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The
finanti,u1
li ttintrit)
Volume 136
New York, Saturday, January 28 1933.
Number 3527
The Financial Situation
IN THE slow progress that is being made in Congress with numerous important legislative
measures, and the fantastic propostions of one kind
or another that are being advocated for currency
and credit inflation,even by Congressmen and United
States Senators who in the past have been wedded
to sound doctrines, one event of the present week
stands out with great prominence. We refer to the
action of the United States Senate on Tuesday on
the silver question. This happened during the consideration by the Senate of the Carter Glass banking
reform bill, or, to quote the exact language and purpose of the measure, as expressed in its title, the bill
designed "to provide for the safer and more effective
use of the assets of Federal Reserve banks and of
National banking associations, to regulate inter-bank
control, to prevent the undue diversion of funds into
speculative operations, and for other purposes."
Senator Long of Louisiana proposed an amendment
for extending the use of silver and Senator Wheeler
of Montana offered a substitute amendment to remonetize silver on the old 16-to-1 basis.
Under the Long amendment the dollar of 25.8
grains of gold would have been retained as the
standard, but 371.25 grains of silver would constitute
a dollar. Using this as a standard, the Long amendment directed the Secretary of the Treasury to buy
any quantity of silver necessary to raise the price
of silver to the arbitrary standard, paying for it
in silver certificates, which were to be authorized as
legal tender. The silver so purchased was to be
held as a reserve against the certificates, but it was
provided that the Treasury must always have on
hand 10% more silver than there were certificates
outstanding. Senator Long brought up the silver
question by introducing the day before (Jan. 23)
without change, as an amendment, the House bill
written by Representative Cross of Texas. Senator
Wheeler immediately offered as a substitute for
the Long amendment another incorporating the substance of a silver bill which he had previously introduced. This Wheeler amendment provided without
qualification that silver should bear a relationship
to gold in the ratio of 16-to-1. It specified that a dollfa's worth of geld should continue to be 25.8 grains of
gold and that the value of silver should be arbitrarily
fixed at 412.5 grains to the dollar. The Long amendment reduced the ratio of silver to gold to about
14-to-1 and established a more complicated mechanism for maintaining this ratio.
When the amendments came up for a vote on Tuesday (Jan. 24) Senator Wheeler's amendment was
finally tabled with Senator Long's amendment by
the decisive vote of 56 to 18. Senator Wheeler, we
are told in the news dispatches, built his thesis on
the claim that his amendment would restore purchasing power to 60% of the people of the world who
live on a silver basis. The 56 members of the Senate
who voted to table the Long amendment, including
the Wheeler amendment, consisted of 32 Republicans
and 24 Democrats, while the 18 who voted against the
motion to table comprised six Republicans and 12
Democrats.
The significance attached to this overwhelming
vote in rejection of the coinage of silver appears in
the statement of the Washington correspondent of
the New York "Times," who in his report on the
action was prompted to say: "The whole question
of currency inflation, which has been stalking the
Capitol for weeks, and so far has been held behind
cloak-room doors, boiled out on the floor of the
Senate to-day and precipitated the most serious debate which has held the attention of that body in a
long time. Put forward by its proponents as an
industrial panacea, those who opposed it rushed
to warn their colleagues solemnly that the way of
inflation was paved with ruin."
This action of the Upper House of Congress is
the more gratifying inasmuch as it contrasts so
strongly with the inflationary proposals that appear
to be finding favor in the Lower House, and particularly in the Banking Committee of the House. of
Representatives. Time was when radical propositions regarding banking and currency found their
main support in the United States Senate, while
conservative leanings were most in evidence in the
House of Representatives. It would be necessary to
go back no further than the time of the enactment of
the Federal Reserve law for confirmation of this
statement. Now inflationary proposals seem to be,
running rampant in the rank and file of the members
of the House. As an illustration, Associated Press
advices from Washington, Jan. 20, quoted Chairman Steagall of the House Banking Committee as
saying that the Committee was considering proposals for currency expansion and for postponement
of payment of Federal Land Bank loans. Mr. Steagall was reported further to the following effect:
"I have proposed a conservative currency expansion bill. Its first section provides that the Secretary of the Treasury issue $1,000,000,000 in Treasury
notes secured by Government bonds to be held against
the notes.
"These notes would be made legal tender and redeemable in lawful money. They could not be re-
532
Financial Chronicle
Ian. 28 1933
tired before the bonds mature,and in no event before relieve them bear witness to that fact. This, and
not the absence of authority to engage in branch
10 years.
"This would put in actual circulation the amount banking, accounts for the widespread character of
it was thought the Glass-Borah amendment to the the bank failures. As a matter of fact, States with
Home Loan Bank Law would.
laws permitting branch banking have not been ex"A second section of this bill would direct the
issuance of $250,000,000 in silver certificates. empt from failures, any more than those where no
Against them would be held in the Treasury silver such authority exists. The State of California has
bullion to the value of $250,000,000 at present market long been regarded as the citadel of branch banking,
prices.
but this very week a number of banks in that State
"Thereafter, silver certificates would be issued have been forced to the wall.
monthly for the amount of the anticipated monthly
As amended, the provision for branch banks in the
production of silver in the United States, purchased Glass Banking Bill confines branch banking by Naat the prevailing market price. Such certificates
would be legal tender for all debts, public and pri- tional banks, as already stated, to those States where
vate, and redeemable in the lawful money of the State laws confer the right upon banks operating
under State law, and also subject to the restrictions
United States.
"In case of redemption they would be reissued and as to location imposed by State laws. It is furtherkept outstanding permanently. This means estab- more provided that "No such association shall establishing the policy of using as money all the silver pro- lish a branch outside of a city, town or village in
duced in the United States, and represents an effort
which it is situated unless it has a paid-in and unimto expand along sound and conservative lines."
paired capital stock of not less than $500,000; proIf anything wilder or more fantastic than the fore- vided, that in States with a population of less than
going can be conceived, we would like to hear of it, 1,000,000, and which have no cities located therein
and when Mr. Steagall calls such proposals "sound with a population exceeding 100,000, the capital shall
and ,conservative," one is prompted to ask what he be not less than $250,000."
would consider radical and extreme proposals. CerAs to the Glass Bill generally, apart from the
tainly if his proposals should find their way to the branch banking provision, it is a comprehensive
statute book, he would quickly have a rude awaken- measure, containing some good features and also
ing to their true nature and character.
some features of questionable value. We do not
think the present is the proper time for engaging in
ESIDES defeating the silver amendments, the any extensive revisions of the country's banking laws.
United States Senate distinguished itself by We are living in an era of inflation, a time when
passing by an overwhelming vote the Glass Banking everybody seems to be imbued with the idea that
Bill, whose purpose and character have already been new and further credit facilities must be provided
indicated above. The bill passed the Senate on in order to bring about a recovery in values and
Wednesday by a vote of 54 to 9, after a long period insure a revival of trade, though this very process
of filibustering. The main controversial features has been constantly pursued for the whole of the last
were the proposed silver amendments and the pro- three years without the least effect in achieving the
vision for branch banking. This last was amended object sought. Legislation undertaken at such a
so as to permit branch banking only in the States time is certain to partake of the prevailing thought
where it is permitted by State laws, and to that ex- and tendencies—that is, it will aim at the extension
tent Senator Long's persistent filibustering proved of credit facilities, when there really should be a cursuccessful. Most assuredly if branch banking is to tailment and restriction of such facilities, so as to
be permitted at all, it should go no further than that. guard against a repetition of the speculative debauch
We think it would be the gravest kind of a mistake from the effects of which the country is now sufferto enact any legislation calculated to undermine or ing. After the lapse of some further time and
to destroy the country's unit system of banking. The gradual approach to the normal, the country will be
main argument put forth in favor of State-wide or in better position to engage in real banking reform.
nation-wide branch banking is that the country
It seems to be thought that not enough time reduring the last few years has had an unconscionable mains anyway at the short session of Congress to
number of bank failures, and that the major number put through the Glass Bill, and that hence any bill
of these has consisted of small banks in the remoter for the revision of the country's banking laws must
localities of the country. But except in the few cases go over to the new Congress to be summoned shortly
where there has been actually bad or dishonest man- after the 4th of March. Chairman Steagall of the
agement, these failures have been due to underlying House Banking Committee has announced that the
conditions, and they have not been confined to the Committee is likely to give early consideration to
small institutions.
the Glass Bill, but there is little comfort in that
All kinds of banks have failed,large ones as well as thought if he means to graft upon it the ideas he exsmall ones, banks with branches and banks without pressed in his statement of last week as reviewed
branches. The failures have been due to the complete above. In that event the bill is certain to emerge in
breakdown of values of every character and descrip- greatly changed form, and likely to be lost in the
tion—land values, farm values, security values, and shuffle between the two Houses. In any event, delay
especially the utter fading away of the value of farm is likely to be beneficial, rather than the reverse,
products—grain,live stock, cotton and almost every- for the reason already stated.
thing else raised or produced on the farm,the plantaPPARENTLY little progress is being made in
tion and the ranges. The banks made loans to custhe United States Senate with the Farm Partomers who could and would have repaid them,except
for the fact that the products on which they were ity, or Domestic Allotment Bill. The problem of
based lost all value through no fault of their own. relief for the agricultural classes, in their present
The desperate plight of the agricultural classes and dire distress, is an inherently difficult one, and views
the strenuous efforts now being made in Congress to differ widely as to the best course of action to pursue.
B
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Volume 136
Financial Chronicle
In the meantime a very reprehensible spirit is growing up in some of the farming sections, a spirit which
is_not calculated to aid in the solution of the problem
and which is indefensible in itself. Incredible as it
may seem,in North Dakota talk is being indulged in
of seceding from the Union—as if that would help
the farmers to get what they so sadly need, namely,
higher prices for their products. An Associated
Press dispatch from Bismarck, North Dakota, Jan.
17, reported that a resolution recommending that 39
States secede from the Union and leave the nine
States of the "financial East" to form another country came before the State Senate on that day and
precipitated a turbulent debate, with charges that
the proposal "bordered on treason," which it undoubtedly did, the resolution having been offered the
day before in the North Dakota Senate by State Senator W.E. Martin. Nevertheless, and notwithstanding this proper characterization of the resolution, a
motion to publish it, we are told, was carried by a
vote of 28 to 20, "amid applause from the crowded
gallery, after several Senators favoring publication
read into the record remarks that they were merely
voting for this proposal and not on the merits of the
resolution itself." The dispatch then went on to say:
533
On other leading products the Western farmer enjoys
similar protection.
It is not the domestic market that the American
producers have lost, but the foreign markets, and
particularly the British market. And to whom have
they lost this British market, and why? The facts
are perfectly plain, and no one disputes them. The
British market has been lost—and British needs are
enormous—because Canadian wheat has supplanted
American wheat, and Australian wheat has in like
manner displaced wheat grown in the United States.
Is this because home-grown wheat is inferior in grade
or character to Canadian or Australian wheat? Not
a bit of it. Just as good spring wheat is raised this
side of Winnipeg as on the other side. Then what is
the cause of the displacement of American wheat by
Canadian wheat? The answer lies on the surface.
Ever since Great Britain passed off the gold standard
on Sept. 21 1931 the Canadian dollar has been at a
discount,the same as the pound sterling, and this discount is running at the rate of 10 to 15%.
It is this depreciation of the Canadian dollar that
has given Canadian wheat such a great advantage
over American wheat in foreign markets. As if that
were not enough, through the Ottawa trade agreements a further staggering blow has been dealt wheat
"Previously a motion to strike from the resolution grown in the United States.
Through these Ottawa
a reference to the 'Star-Spangled Banner' was deagreements
a
discriminato
ry
tax
of six cents a bushel
feated by one vote, the presiding officer, Lieutenantis imposed in the British market against wheat comGovernor Ole H.Olson,casting the deciding ballot.
"The resolution, naming Maine, New Hampshire, ing from the United States—that is, wheat coming
Vermont, Massachusetts, New York, Pennsylvania, from Canada is admitted free of duty in Great
Connecticut, Rhode Island and New Jersey as the Britain while wheat from the United States must
'financial East' which had 'so manipulated Congress' pay a tax of six cents a bushel. And it must
be rethat they had 'become rich at the expense of the rest membered
that
wheat
from
Australia,
which
is
also
of the Union,' proposed that the remaining States
secede from the Union, 'carrying with us the Star- within the British Empire, enjoys a similar preferSpangled Banner and leaving them [the Eastern ence over American wheat.
The two together,the depreciation of the Canadian
States] the stripes, which they richly deserve.'
"It demanded that the new country of the West dollar and the discriminatory duty of six cents a
'have no treaty or trade relations, no agreement or bushel, have done the trick. American wheat is now
understandings whatsoever, no business or social completely shut out of the British market,and apparconnections, and we then can proceed to build anew
and carry out the principles of democratic govern- ently this is to remain a permanent condition, and
certainly it amounts to a virtual denial of the British
ment as founded by Washington and Jefferson.'
"In the debate Senator James P. Cain said he market to American wheat, except perhaps in the
could not believe 'that members of this legislative case of a general crop disaster, when,for that or some
body want to say to the patriotic citizens of this other reason, a general shortage of wheat should
State and nation that they want to publish a resolu- ensue. As long as the Ottawa agreements remain in
tion that borders on treason and sedition.'
their present form, the discriminatory tax of six
"Senator A. F. Bonzer Jr. said that while he was
cents
a bushel will constitute a preference to that
not discussing the merits of the resolution he strongly
extent
in favor of Empire wheat. There has latterly
favored its publication in the journal to stand
'as a grown up considerable
discussion of the part played
message to the East that North Dakota be recognized
and have a place in the Union.'"
by the depreciation of the currency in so many different countries in affecting adversely the foreign
The foregoing is an illustration of the wild
and trade of the United States, and this is leading the
senseless talk that is being so generally indulged
in Hoover Administration to declare that either there
by people who ought to know better but whose minds
must be an agreement to return to the gold standard
and reason are being upset by inflammatory speeches
by Great Britain and the other countries now off the
by people in legislative halls who thereby hope to
gold basis, as part of the settlement of the intergain the favor of their constituents. The charge that
governmental debt question, or else United States
the "financial East" is responsible for the fact that customs
duties must be raised even higher than they
the price of wheat and other agricultural products now are.
Nothing is yet said of the discriminatory
has dropped almost out of sight reflects not merely duties of various kinds
(not merely wheat) imposed
superficial thinking but the absence of all thinking. against the
United States under the Ottawa agreeHas the "financial East" stopped buying wheat in ments, since it is not yet
realized that these disthis country, and is it now supplying its needs from criminatory duties constitute an
equal if not a still
abroad, to the detriment of the agricultural classes? more serious drawback, inasmuch as
they involve a
Everybody who knows anything knows that the ques- permanent disability to that extent upon
the foreign
tion is a foolish one, since a tariff duty of 42c. a trade of the United States.
bushel is imposed upon all wheat coming from foreign
Virtually no wheat whatever entered a British
sources and that as a consequence no foreign wheat port from the United States during the
month of
in quantity enters the ports of the United States. December. But does any blame for this rest
upon
534
Financial Chronicle
Jan. 28 1933
the "financial East"? And since it is clear that no devoid of income taxes of every description.
It appears, too, that a new factor has come in to
blame does attach to the "financial East," upon
swell
the subscriptions. They are being padded beare
which the maledictions of the Western farmer
the subscribers know that they are going to get
cause
at
redress
the
of
being visited, why not seek means
less
far
than they are asking for. On that point let
the
remove
to
undertaking
by
is
proper source, that
Mills answer for himself, as follows:
Secretary
the
with
seriously
so
interfering
are
that
drawbacks
foreign trade of the United States? Incidentally
"The large oversubscription for recent Treasury .
we wish to point out that if the agricultural West offerings should not be regarded as an indication that
and the agricultural South are. finding themselves idle funds are available in an amount even remotely
so deeply in the mire, the manufacturing East is approaching the total subscribed for," Secretary
suffering no less seriously from the existing depres- Mills said.
"This great volume of subscriptions is due in large
sion, with unemployment of staggering extent, and
to the fact that many subscribers are delibmeasure
no one has yet been able to devise any sure plan for erately applying for amounts far in excess of their .
emerging out of the long-continued disaster. In that requirements, anticipating that under the Treasury's
respect the whole country,from one end to the other, percentage allotment they will receive a reduced
amount approximately their actual needs.
is in the same boat.
"This practice of padding has steadily increased
AST Sunday night Ogden L. Mills, Secretary of until it has now reached such proportions that the
the United States Treasury, gave notice of the department must consider measures to deal with it •
offering of knew series of Treasury notes to the in the interests both of subscribers and the
amount of $250,000,000 (or thereabouts), bearing Treasury."
The Secretary of the Treasury has also received
0 interest, the lowest rate at which any
only 2%7
issue of Treasury notes has ever been put out, and tenders the present week for a new issue of 91-day
the usual unqualified success attended the offering, Treasury bills to the amount of $80,000,000, "or
subscription books being opened Monday morning thereabouts." These bills are dated Jan. 25 and they
and being closed at the close of business on the same will mature on April 26. The tenders were received
day, in such overwhelming fashion did the subscrip- on Monday, and they aggregated $427,740,000, out
tions come pouring in. It was announced on Thurs- of which $80,020,000 were accepted at an average
day that with the offering only $250,000,000 the sub- price of 99.954, equal to an interest rate of about
scriptions had aggregated no less than $7,800,000,000. 0.18% on a bank discount basis. It will be recalled
Curiously enough,though President Hoover,in his that last month the Treasury disposed of $100,message of last week, enjoining upon Congress once 039,000 of 91-day Treasury bills, dated Dec. 28, on a
again the necessity of balancing the budget, was bank discount basis of only 0.09%. This broke all
prompted to remark (after expressing the opinion records for a low rate of return to the purchasers of
that Federal income taxes had been raised to the the bills. The next offering of bills was dated Jan.9,
limit), that "one of the first economic effects of the and the Secretary then sold $75,090,000 of 91-day bills
increases already made is the retreat of capital into on a discount basis of 0.20% per annum, while yet
tax-exempt securities and the denudation of industry later he disposed of $75,032,000 of 91-day bills dated
and commerce of that much available capital"—in Jan. 18 at an average rate of 0.24%. This week's
face of that declaration of the President this new rate of 0.18% is a change again in the other direction.
issue of Treasury notes is made expressly "exempt
HE present week has seen some important develboth as to principal and interest from all taxation
opments in the railway world. Foremost
or
now
heretaxes)
inheritance
or
(except estate
these, of course, is the announcement which
among
any
or
State,
any
States,
United
the
by
after imposed
Wednesday that the Delaware & Hudson Co.,
on
came
any
by
or
States,
United
the
of
possessions
of the
local taxing authority," which means that the notes controlling the railroad of the same name, had acare exempt from the high surtaxes as well as the quired approximately 10% of the capital stock of
normal Federal taxes, and moreover, the notes run the New York Central RR.,or approximately 500,000
for the full five-year period during which any obliga- shares, the outstanding stock of the New York Centions of the United States can thus be made doubly tral falling just a little short of $500,000,000, of which
tax exempt, they being dated and bearing interest the Delaware & Hudson has now acquired approxifrom Feb. 1 1933 and being due Feb. 1 1938. Thus mately $50,000,000. The announcement was made
fortified and advantaged, the notes, immediately by the venerable President of the Delaware & Hudson,
upon the offering, advanced to a premium, being Leonor F. Loree, who stated that the stock had been
quoted on a "when issued" basis at 100 17/32 bid acquired in the open market through J. P. Morgan &
Co., and that the purchase was made out of surplus
and 100 19/32 asked.
There is obviously no mystery about the success in funds and as an investment, "feeling confident that
selling United States obligations at unprecedentedly with revived prosperity New York Central will be
low interest rates under such terms and conditions, one of the first railroads to show a return of earning
and at a time, too, when all financial markets are power and sound and intrinsic value." A statement
also came from F. E. Williamson, President of the
glutted with unemployed funds.
But we wonder how the new Administration will New York Central, that the purchase, which had exfeel about the matter should they decide to add no tended over a considerable period of time, had been
further to the volume of wholly tax-exempt securi- made with the full knowledge and approval of the
ties, but issue long-term securities which can be made directors of the New York Central and the interests
exempt only from the ordinary normal taxes. The which have so long been identified with its manRoosevelt Administration certainly cannot hope, agement.
That the step will prove of mutual advantage to
under the change, to duplicate the exceedingly low
the Delaware & Hudson and the New York •
both
present
the
Administration
which
rates of interest at
is beyond question, but it has a significance
wholly
Central
obligations
States
United
has been floating
L
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Volume 136
Financial Chronicle
far beyond that. Mr. Loree is one of the ablest railroad managers in the entire country, and he is also
a shrewd judge of values, and when he makes a
purchase of this kind and makes it, as announced,
as an investment,it behooves everyone to take notice.
It indicates, on the one hand, his confidence in the
strength of the New York Central as a railroad property of the highest and best type, and on the other
hand, that in the general and prolonged decline in
railroad securities New York Central has dropped to
a figure where in his estimation it is selling below its
intrinsic value. The stock acquired is understood to
have cost an average of $20 a share, at which figure
it may well be regarded as a bargain, as far as any
competent person can judge of mundane conditions
in the present troublous state of the world's affairs.
Mr. Loree at the same time made it plain that notwithstanding this large venture, which from an investment standpoint gives every promise of proving
a huge success, the Delaware & Hudson management
has no intention of departing from conservative principles and accordingly the company omitted the declaration of the quarterly dividend on the stock of
the Delaware & Hudson Co. The precise official
explanation in that respect was that "in view of reduced earnings due to general business conditions
• the board of managers decided to take no action with
' reference to the dividend normally payable March 20
next and which dividend is ordinarily declared at
the January meeting of the board." It might be
added that a quarterly dividend of 11/
2% was paid
on Dec. 20, and also on Sept. 20, and that prior to
that date the company paid 214% each quarter for
the 25 years from 1907 to and including June 20 1932.
A
DIVIDEND announcement of the opposite
character was that of the Pennsylvania RR.,
which declared a dividend of 1% (50c. a share) on
the shares of $50 par value, payable March 15. This
will be the first dividend since the 1% paid on Feb. 29
last year, and which came out of the earnings of the
calendar year 1931. There had been some question
as to whether the Pennsylvania management would
make any payment at this time, but it was evidently
the desire not to break the record of continuous payment of a dividend of some kind in every year since
the establishment of the system, back in 1847, when
the first installment on subscriptions to the capital
stock was paid. Until 1855 payment on stock subscriptions were designated as interest. In providing
• for the present distribution the Pennsylvania management has been careful to guard against undue
expectations as to dividends in the near future, a
statement being issued reading as follows: "The net
income for the year 1932, against which the dividend
will be charged, was equal to 2% upon the capital
stock. The directors of the company, after careful
consideration of the best interests of the company
and its stockholders, declared the foregoing dividend
although the outlook for the year 1933 at present is
not clear; therefore, further dividends during the
year 1933 cannot be expected unless there is a material increase in the company's income."
HE condition statements of the Federal Reserve
banks this week show a further reduction of
$14,882,000 in the holdings of United States Government securities, though there has not been any reduction in the volume of Reserve credit outstanding,
• as measured by the total of the bill and security hold-
T
535
ings of all classes. This latter is reported at $2,064,031,000 the present week as against $2,063,384,000
last week. The slight increase in this last instance
is due to the fact that the diminution in the holdings
of United States Government securities was offset
by an increase in the discount holdings of the 12
Reserve institutions (reflecting direct borrowing by
the member banks)from $248,668,000 to $264,698,000.
Federal Reserve note circulation shows a further
increase during the week from $2,697,295,000 to
$2,705,667,000, and banking troubles may again be
given as the explanation. Last week the banking
troubles at St. Louis were the cause, and it was
found that the whole of the increase, and more, too,
had occurred at the Federal Reserve Bank at St.
Louis, which reported a jump in its note issue from
$105,313,000 to $137,085,000. The present week the
note issue of the St. Louis Reserve Bank is reported
somewhat lower, at $133,763,000. But this week
banking troubles have also developed in California,
and, accordingly, the note issue of the San Francisco Reserve Bank shows an increase from $220,967,000 to $240,199,000. Member bank borrowing at
San Francisco increased from $25,176,000 to $36,750,000. There have also been some bank failures
at Kansas City during the week, and this is reflected
in an increase in the note circulation of the Kansas
City Federal Reserve Bank from $90,511,000 on Jan.
18 to $93,317,000 Jan. 25.
Gold holdings of the 12 Reserve institutions show
further increase—this time from $3,236,441,000 to
$3,258,701,000, which, however, is less than the reduction in the gold held abroad, which during the
week dropped from $51,091,000 to $13,589,000, the
difference in this last instance being $37,502,000.
It will be recalled that on Thursday of last week
(the day after the week covered by the weekly Federal Reserve statements) a decrease in the gold held
abroad for that day of $25,101,200 was reported, and
this was taken as indicating that a corresponding
amount of the gold still held abroad had been repurchased by the Bank of England, though all official
information on that point was lacking. This week
the gold statement for the week ending Wednesday
night shows a decrease in the gold held abroad of
$37,502,000, the same as is shown in the Federal
Reserve condition statements, but at the same time
shows total gold importations for the week ending
Wednesday night of $32,051,000,of which $21,630,000
represented arrivals from England.
Deposit liabilities of the 12 Reserve banks were
reduced during the week from $2,607,872,000 to
$2,587,244,000, notwithstanding that foreign bank
deposits ran up during the week from $20,539,000 to
$33,640,000. The falling off in total deposits was
due to a reduction in member bank reserves from
$2,545,151,000 to $2,513,199,000. The result altogether of the increase in the gold holdings with the
expansion in note circulation, but contraction in the
deposit liabilities, is that the ratio of total reserves
to deposit and Federal Reserve note liabilities combined increased during the week from 64.7%
to 65.4%.
HE New York stock market this week moved
within a narrow groove, with no great fluctuations except in the case of a few special stocks. In
the early part of the week stocks were inclined to
move lower, but on Tuesday the market showed a
disposition to rally, and its tendency has been firm
T
536
Financial Chronicle
since then, except that the tobacco stocks have been
weak, in part on the omission of the extra dividend
by the American Tobacco Co. and in part on rumors
of a new cigarette price cut. The cigarette trade
talked of a further cut of 60c. a thousand to $5.40;
the cut on Jan.3 reduced the price from $6.85 to $6 a
thousand. The weakness on Monday was due to a
reduction in milk prices in the Greater New York
area, which brought selling into Borden Co. shares
and caused heaviness in National Dairy stock, which
, previously had displayed weakness. Motion picture
shares were in supply due to reductions in seat prices
and because of an application for a receivership for
Radio-Keith Co. The clamor for inflation in
•Congress, along with Senator Borah's statement that
the Federal budget could not be balanced and that
reflation through the medium of currency adjustment seemed the only way out of the dilemma sent
up foreign exchange rates, the French franc in particular showing a sharp rise. But the local market
was not impressed and did not take this talk seriously, and on Tuesday the franc again moved downward.
After Monday the market displayed an improved
tone. Better buying of the railroad stocks served
as a strengthening influence. The omission of the
quarterly dividend on Delaware & Hudson stock of
course served to depress the price of that stock, but,
on the other hand,the announcement of the purchase
of 500,000 shares of New York Central stock by the
Delaware & Hudson Co. and the declaration of a
dividend of 1% on Pennsylvania RR. shares served
as mild stimulating factors in the railroad list. The
bond market on the whole gave a good account of
itself, and United States Government securities were
favorably influenced by the announcement of a heavy
oversubscription for the $250,000,000 issue of fiveyear Treasury notes bearing only 2%% interest.
The commodity markets did not appear to make
much of an impression on the stock market, and,
indeed, trading in stocks was very light, aggregate
dealings on no day of the week actually reaching
a full million shares. Whet prices showed a
tendency toward lower levels on Saturday and
Monday, but subsequently rallied and then declined
again. The May option for wheat at Chicago yesterday closed at 473
/
4c. a bushel as against 471/2c. at the
close on Friday of last week. Middling upland spot
cotton in the New York market closed yesterday at
6.25c. as against 6.25c. on Friday of last week. One
of the developments was active trading in the silver
market, and at rising prices, presumably on the
efforts made to increase the use of silver as currency
in some way, though the United States Senate by a
very decisive vote on Tuesday rejected the amendment for the use of silver in this country. The price
. of silver in London yesterday was 17 pence per ounce
against 16 15/16 pence on Friday of last week. In
the New York market silver was quoted yesterday at
25/
1
2c. against 25%c. on Friday of last week. The
"Iron Age" reported an increase in the production
of steel from 16% of capacity to 17%, but at the
same time great weakness in prices in a number of
directions.
Some further dividend reductions and omissions
occurred aside from that of the Delaware & Hudson
Co. and the omission of the extra dividend by the
American Tobacco Co., which latter declared the
usual quarterly dividend of 5% on the common stock
and on common stock B, but made no declaration of
Jaz). 28 1933
the annual extra dividend ordinarily payable about
the same time. The Bond & Mortgage Guarantee Co.
omitted its usual quarterly dividend, and the Bigelow-Sanford Carpet Co., Inc., omitted the quarterly
dividend of 1/
1
2% due Feb. 1 on the 6% cumul. pref.
stock. The Lehigh Coal & Navigation Co. reduced
the quarterly dividend on common from 20c. a share
to 10c. a share, after having made several reductions
in previous quarters. The Ingersoll-Rand Co. reduced the quarterly dividend on common from 50c.
2c. a share, also after previous reduca share to 371/
tions. The Jones & Laughlin Steel Corp. further reduced the quarterly dividend on the 7% cumul. pref.
stock from 75c. a share to 25c. a share. The Vick
Financial Corp. reduced the semi-annual dividend
on its capital stock from 15c. a share to 7/
1
2c. a share,
and the Sherwin-Williams Co. further reduced the
quarterly dividend on common from 37c. a share
to 25c. a share. The Niagara Hudson Power Corp.
decreased its quarterly dividend on the common stock
from 30c. a share to 25c. a share, and the Southern
Pipe Line Co. reduced on its capital stock from 15c.
a share quarterly to 10c. a share. The call loan
rate on the Stock Exchange again remained unaltered at 1%.
Trading has again been light. At the half-day
session on Saturday last the dealings on the New
York Stock Exchange aggregated 366,377 shares;
on Monday they were 664,152 shares; on Tuesday,
493,201 shares; on Wednesday, 751,743 shares; on
Thursday, 808,880 shares, and on Friday, 972,108
shares. On the New York Curb Exchange the sales
last Saturday were 50,880 shares; on Monday, 85,625
shares; on Tuesday, 100,975 shares; on Wednesday,
90,615 shares; on Thursday, 80,160 shares, and on
Friday, 104,170 shares.
As compared with Friday of last week, prices
show irregular but quite narrow changes, as a rule.
General Electric closed yesterday at 151/
4 against
143
/
4 on Friday of last week; Brooklyn Union Gas at
79 against 80; North American at 281/
2 against 291/
4;
1
2against 133
Standard Gas & Elec. at 12/
/
4; Consolidated Gas of N. Y. at 58% against 591/2; Pacific Gas
& Elec. at 30 against 29½; Columbia Gas & Elec. at
16/
1
4 against 16%; Electric Power & Light at 61/
2
2; Public Service of N. J. at 531/
8 against
against 61/
53; International Harvester at 22% against 217
/8;
J. I. Case Threshing Machine at 461/2 against 46;
%;Montgomery
Sears,Roebuck & Co.at20 against 193
4 against 13%; Woolworth at 331/
Ward & Co.at 141/
8
against 32½; Safeway Stores at 40/
1
2 against 41;
Western Union Telegraph at 26/
1
2 against 26½;
American Tel. & Tel. at 105% against 105%; International Tel. & Tel. at 71/
8 against 71/
8; American
Can at 611/
4 against 60%; United States Industrial
Alcohol at 20 against 253
/
4; Commercial Solvents
at 11% against 11%; Shattuck & Co. at 87
/8 against
9, and Corn Products at 56 against 53/
1
2.
Allied Chemical & Dye closed yesterday at 86/
1
4
against 86% on Friday of last week; Associated Dry
Goods at 4/
1
4 against 4; E. I. du Pont de Nemours
at 401/
8 against 40; National Cash Register A at 7%
against 7%; International Nickel at 7% against 8;
/8 against 16½; JohnsTimken Roller Bearing at 157
Manville at 21/
1
2against 20½; Gillette Safety Razor
/
8; National Dairy Products at
at 17% against 177
143
4 against 151/
8; Texas Gulf Sulphur at 23 against
8 against 23½; American
24; Freeport Texas at 231/
& Foreign Power at 6% against 6%; United Gas
8; National Biscuit
Improvement at 20 against 201/
Volume 136
Financial Chronicle
537
at 3934 against 397
/
8; Coca-Cola at 80 against 79%;- ness prospects. This is due in no small part, obContinental Can at 413
4 against 41; Eastman Kodak
at 59 against 58½; Gold Dust Corp. at 143
4 against
151/
8; Standard Brands at 14% against 151
/
4; Paramount Publix Corp. at 1 against 1%; Kreuger & Toll
at 1/32 against 1/
8; Westinghouse Elec. & Mfg. at
291/2 against 29%; Drug, Inc., at 35% against 36;
Columbian Carbon at 34 against 33; Reynolds Tobacco class B at 32/
1
2 against 33; Liggett & Myers
class B at 601/
8 against 62; Lorillard at 123
4 against
13, and Yellow Truck & Coach at 31/
4 against 3%.
The steel shares have moved within narrow limits.
United States Steel closed yesterday at 291/
8 against
29/
1
2 on Friday of last week; United States Steel
preferred at 6214 against 63; Bethlehem Steel at 15
against 15%, and Vanadium at 12/
1
2 against 12/
1
2
.
In the auto group Auburn Auto closed yesterday at
47% against 477
/8 on Friday of last week; General
Motors at 13% against 13%; Chrysler at 13%
against 14; Nash Motors at 14% against 14%;
Packard Motors at 2/
1
2against 2½; Hupp Motors at
2% against 2%, and Hudson Motor Car at 41/
4
against 43
/
8. In the rubber group Goodyear Tire &
Rubber closed yesterday at 16 against 16/
1
2on Friday
of last week; B. F. Goodrich at 5 against 5; United
States Rubber at 4/
1
2against 4/
1
2, and the preferred
at 9/
1
2 against 10.
The railroad shares have made a moderate display
of strength. Pennsylvania RR. closed yesterday at
187
/8 against 181/
4 on Friday of last weak; Atchison
Topeka & Santa Fe at 44% against 427
/8; Atlantic
Coast Line at 221/
8 against 21; New York Central at
197
/8 against 18%; Baltimore & Ohio at 10/
1
2against
9%; New Haven at 16% against 15½; Union Pacific
at 761/
4 against 75½; Missouri Pacific at 3 against
31%; Southern Pacific at 18% against 181/s; Missouri-Kansas-Texas at 8 against 7; Southern Railway at 6% against 5%; Chesapeake & Ohio at 293
/
8
against 28; Northern Pacific at 15 against 14/
1
2,and
Great Northern at 10 against 97
/8.
The oil shares have also moved within narrow
limits, notwithstanding the demoralization of crude
oil prices as well as gasoline. Standard Oil of N. J.
closed yesterday at 297
/8 against 30% on Friday of
last week; Standard Oil of Calif. at 243
/
8 against 25;
Atlantic Refining at 16 against 157
/8; Texas Corp.
at 131
/
2 against 131/
8. In the copper group Anaconda
Copper closed yesterday at7% against 7% on Friday
of last week; Kennecott Copper at 91/
8 against 9½;
American Smelting & Refining at 13/
1
2against 13%;
Phelps Dodge at 514 against 5; Cerro de Pasco Copper at 71/
2 against 7, and Calumet & Hecla at 21/
4
against 2%.
UOTATIONS on stock exchanges in the foremost European financial centers moved in a
narrow range this week, but a firm undertone prevailed. There were periods of irregularity at London, Paris and Berlin, but quiet strength also was
manifested in a number of sessions on all markets
with the result that small net gains predominated for
the week. The favorable movements were stimulated
mainly by expectations that the war debts problem
soon will be settled along lines of greater concessions
to the European debtors by the United States Government. An offsetting factor on the two Continental markets are the political uncertainties regarding
the French budget and the German Cabinet. Reports from all markets indicate, however, that a
hopeful atmosphere exists in regard to general busi-
Q
servers believe, to the plethora of loanable funds,
induced by international easy money policies. Several offerings of industrial debentures on the London
market were reported this week, and rapid oversubscription occurred in all instances. The Italian
market shows improvement in this respect, as well
as the larger centers. An offering of 100,600,000 lire
in 5% bonds of the Instituto Mobiliare Italiano, redeemable 1941, was readily underwritten at the offering price of 98, late last week. All the larger financial centers report unusual ease in money rates.
The London Stock Exchange was cheerful as trading began, Monday, but the tone became uncertain
as the session progressed. British funds remained
unsettled and small netlosses were registered. There
were good features among industrial stocks, but also
a number of losses. International securities started
with a good trend, but ended materially lower owing
to a sharp decline in the last hour. Most departments of the market showed improvement Tuesday,
in further quiet dealings. An advance in sterling
helped British funds, which registered their best
gains in more than a week. Home rail stocks improved and most industrial securities also advanced.
The tendency Wednesday was again toward higher
levels. British funds resumed their upswing, with
the war debt speech by Chancellor of the Exchequer
Neville Chamberlain quite helpful. Most industrial
stocks moved in favor of holders, and international
issues also reflected better sentiment. Business
dwindled to very small proportions, Thhrsday, but
the tone was again firm. British funds continued
their sustained advance. Other sections of the market also were good, with the exception of home railroad issues. Further advances were recorded at
London yesterday, with British funds in the forefront. Gold mining stocks improved sharply.
The Paris Bourse was heavy at the start of trading,
Monday, owing to fears that the long deliberations
of the Chamber Finance Commission on the budget
presaged an inability to balance the national income
and expenditures. Gold mining stocks were in favor,
but all other groups declined in the general wave of
pessimism. The trend improved Tuesday, despite
further uncertainty on the budget situation. Rentes
were weak in recognition of the political difficulties,
but virtually all other securities advanced. Reports
indicated, however, that there was little public interest in securities. There was no business of any
consequence on the Bourse Wednesday, owing to a
strike of brokers and their employees against a proposal by the Chamber Finance Commission to abolish
shares and bonds transferable to bearers and requiring endorsement by the holders. Officials of the
Bourse deplored the strike, but took no measures to
prevent the one-day demonstration against the proposed legislation. When general trading was resumed, Thursday, prices moved upward in most sections of the market, notwithstanding quiet dealings.
Gold mining stocks were especially in demand, and
there were also some good performances in foreign
bonds. Prices drifted slowly downward at Paris,
yesterday,in very quiet trading.
The Berlin Boerse was dull and uncertain in the
initial session of the week, with rumors of political
dissension overshadowing the dealings. Electrical
stocks and mining shares were better for a time, but
a late reaction wiped out most of the gains. Small
gains and losses balanced each other at the close. dis-
538
Financial Chronicle
patches said. After an unsettled opening, Tuesday,
prices recovered somewhat on the Boerse, but not
enough to cancel the early losses. Investment buying
in bonds was reported, and quiet strength prevailed
in that department of the market. The trend
Wednesday was greatly improved, notwithstanding
continued quiet trading. Best performances were
reported in I. G. Farbenindustrie and some of the
electrical' stocks. Fixed interest issues remained
firm. The trend was uncertain Thursday, but net
changes were altogether unimportant. Turnover
was said to be of unusually small dimensions, even
for the present period of persistent quietness everywhere. Most stocks lost a little ground, but shipping
shares proved an exception. An irregular tendency
prevailed yesterday, but changes were small.
'TENTATIVE steps taken in Washington last
.1, week for a survey of the war debts situation
have aroused an immense amount of unofficial and
frequently fruitless discussion, but they have also
resulted in the clearing up of a few points of genuine
interest. Official exchanges between the British and
American Governments, which followed the HooverRoosevelt conference at the White House, indicate
that the two countries apparently are far apart in
their views of procedure, which alone has been considered to date. That this is true is shown also by
comparison of an address on the war debts by the
British Chancellor of the Exchequer, Neville Chamberlain, and speeches by American legislators. The
official discubsions on the problem are to begin with
representatives of the British Goverm.nent soon after
Mr. Roosevelt takes office March 4. Representatives
of other debtor nations already have been assured
that they will be followed by similar exchanges.
Washington reports leave no doubt that the debts of
all the countries will be resurveyed, whether they
made their scheduled payments on Dec. 15 last or
defaulted.
In circles close to the President-elect, it was made
plain late last week that he requested the conference
with President Hoover in observance of the principle
that a debtor should always have access to his creditor. Results of the meeting were announced in the
joint statement issued at the White House on Jan.20,
and they were communicated immediately to the
British Government in a note that has not been
published. The sense of the communication is understood to be contained in an official announcement
issued by the Foreign Office in London last Monday.
In addition to reiterating that Mr. Roosevelt will
be glad to receive British representatives in Washington early in March for discussion of the war debt,
this communication stated: "Mr. Roosevelt wished
it to be understood that this discussion must be concurrent with and conditional on the discussion of
world economic problems and that British representatives should also be sent to discuss methods
of improving the world situation." London and
Washington reports reflected some momentary confusion regarding the request of the British Government for a review of the debts, the impression prevailing publicly on this side that a further request
had been made. It was made clear in London,
finally, that Mr. Roosevelt was acting in response to
the original request, made immediately after the
November election here.
The British Government responded Wednesday,
with a note in which great satisfaction was expressed
Jan. 28 1933
regarding the reply to their proposal of Nov. 10 for
a discussion on the American debt question. It was
indicated that British representatives will be sent
to Washington as soon as possible after March 4 for
the conversations. "The effect of the debt situation
upon a wide range of world economic problems is
crucial to every government, and in the course of the
discussion at Washington on the debt we shall be
glad to take the opportunity of exchanging views
with Mr. Roosevelt on those other matters in which
the two governments are so closely interested," the
note continued. "It will be recognized that decisions on matters which constitute the subject of
the approaching world economic conference and
which affect other States cannot be reached before
discussions take place at that conference between
all the States represented there." This British
reservation was viewed both in London and Washington as limiting the scope of the proposed Washington conversations.
Even more significant of the British attitude on
war debts was the speech which Chancellor of the
Exchequer Neville Chamberlain made at Leeds,
Tuesday. "Until the nightmare of these intergovernmental obligations has been laid to rest, we cannot
hope that confidence among nations will be restored
or that we can compass that financial and economic
recovery which has been so long delayed," Mr. Chamberlain remarked. "We believe the total cancellation of reparations and war debts would be the best
thing that could happen to the world as a whole,
but if that is going further than American opinion
is yet prepared to accept we shall gladly discuss with
our American friends, whenever they are ready to
receive our representatives, the lines on which an
agreement can be reached, bearing in mind two things
which seem to us essential: First, that the settlement to be reached must be a final settlement; second, that it must be one which will not involve a
resumption of the claim on Germany for reparations,
which it was the object of the Lausanne settlement
last year to end."
This speech by Mr. Chamberlain and the reservations in the British note occasioned an immediate
stiffening in the attitude on this side. In the course
of a debate in the upper chamber, Wednesday, Senator Robinson of Indiana issued a reminder that Congress is on record as definitely opposed to any debt
reduction. The correspondence with foreign nations
now initiated can have only the one aim of debt
reduction, he stated, and the question was asked by
what right the President-elect "undertakes to do all
that Congress has said shall not be done." Senator
Johnson of California also expressed vigorous opposition to the proposed negotiations. In a previous
Senate debate on the debts last week, profound resentment was expressed against the French attitude
and default. Senator Borah, on the other hand,
strongly commended Mr. Roosevelt for his stand on
the debt discussions, while Senator Robinson of
Arkansas took a similar view.
The situation as a whole occasioned the interesting
observation in a Washington dispatch of Thursday
to the New York "Evening Post" that both England
and America have virtually shifted their grounds on
the debt problem. The United States formerly held
that the debt issue must be considered separately
from the tariff, currency and other economic problems now before the world, while Great Britain
wished to have the debts thrown into the general eco-
Volume 136
Financial Chronicle
. uomic conference, it was pointed out. As the matter
stands now,America apparently wants the debts considered in relation to the rest of the economic problems while the British say that the debts must be
considered by themselves and first. "Currency stability has now come to be the main end that the
United States will seek to obtain through reduction
of the debts and in the economic conference that will
follow," the report added.
The exchange of notes with the British Government occasioned a good deal of conjecture regarding
the personnel of the mission London is to send to
Washington in March. It was confidently predicted
that Prime Minister MacDonald will head the British
delegation if his• health permits. There was every
expectation in Washington, in view of the urgency
of the British representations last November, that
the mission will leave London next month and be
ready to start negotiations with the new Administration at its very inception. Apparently in expectation of such haste, several economic advisers of the
President-elect went to the State Department in
Washington last week immediately after the HooverRoosevelt conference, and began their studies of the
problem of the war debts. Professors Raymond
Moley and Rexford C. Tugwell, of Columbia University, made prompt appearances at the State Department, and it is reported that Norman H. Davis
also will participate in the preliminary study as a
representative of Mr. Roosevelt.
Other nations, as well as Great Britain, will be
accorded ample opportunity for a review of their
debts to the United States Government, the State
Department indicated Tuesday. Ambassador Augusto Rosso of Italy conferred with Secretary of
State Stimson on the debt question, Monday, and
Ambassador Paul May of Belgium likewise visited
the State Department. The announcement was made
by State Department officials the following day that
representatives from Italy, Czechoslovakia and Lithuania would be welcome in Washington for separate
discussions of their debt settlements. A request of
Latvia will receive similar treatment, it was stated.
The question appears to be under discussion between
French officials and United States Ambassador
Walter E. Edge in Paris, as Associated Press dispatches from the French capital reported a conference on the subject at the Quai d'Orsay, Wednesday.
The view was confidently expressed in Paris, a dispatch to the New York "Herald Tribune" said, that
France and Belgium will have to be included in any
new settlement of the war debts, notwithstanding
the defaults of last December. A dispatch of Thursday to the New York "Evening Post" represented
French opinion as believing that "Washington moves
in an atmosphere of strange delusions," if it thinks
that separate settlements with the various debtor
nations are possible. France believes that Great
Britain is acting for all the countries included in
the Lausanne "gentlemen's agreement" for consultations on European problems, with every step in the
Anglo-American negotiations marked by "carbon
copies" for all other debtors.
CTIVITIES of the League of Nations were augmented this week, when members of the Counat Geneva for their regular sessions which
met
cil
now occur every four months. The Council opened
its seventieth session Tuesday by adopting a report
of the Mandates Commission. This document occa-
A
539
sioned close questioning of the Japanese delegation
regarding the rumored building of a naval base in the
Pacific Islands under mandate of the Tokio Government. Mr. Ito denied that the slight increase in
expenditures for port development was for any such
purposes. After consulting his Government, he
stated that the increases were solely the result of port
improvements for economic purposes. The Council
agenda included such lively items as the dispute on
the Anglo-Persian oil concession cancellation, the undeclared war between Bolivia and Paraguay over the
Chaco, and the dispute between Colombia and Peru
over Leticia. But the Council failed to distinguish
itself in any of these respects. Other gatherings of
League bodies were equally colorless, with the exception of the Committee of Nineteen, referred to elsewhere in these columns. The Organizing Committee
for the World Economic and Monetary Conference decided, Wednesday,that this gathering will not be held
for at least three months. The German representatives argued strenuously that a definite date should
be fixed, but this was opposed by the British, American and most other delegations. The power of convoking the conference remains with the committee.
The Bureau of the General Disarmament Conference,
which finds that it cannot end any more than the
Economic conference can begin, decided at a meeting, Tuesday, that the General Commission of fir.
Disarmament gathering will begin discussion of the
French disarmament plans in one week.
--•-RESIDENT EAMON DE VALERA and his
associates of the Fianna Fail, or Irish Republican party, appear to be easy victors in the Irish Free
State parliamentary election of last Tuesday, and
continuance of the present Government in power is
virtually assured. The counting of ballots will continue for some time longer, as it is complicated by a
system of preferential voting. Definite returns were
available early yesterday, however, from about twothirds of the 153 constituencies. They showed that
the Fianna Fail had captured at least 52 seats in the
Dail Eireann, as against 31 for the party headed by
former President William T. Cosgrave. The Center
party had obtained six seats, the Laborites six, and
independents eight. As the Labor party has renewed
its allegiance to Mr. de Valera, he is assured of sufficient parliamentary support to maintain his
position and continue his policies. "It is now generally admitted," a Dublin dispatch to the New York
"Times" said yesterday, "that if the election had
been fought on a straight vote instead of proportional representation, the de Valera party would
have had a landslide." The balloting was marked by
little disorder, despite the fervor of the campaign.
Relations of the Free State with England and the
rest of the Empire were among the chief points at
issue in the campaign, but summaries of campaign
speeches do not indicate that the two leading parties
are very far apart in this regard. President de
Valera expressed a desire for the friendliest relations with Great Britain, but retracted no whit of
his stand against the oath of allegiance and the land
annuities. Mr. Cosgrave argued for an economic
accord with England, but he also favored reduction
of the land annuities by at least 50%. Although
interest tended to center on the dispute with England, it was pointed out acutely in some dispatches
that the real issue was an internal one, with Mr. de
Valera inclined to serve the interests of the relatively
P
Financial Chronicle
540
more numerous poor, while Mr. Cosgrave generally
was considered a representative of the property
classes. "De Valera and Cosgrave agree," a report
to the New York "Herald Tribune" remarked,"that
the Free State must maintain protective tariffs;they
differ only upon their application and extent. They
agree that the land annuities payable by the farmers
must be reduced; they differ only upon the means of
carrying out this process."
FINANCIAL adviser for the Government of
Rumania will be appointed by the League of
Nations under an agreement initialed at Geneva,
Monday, by the League Finance Committee and a
Rumanian delegation. The agreement provides for
"technical and consultative co-operation" for four
fiscal years beginning in April,a dispatch to the New
York "Times" states. The financial adviser and his
staff of assistants are expected to counsel the
Bucharest regime in reorganizing its finances, balancing its budget, running the National Bank and
other matters. No loans to Rumania under League
sponsorship are likely as a result of this agreement,
it is. reported. The Bucharest Government was
urged to adopt this expedient by bondholders and
by France, to whom she turned for a loan, the dispatch remarked. The French Government considered League financial advice quite necessary, it is
indicated. "This is the first case of a victor country
swallowing its pride and making such an agreement
with the League," the dispatch continued. "To
soothe Rumanian susceptibilities the agreement is
carefully worded so as to appear to avoid giving the
League advisers the power granted to the League
Commissioners in Austria and Hungary. It is considered, however, that they will enjoy real power,
thanks to a provision whereby the Finance Committee can recall all its advisers if it is dissatisfied. It
is doubtful whether Bucharest will ever wish a recall
so dangerous to its credit."
A
TSSUES
in the long-drawn controversy between
1 Japan and China regarding Manchuria and Jehol
Province were more sharply drawn this week as a
result of the virtual abandonment of conciliation
efforts by the League Assembly Committee of Nineteen. The League Committee, manifestly encouraged
by the restatement of the American position early
last week, decided on Jan. 21 to take the grave step
of drafting a final report and recommendations for
the consideration of the full Assembly. Some concern over this development was displayed in Japan,
where it was intimated that the country might withdraw from the League, although later this attitude
was modified to an implied threat of withdrawal only
from some of the League activities. The anxiety over
the Japanese diplomatic isolation on this matter
was reflected in the Tokio Diet, Tuesday, when
Hitoshi Ashida, member of the Seiyukal, or majority,
party, expressed vigorous opposition to the military
domination of Japanese diplomacy. The criticism
was sensational and almost unprecedented, but it is
not likely to influence the present leaders of Japan.
Minister of War Sadao Araki reminded the Diet
rather sharply, Wednesday, that determination of
Japanese military procedure rests with the Emperor,
who is the supreme commander. He warned the Diet
that he would tolerate no disparity of opinion.
Spokesmen for both the Seiyukai and Minseito, or
minority party, declared the same day that Mr. Ash-
Jan. 28 1933
ida's remarks did not indicate a lack of unity in
Japanese opinion regarding the Manchurian adventure.
Official Japanese views on the situation were
stated succinctly and emphatically by Count Yasuya
Uchida, the Foreign Minister, in an address on the
foreign relations of the country, delivered last Saturday before the House of Peers. Count Uchida declared that rapid and healthy progress is being made
in the commerce and finances of the new and "independent" State of Manchukuo, set up by Japan in
Manchuria and recognized by the Tokio Government
on Sept. 15 last. Recognition of the State and Japanese assistance in its development is the only way
for a solution of the Manchurian issue on a sound
basis and for establishment of peace in the Far East,
he asserted. All peoples of the world will eventually
recognize the fairness and justice of the Japanese
position, he assured the assembled Peers. Jehol
Province, he continued, is an integral part of the
new State and the so-called Jehol question is purely
an internal domestic affair for Manchukuo, but
Japan is bound by the recent protocol to join forces
with Manchukuo for maintenance of peace and order
throughout its territory. The Japanese Government,
accordingly, viewed with "serious concern" the concentration of Chinese troops near the borders of
Manchukuo and the "invasion" of Jehol by some Chinese contingents. This state of affairs is causing
gravest apprehensions, he said, and "we are compelled to warn the Government and people of China
against the unfortunate eventualities that may arise
from the situation and to invite them to think seriously before proceeding further in that direction."
After a perfunctory review of various other aspects
of Japanese foreign affairs, Count Uchida declared
solemnly that Japan entertains no territorial designs
anywhere on the globe and does not intend to pick a
quarrel with any country.
The opposition expressed in the Japanese Diet by
Mr. Ashida, Tuesday, was the first instance of its
kind since the outbreak of the Manchurian conflict
in September 1931. In the course of his speech, which
was roundly applauded on several occasions by other
members of the Diet, Mr. Ashida declared that Japanese relations with the United Stats were unsatisfactory and might lead to public excitement and a
competition in armaments. His sharpest comments,
however, were aimed at the military faction in the
Government. "The impression exists among the public," he said, "that the responsibility for leading
Manchuria is shouldered exclusively by the Army.
The Embassy at Changchun and all the important
posts are held by the Army, and all the important
persons sent from Japan are Army men. Has the
War Minister any intention of abandoning the idea
that the Army is almighty? The impression in foreign countries is that there is an Army diplomacy
in Japan and a foreign diplomacy, but no diplomacy
based on the will of the people. The Foreign Minister should pursue a policy which is best for the
nation, in the face of all obstacles." Count Uchida
declared, in reply, that there need be no uneasiness
regarding Japanese relations with the United States.
War Minister Araki followed with the assertion that
the Army is not dragging the Foreign Office along.
In statements issued by leaders of the two Japanese
political parties, Wednesday, it was indicated that
Mr. Ashida had only urged the necessity for a more
definite diplomatic policy. His criticism was
Volume 136
Financial Chronicle
directed against the methods and not against the
substance of the Government's policy, it was maintained.
Preparations are being continued, meanwhile, for
the major movement into Jehol Province by augmented contingents of Japanese and Manchukuan
troops, which is expected by military experts to materialize in the late winter or early spring. Japanese forces in Manchuria are estimated at 40,000
effectives, with no figures available on the Manchukuan troops. The Japanese army is to be increased to between 60,000 and 65,000 men, and recruiting for the increase was started throughout
Japan last week. A Tokio dispatch to the Associated
Press quoted a War Office spokesman as saying that
the Japanese army intended to occupy Jehol before
summer. It was remarked in the same report that
General Kuniaki Koisi,Chief of Staff of the Japanese
army in Manchuria, foresees a long campaign and
predicts that it will take two or three years and
80,000 Japanese soldiers to suppress "banditry" in
Jehol. The chief activities for the time being appear
to consist of airplane raids by Japanese flyers on
the concentrations of Chinese "irregulars" in Jehol.
There were unconfirmed reports this week that the
Nanking Nationalist Government of China is sending reinforcements to northern China for the support
of Marshal Chang Hsiao-liang in the defense of the
area. It was also reported at Shanghai, however,
that the young Marshal is ready to withdraw as military leader of North China, owing to the pressure of
the Japanese war machine on the one side and disaffection at home on the other. The lack of unity
in China was reflected in further dispatches intimating that the Nanking Government might start direct
negotiations with Japan for settlement of the
conflict
HE League of Nations, having adroitly avoided
a decision on the Manchurian dispute for 16
months, found a definite conclusion of some sort
inevitable last Saturday and began regretfully to
move toward that end. The Committee of Nineteen
conferred at length last week with the Japanese and
Chinese delegations regarding acceptable bases for
conciliation of the controversy. Japan objected to a
proposal for American and Russian participation in
the task of conciliation, and the Committee thereupon asked if the draft resolution for conciliation
would prove acceptable to Tokio in other respects.
No official reply was made by Japan, as the draft
resolution appeared to favor the Lytton report and
the principle of non-recognition of Manchukuo by
member States of the League. The Committee decided, in this situation, to proceed with the drafting
of a final report and recommendations under Paragraph 4, Article XV of the Covenant, for consideration by the Assembly. The door to further action
toward conciliation was left open, however, as it
was pointed out that only the full Assembly could
formally end the conciliation efforts. A drafting
committee of nine, composed of representatives from
Belgium, Great Britain, France, Germany, Italy,
Czechoslovakia, Spain, Sweden and Switzerland,
began to formulate the final report, Monday. There
were immediate intimations from Tokio that Japan
might withdraw from the League. A Tokio dispatch
of Thursday to the Associated Press indicated, however, that decisions of this nature will be reserved by
T
541
the Cabinet until after the nature of the final report
becomes known.
-4--
iNTERNATIONAL diplomatic machinery began to
I grind this week in an attempt to prevent war
between Colombia and Peru over the occupation by
Peruvian nationals of the diminutive Amazon River
port of Leticia, awarded to Colombia in an adjustment reached in 1922 and embodied in the SalomonLozano treaty. The Peruvian expedition that seized
the town on Sept. 1 1932 was entirely unofficial, but
troops were sent to the area thereafter by the Lima
Government, which demanded arbitration on the plea
that the treaty provisions were unjust. Colombia
preferred to treat the matter as an internal one,
requiring police action. Both countries began feverish preparations for war,and nationalistic sentiment
has mounted in recent weeks as important bodies of
troops neared each other. The small warships of
the two countries that ply the upper reaches of the
Amazon and its tributaries also are nearly in contact. Brazilian arbitration was tried but did not
succeed. Colombia made an appropriate appeal to
the United States and other signatories of the Kellogg-Briand treaty, Monday, requesting them to call
the attention of Peru to its obligation under this
pact for the renunciation of war as an instrument
of national policy.
Secretary of State Stimson conferred in Washington on this situation, Tuesday, with diplomatic representatives of other leading adherents of the treaty.
The Secretary dispatched a lengthy note to the Peruvian Foreign Office, the following day, in which he
recommended urgently that the Lima Government
abide by its commitments under the Pact of Paris,
as well as several regional treaties denouncing resort
to force. Mr. Stimson supported the plan put forward in South America for administration of the
area by Brazil until the Colombian authorities can
be reinstated and an adjustment achieved. The
problem also was considered by the League of Nations Council, Thursday, an a ruling was issued
authorizing Colombia to expel all "rebels" from
Leticia and warning Peru against any military action
in the town. "The quick decision," a Geneva dispatch to the New York "Herald Tribune" remarked,
"stood out in contrast to the maneuvering in the
Sino-Japanese controversy which, in some respects,
almost parallels the Peruvian-Colombian dispute."
Foreign Minister Manzanillo, indicated in Lima,
Thursday, that Peru is ready to accept the Brazilian
formula for settlement of the conflict, but with the
reservations regarding arbitration of the boundary
line fixed in the Salomon-Lozano treaty.
—•--MICABLE settlement of a century-old boundary
dispute between Honduras and Guatemala was
achieved at Washington, Monday, when a tribunal
under the chairmanship of Chief Justice Charles
Evans Hughes, of the United States Supreme Court,
handed down an award dividing the area in dispute
on an approximate basis of actual occupation by the
nationals of the two countries. No appeal can be
made from the award, as the disputants agreed to
accept the tribunal's decision in a treaty signed three
years ago. Justice Hughes's associates were Dr.
Emilio Bello-Vodecido, Chilean Defense Minister,
and Dr. Luis Castro-Urena, Supreme Court Justice
of Costa Rica. The award was made known to dele-
A
Financial Chronicle
542
Ian. 28 1933
we
gations of the two countries at a brief formal cere- spectively. The rate of discount remains 2%. Below
years.
five
for
the
items
n
different
of
a
compariso
show
Building.
Union
mony held in the Pan-American
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Each country claimed territory actually occupied by
1929.
1932.
1931.
1930.
1933.
d
disallowe
were
claims
g
Jan. 30.
Jan. 29.
Jan. 27.
Jan. 28.
Jan. 25.
the other, but the conflictin
Z ._
Z
Z
Z
Z
and a boundary established which nearly bisects the Circulation
a353,238,000 345,868,570 346,824,255 348,017,972 355,644,424
11,652.000 15,321,152 19,359,578 14,592,859 19,229,555
controverted area. The definitive line established Public deposits
135,848,706 112,512,117 88,530,858 103,450,605 96,073,391
Other deposits
south
the
on
Salvador
El
from
runs
74
by the tribunal
Bankers accounts 103,372,480 74,304.019 55,162,756 67,463,302 58,210,17
32,476,226 38,208,098 33,364,102 35,987,303 37,062,817
Other accounts
on
Washingt
a
north,
the
on
Ocean
Atlantic
to the
Government secure_ 90,602,390 45,310,908 41,086,247 54,300,855 50.501,855
31,570,506 19,476,470 25,603,663
dispatch to the Associated Press said. Guatemala Other securities---- 28,858,005 50,142,935
Disct. & advances 11,562,413 12,946,728 9,747,914 5,500,023 9,657,227
is confirmed in possession of the Montagua River
37,196,207
21,822,592 13,976,447 15,946,436
17,295,592
Securities
notes & coin 46,151,000 50,481,263 53,318,981 62,410,196 57,333,702
and the area north and west of the stream, while some Reserve
Coln and bullion_ _ _124,390,307 121,349,833 140,141,236 150,428,168 152,978,126
of res.
of the territory lying east and south of the river Proportion
50%
49.41%
39.48%
52.86%
31,28%
to Ilabllities
434%
3%
8%
5%
2%
also is placed under her sovereignty. Honduran Bank rate
claims to the town of Omoa and the contiguous rich
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
Issues adding at that time £234,199,000 to the amount of Bank of England
Cuyamel fruit-producing area were sustained, and note
notes outstanding.
ted
controver
of
likewise
n
she was placed in possessio
territory west of the Merendon Mountains, developed
HE weekly statement of the Bank of France
by Honduran nationals. The tribunal is said to have
dated Jan. 20 shows a loss in gold holdings of
based the decision largely on geographic features of 98,654,624 francs. Gold holdings now aggregate
the territory, and on actual possession. The relation 82,305,917,155 francs, as compared with 70,689,195,of occupied to unoccupied territory also was taken 133 francs a year ago and 55,043,841,497 francs in
into consideration. An aerial survey, made by 1931. Credit balances abroad decreased 9,000,000
United States Army flyers, was of great assistance francs and bills bought abroad 29,000,000 francs.
in determining the award.
Notes in circulation contracted 565,000,000 francs,
reducing the total of notes outstanding to 83,026,of
CzechoBank
francs. Total circulation last year was
National
the
694,400
DAY
N WEDNES
4%
from
discount
of
3,575 francs and the previous year 76,539,rate
83,364,20
its
reduced
slovakia
the
no
French commercial bills discounted
changes
been
francs.
have
there
270,160
otherwise
to 332%,
securities register decreases of
foreign
the
of
any
against
of
rates
advances
discount
the
and
in
week
present
Central banks. Present rates at the leading centers 36,000,000 francs and 45,000,000 francs while creditor
current accounts rose 470,000,000 francs. The proare shown in the following table:
BANKS.
portion of gold on hand to sight liabilities stands this
DISCOUNT RATES OF FOREIGN CENTRAL
week at 77.98%, last year it was 63.10%. Below we
PreRate In
PreRide in
How
Date
Effect
Country.
Pious
Date
Effect
Country.
furnish a comparison of the various items for three
Jan.27 &stab:Wed. Rage.
Jan.27 Established. Rate.
——
years:
234 Apr. 18 1932 3
Holland
Aug. 23 1922 7
Austria-- 6
T
O
Belgium __ Bulgaria_
Chile
Colombia _ _
CsechosloTakla._
Dansig__ __
Denmark. _
England__
Estonia____
Finland__
France_ ___
Dermany _.
Irear.
234
934
534
6
324
834
434
5
Jan. 13 1932
May 17 1932
Aug. 23 1932
Sept. 19 1932
334
4
334
2
534
634
234
4
9
Jan. 25 1933 434
Ally 12 1932 5
Oct. 12 1932 4
June 30 1932 224
Jan. 29 1932 63.4
Apr. 19 1932 7
Oct. 9 1931 2
Sept.21 1932 5
Dec_ 3 1932 10
Hungary—
India
Ireland.._ _
Italy
Japan
Lithuania__
Norway__
Poland__ _.
Portugal—
Rumania..
Spain
Sweden____
Switzerland
434 Oct 17 1932
July 7 1932
4
June 30 1932
3
Jan 9 1933
4
4.38 Aug. 18 1932
May 5 1932
7
Sept. 1 1932
4
Oct. 20 1932
6
t”i Apr. 4 1932
Mar. 3 1932
7
Oct. 22 1932
6
334 Sept. 1 1932
Jan. 22 1931
2
5
5
324
5
5.11
734
434
73.4
7
8
63.4
4
234
In London open market discounts for short bills
on Friday were 11-16@%%, as against %@13-16%
on Friday of last week, and 11-16@%% for three
months' bills, as against 13-16@%% on Friday of
last week. Money on call in London on Friday was
%. At Paris the open market rate remains at
/%.
1%, and in Switzerland at 11
HE Bank of England statement for the week
ended Jan. 25 shows a gain of 0,819,653 in
gold holdings which brings the total up to L124,390,307 in comparison with £121,349,833 a year ago.
The increase in gold is substantially the amount
purchased from the Federal Reserve Bank of N. Y.
according to announcement on Jan. 24. As the gain
in gold was attended by a contraction of £1,426,000
in circulation, reserves rose £5,245,000. The reserve
ratio is up to 31.28% from 27.27% last week, 23.11%
two weeks ago and 18.22% on Jan. 4. In the corresponding week a year ago the ratio was 39.48%.
Public deposits fell off £464,000 and other deposits
£2,036,697. Of the latter amount 0,008,507 was
from bankers' accounts and 08,190 from other accounts. Loans on government securities decreased
£5,950,000 and those on other securities £1,765,347.
The latter consists of discounts and advances and
securities which fell off £256,944 and £1,508,403 re-
T
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status 03 01
Changes
Jan. 20 1933. Jan. 22 1932. Jan. 23 1931.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings..--Dec. 98,654,624 82,305,917,155 70,689,193,133 55,043,841,497
2,936,788,774
7,005.895,426
9,000.000
9,454,275,009
abr'd_Dee.
bale.
Credit
aFrench commere'l
blils dlecounted_Dee. 36,000,000 2,606,206,419 5,633,554,792 8,412,422,928
bBilsi bought abr'dDee. 29,000,000 1,493,662,500 10,077,739,232 19,331,651,710
Adv. agt. securs__Dee. 45,000,000 2,556,652,302 2,780,389,289 2,915,965,260
Note circulation _Dec. 565,000,000 83,026,694,400 83,364,203,575 76,539,270.160
Cred. eurr. accts..240. 470,000,000 22,515.591,765 28.857,315,242 25,971,209,938
Proportion of gold
on hand to sight
77.98%
53 70%
0.03%
Dee.
63.10%
Ilabldtles
a Includes Me purchased in France. b Includes bills discounted abroad.
HE Bank of Germany in its statement for the
third quarter of January reveals an increase in
gold and bullion of 5,424,000 marks. The Bank's
bullion now stands at 806,551,000 marks, in comparison with 956,397,000 marks last year and
2,244,358,000 marks the previous year. Reserve in
foreign currency, bills of exchange and checks, advances and other assets record decreases of 5,177,000
marks, 110,298,000 marks, 3,487,000 marks and
42,086,000 marks, respectively. Notes in circulation show a reduction of 127,078,000 marks., bringing
the total of the item down to 3,143,757,000 marks.
A year ago circulation stood at 4,197,982,000 marks
and two years ago at 4,168,618,000 marks. Increases
appear in silver and other coin of 68,103,000 marks,
in notes on other German banks of 4,327,000 marks,in
investments of 642,000 marks, in other daily maturing obligations of 33,761,000 marks and in other
liabilities of 10,764,000 marks. The proportion of
gold and foreign currency to note circulation rose to
29.3%, in comparison with 26.4% last year and
58.5% the year previous. Below we furnish a comparison of the various items for three years:
T
Financial Chronicle
Volume 136
REICHSBANK'S COMPARATIVE STATEMENT.
Chances
for Week.
Jan. 23 1933. Jan. 23 1932. Jan. 23 1931.
Assets—
Reichsmark*.
Reichsmarks. Reichsmarks. Reichsmarks.
Gold and bullion
Ino. 5,424,000 806,551,000 956,397,000 2.244,358,000
83,872,000 207.654,000
No change.
33,091,000
Of which depos.abed_
Res've in Men cum - -Dee. 5,177,000 114,556,000 151.288,000 195,536,000
Bills of exch.& checks.Dee. 110,298,000 2,255,940,000 3,413,761,000 1.665,783,000
Sliver and other coin—the. 68,103,000 351,324,000 221,995,000 207.334,000
11,515,000
22,465,000
Notes on oth.Ger.bks_Ine. 4,327,000
15,983,000
Advances
Dec. 3,487,000
68,890,000
67,892,000 103.127,000
Investments
Inc.
160,646,000
102,519,000
642,000 398,830,000
Other assets
Dec. 42,086,000 814,926,000 910,150.000 527.557,000
LiabUtltes—
Notes in circulation_ _Deo. 127,078,000 3,143,757,000 4,197,982,000 4,168,618.000
Oth.dally matur.olnig.Ine. 33,761,000 387,184,000 370,672,000 454,798,000
Other liabilities
Inc. 10,764,000 767,634,000 872,894,000 329,757,000
Propor. of gold & for'n
curr.to note cireul'o.Ine.
26.4%
58.5%
1.1%
29.3%
543
names of four to six months' maturity are 13i@13/2%.
Names less well known are 2%. On some very highclass paper occasional transactions at 13% are
noted.
_
HE market for prime bankers' acceptances has
been extremely quiet this week. Very little
paper is available, though the supply has shown a
slight increase, during the past few days. Last week
a few dealers reduced their rates and on Jan. 23 this
cut was accepted by the rest of the dealers and the
official rates were reduced 3/3 of 1% on all maturities
in both the bid and asked columns, bringing the rates
down to record lows. The quotations of the American Acceptance Council for bills up to and including
three months are %% bid, Y.1% asked; for four
months, %% bid and %% asked; for five and six
months, 4
3 % bid and %% asked. The bill buying
rate of the New York Reserve Bank is 1% for 1 to 90
days; 13/8% for 91 to 120 days, and 13/2% for maturities from 121 to 180 days. The Federal Reserve
banks show a trifling decrease in their holdings of
acceptances, the total having moved down from
$31,926,000 last week to,$31,496,000 this week. Their
holdings of acceptances for foreign correspondents,
however, increased during the week from 0,724,000
to $41,831,000. Open market rates for acceptances
which were lowered last Friday (Jan. 20),
of 1%
by three local dealers, bringing the rates down to
record lows, were met on Monday by the rest of the
dealers. Open market rates for acceptances are as
follows:
HE tendency of money rates remained downward
this week under the pervasive influence of the
Federal Reserve open market policy. Reductions
were made in several directions, although rates were
previously so near the vanishing point as to be
absurd. Rates on bankers' acceptances were lowered
of 1% all round Monday by all dealers, tentative
action to this effect having been taken by three dealers
late last week. The step followed the reduction of
interest rates paid on deposits in New York Clearing
House banks. The informal committee which acts
on foreign central bank and government deposits in
New York banks took a similar step, Monday, when
it was indicated that the levels will be reduced by
one-half, to take effect the following day concurrently
with the lowering of rates on ordinary deposits. The
new rates on such foreign deposits are VI%for demand
deposits and
for time deposits. It is generally
expected that savings banks here will find it advisable
SPOT DELIVERY.
to curtail their interest and dividend payments.
—180 Days— —150 Days— —120 Days--RM.
Asked.
Bid.
Asked.
Bid.
Anted.
Call loan rates in the Stock Exchange money market Prime eligible bUis
34
34,f
34
34
34
remained unchanged, all loans being arranged at
—90Days— —60Days— —80Dais
Asked.
Bid.
Asked.
Bid.
Bid,
Asked,
1%, whether renewals or new loans. In the un- Prime eligible bills
34
34
34
34
34
34
official street market funds were available on call
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
% bid
every day at %. Time money was easy.
Eligible non-member banks
Si% bid
Treasury financing also reflected the extraordinary
ease in money. An issue of $80,000,000 in 91-day
HERE have been no changes this week in the
discount bills was sold on competitive bids, Monday,
rediscount rates of the Federal Reserve banks.
at an average discount of 0.18%, as against 0.24% The following is the schedule of rates now in effect
on a similar issue awarded a week earlier. The for the various classes of paper at the different
Treasury also announced, Monday, an issue of $250,- Reserve banks:
000,000 or thereabouts of 2%% five-year notes carry- DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
ing complete tax exemption. Applications for the
issue, announced Thursday, amounted to $7,800,Rare in
Effect on
Dale
Preview
Federal Reserve Bank.
Jan. 27.
Established.
Rate.
000,000, but the Treasury issued a warning at the
Oct. 17 1931
334
234
same time that steps are under consideration for Boston
3
New York
234
June 21 1932
Oct. 22 1931
3
SS
preventing such obvious padding of applications in Philadelphia
3
Cleveland
Oct. 24 1931
3.4
Richmond
Jan. 25 1932
4
334
the future.
Nov. 14 1931
3
Atlanta
334
June 25 1932
Chicago
234
334
Brokers' loans against stock and bond collateral, as St.
Louis
Oct. 22 1931
234
3.14
Minneapolis
Sept. 12 1930
4
314
reported by the Federal Reserve Bank of New York, Kansas
Oct. 23 1931
3
334
City
Dallas
Jan. 28 1932
4
334
increased $11,000,000 in the week to Wednesday San
Oct. 21 1931
214
Francisco
314
night. Gold movements in the same period resulted
in a net loss of $10,758,000 in American stocks of the
TERLING exchange is firmer and in greater
metal.
demand than at any time in the past three
months. In Tuesday's trading cable transfers went
EALING in detail with call loan rates on the as high as 3.40 1-16, the highest level since Oct. 20.
Stock Exchange from day to day, 1% was the The range this week has been from
3.3534 to 3.39%
ruling quotation all through the week both for new for bankers' sight bills, compared with a range of
5i to 3.35% last week. The range for cable
loans and renewals. The time money market has 3.34/
shown no change the present week, there is practi- transfers has been between 3.35 13-16 and 3.40 1-16,
cally no demand for this class of accommodation at compared with a range of 3.343
4 to 3.36 a week ago.
the present time. Rates are quoted nominally at The advance of sterling, especially in the early part
I% for four months and of the week, was accompanied by sharp rises in most
for 30 to 90 days, %@Y
for five and six months. The market for of the European exchanges. The sudden soaring of
commercial paper quieted down this week. Offer- the foreign currencies which was conspicuous on
ings are still scarce, however, and insufficient to Monday was attributed largely to renewed discussion
meet dealers' requirements. Quotations for choice of inflationary measures in Washington. The specu-
T
_
D
S
544
Financial Chronicle
lative drive against the dollar, however, was not
sustained and at the time when sterling was firmest,
that is, on Tuesday, the other European currencies
receded, while the franc, which had gone as high as
3.91 3-16, fell off sharply to 3.9014. Sterling, however, though receding from Tuesday's high, remains
very firm and would be ruling even higher than
present rates but for the active interference of the
Exchange Equalization Fund. All seasonal factors
are favoring sterling at this time and funds are
flowing to London from many points.
There was a good demand for sterling in New York
throughout the week at around 3.393/ for cable
transfers. At this rate three-months' futures were
bid up to a premium of 13c. over spot, compared
with a premium of around'Mc. on Saturday last
and on Monday of this week. At this premium,
bankers pointed out, sterling at 3.393/ meant a rate
of approximately 13/2% per annum and made the
transfer of 90-day funds from New York for investment in London attractive. Ninety-day bills in
London yield about %%,so that by buying spot and
selling forward sterling and investing the proceeds
in London bills it is possible for New York operators
to obtain about 234% on 90-day money. This
compares with Yi% on local acceptances and /%
1
on 90-day time money in New York. It will be
recalled that last week London lifted the ban on new
domestic issues. The press of new capital issues was
so great, especially of the gilt-edge class, that the
ban was immediately renewed on Friday of last week.
Dispatches relating to this action were delayed in
transmission abroad. Permission to make such
issues has now to be obtained from the Bank of
England and the Bank has intimated that further
offers must be postponed. It was explained that
the action was taken because of threatened congestion of the market.
The great flow of funds to London from many
quarters is reflected in the extreme ease in money
rates. Call money against bills is in supply at M%.
Two- and three-months' bills are quoted 4% to
13-16%, four-months' bills at 13-16% to %%, and
six-months' bills at 15-16% to 1%. It will be recalled that on Thursday of last week, as reported
here, the Federal Reserve Bank of New York reported a "loss through increase in gold held abroad
for Federal Reserve Bank of New York" of $25,101,200. No information of an official character
was available with respect to the nature of the item
and the London market was equally in the dark, but
New York bankers were quick to reach the conclusion that the item meant that the British Treasury
or the Bank of England had bought back from the
Reserve Bank this amount of gold, a part of the
$95,550,000 acquired in London on Dec. 15 as a
result of the payment of the war debt instalment.
London advices on Saturday last denied that such
a transaction had taken place. This denial was confuted on Tuesday when the Exchange Equalization
Fund sold to the Bank of England, as reflected in
the Bank's report during the day, £3,816,710 of gold
bars. The Exchange Fund by this process increased
its holdings of sterling, which must have been
greatly reduced in the past few weeks in the effort to
keep the rise in the pound within reasonable bounds.
The Bank of England statement for the week ended
Jan. 25 shows an increase in gold holdings of £3,819,653, the total standing at £124,390,307, which compares with £121,349,833 a year ago. The Bank's
Jan. 28 1933
ratio of reserves to liabilities on Jan. 25 moved up
to 31.28% from 27.27% on Jan. 18.. A year ago the
ratio stood at 39.48%.
At the Port of New York the gold movement for the
week ended January 25, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$32,051,000, of which $21,630,000 came from England, $5,145,000 from France, $3,143,000 from Holand, $1,003,000 from Canada, $880,000 from India,
and $250,000 chiefly from Latin-American countries.
There were no gold exports. The Reserve Bank reported an increase of $7,428,000 in gold ear-marked
for foreign account. The Bank also reported a loss
through decrease in gold held abroad for its account
of $37,503,000. In tabular form the gold movement
at the Port of New York for the week ended January
25, as reported by the Federal Reserve Bank of New
York, was as follows:
GOLD MOVEMENT AT NEW YORK,JAN.19—JAN. 25,INCLUSIVE.
Exports
Imports.
$21,830,000 from England
5,145,000 from France
3,143,000 from Holland
None
1,003,000 from Canada
880,000 from India
250,000 chiefly from LatinAmerican countries
$32,051,000 total
Net Change in Gold Earmarked for Foreign Account
Increase: $7,428,000
Loos Through Decrease in Gold Held Earmarked Abroad.
$37,503,000
The above figures are for the week ended Wednesday evening. On Thursday $18,700 of gold was
received from Mexico. There were no exports of
the metal on that day, but gold held earmarked for
foreign account increased $2,001,100. Yesterday
$1,825,800 of gold was received from England. There
were no exports of the metal but gold held earmarked
for foreign account increased $1,000,900. For the
week ended Wednesday evening approximately $2,122,000 of gold was received at San Francisco,
$1,960,000 of which came from China and $162,000
came from India. There were no further reports,
on Thursday or Friday, of gold being received at
any other United States ports.
Canadian exchange remains at a severe discount.
On Saturday last Montreal funds were at a discount
of 12 13-16%, on Monday at 13 1-16%, on Tuesday
8%,on Thursday at 135
and Wednesday at 131/
% %,
and on Friday at 1414%. The foreign exchange
market does not expect any important recovery in
Canadian dollars for some time. It is also felt that
no marked break will occur, though many Canadian
issues, public and private, will fall due in United State
funds during the year, particularly in the last quarter.
These funds, it is estimated, total approximately
$266,124,000, of which approximately $109,393,000
represent maturing principal.
Referring to day-to-day rates, sterling exchange
on Saturday last was firm. Bankers' sight was
4@3.357A;cable transfers3.3513-16@3.3515-16.
3.353
On Monday the pound was firm and in demand.
The range was 3.363'@3.373 for bankers' sight and
3.363I@3.37% for cable transfers. On Tuesday
sterling soared as the dollar was depressed in Europe.
/s@3.39%; cable transfers
Bankers' sight was 3.395
Wednesday
On
1-16.
(0)3.40
4
sterling reacted
3.393
but was firm. Bankers' sight was
cable transfers 3.393/2@3.39%. On Thursday sterling was steady. The range was 3.38%@3.393 for
bankers' sight and 3.3834@3.39% for cable transfers.
On Friday sterling was fractionally lower; the range
Volume 136
Financial Chronicle
2@3.383/ for bankers' sight and 3.38@
was 3.373/
3.38 9-16 for cable transfers. Closing quotations on
Friday were 3.38 for demand and 3.38 11-16 for cable
transfers. Commercial sight bills finished at 3.373/2;
60-day bills at 3.37; 90-day bills at 3.36%; documents
for payment (60 days) at 3.37, and seven-day grain
bills at 3.37%. Cotton and grain for payment
closed at 3.373/2.
XCHANGE on the Continental countries is
E
firmer in general. French francs, as already
noted, were
especially firm in Monday's market,
going as high as 3.91 3-16, which compares with the
closing figure of 3.903/ on Friday of last week, the
export point for gold from Paris to New York. The
firmness in the franc and the gold currencies generally
was attributed to speculative interests spurred by
renewed inflation talk at Washington. However, in
Tuesday's market, when sterling exchange was at
its highest, the franc receded as the attack on the
dollar proved futile. The activity in francs is limited
and the market is expecting to see the rate sag again
to the point where it will be profitable to import
gold from Paris to New York. The annual report of
the Bank of France to its shareholders put forth a
defense of the Bank's policy of liquidating foreign
balances. After stating that the Bank had hoped
to see the balances reabsorbed automatically through
normal international developments, the report says
that the prolongation of the crisis and the experience
of 1931 caused it to determine to liquidate at once
the greater portion of its balances without distinction.
The report points out that every possible precaution
was taken to prevent disturbance in foreign money
markets, and that in bringing about the liquidation
the Bank acted in close co-operation with all other
Central banks. The Bank reports that France now
holds about the same proportion of the world's
gold stock as before the war and leaves it to be understood that it expects an outflow of floating capital
which is only temporarily domiciled in France for
safekeeping. This week the Bank of France shows
a loss in gold holdings of 98,654,624 francs, the
total standing on Jan. 20 at 82,305,917,155 francs,
which compares with 70,689,195,133 francs a year
ago and with 28,935,000,000 francs in June 1928
when the unit was stabilized.
German marks are firm, though quotations are
largely nominal as all foreign exchange transactions
are under strict supervision by the Reichsbank. The
swings in the leading foreign currencies during the
week were without effect on marks as Berlin keeps
the mark anchored to the dollar as closely as possible. When dollars were on offer the Reichsbank,
as during the past year, was a free buyer. The
Reichsbank statement for the week ended Jan. 23
shows a greatly improved condition. Gold holdings
increased during the week by 5,424,000 marks, the
total gold holdings standing at 806,551,000 marks.
The Bank's ratio stands at 29.3%, compared with
28.2% a week earlier and with 27.2% a month ago.
Italian lire are steady. Italian circles are gratified
by the announcement of the formation of the new
industrial reconstruction institute. The object of
the institution is to give "a valid and vigorous
impulse to the technical, economic and financial
reorganization of industrial enterprises that have been
depressed but not ruined by the crisis, in order that
they may find themselves in the best condition of
efficiency at the moment of economic recovery."
545
Exchange on Czechoslovakia is generally of minor
importance in the NewiYork market, but interest
attaches to it at present owing to a reduction in the
rediscount rate of the Prague bank on Wednesday
from 432% to 33/2%.
The London check rate on Paris closed at 86.63
on Friday of this week, against 86.04 on Friday of
last week. In New York sight bills on the French
centre finished on Friday at 3.90%, against 3.90 on
Friday of last week; cable transfers at 3.903', against
3.9038, and commercial sight bills at 3.9031, against
3.90. Antwerp belgas finished at 13.90 for bankers'
sight bills and at 13.903/2 for cable transfers, against
13.86 and 13.863/2. Final quotations for Berlin
marks were 23.80 for bankers' sight bills and 23.803/
for cable transfers, in comparison with 23.783/2 and
23.79. Italian lire closed at 5.1131 for bankers'
sight bills and at 5.113 for cable transfers, against
5.113/ and 5.113
4. Austrian schillings closed at
14.103, against 14.103/2; exchange on Czechoslovakia at 2.96%, against 2.96%; on Bucharest at
2, against
0.6031, against 0.6031; on Poland at 11.223/
11.243, and on Finland at 1.493/2, against 1.483/2.
Greek exchange closed at 0.563
4 for bankers' sight
bills and at 0.563/ for cable transfers, against 0.543/
2
and 0.54%.
XCHANGE on the countries neutral during the
E
war has been largely influenced by the movements in
sterling and the threatened drive against
dollar exchange. Exchange on Norway and Sweden
is higher as a result of the firmer quotations in sterling
exchange, to which the currencies of these countries
are attached. Danish krone are also firmer in consequence of the general movements in the exchanges,
though the Danish authorities recently removed the
restrictions on the exchange. Swiss francs and Holland guilders moved into firmer ground largely as a
result of the inflation talk in Washington, which for
the time being at least has arrested the outflow of
funds from the Swiss and ,Dutch centres. Swiss
francs went well above par, whereas recently they
had been ruling at levels so far below par as to bring
a gold movement from Switzerland to New York
within the range of probability. Several times during the week Holland guilders sold at par or above,
but as the drive against the dollar subsided, the outward trend from Amsterdam to New.York and London was resumed, with of course an adverse effect
on guilders. Most of the Dutch money leaving
Amsterdam this week, however, went to London.
The latest statement of the Bank of The Netherlands
shows gold holdings of 1,032,000,000 guilders, as
against 879,000,000 guilders a year ago. On the
other hand, foreign bills held amounted to 73,000,000
gUilders as against 83,000,000 guilders last year.
The present note circulation of 947,000,000 guilders
compares with 999,000,000 guilders a year ago.
Thus the statement shows the Bank to be in a strong
position and the guilder absolutely safe. Spanish
.pesetas continue steady and firmer, moving up with
the French franc to which Madrid, it would seem,
endeavors to keep the peseta attached.
Bankers' sight on Amsterdam finished on Friday
at 40.193/
2, against 40.17 on Friday of last, week;
cable transfers at 40.20, against 40.173/2, and commercial sight bills at 40.15, against 40.13. Swiss
francs closed at 19.333/2. foi checks and at 19.333
4
for cable transfers, against 19.2831 and 19.283/2.
Copenhagen checks finished at 17.00 and cable
546
Jan. 28
Financial Chronicle
1933
transfers at 17.003/2, againstlf16.86Mrand/16.87.
Checks on Sweden closed at 18.363/ and cable transand 18.34; while
fers at 18.37, against 18.33
checks on Norway finished at 17.373/ and cable
transfers at 17.38, against 17.243/i and 17.25.
Spanish pesetas closed at 8.193/ for bankers' sight
bills and at 8.20 for cable transfers, against 8.17
and 8.18.
Government would introduce an exchange control
bill, going a step further than the existing law.
Closing quotations for yen checks yesterday were
20%, against 20% on Friday of last week. Hong
,-@22 11-16, against 21%®
Kong closed at 223
22 1-16; Shanghai at 283/
2@28%, against 28@2834;
4; Singapore at 39%,
Manila at 49%, against 493
against 393/8; Bombay at 25.60, against 25.40, and
Calcutta at 25.60, against 25.40.
XCHANGE on the South American countries
E
shows no new developments. These exchanges
are all hampered by Government exchange control
P
boards. Most of the South American countries are
showing improvement in export trade. The Argentine Wheat shipments are speeding up. The same
is true of other shipments, although prices are
regarded as excessively low. The Brazilian States
and municipalities are in a bad way respecting the
service on their dollar bonds. Senhor Valentim F.
Boucas, general technical director of the committee
on State finances and economics of the Brazilian
Government's Ministry of Finance, said recently,
in New York, that official figures show that as of
Dec. 31 1930 the external dollar loans of the Brazilian States totaled $155,748,800 of an original
amount of $168,780,000, and that the sum of municipal loans outstanding at the same time was $67,672,863 of an original amount of $75,920,000. The
annual debt service on all these loans is placed at
$22,627,897, "which sum, at the present rate of
exchange," Senhor Boucas said, "was far more than
the debtor was able to pay and automatically resulted in non-payment."
Argentine paper pesos closed on Friday nominally
4on Friday
at 25Vi for bankers' sight bills, against 253
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/s. Peru is nominal at 17.50,
against 17.50.
XCHANGE on the Far Eastern countries is
E
firmer. The Chinese quotations are higher
owing to the advance in silver prices. Silver was
%c. to
quoted in New York this week at from 253
263/0. a fine ounce. The higher price came on
Tuesday, after which there was a slight reaction.
Tuesday's price was the highest since Nov. 24 and
compares with the all-time low of 243.ic., touched
on Dec. 28. As frequently pointed out here, buying
or selling exchange on China is equivalent to a
transaction in silver. The Indian rupee is firmer
owing to the higher quotations for sterling, to which
it is anchored at a fixed rate of one shilling and six
pence per rupee. Japanese yen are firm in sympathy with the general firmness of all the leading
foreign exchanges with respect to the dollar. Korekiyo Takahashi, the Japanese Finance Minister, in
a recent speech in the Diet declared Japan's economic
position was sound and he cited evidence of a 23%
increase in exports and a 15% increase in imports
in the last year; and he declared that the adverse
balance of the country had been reduced 50%.
He said, "While the world was experiencing depression we have enjoyed active trade." He asserted
that the fall of the yen was due more to market
psychology than to the actual state of Japan's
international trade. To minimize fluctuations the
URSUANT to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
JAN. 21 1933 TO JAN. 27 1933, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York,
Value In United Slates Money,
Country and Maulers'',
Jan. 21. Jan. 23. Jan. 24. I Jan. 25. Jan. 26. Jan. 27.
EUROPES
140000
Austria.schilling
138576
Belgium, belga
007200
Bulgaria, lev
Czechoslovakia, kron 029620
169046
Denmark, krone
England, pound
3 358333
sterling
.014566
Finland, tnarkka
.039020
France. franc
Germany. reichsmark .237803
.005426
Greece, drachma_
401767
Holland, guilder
Hungary, pang°..___ .174250
.051166
Italy, lira
.172292
Norway, krone
111850
Poland, zloty
030370
Portugal, escudo
.005975
Rumania, leu
.081814
Spain, peseta
183130
Sweden, krona
Switzerland,franc_ _. .193078
.013537
Yugoslavia, dinar
ASIAChinaChefoo Lae!...... .289791
286875
Hankow tael
.279531
Shanghai tael
296875
Tientsin tact
Hong Kong dollar. .218125
.198750
Mexican dollar __
Tientsin or Peiyang
.199583
dollar
.198750
Yuan dollar
253685
India, rupee
.208550
Japan, yen
Singapore (3.8.)dol
.389375
NORTH AMER..871875
Canada, dollar
999381
Cuba, peso
Mexico, peso (silver). .300500
.869375
Newfoundland, doll
SOUTH AMER.
Argentina, peso (gold) .585835
076350
Brazil, mitres
060250
Chile, peso
.473333
Uruguay, peso
.952400
Colorable' neso
$
.139730
.138636
.007200
.029614
.169346
3.364083
.014566
.039078
.237858
.005439
.401928
.174250
.051177
.172603
.111970
.030365
.005977
.081832
.183384
.193341
.013537
$
$
$
$
.139690 .139750 .139437 .139750
.138750 .138680 .138751 .138862
.007200 .007200 .007200 .007200
.029618 .029618 .029620 .029621
.170423 .170361 .170284 .169961
3.398750
.014742
.039062
.238021
.005539
.401996
.174250
.051174
.174207
.111850
.030505
.005980
.081989
.184461
.193796
.013590
3.394750
.014691
.039024
.237942
.005538
.401816
.174250
.051166
.174223
.111890
.030540
.005977
.018966
.184269
.193591
.013562
3.392875
.014766
.039022
.237957
.005539
.401866
.174250
.051152
.174150
.111850
.030512
.005975
.081932
.184330
.193325
.013550
3.381708
.014800
.039030
.237946
.005510
.401826
.174500
.051147
.173615
.112000
.030425
.005987
.081916
.183592
.193307
.013590
.291666 .295416 .294166 .293750 .293750
.288750 .292500 .291250 .290833 .290833
.281406 .285625 .284218 .283750 .283125
.298333 .302708 .301250 .301250 .300833
.218437 .222812 .222187 .222187 .221250
.201562 .202500 .201562 .200937 .200312
.203333 .202500
.202500 .201666
.253900 .256410
.209250 .210750
.390312 .393750
.201666 .201666
.200833 .200833
.256350 .256300
.210225 .211375
.393437 .393562
.201666
.200833
.255100
.208800
.391875
.868541
.999393
.301833
.866000
.869010 .864322
.999593 .999425
.295000 .295833
.866125 .862375
.861041
.999456
.293333
.858625
.585835
.076300
.060250
A73333
.952400
.586044
.076350
.060875
.474166
az04nn
.885312
.999393
.299166
.862625
.585835 .585835
.076350 .076350
.060250 .060250
.473333 .473333
.952400 .952400
.585835
.076350
.060250
.473333
smarm
HE following table indicates the amount of gold
bullion in the principal European banks as of
Jan. 26, 1933, together with comparisons as of the
corresponding dates in the four previous years:
Banks of-
1933.
,C
England___ 124.390.307
Fmnce a _ _ _ 658,447,337
38,673.000
Germanyb_
90,345,000
Spain
63,095.000
Italy
86,050.000
Netherlands
Nat.Beig'm
74,381,000
Switzerland
88,964,000
Sweden_ __. 11,443,000
7.397,000
Denmark
8,015,000
Norway
1932.
£
121,349,833
560.013,561
42,475,350
89,911,000
60.854,000
73,256,000
72,868,000
61,042,000
11,435,000
8,015,000
6,559,000
1931.
£
140,141.236
440.350.732
101,106,400
91,599,000
57,297,000
35,508,000
39,241,000
25,752,000
13,376,000
9,558,000
8.134,000
1930.
£
150.428,168
342,645,367
105.833,500
102,644,000
56,133,000
37,288,000
33,586,000
23,222,000
13,636,000
9,578,000
0,146.000
1929.
£
152,978,126
271,963,526
126,882,800
102,377,000
54,638,000
36,212,000
25,857,000
19,286,000
13,103,000
10,112,000
8,119,000
Total week 1,251,200,644 1,113,278,744 968,063,368 884,140,035 821,568,452
Prey. week 1,247,213,728 1,106,775,002 964,147.342 883,209.821 827,822,707
a These are the gold ho dings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1,( 54.550.
Conferring About the Debts-The British
Reservations.
The statement issued at Washington on Jan.
20, following the conference at the White House
between President Hoover, Mr. Roosevelt, Secretaries Stimson and Mills, Norman H. Davis and
Professor Raymond Moley, marks the beginning of
another stage in the long journey toward an amicable
solution of the war debt issue. The statement, brief
Volume 136
Financial Chronicle
as official communiques are likely to be, announced
that "the British Government has asked for a
discussion of the debts," that "the incoming Administration will be glad to receive their representative early in March for this purpose," and that "it
is, of course, necessary to discuss at the same time
the world economic problems in which the United
States and Great Britain are mutually interested,
and therefore that representatives should also be
sent to discuss ways and means for improving the
world situation." The arrangements, the statement
added, "will be taken up by the Secretary of State
with the British Government."
The publication of this apparently simple and
straightforward announcement has provoked a surprising amount of discussion both in this country and
in England. Attention was promptly called to the
fact that while Great Britain was invited to send
"representatives" to discuss ways and means of improving the world situation, the debt question was
expected to be discussed with a "representative."
If press dispatches from Washington are to be accepted (and their statements at this point have not
been contradicted), the difference in phraseology
signalized a sharp difference of opinion between
President Hoover and Mr. Roosevelt regarding procedure. Mr. Hoover, it was reported, felt that the
British debt case should be presented by a commission, while Mr. Roosevelt insisted upon a single
representative with whom, presumably, he would at
the proper time confer personally. Mr. Roosevelt,in
other words, proposed to keep the control of the discussion in his own hands as far as any conclusions
that might be arrived at were concerned, and the
language of the official statement indicates that he
won his point. The procedure to be followed by the
Department of State in communicating the decision
of the conference to the British Government and
arranging for the reception of British representatives
was also reported to have developed sharp differences
of opinion between the Department and Mr. Roosevelt's personal advisers, and it was with some difficulty, apparently, that the formal communication
was eventually made.
A more animated discussion has centered about
the possible implications of that part of the White
House statement which declared that "it is of course
necessary" to discuss at the same time with the debts
"the world economic problems in which the United
States and Great Britain are mutually interested,"
and asking that British representatives be sent "to
discuss ways and means for improving the world
situation." The question was at once raised in Great
Britain, as, indeed, it had been raised before the
statement was issued, as to whether concessions to
Great Britain in the matter of its debt, assuming
that the United States was prepared to make concessions, were to be reached by bargaining, or
whether the reference to "world economic problems"
meant that some, at least, of the questions which the
World Economic Conference is expected to consider
were to be brought into the proposed consideration
of the debts.
The particular point at which British opinion appears to be most concerned is that of a return to the
gold standard. In an editorial on that subject, on
Jan. 16, the London "Times" declared that "to regard the war debts as an asset as well as a nuisance
and to think that in getting rid of them they (1. e.,
Americans) would be making a concession for which
547
they would reasonably expect concessions in return . . . is a dangerous attitude, for any attempt to use the debts as a bargaining weapon could
only complicate the situation and make for further
delay where there has been too much delay already."
Commenting on this declaration in the New York
"Herald Tribune" of Jan. 19, Mr. Walter Lippmann
remarked that "if these words truly reflect British
opinion, they will be read with anxiety in the United
States . . . The two nations will not arrive at a
solution if responsible persons begin addressing each
other in this tone of voice. The suggestion that a
settlement of the debts should be accompanied by
some understanding about sterling is not, as the
London 'Times' assumes, a proposal to drive a
bargain with Great Britain . . . The suggestion is based on the premise that in the long run it
is to the interest of Britain . . . to stabilize
sterling and end the disastrous uncertainty of
fluctuating currencies and the constant threat of a
ruinous competition in depreciating money . . .
It is not fair and it is not politic for Great Britain
to take the position that the United States must first
settle the debts and then trust unreservedly to the
discretion of British finance. This would be an invitation to Americans to believe that there is an
opinion in Great Britain that the United States has
been maneuvered into a situation where it must settle
debts on British terms, and submit without consultation to any other decisions which British finance
may choose to take. It would be deplorable if such
a view prevailed and it would have very serious consequences."
The White House statement,issued the day following the publication of Mr. Lippmann's article, contained, as we have seen, no reference to bargaining
or the gold standard, and no further statement. has
come from Mr. Roosevelt to indicate what concessions, if any, he has in mind. The London "Times,"
on Jan. 21, protested that it was not opposed to
"British consultation with the United States on
monetary and other causes of the depression," but
insisted that "unless America is prepared to recast
her whole economic policy so as to enable her debtors
to pay what they owe,the only alternatives are settlement on the Lausanne model or a frank cessation
of payments." London dispatches, however, have
continued to represent British opinion as unalterably opposed to allowing a return to the gold standard to be made a condition of any new debt settlement. On the important question of the Ottawa
tariff agreements, whose serious effect upon the
market for American wheat we pointed out last
week (see the "Chronicle" for Jan. 21, page 363,
and also further remarks on the subject in our article
on the Financial Situation on a preceding page—page
533, there is less unanimity. The London c'orrespondent of the New York "Times," cabling on Monday, reported that "if the United States desires
modification of the Empire trading agreements
reached at Ottawa last summer,the reaction in Great
Britain will be much less unanimous. Although the
present Government is committed to thcre agreements for five years, all the Liberals and Laborites
in Great Britain think they should, be scrapped
now."
In its reference to Lausanne, on -Tan. 21, the
London "Times" offered a significant anticipation
of one of the two main points emphasized by Neville
Chamberlain, Chancellor of the Exchequer, in a re-
548
Financial Chronicle
markable speech delivered on Tuesday at the annual
meeting of the Leeds Chamber of Commerce. After
reminding his audience, which was obviously meant
to include America, of the dependence of the United
States on foreign trade, and commenting upon the
different aspect which the subject of war debts
"presents to the farmer of the Middle West from
that which appears to us," Mr. Chamberlain said:
"We believe that the total cancellation of war debts
and reparations would be the best thing that could
happen to the world as a whole, but if that is going farther than American opinion is yet prepared
to accept, we shall gladly discuss with our American
friends, whenever they are ready to receive our
representatives, the lines on which an agreement can
be reached, bearing in mind two things which seem
to us essential: first, that the settlement to be
reached must be the final settlement, and, secondly,
that it must be one which will not involve resumption
of the claim on Germany for reparations which it was
the object of the Lausanne settlement last year to
end . . . To disturb that settlement now would
be to reopen old wounds and to destroy, for an indefinite period, all prospects of agreement on matters
affecting the happiness and prosperity not merely
of Europe, but of the whole world." Mr. Chamberlain, it was later made known, spoke with the approval of the British Cabinet leaders. The Lausanne
agreement, it will be recalled, provided for the conditional payment by Germany of approximately
$714,000,000 in final settlement of reparations, of
which amount the British share would be about
$171,360,000. - The amount of the British war debt
now owed to the United States is $4,499,520,000.
The delay of the British Government in accepting
Mr. Roosevelt's invitation was due in part to uncertainty regarding the scope of the invitation, and
in part, it was reported, to a difference of opinion
between Prime Minister MacDonald and some of his
Cabinet colleagues. Mr. MacDonald, it was said,
thought it unwise to indicate any conditions which
a settlement must meet, lest American opinion,
which he was anxious to conciliate, should be further
alienated in advance. The note of acceptance, made
public on Wednesday, was cordial in tone, but made
the reservation that "it will be recognized that decisions on matters which constitute the subject of the
approaching World Economic Conference and which
affect other States cannot be reached before discussions take place at that Conference between all
the States represented there." The precise meaning
of the reservation is not clear, and much difference
of opinion has been shown, in Congress and elsewhere, as to whether the reservation was meant to
exclude tariff bargaining in connection with a new
debt arrangement, or perhaps to assure France that
its interests would not be neglected. Meantime
Italy, Czechoslovakia,Lithuania,Finland and Latvia
are reported to have been informed, after inquiries
on their part, that representatives to discuss their
debt situations will be welcome, and Mr. Roosevelt
has even been said to favor opening the door to all
the debtor Governments, including those that are in
default.
Mr. Roosevelt has taken the right course, as has
also Mr. Hoover, in insisting that the debtor Governments are to be dealt with separately. The original
debt settlements were separate agreements, framed
in each case with regard to the special circumstances
of the debtor, and there is no reason why they should
Jan. 28 1933
be lumped together now. It is proper, too, that the
debtor Governments should ask for a conference, as
the British Government has done; it is not for the
United States to volunteer concessions upon mere
general professions of inability or unwillingness to
pay. As to the particular course which he has in
mind when the conferences begin, Mr. Roosevelt has
thus far maintained silence, but it seems unlikely
that he wishes to anticipate the work of the World
Economic Conference by mixing with the question
Of the debts the various questions which it may be
asked to discuss, and he of course knows that any
agreements he may personally approve will require
ratification by Congress. The task to which he has
set his hand will be greatly impeded, however, if the
debtor Governments which accept his invitation are
to herald the appointment of their representatives
with declarations, whether official or not, of conditions upon which they propose to insist or limits beyond which they will not go. The friendly and unbiased attitude which the President-elect has assumed may well be matched by the Governments
whose spokesmen he has promised to meet.
Who Are Our Benefactors?
The individual is sacred. His freedom is holy and
inviolable no matter what his station or his circumstances. This has been the attitude of the virtuous
and the wise throughout all ages. Wherever, whenever, and to the degree in which this conception has
been controverted, obstructed, and overthrown,
nations and civilizations have been brought to
naught. The refusal to comprehend this divine inspiration of the seers in the full literalness of its
meaning brought the great nations of Asia, India,
and China into utter stagnation, subjugation, and
humiliation. Nevertheless, men are far from equal.
In all material and social affairs, for good or for
ill, the world is governed, has always been and always
will be governed by strong men, by men of superior
but not necessarily of the highest talent, and all the
rest, be they kings or paupers, men of genius or
men of little gifts, skilled or unskilled, industrious
or shiftless, are one and all dependent upon the
good sense with which these strong men exercise
their powers. This fact is so amply demonstrated
by history, ancient, modern and contemporary, that
it is needless to cite instances. These men of power
have been born in the palaces of kings, in the mansions of the rich, in the homes of the gracious and
humble, even if more often in cabins and huts and
not infrequently in the very ditches by the roadside.
This whole page would not suffice to name the latter;
to enumerate all the strong men recognized as leaders and benefactors would require a volume.
There lived in Dublin, in Ireland, at about the
beginning of the industrial era, a Danish gentleman
named Hendricks, who as a brewer amassed a fortune, as fortunes were estimated in those days.
When he decided to retire he desired to show his
appreciation of the services of his coachman, who
had been in his employ for a long time and had won
his affection because of his sound sense. "James,"
said Hendricks,"do you think you could conduct the
brewery?" "That I can." "Well, I'll give it to you;
it's yours." Guinness, the coachman, and his sons
and grandsons became peers of Great Britain and
built up the most renowned brewery in the world.
He was the first industrialist to lift wages volun-
Volume 136
Financial Chronicle
tarily, to insure security not only to his employees
but to their dependents as well, and to provide disability and age retirement pensions.
According to ancient theosophic doctrine, there
are five orders of men in the world. This is recognized by Manu, by Zoraster, by Krishna, by Pythagoras, by Moses, by Socrates, by Plato, by Jesus, but
their classification is best enumerated by the Chinese
philosopher, Confucius, who said: "The first class,
the most numerous, comprises the multitude of men,
who act only by a sort of imitative instinct, doing
to-day what they did yesterday, in order to recommence to-morrow what they have done to-day, and
who,incapable of discerning in the distance the real
and substantial advantages, the interests of highest
importance, extract easily a little profit, a base interest in the pettiest things, and have enough adroitness to procure them. These men have an understanding as the others, but this understanding goes
no further than the senses. They see and hear only
through the eyes and the ears of their bodies. Such
are the people."
For this, the most numerous class, the other four
orders of men live. These are the beneficiaries. Of
them it was said: "Inasmuch as ye have done it
unto one of the least of these, my brethren, ye have
done it unto me." The higher types of mentality
receive the gifts of life in order to be of service to
these multitudes. The writer, intent on expressing
himself, in reality writes for them; the scientist,
probing for knowledge only in order to know, is experimenting for their good; all the talents and all
the skill engaged in molding forms of beauty and
use are serving the simple members of the beneficiary
class. We are dependent in all things upon our men
of genius or of enterprise. Nature forces its gifted
ones up through the ranks to the highest positions,
but it exacts of them, as of the lowest, obedience
to the law that all exist for each and each exists
for all. There must be a mutual interplay of kindness and gratitude. If a strong man violates the
law,then he suffers,if not in his own person, through
the downfall of the institutions which he represents.
If the weak man breaks the law, he too must pay the
penalty. True, the imbecility of the masses invites
the impudence of power, but the pendulum swings
back on its arc—the impudence of power in turn
invites the rage of the masses.
In the strong and powerful, in high or in lowly
places, intelligent humility engenders good will.
Gratitude is a co-operative economic force. The real
benefactors of society are the men of talent, who
organize, manage and direct the commercial and
industrial enterprises through which we all subsist.
These are the men who through their inherited capacities are able to face the practical problems of work
with the overpowering weight of their genius for
constructive acquisition.
But for these men of enterprise the multitude,
including even men of skill and genius, would
speedily die of starvation. Famine history is not
so much a record of agricultural failures as of the
failure of given areas and times to support a sufficient proportion of men of enterprise. Society is
co-operative only in the degree in which these men
have freedom to act. The world needs more of
them and more freedom for them. These are the men
who direct the economic forces of life, acting as truly
by divine right as the poet,the painter, the musician,
549
or the inventor acts in the exercise of his gifts.
No one is exploited in a society in which these men
are free. If any are exploited for the benefit of
others, it is the men of genius, the scientists and
inventors. But none are exploited. Your simple
breakfast may have cost you only a quarter,,but a
thousand men at least have had a share in the labor
of bringing it to you. Millions of human beings cannot be permitted to suffer from unemployment, want,
and anxiety. But the problem can never be solved
nor the wrong righted in legislative halls. It can
be solved only by increasing,in a spirit of intelligent
humility, the freedom and power of the talented men
of enterprise, the work-finders. They are the benefactors. We who labor are the beneficiaries.
Uncle Sam's Greatest Business Experiment.
In recent years the United States has embarked
upon two remarkable experiments. One is the
"noble" attempt to make the country dry by prohibiting the sale of intoxicating beverages of whatever form. The second, perhaps less "noble," but
more practical, endeavor is the creation of the Reconstruction Finance Corporation in order to tide
over great corporations which werein danger of being
swamped by a deluge of adverse circumstances accompanying the depression in business which followed
the culmination of a wave of speculation and expansion such as never before had been experienced in
this country.
The Reconstruction Finance Corporation, authorized by Congress, is about completing the work of
its first year. Complying with a request, it has
made a report covering 11 months which reveals
remarkable activities and the uses made of the funds
appropriated by Congress to enable the Corporation
to carry out the purposes for which it was created.
In the 11-month period covered to Jan.1,the Corporation reports cash loans of $1,648,622,393, of which
$337,435,093 was made available for the railroads,
which, owing to a variety of unusual and unanticipated causes, were seriously in need of financial
assistance. By reason of the timely aid so extended
there have been but very few railroad receiverships.
The carriers have been able to carry on, giving industry and commerce the customary prompt facilities
of transportation, so that no sort of business would
be interrupted or handicapped.
During the period of prosperity, when unprecedented peace-time activity prevailed, there was great
pressure upon the railroads to expand their facilities
in order that trade and commerce might be handled
expeditiowly. This induced a number of the larger
carriers to enter upon extensive construction projects
involving the expenditure of large amounts of money.
When the collapse came many of these improvements
were in an incompleted stage, and therefore entirely
unavailable for the purposes for which they were
designed.
In order thatthe improvements might be completed
and work thereby provided for thousands of men
who otherwise would have been unemployed, the
Government authorized the R. F. C. to advance
funds to the railroads so that construction work
would not be interrupted. Also to meet maturing
loan, which, if not provided for, would have led to
default and receivership. Under these circumstances
the R.F. C.authorized 62 railroads to make 104 loans
for a total of $337,435,093, and of this sum cash
Financial Chronicle
550
advances of $284,311,271 have been made up to the
beginning of this year.
Thus the funds advanced by the Government have
not been wasted. They have gone largely into steel,
concrete and other forms of permanent construction,
thus providing the means to pay wages to workers at
a time when they probably could have found no other
means of providing for their families.
When traffic again becomes normal the carriers
will have better facilities than they ever before possessed to take care of both passenger and freight
business.
Among the railways receiving 10 or more millions
through the R.F. C.in 1932 were:
Baltimore& Ohio
$67,125,000
Pennsylvania
29,500,000
Chicago North West_ — _ 21,000,000
New York Central
20,499,000
St. L. & Southwestern-- 18,664,000
N.Y.Chic.& St. Louis._ 18,200,000
Missouri Pacific
17,100,000
Southern
Erie
Wabash
Illinois Central
Boston & Maine
Rock Island
$14,751,000
13,400,000
13,335,000
11,000,000
10,000,000
10,000,000
Thirteen well-known systems received in the aggregate over $264,000,000 of the total allotment last
year to aid the carriers whose lines cover an enormous
area, including sections having the densest traffic.
Banks were the largest borrowers through the
R. F. C., having negotiated loans for $850,000,000,
or a little more than one-half of the total sum appropriated by Congress.
Help was extended to 5,582 financial institutions,
and of the total sum borrowed there was paid back
$256,284,353, leaving the net amount remaining at
the beginning of the new year $593,715,647.
In addition the Government agency extended aid
to insurance companies and building and loan
associations.
Other disbursements included crop loans to farmers, $64,204,500; for purchase by the Secretary of
the Treasury ofstock in Home Loan Banks,$820,000;
for self-liquidating projects, $17,793,000; to States
for relief purposes, $100,993,175; for carrying and
orderly marketing of agricultural commodities,
$1,439,974; aid for farmers and stockmen, $35,768,618.
Of $146,328,288 set aside for the nation's destitute,
Pennsylvania received $26,705,446 and Illinois $25,723,228.
On Jan. 13 Senator Couzens, of Michigan, reporting to the Senate for a committee named to investigate loans of the Reconstruction Finance Corporation, stated that the committee had no criticism to
make, but asserted that lack of funds had made the
inquiry limited.
The policy of extending Federal aid on a large
scale was applied a few years ago to help farmers
and planters who grew wheat and cotton. The precedents thus established opened the door for similar
aid in other fields as emergencies arose following
distress which came in the wake of the depression
that started in 1929. By some persons the action
of Congress may be regarded as too paternalistic,
and by others it will be said that unusual circumstances have justified the means.
British Railways Also Seeking Rail Wage Cuts.
The National Wages Board for the British Railways during the closing months of 1931 met to consider the necessity for wage reductions of the railway employees in that country. The railways in
the British Isles are at present confronted with many
of the problems that are facing the carriers in this
country.
fan. 28 1933
The industrial depression there seems to have been
getting worse, for in 1930 the gross receipts of the
companies amounted to £196,500,000, and in 1931
they were £180,000,000, a decline of £16,500,000.
Comparing the receipts in the first 46 weeks of 1931,
£139,732,000, with the receipts in the corresponding
period of 1932, £126,944,000, there is a decline of
£12,788,000, or 9.15%. It is safe to estimate the loss
of gross receipts for the whole of the year 1932 at
£16,000,000. In 1930 the net revenue was £37,716,000;
in 1931 it was £33,370,000, and in 1932 it will probably be £26,000,000.
It is indicated that the proposal to reduce wages
is justified, not only because of the economic position
of the railway industry, but also because the rates
of pay, compared with the pre-war rates, showed a
much greater percentage of increase than the increase in the cost of living, and than the increase of
wages generally. There had been a further reduction in the cost of living since 1930, and it is pointed
out that under the present business situation a substantial reduction of labor costs must be granted if
the railway industry is to play an adequate part
in a vital national service. The effect of the reduction of wages which took place in March 1931 was
a saving to the railroads of £3,660,000 a year. The
present application is for a further reduction of
£4,600,000, and if the application is granted the total
of the two reductions would be £8,260,000, or,
roughly, £1,250,000 less than was asked for two
years ago.
British railway wages have shown a huge increase
when compared with those effective in 1913. The
total wage bill of the four large companies in 1931
was £102,000,000, compared with £47,000,000 prewar, an increase of 117%. The average earnings per
employee were 28s. 5d. per week pre-war, and are
now 61s. 7d. This compares with an increase in
the cost of living of 43%, and with an average increase over pre-war of 66 to 70% in the general level
of industrial wages. The real measure of wages is
their purchasing power, and to secure a proper comparison they should be translated into what they
can buy. The real wages of British railwaymen
to-day are higher than pre-war, higher than in 1920,
when the national agreements were made,and higher
than in 1930, when a previous application for a wage
reduction was made by the carriers there.
The proposed reduction would leave the general
level of railway wage rates 99% over pre-war; the
general level of all wages 102% above pre-war, and
the general level of railway salaries 78% above prewar; while the cost of living in England is now about
43% above pre-war.
The railways contend that for the welfare of the
industry the stockholders' share of the net product
is too small, and the wage earners' share too large,
and unless the stockholders' share is increased the
railway industry would pass through a state of slow
paralysis. It has been pointed out that the position
of railway stockholders in Great Britain is most
unsatisfactory, for in 1931 the net revenue was £33,000,000, and in 1932 it will probably be about £26,000,000, and this represents a return of not more
than 21/2% on the railway investment.
The real facts are that the British railway stockholders received £9,500,000 less in 1931 than in 1913,
while the employees received £54,700,000 more in
wages. The result of the loss in net revenue has been
Volume 136
Financial Chronicle
that in many cases dividends have been either materially reduced or have disappeared. In 1930 no
dividend was paid on £36,000,000 of railway capital.
In 1931 no dividend was paid on £111,000,000, and
on a further £95,000,000 only yeo was paid. For
the first six months of 1931 no interim dividend was
paid on £271,000,000 of capital, while for the same
period of 1932 no interim was paid on £391,000,000.
There is no question but that railway credit has
been seriously injured, and for some considerable
time it has been impracticable for the British roads
to raise fresh capital except by debenture issues.
Neither the railways nor the stockholders there or in
any other country can exist on a diet of debentures.
A summary of the whole situation is that the increase in railway wages is altogether disproportionate to the increase in the cost of living or the increase
in wages in industry in general; that railway costs
(two-thirds of which are wages costs) are too high
to enable the companies to compete effectively or
to meet the needs of industry; and the railway credit
is not strong enough for continued efficiency and
development.
The Course of the Bond Market.
Tlai bond market during the past week showed some signs
of hesitating along with the dulness which prevailed in both
the stock and commodity markets. There was some irregularity in that railroad and U. S. Government bonds were
fairly strong while a slight weakness in the industrial and
public utility groups was noticed. High grade bonds
changed little either way. Moody's price index of 120
domestic bonds stood at 83.11 on Friday as compared with
82.99 a week ago and 83.85 two weeks ago.
The Treasury Department offered an issue of $250,000,000
in 2%% 5-year notes, which was heavily oversubscribed.
Trading on a "when-issued" basis indicated a premium of
nearly a full point. On indication that long term financing
would not now be attempted, the Liberty 4th 43%s showed
good advances in a generally strong market for all U. S. Government issues. In recent years the highest level reached
by Moody's price index of U. S. Government bonds was
106.78 established on June 12 1931. From this peak
it
declined to a low of 89.27 on January 12 1932, and
then
rose to 103.66 on Friday of this week, the highest
level
reached since September 18 1931, when the index
stood at
103.57.
Railroad bonds tended to be firm or strong in the past
week.
Not many advances were recorded among the highest
grade
issues, but fairly good price advances occurred in
the second
grade and low grade divisions. Pennsylvania 43%s,
1965,
%
3
advanced 4 points from 845
% to 89. Some bonds, includMOODY'S Isom, PRICES.*
(Based on Average Yields.)
1933
Daily
Averages.
Jan. 27
26
25
24
23
21
20
19
18
17
16
14
13
12
11
10
9
7
All
120
120 Domestics by Rat ngs.
Domestic.
Aaa.
Aa.
4.
Boa.
83.11
83.23
82.99
82.99
83.11
83.11
82.99
82.87
82.74
83.23
83.60
83.72
83.85
83.97
83.35
82.62
82.26
105.54
105.72
105.54
105.54
105.37
105.20
105.03
105.03
105.03
105.20
105.54
105.54
105.54
105.54
105.20
105.03
104.85
92.39
92.53
92.25
92.25
92.25
92.10
91.81
91.53
91.53
91.96
91.96
92.25
92.25
92.39
92.10
91.39
91.25
Stock
90.69
89.86
89.45
89.04
Stock
89.72
71.38
101.64
76.03
551
ing the Texas & Pacific 5s, 1979, and Boston & Maine 5s,
1967, were strong as a result of the publication of favorable
1932 earnings, the former advancing 6 points from 46 to 52,
3
the latter 4 points from 693
The bonds of the
% to 73%.
New York, Ontario & Western were similarly favorably
affected, the 4s, 1955, advancing from 44 to 48. New York
Central bonds improved their prices on the news that the
Delaware & Hudson had purchased a large block of New
York Central stock, the 432s, 2013, advancing 3%
3 points
3
from 42 to 45%.
Among the extremely low-priced issues,
Chicago, Milwaukee, St. Paul & Pacific 5s, 1975, were actively traded at rising prices, the week's net gain having
been 23% points from 183/i to 21. The price index for this
group on Friday was 76.25 as compared with 75.09 a week
ago and 75.71 two weeks before.
After acting in an uncertain and sluggish manner in the
first few days of the week, utility bonds displayed a better
tone in the late days and fairly good strength was exhibited
in many issues, including bonds in the second and third grade
groups. The trend of utility issues was quite mixed.
Among issues to gain during the week were N. Y. Gas,
Electric Light & Power 4s, 1949, from l01% to 1023%;
Georgia Power 5s, 1967, from 883% to 893%; Carolina Power
& Light 5s, 1956,from 70 to 713%. On the other hand,some
of the issues to lose ground were Tennessee Electric Power
5s, 1956, from 94 to 923%; Central Illinois Public Service
43%s, 1981, from 723% to 693/2; Central Power & Light 5s,'
1956, from 653% to 613%; and Mississippi Power 5s, 1955,
from 70 to 673%. Moody's 40 utility bond price index stood
at 87.56 on Friday, 88.23 a week ago and 89.17 two weeks
ago.
Irregularity without much net change on the average prevailed in industrial bonds this week. A limited number of
popular issues of the highest grade continued in good demand
around their high prices for 1932-33. Liggett & Myers.7s
and 5s are in this group, the latter establishing a new high
at 1093%. Slight or only fractional weakness in grade one
oils took place as a result of continued price cutting ir the
petroleum industry. Other oils lost more ground. Hints
of impending readjustments and admission price reductions
brought selling in motion picture issues, Paramount-Publix
53%s, 1950, touching a low of 73% and Loew's 6s, 1941,
breaking to 673%. In spite of lower steel prices, better
grade bonds in this group held well. National Dairy
53%E,
1948, continued irregular on news of a further milk price
cut
in the New York area. The industrial bond index on
Friday
stood at 86.38 as compared with 86.64 a week previous and
87.56 two weeks ago.
The foreign bond market during the week was rather irregular although the group as a whole was practically unchange
d
for the week. German bonds worked fractionally higher on
the average, the same as most Japanese public utility credits.
Japanese governmental obligations remained practically
unchanged. Australian and Argentine government bonds
fluctuated relatively little. Buenos Aires Province bonds,
however, lost substantial ground on reported acceptance of
debt service modification plan by provincial government.
Finnish bonds were strong again. -Polish bonds also advanced somewhat in price. Little price change in Scandinavians and Eastern Europeans was noticed. The foreign
bond yield average on Friday stood at 9.88% as compared
with 9.85% a week ago and 9.62% two weeks ago.
A firm market continued in the best grade of municipal
obligations, with secondary issues generally steady. Official
suggestion that New York City was to offer $75,000,000 in
long term bonds brought some weakness, which proved
temporary.
Moody's computed bond prices and bond yield averages
are shown in the tables below:
MOODY'S BOND YIELD AVERAGES.
(Based on Individual Closing Prices.)
120 Domestics
by Groups.
RR.
P. U. Indus.
81.18 62.95 76.25 87.56
81.18 62.95 76.14 87.69 86.38
80.95 62.87 75.71 87.83 86.51
81.07 62.72 75.29 88.10 86.38
81.18 62.87 75.29 88.10 86.61
81.18 63.03 75.19 88.36 86.64
81.07 63.11 75.09 88.23 86.77
80.84 63.19 74.98 88.10 86.64
86.64
80.72 62.95 74.67 88.10 86.64
81.18 63.58 74.98 88.63
81.54 64.06 75.40 88.90 87.30
81.66 64.06 75.50 89.04 87.56
81.90 64.31 75.71 89.17 87.56
81.90 64.55 75.71 89.31 87.56
81.30 63.82 75.09 89.04 87.69
80.26 63.11 73.65 88.77 87.30
86.91
79.80 62.64 73.05 88.63 86.64
Excha age CM red.
79.34 61.56 71.96 88.23
78.10 60.97 70.71 87.30 86.38
86.12
77.55 60.52 70.05 87.04 85.99
77.00 60.01 69.59 86.38 85.74
Emilia nge Clo sod.
78.55 67.86 78.99 87.69 85.61
54.43 37.94 47.58 65.71
92.97 78.55 95.18 96.85 62.09
90.55
59.87 42.58 53.22 73.55 63.74
71.48 56.97 72.06 78.66 71.19
AU
1933
120
120 Domestics by Ratings.
Daily
DomesAverages. tic.
Aaa.
AG.
A.
Baa.
Jan. 27._
26__
25__
n.
...
5.95
5.94
5.96
g..in
21_ _
5.95
4.42
4.41
4.42
4.42
4.43
4.44
.31
26
g.
a
5.
.26
5.26
5.27
5.94
5.91
5.90
5.89
5.88
5.93
5.99
6.02
4.44
4.42
4.42
4.42
4.42
4.44
4.45
4.46
5.28
5.28
51:
5.
5.25
5.27
5.32
5.33
RR.
40
ForP. U. Indus, dons,
8.00
6.55
5.60
8.00
6.56
5.59
8,01
6.60
5.58
8.03
6.64
5.56
8.01
6.64
5.56
7.99
6.65
5.54
7.98
6.66
5.55
7.97
6.67
5.56
6.15
8.00
6.71
5.56
6.11
7.92
6.67
5.52
6.08
7.86
6.63
5.50
(
11:(
17
7.86
6.62
5.49
5
7.83
6.60
5.48
6.05
7.80
6.60
5.47
6.10
7.89
6.66
5.49
6.19
7.98
6.80
5.51
6.23
8.04
6.86
5.52
Stook Huth* nge Clo lied.
6.27
8.18
6.97
5.55
6.38
8.26
7.10
5.62
6.43
8.32
7.17
5.64
6.48
8.39
7.22
5.69
Stock Excha nge Clo sed.
6.84
7.41
6.30
5.59
9.23 12.96 10.49
7.66
5.21
6.34
5.06 . 4.95
8.41 11.64
9.43
6.81
8..1
11
(
6 3
6.
.12
6.11
6.11
2::
2..37 4.45
3:33 1:1?
3..1!
18_ 5.98
5.31
17_
16__
14__
13.12__
IL._
10._
9__
120 Domestics
by Groups.
5.69
5.68
5.69
5.68
5.67
5.66
5.67
5.67
5.67
5.62
5.60
5.60
5.60
5.59
5.62
5.65
5.67
9.88
9.87
9.77
9.74
9.75
9.81
9.85
9.93
9.95
9.88
9.76
9.67
9.62
9.60
9.61
9.84
9.93
81.66 104.85
o
80.84 104.33
(I__ 6.07
5
4.46
5.37
5.69
9.98
80.49 104.51
4
5-- 6.14
4.49
5.43
5.71 10.02
79.91 104.16
3
6.17
4.48
5.46
5.72 10.11
2
6.22
4.50
5.49
5.74 10.19
82.62 103.99
High 1932
Low 418
.i 5.99
57.57 85.61
Low 1932
4.51
5.44
5.75
High 1932 8.74
9.86
High 1931
93.55 106.96
5.75
7.03
8.11 15.83
Low 1931 5.17
62.56 87.96
Low 1931
4.34
4.65
5.38
6.57
High 1931 8.05
year Aga5.57
6.57
7.90 16.58
An. 27, 1932
73.85 92.82 81.90
2
JY
ay
n
r:.3:21
.4
ili
go 6.78
5.22
TWO Years Ago6.05
7.02
8.83
6.96
6.33
7.05 13.16
ox
1O31
93.11
105.54
101.14
92.10
77.77
94.73 94.73 90.13
•
Jan.28'31 5.20
4.42
4.68
5.27
6.41
.Note.
5.09
-These prices are computed from average yields on the basis o
5.09
5.41
6.99
one "Ideal" bond (4h% coupon,
maturing In 31 years) and
the average level or the average movement of actual price Quotations. They merely serve
to Illustrate In a more comprehensive way the do not purport to show either
movement 01 yield averages, the latter being the truer picture or the bond market.
relative levels and the relative
552
Financial Chronicle
Ian. 28 1933
BOOK NOTICE.
"Facing the Facts." Edited by James G. Smith-1932.
Putnam. $3.00. A diagnosis of the economic problems
facing the nation by a dozen experts in various fields.
This is a book written very simply so that the average
business man or general reader may not be confused by the
intricacies of the subjects dealt with. "Facing the Facts"
is intended to be just what the title portends, a concise illumination of our difficulties, taking into consideration all pertinent facts without superficial or sensational overemphasis
of the exceptional in order to appeal to popularity. Maintaining an impartial attitude, the various authors undertake
to present in an independent and non-partisan spirit the various implications and alternatives open to the public in the
face of the present situation. With vision clear to the fundamental factors involved these economists endeavor to point
the way toward the solutions which the country's financiers
and business men should be seeking.
The striking characteristic of this book is that it is a new
type of book in the field of economics as compared to the
dominating output of the past, five years on nearly all
economics subjects. The Princeton professors were not
content with merely superficial emphasis of certain sensational characteristics which is the ever-recurring error of
nearly all of the popular books on economies in recent years;
but they aimed to dig to the roots of every problem. Yet
from such conservative setting comes the serious warning
that unless essential reforms are soon forthcoming designed to
bring us back within the historical precincts of our political
and economic traditions, the nation is in danger of an even
greater collapse than that already experienced. Nevertheless
the book has no panacea to offer for any one of the ills we
suffer, nor has it to offer any single all-pervading panacea or
utopian economics. The remedies proposed are untinged
with fetish-worship. To some people the remedies will be
found wanting because they may not be sufficiently revolutionary; but the Princeton authors seemed to discover through
their painstaking analysis of all the facts that such revolutionary remedies are likely to be disillusioning.
It has befallen me to start my mission here at a time when the world's
affairs are in a most delicate and difficult condition, but the relations
which exist between our two countries are on such a solid basis of mutual
trust that I believe I can look forward to as fruitful a co-operation as
in the past.
The year just ended has found America and Italy constantly side by
side. We have felt in our country that Italian problems found here the
same friendly attention and loyal comprehension that American problems
find in Italy. In the most important international questions the two
governments have therefore been able to work in full harmony.
This fact is all the more significant since it has in no way been the result
of any prearranged diplomatic agreement but has arisen from the spontaneous coincidence of the points of view of our governments and our
peoples.
Both our countries are at present highly interested in helping to solve
two outstanding international problems, disarmament and the world
economic and financial reconstruction. We are fully aware of the many
difficulties which stand in the way towards the solution of so grave and
complicated problems, but at the same time we firmly believe that by facing
them with broadmindedness and a spirit of earnest realistic endeavor it
will be possible to solve them in a satisfactory manner.
Mr. President, you have given my predecessor, Senator de Martino, the
highest tokens of your good will and esteem, thus giving acknowledgment
to his high character and merits. May I express the hope that you will
grant me the same sympathetic understanding?
Such a hope encourages me as I am about to undertake the task my
Government has entrusted to me to serve the cause of the Italo-American
friendship, which we believe is an important link in the chain of international cooperation for peace and progress.
Augusto Rosso, New Italian Ambassador, Presents
Credentials to President Hoover—Both Countries,
He Says, Interested in Helping to Solve International Problems.
August3 Rosso, newly-appointed Italian Ambassador to
the United States, arrived in New York on the Italian
liner Conte di Savoia on Jan. 12 and on Jan. 18 presented
his credentials to President Hoover. In addressing the
President he said:
Ambassador Rosso succeeds Giacomo de Martino, who,
at the time of his retirement in October, was tendered a
farewell luncheon by the American Society at the Bankers'
Club in New York City. The new Ambassador was Secretary at the Italian Embassy from 1910 to 1912 and served
as Counselor from 1922 to 1925. From the New York
"Times" of Jan. 13 we quote:
Mr. President: I have the honor to hand you, with those recalling my
predecessor, the letters by which His Majesty the King, my august Sovereign. accredits me to you in the capacity of His Ambassador Extraordinary and Plenipotentiary.
In accomplishing this first act of my mission, I am fully aware of the
responsibilities which I am assuming towards your country and mine
The consciousness of this responsibility is enhanced by the feelings of
years
personal attachment I have for your country where, in earlier days,
of my diplomatic life have been happily spent.
to
importance
relations
its
The Italian Government attaches the utmost
with the Government of the United States. These relations have always
been based on a cordial feeling of mutual confidence. Whilst it will be
my object to work, as my predecessors have done, for the maintenance of
the good relations between the two governments, my ambition will be
to help in bringing about the development of still closer ties between our
two peoples.
Such a task will undoubtedly be made easier for me by the fact that
the great American nation includes a large number of people of Italian
origin. That these people are sound and true is well known to you, Mr.
President, and I can add that Italy is proud to see her sons take, as loyal
citizens of the United States of America, a part ever more active in the
public life of your country.
The following is President Hoover's reply to Signor
Augusto Rosso:
Mr. Ambassador: I am happy to receive from you the letters by which
His Majestory the King. your Sovereign, accredits you as Ambassador
Extraordinary and Plenipotentiary to the Government of the United
States. I also receive the letters which terminate the mission of your
distinguished predecessor.
The world is at present confronted with problems of great moment and
difficulty. It should be, and is, the common purpose of all nations to
solve those problems. It falls to the lot of Your Excellency's Government
and of the Government of the United States, to play important and leading
parts in the solution of these problems. It has been a source of great
satisfaction to me and to the officers of this Government to work in a spirit
of friendly co-operation with your Government. It will be a pleasure to
continue these happy relations with you and through you with your
Government.
Your prior service in this country and your several visits among us will,
by reason of your many friends and the personal esteem in which you
are held here, bring to you a sincere welcome back to this country. I
can assure you that in the transaction of such affairs as may become the
subject ot consideration in the course of your duties, you will find ready
and friendly co-operation among all officials of the American Government.
I sincerely hope that you will find your sojourn among us pleasant and
happy in every way.
Before leaving Rome Ambassador Rosso said that Premier Mussolini
had instructed him to do everything possible to aid the cause of ItalianAmerican friendship, which he considers an important link in the reconstruction of the world.
"The Premier is more interested in the United States than in any other
nation except Italy because he considers America is young and dynamic,"
Mr. Rosso said.
The diplomat was head of the Italian delegation at the recent disarms'
ment conference in Geneva and said that although nothing definite had
been achieved it was decidedly not a failure.
"The feeling at the League, which was common among the intelligent
people in Geneva, is that war is not only inhuman but useless," he said.
"That was an echo of the last words Premier Mussolini said to me on the
eve of my departure from Rome to go to the conference in Geneva.
"Italy is for substantial arms reductions, first, for reasons of security,
and secondly, because reductions would relieve the nations of heavy financial burdens."
Speaking of the effect of the depression; he said that "America is worse
off than Europe in the present depression because she is so much younger.
She rose to the peak much quicker and Is deteriorating more rapidly than
Europe on that account."
The Ambassador was met at Quarantine by Andrea Ferrero, Secretary
of the Embassy; Antonio Grossardi, Counsul-General for Italy in New
York, and Marquis Pasquale Diana, Counselor at the Embassy. A
delegation of 50 members of the Italian colony in New York greeted him
at the West 46th Street pier.
The 1932 Record of New Building Construction
As in previous years, new building statistics new collapse quite as severe as other lines of infurnish striking testimony to the extent of the pre- dustrial activity. The earlier slowing down of buildvailing business depression. As a ma cter of fact, ing work was no doubt ascribable in great part to
building operations in recent years have been follow- the fact that in some parts of the country there was
ing, as pointed out by us in previous annual reviews, real estate speculation quite as pronounced as the
an independent downward course. They lost their speculation on the Stock Exchange. This real
momentum far in advance of the time when the estate speculation in most instances came to grief
momentum of general trade gained such force as much sooner than the speculation in the stock marto get beyond control and eventuate in widespread ket, a conspicuous exception, however, being the real
disaster and destruction, though in the general estate speculation in New York City, and in parbreakdown building activity received a further ticular in the Borough of Manhattan, where the real
impetus in the downward direction and suffered estate boom held full sway right up to the time when
Volume 136
Financial Chronicle
the stock market itself collapsed, but since then has
fallen into a collapse of its own. The 1932 movement
in particular having dwindled almost into insignificance.
•
It deserves to be noted at the outset, as we have
done on previous occasions, that there are two sets
of records which are commonly used to measure the
course of building work, namely, (1) the statistics
regarding engineering and construction work, and
(2) the statistics which deal with the plans filed
with the local building departments. Our compilations relate entirely to the latter, that is, to the
plans filed with the local building authorities. The
record of the building permits, which form the basis
of our tabulations, has been one of continuous decline extending back over the whole of the last seven
years, that is, covering all the years since 1925, in
which latter year the peak total was reached—while
the amount involved in engineering and construction
contracts continued to expand until 1929, when a
setback occurred and has since been followed in 1930,
1931 and 1932 by a breakdown of huge dimensions. In
the case of these engineering and construction contracts, there was, prior to 1929, only a single exception to the upward movement, namely, the year 1927,
in which year there was what might be called a mere
temporary halt or lull, the total for that year recording some decrease, but not a decrease of any great
consequence.
On the other hand, in the case of our own
tabulations of building permits, the long-continued
preceding decline, it seems to us, is to be regarded as quite as significant as the tremendous
further shrinkage in 1930, 1931 and 1932. We get
returns from 354 of the principal cities of the
country, and for these 354 cities the outlays involved
by the plans filed in 1925 represented a grand total
of $4,393,364,156, from which figure there was an
uninterrupted decline to 1929, when the total was
down to $3,096,839,460, and from this there was a
sudden drop to $1,776,623,053 in 1930, then a further
decline to $1,220,779,503 in 1931 and now for 1932
a drop to only $417,478,658. The falling off in 1930,
1931 and 1932, it should be observed, was $2,679,360,802, and in the four years preceding, taken together, was $1,296,524,706. If the 1930, 1931 and
1932 shrinkage of $2,679,360,802 was the result of
the general trade collapse, as it unquestionably was,
the falling off in the four years preceding in the
aggregate sum of $1,296,524,706 occurred without
interrupting general trade activity, which during
the whole of that time continued steadily on the
ascendant.
To repeat again, our figures of new building work
relate entirely to the plans filed with the local
authorities, on which permits are issued in accordance with the varying requirements of State and
local laws for the prosecution of the work. They do
not include engineering projects, nor do they, as a
rule, include public works construction such as
sewers, subways and highway work in the nature
of bridges, grade crossing elimination, and the like,
and often do not include educational buildings,
social and recreational structures, and public hospitals. This will readily explain why records of
contracts awarded, such as compiled by the F. W.
Dodge Corp., invariably arrive at much larger totals
than those represented by the building plans or permits which form the basis of our own compilations.
553
It will also explain why the yearly comparisons, in
the case of these other records, did not until 1929
reveal the downward trend disclosed by our own
tabulations. Engineering projects involving, say,
public utilities like light, power and similar enterprises, are dependent upon financial conditions and
financial developments, and these, as everyone cognizant of the course of financial affairs in recent
years knows,were,until the period of the great breakdown in the autumn of 1929, all in the direction of
continued expansion. The extended tabulations regarding the new capital flotations which we presented in our issue of Jan.14 furnish incontrovertible
proof on that point. Taking simply the new capital
issues by domestic corporate undertakings and confining ourselves to those representing strictly new
capital by omitting the portions meant for refunding, we find that the amount provided ran up from
$3,604,503,667 in the calendar year 1925 to $8,002,063,991 in the calendar year 1929, with a drop back
to $4,483,081,776 in the calendar year 1930, to $1,550,648,723 in 1931 and with the amount for 1932
no more than $325,361,625. Nevertheless, though
our compilations relating to building permits do not
include certain items covered by the engineering
and construction awards, as compiled by the F. W.
Dodge Corp., they disclose a record of shrinkage in
building work even more pronounced than in the
other case, and they are illuminating in revealing a
downward trend at a much earlier period. For the
whole of the last six years since the trend disclosed
by our figures reflected a change—a change from a
rising tide to a receding tide—they show a reduction from a grand total of $4,393,364,166 in 1925 to
$417,478,658 in 1932. How marvellous the contrast
between these two extremes, the amount for 1932
being less than one-tenth that for 1925. As a matter
of fact the 1932 total is the smallest of all the years
during which we have been compiling the records,
which is since 1905—smaller even than in 1918 when
new construction was rigidly held down to what was
essential for the conduct of the war.
The aggregate falling off during the last seven
years in the yearly outlays has been no less than
$3,975,885,498. On the other hand, in the case of
the figures prepared by the F. W. Dodge Corp., the
engineering and construction awards for the 37
States east of the Rocky Mountains foot up $1,351,158,700 for the calendar year 1932, as against $3,092,849,500 for the calendar year 1931, $4,523,114,600 for the calendar year 1930, $5,754,290,500 for
the calendar year 1929 and $6,628,286,100 for the
calendar year 1928, showing a falling off in these
four years of $5,277,127,400.
As to which set of figures may be taken as best
representing the course of building work, there is
room for a difference of opinion. For ourselves, as
previously explained, we are inclined to think that
the building figures which we and a few others undertake to collect furnish a better indication of the
course of new building work than the records of contracts awarded, though it is not to be denied
that
these latter have a peculiar value of their own.
In
the first place, building permits deal with
distinctively building work, and, in the second place,
inasmuch as they represent projected work more largely
than work actually begun they are a much
more
valuable indication e intentions with respect
to the
immediate future. When award of a contract has
554
been made,it almost invariably means that work will
commence close upon the heels of the award. Not so
when a plan is filed for a new building or for building work. Numerous considerations may, and often
do, intervene to postpone the actual carrying out
of the plans, and in most cases the contract for the
work still remains to be awarded at some near or
remote date. Thus it is unmistakably true that
intentions with respect to new building work are
more clearly and more definitely reflected by the
building permit figures than by the other figures
referred to.
For the present it is sufficient to know that according to either set of figures new building work in
1932 was on an enormously reduced scale. Our total
for 1932 covering building permits at $417,478,658 is
the smallest, as already stated, of all the years during which we have been keeping the records. The
Dodge figures for 1932, at $1,351,158,700, were the
smallest of any year since they began making up
the records in 1919.
Quite obviously, the building industry must now
be assumed to have passed through the worst of the
period of setback and relapse, though this does not
imply that all sections of the country have proceeded in equal degree in a return to the normal
status from the unhealthy and unduly stimulated
expansion of the previous years. At all events, however, the corrective process has now been a long time
under way and has worked a wonderful transformation in previously prevailing conditions in the building industry. In New York City, where building
activity had been maintained at virtually full
volume even during 1929, the setback in 1932 was
especially pronounced. For several successive years
the building permits in the Greater New York had
covered aggregate outlay of $1,000,000,000 a year, or
close to that figure, the amount for 1929 having been
$960,091,743; for 1928, $937,637,139; for 1927, $880,746,413; for 1926, $1,060,051,394, and for 1925, $1,008,571,342. In 1930, however, the amount dropped
to $407,067,669, in 1931 to $349,282,609, and in 1932
to no more than $76,865,992. This covers all the
different boroughs, and the falling off has been
especially heavy in the Borough of Manhattan, where
there has been a veritable collapse in new building
work, the building outlay for 1932 having reached
only $28,123,470 against $622,434,715 in 1929. Proportionately heavy reductions also occurred in most
of the other boroughs of the Greater City,the amount
for the Borough of Brooklyn for 1932 at $21,576,439
comparing with $225,443,224 and $288,868,987 for
1927 and 1926, respectively; for the Borough of the
Bronx,$7,989,440 for 1932 against $214,855,056 back
in 1926; for Queens, $15,702,640 for 1932 as against
$146,509,564 in 1928, $179,624,011 in 1927, and $192,803,601 in 1926.
Before proceeding further with the details of our
own figures relating to building permits,some points
of interest are found in the F. W. Dodge Corp. figures dealing with engineering and construction
awards when the figures are brought together for a
series of years—we mean aside from the large falling off in the grand totals during the last four years
to which we have already referred. The Dodge Corp.
classifies the construction contracts according to
the classes of buildings, and in the following table
we carry the figures thus classified back for a series
of years:
Ian. 28 1933
Financial Chronicle
F. W. DODGE CORPORATION FIGURES OF CONSTRUCTION
CONTRACTS AWARDED.*
LA14671W3T X Carl.
M.A.
ADO,.
leOl1.
$
$
$
311,105.800 628,809,500
116,157.000 256,632,500
228,777,000 376,051.200
121,193,300 103,120,600
181,266,600 139,814,600
53,099,600
92,837,100
98,746,500 113,298,400
Luau.
$
932,688,400
625,361,500
381,908,000
152,203,700
120,777,900
106.111,200
140,019,400
Commercial buildings_ __
•
Factory buildings
Educational buildings_ ___
Hospitals de institutions__
Public buildings
Religious, &c., buildings_
Social, &o., buildings_ _ _
122.718,200
43,490,900
82,307,500
48,353,000
117,982,500
27,255,000
38,682,500
Non-residential bldgs
•Residential buildings
480,789,600 1,110,345,800 1,770,563,900 2,459,070,100
280,067,900 811,388,700 1,101,312,500 1,915,727,500
Total buildings
Public works
Public utilities
760,857,500 1,921,734,500 2,871,876,400 4,374,797,600
514,699,700 875,448,000 11651238,200 1,379,492,900
75,601,500 295,667,000 I
1,351,158,700 3,092,849,500 4,523,114,600 5,754,290,500
Total construction
Note.— Military and Naval buildings are now included under the general class
"Public Buildings." The former classification "Industrial buildings" has been
changed to "Factory Buildings."
•Includes projects without general contractors, sub-contracts being let directly
by owners or architects.
The first point to attract attention in the foregoing is the big falling off disclosed in the amounts
for the residential buildings, and in the commercial
and factory buildings, the types of buildings which
would find largest representation in our tables of
building permits. According to these Dodge figures
residential buildings for which contracts were
awarded in 1932 involved an outlay in that year of
only $280,067,900 against $811,388,700 in 1931, $1,915,727,500 in 1929 and $2,788,317,400 in 1928. Commercial buildings represented a cost of only $122,718,200 in 1932 against $311,105,800 in 1931, $932,688,400 in 1929, while factory buildings covered expenditures of no more than $43,490,900 in 1932
against $116,157,000 in 1931 and $625,361,500 in
1929. As a matter of fact, all types of buildings
suffered larger or smaller decreases, testifying to
the universal nature of the underlying depressing
influences. Even public works outlays, which President Hoover and other public officials have been
especially engaged in promoting, and which actually represented a larger outlay in 1930 than in 1929
and earlier years, thus bearing witness to the success
of these efforts, suffered a decrease in 1931 and a
further decrease in 1932. The outlays for public
works (including public utilities), fell back to
$590,301,200 in 1932 after having reached $1,651,238,200 in 1930 against $1,379,492,900 in 1929 and
$1,464,480,500 in 1928.
Returning to a consideration of our tabulations
of building permits,it is of interest to note that when
the pities are classified according to geographical
divisions, heavy falling off is found in all parts of
the country. This has reference to the comparison
with the previous year standing by itself, and is
greatly emphasized when comparison is with the
earlier years, and especially with 1925, when every
geographical group recorded peak figures of building. The Greater New York, taken separately from
the group in which it belongs, reveals a veritable
collapse, as already indicated. The New England
group has a total of only $40,170,382 for 1932 against
$221,048,860 in 1929 and $328,126,502 in 1925; the
Middle Atlantic group $92,029,330 for 1932 against
$525,326,750 in 1929 and $768,179,693 in 1925; the
Middle Western $59,251,054 for 1932 against $667,961,412 in 1929 and $1,101,831,475 in 1925; the other
Western $36,706,309 for 1932 against $164,763,686
in 1929 and $262,297,691 in 1925; the Pacific group
$67,165,302 for 1932 against $298,445,124 in 1929 and
$472,616,154 in 1925, and the Southern group $45,290,289 for 1932 against $259,201,885 in 1929 and
$451,741,309 in 1925. It has already been indicated
that for the entire body of 354 cities contributing
returns, the grand total for 1932 is only $417,478,658
against $3,096,839,460 in 1929 and $4,393,364,166 in
Financial Chronicle
V olutne 136
1925. The following furnishes a comparison for the
different geographical divisions of the country for
the last eight years:
AGGREGATES OF BUILDING PERMITS BY GEOGRAPHICAL DIVISIONS.
lar
Calendar Years.
1932.
1931.
New England (60)
Mid.Atlantic(72)
Mld-Western (66)
Other West'n (45)
Pacific
(50)
Southern- -
40,170,382
92,029,330
59,251,054
36,706,309
67.165,302
45,290,289
Total--(353)
340,612,666
New York City__
76,865,992
Total all...
- -(354)
Total
2
154,011,851
325,491,320
350,826,501
125,723,919
231,878,275
181,623,518
1929.
2
221,048.86u
525,326,750
667,961,412
164,763,686
298,445,124
259,201.885
871,496,894 -60.91 1.369,555,384 2,136,747,717
349,282,609 -77.99
1928.
t60) 234,656,096
(72) 619462,863
(66) 865,597,452
(45) 186,147,062
(50) 315,638,136
(60) 341,491,702
407,067,669
960,091,743
1927.
1926.
1925.
258,140,426 264,938,767 328,126.506
671,922,911 736,063,732 768,179,693
944,020,904 1,001,879.097 1,101,831,475
174,055,786 199,922,916 262,297.691
370,710,783 419,876,044 472,616,154
345,439,047 439,232,903 451,741,309
(353) 2,563,093,311 2,770.289,857 3,061,913,459 3,384,792,814
New York City
Total all
112,378,660 --64.25
234,100,823 -60.68
183,777,508 --67.75
93,656,351 --80.80
136,850.981 -50.92
110,732,571 -59.09
1930.
417,478,658 1,220,779,503-65.80 1,776,623,053 3,096,839.460
rcr.
New England
Middle Atlantic
Middle Western
Other Western
Pacific
Southern
Inc.or
Dec.
937,637,139
880,746,413 1,060,051,394 1,008,571,342
(354) 3,500,730,450 3,651,036,270 4,121,964,853 4,393,364,168
The falling off in 1932 may be said to have continued through all the different months of the year
up to the very close the same as in 1931 and 1930.
We ourselves have not undertaken the preparation
of any compilations for the separate months, but
the monthly records of S. W.Straus & Co., which are
compiled along the same lines as our own, though
embracing some minor cities which we do not undertake to include in our own statement and which do
not swell the totals greatly, show for Dec. 1932 an
aggregate of only $26,218,996 against $53,230,671
for 1931, $131,090,287 for Dec. 1930, $152,157,988 for
Dec. 1929, and $254,039,456 for Dec. 1928. For Nov.
1932 the Straus figures reported total building permits footing up only $32,696,547 for 1932 against
$66,566,626 for 1931, $131,566,758 for 1930, $194,289,502 in Nov. 1929, and $268,499,135 in 1928. For
Oct. 1932 the amount was $31,400,024 against $87,630,616 in 1931, $148,598,453 in 1930,$250,583,028 in
1929, and $292,359,188 in 1928. These comparisons
make it plain that the falling off continued heavy
up to the very close of the year.
Among the larger cities of the country, virtually
all planned for greatly reduced outlays. At Boston
the total for 1932 is only $9,453,614 against $51,223,171 in 1929, $55,445,025 in 1928, $56,809,204 in
1927, and $70,718,365 in 1925. Philadelphia saw its
total further reduced in 1932 to $13,118,835; in 1925
Philadelphia's total of new building work was no
less than $170,913,530. Chicago has also suffered a
further tremendous shrinkage, its total of new building work for 1932 having been only $3,782,843
against $202,286,800 in 1929 and $360,804,250 in 1925.
Detroit likewise has suffered a further great diminution, with only $8,682,949 for 1932 against $100,542,497 in 1929 and $183,721,438 and $180,132,528 in
1926 and 1925, respectively. Among Ohio cities the
total for Cleveland for 1932 is down to $8,928,250
against $37,782,500 in 1929 and $54,592,425 in 1928.
Milwaukee has to its credit only $4,066,208 for 1932
as against $46,656,912 in 1929 and $45,588,857 in
1928. St. Louis planned for only $4,310,069 new
work in 1932 against $27,330,623 in 1929 and $42,813,495 in 1928. Out on the Pacific Coast Los
Angeles and San Francisco both suffered further
reductions in 1932, the amount for the former city
dropping to $17,506,606 against $93,016,160 in 1929,
as much as $152,636,436 in 1925 and no less than
$200,133,181 in 1923; while San Francisco reports
555
only $16,427,915 of new work in 1932 against $33,682,025 in 1929 and $57,953,948 in 1926.
Considerable interest always attaches to the
course of building at the nearby Jersey cities, as
these really constitute outlying sections of the metropolitan district, and interest is also keen as to the
building growth at cities like Yonkers, White Plains,
New Rochelle and Mount Vernon which get the overflow of part of the population from the Greater New
York. Here the 1932 totals all show heavy reductions. The same is true of the Jersey cities, Newark,
Elizabeth, East Orange, Montclair, West Orange and
Jersey City.
Considering now the relation of New York City
(the Greater New York) to the grand total of the
building work for the whole country, the City's proportion of the whole which was sharply increased in
1929 when New York City showed its volume of new
building work maintained at nearly peak figures, in
1932 under the great contraction sustained fell away
below the normal. In 1929 the City's proportion
of the whole,for the reason stated, ran up to 31.01%,
or the largest figure in all the years since we have
been keeping the record. In 1932, on the other hand,
the city's ratio dropped to only 18.42%. The changes
in the yearly percentages are very interesting and
in the following we furnish a record of the comparisqns for the last 27 years. In our comments on the
figures for 1929 we indicated the influences that were
operative in the different years to produce the sharp
variations disclosed in some of the years.
COMPARISONS OF YEARLY BUILDING PERMITS FOR NEW YORK
DISTINCT FROM REST OF COUNTRY.
Calendar
Year.
1932
1931
1930
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1918
1912
1911
1910
1909
1908
1907
1908
No. of
Cities.
New York.
354
354
354
354
354
354
354
354
354
310
308
307
306
297
287
277
273
284
284
273
235
235
223
209
208
200
183
276,865,992
349,282,609
407,067,669
960,091,743
937,647,139
880,746,413
1,060,051,394
1,008,571,342
846,505,817
785.557,945
638,569,809
476,827,194
290,828,942
261,500,189
56,500,495
103,068,798
221,293,974
172,945,720
138,115,266
162,942,285
228,601,308
200,325,288
213,848,617
273,108,030
174,757,619
197,618,715
241.064.458
Per Cent of
Whole. Outside Mes.
18.42
28.62
22.91
31.01
26.78
24.14
25.73
22.97
22.88
22.77
22.74
25.50
17.79
17.26
11.14
12.54
19.56
18.56
15.49
16.61
22.25
20.81
21.88
26.94
23.94
24.63
29.93
2340.612,866
871,496,894
1.369.555,384
2,136,747,717
2,563,093,311
2,770,289,853
3,061,913,459
3,384.792,814
2,855,629,518
2,663.907,795
2,169,314,914
1,393,407.781
1,343,549,455
1,253,554,036
450,859,008
718,970,094
910,278,381
758,991.580
753,730,258
818.029,278
798,913,875
762,174.380
763,368,183
740,677,942
555,324,252
604,671,736
564.486.823
Total AU.
2417,478,858
1,220,779,503
1,776,623.053
3,096,839,460
3,500,730,450
3,651,036,266
4,121,964,853
4,393,364,156
3,702,135,335
3,449,465,740
2,807,884,753
1,869,694,975
1,634.378,397
1,515.054,225
507.359.502
822,038,892
1,131,572,355
931,937.306
891.845,524
980,971,562
1,027,515,182
962,499,661
977,216,80(
1,013,785,971
730,081,871
802,290.451
805.551.281
We have also again compiled the building statistics for the Dominion of Canada. The Dominion has
suffered a big shrinkage in its contemplated new
building work, the same as the United States, with
this difference,however,thatin the case of the United
States the decrease in 1932 (speaking of the cities
collectively) followed decreases in 1931, 1930 and
1929 and decreases likewise in previous years back
to 1925, whereas in the case of the Dominion it is
necessary only to go back to 1929 in order to reach
peak figures. In the three years since then, however,
the shrinkage has been considerably over 80%. Taking Eastern and Western Canada combined the new
building work increased steadily from $113,624,774
in 1925 to $226,211,128 in 1929, having in this period
of four years almost exactly doubled, but now for
1932 is down to only $39,700,559.
We now add our very elaborate and very comprehensive detailed compilation, covering the whole of
the past fifteen years, and embracing all of the
leading cities in the United States, as also those in
the Dominion:
UNITED STATES BUILDING OPERATIONS.
$
1930.
1929.
%
$
$
1928.
1927.
1926.
1925.
1924.
1923.
1922.
1921.
1920.
1919.
$
$
$
3
s
$
$
$
$
$
1918.
$
New York CityManhattan
Bronx
Brooklyn
Queens
Richmond
28,123,470
7,989,440
21,576,439
15,702,640
3,474,003
130.631.045
65.399,250
75,954,449
68,535,620
8,762,245
-78.47
-87.78
-71.59
-77.08
-60.35
198.662,088
56.115,642
73.903.136
70,044.381
8.342.422
622,434.715
89.416.707
149,343,306
87,478.012
11,419,003
381,377,243
189,824,853
202,223,346
146.509,564
17,702.133
290,320,563
172,588,681
225.4',224
179,624,011
12,769,934
398.931,402
157.601,066
258,914,583
179,409,536
13,714,755
286.653,202
133.515.973
242,918.892
165,400,100
18,017,650
204,032.279
128,427.577
284,215.480
156.317,300
12,565,309
165,195.601
113.181.890
211,627,417
136.721.778
11.843,123
144,605,451
75.667.896
162.132,747
83,133,933
10,747,167
139.199.563
22.324,741
80.931,166
42.650,472
5,723,000
106,773,373
23,383.799
77.485.679
49,122,617
4.734,721
17,697,650
5,207.320
23,234.539
6,822,205
3.538,781
Total N. Y.0
76.865.992
349.282,609 -77.99
407.067,669
960.091,743
937,637,139
880,746,413 1.060.051,394 1.008,571,342
846,505,817
785,557.945
638.569,809
476.287.194
290.828.942
261,500.189
56,500,495
New England StatesMe.-Portland
657,618
870,759 -24.47
1,566,831
2.133.188
2,738,886
2,326.793
4.245,238
2.012.949
3,112,183
4,528.938
3.079,749
1,538,243
1,392.121
2,059,300
601,562
N. 15.-Manchester
464.826
709.306 -34.46
774.302
1.241.253
1.375.983
1.908.592
1,369.930
2.361.120
2,649.093
2,083,308
2.085,000
1.164,866
2,612,795
1,784,815
317.462
Vt.-Burlington
202,200
456.000 -55.65
1.555.7C0
842.675
749.800
903,320
1.148.400
1.094,600
409.200
462,400
394.450
206.900
237.450
392.300
187.050
341.255,890
214,855.056
288,868.987
192.803.601
15,440,560
Mass.-Attleboro
Beverly
Boston..
Brockton
Brookline
Cambridge
Chelsea
Chicopee
Everett
Fall River
Fitchburg
Haverhill
Holyoke
Lawrence
Long Meadow
Lowell
Lynn
Malden
Medford
New Bedford
Newton
North Adams
Northampton
Pittsfield
Quincy
lievera.
Salem
Somerville
Springfield
Waltham
Westfield
Worcester
*200,000
270,870
9.453.614
315,889
i.359.670
1.977.158
284.935
110,010
121,255
445,283
164,700
129.092
238,325
234.738
265,670
159.645
419,980
253,20i
456,115
194,205
1,343,208
53.895
220,625
420,062
574,032
188,910
646,144
555,754
1,019,015
223,834
84,314
1.533,075
*300,000
641.5.12
24,679,886
885,220
2,015,316
4.716.235
248.676
582.329
1,445.251
697,105
259,586
360.862
834.950
763.091
566,550
633.480
1.520.647
975,484
2,238.682
383,230
4.887.579
126,695
598,475
1.618,230
1.839,062
279.675
872,073
980,665
3,693,443
856,913
113,083
5.594,581
-33.33
-57.77
-61.69
-64.31
-32.53
-58.07
+14.58
-81.10
-91.61
-36.12
-36.55
-64.22
-71.45
-69.23
-53.10
-74.79
-72.38
-74.04
-79.62
-49.32
-72.51
-57.46
-63.13
-74.04
-68.78
-32.45
-25.90
-43.32
-72.41
-73.87
-25.44
-72.59
*500.000
681.653
24.882.551
1,113.417
3,688,061
11.063,211
202.435
354.935
1.523.580
777,636
879,320
340.860
1.703.095
591,372
597.950
1,144,424
3.115.586
1.133.678
1.656.466
982.463
5.884.777
426.950
893.156
1.732.290
2.758.729
694.901
1.161.595
1.380.406
5.668.263
1.730.946
434.894
6.328,166
875,521
1.253.848
51.223.171
1.466.834
5,037.713
12,166.140
748,521
1.456,255
1,125,782
792.256
540,954
390.640
1.256.295
857.696
711.450
696,330
3.941,999
1.878.948
3.943,495
788.555
6.865,796
375,075
1.651,789
3,371,784
4,565,448
730,375
1,792.339
3.086,154
5.095.049
2,446.265
650,00
7.411,888
735.945
1.382.885
55,445,025
1.725,858
6,291,422
7,289,432
1,147.515
1.294,190
1.760,759
2.835.644
822,350
554.065
1,260.200
613,345
713,100
941.750
3,786.804
2,892,942
4,514,923
1,068,852
10,807,643
666,520
1,242,893
1,900.140
5,052,953
1,227,142
1.727.325
3.513.417
5,976.799
*2,500m00
*700.000
7,705.012
678,126
1,082,790
56,809,204
1,374,359
5,902.440
9,234,767
855,060
1,175.460
2,044,330
1.845,893
637,975
909,625
2.044,200
1,261.094
650,750
963,790
3.857,775
3.800.093
4.370,512
1,412.952
10.138,606
578,685
908,652
1.653,240
5,832,906
1.789,220
2,723.745
3.385,850
8,855,819
2,344.685
706.764
8.812,324
1,100,000
907.684
51.484,404
1,879.405
4.951,499
8,280,842
1,090,249
1.544.560
3,485.255
2,173.561
1,563.888
844,715
2,607,175
1,745.552
622,400
1.574.635
4,612,145
3,800,093
5,743.860
2,309.955
8,393,054
386.889
1,125.735
1,919,850
6.205.276
1,694,387
2306.125
5.065,991
8.733.706
2,797,920
914,713
12.980,557
1.176,424
812,432
70,718,365
1.811,112
9,805,641
12.070.704
981,979
3,675,785
2.183.747
3,772,090
2,127,714
667,050
3,348,150
3,072.230
614.500
2,597,419
4,674,993
3,005,811
5.612,172
8,339,300
12,297,313
419.372
1.503.475
2,777.859
8,288,031
1,614,045
2.186,900
5,653,030
15.002,140
2.678,226
1,063,089
18.089.639
493,082
1.239.375
53,031.931
2.441.250
9,339,973
8.369.912
2.161,204
3,540,445
3,760.150
4,449.894
1,641,862
713,605
3.575.918
3.762.864
525.650
2,820.687
3.852.550
3,372.580
4.326.420
6,837,400
8,646.331
340.290
725,800
2,722,545
5,693.819
2.083.571
3.098,445
3,604,730
13,100,219
1.501,550
600,000
14,789.133
526.459
1,471.675
40,675,558
2,205,068
6,638,275
5,341.128
1,120,125
2.578,690
1.468,770
5,467,027
1.113,088
1,025,910
3.322,175
7.798.621
708.905
4,026,391
3,019.272
2,357.618
3.481.678
9,062,700
6,821,418
314,965
1,667,850
1,402.105
4.866.812
1.318.785
1,229.975
3385.356
10,997,661
1,667,321
599,552
11.136.653
400,000
499,240
57.496.972
1,906.252
8.465,850
4,695.879
742.284
1,813.941
2,011.737
5.027,737
1,057.140
1,286.050
2.588.465
5,626,179
600,000
2,901,174
1.560,673
1.901.439
3.210.330
7,057.240
6.747.432
337.280
112,050
1,628.115
3,970.651
1.166,635
988.333
3,136,602
9,077,645
1.561,863
163,525
8,227.786
300.000
434,223
24,048.803
1.633,699
3,455,249
1,866,180
620,520
995,255
694,905
1,704,213
1,138,874
773,180
1,034,697
3,037.495
600,000
1.579.784
1.356,101
1,248,250
1,348,191
3,847,006
3.496,516
238.985
809.000
794,758
1.902,593
847.753
684,514
1,838,455
5.669,634
754.402
500.000
6.706,371
500,000
424,340
28.167.253
1,564.289
2,572.963
5,277.611
572,258
843.000
740.985
3,076.255
1,722,395
1.121.050
3,352.595
2.544.191
600,000
4,981.378
1,033.175
1,149,475
1.333,189
5,943,414
2.926,721
335,760
750,920
428.875
2.022,748
521,645
539,701
1.384.456
6.675.054
539.050
500,000
6.748,086
400.000
655,205
23.520,855
1,146,088
3,086.400
4.299,818
560,172
1,628.150
928.700
1,800.000
1,065,885
1.324.975
1,875,990
1.738,061
450,000
3,352.710
1.949,066
713,049
1374.156
7.005,420
3.569.399
230.850
540.000
746,550
2,159.697
552,285
859,440
773,099
5,879.845
509,615
300.000
5.925.164
150,000
102.440
7.706,190
280,120
635.400
2.178,718
225,400
248,085
242,836
225,000
364,546
575.525
220,795
1,835,764
300,000
1.342,122
361,670
400.820
211,505
976,664
462,423
200,000
208,315
385,397
3,915,769
261,565
188,793
428,940
1,598,423
141,808
150,000
2,080.869
Conn.-Ansonia
Bridgeport
Bristol_.
Danbury
Hamden
Hartford
Manchester_
Meriden
Middletown
New Britain
New Haven
New London
Norwalk
Norwich
Shelton_
Stamford
Stratford
Torrington
Waterbury
West Hartford
West Haven
Willimantic
*250,000
801,294
116.337
257.932
620.568
2,183,566
215,645
339.530
219,024
417.456
2,645,778
433.740
651.736
279,942
52,200
472,489
535,471
165,6...2
283.153
1.019,193
*350.000
45.765
*600,000
3.036.634
657,697
522.240
1,615,960
5,732,875
428,447
1.142.498
737,864
891,321
10,011,976
2,294,810
1,862,663
155,846
79,725
1,074,485
1,100,779
236,891
830,137
2,494,086
856,960
541.120
-61.53
-73.61
-82.31
-50.61
-61.59
-61.91
-49.66
-70.28
-70.31
-53.16
-73.57
-81.10
--65.03
+79.62
-34.52
-56.02
-51.35
-30.08
-65.89
-59.13
-59.11
-91.54
*800.000
3:235.022
902,279
1.223.391
1.554,811
6358,883
372.245
950,524
1,073,418
926.164
16,406,195
1.273.120
2.365.724
392.930
180,145
2.640,490
1.341.410
1,113.772
2,138,224
4,563,664
1,156.592
289.530
*1500000
5.584.498
2.306.789
1,35,707
2,030,898
16.922,868
833,905
1.278.280
1.148.005
1,863,299
13,284.494
1.613.393
3,518.745
392,845
175.160
4,744,754
1.660,274
1.450.820
3,000,950
6.315,939
2,000,000
412.225
2,000.000
6,129.918
1.982.727
1,185,952
2,481,151
12.936,234
1,297,681
1.277,721
1,136.909
3,482.974
8.054,927
2,193,34
4,781,698
774,236
215.865
5,179,238
*900.000
1,075,520
3,488,300
6,445,061
2,432,252
50.450
*2,400,000
5.429.445
2.098,471
2.730,920
2.254,514
17,798,928
792,575
1,569,416
1,780,393
4,454.458
12,487,432
1,801,240
3,592,009
606.243
255.800
6,341,717
968,886
1.220,333
4,916,611
6,317.738
2.013.069
300,655
2.000,000
3.861.218
1387.971
1,136.710
1,880.630
16,829.158
975,120
1.231.687
1,373,367
6,982,728
13.182.785
1.276.815
3.054.352
417,936
128.525
4.436.758
751.718
1,090,658
5.261.715
5.478,209
1,692,795
212.455
2,000.000
4,308,312
1,045.835
1.707,461
2,348.263
22.130.193
2.360.820
1,261.320
941,140
7,903,466
8.345.366
1.556.630
3,513.204
1,372,875
211.868
5343,229
543.330
600,000
5.993,095
4,423.014
2,658,601
633.998
1.600.000
3.202.407
1,663,854
1,157,752
3,082.257
18.824.463
2.754.031
2,368,348
680.605
5,961,775
8,372.250
1.608.387
2,777,251
602.063
450.000
3.846.970
558.681
500.000
4.029,190
4,624,354
2.365,247
355.875
1.500,000
4,207.527
1.600,000
575,703
1.500,000
9,281.352
2.082,003
909,442
500,000
3,297.397
8.934.663
479.62
2,678,06
669.197
324.955
3,724.251
225.495
400.000
2,776.757
3,279,989
1.477.08
500.000
1,400,000
2,259,998
1.500,000
535,870
1.379.005
8.693,130
1.164,866
1,171,299
400.000
3.763,112
9.625,918
827,175
1,400.000
3.095,170
1,500.000
468.803
796,947
7,827,216
899.780
981.050
348.896
1,602,169
6.487,808
329.175
1.304.570
5.295.255
1,522,775
625,715
635,285
20,956,766
1.056,410
1.326.075
371,188
2.578,339
5.134.343
528,840
533.627
3,835,339
1.862,075
555.794
844.043
8.351,521
300,000
1.232.800
170.410
3.832.320
8.910,917
1.456,320
234,615
3,211,839
225,935
251,571
536,285
2,254,983
250,000
62,565
40,261
942,135
3,219,558
726.195
800,000
183,355
2,665.019
700,000
345.000
2.457.075
4.025.465
1,110.348
225.000
800,000
154.250
1,800.000
700.000
500,000
.3.179,325
2,292,935
1,339,460
300,000
762,925
148,250
1,793,414
695.730
428,280
3,969,090
3.034,729
1,215.853
325,000
277.200
200.575
1.299,406
888,895
419,463
4,967,867
2.234,850
867.688
350.000
88,250
117,950
529,668
434,413
197,429
3,854,470
586,325
349,435
100,000
ft. I.-Central Falls
Pawtucket
Providence
47,475
*300.000
2,224,589
98,375 -51.74
748,500 -59.91
6.382,150 -65.14
154.780
1,694325
10.879.814
821.856
1,994.925
14.943,495
349.338
2,827,964
16,015,119
752,130
3.502,683
23,113,069
1.165,780
3.838.228
23.780.900
1.074.681
5.199.895
22.748.500
606.680
3,440,448
25,381.700
716.925
4,836.114
22,472,400
655.622
2.520,835
17362,100
324,398
2.115,287
13.947,100
359,770
1.736,600
10.084,200
275,000
1.621,385
8,309.100
84,781
552.492
4.986,000
Total New England:
59 cities
60 cities
39.518.646
40.170.382
110.515.997 -64.24
112,378,660 -64.25
151,646.127
154,011,8.51
219,521,751
221,048,860
229.874.398
234.656.096
258.140,426
254.548.417
261.884,415
264.938.767
324,613.298
328.126.502
286.770.998
289.548,249
231.963,109
234.641.172
219.395.890
______ __
132,059,384
_-
161.024,600
138.503.269
53,290,939
Rz wet
1931.
$
rr6T
1932.
Inc. or
Dec. 1
UNITED STATES BUILDING OPERATIONS-(Continued).
N.J.-Atlant1c City
Bayonne
Bloomfield
Caldwell
Camden
Clifton
East Orange
Elizabeth
Hackensack
Hoboken
Irvington
Jersey City
Kearney
Montclair
Newark
New Brunswick
Orange
Passaic
Paterson
Plainfield
South Orange
Trenton
West Orange
Pa.-Allentown
Altoona
Bethlehem
Bradford
Chester
Easton
Erie
Harrisburg
Hazleton
Lancaster
Philadelphia
Pittsburgh
Pottsville
Reading
Scranton
Wilkes-Barre
Wllkensburg
Williamsport
York
Del.-Wilmington
$
Inc. or
Dec.
%
1930.
S
1929.
$
1928.
s
$
1924
$
1923.
1922.
1921.
1920.
1919.
$
$
s
$
$
1918.
s
15.654,917
625,776
4,616,431
26,773,944
2,262.967
3.198.242
1.599,009
815.068
11.371.198
1.728,205
9,498,267
6.727.778
2.147,64t
28.102.462
7.933,088
11.919.570
3.219.025
5.182,340
1.028,064
8.337.775
20.909A73
12.849.700
777.240
4.855,215
28,499.393
1,960.440
3.031.755
1.288,162
640,527
10.164.657
400,000
8,307,523
5,299.523
1.781,335
29.588.762
8.229,833
9,479,161
4,303.666
8,565.526
1,265.465
7,994,275
13.820.07.5
10,594.138
807,822
5,536,372
27,907,000
1,500.000
3.500.897
8.80.5.8 .
72.5.2;
4,909,601
25,891,000
1.400.000
4.211.497
426.896
2,278,529
18,642,000
1,400,000
..,
3.576.299
483,649
1,515.211
13,121.000
1.300.000
3.030,388
357.944
1,672,031
13.033,000
1.200.000
1,299,547
233,109
555.166
7,014,030
1.300,000
1,082,075
6,259.515
379,601
6,377.255
5,762.778
2,330,965
22,938.764
4,951.604
10,228,350
2,325.949
6,204,592
2.007,195
5,273,109
10.543,700
858,594
7,990,483
809,000
3.500,000
4.251,607
2,343,985
17,347.873
3,554,119
9.909.524
1.376,313
6,922,783
1,684,750
3.900,174
8.550.750
532,409
3,596,284
800.000
3.209,743
3.179.550
1,144.050
15.940,815
2.513,231
5.838,598
1.756,777
3.102,860
1,076,920
309.925
2.526,002
7.50.000
2,981.119
3.670.050
782.050
9,951.813
2,601,108
6,893.180
676,561
2.220.079
2.848.587
505.000
3.526,981
3.169,241
2,009,515
9.641.579
1,978,385
6,122,638
673,189
3,287.750
413,415
1.254,000
486,320
2.081,544
4.601.500
4.720.700
2.713,600
1.162,800
13,541.939
3,592,267
3,964.448
600.000
6.337.940
3,423.644
6.819.810
6.279,352
1.996,118
773.701
10,073,652
19.612.367
6,504,132
7.551.820
42.483.876
2.640.205
2.142,050
3.966,745
7.511.728
3,817,444
2,398,628
5,496.765
2.084.883
10,147,518
5.535,695
3.551,098
528.903
8,121.243
4.764.748
4.473.609
6.545.960
2,038.936
567,821
7.902,614
21.653,720
3.046.920
6.870.748
35.507.219
1.834.687
1,821.916
3,712,750
7.746.157
2,562,023
2.176,507
6,642,985
2.283.509
8,508,253
3,537,500
3.521,691
652,551
4.343,192
2,957,970
4.701,984
6.315,839
1.682,866
488.162
4.250,012
14.265.710
6,464,519
3,039.183
1.852,634
239.182
1,908.327
2,389,925
3,955,879
3,547.449
1.797,644
656.421
2.418.389
12.702,972
8.942.789
2,317.199
1.000.000
2,279.198
2,625,505
• 900.000
530.661
588.023
300.000
2.781.430
2,181,325
3,052,926
2.83.5.058
774.943
1,974,919
1.277.265
7.393.049
3.421,949
1.714.666
4.650.790
5,449,372
712.089
913,688
1.189.542
4.557,951
7,727.187
413.170
947,987
1.497,629
4.897.333
28,585.166
1.425,262
863,479
4.586.115
5.606.013
3.021,772
2.189.393
4.301,143
L812.526
3,493.545
20.771.205
478,750
1.395,665
3,493,545
4.405.809
1,552,398
800,000
3.306,131
920.178
1.100.000
20.576,695
706.521
1,156.208
1,649,405
3.686.185
1.370,838
800.000
6,419.957
479.656
900.000
20,890,187
1.072,262
371,365
1,694,658
4,599.541
922.247
700.000
3.323,053
638.855
250.000
5.320.833
1.103.320
164,403
390,520
1.081,730
592,612
200,000
546,585
3.344,458
3.313,242
1,564,622
733,555
1,634.096
1.780,820
4,860,924
3,873.640
1.605.150
2.640.665
114,881,040
35.255.375
1.814,268
1,771,818
1,624,516
507,575
2,000,000
1.453.346
3,348.360
2,712,598
475.616
1.323,456
42,790,780
23,429.744
2.630.730
1,634.598
740,922
275.890
1.701.679
1,105.864
3,737.279
L190,690
258.150
1,286.638
55,305.390
16.048.052
2,221,000
1,046,184
2,482.615
731,715
205.853
715.190
1,105,449
664,518
3.304,573
2.739,685
654.873
967,223
65,088,750
14,731,616
5.083.431
207,378
1,979,004
886,755
138,100
290,640
15.452.670
7,781,729
1,049,366
4,982,351
3,485,854
1,440,400
1,430,240
1.887.205
1,070,385
2,219,665
1.837,886
543,450
900,000
1.003,191
3.262,325
2,450.575,
2.112,372
3,021.8551
834,286
1.360.216
714.300
411.150 •
682,382
833,405
663,972
695.596
793,575
426,356
640,513
138.000
388,035
184.125
6,670,846
1,299,236
990,535
9,240,971
848,436
739,509
740,371
275.300
3.815.453
1.062,341
4.221,923
1,267.398
1.298.148
6.282.387
1.857,948
6,269,945
2,219,008
994.523
213,335
6,334,160
10,657,588
-57.23
-82.30
-18..4
-66.24
-69.27
-45.99
-58.55
+15.34
-82.24
-57.64
-82.27
-27.43
-66.85
-61.22
-69.57
-78.77
-67.66
-45.97
+14.94
-89.95
-75-29
9.836.808
10,596,246
1,490,881
1.142,503
4.220.843
2,405.723
24.181,500
17,303.110
1.552.816
1,846,553
1,927,303
782,854
1.135.464
1.036,632
627.945
251.615
6.179,243
4,197.164
1,198,647'1.079.546
7.664.597
3,616.387
5.151.564
3,787.546
1.616,048
744,467
13,303,261
8,008,274
3,672.695
5,564,205
11,269.695
5.418,484
2.041,942
3,026,943
2.345,835
1,527,746
1,101,400
434.823
7.194,967
6.001.825
21.489,219
9.893.303
16,042,889
512.086
3,926.054
24.516,083
1,976,377
1,846,870
1.736,789
724,965
14.280,949
2.136,742
11.357,809
4.963.056
1.724,820
17.620.798
3.199.405
13,226,579
1.342.859
3.931.495
1,158.447
12.633.281
37.692.877
17.452,579
858.354
4,298,151
33,076,303
1.341.391
2.723.980
2.143,693
L261,875
16.776.052
1.511,656
9.828.581
4.810.203
1,137,667
22.589,418
4.311.475
21.827.851
3.218,557
3,359,500
1.059,788
10.147.692
34.770.482
544,601
190,239
597,335
77,203
479,607
546,589
508.691
461.258
1.062,799
450,427
365,075
1,511,931
394,335
914,418
2,417,706
102.489
351,118
482.728
853,599
336,154
*300,000
719,447
925,296
802,640
447.000
1,621.848
243,205
546,964
1,296.519
1.433,122
2,587,696
2.266,257
339,937
1.749,092
4,382,435
770,173
1.483.156
6,305,045
404,578
484,691
1,249,158
1.164,715
1.358,897
$700,000
1.572,237
1,744,695
-32.14
-57.44
-63.16
-68.25
-12.31
-57.84
-64.50
-82.17
-53.10
+32.50
-79.24
-65.34
-48.79
-38-34
-61.65
-74.66
-27.55
-61.35
-26.71
-75.26
-57.14
-54.24
-46.97
1.402.607
788.650
2,583.156
1,136.541
2,581,097
1,492,465
2,678.736
2,156.365
1,776.984
827,843
1.600,480
12,231,639
884,751
1,939,867
10,199,323
983,420
1,202,222
2,157,602
3.947.134
1.700.152
1,148,612
_2.448,909
x.022.639
6,494,065
1,143.730
4.308,889
741.503
6,163,791
2.471.815
6.011.178
4,626.348
1.948,999
747,877
2.124.243
15,396,866
5.877,428
3,668,361
30.538,825
1.554,615
2.378,863
4.927.219
4,917.273
2.155.828
2.117.008
3.508.888
3.264.454
8.288,607
1.994.520
4.630,335
504.960
7.427.850
3,542,055
7,696.066
5,334.906
4.491.511
564,263
5.639.280
12.895.094
6.308,205
4.708.962
36,246.382
2,177,979
3,168.204
3.201,003
7.060,569
3.420.505
2.034.215
4.296,287
4.418.348
5.731,639
1,979,600
6.070.867
623.270
5.330.327
3.389.065
12.319.119
10,641.384
3.672.349
1.535.424
12.960,227
13.924.080
5,772.698
5.460.079
52.632.698
3.711,186
5.585,883
4.708.851
6,296,363
5,704.445
2,497.355
4,529,273
3.407.332
9,942,168
3.128.877
4.912,918
711.815
6,457.628
3,809%315
9.144,024
),955.,866
k .126,481
1.230.921
9,090,751
21,006,103
4.250.213
7.329.752
45.059.718
2.482.566
3.235,881
3.374.188
7.623.640
4,889,781
3.104,120
5,019,118
3.602.124
12.477.764
3.686.091
5.766.251
1,343.852
7.912.711
5.221.477
7.484.219
7.862.506
2.656.394
1.757.097
9.724.191
21.284,814
6,485.351
6.741.508
40.996.478
3.606.630
3,851,753
6.659.357
8,462.553
3,689.357
2.576.775
7.092.009
2.982.174
717,315
116,710
239.249
164,282
240,986
506,203
696.278
493,990
438,946
362,135
13,118,835
8,983,157
136.834
494,354
2,121,440
566,578
77,576
510,514
237,978
822,495
408,019
456,700
714,150
772,495
184,857
2.678,901
1.552,390
539.702
538,423
35,126,060
13,061,730
727,963
2,891.906
1,402,184
1.196,061
326,267
595,521
796,068
-12.78
-71.39
-47.61
76.99
-68.80
+173.83
-74.00
-71.65
-18.66
-32.74
-62.65
-31.22
81.20
-82.90
+51.29
-62.63
-76.22
-14.27
-70.10
2,270.422
1.373.467
1.082,865
*400,000
1.190.261
568,883
3,315.378
1,987,134
512.125
1,144.306
55.267.390
20.759,002
1,007,555
2,573.356
3,067,695
1,603.194
852,965
1,287.589
1.696.197
4.082.265
1,997.311
2,933.237
694.231
1.500.000
2.004.774
6.430.471
8,059,780
580.811
1.776,166
106.228,915
36.174.512
736,652
6.181,833
2,956,814
3,457,073
1.403,245
1.288,775
1.458.719
5,935,040
3.375,618
3,858,717
1.015.213
1.794.797
732,538
4.763,718
5.606.175
1.187.764
2,829.938
111.804,680
40.254.060
1,536,375
3,828,259
5,877,149
3,921,934
1.915,561
2,080,740
1,726.546
6.688.169
3.059,877
2,447,507
547.335
2.414,715
1.299.670
5,393.086
3.569,365
1.915.488
2.908,425
117,221,245
37.139.462
1.892.300
4.601,326
6,340,773
5.212,852
1,932.390
2,780.958
1.711.772
9j67,690
3,059.818
2.127.821
700,000
3.671.500
2.224,893
6,092.221
4,333,265
2,341,284
2,328,107
140,267,200
43.790.103
3,405.473
5,317,675
5,566,677
4.102.924
3.100.326
2.229.805
1.359,487
8.659.765
3.015.438
6.156,600
798.290
3,363,592
2.514,615
8.685.683
4.336.581
2.952.307
3.965.021
170.913.530
41.512,222
2,021,582
7,273.569
6,921.323
4,286.752
2,379.110
1.915.063
3.566.777
3.351,286 -57.98
4,993.738
6,314,843
5.676,274
6.927.279
4.967.770
4.040.640
3.868.934
3.776.942
2,827.044
2,236,710
3.840,531
5.911,859
3,018.149
34,125,348
944,545
111.000
42,438.705
772.510
651.298
45.364,27(
2.417.14
561,662
45,771.050
1.428,711
425.893
39,156.623
1,471,024
403,439
43.263.210
1.027,999
315.971
33.247,726
1,102,674
750,545
24,535,692
2,500,000
117.410
26.768,884
4.045,362
176.538
4,694.373
42,225
25,025
36,328.830
63.499.330
64.711.013
46.173.128
49.744.923
36.197,059
18.999.926
19,706,296
20,420.292
7.136,818
2.544.621
555.960
5,479.744
3.294.232
5,326.809
1.872,611
8,525.780
5.157.876
3.824,989
1,168,542
5.379,257
3.986.341
3.157.996
2.000,000
1,920.414
1.840.982
850.000
3,588,322
3.342,020
2,436,102
1.251.377
2.401.709
1.160.068
2,428,623
485.971
1,116.844
334.564
744,953.702 658.618.361
768.179.693 681.768,671
586.343.103
504.785.342
307.616.203
281,425.985
284.651,374
102.025.242
1,407,923
12.752,300
99,165
*90,000
29,571,120 -56.87
292.989 -66.15
181,007 -50.27
32,628.952
251,053
212.631
39.809.880
535,525
491.204
D. 0.-Washington
11.301,960
30,821,649 -63.33
28.578.772
36.129.785
51.255,080
$
1925
2.852.569
229,840
• 810,828
3,119,447
260,667
399.349
306.819
317,556
677.317
*450,000
747,959
919,739
430,336
2.436.270
565,314
1.330,848
719.510
537,320
245,221
636,238
2,633,078
Md.-Baltimore
Cumberland
Frederick
Total Middle Atlantic:
66 cities
72 dtbss
$
1926.
26.746.016
501,5'22
3.959.372
27,406.896
2,750,842
2.164.941
1,696.503
433.062
24,766,256
3.495.915
8.218.168
4.268.846
2.196.032
21,637,641
3.777.620
14.356,426
3.279,714
5,479,855
622,014
14.152,143
25.829.843
34.638,350
1,008.544
315,500
W. Va.-Charleston
Clarksburg
Huntington..
Wheeling
1927.
-54.14
-90.81
-63.98
-49.38
6.213,990
239,659
597.575
1,110,922
2,096,252
503,273
1.538,271
1,790,495
2.136,924
1.189,391
748.815
1.937.827
1.503,308
1,013,265
2.505.968
2.397.891
3,090,885
559.412
1,859,721
1,811.237
190.061.955 223.767,440 -59.75
192,029,330 1 234.100,823 -60.68
315,538,044
325.491.320
507.951.663
525.326,750
594.311.952
619,562.863
645.524,495
671.922.911
708.501.218
736,063,732
403,068
93,793
113.216
325,276
878,982
1,021,207
314,390
642.690
5,344,362
5,113,670
3.052,373
3,355.194
1,944.962
2.447,482
611,608
237,315
2,082,760
2,304.380
1.367.756
2,032.318
7,036.299
4.262.524
7.389,345
5,315.340
4,025,300
2,561.930
3,730,730
4.756,705
141.737.460 122,650,935
34.156,5501 32.928.962
1,193,910
4.382,480
6,125,827
3.780,831
6,001,496
3,302,343
4,554,338
1,701,665
2,166.885
1.279,744
2,124,663
2.153.414
2,897.005
1,949,551
1,230,220
1.637,895
192,075
873,530
-6-6-2-ii:5
530,985
4,232.693
aloyzono lepuerqd
$
Middle Atlantic States:
New York-Albany ______ -Auburn
Binghamton
Buffalo
Elmira
Jamestown
Kingston
Middletown
Mount Vernon
Newburgh
New Rochelle
Niagara Falls
Poughkeepsie
Rochester
Schenectady
Syracuse
Troy
Utica
Watertown
White Plains
Yonkers
1931.
911 autnIOA
1/....411 PIK
1932.
cri
UNITED STATES BUILDING OPERATIONS-(Continued).
1931.
Inc. or
Dec.
1930.
1929.
1928.
1927.
1926.
1925.
1924.
1923.
1922.
1921.
1920.
1919.
$
$
%
$
8
s
$
$
$
$
8
$
s
$
$
Middle Western StatesOhio-Akron
Alliance
Ashtabula
Barberton
Canton
CincinnatiCleveland
Columbus
Dayton
East Cleveland-.
Hamilton
Lakewood
Mansfield
Newark
Norwood
Sandusky
Springfield
Toledo
Youngstown
Zanesville
921,694
22,310
61,791
86,215
384,787
9,249,715
8,928,250
1,753.250
840,381
55.390
334.308
405.052
344.051
93,039
124,458
60,050
85,699
982.732
227,793
*40,000
2.076,667
76.235
221,157
178.015
650,046
21,733,465
11,688,650
3,369.450
2.855,432
1,047,755
792,372
804,389
737,957
172.450
127.500
106,850
1.193.852
2.272,258
1.474.072
n00,000
-55.61
-51.56
-72.06
-51.56
-40.80
-57.44
-23.61
-00.00
-70.56
-94.71
-57.80
-49.64
-53.37
-46.05
-2.38
-43.79
-92.82
-56.75
-84.54
-71.42
9,298.891
280,650
394,021
367,833
1,609.771
40,068,782
32,440,000
5,585.500
5,958,214
848,559
1,621,634
1,492,607
717,563
234.310
695.887
305,397
773,510
9,691.460
2,821,414
206,673
Ind.-Elkhart
Fort Wayne
Gary
Hammond_
Indianapolis
Kokomo
Michigan City
Richmond
South Bend
Terre Haute
111.-Aurora
Bloomington..
Chicago
Cicero
Decatur
East St. Louis
Elgin
Evanston
Freeport
MolineOak Park
Peoria
Quincy
RockfordRock Island
Springfield
Mich.-Ann Arbor
Bay City
Detroit
Flint
Grand Rapids
Highland Park
Jackson
Kalamazoo
Lansing
Muskegon
Pontiac
Saginaw
Wis.-Kenosha
Madison
Manitowoc
Milwaukee
Oshkosh
Sheboygan
Shorewood
Superior
72,300
1.581.507
135.425
151,788
3,180,060
56,524
153.165
70,400
524,135
615.520
133,434
207.500
3.782.843
63,777
186.626
302,076
153,142
789.450
96,111
161.251
245.270
574.610
61.425
'776,205
177.700
567.642
537.560
824.468
8,682.949
260.918
1.526,560
81,783
367.667
200.377
494,237
72.323
72.018
271.454
141,218
586.420
294.988
4.066.208
260.469
323.075
115.775
249.712
299.735
2.445.712
1.048,255
3,303.684
9.032.678
173.113
249,970
211,605
655,255
918.700
1.239.257
611.700
44.030.944
1.070,703
781,040
1.077,178
607,136
3,251.250
287.273
596.606
1,262,780
2,302,112
1,362,678
614.797
586.728
1.710,351
2.313,859
1.287,425
23,068,068
1,765,328
1.212,630
117.290
418,83
1,073,22
1,017.577
485.872
339.519
500.321
706.881
1.249.225
1,184,020
12,173.501
932.526
1,205.878
1.025.134
290,584
-75.87
-35.33
-87.08
-95.40
-64.78
-67.34
-38.72
-66.73
-20.01
-33.00
-89.23
-66.07
-91.40
-40.43
-76.10
-71.95
-74.77
-75.71
-66.54
-72.97
-80.57
-75.03
-95.49
+26.25
-69.71
-66.87
-76.76
-35.96
-62.35
-85.22
+25.88
-30.27
-12.21
-81.33
-51.43
-85.11
-78.79
-45.74
-80.021
-53.05
-75.08
-66.59
-72.06
-73.20
-88.70
-14.06
527.207
1.060,727
1,063.899
3,064,906
7.023.858
5,967.770
1,190,810
3.219.075
0,082.915
1,822,527
4.144.300
6.509.630
8.135,387
15.608,002
23.669.315
262,960
1.347.891
622.317
393,950
5.075.176
547.700
403.854
1.062,472
940.723
3,959,530
6,889.105
6,639.397
738.479
863.081
989,397
1,415.125
2.281,460
3,362,592
443,700
1.217,300
1,335,800
79.613,400 202.286.800 315,800,000
1.098,173
3,531,638
3,665,046
2,005,440
3.890,490
4.169,345
1,423,498
2,471.731
2.733.266
745,456
1.383.474
2,291,046
3,152,450
8.196,300
13,178.225
604,786
1,123,183
1,988.650
1,349,647
2.195.290
1,710.027
1.881,455
5,720,965
9,290.495
3.546.830
3.579.455
3,951.126
776.374
834.315
2,276.957
2,863,445
5.085.592
5,714,017
759.874
2.251,454
1,124,099
3.267,264
3.163.586
3,787,348
1,349.506
7.242,183
4,463,105
1.274.224
1,166.627
1,813.221
48.369.293 100,542.497 129,260.285
3,989.988
14.571.741
14.412.630
3,073,680
8.230.215
8,230.285
713,015
2.327.370
2,603.477
698,792
3.492.043
2,097,086
1,067.579
2.409,585
2,034.864
2.064.747
9.360,084
4,762,147
1,236,030
2,250.975
1,928.134
1,290.706
6.124,130
13,238.283
2.689.650
3.208,872
4,369.585
2,215,078
4,836,027
3,987.618
2.081.064
4.962,923
5,579,832
771.825
1,780,576
1.324.432
32.334.512
46,656.912
45,588,857
1,143.614
1.473.660
1.354,362
1.589.314
1.651.228
2.313.449
1.023,131
1,770,738
2.383.607
1.021.570
1,183,664
1,852.835
Total Middle West:
53 cities
66 cities
Other Western States:Mo.-Joplin
Kansas City
St. Joseph
St. Louis
Sedalia
Minn.-Duluth
Mankato
Minneapolis
St. Paul
Winona
Neb -Lincoln
Omaha
49,193,580
59.251.054
•
97.396
2,241,100
147.185
4,310.069
20.585
1.366,970
398,973
6,426,805
3,064.037
260,255
296,156
2.196,174
21,886,309
377,267
628.194
1,092,272
3.482.919
35,677.417
37.782.500
11,244,500
6.342,675
2.021,025
2,078.555
1,866,320
999.905
691.340
928.444
351.950
1.707.631
13.511.740
6,008.084
532,995
174,433,689 -71.79 337.802.517 .
625.125,978
183.777.508 -67.75 350.826.501 667.961,412
523.175 -81.38
5,720,950 -60.88
454,406 -67.60
16,619.836 -47.06
82.500 -75.04
991,637 +37.85
238,481 +67.29
12.371.660 -48.05
13,994.545 -78.10
107.080 +143.04
1.585.864 -81.32
3.914.556 -43.89
858.665
15.942,375
1.628.830
17.347.865
153.000
2.212.396
623.216
13.449.340
11.084,281
478,576
1,492,634
5.035.825
599,429
15.468,750
1.464.391
27.330.623
100.000
3.727,371
290,601
20.960,135
9,205,574
337,868
2.560.098
5.554,497
19,652.285
443,295
458,492
961,483
3,599,275
35,759,430
54,592,425
15,239.250
10,358,378
757,457
2,067,079
5,112,497
1,802.04
1.355,860
1,575.101
1,027,600
1,667,598
17,146,961
8,628,040
383,710
826,371.468
865.597.452
1.453.711
15,826.900
2.004,618
42,813.495
132.331
3.311.265
594,027
23,257.725
8.737.665
550,306
3,221.608
9.050.410
20,967,461
541.279
. 514.537
1,208,794
4,105,598
31,842,334
45,480,550
22,282,600
10.432,026
1.358,018
1.888,306
3.518.525
1.790.8.55
649,622
2,578,721
587.092
1,744.823
16,587,388
9.300,315
*1.000.000
2.660.566
5.965.735
15.016,529
6.141,100
22.775.414
477.533
800,278
1.828,839
5,325,166
1,998.601
2,838,801
924,200
352,936,400
4,605.481
5.786,465
5.600,364
1.839,343
16,017,225
1,606,750
1.082,101
9.080,676
3.409,575
1.105.021
6,563.723
2,269,402
3,841,173
4.208,403
611,624
145,555.647
22,087,451
8,222,090
2.654.960
2,576.645
2,223.046
7,222.070
1.229,128
17,463,676
3,600,920
4,468,809
4,961,813
1,020.259
46.361.461
2.486,862
2.357,495
3.020.448
1,312.792
16.068.106
1,470,045
941,626
986.299
5.343.765
32.928.809
61.776.575
25.250.700
11,076.109
1.607,486
2,550.712
4,473.645
2.929,674
377.125
1.973,208
503,530
1.446,818
13,046,365
9,468,282
1.019.945
8,837.420
1,481.195
1,156.364
1.414.576
8,561,803
24.423,470
63,015,300
21,625,900
9.748,369
3.595.675
2.198.966
8.612.960
2,394.463
938,410
1,704.52
750.867
1,923,876
16,924.690
11,831.990
1.047.596
7.495,066
1.079.755
990.694
4.550.538
3.782.548
473.203
895.298
7,398.567
26,656.515
69,390.540
22,296.800
10.275,069
4,093.574
1,478,311
12,108.682
1.634,367
848,768
2.221,056
633,831
1.532,805
15.536.846
5.676,970
2.027.098
6.015,248
28,729,795
55,147.565
18,190,500
11,540,709
2,750,000
1.024,924
9.503.285
966.476
470,232
2.892,395
747.870
1.292,595
9.038.891
5.339.545
837,286
1,435.245
1,360,000
920,950
1,171.355
593.621
7.733.558
11.488.092
11.853.643
10.876,513
9.642.589
9,059,128
4,370,822
20.690.162
13.057,987
3,011,433
6.110.858
4,007.780
5.931.150
2.710.525
6.776.977
25.452,812
26.225.155
27.144.484
21.505.000
26.110.457
477.429
671.510
1.051,599
1.437,463
1,540.494
735,616
1.324,635
659.156
935,512
1,352,793
862.966
798.912
1,102.655
995.436
5,468.101
9.752.029
8.770.255
13.462,707
10,098.035
2,061,370
2,726.691
2,645,230
1,480.683
2,221,679
5.011.001
2,849.631
4,445.435
3.205.479
2,564.960
1,193.050
674.725
1,245.400
693,889
405,000
364,584,400 360,804,250 296.893,985 329.604.312 227.742.010
5.319.927
7.595.470
6,930.029
7.946,62
4.366,100
5.500,640
5.266.352
2.014,070
2.818.660
4.449,576
3.293,348
5,234,863
2.811.799
2,647.665
2.700.000
1.600.000
2.729.080
1.512.000
15,825,670
10,219.604
14,007,420
11.610,066
7,546.133
1.012.200
860.750
1,011,420
900.000
970.476
1.131,981
1.358.966
1,102,265
2.500,000
6,469,614
9.754,942
8,070.447
10,091.738
8.378.238
4.797,843
5.565,553
5.685.410
3,512.874
3.824.739
1.327.518
1.503,692
1.215.785
1,222.909
731,530
4.102.985
6,475.700
3,750,695
5.537.603
3.528.095
1,221,082
1,311,765
1.036,046
998.516
4.271.526
5,626,011
5,466.438
3.921.012
4.179.575
3.442.187
1.968.142
3.130.881
1.763.500
921.059
1.660.948
964,475
811,479
183,721,438 180,132,528 160.064.794 129.719,731
94.615,093
9.171.457
13.028.751
7.277,891
8,172,548
6,714.910
9.536,200
12.473.770
10,204,795
11.336.035
11,165.077
4,819.035
5,676.490
4.109,025
4,239,785
3,298.015
4.180,018
1,602,009
2.598,709
2.268,951
1,285.089
1.611,955
1.983.590
2.063.620
1.953.303
1,176.260
4.336.861
4.810,325
5,295,942
6.304.489
1.310.187
1.143,514
2,090,140
1.431.478
625.895
1.915.343
5,518,682
2,143,025
1,280,189
3.074.213
2.747.471
2.937,032
1,802,673
2.679.977
4.698.386
5,127.352
4.823,951
4,950,584
1,295,206
5,357,584
6,346,171
5,360.307
5,637,163
4,619,285
1,626.690
1,205,638
1.706,920
1,310,247
45,633,569
39.583,736
41.210.250
41.440.720
25,250,312
2.747.920
1,178.608
2.053,624
912.275
1.164,199
2.970,592
2,498.869
2,692,183
2.469,066
1,810.500
4,000,000
3.344,482
4,000,000
2,449,934
2,791,172
2.173.755
3.279,924
1,459.838
872,173
3.034,033
14,504.742
1,366.510
912,599
873.029
8.033,923
30,939,285
69,254.400
29.353.300
12.483,526
3,962,913
2.207.516
6.211.541
3.120.025
641,570
2,902.295
712.354
969.507
17.734,587
12,324,895
689.058
896,968,585 966,827,788 1.070,479,767 848.616,574
944,020.904 1.001.879.097 1.101,831.475 880.722,496
1.262.083
15.209,076
774,694
42,074.682
257.666
4.404,388
822,108
22,429,620
10,128,589
684.245
4,398,540
4.522.218
1,864.968
23.116.740
1.302.270
39.841.564
517.530
6,060.437
650.186
20.609.340
15,710,425
386.867
5.951.465
10.052.338
1,072,127
38,382,965
1,894.842
54,877,013
266.720
7,093.075
640,000
29,446,310
24,045.858
836.555
7,006.077
14.624.520
1.325.108
21.859.892
1.262.940
39.831,639
335,700
7.218.731
663,708
23.246,910
20,905,997
1.253.661
3,149,802
12.268.858
847,158,645
462,259
24,843,700
1.821.130
41.443.755
1.032,685
6.710,665
722,536 .
32,315,545
36,028.196
534,945
3.195.611
13.008,899
19.707.605
1918.
$
27.219.481
4.519.763
3.935,144
12.542,000
46.531,323
9.265.110
6.127,461
2,614,515
1,069,180
5,188.093
494,409
351.310
5,600.000
297,426
1,352.329
7.805.673
5.653.685
537.735
4,520.095
6.039.960
11.684.837
10,923.750
65.625.830
46.214.175
10.257.170
6.345,760
5,881.367
8,054,543
2.494.885
4,087,660
1,431.292
1,342.385
3.880.676
5,303.582
1.706.635
1,637.644
539.650 •
260.635
1.961.000
1.122.283
521,600
941,964
790,375
2.107.065
6.795.440
7,889.132
3.424,950
6.990.089
526.080
374.208
1,828,777
4,578.833
16.386,360
3,300.220
3,655,202
634.370
724.356
1,430.465
1.210.450
4,803.156
3.181,852
1,857.285
16,872.240
782.043
177.700
2.929,942
3,279.524
2,287,424
15.284.119
2.241.202
250.000
2,205.145
5.369,742
2,225.818
12.794.556
1,224.090
100.000
901,094
2,903,855
2,275.216
4,557.667
189.613
476.058
4,098,997
2,214.016
984,448
1.207.000
125,004.510
503.411
4,600.101
756.499
900.000
1.644.000
76 173.150
664.863
4,456.120
868.705
819.612
1.106.000
104.198.850
161.875
935,327
523.130
243,796
60,900
35.136.175
2.033.790
1.445.825
1.800.000
1.893.673
2.975,840
1.434.658
726.965
886.080
4.014.613
1,310.814
1,383.106
207.627
2,047,005
6.538.860
2,497.817
289.150
1.998,645
1,564.271
2,063.260
3,677,542
284,200
2,431,555
53.000
2.675.022
7,050,048
536.600
2.434.583
585,460
390.582
810.553
62.100
2.338.805
2,194,685
2,924.809
641.225
55,634.988
3.205,110
5,634.182
77.737.165
9,633,932
4,441.711
82.995.071
3,235,868
3,758.595
18,201.707
945.453
1,222,013
1,456.393
1,327,712
1,968,201
1,383,620
f.500.000
1,234.506
652,468
1.944,500
202.511
203.969
875.872
790.375
2.661.776
4.407.694
36.161
929.163
1,929.174
3,045,369
1,514.596
3,066,595
2,673.858
2.677,054
2.000.000
3,880,472
4,411,978
1.800.000
521,861
1,052,460
1.900,000
19,416,692
771,343
1.614.675
1,805,942
885,007
14,912,950
584,400
1.590.057
1.890,000
1.345,680
20,062,193
502,103
816,492
1.000,000
1.906,799
4.790,750
399,342.273
394.524,361
421.697,220
132.056,474
16.025.225
23.146,190
1.095,044
1,237,419
25.210.503
16,631.305
382.212
335,495
7,843.956
3,518.464
755.040
819,693
23.391,630
29,470,450
14,362,181
22,388.862
341.120109.677
2,940,687
1,715,932
11.242.915
11.385.200
13,760,295
942.619
17,694.078
258.550
6.988.673
800.000
13,469.564
12.276.466
100,645
2.110,545
11.435.970
13,164,06(
1.068,990
20,538,460
390.25(
5,453.472
469.475
17.309360
19.258,734
15.450
2.052.452
9.022.647
5,666.995
558,847
6,352,582
93,200
2,638,861
145,000
5,465,740
10.152,705
641,045,736
CPI
CY1
00
436.044
120.000
1.008,927
758.572
3.608.054
01311101113 18RUEU1I
1932.
1931.
Inc. or
Dec.
1930
1929.
1928.
1927
1926.
1925.
1924.
1923.
1922.
1921.
1920.
1919.
1918.
$
1,201.568
1.932.490
348,700
1.355.131
7.432,687
$
535,412
1.280.285
186.000
1.658.094
3.807.281
$
101,083
1.665.232
71,450
1.432,295
4,849.831
$
211,440
1.058.966
23.000
184.290
3.065,521
Other Western States - (Con.) $
24,734
;Can.-Atch1son
297,799
Kansas City
247,100
Leavenworth
268,907
Topeka
1.180,008
Wichita
$
100.610
647,147
116,340
2.126,088
2,340,208
%
-75.41
-53.98
+112.30
-87.35
-49.57
$
251,025
1.353.858
320,850
2.386.881
6,276.230
$
317,495
1.768.453
100.000
1.718.492
8.651.582
$
462,299
1.634.322
*100.000
1.912,616
7.794.221
$
315.886
1,296,059
125.600
2.033.405
5,848.942
$
276,848
2.638.674
247.950
3.603.705
5.184,105
$
641.080
3,659.450
382.110
3.176.362
4,694.485
$
200,054
4.193.987
182,555
2.571.173
4.293,153
$
348,063
5.235.140
250.000
4,810.407
6.511.949
$
1,456.861
3.056,563
250.000
2.441,128
5,937,514
Iowa-Cedar Rapids
Council Bluffs
Davenport
Des Moines
Dubuque
Ottumwa
Sioux City
Waterloo
436,358
382.153
716.954
1,890,001
533.761
788,950
773,875
291,985
1,610.691
437.800
1.201.345
2,985.872
504.251
606,980
1.571.425
793,593
-72.90
-12.71
-40.32
-36.70
+5.85
+29.97
-50.75
-63.20
2,032.388
776.450
2.451,802
4.078,984
1.546,355
545,325
3.411,875
1.191,575
2,905,969
676.950
2.357.166
4,084.303
1.049.731
776.825
3.130,368
1.989.049
2,438.280
810,250
1,390,709
4.519,984
1.046.585
393,775
2.170,440
2.722.194
2,602.622
930,250
2.299,450
2.837.037
1.288,207
579.900
1,867.575
1.038.981
6.219.713
2,002.250
1,463,764
5,918,385
914,980
665.690
4.265.356
1,536.400
3,624.186
1.782.425
2.056.038
6,183.730
1,196,564
783.415
3.611,830
879,945
2,986,857
1421.400
1.909.847
9,219,980
1.610.758
1.096,461
4.596.058
1.138,739
3,846.808
2,711.189
3.571.476
8,330.496
1.807,908
629.208
3,328,045
2,103,483
3.358,727
1,637.714
3.287,219
12,467.820
2,926.057
720,818
3.303,883
2.744305
2,310,335
1,697,675
3.430.990
1,326,057
634,602
3.480.805
2.203.892
750,000
1,997327
4,091.229
750.750
723,920
4.896,510
2.142.000
600 000
2,648.589
5.221.885
1,132,859
1,250,000
7.028.328
767.000
500.000
1,677.136
4.100,563
246.618
400,000
3.071.309
.7olo.-Boulder
Colorado Springs
Denver
Pueblo
129,350
256,373
3.214,362
129,243
136.135 -4.98
387.963 -33.91
7,127.490 -54.90
453.425 -71.49
271.684
926.322
8,007.100
537.206
216,510
1.030.026
16,633,600
1.572.521
326,475
812.495
15,958.400
1.468,012
416,930
577.395
15,902.650
1,625.382
346.710
777.361
14.591.000
1.246,041
552,635
1.072388
25,333,310
2.342.200
544,885
1,297.290
26.310.250
1.685.654
931.565
1.912,323
20.642.250
898,188
868.972
1.199,677
18.016,095
1,215.661
542.090
594.810
10.137325
1.165.656
300,883
823,866
7,547,020
739,269
502,680
325,145
6.779.880
676.300
47.660
163,982
2,595,890
373.095
170,466
560.387
56.88
395,415
2.151.930 -73.95
284,255
2.034.768
348,532
1,470.840
505,751
2,009.125
1.186.944
2.042.505
1.241.163
1.931.614
293.925
2.048.181
176.965
1.392.038
182.435
1,768,328
1.727,789
1.236311
2.034.211
2.226,747
857,195
1.574,954
503,585
250.000
1,830,330
133.189
400,000
2.124,765
300,000
188,275
1.310.410
200.000
347,224
742.460
100,000
80.620
So, Dak.-Aberdeen
Sioux Falls
No. Dak.-Fargo
Grand Forks
Minot
216,111
102.304
58.400
569,848 -62.07
476.931 -78.54
302,170 -80.66
1,625,866
262,829
915,435
1,927,475
754,812
1.791,720
1.310.372
1,186,825
2.413,000
1.656,353
736.519
778,765
2,161.113
1,048,395
810.265
1.314,009
522,303
285.000
530.257
305,516
300,000
1,647,693
384,679
250.000
Utah-Logan
Ogden _
Salt Lake City
54.150
119,005
527.826
96.890 -44.11
250.890 -52.56
3,396,785 -84.46
282,985
579.760
4.275,493
355,000
700,695
5.670.891
372,502
1.348,225
5.361,376
589.400
1.005.260
4,975,690
350.600
1.438,050
5.601.794
233.100
2,397.985
6,603.235
193,800
1.823,750
5.433.375
229,700
1.551.920
6,886,494
338,400
1.019.223
4.351.133
473,600
1,177,102
3.436,985
299,900
1.081,935
3,939.353
338.100
1.562.560
4.059,320
83,300
500,000
2.310.015
Montana-Billings
Butte__
Great Falls
256.728
'30,000
982,130
565.810 -54.62
79,933 -62.46
992,820 -1.07
482.075
412.584
1,286.152
563.700
539,177
3,483,538
285,600
365.419
2.865.593
304.400
492,000
1.188.310
284.500
349,631
615.811
157.993
168,317
546.270
250,000
379.250
283.592
237.850
670,887
381.486
459.000
314.091
251.500
794.000
102.342
200.975
532,600
227.437
578.047
716.727
1.151.770
511.200
291,523
971,180
693.408
1.263,592
648.424
890.000
717.007
734.131
860.495
1.300.000
182,994
782,915
550.000
262.667
757.478 -65.32
615.799
Idaho-Boise
1.246,649
359.425
5,999.465
2.909.210
726.659
500.000
5.652.115
2.263.057
644.765
400,000
2,637,125
1.796,604
504,597
371.281
3.106.122
1,345,858
479,964
396,862
1,903.649
1.425.984
1,032.228
584,871
1,841344
1,432,096
1.287,256
227.867
1,815,341
1.073,276
684.581
416.727
1.803,171
1.097,704
326,000
635.966
122,512
3,001.066
2.066,345
805.428
104,205
5.248,674
3.449.442
210.000
-55.30
-54.52
-81.53
-71.01
1.169.177
219,387
4,514,501
1.192,155
2,203,865
1.040.339
-
727,290
526.050
123.389.424
125.723,919
161,826.676
164.763.686
181,465.406
186.147,062
169.493.936
174.055.786
195,995,885
199,922.916
261.123.821
262.297,691
213.060.415
214.574.119
247,518,548
249.804.466
144.108,806
131,292,381
91,944,168 -60.57
93.656.351 -60.80
202,866,560
36.246,462
36,706,309
780,595
375,475
289.291
940,029
1.135.669
158,146
23,400
92.313
55,803
89,603
791.617
84.540
1,247.595
195,487
1,716,760
17.506,606
36,838
2.388,773
59,280
47,284
1,219,653
121,115
469,553
154,165
150,494
294.576
2,375,253
199.449
2.137,011
16,427,915
109,525
1,033.810
462,932
188,141
541,144
169,960
1,394,132
787.898
'242.278
674,547
1,171,450
685,944
1,598.416
3,275,899
684,470
64,200
379,248
278,270
208,618
1,028,899
129.716
2,901,545
553,730
4,590,795
41.210.860
89,484
7.415.159
418,590
233.384
4,053,183
360.138
1.169.644
714.934
515,435
672,319
3,687.076
643,502
5359.224
21372,550
334.013
1.776,090
1.266,045
206,535
1,637.042
476.620
1,295,371
102.690
430.447
+15.72
-67.94
-57.82
-41.19
-65.33
-76.89
-63.55
-75.65
-79.94
57.04
-23.06
-34.82
-57.00
-64.69
-62.60
-57.52
-58.83
-67.78
-85.83
-79.73
-69.90
-66.36
-59.85
78.43
-70.80
-56.18
-35.57
-69.00
-59.26
-23.13
-67.25
-41.79
-63.43
-8.90
-66.94
-64.34
+7.62
+667.25
-43.71
979,264
1.115,855
1.487.310
2,986,989
5,865390
746.122
118,250
979,550
283.850
660.116
1.339,321
382,846
3.409,701
1.588328
13,480,380
74,088.825
107,769
9,284,758
671,920
203.927
6,040.751
696,838
1,254.840
869.727
525.782
1.665,878
3.062.373
1,852.646
5.393.252
22,726,994
412.336
3,417.200
1,475.545
592.178
2,400,541
1,334,158
1,315,643
420.387
885,551
447.516
*200,000
65,969
*30,000
2,125.343
392,411
1328.570
356.106
-
Wyo.-Cheyenne
Meriden
Ariz.-Phoenix
Tucson
Total other Western:
42 cities
45 cities
Pacific StatesCalif.-Alameda
Alhambra
Bakersfield
Berkeley
Beverly Hills
Burlingame
Colton
Compton
Emeryville
Eureka
Fresno
Fullerton
Glendale
Huntington Park
Long Beach
Los Angeles
National City
Oakland
Ontario
ana
Orange
Piedmont
Pomona
Redwood City
Richmond
Riverside
Sacramento
3an Bernardino
San Diego_
San Francisco
San Gabriel
San Jose
San Mateo
San Rafael
Santa Monica
South Gate
Stockton
['offline'
Venice
__
._
2,238.799
1,537,424
2,131.396
1.404,416
3.119.574
2,422,862
2.078.295
2,513,501
2,095,215
1.994.491
1.471.239
1,580.216
7.337.076
6,687,233
6.076,626
4.732.846
11.001,877
7.212.766
6.060.442
8,116,042
1,912,647
1.732.437
1,476.032
1.505.973
303,68.5
307.750
191,425
142.300
1,503,188
814.918
1,341.671
1.167.371
577.163
298,104
710.792
521,170
444,663
364.926
495.480
765.773
1.819.985
1,771,219
2.690.978
1.698,846
496.961
832,593
780.870
850,518
10,027.798
8.246.150
7,465.265
5.456,149
1.429.713
1.584,134
2.708.502
2.370.950
8,61.5.720
13.706.145
16.366,835
18.149.585
93.016.160 101.678.768 123.027.239 123,006,215
386.965
392.990
187,805
251.248
28,0r 5,295
20,794,665
1,136,091
14.317428
1.057,890
674.581
715,796
481,360
296,000
202.220
629.300
324,775
9,667,900
9.019,866
5,949.553
6,991,199
1,430.638
1.134,489
1,330,620
1.231.143
980.380
1.481,899
1.912.105
1,063,140
715.636
1,061,907
1,082.139
722,879
2.476.552
1,203,320
933,145
628,300
2,309,842
3.141,555
2,008.150
1.484.423
7.732.573
5,559.417
7.968,182
4,409.244
3,530,193
3.452.706
2,822,745
2,386,901
20,001.729
14.251,966
12,372.600
12,149.167
57,953,948
47.032,848
37,766.363
33,682,025
1,096,420
505,524
540.732
495,790
4,378,940
3364,480
2,541,110
2.468,155
2,028,019
1.154,035
1.584,402
1.807.396
512,124
365.112
424,324,
396,995
7.517,422
4,392,469
3.934,692
2,987,104
1,583,650
1,904,154
2,638.831
2.663.380
2,749.564
2.824,193
1.798,838
1,444,054
457,788
2.119.923
1.668.979
606,418
923.571
1.122421
1.504.592
1.421.016
1,676.088
2.562.008
4.127301
7.231330
5,398,490
3.395,922
1,169.573
1,096,452
2,117,938
7.959.140
9.369,027
10,058.730
3.891.136
5.053.644
10.566,818
1.969,682
2.592,314
2.109.141
366,368
326.875
250.640
1.081.492
1.164,862
1,566.271
875,453
1,146,095
589.018
866.030
820,363
1,133.355
5.890,104
1.645,488
3.093,062
2.087,186
1.079.240
592.986
10,047,694
10.175.311
10.224.020
2,701,727
2.184441
1.263,410
23,697,830
20,601.267
19.046,766
200.133,181
150.147.516
152.6.36,436
379.825
420,420
379,805
27.628.175
31,223,433
39.185.863
1,193.512
797.604
877,718
868.350
550.650
507.525
11,534.186
12,040,719
9,633.746
1,877.321
1.517,079
1,918,009
1,693.821
1.586,098
1.116.348
1.19g.086
1.103.441
921.467
1,14i,664
970.211
1,312,822
2.511,712
2.041.229
2.262.537
9,699,638
7,666,669
11.351.277
2,343.617
3.762,123
3,255.214
12,102,426
13,561.106
18,198,200
46.676,079
57,852.973
50,392.793
654,300
621.145
632,512
2,731,630
3.959,075
4,846.775
1.411,218
1.595.688
1359.479
490,300
555.835
727.095
6,045,254
8,415,136
5.138392
792.770
1,135.122
844.196
3.897330
4,163.012
3,728.712
1.873.295
1.092.260
357.643
3.108.632
2.157.329
141.837.769
61,165,673
971.170
759,931
802,482
467.171
999,131
1.898,686
5.622,963
1.838.994
2,198,869
1.483,794
3,376,409
787,729
796,492
1.314.979
3.113.364
513.441
422.672
838.758
1.641,139
304,900
194,256
304.750
732,290
35,200
280.307
100.870
522.000
657.451
211.765
1.495.840
2.034.526
6.305,971
3,860,967
951.941
5.099.201
6.775.587
759.348
3,137,264
3.996,875
528,609
591.439
1.677.756
75,000
97.193
14,044.518
121.206.787
284,190
24.468,223
13.159,243
82.761,386
262,585
15.791,616
11,001.662
60.023.600
111.628
9,489,906
1.-2-11.849
28.253.619
50,635
7.134.572
.
2.828,844
8,678,862
15,625
5,382.158
924,412
9.420,481
1.430,415
1.114,447
382.398
6,493.674
867.715
904.026
3.534.235
794,510
801,437
1.821,600
355.869
.
455,030
211.968
897,072
1.458.429
9.351.052
2.209.663
12.004,036
45,327,206
354.846
1.960,548
414,237
879.480
3,853.084
1,019,560
10,547.853
22.244,672
357,495
1,235,349
763,390
779.360
3,449,388
596,650
5,671,798
26.729,992
112,514
1,750,046
593.594
336,935
2.054,843
296,534
2.856,015
15,163.242
53.297
1.067,841
200,000
188.041
1.211,273
93,032
1,602,260
9,135.477
9.376
558,660
219.800
3.878.365
257,400
2.504,100
117.500
1.219,359
112,200
393.352
22.200
96,040
3,141,900
333,680
1.712.738
2,617,527
1:47777-.841
.
1.050.761
-
-_------
ap!uarria lupueuid
1932.
atunioA
UNITED STATES BUILDING OPERATIONS-(Conginuid).
UNITED STATES BUILDING OPERATIONS-(Continued).
1932.
1931.
Inc. or
Dec.
$
73.800
139,400
4,827,230
204,384
t
549,143
447,943
5,977,625
325,765
%
-86.56
-68.87
-19.24
-37.26
$
95,001
1.206.727
12,063,580
529.406
$
93.153
1,759.810
15,493,310
1,359.175
$
162,900
951.896
21.275,970
1,605,643
$
157,414
1.920,334
28,973,455
2.626,427
t
278,150
2,437,583
32,588.975
2,904.104
t
903,000
1,639,147
38,476,335
1.794.935
3
1.357.440
1,682,779
29,219.425
1.731.210
379.333
25,247,135
1.287.282
800,000
20.939,650
693,678
800,000
17.225,576
343.570
756,150
12.088.506
425.990
9,840,725
140,050
6-171,157
Wash.--Aberdeen
Hoquiam
Seattle
Spokane
Tacoma
Vancouver
Walla Walla
Yakima
34,694
18.980
4,022,084
563.301
486,990
83.176
75.056
142.099
67,213
136,684
9,415,600
2,088,970
2,154.325
179,636
135.910
1,806,085
-48.38
-86.11
-57.28
-73.03
-77.39
-53.69
-44.77
-86.91
393.470
128,052
30,843,465
3,640.843
4.571.470
230.643
403,542
1,648,185
838.479
477.793
29.104,775
4.149,210
4,751.231
487,196
282,741
1.242,895
706,651
753.257
34,813.200
5.736.778
4.622,765
1,563,583
683,943
1,118.645
992.202
1,420.538
29,070,080
3,656.499
5,391,113
1.342.122
364.480
862,165
1,451,233
530.358
34,207.700
4,191,223
7,121,632
865.012
479.631
1,190.696
1.279.021
457.255
30,626,995
4,366.856
9,926,134
401.708
309,098
821.037
869,334
374.341
27.279.500
3,296,388
8.539,035
443,606
160,558
730,401
1.144.348
608.457
22.974,720
2,486,563
5,500.926
628,425
419.834
729.733
437,111
230.864
19.783.835
3.177.234
4,239.028
221.414
515,500
245.445
189,292
385.059
328.718
12.862.425
2,124,037
3.669,082
297,846
311.834
13.-760.090
3,031,704
4,749,673
412.709
797.730
15.615,010
1,689,928
2.857.181
370,423
16.8-0.775
422,760
2.844,405
691.498
Total Pacific:
36 cities
50 cities
64,277,632
67.165.302
128,572,497 -50.00
136,850,981 -50.92
219,887,450
231.878.275
281.968.939
298.445,124
297.593,222
315,638,139
363,003.009
376.710.783
403,687.192
419.876.044
455.799.907
472.616.154
427.005.231
448,745.841
448,366.999
330.768.325
219.483,882
182,358.123
109,028.877
57,091.668
Southern StatesVa.-Lynchburg
Newport News
Norfolk
Petersburg
Richmond
Roanoke
919,420
277,788
1,219,384
39,438
1.095,951
387,768
880,112
772,785
1,589,299
137,818
3,046,948
1,284,436
+4.46
-64.05
-23.27
-71.38
-64.03
-69.81
1,697.231
1,317,915
2.641,117
212,807
5,896,468
2,768,955
1,032,192
814.627
2.792,217
437,723
9.154.225
2,406.923
1.113,956
829.705
3.891.511
539,211
8,844,881
3.353.198
1.561.143
791,279
3,411,815
270,169
9,780,943
2.598.545
1.046.557
380,925
2,811,070
315.877
10,024,874
4.568.594
1.291.924
261,396
2,966,747
594.256
13,398.248
3,425.275
1,612,519
174,847
0,938,122
258,816
13.613.019
4.167.068
859.885
244.095
5,365.021
413.233
15.642.229
4,073.597
948,065
642,467
5.169.533
499.000
559.038
5.030.168
822.610
701.245
9.632,053
7.852.944
2.723.592
15,116.912
3,259.524
9,292,879
2,285.899
4,778.756
1.221.285
8.770,452
1.106.035
N.0.-Asheville
Charlotte
Durham
Greensboro
Raleigh
Wilmington
Winston-Salem
1.838.614
191,020
93,161
602,567
385,985
205,247
132,330
136,000
403.021
240,083
1,275,290
714,880
1.111,126
575,752
475,350
853,987
-61.19
-52.75
-46.00
-81.52
-77.01
-71.38
-52.80
466,089
2,607,313
1.013,155
766,985
671,462
828.650
1,602.428
2.260.712
3,867.705
1,924,437
3,133,865
1,472,166
568,900
5.000,165 •
3,110.001
7,294,038
9,905,838
5,048,295
3,864.573
624,150
8.531,028
6,002,647
4.861,761
2,586,754
4,837,830
3.706,969
461.700
6.539.187
9,299.545
7,336.980
3,371.004
6,362,118
3,252,564
1,088.550
5,581,331
6.010,919
7,244.193
5,174.525
6,192.150
2,904.452
572,475
5,004,382
4,289.291
6,827,433
3,097,955
4,342.242
4,653.124
1,605,600
4.524,124
4,565.489
5,265,340
1.395,600
3,522,715
3.776.421
1.967,700
4.260.285
3,190.777
5,032,455
1,207.387
4,223.179
3,038.572
918.000
3,286,864
1,980,120
2,353.808
1,413,706
1,944,083
2,284,835
892.700
2.426,467
1.411.156
2,589.110
1,438,422
1,090.397
822.012
1,388,900
3.259.495
850,755
1.196.004
615.345
973.935
402,824
1.003.550
1.200.000
248,099
841,173
240.000
732,440
121.305
297,300
600.000
S. C.-Charleston
Columbia
Greenville
238,112
582,209
174.275
407.718 -41.59
1,095.859 -46.87
492,348 -64.59
936.647
1.872.395
1.025.934
685,620
1,283.835
1.182,278
565,609
1.626,576
1,442,928
584,169
1,561,400
1.119.995
508,205
1,490.484
912.735
633.155
1.554.690
1,495.320
235,432
1,266.316
2,560.803
1,547.238
1,330,561
1.277.541
2.507.847
1.583.993
1.242.277
1,368.294
1.570.870
1,326,610
3,290,023
1,151.937
2,105.410
938.398
1.442.775
597,300
309.580
432.024
345,755
1930.
1929.
1928.
1927.
1928.
1925.
1924
1923.
$
1922.
$
1921.
$
1920.
$
1919.
5
1918.
$
45.700
Ga.-Atlanta
Augusta
Macon
Savannah
1,896,465
394,255
647,712
134,405
3,402,110
350,928
893,384
412,631
-44.25
+12.34
-27.49
-67.42
8.924,099
764.542
1.210.683
540.185
13,212.611
1.192,345
1,020,066
2,170,229
27,580,541
1,487,312
2,371,852
1,122,012
12,081,122
1,470,847
2.895.871
2.180.050
17.789,363
1,135,609
1,757.649
3,143,462
10.403.558
1.535.949
1.745.026
1.595.830
18,196.091
1.175.353
1,762.647
2.264.349
27.094,912
1.234.780
1,502,882
1.509.534
20,584.754
2,398.126
1,579,313
1,306.740
11,236,776
76,993
930,136
2.055,059
13.372,666
1.873,582
1.430.798
4.025,000
10,442.739
1,307.779
1.192,163
1,770.645
3.572,080
422,601
650.000
768.675
Fla.-Jacksonville
Miami
Orlando
Pensacola
St. Petersburg
Tampa
2,871,689
1,067,427
159,126
367,186
273.700
438,992
1,728,200
2,079,347
203,835
1.014,914
672,650
741.933
+66.16
-48.66
-21.93
-63.82
-59.31
-40.83
1,594,351
2.159,496
343,835
641.483
797,525
1,293.961
4.824,332
3,911,750
597,985
500,000
1,445,900
1.917,807
7.905.762
2.171,847
1.239,576
1,025,260
1,846,100
3,643,259
13.051.074
9,964,877
1.973,587
1,486.692
9.907,400
5.732,606
21,393.945
35,845.109
8,288.359
1,691,352
15,580.200
15.872.772
14,760.711
60,026,260
7.993.658
754,415
24.081,700
23,418.836
7,311,497
17,038,144
3,036,006
1.300,446
9.557,500
6.577,055
7,536,557
7,228,569
3.271.749
643,468
7.124,560
3.516,773
5,831,078
4,647,744
5,087,337
5.415.800
3,466.405
4.476.760
1.156.260
3,264.215
1,068.792
1.238.720
364,379
4,167.605
3.091.783
1.116.100
4,608.820
4.057.028
437.313
2.801.120
2,664,392
1.096.607
1,200.000
1,202.534
383,397
763,940
11.070
1,128.459
2.314,302 -66.99
17.122 -35.34
819,750 +37.70
3.185.698
1.084.670
1,274.082
10.401.370
1.643,939
2.756.481
18.641.006
3,200,788
3.331.900
22,862,303
2,240,814
2,525.947
22.263,116
1,777.899
1.575,529
21,464.878
1.964.264
1.011.576
20.247.707
1.299.780
704.100
12.166.996
1.149.430
883.457
7,491.020
1,169,679
513.644
6.556.101
600,000
513,644
4,384,229
603.473
600,000
3.929.822
660,454
590.617
1.572,714
78.684
258,233
138.416
61,073
478.586 -71.07
72.976 -16.31
2,985.334
191,675
3,970.489
522.445
2,603.097
1,049.287
2,805,818
486,886
3,045,285
392.421
2.171.271
546,000
1,850.573
700.436
2,700.000
526.518
1,182.550
479,852
329,556
78,377
455,395
183,608
316,963
136.329
101.765
67.527
+20.69
-38.52
-42.17
-51.12
560,731
401,434
6,183.082
1,559.716
756.071
423,344
11,974,529
3.457,915
628,892
1,307,377
11,899,011
4.916.680
1,140,782
719,657
16,117,f55
3.977.680
999.570
1,170,424
18.789.444
5.421.768
1,926.155
647,422
16,345.140
5.491,818
1,159,653
231,754
16.091,150
8.069.000
1.028,133
187,783
13.089.015
9.467,382
886.892
326,333
10,495.460
6.070.084
860.575
284,277
8.043.159
3.871.485
905,922
452.730
12.598,468
5.717.419
1,120.230
569.300
5,249.092
3.557.346
738,427
205,069
1.763,569
552.267
Ala.-Birmingham
Mobile
Montgomery
Miss.-Jackson
Vicksburg
315.650
La.-Alexandria
Lake Charles
New Orleans
Shreveport
428,212
515u.000
3,197.238
458,044
Texas-Amarillo
Beaumont
Dallas
El Paso
Pt. Worth
Galveston
Houston
San Antonio
Wichita Falls
51.500,000
298,504
2,352.162
364,712
1,434,299
1,019,876
2,874,040
1,535.807
719.113
2,737,571 -45.20
1.115,552 -73.24
7,190,944 -67.28
961.756 -62.07
6,316,346 -77.29
2,542,275 -59.88
11,900,170 -75.84
3,281,864 -53.20
150,568 +377.60
1,843.145
2.666,354
11.135.911
2,953,770
10,096.821
1.796.860
17.264.993
8,511,555
1.104.822
1,845.021
2,659.321
9,548,889
4,378,799
11,324.845
3,658.967
29.526,810
3,111,385
1.337,338
2.906.174
4.355.392
8,232,384
2.050,183
13.222.147
2.731,310
35.319.503
16.408,035
1.911.612
10,491.884
4.946,486
9,874,846
1,308,991
17,111.480
2,977,728
27,326,475
13,987,847
4,050,687
16,476,528
2,451.961
16,133.426
1,163.657
17,022.468
3.213.095
28.512,805
14,462,952
10,022.263
3,436.953
1,638.870
28,379.558
2,184.332
8,872.323
1,707.439
35,040,010
9,428.043
5.098.866
1.550.582
2,540.373
26,402,814
1.605,257
11.408.208
2.605.205
17,222,059
6,603,860
2,343.713
1.309.615
2,689,371
20,988,469
2,101.980
8.395.264
1,889,851
19,117.106
8,053.286
1.747.767
1.530.748
18,646.988
3,070.266
12.128.722
2,121,168
12,489.469
7.234,303
1.296.788
2.374.260
15.000.205
4,279.932
4,602,962
1.963,919
10.398.795
7,515.045
330,000
1,634,885
13,595.157
3,296.579
10,373.229
672,783
8.529.247
4,711.212
2.332.000
900.000
13,164,600
2,255.585
18.657,654
632.178
6,861.619
3,987.305
500.000
1.667.730
644,846
2,267.887
175,904
2.275.258
3.755.954
Ark.-El Dorado
Fort Smith
Little Rock
27,077
170,600
229,746
21.980 +23.18
231.749 -26.38
1,666.107 -86.21
102,000
426,805
2.125,705
700,000
1,199,946
3.267.187
2,201,184
1,618,704
4.261,359
734,691
1,088,517
2.993,636
1,925,763
1,310.921
5,968.226
2,024,415
1.075.595
5.107.847
850.757
1,067,246
4,331.396
2,387,519
1,506,884
3,843.204
1.349,758
3,908.781
993,396
3,620,638
1,071,178
3.727,732
784,223
2,601.768
274,245
708.208
-37.94
-50.30
-29.58
-88.04
-88.90
169,618
578,554
39,540
20.604.772
8.166,839
204,178
463,099
200,000
24.374,100
17.481,592
239.457
565.565
252.965
18,128,653
13,553.351
436,047
835,817
262,350
16,238,714
14,840,254
900,000
390.427
560,881
10.028.228
7,615,428
981,005
701,217
321.470
6.751.775
10,075.971
3,000.000
401.444
326.355
8,052,935
8.048.283
3.000.000
1.303.316
1,027.050
7,948.577
7.780.252
3,000.000
2,830,148
1.215.775
7,698.106
13,636,489
3.000.000
1.119,475
1,662.825
7,794,797
7.330,340
2.678.729
1,193,714
2,452.900
6,007.798
9.648,547
764.847
.3.?1.975
9.030.640
9.474.413
230.625
868.929
2,503.449
4.847.370
1.258.357
+8.84
1.052,664 +30.46
3,479.635 -43.23
4,846,035 -76.32
3.021.336
2,683,118
9.921.132
5.443.874
2.520.970
5.554,230
8.216,277
5.669.001
4,919,768
7,122.657
15.451,5731
*5.500.0001
4,975,169
5.708.582
15,094,642
5.529.435
6.016,569
10,730.451
18.579.260
3.823.829
5,154,558
6,329.396
18.667.605
7.012.768
2.915.924
6,512.411
23,757,040
5.148.098
2.943,697
6,587,810
20.998,380
9.670.453
2.552,698
5,042,172
20.883.008
5.259.908
2,476.129
2,685,411
9,377,025
3.342,359
2.983,320
2,429,041
6.715.183
2.182.383
1.600,11.e
2.654.211.
7.518.966
2.632.338
401,959
315,261
1.591.078
648,606
Okla.-Guthrie
Muskogee
Okmulgee
Oklahoma City
Tulsa
25,628
*40.000
.7,000
1,596,418
510,802
Tenn.-Chattanooga
Knoxville
Memphis_
Nashville
1,369,685
1,373,370
1,975,090
1.147,627
354,785
244.000
5,529,626
937.141
41,297
80.495
9,941
13.355.821
4,605,930
C71
Cl
ET6I Sz *Lief
-Pacific States (Con)ore.-Astoria
Klamath
Portland
Salem
$
197,139
898,141
2,093,388
*50,000
$
755.251
342,342
5.465,910
*100,000
Inc. or
Dec.
1921.
1920.
1919.
1918.
$
1,650.400
2,353.635
23,243,210
379,250
$
2.145,300
2,110.131
20.919.545
464,100
$
2,254.100
1.892.630
29,910,246
275,745
$
1,613,550
1.744,326
22.682.959
314.090
$
1,709.375
1.955.432
17.024.651
2
2.135,000
2.231,141
16.736.750
2
1,297,000
1.274,723
7.428,300
$
533,000
2,082,390
8.622,152
$
500.815
1.071.150
4.140,714
$
141.125
408,332
1.990,308
331,103.187
345.439,047
411,381.352
439,232.903
437.154,886
451,741,309
334,085,044
340.270,142
302.557,391
270.953,131
190,797,233
192.924,005
158.918.200
49.204.765
1.634.378.397 1.515.054.225
-66.25 1,734,302,962 3,016,857,906 3,401.501,792 3.541.388.042 4.008,309.244 4.302.696,723 3.614,662,440 3,449,465,740 2.807.884.753 1.869.694.975
-65.80 1,776,623,053 3.096,839.460 3,500.730.4503,651.036.270 4,121.964.853 4,393.364,166 3.702,135.335
1.393.407.781 1,343,549.455 1,253.554,036
-61.34 1,327,235,292 2,056,766,163 2,463.864,653 2.660.641.629 2.948.257.8503,294,125,381 2,768.156,623 2.663.907.795 2.169.314,914
-60.91 1.369,555,384 2,136,747,717 2,563,093,311 2.770.289.853 3,061.913,459 3.384.792,814 2.855,629.518
507,359.503
1930.
1929.
1928.
7
9,
-73.89
+162.35
-61.70
-50.00
$
652.850
1,295,361
6,845.650
*150.000
$
1.447.125
2,117,697
13,427.910
250,000
$
1,581.750
1,961,994
18,081.575
357,350
-58.92
59.09
178,971,731
181,623,518
255,371,156
259,201.885
334.248.207
341,491,702
Total Southern:
43,514,648 105,936,340
55 cities
45,290,289 110,732,571
60 cities
Total:
399,678,9 8 1.184,452,740
310 cities
417,478,658 1.220,779.503
354 cities
Outside New York:
322,812,926 835,170,131
309 cities
340.612.666 871,496,894
353 e4tie.
THE DOMINION OF CAN ADAn CanadaE
31,873,676
10,557.438
Quebec-Montreal
790.750
272,950
Outremont
4,049.875
1,179,465
Quebec
676.350
305,900
Sherbrooke
242.030
107.575
Three Rivers
705,188
286,370
West Mount
-66.87
-65.48
-70.87
-54.77
-55.55
-59.39
37,504,590
1,481.600
4,912,257
812,150
851,703
2.207.501
46,086.383
2,163,150
5,684,183
757,640
1,488,065
3,220,145
36.304,181
4.887.100
221.900
506,677
76,060
150.865
451,000
239.021
221,072
5,029.050
548,199
627.853
1,456,900
71,805
220,448
155,508
146.375
3.055.200
99.700
278.526
339,005
563,626
436,147
139,640
171.818
600,205
19,009,985
209,726
1,367,525
4,412,400
-54.61
-66.28
+15.09
-63.88
-34.78
-62.85
-51.85
-71.68
-36.32
-42.17
-61.03
-44.29
-24.10
-24.58
-71.77
-49.56
-76,87
-30.41
-16.68
-63.66
-67.28
-67.80
-64.19
-84.79
-63.60
-67.74
-42.39
-60.51
187.360
1,034,957
327,635
821,258
1.227,300
264,899
346,448
6.291,100
1,056,986
1.344,232
2,744.735
42.000
483.678
1,024.710
195.470
6.295,075
131,800
797.895
995.487
610.067
589,803
180,327
643,898
1,914,600
30,095,589
196,125
1.990.335
4,623,050
Ont.-Belleville
Brantford
Brockville
Chatham
Fort William
Galt
Guelph
Hamilton
Kingston
Kitchener
London
Midland
Niagara Falls
North Bay
Oshawa
Ottawa
Owen Sound
Peterborough
Port Arthur
St. Catharines
Sault Ste. Marie
St. Thomas
Sarnia
Sudbury
Toronto
Welland
Windsor
York
100,705
170,844
87,545
54,480
294.100
88,788
106,443
1.424,300
349,039
363.047
567.685
*,t0,000
167,299
117,280
41,314
1,549,515
23,055
193.819
282,438
204.774
142,679
44,955
61,518
91,240
6,919,550
67,650
787,722
1,742,065
1927.
1926.
1925
1924.
1923.
1922.
450,859.008
1,101,233
1,681,450
3.616,132
45,183,317
3.408,500
6,360.165
689,930
2.332,500
3.560.797
31,700,549
2,543,575
3,939.281
714.250
1.445.575
2.904,524
25,520,523
2.772.200
3.274,371
1 038 060
2,064.814
2.931.524
31,013,419
3,375,950
7,332.846
524,925
1.046.200
2.381,606
27.092,468
2,203,250
4.786.933
722.100
730.745
1 933 232
22,335.796
2.718,930
3.236,291
732.000
1.200.000
1 592 000
21.310.472
1,297,115
3,693.397
335,000
1,292.800
1 609 413
14.067,609
838,225
2.301.480
3,265,538
857.700
1.179.800
12.743,480
400,000
2,134.219
872.150
1,300.000
883.121
4,882.873
151.725
904.375
128.250
638,975
275,261
533.730
473,387
452.200
813,550
1,759,000
527,315
537,313
7.008,320
908.900
1,645.700
2.408.900
50.000
905,510
400.000
1.478,090
3.403,323
200.000
622,403
560,945
1,427,432
782,059
172,090
1.019.759
2,311,120
47,646,314
301,500
5,571,849
7.714,900
248.323,
802,5281
372,000
707.266
2.062,000
378,581
462,815
6,342.100
678,203
1,524,522
2.561.705
58.608
2,056.415
452.000
2.515.070
5.420.900
262,375
565.577
5,292.545
1,249.141
401,020
362.732
814,586
958.475
51.607.188
309,866
4.518,723
5.660,700
670.010
571.599
188.900
595,087
1,209.450
197,513
493,167
3.837.150
420.467
1.272,631
2.814,950
57.658
1.517.510
548.174
5.255,188
6.446.045
330,350
630,595
3.473.736
1.147,286
329,461
92.682
1.064.265
391.360
31.274.876
408,670
4,930,832
4.526,600
306,610
232,754
150,000
591,750
1.291.250
108,723
326.192
3.130.950
608,532
1.100.111
3,621,200
105,000
1.504.000
341.957
1,052.100
3,101.748
141.900
342,757
961,580
940,642
235,831
138,597
601,646
547.360
26,029,584
404,049
7,319.454
4,093.200
194 725
159.537
140,600
193.858
730,340
108 723
2.673,830
493,758
1,546.182
2,389.800
100,551
1.114.290
515.090
576,205
4,911.685
533,560
272.637
402.488
666.962
352,090
350,181
725,698
306.285
25.249.628
124,320
4,333.945
4,380.500
195 000
189,980
350,000
355.329
1,272.570
124,742
404,304
3,309,800
1,035.620
1.221,122
2,113,500
125.000
802,622
400.000
786.985
2.540,670
168.210
437,510
1.187.307
713.638
559.245
164,026
840.803
362.585
23,926,628
178,880
4,429,308
4,145.750
286 825
615,686
400,000
265,867
1,425,130
135.631
571.484
5.452,930
649,233
1,893.892
3,261.065
100.000
758.513
493.158
1,923,110
3.521.817
310,565
295.448
2.640,321
806.310
401,032
334,239
781,970
306.700
30,600.227
206,150
4.725,034
8.921,650
255 400
465.421
375,050
366,317
1.466,685
731,706
964.808
4.928,465
46,070
2.461,721
2,605,630
75,000
800.743
271,325
1,155.130
5,159,687
205,000
439.154
1,167.529
1.293.576
588,813
210,714
880,260
228,190
35,237,921
362,371
4,144,035
11.167.750
115 524
388.450
28,500
800,000
913,050
450.000
433,257
4.639,450
668,334
932,050
2.527,510
38.457
1.145,589
426,088
1.329,405
3.232,322
135,355
541,754
113,509
776.360
924,388
115.755
1.331,337
437,450
23,878,240
435.735
5,123.150
8.101.100
177.250
798.223
2.100
709.437
1,045,160
291.760
486,958
4,321,420
494,736
1.277,595
2.146,305
209,000
493.965
129.925
849,496
3,367,557
120,325
839.700
216,350
830,652
400,000
258,821
742.265
725,575
25.748,732
299.420
4.846.338
4.313,260
176,800
1.173,580
57,150
326,547
627,930
330.101
603,259
5,209,135
657,680
1.176,662
2,455.170
273.000
876,889
20,959
2,332,540
3.179,437
50.000
196,368
1,708.645
861,636
600,000
222.525
641.956
328.500
19.797.026
369.235
2.601.370
4.241.425
100.000
761,500
70,260
189,890
535.615
220,000
83.953
2.472.254
318.943
236,062
876,660
359.716
430,000
100.000
2.635.612
241,251
607,045
467,427
300.000
53.395
120,000
101.875
8.535,331
440,524
590.305
N.8.-Halifax
Sidney
942.719
14,344
2,964.985 -68.20
102,830 -86.05
3,118,395
235,107
5,209,245
233,667
2,808,357
205,304
1,510.499
291,898
764,498
136,577
1,035,645
43.907
731,309
151,907
378.709
319,162
1.752,632
604,847
2.179.809
556.813
3.411.341
911.882
5.194.805
703.741
2.816.852
412,073
1N. 8.-Moncton
St. John
155,611
440,306
385,850 -59.67
1,256,927 -64.96
456,692
2,063,454
300.000
1.245,608
337,073
636.277
736.110
613.916
272.701
404.208
204,620
683.530
101.774
1.122,265
385,461
358.500
1.037.942
707.100
649,520
574.100
1.201.673
574.500
2.133.676
1.035.300
158.315
351.323
83,854,697 -63.81
120.100,268
152,339,512
150.223,071
139,383.853
104.155.215
93.407.603
100.122.735
111.003,547
113.972,009
93,480.558
84.752,073
78.316,017
31.567.640
30,346,527
Total East (38 cities)
Western CanadaKan.-Brandon
East Hildonan
St. Boniface
Winnipeg
33,088
77.870
218,945
2,129,400
286,611
144.600
270,695
4.396,600
-88.45
-46.14
-19.11
-51.56
557,178
260.450
811,570
6,653.650
403,667
300,000
553,103
11.057.250
418,130
336,589
871.105
10,547,400
230,252
246,628
761.470
7.569.300
100,000
200,500
501.256
10.362.600
76.573
168,385
969,259
4.156,690
270,285
158.558
418,545
3.177,900
183.634
222,300
510,353
4,484.100
225,029
382,828
552,663
6,875,750
741,190
577,884
380,143
5.580.400
411,127
380.823
465,992
8.367.250
96,981
84,495
360,450
2.942.000
95,022
85,170
268.965
2.050,650
klta.-Calgary
Edmonton
Lethbridge
Red Deer
915,079
1,982,680
192,150
48,106
1,944,039
1,377.175
1.294.056
11,180
-52.89
+43.96
-85.15
+330.28
4,054.364
4,300.935
954.830
125.025
11,417.144
5,669,685
559,392
130,920
6.302.142
2.374,971
498,590
133,080
2,330.131
2.568.565
438,684
21.955
1,989.048
1.853.735
236.360
26.740
1,197.475
1,481.890
161.190
28,685
1.030.790
2.305,005
175,086
26,200
821,840
1.488.875
259.685
23.000
4.000.000
2.338.109
213,695
18.540
3,500,000
1,563,966
217.760
11.965
2.906.100
3.231,955
230.000
66,050
2,211.100
923,346
162,110
13.800
1.197.100
351,510
135,553
3.300
85,598
97,606
277,069
526,855
10,230
8,690
32,465
87,630
269.805
1.598,440
1,718,515
25,285
24,544
32.613
-2.31
-63.82
-82.66
-69.34
-59.54
-64.59
-0.45
1,059.303
524,692
2,971,543
5.518,040
199,730
230,803
221.825
847,474
1,485,530
10,016.631
4,103,983
200,000
300,000
500,000
1,073,078
1,333.180
6.619.206
5,756,542
100,000
357,525
137,716
1,543.389
218.985
3.482,090
3.215,995
150,000
24(1,610
100.175
268.326
75,000
4,242,502
2,018,204
100,000
38.176
14.311
243.535
52,740
1,208.403
1.079.442
95.020
45.140
38.387
501,126
151.465
839.325
1,282.276
95.020
2,205
45,140
289,398
254.255
1.264.030
852,548
14.500
19.055
47.995
279,180
119,598
1,784.124
1,818.909
12,430
48.985
136,575
480.000
576.598
1.699,020
774,660
16,000
102,530
191,075
1.533.095
469.975
2,603.320
1.900.000
26,721
2.376.341
423,195
590.895
275.176
1.699.020
1,404,500
26.721
130,155
397,800
67.615
87.545
1.006,000
604,675
102.500
19.740
25.150
135,062
2,130,466
389,673
580.321 -76.72
10,066,425 -78.83
737,160 -47.13
553.990
14,645,206
1.898,262
1,011,629
21,572,727
3.742,481
1,928,324
12,777,293
1,827,937
1.083,146
10,687.167
2.524.741
751,189
15,501.262
698.237
704,263
7,963.575
546,517
321,432
6,230.774
838,201
350,848
6,277.574
1,050.161
332.680
8,661.695
1,033,004
264.890
3,000,000
977.167
319.109
3 709,873
1.207.573
166,282
2.271,361
366,1411
108,300
1 440,384
289.760
9,354,032
24,865,694 -62.38
45,571.396
73.871.616
53,392,808
37.413.283
38.977.446
20.217.171
17.799.533
18.414.151
28.833.794
20.655.248
30.628,099
5,222,333
8,438,939
117.922.266
129.417.696
142.605 903
114.135.806
115 380 179
93.538.350
40.006,576
3ask.-Moose Jaw
Prince Albert
Beene
Saskatoon
Swift Current
Weyburn
Yorkton
British ColumbiaNew Westminster
Vancouver
Victoria
Total West (18 cities)
Tats/ .11 .56 cities) _ ..
*Estimated.
39,700,559
108.720,391 -63.48
165.671,664
226.211.128
203.615.879
176.797.136
143.132.661
113.624.774
9(1
Southern States (Cona)
Ky.-Covington
Lexington
Louisville
Newport
1931.
apylonia letaueuLy
1932.
9LUTII0A
ED STATES BUILDING OPERATIONS-(Conduded).
562
Financial Chronicle
Jan. 28 1933
CHICAGO STOCK EXCHANGE RECORD OF PRICES FOR 1932.
Continuing the practice begun by us twenty-eight years ago, we furnish below a record of the highest
and lowest prices for each month of 1932 for all the leading stocks and bonds dealt in on the Chicago Stock
Exchange. In the compilation of the figures, which are based entirely on sale transactions, we have used
the reports of the dealings as given in the Chicago Stock Exchange official list each day, and in our range
we make no distinction between sales in small lots and sales in large lots.
For record of previous years, see "Chronicle" as follows:
Jan. 30 1932
Jan. 31 1931
Jan. 25 1930
Jan. 26 1929
Jan. 28 1928
Jan. 29 1927
Jan. 30 1926
page 739
page 732
page 523
page 468
page 484
page 565
page 533
BONDS.
Jan. 31 1925
Jan. 26 1924
Jan. 27 1923
Jan. 28 1922
Jan. 29 1921
Jan. 31 1920
Feb. 1 1919
•
page 505
page 366
page 349
page 353
page 415
page 409
page 416
Jan. 26 1918
Feb. 3 1917
Jan. 29 1916
Jan. 30 1915
Jan. 31 1914
Jan. 25 1913
Jan. 27 1912
page 333
page 399
page 380
page 349
page 347
page 244
page 256
Jan. 28 1911
Jan. 29 1910
Feb. 6 1909
Jan. 25 1908
Jan. 19 1907
Jan. 20 1906
Jan. 21 1905
page 234
page 276
Page 348
page 205
page 138
page 135
page 198
June
May
January February
March
April
July
August September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Allied Owners 6s
1945
Amer States Pub Serv 5Ms..1948
Butler Bros 5s
1944
Calumet & So Chic 5s
1927 ____
Certificates of deposit
Chicago City Ry 5s
1927 45
Certificates of deposit._ 1927 45
Chic City & Con Rys 5s.--1927 10
Chicago Railways 5s
1927 48
1st mtge 55 ctf of dep__ _1927 4712
58 series A
1927 914
5s series B
1927 7
Adjustment Income 49..1927
Purchase money Is
1927
Commonw Edison1st mtge 454s, series C I956
1st mtge 434s, series D I957
1st mtge 534s series G. _A962
I953 95
1st mtge 55, series A
1st mtge 5s, series B—.1954 9818
Commow Sub Corp 554s A.1948 63
1937
Consol Elec & Gas 6s
Federal Pub Service Co 68_1947
Great Lakes Utilities 5411_1942
1936 ____
Grigsby-Grunow 65
1936 ____
Holland Furnace 6s
35
4614 3134 39
_-_-
_-_-
40
----
35
----
4412 4434
42 42
45
42 4612 4358 49
46
10
1714 48 -a- 161-2
50 -,
38 4912
.50
1212
412 512
734
31
318
00 90
8918 8918
3478
34
658
35
35
834
3814
3834
778
41
4014
014
38
3614
8
3912
38
5
-
--
36 37
40
3734 3312 38
8
4188
4118
5
---6
----
6
36
495
39
70
7
____
41
-4512 lit;
35
55- :i6-
5112 -1'618
15
13
13
52
5212 54
50
4914
4012 48 48
16
1212 15
10
914 838 978 834
---43
-45
44
4434
4378
8
18-- 50
4612 493
10
6
5
46 "4-6" -.1514 44
3934 41
40 44
I61.-1
15
457k 4512 -.1512
54
5152
43
20
10
84
6
44
4434
46
8
52
51
5
----
_-_-
----
___.
-64- life; 102" 102
2
9818 -9434 9434 97 1419818
9514 98
6712 60
--_-
-6612 -661-2
____
____
---.
165- 1-65-
----
----
88
9014
61
77
33
_-_-
----
____
78
34
-3214
33
112
2
74
27
74
3214
1
112
1
1
---.
—9712 1
/1-2
76
6
Insull Util Invest 6s, ._1940 2514 3812 1512 28
I949 2412 2434 14
1834 12
5s without warrants
1935 _
Iowa El Lt & Pr 7s
Kansas Pow & Lt ref 6s"C"1947 9112 9112
Lindsay Nunn Pub 6s A I944
Metr West Side El 1st 4s 1938
1938 _
Extension 4s
1936
Nat'l Pole &Treating 62
40
1978 ____
Nat Public Service 5s
33
Northern UM Co 6s A___ _1943
Peoples Gas Lt & Coke 6s I957
961956 -§612 -Pub Serv 1st ref gold 5s
P b Serv of No III ref M 550'62 50 54
u
1937
6s series G
----
3413
1712
13
h
----
-5/
37
118
5
-56" 41
513
Is
38
68
lh
112
100- 1-66- ion- 1116- ---
278
----
_---
----
---.
3534
75
__-30 37
24 25
2912 2912
17
80
7214 7213
17
"ior,
14
1234 15
14
20
ii-
29
35
62
66
23
-2-4.1-2 -24714
.
1958 1938
2134 2134
33
40
33
8718
166i8 1-6638 103 c65-
Pub Serv Sub Corp 5;is A_1949
Sou West Pub Serv 6s "A"_1945
1944 -15/312 1/63Swift & Co 1st.1 g 5s
jot-lig 1-6614
4
208 So La Salle St Bldg 5%81958
4012 424
Union Elevated RR 5s. _.1945
United Pub Serv Co1942
234 2314
15-year 6s A
United Public Util Co1947
1st 68 A
4512 4512
4413 4412
50 50
30 34
10018 1001s 9312 9913
4112 4112
10012 10012
----
1614
----
6412 7012 69
1614
2434 -
71
-1414 1612
STOCKS
Par $ per share $ per share $ per share $ per share $ Per share $ per share per share Per share per share $ per share $ per share per share
22 2238 21
25
2112 2412 1814 21
194 2212 2312 2734 21
Abbott Laboratories com___.• 27 3134 27 3078 26
3034 2334 27
22
21
22
15
1812 13
1212 17
25 15
9
912 14
9
1534 1234 1314 1112 1284
1614 12
1518 9 12
1712 1534 1612 15
Acme SteelCo cap. stk
7
6
7
7
6
7
11141 12
11
12
6
6
514 6
Adams (J D) Mfg com
1012 1134 912 11
6
614
15
118
153
212
1.14
• 1
1
118 1
Adams Royalty Co corn
141 114 1
6
514 514
6
312 5
Ainsworth mg Corp corn_ __10 54 513 5h 6
6
6
6
6
---- --6- --6-- 6
1112
2 6
3
5
All-Amer Mohawk Corp A
---18
-18
18
14
18
12
18
18
18
14
•
Allied Motor Ind Inc com
h
88
Preferred
6
418
8
9
338 334
314 4
Allied Products Corp class A.
4
5
5
412 5
6
612 5
814 "-gi;
814
Altorfer Bros Co cone pref___•
-- 14 2
1
Amer & Dominion common_ _3
.
-1_-118
4.- ..
:
.
56h! 1_51
.
1:
1
--1-7g -84 I1-11
American Equities Co corn..__• 2 --2-1.
--lig --lig -lh 158
212 212
4
Amer Fur Mart Bldg pfd_ ___100 514 10
434 434
5
5
414
9
163
4
9
--5
American Pub Serv pref_100 35 50
10 —514 --6-113 3112
4 28 S
15
18
18
18
18
Amer Radio & Tel St Corp_ _ _•
h
18
18
Amer Util & Gen Corp B• t c •
1
Amer-Yvette Co Inc corn
--"14 Ij
14
14
14
12 13
12
Appalachian Gas Corp corn_ _•
8
N
jI
8
1l -1:78 --2115 214 212 214 212 2
2
Art Metal Works Corn
II
214 2
14 114
lh
52, 614
1
Asbestos Mfg Co common
5
6
84
84
Assoc Apparel Ind Inc corn..'
____•
1
I
Associated Tel & Tel Co—
• 48 5414 4912 53
12
2
74 238 212 218 258
35
16
16
37 50
Class A
6834 75
72 76
7214 77
100 7512 76
7% preferred
50 63
65
• 62 65
61
6212 66
$6 with warrants
16'
1
112
--ir8 -1- 213 4 113 /1-8 -.11-4 --fie -hi• 912 1218 5 10
21
3
212 5
Associated Tel Util corn
1
153
4
13
9
4
4
10
1212 12
• 30 31
20
35
512 912 7
734
$6 cone prof A
1
214
7
15
912 15
25 2514 153s 1538
25 40
4018 43
8
9
$7 cumulative preferred__
5
7
612 612 8
_
•
8
56 cum prior preferred
1 18 Il
39 40
4312 4312
531 5313 -55- 53 44 -66- 41 li" "io- 16Associates Investment Co__ • 54
i --fAutomatic Wash Co cone pref•
h 1
----
----
...-
_-_-
____
----
----
----
-...
----
114
.-_-
_-__
•
Backstay Welt Co corn
25
Balaban & Katz•t c
Preferred
100
•
Bastian-Blessing Co COM
•
Baxter Laundries Inc A
50
Beatrice Creamery corn
Bendix Aviation Corp com _5
Binks mrst Co CIA cony pref....
Blumes Inc corn —
•
Convertible preferred
10
Borg-Warner Corp corn
100
7% preferred
Bonin Vivitone Corp pref._ _
•
Brach & Sons (E J) COM
•
Bright Star Elec Co A
Brown Fence &Wire class A. •
•
Class B
•
Bruce Co (EL) corn
Bucyrus-Monighan class A_.•
10
Bunte Bros common
Burnham Trad Corp com____*
•
Convertible preferred
10
Butler Bros corn
• No par value. r Cash sale
3
3
8178 -81-78
8
612 734 5
14
14
101 10%
1538 1858 15h 18
4
13
538 3
4
4
9
1212
80 80
84 7
7
734
4
412
912 1134
718 /14
TIP 814
258 258 2
214
10
9
14
1212
14
15
14
16
3
26
75
5
314 3
14
26
70
75
512 5
3
2034
70
5
318 318
12 12
65 65
2
434
3
3
b
21
414
4
4
758 123
75 80
714
714
14
778
14
8
134 218
7
12
88
134
6
65
8"1"2
212
74
514
412
134
7
212
412
112
h
278
13
2
x Ex-dividend.
la
212
-I-
4
10
314
314
-11-2
IN
18
134
18
214
47
714
714
112
613
114
31
312
334 334
37
412 7 -512 -114
6
56 60 69
52 55
5018 65
47
5
735 -14
2 -f
-4
3
414 7
9
934
2
3
1
188
1
4
3
412
2
334
784
212 384
1114 95 1418 --iEg Ifs; 87
85
70 76
73 75
70
613
813
114 2
234 234
412 712 5
714
-----Oie -We ----
----
114
-
-12-3; -16- 16-5,-3 834 Ifs-4 --ale
----
110
34 314
512 512
56 66
3
3,2
1814
--ire -11;
1:18 "Is; —41.4 -11;
--55-2 -"Lie
.84 -11--513
14 534 --5
8 --811
----
h
4
10
-
81g 14l
214 314
...-
21,
3
14
53
h
278
N
4
Is
12
--6712
1034
214
211014
712 --63;
75
70 75
f:1-4
--f-08-
212 284
412 54
6 10
213
4
5
6
212
7s 153
5
5
512
1112 1112
-14 --ifs -it;
Financial Chronicle
Volume 136
563
Chicago Stock Exchange—Continued.
STOCKS.
January February
March
April
May
July
August September
June
October
November December
tow High Low High Low High Low High Low High Low High tow High Low High Low High Low High Low High Low High
Par $ per share 3 Per share $ per share $ per share $ per share $ per share S per share $ Per share $ per share S per share Per share $ Per share
Campb Wyant & Can Fdy cap•
3
3
123
12 2
Canal Const Co cony pref___' 1
1
1
34 218
214
2
118 2
318 2
— ire -11
4 234 3
8
812
Castle & Co (A M)
10 8% 914 934 -1-6- 912 10
10
7
8
10
11
14
7
7
7,4 714
---CeCo mfg Co Inc common_ ..._•
% 138
138 1%
34 1 —18 84 18 18 ---812 812 81,
Cent Cold Storage Co corn_ .20 812 812 8
Central III Pub Serv pref.. . 5 59 69% 6334 67
46% 6618 35 5134 -5- 42 151 35 27 16- -55- 65 3434 60 32 3714 -32- 161-2 -22- 35
Central III Secur Corp—
Common
12 158 1
112
I. 118
1
128 1
28 1%
12 14
12
12 28
%
38
14 12 33 12 614
24 %
g
Convertible preferred
15
1212 1318 9
13
13
15
1318 814 8,
612 814 514 612 5
812 5
514
13 5
534 512 74
Central Ind Power pref____100 471 50
47 4912
28 37
10
1934 37
_1-- ---- 20 20
10
7
3
12
3
4
1
218
Cent Pub Serv Corp A
12
-15;
1
134
114 318 11
2,4
34
12
38
12
12
38
52
'8
%
%
Is
•
14
12
Central Pub Util A
78 14
1,4 2%
58
18
78
14
1
14
V t c common
1
2
42
Cent So West Utll pr lien pref• 45 45
3614 4612 2012 3714 9 214 1014 1314 8
12
18
10
14
19 35
20 3212 16 20
8 20
11
• 36 35
Preferred
25 35
1434 27
712 5
64 154 4
8 1032 74 812 7,4 13
6
84 11
2512 1012 20
7
• 4
Common
134 1
612 1% 5
5% 4
128
1
214
1
212
34 112
34 1,2 1% 334 134 234 1
34
1,4
Cent West Pub Serv—
13
Class A
12
12
1412 1534
12
12
12
•
Belt
Co
corn
Chain
-5- -11T- 7 14
8
10
10
-5- 10 9 161014 912 10
---913 -f6- 10
Cherry Burrell Corp com_ _ • ---7
7
10
5
518
5
5
5
54 5
Chic City & Con Ry partic pf_•
1
1
118 112
112 Ps
34 1
• -i- -ICertificates of deposit
1
112
58 1
112 112
•
•••1•
8
Common
314
• 2
314
Chicago Electric mfg A
4
4
318
318 318 318 34
332 3% 318 34
31s 314
Chicago Flexible Shaft com 5
3
612
Chicago Investors Corp corn..• 1
238
38
12
138 134
-•2
•1•
4 --123 /1'4
4
-11-4
%
12
--171
4 il -I1Convertible preferred
• 15
1512 1112 12
154 16
1712 1434 16
12
16
10
1714 1812
11
1712 1712 20
9% 11,4 1134 1612 20 20
Chicago N S & Milw—
Preferred
100 2
2
1
1
--_- 1
1
-23
100
1
Prior lien preferred
12
12
____
134 212
3
3
Chic & Northwest Ry corn_ A00
4% 718 252 4%
8% 1438 712 1418 5 10
---ioo
Preferred
io- 29
---114 114 —112
Chic Rys 'male ctfs see 1_ _100 5
5
1
1
14
14
Partic certificates ser 2_ _100
14
14 14
14 32
Chicago Towel Co cony pref..• 5,-4- -6'- 59 6234 5414 5414 5414 -6114
55 55
45 45
--
1.4 -
Cities Service Co common_' 614 658
12
24
Club Aluminum Utensil Co__*
Coleman Lamp & Stove corn...' 5
64
Commonwealth Edison cap.100 11134 122
Rights
1
1%
Corn Pr & Light Co $6 pref___•
Commun'ty Tel Co cum part.'
Congress Hotel Co com____100
Construction Mat Corp com_.•
• 6
8331 preferred
6
Consumers Co common
5
34
88
6% prior preferred A_-....100 1214 1412
• 134 234
aCont Chic Corp corn
• 1512 21
Preferred
Continental Steel Corp—
•
Common
Cord Corporation cap stk.- -.5 658 8,4
Corp Secs of Chicago corn... -• 112 2
Allotment certificates
• 24 4
Crane Co common
25 713 13
Preferred
100 5012 64
Curtis Lighting Inc corn
• 3
5
Curtis mfg Co common
5 _
514 8% 518 632
%I 1
12 1
%
5
5
5
10014 116
8018 103 -Li1
114
Dayton-Rubber mfg pfd....j00
---.---- ---Prior common.............
Class A common
• ---Decker (Alf) & Cohn Inc....'
Deep Rock 011 cony pref
•
-- -De Mete Inc pref w w
• 10
10
Dexter Co (The) common__ 5 5
5
Dodge mfg Corp pfd
100
818
Eddy Paper Corp (The)
•
Elec Household Util Corp___ _5
Empire G & Fuel Co 6%pfd _100
634% preferred
100
7% preferred
100
8% preferred
100
Empire Pub Serv Corp "A"._.
4%
354
42
4334
55
18
8
3912
42
4514
55
18
328
15
38
82
------84 812 212 212 214 212
14
14
38
12
38
14
124
12
24 -11-4
112
212 112 218
12% 1418
1734 20
13
18
114 4
Vs 418 3% 8
3,2
14 278
% 114 1
14
38
14
38
412 412 412 44 5
5
5
6.12 73
4878 6118 4914 65 -8/
73
.
12 94
_-_____
22 22 ------------213 -1---14
%
%
%
4
12
14
3
2
5
2
6
7
5
h
78
12 112 118 278 2
32
34
1028 1234 778 1034 818 1312 1314 2018 1712
112 112 3
4
412 7,4 4
4% 7
312 538 2% 338 24 3
2
3% 24 3,4 228 434 4
18
38
4 1
18
18
Is
18
12 128
—
12
18
18
18
18
48 114
1
3
414 5
21: 3% 214 334 44 --/172 7
334 6
74 913 612 8
4712 5488 50 55
28 50
18 2914 15 20
1914 22
22 40 40
314 3
3
312 312 3
2
2
3
2
3
34 312 212 4
5
5
6
6
3% 6
5
812 ----
1,4
9
4
38
5
44
3914
4134
4214
5112
114
9
434
%
7%
2
512
if4
7,4
3914
3734
3312
4134
42
4273 25
44
52
6034 5112 3512
11
____
---2
19
17'1
238 124
1312 1014
1212 1212
4
IN
1%
7%
218
8
10
50
6
6
3'3
____
5
30
6
5
584
_--74
39
8
5
-"it;
158
2
2
212
335
2
7 12
12
613 64 6
214 3
2
213 --3-12
-5- 16-
2812
36
9
14
912
12
71z
14
734
'4
72: 714
14
32
14
h
10
12
12
1134 10
873 878
10
114 124 1% 134 114 114
134 2
1
1
1
1
84
14
14
18
%
14
14
34
34
164 17%
---137 1612 984 13 ---19
11
11
12
34
12 112
1%
34
24
38
38
%
612 84 612 814 54 7
11
9
13,2 7
6
1212 1212 124 1 112 1111 8
812
7
7
58
-11-4
8
1014
9
7
1012
9
--8i2
27 3434
4
4
15
6,4
613 --4
17
4'2
20
20
23
23
614
3
614
3
558
17
--a-
71.
-"if, 11-2
15
---j
412 4
78
68
14
13
us
7,2
4
334
If64
24
4
60
414
1I
47
7
43
9
6
9
54
7
712
878
212
9
212
9
3
1114
3
9
9
158 -.Y1-2
12 1512 1218 1212
9
10
2
1
38 1
112
12
812 13,2 9
1312 7 10
1334
5
612
422
4
4%
4%
4%
514 4
412
478
2
111 -17171r1234 r1234
----
3
3
4234 4234
584
428
912
--_-
5
6
712 1334
228 228
----
-11;
1113
8
4
9%
5
9%
312
4,4
334
3% 4
4
1414 14%
10
15
13
124 1312 12
6
714 6% 7
2
212 1% 218
314
412 524 3% 418 34 3% 312 3%
004 60h 62 62
66 66
75
75
10
1018
10
8
13
10
---------- ---__-------__-..-----
2713 2713
534
614
312 6
65 75
--12-2
5
412
518
312
15
15
1514 15
1314
11;
1 12
512 7
438 812 612 10
128 418 234 414 218 3
1l
714
2
6
-
14
----
---.
2
3,4
--133
4
44
4
4
1,2
I
112
5
812
214
1
112 ---i4
934 10
10
%
78
%
712
712 11
233 --g2 -13-4
428
4
4
712
1
1
5
4
02
----
3%
414
4
9
414 52
20 27
4
4
412 5
15
____
5
4
814
783
____
34
228
2% g
9
10
313
4
1
4
8
1
11
1112
5% 334 412
118
118 134
--_- ---- --
8
%
133
.4 14
24
114
112
-118
6
3% Vs
212 3
18
18
7
14
438
434
3%
7
4
8
434
-
6
612
--1-3-4
-114
43
4
3
514
314
5
3,8
104 1012 8
13
12
218
2
if- -1712 -1-9-1-2 -512 III; "1912 -2-1-14 -5- -kV -5- -11- -5- 16 - 1613 -II 17% 1912 17 1814 j71
1% 238
3
12 27
212 2
2
Ds
2
2% 4
2
214
3
3
234 3
238 5
25 30
30 40
40 40
26
28
28 28
.
23 28
30 ----------------32
35
118 118 1
2
2
1% 14 14 14 "4
40
3812 4414 36
48
19
1812 30
11144 -Nis -2118
- 1458 18% 1614
2 17-14
2 1113
: 31% 24 3114 20 25
412 3
414 ____ ____
812 518 8
312 358 324 514 6
5
514 4
5
5
6
5
2534
3012 35
2434 25
50 ----------------------------------------25 25
19
___. 19
---.... ____ __ ____ :::: :::: ___ ____ ____ __
___ ___ ---12
12
12
12
5
12
34
12
12
10 -------%
34 ....BS_ _
12
78
1
3 2012 35%
LaSalle Ext Unit corn
!
Lawbeck Corp 6% cum pfd.100 ____ ____ ---- ---- ____ ____ 31% 36
Leath & Co—
54 718 738 612 74 635 612 6118 63s
• * 3
Cumulative preferred
4 --i- -1(8 --iis -138 11, "It; --ig2
2
318
72 114 --i- --1-7% 214
314 4
10 338 438 311 48
Libby McNeil & Libby
with the Chicago Investors Corp. and title changed to The Chicago Corp. z Ex-dividend.
value.
r
Cash
sale.
a
Merged
par
• No
6
5
----
12
12
5'8 --irs
____
it;
1711 2013
181, 1812
3734
3312
28
41
5012 31
334
----
Illinois Brick Co
514 414 434 412 434 4
25 4
III Nor Util pref
100 94 95 94 94% 794 94
50
14
18
!ruler. Pneu Tool 4 t c com____• 17
18
• 324 618 "-lit' -15-2
Instill Utll Invest Inc
532
412 41
Prior pref without warrants. 12
15
1
234
14
Preferred series 2
• 7,4 17
114 3%
134 814
11
Interstate Power Co 27 pref..'
4678 4678 --_- ---- .-_preferred
•
$7
2
• 14 lh 2
Invest Co of Amer corn
4 --278
314 44 -Ira --4-1* 312 5
Iron Fireman Mfg Co v t c
• 8
Kalamazoo Stove corn
Kansas City Pr & Lt pref B •
I 'HI
Katz Drug Co corn
Kellogg Switchboard corn_ __10 2
Preferred
100 _
Ken-Rad Tube & Lamp corn A • 1,4
Kentucky Util Jr cum pref_50 38
Keystone Steel & Wire com___• 534
Preferred
100 50
Kimberly Clark Corp corn____• .___
•
Kirsch Co cony pref
618
818
----
112
Hall Printing Co corn
10 1034 i11 10
11
9
834 10% 6
6
Harnmermlii Paper corn
10
Harnischfeger Corp corn
• 428 4% 4
5
4% 5
414
3%
414 314
Hart Carter Co cony pfd
•
44 412
5% 4h 5
3%
Hart Schaffner& Marx
100
Haratell & Co (Geo) com A..." 15
1113 112* -ii12
12
15
12'g 12
Houdaille-Hershey class A___• 9
812 1011 712 1112 413 714 ni
11
Class B
• 212 332 234
312 1
318 4
2
3%
Hussman-Ligonier Co cora
•
1
1
Jefferson Electric Co corn_ _..•
41s 2% 334 214 3
538 3
12
12
34
12
1,2
814 512
6
7
5
68 78
894 6911 7658 70 77
------------38
.--4
---14
14
---18
38
178 --1;
38
14 212
14 -13
134 3
21.
312
ug 218
312 128 228 112 2%
1834
2512 1612 1834 1712 1912 16
---- ----
Fair (The) common
*
Preferred
100 83 84% 85 86
Fitz Sim & Connell Dock—
& Dredge Co common
* 15h 1512 14
16
1212 14
Foote Bros G & M Co
12
14
58
5
12
h
Gardner-Denver Co corn
• 12
General Candy Corp el A
5 _
Gen Parts Corp cony pref
• ____
Gen Thee Equip Corp com
• ---.
Preferred
Gen Wat Wks Corp cl A
•
Godchaux Sugar Inc cm B
• 2
Goldblatt Bros Inc corn
• 1712
Great Lakes Aircraft A
• 1
Great Lakes D & D corn new..• 10%
Greif Bros Cooperage A com..• 1212
Greyhound Corp corn
• 3h
Grigsby-Crunow Co corn . • 118
Ground Gripper Shoe cons_.' 1%
514
10
11
412
34
14
r12
234
84
312
312
373
5
8
19 -5- 19
278 iI
114
25 30
28
112 114 114
19 21
20
5
5
5
2534
97 riO
2014 2912
-I-
414
112
414
2
564
Financial Chronicle
Jan. 28 1933
Chicago Stock Exchange—Continued.
STOCKS
January February
March
April
May
June
July
August September
October
November December
Low High Low High Low High Low High Low High Low High Gow High Low High Low High Low High Low High Low
High
Par $ per share $ per share $ per share $ per share $ per share $ Per share i per share $ per share $ Per share $ per share $ per share $ per share
Lincoln Printing Co corn
• 12
14
2 ------------ ---- 3
10
11 --------2
10
12
312 2
4
114 218
1
1
1
112
7% preferred
50 30 32
33 35
30 33
- --- Lindsay Light core
10 914 1012 8
134 114 172 I
112 2i2 5
.134 5
7
912 5
9
2
1172 V
-3
112 15,8 ___. .___
Lindsay Nunn Pub Co $2 cony
Preferred
* 4
738 3
112 134 --------153 178 --,- - -- --,- - - 312 4
2
3
3
412 3
1
148 ____ _ _
Lion Oil Ref Co corn
*
214 --------1
218 248 214 214 2
14 -------- 234 -312 3
-3-12 238 3
21
21
2
-234
Loudon Packing Co
•
20 2412 -------------------------------- -------------------..
_ ---- 1134 1174
Lynch Corp. corn
11
123
4
12
173
8
1158
1214
1812
212 1012 II: 10:38 .414 lo
5 12
1434
13 i1114 312 10 114 1058 33-4 1134 13
*
Mandel Bros Inc cap
Manhatt-Dearborn Corp cow.*
*
Mapes Cons mfg Co corn
Marshall Field & Co corn
•
Material Service Corp com-10
McCord Radiator & Mfg A
•
McGraw Electric corn
•
McQuay-Norris Mfg
•
McWilliams Dredging Co
•
,.
Meadows Mfg Co corn
Mercantile Discount
Mer & Mfrs Sec cl A corn
•
Metrop Ind Co allot ctfs
•
Mickelberry's Food Prod com_l
Middle West Utilities com._ •
$6 cony. pref
•
Warrants A
Warrants B
Midland United Co com
•
5
Convertible pref
Warrants
Midland Util 6% prior lien_100
7% prior lien
100
Preferred 6% A
100
Preferred 77 A
100
Miller & Hart Inc cony pref.__•
Miss Val Util $7 pref A
Prior lien Pref
Mo-Kan Pipe Line Co com
Modine Mfg com
378
1014
13
312
412
29
512
Is
412
3
4
ii4 1
214
/34
2
-2-12
234
478 612 3
1212 1553 10
39
42
40
4834
7
514
1314
1
6
278
9
318
2,2 1;
3
g2 -212
12
9
1
134
178
3
i4
134
-1-38
212
78
78
4
12
178 --------1
tss
114
1
934
553
6
-33113
2
3
6
5
7
5
7
4
8
6
6
312 10
2,2
18
612
14
7
4
12
8
34
112
1
2
12
114
--331
134
78 134
6
712
5
634
4
16
4
612
438 412 2
2
12 -1
8,4 10 ____ ____ ______
8
9
1012 15
-
; -It
538 6
3
3
2014 25
34 1
is
434
as
512
18
414
II
5
la
434
38
8
38
7
38
814
14
7
12
814
14
612
38
612
'4
714
14
7,4
212 3
3
334 3
2
3
212 3
3
314
2618 2638 2638 2712 2712 30
1914 25 25
2412 30
1
112 1
1
112
33
53
55
58
Is
12
7.3 -I
15
14 138 118 158 118 11 ----------58
14
14 ----------14
ii
38
_
14
28
12
18
14 --------------------------------14
58
78
,
34 --------18
4
18
14
38 434
4
934 10 --------4
58 4
58 5
4
8
614 8
3,2 434 4
412 4
4
112
212 32
212 1
1812 23
23
19
23
12
12
88
78
1
Nachman Springfilled com
• 5
534
5
r 1712 1912 15
National Battery Co pref
National Elec Power A com_ • 912 12
712
7% preferred
loo.
National Leather corn
14
10
14
14
1814
Nat Pub Serv Corp $3Siconvpf• 20 24
Nat Rep Inv Tr cony pfd
• 334 4
3
Nat Secur Inv Co corn
1
38 2
731
6% cumul pref
35
100 35 45
National Standard corn
• 1912 2012 1814
*
Nat Term Corp part pfd
12
Nat Union Radio Corp
1
12
34
Noblitt-Sparks Ind Inc com_.5 1212 1234 1012
• 434 6
412
North American Car corn
North Amer Gas & Elec cl A• 212 538 238
1312
North Amer Lt & Pow corn • 18 24
114 138 l3s
Nor&SouthArnerCorpAcorn
North States Pow A'cornAOO
75
r iel -2134 1818
Northwest Bancorp corn
r 512 512 8
Northwest Eng Co corn
Nor West Util prior lien pfd100 --------45
100 46 55
7% preferred
40
4,4 414 512 8
318 4
534 514 514 334 434 338 4
612 612 418 414 _ r
- 334
15
15
16
1612 15
13
1412 11 1512 --------1811 20
1938 20
1512 1534 1832 -1-8-12 1512
1058 212 734 1
278 112 2
12 112
38 112 --------33
18
38
12
14
38
18
38
12
12
38
18
14
14
12
18 --------33
38
12
is
I
s
1:I
8
5/. ; -71934 15
8
1512 8
314 218 2118 134 -1-3 ------------------------12
312 3
114
38
34
78 112
12 2
'8
14
14
33
12
58
12
38
84
34
i2
-312
33 3518 30 3212 2714 30
35
23 34
33 33 ----------------2713
2584 2758 23 27
_
2038 1312 1834 11
14
912 1214 714 958 734 11
12
14
1078 16
0 12
1178 12
914
I
1
12
12 • 12
12 ---, --, ---- ---12
12
5I3
58
58
12
12
84
12 1 ----------------53
12
.4
44 -- -12
12
18
12
10 1534 1118 1434 10
258 10
1338 10
112 11
1833 15 2014 934 18-12 1434 17
16
6
312 512 212 378 234 314 212 3
3
3118 334 478 334 512 3
334 3
318
112
-----------------------212 112 214
112 112
12 232 2
2
114 114 -_-- ____
1
412 918 5
912 13
19
618 12
6
9
6
6
5
5,4 6
7
612 418 5
2
14
135 114 1'
14
75
sofa 18 1614 io Ti 1744 1112 92 -1-0 9 1314 ii
li 11 If 812 -1;18 't
8
5
514 3
4
214 212 --------------------------------------- 3
3
212
go
4214 4214 10 23
814 1018 ----------------154 2034 I4
17
11
1-32
9
2
101
11
23 25
45
10
10
2
314 .._. ____
418 814 834 834 8
1318 ---- ---- 7's 8
8
----------------6
638 412 512 412 412 -------- 5
4
6
534 5
5
418 418 5
-1-4-33 il
Parker Pen (The)Co com____10 514 534 5
538
Peabody Coal corn B
6% preferred
100
Penn Gas & Elec A corn
• 512 6
6
612
Peoples Gas Lt & Coke
100
Rights
• 2258 2534 23F2 -213-4
Perfect Circle (The) Co
Pines Winterfront corn
5 353 614 318 5
Polymet Mfg Corp corn
Poor & Co class B corn
•
Potter Co (The) corn
172 -11-2
•
Prima Co common
• __-- ---- ---- - Process Corp corn
412 312 i
• 4
100 --------103 115
Pub Serv of Nor III com
Common
• 115 125 103 118
Rights
6%preferred
100 9714 10434 95 103
99 106
preferred
100 10314 114
7%
412
5
4
4
4
4
3
------------------------33_
- .--6
734 $
112 512 512 412
63 63
24
3
-2112 i7T2 -25
. iW8 Ili
334 112 334 1
112
3 --------3
158 1
Railroad Shares Corp com____• 1
Rath Packing Co corn
1612
10 1534 17
Raytheon mfg Co corn
• I
118
2
Reliance Internet Corp A
•
78 1,8 1
Reliance mrg Co common10 738 912 812
Preferred
100 8218 8234 8218
Rollins Hosiery Mills con* pf_* --------8
Ross Gear & Tool corn
19
19
• 19
*
Ryan Car Co (The) corn
Ryerson & Son Inc corn
• 10 1014 934
5
5
-ii 51.T468
8014 60 78
----------------233
714 --------6
i5 "lilt iS li ii 16 is 16 1632 fi
1
1
134
14
2
178
334
338
fig --1-3;-..::- ---- --if --1-1- ---- ---113 P4
11
---314 358 3
314 3
114 3
233 3
238
234 -2.7
3
.
7214 100 41
72
4712 64 2812 32 27 3034 33 60 4312
73 10214 4112 7258 37 5912 2912 42
22 3412 3234 61
4378
6
.5r4 1558 60
7014 99
63
5
-__- ..-- ---- ---- ---- ---- ---- ---- ---- ---. -___ --714 71z 714
6
7
638 5,s 7
i53-4 56
. 497k66 ii
60 6318 55 6314 80
Q-R-S-De Vry Corp (The)_*
14
38
18
14
18
14
18
18 ------------------------13_
Dunker Oats Co corn
9614 103
77 101
• 86 95
7614 94 69 8012 1014 7U
Preferred
100 10034 105 100 105 10112 10712 9812 106 10012 107
95 102
is
85
512
2
312
4 --i134 --21—
233
1
11
-118 112 -112 118
1214 1278 1212 15
10
-212 212 212 214 212 218
55
3514 43
4314 4712 4212
58
38 47
4112 49
4234
ii "ii 66 1312 -ai-
72
9212 7312 80
14 -,...,
80 89
x62 81
85,8 17
95 102 x1003410414 10318 107
414
1512
14
'2;
1
30
12
ks
12
1814
2,2
1
412
-814
3
1912
834
5
4
---778
--i23
114
1414
212
4578
47
-n-l,- -72
-78rs
82 87
7534 82
7512 IIC 74 -8-3- 5014 -.8-5.14
104 107 210438 108 106 110
112
84 1
38 1
14
3/3
18
38
'4
38
38 134
78 134
12
34
12
34
12
34
1712 16
1514 16
17
1412 16
13 15
1612 17 --------1513 1513 15 3 17
l512 17
1534 16
114 114 112
12 114
12 1
12 1
3
178 212 218 612 2
3
188 224
78 134 2
1
78 1
78 1
34
88
78
78 --------1
134 214 214 212 232 -------- 232 224
912 75a 612 512 8 -------5
6 -------- 753 10
9 10
812 9
712 712 7
7
8314 8512 8338 8312 75 8314 70 70 _ _-- ____ 75 80 _
85
___ ___ ____ ____ 82 8312 85 85
8
8
8
8
8
8
8
7
7
7
7
6
6
758 778 778 8 --------7
7
19 19
19
19 19
19
19
___
2
12
12
8
10,4 712 912 714 734 5,2 7
6
612 512 6
658 838 9 11
814 812 7
734 7
9
114 -112 112 11
Sally Frocks Inc corn
/14 112 i
• irs /
38 i
i
--29112 -112 ---- ---- ---12 1
Sangamo Electric Co
_ 54
• 15
1212 1312 1178 12 -------- -------15
Preferred
100
Seaboard Pub Serv Co $6 preL• ---------------------------------------------45238 44 --------15 20
15
15
712
12
i.2
712 7,2 .--- ---- ---- ---- ---Convertible preferred
..- ---;
Seaboard Util Shares com
• 1
-138
112 i
14 118
38
-3-4 ;--12 ;
- -- -3
1-2 --11-2 ---14 —118
-; -- -3;
;
12
Sears Roebuck & Co corn....
1714
• ____ ____ ____ ____ ____ _--- 512 -5-12 i
Shafer Co(The) class "A"
5-12 4F2 -4-12 -------- 8
I
712
pf_30
738 712 738 753 512 738 453 514 5
8
Signode Steel Strap Cum
5
5
5
5
438 -1 - - 414
5
Purchase warrants
•
158 134 1
Common
88
58 1
118
--------------------------2 ____
Sivyer Steel Casting Co
5
533
i5 ii -1-6
318 13 ----------------384 334 4
13
14
1i12 14
So Colo Pow Co A corn
-4-14 ---- - -̀1
• 112 134 158 23s 138 212
38 112
Southern Union Gas com_
14 112 1
14
214
38 114
38
14
12
12
12
78 --------53 114
Southeast Gas & Wat part A.5
58
_
___ _ _ ___
58 -,-Souwest Gas & El Co 7% pf-100 65 69
51
6614 40 45
63 67
33 -41/- 25 3-4
3 - 1 - .. i" 61 6234 6234 EiTz
48 48 ---- ---- -------------50 5134 48 43
Southwest Lt &Pow pref
• 52 59
--------_
_
_
52 52
138 138 138 133 I
1
• 1
Standard Dredge corn
1
12 ---- ---12
34
33 12 114 112 1
214 238 1
• 234 312 234 3
Cony preferred
2
1
112 1
118 114
12 134 218 3
4
134
StandardPubiicServlceA_.._.5 114 273
Standard Tel pref $7
* 5814 5814
Steinite Radio Co
Sterling Motor Truck preL3O
- 34 li
Storkline Furn cony pref____25 --------3
678 ------------------------------------------------153
Studebaker Mail Order—
Class A
o par value. 1 uasn sale
184
a
45 ---334 212 314
_ 1978 21 --------2
3
414 4
3
1112 414 6
50
10 31
3018 -39
40 ----------------------------------------1
2
2
412
s 12
2618
4834
25
738 738 9 1012 --------614 614 --------612
8
i
5.4 ii, i 3114
•
•
234
ail 158 314 -4
-if
3
118 434 1014 814 1314 714 11
138 i
V
12
10
1012 ----------------------------------------10
10
712 712
3 ----------------134
34 234 234 -------- 2
2
178 178 112 184
258 312 -------- 253 412
4
434
12 4
4 _
5,4 3
21
2712 2814 29
2058 2058 21 2
2312 28
3018 22 25
23 23
228g -2-118
3
5
4
378 4
4
414 4,4 6,2 712 8
6
6
732
7
_ _
12
12 -----------------------12
78
18
33
13-- 14
18
38
------------------------7
5
-6
2 112 :84 134 112 178 158 212 2
23$
;ifs4-18 2
4
18 518 134 2
5
134 -13
;
12 134
14
14
16
12
14
14
14
11
11
12
12
12
1034 1034 1034 1214 --------12 12 --------1078 1078
12 7
412 51423
8
5
612 412 412 -------- 482 412 3
6
5
438 538
5
4 4l8
6,4 5
518 7
318 534 1
4 1
18
38
18 114
314
14
38
14
12
14
88
14
12
18
88
18
34
34
23 43
54
114, 2
312 112 2
1
334 2
112 17s
3
112 614 2
512 23
12 184
1
8g
3a 33 35 15
__
Monroe Chemical Co com___ • ____
-* 27 -3-2
30 3212 26
Preferred
78 1
112
• 1
1
Morgan Lithograph corn
Ontario mfg Co corn
Oshkords Overall Co corn
Convertible preferred
3
712 -1138 62 1
5
13
1378 1112 1318 1058
1418 13
31
4
4
3
312 5
512 434 512 434 514 4
34
30 33
33 35
25
1012
634 334
iss
is
28 512
,8
18 __
25 3212
• 40 5014 35 36
• 118 2
34 13s
34
34
9
958
9
10
12
• 12
Muncie Gear Co A
•
Common
•
Muskegon Mot Spec conv A_•
114 if2 "i34
5
---- ---- --_
4
8Li
---- --- --- — — - ...---,.- ---; —7; ---; -- -..4
12
.4
.2
.8
2113 16
221* 1753 2184
- -5 - - 414 --43-4 — 514 114
____
1
1 ..
_ ....
112 ----------2
_
--376
1
12
84
12
12
1162 5ii-2 -6171; "Lb 6612
I ____ . _ ra -14
234
-157
1
134
414 i
12
3
1,
612
Volume 136
565
Financial Chronicle
Chicago Stock Exchange—Concluded.
STOCKS
November December
August September
October
April
May
June
July
March
January February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Par $ per share $ per share $ per share S per share $ per share S per share $ per share $ per share S Per share S per share $ per share $ per shaft
19 2033
Stutz Motor Car common__.._5
58 212 § --i- ---is -1-12
i2 .
34
ii4
-34
i 112 is -37, I:::
-2i
-2-1-2 --i
Super Maid Corp coin
• .2- —32 ------------------------3
214 ---- ------------ 2
358 -------- 21
Sutherland Paper Co com___10 --------35
312 ---.
-1
4 918 634 --8
912 1378 918 12 71 914 7/
1
4 13
7
4/
14/
1
4 17
1
4 1038 9/
1
4 7/
Swift &Co cap stock
25 18 1878 1672 1834 17 19
1
4 1214 1612
15 18/
1
4 914 20 1314 18/
1
4 1738 2112 18 2434 1778 2338 1578 19
1
4 1912 21/
Swift Internacional
1
4 25 18 23 2012 25/
15 19/
3
1
4 38 20 3012 6 1814 11 11
3
1
4 238 3
au
5
5 _ _ ___ __-- -.._ 2/
Telephone Bond & Share A___• 38 44 37 42 33/
1312 1312 13 15/
25
i434 -28
70 8414 40 5612 23 40 2212 2212 25
lot preferred
1
4 -------100 88 95 88 9214 84 88
114 113 i1
com2 2
112
Tenn Prod Corp
4 ii; -fi5; of2 "114 is -65; 'ii2 -1-67-2
9 1012 8/
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38 1 ---------------18 ---- .-- .-- - _-12 112 ------Is
14
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12th St Store (The) pref A___• ----------------214 414 -------------------------------- - 3
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____
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pref..*
NM
1
4
1
4 2012 26 2414 27/
1
4 3172 22 28/
1
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Union Carbide & Carbon
• 32 32 ------------------------------------------------2058 28/
Unit Corp of America pref._..*
14
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100 10912 110 105 114 10904 10934 9814 10814 95 98 85. 9514 87 95 94 101 100 101 100 102 10011 10212 10112 102/
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•
712 93
504 8/
811 11
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4 1234 9/
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U S Radio &Telev cons
14
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314 214 278 ----------------614 614 --------4
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4 134 238 112 214 -------• 214 2/
218 1
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2
3
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314 4
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4 9 1178 9 11
• 8 10/
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Van Sicklen Corp part A
3
4
--------213 2 2 __ _ -1 _ ____ --__
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312 4
Viking Pump Co cons
18
18
17
1612
17
15
/
1
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15
15
14
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17
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21
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1
14 1
1
4 --------114 218 114 114 -------- ------------------------------- -14
11
/
4 1/
Vorsec Co part pref
•
712 5/
1
4 7/
1
4
7/
1
4 914 5
6 74eis8
7/
1
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s
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1
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• 12 1414 12 1312 812 13/
1613 19 19 19/
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18 2034 16/
18 19
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4 18
8 2112 23/
15 18
14 16
15 16
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38
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/
4
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4 Ms 11
Walgreen Common
• 10 1158 10 111
Purchase warrants
-ib 90 90
7E
6;4% preferred
100 --------------------- ___ -- ___ __-- --_ __-- ___ __-- ---------------------69 69
Warchel Corp corn
•
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•
s ii12 % 56
61
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31
i
ii 6 413
Ward (Montgomery)s co CIA a eo 73 60 68 ii"ii
l
Waukesha Motor Co com
• 30 34 28 30 2444 2714 20 20 20 20 20 20 --------20 2813 24 25 ----------------13113 1514
258
11
312
1
1
Wayne Pump Co coin
14
34 1
1
1
2
• 1
/
1
4 414
212 ---- ------------------------ ----4- --4— 212 212 212 212
1
4 1
Convertible pref
1
4 212 212 2/
1
4 2/
1
4 4/
• 2/
Western Con Util Inc A
Western Grocer Co com
25 _
4 -3 ____ ___ ____ ---- ---- ---1 --------11
-i- ----I
1 --------1
4/
1
4 1
Western P L &Tel class A___ • 512 7
1
4 4
4/
1
4 6/
10 3214 7 11
7% preferred_
100 471 4713 32I 49
428
Wlebold Stores Inc.
5/
1
4 612 614 612 irt -ily ------------------------------------------------4
8
1
4 334 4
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2
213 -------- 2
ts 278
2/
1
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334 312 312 278 312 214 31, 214 3
378 3
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112
218
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312
218
312
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Wisconsin Bankshares corn. _10 —3/
378 278 3/
1
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-,
1
i
118 a
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112
--------Woodruff& Edw Incpart A• -------------------------------------- 2 I --- -i-2 -22
1 ___ _ _
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1
4 6
7
8 10
612 812 812 12
712
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1
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1
4 1012 13
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la
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1
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44 ls 44
•
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-
Indications of Business Activity
I
THE STATE OF TRADE—COMMERCIAL EPITOME. the recent activity. At Atlanta there is some gain in sales
of general goods. Birmingham, Ala., reported a brisk trade
Friday Night, Jan. 27 1933.
In parts of the United States, despite abnormally high in construction steel. In Cleveland tobacco sales were entemperatures, trade has latterly been somewhat better, couraging and there was also an accumulation of steel rail
though this does not alter the fact that as a whole, business orders, while the steel output at 41% made the best exis still very quiet pending further developments in the hibit in over a year. Burley tobacco at Cleveland was 50%
matter of the budget, international debt payments, inflation higher in prices than a year ago. Clothing makers there
talk and farm legislation. The stock market has marked were operating full time mostly on spring goods. In the
time. In New York the clothing trade, on the whole, has Southwest there was a slump in building. In St. Louis trade
made the best showing, though of late dry goods have been was unusually slow, though the show factories were active,
rather more active, developing into a fair wholesale and but unemployment is still heavy. Money remained cheap
retail trade. The trade in wash goods here has been the for liquid loans. In Kansas City retail trade in winter goods
best for months past, especially in goods that sell for 123
was slow, owing to unseasonably warm weather for this
to 35e. a yard, while quite a good business was done by time of year, averaging 13 degrees above normal. Crude oil
wholesalers in sheetings and percales. In Boston trade was was recently cut rather generally 25% in the Mid-Continent
quiet, though the demand for woolens and worsteds im- field, while hogs advanced but grain, cattle and egg prices
proved slightly. The sales of general merchandise in Bos- dropped. California has been cheered by rains, especially
ton's department stores have been running 20% benind in the southern part. Some large California companies show
those of a year ago. Needless to say the jewelry trade is better earnings for the last half of 1932 than in the first half.
slow. In Chicago special "dollar sales" brought the biggest Lumber exports from Seattle and Portland gained slightly
retail business since the holidays and in some cases the over those of the previous week.
Collections in the United States, as a rule, do not seem
day after such sales the deliveries trebled. Some goods
disappeared after the first hour. Otherwise, Chicago's to be much if at all better than they have been for a long
trade was "spotty," with silks and cotton textiles selling the period, but in Minneapolis, and also as already intimated
best, but at a low dollar value. The demand there for automo- in New York, they have improved slightly. Recently the
biles increased somewhat owing to the cheapness of prices. In selling of commodities has not been on a big scale. Wheat
New England there is no improvement in steel, electrical has declined but not very much as the outlook for the winter
equipment or the metal trades in general. There is said wheat crop in the United States is theoretically at least
to have been a decrease of $1,000,000 in Pennsylvania menacing, owing to the prolonged drouth aggravated of late
automobile license receipts, and Delaware's revenue from by dust storms in Kansas and Texas. As the case stands
fees for new licenses fell off $2,000,000 last year. Lumber speculation in wheat is small for both sides of the account,
prospects are brightening a little. For the most part the partly because operators are awaiting definite news as to
Southwest is quiet. In Philadelphia mills are busier and what is going to be done in Washington about inflation,
retail stoics ale doing a fair business at prevailing low farm board relief, &c., while in the distance is the question
receipts 15 to 20% below those of of the next American crop and the question also of visible
Pfiefs which keep the
supphes in the world. The world's wheat statistics may
a year ago.
Minneapolis reports a fair trade, though hampered at times undergo a radical change for the better in the course of
recently by severe weather, and flour sales are small after 1933-34. Corn prices have simply moved to the dictates
566
Financial Chronicle
of the fluctuations of wheat and that means that of late there
has been some decline. Cotton's trend . though latterly
moderately downward, has really been hampered by conflicting influences. Speculation has been dull. Outsiders
for the most part let it alone. Hedge selling from time to
time is inevitable in the ordinary course of business, and
also incidentally a certain amount of liquidation or other
selling and there is nothing to take this selling except ordinary
trade buying and covering. On the other hand selling for
the decline is restricted by the fears aroused by inflation.
The stock market on the 21st was dull and slightly irregular, but in the main holding the rise of the previous day.
The trading was only 366,377 shares. Bonds had an irregular advance with German bonds leading and with total
sales of all issues of $6,078,000. On the 23d stocks closed
firm at a very small average decline with sales of 664,152
shares ignoring an application for an equity receivership for
the Radio-Keith Corporation. The market seemed as impervious to bearish news as it has been to anything bullish.
The weakness of the dollar and inflationary talk fell flat.
Meanwhile bonds were strong on U. S. Government issues.
The highest prices of the year were made on Liberty 33is
and Treasury 43.s and foreign bonds improved led by German
issues while some domestic corporations eased a little while
others were steady. On the 24th stocks declined a negligible
fraction in very small trading, only 493,201 shares. Sterling
advanced, but francs dropped back. U. S. Government
bonds were higher but domestic corporation and foreign
issues were irregular with sales of $9,700,000. Silver advanced 35 to 50 points stimulated by bimetalism talk in
Congress.
Stocks on the 25th were more active at an advance in what
looked to be a rather oversold position though nobody
seemed disposed to take the aggressive on that idea. Still
the sales rose to 751,743 shares, though the cautious spirit
was still perceptible even if the tone was a bit more confident
or the moderate advance. Bonds were strong and higher
with sales of $9,430,00J. Foreign exchange was quiet. On
the 26th stocks declined after an early advance. About 20%
of the total sales of 809,860 shares was in Kreuger & Toll.
In the stocks that count for most with the public the trading
was very small and the net decline on such issues was less
than half a point. Bonds got a fillip from the noteworthy
investment of the Delaware & Hudson Co. in N. Y. Central
and advances were very general with sales of $9,200,000.
To-day the stock market as a whole closed moderately higher,
a rally in the last hour bringing prices out of their rut. Rails
were particularly strong principally because of better Dec.
earnings statements and reports of a probably favorable
attitude toward the railroads on the part of the incoming
administration. Tobacco stocks sold off on the rumor of
further price cuts in cigarettes. The continued weakness in
Canadian Pacific stock and bonds was noteworthy and farm
implement stocks were slightly better. Week-end trade
reviews were mildly optimistic but the Bureau of Labor
Statistics reported the sharpest drop in wholesale commodity
prices for the week ,,nded Jan.21 in a long time. Total sales
were 972,108 shares. Bonds were generally quiet. U. S.
Government issues were strong and so were some of the railroad group. Missouri Pacific bonds recovered somewhat on
the news of a further Reconstruction Finance Corporation
loan of $1,300,000. Most other sections of the list were
spotty or weak, conspicuously the motion picture group,
which was influenced by the Paramount receivership.
Sales were about $11,000,000.
Fall River wired that fair inquiry has been reported in the
local cloth market, although sales have been light and
limited to marquisettes, tobacco cloths, a few odd styles in
print yard constructions and broadcloths for spot delivery.
Inquiry for nearby sateens found the market practically
bare. Neither buyers nor mills showed interest in future
contracts, being fearful of what action is to be taken on
the so-called farm parity bill now before Congress. Talk
of curtailment is heard but there is no indication of any
at present. New Bedrord, Mass., wired that the reopening
of Nashawena Mill B,closed for two months, was announced
by the management this morning and the plant will be
started up virtually at full normal capacity Monday morning. Between 500 and 600 people, who have been idle for
two months, will be employed. New orders have recently
been taken, it is understood, which will occupy the plant
equipment for some weeks, and its continued operation
beyond that time is dependent upon market conditions.
Warren, R. I., wired that the Parker Mills in East Wairen
resumed operations after being idle several weeks. Between
Jan. 28 1933
30 and 40 men repotted for work in the picking and carding
departments. It was reported that other departments will
be running within a few weeks. A large order for fau goods
is said to have been received. Washington wired that
activity in the cotton spinning industry last month dropped
to the lowest level since August at 87.2% of capacity on a
single-shift basis, compared with 96.9% for November, but
continued to show improvement over 1931, when December
activity was only 79.1% of single-shift capacity, it was
announced to-day by the Census Bureau. Returns to the
Bureau from the spinning mills showed 23,775,136 spindles
active during December, against 24,349,506 in November.
The decline in activity was general throughou4 the country,
the Bureau reported.
Electric light and power output decreased 0.7% in the
week ended Jan. 21 to a total of 1,484,000,000 kwh. A
downturn in electric consumption usually develops at this
season of the year and continues with minor irregularities
until early summer. The rate of decline last week was
slightly more rapid than in either of the two preceding
years, which was apparently due to the unusually mild
weather. Comparison with a year ago showed a decline
of 7.1%, as compared with 6.7% the week before.
On Jan. 22 the weather was still unseasonably mild from
the Plain States of the West eastward to the Atlantic Coast,
where it was 43 to 51 at New York and 36 to 44 at Boston.
Chicago had 44 to 56; Cincinnati, 58 to 70; Cleveland, 50
to 68; Detroit, 42 to 56. On the 23d it was 48 to 62 degrees
in New York. On the 23d wild geese were reported flying
north and the temperature of 62 in New York State, New
Jersey and Connecticut was bringing out buds on trees and
on Long Island on rose bushes. In London, Eng., it was
the coldest day in four years. In New York on Jan. 24 it
was 38 to 51. In the Central West, 44 to 54 maximum.
On the 25th it was a little cooler in New York, though the
temperatures were still 37 to 47, but the winds were at 50
miles an hour along the Long Island and New Jersey coasts,
flooding seaside resorts and threatening some of the homes
with an unusually heavy surf. Chicago had 46 degrees
maximum. On the 26th temperatures here were down to
24 to 42 and a 60-mile gale swept the Atlantic Coast from
New York to North Carolina, inflicting heavy damage, with
some loss of life on the New Jersey coast. Boston had 36
to 46. It was some 10 degrees colder at the West than it
had been, 26 at Minneapolis and 6 below to 8 above zero
at Winnipeg.
It rained a little here to-day and the temperatures were
36 to 43 degrees. The forecast was for rain or snow and
colder to-night and to-morrow. Overnight Boston had 30
to 40 degrees; Chicago, 34 to 38; Cincinnati, 40 to 46; Cleveland, 36 to 40; Kansas City, 26 to 50; Los Angeles, 48 to 64;
Montreal, 22 to 30, and Winnipeg, 8 below to 8 above zero.
Loading of Railroad Revenue Freight a Little Larger.
Loading of revenue freight for the week ended on Jan. 14
totaled 506,322 cars, the Car Service Division of the American Railway Association announced on Jan. 21. This was
an increase of 70,670 cars above the preceding week. It
was, however, a reduction of 66,327 cars below the corresponding week in 1932 and 218,890 cars under the same
period in 1931. Details below.
Miscellaneous freight loading for the week of Jan. 14 totaled 159,855 cars.
an increase of 19,375 cars above the preceding week but 28.225 cars under
the corresponding week in 1932 and 77,220 cars under the same week in 1931.
Loading of merchandise less than carload lot freight totaled 158,896 cars,
an increase of 25,362 cars above the preceding week but 27,727 cars below
the corresponding week last year and 47,590 cars under the same week two
years ago.
Grain and grain products loading for the week totaled 30,349 cars,
6,241 cars above the preceding week but 658 cars below the corresponding
week last year and 10,789 cars below the same week in 1931. In the Western
Districts alone, grain and grain products loading for the week
ended on
Jan. 14 totaled 19,133 cars, a decrease of 1,014 cars below the same
week
last year.
Forest products loading totaled 13,824 cars, 1.582 cars above the
preceding week but 4,273 cars under the same week in 1932 and
18,460 cars
below the corresponding week in 1931.
Ore loading amounted to 2,354 cars, an increase of 1,138 cars above the
week before. 37 cars above the corresponding week in 1932 but
2,562 cars
under the same week in 1931.
Coal loading amounted to 117,354 cars, an increase of 14.268
cars above
the preceding week but 1.767 cars below the corresponding
week in 1932
and 49,791 cars under the same week in 1931.
Coke loading amounted to 5,552 cars, 275 cars above the preceding
week
but 410 cars below the same week last year and 3,390 cars below the
same
week two years ago.
Live stock loading amounted to 18,138 cars, an increase of 2,429 cars
above the preceding week, but a decrease of 3,304 cars below the same week
last year and 9,088 cars below the same week two years ago. In the Western Districts alone, loading of live stock for the week ended on Jan. 14
totaled 14,163, a decrease of 2.876 cars compared with the same week last
year.
567
Financial Chronicle
Volume 136
All districts reported reductions in the total loading of all commodities
compared with the same week in 1932 except the Pocahontas, which showed
small
increase, but all showed decreases compared with the same week
a
In 1931.
Loading of revenue freight in 1933 compared with the two previous years
follows:
1933.
1932.
1931.
435,652
506,322
571,678
572,649
713,128
725,212
941.974
1,144,327
1,438,340
Week ended Jan. 7
Week ended Jan. 14
Total
The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended Jan. 14. In
the table below we undertake to show also the loadings for
the separate roads and systems. It should be understood,
however, that in this case the figures are a week behind those
of the general totals-that is, are for the week ended Jan. 7.
During the latter period a total of 11 roads showed increases
over the corresponding week last year, the most important
of which were the Virginian Ry. and the Wheeling & Lake
Erie Ry.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED JAN. 7,
Railroads.
1932.
1931.
1,350
2,314
5,865
461
2089,
7,993
449
2,007
3,242
7,977
659
2,555
11,449
525
2,182
3,530
9,297
743
3,490
12,427
502
219
3,761
7,283
1,760
1,808
8,764
724
234
4,948
9,623
2,016
2,189
12,170
891
20,521
28.314
32,171
24,319
32,071
3,263
5,887
8,633
112
1,029
6,064
1,280
14,565
1,696
369
236
5,364
8,814
11,631
147
1,488
8,226
1,660
18,497
1,854
468
396
7,212
10,370
13,587
214
1,911
9,504
2,241
24,007
1,458
538
423
4,530
3,728
9,646
1,402
662
4,955
22
19,172
1,427
21
206
6,118
4,970
11,706
1,843
889
5,432
26
24,216
1,942
13
247
43,134
58,545
71,465
45,771
57,402
303
1,192
6.299
12
223
192
789
2,149
4,084
2.834
3,131
3,236
2,236
712
4,088
2,333
525
1.496
8,013
64
229
254
1,030
2,686
5,364
3,940
4,250
4,282
2,801
985
6,305
2,330
510
1,878
9,461
53
285
212
1,068
3,289
6,421
5,063
4,538
3,963
4,521
1,381
6,037
2,908
753
1.300
8,657
37
72
2,152
964
4,959
7,029
143
6,648
3.739
3,539
456
5,215
1,357
905
1,921
10.261
80
69
2,435
1,253
5,999
8,403
201
7.849
3,979
4,260
666
6,226
1,971
33,813
43,544
51,588
47,020
56,478
97,468
130,403
155,224
117,110
145,951
19,713
543
239
3,550
32,736
1,283
220
8.521
15
526
162
1,177
70,785
15,768
7,880
88
3,456
9,028
535
3
7,880
36
256
216
825
41,441
7,823
2,533
56
2,327
25,112
685
137
6,534
48
367
159
1,224
58,176
12,205
4,808
70
2,946
8
2,040
23,896
11,871
449
12,110
772
5
10,325
99
15
20
3,296
31,137
14,938
1,137
3,092
3,476
79,522
112,471
142,617
58,846
77,330
17,878
13,435
639
3,411
18,162
13,991
705
2,994
22,678
17,650
924
3,678
4,935
2.667
782
370
5,209
3,121
952
321
35,363
35,852
44,930
8,754
9,603
6,804
865
284
108
39
1,075
421
243
5,603
15.079
136
8,933
931
296
112
48
1,396
491
304
7,408
19.443
173
12,193
1,254
506
166
82
1,561
443
355
8.958
23,119
209
3,270
1,253
751
154
55
761
713
2,831
2,630
9,025
469
3,832
1.138
833
314
83
960
757
3,428
3,319
10,558
787
30.657
39.535
48,846
21,912
26,009
1933.
Eastern DistrictGroup A:
Bangor d, Aroostook
Boston dr Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H. & Hartford__
Rutland
Total
Group B:
Delaware & Hudson
Delaware Lackawanna & West.
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_ _
Pittsburgh d,Shawmut
Pitts.Shawmut & Northern
Total
Group C:
Ann Arbor
Chicago Ind. & Louisville
Cleve. Cln. Chic. & St. Louis_
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line_ __
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago a. St. Louis.
PereMarquette
Pittsburgh & Lake Erie
Pittsburgh dc West Virginia__ Wabash
Wheeling & Lake Erie
Total
Grand total Eastern District.
AlleOheny DistrictBaltimore & Ohio
Bessemer & Lake Erie
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 d, Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup A:
Atlantic Coast Line
Clinchileld
Charleston & Western Carolina_
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom_
Seaboard Air Line
Southern System
Winston-Salem Southbound_
Total
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
1933.
Total Revenue
Freight Loaded.
Railroads.
1932.
Group B:
Alabama Tenn.& Northern____
Atlanta Birmingham & Coast__
All.& W.P.-West.RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
LouLsville& Nashville
Macon Dublin & Savannah_ _
Mississippi Central
Mobile & Ohio
Nashville Chatt. & St. LouLsNew Orleans-Great Northern__
Tennessee Central
Total Loads Received
from Connections.
1933.
1932.
1931.
138
493
496
2,320
186
761
810
217
590
15,253
14,679
112
108
1,475
2,266
338
262
210
686
630
2,949
317
1,051
718
215
639
18,324
16,388
120
121
1,842
2,531
666
480
179
724
710
3,551
245
1,058
804
376
909
23,696
23,650
148
207
2,185
3,055
729
667
1933.
187
475
781
1,824
125
420
1,017
246
497
6.200
2,597
334
153
986
1,653
283
642
1932.
207
652
955
2,087
185
534
1,192
316
643
7,546
3.813
331
203
908
1,920
245
553
40,504
47.887
62,893
18.420
22,290
Grand total Southern District__
71,161
87,422
111,739
40,332
48,299
Northwestern DistrictBelt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific_
Chic. St. Paul Minn.& Omaha_
Duluth Missabe a, Northern...
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie_
Northern Pacific
Spokane Portland & Seattle_ _ _
408
10,295
1,888
12,895
2,673
316
239
2,205
192
6,179
403
1,365
3,280
6,082
.546
1,044
13,721
2,609
17,644
3,548
403
405
2,976
97
7.777
477
1,739
4,279
7,913
790
1,513
18,305
2,856
22,082
4,805
722
881
5,483
307
10,036
618
2,307
5,689
9,512
957
1,010
6,014
1,607
4,382
1,816
48
316
2,843
102
1,055
269
1,004
1,151
1.313
568
1.083
7,534
2,210
5,858
2,455
77
272
4,072
24
1,590
260
1,278
1.550
1.639
795
48,966
65,422
86,073
23,498
30,687
15,316
2.300
203
10,910
8,921
2,034
1,301
2,081
.218
936
294
105
8,620
194
227
8.902
565
775
19,979
3,063
200
15,823
12,999
2,700
1,435
3,090
600
1.513
411
99
12,907
230
260
12,619
931
1,244
24,959
3,372
314
21.642
15,155
3,062
2,121
3.975
421
1,355
556
116
16,397
306
239
16,623
1,282
1,344
3,214
1,221
17
4,166
4,547
1,430
618
1,240
27
654
140
67
2,309
196
566
4,072
5
903
3,923
1.836
32
5,210
6,347
1,951
782
1,634
8
940
205
56
3,223
176
651
5,494
7
1,099
63,902
90,103
113,239
25,392
33,574
109
102
204
1,558
161
1,640
136
1,222
766
209
654
44
3,836
11,129
49
121
6,600
1,745
419
4,364
3,116
1,061
25
137
172
284
1,987
220
1,550
267
1.640
1,307
315
817
48
5,015
14,275
45
121
7,768
2,327
596
5,580
3,921
1,564
49
148
252
307
2,158
157
1,823
318
2,043
1,179
414
952
81
5,444
18,065
42
118
9,688
2,225
565
6,790
4,767
1,718
21
2.311
381
102
847
36
1,524
701
1,145
892
302
117
178
1,651
5,389
11
99
2,362
1,017
233
2,240
2,349
1,525
36
2,415
556
121
1,020
47
1,871
832
1,594
851
421
181
317
2,172
6,857
49
76
2,788
1,218
321
2,736
3,023
2,248
48
39,270
50.005
59,275
25,448
31,762
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 & Pekin Union
Southern Pacific (Pacific)
St. Joseph d, Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
Houston & Brazos Valley
International-Great Northern..
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas._ _ _
Missouri-Kansas-Texas Lines..
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern.....Ban Antonio 'Uvalde & Gulf....
Southern Pacific In Texas & La_
Texas & Pacific
Terminal RR. Assn.of St. Louis
Weatherford Min. Wells & N.W
Total
* Figure of preceding week.
Federal Reserve Board's Summary of Business Conditions in the United States-Industrial Production Declines by Less than Seasonal AmountLarger than Usual Drop in Employment.
The summary of business conditions in the United States,
issued Jan. 24 by the Federal Reserve Board, states that
industrial production declined by slightly less than the
usual seasonal amount during December, while factory
employment and payrolls showed a decrease somewhat
larger than seasonal. In giving the Board's summary, the
"United States Daily" said:
As a result of the less-than seasonal decline, the Board's adjusted index
production at factories and mines moved upward for the first time since
in September 1932, according to additional information made available.
The index in December stood at 66% of the 1923-25 average.
Contributing Factors.
Increased activity at automobile factories preparatory to the introduction
of new models and a less-than-seasonal decline in lumber production were the
principal factors contributing to the firmness of tone during December. the
Board declares. Steel production, after dropping off sharply in December.
has advanced again during the opening weeks of January.
Following the lead of industrial production, freight traffic dropped off
less than is ordinary for the season in December. the Board says. Although
wholesale prices generally fell during December and remained practically
unchanged in January, wheat and cotton prices have regained lost ground
this month, the statement points out.
Despite the firmness in production, employment and payrolls declined
by more than the normal amount during the month, the Hoard said. The
statement follows in full text:
Volume of industrial production declined in December by slightly less than
the usual seasonal amount, while factory employment and pay rolls showed
a decrease somewhat larger than is usual at this season. The general level
of wholesale commodity prices, after declining in December, showed relatively little change in the first half of January.
568
Financial Chronicle
Ian. 28 1933
Production and Employment.
products and non-ferrous metals. Motor vehicles recorded a slight advance
during the month, while no change took place in the average prices of
In December the Board's seasonally adjusted index of industrial output
plumbing and heating fixtures. In the group of building materials the
showed an increase from 65% of the 1923-1925 average to 66% the level
average price of cement moved upward during the month. Structural
prevailing in September and October. There was a substantial increase in
steel and other building materials showed no change in average prices,
output of automobiles in connection with the introduction of new models,
while brick and tile, lumber and paint and paint materials showed further
and lumber production showed a less-than-seasonal decline. In the textile
slight recessions. The group as a whole showed a fractional increase
Industries there were decreases in output in accordance with the usual
for the month.
seasonal tendency. Activity at steel mills showed a substantial decline in
Fertilizer materials, chemicals and drugs and pharmaceuticals showed
December,followed by a seasonal increase in the first three weeks of January.
slight recessions during December, causing the group to decline practically
Working Forces Less.
.1 of 1% from the month before. Mixed fertilizer prices showed no change
Volume of employment in manufacturing industries decreased from the
during the month. As a whole the house-furnishing-goods group showed
middle of November to the middle of December by somewhat more than
a fractional decrease from the previous month, both furnishings and furnithe usual seasonal amount. Working forces were reduced in the clothing,
ture shared in the slight decline.
leather and building material industries, while at automobile factories
The group of miscellaneous commodities decreased approximately M of
there was a substantial increase in employment.
1% between November and December due to declining prices of cattle
Value of construction contracts awarded, as reported by the F. W. Dodge " feed, paper and pulp, crude rubber and other
miscellaneous articles, with
Corporation, declined by more than the usual seasonal amount in the
no change taking place in the average prices for automobile tires and tubes.
fourth quarter, following a non-seasonal increase in the third quarter.
The December averages for all the special groups of commodities were
Contracts awarded in the first half of January showed an increase, as
below those for November. ranging from slightly more than I% in the case
measured by daily average figures, reflecting the award of large contracts in
of all commodities other than farm products and foods to approximately
connection with construction of a bridge at New Orleans.
4% in the case of raw materials.
Between November and December price decreases took place In 239
Distribution.
instances. increases in 91 instances, while in 454 instances no change in
Freight traffic decreased in December by an amount somewhat smaller
price occurred.
than is usual at this season. Sales by department stores increased by
The all-commodities index for the year 1932 stands at 64.8 as compared
somewhat less than the usual seasonal amount and were smaller than a year
with
73.0 for the year 1931, showing a decrease of a little more than 11%.
ago by 23% reflecting in part a decline in prices.
during the year.
Foreign Trade.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBValue of exports in December was smaller than in December 1931, by
GROUPS OF COMMODITIES (1926=100.0)
about one-fourth. For the year as a whole the decline was about one-third,
reflecting decreases ranging, in the first 11 months, from 8% for crude
December
November
December
materials to 45% for finished manufactures. Value of imports into this
Commodity Groups and Subgroups.
1931.
1932,
1932.
country during 1932 was smaller than in 1931 by 37%.
All commodities
68.6
63.9
62.6
Farm products
55.7
Wholesale Prices.
.
46.7
44.1
Grains
47.0
33.2
81.7
Wholesale prices of many leading commodities, including non-agriculLivestock and poultry
51.7
41.9
38.7
tural as well as agricultural products, declined from November to December,
Other farm products
61.2
53.9
51.3
Foods
69.1
and the monthly index of the Bureau of Labor Statistics showed a decrease
60.6
58.8
Butter, cheese and milk
79.8
62.3
59.5.
from 63.9% of the 1926 average to 62.6%. as compared with 68.6 a year ago.
Cereal products
72.2
62.7
61.7
In the first half of January, wheat prices advanced from the low levels
Fruits and vegetables
63.5
52.4
52.8.
reached at the end of December and cotton prices also increased somewhat,
Meats
63.2
53.7
49.4
Other foods
67.2
while prices of silk rubber and gasoline declined considerably.
67.7
66.1
Hides and leather produCte
79.8
71.4
69.6.
Bank Credit.
Boots and shoes
89.2
84.2
83.6.
Hides and skins
48.8
46.1
41.7
In the four weeks from Dec. 21 to Jan. 18 the stock of monetary gold
Leather
78.6
61.9
59.2
increased by $80,000,000 and there was a seasonal decllne of $130.000,000
Other leather products
99.7
81.9
81.9
Textile products
in the volume of money in circulation-a considerably smaller decline than
60.8
53.9
53.0.
Clothing
70.8
usual, reflecting a smaller than usual increase for the holiday trade in
62.2
62.5.
Cotton goods
56.4
53.6
51.7
December and some withdrawal of funds accompanying bank suspensions
Knit goods
58.5
51.0
49.3.
In the middle of January. The reserve funds arising from these two sources
Silk and rayon
39.0
29.5
29.3
Woolen and worsted goods
were absorbed in part by a reduction of member bank borrowings at the
63.9
55.3
54.2
Other
textile
product'
71.3
67.1
Federal Reserve banks and through a decline of $73,000,000 between
66.8
Fuel and lighting materials
68.3
71.4
69.3.
Jan. 4 and Jan. 18 in the Reserve banks' holdings of United States GovernAnthracite coal
94.8
88.3
88.7
ment securities. Member bank reserve balances, however, increased
Bituminous coal
83.8
80.4
80.2
Coke
further during the four-week period by about $100,000,000, to a level
81.1
75.8
75.3
Electricity
104.1
103.1
8575,000,000 higher than a year ago. Excess reserves of member banks,
Gas
98.2
100.0
•
which have been in substantial volume for several months, also increased
Petroleum Products
39.6
48.2
45.0
Metals and metal products
during the period.
82.2
79.8
79.4
Agricultural Implements
85.5
Volume of member bank credit continued to decline during December
84.8
84.6
Iron and steel
81.0
79.4
78.8
and the first part of January. From the middle of December to Jan. 11,
Motor vehicles
95.2
92.7
93.0
total loans and investments of reporting member banks in leading cities
Non-ferrous metals
53.8
49.1
48.3.
Plumbing
8165.000,000,
and
to a level about $350,000,000 above the low
heating
declined by
79.9
67.5
67.5
Building materials
75.7
point of last Summer. The decline was entirely in the banks' loans, while
70.7
70.8
Brick and tile
80.0
75.4
75.1
'
Investments showed relatively little change.
Cement
74.6
79.0
81.1
Money rates in the open market continued at low levels.
Lumber
65.8
56.6
56.5
Paint and paint materials
76.6
68.5
68.1
Plumbing and heating
79.9
67.5
67.5
Structural steel
Wholesale Prices in United States Decreased About
81.7
81.7
81.7
Other building materials
81.5
80.1
80.1
2% from November to December, According to Chemicals and drugs
76.1
72.4
72.3
Chemicals
80.8
79.7
79.7
United States Department of Labor.
Drugs and pharmaceuticals
61.0
55.0
54.7
Fertilizer materials
70.1
63.5
63.1
The index number of wholesale commodity prices as comMixed fertilizers
77.1
65.6
65.8
Housefurnishing
goods
78.5
73.7
puted by the Bureau of Labor Statistics of the U. S. De73.8
Furnishings
76.6
74.7
74.7
Furniture
partment of Labor, shows a decrease from November 1932
80.6
72.7
72.7
Miscellaneous
66.8
63.7
63.4
to December 1932. This index number, which includes
Automobile tires and tubes
40.8
44.6
44.6
Cattle feed
53.9
40.8
37.1
784 commodities or price series weighted according to the
Paper and pulp
80.8
73.4
73.0
Rubber, crude
importance of each commodity and based on the average
9.5
7.2
6.8
Other miscellaneous
85.9
81.5
81.3
prices for the year 1926 as 100.0, averaged 62.6 for December Raw materials
60.2
54.2
52.1
Semi-manufactured articles
63.7
58.9
57.7
as compared with 63.9 for November, showing a decrease Finished products
73.3
69.3
68.4
Non-agricultural commodities
71.3
67.5
66.5
of approximately 2% between the two months. When All
commodities other than farm products
and foods
compared with December 1931 with an index number of
72.3
69.8
69.0
_
ala not yet available.
68.6, a decrease of nearly 9% has been
recorded in the 12
months. The Bureau of Labor Statistics further reported
as follows on Jan. 19:
In the group of farm products decreases in the average prices of barley,
corn, oats, wheat, cows, steers, hogs, cotton, lemons, oranges, fresh milk
in Chicago and New York, peanuts and wool caused the group as a whole
to decrease slightly more than 55i% from the previous month. Increases
were recorded in the average prices of rye, calves, sheep, live poultry.
alfalfa, hay, hops, onions and potatoes.
Among foods price decreases during the month were reported for lard,
corn meal, dried fruits, cured and fresh beef, fresh pork, bacon, dressed
poultry, cocoa beans, granulated and raw sugar and cocoanut and cotton
seed oils. On the other hand, butter, cheese, evaporated milk, rye and
wheat flour, bananas, fresh lamb, mutton and veal averaged higher than
in the month before. The group as a whole decreased about 371% in
December when compared with November.
The hides and leather products group decreased approximately 27 %
during the month due to further decreases in boots and shoes, hides and
skins and leather. Other leather products showed no change in the average
prices for the month. Textile products as a whole decreased slightly more
% from November to December due to declining prices for cotton
than
goods, knit goods, silk and rayon, woolen and worsted goods and other
textile products. The sub-group of clothing showed a light increase.
In the group of fuel and lighting materials sharp reductions in the average
prices of crude petroleum and petroleum products and smaller reductions
in all other sub-groups caused this group as a whole to decline nearly 3%
during the month.
Metals and metal products as a whole showed a downward tendency
for December due to decreases in agricultural implements, iron and steel
Sharp Decline Reported in Wholesale Commodity
Prices During Week Ended Jan. 21 by National
Fertilizer Association.
Wholesale commodity prices were decidedly lower during
the latest week according to the index of the National
Fertilizer Association. This index of 476 commodity quotations declined 10 points for the week ended Jan. 21. This
was the largest drop in many weeks. The index declined
three points during the preceding week and two weeks ago
there was an advance of one point. The latest index number,
56.9, is a record low for the index. A month ago the index
stood at 58.1 and last year at this time it was 64.0 (The
three year average 1926-1928 equals 100.) Further
reporting
the Association noted as follows under date of Jan. 23:
Ten of the 14 groups listed in the index declined during
the latest week,
two groups advanced slightly and the remaining two
showed no change.
The declining groups were fats and oils, fuel, foods, mixed
fertilizer, fertilizer materials, textiles, metals, agricultural implements,
house-furnishing
goods, and miscellaneous commodities. The declines were
very sharp in
the fuel,foods and fats and oils groups. Automobiles and
building materials
were fractionally higher. Grains, feeds and livestock and
chemicals and
drugs showed no change during the latest week although price movements
were numerous in the first named group.
Financial Chronicle
Volume 136
During the latest week 52 commodities showed lower prices. This is the
greatest number of declines for any week in many months. Only 13 commodities showed price advances during the latest week. During the precedingiweek there were 29 advances and 24 price losses. Listed among the
declining commodities during the latest week were eggs, milk, bread, sugar,
flour, practically all grains, heavy melting steel, zinc, tin, petroleum,
gasoline, rubber, leather, sulphate of amonia, superphosphate, cotton,
Cotton yarns, and silk. A few of the commodities that advanced included
burlap, tallow, feedstuff, silver, cement and coffee.
WEEKLY -WHOLE-SALE PRIE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Per Cent
Each Group
Bears to the
Total Index.
Group.
Latest
Week
Jan. 21
1933.
Preceding
Week.
Month
Ago.
Year
Ago.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goodE,
Fats and oils
Chemicals and drags
Fertilizer materials
Mixed fertilizer
Agricultural implements_...
55.8
55.2
3....7
42.6
60.5
86.9
71.0
66.9
77.3
41.3
87.3
60.5
66.0
91.7
67.7
57.3
36.7
43.0
60.8
86.6
70.9
67.3
77.4
43.7
87.3
61.8
67.9
91.8
58.6
58.6
35.3
42.4
60.6
86.6
70.7
67.6
17.4
45.7
87.3
61.7
67.9
91.8
66.7
59.0
49.5
49.9
64.4
89.1
72.3
73.4
82.2
48.6
88.8
70.1
79.1
92.7
56.9
57.9
58.1
64.0
.3
100.0
All groups combined
Monthly Indexes of Federal Reserve Board-Industrial
Production Increased from November to December.
The Federal Reserve Board under date of Jan. 25 issued
as follows its monthly indexes of industrial production, factory employment, &a.:
BUSINESS INDEXES.
(Index numbers of the Federal Reserve Board 1923-25=100)•
Without
Seasonal Adjustment.
Adjusted for
Seasonal Variation.
Industrial production, total
Manufactures
Minerals
Building contracts, value z-Total.Residential
All other
Factory employment
Factory payrolls
Freight-ear loadings
Department store sales
1932.
1931.
1932.
Dec.
Nos.
Dec.
Dec.
p66
p65
p78
927
p9
p42
60.6
65
64
75
27
10
41
61.2
74
73
84
38
23
50
69.4
58
p62
57
65
69
81
1931.
Nos.
p61
959
p74
922
p8
p33
59.8
40.9
52
p110
Mining.
Manufactures.
1932.
industry.
1931,
1932.
Iron and steel
Textiles
Food products
Paper and printing_
Lumber out
Automobiles
Leather and shoes-- Cement
Petroleum refining_
Rubber tires
Tobacco manufac's__
31
27
991
92
83
982
- 990
24
22
960
31
986 989
43
53
... 138
73
112 104
42
88
97
99
27
66
82
61
149
88
113
1931.
Dec. Nov. Dec.
Dec. Nov. Dec.
Bituminous coal
Anthracite coal
Petroleum
Zino
Silver
Lead
966
p75
9102
38
30
40
66
65
106
35
37
45
r65
69
121
45
43
62
Changes in Retail Prices of Food by Cities.
During the month from Nov. 15 1932 to Dec. 15 1932, the following
cities from which prices were received showed decreases in the average
cost of food: Chicago, 5%; Norfolk, 4%; Newark and Washington,
;
Bridgeport, Little Rock, New York, Philadelphia, Providence, and St.
Louis, 2%; Atlanta, Baltimore, Birmingham, Boston, Charleston (S. 0.),
Cleveland, Jacksonville, Manchester, Memphis, Milwaukee, Mobile, Omaha,
Pittsburgh, Richmond, Rochester, and St. Paul, 1%; and Fall River,
Kansas City, Los Angeles, Minneapolis, New Haven, Portland (Me.), and
Scranton, less than 0.5 of 1%. Increases were shown in the following
cities: New Orleans, 2%; Buffalo, Cincinnati, Dallas, Denver, Detroit,
Houston, Indianapolis, Louisville, Peoria, Portland (Oreg.), Salt Lake
City, and Seattle, 1%; and Butte, Columbus, San Francisco, Savannah,
and Springfield (Ill.), less than 0.5 of 1%.
For the year period, Dec. 15 1931 to Dec. 15 1932, all of the 51 cities
showed decreases: Chicago and Cincinnati, 19%; Butte, Detroit, Houston,
and Philadelphia, 18%; Columbus, 17%; Little Rock, Providence, and
Washington, 16%; Atlanta, Charleston (S. 0.), Dallas, Mobile, New Haven,
Omaha, Richmond, and St. Paul, 15%; Boston, Cleveland, Fall River,
Indianapolis, Jacksonville, Louisville, Memphis, Minneapolis, Pittsburgh,
Rochester, St. Louis, Salt Lake City, and Scranton, 14%; Baltimore,
Bridgeport, Kansas City, Los Angeles, Milwaukee, Norfolk, Portland (Me.),
Savannah, and Seattle, 13%; New Orleans, Peoria, and Portland (Oreg.),
12%; Newark, New York, and Springfield (III.), 11%; Birmingham,
Denver, and Manchester, 10%; San Francisco, 7%; and Buffalo, 6%.
Wholesale Prices for Week Ending Jan. 21 1933.
The Bureau of Labor Statistics of the U. S. Department
of Labor announces that its index number of wholesale prices
for the week ending Jan. 21 stands at 61.2 as compared with
62.0 for the week ending Jan. 14, showing a decrease of
approximately 1 3-10%. 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 101.0.
The accompanying statement shows the index numbers
of group of commodities for the weeks ending Dec. 24 and
31 1932 and Jan. 7, 14 and 21 1933.
INDEX NUMBERS OF WHOLESALE PRICES'FOR WEEKS OF DEC. 24
AND 31 1932, AND JAN. 7, 14 AND 21 1933.
(1926=100.0)
Weak Ending-
Payrolls.
Emp oyrnent.
Adjusted for Sea, Without Seasonal Without Seasonal
serial Variations. Adjustment.
Adjustment.
1932.
During the month from Nov. 15 1932 to Dec. 15 1932, the following
articles decreased in average price for the month: Rolled oats, 19%; pork
chops, 13%; lard and oranges, 7% • sirloin steak, round steak, chuck
roast, and hens, 5%; plate beef, sliced bacon, sliced ham, end navy beans,
4% ; rib roast, flour, corn meal, rice, and raisins,
; fresh milk, 2%;
lamb, canned red salmon, vegetable lard substitute, bread, macaroni, canned
peas, canned tomatoes, and coffee, 1%; and wheat cereal and tea, less
than 0.5 of 1%. Increases were shown in the average price of the following: Cabbage, 9%; evaporated milk and butter, 8%; potatoes, 7% •
strictly fresh eggs, 6%; bananas, 5%; onions, 4%; and margarine and
prunes, 1%. The following articles showed no change in the month:
Cheese, cornflakes, pork and beans, canned corn, and sugar.
Dec. 24 Dee. 31
FACTORY EMPLOYMENT AND PAYROLLS-INDEXES BY GROUPS
AND INDUSTRIES.
(Underlying figures are for payroll period ending nearest middle of month.)
Group and Industry.
14% since Dec. 15 1931. The Bureau's weighted index numbers, with average prices in 1913 as 100.0, were 114.3 for
Dec. 15 1931; 99.4 for Nov. 15 1932, and 98.7 for Dec. 15 1932.
Continuing, the Bureau also said the following on Jan. 18:
Dec.
68
65
66
63
78
79
24
30
20
10
39
35
60.9 67.9
41.8 55.8
58
61
74
142
INDUSTRIAL PRODUCTION-INDEXES BY GROUPS AND INDUSTRIES.*
(Adjusted for seasonal variation.)
Group and
Indixstry.
569
1931.
1932.
1931.
1932.
1931.
All commodities
Farm Products
Foods
Hides and leather products
Textile products
Fuel and lighting
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
62.5
44.8
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
Jan. 7 Jan. 14 Jan. 21
61.9
43.8
58.1
68.9
52.7
68.1
79.1
70.7
72.0
73.3
61.4
62.0
45.2
58.2
89.2
52.3
67.8
79.0
70.6
72.1
73.3
61.5
61.2
43.0
56.0
69.0
51.9
67.6
78.2
70.3
71.9
72.8
60.8
Dec. Nov. Dec. Dec. Nov. Dec. Dec. Nov Dec.
53.8
46.6
72.3
73.9
68.9
80.7
81.1
37.3
45.6
45.6
73.2
44.8
48.9
75.2
75.0
63.7
65.4
64.5
72.2
73.4
69.2
86.3
89.2
45.4
58.0
68.8
75.3
55.0
61.1
81.9
82.3
71.3
52.1
46.0
71.1
74.1
63.4
81.5
81.6
36.6
44.8
45.2
70.0
41.4
46.8
75.4
75.4
61.8
TANI•ta e•ril
677
fig R
70.4
65.8
ORR..NOCVMN.OpOt.cReIVA,MCII..
52.8
46.4
70.4
72.9
64.0
80.0
80.2
36.8
47.4
51.6
72.0
42.6
47.4
75.2
76.3
63.2
—.N
40C4.0ANNOOMOC4.rW.44,
2VNNOWWMV
.....
N.C,N
Iron and steel
Machinery
Textiles, group
Fabrics
Wearing apparel
Food
Paper and printing
Lumber
Transportation equipment
Automobiles
Leather
Cement, clay & glass
Non-ferrous metals
Chemicals, group
Petroleum
Rubber products
64.4
63.8
72.9
74.6
68.6
87.9
90.8
45.2
54.4
60.2
73.2
53.3
60.3
82.0
81.3
69.8
24.2
28.0
46.4
50.1
39.1
66.1
69.8
18.8
33.8
32.0
42.0
23.3
30.1
59.8
62.8
39.8
25.6
27.4
49.4
51.9
44.2
67.0
70.2
20.9
31.9
27.6
43.8
25.7
31.9
60.9
63.1
38.6
41.0
48.9
58.1
60.0
54.4
82.7
91.0
31.2
47.1
48.0
50.3
37.4
48.6
75.0
77.8
52.0
71.7
50.4
524
55 0
• Indexes of production, car loadings, and department store sales based on daily
averages. p Preliminary. s Based on three month moving averages, centered at
2nd month. r Revised.
Decrease of Approximately Three-Quarters of 1%
Reported in Retail Food Prices During Period
from Nov. 15 to Dec. 15 1932 by United States
Department of Labor-Average Decrease of About
14% Since Dec. 15 1931 Noted.
Retail food prices in 51 cities of the United States, as
reported to the Bureau of Labor Statistics of the United
States Department of Labor, showed an average decrease
of about % of 1% on Dec. 15 1932, when compared with
Nov. 15 1932, and an average decrease of a little less tfian
"Annalist" Weekly Index of Wholesale Commodity
Prices-New Low Figure.
With a drop of 1.0 point, the "Annalist" Weekly Index of
Wholesale Commodity Prices fell to a new low of 81.7 on
Jan.24from 82.7 (revised) the week before. The "Annalist,"
states:
The current decline marks the 20th week of the present downward
movement, interrupted only by unimportant rallies in the two weeks ended
Nov. 7 and Jan. 10. Four of the group indices declined, farm and food
Products and the fuels going to new lows since the war, and textiles declining to Within 0.2 point of the low of 65.8 established on July 19. A realtively small number of commodities, however, accounted for the bulk of
the week's loss, chiefly steers, butter and eggs (seasonal declines, in part).
beef and the petroleum group.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
(Unadjusted for seasonal variation 1913=100).
Jan. 24 1933, Jan. 17 1933. Jan. 26 1932.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
• Provisional. a Revised.
62.9
87.2
*65.8
109.7
93.9
106.6
95.2
69.7
81.7
a64.0
88.4
a66.3
114.0
93.9
106.6
95.2
69.7
a82.7
77.9
95.2
79.9
124.8
97.5
108.8
96.6
83.4
93.1
Financial Chronicle
Department Stores Sales in Metropolitan Area of New
York Declined 22.7% During Period from Jan. 1
to Jan. 16 1933.
A decrease of 22.7% was reported by the Federal Reserve
Bank of New York on Jan. 21 in the sales of department
stores in the metropolitan area of New York during period
from Jan. 1 to Jan. 16 in comparison with the period from
Jan. 1 to Jan. 15 last year. New York and Brooklyn
department stores reported a drop of 22.8% and department
Stores in Newark a drop of 22.2%.
Pacific Coast Business Improved in December, Accoring to Bank of America (California).
Business activity in the Far West improved slightly in
December to 61.3, an advance of 1.6 points from the November record of 59.7, according to the Bank of America
(California) index. The bank says:
The six months period from May to the beginning of 1933 has shown
the index to be moving within a very narrow range and indicates continuous stabilization. The slight rise in the December figures of the
Index is looked upon as a further indication that the business decline has
been checked as it is the first net gain to be recorded for a six months
period since the thirty-two months decline began in 1929.
The index, which is based on carloadings, bank debits and power production, weighted and adjusted for seasonal fluctuations and trend, dipped to
the depression low of 59.1 in August. The index covers Washington, Oregon,
California, Idaho, Arizona and parts of other Western states.
Trend of Employment in United States During December 1932 According to U. S. Department of LaborEmployment and Wage Payments in 17 Major
Industrial Groups Decreased.
The Bureau of Labor Statistics of the U.S. Department of
Labor reports the changes in employment and payrolls in
December,1932,as compared with November,1932, based on
payroll reports ending nearest the 15th of the month, received from 68,229 identical establishments in 17 major
industrial groups having, in December, 4,476,531 employees
whose combined earnings in one week were $86,519,751.
The combined totals of these 17 industrial groups show a
decrease of 0.4% in employment and a decrease of 0.9%
in payrolls over the month interval. Under date of Jan. 21
the Bureau further reported as follows:
Increased employment was shown in 4 of the 17 groups included in this
monthly survey, and increased payrolls were reported in 3 groups. The
retail trade group reported a seasonal gain In employment of 16.5% and
increased payrolls of 10.1%. The metalliferous mining group reported a
gain of 4.2% in employment coupled with a decrease of .1 of 1% in payrolls;
the crude petroleum producing group reported an increase of 1.2% in employment coupled with a decrease of 1.7% in earnings; and the bituminous
coal mining group reported an increase of 0.9% in number of employees
coupled with a decrease of 0.9% in payrolls. The electric railroad operation group reported a gain of 0.4% in payrolls coupled with a decrease of
0.5% in employment and the anthracite mining group reported a gain of
10.2% in earnings over the month interval coupled with a decrease of 0.5%
In number of workers. In the remaining 11 groups in which both decreased
employment and earnings were reported, the decreases were as follows:
Laundries and banks-brokerage-Insurance-real estate, 0.4% in employment and 0.8% in payrolls each; power and light, 0.8% in employment
and 0.1% in payrolls; wholesale trade, 0.8% in employment and 1.1% in
payrolls; telephone and telegraph. 0.9% in employment and 1.1% in payrolls; hotels. 1.4% in employment and 1.6% in payrolls; manufacturing
Industries, 1.9% in employment and 2.3% in payrolls; dyeing and cleaning, 3.6% in employment and 7.4% In payrolls; quarrying and nonmetallic
mhaing, 14.4% in employment and 18.7% in payrolls; building construction, 15.4% in employment and 20.3% in payrolls; and canning and preserving, 33.2% in employment and 25.4% in payrolls.
Manufacturing Industries.
Employment in manufacturing industries decreased 1.9% in December
as compared with November, and payrolls decreased 2.3%.
These changes are based on reports received from 18,044 establishments
in 89 of the principal manufacturing industries of the United States, having
in December 2,636.280 employees whose combined earnings in one week
were $44,795.448.
Increased employment was reported in 20 of the 89 manufacturing industries included in this monthly employment survey, and increased payrolls
were reported in 24 industries. The most pronounced increase in employment was shown in the agricultural implement Industry, in which a gain of
15.2% in number of workers was coupled with an increase of 14.3% in
payrolls. The automobile industry also reported pronounced gains in both
Items over the month Interval, employment increasing 11.3% and payrolls
15.6%. The rubber boot and shoe industry reported an increase of 6.7%
In employment and the copper, lead and zinc smelting and refining industry
reported a gain of 3%. Increased employment ranging from 2.9% to
2.1% was reported in the rayon, machine tools, textile machinery, aircraft
and turpentine industries. The petroleum refining and the book and job
printing industries reported gains in employment of 1.7 and 1.2%. respectively. The increases in the 9 remaining industries reporting increased
employment were less than 1%.
The most pronounced falling-off in employment from November to December (19.8%) was reported In the cement industry, while a decrease of
17% was reported in the plumbers'supplies industry and 15.7% in the beet
sugar industry. Decreases in employment of approximately 12% were
reported In the brick, typewriter and jewelry industries, and the steam
fittings industry reported a decline of 11.4% from November to December.
Employment in the stove and radio industries decreased 9.9% and 9.3%,
respectively, and the marble-slate-granite industry reported a decline of
7,3%. Decreases in employment of approximately 6% were reported in
the men's clothing, confectionery, cottonseed oil cake-meal, millinery, beverage and fur-felt hat industries. Losses of slightly more than 5% in employment were shown In the cigar and cigarette, fertilizer, men's furnishngs, electric and steam car building, and stamped and enameled ware Indus-
Jan. 28
1933
tries. The iron and steel industry reported a decline of 2% in employment from November to December and foundry and machine shop and the
cotton goads industries reported losses of 0.5% each.
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES.
(12-Monthly Average 1976=100,
Manufacturing Industries.
General index
Employment.
Dec.
1931.
Nov.
1932.
68.7
59.4
Food and kindred products
89.2
85.4
Slaughtering and meat packing 93.3
86.2
89.2
Confectionery
92.6
Ice Cream
68.7
64.1
Flour
85.7
83.0
Baking
86.8
79.4
Sugar refining. cane
80.0
76.4
Beet sugar
180.3 238.5
Beverages
75.3
68.0
Butter
98.2
95.7
Textiles and their products
73.1
73.0
Cotton goods
73.8
75.5
Hosiery and knit goods
84.5
89.1
Silk goods
70.9
60.8
Woolen and worsted goods-66.0
71.3
Carpets and rugs
63.1
55.1
Dyeing and finishing textiles
83.0
78.1
Clothing, men's
66.8
69.7
Shirts and collars
65.3
65.3
Clothing, women's
73.5
64.8
Millinery
67.5
64 1
Corsets and allied garments_._ 98.0
99.7
Cotton small wares
82.9
82.3
Hats, fur-felt
69.4
69.8
Men's furnishings
73.2
72.4
Iron and steel and their products,
not including machinery_ _._ 64.0
53.2
Iron and steel
53.2
63.0
49.1
Cast-iron pipe
30.1
62.2
Structural ironwork
40.3
60.4
Hardware
49.9
Steam fittings
48.0
38.4
Stoves
55.0
53.5
Bolts, nuts, washers and rivets_ 71.4
61.4
Cutlery and edge tools
64.2
72.3
Forgings, iron and steel
70.5
53.1
Plumbers' supplies
55.5
70.0
Tin cans and other tinware_ _
76.2
73.2
Tools, not including edge tools_ 82.2
61.8
Wirework
90.1,
106.8
Lumber and allied products
44.8
38.1
Lumber, sawmills
35.1
39.7
Lumber, millwork
46.5
33.9
Furniture
47.4
56.9
Turpentine and rosin
47.3
44.8
Leather and its manufactures
72.4
71.9
Leather
69.9
71.7
Boots and shoes
73.0
72.0
Paper and printing
88.4
80.1
Paper and Pull)
77.6
75.0
Paper boxes
74.1
81.5
Printing, book and Job
86.7
71.8
Ptg., newspapers & periodicals_ 105.1
97.9
Chemicals and allied products- - 81.0
76.0
Chemicals
85.3
91.0
Fertilizers
48.5
46.0
Petroleum refining
87.3
51.5
Cottonseed oil, cake and meal_
53.7
54.7
Druggists' preparations
80.4
71.9
Explosives
89.9
79.0
Paints and varnishes
74.6
67.1
Rayon
142.8
147.9
Soap
97.7 • 98.3
Stone, clay and glass products_
53.3
43.7
Cement
49.1
41.0
Brick, tile and terra cotta
37.3
27.4
Pottery
69.0
62.7
Glass
65.4
57.9
Marble, granite, slate, &e
64.0
46.6
Nonferrous metals & their prod ts 63.2
54.4
Stamped and enameled ware._ 66.2
62.9
Brass bronze & copper products 62.3
51.9
Aluminum manufactures
54.8
48.3
Clocks, clock movements, &c... 61.7
43.6
Gas and electric fixtures
82.9
67.
Plated ware
70.6
64.0
Smelting and refining, copper,
lead and zinc .
69.1
57.0
Jewelry
46.0
42.7
Tobacco manufactures
73.7
74.8
Chew. & smok. tobacco & snuff 88.8
89.2
Cigars and cigarettes
71.8
72.9
Transportation equipment
60.8
42.1
Automobiles
61.6
41.5
Aircraft
235.4 183.5
Cars, electric & steam railroad- 20.8
21.1
Locomotives
21.5
14.1
Shipbuilding
93.9
66.7
Rubber products
70.8
64.6
Rubber tires and inner tubes.-- 64.9
58.8
Rubber boots and shoes
69.8
55.2
Rubber goods, other
85.9
85.4
Machinery, not including transportation equipment
62.4
45.8
Agricultural implements
36.8
22.8
Electrical machinery,apparatus
and supplies
49.1
72.7
Engine° and waterwheels
57.2
39.7
Cash registers and calculating
machines
83.4
76.8
Foundry & mach.-shop prod'ts 57.7
44.3
Machine tools
30.5
50.1
Textile machinery and parts_.. 68.3
52.9
Typewriters and supplies
59.2
77.2
Radio
77.7
81.0
Railroad repair shops
50.2
54.9
Electric railroads
65.6
73.6
53.4
Steam railroads
49.0
Dec.
1932.
Payroll Totals.
Dec.
1931,
Nov.
1932.
Dec.
1932.
58.3
52.2
38.6
37.7
83.2
86.2
86.4
61.9
82.8
78.9
74.7
291.1
63.9
93.8
71.3
75.2
£'5.2
59.7
71.5
52.4
78.0
65.0
64.0
63.8
59.9
98.3
78.8
65.2
69.5
81.0
87.1
79.0
63.8
75.3
80.4
70.6
135.5
64.5
90.7
56.0
56.8
68.8
57.9
55.2
44.9
71.5
42.8
42.9
55.4
49.9
81.7
68.8
42.5
59.9
66.7
66.9
64.9
50.4
67.7
66,2
62.5
156.3
51.4
76.7
47 4
51.6
66.1
39.6
49.7
33.2
54.0
38.0
43.7
38.4
37.6
77.0
57.5
42.9
49.1
64.9
68.1
63.7
47.0
66.6
64.8
61.2
111.9
50.6
73.6
44.8
499
69.3
38.5
51.7
31.0
53.3
30.7
41.4
36.0
35.3
76.8
54.7
41.5
40.7
51.4
52.1
29.0
40.0
49.8
34.0
49.5
61.5
61.3
53.4
48.1
71.1
61.1
87.3
36.6
334
33.0
45.9
45.8
69.3
70.7
69.0
79.5
73.0
71.9
72.7
98.0
75.6
84.6
43.5
62.5
51.1
71.4
79.3
65.7
146.9
94.5
40.7
32.9
23.8
62.3
57.2
43.2
53.1
59.7
51.0
47.5
43.3
87.2
62.2
40.5
37.1
37.0
44.5
40.1
31.5
33.8
49.4
54.7
46.9
50.4
49.2
56.5
87.1
30.7
25.4
34.3
38.6
40.6
48.6
57.9
48.0
84.4
61.5
74.8
83.2
105.1
73.4
75.1
41.2
64.1
60.7
87.0
67.1
67.3
132.6
90.5
39.3
34.9
21.8
50.7
52.6
52.2
49.2
49.8
45.6
39.4
45.0
88.5
54.5
28.0
23.0
14.3
23.5
24.5
22.3
31.7
34.4
42.3
26.3
31.8
41.7
35.7
61.3
20.8
18.1
20.0
25.6
36.8
42.4
54.1
39.0
65.3
50.3
61.8
57.0
85.7
80.8
51.6
30.8
52.0
47.0
71.8
54.1
51.7
120.2
83.0
25.9
23.2
11.5
37.8
40.2
28.9
36.1
39.2
31.0
30.5
32.5
48.5
43.4
24.2
21.9
14.8
21.8
25.0
19.0
25.8
33.7
39.3
27.8
21.1
42.5
34.7
52.8
18.8
15.8
18.3
23.8
37.4
40.7
53.1
37.2
64.9
46.7
58.0
59.3
85.8
59.7
59.8
30.4
61.8
44.3
70.9
51.7
49.3
122.5
79.2
23.9
17.2
9.9
36.9
38.4
28.1
33.6
34.6
.79.8
29.0
28.4
46.6
37.8
58.8
37.5
70.8
86.8
68.8
45.7
46.2
187.6
20.0
13.9
65.8
64.5
58.3
68.9
83.6
52.0
39.9
62.5
79.2
60.5
47.1
46.7
243.5
12.4
18.8
83.3
51.6
46.1
53.0
66.5
37.5
29.2
55.7
71.8
53.7
27.7
26.9
186.3
11.7
9.7
47.9
40.2
32.8
45.2
58.0
87.7
28.8
53.5
69.4
51.6
31.4
31.1
193.5
11.5
9.5
51.5
40.6
33.3
48.9
55.3
45.4
76.0
46.3
76.7
26.7
15.7
27.0
18.0
48.6
40.1
60.5
39.7
32.5
23.6
32.5
25.0
63.1
44.1
31.3
54.7
51.8
70.4
49.5
65.9
48.2
62.3
39.3
37.2
58.1
51.0
73.3
49.6
70.5
48.0
45.6
23.0
18.3
32.2
32.7
58.4
39.1
52.5
38.1
45.6
23.3
18.8
34.6
32.1
50.9
39.0
54.5
37.8
Current Business Conditions According to Statisticians
of National Industrial Conference Board-Net Gain
in Business Activity in December More than
Seasonal.
Business activity in December showed a slight net improvement of more than a seasonal nature over conditions in
November, according to the Conference of Statisticians in
Industry,' operating under the auspices of the National
Industrial Conference Board. The Board, in its survey of
conditions issued Jan. 20, added:
Financial Chronicle
Volume 136
The gain in productive activity was largely confined to particular industries, while extensions in trade centered in the holiday turnover of consumers' goods. Improvement in retail trade was nevertheless disappointing,
in that increases during December did not measure up to seasonal expectations.
Productive activity, taken as a whole, increased by more than a normal
seasonal amount during the month. The sharp increase in output in the
automobile industry,reflecting performance held over from previous months,
was the outstanding item in the upturn in general production. Building
and engineering construction declined visibly. Steel-ingot and pig-iron
production fell off by amounts more than seasonally normal at this time
of the year. Bituminous coal mined increased during the month, though
a slight decline is seasonal, while anthracite shipments registered another
gain in December following one in November. Electric-power production,in showing no change as compared with the previous month,conformed
to usual seasonal expectations. Productive activity in the textile industry
declined by an amount which was more than customary at this time of
the year.
Shipments of commodities by rail freight in December declined by less
than an mount normally seasonal at this time of the year. Total earloadings of all commodities, averaging 493.400 cars per week, were 10.1%
under average weekly loadings in November, and 11.1% under the average
of December 1931. The average seasonal decline in total shipments between
November and December in recent years approximated 15%. Shipments
of merchandise and miscellaneous items, averaging 303,200 cars per week,
fell off by 14.5% under the November weekly average, as against a 16%
decline between the two months in recent years.
Department store sales increased in dollar values by less than the average
seasonal amount. Trade during the month increased by approximately
44% as against an observed average increase of 49% between November
and December in recent years. Five and ten-cent store sales, measured in
dollar values, increased 73% as against a normal seasonal gain of 88% in
recent years. Department store trade values in December were 23%
under the level of a year ago, while five and ten-cent store sales were 18%
below.
Commercial failures, reported by Dun's to total 2.469 in number, increased by 19.1% in December as compared with November, as against an
average normal seasonal gain of 12%. Liabilities incurred were 19.7%
wester for the month,though the usual seasonal increase is 22%. Failures
in December numbered 10% less than a year ago while liabilities were 12%
lower.
Prices of commodities at wholesale declined again in December with a fall
of 2% under average conditions in November. The recession in prices continued into the first half of January to date. Losses were felt in all major
classes of commodities with the exception of building materials and house
furnishing goods. All commodities taken together in December were at
a level 8.5% under their general level of a year ago.
Employment in manufacturing industries for the country as a whole
declined further, by a fraction of 1%, according to a preliminary estimate
by the National Industrial Conference Board. Hourly earnings declined
slightly, hours worked per week declined visibly and as a result, weekly
earnings fell off during December as compared with November.
Taken by and large, business activity during the month of December
showed a net gain over November of more than seasonal nature. The gain
was slight, but was enough to sustain the level of activity established
in the last quarter of the year. With these recent improvements, business
activity for the year as a whole was raised to a level roughly one quarter
below what it was in 1931. There is no statistical evidence now available,
however, that can lend itself to a belief that a continuance of more than
seasonal gains is in any way assured in the near future.
A Daily Index of Staple Commodity Prices.
A new Daily Index of Staple Commodity Prices is now
compiled by Moody's Investors Service. This Index, it is
announced, is not designed to compete with the existing
weekly indexes of commodity prices. Its chief purpose is to
be a quick and ready measure of daily movements of those
leading staple commodities in which general business and
speculative interest is centered from day to day. It will
serve, therefore, as a daily chronicle of a weighted composite
movement of prices on the important commodity exchanges.
The new Daily Index, which is based on Dec. 31 1931,
as 100,has been carried daily-back to Sept. 1 1932,and weekly
back through October 1931, with the main turning points
figured daily. Closing prices are used for 15 leading raw
products of speculative interest, which are practically all
those dealt in on recognized central exchanges for futures
and actuals. The commodities included are among the most
representative of the three large groups: foods, textiles and
metals.
The items included in the Daily Index, together with their
weights and quotations, are listed below:
Commodity.
Wheat
Cotton
Hogs
Steel scrap
Sugar
Wool
Copper
Hides
Corn
Rubber
Silk
Coffee
Lead
Silver
Cocoa
Approx. Val.
in % of Total.
13
13
13
10
*10
7
5
5
z4
4
4
4
3
3
2
Quotation.
No. 2 hard winter. Chicago.
Spot middling upland, N. Y.
Top price, Chicago.
Heavy melting. aver. Chicago & Pitts.
Cuban raw 96 deg., duty paid. N.Y.
Tops, Exchange standard, Boston.
Electrolytic, delivered Conn. Valley.
Packer hides, It. native cows, Chicago.
No.3 yellow. Chicago.
Ribbed smoked sheets, New York.
Crack double extra, New York.
Santos No. 4, New York.
Soft, Missouri, St. Louis.
Official, Handy & Harmon, N. Y.
Spot, Exchange standard, New York.
571
The direct sources for the Index are as follows: for wheat,
cotton and corn, the Chicago Board of Trade; for hogs, the
Dept. of Agriculture;for sugar, rubber,silk, coffee and cocoa,
the respective New York Exchanges, Spot Committees; for
wool,t Wool Associates of the New York Cotton Exchange,
Boston Spot Committee; for hides, Armand Schmoll, Inc.;
for metals, the American Metal Market.
The Daily Index is naturally more sensitive than the
available weekly indexes. It shows, however, over the past
year or so, a broad correspondence with the movements of
these weekly indexes, and a marked correspondence with
the daily movements of stock prices.
Below is shown the full record of the Daily Index, weekly
from Oct. 9 1931, to Sept. 1 1932, and daily thereafter:
Date
1931. Index
Date
1932. Index
Date
1932. Index
Date
1932. Index
Oct. 9101.9 May 14 84.0 Sept.23 99.6 Nov. 4 85.7 Dec. 17 81.2
16102.8
21 85.0
24 99.1
5 86.2
19 80.7
23 105.6
28 83.8
26 99.5
7 86.6
20 80.3
30 104.7 June 4 81.2
27 98.9
9 86.9
21 >79.8
Nov. 6 108.1
9 79.8
28 98.5
10 88.0
22 '79.6
9 109.1
11 80.9
29 96.5
11 88.5
23!80.3
13 106.3
18 81.2
30 96.9
12 88.6
24 180.3
20101.9
25 83.3 Oct 1 95.1
14 88.0
27 ,80.2
27 99.8 July 2 84.4
3 95.1
15 87.1
28 )79.6
Dec. 4 98.7
9 86.8
4 95.3
16 87.1
29 l79.7
11 97.4
16 86.2
5 94.5
17 87.0
30 79.8
18 98.2
23 86.3
6 93.7
18 85.9
31 179.3
24 98.9
30 88.0
7 93.4
19 85.7 1933.
31 100.0 Aug. 6 89.7
8 93.4
21 85.5 Jan. 3 79.8
1932.
13 94.2
10 92.2
22 85.1
4 81.2
Jan. 4 98.1
20 94.8
11 91.4 ' 23 84.7
5 80.9
9 98.7
27 101.5
25 84.5
13 90.4
6 81.6
16 100.3 Sept. 1 101.3
26 84.2
14 90.3
7 81.5
23 98.2
2102.4
15 90.3
28 83.1
9 81.4
30 98.1
29 82.4
3 102.8
17 89.8
10 81.7
Feb. 6 96.3
6103.9
18 89.6
30 82.2
11 82.0
13 96.4
7 103.8
19 89.4 Dec. 1 83.2
12 81.8
20 96.8
8102.0
2 82.0
20 89.6
13 81.3
27 95.8
9102.2
21 89.0
3 81.5
14 81.1
Mar. 6 96.6
10 101.3
22 88.3
16 81.1
5 81.9
11 97.8
12100.1
24 88.1
6 82.1
17 81.0
12 97.7
13 98.7
25 87.3
7 81.7
18 80.2
19 93.0
14 97.9
26 87.2
8 82.0
19 80.5
26 91.3
15 97.6
27 87.5
9 81.6
20 80.8
Apr. 2 91.8
16 97.2
28 85.9
10 82.1
21 80.4
90.8
17 96.6
29 85.3
12 81.7
23 80.9
16 90.2
19 96.5
31 85.1
13 81.3
24 81.2
23 87.8
20 96.9 Nov. 1 84.7
14 81.1
25 80.6
30 85.9
21 99.5
84.8
15 81.0
26 80.5
May 7 87.1
22 99.9
3 84.6
16 80.8
27 81.0
Note.-The figures in bold face are the main turning points, on a daily
basis.
Foreign Trade in December-Imports
and Exports
The Bureau of Statistics of the Department of Commerce
at Washington on Jan. 18 issued its statement on the
foreign trade of the United States for December and the 12
months ended with December. The value of merchandise
exported in December 1932 was estimated at $136,000,000
as compared with $184,070,000 in December 1931. The
imports of merchandise are provisionally computed at
$97,000,000 in December 1932, as against $153,773,000
in December the previous year, leaving a favorable balance
in the merchandise movement for the month of December
of approximately $39,000,000. In December 1931 there
was a favorable trade balance in the merchandise movement
of $30,297,000. Imports for the 12 months ended December
1932 have been $1,322,665,000, as against $2,090,635,000
for the corresponding 12 months of 1931. The merchandise
exports for the 12 months ended December 1932 have been
$1,617,877,000 against $2,424,289,000, giving a favorable
trade balance of $295,212,000 for the 12 months of 1932
against $333,654,000 in the 12 months of 1931.
Gold imports totalled $101,872,000 in December 1932
against $89,509,000 in the corresponding month of the
previous year. and for the 12 months ended December 1932
were $364,315,000, as against $612,119,000 in the same
period a year ago. Gold exports in December were only
$13,000, against $32,651,000 in December 1931. For the
12 months ended December 1932, the exports of the metal
foot up $809,528,000, against $466,794,000 in the corresponding 12 months of 1931. Silver imports for the 12
months ended December 1932, have been $19,650,000, as
against $28,664,000 in the 12 months ended December 1931,
and silver exports were $13,850,000, compared with $26,485,000.
Country's
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
(Preliminary figures for 1932 corrected to Jan. 17 1933.)
MERCHANDISE.
December.
100
•Effect of sugar price fluctuations on the Index is actually smaller,
considering the stabilizing influence of the high duty of 2 cents in relation
to the landed price. z Since corn is already represented by hogs, only
about one-sixth of the total production, approximating average cash sales,
has been used as basis for determining the weight.
Date
1932. Index
Exports
Imports
Excess of exports
Excess of Imports_
12 Months Ending Dec.
1932.
1931.
1932.
1931.
inerease(+)
Decrease(-)
1,000
Dollars.
136,000
97,000
1.000
Dollars.
184,070
153,773
1,000
Dollars.
1,617,877
1,322,665
1,000
Dollars.
2,424.289
2,090,635
1,000
Dollars.
-806.412
-767,970
39,000
30,297
295,212
333,654
572
Financial Chronicle
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
1932.
1931.
1930.
1,000
1,000
1,000
Dollars. Dollars. Dollars.
150.023 249,598 410,849
153,972 224,346 348,852
155.249 235,899 369,549
135.358 215,077 331,732
132,065 203.970 320,034
114,259 187,077 294,701
106.830 180,772 266,761
109.133 164.808 297,765
132.016 180,228 312,207
153,590 204,905 326,896
139,382 193,540 288,978
136,000 184,070 274,856
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1929.
1928.
1,000
Dollars.
488,023
441,751
489,851
425,264
385,013
393,186
402,861
380,564
437,163
528,514
442,254
426,551
1927.
1,000
1,000
Dollars. Dollars.
410,778 419,402
371,448 372,438
420,617 468,973
363,928 415,374
422.557 393,140
388,661 356,966
378,984 341.809
379,006 374,751
421,607 425,267
550,014 488,675
544,912 460,940
475,845 407.641
ImportsJanuary
February
March
April
May
June
July
August
September
Dctober
November
December
135,520
130,978
131,189
126,522
112,276
110,280
79,421
91,102
98,411
105,500
104,46e
97,000
tOb2WWWI.l.b3WWNW
004,
No..NCJI030003.,
WW -4 =00014,
10.-.0
'CA•
Cn -C.4 G.1 ;P:in .
C4-07:0;A:
1,1.
41,
1,
3c.00Car.13.P.CON000
003,N003W03.0,00
12 months ending Dec. 1.617,877 2,424,289 3,843,181 5,240,995 5,128,356 4,865,375
183.148
174,946
210.202
185.706
179,694
173,455
174.460
166,679
170,384
168,708
149,480
153,773
368,897
369,442
383,818
410,666
400,149
353.403
352,960
369.358
351,304
391,063
338,472
309,809
337,916
351,035
380,437
345,314
353,981
317,249
317,848
346,715
319,618
355,358
326,565
339.408
356,841
310.877
378.331
375.733
346,501
354,892
319,298
368.875
342,154
355,739
344,269
331,234
12 montho PnrIlnerlor 1 299 eons non can e non one 4 200 201 4 f101 444 4 1R4 749
GOLD AND SILVER.
GoldExports
Imports
Excess of exports
Excess of Imports_
0
1931.
1932.
1931.
Increase(+)
Decrease(-)
1.000
Dollars.
1,000
Dollars.
1,000
Dollars.
1,000
Dollars.
1,000
Dollars.
13
101,872
32,651
89,509
809,528
364,315
466,794
612,119
+342.734
-247,804
101.859
56,858
1,260
1,203
2,168
3,215
Excess of exports _ _ _ _
Excess of Imports_ _ _ _
145,325
13,850
19.650
26,485
28,664
5,800
'4,179
May
Tune
July
August
September
Dctober
November
December
-12.635
-9,014
1,047
1931.
1930.
Silver.
1929.
1932.
1931.
1920.
1929.
1,000 1,000 1,000 1,000 1,000 1,000 1,000 1.000
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
54 8,948 1,378 1,611 3,571 5,892 8,264
107,863
128,211
14
207 1.425
942 1,638 5,331 6,595
26
290 1,635
43,909
967 2,323 5,818 7,814
27
110 1,594 1.617 3,249 4,646 5,752
49,509
212,229
628
82
467 1,865 2,099 4,978 7,485
226,117
40
26
550 1,268 1,895 3,336 5,445
23,474 1,009 41,529
807
828 2,305 3.709 6,795
39 39,332
18,067
881
433 2,024 4,544 8,522
60 28.708 11,133 1.205
868 2,183 3,903 4,374
61 398,604 9.266 3.805 1,316 2,158 4,424 7,314
16 4,994 .5,008 30,289
875
872 4,103 8,678
13 32,651
36 72.547 1,260 2,168 3,472 6,389
..W*NW,ICW,
N.
,
-*WWWWWN.A.
54.
741-.00100.04.00
12,908
60,198
55,768
65,835
23,552
13,938
21,889
19,714
13,680
35,635
40,159
32.778
A:.
.
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&-init
,
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12 moe.end.Deo_ 809,528 466.794 115,967 116,583 13.850 26.485 54,157 83,407
ImportsJanuary
February
CIarch
April
Afay
lone
iuly
August
leptember
)ctober
Covember
December
2.097
2.009
1,809
1,890
1,547
1,401
1.288
1,554
2,052
1,305
1,494
1,203
2,896
1,877
1,821
2,439
2,636
2,364
1,663
2,685
2,355
2,573
2,138
3,215
4.766
3,923
4.831
3,570
3.486
2.707
3,953
3,492
3.461
3,270
2,652
2,660
8,260
4.458
6,435
3,957
4,602
5,022
4,723
7.345
4,111
5,403
5,144
4.479
2 mos.end.Dee_ 364,315 612.119 396,054 291,649 19,650 28,664 42.761 63,940
Chain Store Sales Show Seasonal Gains.
Under the highly stimulating influence of holiday buying,
total chain store trade in December rose to the highest level
for the year, according to the February issue of the "Chain
Store Age." The seasonal expansion was not as extensive,
however, as that shown in the preceding three years, despite
favorable gains made by the shoe and drug chains and an
unexpected increase in sales of the grocery group, continues
the "Chain Store Age, which further states:
Aggregate sales of 20 leading chain store companies in December, as
compiled by "Chain Store Age," averaged approximately $8,381,000 daily.
This compares with an average daily business of 86,969,500 in November
and an average of 810,624,500 for December of the three-year period 19291931. The preliminary index of December 1932 sales was 78.8, as contrasted with 79.4 in November.
Although business in the Eastern part of the country, particularly in
the New England and Middle Atlantic States, maintained a good degree
of stability, the total volume for the entire country was affected by poor
results in the Western agricultural belt and the Northwest regions. The
brunt of slump was felt by the general merchandise chains which operate
extensively in that territory. The sales index of the 5 and 10 and department store chain group fell in December to 77.6 from 82.1 In November.
The index of the apparel group declined from 75.7 to a preliminary figure
of 73.0 for December.
The drug group made relatively the best showing in December of all
retail organizations. The combined average daily sales of two chains
increased 19% over November, as compared with an average increase of
14% between the two months in the preceding three years. The sales
Index figures advanced from 85.6 in November to 89.7 in December, the
highest point since June 1932.
The index of average daily sales of the shoe group stood at 77.7 as compared with 74A in November and 78.4 in October. Considering the price
reductions in effect during the last two months of 1932, the December
showing of these chains was significant.
Atlantic Seaboard
New England (alone)
Central Industrial
Pacific Coast
--6.8
--7.3
--10.8
--2.0
--5.1
--4.7
--10.4
--4.5
Total United States
-7.1
-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:
Dec. 10
Dec. 17
Dec. 24
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Week of- 1931-1932.
1,518,922,000 Dec. 12
1,563,384,000 Dec. 19
1,554,473,000 Dec. 26
1,414,710,000 Jan. 2
1,460,639,000 Jan. 9
1,495,116,000 Jan. 16
1,484,089,000 Jan, 23
Jan. 30
Months-
1932.
Week of- 1930-1931.
1.671.717 000 Dec. 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
1932-33.
Under
1931-32,
1.748,109,000
1.769,994.000
1.617.212.000
1.597.454.000
1,713,508.000
,716,822.000
.712,786,000
1.687.160 non
1931.
1930.
1929.
7,439,888.000
6,70a.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
8,021.749,000
7.066.788,000
7.580.335.000
7.416,191.000
7.494,807,000
7.239,607,000
7.363,730.000
7,391,196.000
7,337,106,000
7,718,787.000
7,270,112,000
7,566,601.000
7.585,334,000
6,850.855,000
7.380,263,000
7,285,350.000
7.486,635,000
7,220,279,000
7.484,727,000
7,772,878.000
7.523,395.000
8.133.485.000
7,681,822,000
7,871,121,000
57
Gold.
ExportsJanuary
February
March
April
Week End. Week End,
Jan. 21 '33. Jan. 14 '33.
Major Geographic Regions-
Week of- 1932-1933.
EXPORTS AND IMPORTS OF GOLD AND SILVER. BY MONTHS.
1932.
PER CENT CIIANGES.
DATA FOR RECENT WEEKS.
1932.
445,213
SilverExports
Imports
Weekly Production of Electricity Falls Off.
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. 21
1933 was 1,484,089,000 kwh., compared with 1,495,116,000
kwh. in the preceding week and 1,598,201,000 kwh. in the
corresponding period last year. The percentage decrease as
compared with 1932 was 7.1% as against an average decline
of 6.7% for the previous week.
12 Months Ending Dec.
December.
Jan. 28 1933
An increase In grocery sales, which is unusual In December, raised the
sales index of this group for the month to a preliminary figure of 80.0 from
78.1 In November despite a further drop in food prices.
7,014,066,000
6,518.245,000
6,781,347,000
6,303,425,00
6,212,090,000
May
June
6,130,077.000
July
6,112,175.000
6,310,667,000
August
September_. 6.317,733,000
October
6,633,865,000
0,507,534,000
November
December
January __-_
February ___
March
April
frnt.1
9.17
6.7%
5.9%
6.7%
7.17
1932
Under
1931.
6.7%
116.1%
8.2%
12.4%
13.5%
13.3%
16.17
11.9%
11.07
9.5%
6.77
RA AAI GAO non RO Ant Ann nnn no o7., I., nnn
a Change computed on bas a of average da ly reports.
Note.-The monthly figures shown above are based on reports covering approximately 92% of the electric lig It and power industry and the weekly figures are based
on about 70%.
Building Operations in United States as Surveyed by
United States Department of Labor-Estimated
Cost of Both New Residential and Non-Residential
Buildings Decreased from November to December.
There was a decrease of 19.5% in indicated expenditures
for total building operations comparing permits issued in
December 1932, with those issued in November 1932,
according to reports received by the Bureau of Labor Statistics of the United States Department of Labor, from 348
identical cities having a population of 25,000 and over.
Indicated expenditures for all building operations for which
permits were issued in those cities for December was 830,600,936. Comparing December with November, there was a
decrease of 30.5% in the number and 25.9% in the estimated
cost of new residential buildings. New non-residentia
buildings decreased 40.7% in number and 20.7% in indicated
expenditures. There was a decrease of 29.6% in the number
of additions, alterations, and repairs, and a decrease of 8.1%
in the indicated expenditures for this class of work. During
December 1932, 1,196 family-dwelling units were provided
in new buildings. This is a decrease of 22.2% as compared
with November 1932. In reporting this under date of Jan.20,
the Bureau also noted:
Various agencies of the United States Government awarded contracts
during December for buildings to cost $11.705.122. This is nearly $5,000.000
less than the value of contracts awarded during November 1932 and about
$200,000 less than the value of contracts awarded by the Federal Government during December 1931.
Comparing permits issued in 339 identical cities, during December 1932,
and December 1931. there was a decrease of 62.1% in the number and a
decrease of 70.8% in the estimated cost of new residential buildings. New
non-residential buildings decreased 47.3% in number and 45.8% In cost.
The number of additions, alterations, and repairs decreased 22.1%. while
expenditures for this class of work decreased 44.6%. Indicated expenditures for all classes of building operations decreased 51.5% while the
number of building operations decreased 33.6% comparing these two
periods. The number of family-dwelling units decreased 66.2% comparing
December 1932, with December 1931.
Permits were issued during December 1932, for the following important
building projects: In Elmira, N. Y.. for a State Reformatory to cost nearly
$800.000; In the Borough of Manhattan for a factory building to cost $550,000 and for two store buildings to cost over $500.000: in San Francisco for
public works to cost over 82.500.000: and in Rochester for a State Hospital
to cost over 8300.000 Contracts were awarded by the Supervising Architect
of the Treasury Department for an Archives Building in Washington. D.C..
Volume 136
Financial Chronicle
to cost over $5,500,000 and for a central heating plant in the same city to
cost nearly $1,500,000.
ESTIMATED COST OF NEW BUILDINGS IN 348 IDENTICAL CITIES.
AS SHOWN BY PERMITS ISSUED IN NOVEMBER AND DECEMBER
1932.
DATES, BY GROUPS OF ITEMS.
City.
Cities.
Estimated
Cost.
Nov. 1932.
New England
Middle Atlantic
East North Central
West North Central_
South Atlantic
South Central
Mountain and Pacific
Total
Per cent of change
Dec. 1932.
1797,680
1,627,761
542,550
526,574
556,005
423,888
1,370,493
$606,800
1,434,060
437,130
214,425
600,579
185,006
855,746
154
389
119
142
146
183
403
104
359
94
49
160
114
316
348
5,844,951
4,333,746
-25.9
1,536
1,196
-22.2
New Non-Residential
Buildings,
Estimated
Cost.
Nov. 1932.
Total Construction
(Including Alterations
and Repairs),
Estimated Cost.
Dec. 1932.
52
70
92
25
40
34
35
8770,811
9,181,140
5,060,521
581,900
4,049,932
1,230,400
5,241,414
Total
348
Per cent of change_ _ _
26,116,118
Middle Atlantic
East North Central_ _
West North Central_
South Atlantic
South Central
Mountain and Pacific
Nov. 1932.
52
70
92
25
40
34
35
Geographic Division. Cities.
New England
Families Provided for in
New Dwellings.
Dec. 1932.
Nov. 1932.
$468,791
5,619,051
1,469,290
163,813
7,553.563
705,088
4,727,391
20,706,987
-20.7
Dec. 1932.
82,185,685
13,068,984
6,323,420
1,355.277
5,493,764
2,115,452
7,470.576
$1,982,664
8,914,199
2,443,860
700,729
8,973,738
1,207,865
6,377,881
38,013,158
30,600,936
-19.5
Changes in Cost of Living in United States-United
States Department of Labor Reports Decrease
of 2.7% from June to December 1932.
The December 1932 cost of living index number for the
United States, as compiled by the Bureau of Labor Statistics
of the Department of Labor, shows a decrease of 2.7% since
the preceding June. The cost in December reached a point
7.2% lower than in 1917, but was still 32.1% higher than
in 1913. Food, however, in December 1932 was 1.3%
lower than in 1913. Since June 1920, the peak month,
cost of living has decreased 39.0%. The decline has been
specially noticeable since the beginning of the depression.
The compilation of the Bureau, issued Jan. 18, also said:
The decreases from Juno 1932 to Decembe 1932
varied for the six groups
r
of items. Food decreased 1.4%, clothing decreased 4.9%, rent decrease
d
7.7%, fuel and light decreased 0.1%,
house furnishing goods decreased
3,9% and miscellaneous items decreased
1.4%.
In the year period from December 1931 to Decembe
r 1932 cost of living
decreased 0.4%. Food decreased 13.6%. clothing decrease
d 10.3%, rent
decreased 13.4%, fuel and light decrease
d 6.6%, house furnishing goods
decreased 11.8% and miscellaneous items
decreased 3.0% •
In the 2-year interval, December 1930 to Decembe
r 1932, the cost of
living decreased 17.8%. Food decrease
d 28.1%, clothing decreased
20.6%, rent decreased 19.5%, fuel and light
decreased 10.3%, house furnishing goods decreased 21.7% and miscella
neous items decreased 4.2%.
In the 3-year period, December 1929 to Decembe 1932,
r
the cost of living
decreased 22.9%. Food decreased 37.5%,
clothing decreased 24.3%. rent
decreased 22.3%, fuel and light decrease
d 12.2%, house furnishing goods
decreased 25.4% and miscellaneous items
decreased 4.1%.
Changes in the cost of living between
December 1932 and specified
preceding dates are shown in the
following tables:
TABLE 1-CHANGES IN COST OF LIVING
AS BETWEEN SPECIFIED
DATES, ALL ITEMS COMBINED.
City.
Baltimore_
Boston
Buffalo
Chicago
Cleveland_ _
Detroit
Houston_ _
Jacksonville_
Los Angeles_
Mobile
New York
Norfolk
philadelphla.
Portland, Me
Portland, Ore
San Francisco
Savannah_ _ _
Seattle
Washington_
City.
Per Cent of
Increase
from
Dec. 1014 to
Dec. 1932,
June 1920
to
Dec. 1932.
Dec. 1929
to
Dec. 1932.
Dec. 1931
to
Dec. 1932.
June 1932
to
Dec. 1932.
38.1
30.4
39.8
28.2
36.9
25.7
23.0
27.6
32.1
25.9
40.2
36.5
33.9
32.3
20.1
28.9
22.0
33.7
25.8
35.6
38.1
36.9
40.3
37.9
46.7
92.0
41.1
34.5
39.2
36.0
38.6
37.3
36.3
40.1
34.2
41.7
36.5
37.5
21.1
22.6
22.3
26.2
21.5
29.3
26.8
23.0
21.7
23.6
20.8
21.3
23.5
20.2
20.8
19.8
22.4
20.7
21.0
9.0
9.5
7.9
12.3
8.7
11.4
12.8
9.2
9.0
8.8
7.8
8.3
11.0
8.8
8.9
6.7
8.9
9.7
9.5
2.1
1.7
3.4
3.7
4.1
4.0
5.1
3.0
2.3
1.2
3.2
2.4
3.4
3.4
'2.1
1.5
2.4
3.3
2.9
Per Cent of
Decrease
from
Dec. 1917 to
Dec. 1932.
June 1920
to
Dec. 1932.
Dec. 1929
10
Dec. 1932.
Dec. 1931
to
Dec. 1932.
June 1932
to
Dec. 1932.
25.5
27.3
22.4
21.0
23.8
19.9
23.1
20.4
21.9
23.5
21.3
23.9
21.8
9.8
10.1
9.7
8.6
8.8
9.5
9.9
9.4
7.5
9.9
9.9
8.7
8.2
4.4
2.8
2.3
2.1
3.1
2.2
3.6
2.7
.9
2.5
3.1
3.2
1.8
Per Cent of Decrease from-
Per Cent of Decrease from-
ktlanta----Birmingham_
:1Incinnati_
Denver.....
Indianapolis_
,
ansas City.
'ioniphig____
Minneapolis_
New Orleans_
15.4
18.7
4.5
8.3
9.5
10.5
10.4
7.5
7.2
RiChmond___
S.Louis.-Scranton_ .._
9.6
7.4
.5
42.3
42.7
35.1
39.0
39.7
40.7
38.8
35.5
34.6
36.8
37.1
37.8
34.3
Per Cent of
Increase
from
1913 to
Dec. 1932.
June 1920
to
Dec. 1932,
Dec. 1929
to
Dec. 1932.
Dec. 1931
to
Dec. 1032.
June 1932
to
Dec. 1032.
32.1
39.0
22.9
9.4
2.7
Pittsburgh __
I versa° U• B.
5.8
Per Cent of Decrease from-
Per Cent of Increase from Dec. 1914 to Dec. 1932 in the Cost ofFond.
New Residential Buildings.
Geographic Digision.
573
TABLE 2-CHANGES IN COST OF LIVING AS BETWEEN SPECIFI
ED
Baltimore
d0.4
Boston
52.8
Buffalo
Chicago
5.3
Cleveland
d10.3
Detroit
511.3
Houston
510.5
Jacksonville
512.5
Los Angeles
58.1
Mobile
59.0
New York
1.9
Norfolk
54.7
Philadelphia_ _ _ _
53.8
Portland. Me_ _ _
2.1
Portland, Ore__
d6.8
San Francisco
2.7
Savannah
516.8
Seattle
55.1
Washington
51.4
City.
26.5
40.5
25.6
7.6
25.3
25.9
30.4
35.2
26.3
17.6
37.6
34.2
26.3
24.7
10.0
39.6
29.0
28.7
20.7
Rent.
37.9
28.1
29.4
24.9
18.2
1.1
511.1
d20.7
4.8
3.6
44.1
18.2
25.7
11.6
519.0
9.3
54.3
15.4
22.5
Fuel
and
Light.
House
Furn.
Goods.
75.1
73.1
117.4
44.1
155.4
47.2
5.9
49.6
45.6
34.7
80.4
68.4
71.9
85.9
24.9
24.6
37.6
48.5
29.2
48.0
59.3
51.9
34.6
36.1
32.2
75.0
55.6
49.5
43.8
37.9
42.4
31.8
69.9
36.4
49.1
67.4
77.7
57.3
iscelAll
laneous. Items.
117.1
85.5
106.4
93.0
114.8
110.7
83.2
88.1
96.2
97.7
116.0
110.3
108.7
93.5
76.9
74.8
75.2
88.8
72.7
38.1
30.4
39.8
28.2
36.9
25.7
23.0
'27.6
32.1
25.9
40.2
36.5
33.9
32.3
20.1
28.9
22.0
33.7
25.8
Per Cent of Increase from Dec. 1917 to Dec. 1932 in the Cost ofFood.
Atlanta
Birmingham_ _ _ _
Cincinnati
Denver
Indianapolis__ - Kansas CityMemphis
Minneapolis -_- New Orleans- Pittsburgh
Richmond
St. Louis
Scranton
Clothing.
539.8
d39.1)
d38.3
537.7
c139.0
538.4
d43.3
536.0
538.5
538.8
539.7
539.4
d33.4
Clothing.
d24.9
528.2
526.9
519.7
a25.5
521.6
519.0
526.4
516.2
521.2
518.1
525.7
514.1
Rent.
.2
a22.7
25.2
20.5
56.6
2.8
d.7
6.7
26.9
29.4
10.4
22.3
40.6
Fuel
and
Light.
.4
9.2
60.0
54.8
17.3
9.4
31.7
39.2
56.4
77.4
24.5
14.1
53.3
House
Furn.
Goods.
516.4
524.4
515.8
510.7
d19.1
521.1
514.7
514.1
510.8
d17.0
d1.6
512.7
1.0
MiscelAt
laneous. Items.
25.4
21.0
47.6
34.2
44.8
35.9
31.3
30.3
41.6
40.8
34.4
38.7
51.0
d15.4
518.7
d4.5
58.3
59.5
510.5
d10.4
57.5
57.2
55.8
59.6
57.4
5.5
Per Cent of Increase from 1913 to Dec. 1932
in the Cost of-
Average U.S____
S Decrease.
Food.
Clothing
Rent.
Fuel
and
Light.
House
Furn.
Goods.
51.3
21.5
18.0
56.0
47.4
MiscelAll
laneous. Items.
99.3
32.1
Summary of Business Conditions by Bank of
Montreal
-Reports Larger Exports of Canadian Wheat
Due
to Agreements Reached at Imperial
Economic
Conference.
The Bank of Montreal in its monthly summary of
business
conditions, dated Jan. 23, states that "agreements
reached
at the Imperial Economic Conference last August
are gradually widening markets within the Empire to
Empire products, despite differing currency exchange values.
A notable
example," states the bank, "has been larger
exports of
Canadian wheat to Great Britain." In part, the
bank in its
summary als o said:
Recent removal of restrictions on Canadian
cattle shipped to Great
Britain is helpful to this industry, and exports
of cattle are now being
made in fair quantity from Saint John and Halifax.
Although there was
a decrease in the total value of domestic exports
from Canada in December
of $10,639,680. compared with the same month in
1931. exports to Great
Britain increased $729.000. Practically the whole
decline in this trade last
month was in exports to the United States, these falling
off $9,660,000 from
the previous year. Nearly 70% of Canada's exports
to that country in
December consisted of forest products having free access
to the American
market,shipments of newsprint amounting to $4,761,0
00, and of wood-pulp
to $1.160.000. The United States market is practical
ly closed to Canadian
farm and livestock products, not a bushel of wheat
or barley having gone
to that country last month, nor a pound of butter,
and only $32,000 worth
of cattle. In a large survey of Canada's foreign
trade in 1932 the impressive
feature is the sharp decline in exports to
the United States and the trend
to increased exports to Great Britain.
Domestic trade and currency have
not experienced any improvement.
Low prices of all commodities
remain a heavy drag on trade, reducing orders
to a hand-to-mouth level. In Decembe
r the index number of commodity
prices fell to 64.0 from 64.8 in the precedin
g month. The Index in Great
Britain was 61.2 and in the United States.
on Jan. 13, was 57.3, the lowest
point in 20 years. Retail business
has been given the seasonal spur of
bargain prices, and some clearance of
stocks thereby effected. Bank
Clearings continue to decline weekly
in comparison with a year ago. Car
loadings and railway earnings are still
on a descending scale. Bank resources are large, public time deposits keep
at a high mark, and there is
abundant credit available when condition
s warrant loans. The number
of unemployed does not appear to
have
weeks, but their care weighs heavily on increased appreciably in recent
municipalities and governments.
The motor car industry is somewhat
seasonally brisker. Cotton, woolen
and rayon mills have been
moderately busy, and footwear factories
have
had a fairly good year.
The external trade of Canada
in December had a value of $72.070.
000.
comparing with $94,507,000
in the corresponding month the year before,
the decrease of $22.437,
000 being farily divided between $11,328,000
in
Imports and $11,109.000 in
exports. The excess of exports In December
amounted to $14,147,000, while
in the same month in 1931 the excess was
$13,928.000. The volume and value of exports
were upheld by larger
shipments of wheat and flour than tho
year before, those of wheat increasing
5.380.000 bushels in quantity
and $495,000 in value. Exports of furs and
of automobiles were consider
ably larger than a Year ago. and of
meats
and cheese about the same,
but there was a serious decline in exports
of
newsprint, forest products, copper and nickel.
Construction, both engineering projects and buildings
,
is
at
a low ebb.
Permits Issued in 61 Canadian cities in
December amounted to only
S1.480.700, the smallest figure in two decades,
and the total value of permits
in 1932, $39,403,000, was $72,800,
000 less than in 1931 and $195,541
,000
less than in the peak year 1929. Wholesal
e prices index of building materials
last month was 77 6 against 99 in 1929, and
152.4 in 1920.
Gold production in Canada in 1932 was of the
value of $63.155.900, being
an Increase of $7,468,200 over 1931,
and as the world production of the
574
Financial Chronicle
metal last year was $485,745,000. Canada had the proportion of 12.9%•
Total mineral production in Canada in 1932 is computed at $182,701,000
compared with $310,850,000 in 1929, but in the three years between these
periods the recovery of gold has risen from 12.8% to 34.6% of total mineral
production. In considering these figures the great fall in the price of copper,
nickel, lead and zinc is to be remembered, stable price applying to gold
alone.
Lumber Orders and Shipments by Softwood Mills
Exceed Production.
Lumber production and orders received during the week
ended Jan. 21 were about the same in volume as the previous
week, according to telegraphic reports to the National
Lumber Manufacturers' Association from regional associations covering the operations of 411 leading softwood mills.
New business at the softwood mills was 19% above production. All regions reported new business greater than output.
During the week ended Jan. 21, softwood production
totaled 81,244,000 feet, which was 19% of capacity. New
business at softwood mills amounted to 96,695,000 feet,
or 23% of capacity, compared with 23% the week before.
Compared with the corresponding week of last year,
Southern pine and Western pine production was greater
by 8 and 5%, respectively. All associations showed new
business less than during the corresponding week of 1932,
Southern pine only 3% below. For all softwoods production
was 7% and orders 25% below last year.
Stocks at the softwood mills on Jan.21 were the equivalent
of 99 days' average production of the reporting mills, compared with 130 average days' production on Jan. 23 1932.
Forest products loadings during the week ended Jan. 14
totaled 12,824 cars, which was 13% more than during the
preceding holiday week but 24% below corresponding week
of last year.
Lumber orders reported for the week ended Jan. 21 1933 by 411 softwood
mills totaled 96,695,000 feet, or 19% above the production of the same
mills. Shipments as reported for the same week were 93.234,000 feet, or
15% above production. Production was 81,244,000 feet.
Unfilled Orders.
Reports from 357 softwood mills give unfilled orders of 358,384,000
feet on Jan. 21 1933, or the equivalent of 12 days' production. The 355
Identical softwood mills report umided orders as 357.180,000 feet on Jan.
21 1933, or the equivalent of 12 days' average production, as compared
with 421,834.000 feet, or the equivalent of 14 days' average production on
similar date a year ago.
Last week's production of 401 identical softwood mills was 80.471,000
feet; and a year ago It was 86.103,000 feet; shipments were respectively
92,278.000 feet and 122,531,000; and orders received 95,403,000 feet and
126,396.000.
West Coast Movement,
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 178 mills reporting
for the week ended Jan. 21.
SHIPMENTS.
UNSHIPPED ORDERS.
NEW BUSINESS.
Feet.
Feet.
Feet.
Coastwise and
Domestic cargo
Domestic cargo
delivery_ - _ 25,739,000 delivery ____ 92,894,000 intercoastal- 27,146,000
92,535,000 Export
10,312,000
13,064,000 Foreign
Export
11,118,000
45,266,000 Rail
11,407,000 Rail
Rail
3,808,000
Local
3,808,000
Local
52,385,000
230,695,000 Total
54,018,000 Total
Total
Production tor the week was 49,361,000 feet. Production was 21% and
new business 23% of capacity, compared with 21% and 23% for the previous week.
Southern Pine,
The Southern Pine Association reported from New Orleans that for 106
mills reporting, shipments were 5% above production and orders 16%
above production and 10% above shipments. New business taken during the week amounted to 23,755,000 teet (previous week 24.580,000 at
107 mills); shipments, 21,523,000 feet (previous week 18,652,000); and production 20.495,000 feet (previous week 21,395,000). Production was 33%
and orders 38% of capacity, compared with 34% and 39% for the previous
week. Orders on hand at the end of the week at 105 mills were 58,581,000
feet. The 105 identical mills reported an increase in production of 8%
and in new business a decrease of 3% as compared with the same week a
year ago.
Western Pine.
The Western Pine Association reported from Portland. Ore., that for
106 mills reporting, shipments were 62% above production and orders
57% above production and 3% below shipments. New business taken
during the week amounted to 17,569,000 feet (previous week 21,271,000 at
115 mills); shipments, 18,054,000 feet (previous week 18,561,000); and production 11,178,000 feet (previous week 12.596.000). Production was 9%
and orders 14% of capacity, compared with 10% and 17% for the previous
week. Orders on hand at the end of the week at 106 mills were 86,928.000
feet. The 104 identical mills reported an increase in production of 5%,
and in new business a decrease of 41%, as compared with the same week a
year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported no
production from 7 mills;shipments 1,001,000 feet and new business 1,040,000
feet. The same mills reported new business 51% less than for the same
week last year.
Northern Henuock.
The Northern Hemlock and Hardwood Manufacturers' Association of
Oshkosh, Wis., reported production from 14 mills as 210.000 feet,shipments
271,000 and orders 313.000 feet. Orders were 5% of capacity compared
with 6% the previous week. The 13 identical mills reported a loss of 51%
In production and a loss of 81% in new business, compared with the same
week a year ago.
Hardwood Reports.
The Hardwood Manufacturers' Institute of Memphis, Tenn.. made no
report.
Jan. 28 1933
The Northern Hemlock Rs Hardwood Manufacturers' Association of
Oshkosh. Wis.. reported production from 14 mills as 221,000 feet, shipments
583,000 and orders 567,000 feet. Orders were 12% of capacity, compared
with 13% the previous week. The 13 identical mills reported a loss of
79% in production and a loss of 62% in orders compared with the same week
last year.
Crude Rubber Production in British Malaya 19,672
Tons Less During 1932 than in 1931.
Production of crude rubber on large and'small estates in
British Malaya during 1932 aggregated 416,784 tons, according to the cabled monthly census figures received by the
Rubber Exchange of New York, Inc., as compared with a
total of 436,456 tons produced during the year 1931. In
noting this, the Exchange also said as follows, under (bay
of Jan. 23:
Production was more than maintained on estates larger than 100 acres
In size, chiefly European-owned, which accounted for an output of 240,116
tone, against 239,538 tons during 1931.
Estates less than 100 acres in size, mostly native operated, turned out a
quantity of 176,668 tons, as compared with 196,918 tons during 1931.
The production trend was upward at the year-end, all estates reporting
a total of 40,974 tons in December against 84,031 tons in November and
39,837 tons during December 1931.
Exports of Crude Rubber from Dutch East Indies
Increased During December Over November.
Crude rubber exports from the Dutch East Indies
amounted to 20,670 tons during December, the Rubber Exchange of New York, Inc., was advised to-day, Jan. 25, by
cable, a quantity which compares with 20,014 tons during
November and with 23,940 tons in December 1931. The
advices as reported by the Exchange also noted:
Such shipments were smaller for the year 1932, however, amounting to
230,107 tons, compared with 284,199 tons during 1931. The Dutch rubber
movement in 1932, followed the smaller trend of the largest producer,
British Malaya, which exported a quantity of 478,262 tons during the
year, against 519,740 tons in 1931.
The Dutch East Indies figures for December showed that Java, Madoera,
and the East Coast of Sumatra exported more rubber, while the rest of
Sumatra and Borneo, shipped less than in November.
T. L. Chadbourne Expects 50% Rise In World Sugar
Price This Year.
An increase of 50% in the world price of sugar is looked
for in 1933 by Thomas L. Chadbourne, author of the international agreement for world sugar control, who arrived
in New York on the Bremen on Jan. 20. From the New
York "Evening Post" we quote:
Mr. Chadbourne said that all of those who have joined in the international sugar:agreement are enthusiastic about its success. He said in part:
"I am very strong on the position of sugar. Take Russia, for example.
who, under the five-year plan has scheduled to produce about 3,500,000
tons of sugar next year which would have been felt in outside markets.
"Present indications are that she probably will produce no more than
800,000 tons of sugar by next fall.
"I look for a rise in world sugar prices this year of at least 50% above
the present prices and that is not a great deal when you consider the very
low price at which raw sugar is selling to-day.
"All of the members in the international agreement are enthusiastic
about the plan."
Asked to comment on the Philippine independence bill Mr. Chadbourne
said:
"The present independence bill makes us responsible for them for a
period of ten years. This is too long a time to be held responsible for island*
we do not intend to keep."
Less Javanaese Sugar Estimated For 1934 Crop.
Advices from Amsterdam, Holland to the "Wall Street
Journal" of Jan. 17 said:
Javesugar circles estimate plantings for the 1934 sugar crop will not
exceed:30.000:hectares (74,250 acres). With usual crop yield, this would
produce approximately:500,000 tons of sugar, it is said. Latest unofficial
estimate for...the:1933 crop is for 1,500,000 tons.
Beet Sugar Output Up—Utah-Idaho Co.'s Total 75%
Above 1931—Amalgamated Produced 2,000,000 Bags.
The following from Salt Lake City (Utah) is from the
"Wall Street Journal" of Jan. 17:
Production of sugar by Utah-Idaho Sugar Co. from 1932 grown beets
is estimated by officials:at 3,000,000„bags of 100 pounds each, an increase
of nearly 75% over the 1931 season.
Willard T. Cannon, Vice-President, recently returned from Denver,
where he attended:an executive committee meeting of the United Statee
Beet Sugar Association reporting that Utah and Idaho were the only
states west of the Mississippi River to show an increase in production of
beet sugar the past season. Total production of beet sugar in the United
States during the season Just closed was approximately 26,500,000 100"
pound bags, of which Mr. Cannon said, the area east of the miselealpPl
produced only 4.025,000 bags.
Beet growers for the company were paid a total of $4,250,000 for aPproximately 1,000.000 tons of beets, of which 770,000 tons were grown in
Utah and'Idaho. The 1932 crop was the largest ever harvested for the company, although only eight of its 16 factories operated the past season.
Amalgamated Sugar Co. controled by the American Beet Sugar Co, of
Denver in the past season operated five of its seven factories, producing
slightly over 2,000.000 bags. Previous highest seasonal output was nearly
1,500,000 bags.
Volume 136
575
Financial Chronicle
destroyed during the past year might be more
In order that the amount
Sugar Price Trends.
the total
clearly visualized, the Exchange's Statistician has calculated that
a billion pounds represents enough coffee to supply every man,
A chart of sugar prices made by G. G. Paton, Statistician of more than
woman, and child in the United States with a cup a day for an entire year.
of the New York Coffee and Sugar Exchange, shows that
The
years.
price trends have been seasonal in the past two
Coffee Board Shifted in Reorganization.
first few months of the year show prices declining, reflecting Sao Paulo
(United Press) from Sao Paulo, Brazil,
following
York
The
New
the
in
sale
the pressure of duty-free sugars for
New York "Herald Tribune":
the
from
is
22,
months
Jan.
market. The price improved sharply in the summer
Reorganization of the Sao Paulo Coffee Institute was promised to-day
price
the
and
arrived
season
when the heavy consuming
with the appointment of an entirely new directorate composed of Luis
direcdeclined late in the year with seasonal year-end drop in • Figueira Mello, Joao Silveira Prado and Amando Simoes. The old State,
torate was summarily dismissed by the Federal Inventor for the
consumption.
ion.
maladministrat
of
charges
following
Lima,
Governor Waldimiro
Findings by an investigating committee revealed that the firm of Murray
Cocoa Sells at 3.25 Cents a Pound on New York Cocoa Simonsen Co., Sao Paulo, had handled coffee operations for the institute
Exof
History
totaling more than 52,000 contos ($3,874,000) and had allegedly received
Exchange-Lowest Quotation in
4,000 contos ($298.000) in commissions. The committee recommended
change.
examination of the books of Murray Simonsen Co. to determine responAccording to the weekly review of 'te • cocoa market, sibility for overpayment of commissions.
Numerous other alleged irregularities in the affairs of the institute were
issued by the New York Cocoa Exchan,., on Jan. 20, "the charged
by the committee, including foreign exchange transactions involvlow
market rallied slightly from the new all-time record
ing thousands of contos. The committee recommended that Governor
in connection with a balance
quotations established -early last week, when the January Lima take steps to suspend further transactions
Estado
31.000 contos ($2,309,500) deposited in the Banco Noroesto do
delivery sold on the Exchange at 3.25 cents a pound, which of
do Sao Paulo.
was the lowest quotation in the history of the Exchange.
The shake-up in the Sao Paulo Coffee Institute was preceded several days
by the unexpected resignation of Roquette Pinto as President of the powerThe review also said:
of criticism of his international
The market closed with net losses of 15 to 25 points for the week Prices
drifted gradually lower under pressure of liquidation from Wall Street
houses and some hedge selling attributed to Brazilian producers. Rallying
tendencies at the close of the week were influenced by a firmer trend in
the security and commodity markets generally. New York warehouse
stocks on Friday, Jan. 20, were 727.107 bags, compared with 673,463 bags
a month ago and 232,992 bags a year ago.
ful National Coffee Council as a result
Council Ws" is
advertising and publlcity contracts. The National Coffee
under investigation.
Colombian Coffee Exports Show Gain.
Preliminary figures on coffee exported by Colombia, S. A.
in 1932, released by the National Federation of Coffee
February Sale of Brazilian Coffee Disappointing- Growers of Colombia, totaled 3,139,504 bags, compared to
Only 21,250 Bags of Scheduled 63,000 Sold, Prices 3,017,399 bags in 1931. It is added:
in the
Ranging 9.25c. to 9.78c.
Of this 1932 export total, 2,766,529 bags were imported for use
88% of
United States as against 2,751,406 bags in 1931, or approximately
its
in
Association
Coffee
Green
United
The contention of the
Colombia's annual coffee exports, which were absorbed in the
protest Jan. 23 to President Hoover, to George C. Milnor States 1932 coffee market.
of
gain
a
disclose
Further figures of the Colombian Coffee Federation
and to James C. Stone, which, says the New York "Journal
1.078.846 bags exported from Colombia in 1932 over total coffee exports
,
unanswered
of Commerce" of Jan. 26, incidentally went
of 1923.
that acute shortage of spot coffee was non-existent and that,
therefore, there was no impelling force warranting the opening Activity in the Cotton Spinning Industry for December
1932.
of bids on the February allotment of Government coffee a
week before the scheduled date, obviously was borne out by
The Bureau of the Census announced on Jan. 20, that,
the outcome of the sale on Jan. 25. The paper from which according to preliminary figures, 31,442,174 cotton spinning
we quote went on to say:
spindles were in place in the United States on Dec. 31 1932,
Of the 63,000 bags only 21.250 bags were sold, and the inside price paid
of which 23,775,136 were operated at some time during the
represented the lowest the Grain Stabilization has yet received. The range
month compared with 24,349,506 for November, 24,587,732
was between 9.25e. and 9.784. It compares with 9.48c. and 9.59c. which
the January allotment brought.
for
October, 23,883,948 for September, 22,022,490 for
Until this sale disposition of the 1,050,000 bags, which was received from
August, 19,758,252 for July, and 24,688,094 for December
Brazil in exchange for 25,000,000 bushels of wheat, since last September
1931. The aggregate number of active spindle hours reported
when the first sale of 62,000 bags was effected, has been made by opening
bids on the first day of each month. That the Government would veer
for the month was 6,386,218,252. During December the
from this course was not generally expected, although in the months of
normal time of operation was 26 days (allowance being
October and December they departed from the original policy by selling
the largest portion of these allotments on a second call because first bids
made for closing on the Monday after Christmas Day)
were unsatisfactory.
with 253'for November, 25Y1 for October, 25 2-3
compared
anOn Saturday, last (Jan. 21). the Grain Stabilization Corporation
27 for August, and 25 for July. Based on an
September,
coffee,
Santos
desirable
for
of
shortage
nounced that because of the indicated
bids on the February allotment of 63,000 bags would be opened January 25
of 8.96 hours per day the average number of spindles
activity
instead of Feb. 1. However, they stated that deliveries would not be made
operated during December was 27,413,368, or at 87.2%
until after the first of the month. The Green Coffee Association protested,
stating that no shortage existed.
capacity on a single shift basis. This percentage compares
Commenting on the outcome of the sale, the Green Coffee Association.
with 96.9 for November, 97.0 for October, 94.6 for Septemthrough its secretary Milton E. Hillman, said yesterday:
ber, 72.4 for August, 51.5 for July and 79.1 for December
"It has become an accepted condition of the trade that during the period
of a week or so preceding the Farm Board sale, business has usually fallen
1931. The average number of active spindle hours per
off to a considerable extent, inasmuch as it is quite natural that prospective
spindle in place for the month was 203. The total number of
buyers prefer to wait over until the result of the Farm Board sale and then
cotton spinning spindles in place, the number active, the
expect to buy their Santos requirements on the basis of that sale. When
it happens that the entire allotment is not sold (as was the case to-day), it
number of active spindle hours and the average hours per
means that within the very near future, perhaps early in February, there
spindle in place, by States, are shown in the following statewill be another offering of the remainder of the scheduled February portion
(41,500 bags). The trade has just gone through a period of uncertainty
ment:
lasting a week or so, while awaiting the result of this sale, and now this
element of uncertainty is prolonged until the balance of the February
quota has been finally disposed of."
Officials of the Grain Stabilization Corporation, which is a subsidiary of
the Farm Board, when questioned yesterday did not know when the remaining quantity of 41,750 bags would be sold, but guessed that possibly the
release date would be fixed between February 10 and 15.
United States
The January sale was referred to in these columns Jan. 7,
page 36.
Coffee Burned and Otherwise Destroyed By Brazil.
In attempting to improve the statistical picture of the
coffee industry, Brazil burned and otherwise destroyed
9,319,000 bags of coffee in the year 1932-an amount equal
to 40% of the entire annual world's consumption for the
1931-32 crap year according to advices received by the N. Y.
Coffee & Sugar Exchange. The latter on Jan. 19 added:
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
1932, uncial' the
Since the coffee destruction campaign started in JUDO
a total of 12,155,000
direction of the National Coffee Council of Brazil,
bags has been destroyed.
during the Brazilian
The destruction program, which was interrupted
Revolution came to a
Revolution last summer, was speeded up when the
fortnight has witnessed increasingly
close in early October. Since then each
Dec 15 to 31, a total of 672,000 bags was
large amounts destroyed. Frombags
the first half of December: 465,000
for
burned compared with 545,000
270,000 bags for the first half of
bags for the last half of November; and
that month.
Spinning Spindles.
State.
'Wive Spindle HMS
for December.
In Place
Dec. 31.
Active Doring Dec.
Total.
Average per
Spindle in Place.
31,442,174
23,775,136
6,386,218,252
203
Cotton-growing States 19,094,570
New England States_ 11,228,520
1,119,084
All other States
18,831,244
6,271,728
672,164
4,991,050,596
1,261,734,138
133,433,518
261
112
119
1,868,602
1,037,888
3,317,338
981,580
6,123,588
216,756
1,658,256
616,098
2,843,718
705,902
3,268,798
150,536
456,877,186
126,285,144
761,888,230
121,603,455
642,204,833
48,507,745
245
122
230
124
105
224
1,166,672
685,994
169,613,512
193,760
580,336
6,155,412
1,801,528
5,689,132
591,304
281,980
678,322
757.978
135,476
262,786
5.281,870
896,664
5,404,868
501,466
181,966
639,974
1140 764
26,320,984
58,847,862
1,324,641,369
182,384,110
1,948,231,120
196,259,612
43,066,628
169,483,732
110 002.730
145
136
101
215
101
342
332
153
250
145
Canadian Newsprint Output Drops 14.1%-Production
During 1932 Totaled 1,907,566 Tons.
The following is from the "Montreal Gazette" of Jan. 21:
During 1932 production of newsprint by the Canadian mills amounted
576
Financial Chronicle
to 1,907,566 tons, as compared with 2,221,454 tons in the preceding
year,
according to the report just made public by the News Print Service
Bureau
of New York. In 1930 the output of the mills in the Dominion
amounted
to 2,504.147 tons, while in 1929. when the peak of production was
established, the output totaled 2.728,827 tons.
For the month of December production of the Canadian mills
at 138,682
tons, showed a sharp drop from the preceding month, when the
output
amounted to 161.334 tons, while in December of the preceding
year production by the mills in the Dominion amounted to 165,173
tons.
Shipments in December from Canadian mills amounted to 140,770
tons,
including an estimate for one company whose exact figures were
not reported.
Production in the United States was 80,075 tons and shipment
s 79,002 tons,
making a total United States and Canadian newsprint productio
n of 218.757
tons and shipments 219,772 tons. During December, 21.704
tons of newsprint were made in Newfoundland and 902 tons in Mexico,so
that the total
North American production for the month amounted to 241,363
tons.
Taking the production of the regular newsprint mills reporting monthly
and making necessary year-end corrections and adjustments, the
total
North American output of newsprint paper in 1932 is calculate to have
d
been
3,198.622 tons, of which 1,907.566 tons were made in Canada.
1.006,569
tons in the United States. 271.804 tons in Newfoundland and 12,683
tons
In Mexico. The Canadian output was 14.1% less than
in 1931, that in the
United States 13.0% less, with a loss of 7.9% in Newfound
land and 16.5%
loss in Mexico, making a total continental decrease of
490.446 tons. or
13.3%.
Stocks of newsprint paper at Canadian mills are figured
at 42,337 tons
at the end of December and at United States mills
21,783 tons, making a
combined total of 64.120 tons compared with 86,913
tons on Dec. 31 1931.
_
Jan. 28 1933
A bill introduced in the Texas State Legislature, if enacted
'
will impose, in some cases, a tax double that of the amount
paid for the oil itself. This is the Burns Bill, levying
a
graduated tax per barrel, ranging from 2c. a barrel on five
to ten barrel producers, up to $1 a barrel on ail daily production in excess of 1,003 barrels from one well. A tax
of 10.3.
a barrel is proposed of wells producing from 30
to 40 barrels
daily, which would apply to the present allowable in
the vast
East Texas field.
The Daniel Bill, introduced simultaneously,
would impose a flat tax of 2c. a barrel on all production,
to replace
the present levy of 2% on the value of oil produce
d.
Price changes follow:
Jan. 21.-All grades of Pennsylvania crude
reduced 10c. a barrel, new
prices being Bradford-Allegheny District $1.47;
Central District, $1.42:
oil in southwest Pennsylvania pipe line is $1.17; in
Eureka lines $1.12.
Jan. 20.-Humble Oil & Refining meets oil price
cuts throughout territory. Sinclair-Prairie meets posting of 50c. on
East Texas crude. Standard of Louisiana cuts Caddo crude 27c.; Sabine,
DeSoto and Eldorado 25c.:
Sarepta and Carterville 26c. and Haynesville 22c,
Tide Water Oil Co.
posts new prices in Conroe field 10c. below Texas Co.
levels. Magbolia
Petroleum meets reductions in Oklahoma; north,
north central. East. and
west Texas, and in Texas Panhandle
Prices of Typical Crudes per Barrel
at Wells.
Petroleum and its Products-Pennsylvania Crude
(All gravities where A.P. I. degrees are not shown.)
Bradford.
Pa
$1.47
Eldorado,
Ark.,
Takes New Cut-California Group Votes to Cur- Corning, Pa
40
80.52
Rusk. Tex., 40 and over
•
.52
.82 Salt Creek. Wyo.. 40 and
tail Output-No Relief in Sight as Disrupt Crude Illinois
over---. .52
Western Kentucky
.60 Darst Creek
.40-.50
Mid-Continent, Okla.. 40 and
Markets Undermine Refined Prices.
Midland Dist., Mich
.70
above
.52 Sunburst, Mont
1.05
Pennsylvania crude oil has been cut another 10c. a barrel Hutchinson. Tex., 40 and over.-- .52 Sante
Fe Springs, Calif., 40 and over 1.00
Spindletop, Tex., 40 and over
.52
Huntingto
n,
Calif..
26
for all grades, bringing prices down in the upper district to Winkler, Tex
1.00
.50 Petrolla, Canada
1.60
.52
the lowest level since 1915,and the lower district to the lowest Smackover. Ark.. 24 and over
prices since 1901. The new prices establish Bradford-Alle- REFINED PRODUCTS-TRADE BELIEVES
LEADERS WILL TRY
gheny District at $1.47; Central District $1.42; oil in PennTO ELIMINATE THIRD-GRADE GASOLINE FROM
MARKET
sylvania southwest pipe line, $1.17; Buckeye pipe 97c.;
DUE TO MARKED INROADS MADE ON REGULA
R GASOLINE
-MILD
SALES
WEATHER CURTAILS KEROSE
Eureka lines, $1.12. These new prices went into effect on
NE CONSUMPTION-BULK SALES HERE MODERATE.
Saturday morning, Jan. 20, and followed by two days
Gradual elimination of third-grade,so-called "competitive"
previous reduction of 15c. a barrel.
An agreement is in effect which brings the output of mem- gasoline,from the Eastern markets is being sought by leading
bers of the Kettleman }Ting North Dome Association down refiners due to the fact that this third-grade has out-grown
its original purpose and threatens to eliminate the market
to the 55,030 barrels daily alloted that field. Prorati
on
for regular gasoline entirely, unless it is removed first.
quota cards have been sigred by operators in the fields
of
Introduced in the East as a means to bolster
the Los Angeles basin, including Huntington Beach,
gallonage
Long
records, this third-grade has grown in popularity,
Beach and Santa Fe Springs. In telegrams to
due to
members
the depression which has taught people to cut pennies whenurging complete cooperation in this curtailment
plan, the
ever possible, and as a result the sale of regular gasolin
Association declares:
e has
dropped alarmingly. Some companies, it is reported,
"In an effort to avoid the most serious consequences
have
to been
forced
to sell their regular grades under the name
the oil industry of this state the production of oil in the variof
ous fields must immediately be brought in line with the allo- third-grade to meet the demand. This has served to entirely wipe out any profit spread, and thus the
cated quotas fixed by the umpire's office, and Kettle
competitive
man gasolin
e is proving a boomerang.
Hills must do its part. The obligation of every producer
to
Gasoline sales in the tank-car market here continu
act in conformity with this plan shall be for a period of
e on
90
days, and then in the event that the Los Angeles basin fields a low level. Distributors are operating on a close, hand to
are brought down and kept at the umpire's allotment hereto- mouth basis, and the situation has naturally been aggravated
fore fixed for a like period of time, also only so long as the by the chaotic crude oil price situation. Kerosene sales are
feeling the effects of the mild weather of the past few
present crude oil price structure remains in effect."
weeks,
Price cuts throughout mid-continent have been extended and gallonage consumed is dropping considerably below
estimat
es.
by the larger companies, and there is as yet no indication
Bunker fuel oil continues quiet, but with the
of any steps being taken to return crude oil to a firmer price
price held on
basis. The cuts have resulted in seriously undermining the the 750. per barrel basis which has obtained for many
months. Diesel continues unchanged at $1.65
prices of refined products.
per barrel.
Standard Oil Co. of Louisiana has cut Caddo crude 27e. a Both quotations are for bulk sales, at refineries.
Reports
the
Americ
to
an Petroleum Institute for the
barrel, Sabine, DeSoto and Eldorado 25c., Homer 24c.,
week
Sarepta and Carterville 26c., and B aynesville 22c., in addi- ended Jan. 21 showed an increase of 283,000 barrels in
storage
fuels.
motor
of
tion to meeting the 10c. reduction in Smackover oil. The
Gasoline, Service Station, Tax
Stanolind reductions in north and central Texas, and new
Included.
New York
$.135 Cleveland
prices in East Texas, West Texas and Lea County, New Atlanta
$ 165 New Orleans
19 Denver
18 Philadelphia
Mexico, have been met by Humble Oil & Refininf Co., sub- Baltimore
12
18 Detroit
135 San Francisco:
Boston
145 Houston
17
sidiary of Standard of New Jersey.
Third grade
Buffalo
139
16 Jacksonville
195
Above 65 octane_ -. 180
Chicago
14 Kansas City
The Humble Company, however, is quoting 2c. a barrel Cincinnati
155
Premium
.214
165 Minneapolis
147 St. Louis
14
less than the Texas Company in Gray, Carson and HutchinKerosene
4143
Water
,
White,
Tank Car Lots, F.O.B.
son counties in the Texas Panhandle, and 10o. below in the N.Y.
Refinery,
(Bayonne) ---$.05M J Chicago
$.0234-.0334 I New Orleans. ex
Conroe field. Humble is also below Texas Co. prices on the North Texas
...$.0334
03
Loa Ans.. ex .04
!Tulsa
04M-.0314
Gulf Coast,its new range being from 320.for below 20 degrees
Fuel Oil, F.O.B. Refinery or Terminal
(id .
,
0
gravity, with a 2c. advance on each degree up to 62c.
for N.Y.(Bayonne)- $.75 California 27 plus$D
34 gravity and abow,. This represents a reduction of 26c.
CoastChicago
18-22
.78
.1.
D-.4:41
B
DI
Bese
nkier20
D.-- 1.65 New Orleans 0.....- .60 IP
840
000
1
-.5
.60
Thubsa
lladelphla C
.70
from the former Humble postings. Humble is quoting 40e.
Gas
011.
F.O.B.
Refine
ry
or
Terminal.
a barrel for Darst Creek and Salt Flat crudes; 45c. on Regu- N.Y.(Bayonne)J Chicago-$ 0114
28 plus CI 0--$.03M-.04 I 32-36 00
fio, and 35c. on Mirando, these prices representing a reduc$ 01%1
tion of 20c. Pettus crude was cut 25c. to a new price of155c U. S. Gasoline, Motor (Above 45 Octane), Tank Ca0
rhIr
cag
tso
, F.O.B. Refinery
N. Y.(Bayonne)N. Y.(Bayonne)a barrel.
Standard Oil, N.J.Pan-Am.Pet. Co_1.06
New Orleans, ex.8.0
05
4-..08
Motor.
60 oc431
The new posting of 50c. flat for East Texas crude has been
Shell Eastern Pet_ .05M c
Aa
rknafonm
saisa
tane
0534 New
met by Sinclair-Prairie. Eastern Kentucky crude is now at
Motor. 65 coo-$
.05-.07
wolY
onolrakr-Beacon _ .05M
ex_
.04M-.07
lane
053(
Crew Levick
Cult port.,
a 60o. top, following a reduction of 20o. in Somerset crude
.05-.05M
Motor,standard .0534
z Texas
uisa
011, N.Y.-- .05%
Gulf
posted last week by Ashland Oil & Transportation Co., prin- Stand.
*SW Fennsylva
I
nia--- 05-..05054
Tide Wet. Oil Co._ .0531
Republic)00
*.0531
charn
ileld
01101
er41
(n
0al
cipal buyer. The posted price is 45o., to which is added th-e RiW
c.)
o
:.
01
05
15c. premium customarily paid in Eastern Kentucky.
•Below 65 octane. a "Fire Ciller .0534.
577
Financial Chronicle
Volume 136
Slight Gain Reported in Production of Crude Oil- amounted to 80,579,000 bbls. with an estimated factory
value of $80,835,000.
Gasoline Inventories Continue to Increase.
In the following statement of relation of production to
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended capacity the total output of finished cement is compared
Jan. 21 1933 was 2,015,300 barrels, compared with 2,011,050 with the estimated capacity of 165 plants both at the close
barrels per day during the preceding week, an average of of December 1932, and of December 1931:
RATIO OF PRODUCTION TO CAPACITY.
1,875,500 barrels per day during the four weeks ended
Jan. 21 1933 and an average daily output of 2,161,500
Dec. 1931. Dec. 1932. Nov. 1932. Oat. 1932. Sept. 1932.
barrels for the week ended Jan.23 1932.
29.1%
26.4%
18.5%
34.6% I 36.9%
The month
28.3%
29.0%
Stocks of motor fuel at all points increased from 52,264,000 The 12 months ended_.._ 46.5%
29.6% I 30.6%
barrels at Jan. 14 1933 to 52,547,000 barrels at Jan. 21 1933, PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT,BY DISTRICTS,IN DECEMBER 1931 AND 1932(IN THOUS.
or a gain of 283,000 barrels, as compared with an increase of
OF BARRELS.)
15,000 barrels in the previous week.
Stocks at End
Reports received for the week ended Jan. 21 1933, from
Shipments.
Production.
of Month.
District.
refining companies controlling 91.6% of the 3,856,300 barrel
1931, 1932. 1931. 1932. 1931. 1932.
estimated daily potential refining capacity of the United
805 1,310
759 4.852 3,727
1,434
Pa., N. J., and Md
States, indicate that 2,106,000 barrels of crude oil daily Eastern
335
321
189 1,343 1,424
New York and Maine
• 458
638
282
308 3,571 3,023
422
Western Pa.. and W. Va.._
were run to the stills operated by those companies, and that Ohio,
153
65 2,056 1,493
Michigan
197
153
707
477
375
179 2,833 2,170
they had in storage at refineries at the end of the week, Wis., 111., Ind., and KY
508
432
377 1,795 1,571
Va., Tenn.,Ala.,Ga.,Fla.,& La572
35,736,000 barrels of gasoline and 126,025,000 barrels of East. Mo.,Ia., Minn.,& S. Dak- 600 422 212 201 3,098 2,250
688
220
372
164 1,638 1,766
W.Mo.,Neb..Kan.,Okla.& Ark.
gas and fuel oil. Gasoline at bulk terminals amounted to Texas
291
289
214
165
726
677
43
44
492
524
Mont.,Utah. Wyo.,& Ida11,238,000 barrels and 1,123,000 barrels were in water borne Colo.,
474
320
370
353 1,103 1,000
California
81
58
72
31
670
575
Oregon
and
Washington
production
transit in or between districts. Cracked gasoline
by companies owning 95.4% of the potential charging caTnts.1
5 974 4 248 4.142 2S35 24.177 20.200
pacity of all cracking units, averaged 394,000 barrels daily PRODUCTION, SHIPMENTS. AND STOCK OF FINISHED PORTLAND
CEMENT. BY MONTHS, IN 1931 AND 1932 (IN THOUSANDS OF
during the week.
BARRELS).
The'report for the week ended Jan. 21 1933 follows in
Stocks at End
deta :
Month.
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures in Barrels of 42 Gallons Each.)
Total
411,700
97.900
52,850
49.350
25,950
173,750
49.750
332,750
52,100
29,050
34,300
111,800
28,450
106,600
14,450
35,650
5,850
3.650
37,000
508,600
•••
401,150
88,450
44,150
46,900
24,250
159,9501
48,300
268,3001
50,2501
28,500j
32.200,
129,900
36,600
94,700
15,050
31,400
5,550
2,800
27,850
474,800
88888S.8t,S8S888888888
374,550
91,800
44,500
46,450
24,350
159,600
48,250
294,950
49,200
30,250
32,150
131,850
35,950
91,250
15,750
32,250
5,550
2,700
31,550
472,400
Week
Ended
Jan. 23.
1932.
1111•I••••••
Week
Ended
Jan. 14
1933.
Average
4 Weeks
Ended
Jan. 21
1933.
-4t4
w.wwwwww04.owo.o.ww
wwww.pwp..w.
p.04...4www
WW-4.
-absIow.Ww0c1DWOM.
-ib
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 Incl. Michigan)
Michigan
Wyoming
Montana
Colorado
New Mexico
California
Week
Ended
Jan. 21
1933.
_ 2 nis goo soil Aso 1 )175 non 2 tat min
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND GAS AND FUEL
OIL STOCKS, WEEK ENDED JAN. 21 1933.
(Figures In barrels of 42 gallons each.)
District.
Daily Refining Capacity
of Plants.
East Coast
Appalachlan
Ind., III., Ky_ _
Okla., Kan., Mo.
Inland Texas_ _
_
Texas Gulf_
Louisiana Gulf_ _
No. La.. Ark_ _
Rocky Mountain
California
Total.
%
Daily OperAverage. ated.
1932.
of Month.
Shipments.
1931.
1932.
1931.
1932.
27.759
28,612
29,676
29,715
29,554
27,602
25,934
24,313
22,736
21,218
22.219
224,177
25,778
26.657
27.545
26.496
25.394
24,043
22,512
19.398
17.878
17,084
a18.788
20,200
January
February
March_
April
May
June
July
August
September
October
November
December
6,595
5,920
8,245
11,245
14,010
14,118
13,899
13,549
12,092
10,762
8,161
5,974
5,028
3.971
4,847
5.478
6,913
7,921
7,659
7.835
8,210
7,939
6,462
4,248
4.692
5.074
7.192
11,184
14,200
16.077
15,545
15,172
13,671
12.360
7.156
4,142
3,393
3,118
3,973
6,536
8,020
9,264
9,218
10.968
9,729
8,743
4,782
2,835
Total
124 570
76 509
126 465
80 579
a Revised.
Note.-The statistics above presented are compiled from reports for December
received by the Bureau of Mines from all manufacturing plants except three, for
which estimates have been included in lieu of actual returns.
Monthly Statistics of Exports of Tin According to
International Tin Committee.
The International Tin Committee met at London,England,
on Tuesday, Jan. 24, according to a communique issued
by the New York office of the International Tin Research
& Development Council. The communique showed the
monthly statistics as to exports as follows:
CABLED INFORMATION FROM PARTICIPATING COUNTRIES FOR
THE MONTHS OF SEPTEMBER, OCTOBER, NOVEMBER AND
DECEMBER 1932.
Crude Runs
to Stills.
Reporting
Potential
Rate.
Production.
1931.
aMotor
Fuel
Stocks.
Gas and
Fuel OS
Stocks.
644,700 638,700 99.1 442,000 69.2 13,205,000 7,676,000
144.700 135,000 95.0
83,000 61.5 1,785,000
846,000
434.900 424,000 97.5 307,000 72.4 7,067,000 3,373,000
459.300
201,000 51.5 4,787,000 2,882,000
315,300 177.700 56.4
99,000 55.7 1,500,000 2,191,000
555,000 542,000 97.7 392,000 72.3 6,103,000 6,443,000
146,000 142,000 97.3
81,000 57.0 1,424,000 2,368,000
89,300
79,000 88.5
44,000 55.7
298,000
492,000
152,000 138,000 90.8
33,000 23.9 1,190,000
484,000
915,100 866,100 94.6 424,000 49.0 15,188,000 99,270,000
Totals week:
Jan.21 1933 3,856,300 3,532,500 91.6 2,106,000 59.6 c.52547000 126,025.000
Jan. 14 1933._ 3,856.300 3,532,500 91.6 1,984,000 56.2 52,264,000 126,472,000
a Below is set out an estimate of total motor fuel stocks on U.S. Bureau of Mines
basis for week of Jan. 211933, compared with certain January 1932 Bureau figures:
A. P. I. estimate B.& M. basis, week Jan. 21 1933.6
53,650,000 barrels
U. S. B. 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
is Estimated to permit comparison with A. P. I. Economics reports, which Is of
Bureau of Mines basis.
c Includes 35,736.000 barrels at refineries, 11,238,000 at bulk terminals, 1.123,000 barrels in transit, and 4,450,000 barrels of other motor fuel stooks.
Monthly
Balance
Export
as
Permissible
Sept. 11933.
from
Sept. 11932.
Netherlands
East Indies__
Nigeria
Bolivia
Malaya
Siam
Sept.
Oct.
Nov.
Dec.
1,332
1,236
1,188
273
295
287
1.338
1,358
1.263
2.389
2,313
1,667
872
871
789
The quota for Malaya has been reduced, with e feet from Sept. 11932. by 50
tons, the amount of the special allowance for Chinese miners as this production
has practically come to an end. Under this head 157 tons have been exported
during July to November. This amount is in addition to the quota. It Is separately
held, and will not be released tIll July 1933.
Note.-A plus sign means excess over quota. A minus sign means balance In
hand on the quota allowance.
1,282
317
1,224
x2,036
833
-40
-26
+1,172
-113
-523
Export.
1,312
330
1,218
2,163
764
Fair Buying of Copper Abroad-Silver Moves Higher
on Speculative Support.
"Metal and Mineral Markets" reports under date of
Jan. 26 that Europe purchased a fair tonnage of copper
during the last week without influencing the price structure
in that territory to an appreciable extent. Domestically,
Portland Cement Output Declined 39% During 1932- inquiry for major non-ferrous metals improved slightly,
Shipments Off 36.6%-Stocks at Mills 16.4% Lower contrasted with recent weeks, consumers showing some
Than a Year Ago.
disposition to take on second-quarter material at around
According to the United States Bureau of Mines, Depart- current levels. Copper and lead are unchanged in price,
ment of Commerce, the Portland cement industry in Decem- with zinc a shade lower. Tin moved up on the advance in
ber 1932 produced 4,248,000 bbls., shipped 2,835,000 bbls. sterling exchange. The action of silver attracted wide
from the mills, and had in stock at the end of the month interest. The din raised abOut monetary inflation liar fired
20,200,000 bbls. Production of Portland cement in Decem- the imagination of speculators who purchased the metal in
ber 1932 showed a decrease of 28.9% and shipments a de- the option market on a large way, sufficient in fact to
crease of 31.6%,as compared with December 1931. Portland Influence the regular market. The same publication adds:
Foreign Copper Sales Good.
cement stocks at mills were 16.4% lower than a year ago.
Except for a moderate increase in buying interest for second-quart&
The preliminary totals for 1932, according to the Bureau, copper,
the domestic market underwent little
In the last week.
show decreases of 39% in production and 36.6% in shipments The metal sold on the basis of Sc., delivered change
Connecticut, for near-by
as
well
as
April
Shipments
from
mills
in
1932
-May
-June
delivery, though most sellers were not at all
from the final totals for 1931.
578
Financial Chronicle
anxious about booking business at that price or the more forward position.
The fact that at least some buying interest has once again made an appearance was regarded as an encouraging development. Currency inflation was a subject in which the copper industry showed great concern,
but this had little or no influence on the market.
Trading in the European market involved between 5.000 and 7,000
tons. Early in the period business was booked abroad as low as 4.90c.,
c.i.f. As the demand continued, sellers raised their limits slightly; yesterday prices realized ranged from 4.95c. to 5.05c. The French Government purchased about 2,000 tons in the last week or so, most of which
was taken at the equivalent of 5c., c.i.f. This metal was purchased for
the postal-telegraph service.
The American Bureau of Metal Statistics estimates deliveries of copper
for consumption in the several countries, outside of the United States
and Canada, at 56,721 metric tons monthly for the closing months of
1932. This compares with about 54.000 monthly early last year and
a monthly average of 59.658 tons for the whole of 1931.
Mine output of copper in the United States came to 241.593 tons in
1932. according to the preliminary estimate of the United States Bureau
of Mines. This compares with 528,875 tons in 1931.
German smelter output of copper in 1932 amounted to about 50,500
metric tons, against 55,400 metric tons in 1931. Refinery production
of copper in Germany amounted to about. 154,500 metric tons last year,
against 143,500 tons in 1931.
Lead Unchanged.
Total volume of lead sales was at about the same level as that of the
preceding week, and prices were maintained in all directions at Sc.. New
York, the contract basis of the American Smelting & Refining Co., and
2.875c., St. Louis. Battery manufacturers and tin-foil interests were
the principal buyers. Most of the business was booked in the middle of
the seven-day period, inquiry falling off beginning with Tuesday. About
half of the total tonnage sold was small-jot prompt-shipment metal, reflecting a continuance of the hand-to mouth buying tactics that many
consumers have adopted recent:y.
Statistics of the industry reveal an increase last month of 1.032 tons
in stocks of refined lead at United States refineries. Sales of virgin lead
for January shipment, according to figures circulated among producers,
total about 13,800 tons, and those for February shipment have reached
about 5.900 tons. These figures compare with a .1932 average monthly
total of about 25,900 tons.
Zinc at Concessions.
With demand showing scarcely any improvement, competition for
business seems to be increasing. Prime Western zinc sold during the
week at prices ranging from 2.95c. to 3c., St. Louis, near -by positions.
The inside figure represents a decline of five points from the previous
week's low. Fear over a possible increase in stocks is held to be the cause
of the unsettlement in prices. High-grade zinc is holding on the minimum
of 43.c.
Production, deliveries and stocks of zinc in 1931 and 1932 are computed
by the American Bureau of Metal Statistics, in short tons, as follows:
1931.
1932.
ProductionUnited States
300.738
213,247
Elsewhere
815,535
658.074
Totals
1 116,273
871,321
DeliveriesUnited States
314,514
218,384
Elsewhere
821,257
702,567
Totals
1,135,771
920,951
Stocks, Dec. 31United States
129,842
124.705
Elsewhere
208,672
164,179
Totals
338,514
288.884
Moderate Sales of Tin.
Consumer buying of moderate proportions, mostly on a small-lot basis,
prevailed in the tin market throughout last week. The upward trend of
prices, which began the middle of the preceding seven-day period, was
continued, the quotation on spot metal moving up from 22.40c., on last
Thursday, to 23.125c. at yesterday's close. Steadiness of sterling exchange during the week and the recent improvement in domestic tin-plate
operations were held the principal factors contributing to the improvement
In trading volume.
Chinese tin, 99%, prompt shipment, closed as follows: Jan. 19. 21.30c.;
Jan. 20. 21.55c.; Jan. 21, 21.65c.; Jan. 23, 21.70c.; Jan. 24, 22.90c.; Jan.
25, 22.0250.
Steel Production Rises to 17%-Prices Unchanged.
Steel-making operations continue to expand slowly, this
week's production of ingots being estimated at 17% of the
country's capacity, reports the "Iron Age" of Jan. 26. A
gain of about one percentage point has occurred each week
since the beginning of the new year, continues the "Age,"
further stating:
The most striking changes have occurred at Chicago and Cleveland.
In the Chicago district, where output had remained at about 9% of capacity
since the week before Christmas, the rate has risen sharply to 14% because
of a more diversified demand, as well as considerable support from the
automobile industry, while at Cleveland steel-making has increased from
41 to 44% on an influx of orders for bars from the motor car makers. The
Pittsburgh district has also gained moderately, but operations in the Valleys
are lower than last week, owing to the idleness of one of the plants in that
district. Elsewhere operations are holding their own or have improved a
little.
The motor car industry is still the major sustaining factor in steel mill
schedules, but steel companies are deriving a modicum of encouragement
from evidences of more liberal orders, mainly in small lots, from other
sources.
Although a few makers of automobiles are expected to curtail production
In February while awaiting the development of retail demand now that
dealers have been stocked, others have Made known that they will extend
the present schedules through next month, and any losses that may occur
In some plants probably will be fully made up by increased output of the
Ford Motor Co., which will swing into production of 1,200 to 1,500 cars
daily as quickly as possible. Ford is now producing 250 cars a day five
days a week.
Ford's schedule for February is at least 20,000 units of its new models.
Its large eight-cylinder car may be shown to the public next Saturday.
Its small model, aimed at the market, once filled by the old model T,
may not be ready to show before April 1. The company is said to be planning on building 3.000 a day of this car, which will be in the lowest-price
Ian. 28 1933
class. Steel orders from Ford covering requirements up to March 1
are
expected this week.
While the steel industry is inclined to believe that the past week's
developments have improved the outlook for February, there is considerable
disappointment that sources of steel buying that ordinarily would be
active
at this season are almost dormant. The railroads, in particular,
are giving
few signs of coming into the market for any of their usual spring requirements. Except for improvement in releases for track supplies for
some
urgent track work in the Chicago territory, not much railroad buying
is being done. A few releases for small amounts of rails against last year's
contracts have been received by the mills, but 1933 orders are still
in
ance and probably will not be placed before March. The question abeyof the
extension of freight surcharges beyond March 31, the expiration date, and
the attitude of the new national administration toward the railroads are
factors that without doubt are delaying action by the carriers on
needs
that may ultimately become urgent.
The farm machinery industry is experiencing a better demand, and output probably would be expanded if it were not for the credit situation in
agricultural areas. This industry is looking to Washington to aid the
farmers before making any important move toward larger production.
Two oil companies have placed orders for pipe lines, one of 6,000 tons
and the other 1,300 tons, and, while this business will benefit pipe mills
for only a short period, there is encouragement in the fact that a long
deadlock in pipe line laying is to be broken.
Building construction is not making much progress, but some inquiries
for private work lend interest to a market that has long been dominated
by public projects. Interest is centered in the San Francisco-Oakland
bridge, which may require 175.000 to 200.000 tons of steel.
Continental European steel markets are strenghtening on Far Eastern
demand, principally from Japan, which is buying all forms of steel, including
semi-finished. Japan is also an active buyer of new and used machine tolls
in the United States.
Price weakness is still a depressing factor in the steel market. Sheet
prices are badly jumbled, although efforts are being made to bring about
stabilization at the lower levels that have been reached in the past two weeks.
Meanwhile, prices have been revised downward $2 a ton on vitreous enameling stock, terne plate, tin mill black plate and cold-rolled fender stock,
while heavy cold-rolled sheets arc $1 a ton lower. The weakest item is
galvanized sheets of which there have been some sales at 2.60c. a lb.,
Pittsburgh. Wire products seem to be steady at the reductions of $2 to
$6 a ton reported a week ago. In the East, plates are quoted at a range
of 1.50c. to 1.70c., Coatesville, Pa.
THE "IRON ACE" COMPOSITE PRICES.
Finished Steel.
Jan. 24 1033, 1.923o. a Lb.
1Based on steel bars, beams, tank plated.
One week ago
1.9230. wire, rails, black pipe and sheets.
One month ago
1.9480. These products make 85% of the
One year ago
1.033o. United States output.
High.
Low.
1.948o, Jan, 3
1933
1.923o, Jan, 17
1.977e. Oct. 4
1932
1.9260. Feb. 2
1931
2.0376. Jan. 13
1.945o. Dee. 29
22730. Jan. 7
1930
2.0186. Dec. 9
23170. Apr. 2
1929
2.283o. Oct. 29
2 2860. Dec. 11
1928
2.2170. July 17
2 4020. Jan. 4
1927
2.212o. Nov. 1
pig Iron.
Jan. 24 1933, $13.56 a Grose Ton. (Based on average of basic Iron at Valley
$13,56 furnace foundry Irons at
wk ago
One week
13.56 Philadelphia, Buffalo. Valley Chicago.
One month ago
and Birmiri
14.61
ng:ham.
One year ago
Low.
813.56 Jan. 3
$13.58 Jan. 3
14.81 Jan. 8
13.56 Deo, 6
16.90 Jan, 5
15.79 Dee 15
18.21 Jan. 7
15.90 Dee. 16
18.71 May 14
18.21 Dec. 17
18.59 Nov. 27
17.04 July 24
1928
7
19.71 Jan. 4
17.64 Nov. 1
Scrap.
Jan. 24 1933. 86.75 a Gross To
S
s
"
n
t
0..7,
11 fI3ase
0u ao
on
ti98No.
a.platshbeaurs.
h meltingstee
Philadepvy
One week ago
One month ago
6.92 and Chicago.
8.33
One year ago
High.
Low.
1033
$8.83 Jan. 10
$
Jan.
1932
8.50 Jan. 12
66..41
8
3
1930
31
11.33 Jan. 6
7.62 Dec. 29
15.00 Feb. 18
11.25 Dec. 9
1929
17.58 Jan. 29
14.08 Dec. 3
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov.22
19
933
2
1931
1930
1929
Due to an increase in miscellaneous requirements at
Chicago and in automotive releases at Cleveland, the national
rate of steel production expanded one point to 18% in the
week ended Jan. 21, states "Steel" of Cleveland, Jan. 23.
"Steel" further goes on to say:
In all other districts the rise of the first half of January practically
flattened out last week and a feeling of uncertainty spread,
accentuated by
the reductions in sheet and wire quotations and the apprehension that
this
price instability might prove contagious.
From the low of Christmas. steel operations have now snapped back six
points. Miscellaneous demand is responsible for a large measure
of this
improvement, and while the trend in steel consumption undoubtedly
still
is upward, further appreciable gains await a broad, upward
movement in
general business.
The automotive industry, however, gives reasonable assurance of
continued support. Chevrolet, leading producer, is easing a trifle and
many
manufacturers of lesser size, having stocked their dealers with new
models,
are curtailing. But Ford has put into production the new 112-inch wheelbase, radically streamlined senior eight, scheduling 5,000 units a weak.
The resulting Ford needs, especially for sheet and strip
steel, promise
to take up the slack and tide the industry over the next 45 to 60 days, by
which time whatever railroad business is likely to develop for
spring will
mature.
The New York Central, Chesapeake & Ohio and Erie are three carriers
expected to place rails, their combined requirements certain to
exceed
100.000 tons. The Pennsylvania is inquiring for 5,000 kegs of spikes.
On 13,775 tons of rails for the New York Board of Transportation, Bethlehem was the sole bidder.
The San Francisco-Oakland bridge promises a substantial lift to the structural market over the next 60 days. Bids go in Feb. 28 on 1,900 tons of
reinforcing bars, 150 tons of shapes and 225 tons of spikes and bolts for
approach piers, and from that date to April 7 on a total of 117,000 tons
of structurals. 5.500 tons of reinforcing bars and 19,600 tons of cables.
Largest structural award of the past week is 2,550 tons for a central
beating plant at Washington, bringing the week's lettings up to 10,757 tons.
Leading inquiry for reinforcing bars is 2,500 tons for a treasury vault at
Washington, a job which also requires 500 tons of plates. Other plate
business includes 600 tons for vessel repairs at Chicago, 430 tans for barges
at Pittsburgh, and 360 tons for seven Shell Petroleum Corp. tanks.
For 14 tanks for the Pan-American Oil Co. at Baltimore 4,500 tons of
plates will be required. Refinery projects for Baltimore and Houston,
Tex., still indefinite, indicate further heavy plate demand. Two New York
gas companies have placed 3,000 tons of steel pipe. A Pittsburgh seamless
tube mill has speeded up to complete export orders.
Raw materials are a trifle more steady than finished steel, both in demand
and prices. The movement of pig iron generally continues to exceed
December by a small margin. Scrap has lost a little of its buoyancy of
last week, but a stronger tone is evident in some districts and advances
more than wash out declines, putting the scrap index of "Steel" up 4 cents
to $6.25.
Excepting the hot-rolled annealed grade. the sheet market is increasingly
demoralized, galvanized being off $2 per ton for the second consecutive
week and the official levels on other classifications being generally disregarded. The closely allied strip market has thereby been weakened.
With some large producers ceasing to hold an umbrella over the market.
wire products are off $2 to $6. Here, too, allied lines are endangered.
Plate prices are softer in the East. The net result is to lower the iron and
steel composite of "Steel" 28 cents to $28.55 and the finished composite
70 cents to $45.80.
Steel ingot production in the week ended Jan. 23 is placed
of theoretical capacity, according to the "Wall
at 17
Street Journal" of Jan. 25. This is a gain of 1% over the
163% rate of the preceding seven days, and compares with
153/2% two weeks ago. The "Journal" adds:
The U. S. Steel Corp. is estimated at approximately 1635%. against
15% in the week before and about 14;i% two weeks ago. Independent
companies are credited with a rate of a shade over 18%, compared with
better than 17% in the previous week and a little over 16% two weeks ago.
1111The following table gives the ingot production for the corresponding
weeks of the five previous year and the changes from the weeks immediately
preceding:
Industry.
1932
1931
1930
1929
1928
579
Financial Chronicle
Volume 136
22+2
46+14
73+4
84+1
77 _-
net ton, to 3.30 cents for galvanized barb wire. The extra charge for galvanized nails was reduced from $1.75 to $1.50 a keg. Prices named are for
"straight carloads," mixed carloads, joint carloads, and smaller lots being
quoted at the usual advances. Prices are Pittsburgh and Cleveland.
Chicago, Fairfield, Ala., and other basing points take the usual differentials
above Pittsburgh and Cleveland.
The decline in the wire market is taken more seriously, as to its bearing
on the general steel price situation, than was the recent decline in the sheet
market, because the sheet market has a record of many years of instability,
differentiating it from markets in other steel products, while wire products
had made a record for nearly a year of unusual stability, the market being
steadier than it had been sometimes when there was an active demand.
Bituminous Coal Output Again Shows Gain Over Preceding Week-Anthracite Production Also Higher.
According to the United States Bureau of Mines, Department of Commerce, a total of 6,700,000 net tons of bituminous coal and 1,029,000 tons of anthracite were produced
during the week ended Jan. 14 1933,compared with 6,126,000
tons of bituminous coal and 647,000 tons of anthracite during
the preceding week and 6,887,000 tons of bituminous coal and
961,000 tons of anthracite during the corresponding period
last year.
During the coal year to Jan. 14 1933 output totaled 230,339,000 net tons of bituminous coal and 38,321,000 tons of
anthracite as against 289,758,000 tons of bituminous coal
and 45,346,000 tons of anthracite produced during the coal
year to Jan. 16 1932. Comparative statistics follow:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Jan. 14
1933.c
U. S. Steel. Independents,
28% +2%
50 +2
77 +5
8634 +155
-83
28+2
43+1
70+3
82 -72 __
Steel Plant Rehires More Men-600 Men Receive Employment by Inland Steel Co. Due to Accumulated
Orders.
We learn from Associated Press advices from Chicago,
Ill., Jan. 23, that announcement was made by the Inland
Steel Co. that it has recalled 600 men to work at its plant
at Indiana Harbor, Ind., raising the force to 3,000, as a
result of accumulated orders during the last three weeks.
Five-Day Week Schedule Adopted by Riverside & Dan
River Cotton Mills at Danville, Va.
Beginning Jan. 22 the Riverside & Dan River Cotton
Mills, at Danville, Va., the largest textile plant in the South,
adopted a five-day week schedule, affecting 3,000 workers.
Advices from Richmond to the New York "Journal of
Commerce" of Jan. 23, in noting this, said that according
to Robert R. West, President, the motive was to furnish
employment for the greatest possible number of workers.
Cut in Wire Prices Stirs Steel Trade-"Unofficial"
Reduction Held by Industry to Be Chief Development of Last Week.
• Under date of Jan. 22 a Pittsburgh dispatch to the New
York "Times," said:
The most important event last week in the steel trade, in the opinion of
both manufacturers and consumers, was a decline in the open market prices
of wire products. There was no formal marking down of quotations.
producers taking pains to assert that "official" prices were unchanged.
Technically, they left the way open to revert to former prices without giving
customers the usual contract protection for a period but buyers take the
view that, once down, the price will not go back.
Wire rods were reduced $2 a gross ton to $35; plain wire, $2 a net ton to
2.10 cents a pound for hard wire for manufacturing use and 2.25 for annealed
fence wire; $3 a net ton for nails, to $1.80 a keg for both bright and cement
coasted; $4 a net ton, to 2.60 cents a pound for galvanized wire, and $6 a
Coal Year to Date.
Week Ended.
Jan. 7
1933.
Jan. 16
1932.
1932-33.
1931-32.
1929-30.
/Mum, mud: a
Weekly total 6,700,000 6,126.000 6,887,000 230,339,000 289,758,000 416,753,000
953,000 1,195,000 1,719,000
Daily aver_ _ 1,117.000 1,156,000 1,148,000
Pa.anthm.: b
Weekly total 1,029,000 647,000 961,000 38,321,000 45,346,000 58,181,000
243,400
189.700
160,000
Daily aver.. 171,500 129,400 160,200
Beehive coke:
749,400 5.034,600
548,300
18,800
18,000
18,900
Weekly total
20,466
3.133
2,229
3.046
Daily aver._
3.000
3.150
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales, and colliery fuel. c Subject
to revision.
The following records of daily loadings show the variation of production
from day to day during the week of Jan. 9-14. They are furnished by
courtesy of the American Railway Association, and are based on preliminary
telegraphic returns. The revised totals as reported at the end of the week
are given in Table III.
Monday. Tuesday.Wednesday. Thursday. Friday. Saturday.
Bituminous coal, cars_ -_ 21,798 21,788 21,362 20,515 19,836 14,047
3,733
3,454
3,240
3,410
3.409
Anthracite, cars
3,281
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).
Week Ended
Slate.
Jan. 7
1933.
Dec. 31
1932.
Jan,9
1932.
Jan. 10
1931.
January
Average.
1923.4
283,000 434,000
189,000
Alabama
198,000
170,000
93.000
110,000
77,000
.51,000
54,000
Arkansas and Oklahoma
213,000 226,000
155,000
126,000
112,000
Colorado
720,000 935,000 1,242,000 2,111.000
Illinois
704,000
279,000 373,000 659,000
251,000
Indiana
258,000
93.000
140.000
87,000
67,000
Iowa
68,000
190,000
155.000
141,000
135,000
125,000
Kansas and Missouri
515,000 445,000 480,000 734,000 607.000
Kentucky-Eastern
240,000
233,000
172,000
166,000
194,000
Western
55,000
50,000
38,000
29,000
28,000
Maryland
32,000
13,000
11,000
11,000
10,000
Michigan
82,000
62,000
56,000
47,000
45,000
Montana
73,000
43,000
31,000
23,000
29,000
New Mexico
50,000
43,000
52,000
51,000
50,000
North Dakota
325,000 411,000 476,000 814,000
336.000
Ohio
1,413,000 1,380,000 1.616.000 2,271,000 3,402,000
Pennsylvania
133,000
126,000
69,000
55.000
63,000
Tennessee_
26,000
12,000
12.000
8,000
9.000
Texas
109,000
129,000
108,000
96,000
64,000
Utah
211,000
232,000
175,000
167,000
176,000
Virginia
74,000
47.000
43,000
25,000
26,000
Washington
West Virginia-Southern b 1.276,000 1,095,000 1,221,000 1,583,000 1,134.000
257,000 419,000 615,000 762,000
295,000
Northern c
186,000
137.000
98,000
91,000
74,000
Wyoming
7,000
6,000
5,000
6,000
Other States
7,000
6,126,000 5.800,000 6,930,000 9,281,000 11,850,000
Total bituminous coal
892,000 1,131,000 1,469,000 1,968,000
647,000
Pennsylvania anthracite
5 772 ono a 502 non 8.051.000 10.750.000 13.818_000
a Average weekly rate for the entire month. b Includes operations on the N.& W.;
C.& 0.; Virginian; K.& M.;and B.C.& G. c Rest of State,Including Panhandle.
l'nfitl mill
Current Events and Discussions
The Week w'th the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended Jan. 25, as reported by
the Federal Reserve banks, was $2,080,000,000, a decrease
of $24,000,000 compared with the preceding week and an
increase of $267,000,000 compared with the corresponding
week in 1932. After noting these facts, the Federal Reserve
Board proceeds as follows:
On Jan. 25 total Reserve bank credit amounted to $2067000000,
practically unchanged from a week ago. A decrease of $32,000,000 in
member bank reserve balances was offset by increases of $9,000.000 in
money In circulation and $14,000,000 in unexpended capital funds, non-
member deposits, &c., and a decrease of $10.000,000 in monetary gold
stock.
Holding of discounted bills increased $12,000,000 at San Francisco and
$16,000.000 at all Federal Reserve banks. The System's holdings of bills
bought in open market and of United States Government bonds show
Practically no change for the week, while holdings of Treasury notes
increased $9,000,000 and those of Treasury certificates and bills decreased
524.000,000.
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
Financial Chronicle
580
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. 25, in comparison with the preceding week and with the corresponding
date last year. will be found on subsequent pages, namely,
621 and 622.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
Jan. 25 1933 were as follows:
Increase(+)or DC
(-)
Since
Jan.25 1933. Jan. 18 1933. Jan. 27 1932.
$
265.000,000 + 16.000,000 -573,000.000
31,000.000 -1.000.000 -131,000.000
1.763,000,000 -15,000,000 +1,011,000.000
-39,000,000
7,000.000 -2,000.000
BMs discounted
Bills bought
U. B. Government securities
Other Reserve bank credit
TOTAL RES'VE BANK CREDIT-2.067,000.000 -1.000,000
Monetary gold stock
4.556,000.000 -10.000.000
+1,000.000
Treasury currency adjusted
1,912.000,000
+9.000,000
Money in circulation
5611.000,000
Member bank reserve balances
2 513,000,000 -32,000.000
Unexpended capital funds, non-member deposits, &c
411,000,000 +14,000,000
+269,000,000
+130,000.000
+136.000,000
+22,000.000
+568,000,000
-54,000.000
of Member Banks in New York City and
Chicago--Brokers' Loans.
Beginning with the returns for June 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City, as well as those in
Chicago, on Thursday, simultaneously with the figures for
the Reserve banks themselves, and for the same week, instead
of waiting until the following Monday, before which time the
statistics covering the entire body of reporting member
banks in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for the
current week, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
weeks shows an increase of $11,000,000, the total of these
loans on Jan. 25 1933 standing at $378,000,000, as compared with $331,000,000 on July 27 1932, the low record for
all time since these loans have been first compiled in 1917.
Loans "for own account" increased from $353,000,000 to
$362,000,000, but loans "for account of out-of-town banks"
remain unchanged at $11,000,000 while loans "for account of
others" increased from $3,000,000 to $5,000,000.
Returns
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Jan. 25 1933. Jan. 18 1933. Jan. 27 1932.
$
7 132,000.000 7.086,000,000 6,819,000,000
Loans and investments-total
3,398.000,000 3,408.000.000 4,365,000.000
Loans-total
1,582,000,000 1,559,000,000 2,194,000,000
1,836,000.000 1,849,000,000 2,171,000.000
On securities
All other
3 734,000,000 3,678,000,000 2,454,000.000
Investments-total
U. S. Government securities
Other securities
2,631,000,000 2.609.000,000 1,547.000,000
1,103,000,000 1,069,000,000 907.000,000
Reserve with Federal Reserve Bank_
Cash In vault
1.028,000,000 1,099.000,000
36,000,000
37,000,000
Net demand deposits
Time deposits
Government deposits
5,871,000,000 5,845,000,000 5,050,000,000
871,000,000 914,000,000 756,000,000
93.000,000 102,000,000 111,000,000
Due from banks
Due to banks
78,000.000
79,000,000
1,616,000,000 1,609,000,000
Borrowings from Federal Reserve Bank_
15,000,000
Loans on occur. to brokers & dealers
For own account
362.000,000
For account of out-of-town banks-. 11,000,000
For account of others
5.000.000
Total
On deMand
On time
Loans and investments-total
378,000,000
353,000,000
11,000,000
3,000,000
445,000.000
61.000,000
7,000.000
367,000,000
513,000,000
197,000,000 191,000,000 388,000,000
181,000.000 176,000,000 125,000,000
Chicago.
1,025,000,000 1,065,000,000 1,506,000,000
Loans-total
630,000,000
643.000,000 1,045,000,000
346,000 000
284,000,000
361,000,000
282,000,000
604,000 000
441,000,000
395,000,000
422.000,000
481,000.000
198,000,000
197,000.000
230,000,000
192,000,000
250,000.000
211.000,000
Reserve with Federal Reserve Bank
Cash in vault
317,000,000
18,000,000
307.000,000
18,000,000
144.000,000
17,000,000
Net demand deposits
Time deposits
Government deposits
933,000.000
317,000,000
11,000,000
930,000,000
315.000.000
12,000,000
989,000,000
390,000,000
11.000,000
Due from banks
Due to banks
303.000,000
299,000,000
270,000,000
310,000,000
97.000,000
229,000,000
On securities
All other
Investments-totalU.S. Government securities
Other securities
Borrowings from Federal Reserve Bank_
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on Jan. 18 shows decreases for the week of
518.000,000 in loans and investments, $35,000,000 in net demand deposits,
320,000.000 in Government deposits and $44.000,000 in reserve balances
with Federal Reserve banks.
Loans on securities declined $21.000.000 at reporting member banks in the
New York district and $24,000,000 at all reporting banks. "All other"
loans increased 326.000.000 in the New York district and declined by small
amounts in most of the other districts, all reporting banks showing a net
increase of $3,000,000 for the week.
Holdings of United States Government securities increased $46.000,000
In the New York district and $29 000,000 at all reporting banks, and
declined $21.000,000 in the Chicago district and 36.000.000 in the San
Francisco district. Holdings of other securities declined $25,000,000 in the
New York district and $26.000,000 at all reporting banks.
Borrowings of weekly reporting member banksfroun
meh
Faed
ng
ee
radl
aggregated $59,000,000 on Jan. 18, practically
from thebanks
week before.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
Jan. 18 1933, follows:
Increase (±) or Decrease (-)
Since
Jan. 18 1933. Jan. 11 1933. Jan. 20 1932.
Loans and investments-total-18,655.000,000
3,000,000
-21,000,000 -2,820.000.000
4,213,000.000
5,902.000,000
8,540.000,000
-24,000,000 -1,419,000.000
+3,000.000 -1,401,000,000
+3.000.000 +1,423,000.000
5,291,000.000
3,249,000.000
2,093,000,000
208,000.000
11,905,000.000
5,702,000.000
266,000.000
1,830,000.000
5,558,000.000
59,000.
+29,000,000 +1,411.000,000
-26,000,000
+12,000,000
--44.000.000 4-592,000.000
--8,000.000
--32,000,000
-35.000.000 +429,000,000
+1,000,000 -116,000.000
-20.000,000
+13,000,000
+11.000,000 +939,000,000
-4,000,000 +1,178,000,000
+1,000,000 -398,000.000
On securities
AD other
Investments-total
U.S. Government securities
Other securities
Reserve with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
-18,000.000 -1,397,000.000
10,115,000,000
Loans-total
Gold and Silver Imported into and Exported from the
United States, by Countries, in December 1932.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report showing the imports and exports of gold
and silver into and from the United States during December
1932. The gold exports were only $12,720, of which $7,720
went to Canada and $5,000 to France. The imports
footed up to $100,872,133, of which $51,927,932 came from
the United Kingdom, $16,361,722 from France, $8,081,961
from Netherlands, $7,554,174 from Canada,$4,697,058 from
British India and $3,124,428 from Japan. Below is the
report:
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES, BY COUNTRIES.
682,000,000
47.000,000
59,000,000
844,000,000
Jan. 28 1933
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 Systein for
the week ended with the close of business on Jan. 18:
GOLD.
Total.
SILVER.
Refined Bullion.
Countries.
Exports
Dollars
Belgium
France
Germany
Netherlands
Boy. Russia in Eur'e
Spain
United Kingdom._
Canada
Costa Rica
Guatemala
Honduras
Nicaragua
Panama
Balvador
Mexico
Jamaica
Trinidad & Tobago_
Cuba
Dominican Republic
Neth. West Indies_
Haiti, Republic of..
Chile
Colombia
Ecuador
British Guiana
Peru
Venezuela
British India
Ceylon
China
Hong Kong
Japan
Philippine Islands
Australia
New Zealand
Total
Imports
Dollars
10,024
5,000 16,361,722
157
8,081,961
Exports
Ounces
50,276
Imports
Ounces
Total (Incl. Coin).
Exports
Dollars
Imports
Dollars
12,758
1,320
1,000
975
19,002
122,159
51,927,932
7,554,174
94,715 267.145
73,206
3,850
7,361
14,919
141,365
38,727
24,343
228
3,383
5,260
13,378
5.390
494
743,662
2,232,935
32,165 862.783
4,272
--16.530
75,646
1.527
28,262
21,000
187,109
1,250
1,340,376
73,792
43.036
76
20
109,038
---2,627
12,805
296,380
547
48,322
161,000
142
4,697,058
1,700
2,551,121 4,393,049
1,120,378
2.423,364
2,500
3,124,428
7,499
450,789
3,513
565,059
s
42,155
76
19
12,720 100.872,133 4,538,040 2,642.372 1.2110.s07 1.202.100
7,720
Volume 136
Financial Chronicle
President-Elect Roosevelt Extends Invitation to Three
Other Nations Besides Great Britain For Conferences on Debts—Italy, Lithuania and Czechoslovakia Asked by State Department to Send
Representatives.
It was made known on Jan. 24 that President-elect Roosevelt has given authority to Secretary Stimson to arrange
separate conferences with European debtor nations, who have
met their obligations and are now requesting opportunity to
talk over relief. Indicating this an Associated Press dispatch
from Warm Spririga, Ga., on Jan. 24 said:
Standing by his policy that all debtors should always have access to
creditors, Mr. Roosevelt nevertheless is going to have no general conference
on war debts. He will take each nation separately and deal with it personally.
News that Italy has requested and received authority for a debt discussion came as no surprise here. Other debtor nations are expected to join
In the parade but there is no general invitation and no specific invitation,
going out from here.
According to the "United States Daily" the U. S. Government has invited the Italian, Lithuanian and Czechoslovak governments to send representatives to Washington
to confer separately with it relative to their war debt payments to the United States, following the debt discussions
with representatives of Great Britain early in March, it was
announced orally, Jan. 24, at the Department of State.
The "Daily" also had the following to say:
The Invitation, it was explained, was extended by the Secretary of State,
Henry L. Stimson, with the approval of Franklin D. Roosevelt, to the
diplomatic representatives of the three additional countries who had made
requests of the United States for discussion of their war debts.
Latvian Situation
Secretary Stimson, it was stated, anticipates that request for a similar
discussion will be made by the diplomatic representative of Latvia. He
has been authorized to extend that government a similar invitation.
The discussions, it was said, must be concurrent with and conditioned
upon world economic problems in which the United States and the conferring governments are "mutually interested."
By Authorization of Mr. Roosevelt.
Additional information made available at the Department of State
follows:
The diplomatic representatives of the Italian, Lithuanian and Czechoslovak governments have called upon the Secretary of State regarding
the possibility of a discussion in the near future of the debts.
Under authority of Franklin D. Roosevelt. the Secretary of State has
referred the representatives of the governments mentioned to the announcement already made that the American Government is prepared to enter
with the British Government upon the discussion of its debt and that this
discussion must be concurrent with and conditioned upon the world economic
problems in which the two governments are mutually interested.
Discussion on Similar Basis
The Secretary of State has further informed the representatives of the
governments already mentioned that he is authorized by Mr. Roosevelt to
say that he will be glad to receive separately in Washington the representatives of the several governments above-mentioned for the discussions
having a similar scope and purposes. These discussion will take place after
British discussions, and the order in which they will occur will be determined
later.
In addition, the Secretary of State understands that a visit is to be
expected by nim from the diplomatic representative of Latyia. The Secretary has the same authority in regard to the Latvian representative.
The four countries referred to together with the British Government
making five in all paid their Dec. 15 instalments and have made requests
for discussion of their debts with the United States.
In advices from Washington Jan. 23, to the New York
"Times" it was stated that Augusto Rosso, the new Italian
Ambassador, called on Secretary Stimson that morning as a
preliminary step toward having Italy's debt revised downward after March 4. The dispatch also said in part:
The Ambassador inquired informally as to the prospects for debt re-
vision after March 4, and for an interpretation of the Hoover-Roosevelt
communique. The preliminary character or his inquiry was emphasized by
the explanation that he had no instructions from Rome to take up the
matter, but merely desired information himself.
Viewed as Italy's First Move.
Nevertheless, the move was viewed as unmistakably the first step by
Italy looking to revision. Heretofore Premier Mussolini has said that the
war debts should be readjusted, but Italy refrained from following other
debtor governments last November in specifically asking for relief. On
Dec. 15, when her debt instalment became due, she paid without reservation.
Considering herself in the same category as Great Britain. by
virtue of
having met the December instalment, Italy will undoubtedly seek
to have
her case brought up for discussion soon after the British negotiations
are
started. It is believed that the Italian Government will be
inclined to
wait to see how the British negotiations progress before
any
formal move of its own. Ambassador Rosso said to-day, launching
however, that he
would forward to Rome at once a report of his conversation with
Mr.
Stimson and the Secretary's interpretation of the joint communique's
possible application to Italy.
He declined to say what Mr. Stimson's interpretation had been. Secretary Stimson was equally silent.
Paul May, the Ambassador of Belgium, which nation defaulted on
Dec. 15 called this morning on Under Secretary Castle, and Sir Ronald
Lindsay, the British Ambassador, conferred this afternoon with Harvey
H. Bundy, Assistant Secretary of State, who is one of Secretary Stimson's
principal assistants on the debt question.
On Jan. 23, Associated Press advices from Rome (Italy)
stated:
Italy is closely following developments in the Anglo-American debt
negotiations, it was said at the Ministry of Foreign Affairs to-day, but this
country has made no new proposal or request to Washington regarding its
own debt.
When the Fascist Grand Council decided early in December that Italy
should pay the interest due December 15, it declared that it would be necessary to negotiate a new agreement before payment of the principal instalment due next June. Thus, Italy is on record as feeling in much the
581
same .way as Great Britain does, but for the moment, said the Foreign
Office spokesman, Italy's policy is to watch the discussions between
Britain and America.
Debt Cancellation Proposal Opposed In Senate Debate
—Senators Robinson of Indiana, Johnson, Howell
and Frazier Discuss Pending Negotiations.
Discussion of present and future war debt policies intervened in Senate debate of the banking bill, Jan. 25, said
the "United States Daily" of Jan. 26, which went on to say:
In the course of exchanges with the minority leader, Senator Robinson
(Dem.), of Arkansas. Senator Robinson (Rep.). of Indiana, charged that
Franklin D. Roosevelt of New York was attempting "to override the will
of Congress even before he takes office as President."
The Indiana Senator quoted newspaper dispatches to the effect that Mr.
Roosevelt had sent an emissary to London on war debts, and that Mr.
Roosevelt was being represented there as committed to an 80 per cent
reduction in the debts. Ile asserted that, if the reports were true, it could be
construed in no other way than that Mr. Roosevelt was preparing, "even
in advance of his inauguration, to overthrow the policy which Congress
fixed" in connection with the war debt moratorium of 1931.
Accuracy of Report Questioned
Minority Leader Robinson challenged the accuracy of the reports and
criticized Senator Robinson, of Indiana, for assuming them to be true when
he had made no attempt to authenticate them.
"To any other mind than that of the Senator from Indiana," said Senator
Robinson. of Arkansas, "the absurdity of his position would be apparent.
"It is not argument that he advances. It is an inflammatory, declamatory
denunciation that is not conducive to the creation of confidence anywhere
In the world."
Viewpoint Is Defended
Senator Robinson, of Indiana, adverting to exchanges which he and the
Arkansas Senator had had on an earlier occasion, recalled that the minority
leader had accused him of "playing cheap politics" and declared the statements made in the current colloquy at least would call the attention of the
American people to a "ridiculous condition." The Indiana Senator observed
that apparently no one had a right to speak in behalf of the American people
without being accused of playing politics.
Senator Robinson, of Indiana, reviewed conferences which had been held
between President Hoover and Mr. Roosevelt, and related that the Department of State had invited debt delegations from six foreign nations
which have paid their instalments for a conference here "after March 4."
He said the Department of State could not have done that except at the
behest of Mr. Roosevelt.
Decision of Congress Cited
"But," he added, "assuming that the debtor nations took the initiative
and placed their appeals before Mr. Roosevelt. It was his plain duty to
advise them that Congress has spoken; that Congress was the only body
that was authorized to speak, and that his hands were tied."
Senator Robinson, of Arkansas, explained that, in his opinion. Congress
had no authority, nor even a moral right, to interfere with negotiations by
the President with any foreign power. He failed to understand why the
Indiana Senator viewed the prospect as one in which an attempt would be
made to override Congress.
Issue May Not Come to Congress
"I am thoroughly conversant with the resolution (war debt moratorium)."
he continued. "Yet. I must say to the Senator that it may be the incoming
President will never present the matter to Congress. If he does, then Congress can decide what it wants to do.
. "When, however, a Senator attempts to inflame the country on the basis
of unauthenticated reports, it does not represent the true spirit of the
American people. He is trying to undermine the Chief Executive.
"President Hoover is going out under exceedingly difficult conditions and
Mr. Roosevelt is coming in under exceedingly difficult conditions. These
facts are known. I am surprised, tberefore, at the intellectual fury displayed by the Senator from Indiana and at his general frame of mind."
Disarmament and Debts.
Senator Johnson (Rep.), of California, expressed opposition to a meeting,
"like whispering brokers," with other nations for reconsideration of debts.
called attention to press reports of remarks by the Chancellor of Great
Britain to the effect that any settlement arrived at must be final, and
declared that the original settlement was described asfinal when it was made.
Questioning the linking up of armaments with debt discussion, Senator
Johnson described it as "buying disarmament" or "buying friendship."
"Cancellation is a misnomer," he asserted. The question is,who pays? The
American taxpayer pays and he pays every single penny of it."
Payments on Italian Debt
Senator Howell (Rep.), of Nebraska, opposing cancellation, emphasized
in regard to the Italian debt that America has paid 143.000.000 in the last
six months on obligations outstanding on the Italian debt while Italy has
paid us on her debt in the last seven years only $41,000,000.
"If we could get Congress as much interested in home indebtedness as in
foreign debts," declared Senator Frazier (Rep.), of North Dakota, "we
could get something done for the American debtors. If any adjustment is
made of war debts, it should be done on the basis of disarmament; but there
seems to be little chance of that."
Acceptance by Great Britain of Proposal by United
States for Conference in this Country on War
Debts—Note Regarded as Barring Trading in Debt
Parley,
Great Britain this week signified its acceptance of the
invitation of the United States to send a representative to
this country in March for a discussion of the war debts.
This decision is an outgrowth of the conference held at
Washington on Jan. 20 (referred to in our issue of Jan. 21,
page 405) between President Hoover and President-elect
Roosevelt, which resulted in the decision to receive representatives of the British Government to confer on the debt
issue and world economic problems. As to Great Britain's
acceptance it was observed in a London message to the
New York "Times" of Jan. 26:
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Financial Chronicle
Britain accepted the proposal to discuss war debts with Mr. Roosevelt
yesterday and agreed to exchange views on the world economic situation,
but held no decisions could be reached on matters to be considered in the
World Economic Conference until all the nations represented had discussed
them. London interpreted the note as barring plans to use the debts for
trading purposes, as indicated by Mr. Roosevelt.
The text of the British note delivered to Secretary Stimson
at Washington on Jan. 25 by Sir Ronald Lindsay, the
British Ambassador, follows:
We have received with great satisfaction the communication sent by the
President-elect of the United States through you in reply to our proposal
of Nov. 10 for a discussion on the American debt question.
We note that Mr. Roosevelt would like to receive a representative or
representatives of his Majesty's Government at Washington as soon as
possible after March 4. His Majesty's Government are happy to accept
this invitation.
The effect of the debt situation upon a wide range of world economic
problems is crucial to every government, and in the course of the discussion at Washington on the debt we shall be glad to take the opportunity
of exchanging views with Mr. Roosevelt on those other matters in which
the two Governments are so closely interested.
It will be recognized that decisions on matters which constitute the subject of the approaching world economic conference and which affect other
States cannot be reached before discussions take place at that conference
between all the States represented there.
With reference to the note to Great Britain we quote the
following from a Washington dispatch Jan. 21 to the New
York "Times":
The approach to Great Britain for debt revision developed at the outset
differences of opinion between representatives of President Hoover and
President-elect Roosevelt as to the details of the procedure to be followed.
These served to illustrate the complexity of the problem even though the
divergence of views may be not serious and may be soon composed.
The differences were referred to in some authoritative circles to-day as
a temporary "deadlock." In other informed quarters they were minimized
as only the natural variation of viewpoints that would arise at the start
of a difficult problem, and the impression was given that there was no
serious difficulty.
Meet Longer Than Expected.
The differences were sufficient, however, to cause a much longer meeting
yesterday than had been contemplated between Secretary Stimson and
Professors Raymond Moley and Rexford C. Tugwell of Columbia University, the advisers of President-elect Roosevelt.
This may be the explanation of why Secretary Stimson late in the afternoon delivered orally instead of by formal note or memorandum the invitation to Sir Ronald Lindsay, the British Ambassador, for a British representative to come here for debt negotiations and for representatives to
come from London to discuss means for improving the world situation.
Officials would not comment to-day on the differences of viewpoint, but
It was manifest that they concerned the procedure to be followed in reaching objectives over which there appears to be no real difference of opinion.
It was obvious that because of the hitch it was impossible in a few hours
to reduce any formula of procedure to writing. It was considered probable
that before Professors Moley and Tugwell confer again at the State Department they will consult with President-elect Roosevelt.
Stating that members of the British Cabinet received on
Jan. 23 President-elect Roosevelt's plan for a Washington
conference on war debts and world economic problems and
indicating the Government would accept, a cablegram on
that date from London to the New York "Times" added:
The proposal was received in the form of the memorandum which Secretary of State Stimson gave Sir Ronald Lindsay, British Ambassador,
after the Roosevelt-Hoover conference in Washington last Friday.
The memorandum was transmitted this morning to each member of the
British Cabinet individually and it is considered by this government as
fully taking the place of a formal invitation from Washington. No further
Invitation is expected. The position taken here is that Britain had not
asked for a conference.
Government's Announcement.
The official announcement of the situation by the British Government
took the following form this afternoon:
Secretary Stimson informed Ambassador Lindsay on Jan. 20 that
President-elect Roosevelt would be glad to receive representatives of
the British Government in Washington early in March to discuss the
British debt to the United States. Mr. Roosevelt wished it to be understood that this discussion must be concurrent with and conditional on
the discussion of world economic problems and that British representatives should also be sent to discuss methods of improving the world
situation.
It was further explained that the above communique was substantially a
paraphrase of the memorandum itself and that it contained fully as much
information as the communication which had been received from Ambassador Lindsay.
London understands that overtures have been made in this informal
manner simply because President Hoover does not wish to issue an invitation to a conference that is to take place after his term has expired and
Mr. Roosevelt does not want to do anything formally before his own term
begins. But whatever Washington's reason may be for its method, it is
entirely satisfactory to the British Government and there is no doubt that
the memorandum will be considered as an invitation and will be accepted.
As to Great Britain's reply, a cablegram from London
Jan. 25 to the New York "Times" stated:
The British hope their note, delivered to Washington today, will end all
talk of bargaining in connection with the impending war-debt discussions.
Beneath its friendly phraseology the note is felt here to be a plain intimation that war debts are not an asset with which to bargain, but an
international nuisance for all concerned. While the note contains a warmhearted acceptance of the United States' invitation to a conference in
March, it is also interpreted here as serving notice that Britain will not
bind herself to stablize her currency or modify the Ottawa Imperial Conference tariff agreements as a return for debt reduction.
The British have never bad any quarrel with the United States Government on this score, for no official suggestion of bargaining has come from
Washington beyond the passage in the recent United States memorandum
making debt discussion "concurrent with and conditional upon" discussion
of world economic problems. In recent weeks, however, there has been
growing restiveness here over news that leading Americans, even Presidentelect Roosevelt himself, regard war debts as what have been called "chips
decided to oppose
in the coming diplomatic poker game." The British have
such an idea.
Jan. 28 1933
Chamberlain Slated Case.
What the British want was stated by Neville Chamberlain, Chancellor
of the Exchequer, in his speech last night, a final settlement comparable in
decisiveness to the Lausanne settlement of reparations. Failing complete
cancellation, the British are going to contend at Washington for a debt
settlement so sweeping that they will not need to pay more hereafter than
they receive from Germany. Until such a settlement is achieved the British
are convinced the problems of currency stabilization and tariff revision
cannot be attacked with any hope of success.
This is behind Britain's indications to-day that she will make no binding
decisions until the world economic conference meets. To begin bargaining
on these subjects, or even to admit America's right to bargain, would be a
dangerous presedent in British eyes. There is a widespread feeling here that
it Is unnecessary to bargain because a debts impasse would result in a
general default.
Speech of Chancellor Chamberlain of Great Britain
on War Debt Settlement—Demands Total Be
Small Enough to Keep Lausanne Pact.
In a speech on Jan. 24, Neville Chamberlain, Chancellor
of the British Exchequer, indicated the underlying policy
of the British Government in its prospective war debt negotiations at Washington. The Chancellor spoke at a dinner
of the Leeds Chamber of Commerce and the essential points
of the British policy, as enunciated by him, were reported
in a London cablegram to the New York "Times" which
we quote in part as follows:
First, that whatever settlement is reached must be final, and, secondly,
that it must be for a sum so small that it will not necessitate the resumption
of the claim on Germany for reparations beyond the nominal sum tentatively
fixed by the Lausanne agreement of last July.
Links All the Debts.
In other words, Britain is going to adhere to the principle of the Balfour
note, which not only means she will not demand more from her debtors
than she has to pay to the United States but also that she will not pay to
the United States more than she can collect from Germany and other
European debtors.
It is quite likely Mr. Chamberlain will be a member of the British
delegation to Washington for the March conference called by Presidentelect Roosevelt. But if the Chancellor of the Exchequer does not go himself he will take a vital part in London in framing the program for those of
his Cabinet collegues who will go.
His Leeds speech was prepared in advance, and its intimation of the
British debt policy was read and approved by Prime Minister MacDonald,
Stanley Baldwin, Lord President of the Council; Walter Runciman, President of the Board of Trade, and Sir John Simon, Foreign Secretary, before
It was delivered.
Mr. Chamberlain repeated in summary much of the argument for debt
cancellation or revision contained in the British notes of last December.
He gave no intimation what Britain might be willing to do in return for
debt reduction. On the contrary, he asserted that concessions must come
from the United States because if debt payments were to continue there
must be modifications of the American tariff which would make such payments possible by means of commodities.
Warns on Need of Solution.
Mr. Chamberlain warned that a solution of the debt question was as
essential for the United States as for Great Britain, and he remarked that
his words were not a "threat" but a "warning," using the following
illustration:
"If you see a man walking along a precipice and you point out to him
that the ground just in front of him is undermined, that is not a threat—
it is a warning; and it is not less friendly because it is evident that if the man
goes over the precipice he is quite likely to drag you down with him."
He said, moreover, that there was a large body of opinion in America
that was as eager to see a solution of the debt problem as the British in
general were, and he quoted from a resolution adopted by "a number of
cotton exchanges in America," the concluding sentence of which was:
"We urge every farmer to demand that the Government confer at once
with foreign debtors, with a view to finding a rearrangement of the debts
that can in fact be carried out without the destruction of foreign buying
power, on which the survival of our farmers depends.
The Chancellor's speech as given in a London cablegram
to the "Times" follows:
We have in the last few days received a message from the United States
offering the prospect of an approach in the near future to the settlement
of one of our most pressing difficulties.
It would be too much to say that reparations and war debts have liken
the sole cause of the economic oriels, but there can be little doubt that until
the nightmare of these intergovernmental obligations has been laid to rest
we cannot hope that confidence among nations will be restored or that we
can compass that financial and economic recovery which has been so long
delayed.
Last June we accomplished at Lausanne a provisional settlement of
reparations. It could only be provisional because, whatever theories may
be entertained about the relation between reparations and war debts,
Germany's creditors could not be expected finally to release their claims
until they were assured of similar treatment as regards their own obligations.
Hoped Against Dilemma.
I had hoped we might have been spared the dilemma in which we were
placed last December, when we had to choose between default upon our
legal obligations and payment, which, as we believed, could only accentuate
further the troubles and difficulties besetting the world and not the least
America herself. I offer no criticism upon the American refusal to prolong
the moratorium whilst conversations were taking place.
I realize the difficulties of the American Government, and, remembering
how long it took to persuade European nations of the evil results of reparations. I can well understand how different is the aspect which the subject
of war debts presents to the farmer of the Middle West from that which
appears to us.
But there are certain fundamental truths which will out, even though
they may lie concealed for a time. In the long run all payments to a foreign
country must take the form of sending goods or rendering services. It may
well be that this truth has been hidden from the American farmer by
transactions which he has, perhaps, not observed.
During the 10 years 1922-31 the United States received from foreign
countries £400,000,000 in war debts, £1,000,000.000 in net interest on
Volume 136
Financial Chronicle
commercial loans and £1,200,000,000 for the surplus of American goods
sold abroad over foreign goods sold to her.
That makes a total of £2.600,000,000 in receipts. How did the foreigners
pay that vast sum? One billion five hundred million pounds came from
expenditures by American tourists in European countries and remittances
from immigrants living in America to their European relatives. Another
/100,000,000 came by shipments of gold, making £1,600,000,000 altogether.
Where did the remaining £1,000,000,000 come from? It came from
loans made by America to the rest of the world, and it was that £1,000.000,000 of loans and that alone which made possible the payment of L400.000,000 of war debts.
Tourist Expenditures Down.
' But at the present time American tourist expenditure has dwindled to
very
low
a
figure; so have remittances from immigrants in America. She
has already got more gold than she knows what to do with, and she has
stopped lending money. Therefore, if these war debt payments were to
be resumed they could not be made by loans or by further shipments of gold.
Effective means of payment would have to be found, and they could
only be found by increasing the sales of foreign goods to America, or,
what would come to the same thing, by diminishing purchases from America.
Increased sales might be effected by drastic reduction of American tariff,
or, in the case of countries off the gold standard, by depreciation of their
currencies in terms of gold.
Decreased purchases could be insured either by depreciating currency or
by increasing the tariff against America.
Now in pointing out what would be the effect of resuming war debt
payments I am not using threats. If you see a man walking along a precipice and you point out to him that the ground just in front of him is undermined,that is not a threat—it is a warning, and it is not less friendly because
It is evident that if the man goes over the precipice he is quite likely to drag
you down with torn.
As a matter offact,these considerations which I have been mentioning and
the consequences arising from them are very well realized in many quarters
in America already. America depends to a large extent upon foreign markets
to absorb her productions.
Cites Our Surpluses.
She herself consumes only 82% of her own wheat, only 64% of her copper,
only 60% of her tobacco and only 45% of her cotton. For the rest she must
find a market outside her own boundaries, and unless she can find that
market at a remunerative price her producers are bound to suffer.
Only a short time ago a number of cotton exchanges in America passed a
long resolution saying, among other things:
"From foreign buyers of cotton and wheat it is clear that 6-cent cotton
and 40-cent wheat are inevitable so long as international commercial and
financial relations remain as they are. Members of this exchange give a
solemn warning to Southern farmers and their representatives at Washington that unless this critical situation is promptly faced the growing of cotton
and wheat for export has perished as a means of decent livelihood in this
country. We urge every farmer to demand that the government confer at
once with foreign debtors with a view to finding a rearrangement of the
debts that can in fact be carried out without the destruction of foreign
buying power, on which the survival of our farmers depends."
That resolution shows, I think, that there is at any rate an important and
enlightened section of opinion in the United States which is not so far from
our own point of view. Our point of view is well known, for it has been
consistently held by successive governments since the war.
We believe the total cancellation of war debts and reparations would be
the best thing that could happen to the world as a whole, but if that is
going further than American opinion is yet prepared to accept we shall
gladly discuss with our American friends, whenever they are ready to receive
our representatives, the lines on which an agreement can be reached, bearing
in mind two things which seem to us essential:
First, that the settlement to be reached must be a final settlement;
second, that it must be one which will not involve a resumption of the claim
on Germany for reparations, which it was the object of the Lausanne settlement last year to end.
The Lausanne settlement is the one substantial advance during the last
few years in the troubled history of Europe. Not only did it put an end to
the uncertainty and anxiety which attended all previous efforts to adjust an
Impossible situation, but it opened up new possibilities of friendlier, feeling
between European nations, on which might be based more fruitful cooperation in other spheres.
To disturb that settlement now would reopen old wounds and destroy
for an indefinite period all prospect of agreement on matters affecting the
happiness and prosperity not merely of Europe but of the whole world.
Curb on New Loans Reimposed in London.—Restriction by Bank of England, Fearing Accumulation
of "Undigested" Issues.
From the New York "Times" we take the following from
London, Jan. 20:
Signs of an impending rush of new capital issues into the London market,
especially of the gilt-edged class, have resulted in temporary reimposition
of the official ban on issues of the trustee class. Permission to make such
Issues has now to be obtained from the Bank of England, and the bank has
Intimated that further offers must be postponed. This action has been taken
because of threatened congestion of the market.
It is probable, in the light of experience, that future issues would have
been made upon more attractive terms. But the authorities apparently do
not care to run the risk of upsetting the market through s series of "undigested" loans.
583
to pursue as a result of the action of the Chamber of Deputies in voting to
default on the payment to the United States which was due Dec. 15, the
Premier contented himself with a general discussion of the situation
without committing himself.
It is understood that the attitude of the French Government is to be one
of observation while the British carry on negotiations with the United
States. It is believed that no effort will be made to erase the default for the
present nor even to set in motion the machinery of negotiation. France will
content herself with seeing what is going to happen when the British and
American statesmen gather around the conference table in Washington in
order to solve the perplexing debts question.
Lord Tyrell British Ambassador to Great Britain, called on the Premier
this afternoon for a discussion of debts. It was believed that Lord Tyrell
supplied M. Paul-Boncour with information on the question at present so
far as Britain is concerned.
Continues Gold Embargo Until Dec. 31.—Prohibits
Export Except by License.
Canadian Press advices from 'Ottawa (Ont.) Jan. 26,
stated:
Prohibition of the export of gold, either in coin or bullion, except under
a license by the Minister of Finance, will continue until Dec. 31, this year,
unless rescinded by order in council. This was announced today in a bulletin
issued by the Minister of National Revenue.
By order-in-council last May, the export of gold was prohibited unless
licensed by the Finance Minister.
Paris Newspaper Foresees Changes in Bank for International Settlements—Expects Move to Shift
Institution to London Under Briton—Thinks
Usefulness of Basle Organization Depends on
Return to Gold Standard.
The fate of the Bank for International Settlements at
Basle will be determined at the World Economic Conference,
French financial opinion is now suggesting, according to a
Paris message, Jan. 20, to the New York "Times," which
went on to say:
According to the financial newspaper "Le Capital," the retirement of
Gates W. licGarrah at the end of his term as President and the transfer
of the bank under a probable British successor from Basle to London are
among the moves already discussed. The newspaper, however, thinks that
unless there is a general return to the gold standard the Basle institution's
usefulness may be questioned and that oh the success of the economic
conference in attaining exchange stability will depend the future of the
World Bank.
Based on Gold Standard.
The World Bank was based definitely on the gold standard. Only the
central banks or private banking institutions of countries with the gold
standard or a gold exchange standard were admitted as stockholders. That
was before Great Britain was forced off the gold standard, so, while the
restriction disqualified nations desirous of joining the stockholders, the list
now contains almost as many nations off the gold standard as there are on it.
The Bank was formed primarily to handle reparations, but since the Hoover
moratorium debts and reparations payments have not passed through Basle.
Those nations which paid debt installments to the United States in December
paid directly, not utilizing the Bank. Nevertheless, the last monthly statement of the bank showed it was prosperous because of its work with international loans handled for the League of Nations and central banks. It is
true, however, that upset conditions of the world monetary system, because
of the instability of exchanges, prevented central banks from availing themselves of many services which the World Bank was originally designed to
fulfill.
"The question of the reorganization and adaption of the Bank for International Settlements to new functions must certainly be faced shortly,"
says "Le Capital," "and in all probability the solution will be framed at
the international economic conference.
British President Expected.
"Meanwhile changes in the Bank's personnel are beginning to be discussed. The present President, Mr. MeGarrah, has unofficially indicated
he will not seek re-election when his term expires next May, and will
probably return to the position he held with the Federal Reserve System.
In view of the American policy concerning debts and reparations it appears
improbable that Mr. McGarrah will be replaced by an official of his own
nationality. It is possible a British representative will be elected and in
that case the possibility of the transfer of the bank to London, which
already has been discussed, must be examined."
During the Baden Baden meeting, when the World Bank statutes were
framed, the British strongly urged London as the seat for the bank, while
the Belgians made a tenacious bid for Brussels. Inability to obtain agreement upon either of these proposals led to the suggestion for establishment
of the back in a neutral country and to the final selection of Basle.
Paris Bourse Shut By Budget Strike—Brokers Prevent
Trading Because of Socialist Project and Failure
to Economize.
Ambassador Edge Talks on Debts With Premier PaulBoncour of France.
Under date of Jan. 25, Paris adviees to the New York
"Times" said:
The problem of the French war debt to the United States
was the subject of a conversation between American Ambassador Walter E. Edge and Premier Joseph Paul-Boncour.
On Jan. 25, according to a Paris cablegram on that date to
the New York "Journal of Commerce" which continued:
Paris to-day was-in a state verging on unofficial 'liege while various
groups were demonstrating or attempting to demonstrate against the budget
proposalethat will come before the Chamber of Deputies to-morrow.
There were no serious disturbances, but the Bourse was the scene of
disorders and was unable to do btueness because of a strike of Exchange
agents and bank commissioners protesting against measures passed by the
Chamber's Finance Commission.
The!Chamber itself, all the Ministries and most of the strategic centers
in thelcity'weri heavily guarded by the police and military while 5,000
delegates of the'Farmers party were meeting in the Salle Wagram in a
manifestation against the fail in the price of wheat.
These manifestants later tried to form a procession and march to the
Chamber:of Deputies. Prevented by the police, they conducted an orderly
march to;the_Arch_of Triumph, defiling before the Tomb of the Unknown
Soldier.
The police in-the Latin Quarter were also kept busy by the attempts of
students to organize parades and to besiege government buildings.
It was understood that Mr Edge arranged the meeting in order to determine the attitude of the French in the light of developments in the
inter-governmental debts situation in the past week,including the invitation
to Great Britain to send representatives to Washington after March 4 to
discuss the question of revision with the Roosevelt Administration.
Fails to Reveal Policy.
M. Paul-Boncour declined to intimate what his future course on the
debts matter would be, according to well informed sources. While the
Ambassador, it is said, sought to find out what policy the French intend
Financial Chronicle
584
• Cause of Bourse Strike.
The Bourse strike was precipitated by resentment among the operators
and agents against a Socialist proposal adopted by the Finance Commission to abolish shares and bonds transferable to the bearer and requiring
endorsement by the holder.
This, in the terms of posters plastered on the walla of the Bourse, was
described as "the revolutionary measure taken by the Chamber's Finance
Commission," whose members were attacked for burdening the nation
with taxes while declining to accept salary reductions.
Officials of the Bourse deplored the strike, but took no action to prevent
this one-day demonstration, with which most of the frequenters of the stock
market seemed thoroughly to sympathize. There were some disorders
when Exchange agents attempted to shout the opening prices, but after a
brief melee order was restored.
It proved impossible to call the meeting to order because the bell rope
attached to the gong ordinarily sounded had been stolen and the cries of the
manifestants drowned out the attempts of officials to announce the opening.
All day crowds milled about the Bourse building talking politics, but
there was no further effort to resume business and the police were called
to the scene only to guard against rioting, which did not materialize.
Taxpayers' lleeting Called.
The National Federation of Taxpayers and the Syndicate of Parisian
Taxpayers, two powerful associations of the man in the street. issued a
call to-day for a mass meeting to be held Saturday.
A manifesto they issued complains bitterly that despite promises made
at the time of the conversion of government rentes last July the budget
difficulties have been aggravated and plans are being made to raise taxes
that would increase the already high cost of living.
The statement cites figures showing that the cost to the housewife of
such staple articles as coffee, sugar, cocoa, vinegar and chocolate represents from 25 to 50% of France's internal taxation.
The unwillingness of the Chamber's finance commission to authorize a
reduction of the salaries of the parliamentarians is called "scandalous"
"Ruin is at our doors," the manifesto concludes. "All must act together
amid a party truce."
The directors of a number of great commercial and industrial associations
also met to-day, demanding that there be no new taxation but rigorous
economies instead.
During the day no less than 29 Deputies inscribed their names on the list
of those desiring to speak when the Chamber opens late to-morrow morning.
In statements issued to the press to-night Premier Paul-Boncour and
Finance Minister Cheron condemned the Bourse strike as an illegal manifestation, and a government investigation has been ordered.
In its issue of Jan. 27 the "Times" said:
A Brokers' Strike.
The strike of the brokers on the Paris Bourse as a protest against interference with the government's economy program excited widespread
comment in Wall Street. It was remarked in more than one commission
house that, while brokers in New York have no way of registering their
dissatisfaction with the slow legislative progress toward a balanced budget,
their customers for some time have been "on a strike." The present lethargy is largely due, in their opinion, to the fact that there is as yet no
assurance that a balance between Federal revenues and expenditures will
be accomplished soon.
4.•
Germany Gives
Russian Soviet Four-Year
$15,000,000 Iron, Steel Pact.
Credit—
A Berlin cablegram (copyright) Jan. 26 is taken as follows
from the New York "Evening Post":
Ass moment when the capitalistic world outside of Germany Is expressing
anxiety over the ability of the Soviet Union to meet its foreign obligations,
of special interest is the news to-day that the German Government is prepared to extend to the Soviet Union four years' credit on the delivery of
$15.000.000 worth of iron and steel products and machines.
This will be the longest credit ever obtained by the Soviet Union from
any country on such products and, as some German commentators observe,
the four-year term approaches close to the nature of a long-term loan.
It is understood that the Russians offered to buy up to 8100.000.000 in
goods on four-year credit, but that 815.000.000 is all that the Germans
would accept at this moment
The outstanding Soviet obligations to Germany now are estimated at
9275,000.000. and the new deal will increase them to 8290.000.000. The
last available estimate of the total of Soviet obligations to all foreign countries was around $450,000,000. At this figure, the German share of the
Russian risk is nearly two-thirds of the total.
Politically, the new Russo-German deal is also significant, as it could
hardly have taken place under the anti-Soviet Chancellor Franz von Papen,
while the present Chancellor. General Kurt von Schleicher. favors, on the
other hand, close relations with Moscow. Most important. however. Is
the indication that the new deal gives of extraordinary confidence of German business and the Foreign Office experts in the economic future of the
Soviet Union.
Under the existing practice here. the Reich will guarantee the German
manufacturers 40% of the total bill and the governments of the Federated
States will guarantee 30%. Thus the manufacturers carry only 30%
of the risk and they figure that prices are so high that the Government
guarantee covers virtually all the costa.
The only country heretofore that has offered the Soviet Union as much
as four years' credit was Italy The Italian credit, however, was only on
ships and was offered two years ago, when the Soviet internal and foreign
trade difficulties were much less a cause of anxiety to her creditors than
they are to-day.
Bank for International Settlements Extends Austrian
Loan for Three Months—Gradual Redemption Plan
to Be Drawn Up.
A copyright cablegram Jan. 21 from Vienna, is taken as
follows from the New York "Herald Tribune":
The Bank for International Settlements at Basel prolonged the Austrian
short-term 90.000.000 schillings credit for another three months. Meanwhile a plan for the gradual redemption of this credit, beginning April 1,
will be drawn up. After the resumption of interest and sinking fund
payments at the year's end for the 1923 and 1930 public loans. the Austrian Government proposed to the trustees of these loans settlement of
arrears caused by the temporary transfer moratorium totaling about
57,000.000 schillings in 24 monthly installments.
Funds needed for this purpose will be deposited with the Central Bank
in &chitlings and will have to be converted into foreign exchange. While
conditions of the new loan have not, yet been definitely settled, reports in
Jan. 28
1933
the Viennese papers to the effect that the issuing rate will probably be 92
and interest, plus the sinking fund 5%, are officially confirmed as correct.
To revive tourist traffic, which is one of the most important sources of
income, arrangements are being considered to permit foreign visitors to
exchange their currencies into schillings at the international rate, which 18
20% higher than the official rate decreed by the Central Bank. At present
many stay away because they do not wish to incur this 20% loss.
Prussian Conversion Bonds Pay 9.2%—New Certificates
Offered at 94 to Attract Capital.
From the New York "Herald Tribune" of Jan. 23 we take •
the following (copyright) from Berlin Jan. 4:
On Jan. 20 130,000.000 marks of Prussian state treasury certificates
(Schatzanweisungea) mature, which the Prussian treasury is preparing to
provide for in a normal manner, despite its financial difficulties. A conversion proposal is to be made, details of which have just been revealed.
Holders of the maturing certificates will be offered new certificates bearing 6% interest and repayable, one-half in two years at 100% par; the
other half in three years at 102%. As an additional inducement, there will
be an 8% repayment for all those taking advantage of the conversion. Since
the outstanding certificates are to be repaid at 102% Jan. 20. the effect
will be that of issuing the conversion certificates at 94% of par.
Besides holders of the old certificates who are converting, the state will
also offer the new issue for general cash sale. This will be, with the sole
exception of the tax-free Reichsbahn loan (amounting to approximately
250.000.000 marks), the first public loan floated for more than a year.
The unfavorable conditions prevailing on the German capital market are
well illustrated by the terms which Prussia has found itself forced to make.
On the basis of an average life of two and a half years for the two types
of conversion certificates, an actual interest rate of 9 2% Is being offered.
This in the face of a Reichsbank discount rate of 4% and after weeks of
ascending bond prices, shows the extent to which German capital must be
persuaded to invest in anything approaching long term obligations today.
Holland Gold Coverage Rises to New High Mark—
Bank Notes in Circulation Drop 17,565,655 Florins.
A cablegram as follows from Amsterdam (Holland) Jan.21
is from the New York "Herald Tribune":
With the prospect of heavy interest payments on various loans, which
will fall due on Feb. 1, Government deposits at the Netherlands Bank
have been considerably increased, while the amount standing to the credit
of private current accounts has again made a leap forward and now stands
at the sum of 270.059.951 florins.
Largely as the result of the recently inaugurated working arrangement
between Holland and Germany for the liquidation of private debts through
an international clearing house, the amount of foreign bills of exchange
also has risen and now stands at 73.286,344 florins. an unusually large sum
under present circumstances, for which, however, thanks to the arrangement between the two Governments, the bank runs little risk of loss.
Gold and silver reserves remain unaltered, while bank notes in circulation
have fallen from 964.882,810 to 947.317.155 florins. Coverage, therefore,
in gold is 109% (last week it was 107%) and in gold and silver combined
111.7% (last week it VMS 109.6). These percentages would seem to create
a new record.
•••••.•
Loan Issue Stirs Southeast Europe While Greek Ire
Grows Over Payments—HungarySees Trend Toward
Repudiation—Two Lands to End Curbs—Gradual
Abolishing of Exchange Restrictions is Announced
by Austrians and Czechs.
A wireless message Jan. 20 from Vienna to the New York
"Times" said, in part:
Eleutherics Venezilos went out of office last Autumn because the Greek
people wanted a scapegoat for the hard times, but he returns in the trough
of an even deeper depression. For the outside world the importance of
his reappearance is in the fact that shortly before his last resignation, he
had taken a firm stand against Greece's even attempting to repay foreign
obligations until times improved and though his Finance Minister later was
forced by unfavorable repercussions to reconsider—It is unlikely that he
has since changed his mind.
Default Sentiment Crows.
In Hungary the disposition to let debt repudiation tread on the heels of
default is also growing. Exhortation to further economics in the last
report of the American-born League adviser to the Government. Royal
Tyler, drew from Premier Julius Goernboes a speech to the effect that
Hungary's future could not be settled by bookkeeping, since dismissals and
salary reductions would decrease purchasing power and increase social
tension. The Hungarian Minister of Finance is standing on the ground
as that taken at Geneva regarding a new loan, but, according to a euphemistic announcement in the newspapers, has "received no satisfactory reply."
The Government, therefore, Is seeking to make budgetary ends meet by
raising an 88.000.000 domestic loan, from industry and the rest from agriculture and Insurance companies. The effect of the measure seems bound
to be inflationary.
Industrialists, whom the State ready owes $10,000,000, will also be
asked to invest 52.500.000 in a now bank whose object will be to finance
new employment. To those Industrialists who invest, the State agrees to
repay some 20% of what it owes them.
Budapest City has devised an Ingenious scheme to surmount the transfer
difficulty in connection with the so-called Ostend foreign loans Funds
set aside for payment of Interest and amortization on loans will be reinvested in water, gas and electricity works, on whose returns they already
are secured.
In this manner the value and security of the loan will be Increased until
transfer again becomes possible.
Exchange Curb is Ended.
Atria and Czechoslovakia made a welcome departure from precedent
by announcing gradual abolition of the exchange restrictions In force for
a year and a half. Austria also hopes, as a result of ratification of the
Lausanne loan, to be able to resume transfer service not only on the 1924
League loan but on the 1930 foreign loan.
The arrears of $8.000.000 she proposes to extinguish In twenty-four
monthly payments. It she is able to do this and simultaneously abolish
exchange restrictions. it will have proved how largely the crisis has been
one of confidence, which a relatively small amount of the Lausanne loan
was able to heal.
Volume 136
585
Financial Chronicle
Jugoslavia Is reported to have received a three-year moratorium on
all pre-war and post war French loans and is seeking a similar concession
from the United States. Jugoslavia, however, like Hungary, still seems
able to buy armaments.
Replying to the "Arbeiter Zeitung's" revelation of Italian arms shipments
to Hungary via Austria. the Vienna "Weltblatt" reveals that a few weeks
ago forty carloads containing parts for 8-inch motorized howitzers were
shipped by the Skoda Works of Czechoslovakia over Austrian territory to
Jugoslavia. In order to obtain payment for this and previous armament
shipments amounting to $3,000,000, the Skoda Works induced the Czechoslovak Government to buy most of the tobacco it needs for its State monopoly from Jugoslavia, thus allowing Jugoslavia to pay in tobacco for an even
more combustible material.
Vote Athens Dissolution—Senators Approve Greek
Premier's Move—Election Set for March.
From Athens, Jan. 24,advices to the New York "Times"
stated:
or Premier Eleutherios Venizelos obtained to-day a Senate order approving
dissolution of Parliament announced yesterday by President Zaimis. with
elections to follow on March 5.
6,The Royalists, under former Premier Tsaldaris, had attacked this as
unconstitutional in view of the provision that the Government must first
present itself to the Chamber.
The Venizelist majority in the Senate prevailed by a vote of 72 to 20.
M. Venizelos declared the rise of the drachma had brought it back in five
days to the figure quoted when the Royalists took power, thus increasing
the value of the Bank of Greece's holdings by $.3.000.000.
An item bearing on the forcing out of the Cabinet appeared
in our issue of Jan. 21, page 414.
Turkey Decrees the Trebling of Goods Imported from
United States.
A wireless message from Istanbul, Jan. 25, stated:
By a Cabinet decree to-day the United States will be permitted to export
goods to Turkey free of quota restrictions to the value of Turkish exports
to the United States.
Ille,When the trade of the two countries Is unrestricted American purchases
from Turkey, consisting chiefly of tobacco, are nearly five times the Turkish
purchases of American manufactured goods in value.
The immediate effect of the decree will be to free American goods accumulated in customs, but it will lead eventually to considerable increase in the.
sale of American products in Turkish markets.
The American standstill committee met yesterday afternoon, putting
into final shape the proposals to be presented by their representatives at
the Berlin conference. The conference will open late this month. Its
work must be completed by the end of February when the present agreement expires.
It was said in banking quarters yesterday that the bankers probably
would not insist upon more rapid payment in dollars of the principal
amount. During the past month, it was pointed out, there has been
considerable improvement in German finances, due in part to the return
of German capital which previously had been secreted abroad. Insistance
upon more rapid transfers, it was held, might hinder this movement.
On the other hand, it was expected that representatives would be insistent that the new contract permit the liquidation of individual credits.
The present arrangement serves to protect not only German exchange but
also the individual debtor. This protection, bankers declare, is given at
the expense of the creditor who is not free even to shift his funds within
Germany.
Dr. Bruning, Managing Director of Cologne Branches
of Deutsche Bank and Disconto-Gesellschaft Admitted to Partnership in Banking Firm of A. Levy,
Cologne.
German press dispatchers announce the admission of Dr.
Bruning, heretofore managing director of the Cologne
branches of the Deutsche Bank und Disconto-Gesellschaft,
to full partnership in the old firm of A. Levy, Cologne, leading private bankers of Western Germany. It is stated that
the close relations existing for a long time between that
firm and Germany's foremost commercial bank are anew
emphasized by the simultaneous appointment of Dr. Bruning
to the advisory board of the Deutsche Bank for the provinces
of Rhineland and Westphalia.
Germany Reported to Have Cut Foreign Debts Sharply
in 1932—Statistical Institute Puts Reduction at
500,000,000 Marks-1933 Payments May Be Smaller.
Advices from Berlin Jan. 14 (published in the New York
"Herald Tribune" of Jan. 22 said:
Germany during 1932 succeeded in clearing off 500,000,000 marks of
her foreign debt, according to estimates of the Reichs Statistical Institute. If the rate of interests on foreign loans to this country is not
The new cabinet decree on imports from the United States permits
reduced the Reich is not likely to repay more than half of this amount
trebling of American sales to Turkey and will amount to nearly 14.000.000
during the current year, the institute ventured to foretell. According to
additional.
Its estimates the German balance of international payments amounts to
1,550,000,000 marks.
These are the different items in billion marks:
Ask Yugoslav Reforms—Serbian Radicals Demand that
German Obligations.
sources of Paramus.
•
Nation Go on Federal Basis.
.80 Surplus Of exports
Current interests and annuities
1 10
20
fin marks to Belgium).- .20 Invisible exports
From the New York "Times" we take the following from Reparations
55 Payments In geld 4,foreign exchange_ .25
Repayment of capital
Associated Press advices from Istanbul, Jan. 25, said:
Sofia, Bulgaria, Jan. 23:
The newspaper "Bulgaria" printed a dispatch to-day from Belgrade,
Yugoslavia. to the effect that the Serbian radical party—representing a
large section of the Serbian opposition—had issued a manifesto Joining
Croat and Slovene lea tent in a demand for abolition of the dictatorship
and reorganization of Yugoslavia on a Federal basis.
The manifesto was quoted as saying
"The internal organization of the State should be established by agreement between the Serbs. Croats and Slovenes and In this agreement the
three sections of the Yugoslav people should participate on an equal footing.
kf"All this should be done through freely elected representatives of the
people who alone have the right to decide the organization of the country."
Speyer & Co. Purchase for Cancellation Bonds of
Berlin Electric Elevated and Underground Rys.
Speyer & Co., as fiscal agents, announce that there have
been purchased.andcancelled through the semi-annual sinking fund, $314,0u0 bonds of the Berlin Electric Elevated and
Underground Railways Co., Thirty-Year First Mortgage
6/
1
2% Loan due 1956. Out of an original issue of $15,000,000
bonds, there remain outstanding $12,811,000 bonds.
Announcement Regarding Payment of Feb. 1 Coupon
on Kingdom of Hungary Loan of 1924.
Speyer & Co., as American fiscal agents, announce that,
in accordance with the notice published on December 20
1932 by the trustees of the State Loan of the Kingdom of
Hungary of 1024, they will pay the February 1st coupon of
these bonds by utilizing the Reserve Fund to the extent
found necessary.
Departure of A. H. Wiggin, F. Abbot Goodhue, and
J. C. Rovensky for Berlin—To Negotiate New
German "Standstill" Agreement.
Albert H. Wiggin of the Chase National Bank and P.
Abbot Goodhue, President of the Bank of the Manhattan
Co., sailed for Berlin on the steamer Bremen on Jan. 21 to
negotiate a new standstill agreement on German commercial
credits. They are accompanied by Joseph E. Rovensky,
Vice-President of the Chase. At Southampton they will be
met by Allen Wardwell, legal adviser to the American standstill committee, who will accompany them to Berlin said
the New York "Journal of Commerce" of Jan. 21, from
which we also quote:
1.55
Total
Total
1.55
Accordingly the Reich had at its disposal between 500,000,000 and
600,000,000 marks for capital payments abroad, against 2,400,000,000
marks in 1931. About 450,000,000 'marks have been used for the redeeming of long term loans and credits and for repaying short term debts
of the Reich, the Reichsbank, and the Gold Discount Bank. The remainder
of roughly 100,000,000 marks was composed by turnovers of various kinds.
Export Surplus Reduced.
German export trade in 1932 resulted in a surplus of about 1,100,000,000
marks, against 2,800,000,000 In the previous year. As far as "invisible
exports" are concerned their amount is given at the same figure as for
1931, namely at 200,000,000 marks, referring chiefly to freight, insurances, tourists' expenditures, etc. Germany during 1932 is supposed to
have paid on interests 800,000,000 marks more than she received—as
compared to 1,300,000,000 marks during 1931. Payments on reparations
in 1932 represented but one-fifth of the strai they cost Germany the year
before, namely 200,000,000 marks, against 1,000,000,000. These so-called
"current items" of the German balance sheet of 1932, accordingly, resulted
In a surplus of 700,000,000 marks, as compared to 300,000,000 during the
Previous year.
The balance between the German obligations and their means of paying
In 1932, which amounted to 250,000,000 marks, had to be met by payments in gold anu foreign exchange on the part of the Reichsbank and
the other German "noten banken."
German Capita Returns.
German revenues from abroad during the last year consisted chiefly from
foreign payments for German goods delivered during the last months of
1931, from interest and redemption amounts which foreign creditors did
not withdraw from this country, and, to a certain degree, from Germanowned capital which returned to the Reich after a temporary flight abroad
of the mark. Expenditures are supposed to have been mainly composed
by items for repaying of stillholding credits, for the clearing off of extraordinary credits, and for additional export credits.
It is impossible to tell at present whether or not similar amounts for
the repayments of capital will be at the Reich's disposal in 1933, the
Statistical Institute declared, leaving alone question whether the rigid
rules and regulations for the export and import of capital between Germany
and foreign countries may undergo some relaxation. The institute, anyhow, does not think it probable that the surplus from German exports and
"invisible exports" will be augmented during the current year to any
considerable amount. In case the economic situation does improve a
shrinkage of the export surplus would have to be expected, owing to increased imports of raw materials, provided that German goods do not
find new markets abroad, the institute indicated. Under the circumstances, and if the rate of interests for foreign loans is not reduced, this
body estimated the amount available to the Reich for repaying her international debts during 1933 at about 250,000,000 marks—about 50% of the
amount Germany paid during 1932.
The Statistical Institute mentioned as a theoretical possibility of balancing
Germany's sources ot payments and her foreign obligations the taking up
of new credits—proceedings which, however, would he possihle in the near
future only by transforming short term loans into long term credits, and,
eventually, by credits to be granted for raw materials.
Financial Chronicle
586
Dresden Payments Reported in Default.
From the New York "Herald Tribune" of Jan. 23 we take
the following:
The City of Dresden was unable to meet payment of the redemption
certificates which matured January 2, and negotiations are pending with
creditors, according to Wyser & Diner, specialists in German securities.
Meetings of the holders of the defaulted bonds were held on January 2
and 3. The issues in default are the following: City of Dresden redemption certificates with Auslosungsscheine drawn October 1932, 6% loan 1926.
Reihe I and 6% treasury notes of 1930.
Alaska Salmon Canners Said to Await Congressional
Legislaton on Bill to Equalize Exchange Values to
Check Japan's Exports—Present System Hit—
Official Asserts Oriental Nation Can Sell for Less
than Our Canning Cost.
From Ketchikan, Alaska, Jan. 24, the New York "Times"
reported the following message:
The plans of American salmon canners for Alaska and the Pacific Coast
this season depend largely upon a bill in Congress designed to equalize
exchange values of currency as a curb on Japanese imports, according to
Eigil Buschmann, an official of the Nakat Packing Corp., who has just
arrived here from Seattle.
"Under the present exchange values Japan can and does sell her product
In America for less than it costs American canners to put up their pack."
said the cannery superintedent.
"Relying on the Congress bill, Nakat is now planning to operate all of
its canneries in Alaska which it ran last year. But unless favorable action
is obtained on the bill the plans of all American canners for this summer's
operations will be shot to pieces."
Regarding the "Buy-in-Alaska" appeal made in a letter from the Ketchlkan Chamber of Commerce to H. B. Friel°, General Manager of Nakat
and President of the Association of Pacific Fisheries, Mr. Buschmann said:
"Exclusive of taxes. the Nakat company spent $85,000 last year in
southeastern Alaska alone, in addition to its outlay in the Bering Sea region.
Although it lost money on one of the largest packs it ever put out, it stopped
taking fish from its traps in order to employ 26 native seine boats, which
Supplied its plant at Waterfall, near here."
Ian. 28 1933
Mr. Pecora, who was Assistant District Attorney of New
York County from 1918 to 1930, succeeds Irving Ben
Cooper, who, as noted in our issue of Jan. 21, page 415,
resigned on Jan. 17. Mr. Cooper had served as counsel
only one week. He had been named to the post by the
Banking and Currency Committee on Jan. 10; the hearings
by the Committee into stock exchange trading, which had
been suspended for some months, were resumed on Jan. 10,
The Committee on Dec. 13 ordered the resumption of the
inquiry under a sub-committee headed by Senator Norbeck
(Rep.), South Dakota, and including Senators Glass (Virginia) and Fletcher (Florida), Democrats; and Couzens
(Michigan) and Townsend (Delaware), Republicans.
Regarding the appointment of Mr.Pecora the Washington
correspondent of the New York "Journal of Commerce" on
Jan. 24 said:
The methods of high pressure bond salesmen in unloading their wares
upon the general public are to be put under the searchlight by the Senate
Banking and Currency Committee.
This was made known to-day incident to the announcement of the selection of Ferdinand Pecora of New York as committee counsel. Representatives of prominent investment banking houses in New York and other
cities are to be subpoenaed and required to divulge to Pecora and his associates details of their activities in loading up banks and surfeiting individuals with securities.
To Probe Distribution.
The Senate Banking and Currency Committee already is possessed of
Information of the stock and bond flotation practices of securities affiliates
of large New York banks, members of the Federal Reserve system. The
latest move on the part of the committee, through its Wall Street probe
group, is to develop more of these practices and delve into the activities
of others similarly engaged.
Chairman Norbeck of the committee made it known that it is the intention of the investigation "to inquire into the situation regarding the issue
and distribution of securities," adding that "the inquiry would further
examine the responsibility to the public of corporation directors.
"Mr. Pecora, the new committee counsel, will have all the authority
necessary to make a comprehensive investigation of these matters,"
Senator Norbeck said.
Bank of Panama to Accept Own Bonds at 80 for Debts.
According to a Panama cablegram, Jan. 24, to the New • From the New York "Herald Tribune" of Jan. 25 we take
York "Times" the National Bank of Panama has announced the following:
Will Organize Staff at Once.
that it will accept its own mortgage bonds at 80 in payment
Ferdinand Pecora, in a statement last night on his appointment as
of any debts owed to it. It is added:
counsel to the United States Senate Subcommittee on Banking and CurThe bank sold 84.000,000 of these bonds, half in the United States and
half in Canada. and there is $3.100.000 of the issue outstanding.
Organization of Protective Committees for Bonds of
Department of Cundinamarca and Department of
Cauca Valley.
Holders of Department of Cundinamarca secured 63/
3%
0
bonds due 1959 and Department of Cauca Valley 737
secured bonds due 1946 are being notified of the organization
of protective committees. Severo Mallet-Prevost is chairman of both committees, which, for the present, are not asking for deposit of bonds but only for authorization to represent the bondholders in any negotiations which may arise.
Bondholders giving such authorization it is stated assume no
liability for expenses of the committees. Letters to the
bondholders state that "economic and financial conditions
in Colombia appear to have improved during recent months."
Members of the Committee for the Cundinamarca bonds
include:
Henry C. Breck.
George De B. Greene.
R. Grosvenor Hutchins, and
A. Perry Osborn.
Members of the Committee for the Cauca Valley bonds
include:
Henry C. Breck.
R. Grosvenor Hutchins.
Willard V. King, and
James A. Sexton.
Stayman L. Reed, 54 Wall Street, is Secretary of both
committees. Counsel is Curtis, Mallet-Prevost, Colt &
Mosle, and the Chase National Bank is depositary.
Amortization of Colombian Bonds.
The Consulate General of Colombia in New York issued
the following announcement Jan. 15:
In our News Bulletin of Jan. 16 1933, we stated in error that the amount
of $4.200,000 in 1927 and 1928 Colombian National Bonds had been turned
over to the National City Bank of New York. whereas these bonds were
actually turned over to Hallgarten & Company and Kissel. Klnnicutt &
Company, the Fiscal Agents.
Our statement therefore should be changed to read as follows:
Amortization of Colombian Bonds.—The Colombian Government turned
over to Hallgarten & Company and Kissel, Kinnicutt & Co.. its Fiscal
Agents in this city, the sum of $4.200,000 in 1927 and 1928 national bonds
to be called in for amortization, our national debt being reduced in the same
amount.
Senate Inquiry into Stock Exchange Trading—Kreuger
& Toll Investigation—Ferdinand Pecora Succeeds
Irving B. Cooper, Resigned, as Counsel.
On Jan. 24 Senator Norbeck, Chairman of the Senate
and Banking sub-committee conducting the inquiry into
stock market trading announced the appointment of Ferdinand Pecora of New York as counsel to the Committee.
rency, declared that he would proceed at once with the organization of his
own staff and the establishment of offices in this city as well as Washington.
Mr. Pecora intimated that he had had several conversations with Chairman Norbeck on the nature of his work and the scope of the investigation,
and that he had received "full authority to proceed at once," with assurance
that "the committee will accord him its complete support and co-operation."
Mr. Pecora, who was associated with the District Attorney's office here
for twelve years, the last eight years of which he spent as Chief Assistant
District Attorney, will assume his new duties with broad experiences in
similar fields behind him. In his official capacity between the years 1918
and 1930, when he was in the District Attorney's office, he headed many
important investigations touching on financial subjects, such as the bucket
shop inquiry in 1922 and 1923. which resulted in the eradication of more
than 150 bucket shops and the indictment and conviction of a score of
operators.
Investigated State Sinking Fund,
In 1920 he made an investigation of the irregular conduct of the State
sinking fund, bringing about the indictment of several high State officers
and a reorganization of the system. NOteworthy among his other investigations were the so-called milk graft scandal in the Health Department
in 1926, the City Trust Co. failure in 1929, which resulted in the conviction
of Frank H. Warder, former State Superintendent of Banks, and the institution of several remedial measures for the protection of the banking
business. He gained considerable fame also as the prosecutor of the investigations into the famous "Dot" King and Louise Lawson murders.
Since his withdrawal from the District Attorney's office in December
of 1929 Mr. Pecora has been in private prqctice at 285 Madison Ave. as a
member of the firm of Hartman, Sheridan, Tekulsky, Pecora.
Mr. Pecora is forty-seven years old, was born in Nicosia, Italy, is an
Episcopalian and a staunch member of Tammany Hall. He was educated
at City College and St. Stephen's College at Annandale-on-Hudson and
joined the District Attorney's office In 1918 under former District Attorney
Edward Swann,
Mr. Cooper, in tendering his resignation to Senator
Norbeck under date of Jan. 17, said:
551 Fifth Avenue, New York.
Jan. 17 1933.
Honorable Peter Norbeck, Carman.
U. S Senate Committee on Banking and Currentil.
Senate Building, Washington, D. C.
Dear Senator.—When, on Jan. 10 1933. you requested mo to act as
counsel to the Senate subcommittee on Banking and Currency, I distinctly stated that a condition precedent to my acceptance was that I
should have a free hand in the conduct of the investigation and that the
Investigation. itself, should be thorough, fair, and play no favorites. You
accepted this condition and I was duly appointed.
Yesterday, you were quite explicit that, not only was I not to be allowed
the measure of freedom in the conduct of the investigation which, as a
condition of my acceptance, you had assured me I should have, but that
an agent of yours—not a member of the Committee, or even a member
of the bar—would be stationed in my office and direct the inquiry and
determine not only as to the matters which I was to present to the Committee, but those which I was to refrain from investigating.
As counsel, I decline to accept these restrictions. The inquiry which
your Committee is authorized to make is most important to the
public,
provided it is to be a genuine investigation. The investigation which you
propose I should make under the circumstances recited above. I regard as
one not calculated to elicit the facts which should be disclosed and I refuse
to be a party to It.
Volume 136
Financial Chronicle
I therefore ask that I be relieved from any further duties as Counsel
to the Committee
I am, Sir, with great respect,
Yours very truly,
IRVING BEN COOPER.
In a statement issued at Washington on Jan. 17, Senator
Norbeck said:
,The most liberal construction of the rules of the Senate would not sustain
the unlimited delegation of powers which Mr. Cooper demanded before he
would assume his duties as counsel for the Committee.
The Senate subcommittee on Banking and Currency is responsible for
the conduct of the investigation. It cannot relieve itself by assigning this
responsibility to any one. We have made earnest efforts to reconcile these
practical considerations with Mr. Cooper's ideas of how a Senate investigation should proceed, but have made little progress after several days.
The resignation is not important. The investigation will proceed.
Mr. Cooper was associate counsel to Judge Samuel Seabury in his investigation into New York City affairs:
As counsel to the Senate Committee, Mr. Cooper was
chosen to succeed William S. Gray, who conducted the inquiry at the last session of Congress. Regarding the resumption of the investigation, Associated Press advices from
Washington on Jan. 10 said:
The Committee resumes its investigation to-morrow with a public
hearing in connection with the sale of Kreuger & Toll securities in this
country.
Chairman Norbeck announced that four witnesses, in addition to the
four already called, have been summoned for to-morrow.
They are: Dr. Max Winkler, Associate Professor of Economics of the
College of the City of New York; A. D. Birning of the firm of Ernst &
Ernst, auditors of the International Match Corporation for Lee. Higginson
& Co.; G. 0. May, senior partner of Price, Waterhouse & Co.. auditors,
and Gilmer Slier, partner in the brokerage firm of Eastman-Dillon & Co.
Witnesses already announced for the investigation to-morrow are:
Roland L. Redmond. counsel for the New York Stock Exchange; Allen
Lindley, Chairman of the Committee on Business Conduct of the Stock
Exchange; Donald Durant of Lee Higginson and Co., and Frank Atlschul,
Chairman of the Stock List Committee of the Exchange.
Senator Norbeck was quoted on Jan. 10 as saying:
It is the intention to go into the Kreuger & Toll case and find out
what we can about the collapse of the great array of corporations that were
headed by Ivar Kreuger, the Swedish "match king."
We have employed Mr. Cooper as counsel. He served as an associate of
Judge Samuel Seabury in the Seabury investigations in New York when
those two inquiries were made, namely, into New York City affairs and
its Mayor, and the magistrates' courts.
Detailing the hearing before the Senate Committee on
Jan. 11, the "United States Daily" said:
Circumstances surrounding the flotation of an Issue of Kreuger & Toll
debentures in the American investment market market in the spring of 1929
were the subject of testimony, Jan. 11, before the Senate Banking and
Currency Committee.
Donald Durant, a partner in Lee, Higginson & Co.. the bankers who
headed the syndicate bringing out the issue, and a director in Kreuger &
Toll since shortly after the offering here, was the first witness. He was
interrogated by members of the Committee and by John J. Marrinan, an
Investigator for the sub-committee which has been in charge of the stock
market inquiry.
Investigator Outlines Procedure.
In a preliminary statement, the committee investigator outlined his plan
of procedure, which, he explained, is to find out if proper safeguards for the
investors were set up in the underwriting agreement, and in the policies and
practices of the issuing houses. One of the matters to be looked into, he said
would be the terms of the indenture agreement whereunder the collateral
security for the debentures offered here might be withdrawn and other
security substituted for it.
The investigation is designed to discover, he said, "if responsible bankers
have performed their function intelligently, If the New York Stock Exchange
has exercised diligence in its capacity of standing between the corporations
which offer securities, and the investors who buy them, if the press had an
opportunity to protect itself against misinformation, and if lawyers acted
with integrity and due regard for their duty to the public."
Possibility of Remedies.
Further Mr. Marrinan said, there would be an attempt to discover if
there might not be an opportunity to reform the regulations and, practices
of the New York Stock Exchange, and whether the Exchange had the
power to effect such reformation.
Witnesses at the afternoon session were Roland L. Redmond, of the
New York legal firm of Carter, Ledyard & Milburn; A. D. Diming of the
accounting firm of Ernst & Ernst, and George 0. May,of Price, Waterhouse
& Co., accountants.
Mr. Durant, when asked to explain the general conditions surrounding the
flotation of the Kreuger & Toil debentures in America, expiained that the
issue was originally undertaken by Lee, Higginson & Co. of New York and
Boston, Lee, Higginson & Co. of London, and the Skandiniviska Kreditaktiebolaget of Sweden. Twenty-six and a half million was offered in this
country, "at 98 less three and a half gross." The underwriting syndicate
included National City Co., Brown Brothers, Clark, Dodge & Co.. Dillon.
Read & Co., and the Union Trust Co. of Pittsburgh.
Profits of Underwriters.
Asked how much Lee, Higginson & Co. made on the transaction, Mr.
Durant replied that. the gross profit as an underwriter was around $130.000
and the gross compensation for sales made was approximately $220 000, a
total of 1350.000. He agreed that, in acting as brokers for purchases and
sales for account of customers, they received in addition the regular brokerage commissions.
The present market value of the debentures offered in 1929 at 98 Is now
around 14. Mr. Durant testified. They are secured, however, he said, by
the deposit of other bonds, the interest on all of which was being paid until
about a year ago. Since that time, he said, a transfer problem has arisen in
Connection with certain Hungarian bonds, the interest, however, still being
paid into a blocked account in that country.
Unique Substitution Clause.
The questioning turned to the provisions of the debenture agreement
entered into between the Kreuger & Toll Co., Lee. Higginson & Co., fiscal
agents, and Lee, Higginson Trust Co., trustee, and the substitution clause
587
of that agreement. The agreement was approved, according to testimony.
by prominent New York and Boston attorneys, and also by Swedish counsel.
The substitution plan was suggested by Mr. Kreuger, according to Mr.
Durant, and no question was raised as to any lessened protection to investors. Its novelty was discussed, he said; but, as a matter of fact, it
was considered that the change from the usual requirement—that when
withdrawals took place an equivalent market value of new securities be
put up—was a change for the good.
Value of Substitute Securities.
The Kreuger & Toll debenture agreement was not that an equivalent
market value must be substituted, but that securities of a par value of
120% of the principal must be maintained, and in addition, that such
securities must have an income of 120% of the income due on the Kreuger
& Toll debentures. In this fashion, he said, there was assurance that the
income from the collateral would take care of the sinking fund, making the
debt self-liquidating.
The collateral was restricted, Mr. Durant said, to Government securities.
and those guaranteed by governments, primarily. Probably the most
valuable asset in the original collateral, he said, was a block of French bonds.
He would not agree that it was early apparent that from a profit standpoint the French bonds must be retired promptly and substitution made,
and he denied that the French bonds were put in as "window dressing."
He testified that certain Latvian and Ecuadorian bonds were probably the
least marketable of the collateral substituted, but said that the Latvian
bonds are still paying their interest. Many of the issues, being taken outright, are not listed, and so their market value is not readily ascertainable,
he said.
Collateral in Sweden.
The collateral is deposited in Sweden, he testified, at the direction of
the trustee. There are no attachments, his belief is for account of foreign
creditors.
• Was the public given any information about the substitutions?" Mr.
Durant was asked.
"It was always available," he replied.
"As a director of Kreuger & Toll, and as a director of Lee, Higginson, do
you know if the information was made available to the New York Stock
Exchange?" he was asked. He did not know, he answered.
"Do you think there were adequate safeguards for the public in this
transaction?" "I think so. The underlying bonds would be perfectly
good if it were not for the transfer problem."
Activities as Director.
Following his testimony that he had been a director of Kreuger & Toll
for three years prior to the death of Mr. Kreuger, but had never attended a
meeting of the board up to that time Mr. Durant was asked by Senator
Costigan why he had become a director. It was thought that would give
him an increased contact with the business, he said, adding that "a good
deal can be accomplished outside of meetings."
"Do you consider that a director is under no obligation to direct the
business?" "Not to actually run it; he has a responsibility to watch the
management."
"But not an obligation to attend meetings and participate in the discussions?" "He should, whenever possible."
"Were you sensitive over the fact that your name was being held out to
the public as a director?" "I did not know it was being 'held out.'"
"You think the public should draw no inferences from the fact that
names of distinguished financiers are listed as directors of corporations?"
"It did not show any closer connection than prior thereto," was the reply.
Suspicion of Integrity.
His first suspicion of Mr. Kreuger's integrity did not arise until after his
suicide, Mr. Durant testified. Asked if there was any possible basis for
thinking that Mr. Kreuger is still alive, he said he thought not.
Mr. Durant was questioned about a cable which he sent from Paris on the
day of Mr. Kreuger's death. He testified that, after he had learned of the
learned of the death, he cabled Lee, Higginson & Co. In New York, to
that effect, not mentioning suicide, and suggested that the information
should not be made public by the firm, because the affair was still in the
hands of the Paris police, and announcement should properly come from
them.
The Committee considered that the time of receipt and reading of this
cable by the partners in New York is of importance. Mr. Durant agreed
to attempt to find out the exact time schedule in that connection.
Mr. Durant denied that his firm had taken any advantage of the knowledge contained in his cable, although he was of the opinion that there might
have been a cancellation of buying orders for account of customers.
Senator Reynolds (Dem.), of North Carolina, subjected the witness to
an examination for a few minutes with respect to the cable sent by him, and
to a "second cable," which was discussed, but which Mr. Durant was not
sure was ever sent. Mr. Durant held to his opinion, previously expressed,
that he did not consider It his duty to make the announcement to the public
that Mr. Kreuger was dead.
Following testimony by the Committee investigator that a considerable
amount of liquidation in Kreuger securities from abroad had occurred prior
to the suicide and on that day. Senator Costigan asked the witness if he
did not think European investors had better information than American.
The reply was in the negative.
Securities Valued at 200 Million.
Documents filed with the Committee showed that total of Kreuger &
Toll Co. securities aggregated over $200,000.000, and that some $115.000,000 were floated in the American market.
At the afternoon session Roland L. Redmond of the New York law firm
of Carter, Ledyard & Milburn, appeared as the first witness. He testified
as to the details of legal preparations of the indenture agreement between
Lee, Iligginson & Co. and the Kreuger & Toll firm governing the issue.
The details of the clause in the indenture authorizing substitution of
collateral were contained in the offering circular for the issue, Mr. Redmond
explained, even though the indenture was not executed until after the
offering was made.
Asked by Senator Costigan if the ordinary investor could have understood the substitution clause, Mr. Redmond replied in the affirmative.
Counsel for Stock Exchange.
The Committee investigator developed the information that Mr. Redmond's firm served as counsel for the New York Stock E(change and that
a member of the Boston firm of attorneys associated with them as counsel
for Lee. Higginson & Co. is a director of Lee, Higginson Trust Co., trustee
under the debenture.
Asked for his idea of the limits of moral responsibility of a lawyer to his
client in such a situation as the approval of the indenture in question,
Mr. Redmond replied "to see that the indenture is drawn so as to carry
out the arrangements made by his client." Asked further with
respect to
his moral responsibility to the public, he said "to see that the indenture
creates a legal obligation, and securities issued under it comply strictly
with the terms of the offering to the public, so the public is not misled."
588
Financial Chronicle
Says Public Not Misled.
Mr. Redmond expressed the opinion that the public had not been misled
as to the security behind the Kreuger & Toll debentures, and added the
opinion that the substitution clause did not permit the replacement of good
collateral by bad.
Asked by Senator Costigan for suggestions for legislation to better protect
the public in investments of this kind, Mr. Redmond replied, "I know of
no regulation or rule to guard against dishonesty in high places."
Mr. Redmond was followed on the stand by A. D. Birning, of Ernst &
Ernst, accountants. He testified that in his opinion the standard of public
accountancy in the United Statse has reached a stage which would justify
a regulation providing for an independent audit of all firms publicly offering securities.
George 0. May of Price, Waterhouse & Co., accountants, followed Mr.
Birning as witness. He explained that the Paris firm of the same name
had recently completed an impartial survey of the Kreuger & Toll companies as at the request of all parties concerned, Swedish, American and
others.
In part we also quote from the Washington account Jan. 11
from the New York "Times":
A. D. Birning of Ernst & Ernst, New York accountants, told a Senate
committee to-day how he learned in Berlin that Kreuger had lied about
the whereabouts of $50,000.000 in German bonds, and a few days later
MI:tiger shot himself in Paris.
Mr. Birning seems to have been the first man to have suspected Kreuger,
his story before the Senate Committee on Banking and Currency indicated.
On Feb. 27 or 28 of last year he asked Kreuger about the German bonds
and was told that they had been transferred from the assets of the International Match Co. to another of the Kreuger concerns abroad. However, his "explanations were those of a sick man or a man not In his right
mind, and concerned me a great deal," said Mr. Birning.
A day or two later Kreuger showed Mr. Deming a cable from Berlin to
the effect that the German bonds had again been transferred to the International Match Co. and were back in a Berlin bank.
Band Found Missing.
Then Kreuger sailed for Paris with Donald Durant, a partner in Lee.
Higginson & Co • which underwrote an issue of Kreuger bonds in this
country, and Mr. Birning, after receiving a cable from Berlin indicating
that Kreuger had been lying, followed them. He verified the information
that the German bonds were missing and a few days later Kreuger decided
that he had reached the end of his rope and committeed suicide. . .
A good part of the day was taken up with attempts to learn from Mr.
Durant whether investors had been properly safeguarded by the agreement between Lee. Higginson & Co.. other members of the syndicate
and the buying public under which $23,700,000 of the 850,000,000 Kreuger
& Toll issue wat floated in this country. That agreement contained a
clause permitting the substitution of bonds of any sovereign country
or the Government bonds which protected the Issue at the time it was
floated.
Bond Transaction Recalled.
Under this provision the $13,000.000 of French bonds were taken out
and sold, and other bonds, such as those of Latvia. Jugoslavia, Hungary,
countries which have gone off the gold standard or dere:tilted since that
time, replaced them. The only provision was that the income from such
substituted bonds should be 120% of the income of bonds taken from
the collateral fund. . . .
Mr. Durant, who was strangely quiet and unmoved during most of
the session, said he did not know exactly what the bonds were selling
at now, but thought it was about 14. He did not think it would have
been possible legally to substitute bonds which had been defaulted ..rt:
the French bonds. although Mr. Marrinan did his best to get him to
admit this by suggesting that the agreement was drawn so liberally that
a Chinese bandit chief could set up a State whose bonds might be used
as collateral.
As to the developments at the hearing on Jan. 12, we quote
the following from the Washington dispatch that day to the
"Times":
Not only did Ivar Kreuger substitute Inferior bonds for French Government bonds in the portfolio guaranteeing the Kreuger & Toll 550.000 000
bond issue, nearly half of which was floated in this country, but there Is
also a possibility that these bonds were not his to pledge for the protection
or investors, the Senate Banking and Currency Committee was told to day
by Dr. Max Winkler. economist and member of the Independent committee
formed to protect investors.
"I Joined this committee," he said, "because I felt that the collateral
was quite valuable and that, given time, holders of bonds had a fairly good
chance of recouping their losses. But I was told by counsel that the question
of ownership is doubtful. In other words, they may be claimed by others
thai those who put up the money."
This further complication was caused by the same Kreuger who gave such
"engagingly frank" reports of his companies to the Stock List committee
of the New York Stock Exchange that they were quite beguiled into thinking
him an exceptionally honest man of business. This aspect of his operations
was told by Frank Altsc.hul. Chairman of the Committee, who said Kreuger's
reports went so much further than those from other European Countries
that they were beyond suspicion. The entire mess, however. has indicated
the need of Independent audits of companies whose securities are listed
on the Exchange, Mr. Altschul said, declaring that he would be In favor of
forcing such audits, even to the extent of striking companies which refused
off the list.
Krueger's Methods Described.
If legislation does not cause such action to be taken it will be brought
about by public opinion, he said, and, although the Exchange was doing
all it could, spurred by the Kreuger collapse, action must be backed by
public demand. If such audits had been made earlier in Kreuger's career
they would have exposed the swindle before It reached such proportions.
The copy of the Indenture under which the loan was floated, with the
clause permitting substitution of collateral, was submitted to the Stock
Exchange. he said, and the clause explained by the statement that to
obtain a match monopoly Kreuger would loan large sums to governments
and receive in return government bonds which had no market value because
they were never traded in. However, as par value obligations of govern-.
ments whose credit was good. and which had not defaulted in those days,
the bonds could be substituted in the portfolio for other bonds—in this
case the French Government securities.
I The rules of the Stock Exchange are also being amended In view of the
Krueger situation to place the responsibility for reporting changes in
collateral for loans upon the trustees Instead of upon the company, as in
the Krueger case.
Krueger stock was made by
An illuminating sketch of transactions In
who made a $1,000,000
Gilmer Slier, a partner in Eastman. Dillon ds Co.,
Jan. 28 1933
loan to Kreuger on Jan. 25 1932, not long before his suicide. Krueger
deposited 400,000 shares of Kreuger & Toll stock as collateral, and also
another large block of stock to protect a trading account. He had several
of these accounts with other firms at the same time. The Eastman account
was not to support the market, but to protect it from too rapid fluctuations.
said Mr. Siler.
Unloading of Stock Shetched.
There were three accounts, designated only by number, opened with
the firm for Kreuger and his agents, and three opened by the firm itself.
The agents' accounts were closed out a few days after Kreuger's death with
a deficit of 5380.549. The accounts representing Eastman, Dillon & Co.
subsidiaries were not closed out until much later, most of the selling being
on the short side of the market. Some of this was begun before Kreuger's
death with the intention of protecting the stock collateral, so that if
liquidation became necessary it could be done.
Eastman, Dillon & Co. for some reason did not have authority to sell the
collateral without permission, so after Kreuger's death they sold short On
their own account, also placing some buying orders to keep up the market
as much as possible until they unloaded. Mr. Slier denied that this buying
was done to stabilize the market, and also denied that one specific trans..
action referred to was a "wash sale." However, at the end of his testimony. John J. Marrinan, investigator for the Committee. said:
"Here we have an extraordinary condition which discloses practices
which we had difficulty in disclosing a few months ago. Here is a brokerage
house conducting a banking transaction and a trading account set up to
influence the market in this country. That comes within my understanding
of market manipulation."
Dr. Winkler suggested to the Committee that legislation be passed
similar to the British companies act, under which Lord Kyisant went to
jail, making the issuing of misleading prospectuses or other statements a
criminal as well as civil offense.
At the conclusion of the hearing on Jan. 12, Senator Norbeck said, according to the "United States Daily," that "this
practically concludes the investigation of the Kreuger &
Toll matter, at least as far as open hearings are concerned."
From that paper we quote:
Allen L. Lindley, Chairman of the Business Conduct Committee of New
York Stock Exchange, was the last witness to be called. He explained the
functions and operations of the Business Conduct Committee.
At the conclusion of the hearing Jan. 12 Senator Norbeck (Rep.). of
South Dakota, Chairman of the Committee, made the following oral
statement:
"This practically concludes the investigation of the Kreguer & Toil
matter, at least as far as opening hearings are concerned. I feel that we
have developed abuses costly to the public and some of the witnesses have
suggested remedies, which is more important.
"I think this case has been very well worked up and I want to give the
credit to two men. James It. Stewart, who has been in charge during my
absence, and his very able assistant. John J. Marrinan. who has conducted
the investigation in the last two days very well, I think.
"Mr. Stewart has been directing an investigation for several months Into
the instill matter, and had hoped to have it ready to present now, but it is
not ready, and it is impossible to say how many weeks it will take to get
t.ready to present as well as this case has been presented."
Monthly Instead of Daily Reports of "Puts and Calls"
Asked for by the New York Stock Exchange.
Instead of requiring daily statements of "puts and calls"
the New York Stock Exchange announces, through Secretary
Ashbel Green, that monthly statements will hereafter be
called for. The announcement follows:
NEW YORK STOCK EXCHANGE.
Committee on Business Conduct
Jan. 20 1933.
To Members of the Exchange:
With reference to the circular letter of the Committee on Businees
Conduct of May 3 1932 covering the submission to It by members of
daily list of all puts and calls on securities listed on this Exchange issued
or endorsed by them which are outstanding and unexpired the Committee
now directs that monthly instead of daily lists be forwarded to it hereafter
as of the close of business the last day of each month, commencing as of
Tuesday. Jan. 31 1933.
These lists are to be placed in the hands of the Committee by noon of
the following business day.
ASHBEL GREEN, Secretary.
From the "Times" of Jan. 22 we quote:
The Exchange never explained the reasons for the put-and call questionnaire, but it was assumed that the chief purpose was to learn what
connection Stock Exchange firms had with pool operations, either bullish
or bearish. Stock Exchange firms do not sell puts and calls, but they
are permitted to endorse them for the accounts of others.
American Certificates Representing Kreuger & Toll Co.
Participating Debentures to Be Stricken from
List by New York Stock Exchange Jan. 30—
Exchange Advised by Counsel for Depositary that
Transfer Books Will Be Closed Jan. 31,
The New York Stock Exchange announced on Jan. 25
that it has been advised by counsel for the depositary that
the transfer books for American certificates representing
Kreuger & Toll Co. participating debentures will be closed
at the close of business on Jan. 31 1933. The announcement by the Exchangn also said:
The time for the filing of proof of claim in the American bankruptcy
proceedings terminates on Feb. 8. Thereafter, any American certificates
issued upon further deposit of such debentures will have a status differing from the certificates which have been the subject of proof of claim,
and if and when such certificates are issued they must be appropriately
stamped to indicate this difference.
In addition to this there may he some distinction between the rights
, of
of those holders of American certificates who themselves file pron.
claim and the rights of holders of certificates an to which blanker proof of
which
depositary,
certificates
will be indistinguishable
claim Is filed by the
Volume 136
Financial Chronicle
in appearance from each other. The extent, if any, of this difference
Appears not to be determinable at the present time. It appears clear,
however, that any American certificates, made the subject of individual
proof of claim, which may be transferred must, in order to transfer any
rights arising therefrom, • be accompanied by an assignment of claim.
In view of complications in trading resulting from this situation. American
certificates representing Kreuger & Toll Co. participating
debentures
will be stricken from the list at the close of business on Jan. 30 1933.
List of Transactions in Pressed Steel Car Co. Bonds
Called for by New York Stock Exchange from
Members.
Under date of Jan. 20 Secretary Green of the New York
Stock Exchange issued the following notice to members:
NEW vorti STOOK EXCHANGE.
Committee on Business Conduct.
Jan. 20 1933.
To Members of the Exchange
I am directed by the Committee on Business Conduct to request that
you furnish to it by noon, Wednesday. Jan. 25 1933. a list of an transactions
made by you from Sept. 27 1932, to Jan. 16 1933, inclusive, in Pressed
Steel Car Co. 10 year 5% convertible gold coupons bonds due .lan. 11933,
giving the volume and prices, the names of the members or firms with whom
the transactions were made, and the customers for whom you acted. Trade
dates and not blotter dates should be used.
Please send this information in a sealed envelope addressed to the Committee on Business Conduct. Delivery should be made at the Incoming
Window. Annex Department, 18 New Street, New York City.
ASHBEL GREEN, Secretary.
• In its issue of Jan. 22 the New York "Herald Tribune"
said:
Although no official explanation was forthcoming from the Exchange,
issuance of the notice was interpreted as indicating an investigation of
charges made last week by F. N. Hoffstot. President of Pressed Steel Car,
that the establishing "of fictitious market quotations for the bonds by unknown parties- had deterred some holders of the securities concerned from
accepting a company plan for refunding the bonds.
The Exchange has issued numerous questionnaires on stock transactions,
but veteran members said last night that the present is the first instance
within their recollection that transactions in bonds have been made the
subject of an official inquiry.
The 5% convertible issue matured on Jan. 1, and, according to an announcement by the company, 75% of holders had agreed to accept an offer
of 25% in cash and 75% in 5% debentures due Jan. 1 1943.
Following weeks of litigation, permanent receivers were ordered on Friday
for Pressed Steel Car In the Chancery Court. Trenton, N. 3_ the receivership petition being based on the company's inability to meet the maturing
bond issue in full.
The balance of the bond issue outstanding is 84.956.500. In addition,
the funded debt of the company includes $387.500 of 15-year 5% convertible
debentures due Jan. 1 1943, and subsidiary funded debt in the amount
of about $1,500.000.
From the same paper (Jan. 14) we quote:
Allegations that "fictitious market quotations, established by unknown
parties." prevented Pressed Steel Car Co. from effecting its plan for refunding $3.000.000 in bonds which fell due on Jan. 1. and ultimately
led to
the receivership order Issued by Vice-Chancellor Bigelow. In Jersey City,
were made yesterday by F. N. Hoffstot, President of the car building
concern.
Mr. Hoffstot. In a statement, says the company has appealed
against the
receivership order because It is "unjustified in law" and because
the condition of the company is sound. If the order stands, he adds, it
will result
"in great sacrifices of the interests of both stockholders and
bondholders."
The answer filed In the courts denies the company is
insolvent, but
contends operating losses are due to conditions which
are common to all
companies engaged in the manufacture of railroad
equipment, and is a
result of the depression, and an inevitable Instance
of the business conditions which have prevented the railroads—the chief
customers of the
company—from giving their customary orders
for equipment.
"During normal times Pressed Steel Car manufactures
20% of the entire
output of the car building industry In the United States,"
the statement
Bays. "It has, since its incorporation In 1899,
done over $90.000.000 of
business, paid preferred stock dividends of $28,000.000.
over 510.000.000
In common stock dividends; has written off 812.000,000 for depreciation,
besides applying approximately $18.000,000 to maintenance
and upkeep,
and has accumulated a surplus of more than 813,000.000. It is ins
position
with resumption of purchases by the railroads, to take immediate
advantage
of these conditions.
..it may not be known that there were only 568
cars built by all ear
builders in the country during 1932. Of that amount Pressed
Steel Car
built over 26%. Also, there were only 246 cars repaired by car builders,
and of these Pressed Steel Car repaired 49Vi %.
"The only financial problem which the company has at present is
the
refunding of an outstanding balance of 83,009.000 of debenture
bonds
which became due Jan. 1. The company has no bank or merchandise
creditors, discounts its bills and has no difficulty in meeting its current
obligations. The result of the receivership will be a sacrifice of
the good
will of the company and transfer its management from the persons who
have conducted it with efficiency in the past to those who are unfamiliar
with its problems or the operation of such a business. There has been no
opportunity to learn the attitude of stockholders, but it is confidently
believed they will unite with the management in opposing this receivership.
"Over 75% of the bondholders had agreed to accept the company's
Offer of 25% In cash and 75% in 5% debentures, due Jan. 1 1943. but the
establishing of fictitious market quotations by unknown parties
deterred
others from depositing their bonds, and for that reason the offer has not
been declared effective."
Federal Tax Decisions Affecting Stock Brokers and
Security Houses.
•
Several important tax decisions of interest to stock
brokers and security houses generally have recently been
announced. The following is a digest of them prepared by
Seidman & Seidman, certified public accountants and
tax experts:
i. Transfers of stock from the name of a bankrupt stockholder to that
of the trustee in bankruptcy Is not subject to stamp tax.
589
2. Upon the transfer of shares of stock of a corporation whose charter
has been amended, changing the shares from no par value to 85 par value,
transfers of the old no par shares made after the date of the charter amendment are subject to the reduced stamp tax on the basis of the new
$5
par value, even though the transfer is made of the old no par value certificate. However, if the transfer of the old no par value certificate was
made prior to the date of the amendment of the charter, the stamp tax
should be computed on the no par value basis.
3. The transfer of bonds of a domestic corporation to and from the
Board of Commissioners of the sinking fund of a city school district is
not subject to stamp tax. The exemption results from the maintenance
of the sinking fund by the school district in connection with the exercise
of an essential governmental function by a subdivision of a State, which
cannot be taxed by the Federal Government.
4. This ruling has to do with the tax on leased wires. Members of a
grain exchange located in the same building as the Exchange,
leasing from
the building instruments together with wires which connect their offices
In the building with the floor of the Exchange, are taxable on the rental
paid for the use of the wires and instruments.
Loss of $3,251,850 in City Trust Deal Alleged in Inter..
national Trust Stock Suit.
The following is from the New York "Times" of Jan. 23:
Allegations that the International Germanic Trust Co., now the International Trust Co., lost 83,251.850 in the liquidation of the City Trust Co..
were made in the Supreme Court yesterday when the International Trust
Co. sued to recover stock which it had deposited when it took over the
Mutual Trust Co. in June 1929. The complaint alleges that the plaintiff
trust company was to have a right at the end of three years' liquidation to
demand that the stockholders of the Mutual Trust Co., which was liquidating the City Trust Co., make good any loss sustained by the plaintiff.
The action was brought against George V. McLaughlin. Jeremiah D
Maguire and Louis fibrous as surviving members of the committee of
Mutual Trust Co stockholders who under the merger agreement were to
keep stock received from the plaintiff in exchage for their Mutual Trust
allures on deposit with the New York Trust Co. tot the three-year period,
and others. The plaintiff asked that the defendants, among whom are
individual stockholders of the Mutual Trust Co. be compelled to turn over
to the plaintiff the 80.000 shares of International Trust stock received for
the Mutual Trust shares, in order that the stock may be canceled.
The International Trust Co. is now in liquidation. The cancellation
of
the 80.000 shares would decrease the amount of stock for which the
proceeds of the liquidation would be distributed, the complaint states.
The
stock was said to have no value now except for liquidation purposes.
New York Supreme Court Refuses to Enjoin United
States Bond & Mortgage Corp.—Rejects Plea of
Attorney-General Bennett for Order Against
Corporation—Concern Denies Charges—Justice
Holds Allegations of Fraud and MIsrepresentation
Must Be Proved at Trial.
A temporary Martin act injunction and recevership order
sought by Attorney-General John J. Bennett Jr. against the
United States Bond & Mortgage Corp. and two of its sub..
sidiaries was denied on Jan. 24 by Supreme Court Justice
Mitchell May in Brooklyn. The New York "Times" of
Jan. 25 from which we quote, added:
Charging that the companies made fraudulent representations in connection with the sale of 54.000.000 worth of their bonds. the AttorneyGeneral asked for a temporary receiver and for an injunction restraining
further sale of securities and the transfer of assets pending trial of a suit
for a permanent injunction and receivership.
The company denied all charges of fraud and misrepresentation. It
admitted there had been some depreciation In the collateral trust security
behind the bond issues, due to the depressed real estate market but contended that It could liqudaite its affairs in time wihtout loss to investors.
The company officials charged that the Attorney General had acted on
"Incomplete knowledge" and that the.sult was Instigated by John T.Austin.
described as a "deposed president" of the corporation.
The Cowl's Views.
In denying the motion the Court said
"It may be true that upon a trial of the Issues herein the plaintiff
may
establish such acts on the part of the defendant through Its representatives
and agents to warrant the issuance of an injunction and an order
a receiver under the so-called Martin act. bat the facts presentedappointing
upon the
papers submitted herein are not so clear and convincing as to warrant
the
Issuance of an injunction and the appointment of a receiver pendente
ifte.
Only upon a trial can it be determined. If at all, that the charges
presented
herein are justified."
The Attorney-General's charges fell chiefly into two groups, one
concerning misrepresentation as to the status of the companies and the guarantees behind the bonds, and the second involving allegedly improper
dividend
and accounting practices. The companies were accused
of advertising
themselves as "a national institution" with wide banking affiliations
and
of implying through advertisements and otherwise that the
bonds it floated
were "unconditionally guaranteed by endorsement, both as
to principal
and interest,- whereas actually they were not so
guaranteed They also
were alleged to have represented that the Mortgage
& Title Guaranty Co.
of America, a subsidiary, was to increase Its capital
stock from 8300.000 to
51.000.000 with the approval of the Department of Insurance of the State
of New York, when such increase and approval
had not occurred.
Additional Allegations.
The second group of charges alleged the payment
of dividends which
were not earned or justified, the advertising of per-share-earn
ings which
actually were not earned and carrying on the books of
assets greatly in
excess of their true values. Among the accounting
practices complained
of was the alleged misapplication of funds to mortgages
in default.
An elaborate set of answering affidavits was
submitted to the court in
which most of the accusations were analyzed and
denied.
The affidavits reviewed the factionai dispute within
the organzation
concerning Mr. Austin and blamed him for seeking
the receivership.
Besides the United States Bond & Mortgage Corp.
and the Mortgage &
Title Guaranty Co. of America the defendants Included
the United States
Company Buildlnies. Inc.. a real estate holding
subsidiary.
590
Financial Chronicle
Bank Wins a Point in Suit over Trust—Court Refuses
to Strike Out the Defense of National City in
$687,978 Action.
The following is from the New York "Timess" of Jan. 21:
John W.Neal of Houston, Texas, an officer of the Cheek-Neal Coffee Co.,
lost yesterday an application to strike out the defense in a suit against the
National City Bank for $587,978 when Justice Dore of the Supreme Court
held that the defense was proper.
Mr. Neal says in his complaint that in August 1928 when he had $3 200,000 on deposit with the National City Bank, he notified the bank to create
a trust fund of 11,000,000 for the benefit of three grandchildren. He
relied on the bank to buy the securities for the trust, but, he now declares,
the majority of the bonds it bought were not proper for a trust fund.
He asserts further that the bank bought most of the securities from itself
and that under the circumstances he is justified in demanding the return
of the money spent, with deduction for dividends paid.
The answer of the National City Bank asserted that the bonds were
purchased from the National City Co., as Mr. Neal had directed and that
he had fullknowledge of the fact and made no protest until October 1932,
when the market value of the bonds had depreciated greatly. The bank
denies that the bonds were not suitable for a trust fund. The bonds purchased included:
$50.000. Norwegian Hydro-Electric Nitrogen Corp. 535s, due 1957.
$50,000 Abitibi Power Sz Paper Co., first mortgage, which company Is
sow in receivership.
$50.000 Argentine external loan.
$50.000 Chile Copper debenture 5s.
$50.000 Republic of Chile external loan.
$50,000 Central Bank for Agriculture, Germany, 6% farm loan, which
alleged not to be an obligation of the German Government.
la. 850.000 in units of the Beaux Ails Apartments.
New York Stock Exchange Suspends Six of Its Members
for Varying Periods Ranging from One Month.to
Three Years—Gratuities to Employees of the
Exchange Involved—Firms of Ludwig, Robertson
& Co. and Schmeltzer, Clifford 8c Co. Affected.
On Thursday of this week, Jan. 26, the New York Stock
Exchange announced the suspension of Edward V. Goerz
for one month; H. H. Wurzler for six months; J. R. Schmeltzer for six months; William S. Sagar for six months;
Walter F. Seeholzer for six months, and Alexander J. Robertson for three years. The announcement of the suspensions as made from the rostrum of the Exchange by Richard
Whitney, President, was as follows:
Charges and specifications having been preferred against Alexander J.
Robertson and Walter F. Seeholzer, members of the firm of Ludwig, Robertson & Go.; against William S. Sager, J. It. Schmeltzer and H. H. Wurzler,
members of the firm of Schmeltzer, Clifford & Co., and against Edward V.
Goers, all members of the Exchange, under Section 7 of Article XVII of
Constitution for violation of Section 5 of Chapter XIV of the Rules
the Constitution,
Committee, and also against Alexander J. Robertadopted by the
son for violation of Section 1 of Article XIX of the Constitution, said
charges and specifications were considered by the Governing Committee
at its meeting held on Jan. 25 1933, all of said members being present.
The substance of the charges and specifications against Alexander J.
Robertson, Walter F. Seeholzer, William S. Sager, J. R. Schmeltzer, H. H.
Wurzler, and Edward V. Goerz was that each of them had paid or caused
to be paid, without the approval of the Committee of Arrangements, sums
of money to employees of the Exchange stationed at the cabinets in the
foreign bond crowd.
The substance of the further charge and specifications against Alexander
J. Robertson was that, together with other partners of his firm, he had
paid or caused to be paid, without the approval of the Committee of
Arrangements, a gratuity to an employee of another member of the
Exchange, and that he had paid or caused to be paid money to an employee
of a financial institution with which the said firm had wire connections
and for which it did business in listed securities.
Said members having been found guilty by the Governing Committee
of said charges and specifications, said Edward V. Goers was suspended for
one month; said William S. Sager, J. R. Schmeltzer, H. H. Wurzler and
Walter F. Seeholzer were each suspended for six months, and said
Alexander J. Robertson was suspended for three years.
According to Thursday's New York "Evening Post," the
firms of Ludwig, Robertson & Co., and Smeltzer, Clifford &
Co. both withdrew on that day as clearing members of the
Stock Clearing Corporation. We quote further from the
paper mentioned, as follows:
• Having withdrawn as clearing members, open Exchange contracts of
Schmeltzer, Clifford & Co. will be assumed by Charles E. Quincy & Co.
The firm of Ludwig, Robertson & Co., as the result of the three years'
suspension, is already in process of dissolution, it was announced by the
firm, and their open Exchange contracts will be assumed by Rhoades, Williams & Co. About 250 employees will be affected.
Members of the Board of Governors of the New York Curb Exchange are
now in session considering the action which that body will take in connection
with the suspension of the Stock Exchange members, some of whom are
also members of the Curb Exchange.
Early in December the Stock Exchange issued a notice to its members
clarifying its position in respect to gratuities by Exchange members and
firms to employees of other Exchange firms, banks, newspapers and other
financial institutions. The suspensions announced to-day represent the
first penalties in violation of these rules.
Merger of Four New York Commodity Exchanges
Practically Assured—Sufficient Proxies in Hand to
Insure Adoption of Merger Plan.
The merger of four of New York's leading commodity
exchanges into a single trading organization to be known as
Commodities Exchange, Inc., is practically assured, it was
announced Jan. 24 by the proxy committee. The four
exchanges involved in the merger are: Rubber Exchange of
Jan. 28 1933
New York, Inc.; National Raw Silk Exchange, Inc.; National Metal Exchange, Inc., and New York Hide Exchange,
Inc., whose combined volume of trading represents a value
of more than $1,000,000,000 annually. The announcement
on Jan. 24 said:
The boards of governors of the exchanges have already approved the
merger plan and the members will vote on it the second week in February.
The voting will be little more than a formality, however, as the committee
already has in hand sufficient proxies to insure the adoption of the plan.
The next step will be the mechanical consolidation of the four exchanges.
The exchanges have a combined membership of close to 1,000, in which
leading countries all over the world are represented. When the consolidation is formally approved by the members, they will automatically become
members of Commodities Exchange, Inc. Each of the four exchanges,
however, will continue to function as a separate organization until the
mechnical consolidation into a single operating unit under one roof and on
This can be accomplished, it is expected, in time
one floor is completed.
to have the new exchange formally open in May.
There will be trading in futures contracts in six commodities at four rings
on the floor of the exchange—rubber, silk and hides at three rings, respectively, and silver, copper and tin at the fourth ring. The by-laws of the
exchange will permit the addition of other commodities with the approval
of the members.
Jerome Lewin°, Chairman of the joint cpmmittee which
framed the merger plan, said:
Because of the international character of the membership, and the basic
importance of the commodities to be traded in, the merger has attracted
world-wide attention. Inquirites have been received both from here and
abroad regarding membership in the new exchange from commission houses
and individuals who are not members of any of the four exchanges involved
in the merger, but who are eager to join an exchange which will offer such
opportunities for diversified trading as will Commodities Exchange, Inc.
The new exchange will have a paid-in capital of close to
$1,000,000, representing payments made by each of the
four exchanges of $900 for each outstanding membership.
The balance of the assets of each exchange will be reduced to
cash and distributed pro rata to its members at the time of
the consolidation. The assets to be distributed to the members of the four exchanges, it is estimated, will amount in
all to around half a million dollars. Previous items regarding the proposed merger appeared in our issues of Jan. 14
1933, page 258, and Dec. 17 1931, page 4148.
Chicago Banks Cut Interest on Time Deposits—Rate
on Savings Not Changed—Action by Clearing
House Association.
Interest rates on .commercial deposits were further reduced on Jan. 21 by Chicago banks following the out which
was adopted by the New York banks on Jan. 20, said the
Chicago "Tribune" of June 22, which went on to say:
The 23,6% interest rate on savings deposits, which are technically subject
to 60 days notice of withdrawal, are not affected.
Under the new schedule interest will be paid at the rate of one-quarter of
1% on deposits payable within 30 days. This rate applies on the balances
any firm, individual or corporation whose business is located in the United
States or Canada. The action halves the interest rate which the Chicago
banks have been paying on this class of deposits since last May. Prior
to the adoption of the A% rate on May 16 the banks had been paying 1%
on these deposits.
Slash Is Less Than New York.
The reduction is not as drastic as that adopted by the New York banks
becasue the new Yi% rate applies to 30-day demand balances only. The
New York Clearing House applied the 31% rate on all demand deposits
payable within 90 days.
The rate on time deposits was also slashed. In the future Chicago banks
will pay M % interest on balances payable within 180 days or subject to
withdrawal on 30 days' notice. This applies to the time deposits of other
banks, corporations or individuals.
The new schedule of rates does not apply on the funds of Federal, State
or city governments, political subdivisions on which the interest rates are
regulated by statute.
Schedule Formally Approved.
The new schedule was formally approved yesterday by the clearing hones
committee, which represents all the downtown banks and a majority of
the outlying institutions. It is the first important action taken by the
clearing house since the recent elevation of Melvin A. Traylor, President
of the First National Bank, to the Chairmanship of the Association.
It was stated in banking circles that the
principal consideration in the
prompt reduction here following the New York cut was the fact that
Chicago banks at present have several millions on deposit with the eastern
banks. With cash piling up in the banks here for which there is no profitable
outlet, fund!' have been transferred to New York. Thus the Chicago banks
are merely passing the reduction on to their own customers.
Notice of the changes in the rates were sent yesterday to all members
of the Clearing House Association by Howard M. Sims, Manager.
The reduction in interest rates by the New York Clearing
House banks was referred to in our issue of Jan.21, page 417.
F. R. Elliott Named President Chicago Clearing House
Association—Melvin A. Traylor Elected Chairman
of Clearing House Committee.
Frank R. Elliott, Vice-President of the Harris Trust &
Savings Bank of Chicago was elected President' of the
Chicago Clearing House Association on Jan. 17 to succeed
Philip R. Clarke. Fred A. Cuscaden, Vice-President of
the Northern Trust Co., was named Vice-President and
Howard A. Sims, Chief Examiner and Manager. This was
reported in the Chicago "Journal of Commerce" of Jan. 18,
from which the following is also .taken:
Melvin A. Traylor, President of the First National Bank. was elected
Chairman of the clearing house committee,succeeding George M. Reynolds,
formerly Chairman of the board of the Continental Illinois National Bank
& Trust Co.
Howard W. Fenton, President, Harris Trust & Savings Bank, was made
Vice Chairman of the Committee. Other members are James R. Leavell,
President Continental Illinois; Philip R. Clarke. President City National
Bank & Trust Co., and Solomon A. Smith, President Northern Trust Co.
4.
F. H. Clutton Reappointed Secretary of Chicago
Board of Trade.
Fred H. Clutton was reappointed Secretary and William
B. Bosworth, Assistant Secretary of the Chicago Board of
Trade at the first meeting of the new directorate on Jan. 17,
said the Chicago "Journal of Commerce" of Jan. 18, which
further reported:
Business Conduct Committee of the Exchange for this year includes J. A.
White, A. F. Lindley, F. S. Lewis. J. H. Scoville and J. A. Low. The Excalve Committee consists of Lowell Holt, R. P. Boyland and S. C. Harris.
Heads of other committees were announced by President Peter B. Carey
as follows:
Claim and Insolvencies, Gale Smart.
Clearing House, F. L. Schreiner.
Cotton, James E. Bennett,
Finance. C. V. Essroger.
Floor Committee, Gale Smart.
Grain, John E. Brennan.
Law, J. G. McCarthy.
Market Report, Barnett Faroll.
Membership, K. S. Templeton.
Nominating, J. H. Scoville.
Provisions, J. C. Wood.
Real Estate, R. P. Boylan.
Rules, S. C. Harris.
Securities and Stock List, R. P. Boylan.
To Arrive Grain. H. G. Klein.
Transportation, L. T. Sayre.
U. S. Chamber of Commerce, Thomas Y. Wickham.
Warehouse Committee, L. T. Sayre.
Weighing and Custodian, K. S. Templeton.
The re-election of Peter B. Carey as President of the
Chicago Board of Trade was noted in our issue of Jan. 21,
page 416.
Annual Meeting of La Salle Street Cashiers—Officers
Elected.
At the annual meeting of the La Salle Street Cashiers
held in Chicago on Jan. 18 at the Knickerbocker Hotel,
the following officers were elected:
President. J. Raymond McMahon of Chas. D. Barney & Co.
Vice-President, E. H. Nelson of Alfred I.. Baker & Co.
Treasurer, E. B. Salberg of James E. Bennett & Co.
Secretary, G. Hamilton Beasley of The Chicago Stock Exchange.
Executive Committee: F. J. Rinne of Morton, D. Cahn and C. B.
Williams of Paul H. Davis & Co.
Phil H. Hanna, Editor of the Chicago "Journal of Commerce," was the speaker. Mr. Hanna's subject was "Legalized Racketeering."
New Jersey Court Rules in Suit Over Durant Stock—
Broker, Accused of Selling Holdings Without
Notice, Must Repay in Part. •
A Trenton (N. J.) dispatch, Jan. 20, to the New York
"Times" stated that Circuit Court Judge Rulif V. Lawrence
filed with the State Supreme Court on Jan. 20 a decision
holding that William C. Durant, of Deal, automobile manufacturer, was entitled to recover a part of his losses sustained
in the stock market. The dispatch added:
Mr. Durant filed suit against Benjamin Block & Co., New York brokers.
The action was tried at Freehold last June, when the plaintiff alleged that
he had sustained losses aggregating $378,000 because his brokers had sold
holdings without notice and without authority. Testimony disclosed that
the brokers had made futile efforts to get in touch with Mr. Durant for
more than a week and, his margins having dropped almost to the vanishing
point, had started selling his holdings on Oct. 11 1930.
The next day, it was testified, Mr. Durant got in touch with the
brokers and tried to put up more collateral to cover his margins, but, the
collateral not being sufficient, the brokers resumed selling his holdings
on Oct. 14. Mr. Durant contended that Block & Co. had agreed not to
sell his stock without orders from him, and he demanded that they pay
the losses.
In his decision, Judge Lawrence held that Durant was entitled to recover
any losses sustained through sales made on Oct. 11, but not on sales
made Oct. 14 and thereafter.
From the New York "Herald Tribune" we quote the
following:
Mr. Steuer last night made public the contents of a letter he had written
to the Business Conduct Committee of the New York Stock Exchange, an
extract from which follows:
"The damages claimed on sales made on the 11th day of October 1930
cannot aggregate more than $50,000. The judge allows judgment in
favor of Benjamin Block de Co. against Mr. Durant, on the counterclaim,
for $71,308.04, with interest from Dec. 1 1930. The net result of the
litigation is that Mr. Durant's claim is completely wiped out, and that
Benjamin Block & Co. will have judgment against Mr. Durant for the
difference of something like $28,000, and the securities now in the
accounts become the absolute property of Benjamin Block & Co. under
the decision."
591
Financial Chronicle
Volume 136
Death of DeWitt J. Seligman, Retired Banker—Brother
of Former Head of International Firm.
DeWitt James Seligman, former member of the international banking house of J. and W. Seligman, of 54 Wall
Street, and brother of Jefferson Seligman, former President
of the firm, died of heart disease on Jan. 26 at his home in
New York City. He was 79 years old. From the New York
"Herald Tribune" we quote:
Mr. Seligman was a commissioner of the Board of Education from 1884
to 1889. He was secretary of the board of Mount Sinai Hospital from 1881
to 1888, and was historian of the Thomas Hunter Association, a trustee of
the New York Association for Improving the condition of the Poor and a
former member of the New York Stock Exchange.
Although he was admitted to the bar, Mr. Seligman never practiced law,
but entered the banking house founded by his father, James Seligman,
and his uncle, William Seligman, retiring several years ago. A native of
New York, he attended Columbia College and the Columbia Law School,
where he received his LL.B. degree. On June 5, 1878 he married Addle
Bernheimer, and the couple celebrated their golden wedding anniversary
five years ago.
Mr. Seligman was a member of the Columbia University Club.
Volume of Commercial Paper Outstanding as Reported
to New York Federal Reserve Bank $81,100,000 on
Dec. 31 1932, as Compared With $109,500,000 on
Nov. 30.
The following release was isslied by the Federal Reserve
Bank of New York under date of Jan. 26:
a
Reports received by this bank from commercial paper dealers show
on
total of $81,100,000 of open-market commercial paper outstanding
Dec. 31 1932.
This compares with $109,500,000 outstanding on Nov. 30
and with $113,200,000 outstanding on Oct. 31. Below
we furnish a record of the figures since they were first
reported by the Bank on Oct. 31 1931:
1932—
Dec. 31
Nov.30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
581,100,000
109,500,000
113,200.000
110,100,000
108,100,000
100.400.000
103,300,000
111,100,000
1932—
Apr. 30
Mar. 31
Feb. 29
Jan. 31
1931—
Dec. 31
Nov.30
Oct. 31
8107,800,000
105.608,000
102.818,000
107,902,000
117,714,784
173,884,384
210,000,000
Receivership for Kentucky Home Life Insurance Co.
Dissolved.
An Associated Press dispatch from Frankfort, Ky., Jan.
20 states that the temporary receivership of the Kentucky
Home Life Insurance Co. was dissolved Jan.20 by the Franklin Circuit Court, and the court order restraining it from
doing business was set aside without prejudice. The dispatch further states:
The order was'issued by Judge H. Church Ford after attorneys for the
State Insurance Department and the company had reached an agreement
on differences which led to appointing of the temporary receivers.
To-night's order instructed the temporary co-receivers, Lieut.-Gov.
A. B. Chandler and the Fidelity & Columbia Trust Co. of Louisville, to
release property and assets in their custody and return them to the company.
which
The company's license to do business was restored, and the case in
stipulated that funds
a permanent receiver is asked was continued. It was
of the President,
and securities of the company should remain in joint control
S. Lewis
Mayor William B. Harrison of Louisville. and the Treasurer,
Guthrie.
Reference to the appointment of receivers for the company
was given in the "Chronicle" Jan. 21, p. 432.
Discussion by George V. McLaughlin of "High Cost of
Banking and Interest Rates" Before Mid-Winter
Meeting of New York State Bankers' Association—
Sees Tendency Toward Lower Rates—Branch
Banking. Not as Profitable as Year Ago.
Before the mid-winter meeting of the Neat York State
Bankers' Association in New York on Jan. 20, George V.
McLaughlin, President of the Brooklyn Trust Company
(and Vice-President of the Association), discussed "The
High Cost of Banking and Interest Rates." Mr. McLaughling during the course of his remarks said "I think we will
agree that the prime need of capital under present conditions
is protection and not yield." Pointing out that there is
a general tendency toward a reduction in interest rates" Mr.
McLaughlin noted that "in Chicago and other mid-Western
cities, banks not long ago announced a reduction from 3 to
2
in the rate of interest paid on savings deposits" and
he added that "the Superintendent of Banks in New York
State, in his annual report issued recently, suggested a 3%
rate for mutual savings banks." "In the light of those facts"
he added, "I think it is fair to say that the way has been
cleared for a reduction in the rates of interest paid by the
commercial banks in this State outside New York City on
time and thrift deposits, which may make it possible to trim
down the 40 cents out of every dollar of gross that they have
been paying out as deposit-interest." Mr. McLaughlin
took occasion to refer to the question of branch. banking,
592
Financial Chronicle
as to which he said, "some observers seem to belive that the
Glass bill, with its extension of branch banking privileges,
will bring about a solution of one of our greatest banking
problems—solvency. There is room for doubt on this point.
Conservative banks are not likely to open or acquire additional branches unless they see probabilities of profit in doing
so, and these probabilities at present do not appear particularly brigbt unless we reach a solution of the question of
banking costs and interest rates."
Mr. McLaughlin's address follows:
Recent press dispatches quote the Superintendent of Banks of the State
of Mississippi as advising all banks under his supervision to stop paying
dividends on their capital stock and divert "such earnings as
may be available to the building up of reserves. Fortunately, we of New York
State
are not that badly off, and I hope we may never be. While profits
of banks
in this State have not entirely disappeared, there has been, neverthelss
s, a
strong tendency in that direction.
It is because of this tendency of profits to dispapear that I shall
talk to you
to-day on the subject of "The High Cost of Banking and Interest
Rates."
Bank costa of operation and the rates on interest that we
pay are important
factors in determining the amount of profits—if any—that we
earn. At the
present time there are, of course, other factors, including
extraordinary
charge-offs, but that is a subject in itself.
In the banking business, just as in every other business,
gross revenue is
an element of utmost importance. And gross has been declining
rapidly
In recent years, principally because of a smaller volume of loans and
investments and a lower rate of income from such assets. There is not
a great
deal that we can do about this.
We cannot control the rates of interest received on our earning assets:
we cannot control the volume of available loans and investments: we cannot
control the volume of our deposits. Profits on sales of securities are virtually impossible at present, and there Is a downward tendency ever in
fiduciary and other commissions.
There are two things, though, that we can do—we can exert a fair measure
of control over our costs if we will do it, and we can augment our gross
revenue, to some extent at least, through service and activity charges.
Some, but not all, of us have been able to do both of these things.
In order to determine the principal elements entering into this situation
as it affects the banks of New York State, we made an analysis of the
operating results for the fiscal years ending June 30 1929, and June
30 1932,
of three separate categories of national banks—those located in New York
City, those located in the remainder of New York State, and those
located
in other States. We were compelled to confine the analysis to
national
banks because they were the only large group for which recent
statisitics
are available. The figures used were obtained from public reports
of the
Comptroller of the Currency, but the computations of percentages
are our
own.
We developed some very intersting facts. It was found that control
of
Costa was most effective in New York City and least effective in
the remainder of New York State. And that the New York City banks
were able
to control their total costs with greater facility solely because of
greater
flexibility in rates of interest paid on deposits.
In considering the following comparisons it should be borne in mind
that
the New York City banks are primarily large institutions and that the average national bank in the remainder of the State is a smaller institution.
Out of every dollar of gross income New York City national banks
paid
27 cents as interest on deposits in the fiscal year 1929, and only 16 cents
in the fiscal year 1932. National banks in the remainder of the State paid
approximately 40 cents out of each dollar of gross for that purpose
in both
years. The average for national banks in all other States was about
32
cents in both years.
The operating ratio,that Is to say, the percentage of gross which was taken
by all expenses including interest, fell from 61.3% in 1929 to 55% in 1932
for the New York City banks. For those in the remainder of the State it
rose from 72.3% to 74.9%. For those in all other States it rose from
70.6%
to 73.7%.
To look at the situation in another way, national banks in New York City
reported a decline of 21.3% in gross but were able to reduce total expense
29.2%. National banks in the remainder of the State showed a drop of
20% in gross, but were able to reduce total expenses, including interest,
only 17%. All three groups of banks paid out a smaller aggregate amount
for salaries and other non-interest expenses in 1932 than was the case in
1929. but reductions were not as great proportionately as the fall In gross.
This is natural in view of the inflexibility of some expenses and the relatively low flexibility of others.
Salaries is the largest single item of general expense. At this point it
may be said that the proportion of gross revenue of banking institutions
disbursed as salaries is not excessive even under present conditions.
The
national average is about 22%—virtually the same as the average for
naanufacturing. This compares with a ratio of about 50% for the railroads.
Moreover, quite apart from the humanitarian aspects of the question,
it is
poor economy to cut salaries of bank employees too deeply. Insufficien
t
pay breeds disloyalty which frequently leads to unfortunate results
and is
also a very positive factor in destroying esprit de corps, without which
no
business concern can be wholly efficient.
Insurance and postage are two types of costs that have tended
to increase
rather than decrease since 1929.
Legal fees in many cases also have Increased, due to the stress
of business
Conditions and the necessity of litigation in the collection
of slow loans and
foreclosures.
Stationery, office supplies, and equipment might
be classed as flexible
expenses, and materal savings can often be secured
by careful supervision.
Advertising is a controllable expense. But in
most cases it is not a large
Item,rarely exceeding 1 or 2% of total expenses, and therefore
is not of great
Importance in a study of bank costs.
Rent is an important and relatively inflexible item of
bank expense.
Although the majority of banking institutions own
their own buildings, It
Is often the practice to charge rent in an amount equal to an estimated
fair
return on property investment. Since the book cost of the buildings
remains virtually unchanged, the estimated rent
likewise often remains
unchanged.
From this briefsummary of banking expenses it is apparent that miscellaneous expenses cannot be kept in line with such broad fluctuations in gross
revenue as those that have occurred in the past three years.
The interest payment account, therefore, offers by far the most important
11188118 of cost control. That fact explains the reduction in the operating
ratio of New York City banks since 1929 and the rise in the operating ratio
of banks located elsewhere in the State.
The New York City banks were able to control their interest payments
with greater facility because the bulk of their Interest is paid on demand
deposits. whereas the bulk of interest paid by banks outside the city is on
Ian, 28 1933
time deposits—or rather on deposits which are
technically "time" deposits
but in practice are payable without previous notice.
Admittedly, it was much easier for the New York City
banks to agree to
reduce interest rates on demand deposits at a
time when there was a flow
of liquid capital toward New York than it was for
the banks in the remainder
of the State to reduce interest on so-called "thrift"
deposits at a time when
unemployment was causing substantial withdrawal
s. Yet I think we will
agree that the prime need of capital under present
conditions is protection
and not yield. The vast rise in postal savings deposits
in the past two years
supports this conclusion It has been demonstrat
ed that the majority of
bank depositors will not object to a reduction in interest
rates.
The general tendency is unmistakably in this
direction. In Chicago and
other mid-Western cities banks not long ago announced
a
3 to 2%% in the rate of interest paid on savings deposits. reduction from
Nevertheless, in
Chicago there has been an increase in savings
deposits since the end of
September, the first quarterly gain in 18 months.
The Superintendent of
Banks in New York State, in his annual report issued
recently, suggested a
3% rate for mutual savings banks. In the light of these
facts, I think it IS
fair to say that the way has been cleared for a
reduction In the rates of
interest paid by the commercial banks in this State
outside New York City
on time and thrift deposits, which may make it possible
to trim down the
40 cents out of every dollar of gross that they have been
paying out as
deposit-Interest.
Even with an improved control of interest payments and
other costs, we
shall still be confronted with the problem of equitable
distribution of the
cost of our services among those who benefit from them.
The problem of
free service was not given much attention during the years
of largo profits.
We then considered them a matter of "good will." But
now we know that
public good-will is built up by sound banking practices and
not by the rendering of free services. It is more important to the depositor
that his
safeguarded than that he benefit, without cost, from services funds be
that mean
expenses to the bank.
You are all familiar with the researches of various committees
appointed
for the purpose of studying the subject of what constitutes a
profitable
account, and their recommendations that flat service charges be
instituted
for accounts carrying small balances. Therefore, I need not
repeat these
recommendations which, no doubt, have been adopted by
the majority
of banks represented here.
For many years bank management commissions, cost accountant
s, and
others have been urging the banks to adopt "activity charges,"
At last
in New York City—the citadel of banking conservatism—the
movement is
gaining ground. In brief, the activity charge makes the
customer pay for
the excess of the cost of services rendered to him over the
amount the bank
can earn on the loanable balance of his deposit. It is fair and
equitable in
that it does not penalize small balances which may be profitable
to the bank
because they are relatively inactive. and at the same time,
does not permit
a customer with a medium or large balance to demand
and receive more
service than the size of his account would justify.
At this point it might be interesting to relate a recent
experience which we
have just had with one of our commercial accounts. From
time to time it
has been the practice of our comptroller's department to
analyze the cost
of handling various accounts on our books. In connection
with the request
from this customer for new check books of a special and
expensive type, an
analysis of the account was requested from the comptroller
. It was discovered that regardless of the fact that the average
monthly balance
maintained with us was in the upper flve-flgure range, the
account was costMg us over 81,000 a year. not including the cost of the
special check books
requested
The activity of the account due to the number of
check items passing
through our hands was responsible for this excessive
cost. In a conference
with the customer, after showing him the result of our
analysis he agreed
to maintain an average free balance on which no interest
is to be paid, and
which will be of a size sufficient to protect us from any
loss on the account.
In the absence of analysis this account might appear
to have been profitable.
Instances of this kind are by no means uncommon
in
to-day and presumably more or less similar instances banking experience
could be found even
In so called prosperous times.
The question arises, in such cases, as to what is
the cost of handling an
item of service. That, of course, depends on the
kind of item. The most
common item of service is the simple incoming or
outgoing check. The
average direct cost of handling a check at our main
office has been estimated
at 3A cents, exclusive of overhead. I am told that
the same as the comparable cost-per-item estimates this is substantially
of other New York
City banks. The per-Item cost at various branches
varies
to the volume of business done at the particular branch, widely according
the size of the force
required to handle it, and many other factors.
The 3s-cent estimate is certainly not the final result
of bank cost analysis.
It is merely a beginning. There are many other
items of service that cost
many times 3 cents. In many cases the costs
have not yet been determlned. Banking cost analysis is still in its
infancy and a great deal of
refinement in our computations may be expected in
the future. Nevertheless, it seems reasonable to conclude that an
excellent start has been
made. Whatever else it may have done, the
Federal tax on checks has
certainly accustomed the public to a variable
monthly deduction from its
bank balances, and has thus paved the way for a
"metered" service charge.
This subject of bank costs has a very definite relationshi
p to the question
of branch banking which is now the subject of so much
controversy. It Is
no secret that branch banking is not as profitable as it was
a few years ago.
Branch banks, In New York City at least, are primarily feeders
of deposits,
and a branch whose loans equal or exceed its deposits is the exception
rather
than the rule. In these days of excess reserves, we
often are forcibly
reminded of the accounting truism that "deposits are liabilities,
not assets."
especially when we must pay interest on funds which we can
neither loan
nor invest.
Some observers seem to believe that the Glass bill, with its extension of
branch banking privileges, will bring about a solution of one of our
greatest
banking problems—solvency. There Is room for doubt on this
point.
Conservative banks are not likely to open or acquire additional
branches
unless they see probabilities of profit in doing so, and these probabilitie
s
at present do not appear particularly bright unless we reach a solution of
the question of banking costs and interest rates.
Another influence which will tend to focus attention of the banking
community on the subject of costa is now clearly visible. It is the downward
trend of loans in the face of an upward trend of deposits. Total loans
have
been declining ever since 1929 and are still declining. There is a scarcity
of good credit applications. As for investments, well, how many of us
are
now buying much of anything except United States Governmen
ts and
triple-A municipals, both of which return a low yield? While the
recent
increase in deposits has been most pronounced in the larger New York
City
banks, it is spreading to out-of-town institutions, and if we sit idly
by and
do nothing toward solving the cost problem, we may find at the end
of 1933
that our gross revenue was smaller than in 1932, our interest payments
larger and our net before charge-offs even further curtailed. Let
us hope
that this will not be the case.
Volume 136
Financial Chronicle
Attorney-General Warner of Massachusetts Urges
Curb on Banks—Annual Report Cites Abuses—
Advocates Bonding of Stock Salesmen.
Drastic restrictions of banks and banking officials; abolition of the present system of personal property tax collecting; the creation of a licensing board to hear complaints
against collection agencies, and the requirement of bonds
from stockbrokers and stock salesmen before granting them
licenses are outstanding recommendations of Attorney-General Warner to the Massachusetts Legislature in his annual
report submitted Jan. 15. In making this known, the Boston
"Herald" of Jan. 16 added:
Citing that portion of the declaration of rights, that the people have the
right "to governmental measures best promotive in the making of happiness," the Attorney-General calls on the Legislature to consider and act
on a number of abuses he says afflict the public.
Among the abuses mentioned are:
The mishandling of bank deposits by unscrupulous bankers.
The mulcting of the investing public by crooked stock and bond salesmen.
The possibility of imprisonment for the non-payment of taxes, and usurious
charges imposed by constables in the making of collections.
The frauds practiced on debtors and creditors alike by unconscionable
collection agencies.
"In the course of consideration of matters of wide range, either peculiar
to my department or to some one of the other 19 departments of the State
government it serves," says the Attorney-General, "occasion for observations
Is afforded and I submit them for disposition by the General Court.
Exploitation by Banks.
"As to the protection of the rights of the people against the ruthless
exploitation by banks, and for measures enabling the common people to
enjoy and share in the benefits which accrue from the common wealth, I
suggest that the Commissioner of Banks be authorized to remove from office
officers or directors of banking institutions persisting in violating banking
laws or in continuing unsafe and unsound policies and practices.
"That an officer of a banking institution be prohibited from being an
officer of any corporation or participant in any business engaged in the sale
of securities.
"That banks be prohibited from engaging in the sale of securities.
"That banks be prohibited from engaging in any business other than the
depositing of money and the making of loans on proper collateral and the
ordinary commercial credits.
"The welfare of the people in all things is paramount to the rights of
any group or class in anything. The right to engage in legitimate enterprise may never be denied, but no right exists in any individual or individuals
to further such enterprises for private enrichment, to the loss of the
people.
"The wealth of the banks is the wealth of the people, though in custody
of the bankers, and the people have the right to demand that the power of
money and its possession shall not be used by such custodians to their
detriment and disadvantage."
Would End Summary Arrest.
He suggests summary arrest and imprisonment for non-payment of personal property taxes plus fees of constables be abolished and civil proceedings
be instituted.
"The jailing of a person for inability or refusal to pay a constable's fee
In addition to the tax is intolerable," he declares. "These fees often exceed
the amount of the tax three or four-fold. The municipalities do not receive
them—only the constables benefit."
Concerning the collection agencies, be says debtors have been "intimidated by notices, designed, by use of facsimiles of State and court seals and
legal tams," and have been "fraudulently and wrongfully induced to assign
mortgages and life interests on representation that they were merely signing
notes in payments of debts."
On the other hand, he says, if the moneys collected are not paid to the
creditor, the creditor is put to expense of litigation to recover on the bond
filed with the State Treasurer by suit.
He further suggests that the Legislature consider:
A greater control over public service enterprises through the State exercising complete supervision over holding companies.
Making it possible for co-operative banks to become affiliated with the
Federal Home Loan Bank end requiring such banks and savings banks
to prove to the State banking authorities that they are not in a position
to extend mortgages in default through economic conditions.
Removal from criminal category of violations of minor traffic regulations.
Technocracy Used in Mortgage Suit—Westchester
(N. Y.) Citizen Asserts Rise in Dollar's Value Has
Added to Debt and Interest—Wants Case Made
Test—Quotes Professors of Princeton and Yale
to Back Plea for Reduction of Obligation.
The first use in litigation of the theories of technocracy
was disclosed at White Plains, N. Y., on Jan. 20, in an
answer to a civil suit filed in the County Clerk's office by
Herbert Bruce Brougham of 117 Ralph Ave.. A White
Plains dispatch to the New York "Times" went on to say:
Citing the fluctuating value of the dollar as a basis for his contention,
Mr. Brougham declared that a mortgage debt of $8,500,which he had contracted in 1929, had increased to $13,760 in actual value. He added
that the interest rate of 6% had increased in actual value to the equivalent
of 9.72, which he termed "usurious."
Mr. Brougham filed a 1,500-word letter with the County Clerk in answer
to an action brought against him by Dean, King, Smith & Taylor, a law
concern of 160 Broadway, New York, as attorneys for the First Bank &
Trust Cu, of Utica, N. Y., and its agents, the Lawyers Westchester Mortgage & Title Co. of this city. Requesting the court to appoint counsel
to defend him, he asked that the action be made a test case and that the
court reduce the total of the mortgage and interest "to the correct amount."
Referring to the researches of the technocracy group. Mr. Brougham
quoted Professor Irving Fisher of Yale as saying that if the 1929 dollar
was 100 cents, then the dollar of 1932 was worth $1.62. He also quoted
figures from Professor E. W. Kemmerer of Princeton which, he said, indicated that if the dollar yardstick in 1929 was 36 inches it was 5834 inches
.
in 1932.
593
"The condition in which these mortgage debtors, including myself,
find themselves," he said, "has been partly described by the group of
engineers at Columbia University calling themselves technocracy, as
that of being required to make payment in units of money that have fluctuated widely in value.
"These engineers observed." he continued, that "a dollar may be worth
In buying power so much to-day and more or less to-morrow, but a unit
of work is the same in 1900, 1929, 1933, or the year 2000, and it is in units
of work that underlies human labor and goods that we mortgage debtors
find ourselves obliged to pay to-day nearly two-thirds again as much as
the buying power in labor and goods of the dollars lent us in 1929."
Mr. Brougham declared that the consequences of the enforcement of
foreclosure proceedings had been brought home to the families of mortgage debtors "in burdens of worry and mental distress, contributing to the
rise in the rate of suicide and of mental patients in hospitals."
Mr. Brougham announced that he was planning to form a "National
Mortgage Debtors Protective Association" for the benefit of mortgage
debtors throughout the country.
Relief Measures Proposed in Message of Governor
Martin of Washington — Advises Adoption of
Branch Banking and Sales Tax Legislation.
The establishment of branch banking to provide banking
service to every trade center was suggested by Governor
Clarence D. Martin in his inaugural message to the Legislature, according to Olympia (Wash.) advices, Jan. 19, to the
"United States Daily," from which we also quote:
"The flexibility of the branch banking system," he said, "permitting the
timely shifting of funds and credit, would mean more confidence and greater
security in times of economic unrest or distress. I feel branch banking
merits your consideration."
Unemployment Relief.
He said a new banking code will be submitted to the Legislature, and
urged that it be given careful consideration.
Governor Martin declared the time has come for the State to participate
in unemployment relief, the burden of which heretofore has been carried
by counties, municipalities and individuals.
He announced that reductions of more than $4,000,000 will be made
below the 1931 biennial budget for code departments and institutions, but
asserted that he "will use the full powers of the executive office to prevent
any materialistic or reactionary force from laying a damaging hand on our
educational system."
Suggests Sales Tax.
He suggested a general retail sales tax to provide the $8,000,000 to balance
the budget, and recommended that study be given to the restoration of a
fair tax on banks and other financial institutions, a reasonable impost on
intangibles, enactment of a kilowatt electric tax, and the placing of a tax
on franchises on State lands, leases and different public concessions.
The Governor recommended a contributory system of old-age insurance,
and urged the creation of a commission to seek Federal aid in construction
of the Grand Coulee dam for the eventual irrigation of undeveloped lands
in the Columbia Basin and to provide cheap power for farmers and new
Industries.
New Iowa Law Gives Banking Department Special
Power—May Operate a State Bank Without Re..
ceivership.
From the Des Moines "Register" of Jan. 21 we take the
following:
The Iowa General Assembly Friday [Jan. 201 passed a bill authorizing
the State Superintendent of Banking to operate any State bank without
placing it in receivership. Governor Herring signed the bill, which becomes
a law upon official publication.
The measure, backed by the Legislative Committee of the Iowa Banker
Association, applies only to banks under State supervision which request
the Superintendent of Banking to assume their management. It has no ..
effect upon national banks.
Powers Enlarged.
The powers of the Superintendent of Banking are enlarged by the bill
to the extent that he can operate any bank which seeks his services as a .
going concern for a period of one year.
During that time he may liquidate the bank, continue Its operation or
reorganize it. Under present law the only alternative when the Banking
Department takes charge of a bank Is to liquidate it through receivership.
Rules Suspended.
The Senate passed the bill, under suspension of the rules prohibiting the
second and third reading of a bill on the same day, by a vote of 47 to 0.
The bill then was messaged to the House. where the same rule was suspended
and the bill was passed by a vote of 107 too.
Both Houses considered the bill in Executive sessions to which only members of the Senate and House were admitted. After debate on the bill,
it was passed unanimously by both Houses in open session.
Approval of Council.
The power of the superintendent of banking to manage banks under
State supervision is made subject to approval of the Executive Council,
which consists of the Governor, Secretary of State, State Auditor, State
Treasurer and Secretary of Agriculture.
Under the bill, whenever any State bank whose management has been
assumed by the Superintendent of Banking continues open for business,
new deposits received must be segregated from the deposits in the bank
at the time application for State management was made.
Old Deposits.
The old deposits and assets will be handled under rules and regulations
prescribed by the Superintendent of Banking for the best interests of the
depositors and borrowers. During the period of State management, suits
against such a bank are to be held in abeyance, according to the terms of
the act.
The Superintendent of Banking, during his management of any State
bank, is given the right to issue stock upon conditions he prescribes. This
stock, unlike ordinary bank stock, would be non-assessable.
May Pledge Assets.
The bill authorizes the Superintendent of Banking to pledge assets of any
bank under his management with the Reconstruction Finance Corporation
to secure loans.
Financial Chronicle
594
It is thought that the effect of the bill will be to do away with deposit
waiver holidays. When reorganization of a bank is deemed necessary, the
institution probably will be taken over by the Superintendent of Banking
and be operated by him until reorganization can be completed.
From the same paper we take the text of the bill as follows:
Text of Bank Bill.
Text of bank bill passed Friday by the Iowa Legislature:
SENATE FILE NO. Ill.
By Cimmittee on Banks and Banking.
Ian. 28 1933
and an "honest" dollar. Others, headed by Senator Wheeler (Dem.) of
Montana, mainatined the position that only an unlimited coinage of silver
In the ratio of 16-to-1 of gold could possibly serve to restore the country's
economy.
As the Senate convened, Senator Wheeler entered a protest against the
action of the Senate in tabling his silver amendment on the preceding night,
and announced he intended to discuss the inflation question as each new
amendment was called up.
He declared conditions made it impossible for Congress longer to dodge
the issue and suggested that discussion of the subject would call attention
of the country to the Senate's refusal to consider that which he regarded as
the paramount question.
Senator Bingham (Rep.) of Connecticut, in a general discussion of currency inflation, rnainatined that such a measure would mean "a further
destruction of confidence that will drive us deeper into the mire." He
contended that prices would rise faster than salaries, and emphasized the
Nation's need to stand by its obligations.
"I am not an advocate of a cheap dollar, but of an honest dollar," Senator
Borah said, referring to statements by Senator Bingham that he favored a
cheap dollar. "A dollar which takes three times as much wheat to buy,
three to four times as much cotton to buy, and two to three times as many
hogs to buy in 1932 as in 1929, is not an honest dollar. It is ai dishonest
dollar.
Equity for Debtors.
"I'm not thinking to cheapen the American dollar," continued Mr.
Borah. "I'm not seeking uncontrolled inflation. But, I believe it is in
the power of those in charge of this country to devise a system that would
be fair between the debtor and creditor. Under present conditions that is
not the situation.
"I have no desire to go off the gold standard. I think it is an essential
factor in the economic and financial world. While we are on the gold standard, all other nations, except France, are on a managed currency basis.
They are taking not only our foreign market but over a high tariff wall they
are taking also our domestic market. I asked those who criticized to state
how we are going to maintain a gold standard under these conditions."
Senator Connolly (Dem.) of Texas said he was seeking to "go up and
pull the gold dollar down to a level of prices of other commodities." He
explained further that his purpose was to "restore gold to its real value
measured by other wealth in the United States."
A bill for:
An Act amendatory to Chapter 412, Title 21 of the Code 1931, extending
the right of the Superintendent of Banking to take possession of banking
institutions without insolvency proceedings and to protect the debtors and
creditors of such institutions and to reorganize or operate the same as shall
be set forth herein.
Be It Enacted by the General Assembly of the State of Iowa:
Sec. 1. The Superintendent of Banldng shall, upon application of the
officers or directors of any State bank, savings bank, or trust company, or
private bank doing a banking business, have the power, with the consent
of the Executive Council, or the Governor, or of the Lieutenant-Governor,
to take over the management of any such bank, and may, at his discretion,
manage the same either by its officers or a part thereof or by any suitable
person or persons he may select for such purpose. Such management,
however, not to exceed beyond one year from the taking possession except
with the consent of the Executive Council. During the period of such
management and possession by the Superintendent of Banking, all the
remedies at law or in equity of any creditor or stockholder against any such
bank or trust company shall be suspended, and the statute of limitations
against such claims shall be tolled during such period.
Sec. 2. The Superintendent of Banking, whenever he shall have taken
over the management of any such banking institution as provided in Sec. 1,
shall have the right and power with the approval of the Executive Council.
to proceed to wind up its affairs as provided by law: or may continue the
operation of the same, holding all deposits in the same, taking in deposits
and carrying on the same under such rules and regulations as he, with the
approval of the Executive Council, may make for the conduct of its business
and deem for the best interest of the debtors and creditors ofsuch institution,
Including the right to compromise any rights, claims and liabilities of such
With reference to the action of the Senate on the Glass
institution.
If such institution is kept open for business under the management of the
bill on Jan. 25, the day of its passage by that body, it was
Banking Department, and new deposits are received, such deposits shall
stated in a Washington dispatch to the New York "Times"
be segregated and any new assets acquired on account of such deposits
that on the final roll-call Senator Long, leader of the handful
shall be segregated and held in trust especially for such new deposits.
Sec. 3. However, if in the opinion of the Superintendent of Banking it
of participants in the filibuster, was absent, being paired
Is deemed advisable to reorganize any banking institutions as set out in
with Senator Metcalf. The dispatch Jan.25 to the "Times"
Sec. 1 hereof, he shall, with the approval of the Executive Council, have
continued:
power to do so on such terms and conditions as he, with the approval of the
Executive Council, may prescribe, including the right to issue stock upon
The bill was passed a little more than an hour after the adoption of a
such conditions as he may prescribe for such stock, and which shall be non- .unanimous consent agreement proposed by Senator Thomas of Oklahoma,
assessable.
who had co-operated with Senator Long in an 8-day filibuster, drastically
Sec. 4. Nothing in this act shall prevent the voluntary adoption of any
limiting debate to 10 minutes per Senator on each amendment.
form of depositors agreement not now or heretofore in contravention of the
The unanimous consent agreement was hurriedly offered to forestall
statutes thereto provided and under any such agreement the percentages
another attempt to invoke cloture, an action which failed a week ago, but
as provided in *Sec. 9239-al Code. 1931, shall be fully applicable.
which stood a far better chance of success to-night, as was attested by the
Sec. 5. If, In the opinion of the Superintendent of Banking, with the
fact that 37 Senators had signed the petition before the offering of it was
approval of the Executive Council, it is advisable to sell, hypothecate or
made unnecessary. The 37 included Senators Watson, the Republican
floor leader, who, on the previous cloture test, voted in support of Senator
pledge or exchange any or all of the assets of such banking institution by
Long and his filibustering group.
said Superintendent the said Superintendent is given the power so to do
with the Reconstruction Finance Corporation, or with any other party he
The Glass bill contains half a dozen major reforms as regards the Federal
Reserve System and their members and banks not affiliated with the
may select.
Federal Reserve System.
Sec. 6. Insofar as the provisions of this act may conflict with other acts
or parts thereof, the provisions of this act shall control.
The Bill's Major Provisions.
*9239-al. Agreement as to reorganization, consolidation, or sale. If a
Among its major provisions, the bill does the following:
majority of the creditors holding direct unsecured and unpreferred obliga1. Acts to keep Federal Reserve credit out of speculative channels.
tions of such bank in excess of $10 each, and totaling in the aggregate
2. Directs the divorcement of security affiliates from national banks
amount 75% of all direct unsecured and unpreferred obligations, shall agree
within five years' time.
in writing to a plan of disposition and distribution of assets through sale to
3. Permits branch banking by national banks under laws of States in
another bank, reopening, reorganization, or consolidation of the bank, the
which banks operate.
receivership
is
pending,
upon
application
of
the
district court in which such
4. Sets up a liquidating corporation to expedite winding up of affairs of
Superintendent of Banking may order a disposition and distribution, sale
closed banks.
to another bank, or reopening, conforming in general to the provisions of
5. Gives Federal Reserve Board authority to remove officers and direcSuch plan. (C-27, 9239-al).
tors of member banks found to be engaging in unsound practices.
6. Provides for licensing holding companies for bank stocks and limits
their voting power.
United States Senate Passes Glass Bill with Branch
The Senate actually took up the Glass bill at 6 p. m., after the previous
Banking Provisions for National Banks—Effective seven hours of the session had been devoted to continuation of debate on
in Nine States Authorizing Practice—Security Inflation.
Senator Thomas offered his unanimous consent resolution, provoking
Affiliates to Be Divorced—Cloture Averted—Amend- considerable general comment until Senator Long
arose without the formalment to Re-Monetize Silver Tabled—Cheaper ity of recognition, waved a cigar at the Senators and said.'
"I'll
guarantee
you'll
be
out
of
here
by
7:30."
Dollar Drive Denounced by Senator Glass.
His guess was wrong by three minutes.
After consideration of the Glass banking bill (S. 4412)
over a period of 20 days, the Senate, Jan. 25 by a vote of 54
to 9 in night session passed the measure. We quote from
the "United States Daily" of Jan. 26, which also noted:
It was approved with no major changes with the exception of the provision limiting branch banking, which was earlier attached. This action
sends the bill to the House.
• Although the banking bill (S. 4412) remained the Senate's unfinished
business and an amendment relating to affiliates, offered by Senator Kean
(Rep.) of New Jersey, was the pending question, Senators who supported
the silver amendments that were tabled at the preceding night session,
renewed their demands for action looking to an increase in the circulating
medium and revalorization of the dollar.
Cloture Considered,
Senator Glass (Dem.) of Virginia, sponsor of the banking bill, declared
the Senate was taking too much time. He said that unless there was a
cessation in the debate of matter foreign to his bill he would seek to invoke
cloture. He said the Senate had used up 20 days on the bill and had accomplished little.
The Senate at present is operating under an unanimous consent agreement
limiting debate to one hour on the bill and 30 minutes on any amendment
for each Senator. The use of cloture would reduce the speaking time to one
hour and would prevent the introduction of further amendments.
Night Session Is Held.
Senator Glass adhered to his announced purpose of holding the Senate in a
night session to speed up action.
As various Senators dicussed inflation, some predicted increasing difficulties unless Congress takes the lead and produces a "managed" currency
Predicts Death of Measure.
The statement by the leader of the filibusters, however, signaled the
collapse of the opposition, although Senator Long told the Senate that the
Glass bill, in view of probable inaction by the House,"is dead as a hammer."
Many Senators accepted the Thomas unanimous consent agreement,
calling for the Senate to remain in session until the Glass bill had been disposed of, with considerable misgiving, as about 40 amendments remained
to be considered. Many of these were comparatively unimportant, but
on each an opposition Senator could have spoken 10 minutes.
Senator Colizens insisted that the unanimous consent agreement, which
was to take effect at 7 p. m., also provide that no new amendments were to
be introduced after 7 o'clock,a proposition to which Senator Thomas agreed.
The eventual fate of the Glass bill is at best debatable, for it appears on
the basis of the most authoritative information obtainable that the House
will not vote on the bill at this session:
The bill itself was passed in substantially the form written by the 75year-old Virginia Senator who for three weeks has conducted a ceaseless
fight in its defense, since the bill was taken up.
The only victory for Senator Long—and that a partial one—consisted of
drastic limitations on branch banking.
Senator Long failed in his efforts to have branch banking completely
prohibited. His efforts and those of Senators Thomas and Wheeler to have
currency inflation and revalorization of silver written into this bill were
defeated, the latter proposition yesterday in the first record vote on silver
taken in the Senate during the present century.
As a matter of fact, amendments were disposed of with clock-like precision, with no speech-making after Senator Long and Senator Thomas
withdrew, much to the gratification of the Senate, for had cloture been
attempted debate would have lagged on through another day before the
"petition could be voted upon.
Financial Chronicle
Volume 136
Those signing the cloture petition were:
Democrats—Robinson (Ark.), Glass, McKellar, Tydings, Bankhead
Smith. Black, 13ulkley, Bailey, Bretton, Hull, Barkley, Byrnes. Pittman
Coolidge, Copeland, Wagner, King, Walsh (Mont.), Walsh and Trammell.
Republicans—Metcalf, Hebert,'Vandenberg, Couzens, Walcott, Austin
Patterson, Keyes, Foss, Dickinson, Smoot, Thomas (Idaho), Grammer,
Hastings, Carey and Hale.
Branch Features Retained.
The only interruption to the smooth working of the last hour on the bill
was a roll-call vote on branch banking, on a final attempt to strike out all
authority for this practice through an amendment by Senator Black. The
attempt was defeated 45 to 17.
The 17 Senators voting to strike out the branch banking section were:
Republicans—Blaine, Capper, Carey, Frazier, Norbeck, Nye,Patterson,
Robinson (Ind.) and Schall.
Democrats—Black, Connally, McGill, Reynolds, Sheppard, Thomas
(Okla.). Trammell and Wheeler.
Just before the bill was passed the Senate adopted an amendment by
Senator Gore providing that no officer or director of a Federal Reserve
member bank shall borrow from his own bank.
The broad intent of the bill, which was not changed by any amendment,
is expressed in its title, which states that it is designed "to provide for the
safer and more effective use of the assets of Federal Reserve banks and of
national banking associations, to regulate interbank control, to prevent
the undue diversion of funds into speculative operations and for other purAs to Speculative Credits.
•
The first act in the bill amends the Federal Reserve act to preserve the
Federal Reserve credit from speculative uses, giving Federal Reserve banks
the right to inquire into the uses of credit extended to member banks and
requiring reports to the Federal Reserve if this credit is being used "for
the speculative carrying of or trading Insecurities, real estate or commodities
or for any other purpose inconsistent with the maintenance of sound credit
conditions."
"Whenever, in the judgment of the Federal Reserve Board," the bill
states, "any member bank is making such undue use of bank credit, the
Board may, in its discretion, after reasonable notice and an opportunity
for a hearing, suspend such bank from the use of the credit facilities of
the Federal Reserve System and may terminate such suspension or may
renew it from time to time."
The section of the bill providing for severance of security affiliates
within five years after it becomes law is a detailed one, but its substance
is contained in the stipulation that "after five years from the date of the
enactment of the banking act of 1932 (this bill), no certificate representing
the stock of any State member bank shall represent the stock of any other
corporation, except a member bank." The five-year period represents
an amendment lengthening the time from three years, which was accepted
by Senator Glass before the bill was taken up for consideration.
Branch Banking Section.
The branch-banking provision, it was explained by Senator Vandenberg, represents in actual practice permission for National banks to engage
In State-wide branch banking in only nine States, as State banks are not
permitted this practice In the other 39.
The branch banking section follows:
A National banking association may, with the approval of the Controller of the Currency, establish and operate new branches within the
limits of thecity, town or village, or at any point within the State in which
said association is situated, if such establishment and operation are at the
time expressly authorized to State banks by the law of the State in question
and subject to the restrictions as to location imposed by the law of the State
on State banks.
No such association shall establish a branch outside of a city, town
or village in which it is situated unless it has a paid-in and unimpaired
capital stock of not less than $500,000: provided, that in States with a
population of less than 1,000,000. and which have no cities located therein
with a population exceeding 100,000, the capital shall be not less than
S250,000.
Liquidating Corporation Plan.
Under the bill, a liquidating corporation would be established through
the enforced co-operation of Federal Reserve banks, member banks in the
Federal Reserve System and the United States Treasury. It would
serve the purpose of providing a ready market for otherwise "slow" assets
of closed banks, operating under a board of five members, consisting
of the Comptroller of the Currency, a member of the Federal Reserve
Board specially designated by the Board for that purpose and three directors
selected annually by the Governors of the 12 Federal Reserve banks.
The liquidating corporation's capital would be raised as follows:
(1) Through the purchase of $125,000,000 of dividend-paying stock
by the Treasury;
(2) Through assessments on Federal Reserve banks through forced
purchase of non-dividend-paying stock equivalent to one-fourth of the
surplus of these banks as of July 1 1032:
(3) Through assessments against Federal Reserve member banks equivalent to one-quarter of 1% of their deposits, one-half to be paid in the
form of purchase of dividend-paying stocks within 90 days and the remainder subject to call by the directors of the liquidating corporation,
As to Holding Companies.
A limitation is put on voting of National bank shares by holding companies through the sitpulation that such holding companies may not
vote their shares except with the specific approval of the Federal Reserve
Board.
When the Board acts on an application to vote. "it shall consider the
financial condition of the applicant, the general character of its management and the probable effect of the granting of such permit upon the
affairs of such bank."
The bill instructs the Federal Reserve Board to "exercise special supervision" over relations between Federal Reserve banks and foreign banks;
it removes the Secretary of the Treasury as an ex-officio member of the
Federal Reserve Board and limits the handling by banks of the securities
of their affiliates.
Thus a member bank of the Federal Reserve System is forbidden to make
transactions with individual affiliates involving more than 10% of the
capital and surplus of the bank or, in the case of multiple affiliates, to
use more than 20% of their resources in dealings with them.
The Vote in Detail.
The vote on the banking bill was as follows:
For the Bi1l-54.
Austin
gingham
Capper
Carey
Couzens
Dale
Davis
Republicans-28.
Johnson
Dickinson
Foss
Kean
McNary
Glenn
Goldsborough
Moses
°chile
Grammer
Patterson
Hale
Reed
Hastings
Schuyler
Steiwer
Thomas (Idaho)
Townsend
Vandenberg
Walcott
Watson
595
Ashurst
Bailey
Barkley
Black
Bratton
Bulkley
Copeland
Democrats-26.
Costigan
Kendrick
King
George
Glass
McGill
Gore
McKellar
Harrison
Pittman
Hayden
Robinson (Ark.)
Hull
Russell
Against the Bill-9.
Frazier
Howell
Bulow
Republicans-4.
Nye
Democrats-4.
Connally
Sheppard
Farmer-Labor--1.
Shipstead.
Smith
Trammell
Tydings
Wagner
Walsh (Mont.)
Schall
Thomas (Okla.)
Pairs.
Senator Metcalf, Rep.), for the bill, with Senator Long. against.
Senator Stephens, (Dem.), for the bill, with Senator Robinson (Ind.),
against.
Senator Swanson (Dem.), for, with Senator Wheeler, against.
The injection of the silver issue into the debate on the
Glass bill on Jan. 23 was detailed on that date in the following account from Washington., which we take from the
"Times":
Two amendments to the Glass banking bill providing for the revalorizalion of silver, introduced late to-day by Senators Long and Wheeler, promised to force a vote on this long-dormant question to-morrow.
Although several bills designed to raise the value of silver from its present
ratio to gold of about 40 to 1 to a ratio of 16 to 1 or thereabouts have been
Introduced in recent sessions, no vote has been taken.
Now, through a parliamentary move under which two such projects
are before the Senate as amendments to the Glass bill, the Senate must
vote on silver before it can proceed with the measure.
The silver amendments were introduced at the end of a day of otherwise
desultory action which so displeased Senator Glass that he obtained an
agreement with Senator McNary, the Republican assistant floor leader,
to begin night sessions to-morrow and continue them until the Glass bill
has been either passed or rejected.
Senator Long Meets Two Defeats.
Consideration of the Glass bill is a slow process despite the fact the
Senate is operating under a unanimous consent agreement limiting debate
by each Senator to one hour on the bill itself and 30 minutes on each amendment, of which there are about 70. .
Senator Long, who conducted a week-long filibuster against the Glass
bill, was defeated twice to-day, once on an amendment of his own providing
that under the bill the Secretary of the Treasury should sit as a member of
the Federal Reserve Board, and again when his opposition was overcome
and the Senate voted to sustain Senator Glass's proposal to establish a
corporation to dquidate closed banks.
Senator Long brought up the silver question by introducing without
change, as an amendment, a House bill written by Representative Cross of
Texas. Senator Wheeler immediately offered as a substitute for the Long
amendment another incorporating the substance of the silver bill which
he had introduced previously. The Senate must vote first on the Wheeler
amendment.
The Wheeler amendment provides without qualification that silver
shall bear a relationship to gold in the ratio of 16 to 1. It specifies that a
dollar's worth of gold shall continue to be 25.8 grains of gold, and that the
value of silver shall be arbitrarily fixed at 412.5 grains to the dollar.
The Long amendment reduces the ratio of silver to gold to about 14 to 1.
and establishes a more complicated mechanism for maintaining this ratio.
Where Long Amendment Differs.
Under the Long amendment, the foliar of 25.8 grains of gold is retained
as standard, but 371.25 grains of silver would constitute a dollar.
Using this as a standard, the Long amendment directs the Secretary of
the Treasury to buy any quantity of silver necessary to raise the price
of silver to the arbitrary standard, paying for it In silver certificates, which
are to be authorized as legal tender.
The silver so purchased is to be held as a reserve against the certificates,
but the Treasury must have on hand 10% more silver than there are certificates outstanding.
As Senator Wheeler was the only Senator who gave notice of intention
to speak on the silver amendments, a vote is expected to-morrow.
Senator Long was defeated, 62 to 14, on his amendment to continue
the Secretary of the Treasury on the Federal Reserve Board, The Secretary now has that status, but Senator Glass's bill would remove him because, the Senator argued to-day, "the Secretary may have undue influence
upon the activities of the Board and constrain it to adapt its policies to
the requirements of the Treasury rather than the business of the country."
In reporting the action of the Senate on Jan. 24 in tabling
the Long and Wheeler silver amendments4 Washington advices on that date to the "Times" said:
The whole question of currency inflation, which has been stalking the
Capitol for weeks and so far has been held behind cloak-room doors, boiled
out on the floor of the Senate to-day and precipitated the most serious
debate which has held the attention of that body in a long time. Put
forward by its proponents as In industrial panacea, those who opposed it
rushed to warn their colleagues solemnly that the way of inflation was paved
with ruin.
The question was brought about by the introduction of Senator Wheeler's
amendment to the Glass bill to remonetize silver, and although the amendment was finally placed on the table with Senator Long's amendment for
the purchase of silver by a vote of 56 to 18, this was not until 7 o'clock, after
the entire session up to that hour had been devoted to a discussion of inflation in all its phases.
Inflation was denounced as class legislation to aid the farmers to pay
their debts, while bringing disaster to the wage and salaried groups who
would buy higher priced commodities with depreciated currency.
Warns of Class "Stealing."
Senator Reed went so far as to say it was "stealing from one class to
help another." declaring that the very discussion of inflation has a dangerous effect. It was significant that Mr. Reed spoke at all, for until that
moment there had been a reluctance by Republicans to inject themselves
Into the debate, as they apparently preferred to let the Democrats keep
Inflation as their own undisputed offspring.
Coupling the proposal to remonetize silver with an alternative plan
to devalue the gold dollar by decreasing its gold content, Senator Connally
announced that he intended to prepare a bill prohibiting demands the
Financial Chronicle
596
payments on contracts be made on a basis of any specified weight and fineness of coin.
This brought from Senator Glass, leaning on his desk and speaking
with an even solemnity which weighted every one of his slowly spoken
words, the admonition that such a measure would destroy the credit of the
United States and make impossible the refunding of $11,000,000.000 of
the National debt. Not a bond of the National Government could be sold
If this measure went through, he said, adding:
"May God have mercy upon the Secretary of the Treasury of the United
States when he shall be compelled in a few months from now to refund
$11,000,000,000 of Government obligations."
There was almost as much difference of opinion between advocates of
Senator Wheeler's amendment to the Glass bill to remonetize silver on a
16-to-1 basis and those favoring Senator Connally's plan to devaluate the
gold dollar as there was between these two groups and the opponents of
any sort of inflation.
Sees Restored Buying Power.
Senator Wheeler built his thesis on the claim that his amendment would
restore purchasing power to 60% of the people of the world who live on a
silver basis.
Senator Connally argued almost entirely that his plan would remove
from the debtors of the country, particularly the farmer, the burden
placed upon them by a dollar rising rapidly in value against lowered commodity prices. Both argued that the eventual result would be higher
commodity prices, and a stimulating effect on industry.
Depreciated world currencies have had an adverse effect upon American
foreign trade, said Senator Wheeler, and he contended that the remonetization of silver would do more to make the tariff effective on everything on
which a tariff is levied, than any other piece of legislation offered since
depreciation began. This country would not be flooded with silver offered
here in exchange for gold. he said, and believed that the standing of the
country at present is so great that the price of silver would immediately
rise to $1.29 all over the world.
"Talk about taking gold out of this country," he said. "How is gold
going to be taken away from the United States when the trade balances
are in favor of the United States?"
"England's manufacturing interests have the United States by the
throat. They can get their raw materials from countries off the gold
standard cheaper than they can get them from the United States. Further
she can undersell us in the markets of the world. By reason of the depreciation of silver in China, Shanghai is booming. Hongkong's factories are
booming, while the factories of the United States are finding it impossible
to compete."
Differ Over Effect on Prices.
Senator Connally, in presenting his alternative plan, asked if it were
not as fair to devalue the gold dollar as to increase the value of the silver
dollar by four. When England went off the gold standard, he said, she
did so deliberately and was doing nothing but revaluing her pound.
Senator Glass asked if be suggested that thereupon commodity prices
rose in any ratio proportionate to the devaluation of the pound. Senator
Connally said he did not. It was evident in the debate that there was
grave disagreement as to the effect on commodity prices, Senator Glass
believing that there would be no appreciable rise for any length of time.
"I will say," said Mr. Glass, "that I have no faith whatsoever that
the theory of an abudance of promises to pay is a correct theory. I totally
dissent from the quantitative theory of money."
"I was not advocating that particular angle," said Senator Connally.
"I will ask the Senator, though, if he believes that 22% grains of gold would
buy the same amount of commodities that two-thirds of that amount
would?"
"I think it depends upon many related circumstances," said Mr. Glass.
"I do not think the depreciation of the dollar would permanently raise
commodity prices. On the contrary, I think it would so deprave our
currency that it would bring ruin, particularly to the wage earners of the
country, and to those who are on fixed salaries."
As to the Dollar's Value,
Mr. Glass added that he thought it impossible to stabilize the dollar
as the standard of the country without stabilizing everything the dollar
will buy, which caused Mr. Connally to say:
"Let me ask the Senator if he thinks it is fair for the dollar to dominate
all other commodities on earth, or does he think it is fairer for the dollar to
bear some relationship to the values of all other commodities in the world?
That is what the Senator from Texas is interested in, and the Senator from
Texas is not preaching fiat money, he is not preaching free silver, at this
• time, but he is undertaking to lay down the doctrine that events, the actions
of governments, inexorable facts, have increased the value of gold out of all
proportion to what it was in the the times the debts of the American people
were contracted, and that simple justice and fairness require that the dollar
be revalued so it will bear some fair relationship to the dollar which the
• debtor borrowed when he borrowed it."
"Yet the United States has billions of dollars more of gold to-day than
• it had when the debts were contracted." said Senator Glass. "I will say
that there is one inexorable law which no amount or character of legislation
can affect, and that is the law of supply and demand."
Argues for Devalued Dollar.
The price of gold depends upon its supply, said Senator Connally, and
4wo ounces of gold will buy more than one ounce. "Therefore, if the dollar
were reduced from 23 or 24 to two-thirds of that amount, the new dollar
would be only two-thirds as much as the old dollar, but as a result commodity
prices would enhance; debts would be scaled in the same proportion."
He added that in England the unit of the pound still remained a fixed
unit to the Briton, and that its value was only affected in foreign countries.
If paper currency were unsupported by gold, he said, he belived commodity
prices would not rise, and wages not be affected, but the pound is not supported by gold and the dollar is. He then went on to his point about the
repayment of contractual debts, a statement which aroused Senator Glass.
"I am investigating authorities as to the constitutional power of Congress
to do what is proposed, and as to the power of the Congress in the future
to prohibit gold contracts calling for payment in dollars of any specific
weight or standard of fineness," he said.
"I would not prohibit that on the part of the Government, because the
Government credit must be preserved at all hazards, but I propose to incorporate a provision of that kind, making contracts that call for dollars
dischargeable in whatever may be lawful money of the country at the time
of the payment.
"In addition to that Mr. President, I desire to suggest to the Senate that
Congress possesses ample power through the power of taxation, if in no other
way,to prohibit creditorsfrom requiring the execution of these extraordinary
contracts payable in gold of a specific weight and standard of fineness.
"To do that is to permit individuals by contract to fix and regulate the
value of money in defiance of the grant of the Constitution. I would use
the taxing Dower of the Government If necessary, to tax such contracts
Jan. 28 1933
at such a rate of annual income as to make the contractors very happy to
accept legal money of the country at the time of payment."
d'r. Glass Warns of Perils.
Mr. Glass objected to consideration of the amendment, saying that five
hours had been wasted in discussing problems without relationship to the
pending banking bill He went on, gravely:
"I want to say, however,that if views presented here to-day are to prevail
this country is nearing the brink of obsalute wreckage, without any question
of doubt. If it be admitted for a moment that private contracts of which,
there are millions upon millions now in existence, may be abrogated by a
law of Congress, or if, indirectly, the creditors involved in these contracts
may have their property confiscated by means of taxation, that would
simply abrogate contractual relations in this country and there would be
no more of them.
"The astonishing differentiation was sought to be made between the
moral obligations of the Government of the United States and the moral
obligations of the citizens. It was held that perhaps the Government would
have to pay its obligation, already contracted, in the dollar of existing gold
content, but even that was regarded as doubtful, or at least the view was
expressed that it was within the province of Congress to determine that that
should not be done.
"If such views are to obtain, if there is any approach to that view by the
Congress of the United States, may God have mercy upon the Sea a y of
the Treasury of the United States when he shall becompelled in afew months
from now to refund $11,000,000,000 of Government obligations.
"I should like to be told where he might expect to find his clients. What
bank or'individual investor of average intelligence would agree to buy a
bond of the United States in such circumstances?
Rely on Sanctity of Contract.
"Moreover, Mr. President, it seems to have been forgotten that this
Government now has outstanding in excess of $20,000,000,000 of its obligations made in reliance upon the sanctity of contract. There are millions
upon millions of citizens owning these obligations. While too many of
them are in the banks' portfolios, in my view, billions of dollars of them are
held by individual citizens and by estates, representing the earnings and the
livelihood, the very subsistence, of widows and orphans and other people
of moderate means.
"If it may be held that the Congress of the United States has it within
its jurisdiction and power to repudiate, practically, such obligations, then
we are indeed in desperate straits.
"Arbitrarily reduce the content of the gold dollar? Very well. What
is the moral difference between a 30% and a 50% repudiation in an obligetion that has been incurred? Why shall we make it 16 grains of gold?
"Why not make it six? Why not go the whole length and au horize
the repudiation of these obligations by the debtor class of the country?
Why not follow the example of Germany, and start the printing presses
without cease, and then repudiate our own currency and let it be used for
wallpaper?
"It has been to me a most astonishing and alarming discussion. But,
Mr. President, I do not intend to be a party to prolongation of the debate
upon measures that have no reference whatsoever to anything in the bank
bill."
The name of Secretary Mills, who recently issued a statement attaching
inflation, was mentioned, and Senator Wheeler said the election showed
"that the people want no more of Mr. Ogden Mills in the United States
Treasury."
"Yes," said Mr. Glass, "and we just had declarations by two party
platforms that we do not want free silver except by international agreement, and yet the matter has been precipitated here upon a bill to which
it has no relation whatsoever."
The Wheeler proposal, said Senator Reed, would be "nothing more or
less than an attempt by the United States Government to peg the price of
silver against the entire world."
"How the depression would be relieved by our buying from Asiatic
countries millions of ounces of silver we do not need I am unable to understand," he said. "It would be giving a great cash bonus to India and
perhaps to China, and relieve Great Britain from the embarrassment of
continuing to buy millions of silver annually from India. I never supposed
after 1896 that the Senate would be required to vote on the free coinage of
silver, but hope it will do so and show such a preponderance of adverse
opinion that the proposal will not be revived.
"All possible benefits would be outweighted by disaster; panic and crisis
would be precipitated while the bill was being considered. We would see
a flight of capital that would take our breath away. There would be a
collapse of business, such a catastrophic overturn of American business
that ail the benefits would be obviated. Let us put down our foot on the
Proposal of throwing away the National honor.
"The best contribution to recovery is to show some self-control here in
Congress. Let us not rush after some panacea that will lead us, God knows
where. American business will come back, commodity prices will come
back, but we must show some self-restraint."
Vote on Tabling Amendments.
The vote on the Glass motion to table the Long amendment, which
Included the Wheeler amendment, was:
For the motion-56. Republicans-32. Democrats-24.
Against the motion-18. Republicans-6. Democrats--12.
Senate Passes Bill Extending for One Year Provisions
of Glass-Steagall Banking Act Broadening Credit
Base of Federal Reserve Banks' So-Called "Free
Gold" Provision.
Extension of the currency expansion provision of the
Glass-Steagall law for another year was approved by the
Senate on Jan. 21 without a roll call. From Associated
Press accounts from Washington we quote the following:
Without previous notice and in the midst of discussion of his banking
reform bill, Senator Glass of Virginia, co-author of the currency
measure
with Representative Steagall of Alabama, called up the latter and
put
It through.
The measure continues until March 3 1934, the authority to
expand
the free gold supply by permitting Federal Reserve banks to
pledge Government securities as collateral for additional Reserve notes.
The "United States Daily" in its issue of Jan. 23 had the
following to say regarding the passage of the bill by the
Senate:
The measure upon which the Senate acted is a duplicate of the bill
(H. R. 14252) which is pending in the House Committee on Banking
and Currency. It was offered by Senator Glass (Dem.), of Virginia, who
Volume .136
Financial Chronicle
told the Senate that extension of the power for Federal Reserve banks to
pledge Government bonds as collateral with Federal Reserve agents for
Issuance of Federal Reserve notes seemed to be imperative.
The Senate had passed the provision in the last session to be effective
for two years from March 3 1932, but the House stood out for a one-year
limitation on the time for use of what was then described as an inflationary
measure. Federal Reserve Board statistics show that approximately
$400,000,000 in additional gold that otherwise would have been used
as collateral for Federal Reserve notes has been left free for the Reserve
Institutions to use in other ways.
Action by the Senate was had without the usual reference to a committee, and upon unanimous consent obtained by Senator Glass during
a discussion of the bill (S. 4412) revising the National and Federal Reserve
banking laws.
The bill follows in full text:
Be It Enacted, &c., that section 10(b) of the Federal Reserve Act, as
amended (U. S. C., Stipp, VI, Title 12. section 347b), and the second
paragraph of section 16 of the Federal Reserve Act, as amended by section 3
of the Act entitled an act to improve the facilities of the Federal Reserve
System for the service of commerce, industry, and agriculture, to provide
means for meeting the needs of member banks in exceptional circumstances, and for other purposes," approved Feb. 27 1932 (U.S. C.. Sum).
VI. Title 12, section 412), are amended by striking out the date "March
3 1933" wherever it appears and inserting in lieu thereof "March 3 1934."
The enactment of the Glass-Steagall bill was noted in
our issue of March 5 1932, pages 1683 and 1686. In the
debate in the Senate on Jan. 21 on the question of the extension of the currency expansion provision Senator Blaine
inquired as to the total amount of Federal Reserve notes
outstanding against the securities provided for in the GlassSteagall bill of a year ago. With regard thereto we quote
as follows from the "Congressional Record" of Jan. 21:
Mr. Glass: I could not answer the Senator accurately without getting
the figures from the Treasury. I know that under this particular provision of the bill the Federal Reserve banks purchased approximately
a billion dollars of Federal Reserve bonds [United States securities?--Ed.1
and substituted a large proportion of the purchase for commercial paper.
Mr. Blaine: Can the Senator give us information respecting the outstanding National bank notes issued under the so-called Glass-Borah
amendment of the Home Loan Bank bill?
Mr. Glass: The last report had by me from the Comptroller's office
was that 800 banks. as I recall, had taken out additional circulation,
to the amount, in the aggregate, of approximately $150,000,000.
Mr. Blaine: Does the Senator know approximately how that stands
In comparison with the amount of Federal Reserve notes that were issued
under the Glass-Steagall bill? I do not mean to ask the Senator to give
the exact amount.
Mr. Glass: Federal Reserve notes issued under the Glass bill?
Mr. Blaine: Yes; Federal Reserve notes under the Glass-Steagall bill.
Mr. Glass; I think the bond purchases were out of the assets of the
Federal Reserve banks.
Mr. Blaine: They represent approximately what amount?
Mr. Glass: I could not state that.
Mr. Blaine: I have no objection to the immediate consideration of
the bill.
Mr. Thomas of Oklahoma: Mr. President, I have the reports of the
Federal Reserve Bank which are released weekly. On the first of January
1932, more than a year ago, there was in circulation the sum of
$5.646.000,000. Notwithstanding the fact that the Federal Reserve Board
bought $1,100,000.000 of bonds, and paid for them with Federal Reserve
notes, which placed those notes in circulation, and notwithstanding
the
fact that 800 banks have increased their circulation by
$150,000,000
during the past 12 months, at the end of the year there was in circulation
the sum of $5,589,000.000, a decrease of $57.000,000, notwithstanding
over
$1,200,000,000 had been placed in circulation.
Mr. Glass: Of course, Mr. President, it is not true that
the Federal
Reserve banks issued $1,000,000,000 of currency for their
purchases of
these bonds. As a matter of fact, they simply released
practically that
amount of reserve credit to the member banks, with the
expectation that
the member banks, with their Reserve credits
thus released, would respond
to the requirements of commerce; and the
member banks did nothing
of the kind.
Mr. President. I do not care a thrip about this
proposition. MY Judgment has not changed in the slightest
degree about it. I stated a year
ago, when the Glass-Steagall bill was before
the Senate, that I thought
it was a wretchedly bad policy, that it was taking
us back to the old system
of bond secured currency, instead of to the flexible system of
credits based
upon commercial and industrial transactions.
I offered this bill at the request of the Chairman of the
Committee on
Banking and Currency of the Senate. I am told that
the Federal Reserve Bank directors are anxious to have it passed. The
Senate may
do as it pleases. I do not care a tint) about it.
Representative Steagall's Currency
Expansion Proposals.
Indicating that Chairman Steagall of the House Banking
Committee reported that the Committee would meet on
Jan. 21 to consider currency expansion, payment postponements on Federal Land Bank loans and a revival of
last year's Glass-Steagall amendment to the Federal Reserve
law, Associated Press advices Jan. 20 from Waehingten
added:
Mr. Steagall is sponsor of three such bills.
"The revival of the Glass-Steagall Act would continue the
powers of
the Reserve banks to loan on any collateral the Board will approve
and
to use Government bonds as collateral for notes instead of commercial
paper,- he explained. "This makes available large sums of gold.
"Then I have proposed a conservative currency expansion bil'.
Its
first section provides that the Secretary of the Treasury issue $1,000,000,000
In Treasury notes secured by Government bonds to be held against the
notes.
"These notes would be made legal tender and redeemable in
money. They could not be retired before the bonds mature and lawful
in no
event before 10 years.
"This would put in actual circulation the amount it was thought the
Glass-Borah amendment to the Home Loan Bank law would.
"A second section of this bill would direct the issuance of $250,000.000
In silver certificates. Against them would be held in the Treasury silver
bullion to the value of $250,000,000 at present market prices.
597
"Thereafter, silver certificates would be issued monthly for the amount
of the anticipated monthly production of silver in the United States,
purchased at the prevailing market price. Such certificates would be
legal tender for all debts, public and private, and redeemable in the lawful
money of the United States.
"In case of redemption they would be reissued and kept outstanding'
permanently. This means establishing the policy of using as money all
the silver produced in the United States, and represents an effort to expand
along sound and conservative lines."
Mr. Steagall's bill on Land banks would provide that any borrower
who has obtained a loan and has not paid less than five annual instalments,
may in 1933 apply to the Land Bank for postponement of not more than
two annual instalments.
On each succeeding annual instalment one-tenth of the amount of the
postponed payment would be made.
Another section of this bill would prohibit Land banks from accepting
any security on loans other than mortgages on farm real estate or Land Bank
stock.
Meanwhile Mr. Steagall is studying a plan prepared by farm leaders
designed further to ease the entire mortgage situation by securing a scaling
down of debts. He said this plan is still in the preliminary stages of
preparation.
Meanwhile. the House Ways and Means Committee rejected a request
by Representative Busby (Dem.), of Mississippi, to transfer his inflation
bill to the Banking Committee.
"We decided to retain jurisdiction," Chairman Collier said.
The Busby bill would provide for the issuance of a maximum of $3,000,000,000 of United States bonds as the basis of an issue of Federal Reserve
notes.
Senator Thomas Acts to Cut Value of the Dollar—
Asks Committee of 27 Senators to Consider Present
Status and Study Plan for Change.
In its issue of Jan. 17 the New York "Journal of Commerce" had the following to say in a Washington dispatch:
Appointment of a committee of 27 Senators to "consider the present
value of the dollar with relation to taxes, interest and debts and to make
recommendations and report a plan for reducing the value of the dollar"
Is sought by Senator Thomas (Dem.), Oklahoma.
In a resolution presented to the Senate to-day, Senator Thomas called
attention to the authority vested in Congress under the Constitution to
regulate the value of United States money.
"Through Congressional regulation of the dollar, the dollar has become
so valuable that the people cannot secure sufficient dollars with which
to pay their taxes, their interest and their debts, and as the inevitable result
taxes are unpaid, interest is in default, debts accumulate, and the people,
under such burden of debts, are in involuntary revolt throughout the
United States," Senator Thomas said.
"Neither the people nor the governments of the districts, cities, counties.
States and the Federal Government itself can longer economically exist
under the dollar of such high valuation," he complained.
Senator Thomas already has declared his intention of filibustering until
the Senate takes some notice of the condition of the people and undertakes inflation legislation.
From the New York "Wall Street Journal" we take the
following:
"My bill, which is proposed as an amendment to the Glass Bill, provides
for placing of additional money in circulation so that money will become
more plentiful and thereby cheaper, and to the extent that money is cheapened, commodity, real estate and security (stock) values will rise.
"Sufficient money will be placed in circulation to bring prices up to the
100 level, or the level existing in 1926. The Secretary of the Treasury is
authorized to have printed Treasury notes and to pay out such notes for
current expenses until the level is reached. It is further provided to have
printed bonds for possible use of the Treasury in the event the level rises
above 103, and in such event the Treasury will be authorized to begin
selling bonds to withdraw the excess currency in circulation and thereafter
to keep the level of commodity prices within a range of 97 low to 103 high."
Senator Thomas points out that there have been a number of proposals
advanced privately for currency inflation and he intends to bring these
measures out in the open so that the Senate may select the best plan.
'My plan provides ample currency and bonds for use of the Treasury In
rigid control of this inflation," said the Senator. "Under the provisions
of the bill corn prices would be increased to $1 a bushel, cotton to 25 cents
a pound and other commodities in similar proportion."
The Senator believes he can depend on support from certain other
Senators in bringing his plan to a successful conclusion.
Senator Borah (Rep.), of Idaho, favors the idea of reducing the gold
content of the dollar as the best means of meeting conditions, and as a
secondary proposition favors the issuance of currency in sufficient amount
to increase prices of commodities. Mr. Borah successfully had attached
to the Home Loan Bank Act an amendment permitting the issuance of
currency with Government bonds as the primary reserve in the redemption
fund.
Expanded Currency Urged in House by Representative
Busby—Issuance by Federal Reserve Banks on
Bond Base Suggested.
The following is from the "United States Daily" of Jan. 17:
Representative Busby (Dem.), of Houston, Miss., a member of the
House Committee on Banking and Currency, in a speech in the House,
Jan. 13. said the income of the people of this country declined 31% in
1932 over the already deflated condition in 1931, and that there should be
additional currency.
"Heretofore, the way we have met the deficit is to sell United States
Government bonds to the banks and get that bank credit with which to
finance the National Government," he said. "If we sell $3,000,000,000
in the open markets to the banks, they will pass their bank credit out and
such currency as they have in the settlement of these bonds with the
Treasury. There is no new money issued and there is no new advantage
Obtained.
"So what can be done? Instead of selling these bonds to the banks,
we can issue Government bonds, place them with the Federal Reserve
just like banks would place them it they want a new currency, and have
the Federal Reserve issue the currency in payment of those bonds and
turn the money over to the Treasury with which to pay the Government
expenses.
"If we cannot pass a taxing act—and the leaders seem to think we will
not pass any act to balance the budget—use the money not the credit.
Credit has but one seat and that is the point from which It issues. You
598
throw out credit and it comes right back home. But you issue new currency, you send that out and pay the people, and it does not come back
but goes the rounds. It meets the situation, solves the situation and the
problem, and you cannot solve it in any other way."
Gibbs Lyons Named Deputy Comptroller—Appointed
to Succeed John L. Proctor.
The Secretary of the Treasury Jan. 23 announced the
resignation of John L. Proctor, Deputy Comptroller of the
Currency, and the appointment of Mr. Gibbs Lyons to
the vacancy created by Mr. Proctor's resignation. The
"United States Daily" of Jan. 24 further reported:
Mr. Proctor was appointed Deputy-Comptroller by former Secretary
Mellon in 1928, having previously held the position of Assistant Chief
National Bank Examiner in the Comptroller's office since 1923.
Mr. Proctor has no definite plans for the future beyond a much needed
vacation.
Mr. Lyons is a native of Jackson. Ga. He was educated at Asbury
College, Wilmore, Ky., and Emory University' at Atlanta. Ga., later
entering the National Banking Department in 1919, being appointed
office
as Assistant Examiner in 1920 and assigned to the Chief Examiner's
of the Sixth Federal Reserve District. He was commissioned Examiner
WashingCurrency.
the
of
in 1924, detailed to the office of the Comptroller
with
ton. D. C., where he has served in various capacities in connection
examining work and insolvent bank work—both in that office and in
the field.
Mr. Lyons'experience and familiarity with the various phases of the work
Washington, make
of the Comptroller's office, both in the field and in
him particularly well fitted for the position to which he has been appointed
Comptroller's
and his appointment follows the traditional policy in the
office of placing career men in these important positions.
Offering of $250,000,000 or Thereabouts of Five-Year
2% Treasury Notes—Books Closed—Subscriptions Total $7,800,000,000—Plans for Long Term
Bonds Abandoned for Present—Treasury to Take
Steps to Deal With "Padding" of Subscriptions.
An offering of $250,000,000 or thereabouts of five-year
2%% Treasury notes series A-1938, was announced by
Secretary of the Treasury Mills on Jan. 22. The subscription books on the offering were closed on the day of their
opening, Monday, Jan. 23, the issue having been oversubscribed. The total subscriptions amounted to $7,800,000,000. Indicating that the offering had ben oversubscribed 31 times, Secretary of the Treasury Mills announced
on Jan. 26, that the Treasury will have to take steps to deal
with the practice of padding subscriptions. From the
"United States Daily" of Jan. 27 we quote:
To obtain the number of notes which they wish, subscribers pad their
subscriptions, Secretary Mills explained. The Treasury, In the case of an
oversubscription, allots the offering on a percentage basis, and subscribers
knowing this, ask for more than they wish or intend to receive he said.
The Feb. 1 issue of $250,000,000 in 2%% five-year notes attracted subscriptions totaling $7,800,000,000, the Secretary announced in making
public the basis of allotment. His announcement follows in full text:
Secretary Mills to-day announced the subscription ['lures and the basis
of allotment for the Feb. 1 offering of five-year Treasury Notes of Series
A-1938, 2t%. maturing Feb. 11938.
Reports received from the Federal Reserve Banks show that for this offering of notes, which was for $250,000,000. or thereabouts, total subscriptions aggregate over $7,800,000,000. Of these subscriptions, $123,for which Treasury
920,900 represent exchange subscriptions, in payment
Certificates of Indebtedness maturing Feb. 1 were tendered. Such exchange subscriptions were allotted 62%.
Allotments on cash subscriptions were made as follows: Subscriptions in
amounts not exceeding $1,000 were allotted 20%, but not less than $100
not
on any one subscription; subscriptions in amounts over $1,000 but one
exceeding $10,000 were allotted 10%, but not less than $200 on any
not
exceeding
but
$10,000
over
subscription; subscriptions In amounts
$100,000 were allotted 6%, but not lees than $1,000 on any one subscription; subscriptions In amounts over $100,000 but not exceeding $1,000,000
were allotted 3%, but not lees than $6,000 on any one subscription; and
subscriptions in amounts over $1.000,000 were allotted 2%, but not less
than 330,000 on any one subscription.
Further details as to subscriptions and allotments will be announced when
final reports are received from the Federal Reserve Banks.
Explanation Offered.
The large oversubscription for recent Treasury offerings should not be
regarded as an indication that idle funds are available in an amount even
remotely approaching the total subscribed for. This great volume of subscriptions is due in large measure to the fact that many subscribers are
deliberately applying for amounts far In excess of their requirements,
anticipating that under the Treasury's percentage allotment they will receive a reduced amount approximating their actual needs. This practice
of padding has steadily increased until it has now reached such proportions
that the Department must consider measures to deal with it in the interest
both of subscribers and of the Treasury.
Secretary Mills to-day announced that the subscription books for the
% Treasury notes of
current offering of $250,000,000 of five-year
Series A-1938, maturing Feb. 1, closed at the close of business, Monday,
Jan. 23.
Subscriptions placed in the mail before 12 o'clock mid-night, Monday.
Jan. 23, as shown by the Post Office cancellation, will be considered as
having been entered before the close of the subscription books.
Announcement of the amount of subscriptions and the basis of allotment
will be made on or about Friday, Jan. 27.
In announcing the offering on Jan. 22, Secretary Mills
stated that about $145,000,000 of Treasury certificates and
about $13,000,000in interest payments on the public debt
become due and payable on Feb. 1 1933. The notes will be
dated Feb. 1 1933 and will bear interest from that date.
They will mature on Feb. 111938 and will not be subject
Jan. 28 1933
Financial Chronicle
to call for redemption prior to that date. The notes will be
exempt, both as to principal and interest, from all taxation
(except estate or inheritance taxes) now or hereafter imposed
by the United States, any State, or any of the possessions
of the United States, or by any local taxing authority.
Secretary Mill's announcement also said:
Applications will be received at the Federal Reserve Banks, The Treasury will accept in payment for the new Treasury notes, at par. Treasury
certificate as of indebtedness of Series A-1933, maturing Feb. 1 1933.
Subscriptions in payment of which Treasury certificates of indebtedness of
Series A-1933 are tendered, will be given preferred allotment up to not less
than $75,000,000.
Mr. Mills' announcement. follows in full:
The Treasury is to-day offering for subscription at par and accrued
interest, through the Federal Reserve Banks, $250,000,000 or thereabouts,
five-year 2%% Treasury notes of Series A-1938.
The notes will be dated Feb. 1 1933 and will bear interest from that
date at the rote of 2%% per annum, payable semi-annually. They will
mature on Feb. 1 1938, and will not be subject to call for redemption prior
to that date.
The principal and interest of the notes will be payable in United States
gold coin of the present standard of value.
The notes will be exempt, both as to principal and interest, from all
taxation (except estate or inheritance taxes) now or hereafter imposed by
the United States, any State, or any of the possessions of the United States,
or by any local taxing authority.
Applications will be received at the Federal Reserve Banks. The Treasury will accept in payment for the new Treasury notes, at par Treasury
certificates of indebtedness of Series A-1933, maturing Feb. 1 1933. Subscriptions in payment of which Treasury certificates of indebtedness of
Series A-1933 are tendered, will be given preferred allotment up to not less
than $75,000,000.
The notes will be issued in bearer form only, in denominations of $100.
$500, 81.000, $5,000, 310,000 and $100,000 with interest coupons attached
payable semi-annually, on Aug. 1 1933 and thereafter on Feb. 1 and Aug. 1
in each year.
About $145,000,000 of Treasury certificates and about $13,000,000 in
Interest payments on the public debt become due and payable on Feb. 1
1933.
On Jan.22 the Washington correspondent of the New York
"Journal of Commerce" said in part:
By authorizing the issuance of 3250,000,000 in 2%% five-year notes,
dated Feb. 1, the Treasury has abandoned temporarily plans for a long
term issue.
Secretary Mills announced the new financing to-day following a visit to
New York. where he conferred with officials of the New York Federal
Reserve Bank and other bankers. They were understood to have advised
against a long term issue at this time.
For some time New York reports had indicated that there might be an
issue of bonds. For some time the Treasury has desired a bond issue to
consolidate a portion of the short term debt, but was forced to use notes and
certificates because of market conditions.
$144,372,000 Maturing.
1% certificates. The
The retirement Feb. 1 will be $144,372.000 in 35,
Treasury borrowed In excess of that figure since the Reconstruction Finance
will
be
there
other
expenditures in excess
Corporation will need funds and
of the ordinary receipts prior to the March 15 financing. .
the
next
financing
important
operation will be
1
Feb.
the
Following
the retirement of $666,715,500 in 331'% certificates and $33,606,150 in
2% anti-hoarding certificates March 15, after the closed of the present
Administration. Preliminary arrangements for the financing, however,
no doubt will be made by Mr. Mills.
The Treasury circular detailing the offering of new Treasury notes follows:
UNITED STATES OF AMERICA.
TREASURY NOTES.
2%% Series A-1938, due Feb. 11938.
Dated and bearing interest from Feb. 11933.
The Secretary of the Treasury offers for subscription, at par and accrued
interest, through the Federal Reserve Banks, S250,000.000 or thereabouts.
2.%% Treasury notes of Series A-1938, of an issue of gold notes of the
United States authorized by the Act of Congress approved Sept. 24 1917.
as amended.
Description of Notes.
The notes will be dated Feb. 11933, and will bear interest from that date
at the rate of 2%% per annum, payable semi-annually on Aug. 11933. and
thereafter on Feb. 1 and Aug. 1 in each year. They will mature Feb. 1
1938, and will not be subject to call for redemption prior to maturity.
The principal and interest of the notes will be payable in United States
gold coin of the present standard of value.
Bearer notes with interest coupons attached will be issued In denominations of $100, $500, $1,000, $5,000, 310,000 and 3100,000. The notes will
not be issued in registered form.
The notes shall be exempt, both as to principal and interest, from all
taxation (except estate or inheritance taxes) now or hereafter imposed by
the United States, any State, or any of the possessions of the United Statso,
or by any local taxing authority.
The notes will not be acceptable in payment of taxes.
The notes will be acceptable to secure deposits of public moneys but will
not bear the circulation privilege.
Application and Allotment.
Applications will be received at the Federal Reserve Banks.
Subscriptions for which payment is to be tendered in 391% Treasury
certificates of indebtedness of Series A-1933, maturing Feb. 1 1933, will
given preferred allotment up to not less than $75,000,000.
The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, and to allot less than the amount of notes applied
for and to close the subscriptions at any time without notice; the Secretary
of the Treasury also reserves the right to make allotment in full upon applications for smaller amounts, to make reduced allotments upon, or to reject,
applications for larger amounts, and to make classified allotments and allotments upon a graduated scale; and his action in these respects shall be final.
Allotment notices will be sent out promptly upon allotment,and the basis
of the allotment will be publicly announced.
Payment.
Payment at par and accrued interest for notes allotted must be made on
or before Feb. 11933, or on later allotment. Any qualified depositary will
Volume 136
Financial Chronicle
be permitted to make payment by credit for notes allotted to it for itself
and its customers up to any amount for which it shall be qualified in excess
of existing deposits, when so notified by the Federal Reserve Bank of
its district. Treasury certificates of indebtedness of Series A-1933. maturing Feb. 11933. will be accepted at par in payment for any notes of the
series now offered which shall be subscribed for and allotted, with an adjustment of the interest accrued, if any, on the notes so paid for.
General Provisions.
•
As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions and to make allotments on
the basis and up to the amounts indicated by the Secretary of the Treasury
to the Federal Reserve Banks of the respective districts. After allotment
and upon payment Federal Reserve Banks may issue interim receipts pending delivery of the definitive notes.
OGDEN L. MILLS,
Secretary of the Treasury.
TREASURY DEPARTMENT,
Office of the Secretary.
Jan. 23 1933.
Department Circular No. 477.
(Public Debt)
To the Investor:
Almost any banking institution in the United States will handle your
subscription for you, or you may make subscription direct to the Federal
Reserve Bank of your district. Your special attention is invited to the terms
of subscription and allotment as stated above. If you desire to purchase,
at the market price, notes of the above issue after the subscriptions close,
or notes of any outstanding issue, you should apply to your own bank, or,
f it can not obtain them for you, to the Federal Reserve Bank of your
district, which will then endeavor to fill your oder in the market.
599
A study of branch banking is now being undertaken by
the Council, the Association reported in releasing the current survey, and it is hoped to have it completed early in
February so that the National Association of Credit Men
will know the feelings of its members and thus be able to
take a representative stand on this subject of Congressional
controversy.
Dr. Nicholas Murray Butler Demands Broader Tax
Basis—If All Citizens Had to Pay Direct Levies
They Soon Would End Waste, Says Columbia
University Head—Declares Public's Apathy Has
Encouraged Selfish Interests to Build "Staggering
Burden."
Revision of the tax system to make the mass of citizens
instead of a small portion bear the burden was described
by Dr. Nicholas Murray Butler, President of Columbia University, in a speech on Jan. 21 as the one sure road to government economy and a general public interest in the workings
of government. "The vast majority of the American people
are not tax-conscious," he declared. "If we could so revise
our system of taxation as to make them tax-conscious, as they
should be, governmental economy would follow as surely as
night follows day."
Dr. Butler spoke from his home, 60 Morningside Drive, to
Tenders of $427,740,000 Received to Offering of $80,which he had returned earlier in the day from the Medical
000,000 or Thereabouts of 9,1-Day Treasury Bills—
Center, after being treated there for a slight eye-strain, said'
Bids Accepted $80,020,000—Average Price 0.18%.
Secretary of the Treasury Mills announced on Jan. 23, the New York "Times" of Jan. 22, from which we quote
that tenders of $427,740,000 were received to the offering of further, as follows:
His address was broadcast from Station WABO over a coast-to-coaat
$80,000,000 or thereabouts of 91-day Treasury bills dated
He spoke by invitation of the National Security League.
Jan. 25, to which reference was made in our issue of Jan. 21, hook-up.
His remarks on taxation were prefaced by a discussion of the mounting
page 419. The amount of bids accepted was $80,020,000; costs of government, administered with "unnecessary expenditures in order
to flatter the vanity or feed the self-interest of individuals and Well.
the average price of the bills to be issued is 99.954, and the
average rate on a bank discount basis is about 0.18%. organized groups."
Hokls Masses Responsible.
This rate compares with 0.24%, the average price paid in
Such a system of government, he found, was made possible only by the
the case of the previous offering of $75,000,000 or thereabouts attitude of the masses of citizens, which was, in effect, that they did not
pay the taxes, so why should they bother about the expenses of government.
noted in these columns Jan. 21, page 419. The record low
"It quickly becomes clear," he said,
the vast mass believe that
price was 0.09%. The announcement of the result of the It is other people's money that is being "that
spent. They have no conception
of the way these taxes, whether on income or real estate, seep down and
$80,000,000 offering follows:
Secretary of the Treasury Mills announced to-day that the tenders of
$80.000.000, or thereabouts, of 91-day Treasury bills dated Jan. 25 1933,
and maturing April 26 1933, which were offered on Jan. 18, were opened
at the Federal Reserve Banks on Jan. 23.
oeThe total amount applied for was $427,740,000. The highest bid made
was 99.958, equivalent to an interest rate of about 0.17% on an annual
basis. The lowest bid accepted was 99.950, equivalent to an interest rate
of about 0.20% on an annual basis. Only part of the amount bid for at
the latter price was accepted. The total amount of bids accepted was
$80.020.000. The average price of Treasury bills to be issued is 99.954.
The average rate on a bank discount basis is about 0.18%.
Sales Tax Program and War Debt Refunding Favored
in Survey by Economic Credit Council of National
Association of Credit Men.
Budget balancing by means of a sales tax instead of other
Indirect taxes is overwhelmingly favored by the Economic
Credit Council of the National Association of Credit Men,
It is revealed in a survey just completed. The members of
the body, numbering over a hundred, are treasurers and
credit executives of wholesaling and manufacturing firms
and bankers throughout the country. The Association, on
Jan. 20, had the following to say regarding their views:
Eighty-one per cent, are in favor of a manufacturers' sales tax, but of
those favoring this form of taxation only 33%, however, support the
Idea of a tax on certain lines only, the remainder asking for a general,
inclusive sales tax program. Looking ahead, the Council is greatly divided
as to business prospects during 1933 because of the taxation problem, war
debts, credit stringency and poor sales conditions which exist to-day.
Forty-one per cent, of the Council members expect about the same business
conditions this year, while 37% look for better business. A turn for the
better after the summer season is prophesied by 19%.
• Concerning war debts, refunding of the principal sums is favored by 39%.
Close behind are the cancellationists, who total 32% and favor cancellation
with concessions as to armaments and trade pacts, but only 4% advocate
outright cancellation, and 17% the retention of present principals. Further
moratoria in connection with the war debts payments are opposed by 63% of
the body's membership.
Despite assertions by the banker members of the Council that credit is
less stringent and that they have "ample funds for liquid current borrowers
and for sound customers but will not make or carry frozen capital loans
or loans for stock market operations," 73% of the Council members declare
that there is no evidence of greater fluidity in bank credits than there
was a year ago.
In the field of commercial credits 74% feel the effects of distress selling
of merchandise and 67% find a strong buyers' market operating in their
respective fields. Because of unfavorable trade conditions credit granting
has been restricted by 62% and maintained at the same level of previous
years by approximately one-quarter of the reporting firms. The credit
granting policies of these national producing and distributing organizations
are determined to a large extent by bad debt losses and collection difficulties.
In this regard 42% find their ratio of bad debt losses to be the same
as in past years, but 48% note an upward trend in bad debt losses. Collection difficulties have also increased in the past year, 78% of the Council
reporting collections to be more difficult to-day.
Into and through the whole population."
Dr. Butler pointed out that the expenses of all government had increased
by more than 30% during the three years since 1929, while the national
Income or earning power had dropped from $85,200,000,000 to $37,500,000,000, or 56%.
He suggested as economies a unified department of national defense,
curtailing of the expenditures for veterans, relief and reduction of the
appropriations for the Departments of Commerce, Agriculture and Interior,
which, he said, "have been fussing with all sorts and kinds of things
which are none of the Government's business."
Dr. Butler added to his prepared speech a warning that the nation must
learn to live upon its income and that increased borrowing would mean
simply increased burdens. He charged, also, that too many members of
Congress put the interests of their constituents first and the interests of
the country last. He urged the American people to restore he Government
to their own hands, taking it away from private, local, sectional and privileged interests.
Senator Borah Contends Inflation Is Necessary to
Balance Budget—Sales Tax Called "Cruel Proposal"—Representative Rainey and Others in
Support of Inflation Proposals.
Increasing agitation in both Senate and House on the
question of currency inflation was brought forward on Jan.
20, said a dispatch from Washington on that date to the
New York "Herald Tribune," which further stated:
Senator William E. Borah, Republican insurgent, of Idaho. and Representative Henry 7'. Rainey, Democratic leader of the House, who may be
Speaker in the next session, joined the ranks to-night of those calling for
"reflation" and an enlargement of the money supply, which, in other dale,
might have been called inflation,
Patman Bonus Bill to Be Revived.
At the same time it was disclosed that a Senate group including Western
progressive Democrats who were among Mr. Roosevelt's earliest and
heartiest supporters had held a number of conferences looking to the
formation of an inflation program. They reached the decision that there
was no chance of action in the present session, but that every effort should
be bent to influencing public opinion to the support of an inflationary plan
to be pushed at the next session.
In the House, a group of nearly 40 members, confident of majority
support even now, have organized for the instigation of action in the present
session. Although at cross-purposes on the means to accomplish their end,
supporters of the veterans' bonus intend to take advantage of the situation
by reviving the $2,400,000,000 Patman bonus bill with its provision for
payment through notes issued against new government bonds.
Nation's Income Put at Zero.
A call to arms in an attack on the currency question was sounded to-day
by Senator Borah, who condemned President Hoover's sales-tax proposal,
declared that the budget could not be balanced and should not if it meant
further reduction of purchasing power, and demanded a plan for increasing
commodity prices to prevent "economic collapse."
The national income has fallen from $85,200,000,000 in 1929 to $37.500,000,000 in 1932 and now equals only about the total taxes ofthe country,
together with the interest falling due on private indebtedness, Senator Borah
said. Measured against interest and taxes, the income of the nation is
about zero, he added.
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Financial Chronicle
With most of the world off the gold standard, to which the United States
still clings, this country Is losing not only its foreign but its domestic market
to nations on a cheaper currency basis, Senator Borah declared. Falling
commodity prices demand "reflation," he said.
Rainey Urges Silver Coinage.
Commenting on his statement, the Senator said he had no specific legislation in mind yet and thought nothing was to be gained by submitting a
program at this session.
It is understood to be his thought that the best means of meeting the
problem would be through international agreement, but in the event of
lack of progress in that direction unilateral domestic action would be
Imperative.
Predicting remonetization of silver at the spring session, Mr. Rainey
proposed to-day that the same problem discussed by Senator Borah be
met through the increased monetary use of silver.
"The remonetization of silver would create a larger supply of money
and would cause the prices of commodities to go up," said Mr. Rainey.
"That would not be inflation, because it would be creating a money that
has value. Silver can be melted up for use in the arts. If you melt up
currency the money is gone. I would favor the coinage of silver afixed
ratio to gold—not necessarily 16 to 1. We could make silver money
redeemable in gold and not lose anything. We would be coining a money
which is the primary medium of exchange of more than half the world.
In such countries the American milled dollar would become an international
monetary standard.
"There are three measures. in my opinion, that would produce an
economic upturn—the remonetization of silver, farm relief and the legalization of beer. Farm relief, I believe, will take the form either of the domestic
allotment plan or the Clair plan for fixing the price of every agricultural
product."
Busby Bill Attracts Support.
Mr. Rainey said he did not believe there was as much support for the
bonus bill this year as there was last year, and in the Senatorial "reflectionist" circles considerable opposition to this particular legislation was
manifested to-day.
• Among a growing number of inflation bills in the House the Busby bill
to provide $3,000,000,000 in new currency through Federal Reserve notes
Issued on government bonds has attracted considerable support. The
chairman of the House Committee on Banking and Currency, Henry
Stegall, Democrat, of Alabama, has a somewhat similar measure providing
for the issuance of $1,000,000,000 in Treasury notes. It also directs the
Issuance of $250,000,000 in silver certificatess backed by silver bullion
bought at the market price. Silver certificates thereafter would be
Issued to pay for one-twelfth the estimated annual production of silver
in the United States, Alaska and the Philippines. A hearing on these
bills will be arranged for the near future.
Among the measures pending at the other end of the Capitol are a 16 to 1
coinable bill pressed by Senator Burton K. Wheeler, Democrat,of Montana;
a silver purchase plan urged by Senator Key Pittman, Democrat of Nevada,
and a resolution by Senator Elmer W.Thomas, Democrat of Oklahoma, to
create a Senatorial committee to recommend a means to reduce the value
of the dollar.
How inflation measures will fare in the next Administration remains a
matter of speculation, with capital opinion tending to believe that the
President-elect is committed to a "sound dollar" policy, but willing to go
far in a program of credit expansion. Thus far in this session the Democratic House leaders have not encouraged the inflationists.
Senator Borah's Statement.
Senator Borah's statement follows:
The question of balancing the budget is again being urged. I venture
the opinion that the budget will not, and can not, be balanced, except on
paper, and that briefly, either now, or under the incoming Administration,
until we settle the currency question. It can not be done any more than
you can build a house upon a receding sandbar.
With commodity prices near the bottom and still slowly falling, with the
purchasing power of the masses near the minimum and still diminishing,
with taxes increasing in amount, but diminishing in returns, with the value
of the dollar depreciating and mortgages and taxes responding accordingly,
there is no such thing as balancing the budget except on paper and temtemporarily.
The proposal has been made to cut government expenses $500.000,000.
That is a wise proposal. It is then proposed to raise $500,000,000 by
Increase of taxes, the sales tax. That is a cruel proposal in the light of
diminishing profits, falling prices and decrease of purchasing power. At
time when under-consumption is a malady which menaces our whole social
structure, there can be no justification for aggravating the malady. If we
can not stabilize prices, to lay on a sales tax, which strikes at those able to
pay, is to accentuate the fall in prices and discourage and decrease purchasing power. We are traveling in a vicious circle toward economic
collapse.
National Income Put at Zero.
In 1929, the national income was about $85,200,000,000; in 1932, about
$37,500,000,000. Our national income now is about equal to the taxes of
the people, city. State and national, together with the interest falling due
on private indebtedness. We have already reached the point when,
measured against interest and taxes, the income of the nation is about zero.
To put a tax on the poorer people until we have done something to raise
and stabilize the prices of commodities is not wise from an economic standpoint, and socially, it is an iniquity.
Effect of Competition Fell.
At the present time we are on the gold standard in this country. The
rest of the world, except France, which, ownig to certain reasons not necessary to discuss here, does not affect greatly our situation, is on a managed
currency basis. While our dollar climbs in value, their currency is accommodated to their economic situation. The result is that we are not only
losing our foreign markets, but we are losing our domestic markets. Important lines of business are actually being closed because they can not compete
in the markets with the products coming in and deluging our home markets
from countries on a cheaper currency basis. The fish business on the
Pacific Coast is being literally ruined. The countries off the gold stanard
are literally taking over the fish industry. The farmer also is feeling the
effect of the competition In the same way. Other important lines of
Industry feel the effect of it. To talk about balancing the budget and laying on heavier taxes without any accompanying program to meet this
situation is to invite further depression, further distress, if not something
worse.
It is going to difficult—and, I believe, impossible—to balance the budget
of the taxpayers. Is there any way to bring about the latter until you
devise a plan for increasing the prices of commodities? Is there any way
to do that except through reflation, through adjustment of the money
problem?
Suggestions by Max Winkler for World Recovery—
Restoration of Gold Standard Among Proposals. ,
In an address on January 26 given under the auspices of
the New York Stock Exchange Institute in the Governing
Committee Room of the Exchange, Dr. Max Winkler submitted concrete suggestions as prerequisites to genuine and
lasting world recovery:
Jan. 28 1933
1. Liquidation of the war through unconditional elimination of intergovernmental obligations. Such step will probably do more for world
peace and the prevention of wars in the future than other measures which
have been and continue to be proposed, because elimination of debts
arising from the war will render difficult, if not impossible, future lending for war purposes.
2. Internal reforms—
(a) Restoration of gold standard, preceded or accompanied by lifting
of exchange restrictions and regulations;
(b) Tariffs;
(c) Disarmament;
(d) Adjustment of defaulted debts of a commercial character.
3. Creation of a world reconstruction finance corporation, to act in a
manner similar to the agency formed last year in the United States. Those
charged with guiding the destinies of the corporation will study the needs
of various governments, political subdivisions and corporations in all parts
of the world, with a view to bringing about a resumption of the free flow
of goods and credits.
Asks Government to Insure Industry—F. I. Kent Says
Protection Against Loss Should Be Based on
Normal Production—Policies Could Be Canceled
as Recovery Progresses, Banker Tells Civil Engineers—David Friday Sees Recovery Under Way.
A plan to re-establish industry with the aid of Government insurance against loss, provided industry resumes
normal production, was presented here yesterday at the
eightieth annual meeting of the American Society of Civil
Engineers at the Engineering Societies Building, 29 West
39th St., by F. I. Kent, a director of the Bankers Trust
Co. and Chairman of the Commerce and Marine Committee
of the American Bankers Association. This was indicated
in the New York "Times" of Jan. 19, which, in reporting
Mr. Kent as one of the speakers at a symposium on longrange planning, the future of business, international relations, and railway problems, went on to say:
The others included David Friday, former President of Michigan Agricultural College, now a consulting economist at Washington. D. 0 , and
R. E. Dougherty, Vice-President of the New York Central Lines.
Alonzo J. Hammond, Chicago consulting engineer, was inaugurated as
President of the society, succeeding Herbert S. Crocker of Denver. Honorary memberships were conferred upon Lincoln Bush of East Orange, N. J.,
past President; J. E. Greiner of Baltimore, Md., and Charles L. Strobel
of Chicago. . . .
Frank 0. Dufour of Philadelphia and Frank G. Jonas of St. Louis were
elected Vice-Presidents. The following were elected to the board of directors: J. P. H. Porry and James F. Sanborn of New York; Henry J. Sherman
of Camden, N. J.; Ralph J. Reed, Los Angeles, Calif.; W. W. Horner. St.
Louis, Mo., and Edward N. Noyes of Dallas, Texas.
"If following the war," Mr. Kent said, "the European Governments.
Instead of having paid men for doing nothing, had used the collective
power that lies within government to insure industry against loss if it
would undertake normal operations and employ the men necessary to
do so, there need have been no currency inflation, no creation of governmental loans on a false basis, no trade barriers put up to destroy the international exchange of goods, no maladjustment of gold between nations,
and the whole series of unfortunate acts of governments that have led to
the present intensification of a normal cyclical movement need never have
occurred.
"Under a system of temporary government insurance of this character,
that would undoubtedly have resulted in profit to the government, the
wealth that existed following the war could have been made to serve as the
means of rebuilding the nations, whereas through the methods that were
actually carried out such wealth as remained was dissipated.
"With the desire of the people for their living and comfort needs the
same, and with the consumers' power, necessary to allow the exercise of
such desires, re-created through the wide re-establishment of industrY,
there could have been a return of all men to work exactly as is true following a holiday.
"Therefore, while sufficient wealth still remains in the United States to
enable our people to restablish industry, it is essential that we utilize our
wealth in this way."
As soon as industry was again assured of markets, Mr. Kent added, insurance with the government could be cancelled by the industries and the
government would then step out of the picture entirely.
Recovery Seen Under Way.
Mr. Friday said the next three years "will be a period of recovery from
the extreme low points reached In the summer of 1932." The rate of the
recovery, he said, depends on a restoration of the public credit in National.
State and local governments through the balancing of our budgets.
"If this is accompanied," he added,"by sanity in international commercial relations and a general eschewing of such policies as were pursued in
Europe during the spring of 1931, the revival should proceed rapidly during
at least the latter half of 1933."
Mr. Dougherty said that since 1929 the 162 class I railroads, which
operate about 93% of the country's mileage, had shown a decrease in revenue of about $9,000,000 daily, with a consequent release from railroad
service of nearly 700,000 employees. The purchase of material by the
railroads had decreased by 67%. he said.
Kent Plan Calling for Insurance of Industry by
Government Opposed by Col. Leonard P. Ayres.
Associated Press advices from Cleveland Jan. 11 said:
Colonel Leonard P. Ayres, business statistician and Vice-President of
the Cleveland Trust Co., to-day said adoption of the Kent plan for restoration of American industry to its 1927 scale would prove disappointing
because "it does not provide purchasing power to consume goods produced."
The plan was first outlined by the Commerce and Marine Commission of
the American Bankers Association, of which Fred I. Kent of New York was
Chairman, and was offered to a Senate Committee by 0. A. Miller, President of' the Reconstruction Finance Corporation. It provides that the
Federal Government underwrite industry's losses and share its profits.
Volume 136
Financial Chronicle
Colonel Charles H. March Becomes Chairman of the
Federal Trade Commission—Favors Study By
Commission of Causes and Preventive Remedies of
Depression—Also Applicability of Anti-Trust Laws
to Overproduction.
It was announced on Jan. 9 that the Federal Trade Commission has elected Commissioner Charles II. March as its
Chairman.
Upon undertaking his new assignment, Colonel March
makes known that he favors comprehensive study by the
Commission of several subjects which are now uppermost
in discussions in business and legislative circles. Among
these are the causes and preventive remedies of the business
depression and the applicability of the anti-trust laws to the
question of overproduction of commodities and products.
These matters should be studied by the Commission with a
view to gathering all available facts and presenting them to
the public and to Congress, Colonel March believes. Adequate publicity regarding business and corporate matters is
favored by the new Chairman. He calls attention to Section 6
of the Federal Trade Commission Act, which, among other
things, provides that the Commission shall have power:
To gather and compile information concerning, and to investigate from
time to time, the organization, business, conduct, practices, and management of any corporation engaged in commerce, excepting banks and common
carriers subject to the Act to regulate commerce, and Its relation to other
corporations and to individuals, associations, and partnerships. And
To investigate from time to time trade conditions In and with foreign
countries where associations, combinations, or practices of manufacturers,
merchants, or traders, or other conditions, may affect the foreign trade
of the United States, and to report to Congress thereon, and with such recommendations as it deems advisable.
Commissioner March announces that in his opinion important work undertaken by the Commission, notably its investigation of electric and gas utilities, should be vigorously
pushed. He says:
Essential phases of this Inquiry remain to be done. Their completion
should make this investigation of remarkable value to the public. Under
the terms of the Senate resolution directing the investigation it will be the
Commission's duty to make recommendations to Congress.
It is to be hoped that the result will be proposal of reforms in public
utility regulation of sufficient import as to make such catastrophes as the
collapse of the Insult companies unlikely, if not altogether impossible, in
the future.
Commissioner March states that while vital phases of the
inquiry into electric and other utilities should be pressed to
a conclusion in the coming months, to serve as a basis for
recommendations by the Commission, under the Federal
Trade Commission Act inquiry into the public utilities
operations can be made at any time, even after the present
investigation is closed. Ho observes:
The electric and gas utilities business still is in a process of expansion,
even In this period of depression. An example of this is the rapid growth
of pipe lines for transmission of natural gas. Like electric energy, gas now
is carried long distances over State lines.
The sound and beneficial character of this development should not be
permitted to expose consumers and investors to such evils, even if only
occasional, as revealed by the Insult collapse.
Commissioner March said the Commission has been gratified by the attitude toward its work shown by Congress and
by the fact that, in spite of opposiffon, Congress insisted on
providing funds so the public utilities inquiry should go on.
This industry is comparable in size to the National railway
systems, representing, it is said, an investment of 25 billion
dollars, as compared with 26 billion dollars invested in the
railroads. Since this inquiry began a number of holding
companies have reduced or entirely done away with servicecharges, which has resulted in annual savings to their subsidiary companies of hundreds of thousands of dollars.
One of the functions of the Commission is its protection
of the honest business man, Chairman March says. The
honest business man, he believes, should be guaranteed the
opportunity to carry on his trade under the benefits of free
competition, unmolested by monopoly. In all cases before
the Commission, whether they concern the large or the small
businesses, Colonel March, it is stated, has always been
reluctant to approve issuance of a complaint unless the
evidence against the respondent is clear and convincing.
He realizes that a formal complaint by the Federal Trade
Commission may work a business hardship on a company
obliged to defend itself against the Government,and it should
be fully warranted before it is ordered served, he says.
The Commission occupies a position almost, if not entirely,
unique in the government service in the protection it affords
to the consuming class from fraud and misrepresentation.
It is one of the few agencies of any kind, private, public or
governmental, which protects the consumer. Every case
or investigation undertaken is directed toward "the interest
of the public." These are the words of the Federal Trade
601
Commission Act and are the Commission's guide, chart
and compass.
The proceedings before the Federal Trade Commission
directly affect the interests of millions of American people.
We have cases about everything man eats, drinks, wears
or uses. Col. March also says:
There will, of course, be no let up in the work of the Commission in
prosecuting unfair methods of competition under Section 5 of the Commission's Act. The protection of the public from misbranding and false
advertising of articles of merchandise will continue as it has in the past.
This protection has saved the public millions of dollars.
There also has been a great saving to the public in the prosecution of the
anti-trust laws. This is demonstrated by the Pittsburgh Plus case. As a
result of this one case millions of dollars were saved to the farmers in freight
rates.
Colonel March pointed out that by provision of the Federal
Trade Commission Act (Sec. 6-c) Congress intended the
Commission to give attention to the anti-trust cases, even
after the entry of decrees. The Commission should, Colonel
March believes, function under this section and scrutinize
from time to time the manner in which decrees entered in
anti-trust cases are being carried out by the parties respondent. Colonel March is sanguine as to the business outlook, and expects improvement along all lines, but said that,
in his opinion, there can be no return to permanent prosperity
until the farmer is placed in a position where he can not
only exist but can have some purchasing power. Agriculture
is our basic industry, he said. It has been in a deplorable
condition since 1920. It is the foundation and we can not
expect to straighten a toppling house unless we start at the
foundation.
Death of E. A. McCulloch Member of Federal Trade
Commission.
Edgar Allen McCulloch of Little Rock, Ark., a member
of the Federal Trade Commission and former Chief Justice
of the Arkansas Supreme Court, died on Jan. 23 in St. Louis
at Barnes Hospital, where he underwent an operation for
ulcers of the stomach a month ago. He was 71 years old.
According to Associated Press advices from St. Louis,
his son, Dr. Hugh McCulloch, a member of the hospital
staff, said death appeared to have been due to coronary
thrombosis.
From Washington Jan. 23 a dispatch to the New York
"Times" said in part:
Judge McCulloch left Washington for St. Louis in December for medical
treatment. Members of the Commission had been informed that the
crisis, following the operation, had passed and that he was believed on
the road to recovery. They were shocked to day by the news of his death.
Judge McCulloch was Chairman of the Federal Trade Commission in
1929 and played an outstanding part in its work, particularly its Investigating of power utilities. He presided over the utilities hearings and
supervised the framing of plans for that investigation.
Born in Trenton, Tenn., Aug. 21 1861, a son of Dr. Philip Doddridge
McCulloch, he was educated in the public schools there and was admitted
to the bar in 1883. He practiced law in Marianna, Ark.,from 1883 to 1904,
when he became a member of the Supreme Court of Arkansas. of which he
was Chief Justice from 1909 until 1927. In the latter year he was appointed
a Democratic member of the Federal Trade Commission by President
Coolidge. He also had served as Chairman of the Arkansas History
Commission.
From the "Times" of Jan. 24 we also take the following:
Inquiry Was Sensational.
When the inquiry into financing methods of public utility power companies throughout the Nation got under way in March 1928, Judge McCulloch stressed the care with which the documentary material submitted
by the companies would be studied. At the public hearings sensational
revelations were made. On May 28 it was shown that water power and
utility propaganda was being spread into the New York State school
system and that since 1922, $227,000 had been spent to conduct an information bureau, which included among its functions the distribution of pamphlets opposing Governor Alfred E. Smith's projected State water-power
plan.
Fred W. Crone, director of the New York State committee on public
utility information, who was being questioned by Judge Robert E. Healy,
chief counsel for the commission, was asked by Judge McCulloch the
object of circulating such pamphlets among school children. The witness
replied that In his opinion the information thus disseminated was something
the pupils ought to know.
The inquiry continued until January 1930. At its conclusion Judge
McCulloch ruled that the Senate resolution empowering the investigation
permitted only a survey of what the utilities themselves had done. Ile
therefore ruled off the record a mass of documents offered by the companies
as evidence of a concerted Nation-wide campaign on behalf of public
ownership, against which, they contended, their activities were necessary
defense. Ile did allow, however, description of the material in the record,
in so far as names of organizations allegedly interested in public ownership
propaganda were concerned.
Judge McCulloch presided in 1929 over a national conference of oil
men at St. Louis, at which a code of ethics of the industry was drawn-up.
"Hoover Commissions" Now Total only Five—Of 62
Named by President and Congress, 57 Have Gone
Out of Existence.
Under date of Jan. 21 the New York "Times" published
the following from Washington:
The oft-discussed list of "Hoover commissions" has dwindled to a
total
of five. and Democratic sharp-shooters already have trained their
guns on
one of the four bodies that will exist after March 4.
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Financial Chronicle
One after another, the Committees, boards and Commissions named by
the President have reported on the particular problems that were their
reason for being and have gone out of existence
To-day only one of the 16 bodies created by Mr. Hoover without Congressional assent—the interdepartmental mail contract committee—has its
name listed in Federal officialdom. All in all, 62 so-called commissions
have been appointed during the Hoover stewardship, 24 of them being
created directly by the Chief Executive or upon his recommendations to
Congress. The remaining 38 were created by Congress itself without
specific recommendation by the President.
Data indicate that President Wilson's administration saw the existence
of 150 commissions, boards or committees, many of them the creation of
Congress. While Calvin Coolidge was President, 118 such bodies were
named, 74 of them created by Congress upon its own motion.
After March 4, when the interdepartmental mail contracts committee
will end existence, there will be left of the so-called commissions named by
the President only the Power Commission, the Farm Board, the Reconstruction Finance Corporation and the Home Loan Bank Board,
Some Democratic Senators and Representatives have declared their
intention of abolishing the Farm Board. Both the Reconstruction Corporation and the Home Loan Board were designed purely as temporary bodies,
possibly leaving after their eventual death only the Power Commission as
a monument to the list of Hoover commissions, if the Farm Board goes.
Message of President Hoover Vetoing Bill—Deficiency
Bill Containing Provision Transferring Tax Refund
Power From Chief Executive to Congress—House
' Sustains Presidents Veto—Bill Reintroduced.
On Jan. 24, President Hoover vetoed the first deficiency
appropriation bill on the ground that a provision relative to
supervision by Congress of tax refunds was unconstitutional,
and the House promptly sustained the veto, 193 to 158.
From the Washington dispatch Jan. 24 to the New York
"Times" we quote:
Democratic leaders strove valiantly to muster the necessary two-thirds
to override it, but tailed by 41 votes.
In his message, which was read in the House shortly before 6 o'clock, the
President held the provision unconstitutional because it abrogated Executive functions in several respects. The clause required that tax refund decisions of more than $20,000 must be passed upon by a joint Congressional
committee before being paid.
Mr. Hoover based his-view on an opinion by Attorney General Mitchell,
which was attached to the veto message.
Mr. Mitchell quoted veto messages from the early days where Presidents
had resisted infringement of Executive functions. He declared the provision
clearly unconstitutional in that it delegated to a legislative committee
authority reposed in the executive branch.
President Hoover expressed regret that he was compelled to disapprove
the bill, because it provided for "relief and other purposes urgently needed,"
but urged Congress to act promptly in amending it to bring it within legal
bounds.
Mr. Hoover said he recognizes that refunds of overpaid taxes were a subject of "constant discussion" and also of worry that they often are not
correctly made.
An assurance of correctness, the President declared "would be a relief to
administrative officers having to deal with this difficult subject."
"I would suggest, however," the President's message continued, "that
if the Congress deems the system provided by existing laws should be
reinforced it should be accomplished through the creation of additional
auditing machinery and not by Congress undertaking executive and administrative functions."
"I disapprove of the bill with great regret," he continued, "as the appriations provided for relief and other purposes are urgently needed, and
with the hope that Congress may early amend the act."
Among the bill's items is one for $625,000 for unemployment relief in
Washington.
But Mr. Mitchell pointed out that all the appropriations were imperilled
by the refund provision.
The bill carries $31,000,000. of which $28,000,000, was for tax refunds.
Threat by Byrns Seen.
The House accepted the President's advice and took the first step toward
amendment by acting upon his message without delay, when the Democrats demanded an immediate vote.
• Representatives Byrns of Tennessee, without challenging the validity of
the objections, raised by the Attorney General, said that "if Congress
cannot supervise how the money for tax refunds is to be spent, it certainly
has the power to withhold appropriations."
This was interpreted by the Republicans as a threat that the Appropriations Committee would not act promptly on the amended bill.
Republicans, led by Representatives Chindbloom of Illinois and Mapes
of Michigan, pleaded for delay and urged the House to agree to a vote
tomorrow after the message and the Attorney General's opinion had been
printed.
They recalled that President Wilson had vetoed an appropriation bill for
a similar reason during the war.
No argument was advanced by the Democrats that the legal position was
unsound. Representative Ragon of Arkansas, however, said the present law
permitted Congress to pass upon tax refunds of over $75,000.
Fight in Senate Likely.
He thought there was no difference between the present law and the
provision objected to by the President, other than that the amount had been
reduced from $75,000 to $20,000.
With the veto sustained, the bill now will be returned to the House
Appropriations Committee, which is expected promptly to report it with
the tax refund section restored to its original language.
This, it is said, will assure its quick acceptance by the House, but Senator
McKellar, father of the tax refund provision, is determined to fight its
adoption by the Senate.
The following is the text of President Hoover's message:
To the House of Representatives.
I return herewith without signature—
H. R. 13975, an act making appropriations to supply urgent deficiencies
In certain appropriations for the fiscal year ending June 30 1933, and prior
fiscal years, to provide supplemental appropriations for the fiscal year
ending June 30 1933, and for other purposes.
I disapprove of the bill with great regret, as the appropriations provided for relief and other purposes are urgently needed, and with the hope
,hat the Congress may early amend the act.
Jan. 28 1933
Attached hereto is the opinion of the Attorney General, who has most
carefully reviewed the subject.
The difficulty lies not alone in the unconstitutionality of the provisions
for legislative determination of individual tax refunds, but the further fact
that, in the opinion of the Attorney General, those provisions invalidate'
these appropriations themselves.
I recognize that refunds of taxes overpaid present a subject or constant
discussion and that there is a natural desire for assurance that such refunds
are correctly made. Such an assurance would. I am sure, be relief to administrative officers having to deal with this difficult subject. I would
suggest, however, that if the Congress deems the system provided by
existing laws should be reinforced, it should be accomplished through the
creation of additional auditing machinery and not by Congress undertaking
executive and administrative functions.
HERBERT HOOVER.
The White House, Jan, 24 1933.
Under date of Jan. 26, Associated Press advices from
Washington said:
Representative Byrns, chairman of the House Appropriations Committee,
today reintroduced the first deficiency bill vetoed by President Hoover.
but did not include the provision to which the Chief Executive objected or
the $28,000,000 for tax refunds.
As revamped, the measure provides but $3,756,000, including $625,000
for relief for the District of Columbia, the latter sum to come wholly from
revenues from the district. It also carries $35,000 for the inaugural ceremony of President-elect Roosevelt.
Mr. Byrns said he would call the entire committee together.to act on the
measure tomorrow, and expressed the hope that the Senate would expedite
action because of the need in the District of Columbia for the relief fund.
The provision to which President Hoover objected in vetoing the bill
was a clause giving authority to the joint Congressional Committee on
Internal Revenue Taxation to pass upon tax refunds of $20,000 or more.
President Hoover Criticizes House For Its Rejection of
His Program For Consolidation and Reorganization of Federal Bureaus—Asserts That, by Postponements, It Has Increased Five Supply Bills 35
Millions.
Criticism of the House leadership which, under Democratic control, rejected on Jan. 19, the White House program
for reorganization and consolidation of the Federal Government was contained in a statement read at President Hoover's
press conference on Jan. 20. It was noted in the New York
"Herald Tribune" that the President accused the House and
its committees of giving DO consideration to the merits of
the various executive proposals which would have consolidated 58 bureaus and commissions. The Washington account to the "Herald Tribune" added:
The killing of the reorganization program had prevented economies and
relief for the taxpayers in the next fiscal year, he asserted.
At the same time Mr. Hoover made public a mass of figures to substantiate his previous statement that in dealing with the first five departmental
appropriation bills the House, instead of practicing its professed desire to
economize, had actually made increases of $35,000,000 over the Administration's recommendations.
The President's statement follows:
The estimates which I gave in my recent message to Congress as to the
probable size of the deficit will depend of course upon how far the Congress
adopts economies which I have recommended. The budget calls for $850,000,000 reduction in appropriations for the next fiscal year, which would
result in a reduction of about $530,000,000 of expenditures, the difference
being due to old continuing appropriations and commitments in respect to
them.
I stated the other day that the five appropriation bills so far dealt with
by the House or committees of the HOUB0 showed an actual increase of
about $35,000,000 instead of a decrease. The details are given in the
attached statements. However, the largest part of the economies proposed
In the budget have yet to be dealt with.
I regret, of course, that the casolidation of 58 bureaus and commissions
Into a few divisions, which I had directed by Executive Orders, has been
nullified by the action of the House of Representatives. There was apparently no examination of the merits of the different Executive Orders by
the House or the House committees and certainly no hearings of any consequence were undertaken.
While it is my conviction that all these Orders would be accepted if
accurately investigated, yet it is a certainty that, if they were investigated
at all, the majority of them would have been passed.
The Joint Committee on Reorganization of the Government, created in
Dec. 1920, and comprising representatives of the Executive, together with
members of both parties in the House and Senate, agreed upon the same
fundamentals as were represented in my Executive Orders.
There is no question that the consolidations would have brought about
great economies. No one wishes to estimate these economies until it Is
Possible to determine accurately how many offices can be abolished, how
much can be saved by the more advantageous purchase of supplies and
the greater co-ordination of work. But it is a certainty that great economies would have been made if the program had been carried out. It would
have been a contribution to lessening taxation in the forthcoming fiscal
year..
From the "Herald Tribune" dispatch Jan. 20, we take the
following:
In making public the figures on the appropriation bills the President
sought to prove the accuracy and fairness of his criticism of the work of
the House, whose leaders had challenged his figures, and claimed for themselves the credit of reducing substantially the totals in the Administration
bills.
Bill by bill and item by item the President showed that outward economies had been made by the House Appropriations Committee simply by
deleting appropriations which would have to be made up later in deficiency
bills because the Government functions remained to be performed. These
postponements the President found to total $41,368,121.
Through not accepting the President's recommendations for economies
on other items and through some actual increases of former appropriations,
the House had actually added 558,232,893. to the Administration's bill,
the President said. He figured that genuine cuts made by the House
amounted to $23,538,116. This left a net increase of about $35.000,000.
Volume 136
Financial Chronicle
603
Among the so-called House reductions which the President listed as
merely postponements were such deleted items as $2.000,000 for Boulder
Dam, now under construction; $4,814,387 for Federal aid highways;
$1,022,000 for compensation for postmasters;$80,000 for Postoffice Department printing and binding; $1,829,600 for foreign mail transportation;
$13,000,000 for Treasury refunds of illegally collected taxes and $2,000,000
for Panama Canal maintenance.
"It is quite possible that the immediate offering of large supplies induced by this legislation would break not only the domestic market but
the world price and might tend to arouse retaliatory action against our
exports by foreign nations on the ground of dumping.
"The question must also be answered whether in these days of depression,
unemployment and poverty the consumers will be able to absorb as large
an addition to the cost of living as this bill will entail."
Farm Allotment Plan Opposed by J. D. Jones Jr.,
Agricultural Economist of Wisconsin Bankshares
Corp.
The domestic allotment plan appears to afford no workable
approach to solution of the farm problem, according to
John D. Jones Jr., agricultural economist of Wisconsin
Bankshares Corp., who said on Jan. 4 it would entail "the
most complete bureaucratic setup the world has known in
peace time outside Soviet Russia." The foregoing is from
the Milwaukee "Sentinel" of Jan. 5, which further reported:
Senator-elect McAdoo Criticizes Farm Parity Plan=
Amendments Needed Before It Would Be Practical.
Plans for revamping the credit system of the country "to
make all banks safe," necessity for legislation to avert.foreclosures of farm and home mortgages and farm relief were
discussed at Shreveport, La., on Jan. 22 by Senator-elect
William G. McAdoo, en route to his California home by
airplane. Associated Press accounts from Shreveport reporting this quoted Mr. McAdoo as follows:
"This conclusion is arrived at with reluctance, for we realize the urgent
need that farm purchasing power be raised," Mr. Jones stated in connection
with an analysis prepared for units of the Bankshares group.
Price Raising Aim.
"The domestic allotment plan is offered as Scheme No. 4 to cure the
ills of agriculture. Its avowed purpose is to raise basic farmTproducte
—at least those consumed in the home market—to a price parity with
commodities the farmer buys. The plan provides that production be
decreased.
"At the moment it is proposed that the plan apply to wheat, cotton,
tobacco and hogs. A bare perusal of the plan indicates the widespread
and far-reaching organization which must be set up to place it in operation
and to supervise its functioning.
"It is obvious a tremendous force of auditors, accounts and probably
secret service operatives also must be engaged if evasions and violations
of the law are to be kept at a minimum."
Surplus Sale Doubted.
The assumption all surpluses will move freely and completely into consumption outside the United States does not appear warranted. Mr. Jones
said.
In the case of wheat, the excise taxes probably can be passed along to
the consumer, he said, but hogs and hog products, cotton and cotton products, tobacco, and milk or milk derivatives offer complications to any
plan which arbitrarily proposes to raise retail prices.
Memorandum Questioning Constitutionality of
Provisions of Domestic Farm Allotment Bill.
At the instance of Senator Barbour, a memorandum was
printed in the "Congressional Record," and referred to the
Senate Committee on Agriculture and Forestry, dealing with
the constitutional phases of the domestic farm allotment
bill. The memorandum, prepared by Arthur J. Edwards
of Montclair, N. J., appears in the Jan. 23 issue of the
"Congressional Record," pages 2360-2364.
Senator Wagner Questions Farm Bill Effect—Declares
in Radio Address Measure Will Not Reduce Production.
Declaring that it is difficult to explain why "ruinously
low prices have not contributed to a reduction of farm output," Senator Wagner of New York discussed the farm parity
bill in a radio talk in Washington over the Columbia Broadcasting System on Jan. 24. In its account of his speech,
the New York "Times," in a Washington dispatch Jan. 24
said:
The bill undertakes to increase the income of the farmer to give him
the same purchasing power he possessed before the war, the Senator said.
and continued. In part:
"The city man may well ask. Why not let the natural forces of supply
and demand solve the problem of agriculture? Normally it is quite true
that a drop in the price of an article will stimulate its use and help retore
its price to a profitable basis, especially so since low prices will also cause
many producers to discontinue operation, but these same forces do not
register themselves in agriculture as rapidly as in industry."
Holding that the practical operation of the parity plan is questionable.
Senator Wagner said:
"Will it reduce production? Unless that is achieved the plan cannot
possibly succeed. In my judgment, the bill is seriously defective in that
regard. It contains no provisions which tend to secure the active cooperation of the farmers themselves in accomplishing a curtailment of output. On the contrary the bill is so drawn as to discourage reduction.
"For instance, the bounty payable to the farmer is not measured by
the domestic share of his former normal production, but on the domestic
share of his present sales. He has, therefore, every inducement to bring
to market as large a crop as possible. The larger his crop the greater is.,
his bounty. Of course, he is obliged to reduce his acreage in order to be
eligible to receive any bounty at all. But the use of fertilizer and better
cultivation may substantially increase the yield. In the case of cotton the
yield may be so greatly enlarged by proper methods of cultivation as
completely to offset the reduction in acreage.
"In the case of butter the bill contains no provision for the reduction
of output except that the 1934 production shall not exceed the 1933 production. The effect of this must be plain. Every dairy producer will be
encouraged to turn out as much as he can in 1933 so that he may be entitled to a large 1934 production.
"Although it is generally stated that under the terms of the bill, no
benefits can be paid to a farmer unless he reduces his acreage, that is not
strictly true. The bill contains a provision for the payment of benefits
for an initial period without any obligation on the part ot a farmer to curtail
his acreage. The consequence of the application of that provision is likely
to be a rapid dumping on the market of unsold commodities now in the
bands of the farmers. That would tend to break the price of these commodities to such an extent that it may well destroy the confidence of the
farmers in the ultimate success of the plan
Referring to the domestic allotment farm relief plan pending in the
Senate, Mr. McAdoo said that in his opinion it was "too complicated to
administer," and that it needed amendments before it would be practical.
He expressed doubt as to the legality of certain provisions.
"I am very much in sympathy with plans to give the farmer a price
for his staple products in excess of their cost of production." he said.
"It is inevitable that an extra session of the new Congress will be called
to fulfill the Democratic platform pledge on farm relief"
Discussing similarity between the present bill and plans which he had
outlined about six months ago in a speech. Mr. McAdoo said
"My opinion included only cotton and wheat. They are easy to preserve and I picked them because of the surplus which has caused alit he
"The farmer should be given parity with industries as far as benefits
are concerned. I include no process tax, but tariff protection."
He reiterated his opposition to cancellation of war debts.
Farmers Besiege Legislatures in 21 Agrarian States—
Fighting for Tax Changes or Mortgage Holiday
—Forcibly Halting Sales—Cut in "Fixed Charges"
the Goal, Price Raising Being Left to Washington.
Farmers of the agrarian States are fighting two of their
ancient foes, mortgages and taxes, with a desperate determination this winter, and State Legislatures are their battleground, said Associated Press advices, Jan. 21, from Chicago,
published in the New York "Times," which went on to say:
Their fight is waged with bills of a hundred different designs, but all
weapons are aimed at the same target. By one method or another it is
intended to protect the farmer from loss of his property through tax sales
or mortgage foreclosures.
Nearly every Legislature meeting this year has heard the farmers' voice
In measures designed to give them respite from tax and interest burdens.
Outside legislative halls, farmers from Iowa to Pennsylvania have given
proof of their earnestness, sometimes by forcibly halting tax and mortgage
sales. In many States farm groups have voiced their feelings in language
which has commanded legislative attention.
Relief sought through the State Legislatures is chiefly concerned with
reduction of the farmers' "fixed charges," in contrast with legislation
to increase prices sought through the Federal Government.
The means proposed to obtain this relief range all the way from an
outright moratorium on mortgage and tax sales to general proposals for
economy in government or the shifting of tax burdens from the shoulders
of farmers to other sections of the community.
Nearly every mid-West Legislature has received moratorium proposals
of some kind. Far Western States have been more concerned with taxation methods.
The principal proposals already placed before the various Legislatures
now in session are summarized briefly as follows:
Mid-West.
Iowa.—Prohibition of tax sales for a year, or altogether• reduced
interest on delinquent taxes; request by State Bank Superintendent that
receivers of closed banks postpone farm mortgage foreclosures.
Wisconsin.—Authorization for courts to scale down value of foreclosed
property to facilitate redemption; to create. State board with power to
adjust mortgage payments.
Minnesota.—To permit payment of last fall's taxes May 1 without
penalty; eliminate State tax on farm trucks; discontinue farm foreclosures by State Rural Credit Board for one year.
Illinois.—Five-year moratorium on foreclosures; sales tax, with farm
products sold by producer exempted.
Nebraska.—More frequent real estate assessments; installment payment
of taxes; permitting only real estate owners to vote on bonds.
Indiana.—Moratorium of one year on sheriffs' sales for taxes; personal
and corporate income taxes, sales tax and tax on intangibles to relieve
real estate burden; five-year extension on delinquent taxes; two-year
extension on mortgage redemptions; authorization of stay of execution
on mortgages.
Ohio.—Two-year moratorium on tax sales; installment payment of taxes;
exemption of personal property from school levies.
Michigan.—Extension of mortgage-redemption time; 10 years' grace on
delinquent taxes.
Southwest.
Texas.—Sales tax to replace real property tax.
Oklahoma.—Two-year moratorium on farm foreclosures; postponement
of payment of ad valorem taxes; $600,000 appropriation for free garden
seed.
Kansas.—Doubling of mortgage redemption period; ban on deficiency
judgments in mortgage foreclosures; extension of tax payment deadlines,
reduction of penalties and lengthening of redemption period; reassessment
of real estate at 80% of "true value"; reduction of legal interest rate
from 10% to 6%; tax exemption of homes occupied by owner.
Far West.
California.—Reduction or abolition of tax penalties; refinancing of
irrigation districts; reduction of school district costs; equalization of taxes
on rural and urban property.
Idaho.—Elimination of 10% penalty on delinquent taxes for 1928-32
period; general reduction of taxes.
Nevada.—Sales tax to reduce ad valorem tax on real estate.
604
Financial Chronicle
tax.
Oregon.—Elimination of real property
s; tax reduction.
Washington.—Postponement of mortgage foreclosure
South.
s; abolition of State AgriGeorgia.—One-year moratorium on foreclosure
cultural Department to reduce costs.
s; shift in tax burden
Arkansas.—Two-year moratorium on foreclosure
from real estate.
valorem realty tax.
South Carolina.—Sales tax to replace ad
levy from real estate.
North Carolina.—Removal of 15c. school
gasoline; canceling of penal"Zennessee.—Exemption of tax on farmers'
inclusive.
interest on taxes from 1925 to 1931
ti
(page 434) bearAn item appeared in our issue of Jan. 21
foreclosures.
halt
to
States
Midwest
the
ing on the action in
—"Holiday"
Farm Crisis Rises — Law Breaks Down
nds—ForeThousa
Adds
West
Midin
Movement
and
Courts
While
,
Nothing
closure Sales Come to
March."
the
"on
Farmers
to
Yield
Officers
to the New
According to Omaha (Neb.) advices, Jan. 21,
ing
approach
rapidly
are
ns
conditio
York "Times," economic
basket" States of
a crisis in farming affairs in the "bread
what will
Nebraska, Iowa, the Dakotas and others, and
The further
finally develop not even the experts can foresee.
account to the "Times" said:
joining the Farmers' Holiday
Thousands of farmers have joined and are
production and sale of farm
stop
to
was
object
original
whose
movement,
a movement to halt mortgage foreproducts. This has now developed into
on mortgages already in existclosures, stop tax sales, cut interest rates prevent deficiency judgments
ence, reduce the face of these mortgages,
return sufficient funds to satisfy the face
where the foreclosure sales do not
the prices of all sorts of farm products,
in
advances
force
mortgage,
of the
on farm debts for two years, three
reduce taxes, declare moratoriums
years, five years and so on.
movement started, its members contented
Six months ago, when the
by persuasion or by force, nonthemselves with trying to prevent,
such as milk, hogs, cattle and
products,
their
marketing
from
members
"picket" duty along highways were
grain. In the main the members on
on "holiday."
in high good humor and seemed really
are no longer in good humor.
But that has changed, and these farmers
sheriffs and bidders on farms. They
They are in ugly temper, intimidating
will stand for and what they will not
are telling some courts what they
lands and homes, and threatening
stand for. They are stopping tax sales of
candidates for office.
if I can't raise our bid on this
"These farmers are going to hang me
telegraphed to an insurance company
farm," a lawyer at Storm Lake, Iowa,
.
in New York which was forcing a foreclosure
this Legislature, 200,000 of us
"If we don't get beneficial service from
that new State Capitol Building
are coming to Lincoln and we'll tear
Farmers' Holiday Movement leader
to pieces," threatened Henry Lux,
who heard the threat cheered
at Sidney, Feb. And the 2,000 farmers
wildly. They meant it.
funds, investment houses,
trust
banks,
companies,
Eastern insurance
general are vitally interested
insurance policy holders and investors in
00 mortgages on Nebraslca
in this condition out here. They hold $560,000,0
Iowa and $350,000,000 mortfarms, $1,250,000,000 mortgages on those of
gages on South Dakota farms.
and they have the
The mortgage holders have the law on their side
in the past and can
backing of the courts. But laws have been changed
be made retroactive is a question
be changed again. Whether they can
for the courts.
s.
Legislature
Control
Farmers
in session, the farmers are in complete
In the Nebraska Legislature, now
members are actual farmers. Half the
control. Forty-seven of the 100
farmers. The Iowa Legislature is conremainder are dependent upon the
friends. Legislatures in other
trolled by the farmers and their small-town
farmers.
Western States are in sympathy with the
during their present sessions
What laws these Legislatures will enact
are being introduced. some
is problematical. All sorts of radical bills
of them are going to pass.
associations in 91 counties in
The farmers are organizing "holiday"
ons in 52 counties and
Iowa. In Nebraska there are such organizati
41. Over half the counties
remaining
organization work is under way in the
In many of these counties
in South Dakota have farmers' organizations.
against a farmer. They have been
no lawyers will take a foreclosure case
will lose all farmer business.
warned if they take a foreclosure case they
" foreclosure hearings for perhaps
In many counties the courts "postpone
on on foreclosure sales,
confirmati
refuse
a year. in other cases the courts
property. As many as four and
leaving the farmers in possession of the
none confirmed by the courts.
five sales have been held on some farms and
gives the farmer an opportunity
This postpones the day of reckoning and
to recover.
gather in force, from 200
When foreclosure sales are advertised, farmers
and intimidation prevent
to 500, or even more, and through persuasion
bidding.
Ganzhorn's farm was about
At Logan, Iowa, last week, when Earnest
court house for two or three
to be sold, 500 farmers, milling around the
hours, prevented the sale.
farmers got a rope and were
Two weeks earlier, at Storm Lake, the
foreclosure. At Sioux City
going to hang the lawyer who conducted a
prevented a foreclosure sale. At
500 farmers stormed the court house and
results.
same
the
Le Mars a similar demonstration produced
about $400,000 annually,
In Omaha a tax sale which usually produced
opinion stopped the proceedings.
brought only $60,000, and then public
irate farmers forced the Sheriff to return to
In Story County, Iowa, 200
taken on attachment.
Price Miller cattle which had been
Nan got out her rifle and forced Sheriff
In Van Buren County, Mrs. Otto
, to get off the farm. In a dozen
Rostock, who had come for foreclosure
South Dakota farmers have stopped
different counties in Nebraska and
foreclosures and tax sales.
Chase opened his term of court by
In Madison County, Feb., Judge
decrees of foreclosure would be issued
announcing from the bench that no
would be confirmed. Other courts have
and no sales under foreclosure
made similar announcements.
mortgage sale of howl products and
In Cedar County, Neb., a chattel
held. Two hundred brawny farmers were on
be
to
was
michinorv
farm
prevent the sale. But they passed the word
h Tr3. Thee (I'd net attempt to
were no bidding. The farmers would
r1)0,'t fliat it weel,l he better if there
spokesman said.
do their own bidding, their
Jan. 28 1933
"How much for these 25 hogs?" shouted the auctioneer.
"Eight cents a head," bid a big farmer.
The two bids
"Ten cents," announced another farmer at his elbow.
made the matter legal and the second farmer got the 25 hogs.
of corn
Everything else went the same way. A thousand bushels
Plows
brought a dollar for the lot. Four horses went for 50c. each.
amounts.
similarly
small
brought a nickel, and other farm machinery
went
After the sale was over the farmer who had bought the hogs
to the man who had been sold out.
"Bill," he said, "you take my 25 hogs and keep them until they are fat.
and
Then sell them and pay me the $2.50 I paid for them. They're mine
your creditors can't touch them."
them
"And Bill," said the farmer who had bought the corn, "you feed
my corn. When the hogs are sold you can pay me the dollar."
And DO on down the list.
"Bill" was clear of his mortgage and still had his property. And Bill
says when times are good he intends to pay his old accounts although the
law will not force him to do so.
Similar sales have been held in a score of Nebraska and Iowa and South
Dakota counties.
Governor Bryan of Nebraska favors some action by the Legislature to
help the farmers. Governor Schmedeman of Wisconsin has issued a proclamation suggesting that the circuit judges of that State refrain from enforcing the laws on mortgage foreclosures and promising that the Wisconsin
Legislature will go to work at once on a bill providing a three-year
moratorium on farm foreclosure.
The North Dakota Legislature has suspended for three years the law which
permits counties to take tax title to land on which the taxes are delinquent.
Governor Herring of Iowa has told the Legislature of that State that
everything possible should be done to help the farmer keep his farm.
Senator Robinson of Arkansas Offers New Farm Aid
Bill—Plan for Adjusting Farmers' Debts on Basis
of Ability to Pay.
In Associated Press advices from Washington, Jan. 20, it
was stated that the Democratic leadership in Congress that
night threw the full force of its support behind a mammoth
plan for adjusting the debts of the nation's farmers on a
basis of their ability to pay. The advices continued:
After a conference with President-elect Roosevelt, Senator Robinson of
Arkansas, the party floor leader, presented in legislative form a proposal
worked out by farm -organization leaders under which the farmer could
a
escape technical bankruptcy and avoid mortgage foreclosures while
rearrangement of his obligations Is In progress.
are
in
the
House,
measures
pending
Although numerous farm debt-relief
the Democratic leadership there has determined upon Mr. Robinson's
measure 83 the one to be pushed. It is to be introduced there soon.
Party spokesmen said they believed the proposal had a good prospect of
passage at this session, but that, if shortness of time prevented its enactment, it would undoubtedly go through at the special session to be called
by Mr. Roosevelt in mid-April. Its sponsors are eager to have it apply
to spring mortgage payments.
The Robinson measure, providing a far-flung system of "conciliation
commissioners," was advanced as an amendment to a bill approved to-day
by the House Judiciary Committee, which would so liberalize the bankruptcy
laws as to permit the individual debtor to work out his own salvation.
by
Liberalization of the bankruptcy laws along these lines was urged
President Hoover in a special message.
the
of
is
believed, avail themselves
"Farmers cannot and would not, it
usual referee system, with its costs, formalities and necessity for counsel,"
ing his measure.
accompany
statement
a
said Mr. Robinson, in
"Neither would the ordinary referee be sufficiently familiar with local
farm conditions in a county and with the farmer and his local creditors to
be effective in composing the farmer's indebtedness. The system provided
in IL R. 14183 (the McKeown Bill approved to-day by the Judiciary Committee) is one adapted to large debtors and not to small farmers.
"Further, when it is considered that in the distressed States more than
a majority of the farms are mortgaged, and that a large portion of the
mortgaged farms are in distress, it is readily seen that the number of
petitions for composition or extension of indebtedness of farmers would
be large, although relatively small in the amounts involved.
"The number, it is believed, would be beyond the power of the present
referee system to handle."
Mr. Robinson described "the composition and extension of agricultural
meet
indebtedness" as "an important part of any legislative program to
the emergency credit situation in agriculture."
His proposed legislation was based on principles recently approved In a
Bureau
conference of farm leaders representing the American Farm
n,
Federation, the National Grange, the Farmers' National Grain Corporatio
ve
Co-operati
National
and
the
the American Cotton Co-operative Association
Milk Producers' Association.
Henry Morgenthau Jr., Mr. Roosevelt's adviser on farm problems, has also
sat in on these discussions.
The plan proposed is an "emergency" proposal limited to five years.
Mr. Robinson, in his statement, pointed out that is "provides for the stay
of foreclosure proceedings instituted but not completed before, as well as
those instituted after, the commencement of proceedings for composition
or extension of the indebtedness of the farmer."
He observed further that is "seta forth a system that is not expensive to
the farmer," as he need not be represented by counsel and the commissioner
Is directed to help the farmer in carrying out his part of the proceedings.
"The costs of ordinary composition proceedings, such as those set forth
in H. It. 14133 are beyond the power of the farmer to meet in his present
impoverished condition," Mr. Robinson went on.
He also observed that the plan "does not place the farmer in bankruptcy
and require the liquidation of his estate in case a composition or extension
is not reached."
President Booth of Grain and Feed Dealers' National
Association Would Abolish Federal Farm Board—
Move Urged to Aid Farmer.
Abolishment of the Federal Farm Board and repeal of
the National Grain Marketing Act would be the most beneficial steps to aid the farmer, George E. Booth, Chicago,
President of the Grain and Feed Dealers' National Association, told approximately 300 members of the Indiana Crain
Dealers' Association at the Jan. 19 session of the thirty-
Volume 136
Financial Chronicle
second annual convention, meeting at the Indianapolis
Board of Trade. We quote from the Indianapolis "News,"
from which the following is also taken:
"Foreign buyers took our Marketing Act most seriously and began drastic
action to see that they were not held up with our grain, and farmers, with
such positive government assurance, held their grain and started the great
backwater of surplus grains which has kept values at unprecedented low
levels. And in the face of this tragedy the Farm Board is asking for
indorsement and more money," Mr. Booth asserted. "Grain men have
found that working with and facilitating the natural laws of supply and
demand is the best remedy available.
Schoolroom Theory, Term.
The National Emergency Act, with an "Inunense Government payroll to
supervise and administer a super-excise tax and an unprecedented control
of agriculture" is a schoolroom theory, Mr. Booth asserted and ignores
natural laws.
"We must urge the farmer to make his wants known in Washington," said
Booth, "and show men in other lines that it will take united action to save
agriculture from professional promoters and organizers."
Annual Dinner of American Acceptance Council.
The Fourteenth Annual Dinner of the American Acceptance Council will be held on Monday Evening Jan. 30 at
the Waldorf-Astoria. The principal address will be by
Arthur A. Ballantine, Under-Secretary of the Treasury.
Illinois to Keep Trucking Units from Highway—Railroad Winner in Test Case Before Commission
Affecting Two Big Lines.
The New York "Herald Tribune" Jan. 26, in a Chicago
press dispatch, head the following:
A decision of far-reaching importance in the matter of conflict between
types of common carriers was banded down Jan. 25 by the Illinois Commerce Commission when it barred two trucking companies from the use of
the State highways. The concerns, the Keeshin Motor Express Co. and
the Interstate Trucking Co., operating 225 trucks, were refused certificates
of necessity and convenience. The Attorney-General was instructed by
the Commission to obtain court orders at once to restrain the two companies
from continuing their operations.
The Commission held that these companies menaced the investment of
millions of dollars which the railroads have tied up In trackage, rolling stock
and other property, and that while the railroads bore a considerable portion
of the tax burden, the trucking companies paid only for State and city
licenses and the tax on motor fuel.
If the decision is upheld by the courts, It may open the way to barring
all trucks engaged as common •carriers in freight competition with the railroads from the use of the State's highways.
The original action against the two companies was brought by the Illinois
Central RR,although other roads and municipalitieslaterjoined in the suit.
It was expected that the railroads at once would file complaints against
other companies operating large fleets throughout the State and that all
such companies not holding certificates of necessity and convenience would
be barred from use of the highways.
TheCommission pointed out that the two companies offered service to
only 38 communities, while the railroads already were furnishing service
to 22.875 communities in the State, and therefore deserved the protection
of the Commission.
Included in the order was a suggestion that the State Legislature adopt a
definite policy with regard to the use of the highways by trucks transporting
freight.
Three Groups Seek Cut in Freight Rates—Farm,
Lumber, Bituminous Coal Interests Ask InterState Commerce Commission for Slash.
A concerted drive for deflation of transportation costs
was launched Jam. 25 by agricultural, lumber and bituminous
coal organizations in filing with the Inter-State Commerce
Commission .a petition calling for general reduction of
freight rates on basic commodities. Asserting that the
severe decline in the price level of basic commodities with
substantially no decline in the freight rate level has thrown
the economic structure so seriously out of balance as to
imperil the ability of these industries to supply traffic for
the railroads, the petition called upon the Commission to
order the rate reductions without further public hearings at
once. The "Journal of Commerce" Jan. 26 states further:
More Follows Conference.
These industries, represented by five national organizations—American
Farm Bureau Federation, Farmers' Educational and Co-operative Union
of America, National Coal Association, National Grange and National
Lumber Manufacturers' Association—declared in the petition that they
furnished more than 50% of the total railroad tonnage of the nation. Their
joint action in applying to the Commission to reduce freight rates followed a series of conferences in Washington between leaders of the respective organizations.
The petitioners told the Commission that a serious public emergency exists
with respect to production and distribution of the products of the farm,
forest and mine. They contended that the "unreasonably high level of
freight rates, which has remained nearly stationary while every other
price factor was declining," constitutes an effective barrier to revival of
trade.
They sought to have the Commission recognize the existence of this
emergency and the importance of the freight rate level In that connection
and to require the rail carriers to appear forthwith and show cause why
they should not be required immediately to reduce rates.
Cites Price I ecline.
The petition said the situation to-day is similar to that which led the
Commission to take action in 1922, except that "the disparity between
the level of cotnrnodity prices and freight ram is now much greater."
t pointed out that farm products are worth Las than half of what they
605
were in 1926, but that there has been practically no decrease in the freight
rate level in the meantime.
The Commission was told that experience has demonstrated that its
action in ordering an increase in the freight rate level in 1931 did not
produce the results sought. It was also argued that a reduction in the
freight rate level on basic commodities would tend to discourage undue
development of competitive transportation agencies and thereby preserve
railroad transportation as the dominating factor in the nation's commerce. Under conditions which prevail to-day, according to the petitioners,
the value of railroad property and the rate of return on railroad Investment must be considered from the standpoint of the ultimate effect of
freight rates on traffic and revenues.
Annual Meeting of Corporate Fiduciaries Association
of New York.
At the annual meeting of the Corporate Fiduciaries Association of New York City held January 23 following a
dinner at the Waldorf-Astoria, the following officers were
elected for the ensuing year:
President—C. Allison Scully, Vice-'President, Bank of the Manhattan
Company.
Vice-President--Orrin R. Judd, Vice-President, Irving Trust Company.
Secretary and Treasurer—Howard B. Smith, Trust Officer, Chemical
Bank and Trust Company.'
Members of Executive Committee—
John T. Creighton, Vice-President, City Bank Farmers Trust Co.
Foster W. Doty, Vice-President, Commercial National Bank and Trust
Company.
Charles Eldredge, Vice-President, Bank of New York and Trust Company.
Walter McMeekan, Vice-President, Manufacturers Trust Co.
William 0. Murphy, Vice-President, The Fifth Avenue Bank.
H. Ti. Silleck, Vice-President, Brooklyn Trust,Company.
Henry A. Theis, Vice-President, Guaranty Trust Company of New York.
William A. Read, Vice-President, Central Hanover Bank and Trust Company.
H. F. Whitney, VicePresident, Empire Trust Company.
Mr. Thomas G. Chamberlain of the National Economy
League spoke on "Retrenchment in Government Expenses."
Pennsylvania Lets Inter-State Commerce Commission
Ruling Stand—State Board Decides Not to Contest
Applying of Inter-State Rail Rate Level.
The Pennsylvania Public Service Commission has informed
the Inter-State Commerce Commission that it will not
contest the latter's recent order requiring railroads traversing
the State of Pennsylvania to increase intra-State freight
rates to the level prescribed for inter-State traffic in the
Eastern Class Rate case. The New York "Times" Jan 21,
further says:
The change was ordered by the Commission last week in the face of
Pennsylvania's provision to the contrary. The State Commission's decision
avoids a conflict between State and Federal law, the latter being in the
transportation act of 1920.
The railroads had been prevented from applying the higher rate base
on intra-State traffic by a four-to-three decision of the Pennsylvania
Supreme Court, which upheld the validity of the long-and-short-haul
provision of the State Constitution requiring that persons and property
transported over any railroad shall be delivered to any station at "charges
not exceeding the charges for transportation of persons and property of
the same class in the same direction to any more distant station."
Farmers in Nine States Fight Foreclosures—Seek to
Save $1,500,000,000 Stake in Mortgages.
From the New York "World Telegram" of last night we
take the following from Des Moines, Jan. 27:
With an estimated $1,500.000,000 in mortgages at stake in nine States,
Midwestern farmers today stuck with firmness to their campaign against
foreclosure.
From Le Mars, Iowa, where the movement gained impetus several weeks
ago, to Idaho and Oklahoma, reverberations were heard in the courts.
Governors' chambers and in continued gatherings of determined farmers.
Oklahoma, Idaho and Ohio farmers added their protests yesterday to
that of Iowa, Minnesota, Nebraska, Wisconsin and the Dakotas. Census
figures for 1930, the latest available, listed the aggregate of mortgages on
farms in these nine States at $1,530.081,408.
Shops Closed by Canadian Pacific Ry.-20,000 Men
Affected.
Canadian Press advices from Montreal Jan. 23 states
that the Caradian Pacific Ry.'s shops from coast to coast
were closed on that day, throwing 20,000 men out of work.
The advices note that according to railway officials the
January quota of work for the men has been exhausted,
and the shops will not be reopened until February.
Missouri Pacific RR. to Receive Additional Loan of
$1,300,000 from Reconstruction Finance Corporation—Chicago -lc Northwestern Ry. Seeks Additional Loan of $11,127,700—Chicago & Eastern
Illinois Ry. and Wabash Ry. Seek Extension of
Loans—Loans Denied Two Additional Roads—
Other Applications.
The Inter-State Commerce Commission on Jan. 26 approved the extension of a further loan of $1,300,000 from
the Reconstruction Finance Corporation to the Missouri
Pacific RR, Ca Jam_ 4 last the Commission approved a
606
Financial Chronicle
loan of $2,500,003 to the road, which with previous grants
of $17,100,000, bring the total advances to this carrier
to $23,900,000. The total loans approved by the Commission to date approximate $360,335,678 to 76 roads.
The Chicago & North Western Ry. Jan. 21 asked the
Inter-State Commerce Commission to approve a loan of
$11,127,700 from the Reconstruction Finance Corporation.
If approved the advances by the Reconstruction Finance
Corporation to the North Western will reach $32,189,050.
The Meridian & Bigbee River Ry. has renewed its request
to the Commission for approval of a loan of $864,654 from
the Reconstruction Finance Corporation. The Commission,
in August last, canceled a previous order approving a loan
of $600,000 to the Meridian & Bigbee River from the Reconstruction Finance Corporation and rejected an amended
request for a loan of $864,654. The denial of funds followed
loan by
the road's inability to obtain the guarantee of its
the
and
Nashville
&
Louisville
the Illinois Central, the
Western RR. of Alabama. The funds to be used to build
a 21-mile extension between Cromwell and Myrtlewood,
menAla., which would benefit, principally, the trunk lines
first
the
that
opinion
the
of
was
Commission
tioned. The
mortgage bonds and capital stock of the applicant were
inadequate without such endorsements.
The Chicago & Eastern Illinois has asked the Commission
its Reconstructo extend the maturity date of $5,800,000 of
The bulk
1936.
1
Jan.
to
loans
Corporation
tion Finance
1 1933, with
of amount now outstanding comes due Sept.
the remainder payable Jan. 1 1934. The road told the
Commission that since it will be unable to pay the notes from
income it will not be in position to pay the notes at present
maturities. The Louisiana Arkansas & Texas Ry. has
withdrawn its application to the Reconstruction Finance
Corporation for a loan of $685,756 and the application has
been dismissed by the Commission.
Federal Judge Faris at Chicago has authorized Wabash
Ry. receivers to extend for two years the repayment to the
Reconstruction Finance Corporation of loans aggregating
$10,250,000 which become due Feb. 1. The court order
permits the issuance of new receivers' certificates to this
amount with maturity date as of Feb. 1 1935, in exchange
for present certificates.
The Commission has denied the applications of the Mount
Hood RR. and the Ohio & Kentucky Ry. receiver for loans
of $125,000 and $65,066, respectively, on the same general
principles it has denied loans to other small roads; viz., that
the prospective earning power and security offered do not
afford reasonable assurance of repayment.
Details in connection with the loan now approved to the
Missouri Pacific RR. follow:
supplemental report and supplemental
On Jan. 4 1933 we issued our third
loan of $2,500,000 to the applicant
certificate in this proceeding approving a
or specified purposes (V. 136, p. 76)•
further supplemented its application
On Jan. 20 1933 the applicant
immediate further advance of $1,300,000 to
seeking our approval of an
1933 cash requirements consisting
assist the applicant in meeting its Feb. 1
follows:
of interest and principal payments as
Due February 1 1933.
$139,920.00
interest
Pacific RR. of Missouri, 1st mtge.
446.012.50
interest, series A
M.P. 1st & refunding mtge. interest.
1.530.000.00
series I
mtge.
refunding
&
1st
P.
M.
153,000.00
principal
A.
series
M.P. equip. trust,
19,890.00
A,interest
M.P. equip. trust, series
1,875.00
principal
mtge.,
1st
Bldg.
-Olive
Plaza
404500
interest
mtge..
Plaza-Olive Bldg. 1st
115,000.00
interest, series 0
N.0. T. & M. 1st mtge. Interest,
132.750.00
series D
N.0. T. & M.1st mtge.
$2,542.492.50
provided that the security for the loan
In our report of Jan. 4 1933 we
by the Finance Corporation to
therein approved and for any other loan
ratably as security for all of such
the applicant shall apply equally and
loans to this applicant we said:
loans. In discussing the security for previous
of $17,100.000 by the Finance
"The collateral securing existing loans
This consists principally
described.
Corporation has been hereinbefore under the applicant's first & refunding
issued
of 5%,series 1, bends of 1981first
miles of the applicant's
5,575
upon
lien
mortgage which is a direct
of divisional mortgagee, is a first lien
system and, subject to $52,599,500
It is a first lien upon $23,Moreover,
miles.
1,208
remaining
upon the
capital stock of the Texas & Pacific It.
703.000. par value, of the preferred
will earn their fixed charges in 103 .
Co.—one ofthe few Class I carrier which
on the New York Stock Exchange at
quoted
These bonds are currently
bonds have sold on the same exchange
around 19. Within two years these
of these bonds was distributed in March 1931
at par. A block of$61,200,000
to date the price has ranged as high
1925
period since
at 95. During the
market price over that period has been in excess
as 104, and the average
approximately 71% of the interest
earned
applicant
of 85. In 1932 the
outstanding in the hands of
requirements on its first & refunding bonds
the public."
present loan, when made
the
Jan. 4 1933
- As provided in our report of
collateral for the applicant's loans $10,000,000 of its
will add to the total
$93,200. par value, of the capital stock of the
first & refunding bonds,
(except qualifying directors' shares),
American Refrigerator Transit Co.
$2,000 per share, $75,000 of first
having a book value of approximately
& Northwestern RR., comprising the
mortgage bonds of the Prescott
of that carrier, and an assignment of approxentire bonded indebtedness
advances by the applicant to the New Orleans,
imately $12.441,000 of
International-Great Northern RR. From the
Texas-tz Mexico Ry., and
position of the Finance Corporation will,
standpoint of collateral, the
making of the additional loan,
therefore, be improved by the
we conclude that we should amend our
Upon further investigation
to approve a loan of $3,800.000. to
supplemental certificate of Jan. 4 1933
Jan. 28 1933
apply additionally to the aforesaid cash requirements of the applicant on
Feb. 1 1933 the terms and conditions of which shall remain the same as
set forth in said supplemental certificate of Jan.4 1933 except that the loan
should be made in two parts, as follows:
(a) An immediate advance of $800,000 to be secured by the capital stock
of the American Refrigerator Transit Co., the bonds of the Prescott &
Northwestern RR. and assignment of advances' by the applicant to its
controlled companies, as aforesaid, and
(b) Prior to March 1 1933 an advance of $3,000,000 to be secured by
the collateral pledged for the advance of $800.000 and by $10,000,000 of
the applicant's first & refunding, series I, 5% bonds of 1981, or such other
principal amount of such bonds as we may authorize to be issued for the
purpose.
In connection with the application of the Chicago & North
Western for a loan of $11,127,700 the "Wall Street Journal"
States:
The loan of $11,127,700 which the Chicago & North Western Ry. is
seeking from the Reconstruction Finance Corporation is largely to meet
May 1 principal and interest maturities. It includes $3,177,500 to meet
half of the $6,355,000 of sinking fund debentures which mature on May 1
next, together with $4,417,500 to meet bond, debenture and equipment
trust interest due on that date. In addition $460,000 of equipment trust
certificates mature on that date, making a total of $8,055,000 of loan
proceeds due for use on May 1.
Largest May 1 interest items covered by loan application are $2,273.750
on general mortgage bonds and 51.717.950 on 20-year convertible bonds.
series A.
The road proposes to apply other proceeds as follows: $784,230 to
meet Feb. 1 equipment trust maturities and interest and bond interest;
$1,133,300 to meet March 1 equipment trust maturities and interest and
bond interest; $752,900 to meet April 1 equipment trust maturities and
interest and bond interest together with $150,000 interest on bank loan.
In addition it proposes to apply $204,900 toward April 13 interest on a
Reconstruction Finance Corporation loan; $28,900 toward April 13 interest
on a Railroad Credit Corporation loan; $129,800 toward April 30 interest
due the Reconstruction Finance Corporation, and $43.600 on May 31
interest due the Reconstruction Finance Corporation.
Delaware & Hudson Co. Has Acquired 10% of Stock of
New York Central RR.—Purchase Made Through
J. P. Morgan & Co. with Approval of Parties
Interested in Ownership—Omits Dividend.
Acquisition of a 10% interest in the New York Central RR.
by the Delaware & Hudson Co., headed by Leonor F. Loree,
was disclosed Jan. 25 through an announcement made
after a meeting of the board of directors of the Delaware &
Hudson Co. The purchase was made with the co-operation
and approval of J. P. Morgan & Co. and other interests now
dominant in the road. The statement follows:
Mr. L. F. Loree announced, after the meeting of the board of managers
of the Delaware & Hudson Co. to-day, that that company had acquired,
in the open market, through Messrs. J. P. Morgan & Co., approximately
10% of the capital stock of the New York Central RR.
It was stated that this purchase was made out of surplus funds and
as an investment, feellng confident that with revived prosperity New
York Central will be one of the first railroads to show a return of earning
Power and sound and intrinsic values.
The acquisition of this substantial interest has been with the knowledge
and approval of those already largely interested in ownership, and all
Parties contemplate board representation of the new interest as and when
this detail can be submitted to the Inter-State Commerce Commission.
F.E. Williamson, President of the New York Central RR.,
issued a statement which'reiterated that the deal had the
knowledge and approval of his company. The statement
follows:
In connection with the announcement made at the meeting of the board
of managers of the Delaware & Hudson Co. to-day to the effect that the
company had acquired approximately 10% of the stock of the New York
Central RR., Mr. F. E. Williamson, President of the New York Central,
stated that this purchase, which extended over a considerable period of
time, had been made with the full knowledge and approval of the directors
of the New York Central and the interests which have so long been identified
with Its management.
16,Mr. Williamson further stated that he felt Mr. Loree's experience, counsel
and justment will be most helpful in administering the affairs of the company and that he looked forward to the association with pleasure.
The New York "Times" Jan. 26 in reporting the matter
stated in part:
The Delaware & Hudson Co.. controller of the 870-mile railroad of
the same name, announced yesterday that it had acquired approximately
10% of the capital stock of the New York Central RR.,one of the country's
major systems, with a total of 11,000 miles of track. The deal, one of
the largest in all Wall Street's history and far surpassing any rail transaction since the stock market crash of 1929, was engineered by Leonor F.
Loose. 74-year old President of the Delaware & Hudson Co. Mr. Loree,
veteran of many railroad struggles, has by his new move placed himself
In the fore again at a time when many observers thought he had been
eliminated by his age.
The Delaware & Iludson has bought within the last few months about
500,000 shares of the New York Central's nearly 5,000.000 shares of
capital stock at the "bargain prices" which have prevailed in railroad
securities for some time. The approximate cost of the transaction was
810,000,000. paid from the Delaware & Hudson's investment account of
about 550,000.000.
The ''little giant," as the D. & H. is sometimes known, had the funds
In its possession by virtue of a deal transacted in 1928 through which it,
acquired 860.000.000 in cash from a $106,000,000 outlay made by the
Pennsylvania RR. to purchase control of Wabash and Lehigh Valley.
That the deal nevertheless has taxed the resources of the D. dr H. was
indicated when, in announcing the New York Central purchase yesterday,
it omitted payment of dividends at the $6 annual rate which, despite the
depression, it had been able to maintain until now. The rate was $9 from
1907 to the middle of 1932.
By contrast, the New York Central has paid no dividends for a year
and owes $64,500,000 in unfunded debts to a group of banks led by J. P.
Morgan & Co. and the First National Bank.
Volume 136
Financial Chronicle
The managements of both the Delaware & Hudson and the New York
Central issued statements emphasizing the friendship in their new relationship. However, the New York Central's financial statements make
it evident to Wall Street that it had no funds with which to block the
market operations of the D. & H., even if such a move had been the desire
of the trunk line.
Five years ago, the heads of the New York Central, Pennsylvania,
Chesapeake & Ohio and Baltimore & Ohio thwarted Mr. Loree in an
attempt to create a fifth trunk line between here and the West, and last
summer they announced they had agreed on a plan for consolidating the
railroads in the East into four systems. With control of the largest individual block of New York Central stock in his hands, Mr. Loree Is once more
In the picture.
Rumor has had him purchasing stock in the Delaware Lackawanna &
Western, which is to go to the New York Central under the four-system
plan. If this should prove to be true, Mr. Loree has an even more important position in the consolidation situation than the New York Central
deal indicates.
The bankers for the Delaware & Hudson Co. are Kuhn, Loeb & Co.
The fact that the company bought through J. P. Morgan & Co., was said
In banking circles to indicate no change in banking alignments. It was
pointed out that about the time the D. & H. was buying the New York
Central stock, the Union Pacific was selling it. Kuhn, Loeb & Co. are
bankers for the Union Pacific, and under banking usage they would not have
wished to figure as both buyers and sellers of the stock.
Williamson Welcomes Move.
Last night F.E.Williamson, President of the New York Central, issued
a statement which reiterated that the deal had the knowledge and approval
of his company. It was said in banking circles that the D. & H. had informed the trunk line in advance of the operation, but did not specify when
the buying would start for what would be its extent.
Loree's Son-in-law Aided Deal.
A sidelight on the transaction disclosed by Mr. Loree was the announcement that D. M.Collins & Co., members of the New York Stock Exchange,
had disposed of its commission business to E. A. Pierce & Co. Mr. Collins
is a son-in-law of Mr. Loree and his house has made railroad stocks one of
its specialties. For some months stock market circles have watched sales
of New York Central stock transacted through Collins & Co. with a view
to ascertaining what new project Mr. Loree had afoot.
Ironically, it was Mr. Loree's defeat In 1928 which enabled the D.& H.,
with assets of $109,935,000, to buy a substantial share in the control
of a company with assets of $1,837,000,000. In the previous year the
D.& H. had mortgaged its coal properties for $35,000,000 and with the net
proceeds, which amounted to $33,425,000, bought interests of nearly onehalf each in the Lehigh Valley and the Wabash.
The combined efforts of the four trunk lines and the Inter-State Commerce Commission caused Mr. Loree to abandon his plan to link these
properties into a fifth trunk line, but he demanded as the consideration for
his retreat a price of $60,000,000 for the properties, which was Paid by
the Pennsylvania RR.
Neither the Lehigh Valley nor the Wabash pays dividends on its stocks
and the Pennsylvania has suffered a market loss of more than one-half
of this investment.
Next Move Is Awaited.
With $60,000,000 cash in the treasury, Mr. Loree segregated the railroad properties held by his company in a new organization known as the
Delaware & Hudson Railroad Corp., thus making the Delaware & Hudson
Co. proper a holding company beyond the jurisdiction of the Inter-State
Commerce Commission. The purchase of the New York Central stock
Is within the 10% control maximum which the D. & H. may exert without
review by the Public Service Commission.
Although the Inter-State Commerce Commission can take no action
in the latest deal of the Delaware & Hudson Co., its approval will be necessary if Mr. Loree seeks representation on the New York Central board.
Whether Mr. Loree will demand the presidency held by Mr. Williamson
remains to be seen, but such a move would not startle Wall Street.
Nor would any one predict what alteration in the consolidation plan,
which apparently had just been settled, might be attempted by Mr. Loree
in consequence of his accession to his new position of power.
The fact remains that after 25 years of battling, as the head of secondary
lines, with officials of vast systems, Mr. Loree controls the largest stockholding in a trunk line which has been among his chief opponents.
Is Largest of Stockholders.
The Delaware & Hudson's holdings of 500,000 shares of New York
Central stock compare with the approximately 200,000 shares held by a
subsidiary of the Union Pacific after giving effect to the Western company's sales of 60,000 shares last summer.
The most recent list shows Harold S. Vanderbilt with 148,648 shares
of New York Central stock, William K. Vanderbilt. 47,185; Frederick W.
Vanderbilt, 21,550; estate of Goerge F. Baker, 50,000, and George F.
Baker, 36,000. Nominees for the First National Bank held about 190.000
shares. There are 4,992,597 New York Central shares outstanding. Recent average market prices indicate a cost of $10.000,000 in the D. & H.
purchase.
The four trunk consolidation plan, as agreed upon by the four large
systems in the East and approved by the Inter-State Commerce Commission, left the disposition of the D. & H. In abeyance. If Mr. Loree
Is permitted by the Commission to exert an influence on the New York
Central commensurate with the holdings of the D. & H., the smaller-11M
could acquire a position of advantage in respect to traffic when actual
alignment of the Eastern systems is begun.
Discussing his announcement that the Delaware & Hudson
Co. had purchased 10% of New York Central RR. stock,
Mr. Loree denied as unfounded rumors as to his becoming
Chairman of the Board or President of the Central. He said:
"I have the greatest confidence in the present management of the Central. During the war I was put in charge of railroad operations in the
Eastern Region, and President Smith of the Central let me have Mr.
Williamson to help me out. We transported 3,500,000 troops in our territory, and it was really Mr. Williamson who did the work. As a result
of our close contact at that time I got to know Mr. Williamson well and
am fully aware of his ability. I have the greatest confidence in him."
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The membership of Edwin A.. Gruntal in the New York
Cotton Exchange was sold Jan. 19 to William J. Walsh for
another $12,000, this price is the same as the previous sale.
The sale of a National Metal Exchange membership was
607
arranged, Jan. 25th, at $950. This is an increase of $200
over the last previous sale.
On Jan. 19, a membership in The Chicago Stock Exchange
was sold at $4,100, down $150 from the last previous sale,
Jan. 11.
The Irving Trust Company
- of New York has announced
the appointment of Orvil E. Miles, as Assistant Treasurer.
Herbert N. Armstrong for m- any years connected with the
old American Exchange National Bank of New York City,
has been elected a trustee of the West Side Savings Bank
of New York.
At the annual organizatio- n meeting of the Board of
Trustees of the Brooklyn Trust Company, held on January
19, all officers were re-elected for the ensuing year.
Further referring to the a- ffairs of the First National
Bank of Mamaroneck, N. Y., the closing of which on Jan.
16 was noted in last week's issue of the "Chronicle," page
440, a dispatch from Mamaroneck to the New York "Times"
on Jan. 24 stated that H. E. Meeker, who was appointed receiver for the closed bank on Jan. 20, had announced the
previous night that within two or three days he would reopen the doors of the institution for liquidation purposes.
The dispatch went on to say:
Mr. Meeker completed to-night (Jan. 24) his preliminary audit of the
bank's affairs and issued a statement listing total assets of $3,713,303,
against total liabilities of $3,297,568. It was explained, however, that
these figures were subject to readjustment and that the apparent surplus
of $415,735 was reached by including many assets at their face value.
The assets listed were: Bills receivable, $3,176,324; cash on hand,
$7,806; other ants, $529,372.
The liabilities, exclusive of those to stockholders are: Unsecured liabilities, almost entirely deposits, $1,762,601; deposits secured by pledges
of assets of the bank aggregating $183,600 as collateral, $128,952; rediscounts secured by pledge of assets aggregating $80,066, $73,444; bills
payable secured by assets aggregating $2,457,484 as collateral, $1,332,569.
It was explained that the last figure included loans totaling $780,000
made by the Reconstruction Finance Corporation to the bank in the last
year.
Commenting on the figures, J. Milton Berry, executive Vice-President
of the bank, said the bank had lost about $1,300,000 in deposits in the
last year.
Three local officials went to-day to Albany seeking special legislation which would permit the village of Mamaroneck and the Rye Neck
Board of Education to borrow money against funds on deposit in the
First National Bank in Mamaroneck, which cannot be touched until
liquidation has been completed. Those who made the trip were Mayor
Henry B. Gedney and village attorney Anthony Sansone of the Village
of Mamaroneck, and Edgar L. Howe, clerk of the Rye Neck Board of
Education. The officials said that the village had $167,000 tied up in
the bank and obligations of about $150,000 for which no funds were
available, while the Rye Neck Education Board has $66,000 in the bank.
E. Milton Berry, Executive Vice-President of the closed bank, announced he had been selected to represent the Reconstruction Finance
Corporation in connection with the corporation's loans of about $780,000.
The annual meeting of the directors of the Security Trust
Co. of Rochester, N. Y., was held on Jan. 19, when all the
former officers were reappointed, as follows: James S.
Watson, President; Julius M. Wile, Edward Harris, Jesse
W. Lindsay, Carl S. Potter (and Secretary) and William H.
Stackel (and Trust Officer), Vice-Presidents, and George F.
Stone, Treasurer. At the same meeting a quarterly dividend
of $7.50 per share was ordered paid Feb. 1 to stockholders
of record Jan. 30.
J. Russell Terpening, hereto- fore Assistant Cashier of the
Manufacturers' National Bank of Ilion, N. Y., was made
Cashier and Trust Officer of the institution at the annual
meeting of the directors on Jan. 9, while Carl K. Betxinger,
formerly Teller, was advanced to Assistant Cashier, to succeed Mr. Terpening, according to advices from Ilion, printed
In' the Utica "Press" of Jan. 11, which went on to say:
Mr. Terpening, who succeeds A. M. Roberts as Cashier, has been associated
with the Manufacturers' National Bank for 11 years, first as Teller and later
as Assistant Cashier.
S. Fred Strong was appoint-ed President, while continuing
as Treasurer, of the Connecticut Savings Bank of New
Haven, Conn., at the semi-annual meeting of the Trustees
on Jan. 4, to fill the unexpired term of the late Burton Mansfield. Mr. Strong's appointment followed the refusal of
Henry F. English, Vice-President of the institution, to accept
the office of President. Am E. Hunt continues as Secretary
and Assistant Treasurer of the bank. The New Haven "Register" of Jan. 5, from which the above Information is obtained, went on to say in part:
Mr. Strong has been connected with the Connecticut Savings Bank since
1911 and has had experience in commercial and savings banking in New
Haven over a period of nearly 50 years. . . .
Mr. English has been connected with the Connecticut Savings Bank successively as corporator, trustee and Vice-President since 1890. This is the
second time during his extended service that he has been elected to the
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Financial Chronicle
office of President and declined the honor, having been elected to succeed
Governor Duzon B. Morris in that office in 1896 and declining the election
at that time in favor of Mr. Mansfield. Mr. English will continue as
Vice-President of the institution, the office which he has filled since
Aug. 22 1893. His father, Governor James E. English, was the first
President of the'bank.
A dispatch from Westmont, N. J., to the Newark "News,"
on Jan. 21, reported that beginning Jan. 23 a dividend of
16 2/3%, the second, would be paid to depositors of the
dosed Westmont National Bank, according to an announcement by Charles J. Long, the receiver. The advices went on
to. say:
The dividend will be paid from funds acquired in the ordinary course of
liquidation, supplemented by a loan from the Reconstruction Finance Corporation. Until this loan is repaid no further dividends can be made, it has
been announced.
The bank, closed in October 1931, made a first return of 25% last June.
The closing of the Westmont National Bank was noted in
the "Chronicle" of Oct. 17 1931, page 2556.
The Chelsea Second National Bank of Atlantic City, N.J.,
failed to open for business yesterday, Jan. 27. The announcement of the closing of the institution was made through its
President,- Dr. J. B. Thompson. Associated Press advices
from Atlantic City,from.which this is learnt, went on to say:
The announcement that the bank would not open came after an all night
conference of the Board of Directors and a series of meetings with local
banking interests. Dr. Thompson, in announcing the closing, said the Board
has unanimously approved a resolution to place the bank's affairs in the
hands of the Comptroller of Currency because of the "continued seepage
of deposits and to conserve assets for the depositors."
rThe drain on the bank's deposits. Dr. Thompson continued, was shown
In a shrinkage of $5.500,000 in the past year. In that time, he said, the
deposits had fallen from $11,000,000 to $5,500,000. The last available
statement of the bank, published Jan. 5 1933, showed total resources of
$11,790.350. deposits of 66,034,708.94, capital of $600.000. surplus of
$300.000 and undivided profits and reserve of $132.747.09.
William Halls, Jr., Chairman of the Board of Directors
of the Summit Trust Co., of Summit, N. J., and former well
known New York banker, died in Philadelphia, Pa., where
he had lived for the last six years, on Jan. 26, at the age of
74. Death was due to pneumonia. Mr. Halls was a banker
in New York City for 41 years. He was a founder of the
Irving Trust Co. and was known then as the youngest bank
officer in New York. Born in Brooklyn and educated in
the public schools of that city, he entered the employ of a
Wall Street brokerage firm when he was 18 and a few years
later was appointed First Assistant Cashier of the Hanover
National Bank. He later was promoted to Cashier and was
elected a Director. Mr. Halls retired in 1921 and moved to
Summit. There he helped to reorganize the old Summit
Bank and create the Summit Trust Co. Six years ago he
moved to Philadelphia, but retained his position with the
trust company.
—__•_—_
It is learnt from the Philadelphia "Ledger" of Jan. 21
that announcement was made the previous day by Dr. William ry. Gordon, State Secretary of Banking for Pennsylvania, that an additional dividend of 10% would be paid on
Feb. 6 next to depositors of the Homewood People's Bank of
Pittsburgh. The-payment will amount to- $282,963 and will
be made to 15,356 depositors. The "Ledger" went on to say:
The first payment to the depositors of the Homewood' People's Bank
represented an advance of 25%, amounting to 8707,460.
Our last reference to the affairs of the Homewood
People's Bank, which on Sept. 7 of the present year was
replaced by a new institution, known as the Homewood
Bank; appeared in the "Chronicle" of Nov. 12, page 3278.
According to the Philadelphia "Ledger" of Jan. 21, Dr.
William D. Gordon, State Secretary of- Banking for Pennsylvania, announced on Jan. 20 that a third dividend, 10%,
would be paid on Jan. 31 to depositors of the closed Shrewsbury Savings Institution of Shrewsbury, Pa. The payment,
it was stated, would amount to $132,558, and the previous
dividends had aggregated 25%.
Several important changes were made in the personnel
of the People's Pittsburgh Trust Co. of Pittsburgh at the
• annual meeting of the directors on 7an. 12. J. H. Hillman
Jr. declined, reappointment as Chairman of the Board, and
. A. C. Robinson, formerly President of the institution, was
promoted_ to the Chairmanship. L. H. Gethoefer, formerly
Vice-President and Chairman of the Executive Committee,
was then advanced to the Presidency to succeed Mr. Robinson, and J. 0. Miller, formerly a Vice-President, was made
Senior Vice-President in lieu of Mr. Gethoefer. Mr. Hillman will continue with the bank as a director. The Pittsburgh "Post Gazette" of Jan. 13, from which the foregoing
Is learnt, continuing, said in part:
Jan. 28 1933
Hillman stated his interests in industrial organizations make it impossible
for him to devote the necessary time to the duties as Chairman of the
.
Board of the People's Pittsburgh Trust Co.
Robinson has been active in the banking business in Pittsburgh for 50
years. Upon his graduation from the University of Pittsburgh he entered
the firm of Robinson Brothers. Upon the dissolution of the firm in 1910
he became First Vice-President of the Commonwealth Trust Co. In 1916
he was elected President of the Safe Deposit & Trust Co. of Pittsburgh,
which was the predecessor of the People's Pittsburgh Trust Co.
L. II. Gethoefer came to Pittsburgh 14 years ago to become President of
the Pittsburgh Trust Co., which was merged to form the People's-Pittsburgh
Trust Co. in 1929. He had previously been President of the Bankers'
Trust Co. of Buffalo.
The Hatfield National Bank & Trust Co., Hatfield, Pa.,
on Jan. 18 changed its title to The Hatfield National Bank.
A small Baltimore, Md., banking institution, the Commercial Savings Bank, with deposits of approximately
$200,000, was closed on Jan. 20. The Baltimore "Sun" of
Jan. 21, in reporting the closing, said in part:
This action was taken by resolution of the Board of Directors, according
to a statement made by John D. Hospelhorn, Deputy Bank Commissioner.
Mr. Hospelhorn pointed out that the bank had no capital stock and was a
mutual bank owned by the depositors.
The Commercial Savings Bank, he said, is one of the smallest institutions
of the kind in the city and, according to the last published statement, had
only about $300,000 in total assets.
After announcement of Um closing, Leonard Weinberg, attorney, issued
the following statement:
"I was appealed to last night (Jan. 19) at 11 o'clock for advice and assistance by Mr. Harry Cohen and his sons, the officers of the Commercial
Savings Bank of Baltimore, and after investigating their condition, as well
as I could, between that hour and this morning, I advised Mr. Cohen that
in view of his cash position and the number of withdrawals that were being
made, he should notify the Bank Commissioner and place the bank in his
charge.
"From what I could learn in the few hours since last midnight, Mr. Cohen
and his sons have apparently made a genuine effort and had exhausted
every means to secure sufficient cash to protect their depositors and creditors, but conditions beyond their control have made it impossible for them
to continue."
According to the "Sun" of Jan. 22, George W. Page,
State Banking Commissioner for Maryland, was appointed
receiver for the closed institution on Jan. 21 by Judge H.
Arthur Stump in the Circuit Court, under a bond of $25,000.
The same paper also said that the receivership petition, filed
by William P. Lane, Jr., Attorney-General, and his deputy,
Willis R. Jones, stated the directors of the Commercial
institution had voted to place the affairs of the bank in the
Commissioner's hands, but did not allege it was insolvent.
The directors- of the new Farmers' Bank & Trust Co of
Charles Town, West Va. (formed when the Farmers' &
Merchants' Deposit Co. and the Jefferson Bank & Trust Co.
were merged on Sept. 26 last) held their first annual meeting
recently when the following chages were made in the personnel of the institution: Lewis G. Albin, formerly Assistant
Cashier of the Farmers' & Merchants' Deposit Co., was
chosen President of the institution to succeed R. L. Withers,
who resigned the office; John W. Irvin was named First
Vice-President; W. Fontaine Alexander was named Second
Vice-President; S. Lee Phillips (formerly Cashier of the
Farmers' & Merchants' Deposit Co.), was made Cashier
emeritus, and Harry N. Watson (formerly Cashier of the
Jefferson Bank & Trust Co.), was appointed Cashier. Mr.
Withers, who had formerly been President of the Farmers'
& Merchants' Deposit Co., had served the new institution
from the time of the consolidation until the recent reorganization.
Directors of the Cleveland Trust Co. of Cleveland, Ohio,
at their annual meeting on Jan. 18, made several promotions
in the bank's personnel, as reported in the Cleveland "Plain
Dealer" of Jan. 19. W. S. Goff, Assistant Treasurer and
Manager of the company's Terminal Office, was made an
Assistant Vice-President. George F. Karch and N. V. Itippner were named Assistant Trust Officers and the following
acting. branch Managers were named Managers of their respective offices: Frank G. Bett, W. 25th and Franklin;
E. R. Longdyke, Madison-97th and Fred P. Jung, LorainTriskett. All other officers were reappointed, it was said,
and the stockholders at their annual meeting held previously re-elected the directors. Harris Creech is President
of the institution.
The Warren State Bank. at Warren, Ohio, an institution
capitalized at $60,000, was closed on Jan. 21 by order of the
Ohio State Banking Department, according to a dispatch
by the Associated Press from that city on the date named.
The dispatch went on to say:
• -The bank's last financial statement, Dec. 31, showed resources of $560,829
and deposits of $436,843.
Volume 136
Financial Chronicle
Ira J. Fulton, State Superintendent of Banks at Columbus, said the bank
was taken over for liquidation because of "diminishing business." He said
that Deputy C. T. Zurlinden of Cleveland, representing the liquidating
bureau of his department, is in charge.
Ashland, Ohio, advices on Jan. 11, printed in the Cleveland "Plain Dealer," reported that Guy C. Myers was appointed a Vice-President of the First National Bank of Ashland at the directors' annual meeting held that day, to
succeed his father, the late P. A. Myers. Joseph Patterson,
who has been President of the institution for eight years,
was reappointed, it was said.
E. B. Ruhl, Cashier of the Second National Bank of
Bucyrus, Ohio, was promoted to a Vice-President while con'tinning as Cashier, at the directors' annual meeting on Jan.
11, according to a dispatch from Bucyrus on that date,
printed in the Cleveland "Plain Dealer." H. E. Cook is
:President of the institution.
That the Huntington Trust & Savings Bank of Huntington, Ind., had closed on Jan. 21, following which the First
'State Bank and the Citizens' State Bank of Huntington had
declared a moratorium on Jan. 23, is indicated in the follow-ing Associated Press dispatch from Huntington on Jan. 24:
The First State and the Citizens State Banks today (Jan. 23) declared a
moratorium, and their action was followed by a proclamation by Mayor
Each T. Dungan declaring a business holiday. Bank officers said the institutions would be reopened as soon as a sufficient number of depositors
sign waivers on their right of withdrawal. The moratorium was necessitated
by adverse business conditions and "unsettled and unusual" circumstances
prevailing in the community. The Huntington Trust and Savings Bank was
closed last Saturday (Jan. 21).
A ChicagoTdispatch yesterday, Jan. 27, to the "Wall
Street Journal" reported that the StateStreet Bank & Trust
Co., of Quincy, 111., had been closed by the State Bank
Examiner. The advices went on to say:
On June 30, last, the bank had deposits in excess of 22,000,000. Capital
amounted to $300,000, surplus $50,000 an undivided profits $17,280.
As of Jan. 16 1933, The State-National Bank of Peru,
Illinois, at Peru, Ill., changed its title to the State-National
Bank of Peru.
An application to organize the First National Bank of
Stockton, at Stockton, Ill., with capital of $25,000, was approved by the Comptroller of the Currency on Jan. 19. Paul
Jones of Stockton is the correspondent.
The Chicago "Tribune" of Jan. 21 stated that announcement was made the previous day by Edward J. Barrett, State
Auditor of Public Accounts for Illinois, that the Kaufman
State Bank, 124 North La Salle Street, Chicago, will pay
a 10% dividend to depositors, amounting to $31,260. The
payment will bring the total dividends to 20% since the bank
closed Feb. 18 1932. Checks will be mailed Jan. 31, it was
said.
A dispatch by the Associated Press from Assumption, Ill.,
on Jan. 21, reported that the Illinois State Bank of Assumption had failed to open for business on that day, following
a meeting of the Board of Directors, who voted to call in
State auditors for an examination and adjustment. Ervel
lir. Hight is President of the institution, which is capitalized •
• at $25,000, it was stated.
•
609
Citizens State Bank of Park Ridge—William H. Malone elected President
succeeding Fred H. Esdohr, who resigned earlier in the year. Board of
directors reduced from 6 to 4 members. Paul Ludlum elected director.
Rodney D. Andrews, former Vice-President, and Joseph E. Fitch, former
director, resigned earlier in the year. George A. Palmquist re-elected
Cashier.
Cook County Trust & Savings—Albert W. Hetch elected a director
succeeding Arthur E. Schultz.
East Side Trust & Savings—William E. Bauder and Herman F. Bohn
elected directors. Andy Lawson elected Vice-President succeeding Robert
B. Monroe.
Edgewater Trust & Savings—Arthur F. Albert elected President succeeding Henry C. Keel, who remains as a director. The position of Chairman
of the Board formerly held by Mr. Albert was abolished. Sydney Grant
was elected a director to fill a vacancy.
Edison Park State Savings—M. Sehieslle elected a director succeeding
F. C. Crofoot.
First National Bank of Cicero—Board reduced from nine to seven
members. A. W. Komarek and Emil F. Smrz resigned. James A. Fiala
appointed Assistant .Cashier.
First Trust & Savings of Riverside—George Tuch elected director succeeding Conrad Kern.
Halsted Street State—Fred A. Rathje elected director to fill vacancy
caused by death of William J. Rathje.
Harris Trust & Savings—Schell Harmon, John F. McGowan and Vincent
Yager, former Assistant Cashiers, were elected Assistant Vice-Presidents.
Harold B. Bray, Arthur G. Osgood and Paul C. Martin elected Assistant
Cashiers and Roswell B. Swazey elected Assistant Manager of the municipal
department.
I-C Bank & Trust Co.—board reduced from 8 to 6. Resignations of
Ambrose V. Conners and William P. Doerr were accepted.
Lake Shore Trust & Savings—E. I. Cudahy, Maxwell M. Corpening, A. W.
Goodrich, Gerhardt F. Meyne, C. E. Holzworth, and W. E. Macfarlane were
elected directors.
Madison-Kedzie Trust & Savings—Benjamin Kulp elected director succeeding H. N. Bruns, resigned. E. H. Stark appointed on the advisory
committee, brings membership to seven from six_
Main State—Joseph Pearl, Dr. M. Larkin, and Daniel Wolff, elected
directors.
Merchandise Bank & Trust Co.—John Jay Abbott elected Chairman and
Monroe F. Cockrell was made a director to fill the vacancies created earlier
in the year by the resignations of Stanley Field and Sterling B. Cramer.
Mid-City Trust & Savings—W. 0. Schultz, Assistant Cashier, elected to
directorate to fill vacancy. A. F. Rentzseh, Assistant Cashier, resigned.
Oak Park Trust & Savings—Fred R. Johns elected Vice-President Harold
Teardale appointed Vice-President and Trust Officer. James M. Hurst appointed Assistant Trust Officer.
Prairie State Bank of Oak Park—Fred J. Spring, Guy E. Tulpin, and
Fred E. Hoge, elected directors. S. P. Tonaso elected Assistant Cashier.
Terminal National—Board reduced to eighteen through the resignation
of Louis L. Emmerson, Major General Milton J. Foreman, John R. Leonard,
Anthony Czarnecki, and Albert N. Page.
Western State Bank of Cicero--Edward A. Hintz and Thor A. Thorson
elected directors to replace Ward A. Castle and Frank Blazek.
West Side Trust & Savings—Jacob Bjcmtogard, a member of the auditing
staff was elected Auditor and A. J. Doethmann, the former Auditor will
become Assistant Auditor.
We learn from the Chicago "Journal of Commerce" of
Jan. 24 that the Terminal National Bank of Chicago is to
be reorganized. The paper mentioned said:
Stockholders of the Terminal National Bank of Chicago have been advised of a reorganization plan, approved by directors, under which additional capital to the extent of $150,000 will be added. The plan involves reduction of capital from $750,000 to $200,000.
Present stockholders will receive one share of new $20 par stock in
exchange for each 7% shares now held, whfcb will require 6,000 shares.
The additional 5,000 shares will be taken by a group who will pay $30
per share for the stock. The $150,000 so realized will become an asset
of the reorganized bank. Surplus will amount to $100,000, while contingency reserves will be about $250,000.
The letter states that all slow and doubtful paper will be written off
or covered by reserves. In addition securities owned by the bank will
be written down by $242,000. Statement of condition of the bank as of
Dec. 31 1932, showed deposits of $1,670,702.
According to a Chicago press dispatch on Jan. 26, printed
In the New York "Evening Post," shareholders of the
Terminal National Bank at a special meeting on Feb. 23
next will be asked to vote on a reduction in the number of
shares of capital stock outstanding to 10,000, of a par
value of $20 each,from 37,500 shares of the same value.
Associated Press advices from Jerseyville, Ill., on Jan. 19,
reported that the Jersey State Bank at Jerseyville, Ill., had
closed on that day because of "depleted cash reserves" and
to protect its depositors. The dispatch added:
Closing of the Lake County State Bank of North Chicago,
on Jan. 24 was reported in the following dispatch from
North Chicago by the Associated Press:
Deposits Dec. 31 last totaled approximately $500,000. K. S. Chapman
of the Chicago law firm of Chapman & Cutler is President.
The Lake County State Bank of North Chicago, robbed twice in two
In addition to the changes at the annual stockholders' and 'years, was closed by order of its directors to-day (Jan. 24) and the
Auditor took charge.
directors' meetings of Chicago banking institutions, noted in • State
The bank had $758,000 on deposit. William L. Dalziel is President.
our issues of Jan. 7 (page 86), Jan. 14 (page 281) and Jan.
21 (page 442), other changes in the directorates and perA dispatch by the Associated Press from Alton., Ill., on
sonnels of Chicago banks are indicated below:
Jan. 23 reported that the First Trust & Savings Bank of
Amalgamated Trust Sr Savings—the board was reduced by two when
Alton, with deposits of $756,379, was closed on that day by
William A. Cunnea, Leo Wolman and Jacob S. Potofsky resigned and
order of its directors, because of withdrawals, and was
James Mullenboch was elected.
American National Bank & Trust Co. (formerly Straus National Bank
placed in the hands of the llinois State Auditor. The adDecker, an Assistant Cashier, was made an Assistant
& Trust Co.)-0.
vices added:
-President.
•
Vice
Austin State—L. 1). Castle and T. R. Thorsen, elected directors succeeding II. H. Gardner, deceased, and W. H. Lewis, resigned.
Avenue State—Ernest B. Tomlinson elected director to replace William
Y. Gilmore, resigned.
Belmont-Sheffield Trust & Savings—Gustave Andreen, Jr., elected director
replacing Anton E. Erickson, resigned.
Chicago City Bank & Trust—directors and officers re-elected with exception of Henry Goppschalk, who resigned three months ago. Board now
• consists of twenty members.
The bank's last statement, Dec. 31, showed total resources of 2996,958.70, capital stock of $100,000 and surplus of $20,000.
•
George C. Thomson was promoted to the Presidency; of
the Michigan Trust Co. of Grand Rapids,'Mich., at the recent
annual meeting of,the directors of the company, succeeding
Noyes L. Avery, who was made Vice-Chairman of the Beard,
610
Financial Chronicle
a newly-created position, according to the "Michigan Investor" of Jan. 21. Mr. Thomson served as Executive VicePresident of the trust company since last year, when he
completed four years' service as a Vice-President, it was
stated.
At the annual meeting of the directors of the Home Savings Bank of Milwaukee, Wis., on Jan. 11, Carl Prinz, a
director, was appointed a Vice-President in lieu of John
Seiberlich, and George E. Trupke, Cashier, was given the
additional title of Vice-President, according to the Milwaukee "Sentinel" of Jan. 12, which added that Michael B.
Wells was re-elected President of the institution and Leonard A. Meyer and Erna A. Groechel, Assistant Cashiers.
Tan. 28
1933
The dividend is the second since the institution closed in October 1931,
and brings the total paid on deposits to 50%.
Bradley has notified depositors to bring their receiver's certificates to
the institution at once, where they will be given their checks.
The Pioneer Trust Co. of Kansas City, Mo., failed to open
its doors on Jan. 25 and its affairs were placed in the hands
of the State Banking Department by its directors. Associated Press advices from Kansas City, reporting the closing, went on to say:
The thirty-year-old financial institution had deposits of $2,500,000.
Walton H. Holmes is President of the bank and his brother, Conway F.
Holmes, is First Vice-President.
In its statement of Dec. 31 1932, the bank listed total assets at $3,401,381.59; loans and discounts at $1,528,545.40, and capital as $400,000.
-Kenosha, Wis., on Jan. 11, to
According to advices from
the Milwaukee "Sentinel," Joseph Funck, former Senior
Vice-President of the First National Bank of Kenosha, was
made President of the institution, at the directors' annual
meeting, to succeed the late Charles C. Brown.
The same dispatch stated that the closing of the Pioneer
Trust Co. had created an emergency for two small outlying
banks of Kansas City, which also were closed by their respective directors. They are the Raytown Bank of Raytown, with deposits of $100,000, and the Blue Valley Bank
at Leeds, with deposits of $22,000. Both carried reserve deposits with the Pioneer, it was said.
of Oshkosh, Wis., said to be the
The City National Bank
second largest bank in that city, was closed on Jan. 25,
according to advices by the United Press from Oshkosh on
that date, which added:
The closing of five small Missouri banks, four on Tuesday,
Jan. 24, and one on Jan. 25, is indicated in the following
advices from St. Louis on Jan. 25 to the "Wall Street
Journal":
The bank had listed deposits last month of $2,791,241.
second bank to close this week.
It was the
Closing of the Paine Thrif-t Bank of Oshkosh, Wis., on
Jan. 23, was reported in a dispatch from Oshkosh to the
Milwaukee "Sentinel," which said:
The Paine Thrift Bank of Oshkosh closed its doors here Monday afternoon
and will be taken over by the (Wisconsin) State Banking Department
Tuesday morning, according to an announcement by Charles H. Nevin,
President. The bank had resources of $887,265 and savings deposits
$486,212 at the close of business Dec. 31 1932.
A small Wisconsin bank, the State Bank of Butler, at
Butler, closed its doors on Jan. 19, according to the Milwaukee "Sentinel" of Jan. 20, from which we quote below
In part:
The closing of the State Bank of Butler was accepted with complacency.
J. H. Pilgrim, President, explained the Institution was going to liquidate
because it had, in effect, outlived its usefulness.
An examiner from the State Banking Commission stated the bank apparently is in favorable condition and that depositors probably will receive 100 cents on the dollar.
The Butler bank was established 25 years ago when the North Western
Railroad shops were moved there. And while the shops operated and
provided employment there was need for a bank. . . .
The First National Bank of Medford, Wis., with capital
of $50,000, went into voluntary liquidation on Jan. 11 1933.
It was absorbed by the State Bank of Medford.
of the directors of the Iowa-Des
At the annual meetingMoines National Bank & Trust Co., Des Moines, Iowa,
held Jan. 10, Clyde Brenton, heretofore Chairman of the
Executive Committee, was promoted to Chairman of the
Board of Directors, to succeed Louis C. Kurtz, who retired
In order to devote more time to his private affairs, according to the Des Moines "Register" of Jan. 11. Mr. Kurtz
will continue with the bank as a director and as a metaber
of the Executive Committee. He will also remain as Chairman of the Board of the Iowa-Des Moines Co., the bank's
Investment affiliate. The paper mentioned also stated that
W. H. Brenton had been reappointed President of the institution, and in addition to Mr. Clyde Brenton's advancement to the Chairmanship, three other promotions were
made by the directors as follows: John de Jong to Assistant
Vice-President, Harold P. Klein to Assistant Cashier and
Dutton Stahl to Assistant Trust Officer.
The closing of two small banks in Blair, Neb., affiliated
Institutions, was reported in the following press dispatch
from that place on Jan. 19, printed in the Omaha "Bee":
The OitiZens' State Bank with capital of $50,000 and deposits of
$110,000 and the Citizens' Savings Bank with capital of $12,500 and deposits of $50,000 were closed Thursday (Jan. 19) morning by order of
the Board of Directors and are in the hands of the Department of Trade
and Commerce.
Officers are A. R. Brock, President; Dr. R. J. Murdoch, Vice-President,
and George Bruse, Cashier. . . . This is the third bank failing in
Washington County within 20 days and for the first time in history leaves
Blair without a bank.
That depositors of the def- unct First National Bank of
Blytheville, Ark., were to receive a dividend at once of
16 2/3% is indicated in the following dispatch from that
place on Jan. 18, printed in the Memphis "Appeal":
Checks totaling approximately $24,000drepresenting a 16 2/3% dividend,
were received here to-day (Jan. 18) bi R. L. Bradley, receiver for the
defunct First National Bank, and will be distributed to depositors immediately.
Four small Missouri banks were closed on Tuesday (Jan. 24), it is reported by State Commissioner of Finance, D. R. Harrison. They are
Citizens' Bank of Walnut Grove, Bank of Walnut Grove, New Cambria
State Bank, New Cambria, and the Farmers' & Merchants' Bank of New
Cambria. Deposits of these banks, based on last June 30 statements,
were less than $100,000 each, and aggregate $230,000.
Bank of St. Clair, at St. Clair, Mo., with deposits of about $100,000,
has been closed by directors and taken over by examiners, according to
D. R. Harrison, Missouri Commissioner of Finance.
A dispatch from Kansas City, Mo., on Jan. 25, to the
"Wall Street Journal," reported the closing of still another
small Missouri Bank. the Citizens' State Bank of Vichy, with
deposits as of June 30 last of $45,000.
The First National Bank of Morristown, Tenn., suspended
business on Jan. 24 and turned its affairs over to the Comptroller of the Currency, according to a dispatch by the Associated Press from that place on the date named. The institution is capitalized at $100,000 and has assets of more than
$1,000,000, the dispatch said.
The Depositors' National Bank of Durham, N. C., a new
Institution representing a reorganization of the First National Bank of Durham which closed on Jan. 18 1932, was
formally opened on Jan. 10. Deposits on the first day aggregated $210,060, while withdrawals amount to only $10,705.
0. F. Wille and Scovil Wannamaker, are President and
Cashier, respectively, of the new institution. Associated
Press advices from Durham on Jan. 10, from which the foregoing information is obtained, went on to say in part:
When the old First National Bank was forced to close its doors . . .
its statement as of the close of business Dec. 31 1931, showed assets of
$6,921,000.63, with liabilities of $5,908,792.49, and since that date $22,710.89 was added to the closed bank's resources. 0. H. Dixon, receiver
for the old bank, has collected $3,832,078.85.
The bank starts business with a capital stock of $200,000 and a surplus of $100,000. The cash position of the new bank is approximately
$1,400,000, the officers reported, stating that this was accomplished by
selling $300,000 in stock securing a loan of $350,000 from the Reconstruction Finance Corporation and selling certain securities that the old First
National Bank owned.
Our last reference to the affairs of the First National
Bank of Durham appeared in our issue of Dec. 10 1932, page
3984.
The Bank of Greenwood, Greenwood, S. C., together with
its branch at Ninety Six (Greenwood County), failed to
open for business, yesterday, Jan. 27, according to a dispatch
from Greenwood by the Associated Press on that day, which
added:
The bank was capitalized at $100,000. Its last statement, issued Dec.
31, listed deposits of $1,138.997.12. Its Ninety Six branch listed deposits
of$64,555.25.
Directors of the Merchants' Bank & Trust Co. of Jackson,
Miss., at their annual meeting on Jan. 10, made the following
changes in the officers of the institution: H. 0. Bland, formerly Vice-President and Cashier, was made Vice-President
In charge of new business; J. E. Heidelberg, previously
Assistant Cashier, was advanced to the Cashiership; E. E.
Laird, formerly Assistant to the President, was promoted
to a Vice-President, and W. M. Mounger, heretofore Assistant
Trust Officer, was advanced to Trust Officer, Leland Speed
was appointed Manager of the bond department of the bank
to succeed Harrington Hilzim, who was recently named
Manager of the Agricultural Credit Corporation of Jackson,
Volume 136
Financial Chronicle
but who remains as a Vice-President of the institution. The
official roster is now as follows, according to the Jackson
"News" of Jan. 11, from which the above information is
obtained: J. M. Hartfield, President; 0. B. Taylor, Active
Vice-President; T. W. Yates, Harrington Hilzim, H. 0.
Bland and E. E. Laird, Vice-Presidents; J. E. Heidelberg,
Cashier; A. K. Godbold and E. L. Myers, Assistant Cashiers,
and W. M. Mounger, Trust Officer.
The First National Bank of Whitney, Tex., capitalized at
$50,000, was placed in voluntary liquidation on Jan. 10
1933. The institution was succeeded by the First National
Bank in Whitney.
Effective Jan. 18 1933, The First National Bank of Kerens,
Tex., was placed in voluntary liquidation. The institution
was succeeded by the First National Bank of Kerens.
At the annual meeting of the directors of the Houston
National Bank of Houston, Tex., held Jan. 10, E. C. Roberts
was promoted from an Assistant Vice-President to Active
Vice-President, to succeed A. E. Kerr, who resigned, according to the Houston "Post" of Jan. 11. Mr. Roberts was also
made a director of the institution in lieu of Mr. Kerr at the
annual meeting of the stockholders' held previously.
According to the Houston "Post" of Jan. 11, the directors
of the City Bank & Trust Co. of Houston, Tex., at the annual
meeting the previous day advanced F. D. Landrum and L. J.
Kubena to the posts of Cashier and Assistant Cashier, respectively.
A small Idaho bank, the Bank of Camas Prairie, at Grangeville, closed on Jan. 16, according to an Associated Press
dispatch from Boise on that date, which said:
The Bank of Camas Prairie, in Orangeville, Idaho, was taken over by the
State Banking Department to-day (Jan. 16), but efforts will be made to
reorganize it and reopen it on a deferred withdrawal plan. The bank had
deposits of $372,042.
The California National Bank of Sacramento and its
affiliated institution, the California Trust & Savings Bank,
among the oldest banking institutions in California, failed
to open for business on Jan. 21. Branches of the California
National Bank, located in North Sacramento, Loomis, lone
and Arbuckle also remained closed. Associated Press advices
from Sacramento on Jan. 21, authority for the above, went
on to say:
Federal and State examiners took charge of the banks and started checking their assets. Directors attributed the closing to heavy withdrawals.
Airplanes and armored motor cars rushed $13,000,000 in cash from San
Francisco to Sacramento to fortify the position of other banks subjected
to "runs" when news of the closings became known.
Approximately 9,000 commercial and 36,000 savings accounts were tied
up. The California National's statement of condition as of Dec. 31 1932
showed $19,613,500.36 resources, and that of the California Trust & Savings
showed $19,989,390.45.
Edward Rainey, State Superintendent of Banks, ordered the California
Trust dt Savings Bank closed. He said withdrawals in the last several
days were "virtually a silent 'run' which brought the bank's reserves
below the legal requirement."
More recent advices by the Associated Press, Monday,
Jan. 23, stated that Mr. Rainey, the State Superintendent
of Banks, had announced the closing of five small Sacramento
Valley banks on that day because of heavy withdrawals,
namely the Bank of Cortland at Cortland; the Colusa State
Bank at Colusa ; the Bank of Folsom at Folsom; the Bank
of Willows in Willows, and the Fair Oaks Bank at Fair
Oaks. Continuing, the dispatch said:
Mr. Rainey said to-day's closings were more or less protective to safeguard
deposits. He said he did not regard the situation as "critical," and after a
telephonic survey of the situation at Sacramento said banking conditions
there were "favorable."
State Banking Department figures showed deposits in the five banks
aggregated $3,550,751, as of Dec. 31, or thereabouts.
Closing of the Bank of Yolo, at Woodland, Calif., and its
branch at Davis. on Jan. 16 1933, by Edward Rainey, State
Superintendent of Banks for California, was reported in a
dispatch by the Associated Press from Woodland on that
date, which added:
Heavy withdrawals since Jan. 1 and declines in property and other values
were blamed.
Bank officials said negotiations to have the Bank of America take the
place of the institution had failed, although the Bank of America had
agreed to make loans up to 25% of the value on approved loans of the
Bank of Yolo. The bank was established 50 years ago. George N. Merritt
Is President.
According to the San Francisco "Chronicle" of Jan. 19, the
Bank of Esparto, at Esparto, Yolo County, Calif., has suspended, the second bank to close in that district within a
week. The paper mentioned, continuing, said:
611
The State Banking Department yesterday (Jan. 18) reported the bank's
assets as of Dec. 31 1932 at $298,206; capital, $27,700; surplus, $10,000,
and deposits, $161,000. M. 0. Wyatt is President.
It is learnt from the San Francisco "Chronicle" of Jan.
11, that at the annual meeting of the stockholders of the
Anglo California National Bank of San Francisco, Calif.,
Phillip S. Baker, head of the Baker, Hamilton & Pacific
Co., was added to the Directorate, while all other directors
were re-elected, and at the subsequent meeting of the
directors Mortimer Fleishhacker, Jr., Vice-President of the
Anglo California Co., and a director of the bank, and Herbert
Fleishhacker, Jr., in the credit and development department
of the institution, were appointed Vice-Presidents. Other
officers of the bank were re-appointed. Mortimer and
Herbert Fleishhacker are Chairman of the Board and President, respectively.
Commenting upon the announcement of the Recorstruction Finance Corporation's figures on Thursday of this week,
Jan. 26, A. P. Giannini, Chairman of the Board of Directors
of the Bank of American National Trust & Savings Association (head office San Francisco, Calif.) stated that the
maximum amount ever owed the Reconstruction Finance
Corporation by tho Bank of America and all its affiliates
was $52,799,862. An announcement in the matter goes
on to say:
was
Mr. Giannini said that at the time the California management
owed
returned to control of the Bank, Feb. 151932, there was 815,000,000
National
to Reconstruction Finance Corporation and $50.000,000 to the
banks.
Credit Corporation, National Credit Association and New York
All of these obligations he said were incurred by the predee,esser management.
Fi"The difference between the $15,000,000 owed the Reconstruction
nance Corporation when our management took control and the $52,799,862
which was the maximum we have ever owed them," Mr. Giannini said.
"was due to the transfer to the Reconstruction Finance Corporation of the
previous management's borrowings,less some repayments,from thi national
credit agencies and New York banks."
r
That the First National Bank of North Bend, Ore., had
suspended operations under a 30-day moratorium, beginning
Jan. 10, was reported in the following taken from the Portland "Oregonian" of Jan. 12:
First National Bank of North Bend, Ore., yesterday [Jan. 11] went on
a 30-day moratorium to make possible reorganization and partial liquidation of principal assets to provide additional working capital. Total deposits as of Dec. 31 last were $280,000, with total resources of $447.345.
Capital is $100,000. Henry Kern was elected President at the annual
meeting; Robert Banks, Vice-President; John Graves, Cashier, and C.F.
Kibler, Assistant Cashier.
Announcement was made on Thursday of this week, Jan.
26, that C. A. Bogert, formerly Vice-President and General
Manager of the Dominion Bank of Canada (head office
Toronto) has been promoted to the Presidency of the institution to succeed A. W. Austin, who retired from the office,
and was appointed Chairman of the Board of Directors,
according to the New York "Evening Post" of that date.
has
Dudley Dawson, heretofore Assistant General Manager,
been advanced to General Manager, to succeed Mr. Bogert,
it was stated.
The 101st annual report of the Bank of Nova Scotia (head
office Halifax, N. S., Canada), its first statement in its
second century of operations, made public Monday of this
week, Jan. 23, shows total assets of $264,914,117.48 as of
Dec. 31, an increase of $2,417,662.41 over last year. Cash
amounted to $32,118,090.35, or 14.09% of liabilities to the
public compared with 11.65% in 1932, and total readily
available assets were $137,775,793.53, or 60.45% of liabilities
to the public, compared with 54.86% the previous year.
"These percentages indicate the strong working capital
position of the bank," said General Manager J. A. McLeod,
"enabling it to give full assistance to its clients in any
expansion of business that may occur. Notwithstanding the
continuation of the business depression throughout the year
the bank has made an excellent showing in respect to earnings, which were *2,303,434.77, a reduction of about 11%
from those for 1931. These earnings, with a balance of
$559,633.27 carried forward from the previous year, made
available a total of $2,863,068.04. The balance carried forward into the current year is $578,224.74, which is an increase of $18,591.47 for the year."
Total deposits of $203,129,575.04 reveal a comparatively
slight decline from $203,446,959.66 at the end of 1931. Deposits not bearing interest were reduced $7,006,035.35, while
savings accounts increased $6,688,650.73. Investment accounts amount to $75,189,000, an increase of about $12,000,000 for the year, the increase being represented entirely
in Dominion, Provincial and municipal securities. Current
612
Financial Chronicle
loans of *96,552,804.72 in Canada declined about $11,000,000
from last year. During the year two dividends were paid
at the rate of 16% per annum and two at 14%, a total
distribution of $1,800,000.
The Bank of Nova Scotia maintains branches from coast
to coast in Canada; also in New York, Boston, Chicago,
London, Newfoundland, Jamaica, Cuba, Puerto Rico and
Santo Domingo.
At the annual meeting of the stockholders of the institution held in Halifax, N. S., on Wednesday, Jan. 25, Mr.
McLeod (the General Manager) was reported in Halifax
advices as saying that last year was as difficult for the
business man or banker, as any within living memory; that
the most disturbing feature of the year was the continued
shrinkage of international trade; that the shrinkage was
due in no small measure to the persistent collection of war
debts and considerably to artificial restrictions of trade.
"The nations have been vying with one another in a
disastrous competition to safeguard their own markets; and measures
which, had they
been undertaken only by one or two countries individually,
might have
been defensible, when imposed by dozens of countries
simultaneously, with
the same nationalistic objects in view, have inevitably
been productive of
suicidal consequences for all.
"No phenomenon connected with the present depression
is of more
sinister significance than this. No measure is more pressingly
needed at
the present time, than a sweeping reciprocal reduction in the
tariffs of
all of the principal trading countries, which will release the now thwarted
productive energies of their citizens, and permit of an expansion
of their
commerce. In this matter, the world is waiting for bold leadership.
"I recognize and welcome the fact that in Canada business has been
comparatively stable since midsummer last. But while immeasurabl
y relieved that we have not descended into new depths of depression during
the past six months we cannot absolve ourselves from the necessity with
which the citizens of all countries are faced in common—that of thinking
our way steadfastly through the problems that confront us."
Jan. 28 1933
to 39; Peoples Gas of Chicago, 15% points to 6834; Norfolk &
Western,35% points to 120; Public Service of N.J., 1 point to
53; General Motors pref., 14 points to 745%, and Pacific
Lighting, 1% points to 40 3.
The market was quiet on Tuesday and prices were fractionally lower at the close. In the early dealings stocks were
fairly firm but tumbled downward as the session progressed.
Considerable selling was in evidence, particularly in National Biscuit which dipped about 2 points at its low for the
day and Woolworth which was under pressure most of the
session. Railroad stocks wen. fairly active and so were the
tobacco shares and mining securities. The declines included
American Power & Light (6) pref., 13/3 points to 203/3;
Atchison pref., 1 point to 64; Electric Power & Light pref.,
lh points to 165%; International Business Machine, 1 point
to 9134; National Lead pref., 35% points to 1055%;New Haven
pref., 25% points to 1223/3; Pacific Lighting, 15
% points to
39;Pure Oil pref.,2 points to 57; Studebaker pref., 25% points
to 29; Brooklyn Queens pref., (6) 15% points to 44; Federal
Light & Traction (6) pref., 4 points to 42 and Goodrich
pref., 13/2 points to 133/2.
Irregularity was again the dominating feature of the
market on Wednesday, though stocks displayed a somewhat
stronger tone in the late trading. A brisk rally developed
after early weakness, and the gains ranged from 1 to 2 or
more points. Interest in the railroad shares was stimulated
by the announcement that the Delaware & Hudson had
acquired a substantial interest in New York Central. The
advances for the day included among others, Allied Chemical
& Dye,13
% points to 865%; American Can, 15% points to 615%;
Atlas Powder pref., 25% points to 64; Columbian Carbon,
14 points to 3434; Federal Light 4z Traction pref., 75% points
7 General Cigar pref., 5 points to 112; Internatio
to 49%;
nal
Business Machines (6), 2 points to 933
4; Lorillard pref.,
3 points to 98; National Lead pref., 13
4 points to 107; Pennsylvania RR., 15% points to 195%; Real Silk Hosiery prof
3 points to 46; Union Pacific, 15% points to 755%; United
States Steel pref., 234 points to 643
4; Western Union Telegraph, 134 points to 27%, and Woolworth, 1 point to 3234.
Narrow and uninteresting market movements were the
rule on Thursday. Tobacco stocks were under presure
and slipped down to lower levels. The gains, on the whole,
were slightly in excess of the losses, though the changes on both sides were comparatively small. Stocks closing on the
side of the advance included American Can pref. 15% points
to 127. Bangor & Aroostook 5 points to 80, Hercules Powder pref. 3 points to 93, Illinois Central pref. 24 points to
18, Laclede Gas 3 points to 60, New York & Harlem (5) 2
points to 110, Norfolk & Western 15% points to 123, United
States Industrial Alcohol 234 points to 22, American Power
& Light pref. 1 point to 203/3, Commereial Investment
Trust pref. 23/3 points to 108 and Public Service of N. J. 134
points to 112.
The market displayed considerable improvement on
Friday, the rally in the railroad stocks carrying prices upward all along the line. Tobacco shares were again under
pressure in the early trading, but improved later in the day.
This was true also of some of the specialties. United States•
Industrial Alcohol jumped around to a considerable extent,
but finally quieted down with a loss of 234 points. Among
the prominent stocks closing on the side of the advance were
American Can pref. 15% points to 127, American Type
Founders 2 points to 165%, Bangor & Aroostook pref. 5 points
to 80, Hercules Powder pref., 3 points to 93; Laclede Gas,
3
points to 60; Reading, 134 points to 2934, and Worthington
Pump, 1 point to 15. The market had quieted down at the
close and most of the early gains were cancelled.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Quiet and irregular price movements have characterized
the dealings on the New York stock market during the present
week and the trading has, at times, been extremely dull. On
Monday and Tuesday final prices showed a moderate decline,
but the market firmed on Wednesday and the trend
turned
upward. Occasional rallies have been in evidence but
these
have usually been of short duration, due to sporadic
liquidation. Some special issues have, from time to time,
moved
against the market, but the changes, on the whole,
have been
within comparatively narrow limits. Call money
renewed
at 1% on Monday and continued unchanged at that
rate
throughout the week.
Fairly steady prices and a moderately strong undertone
characterized the trading during the two hour session on
Saturday, and while the changes were comparatively small,
they were, as a rule, on the side of the advance. Railway
shares made the best showing, Pennsylvania being turned
over in large volume at higher prices. Ontario & Western
also was in demand and stocks like Union Pacific and Atchison received good support, though prices were fractionally
down at the close. Tobacco issues attracted considerable
speculative interest and showed modest gains. In the industrial group the strong stocks were J. I. Case, Columbian
Carbon, Air Reduction and Corn Products. Public utilities
made little progress either way, though Public Service of
N. J. was in moderate demand at intervals. Oil shares were
fairly steady and mining stocks were higher, particularly
Dome Mines which again touched its record top and Homestake Mining which crossed 150 for the second time. The
changes on the side of the advance included among others,
American Sugar, 2 points to 23; Atchison pref., 1% points
to 65; General Motors pref., 1 point to 76; Homestake Mining, 3 points to 1503/3; National Biscuit pref., 15% points to
1365%; National Steel, 15% points to 21; Norfolk & Western,
45% points to 1235%; Proctor & Gamble, 13 points to 245%;
TRANSACTIONS AT THE NEW YORK STOCK
EXCHANGE
Public Service of N. J., 1 point to 54, and Gillette Safety
DAILY, WEEKLY AND YEARLY.
Razor pref., 1% points to 74.
Stocks,
Railroad
State,
United
The stock market was irregular during most of the session
Total
Week Ended
Ntordur of and Miscell Municipal &
Stales
Bond
Jan. 27 1933.
Shares.
Porn Bonds
Bonds.
on Monday, and while there were occasional rallies, the
Bonds.
Sales
changes were small and unimportant. American Can Saturday
366.377._$3,362,000 _..$l.604.000 _.$1,082,000 ----._$6.048,000
Monday
664,152
5,365,000
2,279,000
2.086,000
9,730,000
moved contrary to the trend. This was true also of a number Tuesday
493,201
5,759,000
2,652.500
1,285.000
9,696,500
Wednesday
751,743
_
5,779,000
2.645,000
1,013,000
of specialties and some of the less active stocks. Home- Thursday
9,437,000
6,026,000
808,880
2,346,000
808,000
9,180,000
972,108
7,563,000
stake Mining moved sharply forward and closed with a Friday
2,029,000
1,035,000 10,627,000
•r,st..1
A. nnil Aftl 512 ek,1 nest 115 Rck AM
net gain of 43/3 points at 155. Trading was dull, however,
I/ 2nn ...NA ..• ......., ......
and the general list drifted toward lower levels. The winSalsa at
Week Ended Jan. 27.
Jan. 1 to Jan. 27.
Nem York Mock
cipal changes on the downside were Cohnnbian Carbon, 134
Exchange.
1932.
1933.
1933.
1932.
points to 325%; West Penn Electric pref., 25% points to 475%;
Stocks—No, of shares_
4,056,461
6,350,460
17,284,642
Virginia Carolina Chemical pref., 73 points to 423
33,867,328
4; United
Bonds.
Government bonds.... $7,309,000 $9,763,000
$35,961,700
Gas Improvement pref., 15% points to 985%; Standard Gas & State
$67,033,600
& foreign bonds_
13.555,500 15,019.000
58,715,500
64,955,000
Electric pref., 2% points to 43; Louisville & Nashville, 1 point Railroad dr misc. bonds 33,854.000 32,597,000
143,476.700
152,859,500
Total
to 24; National Supply,2 points to 20; Pure Oil pref., 1 point
654,718,500 657,379.000
$238,153,900
$285,747,500
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
Week traded
Jan. 27 1933.
Baltimore.
Mares. Bondlialm. Mares. BondBalm. Shares. BondBales
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
8,725
13,189
13,715
13,973
13,482
4,110
Taal
67,194
80.338
Prey. week revised
613
Financial Chronicle
Volume 236
9,046
12,511
9,234
11,035
13,306
2,725
$2,000
2,000
8,500
2,000
2,000
______
314
1,971
782
793
2,319
1,156
84,000
9,000
14,000
2,500
22,000
17.850
57,857
816,500
7,335
161.500
313.000
64.509
888.000
9.491
828.800
$1,850
5,000
1,000
THE CURB EXCHANGE.
Dealings on the Curb Market were extremely dull this
week and except for the modest upturn on Wednesday,
prices have moved within a comparatively narrow range.
Some moderate advances were recorded among the utilities
and industrial shares, but the oil stocks and mining issues
were neglected. There have been occasional rallies, but
these soon simmered down with only fractional changes. On
Saturday, most of the trading was devoted to professional
evening up and while the price trend was somewhat mixed,
scattered covering helped to steady the list. Trading was
concentrated largely on the utilities and industrials, and
while leaders like Electric Bond & Share, Niagara Hudson
and American Gas & Electric were not greatly changed,
there was some activity among the preferred stocks, particularly Columbia Gas & Electric cony. pref. which moved
ahead about 23/i points. Atlantic & Pacific Tea Co.common
moved up about 2 points followed by the preferred stock
with a gain of 13/i points. Swift International, Cord Corporation and Fiat also showed small gains. Oil shares and
investment trusts were steady despite the dull trading. The
market was quiet and moved along without definite trend
during most of the trading on Monday. Price fluctuations
were narrow and irregular though losses, as a rule, were small
and unimportant. During the opening hour an. attempt
was made to work up a rally, but there was little demand
and the movement quickly quieted down. Electric Bond &
Share dipped in the closing hour and showed a fractional
loss. Other power stocks like National Power & Light and
Commonwealth Edison were steady, but made little change.
In the industrial group Childs Company pref. gained a point
and American Meter lost around 2 points. Oil shares were
steady and investment stocks displayed a moderately strong
undertone. Mining issues made little progress either way.
Curb movements were again narrow on Tuesday and prices
moved around without definite trend during most of the
session. Some few issues, particularly among the preferred
stocks in the power group, showed modest gains, but the
usual leaders in the general list were inclined to slip back from
their top levels. Electric Bond & Share and Cities Service
sold fractionally lower and American Gas & Electric lost
about a point. The industrial division was represented on
the down side by Aluminum Co.of America which was down
to 4932, though it moved back to 50 in the final hour. Mining shares sagged and oil stocks were entirely neglected.
Following a quiet opening the curb list on Wednesday moved
briskly forward under the leadership of the public utilities,
the recoveries ranging from fractions to 5 or more points,
though a goodly portion of the improvement was registered
by the preferred stock. Public utilities were represented
in the upswing by Electric Bond & Share, American Gas &
Electric pref. and Commonwealth Edison, all of which
registered gains of a point or more. Other strong stocks
included such active issues as Tobacco Allied and Northwest
Yeast, both of which scored gains of 5 points. Aluminum
Co. of American and Western Air Express were fractionally
higher. Standard Oil of Indiana and Lone Star Gas were
in good demand and closed with a modest advance. Aviation issues were the strong stocks on Thursday, though the
volume of trading was comparatively small and the gains
were limited to a few of the more active issues. In this
group, the interest centered around General Aviation,
National Aviation and Transcontinental Air Transport and
3 points. Industrial issues were
the gains ranged from % to %
featured by the large turnover in Parker Rust Proof which
gained 13' points and Pepperell Manufacturing Co. which
improved about 3 points. Prices in the investment section
were somewhat unsettled though the undertone was good.
Prices on the curb moved up and down on Friday. In
the early trading the market was slightly lower, but showed
some improvement around mid-session and again turned
downward at the close. Some of the active stocks that re-
corded gains in the early trading lost a goodly part of the
advance at the end of the session. Electric Bond & Share,
for instance, was fairly strong for a time but canceled most
of its improvement before the close. This was true of a
number of the more important speculative stocks. In the
industrials and specialties the market dropped quite sharply,
Aluminum Co. of America and Parker Rust Proof losing
most of their gain of the previous day. Oil shares were irregular during most of the session, though some improvement
was apparent during the final hour. The changes for the
week were generally on the side of the decline and included
among others such prominent trading favorites as American
Beverage 23( to 2, American Gas & Electric 31 to 303',
3 Atlas Corporation 73% to
American Superpower 43 to 4%,
3
2%
to 2%, Cities Service 2%
Electric
States
73.', Central
to 23/2, Deere & Company 10 to 938, Electric Bond & Share
19 to 18, Ford of Canada A 63'to 63', Gulf Oil of Pennsylvania 273 to 27, New Jersey Zinc 28% to 2834, Niagara
4, Standard Oil of Indiana 21%
Hudson Power 153/2 to 133
to 203/8, Swift & Company 8% to 8, Teck Hughes 33% to
5 United Founders 13
% to 13%, United Gas Corporation
3%,
1% to 13
4,United Light & Power A 43% to 4%,United Shoe
Machinery 373' to 37 and Utility Power 1% to 13(.
A complete record of Curb Exchange transactions for the
week will be fopnd on page 640.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Jan. 27 1933.
Rocks
(Number
01
Shares).
Bonds (Par Value).
Pandora
?Onion
Domestic. Discernment. Corporate.
Total.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
50,880 $1,804,000
85,625 2,652,000
100,975 3,130,000
90,160 3,117,000
80,160 3,460,000
104,170 3,194,000
$74,000
138,000
136,000
199,000
228,000
134,000
$124,000 $2,002,000
134,000 2,924,000
111,000 3,377,000
168,000 3,484,000
144,000 3,832,000
141,000 3,469,000
Total
511.970817.3.57,000
8909.0001
$822,000 $19,0S8 000
Bates at
New York Curb
Exchange.
Jan. 1 to Jan. 27
Week !Wed Jan. 27
1933.
1932.
1933.
1932.
Stocks-No,of sharesBonds.
317,357,000 814,224,000
Domestic
628,000
009,000
Foreign government- _ _
586,000
822,000
Foreign corporate
2,335,101
5,033,577
$78,761,000
3,977,000
4,417,000
$58,523,000
2,471,000
2,759.000
819,088,000 $15,438,000
$87,155,000
$63,753,000
511,970
Total
879,224
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ended to-day (Saturday Jan 28), bank exchanges for all the cities of the United
States from which it is possible to obtain weekly returns will
be 14.7% below those for the corresponding week last year.
Our preliminary total stands at $4,262,360,979, against
$4,994,767,819 for the same week in 1932. At this center
there is a loss for the five days ended Friday of 12.0. Our
comparative summary for the week follows:
Cleartngs-Returns by Telegraph.
Weak Ending Jan. 28.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
13altImore
New Orleans
1933.
1932.
Per
Cent.
$2,270,532,331 $2,579,157,617
187,133,194
124,704,583
224,000,000
234,000,000
176,000,000
126,000,000
56,378,427
46,098,639
48,700,000
39,700.000
85,466,000
67,300,000
No longer will re port clearings.
73,622,385
55,563,683
63,056,885
42,604,082
55,361,201
44,497,757
49,568,173
38,815,816
26,978,631
23,545,852
-12.0
-33.4
+4.5
-28.4
-18.2
-18.5
-21.3
-24.5
-32.4
-19.6
-21.7
-12.7
Twelve cities, five days
Other cities, five days
83,113,362,743
440,089,525
$3,625,422,513
499,104.350
-14.1
-11.8
Total all cities, five days
All cities, one day
$3,553,452,268
708,908,711
$4,124,526,863
870,240.956
-13.8
-18.5
Total all eltiee for week
84.262.360.979
34.994_767.819
-14.7
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous, the week ended Jan. 21. For
that week there is a decrease of 18.0%, the aggregate of
clearings for the whole country being $4,529,773,742, against
$5,525,898,844 in the same week in 1931. Outside of this
city there is a decrease of 18.5%, the bank clearings at this
614
Financial Chronicle
mite'recording a loss of 17.8%. We group the cities aceotding 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 17.7%,
in the Boston Reserve Distlief of 16.5% and in the Philadelphia Reserve District of 0.3%. In the Cleveland Reserve
District the decrease is 22.5%, in the Richmond Reserve
District 19.7% and in the Atlanta Reserve District of 21.1%.
The Kansas City Reserve District suffers a contraction of
27.4%, the St. Louis Reserve District of 13.4% and in the
Minneapolis Reserve District of 17.8%. In the Kansas
City Reserve District of the totals record a diminution of
22.6%, in the Dallas Reserve District of 22.0% and in the
San Francisco Reserve District of 24.8%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Jan.21 1933.
1933.
1932.
Incor
Dec.
1931.
1930.
Federal Reserve Dists.
S
8
8
%
$
237,802,948
1st Boston_ _ _ _12 cities
284,955,397 -16.5
378,856,742
484,516,172
2nd New York_12 "
2,958,801,606 3,597,028,974 -17.7 5,121,509,909 6,171,186,819
297,329,912
3rd Plalladel 'ia_10 "
298,120,913 -0.3
413,647,791
587,468,759
4th Cleveland.. 6 "
171,526,838
221,333,457 -22.5
336,301,875
392,115,664
5th Richmond.6 "
92,618,943
115,374,130 -19.7
137,921,497
163,793,215
78,481,464
6th Atlanta_ _ _ _11 "
99,428,392 -21.1
123,969,246
156,471,549
275,212,409
7th Chicago ---20 "
379,009,357 -27.4
618,713,850
881,539,557
89,729,740
8th St. Louis... 5 "
103,649,692 -13.4
138,031,630
1136,876,225
58,820,126
9th Minneapolis 7 "
71,532,535 -17.8
90,496,294
97,520,972
87,269,249
10th KansasCity 10 "
112,751,348 -22.6
166,959,869
187,025,297
33,792,861
11th Dallas
43,331,502 -22.0
51,040,082
5 "
64,834,380
148,364,647
197,383,147 -24.8
12th San Fran_ _13 "
246,669,332
311,969.776
117 cities
Total
Outside N. Y. City
flamula
4,529,773,742 5,525,898,844 -18.0 7,824,121,117 9.685,318,385
1,659,471,026 2,035,881,963 -18.5 2,825,769,616 3,656,091,149
22 nut.
217.679.463
250.252.480 -13.0
317.184.416
391.941.934
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended Jan, 21.
Clearings al
1933.
1932.
1110.01
Dec.
1931.
8
$
$
%
First Federal Reserve 631st rIct-BostonMaine-Bangor
334,192
515,559 -35.2
834,561
Portland
2,201,816
2,697,180 -18.4
2,693,444
Mass.-Boston
210,766,099 249.198,150 -15.4 336,709,413
Fall River.
657,886
974,598 -32.5
796,785
Lowell
451,886
245,783 +83.9
487,263
New Bedford..
561,970
672,09,5 -16.4
913,004
Springfield..
2,956,180
3,593,806 -17.7
4,338,534
Worcester _ _ _
1,660,763
2,491,836 -33.4
2,854,191
Conn.-Hartford
6,841,538
8,348,816 -18.1
10,461,156
New Haven..
3,834,608
6,723,384 -43.0
7,515,739
R.I.-Providene
7,088,200
9,020,500 -21.4
10,570,300
447,810
N.H.-Manch'r_
473,690 -5.5
682,352
Total(12 cities
237,802,948
284,955,397 -16.5
378,856,742
1930.
i
499,713
3,286,948
438,000,000
1,392,738
1,153,690
945,010
4,093,604
3,261,392
11,067,916
7,671,620
12,423,200
720,341
484,516,172
Second Fede at Reserve D strict-New York10,746,724
N. Y.-Atbany6,246,153 +72.1
5,744,459
5,072,314
Binghamton _
888,260
731.057 +21.5
1,097,596
1,194,555
Buffalo
21,890,840
27,659,175 -20.9
36,116,468
44,392,157
Elmira
611,579
999,775 -38.8
1,171,939
911,402
Jamestown_
441,248
694,552 -38.5
1,059,271
1,104.735
New York... _ 2,870,302,716 3,490,016,881 -17.8 4,998,351,492 6,027.227,240
Rochester
4,897,645
7,048,006 -30.5
9,529,895
11,230,838
3,619,324
Syracuse
3,485,006 +3.9
4,068,743
3,917,329
2,556,805
Conn.-Stamford
3,053.984 -16.3
3,537,527
3,702.760
N. J.-Montc
38a.702
654.998 --40.7
650,223
.08,008
16,745,109
Newark
24,015,605 -30.3
28,488,475
31,768,206
Northern N. J_
32,423.782 -20.7
25,715,654
30,700,024
40.047,277
Tdtal(12 cities 2,958,804,606 3,597,028,974 -17.7 5,121,509,909 6,171,186,819
Third Federal Reserve Dist rict-Phila
Pa.-Altoona _ _
339,386
537,795
Bethlehem _ _
333,281
697,266
Chester
246,090
601,256
Lancaster
816,950
1,121,094
Philadelphia _
287,000,000 282,000,000
Reading
1,753,671
2,263,823
Scranton
2,145,093
3,391,718
Whkes-Barre.
1,491.531
1,824,648
York
1,000,930
1,174,315
N.J.-Trenton.
2,203,000
4,500,000
Total(10 cities
297,329,912
298,120,913
del phi a1,149,384
-36.9
1,249,268
-52.2
1,108,863
1,316,958
-59.1
700,000
992,504
-27.1
1,407,329
1,570,137
+1.8 394,000,000 567,000,000
-22.5
2,376,594
3,306,359
-36.8
4,020,795
3,988,039
-184
3,611,844
2,955,976
-14.8
1,715,002
1,586,518
-51.1
3,553,000
3,503,000
-0.3 413,647,791
587,468,759
Fourth Fede al Reserve D !strict-Clev eland.
Ohio-Akron..458,000
547,000 -16.3
3,740,000
4,465.000
Canton
b
b
b
6
Cincinnati_ _ _
41,604,609
47,1828,047 -12.6
68,459,893
79,096,805
Cleveland
54,152,892
70,941,753 -23.7 103,010,067 121,391,609
Columbus
8,321,100
8,383,100 -0.7
12,880,500
15,451,800
Mansfield
741,904
1,000,000 -25.8
1,741,212
2,017,173
Youngstown _
b
b
6
6
Pa.-Pittsburgh
66,248,333
92,833,557 -28.6 148.373,203 169,693,277
Total (t,eitles)_ 171,526,838 221.333,457 -22.5 336,304,875
392,115,664
Fifth Federal Reserte Dist rict-Richm ondW.Va.-Hunt'tn
351,414
513,901 -31.6
Va.-Norfolk __
2,132,000
3,061,826 -30.4
Richmond
24,313,575
28,092,458 -13.5
S.C.-Charlesto
718,879
741,819 -3.1
Md.-Baltimore
47,660,755
61,198,686 -22.1
D.C.-Wash'gto
17,442.320
21,765,440 -19.9
902,498
2,865,174
34,610,000
1,612,889
74,411,866
23,519,079
1,042,335
4,173,502
44,231,000
1,777,758
87,037,659
25,530,961
Total(6 cities)
92,618,943 115,374,130 -19.7 137,921,497
163,793,215
$94111111
Sixth Federal Reserve Dist rict-Attant aTenn.-Knoxvill
*2,000,000
3,303,148 -39.5
1,800,000
2,800 000
Nashville
8,138,399
10,145,500 -19.8
12,889,249
20,811:987
Ga.-Atlanta
23,700,000
29,600,000 -19.9
36,701,155
42,418,788
Augusta
603,356
1,097,934 -45.1
1,407.387
1.857,153
Macon
337,638
519,860 -35.1
771,071
1,361,198
Fla.-Jacksonv_
7,648,742
10,871,459 -29.6
13,160,234
16,610,267
Ala.-Birmingh7,311,285
11,198,349 -34.7
13.738,383
21,789,588
766,036
Mobile
1,232.818 -37.9
1,413,904
1,752,160
1,617,000
Miss -Jackson.
1,138,000 -42.1
1,774,000
1,989,284
105,001
Vicksburg
127,529 -17.7
168,051
195,580
26,254,007
30,193,097 -13.0
La.-New Ori'afl
40,145,832
45,085,584
0•••••
78,481,464
99,428,392 -21.1 123,989,246 156,471,549
Total(11 cities)
Jan. 28 1933
Week Ended Jan. 21.
Clearings at
1933.
1932.
Inc.or
Dec.
1931
1930.
$
Seventh Feder al Reserve D istrict-Chi cago-Mich.-Adrian -89,929
129,005 --30.3
179,482
215,972
Ann Arbor_ _ 520,170
525,835 --LI
646.622
796,435
Detroit
56.350,619
76,687345 -26.5 135,756,391 194,022,951
Grand Rapids_
2,682,497
3,736,898 --28.2
4,427,818
5,321,440
Lansing
531,300
4,158,800 --87.2
2,865,193
4,393,000
Ind.-Ft. Wayne
794,333
1,182,132 --32.8
2,159,577
3,537,729
Indianapolis.
10,474,000
12,797,000 --18.2
15,489,484
19,522,000
South Bend_ _ _
1.191,246
1,268,752 --6.1
1,847,851
2,205,091
Terre Haute_
2.859,252
3,643,599 --21.5
4,321,692
4,978,195
Wis.-Mliwaukee
11,392,219
17,241,273 --33.9
22,747,848
27,294,282
Iowa-Cedar Rap
618,917
975,623 --38.6
2,889,442
2,785,798
Des Momes. _
5,175,425
5,209,677 --7.0
6,883,220
8,697,888
Sioux City-- 1,775,355
2,718,636 --34.7
3,829,788
5,934,911
Waterloo
111.-BloomIngt'n
708,052
1,109,321 --36.2
1,206,794
1,409,366
Chicago
176,064,587 241,519,900 --27.1 404,738,402 589,151,258
.
Decatur
342,990
622,835 --44.9
838,553
932,154
Peoria
2,126,491
2,653,493 --19.9
3,103,907
5,288,778
Rockford
411,626
1,183,700 --65.2
2,193,533
2,883,326
1,103,401
Springfield_ _
1,645,433 --32.9
2,290,253
2,228,983
Total(19 cities) 275,212,409 379,009,357 -27.4 618.713,850 881,539,557
Eighth Federa I Reserve Dis trict-St.Lo ulsMo.-St.Louis..
_
Owensboro.. _
Tenn.-Memphis
LL-Jacksonvilte
Quincy
61,600,000
17,781,191
71,000,000 -13.2
20,132,702 -11.7
104,100,000
21,931,482
124,875,908
40,556,402
10,027,249
27,564
293,738
11,851,054 --15.4
103,900 --73.5
562,036 --47.7
11,321,308
126,148
552,032
20,064,368
180,953
1,198,594
Total(5 cities).
89,729,740
103,649,692 -13.4
138,031,630
186,876,225
Ninth Federal Reserve Dist rict- Minn eapolis
1,667,925
Minn.-Duluth..
2.365,746 -29.6
Minneapolis...
39,321,529
48,744,088 -19.3
St.Paul
14,119,589
16,082,184 -12.7
N. Dak.-Fargo_
1,280,301
1,666,130 -23.2
S.Dak.-Aberd'n
483,431
626,433 -22.8
Mont.-Billings 254,823
327,778 -22.3
1,692.528
Helena
1,720,176 -1.6
4,379,455
60,861,400
19,679,355
1,625,944
962,046
449,394
2,538,700
3,90,048
66.127,983
21,319,840
1,768,147
1,022,718
571,636
2,747,600
71,532,535 -17.8
90,496,295
97,520,972
Tenth Federal Reserve Dist rict- Kane as City
Neb.-Fremont 93,792
186,267 -49.6
105,518
Hastings
156,149 --32.4
2,186,832 --33.3
1,457,970
Lincoln
25,035,101 --30.2
17,466,119
Omaha
Kan.-Topeka -1,499,208
2,249,686 --33.4
Wichita
3,610,528
4,839,125 --25.4
58,412,057
Mo.-Kan. City
72,923,470 -19.9
3,643,541
St. Joseph....
3,653,958 --0.3
Colo.-Coto.Spga
595,349 --19.2
480,781
Denver
a
a
499,734
925,411 -40.0
Pueblo
344,381
388,329
2,613,940
37.253,157
3,232,203
5,955,117
109,842,639
5,186,990
914,710
a
1,228,403
278,997
376,991
2,844,190
41,998,679
3,215,454
6,563,150
123,288,438
6,198,088
887,841
•
1,373,469
112,751,348 -22.6
166,959,869
187,025,297
Eleventh Fede ral Reserve District- D aliasTexas-Austin
883,174 -20.3
703,992
Dallas
30,375,135 -19.3
24,502,928
4,486,899
Fort Worth...
6,572,164 --31.7
Galveston
2,079,000
2,765,000 --24.8
La.-Shreveport.
2,020,042
2,735,629 --26.2
1,189,471
35,157,387
8,128,283
3.019,000
3.545,941
1 164,650
42,720,987
11,421,014
4,245,000
5,282,729
Total(7 cities).
Total(10 cities)
58,820,126
87,269,248
Total(5 cities).
33,792,861
43,331,502 -22.0
51,040,082 64,834,380
Twelfth Feder al Reserve D istrIct-San Franc' sco-Wash.-Seattle19,103339
25,806,988 -26.0
31,019,498
35,842,490
Spokane
3,981,000
7,095,000 -43.9
9,680,000
9,923,000
Yakima
294,910
489,030 -39.7
851,144
1,069,088
Ore.-Portland.14,734,530
18,866,463 -21.9
24,727,548
29,722,867
Utah-Salt L.City
8,890,530
11,680,203 -23.9
14,804,518
17,684,212
Calif.-Long B'eli
2,591,220
4,141,243 -37.4
6,446.480
7,303,932
Los Angeles_ - - No longer wn report clear! ngs.
Pasadena
2,663,981
4,073,620 -34.6
4,916,792
6,593,315
Sacramento.-5,101,913
7,153,598 -24.5
6,141,574
7,866,995
San Diego -a
San Francisco 86,854,247 113,335,223 -23.4 140,145,909 187,440,225
San Jose
1,240,907
793,135 +56.5
2,638,040
2,605,929
Santa Barbara.
911,577
1,414,807 -35.6
1,821,143
1,974,887
Santa Monica.
737,482
1,143,333 -35.5
1,856,720
2,100,436
Stockton
978,811
1,450,604 --32.5
1,619,900
2,336,400
Total(13 cities) 148,384,647 197,383,147 -24.8 246,669,332
311,969,776
Grand total (116
cities)
4,529,773,742 5,525,898,844 -18.0 7,824,121,117 9,685,318,385
Outside New York 1,659,471,026 2,035,881,963 -18.5
2,825,769,615 3,658,091,145
Week Ended Jan. 19.
Clearings al1933.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
liamitton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort Wilham _ _
New Westminster
Medicine Hat_ _ _
Peterborough _ _ _
Sherbrooke
Kitchener
Windsor
Prince Atbert
Moncton
Kingston
Chatham
Sarnia
Sudbury
3
86,742,851
74.965,118
27,218,234
11,344,631
3,425,881
3,259,293
1,870,778
2,916,055
4,173,387
1,411,933
1,321,101
2,006,947
5,731,250
2,075,199
254,316
293,101
989,283
444,281
551,983
450,518
359,988
193,137
555,943
450,410
691.636
1,757,150
202,884
536,714
404,704
378,558
304,991
397,210
Total(32 cities)
217,679,463
1932.
5
79,444,634
82,349,374
28,246,308
13,772.577
8,191,898
4.255,658
2,601,686
3,694,918
4,787,337
2,017,967
1,522,008
2,251,245
3,725,818
2,861,597
300,494
286,185
1,293,998
520,017
754,437
631,832
486,204
181,239
620,289
574.330
806,430
2,907,992
297,817
779,345
561,077
510,690
439,660
487,419
.01W.07
Dec.
1931.
1930.
%
-16.0
-9.0
-3.6
-17.6
-44.7
-23.4
-28.1
-21.1
-12.8
-30.0
-13.2
-10.9
+53.8
-27.5
-15.4
+2.4
-23.5
-14.6
-26.8
-28.7
-26.0
-6.0
-10.4
-21.0
-14.2
-41.4
-31.9
-31.1
-27.9
-25.9
-30.6
-18.5
$
112,100,097
104,105,633
28,432,469
16,103,818
6,677,918
5,095,228
2,714,099
4,741,187
7,620,934
1,939,790
1,994,252
2,148,622
5,087.711
3,098,669
407,602
369,911
1,752,194
868,479
1,090,382
078,911
830,921
237,957
779,020
733,648
1,058,094
3,145,981
347,613
731,696
648,134
578,664
552,359
709,423
$
130,743.324
124,906,108
44,757,338
21,912,443
7,371,909
6,952,288
3,014,997
6.312,232
10,995,288
2,119,671
2,320,607
2,811,429
6,750,180
3,835,348
479,165
552,236
2,203,413
1,013,986
1,127,861
742,027
789,835
403,490
799,999
793,074
1,198.119
4,144,540
406,260
965,915
639.593
612,723
766,556
250,252,480 -13.0
317,184,416
391,941,934
a No longer reports weekly clearings. b Clearing house not functioning
a No longer reports clearings. f Only one bank open, no clearings figuresat present.
available.
•Estimated.
Financial Chronicle
Volume 136
THE&ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Jan. 11 1933:
GOLD.
The Bank of England gold reserve against notes amounted to £119,792.447
on the 4th inst.. as compared with £119,788,284 on the previous Wednesai.
The moderate amounts of bar gold available in the open market have
again been taken for export.
Quotations during the week:
Equivalent Value of
Per Ounce
•£ Sterling.
Fine.
13s. 9.60d.
123s. 1)d.
Jan. 5
13s. 9.60d.
123s. 1)d.
Jan. 6
13s. 9.544.
123s. 2d.
Jan. 7
-1,,135. 9.76d.
123s.
Jan. 9
135. 9.99d.
1228. 104.
Jan. 10
13s. 10.164.
122s. 834d.
Jan. 11
13s. 9.77d.
1225. 11.92d.
Average
The following were the United Kingdom imports and exports.aLgold
registered from mid-day on the 2d inst. to mid-day on the 9th inst.:
Exports.
Imports.
£909,985
67,400
74,510
29,789
12,100
7,425
3,965
1,062
£277,481 Netherlands
Greece
153,500 U. S. A
Egypt
15,621 Poland
Iraq
1,369,059 France
British South Africa
Anglo-Egyptian Sudan-9,640 Belgium
406,854 Czechoslovakia
British India
25,979 Austria
New Zealand
47.872 Other countries
British Malaya
'2,939
Other countries
£1,106,236
£2,308,945
Last week's shipments from India were rather smaller, the total reported
being approximately £400.000. The SS. Chitral carries £207.500 consigned to London and E202,000 consigned to New York, while the SS.
Tarantia bound for Liverpool carries £5,000.
31=st was 980,61S
- The Transvaal gold output for the month of Decermeeformber
and 023.3s3
7
-fine ounces as compared with-97871-6fiEeot
fine ounces for December 1931.
SILVER.
The week opened with a rise of 5-16d. due to firmer Eastern advice'
and consequent supporTfroTraina. At the higher-INZ-h-Fweve¢. considerable selling came into evidence and prices fell back 3-164. on the 6tn
hurt. when quotations were 16 11-164. and 16hd. for cashand forward
deliveries, respectively.
Since then, with minor fluctuations, prices have moved upwards, 1674d
or cash and 16 15-16d. for forward being quoted to-day.
China and America have both bought and sold, while small interest
has been taken by India.
As we write, there is perhaps a slightly better feeling in the market, but
there is nothing to indicate the imminence of any lasting Improvementrn
silver prices.
The following were the United Kingdom imports and exports of-s-d7el•
registered from mid-day on the 2d bast. to mid-day on the 9th inst.:
Exports.
Imports.
£55,530
Germany
£20,356 China
48,200
Poland (incl. Danzig)
19,224 Czechoslovakia
9.032
British West Africa
6,771 Rumania
British India
12,200 French Possessions in
5,000
India
Japan
5,690
2,155
Australia
9,338 Germany
6,358
Canada
4,446 Other countries
Other countries
6,130
£126,275
£84,155
Quotations during the week:
IN LONDON.
IN NEW YORK.
-Bar Silver per Oz. Std.
Cash Deliv. 2 Mos.' Del.
(Per Ounce .999 Fine)
25 3-16c.
Jan. 5--.16%il.
16 15-16d. Jan. 4
254c.
Jan. 6-16 11-16d. 16(d.
Jan. 5
253-16c.
Jan. 7.-16 11-16d. 16 d.
Jan. 6
25)4c.
Jan. 9.-16 13-16d. 167 d.
Jan. 9
2534e.
Jan. 10---16hd.
16 13-164. Jan. 10
Jan. 1L__1634d.
16 15-16d.
Average- _ -16.7812d.
16.8437d.
The highest rate of exchange on New York recorded during the period
the
5th
inst. to the 11th inst. was $3.35( and the lowest $3.33%•
from
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)
Dec. 22.
Dec. 31.
Dec. 15.
Notes in circulation
17,475
17,480
17,490
Silver coin and bullion in India
11,149
11,066
11,164
Gold coin and bullion in India
1.854
1,868
1,854
Securities (Indian Government)
4,472
4,546
4,472
stocks
in Shanghai on the 7th inst. consisted of about 147,100.000
The
ounces in sycee, 217,500,000 dollars and 7,500 silver bars, as compared
with about 146.000,000 ounces in sycee, 217,500,000 dollars an 6,280
silver bars on the 31st ult.
ENGLISH FINANCIAL MARKET-PER CABLE.'
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Jan. 21.
Silver, per oz.- 1634d.
Gold, p. fine os 1226.6d.
Consols,2)4%. L7354
Tues.,
Mon.,
Wed.
Thurs.,
Frt,
Jan. 23. Jan. 24. Jan. 25. Jan. 26. Jan. 27.
16 15-164. 1734d. 17 1-164. 17 1-16d.
17d.
122s.7d. 121s. 7d. 1216.134d. 1218.4344. 121a.530.
73
735(
73%
,7334
7434
British 354%98%
W. L
British 4%10931
1960-90
French Rentes
76.90
Zr
3%
Paris)
(in
9854
9854
9,1.4
9754
10934
10954
10934
10934
L99
10934
76.30
76.60
76.10
77.20
76.60
118.20
118.10
118.10
118.20
117.80
French War L'n
(in Paris)5%
1920 amort._
118.50
The price of silver in New York on the same days has been:
Silver in N.Ir.,
per os. (cts.)
2534
2535
2634
26
2554
2534
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:
615
Jan. 21 Jan. 23 Jan. 24 Jan. 25 Jan. 26 Jan. 27
1933. 1933. 1933. 1933.
1933. 1933.
Francs. Francs. Francs. Francs. Francs. Francs.
Bank of France
11,700 11,500 11,600 11,650 11,600 11,700
Banque de Paris et Pays Sas
1,640 1,600
1,630 1,650 1,640 1,610
Banque d'Unlon Parisienne
449
437
438
440
443
-iii
Canadian Pacific
350
343
340330
Canal de Sues
17.285 17.160 17,345 17-,tio 17,625
---Cie Distr d'Electricite
2,195 2,165 2,180
__-_
2,210
Cie Generale d'Electricite
2,200 2,190 2.200___
_
2.205 :
2-18(:)
.
Cie Generale 'Transatlantique_-_
60
59
57
59
Citroen B
549
533
530
-. 5.a
535
Ccootyrop c
ir Nationale d'Esoompte 1,160 1,150 1,160 1,160 1,160 1.160
Inc
160
160
160
-_-_
160
15
.0_
Courrieres
370
365
369
370
Credit Commercial de France..._
714
710
722
714
Credit Fonder de France
4,790 4,730 4,770
Credit Lyonnais
2,120 2,080 2,100 2--,iiiiii 4
2;8
10
10
0 4
2,081
Distribution d'Electricite la Par 2,240 2,170 2.160
-_-_
2,190 2,170
Eaux Lyonnais
2,370 2,350 2,350
-_-_
2,380 2
.
.370
.
Energie Electrique du Nord
634
635
iiii
636
627
Energle Eleotrique du Littoral
990
978
__ -...
985
-_-_-_-_
990
French Line
59
60
59
67
57
Galeries Lafayette
95
94
97
95
94
Gas le Bon
830
-___-___
820
830
820
Kuhlmann
520
520
530
520
-TsiO
L'Air Liquids
820
820
840
---_
810
Lyon (8. L. M.)
1,035 1,031
1-,15.35
Mines de Courrieres370
370
-5io
360
-iiii
---Mines des Lens
480
480
470
470
480
Nord Ry
1,460 1,470 1,460 1?
1,450 1,450
.61?
Orleans By
988
951
939
940
Paris, France
1,090 1,060 1,060
____
1,6i13
pPerathhetheCyapital
129
125
125
_ __ _
126
1,130 1.100 1,120
____
1,0
12
60 1-,110
Rentes 3%
76.90 76.30 76.50 76.35 77.20 76.60
Rentes 5% 1920
118.50 118.20 118.10
____ 118.20 117.80
Rentes 4% 1917
88.10 87.40 87.40
-_-_
87.70 87.10
Rentes 434% 1932 A
92.80 92.60 93.20
-_-_
92.30 92.20
Royal Dutch
1,580 1,560 1,580 :
-ii
_ o
_
1,590 1,560
Saint Gobain C.& C
1,458 1,435 1,445
1,437
_Schneider de Cie
1,345 1.335 1,319
1,336
Societe Andre Citroen
530
550
520
__-530
"isio
Societe Francaise Ford
101
..,___
103
101
101
101
Societe Generale Fon.
167 .
166
168
166
der
112
Societe Lyonnaise
2,370 2,355 2,355 12-iiii 2,385
Societe MarseillaL4e
600
600
600
600
-_-_-_-_
Sues
17,300 17,100 17,300
17,70(r
Tublze Artificial Silk pest
---_
191
1,865
1,805 1,805
- -Union d'Electricite
i90
800
790
780
---Union des Mines
-Ho
210
210
210
200
---Wagon-Lits
80
78
79
---NOTE.-On Wednesday. Jan. 25, the Bourse was practically closed owing to
a strike of brokers' clerks. Only a few issues on the term market could be quoted
by brokers, and no trading could be carried on.
17-Jaa
THE BERLIN STOCK EXCHANGE.
The Berlin Stock Exchange resumed trading on Friday.
Apri129 1932, after having been closed by Government decree
since Sept. 18 1931. Closing prices of representative stocks
as received by cable each day of the past week have been
as follows:
Jan. Jan. Jan. Jan, Jan. Jan.
21.
23.
24.
25.
26.
27.
Per cent of Per
Retchebank (12%)
159 159 159 159 158 158
Berliner Ilandels-Gesellschaft (4%)
94
94
96
96
96
98
Commerz-und Privat-Bank A. CI
53
53
53
53
53
53
Deutsche Bank und Disconto-Gesellschaft
73
73
73
73
73
73
Dresdner Bank
62
62
62
62
62
62
Deutsche Reichsbahn (Ger. Bre.) td.(7%)- 93
93
93
93
93
93
Allgemeine Elektrizitaets-Gesell. (A.E.0.). 29
30
30
31
30
31
Berliner Kraft U. Licht (10%)
119 118 118 118 118 119
Deesauer Gm (7%)
111 112 111 112 112 112
Gesfuerel (4%)
80
80
79
81
80
80
Hamburg. Elektr.-Werke (831%)
115 115 114 114
114 114
Siemens & Halske(9%)
124 124 124
127 126
126
I. G. Farbenindustrie (7%)
104
104 104 106
105 105
Salzdetturth (9%)
174
174
173 173
171
Rheiniache Braunkohle (10%)
191
191
190
190 188
187
Deutsche Erdoel (4%)
90
88
88
88
88
88
Mannesmann Roehren
62
61
63
61
61
61
Hapag
18
18
17
17
18
18
Norddeutacher Lloyd
18
18
18
18
18
18
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Jan.
27 1933:
Anhalt Is to 1946
Argentine 8%. 1945. $100
pieces
Antioquia 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) 634,'47
Bolivia 6%, 1940
Brandenburg Elec. 66, 1953
Brasil Funding 5%.'31-51
British Hungarian Bank
73.4s. 1962
Brown Coal Ind. Corp.
634s. 1953
Cali (Colombia) 7%. 1947_
Callao (Peru) 734%. 1944.
Ceara(Brasil) 8%, 1947
CitySavings Bank, BudaPeat. 76, 1953
Deutsche Bk C% '32 =it'd
Dortmund Mon. Util 68,18
Dulaberg 7%,to 1945
Dusseldorf 78 to 1945
East Prussian Pr. 66. 1953_
European Mortgage & Investment 746. 1968....
French Govt. 530, 1937_
French Nat. Mall 88.68.'52
Frankfurt 7a to 1945
German ALI. Cable 76. 1945
German Building & Landbank 634%. 1948
Haiti 6% 1953._ __-_
Hamb-Am Line 630 to '40
Hanover Hari Water Wks.
8%, 1957
Houattng & Real Imp 76.'45
Hungarian Cent Mut 76;37
Hungarian Discount & Exchange Bank 7e, 1963._ _
Flat Price
Ma Ask
4812 4912 Hungarian Ital Bk 7316,'32
Kobolyt 654s, 1943
48
Land M Bk, Warsaw 88.'41
23
26 Leipzig Oland Pt 630,'46
24
26 Leipsig Trade Fair 75, 1953
24
26 Luneberg Power. Light &
61
60
Water 7%, 1948
Mannheim & Paint 7s, 1941
44
47 Munich 7e to 1945
118
20 Muni° Bk,Hessen, 78 to'45
1412
712 Municipal Gas & Elea Corp
6834 7014
Recklinghausen, 7e. 1947
36
38 Nassau Landbank 630,'38
Nat Central Savings Bk of
13712 3912
Hungary 7348, 1982...
National Hungarian & Ind.
8419 8712
mtge.7%. 1948
/10 12 Oberpfalz Elee 7%, 1946
1712
9'2 Oldenburg-Free State 7%
7
14
to 1945
Porto Alegre 7%. 1968...
133
35 ProtestantChurch (Get'many)
18512 8812
4 12 50 Pr ny
Bk
)W
78Mth
1p944
alla 6s.'33
43
48 Rhine Westph Else 7s, 1936
46
50 Rio de Janeiro 6% 1933 _.
8112 6212 Rom Cath Church 634e.'46
C Church Welfare 7s,'46
/42
43 Saarbruecken M Bk 66,'47
106
108 Salvador 7%, 1957
106
108 Santa Catharina (Brawl)
44
48
8%. 1947
74
76 Santander (Colom)7s. 1948
Sao Paulo (Brasil) 6s. 1947
55
57 Saxon Public Works h% '32
66
71 Saxon State Mtge 65, 1947_
70
75 Hem & Halake deb 68. 2930
South Amer Rye 6%,1933_
44
48 Stettin Pub UM 7s, 1946._
5912 61 Tucuman City 7s. 1951
/3512 37 Vesten Elm RI 78. 1947....
Wurtenberg 7e to 19452612
125
eta
f7012
55
53
6512
47
Afg
73%
57
56
6712
4812
52
63
59
46
54
65
61
52
6914
54
704
so
/41
4212
131
55
32%
60
4612
1014
4912
1214
5212
75
7114
18
63
4812
76
jig%
54
78
73%
10
6412
4914
80
1414
1812 Kr%
110
13
110
12
F7412 77
63
66
390 410
toll
62
62
64
115
17
47
48
60
62
Financial Chronicle
616
60inirterriniand WiscelianeonsBM!, Foreign Trade
of transactions at
the Toronto Stock Exchange, Jan. 21 to Jan. 27, both inclusive, compiled from official sales lists:
Toronto Stock Exchange.—Record
Stocks--
Friday
Stiles
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Abitibi Power & Paper100
6% preferred
Bell Telephone
100 9334
Blue Rib Corp 614% pf_50 11h
Brantford Cordage 1st P125
Brazilian T L & P corn___. 814
1%
B C Packers corn
•
100
Preferred
634
•
B C Power A
4
•
B
Burt (F N) Co corn....._25 25
1%
5334
1134
19
834
1
6
1514
4
25
134
100
12
19
914
1%
634
1514
4
28
10
283
35
1,050
1,710
20
60
110
30
80
Canada Bread 1st pref_100
Canada Cement com__.
Preferred
Canada Steamship pref 100
Canadian Canners corn...•
Convertible pref
100
181 preferred
Can Car St Fdry pref_25
Can General Elea pref__50
314
68
3
1911
4
3%
434
52
12
55
68
334
2034
4
3%
434
53
1234
55
10
118
25
120
10
140
45
60
18
*
Canadian 011 corn
100
Preferred
Canadian Pacific Ry___25
Cockshutt Plow com__--.
Consolidated Bakeries—.
Cons Mining & Smelt_25
100
Consumers Gas
Dominion Stores com___•
12%
3%
2%
64
9
93
1211
354
2%
58
172
1714 16
914
93
1531
4
314
6554
174%
1714
*
Fanny Farmer corn
Ford Co of Canada A_ _ --.
Goodyear T & R. pret__100
Gypsum Lime & Alabas •
Hamilton Cottons pref _30
Hayes Wheel & Forg corn.
Made 3c Dauche Paper.._
Internal Milling 1st pr..100
Internat Nickel com____•
10
7%
88
2
9
814 10
714 8
88
85
234
2
534 514
%
%
2
2
99
98
814 9%
Range Since Jan. 1.
High.
Low.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
114
ja.
Jan 100
Jan 12
Jan 19
Jan 10
lh
Jan
611
Jan
Jan 1614
431
Jan
Jan 28
1
92
1134
18
834
1
6
1514
4
25
Jan
68
211 Jan
1714 Jan
Jan
Jan
Jan
Jan
Jan
3
414
5014
10
55
Jan
68
331 Jan
20% All
Jan
Jan
Jan
Jan
Jan
314
534
53
1234
5614
Jan
Jan 10
Jan
Jan 96
Jan 16% Jan
414 Jan
Jan
314 Jan
Jan
Jan
Jan 68
Jan 174% Jan
Jan 1714 Jan
9
20
10 93
7,443 1234
354
260
2
460
1,169 5714
57 170
866 16
105
959
137
285
10
50
115
28
7,695
814
7.14
85
1%
534
14
2
98
8%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10
8
91
231
534
1,4
214
99
934
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
38
Laura Secord Candy corn •
Loblaw Groceterlas A____* 1111 1114
la.B11
3
*
3
Massey-Harris corn
634
614
*
Moore Corp corn
70
100 72
A
85
100 85
B
5
Ont Equit Life 10% pd-100
•
h
Orange Crush corn
3734
1134
11
3
7
72
8534
5
54
25
963
56
180
195
10
25
15
50
36
1134
11
2%
614
70
85
5
44
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
33
1134
11%
314
7
79
8634
514
14
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4934
814
8
314
10
1634
2534
3%
4%
9%
5334
50
9
8
314
10
1634
26
314
4%
934
55
90
57
5
123
15
180
95
50
583
715
30
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3% Jan
454 Jan
914 Jan
5314 Jan
5334
914
814
314
12
17
27
4
534
914
55
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
137
147
155
177
260
137%
170
138
14734
155
180
263
141
170
186
55
19
46
37
66
20
Loan and Trust—
100 139% 13954
Canada Permanent
714
50
Economic Invest
96
Huron & Erie Mtge.._.100 96
200
WO
National Trust
166
Toronto General Trusts 100 166
95
50 95
Toronto Mortgage
140
734
98
200
167
9834
Page-Hersey Tubes com__• 50
Photo Engrav & Electro..•
Riverside Silk Mills A_ •
St Lawrence Pap Mills pf_.
Simpson's Ltd pref___ _100
Steel Co of Canada nom-. 1634
_25 2534
Preferred
Union Gas
434
Walkers (Hiram) com___.
934
•
Preferred
West Can Flour Mills pref. 5334
Banks—
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
100
100
100
100
100
100
100
137
147
260
170
4931
834
7
354
9
1634
2514
137
135
148
177
260
137
164
Jan
Jan
Jan
Jan
Jan
Jan
Jan
140
148
155
189
263
143
172
41 13954 Jan 153
734 Jan
23
714
Jan 102
43 96
Jan 212
11 200
Jan 167
32 166
Jan 9814
28 95
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
• No par value.
Toronto Curb.—Record of transactions at the Toronto
Curb, Jan. 21 to Jan. 27, both inclusive, compiled from
official sales lists:
Stocks—
sales
Friday
Last Week': Range for
or Prices. Week.
Sale
Par. Price. Low. High. Shares.
•
Biltmore Hats corn
.
Brewing Corp com
Can Bud Breweries com . 614
* 1334
Canada Malting Co
. 15
Canada Vinegars corn
Can Wire Bound Boxes A_.
Consolidated Press A
Cosgrove Expt Brewery -10
Canada Paving pref
8
454
DIstillers Corp Seagrams.•
* 1711
Dominion Bridge
Dom Motors of Canada-10
Dom Tar & Chemical com *
Goodyear T & Rub corn_ *
Hamilton Bridge corn____•
Imperial Tobacco ord.._ —5
Montreal L H de P Cons...*
*
Nati Breweries corn
•
N8t1Steel Car Coro
Power Corp of Can corn__*
•
Rogers Magutlo
Robert Simpson pref__.100
Service Stations corn A___*
3hawinigan Water dc Pow_•
Foronto Elevators com_ __•
ails—
a
British American On
:town Dominion 011 Co_ •
•
Imperial Oil Ltd
International Petroluem...•
2dcColl Frontenao 011 com*
100
Preferred
3upertest Petroleum ord_ •
*
No par value.
8
31
334
1214
754
834
1114
Range Sines Jan. 1.
Low.
614 611
1334 14
15
15
4
4
5
5
111 I%
5.
5
334
54
6
1334
1314
4
5
154
5
434 414
17% 18
111 2
114 114
6714 6714
211 234
178
175
70
10
5
35
414
1614
111
134
66
231
Jan
Jan
Jan
Jan
Jan
Jan
5
18
211
lh
6714
334
Jan
Jan
Jan
Jan
Jan
Jan
834
8
3034 31
16% 1614
774 734
714 734
660
805
20
5
25
8
3034
16%
6
754
Jan
Jan
Jan
Jan
Jan
834
32
1634
8
8%
Jan
Jan
Jan
Jan
Jan
1
1
65
65
331
3
1234 1334
1314 1334
15
10
550
120
25
1
65
3
1054
1334
Jan
Jan
Jan
Jan
Jan
1
74
334
1334.
14
Jan
Jan
Jan
Jim
Jan
734 8
234 234
ft% 9
1114 1111
3,226
40
3,066
2,202
734
234
834
1134
Jan
Jan
Jan
Jan
834
311
gh
12
Jan
Jan
Jan
Jan
834 844
60
60
13
12
1231
12.
240
1
220
9
8
Jan
Jan
Jan
Jan
9
60
14
13
Jan
Jan
Jan
Jan
331
34
Ws
so
12
12
Jan
Jan
Jan
Jan
Jan
ALI
Jan
Jan
Jan
High.
150
75
635
167
100
20
50
15
5
331
331
34,
tiu
14
1534
434
5
132
10
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan. 28 1933
of New York—Monthly Statement.
Merchandise Movement at New York.
Month.
Imports.
1932.
January-February.
March— April
May
June
July
A ugust-- September
October _
Total
Customs Receipts
at
New York.
Exports.
1931.
1932.
$
$
I
65,450.212, 87.278,8071 44,388,825
68,324,224' 83.741,7231 47.040,635
67,088,157101,718,797j 48.261.354
61,785,558, 90,924,314 42,176,624
52,497.498 83,714.133, 38,337,589
52,482,112 89,982,205 36.817,616
37.656,849 84,823.099 35,157.319
43,067,631, 81,423,455 31,607,397
48,988.212 94,872.046 36.988.907
54,474,928 92,059,201 38,279,461
1931.
I
$
I
94.604.523
91.336,302
85,927.653
80.714.213
74.505.792
74,235,131
67.058.129
59.208,716
67;749.087
65,352,268
1932.
1931.
13.177.166
12.756.94
12.047,238
10.741,892
9,019,643
9,079,203
7,704,834
11,864.718
14,253,71
13,883.709
15,764,232
15,741,196
17,612.788
14,702.264
13,569,915
14.455,069
17,237,635
20,162,713
21,683,259
18.506.473
551,815,379890,537,771 399055,727760,691,614 114,529,062 169.435,544
Movement of gold and silver btu ten months:
Gold Movement at New York.
Month.
1932.
January...
February _
March..April_ _
Map .....
June
July
August_ - September
October
Total_
Silver—New York.
Exports.
Imports.
1931.
I
1932.
1931.
Imports.
Exports.
1932.
1932.
3
$
I
9.464,455 107,842.041
11.309,143 128.185.769
20,320,531 43,902.866
2,000
36,213,539 49.480,976
46,392,331 212.143.353
20,000
35,321.267 226,087.954
37,000
10,926,608 23,472,951 1,000.328
32,500
25.844.790 18.058,424
35.000 28,690,327
35.034.945
35,000398.471.056
25,656.339
919,079
572,257
829.844
494.562
1,116.271
700.483
1,229,933
715.007
992.889 1.600,430
616.597 1,036,089
213.623
533.848
738,215
272,409
781.306
554.106
353,207
650,348
80,916.165256.423.948809.244.334,428.253,211
7.790.965 7,129,539
8
19.067.937
7,221,315
6,630.355
8.164.462
2,919.081
2,229,613
2,484,659
10,268,482
16,170,722
10,759,539
.
National Banks.—The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE APPROVED wrrn
TITLE REQUESTED.
Capital.
Jan. 19—The First National Bank of' Stockton, Stockton, RI.. 825,000
Correspondent: Paul Jones, Stockton, Ill.
CHANGE OF TITLE.
Jan. I6—"The State-National Bank of Peru, Ill.," Peru, Ill.. to
"State-National Bank of Peru."
Jan. 18—The Hatfield National Bank & Trust Co., Hatfield, Pa.,to
"The Hatfield National Bank."
VOLUNTARY LIQUIDATIONS.
Jan. 17—The First National Bank of Whitney, Tex
$50,0043
Effective Jan. 10 1933. Liquidating agent. W. A.
Winkleman, Whitney, Tex.
Succeeded by First National Bank in Whitney, Tex.,
No. 13649.
Jan 19—The First National Bank of Medford, Wig
50,000
Effective Jan. 11 1933. Liquidating committee: Win
Suits, Carl M. Nelson, and O. G. Blakeslee, care of
the liquidating bank.
Absorbed by the State Bank of Medford, Wis.
Jan. 21—The First National Bank of Karen.% Tex
60.000
Effective Jan. 18 1933. Liquidating agent, Earl
Seale, Herons, Tex.
Succeeded by First National Bank of Kerens, No. 13656.
Auction Sales.—Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
In New York, Boston, Philadelphia, and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares. Stocks.
ti Per Sh..
10 National City Bank of New R.ochelle (N. Y.)
20
40 First mortgage Guaranty de Title Co.(New Rochelle)
20
10 Trust Co. of Larchmont (N. Y.)
105
448 R. & It. Realty Corp. of Stamford, Conn
$700 lot
Bonds—
Per Cent.
85,000 bond and mortgage covering premises at 126 Moore St., Brooklyn,
N. Y., 53,§%,due June 6 1934
92
$4,250 bond and mortgage 515%. due May 11933, covering premises at 32-44
79th St., Jackson Heights, N.Y
80
American
Royalty
435,000 Consolidated
Corp. 5-year 5% gold dabs, due
April 1 1936
$1,250 lot
$1.000 Driver Harris 1st mortgage (35 01 1942
5131
By Barnes & Lofland, Philadelphia:
Shares.
Stocks.
3 per Share.
20 Jersey Ceara, Power & Light Co. 7% Pref., par $100
8234
100 United Gas Improvement Co. common, no Par
20
50 Standard Oil Co., New Jersey
3054
100 Phbadelphia Electric Power Co. 8% pref., par $25._
3134
100 Kennecott Copper Corp., common, no par
9
100 Baldwin Locomotive Works, common, no par
434
50 National Power & Light Co.. common, no par
1354
100 National Dairy Products Corp., common, no par1454
24 Bank of America of California
2
30 North Pennsylvania 1111., Co
8254
11 City National Bank of Philadelphia, par 3100
25
14 Philadelphia National Bank. par $20
6554
50 Central-Penn National Bank, par $10
2814
I Fidelity-Philadelphia Trust Co., par 3100
405
18 Pennsylvania Co. for Ins. on Lives & Granting Annuities, par $ie46
11 Integrity Trust Co.. par 410
8
10 Mrs.Smith's Delicious Home Made Pies. Inc.. common
6
90 Autocar Co.. common
1
200 Glen Willow Ice Mfg. Co.. par $10
254
10 Girard Trust Co
8634
Bonds—
Per Cent.
$2,000 Altoona & Logan Valley Electric Ry. Co. 414%, due Aug. 15 1933_34 flat
$1.000 Hotel Sylvania (Phila.) 6% lot mortgage, due April 1 1932
40 flat
$1,000 The Touraine Buildings, Phila., 511% lit mtge., due Jan. 1 1932_ -40 flat
$1,500 The Wyneva No. 2, Philadelphia,6% let mtge., due May 8 1933_ _40 rim
31,000 Argyle Court, Ardmore, Pa., 511% let mtge., due Jan. 20 1932-40 flat
$1.000 premises south corner Jasper and Butler Streets, Philadelphia, 534%,
1st mortgage, due May 1 1933
40 flat
$500 premlsee S. W. corner Fifth and South Streets, Philadelphia, 6% 1st
mortgage, due July 1 1932
40 fla
Volume 136
Financial Chronicle
617
By R. L. Day & Co., Boston:
$ per Share.
Shares.
Stocks.
268
15 State Street Trust Co., Boston, par .6100
100 Banco Hipotecarlo de Colombo (Mortgage Bank of Colombo). par 20
$110 lot
pesos' American shares temp elf
20
2 University Associates, par $100
2
50 George E. Keith Co. 1st pref., par 5100_
31
8 American Druggist Fire Insurance Co., par $25
15
25 Springfield Mortgage Corp., par 8100
5 Agnew Pharmaceutical Co., par 410; 2 American Building Garage Co., par
3100; 20 The Apothecary Publishing Co., pref., par $5; 10 Bowles-Agawam
Airport, Inc., par $100: 13 Tampa Cuba Cigar Co., par $10; 6 Vadseo Sales
Corp., common; $50 Eastern States Exposition 4s, Sept. 1953, reg.; 10
Minard Co., pref.. par $10; 6 Corn Fix Co., Inc., pref., par $10; 10 Wrigley
Pharmaceutical Co., common, par $1; Personal note of John M. McCaffrey.
dated March 29 1930, on demand for $400
$90 lot
100 Associated Gas & Electric Co., class A; 100 Cities Service Cos., common;
60 Boss Mfg. Co.. common, par 5100; 200 United States Electric Light &
Power Shares, Inc., series A: 4,080 units United Fuel & Supply Co., reorganization trust Ott., series B: 2 The Lake Ports Supply Co., pref.:
$49.84 The Lake Ports Supply Co., scrip
$7,000 lot
85
25 Collateral Loan Co., par $100
$200 Springfield Masonic Hall Association, elf. of Indebtedness
834 lot
Name of Company.
Fire Insurance (Concluded).
Pennsylvania Fire Ins. Co.(annual)._ _ _
Seaboard Ins. (Bait.),(guar)
Westchester Fire Ins
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
$55 Feb. 1 Holders of rec. Jan. 23
1238c Feb. 15 Holders of rec. Feb. 5
25e. Feb. 1 Holders of rec. Jan. 21
Miscellaneous.
Amer. Elect. Secure. Corp.. pref. (guar.) Sc. Feb. 1 Holders of rec. Jan. 25
American Home Products(monthly)- - -35e. Mar, 1 Holders of rec. Feb. 14
Amer.Tob. Co., The., com.& corn B (qu) 5134 Mar. I Holders of rec. Feb. 10
Artloom Corp., pref. (guar.)
5513.4 Mar. 1 Holders of rec. Feb. 14
Automotive Gear Works. Pref. (guar.)-- 4134c Mar. I Holders of rec. Feb. 20
Barber(W.H.), pref.(guar.)
$138 Apr. 1 Holders of ree. Mar. 27
Preferred (guar.)
3134 July 1 Holders of rec. June 26
Preferred (guar.)
5134 Oct. 1 Holders of rec. Sept.26
Bigelow-Sanford Carpet Co.-No preferr ed divl dend action.
Boston Sand 4r Gravel Co.,7% p1.(qu.)
134 Jan. 3 Holders of ree. Dec. 22
Brewer(C.)&Co.(monthly)
75c. Jan. 25 Holders of ree. Jan. 20
(Monthly)
75e. Feb. 25 Holders of rec. Feb. 20
(Monthly)
75e. Mar.25 Holders of rec. Mar.20
Bourtols, Inc., 5234 pref. (guar.)
68340 Feb. 15 Holders of rec. Feb. 1
By A. J. Wright & Co., Buffalo:
Buckeye Pipe Line Co.(guar.)
75e. Mar. 15 Holders of rec. Feb. 17
$ per Share.
Shares.
634% preferred (guar.)
Stocks.
134 Feb. 1 Holders of rec. Jan. 26
6% preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 26
50e. lot
500 Adargas Mines, par 1 peso
Buckeye Steel Castings Co.-Common dl Addend omitte d.
15e.
10 Angel International Corp.,common,par $I
634% preferred (guar.)
134 Feb. 1 Holders of ree. Jan. 26
6% preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 26
DIVIDENDS.
Bunte Bros., prof. (quar.)
2134 Feb. I Holders of rec. Jan. 25
10e. Mar. 4 Holders of rec. Feb. 4
Burroughs Adding Mach. Co.(quar.)-.
Dividends are grouped in two separate tables. In the Canadian
OS CGS., Ltd., coin.(guar.).- 12340. Feb. 15 Holders of rec. Feb. 1
Preferred (guar.)
first we bring together all the dividends announced the
$2 Apr, 1 Holders of rec. Mar.20
Charts Corp., corn. (qua:.)
3734c Feb. I Holders of rec. Jan. 27
current week. Then we follow with a second table in Chain
Belt Co., coin. (guar.)
10c. Feb. 15 Holders of rec. Feb. 1
23c. Feb. 1 Holders of rec. Jan. 20
which we show the dividends previously announced, but Coast Breweries, Ltd
Feb. I Holders of rec. Jan. 31
Colonial
Life
(guar.)
_
Ins.
Co.
$5
which have not yet been paid.
Columbia Dental Mfg.(guar.)
$1 Jan. 28 Holders of rec. Jan. 23
The dividends announced this week are:
Preferred (guar.)
$134 Jan. 28 Holders of rec. Jan. 23
Columbus Packing, pref. (guar.)
5134 Feb. 1 Holders of rec. Jan. 16
25c. Feb. 10 Holders of rec. Feb. 1
Commercial Discount Co.,tom.(quar.)
When
Books Closed
Per
Continental Amer. Life Ins. (quar.)
30c. Jan. 25 Holders of rec. Jan. 17
Payable.
Days
Inclusive.
Cent.
Name of Company.
Diamond Ice & Coal,7% pref.(guar.).134 Feb. 1 Holders of rec. Jan. 26
Diem & Wing Paper,7% pref.(quar.)_ - _
134 Feb. 15 Holders of ree. Jan. 31
Railroads (Steam).
Dominguez 011 Field (monthly)
15c Feb. I Holders of rec. Jan. 24
52.125 Apr. 1 Holders of ree. Mar. 20
Boston & Providence (guar.)
Electric Shareholdings Corp.
$2.125 July 1 Holders of rec. June 20
(Quarterly)
56 pref., optional series with warrants!
1000 Mar. 1 Holders of ree. Feb. 4
1
Holders
of
rec.
Oct.
Sept.
20
$2.125
(Quarterly)
Employers Re-Insurance Corp.(guar.)_ _
400. Feb. 15 Holders of rec. Jan. 31
6 Jan. 31 Holders of rec. Jan. 21
Cincinnati Northern (s.-a.)
Esmond Mills, pref.(guar.)
88c. Feb. 1 Holders of rec. Jan. 28
8734c Mar. 1 Holders of rec. Feb. 10
Cleveland & Pittsburgh, guar.(quar.)
Fatrey Aviation Co., Ltd., Amer. shs
16e. Jan. 30 Holders of rec. Jan. 23
50c Mar. 1 Holders of rec. Feb. 10
Special guar. (guar.)
Financial Institutions, $6 pref.(quar.)_. $134 Feb. 1 Holders of rec. Jan. 19
8734c June 1 Holders of rec. May 10
Guaranteed (guar.)
Franklin Co
$3 Feb. 1 Holders of rec. Jan. 20
sgc June 1 Holders of rec. May 10
Special guaranteed(qua:.)
$1 Feb. 2 Holders of rec. Jan. 25
8734c Sept. 1 Holders of rec. Aug. 10 1 Franklin Mutual Fund (s-a)
Guaranteed (guar.)
Gen'l Outdoor Adv. Co., Inc., pref.(qu.) $134 Feb. 15 Holders of rec. Feb. 6
Special guaranteed (qua:.)
50c Sept. 1 Holders of rec. Aug. 10
.
Girard
Life
Ins.
Co.,
annual
75c. Feb. 15 Holders of rec. Feb. 1
Nov.
10
Holders
of
rec.
8734c
Dec.
1
Guaranteed (guar.)
Grand Union Co., Prof. (quar.)
75e. Mar, 1 Holders of rec. Feb. 10
50c Dec. 1 Holders of rec. Nov. 10
Special guaranteed (guar.)
Great Lakes Engineering Works(guar.).
Sc. Feb. 1 Holders of rec. Jan. 24
Erie & Kalamazoo(semi-ann.)
$1% Feb. 1 Holders of rec. Jan. 96
Hardesty (R.), 7% prof. (guar-)
138 Mar. 1 Holders of rec. Feb. 15
Erie & Pittsburgh 7% guaranteed (guar.) 87e Mar. 1 Holders of rec. Feb. 28
7% preferred (guar.)
138 June 1 Holders of rec. May 15
7% guaranteed (guar.)
873.c June 1 Holders of rec. May 31
7% preferred (guar.)
138 Sept. 1 Holders of rec. Aug. 15
7% guaranteed (quar.)
8734 Sept. 1 Holders of rec. Aug. 31
7% preferred (quar.)_
1% Dec. 1 Holders of rec. Nov. 15
7% guaranteed (guar.)
8734c Dec. 1 Holders of rec. Nov. 30
Holt (H.) & Co., class A (guar.)----2234e. Mar. 10 Holders of rec. Feb. 8
Guaranteed betterment (qua:.)
80c Mar. 1 Holders of rec. Feb. 28
Hoover & Allison. prof. (quar.)
134 Mar. 1 Holders of rec. Feb. 14
Guaranteed betterment (Qua:.)
SOC June 1 Holders of rec. May 31
Howe Publishing Co.,7% pref. (guar.)- 134 Jan. 20 Holders of rec. Jan. 20
Guaranteed betterment (qua:.)
80e Sept. 1 Holders of rec. Aug. 31
Ingersoll-Rand. corn. (guar.)
3734e. Mar. 1 Holders of rec. Feb. 6
Guaranteed betterment (guar.)
800 Dec. 1 Holders of ree. Nov.30
Intl. Safety Razor,el. A (qua:.)
130c. Mar, 1 Holders of rec. Feb. 15
Mar. 18 Holders of rec. Feb. 28
Norfolk & Western, common (guar.)... $2
Interstate Hosiery Mills,Inc. (quar.)40c. Feb. 15 Holders of rec. Feb. 1
North Carolina (s.-a.)
3% Aug. 1 Holders of rec. July 20
IntertyPe
Corp.,
let
$2
Apr. 1 Holders of rec. Mar. 15
pref.
rec.
Dec.
18
(guar.)
Mar. 1 Holders of
North. RR. of New Jer. 4% gtd. (guar.) $1
Jones, Laughlin Steel,7% cum.pt.(qu.)
25c. Apr. 1 Holders of rec. Mar. 13
June 1 Holders of ree. May 23
4% guaranteed (guar.)
$1
Kendall
Co.,
pref.
A
Mar.
1 Holders of rec. Feb. 100
$134
(guar.)
Aug.
21
Holders
of
rec.
1
Sept.
$1
4% guaranteed (guar.)
Kroger Grocery & Baking Co.. Inc.
Dec. 1 Holders of rec. Nov. 20
$1
4% guaranteed (guar.)
7% 2nd preferred (quar.)
134 May 1 Holders of rec. Apr. 20
Pennsylvania
50c. Mar.1' Holders of rec. Feb. 15
Lehigh Coal & Navigation (guar.)
10c. Feb. 28 Holders of rec. Jan. 31
Pittsburgh Fort Wayne & Chicago (qu.) 1% Apr. 4 Holders of rec. Mar. 10
Lehn & Fink Products Co., tom.(qua:.) 50e. Mar. 1 Holders of rec. Feb. 15
7% preferred (qua.)
1% Apr. 4 Holders of rec. Mar. 10
Lock Joint Pipe (monthly)
33 1-3c Jan. 31 Holders of rec. Jan. 31
11( July 4 Holders of rec. June 10
(Quarterly)
(Monthly)
33 1-3c Feb. 28 Holders of rec. Feb. 28
I% July 4 Holders of rec. June 10
7% preferred (guar.)
(Monthly)
33 1-3e Mar.31 Holders of rec. Mar.31
(Quarterly)
13 Oct. 3 Holders of rec. Sept. 9
Preferred
Apr. 1 Holders of rec. Apr. 1
(guar.)
$2
7% preferred (guar.)
1% Oct. 3 Holders of rec. Sept. 9
July 1 Holders of rec. July 1
$2
Preferred (guar.)
(Quarterly)
1% Jan.2'34 Holders of rec. Dec. 9
87340 Feb. 1 Holders of rec. Jan. 27
MacKinnon Steel, pref. (qua:.)
7% preferred (guar.)
1% Jan.2.34 Holders of rec. Dec. 9
Mallory Hat Co., preferred (guar.)... 3134 Feb. 1 Holders of rec. Jan. 21
Pittsburgh Youngstown dc AshtabulaMarine Bancorp, initial stock (quar.)-- 15e. Feb. 1 Holders of rec. Jan. 20
7% preferred (guar.)
15( Mar. 1 Holders of rec. Feb. 20
15c. Feb. 1 Holders of rec. Jan. 20
Fully participating (guar.)
7% preferred (guar.)
15( June 1 Holders of rec. May 20
750 Feb. 1 Holders of rec. Jan. 12
Metropolitan St. Warehouse, (quar.)._
7% preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 21
Midland Mutual Life Ins. Co. (guar.)- - 5234 Feb. 1 Holders of rec. Jan. 23
7% preferred (guar.)
1% Dec. 1 Holders of rec. Nov.20
Minneapolis-Honeywell Regulator Co.
Reading Co., lot preferred (guar.)
50e. Mar. 9 Holders of rec. Feb. 16
25c Feb. 15 Holders of rec. Feb. 4
Common (guar.)
Utica Clinton & Binghamton (q11.)
1
Feb. 10 Holders of rec. Jan. 31
1% Feb. 1 Holders of rec. Jan. 16
Muller Bakeries, Inc., 7% pref. (qu.)
Muskogee Co., 6% cum. pref. (quar.)_
1% Mar, 1 Holders of rec. Feb. 18
Public Utilities.
700 Apr. 15 Holders of rec. Mar. 17
National Biscuit, common (guar.)
Bridgeport Gas Light (guar.)
60e Mar. 31 Holders of rec. Mar. 17
$1% Feb. 28 Holders of rec. Feb. 14
Preferred (quar.)
Brooklyn Edison Co. (quar.)
$2
Mar. 1 Holders of rec. Feb. 3
Jan. 31 Holders of rec. Jan. 10
$1
National Licorice, nom. (guar.)
Brooklyn Union Gas Co. (guar.)
El% Apr. 1 Holders of rec. Mar. 1
Nelsner Bros., Inc., preferred (quar.)-- $138 Feb. 1 Holders of rec. Jan. 18
California Water Service 6% pref.(qu.)134 Feb. 15 Holders of rec. Jan. 31
Neon Prod. of West'n Canada, Ltd.Canadian Hydro-Electric Corp., Ltd.
75e. Feb. 1 Holders of ree. Jan. 15
6% preferred (guar.)
1st preferred (guar.)
$134 Mar. 1 Holders of ree. Feb. 1
Niagara Share Corp. of Md.Central Vermont Pub. Serv. 116 pt.(qu.)- $I% Feb. 15 Holders of rec. Jan. 31
$134 Apr. I Holders of rec. Mar. 15
Class A $6 preferred (guar.)
Feb. 1 Holders of rec. Jan. 20
Citizens Water Co. (Burlington) (s.-a.). 53
$134 July 1 Holders of rec. June 15
Class A $6 preferred (guar.)
5% preferred (semi-ann.)
234 Feb. 1 Holders of rec. Jan. 20
$1% Oct. 1 Holders of rec. Sept. 15
Class A $6 preferred (guar.)
Concord Gas 7% pref. (guar.)
I% Feb. 15 Holders of rec. Feb. 2
21% Jan2'3 Holders of rec. Dec. 15
Class A $6 preferred (guar.)
Connecticut Lt. elt Pow,534% pref.(qu.) 114 Mar. 1 Holders of rec. Feb. 15
75e Mar. 1 Holders of rec. Feb. 15
Northam Warren Corp., cony. pf.(qu.)_
63.4% preferred (guar.)
14 Max. 1 Holders of rec. Feb. 15
Sc. Feb. 15 Holders of rec. Feb. 6
Oahu Sugar ,Co.. Ltd. (monthly)
Connecticut Power Co., corn. (guar.)._ 623fic. Mar. 1 Holders of rec. Feb. 15
Ohio State Life Ins. Co.(quar.)
Eastern Gas & Fuel ASSOC., corn. Initta
15c. Mar. 1 Holders of rec. Feb. 15
$234 Feb. 1 Holders of ree. Jan. 16
Feb. 1 Holders of rec. Jan. 16
Eastern CUL Assoc., tom.(guar.;
500. Feb. 15 Holders of rec. Jan. 27
$2
Extra
Empire & Bay State Teleg 4% gtd.(qu.) El
Mar, 1 Holders of rec. Feb. 18
Powdrell & Alexander, pref. (guar.)---- $154 Apr. 1 Holders of rec. Mar. 17
Quincy Market Cold Storage & Whse.Co.
4% guaranteed (guar.)
June 1 Holders of rec. May 20
$1
25e. Feb. 1 Holders of rec. Jan. 19
4% guaranteed (guar.)
$1
Sept. 1 Holders of rec. Aug. 21
Preferred (quar.)
250. Mar. I Holders of rec. Feb. 150
$1
Dec. 1 Holders of rec. Nov. 20
Reynolds Metals Co.. corn. (quar.)---4% guaranteed (guar.)
Rose's Sc. 10 & 25c Stores, 7% pf. (Qu.) 1% Feb. 1
Empire Gas & Elec.Co.8% pref. A (qu.) 134 Mar. 1 Holders of rec. Jan. 31
290. Feb. 15 Holders of rec. Feb. 7
1% Mar. 1 Holders of rec. Jan. 31
San Carlos Mill (monthly)
7% preferred C (guar.)
30e. Feb. 15 Holders of rec. Feb. 6
134 Max. 1 Holders of ree. Jan. 31
6% preferred C (guar.)
Scotten-Dillon Co. (guar.)
30c. Feb. 15 Holders of rec. Feb. 6
European EI.Corp.,Ltd.,com.A &13(qu.) 17340. Feb. 15 Holders of rec. Feb. 6
Extra
350. Feb. 1 Holders of rec. Jan. 20
750. Feb. 1 Holders of rec. Jan. 23
Security Insurance (qua:.)
Fall River Gas Works Co
Apr. 20 Holders of rec. Mar.31
50e. Mar. 1 Holders of rec. Feb. 15
$2
Sheaffer(W. A.) Pen, pref. (guar.)
Freeport Texas Co.,corn.(guar.)
July 20 Holders of rec. June 30
52
Haverhill Electric Co
88e. Jan. 7 Holders of rec. Jan. 6
Preferred (guar.)
$2
15c. Mar. 1 Holders of ree. Feb. 1
Oct. 20 Holders of rec. Sept.30
Industrial Pow. Securities, corn.(guar.).
Preferred (guar-)
50. Mar. I Holders of rec. Feb. 1
25c. Feb. 15 Holders of rec. Jan. 31
Common,extra
Sherwin Williams (guar.)
$134 Mar. 1 Holders of rec. Feb. 15
Jamaica Water Supply Co.
Preferred (guar.)
1% May 1 Holders of rec. Apr. 10
734% preferred (5.-a.)
Smith (A.0.) Corp., pref.(Qum.)
El% Feb. 15 Holders of rec. Feb. 1
Kentucky Utilities, prior pref. (guar.)
37340. Feb. 20 Holders of rec. Feb. 1
Southern Pacific Golden Gate Co.
3734e. Feb. 15 Holders of rec. Jan. 31
Class A and B (guar.)
Lehigh Power Security Corp.,$6 pf.(qr.) El% Feb. 1 Holders of re*. Jan. 24
We. Feb. 1 Holders of rec. Jan. 27
134 Feb. 15 Holders of rec. Jan. 31
6% cum. preferred (guar.)
Long Island Lighting Co., corn. (guar.).
Mohawk Hudson Pow.Corp.,1st pf.(qu.) $134 May 1 Holders of rec. Apr. 15
Southern Pipe Line Co. (guar.)
100. Mar. 1 Holders of rec. Feb. 15
5134 Apr. 1 Holders of rec. Mar. 15
Standard Cap & Seal Corp., corn. (qu.)_
2d preferred (guar.)
60c Feb. 15 Holders of rec. Feb. 1
Sun Oil Co., corn. (quar.)
25c Mar. 15 Holders of rec. Feb. 25
New Jersey & Hudson River RYA,Ferry
Feb. 1 Holders of ree. Jan. 31
8
6% preferred (e.-a.)
$134 Mar. 1 Holders of rec. Feb. 10
Preferred (guar.)
650. Mar. 1 Holders of rec. Feb. 15
Troxel Mfg. Co.. pref.(guar.)
New York Steam Corp., tom. (guar.)._
El% Feb. 1 Holders of ree. Jan. 20
25e. Mar.31 Holders of rec. Mar. 3
Trunz Pork Stores (guar.)
Niagara Hudson Pow.(guar.)
25c. Feb. 8 Holders of rec. Feb. 1
750. Feb. 1 Holders of rec. Jan. 20
Trustee Standard InvestmentPrinceton Water Co.(N.J.) (guar.),._
05153c Feb. 1
Public Serviee Co. of Ind., $6 pref.(qu.) 8134 Feb. 15 Holders of rec. Jan. 31
Series C (guar.)
40e. Jan. 17 Holders of rec. Jan. 16
00242c Feb. 1
Series C (guar.)
Shasta Water,initial (guar.)
5134 Feb. 10 Holders of rec. Jan. 31
6.04957c Feb. 1
Series D (guar.)
Sioux City Gas & Elec., pref.(quar.)
Apr.
1
Feb. I
Holders
of
rec.
e.0241e
Carolina
(qu.)
5134
Mar.
15
Series
Power
pref.
D
Co.,
$6
(guar.)
South
$2 Feb. 15 Holders of rec. Feb. 4
62340 Feb. 10 Holders of rec. Feb. 1
Union Storage Co. (guar.)
Stamford Water Co.(qua:.)
560. Feb. 15 Holders of rec. Jan. 31
Milted Engineering & Foundry Co.
Tampa Electric Co., corn,(guar.)
250 Feb. 10 Holders of rec. Jan. 31
Common (guar.)
Preferred (guar.)
5134 Feb. 15 Holders of rec. Jan. 31
5134 Feb. 10 Holders of rec. Jan. 31
300. Mar. 31 Holders of rec. Feb. 28
Preferred (guar.)
United Gas Improvement Co.,com.(CIU.)
Feb. 15 Holders of rec. Feb. 1
51
Mar.
31
Holders
of
rec.
Vick
Feb.
28
7340
corn.
Financial
Corp.,
Preferred (quar.)
1% Apr. 20 Holders of rec. Apr. 70
134 Mar. 1 Holders of rec. Feb. 15
Vulcan Detinning Co., pref. (enar.)
West Ohto Gas Co.,7% pref.(guar.)._
Mar. 1 Holders of rec. Feb. 1
$4
Weill (R.) & Co.(s.-a.)
Western Dairy Products, Inc.Fire Insurance.
$1% Mar. 1 Holders of rec. Feb. 8
Class A preferred (qua:.)
Merchants Fire Assurance CorD,Pf.(qu) $194 Feb. 1 Holders of rec. Jan. 23
1% Feb.
Holders of rec. Jan. 25
250. Feb. 1 Holders of rec. Jan. 23
Whiting Corp., 634% pref. (guar.)._
Common (guar.)
$134 Feb. 1 Holders of rec. Feb. 8
50c. Feb. 6 Holders of rec. Feb. 4
Worcester Salt, pref. (guar.)
Pacific Flre Ins. Co
Financial Chronicle
618
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam).
Alabama Great Southern. pref (8.-a.) -- 3135 Feb. 15
Atchison Topeka & Santa Fe, pref.(s.-a.) 3234 Feb. 1
Canada Southern (semi-annual)
5134 Feb. 1
Cincinnati Inter-Terml gtd. 1st pf.(e.-a.) 32
Feb. 1
Cleveland Cincin Chic & St. Louis (s.-a.) $5
Jan. 31
5% preferred (guar.)
134 Jan. 31
Dallas By & Terminal, 7% pref. (qu.)_ _
134 Feb. 1
Delaware RR. Co. (s.-a.)
$1 July 1
Hudson & Manhattan, pref. (8.-a.)
3231 Feb. 15
Kansas City St. Louis & Chicago135 Feb. 1
6% preferred guaranteed (quar.)
Louisiana & Missouri River, pref.(0.-a.)- 3334 Feb. 1
Loulsvi.le, Henderson & St. Louis (s-a)-- $4 Feb. 15
Preferred (s-a)
3234 Feb. 15
VI% Feb. 1
Mahoning Coat RR.,corn.(Qum.)
Jan 31
$25
Michigan Central (8.-a.)
Mine Hill & Schuylkill Haven (s.-a.)__. _ $134 Feb. 1
$1 Feb. 18
Norfolk & Western By.. ad). pref
North Carolina (s.-a.)
334 Feb. 1
Northern RR.of N.H.(quar.)
3134 Jan. 31
Peoria Se Bureau Valley (s.-a.)
6334 Feb. 10
Pittsb. Bessemer & L. Erie, corn.(qui_ _
75c. Apr. 1
6% preferred (quar.)
$135 June 1
Pittsburgh & I.ake Erie (s.-a.)
$1 34 Feb. 1
Reading Co., common (quar.)
25c Feb. 9
Sbamokin Valley & Pottsville
_ _ _ $114 Feb. 1
United N. J. RR.& Canal Co.(guar.)-- d$234 Apr. 10
3134 Feb. 1
Virginian By. Co., pref.(quar.)
Books Closed
Days Inclusive.
Floldern of rec. Jan. 6
Holders of rec. Des. 30a
Holders of rec. Dec. 27
Holders of rec. Jan. 26
Holders of rec. Jan. 21
Holders of rec. Jan. 21
Holders of rec. Jan. 20
Holders of rec. June 15
Holders of rec. Feb. la
Holders of rec. Jan. 20
Holders of rec. Jan. 20
Holders of ree. Feb. 1
Holders of rec. Feb. 1
Holders of rec. Jan. 16
Holders of rec. Jan. 21
Holders of rec. Jan. 14
Holders of rec. Jan. 31
Holders of rec. Jan. 20
Holders of rec. Jan. 40
Holders of rec. Jan. 20
Holders of rec. Mar. 15
Holders of rec. May 15
Holders of rec. Dec. 27
Holders of rec. Jan. 12
Holders of rec. Jan. 1$
Holders of rec. Mar.20
Holders of rec. Jan. 14
Public Utilities.
Alabama Power Co. $5 pref. lunar.)---- 3134 Feb. 1
Amer. Cities Pow.& Lt. el. A (quar.)- -- r75c. Feb. 1
150 Feb. 10
Series B
American Gas & Elec.. $6 Pref. (quar.)_ $134 Feb. 1
American Lt. & Traction Co.. corn.(qu.) 500 Feb. 1
134 Feb. 1
Preferred (quar.)
25c. Feb. 1
Amer. Water Work & Elec.. corn.(qui3734e. Feb. 1
Associated Telep., pref. (quar.)
Atlantic City Electric Co., $6 pref. (qui $134 Feb. 1
50e Feb. 1
Bangor Hydro-Electric Co. (quar.)
British Columbia Tel. Co.((War.)
3134 Feb. 2
6% second preferred (quar.)
134 Feb. 1
134 Feb. 1
Broadway Newport Bridge.5% Pf.(qui
Buff. Niagara & East Pr. Corp.
134 Feb. 1
$5 1st preferred (quar.)
Calgary Power Co.. Ltd.. 6% pf. (an.)- 134 Feb. 1
Central Arizona Light & Power3134 Feb. 1
$7 preferred (quar.)
3134 Feb. 1
$6 preferred (quar.)
20e Feb. 1
Central Hudson Gas & Elec. (quar.)
Central Power & Light,7% pref.(quar.) 134 Feb. 1
134 Feb. 1
6% preferred (quar.)
25e Feb. 1
Cincinnati Street By
City Water of Chattanooga (Tenn.)
134 Feb. 1
6% preferred (guar.)
Cleveland Elec. Ilium. Co.. prey. (qui - - $134 Mar. I
425c Feb. 15
_
Columbia Gas & Elec., corn. (quar.)___
134 Feb. 15
6% preferred series A (quar.)
13j Feb. 15
5% preferred (guar.)
Cony. 5% rum. pref. (quar.)
134 Feb. 15
Col. By..Pow.& Lt. Co.
134 Feb. 1
634% B preferred (guar.)
3134 Feb. 1
Commonwealth Edison Co. (quar.)
Commonwealth Utilities. pref. C
134 Mar. 1
1% Feb. 15
Concord Gas, preferred (quar.)
Connecticut By.& Light Co.corn.(qu.). 31.125 Feb. 15
31.125 Feb. 15
Preferred (quar.)
$1
Mar. 15
Consol. Gas Co. of N. Y.,com.(quar.)
3134 Feb. I
$5 preferred (quar.)
134 Apr. 1
Consumers Power Co.,$5 pref.(quar.)
134 Apr. 1
6% preferred (quar.)
1.65 Apr. 1
4.6 preferred (guar.)
7% preferred (guar.)
154 Apr. 1
50o Feb. 1
6% preferred (monthly)
50c Mar. 1
6% preferred (monthly)
50e. Apr. 1
8% preferred (monthly)
55c. Feb. 1
6.6% preferred (monthly)
55c. Mar. 1
8.6% preferred (monthly)
55e. Apr. 1
6.8% preferred (monthly)
dCumberland Co.Power & LightFeb. 1
134
(quar.)
6% preferred
Dallas Power & Light,7% pref.(quer.). 134 Feb. 1
$134 Feb. 1
$6 preferred (quar.)
Davenport Water, 6% pref. (quar.)____
13-4 Feb. 1
Dayton Power & Light, pref. (monthly) 500. Feb. 1
Derby Gas & Elec. Corp.,3634 p1.(qu.). 3134 Feb. 1
3134 Feb. 1
$7 preferred (quar.)
Edison Elec. Ilium. Co. of Boston (qu.)_ 43
Feb. 1
Electric Bond & Share Co..$6 pref. (no.) 3135 Feb. 1
$5 preferred (quar.)
3134 Feb. 1
Electric Power Associates, Inc.
100. Feb. 1
Class A & common (guar.)
Hartford Electric Light Co. (quar.).. 6834e. Feb. 1
575o. Feb. 15
Havana Elec. de Util. Co. 6% pref
20e.
Honolulu Gas, common
Houston Ltg. & Pwr.,7% pref. (guar.). 1% Feb. 1
$6 preferred (quar.)
$134 Feb. 1
25e. Feb. 1
Hydro-Elec. Security, 5% pref. B (s.-a.)
Idaho Power Co., 7% pref. (guar.)
13-4 Feb. 1
$6 preferred (quar.)
$115 Feb. 1
Illinois Northern Utilities,6% pref.(qu.) 134 Feb. 1
$7 preferred (quar.)
4134 Feb. 1
Illinois Pow.& Light Corp.,6% pt.(qu.) 3134 Feb. 1
315( Feb. 1
internat. Util. Corp.,$7 pref.(Qum.)
87140. Feb. 1
$3.14 preferred (quar.)
Kokomo Water Wks. Co.,6% pf. (qu.)_
134 Feb. 1
Lincoln Telep.& Teleg.,6%"A"pi..(qu) 134 Feb. 10
Lone Star Gas.634% pref.(quar.)
13-4 Feb. I
Los Angeles Gas & Elec. Corp.
134 Feb. 15
6% preferred (quar.)
Louisville Gas Sc Elec., ser A&B(quer.)_ 4334 Mar.25
Louisiana P.& L.,$6 pref.(quar.)
$134 Feb. 1
15c. Jan. 30
Malone Light & Power Co.(monthly)_ _ _
15c. Feb. 27
(Monthly)
15e. Mar. 30
(Monthly)
3134 Feb. 1
86 preferred (quar.)
134 Feb. 1
Michigan Gas & El. Co.. 7% Pl. (qu.)
3134 Feb. 1
$6 prior lien (quar.)
135
Feb. 1
(quar.)
6% preferred
$134 Feb. 1
$6 preferred
Milwaukee ELRy ALL Co.6% pf.(Qui 134 Jan. 31
Milwaukee Gas Light Co., 7% pf. (au) 75e. Mar. 1
134 Feb. 1
Mississippi Pr. & Lt., let pref. (quar.)_ _
Mohawk Hudson Pow. Co.. 1st pf.(qu.) $1 34 Feb. 1
Monmouth Consol. Wat.,7% Pf. (qu.)- 1% Feb. 15
$2
Feb. 15
Montreal Lt., Ht.& Pr. Co.(quar.)_
Montreal Light, Heat & Power Consol.
1380. Jan. 31
Common (quar.)
25e. Mar. 1
National Power & Light corn (quar.)- _ _ _
$1 34 Feb. 1
$6 preferred (quar.)
Nevada-California Elec. Corp., pref.(qu) $134 Feb. 1
750. Feb. 1
New Amsterdam Gas (s.-a.)
New England Water, Light & Power
Feb. 1
(quar.)
134
pref.
Association,
Holders of ree. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of roe. Jan.
Holders of ree. Jan.
Holders of ree. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
14
ba
213
9
13
13
6
14
11
10
16
15
31
Holders of rec. Jan. 14
Holders of rec. Jan. 14
Holders of rec. Jan. 14
Holders of rec. Jan. 14
Holders of ree. Dec. 31
Holders of ree. Jan. 14
Holders of rec. Jan. 14
Holders of rec. Jan. 14
Holders of rec. Jan. 20
Holders of rec. Feb. 15
Holders of ree. Jan. 10
Holders of rec. Jan. 20
Holders of rec. Jan. 20
Holders of rec. Jan. 20
Holders of ree. Jan. 14
Holders of rec. Jan. 14
Holders of roe. Feb. 16
Holders of rec. Jan. 31
Holders of rec. Jan. 31
Holders of rec. Jan. 31
Holders of rec. Feb. 3
Holders of rev. Dee. 30
Holders of rec. Mar. 15
Holders of rec. Mar. 15
Holders of rec. Mar. 15
Holders of rec. Mar. 15
Holders of rec. Jan. 14
Holders of rec. Feb. 16
Holders of rec. Mar. 15
Holders of ree. Jan. 14
Holders of rec. Feb. 15
Holders of ree. Mar. 15
Holders of roe. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of ree. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of roe. Jan.
Holders of rec. Jan.
14
21
21
20
20
20
20
101
6
6
Holders of roe. Jan. 16
Holders of rec. Jan. 14
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.
Holders of roc. Jan.
Holders of ree. Jan.
Holders of ree. Jan.
Holders of ree. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
14
14
20
14
14
14
14
10
iRa
160
20
31
20
Holders of rec. Jan. 31
Holders of rec. Feb. 28
Holders of rec. Jan. 14
Holders of ree. Jan. 20
Holders of rec. Feb. 20
Holders of rec. Mar.20
Holders of rec. Jana 14
Holders of roe. Jan. 15
Holders of rec. Jan. 15
Holders of rec. Jan. 15
Holders of rec. Jan. 15
Holders of rec. Jan. 20
Holders of reo. Feb. 26
Holders of rec. Jan. 14
Holders of ree. Jan. 16
Holders of rec. Feb. 1
Holders of rec. Jan. 31
Holders
Holders
Holders
Holders
Holders
of rec. Dee. 31
of rec. Feb. 11
of rec. Jan. 14
of rec. Dec. 300
of rec. Jan. 25
Holders of ree. Jan. 20
Name of Company.
Jan. 28 1933
Per
When
Cent. Payable.
Public Utilities (Concluded).
New York Utilities, pref. (quar.)
$155 Feb. 1
Nor. N. Y. Utilities, Inc.(monthly)__ 1235c Feb. 27
1234c Mar. 30
(Monthly)
Preferred (quar.)
$154 Feb. 1
Northern States Power Co.(DeliClass A common (quar.)
13.4 Feb. 1
Ohio Public Serv. Co., 7% pt. (mthly
58 1-30 Feb. 1
% preferred (monthly)
50e Feb. 1
41 2-50 Feb. 1
5% preferred (monthly)
Orange & Rockland Elec. Co.(quar.)_ _ _
$2 Feb. 1
Pacific Gas & El. Co., 6% cum. Pf.(qui 3734 c Feb. 15
34%,e. Feb. 15
534% cum. preferred (guar.)
Pacific Lighting Corp., corn. (quar.)- -75e. Feb. 15
Pacific Pr. & Light Co.,7% pref.(qui- ln Feb. I
$6 preferred (quar.)
$1
Feb. 1
250. Apr. 1
Peninsular Telephone Co.. corn.(quari134 Feb. 15
7% preferred (quar.)
Pennsylvania Power Co.
55e. Feb. 1
6.60% preferred (monthly)
55e. Mar. 1
6.6% preferred (monthly)
$114 Mar. 1
$6 preferred (quar.)
25e. Mar. I
Philadelphia Co.,5% pref. (s.-a.)
Philadelphia Elec. Co.. pref. (Quar.)--- $134 Feb. 1
Philadelphia Suburban W at. Co.. nf.(go) 13.4 Mar. 1
Portland Gas & Coke Co., Ore.,7% pref.
134 Feb. 1
(quar.)
134 Feb. 1
6% preferred (quar.)
$154 Feb. 1
Potomac Edison 7% pref.(quar.)
6% preferred (quar.)
134 Feb. 1
Public Service Co.of Colorado58 1-3c Feb. 1
7% preferred (monthly)
50c. Feb. 1
6% preferred (monthly)
41 2-3o Feb. 1
5% preferred (monthly)
Public Service Corp. of N.J., corn.(qu.) 80e. Mar. 31
Mar.31
2
8% preferred (quar.)
7% preferred (quar.)
154 Mar. 31
134 Mar. 31
5% preferred (guar.)
500. Jan. 31
6% preferred (monthly)
50e. Feb. 28
6% preferred (monthly)
50c. Mar.31
6% preferred (monthly)
75e. Feb. 1
Public Service Co. of No. Ill., corn.(qu.)
134 Feb. 1
7% preferred (quar.)
13.4 Feb. 1
6% preferred (quar.)
t 25e. Feb. 15
Quebec Power (quar.)
50c. Feb. 1
Rhode Island Public Serv. Co.. pf.(qu)81
Feb. 1
Class A (quar.)
20e. Feb. 1
Rockland Light & Power (quar.)
Shawinigan Water & Power Co.corn.(Qu) 1130. Feb. 15
134 Feb. 1
Sierra Pacific Elec. Co.,6% p1.(quar.)-134 Feb. 20
South Pitts. Water Co.5% PI.(s•-a.)- -Feb. 15
Sou. Calif. Edison Co., Ltd.. corn.(qu.). 2
Southern Calif. Gas Corp. $634 pf.(qu.). $155 Feb. 28
Southern Canada Power Co., Ltd.25e. Feb. 15
Common (quar.)
Standard Power & Light corn.(quar.)_- _
300. Mar. I
Preferred (quer.)
3134 Feb. 1
Suburban Elec. Sec. Co., 1st pt.(quar.)_ $134 Feb. 1
20e. Feb. 1
Telephone Investors Corp.(monthly)._ _
20e. Mar. 1
Monthly
20o. Apr. I
Monthly
Tenn. Elect. Pow.Co.5% pref.(qu.).-- 134 Apr. 1
134 Apr. 1
6% preferred (quar.)
14 Apr. 1
7% Preferred (quar.)
31.80 Apr. 1
7.2% preferred (quar.)
50o. Feb. I
6% preferred (monthly)
50c. Mar. 1
6% preferred (monthly)
50c. Apr, 1
6% preferred (monthly)
60c. Feb. I
7.2% preferred (monthly)
60c. Mar. 1
7.2% preferred (monthly)
60e. Apr. 1
7.2% preferred (monthly)
134 Feb. 1
Texas Pow.& Light Co..7% pr.(qu.) 36 preferred (quar.)
$134 Feb. 1
Toledo Edison Co.7% pref.(monthly)__ 58 1-3c Feb. I
6% Preferred (monthly)
50e. Feb. 1
41 2-3e Feb. 1
5% preferred (monthly)
Un. Lt. & Rys.Co.(Del.) 7% Pf•(mo.)-5 8 1-3c. Feb. 1
6.36% preferred (monthly)
53c. Feb. 1
6% preferred (monthly)
50c. Feb. 1
United Ohio Utilities Co.6% peel (no.) 134 Feb. 1
West Penn Elect. Co., 7% cum. pf. (qr.)
134 Feb. 15
6% cum. preferred (quar.)
134 Feb. 15
Weal Penn Power,7% pref.(quar.)
134 Feb. 1
6% preferred ((Mari
134 Feb, 1
Wisconsin Telephone Co., prof. (quar.)_ 3154 Jan, 31
York Railways, pref. (guar.)
6234c Feb. 1
Banks and Trust Cos.
Corn Exchange Bank Trust Co.(quer.). $1
Kings County Trust Co.(quar.)
$20
Fire Insurance Companies.
Boston Ins. Co. ti(quar.)
City of N.Y.Insurance Co
Franklin Fire Insurance (quar.)
Home Insurance Co.(guar.)
North River Insurance Co. lunar.)
United States Fire Ins. Co.(quar.)
(Quarterly)
West American Ins. Co.
Books Closed.
Days Inclusive.
Holders of rec. Jan. 14
Holders of rec. Feb. 20
Holders of rec. Mar. 20
Holders of rec. Jan. 14
Holders of ree. Dec. 31
Holders of rec. Jan. 14
Holders of rec. Jan. 14
Holders of rec. Jan. 14
Hoiders of roe. Jan. 25
Holders of rec. Jan. 31
Holders of rec. Jan. 31
Holders of rec. Jan. 20
Holders of rec. Jan. 18
Holders of rec. Jan. 18
Holders of rec. Feb. 6
Holders of ree. Jan. 20
Holders of rec. Feb. 20
Holders of ree. Feb. 20
Holders of rec. Feb. 10
Holders of rec. Jan. 10
Holders of rec. Feb. 1la
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of ree. Jan.
18
18
20
20
Holders of rev. Jan. 14
Holders of rec. Jan. 14
Holders of rec. Jan. 14
Holders of rec. Mar. 1
Holders of ree. Mar. 1
Holders of rec. Mar. 1
Holders of ree. Mar. 1
Holders of rec. Jan. 3
Holders of rec. Feb. 1
Holders of rec. Mar. 1
Holders of ree. Jan. 14
Holders of roe. Jan. 14
Holders of rec. Jan. 14
Holders of rec. Jan. 27
Holders of roe. Jan. 16
Holders of rec. Jan. 16
Holders of rec. Jan. 16
Holders of rec. Jan. 21
Holders of rec. Jan. 20
Holders of ree. Feb. 10
Holders of rec. Jan. 20
Holders of rec. Jan. 31
Holders of rec. Jan. 31
Holders of rec. Feb. ha
Holders of rec. Jan. 14a
Holders of rec. Jan. 16
Holders of rec. Jan. 20
Holders of rec. Feb. 20
Holders of rec. Mar. 20
Holders of rec. Mar. 15
Holders of rec. Mar. 15
Holders of rec. Mar. 15
Holders of ree. Mar. 15
Holders of ree. Jan. 16
Holders of rec. Feb. 15
Holders of rec. Mar. 15
Holders of rec. Jan. 16
Holders of rec. Feb. 15
Holders of rec. Mar. 15
Holders of rec. Jan. 14
Holders of rec. Jan. 14
Holders of ree. Jan. 14
Holders of rec. Jan. 14
Holders of rec. Jan. 14
Holders of rec. Jan. 14
Holders of rec. Jan. 14
Holders of rec. Jan. 14
Holders of rec. Jan. 12
Holders of ree. Jan. 20
Holders or rec. Jan. 20
Holders of rec. Jan. 6
Holders of rec. Jan. 5
Holders of rec. Jan. 20
Holders of rec. Jan. 20
Feb. 1 Holders of rec. Jan. 24
Feb. 1 Holders of rec. Jan. 25
$4
Apr. 1
$234 Feb. 2
25c. Feb. 1
25e. Feb. 1
/5c. Mar. 10
30c. Feb. 1
30c. May 1
$1
Miscellaneous.
Abraham & Straus. Inc., pref. (quar.)-- 3154 Feb. 1
Acme Farmers Dairy, 7% pf• (s.-a.)---- 334 Feb. 10
50c. Feb. 1
A dams-Millis Corp., corn. (quar.)
3154 Feb. 1
Preferred (quar.)
1 3 1-3e Feb. 1
Affiliated Products (monthly)
Agnew Surp. Shoe St. Ltd.,7% pf.(qu.)134 Apr. 1
15e. Feb. 1
Alaska Juneau Gold Mining (quar.)--134 Mar. 1
Allegheny Steel Co.,7% Met (quar.) - Allied Chemical & Dye Corp., corn.(qu.) 314 Feb. 1
Allied Kid Co..$634 preferred (quar.)--- $134 Feb. I
$1
Feb. 15
American Can Co.. corn.(quar.)
50c. Apr. 1
American Chicle Co.(quar.)
25c. Apr. 1
Extra
50e. Jan. 31
Amerada Corp., cap. stk. (quar.)
American Envelope,7% pref.(quar.)_
134 Mar. 1
134 June 1
7% preferred (quar.)
11.1 Sept, 1
7% preferred (quar.)
134 Dec. 1
7% Preferred (quar.)
10e. Feb. 10
American Factors Ltd. (monthly)
American Home Products (monthly)
- 35e. Feb. 1
75e. Feb. I
American Investors,$3 prof. (quar.)---Amer. Machine & Foundry Co.com.(qu) 20c. Feb. 1
60c. Feb. 15
Amer. Re-Insur. Co.(quar.)
50e. Feb. 1
American Ship Building (quar.)
50e Apr. 1
American Stores Co.,corn.(quar.)
50c Apr. 3
American Sugar Ref. Co.,corn.(quar.)
134 Apr. 3
I'referred (quar.)
$1
July 3
Amoskeag Co., common (8-a)
$234 July 3
Preferred (s-a)
Anglo-Persian 011 Co.. Ltd.Amer.dep. ree. lot pf.stk.reg.(8.41.)- zw4 Feb. 7
Amer.dep.ree. 2d pref.stk. reg.(e.-a.) zw434 Feb. 7
154 Feb. 1
Archer-Daniels-Midland, pref. (quar.)__
35e Feb. 1
Asbestos Mfg.. pref.(quar.)
Feb. 1
$134
(quar.)
Atlas Powder Co., pref.
25c Feb. 1
Austin,Nichols&Co.,Inc.,prior"A"(du.)
134 Mar. 1
Bamberger & Co.,6%% cum. pt.(qu.) _
134 Feb. 15
Beacon Mfg. Co.,6% pref. lunar.)
134 Feb. 1
Beatty Bros., Ltd.,6% 1st pref
Holders of rec. Mar. 20
Holders of rec. Jan. 14
Holders of ree. Jan. 20
Holders of rec. Jan. 14
Holders of rec. Mar. 1
Holders of rec. Jan. 20
Holders of rec. Apr. 20
Holders of ref). Jan. 14
Holders of rec. Jan. 31
Holders of rec. Jan. 17
Holders of rec. Jan. 17
Holders of ree. Jan. 18
Holders of rec. Mar. 15
Holders of rec. Jan. 10
Holders of ree. Feb. 15
Holders of ree. Jan. 11
Holders of rec. Jan. 25
Holders of roe. Jan. 250
Holders of rec. Mar. 11
Holders of rec. Mar. 11
Holders of rec. Jan. 14a
Holders of rec. Feb. 25
Holders of ree. May 25
Holders of rec. Aug. 25
Holders of rec. Nov.25
Holders of rec. Jan. 31
Holders of roe. Jan. 14a
Holders of ree. Jan. 31
Holders of rec. Jan. 21
Holders of rec. Jan. 31
Holders of rec. Jan. 14
Holders of rec. Mar. 16
Holders of rec. Mar. 6a
Holders of rec. Mar. da
Holders of rec. June 24
Holders of rec. June 24
Holders of ree. Dec. 16
Holders of rec. Dee. 16
Holders of ree. Jan. 21
Holders of ree. Jan. 20
Holders of rec. Jan. 20
Holders of rec. Jan. 13
Holders of rec. Feb. 14
Holders of ree. Feb. 1
Holders of rec. Jan. 16
Financial Chronicle
Volume 136
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Belding-Corticeill Ltd., corn.(quer.)._-- 81)4 Feb. 1 Holders of rec. Jan. 14
BeneficiallndustrialLoanCorp.,00m.(q0 37)40. Jan. 30 Holders of rec. Jan. 14
Preferred. ser. A. (quar.)
87M0. Jan. 30 Holders of rec. Jan. 14
Birtman Electric. $7 pref.(quar.)
81M Feb. 1 Holders of rec. Jan. 16
Blaunees, Inc., com.(guar.)
250. Feb. 15 Holders of rec. Feb. I
Preferred (guar.)
750. Feb. 15 Holders of rec. Feb. 1
Bloomingdale Bros.,Inc.. pref.(quar.)
El% Feb. 1 Holders of rect. Jan. 20
Blue Ridge Corp.,$3 opt.conv. pf.(qu.). f1-32 Mar. 1 Holders of rec. Feb. 4
Bohack(H.C.) Co..corn.(quar.)
62440 Feb. 1 Holders of rec. Jan. 16
7% preferred (quar.)
lid Feb. 1 Holden4 of rec. Jan. 16
Boback Realty Corp., 1st pref.(guar.).- $134 Feb. 1 Holders of rec. Jan. 16
Bon Aral Co.. class A (quar.)
$1 Jan. 31 Holders of rec. Jan. 18
Boss Manufacturing Co.. corn.(quar.)25e Feb. 16 Holders of rec. Jan. 31
7% preferred (guar.)
134 Feb. 15 Holders of rec. Jan. 31
Brakpan Mines. Ltd., ord. bearer
4811.Feb. 17 Holders of re*. Dec. 31
Ilway. Dept.Store.7% cum.1st pf. BAB lid Feb. 1 Holders of rec. Jan. 18
Broadway Newport Bridge (quar.)
234 Feb. 1 Holders of rec. Dee. 27
Brown Shoe Co., pref. (quar.)
Holders of rec. Jan. 20
134 Feb.
Byers(A. M.) Co.. pref.(quar.)
$134 Feb.
Holders of roe. Jan. 14
Colombo Sugar Estates (quar.)
400 Apr.
Holders of roe. Max. 15
Preferred (quar.)
35e Apr.
Holders of rec. Mar. 15
Campe Corp., 634% prof.(guar.)
1% Feb.
Holders of rec. Jan. 15
Canadian Bronze Co ,Ltd., cam.(quar.) 31340. Feb.
Holders of rec. Jan. 20
Preferred (qua:.'
Holders of roe. Jan. 20
$134 Feb.
Canadian Converters (quar.)
500. Feb. 1 Holders of rec. Jan. 31
Canadian Dredge & Dock CO., Ltd.,
Common (quar.)
($1 Feb. I Holders of roe. Jan. 16
Preferred (guar.)
*51% Feb. 1 Holders of roe. Jan. 16
Capital Management Corp.(quar.)
150. Feb. 1 Holders of rec. Jan. 20
Cartier. Inc.. 7% pre
87440. Jan. 31 Holders of rec. Jan. 14
Central Illinois Securities Corp. pre!.(au) 15e. Feb. 1 Holders of rec. Jan. 20
Central Manhattan Properties
$1.08
Centrifugal Pipe Line Corp.can.stk.(qu.) 100. Feb. 15 Holders of rec. Feb. 6
Capital stock (quar.)
10c. May 15 Holders of rec. May 5
Capital stook (quar.)
10c. Aug. 15 Holders of roe. Aug. 5
Capital stock (quar.)
100. Nov. 15 Holders of roe. Nov. 6
Century Ribbon Mills, pref.(guar.).- $1% Mar. 1 Holders of rec. Feb. 20
Century Shares Trust (s-a)
350 Feb. 1 Holders of rec. Jan. 5
Chartered Investors. Inc., pref.(Mi.).- $144 mar. 1 Holders of rec. Feb. 1
Cherry-Burrell, prof.(guar.)
5134 Feb. 1 Holders of ree. Jan. 15
Chicago Yellow Cab (quar.)
250 Mar. 1 Holders of rec. Feb. 20
City Baking,7% pref.(quar.)
lid Feb. 1 Holders of rec. Jan. 25
City Ice & Fuel, core.(guar.)
50o Mar.31 Holders of rec. Mar. 15
634% preferred (guar.)
144 Mar. 1 Holders of roe. Feb. 15
Cluett-Peabody ee Co.. Inc., corn.(qu.). 250 Feb. 1 Holders of roe. Jan. 21
Colgate-Paintoilve-Peet Co.. cam.(guar) 25c Jan. 21 Holders of rec. Jan. 14
Columbian Carbon Co.(quar.)
500 Mar. 1 Holders of rec. Feb. 14
Consol.Chem. Indus.. Inc., Pf.el.A(au.) 37440 Feb. 1 Holders of rect. Jan. 15
Consolidated Cigar Corp., prior pf.(qu.) 1% Feb. 1 Holders of re*. Jan. 200
Preferred (guar.)
1% Mar. 1 Holders of rec. Feb. 150
Consolidated Laundries Corp., pref.(qu.) $134 Feb. I Holders of reo. Jan. 16
Consolidated Mining & Smelting
610
Holders of rat. Jan. 12
Consolidated 011 Corp.,8% pref.(qua:.) 2
Feb. 15 Holders of rec. Feb. 1
Continental Can Co., Inc.,corn.(quar.)500. Feb. 15 Holders of rect. Feb. la
Coon (W. 13.) 7% prof. (quar.)
154 Feb. 1 Holders of fee. Jan. 17
Corno Mills,corn.(qua:.)
25c. Mar. 1 Holders of rec. Feb. 20
Crowell Publishers,7% pref.(s-a)
334 Feb. I
Crum & Forster. prof.(quar.)
Mar.31 Holders of rec. Mar.21
12
Cuneo Press, Inc.(guar.)
300. Feb. 1 Holders of rec. Jan. 20
634% preferred (quar.)
11,4 Mar. 15 Holders of rec. Mar. 1
Dennison Mfg. Co., debenture stook
84
Feb. 1 Holders of rect. Jan. 20
Deposited Insurance Elba. A
07250 Feb. 1 Holders of roe. Dec. 31
Diamond Match Co.. common (guar.).2545. Mar. I Holders of roc. Feb. 15
Preferred (s.-e.)
75e. Mar. 1 Holders of rec. Feb. 15
Dictaphone Corp.. pref.(quad.)
Mar. 1 Holders of Teo. Feb. 17
$2
Distillers Co., Ltd.. Am. dep. rec. ord.
reg. (interim)
rw is. 6d. Feb. 8 Holders of rec. Jan. 17
Dividend Shares,Inc.(quar.)
2o. Feb. 1 Holders of rec. Jan. 14
Dome Mines(quar.)
250. Apr. 20 Holders of rec. Mar.31
Extra
20e. Apr. 20 Holders of rec. Mar.31
Dominion Bridge Co., Ltd. tquar./....... S 50e. Feb. 15 Holders of rec. Jan. 31
Quarterly
8500. May 15 Holders of rec. Apr. 29
Dominion-Scottish Invest. Ltd.5% pt.250. Feb. 1 Holders of rec. Jan. 20
Dow Chemical Co., corn.(guar.)
50c. Feb. 15 Holders of rec. Feb. 1
Preferred (quar.)
lid Feb. 15 Holders of rec. Feb. 1
Duplan Silk Corp., corn.(s-e)
50e. Feb. 15 Holders of rec. Feb. 1
Eastern Theatres Ltd., Com.(guar.).50e Mar. 1 Holders of rec. Jan. 31
Preferred (guar.)
334 Jan. 81 Holders of rec. Dee. 31
Eppens, Smith & Co.(11.-a.)
$2
Feb. 1 Holders of rec. Jan. 25
Semi-annual
Aug. 2 Holders of ree. July 25
$2
Eureka Pipe Line Co.(guar.)
$1
Feb. I Holders of rec. Jan. 16
Ewa Plantation Co
800 Feb. 15 Holders of rec. Feb. 4
Exchange Buffet Corp.(guar.)
634c Jan. 81 Holders of rec. Jan. 20
Faber. Coe & Gregg. Mi.(qua,.)
al% Feb. I Holders of roe. Jen. 20
Farmers & Traders Life Ins.(Syracuse)
(Quarterly)
32M Apr. 1 Holders of rec. Mar. 11
Faultless Rubber Co.,corn.(quar.)
50e Apr. 1 Holders of reo. Mar. 15
Federal Knitting Mills Co., corn. (quar.) 6234c.Feb. 1 Holders of rec. Jan. 14
Extra
43 Feb. 1 Holders of rec. Jan. 14
Federal Service Finance Corp.(qua:.).- 500 Jan. 31 Holders of rec. Dec. 31
7% preferred (guar.)
lid Jan. 31 Holders of rec. Dee. 31
Fibreboard Products, Prof. (quar.)
3144 Feb. 1 Holdres of rec. Jan. 16
Fidelity Fund. Inc., el. A. corn. (guar.).
50e Feb. 1 Holders of rec. Jan. 16
Class A. corn., extra
15o Feb. 1 Holders of roe. Jan. 16
Firestone Tire & Rubber.6% pref. (au.) 144 Mar. 1 Holders ef ree. Feb. 15
Food Machinery Corp.. pref.(monthlY)500 Feb. 15 Holders of rec. Feb. 10
Preferred (monthly)
500 Mar. 15 Holders of rec. Mar. 10
Fulton Indust.Securities,5334 pt.(go.)_ 87340. Feb. 1 Holders of rec. Jan. 16
Geist(C. Hi 6% pref.(guar.)
I% Mar. 1 Holders of rect. Feb. 11
General Cigar Co.. cam.(guar.)
$I
Feb. 1 Holders of rec. Jan. 16
Preferred (guar.)
al% Mar. 1 Holders of roe. Feb. 20
General Elec. Co., common
m1-Cab Feb. 20 tHolders of roe. Dec. 160
General Foods Corp., corn. (quar.)
500. Feb. 1 Holders of ree. Jan. 165
General Mills, Inc., corn. (guar.)
75o. Feb. 1 Holders of rect. Jan. 14
General Motors Corp.. 85 pref.(guar.).- 8144 Feb. 1 Holders of rec. Jan. 9
General Stockyards Corp., corn. (guar.) 75o. Feb. 1 Holders of rec. Jan. 16a
$1)4 Feb.
$6 cony. preferred (quar.)
Holders of rec. Jan. 165
Gillette Safety Razor Co..$5 pref.(go.)- $144 Feb. 1 Holders of roe. Jan. 3
Glidden Co., pref. (guar.)
$134 Apr.
Holders of rec. Mar.17
300. Feb.
Gold Dust Corp., corn. (quar.)
Holders of reo. Jan. 10
Gotham Silk Hosiery Co., Inc.lid Feb.
7% preferred (guar.)
Holders of rect. Jan. 12
Gottfried Baking Co.. Inc.. ol. A (gust.) 750.
Holders of rec. Mar. 20
750. Apr.l y
Class A (guar.)
Holders of rec. June 20
Glass A (qua:.)
75e. Oct. 1 Holders of roe. Sept. 20
Govt. Gold Mining Areas Cons., Ltd.Amer. dep. ree. reg. shares
pw45
Holders of rec. Dec. 30
15e. Mar. 1 Holders of roe. Feb. 15
Hale Bros. Stores, Inc., corn. (qua:.)$134 Jan. 31 Holders of rec. Jan. 24
Preferred (guar.)
IIartford Times. Inc., pref. (guar.)_
750. Feb. 15 Holders of roe. Feb. 1
Hercules Powder Co., preferred (guar.). 51M Feb. 15 Holders of rec. Feb. 3
Hershey Chocolate Corp.,(tom.(qua:.).. SIM Feb. 15 Holders of rec. Jan. 25
$1 Feb. 15 Holders of rec. Jan. 25
Preferred (guar.)
SI Feb. 15 Holders of rec. Jan. 25
Extra
Hibbard, Spencer, Bartlett & Co.
100. Feb. 24 Holders of rec. Feb. 17
Monthly
10e. Mar.31 Holders of rec. Mar.24
Monthly
23e. Mar. 1 Holders of ree. Feb. 18
Hobart Mtg.Co.,corn.(quar.)
500.
Holland Land (liquidating)
Holders of rec. Dec. 14
Hollinger Consol. Gold Mines, Ltd.15e. Jan. 28 Holders of rec. Jan. 13
(Monthly)
250. Feb. 15 Holders of rec. Jan. 28
Hormel (Geo. A.) & Co., cont.
1)4 Feb. 15 Holders of rec. Jan. 28
class A, preferred (guar.)
(quar.)6%
Horn & Hardart Co.(N. Y.), corn.(att.) 500. Feb. 1 Holders of rec. Jan. 12
Horne (Jos.) Co.,6% pref.(qua:.)
1% Feb. 1 Holders of rec. Jan. 24
50o. Feb. 1 Holders of rec. Jan. 16
Humberto Shoe Ltd.(quar.)
Feb. 1 Holders of rec. Jan. 20
Industrial Cotton Mills. pref. (guar.)._
Feb. I Holders of rect. Jan. 20
Ine.(S.C.)
Mills.
pf.
Cot.
134
WM.
Ind.
International Cigar Mach. Co.(qua,.) 37%0. Feb. 1 Holders of rec. Jan. 21
International Harvester. pref. (guar.)._ $1 34 Mar. 1 Holders of reo. Feb. 6
Name of Company.
619
Per
When
Cent. Payable
Miscellaneous (Continued).
International Nickel Co. of Canada7% Preferred (qua:.)
11% Feb. 1
Internat. Printing Ink Corp., pref.(au.) 134 Feb. 1
International Shoe, preferred (monthly). 500. Feb. 1
Preferred (monthly)
50e Mar. 1
Preferred (monthly)
500 Apr. I
Preferred (monthly)
500 May 1
Preferred (monthly)
500 June 1
Interstate Dept. Stores, Inc., pref.(qu.) 134 Feb. 1
Jackson & Curtis Sec.Corp.,$6 pref..50c Feb. 1
Jantzen Knitting Mills, pref. (guar.).- $lit( Mar. 1
Kekaha Sugar Co.(monthly)
10e Feb. 1
Klein (D. E.) Co., Inc., corn.(quar.)... 25e. Apr. 1
$134 Feb. 1
Preferred (guar.)
Knudson Creamery Co., cl. A&B (qu.). 37440 Feb. 20
Kress (S. H.)& Co.common (guar.).- 25e Feb. 1
Special preferred (guar.)
150. Feb. 1
Kroger Grocery &Baking(quar.)
250 Mar, 1
7% preferred (quar.)
1)4 Feb. 1
Lake View dr Star Co.(London),Interim.2 to12;i
Landis Machine, Pref. (guar.)
134 Mar.15
Preferred (qua:.)
lid June 15
Lane Bryant, Inc.,7% pref.(quar.)
134 Feb. 1
Lawbeck Corp.,$6 pref.(guar.)
31 m Feb. 1
Lazarus(F.& R.)& Co.844% prat
1M Feb. I
Liggett & Myers Tobacco, eom, and
corn. B (quar.)
$1 Mar. 1
Common and common B,extra
$1 Mar. 1
Lindsay (C. W.)& Co., Ltd., pref.(qr.). $144 Mar. 1
Link-Belt Co.. common (quar.)
200. Mar. I
15e. Feb. 1
Loew's Boston Theatres, corn.(guar.).Loew's, Inc., $634 cum. prof. (guar.).- $144 Feb. 15
500. Feb. 1
Loose-Wiles Biscuit Co., corn. (guar.).$144 Mar. 1
Lord & Taylor, hat pref.(quar.)
3c. Apr. 20
Lucky Tiger Comb.Gold Min'g Co.(au.)
Lunkenheimer Co..pref.(guar.)
$144 Apr. 1
$144 July 1
Preferred (quar.)
Preferred(guar.)
$IM Oct. 2
1500 Feb. 15
Macy (R.H.)& Co.,corn.(guar.)
Magnin (I.) & Co.,6% pref. (quar.)...
134 Feb. 15
1)4 May 15
6% preferred (guar.)
6% preferred (quar.)
144 Aug. 15
6% preferred (guar.)
134 Nov. 15
McCall Corp.(quar.)
50e Feb. 1
McIntyre Poroupine Mines (qua?,)
u25e Mar. 1
Extra
5i1234e Mar. 1
Melville Shoe, common (MX.)
30c Feb. 1
First preferred (quar.)
$144 Feb. 1
Second preferred (guar.)
7340 Feb. 1
Mereh .Refrigerating Co.(N.Y.),pf.(qu.) 1M Feb. 1
Metal & Thermit Corp.. corn. (qua:.).. $1 Feb. 1
Melville Shoe Corp.,6% 1st pref.(quar.)
114 Feb. 1
Modine Mfg. Co., common (quar.)
15o Feb.
Moody's Investors Service, pref.(guar.). 75e Feb. 1
Mtge. Corp. of N. S.((mar.)
$1% Feb.
Nash Motors Co. (quar.)
25c Feb.
National Industrial Loan Corp.(quar.). 1641e Feb. 1
National Lead. pref. B (attar.)
$134 Feb.
National Tea Co., pref. (quar.)
13340.Feb.
Nation-Wide Scour. Co. (Colo.). ser. B.
4e Feb.
New Amsterdam Casualty (5.-a.)
750. Feb.
New England Equity Corp.. corn.(qui- 50e. Feb. 1
New England Grain, pref.(guar.)
25c. Feb. 1
New Jersey 21no Co
50o. Feb. 10
New Process Co.. corn,(guar.)
25e. Feb. 1
Preferred (guar.)
1)4 Feb. 1
New York & Honduras Rosario Mining
Co. (guar.)
234 Jan. 28
New York Merchandise Co., corn. (on.) 25e. Feb. 1
Preferred (guar.)
lid Feb. 1
Newberry (J. J.) Co.,7% prof.(qua:.)..
134 Mar. 1
Newberry (J.
Realty, pref. A (qu.).. 61.82 Feb. 1
8% preferred (guar.)
51% Feb. 1
Nineteen Hundred Corp., class A (guar.) 50c Feb. 15
Class A (guar.)
50o May 15
Class A (guar.)
50e Aug. 15
Class A (guar.)
50c Nov. 15
Class B (guar.)
250 Feb. 15
Noyes(C.F.) Co., Inc.,6% pref.(qu.). 45e Feb. 1
Outlet Co., common ((Mar.)
$I
Feb. 1
let preferred (guar.)
lid Feb. 1
2nd preferred (guar.)
144 Feb. 1
Owens-Illinois Glass Co., corn.(guar.)... 50e. Feb. 15
8144 Apr. 1
Preferred (guar-)
Pacific Finance Corp., series A (guar.). 200 Feb. 1
18340 Feb. 1
Series C (guar.)
Series D (quar.)
1734e Feb. 1
Pacific Finance Corp. of Calif. (Del.)'
Preferred A (guar.)
20o Feb. 1
1134405 Feb. 1
Preferred C (guar.)
17440 Feb. 1
Preferred D (guar.)
875e Feb. 15
Penman.% Ltd.. common (q1111r.)
1144 Feb. 1
Preferred (guar.)
Philadelphia Bourse, pref.(annual)
$144 Feb. 1
Phlladelphia Insulated Wire (a-a)
50e Feb. 1
Phillips-Jones Corp.. 7% prof. (qua,.)
81% Feb. 1
Pioneer Mill Co.. Ltd.(monthly)
Sc.Feb. 1
Process Corp., cont.(guar.)
5o Feb. 1
Procter dr Gamble Co.,common (quar.)- 37)4e Feb. 1
Pullman, Inc. (guar.)
75e Feb. 1
Puritan Ice Co., pref.(s.-a.)
$4
May
Quaker Oats Co.. prof. (guar.)
Feb. 28
Raymond Concrete Pile $3cony. pf.(gu.) 750 Feb.
Reed (C. A.) Co. class A (quar.)
50e. Feb.
Republic Service Corp.,$8 prof.(qua:.) $134 Feb. 1
Rhode Island Hospital Co. (Providence
R. I.) (qua:.)
Feb. I
$30
Rich Ice Cream (qua:.)
50c. Feb.
Riches, Inc.. common (quar.)
300. Feb. 1
144 Mar.31
634% preferred (quar.)
Riverside Cement Co., 1st pref.(guar.). EH Feb. 1
Russell Motor Car Co.,Ltd.. pref.(w.). lid Feb. 1
St. Lawr. Fl. Mills Co., Ltd.,com.(au.). 37440. Feb. 1
Preferred (qua,.)
3134 Feb. 1
Salt Creek Prod. tissoo. (guar.)
25e. Feb. 1
Samson Corp., 6% preferred
50e. Jan. 31
Savannah Sugar Refg. common (qua,.). $134 Feb. 1
Preferred (quar.)
1M Feb. 1
Scott Paper Co..7% ser A,pref.(quer.). 134 Feb. 1
6% aerie; B. preferred (guar.)
144 Feb. 1
Seaboard Nat. Securities. pref.(guar.).- 3744c. Feb. 1
Second Standard Royalties, Ltd., pref.. I
Feb. 1
Second Twin Bell Oil Syndicate (mthly.) 200. Feb. 5
Securities Corp. General,$7 pref.(qu.). 5144 Feb. 1
$6 preferred (guar.)
$134 Feb. 1
Seeman Bros.. Inc., common (Qua?.)... 62)40 Feb. 1
Selby Shoe Co., common (guar.)
35e. Feb. 1
Preferred (guar.)
5134 Feb. 1
Sharp & Dohme,Inc.,83M pt. A (qu.)50c. Feb. 1
Siscol Gold Mines (guar.)
.030. Mar.31
Slattery (E. J.) Co.. prof.(guar.)
lid Apr. 1
Smith Agri°. Chemical Co.,6% pf. (CPI.) 144 Feb. 1
Solvay Amer Invest. Corp., prof.(guar.) $134 Feb. 15
Spring Mines. Ltd., ord. bearer
3s. 9d. Feb. 17
Squibb(E. R.)& Sons.$6 1st pref.(au.) SIM Feb. 1
Common (quar.)
25e. Feb. I
Stafford. prof.(Initial liquidating)
$18
Standard Corp., Inc. (qua?.)
4e. Feb. 1
Steel Co. of Can., ord.(guar.)
1431Co Feb. I
Preferred (guar.)
f4334c Feb. 1
Books Closed.
Days Inclusite.
Holders of rec. Jan. 3
Holders of rec. Jan. 14
Holders of rec. Jan. 15
Holders of rec. Feb. 15
Holders of roe. Mar.15
Holders of roe. Apr. 15
Holders of ree. May 15
Holders of rec. Jan. 16
Holders of rec. Jan. 16
Holders of roe. Feb. 25
Holders of ree. Jan. 25
Holders of rec. Mar. 20
Holders of rec. Jan. 20
Holders of rec. Jan. 31
Holders of rec. Jan. 20
Holders of rec. Jan. 20
Holders of rec. Feb. 10
Holders of rec. Jan. 20
Holders of rec. Mar. 5
Holders of rec. June 5
Holders of roe. Jan. 16
Holders of rec. Jan. 21
Holders of rec. Jan. 20
Holders of rec. Feb. 15
Holders of rec. Feb. 15
Holders of rec. Feb. 14
Holders of rec. Feb. 15
Holders of rec. Jan. 21
Holders of rec. Jan. 31
Holders of rec. Jan. 18
Holders of ree. Feb. 17
Holders of reit. Apr. 10
Holders of ree. Mar.22
Holders of rec. June 21
Holders of rec. Sept.22
Holders of Tee. Jan. 20
Holders of roe. Feb. 5
Holders of roe. May 5
Holders of rec. Aug. 5
Holders of rec. Nov. 5
Holders of rec. Jan. 18
Holders of rec. Feb. 1
Holders of reo. Feb. 1
Holders of rec. Jan. 18
Holders of rec. Jan. 16
Holders of rec. Jan. 16
Holders of fee. Jan. 23
Holders of reo. Jan. 20
Holders of rec. Jan. 16
Holden of roe. Jan. 20
Holders of rec. Feb. 1
Holders of rec. Jan. 24
Holders of roe. Jan. 20
Holders of rec. Jan. 31
Holders of Teo. Jan. 20
Holders of roe. Jan. 16
Holders of rec. Jan. 14
Holders of rec. Jan. 25
Holders of reo. Jan. 16
Holders of rec. Jan. 25
Holders of roe. Jan. 20
Holders of rec. Jan. 28
Holders of rec. Jan. 26
Holders of roe. Jan. 17
Holders of rec. Jan. 20
Holders of rec. Jan. 20
Holders of rec. Feb. 16
Holders of rec. Jan. 16
Holders of rec. Jan. 18
Holders of rec. Feb. 1
Holders of rec. May I
Holders of rec. Aug. 1
Holders of rec. Nov. 1
Holders of rec. Feb. 1
Holders of rec. Jan. 28
Holders of rec. Jan. 20
Holders of rec. Jan. 20
Holders of rec. Jan. 20
Holders of rec. Jan. 30
Holders of rec. Mar. 16
Holders of rec. Jan. 1
Holders of rec. Jan. 1
Holders of tee. Jan. 1
Holders of roe. Jan. 14
Holders of rec. Jan. 14
Holders of ree. Jan. 14
Holders of rec. Feb. 6
Holders of roe. Jan. 21
Holders of rec. Dec. 31
Holders of roe. Jan. 18
Holders of rec. Jan. 20
Holders of rec. Jan. 21
Holders of rec. Jan. 21
Holders of rec. Jan. 250
Holders of ree. Jan. 24
Holders of rec. Dec. 31
Holders of rec. Feb. 1
Holders of rec. Jan. 20
Holders of rect. Jan. 21
Holders of rec. Jan. 16
Holders of rec. Jan. 31
Holders of rec. Jan. 4
Holders of rec. Jan. 20
Holders of rec. Mar. 15
Holders of rec. Jan. 14
Holders of ree. Dee. 31
Holders of rec. Jan. 20
Holders of rec. Jan. 20
Holders of rec. Jan. 16
Holders of rec. Dec. 31
Holders of rec. Jan. 18
Holders of roe. Jan. 16
Holders of rec. Jan. 17
Holders of rec. Jan. 17
Holders of rec. Jan. 20
Holders of rec. Jan. 21
Holders of roe. Jan. 30
Holders of rec. Jan. 20
Holders of rec. Jan. 20
Holders of rec. Jan. 16
Holders of rec. Jan. 20
Holders of rec. Jan. 20
Holders of rec. Jan. 18
Holders of rec. Mar. 18
Holders of rec. Jan. 21
Holders of rec. Jan. 16
Holders of rec. Dec. 31
Holders of rec. Jan. 15
Holders oft' ee. Jan. 15
Holders of rec. Jan. 20
Holders of roe. Jan. 7
Holders 9!roe. Jan. 7
620
Financial Chronicle
Per
When
Cent. Payable.
Name of Company.
Miscellaneous (Concluded).
Sunshine Biscuits. common (guar.)
50o. Feb. 1
Superior Port. Cement, Inc., A (mthly.) 2734o. Feb. 1
Swift Internacional Corp. (s.-a.)
$1
Feb. 15
Teek-Hughes Gold Mines, Ltd.(guar.).
15e. Feb. 1
Telautograph Corp. cap. stock (guar.)._
25e. Feb. 1
Texas Gulf Prod
e24 Feb. 25
Thatcher Mfg. Co.,cony. pref.(quar.)
90c. Feb. 15
Tide Water Oil Co., pref
SIN Feb. 15
Trusteed Amer.Bank Shs., orig. ger_ _ .1040. Jan. 31
Series A
.082e. Jan. 31
Twin Bell Oil Syndicate (monthly)
$2
Feb. 5
Union 011 Co. of Calif.(guar.)
250. Feb. 10
United Biscuit Co. of Am.,corn. (quar.)_
500. Mar. 1
Preferred (guar.)
Feb. I
7e.Feb. 1
U.S. Banking Corp.(monthly)
U.S.Pipe & Foundry Co., corn.(quar.)_ 12 M c. Apr. 20
12Me. July 20
Common (guar.)
1210. Oct. 20
Common (guar.)
Common (guar.)
12340. 1-20-34
1st preferred (guar.)
300. Apr. 20
1st preferred (guar.)
30e. July 20
1st preferred (guar.)
30e. Oct. 20
1st preferred (guar.)
30c. l-20-34
United States Shares Corp.,series F,reg_
12e. Feb. 1
Series F, coupon
120. Feb. 1
Serie, U,reof tered
$2.98
United Verde Extension Mining Co
10e. Feb. 1
Universal Leaf Tobacco Co., corn (guar.) 50o Feb. I
Walgreen Co., corn.. Initial (guar.) -25c. Feb. 1
Warren (N.) Corp.,$3 pref.(guar.)
750. Mar. 1
WI. Vs.Pulp & Paper Co., pref.(guar.).- $I
Feb. 15
Westinghouse Air Brake Co.eap.stk.(qu)
250. Jan. 31
Westinglase. El.& Mfg.Co.corn.& pf
0
Feb. 20
Weston (Geo.), Ltd., pref.(guar.)
$1 34 Feb. 1
White Rock Mineral Springs Co.
Common (guar.)
500. Apr. 1
134 Apr. 1
First preferred (guar.)
42M Apr. I
Second preferred (guar.)
$114 Feb. 1
Winstead Hosiery Co.(guar.)
1134 May 1
(Quarterly)
Si 34 Aug. 1
(Quarterly)
$13O Nov. 1
(Quarterly)
60c. Mar. 1
Woolworth (F. W.) Co.cap.stk. fun.)....
Woolworth (F. W.)Co., Ltd., ord.(5.-a.) zw2s. Feb. 8
25e. Feb. 1
Wrigley(Wm.) Jr. Co.(monthly)
25e. Mar. 1
Monthly
25c. Apr. 1
Monthly
25e. May 1
Monthly
Books Closed.
Days Inclusive.
Holders of rec. Jan. 1.8
Holders of rec. Jan. 23
Holders of rec. Jan. 14,1
Holders of ree. Jan. 17
Holders of rec Jan. 14
Holders of rec. Feb. 6
Holders of ree. Jan. 31
Holders of reo. Jan. 20
Holders of rec. Jan. 30
Holders of rec. Jan. 19
Holders of rec. Feb. 16
Holders of rec. Jan. 17
Holders of rec. Jan. 17
Holders of rec. Mar. 31
Holders of ree. June 30
Holders of rec. Sept. 30
Holders of rec. Dec. 30
Holders of rec. Mar. 31
Holders of rec. June 30
Holders of rec. Sept. 30
Holders of rec. Dec. 30
Holders of rec. Dec. 31
Holders of roe. Dee. 31
Holders of roe. Jan. 4a
Holders of rec. Jan. 20
Holders of ree. Jan. 10
Holders of ree. Feb. 15
Holders of rec. Feb. 1
Holders of rec. Dec. 31
Holders of ree. Jan. 23
Holders of rec. Jan. 20
Holders of rec. Mar. 17
Holders of rec. Mar. 17
Holdeer of rec. Mar. 17
Holders of rec. Jan. 15
Holders of rec. Apr. 15
Holders of ree. July 15
Holders of ree. Oct. 15
Holders of rec. Feb. 10
Holders of rec. Jan. 13
Holders of ree. Jan. 20
Holders of rec. Feb. 20
Holders of ree. Mar. 20
Holders of rec. Apr. 20
•The New York Stock Exchange has ruled that stock 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 ox-dividend on this date and not until further notice.
a Transfer books not dosed for this dividend.
Correction. e Payable in stook.
IPayable in common stock. g Payable in scrip. A On account of accumulated
dividends. J Payable in preferred stook.
on A dividend, payable in common stook (now owned by General Electric Company) of Radio Corporation of America, at the rate of one-sixth (1-6) of one share
of common 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 M share of Radio Corp. of America
stock for each share held. Preferred stockholders have option of receiving $3.50
in cash in lieu of above. Dividend including the optional feature, constitutes to
preferred holders full payment of preferential dividend for 1933.
p Govt. Gold Mining Areas Cons. Ltd. div. Is based on Union of So. Africa our
coney.
r Amer. Cities Pow. do Lt. class A dtv. Is payable in cash or 1-32 sh. of cl. B stock.
s White Rock Mineral Springs 2d pref. stock pays $2.50 pee *Mare on 859 sharesequivalent to 50c. per share on 4,295 shares of common stock for which the 2d pref.
may be exchanged, and payable on the equivalent number of common 1(80 exchanged
before the record date.
Payable in Canadian funds.
a Payable In United States funds.
o A unit.
w Leas deduction for expenses of depositary.
x Less tax.
Weekly Return of New York City Clearing HouseBeginning 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:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. JAN. 21 1933.
Clearing House
Members.
Bank of N.Y.41 Tr. CoBank of Manilla. Co____
National City Bank-Chemical Bk.& Tr.CoDuaranty Truitt Co
Manufacturers Tr. Co
Dentral Hanover Bk&Tr.
Corn Exch.Bk.Tr. Co-First National Bank- _
Irving Trust Co
-JontInental Bk.dr Tr.Co
-base National Bank
Fifth Avenue Bank
Bankers Trust Co
title Guar.& Trust Co_ Marine Midland Tr. Co..
Lawyers Trust Co
gew York Trust Co__ _ _
:loin') Nat. Bk.& Tr.Co.
Eiarrtrnan N.B.& Tr.Co.
Public N. B. at Tr. Co
Totals.
•Capital.
•Surplus and Net Demand
Deposits,
Undivided
Average.
Profits.
Time
Deposits,
Average.
$
0,000,000
20,000,000
124,000,000
21,000,
90,000,00
32,935,0
21,000,000
15,000,000
10,000,000
50,000,000
4.000.000
148,000,000
500,000
25,000,000
10,000,000
10,000,000
3,000,000
12,500,000
7,000,000
2,000,000
8,250,000
i
$
9,219,800
86,715,000
259,795,000
36,889.200
81.454,100 a1,017,300,000
45,412,500
254,230,000
181,233,500 8912,347,000
20,297,500
247,746.000
69,031,200
487,324,000
22,550,000
178,938,000
81,483.400
388,881,000
62,412,100
316,993,000
5,756,000
23,114,000
111,132,900 c1,214.700,000
3,673.000
40,129,000
77.136,100 6536,346,000
20,467,100
23,553,000
5,546,200
43.039,000
2.116,600
8,594,000
22,019.400
203,349,000
8,653.000
46,670,000
941,000
21.946,001
4,406,700
36,321,000
$
12,178,000
38,603,000
196,744,000
37,378,000
67,735,000
91,914,000
66,192,000
23,007,000
33,519,000
45,638,000
2.086,000
142,492,000
2,740,000
62,135,000
1,278,000
5,576,000
1.314,000
23,836.000
3,237,000
5,322,000
28,340,000
620.185.000
871,831.300 0,346,120,000
891,264,000
As per official reports: National, Dec. 31 1932; State, Dec. 31 1932; trust
companies. Dec. 31 1932.
Includes deposits in foreign branches: a $196,119,000; 8 554,944.0001 e $58;416,000; et $25,094,000.
Jan. 28 1933
The New York "Times" publishes/regularly each week
returns of a, number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ended Jan. 20:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, JAN. 20 1933.
NATIONAL BANKS-AVERAGE FIGURES.
Loans.
Other Cash, lies. Dep., Dep. Other
Disc. and Gold. Including N. F. and Banks and
Gross
Investments.
Rank Notes Elsewhere. Trust Cos. Deposits.
Manhattan$
Grace National_ 17,889,900
$
8,600
$
$
$
$
66,600 1,624,400 1,270,000 16,933,300
BrooklynPeoples Nat'l__
5,000
74,000
5,574,000
344,000
43,000
5,001,000
TRUST COMPANIES-AVERAGE FIGURES.
Loans,
Discount et
Investments.
Cash.
Reserve Dep. Dep. Other
N. F. and Banks and
Elsewhere. Trust Cos.
Gross
Deposits.
ManhattanEmpire
Federation
Fiduciary
Fulton
United States
3
$
8
49,257.500 *2,368,600 13.107,800
36,895
408,360
5,653,487
9,689,734
669,632
389,075
17,193,600 *2,495,900 1,240,700
68,058,439 5,500,000 20,505,230
$
$
2,266,600 56,328,200
771,187 5,356,391
8,948,647
989,000 17,310,600
66,724,969
BrooklynBrooklyn
Maga Onuntv
94.627,000
2:1 4411 52f1
2,499,000 23,266,000
1 (155 115 8.534.721
320,000 103,328,000
90 WM ARA
* Includes amount with Federal Reserve as follows: Empire, $1,146,900
Fulton, $2,333,000.
Boston Clearing House Weekly Returns.-This statements has been discontinued, according to the following
letter from the Boston Clearing House:
BOSTON CLEARING HOUSE ASSOCIATION.
Boston, Mass., Jan. 25 1933.
Commercial & Financial Chronicle,
York,
N.
Y.
New
Gentlemen:-The members of the Clearing House Association
have ascertained that the gathering and publication of weekly
statistics by the Manager is not in general practice throughout
the country, and have decided that it has not been of sufficient
practical value to Justify its continuance.
They have therefore agreed that this procedure shall be
abolished.
Very truly yours,
HERBERT W. SCOTT,
Manager.
Philadelphia Banks.-Beginning with the return for the
week ended Oct. 111930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System, the
reserve requirement is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
Jan. 21
1933.
Changes from
Previous
Week.
Week Ended
Jan 14
1933.
Week Ended
Jan. 7
1933.
$
$
$
$
76.948,000 Unchanged
Capital
76,948,000
76,948,000
151,553,000 Unchanged
Surplus and profits
151,553,000 151,590,000
Loans,disets. and Invest_ 1,116.322,000 -3,360.000 1,119,682,000 1,122,813,000
14,494,000 -1,374,000
Exch.for Clearing House
15,868,000
19,948,000
164,455,000 -4,597,000 169.052,000 186,008,000
Due from banks
214,388.000 -5,727,000 220,115,000 220,742,000
Bank deposits
621,796,000
-5,616,000
Individual deposits
627,412.000 630.455,000
+812,000 279,068,000 276,636,000
279,880,000
Time deposits
1,116,064,000 -10,531,000 1,126,595,000 1,127,833,000
Total deposits
94.249,000 -2.220.000
an ass non
Resterve with F. R.Bank.
9(1.4RS1 nen
Financial Chronicle
Volume 136
621
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Jan. 26, and showing the condition
af 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 579, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BANKS AT THE CLOSE OP BUSINESS JAN. 25 1933.
Jan. 25 1933 Jan. 18 1933 Jan. 11 1933 Jan. 4 1933 Dec. 28 1932 Dec. 21 1932. Dec. 14 1932. Dec. 7 1932. Jan. 27 1932.
RESOURCES.
2,390,103,000 2,377,803,000 2.345.320,000 2.344,625,000 2.335,345,000 2.297,515,000 2.288.899,000 2,281.059,000 2,063,879,000
Gold with Federal Reserve agents
40,330,000
59,493,000
333,931,000
39,742.000
40,831,000
39.087,000
37,736,000
39,233,000
40,496,000
Gold redemption fund with U.S. Trees_
Gold held exclusively agst. F. R. notes 2,427,839,000 2,417,036,000 2.335.062,000 2,385,121,000 2,376.176,000 2.337.865,000 2.327.830,000 2,320,146,000 2,123,372,000
Gold settlement fund with F. R. Board._ 432,095,000 408.070.000 405,282,000 342,098.000 346,342,000 321.942,000 370.791,000 367,27(3,000 333,756,000
Gold and gold certificates held by banks_ 398,767,000 411,335,000 432,189,000 446.137.000 426.013.000 451,814,000 394,716,000 390,641,000 529,858,000
Total gold reserves
Reserves other than gold
3,258,701,000 3.236,441,000 3,222,533,000 3,173,356,000 3,148.531,000 3,111,621,000 3,093,337.000 3,078.063,000 2,986,986,000
201,4'8,000 198,238,000 195,112,000 179,928,000 173.322,000 169.370,000 185.770.000 185,054,000 198,520,000
Total reserves
Non-reserve cash
Ills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,460,199,000 3,434,679.000 3.417.645,000 3,353.284.000 3,321,853,000 3,280,991,000 3.279,107,000 3,263,117.000 3,185,506,000
77,315,000
73,324,000
86.443,000
87,570,000
91,647,000
70,231_000
74,449.000
82.554,000
84.034,000
68,543,000
196,155,000
66,496.000 •6i3.33.000 •71,172,000
182.172,000 .181,768.000 .179,930,000
77.760.000
189,622.000
77.378.000
192,937.000
87.953,000
196.520,000
95,513.000
203,105.000
451,664,000
385,975,000
264,698.000
31,496,000
248 668,000
31,926,000
248,151.000
32,362.000
251,102,000
32,617,000
267,382,000
33,307,000
270,315.000
33,221,000
284,473.000
33.769.000
298.618,000
33.717,000
837,639,000
162,261,000
420.890,000
319,760,000
420,735,000
310,426,000
420.763,000
301.406.000
420,901,000
296,414,000
920,740,000
296,419,000
420,703,000
286.008,600
420.669,000
357,448,000
420,637,000
379.175,000
320,383,000
51,070,000
1,022,661,000 1,047,012.000 1,090.219,000 1,133,595,000 1,133,578,000 1.143.088,000 1.072.609.000 1,050.865,000
380,263,000
Total U. S. Government securities— 1,763,311,000 1.778,193,000 1.812.388,000 1,850.910,000 1.850.737,000 1.850.699,000 1,850.726,000 1,850,677,000
5.337.000
4,526,000
5,571,000
5,378,000
4,597,000
5,102.000
5,619.000
5.218.000
Other securities
Foreign loans on gold
751,716,000
36,296,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Bank premises
All other resources
2,064,031,000 2,093,384,000 2,098,003.000 2.139,847.000 2,157,075.000 2,159,806,000 2,174.346.000 2,188,349.000 1,787,912,000
13.589.000
51,091,000
95,550,000
51.091,000
61,128.000
72,634,000
8,608,000
2,854030
3,487,000
3,259,000
2,982,000
2,868,000
2,781,000
2,977,000
2,976,000
15,748,000
14,436,000
15,452,000
16,311,000
17,951,000
13,556,0033
13,955.000
17.735.000
14,775.000
300,746.000 344,921,000 339.550,000 458,654,000 356 736.000 358,810,000 407,925.000 323,983,000 353,251,000
57,819,000
59,211,000
53,880,000
53,880,000
53,880,000
58,212.000
58.211,000
53.844,000
54.212,000
37,351,000
40,351.000
46,838,000
42,281,000
40,394,000
35,802,000
39.606,000
36.831,000
42,889,000
Total resources
LIABILITIES.
Ii'. R. notes In actual Mrculatton
Deposits:
Member banks—reserve account
Government
Foreign banks
Other deposits
6,044,565,000 6,097,378,000 6.113.143.000 6.209,829,000 6.105,130,000 6.075.829,000 6,053,163,000 5.964.625.000 5,523,510,000
2,513,199,000 2,545,151,000 2,573.944,000 2,514,451,000 2,481.674,000 2.446.056,000 2,424.532.000 2.395.484,000 1,945,217,000
38,555,000
12,811,000
17,842,000
21.430,000
23,848,000
36,249,000
30.837,000
42,172.000
23.700,000
79,937,000
20,539,000
33.640.000
20.629,000
19,221,000
18,853,000
10,293,000
14,010,000
19,053.000
35,783,000
27,594.000
24,340,000
28,468,000
30,224,000
19.872.000
26,485,000
20,330.000
26,349,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,587,244.000 2,607,872.000 2,644,471,000 2,587.376.000 2.563,238,000 2,521,398.000 2.484.874,000 2,466,816,000 2,099,492,000
301,658,000 313,716,000 339.256.000 438,053,000 348.639,000 341,884,000 396,415.000 318,614,000 352,001,000
151,201,000 151,288,000 151.309.000 151,332.000 151,314.000 151,334,000 151,415,000 151,522,000 159,233,000
278.599,000 278,599,000 278,599,000 278,599.000 259,421,000 259,421,000 259.421,000 259,421,000 259,421,000
26,067,000
20,296,000
18,606,000
17,484,000
16,613,000
47,060,000
45,429,000
44,586.000
47,103,000
2,705,667,000 2,697.295,000 2,887,024,000 2,737.656.000 2,735,458.000 2.756.363.000 2,713,935.000 2,723.666,000 2,627.296,000
Total liabilities
6,044,665,000 6,097,376,000 8.113,143,000 6,209,629,000 6.105.130,000 6,075,829.000 6,053.163.000 5,964,625.000 5,523,510,000
Ratio of gold reserve to deposits and
F. R. note liabilities combined
63.1%
61.5%
61.0%
60.4%
59.5%
59.4%
58.9%
59.3%
59.5%
Ratio of total reserves to &posits and
F. It. note liabilities combined
67.4%
65.4%
64.7%
64.1%
63.0%
02.7%
62.2%
63.1%
62.9%
Contingent liability on bills purchased
for foreign .mrrespondents
41.831,000
39,932,00
40,724.000
40,157,000
36,338,000
36,171,000
36,117,000 304,777,000
35,911,000
-Maturity Distribution of Bills and
$
$
$
Short-Term Securit6es1-15 days bills discounted
187,706,000 171,772,000 170.733,000 175,810,000 137,581,000 189.212,000 198,229.000 214.371,000 648,606,000
45,472,000
10-30 days bills discounted
19,352,000
20,135,000
20,297,000
21,085,000
18,722.000
20,288,000
22.697.000
22,969.000
31-60 days bills discounted
27,967,000
73,685,000
27,648.000
26,976,000
29,013,000
30.095.000
30,209,000
28,164,000
32,119,000
48,664,000
61-90 days bills discounted
19,225,000
18,398,000
18.526,000
17,794,000
19.503,000
19,446,000
20,403,000
19,724,000
21,212,000
Over 90 days bills discounted
10,448,000
10,715,000
10,831.000
10,938,000
10,612.000
10,997.000
11,265.000
11,432.000
Total bills discounted
1-15 days bills bought In open market.,.
18-30 days bills bought In open market
31-60 days bills bought In open market
81-90 days bills bought in open market
Over 90 days bills bought In open market
264,698,000
4,746.000
6,864,000
9,302,000
10,534,000
248,668.000
5,161,000
6,G37,000
10,157,000
9,971,000
248,151.000
8,064,000
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
8,452 000
5,742,000
10,385,0130
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
2,738,000
4,559,000
2,258,000
24,162,000
837,639,000
53,133,000
24,324,000
50,766,000
33,570,000
468,000
Total bills bought in open market---1-15 days U. S. certificates and bIlls___
16-30 (lays U. S. certificates and bills__
31-60 days U. S. certificates and bilis__
81-90 days U. S. certificates and bills__
Over 90 days certificates and bills
31,496,000
72,975,000
73,550.000
249.282,000
57,250,000
569,604,000
31,926.000
83.325,000
87,800,000
274,231,000
54,250.000
547,406,000
32.362.000
119.758.000
62.975.000
143.550,000
213,031.000
550,905.000
32,817,000
198.583,000
83,325,000
192,750,000
213,031.000
535,906,000
33,307.000
58.355.000
119,753.000
151.525.000
224,284.000
579.659.000
33,221,000
56.250,009
108,564.000
171,125.000
274,731,000
532,418,000
33,769,000
83,000.000
58,356,000
177,733,000
143,550.000
629,970,000
33,717,000
68.000.000
162,839,000
160.550,000
659,476.000
162,261,000
44,225,000
37,591,000
82,634.000
8,050,000
207,763.000
Total U. S. certificates and bills
1,022,661,000 1,047,012,000 1,090.219,000 1,133,595,000 1,133.578.000 1,143,034,000 1,072,609,000 1.050,865.000
1-15 days municipal warrants
4,488,000
4.156,000
4,558.000
4,735,000
3,951,000
4,039,000
5.340.000
4,818,000
16-30 days municipal warrants
622,000
14,000
823,000
1,139,000
1,000.000
387,000
296.000
51-60 days municipal warrants
13,000
559.000
288,000
13,000
13,000
81-90 days municipal warrants
13,000
13.000
Over 90 days municipal warrants.— ---25,000
25,000
Total municipal warrants
4,526,000
Federal Reserve Notes—
Issued to F. R. Bank by F. It. Agent
Held by Federal Reserve Bank
In actual circulation
— —
Collateral Held by Agent as Security
for Notes Issued to Bank—
By cold and gold certificates
Gold fund—Federal Reserve Board
By eligible paper
U.S. Government securities
4.597.000
5,102.000
5,218.000
5.649,000
5,571.000
5.378,000
5.337,000
380,263,000
3,082,000
103.000
211,060
80,000
3,476,000
2,933.505.000 2,932,263,000 2.929,953,000 2,980,366,000 2.999,717.000 3.005,204,000 2,960.303.000 2,946,756.000 2,901,167,000
227.838,000 234,968,000 242.929,000 242.710.000 264,259.000 248.841,000 246,368,000 223,090.000 273,871,000
2,705,667,000 2,697,295,000 2.687.024.000 2,737.656.000 2.735,458.000 2,756,363,000 2,713,935.000 2.723,666.000 2,627,296,000
1,124,753,000 1,122,158.000 1,111,675,000 1,089,365,000 1.105,285,000 1,078,255,000 1,125.479,000 1,138,889.000 821,999,000
1,265,345,000 1,255.645,000 1,233.645.000 1,255,260.000 1,230,000,000 1,221,232,000 1,163.420,000 1,142,170,000 1,241,880.000
249,099,000 233.636,000 232.679,000 235,401,000 252,304.000 254,608,000 268,735,000 282,876,000 951,716,000
325,600,000 354,600,000 384,400,000 426,100,000 428,500,000 471,600,000 426,300,000 408.600,000
Total
2,964,799,000 2.966,039.000 2,962.399,000 3,006,126,000 3,016.149,000 3,023.721,000 2,983,934,000 2,972.535,000 3,018,595,000
* Revl-ed fig ire,s.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN. 25 1933
Two Ciphers (00) omitted.
Federal Reserve Bank of—
Total.
Boston. New York
Phila. Cleveland. Richmond Atlanta, Chicago. St. Louis. Minneap. Kan.Ctty Dallas. San Fran.
$
RESOURCES.
$
2,390,103,0 200,327,0
Gold with Fed. Res. Agents_
1,902,0
Gold redem.5und with U.S.Treas.' 37,736,0
'
Gold held excl. agst.F.R. notes 2,427,839,0 202,229,0
Gold settletn't fund with F.R.Bd 432,095,0 39,710,0
Gold & gold ctfs. held by banks_ 398,767,0 15,064,0
$
$
$
$
g
573,293,0 163,500,0 189,970,0 75,000,0 61,400,0
5,338,0 5,195,0 5,533,0 1,719,0 2,750,0
S
$
$
$
$
$
708,510.0 104,155,0 44,490,0 66,480,0 19,715,0 183,263,0
2,917,0 1,405,0 2,156,0 1,985,0 1,293,0 5,488,0
578,631,0 168,695,0 195,558,0 76,719,0 64,150,0
126,010,0 23,834,0 28,302,0 11,313,0 5,864,0
281,449,0 7,828,0 18,818,0 2,876,0 8,743,0
711,427,0 105,560,0 46,646,0 68,465,0 21,008,0 188,751,0
120,969,0 14,620,0 9,801,0 16,935,0 9,337,0 25,350,0
24,821,0 2,493,0 1,853,0 8,040,0 3,830,0 22,947,0
Total gold reserves
Reserves other than gold
3,258,701,0 257,003,0
201,498,0 18,378.0
986,090,0 200,357,0 242,678.0 90.908,0 78,757,0
64,616,0 21,044,0 13,576,0 10,360,0 5,844,0
857,217,0 122,673,0 58,305,0 93,440,0 34,225,0 237,048,0
27,375,0 9,508,0 4,409,0 7,255,0 8,630,0 10,503,0
Total reserves
Non-reserve cash
131115 discounted:
Sec. by U.S. Govt. obligati°
Other bills discounted
3,460,199.0 275,381,0 1,050,706,0 221,401,0 256,254,0 101,263,0 84,601,0
80,443,0 6,734,0
25.660,0 4,474,0 5,012,0 3,856,0 5,197,0
884,592,0 132,181,0 62,714,0 100,695,0 42,855,0 247,551.0
15,323,0 3,765.0 2,361,0 2,582,0 4,317,0 7,162,0
Total bills discounted
131110 bought in open market
68,543,0
196,155.0
3,498,0
8,479,0
27,057,0 10,925,0 9,770,0 1,784,0 1,667,0
31,624,0 36,690,0 17,009,0 13,904,0 15,851,0
3,809.0
12,033,0
3,295,0
358,0
694,0
4,217,0 10,204,0 10,878,0
313,0 5,373,0
3,749,0 31,377,0
264,698,0 11,077,0
31.496.0 2,161,0
58,681,0 47,615,0 26,779,0 15,778,0 17,518,0
9,561,0 3,115.0 2.921.0 1.61110 2 790 0
15,892,0
3.848.0
7,512,0 10,562,0 11,572,0
946.0
(1400
Ann n
4,062.0 36,750,0
RSA n 9 Ins n
622
Financial Chronicle
Two Ciphers (00) omitted.
RESOURCES (Concluded).3. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total.
Boston. New York.
$
$
$
Phila.
Cleveland. Richmond Atlanta.
$
$
$
Jan. 28 1933
Chicago.
$
$
St. Louis. Minneap. Kan.Ciig. Dallas. San Fran.
$
3
$
$
$
420,890,0 20,251,0
319,760,0 17,818,0
1,022,661,0 53,480,0
187,058,0 31,053,0 36,339,0 9,605,0 9,579,0
127,135,0 25,233,0 33,097,0 8,750,0 8,644,0
384,251,0 75,734,0 99,338,0 26,264,0 25,944,0
41,176,0 13,882,0 17,147,0 11,826,0 17,814,0 25,160,0
37,503,0 12,188,0 8,743,0 10,615,0 7,117,0 22,917,0
172,823,0 36,585,0 26,237,0 31,861,0 21,361,0 68,783,0
Total U.S. Govt.securities_ 1,763,311,0 91,549,0
)ther securities
4,526,0
698,444,0 132,020,0 168,774,0 44,619,0 44,167,0
3,488,0 1,025,0
251,502,0 62,655,0 52,127,0 54,302,0 46,292,0 116,860,0
13,0
Total bills and securities
Sold held abroad
Sue from foreign banks
zed. Res. notes of other banks
Incollected Items
lank premises
III other resources
770,174,0 183,775,0 198,474,0 62,048,0 64,475,0
13,589,0
1,600,0
328,0
295,0
116,0
104,0
5,796,0
251,0
842,0 1,268,0 1,140,0
80,434,0 25,292,0 28,986,0 25,951,0 8,915,0
12,818,0 3,024,0 6,929,0 3,237,0 2,422,0
23,926,0 1,078,0 1,947,0 3,025,0 5,930,0
271,242,0 71,113,0 63,342,0 66,730,0 51,210,0 155,761,0
2064,051,0 105,687,0
13,589,0
3,487,0
228,0
15,452,0
292,0
300,746,0 33,388,0
53,880,0 3,2;30,0
46,838,0
626,0
406,0
16,0
1,744,0 1,001,0
34,413,0 13,938,0
7,595,0 3,285,0
1,552,0 1,534,0
11,0
87,0
209,0
87,0
221,0 1,196,0
354,0 1,347,0
7,013,0 15,630,0 11,295,0 15,491,0
1,746,0 3,559,0 1,741,0 4,244,0
1,929,0 1,205,0 1,536,0 2,550,0
Total resources
6,044,665,0 425,616,0 1,984,703,0 439,623,0 498,739,0 200,769,0 172,784,0 1,216,867,0 226,833,0 139,337,0 191,684,0
113,395,0 434,315,0
LIABILITIES.
r. R. notes in actual circulation_ 2,705,667,0 184,905,0 545,077,0 227,711,0 276,590,0 96,733,0 97,832,0
691,940,0 133,763,0 81,126,0 93,317,0 36,474,0 240,199,0
Seposits:
Member bank reserve account 2,513,199,0 172,328,0 1,186,748,0 137,783,0 143,282,0 56,164,0 43,867,0 421,299,0
58,863,0 38,579,0 68,079,0 46,887,0 139,320,0
Government
12,811,0
553,0
788,0
433,0 1,150,0 1,650,0
823,0
3,277,0
266,0
440,0
79,0 2,531,0
821,0
Fnreign bank
33,640,0 2,442,0
11,361,0 3,512,0 3,312,0 1,305,0 1,171,0
4,349,0 1,137,0
769,0
970,0
970,0 2,342,0
Other deposits
27,594,0
66,0
13,785,0
171,0 1,366,0 1,598,0 1,410,0
2,333,0 1,418,0
548,0
426,0
183,0 4,290,0
Total deposits
2.587,244,0 175,389,0 1,212,682,0 141,899,0 149,110,0 60,717,0 47,271,0 431,258,0 61,684,0 40,336,0
69,554,0 50,571,0 146,773,0
Seterred availability items
301,658,0 33,432,0
79,004,0 24.429,0 28,831,0 24,83,0 9,530,0
35,146,0 15,357,0 6,975,0 15,706,0 12,266,0 16,099,0
3apital paid in
151,201,0 10,830,0
58,612,0 16,033,0 14,142,0 5,158,0 4,709,0
16,112,0 4,360,0 2,873,0 4,039,0 3,918,0 10,415,0
lurplus
278,599,0 20,460,0
85,058,0 29,242,0 28,294,0 11,616,0 10,544,0
39,497,0 10,186,0 7,019,0 8,263,0 8,719,0 19,701,0
111 other liabilities
20,296,0
600,0
4,270,0
309,0 1,772,0 1,662,0 2,898,0
2,914,0 1,483,0 1,008,0
805,0 1,447,0 1,128,0
Total liabilities
6,044,665,0 425,616,0 1,984,703,0 439,623,0 498,739,0 200,769,0 172,784,0 1,216,867,0 226,833,0 139,337,0 191,684,0 113,395,0 434,315,0
Memoranda,
leserve ratio (per cent)
65.4
76.4
59.8
59.9
60.2
64.3
58.3
78.8
67.6
51.6
49.2
64.0
61.8
.lonangent liability on bills pus.
.. on. n
n ',re n
IA ',Inn
A 00n n
A A,A 0
1 con n
i Ann n
n net, n
'
'
1 00m n
nO.An
1 100n
1 100n
0 QS') 0
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve Agent at-
Total.
Boston. New York.
Two Ciphers (00) omitted.
$
5
Federal Reserve notes:
Issued to F.R.Bk. by F.R.Agt. 2,933,505,0 204,735,0
Held by Fed'I Reserve Bank_ 227,838,0 19,830,0
In actual circulation
2,705,667,0 184,905,0
Collateral held by Agent as security for notes issued to bks•
1,124,758,0 47,010,0
Gold and gold certificates
Gold fund-F.R. Board
1,265,345,0 153,317,0
Eligible paper
249,096,0 11,917,0
U. S. Government securities- 325,600,0
To., weal.....1
0 naA
"nn
A 019 0110
Phila.
Cleveland. Richmond Atlanta.
$
5
$
$
Chicago. St. Louis. Minneap. Kan.Cily. Dallas. San Fran.
$
$
$
$
$
8
8
617,744,0 241,406,0 288,197,0 103,314,0 116,196,0
72,667,0 13,695,0 11,607,0 6,581,0 18,364,0
721,624,0 142,042,0 83,497,0 102,198,0 40,618,0 271,934.0
29,684,0 8,279,0 2,371,0 8,881,0 4,144,0 31,735,0
545,077,0 227,711,0 276,590,0 96,733,0 97,832,0
691,940,0 133,763,0 81,126,0 93.317,0 36,474,0 240,199,0
484,293,0 78,290,0 71,470,0 18,845,0
89,000,0 85,210,0 118,500,0 56,155,0
55,570,0 47,480,0 26,735,0 16,211,0
31,000,0 75,000,0 13,000,0
264,510,0 23,455,0 13,990,0 10,680,0 12,315,0 86,000,0
444,000,0 80,700,0 30,500,0 55,800,0 7,400,0 97,263,0
15,638,0 6,343,0 9,224,0 10,322,0 3,832,0 27,148,0
30,600,0 30,700,0 26,000,0 17,300,0 63,000,0
'701 114 II 1.40 floe 11 41 111 0 109 1211., A An 0,1 n 0,1 All A
000 4020 911 0400001 Inc n Inn Oil
13,900,0
47,500,0
16,676,0
39,000,0
n 110 Irlet 11
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
ment of Dec. 14 1917, published in the "Chronicle" of Dee. 29 1917, page 2523. The comment of the Reserve Boardstateupon
the figures for the latest week appears in our department of "Current Events and Discussions" on page 580, 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
1939,
figures exclude
Jan. 9
the loan
"Acceptances of other banks and bills of exchange or drafts sold with endorsement"
and include
all real estate mortgagee and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were included
with loans, and some
of the banks Included mortgages in investments. Loans secured by U. S. Government obligations are no longer shown separately, only the total
of loans on securities
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 fora
time
ning Oct. 9 1929 even tills has been omitted. The figures have also been revised to exclude a bank in the San Francisco district with loans and investmentsgiven, but beginof $135,000,000
on An. 2 1929, which had then recently merged with a non-member bank. The figures are now given in round millions instead of in thousands,
PRINCIPAL RESOURCES AND LIABILITIES WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT
AS AT CLOSE OF
BUSINESS JAN. 18 1933 (In millions of dollars).
Federal Reserve District-
Mat.
Boston. New York
Loans and investments-total
$
18,655
$
1,157
$
8,053
Loans-total
10,115
656
3,991
4,213
5,902
268
388
1,807
2,184
On securities
All other
Investments-total
U.S.Government securities
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
8,540
501
4,062
5,291
3,249
318
183
2,757
1,305
2,093
208
11,905
5,702
266
1,830
3,558
MI
101
15
750
399
14
236
186
1,149
47
6,282
1,334
112
139
1,674
R
Phila,
Cleveland, Richmond Atlanta, Chicago. Si. Louis. Minneap. Kan.City, Dallas.
San Fran
$
$
$
$
$
$
5
$
$
1,874
565
499
2,042
514
285
501
373
1,706
596
1,064
297
313
1,346
266
169
235
224
958
309
479
112
105
591
109
51
76
69
237
287
585
185
208
755
157
118
159
155
721
490
810
268
186
696
248
116
266
149
748
234
492
158
103
129
385
57
148
93
417
256
318
110
311
119
83
59
118
56
331
$
1,086
78
11
655
298
22
146
218
n
107
24
838
801
20
118
245
11
37
12
282
231
8
100
106
a
29
7
216
205
18
73
86
0
371
37
1,308
879
19
369
401
1
43
16
307
188
3
88
116
3
19
5
147
138
1
74
60
43
12
334
179
4
174
171
1
27
7
218
131
12
104
91
89
15
568
919
33
209
204
1,
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. 25 1933, in
comparison with the previous week and the corresponding date last year:
Jan. 25 1933. Jan. 18 1933. Jan. 27 1932.
Resources-
$
$
s
Gold with Federal Reserve Agent
Gold redemp.fund with U.S. Treasury_
573,293,000
5,338,000
593,293,000
5,649,000
470,239,000
11,453,000
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
578,631,000
126,010,000
281,449,000
598,942,000
137,020,000
289,713,000
481,692,000
162,961,000
337,014,000
Total gold reserves
Reserves other than gold
986.090,000 1,025,675,000
61,525.000
64,616,000
981,667,000
45,270,000
Total reserves
1,050,706,000 1,087,200,000 1,026,937,000
Non-reserve cash
26.278,000
21,275,000
25,660,000
Bills discounted:
Secured by U. S. Govt. obligations.26,271,000 131,539,000
27,057,000
Other bills discounted
30,077,000
31,624,000
43,664,000
Total bills discounted
Bills bought in open market
U. B. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
Total U.S. Government securities-Other securities (see note)
Foreign loans on gold
58,681,000
9,561,000
56,348,000
9,784,000
175,203,000
52,308,000
187,058,000
127,134,000
187,592,000
124,147,000
111,467,000
25,208,000
384,252,000
394,753,000
147,726,000
698,444,000
3,488,000
706,492,000
3,558,000
284,401,000
19,637,000
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
Jan. 25 1933. Jan. 18 1933, Jan. 27 1932.
13,589,000
1,600,000
5,796,000
80,434,000
12,818,000
23,926,000
51,091,000
1,372,000
6,524,000
05,839,000
12,818,000
22,261,000
3,076,000
4,652,000
100,482,000
14,817,000
13,885,000
1,984,703,000 2.079,565,000 1,716,673,000
LiabilitiesFed. Reserve notes in actual circulation_ 545,077.000 556.056,000 562,660,000
Deposits-Member bank reserve acct__ 1,186.748,000 1,264,M:81
0
844:1a,g2:
788,000
Government
11,361.000
Foreign bank (see note)
7,970,000
35,212,000
13,785,000
'
Other deposits
9,280,000
23,781,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
Total liabilities
1,212,682,000 1,282,116,000
79.004,000
94,007,000
58,612,000
58,618,000
85.058.000
85,058,000
4,270,000
3,710,000
912,890,000
98,006,000
60,892,000
75,077,000
7,148,000
1,984,703,000 2,079,565,000 1,716,673,000
Ratio of total reserves to deposit and
59.8%
Fed. Reserve note liabilities combined
69.6%
59.1%
Contingent liability on bills purchased
Total bills and securities (see note).... 7,770.174,000 776,182,000 531,549,000
14,693,000
for foreign correspondents
13.586,0011 101,797,000
NOYEs-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
foreign correspondents. In adcliti,n. the caption "All other earnings assets," previously made up of Federal Intermediate Credit Bank debentures, was changed
to -other
securities," and the caption,"Total earnings assets- to -Total bills and securities." The latter term was adopted as a more accurate description of tile total of
the discount
sceeptances and sectultes acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which it VIM stated are the only items Included therein.
Financial Chronicle
Volume 136
.A got; ,finaitriat
TninnterriciA- (g4taitirie
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
Including Postage12 Mos.
6 MOS.
Within Continental United States except Alaska
$10.00
$6.00
In Dominion of Canada
11.50
6.75
South and Central America, Spain, Mexico, U. S.
Possessions and Territories
7.75
13.50
Great Britain, Continental Europe (except Spain), Asia.
Australia and Africa
15.00
8.50
The following publications are also issued:
COMPENDIUMSMONTHLY PUBLICATIONSPUBLIC UTILITY-(SeM1-annUally)
BANK AND QUOTATION RECORD
RAILWAY & INDUSTRIAL1OUX a year) MONTHLY EARNINGS RECORD
STATE AND MUNICIPAL-- seM1-1M10
The subscription price of the Bank and Quotation Record and the
Monthly Earnings Record Is $6.00 per year each; for all the others is
$5.00 per year each. Foreign postage extra.
NOTICE.-On account of the fluctuations In the rates of exchange,
remittances for foreign subscriptions and advertisements must be made
in New York funds.
Terms of Advertising
Transient display matter per agate line
45 cents
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On request
CHICAGO Orrica-In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street. Telephone State 0613.
LONDON Orrics-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 Editot, Jacob Seibert: Business Manager, William D. Riggs:
Treas.,William Dana Seibert; See., Herbert D.Seibert. Addresses of all, Office of Co.
Wall Street, Friday Night, Jan.27 1933.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 612.
The following are sales made at the Stock Exchange this
week of shares not re resented in our detailed list:
STOCKS.
Week Ending Jan. 27.
Range for Week.
Sales
for
Week.
Lowest.
Highest.
Range since Jan.1
Lowest.
Highest.
RailroadsPar. Shares. $ per share. $ per share. I per share. $yer share.
Caro Clinch & 01,10_100
Jan 42
Jan
20 42 Jan 24 42 Jan 24 42
Chic SIP Minn & Oma
Preferred
100
50 231 Jan 24 231 Jan 23 2
Jan 231 Jan
Colo & South 1st p1100
Jan 1534 Jan
220 15 Jan 2 15 Jan 25 14
Cuba RR prof
100
30 311 Jan 23 331 Jan 23 231 Jan 431 Jan
Ill Cent preferred_ A00
Jo 2031 Jan
300 18 Jan 28 18 Jan 26 18
Leased lines
100
10 3634 Jan 24 3831 Jan 24 3231 Jo 3631 Jan
Int Rya of Cent AmerPreferred
100
8
Jan
90 511 Jan 26 6 Jan 25 531 J
Market St Ry 2d pf_100
% Jan 24
% Jan
10
II J
% Jan 24
Preferred
100
J
1
Jan
201 1 Jan 2
1 Jan 25 1
Minn St P & BEIM pf100
2
300 131 Jan 2
Jan
114 Jan 25 111 Jo
Leased lines
100
714 Jan
60 531 Jan 27 531 Jan 27 531 Ja
Nash Chatt & St LAOO
17
jan
J
701 14 Jan 23 17 Jan 27 13
NY & Harlem pret_ 100
10 105 Jan 23105 Jan 23 99
Ja 105
Jan
South Ry M dr 0ctb100
Ja
9
100 .% Jan 24 831 Jan 24 8
Jan
Wabash pref B
100
300 134 Jan 2
131 Jan 25 1
Ja
2
Jan
Indus. & Miscell.ArtloomCorppreL_10
100 5134 Jan 27 5131 Jan 27 5131 Ja, 5131 Jan
ASSO Dry Oda 1st pf 10
300 23 Jan 26 23 Jan 26 2131 Jan 23
Jan
2d preferred
Jan 19
iool
Jan
600
1534 Jan 24 19 Jan 26 15
Austin Nichols pr A...'1
10 14 Jan 27 14 Jan 27 14
Ja. 14
Jan
Blgelow-Sanfdcarco_51
200 734 Jan 21 754 Jan 21 734 Jan 8
Jan
Burns Bros preL.__jQOj
80 3 Jan 21 331 Jan 21 131 Jan 331 Jan
Comm Inv Tr pfd(7)100
1010731 Jan 2610731 Jan 26 104
Ja. 10731 Jan
Consol Cig pret (7)..1001
10 4431 Jan 26 4434 Jan 26 4431 Jan 4631 Jan
DevOe&Raynl,tpflOOI
20 90 Jan 26 90 Jan 26 7931 aJ. 90
Jan
Durham lIosMillspflOG
27 1431 Jan 23 1431 Jan 23 1431 Ja. 1431 Jan
Franklin Simon pref 1001
170 12 Jan 24 15 Jan 24 12
Ja.
16
Jan
Hamilton Watch
40 3 Jan 21 3 Jan 21 3
'1
Jan 3
Jan
Houdaille-nersh ol A.*
100 6 Jan 27 6 Jan 27 6
Jan
8
Jan
Internat Comb EngPreferred ctb
•
100 331 Jan 24 311 Jan 24 231 Jan 434 Jan
Keith-Albee-Orph Pt1001
200 8 Jan 28 8 Jan 26 8
Jan 14
Jan
Kelly Springfield TireNew
si
200 131 Jan 23 131 Jan 23 131 Jan 2
Jan
Kresge Dept Stores...*
10 2 Jan 213 2 Jan 26 131 Jan 2
Jan
Preferred
100
10 10 Jan 24 10 Jan 24 10
Jan 10
Jan
Laclede Gas
1001
100 60 Jan 26 60 Jan 26 60
Jan 60
Jan
Mallinson & Co p!_ 1001
10 4 Jan 25 4 Jan 25 4
Jan 4
Jan
Omnibus Corp preL 1001
100 68 Jan 24 66 Jan 24 64
Jan 66
Jan
Pac Tel & Tel pret_100
20 110 Jan 24 110 Jan 24 10,
Jan 110
Jan
Panhandle Prod & Ref
Preferred
130 531 Jan 26 ex Jan 23 511 Jan 1311 Jan
tooj
Revere Cop & Br pr.1001
100 10 Jan 26 10 Jan 26j 10
Jan 12
Jan
Rhine Westphalia El
& Power
100 1731 Jan 21 1731 Jan 21 1731 Jan 1731 Jan
Shell Transp 5c Traci_ 52
10 18 Jan 25 18 Jan 211 1531 Jan 18
Jan
Sloss-Shen St& 1r pf100
10 1031 Jan 23 1054 Jan 231 1031 Jan 11
Jan
Southern Dairies ciA..'1
200 331 Jan 26 434 Jan 27 331 Jan 431 Jan
Spear & Co pref___100
20 25 Jan 23 25 Jan 23 20
Jan 25
Jan
US Distributing pf_100
100 731 Jan 26 731 Jan 26 734 Jan 734 Jan
U S Gypsum pref_100
370 104 Jan 21110531 Jan 2710131 Jan 10531 Jan
Univ Leaf Tob pref_100:
10 102 Jan 24102 Jan 24 101
Jan 102
Jan
Utah Copper
10
10 37 Jan 271 37 Jan 27' 37
Jan 37
Jan
• No par value.
I
Quotations for United States Treasury Certificates
and Notes.—Friday, Jan. 27.
Maturity.
Int.
Rats.
Bid.
Asked.
Maturity.
/ni.
Rate.
Bid.
Asked.
Dec. 15 1933...
Sept. 16 1933...
June 15 1933.Mar. 15 1933.May 2 1938-Aug. 11934...
nAn. 11 1936---
31%
131%
131%
2%
2%
214%
234%
10014,,
10011,,
10018,1
1008,,
10071,
1023,,
101na
100184
10013,1
10028,1
--.10070,,
1027,,
101''.11
May 2 1934.__
tune 151935...
Awn 16 1937.-Aug. 1 1936.Sept. 151987...
Feb. 1 1938...
Mar. 15 1933....
3%
3%
8%
311%
811%
3%%
834%
1033,,
103411
10216,,
103",,
10318,,
1001,.
100wn
1031,
1031%
10227,,
1031s,,
103ton
10021,.
U. S. Treasury Bills—Friday, Jan. 27.
Rates quoted are for discount at purchase.
Feb. 8 1933
Feb. 15 1933
Feb. 23 1933
..... I loll
Bid.
Asked.
0.20%
0.20%
0.20%
0.20%
0.05%
0.05%
0,05%
0 OWE
Mar.29 1933
Apr. 12 1933
Apr. 19 1933
Anr. 26 1933
623
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Below we furnish a daily record of the transactions in
Liberty Loan and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Bid.
Asked.
0.20%
0.20%
0.20%
0.20%
0.05%
0.05%
0.05%
0.05%
Daily Record of U. S. Bond Prices. Jan. 21 Jan. 23 Jan. 24 Jan. 25 Jan. 26 Jan. 27
First Liberty Loan
High 1038,1 1038,
1
334% bonds of 1932-47-- Low_ 10281,
1 103
(First 314s)
1034n
Close 103
Total sales in $umo units—
24
40
Converted 4% bonds otHigh
of(High
------1932-47 (First 45)-..
._ Low_
-------
1038,1 103"S, 10340n 10388n
1038,, 1038a, 1038,1 10310,,
103an 1034ss 103nn 103"as
30
12
94
78
102I7n
10218n
sales in $1,000 units-------Converted 431% bondergb 1024las 10244sa 1022sn 102ns 1024881 102nn
of 193247 (First 0(0 Low_ 10219,2 1021,82 10282,, 1028s, 10282,
1 102",,
102,,
Close 1029,1
,, 102w,, 10228,, 1022%, 102.7m
Total sales in $1,000 units_ __
49
76
33
29
32
29
Second converted 44%1111Rh
------------_
____
____
bonds of 1932-47(First Low_
------_
---_
---------Second 431s)
Fourth Liberty Loan
{High
4%% bonds of 1933-38_ Low.
(Fourth 411,0
Close
Total sales in $1.000 units_ __
Treasury
High
411s, 1947-52
Low_
(Close
Total sales In $1.000 units__
{High
4s. 1944-1954
LowClose
Total sales in $1,000 units__
{High
831s, 1948-1956
Low_
Close
Total sales in $1,000 units-[High
8)45, 19484947
Low_
Close
Total Wet in $1,000 units-{High
1111.1951-1955
Low_
Close
Total salsa es 31,000 min.__
{High
1940-1943
Low_
Close
Total sales in 81.000 units-{High
11,44, 1941-48
Low..
Close
Total sales in $1.000 unitsHigh
144s, 1940-1949
11.0w.
Close
Total sales in $1.000 tin is.--
10321,2
103",,
103",,
76
11028n
1101132
no=on
49
10688,,
10644a:
10688,,
147
1058,,
105%
105913
16
1028,,
102
10211,1
64
98"ss
98
98%,
244
1028,,
102',8I5
102',
1024as
79
1021,,
1024,,
1028,2
60
9914s,
99",,
9911n
274
10388,2
103",,
103",,
293
11080,,
103881,
1031,82
1031,n
91
11088,
1
110"21 110",,
no". 110un
103
159
107
106nas
10614n 106"st
1062% 10624,,
68
53
1058,, 1051In
1058,, 1058,,
105ass 105TH
7.
28
102"3, 102",,
1027,, 102414
1021,, 1021%,
284
233
9824s2 98",,
as
98
811:: 98
8117in
711
179
10281,1 1021,82
102.32
1028,1
1024n 102",,
50
63
10210,, 10214,,
1021,, 102%,
1028n 10288n
72
88
100
100
99"sa 99"ss
9910,2 9941n
366
324
10388s,
103",,
103nas
55
110"n
110ns,
110nss
93
106"sa
106nn
106nn
123
105",,
105%
1054n
6
1020n
1029..,
102w,,
35
98un
98"n
98"n
127
10320n
10388,1
103u.
78
110un
1104481
110n.
133
106"n
106"n
106 7sa
136
1058n
105,
12
105%,
35
102",
102wn
102,4„
102158
102w,
10274,1
82
56
98"n
98nn
98":2
98"ss
98"n
98"n
178
212
, 1022332 102",,
10220
102ns 102nn 102"n
102ns 10217,2 10220n
3
168
17
102", 102",,102"n
102". 102n
18 102",,
10244 102usa 10214u
50
2
107
1004, 100,„ 1001,,
9944n 99",, 99wn
100las 9940s2 99241
102
267
99
10328,2
103",,
10344st
75
11028,2
110",,
110nas
165
10644
10644s
106 5,
46
105",
105%
105an
96
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
2 1st 4345
364th 434s
102nas to 1027:n1 3 Treas. 4315
11074n to 1107%,
10344as to 10324as I 10 Tress. 331, Mar._ __102$31 to 102sn
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 3.3736(4
3.3836 for checks and 3.38(43.389a for cables. Commercial on banks,
night, 3.3734 @3.38X; 60 days, 3.3634@3.37; 90 days, 3.3636(43.36 X
and documents for payment, 60 days, 3.3736(43.3734. Cotton for Payment, 3.37X.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.9031@
3.9036 for short. Amsterdam bankers' guilders were 40.1834@40.19.
Exchange for Paris on London, 86.63; week's range. 87.07 francs high
and 86.02 francs low.
The week's range for exchange rates follows:
Sterling, ActualChecks.
Cables.
High for the week
3.4041.
3.3931
Low for the week
3.359is
3.35
Paris Bankers' FrancsHigh for the week
3.907,14
3.9134
Low for the week
3.9034
3.9034
Germany Bankers' MarksHigh for the week
23.80
23.8134
Low for the week
23.77
23.78
Amsterdam Bankers' Guilders-.
High for the Week
40.20
40.21
Low for the week
40.14
40.18
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 613.
A complete record of Curb Exchange transactions for the
week will be found on page 640.
CURRENT
NOTICES.
-Ward, Gruver & Co., members of the New York Stock Exchange,
have prepared a statistical chart of 17 American and Canadian gold mining
companies; also a circular on the gold Industry, showing production figures
of the leading gold mines of the world.
-James II. Botz, certified public accountant and associated with Russell,
Henry A. and S. Bayard Colgate since 1920, has been admitted as a genera/
partner in Tooker & Co., New York. Mr. Botz will continue his connection with the Colgate firm.
Gundy.57
.
0o7Inc., hive-PreparedA chart showing a 14-year
record of variations in the villue cifthg-Caladian -doll=sexpressed in
terms of the American dollar.
-Vanderhoef & Robinson, members New York Curb Exchange, announce-tit-at Lawrence J71jlaiki;is now associated with them in theirpi.Tiac
utility bond department.
-W. G. Riley & Co., New York Thave issued a booklet of circulars of
a sele7ctei1gioup cd-Wiblic
utility
which they have
—
_ —operating companies
_
subjected to an analysts.
_Henry
-Henry W. Stahl, formerly of Cheroot & Morgan an-d-lifei-of Frank
Jr771-riow associated with Ralph C. Morgan, 120 Broadway,
New York.
-James Talcott, Inc., has been appointed factor for Perrin Glove Co..
Me., New York City, manufacturers and importers.
624
Jan. 28 1933
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
gar' FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE PAGE PRECEDING.
Sales
for
the
Week.
KWH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Jan. 21.
Per share
4234 4334
6312 65
21
2118
1018
10
12
12
.2212 25
•7012 7412
*914 12
*312 414
.4418 48
2858
28
77
*75
*12
34
1314 13%
*50 .55
2818 2858
*12 158
1
1
*258 278
*7
758
2
2
234 234
5
51s
718 718
4
412
•612 778
7
*6
*12
25
178
•138
*5214 5334
2578
25
•212 278
.
538 6
*6
612
*418 434
8
103
4
3
2
*138 378
*314 4%
1512 1512
1358 14
•13
7
*4% 4%
*814 834
*13
1312
1318 1318
2534
25
*1514 17%
7% 7%
*234 4%
*18
38
*1
1%
7
71s
15
151s
314 314
5
518
*18
14
1878 1938
3%
*3
4
4
*10614 109
1518 1578
28
28
912 934
34
331
34
34
12234 123%
8112
*80
14% 1514
*1
113
1814 1858
2
*1
*6
1278
8
8
712 7%
*614 1118
2778 281s
31
*25
2734 2734
*114
112
134 134
11
*3
*5
29
*14
38
34
*12
1814 1878
534 618
778
*16
*512
•138
*7
75
*6718
*1%
8
2478
638
234
1234
7612
6818
2
*258 234
*512 6
*412 10
*112 2
278 2%
*14%
*80
4%
*53%
•1238
*812
•2
*934
6114
*1
12
•114
114
238
*214
•2
Tuesday
Jan. 24.
Wednesday
Jan. 25.
Thursday
Jan. 26.
Friday
Jan. 27.
S per share
41% 4212
64
65
2018 2014
9% 9%
*1112 12
•23% 2412
*75
7938
*614 12
*312 4
44
44
2712 2734
76
76
34
*12
1218 1234
*5014 55
2758 2814
•38 1%
1
*72
278
278
7
7
2
2
*212 2%
458 434
*612 8%
414 414
7
•13
*512 612
*1418 25
*112 2
5158
*50
2378 2478
*212 284
5
538
•6
612
*4% 434
912 9%
*138 3%
*314 478
*14
16
1212 1278
7
*6
Ca 412
814 8%
*13
1312
*1184 1214
2314 2458
*1514 1714
7% 7%
$ per share
4178 4334
6412
*64
2118
20
914 934
11% 12
2412 2412
*76
7938
*914 1114
*312 414
*34
47
2734 2838
*7534 78
*4
*12
1214 12%
*5114 55
2778 2838
*38
158
1
1
*212 278
718
714
1% 2
238 2%
414 4%
612 714
414 414
534 578
512 612
*1418 25
1%
*138
4512 5012
24% 2512
*2% 234
*5
512
*6113 612
434 484
912 1014
*112 3%
*314 478
16
*15
123, 1334
7
*6
412 412
*8
858
1312 1312
1112 1234
2334 2558
*1514 1714
718
7
$ per share
4314 4412
64% 6412
21
2134
234 1018
115* 123s
2538 2512
79% 80
*914 1114
*3% 418
47
*32
2814 29%
*7612 78
34
*12
1214 1234
*5114 55
2814 28%
15a
*38
*78
1
*234 278
714 7%
2
2
253 234
458 4%
712 712
412 434
812 612
612
•5
*1418 25
•138 2
45
48
25
2578
*212 4
5% 512
534
618 612
*418
934 1038
*188 3%
478
*3
1612 1612
1334 1414
*6
7
412 458
*812 834
13% 137s
12% 1312
25
26%
*1514 16
7
7%
*234 3%
14
*%
*1
178
778
7
1514 1838
3% 318
478 518
14
*18
18% 20
2% 278
4
414
109 110
14% 1578
2612 27
1012 11
34
*313
*34
114
123 123
per share
4138 42%
*64
6512
2014 2014
2
98
1112 1112
*2318 2412
7412 75
*914 a
*312 418
*44
5118
2714 2818
*75
77
34
*12
121* 13
*50 - 55
2778 2812
1%
*38
*78
1
*234 278
*7
712
*134
17s
234 234
4% 5
7
7
*4
414
*6
714
*5% 7
*14
25
*138 178
51% 51%
24% 2514
278 278
512 512
8
6
*418 4%
9% 9%
*112 378
*314 478
1514 1514
13
1314
7
*6
4% 4%
*814 834
*1214 1312
1134 1134
23
25
*1514 17%
714 7%
*234 478 *234 33s *234 3%
18
18
as
*18
38
*18
17 *1
178
178 '1,4
•1
6% 6%
634 6% 634 7
14
1434 1518 1414 1412 14
3
3%
3
3
278 3
4% 4%
478 478
434 5
*18
14
*18
14
14
*18
19
1778 1812 1712 1814 18
2% 3
314
*212 312 *3
418 418
412
412 *4
*4
108 108 *108 109 *108 109
1412 1514 14% 1478 1412 1512
2612
2512 2512 26
*2614 28
958 1058
9% 1038
912 912
34
*38
*18
34
34
*34
*34 114
*34
114
*34 114
120 12112 122 12212 121 12112
8112
*80
81
8112 *80
*80
1518 1412 15%
1414 1434 1414 1412 14
112
*11, 2
2
*1
*1
1
1
17% 1838 1758 1818 1734 1914 18% 1914
2
•1
2
*1
2
2
•1
•1
•6
734
*8
13
8% 7
*512 13
*778 878
7% 7%
734 9
734 734
7% 7% *7% 734
7% 7%
*7
734
*614 10
*614 1118 *614 1118 *814 10
28
29%
27
28
30
2714 2714 *26
31
*25% 31
*25% 31
*2518 31
28
*25
28 •26
•25
27
*25
26
1
114
1
118 *Ns
1
114
1
112 112
1% 138
158
1%
1% 1%
11
*3
11
*3
11
*3
*3
11
29
29
29
29
*14
38
*14
38
4.12
*12
3
4
3
4
34
*12
1738 1812 1734 1832
1718 1818 1714 18
512 578
534 6
5% 5%
534 6
7% 758
7
7%
718
7
*7
734
2478 •16
24%
24% *16
2478 •16
*16
*534 612 *6
618 618
618
612 *6
*1% 234 *138 234 •1% 234 •138 234
1234
1234
*7
7
7
1234 *7
•7
7634
7512 7412 7612 75
7312 7512 74
6718 6734 6612 67
6614 6812 6614 6612
•178 2
174
178 *178 2
*1% 2
$ per share
42% 4514
*6378 65
2034 2212
933 1012
12% 1278
2534 2634
85
85
*914 1114
*334 414
45
*32
2734 2918
76
7634
*12
34
1012 1114
'5114 55
2812 2912
*38 158
*78
1
2% 258
714 712
2
2
212 234
412 5
*714
734
*414 434
614 7
*5
6
*14% 25
*138 2
45
4912
2418 25%
*212 8
512 5%
612 634
438 4%
914 101s
*1% 378
*3
4%
.15
16
13
1438
6
6
412 5
834 101s
15
1534
1238 1312
25
2738
16
16
634 814
*234 3%
14
*18
Shares.
38,255
800
4,100
9,900
1,600
1,000
50
814
15
1812
3
318
4% 538
*15
14
1838 2014
278 3%
438 412
110 111
1474 1614
2614 28
10
11
*58
34
*34 114
121 121
80
80
1414 1512
*1
2
1818 1918
2
*1
12,800
3,200
1,700
7,700
*2
212
578 6
*4
10
•112 2
*258 3
214 212
534 6
*4
10
*112 2
*238 3
Monday
Jan. 23.
*26
*-- 4
*12
218
218
512 578
*4
10
*112 2
234 3
*1434
18
80
89 .
453
43
*54
58
131 •1212
9
*812
*2
21
97
934
62
6178
*1
11
1218
121
*114
2
11
114
2%
238
234 *214
212 *2
178
5%
*4
*112
*238
1%
578
738
2
234
214
*2
8
6
*4
10
112
112
234 234
*1434
*1484 18
*1434 18
18
89
89
89
*80
434
Cy 458
4% 434
4%
*54%
58
5414 5414 *5414 58
13%
1278 13
1378 *1212 13
812 81
8% 8% *8
9
21
*2
21
*2
21
*2
912 1014
934
9% 9%
93
61
82
81
6038 81
617
*1
11
11
*1
114 •1
12% 12% 1212 12% 1258 1212
*114
112 •114 11
•114
11
114
114 1%
118
114
11
2%
214 212
2% 2%
2%
*214
*214 234 *214 23
23
*2
21
212 *2
*2
21
%
14
*1
714
*612
838
7%
*614
30
*28
*25
1
158
*3
14
*%
1714
538
753
•16
6
*133
•7
74
8612
*178
*1434
18
89
4%
478
*54
58
13% 1212
8
838
212 *2
1012 1014
61% 59%
114 *1
1212 12%
114
113
114
114
218
2%
212 *178
2
*2
100
22,200
500
55,300
55,800
200
200
1,600
1,600
3,400
14,000
500
800
600
100
21.700
31.600
100
1,500
700
200
12,900
400
18,800
150
1,900
1,700
700
8,300
11,045
10
12,500
100
178
73,500
1,600
1,800
100
19,500
1,700
18,400
300
1,600
70
13,322
40
89,700
244
7%
812
385
90
712
10
30
3,900
31
28
100
118 3,100
152 1,250
11
29
700
. 14
34
1858 47,300
638 8,100
814 2,600
24%
6
900
2%
20
1234
7878 32,300
6612 3,500
2
100
18
89
4%
58
1234
8
212
1012 •
6012
1%
1238
114
114
218
212
212
600
1,300
100
400
3,600
20
500
400
8,200
9,000
7,400
100
5,600
1,200
*Bid and asked prices, no sales on this day. x Ex-dividend. y Ex-rights.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
Highest.
Par $ per share $ per share
Railroads
Atch Topeka & Santa Fe. 100 39 Jan 8 4614 Jan 11
100 5978 Jan 6 8558 Jan 16
Preferred
1130 1714 Jan 3 2334 Jan 10
Atlantic Coast Line RR
100
838 Jan 3 1118 Jan 11
Baltimore & Ohio
100 1012 Jan 3 14 Jan 11
Preferred
50 20 Jan 5 2634 Jan 27
Bangor & Aroostook
100 6858 Jan 4 85 Jan 27
Preferred
100
8 Jan 4 1012 Jan 20
Boston CC Maine
414 Jan 16
4 Jan 12
Brooklyn es Queens Tr_No par
No par 40 Jan 5 4518 Jan 18
Preferred
Bklyn Math Transit_ - _No par 2512 Jan 3 3018 Jan 16
$6 preferred series A_No par 70 Jan 4 78 Jan te
12 Jan 11
32 Jan 3
Brunswick Ter & Ry SecNo par
25 1012 Jan 27 1458 Jan 6
Canadian Pacific
Caro Clinch & Ohio stpd_ _100
25 2614 Jan 17 29'2 Jan27
Chesapeake & Ohio
100
Chic & East III Ry Co
114 Jan 11
78 Jan 18
100
6% preferred
Jan 11
238 Jan 3
100
Chicago Great Western
838 Jan 10
100
7 Jan 13
Preferred
238 Jan 9
138 Jan 3
Chic Milw SIP & Pao_ _No par
212 Jan 3
312 Jan 11
100
Preferred
614 Jan 11
358 Jan 3
Chicago & North Western_100
614 Jan 11
57
8 Jan 4
100
Preferred
358 Jan 3
5% Jan 11
Chicago Rock Isl &Paelfic_100
512 Jan 4
812 Jan 11
100
7% preferred
712 Jan 11
518 Jan 3
100
6% preferred
100
Colorado de Southern
178 Jan 12
134 Jan 11
Consol RR of Cuba pref--100
100 45 Jan 26 5814 Jan 11
Delaware & Hudson
Delaware Lack & Western_50 2012 Jan 3 2738 Jan 11
278 Jan 23
2% -Ian 16
Deny & Rio Or West pref I00
612 Jan 11
5 Jan 4
100
Erie
558 Jan 3
100
734 Jan 11
First preferred
514 Jan 11
418 Jan 9
100
Second preferred
758 Jan 3 1138 Jan 11
100
Great Northern pref
2 Jan 6
2 Jan 6
Gulf Mobile & Northern-100
4% Jan 12
312 Jan 6
100
Preferred
Hudson dc Manhattan_ _ _100 1438 Jan 4 1534 Jan 12
100 1114 Jan 3 143.1 Jan 11
Illinois Central
6 Jan 27
6 Jan 27
RR Sec ails series A-1000
414 Jan 10
514 Jan 16
Interboro Rapid Trail v t C.100
734 Jan 10 1018 Jan 27
100
Kansas City Southern
100 13 Jan 18 1534 Jan 27
Preferred
50 1012 Jan 3 1478 Jan 9
Lehigh Valle),
Louisville & Nashville_:--100 2114 Jan 3 2738 Jan 11
Manhattan Ry 7% guar__ 100 1514 Jan 9 16 Jan 27
814 Jan 27
6 Jan 3
Math Ry Co mod 5% guar.100
212 Jan 3
212 Jan 3
Market St Ry prior prat-- 100
38 Jan 19
18 Jan 23
Minneapolis & St Louis__ 100
114 Jan 11
1 Jan 6
Minn St Paul & SS Marie_ 100
814 Jan 27
534 Jan 3
Mo-Kan-Texas RR_ ---No par
100 1112 Jan 3 1612 Jan 27
Preferred series A
438 Jan 11
214 Jan 20
100
Missouri Pacific
414 Jan 18
7 Jan 10
100
Cony preferred
3
Jan
18 Jan 3
18
pref_100
2d
Mexico
Nat Rys of
100 1878 Jan 4 2112 Jan 11
New York Central
3% Jan 12
218 Jan 25
N Y Chic & St Louts Co-_100
5 Jan 12
314 Jan 3
100
Preferred series A
50 106 Jan 4 111 Jan 27
N Y & Harlem
175
8 Jan 11
13
Jan
3
100
Hartford
&
Y
N
H
N
100 2r 12 Jan 24 3014 Jan 11
Cony preferred
Vs Jan 4 11 Jan 26
N Y Ontario & Western-100
38 Jan 20
38 Jan 20
No par
NY Railways pref
112 Jan 11
58 Jan 3
100
Norfolk Southern
124
Jan 11
Jan
3
114
100
Western
&
Norfolk
100 7912 Jan 17 8312 Jan 5
Preferred
100 13 Jan 3 1738 Jan 11
Northern Pacific
2 Jan 12
1 Jan 25
100
Pacific -Coast
50 1334 Jan 3 1914 Jan 25
Pennsylvania
114 Jan 17
114 Jan 17
100
Peoria & Eastern
7 Jan 11
534 Jan 6
100
Pere Marquette
9 Jan 11
6 Jan 3
100
Prior preferred
818 Juin
518 Jan 3
100
Preferred
Pittsburgh & West Virginia 100
50 2414 Jan 3 32l Jan11
Reading
50 2612 Jan 4 31 Jan 14
1st preferred50 25 Jan 5 28 Jan 13
2d preferred
112 Jan 5
1 Jan 3
St Louis-San Francisco-100
178 Jan 17
114 Jan 8
100
181 preferred
St Louis Southwestern__..100
100
Preferred
38 Jan 5
14 Jan 8
No par
Seaboard Air Line
78 Jan 10
12 Jan 6
100
Preferred
100 15 Jan 8 1978 Jan 11
Southern Pacific Co
678 Jan 11
478 Jan 3
100
Southern Railway
578 Jan 3 914 Jan 11
100
Preferred
100
Texas & Pacific
512 Jan 10
612 Jan 19
100
Third Avenue
112 Jan 10
158 Jan 20
Twin City Rapid Transit 100
712 Jan 17
7 Jan 9
100
Preferred
100 6934 Jan 3 7734 Jan 11
Union Pacific
100 63 Jan 6 6734 Jan 23
Preferred
218 Jan 10
112 Jan 4
100
Wabash
318 Jan 11
178 Jan 3
100
Preferred A
63
8 Jan 11
Jan
4
5
100
Western Maryland
638 Jan 6
558 Jan 12
100
2d preferred
112
2
Jan
6
Jan 9
100
Pacific
Western
358 Jan 11
234 Jan 17
100
Preferred
Industrial & Miscellaneous
No par
Abraham & Straus
100
Preferred
No par
Adams Express
100
Preferred
No pa
Adams Mills
Address Multigr Corp No pa
No par
Advance Rumeiy
Affiliated Products Inc_ No pa
No par
Air Reduction Inc
Air Way Elec Appliance No pa
Alaska Juneau Gold Min_ - _10
No pa
A P W Paper Co
No pa
Alleghany Corp
Pref A with $30 warn...100
Fret A with $40 ware-100
Fret A without warr__ _100
1512 Jan 18
1512 Jan 18
412 Jan 3
50 Jan 4
1212 Jan 27
8 Jan 27
2 Jan 3
914 Jan 3
585s Jan 3
pa Jan 11
1118 Jan 14
1 Jan 5
1 Jan 4
218 Jan 1
212 Jan 4
2I8 Jan
512
504
1534
1018
258
1012
6412
114
1358
114
158
318
212
234
Jan 11
Jan2
Jan 9
Jan 3
Jan 11
Jan 2
Jan 11
Jan 5
Jan 4
Jan 27
Jan 11
Jan 5
Jan 4
Jan 6
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
per share $ per share
1778 June 94 Jan
Jan
35 July 86
914 May 44 Sept
334 June 2138 Jan
6 June 4112 Jan
912 June 3534 Aug
50 June 91 Sept
4 July 1934 Sept
278 July 1014 Mar
2314 June 58 Mar
1118 June 5014 Mar
3112June 7838 Mar
218 Aug
12 Apr
714 May 2058 Mar
39 July 70 Feb
984 July 3112 Jan
12 July
314 Aug
12 may
5 Aug
114 June
538 Aug
212 May 1512 Jan
412 Aug
34 June
118 May
8 Aug
2 May 1412 Aug
Jan
4 Dec 31
112 May 1638 Jan
314 Dee 2712 Jan
2 May 2412 Jan
Cy June 2912 Sept
1 Dec 1112 Jan
32 July 9212 Sept
812 June 4578 Sept
112 May
9 Jan
2 may 1134 Sept
258 May 1578 Aug
2 May 1012 Aug
Jan
512 May 25
2 May 10 Sept
212 Dec 1512 Sept
8 May 3034 Jan
434 June 2478 Sept
4 May 1412 Jan
214 June 1458 Mar
214 June 1514 Sept
5 June 2514 Sept
5 June 2914 Sept
712 May 3814 Sept
9 Sept 4638 Mar
4 June 2034 Mar
218 Dec
9 Jan
158 Aug
Is Jan
438 Sept
12 Dec
114 May 13 Sept
314 June 24 Sept
112 May 11
Jan
212 May 26
Jan
18 Feb
78 Sent
834 June 3638 Jan
112 may
934 Sept
2 June 1558 Jan
8214 May 12712 Aug
6 May 3158 Jan
1178 July 7834 Jan
358 July 1554 Sept
18 Dec
1 Feb
14 Dec
384 Sept
57 June 135 Sept
65 July 8112 Dec
512 May 25313 Sent
1 Mar
312 Sept
612 June 2338 Jan
78 May
514 Sept
134 June 18 Aug
312 June 26 Aug
213 June 24 Aug
6 Dec 2112 Aug
912 June 5214 Sent
15 July 33 Jan
15 May 88 Sept
58 May
658 Jan
1 May
934 Jan
3 May 1378 Sept
858 Dec 2012 Jan
18 Jan
1 Sept
14 Jan
158 Sept
612 June 3758 Jan
212 May 1812 Sept
3 July 2334 Sept
13 Nov 35 Sept
37s May 14 Mar
118 Dec
412 June
7 June 2412 Jan
2758 July 9412 Feb
40 May 7158 Aug
7E Jun
414 Aug
1 Jun
6 Jan
112 May 1138 Sept
2 May 1114 Sept
% June
434 Aug
14 May
878 Aug
10 June
68 July
138 May
22 June
12 June
812 Dec
114 June
414 May
3078 July
12 June
734 June
78 Dee
38 May
34 May
58 June
14June
2458 Aug
98 Mar
912 Sept
73 Sept
3038 Mar
14 Sept
478 Aug
1612 mar
6312 Sept
312 sent
108 un
4 Mar
358 Sept
814 Sept
8 Sept
8 Sept
New York Stock Record-Continued-Page 2
625
1:21r FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SECOND PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Jan. 21.
Monday
Jan. 23.
Tuesday 1 Wednesday
Jan. 24.
Jan. 25.
Thursday 1
Jan. 26.
Friday
Jan. 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan 1.
On basis of 100-share Lots.
Lowest.
Highest.
PER SHARE
Range for Prerious
Year 1922.
Lowest.
Highest.
I per share $ per share $ Per share $ per share I per share $ per share Shares. Indus. & Miscall. (Con.) Par $ per share $ per share $ Per share
$ Per share
.634 7
634 634
634 634 *6
7
-•6
7
7.
*6
170 Allegheny Steel Co_ __No par
634 Jan 17
814 Jan 9
5 May 15 Sept
8612 8738 8434 8638 8538 8638 8512 8712 863 8778 8434 86% 38,500 Allied Chemical & Dye_No par 8013 Jan 4 897 Jan 12
4212June 8814 Sept
*12014 12112 121i2 12112 121 12112 12112 12112 *12112 124
12112 12112 1,100
Preferred
100 11878 Jan 6 12112 Jan 17
9612 Apr 120 Dec
8
8
734 78
712 75s
712 712
738 •712 8
758
1,020 Allis-Chalmers Mfg_ __ _No par
4 June 1538 Sept
9 Jan 11
634 Jan 3
6
6
7
.6
*6
638 .6
638 *43
638 *6
63s
100 Alpha Portland Cement No par
412 July 10 Jan
618 Jan 19
534 Jan 10
*12 114
34
34
.34
114
114
*88
.88
114
*58 114 1,000 Amalgam Leather Co__No par
1 Jan 4
Jan 18
14 Apr
218 Sent
3
4
•6
814 .6
814 .6
814 *614 814 *6
814 *6
7% preferred
814
Dec 10 Mar
100
4
20
2013 201_ 20
20
20
20
2018 2018 204 20
20
1,900 Amerada Corp
No par 20 Jan 14 22 Jan 10
Jan 2234 Sept
12
*914 934
912 912 *914 1014
911
91
912 *834
*834
938
400 Amer Agric Chem (Del) No par
914 Jan 25 1012 Jan 9
312 June 1512 Sent
*1114 1214
1114 1114 *114 12
111* 111
1134 1134 .1112 1138
300 American Bank Note
10 1078 Jan 5 1212 Jan 11
5 May 2212 Sept
.3614 4078 *3614 4078 *3614 4072 *38 - 4078 *38
407g 033
l'referred
40%
28 June 47 Feb
50 3978 Jan 13 3978 Jan 13
01
114 *1
114 *1
114 .1
112 *1
11
American Beet Sugar__No par
*1
1%
14 Apr
27 Aug
118 Jan 12
114 Jan 5
0234 5
*334 6
334 334 0334 5
*334 5
150
334 334
7% preferred
Apr
1
934 Aug
100
414 Jan 13
234 Jan 5
1138 .1058 11
1112 1112 11
1012 11
1034 11
1034 11
1,800 Am Brake Shoe & Fdy _No par 10 Jan 9 12 Jan 11
June
177
Sept
612
71
7112 .69544 75
.7112 79
*6952 73
71
71
71
71
250
Preferred
40 July 90 Feb
100 6912 Jan 11 75 Jan 12
6078 6214 r60
6038 61
617g 6012 6178 59
593* 617
62
85.800 American Can
2938 June 7378 -Mar
25 54 Jan 3 6234 Jan 11
•126 130 *126 130 *127 135 *127 132
127 127 .126 135
200
Preferred
9312June 129 Mar
100 12312 Jan 6 12818 Jan 14
6% 7
612 634
7
7
634 8
7
7
*7
734
600 American Car & Fdy_ __No par
312 June 17 Sept
612 Jan 3
8 Jan 9
1878 1878 1814 184 1814 1814 18
1814 1834 1834 *1812 1934
800
Preferred
15 Dec 50 Aug
..100 1612 Jan 4 20 Jan 13
•2
314 *2
314 *2
314 •2
314 *2
314
*2
3
American Chain.
No par
3 Jan 5
314 Jan 10
17s Apr
714 Sent
*758 12
*759 13
.738 13
*738 13
.758 13
*759 13
7% preferred
100
Jan
7 June 26
8 Jan 17
8 Jan 17
40
40
3914 3934 3934 3934 3918 40
3912 40
*3914 3912 2,700 American Chicle. . _ __No par 3614 Jan 4 40 Jan 21
June 38 Nov
18
*213 3
.212 3
3
3
*212 3
*258 3
100 Amer Colortype Co _ __ No par
*23* 3
212
Jan
July
Sept
Jan
18
2
814
13
3
*1958 2018 1958 20
20% 204 20
20
2078 1912 2012 4,300 Am Comm'l Alcohol Corp20 1912 Jan 3 223* Jan 5
20
11 May 27 Sept
114 *1
114 *1
4 *1
11
01
114 *1
Amer Encaustic Tiling_No par
114
1 Jan 5
34 Dec
5 Jan
114 Jan 10
*878 978 0878 9
*8543 9
8% 853 *838 878
838 838
300 Amer European Sec's__No par
835 Jan 27 1038 Jan 6
234 Apr 1534 Sept
634 67
612 634
634 634
634 7
67
612. 6743 4.900 Amer & Fern Power___No par
7
Jan 11
2 May 15 Sept
3
818
Jan
614
11
11
11
1114
1014 1114 11
12
12
1214
1112 102 1.900
Preferred. ...._ __No par
5 May 3812 Jan
958 Jan 3 14 Jan 11
8
8
*7% 778 *718 734
8
8
*758 8
734 734
2d preferred
300
234 Slay 2114 Aug
_No par
934 Jan 11
634 Jan 3
.*9
1058 *834 1058 *834 1058 *914 10
*9
10
*834 10
56 preferred
12
Jan
20
4 June 33
No
11
par
Jan
33
83
4
Jan
*412 434 *412 434 *412 434 *412 43
.412 434
47 Jan 11
412 412
100 Amer Hawaiian S 3 Co____10
3 May
612 Aug
418 Jan 5
.278
3
*27
3
3
311
313
*314
3
31
334 *314
400 Amer Hide & Leather_No par
1 May
3 Jan 9
34 Jan it
672 Sept
•12
1578 *12
1579 *1312 1578 *1312 1512 01312 1512 *1312 1512
Preferred
478May 27 Sept
100 1438 Jan 3 16 Jan 11
3734 377
37
37
3759 •3634 37
3738 3612 37
3612 3678 2,800 Amer Home Products_ _No 'par 3612 Jan 26 3914 Jan 11
23 June 5138 Mar
*55s 618
512 568
512 512
512 512 *512 638 *512 638
400 American Ice
338 Dec 215s Mar
No par
44 Jan 3
612 Jan 12
*3313 3538 *33
36
*3318 36
3559 *35
36
*33
*33
36
8% non-cum pref
35 Dec 68 Mar
100
7
718
7
718
71
7
718
718 718
738
212 June 12 Sept
74 74 3.600 Amer Internat Corp_ __No par
832 Jan 11
634 Jan 16
*14
38
*14
38
•14
38
*14
38
300 Am L France & FoamiteNo par
"4
58
38
14 Jan
38
54 Aug
38 Jan 5
38 Jan 5
*112 214 *112 214
*112 214 *112 214 *112 214
*112 214
l'referred
1 July
100
114 Jan 3
114 Jan 3
414 Aug
.678 714 *678 714
67
684
718 *612 712 *634 7
400 American Locomotive__No par
Aug
1514
63
4
July
11
Jan
359
57
8
814
Jan
3
21
21
*2012 2112 21
21
*21
22
*21
21
217
21
500
Preferred
1719 Dec 49 Sept
100 1734 Jan 3 2314 Jan 9
1314 1312 13
1318 *13
1312 *13
131: 13
13
712June 2214 Jan
*1234 1314 2,000 Amer Mach & Fdry Co_No par 1134 Jan 3 1312 Jan 11
*134 2
*134 2
*134
2
.134 2
*112
134
1
1,100 Amer Mach & Metals_ _No par
11
334 Mar
1 June
1 Jan 27
2 Jan 4
*4
4% *4
412
412 47s *44 434 *4
51 Jan 9
914 Aug
112 June
500 Amer Metal Co Ltd_ __No par
434 *4
47
3344 Jan 3
•1914 21
20
*1938 21
1014 •1914 21
19
20
*1914 21
180
6% cony preferred
100 1512 Jan 4 21 Jan 12
612.
11111e 32 Aug
1712 1712 20
21
*18544 22
*1838 22 .1358 22
20
20
240 Amer News Co Inc___ _No par 17 Jan 20 21 Jan 23
Jan
14 July 33
712 734
738 734
714
712
738
712 5.100 Amer Power & Light__No par
73
75*
7%
738
3 June 1714 Sept
71 Jan 4
914 Jan 11
22
22
22
22
2012 21
19
20
20
2012 2014 2014 2,300
Preferred
No par 19 Jan 4 2412 Jan 11
1514 June 58 Jan
1834 19
1814 1834
1734 1814 *1712 18
1712 1758 1714 1712 1,300
55 preferred
10 July 4934 Jan
No par 1714 Jan 27 2112 Jan 12
658 672
653 678
612 634
612 67g
658 678
612 64 15,700 Am Rad & Stand San'y No par
75 Jan 11
612 Jan 19
38 June 1214 Sept
878 9
814 879 *812 87
812 9
9
918
858 9
3,400 American Roiling Mill
Jan
3 May 1812 Sept
11
103
25
8
3
Jan
73
4
•2138 227
2138 2138 *2112 227
21% 2158 2112 2158 22
22
700 American Safety Razor No par 2034 Jan 9 22% Jan 9
133s Jun z2914 Mar
0114 218
138
138 5114
218 .114 212 •114
218 *114
100 American Seating v t e_No par
2'8
34June
334 Sept
23
Jan
13
Jan
8
23
13*
*14
N
*14
39
*14
38
*14
38
"4
38
Amer Ship & Comm_ __No par
*14
744 Sept
4 Apr
%
38 Jan 5
3s Jan 5
*1213 16
1212 1212 *1212 16
*1212 16
*1212 16
01212 16
20 Amer Shipbuilding Co.No par 12 Jan 17 1212 Jan 23
10 Juno 2518 Jan
1314 1338 13
14%
1334 1458
1334 1438 1312 141i
13
131 16,400 Amer Smelting & Refg_No par 12 Jan 4 1458 Jan 11
Slay
Sept
5%
2714
33
33
3334 35
*3412 35
3412 357
3534 3534 *33
Preferred
34'l 1,700
22 June 85 Jan
100 31 Jan 10 357 Jan 25
2518 2518 *2512 27
*24
2618 25
2612 *2312 27
24
800
2d preferred 6% eum100 2012 Jan 2 27 Jan 16
2538
15 July 55 Feb
*33
35
*337 35
113414 35
3414 35
35
34
3514
34
900 American Snuff
25 3212 Jan 10 3514 Jan 2
2134 June 3612 Aug
010214 105 .10214 105 .10214 105 *10214 10112 *10214 10412
10214 102'4
100
Preferred
100 10218 Jan 9 10214 Jan 27
90 Jan 106 Sept
634 634
612 634
612 7
634 7
*634
7
658 63
2,500 Amer Steel Foundries__No par
3 Ma
1518 Sept
53
11
4
Jan
Jan
3
75
8
*48
54
*48
54
*48
5534 *48
5334 *50
53
50
50
10
Preferred
100 48 Jan 17 56 Jan 9
34 July 80 Feb
3478 347
3412 3412 35
35
35
35
35
35
2,200 American Stores
3538 35
No par 3138 Jan 4 3514 Jan 27
20 May 3634 Mar
2212 24
23
2412 25
2512 25
2534 26
26
27
2712 4,800 Amer Sugar Relining
100 2112 Jan 19 2712 Jan 27
13 June 3914 Jan
•8018 84
*801s 84
•8038 821s 82
82
•80% 84
•80% 82
100
Preferred
100 80 Jan 19 5214 Jan 16
45 Slay 90 Aug
612 612
612 7
718
71z
758
712 8
734 734
712
3,100 Am Sumatra Tobacco_ _No par
6 Jan 13
234 Apr 1014 Aug
8 Jan 27
1047s 10614 10358 10434 10334 105-3* 10414 10618
1053* 1063 10334 10614 48,900 Amer Telep & Teleg
100 1027* Jan 3 10938 Jan 11
6934 July 13738 Feb
.62-3* 6278 6212 63
6312 6334 62
6314 60
62s 5734 5934 8.800 American Tobacco
25 5378 Jan 3 6334 Jan 24
4012June 8634 Mar
6414 647
6312 6434 64% 6534 6334 6512 6218 641.1
5914 6178 66,300
Common class IL
25 5514 Jan 3 6534 Jan 24
44 June 8934 Mar
*114 116 *114 1153 *114 11512 115 115
114 11414 *113 115
400
Preferred
100 11314 Jan 6 117 Jan 14
9514 June 11812 Oct
*6
9
*614 8
*678 8
712 712 *7
9
.712 8
100 American Type Founders._100
Jan
5 Jan 3
9 Jan 13
4 June 25
*1412 1612 *1338 1412 *1358 15
•1338 1738 1614 1612 1512 1512
30
Preferred
100 13 Jan 3 1878 Jan 11
1012 July 70 Jan
1614 1634 161s 1618 1612 17
1634 1738 16% 17% 1634 1738 5,300 An, Water Wks & Elec_No par 1534 Jan 18 1912 Jan 9
11 May 3413 Mar
1414 1414 14
1438 1318 1312 1334 1414
14
14
1358 1438 4,900
Common vot tr ctfs_No par 13 Jan 24 1634 Jan 9
11 May 31 Mar
*56
65
574 5714 .56
65
*5612 65
5712 5712 5512 57
400
1st preferred
No par 53 Jan 6 58 Jan 12
26 June 75 Jan
438 412
414 43a
414
434 *414
434
434
43* 434 *45
800 American Woolen
158 Slay 10 Sept
No par
4 Jan 3
538 Jan 11
*24
2514 24
2459 235,, 2334 2312 2434 2418 2434 2438 25
1.700
Preferred
_100 2312 Jan 25 26544 Jan 5
1512 Jan 3978 Sept
*38
12
.38
12
•%
1*
12
"3
*38
12
Am Writing Paper ctfs_No par
"8
14 Slay
12
214 Aug
12 Jan 3
12 Jan 3
*2
8
.2
8
*2
8
•2
8
*2
8
*2
8
8 Aug
2 July
Preferred certificates No par_
__
_
•242 318
__ __
318 338
*3
312 *3
312
3
3
3
3
600
Amer
Zinc
Lead
6%
Slay
Sept
&Smelt_
114
23
_
_
Jan
_1
Jan
6
23
4
3
14
•17
2812 *1714 2812 *1714 2812 *1714 2812 .1714 2812 *1714 2812
Preferred
____ __
10 June 35 Aug
25
77
734
712 734
712 g
714 8
778
738 758 20,000 Anaconda Copper Mining 50
738
3 June 193* Sept
731-34 Jan 10
Jan 4
•412 61s *412 61g •478 618 .478 618 *434 612 •43
4 64
Anaconda Wire & CableNo par
3 Apr 15 Sept
412 Jan 6
44 Jan 6
*934 10
934 10
10
1018 1014 1014 1014
10
1012 1014
514 Slay 171 Mar
1,300 Anchor Cap
No par
8 Jan 20 1014 Jan 11
.6412 66
.6412 66
6413 6412 •6412 66
*6412 66
•6412 66
10
$6.50
Slay 75 Sept
13
6412
par
cony
40
Jan
11
6212
erred.No
Jan
prat
*234 4
4
4
*212 4
*212 378 *212 312 *212 312
100
13 Slay
Andes
23
9 Sept
Copper Mining_ _No par
4 Jan
4 Jan 23
11
11
*1068 1112 *1068 11
*1053 1112 *1058 1112 .10% 1112
200 Archer Daniels Midni..No par 11 Jan 21 12 Jan 9
7 Apr 1512 Sept
•96 100 .96 100 .96 100 .9534 100
*955g 100
*9558 100
7% preferred
85 Apr 10014 Oct
100 99 Jan 14 99 Jan 14
4534 46
•46
4612 4613 4613 .4612 4634 4634 4634 47
4914
1.100 Armour & Co (Del) pref 100 41 Jan 3 4914 Jan 27
24 May 61 Aug
158
158
112
158
112
112
112
112
1%
158
11
138 2,900 Armour of Illinois class A__25
%June
13 Jan 3
134 Jan 5
234 Sept
1
1
1
78
1
I
78
1
78
7
8
72
7
8
2,200
0
Class
B
2 Sept
Jan
Jan
3
38 June
6
114
.5
.1912 10
3*
*9
912 •9
10
858 878
858 9
.812 0
400
Preferred
712 Jan 3 1112 Jan 10
May 1578 Aug
100
32
1 14
11 4 •114
138
1%
138 •138
1i2
112
112 *13g
134
500 Arnold ConsJible Corp_No par
358 Aug
112 Jan 26
1 May
•158 313 •1543
l's Jan 19
312 *158 214 .158 312 •134 312 *134
312
Artloom Corp
534 Sept
_ __ ____ ____ _ _
168 Dec
No par ____
•118
188 *Da
188 •118
158 *118
11g •11g
158 •118
158
Associated Apparel Ind No par
%June
3
Aug
1
11
Jan
Jan
17
114
412 44
4% 418
418
418
418 414
412 412
414 414
1,800 Associated Dry Goods.No par
514 Jan 11
3 Slay 11 Sept
4 Jan 3
1434 1434 *1434 1518 •1434 15
1434 143 *1434 154 .1434 1518
80 Associated 011
61 July 1612 Aug
25 1434 Jan 21
144 Jan 21
0458 8
*458 8
*438 8
*438 8
•45, 8
.45s 8
Atl G & W I SS Lines __No par ____ ____ __ ____ ____ ._
43 Dec 1214 Aug
.538 11
*538 11
.538 11
538 532 *538 11
*538 11
1,000
Preferred
534 Dec 1512 Jan
538 Jan 25
100
512 Jan 14
1534 1578
1568 157
1559 16
1534 1614 161s 165s
16
163* 7,400 Atlantic Refining
Jan 5
85
8 Feb 218 Sept
1714
Jan
25
19
1538
*1018 11
.101s 11
*10
11
1018 1018 .10
11
*10% 11
100 Atlas l'owder
93 Jan 4 12 Jan 11
7 Dec 2512 Feb
No par
*6112 65 .63
*6112 65
65
63
6412 64
64
*63
65
100
Preferred
100 01 Jan 5 66 Jan 11
452 June 7913 Jan
23
•2
234 *2
*2
234 *2
234 *2
234 .2
234
Atlas Tack Corp
1 July
_ __
No par _______ _. ____
37 Aug
4612 47
46
48 4 4678 49
472 48% 457 43
4614 4772 17,600 Auburn AutomobileNo
2834 May 15134 Jan
par 45 Jan 18 5613 Jan 11
•78
1
*78
,o7,
1
1
*78
1
.78
1
*78
1
Austin NicholsNo par
1% Sept
Feb
7i2 734
12
7
758
7
718
7is
738
7
714
634 74 42,900 Aviation Corp of Del
(The)__ 5
112 June
878 Dec
6
- i2 Jan 3
77i4 Jan 6
47
514
47s 47
478 47
478 5
5
(h4
512 512 4,200 Baldwin Loco Works__No par
413 Jan 3
2 Slay 12 Aug
614 Jan 10
1314 1214 13
.13
1218 1212 *1234 13
13
14
1212 13
350
Preferred
100 11 Jan 4 1538 Jan 12
8 Slay 371 Aug
*7158 75
•7138 75
73
73
*7152 79
*7138 79
*713* 79
20 Bamberger (L) & Co pret_100 72 Jan 16 73 Jan 24
62 July
4.78
99 Feb
114
*78
114
*78
.
78
111
114
*78
1111
•78
lis
Barker Brothers
No
38
4
par
Jan
38
Jan
4
312 Aug
12 Apr
37
37
334
338
37
334 378
33
4
312
338
30
338
3,300 Barnsdal Corp class A
312 Jan 19
414 Jan 10
5
June
7 Sept
33*
•5
578
97
54 54 *5144
57
978
7
7
*518
9
20 Bayuk Cigars Inc
No
par
6
314
7
Jan
Jan
26
Dee
2
13
Feb
2.5
3312 28
•28
*2734 3312 *2734 30 .2818 30
*2818 30
20
1st preferred
100 27 Jan 18 30 Jan 4
30 Dec 59 Jan
10
10
10
1012 1012 10
10
10
10
912 10
103*
2,200 Beatrice Creamery
431
Nov
Jan
Jan
50
Jan
27
912
10
12
1012
59
6114
60
5712
5712
*59
56
56 •-___ 5634 *50
5578
400
l'referred
100 56 Jan 25 6212 Jan 6
Jan
62 Dec 95
*4814 52
50
48 .47
*49
48
52
•50
52
48
50
500 Beech-Nut Packing Co
20 45 Jan 5 50 Jan 27
May 4534 Dec
2914
.4
412
37
4
4
4
4
4
4
414 414
37s
900 Belding Heminway Co_No par
37 Jan 27
834 Sept
*6314 6414 *6318 6518 *6314 6518 6313 6313 64
459 Jan 11
238 Jan
64 .634 6514
200 Belgian Nat I'M part pref____
631s Jan 3 6512 Jan 5
5738 June 6238 Dec
934 1018
934 978
1014
10
934 10
10
10
958 10
7,600 Bendk Aviation
97
No
par
412
183
Slay
4 Jan
Jan
19
93g
1112
Jan
11
97
934 934
9'8 *912 10
978
1.131 10
912 10
1,400 Best & Co
No par
93 Jan 23 1118 Jan 11
15
534 June 24% Feb
1534 15
15% 1512 1412 15
1534 1438 15
1438 15
7,500 Bethlehem Steel Corp No par 14 8 Jan
714 June 295* Sept
4 167, Jan 11
3212 3238 327, 3212 3212 317 32
3213 3212 3213 3212 *32
1,500
7% preferred
*5
512
100 28 Jan 4 3312 Jan 11
5
1614 July 74
Jan
548 *518
512
54 514 *514 57
*54 57
700 Biaw-Knox Co
No par
5 Jan 23
534 Jan 6
35,June 10 Aug
*5
1142 .5
1112 .5
1112 *5
1112 *5
II%
111* *5
Bloomingdale
Brothers_No
June
7
5
par
Jan
Jan
614
14
5
7
Feb
4,5012 53 .5012 55 .51
53
53
53 - •5114 60
*5114 60
50
Preferred
100 53 Jan 25 53 Jan 25
99 Dec 61
Jan
13% 13%
1348 1314
1312 1312 13
13
137
14
•13
13
1.300 Bohn Aluminum & Br_No par 124 Jan 20 1434 Jan 11
473 June 2214 Jan
*5412 56
*55
56 .55
56 ." •55
.5158 56
56
Bon Anil class A
No par 5314 Jan 10 5414 Jan 11
31 June 55 Nov
Booth
Fisheries
____ ____
No par
%May
1 Aug
1st preferred
100
114 Jan
14 NOV
-D'is 1:158 22Is -2314 2218 22% 218 221s 217 2214 1958 2158 46,900 Borden
Co (The)
25 19% Jan 27 2638 Jan 11
20 July 434 Mar
8% 812
812 8%
834 878
834 87
858 88 3,200 Borg Warner Corp
859 85
33 May 1414 Sept
10
838 Jan 3
934 Jan 11
5/1
514
*14
*11
•14
68
58
"4
N
38
58
*14
Botany Cons Mills class A _ _50 - --„, ---- 714 Apr
114 Sept
---- --- - -414
4.38
418 414 2,500 Briggs
414
438
414
414 4%
45*
•4-38 434
Nfanufacturing_No par
518 Jan 11
418 Jan 27
278 June 1134 Mar
• Bid and asked priers, no sales on this day. x Ex-dividend.
y Ex-rights.
New York Stock Record-Continued-Page 3
626
Jan. 28 1933
far FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Jan. 21.
Monday
Jan. 23.
Tuesday
Jan. 24.
Wednesday
Jan.25.
Thursday
Jan. 26.
Friday
Jan. 27.
9
8 per share 3 Per share $ Per share $ per share
*814
.81
*814 9
4 9
79
80
80
7912 7912 8012 8012 *79
3312 *33
•32
33/
1
4 *32
35
3514 *33
*2
312 *2
3
*2
312 *2
313
*2/
1
4 3
*258 3
*253 3
•213 3
37
334 37
*31
*3/
1
4 378 *312 38
40
40 *31
40 *31
*31
40 *31
*114 112 *114 112 *114 lag *114 112
'34% 7
*418 7
4
4
*353 4
*134 • 2
2
2
*158 134
*134 2
*138 134 *138 134 *138 134 *138 134
'3318 4
*318 4
*318 4
*3% 4
758 77
7% 728
78 8
*733 784
338
333 358 *313 333
1
4 *3
312 3/
714
7
7% 754
8
818 *734 8
1818 1818
19
18
19
10
20
*19
.118 114 *118 114 *118 114 *118 114
*54 1
.34 1
34
34
*54
78
*2
3
3
*2
'
32
3
*138 3
13
1338 1312 1312 1314 1312
1234 13
•4618 60 *46% 60 *4614 60 *4618 60
918 913
914
9
938 953
*9
9/
1
4
*14
38
38
*14
14
14
38
88
214 214
214 212
212 212
232 212
1
4 412
314 314 *312 412 *3/
*318 314
934
912 934 *9
938 912
*878 933
1514 1514 1514 1514 *1514 1558 1433 1514
*57
*578 638 *578 638 *578 614
63
*24
32
32
32 *24
*20 32 *20
1
4 468
4714 4638 4784 44/
45% 4634 45
55
55 *53
55
54 55
56
56
1
4 733
7/
733 753
713 712
712 712
718
7
712 722
734
734 734 *71
333 114
*58 114 '
*58 114
*58 114
*18
58
53
*18
.18
58
32
*18
*158 2
*1% 2
*133 2
*153 2
1638 1612 *1613 1678 1614 1612
1612 17
*212 312 *212 312 *212 338 *234 333
62
62
360
62
*57
62 .60 62 '
714 734
77
814
8
818
78 853
*1
1
1
114
1%
*1
118 *1
'35
7
*5
7
*5
7
7
*5
1238 1238 1214 1214 1138 1214 *1138 1238
51
51
50 51
*5012 52/
1
4 *5018 5212
*1934 2OIz 1934 1934 *1934 2114 1934 1934
1618 1612 1618 1738
16
1512 1533 16
*234 3
3
3
3
234 234
3
612 714 *614 712
*612 733 *613 712
712 71
*712 81
*73* 814 *754 812
6
*6
8
*13% 8
*6
8
6
*313 4
*3/
1
4 4
384 '33
334 334
1338 14
141
1358 1418 14
1312 137
*12
68
*12
58
•12
58
.t2
2.8
*6
*6
17
*6
17
"6
17
17
*10
11
*10
*10
11
11
10
10
90
90
*90 95 *90 95
90
90
8012
*79/
1
4 8013 8038 8114 81
80
81
4512 4558 4512 4513 4513 4513 *4533 46
1214 1218 1218 1218 1213 12% 1214
12
81
81
*8114 84
79/
1
4 80
7914 7914
414
*4
418 4%
4
4
4
4
*5012 701 *5012 7018 *5012 7018 *5012 7018
*1012 13 *1012 117 •1012 11% *1012 1178
•134 612
614 8% *64 7
614 6%
3212 33
33/
1
4 35
3418 35
3254 3414
97 1014
10
10
10
10
98 1018 10
933 034 10
1618 1638 1534 1614 1558 1618 1558 1618 1578 1618 1512 1638
7518 7518 *7512 757
761 *75 761
75
7513
7813 76
*76
584 534
51
533 512
514 514
*5% 538
5% 5/
1
4
518
*2378 25
24
24
2373 24 *2334 25
24 24
24
24
/
4 2012 *1912 2012
1
4 *191
*1913 2012 *1912 201 *1912 2012 *19% 20/
*7238 74 *7238 74 *7238 74 *723 74
*7238 74
*7238 74
2112 2184 2134 2134 2212
2034 21% 21
21. 21
*2112 22
89
91
91
87/
1
4 8814 8834 8834 *89
1
4 87
*871 8814 86/
_
10512 10512 *107. 108 108 *111
'104 105 *104 105
1138 154 1112 12
1112 117-tt
1153 12 11% 1134 1114 1134
238 213
238 2%
233 212
212 233
212 233
212 253
4514 46
4634 47
45
4514 41
43
47% 4714 46% 47
1
4 1312
*313 1312 *312 1312 .3l2 1313 *313 1313 *312 1312 *3/
77
734 8
*712 8
8
814
8/
1
4 EN
8
8
814
1
4 *614 712 *614 712
*614 712 *614 712 *614 712 *614 7/
7/
1
4 *453 718 *458 612
*458 212 *5
*484 7
5
5
4578 *45
457
45
45 *45
46
4612 *45
46
46 46
37
258 234
253 358
3% 37
4
414
4
418
4
9
1014
1014
1078
1034
1138
1134
11
1084 1114 1114 117
577 5918
5834 597
5918 5838 60
59
5978 5833 5914 58
9832 9784 9814 9734 98% *9712 0778 97% 978
98 9814 98
4/
1
4 413
4/
1
4 412
412 412
458 422
433 458
5
5
518 514
518 538
518 514
5% 514
51s 533
1
4
514 5/
9918 98
98
*97 105 *97 100 *98 100 •98 100 *08
13
•12_ 58
58
*12
12
12
12
12
12
13
2
118
31% 184 *118 188 *118 113 *118 113 *11
•118 134 '
*53
13
*33
12
"38
/
1
4
•313
12
13
338
3s
3s '
4%
413 413 *418 412 *4
413 412
438 413
438 438
*12
5a
58
54
58
58
58
53
%
53
*13
34
393 3958 *39
3933 3938 3938 3938
40
*3853 40 *3858 40
4114 4134 4118 417
41
4173 4034 415
415
4114 4112 41
414 414 *4% 412 *418 4% *418 412 *418 412 *413 412
1633 1678
158 1614 1622 17
16
1513 16
1612 1512 163
2
2
2
2
218
218 218
2/
1
4 214
*21
/
4 214
218
55
55
522 534
EN 553
534
584
534 58
534 534
55
5578 5518 5612 5414 56
5514 5414 58
54
54
55
141 14312
141 141
14534 14534 *137 145 •142 145 •142 145
4
4
4
4
4
378 4
4
4
4
38 418
271 28
27% 28
2713 2734 2734 2812 28
1
4
2878 2734 28/
*21
3
'3213 3
*212 3
*2% 3
*212 3
*212 3
17
1734 17% 1712 1712 1712 1712 1712 1712 1712 17
17
*2513 2534 •25
2612 •25
2618
2584 2558 2558 "2514 26 "25
15
*1
*1
2
134 *1
*1
138 *1
1% •1
15
•10
12 *10
15 *10
1484 *10
1434 *10% 13 *1018 12
*2014 21 .2014 21
207 21
21
20
21 "20
20
20
"58 1
*53 1
'351; 1
"58
78
*58
34
*58
78
13
*114 134
3138 158
112 113 '
*138 134
13a *133 15
12 *13
*12
1412 12
141 *13
14
13
13
*13
14
2212 22
22
22
22 *20
2112 2112 *2112 2212 2158 2152
11
1138 *10
*978 1012 10
*10
10
10
10
*854 10
4278 43
4278 43
43
' 43
4278 43 *42% 4278 42
427
2
218
2
2/
1
4
2/
1
4
2
218 214
2
218
2
218
33
314
314
3
3
s
338 338
314 314
314 33
312 312
518 512 *5
*412 512
10
512 513
6
10
714 "8
312 312
3/
1
4 312
3/
1
4 31
312 31
.31/4 333
333 312
414 414 *353 414 *4
438 *4
438
4% 414 *4
453
*233 3
*238 3
23
*238 3
23
*238 3
*238 3
738 73
*8
812 *713 812
*714 8
714 7%
*714 8
7118
6914 6914 •70 72% 7012 7013 *7013 73
71
71
71
*1134 15 *1134 15 •1134 15 *1184 15
*1134 15
*1134 15
1872 1812 1834 1873 1858 187
185 187
1812 19
1834 19
2714 2712
2714 2712 *2714 28 *2712 2784 2734 28
'271 28
1314 1358 1333 1333 13% 137
13% 131
1333 1334 1313 1358
*14% 1434 1433 1433 *1353 15 *1414 15
*1412 1512
15
15
*12
1212 12% 1212 1214 1238 1238 1314 1314 1384 1238 1312
1
4 36
3612 33/
351s 36
387 36
3514 3512 35% 3638 36
*58 138
*58 138
*58 138
*38 138
*58 188
*58 153
$ per share $ per share
.814
4 9
*78 81 •'9 801
3313
*32 35 *32
3
*2
312 *2
•212 312 *258 31
.314 4
.314 4
335 40
40 '
*31
12
138 138
13
*358 612 *353 4
*134 2
*17
2
*138 134 *138 134
313 31
3,318 312
712 77
*758 7%
353 353
312 312
8
8
8
8
20
20 20 *18
•118 14 *118 114
*34
78
*34
78
*158 3
*158 2
1234 13
13
13
46% 4618 *4618 60
9
9
9
0
14
14
*14
38
238 232
214 212
.312 3% *3
314
9
9
*833 9
1512 1512 *151 1512
6
6
*6
614
*20
32 '320 32
4534 4714 4412 4618
528 5434 5452 56
77
77
734 8
818 812
818 818
*58 114
*58 114
aq
/
1
4
.12
22 .
*133 2
*158 2
157 1578 1534 1634
278 278 *212 312
*60 62 *60 62
738 812
7% 714
1
1
1
1
7
*5
7
*5
1218 1213
12
12
52
52
*5114 52
*1984 2114 *1934 211
1632 16% 1538 1633
*234 314 *234 3
7
7/
1
4 *612 71
812
7
*7
734
*612 8
*6/
1
4 8
.312 412 *312 4
1378 1413 1334 14
•13
%
52
si2
17
'
36
*6
17
*10
11
*10
11
•90 100 *90 100
8014 801
7914 80
•4533 457 *4538 457
12% 1213
12
12
84
*81
81
81
41
414 *4
*4
*5013 7018 *5013 701
*1012 13 *10% 13
.6/
1
4 612
614 61
3334 3414 3214 33
Sales
for
the
Week.
Shares. Indus. & Mama'.(Con.) Par
Briggs Sa.Stratton
No par
No par
400 Brooklyn Union Gas
Brown Shoe Co
No par
Bruns-Balke-Collender_No par
10
Bucyrus-Erie Co
5
Preferred
300
100
7% preferred
No par
400 Budd (E G) Mfg
100
20 7% preferred
No par
200 Budd Wheel
No par
Bulova Watch
No par
400 Bullard Co
3,400 Burroughs Add Mach No par
No par
500 Bush Term
100
Debenture
390
90 Bush Term Bldgs gu pref- _100
Butte 58 Superior Mining _10
5
200 Butte Copper & Zinc
Butterick Co
No par
Co
(A
M)
No
Byers
par
2,200
100
Preferred
10
__No par
1,100 California
10
Packing_400 Callahan Zinc-Lead
1,400 Calumet & Hecht Cons Cop_ 25
100 Campbell W dr C FdyNo par
1,500 Canada Dry Ginger Ale No par
No par
600 Cannon Mills
100 Capital Adminls cl A__ _No par
50
Preferred A
100
79,800 Case (J I) Co
Preferred certificates_ _100
750
800 Caterpillar Tractor_ _ _ _ itio par
700 Celane_ct Corp of Am No par
No par
Celotex Coro
Certificates
100
Preferred
2,200 Central Aguirre Asso_ _No par
100 Century Ribbon Mills_No par
100
Preferred
20
13,900 Cerro de Pasco Copper_No par
900 Certain-Teed Products_No par
100
7% preferred
No par
1,600 City Ice & Fuel
100
Preferred
720
5
300 Checker Cab Mfg Corp
No par
9,700 Chesapeake Corp
300 Chicago Pneumat Tool_No par
No par
Cony preferred
400
240 Chicago Yellow Cab_ No par
10
100 Chickasha Cotton 011
No par
300 Childs Co
No par
41,200 Chrysler Corp
No par
City Stores
No par
Clark Equipment
200 Cluett Peabody & Co No par
100
30 Preferred
1,800 Coca-Cola Co (The)-__No par
No par
Class A
500
2,300 Colgate-Palmolive-Peet No par
100
600 6% preferred
No par
900 Collins & Alkman
Non-voting preferred-100
Colonial Beacon Oil Co_No pa
300 Colorado Fuel & Iron_ No par
9,900 Columbian Carbon v t c No pa
1,400 Columb Pict CorP v t e-No Pa
25,0751 Columbia Gas & Elec-No par
100
5001Preferred seriesA
1.800i Commercial Credit-- _No par
50
9001 Class A
25
I Preferred B
I 6H% first preferred_ -100
2,5001 Comm Invest Trust_ No par
No par
Cony preferred
2.1
100
100 6H% 1st preferred
27,0001 Commercial Solvents_No par
No
par
Commonw'lth
&
Sou.
21,9161
2.900 $6 preferred series- _No par
Conde Nast Publie'ns_No pa
5,000 Congoleum-Nairn Inc_ _No pa
No par
I Congress Cigar
1001 Consolidated Cigar--- _No par
100
3001 Prior preferred
1
0.1001 Consol Film Indus
No par
23.5001 Preferred
45.7001 Consolidated Gas Co_._No par
No pa
3,100 Preferred
1,200 Consol Laundries Corp_No par
13,100 Conso1011 Corp
No par
100
100 8% preferred
800 Consolidated Textile--No par
Container Corp clam A
20
Class B
No par
100
900 Continental Bak class A No par
Class B
No par
1,500
Preferred
100
500
12,300 Continental Can Inc_ __No par
300 Cont'l Diamond Fibre_ _No par
5,600 Continental Insurance- _ _2.50
2,100 Continental Motors__ _-No par
3,400 Continental 011 of Del_No par
16,500 Corn Products Refining- _ - _25
70
100
Preferred
No par
4.400 Coty Inc
4,500 Cream of Wheat etts
No par
Crosley Radio Corp__ No par
1,000 Crown Cork & Seal__ __No par
No par
100
$2.70 preferred
Crown Zellerback v t c_No par
Crucible Steel of America-100
100
180
Preferred
No par
Cuba Co(The)
500 Cuban-American Sugar__ _10
100
30 Preferred
50
600 Cudahy Packing
500 Curtis Pub Co (The)__ _No par
No par
Preferred
1,700
1
24.400 Curtiss-Wright
1
Class A
2,600
1,380 Cutler-Hammer Inc-No par
5
900 Davega Stores Corp
No par
300 Davison Chemical
10 Debenham Securities
20
200 Deere & Co pref
100
900 Detroit Edison
Devoe & Raynolds A_ _No par
No par
4,400 Diamond Match
participating preferred- --25
800
No par
10,400 Dome Mines Ltd
400 Dominion Stores Ltd_ No par
11.000 Douglas Aircraft Co Inc No Par
No par
11,900 Drug Inc
Dunhill International No Par
*Bid and asked prices, no sales on this day. z Ex-divtdend. y Es-rights.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ Per share $ per share $ per share S per share
814 Jan 16
9 Jan 5
4 May 1012 Jan
771 Jan 3 82 Jan 11
46 June 8912 Mar
3238 Jan 12 33 Jan 6
23 July 36 Feb
218 Jan 12
28 Jan 12
118 July
412 Sept
258 Jan 9
314 Jan 11
714 Sept
112 June
3 Jan 13
4% Jan 11
212 May 1018 Sept
30 Jan 18 36 Jan 4
35 June 80 Sept
138 Jan 6
2 Jan 11
318 Sept
13 Apr
35 Jan 9
5 Jan 11
312 July 14 Jan
214 Jan 11
133 Jan 3
412 Jan
% May
--------------------118 Apr
312 Jan
31 Jan 11
318 Jan 4
218 May
8 Sept
738 Jan 4
814 Jan 11 ' 614 June 1314 Aug
334 Jan 5
33 Jan 3
3 Dec 2184 Mar
7 Jan 27
914 Jan 11
7 Dec 65 Mar
18 Jan 26 2312 Jan 5
1214 July 85 Jan
Jan
18
118 Jan 18
1%
17 Sept
13 July
54 Jan 25
78 Jan 4
2 Sept
12 Apr
57 Sept
158 Jan 13
112 Jan 14
138 June
1234 Jan 18 15 Jan 11
7 May 2458 Sept
46% Jan 21 4614 Jan 19
3514 May 69 Sept
834 Jan 18 1014 Jan 10
414 June 19 Sept
14 Jan 19
38 Jan 10
% June
118 Sept
77 Sept
214 Jan 10
3 Jan 4
112May
3 Jan 11
314 Jan 11
212 June
914 Aug
2834 Jan 3 1034 Jan 12
6 June 15 Sept
1414 Jan 6 1512 Jan 12
1018 June 2334 Sept
6 Jan 23
614 Jan 5
218 Apr
912 Sept
2518 Jan 18 26 Jan 16
19 June 32 Aug
393 Jan 3 50 Jan 11
16% June 6534 Sept
5038 Jan 4 60 Jan 11
30 May 75 Jan
678 Jan 3
438 June 15 Jan
918 Jan 11
9 Jan 11
7 Jan 27
114 June 1258 Sept
88 Jan 16
58 Jan 16
78 Aug
338 Jan
es Dec
214 Feb
118 Dec
1 Jan ii
-112 Jan 8
712 Mar
14 Jan 3 17 Jan 24
738June 2012 Sept
338 Jan 19
238 Jan 12
238June
614 Jan
59 Jan 9 63 Jan 12
55 Dec 85 Jan
858 Jan 24
312 June 1512 Sept
58 Jan 4
1 Jan 9
114 Jan 3
58 Dec
338 Feb
48 Dec 1833 Aug
11 Jan 3 1212 Jan 16
11
Oct 2812 Feb
49 Jan 4 52 Jan 14
4338 Nov 68 Jan
1734 Jan 4 20% Jan 18
1612 Aug 3018 Sept
14% Jan 3 1722 Jan 27
478 June 22034 Sept
234 Jan 4
338 Jan 6
1 May
684 Jan
712 Jan 21
58 Jan 17
212 June 1214 Sept
618 Jan 4
812 Jan 10
6 Dec 14 Mar
6 Jan 26
7 Jan 12
5 June 1212 Sept
4 Jan 12
358 Jan 4
112 June
8 Sept
1338 Jan 27 1714 Jan 4
5 June 2184 Sept
12 Jan 5
58 Jan 12
218 Jan
/
1
4 July
---- ----- -314 July
834 Jan
10 Jan 27
---10 Jan 27 ---10 Apr 22 Mar
90 Jan 4 90 Jan 4
90 June 96 Feb
7312 Jan 3 8114 Jan 25
6812 Dec 120 Mar
4433 Jan 6 4584 Jan 13
4158 July 50 Mar
11 Jan 5 13 Jan 11
1014 Dec 3112 Mar
7914 Jan 11 81 Jan 18 65 June 95 Mar
4 Jan 19
5 Jan 5
234 May 1078 Mar
--------------------55 June 80 Mar
12 Jan 4 12 Jan 4
9 Jan 12/
1
4 Oct
584 Jan 3
718 Jan 11
27 July 1478 Sept
2714 Jan 3 3584 Jan 16
1312 May 417s Mar
4% May 1478 Aug
912 Jan 4 1058 Jan 6
1538 Jan 3 1784 Jan 11
414 June 21 Sept
6934 Jan 3 7733 Jan 16
40 Apr 797 Aug
Jan 3
6 Jan 10
378 June 11 Mar
2328 Jan 4 24 Jan 4
1184 July 28 Sept
-- -1012 June 21 Sept
7238 Jan 3 7434 Jan 6
40 June 75 Nov
1812 Jan 3 2278 Jan 16
1078 June 277 Mar
84 Jan 4 91 Jan 27
5512 June 82 Nov
10334 Jan 18 108 Jan 26
88 June 102 Dee
10 Jan 3 1214 Jan 13
312 May 1334 Sept
238 Jan 3
278 Jan 11
133 June
518 Aug
41 Jan 27 50 Jan 12
7% June 6812 Mar
--------------------5 May 12 Sept
734 Jan 3
833 Jan 11
612 June 1214 Sept
7 Jan 5
7 Jan 5
4 May 11 Sept
41
/
4 Jan 10
5 Jan 16
333 Dee 2412 Jan
45 Jan 25 4712 Jan 11
17 June 60 Mar
134 Jan 4
414 Jan 20
1 June
536 Jan
6 Jan 4 11% Jan 23
234 June 1138 Mar
5778 Jan 27 6314 Jan 11
3112June '6834 Mar
9712 Jan 4 99
99l Dec
612 j
Ja
an
4 Jan 3
10
3
74212jDunece
lss
5% Jan 19
5% Jan 11
9 Aug
4 June
98 Jan 27 10014 Jan 11
79 Feb 101 Sept
/
1
4 Jan 3
58 Jan 5
1% Aug
14 Mar
118 Jan 10
118 Jan 10
212 Feb
38 June
38 Jan 21
% Jan 10
118 Jan
14 May
8 Sept
434 Jan 12
333 Jan 3
278 May
12 Jan 5
78 Jan 11
138 Aug
12 Apr
36 Jan 3 4018 Jan 16
2478 June 4734 Mar
38% Jan 3 4212 Jan 12
1758 June 41 Mar
414 Jan 20
514 Jan 11
8/
1
4 Sept
3 Apr
147 Jan 4 1714 Jan 11
634 May 2514 Aug
2 Jan 16
384 Sept
% May
234 Jan 9
93 Sept
513 Jan 10
614 Jan 6
353 June
5214 Jan 18 5684 Jan 11
2484 July 5538 Sept
13612 Jan 11 14534 Jan 21
9912June 140 Oct
312 Jan 10
414 Jan 2
733 Sept
112 May
2418 Jan 3 2873 Jan 2
1312 June 2612 Oct
37 Jan
714 Sept
233 Jan 6
214 May
x77 May 237 Dec
1658 Jan 3 19 Jan
2553 Jan 25 27 Jan
173 June 3012 Nov
138 Jan
118 Jan 3
12 June
3 Aug
13 Jan 20 16 Jan
6 May 23% Jan
1712 Jan 4 24 Jan I
14 Dec 497 Jan
78 Jan 6
58 Jan 16
12 June
312 Sept
2 Jan 0
1% Jan 16
37 Aug
38 May
10 Jan 9 15 Jan 11
312 May 26 Aug
2112 Jan 25 2313 Jan 10
20 May 3513 Mar
914 Jan 18 117 Jan 13
7 June 31 Jan
42 Jan 0 48% Jan 13
3784 Dec 86 Jan
212 Jan 6
2 Jan 3
314 Sept
75 May
37 Jan 9
28 Jan 3
434 Sept
112 Mar
714 Jan 26
414 Jan 6
312 May 12 Sept
313 Jan 17
3% Jan 11
214 Oct734 Sept
47 Jan 10
358 Jan 3
91 Sept
1 May
233 Jan 20
238 Jan 20
1 June
238 Dec
954 Jan 10
714 Jan 4
614 June 1514 Jan
67 Jan 17 7112 Jan 5
54 July 122 Jan
1212 Jan 6 13 Jan 6
7 May 1634 Oct
1814 Jan 13 1914 Jan 9
12 Apr 1918 Sept
2013 May 2634 Dec
2812 Jan 11 24 Jan 26
1218 Jan 14 1373 Jan 25
7% Jan 127 Dec
1414 Jan 9 1558 Jan 11
1114 June 1812 Sept
5 June 1853 Sept
1012 Jan 3 1384 Jan 26
3412 Jan 9 3814 Jan 12
23 May 57 Feb
-------------------312 Sept
58 Dec
New York Stock Record-Continued-Page 4
627
ggir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Jan. 21.
Monday
Jan. 23.
Tuesday
Jan. 24.
Wednesday
Jan. 25.
Thursday
Jan. 26.
Friday
Jan. 27.
Sales
for
the
Week.
5 per share $ per share $ per share $ per share $ per share $ per share awes Indus. & Atisceit. (con.) Par
No par
DupIan Silk
*1213 15
*1212 15
*1212 15
*1212 15
*1213 15
*1212 15
180 Duquesne Light let pref. _100
10114 10114 .10112 102
101 10178 *101 102
10158 10158 101 101
Eastern Rolling M.Ils_ _No par
1
4 *21. 214 *112 214 *112 214
/
4 214 *158 2/
*112 214 *11
8,900 E595111841 Kodak (N J)_No par
5913 6014 5712 59
5734 60
5712 59
/
4 59
59
5938 571
100
6% cum preferred
_ _ _ ___
_ __ *123
*123 126 4123 127 *123 127 *123
4123
No par
512 _-53
_4 1,200 Eaton Mfg Co
*512 -6
513 -512
1
4 534
513 513 *5/
512 .513
Nemours____20
de
El
du
Pont
29,700
3858 4013
1
4 3914 4012 3912 40
/
4 3918 39/
39/
1
4 4012 39,8 391
100
6% non-voting deb
1,700
10234 103
103 103
103 103
1034 10334 103,3 10348 103 103
No par
100 Eltingon Schild
12
12
34
*12
34
*12
*12
34
*12
*4
4
*/
1
4
10
634% cony 1st pret
*434 7
*434 7
*434 7
*434 7
*434 7
*434 7
5,400 Elec Auto-Lite (The)__NO par
1818 19
1858 19
1818 1838 1838 1834 1812 19
1834 19
100
Preferred
100
*8712 90
8734 874 *8713 8734 *8712 8734 8734 874 *8734 90
3
500 Electric Boar
1
1
11
/
4
118 •1
118 .1
1;8 *1
1
118 *1
158 158 2,400 Elec & Mm Ind Am shares_ _ _
158 158
158 138
158
158
138
158
158 134
64 612 9.400 Electric Power 82 Light No par
638 612
613 612
614 613
618 658
658 638
No par
Preterred
800
1612 1612 *1612 18
*1514 1734 1613 1612 1534 16
*1514 18
No par
56 preferred
600
*1414 154 *1458 1514
15* 15
1512 15
15
1538 *14
15
2438 2438 2438 2414 24's 1,200 Elec Storage Battery _ -No Par
*2312 2412 *2414 2514 2414 2412 24
Elk Horn Coal Corp___No par
/
4 3012
3112 301
3112 *30
3113 *30
3112 *30
*30
3278 *30
*108 11618 *108 11618 *108 11618 *108 11618 *108 11618 *108 11618
9
9/
1
4 .7
47
1
4 912 ,
4,738 912
714 *7/
738 738
714
*30
3312 *30
33
1
4 *3112 3312 *3112 3312
3113 3112 *3112 33/
35
35
*34
35
*33/
1
4 35
*33
35
*33
35
.3212 35
1012 *1038 1012
1012 1013 10
•1078 11
*1034 11
*1078 11
*458 5
*4.8 5
*458 5
412 41
*412 5
•412 5
114
114
112
*118
*118
2
*118 2
*118 2
*118 2
25
*10
25
*10
25
*10
*10
25
10
10
*10
25
11
/
4
*14
118
*14
11
/
4
*14
*14
11
*14
11
/
4
*1
/
4 11
3
*1
3
*1
3
*1
*1
3
*1
3
*1
3
1
4 358
358 358 *3/
*312 334
*338 33
*338 32
*338 33
14
1312 1234 1234 *12
*12
*1134 14
•1134 137 *1134 14
*54 1
38
58
*58
1
*58 1
*58 1
*34
1
104
1034 *9
•9
103
*9
1Oi *9
*91
/
4 1014 *844 103
48
4912 4912 *45
49/
1
4 497
42
*42
49/
1
4 42
49/
1
4 *42
13
8
/
4 158 *112 14 *112
*11
/
4 14 *112 158 •112 138 •11
118
118
*78
112
78
7
118
*78
1
1
78
/
1
4
23
4
23
4
23
4
23
4
3
3
213 234
234 3
234 234
*9
1014
1014
9
9
1014 *9
10
•9
1014 1.9
*9
/
4
1614 1678 15
1634 1618 1658 16
16'o 1678 1734 1718 171
*612 8
*612 8
.612 8
*612 8
*612 8
*613 8
*834 1612 *834 1612
*834 1612 *834 1612 *834 1612 *834 161
85
*82
85
85 •82
*82
*82
87
*82
85
87
*82
1314 1314
13
1
4 1234 123i 13
*1212 1314 *124 1314 1278 12/
6318 6314
*6314 6312 *6258 65
6314 6314 *6313 6312 *6314 64
52
52
524 53
5212 5234 5214 5234 5212 5253 52
53
____
___
____
___ _
____
____
PER SHARE
Range Since Jan, I
On basis of 100-share lots.
STOCK
NEW YORK STOCK
EXCHANGE.
Lowest.
•
Highest.
100 Endicott-Johnson Corp--50
100
Preferred
200 Engineers Public Serv__No par
$5 cony preferred_.No par
100
No par
100
$534 preferred
300 Equitable Office Bldg_ No par
300 Eureka Vacuum Clean_No par
5
100 Evans Products Co
10 Exchange Buffet Corp_No par
2;
Fairbanks Co
100
Preferred
100 F5151394388 Morse & Co. No par
100
10
Preferred
100 Fashion Park Assoc_ __No par
15
Federal Light & Trac
No par
Preferred
70
Federal Motor Truck_ _No par
400 Federal Screw Works No par
1,800 Federal Water Sore A._No par
500 Federated Dept Stores_No par
5,700 Fidel Phen Fire Ins N Y._2.50
Fifth Ave Bus Sec Corp.No par
Filene's Sons
No par
100
Preferred
600 Firestone Tire & Rubber_ __10
100
Preferred series A
300
2,400 First National Stores_ __No par
Fisk Rubber
_
lat preferred
100
1st prat convertible
100
300 Florsheim Shoe class A_No par
6% preferred
_100
No par
200 Follansbee Bros
No par
400 Foster-Wheeler
Foundation Co
No par
1
900 Fourth Nat Invest w w
5
2,200 Fox Film class A
No par
9,900 Freeport Texas Co
10 Fuller (GA) prior pret_No par
36 2d prat
No par
10
109 Gabriel Co (The) el A _ _No par
480 Gamewell Co (The)._ No par
600 Gen Amer Investors_ No par
No par
Preferred
8,700 Gen Amer Tank Car_ No par
No par
900 General A•phalt
•Bid and asked prices, no sales on this day. x Ex-dividend. y Ex-rights.
Lowest.
Highest.
$ per share
141
/
4 Jan 3
100 Jan 3
113 Jan 17
54 Jan 3
12012 Jan 4
1
4 Jan 3
5/
3612 Jan 3
10234 Jan 27
12 Jan 27
II per share $ per share $ per share
15 Jan 3
5/
1
4 June 15 Sept
10178 Jan 24
87 May 10158 Nov
112 Jan 17
612 Sept
1 June
6138 Jan 16
3514 July 8734 Jan
123 Jan 20
99
Jan 125 Oct
6 Jan 11
9/
1
4 Sept
3 June
4112 Jan 12
22 July 5934 Feb
8034 June 10518 Aug
106 Jan 5
18 June
218 Sept
/
1
4 Jan 27
214 May 1212 Jan
8/
1
4 June 3234 Mar
18 Jan 3 2078 Jan 11
61 June 10014 Feb
8612 Jan 6 88 Jan 5
2/
1
4 Jan
13 June
118 Jan 5
1 Jan 3
4
Jan
78 June
134 Jan 6
Ps Jan 19
16 Sept
24 July
778 Jan 11
534 Jan 3
Jan
1034 July 64
1538 Jan 3 2012 Jan 12
1
4 Jan
878 July 55/
15 Jan 4 1834 Jan 12
1258 June 3314 Mar.
2334 Jan 19 2513 Jan 11
/
1
4 Jan
34 Aug
18 Jan 4
Is Jan 4
16 July 3714 Sept
2912 Jan 18 31 Jan 11
98 May 115 Nov
912 Jan 11
4 June 25 Feb
7 Jan 4
16 July 51 Feb
29 Jan 6 3113 Jan 24
18 July 57 Mar
28 Jan 4 35 Jan 27
1012 Dec 19 Jan
10 Jan 17 11 Jan 3
458 Jan 13
74 Mar
2 June
412 Jan 11
212 Sept
11
/
4 Jan 11
lzMay
1 Jan 4
924 Jan 1134 Jan
10 Jan 4 10 Jan 4
134 Sept
1 Sept
4 Aug
1 June
618 Aug
214 Dec
358 Jan 26
318 Jan 10
10 Dec 4734 Mar
1034 Jan 9 14 Jan 16
178 Sept
12 June
78 Jan 11
ss Jan 26
Jan
81
/
4 Dec 22
814 Jan 4 1014 Jan 20
30 June 64 Mar
42 Jan 24 4978 Jan 25
358 Feb
111 May
134 Jan 12
112 Jan 18
is Slay
238 Aug
118 Jan 27
/
1
4 Jan 11
2/
1
4 Dec 1038 Mar
3/
1
4 Jan 5
213 Jan 23
153
4 Sept
June
612
Jan
11
778 Jan 18 1012
6 May 2734 Jan
1578 Jan 18 1834 Jan 11
812 Mar
534 June
____ ____ _ -___ ____ __
7 Mar 1612 Sept
__ ____ __ ___ ____ __
75 June 94 Jan
86 Jan 16 86 Jan 16
1
4 Aug
1012 June 18/
1234 Jan 18 1438 Jan 12
45 July 68 Aug
61 Jan .5 6338 Jan 13
35 July 5413 Dec
5114 Jan 19 56 Jan 4
34 Aug
18 Feb
238 Aug
14 Feb
2 Aug
18 Oct
414 Apr 10 Feb
8 Jan 27
734 Jan 27
63 July 99 Nov
97 Jan 10 97 Jan 10
814 Sept
2 June
4 Jan 11
314 Jan 9
1
4 Sept
3 May 15/
8 Jan 19 1018 Jan 11
714 Aug
1 July
4 Jan 12
214 Jan 5
1014 June 2238 Sept
1814 Jan 3 201s Jan 11
578 Aug
1 July
213 Jan 10
14 Jan 24
10 May x2858 Nov
2212 Jan 27 2638 Jan 6
218 Slay 26 Oct
9 Jan 9 1034 Jan 26
3 June 32 Feb
718 Jan 17
4 Jan 19
312 Sept
14 June
138 Jan 26
138 Jan 26
5/
1
4 Dec 17 Jan
6/
1
4 Jan 20
9 Jan 27
512 Sept
12 June
4 Jan 5
3 Jan 20
53 Jan 10 53 Jan 10
26 June 71 Sept
912 June 3534 Mar
164 Jan 4 1938 Jan 11
434 June 1512 Jan
778 Jan 11
64 Jan 23
1013 June 1958 Mar
13 Jan 3 1438 Jan 11
90 June 106 Sept
105 Jan 5 10514 Jan 26
5 Aug
12 June
/
4 Jan 4
314 Jan 12
.21
14 slay
5 Sept
113 Jan 21
11
/
4 Jan 21
113 May 1112 Sept
318 Jan 24
334 Jan 3
8 Jan 4 10 Jan 11
334 June 254 Sept
29 Jan 3 33 Jan 9
20 June 3838 Mar
75 June 106 Dec
107 Jan 9 112 Jan 25
812 May 2618 Jan
1438 Jan 23 1658 Jan 11
104 July 1178 Sept
1158 Jan 3 12 Jan 12
194 May 4012 Mar
23/
1
4 Jan 23 2734 J8.1114
234 Feb
38 July
113 Jan 3
1 Jan 18
3 June 2434 Jan
914 Jan 16
712 Jan 6
5/
1
4 July 30 Aug
1014 Jan 4 13 Jan 26
5/
1
4 July 40 Feb
13 Jan 3 1434 Jan 11
1818 Apr 25 Mar
2414 Jan 9 2414 Jan 9
28 May 4812 Sept
3812 Jan 4 4112 Jan 12
76 July 9612 Dec
9634 Jan 9 98 Jan 10
74 June 2458 Jan
1278 Jan 3 1478 Jan 11
5614 July 8714 Mar
7212 Jan 3 7714 Jan 11
9 Feb
4 June
518 Jan 9
/
4 Jan 9
51
4
Jan
258 Nov
3 Jan 4
24 Jan 14
Jan
212 July 14
538 Jan 11
314 Jan 4
734 8
10
*8
1
*8
*8
10
*8
10
9678
9678 *90
*90
98
9678 *90
961
/
4 *90
9678 *90
4
4
*334 513
5
334 324 *313 4
*312 4
818 818
818 818
812 *8
938 *8
8
838
833
1
4
1
4 *212 3/
/
4 *212 3/
378 *278 378 *278 31
37s *3
1912 1912 1918 1958 1934 1934
1978 1914 194 10
1914
172
178
2
11
/
4 *172 2
178 2
178
134
178
1
4 2212 2312
2334 2312 2378 2312 24
2338 23/
2358 24
241
/
4 *1134 2478 *1114 2478 *II
24/
1
4 1034 1034 *1138 2472
*558 8
51
512
*54 8
8
*512 8
*558 8
138
138 *118
138
*138 2
2
*113 158
*138 2
83s
64 9
7
633 61
64
634 68.1
634 634
D2
312 312 *318 358 *318 358
318 318
3
3
5514 *5012 5514 *5012 5.514 *5012 5514 *5012 5514 *5012 5514
184
18
1814 174 1818 17/
1
4 1818 1778 1838 1838 19
*61
/
4 7
/
4 71
634 718
718
*678 738 *61
7
7
5
134 1414 2,800 General Baking
1314 1312 1358 1354
1312 14
1334 133
1378 14
No par
$8 preferred
50
105 10514 *10518 110
*105 110 *105 110 *105 110 *105 110
5
200 General Bronze
378 278 *234 272
212 212 *238 27
*238 234 *212 3
No par
100 General Cable
112 11
/
4 *11
*113 134 *112 134
/
4 134 *112 134 *1-2 13
No par
*3i
Class A
100
312
*3/
1
4 4
5
*314 37o *3
4
/
4 *3
31
/
4 31
100
*912 10
7% cum preferred
10
*912 10
*91
/
4 10
49/
1
4 10
10
10
*912 10
80, General Cigar Inc_ ____No par
*3112 32
311
/
4 3112 3038 3114 3112 3112 3114 311 *3112 33
10
7% preferred
370
__ _ *112
*105 110 *106 110 *106 110
110 112
No par
1
4 144 14/
1478 -154 15 -1512 49,400 General Electric
14 8 15'o 1438 14/
1
4 1478 1514 *11210
Special
5,000
113
4
111
/
4
8
117
/
4
1134 1134 *114 1178 1178 111
/
4 1134 1178 111
No par
2458 19,900 General Food'
1
4 2434 2418 2434 2418 244 2412 2434 24
2412 2434 23/
1
1
1
1
11
/
4 138 6,100 Gen'l Gas & Elec A _ __ _No par
112
1,8
11
/
4
11
/
4
lii
114
Cons' pref series A__No par
200
778
778 *712 10
7i2 712
*7/
1
4 812
*71
/
4 8
*734 912
No par
137 pref class A
50
12
12
*10
13
1212 13
*10
12
12
12
*934 13
No par
10
14
14
SS pref class A
18
*14
*14
18
*14
18
18
*14
*14
18
_ *2534 _ __ •2558 _ _
__ *2538
*25__ *2513
*254
- - _ - _ - - - Gen Hal Edison Elec Corp_ _ _ _
No par
40 -4-0
40.8 -4-012 40 -41112 40 -4014 4012 -404 3914 -4-013 3,700 General Mills
100
Preferred
1
4 9814
*961
/
4 9812 *96
9814 *96
9812 *9618 9814 *964 9814 *96/
10
1358 1414 134 1414 13,
1338 1358 67,300 General Motor4 Corp
1358 14
8 14
1334 14
74/
1
4 7512 7478 7478 7434 7434 7312 7414 7212 724 1,500
No par
55 preferred
75/
1
4 76
*518 512
/
4 61
/
4
518 5/
/
4 *51
1
4 *518 61
518 51
518 518
500 Gen Outdoor Ads' A.....No par
/
4
No par
*234 2/
Common
400
*334 2,
8
1
4
234 3
*234 3
24 2/
1
4 *234 3
•4
5
*4
5
General Printing Ink.. No par
•4
5
*412 5
*412 5
*412 5
*3212 50
*3212 50
No par 35 Jan 14 40 Jan 5
37
40
56 preferred
60
40
*32/
1
4 50
36
36 I*36
314
384
334 Jan 11
*3
314
278 Jan 3
No par
318 314 1.000 Gen Public Service
314
3
3
31
/
4 314
314
1612 1612 17
•16
171
171
/
4 1718 1758 182i 1734 184 5,900 Gen Railway Signal_ _ _ _No par 1314 Jan 3 184 Jan 26
171
100 6934 Jan 11 7414 Jan 16
*7613 1011 *7613 _ _ _ *7612 1011 *7613 1011 *7612 10111 7612 10112
6% preferred
/
1
4 Jan 11
*12
-58
300 Gen Realty & Utilities_No par
*12
5
34
12 Jan 4
*5*
18
5/3
3
@FedFRASER