value of the securities involved.
Comparative Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
AssetsLiabilities-$
$
$
$
Cash
162,915
180,931 c Preferred stock.. 5,000,000 5,000,000
•
b Common stock_10,139.510 10,139,510
'18,240,535 20,329,480 d Option warrants
Stock;
615
z615
Bonds
1,190,082
690,586 Funded debt
3,057,000 4,000,000
Funiture and fixInt. on fund debt..
51,025
66,667
tures
706
706 Accrued dividends
50,000
Accr'd int, on bds_
34,955
20,417 General reserve_ -- 600,000
600,000
Accrued taxes_ _ __
3,402
3,654
Surplus
777,641 1,361,678
19,629,194 21,222,123 Total
Total
19,629,194 21,222,123
a Market value of securities Dec 31 1932 $7,565,075; Dec. 31 1931,
110.545,899. b Represented by 354,500 shares of no par value. c Represented by 50,000 shares of no par 16 cum. stock. d There are issued
and outstanding option warrants entitling the holders to purchase at any
time, without limit, 20.500 shs. of common stock at a price of $12.50 per
share.
-V. 135, p. 2667.
American International Corp.
(Annual Report-Year Ended Dec. 31 1932.)
A balance sheet giving effect to proposed reduction in stated
value of common stock from $15 per share to $1 per share is
given on a subsequent page.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED DEC. 31.
1931.
1932.
1930.
1929.
Interest revenue
1455.168
3525,899
$530,222
$444.556
Dividends
825,462
1,362,777 1,909,599 • 1,974,556
Profit on sales of securs_
3,112,888 8,264,747
Profit on syndicate and
credit participations__
6.026
152,385
Miscellaneous income_ _ _
10.403
11,933
4,315
12,160
Total
Deduct- Expenses
Taxes
Interest
11,284,946 $1,902,081 35,570,969 310,848,408
303,432
410,697
443,059
432.778
29,627
38,240
400.000
70.873
930,828
1,284,253 1,397,774
1,305,723
Net earnings
121,058
1168.859 13.330,136 49,039.033
Burp. at begin. of year_ _x10.448,975 x9,821,656 16,902,631 14,408,988
Amts transferred from
reserve for securities
8,000.000
Amount trans. from res.
for conting
y341,613
Excess of face value over
cost of treasury debs
1,597.955
664,325
Miscell. credits (net).. _ 10,225
128,305
Gross surplus
$12,719,829 $18,654,871 120,232,767 123,576.327
Dividends
2,059,916 1,979,771
Divs, paid in stock
617,970
593,925
Realized loss on sale of
securities (net)
7.248,259 6.950.662
Prov. for adjust, of book
values of:
Sociedade Anonyma
Marvin
82,072
209.569
Proprietary Co., wholly owned
25,692
329.129
Particip. in time loan..
51,933
Accts. rec., trustees
under employ. prof.
shar. plan
Cr61,477
676,430
Excess of cost over
stated value of treas.
stock
5,898
37,567
Misc. adjust. (net)_
2,535
Additional provision for
reserves for securities.
7.835,330 4,100,000
Discount on debentures
acquired for treasury.
Cr102,105
Total surplus
45,367,421 1110,448,978 49,821,656 $16,902,631
Shs. common strock outstanding (no par)
1,055,586
1,056.310
1,060,955
1,019,767
Earned per share
10.02
$0.16
13.14
$8.86
x Includes capital surplus of $5,009,226. y After providing $300,000
for company's estimate of maximum liability for additional taxes of prior
years under protest.
-The excess of cost over valuation of company's securities has
Note
decreased $3,565,512 since Dec. 311931.
GENERAL BALANCE SHEET DEC. 31.
1932.
1931.
1932.
AssetsMobilflies
$
Cash
1,087,165 5,198,134 Common stock_ _y15,833,790 15,844,6.
19 1
50
Partic. in time Ins 127,833
179,767 20-year cony, gold
Trustees under emdebentures
14,182,000 20,967,000
ploy. prof.-sharAccrued int. pay.
Mg plan
177,907
116,430 on debentures
577,361
390,032
Miscell.invest_
82,073 N. Y. State taxes
Acc'ts receivable
375,060
196,439 accr
16,445
Invest.inSociedade
Res.for cos. est. of
Anonyma Marmax. 'lab. for
vin
1
addlt. taxes of
Proprietary cos.,
prior yrs. under
436,448
wholly owned.... 387,243
300,000
protest
Securities owned.:33,840,439 42,206,151 Accounts payable.
24,103
9,543
Accrued interest._ 117,666
14,085
14,252
154,687 Def. credit Items
37,862
Reserve for taxes....
655,922
Res. for coining's.
Earned surplus__ 358,195 5,439,753
Capital surplus...... 5,009,226 5,009,226
Total
36,113,317 48,570,130 Total
36,113,316 48,570,130
x On Dec. 31 1932 securities at a coat of $33.540,439 had a market value
of $16,226,001, or a deficiency of 317,614.439. y Represented by 1.055,556
(1,056,370 in 1931) shares of no par value (excluding 5,369 (4,646 in 1931)
shares in treasury)
.-V. 134. p. 3099.
enerat Corporate anb linbegtment
STEAM RAILROADS.
Surplus Freight Cars.
-Class I railroads on Dec. 14 had 648.982 surplus
freight cars in good repair and immediately available for service, the car
service division of the American Railway Association announced. This was
an increase of 27,351 compared with Nov. 30. at which time there were
621.631 surplus freight cars. Surplus coal cars on Dec. 14 totaled 209,950,
an increase of 12.226 cars, above the previous period, while surplus box
cars totaled 364,809. an increase of 11.455 cars compared with Nov. 30.
Reports also showed 32.120 surplus stock cars, an increase of 1,967 above
the number on Nov. 30, while surplus refrigerator cars totaled 13,661, an
Increase of 451 for the same period
1,-s. C. Commission Will Refuse Chicago board Plea.
-The I.
-S. C. Commission, probably soon will deny the request of the Chicago Board of Trade
and nine other mid western terminal grain markets for the discontinuance
of the western grain rate investigation. "Wall Street Journal," Jan. 12,
page 4.
Matters Covered in the "Chronicle" of Jan.7.-(a) Monthly report of Railroad Credit Corporation. Loans of 147,114.632 advanced or authorized up
to Dec. 31. p. 76; (b) Three additional roads receive loans aggregating
$4.021,000 from Reconstruction Finance Corporation, p. 78,
Chicago & North Western Ry.-Obituary.Ray N. Van Doren, Vice-President and General Counsel of this company
and of the Chicago St. Paul Minneapolis & Omaha Ry., died on Jan. 12 in
Chicago, Ill. Be was also a director of both companlea.-V. 133, p.3518.
Mobile & Ohio RR.-$454,500 in Bonds Tendered.
-
'I he City Bank Farmers trust Co. received tenders of 1454,500 gen. mtge.
4% bonds of 1938 under an offer of redemption which expired on Jan. 10.
American Rys.—Bondholders' Protective Committee.—
A committee has been formed to protect the holders of the 7% income
gold bonds due Nov. 1 1940, consisting of: Samuel K. Phillips, Chairman,
Philadelphia; David S. Mathers, Vice-Pres., Fidelity-Philadelphia Trust
Co., Philadelphia; Jonathan M. Steere, Vice-Free.. Girard Trust Co.,
Philadelphia. J. Malcolm Hohnston, Sec., N. W.Con. Broad and Chestnut
Sts., Philadelphia, Pa. Dechert, Bok & Smith. counsel, 1320 Packard
Building. Philadelphia, Pa.
Holders of approximately $275,000 out of $942,800 of the bonds outstanding have already given assurance of their deposit with the committee.
Bondholders are requested to deposit their bonds with the Girard Trust
Co., Broad and Chestnut Streets, Philadelphia, as depositary. Bonds
must have attached the Nov. 1 1932 and all subsequent interest coupons.—
V. 135. p. 2489. 1327.
New Orleans Texas & Mexico Ry.—Pledge of Bonds.—
The I.
-S. C. Commission on Jan.6 authorized the company to pledge and
repledge with the Railroad Credit Corporation, as collateral security for
notes of the International-Great Northern RR., $822,300 of International
Great Northern RR. adjustment-mortgage bonds, series A.—V. 135, p.
1160.
New York Central RR.—Cash Sufficient, Says President.
The company is in a satisfactory cash position,according to F.E.Williamson, President, who is quoted as follows:
"The New York Central last year earned enough money to pay its
operating expenses, exclusive of retirements and depreciation, and to pay
its fixed charges, with about $6,000,000 over. It has small maturities coming due this year and its cash position is such that even at the present low
level of business its officers believe it will be able to carry through the year
1933 without serious trouble."—V. 135. p. 4558.
Norfolk Southern RR.—Time Limitfor Deposits.—
The committee for Norfolk & Southern RR. 1st mtge. As of 1941; Raleigh
& Cape Fear Ry. 1st 58 1943, and Raleigh & Southport Ry. 1st 58 1965 (F•
J. Lisman, Chairman) has fixed Feb. 15 as the last day for deposit of the
above mentioned bonds. After said date no further deposits will be received
except at the option of the committee and upon such terms and conditions
as the committee may prescribe.
Holders of the above bonds should deposit the same with Manufacturers
Trust Co., 149 Broadway, New York City, depositary. Norfolk & Southern
5s should have the Nov. 1 1932 and subsequent coupons attached; Raleigh
& Cape Fear 5s should have the Sept. 1 1932 and subsequent coupons
attached; and Raleigh & Southport Es should have the Dec. 1 1932 and
subsequent coupons attached.—V. 135, p. 4382.
Oregon-Washington Railroad & Navigation Co.—
U. S. Supreme Court Says 1.-S. C. Commission Lacks Authority
to Force Company to Build 185 Miles of Road.—See under
"Current Events" on a preceding page.—V. 135, p. 3162.
Philippine Ry.—October Earnings—Correction.—
The earnings statement given in "Chronicle" of Jan. 7, p. 151, is for
the month and 12 months ended October and not for the month and 12
months ended November.—V. 134, p. 3092.
St. Louis-San Francisco Ry.—Jan. 1 Interest Not Paid—
Time for Deposits Under Plan Extended to Feb. 10.—The readjustment managers issued the following notice Jan. 9:
Interest due Jan. 1 1933 on prior lien mortgage bonds, series A and B,
has not been paid and the receivers have advised that no funds are available
for such payment.
More than two-thirds of all bonds affected by the plan have assented to
the plan and substantial additional deposits are being received daily. The
time for deposit under the plan has been extended to the close of business
Feb. 10.
Pays Interest on R. F. C. Loans.
According to a press dispatch from St. Louis, Jan. 8, the receivers have
received authority from Federal Judge C. B. Faris to pay the Reconstruction Finance Corporation 877,932 past due quarterly interest on preious loans.
Two New Bond Groups Seek to Intervene in Rreceivership.—
Two new groups of bondholders, press dispatchesfrom St. Louis on Jan. 11
indicate,entered the receivership contest. One group is headed by Harold E.
Mellon, of New York, as Chairman, and the amount of its holdings is not
shown in the petition for leave to intervene in the suit of Dora and Charles
Gans, of New York, which was the original receivership petition.
The other group of bondholders with holdings stated as amounting to
$100,000 consists of Alfred Pollak and 13 others. The Gans plaintiffs own
$3,500 of bonds and are still contesting the action of Federal Judge C. B.
Faris who appointed receivers on a later petition of a creditor firm, after
refusing to do 80 in the Gans suit.
Attorneys for the receivers gave notice the company would object to
granting leave to intervene to the new groups.
Final Valuation.—
The I.
-S. C. Commission has placed a so-called final valuation of
-San Francisco Ry.system
$209,446,179 upon the properties of the St. Louis
used for common carrier purposes as of dates between June 30 1917 and
June 30 1919, with the main properties valued as of June 30 1918. The
appraisal includes $6,004,758 allowed for working capital.
.As to the St. Louis-San Francisco Hy, and its leased lima, which were
valued as of 1918, the Commission found that the road had outstanding,
on the date of valuation, a total par value of $262,052,344 in stocks and
long-term debts. This included $50,447,026 in common stock, *7,500.000
in preferred stock, and 8204.105,318 in funded debt. Investments of the
Frisco in road and equipment, including land of valuation date, which
was staed in its books at $249,403,243, was reduced to $235,969.564.
Cost of reproduction new of the total used properties of the Frisco as a
whole was fixed at $201,997.715 and at 8155.653,556 less depreciation.
For total owned properties this was fixed at 8147,632,584 and 3113,675,954.
respectively.
The report further found that carrier lands owned or used by the company
were valued at $14,764,180. Its rights in public domain were valued at
$295,554. Non-carrier lands were valued at *1,367.190.
The final value for the railway and its leased lines was fixed at $139.670,000 for its owned and used properties, *271.404 for properties leased
teothers and $53,030,630 for properties which it leases from others. Its
total owned properties were valued at *139.941,404 and its total used
properties at 8192,700,630. Included in the value for the company proper
is $5,770,000 of working capital.—V. 136. p. 155.
South Western RR. of Georgia.—Omits Dividend:—
The semi-annual dividend due Jan. 1 1933 on the outstanding $5,191,100
capital stock, par $100, has been omitted. The last regular semi-annual
distribution of 2;i% was made on June 30
1932'
This road is leased to the Central of Goergia Ry., which was recently
placed in receivership.—V. 110, p. 872; V. 106. p. 710.
PUBLIC UTILITIES.
Matters Covered in the "Chronicle" of Jan. 7.—(a) Smaller percentage decline shown in electric output during month of November, 1932, p. 27.
(b) Revenues from manufactured gas in the United States declined 5.1%
in 1932; sales off 4.8%, p. 27. (c) Electric production lower in Christmas
week. p. 27.
I Alabama-Water-Service Co.—Earnings.- For income statement for 12 months ended Nov. 30 see "Earnings
Department" on a preceding page.—V. 135, p. 4213.
—Allegheny Gas Corp.—Rtmemed--from hist.—
The Chicago Stock Exchange has removed the 635% bonds from the Iii!)
_(
V! 134, p 3094
325
Financial Chronicle
Volume 136
it is announced. The tenders were made at a flat price without interest,
and the average price paid under the offer was 76,515.
I he purchases were made under an order of the Federal District Court
for the Southern District of Alabama entered on Nov. 4. The transaction,
which was furthered by E. E. Morris, receiver for the road, will result in
lowering the company's interest charges. The Mobile & Ohio RR., which is
controlled by the Southern Ry., went into receivership last June.
Redemption was made from a fund of $500,000, of which, after giving
effect to the operation completed on Jan. 10, there remains approximately
$150,000. This balance will be used in redeeming at par an equivalent
amount of the bonds outstanding, selected by lotk according to present
plans. As only $734,000 of the bonds was held by the public, it is assumed
that the further redemption would involve some of the $8,356,000 of bonds
held by the Southern Ry.
The $8,356,000 of Mobile & Ohio bonds held by the Southern Ry. is
pledged under a like amount of Southern Ry. collateral 4% gold bonds
due in 1938. The Mobile & Ohio bonds thus pledged could not be tendered
for redemption at a price less than par. They would be eligible under the
proposed redemption at par by lot, it was said.—V. 135, p. 3854.
American Telephone & Telegraph Co.—Obituary. —
Hugh Blair-Smith, Treasurer of the company since 1921, died on Jan. 11
at Englewood, N. J.
Mr. Blair-Smith was also a director of the Bell Telephone Securities Co.,
the Chase National Bank, the National Shawmut Bank of Boston and the
Citizens National Bank & Trust Co. of Englewood, N J. He was also
Treasurer and a director of the Englewood, N. J., Hospital.—V. 135, P4383.
American & Foreign Power Co., Inc.—Financial Statement.—
S. Z. Mitchell, Chairman and C. E. Calder, Pres. in report to the stockholders, dated Dec.29 state in part:
The operations of the subsidiaries of company are carried on entirely in
foreign countries and the earnings of these subsidiaries are in the currencies
In general use in the 13 countries in which they operate and the books of
accounts of the operating subsidiaries are kept in such currencies. A large
portion of the operating revenues, as with all utility companies wherever
situated, is used to pay the costs of operation, taxes and other charges
within the respective countries in which the properties are located and for
reserves. The balance of these revenues is available for interest, dividends
and other payments in local currencies and, to the extent that the same can
be converted into United States currency and other currencies, for payments
for like purposes in the United States and elsewhere; and there accrues to the
American & Foreign Power Co., Inc., in proportion to its ownership of debt
and of securities of the various controlled companise, a share ofsuch balance
of revenues.
Earnings of operating subs. not needed for costs of operation, taxes,
interest and divs. payable in countries in which the properties are located
and which cannot be remitted in United States currency or moneys of other
countries are being retained in the country of origin or expended currently
by the subs, for additions and improvements and for other corporate purposes.
It has been increasingly difficult to prepare and present a statement of
consolidated income expressed in U. S. dollars. Before the derangement of
foreign exchange the currencies of the countries in which subs. operate
normally fluctuated in small degree, and conversion of these currencies into
U.S. dollars and remittances thereof could be effected. Under those conditions earnings of subsidiaries could be readily calculated in U. S. dollars.
After the exchange derangement, when the value of the currencies in
some of the countries began to vary substantially, the policy was adopted,
as to such countries, of reporting the earnings each month in computing
the statement of consolidated income of company in U. S. currency at the
average daily closing New York cable rates of exchange for such month
for each country.
In some of the countries the "official" rates of exchange have been
changed. For illustration, prior to April 1932, the "official" value of the
Chilean peso in U. S. currency was 12.165 cents. In April 1932, this
"official' value was reduced to 6.06 cents, thus reducing by one-half in
U.S.currency the "official" value of the Chilean pesos held by your Chilean
subsidiaries.
Variations in exchange value of local currencies have continued in increasing amount. In addition, the problem of effecting conversion and
remittance of some of these currencies has become increasingly difficult.
In six of the countries in which subsidiaries operate there is a so-called
"official" or "nominal" rate of exchange and in those countries there are
also limitations on foreign exchange operations which restrict the amount
of money which can be converted directly or indirectly into U. S. currency
or remitted from the country. For lack of a better method company is
continuing the policy, in the comparative statement of consolidated income,
of calculating the earnings in national currencies each month on the basis
of the average daily closing New York cable rates of exchange for the
month, which in the case of these six countries are the "official" rates of
exchange.
Since Ills impossible actually to convert and remit to the U. S. all of the
otherwise available earnings,the statement of consolidated income expressed
in U.S.currency is subject to the ability of the company atsome future time
to effect such conversions and also to the ability to effect such conversions
at the rates of exchange set up from month to month.
The statement of consolidated income (see page 321), subject to the
above qualifications and explanations, is given for comparative purposes
only and should not be understood to represent U. S. currency actually
received or available to American & Foreign Power Co.. Inc. This statement shows a balance of subsidiaries' income for the 12 months ended
Sept. 30 1932, of $17,228,954. However, approximately *9.750,000, or
57%, of this balance is subject to official regulations which severely restrict
conversion into U. S. dollars.
Operating revenues as given in the statement of consolidated income for
the 12 months ended Sept. 30 1932. were $55.289,927, as compared with
*69.458,189 for the 12 months ended Sept. 30 1931, indicating a decrease of
20%, of which decrease more than one-half 113 due to increased depreciation
of exchanges in 1932 as compared with 1931.
In view of the exchange difficulties mentioned, there is given below a
statement showing cash balances and cash receipts in New York and cash
disbursements in or from New York of U.S. currency of American & Foreign
Power Co., Inc. and subsidiaries so that it may be clear just what U. 8'.
currency has been available to meet requirements in U. S. currency and in
currencies of countries other than those where operations of subsidiaries
are carried on. This is important because operating expenses of American
& Foreign Power Co.,Inc., its indebtedness and the interest on its indebtedness are all payable in U. S. currency and various of the subs. have U. S..
British and other foreign currency requirements for expenses, purchases.
interest and other disbursements.
Statement Showing Cash Balances and Cash Receipts in New York and Cash
Disbursements in or From New York of United States Currency.
(Inter-Company Dollar Transactions Eliminated).
Oct. 1 1931 to Sept. 30 1932.
Cash balances (all companies)—U. S. currency, Oct. 1 1931- - - - 84.726,737
Cash receipts—In dollars in N. Y.from countries in
which subsidiaries operate
$13,641,111
Cash transferred back to Mexico
92,000
Conversion into cash of temporary investments__
Int. and diva,received from non-controlled cos_ _ _
Proceeds from sale of securities
Collections of Maur.claims & miscellaneous
Borrowed from Elec. Bond & Share Co
$13,549,111
4.418,629
127,146
153,789
310,802
5.000,000
23.559.476
Total
528.286,213
Cash Disbursements —
Miscell. operating expenses, purchases of materials
& equipment,&c.,including subs
$4.135,517
Taxes
1,249,542
Interest paid by subsidiaries
1,973,444
Interest paid by American & Foreign Power Co.,
Inc.on debs., bank and other loans
7,100,016
Dividends paid by subsidiaries
1,254,565
Divs, paid by Amer. & Foreign Power Co.. Inc.
(pref. diva, for period ended Dec.31 1931)
2,837.538
Sinking fund deposits, subsidiaries
346.676
Specific construction expenditures, sub, debt
retired, and other capital expenditures
3.989,752
Total disbursements
$22.887.040
Cash balances (all companies)—U. S.currency. Sept.30 1932--- *5.399.163
326
Financial Chronicle
Jan. 14 1933
Comparatice BalanCe Sheet.
Brazilian Traction, Light & Power Co., Ltd.
-No Div.
The directors on Jan. 12 announced that in view of the continuing
Sept.30'32. June 30'32. Dec. 31 '31.
'Issas$
difficulties of foreign exchange and remittance, no dividend action on ordi$ '
$
nary shares could be taken.
Investments (securities) (book value)494,285,927 494,298,699 491,711,811
4,461,981
3 031 315
4,271.073
Stock distributions of 2% each were made on this issue on June rand
Cash
Loans receivable-subsidiaries
39,043,133 40,341,906 42,972,074
Sept. 1 last; none since.
-V. 135, p. 2652.
3,335,090
2,659,404
Accounts receivable-subsicllaries__ - 3,629,419
278,796 ."
Accounts receivable-others_ _ _
23,235
34,569
----Central Public Service Corp.
-Exchanges Made Under
101,694
Contracts receivable_
104,293
Readjustment Plan.
-See Consolidated Electric & Gas Co.
400
400
Treas.secs, held in trust for subscr_ _
400
23,910,000 23,910,000 23,910.000
cStock & deb. subsc. rights
below.
-V. 135, p. 4383.
7.541,524
7.879,148
Unamortized discount and expense
7,797,961
5,724
214,005
Sundry debits
223,949
Chester Water Service Co.
-Earnings.
For income statement for 12 months ended Nov. 30: ee "Earnings
Total
573,300,723 573,890,473 572,786,735
Department" on a preceding page.
-V. 135, p. 4213.
LiabilitiesaCapital stock (no par value)
393,938,272 393,938,272 393,938,272
Citizens Gas Co. (of Indianapolis).-Tenders.-2,180
2,180
2,180
b Capital stock subscribed
The Bankers Trust Co., primary trustee, 16 Wall St., N. Y. City, will
Gold debentures, 5% series due 2030- 50,000,000 50,000,000 50,000,000
until Feb. 8 receive bids for the sale to it of 1st & ref. mtge. sinking fund
Notes and loans payable:
gold bonds to an amount sufficient to exhaust $50,759 at a price not exceed50,000,000 50,000.000 50,000,000
Banks
-Due Oct. 26 1932_
ing 108 and interest.
-V. 135, p. 2173.
(In April 1932, contracts were
made giving the right to ex-Van Sweringens Get Delay.Cleveland Ry.
tend due date of these notes to
-V. 135, p. 4384.
See Metroolitan Utilities, Inc., below.
P
Oct. 26 1933)
.
•
30,000,000-___
35,000,000 35,000,000
Electric Bond & Share Co
Commonwealth Light & Power Co.
-Receivership.(In April 1932, funded by 7%
Federal Judge Walter 0. Lindley at Chicago Jan. 9 appointed James E.
two-year note maturing April
Johnson. Vice-Pres. of the Illinois Power & Light Corp., temporary equity
15 1934).
receiver. The company consented to the action brought by Federal receivers
2,203,500
Subsidiary-Far East Power Corp
-V.136, p. 157.
for the Middle West Utilities Co.
1,418,769
Dividends declared..
99,833
101,646
Contracts payable
99.833
Commonwealth & Southern Corp.-Annual Production.
223,437
63,664
39,161
Accounts payable
Total output of the corporation's properties for the year ended Dec. 31
3,031,189 3,139,019
Accrued accounts
3,048,737
1932 was 5,070,390.067 kwh. as compared with 5,705.112,604 kwh. for the
55,440
Subscr. to pref. stocks of subs
12 months ended Dec. 31 1931, a decrease of 634,722,537 kwh., or ap400
400
Treas. secs.
-Held for subscribers......
400
proxitaateltput 0 %
Tom l ouy ll.13 th
f .
cStock & debenture subscriptions__ -- 23,910,000 23,910,000 23,910,000
e corporation's properties for the year ended Dec. 31
4,386
Sundry credits
1,837
1932 was 8,008,388.100 cubic feet as compared with 8.937,292,800 cubic
16,695
16,695
16,695
Reserve
feet for the 12 months ended Dec. 31 1931, a decrease of 928,904,700 cubic
Surplus
17,243,607 17,823,853 17,777,376
feet, or 10.39%. This decrease is partly because of the change over in
Illinois early in the year from manufactured to natural gas.
-V. 135, p.
573.300,723 573,890,473 572,786.735
-Total
1487.
June 30 '32.
Dec. 31 '31.
Sept. 30 '32.
a Represented by:
-Supervision to Be
*Consolidated Electric & Gas Co.
Prof. stk. ($7) (val. in
liquid. $100 a sh. &
Assumed by Stone & Webster, Inc.
she
. 478,995 she. 478,995
accumulated divs_ _ _ _ 478,995 shAt a meeting of the directors held on Jan. 10 a contract was entered into
$6 pref. stk. (val. in
by which Stone & Webster, Inc., will immediately assume the superliquid. $100 a sh. &
vision of the Consolidated company's business and the operation of all
387,019 shs. 387,019 she. 387,019 shs.
accumulated dive.)
Its subsidiaries except the Seattle Gas Co.
$6 pref. stk. scrip ctfs.
Subsidiaries covered by the agreement report consolidated gross earnings
6.65 shs.
6.65 shs.
6.65 she.
equivalent to_ _ _ _ _
of approximately $21,000,000 for the year ended Sept. 30 1932 and, with
2d pref. stk., ser. A ($7)
the exception of the Pacific Northwest Public Service Co. and its sub(val. in liquid. $100 a
sidiaries, include substantially all the properties which constituted the
sh. et accumul. divs.)2,662,021 she. 2,680,921 shs. 2,695,187 shs.
Central Public Service Corp. until its recent reorganization.
1,824,030 shs. 1,748,430 shs. 1,691,366 she.
Common stock
The Stone & Webster organization established public utility supervisory
Option warrants to Pur
services 39 years ago. Since that time it has supervised properties in
chase common stock
29 States Canada, Mexico, and the West Indies. Stone & Webster has
6,901,570.8 shs. 6,977,170.8 shs. 7,034,234.8 shs.
equivalent to
no financial affiliation with Consolidated Electric & Gas Co. or its subb Securities to be issued
sidiaries and their association with the properties is brought about wholly
upon payment ofsubthrough a desire of the directors and financial interests to obtain the
scrips. & surrender of
supervision which will best serve the interests of the public and the security
allotment certificates:
holders.
5 shs.
5 shs.
5 she.
Pref. stock ($7)
Col. Albert E. Peirce, under whose direction these properties were
stock, ser.
2d pref.
17 sbs,
organized has resigned as Chairman of the board of the Consolidated
17 shs.
17 shs.
A ($7)
company. He will continue as Chairman of the board of the Central
Option warrants to
Public Utility Corp. and will devote himself to the final consummation
purch. corn. stk.
of the readjustment plan of Central Public Service Corp.
132 shs.
132 shs.
132 she.
equivalent to _
This readjustment plan, which was announced last August, contemplated
c Represents subscription for, and right on payment to receive, securities
exchanging over $73,000,000 principal amount of debt securities and over
of Far East Power Corp. if and as called for payment. Far East Power
2,500,000 shares of preferred and class A stock. It has received wideswhich in turn controls Shanghai Power Co.
Corp. is a controlled subsidiary
spread favorable comment since its announcement and as of the present
-Dividends on the preferred stock ($7) and $6 preferred stock,
time over 46,000 individual holders of the securities involved have accepted
Note.
the exchanges which it contemplated. This number is being increased
which are cumulative, have been paid regularly to Dec. 31 1931. At
daily by additional exchanges. Over $47,000,000 principal amount of
Sept. 30 1932 no provision had been made for unpaid cumulative dividends
that date. Dividends on
debt securities and over 1,500,000 shares of stock have been exchanged.
on those stocks for the nine months ended cumulative, have been paidthe
at
V. 135, p. 1994.
2d preferred stock, series A ($7), which are
irregular intervals. At above balance sheet dates all dividends on latter
period ended Sept. 30 1930. No'--Consolidateci Gas Co. of N. Y.
-Stockholders Increase.
stock had been paid in full through the
The company on Jan. 6 announced that there were 90,986 holders of
provision has been made for unpaid cumulative dividends on this stock
common stock and 22,231 holders of $5 cumulative pref. stock at the end
at any balance sheet date above,
of 1932. These compared with 82,947 and 21,650, respectively, a year
Holders of option warrants are entitled to purchase one share of common
before, an increase of 8,620 holders.
-V. 135, p. 3164.
stock, without limitation as to time, at $25 per share for each option warrant
held, and each share of the company's 2d preferred stock, series A ($ ),
in
when accompanied by four option warrants, will be accepted at $1007 ----- Consolidated Gas, Electric Light & Power Co. of
shares of common stock.
Baltimore.
lieu of cash in payment for four
-Redemption of Series E Bonds.
Current assets and current liabilities of subsidiaries stated in foreign
All of the outianding $44,242,000 series E 53 % 1st ref. mtge. S. f. gold
currencies on the books of such subsidiaries are stated in United States
bonds have been called for payment on March 9 1933 at 105 and int. at
the current cable rates of
currency on the consolidated balance sheets at
the Bank of Manhattan Co. in N. Y. City or at the banking house of
exchange prevailing at the dates of such balance sheets. Exchange adAlex. Brown & Sons in Baltimore, Md., or at the Midland Bank, Ltd., la
justments arising therefrom are applied to the consolidated earned surplus
London, m rlanwi l t nticipalders eomptpitoinon
E an y d,la a the hote red
England,
'
.
at such dates. These exchange adjustments are not included in the stateon Jan.25 1933 (or on such later
consolidated income nor are they applied to the surplus account
ns
ment of
date as its 4% series due 1981 bonds may be delivered to purchasers thereof)
-V. 135, p. 2335.
of the company itself.
of any series E 53i% bonds (called for redemption as stated above) on an
interest yield basis of 1% to March 9 1933, the date of redemption and
Reserved.-Decision Re
Associated Gas & Electric Co.
accrued interest, viz., at the rate of $1,077.44139 for each $1,000 series JD
5; % bond.
,
5
The U. S. District Court at Philadelphia Jan. 10 reserved decision on a
Any person desiring to anticipate redemption of such bonds on
motion by counsel for the Pennsylvania Securities Commission for dismissal
revocation of an order by the Commission
terms may do so by presenting the bonds (with March 1 1933, and allthese
of a suit by the company for the
sub,0
prohibiting the marketing of its 57 and 6% convertible debentures.
sequent coupons attached to coupon bonds and with proper transfer of
Two points were raised before Judge William H. Kirkpatrick. One was
registered bonds) at the principal office of Bankers Trust Co. in the City
number of public utilities
of New York. See also V. 136, p. 157.
whetner the Associated company, which controls a
,
throughout Pennsylvania had any standing in court to question the legality
been disposed
Granville Electric & Gas Co.-Bonds Retired.
of the order inasmuch as all of the convertible debentures havehad authority
Commission
See New York State Electric & Gas Corp. below.
of. The second point raised was whether the
-V..126. p. 576.
to make a broad order prohibiting the sale of convertible debentures simply
not clearly set forth.
Hackensack (N. J.) Water Co.
because the terms of a conversion option were
-Notes Offered.-Priced
Offhand, Judge Kirkpatrick said, he doubted the Commission could make
at 963 and int., to yield 5.75%, offering of $5,500,000 5-year%
such an order in the circumstances and he reserved decision because he
5% secured convertible gold notes was made Jan. 10 by a
wanted more time to consider the other proposition which concerns the
standing of the complainant.
banking group consisting of White, Weld & Co., Kean,.
Counsel for the Associated company made the statement that if the
Taylor & Co. and Roosevelt & Son.
Commission's order was approved by the court the effect would be to "kill"
convertible debentures, because, he added,
the market in Pennsylvania for
Dated Jan, 11933; due Jan. 1 1938. Interest payable J. & J.,
the Commission would have to make an identical order against every other
deduction for present normal Federal income tax up to 2% per without
annum.
corporation which offered that type of security to the public.
Penn. and Conn. 4 mills tax and Mass, tax measured by income, not
company to attack the ComIn challenging the right of the Associated
exceeding 6% per annum, refundable. Principal and int. payable at the
mission's order, W. H. Neely, Deputy Attorny-General called the Court's
company's office in Weehawken, N. J., or at its office or agency in the
attention to a typewritten notation on the circular issued by the company's
Borough of Manhattan, New York. Denom. $1,000c5. Callable at any
time on 30 days' notice as a whole, or in parts of not less than $1,000,000
agent, which stated that the convertible debentures were not a new issue.
,
was not to prohibit
by lot, for redemption after Dec. 31 1933, to and including June 30 1934,
He said that what the Commission did by its order all been disposed of,
they have
at 102; thereafter to and incl. June 30 1935 at 101: thereafter to and incl.
the sale of the convertible securities becausestock of the Broad River Power
Dec. 31 1935 at 100%; thereafter and before maturity at 1003i; with
but to stop their exchange for 6% preferred reason for the order, he said,
accrued int. in each case. New York Trust Co., New York, trustee.
Co. and the General Gas & Electric Co. The was to make the conversion
was that the terms under which the company
Data from Letter of Pres. Nicholas S. Hill Jr., Jan. 9.
were not clearly defined and he maintained the Commission had the authorcircumstances.
Company.-Incorp. in 1869. Company and wholly owned subs, supply
ity to make such an order under those
water without competition to 51 municipalities located in eastern part of
Months.Bergen County and in Hudson County, N. J., in which are included EngleOutput of Gas and Electricity for Past 12
wood, Hackensack, Teaneck, Tenafly, Rutherford, Unoin City and WeeThe Associated System reports electric output for the 12 months ended
hawken and to communities in Rockland County, N. Y. Total present
Dec. 31 1932, excluding sales to other utilities, of 2,504,608,835 units
population of territory estimated at over 400,000. About 91_% of gross
(kwh.). This was 213,436,247 units, or 7.9% below the total of 2,718,operating revenue is derived from directly owned properties of Hackensack
045,082 units for the year 1931.
Water Co.and the balance from operations of subsidiaries.
During the month of December electric output decreased but 5.3%
is indicative of some imCompany and wholly owned subs, own and operate over 967 miles of
from the corresponding month of 1931, whichover earlier months. The
water mains and impound the flow of surface water from a shed 116 square
provement in the closing months of last year
miles in area, including the upper part of the Hackensack River and its
the Associated System in December
amount of electricity generated by
tributaries. Principal communities served in Rockland County are supplied
was 219,355,639 units, a decrease of 12,317,156 units.with some industrial
from a series of driven wells having a capacity of over 3,000,000 gallons
Continued cold weather during the month, together
December
daily. Company has always provided for the development of the territory
gains, effected an increase of 56,413,400 cubic feet,for 3.7% in thecubic feet.
served and believes that ample supplies of water can be provided as required.
gas sendout by Associated properties to a total of 1,592,674,200feet, a deThe facilities of the company and its subs.include a modern filtration plant
sendout in 1032 totaled 16.963,159,800 cubic
Twelve months
of 48,000,000 gallons per day capacity, two impounding reservoirs with a
crease of 809,878,100 cubic feet, or 4.6% under the total of 17,773,037,900
total capacity of 3,700,000.000 gallons, pumping stations, hydrants and,
reported for 1931.-1'. 135, P. 4559.
cubid feet
Volume 136
Financial Chronicle
other appurtenances necessary to a complete water supply system. Company has a pumping capacity of 84,000,000 gallons Per day.
CapitalizationAuthorized. Outstanding.
1st mtge.4% 50
-year gold bonds,due July 1 1952_ _ Closed
$4,750,000
Gen. & ref. mtge. 5% gold bonds, series A, due
•
June 15 1977
4,000,000
yG en.& ref. mtge.5%% gold bonds,series B
5
-year 5% secured cony. gold notes (this issue)
5.500,000
$5,500,000
7% cum. pref. class A stock ($25 par)
1,500,000
6,000.000
Common stock ($25 par)
20,000,000 7.687,500
* Issue of additional bonds limited by mortgage restrictions.
y Issued $5,500,000, all pledged as security for the $5,500,000 5
-year
5% secured convertible gold notes.
Earnings.
-The number of meters in service, the consolidated gross
revenues and the consolidated net earnings after depreciation but before
interest charges and Federal income taxes, of the company and its wholly
owned subsidiaries, during recent years, have been as follows:
Consolidated
Interest
aConsol.
No. of
Interest
Gross
Times
Net
Cal. YearsMeters. Revenues.
Earnings.
Charges.
Earned.
1927
65,488 $2,707,000
$387,094
$934,391
2.41
1928
68,792 2,895,766
1,044,700
456,405
2.28
192971,477
1,526,672
.
2.81
1930
73,266 3.708,981
576,315
1.701.466
2.95
1931
74.491 3,692,527
581,498
1,664.191
2.86
19326
75,238 3,698,240
1,651,018
675,170
2.44
a Alter depreciation but before int. charges and Federal Income taxes.
b 12 months ended Nov. 30.
Such consolidated net earnings, after depreciation, as above, for the
five years ended Dec. 31 1931 have averaged $1,374,284 per annum, or
2.70 times average total interest charges. After giving effect to the sale of
$5,500,000 notes and to the retirement of all short term notes payable,
such earnings for the 12 months ended Nov. 30 1932 were over 2.42 times
total annual interest requirements, and were over 2.33 times such requirements after giving effect to the present financing and to complete conversion of this issue of notes into a like amount of gen. & refund. mtge.
5j% gold bonds, series B.
Cash dividends have been paid on the company's common stock ($25
par) in each year since 1888 at not less than the rate of 8% per year, with
the exception of 1921 and 1922, when the rates were 3% and 4%, respectively.
Security.
-Secured by pledge of the company's general & refunding mtge.
5%% gold bonds, series B, due June 15 1977, in a principal amount equal
to the principal amount of notes from time to time outstanding.
Convertibility.-Notes are convertible at holder's option,into like principal
amount of general & refunding mortgage 5%% gold bonds, series B due
June 15 1977, at any time up to and including June 30 1937, with adjustment for interest in each case. In the case of notes called for redemption
prior to June 30 1937, conversion privilege is to expire on date fixed for
redemption. Interest on the series B bonds is to be payable Jan. 1 and
July 1, without deductoln for present normal Federal income tax up to
2% per annum. Penn. and Conn. 4 mills tax and Mass, tax measured by
income, not exceeding 6% per annum, on the series B bonds, are to be refundable upon application withint 60 days. So long as any of company's
gen. & ref. mtge. 5% gold bonds,series A,shall be outstanding, no series B
bonds shall be redeemed; subject to the foregoing, the series B bonds are
to be red. as a whole on any int, date on 60 days'notice, to and incl. Dec.31
1935 at 108; thereafter to and incl. Dec. 31 1938 at 107%; thereafter to and
incl. Dec. 31 1941 at 107; thereafter to and incl. Dec. 31 1944 at 105%;
thereafter to and incl. Dec. 31 1947 at 103%;thereafter to and incl. Dec.31
1950 at 102; thereafter and before maturity at 101; with accrued int. in
each case.
Purpose -Proceeds will be used to retire short term notes of the company
incurred to provide for permanent additions and for other corporate purposes.
Consolidated Balance Sheet Nov. 30 1932.
[Adjusted to give effect to sale of $5,500,000 5% notes, and to retirement
of all short term notes payable.)
Liabilities
Plant
$28,972,218 7% pref. class A stock
$1,500,000
Intangible fixed capital
1,767,245 Common stock
7,887,500
Securities & investments....
80,350 Funded debt (see above)
14,250,000
Cash
779,387 Mortgages payable
121,800
Water rents & accts. rec
592,046 Accounts payable
109,900
Inventories
214,926 Accrued charges
628,743
Unamort. debt disc. dc exp..- 1.024,094 Reserve for dividends
230,625
Suspense items
1,078,540 peps. for extens. of serv. &c. 1,736,790
Res,for retire, of fixed prop__ 3,640,520
Other reserves
16,247
Surplus
4,586,672
Total
534,508,806
Total
$34,508,806
-V. 136. p. 157.
Illinois Water Service Co.
-Earnings.
-
For income statement for 12 months ended Nov. 30 see
"Earnings
Department" on a preceding page.
--Y. 135, p. 4214.
""-- Inland States Service Co.
-Receivership.
Chancellor
Josiah 0. Wolcott at Wilmington.
Marguerite Dugan Bodziak, Wilmington; Luther Jan. 11, appointed Mr.
Lewis of Chicago; and
Edwin H.Brownly of Baltimore, as receivers. The petition for
filed by Samuel R. Morgan of Chicago, charges insolvency. receivership,
The company controls the Omaha Ice & Coal Storage Co. and a
number
of utility companies in Illinois.
--" "Kansas State Telephone Co.-Reorganization Plan.
8. L. Odegard, President of the company, has submitted to holders of
the 1st mtge. 20
-year 6% gold bonds series A. due May
outstanding)a plan for the reorganization of the company as1 1947 ($166,000
already approved
by the officers and board of directors. Under the proposed plan the
Assodated Telephone Utilities,Co. (the parent organization) has agreed to
cancel all of the notes of the Kansas State Telephone Co., totaling $84,300,
now holds, provided the bondholders approve the plan as
which it
submitted.
Under the reorganization plan, holders of each $1.000 principal amount
of outstanding first mortgage 20
-year 6% gold bonds, series A, due May 1
1947 will receive in exchange:
$200 principal amount of 6% first mortgage bonds due May 1 1947, and
Eight shares of $6 no par value non-cumulative, non-voting preferred
stock. The preferred stock will be entitled to $100 per share upon liquidation
before any distribution is made on the common stock, and be redeemable
at $105 per share. It will also carry a provision that no dividends can be
declared on the common stock until dividends of $1.50 per share shall
have
been paid for each of the next preceding eight successive quarters on
the
$8
.preferred stock.
'it is the hope and expectation of the officers and directors of the company." says the statement, "that business will so improve that it
possible to pay dividends on the preferred stock before very long."will be
It is further pointed out, however, that if the bondholders do not give
substantially unanimous agreement and consent to the plan, "the company
will in all probability be forced into bankruptcy. We feel that because
of its present low earnings the company would bring very little in a foreclosure sale, resulting in heavy loss to the bondholders. On the other hand,
if this plan is accepted, the bondholders have a real opportunity to save
their investment."
Income Accounts for Staled Periods.
Year Ended Decentber 31
10 Mos. to
Oct. 31'32.
1931
1930.
1929.
Total operating revenue_
$56,468
$37,538
$65,592
$72,141
Non-operating revenue702
70
10
gross revenues_ Total
$38,240
$56.539
$65,592
$72,151
Total tnaint. & oper.exp.
22,028
33,643
40,979
37,854
State, county & local
10.347
taxes
8.624
10,748
10,323
Federal income taxes_
168
Interest on funded debt10,240
8,437
10.357
10,464
General interest
4,671
4,164
2,598
842
Miscel. deductions
Crl
92
Cr25
Net income available
for deprec.& Burp-- def$5,106
def$2,530
$933
$12.667
327
Louisiana Ice & Utilities, Inc.
-Time for Deposits
Expires Jan. 31.
The protective committee for the 1st mtge. gold bonds,
series
A, due April 1 1946 (Carrol E. Gray Jr., Chairman) in acony. 6% bondletter to
holders states in part:
The committee at present represents $1.816.500 of the total outstanding$2.333.500 bonds, or over 77% thereof. Since organization Dec. 4 1931,
committee has directed its efforts to the protection of the rights of all bondholders. From time to time it has kept all known bondholders advised of
steps which it has taken or caused to be taken to 'protect their rights,the
including the institution of foreclosure and receivership proceedings pursuant
to which receivers have been appointed and are now operating the properties.
Because ofsteps taken recently by unsecured creditors,it may very shortly
become necessary for the committee to take action on behalf of depositing
bondholders which may adversely affect the interests of non-depositing
bondhoders. Therefore, it is essential that the committee know definitely
the amount of bonds it is to represent. To this end, it is necessary for the
committee,in order properly to formulate definite plans for its future action,
to limit the time within which holders of bonds may deposit their securities.
Thecommittee has accordingly by formal resolution limited the time
deposit of bonds to and including the close of business Jan.31 1933. for the
Certain unsecured creditors are challenging the validity
of the lien of the mortgage securing the bonds as to portions and extent
of the properties of the company. It is therefore imperative that a united front be
presented by all of the bondholders in order to protect their rights.
-V.
135
2492.
Lowell (Mass.) Gas Light Co.-Bonds Offered.-Public
offering is being made of an issue of $950,000 1st mtge.51 %
A
gold bonds at 994 and int., yielding 5.55%, by Halsey,
Stuart & Co., Inc. This is the first mortgage financing in
the history of this 84
-year-old utility, it is announced.
Dated Sept. 1 1932; due Sept. 1 1947. Denom. $1,000c*. Int. payable
Mar. & Sept. at office of trustee in Boston. Red. all or part on any int.
date upon 60 days notice as follows: On or before Sept. 1 1936 at 105; thereafter at a reduction of % of 1% in the premium for each 18 months' period
up to March 1 1941; thereafter at a reduction of % of 1% for each year up
to March 11946; thereafter at 10034; accrued int. to be added in each case.
Bonds when issued will meet the present requirements for legal investment.
by savings banks in Mass. and Vermont.
Issuance.
-Approved by the Mass. Department of Public Utilities.
Data from Letter of W. C. Fitkin, President of the company:
Company.
-Incorporated in 1849 in Mass. Does entire gas business in
Lowell. Billerica, Chelmsford, Dracut, Dunstable, Pepperell, Tewksbuu,
Tyngsboro and Westford. Company supplies gas to more than 23,WO
customers in a territory having a population in excess of 133,000. The plant
owned by the company has a daily capacity of over 8,050,000 cubic feet
of manufactured gas, and the distribution system comprises over 269 miles
of mains. All of the physical property of the company has been maintained
in excellent operating condition.
Capitalization to Be Outstanding (after this Financing)
1st mtge 534% gold bonds,due Sept.1 1947
$950.000
6% gold notes, due serially July 1 1933 to Jan. 1 1935
550,000
Capital stock-(50.962 shares, par $25)
1, ,
524 050
Purpose.
-Proceeds will be applied toward the retirement of $1,500,000
3% gold notes of the company.
Security.
-Secured by a first closed mortgage covering all the property
now owned by the company. In addition, the company will covenant that
all after acquired real property will be forthwith placed under the lien of'
the mortgage, subject to liens existing thereon or created at the time of
acquisition.
Earnings, 12 Months Ended November 30.
1931.
1932.
Gross operating revenues (incl. non-oper.rev, net)- $885.134
$824,553
Oper. exp.. maint. & taxes, except Federal taxes__
501,967
508,977
Net earnings before int., depreciation, &c
3383.186
$315,575
Annual interest on 1st mtge. 534s (this issue)
52.250
Depreciation
53.717
.faintenance and Depreciation Fund.
-Company will covenant in the
mortgage to expend, so long as any of these bonds are outstanding, not
less than 1234% of its total gross operating revenues for (1) maintenance,
renewals and-or replacements,(2) for the retirement of these bonds at not
exceeding the then prevailing redemption price, and-or (3) for additions
and-or improvements to its property
Pro Forma Balance Sheet, Nov.30 1932 (After giving effect to presentfinancinge
Assets
Liabilities
Plant, property & equipment _$3,655,883 1st mtge. 534s
$950,000.
Cash in banks & Oil hand....
90,951 6% gold notes
a550,000.
Special deposits with ins. cos_
3,763 Accounts payable
112,730.
Accounts rec.(km reserve)___ 122,264 Accr.Int. on 1st mtge.gold bds
13,062
Materials & supplies
233,958 Other accruals
7.660.
Due from affiliated companies.
713 Consumers' deposits
56,066
Due from American CommonRes.for retirements & rept_
632,767
wealths Power Associates.- 1,508,068 Res. for contrib. for extensions
1,301
Prepaid & deferred charges69,092 Costing. reserves
26.213
Capital stock
1,524,050,
Premium on capital stock_
328,686.
Special surplus account invested in plant
450,000.
Earned surplus
1,032,153
Total
$5,684,692
Total
55,684.692
a $150.000 due July 1 1933; 3200.000 due July 1 1934 and $200,000
July 1 1935. *The auditors state that according to their understanding due
the
principal asset of American Commonwealths Power Associates consists of
59,959 shares of Lowell Gas Light Co. capital stock of which 58.199 shares
are pledged to secure loans. In view of this fact, they express no opinion
as to the collectibility of this account.
Notes.
-No provision is made in balance sheet for certain possible claims
which claims the company does not admit and which its officers state
will
In no event exceed $330,000.
The balance sheet is based on the exchange of $550.000 6% gold notes
for a like amount of 3% gold notes of the company.
Plan for Refinancing 3% Notes Practically Completed-Noteholders Asked to Approve Plan.
-
The plan for refinancing the $1,500,000 3% notes has been practically
completed through (1) the sale of $950,000 1st mtge. 15
-year 5% bonds and
(2) the election of a wholly new board of directors, including
cott, Joseph Wiggin and W. Rodman Peabody. The indentureCharles Walunder
3550.000 new serial notes are Issued provides that until all of these which
notes
are paid, the creditors shall be entitled to representation on
the board.
Sale of the mortgage bonds together with the $550,000 serial
provide for each holder of $5,000 principal amount of 3% notes notes will
the follow:_ $3.170 cash. $500 principal amount of 6% serial
19 3: $655 of similar notes due July 1 1934 and $665 of notes due July 1
similar notes due
Jan. 1 1935. The serial notes will be dated and bear
1932, through which date holders of the past due 3% interest from Dec. 15
notes have been paid
their accrued interest.
Holders of the 3% notes deposited under the
Aug. 16 1932 with the Second National Bank of informal agreement dated
Boston, are being advised
by the Savings Bank Association of Massachusetts,
the
Bank of Boston and Merchants National Bank of Boston Second National
that all the 3% noteholders formally approve the plan. that it is necessary
holders agree to accept the cash and serial notes when In thus assenting,
available for distribution, probably on or before Feb. 8.-V. 135. p.
3523.
Metropolitan
Moratorium.
-
Utilities
Inc.
-Van Sweringens Get
The company received, on Jan. 10,
ob1igation to purchase 51.555,000 wortha three-year moratorium from its
of Cleveland By. stock.
-V. 130.
P. 3710.
Middle West Utilities Co.--Koteq
RPmemodfrt.n
The New York Curb Exchange has removed
from unlisted
P
1
the 57 serial convertible gold notes due serially on
f
Junet 1 4
ra 1 1
9
to 193
V. 13 .P.
328
Financial Chronicle
Ian. 14 1933
-Earnings.
Ohio Water Service Co.
-Tenders.
Montana Power Co.
For income statement for 12 months ended Nov. 30 see "Earnings
will
Y.
The Guaranty Trust Co.. trustee, 140 Broadway, N. and City,
-V. 135, p. 4215.
Department" on a preceding page.
ref. mtge. ,
until 10 a. m.on Jan. 24, receive bids for the sale to it of 1st to an amount
July 1 1943
-Reduces Dividend.
sinking fund gold bonds, series A. 5%, due exceeding 105 and int.-V. --- •-Peninsular Telephone Co.
'
sufficient to exhaust $118,925 at prices not
A quarterly dividend of 25 cents per share has been declared on the com,
135, p. 1995.
sock, no par value, payable Jan. 1 1933 to holders of record Dec. 15. This
1930 to and
per share paid
National Electric Power Co.-Debenture Holders Ad- compares with 35 cents 135, p. 3273. each quarter from April 1
incl. Oct. 1 1932.-V.
vised to File Claims.
-Earnings.
Pittsburgh Suburban Water Service Co.
series
The protective committee for the secured gold debentures. 5%debentheir
For income statement for 12 months ended Nov. 30 see "Earnings
claims
due 1978. is notifying holders that they should file referee on bankruptcy,
-V. 135, p. 4215.
in
Department" on a preceding page.
New York,
tures with Irwin Kurtz, 15 Park Row.
adjudicated
company
by Jan. 17. The notice points out that the limit of six was
Plattsburgh Gas & Electric Co.-Bondholders Receive
months for filing
bankrupt on July 18 last and that since the time
Exchange Offer.
claims is fixed by law, no extension of time for filing is possible.
"Negotiations looking to the development of a reorganization plan have
-V.126, p. 2476.
See New York State Electric & Gas Corp. above.
not,in the opinion
been actively continued." the notice says,"but they have for deposits of deof the committee, reached a point warranting a request debentureholders
-Earnings.
Public Utility Holding Corp. of America.
committee nor an undertaking to act for
bentures with the
For income statement for six months ended Nov. 30 see "Earnin
In filing their proofs of claim. Holders of the debentures should particuon a preceding page.
Department"
for the debentures
larly take note that the security reported to be held small proportion of
Statement of Consolidated Surplus for the Six Months Ended Nov. 30 1932.
cannot now be expected to satisfy more than a very
en$984,027
Earned surplus: Balance, June 1 1932
the debenture debt, and that in respect of the deficiency they will be
bank95,966
Net income for the six months ended Nov. 30 1932
titled to share in any general assets which may be recovered for the
39,581
Adjustment of provision for Federal income tax
rupt estate only if the claims on the debentures are properly proven in the
9,433
-V. 135, p. 4385, 3690.
Decrease of minority int.in cap. stock and surplus ofsub_ _ _ _
bankruptcy proceeding."
-Trading Suspended.
National Gas & Electric Corp.
-V. 135. p. 4034.
See Briggs & Stratton under "Industrials" below.
--Remomd-from"'"National Public Service Corp.-Bonds
--tring priviThe New York Curb Exchange has removed from unlistedoe
es the 5% series secured gold debentures due on Feb. 1 1978/Exchange.
removed from the Chicago St
The debentures have also been
-V. 135. p. 4560.
New York State Electric & Gas Corp.-Retiring Underlying Issues.
The corporation has recently retired all of the $20,000 Chasm Power Co.
the
and $26,500 Granville Electric & Gas Co. bonds and currently, through %
its 4%
General Finance Corp.. has made an attractive offer to exchange Electric
1st mtge. bonds for 5% 1st mtge. bonds of the Plattsburg Gas &
bonds for
Co. due 1939. on the basis of $1,125 principal amount of its own
$1,000 Plattsburg bonds. There were approximately only $235,000 principal
of Plattsburg bonds outstanding on Jan. 3.
amount
Directorate Increased from 5 to 15 Members.
authorized
Corp.
The stockholders of New York State Electric & GasIt washaveannounced
also
an increase in the number of directors from 5 to 15.
the policy of the corporation would be to have territorial representation
that
on the board of directors.
At a meeting of the board the following additional directors were elected:
A. C. Barker, Horace W. Davis, E. Chester Gersten, and Hubert C.
Mandeville. There are four vacancies on the board yet to be filled. It is
expected that three and perhaps four of these vacancies will be filled by
electing additional directors residing in the territory served.
The corporation serves Lockport, Silver Creek, Depew and Lancaster
and contiguous territory (suburbs of Buffalo), and in addition extends
generally throughout the southern tier of New York State including Ithaca,
Binghamton, Norwich, Oneonta. Liberty, Moticello and along the eastern
border line of New York State from a point beginning just below Rouse's
Point to Westchester County including Chateaugay, Plattsburg, Granville,
Chatham, Brewster and contiguous territory.
Individuals heretofore active in the management of the corporation have
also been continued on the board including P. S. Burroughs, C. M. Cadle,
J. M. Daly, H.0. Hopson, S. J. Magee, J. I. Mange and J. H. Pardee.
V. 135. p. 3523.
Northeastern Public Service Coe-Bondholders' Protec-Recites Present Difficulties.
tive Committee Issues Circular.
$1,129,006
Total surplus
7,901
Deduct furniture & fixtures written off
$1,121,105
Earned surplus, Nov. 30 1932
8,306,579
balance, June 1 1932
Capital surplus
Credit adjustment arising through consolidation representing
the excess of principal amount over cost of acquisition by
parent company during the period of a portion of the out1,915,415
standing issue of South American Railways Co. notes
$10,221,995
Total
75,483
Deduct appropriation for special reserve: U.S.& Overseas Corp_
Appropriations for general reserve:
$9,884,063
Parent company
245,467
United States & Overseas Corp
10,129,530
Unamortized discount on funded debt applicable
Railways Co. notes acto South American
16,980
quired by parent company
Fractional differences arising from reacquisition
of stock of United States & Overseas Corp
10,221,995
Total
Statement of Consolidated Special Reserve for Six Months Ended Nov.30 1932.
$7,474,572
Balance June 1 1932
75,484
Transferfrom cap.surplus of U.S.& Overseas Corp
Excess of market value, at current quotations on
Nov. 30 1932, over book value of securities
214,630
having a quoted market
$7,764,686
Total
2,964,713
Deduct: Net loss on sale of securities
Excess of book value over amount of preference
in liquidation of 23,000 shares of Consolidated
Electric & Gas Co. pref. stock, acquired on
807.192
exchange of securities
$3,992,781
Balnce Nov.30 1932
Consolidated Balance Sheet Nov. 30.
1931.
1932.
1931.
1932.
Assets
60,000
a1,760,497 $581,872 Loan payable_. __
Cash
24,796
5,115 Accrued expenses
Accts. receivable_
866,559 General reserve__ _10,129,530
Accrued Inc. rec_ _ 237.579
e28,105,412 32.060.763 Divs. acord. on
Investments
prof.stork of sub
$17.500
Stock of subsidiary
1 Bank loans payable
2,160,000
not consolidated
90,324
8,555 Accounts payable_
Furniture & fixture
Accrd. int. & taxes 100.956
192,658
Unamort. discount
170.345 Fund, debt of sub.
29,477
on funded debt_
guaranteed by
20,054
6.220
Other def. charges
parent co., due
April 15 1933.... 7,614,000 11,491,000
Unearned disct, on
invest. notes_
155,171
Minority infs. In
cap. stk. & sum.
of subsidiaries_ 41,104,650 1,109,518
b Cum. pref. stock 6,350,655 6,350,655
c Class A stook_ _- 500,000
500,000
d Common stock_ 3,133,494 3,133,494
Capital surplus_
8,255,852
Earn. sum.(South
American Rya.
Co.)
267.091
Earned surplus_ - _ 1,121,105
The committee for the gen. lien & coll. trust 5%% gold bonds (James T.
Woodward, Chairman) in a circular dated Jan. 4 states in part:
Company was organized in 1931 in Delaware and in July 1931 acquired
the control of a large number of companies owning and operating water and
electric light properties in Maine, Massachusetts, Connecticut, Pennsylvania, Ohio, Kentucky, Indiana and Illinois, which had formerly been
owned or controlled by Keystone Water Works & Electric Corp., Atlantic
Public Service Corp. and North American Water Works & Electric Corp.
Control of Northeastern Public Service Co. became vested in National
Electric Power Co. through ownership of all of the common stock of NorthNortheastern Utilities Co. which in turn owned all of the common stock of the soeastern Public Service Co. National Electric Power Co. was one of
of properties in the eastern States, whose affairs became
called Insull group
seriously involved in the general collapse of the Insult properties in 1932.
At the time of the acquisition of said properties by Northeastern Public
& roil, trust
Service Co. it issued and had outstanding $5,000,000 1st lien
5%'X, gold bonds, dated July 1 1931, due July 1 1961, and $11,608,900
5%% gold bonds, dated July 11931,due July 1 1961,
gen. lien & coll. trust
in addition to 39.820 shares of cumulative prior preferred stock (no par
Total
30,139,186 33,713,263
value), 53,188 shares of preferred stock (no par value) and 49,101 shares
30,139,186 33,713,263
Total
ofcommon stock(no par value). The gen.lien & coll. trust 5%% gold bonds
a As follows: Deposit by parent company of cash for 20% of principal
were issued under a trust indenture from Northeastern Public Service Co.
Amer can Rya. notes, $1,522,800; general
amount of outstanding South
to Central Hanover Bank & Trust Co., trustee, constituting in effect a
cash, $206,265; cash blocked in Germany, $31.433. b Authorized
second lien on all of the securities and assets pledged under the indenture
300,00000 par shares (5,000.000 in 1931)issued and outstanding, 254,026.2
securing the 1st lien & coll, trust gold bonds. Since July 1 1931, there have
shares $3 dividend series, priority over class A and common in liquidation,
which were subject to the lien of the
been retired through sales of securities,
$57.50 a share (including 3,714.6 shares, 3.722.1 in 1931) deliverable on
indenture, $329,500 1st lien bonds, leaving now outstanding $4,670300 of
surrender of temporary receipts). c Represented by 500,000 $1 par share
bonds.
such
in 1932 and no par shares in 1931. d Authorized 5,000,000 shares of $1
paid the interest on its
The company has continually and punctually
par value (25,00,000 no par shares in 1931) issued and outstanding, 3,outstanding 1st lien & coll, trust gold bonds and has also paid all the
143,744 shares (including 36 shares (41.5 in 1931) deliverable on surrender
interest Payable on its gen. lien & coll, trust gold bonds, with the exception
of temporary receipts), less 10,250 shares in treasury. e General portfolio:
of the interest which became due and payable on Jan. 11933.
Domestic and foreign securities having a quoted market, at current quotaThe company has also paid two quarterly dividends on its prior pref.
tions on Nov. 30 1932: Listed on domestic stock exchanges, $1,268,209,
stock and one dividend on its preferred stock.
not listed on domestic stock exchanges, $302,547, total, $1,570,756;securDue to the bankruptcy of National Electric Power Co. and several of
!ties not having a quoted market; Foreign notes, bonds and participations
it has been found impossible to restore to the
its affiliated companies,
having a fixed maturity: Buenos Aires Central RR. & Terminal Co. notes,
Northeastern Public Service System the sum of approximately $1,700,000.
$17,410,564, German „$8,393,461, other, $66,227; total, $25,870,253;
which was loaned by it to the National Electric Power Co. and affiliated
Stocks: Domestic, 53,292.526, foreign, $926,665, total 34,219,192; securat this time to extend any hope of
companies; and the committee is unable
ities of subsidiaries not consolidated: securities having a quoted market,
recovery thereof. While it is true that the general depression has affected
at current quotations on Nov. 30 1932, $63,709; securities not having a
the earnings of the subsidiary companies of the Northeastern Public Service
quoted market (including $350,000 past due notes), $374,282; total, $437,payment of
Co.such decreases in earnings would not have jeopardized the
991; grand total. 532.098.192; less balance of special reserve, $3,992,781;
interest on the gen. lien bonds had it not been for the diversion of the cash
balance as above, $28,105,411. f Includes $71,229 of a total of $87500
expenditures already made and
above referred to and the necessary capital
arrears of dividends at Nov. 30 1932 on pref. stock of South American
to be made during 1933. Interest was paid, however, on the 1st lien & coll.
Railways Co. held by the public, representing the proportionate amount
bonds, which was due on Jan. 11933. thus preventing any
trust 5%% gold
-V. 136, p. 159.
of earned surplus of that company available therefore.
interest default on securities senior to the gen. lien bonds. receivers were,
In order, however, to conserve the assets of the company,
-Earnings.
Scranton-Spring Brook Water Service Co.
on Jan. 3 1933, by the Delawith the consent of the company, appointed
For income statement for 12 months ended Nov. 30 see "Earnings
ware Court of Chancery and on Jan. 4 1933, ancillary receivers were
-V. 135 p. 4215
Department" on a preceding page.
New York by the U. S. District Court for the Southern
appointed in
District of New York. The receivers appointed by the Delaware Court of --Bonds Called.
""---Toho Electric Power Co., Ltd.
Chancery are W.G. Mortland of New York and C. A. Southerland of WilThe company on March 15 next will redeem $275,000 of 1st mtge.(Kansal
mington. Del. and the ancillary receivers appointed in New York are
division) s. a.7% gold bonds, series A, due Marck 15 1955, at 100 and int.
W. . Mortland and Kenneth E. Walser of New York.
Payment will be made at the Guaranty Trust Cd., 140 Broadway, N. Y.
coll.
In order to protect the interests of the holders of the gen. lien &all of
City, or at the option of the bearer, at the Guaranty Trust Co., 32 Lombard
(V. 136.
trust gold bonds, a committee has been appointed securitiesp. 159). the
-V. 135, p. 3166
St., London, E. C. 3, England.
for which
whom were associated with the distribution of the the bonds are Central
for
-Stock Redemption.
gen. lien bonds were issued. The depositaries
Toronto Power Co.
Hanover Bank & Trust Co., New York, and Continental Illinois National
Holders of the 4%% guaranteed debenture stock which has been called
-V. 136. P• 159.
Bank & Trust Co. of Chicago.
for redemption on May 1 1933, may receive payment before that date if
The company is prepared to make arrangements
---,Northern Texas Utilities Co.-Rsmoved-from-List.-privi- such payment is desired. principal together with the premium of 6% and
for earlier payment of the
unlisted
lahe New York Curb Exchange has removed fromdue Jan. trading with
with interest accrued to such earlier date of payment. holders registered
1 1935,
leges the 1st mtge. 7% sinking fund gold bonds,
on the Canadian register can complete and forward the necessary forms to
-V. 132. P. 656.
warrants.
the National Trust Co., Toronto.
The debenture stock certificates together with the forms of discharge
-Bonds Oversubscribed.
Ohio Edison Co.
duly completed should be deposited for examination two days before payInc., announce 'chat subscription
Drexel & Co. and Bonbright & Co.,
ment is desired. Debenture holders listed on the London register may also
1st & consol. mtge.
-'q 135, p.3357.
books were closed Jan. 6 on the offering of U.000.000159.
make similar arrangements. (Toronto "Financial Post.")
136, p.
gold bonds, 5% series, due 1960. See also V.
Volume 136
Financial Chronicle
United Gas Corp.
-New Stock Listed on Curb.
The New York Curb Exchange has admitted to unlisted trading privileges the new common stock, par value $1, issuable share for share in
exchange for old common stock, no par value.
-V.135. p.4560.
United Light & Power Co.
-Earnings.
-
For income statement for 12 months ended Nov. 30 see "Earnings
Department" at a preceding page.
-V. 135. p. 4035.
Washington Gas Light Co.
-Bond Issue Oversubscribed.
-Priced at 94% to yield over 5.42%,a banking group headed
by Chase Harris Forbes Corp. and including the National
City Co., H. M. Byllesby & Co., Inc., the N. W. Harris
Co., Inc., and E. H. Rollins & Sons, Inc., on Jan. 9 offered
$8,500,000 refunding mortgage gold bonds, 5% series due
1958. The issue has been oversubscribed.
Dated Jan. 1 1933; due Jan. 1 1958. Interest payable J. & J. Red.
all or part at any time on 60 days' notice at 105 to and incl. Jan. 1 1938:
thereafter at 105 less
of 1% for each year or fraction thereof elapsing
after Jan. 1 1938 until and incl. Jan. 1 1957; and thereafter to maturity
at 100;_plus int. in each case. Denom. $1,000 and $500 O. Chase National Bank, New York, trustee.
Issuance.
-Approved by the Public Utilities Commission of the District
of Columbia.
Tar Provisions.
-Company will agree to pay interest without deduction
for any Federal income tax not exceeding 2% per annum which it may be
required or permitted to pay thereon or retain therefrom and to refund the
Penn. 4
-mills tax, the Maryland 43i-mills tax, the Dist. of Col. 5
-mills
tax or the Mass. income fax at a rate not exceeding 6% per annum of int.
Data from Letter of Marcy L. Sperry, President of the Company.
Company.-Incorp. in 1848. Distributes gas without competition.
directly and through Georgetown Gaslight Co., a subsidiary, to the entire
District of Columbia and through other subsidiaries to contiguous territory
in the adjoining States of Maryland and Virginia. Territory served includes City of Washington, and several adjacent communities. Population estimated to exceed 550,000. Property of company and subsidiaries
Includes manufacturing plants having daily capacity of 36.000,000 cu. ft.,
holders having storage capacity of 16,545,000 cu. ft. and the equivalent of
1,961 miles of 3
-inch mains through which gas is supplied to over 131,700
meters.
Purpose.
-Funds from proceeds of sale of bonds will be deposited for
payment at maturity on April 1 1933 of $4,000,000 mortgage debt and the
redemption on March 1 1933 of $3,000,000 notes of the company. The
balonce will be used for other corporate purposes.
Earnings.
-The consolidated earnings or Washington Gas Light Co.
and subsidiaries for the 12 months periods ended Sept. 30 1932 and Sept. 30
1931, respectively, as certified by Haskins & Sells and annual charges of,
$16,199,500 of funded debt to be outstanding upon completion of this
financing and the application of the proceeds thereof, are as follows:
12 Months Ended Sept. 301931.
1932.
Gross operating revenues
$6,492,400 86.453,938
Oper. asps., maint. & taxes (excl. Federal taxes)
4,372,753 4,224,000
Net oper. earns, before int., res, for retire., &c_.- $2,119,647 82,229.938
Annual interest charges on funded debt to be outstanding as above
824,975
Net earnings for the 12 months ended Sept. 30 1932, as above, after deducting $192,030 credit to reserve for retirements (computed as to property
within the District of Columbia in accordance with regulations of the Public
Utilities Commission of the District) were over 2.47 times such annual
Interest charges. Over 87% of consolidated net earnings before credit to
retirement reserve was,for the same period, derived from earnings of Washington Gas Light Co. alone.
Valuations of the properties in the District
Columbia and in Maryland
are now being made by the respective publicof
utility commissions and by
the companies, and the company and subsidiaries have agreed to a temporary discount of 836% on all bills based on meter readings taken in the
,
District and in Maryland from Aug. 1932 through Jan. 31 1933, except
on
minimum bills and bills for gas sold 1 municipalities and the Government
to
within the District.
Capitalization to Be Outstanding (After this Financing.)
Capital stock (par $20 per share)
130,000 sha.
Gen.(now 1st) mtge.5% gold bonds due 1960
$5,199,500
6% mtge. bonds, series B due 1936 (closed) (closed)
1,500,000
Ref. mtge, gold bonds 5% series due 1958 (this issue)
8,500,000
Subsidiary'sfunded debt due 1961
1,000,000
Olosed)
Security.
-Upon payment of outstanding bonds as mentioned above,
these refunding mtge. gold bonds will be secured, in the opinion of counsel,
by a direct mtge. on all of the company's fixed property and
on substantially all outstanding stocks
of subsidiaries, subject to theand all outstanding bonds (except 81.000.000)
liens securing
1st) mtge, bonds duo 1960 and $1,500.000$5.199,000 general (now closed
6% mtge. bonds (closed) due
1936. 'rhe ref. mtge. will permit
lying bonds maturing in 1936 and the issuance of bonds to refund the under1960.
Pro
-Forma Consolidated Balance Sheet Sept. 30 1932.
(Giving effect to issuance and sale of $8,500,000 refunding
mortgage
bonds and proposed application of the proceeds thereof.] gold
LlabUUtesPrOP.& franchises (bk. val.).528,532,454 Common
stock MO par)... 52,600,000
Cash
960.377 Capital surplus
6.857,532
Notes receivable
9,206 Profit and loss surplus
3,349,692
Accts. receivable (leas res.)- 1,293,933 Funded
debt
16,199,500
Mdse., materials &supplies-602,700 Notes payable to banks
400.000
Cash on dep.In closed banks_
12,473 Accounts payable
301,566
Special deposits
70,259 Wages payable
56,107
Due from attn. companies-.._
88,522 Consumers' deposits
499,924
Unamortised debt disc. & exp
869,917 Accrued interest
365.488
Valuation expenses
148,334 Accrd. taxes (Fed.5139,520)_
164,193
Prepd.Ins. prems., taxes, &c_
116,297 Miscell. current liabilities_ _
36,827
Other deferred Items
76,435 Reserves: Retire,of property721,922
Contributions for extension 1,171,429
Workmen's compensation_
7,437
Contingencies
49,291
Total
$32,780,914
Total
$32,780,914
-V. 135, p. 4560.
Western Union Telegraph Co., Inc.
-New Director.-
Ellsha Lee, Vice-President of the Pennsylvania RR., has been
elected
a director to succeed the late Jay Cooke.
-V. 135, p. 2656.
West Virginia Water Service Co.
-Earnings.
-
For income statement for 12 months ended Nov. 30 see "Earnings
Department" on a preceding page.
-V. 135, p. 4216.
INDUSTRIAL AND MISCELLANEOUS.
Price of Refined Sugar Reduced.
-Arbuckle, American, California &
Hawaiian, Godchaux, Henderson and National sugar refineries reduced
price of refined sugar 5 points to 3.95 cents a pound, effective Jan. 16.
"Wall Street Journal" Jan. 10, p. 13.
p Pressmen Accept Wage Cut.-Pressmen employed in N. Y. City have
agreed to a progressive reduction in wages to apply during the next two
years, which at the maximum figure will be 12% less than wages received
during past two years, as a result of conferences between Publishers' Association of N. Y. City and New York Newspaper Pressmen's Union No. 2.
"Wall Street Journal" Jan. 10, ii. 2.
P Matters amend in the "Chronicle" of Jan. 7.-(a) Price of cigarettes cut
by Kroger Grocery & Baking Co.; Affects Ohio. Indiana and Kentucky.,
p. 38. (b) Dividend disbursements by Standard Oil Group during 1932
smallest since 1926, p. 80.
Abbott Laboratories, North Chicago, III.
-Record
December Business.
Treasurer James F. Stiles, announces that December 1932, was the best
December in five years from the standpoint of volume and profits.
-V.135.
p. 4035.
329
---Alabama Mills Co., Birmingham, Ala.
-Receivership.
A petition in voluntary bankruptcy was filed Jan. 10 by the company.
Paul Redmond, President, was named receiver.
-V. 135, p. 3858.'
Algonquin Apartments (Rochester, N. Y.).
-Plan of
Reorganization.
The committee for 1st mtge.sec.6% coupon gold bds. dated Dec. 12
has adopted a plan of reorganization. The ilrincipal amount of bonds1924
now
outstanding is $310,000 with May 20 1932 and subsequently maturing
coupons attached. A substantial majority of the outstanding bonds
have been deposited with the depositary for the committee.
Summary of Plan of Reorganization.
Each holder of a certificate of deposit representing a bond with May 20
1932 and subsequently maturing coupons attached will be entitled to
receive in exchange therefor:
For Each For Each
Present
Present
Bond of
Bond of
$1,000
$500
-year cum. income bonds aggregating
(a) 10
$600
$1,000
(b) Voting trust certificates representing shares of
common stock
2 shs.
1 sh.
The committee may issue income bonds and voting trust certificates
as a unit.
The property will be sold at foreclosure sale and will be acquired by a
new company formed by the bondholders'committee. The bonds deposited
with the depositary for the bondholders' committee will be applied in part
payment of the foreclosure purchase price and securiteis of the new company
will be issued as mentioned
Committee.
-Nicholas Rolyerts, Chairman, Ralph C. Baker, James E.
Friel, John L. Laun, and Charles Ridgely. Joshua Morrison, Secretary,
565 Fifth Avenue, N. Y. City. The Continental Bank & Trust Co.,
New York, is depositary.
-V. 120. p, 389.
Allied General Corp.
-Average Advances Sharply.
-
The corporation's investment trust common stock index registered a
sharp advance during the week ended Jan. 6 in sympathy with the movement of securities prices in general. The average for the common stocks
of the five leading management trusts, influenced by the leverage factor,
stood at 11.73 on Jan.6, a gain of 9.3%. compared with 10.73 on Dec.30.
The average of the non-leverage stocks stood at 10.79 as of the close on
Jan. 6. as against 10.26 at the close of the previous week. The average of
the mutual funds, which are usually quoted on an asset value basis, stood
at 8.52 on Jan. 6, against 8.18 on Dec. 30.-V. 136, p. 160.
Allis-Chalmers Mfg. Co.
-New Officer.
3. F. Ryan, General Works Accountant, has been appointed Assistant
Secretary and Assistant Treasurer to succeed the late D. A. Stewart.
-V. 136, p. 160.
Alta Plaza Apartments (Thomas H. Hamill and
R. G. Hall, Inc.). (San Francisco, Calif.).
-Plan of
Readjustment.
The bondholders' committee has approved and adopted a plan of
justment on behalf of the depositors of the outstanding $319,000 read6 %
1st mtge. bonds, dated as of May 1 1926.
The security under the trust indenture consists of a 12
-story apartment
building and the land thereunder, fronting approximately 62% feet on
the north side of Jackson St. and approximately 117.ii feet on the east
side of Steiner St., San Francisco, Calif'. The building contains 12 apartments, one to each floor, comprising a total of 117 rooms. A small
story garage adjoining the main building, is included in the security. oneBy reason of defaults under the trust indenture, possession of
was obtained by the trustee in March 1932. The depositary the property
reports that
76% of the bonds are now on deposit with it.
Current earnings are equivalent to somewhat less than 60% of interest
charges, or at an annual rate of about 3
on the outstanding bonds.
The committee desires to point out that this low rate of earnings is partially
the result of vacancies and partially because of a substantial reduction in
rental rates.
The bonds and semi-annual interest which fell due on May 1932 and
Nov. 1 1932 were not paid, and further defaults exist in the1making of
deposits on account of subsequent interest and principal payments.
Plan of Readjustment.
The committee has formulated, adopted, approved and recommended
a plan of eradjustment involving the sale for cash of the deposited bonds.
This plan is predicated upon an offer received from an individual, not
connected with the ownership of the property, to purchase all of the outstanding bonds of this issue that may be deposited with the committee
at a price of $439.18 for each $1,000 par value of bonds, with all unpaid
coupons attached, the offer being conditioned upon delivery to the purchaser
by the committee of a substantial Majority of all the bonds with all unpaid
coupons attached within a limited period of time.
The plan therefore contemplates the acceptance of the offer abovementioned and the sale of the deposited bonds and coupons at the price
indicated.
Upon the consummation of such sale of the bonds, the portion applicable
thereto of any and all accumulations of funds derived from the operation
of the property and of funds held by the depositary under the terms of the
trust indenture will be available and added to the sale price of the bonds.
After the payment of the expenses and obligations of the committee it is
anticipated that there may be a small balance of such accumulated funds
remaining which may bring the total cash liquidating payment to depositing bondholders to approximately 44% of par ($440 for each
bond; $220 for each $500 bond and $44 for each $100 bond), the$1,000
exact
amount of course to be determinable only after the consummation of the
sale and the ascertainment of the expenses involved. These expenses
will consist of actual out-of-pocket disbursements of the committee, fees
of counsel and of the depositary and a sum equal to 1% of the principal
amount of the bonds depos ited, which latter amount discharges all general
obligations of the committee incurred and to be incurred, including the
use of a substantial part of the facilities and personnel of S. W. Straus
& Co. required from the time of call for the deposit of bonds to the consummation of this plan.
Bondholders' Committee.
-Charles C. Irwin, Chairman, Robert E.
Straus, C. A. Rodegerdts, M. A. Rosenthal, and J. C. Wright. V. C.
Scully, Sec., 310 South Michigan Avenue, Chicago. American National
Bank & Trust Co. of Chicago, dopositary.-V. 123, p. 457.
American Bankstocks Corp.-Changes Div. Dates.
A minimum return of 9% was received by the corporation's shareholders
during 1932, while all new shareholders during the last half of the year
secured shares on a basis yielding substantially in excess of 10%, according
to Herbert L. Rackliff, President of Rackliff, Whittaker & Loomis, Inc..
sponsors of this corporate investment fund, in a statement accompanying
the announcement of the seventh regular quarterly dividend, payable
Jan. 15 and ex-dividend Jan. 12.
Ex-dividend dates on the shares hereafter will be the
month preceding quarterly dividend dates on the 15th of last day of the
January. April.
July and October.
"Throughout the year, the corporation acquired stocks of the banks in
which it is permitted to invest at price levels which we believe may
to be the lowest point during the present generation," Mr. Rackliffprove
"Average market prices of these 16 bank stocks is approximately said.
70%
below their 1929 highs. Average dollar dividend payments on these
stocks, however, are only about 20% under 1929 declarations. Altogether,
cash distributions expressed in the percentage return on money invested
in
these stocks is approximately double that received during normal
"
times.
Under its corporate charter as a restricted management investment fund,
specific provisions limit the investment and administration of the assets
of this corporation. Important among these
investments to the stocks of 16 large banks andrestrictions is one limiting
trust companies and
ther provision that not more than 10% of the assets may be invested a furin the
stock of any one of these banks. All bank stocks. Government bonds and
cash in the fund are deposited with the Continental Bank & Trust Co.
of
New York as custodian.
The 16 banks in whose stocks the fund may invest are: Chase National,
National City. Guaranty Trust, Central Hanover, Bankers Trust, Manhattan Company, Irving Trust, Manufacturers Trust, First National,
Chemical Bank, New York Trust, Corn Exchange Bank, all of New York
City; Continental Illinois and First National of Chicago,* First National
Bank of Boston, and Philadelphia National Bank.
-V. 135. p. 4388.
330
Financial Chronicle
-Earnings.
American Hide & Leather Co.
For income statement for 12 and 24 weeks ended Dec. 10 see "Earnings
-V. 135. p. 3527.
Department" on a preceding page.
-To Reduce Stated Value
,
----- ,American International Corp.
of Shares-Anal--Report.-At the annual meeting Jan. 31
next the stockholders will vote on reducing the amount of
the capital represented by 1,060,955 shares of common
stock without par value from the total amount of $15,914,325
to $1,060,955, being a reduction from $15 per share to $1
per share.
President M.C.Brush in a letter to the stockholders states:
At the annual meeting, Jan. 31, there will be submitted to stockholders
for consideration and action, a proposal to reduce the stated capital as
represented by its outstanding shares without par value.
As of Dec. 31 1932, the value of the securities owned, as computed in the
annual report was $16,226,001 as compared with original cost of$33,840.439.
The surplus on that date amounted to $5,367,421. The proposed reduction
of
of stated capital will increase the surplus by $14,853,370. The cost on
portfolio securities exceeded by $17,614,439 the value of such securities
Dec. 31 1932. as computed in the annual report. It is proposed to write
down the securities to the values as of Dec. 31 1932 and to charge such
excess to surplus.
In making changes in the portfolio, the officers are continuously confronted with the problem of original cost and effect of taking losses on the
surplus account. The steps proposed would facilitate the making of such
changes in security holdings as may from time to time seem desirable.
Corporation proposes to determine the profits or losses on security sales
subsequent to Dec. 31 1932 on the basis of these written down values.
Directors recommend the reduction of capital and the writing down of
securities to the Dec. 31 1932 values.
The proposed change does not affect the number of outstanding shares
of stock or the asset value thereof.
The annual report for the year 1932 is outlined under
"Financial Reports above.
Jan. 14 1933
-Earnings.
American Vitrified Products Co.
(& Subs.).
1929.
Years Ended Oct.311931.
1932.
1930.
Net loss (Incl. subs.) _
$119,877 pf$250,198
4384,937 y$103,581
1,440,446
Profit and loss surplus
470,635
699,330
1,110,087
Earns, per sh. on 70,000
82.28
Nil
Nil
Nil
shs. corn.stk.(par $50)
x Before inventory write-down of $162,949 and charges in respect of
abandoned properties of $9,992. y Before inventory write-down 'of
$282,095.
Comparative Balance Sheet Oct. 31.
Liabtidies1931.
1931.
1932.
1932.
AssetsxFleed assets_ _ _ _21,510,521 84,644.768 Preferred stock...41,234,300 $1,234,300
18,276
29,142 y Common stock__
Inv. in assoc. co-70,000 3,500,000
262,119
8,244
8,509 Notes payable_ _
212,380
Sundry invest'ts24,889
321,552
709.947 Accounts payable_
17,467
Inventory
4,432
44,972
119,955
Notes & accts. reo_
225,137 Accruals
Taxes accrued and
Abandoned prop.,
penalties
68,744
10.000
plant. & equip129,919 Surplus
699,330
470,635
74.579
Cash
14,833
Deferred charges
18.188
Total
82,077,959 85,765,610
82.077,959 $5.765,610
Total
x After deducting reserve for depreciation of $825,185 in 1932 and
-V.135, p.1656.
$2,428,926 in 1931. y Represented by 70.000 no par shares.
Anglo-American Corp.of South Africa, Ltd.-Earns.
The following are the results of operations for the month of December.
1932:
South African Currencit-----Total
Tons
Revenue.
Profit.
Costs.
Milled.
£163,772
£118,777
£44,995
112,500
Brakpan Mines, Ltd
163,210
87,154
76,056
80,000
Spring Mines, Ltd
80.734
66,145
14,589
80.600
West Springs, Ltd
80,707
59.597
21,110
46,800
DaggafonteM Mines, Ltd
-V. 135, p. 4562.
-Further ConAssociated Breweries of Canada, Ltd.
sideration of Common Dividends Postponed Until After June 30.
In a notice accompanying the regular quarterly dividend of 15 cents
per share paid on the common stock, no par value, on Dec. 31, J. G. WatBalance ,Sheet Dec. 31 1932.
ford, Secretary-Treasurer, stated:
capital and write-downs
(Giving effect to proposed reduction of stated
"The directors, after reviewing the annual accounts and notwithstanding
of Securities.]
the company's strong liquid position, have decided that in view of the fact
LiabilitiesAssetsthat the company's business is subject to seasonable variation, the earlier
$9,543
Accounts Payable
Securites Owned:
months being less profitable than the later months in any year, and also
390,032
$5.835,892 Accrued int, payable on dohs_
Notes and bonds
because of the exceptional conditions presently prevailing, further con16,445
2,093,665 New York State taxes accrued
Preferred stocks
sideration of dividends on the common stock will be postponed until the
-year 51.4% convertible gold
3,154,232 20
-V.135. p. 300.
Sank stocks
accounts for the first half of the year 1933 are available."
debs., due Jan. 1 1949____ 14,182,000
5,142,213
Common stocks
14,086 -------Associated Industrial Bankers Corp.
Deferred credits
-Smaller Div.
Reserve for co.'s estimate of
n16,226,001
Total
A quarterly dividend of 13 cents per share has been declared on the clasia
maximum liability for addl.
1,087,165
Cash
payable Jan. 3 to holders of record Dec. 12. Distribustock, no par value,
tional taxes of prior years,
Participation in time loantions 0(45 cents per share were made on July 1 and Oct. 1 last, as compared
300,000
under protest
127,833
secured-less reserve
-V.135, p. 300.
with 65 cents per share previously each quarter.
Common stock
11,055,586
Accounts receivable
2,531,186
Surplus
employees
--Earnings.
Trustees under
Automatic Voting Machine Corp.
profit sharing Plan less
1931.
1930.
1929.
1932.
Years Ended Nov.30-177,908
reserve
Net profit after Federal
375,060
Others
$644,723
$800,459
8411,262
$0,842
taxes (est.)
117,666
Accrued interest receivable
1,604.455
953,996
1,244.078
1,949,179
Previous surplus
Invvestment in Sociedade
1
Anonyma Marvin-less res.
$1,959,021 $2,249.178 $1,754,453 $1,655,340
surplus
Total
Investment in propletary co.
Divs, paid on cony, prior
387,243
-wholly owned-less res
300,000
150,000
450,000
a300,000
participating stock_ _ _
Red.offormer cl.A stock
Total
$18,498,878
$18,498,877
Total
in excess of assigned
249,100
* On Dec. 31 1932, securities at a cost of $33,840,439 had a valuation of • valuation
816.226.001 as shown by list of securities exhibited in report or a deficiency
Divs, paid on former
2,243
of 817,614.438.
class A stock
207,707
-V.135,
aCash 1932 scrip
x$1 per share for 1,060,955 shares less 5.369 shares in treasury.
242,293
aScrip payable
3099.
p.
30,769
N.Y.State license tax. _
205
Fractional share exp.,&c.
-Sint.
Toll Bridge Co., San Francisco.
American
Stockholders representing 300,000 shares of capital stock have filed suit
to compel the company to refund $1 a share to them before any declaration
of dividends. A court order to all stockholders to appear and demand $1
-V. 135, p. 1656.
a share or surrender that right, also is asked.
American Trustee Share Corp.-Trust Terminated.
After the expiration of three months from the date of the termination of
the trust agreement, pursuant to which Diversified Trustee Shares (original
shares) were issued, I. e., after April 1 1933. the Manufacturers Trust Co.,
as successor trustee, will proceed to sell all stock theretofore deposited with
it, or received or held by it, then remaining in its hands, and to distribute
all cash proceeds thereof, together with all accumulated dividends thereon,
If any, pro rata to the holders of the then outstanding Diversified Trustee
Shares (original series) upon the surrender of the same to the trust company at its principal trust office with all unmatured coupons and talons
annexed and upon payment to it of the amount of any and all taxes of any
kind and all transfer fees or charges of any kind, if any, in connection
-V. 135, p. 4387.
therewith.
,American Type Founders Co.-LioUng of MrPar-Shares.
--of
orhe New York Stock Exchange has authorized the listing of common
shares of common stock
$100 par
stock of no par value in exchange
share basis.
share
value on a she for
apProved by stockholders on Dec. 29.
The change in the stock w
-V.135, p. 4210, 4217.
-Earnings.
--Change in Par.
American Yvette Co., Inc.
Years Ended Aug. 31Sales
Department operating costs
General and administrative expenses
Depreciation
Net loss
Preferred dividends
1932.
1931.
32,133,298 $2.710,572
1,879.188
2,292,078
162,401
191,129
99,513
100,539
1713,pf
61
.$128,828
73,484
def.$44,038 sur.$53,342
Balance
Earnings per share on 468,210 shares common stock
Nil
$0.11
(no par)
Balance Sheet Aug. 31.
1932.
Liabilities
1931.
1931.
1932.
Assets$25.000
a Furn. tixt. & eqp.$1,120,200 $1,279,628 bCapital stock- - $25.000
10,696
Notes payable.-15,435
Cash on hand and
35,282 Accounts payable.
42,684
5,012
40.960
in banks
Accr.salaries, comCash with dept.
35,169
11,594
missions & exps_
12,052
23,120
stores
2,606 Pref. div. payable_
2,124
18,179
Accounts receiv_ _ _
193,596 Deferred liabilities 542,432
648,132
Merchandise inven. 163,840
5,285 Paid in surplus.-- 1,219,604 1,280,976
11,245
Stock subscrip. rec.
71.697 Earned surplus.-34,863
197.761
21,487
Loans
11,849
7,809
Prepaid expenses_
Leases,contracts &
511,433
450,061
locations
Patents & trade30,000
30,000
marks
New machine de10,075
velopment costs
51,976
Reorganiz. expenses 51,976
Total
41,886,874 $2,238,496
81.886,874 82,238,496
Total
a After depreciation of $577,270 in 1932 and $599.090 In 1931. b Reshares of preferred stock and 468,210 no par
presented by 38.358 no par
shares of common stock.
--On Sept. 24 1932 company was authorized to
Change in Par of Stock.
change Its common stock of no par value to common stock of $1 par value.
-V. 134, p. 4498.
81,178,047 $1,949,179 31,604,455
$953,996
Surplus Nov. 30
Earns, per sh.on 300,000
$2.14
$2.66
$1.37
shs. prior pref. stock_
Earns. per sh.on 360,000
she. new corn, stk. to
$0.03
be outst'd'g(no par)._
a The directors on Jan. 21 1932 declared a dividend of $2.50 a share on
the prior partic. stock, payable Si in cash a share, 75c. in scrip due Dec. 1
1932 and 75c. in scrip due Dec.311933. by the terms of which no additional
dividends shall be paid (if there be any default in the redemption of the
scrip) until the scrip is discharged. This dividend. paid Feb. 8 1932.
cleared up all accumulations on the prior participating stock.
Balance Sheet Nov. 30.
1931.
1932.
1932.
1931.
Assets
$393,136 $271,270 Accrd, accts., camCash
1 .71x fmnch:
%1 o ae___
379,854
U. S. Govt. bonds
$154,038 $206,012 .
Certificates of inFederal income tax
debted. & notes
(estimated) _ _ _
667,330
499,222
95,000
rec.from muffle_
Unpaid balance of
Accounts rec. (leve
486,465
scrip. div
317,050
17,293
allowance)
Scrip env. payable
Deferred payment
Dec. 31 1933._ _ 225,000
341,416
account balance 343,202
291,388 Mach. rental appl,
462.670
Inventory
against purchase
Cash deps. accom.
price at option of
48,664
4.336
bids, &c
leesees_
214,802
aLand bides., ma29,96
452.495 Comm. pay,on dechinery. &e-- - - 437.789
1
jeered payment
1
Pats. & good-will_
sales when and as
Unexpired insur.
accts. are coll'td
32,252
29,256
prems., prepaid
41,070 Det'd Inc. on derd
36,308
taxes, &c
payment sales._ 222,280
221,546
Capital stock
c450,000 6450,000
Surplus
1,178,047 1,949,179
Total
$2,493,714 $2,979,955
Total
42,493,714 $2,979.985
a After depreciation of8269.245 in 1932 and $220,058 in 1931. b 300,000
shares of authorized and issued convertible prior participating without par
value, and 300,000 shares issued common stock (authorized 650,000 shares)
without par value. c Authorized 400,000 no par shares; issued and outstanding 305,922 shares; to be issued in exchange for 50,322 shares of convertible prior participating stock and 18,780 shares of common stock still
outstanding. 54,078 shares; total, 360,000 shares (see also V. 134. p.678).V.134, p. 3001.
-Subsidiary Moves to Chicago.Aviation Corp.(Del.).
The ecutive oofines of Anielican AirwDays. will be moved to'Chicago on
was annf uc ced on jair. 9 by L.
Seymour, President of AmeriFeb. 1.
can Airways, Inc., operating subsidiary of Aviation Corp. Approximately
75 employees will be affected by the move,it was said, the majority coming
to Chicago from St. Louis and Robertson, Mo., where operating headquarters were established about six months ago.
Mr. Seymour also announced the election of R. C. Marshall, President
of Transamerican Airlines, which was recently acquired by Aviation Corp.,
-President of American Airways, Inc. He will supervise American
as Vice
Airways lines in the Eastern and North Central States, while C. R. Smith,
Vice-President of American Airways, will have charge of operations in the
Southern territory.
"Executive officers formerly located at thelNew York
-office will make
their permanent headquarters in Chicago, notably Mr. Seymour, the
president of the line," the satementlsaid,
i'Traffic offices in the various cities, includingiNew York, will renudn as
at present.
"1\4r. Seymour's election as President of American Airways and the election of Richard F. Hoyt as President of Aviation Corporation, atfa directors'
meeting last month, indicated a step toward separation of operating company and holding company officials.
Volume 136
Financial Chronicle
331
"When the Boston-Albany American Airways line is established, by
connections at Buffalo and Detroit, Chicago will be in direct airline contact
with the entire Eastern lines of American Airways, while lines now running
from Chicago to Atlanta. to New Orleans and to Dallas, and Los Angeles,
connect the new home office with every division of the far-flung American
Airways system."
-V. 135, p. 4387.
the former 6% annual coupon rate, or a total of about 114%. It an extended bond is not called until among the last, say, at the end of the eighth
year, the annual yield from the time of the extension would still be about
7ji ¶. Meanwhile, of course, the mortgage protection continually increases with the decrease in the amount of extended bonds outstanding.
4
The time within which bonds are to be deposited, unless further extended
by the committee, will expire on Jan. 25. Company is under no obligation,
Baldwin Locomotive Works.
-Shipments in 1932.in the event of the extension of the period for deposit after Jan. 25 1933. to
The Philadelphia "Financial Journal," Jan. 13 stated:
offer to any bondholders who deposit during the extended period any of the
Consolidated shipments by the Baldwin Locomotive Works and affiliated
benefits referred to above, but is under agreement to offer no advantages
companies for 1932, amounted to $11,218,000. according to preliminary
with respect to any such deposits which will in any way be more favorable
reports. This compares with shipments in 1931 amounting to $22,972,000.
than those set forth above with respect to bonds deposited prior to Jan. 25.
In both cases the figures are gross, and include some inter-company transThe elimination of the early maturity of the bonds would greatly improve
actions which are eliminated in the company's annual report,
the current condition of the company and the American Printing Co., the
The consolidated report shows business booked in December amounted
guarantor of the bonds.
to 2468,000 as compared with $736,000 in November, and with $1,057,000
According to figures as of Dec. 3 1932, furnished by the company, the
in December 1931.
consolidated current assets and liabilities of the American Printing Co.
Consolidated shipments in December amounted to $769,000 as compared
(the guarantor) and its wholly owned subsidiaries, including this company
with 2756,000 in November and with 21,424,000 in December 1931.
not including any of the bonds as current liabilities-were as follows:
There has been a slight improvement in business since the turn of the
Current Assets-Current Liabilities
year, due to increased buying by the railroads of materials of various
Cash
$719,443 Notes payable
$750,000
kinds to be used in making repairs in their own shops. This has been
Accounts receivable
1,444,269 Accounts payable
1,445,272
reflected particularly by the Standard Works Steel in orders for tires.
Notes and advances
737
wheels, axles, &c., with present prospect that orders for the month will
Inventories
2,610,139 Total
$2.195,272
exceed December and run above the average for last year.-V.135, p.
4387.
Prepaid items
105,882
Balance
$2,685,199
Baltimore Tube Co., Inc.
-Stocks Removedfrom List.Total
$4,880 472 Ratto: Curr.assets to curr. nabs
2.22
e New York Curb Exchange has removed from the list the 2(y)00 shares
Bonds may be deposited with the depositary, Chase Nationel Bank,
of mmon stock (par-$100) and 25,000 shares of preferred stock par $100)
-because the enropa,ny'sfailure to maintain transfer and registration facilities- - New York, 11 Broad St., New York.
-V.119• c.i..-40 •.. .•:- %d .
D 583. • I .T:-,
>'0,,,..
_baaiew-Yorkl-,-V. 135, P. 3366.
Briggs & Stratton Corp.-Trc
eiain Suspended.
Bankers Building (Adams Clark Bldg. Corp.), ChiEffective at the close of business Dec. 31 19J2, trading in the common
stock of Briggs & Stratton Corp., the class A and common stocks of the
cago.-Reorganization Progressing.
Muncie Gear Co.. and the preferred stock of the National Gas & Electric
More than 22,000,000 of the 24,764,000 first mortgage leasehold 63i%
Corp. was suspended on the Chicago Stock Exchange because of the
gold bonds have already been deposited under the polan of reorganization
discontinuance of the Chicago transfer agents and registrars.
of the property announced late in November. H. L. Harker, reorganization
Also effective at the close of business Dec. 31 1932, trading was susmanager has stated, thus indicating the favor with which i vestment
pended in the purchase warrants, series A, of the Middle West Utilities
dealers and individual bondholders view the plan.
Co. due to expiration.
-V. 135, p. 3002.
Briefly, the plan provides for the exchange of the present outstanding
bonds for new bonds of Ike security on a basis of par for par. All net
Broadway Department Store, Inc.
-Earnings.
Income for eight years after the consummation of the plan of reorganization
Years End. Oct.311932.
1931.
1930.
1929.
will be allocated to interest payments with a maximum rate of 5% per
Sales
$15,203,637 $17,746,686 $18,532,345 $18,983,873
annum, payable semi-annually. and the balance to sinking fund. ThereCost of goods sold,sell'g,
after the bonds will bear fixed interest at the rate of 5%, payable semioper. & admin. exps.,
annually, and 50% of the net income remaining after paying such interest
less miscell. earns_,..._ 15,115,391 17,261,501 17,846,603 18,135,709
shall be used for retiring outstanding bonds by tender to the trustee.
Int. on 15-yr. 6% sinkSecond mortgage bonds, debentures and notes payable are to be suring fund debentures
134,376
142,825
145,984
156,098
rendered and canceled and stock issued in exchange therefore.
Prey. for Fed, inc. tax
-V. 135.
3,000
43,500
68.500
75,500
p.4218.
Int. on install. notes- -35,712
24,463
Bayuk Cigars Inc. Reduces Price of "Phillies."-
The corporation reduced the retail price of "Bayuk Phillies" cigars to
5 cents from 10 cents, effective Jan. 1. The list price is reduced to $40
from 275 a thousand.
-V. 135. p. 2834.
Protective Order of Elks, Brooklyn
Lodge No. 22.
-Referee Appointed.
Benevolent &
Milton M. Eisenberg, 16 Court Street, Brooklyn, N. Y., was appointed
Jan. 4 by Supreme Court Justice Leander B. Faber in Brooklyn as referee
to study the financial status of the Brooklyn Elks clubhouse at Livingston
Street and Boerum Place and to sell the building to satisfy a first mortgage
of $2,600,000.
Mr. Eisenberg said he would have to compute the interest and items due
the Manufacturers Trust Co., holder of the mortgage, and that his report
would be filed in the Supreme Court. The sale, he said, would take place
at the Brooklyn Auction Room. 189 Montague Street, approximately six
weeks from the date on which his report is filed.
-V.135,P• 4387.
Blackstone Hotel, Chicago.
-Receiver Named:
-
Edwin L. Brashears was appointed foreclosure receiver Jan. 3 by Federal
Judge James H. Wilkerson at Chicago with instructions to prepare an order
of sale for the property under the foreclosure decree. Appointment was
made on petition of the Metropolitan Life Insurance Co., which holds a
first mortgage of $1,600,000 on the property. The court order continued
Paul G. Evans as equity receiver for the hotel in the interest of general
creditors.
ss..,,,,Block Bros. Tobacco Co.
-Dividend Omitted.
-
directors on Jan. 5 took no action on the quarterly dividend ordinarily
payable about Feb. 15 on the common stock. par $25. The last regular
Quarterly payment of 37)4 cents per share was made on this issue on
Nov. 15 1932.-V. 124, p. 511.
Borden Mills, Inc.
-Plans to Extend Bonds:
-
Operating profit
loss$84,842
Previous surplus
1,410.817
Profit from sale of fixt's
and equipment
$274,337
1,409,266
$464,258
1,164.393
$623,566
969.832
41,706
Total surplus
$1,325,976 $1,683,604 $1.670,357 $1,593,398
Extraordinary expenses_
142,009
Divs. on 7% cum. 1st
pref stock
163,182
167,787
181,997
156,091
Divs. on 7% non-cum.
2nd pref. stock
105,000
105,000
105,000
Net adjust,ofcap.accts.
receivaole, &c
308,178
Bal. per bal.sheet__ _ _ $854,614 $1,410,817 $1,409,266 $1,164.393
Earnings per share on
116.641 com. shares
Nil
$0.01
$1.74
$2.03
Balance Sheet Oct. 31.
1932.
1931.
1932.
1931.
Assets$
$
LtabflittesCash
943,056
406,240 Acc'ts payable_ __ _ 807,599
924,468
Short term secur.... 195.896
347,146 Reserve for taxes_
43.500
3,000
xAcc'ts receivable_ 1.295,036 1,540,418 Dividends payable
105,000
Merchandise
2,660.142 3,275,836 Other curr. liabils. 123,721
232.400
Cash sur. value of
Miami!. reserves__ 146,947
170,657
life insur. pots
6,200
56,800
notes pay. 500.000
600,000
yBldgs.&equip. on
15-yr. 6% sinking
11110
leased land,store
fund debentures 2,178,500 2,355,000
fixtures, deliv'y
7% cum.Ist pf.stk. 2,275,900 2,454,100
equipm't, &c
4,183,334 4,855,161 7% non-cum. 2nd
Mizzen. assets_ _
133.009
128,451
pref. stock
1,500,000 1,500,000
Deferred charges
216.476 zCommon stock 1,130,584 1,130.584
104.193
Surplus
854,614 1,410.817
Total
9,520,866 10,826,528 Total
9,520,866 10,826,528
x After reserve of $95,000 in 1932 and $78,020 in 1931. y After depreciation of $1,310,474 in 1932 and $1,054,562 in 1931. z RepresentedAby
116,641 no par shares.
-V.134,P.679.
The company has outstanding at the present time
10 year 6% sinking fund gold bonds, $800,000 having$1,200,000 1st mtge.
been retired
sinking fund. The bonds mature Aug. 1 1934, but the company through
plans to
extend the maturity date to Aug. 3 1942. In a circular to bondholders,
Bertram H. Borden, President, states:
Brookmire Investors, Inc.
In order to successfully carry on its business any company engaged in the
-Initial Dividend.
The directors have declared an initial quarterly dividend of 8 cents per
textile business has to look to banks for short term credits. The amount
of credit which the banks are willing to extend to any company depends
share on the new common stock, par $1,payable Jan. 16 to holders of record •
in
arge measure upon the current position of such company. Under ordinary
Jan.6.-V. 135, p.300
economic conditions, these bonds would not be looked upon as a current
Burmeister & Wain, Ltd., Copenhagen, Denmark.
obligation until a few months before their maturity. At the present
however, due to the unprecedented economic decline of the last three time,
Jan. 1 Interest Not Paid.
years.
"111
the bankers, for the purpose of determining the amount
The interest due on Jan. 1 on the 15
-year 6% sinking-fund external gold
credits which they are willing to extend, consider as current of short term
bonds, due July 1 1930 was not paid.
-V. 132, p. 4770.
Issues maturing within two years. Accordingly., provision liabilities most
must be made
for the elimination of the early maturity of the bonds if
this
Butler Brothers, Chicago.
-New Stock Listed.
continue to have available the short term credits necessary company is to
for the conduct'
The New York Curb Exchange has admitted to unlisted trading priviof its operations, the curtailment of
of course, jeopardize its
leges the new capital stock, par value, $10 issuable share for share in,7esability to meet its present interest which would,fund
and sinking
requirements with
ct,x2 gei for old capital stock, par value $20.-V. 136,
.
respect to the bonds.
P. 161.
It is, of course. impossible to make any
(Godfrey L.) Cabot, Inc., Boston.
bonds through the issue of new securities. arrangements for refunding the
-$15 Dividend.
The company
The directors have declared a dividend of $15 a share, payable Jan:31
found it necessary to make provision for the extension of has, therefore,
the maturity of
to holders of record Jan. 20. An initial dividend of 210 a share was paid
the bonds.
Oct. 31 1931. In the meantime $15 a share has been paid quarterly. lirHoward S. Borden, Vice Pres.,• Nathan Durfee, Vice Pres., and
,
President
The company is one of the important carbon black producers and, in
Borden, have been selcted by the board of
addition, sells natural gas both at wholesale and retail. Capitalization
to cooperate in making the plan effective. directors to act as a committee
consists solely of approximately 1,600 shares, held principally by members
Bondholders who deposit their bonds prior to
Of the Cabot family.
-V. 134, P• 331.
the following benefits pending the consummationJan. 25 1933, will receive
of
(a) An additional % in the annual interest rate,the plan:1 payment
the Feb.
to•-----Canada Dry Ginger Ale, Inc.
include such additional interest for the entire interest period from Aug. 1
-Changes Par Value.
The stockholders on Jan. 9 approved a proposal to change the par
1932 o Feb. 11933.
value
of the capital stock to $5 from no par, each old share to be exchangeable
(b) The purchase by the company of a portion of the deposited bonds in
for
onernew share.
connection with its sinking fund payments. The deposited bonds so to be
purchased are to be chosen by lot and the price to be paid is 105% of the
Listineof Capital Sotck, Par Value $5 Per Share (Voting).
principal amount, plus accrued interest.
The New York Stock Exchange has
The plan for the extension of the bonds, provides that the maturity of the
listing of 512,631
shares of capital stock, par $5 each on authorized the of issue, sharelfor
bonds deposited be extended to Aug.3 1942, with sinking fund requirements
official notice
share, for a like number of shares of stock without par value
sufficient to retire all extended bonds at or prior to maturity. It further
previously
listed and now outstanding.
provides, among other things, for:
-V.135, P. 4388.
(a) Higher current yield 13y an increase of % in the annual interest
IP- Canada Vinegars, Ltd. (& Subs.).
rate, that is, from 6% to 63%.
-Earnings.
ears Ended ./Voo. 30(b) More attractive sinking fund provisions by substituting for the present
1932.
1931.
1930.
1929.
Net prof. for year after
procedure of purchase or call a requirement that the extended bonds be
deducting all costa _ _ _ $233,150
obtained for the sinking fund only by call by lot at a price of 105% of prin$251,390
$232,588
$249.362
Prov. for depreciation__
cipal amount, plus accrued interest; and by increasing the semi annual
57,468
58,584
49,973
48.747
Reserved for taxes
21.194
payments to the sinking fund to the sum of 252,500, plus interest on all
20,000
12,541
13.861
Western Vinegars. Ltd..
extended bonds theretofore acquired for the sinking fund. By this method
divs, pay,on pref.shs.
the sinking fund payment will increase each time bonds are acquired for
& proper. of profits acthe sinking fund.
cruing to common shs.
2,792
(c) Greater asset protection by providing that no cash dividend disburse
4,130
2,170
2,196
ments will be made on the stock of this company or the stock of the American
Net income
Printing Co. (which company is the guarantor of the outstanding bonds
2151,697
$168,670
$167,904
$184,558
Dividends paid
147,200
and will similarly be the guarantor of the extended bonds) so long as any of
147,200
147,200
147,200
the extended bonds are outstanding.
Balance,surplus
$4,497
It will be readily recognized that the combination of these new features
$21.476
$20,704
$37.358
Previous surplus
200,463
offers attractive possibilities to bondholders. To the increased interest
178,988
158,284
120,928
rate there is added the greater amount to be applied twice a year to the call
Total surplus _
of extended bonds by lot at a premium of 5%. If an extended bond Is
$200,464
$178.988
$158,288
Earns, per sh. on 92,1566 $204.960
_called by lot at the end of one year, the extra amount received IBS%% over
A
shs.cap.stock(no par)
$1.65
$1.83
$1.82
$2.01
332
Financial Chronicle
Consolidated Balance Sheet Is,or. 30.
1931,
1931.
Dtatruittes1932.
1932.
Assetsx Capital stock__ _$1,322,502 $1,322,503
bidgs., plant
Land,
200,464
204,960
31,518.169 $1,520,644 Surplus
& equip
Res. for depree- - 250,706
197,594
Dominion of Can.
20,832
Mtges. pay. & so,
bonds
16,451
25,493
39,188
crued interest....
43,974
Cash
54,199 Western Vinegars,
Accts.receivable
65,138
69,001
93,960
275,736
Ltd.stock
319,401
Inventories
25.583
25,397
1
1 Accounts payable_
Good-will
Liab. to cust. for
28,810
27,608
cont. returned.Prov. for contain25,500
27.500
ers returnable
22,000
20.000
Res. for Inc. taxPref. div. acc'd on
West. Vinegars,
6,249
Ltd.stock
$1,967,515 $1,944,768
Total
Total
$1,967,515 $1,944,768
x Represented by 92,000 no par shares.
-V. 134, p. 509.
-Purchases PreCanadian Fairbanks-Morse Co., Ltd.
ferred Shares.
It Supplementary letters patent have been issued under the Seal of the
Secretary of State of Canada, dated Dec. 16 1932, decreasing the capital
stock from 15,000 preferred shares, par $100 each, and 125,000 common
shares, without par value, to 13,600 preferred shares, par $100 each and
125,000 common shares, without par value, such decrease to be effected by
the cancellation of 1,400 preferred shares which have been purchased and
-V.135. p. 4220.
redeemed at less than par.
-Resumes
---------- Canadian Foreign Investment Corp., Ltd.
Dividend on Pref. Stock.A dividend of 2% has been declared on the 8% cum. pref. stock, par
$100, payable Jan. 18 to holders of record Jan. 10. The last regular
quarterly dividend of 2% was paid on this issue on Feb. 1 1932.-V. 135,
....._ p. 470.
-- -...Capital Management Corp.-Smaller Dividend.A quarterly dividend of 15 cents per share has been declared on the capital
stock, par 310, payable Feb. 1 to holders of record Jan. 20. A distribution
of 25 cents per share was made on Nov. 1 1932, as against 12% cents per
-V.
share on Aug. 1 1932 and gs cents per share previously each quarter.
135. p. 2658.
-Smaller Dividend...."----Central Illinois Securities Corp.
A dividend of 15 cents per share has been declared on the $1.50 cuni.
cony. pref. stock, no par value, payable Feb. 1 to holders of record Jan. 20.
This compares with 37% cents per share paid each quarter up to and
including Nov. 1 1932.-V. 135. p. 4220.
-Omits Div.------.. Chain Store Real Estate Trust (Boston).
t
he directors recently decided to omit the dividend ordinarily payable
about Jan. 5 on the capital stock. Distributions of 75 cents per share were
made on July 6 and Oct. 5 last, as compared with 50 cents per share on
April 5 1932 and quarterly distributions of $1.25 per share made during the
year 1931.-V. 134, p. 331.
Jan. 14 1933
cars are the result of concentrated study and careful investigation of the
best and most desirable features of motor car design and construction.
created to meet the requirements of 90% of the motor car market.
Consolidated Income Account Years Ended Oct. 31.
1932.
1931.
1930.
1929.
Gross profit
loss$338,299
39.532
3484,837 $2,817,017
Other income
6201,077
163,921
178.571
307,914
Totalincome
loss$137.222
Interest
Provision for obsolete &
excess materials in inventory
460,500
Depreciation
667,646
Property taxes
283.245
Other charges
211,975
Selling, administrative &
other miscell. expenses
993,688
Federal tax reserve
Net loss
Previous surplus
Adjustments
Total surplus
Dividends
$2,754,278
360.178
def$2,394,099
$173,453
62
4,020
$663,408 $3,124,931
201,303
1.022,400
d340,629
c323,275
1,108,148
1,355,517
2,190,133
22,960.
31.899,344 $2,037,782 sur$710,53o
2,259,523
9,676,367 11,247 765
eDr5.379.062 Dr.662,146
3360,179 $2,259,523
11,296,155
a1,619,788
Profit & loss surplus def$2,394,099
$360,179 $2,259,523 $9,676,367
Shs.com.stock outstand_ 2,113,000
2,113,000
2,113,000
2,113,000
Earnings per share
Nil
Nil
Nil
a After deducting amount received by subsidiary company. b Inr1Ud3
3
ing refunds of Federal income taxes for prior years and accrued interest
thereon aggregating $119,247. c Net loss and development expense of
Continental Aircraft Engine Co. d Includes $13,399 net loss of Continental
Gas & Oil Co., $32
4.967 net loss of Continental Aircraft Engine Co. and
$2,263 net loss of British Continental Motors, Ltd.
e Composed of the following: Special charges to surplus at April 30 1930.
35.583,969; further provision of obsolescence and losses in inventory as
disclosed by physical counts and analysis made at Oct. 31 1930, including
further adjustment in value of used tools, $4473,038; further adjustments
in value of special tools, dies and patterns based upon new analysis made
at Oct. 31 1930, $268,743; further adjustments in value of investments in
other corporations, $53,312.
Ccmsolidated Balance Sheet Oct. 31.
1931.
1932.
1932.
19318
Liabilities
$
Assets$
$
$
aProperty acc't__11,099,059 11,840,274 dCommon stock.. 23,459,645 23,459,645
Good-will
5,908,316 5,908,316 Reserve for contingencies,&c
Miscell. acc'ts and
98,698
67,944
292,482
250,733 Accounts payable_ 277,982
investments
348,749
922,381 1,731,972 Accrued taxes, &c_
Cash
102,713
147,687
998,786 Surplus
Marketable secur_ 388,613
de12,394,099
360,179
437,394
bAccts.& notes reo 368,097
1,702,537 2,485,256
cInventories
731,472
863,354
Deferred charges
Total
21,544,839 24,384,204
Total
21,544,838 24,384,204
a After deducting 310,821.306 for depreciation in 1932 and $10,424,187
In 1931. b After deducting reserve for bad and doubtful balances of
-..." Chicago Corporation.-Steeks-histertareurk-$309,643 in 1932 and 3202.399 in 1931. c Valued at cost or market, whichNew'York Curb Exchange has admitted to unlisted trading privily ever is lower. d Represented by 2,113,000 shares of no par value.
-V.135.
the common stock (F55-$.1) and the convertible preference stock) p. 4564.
1
(no par value), both issuable in exchange for common and convertible pref.
Chicago Investors Corp.
-V.132, '-Continental Oil Co. (Del.).-A-ertialun stocks of Continental Chicago Corp. and
p. 135.
he company has purchased for cash the Super-Gasoline Cob, operating
stations
6 filling s
-Div. Decreased.- 24 Bing stations in St. Louis, and purchase prices of 7 owned by the
""Coca-Cola Bottling Co., St. Louis.
Wide-Way Service Stations, Inl) The
were not disclosed.
-F, 135, p. 3171.
A dividend of 33 cents per share has been declared on the capital stock,
payable Jan. 20 to holders of record Jan. 10. A year ago, the company
-Net Shipments.
Cutler-Hammer, Inc.
declared an annual cash dividend of $1.60 per share, payable in quarterly
Period End. Dec. 31- 1932-3 Mos.-1931.
Installments of 40 cents each on Jan. 15, April 15, July 15 and Oct. 151932.
1932-12 Mos.-1931.
$689,010 31,103,538 33,000,273 $5,907,800
Net shipments
-V.133. P. 379 .
4
-V. 135, p. 2498.
-Earnings.
Collins & Aikman Corp.
-Receiver Named.For income statement for 9 months ended Nov. 26 see "Earnings De- ---%Dairy Corp. of America.
-V. 136, p. 163.
partment" on a preceding page.
James R. Morford, Wilmington, was appointed receiver Jan. 6 by Chancellor Josiah C. Wolcott in the Delaware Chancery Court. The petition
-New Film Contract.Columbia Pictures Corp.
for receiver was filed by Consolidated Trade Publication, Inc., of New
York,a creditor of the corporation for $605.
The culmination of negotiations last week between the company and
the McNeil Circuit providing for exhibition of the Columbia product for
"Dennison Manufacturing Co.
-Resumes Dividend.
1932-33 in the 60 McNeil theatres was announced on Jan. 5.
The directors have declared a dividend of $4 per share on the 87 cum•
The agreement involves Columbia's feature product, the Buck Jones
and Tim McCoy series of outdoor dramas and the supplementary Program
debenture stock (par $100) on account of accumulations, payable Feb, 1
to holders of record Jan. 20. The last quarterly dividends of $2 per share
of single and double reel short features,
was paid on this issue on Feb. 1 1932.-V. 135, p. 133.
The situations covered by the deal include: Monterey, Reno. Santa
Cruz, Santa Rosa, Chico, Merced, Petaluma, Tulare, Visalia, Hanford,
-Receivership:
Carmel, Lodi, Martinez, Oroville, Bedding. Red Bluff, Auburn, Dunsmuir, •--(E. C.) Denton Stores Co.
Judge Robert R. Nevin. n Federal Court a Dayton. Ohio. Jan. 7.
Gilroy, Hollister, Pacific Grove, Paso Bobles, Susnaville, Sacramento,
named L. R. Ballinger, Vice-Pres. of Fifth Third National Bank, Cincinnati.
Berkeley, Hayward, San Leandro, San Francisco and Oakland,
San Jose,
and E. C. Denton, president of the company as receivers.
-V. 132. p. 2592.
Callf.-V. 135, P. 3361.
Commonwealth Life Insurance Co., Louisville, Ky.Extra Dividend.
The directors recently declared an extra dividend of 10c. per share in
addition to the regular quarterly dividend of 40c. per share on the $1,500,000 capital stock, par $10, both payable Jan. 7 1933 to holders of
-V.
record Jan. 4. A similar extra distribution was made a year ago.
134, p. 511.
Discount Corp. of New York.-Earnings.-Calendar Years
Net profit for year
Dividends paid
1932.
$2,083,974
625,000
31,346,191
550,000
31,2930 85
190,.
6
.550,000
$1,458,974
$796,191
Balance, surplus
$740,685
1,555,736
759,545
1,018,860
Previous undivided profits
1.000,000
Dr1,000,000
Transferred to surplus account
$2,014,710 $1,555,736
$759,545
Consolidated Mining & Smelting Co. of Canada, Ltd. • Undivided profits Dec. 31
Balance Sheet Dec. 31.
-Dividend Record Date Changed.1932,
1931.
1931.
19322.
To meet the views of the governors of the Montreal Stock Exchange,
Liabilities$
$
$
Assetsthe stock dividend of one share for 10 proposed by the directors of the Acceptances.-- 29,999,812 147,548,908 Capitalstock___ 5:000:000 4;000:0
3 0 000 5 0 0
02
13, rather
company will be made payable to shareholders of record on Jan.
last.urplus
Ti.. S. bonds,
than Dec. 31, as was officially announced on Jan. 5
Undivided prof.. 2,014,710 1,555,736
Treas. notes
The change, decided upon on Jan.7, will make stock bought since Dec.31
218 3 7
12 :3 0
4 8
6
unearned dint_
430 52
140 83
:3 7
and certifs. of
and held through Jan. 12 eligible for the dividend when and if it is approved
b es ns
indebtedness _ 42,915,647 80,554,918 Raaerv
at the shareholders' meeting on Feb. 1.
pLable..- 32,075,000 42,875,000
e
with
dividend to
The governors of the Exchange ruled against payment of a
U.S. Govt. dep.
a date in the past.
account
985
4,501,400 28,813,200
985
aNn _ ...
e
DE l lg
eai
Department....
199,097 Due to banks &
290,659
Int. rec. accrued
A statement issued by the company follows:
customers_
832
in
Expenses paid
A preliminary estimate indicates that after making inventory adjust,123,215 Dividends pay250,000
175,000
30.047
meats and charging development and exploration expenditures, but before
4,138,268 4,750,377 Re-per. agreem't
Cashvance
revenues, including income from
depreciation and depletion, operating
on accept.sold
48,649,775
Investments. may be slightly below operating expenses.
Accept. re-dIsct.
The plants have been well maintained from operating revenue and are
and sold with
in excellent condition.
endorsement _ 12,791,560 80,499,637
The producing mines continue to develop satisfactorily.
U.S. Govt.secs.
Unsold lead and zinc stocks are less than at the end of 1931.-V. 136.
bought uns er
re_sale ,t sdld
P. 163.
-Interest Not Paid.Consolidated Rock Products Co.
The company has not deposited the Jan. 1 interest and sinking fund
payment of 345.000 on the Consumers' Rock & Gravel Co. first mortgage
20
-year sinking fund 6% gold bonds with the trustee, the Bank of America,
Los Angeles. A total of $1,162,000 of the bonds are outstanding in the
hands of the public, 3149,000 being held in the company's treasury. The
-day grace period for the payment of
trust indenture provides for a 30
Interest.
-V, 135. P. 1497.
under re-per.
agreements __ 15,400,000 21,017,430
77,375,418 233,177,502
Total
-V. 135, P. 4564.
Total
77,375,418 233,177,502
Dividend Shares, Inc.
-Dividend No. 2.
-
-- .
-1Continental Chicago Corp.-StoelerRemeved-frorn L:
The directors have declared a quarterly dividend of 2 cents per share
payable Feb. 1 1933 to holders of record Jan. 14 1933. An initial quarterly
dividend of like amount was paid Nov. 1 1932.-V. 135. p. 3004.
-Annual Report.Continental Motors Corp.
-1931.
-1931. 1932-53 Weeks
saies
Period Ended Dec.31- 1932-5 Weeks
32.164.825 32.419,679 $23,041,452 $25,638,125
-V. 135, p. 4039.
'The New York Curb Exchange has removed frominlisted trading privithe common and convertible preference stock no par value. See
1
-V. 13o, p. 4389.
also Chicago Corp. above.
In his remarks to stockholders Pres. W. R. Angell says in part:
New and important developments offar-reaching importance to the future
progress and prosperity of the corporation have taken place during the year.
'Continental Automobile Co., a wholly-owned subsidiary, has developed
three new lines of "Continental" motor cars (one four and two sixes),
publicly exhibited for first time at New York Automobile Show. These
-December Sales.
Dominion Stores, Ltd.
-New President.
Dow Drug Co., Cincinnati.
Charles S. Davis, General Manager, has been elected President, succeedlog D. C. Heller, resigned. It is stated that Mr. Keller will retain an
interest in the management of this company which he has directed for
17 years.
Volume
Financial Chronicle
136
Executive control will be vested in Mr. Davis, who joined the companv
a year ago as director of sales and merchandise.
-V. 135. P• 3172.
Drake Towers Building Corp.
-Removed from List.
-
The Chicago Stock Exchange has removed the 1st 6% bonds from the
list.
-V. 126, p. 1046.
Drug, Inc.
-Subsidiary Sells Holdings in English Company.
Chairman Louis K. Liggett on Jan. 11 announced that the controlling
interest in Boots Pure Drug Co. will be sold by the United Drug Co.(Del.),
a subsidiary,to a British group composed of Hambros Bank,Ltd.,Erlangers,
Ltd., and Philip Hill & Partners.
It is part of the sales agreement that the present management and
policy of the Boots company be continued.
The United Drug Co. owned 1,125,000 out of 1.500,000 Boots ordinary
shares of
value.
Final arrangements for the sale are being delayed by the intervention of
the British Treasury. The deal involves 1,000.000 of the 1,125.000 shares
held by the United Drug Co.
A dispatch from London states that the shares of the Boots Pure Drug
'Co. will be split 4 for 1. the oar value reduced to 5 shillings as against El
at present, and the shares offered publicly.
-V. 135. p. 3362.
Du Pont Cellophane Co., Inc.-Prices Cut.
The company has made a substantial reduction in the price of the transparent cellulose films used for wrapping purposes,effective Jan. 11. Officials
state this reduction is made possible by increased usage of cellophane,
particularly on textiles, paper products and chewing gum; also on many
special breads by bakers throughout the country.
This is the 15th reduction in price since the domestic manufacture of
cellophane was started in 1924.
Price reductions are: For transparent moisture-proof cellophane to 58
cents a pound from 64 cents, approximately 10%; on the plain transparent
cellophane the reduction is from 42 to 40 cents a pound, approximately 5%.
-V.134. p. 1032.
''Electric Power Associates.-Smaller Distribution.-The
directors on Jan. 11 declared a dividend of 10 cents per share
on the class A and common stock, payable Feb. 1 to holders
of record Jan. 16. Distributions of 15 cents per share were
made on these issues on Aug. 1 and Nov. 1 last,compared
with 25 cents per share each quarter from Feb. 1 1930 to
and including May 2 1932.-V. 135, p. 2660.
Ely & Walker Dry Goods Co.
-Earnings.
-
Years Ended Nov.30- 1931-32.
1930-31.
1929-30.
1928-29.
Net sales
Not stated. $34,812,181 $38,298,984 $44,168,434
Loss for yoar
565,813 prof1,401,278
x245,569
$180,025
First pref. diva.(7 7)
105.000
104,825
105,000
105,000
Second pref. diva.(6%)_
90,000
90,000
89,793
90,000
Common diva.(2%)
155,979 (8)669,159(814)692.506
Balance, deficit
$596,548 $1,429,972 sur$513,772
8374.643
Profit and loss surplus - 3,509,724
5,618.156
5,578,670 5,708,568
Shs. common stock outstanding (par $25)- - 292,215
284,892
352,472
315,626
Earns. per sh.on corn_ _ _
Nil
Nil
Nil
$.82
x Including write-down of investments by $200,000.
Surplus Account for 1932.
-The surplus account as reported by the
company follows:
Balance surplus Nov. 30 1931, $5,618,156; discount on purchase of
treasury stock, 8151,936; total, $5,770,092: Deduct
-loss from operations
of wholesale units of the consolidated companies, 8180,025; reserve for
possible loss in reorganization of units, $250,000; amount written off to
cover decrease in value of investments in subsidiary and affiliated companies, together with a reserve of 81.177.159 to reduce the carrying value
of such investments to $1. $1.635.725; total deductions, 82,065,751;
balance, $3,704.342; Deduct-dividends paid: first preferred. 8104.825;
second preferred, $89.793; balance, Nov. 30 1932, 83,509,724: consisting of:
capital surplus, premium and discount on purchase or sale of treasury
stock, &c., $1,101,389; earned surplus, 82.408,333.
Comparative Balance Sheet Nov. 30.
1932.
1931.
1932.
1931.
Assets8
$
Factory lands and
First preferred 7%
bides., machin'y
stock
1,484,000 1,500,000
and equipment. 940,562 1,071,502 Second pref. 6%
Investments
880,883 2,424,683 stock
1,472,700 1,500,000
Loans for trade
Common stock
7,122,300 7,305,375
purposes
316,107
326,540 Res. for poss, loss
Other loans & adv.
41,660
on reorg. ot units 250,000
Sundry real estate
Notes payable-1,680,000
held tor reallen_
90,057
93,119 Accts. payable.-_ 249,650
400,495
Insur. depos., &c.
59,514
89,827 Due to employees_
72,314
108,229
Inventories
4,713,712 5.444,841 Accrued taxes____ 112,588
150,810
aAccts.& notes rec. 5.671,704 7,272,505 Sundry deposit acAdv. to salesmen
counts
115,804
282,002
& employees
185,517
166.677 Surplus
3,509,724 5,618,156
Cash
1,489,162 1,655,373
Total
14,388,882 18,545,068
Total
14,388,882 18,545,068
a After reserve for doubtful debts of $198,471 in 1932 and 8235,390 in
1931.-V. 134, p. 1380.
Exchange Buffet Corp.
-December Sales.
Sales for Month and Eight Months Ended Dec. 31.
1932
-Month-1931,
Decrease.
1932-8 Mos.-1931.
8351.636
$441,541
389,905182,732,874 83,299.826
-V. 135, p. 4222.
Fageol Motors Co.,
San
Decrease.
$566,952
Francisco.-Stoeke-Reffsetteti-•
ffective at the close of business on Dec. 31, the common and preferr
stbck was removed from trading on the San Francisco Stock Exchange
The stock will receive nothing from .the liquidation of the company
according to the notice.
-V. 135, p. 136.
A.) Fay & Egan Co., Cincinnati.
-Forms New Subsidiary-Riyltts.
rho directors have announced plans for the establishment of a subsidiary
company to take over two of the special departments heretofore operated.
The new company, to be known as the Fay-Egan Manufacturing Co., will
take over the departments devoted to the manufacture of metal airplane
propellors.
According to the announcement, the J. A. Fay & Egan Co. "retains
an 80% ownership of the common stock of the new corporation. As the
assets are transferred without a cash transfer included, it is necessary
to provide working capital for the new company by sale of its common
and preferred stock."
The now subsidiary has an authorized capitalization of 250 shares of
8% cum. pref. stock. $100 par value, and 5,000 shares of 810 par common
stock. Of this amount the parent company was issued 4,000 shares of the
common in payment for its interest, and the remainder of the common
and pref. will be offered to common stockholders of the Fay & Egan Co.in
units of one share each of common and pref. stock, at $110 per unit, in the
proportion of one unit for each 40 shares of J. A. Fay & Egan Co. common
stock held as of Dec. 31 1932.
Any or all units not subscribed for by stockholders may be offered publicly, according to resolution of the directors, at not less than $110 per
unit.
Official personnel of the newly-formed subsidiary was established on
Jan. 5 with the election of S. M. Blackburn as President: R. W. Egan,
Vice-President, and Espy Bailey as Secretary-Treasurer. 11. E. Lankford
will be General Manager.
Mr. Blackburn announced that the new company has been awarded
large Government contracts for the manufacture of metal airplane propellors. fhe company also manufactures new type bread slicing machines
and other specialty machines.
The Fay-Eagan Manufacturing Co. will occupy part of the premises of
the parent company, and offices will be maintained in conjunction with
-V. 118, p. 799
those of the J. A. Fay & Egan Co.
333
Federal Theatres Co.
-Timefor Deposits Extended.
Frederick Peirce & Co. announce that, under the plan of adjustment
which they consummated with Warner Bros. Pictures, Inc., there had
been deposited with Guaranty Trust Co. of New York, depositary, a
total of $1,965,000, or 78% , of the $2,493,000 National Theatres Corp.
,
6
1st & ref. 65 % bonds outstanding. The time for receiving deposits has
been extended for a brief period in order to afford an opportunity, to those
who have not yet deposited, to co-operate under the plan. See also
V. 135, p. 2837.
(John J.) Felin & Co., Inc.
-New Director.
Irene M. Folio has been elected a director to succeed the late Harry
Brocklehurst.-V. 135, p. 305.
Fidel Association of New York, Inc.
-Annual Report.
The annual report of this Association, subsidiary of the Fidelity Investment Association of Wheeling. W. Va.,shows a total of new business written
since organization of the company on April 12 1932 of $2,028,000. The
bond account of the Association, which constitutes the reserve for their
Income-producing contracts consisted of the following_issues as of Jab. 3
1933: Commonwealth of Massachusetts 31i's, 1935; Detroit Edison gen.
and ref. 55, 1952; New York State Canal 3s, 1957; Niagara Falls Power
1st and cons. 50, 1959; Pacific Gas & Electric 1st and ref. 434s, 1960;
Philadelphia Electric Co. let ancbref. 4s, 1971; San Diego Gas & Electric
1st and ref. 5345, 1960; Standard Oil Co. of New York deb. 41.6s, 1951:
Toledo Edison Co. 1st 5s, 1962; United States Treasury 3s, 1955.-V. 135.
IL 3862.
-New Directors.
Fidelity Union Title & Mortgage Co.
Four new directors have been elected by the stockholders of the Fidelity
Union Title & Mortgage. J. H. Bacheller and H. Stacy Smith, President
and Vice-President respectively of the Fidelity Union Trust Co. and Simon
P. Northup.and Edward C. Wyckoff, Vice-Presidents of the Fidelity Union
Title & Mortgage Co., have been elected directors of the latter concern.
V. 134. p. 1033.
Flintkote Co.
-New President.
John H. Plunkett. who for the past five years has been General Manager
of the Pioneer Paper Co. of Los Angeles, a subsidiary, has been elected
President, succeeding Chester E. Rahr.
Mr. Plunkett also becomes Chairman of the board of the Pioneer Paper
Co. and several other subsidiaries.
-V. 134, P. 3644.
-Plant Will Reopen.
Follansbee Brothers Co.
The company on Jan. 6 announced that its Toronto steel plant would
resume open-hearth operation Jan. 20. The plant, idle since June, will
employ 160 men. Plans have been made to reopen the company's bar
mills Jan. 25.-V. 135, p. 4390.
-Meeting Jan. 18.
Fox Metropolitan Playhouses, Inc.
All creditors, claimants and stockholders are notified that a meeting is
to be held Jan. 18 in U. S. District Court Room No. 2, Woolworth Build- ,
ing, New York, for the purpose of considering the report of the receiver
filed Jan. 6, and for the further purpose of determining whether or not the
receivership shall be continued for a further period of 6 months or until
such time as the Court may direct.
Irving Trust Co. is receiver.
-V. 135. p. 1829.
Fox Theatres Corp.
-To Continue Operation.
Judge Martin '1. Manton ot the U. S. Circuit.Court of Appeals, sitting
Jan. 11 in the District Court, authorized William E. Atkinson and John
F. Sherman, equity receivers, to continue the operation of the properties
for six months ending June 12.-V. 135. p. 1500.
General Electric Co.
-Suit Filed to Enjoin Distribution
of Radio Corp. of America Stock.
-See Westinghouse Electric
& Manufacturing Co. below.
Consolidates Departments.
The company's turbine sales department has been consolidated with the
central station department, as a division of that department, it has been
announced by Vice-President J. G. Barry following the previous announcement of the retirement of Elmer E. Gilbert, Manager of the turbine sales
department. R. B. Beale, former Assistant Manager of the turbine sales
department. succeeds Mr. Gilbert with the title of Manager of the turbine
division.
-V. 135, p. 4565.
-December Sales.
-The corporaGeneral Motors Corp.
tion has issued the following statement:
December sales of General Motors cars to consumers in the United States
totaled 19,992 as against 12,780 in November, and 53,588 in December a
year ago.
December sales of General Motors cars to dealers in the United States
totaled 44,101 as against 2,405 in November and 68,650 in December a
year ago.
December sales of General Motors cars to dealers in the United States and
Canada, together with shipments overseas, totaled 53,942 as against 5,781
n November and 79,529 in December a year ago.
Sales to Consumers in I nited States.
1929.
1930.
1931.
1932.
74.167
73,989
61,566
47,942
January
110.148
88.742
68,976
46,855
February
123.781
101,339
166,942
48,717
March
135,683
173,201
142,004
81,573
April
169,034
131,817
122,717
63,500
May
154,437
97,318
103,303
56.987
June
147,079
80,147
85.054
32,849
July
151,722
86,426
69,876
37,230
August
124,723
75,805
51,740
34.694
September
49,042
114,408
57,757
26,941
October
68,893
41,757
34,673
November
12,780
44,216
December
57,989
53,588
19,992
Total
January
February
March
April
May
June
July
August
September
October
November
December
510,060
Sales to Dealers in
1932.
65,382
52.539
48,383
69,029
60,270
46,148
31,096
24,151
23,545
5,810
2,405
44,101
1,057,710
937,537
I nited States.
1930.
1931.
76,681
94,458
80.373110,904
118,081
98,943
132,629
132.365
136,169
136,778
87.595
100,270
78.723
70,716
62,667
76,140
47.895
69,901
21,305
22,924
23.716
48,155
68,252
68.650
1,498,792
1929.
95,441
141.222
176,510
176,634
175,873
163,704
157,111
147,351
127,220
98.559
39,745
36,482
Total
472,859
1,535.852
928,630
1,035,660
Total Sales to Dealers in U. S. and Canada Plus Overseas Shipments.
1931.
1932.
1929.
1930.
January
89,349
74,710
106,509
127.580
February
96,003
62,850
126,196
175.148
March
119,195
59.696
135,930
220,391
April_
150,661
154.252
78,359
227,718
May
66,739
147,483
153.730
220,277
June
52,561
111.668
200.754
97.440
July
87,449
36,872
189,428
79.976
August_
70,078
30,419
85,610
168,185
September
58,122
30,117
146,483
78,792
October
10,924
25.975
28,253
122,104
November
29.359
5,781
57,257
60,977
December
53,942
79,529
80.008 ''''w 40.222
Total
562,970
1,174,115
1,074,709
1,899,267
Unit sales of Chevrolet. Pontiac, Oldsmobile, Buick, LaSalle and Cadillac
passenger and commercial cars are included in the above figures.
Two Divisions Merge.
-An official announcement states:
The Electro-Motive Co. and Winton Engine Corp., both divisions-of
General Motors Corp., are being consolidated under the name of Winton
334
Financial Chronicle
Engine Corp. effective as of Jan. 1'1933,‘with,Theadquarters as before,
IS sI 4411111111 4111-01s
'
at Cleveland, Ohio.
The consolidation of these two companies, which have always worked
in close relationship, is intended to eliminate overlapping functions, thereby
effecting greater efficiency and economy.
is The established policies of the Electro-Motive Co. will be continued
and its personnel will carry on the rail car and locomotive activities in
-V. 135, p. 4391. 4222. 4040, 4030. 3699.
the Winton Engine Corp.
General Theatres Equipment, Inc.
-Seek Cancellation
of $2,300,000 Notes.
The company, through Senator Daniel 0. Hastings, its receiver, has
filed suit in Chancery Court at Wilmington, Del., against Wiliam Fox
and All Continent Corp. for cancellation of 32,300,000 of notes of General
Theatres Equipment, Inc., held by All Continent Corp., which is alleged
to be the personal holding company of Mr. Fox.
The bill seeks to recover from Fox and All Continent Corp. a voting
trust certificate representing 108,000 shares of Fox Film class A stock and
50,000 shares of stock of Grandeur, Inc., originally held by All Continent
Corp. as collateral to General Theatre notes and sold by it at auction,
but bought in by All Continent Corp. which now holds it.
The bill also seeks to recover $200,000 paid by General Theatres in
reduction of notes; 3163.699 paid as interest on the notes and $50,000 paid
by General '!heatres to attorneys for All Continent Corp. for services In
connection with a renewal of notes.
Chancellor Wolcott filed an order restraining all Continent Corp. from
disposing of the notes of the General Theatres held by it, the stock formerly
held by All Continent, and from attempting to enforce the notes -V.135,
.
p. 4040.
Gillican Co., Inc.
-Refinancing Plan.
-
Ian. 14 1933
of tho stock deposited thereunder shall remain with the voting trustees
until all debentures have been retired, and during this period no dividends
hall be paid on the pref. and common stock.
-V. 132, p. 860.
Goldblatt Bros., Inc.
-Sales Increase.
-
Calendar Years1932,
Increase.
1931,
Sales
$20,030,794 $17,081,780 x$2,949,014
x This advance was due in part to the acquisition on Dec. 12 1931 of
Kaufmann & Wolfe In Hammond, Ind.
Unit volume increased 28%, in comparison, according to President
Maurice Goldblatt.-V. 135, p. 1501.
Grand Union Co.
-Sales.
Store sales for the four weeks ended Dec.31 1932 amounted to $2,196,601.
This compares with November sales of $2,177,680, or a gain of 0.87%,
and with sales of $2,649,426 for December 1931, or a decrease of 17.09%.
V. 135, p. 4222.
(W. T.) Grant Co.(Del.).
-December Sales.1932-Deconber-1931. Decreased 1932-12 Months
-1931, Decrease.
$11,367,354 $12,109,453 x3742,0991373,308,932 $75,294,354 $1,985,422
x Correction -V. 136, p. 166.
Great Atlantic & Pacific Tea Co.
-Sales.
Sales as estimated by the company for periods from the beginning of
the fiscal year, Feb. 28 1932 to Dec.31 1932 compare as follows:
1931.
1932.
Decrease
Five weeks ended April 2_$88,912,192 $104,742,250 $15,830,058 15.1
Four weeks ended April 30- 72,368,664 85,026,365„
14.9
81,053,595
8,620,709 10.6
Four weeks ended May 28_ 72,432,886
99.342.006 13,279.272 13.3
Five weeks ended July 30_ 86.062,734
77,027,658 12,788,839 16.6
Four weeks ended July 30_ 64,238,819
93,981,527 14,664,825 15.6
Five weeks ended Sept. 3_ 79,316,702
74,076,684 10,451,585 14.1
Four weeks ended Oct. I_ 63,625,099
76,508,258
9.977,785 13.0
Four weeks ended Oct. 29- 66,530,473
74,705,685 11,857,032 15.8
Four weeks ended Nov. 26_ 62,848,653
91,309,637 11,694,041 12.8 0
Five weeks ended Dec. 31_ 79,615,596
The protective committee for the 634% sinking fund guaranteed gold
debentures, dated July 11926, has formulated and authorized a refinnacing
plan for the debentures.
Protective Committee.
-C, G. Rives Jr., Chairman (Vice Pres., Whitney
Trust & Savings Bank); L. V. Lamar, Vice Chairman (Asst. Vice Pres.,
Canal Bank & Trust Co.); T. B. Denegre, Sec. (Vice Pres., Moore-Hyams
& Co., Inc.) New Orleans; John H. Jones (Sec'y. & Treas., Rogers, Green
$735,951,818 3857,773,6653121,821,847 14.2%
Total
& Jones, Inc.), Laud, Miss.; Larz E. Jones (Larz E. Jones & Co.); John N.
Tonnage sales as compiled from the company's estimates for preriod
Stewart (Vice-Pros., Stewart Bros. Cotton Co., Inc.); H. A. Testard,
from Feb. 28 1932 to Oct. 29 1932 compares as follows:
Capitalist, New Orleans, La. Depositary: Whitney trust & Savings
Decrease
Bank, New Orleans, La. Counsel: Monroe & Lemann, New Orleans, La.
5.9%
$32,627
$552.825
$520,198
Five weeks ended April 2_
Geo. P. Bywater, Asst. Sec., Whitney Bldg., New Orleans, La.
%
7.4V
33,990
456,704
422,714
Four weeks ended April 30..
The Committee in a letter to debenture holders calls attention to the
5,762
1.3
443,449
437.687
Fourweeks ended May 28.
fact that the principal assets of Gillican Co., Inc., are (1) all the capital
4.0
32,474
553,562
531,088
Fiveweeks ended July 2_
stock of Downing Co., Inc., and (2) 10,000 shares (no par) 2d pref. stock
3.9
16,258
413,726
397,468
Four weeks ended July 30_
of Florida Industrial Co., also that progress has been made in reducing
3.4
17,285
507,772
490,487
Five weeks ended Sept. 3_
the liabilities of Downing Co., Inc.. from $1,158,596 on Dec. 31 1930,
16,519 4.0
408.323
391,804
Four weeks ended Oct. 1..
to $565,011.70 on Dec. 31 1931 and to $300,373 as of Dec. 10 1932. The
1.1
4,739
420.398
415,659
Four weeks ended Oct. 29..
circular further states:
23,502
5.6 0
418.777
395,275
Four weeks ended Nov. 26
Since December 1930, when it became necessary for the bank creditors
3.4%
17,695
516,165
498,470
Fiveweeks ended Dec. 31_
of Gillican Co., Inc., and the Downing Co., Inc., to supervise the affairs
of these companies, the interested banks have been called upon to advance
$190,851
4.0%
$1,500,850 $1.691,701
Total
funds each year to permit the Downing Co., Inc., to carry on its business
in the usual manner. It has been largely through the financial assistance
-V. 135, p. 4040.
rendered by the bankers and their close supervision of its operations tha
UTTI
reat Lakes Paper Co., Ltd. -R
the Downing Co., Inc., has maintained its position and accomplished the
he Chicago Stock Exchange has removed the 1st 6% bonds from the
large reduction in its liabilities above-stated.
Hs
Up to this time practically no new money has been required by the
V. 135, p. 2661
Downing Co., Inc., to supply its rosin and turpentine customers with
-Tenders.
Gulf Oil Corp.
additional turpentine leases. During the company year, however, the
Downing Co., Inc., will require financing to the extent of $570,000 of
The Union Trust Co. of Pittsburgh, trustee, Pittsburgh, Pa., will until
-year 5% s. f. debenture gold
Jan. 31 receive bids for the sale to it of 20
new money to operate its business and to supply its customers with such
additional turpentine leases. It is setimated that the additional turpenbonds, dated Feb. 1 1927. to an amount sufficient to exhaust $1,500,000.
-V. 135, p. 3531.
tine leases will cost about $325,000. This new money and these additional
at prices not to exceed par and interest.
turpentine leases are essential to the protection and work-out of a large
-Earnings.
Hat Corp. of America.
amount of the present assets of the Downing Co., Inc., and to the mainFor income statement for 6 months ended Oct. 31 1932 see "Earnings
tenance of that company's position in the naval stores industry. Although
page.
-V. 135, P. 1171.
these additional leases will be turpentined over a period of four to five
Department" on a preceding
Leers, it is expected that at least 90% of the 3570,000 of new money will
-Receivership.
'Herbrand Co., Fremont, Ohio.
id by Dec.31 1933
Stanley F. Boyer has been named receiver of the company by the U. S.
Efforts have been made to secure this financing through the ReconstrucDistrict Court at Toledo, Ohio. The action for a receiver was brought
tion Finance Corporation and other sources, but we are advised that the
by Marvin W.Penner of New York, who presented a claim of $4,954 against
financing is not available from any of those sources in the amount, at the
the company.
time, and with the freedom of action required by the best interests of the
Downing Co., Inc.
-Earnings.
Harris-Seybold-Potter Co.
Cetain of the banks which have heretofore financed the Downing Co.,
Inc., informed the Committee that they would secure the funds required
Earnings for the Year Ended June 30 1932.
by the Downing Co., Inc- for the coming season's operations, provided
.
Operating loss, before deprec. but after deducting cost of goods
the debenturehoiders would permit the $586,597 due for former financing
'
$57,536
'
sold, as well as selling, administrative and general expense
of Gillican Co., Inc., to share equally and ratably with the sum presently
Other income, including discount on debs. purchased, amounting
due on the debentures, which latter sum amounts, with interest to Nov. 1
$230,449
to 379.887
1932, to $1,353,837, in the available collateral of Gillican Co., Inc. This
would mean that new debentures in the amount of $1,940,434 would be
$172,913
Net income
issued by a new company to be formed,of which new debentures $1,353.837
228,699
Other charges
would go to the present debentureholders, if all participate in the plan,
164.502
Depreciation on plant and equipment
and $586,597 to those holding the claims mentioned for such former finanInterest on debentures
80,396
cing. The new debenture indenture would provide for the pledge of the
securities pledged under the old indenture, and possibly some addisame
Net loss for year
$300,685
tiornal securities, and would moreover provide that the trustee is authorized
Profit and loss-deficit June 30 1931
364,937
to borrow a sum approved by this Committee for the purpose of paying
the reorganization and incidental expenses, costs and fees required to carry
out the plan, and thereafter to borrow annually during the life of the
Profitand loss deficit June 30 1932
$665,623
debentures sums sufficient to pay all taxes and also to pay all corporate
Consolidated Balance Sheet June 30 1932.
operating expenses not exceeding $5,000 per annum, the sums so borrowed
Liabilities
Assets
to be payable from the first avails of the pledged collateral, but not to be
$212,653
$241,838 Notes payable
Cash
payable until the maturity of the debentures, unless the income from the
a881,156 Accts, pay. for purchases, exReceivables-Customers
pledged collateral should be adeqUate to pay said sums sooner.
51,374
penses, pay rolLs, drc
1,074,072
Inventory
The Committee, after giving considerable thought to this plan, has coo
36,198
39,881 Accrued taxes, Src
Cash sun. value of life insur..
eluded that it is essential that arrangements be made to provide the Downing
1,272,000
Other assets
135,659 Funded debt
Co., Inc., with the new money it needs for the coming season. Failure
21.585
54,201 Deferred credits
Special funds
to secure this new money will, in the opinion of the Committee, necessitate
125,344
Land & deprec, book value of
Reserves
the liquidation of the Downing Co., Inc., at a substantial loss to the deben2,000,000
bidgs., mach., equip., ace_ 1,365,939 7% Preferred stock
tureholders and it is their belief that with this new money and the continuab894,560
Prop, not used in operations
Common stock
tion of the present management the debentureholders will have an excellent
665,623
at net book value
135,443 Profit dr loss, deficit
chance, over a period of time, of recovering their entire investment, even
Deferred assets
20,202
at the present levels of business. The price of turpentine and rosin is now
only about 10% above the lowest price in many years. Any improvement
$3,948,592
Total
93,948,592
Total
n prices will assist in strengthening your security.
It is the Committee's opinion that it is to the best interest of the debena After reserve of $50,000. b Represented by 101,312 no par shares.
V. 131, p. 3716.
tureholders to accept the plan and permit the loan to Gillican Co., Inc.,
for former financing to be put on an equal basis with the Gillican Co., Inc.,
o R.) Hoe & Co., Inc.-814th-Off-hist7-debentures. Furthermore, under this plan, the Downing Co., Inc. will
e
5_
have the advantage of a continuation of the present management and
he class A stock of no par value as stricken from the list of the New
ass
'
supervision which has so successfully improved its financial condition
York Stock Exchange on Jan. 4 last y. 135, p. 2662.
during the trying times of the past two years.
-Balance Sheet Dec. 31.Home Title Insurance o.
New Debentures.
Liabilities-1932.
1931.
1931.
Assets1932.
Since the income available to pay principal and interest of these deben$2,500,000 $2,500,000
Bonds and mtges32,879,028 93,628,014 Capital stock
tures will be provided by such cash dividends as are paid on the capital
442,883 Surplus and profits 1,278,553 1,744,618
304,474
Stocks dr bonds._
stock of the Downing Co., Inc., and on any other assets held as collateral
400,000
500,000
400,700 Notes payable_
Accrued interest__ 480,934
security to the new debentures, it is obvious that interest on the debentures
Mortgages sold_
86,524
114,825
Real estate, commust be on an "if earned" basis and cumulative rather than fixed. This
55,812
630,395 Agency account...
66,078
pany use only__ 619,204
for the reason that the Downing Co., Inc.; must build up its cash and
45,148 Interest prepaid
102,731
75,995
22,760
Accts. receivable__
improve its financial condition before it will be in position to pay dividends
509,102
431,430 Reserves
636,588
Cash
587,320
on its stock.
The committee, therefore, determined upon 10
-year 63 % cumulative
Total
$4,942,989 $5,578,570
94,942,989 $5,578,570
Total
secured notes secured by pledge of all of the capital stock of the Downing
Guaranteed mortgages outstanding Dec. 311932, 384.743,341.-V. 135.
Co., Inc., and any other assets of Gillican Co., Inc., which may be available;
allimoneys received by the trustee from these pledged securities to be used,
p. 4392.
first, to pay sums borrowed by trustee as above set forth, second to pay
Hotel Knickerbocker, Atlantic City, N.J.-Foreclosure.
interest accrued and unpaid on the debentures and the balance to the
Suit to foreclose a $1,480.000 mortgage on the hotel was filed in the
sinking fund to be used in the purchase of debentures in the market at
U. S. District Court at Trenton, N. J., Jan. 4 by the City Farmers ,.`rust
not to exceed par and accrued interest. If not available at or below par and
Co., trustee, and the Prudence Co., Inc., of New York. Foreclosure is
interest, to call same by lot at 105 and accrued interest.
sought to satisfy alleged default on fixed charges interest and amortization
•
Capital Stock.
Payments aggregating $149,290 and the plaintiffs also ask appointment of
a receiver for the property and an accounting of amounts actually due on
8,549 shares $6 non-cumulative pref. stock, of $10 par value, to be exthe mortgage.
changed for present outstanding pref. stock.
The Victor Corp., owner of the hotel, and seven lessees of portions of
22,460 shares common stock of $1 par value, to be exchanged for present
the premises are named as defendants.
outstanding common stock.
above pref. and common stock shall be placed under a voting
All of the
Hotel Pierre, Inc.-Foreclosure Sale.
trust agreement, which shall be controlled by the committee, and voting
delivered to
present
The building was acquired at foreclosure auction by the bondholders'
trust certificates representing the stock shall beInc., assenting thethe plan
to
Gillican Co.,
Jan. 12. The property was struck down to Glover Johnson
committee on
pref. and common stockholders of
provide that control
of White & Case, attorneys for the bondholders, on a bid of $200,000. The
on a ratable basis. The voting trust agreement shall
Volume 136
Financial Chronicle
bid was a nominal one and was made in the name of the 1,356 Corp. Joseph
P. Day conducted the sale in the Vesey Street Exchange.
Nicholas Roberts, chairman of the bondholders' committee, said that the
committee was in possession of 85% of the bonds and expected to acquire
an additional 5% of the issue by the end of the week. Bondholders have
until Jan. 25 to deposit their holdings and come in under the committee's
plan oi operating the property.
The foreclosure sale was part of a reorganization plan which was submitted
to the holders of first mortgage leasehold bonds. Gerry Estates, inc.. as
a participant in the proposed plan, has granted a substantial concession in
the amount of the ground lease.
-V.135. P• 4566.
"}ludson River Day Line.-Receivership.
AlfrEd V. S. Olcott was appointed receiver in equity. Jan. 11, by Federal
Judge Robert P. Patterson. The appointment of a receiver, which was
assented to by the company, was made on the petition of the Co.lier Advertising Service, Inc., a creditor for $4,125.
-Deposit
Hunter Manufacturing & Commission Co.
Time Extended.
Announcement has been made by the North Carolina Bank & Trust Co.,
Greensboro, N. C., depository, of the extension of time from Dec. 28 to
Jan. 18 for the deposit of pref. and common stock in the company, in the
reorganization plan, which was decided on following a meeting of the stockholders Nov. 10 last.
A new company will be organized when the required amount of old stock
has been deposited, and the affairs of the old concern will be liquidated.
So far, it is stated, about two-thirds of the $7,500,000 stock of the company
has been deposited.
Stockholders in the old corporation can subscribe to as many shares of
the class B stock of the new company as held in the old. The class A
stock will be at the same price as class B and will control the corporation.
It is announced that adequate capital will be provided for the new concern,
the name of which will be announced when it is incorporated, largely by
-V. 135.
textile mills, whose products the new company will market.
P. 4041.
... .
--s10
-4 Change
1
-Hygrade Food Products Corp. )
-Adarosport-Reduces Funded Debt.
Par of Stock
335
Bondholders and debenture holders who do not elect to deposit under
the plan may receive cash to the extent of $16.48 for each $100 principal
amount of old bonds and $2.36 for each $100 principal amount of old
debentures, upon presentation of their securities to Albert Ward. Special
Master, at Indianapolis.
0
11
All security holders are given the further right to subscribe to new prior
lien bonds and accompanying shares of common stock during the period
ending Feb. 25. The decree of the Federal Court provides that holders of
the outstanding bonds and debentures who have not deposited under the
reorganization plan, may deposit during this period and thereby become
entitled to receive the securities of the new company as provided in the
reorganization plan.
The reorganization plan provides that depositing bondholders will
receive in exchange for each $100 principal amount of bonds! (a) $50 gen.
mtge.6% income gold bonds ,and (b) 1.8 shares of new com.stock.
The reorganization plan provides that depositing debenture holders will
receive in exchange for each $100 principal amount of debentures, two
shares of new common stock.
Depositaries for 1st mtge. bonds are the Cleveland Trust Co., Cleveland;
Bankers Trust Co., N. Y. City. and Continental Illinois Nat. Bank &
Trust Co. of Chicago. Depositaries for debentures are Guardian Trust Co.,
-V. 135,
Cleveland, and First Union Trust & Savings Bank, Chicago.
P. 4041.
-Succeeds Indiana Limestone
Indiana Limestone Corp.
Company.-See latter company above.
-Earnings.
Industrial Rayon Corp.
For income statement for 3 and 12 months ended Dec. 31 see "Earnings
-V. 135, P. 2840, 2345. 1338.
Department" on a preceding page.
Installment Loan & Investment Company of
City, Kan.
-Receivership.
Acting on the application of Roland Boynton, Attorney General of the
State of Kansas, the Kansas Supreme Court, on Jan. 6, appointed R. H.
Glandon, Kansas City, Kan., attorney, receiver for the company. The
company was charged by the attorney general with charging usurious rates
of interest on small short time loans, totaling in one instance 520% a year.
Glendon, as receiver, was given authority to adjust loans now outstanding
on a legal basis and to liquidate the affairs of the company.
Samuel Slotkin, President, in his remarks to stockholders, says:
Company flosed its fiscal year with no bank indebtedness. The $407,000
-Obtains Loan of $800,000.
Insurance Equities Corp.
Western Packing & Provision Co. 6% underlying 1st mtge. bonds were
The "Wall Street Journal" had the following:
retired at maturity on May 1 1932, and the mortgage satisfied. Company
Insurance Equities Corp. has obtained a loan of $800,000 from three'
ref. mtge. cony. 6% bonds,
also purchased in the market $309,562 1st
St. Louis banks, through the guarantee of Missouri State Life Insurance
which are held in the treasury. The annual requirements of the sinking
Co., to purchase stock of the Kentucky Home Life. rhe action was
fund for the redemption of $136,000 of 1st & ref. bonds were met by deapproved by Joseph B. Thompson, State Superintendent of Insurance
livering to the trustee that amount of such bonds reacquired by the comin Missouri. she loan is secured by stock of Kentucky Home Life. United
pany, which were then cancelled by the trustee.
Life & Accident and Philadelphia Life.
Directors recommend changing the no par value shares to $5 par value
W.T. Nardin, President of Missouri State Life, said that assistance was
shares and reducing the amount of capital to $1,503,545, the equivalent
given Insurance Equities in the purchase of Kentucky Home Life stock
of the total issued shares ($300,709) at $5 per share. The number of
In order to protect the policyholders of Missouri Life.
shares of stock, both authorized and issued, will remain as at present.
The Kentucky Home Life wasiorganized to reinsure the risks of Inter
The reduction of capital from $2,859,650 will result in a proportionate
Southern Life Insurance Co., and in doing so took over 148,050 shares of
increase of capital surplus. Such change and reduction of capital will
Missouri Life stock, representing about 30% of the total outstanding issue.
effect a reduction in certain franchise taxes of the company, and also a
-V. 135, p. 4041.
very substantial saving of transfer taxes payable by stockholders on transfers
of the stock. Whereas the transfer tax now payable on 100 shares of stock 'International Shoe Co.
-To Reduce Capitalization.
of the company is $8 such tax under the laws now in force would be only
The stockholders will vote Jan. 23 on capital represented by outstanding
40 cents after the change in capital is effected.
stock from 875,200,000 to 858,400.000.-V. 136. p. 167. 153.
common
Consolidated Income Account.
-New Direc-Sales
1 ea(s EndedInterstate Department Stores, Inc.
Oct. 29 '32. Oct. 31 '31. Nov. 1 '30.
$4,689,892 $4,494,037
Gross profit from operations
$4,603,689
tor, &c.
4,810,458
Selling. adminis. & general expenses_ 4,480,248
4,190.904
Sales of owned departments only in December totaled $2,279.806, a
Net operating income
decline of 13.9% below December 1931. Sales of owned departments
$303,132
$123,441 loss$120,566
98,741
Other income
for the 12 months of 1932 totaled $18,432,465, also a decline of 13.9%
82,772
89,893
below sales for these departments in the 12 months of 1931.
Total income
Marcus J. Federman, the founder of the business, retired as director,
$213,333 loss$21,825
$385,905
Provision for depreciation
241,646
284,804
his place on the board being taken by Will I. Levy of Lehman Brothers,
214,479
Interest on bonded debt
311,047
as Vice-President of the company. Mr. Levy was also elected to the
273.973
212,767
Other interest (net)
executive committee as was Henry Gessner, Treasurer. M. J. Federman
61,367
101,936
15,283
Other deductions from income
wasfor many years the head of M.J. Federman Co.and upon incorporation
166,090
of Interstate Department Stores became its first President and later chairNet operating loss
$598,811
$229,196
$477.972
man of the board -V.135,p. 4041.
Discount on repurchased bonds
200.296
-Sales, &c.
(& Subs.).
(George E.) Keith Co.
Cancellation of sundry reserves
29.069
Excess of par val. over cost of bonds
Sales
-Years Ended Oct. 31.
purchased to meets,f.requirements
$21,700,000
$9,300,000 1927
818,400000 1923
,
1932
and to be held in treasury
169,829
410,962
20.850,000
18,400,000 1922
12,200,000 1926
1931
Idle plant exps. & extraord. losses on
24,700,000
1925
19,000,000 1921
15,600,000
1930
discontinued territories, &c
Dr.61.575
33.000,000
19,600,000 1920
18,800,000 1924
1929
17,900,000
1928
Deficit for year
$120,942
$187.848
$248,607
Comparative Balance Sheet Oct 31.
Consolidated Statement of Capital and Earned Surplus (Deficit) Oct. 29 1932.
1931.
1932.
1931.
1932.
Capital surplus Nov. 1 1931
$4,524,424
Liabilities
$
$
AssetsAdd'l assets acquired under plan and agreenet dated Nov. 1 '28
62.457
4,235,800 4,246,600
1st pref. stock__ ._
xLand, bldgs., machinery & equip_ 2,573,577 2,915.157 yCom.stk. & surp. 2,697,864 4,242,647
Total
$4,586,882
Cap. & sur. owned
Good-will, walkAdj. of rate reparation claim dating prior to 1930 incl. legal exps
18,054
177,234
134,640
by mgrs., &c_ _ _
over, tr.-mk. &c 1,224,987 1,239,987
Loss on disposal of plant items
49,819
728,575 Notes & loans pay. 780,690 1,469,988
778,960
Cash
Amortiz. of apprec. of capital assets applic. to capital surplus
52,775 Accts. pay., accru38,154
by,in foreign subs
for year ended Oct. 29 1932
62,903
als,res.tor taxes,
33,741
23,729
Notes receivable
332,337
422,504
pref. dive
Accts.receivable 1,528,113 2,161,033
Capital surplus Oct. 29 1932
$4,456,104
1,847,447 3,085,289
Earned (deficit) Nov. 1 1931
Inventory
187,848
114,480
136,072
Life insurance_ _
Net loss for year (as above)
120,941
48,332
47,672
Prepd. Ins. & exps.
61,261
Lease premiums
Earned deficit Oct. 29 1932
$308.790
38,186
62,770
Sundry investm'ts
Surplus, Oct. 29 1932
$4,147,314
Consolidated Balance Sheet.
8,271,497 10,468,806
8,271,497 10,468,806
Total
Total
Oct. 2932, Oct. 31'31.
1931.
Oct. 29'32. Oct. 3111.
After depreciation of $2,674,597 in 1932 and $2,604.811 inshare).
AssdsLiabilities-value $25 per
y Represented by 40,496 shares of no par value (stated
Cash
945,252 1,150,235 Accts. payable &
Note -Dividends on 7% cum. 1st pref. stock have been paid. to July 1
allotee & accts.ree 1,305,648 1,665,781
accrued accts._
347,251
419,625
1931.-V. 134, P. 335.
Due from empl.
Real estate mtges_
64,300
91,800
under stk. purch.
Western Packing &
Kew Gardens (N. Y.) Terrace Apartment Bldg.
121,455
Plan (current)
112,690
Provision Co. lst
Inventories
759,433 1,127,839
Ordered to Take Title.
407,000
Rate repam. elms.
The minority committee of bondholders, who were high bidders at a
HYsradeFd Prods.
& acer. Int
41,270
110,940
Corp. 1st 68____ 3,299,658 3,609,220
sale of the property, are given until Jan. 24 to close title to the property.
Due from officers
Res, for conting.,
producing on or before that date $10,000 in cash, under a court order
& empl. under
signed Jan. 5 by Justice Selah B. Strong.
accidents, &c.- _
54,906
108,285
stock purchase
The property was sold at auction on Nov. 28 under direction of the
cCapital stock.... 2,859,650 2,859,650
agreements (not
court represented by Referee Morris Okosken. The minority committee.
Capital surplus_ __ 4,456,104 4,524,424
current)
98,927
107,781 Earned deficit_ _ _ 308,790
known as the Commonwealth committee and representing 28% of the
187,848
Adv. on acct. of
bondholders, bid 281,000. The majority committee,representing the other
investment
in
72% of bondholders and known as the Hood committee, were next highest
Standard Motor
with a bid of $275,000.
Service Corp_ _ _ 146,590
106,530
Referee Oskosken brought the matter before Justice Strong for decision
Miscell. adv., &c_
27,350
42,430
as to what action should be taken. The closing was supposed to have
Mtge& receivable_
24,225
taken place on Dec. 28, when the Commonwealth committee asked 30 days
Sundry investm'ts 104,748
-V. 132, p. 864.
67.029
In which to complete negotiations concerning a mortgage.
bLand, buildings,
ma.,equip., &o 7,071,640 7,224,548
-To Decrease Capital.
-'Keystone Watch Case Corp.
Good-will
1
1
The stockholders, at an adjourned annual meeting to be held on March
Deferred charges
reducing capital of the corporation to $1.000,000 from $1.
126,540 • 116,350
17, will vote on
200.000. They will also vote on a proposed change in the par value of the
Total
10,773,080 11,832,156
Total
10,773,080 11,832,156
capital stock (consisting of 60,000 shares of common to $16.66 2-3 from
-V. 134, p. 4166.
a After allowance for doubtful accounts, discounts, &c., of $169,150
820 a share.
In 1932 and $265,735 in 1931. b After allowance for depreciation of
-December Sales.
(S. S.) Kresge Co.
$755.550 in 1932 and $531,482 in 1931. c Authorized 500,000 shares
Decrease. I 1932-12 Mos.-1931. Decrease.
1932-December 1931.
of no par value, of which reserved for conversion of series A and B bonds,
70,012 shares 480,000 in 1931) issued, 300.709 shares (including 3,626
$18,050,900 $22,173,402 84,122,502 $124421062 8145785,473 $21,364,411
shares (4,805 in 1931) reserved for final settlement under plan and agreeOn Dec. 31 last the company had 681 American and 42 Canadian stores
in operation, a total of723. against 711 at the end of 1931.
ment dated Nov. 1 1928, 14,670 shares (10,000 in 1931) reacquired and
held in treasury and 1,324 shares (16,408 in 1931) held by the trustees in
According to President C. B. Van Dusen "the company came to the end
connection with conversion of series A bonds.
-V. 134. P. 3283.
of the year with no bank or commercial paper loans, whatever, and with
net cash of $3.500.000.'
Indiana Limestone Co.
-Reorganization Plan Effective.
"Obviously it is impossible to determine exactly earnings for the year
The reorganization committee of which A. R. Horr is chairman, anuntil all of our store inventories are checked and consolidated.
nounced Jan. 9 that the reorganization plan has become effective and all
"It is our belief, in spite of decreased volume, that economies put into
of the assets of the old company have been acquired by the new corporation
effect during the year have gone a long way to offset shrinkage in volume
-Indiana Limestone Corp.
profits."
-V. 135. p. 4042.
336
Financial Chronicle
(S. H.) Kress & Co.
-December Sales.
-----1931
-Dec.
Decreased 1932-12 Mos.-1931
1932
Decrease.
$9 327,441 $11.221,097 $1,893,656'$62,776,946 $69,041.925 $6,264,979
-V. 135. p. 4567.
Kreuger & Toll Co.
-Auditors Make Public Report-Vast
Profits Attributed to Kreuger Were 90% Fictitious-Earnings
Put at Only 13/%-$500,000,000 Loss Probable.
-Since last
May, under a mutual agreement between the four principal
interests involved, the firm of Price, Waterhouse & Co. has
been making an impartial fact-finding investigation of the
collapse which followed the death of Ivar Kreuger. A summary report upon this investigation has now been made
public.
Jan. 14 1933
Comparative Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Assets$
Liabilities$
$
New York mtges_12,285,981 14,781,577 Capital
12,000,009 12,000,000
Accr'd int. reedy.. 3,397,426 1,458,480 Surplus
10,000,000 10,000.000
Company's office
Undivided profits_ 856,811
637,596
buildings
3,299,109 3,310,950 Mtges. sold, not
Other real estate_ _ x1,387,727 x889,967
delivered
432,920
449,882
Adv.for equities in
Prepaid premiums
14,715
real estate
y354,814
Prepaid & accr.int. 382,788
Equities in real
Res. for taxes, &c. 576,598
388,727
estate taken for
assurred
z29,514
Taxes & insurance
90,885
advance,&c__
U.S.Liberty bonds 311,062
U. S. Treas. notes
74,648
Lawyers M. Safe
110,514
Deposit Co.stk. 110,514
2,996,806 2,850,069
Cash
The report first outlines the scope of the examination and indicates the
nature of the detailed reports, numbering 57, which had previously been
rendered to the four parties interested; namely, the Swedish liquidators
of Kreguer & Toll; the trustee in bankruptcy of the International Match
Total
24,263,838 23,476,205
Total
24,263,838 23,478,203
Corp.; the administrators of the Swedish Match Co., and the liquidators
x In addition to these items Elemco Realty Co.. the only subsidiary of
of the estate of Ivar Kreuger.
Lawyers Mortgage Co. holding real estate, has taken by deed $256,839 of
Price, Waterhouse & Co. discuss briefly the questions: First, what
real estate. Less than 1% of the outstanding guaranteed mortgages of the
has become of the money supplied by the public;
company are in foreclosure. y Including these items Elemco Realty Co.,
the reported earnings real: and, thirdly, when did secondly, how far were
Kreuger's irregularities
has taken by deed $3,409,814 of real estate, including the mortgages thereon.
begin and what enabled them to be concealed? The entire group of comz The Lawyers Mortgage Co.holds equities $29.514 in real estate of8203,264
panies is dealt with collectively, the transactions between companies within
taken for the security of its assured, in process of settlement.
-V. 135, p.
the group being thus entirely eliminated.
4393.
From June 1 1918 until March 31 1932 moneys raised from the public
through the sale of shares and debenture issues amounted to 2,104.000,000
Lawyers Title & Guaranty Co.
-Comparative Bal. Sheet.
Swedish kronor (approximately $560,000,000 at par), and an additional
Dec. 31'32. June 30'32.
Dec. 31'32. June 30'32.
614,000,000 kronor (approximately 8164.000.000) was raised through
LiabilitiesAssets$
$
bank loans and on bills, making a total of 2,718.000,000 kronor received
$
$
Cash
1,431,240 1,251,437 Capital
10,000,000 10,000,000
from these sources. During the same period 1,469,000,000 kronor were
Stocks and invest.
Surplus
15,000,000 15,000,000
invested in the purchase of Government and other marketable securities,
9,132,902 9,954,710 Undivided profits_ 134,772
account
612,137
241,000,000 kronor in subsidiary manufacturing and trading companies,
11,338,744 9,640.867 Dividends payable
Bonds & mtges
100,000
and 64,000,000 kronor in monopoly concessions and other intangible assets.
Company's bldgs_ 4,037,944 4,089,944 Res.for tax & cent 666,036 1,234,156
Also 432,000,000 kronor were withdrawn by Kreuger and remain unacOther real estate 2,718,419 2,177,936 Mortgages sold not
counted for.
Accounts receiv
145,184
187,139
delivered
182,576
68,950
The investments were provisionally valued at March 31 1932 at 775,Interest accr. rec. 2,319,069 1,480,999 Deposits in title
000,000 kronor (or about $207,700,000) which when compared with the
accounts
260,117
267,790
aggregate cost of 1,710,000,000 kronor (or $458,280,000) reveals a shrinkage
4,880,000 1.500,000
Bills Payable
of 935,000,000 kronor (or $250,580,000).
The real earnings during the period of 14% years are reported not to
31,123,501 28,183,032 Total
31,123,501 28,783,032
Total
have exceeded 151,000,000 kronor, and the auditors state that this sum
includes substantial items the genuineness of which is doubtful. By way
Outstanding guaranteed 1st mtges. and certificates Dec. 31 1932,
of comparison, the reported earnings are stated to have been 1,179,000,000
*223,494,032.-V. 135, p. 4393.
kronor, and the debenture interest and dividends paid 668,000,000 kronor.
The report adds that the earnings of 151,000.000 kronor (before providing -Begins Payment Under Refund"----.Lehigh Valley Coal Co.
for debenture interest and shrinkage in investment values) are equivalent
ing Plan.
to about 13% on the relative average capital (share and debenture)
invested in the companies during the same period.
Holders of certificates of deposit representing 1st mtge.4% and 5% gold
The manipulation of accounts goes back at least to
bonds, deposited under the refunding plan for meeting maturity of these
large proportions in 1923 and 1924. culminating in 1917, and assumed
bonds on Jan. 1 1933, are being advised in a letter from the company to
the fabrication of
$21,000,000 (nominal) of Italian bonds. Price, Waterhouse &
surrender their certificates to the depositaries, Drexel & Co., Philadelphia,
"The perpetration of frauds on so large a scale and over so long Co. add,
and J. P. Morgan & Co., New York, or through the sub-depositary, the
would have been impossible but for (1) the confidence which a period
E. P. Wilbur Trust Co. of Bethlehem, Pa., in exchange for the cash and
Kreuger
succeeded in inspiring, (2) the acceptance of his claim that complete
new securities provided under the plan.
secrecy in relation to vitally important transactions was essential to the
With over 90% of the outstanding $88,684,000 of the bonds deposited in
success of his projects, (3) the autocratic powers which were conferred
acceptance, the plan was declared operative last week.
upon him, and (4) the loyalty or unquestioning obedience of officials, who
For each $1,000 of bonds there will be paid 500 in cash and $500 in fivewere evidently selected with great care (some for their ability and
year secured 8% gold notes of the Coal company, which are guaranteed by
others for their weaknesses) having regard to the parts which honesty,
the Lehigh Valley RR. as to principal, interest and minimum sinking fund.
plans...
Kreguer
intended them to take in the execution of his
Bondholders who have not deposited their bonds may become parties to
The auditors make no attempt to fix individual responsibility but state
and obtain the benefit of the plan by depositing their bonds prior to the
generally that the frauds could not have been perpetrated without assistclose of business on Jan. 20 1933 with any of the depositaries.
ance-witting or unwitting-of some of Kreuger's
Listing of Five-Year Secured 6% Gold Notes Due Jan. 1 1938.
cealed but for subserviency if not complicity on the associates, nor conpart of some of the
employees and some of the auditors. The guarded nature of this statement
The New York Stock Exchange has authorized the listing of $6,342,000
Is no doubt attributable to the number of proceedings criminal and civil
5
-year 6% gold notes, due Jan. 1 1938. The purpose of this issue of notes
involving these questions which are still pending, although a number of
is to provide for the payment in part of 84.342,000 first mortgage 4% and
individuals have already been convicted by the Swedish courts of com5% bonds, due Jan. 1 1933 and 82,000.000 used as collateral security in
plicity with Kreuger.
arrangement for loan with Reconstruction Finance Corporation.
-V. 136,
In concluding the report states: "The history of this group of comP. 168.
panies emphasizes anew the truth that enterprises in which complete
secrecy on the part of the chief executive officer as to the way in which
Leverich Realty Corp., Brooklyn, N. Y.
-Stockholders
important parts of the capital are employed is, or is alleged to be essential
Organize New Company.
to success are fundamentally urnsuited for public investment, since such
secrecy undermines all ordinary safeguards and affords to the dishonest
The "Herald Tribune" Jan. 7 stated:
executive unequalled opportunities for the perpetration and concealment
Announcement was made Jan. 6 by Harry Wandmaker, Attorney for
offrauds."-Ar. 136, p. 167.
the Leverich stockholders' committee, that a group of the stockholders of
Leverich Realty Corp. had formed a corporation under the laws of the
Kroehler Mfg. Co.
-Dividend Omitted.
State of New York, known as the Stockholders Realty Corp., for the purThe directors recently voted to omit the quarterly dividend ordinarily
pose of carrying on the work as planned by that Committee. An office
payable about Dec. 31 on the common stock, no par value. In each of
has been opened at 66 Court St., Brooklyn. Michael Furst has accepted
the three preceding quarters a distribution of 12% cents per share was
the Chairmanship of the Advisory Committee. Among the directors are
made on this issue. Compare V. 134, p. 2536.
Charles N. Alvarez, Walter C. Dweller, Martin C. Epstein, Walter C.
Miller and Samuel S. Voshell.-V. 125, P. 1719.
Lane Bryant, Inc.
-December Sales.
-
1932-December-1931, Decrease.
1932-12 Mos.-1931. Decrease.
$898.092 $1,115,596
$217.504 1$11,596,281 $15,138,220 $3,541,939
-V. 135, p. 4042.
Lautaro Nitrate Co., Ltd.
-Earnings.
Earnings for Year Ended June 30 1932.
Operating income
$1,614,151
Interest received
45.630
Total income
$1,659,781
Prov. for depreciation
1,127.867
Interest on funded debt
2,346,952
Adjustment arising from revel. of inventory of nitrate
1,337,369
Other charges
2.395.786
Moles operations
51,621
Deficit
$5,599,815
Discount on bonds and debentures retired
644,833
Profit on exchange
1,008,397
Payment of 60 Chilean gold pesos per metric ton (net)
Dr1,925.319
Net deficit
$5,871,905
Balance Sheet June 30 1932.
Assets
Liabilities
Cash
$65,799 Acme. pay. dr accr.liabilities
$663,363
Accounts receivable
26,211 Deposits on acct. of sales of
Inventories of nitrate, iodine
nitrate
125,120
and mined caliche
9,069,853 Unsec. accept., bank overNitrate to be received
1,883,253
drafts & loans payable.- - 11,589,429
Materials and supplies
2,347,828 Current accounts with affil.
pay. of60 Chilean gold pesos
companies
6,858,824
987.347
Sundry invest. & deposits
9,309 Sundry operating reserves
1,424,804
Chilean Gov. 7% Internal
Ree, for royalties on caliche
debt.bonds
191,588
mined from Gov. nitrate
x113,968,966
Capital assets
deposits
138,629
Unamortiz. bond disc. &
Reserve for exp. amine. to
2.514,670
unsold nitrate delivered to
stock Issue expense
217,718
affiliated company
Sundry prepaid expense_ _
409,769
Funded debt outstanding__
Depict.& royalties on unsold
39.857,243
Accrued interest
1,283,011
1, stocks of nitrate produced
1,464,966 7% cum. pref. (tter.) shares 38,932,000
L since April 20 1931
Ordinary shares
3488,650
Capital surplus
38,849,771
Operating deficit
5,871,904
$132,726,509
Total
$132,726.509
Total
x After reserve for depreciation of$ .127,795 and depletion of $1,326,336.
y 2,000,000 shares of 1 shilling each -V. 135, p. 4042.
-Earnings.
Lawyers Mortgage Co.
1932.
1929.
1931.
1930.
Calendar Years$3,036,861 $4,046,908 $4,245,892 $3,905,650
Gross earnings
1,802,509
1,157.937
1.472,090
1,541,710
Expenses
456.944
Loss on sale of real estate 1.089.710
$789,214 $2,047,254 $2,443,383 $2.433,560
Net profits
Liggett & Myers Tobacco Co.
-New Vice-Pres., &c.-'
J. W. Andrews has been elected a Vice-President and C. B. Arthur has
been made a director in charge of the purchasing department. Ben Carroll
Auditor, has been promoted to the position of Treasurer, while B.
Sanders, Assistant Auditor, has been made Auditor. 11, H. White and
C. W. Wilson have been appointed Assistant Auditors.
-V. 134. p. 2736.
-Coca-Cola Loses Motion.Loft, Inc.
,
Judge Richard T. Lydon of the New York Supreme Court has handed
down a decision sustaining the bills of complaint of Loft, Inc., Happiness
Candy Stores, Inc., and The Mirror, against Coca-Cola Co. to recover
damages for trespass and interference with the business, Judge Lydon
stating in part, as a basis for denying the motion:
"Motion to compel separate statement of causes of action is
It is sufficient that plaintiff has attempted to state a single cause denied.
action
for serious injury to its business accomplished by a series of of
wrongful
acts done in pursuance of a single purpose. Probably no substantial
injury could be attributed to any separate act but the execution of the
entire plan may justify an award of substantial damages.'-V.135, p.4393.
Los Angeles Biltmore Co.
-Note Collection Step Taken.
Stockholders of this company,operating the Biltmore Hotel, Los Angeles,
are requested in letters just mailed by the Union Bank k Trust Co. and the
Security-First National Bank, Los Angeles to make pro-rata payments
on a total of *175.000 unsecured notes held by the two banks against the
hotel company. The Union Bank holds $118,125 and the Security-First
National $56,875.
As there are outstanding 19,000 shares of pref. and 21.001 shares of
common, the amount needed to cover tie notes equals $4.37% per share
of the combined outstanding stock.
Remittance is requested not later than Jan. 16. The letters call attention to the stockholders of their liability and state that compliance
the request for pro rata payments will obviate necessity of incurringwith
any
expense incidental to the institution of legal proceedings for the
collection of the indebtedness.
company some months ago sent out letters appealing to
The hotel
the
stockholders for voluntary contributions to meet the note obligations
then amounting to approximately *200,000. Response was made by a
group of stockholders and these holders will be credited with the amounts
they previously contributed and, in some cases where such contributions
are in excess of the pro rata payments now requested by tho two banks,
refunds may be made of such excess, according to the bank officials.
Lukens Steel Co.
-80% of Bonds Deposited.
-
The bondholders' committee announces that the time for deposit of bonds
with the committee has been extended from Dec. 31 to
Approximately 80% of the bonds have been deposited to Feb. 28 1933.
date.
-V. 135.
p. 3702.
ynch Corporation.-N-sw-Strid-an-List--
The New York Curb Exchange has removed from unlisted trading privithey common (ha
-par)'stock and admitted the new common stock
.
$5 par. V. 136. P. 168.
Volume 136
Financial Chronicle
McCrory Stores Corp.
-December Sales.-
1932-December-1931. Decrease.
1932-12 Mos.-1931. Decrease.
$5.829 792 $6,882,021 $1,052,229$39,670,824 $43,295,608 $3,624,784
,
At Dec. 31 1932, the company had242 stores in operation as compared
With 244 a year previous.
-V. 135, p. 4568.
' \McIntyre Porcupine Mines, Ltd.
j"
..
-Extra Dividend.
The
directors have declared an extra dividend of
cents Per share
In addition to the regular quarterly distribution of12%cents per share,
25
in United States funds, both payable March 1 to holders of record Feb. 1.
Like amounts were paid on Dec. 1 last.
-V. 135, p. 2841.
337
1,700,000 cases per year which should permit the company to earn approximately $250,000.
Purpose.
-The purpose of this offering is to provide the balance of the
purchase price of the brewery property, the equipment and the trade name
"Mundus."-V. 135. p.3917.
(G. C.) Murphy Co.
-December Sales.-
-December-1931. Decrease.
1932
1932-12 Mos.-1931.
Decrease.
$2,854.656 $2,962,039
$107,383 $18,497.004 $19,182,268 $685,264
At Jan. 1 1933 the company had in operation 176 stores as against 171
a year previous.
-V. 135. P. 4043, 3366.
-"sMcLellan Stores Co.
-Receivership.
The
Nashawena Mills.
-New President, &c.-
company, which operates 276 stores, selling general merchandise
William W. Corlett of New York has been elected President, and William
from Scents to $1,filed a petition in bankruptcy Jan. 12 in the U.S. District
Whitman Jr. a director to fill vacancies existing by reason o the recent
Court through E. G. May its Vice-President. Federal Judge Robert P.
death of Malcolm D. Whitman. Col. Corlett has been a director of
Patterson appointed the Irving Trust Co.receiver. Liabilities are estimated
Nashawena Mills for many years, is a Vice-President of William Whitman
at $2,146,583 and assets at $3,533,334, book value, including merchandise
Co., Inc., and has been in charge of Nashawena Mills sales account for the
in stores and warehouses valued at $2,754,248.
past 12 years.
-V. 135, p. 143.
W. W. McLellan, Chairman, and F. A. Powdrell, President of the compup', issued a statement, in which they said:
Nash Motors Co.
-Earnings.We pledge that every effort will be made by the management in the
Years Ended Nov.30-1932.
1931.
1930.
1929.
interests of the creditors, stockholders and all others interested, to do a
Net inc. after taxes.depr.
successful job in working this company out in a manner satisfactory to all.
& other charges
$1.029,552 $4,807,681 $7,601,164 $18,013,781
Wapledge, too, to do our utmost to secure and preserve the jobs of the
Shs. com. stk. outstand.
4,000 people working for us, and the well-being of the many thousands
(no par)
x2,646,200 y2,701,000
2.730 000
2,730,000
dependent upon them for support."
-V 136. p. 168.
Earnings per share
$0.39
$.78
$6.60
...,_
„.,,,(44x-Excluding 83 800 shares held in the treasury. y Excluding 29.000
"-...Marblehead Lime Co.-Dela/al.-P-14-- A / ,12,4•=1"4-'1"" shares held in the.
':
'
treasury.-V. 135, p. 2664 .78
$1
.
The semi-annual interest due Jan. 1 on 6% first mortgage bond, and
serial maturity of $35,000. has been defaulted.
National Cash Register Co.
-New Official.
-V. 128. P. 2475.
L. H. Thompson, formerly manager of domestic sales, has been made
Massachusetts Investors Trust.
-Asset Value, &c.
Vice-President in charge of domestic sales, both cash register and accounting
machines. He succeeds J. W. Dozier, who has taken a six month's leave
Assets Dec. 15 1932.
of absence and will return in an executive capacity, it was stated.
Cost ofsecurities, cash and certificates of deposit
-V.136.
$20,367,819
p. 168.
Market value of securities, cash and certificates of deposit
13,623,456
Excess of cost over market
$6,744,363
Note.
-Cash and certificates of deposit totaled $741,356.
As of Dec. 15, there were 951.298 shares outstanding in the name of
16,243 shareholders, compared with 865,044 and 13.641 respectively on
Dec. 311931.-V. 136, P. 168.
Melville Shoe Corp.
-December Sales.
-
1932
-December-1931. Decreased 1932-12 Mos.-1931.
Decrease.
$2,099,330 $2.547.823
$448,493 $20,595,898 $26,286,518 $5,690,620
-V. 135, p. 4043.
Missouri State Life
Purchased.
-
Insurance
Co.
-Resignation-Notes
M.L.Emerich of Chicago has resigned from the directorate.
President William T. Nardin stated that Mr. Emerich, a partner of
Hallgarten & Co., New York bankers, tendered his resignation when
executive officers of the insurance company took over a loan of $800,000
made by the First National Bank, the Boatmen's National Bank and the
Mississippi Valley Trust Co., all of St. Louis, to the Insurance Equities
Corp.
The executive officers of the company had guaranteed the
when the
Equities Corp. took over stock of the Greenfield interest in loanKentucky
the
Home Life Insurance Co. Mr. Nardin on Jan. 6 said: "The banks made
this loan for our account. We took it up yesterday by buying the notes
and the collateral. The company obligated itself to do that when the loan
was made, and we have simply carried out our undertaking to take up the
loan on Jan. 5."
The transaction was part of a plan to centre management and control
of the Missouri State Life Insurance Co. in St. Louis for the next five years
through a voting trust contract -V. 135, p. 4394.
Montgomery Ward & Co., Chicago.
-Sales.--
Period End. Dec. 31- 1932-)W'onth-1931.
1932-12 Mos.-1931.
Sales
$21,055,133 $21,899,269 $180069,239 $219361,585
-V.135, p. 4568.
(Philip) Morris Consolidated, Inc.
-Earnings.
-
ears Ended Dec. 31Net income
Previous surplus
Burp. adj. account class A stk. purch. during 1931
for retirement
Total surplus
Dividends on class A stock
1932.
$415,173
3.272,451
1931.
$385,472
2.847.273
83,444
$3,687,624 $3,316,189
x131,236
43,738
Surplus, Dec. 31
$3,556.388 $3,272 450
Earns. per sh. on 482,596 shs. corn.stk. outstand
$0.68
56.61
x Includes accumulations of $43,745 (33%).
Balance Sheet Dec. 31.
Assets1932.
1931.
Liabilities1932.
1931.
Cash
550,022
$25,054 Cap. stock-Cl. A$1,250,000 $1,250,000
Investments
6,073,993 6,062,670 Cap. stock-Corn. 1,325,192 1,325,192
Bills receivable__ _ 386,003
132,182 Accounts payable_
2,116
528
Interest receivable
1,349
135 Reserves
350,000
350,000
SM. of cos. oom
Div. pay. on el. A
stk. purch. for
stock
43,747
21,871
re-sale to oust_
16,075
Surplus
3,556,388 3,272,450
Total
$6,527,442 $6,220,042
Total
56,527,442 56,220,042
-V.135, p. 4043.
Mueller Brass Co.
-Operations.
The company has been operating its sand factory on a 24
-hour schedule
seven days a week, during the greater part of December, according to a
Detroit dispatch. The company reports an increase of 30% over 1931 in
sales of streamline copper pipe and fittings. Mueller has contracts from
the Army and Navy, the former specifying Mueller fixtures as an alternate
on approximately $9.000,000 worth of Army building and the Navy using
the streamline fittings on submarine and surface ships.
To Acquire Assets of Sky Specialties Corp-See latter
below. V. 133, p. 4168.
Muncie Gear Co.
-Trading Suspended.
See Briggs & Stratton Corp. above.
-V. 134, p. 686.
Mundus Brewing Co.(Mich.).
-Stock Offered.
-
Fisher & Co., Detroit recently offered 500.000 shares of capital stock at
par ($1). The stock is offered as a speculation. Warrants will be issued
with each share of stock entitling the holder to purchase an additional half
share of stock at the rate of $1 per share at any time prior to Oct. 1 1935
600,000 shares will be reserved against warrants to be issued.
To be presently
CapitalizationAuthorized. Outstanding.
Capital stock ($1 par)
$1,400,000
$800,000
Armin A. Darmstaetter, the President of the company, has furnished the
following information:
-A Michigan corporation organized in 1932. Has entered into
Company.
an agreement for the purchase of the West Side Brewery, together with
certain equipment and the trade name from Mundus Products Co., Ltd.
No cash payment need be made until Jan. 1 1936, unless prior to that
time the manufacture and sale of beer of an alcoholic content of 2.7.5% by
volume becomes legal in Michigan.
The property, exclusive of the brewing, refrigerating and steam generating equipment, has been appraised by A. V. Breault of Messrs. Breault
Bros. & Bradley as follows: Land, $287.829; buildings, based upon reproduction cost less depreciation, $280,566; making a total valuation of
$568,395.
Management and Earnings.
-The company will have the same management as directed its activities prior to prohibition. Armin A. Darmstaetter,
Pres. & Gen. Mgr. of Mundus Brewing Co. was Treas. & Gen. Mgr. of
West Side Brewery Co. With him will be associated his brother. Carl J.
Darmstaetter. It is anticipated that soon after favorable legislation and the
installation of the proposed equipment, the Output will be at the rate of
ational Department Stores, Inc.-unange in Dapttat.
I'he stockholders will vote Jan. 23 on approvingproposed change in
capital repr
represented by common stock to $1 per share)
.-_V. 136. P. 168.
ational Service Cos.-Ghenage-in Par of-8fmk,-he par value of the common stock has been cljanged to $1 per share
from no pax, substitution of thyew.shares for the old shares on the Boston
.
Stock Exchange has been made. V. 135, p. 3534.
Neisner Bros., Inc.
-December Sales.
1932
-Dec.
-1931
$2 188,226 $2,349,152
-V. 135. P. 4 44
0 .
Decrease.
Decreased 1932-12 Mos.-1931
$160,926[$14,820,855 $15,958,818 $1,137.963
(J. J.) Newberry Co. December Sales.
1932
-December-1931. Increase.' 1932-12 Mos.-1931.
Increase.
S5,390.500 $5,316,638
S73.8821$33,115,732 $31,147,011 $1,968,721
-ii. 135, P. 4044.
•
New York Title & Mtge. Co.
-New Director, etc.
-
Robert E. Simon, builder and real estate operator, has been elected a
director.
William P. Clark, Secretary-Treasurer of the Merchants Bank & Trust
Co. of Norwalk, Conn., has also been elected a director.
In proposing the name of the new directors, President Frederick J.
Fuller told the stockholders at the annual meeting that the low point
In average tenant occupancy of apartments in New York was passed
in July 1932.
"There has been an increase in occupancy since that time," said Mr.
Fuller. "Enforced economy has resulted in many apartments being
occupied by two families. This temporary condition will be reversed
promptly with a revival of business, especially as new construction has
practically ceased.
"However, rental income from property has been greatly reduced.
and the owners of property need encouragement to carry on during this
readjustment period.
"There has been a recent increase in the sales of guaranteed mortgages
of the New York Title Sz Mortgage Co. The company now offers
60% loans on present-day appraisals, with a rate of 5% to the investor.
This modernization of appraisals has brought about an increased demand
for mortgage investments from commercial banks and trust companies
and other important lending institutions."
Harry A. Cotter, Assistant Vice-President, has been placed in charge
of the company's office at Jamaica. Mr. Cotter succeeds William H.
Guardenier, who has been elected Vice-President for Long Island.
Balance Sheet December 31.
1932.
1931.
1931.
1932.
Assets
Liabilities
Cash on hand & in
20,000,000 20,000,000
Capital
banks
8,823,575 8,442,872 Surplus
20,000,000 30,000,000
U. S. Govt. bonds
Undivided profits_11,434,239 11,321,562
& other secur's_ 256,011 3,155,997 Funds received for
Accts.receivable- 571,304
623,804
mtges. sold but
Net int. due & accr 7,040,213 4,221,622
not delivered__
516,630
213.508
Bonds & mtges 30,208,696 23,886,350 Agency deposits
713,476
748,674
Investments
3,850,000 11,748,404 Prem.& fees prepd 232,483
409,474
Land Estates, Inc.
Federal & State
& Liberdar Holdtaxes accrued_ _
494,720
700,371
ing Corp. entire
Accounts payable_ 327,481
inv. direct & inLoans payable.... 9,379,325
direct in other
General reserve... 5,303,625 1,050,182
real estate and
equities therein_ 9,849,188 8,000,000
Nat'l Mtge. Corp_ 3,686,675 3,609,992
Other over, cos.,
Intl. those connected with national title Insurance activities 3,611,702
852,201
Current accts. with
sub. cos.
-net... 407,124
Total
68,304,487 64,541,243
Total
68,304,487 64,541,243
Guaranteed mortgages and certificates outstanding $706,677.259, being
less than 14 times capital funds.
-V. 135, p. 4394.
Normandie National Securities Corp.
-Stockholders
Settle Suit.
An order of Justice Edward J. Glennon, of the New York Supreme
Court, approving the settlement of an accounting proceeding brought
by three stockholders against the corporation, was filed Dec. 30. The
action, which was brought by Sanford Jacobi, Clarence Rainess and Samuel
Bomzon, was heard by Justice Glennon from Nov. 7 to Dec. 5, when an
adjournment was taken because of the death of Abraham E. Lefcourt.
chairman of the board of the defendant corporation.
The settlement was made with all the defendants
the estate of
Mr. Lefcourt, which has been substituted for him as a except
defendant in further
prosecution. The stockholders met in Supreme Court and voted on the
suggested settlement. The vote was 36,429 shares to 2,826, the opposition
being voted by Isidor Kahn. The action had
brought because of
alleged derelictions on the part of the directors. been
By the terms of the orderCharles H. Tuttle and other lawyers for the
stockholders receive 327.500 for their services and the defendants agree to
.
pay $65,000 within five days at the National City Bank.
Oscar F. Grab, President of the Normandie National Securities Corp.
one of the defendants, consented to have a judgment for $500,000 taken
against him, but only on the allegation of negligence, other allegations in
the suit being eliminated. The judgment was filed Dec. 30 in the office
of the County Clerk.
-V. 135, p. 4569.
North American Trust Shares.
-Distributions.The City Bank Farmers Trust Co., 22 William St., N. Y. City, as
trustee, will distribute on Jan. 15 1933, to the bearers of coupon No. 3
appertaining to North American Trust Shares, 1955. the sum of $.052 per
trust share and to the bearers of coupon No. 3 appertaining to North
American Trust Shares, 1956,the sum of $.054 per trust share. The amount
338
Financial Chronicle
Jan. 14 1933
'
so to be distributed is in each case for the period ended Dec. 31 1932, and --- "-Paragon Trading Co.
-Dividends Omitted.
is classified as follows:
The directors recently voted to omit the semi-annual dividends ordinarily
Ser. 1956.
Ser. 1955.
Sourceabout Dec. 31 on the class A, class D and class C stocks, par $100.
payable
8.049400000 8.0494000
Regular cash dividends
Tbe last regular semi-annual payments of $2 per share on the class A stock
.0015000
.001500000
Extra cash dividends
and S1.75 per share on the class B. and C stocks were made on July 1 1932..0039064
.001770584
Sales of stock dividends
V. 132, p. 4780.
Interest credited on currently distributable funds .000062330 .0000670
.000628045 .0014272
Peoples Drug Stores, Inc.
-December Sales.
Carry-over from preceding distribution
Decrease.
Decreased 1932-12 Mos.-1931.
-1931.
-Dec.
1932
8.053360959 8.0563006
Total
11,712,360 $1,778,834
$66,4741$16,199,006 $17,469,012 81,270,005
.000378098 .0003420
-Legal fees
Deduct
The number of stores In operation on Dec. 31 1932, totaled 117 against
Carry-over (minor fractions not practicable to
-V. 135, p. 4396.
124 a year earlier.
.0019586
000982861
distribute on this distribution date)
$.052000000 8.0540000
Total to be distributed
Holders of the 1956 series are given the right to reinvest all or any part of
the Jan. 15 distribution in additional shares at a discount of five cents
below the offering price current at the time the right is exercised.
Payments of 7.4 cents per share on the 1955 series and 7.6 cents per share
on the 1956 series were made on July 15 1932.-V. 135,P. 643.
-New Director.
Northwest Bancorporation.
George N. Ayres, Vice-President of the Central Life Insurance Society
-V. 135. p. 4227.
of Des Moines, Ia., has been elected a director.
-Government Contracts.
Otis Elevator Co.
Contracts approximating 8407,800 have been placed with this company
by the IJ. S. Government for elevator installations in Federal buildings
throughout the country.
These contracts call for elevator installations in the U. S. Post Office in
Albany, N. Y., in the U. S. Post Office and Court House at Pensacola.
Fla., in the Cleveland Ohio Post Office, in the U. S. Naval Base at Pearl
Harbor and in the Mental Hospital and General Hospital at Lakeland, N.J.
Work will be started immediately at the company's plants in Harrison,
N. J. and Yonkers, N. Y.
-V. 135, p. 2842. 3704
-Retiring
Pacific Finance Corp. of California.
Notes.-
0
5547
•
The corporation on Jan.4 announced that it would purchase any maturity
of its 5Si% serial gold notes at par and int. until Feb. 1 next, or until it
has acquired $500,000 par value of such notes.
There are approximately $1.600,000 of the notes now outstanding. They
were originally offered in March 1926, in the amount of $5,000,000 and
thereafter payable 8500,000 each March 1 to 1936, incl.
The company has in excess of $3,000.000 in cash and no bank loans, it
-V. 135, p. 1671.
Is stated.
-Increases Dividend Rate.
---Pacific Fruit Express Co.
---on the
Pfister & Vogel Leather Co.
-Liquidation Dividend.
The directors recently declared a liquidating dividend of $5 per share
on the preferred stock, payable Dec. 28 1932.-V. 133. p. 3473.
Philadelphia Co. for Guaranteeing Mortgages.
Receivers Named.
The U. S. District Court at Philadelphia on Jan. 11 appointed Thomas
Shalicross Jr., President, and John A. Brown, an attorney, receivers. The
appointment was made on a petition requesting such action filed by William
S. foyer, of Absecon, N. J., a stockholder. The proceedings were said to
be of a friendly nature
A committee is planned to protect holders of bonds and mortgages which
the company guaranteed. Guarantees of approximately $130,000,000 are
-V. 134. p. 863.
outstanding, it is said.
-Shows Profit for 1932.
Phillips Petroleum Co.
President Frank Phillips on Jan. 11 stated:
"Indications are that for the year 1932 the company made an operating
profit of approximately $18,500,000, which is a substantial improvement
over the preceding year. Book reserves for depletion, depreciation, &c.,
will probably absorb this operating profit."
Mr. Phillips said the company has completed payment of the $18,000,000
borrowed from banks about two years ago for the purpose of building
pipe lines and making other property extensions, which have substantially
improved and strengthened its properties and potential earning capacity.
This has all been done out of operating profit of $33,500.000 for the past
two years, he said. In addition, the company has reduced its funded
debt $4,500,000 and improved its current position.-V. 135, p. 3010.
-Files Voluntary Petaton in
Barth Holding Corp.
Bankruptcy $3,558,100 Notes Due Jan. 1.
Corporation has filed a voluntary petition in bankruptcy in the U. S.
District Court at Wilmington, Del. The company admits it is insolvent
and unable to meet maturing obligations. The petition gives the assets
-year
as $2,034,731 and the liabilities as $18,477,510. An issue of 6% 3
collateral trust notes dated Jan. 1 1933, was due Jan. 11933. in the amount
of $3,558,100 and has not been met and the petition says the collateral
-V. 135, p. 2348.
for these notes is inadequate.
The regular dividend for 1932 was increased from 30 to 40%
outstanding stock of 824.000,000 par value, which is owned jointly by
the Union Pacific RR. and the Southern Pacific Co.
Besides the regular dividend, the Pacific Fruit Express Co. makes extra
Pine & 48th Street (Phila.) Apt. Bldgs.-Trustee.payments to its two owners on an undisclosed basis reported to conform
The Continental Bank & Trust Co. of New York has been appointed
to the proportionate use of the refrigerator car equipment which it leases
successor trustee and fiscal agent for the $340,000 1st mtge. 6% series gold
In 1931 the two roads each received 83.600.000 dividend from the Pacific
bonds dated April 13 1923.
Fruit Express Co. The special earnings of$1.758,423 brought Union Pacific's
-Receivership.-total income from this car leasing company to $5.358,423; special earnings
Pressed Steel Car Co.
'
t ,
of $6,479,647 to Southern Pacific brought its total from Pacific
Receivers were appointed for the company by Vice Chancellor Johnt0
Express to $10,079,647.
Bigelow in the Chancery Court of Jersey City Jan. 11, following a decision
The $4,800,000 regular dividend for 1932 amounts to about $1.27 pa'
by the Vice-Chancellor in which he sustained the allegations of thelbill
-V. 132,
share of Southern Pacific and $2.16 per share of Union Pacific.
of complaint filed by Isidor Tachna and J. Lester Albertson.
p. 3356.
Julius S. Rippel, Newark. and L. Edward Hermann, a lawyer of Jersey
were named as the receivers.
-Decisions Favor Company.- City, understood that the appeal of the company from the appointment of
Paramount Publix Corp.
It is
a receiver by Vice-Chancellor Bigelow will be heard by the Court of Errors
Justice Aaron J. Levy handed down two opinions Jan. 12 in favor of the
and Appeals in Trenton, N. J., on Jan. 23 1933.-V. 136, p. 170.
corporation in the case brought by Mrs. Maurice Goodman in connection
with the transaction under which Paramount obtained loans of over $13,-Stamped Stock on List.
Prudence, Co., Inc.
000,000 from a group of banks in New York and other cities.
The New York Curb Exchange has removed from unlisted trading
Saul Rogers, attorney for Mrs. Goodman, contended that individual
privileges the 7% cum. pref. stock, unstamped, with a par value of $100.
bondholders could bring suits without regard to the provisions of the inand has admitted the stamped certificates. The stamp indicates agreement
dentures securing the bonds. Judge Levy ruled that all bondholders under
by the holders of such shares to accept,in lieu of the dividends for the period
the Paramount indentures are bound by the terms of the indentures.
ending May 1 1935, the obligation of New York Investors, Inc. to pay
W. D. Whitney of Cravath, de Gersdorff, Swaine & Wood, attorneys
one-half of the amount of such dividends due.
for Paramount Publix Corp., said:
"The suit brought by Mr. Rogers is one of five suits now pending in the
New Directors, &c.
State Court, all of which are substantially alike. In two of the suits,
It was announced on Jan. 12 that Edward C. Delafield, Jackson A.
applications have been made for the appointment of temporary receivers,
Dykman. Moritz Rosenthal and Raymond E. Jones have resigned as direchave been denied by the Supreme Court.
and these applications
tors, while Frank Fox and Francis T. Pender have been elected to the board.
"Mr. Justice Levy's decision in the Goodman case strengthens the belief
-V. 135, p. 3177.
of the company and its attorneys that these suits are entirely without merit.
pending suits is approxi"The total amount of bonds involved in all the
-Annual Meeting Date, &c.
Pure Oil Co.
mately one-fifth of 1% of the outstanding bonds of Paramount Public
A meeting of the stockholders has been called for Feb. 11 to consider
Corp."
changing the date of the annual meeting to second Saturday in April from
June 10. and to change the fiscal year to end Dec. 31 instead of March 31.
New Members of Executive Committee:Three new directors and members of the executive committee were elected -V.134, p.4508.
on Jan.9 at a meeting of the board. They are as follows: George J. Schaefer,
-New Vice-President.
R C A-Victor Co., Inc.
Sam Dembow Jr. and Walter B. Cokell. Mr. Cokell was also elected an
President J. R. McDonough on Jan. 11, announced the appointment of
Assistant Treasurer.
G. Harold Porter as Vice-President in charge of the company's West Coast
The company's announcement was as follows:
activities, with offices at Hollywood, Calif.
-V. 135. p. 4228.
"The executive committee of the board of directors now consists of
George J.
Adolph Zukor, Ralph A. Kohn, Emanuel Cohen, O. Keough Schaefer,
(R. J.) Reynolds Tobacco Co.
-Animal Report for 1932.
and Emil
Walter B. Cokell, with Austin
Sam Dembow Jr. and
Company for 1932 reports net earnings, after all charges, taxes and
Shatter as alternates.
depreciation, of $33,674,800, equivalent to $3.36 per share on the com"Mr. Schaefer is Vice-President of Paramount Pictures Distributing
bined 10,000,000 shares of common and class B common stocks outstanding.
Mr. Dembow is ExecuCorp. and has been with the company since 1920.
comparing with $3.63 per share for 1931.
tive Vice-President of Publix Theatres Corp., in charge of all Paramount
S. Clay Williams, President, reveals, however, that the year's earnings
theatres, and has been associated with Paramount since 1923. Mr. Cokell
were charged with U.000.000, representing excess of advertising appropriahas been connected with Paramount since May 1920. He was in charge of
tion for 1932 over actual expenditures. This amount will be added to
the budget and statistical departments until about a year ago, when he
the usual appropriation for advertising in 1933. Reserves shown in the
became Assistant to the Chairman of the finance committee."
statement aggregate $8,149,445 compared with $2,403,710 at the end of
No action was taken on filling the vacancy resulting from the resigna1931. Included in these reserves, in addition to the $4,000,000 carry-over
tion last week of John D. Hertz, Chairman of the finance committee.for advertising, is an amount to adjust, in accordance with the company's
V. 136, p. 169.
usual policy in cases of price reductions, wholesalers' inventories of Camel
cigarettes to the basis of the new price recently announced.
-Earnings.Peerless Motor Car Corp.
Changing the form of its report somewhat in co-operation with the
1931.
1930.
1932.
Years Ended Sept. 30New York Stock Exchange's program for more detailed and standardized
Sales
$432,411 $2,819,364 $8,478.047
reports, the company reveals for the first time interest and dividends on
712,744 prof.73,237
165.510
Net loss after all charges
investments, together with miscellaneous income, amounting to $2,907,152.
-V.135. p. 4228.
The report also reveals for the first time the company's holdings of its
own stock-585,000 shares at a net cost of $18.208,641. This investment
-To Retire $7,500,000 of is somewhat larger than a year ago and,according to Mr. Williams, produces
(J. C.) Penney Co., Inc.
a very attractive yield as compared to what could be obtained from any
Preferred Stock.equivalent high grade security in which surplus cash funds could be placed.
The company has sent a letter to preferred stockholders asking for
No part of the year's earnings was derived from the sale of stock and, as
tenders of its preferred stock at $103 (flat) a share, to the extent of $7,formerly, the income from such stock is included in dividends on invest500,000. Treasurer J. L. H. Herbert said:
ments. The number of stockholders is placed at more than 35,000, an
has rounded out the year 1932 with substantial cash on
"The company
increase during the year of over 16%•
hand; in fact, an amount which the directors feel is considerably in excess
Referring to the company's inventories, which are valued at 876,356,770
of that needed for current operations under present conditions and any
against $85,780,878 at the end of 1931, President Williams states:
contemplated expansion. It has, therefore, been decided to use a portion
'Inventories of leaf tobacco, while considerably lower in total book
of such cash for the purchase of a limited amount of 6% pref. stock'up to
value than at the close of the preceding year, actually represent a larger
$7,500,000 par value for the purpose of retirement.
amount of tobaccos on hand and are exceptionally well balanced from the
"The directors have decided to adopt the above method of acquiring
standpoint of quality and grade, fully meeting the company's exacting
this stock rather than calling it for redemption at its callable price ($103
requirements."
per share and accumulated dividends) so as to provide means by which
The part which the company plays in providing revenues for Governthose willing to sell their stock can do so up to the extent of this offer."
ment is portrayed in President Williams' letter to the stockholders, as
offering the stock must be submitted to the Chemical Dank &
Tenders
follows:
Trust Co. not later than Feb. 15. All offers where ten or more shares
"There has never been any reduction from the war-peak rates of Federal
are involved will be reduced proportionately to the extent total tenders
taxes on tobacco and cigarettes, and company continues to play an importexceed the number of shares desired for purchase and retirement.
ant part in providing revenues for Government. To say nothing of subAs of the close of June 30 1932, the company had outstanding $19,921,500
stantial payments on account of property taxes, Federal income taxes.
of 6% cumul. pref. stock, par $100. of an authorized issue of $30,000,000.
State taxes, and other local taxes, the Federal excise tax of $3 per 1,000
There also were 2.468,948 shares of no par common stock outstanding.
on cigarettes represents over 56% of our net selling price of Camel cigarettes.
Gross Sales for Month and Twelve Months Ended Dec. 31.
When translated into terms of retail prices on the basis of those now preDecrease.I 1932-12 Mos.-1931.
veiling, this tax of 6 cents per package of 20 cigarettes is almost one-half
Decrease,
-Month-1931.
1932
of that retail price, leaving the other half to cover all of our costs and
$
$
2,336.9701155,272,791 173,705,004 x18,232.303
profits and all of the expenses and profits of the wholesalers and of the
18.942,096 21,279.066
retailers. Certainly, whenever Governmental revenues will permit it, the
retail prices of merX In view of a drop of approximately 18% in the
matter of relief from such high taxes on the products of our industry should
10.61%
chandise in 1932 and 1931, this decrease of onlybusiness, in dollar sales
have consideration at the hands of the taxing authorities."
actually represents a gain in the year's volume of
In connection with the company's advertising program. Mr. Williams
in operation 1,476 stores as
During December 1932 the company had
says: "While continuing to expend very substantial sums in 1932 in keening
-V. 135, p. 4045.
compared with 1.459 a year previous.
Volume 136
Financial Chronicle
339
Its products well presented before the public throughout the year in various
Sharp & Dohme, Inc.'
media, the company did not consider that conditions during that year
-Preferred Dividend.
The directors have declared a dividend of 50 cents per share on the
warranted the expectation offullest returns from heavy additional advertising expenditures. Accordingly, this $4,000,000 of advertising accumulano par $3.50 cum.conv, preference stock, series A,payable Feb. 1 to holders
tion charged against 1932 earnings is carried forward as
of record Jan. 18. A similar amount was paid on this issue on Aug. 1 and
represents an additional amount available for advertising ina reserve and
on Nov. 1 last, as compared with 873 cents per share previously each
1933."
quarter.
-V. 135, p. 3177.
Comparative Income Account for Calendar Years.
1932.
1931.
Sherwood Apartment Building.
1930.
-Depositary.
1929.
:Profit from operations_340,043,764
The Continental Bank & frust Co. New York, has been appointed
Int. & diva, on investdepositary for the bondholders protective committee of the $3.32,000
ments, misc. inc. (net) 2,907,153
first mortgage serial 6%% coupon gold bonds, dated Jan. 7 1924.-V.
Not stated
136. p. 4570.
Total income
$42.950,916
Allowance for depreciahubert Theatre Corp.
-Safe Ottletud.
tion, obsolescence, &c.
991,250
CThe petition of the Irving Trust Co., receiver, for permission to sell
Fed'l & State inc. taxes_ 8,284,866
t
pxperties of the estate to terminate the receivership was granted
d
Jan. 9 y Judge Francis R. Caffey. An order to that effect will be praNet profit
$33,674,800 $36,396,817
wnteand signed within a few days. At the same time Judge Coffey
Undiv. profit prey. year_ 62,233,341 55,836.524 $34,256,665 $32,210,521
51,579,859 44,869,338
granted permission to Lee Shubert to withdraw as one of the receivers
and to submit a bid of his own for the property. Mr. Shubert has an
Total surplus
$95.908,141 $92,233,341 $85,836,524 $77.079,859
organization plan which he hopes to perfect in time to submit a bid.
Common dividends
30,000,000 30.000.000 30,000,000 25 500,000
V. 136. p. 170.
Rate
(30%)
(30%)
(30%)
25%)
'
Sky Specialties Corp.-Sale Ratified.
• Total undivid. profits-$65.908,141 $62,233.341
The stockholders on Dec. 28 approved the sale of this company's assets
$55.836.524 $51,579,859
She. cont. & corn. B outto the Mueller Brass Co. of Port Huron, Mich.
-V.128, p. 4174.
standing (Par $10)--- 10,000,000 10,000.000 10.000,000 10,000,000
Earnings per share
(L. C.) Smith & Corona Typewriters, Inc.
$3.42
$3.63
$3.22
-New
a After deducting all charges$3.36
and expenses of management advertising etc.
President, &c.Comparative Balance Sheet Dec. 31.
Hurlburt W. Smith, Treasurer, has been elected President to succeed
1932.
Fowler Manning, resigned. Elwyn L. Smith has been elected Assistant to
1931.
1932,
1931.
Assets3
$
the President. It is understood that C. F. Brown and L. J. Conger will
LiabilitiesIt
5
3'Rea1 eat.. bides.,
continue as Vice-Presidents. The main offices of the company will be reCommon stock_ 10.000,000 10,000,000
mach'y, &c.._ 16,544,409 17,135,029 New class B cornmoved from New York City in the near future to Syracuse, where they
Cash
39,640,555 34,479,271
formerly were located, it is announced.
mon stock__
U.S. Govt.secs. 20,700,000 9,995,000 Accounts Pay- 90,000,000 90,000,000
For the present, executive offices of the company will be maintained in
Accts. receivable 8,078,829 10,206,150 able
New York, although consideration is being given to the transfer of certain
3,598,043 4,320,083
Leaf Lob., suppl.
divisions to the main plant in Syracuse for better co-ordination with manuAccrued interest,
mid. prod.,&c. 76,358,770 85,780,878
facturing activities.
taxes. &c
8,564,225 7.898,965
Inv.In non-cornDuring the past two years, the company states, it has placed particular
Contingent repetitive cos...:18,329,443 13,413,288
emphasis on engineering development which has resulted in the continued
serve
8,149,446 2.403,711
Other accts. and
improvement in the position of its two major products in the industry-the
Undivided profit
notes recelv__ 6,203,993 5,362,499 (after deducportable and the office typewriter.
Good-will,pat.,&c
1
It was announced that a comprehensive sales program geared to present
don of dlv.
1
Prep.Int.,Ins.,&c.
conditions had been developed which is expected to result in increased
367,856
483,984
payable Jan.1) 65,908,141 62,233,341
volume and profits during the current year.
-V. 135, p. 3178.
Total
186,219,856 176,856,100
Total
186,219,856 178,858,100
Southern Fire Insurance Co. of Durham, N. C.
x Including 585,000 shares of company's own stock amounting
to $18.208,642. 3 After depreciation of $9,664,879 in 1932 and $9,186,366 in
,
Acquisition of Wheeling Concern.1931.-V. 134. p. 2925.
Te purchase of the assets and good-will of the Wheeling Fire Insurance
Co. of -Wheeling, W. Va., assumption of its liabilities and acquisition of
Richfield Oil Co. (Calif.).
-Settles Tax Claims.
its agency plant by the Southern Fire Insurance Co. of Durham, N. 0.,
Judge William James at Los Angeles has issued a court order authorizing
as of Dec. 31 1932, was announced on Jan.7 by Crum & Foster, Manama.
William T. McDuffie, receiver, to pay the U. S. Government $115,000
It was necessary for the Southern Fire to purchase the Wheeling Fire
in settlement of all claims by the Government for income taxes.
The
because of North Carolina laws which do not permit the mergers of inclaims totaled $841,114, covering income taxes for Richfield for the year
surance companies.
1926-29 and for the company's subsidiaries for other years dating from
The Southern Fire, which retains its old name, now has a capital of
1924.
The hearing on the compromise of Pan-American Petroleum Co. claims
$200,000 divided into shares of $10 par value, a surplus of approximately
against Richfield has been continued to permit additional time for in$400,000, and assets of approximately $1,200,000, all figures being at
vestigation. According to the audit filed with the court under a decree of
actual market values.
mandate. issued Nov. 29 1932, Pan-American owes
The agreement provides the shares of the respective companies shall be
total of $9.277,666 for oil and other petroleum productsthe Government a
extracted from the
converted into new shares of the Southern company on the following basis:
Elk Hills leases, together with accrued interest.
Each share of Wheeling stock, par $100, is to be exchanged for 5.24 shares
The audit has been accepted as authentic and agreed to by the Governstock of Southern stock, par $10. Each share of Southern stock, par $25.
ment and Pan-American. ("Wall Street Journal").
-V. 135. D. 4397
is to be exchanged for 1.19 shares of new Southern stock,
Arrangements have been made with Crum & Forster for the par $10. and
Safeway Stores, Inc.
purchase
-Sales.
sale of fractional shares at the rate of $25 per full share.
Combined sales of the Safeway System for the four weeks ended Dec. 31
1932 are reported at $16,294,411. Accumulated sales for the 52 weeks
Southern Pipe Line Co.
-Annuities Plan.
ended Dec. 31 1932 were $226,706.957. There are 3.370 stores in operation
The stockholders will vote Jan. 25 on ratifying a plan for annuities fox
-V.135, P. 4228.
officers and employees of the company,as adopted by the board of directors,
to be effective
Santa Ana Sugar Co.
-West Indies Sugar Corp. Makes Equitable Life Jan. 1 1933 and on approving a proposed contract with the
Assurance Society
New Offer for 1st Mtge. Bonds-Protective Committee Favors of such modified annuities plan -V. of the United States for the underwriting
135, p. 831.
Acceptance.
-
' Spicer Manufacturing Corp.
---Reduces Capitalization.The bondholders protective committee for the 1st mtge. 8% sinking
fund
•rhe stockholders on Dec. 29 voted to reduce the number of shares of
bonds, of which P. L. Dodge of Munds, Winslow & Potter is Chairman,
common stock issued and outstanding by retiring 57,750 shares thereof
has announced that a new offer had been received from the
West Indies
owned by the corporation; to decrease the total authorized number of
Sugar Corp. for the bonds deposited with the committee.
shares of common stock from 600,000 to 300,000 and to decrease the total
Under the terms of the offer, which is
authorized number of shares of cumulative preference stock from 150,000
Indies stockholders, the corporation hassubject to approval of the West
agreed to purchase all of the
to 100.000, and to decrease the capital of the corporation represented by
Santa Ana bonds on deposit with
paying
the outstanding shares of common stock from $4,906,000 to $1,500,000.
25 shares of West Indies commonthe committee, $1,000 $100 in cash and
for each
Santa
The retirement of the shares of common stock owned by the corporation
together with interest on the $100,stock Oct. 1 1932 to the date Ana bond,
from
of closing,
and the decrease in the amount of capital allocated to the outstanding
at the rate of 6%. If the transaction is consummated
shares of common stock will transfer from capital to capital surplus the
Sugar Corp. will also assume the payment of all sums whichthe West Indies
would otherwise
sum of $3,406,000.
be chargeable against the deposited bonds. The
offer expires Feb. 11933.
The book values of certain of the assets of the corporation will be written
The offer is conditioned upon the delivery
of at least 51% of the total
down under authority of the board of directors to more nearly represent
aggregate principal amount of the bonds
present day values, particularly the book values of machinery and other
or undeposited, unless the West Indies outstanding. whether deposited
Sugar Corp. decides to accept a
equipment and of certain buildings and real property. The aggregate
lesser amount.
amount of such write-down will be charged against the capital surplus
The conunittee is notifying
created by the reduction of capital above mentioned.
sale of the deposited bonds bondholders that it proposes to authorize the
-V. 135, p. 4229.
under the terms of the offer unless holders of
more than $3375,000 of
Squibb Building (Abenad Realty Corp.), N. Y.
have
Intention to withdraw deposited bonds pro indicated before Jan. 14 their
and pay their
rata share of the committee's
-Foreclosure Sale.
City.
expenses. Holders who do not intend to withdraw need take no action
at the present time.
The 32
-story commercial structure on the southeast corner of 58th St.
-V. 132, p. 2012.
and Fifth Ave., known as the Squibb Building, was sold at public auction
Schiff Co.
-December Sales.
by Joseph P. Day on Dec. 30, in foreclosure proceedings. The sale was
1932 December
the result of a suit to foreclose two leasehold mortgages aggregating $4.-1931. Decrease., 1932-12 Mos.-1931.
Decrease.
$1_,000,603 $1,175,843
500,000 brought in the New York Supreme Court by the Continental Bank
$175,240138,865,015 $10,179.534 $1,314,519
-V. 135. P. 4046.
& Trust Co., as trustee under a trust deed made in 1929 by the Abenad
Realty Corp. to the S. W. Straus Investing Corp.
Sears, Roebuck ec Co., Chicago.
-Sales Off.
The Jones Estate Corp., Leon R. Jillson, President, representing the
Four Weeks Ended1932.
1931.
owners of the fee, bid in the property for $450,000. A representative of
Decrease.
Jan. 29
$19,008,449 $23.042,271
Wise, Shepard & Houghton, attorneys for the plaintiff in the action, stated
17.5%
Feb. 26
19,647,639
23,536.229
that the sale was in accordance with an agreement reached by the Seabury
16.5
Mar.26
18,999,087
23,452,767
committee, the S. W.Straus & Co. committee, the Jones estate, which owns
19.0
April 23
21,146.525
28,714.667
the land, and E. R. Squibb & Sons. leading tenants in the building.
26.4
May 21
23,333,220
30,408.560
V. 135. P. 4399.
23.3
June 18
24,200,341
29.813.876
18.8
July 16
Standard Oil Co.(New Jersey).
19,252,107
-Obituary.
25.738.837
25.2
Aug. 13
Walter Jennings, a director, died on Jan. 9 at Jekyll Island, Ga. He
17,258,862
23,769,479
27.4
Sept.10
was also a trustee of the New York Trust Co.
19.145.291
24,431,663
21.6
-V. 136. p. 171.
Oct. 8
24,353.523
27,159.259
10.3
Nov. 5
techer Lithographic Co.-Aroppritaarta
23,652,111
27,145,925
12.9
.Dec. 3
(
be stockholders of the Stecher Lithographic Co.
22.609,104
26,828,020
15.7
Dec. 31
&'Lithograph Co. recently approved the merger ofand the Traung Label
27,454,971
33,167,501
17.2
these companies it)
a new co
corporation to be known as the Stecher-Traung Lithograph Corp
Jan. 2 to Dec. 31
The consolidation became effective Jan. 1 1933.
$280.061,229 $347.209,054
19.3%
-V. 135, P. 4570.
The capital structure of the new company provides for $1.700,000
in
pref, stock of $100 par value, paying 73i%, and $2.300.000
Second National Investors Corp.-Accumulations.
in common
stock of no par value.
The corporation on Jan. 1 1933 paid, out of net income, a dividend of
In connection with the merger, Otto R. Rohr, President
$1.15 per share on the $5 cum. cony. pref. stock, no par
of the Stecher
company, recently stated in part:
of record Dec. 16 1932, to be applied against dividendsvalue, to holders
in arrears. On
"Officers and directors of the Stecher company have found that
July 1 1932 a distribution of $1.25 per share was made on account of acin order
to compete for business west of the Rocky Mountains,
cumulations as against $1.10 per share on Jan. 1 1932. $1.25 per share
it is practically
necessary to manufacture in that territory.
on July 1 1931 and $1.25 per share each quarter to and including Oct. 11930.
with the Traung company for some time, we While we have co-operated
Accumulations on the above issue now amount to $6.50 per share (not
ficial to both companies to make an actual believe that it will be benecombination. The plan con$5 as erroneously reported in the "Chronicle" of Dec. 10 1932, Page 4046).
templates a merger of the two firms and the
-V. 136, p. 170.
company to be known as the Stecher-Traungissuance of stock in a new
Lithograph Corp. for the
assets of each.
Seiberling Rubber Co.
-New Officer.
"As the pref. stock of Traung company
W, A. M. Vaughan has resigned as Vice-President of the First-Central
bears dividends at the rate of
7%%, it is proposed that the new Stecher pref. stock shad
Trust Co. of Akron, Ohio, to become Executive Vice-President of the
rate from 8% to 7Ii% and in order that our pref. stockholders change its
&Waling Rubber Co.
shall receive
-V. 135, p. 4570.
the same rate as heretofore, they shall receive
1.07 shares of the new pref.
stock for each share now held."
- "Servel, Inc.-Omits Preferred Dividend. Charles F. Traung, President of the Traung company,
The directors recently voted to omit the quarterly dividend due Jan. 1
in a letter to the
stockholders of the latter. recently stated in part:
1933 on the 7% pref. stock, par $100.
"For the past two or three years your
The directors on Dec. 21 1931. declared an initial dividend of $7 per
deal of work for the Stecher Lithographic company has been doing a good
share on this issue for the year 1932, paid in quarterly installments of $1.75
a very satisfactory one, but it has been Co. The arrangement has been
suggested
per share on Feb. 1. May 2, Aug. 1 and Nov. 1 1932.. Dividends do not
would be of greater advantage and would result inthat a closer alliance
operating economies
start to become cumulative on this Issue untll Jan. 1 1933.-V. 135. p.3869.
and opportunity for further business not now permitted us.
340
Financial Chronicle
"The Stecher Lithographic Co., established since 1871, enjoys an enviable reputation in the Eastern territory and through a large volume
of business has earned substantial profits for their stockholders.
"It is becoming increasingly important that your company have an
outlet in the East, and after carefully studying the situation, your directors
propose to indorse a merger with the Stecher company, substantially
on the basis herein outlined, and believe it will result in increased security
for your investment and will present opportunity for permanent dividends.
There is no additional financing, none is needed. The company resulting
from the reorganization will be in an excellent cash position. There will
be no change in the management of those now interested in the direction
of the companies. The merger is proposed with but one idea in view
earnings and dividends for both pref. and common stockholders.
"The Stecher-fraung company will issue common stock without par
value to the common stockholders of the Stecher Lithographic Co. and
to the class B stockholders of the Traung Label & Lithograph Co. in proportion to the net assets disclosed by an appraisal of both properties now
being made and an audit of the books to be made as of the close of business
Dec. 31 1932."
Mr. Rohr added that the basis for consolidation provides for equal
exchange of stock in the present companies for equal holdings in the new
company for stockholders of both. The appraisals are being made by
the American Appraisal Co. and the books are being audited by Lybrand,
Ross Brothers and Montgomery. Application for listing the pref. stock
on the San Francisco Stock Exchange will be made.
Officers of the new Stecher-Traung Lithograph Corp. are as follows: Otto
R. Rohr, President; Charles F. fraung, Executive Vice-President; Louis
Traung, Kendall B. Castle, Fred W. Van Bergh, Harold W. Johnston,
Vice-Presidents; Leslie H. Jackson, Vice-President and Assistant Treasurer;
Kenneth C. Townson, Secretary; Charles W. Weis Jr., Creasurer.
Besides the officers, the board of directors include George M. Beller,
factory manager of the Stecher company,and Fred J. Houck,superintendent
of the Rochester plant. The officers and directors have been elected
for a term of three years.
The Traung firm is engaged in the making of a quality line of lithograph
labels and advertising matter, and operates plants in San Francisco and
Seattle, with sale soffices in San Francisco, Los Angeles, Fresno and Sacramento, Calif.; Portland, Ore.; Seattle and Yakima, Wash.; Chicago, Macon,
Ga., and Harlingen, Tex.
2he Strecher company maintains sales offices in Boston, New York,
Baltimore, Chicago and St. Louis, and business is transacted all over the
United States and Canada. The Stecher company now specializes in the
production of lithographed seed packets, can labels, cigar labels and bands,
other labels, folding boxes and high-grade lithographic work generally.
tcards, greeting cards and children's toy
It also manufactures season
-V. 135, p. 4399.
k store trade.
books for the syndicate and
-Earnings.
-Sales
(John B.) Stetson Co.
Sales during November and December were up 23% in dollar value and
65% in units above the corresponding period of last year. Increase is due
largely to the lower selling prices on hats instituted by the company last
July and especially to the introduction of a hat to retail at $5.
In his annual report to stockholders, President George V. MacKinnon,
said: "Orders booked thus far in the current year (which began Nov. 1)
show a marked increase both in units and dollar value as compared with
the same period of a year ago."
Operations for the fiscal year ended Oct. 31 1932, resulted in a net loss,
after depreciation and all charges, of $638,840, against a net loss of $1.041.846 in the preceding fiscal year. The report stated that the greater
portion of the loss in volume and profits occurred in the first half of the
-V. 135, p. 3011.
fiscal year.
-Officials Convicted for Stock Frauds.
(H.0.) Stone & Co.
rile New York "Times," Jan. 7 stated in part:
Henry F. Norcott, Pres., and four other officials of H. 0. Stone & Co.,
defunct real estate and mortgage concern, were each sentenced to 20 years
In Leavenworth Penitentiary and fined $15,000 Jan. 6 by Federal Judge
Chokes E. Woodward at Chicago. They had been found guilty by a
jury on Dec. 4 on 33 counts of using the mails to defraud.
Sentenced with Norcott were W. Scott Carroll, controller; Harold D.
Bennett, executive vice-president; Charles D. Packer Jr., treasurer and
Leslie A. Needham, general counsel.
Leniency was shown to two others of the concern as not having shaped
its policies. Marshall George, secretary, and David A. Coleman, sales
manager, were sentenced to two-year terms and to pay fines of $5,000 each.
Many of the spectators in the crowded court room were investors who
in 1930 lost money in the $14,000,000 failure of the Stone company. The
Federal court has disposed of its assets for $137,000.-V. 132, P. 3288.
-To Assume Supervision of
Stone & Webster, Inc.
-See latter under "Public
Consolidated Electric & Gas Co.
-V.135, P. 3011.
Utilities" on a preceding page.
-Capital of Subsidiaries Reduced.
Swift & Co.
The stockholders of the North Packing & Provision Co.,the New England
Dressed Meat and Wool Co., and John P. Squire Co., all subsidiaries of
Swift & Co., have voted a reduction in capital.
The North Packing company reduces from 25,000 no-par shares carried
at $2,500,000 to 10,000 no-par shares carried at $1,000,000; the New England Dressed Meat company reduces from 10,000 no-par shares carried at
$1,000,000 to 6,000 shares carried at $600,000 and John P. Squire Co.
reduces from 25.000 no-par shares carried at $2,500,000 to 10,000 shares
carried at $1,000,000.
The aggregate of these reductions is 34,000 shares and on surrender of
the stock, the parent company will receive $100 a share or $3,400,000 in
-V. 136,
all, retaining the remaining stock. ("Boston News Bureau")
p.171.
Third Canadian General Investment Trust, Ltd.
Changes Par Value of Shares.
Supplementary letters patent have been issued under the seal of the
Secretary of State of Canada dated Dec. 16 1932 converting the 2,000,000
shares of capital stock of the par value of $5 each into 2,000,000 shares
without par value; and confirming by-law number 10 of this company
passed on Nov. 24 1931, as amended by by-law number 12 enacted by
the directors on Sept. 20 1932, declaring that the sum of $1 per share
without nominal or par value shall be capital and the difference between
that amount and the liquidating value per share multiplied by the number
-V. 134,
of shares outstanding shall be set aside as distributable surplus.
p. 4675.
-Toronto Elevators, Ltd.-Nitial-Diedri#,trtirnr.
--dividend of El per share has been declared on the common
holders of record Jan. 3.-V. 135,
t . o par value, payable Jan. 5 to
p.404s.
-Merger Terms.
Traung Label & Lithograph Co.
p. 4399.
-Union Indemnity
Union Indemnity Co., New Orleans.
Group, Big Underwriters of Surety Bonds,Placed in Receivership.
-V. 135.
See Stecher Lithographic Co. above.
Four insurance companies of the Union Indemnity group, were placed
in receivership Jan. 6. The action involved the Union Indemnity Co.,
La Salle Fire Insurance Co., Insurance Securities Co., Inc. and Union
Title Guarantee Co. The companies were thrown into receivership in
four separate actions that came in rapid succession. W. Irving Moss,
President of Union Indemnity Co., said in a statement that the receiverships were forced by recession in business and unusual underwriters' losses.
Officials said policyholders would be protected in full by transfer of the
policies of the Aetna Insurance group.
Clay W.Beckner,automobile dealer, and S. Sanford Levy, Vice-President
Of Union Indemnity Co., were named receivers for the four companies.
The New York Insurance Department, having learned that the Secretary
of State and ex-officio Insurance Commissioner of the State of Louisiana
had taken possession of Union Indemnity Co., of New Orleans, has made
application in the Supreme Court, New York County,for an order directing
the Superintendent of Insurance, George S. Van &hoick, to conserve the
assets of the company in New York State. The application was made
through Attorney General John J. Bennett Jr.
In connection with this announcement the New York Insurance Department issued the following statement: "Inasmuch as the New York Indemnity Co. is closely affiliated with the Union Indemnity Co. by reason
an application has
of reinsurance agreements and interstock ownership,directing the Superbeen made through the Attorney General for an order
of Insurance of New York to take possession of the New York
ntendent
Jan. 14 1933
Indemnity Co. The New York Indemnity Co. has not written any',new
business since May, 1931, when its business was reinsured with Union
Indemnity Co."
United
Corp.
-Earnings:
Jan. 7 to
Calendar Years
Period-1932.
1931.
1930. Dec. 31 1929
Dividends and interest_ _314,832,916 $19,392,789 $15,731,330 $7,784,640
Prof. on sales, com., &c.
1,272,418
1,038,380
Total
Interest paid
Current expenses
Res.for income tax
$14,832,916 $19,392,789 $16,769,710 $9,037,058
566,767
477,321
162,644
222,429
441,982
354,899
470,141
467,537
163,000
60,000
Bal. applic. to diva_ _413,824,187 418445,327 416079,527 $8,296,729
Divs, paid on $3 cum.
pref. stock
7,465,789
7,468,010 6,402,456
4,741,053
5,811,468 10,491,345
Divs, paid on com.stk
6,180,171
Bal. carried to surplus $546,930
$487,972 $3,496,901 $3,555,676
x Equal after dividends paid on the $3 pref., to 44c. a share on the
14,531,197 no par common shares in 1932, 75c. in 1931 and 78c. a share on
12,360,531 common shares in 1930.-V. 135, P. 2656.
-New President.
United Fruit Co.
Francis R. Hart has been elected President, succeeding Victor M.Cutter
-V. 135, p. 3870.
who was elected Chairman of the board.
-To Decrease Stated
United States Realty & Impt. Co.
Capital.
The company has notified the New York Stock Exchange of a proposed
reduction in capital represented by 900.000 shares of outstanding no par
capital stock to $18,000,000 from 845,475,163.-V. 135, p. 2844.
-Unfilled Orders.
United States Steel Corp.
See under "Indications of Business Activity" on a preceding page.
V. 136, p. 172.
-December Sales.
Waldorf System Inc.
Decrease.
-December-1931. Decreased 1932-12 Mos.-1931.
1932
$173,3771$13.883.055 $15,546,964 $1.663.909
$1,167.844 $1,341,221
-V.135. P. 4400-
-December Sales.
Walgreen Co.
Decrease.
-1931.
-December--1931. Decrease.' 1932-12 dos.
1932
$503.6851$45.834.612 $54,067,138 $8,232.526
$4,102.827 84,606412
At the end of December the com_pany had 472 stores in operation,
against 469 stores on Dec. 31 1931.-V. 135. p. 4230.
-Listing of New Stock.
Warner Bros. Pictures, Inc.
As.
er
The New York Stock Exchange has authorized t listing of certificates
follows: 3,801,344
f common stock of the par value of $5 a share
ual number of shares
official notice of issuance in lieu of
shares upon
of common stock, without par value now issued, outstanding and listed:
817,409 shares on official notice of issuance to be issued from time to time,
making the total amount of common stock applied for 4,618,754 shares.
-V. 135, p. 3516, 4050, 4230.
West American Commercial Insurance
Resumes Dividend.
Co. (Calif.).
-
A dividend of $1 per share has been declared on the capital stock, par $10.
A regular quarterly distribution of 50 cents per share was made on Jan. 10
-V. 132, p. 3906.
1931; none since.
-Dividend Deferred.
''Westchester Service Corp.
The directors recently decided to defer the quarterly dividend due Jan. 1
on the $7 no par cum. panic. prior preference stock. The last regular
quarterly payment of $1.75 per share was made on Oct. I 1932.-V. 131.
p. 2239.
-Makes New Offer for Santa
West Indies Sugar Corp.
-See Santa Ana Sugar Co.
Ana Sugar Co. 1st Mtge. Bonds.
-V. 136, p. 173.
above.
Westinghouse Electric & Manufacturing Co.
-Distribution of Radio Corp.of America Stock Ratified by Directors
-The directors on Jan. 11
Suit Filed to Enjoin Payment.
declared a dividend consisting of one-half share of common
stock of Radio Corp. of America for each share of pref. stock
and common stock of this company, such dividend to be
payable Feb.20 1933 to holders of record Jan.23 1933. This
dividend was declared for the purpose of carrying out the
requirements of a decree of the Federal Court entered Nov.
,
21 1932.
The company issued the following statement embodying
the terms of the stock distribution and the cash option:
In view of the preferential right of the preferred stock of this company,
the board has also declared an optional dividend of $3.50 per share upon
any share of this company's preferred stock, the holder of which may desire
to accept such cash dividend in exchange for the one-half share of common
stock of the Radio Corporation to be distributed as a dividend upon said
share of preferred stock.
The above dividend, including the optional feature, constitutes, as to
holders of preferred stock of this company, full payment of the preferential
dividend for the year 1933, to which holders of such preferred stock are
entitled.
On Feb. 20 1933, when the above distribution of Radio Corporation stock
Is made to stockholders of this company,full information will be given with
respect to the handling of any fractional receipts which may be received
oc
by stkholders, and also with respect to the exercise by the holders of
preferred stock of this company of the right to the optional dividend.
There is no action to be taken, prior to Feb. 20 1933, by the holders of
preferred stock of this company with deference to the right to the optional
dividend.
It is understood that the U. S. District Court in Delaware on Jan. 10
entered an order at the suit of Torquay Corp.. an alleged stockholder of
Radio Corp. of America, staying Generzl Electric and Westinghouse
companies from making any distribution of the capital stock of Radio
Corp. of America. It is expected that this matter will be decided by the
Court prior to the payment of the dividend declared on Jan. 11 and the
payment of such dividend is subject to the condition that at the time of
payment there shall be no injunction staying such distributilon.
(There are outstanding 79,974 shares of pref. stock of $50 par value.
This stock is entitled to $33.50 a year and to share with the common in any
distributions made when the latter has received $3.50 a share.-Hd.]
New Director.
Marshall Field, 3d., has been elected a director.
-V.136, p. 173.
-Six New Directors.
(J. G.) White Engineering Corp.
-
Six new directors were added to the board at a meeting held on Jan. 9.
They are: Edward C. Delafield, William M. Evans, F. Cliffs Johnston,
-V. 118, p. 2457.
S. R. Jones, W. S. Landis, and William H. Long Jr.
White Rock Mineral Spring Co.
--Earnings.
Calendar YearsNet income after depreciation and taxes
sianding(no rar)_ u
Sha conimon st k o_ _t
Earnings per share
-V.135, p. 3179.
1932.
1931.
1930.
1929.
$728.474 $1,124.165 81.315,394 $1,229,872
232.071
$2.59
245,705
$44.14
245,705
$44.78
200,000
$4.54
-Sales.-Winn & Lovett Grocery Co.
-1931.
Period End. Dec. 24- 1932-4 Weeks
1932
-Year-1931.
$4412,067
Sales
$413.858 $5,062,020 $5.231,397
-V. 135, p. 4050.
341
Financial Chronicle
Volume 136
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-WOOL
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
irlia a department headed "INDICATIONS OF BUSI.
ffitogilldiumef
Friday Night, Jan. 13 1933.
COFFEE on the spot was rather quiet with Santos 4s
quoted at 934 to 10e.; Rio 7s, 834 to 83,40. Cost and freight
offers from Brazil of late were fairly liberal, but generally
unchanged. For prompt shipment, Santos Bourbon 2s were
offered on the 12th inst. at 9.35e.; 2-3s at 9.15 to 9.400.; 3s
at 8.95 to 9.250.; 3-4s at 8.60 to 9.10e.; 3-5s at 8.65 to 8.90c.;
4-5s at 8.50 to 8.70e.; 5s at 8.423 to 8.60e.; 5-6s at 8.25 to
8.600.; peaberry 3s at 9.123/2; 4s at 8.85 and 5s at 8.70e.
On the 9th inst. futures here were 1 to 5 points lower on
Santos with sales of 10,500 bags and 3 to 4 points lower on
Rio with sales of only 2,000 bags; the National Coffee Council
for the week ended Jan. 7 withdrew from the market 36,000
bags of Rio coffee, 128,000 bags of Santos and 4,300 bags of
Paranaguas, according to a cable to the New York Coffee &
Sugar Exchange. Cost and freight prices were reported
steady with Santos 4s 8.70 to 9.20 prompt, Rio 7s 7.25 to
7.350. and, Victoria 7-8s, 7.15 to 7.20e. Spot irregular;
%
Santos 4s, 93/i to 100. Rio 7s, 83c.; Victoria 7-8s, 8c.
On the 10th inst. futures here advanced 5 to 12 points on
Santos and 5 to 7 points on Rio on a report that the receipts
of Santos will probably be reduced. The sales of Santos
were 13,500 bags; no Rio was sold. "H" contract advanced
12 points on Sept. of which 3 lots were sold closing at 9.62e.
for that month. In general the trade and Brazil bought.
Spot coffee was in better demand and firm; Santos 4s, 93%
to 10e.; Rio 7s, 83,4c.; Victoria 7-8s, 7% to 8c. Cost and
freight Santod 4s,8.60 to 9o. prompt; Victoria 8s held at7.10c.
On the 11th futures here advanced 10 points on Rio for
March with other Rio months 1 to 3 higher on total sales of
8 lots. Santos was 2 points lower to 1 point higher with
sales of 29 lots. Santos 4s spot advanced 100 reis or to
14$500. The total visible supply of all kinds in the U. S. on
the 11th fell off 21,000 bags making it over 1,000,000 bags
smaller than on the same date last year, i.e., 847,000 against
1,920,000 in 1932. "H" for March was nominal at 9.65e.
Spot coffee was quiet and unchanged. Cost and freight
Santos 4s, 8.65 to 9c.; Rio or Augra prompt, 8.600.; Victoria
8s, 7.10 to 7.200.; Rio 7s, 7.35c.; 7-8s, 7.25c.; Santos 4s
first half of February, 8.65c. On the 12th futures fell 4 to
9 points with sales of 7,750 bags of Santos and 8 lots of Rio.
Santos spot price now includes the 5 milreis emergency tax.
The closing was 101700 a rise of 200 reis from the previous
day. Cost and freight Santos 4s, 8.75 to 8.90e.; Rio 7-8s,
%
7.10e. for Jan.-March. Here spot Santos 45, 93 c. with the
selection said to be poorer; Rio 7s, 894c. and not very plenti4
ful; Victoria 7-8s, 73/i to 8c. Maracaibo Trujillo, 93-100.;
-118
%
Cucuta fr. to g'd, 103-1194o., pm. to ch., 113j %c.,
2
washed, 11-113/c.; Colombian, Ocana, 9%-100.; Bucara3
manga natural, 103'-1094c., washed, 103410%; Honda,
Tolima and Giradot, 10%-10%c.; Medellin, 10944le.;
-103'c.; Armenia,, 1094-103.c.; Mexican,
Manizales, 103j
%
washed, 11-12c.; Liberian, Surinam, 894-830.; Ankola,
20-28e. To-day Santos futures here closed 4 to 9 points
lower with sales of 16,000 bags while Rio was 5 points lower
to 1 point higher with sales of 5,000 bags. Final prices for
the week are 9 points lower to 3 points higher on Santos while
Rio is unchanged to 5 points higher.
Rio coffee prices closed as follows:
gmtdimofficial
May
July
tember
y
I
§
R.13
5.48 nom December
5.231 nom
5.03
5.04
4.95 nom
Santos coffee prices closed as follows:
v
firverofficial
May
gy6§
7.77
I
July
y ember
t
December
7.511 nom
7.30 ____
7.21
nom
COCOA to-day ended 3 to 6 points lower with sales of 143
lots. Jan. closed at 3.42c.; March at 3.53c.; May at 3.65c.;
July at 3.76c.; Sept. at 3.87e. and Dec. at 3.98e. Final
prices are 16 to 17 points lower for the week.
-On the 9th inst. futures here advanced 1 to 2
SUGAR.
points with sales of only 6,300 tons. Cuba bought. Spot
sugar was off to .78e. to 2.78c. with sales of 3,800 tons of
Philippine due Jan. 20. Last Friday 2,500 tons of Philippine
due first half of Feb. sold at 2.74c. The stock in licensed
warehouses here is said to be small; only about 30,000 tons
it appears is available in the Jan. position and Cuba is
offering only small quantities. On the other hand refined is
dull at 4c. and Western Sugar Refinery has reduced beet
refined to 3.95e. in the eastern market, a decline of 5 points.
President Machado refuses to agree to the quotas assigned to
mills by the National Exportation Corporation and aks the
Corporation to reconsider them. He regards this as unduly
favoring large interests. The Cuban figures for the week
cabled from Havana were as follows: Arrivals 10,186,
exports, 15,841,stock at ports 532,490;exports to New York,
14,893; toJacksonville 712; to Miami 41;to Chile 195. London
terme was quiet; raws unchanged. Futures on the 10th inst.
declined 2 to 3 points on 76 notices for Jan. and reports that
125,000 tons Philippine were loaded for the U. S. The consumption in the U. S. of all kinds was 3.93% smaller than in
1931 or 235,000 tons. Total was 5,750,000. Refined fell to
3.950.
On the 11th 23 January notices caused a drop in that
month of 4 points. Later months were unchanged to 1
point higher with Cuba buying. Spot raws were in better
demand on the basis of 2.78e. with sales of 10,000 bags of
Porto Rico due Jan. 23, 10,000 more Jan. 25 to Jan. 31 and
4,000 tons of Philippine on that basis; 2,000 tons Philippine
due the third of Feb. at 2.720., prompt Cuba and Porto
Rico was held at 2.80c. London terme was dull and rather
weak; raws unchanged. Refined was in better demand at
3.950.; insular, 3.900.; beet, 3.750. On the 12th futures
declined 2 to 4 points with spot raws 3 points off and Cuba
interests selling. All months went to new lows for the sesaon
of .74c. Some Cuban interests bought March and May
early, turning sellers latter. Local operators and banking
interests bought December. The trade in general sold.
Sales included'31,000 bags of Cuba loading Jan. 17 at .75e.
cost and freight; earlier 15,000 bags of Porto Rico prompt at
2.800. to Galveston delivered, and 6,000 tons of Cuba to
Chile at 65e. f.o.b. Cuba, which is something unusual.
Weekly receipts, 23,197 tons; melt, 21,434; importer's stock,
71,284 tons; refiners stock, 35,528. Final figures of the
Sugar Institute on fourteen United States refiners' melt
and deliveries for the year 1932 show a decrease as compared with the previous year. The melt is less by 445,000
long tons, while deliveries are 365,602 long tons, raw value
less. Meltings: Jan. 1 to Dec. 31, 3,725,000; Jan. 1 to
Dec. 31 1931, 4,170,000; week ended Dec. 31 1932, 30,000;
week ended Dee. 311931, 35,000. Deliveries: Jan. 1 to
Dec. 31 1932, 3,914,092; Jan. 1 to Dec. 31 1931, 4,279,694;
week ended Dec. 31 1932, 53,765; week ended Dec. 31 1931,
64,516. Refined quiet at 3.95e. To-day futures ended
unchanged to 1 point lower. The Philippine independence
bill was vetoed to-day by President Hoover but the House
passed over his veto. It was generally doubted that the
Senate will follow the lead of the House in its action. Final
prices show a decline for the week of 4 to 5 points.
Closing quotations follow:
Spot unofficial
January
March
May
0.750
July
Bid September
0.70
December
0.69®
January
0.73®
0.781 ---0.81
0.85 Fie
0.86 0.88
LARD futures on the 7th inst. closed 2 points lower on
hedge selling by packers. On the 9th inst. at the close
there was a decline of 15 to 20 points. Packers were selling
and demand was light. Hogs averaged 5c lower with the
top $3.25. Cash lard firm; prime, 5.15 to 5.2.5c.; refined
3
to Continent, 53se.; South America, 5%c. On the 10th
/
inst. futures ended 5 points lower to 5 points higher with
trading light. Prime cash, 5.15 to 5.25e.; refined Con3
%
tinent, 5%c.; South America, 53 c. On the 11th inst.
futures ended 5 to 10 points higher on short covering.
Hogs, 5 to 150. higher with the top $3.30. Cash, prime,
/
5.05 to 5.15c.;refined Continent, 594c.; South America,538c.
Futures on the 12th inst. closed 2 to 8 points lower with
demand small. Shipping demand fell off. Exports were
only 19,600 lbs. Hogs were 5c. higher, however, with the
top $3:35. Cash lard firm; prime, 4.80 to 4.900.; -refined
to Continent, 5 to 53/sc.; South America, 5%c. To-day
342
Financial Chronicle
prices closed 17 to 20 points lower in sympathy with grain.
Final prices are 40 to 42 points lower for the week.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed, Thurs. Fri.
January
4.35
4.20
4.15
4.20
4.12
3.95
March
4.25
4.00
4.00
4.07
4.05
3.87
May
4.30
4.05
4.07
4.15
4.10
3.90
July
4.40
4.15
--4.25
4.20
Season's High and When Made.
Season's Low and When Made.
Jarman'
5.30
January
3.67
Dec. 6 1932
March
4.35
March
3.72
Dec. 6 1932
May
5.42
May
3.82
Dec. 6 1932
PORK quiet; mess, $14.25; family, $14.50; fat backs,
$10 to $12.50. Beef slow; packet nominal; family, $11.50
to $12.50; extra India mess nominal. Cut meats dull; pickled
hams 4 to 6 lbs., 5%0.; 6 to 10 lbs., 53/20.; 14 to 16 lbs.,
73j43.; 18 to 20 lbs., 7c.; 22 to 24 lbs., 60.; pickled bellies 6
to 8 lbs., 83c.;8 to 10 lbs., 83'e.; 10 to 12 lbs., 7e.; bellies,
clear, dry salted, boxed, N. Y. 14 to 20 lbs., 5%e. Butter,
creamery, firsts to premium marks and higher score than
extras, 203( to 22e. Cheese, flat, 12 to 180. Eggs, mixed
colors, checks to special packs, 26 to 28%e.
OILS.
-Linseed quiet at 7.4c. for carlots and 6.8e. tank
cars. Cocoanut, Manila, Coast tanks, 23 to 3c.; tanks,
New York, spot, 33'c. Corn, crude, tanks, f.o.b. Western
mills, 3e. Olive, denatured, Sp. Greek drums, 48 to 50e.;
Spanish drums, 56 to 58c.; shipment carlots, Greek, 45 to
48c.; Spanish, 52 to 533/2c. Chinawood, N. Y. drums,
carlots, delivered, 53 to 53'e.; tanks, spot, Pacific Coast,
tanks, 4%c. Soya bean, tank cars, f.o.b. Western mills,
30.; carlot, delivered drums, N. Y., 4.1c.; L. C. L. 43/2c.
Edible olive, $1.20 to $1.40. Lard, prime, 83/20.; extra
strained winter, N. Y., 73/2c. Cod, Newfoundland, 23e.
Turpentine, 453 to 503(c. Rosin, $2.80 to $6.45. Cottonseed oil sales to-day including switches, 5 contracts.
Crude S. E., 80 under March. Prices closed as follows:
Spot
January
February
March
April
3.751
' 3.75
3.70
3.80
3.83
bid May
3.85 June
3.85 July
3.88 August
3.93
3.921
3.95
4.05
4.05
3.98
4.05
4.08
4.14
PETROLEUM.-Fuel oils competition is keen and considerable price cutting was reported, both here and in the
Baltimore section. Weakness in the local area appears to
be chiefly in the heavy oil. There were liberal offerings of
No.6 oil at 23/2c. but attracted little attention for there
was considerable oil available at 2.3 to 2.4c. Gasoline
showed little change. There was some shading reported
but generally 53/2c. was quoted for United States Motor and
Mc.for above octane in tank cats at refineries. Kerosene
was in good demand and steady at 53'e. tank cars refinery.
Bunker fuel oil, grade C, was steady at 75c. refinery and
Diesel oil unchanged at $1.65 same basis. Early in the week
the Standard Oil Co. of New Jersey cut the bulk price of
gasoline Mc. The Standard Oil Co., Warner-Quinlan and
the Tide Water Co.as well as other distributors in this locality
all announced reductions of Mc. in their posted tank car
schedules, bringing the New York price for below 65 octane
gasoline to 53/Ic. and above, 5Y
lc. The Standard Co.
lowered their price only %e. at Buffalo.
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."
Jan. 14 1933
Dec., 3.57 to 3.6004 spot, 33e., No.2 amber, 23/8e., No.3,
2 13-16c.; Standard thick latex, 4e.
On the 12th futures declined 6 to 8 points with London
cables 1-32 to 1-16d. lower and the sales here up to 1,380
tons. Some were switching out of March into later months.
No. 1 Standard for January closed at 3.07 to 3.080.; March,
3.15 to 3.17e.; No. 1B for May, 3.22 to 3.23c.; July, 3.32c.;
Sept., 3.38 to 3.39c.; Dec., 3.50 to 3.52e. Outside closing
prices: Plantation R. S. Sheets, spot and Jan., 33/s, Feb.
March, 3 3-16, April-June. 3 5-16, July-Sept., 33/2. Spot,
Standard, thick latex, 33, standard, thin latex, 3 15-16.
Clean, thin brown, No. 2, 2%, rolled brown crepe, 2 7-16.
3
No. 2 amber, 2 13-16; No. 3, 2%; No. 4, 25 . Paras, Acre
%
fine, spot 63'2-6%. Up-river, fine, spot 6-63, Centrals,
Guayule, washed, dried, 12. To-day futures closed 2 points
lower with sales of 48 lots; spot, 3.09c.; Jan., 3.05 to 3.07c.;
Feb., 3.09c.; March, 3.13e. and April, 3.16c. Final prices
show a decline on March for the week of 7 points.
HIDES. On the 9th futures closed unchanged to 10
points higher with sales of 1,400,000 lbs. Also it was stated
that 10,000 big packer hides sold at steady prices and 2,000
December frigerifico steers at 6%c. Futures closed with
March old 5.10e. bid, new 5.40 to 5.55c., June new 5.90 to 6e.
September new sold at 6.40c. and December new closed at
6.75 to 6.85e. On the 10th futures advanced 30 to 40 points
on a larger demand both for long and short account with
sales of 600,000 lbs. New long buying was considered a
feature. Prices at one time were 10 to 15 points lower but
offerings fell off and shorts who wanted to cover had to bid
prices up. Spot hides are steadier. The shoe trade was said
to be better. After recent liquidation the market was evidently in better shape, closing with March old 5.50e. bid,
new 5.70o., June new 6.25e.,September new,6.700.,December
new 7.15 to 7.25e. On the 11th futures declined 5 to 10
points with sales of 600,000 lbs.; also 4,500 light native cows
at 5 ye.the latter an advance of Mc.;6,000 Argentine frigerifico steers sold at 6 7-16 to 6 9-1643. The close was with old
March nominally 5.350., new 5.65e.;June new 6.15 to 6.250.;
New York City calfskins 9-12s, $1.05; 7-9s, 60e.; 5-7s, 50e.
On the 12th futures closed 5 points lower to 5 higher with
sales of 840,000 lbs. Spot demand has latterly increased.
At the West 38,000 hides were sold at steady prices. Of
River Plate frigorifico hide 4,000 Jan.steers sold at 6 11-16c.,
8,000 Jan. frigorifico steers at 6 13-16c. and 4,000 Jan.
frigorifico steers at 6 15-160., these prices showing fractional
advances. March old closed at 5.40 nominal, new 5.70 to
5.800., June new 6.20 to 6.25c. To-day futures closed unchanged to 5 points lower with sales of 22 lots. Jan. ended
at 5.30c.; March at 5.70 to 5.850.; May at 6.05e.; June at
6.200.; July, 6.35c.; Sept. 6.65e. and Dec., 7 to 7.15c. Final
prices show a rise for the week of 30 to 40 points.
OCEAN FREIGHTS have been quiet. Charters included:
Booked-1;4 loads to Hamburg,6c.; 10 loads West St. John
Sc.; 7 loads to'Havre at 6c. Trip-West Indies round 45c. to Hamburg.
Domingo, Jan. early Feb., United Kingdom-Continent, Sugar-Santo
$2.50; Santo
Domingo, prompt United Kingdom-Continent, $2.25.
Tankers
-United
States
-Gulf, Jan. crude, North Hatteras, 14c.; clean; Gulf, Jan.,
North
Hatteras, part cargo one port, 17c.; two ports, 18c.; two
trips, California,
Japan. April, 21c.: United States, Gulf, Feb., United Kingdom,
Ss. 6d.
COAL.
-The mild weather has hurt trade. Demand has
RUBBER.
-On the 9th inst. futures advanced 5 to 6
points with cables up; then reacted and closed 3 points lower been to some extent diverted to small screenings and to low
to 3 higher with sales of 580 tons ending with No. 1 Standard grade domestic sizes. First grade smokeless lump, egg and
Jan. 3.23c. nominal; March sold at 3.31c.; No. 1B for stove were $1.50 at West Virginia mine. Cold seasonable
May, 3.39c.; July sold at 3.450.; Sept. 3.52c. nominal. weather is naturally what the coal trade needs. Hereabouts
it has latterly been the warmest Jan. on record.
London advanced 1-32 to 1-16d. Singapore was unchanged
to 1-32d. higher The stock in London and Liverpool
TOBACCO.
-Has been in fair demand and steady here.
showed a net decrease for the week of 1,676 tons making the Richmond, Va., wired the U. S. Tobacco
Journal: "With
tag at the the two, 91,121 tons. Here outside spot and the reduction just announced, the retail price of
the 150.
Jan. 3 3-16c. On the 10th inst. futures declined 1 to 8 brands of cigarettes is expected to drop to two for
a quarter,
points with sales down to 390 tons. Far Eastern stocks or even lower in chain stores. Tobacco men
here believe
inbreased slightly in Dec. Dealers' stocks of crude rubber the reduction in price will check the declining
consumption
in the Far East amounted to 30,744 tons dry weight basis, at of cigarettes, and will increase production in the
plants of
the close of 1932 a cable said on the 10th inst. This total the American Tobacco Co. and Liggett & Myers
in Richcompared with 29,404 tons at the end of Nov. and with the mond. There is a belief on the streets that the
price reduction
unadjusted total of 50,721 tons reported at the close of 1931. is the beginning of a war between the "Big
Four" and the
Rubber awaiting shipment at Harbor Board points at the "Little Four" the latter being the producers
of the 100.
year-end aggregated 6,058 tons, compared with 4,674 tons brands that have gained considerable headway
in the past
at the end of Nov. and 4,737 tons in Dec. 1931. Jan. No. 1 year. Lynchburg topped all records for the
season when
Standard sold at 3.150. and March at 3.27o., May No. 1B, one lot of fine leaf brought a price of $50 a
hundred pounds.
3.360., July at 3.43o., Sept. at 3.50o., Dec. 3.650.; spot and Blackstone sold some fine quality brown leaf up
to $44 and
5-16o. London closed unchanged to 1-164. a few lots up to $41. Sales on the several
Jan. outside 3.
markets consisted
lower and Singapore off, 1-32 to 1-164. On the 11th inst. principally of medium to common quality.
Greenville, N.
future declined 2 to 8 points net with sales of 340 tons closing C., closed after one of the most successful seasons
in history.
with No. 1 Standard for Jan. sold at 3.13 bid; March, 3.23 Sales for the season, 39,444,170 lbs. at an average of $12.11.
3.270.;No.1B for May,3.300. nominal;July sold at 3.39o.; Sales for the week were given at 553,790 lbs., at an average
to
Volume 136
Financial Chronicle
343
-The automobile industry and makers of conSTEEL.
of $9.33. Last year the market sold 66,237,808 lbs., for
Some business is also being done
$6,213,638.58 an average of $9.38. All markets in North tainers are the best buyers. and electric refrigerators. But
with makers of oil burners
Carolina's new bright belt have been closed for the season. the railroads are buying sparingly. Taking the trade as a
Those which had not completed sales earlier in the month whole it is still very quiet. About 300,000 tons of steel will
shut their doors Dec. 21. An unusually short crop was given be needed for the 57th Street bridge over the Hudson at
been
as the reason for the early closings. Burley tobacco markets New York. The approval for its construction hasto exengineers. Contrary
territory were opened again after a holi- granted by the Chief of Army of unfilled orders was stated
in the Appalachian
pectations the decrease in Dec.
day recess and the leaf brought around $15. Lexington went by the U. S. Steel Corp. at only 161 tons. The decrease had
to a new season record sweeping past the $16 mark on a sale been expected to be much greater. The total backlog
of over 2,000,000 lbs. Prices were strong at all other Central on Dec. 31 1932, was however, still far below that of the
Kentucky markets. A total of 177,540 sold on Greeneville, same date in recent years. Steel output recently has been
of 15% of capacity as against the year end low
Tenn., markets for an average of $15.63 and 158,886 lbs. at the rate Youngstown it advanced to 18 and at Cleveland
of 13. At
at Knoxville and brought an average of $15.60. The House to 35. Latterly prices weakened perceptibly under the
of Representatives passed the Domestic Allotment bill on searching test of prolonged dullness. It is even said that
the 12th including tobacco. Under its terms the producer price cuts have been as much as $4 a ton in some cases on
would receive bonuses equal to any deficiency between the steel plates from the basis of 1.60 to 1.70e. per lb. In general
prices are nominally unchanged.
market price and the relative pre-war price.
PIG IRON has not got out of the rut, it is as dull as ever.
SILVER.
-There was no trading on the exchange here Imported iron is said to be in some cases $3 to $4 cheaper
on Saturday out of respect to the late ex-President Coolidde. 'than American iron. Eastern Pennsylvania iron is offered
On the 9th inst. futures closed 30 to 40 points higher with in the New England district at $15.50 delivered. Meanwhile
sales of only 375,000 ounces. Commercial bar silver in melters are carrying small stocks. When the demand for
New York rose Me. to 253c. and the London price was up castings increases the effect on iron will be perceptible.
WOOL has been a bid slow with prices in the main steady
to 16 13-16d. May here closed at 25.80 to 25.95c.; June
11 wired
at 25.90c., and July at 260. On the 10th inst. futures and unchanged. Boston on Jan. trading in a Government
wool is mostly
report as follows: "A quiet, steady
advanced 10 to 12 points with sales of 375,000 ounces. on 64s and finer offerings, with a few scattered sales on lower
Bar silver here was lower. London was also down. Jan. grades. Graded French combing 64s and finer territory
here closed at 25.60 to 25.76c.; May at 25.97c.; July at wools bring 40 to 42e. scoured basis. Original bag offerings
26.12c., and Dec. at 26.620. On the 11th inst. futures of similar grade wools bring 42s and 43s scoured basis for
staple;
ended 4 points lower to 3 points higher with near months lines of good French combing and strictly combing39c. for
40 to 41c. for bulk French combing lines and 37 to
the strongest; sales, 225,000 ounces. Jan. closed at 25.63c.; lots running mostly short French combing and clothing
March at 25.76c.; May at 25.88e., and July at 26.08e. staple." Later another Boston report said: "Moderate
On the 12th inst. futures fell 18 to 21 points with sales activity in the wool market is confined mostly to fine wools.
of 175,000 ounces. Commercial bar fell Mc. at New An occasional sale is on strictly combing 56s territory wool
York, while London advanced 1-16d. to 16 15-16d. Here at 38 to 400. scoured basis. A fair portion of the sales of
on
bring 40
Jan. ended at 25.42 to 25.550.; May at 25.70c.; July at fine wools arebulkTexas lines whichof twelve to 42c. scoured
months staple,
basis for the
of the offerings
25.900., and Dec. at 26.40c To-day futures closed 7 points slightly higher on selected lines, and 36 to 38e. on eight and
lower to 4 points higher with forward deliveries the strongest. ten months wools. Average New Mexican, Arizona and
Sales were 150,000 ounces. Prices, however, are 23 to 25 Colorado wools of bulk French combing 64s and finer staple
points higher for the week. Jan. ended at 25.35c.; Feb. sell at 37 to 39c. scoured basis."
at the Napier wool
at 25.45c.; March at 25.55e.; April at 25.65c.; May at anLondon cabled Jan. 12th that bales was offered. auctions
average selection of 27,500
Ninety25.73c.; June at 25.81c.; July at 25.89e.; Aug. at 25.99e.; four per cent were sold. Attendance was large and competiSept. at 26.09e.; Oct., 26.19e.; Nov., 26.29c., and Dee., tion animated in all sections. Current quotations were
maintained. Best greasy half-breds bought from 50s. to
26.39e.
56s, 9 2d. Crossbreds sold for 48s to 50s,8 2d.; 44s to 46s,
COPPER was again higher abroad but there was less 6d.; 36s to 40s, 3Md. Greasy lambs brought 46s to 50s,
activity. Foreign prices ranged from 5.15 to 5.25c. Do- 9d.; 40s, 46s, 63'd. The Australian wool inquiry committee
mestic demand was extremely quiet with prices unchanged at has submitted a report recommending the establishment of a
Sc. for first quarter and 5 8c. for second quarter. Copper Commonwealth Wool Executive and the acquisition of power
Exporters, Inc. quoted 5.15e. In London on the 12th inst. by the Federal Government to control the export of wool on
executive. It urges this action as necessary
of
spot standard dropped 5s. to £29 5s.; futures off 6s. 3d. to the advice if the
possible, any further fall in the present low
to avoid,
£29 us. 3d.; sales 50 tons spot and 750 tons of futures; prices, which are below the cost of production.
electrolytic bid fell 2s. 6d. to £34 5s.; asked unchanged at
WOOL TOPS futures to-day closed unchanged to 50
£34 15s.; at the second session spot standard declined 7s. 6d.; points lower. Sales included July at 55.20e. and August at
futures off 6s. 3d. on sales of 150 tons of futures. Futures 55.50c. Closing prices:, January and February, 53.50e.;
showed little change for the past several days. On the 12th March, 53.50 to 54.50; April, 54c.; May, 54; June, 54.50;
inst. sales of futures consisted of 1,000 tons entirely switches. July and August, 54.70; Sept., 55 to 56e.; October and
March and September were swapped at 30 points premium. Nov., 55e. and Dec., 55.40c.
The domestic price to-day was 5c. and the foreign, 5.10 to
SILK.-The exchange here on Saturday was closed out of
5.15e. American contract closed with Jan., 3.90c.; Feb., respect to the later ex-President Coolidge. On the 9th inst.
3.95c.; March, 40.; April, 4.05c.; May, 4.10c.; June, 4.15c.; futures closed 5 to 6c. lower with sales of 690 bales. Jan.
July, 4.20c.; August, 4.24c.; Sept., 4.27c.; Oct., 4.31c.; ended at $1.29; Feb. and Mar., $1.30 to $1.32; April, $1.31
Nov., 4.35c.; Dec., 4.40c.; sales 725 tons.
to $1.32; May, $1.32; June and July, $1.31 to $1.32 and
TIN was dull and featureless. Generally 22.850. was Aug., $1.32. On the 10th inst. futures closed unchanged to
quoted of late. At the first session in London on the 12th 2 points higher with sales of 2,270 bales; Jan.,$1.29 to $1.32;
inst. prices declined 5s but at the second session there was an Feb., $1.31 to $1.32; and Mar. to Aug., $1.32. On the 11th
advance of 2s. 6d. with sales of 140 tons; standard ended inst. futures closed 3 to 6c. lower with sales of 930 bales;
at £147 12s. 6d. for futures and £147 for spot; spot Straits Jan., Feb., Mar., April and May, $1.26 to $1.28; June and
ended at £152;Eastern c.i.f. London dropped 15s. to £151 lOs July, $1.28 and Aug., $1.29. On the 12th inst. futures
Futures here on the 12th inst. closed unchanged with Janu- broke sharply in the most active market since the middle of
ary 22.200. with 10 points higher for each succeeding month, 1931. Sales totaled 5,400 bales as compared with the high
all nominal. To-day futures closed with January 21.90e.; record of 5,730 on June 29 1931. Prices closed 6 to 9e.
February,22c.; March,22.10c.; April, 22.20e.; May,22.30c.; lower. Jan. ended at $1.18 to $1.20; Mar. and April, $1.19
June, 22.400.; July, 22.50c.; August, 22.60c.; September, to $1.21; May, $1.20 to $1.21; June, $1.20; July, $1.20 to
22.70c.; October, 22.80c.; November, 22.90c.; December, $1.21 and Aug., $1.20. To-day futures closed 1 to 4 points
23e., all nominal; no sales.
higher with sales of 3,150 bales. Jan. ended at $1.20; Feb.
LEAD buying was mostly in small lots and for prompt at $1.22; Mar., $1.22; April and May,$1.21 to $1.23; June,
delivery. Prices were unchanged at 3e. New York and 2Mc., $1.22 to $1.23; July, $1.21 to $1.22 and Aug., $1.22. Final
East St. Louis. It is generally reported that there is still prices show a decline for the week of 14 to 16 points. Ansi
much Jan. lead to be purchased. Sales of primary lead for
Jan. shipment have been 10,600 tons, the sales for Feb.
COTTON
having been 4,000 tons. In London on the 12th inst. prices
Friday Night, Jan. 13 1933.
advanced 2s. 6d. to £10 12s. 6d. for spot and £11 is. 3d. for
THE MOVEMENT OF THE CROP, as indicated by
futures; sales 250 tons of spot and 700 tons of futures.
To-day lead was 3o. New York and 2.875c. East St. Louis. our telegrams from the South to-night, is given below. For
the week ending this evening the total receipts have reached
ZINC was firm at 3.10e. East St. Louis though demand is 168,774 bales, against 194,020 bales last week and 182,588
still small. In London on the 12th inst. spot prices fell 3s. bales the previous week, making the total receipts since
9d. to £14 12s. 6d.; futures off 2s. 6d. to £14 18s. 9d.; sales Aug. 1 1932, 6,113,990 bales, against 6,809,369 bales for the
200 tons of futures. Prices were easier to-day with East St. same period of 1931-32 showing a decrease since Aug. 1
Louis, 3.05e.
1932 of 695,379 bales.
Financial Chronicle
Receipts atSat.
Ion. Tues. Wed. Thurs. Fri.
Total.
Galveston
6,644 7.161 13.264 8,746 4,107 3.899 43,821
Texas City
- 7,344 7,344
Houston
6,991 9.090 14,799 8,091 6:809 24,380 70,160
.
Corpus Christi- 415
465
293
152
519
359 2,203
New Orleans.._ - 3,996 5,930 9,086 1,876 2,395 9,485 32,768
Mobile
2.087 1,226
4
682 4,879
Jacksonville -----------------_
---128
128
Savannah
1:o688
365 2,776
Charleston
969
115
'75
139
363 1,661
Lake Charles_
-_
_
_
_
980
980
Wilmington
588
7
71
ioi
N8
98
125 1.298
Norfolk
190
72
189
'76
93
36
656
Baltimore100
100
Totals this week_ 18.929 26.018 40.191 19.903 1547 424R 1(151.774
The following tab e shows the week's total receipts, the
total since Aug. 1 1932 and stocks to-night, compared with
last year:
1932-33.
1931-32.
Stock.
This Since Aug This Since Aug
Week. 1 1932. Week. 1 1931.
1933.
1932.
Galveston
43,821 1,513,814 71,680 1,649,477 875.119 966,351
Texas City
7,344 171,194 10,613 152,501
72,239
68,421
Houston
70,160 2,101,055 60.744 2,624,718 1,811,009 1,666,944
Corpus Christi
2,203 274,535 1,995 406.571
83.499
92,407
Beaumont
26,024
14,298
22,535
New Orleans
32.768 1,202,274 104,999 1.029,724 1.046,141 991.241
Gulfport
606
Mobile
4,879 206.670 12,471 286,956 138,314 224.542
Pensacola
97,528
369
37.678
29.477
Jacksonville
128
7,673
624
22.521
16,006
16.070
Savannah
2,776 115,899 4,103 243,699 181,199 303.429
Brunswick
28,947 1,535
24,736
Charleston
1,661 126,085 1.222
91,524
73,439 155,033
Lake Charles_ _ _ _
980 139,583 2,260 113,097
81,483
58,262
Wilmington
1,298
42,165 1,125
37,973
32,514
21,855
Norfolk
41,111
656
646
55,539
57.155
69,680
Newport News__ _
____
8,689
New York
200,261 219.333
Boston
590
18,838
13,564
Baltimore
100
10,138
271
17,766
2.050
1,974
Philadelphia
1
5,313
168.774 6,113,990 274,657 6,809,369 4,737,460 4.878,237
Totals
Receipts to
Jan. 13.
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1932-33. 1931-32. 1930-31. 1929-30. 1928-29. 1927-28.
Ga1veston_ _
43,821
71,680
Houston
70,160
60.744
New Orleans_
32,768 104,999
Mobile
4,879
12,471
Savannah_ _
2,776
4.103
Brunswick --------1,635
Charleston_ _ _
1.661
1,222
Wilmington_ _
1,298
1,125
Norfolk
656 . 646
N'port News_
All others_ ___
10,755
16.132
Total this wk_
168,774
19,813
36,936
19,992
8,220
11,391
23,661
24,616
27,621
9,709
5,150
49,207
44,139
35,632
4,050
7,480
40,175
31.213
26,455
3,397
9,172
2.972
457
1.433
2,050
2,191
4,800
838
712
2,105
3,435
1,634
3.348
5,591
4,725
7.014
3,386
106,805
274.657
104,523
151.177
122.215
Sines Ana_ 1_ _ 8.113.990 6.809.369 7.031.655 a.onn.non 7354000 R 419 51 o
The exports for the week ending this evening reach a total
of 156,369 bales, of which 43,891 were to Great Britain,
7,575 to France, 27,373 to Germany, 15,969, to Italy, nil
to Russia, 42,026 to Japan and China, and 19,535 to other
destinations. In the corresponding week last year total
exports were 138,673 bales. For the season to date aggregate exports have been 4,478,946 bales, against 4,315,439
bales in the same period of the previous season. Below are
the exports for the week.
Exported to
Week Ended
Jan. 13 1933. Great
GetJapan&
Exports from
- Britain. France. 'Sony. Italy. Russia. China. Other.
Galveston
Houston
Texas City
New Orleans
Mobile
Pensacola
Savannah
Norfolk
Los Angeles_ _ _
Lake Charles_ _ _
Total
Total 1932
Total 1931
2,573
10,604
457
19,398
7,333
675
1,486
1,365
2.239
-a;
1,812
3,342
115 12.627
-193:1
_
1:988
7,575 27,373 15,969
42.026 19,535 156,369
15,584 8,892 23,170 10,891
8.577 28.332 10,803 2,287
-- 62,342 17,994 138,673
--- 25,906 19,963 95.868
From
Exported to
-
Aug.1 1932to
Jan. 13 1933.
Great
ExportsIrene- Britain.
Germany.
Japan &
Italy. Russia China. Other.
Galveston- - _
153,199140,653 156,924 95,493
Houston- _ _ - 162,184217.591 296,153 133,449
18,84 11,847 32,403 1,053
Texas City-Corp. Christ
25.169 56,643 38,349 18,802
Beaumont_ __
468
420
2,287
100
4,457 __no
Panama City
6,267
506
Guuport____
100
New Orleans_ 204,302 77,688 180,307 133,271
51,88
9,917 96,333 12,205
Mobile
3,068
Jacksonville 1,679 --10,716
50 42,803
648
Pensacola-- _
74,190 1,350 46,714
Savannah__ _
16,724
10,676
---Brunswick
75,518
48,618
Charleston- _
2,761 7:500
Wilmington _
3,668
14,25
964
136
Norfolk
6
276
169
New York
Boston
Los Angeles_
1,424
100
San Francis
Seattle
Lake Charl
Total
Total.
1,450 12,265 24,380
20,409
142 41,602
734 1,847
15,887 2,530 52,369
4,280
367 22,673
750 3,382
37 1,523
43 1,992
2,402 2,402
265 4,199
10,693
1,957
2,868
43,891
5,853
7,105
7,338j 20,830
11,461
50
100
20.218 10,874
,631
790,875538.0591,032,177413
Total.
372,053 180,370 1,098,692
289,162 197,637 1,296,176
6,064 15,306 85,522
77.997 43,853 260,713
214
3,489
10,724
606
224,850 82,837 903,255
31,388 11,618 213,345
3.800
24
8,571
5,366 1,900 61,483
5,994 4,867 133,115
1,547
28,947
2,000 6,454 132,590
1,600
11,861
29
43
19.095
300
300
1,051
2,147
2,147
77,137 4,051 94,173
19,287
300 20,422
5 435
440
23,582 9,687 92,529
1,139,014 565,1904,478,946
._ 1,792,827 476,793 4,315,439
Total 1932-33 636.353192.819 855,452361.195
Total 193142 800.441 702,599 1,136,099303,13329.279 773.478 424,5694,169,597
has never been our practice to Include in the above
-It
-Exports to Canada.
Note.
table reports of cotton shipments to Canada. the reason being that virtually all the
Jan. 14 1933
cotton destined to the Dominion comes overland and it is impossible to
give returns concerning the same
from week to week, while
districts on the Canadian border are always very slow in reports from the customs
coming to
however, of the numerous Inquiries we are receiving regarding the hand. In view
matter, we will
say that for the month of November the exports to the Dominion the
present season
have been 34,999 bales. In the corresponding month of the
preceding season
the exports were 34,950 bales. For the four months ended
Nov. 30 1932 there were
77.129 bales exported, as against 73,506 bales for the four months of
1931.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
Great
GerOther CoastJan. 13 at- Britain. France. many. Foreign wise.
Galveston
11,000 5,000 8.000 38.000 2,000
New Orleans- - 4,595 5,311 8,407 19,999 3,588
Savannah
--- Charleston_
____
____
--- ____
222
Mobile
6,483
172
---- 6:713
---_
Norfolk
Other ports*- - 4,000 2,000 5,000 53.005 1,666
Total 1933-- 26,078 12,483 21.407 117,712
Total 1932_ - 32,539 18,594 25,751 130.588
Total 1931_ _ 19,521 9.499 14,655 61.014
•Estimated.
Total.
Leaving
Stock.
64,000 811,119
41,900 1,004,241
--- - 181,199
222
73,217
13,368 124.946
--57,155
65,110 2,301,093
6,810 184,490 4,552,970
8,406 215,878 4,662,359
3.372 108.061 3.969,908
COTTON at one time showed considerable strength as
the wheat market advanced sharply and cotton hedge selling
fell off very noticeably. Trade buying continued to make
itself felt and Liverpool acted strong. There were favorable
textile trade reports from parts of the south. Worth Street
if quiet as a rule was firm and in Lancashire there was
a fair business. But of late the strength of the technical
position has seemed to be somewhat impaired. Wheat has
reacted. Hedge selling partly it is supposed against Red
Cross cotton has increased. Wall Street has sold. Scattered
liquidation has told causing rather marked reactions. Many
prefer to go slow awaiting developinants at Washington.
On the 7th inst. the New York Cotton Exchange was closed
out of respect to Ex-President Coolidge.
On the 9th inst., the staple closed 4 to 6 points higher
With a good demand partly from the trade, considerable
covering and lessened offerings whether for hedge account
or other selling. The demand came from trade sources in
this country and also it was understood from Liverpool,
Bombay, the Continent, Bremen and Havre. The co-operatives sold to some extent. The demand was largely for
March. The New York Cotton Exchange Service said that
English mills continue to use American cotton at a higher
rate than last season. Forwardings to Lancashire totaled
33,000 bales last week, against 31,000 in the same week
last year; for the season to date 557,000, as against 516,000.
Sales of yarn were about equal to current output. Japanese
competition has become increasingly serious. Lancashire
manufacturers find it impossible to meet Japanese prices
on cheap standard styles and are being forced to concentrate
on quality goods. Reports of improvement on the Continent
were confirmed last week by exceptionally heavy Continental forwardings of American cotton. They totaled 151,000
bales, against 114,000 in the same week last year; for the
season to date 1,872,000, against 1,537,000. French and
German mills are holding their recent gains. Italian mills
are increasing their operations slightly. Belgian mills are
slowing down.
In Worth Street the inquiry is rather better and some
bids for considerable quantities at concessions were rejected but small lots from seconds were sold, it appears,
at easier prices; 382 inch 64x60s were still 3%c. at first
/
1
hands. But on the whole goods lag behind raw cotton. It
was stated that mill margins have declined steadily in
the past three weeks. Activity increased after the shutdowns around the holidays, but the average rate was lower
than a few weeks ago. Red Cross buying has been very
helpful in relieving the stock situation in many directions
but has not contributed much to new or sustained mill
operations. Competition continued exceedingly sharp in
both the unfinished and finished goods division. The mills
feel keenly the lack of demand for heavy goods for industrial
uses. The proposed Allotment Plan law is a disturbing
factor, since the bill provides for a heavy tax on goods in
stock. It is said that the passage of the act would increase
the retail price of most cotton goods 30 to 60%.
For the calendar year the fertilezer tag sales at the south
were 64% of the 1931 sales and 47% of those for 1930.
For the five months, August through December, the sales
In the South were larger than those for the same months
of 1931. The tonnage accounted for totaled almost 380,000
tons, compared with about 365,000 tons for the same months
of 1931 and 430,000 tons for the same months of 1930.
On the 10th inst. prices advanced 10 to 15 points, rallying
25 points from the low of the morning on persistent
price
fixing for domestic and foreign trade account and Wall
Volume
136
Financial Chronicle
345
Street and Western buying not to mention local covering.
Staple
Differences between grades established
Red Cross hedge selling helped to cause an early decline of 60% of Premiums
average of
six markets Quoting
for deliveries on contract Jan. 19 1933
6 to 11 points, but the more insistent force was the home
for deliverMi on
are the average quotations of the ten
Jan. 19 1933.
and foreign trade demand. Contributory causes Included
markets designated by the Secretary of
15-16 1-inch &
a better demand for cotton goods, a larger spot demand, and
Inch.
Agriculture.
longer.
a rise of 2 to 2Ihc. in wheat and 1 to 4 points in stocks. All
.as
Middling Fair
.24
White
.66 on
this with a lessened supply of cotton contracts so stiffened
.os
Strict Good Middling_
24
do
53
do
.08
.24
Good Middling
do
41
do
the backbone of cotton that it took the bit in the teeth and
.as
Strict Middling
24
do
27
do
.o8
.24
Middling
do
ran up sharply ending at or close to the highest points of
Raids
.as
Strict Low Middling_
.21
do
.29 off Mid,
.07
Low Middling
.20
the day. Those who regard the Domestic Allotment Plan
do
.58
do
*Strict Good Ordinary_ do
89
do
with pronounced disapproval were encouraged by Washing*Good Ordinary
do
1 22
do
Good Middling
Extra White
4100
do
ton dispatches which seemed to indicate that the prospects
Strict Middling
do
do
27
do
Middling
for its passage were less favorable. In general, the trend
do
do
Even
do
Strict Low Middling.... do
do
.29 off
do
of sentiment was more bullish in all free markets, including
Low Middling
do
do
do
.58
.08
.24
Good Middling
Spotted
.24 on
do
stocks and grain as well as cotton. Commodities in general
.o8
.24
Strict Middling
do
Even
do
.o8
Middling
.21
do
were either higher or firm. Outside buying of cotton futures
.28 off
do
*Strict Low Middling... do
do
.38
*Low Middling
was larger.
do
do
.90
.08
Strict Good MiddlIng_.-Yellow Tinged
.21
Even
do
On the 11th inst. prices ended 13 to 15 points lower. They
.08
Good Middling
.21
do
do
22 off
do
.08
Strict Middling
.21
do
do
advanced 6 to 8 points at one time, with wheat and stocks
39
do
*Middling
do
do
59
do
*Strict Low Middling__ do
higher, and further American and foreign trade buying, redo
9
do
*Low Middling
do
do
1.23
do
.os
ports of increasing opposition at Washington to the Farm
Good Middling
.20
Light Yellow Stained.- .37 off
do
*Strict Middling
do
do
do -. .60
do
Relief Bill in the House, and a more hostile attitude toward
*Middling
do
do
do -- 89
do
.07
Good Middling
.20
Yellow Stained
it of the Senate. At Charlotte, N. C., fine and fancy cotton
56 off
do
*Strict Middling
do
do
.90
do
*Middling
jobs were reported more active. Spot cotton was in better
do
do
1.21
do
.08
Good Middling
.21
Gray
.20 off
do
demand. But later it was another story, and cotton fell 25
.99
al
Strict Middling
do
38
do
*Middling
do
63
do
points from the early high. Wheat broke, stocks reacted,
*Good Middling
Blue Stained
.59 off
do
*Strict Middling
do
do
hedge selling increased, and the South in general sold more
.88
do
*middlins
do
do
1.21
do
freely. Liverpool reported Japanese selling and hedges
*NO deliverable on future winced'.
against Russian cotton. Wall Street and the West also sold.
The official quotation for middling upland cotton in
the
Liverpool bought near and sold distant months. It was New York market each day for the past week has
been:
Jan. 7 to Jan. 13apparent that the technical position had been weakened by
Sat. Mon. Tues. Wed,Thurs. Fri.
Middling upland
Hol. 6.30
6.40
6.25
6.25
6.25
the recent advance.
NEW YORK QUOTATIONS FOR 32 YEARS
Cotton prices on the 12th inst. ended 1 to 4 points lower
:
The quotations for middling upland at
New York on
after an early advance of 10 to 12 points, when wheat rallied Jan. 13 for each of
the past 32 years have been as follows:
for the moment about lc., offerings of cotton slackened, and 1933
6.25c. 1925
24.30c. 1917
18.05c. 1909
9.450.
5.90c. 1924
trade and other buying made itself felt. Later, when wheat 1932
34.35c. 1916
12.50c. 1908
11.55c.
1931
6.15c. 1923
27.80c. 1915
8.05c. 1907
and stocks declined, cotton followed. Hedge selling, scat- 1930
10.80c.
9.60c. 1922
18.25c. 1914
12.60c. 1906
11.95c.
17.25c. 1921
tered liquidation and other selling added to the pressure. 1929
17.65c. 1913
13.10c. 1905
7.208.
1928
19.45c. 1920
39.25c. 1912
The co-operatives were supposed to be selling. The Exchange 1927
9.65c. 1904
13.80c.
13.40c. 1919
31.70c. 1911
14.90c. 1903
8.85c.
estimated the domestic consumption in December at 437,000 1926
20.70c. 1918
32.65c. 1910
14.950. 1902
8.25c.
bales against 503,000 bales in November and 415,000 in
MARKET AND SALES AT NEW YORK.
December 1931. The daily rate was almost 19,900 against
21,400 in November and 18,000 in December 1931. British
Futures
Sales.
Spot Market
exports of cloths in December 1932 were 196,000,000 square
Market
Closed.
Closed.
Spot. Conte:. Total.
yards against 159,000,000 in November and 150,000,000 in
HOLI DAY.
December 1931, and of yarns 12,000,000 pounds in December Saturday__ _
Monday ___
_
1.000 1,000
1932 against 10,000,000 in November and 15,000,000 in Decem- Tuesday ___ Quiet, Spin. adv._ _ Steady
utet, 10 pts. adv.. Firm
Wednesda
ber 1931. Manchester reported yarns steady and cloths Thursday y_ Quiet,15 pts.dec_ _ _ Easy
-- Wet, unchanged__ Barely steady
1.278
fairly active. In Worth Street trade was "spotty," with Friday
1.Y74
Quiet, unchanged.._ Barely steady__
64x60's 38 -inch print cloths still 3%c. Liverpool cabled:
/
1
2
Total week_
"Traders confused by uncertainties of situation at Washin
1,278 1.000 2.278
g- Since Aug. 1
65,5112 140.400 205.902
ton. Only persistent official intervention prevents sharp
FUTURES.
-The highest, lowest and clos'ng prices at
appreciation of sterling. French Government faces possiNew York for the past week have been as follows:
bility of defeat over budget proposals. Brazil reports
Sao
Paulo cotton crop prospect considerably larger than
Saturday, Monday,
Tuesday. Wednesday, Thursday, Friday,
year. Moscow reports sales of Soviet cotton to Latvia. last
Jan. 7.
Jan. 9.
Jan. 10
.
Jan. 11.
GenJan. 12.
Jan. 13.
eral reduction of Atlantic freights from Southern
ports an- Jon.nounced. Manchester reports inquiry maintained
Range-6.13- 6.18 6.10- 6.25 6.15- 6.26 6.20.- 6.22 6.15but offers
6.11
generally disappointingly low and turnove
Closing_
6.16- 6.25- 6.12
6.11- 6.10 ---r restricted. Feb.Yarns purchased sparingly. Spinners and weavers
it more difficult to prevent loss of ground. Spots finding
Closing6.18 ---- 6.30 ---- 6.16 ---- 6.14 ---- 6.13
generally March---quiet." Last prices here about the lowest of the
Range__
day, though
6.13- 6.24 6.12- 6.37 6.20- 6.43 6.18- 6.32 6.15the net decline was small. Liverpool and
Closing6.20- 6.22 6.35- 6.37 6.20.- 6.22 6.18- 6.19 6.16 6.21
the Continent April
keep buying on declines. There is some Wester
Range._
from time to time for long account. The modifie n buying
Closing6.27- 6.41- 6.26
d
6.25- 6.22 ---Allotment Bill passed the House on the 12th inst. Domestic Mayand now
6.26- 6.36 6.24- 6.50 6.33- 6.56 6.33- 6.46 6.27-.6.39
goes to the Senate.
Closing_ HOLT6.34- 6.35 6.48- 6.50 6.33- 6.35 6.33- 6.296.31
Juna-To-day, after a strong opening, a reactionary
DAY.
trend set in
Range__
which left prices 2 to 4 points lower at the close.
Closing.
Liverpool
6.40 ---- 6.54 ---- 6.39 ---- 6.38 ---- 6.35
Julycame 3 to 6 points higher than due, and closed at
the best
6.40- 6.48 6.37- 6.62 6.46- 6.69 6.43- 6.58
prices of the day on buying by the Far East.
ClosingSpot houses,
6.46- 6.61- 6.46- 6.43- 6.40- 6.51
6.42- 8.4:
New Orleans, spinners and traders bought here,
Aug.
Range..
South, Liverpool and sothe local professionals while the
Closing_
sold. The
6.52 ---- 6.68 ---- 6.53 ---- 6.50 ---consequent advance attracted hedge selling and
6.49Sept.
specula
Range..
6.62- 6.62
liquidation, which soon changed the complexion of the tive
Closing
mar6.59- 6.75- 6.59- 6.57
ket. The easing off in securities and the reaction in
- 6.55 Oct.
Range_
helped along the decline, while spinners, buying on wheat
6.59- 6.68 6.55- 6.80 6.66- 6.88 6.54a scale
Closing_
6.65 ---- 6.80 ---- 6.66 ---- 6.64 6.77 6.57- 6.6.
down, served as a cushion. The passage of the
---- 6.62 -allotment /Vey.
Range__
bill by the House had about the same effect on
cotton as
Closing.
6.71- 6.86- 6.71- 6.70
on wheat. The feeling that the bill had little or no prospec
- 5.68 t Dec.
Range__
of becoming a law in its present form induced a cautious
6.72- 6.82 6.67- 6.93 6.77- 6.98
6.76- 6.89 6.71- 6.8
Closina_
8.78- 6.02- A 02 A 77- a la
attitude on the part of traders, and made a large part
II ,... of
element loath to make much of a commitment on that
Range
either Jan. 13 of future prices at New York for week ending
side of the market. Such enthusiasm as ever existed
1933 and since trading began on each option:
for
this form of legislation is becoming more and more temOption for
Range for Week.
pered. Reports from Liverpool indicated that British manuRange Since Beginning of Option.
Jan. 1933..
facturers were likely to use a larger percentage of
Indian Feb. 1933-_ 6.10 Jan. 10 6.26 Jan. 11 5.36 June 8 1932 9.72 Aug. 29 1932
cotton than usual in Lancashire, and advices from India
6.70 Oct. 13 1932 8.70 Oct. 13 1932
Mar. 1933_ _ 6.12 Jan. 10 6.43 Jan.
11 5.53 Dec. 8 1932 9.84 Aug. 29 1932
were to the effect that stocks of native cotton goods there Apr. 1933_ 5.90 Dec. 2 1932 6.77 Nov. 11 1932
May 1933__ 6.24 Jan. 10 5.55 Jan.
were steadily increasing. There was little business
11 5.69 June 8 1932 9.93 Aug. 29 1932
at June 1933
6.02 Nov. 28 1932 6.38 Nov.23 1932
Manchester in cloth and yarns, and Worth Street was
1933._
quiet. July 1933 6.37 Jan. 10 6.69 Jan. 11 5.75 Dec. 8 1932 10.00 Aug. 29 1932
Aug.
Final prices are unchanged to 2 points higher for the week. Sept. 1933_
6.00 Dec. 3 1932 7.06 Oct. 10 1932
6.62 Jan. 9 6.62 Jan. 9
Spot cotton ended at 6.25c. for middling, or 5 points lower Oct. 1933.. 6.55 Jan. 10 0.88 Jan. 11 6.07 Dec. 8 1932 7.39 Sept.30 1932
5.93 Dec. 8 1932 7.11 Nov. 11 1932
Nov. 1933
than a week ago.
Dec, 1933._
6.67 Jan. 10 6.98 Jan. 11 6.40 Dec. 23
1932 8.98 Jan. 11 1933
Financial Chronicle
346
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows: Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
Jan. 13Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
took at Hamburg
tock at Bremen_
took at Havre
took at Rotterdam
took at Barcelona
took at Genoa
took at Ghent
took at Antwerp
Total Continental stocks
1933.
bales- 735,000
1932.
720,000
1931.
860,000
1930.
845,000
113,000
163,000
195,000
95.000
848,000
883,000 1,055,000
940,000
502,000
277,000
21,000
73.000
80.000
356,000
185,000
17,000
98,000
66.000
592,000
354,000
11.000
117.000
47,000
549.000
270,000
6.000
96,000
65.000
953,000
722,000 1,121,000
986.000
1,801,000 1,605,000 2,176.000 1,926.000
Total European stocks
44,000 137,000 138,000
India cotton afloat for Europe- -- 50,000
American cotton afloatfor Europe 415,000 381,000 309,000 444.000
83,000 131.000
74,000
Egypt, Brazil,&c.,afl't for Europe 65,000
568,000 753,000 709,000 457.000
Stock in Alexandria, Egypt
574.000 411,000 714.000 1,047.000
Stock in Bombay, India
4 737,460 4,878,237 4,077,969 2,513,527
Stock in U. S. ports
Stock in U. S. interior towns_ -.2,167,243 2,198,054 1,725,164 1,456,833
4.000
22,683
30,255
46,401
U. S. exports to-day
1042410410,374,546 9.953,816 8,117,360
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
404,000 324,000 474,000 394,000
Liverpool stock
69,000
88,000 106,000
72.000
Manchester stock
896,000 661,000 999,000 896,000
Continental stock
415,000 381,000 309,000 444,000
Europe
American afloat for
4,737,460 4,878.237 4.077,969 2,513,527
U. S. port stocks
2,167,243 2.198.054 1.725.164 1,456,833
U. S. interior stocks
4,000
22,683
30,255
46,401
U. S. exports to-day
8,738,104 8.560.546 7,713,816 5,777,360
American
Total
East Indian. Brazil,
331,000 396.000 386,000 451,000
stock
Liverpool stock
London stock
89,000
26,000
75,000
41,000
Manchester stock
61,000 122,000
90,000
57,000
Continental stock
44,000 137.000 138.000
50,000
Indian afloat for Europe
83,000 131,000
74,000
65,000
Egypt, Brazil, &c.. afloat
568.000 753,000 709,000 457,000
Stock in Alexandria, Egypt
574,000 411.000 714,000 1,047,000
Stock in Bombay. India
Total East India, &c
Total American
1,686,000 1,814.000 2.240.000 2,340.000
8,738,104 8,560.546 7,713,816 5.777,360
1042410410,374.546 9,953,816 8,117.360
Total visible supply
5.41d.
5.41d.
9.49d.
5.30d.
Middling uplands, Liverpool
10.15c.
17.45c.
6.75c.
6.25c.
uplands, New York__ _ _
Middling
8.90d. 15.30d.
8.50d.
Egypt.good Sakel, Liverpool_ --- 8.63d.
13.75d.
Peruvian, rough good. Liverpool_
5.40d.
4.26d.
7.356.
5.03d.
Broach,fine, Liverpool
5.53d.
5.11d.
5.16d.
8.70d.
Tinnevelly, good, Liverpool
Continental imports for past week have been 111,000 bales.
The above figures for 1933 show an increase over last
week of 3,265 bales, a gain of 49,558 over 1932, an
increase of 470,288 bales over 1931, and a gain of 2,306,744
bales over 1930.
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 Jan. 13 1933.
Towns.
Ala.,Birming'm
Eufaula
Montgomery.
Selma
Ark.,Blytheville
Forest City
Helena
Hope
Jonesboro_
Little Rock
Newport-Pine BluffWalnut Ridge
Ga., AlbanyAthens
Atlanta
Augusta _ _
Columbus_
Macon
Rome
La., Shreveport
Miss,Clarksdale
ColumbusGreenwood_ _
JaCX8011
NatCheZ -
Movement to Jan. 15 1932.
Ship- Stocks
Receipts.
Ship- 1 Stocks
menu. Jan.
maws. Jan.
Week, Season. Week. 15.
Week., Season. Week. 13.
2,587 30,090 2,006 12,855 2,028 62,4581 4,038 38,984
88 8,935
49, 11,256
99 6,813
6,388
91
99 69,348
52 36,367
28 22.374 1,574 48,428
86,380
500 52,686 1,500 55,466 1,279 75.823
3,218 168,821 6,874 75,609 2,692 97,956 2;66 59,530
981 17,993
204 26,490
304 21,628 1,452 21,335
1,237 69,801 2,252 47,037 1,816 59,539 1,857 51,739
50 23,428
200, 55,701
1,145 47,356 2,008 28,996
27 5,490
241 19,144
462 16,399 1,130 7,720
2,299 109,011 3,842 67,448 4,847, 150,216 5,28 81,692
203 19,505
795 39.917
1,574 45,460 2,2511 24,113
1,978 99,092 2,533 66,228 3,707 133,398 4,327 83,581
741 14,904
683 42,577
1,552 15,370
642 61.510
194 4,435
5,215
7,
3,165
1,321
3
300. 33,670
725 23,554
500 50,545
1,570 20,335
562149,562
1,455199.495 3,758 44,629
15,504 126,11
2,152 86,886 2,764114,010 1,641 164,317 2,440132,731
828 26,452
610 26,294 2,729 42,282,
119 13,259
661 35,391
93 41,421 1,164 25,6451
114 16,496
9,696
200 8,898
440
50 13,616
154 10,71
747 69,416 1,601; 78,213 1,500 96,5571 1,500.117,792
1,821 109,647 4,433 71,342 2,923 146,556 2,2881103,831
380 19,6661
22 13,715
13,147
27
77 15,629
2,631 119,836 4,906102.891 2,043 163,025, 4,093 122,417
25,652
980. 31,843
530 31,908
h
172 10,2931 - . 10,5 7
2
271 8,147
7,396
4
912 25,012
323 37,7641
1,200 20,662
30,91
2
882 44,172 1,608 28,363
8771 25,096
236 31,643
227 3,000 92,425 3,028 1,188
1,581 92,646 1,581
385 14,034 1,000 22,782
400, 15,408
658 11,954
1
29,26 618,98 37,159146,415 20,000 527,033 25,000108,483
5.170 76,418 2,675 94,915 3,000 79,221 3,0001 53,888
65,867 1,277,64 55.399 526,183 55,3641.338,213 58,328491,625
1,581 71,504 1,213 1,671 1,145 46,914 1,5051 2,068
310 5,264
355 25,218
319 3,660
335 20,245
311 9,016
39 16,567
128 9,502
85 15,383
3,947 46,663
1,933 79,738 1.745 30,203 2,001 123,60
1,614 17,342 4,989 82,948 3,2821 22,852
1,802 47.39
37 31,017
2801 2,341
2
596
6,309
36
1,202
36
259 15,19
658
70
115 10,302
4581 38,317 1,015 25,783 1,349 52,959 1,7331 20,606
863 72,263
8051 25,312
65,871 2,002 16,957
1,972
Receipts.
__
VicksburgYazoo CRY
Mo., St. Louis_
N.C.,Greensb'ro
Oklahoma
15 towns'- _ _
S.C.. Greenville
Tenn..Memphis
Texas. Abilene..
Austin
Brenkam
Dallas
Paris
Robstown
San Antonio_
Texarkana
Waco
130,046 4,177,472139,5332198054
Total, 56 towns 152,808 3,902,029 153,9152167243
In Oklahoma.
•Includes the combined totals of 15 towns
The above totals show that the interior stocks have
decreased during the week 2,087 bales and are to-night
30,811 bales less than at the same period last year. The
Jan. 14 1933
receipts at all towns have been 22,762 bales more than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
---1932-33------1931-32---Since
Since
Week. Aug. 1.
Week. Aug. 1.
1,581
93,208
3,028
99,680
2,350
210
17,238
787
200442
1,368
-17:1
10.290
5,216
3,200
77.714
3.336
91,093
11,457 202,839
10,996 211.247
Jan. 13ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
17,816
386,601
18,421
424,918
100
286
3,030
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c
Between interior towns
Inland. &c., from South
10,605
5,006
87.719
271
319
2,273
18,623
6,504
135,254
3,416
103,330
2.863
160,381
14,400
283,271
15,558
264,535
Total to be deducted
Leaving total net overland*
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 14,400 bales, against 15,558 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 18,736 bales.
-1932-33
-1931-32
Since
Since
In Sight and Spinners'
Aug. 1.
Aug. 1.
Week.
Week.
Takings.
168,774 6,113,990 274,657 6.809,369
Receipts at ports to Jan. 13
15,558
264,535
283.271
14,400
Net overland to Jan. 13
South'n consumption to Jan. 13 95,000 2,329,000 90,000 2,160,000
278.174 8,726,261 380,215 9,233,904
Total marketed
767.601
*8,914 1,408,027
*2,087
Interior stocks in excess
Excess of Southern mill takings
233,442
-_-619,346
over consumption to Jan. 1
276,087
Came into sight during week
Total in sight
9.727.304
North.spinn's' takings to Jan. 13- 16,740
371,301
-- 11.261,277
502.687
17.465
523,240
* Decrease.
Movement into sight in previous years:
Since Aug.1Bales.
183,901 1931
198,780 1930
243,691 1929
Week1931-Jan. 17
-Jan. 18
1930
-Jan. 19
1929
Bales.
10,912,623
11,883,622
11,915,475
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing !potations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotationsfor Middling Cotton on
eek Ended
Jan. 13.
Galveston
New Orleans.. _ _
Mobile
Savannah
Norfolk
Montgomery _ _ _
Augusta
Memphis
Houston
Little Rock__ _ _
Dallas
Fort Worth_ _ _ _
Saturday, Monday. Tuesday. weavay. Thursd'y. Friday.
HOL.
HOL.
HOL.
HOL.
HOL.
HOL.
HOL.
5.90
HOL.
HOL.
HOL.
HOL.
6.15
HOL.
5.95
6.12
6.31
5.90
6.31
5.95
6.10
5.90
5.75
5.75
6.30
6.33
6.10
6.27
6.47
6.05
6.46
6.10
6.25
6.06
5.90
5.90
6.15
6.18
5.95
6.10
6.30
5.90
6.31
5.95
6.10
5.90
5.75
5.75
6.15
6.18
5.95
6,09
6.29
5.90
6.29
5.95
6.10
5.90
5.75
5 5
/
6.15
6.18
5.90
06
6.
6.26
5.85
6.26
5.90
6.10
5.86
5.70
5.70
-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,
Jan, 7.
Jan.(1933)
February _
March. ___
April
May
June
July
August. -3eptember
October
November
December_
Tonet
Options _ _
HOLIDAY.
Monday,
Jan. 9.
HOLT
HAY.
Tuesday, Wednesday, Thursday,
Jan. 10.
Jan. 11.
Jan. 12.
Friday,
Jan. 13.
6.28- 6.09 Bid. 8.09 Bid. 8.07 Bid
6.33- 6.18- 8.19 6.18- 6.19 6.16- 8.17
6.47- 6.48 6.29- 6.32- 6.33 6.29- 6.30
6.60- 6.61 6.42- 6.43- 6.44 6.40- 6.42
6.79- 8.80- 8.81 Bid.
8.91 BM. 8.71 Bid. 6.72 Bid
Steady.
Steady.
Steady.
Steady. Barely stdy Steady.
6.58- 8.59
6.69 Itld
Steady.
Steady.
CENSUS REPORT ON COTTONSEED OIL PRODUC-Persons interested in this
TION DURING NOVEMBER.
report will find it in the department headed "Indications of
Business Activity," on earlier pages.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening indicate that the weather during the week has been mild in most sections of the cotton belt.
Rainfall has been moderate and scattered. Little farm work
has been accomplished.
Galveston, Texas
AbilFne, Texas
Brownsville. Texas
Corpus Christi, Texas
Dallas, Texas
Del Rio. Texas
Houston, Texas
Palestine, Texas
Texas
San Antonio, Tex
New Orleans. La
Shreveport, La
Mobile, Ala
Savannah, Ga
Charleston, S. C
Charlotte. N.0
Memphis, Tenn
Rain.
3 days
1 day
3 days
2 days
Rainfall.
2.23 in.
0.22 in.
0.05 in.
0.36 in.
Thermometer
high 69 low 43 mean 56
high 70 low 26 mean 48
high 76 low 42 mean 59
high 70 low 42 mean 56
o
Isw 3280 meanmean 41
8
5
'7t
high 72 low 44 mean 58
high 68 low 34
51
high 72 low 36 mean 56
w 8
1
i h .
high wi low __ mean 60
mean 52
high 70 low 44 mean 57
high 76 low 42 mean 59
high 74 low 36 mean 55
high 62 low 39 mean 50
high 64 low 27 mean 47
18
13. 1.83 111:
3 `,days kit in. tifig
3
3 days 0.51 In.
4 days 0.23 in.
4
4 days 11..1102
In.
4 days 2.34 in.
2 days 1.40 in.
3 days 1.46 in.
2 days 0.78 in.
3 days 0.61 in.
Financial Chronicle
Volume 136
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gaugeAbove zero of gaugeAbove zero of gauge.
Above zero of gauge_
Above zero of gauge-
Jan. 13 1933. Jan. 15 1932.
Feet.
Feet.
10.5
12.1
31.2
29.5
14.0
25.8
28.8
18.4
36.6
39.2
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
,
Receipts at Pons.
I
Stocks at Interior Towns. !ReceiptsfromPlatitaitons
1932. 1931. 1930. i 1932. 1 1931.
1930. 1932. 1 1931. 1930.
1
Oct.
1
14- 347,025519,398423,079 1.802,89911,349,792 1.225.7201454,432727.5 549,934
21..395,485380,980 441,618 1,889,862 1.559,483 1,395,237482,442590.671 611.130
29-- 387,507 53,232448,2302,030,251 1.750.430 1.503,734 527,896,644,179 556.727
Nov.
1
1
4_ 404.069 • .664 397,331 2,133,2821,905.108 1.592,117 507.1011559,202 485,714
11_ 377,879 417.118 372,279 2,201,6012,052,038 1,684,197446,197 564,048464,359
18._ 425.222 402,386 338,371 2,248,9522,176,891 1,712,633472,574 527,239 366,807
25._ 308,468317,628 298,028
,2 200,307 1.770,725310,992 341,044356.120
Deo.
12,251.477.
2-- 375,711 312,183255,5692,246,71612,209,002 1,797.9981370,9501320,878 282,842
9-- 298,545 227,112 222,908 2,256,6502,205,713 1,815,747257.542 223,823 240,657
16_ 262,064 283,317 210,864 2.260,614 2,214,853 1,811,062266,028 292,4571206,179
23._ 162,17 i 191,637 161,383 2,231,716 2,217,262 1,800,744 133,272,194,0 151,065
30_ 182.588 218,440 122,377 2,213.374 2,219,563 1,777,081,164.246 220,741 98,714
1
1
Jan. 1933. 1932. 1931. I 1933. I 1932.
1E1.71 1933: 1932. 1931.
6-- 194,020 353,609 115,570 2,169,330 2,206,968 1,750,859149,976 841.0141 89.348
13__ 168.774 274.657 106,805 2,167,243 2,198,054,1,725,164 166,687,265.74 81.110
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1932 are 6,819,754 bales;
in 1931-32 were 8,155,026 bales,and in 1930-31 were 8,194,477
bales. (2) That, although the receipts at the outports the
past week were 168,774 bales, the actual movement from
plantations was 166,687 bales, stock at interior towns
having decreased 2,087 bales during the week. Last year
receipts from the plantations for the week were 265,743
bales and for 1931 they were 81,110 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Cotton Takings,
Week and Season.
1931-32.
1932-33.
Week.
Season.
Week.
Season.
Visible supply Jan. 6
10,292,722
10,420,839
Visible supply Aug. 1
7,791.048
6,892,094
American Insight to Jan. 13...
276,087 9,727,304
371,301 11,261,277
Bombay receipts to Jan. 12--76,000
752.000
52,000
526,000
Other India ship'ts to Jan. 12.
10,000
2,000
181,000
169,000
Alexandriareceipts to Jan. 11
27,000
643,000
34,000 1,032,000
Other supply to Jan. 12•b_ -11,000
262.000
12,000
301,000
Total supply
10.812,926 19,356,352 10,772,023 20,181,371
Deduct-.
Visible supply Jan. 13
10,424.104 10,424,104 10,374,546 10,374,546
Total takings to Jan. 13-a--388,822 8,932,248
397,477 9,806.825
Of which American
283,822 6,887,248
278.477 7.216,825
Of which other
105.000 2,045.000
119,000 2.590,000
•Embraces receipts in Europe from Brazil, Smyrna, West
Indies, &c.
a This total embraces since
total estimated consumption by
Southern mills. 2,329,000 balesAug. 1 the and 2,160,000 bales in
in 1932-33
takings not being available-and the aggregate amounts taken by1931-32
Northern
and foreign spinners, 6,603.248 bales in 1932-33 and
7,646.825
1931-32, of which 4,558,248 bales and 5,056,825 bales American. bales in
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years have been as follows:
1932-33.
Jan. 12.
Receipts at
-
For the Week.
Great Conti- rapandt
Great
Britain. neni. China. Total. Britain.
Bombay
1932
-33.. 6,,..000 8,000
1931-32-,._ 2,000
1930-31-- 2
.000 10,000
Other India
1932-33-- -___ 2,000
1931-32-- ....... 10,000
1930-31- 21,640 14,000
Total all1932-33_ 6,000 10,000
1931-32_
. 12.000
....
1930-31- 23,000 24,000
-
1930-31.
Since
Since
Week. Aug. 1. Week. Aug. 1.
76,000 752,000 52,000 526,000 153.000 1,147,000
Bombay
from-
1931-32.
Since
Week. Aug. 1.
30,000 41,000
26,000 28,000
81,000 93,000
____ 2,000
____ 10,000
____, 35,000i
Since Aug. 1.
Conti- Japan &
neat.
China. I Total.
14,000 121,000 282,0001 417,000
9,000 85,000 488,000 582,000
71,000 330,000 803,0001,204,000
37.000 144,s i •
44,000 126,111
67,000 181,000
181,000
169,000
248,000
1
30,000 46,000 51,000 265,011 282,000 598,000
26.000 38,000, 53,000 210,111 488,0001 751.000
81,000 128,000 138,000 511.000 803,0001,452,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
24,000 bales. Exports from all India ports record an increase
of 8,000 bales during the week, and since Aug. 1 show a
decrease of 153,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
347
Ale:andria, Egypt.
Jan. 11.
1932-33.
1930-31.
135,000
3.310.330
Receipts (Cantars)This week
Since Aug. 1
1931-32.
170.000
5.149.724
185,000
4.756,079
This Since
This Since
This Since
Week.Aug. 1. Week. Aug. 1. Week. Aug. 1_
Exports (Bales)-
To Liverpool
57,137 8,000 114,240 8.000 77.212
To Manchester, &c
7,000 50.992 ---- 81,492 ---- 64,521
To Continent and India- 16.000 242,626 23,000 280,403 18,000 272.856
To America
3,000 20,112 2.000 11.795 ---- 4,261
Total exports
26.000 370.867 33.000 487.930 26.000 418.850
Note.- A canter is 99 lbs Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Jan. 11 were
135,000 canters and the foreign shipments 26,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both yarns and in cloths is steady. Demand for India is
improving. We give prices to-day below and leave those of
previous weeks of this and last year for comparison:
1932.
325 Cop
Twist.
Oct.
14....
al__
2
8---Nov.
4....
11_
18--__
25---
d.
9 01031
83401034
83401034
1931.
83i Lbs. Shirt- Cotton
trigs, Common Blidag
to Finest.
Uprda
s. d.
s. d.
3 @ 6
3 is 6
3 is 6
328 Cop
Twist.
1334 Lbs. Shirt- Cotton
lags, Common Midair
to Finest.
Was.
d.
d.
5.64
5.46
5.62
8 0 934
8 0 934
834010
s. d.
II is 8 2
0 084
0 is 8 4
s. d.
d.
4.77
4.97
4.97
834(1434
83401034
9 01034
83401034
3
3
3
3
is
is
is
0
6
6
6
6
5.39
5.60
5.61
5.44
9 01034
83401034
83401034
54001034
0
0
0
0
is 8 4
084
is 8 4
084
332
gm
4.89
4.90
83401034
834010
89401034
834010
834010
3
3
3
3
2
0
is
is
0
0
6
6
6
6
5
5.30
5.04
5.26
5.07
5.29
83401034
91.(011
83401034
83401034
83401034
0
0
0
0
0
is 8 4
084
084
084
084
3.14
5.21
5.20
5.30
5.39
Jan.1933.
6____ 84'. 01034 83 0 8 6
13____ 8 Si010 83 0 86
5.33
5.30
198.
0 10 84
8)(01034
83401034 0 is 84
5.33
5.41
2..._
9__-_
16._
23---30____
SHIPPING NEWS.
-Shipments in detail:
Bales.
NEW ORLEANS
-To London-(7)
-West Ekonk. 26
26
To Bremen-(7)
-West Ekonk,50; Winston Salem,65
115
To Genoa-Jan.4-Maddalena Odero,5.561_ _ _Jan.7
-Liberty
11,861
To India-Jan.4-911veipalm,50
To South Africa-Jan.4-Silverpalm,80
80
To Japan-Jan.4-Bronxville, 15.762
15.762
To China-Jan.4-Bronsville 125
125
To Liverpool
-Jan.6-Tapti,5,510_ _ _Jan.7-Ninian,10,708_ 16,218
To Venice-Jan.7-Libert Bell,766
766
To Manchester-Jan.7- intan,3,154
3,154
To Gothenburg-Jan.7
-Toledo,150
150
To Gdynia-Jan.7-Toledo,400
400
To Porto Colombia-Jan.7-Zacapa,200
200
To Maddelon-Jan.7-Zacapa,100
100
To Antwerp-Jan.7
-San Pedro,600
600
To Dunkirk-Jan.7
-San Pedro,800
800
To Havre-Jan.7
-San Pedro,1,012
1,012
To Barcelona-Jan.10-Sapinero 900
900
To Tarragona-Jan. 10-Sapinero,50
50
GALVESTON-To Bremen-Jan. 5
-Pilot, 4,783..
.Jan. 11-Winston Salem, 1,070
5,853
To Liverpool
-Jan. 10
-Eglantine, 1,805
1,805
To Gdynia-Jan.5
-Pilot,650
650
To Manchester-Jan.10
-Eglantine, 768
768
To India-Jan.7
-City of Pittsburgh, 3,717
3.717
To Barcelona-Jan.9
-Mar Cantabrico„6,645
6,645
To Havre-Jan. 10
-West Camack,2,239
2,239
To Ghent
-West Camack,401
-Jan.10
401
To Antwerp-Jan.10
-West Camack,200
200
-West Camack,652
To Rotterdam-Jan.10
652
To Japan-Jan. 10-Bronxville, 1,000
1,000
To China-Jan. 10- ronxvi e,
450
HOUSTON-To Japan-Jan. 7-Hofuku Maru. 1,581--Jan. 9Bronaville, 2.850; Pacific Mani,8,975; Barrwhin,6,878
20,284
To Liverpool-Jan. 11-Tapti, 5,978_ --Jan. 12
-Eglantine,
3,884
9,862
To China-Jan.9
-Pacific Meru,125
125
To Manchester-Jan. 11-Tapti, 251.__Jan. 12
-Eglantine,
491
742
To Bremen-Jan.9-Ansgir,5,898
5,898
To Hamburg-Jan.9-Ansgir, 1,207
1,207
To Genoa-Jan.10-Maddalena Odero,3,222
3,222
To Naples
-Jan. 10-Maddalena Odero, 120
120
To Syra-Jan. 10-Maddalena Odero
50
To Salonica-Jan. 10--Maddalena Odero,25
25
To India-Jan. 10-Maddalena Odero,67
67
SAVANNAH-To Ghent
-Jan. 7-Wildwood, 37
37
To Liverpool-Jan. 12-Shickshinny,340
340
To Manchester-Jan. 12--Shickshinny, 1.146
1.146
NORFOLK-To Ghent
-(7)
-Wytheville 43
43
To Liverpool
-Jan. 12
-Winona County,250
250
To Manchester-Jan. 12-Winona County, 1,115
1,115
To Bremen-Jan. 12-City of New-port News 584
584
LOS ANGELES
-To Japan-Jan. 7
-President Jackson, 992.Jan. 9-Tatsuta Maru, 1,410
2,402
PENSACOLA-To Liverpool-Jan.10
-West Madaket, 100
100
To Manchester-Jan. 10
-West Madaket, 575
575
To Bremen-Jan. 11-Kersten Miles, 1,957
1,957
To Rotterdam-Jan.11-Kersten Miles, 750
750
TEXAS CITY-To Liverpool
-Dec. 31-Telesfore de Larrinaga
457
457
To Barcelona-Jan.9
-Mar Cantabrico, 528
528
To Havre-Jan.10
-West Camack, 656
656
To Ghent
-Jan. 10
-West Camack, 174
174
To Rotterdam-Jan. 10
-West Camack, 32
32
LAKE CHARLES
-To Bremen-Jan. 10
-West Celeron, 766 -766
To Hamburg-Jan. 10
-West Celeron, 300
300
To Havre-Jan. 11-Nemaha. 2.268
2,268
To Dunktrk-Jan,11-Nemaha,600
600
To Ghent
-Jan. 11-Nemaha, 100
100
To Rotterdam-Jan.11-Nernaha,165
165
MOBILE
-To Liverpool
-Dec. 28-Afoundria. 2.013; Nortonian.
2,570
4,583
To Manchester-Dec.28-Afoundria,
To Bremen-Dec. 30-Neidenfels, 1,738; Nortonian,1.012- 2,750
2,556; Gateway city.
5.040-- _Jan. 6-Riol. 2.102
9,698
To Hamburg-Dec. 30
-Gateway City, 157.
--Jan. 6-Riol,
838
995
To Antwerp-Dec. 30
-Gateway City, 100
100
To Barcelona-Jan.6
-Mar Caribe, 150
150
To Gdynia-Jan. 6-Riol, 117
117
To Japan-Dec. 27-911verwalnut, 2,946--Jan. 6
-Javanese
Prince,1,334
4,280
156.369
Financial Chronicle
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c.,at that port:
Dec. 23.
54,000
729,000
387,000
79,000
62,000
163.000
115.000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Dec. 30.
28,000
765,000
422,000
69,000
58,000
150,000
107,000
Jan. 6.
51,000
734,000
402,000
30,000
20,000
181,000
131,000
Jan. 13.
60,000
735.000
404,000
47,000
33,000
196,000
145,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15
P.M.
Mid.I.Tprds
Monday.
Tuesday. Wednesday. Thursday.
Quieter.
Good
Inquiry,
A fair
business
doing,
5.31d.
5.30d.
Saturday.
Quieter.
5.252.
5.32d.
Friday.
A ;air
business
doing.
Moderate
demand.
5.27
5.30d.
Steady. Quiet but
Steady,
Quiet,
Futures.{ Quiet but Quiet. un.dy 2 to
•8 pta. 6 to 7 pta. st
steady,I to ch'ged to 21 to 2 pta.
Market
decline. 3 pta. dec.
advance.
decline.
opened 2 pta. dec. pta. dec.
Quiet but Steady, un- Steady unQuiet.
Quiet but Quiet but
Market.
steady.3to steady,3 pt 3 to 6 pta. st'dy, 8 pta ch•ged to 2 changed to
4
advance. pta. dec. 1 pt.decline
P. M. 4 pta. adv. to 4 pts.dec decline,
Prices of futures at Liverpool for each day are given below:
I
Sat.
Jan.?
to
Jan. 13.
Mon.
1
Tues,
Wed,
Thurs.
Fri.
12.15 12.30 12.15 4.0012.15 4.0012.14 4,0012.15 4.0012.15 4.00
p. m p. m.p. m.p. m.p. m.p. m.p. m.p. m p. m.p. m.p. m.p. m.
d.
I New Contraa. d,
January (1933) -- -- 5.08
_ 5.09
February
5.10
March
5.11
April
.._5.1
May
5.1
June
5.1
July
_ 5.1
August
September___ - __ __ 5.1
_ _ 5.17
October
_ 5.1
November
. 5.2
December
January (1934) __ __ 5.2
d. '
5.05
5.06
5.07
5.08
5.09
5.10
5.11
5.12
5.13
5.14
5.15
5.17
5.19
d.
5.04
5.05
5.06
5.07
5.09
5.10
5.11
5.12
5.13
5.1
5.1
5.17
5.19
d. 1
5.00
.5.01
5.03
5.0
5.06
5.07
5.08
5.09
5.10
5.11
5.1
5.1
5.16
d.
4.9
4.99
5.00
5.01
5.03
5.0
5.06
5.07
5.0
5.10
5.11
5.1
5.15
d. d.
5.07 5.06
5.08 4.07
5.09 5.08
5.10 5.09
5.12 5.11
5.13 5.12
5.14 5.14
5.15 5.15
5.16 5.16
5.18 5.18
5.19 5.19
5.22 5.22
5.23- 5.23
d.
5.02
5.02
5.03
5.04
5.06
5.07
5.0:
5.09
5.10
5.12
5.13
5.1.
5.17
d.i
5.06
5.06
5.08
5.09
5:10
5.11
5.1
5.14
5.15
5.17
5.18
5.2
5.22
d.
5.05
5.05
5.06
5.07
5.08
5.1
5.11
5.12
5.13
5.16
5.16
5.1
5.2
d.
5.07
5.07
5.08
5.09
5.10
5.11
5.13
5.14
5.16
5.17
5.18
5.21
5.22
BREADSTUFFS
Friday Night, Jan. 13 1933.
FLOUR was at one time inclined to be easier with wheat
lower. The production for the United States in Dec. was
stated at 5,585,140 bbls., against 5,431,151 in Dec. 1931;
total since June 30 1932, 34,220,944 bbls., against 38,836,679
in the same time in 1931. Later came that jump in wheat
in one day of 2 to Mc., or over 7c. in a fortnight, and flour
on the 10th was up 15 to 20c., although the new business
was small. Semolina advanced 150. Feed was in better
demand and firm. Still later the trend of flour prices was
downward as wheat weakened.
WHEAT at one time advanced sharply with a higher stoFk
market and the world's wheat situation regarded as improving. Importing countries seemed more anxious about
supplies and Liverpool prices were strong on heavy buying
there by China and India. Also cash wheat in this country
was noticeably firm and speculation on the bull side broadened. Later in the week, however, profit taking set in.
The technical position was found to have been weakened
and the passing of the domestic allotment bill by the House
fell flat. Few expect it to be passed finally in its present
form at any time and fewer still believe any bill of the
sort can pass over the President's veto in this Session.
ic.
On the 7th prices advanced V in a short session at Chicago,
which closed at 11 a. m. out of respect to ex-President
Coolidge. The rise was favored by much larger buying.
May was at one time 6c. above the low of the season touched
on Dec. 28. Speculation was active. Mills were large
buyers. Winnipeg was firm, closing M to Nc. higher.
4
Liverpool was active and 13% to 13 c. with heavy covering.
British mills were buying cash wheat freely.
On the 9th prices advanced Mc.on May in an active speculation, but reacted under profit taking and weakness in
Winnipeg and closed at net declines of % to lc. The setback was considered natural with a weakened technical
position after a recent rise of 6c. Trading has recently increased noticeably and May on the 9th reached the highest
price seen in nearly two months. The advance has drawn
outside public attention to the market.
On the 10th, prices advanced 2 to 2Mc. reaching
the highest level since Nov. 17 last. Minneapolis led
the way upward with a rise of 23/8 to 3c. on futures and
3 to 4c. on cash wheat while Duluth was noticeably strong at
an advance of 23/s to 23/sc. The price went above 50 cents.
An advance of 1 to 4 points in stocks and a rally of $1.25
a bale in cotton also helped. The winter wheat crop reports
are bad; stocks abroad are small and decreasing and Europe
seemed more concerned about future supplies. The smallanother
ness of the offerings of cash wheat in this country is markets
thing that goes to the quick. The strength of cash
was one of the outstanding features. Also speculation seemed
to be waking up. Covering was heavy. Wheat has advanced
.
,
73 43.in two weeks. On the 11th prices advanced 13% to 1 Mo.
early on vague rumors that war was imminent between Russia
and Japan. They lifted prices to the highest level seen for
two months. But the reports of a clash between Japanese
position
and Soviet forces was denied later and the technical They
being weaker and profit taking general, prices receded.
buying.
ended at net declines of M to Mc.despite some outside
Jan. 14 1933
On the 12th prices ended % to lc. lower, the market
still acting overbought. Early prices were M to Mc.
higher, with Liverpool strong and rather brisk buying on
this side for both sides of the account, but profit taking
soon set in and despite a good rally at one time, the drift
of selling was too strong to be resisted and the closing prices
were about the lowest of the day. To-day's market was
disappointing to those who expected an upturn as a result of
the passing of the allotment bill by the House. Early strength
was not maintained,and the close was M to Vic. off from yesterday. The opinion was very generally expressed that
the bill, in its present form at least, will never pass the
Senate, let alone become law, through the overriding of
the Presidential veto, if it should advance to that stage.
Early cables were steady, a moderate export business was
reported and drouth continued in the Southwest. Bulgaria and Jugoslavia, according to cables received, propose
to prohibit wheat exports and most of the news was considered bullish. Reactionary tendencies soon set in, however,
and under selling by traders and houses with Eastern connections prices fell off and closed at about the low for the
day. Argentine offerings are reported to be increasing
and Australia cleared 2,500,000 bushels to the United Kingdom. A good portion of the liquidation in futures at
Chicago came from speculative holders who are viewing
the Washington situation with increasing perplexity. May
wheat there was down to-day 3%c. from its recent high
price. Winnipeg has been relatively the stronger of the
two markets. Final prices show an advance for the week
of M to %c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thum Fri.
6634 6634 6834 6834 6734 6634
No.2red
OF WHEAT FUTURES IN CHICAGO.
DAILY CLOSING PRICES
Sat. Mon. Tues. Wed. Thurs. Fri.
501 49g 4934 48%
4834 48
May
49
47% 47% 497
4834 48
July
50
4834 4834 50
4934 4834
September
Season's High and When Made. I Season's Low and When Made.
Dec. 28 1932
4334
Aug. 10 1932 May
65
May
4334
Dec. 28 1932
Oct. 4 1932 July
July
6034
Jan. 3 1933
4534
Jan. 11 1933 September
52
September
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed, Thurs, Fri.
46p 471 475 46
4
4611
May
48
47
4834 47 4 48
47
July
48A 50
49
49 8 48
,
48
October
INDIAN CORN has shown a certain steadiness both
because of rumors of an export business and because of the
absence of any great pressure to sell by the country even
if at times country offerings have increased. Whether
there has been much if any actual export business or not
there has been some demand from seaboard houses. In the
main the tone has been steady. On the 7th prices closed
3i to %O. under the spur of an active and higher wheat
market. The country showed no disposition to sell cash
corn freely. On the other hand, the Eastern demand fell off.
On the 9th prices ended at net declines of N, to %c., September leading the drop. The decline in wheat had much
to do with the downward turn in corn. Country offerings
are small and bids to arrive were advanced Mc. the basis
compared with May. The sales were only 16,000 bushels.
The U. S. visible supply decreased 56,000 bushels and is
now 28,929,000, against 12,261,000 a year ago.
On the 10th prices advanced 34 to lc. under the influence
of the rise in wheat even if it could not fully share with its
strength and activity. September was the strongest month.
Early prices were % to Mc. lower on scattered liquidation
and sales of 95,000 bushels to arrive, country offerings being
a little larger, but later the complexion of the market changed
and prices rallied from the low 1 to 13%c. On the 11th
prices ended unchanged to %c. higher with larger trading
and talk of currency inflation. The early advance in wheat
also had some effect. On the 12th prices closed Mc. lower
to Mc. higher. A rise at one time of % to %e, was due
apparently to incorrect reports of export business. May
sold up to the highest prices touched since Dec. 2. There
was some seaboard demand from exporters. The country
sold 62,000 bushels. Before the close, realizing sales and
sales against offers caused a downward turn in which the
early rise was lost and prices ended practically unchanged
for the day.
To-day prices closed M to 3%c. lower following the action
of wheat. The cash demand was not large but any further
decline is likely to attract interest from bidders. The
Argentine crop news was regarded as bullish and the technical
position here is not at all weak. Final prices are unchanged
to Mc. higher for the week.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. lion. Tues. Wed. Thurs. Fri.
4134 4034 4134 414 4134 4134
No.2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed, Thurs. Fri.
2734 27
27% 27
May
2734 27%
2834 28
2934 29
July
2834
293.
2934 293
3034 3034 3034 30
September
Season's High and When Made. I Season's Low and When Made.
Aug. 8 1932 May
25
4034
Dec. 28 1932
May
Oct. 4 1932 July
2634
3434
July
Dec. 28 1932
Jan. II. 1933 September
303.4
September
2834
Jan. 3 1933
OATS have followed fluctuations in other grain in fractional moves without developing any really interesting
features. On the 7th prices advanced Mc. on local buying.
On the gth inst. prices advanced % to he., but reacted later
with wheat and ended he. net lower. On the 10th prices
closed Mic. higher encouraged by the rise in other grain.
On the 11th prices closed 34 to Mc. lower, elevators selling
Financial Chronicle
Volume 136
ic., but
May. On the 12th prices advanced early 34 to Y
eased later with corn and closed %e. lower. To-day prices
declined 34 to 54c. with light trading and little speculative
interest shown. Final prices are %c. lower to Yie. higher
for the week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
No.2 white
2634-27 26-2634 2634-27 2634-27 2634-27 26342634
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
1734 1734 18
1734 1734 17
July
17% 1774 1834 1834 1734 17
Season's High and When Made- I Season's Low and When Made
ay
2334
Dec. 28 1932
Aug. 8 1932 May
1634
Dec. 28 1932
i1
Nov. 7 1932 July
1914
1634
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
24
23
2434 2334 2334 23%
July
2334 2234 2434 2334 2334 23%
r
RYE has been brought against sales of May wheat at
13c. discount and this was a sustaining influence for a time.
The buying was by the East. Latterly prices have weakened
as wheat reacted. On the 7th prices closed %c. higher
with buying by the East and spreaders. On the 9th,
prices declined lc. on profit taking, which largely offset
purchases of rye against sales attributed to Eastern interests.
On the 10th, prices advanced some 13.4 to 234e. under the
bracing effects of the rise in wheat. On the 11th, prices
closed %c. lower to 34c. higher, the latter on May. For
some days the East had been buying May rye against sales
2
of wheat and the spread was down to 123/e. as against 13e.
the day before.
On the 12th prices declined 34 to 1 Xe. in sympathy with
wheat. For some days people have been buying May rye
and selling May wheat against it at about 13c. discount on
rye, and that was where it stood at the close. To-day rye
closed Yi to %c. lower in a featureless market. Final
prices show no change on July for the week, while May
is up Xe.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
3634 3534 37
3734 3634 36
July
354 344 364 364 354 354
Season's High and When Made.
Season's Low and When Made.
May
4234 Aug. 10 1932 May
3034 Nov. 1 1932
July
384 Oct. 15 1932 July
31
Dec 28 1932
BARLEY has of late declined despite reports intimating
that the prospects point to favorable action on a beer bill
by the Senate. On the 7th trade was dull and prices %c.
lower. On the 9th prices declined 'Mc. in small trading,
May closing at 28%c. On the 10th trading was small and
May ended at 29 Xe., a rise of %c. On the 11th prices
advanced Y
tc., closing with May at 29 Xe. On the 12th
prices closed 4c. lower, regardless of reports that the beer
3
bill may be passed by the Senate. The trading was small
and has been all week. May closed at 28
To-day
barley declined 3.4c., May closing at 2834c. While there is
apparently some possibility of a beer bill being passed at
this Session of Congress it has been so overshadowed by
other legislation that it has lost much of its importance as
a factor in the grain markets. Final prices show a decline
of 134c. for the week.
Closing quotations were as follows:
GRAIN.
Wheat, New YorkOats, New York
No.2 red, c.i.f., domestic____6634
No. 2 white
_2634@26
Manitoba No. 1 f.o.b. N.Y__5734
No. 3 white
2534025H
Rye No.2f.o.b.bondN.Y.
4434
Corn, New YorkChicago No.2
nom.
No. 2 yellow, all rail
4134 Barley
No. 3 yellow, all rail
N. Y., c.i.f., domestic_
4034
4634
Chicago cash
25032
FLOUR.
Spring pat, high protein $3.95 $4.15 Rye flour patents
$3.35023.50
Spring patents
3.60
3.90 Seminola, bbl., Nos. 1-3 4.500 4.90
Clears,first spring
3.60
3.80 Oats goods
1.45
winter straights_ 3.20
Soft
3.40 Corn flour
1.000 1.10
Hard winter straights
3.30
3.50
Hard winter patents.- 3.45
3.60 Barley goods
Hard winter clears
3.25
3.35
Coarse
2.350
Fancy Minn. patents-- 5.15@ 5.85
Fancy pearl Nos. 2,
City mills
5.i5@ 5.85
4 and 7
4.150 4.30
All the statements below regarding the movement of grain
-receipts, exports, visible supply, &c.
-are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts al-
Flour.
Wheat.
Corn.
Oats.
Rye.
1 Barley.
bbls.1961bs bush.60 lbs.bush.58 lbs.bush. 32 lbs.bush.56 lbs bush.48 Os
597,000
106,000
Chicago
31,000
6,000
56 000
142,000
53,000
88,000
55,0'' 269,000
Minneapolis_
686,000
2,000
8,000
84,000
Duluth
277,000
45,000
96,000
29,000
24,000
7,000 113,000
Milwaukee_ -6,000
47.000
20.000
96,000
Toledo
2,000
2,111
5,000
4.000
Detroit
20,000
8.000
112,000
22,000
361.000
Indianapolis
260,000
64,000
150,000
19,000
121,000
17,000
St. Louis.,_.
16,000
403,000
73,000
Peoria
47,000
11,000
124,000
44.000
749,000
8,000
Kansas clty
57.000
170,000
118,000
Omaha
40,000
85,000
18,000
St. Joseph_
3,000
87,000
Wichita
5,000
8,000
2,001
12,000
Sioux CityTotal wk.1933
Same wk.1932
Same wk.1931
324,000
399,000
390,000
2,353.000
3,286,000
6.224,000
2,187,000
2,199,000
3,228,000
620.0
959,1,1
1,161,000
173,111
69,00$
114,000
533,000
364,000
470,000
Since Aug.18.788,000209.911,000100,954.000 51,302,000 8,325,00024,019,000
1932
10,437,000 196,318,000 62,324,000 38,946,001 3,979,000 20,573,000
1931
_ _ _
_
_
. ,
„
10,277,000 253,475,000 94,705,000„
1930
Total receipts of flour and grain at the seaboard ports for
the week ending Saturdv, Jan. 7 follows:
349
Flour.
Receipts al-
Rye.
Oats.
Corn.
Wheat.
Barley.
bbls.196Ibs bush.60 lbs.bush.56 lbs.bush. 32 lbs.bush.56Ibs.bush.48ibs.
7,000
2.000
31,000
82,0O0
New York_ _ _
276,000
Portland, Me_
2,000
6,000
101,00
21,0
Philadelphia _
11.000
2,000
8,000
16,00
Baltimore_ 39,000
30,00
90.000
45,00
New Orleans *
39,000
_
Galveston
3,000
8,00
Halifax
84,0
St. John
8,000
18,000
Boston
17,000
264,000
10,000
W.St. John
40.000
40,000L
865,00
865,00
2,000
2,000
19,000
19,000
74,000
74,000
Total wk.1933
Since Jan.1'33
200,000
200,000
Week 1932...
Since Jan.1'32
* Receipts do
on through bills
8,000
95,000 364,000
62,000
633,000
334,000
395,000,
8,000
1b0.0
133,000
941,000
572,000
not include grain passing through New Orleans for foreign Ports
of lading.
The exports from the several seaboard ports for the week
ending Saturday, Jan. 7 1933, are shown in the annexed
statement:
Wheat.
Exports from-
Flour.
Corn.
Bushels. Bushels.
350,000
276,000
New York
Portland, Me
Boston
Philadelphia
Albany
New Orleans
Galveston
W.St. John
St. John
Halifax
Rye.
Oats.
Barley.
Bushels. Bushels.
Barrels. Bushels.
3,905
2,000
120,000
404,000
121,000
Total week 1933._ 1,599,000
1 026 no0
Rrona ozawir 1022
26,000
6.000
9.000
13,000
10,000
8,000
8,000
26,000
264,000
64,000
3,000
45,905
49.129
11,000
11.000
17,000
17,000
343.000
8,000
The destination of these exports for the week and since
July 1 1932 is as below:
Flour.
Exports for Week
and SinceJuly 1 to-
Week
Jan.7
1933.
Since
July 1
1932.
Corn.
Wheat.
Week
Jan. 7
1933.
Since
July 1
1932.
Week
Jan. 7
1933.
Since
July 1
1932.
Bushels. Bushels. Bushels.
Bushels.
Barrels. Barrels.
447.000
26,000
240,000 40,356,000
United Kingdom_ 9,605 1,126,046
3,110,000
471,340 1.079,000 56,648,000
Continent
7,800
2,000
1,000
62,000
276,000 8,839,000
So. & Cent. Am__
27,000
West Indies
24,000
268,000
4,000
101.000
5,000
Brit. No. Am.Col_
2,000
-_-35,000
109,441
471,000
Other countries.- 3,500
Total 1933
Tritsal 1052_ _
45,905 2,071,827 1,599,000 106,417,000
40 120 2 577 12n 1 ORR flan 07.211R 000
26,000 3,591,000
5.000
63.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Jan. 7, were as follows:
GRAIN STOCKS.
Barley,
Rye,
Wheat,
Oats,
Corn,
bush.
United Statesbush,
bush,
bush.
bush,
Boston
41,000
6,000
1,000
4,000
New York
412,000
417,000
83,000
25,000
"
afloat
276,000
99,000
2,000
1,003,000
4,000
Philadelphia
20,000
45,000
3,003
847,000
41,000
3,000
Baltimore
17,000
120,000
Newport News
168,000
361,000
75,000
8,000
New Orleans
24,000
1,048,000
Galveston
77.000
4,751,000
51,000
3,000
971,000
Fort Worth
2,206,000
Wichita
9.000
5,880,000
Hutchinson
5,403,000
451,000
386.000
St. Joseph
29,000
79.000
38,861,000
578,000
56,000
Kansas City
24,000
55,000
16,503,000 1345,000 1,586,000
Omaha
7,000
12,000
148,000
149,000
1,554,000
Sioux City
20.000
237,000
7.000
4,825,000 2,147,000
St. Louis
744,000
945,000 1,644,000
Indianapolis
48,000
659,000
25,000
Peoria
557,000
12,043,000 9,800,000 3,774,000 1,384,000
Chicago
272,000
321,000
965,000
.
afloat
104,000
661,000
5,749,000 1,499,000
827,000
Milwaukee
353,000
134,000
115,000
afloat
"
25,185,000
863,000 9,949,000 3,708,000 5,039,000
Minneapolis
779,000
13,999,000
186,000 2,710,000 1,343,000
Duluth
29,000
275,000
15,000
25,000
30,000
Detroit
100.000
541,000
9,423,000 7,327,000 1,865,000
Buffalo
848,000
213.000
147,000
8,722,000 1,287,000
afloat
"
Total Jan. 7 1933-161,083,000 29,129,000 24,410,000 7,895,000 8,267,000
Total Dee, 31 1932...162,971,000 28,985,000 24,524,000 7,945,000 8,230 000
Total Jan. 9 1932-.211,146,000 12,261,000 15,576,000 9,421,000 4,061,000
Nole.-Bonded grain not Included above: Wheat, New York, 1,447,000 bushels;
New York afloat, 1,938,000: Philadelphia, 120,000; Boston, 1,250,000; Buffalo,
1,843,000; Buffalo afloat, 5.244,000: Duluth, 2,000; Erie, 959,000; total. 12,803.000
bushels, against 23,862,000 bushels in 1932.
Rye,
Barley
Corn,
Oats,
Wheat,
bush.
bush,
bush.
Canadian
bush,
bush,
463.000
546,000
887,000
Montreal
2,156,000
912,000 1,743,000 1,127,000
Ft. William & Pt. Arthur 59,804,000
3,087,000
726.000 1,007,000
Other canadlan
37,642,000
4,545,000 3,356,000 2,597,000
Total Jan. 7 1933... 99,602,000
4,528,000 3,362,000 2,562,000
Total Dec. 31 1932....100,474,000
Total Jan. 9 1932.-- 61.280,000
6,529,000 8,852,000 4,463,000
Summary
161,083,000 29,129,000 24,410,000 7,895,000 8,287,000
American
Canadian
99,602,000
4,545,000 3,356,000 2,597,000
Total Jan. 7 1933...260,685,000 29,129,000 28.955,000 11,251,000 10,864.000
Total Dec. 31 1932-263,445,000 28.985.000 29,052.000 11,307,000 10,792,000
. TotafJon._ 9 1932_272,428,000 12.261,000 22 105.000 1.8 273 000 8.524 000
The world's shipment of wheat and corn, as furnished )oy
Broomhall to thelNew York Produce Exchange for the week
ended Friday, Jan. 6, and since July2 1932 and July 11931,
are shown in the following:
Corn.-111
Wheat.
Exports.
Week
Jan. 6
1933.
Since
July 2
1932,
Since
July 1
1931.
Week
Jan. 6
1933.
Since
July 2
1932.
Since
July 1
1931.
Bushels, Bushels,
Bushels.
Bushels,
Bushels.
Bushels.
North Amer. 3,950,000 183,011,000 181,988,000 350,000 4,216,000 1.592,000
Black Sea_
552,000 17,760,000 99,488,0
1,258,000 83,346,000 11,369,000
Argentina_ _ _ 1,935,000 25,115,000 41,949,000 3,744,000 129,462,00 248,424.000
Australia
4,373,000 49,665,0
56,855,000
India
600,000
0th. countr'
800,
18,349,
20,776,
239,000i 19,198,000 14,587,000
Total __ - 11,610.000293,900,000401,656,000 5,591,000 186,222,000 275,972,000
Financial Chronicle
350
WEATHER REPORT FOR THE WEEK ENDED
JAN. 11.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Jan. 11, follows:
The week was characterized by mild, fair weather in nearly all portions
or the country. At the beginning of the period there was a moderate drop
In temperature in the Northwest, but a rapid reaction to warmer followed,
and higher temperatures prevailed about the middle of the week in the
Eastern States, though it was somewhat colder near the close. Unusually
sunny weather for a midwinter week was the rule, and no severe storms
occurred, though a marked depression moved eastward across the more
northern States on the 5
-7th. The last few days had considerable rain in
the Southern and Eastern States.
The table on page 4 shows that the temperature averaged above normal
in nearly all sections. In California and parts of the Great Basin, the
weekly means were somewhat subnormal, but in the far Northwest and
all sections from the Rocky Mountains eastward the temperatures averaged
generally from 6 deg, to as much as 20 deg. above normal, the relatively
warmest weather being in the northern half on the country. Minima were
unusually high. In the East temperatures of freezing or lower extended
only to western North Carolina, while in the Mississippi Valley freezing did
not occur farther south than eastern Missouri. In Gulf sections the lowest
temperatures for the week ranged mostly from 45 deg. to about 50 deg.
Zero readings were confined to a few north-central stations and some higher
elevations of the Southwest.
The table shows also that moderate rains occurred in the Atlantic States
and the Cotton Belt, but in other sections east of the Rocky Mountains
there was very little or no precipitation. The extreme Southeast was again
largely missed by rains, and much of Florida continues unfavorably dry.
Likewise the persistently drouthy sections of the western Wheat Belt had
practically no precipitation, and the far Southwest was entirely without
moisture. A limited area of the far Northwest, principally western Washington and northwestern Oregon, had considerable rain, the weekly totals
for some localities running as high as four to about six inches.
For the country as a whole, the weather was unusually pleasant and
sunny for a midwinter week, and all seasonal outside operations on farms
made good progress, except where the soil continues too wet for plowing,
principally in the South. Some preparation was accomplished In the drier
sections of the Southern States, mostly in south Atlantic and east Gulf
districts, western Oklahoma, and in Texas, though in the last-named State
plowing was slow in the north-central and northeastern counties. In
Florida the winter so far has been persistently warm and dry, this being
the fifth consecutive week with temperatures above normal, and markedly
deficient rainfall in much of the State. However, strawberries show some
Improvement, and in other parts of the South hardy truck made fairly
satisfactory progress.
In the central valleys there wassome local plowing, principally on uplands
of the Ohio Valley section. The warm weather was especially favorable for
livestock throughout the country, with considerable ranging possible in
many of the great western grazing sections. Unfavorably dry soil continues
In the western Wheat Belt, especially in the western portions of Kansas and
Nebraska, but some recent improvement is noted In Texas and Oklahoma.
With the coming of warmer weather in the Pacific Northwest, considerably more damage than had been thought is apparent from the severe
December freezes. Widespread harm to winter wheat is showing up in
Washington and Oregon, and citrus fruit trees in the Sacramento Valley
have been affected. Rain is needed in the far Southwest, especially in
much of California.
SMALL GRAINS.—The main Winter Wheat Belt remains practically
bare ofsnow, while much of the northwest grain section was also uncovered.
Generally mild weather was favorable in the more eastern States, with
winter cereals doing well. In the Ohio Valley the condition of winter wheat
Is good to excellent, with some growth noted; in the Lake Region, there
was slight damage from alternate thawing and freezing. In Missouri,
Arkansas, and the immediate Southwest, winter wheat made more or less
Improvement, with the ground moisture ample in the first-named State.
In Kansas the crop greened up somewhat in the eastern half where a small
amount is now furnishing pasturage: it continues too dry in the western
half, with some deterioration. In Nebraska this was the third week of
continuously dry, warm weather and the wheat crop now needs moisture
over the entire State. In the Pacific Northwest, although the weather of
the week was rather favorable, the snow melted generally from the wheat
fields, with widespread damage now apparent from the December freeze;
recovery was noted in favored places, while some reseeding was done during
the week.
THE DRY GOODS TRADE
Jan. 14 1933
resulting from the advanced finishing costs. Doubt is voiced
as to whether current prices can be effectively maintained
In the face of reduced trade and intensive competition.
There are, however, a number of mills which are reported
to be doing a satisfactory volume of business in their own
quiet way, their aversion to publishing their success being
ascribed to a desire to avoid attracting too much interest,
and the inevitable imitation which would follow, with respect
to the constructions with which they have overcome buying
inertia. A spotty public response to retail clearance sales
of men's wear goods is adversely affecting the current movement of goods out of primary markets for woolens and
worsteds fabrics, though wool ties and shirts are reported
to be going into consumption in good volume. Objection is
being taken to what is termed retailers' exaggerated idea
of the importance of maintaining exclusive styles of dresses,
even in relatively cheap dresses, the trade contending, with
obvious reason, that under the changed conditions of the
present the public's choice in dresses has regard, first, for
price, and second, for durability, other considerations being
subordinate to these.
DOMESTIC COTTON GOODS.—A gradual expansion, of
seasonal character, seems to be taking place in the demand
for cotton goods, and the price basis has retained a steady
undertone, thouglt accumulations of print cloths in some
directions have resulted in the placing of some business at
concessions of 1/16c. However, the statistical position,
while certainly not as constructive as it was a couple of
months ago, is not being regarded with much apprehension,
with mill-men confidently believing that a genuine revival
in buying is immediately in the offing, which will prove
sufficient effectively to reduce such accumulations as now
exist. It is known that a number of mills have goods of
which they would like to be rid at an early date, but buyers
who have been testing out the market of late are reported
to have encountered much less disposition than usually characterizes a period of quiet business, to part with goods at
prices below the quoted market. This is partly attributed
to constructive use of the statistical data now being shared
among Southern mills, on the theory that the latter are
beginning to attribute recurrent price weakness in their
product less to accumulations than to a tradition of underselling during periods of dullness, which buyers consistently
choose as opportunities to hammer away at prices. Concessions on print cloths early in the week were confined largely
to second hands' offerings, but toward the end of the week
some scattered offerings, at the same concessions, were
reported by first hands, upon which buying immediately
slackened off, a number of traders expressing chagrin about
this development, which they consider quite unnecessary,
even where accumulations exist, on the eve of what is expected to prove a substantial buying movement. The trend,
however, was by no means general, and the majority in
the trade did not attach great importance to it. The statistical position in the distributing and converting trades is
described as excellent, with a number of buyers reported
to be in immediate need of more goods if they are to pass
them on in their finished form to distributors and retailers.
Finished goods, meanwhile, have made some seasonal progress, chambrays, denims and flannels being listed as prominent among the lines beginning to move for the spring trade.
Very low prices on well constructed bedspreads are stimulating activity in the latter. Print cloths 27-inch 64x60's constructions are quoted at 2%@2 5/16c, and 28-inch 64x60's at
2% to 2 7/16c. Gray goods 39-inch 68x72's constructions
are quoted at 3%c., and 39-inch 80x80's at 4%@4%e.
New York, Friday Night, Jan. 13 1933.
The second week of January witnessed a slow development in the volume of initial spring ordering confined chiefly
to the cotton and rayon goods divisions, with wholesalers
feeling out the retail situation cautiously before taking substantial quantities of goods, and retailers still preoccupied
with January clearances and their results, which so far
have not come up to hopes in many instances. The latter
show considerable hesitance about laying in adequate assortments even of goods which are selling fairly well at the
moment. Staple goods comprise the bulk of current purchases, as was to be expected at the inception of the new
WOOLEN GOODS.—Current activity in primary woolens
season, wash goods, bedspreads, and some sheets and pillowcases being in the van of the buying movement in recent and worsteds markets continues very restricted, reflecting
days. Prices have shown an encouragingly firm undertone In part the disappointing results of January sales in men's
In many directions, and sellers in general express more con- wear goods particularly, which have intensified general buyfidence in the advisability of holding goods for full market ing hesitance, though the latter are now placing moderate
prices. While printed percales, voiles and certain other orders for February sales and for the spring season. Sentiment, helped by the placing of some sizable orders for youths'
wash goods lines are now generally lower in price, a number
of important converters and printers having reduced quota- sizes, and the appearance of a considerable number of buyers
in the market in recent days, is more optimistic than it has
tions so as to be able to compete on even terms with sellers
been for some time. Road salesmen's reports are said to be
who had already initiated such action in an effort to secure
making more encouraging reading. Statistical conditions
a large proportion of such restricted business as is currently
remain sound, production having been stepped-up somewhat
available, the new price level is believed to be well estab- in
sufficiently to seriously enthe
lished. In more than one direction it is freely predicted danger past few weeks, but not most
the practice observed in
sections of the trade
thought to be looming directly of
that greater demand, which is
producing only on actual orders. Buying interest is dethis level to its former position. cidedly
ahead, will speedily restore
better, but great caution distinguishes the placing
Advance bookings of rayons for March by leading producers of business,
with the more widespread practice of out-of-town
give evidence of no slackening in the remarkably large and
fabrics, several large weavers buyers of having constant local representation, tending to
sustained demand for these
further restrict the volume of initial spring orders. Sellers
having already placed large orders for delivery in that. are doing what they can to make the season's
offerings more
that they have no need
month, with producers of the opinion
attractive by promoting fancy goods, these having been
• to press for business which is developing satisfactorily of carefully selected and made ready only in relatively
small
Its own accord. The retail situation in rayons is described quantities, so as to protect prices.
as increasingly well-favored throughout the country, with
• effective progress reported in the campaign to prevent
FOREIGN DRY GOODS.—Local linen markets continue
abuses such as have in the past done much harm to the to retain a sound statistical position and a firm undertone
their quality. A on prices. While household lines are slow, an increasing
reputation of these cloths with relation to
development to which is attributed considerable significance amount of business is being booked on men's suitings and
, is the increasing interest in rayons exhibited by manufactur- heavy fabrics for women's wear for the spring-summer seaers of silk goods, which are, of course, the fabrics which are son, and the general outlook is regarded with optimism.
suffering most from competition with rayons. Activity in Burlaps continued quiet, business comprising scattered spotboard silks is described as very slow, with many sellers covering between intervening periods of more or less corn• encountering much pressure for concessions off quoted mar- .plete inactivity, while prices remained unchanged. Light
ket prices, many buyers balking at paying the higher•prices weights are quoted at 3.05c., and,heavies at 4.25c.
Financial Chronicle
Volume 136
*tate anti Txtg DEVartnunt
.(
NEWS ITEMS
351
and approved unanimously by that body on December 13 last. Nlasslich
& Mitchell, municipal bond attorneys for the city, were instrumental in
formulating the project, and they will approve the refunding issues.
New Issues Mature in 1958.
Bondholders and noteholders alike will be offered new securities maturing
In 1958. and similar retirement provisions will apply in both instances.
The proposed exchanges will be effected by the city without cost to the
investors. The Bankers Trust Co. of New York has been named de
for the $2.960,000 maturing bonds to be refunded. Holders of the VBS
,t
ig
000 bond anticipation notes to be refunded will be advised of exchange
procedure when the new bonds are ready for delivery.
All of the new obligations to be issued in exchange for the old ones will
be unlimited tax securities, backed by the full faith, credit and taxing power
of the community. Only the water bonds and sewer bonds of the city.
issued for these purposes and redeemable from special levies, are exempt
from the plan. The retirement or sinking fund, to be accumulated from
the general taxes, will be utilized for purchase of the refunding bonds at
market prices, and this backlog of buying power Is confidently expected
to restore the quotations for the city's securities generally. If a price of
par is reached, then bonds are to be drawn by lot for redemption at par.
whenever $25,000 or more has been accumulated in the fund.
Alabama.—Special Session of Legislature on Finances
Called for Jan. 31.—According to news reports from Birmingham on Jan. 10 a second special session of the Legislature
has been called by Governor Miller to convene on Jan.31 in
order to rehabilitate the finances of the State. The first
special session of the Legislature was held in August and
September to deal with economy legislation and it passed
the constitutional amendment calling for the issuance of
$20,000,000 in bonds to pay off the outstanding indebted• ness of the State, which proposal was defeated by the voters
at the last general election.—V. 135, p. 3550.
Massachusetts.—Commission Recommends Legislation to
-'-A report was filed on
• Cisco Texas.—Bond Default Suit to Have Second Trial.— Tighten Savings Banks Regulations.'
We are informed by our Western correspondent that since Jan. 10 by a special commission created by the Legislature
'
the U. S. Fifth Circuit Court of Appeals at New Orleans has in 1931, recommending that the existing statutes governing
reversed a previous decision of the Federal Court at Abilene the activities of savings banks be tightened in regard to their
in dismissing the suit (V. 133, p. 3655), the case is to be investments in public funds and it was also recommended
retried in the Northern Federal District Court of Texas. that the legal surplus limit for savings banks be increased.
The case in point is a suit instituted by New York bond- The following report on the commission's findings is taken
holders to obtain a judgment in the sum of $2,115,000 against from the Boston 'Transcript" of Jan. 10:
The special commission created by the Legislature two
the above city in payment of claims on past-due bond prin- revise the laws relating to savings banks, to-day filed a reportyears ago to
recommendcipal and interest maturities.
ing the enactment of legislation which would tighten the existing statutes
relating to investment in public funds and increasing the legal surplus limit
Detroit, Mich.—City Wins Suit Over $20,000,000 Tar in savings banks from 1O% of their deposits to 154%.
Thirty-five recommendations for changes in the existing statutes were
Anticipation Bonds.—A suit to invalidate the $20,000,000 made by the commission,which consists of Senator Roger Keith of Brockton.
five-year tax anticipation bonds that were recently authorized chairman: Representatives William F. Thomas
f Fall River, Owen D.
Jr.,Of
at a special session of the Legislature—V. 135, p. 4584— McLellan of Belmont and William P. Corbett Somerville and James
Young Jr., of Salem, Daniel F. Doherty of Springfield and Daniel C.
was dismissed by Circuit Judge Guy A. Miller on Jan. 7, Mulloney of Boston.
Under the present law savings banks are permitted to invest in certain
when he refused the petition of a local taxpayer to issue a
although the bonds
municipal bonds, the interest on which
restraining order, preventing the city from issuing the bonds are in default. In this connection thehas been paidrecommends amendcommission
on the ground that they would exceed the legal bond limit. ments which will make illegal the investment of savings funds in the bonds
district which has
or notes
The Detroit "Free Press" of Jan.8 commented on the action than 120of any county, city, town or of its indebtedness defaulted for more
days in the payment of any
or interest thereon
as follows:
within 10 years next preceding the making of such investment. Within the
Marking a victory for the city in the first legal test of its right to issue
$20.000,000 in tax anticipation bonds to avoid defaults. Circuit Judge Guy
A. Miller Saturday refused a restraining order to Daisy E. Harsha, whose
attorney, John R. Rood,attacked the validity of Detroit's relief program.
The petitioner claimed that the emergency legislation approved at
the recent special session violated the Federal Constitution's provisions
fixing contract obligations. It increased the legal bond limit.
Attorney Rood asserted that the bond limits existing in 1912 were a
part of his client's contract when she purchased a municipal bond: that
outstanding city issues are now $70,000,000 in excess of the limit: and that
her rights as a taxpayer also were violated.
The Court dismissed the suit, holding that her 1912 bond was not in
default and she was without grievance as a bondholder, also that her failure to protest estopped her from proceeding as a taxpayer.
Rood,an active sponsor of the 15
-mill tax limitation amendment adopted
in November, announced a speedy appeal to the Supreme Court. The
city will join with him in an often to get the case on the January calendar
to avoid delay in adjudication.
Rood also plans to appear in protest Monday at the Lansing hearing
by the State Public Debt Commission on the city's petition for authorization to issue the $20,000,000 in bonds. He will oppose a permit for issuance of any amount.
Counsel for the city and for the Industrialists''
Committee, which has
come to Detroit's rescue with an offer to buy the bonds to avoid default,
have under consideration also mandamus proceedings in case the Debt
Commission fails to act.
Greensboro, N. C.—Holders Asked to Ratify Bond and
Note Refinancing Plan.—Andrew Joyner Jr. city attorney
and acting manager, has recently made public details of the
city's proposal to refinance $6,850,000 of obligations maturing
from now until 1936. The refinancing plan, which was
approved on Dec. 30 by the city's bond attorneys, calls
for the funding of $3,890,000 bond anticipation notes and
the refunding of $2,960,000 bonds. In a letter written to
the holders of these obligations the city explains its present
position, stating that the falling off in current revenues has
made it necessary to offer this plan of refunding and it urges
the holders to consent to the adoption of the program, which
has received the approval of the North Carolina Local
Government Commission. The New York "Herald Tribune" of Jan. 10 carried the following article on the project:
Holders of
$6,850,000 bonds and bond anticipation notes of
Greensboro, N. C., which mature within the next four yearsthe city of
are
asked by the city officials to consent to a plan for the refunding ofbeing
issues into long-term bonds. In exchange for the disproportionately such
early maturities, the officials anticipate the issuance of a similar heavy
of 6% bonds, due 1958, redeemable progressively from accumulated amount
sinking
funds.
The Greensboro refunding plan is drawn up in two parts, to
$2.960,000 bonds maturing variously from 1933 to 1936, and with deal with
bond-anticipation notes maturing 1933 and 1934. Information$3,890,000
regarding
the names and addresses of bondholders is now being assembled
by the
officials, who will notify them of the plan as soon as the task is
completed.
The plan for refunding of bond-anticipation notes has already been
placed
before the relatively few large holders of the short-term obligations.
In its main outlines this general project is similar to other proposals
refunding of municipal securities that require corrective action, due for
to
unwieldy debt structures. Greensboro was in the midst of an extensive
improvement plan when the depression developed, and there has been
no
opportunity in recent years for refunding of notes issued in anticipation
of ordinary bond flotations. The combination of circumstances also has
made it impossible to refund early heavy maturities of improvement bonds
already outstanding. Acceptance of the plan, officials believe, will enable
the city to avoid further defaults.
To Buy and Cancel Bonds.
The plan now formulated is designed as much for the protection of the
bond and noteholders as for that of the city itself. It includes a provision
for the purchase and subsequent cancellation by the conununity of the
funding and refunding bonds from sinking funds as they become available.
As this feature of the plan is placed in operation, it is expected to restore
to normal values the bonds of the community, which have recently been
quoted at prices from 49 to 66% of par value.
Officials of the city considered all possible expedients in their attempts
to find a way out of the financial impasse. Operating expenses were reduced
to such a degree that the entire administrative expense for the city of more
than 53,000 was cut to $10,667 for the current year. Property tax collections have been maintained at a satisfactory rate, but other sources of
revenue have shown dwindling returns. Special assessment taxes, especially.
have been hit by the depression. Increase of property taxes to make up the
deficiencies and enable the city to meet its heavy maturities was deemed
unwise, as such levies already are near the point of diminishing returns.
The plan now formulated was worked out in consultation with disinterested investment bankers in New York, and it will be carried out without
cost. It was placed before the Local Government Commission of the State
meaning of the proposed amendment a county, city, town or district shall
be considered to be in default while any unpaid overdue obligation, either
principal or interest, shall remain outstanding.
The present law does not prohibit investments in State bonds which do
not have !pledged behind them the full faith and credit of the entire State,
and in this respect the commission reconunends that such protection be
required and would include notes of States as legal investments under the
same restrictions.
The savings banks of Massachusetts, under the present savings bank
investment statutes, are permitted to invest in short-term notes of certain
public service companies outside of the Commonwealth, the bonds of which
are legal investments, under restrictions depending largely on the size of
the funded debt ofsuch a company. Funded debt is defined as meaning all
interest-bearing debt, maturing more than one year from the date of its
issue and which, therefore, is not included within the meaning of this
definition. In its report the commission states that it does not believe
that the statute permitting investment in such notes affords sufficient
protection to the depositors in savings banks and recommends that, because
of the danger of losses, this form of investment should be prohibited.
"No More Than 70% Market Value."
Savings banks under the present laws, may invest in notes with a pledge
as collateral of bonds, notes or shares of corporations or associations and
at such percentages of their market values as the board of investment shall
approve. The commission recommends that this statute be amended to
provide that investments in such securities shall be "at no more than 70%
of the market value thereof at any time while such note is held by such
0
ion.
ree
corporation."
co
mmendations of the commission provide that savings banks be
'
granted incidental powers and privileges necessary to the proper operation
of a savings bank, subject to the approval of the commissioner of banks and
under such rules and recommendations as he may prescribe, and that no
savings bank shall make a loan to any of its employees except on deposit
books.
Savings banks at present are required to revalue real estate on which
loans have been made at intervals of not more than five years. The commission states thatin the interests ofsound banking principles it recommends
that the mandatory period for such revaluation be changed to every three
years.
In its general conclusions the commission states:
"Throughout the years the savings banks of this Commonwealth have
been noted for their conservatism, although from time to time there have
been attempts made by those of less conservative leanings to greatly
extend the scope of savings bank investment and to enter broader banking
activities which do not belong in the savings bank field. The successful
resistance of such efforts is responsible for the condition of security in which
the sayings banks find themselves to-day.
"During the past year there was created the Mutual Savings Central
Fund, Inc., by legislation in the passage of which the Senate and House
members or this commission played a leading part. With the creation of
this central fund came a new era in the conduct of savings banks, which
marked the dawn of direct relations between these mutual institutions for
pelcsibly the first time.
'The commission believes that this step is one of widsom and greatly in
the public interest. In fact, in connection with its recommendations, the
commission also suggests legislation to permit savings banks to become
members of associations organized for the purpose of protecting and promoting the interests of savings banks, subject to the approval of the commissioner of banks, as in keeping with this idea.
"From the outset the commission has been opposed to any general
tampering with or extension of the present statutes relative to savings
bank investments. Its recommendations,in fact, are quite to the contrary.
They deal largely with proposals to simplify the existing statutes, to correct
obvious omissions and ambiguities, but at the same time tighten a number
of statutory provisions, particularly relating to investments in public
funds, without being unduly restrictive.
"In all the recommendations of this commission, the commissioner of
banks heartily concurs and the commission desires to take this opportunity
to express its appreciation of the co-operation and assistance it has received
from Commissioner Arthur Guy."
Massachusetts.—Addition to List of Legal Investments.—
According to news reports from Boston on Jan. 10, the State
Bank Commissioner has added to the list of investments
considered legal for Massachusetts savings banks $950,000
of Lowell Gas Light Co. first mortgage 5%s of 1947.
Mississippi.—State Warrants Ruled Available for Tax
Payments.—In an opinion given out by the Attorney-General's office on Dec. 31 it was held that State warrants can
be used in the payment of State taxes, but no others, and only
the person or firm to which the warrants were originally
issued can use them for tax paying purposes. A dispatch
from Jackson to the Memphis "Appeal" of Jan. 1 reports
on the ruling as follows:
Although holders of State warrants will be unable to cash them at the
State Treasury until about March I, they can use them in payment of
State taxes, an opinion issued by the Attorney-General's office said to-day.
352
Financial Chronicle
The ruling said that holders of county warrants may use them in payment
of county taxes, but that couny taxes cannot be paid with State warrants,
nor State taxes with county warrants.
Only the person or firm to which the warrants are issued can use the paper
in payment of taxes, the opinion added.
Under an act passed a year ago, all funds received by the State Treasury
beginning Jan. 1. are to be impounded until enough cash has accumulated
to meet all bond and interest payments due before Aug. 1. Due to enactment of the installment plan of paying advalorem taxes, the heavy Feb. 1
receipts anticipated will be cut, and the impounding period lengthened.
By virtue of the ruling that warrant holders may use their warrants in
payment of taxes due, the Attorney-General's office believes many State
employees and creditors are out of a predicament which otherwise faced
them—of being unable to get cash for their warrants but being forced to
pay State taxes or forfeit their property.
The ruling also held that teachers and drivers of school busses might
use county warrants to pay motor vehicle privilege taxes on passenger cars
or school busses.
Moffat Tunnel District, Colo.—Payment of Interest on
Jan. 1 Deferred.—According to recent news dispatches from
Denver, the payment of $1,500,000 in current and accrued
interest on $8,750,000 supplemental bonds of this district,
issued in 1925, 1926 and 1927, on Jan. 1 was deferred due
to conflicting court opinions which are still in effect. The
Federal courts upheld the validity of the bonds and issued
an order directing the payment of the interest in the Boynton case—V. 135, p. 2684. The ease of the Denver Land
Co. in the State Supreme Court resulted in a decision given
on Dec. 19 sustaining a plea in bar by counsel for Herbert
F. Boynton and others, affirming the decision of the U. S.
Circuit Court of Appeals, but did not enter an order pending
an application for a rehearing—V. 135, p. 4411. The funds
raised by taxation for the payment of interest are said to be
tied up under the Denver Land Co. case. Application for a
rehearing set forth that the State Supreme Court in accepting the decision of the Federal Court as to the validity of the
bonds did not rule on the legality of tax assessments levied
to pay interest on the bonds or on assessments already levied
upon which taxes have been collected, according to dispatches. The rehearing was denied by the Supreme Court
on Jan.6.
Bond Interest to Be Paid.—The protective committeeformed
In 1930 to establish the validity of the above bonds was
advised on Jan. 12 that approximately $1,600,000 of bond
interest funds had been placed to their credit by the District
Commissioners at the Irving Trust Co. of New York, according to news reports on the following day. It is said
that after the necessary bookkeeping details are straightened out, the committee will distribute the sum to the bondholders, reserving only its own expenses. It is understood
that subsequent payments will be made in the normal course.
The interest funds are reported to have been released after
the rehearing was denied, as stated above.
New York City.—Board of Estimate Reduces City Pay
Roll by $19,112,068.—With the pay of Comptroller Charles
W. Berry the sole exception, the salaries of all city officials
and employees receiving $2,000 or more annually, from that
of the Mayor down, were reduced on Jan. 6 by the Board
of Estimate in percentages ranging from 6% on the first
$2,000 to 33.9% on the excess above $15,000. Of the total
reduction $18,344,603 comes from the tax levy budget and
the remainder from salaries paid through corporate stock.
These cuts were made in line with the resolution adopted by
the Board on Dec. 29—V. 135, p. 4581—and they bring the
1933 budget figure down to $537,437,517.22, with additional
reductions of $20,000,000 still to be made in accounts other
than public service. Mayor O'Brien is reported to have
said that these salary cuts, augmented by salaries for positions that will remain unfilled, would reach the total of
$20,000,000 stipulated by the city's bankers as a condition
of new loans several weeks ago. Mr. Berry, the second
highest paid city official, insisted on preferment and was
reduced $7,000 instead of ,930. We quote in part as follows
from the New York "Journal of Commerce" of Jan. 7:
Under the new schedule which goes into effect as from January 1 Mayor
O'Brien has his salary reduced from $40,000 to 529.915.
Slashes of Officials.
Cuts in other salaries of members of the Board of Estimate and of some
department heads are:
hi Comptroller Berry from $35,000 to $28,000.
Aldermanic President McKee. $25,000 to 520,000.
Corporation Counsel Hilly, $25,000 to $20,000.
Dr. William Schroeder. Chairman of the Sanitation Commission, $22,500
to $18,345.
Justices of the Supreme Court, Surrogates Court, and County Courts,
$25,000 to $22,500.
City Commissioners. $15,000 to 513,390.
Bureau heads, 512.000 to $10,840.
District Attorneys Crain and Geoghan, $20.000 to $16,695.
Secretary to the Mayor, $15,000 to $13,900.
Budget Director Kohler, $17,500 to $15.040.
Aldermen, $5,000 to $4,640.
Hofstadter Majority Report Asks Legislature to Hold New
York City Charter Vote on May 16.—The Hofstadter Legislative Committee recommended to the State Legislature on
Jan. 9 that it adopt a new skeleton charter for New York
City,embodying the principle of proportional representation,
to be submitted for the approval of the city's voters at a
special election on May 16. This proposal, if carried out,
would -permit the municipal election of next November to
be held under the new charter, which would go into effect
on Jan. 1 1934. The principle of proportional representa.
tion strongly advocated in this report, which is that of the
the
committee's Republican majority, is aimed at breaking.
virtual monopoly now held by Tammany Hall on municipal
offices. It is expected that the committee's minority report, which is to be submitted later, will offer radically
opposing views on all important issues.
Budget Reopening Set for Jan. 16.—The 1933 budget for
New York City will be reopened at special meetings of the
Jan. 14 1933
Board of Estimate and the Board of Aldermen on Jan. 16,
it was stated by Mayor O'Brien on Jan. 10 after the Aldermen had formally approved the salary cuts mentioned above.
He said that both boards will have until Feb. 24 to reconstruct the budget in accordance with the aforesaid pledges
made to the bankers.
New York State.—Legislature Passes Three Relief Bills.—
On receipt of special messages from Governor Lehman the
State Legislature on Jan. 9 adopted unanimously three bills
dealing with phases of the economic crisis, according to
Albany news dispatches of that day. The first bill passed
by the 1933 Legislature was the bill introduced in the Senate
by Arthur H. Wicks (Republican, Kingston), continuing the
emergency unemployment relief period until Feb. 15 1934.
The voters on Nov.8 approved $30,000,000 of relief bonds to
continue the administration's program—V. 135, p. 3383.
The second measure to pass was the Steingut bill reappropriating $12,500,000 for State aid to municipal relief programs,and the third was the Fearon bill refunding $2,270,000
of bonds of the City of Syracuse.
Reconstruction Finance Corporation. — Report on
Loans So Far Made to States and Territories.—Emergency
relief loans totaling $137,941,872 to 36 States and two
Territories had been made by the R. F. C. up to the close of
business on Jan. 5, it was announced on Jan. 7. The Corporation also reported that it has agreed to furnish bonds
amounting to $145,660,000 on 49 self-liquidating projects,
of which it has actually advanced $17,753,000. The last
report on loans made by the Corporation was up to the
close of business on Dec. 23, and appeared in V. 136, p. 74.
The latest report reads as follows:
The Corporation's tabulation on relief and self-liquidating loans follows:
Alabama
$528,704.00 New Mexico
90,800.00
Arizona
506,200.00 North Carolina
1,386.000.00
Arkansas
2,743.708.00 dNorth Dakota__ 100.680.00
Colorado
2,201.048.00 •Ohlo
9,648,830.00
Florida
2,668,153.00 Oklahoma
2,178,308.00
Georgia
486,084.22 Oregon
238,538.00
Idaho
631,095.00 Pennsylvania
26,705,446.00
aIllinois
32.493,228.00 South Carolina
135,200.00
Indiana
1,775,404.00 South Dakota
1,393,995.00
blowa
87.800.00 Tennessee
789,036.00
Kansas
1,805,995.00 Texas
4,135,134.00
Kentucky
2,563,151.00 Utah
1,998,589.00
Louisiana
2,751,333.00 Virginia
2,113,206.00
cMichigan
11,501,220.00 fWashington
1,628,700.00
Minnesota
6,351,843.00 West Virginia
4,610,571.00
Mississippi
2,739.425.00 Wisconsin
8,304,770.00
Missouri
1,158,118.00 Hawaii
307,435.00
Montana
1,037.438.00 Puerto Rico
360,000.00
Nevada
119,267.00
New Hampshire- —
667,420.00
Total
$137,941,872.22
To political subdivisions: a Illinois, $6,770,000. b Iowa, $87,800.
c Michigan, $2,116,000. d North Dakota, $100,680. •Ohio. 53.472,901.
f Washington, $1,075,000. Total, $13,622,381.
Self Liquidating Loans.
Following is a list of construction projects the R. F. C. has agreed to aid
in financing, with the par value of securities to be purchased:
Metropolitan Water District of Southern California, Los Angeles, aqueduct, $40,000,000.
State of Louisiana and City of New Orleans, combined highway and
railroad bridge at New Orleans, $13,000,000.
City of Madison, S. Dak., light plant additions, $105,000.
City of Prescott, Ariz., waterworks additions, construction of two dams,
$50.000.
City of Ogden. Utah, waterworks additions and improvements. $645,000.
Middle Rio Grande Conservancy District, Albuquerque. N. Mex., flood
control and irrigation. 55.784,000.
California Toll Bridge Authority, San Francisco, toll bridge across San
Francisco Bay. $61,400,000.
City of Sandusky. Ohio. sludge basin for waterworks, $77,000.
Village of Wilmette. Cook County, Ill., water pumping and purification
plant. $580,000.
Roanoke Rapids Sanitary District, Roanoke Rapids, N. C., waterworks
and sewerage system, 5365.000.
City of Seattle, Wash., waterworks additions, improvements and repairs, $1.491,000.
Savanna-Sabula Bridge Co., Savanna, Ill., completion of toll bridge
across Mississippi, 5190.000.
City of Columbia, Adair County. Ky., completion of water system,
$29,000.
Maysville Water Co., Maysville. Ky., water filtration plant, $47,000.
City of Conneaut, Ohio, water filtration plant and pumping station.
5200,000.
City of Gulfport, Miss., cotton compress and storage warehouses.
5150,000.
City of Covington, Ky., waterworks improvements, $75,000.
Hillside Housing Corp., New York City, housing project in
Bronx.
$3,957,000.
Wanakah Water Co., Hamburg, N. Y. waterworks extension,
$70,000.
Madison Heights Sanitary District, Amherst County, Virginia.
water
system, $62,500.
City of Bowling Green, Ky., sewer system, $616,000.
City of Hobart. Okla., dam for water system. $250.000.
Maverick County Water Control District, Eagle Pass, Tex., power
and
irrigation. $1,476,000.
New York State Bridge Authority, Claverack, N. Y., toll bridge across
Hudson at Catskill, N. Y., $3.400.000.
Town of Sanford, N. C., waterworks additions, $45.000.
Twin Lakes Reservoir & Canal Co.. Olney Springs, Colo.,
Increasing
reservoir storage capacity, $1,125,000.
Tarrant County Water Control and Improvement District, Fort
Worth.
Tex., flood torotection, increasing water storage capacity,
$450.000.
City of West Monroe, La., waterworks additions. $45,000.
Denville, Township, Morris County. N.
waterworks enlargement.
$80,000.
Tampa-Clearwater Bridge Co., Tampa, Fla., toll bridge and
causeway,
$600,000.
Poinsett County, Arkansas, Drainage District No.7, Marked Tree,
Ark.,
levees for floodway; au:dliary floodway, $250,000.
Kenton County Water District No. 1, Covington Ky., waterworks
additions, $35.000.
Richmond Bridge Corp., Richmond. Va., toll bridge. $1,700,000.
City of Columbia, Iii., water pipe line and pumping station, $52,500.
Town of Valdese, N. C., sewer system, 578.000.
City of Hopkinsville, Ky. sewer system extensions. $305,000.
Town of Bckstone, Va., waterworks extensions, $10,000.
'
City of Tyler, Tex., additions to sewage disposal plant, $100,000.
City of Winston-Salem, N. C.. sewer system extensions, $180,000.
Tybee Waterworks, Savannah Beach, Ga., water system additions.
$22,000.
Arkansas State Agricultural and Mechanical College, Jonesboro, Ark.,
two dormitories, Arkansas State Agricultural and Mechanical College,
5188.000.
City of San Diego, Calif., waterworks additions. $2,350.000.
Friedman Bros. Holding Co., St. Paul, Minn , public market, $450,000.
City of Chicago. Iii., water pumping station. $2,327.000.
Newark Farm Produce Market, Inc., Newark, N. J., public market,
$55.600.
Volume 136
Financial Chronicle
Dallas Farmers Public Market Co., Dallas, Tex., public market,$187.500.
St. Francis Levee District, West Memphis,Ark., rights of way for levees,
$500,000.
Village of Saranac Lake, N. Y., waterworks additions, $8,000.
City of Corpus Christi, Tex., repair of dam, $500,000.
Total, $145,660,000.
Securities Purchased.
$400,000, Middle Rio Grande Conservancy District 5s at 90. 3360.000;
$7,000.000 State of Louisiana 5s at 100, 37,000,000; $6,000,000, City of
New Orleans 5s at 100, $6,000,000; $2,327,000, City of Chicago 5% waterworks certificates at 100. $2,327,000; $50,000, City of Prescott, Ariz.,
5s at 100. $50,000; $2,016,000, Metropolitan Water District, Southern
California 58 at 100, $2,016,000. Total, 517.753,000.
BOND PROPOSALS AND NEGOTIATIONS
ABERDEEN, Grays Harbor County, Wash.
-BOND AND COUPON
PAYMENT.
-It is reported that Floyd A. Vammen, City Treasurer, is
calling for payment at his office from Jan. 2 to Jan. 29, various Local
Improvement District bonds and coupons.
AKRON, Summit County, Ohio.
-BOND OFFERING.
-E. C. Galleher, Director of Finance, will receive sealed bids until 12 m. (Eastern
standard time) on Jan. 26 for the purchase of $169,600 6% revenue deficiency oonds issued under the provisions of the Byre Act
-V. 136. p. 191.
The bonds are to be dated Dec. 31 1932 and mature on Oct. 1 as follows:
$33,600 in 1934 and $34,000 from 1935 to 1938, incl. Prin. and int.
(April and Oct.) are payable at the Chase National Bank, New York.
Bids for the bonds to bear interest at a rate other than 6%,expressed in a
multiple of X of 1%, will also be considered. A certified check for
2%
of the amount bid for, payable to the order of the Director of Finance,
must accompany each proposal.
AKRON, Summit County, Ohio.
-NOTICE TO BONDHOLDERS.
E. C. Galleher, Director of Finance, on Jan. 12 requested that the holders
of the following numbered past-due bonds of the city and the annexed
municipality of Kenmore communicate with him immediately, as the city's
refunding operation is nearing completion and it is desired to include the
aforementioned bonds therein:
Akron-Nos. 47,186 and 47,187; 67.939 to 67,942, incl.; 68.063 to 68,078;
35,850 to 35,865; 39,058 to 39,061; 44,219 to 44,221; 57,225 to 57,234;
69,153 to 69,164, and 57,192.
Kenmore
-Nos.6, 10, 12. 13, 14, 15, and from 17 to 24,inclusive.
REFUNDING OF BONDS.
-Mr. Gallaher has stated that at the close of
1932 holders of $2,307,269 bonds of a total of $2,641,869 had agreed to the
exchange as proposed in the refunding proposal, and that communications
from holders of 360,000 of the balance indicated that they are agreeable to
the exchange.
ALABAMA, State of (P. 0. Montgomery).
-LOAN GRANTED.
-The
following loan report was made by the Reconstruction Finance Corporation
on Jan. 6:
"Upon application of the Governor of Alabama, the R.F. C. to-day made
available $950.103 to meet current emergency relief needs in 24 counties of
that State for the period Jan. 1 to Feb. 28 1933.
"These funds are made available under Title I, Section 1, subsection (c)
of the Emergency Relief and Construction Act of 1932, with the understanding that the responsibility of the political subdivisions and the
of Alabama to make every effort to develop their own resources to State
provide
relief is not in any way diminished.
"In support of his application the Governor stated that State and
local
funds now available or which can be made available are inadequate
to
meet the relief needs.
"Since the passage of the Emergency Relief and Construction Act
R. F. C. nas made availaole $528,704 to meet current emergency the
relief
needs in the State of Alabama."
PROPOSED TEMPORARY FINANCING.
-The
Jan.6 carried the following report on the arrangementNew York "Sun" of
for short-term financing by the State in the near future:
'Gov. 13. M. Miller of Alabama and a party of State officials visited
the
Chase National Bank to-day to discuss with Charles S. McCain,
Chair
man of the board of directors of the bank, short-term
financing of the
Southern State. Gov. Miller was accompanied by J. H. Hart
Jr., Alabama State Comptroller; Thomas E. Knight, Jr.,
W. W. Brooks, Chief Clerk of the State Treasurer'sAttorney-General, and
office.
"Gov. Miller told a 'Sun' reporter that Alabama now lived within
her income and that the State's indebtedness could no longer
increase because
of the budget law enacted last year. Formerly an
appropriation by the
State Legislature was a State obligation; now, said
appropriations exceed the revenue they are prorated the Governor, 'when
down to the income
actually received.'"
ALAMEDA COUNTY (P. 0. Oakland), Calif.
-BOND OFFERING.
It is reported that sealed bids will be received until
10 a. m. on Jan. 17,
by the County Clerk, for the purchase of a
bonds. Interest rate is not to exceed 5%. $500,000 issue of improvement
Due as follows: $176.000 on
Jan. 1 1936 and 1937, and $148,000 on Jan. 11938.
These bonds are part of a total authorized issue of
53,000.000. A certified check for 2% of the bid, payable to the
Chairman of the Board of
Supervisors, is required.
Official Financial Statement.
Total bonded indebtedness to date
$3,835,000
Assessed value
432,682,560
Area in square miles, 840.
Population: Estimated, 500,000.
ALCONA COUNTY (P. 0. Harrisville), Mich.
-BOND REPORT.The County Clerk reports that the
issue $10.000 emergency
relief bonds, as approved by State proposal to Howard
C. Lawrence in
November 1932-V. 135, P. 3194 Treasurercalled
-has been
State constitutional amendment voted at the general off, because of the
election on Nov. 8,
which limits the tax on real and personal property
to $1.50 per $100 of
assessed valuation-V. 135, p. 3720.
ARIZONA, State of (P. 0. Phoenix)
.-.LOAN GRANTED.
-The following report on an emergency relief loan was made
by the Reconstruction
Finance Corporation on jan. 6:
"The R. F. C., upon application of the Governor of Arizona,
to-day made
available $341,500 to meet current emergency relief needs in 14
that State during the months of January and February, 1933. counties of
"These funds are made available under Title I, Section
of the Emergency Relief and Construction Act of 1932, 1, subsection (c)
with the under
standing that the responsibility of the political subdivisions and
of Arizona to develop their own resources to provide relief is not inthe State
any way
,
diminished.
'In support of his application the Governor stated that 'the counties
and cities of our State may confidently be expected to continue during 1933
appropriations for both direct and work relief to the extent of their
respective financial ability.'
"Since the passage of the Emergency Relief and Construction Act of
:
1932 the R. F. C. has made availa tle $506,200 to meet current emergency
relief needs in the State of Arizona.'
p
ASOTIN, Asotin County, Wash.
-BONDS NOT SOLD.
-We are informed by C. W. Carlile, Town Clerk, that the $15,000 issue of coupon
water works refunding bonds offered on Feb. 16-V. 134, p. 1060
-has
not been sold. Interest rate not to exceed 53 %,payable semi-annually,
AUBURN, Androscoggin County Me.
-LOAN OFFERING.
-F.
Ford, City Manager, has invited sealed bids until 7 p.m. on Jan. 16 for
the purchase at discount basis of either one of the following temporary loan
issues:
3300,000 dated Jan. 18 1933 and due on Nov. 2 1933.
150,000 dated Jan. 18 1933 and due on April 18 1933.
The notes in each instance will be certified as to genuineness by the National Shawmut Bank of Boston and payable at that institution. Denozns.
uit the successful bidder. Legality approved by Storey, Thorndilce.
paimor & Dodge of Boston.
tos
AUGUSTA, Kennebec County, Me,
-TEMPORARY LOAN.
-Alfred
J. Lacasse, City Treasurer, reports that the 5225.000 revenue anticipation
loan of 1933, offered on Jan. 6, was awarded to the Augusta Trust Co. at
2.21% discount basis. Dated Jan. 9 1933. Due in units of 575.000 each
on Sept. 9, Oct. 9 and Dec. 211933. Payable at the First National Bank
of Boston or at the First of Boston Corp., New York City. Legality approved by Ropes, Gray, Boyden & Perkins of Boston. Bids received at
the sale were as follows:
353
BidderDiscount Basis.
Augusta Trust Co. (purchaser)
2.21
Fidelity Trust Co
2.23
F. S. Moseley & Co
2.25
Bond & Goodwin
2.39
Second National Bank, Boston (plus $1 premium)
2.64
Faxon, Gade & Co
3.43 o
BALTIMORE, Md.-31,000,000 RELIEF LOAN OBTAINED.
-The
city recently obtained a loan from local banks of $1,000,000 for relief purposes, repayable from July 1933 tax receipts. It is understood that the
banks have agreed to purchase an aggregate of from $12,000,000 to $18,000,000 temporary loans to cover municipal operating expenses until
July 1 1933.
BEACON, Dutchess County, N. Y
-BONDS PULICLY OFFERED.
-The issue of $62,000 4.40% coupon or registered general city bonds
(awarded as certificates of indebtedness) purchased on Jan. 3 by Roosevelt
& Son and George B. Gibbons & Co., Inc., both of New York, jointly, at
a price of 100.06, a basis of about 4.38%-V. 136, p. 191-is being reoffered for public investment at prices to yield 4.10%. The obligations,
according to the bankers, are legal investment for savings banks and trust
funds in New York State.
Financial Statement (as Officially Reported Dec. 30 1932).
Assessed valuation 1932
$12.090,645
Total bonded debt, including this Issue
1,140,317
Less water bonds
465,400
Net bonded debt (about 5X% Of assessed valuation)
$674,917
Population, 1930 U. S. census, 11,933. The City of Beacon has no
separate school district.
-Fiscal year is the calendar year. For fiscal year
Tax Collections Data.
ended Dec. 31 1929 the per cent, collected as of Dec. 15 1932 was 99.'7%;
1930, 97.6%; 1931, 94.1%; 1932, 85.5% •
BELMONT COUNTY (P. 0. St. Clairsville), Ohio.
-BOND SALE.
The issue of $160.000 6% road improvement bonds for which no bids were
received at an offering on May 26-V. 134, p. 4354
-has since been sold
as follows: $110,000 to Stranahan, Harris & Co., Inc., of Toledo, and
$50,000 to the First National Bank of St. Clairsville. The bonds are
dated May 1 1932 and mature on Nov. 1 as follows: $50,000 in 1933 and
555,000 in 1934 and 1935.
BELMONT WATER DISTRICT(P.O.Belmont),San Mateo County,
-BONDS OFFERED.
Calif.
-It is reported that sealed bids were received until 8 p. m. on Jan. 10 by the District Clerk for the purchase
of a $45,000 issue of 53% water bonds. Due from 1936 to 1965. (These
are the bonds that were voted on Dec. 23-V. 136. p. 191.)
BETHLEHEM, Litchfield County, Conn.
-BOND SALE-A. T.
Minor, Town Treasurer, reports that the R. F. Griggs Co. of Waterbury,
purchased on Jan. 3 at a price of par, an issue of $42.000 4X% coupon
funding bonds. Dated Jan. 3 1933. Denom. 31,000. Due 32,000 in
1934 and $8,000 from 1935 to 1939 incl. Interest is payable in January
and July.
BETHLEHEM, Northampton County, Pa.
-BOND OFFERING.
Victor E. Tice, City Clerk, will receive sealed bids until 8:30 p.m.(Eastern
standard time) on Jan. 23 for the purchase of $1,088,000 3X or 3X%
coupon, registerable as to principal, bonds, for the purpose of refunding
the unredeemed portion of an issue of 4X% series of 1920 water works
bonds. The refunding issue will be dated Feb. 1 1933 and mature 568.000
annually on Feb. 1 from 1934 to 1949,incl. Prin. and int.(Feb. and Aug.)
are payable at the office of the City Treasurer. Exempt from local and
State taxes, according to the notice of sale. A certified check for 2%
payable to the order of the city, must accompany each proposal. Legal
opinion of Daniel McCarthy, City Solicitor, 202 E. Third Street, Bethlehem.
Financial Statement (Jan. 5 1933).
Assessed valuation (real estate)
$65.769.768.00
Assessed valuation (occupation)
4,560,800.00
True value real estate (estimated)
200,000.000.00
Total bonded indebtedness (including this Issue)
3,801,400.00
Water works bonds (included in above)
*1,268.000.00
Amount in sinking fund
593,359.85
Water works sinking funds (included In above)
54,189.40
Floating debt(payment provided for in 1933 budget)
65.000.00
* Proposed issue of $1,088,000 included in above.
Population, 1930 Census (estimated). 58.000.
Outstanding
Outstanding End
Levy.
of Fiscal Year.
Dec. 31 1932.
$895,296
1929 taxes
$39,510
$109.341
913,269
1930 taxes
61.737
126,541
896,059
1931 taxes
110.723
155,488
891,337
228,692
1932 taxes
-TEMPORARY LOAN.
-The
BEVERLY, Essex County, Mass.
$200,000 revenue anticipation loan offered on Jan. 11-V. 136, p. 191
was awarded to the Second National Bank of Boston at 1.02% discount
basis. Dated Jan. 11 1933 and due on Nov.3 1933. Bids received at the
sale were as follows:
Discount Basis.
Bidder1.02%
Second National Bank (purchaser)
1.05°
National Shawmut Bank (plus $7 premium)
7‘
Jackson & Curtis
1.07%
1.17
New England Trust Co
Beverly National Bank
1.28
1.40 o
Chase Harris Forbes Corp.(plus $2 premium)
Merchants National Bank
1.47%
1.487
F.S. Moseley & Co
Rutter & Co
1.56
,
,
Faxon, Gade & Co
1.62
W.O.Gay & Co
1.72
State Street Trust Co
1.83 o
-BOND SALE.
BIG FALLS, Koochiching County, Minn.
-The
$4,000 issue of 4 X 7, semi-ann. refunding and new pump house bonds that
was voted on Sept. 3-V. 135. p. 2857-has been purchased at par by the
State of Minnesota, according to the Village Clerk. Due $500 from
1937 to 1944 incl.
BOWMAN COUNTY SCHOOL DISTRICT NO. 13(P.O. Scranton),
N. Dak.-CERTIFICATES NOT SOLD.
-The $3,000 certificates of indebtedness offered on Jan.4-V. 135, p. 4582-were not sold as there were
no bids received, according to the District Clerk. Interest rate not to
exceed 7%. Dated Jan. 4 1933. Due on April 4 1934.
BOYLE, Bolivar County, Miss.
-BOND SALE.
-A 17,000 'Mlle Of
6% semi-annual refunding bonds is reported to have been purchased by
the Commerce Securities Co. of Memphis. Dated Sept. 1 1932. Legality
approved by Benjamin H. Charles of St. Louis.
BRAHAM, Isanti County, Minn.
-BOND SALE-An issue of $1,500
5% semi-ann. fire-protection bonds is reported to have been purchased
recently by Mr. F. L. Lurton of Braham, paying a premium of $50, equal
to 103.33.
BRILLIANT, Jefferson County, Ohio.
-BELATED BOND SALE
REPORT.
-T. C. Clark, Jr., Village Clerk, reports that the issue of $5,000
6% coupon refunding bonds offered on Sept. 5-V. 135, p. 1686
-was sold
at par and accrued interest as follows: $4,500 to Edgar B. Whitcomb of
Detroit and $500 to the First National Bank of Bradford, Ohio. Dated
Sept. 1 1932. Due $1,000 on Oct. 1 from 1934 to 1938. incl.
BROADWATER, Morrill County, Neb.-BOND SALE.
-We are informed by the Town Clerk that the $32,500 issue of 5X% refunding bonds
recently authorized-V. 135, p. 4413
-was sold to Wachob. Bender & Co.
of Omaha.
BROCKTON,Plymouth County, Mass.
-TEMPORARY LOAN.
-The
National Shawmut Bank, of Boston. purchased on Jan. 9 a $250,000 temporary loan issue at 2.81% discount basis. Dated Jan. 10 1933 and due
on Nov. 8 1933.
BROOKHAVEN SCHOOL DISTRICT (P. 0. Coram), Suffolk
County, N. Y.
-BONDS HELD ILLEGAL.
-Alma Q. Davis, Clerk of the
Board of Education, reports that the $32,000 school bond issue favorably
voted at an election held on March 8 1932 has been held illegal by the
State Department of Education.
354
Financial Chronicle
-BOND SALE.
-The $9,500
BUTTE FALLS, Jackson County, Ore.
issue of 6% coupon water funding bonds offered for sale on Sept. 30-was purchased by the Chicago Fraternal Life Association,
V. 135, p. 2020
at par. Denom.$250. Dated Oct. 1 1932. Duefrom 1934 to 1952. Interest
payable A. & 0.
CACHE COUNTY SCHOOL DISTRICT (P. 0. Logan), Utah.
CORRECTION.
-We are informed by the District Clerk that a block of
55.000 of a $25,000 issue of 5% coupon refunding bonds was purchased by
the Cache Valley Banking Co. of Logan at a price of 96.24,a basis of about
5.75%. In V. 135, p. 4064, we reported that the entire issue had been
sold. Denom. $1,000. Dated Jan. 1 1933. Due on Jan. 1 1939. Interest payable J. & J.
CALIFORNIA, State of (P. 0. Sacramento).
-LOAN GRANTED.
Associated Press dispatches from Washington on Jan. 13 reported that on
that day the Reconstruction Finance Corporation made available a loan of
$281.372 to assist this State during January and February in the maintenance of labor camps for non-resident unemployed men.
-ADDITIONAL INFOR
CASTLETON, Rensselaer County, N. Y.
IATION.-The issue of 310,000 67 drain bonds purchased by Nicholas
Bridenbeck of Castleton at a price of°
102.10, as reported in V. 136, p. 191,
is further described as follows: Dated Dec.26 1932 and due $1,000 annually
from 1933 to 1942, incl. Interest cost basis to village about 5.54%.
CAVALIER COUNTY (P. O. Langdon), N. Dak.-CERTIFICATE
OFFERING.
-It is stated that sealed bMs will be received until 2 p.m. on
Jan. 16 by Otto Rasmussen, County Auditor, for the purchase of a $25,000
issue of certificates of indebtedness. Interest rate is to be named by the
bidder. A certified check for 2% must accompany the bid. (These are
the certificates that were offered for sale without success Dec. 23-V. 135.
p. 4582.)
CENTER TOWNSHIP (P. 0. Sycamore, R. D. No. 1), Greene
County, Pa.
-BONDS NOT SOLDI-The issue of $17,000 434% township
bonds offered on Jan. 7-V. 135, p. 4414
-was not sold, as no bids were
received. Dated Jan. 1 1933 and due on July 1 as follows: $5,000 In 1933
and 1934. and $7,000 in 1935.
-SCHOOL WARRANTS CALLED FOR
CHICAGO, Cook County, 111.
REDEMPTION.
-Lewis E. Myers, President of the Board of Education,
announced on Jan. 9 that the following described tax warrants will be paid
on or before Jan. 17 1933 upon presentation through any bank to the City
Treasurer's office, Halsey, Stuart & Co. of Chicago or the Guaranty Trust
Co., New York:
1930 Education Fund warrants Nos. 1,397 to 1.442, at $5,000 each, dated
Sept. 1 1930, interest at 5% %•
1930 Building Fund warrants Nos. 2,443 to 2,461 at $5,000 each, dated
Nov. 1 1930. interest at 53 %•
-In connection
REPORT ON $15,036,000 BOND REFUNDING PLAN.
with the $15,036,000 bond refunding plan recently consummated by the
city, through the sale to a local banking group of that amount of 6% re-John Nuveen & Co. of Chicago have issued
-V.135, p.4582
funding bonds
a detailed report bearing on the refunding proposal and summarizing the
many different factors pertaining to the present condition of the municipality's finances. The report indicates the marked reductions that have
been effected in the tax levies of Cook County and the various taxing units
therein, and comments on various developments that have occurred favorable to an early solution of the financial difficulties of the city of Chicago
We quote in part from
and the surrounding tax-levying municipal units.
the report as follows:
Reform in the Tax Assessor's Office.
It was the alliance between politics and the Tax Assessor's office which
explains in large measure Chicago's present difficulties. In 1927 the inequalities in assessments were so unfair that the State Tax Commission
ordered a complete new assessment before permitting the collection of 1928
taxes. Delay piled upon delay and 1928 taxes did not go into collection
until July 10 1930. The city and some 420 other taxing bodies in Cook
-more than two years.
County were without tax income for 26 months
The situation has now been corrected by making the position of County
Assessor appointive instead of elective. The present appointee is J. L.
Jacobs, a prominent government and management engineer. With his
office out of the control of politics, Mr. Jacobs has introduced needed reforms and systematized methods of assessing. In Illinois a large share of
personal property has never found its way to the tax rolls, because under
Illinois laws the tax on personal property is practically confiscatory.
Through the efforts of Mr. Jacobs, fair methods have been developed for
valuing and equalizing personal property and millions of dollars of personal
property heretofore never declared is now on the tax rolls. As a result
of the great increase in personal property on the tax rolls, real estate taxes
will be decidedly reduced-in many cases as much as 30%: and through
Mr. Jacobs's efforts there will not be the great inequalities in assessments
which have caused so much dissatisfaction among taxpayers and precipitated the recent tax strikes.
Financial Statement.
53.788,915,049
Assessed valuation, 1930*
136,147.400
Gross bonded debt
16,461,511
Additional debt, unfunded
$152,608,911
Total constitutional debt
406.873,162
Total overlapping net debt
120
Per capita overlapping net debt
*Note.
-The tax assessors first fix a true value of all.taxable property.
which for Chicago was $10.240,310,900. Taxes are then spread against
only 37% of this value, which was $3,788.915,049. Assessed valuation
for 1931, it is estimated, will run 53,285.000.000.
Population: 1930, 3,376,438: 1920, 2,701.705.
The following table indicating the combined funded and floating indebtedness of the eight major taxing bodies, as of Nov. 1 1932, appeared in a
recent issue of the "Wall Street Journal":
Funded Debt. Float. Debt. Comb. Total.
City of Chicago
$136,193.400 5105,071,296 $241,264.696
Sanitary District
99,377,500
9,465,600
108,843,100
South Park
56,607,000
11,019,817
67,626,817
Cook County
31,324,921
33.410,400
64.735.321
Board of Education
146.763,620
28.975.000
175,738,620
Lincoln Park
3,269,952
21,821,952
18.552,000
Forest Preserve13,594,000
82,000
13,676,000
West Park
11,475,000
6,309,567
17.784.567
Total-
$398,184,300 $313.306,773 $711,491,073
CHICAGO,Cook County,Ill.
-1419.000 AVAILABLE FOR REFUND-M. S. Scymczak, City Comptroller, anING BOND REDEMPTION.
nounced on Jan. 13 that there is available a sum of $419,122.49 in the
specialfund established for the redemption of the $15,036,0006% refunding
bonds of 1933 sold to a local banking group on Dec. 29 1932-V. 135,
-and that pursuant to the provisions of an ordinance adopted on
p. 4582
Dec. 16 1932, both the Comptroller and City Treasurer James A. Kearns
will receive sealed proposals until 11 a. m. on Jan. 18 from the holders of
such refunding bonds desirous of selling the obligations to the City. The
-city cannot purchase the obligations at more than par and accrued interest.
Offers to sell the bonds should be sent to the office of the City Comptroller,
Room 501. City Hall. Chicago.
Such offers to sell to the City will be accepted by the City Comptroller
and City Treasurer upon the basis of the lowest responsible tender received,
within the limits of the cash available to purchase such bonds, as indicated
above. In case more bonds are offered for sale, at the said lowest price of
tender, than the City of Chicago can purchase within the limits of such
available cash, then the amount that can be purchased by the City will
be pro-rated among all such tenders. Such purchase will be completed
within five days after opening of bids.
-LOAN FUNDS RECEIVED.
CHICAGO, Cook County, III.
Pursuant to the notice recently given of the $2,327,000 loan received by
this city from the Reconstruction Finance Corporation to finance the
-V. 135,
construction of a pumping plant for the municipal water works
-we quote as follows from the Chicago "Tribune" of Dec. 31:
p. 4414
A. A. Sprague, Commissioner of Public Works, yesterday received
"Col.
echock for $2,336.244 from the Reconstruction Finance Corporation The
sum was the loan made to the city by the R. F. C.for construction of a new
pipping plant at Harrison Street. near Halsted.
he payment included $9,244 in interest accrued since Dec. 1 on the
-city water certificates which the city Is posting as collateral on the loan.
'The city council, when it passes a continuation ordinance Tuesday to
Jan. 14 1933
continue the city activities pending passage of the 1933 budget, is expected
to make a formal appropriation a the amount of the loan.
"This will enable the department of public works to start work on the
project. Before the present Harrison Street pumping station can be torn
down to make way for the new station. mains must be laid to supply water
to the area from the 22d Street and 14th Street stations.
COOK COUNTY (P. 0. Chicago), Ill.
-TAX NOTE CALLED.
Joseph B. McDonough, County Treasurer, on Jan. 7 called for payment on
Jan. 10 1933 highway tax note No. 1,955, in amount of $100,000, dated
Feb. 10 1931. The Treasurer stated that money for payment of the note
Is available and would be made upon presentation of the note through
any banks or to the Treasurer's office.
COVINGTON, Kenton County, Ky.-BOND SALE.
-The $75,000
issue of coupon water works revenue bonds offered for sale on Jan. 12-was jointly awarded to the Well, Roth & Irving Co., and
V. 135, p. 192
the Fifth-Third Securities Co., both of Cincinnati, as 4%s, at a price of
96.82, a basis of about 5.44%. Dated Nov. 1 1932. Due $7,500 from
Nov. 1 1933 to 1942 incl.
CRAWFORD COUNTY (P. 0. Bucyrus), Ohio.
-BOND SALE.
The issue of $48,000 poor relief bonds offered on Jan. 7-V. 135, p. 4583
was awarded as 4%s to Assel, Goetz & Moerlein, Inc. of Cincinnati at
'
par plus a premium of $38.50. equal to 100.08, a basis of about 4.47%.
Dated Dec. 20 1932 and due on March 1 as follows: $8,500 in 1934:$9,000.
1935; $9,600, 1936; $10,200 in 1937 and $10,700 in 1938.
-TEMPORARY
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
LOAN.
-The National City Bank, of Cleveland, has offered to loan the
county $175,000 at 6% interest. due in two months, to provide for current
municipal payrolls.
-BONDSRE
-OFFERED.
CUYAHOGA FALLS,Summit County,Ohio.
-The issue of $18,000 poor relief bonds unsuccessfully offered on Dec. 17-is being re-advertised for award at 12 M. on Jan. 28.
192
V. 136, p.
Sealed bids will be received until that time by J. E. Preston. City Auditor.
Bonds will bear interest at the rate of 6% or at such lower rate as may be
named by the successful bidder. Alternate rate to be expressed in a multiple
of y of 1%. Dated Dec. 1 1932. Denom. $1,000. Due as follows: $1.000
i
June and $2,000 Dec. 1 1934 and 1935, and $2,000 June and Dec. 1 from
1936 to 1938 incl. A certified check for 2%. payable to the order of the City
Treasurer, must accompany each proposal.
-BOND EXCHANGE
CUYAHOGA FALLS, Summit County, Ohio.
-J. E. Preston, City Auditor, states that the issue of $25,303.68
MADE.
-has been
-V. 135, p. 3027
6% refunding bonds offered on Nov. 12 last
given in exchange for maturing obligations. Dated Oct. 1 1932. Due on
May and Nov. 1 from 1934 to 1939,inclusive.
DEDHAM, Norfolk CountyMass.-TEMPORARY LOAN -An issue
of $85,000 notes dated Jan. 11 '1933 and due on Nov. 7 1933 was sold on
Jan. 11 to the Boston Safe Deposit & Trust Co. of Boston at 0.87% discount basis plus a premium of $3. Bids received at the sale were as follows:
Discount Basis.
BidderBoston Safe Deposit & Trust Co.(plus $3 premium)
0.89
1.01
Second National Bank of Boston
1.24
Merchants National Bank of Boston
1.37
Faxon, Gade & Co
1.73
F. S. Moseley & Co
2.61 0
Blake Bros. (plus $3.50 premium)
-BONDS CALLED.
-It is stated
DENVER (City and County), Colo.
that William F. McGlone, Manager of Revenue, is calling for payment at
31, on which date interest shall cease, various storm sewer,
par on Jan.
sanitary sewer, improvement, surfacing, sidewalk, alley paving and street
paving bonds. Upon the request of the holders ofany of these bonds received
10 days before the expiration of the call, the Manager of Revenue will
arrange for their payment at the Bankers Trust Co. in New York City,
but not otherwise.
DENVILLE TOWNSHIP (P. 0. Denville), Morris County, N. J.
-David B. Sofield,
-PRIVATE ARRANGEIENTS MADE.
NO BIDS
Clerk, reports that no bids were received at the offering on
Township
Dec. 30 of $560,000 not to exceed 6% interest coupon or registered water
-V. 135. D. 4244. and that private arrangements have been made
bonds
with H. L. Allen & Co., of New York, to dispose of the issue. Dated Jan. 1
1933 and due on Jan. 1 from 1935 to 1971, inclusive.
DES MOINES INDEPENDENT SCHOOL DISTRICT (P. 0. Des
-On Jan. 6 the
Moines), Polk County Iowa.-BONDS APPROVED.
'
School Board is reported to have approved two issues of bonds aggregating
$170,000, as follows: $120,000 judgment, and $50,000 refunding bonds.
It is said that bonds totaling $344,000 in interest and principal fall due in
the 1932-33 school year. Of this amount the Board is said to be paying
$120,000 and to have made arrangements to refund $224,000 of bonds due.
-BOND RESOLUTION ADOPTED.
DETROIT, Wayne County, Mich.
-The Common Council on jan. 3 adopted a resolution providing for the
-year tax anticipation bonds pursuant to the
issuance of $20,000.000 5
provisions of the emergency legislation passed at the recent special session
-V. 135, p. 4584.
of the State Legislature.
The State Public Debt Commission on Jan. 11 issued its certificate
approving the above bond issue, according to Lansing news dispatches of
the same day. The City Council, by a two-thirds vote, must approve
the issue and designate exactly what delinquencies are being pledged.
Also it must set up a separate sinking fund. Purchasers of the new bonds,
which will be sold at par through a committee of industralists and bankers
who have come to Detroit's rescue, will be privileged to use them in tax
payment to the extent of 20% a year for the next five years.
-BONDS DEFEATED.
DIXON, Lee County, 111.
-Blake Grover,
City Clerk, reports that at the election held on Jan. 3 the voters defeated
the proposed issue of $594,000 water plant purchase bonds by a vote of
1,739 to 983.
-The Issue
DU PAGE COUNTY (P. 0. Wheaton), 111.
-BOND SALE.
of $150,000 series of 1933 coupon 5% relief bonds offered on Jan. 6-was awarded to the H. C. Speer & Sons Co. of Chicago
V. 135, p. 4584
at a price of 97.26, a basis of about 5.59%. Dated Jan, 1 1933 and due
$15,000 on Jan. 1 from 1934 to 1943, incl. Bids received at the sale were
as follows:
Rate Bid.
Bidder97.26
H. C. Speer & Sons Co. (purchaser)
96.08
C. W. McNear & Co
96.80
John Nuveen & Co
Public re-offering of the bonds is being made at a price to yield 4.75%.
The obligations, it is said, are full and direct obligations of the county, for
which taxes may be levied within the constitutional limitation for counties
of 75 cents on each $100 of assessed valuation. Gasoline taxes to the full
amount of principal and interest are also pledged for their payment. Legal
Investment for trust funds in Illinois, Wisconsin, Michigan and other States.
Financial Statement.
$75,595,255
Assessed valuation, 1932
990,000
debt,incl. this issue
Total bonded
Population, 1930 census, 91,998.
-BELATED BOND SALE REPORT.
EAST GRAND RAPIDS, Mich.
The $140,800 coupon refunding bonds offered on Oct. 17-V.135, p. 2687
were purchased as 6s at a price of par by the Grand Rapids Trust Co. of
Grand Rapids. Included in the sale were:
$105,800 paving bonds. Due Oct. 15 as follows: $12,80(gin 1935; $13,000
from 1936 to 1940, incl., and $14,000j n 1941 and 1942.
bonds.
24,000 sewer bon. Due $3.000 on Oct. 15 rom 1935 to 1942, incl.
11,000 water extension bonds. Due Oct. 10 as follows: $1,000 from
1935 to 1939, incl., and $2,000 from 1940 to 1942, incl.
Each issue is dated Nov. 1 1932.
EAST LIVERPOOL, Columbiana County, Ohlo.-BONDS NOT
-No bids were received at the offering on Dec. 21 of $39,267.52 6%
SOLD.
-V. 135, P. 3887. Dated Nov. 1
street and sewer improvement bonds.
1932 and due on Sept. 1 from 1934 to 1938 incl.
EAST ORANGE, Orange County, N. J.
-LOAN AUTHORIZED.
City Treasurer Clapp has been authorized to negotiate a new loan of
$100,000, at not to exceed 6% interest. in anticipation of tax receipts. The
Treasurer has been permitted to sell the notes at private sale at not less
than a price of par.
Volume 136
Financial Chronicle
EDCOUCH,Hidalgo County,Tex.
-BONDS VOTED.
-At the election
held on Dec.27-V.135. p.4244
-the voters approved the issuance of $36,500 in water works purchase bonds. Interest rate is not to exceed 5%•
Due in not more than 40 years and optional after 10 years. It is stated
that the present owners will accept the bonds in payment for the purchase
of the plant.
EMMETT COUNTY (P. 0. Estherville), lowa.-BOND ISSUANCE
CONTEMPLATED.
-The County is reported to be planning to issue $10,000
in bonds for poor relief.
ESSEX COUNTY (P. 0. Elizabethtown), N. Y.
-BOND SALE.
Charles W. Straight, County Treasurer, reports that Halsey, Stuart & Co.,
of New York, were the successful bidders at the offering on Jan. 12 of
$200,000 coupon or registered emergency work and home relief bonds,
paying par plus a premium of $180 for the issue as 33s, equal to 100.09,
a basis of about 3.4'7%. Dated Jan. 151933. Denom. $1,000. Due $50,000
on Jan. 15 from 1935 to 1938 incl. Principal and interest (Jan. & July 15)
are payable at the Bank of Ausable Forks. Legality to be approved by
Clay, Dillon & Vandewater, of New York. The M. & T. Trust Co., of
Buffalo, named a price of 100.67 for the issue at 43(1% interest.
Financial Statement.
Assessed valuation: Real estate and special franchise 1932-33-$28,321.150.00
Total bonded debt. Jan. 1 1933
1,133,000.00
This issue
200,000.00
Total bonded debt, including this issue
31.333.000.00
Floating debt, not including that part to be refunded by this
bond issue
175,700.00
Tax Data.
1931.
1932.
1929.
1930.
Total
$997,596.17 $931,735.81 $921,260.04 $878,387.79
Amt. unpd., Jan. 1 1933
x
None
20,193.75
None
Approx. percentage coil_
x
98%
100%
100%
x Collection being levied-figures not complete.
Total amount of all outstanding delinquent taxes as of Jan. 1 1933$20.193.75.
Population, 1920 Federal census, 31,871; 1930, 33,959.
FAIRLAWN, Bergen County, N. J.
-BOND OFFERING.
-George J.
Walker, Jr., Borough Clerk, will receive sealed bids until 9:30 p. m. on
Jan. 24 for the purchase of $14,000 6 7 coupon or registered public works
bonds. Dated Jan. 15 1933. Denom. $1,000. Due $2,000 on Jan. 15 from
1934 to 1940 incl. Principal and interest (Jan. and July 15) are payable
at the Fairlawn-Radburn Trust Co., of Fairlawn. The Borough desires
to raise the sum of $14,000 through sale of the issue. A certified check for
2% of the bonds bid for, payable to the order of the Borough, must accompany each proposal. The approving opinion of Reed, Hoyt & Wash,
burn, of New York, will be furnished the successful bidder.
FORREST COUNTY (P. 0. Hattiesburg), Miss.
-BOND REDEMPTION NOTICE.
-It is stated that at a recent meeting of the Board of
Supervisors it was decided to redeem $60,000 worth of outstanding bonds
before maturity, thus saving approximately $18,000 in interest. The bonds
are highway and normal college issues.
GALLIA COUNTY (P. 0. Gallipolis), Ohio.
-BOND OFFERING.
E. L. White, County Auditor, will receive sealed bids until 12m. on Jan. 31,
for the purchase of $12,000 6% poor relief bonds. Dated Dec. 31 1932.
Due March 1 as follows: $2,100 in 1934: 52,300, 1935: $2,400, 1936:
$2,500 in 1937, and $2,700 in 1938. Interest is payable semi-annually.
Bids for the bonds to bear interest at a rate other than 6%. expressed in a
multiple of
of 1%, will also be considered. A certified check for $500,
payable to the order of the county, must accompany each proposal.
GARDEN CITY, Nassau County, N. Y.
-FINANCIAL STATEMENT.
-The following data
respect to the financial position of
the village have been issued in with
connection with the award on Dec. 12 of
$197,000 impt. bonds as 4s to Roosevelt & Son and George B. Gibbons
i
& Co., Inc., both of New York, jointly, at a price of 100.98. a basis of
about 4.29%-V. 135, P. 4245.
Financial Statement as of January 2 1933.
Assessed valuation
$48.355,860
Total bonded debt,including this issue
1.232,000
Water debt
410,000
Sinking funds
7.488
Net bonded debt
814.512
Floating debt
None
Population, 1930 Federal Census, 7.180: present population, estimated,
8,700.
Assessed Valuation.
The assessed valuation on which village taxes
just been officially approved by the Mayor and will be levied in 1933 has
trustees, and amounts to
348,355.860. This compares with $47,848.365 on which 1932
levied; $45,305.077 the previous year and $42,981,587 in 1930. taxes were
There has
been considerable residential building in the village throughout the period'
of depression. The assessed valuations for 1928 and previous
on the basis of 33 1-3% of estimated full values. It was deemedyears were
expedient
to make the 1929 assessment on the basis of66 2-3%
Since 1929, the only changes that have occurred in of estimated full value.
the assessed
assigned to individual pieces of property have been on account ofvaluation
struction or to rectify a few cases of obvious injustice. The new condecline in
actual property values during the period of
adequately reflected in the assumption that depression is believed to be
valuations in
were on a basis of 75% and those of 1933 on a assessed approximately 1932
basis of
90%
of full value.
Bonded Debt.
Bonded debt of the village on Jan. 2
1933, after giving effect to the issue of1932 was $1,347,350, and on Jan. 2
bonds now
be 31,232,000. The issue now offered will fundadvertised for sale, will
into serial maturities
$197.000 out of a total issue of $239,000 of one year bond anticipation
notes
which mature Jan. 1 1933. The balance of the notes will
be paid off
from cash collected during the past year.
School District No. 18 of the town of Hempstead is virtually
with the village of Garden City. Its bonded debt as of Nov. co-terminous
29 1932, was
$1,486,000.
•
Short
-Term Debt.
As of Jan. 2 1933 the Incorporated Village of Garden City will
have outstanding no short term debt other than serial bond maturities as
1933, 870,300: 1934. 590.300: 1935. $85,800; 1936. 379.800: 1937. follows:
$79,800.
Cash balance on Nov. 29 1932 amounted to $180,725.26. This will suffice
to meet normal expenditures until the late winter or early spring when a
moderate amount of tax anticipation certificates will as usual be issued.
Delinquent Taxes.
Taxes have heretofore always been payable in one installment, due on
June 15 and delinquent on July 16. The penalty for delinquency is 5%
the first month and 1% a month thereafter until paid. Next year taxes
will be payable in two installments. Of the 1932 levy 87.9% had been
paid up to Nov. 29 1932, compared with 90.5% of the 1931 levy paid up to
Nov. 29 1931, and 90.2% of the 1930 levy received by Nov. 29 1930.
Additional figures appear in a table at the end of this communication.
Special Assessments.
Although the rapid growth in population over the last ten years has
years has made it necessary to spend large sums on public improvements,
these sums have in only one case been of sufficient magnitude to require
an Issue of village bonds, payable primarily from special assessments.
A sewer and street improvement operation completed in the spring of
1931 cost $263,509.58 of which the village paid from general taxes as its
share. $17,311.10, and the balance was assessed on the properties benefited. Of these special assessments $101,582.48 have been paid off and
most of the remainder is covered by the bonds now offered for sale. These
assessments mature at the rate of only $15,279.09 per annum, a sum so
small that the village can without difficulty take care of any possible
delinquency.
Garden City was Incorporated as a village Sept. 30 1919. It acquired
its sewer and water plants in 1923. which together with other public improvements initiated at the same time, accounts for the peak increase in
taxes the following year. Village owned property at present is valued at
51.515,068.68. The percentage of taxes collected as given in the righthand column hereafter,is for fiscal years ending on the last day of February.
No figure is given for 1932 for the reason that this ficsal year still has three
months to run.
PopuYear.
lation.
1928-- -5,870*
1929_ - _ _6,525*
1930-- -7.180a
1931- - __7,609*
1932....8,100*
355
Total
Taxes
Levied.
$369,947.44
386,771.22
399,943.26
423,246.66
415.760.81
Per
Capita
Tax
Levy.
63.35
59.28
55.77
55.63
51.18
Assessment
Ratio.
33 1-37
66 2-3%
66 2-3 0
662-3%
75%
Tax Rate
Total
P. C.
of
Per $100 Bonded
of Ased Debt as of
Taxes
Value- End of
Cotlion. Fiscal Year. lected.
2.21 $1,006,900 95.0%
946,050 90.9
1.00
.93 1.185.700 92.8
.93 1,347,350 92.4
.87
Estimated. a United States Census.
-TEMPORARY LOAN.
GARDNER, Worcester County, Mass.
Jackson & Curtis, of Boston, purchased on Jan. 10 a $60,000 short-term
loan, due on Nov. 8 1933. at 2.59% discount basis. The city received the
following offers for the issue:
Discount Basis.
Bidder
Jackson & Curtis (purchaser)
2.597
Gardner Trust Co
2.69
First National Bank of Gardner
2.84%
S. N. Bond & Co
3.00%
Faxon, Gade & Co
3.07%
National Shawmut Bank
3.37%
-BELATED
GERRY (P. 0. Gerry), Chautauqua County, N. Y.
BOND SALE REPORT.
-Lawrence T. Damon. Town Clerk, states that
the issue of $20,C00 registered highway improvement bonds scheduled for
award on July 19-V. 135, p. 161-was purchased on Aug. 1, as 6s, at par
and accrued interest, by David S. Wright, of Dunkirk. Dated Aug. 1
1932 and due $2,000 on July 1 from 1933 to 1942, inclusive.
GLOUCESTER, Essex County, Mass.
-BOND OFFERING.-Wilmot
A. Reed, City Treasurer, will receive sealed bids until 3 p. m. on Jan. 18
for the purchase of $75,000 3% cj, coupon sewerage bonds of 1933. Dated
Feb. 1 1933. Denom. $1,000. Due $5.000 on Feb. 1 from 1934 to 1948
incl. Principal and interest (Feb. and Aug.) are payable at the First National Bank, of Boston. The bonds will be engraved under the supervision
of and authenticated as to genuineness by the aforementioned Bank.
Legality to be approved by Ropes. Gray. Boyden & Perkins, of Boston,
whose opinion will be furnished the successful bidder.
Financial Stattment, Jan. 10 1933.
Assessed valuation foryear 1932
539,918.990
Total bonded debt (Including this issue)
2,172,250
913.000
Water debt (included in total debt)
None
Sinking funds
Population, 24,204.
GOLD HILL IRRIGATION DISTRICT (P. 0. Gold Hill), Jackson
County, Ore.
-BOND ELECTION.
-It is reported that an election will
be held on Feb. 2 in order to have the voters pass on the proposed issuance
of 512.000 in irrigation system bonds. Interest rate is not to exceed 6%.
payable J. & J. Denominations not less than $100 nor more than $1,000.
Due $4,000 from Jan. 1 1935 to 1937.
GREENVILLE, Greenville County, S. C.-TEMPGRAAY L'CRROIVA G 2lie
is reported that at a special meetir g held on
Jan. 2 the City t,..our.cil authorized the borrowing of $150,000 to pay the
interest on bonds and to take care of other financial responsibilities.
HAMILTON TOWNSHIP (P. 0. Trenton), Mercer County, N. J.PROPOSED BOND ISSUES.
-It is reported that the township will offer
for sale about Jan. 20 issues of $400,000 tax revenue bonds of 1932 and
$175,800 revenue bonds of 1931.
HAMPTON, Rockingham County, N. H.-LOND CALL -The Board
of Selectmen has announced that the following numbered 5% street railway holds dated Feb. 1 1921 will be called at par on Feb. 1 1933, on which
date interest sill cease: Nos. 77 to £6. Jr cl., and 91 and 92. The bonds,
with all unrnatured coupoi s attached, should be presented for payment
at the First National Bank of Boston. William Lrovin is Town Clerk.
HANCOCK COUNTY (P.O. Greenfield), Ind.
-BONDS NOT SOLD.
-The issue of $33,999.14 6% Center Twp. drain construction bonds offered
on Nov.3-V.135, p.2858
-was not sold, as no bids were received. Dated
Nov. 3 1932. Due serially on Nov. 10 from 1933 to 1942 incl.
HARLOWTON, Wheatland County, Mont.
-We are
-BOND SALE.
now informed that the $5,000 issue of 5% semi-ann. street impt. bonds
scheduled for sale on Aug. 4, the sale of which was postponed-V. 135_, P.
-has since been purchased by the city water department. Due
135. p. 1358
in 10 years, optional in five years.
HARRISON, Hudson County, N. J.
-BOND SALE.
-The issue of
$33,000 4 % coupon or registered public works bonds offered on Jan. 10
-V. 135. p. 45£4-was awarded at a price of par to the West Hudson
County Trust Co. of Harrison, the only bidder. Dated Jan. 30 1933.
Due $4,125 on Jan. 30 from 1935 to 1942, inclusive.
-TEMPORARY LOAN.
HAVERHILL, Essex County, Mass.
-The
National Shawmut Bank of Boston, purchased on Jan. 9 a $500.000 temporary loan at 2.87% discount basis. Due on Oct. 6 1933. Bids received
at the sale were as follows:
• Discount Basis.
Bidder
National Shawmut Bank (purchaser)
2.87%
Bond & Goodwin
2.93%
Faxon, Gade & Co
2.98%
HILLSIDE TOWNSHIP (P. 0. Hillside), Bergen County, N. J.
-No bids were received at the offering on Jan. 11 of
BONDS NOT SOLD.
two issues of coupon or registered bonds aggregating 3666,000.-V. 135.
p. 4584. Rate of interest was optional with the bidder and limited to 6%•
The offering comprised $538.000 general impt. bonds, due from 1938 to
1969 incl., and $128,000 assessment bonds, due in 1939 and 1940.
HOBOKEN, Hudson County, N. J.
-TEMPORARY BONESSOLD.The city on Jan.3 sold $104.000 tax anticipation bondsfor current municipal
purposes, to bear interest at 6% from Jan. 1 to June 15 1933. The bonds
were apportioned in blocks of $26.000 to each of the following local institutions: First National Bank, Hudson County Trust Co., Trust Company
of New Jersey and the Hoboken Bank for Savings.
HOLYOKE. Hampden County, Mass.
-Pierre
-TEMPORARY LOAN.
Bonvouloir, City Treasurer, reports that the $150.000 revenue anticipation loan of 1933 offered on Jan. 11 was awarded to the Merchants National
Bank of Boston, at 4.47% discount basis. Dated Jan. 11 1933 and payable
on Nov. 8 1933 at the First National Bank of Boston, or at the First of
Boston Corp.. New York. The notes will be authenticated as to genuineness and valitity by the aforementioned bank, under advice of Storey,
Thorndike, Palmer & Dodge, of Boston.
HOMEDALE SCHOOL DISTRICT (P. 0. Homedale) Owyhee
County, Ida.
-BOND SALE.
-A 36,700 issue of school building bonds
that was voted at an election held last July, is reported to have been purchased by the State of Idaho.
HOOVERSVILLE, Somerset County, Pa.
-BOND OFFERING.
W. E. Ringler, Borough Secretary, will receive sealed bids until 7 p.m. on
Feb. 6, for the purchase of $16,000 4 Ji% funding bonds, in $500 denoms.
The issue has been approved by the Pennsylvania Department of Internal
Affairs and will be payable as to principal and semi-annual interest at the
Citizens National Bank, Hooversville.
HOUSTON, Harris County, Tex.
-DEBT RETIREMENT REPORT.
We quote in part as follows from the Houston "Post" of Jan. 8, regarding
the wiping out of the city's 1931 debt to the banks:
"The city of Houston wiped out its last remaining 1931 debt to the banks
Saturday afternoon with a final payment of approximately $215.000.
"The city ended the year 1931 with a $896,000 dificit. The payment
Saturday cleared this debt from the books, Mayor Walter E. Monteith
announced.
"There is still outstanding approximately $332,000 in time warrants, an
accumulation of municipal deficits of former years, but this debt will be
retired at the rate of $40,0001over a period of nine years, City Comptroller
Harry Giles said. This year's paymentialreadylhas been made, he said.
$410,000 Borrowed.
"This year, the city has borrowed so far $410,000 from the banks for
meeting bond obligationalandbaying current operating expenses, Mr. Giles
said.
356
Financial Chronicle
Jan. 14 1933
HUNTINGTON WOODS(P.O. Royal Oak),Oakland County, Mich.
-BOND EXCHANGE 4ADE.-W A. Jones, City Manager, states that
.
the issue of 89,000 not to exceed 6% refunding bonds offered on Aug. 29V. 135, P. 1525
-was exchanged with the holders of maturing obligations.
The refimdings are dated Aug. 15 1932 and mature serially on Aug. 15
from 1935 to 1943 incl.
MARGATE CITY, Atlantic County, N. J.
-BOND OFFERING.
Russell H. Denny, City Clerk, will receive sealed bids until 4:30 p. m. on
Jan. 26 for the purchase of $330,000 coupon or registered bonds, to bear
Interest at either 5, 531, 534, 531 or 6%. Included in the offering are:
$130,000 sewer bonds. Dated Feb. 11933. Due Feb. 1 as follows: $3,000 in
1935 and 1936. and $4,000 from 1937 to 1967 incl.
100,000 water bonds. Dated March 1 1933. Due March 1 as follows:
$3,000 from 1935 to 1966 incl., and $4,000 in 1967.
100,000 Beachfront bonds. Dated March 11933. Due March 1 as follows:
$3.000from 1935 to 1966 incl., and $4,000 in 1967.
Principal and semi-annual interest are payable at the Margate Trust Co.
,
Margate, or, at holder's option, at the Guaranty Trust Co., New York.
No more bonds are to be awarded than will produce a premium of $1,000
over the amount of each issue. A certified check for 2% of the bonds bid
for, payable to the order of the City Treasurer, must accompany each
proposal.
ILLINOIS (State of).-STATEVENT OF BONDED INDEBTEDIVESS.-Edward J. Barrett, State Treasurer, reported the volume of State
Indebtedness outstanding on Jan. 1 1933 as follows:
Called bonds outstanding which have ceased to draw interest, viz.:
New internal improvement stock
$4,000.00
New internal improvement int. stk., payable after 1878
500.00
One old internal improvement bond
1,000 00
Twelve canal bonds
12,000.00
MARION COUNTY (P. 0. Indianapolis), Ind.
-NOTE SALE.
Charles A. Grossart, County Auditor, reports that the two note issues
aggregating $550,000 offered on Jan. 3-V. 135, p. 4417
-were awarded as
45 to the Merchants National Bank and the Indiana Trust Co., both of
Indianapolis, jointly, as follows:
$350,000 general fund notes sold at par plus a premium of $50.
200,000 sinking fund notes sold at par plus a premium of $30.
Each issue is dated Jan. 1 1933 and due on June 1 1933.
Total
State highway bonds
Soldiers compensation bonds
Waterway bonds
Emergency relief bonds
-NOTE OFFERING.
MEMPHIS, Shelby County, Tenn.
-Sealed bids
will be received by D. 0. Miller. City Clerk, until 2:30 p. m. on Jan. 24,
for the purchase of two issues of 6% notes aggregating $1,000,000, divided
as follows:
$300,000 revenue, series of 1933 bonds. Due on June 16 1933.
700,000 revenue, series of 1933 bonds. Due on Sept. 16 1933.
Denom.$10,000. Dated Jan. 1 1933. These notes are to be issued under
and in pursuance of the charter amendment known as Chapter 487, of the
Private Acts of Tennessee for the year 1917. and further, in pursuance
of an ordinance of the city passed on the tnird and final reading recently.
These notes will be payable, both as to principal and interest, in lawful
money of the U. S., at the fiscal agent of the city in New York, or at the
city hall in Memphis, at the option of the holder, provided, however, that
holders of notes and coupons desiring local payment shall give 10 days
written notice to the City Clerk of such desire. The preparation and sale
of these notes and legal steps have been taken under the direction of Thomson, Wood & Hoffman of New York, whose approving opinion will be furnished by the city. Bids cannot be accepted at a price less than 99, and
then only by a four-fifths vote of the Board of Commissioners. A certified
check for 1%,payable to the city, must accompany the proposal.
The following information is furnished with the official offering notice:
Certificate of genuineness of signatures on notes attested by the Union
Planters National Bank & Trust Co., Memphis. Tennessee, and a full
transcript of proceedings by the Board of Commissioners in authorizing and
selling these notes.
Payment shall be made in Memphis or New York funds. Delivery will
be made within two days after the date of sale.
These notes will be delivered in Memphis, in New York City; or the
equivalent of New York City; provided, however, that the bidder shall
state in his proposal the delivery required, and provided, further, that
delivery in Memphis will be regarded as $62.50 better than St. Louis
delivery. $75 better than Chicago delivery and $100 better than New York
delivery in awarding the notes.
These notes will be signed by the Mayor and the City Clerk and the
attached interest coupons will bear the facsimile signatures of said officers,
and said notes will be impressed with the seal of the city.
"The next bond payment is due July 15. A total of $430,000 is due on
maturities and interest charges. Mr. Giles said he is certain at this time
that he will have at least *130.000 of the amount on hand with which to
meet the payments. The balance, he said, will be advanced by the banks.
"If it had not been necessary for the city to have retired these old debts.
the municipality would have ended 1932 with an actual surplus in excess
of $500,000. It spent for all purposes a total of *7.000,000. and took in
about $7,600,000 in tax payments and miscellaneous collections.
"The financial condition of the city is said to be better now than at any
time withing the past 10 years."
$17,500.00
$145,500,000.00
37,184,000.00
7,000,000.00
20.000,000.00
Total bonded debt
$209,701,500.00
Emergency relief, revenue notes
18.750,000.00
Tax anticipation notes held by Motor Fuel Tax Fund
7,510.000.00
Tax anticipation notes held by Agricultural Premium Fund_
300,000.00
Total indebtedness
$236.261.500.00
-Sealed
INDIANAPOLIS, Marion County, Ind.
-LOAN OFFERING.
bids addressed to William L. Elder, City Comptroller, will be received
until 11 a. m.on Jan. 28 for the purchase of a $50,000 temporary note issue,
to bear interest at not to exceed 6%. Dated Jan. 28 1933 and due on
May 27 1933. Payable at the office of the City Treasurer.
-BOND
INTERNATIONAL FALLS, Koochiching County, Minn.
DETAILS.
-The $40,000 issue of 434% (not 431%) registered water refunding bonds that was purchased by the State Investment Board-V.135,
p. 4584
-was sold on Dec. 19 at par. Due $5,000 from 1941 to 1946, and
$10,000 in 1947. Interest payable Dec. 1.
-ADDITIONAL
IONIA SCHOOL DISTRICT, Ionia County, Mich.
INFORMATION.
-The issue of $10,000 431, refunding bonds recently
%
purchased by the State Retirement Fund Board at Lansing at par
V. 136, p. 193
-is further described as follows: Dated Jan. 15 1933. Coupon bonds in denom. of 161.000. Due serially on Jan. 15 from 1934 to
1943, incl. Interest is payable in January and July.
JACKSON COUNTY (P. 0. Altus), Okla.
-BOND EXCHANGE.
We are informed that a $17,850 issue of 6% semi-ann. funding bonds has
been accepted at par by C. C. Hightower of Altus, in lieu of bonds previously held by him which were funded.
JACKSON COUNTY ROAD DISTRICT NO.5 (P. 0.Edna), Tex.
BONDS VOTED.
-At the election held on Jan. 2-V. 135, p. 4416
-the
voters approved the issuance of $22,500 in road bonds by a majority of
about 10 to 1. Interest rate is not to exceed 534%. No definite sale date
Is as yet scheduled.
JOHNSTOWN, Cambria County, Pa.
-BOND SALE.
-The issue of
*205,000 434% funding bonds of 1932 offered on Jan.10-V.135, p.4416
was awarded to Yarnell & Co. and Edward B. Smith & Co., both of Philadelphia Jointly. Dated Dec. 1 1932. Due on Dec 1 as follows: $37,000
In 1933; $.39.000, 1934; $41,000, 1935; *43.000 in 1936. and $45,000 in 137.
KANE COUNTY (P. 0. Geneva), 111.
-BOND SALE.
-Lawrence
Stem & Co.and A.G.Becker & Co., both of Chicao,jointly, were awarded
on Jan. San issue of 3250,000 5% poor relief bonds, due serially on Oct- 1
from 1934 to 1948 incl., at a price of 99.46. Other bids for the issue were
reported as follows:
BidderRate Bid.
Halsey, Stuart & Co
99.20
H. C. Speer & Sons Co
99.20
National City Co
99.18
A C. Allyn & Co
98.04
-BOND SALE.
-An issue of
LA HABRA, Orange County, Calif.
$100,000 water bonds is reported to have been purchased by R. H.Moulton
& Co.of Los Angeles, at a price of 100.28.
-CERTIFICATES PARLAKE CHARLES, Calcasieu Parish, La.
TIALLY SOLD.
-We are informed that of the $79,000 issue of 6% certif
icates of indebtedness offered in Sept.-V.135,p.2202-a block of $29,000
has been sold.
LAKE COUNTY (P. 0. Crown Point), Ind.
-BONDS NOT SOLD.
William E. Whitaker, County Auditor, reports that no bids were received
at the offering on Jan. 2 of $205,000 not to exceed 6% interest series 0
refunding bonds of 1932.-V. 135, p. 4416. Dated Jan. 1 1933 and due
Jan. 1 from 1941 to 1943 incl.
-Edward C.
LAKE PLACID, Essex County, N. Y.
-BOND SALE.
Herb, Village Clerk, reports that the issue of $37,500 street impt. bonds
offered on Jan. 10 was awarded as 5.10s, at a price of par, to B. J. Van
Ingen & Co. of New York. Dated June 1 1932. Due June 1 as follows:
82,500from 1933 to 1944,incl., and $1,500 from 1945 to 1949,incl. Interest
Is payable in June and December. Legality approved by Thomson, Wood
& Hoffman of New York.
-BOND PREPARATION
LAWRENCE, Nassau County, N. Y.
-In connection with the proposed award on Jan. 17 of $265,000
NOTE.
coupon or registered sewer bonds, notice and description of which appeared
in V. 136, p. 193, we learn that the Continental Bank & Trust Co. of New
York, will supervise the preparation and certification of the obligations.
-BOND SALE.
LAWRENCE COUNTY (P. 0. Ironton), Ohio.
-The
-was
Issue of $46,400 poor relief bonds offered on Jan. 9-V. 135, P. 4416
awarded as 0.1s to Ryan, Sutherland & Co., of Toledo. at par plus a premium of $166, equal to 100.35, a basis of about 4.63%. Dated Dec. 15
1932. Due on March 1 as follows: $8,200 in 1934; 88.700, 1935; $9.300.
1936; $9,800 in 1937, and $10,400 in 1938.
LEONARD SCHOOL DISTRICT NO. 9 (P. 0. Rolla) Rolette
County, N. Dak.-CERTIFICATE SALE.
-The $4,000 issue of certifi-was
cates of indebtedness offered for sale on Jan. 3-V. 135, p. 4585
purchased by the Bank of North Dakota, of Bismarck. as 6s at par. Dated
Jan. 10 1933. Due on April 10 1934.
LONGVIEW INDEPENDENT SCHOOL DISTRICT (P. 0. Long-The $50,000 issue
-BONDS APPROVED.
view), Gregg County, Tex.
of5% semi-ann.school bonds that was voted on Nov.26-V.135. p.4067
have been approved by the Attorney-General. Due $5.000
is stated to
from March 1 1934 to 1943 incl.
LOS ANGELES METROPOLITAN WATER DISTRICT (P. 0.
-BONDS PURCHASED-According to Associated
Los Angeles), Calif.
Press dispatches from Washington on Jan. 5 the Reconstruction Finance
Corporation announced on that day the purchase of $2,016,000 aqueduct
construction bonds, as 5s at par. The purchase of these bonds was under
an agreement of the R. F. C. to bid par on a total of $40,000,000 bonds of
-V. 135. p. 3383. The notice of the Corporation's agreement to
this district
buy this block of bonds was given in V. 135, p. 4246.
-LOAN OFFERING.
-Sealed
MALDEN, Middlesex County, Mass.
bids addressed to the City Treasurer will be received until 7:30 p. m. on
Jan. 16 for the purchase at discount basis of a $200,000 temporary loan, due
on Nov. 20 1933.
-BOND REDEMPTION NOTICE.
MEMPHIS,Shelby County, Tenn.
-It is announced by Sanford Morison, Secretary of the Board of Water
Commissioners, that the said Board is prepared to take up at par and
accrued interest, 4% city water department bonds maturing on May 1
1933, Memphis delivery.
The Memphis "Appeal" of Jan. 5 carried the following on the subject:
"The Memphis water commission will, on May 1. take up the last of the
original issue of $3,500,000 bonds issued in 1903 for payment of the water
plant, F. G. Proutt, Chairman, announced yesterday.
"The bonds bear 4% interest and are scattered throughout the United
States. In fact, Mr.Proutt said the commission does not know who holds
the bonds, therefore, advertisements will be inserted in certain papers
informing the bondholders of the commission's intention.
'Some time ago, the commission purchased $900,000 of the bonds in the
open market, leaving a balance of $2,600,000 outstanding. 'Now that we
have the money to take them up, we probably will have a hard time finding
who is holding them.' said Mr. Proutt."
MIAMISBURG, Montgomery County, Ohio.
-BOND SALE.
-The
issue of $4,000 5% bridge construction bonds authorized during November
-was purchased on Dec. 5, at par, by the State
1932-V. 135, D. 3725
Bond Retirement Fund. Dated Dec. 15 1932. Due $400 on Sept. 1 from
1933 to 1942 incl. Principal and interest (March & Sept.) are payable
at the First National Bank, Miamisburg.
-BOND DEBT OF' THE STATE AND MUNICMICHIGAN (State of).
-The report of State Treasurer Howard O.
-DIVISIONS.
CIPAL SUB
Lawrence shows that at the close of the last fiscal year the gross bonded
Indebtedness of the State amounted to $82,250,000, representing a reduction
of $3,205,506.65 from the figure at the close of the previous period, while
the cities, villages, townships and school districts in the State owed bonds
and notes, aggregating $777.809,179.63, including $40.484,203.66. Covert
road bonds and $20.214,873.77 drain bonds. The local sub-division indebtedness increased $12,560,862.01 during the last fiscal year, according to Mr.
Lawrence. The "Michigan Investor" of Detroit of Jan. 7 commented
further on the report as follows:
The various units making provision through sinking funds for the retirement of these obligations held *58.509,981.31 which is an increase of
$2,377,106.17 compared with the end of the previous fiscal year.
Cities outrank ,all other subdivisions in piling up debts. They OW8
$220.812,490.04 in serial bonds; $162.897.953.8T in sinking fund bonds;
138,397,433.04 in special assessment bonds, and $50,062,920.55 in notes.
The total of their sinking funds is $36,991,452.44.
Under the statute all municipal units must obtain a certificate of regularity from the State treasurer before any bonds, or notes running more than
six months, are issued. The treasurer's certificates covered $77,406,329.26
In bonds and notes issued during the year.
The State finished the year with a gross bonded indebtedness of $82,250,000 which was a reduction of $3.205.506.65 during the year. The State
held cash and investments for payment of these bonds amounting to $31.637,888.15 making a net bonded debt of $50,612,111.85.
June 30 last $5,000,000 soldiers bonus bonds matured. The State paid
$1,000,000 in cash and refunded the balance.
The refunding bonds will mature at the rate of $1,000,000 annually
beginning July 1 1933.
The State bonded indebtedness is divided as follows: highway bonds.
$50,000,000; soldier bonus bonds, $29,000,000; war loan bonds, $2,250.000 and state fair bonds, $1,000.000.
The State holds $2,765,140.99 in cash available for sinking fund investment. Securities total $28,872,747.16.
MINNEAPOLIS, Hennepin County, Minn.
-BOND OFFERING.
Both sealed and auction bids will be received until 11 a. m. on Jan. 20, by
Geo. M. Link, Secretary of the Board of Estimate and Taxation, for the
purchase of a $300,000 issue of coupon or registered public relief bonds.
Interest rate is not to exceed 8%, payable F. & A. Rate of interest is to
be stated in a multiple of 31 of 1%. Dated Feb. 1 1933. Due $60,000
from Feb. 1 1934 to 1938, incl. The approving opinion of Thomson, Wood
& Hoffman of New York will be furnished. Bids offering an amount less
than par cannot be accepted. Further information and forms on which to
submit bids will be furnished on request to the above Secretary. A certified check for 2% of the bonds bid for, payable to C. A. Bloomquist, City
Treasurer, is required.
(This report supplements that given in V. 136, p. 194.)
The following information is furnished in connection wit this offering:
Authority for Issue.
-Bonds and certificates offered y
Board of
Estimate and Taxation are issued 'pursuant to the provisions of Sections
9 and 10 of Chapter XV of the City Charter, which provisions do not
require that the proposed issue be approved by popular vote.
Redemption Requirements.
-Money to be used to pay the interest and
principal of the obligations now offered will be included in succeeding
levies to be made by the city. Such inclusion is required by Section 10.
Volume 136
Financial Chronicle
Chapter XV of the City Charter, which reads as follows: "The City
Council shall each year include in the tax levy for the city a sufficient
amount to provide for the payment ofsuch interest and for the accumulation
of a sinking fund for the redemption of such bonds at their maturity."
Redemption requirements for the principal of all bonds are calculated on
an amortization basis of 4%.
Net Indebtedness..
-The maximum "net indebtedness' for Minneapolis
as defined by Minnesota laws is 10% of the assessed valuation of taxable
property. (See statement below as to such assessed valuation.)
-Minneapolis received in 1932 from tax collections of
Tax Receipts.
ad valorem levies 90.56% of the amount levied and payable in 1932.
Corresponding figures for 1931 and 1930 are 97.96% and 97.64% respectively.
Tax Delinquiney.-Tax Delinquency for levies and assessment for city
purposes for the past two years were as follows:
Year 1930 Year 1931
Ad valorem levies on real estate and personal property 5.09%
5.96%
Local assessments on real estate
13.867
15.26 7
,
Combined delinquency
6.13%
7 '7
°
.03.
°
Threatened Litigation.
-No litigation has been threatened or is now
pending affecting in any manner the issue of these obligations.
Default in Payment.
-The city has never defaulted or delayed payment
a principal or interest on its bonds.
misinking Fund Investments.-The bonds held in the sinking fund are 334.
4, 434. 454. 5. 534 and 6% and are carried at their face value.
Incorporation.
-The City of Minneapolis was incorporated Feb.6 1867.
-Assessed Valuation- -Full 80 True Valuation
1931.
1932.
1931.
1932.
Real property
8285.323.569 $275.891,095 8714.554,825 8689,721.540
Personal property
45,530,071
41,537,133 134,356,352 123,518.644
Money and credits.. 124,261,979 112.855.320 124,261,979 112,855,320
Total
$455,115,619 $430,183,223 8973,173,156 8926,095.504
Population.
-National census. 1910, 301.408: 1920, 380,582; 1930.
464.753; Census Bureau estimate as of July 1 1932. 481,700.
MISSISSIPPI, State of (P. 0. Jackson).
-ADDITIONAL BONDS
SOLD.
-A dispatch from Jackson on Dec. 31 to the Memphis "Appeal"
reports as follows on toe sale of an additional block of $581,000 bonds of
the total $6,000,000 issue of hospital and deficit bonds, leaving $904,000,
the option on which expired on Jan. 1-V. 135, p. 4417:
"Exercising the right of option before its expiration Jan. I. a block of
1581,000 Mississippi bonds were taken up by a bond buyers' syndicate
to-night, State Treasurer Lewis May said.
"The money will not be received until next week, but Governor Conner
was signing the bonds to-night for delivery. Included in the block of bonds
are $60,000 of insane hospital bonds, and $521.000 of deficit or funding
bonds.
"Practically all of the insane hospital issue will be used in payment or
warrants held by contractors for work already completed.
"The deficit, or funding bonds, will go toward the payment of outstanding
warrants.
"Although there remains nearly a million dollars in bonds under option.
it is not likely they will be taken before the expiration date.
"All of the bonds were sold at 96 cents on the dollar to yield 8%."
MISSOULA COUNTY P.0. Missoula), Mont.
-BONDS AND WARRANTS CALLED.
-It is reported that various warrants were called for
payment on Dec. 20, and various bonds of differing maturities were called
on Jan. 1. Certain of the bonds are payable at the National City Bank in
New York or at the Northwestern National Bank in Minneapolis,
remaining bonds and warrants will be paid at the office of the and the
County
Treasurer.
MOFFAT COUNTY (P.O. Craig), Colo.
-WARRANTS CALLED.
-It le
reported that all warrants registered on or before the following dates will
be paid according to the fund specified: County warrants. up to Dec.
1932; School District No. 2, warrants numbered 49 and 51; District No.27
3.
special, April 14 1932; District No. 5, special, Sept. 15 1932; District No.
6, special. Dec. 2 1932; District No. 6, general teachers, numbered
131-133;
District No. 7. gen. teachers, No. 178; District No. 7, special, Jan. 1 1932,
and District No. 29, special, June 29 1932. These warrants should be presented to the County Treasurer for payment within 30 days from date of
first publication of notice, which publication was made on Dec.28. Interest
will cease at that time.
MONROE COUNTY (P. 0. Rochester), N. Y.
-BONDS PUBLIM"
OFFERED-ADDITIONAL INFORMATION.
-The issue of
3% %
coupon or rstered emergency bonds awarded on Jan. 5 to $200,000
Salomon
Bros. & Hutzler of New York at 100.311, a basis of about 3.63%-V.
136.
p. 194
-was immediately reoffered for general investment at prices
to
yield 2.50% for the 1934 maturity; 1935. 3%; 1936. 3.25%; 1937,
3.50%.
and 3.60% for the 1938 maturity. The bonds, according
are legal investment for savings banks and trust funds in to the bankers,
New York State.
Bids received at the sale were as follows:
BidderInt. Rate.
Premium.
Salomon Bros. & Hutzler (purchaser)
$622.00
334%
Union Trust Co., Rochester
4V
630.00
Sage, Wolcott & Steele, Rochester
44
252.00
Financial Statement-Tax Collection Data,
Assessed valuation, $802,730,088. Fiscal year ends Dec.
31. Taxes
due Jan. 1; payment without penalty to Jan. 31. Warrants
issued April 15.
Taxes sold Aug. 20. Redemption privileges by
paying accrued charges.
Foreclosure optional with county.
State and county tax rata on city property: 1932,
$5.74; 1931, $5.83:
1930. $5.84.
State and
Town
St. 1 1932
Tax LevyCounty,
Purposes.
Uncollected.
1929 duo in 1930
84,773,045
$2,778,203
$959,380
1930 due in 1931
4,875,077
2,223,604
946.368
1931 due in 1932
4,891,409
3,079,485
2,174,580
Bonded Indebtedness
-Nov. 30 1932.
year
Int.
Principal Payments
Issued.
Rate.
1933. 1934. 1935. 1936.
1930 County Home
$4,000,000 .039
--__ $75,000 875.000 875,000
1927 Park
1,500,000 .0375
25,000 25,000
1927 Sanatorium
1,200,000 .04
825:660 25:666 25,000 25,000
1925 Court House
300,000 .04
25,000 25,000 25,000 25,000
1931 St. Paul Boulevard
375,000 .036
25,000 25,000 25.000 25,000
1917 Charlotte River Bridge45,000 .045
5,000 5,000 5,000 5,000
1931 Emergency work relief_
50,000 .048
50,000
1931
do
do
do
100.000 .0575 30,000 35:666 35;000
1932
do
do
do - 150,000 .0525 50,000 50,000 50,000
1932
do
do
do.. 150,000 .04
80,000 30,000 30,000 30,000
do
1932
do
do.. 125,000 .04
13,000 37.000 88,000
do
1932
do
do _
25,000 .039
____ 25,000
$8,020,000
Current Indebtedness.
-Tax anticipation note, 6 months, 434%
Sept.14 1932
$1.000,000
-Tax anticipation note, 6 months, 4siv
Nov. 10 1932
*7oo.000
. $400,000 in tax levy for 1932 to be paid in 1933. °
1,
Population, 4,500,000.
MONTANA, State of (P. 0. Helena).
-SUPPLEMENTARY LOAN
GRANTED.
-On Jan. 11 the Reconstruction Finance Corporation
following announcement of an additional emergency relief loan: made the
"TheIt. F. C., upon application of the Governor of Montana, has made
available $53.118 to meet current emergency relief needs in five counties of
that State for the period Jan. 1 to Feb. 28 1933.
"Supporting data state that the Governor is recommending to the
Montana Legislature the enactment of legislation that may make available
a larger amount of local funds aod that he will also request the Legislature
to make such appropriations as it may desire to meet the situation.
"Since the passage of the Emergency Relief and Construction Act of
1932 the Corporation has made available $1.037,408 to meet current
emergency relief needs in the State of Montana."
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BONDS NOT
-The issue of $105,000 6% poor relief bonds offered on Dec. 30SOLD.
-was not sold. Dated Dec. 15 1932. Due $7,500 on
V. 135. 13• 4247
March and Sept. 15 from 1934 to 1940, inclusive.
MORGAN, Morgan County, Utah.
-BOND DETAILS.
-The $65.000
power plant construction bonds that were purchased by Edward L. Burton
Co. of Salt Lake City-V. 135, p. 4586-bear interest at 6% and were
awarded at a price of 100.65, a bask; of about 5.94%. Due in 20 years.
357
MOUNT PLEASANT INDEPENDENT SCHOOL DISTRICT (P. 0.
Mount Pleasant), Henry County, lowa.-BOND SALE.
-The 825,000
issue of school bonds offered for sale on Jan. 6-V. 136. p. 194
-was Purchased by Geo. M. Bechtel & Co. of Davenport as 434s, paying a premium
of $20, equal to 100.08.
MULTNOMAH COUNTY (P. 0. Portland), Ore.
-BONDS OFFERED
FOR INVESTMENT.
-The $500,000 issue of coupon semi-ann. road.
series 0, bonds that was purchased by a syndicate headed by Phelps.
Fenn & Co. of New York as 6s at par-V 136. p. 194
-is being offered by
the successful bidders for public subscription at prices to yield
Due $50,000 from Jan. 15 1939 to 1948, incl. These bonds are said 5.25%•
to be a
legal investment for savings oanks and trust funds in New York.
There were no other bids received for the above bonds.
NEVADA, State of (P. 0. Carson City).
-LOAN GRANTED.
following is the text of a loan report made by the Reconstruction -The
Finance
Corporation on Jan. 7:
"The R. F. C., upon application of the Governor of Nevada, has
made
available $5,600 to meet current emergency relief needs in Churcnill
and
Esmeralda counties during the months of January and February.
1933.
"Supporting data indicate that the major reason for the acute
need for
supplementary relief funds at this time is that the funds of these two
counties are impounded in local banks which have been closed. Both counties
state as soon as these impounded funds are released they will again
be in
position to meet their own relief needs.
"Since the passage of the Emergency Relief and Construction
Act
R. F. C. has made available $119.267 to meet current emergency the
relief
needs in various political subdivisions of the State of Nevada."
NEWARK, Essex County, N. J.
-BONDS PUBLICLY OFFERED.
-H.L. Allen & Co. of New York, offered for public investment on
% gold bonds to the amount of $75,000 at a price of par and Jan. 12
Due $40,000 March 15 1942, $10,000 Dec. 1 1957. and $25.000 Interest.
1969. The bonds, according to the bankers, are legal investmentMarch 1
for savings banks and trust funds in the States of New York and New Jersey.
NEW HAVEN, New Haven County, Conn.
-REQUESTS SECOND
LOAN OF 3500,000.
-It was reported on Jan. 6 that the Board of
Finance
had asked for an additional loan of $606,000 on tax anticipation
bearing interest at 5%%,
from the Bank of Manhattan Co. and the notes,
Trust Co., both of New York, in accordance with the agreementBankers
entered
into during December, 1932-V. 135, p. 4248
-which provides for
in amount of $3,000,000 to be made during this year. The initial loans
loan of
$500,000 was obtained during December, while the current one of
that
amount is to be repaid on Oct. 2 1933. The need for additional funds
at
this time was attributed to the change authorized two years ago, which
advanced from Jan. 1 to Feb. 1 of each year the date on which tax
tions become payable. The Board of Finance is preparing legislation collecwhich
will restore the date of payment back to Jan. 1.
•
NEW JERSEY (State of).
-BONDS PUBLICLY OFFERED.
Pressprich & Co. of New York, offered for public investment on -R. W
Jan. 12 a
block of 3500,0004% road bonds, due July I 1950, at a price to yield
3.40%.
The obligations, according to the bankers, are legal investment for savings
banks and trust funds in New York, the New England States and
elsewhere%
NEW ORLEANS, Orleans Parish, La.
-BOND SALE CONSUMMATED.
-We are informed by the Secretary of the Board
tion of the City Deot that on Dec.30 delivery was made to the of LiquidaReconstruction Finance Corporation at par of the 36,000.000 5% Public Belt
Railroad
bridge aonds-V. 136, D. 194. We take the following from the New
Orleans
"Times
-Picayune" of Dec. 31:
"The way for actual construction of the combined railroad and
vehicular
bridge over the Mississippi River at New Orleans was finally
cleared Friday morning, when the necessary signatures to the contract for
the $13.000,000 project were affixed.
"Coincidental with the signing of the contract by Governor
0. K. Allen,
Mayor T. Semmes Walmsley and Thomas F.
Cunningham, President
pro-tempore of the New Orleans Public Belt Railroad
funds for the construction of the bridge were deposited Commission, the
Reserve Bank to the credit of five New Orleans banks as with the Federal
Federal
"Marcus Walker, Managing Director of the New Orleans funds.
branch of
the Federal Reserve Bank of Atlanta, acting as the representative
of the
R. F. C. turned over to Rudolf S. Hecht. President of the
& Trust Co., as trustee, 813.000,000 and accrued interest for Hibernia Bank
the $7,000,000
of Louisiana Highway Commission bonds and 86,000,000
Public Belt
bonds."
NEWPORT SCHOOL DISTRICT, New Castle County,
Del.
BOND SALE.
-Laird & Co. of Wilmington, have purchased
an issue of
$19,000 6% school bonds, at a price of par. Due 31,000 annually
from
1934 to 1952, inclusive.
-TAX COLLECTIONS.
NEW YORK, N. Y.
-Uncollected taxes at the
close of 1932 amounted to 8139,000,000, as compared with $89,000,000
at
the end of 1931. according to City Comptroller Charles W. Berry. The
percentage of collections of the total levies for 1932 and 1931 was 73
and
75% respectively, it was said.
NEW YORK (State of).
-SUBSCRIPTIONS ACCEPTED FOR
-State Comptroller Morris S. Tremaine on ISSUE
OF 550.000.000 NOTES.
received subscriptions in amount of 3200.000.000 in response to his Jan. 11
request
for bids for the purchase of an issue of $50,000.000 I% notes dated Jan.
19
1933 and due on Jan. 19 1934. The notes were awarded proportionately
to 67 banks and investment banking houses throughout the State in allotments ranging from a maximum of $1,250,000 down to 3100,000.
notes, sold at a price of par, were traded in during the day mostly at a The
to yield 34%.while the quotation at the close of the market was % figure
%
bid
and fyi% askd. The present interest rate of I% compares with
from 211% to 434% at which similar note financing in amount levies of
of $150,
000,000 was accomplished during the early part of 1932. On Jan. 26
last
year $25,000,000 notes bearing a rate of 434% and due on
rapidly subscribed for by local banks, while on March 30May 1 1932 were
the
indicated a rate of 311% at a sale of an issue of $50,000,000 Comptroller
due Jan. 15
1933. On April 27 the State was able to borrow $75.000,000 due on
May 2
1933 at an interest cost of 234%. The high credit rating of the
further exemplified on Dec. 14 1932, when award was made of State was
bonds,comprising $15,400.000 334s due in from 1 to 7 years and $30.400,000
$15.000,000
3s, due in from 1 to 50 years, to the Chase Harris
ciates, on a net interest cost basis of only 3.027% Forbes Corp. and assorepresented the
lowest cost basis at which permanent bond financing Thisbeen
has
effected by
the State within the past 25 years
-V. 135. p. 4248. Those subscribing
to the current issue a $50,000,000 notes and the amount
allotted in each
Instance is indicated herewith:
31,250,000.
$1,250,000.
$250,000.
Bancamerica Blair Corp. kf & T Tr. Co., Buffalo, Astel & Co.
Bank of Manhattan Trust Manufacturers Trust Co. Darby
de Co.
Co.
Marine Trust Co., Buffalo. R. L. Day & Co.
Bank of New York & Trust National City Bank,
Estabrook & Co.
Co.
National City Co.
Field, Clore & Co.
Bankers Trust Co.
New York Trust Co.
Foster & Co.
Barr Bros. & Co.
R. W.Pressprieh & Co.
Brown Bros. Harriman & Salomon Bros. & Hutzler. Geo. B. Gibbons & Co.
Hannahs, Blinn & Lee.
Co.
Stone & Webster and
Liberty Bank, Buffalo.
Central Hanover Bank &
Blodaet.
Public Nat.Bank & Tr.Co.
Trust Co.
$1,000,000.
Roosevelt & Son.
Chase Harris Forbes Corp. County Trust Co.
L.F. Rothschild & Co.
Chase National Bank.
8750,000.
Edw. B. Smith & Co.
Chemical Bank & Tr. Co. Fifth Avenue Bank
Trust Co. of North Amer.
City Bank Farmers Tr. Co Hayden, Stone & Co.
New York State Nat.Bank.
Commercial National Bank Heidelbach, Ickelheimer
$200,000.
& Trust Co.
& Co.
P.1. Goodhart & Co.
Corn Exchange Bank Trust Kidder, Peabody & Co.
$150,000.
Co.
Lazard Freres.
First Detroit Co., Inc.
Dillon, Read & Co.
5550,000.
Kean, Taylor & Co.
First of Boston Corp.
G. M. Murphy & Co. J. Henry Schroeder Tr. Co.
-P.
Guaranty Company.
$500,000.
5100.000.
Guaranty Trust Co.
First Nat,Bank, New York Ruell & Co.
Hailgarten dr Co.
Goldman, Sachs & Co.
Hemphill, Noyes de Co'
Kuhn. Loeb & Co.
W. E. Lauer & Co.
A. Iselin & Co.
Ladenburg. Thalman & Co F. S. Moseley dc Co.
R. H. Moulton & Co.
Lehman Brothers.
1300,000.
J.& W.Seligman & Co.
Phelps, Fenn & Co.
NORTHBRIDGE SCHOOL DISTRICT, Ohio.
The State Teachers' Retirement System purchased in-BOND SALE.December 1932 an
issue of $170,000 school construction bonds.
358
Financial Chronicle
NORTH CAROLINA,State of(P.O. Raleigh).
-LOAN GRANTED.
The following report on a relief loan was made by the Reconstruction
Finance Corporation on Jan. 6:
"The R. F. C., upon application of the Governor of North Carolina,
to-day made available $1,650,000 to meet current emergency relief needs
in 100 counties of that State for the period Jan. 1 to Feb. 28 1933.
"These funds are made available under Title I, Section 1, Subsection (c)
of the Emergency Relief and Construction Act of 1932 with the understanding that the responsibility of the political subdivisions and the State
of North Carolina to make every effort to develop their own resources to
provide relief is not in any way diminished.
"Supporting data estimate the relief needs for January and February at
$2,573,887, with $677,070 reported as available from local sources. In
addition a balance of $261,817 remains from funds heretofore made available by the Corporation.
"Since the passage of the Emergency Relief and Construction Act the
R. F. C. has made available $1,386,
R00 to meet current emergency relief
needs in the State of North Carolina."
NORTH DAKOTA,State of(P.O. Bismarck).
-LOAN GRANTED.
The following emergency loan report was made by the Reconstruction
Finance Corporation on Jan. 7:
"Upon application of the Governor of North Dakota the R. F. C. has
made available $57,000 to meet current emergency relief needs in seven
political subdivisions of that State for the period Jan. 1 to Feb. 28 1933.
"Supporting data estimate the total need for the two-month period at
$93,440, of which sum $32,742 are reported available from local resources.
"Since the passage of the Emergency Relief and Construction Act of 1932
the R. F. C. has made available $100,680 to meet current emergency
relief needs in various political subdivisions of the State of North Dakota."
ir NORTHPORT,Suffolk County, N. Y.
-PROPOSED BOND ISSUE.
Calvin Van Pelt, Village Clerk, states that an issue of $150,000 sewer bonds
may be offered for sale about April 1 1933
NORWOOD, Hamilton County, Ohio.-BaNDS AUTHORIZED.
The city council recently adopted an ordinance providing for the issuance
of$7,000 6% water works impt. bonds, to be dated Feb. 1 1933 and mature
$1,000 on Feb. 11935,and $2,000 on Feb. 1 from 1936 to 1938 incl. Denom.
$1,000. Principal and semi-annual interest are payable at the First National
Bank. Norwood.
-We
OGDEN, Weber County, Utah.
-BOND SALE AUTHORIZED.
are informed that the First Securities Co., and Edward L. Burton & Co.
both of Salt Lake City, have exercised the option given to them in November
-V. 135, p. 3389.
on the $110,000 4 % sanitary sewer bonds.
.-The follow-LOAN GRANTED
OHIO, State of (P. 0. Columbus).
loan announcement made by the Reconstruction Finance
ing is the text of a
Corporation on Jan. 6:
"Upon application of the Governor of Ohio, the R. F. C. on January 5
made available $334,900 to the County of Stark under Title I, Section 1,
subsection (e) of the Emergency Reliefand Construction Act of 1932.
"On August 5 the Corporation made available $344,900 to Stark County
under subsection (e), the county agreeing to issue its 'Section three bonds'
upon call of the Corporation. This advance provided for the relief needs
of the county up to Dec. 311932, but exhausted the county's right to issue
these 'Section three bonds.' The county, however, still has the right to
issue what are known as 'Section seven bonds.'
"A public market has recently developed for the 'Section three bonds,'
but apparently there is no public market for 'Section seven bonds.' Both
series of bonds are valid bonds of Stark County, but 'Section three bonds'
have more direct financing for their repayment than 'Section seven bonds'
and consequently enjoy a better market.
"In granting the Governor's new application, the Corporation, in effect,
agrees to accept 'Section seven bonds in lieu of 'Section three bonds,' thus
releasing ,p44,900 worth of saleable bonds to Stark County for relief
purposes.
-LOAN GRANTED.
-The followOHIO, State of (P. 0. Columbus).
ing announcement was made by the Reconstruction Finance Corporation
Jan. 5 regarding a relief loan to this State made on that day:
on
C., upon application of the Governor of Ohio, to-day made
"The R.
available $1,400,077 to meet current emergency relief needs in five counties
F.
and one city of that State during the months of January and February.
"Supporting data state that the application for $1,400,077 was based
upon reports submitted by all political subdivisions for which Federal
funds were requested in 1932. This includes eight counties and two cities
whose combined population is 3.680,000 or 55Vof the entire population
of that State. Experience indicates that 80 to 85% of the relief need of the
State is found in these subdivisions.
"The total estimated need of these 10 subdivisions, four of which seek
no funds from the Corporation at this time, for the months of January
and February is $6,034,769. Total available resources are estimated by
local subdivisions at $3,659,939, which includes balances of Federal funds
made available in 1932 agitmegating $715,621 and funds already granted
for 1933 under subsection (c) totaling $961,148.
'The Ohio Legislature is now in session and the Governor has informed
the Corporation that legislation is expected to be passed to provide further
aid to the political subdivisions of the State in meeting relief needs.
"Since the passage of the Emergency Relief and Construction Act, the
R. F. C. has made available $8,248.753 to meet current emergency relief
needs in various political subdivisions of the State of Ohio.'
-BONDS NOT SOLD.
-The
ORANGE COUNTY (P. 0. Paoli), Ind.
issue of $11,200 6% township poor relief bonds offered on Jan. 2-V. 135,
-was not sold, as no bids were received. Dated Jan. 2 1933. Due
p. 4587
$1,120 on May and Nov. 15 from 1934 to 1938 incl.
ORANGE VILLAGE SCHOOL DISTRICT, Cuyahoga County,
-The issue of $10.000 6% refunding bonds
Ohio.-BOADS NOT SOLD.
-was not sold, as no bids were received.
offered on Dec.30-V.135. p. 4249
Dated Jan. 1 1933. Due $1,000 on April and Oct. 1 from 1934 to 1938 incl.
-LOAN GRANTED.-The ReconOREGON, State of (P. 0. Salem).
struction Finance Corporation issued the following loan report on Jan. 7:
"The R. F. C., upon application of the Governor of Oregon, has made
available $742,200 to meet current emergency relief needs in Multnomah
County and Columbia County for the period Jan. 1 to Feb. 28 1933.
"Supporting data state that Multnomah County, in which Portland is
located, has already expended more than $4,800,000 for emergency relief
and that the present financial condition of the city and county and the
heavy burden of taxation preclude further local taxation or assumption
of debt. Portland, however, has available $814,000 from a previously
authorized bond issue which the City Emergency Relief Committee has
reserved for the purchase of materials, cost ofsupervision and other expenses
connected with work relief which can not be paid out of funds made available by the Corporation.
"Since the passage of the Emergency Relief and Construction Act the
R. F. C. has made available $238,538 to meet current emergency relief
needs in various political subdivisions of the State of Oregon."
-The $70,000
-LOAN NOT SOLD.
PEABODY, Essex County, Mass.
revenue anticipation loan of 1933, to be dated Jan. 10 1933 and mature
on Nov. 10 1933, offered for purchase at a discount basis on Jan. 19-V.
-was not sold, as no bids were received.
136, p. 194
PHOENIX, Mariccpa County, Ariz.-EOND OFFERING REPORT.Pursuer t to the report appearing in V. 135. p. 4586, of the authorization of
$140,000 in street paving bonds, which were sold to be proposed for issuager,
ance, we are informed by Jos. C. Furst, Acting City Mar.that the
matter has not yet been settled ard if the bonds are offered they are not
city bonds but paving district bonds; they would be issued to cover the
widening of West Van Buren Street, ard would be a lien directly against
the property.
-J. P.
-LOAN OFFERING.
PITTSFIELD, Berkshire County, Mass.
Barnes, City Treasurer, will receive sealed bids until 11 a. m. on Jan. 16
at discount basis of a $200,000 temporary loan, issued in
for the purchase
anticipation of revenue for 1933. Dated Jan. 18 1933 and playable on Nov.
10 1933 at the First National Bank, of Boston. Denoms. $25,000, $10,000
and $5,000. The notes, evidencing existence of the debt, will be authenticated as to genuineness and validity by the aforementioned Bank, under
advice of Ropes, Gray, Boyden & Perkins, of Boston.
-BONDS AUTHORIZED.
PLYMOUTH, Litchfield County, Conn.
$100,000
At an election held on Dec.22 the voters authorized the issuance ofa suppleemergency expenses and at the same time defeated
bonds to pay
mentary issue of $50,000.
-TEMPORARY
PLYMOUTH COUNTY (P. 0. Plymouth), Mass.
LOAN.
-The Bridgewater Trust Co. has purchased a $40,000 revenue
due on Nov. 10 1933, at 1.87% discount basis.
anticipation loan,
Ian.
14 1933
PORT JERVIS,Orange County, N. Y.
-BOND SALE.
-The $100,000
5% coupon or registered bonds offered on Jan. 9-V. 135, p. 4586
-were
awarded to Phelps, Fenn & Co. of New York, at par plus a premium of
$5,300, equal to 105.30 ,a basis of about 4.38%. Included in the award
were:
$80,000 series A improvement bonds of 1933. Due $10,000 on Jan. 15
from 1942 to 1949, inclusive.
20,000 series A relief bonds of 1933. Due $10,000 on Jan. 15 in 1937 and
1938.
Each issue is dated Jan. 15 1933. Re-offering of the bonds is being made
at prices to yield from 4 to 4.15%. Bids received at the sale were as follows:
BidderPremium.
Phelps, Fenn Sr Co.(successful bidder)
$5.300
Sherwood Sr Merrifield, Inc
3,890
B. J. Van Ingen & Co
3,630
George B. Gibbons & Co., Inc. and Roosevelt & Son, jointly
3,070
Financial Statement.
Gross debt (including present issue)
$951,500
Bonds Outstanding:
City Hall addition
$6,000
Neversink River bridge
7,000
Fire alarm system
28,000
Garbage incinerator plant
35,000
East Main Street paving
25,000
Street improvement of 1931
112,000
West Main Street bridge
39,000
O'Neill judgment
5,000
Fire apparatus
4,500
Water bonds
580,000
Certificates of indebtedness in anticipation of
collection of taxes
10,000
$851,500
Deductions:
Water bonds
Certificates of indebtedness
$851.500
$580.000
10,000
$590,000
$590,000
$261,500
Bonds to be Issued:
Improvement bonds of 1933, series A
Relief bonds of 1933, series A
Net debt including bonds to be issued
'Assessed Valuation:
Real property
Special Franchises
$80,000
20,000
$100,000
$361,500
$11,082,850
323,426
$11,406,276
Budget and Tax Collection Statistics:
Uncollected at
Uncollected
Total Budget. End of Year. Dec. 21 1932.
$255,083.74
Year 1932
$24,699.42
265,701.45
1931
$16,181.57
5,910.20
251,469.92
1930
18,617.25
4.063.92
265,583.41
1929
9,431.91
679.51
Uncollected for years prior to 1929
$214.42
Tax rate for the year 1932
33.39
PORTLAND, Cumberland County, Me.
-TEMPORARY LOAN.
John R. Gilmartin, City Treasurer, reports that he has sold privately to
Bond & Goodwin of Boston a $500,000 temporary loan issue at 2% discount
basis. Dated Jan. 11 1933 and due on Oct. 10 1933.
ADDITIONAL LOAN.
-On Jan. 11 the above bankers purchased a
further issue of $500,000. dated Jan. 11 1933 and due on Oct. 10 1933, at
1.80% discount basis.
PORT OF COOS BAY (P. 0. North Bend), Coos County, Ore.
BONDS CALLED.
-It is reported that Nos. 1 to 25 of the 5% port series A
bonds, maturing on Jan. 1 1933. were called for payment on Jan. 1, on
which date interest ceased.
PUTNAM COUNTY (P. 0. Cookeville), Tenn.
-CONTEMPLATED
BOND ISSUANCE.
-At an adjourned session held on Jan. 3 the County
Court is reported to have passed a resolution to float a bond issue of $150,000
to take care of all outstanding county, school and road warrants. It is
said that this resolution does not include the sum of $92,000 which is owed
to the county by the State for schools. The measure will be sent to the
Legislature, according to report.
QUINCY, Norfolk County, Mass.
-TEMPORARY LOAN.
-The
Merchants' National Bank of Boston has purchased a $200,000 loan due
on Nov. 24 1933 at 2.57% discount basis. Bids received at the sale were
as follows:
Bidder
Discount Basis.
Merchants' National Bank (successful bidder)
2.57
Faxon, Gade & Co
2.65
Shawmut Corporation
2.77
Jackson & Curtis
2.78
Bond & Goodwin
2.81
F. S. Moseley & Co
2.99 o
RALEIGH, Wake County, N. C.
-NOTE OFFERING.
-Sealed bids
will be received until 10 a.m. on Jan. 16. by W.E. Easterling, Secretary of
the Local Government Commission, at his office in Raleigh, for the purchase of a $70,000 issue of 6% revenue anticipation notes. Dated Jan. 16
1933. Due on May 16 1933, without option of prior payment. Denominations to suit purchaser.
In connection with this offering we quote as follows from the Raleigh
"News and Observer" of Jan. 10:
"Negotiations are expected to be completed at an early date for the
refunding of $112,000in City of Raleigh bonds which were recently defaulted
along with $76,000 in interest, Mayor George Iseley announced yesterday
upon his return from New York City, where he conferred with representatives of bond firms.
"However, the city must borrow approximately $70,000 locally in order
to meet the interest which is already past due, said the Mayor, and this
will be done this week.
"The refunding arrangement will mean that $300,000 in original bonds
will be replaced by new bonds which will mature over a period of 30 years
hence. The original bonds were scheduled to mature within the next
five years.
"'My conference resulted in very satisfactory arrangements with the
bond concerns,' said the Mayor.
"Representatives of eight concerns handling City of Raleigh bonds agreed
to recommend to the bond holders that they accept the refunding bonds in
lieu of the originals and Mayor Iseley believes this indication ofco-operation
will result in the re-establishment of the city's credit.
"The refunding arrangement does not include the outstanding water
bonds, and the interest now due and that coming due in the future is not
affected, said the Mayor. The city expects to handle these debts with
current funds and local borrowings, he said.
"The default, which occurred when the city failed to make a paymenta
$182,701 in principal and interest on the first of the year, came largely on
account of sinking funds being tied up in closed banks, together with the
embezzlement of a large stun by a former tax collector, declared the Mayor."
RICHLAND SCHOOL DISTRICT NO. 3 P. 0. Bowbells), Burke
County, N. Dak.-CERTIFICATES NOT SOLD.
-We are informed by
the District Clerk that the $1,500 certificates of indebtedness offeredlon
-were not sold as there were no bids received.
Sept. 20-V. 135, P. 2024
RICHMOND, Madison County, Ky.-BONDS OFFERED FOR INVESTMENT.
-A $350,000 block of the $460,000 issue of water works
plant bonds that was purchased in December 1931 by E. S. Mays of
Springfield-V. 134, p. 708
-is being offered for public subscription by
Cray, McFawn & Co. of Detroit as 5% bonds, at prices to yield 5.50% and
interest. Coupon bonds in denomination of $1,000, registerable as to
principal. Dated Dec. 15 1931. Due from Dec. 15 1934 to 1971. Prin.
and int. (J. & D. 15) payable at the City National Bank & Trust Co. of
Chicago. Legal opinion of Chapman & Cttlerfof Chicago.
The offering circular contains the following information:
"These bonds, of which there are $383.000 outstanding, were issued for
the purpose of acquiring the water plant from private ownership. They
are, in the opinion of counsel, valid and legally binding obligations of the
City of Richmond, payable solely from the revenues of the water works
Volume 136
Financial Chronicle
system. A statutory mortgage lien on the water works plant has been
created and granted to the holders of these bonds, and the city is obligated
by law and covenants by ordinance to maintain such rates as will raise
sufficient revenue to pay principal and interest on these bonds and expenses
of operation and maintenance of the system. The constitutionality of
the statute under which these bonds are issued has been upheld by the Court
of Appeals of Kentucky, the highest Court of the State."
ROCK COUNTY (P. 0. Janesville), Wis.-BONDS PARTIALLY
AWARDED.
-Of the $400,000 issue of 4X% semi-ann. relief bonds offered
for sale on Jan. 9-V. 135, p. 4587
-it is stated that John Nuveen & Co.
of Chicago has purchased $200.000 of the bonds at a price of 97.44, with
an option on the balance at 96.00, providing the State Supreme Court
returns a favorable decision on their legal status. Dated Nov. 1 1932.
Due from Nov. 1 1935 to 1941, inclusive.
ROCK ISLAND COUNTY (P.O. Rock Island), III.
-BOND SALE.C. N. Isaacson, County Clerk, reports that the issue of 5300.0005% coupon
relief bonds offered on Jan. 12 was awarded to John Nuveen & Co. of Chicago at roar plus a premium of $775,equal to 100.25, a basis of about 4.96%.
Dated Jan. 1 1933. Due Jan. 1 as follows: $20,000 in 1935 and 1936:
525.000 in 1937 and 1938; $30,000 in 1939 and 1940: 135.000 in 1941 and
1942, and $40.000 in 1943 and 1944. Prin. and int. (Jan. and July)
are payable at the County Treasurer's office. Bonds are registerable as to
principal only. Legality approved by Chapman & Cutler of Chicago.
ROCKVILLE CENTRE, Nassau County, N. Y.
-LIST OF BIDS.
The following is an official list of the bids received for the issue of $125,000
coupon or registered sewer bonds awarded on Jan. 4 as 4.40s to the M.& T.
Trust Co. of Buffalo at 100.189, a basis of about 4.38%-V. 136, p. 195:
BidderJul. Rate.
Premium.
& T. Trust Co. (purchaser)
4.407
$236.25
Phelps, Fenn & Co
812.52
4.50%
Sherwood & Merrifield,Inc
4.70
825.00
Dewey. Bacon & Co
587.50
4.754
Wachsman & Wassail
4.80%
52.00
Roosevelt & Son
136.25
4.807
B. J. Van Ingen & Co
498.75
5.004
ROME, Oneida County, N. Y.
-The issue of $100,000
-BOND SALE.
Coupon or registered general city bonds offered on Jan. 6-V. 135, p. 4419
was awarded as 38 to Graham, Parsons & Co. of New York at a price of
100.409, a basis of about 2.83%. Dated Dec. 1 1932. Due $25,000 on
Dec. 1 from 1933 to 1936, inclusive.
SADDLE RIVER TOWNSHIP(P.O. Rochelle Park),Bergen County,
N.J.
-BOND EXCHANGE M'ADE.-In connection with the issue of$163,000 coupon or registered water bonds offered at not to exceed 5% interest
on Oct. 10 1932, at which time no bids were received-V. 135, p. 2692
Joseph Gardiner, Township Clerk, reports that the bonds have since been
exchanged for other bonds that matured. The issue of $163,000 is dated
Oct. 1 1932 and due serially on Oct. 1 from 1933 to 1962 incl.
SAINT CHARLES,Saint Charles County,Mo.-BONDSDEFEATED.
-It is reported that at a recent election the voters rejected a proposal to
Issue $300,000 in power plant bonds.
ST. CLAIR COUNTY (P. 0. Belleville), 111.
-BOND OFFERING.
D. A. Prindable, County Clerk, will receive sealed bids until 8 p.m. on
Jan. 25. for the purchase of 5500,000 5% coupon work relief bonds. Dated
Jan. 1 1933. Due $50,000 on Jan. 1 from 1936 to 1945, incl. Interest is
payable in January and July. A certified check for 2% must accompany
each proposal. Legality approved by Chapman & Cutler of Chicago.
ST. LOUIS COUNTY (P. 0. Duluth), Minn.
-CON TEMPLA TED
BOND ISSUANCE.
-Under date of Jan. 5 we are informed by W. H.
Bergen, County Auditor, that a committee has been appointed by the
County Board to obtain legislative authority for the issuance of from
$800,000 to $1,000.000 in bonds to finance poor relief, and C. E. Adams,
attorney for the Board, has been instructed to negotiate with Thomson,
Wood Ss Hoffman of New York City, for an opinion as to the legality of
such legislation, and such bond issue. The bond issue is necessary because
of a deficit in the Poor Commission, which is said to be about $800,000 at
the present time.
SAN FRANCISCO (City and County), Calif.
-BOND SALE.-file
$2.160,000 issue of relief bonds offered for sale on Jan.9-V. 136. p. 195
was jointly purchased by the Bankamerica
and Blyth & Co., both
of San Francisco, paying a premium of $65. equal to 100.003, a net interest
Co..
cost of about 4.06% on the bonds divided as follows: $270,000 as 5s, due
$180,000 in 1936 and $90,000 in 1937, and $1,890,000 SS 4s, due $90,000
in 1937. and $180,000, 1938 to 1947, incl. 'she other bids for the bonds
were reported in news dispatches as follows:
"Anglo California National Co., First National Bank of New York,
First National Co. of Detroit. Darby & Co., and Heller, Bruce & Co.,
par for $415,000 5% bonds and $1.745,000 4s.
"R. II. Moulton & Co., Dean Witter & Co., Bankers' Trust Co., Security
First Co., and Kelly, Richardson & Co.. a premium of $265 for $515,0Q0
44,s and $1.645,000 4s.
The National City Co., Weeden & Co., Kean, Taylor & Co., and Eldredge & Co. a premium of $248 for $1,080,000 44s and $1,080,000 4s.
"Guaranty Co., First Corporation of Boston, Nothern Trust Co., Chicago:
'
Security First Co., of Minneapolis; Boatsmen's National Bank.and Hannah,
Ballins & Lee, par for $950,000 44s and $1.210.000 4s.
"Halsey, Stuart & Co., Bancamerica-Blair & Co., Stone & Webster and
Blodgett, Inc.; Coo. B. Gibbons & Co., Phelps Fenn & Co., and Dewey
Bacon & Co., a premium of $100 for $1,180,000 43-s and $980,000 48.
BONDS OFFERED FOR INVESTMENT.
-The successful bidders reoffered the above bonds for public subscription priced as follows: 1936
maturity to yield 3%; 1937 to yield 3.25%; 1938, 3.60%; 1939. 3.75%;
1940. 3.85%, 1941. 3.90%; 1942. 4%; 1943, 4.057 and 1944 to 1947 to
0;
yield 4.10%. Legal approval by Thomson, Wood & Hoffman of New York
City. These bonds are reported to be direct and general obligations of
the city and county, legal for savings banks in New York, Massachusetts,
Connecticut, and other States.
SAN LUIS OBISPO COUNTY WATERWORKS DISTRICT NO. 3
(P. 0. San Luis Obispo), Calif.
-Sealed bids will
-BOND OFFERING.
be received until 11 a.m. on Jan. 16, according to report, by the District
Clerk, for the purchase of an 518,000 issue of 63-% water bonds. Due
$1,000 from July 1 1935 to 1952. inclusive.
SCOTT COUNTY (P. 0. Davenport), Iowa.
-BONDS OFFERED.
It is reported that bids were received until Jan. 14 by Albert 0. Kurth,
County Auditor, for the purchase of an issue of $160,000 funding bonds.
SENECA COUNTY (P.0.Tiffin), Ohio.
-BOND OFFERING.
-F.W.
Grill, County Auditor, will receive sealed bids until 10 a. m. on Jan. 26 for
the purchase of $25,000 6% poor relief bonds. Dated Feb. I 1933. Due
March 1 as follows: $4,400 in 1934; 54,700 in 1935: 55,000 in 1936; $5,300
in 1937, and 55,600 in 1938. Principal and interest (March & Sept.) are
payable at the County Treasurer's office. A certified check for $250.
payable to the order of the County Auditor, must accompany each proposal.
SLOCUM INDEPENDENT SCHOOL DISTRICT (P. 0. Slocum)
Anderson County, Tex.
-BOND DETAILS.
-The $4,500 issue of 5%
semi-ann. school bonds that was sold to the State Board of Education
V. 135. p. 3727
-was awarded at par and matures in 20 years, optional in
10 years.
SNOHOMISH COUNTY (P. 0. Everett), Wash.
-BOND OFFERING.
-Lt is reported that sealed bids will be received
11 a.m. on
Jan. 16, by the County Treasurer, for the purchase of an until of $153,000
issue
coupon county bonds.
SOUTH CAROLINA,State of (P.O.
-LOAN GRANTED.
--On Jan. 7 the Reconstruction Finance Columbia). issued the following
Corporation
emergency loan report:
"The it. F. C. upon application of the Governor of South
has made available 51,247,600 to meet current emergency reliefCarolina.
needs in
42 counties of that State for the period Jan. 1 to Feb. 28 1933.
"Supporting data state that a protracted drought throughout
the State,
disastrous hail storm in the coastal plain counties, the virtual collapse
a
of the lumber industry and the unfavorable prices for cotton
food crops and depleted local resources as to bring abouthave so reduced
a condition of
distress.
"Since the passage of the Emergency Relief and Construction Act of 1932
the R. F. 0. has made available $135.200 to meet current emergency relief
needs in certain political subdivisions of the State of South Carolina.
SOUTH CAROLINA,State of (P.O.Columbia).
-CONTEMPLATED
NOTE RENEIVAL.-It is reported that at a recent meeting of the
Finance Committee it was decided to seek renewal of the so-called State
State
359
deficit notes, aggregating about $5,000,000. The notes are due on Feb.l.
For the retirement of these notes 244 mills of the 5
-mill property tax were
pledged at the last meeting of the General Assembly.
SPENCER, Clay County, Iowa.
-BOND DETAILS.
-The $64,489
issue of coupon street paving bonds that was purchased by the National
Construction Co. of Omaha-V. 136, p. 195
-was awarded as 58 at par.
Denom. $500. Dated Sept. 30 1932. Due from 1934 to 1943. Interest
payable M.& N.
SPOKANE COUNTY (P.O. Spokane), Wash.
-BOND OFFERING.SealedIblds will be received until 11 a. m. on Jan. 16, by Paul J. Kruesel.
County Treasurer, for the purchase of a $500,000 issue of coupon funding,
series B bonds. Said bonds to run 20 years from Feb. 15 1933. and maturing
and numbered from 1 upward consecutively; which annual maturities shall
commence with the second year after date of issue of said bonds and shall
(as nearly as practicable) be in such amounts as will, together with the
interest on all outstanding bonds of said county be met by an equal annual
tax levy for the payment of said bonds and interest. The maximum rate
ofinterest said bonds shall bear is6% per annum,and all bidders are required
to submit a bid specifying (a) the lowest rate of interest and premium, if
any, above par at which such bidder will purchase said bonds; or (b) the
lowest rate of interest at which bidder will purchase said bonds at roar.
Said bonds will be sold to the bidder making the best bid subject to the right
of the County Commissioners to reject any and all bids and re-advertise
Said bonds will not be sold at less than par and accrued interest nor will
any discount or commission be allowed or paid on the sale of said bonds.
A certified check for 5% must accompany the bid.
STAMFORD (Cityof) Fairfield County, Conn.
-LOAN OFFERING.
-Joseph P. Zone, City Treasurer, will receive sealed bids until 12m. on •
Jan. 20, for the purchase at discount basis of a $300,000 current year tax
anticipation loan, to be dated Jan. 20 1933 and mature on Nov. 15 1933.
Denoms. $50,000, 525.000. $10,000 and $5.000. The notes will be authenticated as to genuineness and validity by the First National Bank of
Boston, under advice of Storey, Thorndike, Palmer & Dodge of Boston.
Tax Collections.
1931 levy (due Sept. 1 1932), $1.326,740. Collected Jan. 1 1933. $972,055
1930 levy (due Sept. 1 1931),51,705,317. Collected Jan. 1 1932,51,397,114
Uncollected 1930 taxes as of Jan. 1 1933. $136,565.
STEUBENVILLE, Jefferson County, Ohio.
-BOND OFFERING.
J. A. Cartledge, City Auditor, will receive sealed bids until 12 m.on Jan.for the purchase of $65,000 6% current revenue deficiency bonds, milked 21
by
non-payment of taxes. The bonds will be dated Feb. 1 1933 and mature
on Oct. 1 as follows: $7,000 from 1934 to 1940 incl., and $8,000 in 1941
and 1942. Principal and interest (April & Oct.) are payable at the City
Treasurer's office. Bids for the bonds to bear interest at a rate other than
6%, expressed in a multiple of X of 1%, will also be considered. A certified check for 1% of the amount bid, payable to the order of the City
Treasurer, must accompany each proposal.
STRUTHERS, Mahoning County, Ohio.
-BONDS NOT SOLD.
No bids were received at the offering on Jan. 10 of two issues of 6% sewer
construction bonds aggregating $80,839.53-V 135, p. 4587. Dated
Feb. 1 1933 and due on Oct. 1 from 1934 to 1938, inclusive
SUFFOLK COUNTY (P. 0. Riverhead), N. Y.
-CERTIFICATE
SALE.
-The issue of $150,000 coupon, series K, certificates of indebtedness offered on Jan. 11-V. 136, p. 195
-was awarded as 2.60s. to Lehman
Bros. of New York, at par plus a premium of $45, equal to 100.03, a basis
of about 2.58%. Dated Jan. 2 1933 and due on Jan. 2 1935. Bids received
at the sale were as follows:
BidderInt. Rate. Rate Bid.
Lehman Bros. (successful bidder)
2.60%
100.03
Salomon Bros. & Hutzler
3.209'
100.032
George B. Gibbons & Co., Inc
3.409
100.02
Hemphill, Noyes & Co
3.40%
100.079
Wachsman &Wassail
4.20 ,,,
100.029
BOND OFFERING.
-Ellis T. Terry, County Treasurer, will receive
sealed bids until 2 p. m. on Jan. 19 for the purchase of 5250,000 not to
exceed 6% interest coupon or registered highway bonds. Dated
Feb.
1933. Denom. $1,000. Due Feb. 1 as follows: $13,000 from 1934 1
1952 incl., and $3,000 in 1953. Bidder to name the rate of interest into
a
multiple of X of 1% and a single rate must apply to the entire issue. Principal and interest (Feb. and Aug.) are payable at the County Treasurer's
office, or at the Irving Trust Co., New York. A certified check for $5,000,
payable to the order of the County, must accompany each proposal. The
approving opinion of Clay, Dillon & Vandewater, of New York,
will be
furnished the successful bidder.
SYRACUSE, Onondaga County, N. Y.
-NOTE SALE.
-A group
composed of the Chemical stank & Trust Co., Hallgarten & Co. and Ladenburg. Thalmann & Co., all of New York, was the successful bidder for the
issue of $2,000,000 tax anticipation notes offered on Jan. 12. paying par
plus a premium of $10 for the issue at 14% interest. The notes are dated
Jan. 13 1933 and mature Sept. 13 1933. Principal and int. are payable at
the Chemical Bank & Trust Co., New York. Legal opinion of Caldwell
& Raymond, New York. The issue was re-offered for general investment
to yield 1 3.4 %. Bids received by the city were as follows:
Bidderlid. Rate.
Chemical Bank & Trust Co., Hallgarten & Co., and Ladenburg,
Thalmann & Co.(a purchaser)
1.75
Salomon Bros. & Hutzler (plus $11 premium)
1.83
R. W.Pressprich & Co. and M.& T. Trust Co.(plus $10 premium)--1.90
Chase Harris Forbes Corp (plus $53 premium)
1.97
F. S. Moseley & Co. and First
of Boston Corp., jointly
2.40
.130.NuS OFFERED FOR SALE
.-N. W, Markson. City Comptroller, has
announced that he will receive sealed bic's until 12 M. on Jan. 20 for the
purchase of $4,040,000 bonds in amounts of $1.800.000 for welfare, due
on from 1 to 5 years. $780.000 school refunding, due in from 1 to 20 years.
$730000series A general refunding, due in from 1 to 20 years, also $730,000
series 11 gentral refunding bonds. due in from 1 to 10 years.
TENNESSEE, State of (P. 0. Nashville).
-LOAN GRANTED.
-The
following announcement of a loan grant was made by the Reconstruction
Finance Corporation on Jan. 7:
"The R. F. C.. upon application of the•Governor of Tennessee, has made
available $52,511111 to meet current emergency relief needs in 21 counties
of that State for the month of January 1933.
"Supporting data estimate the total need of the 21 counties for the month
of January at $70,525. Toward meeting this need $18,025 are reported
available from local sources.
"The R. F. C. heretofore has made available $789,036 to meet
emergency relief needs in 55 Tennessee counties. As to thesecurrent
counties, the Governor is not at this time making application for additional
funds. It is his opinion that funds now on hand, including those made
available by the Corporation, will meet the relief needs until
elect shall have opportunity to develop such relief plans asthe Governorhe may wish
to undertake."
TENNESSEE, State of (P. 0. Nashville)
-LOAN
-The
following announcement of a relief loan grant was givenGRANTED.
out by the Reconstruction Finance Corporation on Jan. 12:
"The R. F. C., upon application of the Governor of Tennessee
made available $2,000 to meet current emergency relief needs in• to-day
Moore
County during the month of January.
"In support of his application the Governor stated that State and local
resources now available or which can be made available are inadequate to
meet the relief needs In Moore County.
"Since the passage of the Emergency Relief and Construction Act the
R. F. C. has made available $841,536 to meet current emergency relief
needs in the State of Tennessee."
TEN SLEEP, Washakie County, Wyo.-BONDS NOT SOLD.
-We
are informed by the town Clerk that the $10,000 issue of water bonds
offered on June 17-V. 134. P. 4361-has not as yet been sold. Int, rate
not to exceed 5%, payable semi-annually. Due in 30 years, optional in
10 years.
THE DALLES, Wasco County, Ore.
-BONDS NOT SOLD.
-We were
informed on Jan. 3 by the City Recorder that the $650,000 issue of bridge
bonds offered for sale on Jan. 4 1932-V. 134, p. 709
-has not as yet been
sold. The bonds were to bear interest at a rate not to exceed 6%.
TOLEDO Lucas County, Ohio.
-CHANGE IN $8.000,000 BOND
LEGISLATION DISCUSSED.
-After an attempt had been made by
Councilman Ira flame to repeal authority for the entire project,
Mayor
Thacher informed the city council on Jan. 9 that he will agree
In the legislation providing for the 58,000.000 Lake Erie water to a change
works bond
360
Financial Chronicle
Issue, which has been announced for award on Jan. 17-V. 135, P. 4588.
The change would remove the clause providing that the obligations are a
lien on the entire tax duplicate of the city, and provide for mortgage bonds
secured only by the water works properties. The Mayor also stated that
he has written to the Reconstruction Finance Corporation at Washington,
through which the bonds are intended to be sold, asking that any public
hearing on the merits of the project be conducted in Toledo, it was said.
$330,000 NOTES SOLD -The Toledo Trust Co. purchased on Jan. 5 an
issue of $330,000 6% tax anticipation notes, due $165,000 on May and
Nov. 1 1934.
TOMPKINS COUNTY
0. Ithaca), N. Y.
-BONDS AUTHORIZED.
-The Board of Supervisors on Jan. 5 approved of the issuance of
$550,000 courthouse and jail construction bonds.
TULSA COUNTY SCHOOL DISTRICT No. 33 (P. 0. Tulsa, R. 9)
-BONDS NOT SOLD.
Hyden, SuperinOkla.
-We are advised by A.
F.
tendent of the Board, that the 516,700 issue of school bonds offered on
-was not sold. He states that it is planned to
May 27-V. 134, P. 4028
vote on another issue of $13,500 bonds.
• UPPER ARLINGTON, Ohio.
-BONDS NOT SOLD.
-The issue of
$5,600 6% sewer construction bonds offered on Jan. 10-V. 135, P. 4588
was not sold as no bids were received. To mature serially on Sept. 1 from
1934 to 1943, inclusive.
P VANDALIA, Audrain County, Mo.-BOND SALE.
-A $16.500
issue of 5% Judgment funding bonds has been purchased by the Mississippi
Valley Trust Co. of St. Louis. according to the City Clerk. Dated July 1
1932. Legality approved by Benj. H. Charles of St. Louis.
-PROPOSED BOND
VERMILION COUNTY (P. 0. Danville), 111.
ISSUE.
-The Board of Supervisors has authorized the issuance of $90,000
6% unemployment relief bonds to be dated Jan.2 1933 and mature $30,000
annually on Jan. 1 from 1935 to 1937 incl. Denom. $1,000.
-BOND OFFERING
"ERMILLION COUNTY (P. 0. Newport), Ind.
.B. Cooper, County Auditor, will receive sealed bids until 10 a. m.
on Jan. 28 for the purchase of $38.000 not to exceed 6% interest poor relief
bonds, to be dated Jan. 15 1933. Denom. $475. Principal and semiannual interest are payable at the County Treasurer's office. A certified
check for 3% must accompany each proposal.
-John
-BOND OFFERING.
VERSAILLES, Darke County, Ohio.
Schilling, Village Clerk, will receive sealed-bids until 12 in. on Jan. 27
for the purchase of $6,000 6% mortgage utility bonds. Dated Jan. 1 1933.
Denom. $300. Due as follows: $300 July 1 1933, and $300 Jan. and July 1
from 1934 to 1943 incl. Interest is payable in Jan. and July. Bids for the
bonds to bear interest at a rate other than 6%. expressed in a multiple
of
,of 1%, will also be considered. A certified check for $60, payable
to-the order of the Village, must accompany each proposal. Proceeds of
the sale will be used to finance improvements to the municipal electric
light plant and water works plant.
-BONDS DEFEATED.
WALKER COUNTY (P. 0. Jasper), Ala.
At the election held on Jan. 3-V. 135, P. 4071-the voters defeated the
proposed issuance of $200,000 in debt funding bonds by a small margin,
according to the Birmingham "Age-Herald" of Jan. 5.
-BOND SALE.
-B M. Hillyer.
S' WARREN, Trumbull County, Ohio.
City Auditor, reports that the two issues of 6% refunding Special assessment and general improvement bonds aggregating $161,075 for which
-have since been sold
no bids were received on Oct. 14-V. 135, p. 3033
at a price of par to N. S. Hill & Co. of Cincinnati and that the $13,434 6%
fire and police department equipment and judgment bonds, unsuccessfully
offered on Oct. 11 1932, are being disposed of locally.
-LOAN GRANTED.p WASHINGTON. State of (P. 0. Olympia).
A relief loan grant was announced by the Reconstruction Finance Corpora7 as follows:
tion on Jan.
"The R. F. C., upon application of the Governor of Washington, has
made available 6193,000 to meet current emergency relief needs in Snohomish and Grays Harbor counties in that State for the period Jan. 1 to
Feb. 28 1933.
"In support of his application the Governor certified that State and local
resources now available or which can be made available at this time are
inadequate to meet the relief needs in the two counties.
"Since the passage of the Emergency Relief and Construction Act the
R. F. C. has made available $1,628,700 to meet current emergency relief
needs in political subdivisions of the State of Washington."
-TEMPORARY LOAN.
MWATERTOWN, Middlesex County, Mass.
The $400.000 temporary loan issue offered on Jan. 9-V. 136, p. 196
awarded to the National Shawmut Bank of Boston at 3.97% discount
was
basis. Due on Nov.21 1933. Faxon, Gade & Co. of Boston,the one other
bidder, offered to discount the loan at 4.18%•
-BOND
p WEST CALDWELL (P. 0. Caldwell), Essex County, N. J.
,SALE.
-William W. Jacobus, Borough Clerk, states that no bids were
received at the offering on Dec. 27 of 5120,000 6% coupon or registered
-and that private negotiations later
-V. 135, IL 4252
assessment bonds
First National Bank &
resulted in the purchase of the obligations by theof about
6.16%. Dated
Montclair at a price of 99.25, a basis
Trust Co. of
Dec. 15 1932. Due $12,000 on Dec. 15 from 1933 to 1942 inclusive.
Charleston).-LOAA GRANTED.
WEST VIRGINIA, State of (P. 0.
-The following loan announcement was made by the Reconstruction Finance Corporation on Jan.6:
"The R. F. C., upon application of the Governor of West Virginia, to-day
made available $136,990 to meet current emergency relief needs in nine
counties of that State for the months of January and February. 1933. (c)
"These funds are made available under .eitle I Section 1, subsection
'
of the Emergency Relief and Construction Act of 1932. with the understanding that the responsibility of the political subdivisions and the State
Virginia to make every effort to develop their own resources to proof West
vide relief is not in any way diminished.
"Supporting data state that all these counties are agricultdral and that
be able
county officials had formerly thought they wouldclaimed, to carry their
however, that
own relief activities throughout the winter. It is
unprecedented increase in the number of destitute families coincident
the
revenues has practically exhausted
with a falling offin the collection of public
funds which it had been estimated would be available for relief purposes.
"Since the passage of the Emergency Relief and Construction Act of 1932
the R. F. C. has made available $4,610,571 to meet current emergency relief
needs in the State of West Virginia."
-BONDS AUTHORWINNEBAGO COUNTY (P. 0. Rockford), 111.
-The Board of Supervisors on Dec. 29 last authorized the issuance
IZED.
5600,000 5% relief bonds to mature serially from 1935 to 1943, incl.
of
Denom. $1,000.
-The $76,000
-BOND SALE.
WOODRIDGE, Bergen County, N. J.
coupon or registered general improvement bonds offered on Jan. 11-V.
6s, at a price of par, to the Carlstadt Na-were awarded as
135. p. 4420
Oct. 1 as
tional Bank, of Carlstadt, the only bidder. Due on1953 incl. follows:
$3.000 from 1933 to 1940 incl., and $4,000 from 1941 to
-A
-TEMPORARY LOAN.
Worcester Co., Mass.
• WORCESTER,
10
$300,000 temporary revenue loan was awarded Jan. Dueto the National
on Nov. 6 1933.
Bank of Boston at 1.33% discount basis.
Shawmut
Bids received at the sale were as follows:
Discount Basis.
I* Bidder
1.33
National Shawmut Bank (purchaser)
1.35
R. W. Pressprich & Co
1.38
Bros. & Hutzler (plus $2 premium)
Salomon
1.45
National City Co
1.48
Faxon, Gado & Co
1.49
Bond & Goodwin
1.53
s. N. Bond & Co
1.59
Curtis
Jackson &
1.60o%
Worcester County Bank & Trust Co
CANADA, its Provinces and Municipalities
-In connection
-ADDITIONAL INFORMATION.
AmuEasT, N. S.
A. E. Ames & Co.of Montreal,
with the recent sale of $15.000 5% bonds to
-we learn that
basis of about 5.44%-V. 135. P. 4588
at a price of 95.03. a
will be used for relief purposes and that the bonds
the proceeds of the sale form. registerable as to principal. Dated Dec. 1
coupon
are available in
Denom. $1,000. Interest is payable in
1932 and due on Dec. 1 1950.
is rown Clerk and Treasurer.
June and December. R.D.Crawford
Ian. 14 1933
BRITISH COLUMBIA (Province of).
-BONDS AUTHORI7ED.The Municipal Department has issued bond issuance certificates to the
following;
District of Oak Bay.
-$5,848, payable in 10 years with int. at 5%.
payable half
-yearly.
City of Kelowna.
-$12,000, payable in 20 years with int. at 5%, payable
half
-yearly.
City of Kelowna.
-$3,000, payable in 20 years with int. at 5%, payable
half
-yearly.
City of Nelson.
-$12,005, payable in 10 years with int. at 5%, payable
half-yearly.
City of Port Alberni.
-$11,926, payable in 15 years with int. at 5%,
payable half
-yearly.
District of Burnaby.
-$23,895, payable in 10 years with int. at 5%,
-yearly.
payable half
City of Grand Forks.
-$45,000, payable in 20 years with int. at 635%,
,
-yearly.
payable half
-311,582, payable in 20 years with int. at 5%,
District of Oak Bay.
-yearly.
payable half
CANADA (Dominion of).
-37,582,770,695 MUNICIPAL AND CORPORATE BONDS AND DEBENTURES OUTSTANDING.
-An interesting
compilation prepared by A. E. Ames & Co. of Toronto shows that at the
end of 1932 there was a total of $7,582,770,695 Dominion of Canada.
Provincial, municipal and corporation bonds and debentures outstanding,
of which $3,241.842,462, or 42.76%, are repayable in United States dollars;
$3,609,341,095, or 47.60%. in Canadian dollars, and $731,687,138, or
9.64%, in sterling. The report states that total maturities in 1933 amount
to 3322,496.120, of which $109,392,776 is due in United States dollars;
$212,306,444 in Canadian dollars, and 5796,900 in sterling.
After commenting on the difficulty encountered in the past in an effort to
obtain statistics of the nature shown in the compilation, the bankers point
out that in all cases the official records have been searched and terms of
payment analyzed except for municipal debentures, where estimates based
on questionnaires have been calculated. It is further noted that in view
of the care with winch the compilation was made, it is believed to be as
accurate as any such statement can be. The report also includes the bond
principal and interest requirements due each month in 1933, indicating
the nature of currency in which such payments are to be made:
TOTAL CANADIAN BONDS AND DEBENTURES OUTSTANDING,
PAYMENT DISTRIBUTION.
Total.
Dominion of Canada:
Direct obligations
Guaranteed obligations
Provinces of Canada:
Direct obligations
Guaranteed obligations
Municipalities of Canada
Corporations
Tctm
Payable in
United States
Funds.
Payable in
Canadian
Funds.
Payable in
Pounds
Sterling.
$
$
$
$
2,600,676,637 395,040,900 1,893,967,600 311,668,137
803,718,734 621,820,848
59,750,000 122,147,886
1,150,813,030 758,047,150 320,099,894 72,665,986
222,083,805
56,074,326
91,750,935 74,258,544
1,323,094,066 314,945,200 914,540,546 93,608,320
1,482,384,423 1,095,914,038 329,132,120 57,838,265
7.582.770.695 3.241.842.462 3.809.241.005 751 AR7 158
PERCENTAGE DISTRIBUTION.
Total.
Dominion of Canada:
Direct obligations
Guaranteed obligations
Provinces of Canada:
Direct obligations
Guaranteed obligations
Municipalities of Canada
Corporations
Payable in
United States
Funds.
Payable in
Canadian
Funds,
Payable in
Pounds
Sterling.
100%
100%
15.19%
77.37%
72.82%
7.43%
11.98%
15.20%
100%
100%
100%
100%
65.87%
25.25%
23.80%
73.93%
27.82%
41.31%
69.12%
22.20%
6.31%
33.44%
7.07%
3.87%
42.76%
100%
47.60%
9.64%
-Loans in amount of
LOANS TO PROVINCES EXCEED $40,000,000.
made during the first two weeks of December 1932 by the
$3,754,794
Dominion Government, to permit the Provinces of Manitoba and British
Columbia to meet maturing principal and interest obligations in New York
City, increased to $40.840,573 the total of borrowings from the Federal
Government, according to the "Financial Post" of Toronto of Jan. 7,
which said:
"Federal loans to the four Western provinces now stand in excess of
$40,000,000. In the first two weeks of December 33,750.794 of new money
was loaned to the West, to meet principal and interest due upon provincial
securities maturing at New York. In addition all Federal loans to the
Western provinces made in 1931 have been renewed as they matured.
In March 1932, the advances to the Western provinces stood at $22,431,923. In the eight months, April to November inclusive, an additional
$15,000,000 in round figures was advanced from Ottawa, bringing the grand
total as at November to $37,085,779.
Dec. 7 the Federal government found $1,990,419 for Manitoba and the
followng day another 31,764,375 was found for British Columbia. These
two loans being the grand total of Federal advances to 340.840,573."
MOOSE JAW, Sask.-BONDSPAID IN CANADIAN FUNDS.
-The
city council voted on Dec.24 to pay a $50,000 bond issue due in New York
on Jan. 1 1933 in Canadian funds, announcing that although the obligations are payable in this city there is nothing to specifically indicate that
Payment should be made in New York funds.
-$9,000,000 BONDS AWARDED TO CANAQUEBEC (Province of).
-B. F. Stockwell, Provincial Treasurer, on
DIAN BANKING GROUP.
Jan. 10 awarded an issue of $9,000,000 4 % coupon (registerable as to
principal) sinking fund bonds to a syndicate of Canadian banks and investment houses, headed by the Bank of Montreal and the Banque Canadienne
Nationale, at a price of 97.119 (Canadian funds), the net interest cost
basis to the Province being about 4.67%. No bid was received from
investment bankers in the United States owing to exchange uncertainties,
it was said. The bonds are dated Jan. 2 1933 and mature on Jan. 2 1963.
Public re-offering of the obligations was made in Canada on Jan. 11 at a
price of 98.50 and interest the yield to investors being about 4.60%. The
bankers stated that the proceeds of the sale would be used to reimburse the
Consolidated Revenue Fund for advances made on capital expenditures
and that the Province will establish a sinking fund sufficient to redeem the
entire issue at maturity.
Principal and interest (Jan. and July 2) are payable in lawful money af
Canada at the principal offices of the Bank of Montreal and Banque
Canadienne Nationale, in the cities of Montreal and Quebec and at the
principal office of the Bank of Montreal in the City of Toronto. Bonds are
available in denoms. of $1,000. $500 and $100. Legal opinion of Meredith,
Holden. Howard & Holden, of Canada. In addition to the accepted bid,
an offer of a price of 95.61 was submitted by a group composed of A. E.
Ames & Co., Wood, Gundy & Co., the Dominion Securities Corp., Royal
Bank of Canada and the Bank of Nova Scotia.
Members of the successful banking group are as follows:
, Bank of Montreal; Banque Canadienne Nationale; the National City
Co., Ltd.; Harris, Forbes & Co., Ltd.; Royal Securities Corp., Ltd.;
Hanson Bros., Inc.; McTaggart, Hannaford, Birks & Gordon, Ltd.;
Ernest Bayard, Limitee; L. G. Beaublen & Co., Ltd.; McLeod, Young,
Weir & Co., Ltd.; F. W. Kerr & Co.; Nesbitt, Thomson & Co. Ltd.;
Fry, Mills, Spence & Co., Ltd.; Rene-T. Leclerc, Inc.; Mead & Co. Ltd.;
Harrison & Co., Ltd.; Collier, Norris & Henderson, Ltd. and Bell, Goulnlock & Co., Ltd.
At the close of business on Jan. 11 the syndicate managers announced
that all of the bonds had been subscribed for.
SASKATOON,Sask.-INTERESTPAID IN CANADIAN FUNDS.
The city council on Dec.30 decided that debeture forms called for payment
in dollars, and did not specify United States currency, and voted to make
payment of about $25,000 interest due Jan. 1 1933 on 3900.000 bonds held
in the United States in Canadian currency. Interest charges in the Past
have been met in American dollars, according to report.
VANCOUVER, B. C.
-CITY TREASURER APPOINTED.
-A.J.
Pilkington, financial adviser and former City Comptroller, has been appointed City Treasurer,succeeding D.H. Robinson, whose resignation from
that office closed a period of 25 years of service in city affairs.
Total
@FedFRASER