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The
ollinurcatt
Volume 135
New
financiuf
iircoude
York, Saturday, July 2 1932
Number 3497
The Financial Situation
HE National Democratic party, in convention
assembled at Chicago, last night nominated
Franklin D. Roosevelt as their candidate for President, and general satisfaction is expressed at the
selection. As to the Democratic platform, there are
some good points in it—we mean from an economic
standpoint, the matter of chief concern. Its transcendent merit, of course, is its brevity, in which it
stands in sharp contrast with the Republican platform, which was one of the most verbose utterances
that have ever emanated from any of the chief political parties. The opening declaration, holding the
opposition party responsible for the "unprecedented
economic and social distress," was to be expected,
since it is part of political practice to charge the
party in power with all the ills that have been afflicting the body politic, but certainly the allegations in
that respect are decidedly vague and need elucidation to make their meaning entirely plain. Thus we
are told that"The Democratic party declares its conviction that the chief causes of this condition were
the disastrous policies pursued by our Government
since the World War, of economic isolation fostering the merger of competitive businesses into monopolies and encouraging the indefensible expansion and
contraction of credit for private profit at the expense of the public." It is easy enough to surmise
what is meant by "economic isolation," but when this
is conjoined to the further words, "fostering the
merger of competitive businesses into monopolies
and encouraging the inciefenaible expansion and contraction of credit for private profit at the expense
of the public," we are obliged to call for specifications.
"Those who were responsible for these policies,"
it is averred, "have abandoned the ideals on which
the war was won, and thrown away the fruits of
victory, thus rejecting the greatest opportunity in
history to bring peace, prosperity and happiness to
our people and to the world." This is one of those
general allegations which invariably find a place in
political platforms and needs no dissecting, as also
is the further statement that "They have ruined our
foreign trade, destroyed the values of our commodities and products, crippled our banking system,
robbed millions of our people of their life savings
and thrown millions more out of work, produced
widespread poverty and brought the Government to
a state of financial distress unprecedented in times
of peace." This is merely summarizing all the unfortunate things from which the country is at present suffering and laying the blame at the door of
the Republican Administration. ,But what means
Of escape does this great political party offer from
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this unfortunate state of things and which is accurately characterized in the passages we have quoted?
The Democratic platform tells us that "The only
hope for improving present conditions, restoring employment, affording permanent relief to the people
and bringing the nation back to its former proud
position of domestic happiness and of financial, industrial, agricultural and commercial leadership in
the world lies in a drastic change in economic and
governmental policies."
How is it purposed to bring about the "drastic
change in economic and governmental policies"?
"We advocate," says the platform—and it is the first
one of several propositions urged—"an immediate
and drastic reduction of.governmental expenditures •
by abolishing useless commissions and offices, consolidating departments and bureaus, and eliminating extravagance, to accomplish a saving of not less
than 25% in the cost of Federal Government." But
this is precisely what the Republican Administration has professed a desire to accomplish, though
without putting the proposition in precisely the
same language. Accordingly, the declaration involves nothing new and presents no issue between
the two parties.
The same remark is to be made with reference to
the second proposition laid down as part of the
"drastic change" to be brought about through the
ousting of the Republican party from power and the
succession of the Democratic party to control. This
second proposition is the "maintenance of the national credit by a Federal budget annually balanced
on the basis of accurate executive estimates within
revenues, raised by a system of taxation, levied on
the principle of ability to pay"—unless some hidden
meaning is to be implied in "ability to pay." Barring that, no political party would ever espouse anything less than this, and it is a declaration to which
every political party would always give willing assent. This proposition, therefore, offers nothing new.
The third proposition is "A sound currency to be
preserved at all hazards, and an international monetary conference called on the invitation of our Government to consider the rehabilitation of silver and
related questions!' "The rehabilitation of silver''
is an idle dream and moreover is attempting to revive a dead issue, an issue which was settled back
in 1896 when William Jennings Bryan for the first
time ran for President. So far from effecting any
economic improvement the revival of. this issue
would have precisely the opposite effect. It is to be
noted, however, as qualifyingly unfavorable conclusions that on the floor of the convention a plank for
the remonetization of silver offered by William G.
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Financial Chronicle
McAdoo, former Secretary of the Treasury, was
flatly rejected, as was a proposition for the guarantee of bank deposits.
We come next to what is laid down as the fourth
proposition, for the relief of the existing distress,
namely, "A competitive tariff for revenue, with a
fact-finding tariff commission, free from executive
interference, reciprocal tariff agreements with other
nations, and an international economic conference
designed to restore international trade and facilitate exchange." Along these lines wonders could
be accomplished, and it is refreshing to find the oldtime Democratic doctrine of a tariff for revenue proclaimed anew. Four years ago the Democratic platform, with the country prosperous, because of the
assumed virtue of the Republican party's protective
tariff, showed a disposition to hedge on the tariff
question. Not so on the present occasion. Nor is
the Democratic platform sparing in denunciation of
the further tariff barriers created under the Hoover
Administration, this being one of the acts specifically condemned in the Democratic platform, disapproval being expressed in the following language:
"The Hawley-Smoot tariff law, the prohibitive
rates of which have resulted in retaliatory action by
more than 40 countries, created international economic hostilities, destroyed international trade,
has driven our factories into foreign countries,
robbed the American farmer of his foreign markets
and increased his cost of production."
On that point, therefore, there is a distinct issue
between the two parties, as the issue is clearly defined. Another good point in the Democratic platform is the straightforward pronouncement regarding the Federal Prohibition Amendment. And the
pronouncement in that respect is all the more significant, since in that case the declaration in favor
of unqualified repeal was fought out on the floor
of the convention, where a minority resolution was
presented by those opposed to unqualified repeal so
as to secure the support and approval of the dry
element in the party just as the Republican convention did in its party platform on the same question.
The Republican platform, as since shown in the
everyday discussions of the matter, because of its
studied language, is satisfactory to neither element
in the Republican party—neither the wets nor the
drys. The Democratic platform on that issue, on
the other hand, as embodied in the majority resolution of the Rules Committee, and which was adopted
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at the convention by the overwhelming vote of 9343
,
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to 21334 is couched in clear and unmistakable language and contains no ambiguity of any kind. It
reads as follows:
"We favor the repeal of the Eighteenth Amendment.
"To effect such repeal, we demand that the Congress immediately propose a constitutional amendment to truly representative conventions in the
States called to act solely on that proposal.
"We urge the enactment of such measures by the
several States as will actually promote temperance,
effectively prevent the return of the saloon and bring
the liquor traffic into the open under complete supervision and control by the States.
"We demand that the Federal Government
effectively exercise its power to enable the States
to protect themselves against importation of intoxicating liquors in violation of their laws.
"Pending repeal, we favor immediate modification
of the Volstead act to legalize the manufacture and
July 2 1932
sale of beer and other beverages of such alcoholic
content as is permissible under the Constitution
and to provide therefrom a proper and needed
revenue."
As to the various other propositions urged, none
of them are of such a character that they present
any real issue between the two great political parties.
The Democratic platform is careful to declare opposition to the cancellation of the foreign debts
owing to this country, saying: 'We oppose cancellation of the debts owing to the United States
by foreign nations."
On most other things the two platforms are much
alike. Both promise unemployment relief, and relief for agriculture, and commit themselves in favor
of one thing or another to which the other party
would not think of taking exception. The contest,
therefore, it would seem will be fought out on those
two main things, namely the tariff question, and
the prohibition question, modified of course by personal preferences for the Presidential nominees.
IN COMPLIANCE with the requirements of the
Inter-State Commerce Commission,the St. LouisSan Francisco Railway Company has submitted a
plan for the reorganization of that Company so as
to provide a radical reduction in the Company's
fixed charges, and the plan has received the tentative approval of the Commission, thereby averting
the dread alternative of a receivership. The plan
makes dismal reading and it is difficult to see how
the security holders could fare any worse even in the
event of a receivership. This may be taking too
pessimistic a view of the situation but it is nevertheless the impression left upon the mind of a student
after an examination of the plan. Of course the
position of the officials of the Company, and of the
banking and other interests working in co-operation
with them, was delicate and most embarrassing,
since the Company was peremptorily told that the
amount of the fixed charges must be radically reduced, leaving no alternative but to act accordingly.
Presumably those formulating the plan went to
extremes out of a desire to avoid the further disfavor of the Commission and get the funds deemed
absolutely essential to maintain the current solvency
of the company, at least for the time being. But it
is much to be regretted that no disposition apparently developed to resist with at least some determined opposition the seemingly unwarranted demands of the Commission. The company has within
the last few weeks repeatedly scaled down its loan
applications in a most bewildering fashion, and presumably this also was in compliance with the requirements, real or assumed, of the Commerce Commission, so that in the end the company gets relatively
little from the Reconstruction Finance Corporation
as certified by the Commerce Commission.
The plan of reorganization is too involved to admit
of detailed analysis here, and we can hope to do no
more at this juncture than deal with the leading features of the scheme. The radical nature of the plan
may be judged when we say that it reduces fixed
charges from approximately $13,700,000 a year to
about $3,500,000 during the years through 1936,
while for a further period of five years a large part
of present fixed charges are made contingent upon
earnings, and the most that it is found possible to say
to the security holders is that "If consummated, the
plan would therefore seem to insure the company's
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-Financial Chronicle
sprvival for a minimum of five years. If within five
years net earnings available for interest should be
restored to even one-half of their $19,600,000 average
for the 11 years since Federal control, it insures the
company's survival for at least 10 years." While the
fixed charges are cut from $13,700,000 to $3,500,000,
a footnote to the tables tells us that average net
earnings available for interest for the 11 years since
Federal control have been $19;600,000, and also that
"such net earnings were in excess of $21,000,000 in
every year since 1923 up to 1930, when they were
about $18,400,000."
Obviously, a reduction in the obligatory fixed
charges to only about $3,500,000 is asking concessions from the security holders which could not well
have been carried any further even under the worst
of circumstances. The Inter-State Commerce Commission says that the company's plan for reduction
of fixed charges, including the loan obtained from
the Reconstruction Finance Corporation on July 1
will prevent a receivership, and that it furnishes
"reasonable assurance" that a foreclosure can be
avoided. It is also pointed out that the plan as proposed has the support of banking interests,insurance
companies and other holders of large blocks of the
company's securities, and this support is very substantial in character, according to the Commission.
The Commerce Commission's action in singling
the St. Louis-San Francisco for such radical and
even harsh treatment is difficult to understand, and
the case attracts attention because of the fear of
similar action in the case of other railroad companies. We have previously pointed out in this
column that the Commission is not endowed with
functions such as would justify it in requiring a
reduction in fixed charges and a complete reorganization of a railroad company's capital structure,
and if it is permitted to assume without opposition
such a function in the case of the St. Louis-San Francisco Railway, it can assume a similar function in
the case of every railroad in the country, for they
are all in the same boat as far as the shrinkage in
traffic and revenues is concerned. The New York
Central RR., for instance, in its income return for
the month of May,filed the present week, shows that
in that month the company failed even to earn operating expenses, rentals and taxes, not to speak of
fixed charges. Let the reader well understand the
significance of this statement. And the New York
Central is mentioned here simply because it is one
of the great railroad systems of the country and as
strongly fortified as any in the land. Is this great
railroad system to meet with the same treatment
when next obliged to petition for a loan from the
Reconstruction Finance Corporation? Is the reply
to be that its income has so seriously shrunken that
its fixed charges must be reduced and its financial
structure completely reorganized? This may seem
like going to extremes, but if such a step is possible
in the St. Louis-San Francisco case what is to prevent the Commerce Commission from taking similar
action in the New York Central case, or, in fact, in
the case of any other railroad that the Commission
may choose to select for the purpose?
And if the Commission is allowed to proceed unhindered in its course in that respect, what may be
said to be the immediate future of the railroads of
the United States in that event? Depreciation in
the market value of their securities has already gone
to such lengths that it is impossible to find a parallel
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to it in the past history of the United States or' of
any other leading country of the world. And if the
action in the St. Louis-San Francisco case is to be
repeated in other cases, where may we expect securities prices to go in that contingency? The answer
is that the last vestige of value in the securities
in that event is likely to vanish.
And what will then become of the purpose for
which the Reconstruction Finance Corporation was
established? The Act was meant to be truly constructive, while the policy of the Commerce Commission would make it actually destructive in its operation, thereby entirely perverting its purpose. The
framers of the Reconstruction Finance Corporation
Act recognized that the country was passing through
an extraordinary period of business prostration,
where current earnings could not be regarded as
furnishing any indication of a company's real earning capacity, and therefore it was contemplated to
tide the roads over the current period of low traffic
at low revenues. The Commerce Commission would
change all this, but the time has come to call a halt
lest this official body involve the whole country
in ruin.
The present earnings, as just stated, furnish no
criterion of real earning capacity. As a matter of
fact, the country's industrial activities are at a virtual standstill. This appears very plainly from the
fact that the steel mills of the country are now
engaged to only 15% of capacity and are fast approaching the zero point. This means that no traffic is being produced for the railroads to handle and
to transport. It is no fault of theirs. They are the
victims, the same as everyone else, of a condition
that holds all the industrial activities of the country in thralldom and from which there appears to
be no escape for anyone. The gross operating revenues of the New York Central RR.for the month of
May the present year were only $23,899,067 against
$51,411,111 in May 1929; there was a deficit below
operating expenses, taxes and equipment rents in
amount of $226,942 in May 1932 against actual net
above expenses in May 1929 in the sum of $10,009,703.
The St. Louis-San Francisco in the three-year
period suffered relatively no worse than this, having earned only $3,327,374 gross in May 1932 against
$7,262,671 in May 1929 and showing actual net for
May 1932 of $322,377 as compared with $1,603,577 in
May 1929. Does not all this furnish occasion for
real solicitude?
HIS week and last week there have been, in addition to all the other ills of the country, an
outcropping of banking troubles in Chicago. While
the Democratic party was assembled in convention
in this great city of the West, the delegates were
witnesses to scenes in the financial quarter which
have had few if any parallels in the past. The Central Republic Bank & Trust Co., to which General
Charles G. Dawes has just returned to resume his
old post of Chairman of the Board, had to be helped
with loans aggregating $95,000,000, which was supplied to the extent of $80,000,000 from the Reconstruction Finance Corporation, $10,000,000 by a
group of Chicago banks, and $5,000,000 by a group
of New York banks through Mortimer N. Buckner,
President of the New York Clearing House Association. At the same time no less than 40 banking institutions, the most of them in the outlying sections
of Chicago, were obliged to close their doors during
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Financial Chronicle.
the month of June, of which about 24 occurred during the last two weeks.
On Thursday and Friday of last week runs also
developed on several of the conspicuously prominent
banks of Chicago, more especially the First National
Bank of Chicago, of which Melvin A. Traylor is
President, and the Continental Illinois Bank & Trust
Co. Long lines of depositors appeared in front of
these large institutions for several successive days,
engaged in drawing out their deposits, and the police
had to be called to keep the struggling masses in
order, the usual distressing scenes being witnessed
which are common to such occasions. Fortunately,
by Monday of this week the worst of the trouble was
over, and the present week banking conditions have
returned to the normal. But in the meantime Chicago and its banks have had a trying time, and
Chicago bank stocks suffered very serious depreciation. Central Republic Bank & Trust Co., which
last week was $47 bid and $49 asked, on Monday
dropped to only $1 a share, though subsequently recovering somewhat. The directors of the Central
Republic Bank & Trust Co., at a meeting this week,
omitted the quarterly dividend on the capital stack
of the bank. Three months previously the bank paid
a quarterly dividend of $2 a share, or at the annual
rate of $8. Some 40 banks, as just stated, closed
their doors during June, mainly in the outlying sections. This followed a previous collapse in Chicago
some months ago, and it is reported that while in the
autumn of 1929 Chicago had no less than 225 banks,
the number is now clown to only about 60. For a
time last week great uneasiness prevailed in Chicago
banking quarters, but by reason of the successful
way in which the situation has been handled all
feelings of uneasiness have now been allayed.
HE Federal Reserve statements this week reveal
a number of featurees calculated to arrest
attention, some of them far from being of an assuring character. The feature of chief moment perhaps
is the large increase shown in the volume of Federal
Reserve notes in circulation, the expansion in this
item having been $139,932,000, and this attracts the
more notice inasmuch as it follows larger or smaller
increases in the previous two weeks. The total of
these notes in circulation now is $2,755,864,000, at
which figure comparison is with only $1,738,396,000
12 months ago on July 1 last year. One would be
inclined to suspect that the big expansion in the
volume of Reserve notes afloat the present week
must have been in some way connected with the
critical bank situation which developed in Chicago
at the close of last week. Examination of the figures
discloses that the Chicago Federal Reserve Bank
did add greatly to the amount of its Reserve note
issues, having increased the same from $604,310,000
on June 22 to $721,335,000 on June 29. In other
words, over $117,000,000 of the whole increase of
139,932,000 for the week occurred at that point. A
few increases also appear in the case of some of the
other Reserve banks.
The Reserve banks also continue,to add to their
holdings of United States Government securities,
and the addition this week has been on a larger
scale than that of last week. The new acquisitions
the past week aggregated $71,270,000, and the total
holdings of United States securities by the 12 Reserve banks now stands at the huge amount of$1,800,971,000, which compares with no more than $663,
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July 2 1932
399,000 a year ago on July 1 1931. The Reserve
institutions have also, during the week increased
their holdings of acceptances bought in the open
market, which for June 29 are reported at $63,519,000 as against $53,718,000 on June 22. On the
other hand, the discount holdings of the 12 Reserve
institutions, reflecting direct borrowing by \the
member banks of the Reserve System, are somewhat
smaller the present week at $469,828,000 as against
$488,206,000 a week ago. The final result is that
total bill and security holdings, which constitute
a measure of the volume of Reserve credit outstanding, foot up $2,340,262,000 the present week (June
29) against$2,277,341,000 last week (June 22),showing an increase for the week of $62,921,000. A year
ago the bill and security holdings footed up no more
than $927,541,000, showing an expansion for the 12
months of $1,412,721,000.
With gold exports so greatly reduced and made up
mainly of earmarked stock of the metal, the Reserve
institutions have been able to enlarge their gold
reserves again, and for the week report an increase
of $16,857,000. With the amount of Federal Reserve
notes in circulation, however, so heavily increased,
as above noted, this addition to the gold reserves was
not sufficient to prevent a further slight reduction
in the ratio of total reserves to deposit and Federal
Reserve note liabilities combined, even in face of a
considerable reduction in the volume of deposits
held. The falling off, though,in this ratio was quite
moderate, it standing at 57.2% June 29 as against
57.8% on June 22. It follows as a matter of course
that with the holdings of Government securities so
largely increased the amount of such securities
pledged as part collateral for Reserve notes has also
again been enlarged, and the amount of the further
addition is found to have been no less than $133,000,000, bringing the amount of Government securities thus pledged up to a total of $606,700,000.
Foreign balances here keep diminishing, curtailing to that extent the power of foreign banks to withdraw further gold for export abroad. The present
week the bill holdings held for account of foreign
central banks are reduced (on top of previous continued reductions) to $98,163,000 from $101,465,000
last week,and comparing with $335,334,000 on July 1
of last year. At the same time the foreign bank
deposits held by our Federal Reserve institutions
have also further declined, and the present week
are only $8,396,000 as against $17,556,000 last week
and $35,625,000 on July 1 last year. The gold outflow for the week ending Wednesday night aggregated $17,351,000 ($6,048,000 going to France,
$6,000,000 to Switzerland, $5,003,000 to Belgium,
and $300,000 to Mexico), but this consisted mainly
of gold previously earmarked for foreign account, as
appears from the fact that the earmarked stock of
the metal was reduced during the week in amount of
$15,599,000, making the net loss for the week
$1,752,000 as against which, however, there were
gold imports in amount of $2,887,000 at the Port of
New York, while out on the Pacific Coast $847,000
was received from China and $75,000 from San Salvador at San Francisco. On Thursday $4,447,600
more of gold was withdrawn for export to France,
and this consisted entirely of earmarked gold, and
the earmarked stock was reduced in precisely the
same amount. On Friday, likewise, a further export
was entirely of earmarked stock, $1,660,000 going
to Ecuador.
Volume 135
Financial Chronicle
URTHER outcroppings of corporate dividend
reductions and omissions have also again been
a disturbing feature the present week. Especially
has that been the case with the railroads, though a
number of industrial and other concerns have also
been involved. At the beginning of the week there
was considerable discussion of the probabilities in
that regard in a number of cases. What would the
Atchison road do; what the Norfolk & Western;
what the Delaware Lackawanna & Western; what
the Great Northern Railway? Prospective action
regarding all these had been scheduled for the present week. The probabilities regarding prospective
action in a number of other prominent corporations
also featured current discussions. As regards the
Great Northern Railway, it may be recalled that on
Feb. 1 last a semi-annual dividend of $1 a share was
paid as against $1.50 a share six months before, prior
to which the stock was on a $5 annual basis. Now
the semi-annual dividend, which would have been
payable in the ordinary course on Aug. 1, has been
entirely omitted. The Atchison Topeka & Santa Fe
on Tuesday suspended quarterly dividend payments
on its common stock. A distribution of $1 a share,
it may be recalled, was made on this issue on June 1,
and it was then stated that future payments would
be dependent on future earnings, a continuation of
which has now been found impossible. Up to and
including Dec.1 1931 the company paid $2.50 a share,
or at the rate of $10 a sharper annum. The Delaware Lackawanna & Western also omitted dividend
declarations on its capital stock the present week.
At the meeting of the Board on Dec. 31 1931 it was
stated that due to conditions prevailing no consideration would be given to the 1932 dividend until the
June meeting the present year; previously dividend
payments on this stock had been gradually diminishing. The Norfolk & Western Railway on June 28
reduced the quarterly dividend on common from
$2.50 a share to $2 a share, or from a basis of 10%
per annum to 8% per annum. As regards other
dividend omissions, the Curtis Publishing Co.
omitted the quarterly dividend on common. • The
Westinghouse Elec. & Mfg. Co. in like manner
omitted the quarterly dividend on common, but
declared the regular quarterly dividend of 87 c. a
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share on the 7% cumul. & part. pref. stock, par $50.
The Montana Power Co. announced on June 28 that
it had been recently decided to omit the quarterly
dividend ordinarily payable about July 1 on the
common stock. The Wilcox-Rich Corp. on June 27
passed the quarterly dividend ordinarily payable
about July 30 on the class B common stock. On the
same day the Graham-Paige Motors Corp. passed the
quarterly dividend on the 7% cumul. pref. stock.
The People's Gas Light & Coke Co. on June 24
reduced the quarterly dividend on its capital stock
from $2 a share to $1.25 a share. The Executive
Committee of the Commonwealth Edison Co. recommended that the dividend on its capital stock be reduced from $2 a share to $1.25 a share. A similar
recommendation was made by the Executive Committee of the Public Service Co. of Illinois to reduce
its dividend from $2 a share to 75c. a share. The
Hamilton Woolen Co. on June 27 made the semi.
annual declaration on its capital stock $1 a share as
against $2 a share previously; an extra dividend of
$2.75 a share was also paid on Jan. 15 last. Lefcourt
Realty Co.on June 28 reduced the quarterly dividend
on common from 40c. a share to 20c. a share. The
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General Foods Corp. on June 28 reduced the quarterly dividend on common from 75c. a share to 50c. a
share. William Wrigley, Jr., Co. on June 29 declared four monthly dividends of 25c. each against
50c. a share quarterly previously, thereby making
a change from a basis of $4 per share per annum to $3
per share per annum. Allis-Chalmers Mfg. Co.
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omitted the quarterly dividend of 12 c. a share on
its no-par common stock. United Gas Corp. suspended the quarterly dividend on its $7 cumul. 2nd
pref. stock of no par value, and Bush Terminal Co.
on June 30 took no action on the quarterly dividends
on its 7% cumul. deb. pref. stock and no-par common
stock. It should be added that the Allied Chemical
& Dye Corp., which is was feared might make a cut
in its- payment, kept the rate unchanged at $1.50 a
quarter; while the American Can Co. continued Its
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quarterly payment of $1 a share.
HE stock.market this week has again remained
in a highly unsettled state and been under
more or less pressure most of the time, though with
occasional fitful rallies which left prices very much
where they were before, except that a few active
specialties suffered rather severe declines, as has
been the case so frequently in other recent weeks.
On Saturday last, at the half-day session, after a
further break in the early part of the session, in continuation of the downward movement of the previous
day, the market steadied itself before the closing
hour, thereby cancelling most of the early declines,
though leaving a few stocks like American Can,
American Tel. & Tel. and Allied Chemical with substantial net losses for the day. On Monday some
persistent liquidation in a number of special stocks
kept the market weak all around, with special selling
pressure directed against United States Steel, American Tel. & Tel., Atchison, Allied Chemical & Dye
and E. I. du Pont de Nemours, all of which sold at
new low levels for the current downward movement.
The Chicago banking situation, which had reached
an acute stage towards the close of last week, attracted a great deal of attention, especially in view
of the declines in some of the Chicago bank stocks,
but things rapidly began to mend at that point. On
Tuesday dividend action was awaited in the case of a
number of stocks, which kept the market in a somewhat unsettled state, but announcements regarding
the payments on Allied Chemical & Dye and American Can, in both of which cases the old rates of
payment were kept unchanged, caught the shorts.off
their guard and sharp upward spurts in both these
stocks carried the whole market moderately upward,
though the rally soon died out. On Wednesday, domestic Government bonds displayed a weakening
tendency, and the trade reviews showed steel production still shrinking, although already at unprecedentedl3r low levels. The "Iron Age," for example,
reported the steel mills of the country engaged to
only 15% of capacity as against 16% the previous
week,18% two weeks ago,20% three weeks ago, and
25% in the. middle of May. A few issues Ike National Biscuit tumbled to new low figures, but the
general market, nevertheless, displayed an improved
tone.. The suspension of dividends on the common
shares of the Westinghouse Elec. & Mfg. Co. attracted a good deal of attention, but that stock rallied
with the rest of the list.
The improvement,.continued in a moderate way
during the early part of Thursday, but was lest
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toward the close on the manifestation of renewed
weakness in the number of special stocks such
as National Biscuit, E. I. du Pont de Nemours,
Procter & Gamble and a few other stocks of
like type. On Friday the market again continued
highly unsettled but remained firm, the prolongation of the Democratic National Convention at
Chicago contributing to the unsettlement. It
should be stated that perhaps the most depressing
feature of the week has been the character of the
returns of railroad earnings that have been coming
in from day to day for that month. These were
almost uniformly unfavorable and showed that the
rail carriers were experiencing no relief whatever
from the long period of shrinking traffic and revenues, but, on the contrary, were still suffering in
the same way as before, and even in a more pronounced degree. The disclosures regarding the drastic character of the reorganization of the St. LouisSan Francisco Railway, which that company was
arranging to carry through to meet the requirements
of the Inter-State Commerce . Commission did not
of course tend to brighten views. Of the stocks dealt
in on the New York Stock Exchange 160 touched new
low levels for the year during the present week.
The call loan rate of the Stock Exchange again re2
1
/
mained unaltered at 2 % all through the week.
The volume of trading has again been light, not
reaching a million shares on any day. At the halfday session on Saturday last the sales on the New
York Stock Exchange were 310,496 shares; on Monday they were 767,270 shares; on Tuesday, 829,985
shares; on Wednesday,630,790 shares; on Thursday,
627,045 shares, and on Friday, 605,456 shares. On
the New York Curb Exchange the sales last Saturday
were 31,795 shares; on Monday they were 100,125
shares; on Tuesday, 79,755 shares; on Wednesday,
56,910 shares; on Thursday, 82,120 shares, and on
Friday, 61,911 shares.
As compared with Friday of last week, prices are
only slightly changed in the great majority of instances,though declines appear in special stocks such
as du Pont, Int. Tel. & Tel., National Biscuit, CocaCola and Westinghouse Elec. & Mfg. Co. General
/
Electric closed yesterday at 10 against 978 on Friday
/
American at 1714 against 17;
of last week; North
/
/
Standard Gas 8z Elec. at 1014 against 912; Pacific
/
Elec. at 1978 against 20½; Consolidated Gas
Gas &
/
of N. Y. at 38 against 3518; Columbia Gas & Elec. at
6% against 6½; Brooklyn Union Gas at 53 against
/
7
52½; Electric Power & Light at 3 against 2 8; Public Service of N. J. at 34 against 33; International
/
2
1
/
Harvester at 11 against 1178; J. I. Case Threshing
Machine at 22% against 21%; Sears, Roebuck & Co.
/
4
1
/
at 10 against 1018; Montgomery Ward & Co. at
/
/
2
1
/
4% against 4 ; Woolworth at 2418 against 2378;
%
3 against 36 ; Western Union
4
1
/
Safeway Stores at 34
4
1
/
/
Telegraph at 1478 against 13 ; American Tel. & Tel.
/
against 7814; International Tel. & Tel. at
/
at 7878
%
4
31/ against 3%;American Can at 333 against 30%;
United States Industrial Alcohol at 16% against
4
1
/
15 ; Commercial Solvents at 5 against 4%; Shattuck & Co. at 5% against 5%,and Corn Products at
2
1
/
27 against 29.
Allied Chemical & Dye closed yesterday at 47%
against 46 on Friday of last week; E. I. du Pont de
%
Nemours at 233 against 25½; National Cash Regis/
/
ter A at 7 against 712; International Nickel at 41 8
Bearing at 9 against 9½;
-against 4; Timken Roller
%;
Mack Trucks at 12 against 123 Yellow Truck &
July 2 1932
Financial Chronicle
/
Coach at 1% bid against 1½; Johns-Manville at 1158
against 11%; Gillette Safety Razor at 13 against
12%; National Dairy Products at 15 against 15½;
Associated Dry Goods at 2% bid against 3; Texas
2
1
/
Gulf Sulphur at 13 against 13 ; Freeport Texas at
2
1
/
/
1078 against 10 ; American & Foreign Power at 2
/
against 2%; United. Gas Improvement at 1278
2
1
/
/
against 1214; National Biscuit at 22 against 27 ;
2
1
/
Coca-Cola at 83 against 86½; Continental Can at
/
20% against 18%; Eastman Kodak at 4058 against
2
1
/
Corp. at 10 against 10; Standard
40%; Gold Dust
/
Brands at 10 against 1018; Paramount Publix Corp.
8;
at 2 against 1%;Kreuger & Toll at 3/32 against y
/
Westinghouse Elec.. & Mfg. at 1718 against 19%;
Drug, Inc., at 27/ against 27; Columbian Carbon
14
2
1
/
at 17% against 17 ; Reynolds Tobacco class B at
/
2
1
/
27 against 27 ; Liggett & Myers class B at 4014
2
1
/
/,
against 40; Lorillard at 11% against 1078 and American Tobacco at 48% against 48.
The steel shares are again lower, and with the
steel mills operating to only 15% of capacity, nothing else was to be expected. United States Steel
/
closed yesterday at 23% against 2312 on Friday of
last week; Bethlehem Steel at 814 against 8%, and
/
Vanadium at 7 against 678 In the auto group Au/.
burn Auto closed only slightly changed at 48 against
%
453 on Friday of last week; General Motors at 8
against 8/; Chrysler at 61 against 6 ; Nash Mo14
2
1
/
/s
%
tors at 9% against 93 Packard Motors at 13
%;
%;
against 13 Hudson Motor Car at 43% against 4,
and Hupp Motors at 1% bid against 13
%. In the
rubber group Goodyear Tire & Rubber closed yester/
day at 612 against 6% on Friday of last week; B. F.
Goodrich at 2% against 2%; United States Rubber
at 2 against 2,and the preferred at 3% bid against 4..
The railroad shares have continued to show a sagging tendency, and the poor returns of earnings for
the month of May have been in part responsible for
this. Pennsylvania RR. closed yesterday at 7%
against8% on Friday of last week; Atchison Topeka
& Santa Feat. 20 against 21%; Atlantic Coast Line
at 11 against 13; Chicago Rock Island & Pacific at
4
1
/
2 against 215;^ New York Central at 1178 against
/
/
11%; Baltimore & Ohio at 4% against 5 ; New
4
1
/
Haven at 7 8 against 7 ; Union Pacific at 3178
/
1
4
1
/
/
4
1
/
2
1
/
against 34 ; Southern Pacific at 7 against 7%;
Missouri Pacific at 1% bid against 2; MissouriKansas-Texas at 2 against 2; Southern Railway at
/
318 against 3; Chesapeake & Ohio at 10 against
4
1
/
11%; Northern Pacific at 6 against 6%,and Great
4
1
/
Northern at 6% against 7.
The oil shares have been resilient, notwithstanding the improved outline for the oil industry. Standard Oil of N. J. closed yesterday at 24 against
2
1
/
/
2378 on Friday of last week; Standard Oil of Calif.
at 24 against 18; Atlantic Refining at 103 against
2
1
/
%
10, and Texas Corp. at 9 against 9%.
2
1
/
The copper shares have remained depressed. Anaconda Copper closed yesterday at 318 against 3% on
/
Friday of last week; Kennecott Copper at 518
/
against 5%; Calumet & Hecla at 2 bid against 2;
American Smelting & Refining at 6% against 6%;
Phelps Dodge at 4 against 43 and Cerro de Pasco
%,
Copper at 4% against 478
/.
FTER a period of quiet dealings early this week,
stock exchanges in the leading European financial centers were stirred into activity Thursday and
yesterday by the further reduction in the Bank of
England discount rate from
to 2%, and the In.
A
2%
Volume 135
Financial Chronicle
nouncement by the British Government that the
£2,086,000,000 5% war loan will be converted into a
31 2% issue. The announcements in London were
/
viewed everywhere as highly favorable. In the
London market heavy buying of British funds developed in expectation of a lowered bank rate and
a conversion announcement, and these securities
were further stimulated by the actual developments.
Other securities also forged ahead when the announcements were made. The Paris and Berlin exchanges were quiet and soft in the first half of the
week, but the news from London created confidence
and occasioned some buying in the later sessions.
All the European markets Were dominated much of
the week by the varying reports from Lausanne,
where the representatives of 13 interested Governments continued their discussions of German reparations. Trade and industrial reports, meanwhile,
show little change as European business is quite as
stagnant as our own. A little perturbation was
caused this week by a further downward drift of
wholesale prices in Britain and Germany, notwithstanding the excessively low levels already attained.
Phenominal ease in money, which is now further
accentuated by the lowering of the London bank rate
to a level not reached in 35 years, remains the outstanding favorable factor.
The London Stock Exchange started the week with
a quiet and irregular session. There was a general
hesitation about making commitments, in view of
reports of a deadlock at Lausanne, British funds
were well maintained at first, but slumped in later
dealings. Gold mining shares and shipping stocks
were in favor, but industrial issues were mostly
weaker. International issues sagged on unfavorable
week-end reports from New York. Business Tuesday was again on a small scale, but buying of British
funds increased owing to rumors that the bank rate
would be reduced. Industrial stocks displayed no
decided tendency, but the undertone was firm.
Anglo-American securities were slightly irregular.
Wednesday's market was featured by a small boom
in British Government securities, which was fostered
by the growing belief that the bank rate would come
down. The stock market was very quiet otherwise
with the tendency easy,owing to the lack of encouraging news from Lausanne. Cheerfulness was general
Thursday, following the announcement of a lower
bank rate. It was realized that this action would be
followed by conversion offers, and British funds
again surged forward. Some profit-taking developed
toward the close and curtailed the gains. Improvement developed in the industrial section and international securities also showed gains. Spectacular
advances occurred in British funds yesterday, the
upward surge carrying some issues forward 6 to 8
points. Industrial stocks also advanced. The session was said to be the most active in several years.
The Paris Bourse was inactive and lower at the
beginning of trading, Monday, but the trend improved during the day despite an announcement that
the half-yearly dividend on Bank of France shares
would be reduced to 100 francs. A favorable interpretation was placed on reports from Lausanne by
French financial writers, and this stimulated buying
of securities. Bank of France shares were soft, but
other issues showed small gains in the session. A
generally weak session followed, Tuesday, owing to
less optimistic reports from Lausanne. The market
was relatively stable in the first half of the session,
7
but dropped sharply thereafter. Prices drifted slowly
downward Wednesday,in very quiet dealings. Little
interest was manifested in securities by investors,
and the market appeared to drop of its own weight,
dispatches said. A sharp upward movement developed Thursday, partly on the basis of favorable
news from Lausanne and partly because of the good
impression created by the British Bank rate reduction. The upward trend attained impressive proportions, and was modified only a little by a last minute
reaction. The Bourse was dull yesterday, and most
securities drifted lower.
The Berlin Boerse was dull and lower, Monday,
owing mainly to the uncertain domestic political
situation. Losses were not heavy but they were general, bonds declining as well as stocks. A few exceptions to the downswing were reported in the mining group of issues, on buying for account of Rhenish
interests. Tuesday's dealings were again dull, neither
public nor professional circles displaying any interest. The uncertain status of the Lausanne negotiations was a discouraging factor; and securities in
general fell one to two points. Improvement set in
Wednesday,due to the turn for the better in the Lausanne discussions. Leading stocks were up two to
four points, despite a final reaction which wiped out
a portion of the gains. The trend Thursday was
again firm, although business remained on a small
scale. Gains were general, especially after news was
received of the bank rate reduction in London. Mining issues and potash stocks were in greatest demand.
Quiet strength was again evident in yesterday's dealings on the Boerse.
--•-IEWS of the leading delegations at Lausanne
on the German reparations problem having
been set forth in a series of official statements, every
effort was made this week to find a basis for a common accord which would dispose of the question
definitely and prevent it from interfering with world
trade recovery. France and Germany, representing
the opposite diplomatic poles on the matter, direct
negotiations between the delegations of these two
countries were initiated on June 24 at the instance
of Prime Minister Ramsay MacDonald of Great
Britain. The conversations were carried on all this
week by Premier Edouard Herriot of France and
Chancellor Franz von Papen of Germany, apparently in a most amicable spirit. The conference was
reported several times on the verge of failure, but
the sheer need for adjustment seems to have prevailed over the differences and it is now indicated
that further discussions will take place in the Swiss
city next week.
The first direct conference between French and
German leaders last week did not greatly increase
the hopes for ultimate settlement of the reparations impasse at the current conference. Premier Herriot is reported to have asked bluntly •
whether Germany is prepared to resume reparations
payments on any scale whatever after the present
period of depression ends. Chancellor von Papen is
said to have replied with equal frankness that he
could not agree to further payments. The German
leader indicated that the very prospect of resumption would tend to prolong the economic difficulties, while the attempt to make payments would provoke a fresh crisis. He made it clear, however, that
the German Government was prepared to discuss
anything else, provided reparations were formally
V
8
Financial Chronicle
cancelled. Economic advantages to the French were
hinted at, it is said, and also participation by Germany in general plans designed to foster world recovery. On this note the two leaders are said to
have terminated their first direct interview. Premier Herriot returned to Paris to consult his Cabinet over the last week-end, both on this problem and
on the disarmament proposals that were placed before the gathering in Geneva last week. Chancellor
von Papen journeyed to Berlin for the same purpose.
Financial experts at Lausanne continued over the
last week-end their study of the mass of suggestions
made at the conference in connection with the hopedfor settlement of the reparations question. One of
the most interesting plans, reported June 24 by Leland Stowe, correspondent of the New York "Herald
Tribune," called for the creation of a European reconstruction fund, to be utilized through the Bank
for International Settlements in the protection of
European currencies and their maintenance on the
gold standard. "Among a mass of corrective measures, such as economic pacts, agreements for tariff
reductions, industrial privileges and financial aid,
this idea of a common fund to buttress Europe's
monetary stability is understood to be commanding
particular attention," the correspondent said. "It
is stated authoritatively that the idea of a Basle reconstr action fund is also linked to a proposal
whereby the nations gathered here would commit
themselves to attacking tariff barriers and to associating in a general plan for European aid and economic co-operation along definite lines." In a further dispatch on the following day the correspondent
again referred to the "broader program for Europe's
economic recovery, a part of which may be realized
here but the more detailed application of which will
have to be prepared by the experts during the summer and then laid before the projected world economic confrence at London." This fund, it was
pointed out, would provide a means for avoiding
direct reparations payments, while still making it
possible for Germany to contribute to the general
good of Europe.
Optimism occasioned by discussions of this suggestion was dispelled rather quickly, Monday, when
the French and German delegations gathered for a
further official exchange of views. Both the delegations were apparently disposed to stiffen their attitudes after their week-end consultations in their
respective capitals, and the first full-fledged "crisis"
of the conference was on. It was officially indicated
late Monday that the German representatives had
presented long arguments in favor of the complete
cancellation of reparations and had presented an
outline of suggestions for the restoration of Europe.
M. Herriot then made in the name of France the
reservations he deemed necessary. A further meeting was scheduled for Wednesday, and it was intimated that Prime Minister MacDonald and his
•
British associates would attempt, in the meantime,
to reconcile the views of the French and Germans.
The efforts of the British were not unrewarded,
judging by the comments of Prime Minister MacDonald at the end of a day of intense discussions,
Wednesday. Lausanne,he informed correspondents,
may still see the end of reparations and the beginning of preparations for a wider economic conference in which the United States would participate.
"There is still a lot of spadework to be done," the
correspondent of the New York "Times." reported
July 2 3932
Mr. MacDonald as saying. "But I see no reason
why we should not come to a final decision on reparations at Lausanne." Early in the day much uncertainty regarding the prospects of the gathering was
caused by a statement of Chancellor Franz von Papen, to the effect that world confidence could be
restored only if the Powers victorious in the war
decided to abolish the discrimination of the Versailles treaty. If equality were attained by Germany, the Chancellor said, Germany might find it
possible to contribute to a general effort at reconstruction.
In the discussions among the delegations, much
prominence was given a plan for an eventual lump
sum payment by Germany, said to have been suggested by the British. This lump sum was tentatively placed at 3,000,000,000 marks. Chancellor
von Papen issued a "diplomatic denial" that any
such proposal had been entertained, a dispatch to
the New York "Herald Tribune" said. "Conference
observers regard this as not incompatible with ultimate acceptance by Germany of an obligation to
contribute a similar amount to a European reconstruction fund, provided a suitable formula and conditions are worked out," the dispatch added. "What
is especially important is that it is intended to provide the final German payment not in the guise of
reparations but as Germany's contribution to European reconstruction."
This suggestion for a last German payment in the
form of a contribution to a European "cash box" continued to dominate the discussions Thursday, when
an attempt was made to evolve a formula that would
protect Great Britain, France, Italy and other governments indebted to the United States. It was proposed by France, an Associated Press report said,
that Germany deposit a 6,000,000,000-mark bond
with the B. I. S. in lieu of reparations annuities,
pending the negotiation of revised debt agreements
with the United States. After consultation with
Berlin, the German delegation replied negatively
to this proposal. "Mr. MacDonald pleaded with the
Germans to accept the proposal, assuring them they
need have no fear with regard to American generosity," the dispatch said. "One-third of the
amount proposed would be Germany's contribution
to a general fund for the economic reconstruction
of Europe. The remainder would be set aside pending the revision of debt agreements. The German
delegation, before replying, was inclined to resist
any connection between settlement of reparations
and the Allied debts to the United States, and tenthtively offered to deposit a bond of 2,000,000,000
marks."
HERE was little, if any, formal progress at
Geneva this week on the proposal of President
Hoover for a sweeping reduction by one-third in all
land, sea and air armaments of the world. This was
due, however, rather to the absorption of European
statesmen in the reparations problem at Lausanne
than to any lack of interest in the suggestion. President Hoover's announcement was made June 22, and
by the end of last week all the leading Chancelleries
of the world were examining the proposal with intense care. A special Cabinet meeting was held in
London late last week to hear the report of Foreign
Secretary Sir John Simon on the proceedings of
the General Disarmament Conference at Geneva. It
was intimated in London thereafter that an accord
T
Volume 135
Financial Chronicle
on disarmament would probably be much easier to
achieve if German and French differences on reparations were settled first. Chancellor van Papen of
Germany and Premier Herriot of France returned
to their respective capitals over the last week-end to
report on disarmament, as well as reparations, to
their Government colleagues. In Washington there
was a tendency to await further developments, Secretary of State Stimson remarking last Saturday
that the Hoover plan is in the "period of incubation." There were rumors this week that the plan
might be connected in some way with reparations
proposals or the French desire for a consultative
pact, but these were denied with some emphasis by
Mr.'Stimson. "It ought to be unnecessary to continue to repeat," the Secretary said,"that there have
been on negotiations, discussions or conversations
between this Government and the European governments on the subjects of debts or reparations." It
was denied also that the United States would bargain
for acceptance of the Hoover proposal in terms of
consultative pacts or other political concessions.
Reports from London, Paris and Tokio all indicated, this week, that extremely cautious consideration was being given the Hoover proposal by the
respective Powers. An indication of the British
reaction was afforded Monday, when Stanley Baldwin, as Acting Prime Minister, replied to a question
in the House of Commons regarding the plan.
"There may be other far-reaching proposals by other
countries," Mr. Baldwin said. It was generally
assumed in London, dispatches said, that the British
leader had his own country in mind when he made
the comment. Sir John Simon returned to Geneva
Wednesday, and is understood to have made it clear
that extensive consultations with the Dominions will
be necessary before a formal reply can be made. In
Paris, Premier Herriot read a carefully prepared
statement to newspaper men,last Saturday,in which
he admitted that he had tried to forestall the Hoover
message when he first heard of it. The Cabinet
opposed much of the plan, M. Herriot added, and
continued to favor the French plan for security by
means of an international police force. French
views underwent some modification during the week,
however, according to Geneva reports of Thursday.
A growing desire on the part of France for genuine
arms reduction was reported, and the French delegation was said to be leaning somewhat toward the
Hoover proposal. Japanese views of Mr. Hoover's
plan are decidedly adverse, and it is apparent that
Tokio will be one of the most serious obstacles to
its general acceptance. Consideration of the plan
was started by the Foreign Office and the War and
Navy Offices in Tokio early this week. The Supreme
Military Council is reported to have reached a decision, Wednesday, that the plan is "absolutely unacceptable."
HE impressive strength of British finance has
seldom been better demonstrated than in the
announcement by Chancellor of the Exchequer
Neville Chamberlain, Thursday, of a plan for converting the 5% war loan, outstanding in the amount
of £2,086,000,000, into an equal issue with 3 % in/
1
2
terest and a somewhat extended maturity. This
conversion operation will be by all odds the largest
ever undertaken at a single stroke. Although the
issue is held by more than 3,000,000 investors and
the reduction in the interest rate is a severe one,
T
there is no doubt that the conversion will be carried out successfully. The announcement was made
by Mr. Chamberlain soon after the discount rate of
the Bank of England was reduced from 2 % to 2%,
/
1
2
and thus placed at the lowest level since 1897.
Cheap money is, of course, necessary to the success
of this huge conversion and the technical background is thus excellent.
The 5% war loan, issued in 1917, has been callable
at par since 1929, but carries a nominal maturity
date of 1947. Conversion has long been looked for
and ample preparations for the transaction were
made by former Chancellor Philip Snowden. The
monetary crisis that swept the world last autumn
made postponement necessary, but it was realized
everywhere that the operation would be carried
through as quickly as possible in order to reduce the
interest charge on the British budget. This loan
comprises almost a third of the British national debt,
and it is indicated that the annual interest savings,
after the transaction is completed, will amount to
£30,000,000. This figure will be somewhat reduced
by losses in the income surtax, but the Treasury will
clearly gain heavily by the transaction. The 3I/%
2
issue offered in exchange will have no definite maturity, but will be callable at any time beginning
Dec. 1 1952. Notices of the redemption of the 5%
war loan on Dec. 1 next were sent out yesterday by
the Treasury. In order to expedite conversion, holders are offered a cash bonus of 1% if they assent to
the invitation for conversion into 3 % stock not
/
1
2
later than July 31. Holders who desire payment in
cash must give notice to this effect not later than
Sept. 30, and lack of notification will be regarded
as assent to the conversion. •
In announcing the conversion, Chancellor Chamberlain paid tribute to Viscount Snowden, and remarked that his task had been eased by the preparatory enactments of the former Labor Chancellor. He
explained the conversion, and added that the dividend due on the 5% stock on Dec. 1 will be paid,
and that the rate thereafter will be 31 2% on the new
/
stock. Maintenance of the old wartime rate, he declared, had been hanging like a cloud over the capital
market and was a source of depression and a hindrance to the expansion of trade. "The strongest
argument for immediate action," he continued, "is
to be found in the spirit of the country. After a
long period of depression we have recovered our freedom in monetary matters. We have balanced our
budget in the face of most formidable difficulties
and we have shown the strongest resistance of any
country to the general troubles affecting world
trade. I am convinced that the country is in the
mood for great enterprises and both able and determined to carry them through to a successful conclusion."
N INCREASINGLY bitter factional struggle
has been developing in Germany ever since the
Bruening Government was overthrown on May 30,
and replaced by the "Junker" Cabinet of Chancellor Franz von Papen. The campaign for the Reichstag elections, which are to be held July 31, has
brought many old differences into the open and
added to the hard feelings. Clashes are reported
daily between the Fascist followers of Adolph Hitler
and other extremists. Such encounters usually result in arrests by the score, and in distressingly
heavy casualty lists. Four lives were lost in dis-
A
10
Financial Chronicle
orders last Saturday, and a further four Tuesday.
The election campaign is only one feature of the
factional strife, which is also being carried on in
official circles. There is a growing schism between
the von Papen Government in Berlin and the leaders of the South German State Governments over
the question of the Fascist military organizations
and their uniformed meetings and parades. Chancellor von Papen rescinded some weeks ago an order
of the Bruening regime disbanding these military
organizations, but this action aroused the vigorous
opposition of the Bavarian and other South German
Governments. The Bavarian Cabinet refused to
raise the ban against Herr Hitler's storm troops and
their trappings, and the latter have attempted to
retaliate by great uniformed demonstrations in
Munich, the Bavarian capital.
Dr. Heinrich Held, Chancellor of Bavaria, announced in the State Diet last Saturday that he
had appealed to President Paul von Hindenburg to
intercede and thus prevent "a mighty uprising by
which the Reich, in its difficult position, could be
mortally stricken." In an attempt to adjust these
differences an emergency decree was issued Wednesday over the signature of the Reich President, asserting that Federal law supersedes the laws of the
States. Members of militant factions were thus considered to have the right to wear uniforms even
in States that have raised objections to them. But
it was also provided in the decree that the State
governments are responsible for the maintenance of
order, and local authorities were authorized,in their
discretion, to prohibit individual demonstrations or
parades if they believe the public security might be
endangered. This ruling was generally regarded as
unacceptable to the National-Socialists, or Fascists,
and there is little likelihood that it will prevent further clashes.
IN
FAR-AWAY Siam the spread of democratic
ideals resulted on June 24 in a swift and bloodle, revolt against the despotic rule of King Prajads
hipok, who readily accepted the end of his absolute
power and the establishment of a constitutional
monarchy. The "peaceful" revolution, organized by
leaders of the People's party, was consummated with
the aid of army and navy commanders and their
units. While the King was absent on a holiday at
Huahin the revolutionaries swept through Bangkok,
the capital, and seized strategic points. Several
princes of the royal family were held as hostages by
the leaders of the movement, but most of them were
promptly released when it was announced by King
Prajadhipok late the same day that he would accept
a restriction of his power and agree to a constitutional form of government. There was much excitement among the people, dispatches said, but foreign
residents were not endangered. It was at first
assumed that the revolt might mean the end of the
Chakri dynasty, which has ruled Siam for 150 years,
but the cordial acceptance by the King last Sunday
of an invitation to head the new constiutional State
put an end to all such rumors.
King Prajadhipok reascended the throne Monday,
and on the following day he attached his signature
to a Constitution which provides for a limited monarchy with a temporary dictatorship by the People's
party. It is provided in this charter, an Associated
Press report said, that the dictatorship shall be replaced by suffrage when the people have been edu-
July 2 1932
cated in the responsibilities of self-government. A
Senate is soon to be formed, half of which will be
appointed by the executive of the People's party and
half to be elected. The revolution was generally
attributed to discontent among Government officials
and employees, who were discharged by the King in
considerable numbers recently in an attempt to effect
economies. Retrenchments were made necessary by
declining exports of rice and other agricultural
products. In a manifesto issued Monday the revolutionaries accused the King of favoring his own
family at the country's expense. They also insisted,
however, that the movement was not directed against
the Government but merely toward the establishment of a regime "by and for the people with the
King's consent." King Prajadhipok and Queen
Rambaibarni visited the United States about a year
ago. The King, who is 38 years old, then disclosed
that he was considering the gradual introduction of
self-government in his country. Washington reports
indicate that as the King continues in power there
will be no question of recognition of the new regime.
The former recognition will continue without interruption.
••••
HE Bank of England on Thursday, June 30, reduced its discount rate from 2 % to 2%,this
/
1
2
being the lowest rate since May 1897. Earlier in
the week, that is, Monday, June 27, the Budapest
National Bank reduced its rate from 6% to 5%.
Rates are 11% in Greece; 8 % in Bulgaria; 7% in
/
1
2
Austria, Rumania, Portugal and Lithuania; 6 %
/
1
2
in Spain and in Finland;
in Danzig, and in
Colombia; 5.11% in Japan; 5 % in Estonia and in
/
1
2
Chile; 5% in Germany, Italy, Hungary and Czechoslovakia; 4 % in Norway;4% in Sweden and Den/
1
2
mark; 312% in Belgium and in Ireland; 2 % in
/
/
1
2
France and in Holland, and 2% in England and in
Switzerland. In the London open market discounts
for short bills on Friday were 78% as against 1% on
/
Friday of last week, and 1 1/16% for three months'
bills as against 1 1 1
/ 6% on Friday of last week.
Money on call in London on Friday was 1 16%. At
/
Paris the open market rate continues at 178%, and
/
in Switzerland at 11/ %.
2
T
HE Bank of Germany in its weekly statement
dated June 23, records an increase in gold and
bullion of 881,000 marks. The total of bullion now
stands at 823,388,000 marks,as compared with 1,411,173,000 marks last year and 2,618,921,000 marks the
previous year. The items of reserve in foreign currency, silver and other coin, notes on other German
banks, investments and other daily maturing obligations reveal gains of 2,265,000 marks, 37,247,000
marks, 3,590,000 marks, 1,000 marks and 19,919,000
marks respectively. Notes in circulation decreased
98,487,000 marks, reducingIthe total of the item to
3,716,917,000 marks. Circulation last year aggregated 3,725,980,000 marks and the year before
4,073,982,000 marks. The item of deposits abroad
remains unchanged. A decrease appears in bills of
exchange and checks of 113,393,000 marks, in advances of 6,459,000 marks, in other assets of 3;461,000 marks and in other liabilities of 761,000 marks.
The proportion of gold and foreign currency to note
circulation stands at 25.9%, as compared with 40.4%
last year and 73.0% the previous year. Below we
show a comparison of the various items for three
years:
T
Financial Chronicle
Volume 135
REICHSBANK'S COMPARATIVE STATEMENT,
Changes for
June 23 1932. June 23 1931. June 23 1930.
Week.
Retchsmarks. Reichstnarks. Reichstnarks.
Reichstnarks.
Assas—
Inc.
Gold and bullion
881,000 823,388,000 1,411,173,000 2,618,921,000
80,254.000 117,688,000 149.788,000
Of which depos. abr'd_ Unchanged.
92,594,000 357,163,000
Res've in torn curr__ _Inc.
2,265,000 137,978,090
Bills of exch.& checks_Dec. 113,393,000 2,869,998,000 2,349,775,000 1,348,070.000
Silver and other Coin. Inc. 37,247,000 321.017,000 214,476,000 170,835,000
21,410,000
22.708,000
11,727,000
Notes on oth.Ger. bks.Inc. 3,590,000
55,281,000
Advances
Dec. 6,450,000 102,481.000 136,651,000
Investments
Inc.
1,000 364,431,000 102,916,000 101,022,000
Other assets
Dec. 3,461,000 765,523,000 579,980,000 620,500,000
Lia)ilates—
Notes in circulation_ _Dec. 98,487,000 3,716,917,000 3,725,980.000 4.073,982,000
0th.daily matur.oblig.Inc. 19,919,000 400,341,000 433,043,000 648,632,000
Other liabilities
761,000 711,889,000 263,919,000 212,870,000
Dec.
Propor.of gold & for'n
40.4%
73.0%
25.9%
0.8%
curr. to note drcurnInc.
.11
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as o
Changes
June 24 1932. June 26 1931. June 27 1930.
for Week.
France.
Francs.
Francs.
Francs.
456,138,347 82,099.633,210 56,425,623,386 44.052,192,124
Gold holdings_ Cred. babs. abr'd_Dec. 257,000,000 4.290,611.591 6,419,088,946 6,904.665.425
aFrench commerc'l
bills discounted_Inc. 679,000,000 3,929,275,496 5,575,566,633 6,291,700,741
bBilis bought abr'dDec. 243.000,000 2,043.950.257 19.789,881,581 18,727,991,897
Adv. agt. secure- -Dec. 42.000,000 2,716,721,774 2.718,703.967 2.692.645,586
Note circulation_ _Dec. 351,000,000 80.667,376,580 76,927,419,120 72,593,949.840
Cred. curr. Boots_ _Inc. 651,000,000 27,502.625,007 23.700,223,968 15,358,250,025
Proportion of gold
on hand to sight
50.09%
56.07%
75.90%
0.21%
Inc.
liabilities
a Includes bills purchased in France. b Includes bills discounted abroad.
O CHANGE of note was reported in the New
York money market this week, demand for
accommodation remaining light, while funds were
HE Bank of England on June 30 reduced its rate
again in huge oversupply under the influence of the
of discount from 23/2% to 2%. Previous reopen market operations of the Federal Reserve
ductions this year were from 6% to 5% on Feb. 16;
banks. Rates quoted by dealers for bankers' acceptto 4% on March 10; to 33'% on March 17; to 3% on
ances were brought into line, Thursday, with the
April 21 and to 23/2% on May 12. The Bank's state/
tentative reduction of 1 8 of 1% all around made by
ment for the week ended June 29 shows a gain of
a few dealers last week, when the official buying
£47,196 in gold holdings, but as this was attended
rate was brought down. The Federal Reserve buyby an expansion of £4,535,000 in circulation, reserves
ing levels were maintained unchanged this week.
fell off £4,058,000. Gold holdings now total L136,In the Stock Exchange money market call loans
953,579 compared with £164,421,108 a year ago.
/
1
2
were again quoted at 2 % for all transactions,
Public deposits decreased £17,595,000, while other
whether renewals or new loans. Trades were re-.
deposits rose £14,506,699. Of the latter amount,
ported every day in the unofficial "Street" market
£12,915,894 was to bankers' accounts and £1,590,805
/
1
2
at 1%, or a concession of 1 % from the official
was to other accounts. The reserve ratio is down to
rate. Time loans were unchanged. An issue of
35.08% from 37.17% a week ago. Last year the
$100,000,000 in 91-day Treasury discount bills was
ratio was 46.20%. Loans on Government securities
awarded Monday at an average discount of 0.41%.
increased £525,000 and those on other securities
Brokers'loans against stock and bond collateral con£534,133. The latter consists of discounts and adtinued to declind, the reduction this week amounting
vances which increased £747,769, and securities
to $17,000,000, according to the tabulation of the
which decreased £213,636. Below we show a comFederal Reserve Bank of New York, made public
parison of the different items for five years:
Thursday. Gold movements for the week to WednesBANK OF ENGLAND'S COMPARATIVE STATEMENT
.
day night consisted of exports of $17,351,000,imports
1931
1930
1929
1928
1932
of $2,887,000, and a net decrease of $15,599,000 in
July 2.
July 1.
Jute 3.
June 29.
July 5.
the stock of the metal held earmarked for foreign
Circulation _ a
363,082,000 357,429,453 363,583,008 369,100,858 137,167.000
account.
Public deposits
17,982,000 11,490,117 11,670,598 28,296,091 19,686,000
N
T
Other deposits
121,301,611
Bankers accounts_ 86,565,354
Other accounts__ - 34,736,257
Govt. securities_ _ 67,169,650
Other securities_ _ _ 41,241,181
Disct. de advances 14,889,401
Securities
26,351,780
Reserve notes & coin 48,870,000
Coin and bullion_ - _136,953,579
Proportion of res've
to liabilities
35.08%
Bank rate
2%
133,493,071
99,401,807
34.091,264
32,930.906
63,065,472
34,319.300
28,746,172
66,991.655
164,421,108
122,367.940
84,305,246
38,062,694
49.075,547
49,324,739
29,916.820
19,407,919
53,645,000
157.228,008
112,856,286
75,558,462
37,297,824
37,281,855
75,278,746
52,321,206
22,957,540
46,605,073
155,705,931
56,013,000
173,428.234
46.20%
234%
40.02%
3%
33.01%
534%
38.24%
434%
126,830,000
nEALING in detail with call loan rates on the
28,769.000
79,742,000
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
note issues adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
HE Bank of France statement for the week
ended June 24 records an increase of 456,138,347 francs in gold holdings. The Bank's gold now
aggregates 82,099,633,210 francs, in comparison with
56,425,623,386 francs a year ago and 44,052,192,124
francs two years ago. A decrease is shown in credit
balances abroad of 257,000,000 francs and in bills
bought abroad of 243,000,000 francs. Notes in circulation fell off 351,000,000 francs, bringing the
total of notes outstanding down to 80,667,376,580
francs. The total of circulation the same period last
year was 76,927,419,120 francs and the year previous
72,593,949,840 francs. French commercial bills discounted and creditor current accounts rose 679,000,000 francs and 651,000,000 francs, while advances
against securities declined 42,000,000 francs. The
proportion of gold on hand to sight liabilities stands
this week at 75.90%, as compared with 56.07% a
year ago and 50.09% two years ago. Below we show
a comparison of the various items for three years:
T
Stock Exchange from day to day, 2 % was
/
1
2
again the rate ruling all through the week, both for
new loans and renewals. Time money is at a standstill, no transactions being reported this week.
Rates are quoted nominally at 1 % for all dates.
/
1
2
The market for prime commercial paper has been
very active this week, particularly on Friday, when
dealers reported a goodly increase in business. Offerings are limited and business is somewhat curtailed on that account. Quotations for choice names
of four to six months' maturity are 2 @2 4%.
/ 3
1 /
2
Names less well known are 3%. On some very highclass 90-day paper occasional transactions at 24%
1
were noted.
RIME bankers' acceptances have been in fairly
brisk demand, particularly since the American
Acceptance Council reduced its rate on Thursday 1 8
/
of 1% on all maturities in both the bid and asked
columns. The quotations of the American Acceptance Council for bills up to and including three
months are / bid, 3
78%
/ asked; for four months,
4%
1% bid and 78% asked; for five and six months,
/
11 % bid and 118% asked. The bill buying rate of
4
/
the New York Reserve Bank is 1% for 1-90 days;
118% for 91-120 days, and 12 for maturities from
/
/
1
%
121-180 days. The Federal Reserve banks show an
increase in their holdings of acceptances, the total
having risen from $53,718,000 to $63,519,000. Their
P
12
Financial Chronicle
holdings of acceptances for foreign correspondents
further decreased, falling from $101,465,000 to $98,163,000. Open-market rates for acceptances are as
follows:
July 2 1932
lished on Friday of last week, when the British
Treasury deposited £150,000,000 to the credit of
the fund. Major Walter Elliott, Financial Secretary of the Treasury, in replying to a question in the
SPOT DELIVERY
House of Commons, stated that the measure was
—180 Dayt—150 Daps— —120 Days—
an accounting transaction, the sum being held in
Bid. Asked.
Bid. Asked.
Bid. Asked.
Prime eligible bills
134
1
14
14
131
31
sterling and relent to the Exchequer unless or until
—30 Days-=‘
—60 Days-—90 Day.—
it was required for any other purpose of the Exchange
Asked,
Bid. Asked.
Bid. Asked.
Bid
34
Prime eligible bills34
34
34
34
33
Equalization Account. The Chancellor of the ExFOR DELIVERY WITHIN THIRTY DAYS.
chequer could not undertake to give detailed inforEligible member banks
.134% bid
Eligible non-member banks
131% bid
mation regarding the operation of the account other
than that the purchase of silver would be contrary
HERE have been no changes this week in the to the provisions of the Finance Act. As a matter
rediscount rates of the Federal Reserve banks. of fact, the British Treasury and the Bank of EngThe following is the schedule of rates now in effect lane have been operating in the exchange market
for the various classes of paper at the different Re- through the stabilization account since early in May.
serve banks:
It is very evident that the lower rates for sterling
exchange are giving satisfaction to the London auDiscouNT RATES OF FEDERAL . ESERVE BANKS ON ALL CLASSES
It
thorities, and how far they are responsible for the
AND MATURITIES OF ELIGIBLE PAPER.
easier quotations cannot be readily discovered, as it
Rate in
Federal Reserve Bank.
Effect(m
Date
Previous
is the fixed policy of London to disclose no informaEstablished.
July 1.
Rate.
tion regarding the operations of the stabilization
Baton
Oct. 17 1931
334 ...
234
New York
June 24 1932 •
234
3
fund.
Philadelphia
334
Oct. 22 1931
3
Cleveland.
334
Oct. 24 1931
3
The Ottawa Imperial Economic Conference is
Richmond
Jan. 25 1932
334'
4
Atlanta
Nov. 14 1931
314
3
being watched by bankers with closest interest, as
Chicago
June 25 1932
234
334
St. Louis
Oct. 22 1931
314 '
214
the fiscal policy may as well as not be changed as a
Minneapolis
334
Sept. 12 1930
4
Kansas City
Oct. 23 1931
334
3
result of the conference. Hon. Stanley Baldwin, who
Dallas
334
Jan. 28 1932
4
San Francisco
Oct.21 1931
34
234
will lead the British delegation at Ottawa, recently
--•-stated in Parliament all that is now definite in regard
TERLING exchange isrdull and easier than at to England's monetary policy: "We don't want the
any time in several months. The outstanding exchange value of the pound to rise," he said. "We
event bearing on exchange this week was the reduc- definitely increase wholesale prices, but would
tion in the Bank of England rate on Thursday from dread running up retail prices. Increased wholesale
23/2% to 2%. The range this week has been between prices with a substantial lag in retail prices would
3.563 and 3.61% for bankers' sight bills, compared be the best thing that could happen to Great Britain.
4
with 3.603 and 3.62% last week. The range for But it is a difficult policy'to maintain because foreign
cable transfers has been between 3.56% and 3.62, liquid capital is seeking refuge in England and there
compared with 3.603/i and 3.623 a'week ago. The is a fall from gold prices abroad. Wt have no in4
market has been expecting a cut in the Bank of Eng- tention of returning to gold so long as gold behaves
land rate for many weeks, as money rates in the as now, and we cannot give definite assurance of the
London open market clearly pointed to such a pos- future course of sterling prices. The policy recently
sibility. Following the reduction in the New York adopted by the monetary authorities of England is an
Federal Reserve Bank rate from 3% to 23/2% on abundant supply of cheap money. Perhaps some of
Thursday of last week, all centres were more or less the Dominions, at least, can find a plank in that
convinced that the Bank of England would imme- fact on which we can stand." According to recent
diately lower its rate. One reason for the extreme London advices many in London and Canada would
inactivity and practical drifting of the market at like to have England return to gold with the pound
present is the hesitancy which was exhibited pending stabilized at $4.00. As pointed out here a few weeks
action on the Bank rate. The market is still hesi- ago, all nervousness with respect to the dollar seems
tant and traders are loath to take a technical posi- to have been removed from European minds, with
tion until the close of the Lausanne conference. the result that the dollar is now at a premium over
Bankers are also inclined to await the results of the all other currencies with the exception of those of
Ottawa Imperial economic conference, as it is gen- Holland, Switzerland and France, but these currenerally believed that some important announcements cies are now quoted so low that gold cannot be
relative to Great Britain's financial policies may profitably taken from New York on an exchange
result from these meetings.
basis.
The reduction in the Bank of England rate to 2%
There are some indications of a return flow of
makes the rate the lowest since May 1897. London European funds to New York, although the stream
welcomes the decrease as.clearing the stage for the is so far comparatively light. According to Paris
War Loan operations. The reduction of the Bank dispatches the firmness in dollar exchange has comrate on the last day of the half-year is almost un- pletely arrested speculative sales and there is in fact a
precedented. On Thursday night Chancellor of the great deal of repurchasing. Regarding the weakness
Exchequer Neville Chamberlain announced in the in sterling bankers agree that much of it results
House of Commons the long awaited conversion of from sales of sterling by speculative interests which
the 5% War Loan of 1929-1947 into a 3M% loan. bought when the pound began to rise and are now
The amount of the bonds to be converted is £2,086,- convinced that the Bank of England has determined
000,000, or approximately $7,500,000,000.
not to allow the rise to continue. Confidence in the
On Tuesday the market was surprised by the an- London market has been so far restored that there
r.ouncement in the British House of Commons that can be no doubt that if the British authorities did
ti e British Exchange Equalization Fund was estab- not intervene sterling would rise steadily. Some
T
S
Volume 135
Financial Chronicle
13
29,INCLUSIVE
GOLD MOVEMENT AT NEW TORIC,JUNE 23—JUNE
Exports.
bankers ascribe the weakness in sterling at present,
imports.
$6,048,000 to France
partly to the fact that transfer of English capital $2,672,000 from Canada.
6,000,000 to Switzerland
168,000 from Mexico
5,003,000 to Belgium
from foreign markets to London must now be ended,
47,000 chiefly from Latin
300,000 to Mexico
American countries
having improved
the British economic situation not
$17,351,000 total
as had been hoped would occur when the pound $2,887,000 total
Net Change in Gold Earmarked for Foreign Account.
the past few weeks and
sterling depreciated. For
Decrease: $15,599,000.
until Thursday call money against bills in London
above figures are for the week ended WednesThe
3
was quoted at from %%to 4%. However,on Thursy there were no imports
day on the announcement of the cut in the Bank day evening. On Thursda
of of gold. $4,447,600 oi gold was shipped to France,
rate call money against bills firmed up to a range
decrease in gold earmarked
0
from 137 to 14%. This firmness was partly due but this was offset by a
the amount of $4,447,600.
to month-end pressure and call money rates are for foreign account in
of gold was imported from
expected to slide off fractionally at once. Bill rates Yesterday $78,200
00 was exported to Ecuador,
moved down on Thursday. Two-months bills weie Mexico. $1,660,0
accompanied by a decrease of a like
7
/% to 15-16%, compared with 1% on Wednesday. but this was
in gold earmarked for foreign
Three-months bills are now Y% to 15-16%. Four- amount ($1,660,000)
During the week approximately $922,000
months bills are 15-16% to 1%. Six-months bills account.
Francisco, $847,000
1%. These bill rates would point to of gold was received at San
are 1%% to 1W
coming from China and $75,000 from San Salvador.
the possibility of a still lower Bank of England rate.
Canadian exchange continues at a discount, though
However, bankers are not now looking forward to so
somewhat more favorable this week to Montreal.
exceptional a rate as 13/2%•
funds were quoted at a disGold continues to sell in London at a premium On Saturday Montreal
on Monday at 123/2%, on Tuesday
which ranged this week from 114s. 2d. to 114s. 8d. count of 13%,
Wednesday at 12 9-16%, on ThursAccording to a recent dispatch to the New York at 12%%, on
/
and on Friday at 127 4%.
"Times" the gold that has been bought during the day at 12 13-16%,
rates, sterling exchange
Referring to day-to-day
past six weeks has been figured in the bank return
sight
statutory price (84s. 10d. per ounce), on Saturday last was dull and easier. Bankers'
at the old
cable transfers, 3.61/®3.62.
which represented the value of gold bullion in British was 3.613@3.61%;
inactive. The range
currency before the currency had depreciated owing On Monday the market was
15-16@3.61% for bankers' sight and 3.61®
3
to the suspension of gold payments. The difference was 3.60
Tuesday the market
/
between that price and the present market value of 3.611 2 for cable transfers. On
continued dull and easier. Bankers' sight was
bullion in terms of British currency represents the
On
premium now obtainable for gold on the open market 3.60%@3.61; cable transfers 3.6034@3.61'/g.
trading.
in quiet
which amounts to something over 30%. It is under- Wednesday sterling moved lower
4
says, that this premium The range was 3.603 ®3.603' for bankers' sight
stood, the "Times" dispatch
transfers. On Thursis being debited to the Treasury's exchange equaliza- and 3.60 7-16®3.604 for cable
y dull. Bankers' sight
tion fund and that gold purchases now being made day the market was extremel
.58%®3
.60H; cable transfers, 3
.58%@3
by the Bank are directly connected with the opera- was 3
was decidedly weak; the range
tions of that fund. Since last September the gold On Friday sterling
for bankers' sight and 3.56%®
imports from India at London induced by the heavy was 3.56%®3.574
cable transfers. Closing quotations on
premium have reached an aggregate of £53,000,000. 3.573' for
demand and 3.57% for cable
Since the beginning of the year the total gold imports Friday were 3.57M for
. Commercial sight bills finished at 3.563/2;
into England have aggregated £81,000,000 and transfers
;
-day bills at 3.5532 90-day bills at 3.553; docuexports 07,750,000. Daily arrivals of gold in the 60
ments for payment (60 days) at 3.553', and sevenopen market are steadily increasing, but the bulk is
and grain for
being purchased by private foreign interests who are day grain bills at 3.56%. Cotton
t. payment closed at 3.56.
holding it either in London or on the Continen
This week approximately £545,000 in gold was
XCHANGE on the Continental countries is
taken from the London open market and shipped
dull and irregularly higher. French francs
Wednesday the Bank of
to the Continent. On
£402,533 in gold bars. On Thurs- fluctuated more widely than any of the major exEngland bought
day the Bank of England bought £1,393 in gold bars. changes. As in the case of sterling, much of the
This week the Bank of England shows an increase in inactivity in the market is attributed to the hesigold holdings of £477,196, the total standing on June tancy of bankers awaiting the outcome of the
29 at £136,953,579, which compares with L164,421,- Lausanne conference'. As noted above, approximately $6,048,000 of gold was shipped to France
108 a year ago.
At the Port of New York the gold movement for the by the New York Federal Reserve Bank during the
week ended June 29, as reported by the Federal week and $5,003,000 to Belgium. These and furReserve Bank of New York, consisted of imports of ther shipments which may take place in the next
$2,887,000, of which $2,672,000 came from Canada, week or two were arranged for some weeks ago and
$168,000 from Mexico, and $47,000 chiefly from do not alter the fact that the Bank of France and
Latin American countries. Gold exports totalled the other European central banks have virtually
$17,351,000, of which $6,048,000 was shipped to completed the recall of foreign balances. For a few
France, $6,000,000 to Switzerland, $5,003,000 to weeks longer the Bank of France may continue to
Belgium, and $300,000 to Mexico. The Reserve show record gold holdings, but shortly thereafter
Bank reported a decrease of $15,599,000 in gold it is generally expected that the French central
earmarked for foreign account. In tabular form the institution will begin to disburse much of its gold.
gold movement at the Port of New York for the The Bank of France statement for the week ended
week ended June 29, as reported by the Federal June 24 shows an increase in gold holdings of 456,138,347 francs, the total standing at a new record
Reserve Bank of New York, was as follows:
E
14
Financial Chronicle
July 2 1932
high of 82,099,633,210 francs, which compares with period last year. Italian circles
derive particular
56,425,623,386 on June 26 1931, and with 28,- encouragement from this develop
ment, especially
935,000,000 francs in June 1928 on stabilization of in view of the fact that the first
half of the year is
the franc. The Bank's ratio is at a new record high normally the import season.
level of 75.90%, compared with 75.69% on June 17,
Exchange on Budapest, Hungary, is one of the
with 56.07% on June 26 1931, and with legal re- minor units in this market, but it
is of interest this
quirement of 35%. According to Paris dispatches week to note that the central bank of
Hungary reduced
on Thursday the Bank of France and the French its rate of rediscount from 6% to
5%, affording anTreasury have signed a new non-interest bearing other indication oi the gradual softenin
g of money
Treasury bond of 6,625,000,000 francs to guarantee rates which is taking place in all
centers. The par
for the next six months the depreciation in the of the Hungarian pengo is 17.49. For
some time it
Bank's holdings of sterling in London valued at has been normally quoted in the New
York market
about £1,764,706. The new bond is for 250,000,000 around 17.50.
francs less than the first Treasury bill which the
The London check rate on Paris closed at 90.75
Government gave to the Bank on Jan. 1. The on Friday of this week, against 91.85
on Friday of
difference represents the recovery of sterling from last week. In New York sight bills on
the French
85 to 92 francs. According to French authorities centre finished on Friday at
3.9332, against 3.933
the impression prevails that the balance of foreign on Friday of last week; cable transfers
at 3.935
,,
payments must be more or less unfavorable to against 3
.
.933i, and commercial sight bills at 3.933,
France, even without taking account of temporary against 3.93. Antwerp belgas finished at
13.92M for
movements of capital which depend on the psycho- bankers' sight bills and at 13.93 for cable
transfers,
logical attitude of the moment. There are important against 13.91 and 13.913/2. Final
quotations for
factors bearing on possible gold exports from France Berlin marks were 23.84 for bankers'
sight bills and
other than those which would arise simply from 23.85 for cable transfers, in comparison
with 23.73
an adverse balance of payments. It is thought and 23.74. Italian lire closed at
5.113 for bankers'
that if international confidence were to revive there sight bills and at 5.11M for cable transfer
s. against
would be some considerable foreign loan issues in 5.08% and 5.09. Austrian schilling
s closed at 14.093/i
Prance. A large part of the gold now accumulated against 14.10; exchange on Czechos
lovakia at 2.96,
in France is due to the flight of capital from many against 2.96; on Bucharest
at 0.603i, against 0.6034;
countries seeking temporary domicile there, and on Poland at 11.2334, against
11.23, and on Finland
with any lasting signs of returns of confidence in at 1.653(, against 1.733 . Greek
4
exchang3 closed at
other countries much of these balances would be 0.65 for bankera' sight bills
and at 0.653 for cable
4
withdrawn from Paris in the form of gold Money transfers, against 0.65% and 0.66.
continues excessively abundant and cheap in Paris.
Loans against defense bonds are placed at 1% for
XCHANGE on the countries neutral during the
30 days and at 13.% for 90 days.
war has moved somewhat contrary to the
German marks are firm but inactive. Mark quo- trends of the chief Europea
n currencies during the
tations are purely nominal, as exchange is under week. These units are irregula
r, fluctuati ig within
strict control of the Reichsbank. There can be rather narrow limits.
Most of them show a slightly
no important change in the status of German ex- steadier tone, with Swiss
francs and Holland guilders
change until international problems relating to debts on average fraction
ally better than last week. The
and reparations are resolved. The German elec- Scandinavian currenci
es are slightly easier owing to
tions at the end of July may also bring about im- the greater ease in sterling
exchange, with which
portant changes in German fiscal affairs. Open they are closely allied. Spanish
pesetas are excepmarket money rates are easing noticeably in Germany, tionally steady by reason
of the re-establishment of
although these rates are fax out of line with those public confidence.
As a result of various handicaps
prevailing in other large centres. The money market placed upon Holland exports
's
trade through rising
there is hardly a free market since far-reaching tariff barriers, import
restrictions, and currency
decrees executed by the Reichsbank influence all difficulties throughout the Contine
nt and in England,
trading operations. Day loans around 5%-6%, the foreign trade returns of
Holland reveal that the
private discounts around 4%%. Despite the re- import surplus is being steadily
reduced. Holland
cent cuts in central bank rates in other important has steadfastly refused to consider
voluntary abandoncentres there can be no change in the Reichsbank ment of the gold standar
d and in view of the gold rerate of rediscount, as the Reichsbank is bound by serves of The Netherlands Bank,
the position of the
the bank law to fix 5%, its present rate, as a mini- guilder is considered impregn
able. Holland is atmum whenever its reserve ratio stands below 40%. tempting to combat
the adverse factors affecting her
The ratio is now only 25.9% as of June 23, which foreign trade by imposing exchang
e restrictions on the
compares with 25.1% on June 16 and with 40.4% guilder, despite the fact that
the country's gold.
a year ago. The Reichsbank statement of June 23 stocks are so large that the
exchange needs no
shows an increase in gold holdings of 881,000 marks, assistance. The restrict
ions, however, are not
the total standing at 823,388,000 marks, which general but reciprocal, and are
compares with 1,411,173,000 marks on June 23 in the case of those coantries placed in effect only
which impose exchange
1931.
restrictions themselves. There is no restriction whatItalian exchange is relatively steady, being less ever in the guilder-dollar
market. The financial
influenced by the international movements affecting position of the Dutch
East Indies has been rendered
other markets. Italy continues to make good pro- extremely unsatisfactory
owing to the decline in
gress in reducing the size of its import trade balance. com nodity prices, particul
arly rubber and sugar, so
Sensational improvement was recorded during 1931, that in the past few
months there has been conbut the first five months of this year shows the siderable discussion
as to the advisability of Java's
deficit to be even smaller than for the corresponding abandoning the
gold standard in order to improve
E
Volume 135
Financial Chronicle
its competitive position abroad. Should Java take
action in this respect, it would have a profound
effect on Holland because of the great amount of
capital invested in the East India colonies. Many
bankers think that since Holland has consistently
refused to consider the abandonment of gold for
itself, the colonies are hardly likely to make any
change despite agitation.
Bankers' sight on Amsterdam finished on Friday
at 40.42, against 40.38 on Friday of last week;
cable transfers at 40.43, against 40.39, and commercial sight bills at 40.30, against 40.35. Swiss francs
closed at 19.533/ for checks and at 19.54 for cable
transfers, against 19.46% and 19.463 . Copen4
hagen checks finished at 19.49% and cable transfers
at 19.50, against 19.70 and 19.701 2 Checks on
/
.
Sweden closed at 18.303 and cable transfers at
4
18.31, against 18.57 and 18.57 2; while checks on
Norway finished at 17.663 and cable transfers at
4
17.67, against 17.80% and 17.81. Spanish pesetas
closed at 8.233' for bankers' sight bills and at 8.24
for cable transfers, against 8.253' and 8.26.
15
XCHANGE on the Far Eastern countries continues to follow the trends of recent weeks.
The Chinese units move closely with the range of
silver prices. On Saturday last silver was officially
quoted 27% cents an ounce in the New York market
but on Monday and generally througho it the week
the price was down to 263 cents. Japanese yen
4
fluctuates widely There was a sharp break in
%
yen on Monday when the rate went to 26.75. This
was followed by further weakness on T iesday, when
the quotation was at record low of 26.62. (Par of
the yen is 49.85.) The quotations reflect the high
state of uncertainty existing over Japanese affairs.
Closing quotations for yen checks yesterday were
27%, against 287 on Friday of last week. Hong
%
Kong closed at 233'@23 5-16, against 2330)23 5-16;
Shanghai at 29%@29%, against 29%@29 11-16;
5
5
Manila at 49 8, against 49%; Singa 'ore at 42%,
against 423 ; Bombay at 26 15-16, against 27 1-16,
%
and Calcutta at 26 15-16, against 27 1-16.
E
PURSUANT
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:
XCHANGE on the South American countries
presents no new features of importance. The
currencies of all these countries continue under the
control of foreign exchange committees and are only
nominally quoted. Sr. Carlos A. Tornquist of FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
Buenos Aires, in his annual review of the balance of
JUNE 25 1932 TO JULY 1 1932, INCLUSIVE.
payments of the Argentine Republic, points out the
Noon Buying Role for Cable Transfers in New York.
Value in United quiwy Money.
great improvement which has taken place during Country and MoneJatbl
June 25. June 27. June 28. June 29. June 30. July 1.
1931, and expresses the belief that the prospects
1
$
EUR ME-$
$
$
for 1932 are still more favorable. He says that the Austria,schlilIng
$
.139750 .139750 .139650 .139650 .139650 .139650
Belgium ,
.139073 .139100 .139103 .139057 .139034 .139076
restriction of imports and the adjustment of public Bulgaria,belga
.007200 .007200 .007200 .007200 .007200 .007200
ley
.029594
.029584
finances at this time is most essential and should Czechos mate, kron .029595 .029600 .196292 .029595 .029588 .194723
Denmar ,krone
.196907 .196466
.196176 .196100
England. Pound
have the effect of bringing the country back to
3 613833 3.609750 3.608541 3.603416 3.598750 3.572333
sterileg
.016950 .017000 .016750 .016640 .016700 .016383
markka
normalcy. He states the increase of import duties Finland,franc
France,
.039310 .039313 .039307 .039287 .039284 .039337
German i% retchsmark .236928 .236457 .236923 .237428 .237721 .237678
has brought about a considerable reduction in the Greece, drachma
.006400 .006403 .006390 .006378 .006365 .006359
,
.403860 .403910 .403996 .403632 .403521 .403910
value of imports and that new taxes implanted Holland%guilder
Hungary Pengo
.174750 .174500 .174750 .174750 .174750 .174500
.050885 .050898 .050894 .050889 .050906 .050995
either by decree or more fecently by Congressional Italy, lii'akrone
Norway,
.177930 .178000 .177969 .177576 .177546 .176283
Poland, zloty
.111750 .111750 .111875 .111833 .112000 .111633
Portugal
sanction will, along with the economies applied in 'Inman!I, escudo
033175 .033250 .033050 .033075 .033075 .032400
.005962 .005954 .005991 .005970 .005958 .005975
a, leu
.082435 .042407 .082410 .082407 .082407 .082353
the budget of expenditure and those which in the Spain, eseta
Sweden, krona
185823 .185358 .185215 .184823 .184692 .183000
tram
.194682 .194762 .194871 .194682 .194700 .194971
future may be introduced in respect of national Switzerland,dinar
YuSosla via,
.016625 .016825 .016866 .017133 .016825 .016812
ASIA
finances, not merely bring about budget equilibrium China-Chefoo tadl
.305833 .305833 .305625 .305625 .303750 .302916
but will also leave a margin for the gradual reduction
Hank aw tadl
303750 .303750 .301541 .303541 .301666 .300833
Shan hal tael
.294687 .295000 .294843 .294531 .293125 .292187
pf the floating debt. Sr. Tornquist has for several
Tient an tael
309166 .309166 .308958 .308953 .307083 .303833
Hong Kong dollar
.229687 .229052 .229062 :229218 .229687 .228750
years been advocating the idea of a central bank,
Sfexl an dollar_ _ _ _ .206562 .206562 .206562 .206562 .206250 .204687
Tient an or Pelyan
but in his present report says that the idea of creating
dcl ar
.210000 .210416 .210416 .210416 .210000 .208750
Yuan dollar
.207083 .207083 .207083 .207083 .208666 .205416
a central bank of issue and through this institution India. r spec
269050 .269250 .269000 .269500 .269125 .267375
Japan,
.279500
.268625
of perfecting the system of monetary circulation 81neapo'en S.) &liar .414375 .268750 .267250 .414375 .271000 .273250
*e(S
.415625 .414375
.414375 .411875
NOR
and bank credit in the country should not be under- Canada CH AMER.- .869843 .871770 .876718 .873072 .873072 .872447
dollar
Cuba, can
.999237
.999206 .999268 .999268
Mexico,
taken in the present state of profound business de- Newton peso (silver)_ .272466 .999237 .999237 .268166 .267566 .265750
.272166 .267766
idland, dollar .866875 .869500 .874500 .870500 .870250 .870000
SOU
pression which has shaken the national and inter- Argent''11 AMER.la. peso (gold) .585417 .584947 .584947 .564947 .584947 .584947
Brazil, nitrels.075380 .075380 .075380 .075380 .075280 .075280
national economic mechanism to the foundations. Chile, MO
.060250 .060250 .060250 .060250 .060250 .060250
Uruguas
.474166 .474166 .474166 .474166 .474166 .474166
It hardly seems wise, he thinks, to establish new Colomb %Peso
A. Dego
.952400 .952400 .952400 .952400 .952400 .952400
institutions modifying the credit basis in the midst
of so great a world crisis. These changes should be
HE following table indicates the amount of gold
deferred until normal conditions are more generally
bullion in the principal European banks as of
restored in the major industrial countries. Sr. June 30 1932, together with comparisons as of the
Tornquist's opinions carry great weight in Argen- corresponding dates in the four previous years:
tina, and it is likely that these suggestions will be Banks of- 1932.
1931.
1930.
1929.
1928.
respected.
£
£
£
£
.£
England__ _ 136,953,579 164,421,108 157,228,008 155,705,931
Argentine paper pesos closed on Friday at 254 France a- __ 656,797.065 451,404.987 312,415,122 292,997,605 173,428,234
147,137,706
Germanyb _
37,156,700
61,149,150
92.611.850
99,809,600
Spain
90,212,000
for bankers' sight bills, against 253 on Friday of Italy . 60.960,000 96,985,000 123,454.300 102.450,000 104,321,000
98,842,000
50,489,000
56,301.000
55,434,000
52.831.000
Nethlands_
81,466,000
last week; cable transfers at 25.90, against 25.90. Nat. Be1g
39,873,000
25,994,000
36,400,000
36,253,000
72,906,000
40,947,000
34,333,000
28,561,000
Switz'land
Brazilian milreis are nominally quoted 7.20 for bank- Sweden - 87,919,000 29,411.000 23.156,000 19,842,000 22.800.000
17,885,000
11,444,000
13,491,000
13.270.000
12,971.000
12.836,000
8,031,000
9,551,000
9,570,000
9,591,000 10,105.000
ers' sight bills and 7.25 for cable transfers, against Denmark
Norway
6,561,000
8,132,000
8,143,000
8,155.000
8,170,000
7.20 and 7.25. Chilean exchange is nominally Total week_ 1,250406,344 965.633.245 902,927,430
814,719,386 685,576,540
Prey. week_ 1.242.875.341 N13.312.714 013064082 811.773 872 659080 578
1
quoted 61 8, against 6%. Peru is nominally quoted
/
•These are the gold holdings of the Bank of France as reported In the new form
of statement. b Geld holdings of the Bank of Germany are exclusive
20.50, against 22.00.
of gold held
abroad, the amount of which the present year is £4,012,700.
E
T
16
Financial Chronicle
Drawing the Lines at Lausanne—The Responsibility of France.
The sharp contrast between the British and French
temperaments in political matters has seldom been
more strikingly exhibited than in the attitude of
Prime Minister MacDonald and Premier Herriot at
Lausanne. From the first, Mr. MacDonald has not
only insisted that the Conference must not fail, and
labored indefatigably day and night to bring it to
success, but has also made it clear that, in the
British view, success depended upon recognizing
realities and doing the best that could be done in a
practical way to meet them. Reparations payments,
he has frankly admitted, were at an end. That being the case, Great Britain was prepared to join in
a reciprocal cancellation of war debts as between
the European claimants to reparations payments.
In spite of repeated disappointments and rebuffs,
Mr. MacDonald has remained an optimist. Addressing a luncheon of the American and British
correspondents on Wednesday, he announced that all
the British dominions, Poland, Czechoslovakia, and
with some reservations Greece, had agreed to the
suspension of reparations during the period of the
Conference, and listed a number of other points in
which a common understanding had been reached.
Those points were (we draw upon a summary sent
to the New York "Times"), first, "that transfers
from one country to another on a scale so large as
to upset the balance of payments can only accentuate the present crisis;" second, that the release of a
debtor country from payments which it is unable to
make "may merely have the effect of transferring
that burden to the creditor country," which in turn
may be unable to pay; third, that the adjustment of
all intergovernmental debts, including reparations,
to existing world conditions must be made at once
"if a new disaster is to be avoided" and confidence
permanently restored; fourth, that if the effect of
these measures is to be permanent "the efforts of
the German Government to defend the stability of
its currency must be supported ;" and, finally, that
Germany "could not pay."
M. Herriot's attitude, on the other hand, has not
only operated to isolate France in the Conference
and before the world, but has also, if recent Paris
dispatches are an accurate indication, weakened his
political leadership at home and put his Government on the defensive. It does not appear,from any
reports of the Conference that we have seen, that
M. Herriot was able to show that Germany's contention of inability to pay was unfounded, but his reply
has been that the legal obligation of reparations
must be acknowledged, that straight-out cancellation could not be thought of unless France received
compensation in something vaguely described as
"security," and that while a postponement of payments for a number of years would be considered,
some payment must be made or regular payments
resumed after that period. The reciprocal cancellation of debts which Mr. MacDonald proposed did
not, apparently, offer M. Herriot the compensation
he desired. M. Herriot, in other words, has seemed
unable to follow Mr. MacDonald in accepting the
fact, and joining whole-heartedly in efforts to remove from the path the greatest single obstacle to
economic recovery. There was still the letter of the
law to be formally acknowledged as a sign of German
acquiescence in defeat, and compensations or equivalents were to be exacted which should insure the
July 2 1932
superiority of France and protect it from the competition of a revivified German industry and trade.
Some of M. Herriot's intransigence was doubtless
due to Chancellor von Papen's stout insistence that
Germany could not and would not pay, and to his
later demand for such revision of the Treaty of
Versailles as would remove from Germany all discriminations. Some of the American correspondents
at Lausanne, in their dispatches of the past few
days, have inclined to place upon the Chancellor a
large share of responsibility for the failure toward
which the Conference seemed headed. The Chancellor's further intimation that Germany, if all discriminations were lifted, would be ready to make a
contribution to a general effort of reconstruction
was represented as little more than a vague generality, embodying no definite guarantee and offering
further occasion for quibbling. Explanations offered on Thursday, however, indicated that Chancellor von Papen, in raising the question of treaty
revision, did not intend to make that matter an indispensable condition of an immediate settlement of
reparations, but meant only to point out one of the
conditions upon which complete recovery in Europe
hinged. As a matter of fact, there appears to have
been nothing in Chancellor von Papen's attitude to
suggest that he was prepared to concede nothing that
France desired unless Germany could get everything
it wanted.
The difficulties of M. Herriot's political position
at home are, of course, frankly to he recognized, but
the difficulties seem to have increased rather than
diminished as the days have gone on. Paris dispatches report the emergence of a feeling among the
Radical Socialists, M. Herriot's own party and the
one overwhelmingly predominant in his Cabinet,that
the Premier should have agreed to the cancellation
of reparations (presumably with the accompanying
cancellation of debts which Mr. MacDonald proposed), and should also have accepted Mr. Hoover's
disarmament proposal. In taking this attitude the
Radical Socialist critics ally themselves with the
Socialists, the Left party from which the Government has most to fear. The reference to Mr.Hoover's
disarmament plan coincides, of course, with the demand in France, among the Left parties at least, for
a substantial reduction in war expenditures as one
of the most important means of reducing the large
budget deficit.
At another point, too, the Herriot Government
faces trouble. According to a Thursday dispatch
from Paris, a number of large exporting firms have
appealed to M. Herriot to do something to remove
the restrictions which now hamper foreign trade.
Sales abroad,the memorialists state (the reference is
to European rather than overseas trade), have practically ceased, and payment for goods already sold
cannot be had because of exchange restrictions, while
luxury trades are near collapse. The deficit of
visible exports for May, it is declared, exceeds a
billion francs, only 60% of imports being covered
by exports. While M. Herriot is not held responsible for the quota system and the abolition of the
system is not asked, the method, it is urged, should
be used as a bargaining device in commercial agreements with other countries, and in any case should
be temporary. The seriousnbss of the Government's
financial position may be gathered from the statement made on Thursday by M. Palmade, Minister of
the Budget, before the Finance Commission of the
Volume 135
Financial Chronicle
Chamber of Deputies, that there was urgent need of
raising not less than 6,500,000,000 francs to insure
a balanced budget.
The outlook for the Conference on Friday was
only a slender justification of Mr. MacDonald's optimism, although there was still hope that some substantial agreement might be reached. The concrete
plan that was being discussed (if a plan may properly be called concrete which still lacks much in
detailed definiteness) represents material concessions by both Germany and France. The plan proposes that Germany, in return for a cancellation of
reparations, shall pay, after the expiration of an
agreed moratorium, a lump sum of between 2,000,000,000 and 7,000,000,000 marks, these figures representing respectively the German minimum and the
French maximum. The payment, of course, will not
be denominated reparations, but rather a contribution to a fund to be used, perhaps through the Bank
for International Settlements, in aid of general
European recovery. Even this proposal, however, is
complicated by the French insistence that Germany's
final payment shall be scaled up or down in proportion to the reduction, if any, which the United States
can be induced to make during the moratorium
period in its war debt claims. It was reported on
Friday that if the United States would wipe the
debt slate clean, France would be willing to accept
a British suggestion of 3,000,000,000 marks as the
German final payment.
The immediate effect of this proposal, notwithstanding the substantial element of compromise that
it contains, has been to emphasize still further the
isolation of France. Chancellor von Papen, it is
reported, refuses absolutely to accept any sliding
scale arrangement, and insists that if Germany is
to pay anything it must be a definite and agreed
slim. By thus refusing to make the payment depend in any way upon what the United States may
do regarding the debts, Germany not only allies itself with •the declared American policy of keeping
debts and reparations separate, but also ranges itself on the side of Great Britain and Italy, both of
which have maintained that the two issues must not
be joined in anything that the Lausanne Conference
may decide. France, on the contrary, clings stubbornly to its hope of dragging the United States into
the European situation, and parts company with
Great Britain and Italy, with both of which there
is profound need of harmonious relations, by declaring that if Germany cannot pay reparations,
France will look to the United States to take over
the load of debts.
With this issue pending, the question of the moratoriums becomes of interest. The moratorium on
reparations to which a number of the Powers at
Lausanne have ififormally agreed, intended to cover
the period of the Conference and the later economic
parley if one is held, applies, of course, only to
Europe. The Hoover moratorium,on the other hand,
which expired on Thursday, is not affected by the
Lausanne agreement, but its effect is in a way prolonged by the agreement, to which all the Powers
concerned have subscribed, for the payment over ten
years of the intergovernmental payments which,
under the Hoover moratorium, were deferred. As
no important payments,except $33,050,000 due from
Germany in September on account of mixed claims
and Army of Occupation costs, are due to the United
States until next December, the debtor Governments
17
have ample time to arrange for them, and they have
also the privilege, under the debt settlements, of
postponing for two years the payments of principal
due at any payment date. Greece, which has a two
and one-half year moratorium privilege, gave notice
on Thursday of its intention to avail itself of it. If
the other countries should do the same, the Treasury
would have to find elsewhere the nearly $270,000,000
of principal and interest which it has counted on
from this source for the fiscal year 1932-33. The
decisions of the Lausanne Conference, accordingly,
may still leave open a question of much financial
importance to the United States, even if, as seems
probable, the effort of France to join reparations
and debts meets the defeat which it deserves.
Real Barriers to Progress.
If we are to heed the words of William Green,
President of the American Federation of Labor, the
conclusion might be reached that man has overreached himself and thus brought about the unemployment of eleven millions of persons who are
anxious to work, their distress being largely due to
the development of marvelous machines.
Man's acumen and skill, this line of reasoning
would lead us to believe, have become so great
through ingenuity of invention, ability to operate
and to find new uses for machine products, that he
is oversupplying the earth with commodities. Even
the needs of human beings and cultivated taste for
luxuries are insufficient to absorb the enormous
production. The output of every factory and mill
appears to have exceeded the ability of the masses
to consume.
Farm machinery, from tractors which displace
horses, for plowing and cultivating, to reapers and
binders and threshers, relieve the agriculturist of
much drudgery and do farm work better and faster
and at less cost than the slow methods of antiquated
farming by hand.
No longer dependent upon manure from cattle as
a fertilizer, the farmers now carefully select the
manufactured fertilizer which is best adapted for
particular fields, supplying what the land may lack,
and providing what the growing crop will require,
insuring more prolific yields.
No longer are the farmers of the West dependent
upon the natural rainfall to water their lands. The
Government has expended many millions of dollars
to construct dams and reservoirs which will insure
a sure supply of moisture when and where it may be
needed.
Farming has not only been made easier, but more
efficient and upon an increased scale, with greater
assurance of a bountiful yield, which results were
never conceived by the sturdy men who tilled the
rugged lands of New England in the crudest manner.
Thus it is that there is more of grain and of cotton
than the markets will naturally absorb, and all of
the artificial remedies which have been applied at
great cost to the Government have been of little
avail in relieving the distressed situation of the
farmers.
Discovery of great oil fields and improved methods
of production and distribution have supplied markets
with greater quantities of petroleum than they have
needed, so that steps have been taken in some States
to curtail production with the hope of stabilizing
the markets. Here also there follows a restraint
18
Financial Chronicle
July 2 1932
Gasoline Goes to Market Via the Pipe Line.
upon the number of men employed. In the same
manner conditions have affected the coal markets,
In spite of the fact that gasoline has been transboth bituminous and anthracite, leading at times to ported about refineries and from refineries to loadstrikes as if the mine owners were to blame for un- ing racks and docks by means of pipe lines ever
favorable conditions over which they have no more since it has been used for fuel, the Bureau of Mines
control than do the men whom they employ.
states that only during recent years has it been
Electricity, generated at low cost by water power, transported by pipe lines from refineries to distributand easily distributed over wide areas has played ing centers. Several years ago a group of Mid-Contiits part in bringing about new conditions of manu- nent refiners considered the construction of a cofacturing, not the least being the ability to operate operative motor-gasoline line to extend from Oklafactories at night with splendid artificial illumina- homa to some Mississippi River point, but the line
tion.
was never built. The chief objection raised at that
Pipe lines for the distribution of oil have been a time to such a system was that gasoline specificafactor in present conditions, affording as they do a tions used by the various refiners were not uniform;
cheap method of transporting petroleum over long as it was believed that all grades of gasoline would
distances from points of production to refineries be mixed in pipe-line movement no refiner could be
and to places of consumption.
sure that he could withdraw from the system gasoline
Progress has also resulted in bringing about a that would meet his specifications. Since the properiod of substitution. To a large extent steel and mulgation of the United States Government master
concrete have displaced wood and brick in construc- specifications for liquid fuels, which many States
tion, and with such new building materials available have adopted, this objection has been largely overthere must naturally be less demand for nails and come. Under present-day perfected operation of the
for outside paint, which may be partially overcome lines gasoline of various grades can be transported
by uses made of nails and paint for interior work without mixing to appreciable extent.
in the high skyscrapers.
In the early part of 1930 the Standard Oil Co. of
But the world must progress. .No one can think New Jersey began to transport motor gasoline inland
of going back to the nights of candle light or the oil through its Tuscarora pipe line from Bayway relamp, when easily controlled electric light is made finery, on New York Harbor, to various points in
possible not only in cities but in small towns and New Jersey and Pennsylvania. The pipe line had
even in many farm houses. We cannot do away with formerly been used to transport crude oil from
buses and trucks operated by gasoline, nor with air fields in Western Pennsylvania to the Bayway replanes.
finery. This pipe line is approximately 371 miles
The population cannot recede from the advanced long and is a common carrier. It is the first long
civilization. It must adapt itself to the new dis- line ever used for transportation of motor gasoline
coveries and new methods and make progress on from a refinery to markets.
those lines in which both wages and prices are likely
Strange to relate, there are no motor-gasoline lines
to play a fundamental part. A wage which will in the Western part of the United States, although
permit an article to be marketed at satisfactorily there are numerous lines in the Rocky Mountain and
low prices ought to insure a good market. The bar- the Pacific Coast districts handling natural gasoline.
riers of high wages and high prices may be blocking
The Great Lakes Pipe Line Co. is owned jointly
and hindering recovery at this time because artificial by six Mid-Continent companies, i.e., the Skelly Oil
means have been preventing a natural and inevitable Co., the Continental Oil Co., the Barnsdall Oil Co.,
readjustment in order that a sure foundation may Mid-Continent Petroleum Co., Pure Oil Co., and the
be formed upon which to rebuild our economic Phillips Pipe Line Co. The refineries of these varistructure. •
ous companies supply the gasoline that is transWith the growth of civilization, the wants of the ported through the line. The Ajax Pipe Line Co.,
population are growing larger and still larger. The which is owned by the Standard Oil Co. of New Jerluxuries of to-day become the absolute necessities of sey and the Standard Oil Co. of Ohio, is approxito-morrow. The motor car and the radio are ex- mately 400 miles long and extends from Glenn Pool,
amples. New industries are constantly being cre- Okla., to Wood River, Ill. It will not, however, begin
ated. The men displaced in one industry find em- to transport gasoline through its system for some
ployment in another. A law of compensation is time.
In July 1931 about 2,900 miles of pipe line were
ceaselessly at work, and a process of adjustment is
going on. In times of activity and pros- actually being operated to distribute gasoline and
constantly
perity, such as the country enjoyed until the stock motor fuel. Deliveries from these lines during July
market crash of the Autumn of 1929, no one ever ad- amounted to 1,270,000 barrels of motor-fuel. During
vances the theory that we can have too much of the the six-month period January to July 1931, approxigood things of life. It is only when the inevitable mately 4,000,000 barrels of motor fuel were delivered
reaction from a period of rampant speculation and to consumers by means of pipe lines.
For several years plants producing natural gasowild inflation comes, that labor leaders rise up and
proclaim that the workers are the victims of too line in various oil fields of 'the United States have
much progress. But depression is as abnormal as been pumping their product through short lines
reckless expansion and in the one case as in the other directly into the crude-oil transportation systems or
a readjustment is found necessary in the end. Labor through specially designed systems to refineries or
leaders could do much to hasten the adjustment, if convenient points along the railroads, where the
they co-operated- in the establishment of lower wage gasoline is loaded into tank cars. In California
scales, instead of insisting on a continuance of im- there are several relatively long natural-gasoline
possible high wages and completely out of line with lines. The Shell Co. operates a six-inch line about
100 miles long extending from a point near the city
current conditions.
Financial Chronicle
Volume 135
of Ventura to Wilmington in Los Angeles County,
and the Union Oil Co. of California a six-inch line
80 miles long from the Kettleman Hills field in the
San Joaquin Valley to Avila, San Luis Obispo
County. These lines are used exclusively for natural
gasoline. The Associated Oil Co. has a six-inch line
170 miles long from various San Joaquin Valley
fields to Monterey, and the Standard Oil Co. of
California a 10-inch line 70 miles long from Kettleman Hills to Morro,San Luis Obispo County. These •
lines are used intermittently for the transportation
of natural gasoline. The latter company is now
building an eight-inch line paralleling their 10-inch
line, which is to be used exclusively for natural
gasoline.
The first relatively long line for transporting
natural gasoline was constructed in 1912 in Orange
County, California, by the Pacific Gasoline Co. It
was two inches in diameter and about two miles long
and was used to transport natural gasoline from
Brea Canyon to a loading rack near Brea.
In 1913 the Pinal Dome Oil Co. constructed a
two-inch pipe line 16 miles long to transport natural
gasoline from the Santa Maria oil field, Santa Barbara County, California, to a refinery at Betteravia.
This line was operated by gravity.
In 1914 the Union Oil Co. of California constructed
a two-inch natural-gasoline line about 30 miles long
from Orcutt, Santa Barbara County, to Avila, San
Luis Obispo County, California.
In 1915 the People's Natural Gas Co. of Pittsburgh, Pa., completed a two-inch line 23 miles long.
It was used to transport natural gasoline from the
company's absorption plant at Brave, Green County,
Pa., to the Pennsylvania RR. at Marianna, Washington County. The pipe lines were screwed together,
and extra heavy long collars were used. It is believed
that this was the first gasoline line constructed in
the Pennsylvania fields.
COST OF PIPE LINE TRANSPORTATION.
Although no actual figures are available concerning pipe line shipments there is no doubt that
transportation of gasoline by pipe line will show a saving
when compared with railway tank car shipments.
A California oil company has furnished an interesting estimate showing the cost to deliver
motor
gasoline by pipe line from San Francisco
Bay to
Fresno and Goshen in the San Joaquin Valley.
The line is to handle 150,000 gallons (about 15 tank
cars) per day from San Francisco Bay to
Fresno
and 75,000 gallons from Fresno to Goshen. The
sizes
and lengths of the pipe are as follows: 38 miles
of
six-inch pipe, 143.3 miles of four-inch pipe,
181.3
miles of pipe from San Francisco Bay to Fresno
, 34
miles of three-inch pipe from Fresno to Goshen
, or a
total length of 215.3 miles. Four pumping
stations
will be required. The estimated cost is as
follows:
Pipe-line transportation cost of gasoline:
San Francisco Bay to Fresno
Fresno to Goshen
$0.00570
.00303
San Francisco to Goshen
Railway tank-car freight rates:
San Francisco Bay to Fresno
San Francisco Bay to Goshen
Estimated cost by pipe line
$0.01188
.cesio
$0.01452
.00873
Saving in transporting by pipe line
Saving equivalent per cent
$0.00618
52.4
$0.00579
39.9
S0.00873
The estimated costs of tank car shipments do not
include 1% loss by evaporation and labor of loading
and unloading.
A Mid-Continent company operating a pipe
line
approximately 482 miles long, through which
is
pumped a light gravity crude oil, estimates that
on
,
1.9"
.
the basis of its present operations, it could transport
motor gasoline through the system for approximately
17.8c. per barrel. The railway tank car freight rate
from the source of the line to the terminal was 80.33c.
per barrel. The saving in the transportation by pipe
line would therefore be 77.8%, or the pipe line cost
would be 22.2% of railway freight.
DEMAND FOR RAILROAD TANK CARS.
Upon the completion of the motor-gasoline lines
now being built in the Eastern and Mid-Continent
districts (exclusive of natural-gasoline lines), it is
estimated that pipe line capacity will be available
in the United States for the transportation of 89,000
barrels, or 3,738,000 gallone daily. This amount of
gasoline would fill 373 tank cars having an average
capacity of 10,000 gallons. According to the United
States Bureau of Mines petroleum refinery statistics, during the five-year period 1925 to 1929, inclusive, the average annual increase in the indicated
consumption of motor gasoline in the United States
has been approximately 107,000 barrels per day.
This is 18,000 barrels more than the total daily
capacity of all the motor-gasoline lines now under
construction or in operation. If the increase in
consumption of gasoline continues at an even rate
it would appear that there will be no decrease in
the demand for tank cars.
A unique condition in the oil industry is that the
railroads, with few exceptions, do not supply tank
cars for the transportation of petroleum products
over their lines as they do for other commodities.
Of the 275,000 railroad tank cars in operation to-day
practically all are owned either by the oil companies
or by such organizations as the Union Tank Car Co.
and the General American Tank Car Co., which lease
the cars to the various oil companies.
When considering the decreased cost of transportation there is no question but that these motor-gasoline pipe line systems will increase rapidly. Where
water transportation and trucking facilities can be
combined it is doubtful if railway tank car transportation can compete without soon experiencing
financial loss. With the constantly increasing demand for gasoline and the dependability of the service offered, oil companies operating their own gasoline-distributing systems need not depend on outside
carriers.
Railway Capitalization Low in United States
.
The capitalization per mile of the American railroads is lower than that of the more important countries of the world, with very few exceptions. In
order to have adequate railroad service at a minimum cost, and efficient economical use of railroad
plant and equipment, initial capital expenses
and
subsequent capital charges must be as low as
possible.
The fact that railway capitalization in the
United
States is lower than in the principal countri
es of
the world is shown in the following
analysis made
from the official railway reports
of the several
countries.
The reason for the lower capital per mile
in the
United States is that railway constru
ction often
preceded the founding of cities, the growth
of population, and the resulting increased
value of land.
This is only a partial explanation, howeve
r. In a
large measure, railway construction in
the United
States has been carried on so efficiently,
and on no
large a scale, as to keep unit costs very
low.
Financial Chronicle
20
July 2 1932
In Australia somewhat similar conditions have i ion purposes is at the present time far in excess of
existed as in the United States. In fact, develop- their net capitalization.
ments in Australia are new as compared with the
T_Tnitwl States, consequently the capital costs tend Sound Money, the Revival of Old Quack Finanto be lower. In France, Germany, England, Japan
cial Proposals, and Need for Sanity.
and Switzerland cities sprang up originally without
(H. Parker Willis in World Telegram of June 28.)
relation to future railway development, as a result
Time was when sound money had its friends in influential
of which railway construction has been most expen- • quarters. They may or may not have always had a very
sive in those countries. The location of cities already clear-cut conception of the phenomenon they thus befriended.
other similar proposals
in existence in each of those countries naturally con- But greenbackism, bimetallism and circles where decisions
regularly met a cold reception in
trolled the location of the railroads, which inevitably were important both financially and politically. There are
led to less economical, often roundabout construc- those still left who decry the modern counterparts of the
tion, and made it impracticable to follow the best, older quack financial proposals, but so far as influential
most direct, or cheapest routes. Large-scale con- voices willingly raised in outspoken protest are concerned
that the banner of sound
struction was also less the rule than in the United It would hardly be too much to say
credit policies is in danger of finding itself in about the
States.
position of that other battle flag of which the poet said:—
Capital costs per mile are lower than in the United "There are none left to lave it in the blood heroes gave it."
That influential voice raised in, Chicago the other day to
States in some of the Asiatic countries, such as
China, India and Siam, and also in South Africa. the effect that "of course we must have some inflation of a
echo of what is heard in virtuLabor costs are extremely low in all these countries. controlled sort" was but an
ally all official quarters, and the leaders in private and
Japan, on the other hand, shows a much higher capi- public life who used to react to such a signal as if it were a
tal cost. The only European countries with lower call to battle are strangely and disconcertingly silent.
The politicians seem to suppose that inflation proposals at
capital costs are Denmark, Hungary and Sweden.
this time will prove great vote-getters, and the financial
France exhibits a capital cost per mile of approxibelieve that existing conditions and the
mately three and a half times that of the United leaders appear to mind do not permit of a struggle on such
state of the public
States, that is for the five private lines, while the questions—at least this is the excuse given by those who
State line- is nearly three times as great. Switzer- are not in fact for reasons of their own inclined to favor
land is about three times as great; Germany two inflation.
The truth of the matter is that there never was a time
and a half times as great; the United Kingdom
when on all counts strong resistance to thonetary and credit
almost twice as great, and Japan more than two and unsoundness, no matter by what name it is called, was more
a half times as great.
urgently needed than to-day. We, for a long while past,
The accompanying statistics clearly indicate that have been vainly wooing that elusive thing called "conthe railways in this country are not burdened with fidence." Nothing that could happen 'would more effectively
the heavy capital costs carried by the railways in strengthen and hearten the business community than good
evidence that those in charge of our financial destinies
the more important countries in the world:
determined to re-establish conditions
RAILWAY CAPITAL AND RAILWAY CAPITAL PER MILE.
Country—
America:
Canada
United States
Europe:
Denmark
German(
France private lines)
France State line)
Norway
Sweden
u agand
Swtl
United Kingdom
Asia:
China
India
Japan
Siam
Africa:
Union of South Africa
Australia:
New South Wales
New Zealand
Za3111'skurgralia
Western Australia
Victoria
Tasmania
Federal Railways
Year.
Capital.
pC gZl
l
ie.
e
1930
1930
$4,101,124,843
a19,065.626.085
398,384
77,343
1930
1929
1930
1930
1930
1930
1930
1930
1930
120,538,360
6,270,925.850
5,368,034,950
1,163,866,000
229.533,960
519,676,862
320,578,134
689.213,268
6,005.443,396
76,972
178,141
257.580
206,653
96,079
40,616
70,846
202,353
113,802
1928
1930
1930
1930
266,363,656
3,169,579,258
1,637.655,196
80,542,289
59,817
55,349
189.565
45.350
1930
712,501,185
51,879
1930
1930
1930
1930
1930
1930
1930
1930
606,148,056
281,223,700
285,797,515
132,720,726
111,184,298
361,062,755
31,798,616
74,799,616
101,464
85,556
44.330
52,335
27,046
76,610
46,832
34,872
were fully and finally
of sanity in the policies of the nation, and that the spurious
notions of the so-called "new era" were Irrevocably abandoned.
Accompany ringing assertions to this effect with such
changes in personnel in various places as are necessary to
assure full sincerity in such statements, and the larger part
of the present lack of faith in the future of this country
would quickly disappear. Efforts of other sorts to restore
confidence are doomed to failure, as recent experience amply
demonstrates.
The really discouraging aspect of the current business
situation, and the only phase of it that tempts the wellbalanced mind to pessimism, is the difficulty—not to say
the impossibility—of obtaining any straightforward enunciation of such policies and any assurance that they have or
can get the support of those whose allegiance Is necessary
to success. Here is a fact that a good many ambitious men
would do well to put into their pipes and thoughtfully smoke
during the next few days.
a Net capitalization.
The "net capitalization" of the American railroads, as seen from the above, is $19,065,626,085.
"Net capitalization" means the total amount of the
par value of American railway securities less the
par value of those securities still held in the treasuries of the various companies and not issued, and
the securities of one road owned by another. In
other words, it means the aggregate amount of railway securities outstanding in the hands of the
American public.
The valuation of the railroad properties in this
country, according to the Inter-State Commerce
Commission,and arrived at tentatively for rate-making purposes, was $18,900,000,000 as of September
1920, since which time enormous amounts have been
added in capital betterments and improvements.
This means that the value of the physical properties
of the railroads in this country used for transporta-
The Course of the Bond Market.
During the past week the general bond market was characterized by a slow easing off of prices in an inactive market.
In many issues, bids meant little and were removed when
offerings appeared. The investor continues very timid and
the investment factor that dominates him is above all the
desire for security. This is substantiated by the exceedingly
low yields at which short-term Treasury bills are floated.
Moody's price index for 120 domestic corporation bonds
slipped to 62.48 on Friday, as compared with 63.27 for the
preceding Friday, and 63.90 two weeks ago. The high for
1931 was 93.55, the low 62.56 and for 1932 the high was
77.77 and the low 57.57.
With the exception of the market on Wednesday, the
United States Government bonds during the past week have,
on the average, remained fairly steady. The volume of
trading in these issues which was only 1.2 millions on Monday,
rose to 4.8 millions on Tuesday and to 7.1 millions on Wednesday. The long-term 3s which sold at 93 on Monday dropped
to 9134 on Wednesday. The passage of the economy bill
appeared to have been ignored. The price index of eight
Financial Chronicle
Volume 135
long-term Treasury bonds was 98.52 on Friday, as compared
with 98.44 a week ago and two weeks ago, 98.48.
Railroad borcds as a group continued the downward trend
of the preceding week with many of the speculative issues,
such as the St. Paul 5s, 1975, and Erie 5s establishing new
lows. This section of the list was particularly inactive and
was devoid of any encouraging news. During the week
Atchison passed the dividend on its common, after maintaining an unbroken dividend record since 1901. On top of this,
Norfolk & Western reduced its common dividend. These
dividend actions again stress the difficulties of the railroads
and the announcements had a depressing effect on sentiment
toward railroad bonds. Moody's price index for 40 railroad
bonds receded to 54.73 on Friday, as compared with 55.61
one week ago and 56.32 two weeks ago.
The public utility bond market in the past week was dull,
with no startling movements having been recorded in either
direction. Weak bonds continued to recede, while the very
high-grade issues held up pretty well. On the whole,
second and third-grade bonds sagged slowly but surely.
The price index for this group finished the week on Friday
at 69.13 as compared with 69.59 a week previously and
70.52 two weeks ago. The high in 1931 was 96.85 as compared with the low of 73.55 and for 1932 the high was 83.60
and the low, 65.71.
The industrial bond list declined to slightly lower levels
along with the rest of the bond market during last week.
The issues of packing companies were strong, due to rising
hog prices. On Monday Republic Iron & Steel 53s A,
1953, dropped 5 points, only to recover 5 points on the follow-
ing day. Most of the steel issues ended the week with small
losses. The oils remain the best performers in the industrial
list by continuing to show stability. On Monday, American
Radiator 4s, 1947, sold at 80, a loss of 5 points, and remained practically unchanged for the rest of the week.
Kresge (S. S.)5s, 1945,recorded a loss of 7 points on Wednesday by selling down to 75. The industrial price index on
Friday was 65.12 as compared with 66.04 a week before and
66.21 two weeks before.
The foreign section of the bond market again displayed
more stability this past week than was the case with other
groups. Japanese issues showed slight weakness, which was
due to the financial conditions in Japan, and the Government's refusal to support the yen. Argentines lost ground
during the first part of the week, but on Friday they had a
sharp rise. Very small changes were noted in the prices of
British, Swedish or French issues. German bonds continued strong on the basis of hopes for some sort of settlement at Lausanne. Australian issues constant, up until
Friday, when they gained several points. Moody's bond
yield average for 40 foreign bonds on Friday was 13.75%
as compared with 13.92% a week ago and 14.30% two weeks
ago.
The municipal bond market was generally steady but there
were a few soft spots here and there. The Detroit situation
shows no sign of improvement, which will depend in a large
measure on a pickup in the automobile industry in the Detroit
area.
Moody's bond prices and bond yield averages are shown
in the tables below:
MOODY'S BOND PRICES!*
(Based on Average Yields.)
87.56
95.78
84.47
97.31
95.33
0
71.00
94.43
n2
86.64
99.84
5.67
5.46
5.27
5.19
5.15
5.10
5.22
6.23
5.10
4.96
4.96
4.90
5.03
5.12
5.16
5.30
5.29
5.26
5.18
5.16
4.89
5.75
4.34
5.57
6.81
6.48
6.31
6.13
6.05
5.99
6.13
6.24
6.00
5.85
5.82
5.74
5.92
6.04
6.08
6.23
6.17
6.12
5.96
5.97
5.72
7.03
4.65
6.57
8.96
8.60
8.35
7.97
7.67
7.60
7.55
7.50
7.04
6.82
6.78
6.64
8.83
6.94
6.99
7.20
7.11
7.12
6.96
6.85
6.62
9.23
5.21
8.41
12.67
11.94
11.56
10.95
10.52
10.16
10.46
11.02
9.86
9.07
8.89
8.42
8.58
8.74
8.63
9.05
9.02
8.98
8.80
8.78
8.37
12.96
6.34
11.64
5.48
4.38
4.80
5.67
7.07
5.07
4.56
4.76
5.11
5.84
0
N
o.4;
99.20
95.03 103.15
8.53
8.12
7.87
7.56
7.35
7.19
7.34
7.50
7.00
6.68
6.61
6.43
6.59
6.71
6.72
6.95
6.90
6.87
6.73
6.69
6.41
8.74
5.17
8.05
0
. 09
89.17 106.25
11.53
11.72
11.69
11.60
11.51
11.40
11.38
11.31
11.29
11.22
11.28
11.27
11.23
11.23
11.40
11.56
11.52
11.46
11.53
11.50
11.35
11.21
11.15
11.19
12.05
12.41
12.96
S.gg
g0
W0NON010..NN200.N.WONSNA0W2g. 0.2.1eWMP.N3.00.00
.000ww.0 WWM..0
N.N00000000 0000000 0000
.
ON
N.NNt:-NIZt.gtZNNNN.NNNNNNai0; Nt:gAtei,16,666C6C6t:ggt.:NtiWN
66.73
71.09
72.95
74.48
75.92
76.68
74.98
71.87
77.55
80.72
81.07
83.35
81.42
79.68
79.56
77.11
77.44
77.66
80.14
81.54
83.60
65.71
96.85
73.55
8.60
8.63
8.61
8.62
8.53
8.51
8.48
8.43
8.40
8.36
8.35
8.38
8.40
8.43
8.41
8.43
8.45
8.44
8.42
8.42
8.42
8.35
8.34
8.41
'8.67
8.98
9.23
q
49.53
52.24
54.55
57.64
59.94
62.56
60.82
59.29
64.80
70.15
71.19
73.85
72.95
71.67
71.77
69.31
70.15
70.71
72.06
72.16
74.46
47.58
95.18
53.22
6.69
6.72
6.70
6.65
6.62
6.60
6.59
6.55
6.53
6.49
6.49
6.49
6.50
6.51
6.52
6.55
6.58
6.53
6.54
6.55
6.51
6.50
6.53
6.58
6.82
6.99
7.03
N
38.88
41.44
42.90
45.46
47.44
49.22
47.73
45.15
50.80
55.42
56.58
59.80
58.66
57.57
58.32
55.55
55.73
55.99
57.17
87.30
60.16
37.94
78.55
42.58
5.41
5.42
5.42
5.44
5.43
5.41
5.40
5.38
5.37
5.35
5.35
5.39
5.38
5.38
5.38
5.37
5.38
5.40
5.41
5.41
5.36
5.34
5.35
5.35
5.49
5.66
5.75
q
56.12
58.52
60.31
63.19
65.62
67.07
66.64
67.07
71.29
73.45
73.85
75.29
73.35
72.26
71.77
69.77
70.62
70.52
72.06
73.15
75.50
54.43
92.97
59.87
8.06
8.12
8.11
8.08
8.02
7.98
7.96
7.92
7.90
7.86
7.87
7.88
7.88
7.89
7.93
7.98
7.98
7.96
7.98
7.97
7.91
7.85
7.84
7.88
8.28
8.51
8.74
t.4.:MvioiaiMeithic6.44OmoiMoSoiaiM.invco
59.01 86.54 73.55
62.02 89.45 77.00
63.98 92.10 78.88
66.55 93.26 80.95
68.40 93.85 81.90
69.86 94.58 82.62
68.49 92.82 80.95
67.07 92.68 79.68
71.67 94.58 82.50
74.88 96.70 84.35
75.61 96.70 84.72
77.55 97.62 85.74
75.82 95.63 83.48
74.57 94.29 82.02
74.46 93.70 81.54
72.16 91.67 79.80
72.65 91.81 80.49
72.95 92.25 81.07
74.36 93.40 82.99
74.77 93.70 82.87
77.77 97.78 85.99
57.57 85.61 71.38
93.55 106.96 101.64
62.56 87.96 76.03
July 1.._
June 30__
29-2827__
25._
24__
23__
22-21-20-18__
17._
16-15-14_
13__
11-10__
9__
8-7__
6-_
4__
3-2__
1__
Weeny
May 28..
21._
14-7._
Apr. 29-2215._
8-1._
Mar.24__
18._
II__
4__
Feb. 26._
19._
11.5-Jan. 29-22_
15._
Low 1932
High 1932
Low 1931
High 1931
Yr.Ago.
3une30'31
2Yrs. Ago
June28'30
1.0NNSSNW0000eV0N300W.0.0.
V.000O0
8000.
69.13
69.13
69.13
69.22
69.22
69.40
69.59
70.05
70.05
70.33
70.43
70.71
70.52
70.52
70.43
69.59
69.59
69.86
69.68
69.68
70.24
71.19
71.48
71.29
68.58
67.25
65.87
40
For.
P.U. Indus. signs.
NNNOOVTINNVOIONNWNNO...10NVMWV
NN.NN.0000.00
NNNNNON ........
54.73
53.70
53.82
54.06
54.98
55.42
55.61
55.99
56.38
56.77
58.51
56.12
56.32
56.25
55.55
55.29
55.36
55.55
55.61
55.55
56.12
56.84
56.77
56.25
52.47
49.95
47.58
N
43.02
42.27
42.39
42.74
43.10
43.54
43.62
43.92
44.00
44.29
44.04
44.08
44.25
44.25
43.54
42.90
43.06
43.30
43.02
43.14
43.75
44.33
44.59
44.41
41.03
39.76
37.94
o
58.52
58.32
58.45
58.38
59.01
59.15
59.36
59.72
59.94
60.23
60.31
60.09
59.94
59.72
59.87
59.72
59.58
59.65
59.81.1
59.80
59.80
60.31
60.38
59.87
58.04
55.99
54.43
RR.
0
74.77
74.46
74.67
75.19
75.50
75.71
75.82
76.25
76.46
76.89
76.89
76.89
76.78
76.67
76.57
76.25
75.92
76.46
76.35
76.25
76.67
76.78
76.46
75.92
73.45
71.77
71.38
000...i.q.4.4-4-4.4.4-4p4.000 m000moomomogoorb000mmoomomo
co wowo.-....000bawwoorr.-pp!mow www0000000. om m 00m000000..o
o
babMCA:qO2:46:4:42;-4.:Wg4.2ioap4..4,;L.1
O. 404.0A.OW
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P.U. /cgs*.
120 Dome:Nes
by Groups.
00.M$0A0N000N8WW00S NOCM
0
ON.. or,,tcro.
.0NN 0 V.N.ONW
4
3
2
1
Weekly
May 28
21
14
7
Apr. 29
22
15
8
1
Mar.24
18
11
4
Fab. 26
10
11
8
Jan. 29
22
15
High 1932
Low 1932
High 1931
Low 1931
Year Ago
June 30 1931
2 Years Ago
June 28 1930
90.13
90.00
90.00
89.72
89.86
90.13
90.27
90.55
90.69
90.97
90.97
90.41
90.55
90.55
90.55
90.69
90.55
90.27
90.13
90.13
90.83
91.11
90.97
90.97
89.04
86.77
85.61
RR.
AU
120 Domestics by Rat no:.
120
1932
Datly DomesAverages. Sc.
Aaa.
Aa.
A.
Baa.
r-c..t.t.r4.4:r:t:r:r4:tgneZrZtZtr.
6
62.48
62.02
62.09
62.33
62.79
63.11
63.27
63.88
63.74
64.06
63.98
63.90
63.90
63.82
63.50
63.11
63.11
63.27
63.11
63.19
63.86
64.15
64.23
63.90
60.97
59.15
57.57
120 Domestic
by Groups.
W2MMV'sg°°°g°°V0*0.3V0S00.1.0.N.
ON.0 00W 000RocR000 oqcooncov
July 1
June 80
29
28
27
25
24
23
22
21
20
18
17
16
15
14
13
11
10
9
8
7
AU
120 Domestics by Ratings.
120
Domes
He.
Aaa.
Aa.
A.
Baa.
MOODY'S BOND YIELD AVERAGES.
(Based on Individual Closing Prices.)
c4c4cOao;cocioOMoOoiniooccicio6woiaoceoci 66cioinioOoSo2toir:ggai.itoo.00; .4 4
1932
Day
Averages.
21
13.75
13.93
13.99
13.96
14.02
14.03
13.92
14.00
14.06
13.80
13.79
14.06
14.30
14.17
14.16
14.48
14.54
14.71
14.75
14.78
14.51
14.35
14.41
14.55
15.29
15.83
15.80
15.28
14.82
14.03
14.10
13.70
13.31
13.39
13.23
12.77
12.66
12.62
12.31
12.51
12.82
12.86
13.23
13.09
18.22
18.12
13.44
12.21
15.81
6.57
16.5E
7.24
6.44
•MSc
-These prices are computed from average yields OD the beats of one "ideal" bond(4X% coupon, ma uring in 31 years) and do not
average level or the average movement of actual Prim Quotations. They merely serve to illustrate In a more comprehensive way the relative purport to show either the
levels and the relative movement of yield averages, the latter being the truer picture of the bond market.
,
Indications of Business Activity
THE STATE OF TRADE
-COMMERCIAL EPITOME.
Friday Night, July 1 1932.
The warmer weather has tended to stimulate retail trade.
In some sections it is true the weather, notably at the
South, was too rainy, but in other sections the higher temperatures naturally caused an increased demand for seasonable goods. It is true that taken as a whole the condition
of trade in the United States is still described as "quiet to
I
fair." There is no real activity anywhere. Midsummer is
not a time when a big revival of trade is expected. The steel
and iron trades are dull. The production of steel is still
about 15% of capacity. In the Pittsburgh district it is
estimated at 14%. The Cleveland mills are doing a little
better than some others, but that is not saying much.
Chicago is put at only 15%, the lowest in years. One large
mill there has shut down. The iron trade is almost negli-
22
Financial Chronicle
gible. Furniture makers are doing very little and the
immediate future is not promising. Some makers of automobiles are operating on part time. Wholesale and jobbing
business is still slow.
Heavy rains have delayed the harvesting of wheat in
the Southwest. At one place in Texas 11 inches fell in one
day. In Oklahoma fields have been flooded. Some of the
wheat has ripened and is bleaching because it cannot be cut.
In parts of the Central West, the crop seems likely to be
even smaller than was expected owing to damage by the
Hessian fly. Spring wheat at the Northwest has been
helped by warm and plentiful rains, only some damage by
grasshoppers marring the outlook, which in spite even if this,
points to the best yield in years. In Oregon some damage
to wheat has been done by grasshoppers, estimates in some
cases at 5% and harvesting there is somewhat later than
usual. The corn crop has been favored by timely rains and
the prospects are good. That is also true of the crops of
oats, rye and barley. Harvesting of oats in many districts
is making favorable progress. Hogs have been steadily
rising in price. The advance indeed is $1.75 since the last
week in March and this is equal to a marked rise in the price
of corn in the Central West. The top on hogs of late has
been $5. Cattle are up to a top of $8.25, a significant thing
in the market news of the West, and may mean more than
it seems to at first sight. In New England, the shoe manufacturing industry is reviving and in a couple of weeks may
be working on full time. Some other manufacturing lines
in New England are also in more promising condition. Wool
is in moderate demand and firm,it is stated, in some reports
from Boston. In sections of the country where the automobile industry is paramount, wholesale trade, in some cases,
is better, but is still 15 to 20% smaller than a year ago.
Pre-holiday buying has been on a fair scale, even when
the weather was not always favorable. It has not been
as large as a year ago, but it has been large enough to be
encouraging. In fact, the hopeful note is beginning to be
noticeable here and there. Clear warm weather, especially
at the South, would be a boom. Cotton has advanced,
owing to persistent rains, the growing fear of damage by weevil and the spirited buying by trade interests at home and
abroad, especially by German concerns. The demand has
concentrated largely on July cotton. The July cotton notices
of delivery some 40,000 bales, were smaller than some had
expected and apparently about 50% were stopped by German interests. Cotton merchants are evidently beginning
to want cotton at current prices, which roughly speaking,
are said to be about 50% below the cost of production.
Print cloths are said to have declined at one time 1-16 to
%c. in some cases, but are reported steady now, though
without activity. There is much curtailment of output
by the cotton mills, which in the end must have a salutary
effect. Manchester, England, has had a better demand
for cloths from India.
Sugar futures declined sharply when it was announced
that the Cuban pool to hold back shipments had been dissolved, but of late futures have rallied noticeably as efforts
have been made in this country to have the pool re-established. Refined sugar has been in good demand. Wheat
shows a small net rise for the week though to-day there was
a fractional decline as the July deliveries at Chicago exceeded 6,000,000 bushels. And the weather was favorable
at the Northwest and in Canada. Export demand has been
small. The average estimate of spring and winter wheat
is 700,000,000 bushels, or 192,000,000 bushels less than last
year. Corn has declined anywhere from 3 to 2c. a bushel,
the latter on July. July deliveries to-day reached 4,522,000,000 bushels. The weather is good and the average
crop estimate approximated 3,100,000,000 bushels, as
against 2,557,000,000 last year. Oats show a decline for
the week of M to lc., in sympathy with a drop in other
grain. The July deliveries were nothing much, but the
private crop estimates averaged 1,300,000,000 bushels,
against 1,112,000,000 last year. Rye is off M to 13'c. for
the week, with little or no sign of export business. The
weather has been favorable at the Northwest. Coffee
futures are off 7 to 20 points for the week. Rubber is 1 to 2
points higher, hides 30 to 65 points higher, with a big spot
business. Cocoa declined 6 to 7 points. Silk ends 4 pointv
lower to 1 point higher. Silver is 28 to 38 points lower.
On the 25th ult. declines were slight but new lows were
reached after the dullest week in nine years. The sales
were only 310,500 shares a total for the week of only about
3,000,000 shares. New lows were made by U. S. Steel
my
2 1932
common, American Tel., American Can, Allied Chemical
and Santa Fe. It was pointed out that more than half the
stocks traded in are selling at less than $10 a share incredibly ridiculous as that sounds. The snapping back and
upward movement is expected to be all the more violent
when it comes. Most United States Government bonds
advanced. Railroad bonds were the weakest. • German
issues advanced. On June 27 stocks fell to new lows going
below those of June 2, though the trading was still small
being only on sales of about 770,000 shares. There was, it
was said, some banking liquidation by Chicago. Back of it
all was a fear that a cut in dividend would be made on the
28th by Allied Chemical, American Can, Santa Fe and
Norfolk and Western. They all declined. U. S. Steel fell
to a new low. Other stocks that declined included American
Tel., American Tobacco, Westinghouse, Union Pacific, Delaware & Hudson and Coco Cola. Bonds were irregular but
U. S. Government and some foreign bonds advanced. Some
560 members of the Exchange ask for an extra holiday on
July 2. A stock Exchange seat sold at $80,000 a decline of
$5,000. The low this year was $68,000, and the high
$175,000.
On June 28 stocks were irregular, with the average changes
slight either way; that is, generally less than a quarter of a
point. The dividend on Atchison was passed for the first
time since 1901, but the net decline was only 14 points.
Norfolk & Western reduced its dividend from 10 to 8%,
but the net decline was only half a point. But in other
directions the shorts got a surprise. The dividend on
American Can was not reduced; not only that, but the stock
advanced 15 net and stiffened the backbone of the whole
A
market. Allied Chemical in a manner rubbed it in. Its
dividend was not reduced either, through a reduction was on
the bear agenda. To clinch the nail it closed 231 points
1
higher. Bonds were irregular but tipped downward a little.
The stocks sales were 830,000 shares, and those of bonds
$12,180,000. On the 29th prices advanced somewhat,
with sales of only 630,000 shares. It was still largely a
waiting market. The public in general is not sure. Professionals may still have the "foible of omniscience" but the
man in the street is looking on. Bonds were generally lower.
On June 30 prices in the end declined a fraction. The
opening was higher. The Bank of England rate of discount
fell to 2%, the lowest in 35 years. London evidently felt
comfortable. Foreign exchange in general was lower.
The trading in stocks still kept close to shore with a total of
627,000 shares. The old hectic liquidation was evidently a
thing of the past. Gold holdings are making a worthwhile
increase. Stocks which were inclined to rebel against any
downward pressure included American Telephone, U. S.
Steel, American Can, Atchison, &c. Weaker issues included
General Motors, du Pont, National Biscuit, Air Reduction,
Procter & Gamble and Union Pacific. But nowhere were
there signs of conspicuous weakness. Bonds gave way on
domestic corporation issues, but U. S. Government, German
and British were noticeably firm. The bond business
amounted to only $9,100,000.
To-day some stocks advanced 1 to 3 points with transactions of 600,000 shares. The rise was due largely to a sharp
advance in London where it was stated that the British
Government will undertake a war loan conversion of $7,000,000,000. Shorts here covered rather freely towards the close.
Bonds were also higher. Sterling declined. Wheat declined slightly. Cotton advanced. One report said that
in Chicago both retail and wholesale trade increased. Chicago wired that brighter spots were apparent in most lines
of trade last week, with increased distribution by wholesalers,
retailers and mail order houses, especially of drygoods, and
silk hosiery. There were sections where merchants put on
special drives of attractive lines of seasonal goods which
resulted in larger sales while in other sections especially
those where manufacturing employment is a factor, dullness
was noticeable. Implement makers are doing little and only
one or two of the leading automobile interests are operating
at a capacity that needs large tonnages of steel and pig iron.
Steel plates are receiving more attention from Southwestern
oil leaders and road builders are buying reinforcing steel
bars. Efforts are being made to adjust the wage scale of the
Illinois and Indiana coal miners, who have been outfor more
than three months.
In Chicago recently live stock raisers have had better
markets of late. Cattle prices were up to 25 to 40 cents
last week, and within a month, steers have advanced $1 to
$1.50 a hundredweight. The top on choice fed steers at the
Volume 135
Financial Chronicle
close was $8.25, with most sales $6.35 to $7.65, while the
average was $6.90, the highest since the week ended Jan. 9.
In the previous week, the average was $6.55, and a year
ago $7.10. Hogs advanced $1.20 a hundredweight in the
past four weeks, with the top price at the close at $4.50 for
the best light hogs. The average for all hogs for the week
was $3.85, the highest since April 16. The net gain for the
week was 35 cents. A year ago the average for the week
was $6.60
St. Louis wired that the Missouri Bankers' Administrative
Council has reports of an increase in confidence throughout
the State. Merchants state that although trading is spotty,
it is better than during the long period when there were but
few days of good sales
A large increase in current demand for cotton fabric shoes
is shown in reports received by the Cotton Textile Institute
from manufacturers and the retail trade. A comprehensive
survey covering 32 important retail trading areas reveals
promising prospects for the further development of this market. The reports show that retailers, generally, are backing
their expectations of a good cotton season by carrying much
larger assortments of cotton fabric shoes than were stocked
last year. Buffalo wired June 27, that the American Radiator Co. announced that it would reopen on the 28th, its plant
after a shutdown of more than two months and would recall more than 250 employees. Several hundred workers
returned to the du Pont Rayon plant when it resumed operations last week after being shut down for several months.
The Wickwire Spencer Steel Co. also announced that it
would reopen some time this week an open-hearth furnace
which had been inactive for several months.
Detroit wired that business in wholesale and retail branches
throughout Michigan and especially in the•Detroit area and
to some extent in the manufacturing lines, show a slight upturn. This was stimulated by a move on the part of buyers
to anticipate the new Federal excise taxes. There appeared
to be a growing feeling that business conditions wereshowing
a slight upward trend. Cooleembe, N. C. reports that
the
Erwin Mills are resuming full-time operation. A number
of additions have been completed. Four hundred residence
s
which house nearly 1,000 operatives are being repainted
.
Charlotte, N. C. wired the "Journal of Commerce:" "With
mill operations at one of the low points on record it was
a
very quiet week in the textile industry. The drastic curtailment already in effect is being augmented by a complete
shutdown of many mills for the July 4th holidays. Despite'
the pessimism that is noted in many quarters, many millmen
do not think that the picture is as dark as it appears.
They
believe that the lack of goods in distributing channels coupled
with the greatly reduced production is going to result
in
steady improvement as soon as the worst of the dull summer
months is over." The Tucapau Mills of Tucapau,
S. C.
and of the Pelzer Manufacturing Co. of Pelzer, S.
C. announced their plans for holiday shutdown. The Tucapau
Mills, which have been operating on a curtailment
basis
equivalent to 25% of day operation will close down entirely
July 2 and will resume operation the foregoing
curtailment basis on July 11. The Pelzer Manufact
uring Co.
which has been operating approximately 50% of a
straight
daytime run, will close down all four plants,
except/500
looms during the same period, resuming operations
on the
50% basis on July 11. For both concerns this
represents a
complete shutdown of approximately 4,000 looms.
Both
firms have been accustomed to operate only
during the
daytime.
The Pa,colet Mfg. Co., of Spartanburg, S. C.,
and New
Holland, Ga., the Whitney Mfg. Co. of Whitney,
S. C.,
and the Gainesville Cotton Mills of Gainesvil
le, Ga., which
have been closed down since June 1, announce
d on June 30
that they will remain closed during the
month of July.
The Anderson Cotton Mills of Anderson, S.
C., which have
been closed during the month of June, announce
s that they
will not reopen until market conditions improve.
More
than 80% of the print cloth mills are averaging 50%
curtailment and will continue that policy till September at
least,
it is stated. Several mills that are reported as
resuming
operations are resuming only on an average 50%
basis for
each month. Many mills have been completely
shut down
and others will announce July plans in the
next few days.
Six more finishing plants, in addition to those
already announced, have decided to close next week. In
all, 27
companies have adopted this policy.
Columbia, S. C., wired June 29 that the Seminole Cotton
Manufacturing plant, operated in connection with the
Aiken
23
Mills, Inc., is now being run on regular schedule during the
daytime. Night-time operation will be started this week.
Louisville, Ky., textile mill reports are poor. Lindale, Ga.,
wired that the Pepperell Mills will on July 11 cut wages 4%.
This makes a total when all of the reductions are combined
of 20% for the mills. There are 1,800 workers involved.
It is possible to distinguish a presentable number of apparently genuine symptoms of improvement in some aspects
of the business for the first time in many months, according
to the current "Journal" of the American Bankers' Association, which discusses the period ending in the middle of June.
In machine tools Cincinnati manufacturers received a few
orders from the Government and from an automobile
builder, but otherwise the week was dull. The tools ordered by the motor car maker are for early use and accordingly the machine tool plants affected have speeded up
production to make the deliveries.
An Associated Press despatch from Chicago said RandMcNally & Co. report that the weekly average of bank
closings in June 1932 were 28.35% under June 1931. A
decrease of 51.44% in closings for the first six months of
1932, is shown as compared with the previous six months.
Production of automobiles increased 36,823 cars in May over
April, according to the Department of Commerce. Manchester cabled June 27 that although ballots cast by the
Lancashire weaving trades union in the recent vote were not
sufficient to bring about a strike in protest against the
abrogation of the wages and hour agreements by employers,
the unions intend to refuse to meet employers who are
definitely committed to the principal of wage reductions.
The unions, however, are believed prepared to negotiate
with any employer not thus committed before hand.
The temperatures in New York on June 26th were 71 to 83
degress with the weather partly cloudy. Boston had 62 to
80; Chicago, 70 to 88; Cincinnati, 70 to 84; Cleveland, 66 to
76; Denver,62 to 76; Detroit,52 to 78; Milwaukee,66 to 74;
Kansas City, 74 to 84; Omaha,68 to 82; Philadelphia, 72 to
92; Phoenix, 78 to 110; Portland, Me., 58 to 74; Portland,
Ore., 60 to 84; San Francisco, 50 to 60; Spokane, 52 to 84;
St. Louis, 74 to 88, and Winnipeg, 54 to 68. It was 86
degrees in New York on June 27th but heavy rains fell
during the night. On the 29th New York temperatures •
were 68 to 83. Boston had 66 to 80; Chicago, 66 to 84;
Cincinnati, 60 to 84; Cleveland, 62 to 80; Milwaukee, 68
to 80. To-day it was 70 to 87 degrees at New York with
much humidity. The forecast was clearing and cooler for
Saturday and fair and moderate temperatures on Sunday
and Monday.
Loading of Railroad Revenue Freight Slightly Larger.
Loading of revenue freight for the week ended on June 18
totaled 518,409 cars, according to reports filed by the
railroads with the car service division of the American
Railway Association and made public on June 28. This was
an increase of 16,649 cars above the preceding week this
year, but a reduction of 220,685 cars below the corresponding
week in 1931 and 402,236 cars under the same period two
years ago. Details follow:
Miscellaneous freight loading for the week ended on June 18 totaled
208,277 cars, an increase of 12,728 cars above the preceding week. 85.384
cars under the corresponding week in 1931, and 155,929 cars under the
same week in 1930.
Loading of merchandise less than carload lot freight totaled 175,925
cars, a decrease of 756 cars under the preceding week. 41.211 cars below
the corresponding week last year and 64,831 cars under the same week
two years ago.
Grain and grain products loading for the week totaled 25,873 cars, 1.250
cars above the preceding week, but 6,898 cars below the correspond
ing
week last year and 13,824 cars below the same week in 1930.
In the
Western districts alone, grain and grain products loading for the week
ended on June 18 totaled 16,974 cars, a decrease of 5,095 cars below the
same week last year.
Coal loading totaled 68.603 cars, an increase of 1,770 cars above the
preceding week, but 40.728 cars below the corresponding week last year,
and 63,894 cars below the same week in 1930.
Forest products loading totaled 17,140 cars, an increase of 66 cars above
the preceding week, but 13,415 cars under the same week
in 1931 and
32,497 cars below the corresponding week two years ago.
Ore loading amounted to 4,290 cars, an increase
of 1,149 cars above
the week before, but 26,350 cars under the correspond
ing week last year,
and 58,903 cars under the same week in 1930.
Coke loading amounted to 2,941 cars, an increase of
294 cars above
the preceding week, but 2,510 cars below the same week
last year. and
6,393 cars below the same week two years ago.
Live stock loading amounted to 15,360 cars, an increase
of 148 cars
above the preceding week, but 4,189 cars below the same
week last year.
and 5,965 cars below the same week two years ago.
In the Western
districts alone, loading of live stock for the week ended on
June 18 totaled
11.549 cars, a decrease of 3,620 cars compared with the same week
lastt:year.
All districts reported reductions in the total loading of
all commodities
compared with the same week in 1931 and 1930.
Loading of revenue freight in 1932 compared with the
two previous
years follows:
July 2 1932
Financial Chronicle
24
1930.
1932.
1931.
2.269,875
2,245,325
2,280,672
2,772,888
2.087,756
447,387
501,760
518,409
2.873,211
2,834.119
2,936,928
3,757,863
2,958,784
761,084
732,409
739,094
3,470.797
3,506.899
3,515,733
4,561,634
3.650,775
935,582
926.066
920,645
13.124.072
17.593.492
21,488,131
Four weeks in January
Four weeks In February
Four weeks in March
Five weeks In April
Four weeks In May
Week ended June 4
Week ended June 11
Week ended June 18
Tote!
The foregoing, as noted, cover total loadings by the railroads of the United States for the week ended June 18. 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
June 11. During the latter period a total of thirteen roads
showed increases over the corresponding week last year,
the most important of which were the Bangor & Aroostook
RR., the Detroit Toledo & Ironton RR., the Bolt Ry. of
of Chicago, the Spokane Portland & Seattle Ry. and Fort
Worth & Denver City Ry.
-WEEK ENDED JUNE 11.
CARS)
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
1932.
Eastern District
Group A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H. & Hartford_ _
Rutland
Total '
Group B:
y Buff. Rochester & Pittsburgh_
Delaware & Hudson
Delaware Lackawanna & West.
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western.Pittsburgh & Shawmut
Plash. Shawmut & Northern:Ulster & Delaware
Total
Group C:
Ann Arbor
Chicago Indianap. & Louisville.
Cleve. CM. Chi. & Bt. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line.- Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia....
• Wabash
Wheeling & Lake Erie
Total
Grand total Eastern District
AlleghenyDistrictBaltimore & Ohio
Bessemer & Lake Erie
y Buffalo & Susquehanna
Buffalo Creek & Gauley
Central RR. of New Jersey
Cornwall
Cumberland & Pennsylvania.
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas District
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District
Group A:
Atlantic Coast Line
Clinchfield
Charleston & Western Carolina
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom_
Seaboard Air Line
Southern System
Winston-Salem Southbound__
Total
1931.
1930.
1.438
2.772
7.249
635
2.595
10.307
587
886
3,703
9,700
761
3,203
13,969
665
1,5.55
3,972
11,366
957
4.034
15,493
738
215
4,146
9,275
2.481
2,218
9,765
1,041
332
5,358
10,320
2,861
1,794
13.053
1,111
25,583
32.887
38,115
29,141
34,829
4:ii5
7,080
9.907
204
1,259
6,550
1.023
16,390
1,448
373
322
6,199
9,951
13,236
186
1,656
9.159
1.638
25.847
2,371
492
420
7.451
12,052
17,538
277
1,964
10,467
2.817
33.871
1,683
728
422
5,889
4,532
10.901
1,631
822
5,814
19
21,760
1,670
30
189
7.705
6,523
14,978
1,883
1,095
7,671
54
30,814
2,092
22
303
48,939
71,155
89.258
53,257
73,140
462
1,271
6.893
591
2.054
8.846
50
511
260
1,772
4.230
7,717
4.813
5,592
5,633
5,360
421
6.453
3,456
525
2,519
10.821
68
492
386
3.315
5.340
9,895
6,098
6,978
7.381
8,583
1,410
7.238
4.734
913
1.554
8,357
53
108
1,237
838
4.355
6.340
237
6.833
2.885
3,038
636
6.179
1,681
1,248
2,255
12,265
122
206
2,179
1,205
6,434
8,056
288
9,333
4.086
5.514
888
9.017
2,463
273
147
1.838
2.373
5,585
3,031
3,974
4,362
2.737
430
4.979
1,934
40,320
57,759
75,783
45.244
65,559
114.842
161,801
203.166
127,642
173,528
22,534
1,537
33.229
4,370
z43.508
6,875
10,499
445
16.055
2,086
100
.5,372
8
134
67
1,072
.50.340
10,474
2,423
38
2.312
94
8,972
1
275
142
1,398
74,104
14,078
7.159
57
3,377
155
11,268
654
375
222
1.340
96.153
18.882
12,621
54
3,805
4
8,584
34
17
19
2.385
29,105
12.586
797
2,813
7
12.304
44
31
24
3.957
43,585
18,693
4,044
1
4.325
96,411
146,356
195.912
67,288
105,156
15,404
11,766
788
2,025
21,946
18,825
1.165
3,012
24.886
22.761
1.267
3,237
5,372
3,119
1,090
415
9,052
4,884
1,887
509
29,983
44.948
51,151
9.996
16.332
7.874
697
379
137
48
2.195
395
298
5,845
16,705
156
11,570
1.311
615
162
60
3.512
499
488
9,008
23,431
177
11,656
1.341
729
160
63
3.366
442
489
9.500
25,478
188
3.093
860
542
223
56
811
542
3,282
2,075
8,099
569
5.205
1,402
1.122
469
84
1.358
773
4,976
3.248
13,311
981
34.729
50,833
53,412
20,152
32,927
x Included In New York Central.
y Included In Baltimore & Ohio RR.
Group B:
Alabama Tenn. & Northern...
Atlanta Birmingham & Coast_ _
Atl. & W.P.
-West RR.of Ala.
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah__ _ _
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L.
New Orleans-Great Northern._
Tennessee Central
1931.
1930.
1932.
1931.
200
563
503
2,773
176
427
776
296
603
16,593
13,030
108
118
1,709
2,432
536
329
242
691
643
4,187
264
935
1,301
413
824
22.265
20,729
121
194
2,329
2.970
892
577
245
933
901
4.437
437
627
1,169
419
1,112
27.096
24,879
139
219
3.086
4,201
1,071
690
114
506
738
1,599
146
260
1,010
256
624
6,470
2.765
227
177
969
1,556
216
412
191
629
1,086
2,564
214
839
1.573
321
869
10,181
4.689
376
359
1.281
2.280
301
504
41,172
59,577
71,661
18,045
28,257
Grand total Southern District..
75,901
110.410
125,073
38,197
61,184
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific_
Chic. St. Paul Minn. & Omaha
Duluth MIssabe & Northern...
Duluth South Shore & Atlantic
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. Si. Paul & S. S. Marie
Northern Pacific
Spokane Portland & Seattle.
1,813
13.363
2,149
14,919
3,100
591
393
2.967
233
7,185
479
1,901
3,672
7,264
1,221
1,655
21,588
3.313
22.819
3.982
9,889
733
5.050
381
12,247
631
2,993
5,700
9,380
1.187
1,735
30,318
3.467
27.003
5,227
20,242
1,448
10,433
504
21,314
735
3,416
8,726
12,959
1,610
1,284
6,031
1,951
5,525
2.696
55
330
2,687
108
1.795
335
1.069
1,822
1,770
885
1,778
8,895
2,136
7,653
3,167
116
426
4,916
190
2,676
418
1,290
2,330
2,657
1,178
61,250
101.548
149.137
28,343
39,826
18,813
3,150
136
12,843
11,658
2,071
705
1,243
141
1,016
462
261
14.936
204
250
9,814
192
1,083
23,516
3.535
202
18,205
16.031
2,657
995
1,898
169
931
737
185
21,720
388
272
13.047
145
1,429
27,758
4,658
331
22,837
19.289
3,413
1,026
2,783
353
1.855
1,444
273
24,091
314
401
15,264
206
2,039
3,257
1,638
14
4,674
5,650
1,511
599
1,488
18
569
233
6
2,825
203
598
5,222
3
998
4,516
2,662
43
6,285
8,717
2,162
925
1,812
11
1,038
293
61
3,814
558
770
6,477
2
1,128
78.978
106,062
128,335
29.506
41,274
117
107
137
1,594
280
1.769
183
1,512
1,047
75
487
41
4,537
11,728
52
55
7.653
1,987
376
5.229
3,692
1,714
23
252
137
163
1,943
137
4,762
506
1.989
1,587
144
600
69
5,071
16,621
33
88
9,334
3,184
448
7,216
4,704
2,259
37
317
309
205
2,231
132
2,050
498
3,090
2.011
189
1,052
124
5,975
21,182
45
132
11,548
4,080
345
7,878
5,596
3,242
61
2,465
359
111
1,044
97
1,573
342
1,274
997
353
173
206
2,315
6,189
15
77
2,781
1,656
161
2,827
3,258
1,505
31
3.058
222
162
1,890
50
2,287
855
2,589
1,023
511
298
340
2,934
9,136
16
101
3,942
2,662
196
4,401
5,207
2,585
33
44,395
61,284
72.292
29,809
44,478
Total
Total
Central Western Dist.
Atoll. Top. & Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy..
ChicagoRock 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 & Grand Island
Toledo Peoria es Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
Houston & Brazos Valley
International-Great Northern..
Kansas Oklahoma & Gulf
Kft0388 City Southern
Louisiana & Arksnsas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas-.
Missouri-Kansas-Texas Linea
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific)
St. Louis-San Francisco
St. Louis Southwestern
San Antonio Uvalde & Gulf- _
Southern Pacific In Texas le La.
Texas & Pacific
Terminal RR. Assn. 01St. Louis
Weatherford Min. Wells &N.W.
Total
z Estimated.
Clearing of Atmosphere Seen by Guaranty Trust Co.
of New York as Result of Disappearance of Fears
of Possible Passage of Bonus Legislation, Prohibitive Tax on Security Transactions, &c.
While the first half of 1932 has witnessed no reversal
of the long downward movements in business activity and
in price levels, there has at least been a clearing of the
atmosphere during the past month that gives some promise
of brighter prospects, states the Guaranty Trust Co. of New
York in the issue of "The Guaranty Survey," its monthly
review of business and financial conditions in the United
States and abroad, issued June 27. "Some dissipation of
1932.
1931.
1932.
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
the pall of gloom that has hung over the situation since
last autumn is here and there evident, and there is even
the suggestion that the forces of liquidation may have spent
tlieloseh'es aril the forces of recuperation may be about to
operate," "The Survey" continues. It adds:
Gain in Confidence.
The obvious facts of business are still discouraging, and what little there
is in the way of tangible evidence to warrant optimism is largely negative.
There are fewer bank closings and smaller declines in bank deposits. Bond
prices have ceased to decline and in some instances are better, indicating
a faint revival of Investment hope. The raids on the dollar abroad have
ceased, which would seem to indicate that Europe's pessimism regarding
American investments has diminished. The near adjournment of Congress
without radical or destructive legislation and the operation of the tax law,
Financial Chronicle
Volume 135
which will at least partly balance the budget, restore some confidence.
Perhaps this period might be characterized as one that may mark the
beginning of the flight from fear.
As a survey is made of the last six months, the importance of this
changing attitude may be realized. Many bogies that public apprehension
-created have been disposed of in that period. There was the fear that this
country would be forced off the gold standard and was facing complete
economic catastrophe. Foreign security selling and the export of gold
followed persistently; but with the final export of foreign balances, that
spectre disappears. Fear of deflationary banking legislation again possessed the public mind, but Congress will apparently adjourn without enacting such legislation. Fear that we might not balance our national budget
again obsessed us, but the new revenue law and attendant economies give
assurance of our purpose to preserve the credit standing of the nation
beyond question.
Mang Fears Dispelled.
Many minor fears disturbed the situation and obsessed the minds of men
.at intervals, such as fear of a prohibitive tax on security transactions, the
,possible passage of the soldiers' bonus legislation, and the various plane
for inflation. None of these fears has been realized, and with their
.disappearance one by one the atmosphere has been cleared to a considerable extent. The presidential election still looms as a disturbing
factor, largely imaginary, for its actual economic influence will be of
little importance.
The formation, early this month, of a $100,000,000 corporation to acquire
sound securities at present low prices for indefinite holding by a number
of large banks is expected to have a favorable effect on security markets.
The organization of the committee of 12 bankers and industrialists at
New York last month to find ways of giving effectiveness to the expansion
of Federal Reserve credit has been followed by the formation of similar
committees in several other Federal Reserve districts. The withdrawal
of the last remaining short-term balance of the Bank of France from this
market has practically removed any danger of further large drains on the
American gold stock in the early future. Apparently encouraged by this
development, and in pursuance of its liberal credit policy, the Federal
Reserve Bank of New York on June 23 reduced its discount rate from 3%
to 2%%. The report of the League of Nations committee on gold, openly
advocating the earliest possible return to the gold standard throughout
the world, has improved the outlook for international currency stabilization.
Until public confidence has been further restored and nervousness further
reduced, fluctuating markets are inevitable; but with the progressive
banishment of bogies, quiet but impressive strength should follow. Such a
movement would be greatly stimulated if the European conferences at
Lausanne and Geneva should result in any approach to agreement and
concord.
Effort to Balance Budget.
Despite the passage of the revenue law, it is not yet certain that a
balanced budget for the coming fiscal year will actually be achieved, even
without allowance for the probable passage of the Wagner-Garner unemployment relief plan. Important economies are needed to close the gap
between expenditures and revenues, as now estimated; and
Congress has
not yet agreed on how all of those economies shall be effected. Moreover,
the estimates themselves are subject to wide margins of error.
Aside from these uncertainties, there are two specific ways in
which the
balance may be upset. On the revenue side, the budget
contemplates the
resumption of war-debt payments at the close of the moratorium
period
on June SO. It is very questionable whether such payments will
be made.
With regard to expenditures, it is possible that an absence of
any substantial increase in employment during the summer and autumn may oblige
the Federal Government to adopt relief measures on a scale far
beyond
anything that has yet been seriously considered. This is a question
that
will not arise until Congress reconvenes next December, but the uncertainty
will continue to be a factor of major importance in the outlook for
governmental finance. By next winter the burdensomeness of the rates
imposed
by the new law will have been impressed on taxpayers throughout
the
country; and it is not unlikely that, rather than submit to unnecessary
increases in tax rates, public opinion will force much more drastic
steps
than have yet been taken to reduce public expenditures.
Chain Store Sales in New York Federal Reserve District
Declined 13% in May this Year as Compared with
• Year Ago.
The New York Federal Reserve Bank in its July1 "Monthly
Review" of credit and business conditions in the Second
Federal Reserve District, has the following to say regarding
chain store trade:
May sales of the reporting chain store organizations
averaged 13%
smaller than in 1931, a slightly larger decline than has previously
occurred.
Variety chain systems reported the largest year-to-year reduction
in
sales in a number of months, drug chains had an unusually large
decline
In sales, and candy chains showed the first decrease since last
September.
However, the May sales of grocery and ten-cent chain organizations
showed
less of a decline than In April, and sales of shoe chains were
reduced by the
smallest percentage since February.
All typos of chains showed larger decreases in sales per store
than in
total sales, with the exception of the shoe chains, which have
reduced the
number of stores operated, whereas all other lines have
expanded their
outlets.
Type of Store.
22.6% less than in 1931, a slightly larger decline than occurred in April. New York City and the Westchester
stores," continues the Bank, "reported decreases in sales
practically the same as the average reduction for the whole
district." Continuing the Bank says as follows:
Although substantial decreases from a year ago continued to be reported
by department stores in Rochester, Syracuse and Northern New York
State, the declines were the smallest since February, and the reduction
reported by the Capital District stores was the smallest since December.
In most of the other sections of the district, however, the year-to-year
decline that occurred in May sales was comewhat larger than in April.
Sales of the reporting apparel stores, although 18.6% smaller than in
May 1931, showed the smallest year-to-year decline since December.
Stocks of merchandise on hand at the end of the month, valued at retail
prices, continued to show a substantial reduction from last year. The
rate of charge collections during May remained slower than in 1931 in all
localities. except Buffalo.
Total
Sales.
+0.2
+1.4
+1.1
-1.7
+3.4
+17.6
--0.9
--14.1
--18.9
--25.2
--15.0
3.1
--7.1
--15.3
--19.8
--23.9
--17.9
17.6
Total
+1.3
12.8
-13.9
Department Store Trade in New York Federal Reserve
District During May-Total Sales About 26%
Smaller than in May 1931.
In its July 1 "Monthly Review" the Federal Reserve Bank
of New York states that the "total May sales of the reporting
department stores in the Second (New York) District were
P. C. of Accounts
Outstanding
April 30 Collected
in May.
Net Sales.
May.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State_
Southern New York State_
Hudson River Valley Dist
Capital District
Westchester District
All department stores
Apparel stores
--22.7
--27.1
--19.5
--27.1
--19.9
--29.7
--22.0
--27.5
--2i.2
--24.4
--16.2
--22.8
--22.6
--18.6
Stock on
liandErul
Jan Jo May of Month.
--19.9
--21.3
--23.9
--28.1
--16.5
--24.4
--21.1
1931.
47.6
42.9
44.8
26.8
41.2
37.6
33.4
-19.7
-18.5
--17.2
--15.3
-12.5
-18.0
-16.1
1932.
42.9
43.1
44.6
23.6
38.0
31.8
29.8
43.4
39.5
-24.4
-24.6
44.3
42.1
May sales and stocks in the principal departments are compared with
those of a year previous in the following table:
Net Sales
Percentage Change
May 1932
Compared with
May 1931.
Stock on Hand
Percentage Change
May 31 1932
Compared with
May 31 1931.
-9.3
--15.5
--16.0
-18.1
-19.6
--20.0
-23.8
-25.3
-25.7
-26.0
-26.5
-27.3
--29.1
--29.7
--32.1
--34.2
--35.6
--47.6
--23.1
-0.9
-10.2
-29.7
-18.3
-14.1
-0.6
-20.7
-21.6
-14.7
-17.9
-23.3
-15.6
-12.1
-12.3
-24.2
-13.3
-20.3
-14.5
-24.0
Toilet articles and drugs
Woolen goods
Hosiery
Women's ready-to-wear accessories
Home furnishings
Shoes
Luggage and other leather goods
Cotton goods
Men's furnishings
Books and stationery
Women's and misses' ready-to-wear
Toys and sporting goods
Linens and handkerchiefs
Men's and boys' wear
Silks and velvets
Silverware and Jewelry
Furniture
Musical instruments and radio
Miscellaneous
Decrease of 26% in Wholesale Trade in May as Compared with May 1931 Reported in New York Federal
Reserve District.
"Sales of the reporting wholesale firms in the Second
(New York) Federal Reserve District averaged 26% smaller
in May than a year previous, a decline slightly less than
occurred in April," says the July 1 "Monthly Review" of
the Federal Reserve Bank of New York, which further
states as follows:
All lines of wholesale trade reported smaller year-to-year declines In
sales in May than in April, with the exception of the paper and diamond
firms. The decline in shoe sales was materially less than in April, and
sales of stationery, drugs, cotton goods, silk goods, and men's clothing, all
presented a more favorable showing than in April. In some of these lines
the reduction in sales was the smallest since February. The volume of
machine tool orders, reported by the Machine Tool Builders Association,
also showed the smallest year-to-year decline since February. The decline
in grocery, hardware, and jewelry sales was not materially different in
May than in April.
The value of merchandise stocks on hand at the end of May continued
below the level of a year previous in all lines except drugs, and in this
group the increase was the smallest reported in recent months. The ratio
of collections to accounts outstanding averaged about the same as in May
1931.
Sales per
Store.
Grocery
Ten cent
Drug
Shoe
Variety
Candy
Percentage Change from
a Year Ago.
Locality.
Percentage Change May 1932
Compared with May 1931.
Number of
Stores.
25
Commodity.
Percentage
Change
May 1932
Compared with
April 1932.
Net
Sales.
Stock
End of
Month,
Percentage
Change
May 1932
Compared with
May 1931.
Net
Sales.
P. C. of Accounts
Outstanding
April 30
Collected in
May.
Stock
End of
Month.
1391.
1932.
73.9
27.5
33.4
45.1
42.4
35.8
46.7
78.3
26.2
32.8
60.3
35.9
23.2
44.1
-74l7
56.3
15.9
- - :4
64
42.5
14.4
Weighted average
-12.4
-- -- -26.3
--_
47.5
• Quantity not value. Reported by Silk Association of America.
x Reported by the National Tool Builders Association.
47.4
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Machine tools_x
Stationery
Paper
Diamonds
Jewelry
--4.0
--4.0 --12.7 --20.9
-33.4
-33.1
---1-0.6 --11.9 --23.4 --26.5
27.2* --5.10 --20.5. --6.2.
--0.4
--7.7
-25.4 --22.8
--22.2
--0.5 --24.5
4-9.6
+0.3 --15.9 --24.2 --20.7
-5.4
____ -35.4
--8.8
____ --26.1 ::::
--8.0
___ --36.3
____
--18.3 --5.3 --68.3 --30.3 1
1-15.4
4-1.4 ---42.5 --21.0 J
26
Financial Chronicle
Second Consecutive Increase Noted in Wholesale
Price Index of National Fertilizer Association
During Week Ended June 25.
For the second consecutive week wholesale prices, as
measured by the index of the National Fertilizer Association again advanced. During the latest week the index
number advanced from 60.0 to 60.5, an increase of five fractional points. During the preceding week there was a rise
of four fractional points in the index. These two gains
advanced the index number nine fractional points above
the record low point shown for the week ended June 11.
A month ago the index stood at 60.3, wfhile a year ago it
was 68.7. The index number 100 is based on the average
for the three years 1926-1928. The Association further reported as follows on June 27:
During the latest week three groups advanced, three declined, and the
remaining eight showed no change. Of the three groups that advanced,
two groups, grains, feeds and livestock and fuel are amongst the most
heavily weighted groups in the index. The most heavily weighted group
in the index, namely, foods, was changed only slightly, declining one
fractional point. Textiles and fats and oils each declined slightly more
than one full point.
While only 15 commodities showed price advances, compared with 28
commodities that showed lower prices, for the most part the gains were
shown by the more important commodities. It was also noted that the
losses in a number of commodities that showed price losses were comparatively small. Included in the list of commodities that advanced during
the latest week were sugar, pork, lard, cattle, hogs, apples, jute, fuel oil
and gasoline. Among the commodities that showed price losses were wool,
burlap, eggs, flour, wheat, corn, melting steel, silver and zinc. Cotton
was only slightly lower than a week ago.
The index number and comparative weight of each of the 14 groups listed
In the index are shown in the table below:
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100.)
Per Cent
Each Group
Bears to the
Total index.
Group.
23.2
16.0
12.8
10.1
8.5
8.7
6.6
6.2
4.0
3.8
1.0
0.4
0.4
0.3
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commoditiesAutomobiles
Building materials
Metals
Housefurnishing goods
Fats and olis
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural Implements
100.0
All groups combined
•
Latest
Week
June 25
1932.
Pre
ceding
Week.
Month
Ago.
Year
Ago.
59.6
67.6
43.1
39.4
59.5
87.7
72.1
7L0
78.3
35.0
87.6
68.0
7L9
92.1
59.7
64.9
41.3
40.7
59.5
87.7
72.1
71.0
78.3
36.1
87.6
67.9
71.9
92.1
60.3
63.6
41.3
42.6
60.0
87.7
73.0
7L2
80.0
36.6
87.8
67.5
7L9
92.2
70.4
55.2
60.4
61.7
69.1
88.4
80.5
78.1
90.5
56.4
88.7
79.8
84.1
95.4
60.5
50.0
50.:1
55
.7
Electric Output Continues to Decline.
The production of electricity by the electric light and
power industry of the United States for the week ended
Saturday, June 25, was 1,440,541,000 kwh., according to
the National Electric Light Association. The Atlantic seaboard shows a decrease of 9.5% from last year, and New
England, taken alone, shows a decrease of 10.8%. The
central industrial region, outlined by Buffalo, Pittsburgh,
Cincinnati, St. Louis and Milwaukee, registers, as a whole,
a decrease of 14.2%. The Pacific Coast shows a decline of
9.6% below last year.
Arranged in tabular form, the output in kilowatt hours
of the light and power companies for recent weeks and by
months since the beginning of 1932 is as follows:
Weeks
Ended.
1932.
1931.
1930.
1929.
1932
Under
1931.
Jan. 2__
1,523,652,000 1,597,454,000 1,680,289,000 1,542.000,000 4.6%
Jan. 9____
1,619,265,000 1,713,508,000 1,816,307,000 1,733,810,000 5.5%
1,602,482,000 1,716,822,000 1,833,500,000 1,736,729,000 6.7%
Jan. 16__._
Jan. 23____
1,598,201,000 1,712,786,000 1,825,959,000 1,717,315,000 6.7%
1,588,967,000 1,687,160,000 1,809,049,000 1,728,203,000 5.8%
Jan. 30..__
Feb. 6____
1,588,853,000 1,679,016,000 1.781,583,000 1.726,161,000 5.4%
Feb. 13____
1,578,817,000 1,683,712,000 1,769.683,000 1,718,304,000 6.2%
1,545,459,000 1,680,029,000 1,745,978,000 1,699,250,000 8.0%
Feb. 20__-_
1,512,158,000 1,633,353,000 1,744,039,000 1,706,719,000 7.4%
Feb. 27____
Mar. 5__
1,519,679,000 1,664,125,000 1,750,070,000 1,702,570,000 8.7%
1,538,452,000 1,676,422,000 1,735,673,000 1,687,229,000 8.2%
Mar 12_
Mar.19____
1,537,747,000 1,682,437.000 1,721,783,000 1,683,262,000 8.6%
Mar.26__-_ 1,514,553,000 1,689,407,000 1,722,587,000 1,679,589,000 10.3%
Apr. 2____ 1,480,208,000 1,679,764,000 1,708,228,000 1,663,291,000 11.9%
Apr. 9____
1,465,076,000 1.647,078,000 1,715,404.000 1,696,543,000 11.1%
Apr. 16____
1,480,738.000 1,641,253,000 1,733,476,000 1,709,331,000 9.8%
Apr. 23____
1,469.810,000 1,675,570,000 1,725,209,000 1,699,822,000 12.3%
Apr. 30____ 1,454,505,000 1,644,437,000 1,698,389,000 1,688,434,000 11.5%
1,429,032,000 1,637.296,000 1,689,034,000 1,698,492,000 12.7%
May 7-_-_
May 14__
1,436,928,000 1,654,303.000 1,716,858,000 1,704,426,000 13.1%
May 21____
1,435.731,000 1,644,783,000 1,723,383,000 1,705,460,000 12.7%
May 28---- 1,425,151,000 x1,601,833,000 1,659,578,000 1,615,085,000 }12.2%
June 4____ x1,381,452,000 1,593,622,000 1,657,084,000 1,689,925,000
June 11____
1,435,471,000 1,621,451.000 1,706.843,000 1,699,227,000 11.5%
June 18____
1,441,532,000 1,609,931.000 1,697.809,000 1.702,501,000 10.5%
June 25_-__ 1,440,541,000 1,634,935,000 1,703,762,000 1,723,428,000 1L9%
Months
January - -- 7.014,066,000 7,439,888,000 8.021,749,000 7,585,334,000 5.7%
February_ - 6,518.245,000 6,705,564,000 7.066,788,000 6.850,855,000 y6.1%
March
6,781,347,000 7.381.004,000 7.580,335,000 7,380,263,000 8.2%
A nell
A 211I AoK nnn 9 109 A01 AAA .7 415 101 11110 '7 955 RAO (inn 19 401
Including Memorial Day. y Change computed on basis of average daily
report.
-The monthly figures shown above are based on reports covering approxiNote.
mately 9^% of the electric light and power industry and the weekly figures are
based on about 70%.
July 2 1932'
Further .Sharp Rise in Weekly Price Index-"Annalist" Index Advances 1.7 Points-Monthly Index for
June Slightly Lower.
The "Annalist" weekly index of wholesale commodity
prices advanced sharply again to 90.6 on June 28, in the
second week of recovery. The June monthly average declined slightly to 88.6, a new low for the monthly index.
The new weekly figure compared with 88.9 (revised) a week
ago, a post-war low of 87.3 on June 14 and 102.3 on June 30
1931.
The rise in the weekly index was due entirely to further
sharp and largely seasonal advances in live stock, continued
gains in some of the meats and the rise in gasoline as a result
of the new Federal tax. Apart from these, prices generally
drifted downward in sympathy with the weak security
markets and the uncertain international situation.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES (1913=100).
June 28 1932. June 21 1932. June 30 1931.
Farm products
68.2
*66 3
88.9
Food products
110.2
93.3
93.3
Textile products
1266.4
*67.2
97.9
Fuels
138.1
145.4
122.5
Metals
96.0
103.9
96.0
Building materials
117.4
107.2
107.2
Chemicals
99.7
96.0
96.0
Miscellaneous
85.1
79.6
79.6
All commodities
102.3
90.6
*88.9
* Revised. a Provisional.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES (1913=100).
(Monthly Averages of Weekly Figures.)
June 1932.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
* Revised.
May 1932.
June 1931.
65.8
92.0.
67.7
138.2
96.0
96.0
96.0
80.0
88.6
*66.8
91.8
*71.2
135.2
96.0
96.0
96.2
82.4
88.8
87.8
108.6
95.6
121.6
101.9
101.9
99.7
85.6
101.2
Stability Shown by Electric Light and Power Industry During Depression According to New York
Trust Co.
"Operations of the electric light and power industry haveshown a remarkable degree of stability throughout the first
part of the depression period," according to the "Iedex,"
.
publication of the New York Trust Co. Under date of
June 27 it says:
While industrial consumption of electricity was lower last year than in.
1930, domestic consumption increased and the industry's earnings, amounting to 81,967,032,000 in 1931, compared with $1,990,955.000 in the preceding 12 months, showed a decline of but 1.2%•
While Ills unlikely that this record will be continued to the same degree
In 1932, the relative stability thus far displayed by the industry in generally
difficult times is the more remarkable inasmuch as it follows a period of
unprecedented expansion.
During the last decade, in response to demand, the industry has rapidly
extended its services upon a Nation-wide scale, to embrace not only the
more densely populated urban centres but also vast rural areas in wnich
operations are, initially, at any rate, more costly and less profitable.
Drastic reduction of construction programs this year is due not to pessimism within the industry as to the ultimate long-term need for expansion,
but to the restriction effects of present abnormal conditions dominating
the financial markets. New financing, of necessity, is sharply curtailed
and, in addition, it is estimated that the industry has to provide for some
$500,000,000 bond and note obligations which mature this year, representing the largest amount of refunding called for in any single year in the
history of the industry. With few exceptions, conservatively financed
and well
-managed units are now meeting and probably will continue to
meet maturing obligations.
Ratification by Building Trades Council of New Wage
Pact
-Strike Ended with Wage Cut of 15% for
Journeymen and 17% for Helpers
-Employers
Concede Part of 25% Reduction in Agreement that
Runs Until 1934-130,000 Men Involved-New
Basic Scale $11.20 a Day, with $8.25 for Helpers
Bricklayers Win $13.20.
The Building Trades Council, at a meeting on June 17 at
158 Third Ave., ratified the new wage agreement with the
units of the Building Trades Employers Association. The
agreement provides for a wage reduction of 15% for journeymen and 17% for helpers.
In our issue of May 21, page 3717, we noted that a virtual
settlement of the strike in the building trades had been
arrived at on May 17; later, however, a split in the ranks
of the building trades unions over the acceptance of the
reduced wage contract occurred, details of which were given
in these columns June 4, page 4068. As to the final agreement reached, we quote the following from the New York
"Times" of June 16:
A wage cut of approximately 15% for journeymen and 17% for helpers
was agreed to yesterday on behalf of 130,000 building trades workers at a
Financial Chronicle
Volume 135
conference held at the headquarters of the Building Trades Employers'
Association, and the 25,000 men who have been on strike or locked out
since May 2 are at liberty to return to work this morning.
The new wages are to be $11.20 a day for mechanics and $8.25 for helpers
Instead of the $10 and $7 announced by the employers' association as
effective on May 1.
Successful opposition to the employers' plan to reduce wages 25 to 30%
was credited yesterday to the group of Building Trades Council unions that
refused to accept the original terms, to the Elevator Constructors' Union
and to the Bricklayers, Masons and Plasterers' International Union.
Conservatively estimated, the arrangement for a 15% instead of a 25%
reduction, it was said, will save the mechanics and helpers approximately
$15,000,000 in the year and a half that the contract is to be in force. The
expiration date for most of the men is fixed at Dec. 31 1933.
Norman Announces Terms.
Announcement of the agreement was made yesterday by C. G. Norman,
Chairman of the Board of Governors of the Building Trades Employers'
Association,at 2 Park Ave.,in the presence of M.J. McDonough,President
of the Building Trades Department of the American Federation of Labor.
and John Halkett, President of the Building Trades Council of New York.
'An understanding has been arrived at between the Building Trades
Council and the Building Trades Employers' Association, through the very
able assistance of Mr. Halkett and Mr. McDonough," said Mr. Norman.
"The agreement is for a 15% reduction from the 1931 scale, which expired
on May 1. For helpers the reduction is about 17%•
"This arrangement was made on the part of the employers' association in
order to relieve owners who have projects on hand, as the association
wished to do its share toward giving employment to men at present unemployed. We feel that the public is entitled to this consideration, and
that it will have a tendency to improve the building industry in this city."
Following the announcement, Mr. Halkett was credited with keeping
contact with the employers' association since May 17, when an agreement
for a $10 wage agreement was signed, only to be followed by the bolt of a
score of crafts and rumors of a possible open-shop movement in the building
trades.
Bricklayers' Dispute Ended.
Shortly after Mr. Norman's announcement, John J. Gleeson, Secretary
of the International Bricklayers' organization, announced the successful
outcome of the conferences with the Mason Builders' Association, which
agreed to pay bricklayers $13.20 a day, a 14.28% reduction from the previous $15.40 scale. This new scale had been fought for by the bricklayers
since they received $13.20 by an arbitration with the Associated Mason
Contractors several weeks ago. The employers had fixed $12 for the
bricklayers' wage.
Mr. Gleeson said he was pleased with the outcome of the negotiations.
He said the new contract would end on April 30 1933, and that specific
provision had been made for arbitration in the event the two sides could not
reach an agreement by Jan. 31 1933. It was Mr. Gleeson who estimated
what the smaller cut would mean in wages to the union men, basing his
estimate on 100 work days a year.
Plasterers, whose wages were to have been reduced from $15.40 to $10 a
day, the most drastic reduction of all the trades, will now receive $12 a day
under the new arrangement.
One indirect result of the dispute is likely to be that in the future the
individual employers' groups affiliated with the Building Trades Employers'
Association will negotiate separately with the individual unions for a wage
agreement instead of being covered by blanket agreements.
Building trades unionists also hope this will mean an end to the wage
reduction movement.
Curtis Publishing Company Omits Dividend on Common Stock-Advertising Rates Reduced 10%.
In the Philadelphia "Public Ledger" of June 25 it was
stated that the directors of the Curtis Publishing Co. decided on June 24 to omit the dividend on the common stock
which ordinarily would have been paid on September 5.
In a statement addressed to holders of the common stock
the company says:
Confronted with large additional expenses resulting from increases in the
second and first-class rates of postage and various other forms of taxation
recently imposed by Congress, coupled with the general business uncertainty at this time, your officers and directors believe it to
be of the best
ultimate interest of stockholders to omit the dividend on the common
stock which ordinarily would be paid on September
5.
From the "Ledger" of June 28 we take the following:
Advertising rates have been reduced 10% by the Curtis Publishing
Co. The lower rates will become effective with the first issue in August
of the "Saturday Evening Post" and with the September issues
of the
'Ladies' Home" Journal and the "Country Gentleman". The new rate
takes the form of a flat 10% reduction in card rates, given in the form of
a discount, and will be in effect until further notice.
Slight Increase Reported in Retail Food Prices in
Buffalo from May 15 to June 15 by University of
Buffalo.
The index of food prices in Buffalo, computed monthly
by the Bureau of Business and Social Research of the University of Buffalo, showed an increase of .6 of 1% on June 15
1932 over May 15, but was 16% below June 15 1931, The
Bureau also reported as follows on June 24:
Meats and groceries increased slightly during the month, but dairy
products and the miscellaneous group declined. Since the miscellaneous
group is composed chiefly of fresh fruits and vegetables, a decline in it is
is to be expected at this season. In the annual comparison all four groups
showed declines, dairy products and meats in particular being 22% and
19% below their level of June 151931.
The figures below show the cost in Buffalo to an average family of a
year's supply of the 41 articles included in the list only, and do not represent
the total cost of food for a farai y:
Dairy products
Meat products
Grocery products
Miscellaneous
Total
June 15 1931, May 15 1932. June 15 1932.
$93.44
373.77
572.75
71.53
57.18
57.91
117.14
103.39
106.40
31.13
27.48
28.21
$313.24
$261.82
$263.27
27
Drug Store Sales in Buffalo During May Show Slight
Decline According to University of Buffalo.
"The total sales of 56 Buffalo drug stores (14 "chain" and
42"independent") declined only .4 of 1% in May," says the
Bureau of Business and Social Research of the University of
Buffalo, "but were 16% lower than May 1931, sales."
Further reporting on sales of Buffalo drug stores, the Brueau
said as follows June 24:
When allowance has been made for the difference in number of days,
however, and proportionate weighting has been given to the sales of chain
and independent stores, May sales showed a decline of 3% since April.
and were 17% below the May 1931, level.
A summary of the results for 14 "chain" and 42 "independent" drug
stores is shown below:
(January 1931=100)
Sales.c
(1)
Unadjusted
Total
Sales.
(2)0
Arerage
Daily Sales
Per Store.
(3)
Unweighted
Adjusted
Index.
(4)b
Weighted
Adjusted
Index.
May 1931
$240,901
5138.77
101.9
100.7
April 1932
203,592
121.19
89.0
86.7
May 1932
202.683
116.75
85.7
83.8
a Column (2) shows the average daily sales per store instead of the average daily
sales for all stores as formerly used. b Adjusted for days of the month with 71%
weight to independent stores and 29% weight to chain stores. c Sales of three drug
stores have been estimated.
Chicago Federal Reserve Bank Reports Decreases in
Employment and Payrolls During Period from
April 15 to May 15
-Employment in Manufacturing
Industry Showed Sharper Loss.
The Federal Reserve Bank of Chicago, in its June 30
"Business Conditions Report," states that "between April 15
and May 15 declines of 1
in employment and IA of 1%
in payrolls were recorded for the total of all groups in this
Bank's Seventh (Chicago) District survey. The loss in
employment was sharper for manufacturing than for nonmanufacturing industry," continues the Bank, "while in
payrolls a fractional gain in the manufacturing total was
offset by a considerable reduction in non-manufacturing.
This downward trend is in contrast to moderate expansion
in the total for the same period in three of the preceding
four years." The Bank also says:
A mixed trend was evidenced by the various groups and by totals for
individual States. Thus, manufacturing industry in Michigan increased
in both number of men and their earnings, likewise non-manufacturing in
Wisconsin recorded gains, while other State totals were lowered. Of the
ten manufacturing groups, six recorded losses in both men and payrolls.
three gained in both items, and one group-rubber products
-lost fractionally in employment while showing a large increase in wage payments.
The gains in manufacturing included a somewhat more than seasonal
expansion in the stone-clay-glass group,seasonal increases in food products,
and a reversal of the downward trend of the preceding two months in the
vehicles group. The latter group, being outstanding in Michigan, was
largely responsible for the increased totals in that State as referred to
above. The most significant declines were in leather products, particularly
the shoe industry: in wood products, where furniture factories restricted
their operations: in textiles, influenced largely by reductions in the millinery
and men's clothing industries: and in metals, in which declines were recorded by the copper and brass industry in Michigan and by iron and steel.
machinery and machine tools in Illinois and Wisconsin.
In non-manufacturing, the utilities, which have the greatest representation, contributed most to the recession. The high percentage increases shown for coal mining had little effect on the totals because of the
continuation of the virtual shut
-down of Illinois mines since April 1. Seasonal gains in construction work included expansion of highway work in
Illinois and of building in Wisconsin. The merchandising group had more
employees but paid considerably less in wages than in the preceding month.
EMPLOYMENT AND EARNINGS
-SEVENTH FEDERAL RESERVE
DISTRICT.
Week of May 151932.
Industrial Group.
Metals and products_a
Vehicles
Textiles and products
Food and products
Stone, clay and glass
Wood products
Chemical products
Leather products
Rubber products_b
Paper and printing
No. of Number
Reportof
ing
Wage
Firms. Earners.
Earnings.
Per Cott Change
from April 15.
Wage
Earners
Earnings.
741
131
153
344
144
281
102
75
8
312
128,305
163,668
25,909
52,038
6,630
20,538
13,167
14.685
5.688
38,531
$2,144,000
4,184,000
340.000
1,154.000
134,000
251,000
305,000
187,000
128,000
919.000
-4.8
+9.7
+1.4
-6.2 -11.5
+2.4
+2.4
+8.8
+7.9
-7.8 -13.8
6.9
3.4 -6.8 -22.8
0.4 +14.6
3.0
-1.7 -
Total manufact., 10 groups._ 2,291
Merchandising_c
170
Public utilities
71
Coal mining
14
Construction
237
469,059
29,115
73,676
230
7,811
59,746,000
628,000
2,189,000
6,000
178,000
1.7
+1.1
1.8
+22.3
+6.3
+0.4
5.0
+7.9
+16.8
Total non-mfg., 14 groups.._
492 110,932
3,001,000
-0.5
-3.7
Total, 14 amine
2,793 579,991 $12.747.000
--1.5 0.6
a Other than vehicles. b Michigan and Wisconsin. c Illinois and Wisconsin.
Business Conditions in Kansas City Federal Reserve
District During May-Decreases Reported in
Wholesale and Retail Trade.
According to the Federal Reserve Bank of Kansas City
"general business activity in the Tenth (Kansas City)
District during May, as indicated by bank debts, dollar
28
Financial Chronicle
sales of merchandise at both wholesale and retail, mineral
pruduction, building operations, and commodity prices,
recorded a new low for the present movement." The Bank
in its July 1 "Monthly Review" also said as follows:
Dollar sales of merchandise at wholesale and retail declined 4.4 and 5.8%.
respectively, as compared to April and 23.9 and 26.8%. respectively, as
compared to May 1931. Production of all minerals was substantially
under a year ago. Flour production increased slightly, and building
operations were at a standstill.
Prices of milk, butter, eggs, poultry, hogs, cattle, sheep, and wool declined during May to old or new low levels, with all items under a year
ago. The May index of farm prices, as reported by the United States
Department of Agriculture, stood at 56% of pre-war as against 112% for
commodities purchased, reducing the farmers' purchasing power to 50%
of the 1909-1914 average.
Normal temperatures and general and frequent rains in May and the
first three weeks of June were favorable to plant growth and farm activity.
Corn, cotton, sugar beets, vegetables, pastures, and meadows are making
good growth,and fields, on the whole, are in an excellent state of cultivation.
The wheat harvest is well under way, the crop for this district being
estimated, on the basis of June 1 prospects. as 16.7% below May 1 indications and 47.6% short of the five-year (1924-28) average yields. Prices at
country shipping points are as low or lower than a year ago, and, in many
instances, yields are not returning harvesting costs, resulting in additional
acreage being abandoned. Yields and prices of oats, rye, and barley are
under a year ago.
The Bank reports as follows details regarding trade conditions in its District:
Wholesale Trade.
Wholesale trade, as indicated by the dollar sales of five representative
lines combined, displayed about the usual seasonal decline in May as
compared to April,and the 23.9% loss, as compared to May 1931,is identical
with that reported for April this year as compared to April last year. By
individual lines, sales of drygoods, groceries, hardware,furniture, and drugs
declined 6.0, 0.7, 4.0. 9.0 and 7.2% respectively for the month and 23.1,
21.4, 27.5. 38.1 and 24.2% from May last year. All lines reduced their
stocks somewhat during May and inventories as of May 31 ranged from
11.4% for hardware to 23.9% for furniture smaller than one year earlier.
Retail Trade.
The combined dollar sales of 35 department stores declined somewhat
more than is usual in May and the reduction of 26.8%, as compared to a
year ago, was the largest so far reported. Cumulative sales for the five
months this year were 22.0% smaller than for the corresponding five months
of 1931. Inventories were reduced 4.3% in May and 14.9% during the
year.
Collections.
Collections generally were reported as running behind a year ago, with
department stores' collections during May representing 33.8% of the
amounts outstanding April 30. compared with 34,6% for April and 37.9%
for May a year ago.
Business Activity in San Francisco Federal Reserve
District Declined Slightly During May, According
to Isaac B. Newton.
Isaac B. Newton, Chairman of the Federal Reserve Bank
of San Francisco, in his report of business conditions, stated
that a "further slight decline was recorcted in Twelfth (San
Francisco) District business activity during May. The
sale and transportation of commodities changed little from
the low level of April," continues Mr. Newton, "but industrial production declined, after allowance for seasonal influences. Unemployment conditions were ameliorated slightly
by the need for additional farm laborers. Prices of leading
Twelfth District products continued to decline. Contrary
to the usual seasonal developments, country banks' balances
at Reserve cities increased slightly during the four weeks
ended June 15." Mr. Newton also said as follows June 27:
Conditions for the growth of crops remained satisfactory during May,
but agricultural prices moved slightly lower. Early estimates indicate
that Production of several important grain and deciduous fruit crops will
be larger than in 1931. Production estimates for the current lemon and
Valencia orange crops were reduced on June 1. Livestock were in better
condition than in the preceding month due to the rapid irmpovement
of range forage.
California crude oil production averaged substantially lower in May
than in April and was further reduced in early June, approaching closely
the new proration schedule in effect since last May. Refinery operations
and gasoline Inventories also declined. Output of lumber failed to increase
seasonally from April to May. The reduction of construction activity
to exceptionally low levels was indicated by a sharp decrease in the value
of engineering contracts awarded and a decline in the value of building
permits issued. Non-ferrous metal mintgn was further restricted. Flour
milling changed little, although there is usually a decline during May.
There was little change in trade activity as a whole during May. but
individual indicators varied considerably. Both retail and wholesale
sales were lower in value than in April, while registrations of new automobiles and the volume of inter-coastal traffic decreased, after allowance
for seasonal factors. All measures of trade were substantially lower than
a year ago, as were retail and wholesale commodtly price indexes.
Reserve Bank credit employed in the Twelfth District increased moderately during the four weeks ended June 15, although other phases of credit
conditions appeared to be somewhat• easier. Discounts advanced somewhat. reversing the substantial reduction which had been in progress since
early March. while holdings of locally purchased acceptances remained
Unusually small. In early June this Bank participated heavily in the
System's open market operations, and its holdings of United States Governments increased from 69 million chillers to 107 million dollars. Expenditures of the United States Treasury in excess of collections within the
District, although smaller than in the preceding four weeks offset in part
an outflow through the gold settlement fund resulting from payment of
Inter-district commercial transactions. Currency circulation increased
slightly as is usual at this season.
Loans of reporting member banks remained practically unchanged
from May 18 to June 15. Investments and deposits of these banks de-
July 2 1932
clined during the first three weeks of this period, but increased on June 15
as a result of United States Treasury financing to approximately the levels
of a month earlier.
Production of Automobiles in May 1932 Compared with
Preceding Months.
May factory sales of automobiles manufactured in the
United States (including foreign assemblies from parts made
in the United States and reported as complete units or
vehicles), based on data reported to the Bureau of the Census,
consisted of 185,149 vehicles, of which 157,683 were passenger
cars, 27,393 trucks, and 73 taxicabs, as compared with
148,326 vehicles in April, 317,163 vehicles in May 1931, and
420,027 vehicles in May 1930.
The table below is based on figures received from 144
manufacturers in the United States for recent months,
42 making passenger cars and 113 making trucks (11 making
both passenger cars and trucks). Figures for passenger cars
include only those designed as pleasure vehicles, while the
taxicabs reported are those built specifically for that purpose.
Figures for trucks include ambulances, funeral cars, fire
apparatus, street sweepers, and busses. Canadian figures
are supplied by the Dominion Bureau of Statistics.
NUMBER OF VEHICLES.
United States.
Year and
Month.
Total.
Canada.
Passenger
TartCars.
Trucks. cabs.x
PassenTotal. ger Cars. Trucks.
1930
May
420,027
360,928
58,659
440
24,672
21,251
3,421
1931
May
317,163
271,135
45,688
340
12,738
10,621
2,117
119,344
98,706 20,541
117,418
94,085 23,308
118,959
99,325 19,560
•148,326 .120,906 *27,389
185,149
157.683 27,393
97
25
74
31
73
3,731
5,477
8,318
6,810
8,221
3,112
4,494
6,604
5,660
7,269
619
983
1,714
1,150
952
Total 5 mos
(Jan.
-May)
1932
689,196
570,705 118,191
931
1,322,295 1.105,916 213,923
i am
1 Rild (174 1 A74 ASIR 9RS A91
300
2,456
32,557
59,257
4 IRA
OA SOS
1932
January
February
March
April
May
27,139 5,418
47,228 12,029
Si 105 14 Ann
• Revised. x Includes only factory built taxicabs, and not private passenger
cars converted into vehicles for hire.
Mid-West Distribution of Automobiles at Wholesale in
Chicago Federal Reserve District-Decrease Seasonal in Nature Noted During May-Orders Booked
by Furniture Manufacturers 28% Below Those for
April.
The recession recorded in wholesale distribution of automobiles during May in the Middle West was seasonal in
nature, while the continued increase in the number of sales
at retail was contrary to trend for the month, says the
Chicago Federal Reserve Bank. "Used cars likewise expanded further in May." The Bank,in its June 30"Business
Conditions Report," adds:
Distribution of both new and used cars remained small, however, as
compared with a year ago. The decline of 7% between April 30 and the
end of May in stocks of new cars kept them at a level 35% below last year;
the number of used cars on hand also fell off moderately in May. A small
reduction was shown during the month in the proportion of cars bought
on the deferred payment plan, the ratio to total retail sales of dealers
reporting the item being 48% as against 50% a month previous, while in
May 1931 the ratio was 53%.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes in May 1932 from Previous Months.
Per Cent Change from
April 1932.
New cars:
Wholesale
Number sold
Value
Retail
Number sold
Value
On hand May 31
Number
Value
Used Cars:
Number sold
Salable on hand
Number
'
Value
May 1931.
Compante s
Included.
-22.8
-29.0
-48.5
-47.2
19
19
+4.0
-41.7
-50.0
45
45
-7.1
-9.6
-35.3
-30.0
46
46
+3.8
-15.6
46
-12.0
-13.7
-4.5
+0.4
46
46
The Bank has the following to say regarding orders booked
by furniture manufacturers:
Furniture.
Orders booked by nineteen furniture manufacturers in the Seventh Disfurther in May, current bookings totalling 28% under those
trict declined
of the preceding month. In May a year ago, likewise, new orders fell
off
-19%-but the average for the past five years shows an increase of
16%. Shipments also contracted, the decrease of.22% comparing with
one of 21% a year ago, and 11% in the five-year average. Unfilled orders,
which at the close of April approximated 70% of April orders booked, fell
off 27% during May and the ratio to current orders remained constant.
In comparison with a year ago, orders booked and shipments were both
more than 50% lower, and there was a corresponding decline in the rate
of operations, which currently approximated 27% of capacity
-4 pointa
lower than in April
-comparing with a rate of 49% maintained in May
a year ago.
Volume 135
Financial Chronicle
Normal German Duty on Imported Wheat Restored.
Effective July 1, the normal (general) rates of the German
tariff of (25 reichsmarks per 100 kilos, legal net weight)
will be restored on imports of wheat, said a cablegram received in the Department of Commerce from Acting Commercial Attache Osborne Watson in Berlin. The Department's announcement June 27 also said:
For some time imports of wheat by certain millers under specified conditions have been subject to the reduced rate of 11.25 or 18 reichsmarks
per 100 kilos, according to the purpose for which the grain was to be used.
German Wheat Trades—Renewal of Privilege of Exporting Domestic for Foreign Grades Likely.
From the "Wall Street Journal" of June 29 we take the
following from Washington:
In Germany, a renewal of the privilege of exporting domestic wheat in
exchange for foreign wheat is likely again this fall, reports Department of
Agriculture. This would make it possible to obtain desirable milling blends.
Early-sown crops in Germany are apparently in a relatively better condition than those sown later, and which are still somewhat backward.
In spite of the apparent low abandonment this year, it is felt that winter
crops suffered more damage than the official figure of .5 of 1% indicates.
While the winter killing was not severe enough to cause the abandonment
of large acres, it did greatly reduce the stand In many fields. It is felt that
some of these fields would have been replanted in normal times but due to
the unfavorable economic conditions, farmers are replanting only the
absolute minimum. Possibilltity of thin stands together with reduced
fertilizers will tend to reduce yields although the growing weather from now
on is of course a very important factor.
France Again Reduces Maximum Proportion of Foreign
Wheat Permitted in Domestic Milling.
The maximum proportion of foreign wheat permitted to
be used in the milling of flour in France, which was increased
from 45% to 50% by a decree of May 28, was reduced from
50% to 45% by a decree published in the "French Journal
Officiel" for June 17, according to a cablegram received by
the Department of Commerce from Commercial Attache
Fayette W. Allport, Paris. Further advices issued June 25
by the Department of Commerce said:
The maximum proportion of foreign wheat permitted to be used in the
milling of flour in France was reduced from 45% to 40% by a decree published in the "French Journal Officiel" for June 24 1932, according to a
cablegram received by the Department of Commerce from Commercial
Attache Fayette W. Allport, Paris.
French milling percentages are changed rather frequently, in accordance
with available stocks of domestic wheat.
A further reduction was announced in Associated Press
advices from Paris July 1:
A decree fixing 35% as the limit of imported wheat that may be used in
the manufacture of foodstuffs in France was published in the official journal
to-day.
Earlier changes were noted in these columns April 16,
page 2806, and May 21, page 3714.
Italy Votes Appropriation to Protect Wheat Prices.
On June 30 Associated Press accounts from Rome (Italy)
said:
The Government grain committee voted an appropriation of $20,000,000
to-day to protect wheat prices in the domestic market. The money will be
supplied by agricultural credit institutes to enable the farmers to hold their
wheat for good prices.
Move to Have Manitoba Wheat Pool Declared Bankrupt.
From the Montreal "Gazette" of June 28 we take the following from Winnipeg June 27:
Application to have the Manitoba Wheat Pool declared bankrupt was
made to-day in the Supreme Court of Manitoba by A. S. Hudson on behalf
of the Gillespie Terminal Grain Co. of Fort William.
Hearing of the application was set over to July. In a statement attached
to the application the grain company said a Judgment for $75,000 against
the wheat pool had "not been satisfied." Judgment in favor of the Gillespie
Grain Co. was given six months ago.
Ottawa advices June 27 to the same paper said:
The Manitoba Wheat Pool is a private concern and the Dominion Government has made no "direct advances to the Manitoba Wheat Pool." This
was the official comment to-day in respect to the effect on the Dominion
exchequer in respect to the application to have the Manitoba Wheat Pool
declared bankrupt.
Cocoa Institute of Bahia Reported As Urging Brazilian
Cocoa Farmers to Hold Crop from Market With
View to Securing Better Prices.
The Cocoa Institute of Bahia is urging Brazilian cocoa
farmers to hold back the current crop from the market so
that better prices may be obtained later, according to a
bulletin issued by Wessels, Kulenkampff & Co., members of
the New York Cocoa Exchange. The bulletin states:
The cocoa world's attention should be directed to the activities of the
Institute de Cacao da Bahia, since they may easily develop into a market
factor of importance. This Institute is reported to have obtained fra.n
the Government the evuivalent of about $1,500,000 for the purpose of
making advances to producers up to 70% of the value of the cocoa based
on prices ruling at Bahia. The farmer can obtain these loans at 6 to 7%
Interest, a very reasonable rate for Brazilian financial conditions. Since
cocoa prices in the local market at Bahia are % to %c. above New York
29
parity, it may be seen that the Bahia producer has every incentive to
finance himself, for some time at all events, through the good offices of the
Institute rather than sell his new crop to exporters at prices obtainable
here now. This is likely to result in very small receipts at Ilheoa/Bahla
in the near future, and consequently small exports. As a matter of fact,
the Institute is urging planters to take full advantage of its very favorable
loan proposals, and stresses the fact that by doing so he will obtain more
satisfactory prices for his production later on. It remains to be seen
how many planters will heed the advice. To the extent that the Institute
succeeds in avoiding or at least delaying the seasonal selling pressure
during the heaviest crop movement, it will assist not only Bahia producers
but the world's cocoa market. Much will depend upon the time chosen
for the orderly marketing of the Bahia crop later. Should the activity of
the Institute result in Bahia cocoa being held back until new West African
crops begin to be sold, simultaneous selling desire by West Africa and
Bahia would rebound to the disadvantage of all cocoa producers.
Opinion seems to be widespread in Bahia that present ruinous prices
are due to bear manipulations in consuming countries, principally the
United States of America. Holders of such views evidently are oblivious
to the fact that the entire world has been suffering from an acute economic
depression. If the Institute believes that bears are responsible for low
cocoa prices, it might be a good thing for all concerned if the men at
the head of that Institute were to embark on a thorough hunt of these
pernicious bears, particularly in this market where they will meet with a
preponderous number of sore-head bulls. Such a hunt would bring home
to the delegates from the Institute that one reason for the present very
low cocoa prices is Bahia's record large production. There are at present
fully 200,000 hags of old crop Bahia in store here because that country
furnished last season 400,000 bags more than usual. Millions of cocoa
trees planted during the heydays of 1927 are evidently bearing now when
their production could be missed without immediate inconvenience to users
of cocoa beans. Bahia producers must not delude themselves in believing
that they can bring about record large crops and obtain satisfactory prices
at a time when all values are deflated. They have to chose between selling
the crop as it is made at ruling market prices or hold back their production
and gamble on prices obtainable at some later date. As a matter of fact,
if selling pressure from Rallia is postponed long enough and total world
production of cocoa should not increase there exists an excellent chance that
producers will obtain more remunerative prices within a reasonable time.
But such generally to be hoped for development will certainly not be
brought about through elimination of bears for the simple reason that
for some time past such animal has existed merely in imagination, not in
the actual cocoa world.
Cuba Now Shipping Coffee-1,000,000 Pounds Sent
to United States—Cane Sugar Situation Turns
Island's Planters to Bean as a Possible Source of
Export Profit-3,000,000 Pounds Ready for Export.
From the New York "World Telegram" of June 28 we
take the following:
The sugar business being what it is, Cuba, according to word received
in financial circles from Havana. has gone into the coffee business. A total
of 3.000.000 pounds of coffee has been saved from the last crop and a single
selling agency—the Cuban Coffee Export Co., Ltd.—has been organized to
dispose of this small exportable surplus, press dispatches said.
According to the Cuban consular office here, Cuba first began to increase its coffee business three years ago. The bean has been grown on
the island for many years, but until now none had ever been exported to
the United States.
Grades High.
Of the 3,000,000 pounds to be disposed of, 1,000.000 pounds have already been sold in the United States at 10 cents a pound, thus identifying
the coffee as "premium grade," since base Santos sells around 9 cents a
pound and Rios between 5 and 6 cents.
The new Cuban crop will be harvested in August. Early indications are
that a larger exportable surplus will be available for next season.
Relatively, coffee world prices are many times higher than world sugar
prices. The coffee market has been supported throughout the depression
by the Brazilian Government and by the growers of Brazil, who produce
about 70% of the world's supply.
Sugar Control Failed.
Cuba, while the largest single producer of cane sugar, has failed signally
in its efforts to control prices and until recently the level of values stood
at near half a cent a pound for the crude sugar delivered at New York City.
Coffee at the present time is raised in exportable quantities by nearly
30 countries. After Brazil, the leader, other producers in the order of
their importance are:'Colombia, Java (and the Far East). Venezuela, Central America, West Indies.
Indian Cotton Crisis—Postponement of Planting
Results from Dearth of Water.
The following is from the New,York "Evening Post" of
June 29:
Advices received from Bombay say that because of an unprecedented
delay in rise of the Ganges and Jumma rivers in India. a crisis has occurred
in regard to the supply of irrigation water in the United Provinces, which
produce an important part of the total cotton crop of India.
Supply of water to the cotton tracts has been postponed, and cultivators
have been advised to postpone cotton planting as much as possible.
Canadian-British Textile Conference in Montreal Ends
Without Agreement.
In Canadian Press advices from Montreal it was stated
that Canadian and British representatives of the textile
industry concluded a conference without reaching an agreement on June 21 at Montreal. The dispatch added:
The result of the conference will be submitted in reports giving views
of each side to the Canadian and British Governments for use at the
Imperial Conference, where, according to official statements issued on
behalf of the representatives, an agreement can be reached.
The proposals submitted by the British delegates for sharing the Dominion market with Canadian textile companies have not proved acceptable, according to the statements.
Canadians pointed out the original tariff proposals of the British textile
experts would speedily wipe out the entire Canadian cotton industry.
Even later proposals from the British representatives were said by Canadian
cotton men to leave the domestic industry in an untenable position.
30
Financial Chronicle
July 2 1932
World Consumption of American Cotton in May Below
That of Same Month Last Year-Figures for Ten
Months.
World consumption of American cotton during May
totaled approximately 1,017,000 bales, compared with
1,072,000 in April and 964,000 in May last season, according
to the New York Cotton Exchange Service. Total consumption during the ten months of the season to the end
of May was approximately 10,454,000 bales, compared with
9,222,000 in the same period last season. The Exchange
Service on June 28 said:
The international oil conference, adjourned in New York
several weeks ago, resumed its deliberations yesterday,
Friday, in Paris, according to cabled advices. The Soviet
delegation is report:d as in attendance with instructions to
"make the meetings a success." Charles E. Arnott, VicePresident ofSocony-Vacuum,is again taking aleading position
in the discussions, which are based on a desire to reach an
understanding on production, allocation of markets, and
stabilization of petroleum prices outside of the United States.
Price changes of the week follow:
June 27.
-Effective as of June 26 at 7 a. m.. crude prices are advanced
If consumption during the last two months of the season, June and
July, should be at the same rate as in May, total consumption in the full
season will be approximately 12,488,000 bales. Present indications are
that consumption during June and July will prove to be lower than in
May in the United States, Great Britain and the Continent, but these
decreases may be offset in large part by increases in the Orient. A consumption of 12,488.000 bales this season would compare with 11,113,000
last season.
25c. per barrel on the basis of 27 gravity Signal Hill crude, with relative
prices for reflnable crude of other gravities and other fields. Advance
posted by Standard Oil Co.of California in keeping with company's promise
to do so if production was cut below 476,700 barrels daily figure. which
was achieved. Advance met by other purchasing groups.
June 30.
-Pure Oil Co. advances Midland district, Michigan, crude we.
a barrel to new price of 75e. per barrel.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degress are not shown.)
Petroleum and Its Products-California Crude Prices
Up 25 Cents Per Barrel as Producers Meet Buyers'
Output Requirements-Michigan Crude Advanced
10 Cents-International Oil Conference Under
Way in Paris.
The buying price of California crude oil was advanced
25e. per barrel effective as of 7 a. m.June 26,by the Standard
Oil Co. of California. This action recognized the success of
the producers in cutting the State's output down to less
than a daily limit of 476,700 barrels.
Standard's action affected all of the fields in the State
with the exception of Kettleman Hills, and on Thursday,
June 30, the same increase became effective also at Kettleman, where the new prices range from 91c. for 33 gravity
to $1.03 for 39 gravity and above.
K. R. Kingsbury, President of Standard of California,
last Monday sent the following telegram to the jubilant
producers' Chairman, William M. Keck: "After a month's
intensive effort on the part of your committee resolutions
were adopted indicating that only through an advance of
not less than 25c. per barrel in the price of crude oil would
you b 3 able to succeed in your conservation plans to prevent
waste in the production of crude oil. In response to these
resolutions we telegraphed you on June 11 outlining the
conditions under which we could afford to increase the price
we pay for crude. Yesterday evening Mr. Anderson, State
Umpire, certified to us that the conditions outlined in our
telegram of June 11 as subsequently extended have been
complied with and that the production in each field of the
State is within the figure set by your committee with certain
neglible exceptions which we are informed will be corrected
within a few days.
"Accordingly, we are this day announcing an increase in
the price which we will pay for crude oil, effective June 26,
7 a. m., and amounting to a 25c. increase for 27 gravity
Signal Hill crude, with relative prices for refinable crude
oil of other gravities and in other fields. Our original proposal
of June 11 indicated the price would be withdrawn if the
allowable production by fields as indicated above was exceeded for one week and this we modified to provide for
determination of this condition by 10
-day periods. We
share your views that only through continued co-operation of
the producers of the State and by constant vigilance will it
be possible to maintain the present improve condition and
to effect the further curtailment which will be necessary
when the seasonal peak demand has passed. For the work
that your committee has done the industry and the State
owe you a debt of gratitude and we wish you and your
associates continued success. You may count on our continued support and co-operations."
Union Oil Co. of California, second largest crude purchaser in California, immediately announced its intention of
meeting the higher prices, and all other companies are expected to fall in line, including Shell and Associated.
During the week ending June 25 the State's production
averaged 459,430 barrels daily, a drop of 21,270 barrels
daily from the preceding week. The last previous change in
California crude prices occurred in June of last year, when
crude went to a top price of 89c. a barrel.
The first crude oil price advance east of the Rockies since
the general advance on April 1 occurred Thursday when the
Pure Oil Co. posted a 10e. advance in the Midland district
of Michigan, bringing the price to 75e. per barrel. It is
intimated that the Michigan advance is a reflection of local
conditions rather than the forerunner of another general
advance.
Bradford, Pa
$1.60
Corning, Pa
1.05
Illinois
.80
Western Kentucky
Midcontinent, Okla.,40 and above_ 1.00
Hutchinson, Texas, 40 and over.
Spindletop. Texas, 40 and over
•.81
Winkler, Texas
*.86
Smackover, Ark., 24 and over
.77
Eldorado, Ark., 40
$0.78
Rusk, Texas. 40 and over
*.83
salt Creek, Wyo.,40 and over
.85
arst Creek
Sunburst, Mont
1.25
Santa Fe Springs, Calif., 40 and over 1.00
Huntington. Calif., 26
1.06
Petrolla, Canada
1.75
•Effective April 11932.
REFINED PRODUCTS-SOCONY REVISES GASOLINE TANK
WAGON PRICES
-REPUBLIC POSTS ONE-HALF CENT
ADVANCE-CALIFORNIA CRUDE PRICE INCREASE REFLECTED IN "GAS" QUOTATIONS
-KEROSENE CONTINUES
DULL
-DIESEL IN BETTER CALL.
Effective yesterday the Standard Oil Co. of New York
revised its gasoline tank wagon quotations on a flat Me.
basis. This means that where a price of 14.1 or 14.2 obtains,
the price if cut to 14c., and where 14.3 or 14.4 is posted, the
price is automatically boosted to 14.5. The Republic Oil
Co. has posted a Mc. advance in its tank car prices of both
below and above 65 octane gasoline.
An advance of 23'e. a gallon in the retail price of Standard
of California's gasoline was posted on June 27 immediately
after notice was issued of an advance of 25c. per barrel in
crude oil prices. This gasoline advance is the first change
since a cut of 2c. per gallon on April 9. All of the major
companies will follow the lead of Standard, it is reported.
The general market throughout the East has been encouraging in the matter of consumption, and jobbers have
bought heavily this week in anticipation of a heavy movement over the holiday week-end. 'There has been no distinguishable ill-effect on retail sales as a result of the new lc.
Federal tax on gasoline, but that the public is becoming
conscious of the extremely heavy tax burden placed upon
gasoline is shown by the report that in Chicago they are now
asking for "taxoline."
The question of gasoline taxes is becoming exceedingly
important, and the Standard Oil Co. of New York emphasizes the fact that close match must be kept on this angle,
declaring that "a Federal tax of le. a gallon on gasoline is
oppressive because it falls upon a daily necessity already
taxed $550,000,000 a year by the States. Imagine a tax of
8e. per gallon (as in Florida) on an article retailed at 100.
The petroleum industry will co-operate in the collection of
the extra cent to the end that the $150,000,000 per annum
hoped to be realized may help to balance the nation's budget.
It should not be forgotten that the only justification for this
extraordinary burden is a National emergency. When that
is ended the Federal tax should be removed."
Kerosene has continued dull throughout the week, but
there was a noticeable increase in buying interest in Diesel
and bunker fuel oil. Factors in the local market express an
expectation of improved buying in these products during the
coming week, as a result of inquiries which have been
placed about the trade during the past few days.
Price changes of the week follow:
June 27.
-Standard Oil Co. of California posts 23ic. advance In retail
gasoline prices. Advance met by leading marketers.
June 30.
-Republic Oil Co. posts %c. advance in tank car gasoline,
both below and above 65 octane.
July 1.
-Standard Oil Co. of Ohio advances gasoline ;ic. throughout
territory, making new prices 2135c., 18Mc. and 16Hc., respectively, for
its three grades.
Gasoline, Service Station, Tax Included.
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Cincinnati
$ 135
195
184
.18
.173
17
.185
Cleveland
Denver
Detroit
Houston
Jacksonville
Kansas City
Minneapolis
$ 185
.20
13
.17
.19
155
.167
New Orleans
$ 128
Philadelphia
.14
San Francisco:
Third grade
16
Above 65 octane... 18
Premium
21
St. Louis
144
Kerosene, 41-43 Water White, Tank Car Lots, F.O.B. Refinery.
I Chicago
S 02-.032i New Orleans, ex_ .30.0334
Tulsa
I Lee Ang.,ex_ _ .04%-.06
.04*..0334
N.Y.(Bayonne).0514-.00
.03
North Texas....
Volume 135
Financial Chronicle
Fuel Oil, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)California 27 plus D
'Gulf Coast C
5.70
Bunker C
• 3 .b5
5.75-1.001 Chicago 18-22 D_.42 W.50
Diesel 28-30 D. - 1.65 New Orleans C
.601 PhUadelphia C
.70
Gas 011, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)1Chicago1 Tulsa
28 D plus...J.0331-.041 32-36 D Ind_ J.0131-.021 32-36 D
Gasoline, U. S. Motor, Tank (Above 65 Octane), Car
Lots, F.O.B. Refinery.
N. Y.(Bayonne)N. Y.(Bayonne)Chicago
05%-.05%
Standard Oil, N. J.Sinclair
5.07K New Orleans, ex. .05-.0531
Motor, 60 ocPan-Am.Pet. Co_
.06
Arkansas
.04-.04.31
tans
083.1
Shell Eastern Pet_ .073i California_ _
.05-.07
Motor, 65 ocNew YorkLos Angeles,ex .0431-.07
tane
.08k
Colon1al-Beacon-3.08M Gulf Ports_ __
.05-.05K
Motor,standard .01331
Crew Levick
08k Tulsa
.06
Stand. OIL N. Y.
so
z Texas
0751 Pennsylvania_
.0531
Tide Water 011 Co .0731
Gulf
0834
Richfield 011 (Cal.).083i
Continental
0831
Warner-Quin.Co_ .0834
Republic Oil
08
•Below 65 octane. z"Texaco" s .0834.
0* Standard Oil of N.Y. now quoting on basis of delivered
price not more than Sc.
per gal, under company's posted service station
but in no event less than 7c. a gal., f.o.b. New price at point and date of delivery
York Harbor, exclusive of taxes.
31
patty to the Executive Committee for the equitable curtailment of the oil industry in California, to raise prices 25 cents
a barrel, provided the total production of the State was
reduced to 476,700 barrels daily, no field being permitted
to produce more than its quota. All operators have agreed
to keep production down to the limit set by the Standard
Oil Co.
The company announced that it has reserved the right to
withdraw the increase in price if production in the State or
in any important field should exceed the allowable for any
10-day period. The change, which is the first in the price
of California crude in over a year, has been followed by the
Union Oil Co. of California, the Shell Oil Co. of California
and the Associated Oil Co.
Oil Output in South Pennsylvania Restricted.
Production of Crude Oil Declines.
The New York "Evening Post" reported the following
The American Petroleum Institute estimates that the from Pittsburgh, June 28:
daily average gross crude oil production in the United States
Oil producers in Southwest Pennsylvania, Southeast Ohio and
West
for the week ended June 25 1932 was 2,156,000 barrels, Virginia will be restricted to 75% of their November 1932, output during
July, according to South Penn Oil Co.
against 2,197,550 barrels in the previous week and 2,441,950
barrels in the corresponding period in 1931. The daily East Texas Oil Output Cut-Allow
able Production of
production for the four weeks ended June 25 1932 averaged
Each Well 50 Barrels Instead of 51.
2,179,600 barrels. Comparative figures are set out below.
The following is from the New York "Times" of July 1:
Reports received for the week ended June 25 from refining
The Texas RR. Commission yesterday fixed the allowable productio
n of
companies controlling 95.1% of the 3,852,000-barrel esti- the East Texas oil field at 50 barrels a day for each well from July 1 to
mated daily potential refining capacity of the United States, July 15, eliminating the field allowable of 325,000 barrels daily, according
to reports from Austin. The ruling is
indicate that 2,312,000 barrels of crude oil daily were run production, which had been limited to expected here to increase the field's
325,000 barrels daily.
to the stills operated by those companies and that they had
After July 15 it is planned to restrict the field's output again
to 325,000
barrels daily, with production for each well adjusted every
in storage at refineries at the end of the week, 38,913,
15 days
000 Sept. 1, so that total output will not exceed the daily allowable. Auntil
few
barrels of gasoline and 129,864,000 barrels of gas and fuel days ago the Commission placed allowable output at
51 barrels daily for
each well, but this order has been rescinded.
oil. Gasoline at bulk terminals amounted to 14,743,
000
barrels and 2,367,000 barrels were in water borne transit
Oklahoma Oil Production Allowable Unchanged.
in or between districts. Cracked gasoline production
by
Oklahoma City advices to the "Wall Street Journal" of
companies owning 95.6% of the potential charging capacity
of all cracking units, averaged 460,700 barrels daily during June 29, said:
Allowable oil production for Oklahoma will remain at about
the week.
442,000
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures in Barrels.)
Week
Ended
June 25
1932.
Wyoming
Montana
Colorado
New Mexico
California
Arerage
4 Weeks
Ended
June 25
1932.
426.900
98.300
55.850
50.400
24.400
178.950
57,350
331,800
56.000
29.850
34,000
116.45e
31.900
104,650
17,650
35,000
7,200
2.950
36,100
460,400
Oklahoma
Kansas
Panhandle Texas
North Texaq
West central Texas
West Texas
East central Texas
East Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
•
Eastern (not Including Michigan)
Michigan
Week
Ended
June 18
1932.
453,400
96,540
53.050
50,800
24,650
179.350
58,000
331,050
55.100
29.550
34,050
113,550
31,850
107.550
17,150
35,300
6.700
3,000
36,200
480,700
430.650
96,450
53.700
50,500
24,550
180,600
57.250
335.800
55.350
29,550
34.050
114.450
32,850
107,500
17,850
35,650
7,200
3,000
36.150
476,500
Week
Ended
June 27
1931.
544,300
102.100
59,450
60,350
29,550
209,850
59.800
359,700
58,650
35.700
44.200
140,000
23,250
100,750
7,850
40,150
7.600
4,650
44.550
509.500
Total
2.1511.100 2.197.550 2.179 Ann 2 441 QM
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS,
GAS AND FLIP 1 OIL
STOCKS, AND CRACKED GASOLINE PRODUCT
ION FOR WEEK
ENDED JUNE 25 1932.
(Figures in Barrels of 42 Gallons
District.
Deity Refining Capacity
of Plants.
000000-40000ZO.
00-400=Cool-.1p
cco.
%
g8§8§§g§881
East coast
633,700
Appalachian..._ 149,600
Ind., Ill., Ky. _. 436,300
Okla., Kw.. Mo, 485,700
Inland Texas... 305.700
Texas cur
532,500
Louisiana gulf... 147,500
North 1.a.
-Ark..,
85,600
Rocky Mountain 160.900
California_ .... 914,500
.
Total.
004.0.4-wwwwwwl
Ri•poqino.
Potential
Rate.
Crude Rune
to .Sttlis
%
Daily OperAverar. Ole'!.
498,000
101.300
290,800
217,600
106,600
420,600
109,800
50,700
35.300
481,300
a'lido,
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
78.6 19,244.000 7.199,000
73.7 2,304,000 1,075,000
67.4 8,058,000 4,139,000
50.0 5,096,000 3,408.000
45.6 1,758,000 2,554,000
79.1 5,856,000 7,425,000
74.4 1,527,000 4.375,000
61.1
196,000
774,000
24.5 1,843,000
683.000
54.4 16,091,000 98,232,000
Totals week:
June 25 1932.. 3,852,000 3.661,600 95.1 2,312,000
63.1
June 181932.. 3.852,000 3,661.600 95.1 2.405.900 65.7 61.973,000 129,864,000
64.031.000 129.398.000
a Below is set out an estimate of total mo or fuel stocks
basis for week of June 25 1932, compared wi h certain Juneon U. S. Bureau of Mines
1931 Bureau figures:
A.P. I. estimate B. of M. basis week June 25 1932.13
62,798.000 barrels
U.8.11. of M. motor fuel stocks June 1 1931
64,196.000 barrels
U.S. B. of M. motor fuel stocks June 30 1931
Estimated to permit comparison with A. P. I. ECODOIMICS 60,165,000 barrels
b
Report which is on
Bureau of Mines basis.
California Crude Oil Price Raised 25 cents a Barrel
by
Standard Oil Co. of California-Other Companies
Follow Action.
The price of California crude oil was advanced 25 cents,
effective June 26, by the Standard Oil Co. of Californ
ia.
This action follows the offer made on June 11 by the corn-
barrels daily. including 97,300 daily for the South Oklahoma City
field,
for the first half of July, the Corporation Commission
has decided in extending present proration orders to July 15. The next hearing scheduled
is
for
July 11.
A survey made of the city field by some operators shows proabable
demand for July of around 85,000 barrels daily, a reduction from the
June
allowable. They pointed out that the expressed intention of
the military
authorities of keeping shut down some oil wells about which there
is some
question as to over-production may take care of the decline in demand
and
permit other wells to produce as much daily as during June.
The recent military order of the Governor caused an adjournment of the
State-wide proration committee of the Mid-Continent Oil
& Gas Association
In Tulsa recently without definite action on allowable recommen
dations.
The group has decided to await developments, according to A. C.
Richards,
Pure Oil Co. executive, who is the committee chairman.
Three Foreign Copper Producers 'Withdraw from
Copper Exporters, Inc.
-Tariff on Copper Assigned as Reason.
The withdrawal of three of the leading members from the
Copper Exporters, Inc., the single selling agency abroad
for copper producers, was announced on June 29. It was
stated that beginning June 30 they would sell their product
outside of the organization. With regard thereto we quote
the following from the New York "Times" of June 30:
The imposition by the United States of a tariff on copper of
4 cents a
pound, which went into effect on June 21, was given as the
reason for their
decision. These companies, all of which operate outside
the United
States, are the International Nickel Co., the Chile Copper
Co., a subsidiary
of the Anaconda Copper Mining Co., and the Cerro de
Pasco Copper Corp.
In view of the set-up of Copper Exporters, Inc., which
to function
properly must control virtually all copper sold in the world
markets outside of the United States, the withdrawals are expected
ultimately to
result in the breaking up of the organization. After
the tariff on copper
went Into effect here foreign producers were shut
out of the American
market, which was left in the hands of American producers
.
The rules of Copper Exporters prescribe that all members
shall participate in the foreign business on a quota basis.
Now that the foreign
producers are virtually barred from the market here,
they are unwilling
to share foreign sales with American producers,
which under the existing
conditions have exclusive possession of the largest
of all markets.
The announcement by Copper Exporters follows:
On account of changed conditions in
the imposition of the American tariff,the world's copper market, due to
certain foreign copper producers,
Including International Nickel Co.. Chile Copper
Co.
Copper Corp.. have announced that beginning June and Cerro de Pasco
30 they will sell their
product outside of Copper Exporters, Inc.
International Nickel is the largest copper producer
in Canada, while
Chile Copper is one of the leading copper-producing
organizations in
Chile. For years the latter company's mine
was the
producer in the world, but its output has been exceeded heaviest single
In the last few
years by that of the Union Miniere du Haut Katanga
in South Africa.
Cerro de Pasco has a prolific mine in Peru.
Whether an organization similar to Copper Exporters
will be organized
by foreign producers appeared yesterday to be uncertain
. However,
the consensus in the trade is that some such step will
be attempted if
Great Britain does not levy a tariff on the metal.
The Brooklyn "Daily Eagle" of last night (July 1) stated:
In addition to the Cerro de Pasco Copper Corp.,
Chile Copper Co.
and International Nickel Co. of Canada that withdrew Wednesda
y, Union
Miniere Du Haut Katanga resigned from Copper Exporters
, Inc., Thursday,.
32
Financial Chronicle
Co. also
It is understood that among foreign dealers Henry Gardner &
it
withdrew. Roan Antelope Copper Mines and the Rholma Corp.,
produce
develops, have not been members of Copper Exporters, as they
Andes Copper Mining
fire-refined and not electrolytic copper. The
member of
Co., subsidiary of Anaconda Copper Mining Co., remains a
Copper Exporters. It appears as if Anaconda intends to use simply
may
Chile Copper Co. in meeting any competition or price cutting that
develop in the foreign market. Chile Copper Co. Is probably the lowest
cost copper producer in the world.
Export Price of Copper Reduced To 53 Cents—New
Low Record.
Export prices of copper declined to 5% cents a pound,
the lowest level yet reached, on June 30. The change,
which follows the announcement of the withdrawal of three
foreign copper producers from Copper Exporters, Inc., the
co-operative selling agency abroad. This made a decline
of % cent a pound from the previous quotation of the custom smelters through the selling organization. For the
last several days copper has been available at 5.30 cents a
• pound c. i. f. European base ports.
The domestic price of copper is unchanged at 53A cents
a pound delivered in the Connecticut Valley. The New
York "Times" of July 1 in reporting the change had the
following to say:
This is the first time in several years that copper prices abroad have
of Copper
been lower than in the domestic market. Since the organization
parity of
Exporters, this agency has been successful in keeping a constant
base ports
h cent a pound between the price delivered at the European
covered the
and that of the domestic market. This spread just about
cost of transportation to Europe.
proThe opinion was expressed June 30 that eventually all foreign
the Amerducers would withdraw from Copper Exporters, leaving only
ican members of the organization.
12 Steel Units Resume—Youngstown Sheet & Tube
Co. Starts 12 Mills to Fill Orders for Auto Concerns.
Youngstown, Ohio, advices to the New York "Times"
July 1 state that 12 sheet mills of the Youngstown Sheet &
Tube Co. at the Campbell works started operations to-day,
the largest number of sheet mill units to be operated at one
time by this company in many weeks. The advices add:
Operation is to roll sheet orders received principally from the automobile
Industry.
sheet
The Mahoning Valley Steel Co. continues to operate six of eight
eight
mills at its Niles plant, while the Republic Steel Corp. has in action
sheet mills at Niles and three at Warren.
The Carnegie Steel Co. expects to resume activities at its Ohio works
here next week. Most rolling mills will suspend operations this week-end
and will remain closed until after July 4.
Foreign Producers Resign from Copper Exporters, Inc.
—Lead and Zinc Decline.
Withdrawal of three important foreign producers of copper
from Copper Exporters, Inc., was announced late yesterday
says "Metal and Mineral Markets" under date of June 30,
•
and then continues as follows:
States
The cause of the action was said to be the imposition of the United
tariff, which has completely changed the world set-up ofthe copper industry.
though some
The withdrawal of foreign producers was generally expected,
in
In the industry had hoped to defer the date pending some improvement
any
the copper situation. Trading in non-ferrous metals showed scarcely
zinc.
improvement in the last week and some price irregularity developed in
producers
tin, and lead. Copper prices were well maintained, domestic
lower levels, for they still believe
showing no desire to part with the metal at
that some plan can be worked out to impound the surplus stocks somewhat
the present
along the lines that were employed back in 1921. In any event,
such
steadiness in domestic copper quotations can be traced directly to
the quotation was
proposals. Lead was steady until yesterday, when
Proreduced to 2.95c. Zinc fell to 2.70c., St. Louis, with business dull.
for that
fessional operations in tin accounted for the fluctuations in price
depressing
metal. Continued unsettlement In financial markets had a
influence on silver, the price falling to a new low for the year.
Domestic Copper Steady. •
when a
The copper trade was thrown into a confused state late yesterday
statement was issued by Copper Exporters. Inc.. that on account of changed
conditions in the world copper market, due to the imposition ofthe American
Nickel,
tariff, certain foreign copper producers, including International
Chili Copper Co.. and Cerro de Pasco, have announced that beginning
June 30 they will sell their products outside of Copper Exporters.
Of even more importance than the developments in the export situation
was the increased consideration given to the movement initiated some weeks
ago by domestic producers to place the large stocks of copper in a position
somewhat similar to that which obtained during the depression of 1921. It
will be recalled that in that year the large stocks then held by the group
were pooled and bonds issued against them.
Sales during the week were again moderate in volume, with trading Particularly dull since Monday. The price structure, however, was steady
basis
throughout the period. at 5%c. delivered Connecticut—the settling
and Julyfor all sales of the week. Excepting two small lots for prompt
August delivery, the entire tonnage booked was for fourth-quarter delivery.
Foreign sales of metal from first-hand sources were on the basis of 5.50c.,
f., equal to 5.15c., refinery, and totaled 1,205 long tons, bringing the
June sales for the group to 7,336 long tons. Sellers outside the group disposed of a fair tonnage of metal in the European market at varying prices
below the group figure, which prices ranged from 5ki c. to 5c.. C. I. f.
Yesterday, with a decline of 10s. in London, electrolytic was quoted in that
market at the equivalent price of 5.10c., C. I. f.
Lead Reduced to 2.95 Cents, New York.
The market for lead appeared to be quite steady until late yesterday,
-point reduction in the New York
when the A. S. & R. Co. announced a 5
July
2 1932
price, establishing the quotation at 2.95c. per pound. Early in the day
some business was put through at 3c. In the St. Louis district the price
was more or less nominal toward the close, ranging all the way from 2.80.
in
to 2.90c. per pound, depending on seller. Actual business was reported
one direction at 2.825c., St. Louis, and lead was offered to consumers at
2.80c. Demand for lead failed to improve during June, based on the sales
record for the month. Sales of virgin lead booked for June shipments
amounted to less than 21,000 tons.
Tin Quotas Under New Plan Announced by Committee.
The International Tin Committee announced during the
week that the signatory governments have accepted the
scheme known as the modified Byrne plan to regulate
production and exports of tin.
Under this plan, which becomes effective July 1, production of tin during July and August of the current year
either ceases or is held under control in countries where the
ore is produced or ordinarily smelted. After August, the
ore or metal so controlled is released at the rate of 10%
per month for 10 months.
Tin. production after July 1 1932 will be at the rate of
54,056 long tons per annum. The individual annual quotas
after July 1 will be: Netherlands East Indies, 12,823;
Nigeria, 3,431; Bolivia, 14,687; Malaya, 23,115 tons.
Export statistics for April and May, in long tons, follow:
Netherlands East Indies
Nigeria
Bolivia
Malaya
Slam
Quota from
Jan.1
1,801
482
2 063
3,246
833
--Exports—
May.
April.
1,818
1,279
355
423
2,760
1,977
2,370
3,467
833
761
Steel Output Falls to 15% of Capacity—Widespread
Holiday Suspensions Will Drive Production to
New Low—Steel Scrap Price Lower.
Further shrinkage in ingot output and additional declines
in steel scrap priees have given added emphasis to the negative features that have characterized the iron and steel
market in recent weeks, states the "Iron Age" of June 30.
Raw steel production has receded from a national average
of 16% a week ago to 15%, and will fall to still lower levels
before the close of the week, adds the "Age" further stating:
Independence Day shutdowns will be longer and more general than usual.
Many steel plants are scheduled to stop operations on Thursday and,
though some of them will resume immediately after the holiday, others
will not start up again until the middle of July, while one large independent
unit will remain inactive during the entire month.
ng
Holiday suspensions will also be the rule for numerous steel-consumi
as sharply
plants, although it is doubtful whether consumption has receded
have been running heavier than
as production. Steel shipments of late
of cold
Ingot output, since producers have preferred to clean up stocks
metal rather than start up furnaces for short runs.
the automobile
While it is true that nearly all outlets for steel, including
the current level
Industry and public construction, seem to be closing up,
Is
of demand is so exceedingly low that for that reason alone a rebound
in the opinion of the
looked for. But such a pickup will not be immediate,
time being getting
trade, since the momentum of the depression is for the
will naturally be
additional impetus from seasonal influences. While there
of July shutdowns, no real upturn
some recovery in output after the Fourth
is believed possible before September at the earliest.
Scrap prices have proved very sensitive to the drastic curtailment of
Scrap dealers,
demand, now accentuated by complete plant suspensions.
to purin many cases, are so loaded with material that they are reluctant
scrap producers,
chase current offerings no matter how low the price. Large
finding that they are virtually forced to "give" material away, are likely
to follow the lead of an important automobile manufacturer in holding
material off the market, pending an improvement in demand.
Declines in scrap prices this week bring the "Iron Age" composite for
heavy melting steel down to a new all-time low of $6.58 a gross ton. Pig
iron markets are also weaker, in the East because of foreign competition
and In other sections, interestingly enough, because melters are using an
increasing percentage of scrap on account of its low price in comparison with
blast furnace metal. At Pittsburgh, pig iron prices have been reduced 50c.
a ton, and concessions are becoming commoner in Chicago, was well as
some other centers. Another primary material to give ground is spiegeleisen, which has been marked down $I a ton to $25. furnace.
The week's showing in structural steel awards was among the best of the
year to date. The total of 28,700 tons was swelled by a Washington letting
of 10,400 tons, which incidentally is the last of the large Federal projects
in the national capital to be placed. It is plain that public works will give
leas support to the steel industry from now on, unless unexpected appropriations intervene, although one of the biggest Governmental tonnages, i.e.
50,000 to 60,000 tons for Hoover Dam work, is still to be awarded. The
general contract for this project is expected to be let to the low bidder.
Babcock & Wilcox Co., by the middle of next week. The plates required
will probably be rolled at Gary,Ind.
Ford continues to be the main source of steel tonnage among the automobile makers, but a downturn in sales has caused a revision of the production schedule at the Rouge plant, with the likelihood that output in July
will be held down to 85,000 motors.
Finished steel prices are holding rather steadily, although in most cases
stability reflects lack of demand. Tin plate prices have been subjected to
some strain recently by spot purchases of relatively small tonnages, but
no revision of the ruling quotation is looked for until the fourth quarter.
Weakness in fabricated steel prices has likewise cropped out in connection
with attractive jobs, but is apparently loss in evidence now than several
weeks ago.
The "Iron Age" composite prices for finished steel and pig iron are
unchanged at 2.087c. a lb. and $14.01 a ton respectively. A comparative
table shows:
Finished Steel.
Based on steel bars, beams, tank plates,
June 28 1932, 2.087c. a Lb.
2 0870. wire, rails, black pipe and sheets.
One week ago
2 082c. These products make 87% of the
One month ay..
2 1370.1 United States output.
One year ato
Financial Chronicle
Volume 135
1932
1931
1930
1929
1928
1927
1926
1925
High.
2 0870. Jan. 5
2.1420. Jan. 13
2.362e. Jan. 7
2 412c. Apr. 2
2.391c. Dec. 11
2 453c. Jan. 4
2 453c. Jan. 5
2 560c. Jan. 6
Low.
2.0370. Jan. 19
2.052c. Dec. 29
2.1210. Dec. 9
2.362c. Oct. 25
2.314c. Jan. 3
2.293c. Oct. 25
2.403e. May 18
2.396c. Aug. 18
Pig Iron.
June 28 1932, $14.01 a Gross Ton.
Based on average of basic iron at Valley
One week ago
314.01
furnace foundry irons at Chicago,
One month ago
14.061 Philadelphia, Buffalo, Valley and BirOne year ago
15.591 mIngham.
High.
Low.
1932
814.81 Jan. 5
314.01 June 7
1931
15.90 Jan. 6
15.79 Dec. 15
1930
18.21 Jan. 7
15.90 Dec. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov. 27 •
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
1926
21.54 Jan. 5
19.46 July 13
1925
22.50 Jan. 13
18.96 July 7
Steel Scrap.
June 28 1932, $6.58 a Gross Ton.
(Based on heavy melting steel quoOne week ago
$6.831 tations at Pittsburgh, Philadelphia
One month ago
7.331 and Chicago.
One year ago
9.17,
High.
Low.
1932
88.50 Jan. 12
$6.53 June 28
1931
11.33 Jan. 6
7.62 Dec. 29
1930
15.00 Feb. 18
11.25 Dec. 9
1929
17.58 Jan. 29
14.08 Dec. 3
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov.22
1926
17.25 Jan. 5
14.00 June 1
/925
20.83 Jan. 13
15.08 May 2
In its summary of the iron and steel markets "Steel," of
Cleveland, on June 27 stated:
A bunching of rollings, chiefly structural material for public work, by
Carnegie Steel Co. mills in the Pittsburgh district lifted production in
that district four points to 20% last week and staved off the threat of the
national steelmaking rate to break through 17%.
This improvement at Pittsburgh. part of which will be surrendered this
week, offset slight reductions in the Chicago. eastern Pennsylvania, Youngstown and Buffalo districts. A three-point rise at Buffalo this week may
continue the 17% rate into the fourth consecutive week, but a general
shrinkage in bookings last week makes the task difficult.
Price appears more of a factor in the markets. Contrasted with pig
iron, scrap and other raw material, finished steel quotations have been
comparatively stable, but subsurface conditions, particularly aggravating
to the larger producers, are now boiling up.
For specific business, some small makers have been offering prices
Which the large interests have refused to meet. The necessity to keen
mills going and raise cash has disturbed, in instances. Large producers
appear tiring of "holding the umbrella" and are moving toward both a
firmer base price situation and a narrowing of the list of preferential customers.
Splegeleisen has been reduced $2 per ton, effective July 1, in line with
the recent $7 cut in ferromanganese. The proposed $2 advance in semifinished steel for the third quarter has been withdrawn and the $26 Pittsburgh-Youngstown price on billets and sheet bars extended. Coke byproducts prices are firm, due to light production, and the supply of toluol
is a little short.
Heating and furnace coke appear attractive at $2 to $2.15, and more
consumers are reported stocking. In the East, scrap dealers have bid
as low as 22 cents a ton on machine shop turnings, taking a $2.78 rate to
the consuming point. At Detroit, dealers have offered 50 cents for a
destination taking a $4.13 rate.
Large prospective business before the industry is the Hoover dam requirement for 52,000 to 60,000 tons of plates for tunnel liners, the Babcock
dz Wilcox Co., New York, apparently being low on the general contract.
Freight rates present an intricate situation, but the plates probably will
be rolled at Chicago.
The tin plate mills at Pittsburgh have stepped production up five points to
•
on the basis of broader specifications, while Mahoning valley mills
hold at 50%. The Gold Dust Corp. is inquiring for approximately 25,000
base boxes for the second half.
Structural steel lettings, still dominated by public construction, have
continued the declining tendency of the past two weeks, and for the week
ended June 25 totaled 10,262 tons, compared with 12,672 tons the week
Dreceding. Largest prospective work is 15,000 to 17.000 tons for the Philadelphia post office, to be up in July; 5,000 tons for the Minneapolis post
office, bids June 28, and 5,000 tons of piling at Pittsburgh for various
Federal river projects.
Ford last week placed, among other items, 100,000 sets of straight
chrome headlight shells and several hundred tons of terne plate with
Pittsburgh district mills. Chrysler has taken prices but has not yet bought
for the third quarter. In the aggregate, automotive requirements for
steel are shrinking.
Exports of iron and stool products in May jumped to 80,477 tons, largest
since July 1931, chiefly because shipments of scrap-largely to Japan
increased from 19,047 tons in April to 45.000 tons in May. Iron and
steel imports in May were up slightly, to 39,751 tons.
With hot-rolled strip being placed on a 1.45 cent market for widths up
to 24 inches, the finished steel composite of "Steel" is up 9 cents to $47.71
Adjustments at Pittsburgh lower the scrap composite 12 cents to $6.46'
The iron and steel composite, however, is unchanged this week at $29.52
Professor Stockder of Columbia University Finds
Regulation of Coal Production Works Satisfactorily-Conclusions Following Study of RhenishWestphalian Coal Syndicate.
Seeking to ascertain whether industry in the United States,
freed from the regulations restricting combinations, would
be able to stabilize itself and operate on a plan advantageous
both to producer and consumer, Prof. A. H. Stockder of the
School of Business of Columbia University studied the operation during the last 40 years of the Rhenish-Westphalian
Coal Syndicate. In a report of his study, published by the
"Columbia University Press," he offers as a possible answer
the experience of this syndicate, "which planned so effi-
33
ciently that the Government in turn adopted its form of
organization as a model in its program for the socialization of
all basis industries, and since then has forced the industry to
continue its regulative cartel." Prof. Stockder says:
It is a fact well-known among economists and those familiar with the
industrial conditions of the United States that the conditions that have
prevailed in our coal industry have been far from satisfactory. This has
been the case now for many years.
Production has been highly seasonal, idle shifts have been all too frequent
for the good of labor, labor costs per ton of coal produced have been high,
competition has kept prices at levels that made it difficult for many producers to operate at reasonable profits, and yet the public has paid too
much for its coal.
Conditions similar to these existed in the Rhenish-Westphalian coal fields
of Germany during the period from 1860 to 1893. In seeking a remedy.
the coal mine operators of the region, in the year 1893, organized the now
world-famous Rhenish-Westphalian Coal Syndicate.
This organization has now been in operation for nearly 40 years, a period
long enough to have given it an opportunity to put into effect its plan for
the stabilization of the industry.
During those years, it has had its supporters and its opponents. At
times, its life has been a stormy one. Yet it is a recorded fact that the infant
German Republic, launching upon its program for the socialization of basic
Industries, caused every coal-producing region in Germany to adopt a form
of organization patterned after that of the Rhenish-Westphalian Coal
Syndicate to serve as the fundamental mechanism of control designed to
obtain the greatest social benefit.
As an experiment in industrial control, at first purely private in character
and subsequently converted into what might be called a quasi-public institution, it has been a pioneer that has gained many followers.
Summarizing his conclusions as to what extent the syndicate has succeeded in stabilizing the industry, Prof. Stockder
finds:
On the whole, the regulation of production has worked satisfactorily and
the benefits obtained far outweigh the onerousness of the restrictions.
Any syndicate agreement, to be satisfactorily at all, must be elastic
enough to permit aggressive managements to extend their sales in competition with outsiders. Differences as to market policy have been the
most difficult to adjust.
Labor costs alone make up from 60% to 70% of the sales price per ton of
coal. So long as this is the case, any rapid readjustment of prices downward
during periods of business recession is not possible without heavy loss to the
producer. Prices, therefore, to a considerable extent are dependent upon
labor costs.
On the whole, the price policy of the syndicate has been conservative.
attributable in no small measure, to be sure, to the competition furnished by
other fuels and producers of energy.
The infrequency of strikes and lockouts indicates a generally satisfactory
labor policy. It is doubtful whether this would have been the case in the
absence of the several classes of social insurance imposed upon the industry
by law.
The fact that labor costs have increased faster than prices of coal, indicates that increased prices have benefited labor more than they have benefited the employer. Unemployment,in the form of idle shifts. has not been
entirely eliminated. It gains in volume during periods of depression, but
Is also in evidence during periods of prosperity. In the latter case, this Is
probably due more to conditions over which the industry in question has
no control.
Prior to 1919. collective bargaining and standard wage scales were
unknown in the industry. Since that year. however, both have become
established institutions. More recently, disputes concerning *ages and
working conditions have usually been submitted to boards of arbitration
for decision, but usually without agreement to abide by such decision as
binding. For this reason, recent wage scales have been set by the Minister
of Labor.
Coal Trade at the Head of the Lakes Shows Further
Curtailment in May.
According to the United States Bureau of Mines, Department of Commerce, mid-summer dullness settled over the
coal trade at the head of the Lakes during May 1932.
During the course of the month purchases for heating purposes dwindled close to the vanishing point, while industrial
buying was extremely light due to the continuance of the
depression of general business. As a result of these two
factors, bituminous deliveries from the lake docks show a
loss of 17.5% in comparison with the previous month, and
anthracite deliveries a loss of 25.5%. Not only were deliveries of both anthracite and bituminous coal in May less
than in April, but they also fell considerably short of the lowwater mark of last July.
Receipts of coal from the lower lake ports in May were
naturally heavier than in the first month of the navigation
season, but were still running far behind the volume of a
year ago. Bituminous receipts were 41.2% less than in the
corresponding month of last year, while receipts of anthracite
amounted to only 21,019 tons, or 86.7% less than in May
1931. The Bureau's report further goes on to say:
Bituminous Stocks.
The total stocks of bituminous coal at the head of the lakes have changed
only slightly during the past month. A decrease of 84.339 tons in the hands
of the Lake Superior operators was almost counterbalanced by an increase
in stocks on the Lake Michigan docks, and the total remaining on hand on
June 1 was 4.348.522 tons. In comparison with the stocks of a month ago.
this is a net reduction of 15,797 tons and is a trifle less than the tonnage on
hand on the corresponding date of last year.
Anthracite Stocks.
There has likewise been little material change in the reserves of anthracite.
On June 1 the dock operators reported a total of 506.271 tons on hand, of
which 296,392 tons was held by the Lake Superior operators and 209.879
tons by those on Lake Michigan. A year ago the total stocks of hard coal
in the hands of the commercial dock operators amounted to 510,934 tons.
Financial Chronicle
34
STOCKS. RECEIPTS, AND DELIVERIES AILICOMMERCIAL DOCKS ON
LAKES SUPERIOR AND MICHIGAN. MAY 1932, IN NET TONS.
Lake Superior. Lake Michigan.
Total.
Bil111712110113
-
Stocks on hand May l_a
Received during May
Delivered (reloaded)
On hand June 1
Anthracite-Stocks on hand May l_a
Received during may
Dellvered (reloaded)
On hand June 1
3.054,434
305,323
389.662
2.970.095
1.309,885
312,602
244,060
1,378,427
4.364.319
617,925
633.722
4,348,522
289,948
13,519
7,075
296,392
213.920
7.500
11,541
209,879
503.868
21,019
18.616
506,271
a Revised since last report.
Note.
-'Ilie above figures represent the commercial docks only and do not include
docks of the Industrial consumers and railroads operated fcr their own supply. For
Lake Superior, the source of Information is the monthly tonnage report of the Maher
Coal Bureau, which has been supplemented by direct information from companies
not covered by that report. The figures for Lake Superior are believed to include
all commercial companies operating at Duluth, Superior, Ashland and Washburn,
and also certain others at Sault Ste. Marie, Hancock, and other points on the upper
peninsula of Michigan. The figures for Lake Michigan are collected direct from
the operators of docks on the west bank as far south as Racine and Kenosha, not
Including, however, Waukegan and Chicago, III.
Bituminous Coal and Anthracite Output Dropped
Sharply in May.
According to the United States Bureau of Mines, Department of Commerce, the total production for the month of
May 1932, is estimated at 18,384,000 net tons, with an
average daily rate of 727,000 tons. Compared with an
April average of 790,000 tons, this shows a decrease of 8%
for the country. Figures for Illinois, Indiana and Ohio
reflect continued labor difficulties in those States, with some
increase in output, however, in Illinois and Indiana.
The decrease in production of Pennsylvania anthracite in
May was even sharper than that of bituminous. The total
for the month is estimated at but 3,278,000 net tons. Compared with 5,629,000 tons produced in April, this shows a
decline of 41.8%. The Bureau's statements also shows:
Estimated Production of Coal by States in May (Net Tons) a
May '32. April '32. May '31. May '30. May '23.
State654,000
670,000 1,010.000 1.285,000 1,747,000
Alabama
61,000
60,000
173,000
286,000
Arkansas and Oklahoma
118,000
736,000
206,000
273.000
Colorado
395.000
491,000
530,000
360,000 3,039,000 3,461,000 5,666,000
Illinois
628,000
495,000
Indiana
984,000 1,161,000 1,725,000
220,000
391.000
Iowa
280.000
217.000
230,000
280,000
577,000
Kansas and Missouri
294.000
321,000
381,000
Kentucky;Eastern
1,670,000 1,665,000 2,438,000 3,393,000 2,974,000
803,000
656.000
548,000
550,000
Western
705,000
207,000
87,000
119,000
132,000
149,000
Maryland
15,000
34,000
52.000
Michigan
7,000
33,000
97.000
93.000
187,000
187,000
Montana
131.000
253,000
77,000
New Mexico
93,000
121,000
155,000
64.000
North Dakota
65,000
80.000
79,000
53,000
355,000
390.000 1.547.000 1,825,000 3,770,000
Ohio
Pennsylvania (Bitum.)
5,407,000 6,774.000 7.867,000 10,494.000 15,685.000
529,000
200,000
215,000
294,000
Tennessee
412,000
47,000
46,000
49,000
94,000
Texas
59,000
110,000
Utah
323.000
148,000
158.000
175,000
538.000
570.000
Virginia
788.000
834.000 1,097,000
98,000
110,000
193,000
Washington
110,000
160,000
West Virginia: Southern_b 4,396.000 4.788,000 5,712,000 7,489,000 6.047,000
1,719.000 1,895,000 1,866,000 2,714,000 3,279,000
Northern_ c
256.000
280,000
483.000
Wyoming
366.000
391,000
12,000
20,000
22,000
Other States_d
5,000
13,000
Total bituminous coal_ _18,384,000 20.300,000 28,314,000 36.314,000 47,690,000
Pennsylvania anthracite__ 3.278,000 5,629,000 5,005,000 5,911,000 8.384,000
21,662,000 25,929,000 33,319,000 42,324,000 56,074,000
Total, all coal
a Figures for 1923 and 1930 are final. b Includes operations on the N. & W.;
Virginian; K. dc M.,and B. C. & G. c Rest of State, including Panhandle.
C.& O.;
d This group Is not strictly comparable In the several years.
Note.
-The above table presents estimates of production of bituminous coal,
by States, in the month of May. The distribution of the tonnage Is based largely
OD figures of loadings by railroad divisions, furnished by the American Railway
Association, and by officials of certain roads; cn reports of waterway shipments
made by the U. S. Engineer Offices, and on figures of field production submitted
by associations of coal operators
Production
of
Bituminous
Coal
and
Pennsylvania
Anthracite Increased During Week Ended June 18
1932, But Continues Below Corresponding Period
Last Year.
According to estimates of the United States Bureau of
Mines, Department of Commerce, 4,000,000 net tons of
July 2 1932
bituminous coal and 573,000 tons of Pennsylvania anthracite
were produced during the week ended June 18 1932 as
against 3,975,000 tons of bituminous coal and 559,000 tons
of anthracite during the preceding week and 6,635,000 tons
of bituminous coal and 950,000 tons of anthracite during the
corresponding period last year.
During the calendar year to June 18 1932 there was produced a total of 137,284,000 tons of bituminous coal, as
compared with 178,941,000 tons during the calendar year
to June 20 1931. The Bureau's statement follows:
BITUMINOUS COAL.
Production of bituminous coal showed but little change during the week
ended June 18 1932: The total output, including lignite and coal coked
at the mines, is estimated at 4,000,000 net tons. Compared with the
figure for the preceding week, this shows a gain of 25,000 tons, or 0.6%.
Production during the week in 1931 corresponding with that of June 18
amounted to 6,653,000 tons.
Estimated United States Production of Bituminous Coal(Net Tons).
1931
_-1932---Cal. Year
Cal. Year
Week EndedWeek.
to Date.
Week.
to Date..
June 4
3,640,000
129,309.000
6.585,000
165,632,000
Daily average..
687.000
979,000
1,098.000
1,251,000
June 11
3,975.000
133,284,000
6,674,000
172,306,000
Daily average.__ 663.000
965.000
1,112,000
1,245,000
June 18 b
4,000,000
137,284,000
6,635,000
178,941,000
Daily average667,000
953,000
1,106,000
1,239,000
a Minus one day's production first week in January to equalize number of daYS
in the two years. b Subject to revision.
The total production of soft coal during the calendar year to June 18
(approximately 144 working days) amounts to 137,284,000 net tons.
Figures for corresponding periods in other recent calendar years are given
below:
1931
178.941,000 net tons11929
242,353,000 net tons
1930
220,019,000 net tons11928
221,734,000 net tons
As already indicated above, the total production of soft coal for the
country as a whole during the week ended June ills estimated at 3,975,000
net tons. This is an increase over the output in the preceding week, when
working time was curtailed by the Memorial Day holiday. The following
table apportions the tonnage by States and gives comparable figures for
other recent years:
Estimated Weekly Production of Coal by States (Net Tons).
June 1923
Week Ended
StateJune 11 '32. June 432. June13'31. June14•30. Average.•
Alabama
131,000
270,000
387.000
131,000
218,000
Arkansas and Oklahoma
17,000
16,000
33,000
44,000
70.000
Colorado
51,000
48.000
94,000
175,000
131,000
Illinois
114,000
85,000
658,000
716,000 1,243,000
Indiana
151,000
120,000
219,000
240,000
416,000
Iowa
52,000
54,000
53,000
52,000
88,000
Kansas and Missouri__ _ _
71,000
69,000
70.000
74,000
128.000
Kentucky-Eastern
379,000
396.000
612,000
739,000
661,000
Western
142,000
130,000
109,000
163.000
183,000
Maryland
17,000
16,000
31,000
39.000
47,000
Michigan
1,000
3,000
2,000
9.000
12,000
Montana
33,000
14,000
21,000
39,000
38,000
New Mexico
17,000
15,000
26,000
34.000
51,000
North Dakota
14,000
15,000
19.000
13.000
14.000
Ohio
888,000
71,000
430,000
377,000
89.000
Pennsylvania (bit.)
1,125,000
967,000 1,743,000 2,383,000 3,613,000
Tennessee
113,000
42,000
43,000
66.000
89,000
Texas
21,000
14.000
14,000
9.000
11,000
Utah
29,000
18.000
38.000
32,000
89,000
Virginia
178,000
114.000
127,000
193,000
240.000
Washington
19,000
21.000
26.000
34,000
44,000
W. ya.-Southern_b
930,000 1,442,000 1,728,000 1,380,000
975,000
Northern c
298,000
534,000
628,000
317.000
856,000
63,000
84,000
Wyoming
55.000
54.000
104.000
Other States
1,000
1,000
3.000
2,000
5.000
3,975,000 3,640,000 6,674.000 8,088,000 10,866,000
850,000 1,182,000 1,956,000
523,000
559,000
Total all coal
4,534,000 4,163,000 7,524,000 9,270,000 12,822,000
a Average weekly rate for entire month. b Includes operations on the N. & W.;
C.& O.; Virginian; K.& M.,and B. C.& G. c Rest of State, including Panhandle.
Total bituminous coal
Pennsylvania anthracite
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of Pennsylvania during
the week ended June 18, is estimated at 573,000 net tons. Compared with
the output-in the preceding week, this shows a gain of 14,000 tons, or 2.5%.
Production during the week in 1931 corresponding with that of June 18
amounted to 950.000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
- 1932-- -1931
Daily
Daily
Week.
Average.
Week.
Week Ended
Average.
June 4
523,000 a 104,600
957,000
159,500
June ll_b
93.200
850,000
559,000
141,700
June 18
573,000
95,500
950,000
158,300
a Average based on five days. b Revised since last report.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended June 29, as reported by
the Federal Reserve banks, Wa9 $2,354,000,000, an increase
of $59,000,000 compared with the preceding week and of
$1,400,000,000, compared with the corresponding week in
1931. After noting these facts, the Federal Reserve Board
proceeds as follows:
On June 29 total Reserve bank credit amounted to $2,346,000,000, an
increase of $58,000,000 for the week. This increase corresponds with an
increase of $144,000,000 in money in circulation offset in part by decreases
of $32,000,000 in member bank reserve balances, and $9,000,000 in unexpended capital funds, non-member deposits, &c., and increases of $41.000.000 in Treasury currency, adjusted, and $3,000,000 in monetary gold
stock.
Holdings of discounted bills increased $6,000,000 at the Federal Reserve
Bank of New York, and decreased $13,000,000 at San Francisco, $5,-
000,000 at Atlanta and $18,000,000 at all Federal Reserve banks. The
System's holdings of bills bought in open market increased $10,000,000, of
United States Treasury notes $43,000,000, of Treasury certificates and bills
$22,000,000. and of United States bonds $6,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks,
and money in circulation. The Federal Reserve Board's
explanation of the changes, together with the definition of
the different items, was published in the May 31 1930 issue
of the "Chronicle," on page 3797.
The statement in full for the week ended June 29, in comparison with the preceding week and with the corresponding
Volume 135
Financial Chronicle
date last year, will be found on subsequent pages, namely,
pages 84 and 85.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ending
June 29 1932, were as follows:
June 29 1932.
5
470,000,000
64,000,000
1 801,000.000
11,000,000
Increase (+1 or Decrease (—)
Since
June 22 1932.
July 1 1931.
$
S
—18,000,000 +320,000,000
+10,000.000
—39,000,000
+71.000,000 +1,138.000,000
—5,000,000
—22.000,000
TOTAL RES'VE BANK CREDIT_ _2,346.000,000
Monetary gold stock
3 920,000,000
Treasury currency adjusted
1,811,000,000
+58,000,000 +1,396,000,000
+3,000.000 —1.036.000,000
+41,000,000
+46.000,000
Bills discounted
Bills bought
U. S. Government securities
Other Reserve Bank credit
Money in circulation
5,649,000,000 +144,000,000
Member bank reserve balances
2 034,000,000 —32,000,000
Unexpended capital funds, non-member deposits, &c
394,000,000 —9,000,000
+808,000,000
—355,000,000
—47.000,000
Returns of Member Banks in New York City and
Chicago—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City as well as those in
Chicago on Thursday, simultaneously with the figures for
the Reserve banks themselves and for the same week, instead
of waiting until the following Monday, before which time
the statistics covering the entire body of reporting member
banks in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for the current week, as thus issued in advance of the full statement of
the member banks, which latter will not be available until
the coming Monday. The New York City statement
of
course also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week records a decrease of 817,000,000, bringing the amount
of these loans on June 29 1932 down to $342,000,000,
a
new low record for all time since these loans were
first
compiled in 1917. Loans "for own account" decreased
during the week from $324,000,000 to $316,000,000,
and loans
"for account of out-of-town banks" from $28,000
,000 to
$21,000,000, and loans "for account of others" from
$7,000,000 to 85,000,000. The amount of these bans "for
account
of others" has been reduced the past 33 weeks due
to the
action of the New York Clearing House Association
on
Nov. 5 1931 in restricting member banks on and
after
Nov. 16 1931 from placing for corporations and other
than
banks loans secured by stocks, bonds and acceptances.
CONDITION OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL
RESERVE CITIES.
New York.
June 29 1932. June 22 1932. July 1 1931.
Loans and investments—6 534,000,000
total7,844,000,000
6,462,000,000
Loans—total
3,653.000,000 3,645,000,000 5,191,000,000
On securities
1,696,000,000 1,720,000,000 2,862,000,
All other
1,957,000,000 1,925,000,000 2,329,000,000
000
Investments—total
2,881,000,000 2,817,000,000 2,653,000,
000
U. B. Government securities
1921.000.000 1,881,000,000 1,607.000,
000
Other securities
960,000,000 936,000,000 1,016,000,000
Reserve with Federal Reserve Bank __
696,000,000 762,000,000 825,000,000
Cash in vault
45,000.000
40,000,000
44,000.000
Net demand deposits
4,934,000,000 4,898,000.000 5,863,000,
000
Time deposits
756,000,000 755,000,000 1,189,000.000
Government deposits
123,000,000 143,000,000 108,000,000
Due from banks
79,000,000
71,000,000 135,000,0
Due to banks
1 021,000,000 1,054,000,000 1,406,000, 00
000
Borrowings from Federal Reserve 13ank.
Loans on secur. to brokers & dealers;
For own account
316.000,000
For account of out-of-town banks_ _
21.000,000
For account of others
5,000.000
Total
342,000,000
On demand
On time
Loans and Investments—total
Loans—total
324,000,000 1,129.000,000
28,000,000 181,000,000
7,000,000 169,000,000
359,000,000 1,479,000.000
244,000,000
98,000.000
262.000,000 1,098,000,000
97,000,000 381,000,000
Chicago.
1 299,000,000 1,376,000,000 1,829,000,
000
894,000.000 911.000,000 1,256,000,000
On securities
All other
Investments—total
U.S. Government securities
Other securities
532,000,000
362,000,000
530.000,000
381,000,000
718,000,000
538,000,004)
405.000,000
465,000,000
573.000,000
232,000.000
173,000.000
287.000,000
178,000,000
339,000.000
234,000.000
Reserve with Federal Reserve Bank_
Cash in vault
199,000,000
40,000,000
181,000,000
23,000,000
175,000,000
21,000,000
Net demand deposits
Time deposits
Government deposits
820,000,000
345,000,000
23,000,000
894,000,000 1,170,000,000
374,000,000 539,000,000
27,000,000
25,000.000
Due from banks
Due to banks
126,000,000
233,000,000
131,000,000
259,000,000
197.000,000
354,000,000
8,000,000
10,000,000
1.000,000
Borrowings from Federal Reserve Bank_
35
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on June 22:
The Federal Reserve Board's condition statement
of weekly reporting
member banks in leading cities on June 22 shows decreases
for the week
of $268,000.000 in loans and investments, $193.000
,000 in net demand
deposits, $33,000,000 in time deposits, $63,000,
000 in Government deposits, $26,000,000 in reserve balances with Federal Reserve
banks, and
$9.000,000 in borrowings from Federal Reserve banks.
Loans on securities declined $40.000,000 at reporting
member banks in
the New York district, $9,000,000 in the Boston district
and
000
at all reporting banks. "All other" loans declined $140,000$50,000.the
,000 in
New York district, $15,000,000 in the Boston
district, $7,000,000 in the
Chicago district and $168,000,000 at all
reporting banks.
Holdings of United States Government securities declined
$15.000,000
in the Chicago district, $11,000,000 in the Clevelan
d district, $7,000.000
in the Atlanta district and $40.000,000 at all reporting
banks. Holdings of
other securities declined $8,000,000 in the New York district
and $10,000,000
at all reporting banks.
Borrowings of weekly reporting member banks
from Federal Reserve
banks aggregated $189,000,000 on June 22, the
principal changes being a
decrease of $13.000,000 at the Federal Reserve Bank
of Cleveland and an
increase of $5,000,000 at Chicago.
A summaxy of the principal assets and liabilities
of weekly reporting
member banks, together with changes during the week
and the year ending
June 22 1932. follows:
Increase (+) or Decrease (—)
Since
June 22 1932. June 15 1932. June 24 1931.
Loans and investments—total._ _ _18,819,00
0,000 —268,000,000 —3,524,000.000
Loans—total
On securities
All 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
11,297.000.000
4,778,000.000
6,519,000,000
—218,000.000
—34110.000.000
—50.000.000 —1,925.000.000
—168,000,000 —1,318,000.000
7,522,000.000
—50.000,000
—281.000,000
_ 4,298,000,000
3,224,000,000
—40,000.000
—10,000.000
+204.000.000
—485.000.000
1,611,000,000
213,000,000
—26.000.000
+8,000,000
—268,000,000
—19,000.000
10.926,000,000
5,568,000.000
394,000,000
--193,000,000 --2,380,000.000
—33,000.000-1,601.000.000
--63,000.000
i-85,000,000
1,225,000.000
2.660,000.000
—21,000.000
—87,000,000
—298.000.000
—679.000.000
189,000.000
—9,000,000
+128,000,000
General Credit Pool Proposed at Lausanne Conference
on Reparations.
One of the many proposals delegates to the reparations
conference were considering over the week-end is an idea
for a general pool whose resources would support the public
credit by guaranteeing the debts of nations on the verge of
financial ruin, said Associated Press reports from Lausanne
on June 25, from which the following is also taken:
Experts of several governments collaborated in formulati
ng the idea,
particularly the French, who believe that the Danubian
countries need
credit more than they need actual cash.
Its sponsors assert that if States that are in difficulti
es could pay their
debts and maintain their credit private business would
revive. Their suggestion is that the pool would be entirely non-politi
cal and under the
direction of some such institution as the Bank for
International Settlements.
Dino Grandi, Italian Foreign Minister, who was
among the first to
support President Hoover's plan for a one-third
cut in armaments, followed
up that action to-day with a demand that loans
under consideration for
Central Europe should be guaranteed against use
for armaments.
It was said authoritatively that his demand was
contained in a memorandum to Prime Minister MacDonald of Great
Britain. He also suggested
that aid be provided for the Danubian countries
by a non-political medium
such as the World Court, but only after the
debtors arranged a settlement
of their present obligations. This would avoid
the use of new loans for
payment of old debts.
German and British delegates have discussed
the possibility of reducing
Interest on Germany's private debts, a large
part of which are owed in the
United States, as part of a general agreemen
t to come from the reparations
conference, it was learned to-day from
German sources.
Common Cash Box Suggested at Lausanne
Conference
As Way Out of Reparations Deadlock.
Associated Press accounts from Lausanne on June 27
said:
In his talk with the French to-day,
Count Schwerin von Krosigk, German
Finance Minister, suggested that a way
out of the reparations deadlock
might be found through the creation
of a common cash box into which
Germany would pay sums when she was
financially able. But these payments, he insisted, would not be made under
the heading "reparations."
The cash box would be international
and the funds would be available
for stricken countries.
Stirred by the stiffness of the German
declaration and with experts insisting that the politicians dare not
fail to reach some agreement, the
French delegation was formulating
a reply to-night.
Financial Chronicle
36
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. It is important to note
that, beginning with the statement of Dec. 311927, several
very important changes have been made. They are as
follows: (1) The statement is dated for the end of the month
instead of for the first of the month; (2) gold held by Federal Reserve banks under earmark for foreign account is
now excluded, and gold held abroad for Federal Reserve
banks is now included; and (3) minor coin (nickels and cents)
has been added. On this basis the figures this time, which
are for May 31 1932, show that the money in circulation
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
$5,479,626,520, as against $5,464,626,961 on April 30 1932
and $4,702,275,432 on May 31 1931, and comparing with
$5,698,214,612 on Oct. 311920. Just before the outbreak
of the World War, that is, on June 30 1914, the total was
only $3,459,434,174. The following is the full statement:
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9.200,274,968 4.954.078,9831
8,782,098.264 c4,199.237,0141
8.479,620,824 c2,436,864,530I
' 5,396.596,677 4,952,020,313
3,797,825.099 4,845.589.804
1,007,084,483 412,420,4021
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113.787.250 7,314,129,728 1.849.502,76715,464.626.961
89.898.6686.775.628.230 2.073,352,7984.702.276,432,
352,850.336 6.761,430,672 1.063.216.060.5,698,214.612
117,350,216 5,126,267,438 953,321,5224,172.945,914
188.390.92513,459.434,174
3.459.434.174
816.266.721
90.817.762 816.266.721
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MONEY OUTSIDE OP THE TREASURY.
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the
a Does not Include gold bullion or foreign coin other than that held byby Treasheld
ury. Federal Reserve banks and Federal reserve agents. Gold gold held Federal
abroad
Reserve banks under earmark for foreign account Is excluded, and
for Federal Reserve banks Is included.
included In the total since the money held in trust against
These amounts are not
gold and surer certificates and Treasury notes of 1890 Is included under gold coin
and bullion and standard silver dollars. respectively. and silver certificates and
The amount of money held in trust against gold
Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money in the United
States.
a This total includes $41,129,471 gold deposited for the redemption of Federal
$30,253,1331
Reserve notes ($2,440,940 in process of redemption). ($18,289,709lawful money dein process of reposited for the redemption of National bank notes
including notes chargeable to the retirement fund), $1,350 lawful money
demption,
of May
deposited for the retirement'of additional circulation (Actsavings 30 1908), and
deposits.
$16,833,721 lawful money deposited as a [Nerve for postal
July 2 1932
e Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
f The money In circulation Includes any paper currency held outside the continental limits of the United States.
Noce.—Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption: sliver certificates are secured dollar for dollar by standard
silver dollars held in the Treasury for their redemption; United States notes are
secured by a gold reserve of $150.039,088 held In the Treasury. This reserve fund
may also be used for the redemption of Treasury notes of 1890. which are also
secured dollar for dollar by standard silver dollars held In the Treasury: these noted
are being cancelled and retired on receipt. Federal Reserve notes are obligations
of the United States and a first lien on all the assets of the Issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve
agents of a like amount of gold or of gold and such discounted or purchased Paper
as Is eligible under the terms of the Federal Reserve Act, or. until March 3 1933. of
direct obligations of the United States If so authorized by a majority vote of the
Federal Reserve Board. Federal Reserve banks must maintain a gold reserve of
at least 40%, including the gold redemption fund which must be deposited with the
United States Treasurer. against Federal Reserve notes in actual circulation.
Lawiul money has been deposited with the Treasurer of the United States tor re(Bement of all outstanding Federal Reserve bank notes. National bank notes are
secured by United States bonds except where lawful money has been deposited with
the Treasurer of the United States for their retirement. A 5% fund is also maintained in lawful money with the Treasurer of the United States for the redemption
of National bank notes secured by Government bonds.
Five-Year Economic Pact Proposed at Lausanne
Conference by German Delegation.
A five-year economic pact, described as having been designed to award France sufficient advantages to repay any
loss in reparations, was proposed on June 22 at Lausanne by
the German delegation to the reparations conference in a
memorandum submitted to Prime Minister MacDonald.
Associated Press advices from Lausanne, June 22, went on
to say:
The memorandum suggested that each nation participating in the conference agree for five years to forego any step likely to harm the trade of
any other without first consulting all signatories to the pact.
In German quarters it was said that the proposal was a major attempt
on the part of the Berlin Government to forward Franco-German collaboration. A German spokesman declared there were no political clauses in the
proposal.
A French spokesman said Premier Herriot was studying the suggestion
carefully.
Private Debts Barred at Lausanne Conference—German and British Delegates Deny Report That
Issue Would Be Discussed.
By the German delegation and by the British, who are
Germany's second biggest private creditor, emphatic denial
was given on June 23 to the suggestion that there would be
proposed or discussed at Lausanne any reduction in Germany's private debts. Information to this effect was carried
In a Lausanne message, June 25, to the New York "Times,"
which also had the following to say:
A report that first spread around Lausanne last night that the Reich
Government was contemplating such a move was immediately contradicted
in official quarters and to-day the contradiction was fully maintained.
It is recognized that some arrangement between Germany and her
creditors may have to be reached when the standstill agreement comes to
an end, but this conference cannot and will not even consider such a suggestion. It was summoned by the governments and can deal only with intergovernmental debts.
Its object, as has been repeatedly affirmed, is to treat the problem of
Intergovernmental debts so as to permit the return of confidence and the
establishment of sound credit, not only with regard to Germany but in the
whole of Europe. Toward that object the first step, it is urged by Britain
In the first place and by Italy in the second, must be cancellation of the
bad debts and reparations that Germany obviously cannot pay now and may
never be able to pay if that handicap to her recovery continues.
Wiping Out Debts Balked at Lausanne Conference
by Premier Herriot of France in Conversations
With Prime Minister MacDonald of Great Britain.
The statement that efforts were made by Prime Minister
MacDonald of Great Britain to persuade Premier Herriot
of France that cancellation of Europe's bad debts was the
only road out of the financial morass and that all "buts"
and "Ifs" with which M. Herriot was seeking to condition
the surrender would mean only so many more impediments
to recovery was contained in a cablegram, June 20, from
Lausanne to the New York "Times," from which we also
take the following:
M. Herriot's biggest "but" is always that the French Parliament will
not accept cancellation unless the United States will promise cancellation
or at least revision. He holds strongly to the belief, which is generally
shared in France, that while Britain is anxious for a clean reparations
slate, the American Government and people still think Germany should
continue to pay "something."
This belief of the French gives rise to all those schemes that are being
put forward unofficially for paying reparations by a loan guaranteed by
the German railroads or for a general undertaking by Germany to hold
herself ready to resume payments when called on to do so. But it is to
be noted that M. Herriot himself has not put forward any of these schemes.
He and Mr. MacDonald have been talking principles and so far the British
Prime Minister has stood firm by the principles laid down in his opening
speech.
Secretary of State Stimson Again Denies Reports of
"Gentleman's Agreement" with Great Britain for
Termination of Reparations.
With reference to a press account from London on June 24,
that the United States and Great Britain had made a "gentleman's agreement" on debts and disarmament, Secretary
Volume 135
Financial Chronicle
37
Stimson issued a formal denial on June 24, said the New
York "Times", which,in giving the statement,said:
On Monday, June 27, the Lausanne correspondent of the
"Times" reported as follows:
The State Department informally denied the report yesterday, but
to-day's statement reflected irritation of Mr. Stimson over recurring
"gossip" for Europe that these topics are being negotiated or discussed "in
any way" by American officials.
Both Premier Herriot of France and Chancellor von Papen of Germany
came back from their week-end consultations in their respective capitals
in a stiffer frame of mind, with the result that the Lausanne Reparations Conference has reached its first real deadlock.
It is just the kind of deadlock that Prime Minister MacDonald of Great
Britain and others feared would happen when M. Herriot suggested trying
direct negotiations with the Germans. To-night Mr. MacDonald and his
chief aides, Neville Chamberlain and Walter Runciman, were in conference
trying to find a way out for all parties.
News that progress had been suspended was conveyed to the press near
8 o'clock this evening after a four-hour conversation between the French
and German delegations. That conversation began with a long argument
by Count Schwerin von Krosigk, the German Finance Minister, "in favor
of the annulment of reparations," with some outline of the German suggestions for the restoration of Europe.
Chancellor von Papen completed in a general fashion the explanations of
the Finance Minister. Then, according to the official communique, "M.
Herriot made in the name of France the reservations which he judged
necessary." The conversations, it was announced, will be resumed Wednesday, a full day intervening.
Behind the communique lay a curious history of repeated mistakes. Basing his course on the opinion of his experts and his close political friends,
and influenced by the viewpoint of Paris, M. Herriot has from the beginning
of the conference never ceased to believe that by persuasion or argument, or
just by sheer good-will, Germany could be induced to promise to resume
reparations payments. Prime Minister MacDonald warned him repeatedly
that he was wrong and warned him, too, that a long continuation of argument about future payments would be the very worst start possible for the
restoration of confidence, credit and trade, which were the objects of the
conference.
Secretary of State's Statement.
Secretary Stimson's statement follows:
It ought to be unnecessary to continue to repeat that there have been
no negotiations, discussions or conversations between this government
and the European governments on the subject of debts or reparations.
There is no foundation whatever for the everlasting gossip telegraphed from
Europe that these topics are being negotiated or in any way discussed here
or abroad by representatives of the United States.
I categorically deny reports from London by one press association that
"the United States and Great Britain have reached an unwritten 'gentle
men's agreement' that they will follow the same disarmament policy and
that reparations payments must cease."
I give further categorical denial to the allegation that any agreement
"provides for the United States to grant Britain special debt reductions or
a moratorium, to be announced after the United States elections."
There is no foundation for these reports and the statement made in the
report referred to that negotiations between Sir John Simon and Ambassador
Mellon on the subject of debts and reparations have been "procreeding for
some time," &c., is absolutely false.
The American Embassy in London points out that the falsity of this
report is apparent by the fact that Mr. Mellon has not seen any member
of the British Government this week.
A previous statement by Secretary Stimson denying reports of negotiations on the debt question was given in our
issue of June 25, page 4579.
Germany Tells France She Will Never Pay Reparations
—Chancellor Von Papen Informs Premier Herriot
at Lausanne Conference That Prospect of Debt
Bars Revival—Conferees Friendly—Deadlock Ensues When Germans Insist on Cancellation and
the French Refuse—German Minister Suggests
Common Fund for Danubian Relief.
Indicating that nothing tangible had come from the initial
effort of the French and German'delegations to the reparations conference at Lausanne to find some substitute for
reparations or to cancel them, the Lausanne correspondent
of the New York "Times," in a message from Lausanne, on
June 24, said:
It is becoming obvious that Prime Minister MacDonald's great effort on
behalf of the world's business to get rid of Europe's political bad debts
and try to make a fresh start has little chance of success.
Mr. 'MacDonald may make another effort later, but the fate that has
overcome the disarmament conference seems likely to overtake the Lausanne
meeting and instead of results the world is going to get months of bargaining between experts of a kind which no small tradesman would ever enter
and expect his business to live.
Germany Refuses to Pay.
To-day's meeting was, of course, all friendliness between the French
and Germans. Premier Herriot and Chancellor von Papen had a private
talk first. Here the French leader put bluntly the question Mr. MacDonald
had prepared for him. He asked if Germany was willing to resume reparation payments after the present period of depression was over. Chancellor
von Papen replied with a direct negative and gave as his reason that the
prospect of a resumption of payments would prolong the depression and
any attempt to carry them out would provoke a new crisis.
There was nothing left but to examine all the many plans which have
been so freely circulating during the past 10 days as substitutes for reparation payments. Except the British, it may be said not a single delegation
here has ever taken a world view of the situation or concerned itself in
the least with more than a national outlook, and that in the narrowest
sense.
There is a Belgian plan for the extension of freer trade and payments by
Germany, and presumably everybody else, into a central compensation fund
of the Bank for International Settlements, which would be used to help
reconstruct Central and Eastern Europe. There is a French plan with
its loan based on German railroad receipts and public utilities.
There is even Chancellor von Papen's pet pipe dream of a Franco-German
military alliance. All Frenchmen and scene Germans are laughing at the
circulation of this idea. No one in Europe has ever treated it as more
than the dream of a former cavalry officer who turned newspaper man
and was suddenly pitched into the Chancellorship.
.
M. Herriot went to Paris this evening and they will both be back Monday to begin work again. Meanwhile, they announced in a common communique, the experts will continue the work. . . .
To-day's two meetings were taken up with the customary long description by the German delegates of the financial griefs and economic woes
of their country.
In the afternoon it was the turn for the French. Louis Germain-Martin,
French Finance Minister, with his budget in disorder and a deficit, retailed
his misfortunes to the sympathetic ears of Chancellor van Papen and his
colleagues. So touched was the Chancellor, whose heart is very kind, that
he told French newspaper men he fully recognized France ought to be
paid something.
When their mutual sorrows had been exposed the two delegations began
to discuss their various plans. In place of reparations the German Cabinet
Ministers were willing to offer all kinds of trade concessions to France.
They even were willing to discuss the compensation fund idea. The French
still stand firm by at least the formula of a renewal of payments.
Long Delay May Result.
Then they turned their plans over to the experts for study over the
week-end. Every one who has followed any international economic conference knows what that means. If tariffs are involved the experts' discussion
may last months. So perhaps the solution which some people here seem
to desire will be realized.
All payments have been suspended during the sessions of the conference.
The experts can draw out the conference for months and during that time
there will be German elections and American elections. There will be
finally, Dec. 15, the debtors' day of reckoning with the United States.
On June 28 the Lausanne account to the "Times" said
in part:
All day to-day Great Britain's delegation labored hard to bring about an
agreement. But although at the end of the day it was believed there was
a "better atmosphere" than yesterday, both the French and the Germans
immediately on leaving the presence of Prime Minister MacDonald and his
colleagues resumed their old positions and methods of thinking. . . .
To-day's efforts by Mr. MacDonald to bring the two into harmony have
yielded no sound results. There were two meetings. It had been proposed
by the French and Germans yesterday that they would take to-day to study
their respective positions, and the French began busily preparing a 50-page
plan to present to Germany to-morrow as an alternative to cancellation.
Mr. MacDonald was anxious to avoid what would certainly have been an open
refusal and a breakdown if this course had been adopted and summoned both
delegations at noon and again at 4 o'clock this afternoon to talk their
differences over.
, Meeting Set for To-day.
Following the second meeting it was said that to-morrow there would
be another meeting between the French and Germans in the morning, and
in the afternoon "the President of the conference will make a report to the
six inviting powers and invite them to make arrangements for completing
the work of the conference."
The phrase "completing the work of the conference" is interpreted by
the French as equivalent to "winding up." A committee representing all
six powers will be appointed to assure at least the appearance of continuity,
and so to provide for a continued suspension of payments agreed upon
the second day of the conference. But the slate is not to be wiped clean
yet unless during the night there is some sensational change of front.
Agreements on Debts Completed with 15 Foreign Countries.
In the "United States Daily" of June 16 it was stated that
all but one of the 16 foreign debtor nations participating in
the one-year moratorium on war debts, which runs from
July 1 1931 to July 11932, have signed formal agreements
covering the suspension and gradual repayment of the suspended annuities, according to oral information made
available June 15 at the Treasury Department. The
"Daily" added:
Poland, whose annual payment of $7,486.835 was not collected under the
moratorium, signed the formal treaty June 15, and Estonia ratified the
agreement June 14; Austria is the only debtor which has not signed, socording to the information. Additional information furnished follows:
Included in Budget.
On July 1 the present moratorium expires, and presumably annual Payments by the debtor nations will be resumed after that date. The American
budget for the fiscal year which begins July 1 includes among the estimated
receipts $270.000.000 to be collected from foreign nations in principal
and interest.
The first day after the expiration of the current moratorium and the
first day of the coming fiscal year, July 1, one of the debtor nations. Greece,
Is scheduled to make a payment of $130.000. Although small, thus annuity
raised the question of a moratorium a year ago. The bulk of the foreign
payments are not due until December.
Negotiating With Austria.
With the ratifications of Poland and Estonia, formal treaties covering
repayment of all but $287,556 of the $252.566.803 not collected under
the moratorium were completed by the United States. The balance is
a payment on a reconstruction loan to Austria, repayment of which involves
other creditors. Negotiations with Austria, therefore, have more ramifications and are handled more slowly.
Under the agreements just signed each of the debtor nations will begin
paying the suspended collections in 1933 after the opening of the fiscal
year 1934 on July 1 1933. The suspended collections and interest thereon
at 4% will be funded over the succeeding 10 years.
Greece First to Sign.
Greece was the first country to sign the formal agreement covering
the moratorium and the repayment; Mr. Charalambos Simopoulos, Minister
for Greece, signed the agreement for his country on May 24. The countries involved in the moratorium and the amount of each suspended payment follow:
Austria, $287,556; Belgium, $7,950,000; Czechoslovakia, $3.000.000;
Estonia, $600,372; Finland, $312,295; France, $50,000,000; Great Britain,
$159,520,000; Greece, $1,009,080; Hungary. $69,342; Italy, $14.706,125;
38
Financial Chronicle
July 2 1932
Latvia, $250,653; Lithuania, $224,545; Poland, $7,486,835; Rumania.
$800,000; Jugoslavia, $250,000. and Germany, $6,000,000.
cablegram to the New York "Times", which also had the
following to say under date of June 24:
Sir Ronald Lindsay, British Ambassador, and Nobile
Giacomo de Martino, Italian Ambassador, signed at the
Treasury on June 4 on behalf of their Governments agreements for funding the payments suspended during the
Hoover holiday year on inter-governmental debts, which
expired on June 30. A Washington dispatch on June 4
to the New York "Times" said:
The Chamber again went on record for final settlement of the reparations and war debt problems and lowering of tariff barriers. Abraham
Frowein of Germany, President of the Chamber, pointed out that the
world economic situation had grown worse since the last meeting. The
world needs action, not governmental declarations, he said.
Newspaper comment is still predominantly hostile to the Hoover plan.
though Leon Blum, head of the Socialist party, writing in "Le Populaire"
and "Volonte," one of the majority's papers, and "La Republique," a
Radical Socialist organ, continue urging its acceptance as a basis of settlement. M. Blum cannot be ignored now, as Andre Tardleu ignored him
when Ambassador Gibson submitted his plan in April. Therein lies the
chief hope that something will come of the Hoover proposal.
The action was a routine one, having previously been pledged at the
London debt conference last summer, and followed similar action by
Hungary, Greece, Germany and Finland. The agreements provide for
-year period at 4%. The
funding the suspended payments over a 10
ceremonies were brief and took place in the office of Secretary Mills.
British suspended debt is $159,520,000 and the annual payment
The
with interest $19,441,530, while that of Italy is $14,706,125 and the annual
payment $1,792,311. The first payments on the suspended amounts will
be due on Dec. 15 1933.
On resumption of payment of the foreign debts in the 1933 fiscal year
the first obligation due is $130,000 by Greece on July 1.
The total amount of the debt suspended in the 1932 fiscal year was
$252,567,000.
A London cablegram June 7 to the same paper said:
Explains Interest on Our Debt.
The British debt to the United States came up in the Commons to-day
when a member asked why the Government had agreed to pay 4% on the
year's payments postponed under the Hoover moratorium in view of the
lower prevailing rates. Mr. Chamberlain replied that the low rates referred
to were for short loans, while the 4% rate fixed by the United States
Congress was for 10 years.
Another member started a question in this manner:
"In view of the possibility that this House will not consent to a renewal
•of payments to America"—
At that point he was shouted down by cries of "Order", and the question was ruled out anyway on the ground that it was hypothetical.
An item on the debt of Great Britain appeared in our issue
of June 4, page 4078.
Agreements to fund the war debt payments suspended
by the Hoover moratorium over a ten-year period were
signed at the Treasury Juno 11 by diplomatic representatives of France, Belgium, Rumania, and Latvia. The
suspended payments were as follows: France, $50,000,000;
Belgium, $7,950,000; Rumania, $800,000; Latvia, 8250,653.
Lloyd George Hails Hoover's Proposals to Reduce
World Armaments—"I Would Go Much Further,"
He Says in London—Baldwin Assails Burden of
War Debts.
A cablegram as follows from London June 25 is taken from
the New York "Times":
Strong approval of President Hoover's disarmament proposals was
expressed by David Lloyd George to-day in an address before a gathering
of younger members of the Liberal party.
"I hope no silly prejudices are going to stand in the way of allowing
us to co-operate with President Hoover's great manifesto to the full," he
said. "Let us make the most of the proposals. Let us improve and
strengthen and widen them. Personally, I would go very much further,
but at any rate let us begin by doing these things."
Stanley Baldwin, the acting Prime Minister, made no reference to the
Hoover plan in addressing a Conservative meeting in Sheffield to-day on
the subject of European debts.
He concerned himself chiefly with hopes for the Lausanne and Ottawa
conferences.
"We want to see, as far as Europe is concerned, a clean sweep of all old
debts so we may start afresh with light hearts," he said. "We hold the
view that European trade—and I am confining my observations to Europe
—is being strangled not only by high barriers and restrictions but by the
burden of reparations and war debts which hangs over nearly every country
alike."
President Hoover's proposals were noted in our issue of
June 25, page 4576.
President Hoover's Plan to Reduce World Armaments
Hailed in Chile—Santiago Newspapers Say Proposal Should Be Approved.
The following from Santiago, Chile, June 24, is from the
New York "Times":
Leading Santiago papers say editorially to-day that President Hoover's
proposal for armament cuts is the most complete and most practical suggestion for the reduction of armament expenses,"adding one ray ofsunshine
on a cloudy horizon."
Expressing the deepest admiration for President Hoover's action, the
"Mercurio" says it constitutes a clear cut, truly American formula for
immediate adoption and should have the approval of all nations of the
world.
The "Diario Ilustrado" says every support should be given to the project,
expressing the belief that France and Japan would co-operate if the others
• firmly maintain their positions.
International Chamber of Commerce Approves World
Armament Cut Proposed by President Hoover—
Little Encouragement Comes from the French,
However, at Session in Paris.
The International Chamber of Commerce warmly approved President Hoover's arms reduction plan at its
-quarterly meeting in Paris on June 24, though from the
French side there was little encouragement, said a Paris
Great Britain to Convert 5% War Loan to 332% Basis—
Approximately $2,000,000,000 Outstanding—Bank
Rate Reduced at Same Time to 2%.
Announcement was made on June 30 in the British House
of Commons that the 5% war loan would be converted to a
3M% basis. The Associated Press cablegrams from London
on that date said:
George Lansbury, Labor party leader, expressed delight because an
effort was finally being made to place Great Britain's tremendous debt on a
sounder footing.
The Chancellor explained that the Government's conversion plan had
been kept secret until late this evening "because of consideration of the
hours of business in America." It had been forecast, however, by the bank
rate drop and by a fall in the price of war loan 5s to below that of Consul
4348.
Approximately £2,000,000,000 ($7,200,000,000 at current exchange) of
the war loan 5s is outstanding at present. The anticipated annual interest
saving of £30,000,000 ($108,000,000) will be offset by losses of about
£23,000,000 ($82,800,000) in the income surtax.
The Government printing works was attempting to-night the gigantic
task of printing 15,000,000 forms and dispatching them by post to the
3,000,000 holders of the war loan within the next 24 hours.
A London cablegram June 30 to the New York "Times"
said in part:
The announcement was made at the first convenient moment after the
bank rate at noon had been reduced from 234 to 2%—the lowest in 35 years
—and a second factor vital to the conversion was in evidence at the same
hour, namely, the 4% Consols were higher at 10234 than the war loan 5s
at 10134. Mr. Chamberlain was cheered from all quarters of the House
when he explained the scheme, which will save the Treasury £30.000,000
In interest yearly.
Mr. Chamberlain said the maintenance of the old wartime rate, hanging
like a cloud over the capital market, was a source of depression and hindrance
to the expansion of trade.
Sees Difficulties Overcome.
"The strongest argument for immediate action," he added, "is to be
found in the spirit of the country. After a long period of depression we
have recovered our freedom in monetary matters. We have balanced our
budget in the face of most formidable difficulties and we have shown the
strongest resistance of any country to the general troubles affecting world
trade.
"I am convinced that the country is in the mood for great enterprises and
both able and determined to carry them through to a successful conclusion."
After paying tribute to Viscount Snowden of Ickornshaw, who had hoped
to undertake this operation last year and had rendered his task easier by
the finance act, Mr. Chamberlain explained that the Government intended
to repay the war loan in cash on Dec. 1 at par, but the holders are invited
to convert their holdings into an equal amount of the 334% loan as from
that date. If they assent not later than July 31 to continue on the loan,
they will receive a cash bonus of 1% within 14 days of their notifying the
Bank of England.
Holders who do not send notification of their acceptance of the offer will
be deemed to have accepted it, and holders who desire to receive payment
In cash on Dec. 1 must notify the Bank of England not later than Sept. 30.
"The dividend on Dec. 1 must be paid at the rate of 5%, payable under
the original prospectus until the notice to repay becomes effective," Mr.
Chamberlain said. "Thereafter, beginning with the dividend payable on
June 1 1933, the rate of interest will be 334%•
"Up to Dec. 1 1952, five years later than the latest date for repayment
of the loan under the original prospectus, the Government will forego all
right to redeem the loan. After that date the Government reserves the right
to repay the loan at any time, either in a single operation or in instalments.
"The existing arrangement under which interest is paid without deduction
for income tax at the source—a special privilege that proved of great convenience to an enormous number ofsmallholders—willcontinue unchanged."
British Treasury Pays Gold Premium on Bank of
England Purchases.
Under date of June 25 a London cablegram to the New
York "Times" said:
During the week ended Wednesday (June 22) the Bank of England's
gold purchases aggregated £1,256,000. This makes the total purchases
E15,000,000 since the Bank commenced buying gold on an important
scale in the middle of May.
The gold which has been bought during this six-weeks' period has been
figured in the Bank return at the old statutory price, which represented
the value of gold bullion in British currency before the currency had dePreciated, owing to suspension of gold payments. The difference between
that price and the present market value of bullion in terms of British
currency represents the premium now obtainable for gold on the open
market, which amounts to something over 30%. It is understood that
this premium is being debited to the Treasury's Exchange Equalization
fund, and that gold purchases now being made by the Bank are directly
connected with the operation of that fund.
Formal Announcement of British Exchange Equalization Fund.
United Press advices from London to the "Wall Street
Journal" of June 28 said:
Volume 135
Financial Chronicle
Major Walter Elliot, Financial Secretary to the British Treasury, told the
House of Commons that the exchange equalization account was established
Friday [June 241 with the Treasury placing £150,000,000 to its credit.
The fund has been formed to stabilize the price of the pound sterling in
world markets, gyrations in which have been rapid since abandonment of
the gold standard last September.
Commenting on the above the same paper in its June 28
issue said:
The market was somewhat surprised over the announcement in the
British House of Commons that the British Exchange Equalization Fund
was established on Friday at which time the Treasury deposited £150,000.000
to the credit of the fund.
Opinion was expressed locally that the announcement merely represented
the formal establishment of the fund and represented a bookkeeping transaction rather than the beginning of a new policy. The Treasury has been
active in the exchange market in the past, but since last Friday there has
been no evidence of support.
Items bearing on the above appeared in these columns
April 23, page 2994; May 14, page 3556 and May 28, page
3900.
London Attitude Changing on the Dollar—Recent
Fears Now Held Unwarranted.
The substantial recovery which has occurred in dollar
exchange is now exciting greater interest in London, said
a wireless message June 24 to the New York "Times,"
which went on to say:
Notwithstanding that part of the improvement was lost on some days
of this week, sentiment of the London market concerning the position
and prospects of dollar exchange has now altered distinctly for the better.
It is admitted that, in the light of recant events, fears which were entertained hero regarding serious depreciation of the dollar were unfounded.
The basis for the recovery is recognized to have been primarily the
balancing of the American budget and the rejection of the soldiers' bonus
bill. Like the rest of the world, however, the American market is still
exposed to economic shocks. Financial London considers that something
may depend upon the course of events at Lausanne.
In the sterling market also, recent fluctuations have been largely attributed to the course of events at Lausanne. On the whole, the market
feels that favorable progress has been made in the international conference.
Reduction By London Banks in Minimum Rates For
Short Bill Market Loans.
From the "Wall Street Journal" of June 28 we take the
following from London:
Following a meeting of the London Clearing Banks Monday night,
several banks reduced their minimum rate for short bill market loans to
%. Others are expected to follow suit within the next few days.
This move, together with the decision of the Stock Exchange to remain
open next Saturday, is interpreted by the market as a sign of preparation
for a conversion offer, probably next Friday, for £140,000,000 of 4%
Treasury bonds, due 1932-34. This maturity is the only one standing
between conversion of the War Loan.
39
Stabilization of rates is to be the main purpose of this new arrangement. Rates are now so low, steamship owners claim, that they can hardly
pay operating expenses.
April Gold Output of Canadian Mines 10.9% Above
Same Period Last Year—First Quarter Figures
Higher.
Canadian gold production continues at a high level said
Ottawa advices June 14 to the Toronto "Globe" from which
we also quote as follows:
According to the latest report issued by the Dominion Bureau of Statistics,
Canadian mines produced 246.359 ounces in April. a decline of
3.6% from
the March total of 255.675 ounces, but an increase of 10.9% over
the output
in April 1931, which was 222,073 ounces. During the first four months
of
the current year 961,751 ounces of gold were produced in
Canada, as compared with 823.575 ounces in the corresponding period of the previous
year.
Ontario mines, produced 184.807 ounces in April, made up of
98.613
ounces from the Kirkland Lake area, 76,999 ounces from the
Porcupine
area and 9,195 ounces from other sources. Coniaurum, Howey. Kirkland
Lake Gold, Lake Shore, Minto, Teck-Hughes, Vipond and Wright
-Hargreaves reported increased outputs in April. The Moss mine
made its
first shipment of gold bullion in April. The Hayden mill in the
Porcupine
area commenced operations during the month.
Quebec's Output.
Quebec's output totaled 35,998 ounces. In March 40,389 ounces
were
produced and in April, a year ago, the production was 31,493 ounces.
An increase of 10.7% was recorded in British Columbia's output
in April
when 16,201 ounces were extracted, as compared with
14,634 ounces in
March. Increased production from the Premier and Bralorne mines
was
responsible for the advance in output during April.
Production in Manitoba.
The Manitoba production of gold in April was obtained from
the Flin
Flon, Sherritt-Gordon, Central Manitoba and Gem Lake mines.
The
month's output was 9.318 ounces, or 28.9% below the March
record total
of 13.101 ounces. Operations in the Yukon and Nova Scotia
yielded
35 ounces.
Alaska Mines in 1931 Produced $12,278,000 Worth of
Minerals As Compared With $13,812,000 in 1930—
Increase in Value of Output of Gold.
Mines in Alaska produced minerals worth $12,278,000 in
1931, as against $13,812,000 in 1930, according to an announcement made by the Interior Department at Washington on June 21, through the Geological Survey. The total
value of the mineral output of the Territory since 1880 is
$641,591,000.
The following table shows in summary form the mineral
output of Alaska for 1931 and for comparison the production
of the same minerals in 1930:
VALUE OF MINERAL OUTPUT OF ALASKA IN 1931 AND
1930.
1931.
England's Gold Imports—Excess of .£13,250,000 Over
Exports Thus Far in Year.
A cablegram June 24 from London to the New York
"Times" said:
Since last September gold imports from India at London have reached
an aggregate of £52.750,000. This includes £2.500,000 in transit. Since
the beginning of the year the total gold imports into England have aggregated £81.000.000 and exports £67,750,000.
Daily arrivals of gold in the open market are steadily increasing, but
the bulk is being purchased by private foreign interests, who are holding
it either here or on the Continent.
Bank of England Authorized to Continue Increase in
Fiduciary Note Issue.
From the "Wall Street Journall" of July 1 we take the
following from London:
A British Treasury minute has been signed, maintaining the amount
of the British fiduciary issue at the existing figure of £275,000,000 until
Sent. 30, next.
Canadian Ship Lines to Pool All Charters—Company
to Be Formed to Act for All Grain Carriers to
Stabilize the Rates.
Canadian lake steamship companies decided on June 28
to take drastic measures to stem the decline in revenue
from the commerce of the Great Lakes according to Canadian Press advices from Montreal, to which we quote further
from the New York "Times" as follows:
A company will be incorporated to act for all Canadian lake steamship
owners in arranging charters for the carriage of grain. A manager is
to be appointed to handle the affairs of the new organization, with headquarters at Winnipeg, the principal grain centre.
This decision was reached after meetings in Toronto, Montreal and other
points. The steamship owners will be incorporators of the company, in
which each will take a proportion of stock. Through the new organization all charters for the carriage of grain between Fort William-Port
Arthur and ports on the Great Lakes or St. Lawrence will be made.
The arrangements will be made by the Winnipeg manager in co-operation
with the brokers. The company will collect all freights and brokerage, a
percentage of which will be deducted for expenses.
Each steamship company will be allocated a proportion of the available
quantity of grain in accordance with the carrying capacity of its fleet,
it was learned.
One-half of the available tonnage on the Great Lakes will be maintained in operation and the other half withdrawn, it was learned. Ships
are to be loaded in rotation.
Gold
Copper
Silver
Coal
Tin, metallic
Lead
Miscellaneous mineral products, including petroleum,
platinum metals, limestone, eze
Total
$9,507,000
1,877,000
102.000
556,000
2.000
126,000
1930.
88,476,000
4,244,600
157,300
631,000
9,300
136,500
108,000
157,300
cl2,278.000
S13.R12.000
Fuether information was supplied as follows by the
Interior Department June 21:
There was a subtantial increase in the value of the output of gold, but
a
decrease in the value of the other mineral commodities. The decrease
is
interpreted as being due not only to the very low prices that prevailed
for
the metals such as copper,silver,and lead but also to the the deterrent effect
of those low prices in discouraging the undertaking of new enterprises
and
dissuading operators from making even as large an output as they ordinarily
would from the mines already operating. Obviously. Alaska
has not
escaped the world-wide stagnation of business and the accompanyin
g
depression of the last two years. Instead, therefore, of regarding the
foregoing record as one to cause alarm for the future of the Alaska mining
induatry, it seems that when all things are considered the record of a decrease
of
onit about 11% compares favorably with the records from similar enterprises in the States. Each year brings more and more general development
throughout the Territory, and these improvements in general conditions
are
stimulating prospectors and others to undertake the development of
deposits that had previously been too difficult to exploit. Such improvement
s
are exerting a continuing and growing force, so that each year
Alaska is
becoming less and less an unknown frontier, and the hazards of mining under
pioneer conditions are being correspondingly reduced.
The output of gold was distributed between lodes and placers
approximately in the proportion of 49 to 51—$4,665.000 from the lodes
and 84,842.000 from placers. The producing gold lodes are widely distributed through
various parts of the Territory, but more than 82% of the output
came from
lodes in southeastern Alaska, where accessibility to
deep-water routes of
communication and other favorable conditions have permitted the
successful
mining of immense tonnages of low-grade gold ore.
The output of placer gold was approximately the same
as in 1930. Hundreds of camps contributed to the output, but
those in the Yukon Basin
contributed the greatest amount, and those in Seward Peninsula
came next.
More than 77% of the total placer production of the
Territory was mined
by dredges, of which 28 were active during 1931-13 in
the camps in the
Yukon Valley, 14 in Seward Peninsula, and 1 in the
Kuskokwin Valley.
Together these dredges produced gold to the value of $3,749,000.
They
are estimated to have handled about 10.214.000 cubic yards
of gravel, and
the gold recovered was worth about 36.7 cents a cubic
yard. No new
dredges were built during the year, butfive old dredges
that had been idle
for some time were reconstructed and again active in 1931.
Four dredges
that were active in 1930 were idle during the year.
The output of copper in 1931 was 22.614.000 pounds. or nearly
10,000.000
pounds lass than in 1930, and its value was nearly 82.367,000
less than in
1930. Practically the whole of the Alaska copper comes from
two mines
operated by the Kennecott Copper Corp., both of which are in
the Copper
40
Financial Chronicle
River region. The ore from the properties in the Copper River region Is
largely high-grade copper sulphide and carbonate. All the Alaska copper
ore is shipped to the States for smelting. The great decline in the amount
of copper is attributable to the fact that one of the former producing mines
on Latouche Island closed down late in the preceding year and at the operating mines mining was conducted on a very much reduced scale.
None of the Alaska ores are mined solely for their silver content, but considerable silver is recovered as a miner constituent from the ores of gold and
copper. In 1931 silver to the value of $56.200 was recovered from the
copper ores, $37.600 from the gold lode ores. and $8,200 from the placer
gold: the total was 352,000 ounces. having a value of $102,000. This marks
a very great falling off in value from 1930, which is attributable to the lower
selling price of silver and to the greatly decreased output of copper ores,
from which a large part of the Alaska silver is derived. In reality, however,
the decrease in quantity was only about 14%, whereas the price of silver
per ounce fell nearly 25%•
The lead produced from Alaska ores in 1931 amounted to 3.321.000
pounds, which at the average selling price of lead for the year was worth
$126,000. This was the largest output oflead in Alaska since this metal was
first produced in the Territory and exceeded the output of 1930 by over
590.000 pounds, though because of the small price paid for lead the total
value was below that of many years. Most of the lead was recovered as a
by-product in connection with the mining of gold ores in southeastern
Alaska.
Coal to the value of $556,000 was produced in 1931 from Alaska mines,
Principally in the Matanuska and Healy River fields. This marked a
decrease both in quantity and value, but the output of the year. 105,900
tons, has been exceeded in only three years in the entire period that coal
mining has been in progress in Alaska. No Alaska coal is exported, but
30,772 tons was imported from the States, chiefly from Washington, and
17,796 tons from foreign countries, chiefly British Columbia, so that the
total consumption of coal in Alaska in 1931 amounted to approximately
154,500 tons.
Among the products that entered less largely into the Alaska mineral
Industry in 1931 may be mentioned tin, petroleum, platinum metals,
quicksilver, and limestone for cement. Compared with 1930 the output of
tin in 1931 showed a great falling off both in quantity and in value. The
total value of the other products was $108,000. or somewhat less than that
of the similar group of products in 1930.
The foregoing, the Department announces, is taken from a
comprehensive report of the United States Geological Survey,
entitled "Mineral Industry in Alaska in 1931," prepared
by Philip S. Smith. It will form one of the series of similar
reports that the Geological Survey has issued to describe
the progress of Alaska mining each year since 1904.
Canada and France Apply Maximum Tariff Rates to
Each Other's Products—Canadian Wheat Affected.
Effective June 17 1932, Canadian wheat and all other
Canadian products are subject to the general (maximum)
rates of the French import tariff on importation into France,
and all French products are subject to the general(maximum)
rates of the Canadian import tariff on importation into
Canada, as a result of the expiration on June 16 of the
Canadian-French commercial treaty of Dec. 15 1922, according to cablegrams to the Department of Commerce from
Commercial Attache Lynn W. Meekins at Ottawa and
Commercial Attache Fayette W. Allport at Paris. On
June 18 the Department likewise said:
The Treaty of 1922, in operation since Sept. 5 1923, was denounced by
Canada on Dec. 16 1931.
Under the Franco-Canadian commercial treaty, which has now expired.
Canadian wheat was subject to the French minimum rate of 80 francs per
100 kilos, and now becomes subject to the French general rate of 160 francs
per 100 kilos. Certain other Canadian products were formerly subject to
the French minimum rates, still others to intermediate rates, and those
not provided for in the treaty were subject to the general rates. All
Canadian products are now subject to the French general rates.
Certain French products imported into Canada were subject, under the
treaty, to special "bound" rates below the Canadian intermediate rates,
certain others to the intermediate rates with specified percentage reductions.
and all others to the intermediate rates. All French products are now
subject to the Canadian general rates.
Some United States products, including wheat and wheat flour, on
importation into France are subject to the French minimum rates, others
to intermediate rates, and still others to the general rates.
All United States products on importation into Canada are subject to
the Canadian general rates.
Finnish-British Barter Coal for Wood.
A contract for the bartering of coal for wood has been
closed by the Finnish State Railway Administration and a
British colliery, it is learned from a report from Consul
John L. Bouchal, Helsingfora, made public by the Department of Commerce. In announcing this June 24.; the
Department said:
The contract calls for 39.400 tons of English coal to be delivered during
the summer to the Finnish State Railway Administration, which purchases
all of the coal required by the Finnish Government, it is stated. In return
for the coal, the British firm will take 10.000 cords of pit props to be used
in the Cardiff mines. The props are to be supplied by the Finnish Forest
Administration,
Germans May Barter Nitrate for Egyptian Cotton.
Purchase by German interests of Egyptian cotton to be
paid for by delivery of calcium nitrate is probable in the
near future, according •to persistent rumors in German
trade circles, says a report from Consul Sydney B. Redeeker,
Frankfort-on-Main, made public by the Commerce Department on June 24. The Department also states:
July 2 1932
Efforts are said to have been made for some time on the part of Egyptian
interests to induce German buyers to take at least 40% more cotton than
was purchased in 1931, which was a total of 88.000 bales. On the German
side it has been suggested that Egypt receive as payment therefore calcium
nitrate of an amount equal to the value of the increase in cotton imports.
The quantity of cotton mentioned would be sufficient to cover payment
for around 18.000 tons of nitrogen, a considerable quantity in view of the
depressed trade conditions.
While certain sources indicate that an agreement covering this exchange
is about to be consummated. Consul Redecker's report states that this is
doubtless premature.
International Silver Co. Announces Increase of 10%
In Prices.
From the "Wall Street Journal" of June 27 we take the
following:
Effective July 1 next, International Silver Co. will put into effect an
average increase of about 10% on all plated silver flatware. The advance
restores quotations to the level as of the close of 1931, a reduction of about
10% having taken place last January. At that time it was the hope of the
company that the lower prices would stimulate business. However, no
increase in orders materialized. Business of International Silver is currently
running at an abnormally slow pace.
Montana State Federation of Labor Asks Congress to
Coin $25,000,000 Silver Dollars.
A resolution asking Congress to coin 25,000,000 silver
dollars and the same number of half dollars as a means of
stimulating the silver market was passed unanimously at the
opening of the annual convention of the Montana State
Federation of Labor,according to Associated Press dispatches
from Butte, Mont., June 29, which also said:
All labor organizations of the country will be asked to pass similar resolutions. The silver, under the proposal, would be purchased from mines in
the United states.
United States of Jules Sauerwein, French
Journalist—Received by President Hoover—Two
Aspects of World Crisis—International One in
Europe and One Dealing with United States—
Says Tariffs Must Be Modified.
Jules Sauerwein, French journalist and connected with
the Paris Soir, concluded a brief visit to the United States
on June 29 when he sailed for France on the French Line
steamer Paris. On June 24 Mr. Sauerwein and Ambassador
Claude!'were received by President Hoover. On June 27 the
Foreign Policy Association gave a luncheon in honor of the
French journalist, at the Lawyers Club, 115 Broadway, New
York City. Mr. Sauerwein is reported in the New York
"Times" of June 30 as having the following to say before
his departure:
Visit to
I would have liked to prolong my visit here, but I have agreed to write
the book on the life of the late Aristide Briand and must return to
Paris immediately to do it. I have talked about Europe in America, and
In the Fall I am going to deliver addresses in the chief capitals of
Europe and tell the people what I have seen of the crisis and the politics
of the United States.
The European people receive the news from America, whether it be
financial, industrial or political, from one side only. To get the human
side and the American viewpoint one must come here.
I am glad to hear before sailing that the death-knell of the silly prohibition law has started to ring. It was about time. These fine hotels
In New York and the other cities I have visited are nearly empty, while
:peakeasies abound on every side. I was in one last night where there
was a garden with music and dancing, a bar and a good restaurant crowded
with men and women in evening dress.
More than 120 millions of people in America, by tradition active and
courageous, are going through a painful ordeal, but at the same time
trying—with, I hope, success in the near future—to understand this
economic breakdown and to remedy it. From the President to the humblest workman, I have found in every American citizen whom I have
met the will to get out of these terrible difficulties.
The world crisis has two aspects, that dealing with the United States
and the international one in Europe. To remedy the depression in the
latter countries measures must be taken at once to restore the trade
and commerce in the Far East, India, Russia and Eastern Europe, which
are almost deprived of purchasing power.
Tariffs must be modified all over the world, including the United
States, which needs foreign trade, as the domestic purchasing power has
declined very much during the past year. I don't believe for a minute
that America, co-operating with the rest of the world, will not be able
to clear the atmosphere by next October.
Mr. Sauerwein said the great task that had to be faced in this country
was the reorganization of the big corporations, which had a debt of
$160,000,000,000 and could not continue on this system much longer.
The whole system will have to become greatly modified and the
pyramiding of these colossal enterprises will have to be stopped, he
concluded.
International Commodities Trading Corporation Organized by B. Coles Neidecker—Formed With
Swiss Charter to Effect International Exchange of
Commodities Hampered by Control of Foreign
Exchange.
International Commodities Trading Corp. has just been
formed with a Swiss charter to effect international exchanges
of commodities which have been impeded by the control of
foreign exchange in many countries. The Corporation, which
was organized by B. Coles Neidecker of Neideeker & Cie,
Volume 135
Financial Chronicle
bankers, with offices in Paris, Geneva, London, Brussels
and Buenos Aires, will operate extensively in Latin America
and Central Europe, effecting necessary trades of industrial
and agricultural products both across and within National
borderlines and will deal with Governments and with individuals. Announcement of this was made June 23 by the
New York representative of Niedecker & Cie, which likewise
said:
The Corporation is negotiating to take over substantial portions of the
coffee held by the Coffee Institute of Brazil, wheat and cotton held by the
United States Farm Board, textiles held in reserve in Japan, as well as
other basic commodities which will be delivered in accordance with credit
arrangement now being worked out.
In addition to acting as principal in such transactions as the offer of industrial goods for agricultural goods to countries pre-erainently agricultural,
the Corporation will also act as purchasing agent for companies which have
funds tied up in foreign countries. Transactions will not be limited to exchange of commodities for commodities—the Corporation will also act as
broker in the international transfer of securities, offering and accepting
selected securities in exchange for commodities.
Arrangements are now being made through the New York office of
Neidecker & Cie with a group of American importers for the sale to them
of selected commodities in exchange for American securities. Since in
many countries tariffs do not apply to barter transactions, it is expected
that the operations of the International Commodities Trading Corp. may
become a factor in inter-Governmental tariff negotiations.
Neidecker & Cie initiated the negotiation for buying substantial portions
of our wheat surplus from the Farm Board, in association with French
Governmental interests and the chief millers of Europe. That negotiation.
which was instrumental in lifting the price of American wheat by 40%.
Is still under way with the Grain Stabilization Corp. B. Coles Neidecker
served in the American Aviation Corps during the World War, after which
he was a member of the Hoover Relief Commission in Poland. Concluding
this task he founded the Travelers Bank of Paris of which he is the head.
Among the collaborators with B. Coles Neidecker in the International
Commodities Trading Corp. are the Amsterdam Trading Corp.; the
European Grain Cartel and the American Foreign Discount Corp,
Gold Cover—Bank of France, Netherlands Bank and
Swiss National Bank Reported as Holding Gold
in Excess of Note Circulation.
The following is from the New York "Times" of June 26:
The Bank of France has joined the select group, including the Nether
ands Bank and the Swiss National Bank, of Banks of issue which hold
gold in excess of their note circulation, according to its latest report.
For
several years the Federal Reserve Banks of this country held
exclusive
membership in that class and, indeed, it was only last week that
the Reserve System's holdings of gold fell below the volume of Federal
Reserve
notes in circulation. Now that the outflow of gold has
been checked it
Is likely that the Federal Reserve will soon again have a
100% gold cover.
The Swiss National Bank has gold holdings equal to more
than
of its note circulation, while the gold reserves of the Netherlands 150%
Bank
have Just exceeded its note Issue, after being almost equal to it for many
weeks. The Bank of France's gold holdings of 81,643,000,000 francs compared with note circulation of 81,018,000.000 francs. The comparison,
while an interesting one, is idle, for note circulation is not the only liability
against which central bank gold reserves are held, as the recent withdrawul Or Ibtoign balances from this market has shown.
Foreign Loans May Increase French Balance of
Payments.
•
According to a Paris message June 24 to the New York
"Times" the necessary information which would enable
statisticians to calculate even approximately the general
French balance of foreign payments, visible and invisible,
is at present lacking, but the impression prevails that the
balance must be more or less unfavorable to France, even
without taking account of temporary movements of capital
which depend on the psychological attitude of the moment.
The message added:
There are, however, more important factors bearing on possible gold
exports than those which would arise simply from an adverse balance of
Payments.
If. for example, International confidence were to revive there would
be some considerable foreign loan issues in France, which would influence
the balance of payments. At present the only issue of the kind in prospect,
the Belgian loan, is said to be for one billion francs. This Is in preparation
and will be issued immediately after the four billion franc home loan bill
shall have been covered.
Dollar Exchange Recovers Abroad—European Speculators Repurchasing—Cessation of Reports of
"Abandoning Gold Standard".
The Paris correspondent of the New York "Times" on
June 24, said in part:
P The virtual completion of the recall of foreign balances by the Bank of
France was indicated by the reduction in that account for the week covered
In Thursday's bank statement by 1.411,000.000 franca. The gold reserve
rose only 669,000,000, or less than half as much as the foreign credit fund
was reduced. Considerable attention was attracted to the fact that the
Bank's gold reserve, standing now at 81,643.000,000 francs, or $2.200,000
000, now exceeds the circulation by 625.000.000 francs. or $24,500,000.
Under the law of 1928, only 35% reserve must be held against note issue
and current accounts combined.
The firmness in dollar exchange which persisted throughout
the week
has completely arrested speculative sales, there have in fact been repurchases. One hears no further talk in financial Paris of the United States
abandoning the gold standard. On the other hand, the weakness In sterling
Is now attracting attention.
Various explanations are given. It is thought possible that earlier speculative operations, consisting of sales of dollars against purchases of sterling, are now being liquidated, or else that those who simply bought sterling
41
when it began to rise are now reselling because of a belief that the Blink of
England has determined not to allow the rise to continue. There are also
some who ascribe the weakness of sterling to the fact that transfer of
English capital from foreign markets to London must now be ended,
the British economic situation hot having improved as had been hoped
when the pound sterling depreciated.
Regarding French exchange, it is impossible at the moment to detect
any real tendency. The position is greatly obscured by the fact that
withdrawal by the Bank of France of its balances from abroad arbitrarily
steadied the market, so that it has not been possible to determine whether
or not there have been exports of French capital or withdrawals from
Paris by foreigners to offset such repatriation of capital by the Bank of
France. Only when the bank's operations have been written up—meaning
when all sales of foreign exchange and all gold earmarked abroad have
figured in the bank return—will it become possible to get a clear idea.
Question of Pledges Against German Bonds—Berlin
Bankers and Lawyers Studying Position If Foreign
Debt Service Were Suspended.
The following from Berlin June 25, is from the New
York "Times":
The Reichsbank's view, regarding the relative standing of Germany's
foreign debt, is that if dwindling reserves of gold and foreign exchange
were to compel curtailment of the debt service, then the Dawes and Young
Plan loans would probably get priority. In the "omnibus contract" and the
accompanying declaration of the German Finance Minister in 1924, the
Reich Government guaranteed "absolute right of remittance"—that is to
say, of transfer—but it gave no such guarantee regarding transfer on
State, municipal or private loans. If, then, default on transfer were
nevertheless to occur, bondholders would have a legal claim for reichsmarks equivalent to the cost of the bond service in gold.
The specific security pledged is the Reich revenue from customs, tobacco,
beer, sugar and spirits. In 1931 these yielded 2,725,000,000 marks,
whereas the whole outstanding capital on the 7% Dawes loan is only 741,000,000 marks and of the 5%%, Young loan 1,427,000,000. The Allies'
promise of 1924 to "safeguard" these pledged revenues for service of the
Dawes loan has lost practical importance, because it was intended only for
the contingency that the Allies might seize other German revenues in
case of reparations default, and this is now out of the question. 'The
lawyers' view is that the Dawes bondholders have a directly enforceable
claim upon pledged revenues.
German Reichsrat Approves Budget.
In Associated Press advices from Berlin June 28 it was
stated that the Reichsrat on that day approved the 1932-33
budget, which will be promulgated in an emergency decree
as quickly as possible. The accounts went on to say:
Dr. Arnold Brecht, departmental chief of the Prussian Ministry of
Interior, submitted an explanatory statement in which he asserted that
with net expenditures at 8,173,000,000 marks the nation's expenses were
cut to the bone, leaving for actual necessities less than the amount spent
by the United States, Britain or France on armaments alone.
"Abroad, notably at Lausanne, the impression often is heard that our
internal debt, because it is so much lower than Britain's or France's,
places us in an exceptionally good position in international competition,"
Dr. Brecht said. "Unfortunately that is erroneous.
"Much more than 100,000,000,000 gold marks was wiped out by inflation, but the German people have been impoverished to exactly that same
extent."
He regarded the estimated revenue from taxation under many beads as
extremely doubtful.
The Wolff News Agency was authorized to deny insistent foreign reports
that at Lausanne Germany was seeking abatements of her foreign private
debts to the present lower market price levels. Germany is, however,
continuing endeavors to obtain lower interest rates, which have been urged
since the report of the Young plan advisory committee more than six months
ago, it was explained.
Capital Cut by German Ship Lines—HamburgAmerican and North German Lloyd Shareholders
Adopt Reconstruction Plans.
Associated Press accounts from Hamburg (Germany)
June 29, are taken as follows from the New York "Times":
A majority of shareholders in the Hamburg-American Line, at a general
meeting here to-day, adopted a reconstruction scheme recommended by the
board of directors.
The scheme was adopted after three hours of debate, in which Dr. Wilhelm Cuno, the director, was severely heckled on the company's expenditures.
The scheme provides for cancellation of 400.200 marks' worth of shares
In the company's possession and the conversion of the remaining shares.
exclusive of preference shares, in the ratio of three to one. It will reduce
the remaining capital from 159,600,000 marks (about $37.825,400) to
53,200.000 marks (about $12,608,400).
Arrangements in Behalf of Maturing Notes of Saxon
Public Works—Involves "Standstill" Idea Previously Applied to German Debts
-5% to Be Paid
in Cash and Balance in New Notes.
Saxon Public Works, Inc. (Aktiengesellschaft Saedhsische
Werke) and The Free State of Saxony are notifying holders
of the corporation's 5% guaranteed gold notes, due July 15
1932, that arrangements have been made provisionally to
pay off these notes at maturity at 105 through part payment
of cash and the issuance of new notes. The plan, (made
known June 29) which, it is stated was worked out as a
result of the refusal of permission by the German Foreign
Exchange Control for the transfer out of Germany of
sufficient funds to pay off the notes in cash, and which
requires acceptance of its terms by holders of more than
42
Financial Chronicle
-day period following the
50% of the notes within a 30
maturity date, is as follows:
Five per cent of the principal amount of the notes will be paid in
cash and the balance by the issue by Saxon Public Works, Inc., of its 6%
guaranteed gold notes, due July 15 1937, of like principal amounts as
the maturing notes. The new issue of notes will be of an aggregate
principal amount not exceeding $7,000,000 and will be unconditionally
guaranteed by The Free State of Saxony. Issued under a trust agreement
with The National City Bank of New York, as trustee, the notes will
be redeemable in whole or in part at any time at the option of the
company.
Under the trust agreement, Saxon Public Works, Inc., will agree to
pay to the trustee $350,000 between August 1 and October 1 1932, and
will also agree to pay on July 15 1933, and semi-annually thereafter on
January 15 and July 15 in each year so long as any notes remain outstanding, the sum of $125,000. The German Foreign Exchange Control
Is understood to have consented to the transfer, from time to time, of
the necessary funds to permit these payments to be made.
Payments to the trustee are to be applied to the purchase of new notes,
from time to time, at prices not exceeding par and accrued interest, and if
40 days prior to July 15 1933, or any subsequent interest date, unexpended
moneys sufficient to redeem $10,000 or more of the new notes shall remain
on deposit with the trustee, the latter shall be required to apply the
same on such interest date, to the redemption of new notes by lot at
par and accrued interest.
Holders of maturing notes, who desire to accept the offer of payment,
are asked to deposit their holdings with The National City Bank of New
York, either at head office, 55 Wall Street (reorganization department)
or at its City Office, No. 36 Bishopsgate, London, E. C. 2, England, on
or before August 15 1932. If, on that date, 60% of the maturing notes
shall not have been deposited, Saxon Public Works, Inc., and The Free
State of Saxony reserve the right to withdraw the offer. The notice
points out that Saxon Public Works, Inc., has acquired and will cancel
over $3,000,000 aggregate principal amount of the maturing notes, which
It was able to purchase with foreign exchange granted it for this purpose
by the German Foreign Exchange Control. The latter authority has
refused permission to the company to repay the maturing notes in Reichsmarks.
Stating that the above constitutes arrangements for
dealing with the first default on a publicly held issue of
German dollar bonds to occur since the outbreak of the
financial crisis in Central Europe a year ago the New
York "Times" of June 29 said:
The plan, which involves an extension to the public of the "standstill"
Idea already applied to German banking debts, may establish an important
precedent, it was said, for the handling of future maturities of German
foreign obligations in the hands of the general investor.
P. D. Saklatvala, Retired Oil Man, Named Honorary
Consul General in New York, Representing
Persia.
Phiroz D. Saklatvala, former President of the Middle
States Oil Corp., announced on June 7 that the Imperial
Persian Government had appointed him Honorary Counsel
General of Persia in New York. The New York "Times"
says:
Persia has not been represented by a Consul General here for about
three years. Mr. Saklatvala. who retired from business in 1930. resigning
from many directorships, made a trip around the world thereafter, making
an extended stay in Persia
A native of India and an American citizen, Mr. Saklatvala, who has
lived in this country for more than 25 years, is a Parsee. The Parsees are
Persians who migrated to India more than 1.000 years ago. When his
brother. Shapuril Saklatvala, then a Communist member of the British
Parliament, was barred from entry Into the United States because of his
revolutionary attitude, Mr. Saklatvala made it clear that neither he nor
twills other o bothers sympathized with Communist views.
Resignation of A. C. Ratshesky As United States
Minister to Czechoslovakia.
President Hoover on June 27 accepted with the "deepest
regret" the resignation of A. C. Ratshesky as American Minister to Czechoslovakia. An exchange of correspondence
between the Minister and the President on the subject made
public at the White House was given as follows in the
"United States Daily":
My dear Mr. President:
It is with deepest regret that I tender to you my resignation as Minister
to Czechoslovakia.
The opportunity you have given me to serve my country in this office
under you has brought to me great happiness and satisfaction. It has
confirmed by high admiration, so often expressed, for Czechoslovakia and
Its people. I deeply appreciate the confidence you have placed in me.
Faithfully yours,
(Signed) A. 0. RATSHESEY.
My dear Mr. Minister:
I beg to acknowledge receipt of your letter of June 24 resigning as
American Minister to Czechoslovakia. I must, of course, accept it. I do
so with the deepest regret because of the distinguished service you have
rendered and the fine place you have been able to make for yourself in the
diplomatic service.
You have always been a public spirited citizen, working for the best
Interests of your State and of the nation, and I know that whether in
diplomatic work or at home, you will continue to render valuable service.
Yours faithfully,
(Signed) HERBERT HOOVER.
New Issue of Czechoslovakia Bank Notes.
In the New York "Times" of June 26, the following special
correspondence from Prague, June 12, appeared:
The present 100-crown banknotes now circulating in Czechoslovakia were
printed in America, but the Prague Treasury is offering a new issue,
July 2 1932
1,000,000 crowns in value, designed by the Czech artist, Professor Svabinsky. The new notes are similar in color to the old ones, and bear the
picture of a peasant bearing a hop twig, symbolical of the main agricultural
export product of Czechoslovakia. The picture is surrounded by a wheat
wreath, completed by the images of two turtle doves, expressing family
life and peace. At the left two children, a boy and a girl, bear the picture
of President Masaryk in a laurel wreath. A book and a feather pen
symbolize literature, industry and applied art, and a falcon pictures bravery.
To the right is a symbol of the republic: a girl bearing a Phrygian cap
with a blossom of linden in her hair.
Turkish Budget Balanced.
Under date of June 27 a cablegram from Istanbul to the
New York "Times" said:
The National Assembly passed the budget to-day for the fiscal year
beginning July 1. Revenue and expenditures balance at 169.000,000
Turkish pounds, which is 25.000.000 less than for the current year and 63,000,000 less than for 1930-31.
New Zealand Deficit Estimated.
Canadian Press advices from Wellington, New Zealand,
June 28 stated:
Based on the figures for the first 11 months the New Zealand budget
deficit for the year ended March 31 is likely to be shown as £2,100.000
about 37.581,000), which is £400,000 under the estimated deficit. mewl
Greece to Postpone For Two-and-a-Half Years Installment Due July 1 on Debt to United States.
Greece, the first foreign nation scheduled to make a war
debt payment after the expiration of the one-year moratorium on June 30, has informed the American Government
that it will postpone for two-and a half years the payment
of $130,000 due July 1 on account of principal of her debt.
Ogden L. Mills, the Secretary of the Treasury, announced
June 30.
Secretary Mills' statement as given in the "United States
Daily" follows:
"The Greek Government has advised the Treasury that because of recent
developments in that country, it has taken advantage of the option granted
In paragraphs 2 of Part I of the debt funding agreement of May 10 1920.
by postponing for a period of two and one-half years from July 11932, the
payment of the bond in the principal amount of $130,000 due that day.
In accordance with the terms of the agreement, the amount of the payment so postponed will bear interest at the rate of44% Per annum, payable
semi-annually."
From the "Daily" we also take the following:
The Greek Government is acting under an option granted to it in the
war debt funding agreement which was signed by Greece and the United
States in 1929 and which permits the postponement for two and a half
Years of any principal payment on the debt provided that other payments
are not in arrears, according to Secretary Mills.
Greek Financial Problem.
Although debt funding agreements with all of the other 14 debtor nations
contain postponement options similar to that invoked by Greece, Secretary
Mills stated orally that he did not think the Greek action was a forerunner
of what other nations would do. Greece has been particularly hard pressed,
defaulting on its private debts and on its League of Nations bonds, be
pointed out.
America is to collect $74.881,881 in principal payments from foreign
nations during the fiscal year which begins July 1; another $195,094,690
in interest payments, which are not affected by the postponement options,
are also due, according to additional information made available at the
Treasury.
•
December Payments.
With the exception of another Greek payment due in November, no other
payments from abroad become collectable until Dec. 15 when approximately $33,600,000 in principal installments and $92,000,000 in interest
are to be paid to this country, according to the information. Additional
information furnished follows:
Under the terms of the option invoked by Greece, which resembles the
option in other funding agreements, a postponement of two and a half
years may be announced upon 90 days' notice. After one such postponement has become effective only one more may be proclaimed before the
original postponed installment is repaid, and this second postponement
can be for only one year instead of two and a half. The postponements can
not affect interest payments but only payments on principal.
Nature of Agreement.
The Greek funding agreement is peculiar in that It allows a two-and-a-half
Year Postponement. The agreements with England, Hungary, Lithuania,
Poland, Italy, Belgium, Latvia. Czechoslovakia, Estonia and Rumania
provide for a two-year postponement on 90 days' notice. Secretary Mills
explained, however, that the 90 days requirement may be waived.
Three other agreements containing unique postponement provisions are
those with France, Jugoslavia and Austria. France may postpone for
three years, Jugoslavia may not postpone until after 1937, and Austria,
upon objection by her League of Nations creditors, may postpone payment
on its American loan until 1943. Interest on all postponements, however,
run at 4%,
Payments due from the various debtors during the 1933 fiscal year are
as follows:
Austria
Belgium
Czechoslovakia
Estonia
Finland
France
Great Britain
Hungary
Italy
Latvia
Lithuania
Poland
Rumania
Yugoslavia
Greece
Principal.
$287,556
4,200.000
3,000.000
111.000
58,000
21,477,135
30,000,000
12.285
12,300.000
46,200
39,705
1,357,000
1.000.000
275.000
718.000
529,692
276,827
38,522,865
141,500,000
56.704
2.490,875
221.613
184.772
6,630,042
574.881.881
$195.094.690
Interest.
4,250,000
431,300
Total.
$287,556
8,450.000
3,000.000
640,692
334,827
60.000,000
171,500.000
68.969
14,790,875
267,813
224,477
7,987,042
1,000.000
275,000
1,149,300
$269,976,671
Volume 135
Financial Chronicle
Stating that the $130,000 due from Greece, July 1, is on
account of principal of her debt of $30,292,000 to the United
States, a Washington dispatch, June 30 to the New York
"Times" said:
No interest payments are due from Greece to-morrow nor until next
January. These payments of interest are not postponable under the debt
funding agreement and, should they be deferred, Greece would simply be
in default.
The next important payment due from a foreign country is $33,050,000
from Germany Sept. 30, made up of $12,650,000 Army of Occupation costs
and $20,400,000 for mixed claims.
On the various war debts proper, $33,729,041 will be due on principal
and $92.067,856 in interest Dec. 15 next. The chief principal payments
are $30.000.000 from Great Britain, $1,500,000 from Czechoslovakia and
$1,357,000 from Poland.
Interest payments Dec. 15 include $65,550,000 from Great Britain,
$19,261,432 from France,$2.125,000 from Belgium,$33,700,980 from Poland
and $1,245,437 from Italy.
Greece Renews American Loan.
The following (Associated Press) from Athens June 25, is
from the New York "Evening Post":
The Greek Government decided to-day to accept renewal for six months
of the advance of $7,500,000 made by American bankers.
The same paper in its June 13 issue said:
AlLondon dispatch from the Central News stated to-day American
bankers had agreed to renew a credit of $7,500,000 to the Greek Government, originally granted in 1930 and which first matured in May of last
Year. It was extended by a group understood to include the National
City Co., Speyer & Co.,and J. & W. Seligman & Co.
A similar amount was advanced to Greece by a group of London bankers.
These credits were considered as advances on loans to be subsequently
Issued.
At the offices of the local bankers no verification of the renewal was
obtainable to-day.
Report That French Group Will Administer Greek
State Railway System as Private Concern.
The following from Athens June 10, is from the New York
"Times":
The report that France is endeavoring to obtain control of the railways
of the Balkans and Central Europe received new support yesterday when
negotiations for the control of the Greek State railways by a French financial
group were successfully concluded.
The Greek State railways henceforth will be administered as a private
French concern. A representative of the Paris, Lyons & Mediterranean
Railway will come to Athens soon to organize the new administration.
Bonds of Kingdom of Rumania Monopolies Institute
Drawn for Redemption.
The Chase National Bank of the City of New York, City
Bank Farmers Trust Co. and Dillon, Read & Co., as American fiscal agents are notifying holders of Kingdom of Rif
mania Monopolies Institute 7% guaranteed external sinking
fund gold bonds, Stabilization and Development Loan of
1929, due Feb. 1 1959, that $535,900 principal amount of
the bonds, expressed in dollars, have been drawn by lot for
redemption on Aug. 1 at par out of sinking fund moneys
received. Bonds so designated will be paid upon presentation and surrender at the corporate trust departments of
either of the banks or at the office of Dillon, Read & Co.,
on and after Aug. 1, after which date interest on the drawn
bonds w11 cease
League of Nations to Help Rumania—Latter Seeks
Postponement of Amount Due on Loan Extended
by Italy.
According to a Bucharest cablegram, June 25, to the
New York "Times", the Rumanian Government has been
nformed that the League of Nations has granted its request
for financial advice and will send experts to Bucharest to
report on measures necessary to rehabilitate the country's
fposition. It is added that Rumania is thus put on all
fours with Austria, Hungary and Bulgaria, which already
have accepted League help of this sort.
Previous advices (Juno 24)from Bucharest to the "Times"
said:
The Rumanian Government has requested of Rome the postponement
of the payment of interest and amortization on a $2,000.000 loan contracted
by the Averescu Government. It is reported in political circles that the
Government will address similar requests to other creditor countries.
Hungarian Bank Credits Off One-Third-1931 Decline
Occurred Almost Entirely in Weeks Following
Austrian Crash.
From its Paris bureau the "Wall Street Journal" of
June 28 reported the following:
Hungarian banking credits, mainly foreign, of the 11 most important
banks during 1931 shrank to two-thirds of their previous volume, according
to figures recently published. Deposits, at the same time, fell 14%.
Approximately the whole of these cmounts were lost within a few weeks
succeeding the Credit-anstalt affair in Austria, when much anxiety was
aroused, not only concerning banks in foreign countries, but also regarding
domestic banks which supposedly or really had foreign connections. In
the middle of last July, nine weeks after the run on these banks first
43
started, it was found necessary to regulate withdrawals and create a
number of foreign exchange restrictions by governmental decree.
In the meanwhile, however, the National Bank of Hungary had been
forced to replace a large part of the foreign credits withdrawn from
minor banks, by credits of its own, derived from advances obtained from
the B. I. S. and central banks of issue. .
On the asset side, of the eleven banks, bills declined to 602,000,000
pengoes from 718,000,000 and overdrafts together with advances on commodities fell to 520,000,000 pengoes from 637,000,000. Advances on
securities contracted only slightly to 27,500,000 pengoes but against this
sum, pledged securities rose to 66,000,000 pengoes from 52,000,000, due
to additional coverage being demanded by banks in the first half of 1931
when the stock market was still open. Mortgages and municipal loans
decreased by repayment to 435,000,000 pengoes from 446,000,000.
Net profits and dividends for 1931 and 1930 of some of the largest
Hungarian banks are given in the table below:
Bank.
Hungarian General Credit Bank
British & Hungarian Bank
Hungarian Gen. Savings Bank_
National Central Savings Bank
of Hungary
City Savings Bank Co., Ltd__ _
National Banking Corp., Ltd
City of Budapest Municipal
Savings Bank Co.. Ltd
Capital.
Net •
Profits.
1931.
Net
Profits.
1930.
Did- Dint
dends dervi2
1931. 1930.
Pengoes.
41,400,000
23,000,000
20,000,000
Pengoes.
2,592.000
1,750,000
1,230,000
Pengoes.
6,557,000
3,408,000
2,656.000
Pen
_-2.50
2.50
goes.
4.50
5.50
6.00
12,000,000
12.000,000
10,000,000
1,067,000
660,000
876,000
2,432,000
1,571,000
1,429,000
2.00
2.00
2.40
5.00
5.00
4.00
10.800.000
351.000
540.000
2.50
4.00
Hungary Defaults Loan—Fails to Transfer Annuities,
Trustees of Debt Announce.
United Press accounts from Budapest July 1, appeared as
follows in the "World-Telegram" of last night (July 1):
The trustees of the Hungarian League of Nations loan announced to-day
that Hungary had defaulted on obligations to transfer annuities in foreign
currency.
They also said sequestered State revenues derived from customs duties.
the sugar tax, and tobacco and salt monopolies were pawned as security for
the loan.
The following (Associated Press) from Budapest July 1,
is from the New York "Sun"
The Government to-day placed the League of Nations 734% 1924 loan
under the transfer moratorium declared seven months ago. This loan
originally was exempted.
It was announced that interest and amortization of that loan will henceforth be paid only in pengoes, thus inaugurating a complete transfer moratorium.
It was explained in a semi-official communique that Hungary had paid as
long as was possible without complete exhaustion of the National Bank's
foreign exchange.
If the League of Nations trustees attach the Government income under
the guarantee provisions of the 1924 loan, it was pointed out that the
country's budgetary ullorium would be upset and "the peril of an inflation
would arise."
Announcement by Speyer & Co. Regarding July 1
Coupons of Westphalia United Electric Power
Corporation and Hungarian Government.
A notice as follows was issued under date of July 1 by
Speyer & Co.:
Speyer & Co. are paying to-day Juyl 1 coupons of the Westphalia United
Electric Power Corp. First Mortgage 6% Gold Bonds A and the Hungarian
Consolidated Municipal 73.4% Loan of 1925. and 70% of the principal of
each of $180,000. Bonds of the latter loan drawn for redemption. Speyer
& Co. and J. Henry Schroder Banking Corp. are also paying July 1 coupons
of the Kingdom of Bulgaria 7% Settlement Loan 1926: and are paying
July 1 coupons of the State of San Paulo 25
-Year 8% Secured Sinking Fund
External Loan of 1925 at the rate of 132 for each $40 coupon and $16 for
each $20 coupon.
The trustees of the 7%% State Loan of the Kingdom of Hungary of 1924
announce that difficulties have arisen with regard to the transfer of the
balance of the funds required to pay the Aug. 1 coupon of the loan. Therefore, should the Government fall to make the necessary transfer before
Aug. 1, the full sum will be paid to the bankers by utilizing in part the
reserve fund created for that purpose..
Speyer & Co., the American fiscal agents, announce that the Aug. 1
coupon of these bonds will be paid at maturity.
Advices to Hungarian Consul General in New York
from Hungarian Government Regarding State
Loan of 1924.
George de Ghika, Royal Hungarian Consul General in
New York, made public yesterday (July 1), the following
telegram received by him from the Royal Hungarian Ministry of Foreign Affaires at Budapest dated July 1:
Concerning the statement issued July 1 by the trustees of the State Loan
of 1924, it is observed in Hungarian official quarters that the Hungarian
Government has transferred the foreign exchange necessary to the service
of the Kingdom of Hungary 7%% Loan of 1924, as long as it was possible
without running the danger of completely exhausting the supply of foreign
exchange of Hungary.
In case—as it is contemplated—the trustees attach 30% of the income of
the Hungarian State, the budget which has been balanced with extraordinary sacrifices would again become unbalanced and the danger of inflation
would occur.
During the past 10 months the Hungarian Government was exclusively
guided by the wishes of the members of the Financial Committee of the
League of Nations and the trustees were constantly informed about
the
financial situation of the country as well as about the supply of foreign
exchange.
In official quarters it is further emphatically pointed out that there
is
under the control of the trustees as a reserve the equivalent of six months
service instalments and therefore they are in a position to pay the next
semi-annual interest.
The Hungarian Government will resume transfers of foreign exchange as
soon as possible.
44
Financial Chronicle .
Possible Effects of Danish Inflation—Enforced New
Drop in "Krone" Value Urged as Exports to
Britain Decline.
A Copyright cablegram to the New York "Evening Post"
from Berlin June 29 said:
Denmark for some 20 years Europe's happy island in a sea of war and
economic catastrophe, threatens to sink into the maelstrom as a result of
abandoning the gold standard. Despite the still considerable reserves
available and the essentially sound state of a country inhabited by the
best educated and most skillful farming population in the world, the
Danish inflation is reported to be showing signs of getting out of control.
The gold standard was abandoned out of "sympathy" for England. That
Is, the sympathy consisted of a desire to preserve her English sales, which
make up 56% of the total Danish exports.
Until recently it has been assumed that the well-trained Danish population would know that enough is enough. Nearly all of the middle-aged
and younger Danish 'farmers have taken courses in economics in the
famous adult schools.
However, the country has been swept by a wave of inflation enthusiasm.
Threatened by the English customs restrictions, the Danish farmer is
seized with terror as he watches exports of bacon, eggs and butter to
England dropping week by week. He has decided that since an inflation
of the Danish currency, or at least an abandonment of the gold standard,
served to get Danish products by the English tariffs once, the same
medicine should work again.
The Government, bitterly opposed to the whole popular movement for
further tampering with the money system, has been forced to promise to
take such fiscal measures as the "internal and external situation of the
state demands." This promise, however, is a standoff. The popular leaders
continue to demand uncompromisingly a drop of 10% in the value of the
krone.
Argentine Government Sends to United States
$1,200,000 to Cover Interest on Debt.
The following from Buenos Aires June 29 is from the
New York "World-Telegram":
The Ministry of Finance has placed at the disposition of the Argentine
Embassy at Washington $1,200,000 for. payment of debt interest due
to-day.
Argentina Renews Loan—Arranges with Bankers in
New York to Refund $9,000,000 of $10,000,000 Due.
A cablegram as follows from Buenos Aires June 29 is
from the New York "Times":
Brown Brothers Harriman & Co. of New York have renewed $9,000,000
of the $10,000,000 Argentine Government loan expiring on July 1. The
new loan Is issued in four series of $2,500,000 each, expiring on Jan. 15,
next, Feb. 15, March 15 and April 15. The interest rate is 6% a Year
and the prices for the series are 99.45, 99.40, 99.30 and 99.20, respectively.
The bankers' commission is % of 1%.
The Argentine Government agrees not to negotiate any other loans in
the United States in the next three months except through Brown Brothers
Harriman & Co.
Associated Press advices from Buenos Aires June 29 said:
Withdrawal of 85,000,000 paper pesos ($21,222,222) from the conversion
office against presentation of bonds of the patriotic loan in order to furnish
the Government with ready cash has been decided upon, the Amortization
Junta handling loan finances announced to-day. The first of the five
series of 100,000,000 pesos in bonds has already been publicy subscribed
and it was understood that 50,000,000 pesos of the second series had been
placed.
Dominican Republic Meets Debts Promptly.
From San Domingo, "Dominican Republic," July 1 an
Associated Press dispatch, published in the New York
"Sun," said:
A comunique from the Treasury Department to-day said the government
of President Rafael Trujillo Molino had rigidly maintained its budget
during the six months ended yesterday.
The communique said payments on foreign and miscellaneous debts had
been met promptly when they had fallen due,a circumstance which probably
leaves the Dominican Republic in a unique position.
Notice by Speyer & Co. Regarding July 1 Coupon of
San Paulo External Loan of 1921.
The following notice was issued July 1 by Speyer & Co.:
Dr. Paulo de Moraes Demos, Secretary of Finance and of the Treasury
of the State of San Paulo, has notified Speyer & Co.,as fiscal agents of the
State of San Paulo 8% external loan of 1921, that absolute lack of exchange
haeprevented remittance of the funds required to pay the July 1 coupon of
the loan. The fiscal agents are further advised that deposits in mllreis
-franc surtax per bag of coffee exported
equivalent to the collection of the 5
from the State, which tax is pledged for this loan, will continue to be made
de Sao Paulo,
in the Banco do Estado
July 2 1932
President Rubio of Mexico Makes Effective New Banking
Laws Proposed in May—Private Exchange Brokers
Put Under Supervision — Foreign Institutions
Would Lose Permits on Making Diplomatic Appeal
Against Laws.
The following, copyright by the New York "Herald
Tribune" is from Mexico City June 29:
As a wind-up to the series of new banking laws enacted in the last four
weeks to stabilize the Mexican peso on the foreign exchange market and
in conclusion of the recent federalization of the Bank of Mexico as the
central rediscount bank, President Ortiz Rubio to-day made effective the
new general law of credit institutions by publication of the new law in
"Diaro."
The new law, prepared by Albret J. Pani, Secretary of the Treasury,
is aimed to assist the Bank of Mexico in properly carrying out its functions
as a principal Federal Reserve unit. It remodels the entire credit system
of Mexico. It clearly defines the responsibilities and activities of foreign
domestic credit organizations established within the country, placing
them on a parity with the others.
Operations of private exchange brokers, who have engaged in business
up to the present with practically no legal supervision, are also covered
In the law, which devotes considerable attention to supervision of the
bankruptcy laws. Private exchange brokers now come under the jurisdiction of the National Bank Commission and are on an equality with
organized banking institutions.
Publication of the law failed to react favorably on the peso, which dropped
off about five points against the dollar.
Under date of June 29 Associated Press accounts from
Mexico City to the New York "Times" said:
Foreign banking institutions doing business in Mexico must submit
themselves exclusively to the laws of Mexico under a general credit and
banking law promulgated to-day by President Ortiz Rubio under special
powers granted by Congress.
They will be required to submit themselves exclusively to the jurisdiction of Mexican courts in all business "effected within the National
territory," the law provides, enunciating a view previously held by Mexico
with regard to other foreign businesses.
Foreign banks may operate here only under a Federal concession, which
can be revoked if the majority of shares pass to the power of a foreign
Government or if the institulon makes representations through any foreign
chancellory.
A minimum capital of 500,000 pesos (currently about $136,000), which
must be kept within the Republic, also is fixed for a branch of a foreign
bank doing business in Mexico.
The law, which makes the Bank of Mexico the heart of the economic
and credit systems of the country, states that "branches of foreign institutions of credit operating in Mexico should not be outside the general
banking system, but should collaborate effectively in the economic life
of the country."
"The small producers and business men represent one of the most important and valuable economic elements of the Nation and their welfare
demands adequate legal and economic consideration," the measure adds.
Mexican Peso Break Blamed on New Laws—Finance
Minister Pani Scores Legislation of Vera Cruz and
Hidalgo—Details Fluctuations.
From the "Wall Street Joutnal" of June 29 we take the
following from Mexico City:
Decline of the Mexican silver peso on the foreign exchange market is
due primarily to recently enacted exproprietory laws by the States of
Vera Cruz and Hidalgo, in the opinion of Mexican Finance Minister
Alberto J. Pani. Senor Pant has assailed both laws in a lengthy statement
which was issued preparatory to the enactment of the new general credit
law which completes the federalization of the Bank of Mexico as a central
bank of rediscount.
Senor Pant enumerates the private banks which have associated themselves with the Bank of Mexico by the purchase of series B shares of the
Bank as prescribed by the recent legislation. The list includes practically
every bank in Mexico, including all of the foreign banks.
In his statement, Senor Pani details at length the fluctuation of the peso
before and after enactment of the expropriatory laws and shows that the
rapid drop from the ratio of 3 to 1 as compared ivith the American dollar
began with the enforcement of these laws which brought the peso at one
time down to a 4 to 1 ratio. Before these laws became known, Pant says,
the peso indicated a tendency toward some degree of stabilization.
The steady drop in the peso rate was checked to some extent, he declares.
following Federal action taken by President Ortiz Rubio who sought to
amend the two laws in question and sent a telegram of recommendation
to all State Governors urging them to bloack any attempted anti-constitutional legislation which might be contemplated by the State Legislatures.
Paper money, which is issued only by the Bank of Mexico, has been
cited as a cause for exchange depreciation but this is denied by Senor Pant,
who asserts that the bills are fully guaranteed and have in no way influenced
the decline of the peso In the exchange market. The total amount of bills
now in circulation is given by Pant as 20,048,740 pesos.
Mexico Prepares to Stabilize Peso.
In Associated Press accounts from Mexico City June 28
Committees Formed in Interest of Salvador Bond- Secretary of the Treasury Alberto J. Pani was reported
holders Combine.
as stating on June 28 that with the promulgation of new
It is announced that as the two committees in the interest banking laws this week the Government believed it would
of the Salvador bondholders have the same purpose in view, be possible "to stabilize our money, consolidate our revothey have combined by accepting three members from lutionary regime and return economic prosperity to the
each committee, with J. Lawrence Gilson, Vice-President country." The Associated Press account, taken from the
of the Manufacturers Trust Co., as Chairman The Manu- New York "Evening Post," added:
facturers Trust Co. is fiscal agent for the Republic of SalWhereas the peso in January was quoted at 2.52 to the dollar, he said,
at 3.67, "probably
vador and the Salvador bondholders, as successors to the It now is quoted of confidence in ourlargely on account of legislation that
Nation." This reference was to the
has aroused lack
Metropolitan Trust Co. Roberto Aguilar, formerly Under- adoption of property expropriation laws in three States.
Salvador, is now in New York
out that the buying rate of dollars slipped from 2.97 pesos
He pointed
Secretary of the Treasury of
expropriation law was passed, to
the
on April 25,
as a representative of his Government for the purpose of 3.12 on May when Then Hidalgo State Cruz law, and, on Juno 2, when
came the Vera
10.
at a settlement with the committee representing It became effective, the peso was quoted at 3.40, he said, rapidly declining
arriving
to four pesos to the dollar.
the bonds.
Volume 135
Financial Chronicle
"So alarming was the situation and the lack of confidence in our country
created abroad," the Secretary said, "that the exchange only improved
four centavos in the week following President Ortiz Rubio's circular on
June 18 to all State Governors," urging them to curb radical legislation.
Banking reforms, reorganization of the Bank of Mexico and stability of
paper bills would have a tendency to re-establish confidence, he said, if
the States would refrain from legislation such as the expropriation laws.
President Rubio of Mexico Given Free Hand in
Management of National Expenditures.
From Mexico City June 17 a cablegram to the New
York "Times" said:
The Chamber of Deputies to-day voted to give President Ortiz Rubio
a free hand in the management of National expenditures for the rest of
the year. With Alberto Pan!, Finance Minister, the President will endeavor to curtail expenses to prevent a prospective deficit of 50,000,000
Pesos.
The Chamber of Deputies also voted to suspend temporarily the law
providing for the sale of Federal property to meet the Federal debt. The
Chamber also voted to give President Ortiz Rubio power to revise the
communications and transport law.
The Mexico City press to-day condemned local merchants for raising
the prices on Mexican products, taking advantage of the unfavorable
relation of the dollar to Mexican currency. The Chamber of Commerce
is expected to take action to remedy this situation.
The same paper reported the following from Mexico
City June 13:
A virtual financial dictatorship will be granted to President Ortiz Rubio
at a special session of the Chamber of Deputies which begins to-morrow,
it was revealed to-day by Santos Alonzo, Chairman of the Permanent Committee of Congress, which functions when Congress is not in session.
The Deputies are expected to authorize the President to sanction various
expenditures and to make modifications in some of the revenue laws, in
accordance with recommendations of Finance Minister Alberto Pant.
There is no indication that the President will be authorized to increase
taxes or levy new ones, but he will be authorized to modify by decree a
statute providing for the sale of Mexico's vast public lands.
Senor Alonzo's explanation of the extra session was given in order to
silence rumors that it had been called to deal with a grave political crisis.
It is said that the measures are contemplated because Senor Pant had
threatened to resign on the grounds that his hands are now tied by red tape.
New Import Penalty Decreed by Mexico.
From Washington June 24 the New York "Journal of
Commerce" reported the following:
Issuance of a Mexican decree, effective July 1, requiring deposit of 5%
of the value of all merchandise shipped to Mexico with the Mexican consulate nearest to the place of shipment or the port of exit, to be applied
toward the payment of import duties, was reported to the Department of
Commerce to-day in a cable from Commercial Attache Charles E. Cunningham at Mexico City.
Commercial invoices covering shipments to Mexico, it was stated, will
be required to show that the proper deposit has been made and goods
arriving at Mexican custom houses on and after July 1, which are not
accompanied by commercial invoices properly annoted will be subject to a
fine of one-half of the amount of the deposit due.
Mexico Raises Postage Rates.
From the "Wall Street Journal" of June 25 we take
the following from Mexico City:
Another substantial increase in first-class air mail postage rates to the
United States will be put into effect July 6. New tariff will be 30 centa vos
(about s% cents) for the first 20 grams (about 2-3 of an ounce) and 50
centavos (about 143 cents) for each additional 20 grams or fractions of
those amounts. The Post Office Department explains this increase is
made necessary as United States is raising first-class air mail rate to Mexico
July 1 to 8 cents for first ounce and 13 cents for each additional ounce,
and Mexico must raise her American-bound air mail tariff to balance postage
receipt budget with United States.
Vera Cruz Governor Firm on Seizure Law—Tells
Mexico City He Thinks Expropriation by Decree
Meets Its Policies—Report That Modification Has
Been Ordered by President Rubio.
In a Mexico City cablegram June 29 to the New York
"Times" it was stated that Governor Adalberto Tejeda of
the State of Vera Cruz is convinced that the Federal Government eventually will agree with him as to the soundness of the recently authorized policy in his State of expropriation of private property by decree of the Governor.
The cablegram further said:
His view is expressed in a reply to a circular letter sent out to the
Governors of all States asking co-operation in furthering the principles
of the revolution. The circular followed protests in the capital against
the decrees in Vera Cruz, Hidalgo and elsewhere and conferences to decide if the decrees could be invalidated as unconstitutional.
Governor Tejeda's letter says:
"This Government is convinced that it always has co-operated loyally
and firmly with the central Government in directing efforts in this State
toward realization of the provisions the revolution established for the
benefit of the laboring classes in the Federal Constitution, which has
always been respected by this executive.
"We are fully aware of the responsibilities present conditions impose
upon us and we are confident that our present and future action in regard to the urgent necessities of the people are loyally inspired revolutionary provisions and will be considered in your clear judgment among the
most sincere in its attitude toward your Government and respectful of
our fundamental law."
From Mexico City June 23 Associated Press accounts said:
Declarations signed by all the Vera Cruz State legislators were published in Jalapa to-day upholding the Vera Cruz expropriation law as
constitutional and legal.
45
The legislators said there was nothing new or radical in the law and
that it has been adopted and used often in the past by other States.
They branded attackers of the law as "reactionaries," enemies of the
revolution" and "enemies of freedom for the masses."
The law permits the State Government to take over private property
for public use.
The expropriation law was referred to in these columns
June 11, page 4246. On June 11 Associated Press dispatches
from Mexico City said:
Confiscation of private property under expropriation laws recently
passed in three Mexican States met its first check in the State of Hidalgo
to-day.
The District Court in Pachuca granted a temporary restraining order to
the owners of the Cruz Azul cement factory, suspending the State's attempt to confiscate the factory under the expropriation act.
The Hidalgo law was passed chiefly for the purpose of taking over the
Cruz Azul factory, because the company planned to shut it down.
The law was applied against the factory two weeks ago and the owners
immediately appealed to the Courts to restrain the Government.
The Governors of Vera Cruz, Hidalgo and Michoacan have been summoned to Mexico City for conferences regarding the expropriation laws
recently passed in their States, Governmental circles said. The Governors expected to be here to-morrow.
Further accounts from Mexico City (Associated Press),
June 11 stated:
Governor Bartoile Vargas Lugo of Hidalgo announced to-day that the
new expropriation law in his State would be modified to remove doubts
as to its constitutionality. His announcement followed a conference with
General Juan Jose Rios, Secretary of the Interior, after confiscation of
private property under the law in the State of Hidalgo had met a check
in the District Court at Pachuca.
The Court granted a temporary restraining order to the owners of the
Cruz Azul cement factory, suspending the State's attempt to confiscate
the factory under the expropriation act.
The following from Mexico City June 17 is taken from
the New York "Times":
The Interior Department announced to-day that President Ortiz Rubio
had notified the States of Hidalgo and Vera Cruz that their expropriation
laws required revision because they were unconstitutional. These laws
provide for the expropriation of any property which the Governor of the
State decides is a public utility. Early revision of the laws is expected.
President Ortiz Rubio Fights Property Seizures—Asks
Heads of Mexican States to Prevent Unconstitutional Expropriation Laws—Sees Credit Hurt
Abroad.
President Ortiz Rubio sent a telegram to the Governors
of all States on June 17 asking their co-operation to prevent the adoption of laws for expropriating of private property by the States similar to those enacted by the Legislatures of Vera Cruz and Hidalgo. We quote from a Mexico
City cablegram June 18 to the New York "Times" which
reports the President's message as stating:
. The activities of various Legislatures in attempting to interpret and
direct social conditions by means outside the scope of our Constitution
are creating a serious lack of economic balance and injuring our foreign
and domestic credit.
I urge the Governors of those States where the Legislatures are considering similar measures to interpose their good offices to prevent the
enactment of unconstitutional laws and communicate with the Federal
Government to reconcile local legislative plans with the national welfare.
The Federal Government is aware of changing social conditions and
change in the political and social sciences; it also remembers the revolution's obligation to the working classes.
I feel that the present is not the moment to proffer to the outside world
a panorama of disintegration in our system of Government in order to
accede to the wishes, not of the majority that Governments must always
strive to satisfy, but of a minority, for measures which perhaps would
be misunderstood as far as results were concerned.
The Government is taking public opinion into consideration, together
with the sentiments of conflicting groups regarding the possible necessity of amending the fundamental laws. Thus a general lack of tranquility will be prevented, with a consequent guarantee of debility and the
development of all sources of wealth, both social and private.
I believe I am interpreting the feelings of the nation, which is now
burdened with economic difficulties that the Government it attempting
to alleviate by all the means within its power.
I feel certain that you will employ all the means within your power
and within your constitutional rights when your local Legislature is
studying any law that in your opinion might contribute to an increase in
the present public perturbation, and will communicate, before approving
such laws, with the Federal Government to co-ordinate ideas, which is
indispensable to reach harmonious action regarding legislative matters.
I feel that in this manner the present anxiety will be alleviated and
we shall give the world the spectacle of a people ruled by juridical standards of such stability and uniformity that nobody will deny us the right
to be reconsidered as a homogeneous group in the family of nations.
Realizing your rectitude and patriotism, I am confident that this intimation will result in complete acceptance on your part.
American Smelting & Refining Co. Wins Mexican
Strike—Arbitration Board Frees It of Wage Contract—Suspension Asked by Cananea Consolidated Copper Co.
A wireless message from Mexico City June 24 to the New
York "Times" stated that the American Smelting and Refining Company won a victory over striking employes on
June 24, and the Cananea Consolidated Copper Company,
Which has the largest plant in Mexico, applied for permission for an indefinite suspension that would throw our of
work the bread winners among 10,000 men, women and
children. The message also had the following to say:
46
Financial Chronicle
The Federal Arbitration and Conciliation Board decided to-day that the
employes of the Smelting and Refining Company had violated their contract by failure to comply with legal forms in declaring their strike.
It is charged here that the workers were victims of communistic agitators.
The decision leaves the company free to negotiate labor contracts with
other workmen.
The Cananea company asked permission to suspend because of financial
difficulties, explaining that for several months it has operated on borrowed
money and that the new United States tariff has cut off its principal
market. The company assured the Board of Arbitration that it expected
to resume operations, but that the only way it could put its finances
In order would be to suspend.
5,000 Rail Workers Strike in Mexico, Following 10%
Wage Cut—Walkout Paralyzes Southern Pacific.
A cablegram as follows from Mexico City June 27, is
taken from the New York "Times":
Five thousand employes of the Southern Pacific Railway of Mexico
went on strike against a 10% wage cut to-day, tying up service on its
1,300 miles of trackage, and it is feared that workers on the National
Railways of Mexico will follow suit within two weeks.
The strikers have designated guards to protect tunnels and other vital
sections of the Southern Pacific lines in order to prevent damage or suspicion of the strikers if any violence should develop. The postal services
will have similar protection from the workers.
It is rumored here that airplane service will be established for emergency transportation over the area served by the Southern Pacific.
The street car strike in the capital went through its third day with no
Indication that it might be near its end. Jitney buses are reaping a harvest in attempting to transport the 500,000 passengers who ordinarily use
the trolleys each day, but the passengers had great difficulty in finding
accommodations. The car barns and shops are under guard.
It now seems likely that employes of bakeries also will go on strike
Thursday.
Associated Press advices from Nogales, Sonora, Texas,
June 27 said:
Union employes of the Southern Pacific Railroad of Mexico walked out
on strike here to-day.
The railroad station in this city was padlocked and sealed by Government officials.
A report was circulated that unless strikers return to work within
forty-eight hours pending a hearing before the Federal Board of Arbitration the Mexican Government would operate the line with employes of
the National Railways of Mexico.
Under date of June 23 the "Times" reported the following from Mexico City:
Troops have been requested to guard the property of the Southern
Pacific Railways of Mexico against damage in the strike called for next
Monday, and workers of the lines have petitioned the expulsion from
Mexico of H. B. Titcomb, manager of the railway, as an undesirable
foreigner.
The petition of the workers was voted at a mass meeting at Guaymas
and was sent to the Governor of the State of Sonora. It accused Mr.
Titcomb of "internationally blocking" settlement of the dispute in which
10,000 railway men are expected to walk out.
The request for troops was made by the Ministry of Mining, Industry
and Commerce. Also the Department of Communications has been requested to give assurances that postal communications would not be
hampered.
Bill Passed by Cuban House Increases Consular Fee
on Imports—Viewed As Blow at United States—
Mortgage Moratorium Also Passed.
Consular fees on imports would be increased from 5 to 8%
of the invoice value under a bill passed by the House of
Representatives and now before the Senate with other tax
proposals desgined to balance the budget. We quote from a
cablegram from Havana June 23 to the New York "Times"
which also said:
This contemplated increase of 3% in consular fees is looked on by importers here as equivalent to a rise in the tariff, which would favor European
shippers since it offsets by 8% the 20% preferential granted to United
States exporters.
The House passed this afternoon legislation forbidding the publication
and sale of newspapers on Sunday, stipulating that work on newspapers
shall cease at six o-clock Sunday morning, not to be resumed before Monday morning, which eliminates all early Monday issues. This will be sent
to the Senate for immediate approval.
A two-year moratorium on the collection of mortgage obligations, including bond issues, also has been passed by the House. The bill is similar
to one approved by the House last August which provided that no property
could be seized for two years if interest payments were up to date. It was
opposed by President Machado and pigeonholed by the Senate. Its revival
now may mean, it is thought here, that the Presidential opposition has
lessened.
Cuba Pays $9,500,000 on Foreign Debts—Interest and
Amortization Charges Due June 30 Reported
Liquidated—Chase National Gets $8,278,215.
Under date of June 29, Havana advices to the New York
"Times" said:
Cuba made to-day full interest and amortization payments falling due on
June 30 on all outstanding foreign obligations, in the amount of approximately $9,500,000, thus liquidating these obligations for the fiscal year
1931-32.
The payments include $8,278,215 to the Chase National Bank, of which
$6.250,000 covers public works serial certificates maturing to-morrow.
The balance takes care of interest on public works serial certificates, public
works gold bonds and $20,000,000 bankers' short-term credit which has
been extended several times and which again falls due on July 13.
Likewise, it was ascertained, interest and amortization payments were
made on the Morgan
% 1937 $9,000.000 loan in the amuont of $1,048,000. A shortage in revenue made it necessary for the Cuban Government
July 2 1932
to obtain a loan of $2,278,215 from the Chase and other American banks in
order to be able completely to service her foreign obligations. Provision for
this temporary loan has been made in the general budget of 1932-33,
repayable in the first half of the fiscal year.
The loan obtained from American banks was noted in
our issue of June 25, page 4584.
Loan Reported As Strengthening Cuba's Finances—
Way Believed Cleared for December Payments on
External Debt.
The following special correspondence from Havana, June
25, is from the New York "Times" of June 28:
Despit the fact that the Cuban budget is expected to show a deficit of
approximately $10,000,000 at the end of the current fiscal year, June 30. all
payments due on Cuba's foreign obligations on that date vvill be met. The
law just passed by the Cuban Congress gives President Machado authority
to contract a temporary loan of $2,278,215 with American bankers.
This loan, together with funds already earmarked, will be applied toward
payment of public works obligations which mature on June 30 in the amount
of $8,278.215. A syndicate comprising the Chase National Bank, the
National City Bank and the Continental Illinois Bank & Trust Co. of
Chicago has agreed to advance the temporary loan which will be repayable
$500.000 monthly on the last days of July, August, September and October,
and the final balance of $278,215 on Nov.30, according to provisions made
in the budget for the fiscal year 1932-33
In order to pay the remaining $6,000,000 due on the public works debt
on June 30,$4,000,000 Is expected from punlic works revenues and $2,000,000 from the egneral revenues fund. The public works revenues cover the
period of the first six months of the present calendar year.
December Payments Likely.
News of this temporary advance has been very favorably commented
upon locally, as it is felt that, with June foreign obligations provided for.
there is every possibility of Cuba being in position to meet all her external
indebtedness falling due in December. Therefore Cuba should experience
no great difficulty in continuing the full service on her foreign loans, even
without any material improvement in government revenues,since amortization payments will show a sharp drop after the present year. This is clearly
shown when the Cuban Treasury Department has disbursed $12,500,000 as
amortization on public works financing for 1932, whereas during 1933 only
$1.250,000 will be required.
The $20,000,000 credit extended by the Chase National Bank, National
City Bank and Continental Illinois Bank & Trust Co. of Chicago, which
has been renewed from time to time, will mature on July 13, and, it is
expected, will again be renewed, provided the external debt payments due
on June 30 are made.
The Treasury Department, it Is understood, is depositing every 15 days
90% of the special public works revenues with the Chase National Bank,
Havana branch.
Increase of Floating Debt.
Even though the Cuban budget has been revised downward every year
during the past three years, a heavy increase has taken place in the republic's floating indebtedness. Although estimates vary as to the total of
the island's floating debt, it Is conservatively estimated that during the
fiscal year ending on June 30,it has increased from $7,600.000 to $8,000,000,
taking into consideration that salaries of government employee are from
two to three months in arrears. Several plans have been put forward for
taking care of the government's large internal Indebtedness, but as yet
none of them has been adopted.
But to offset this increase in floating indebtedness, Cuba has made a
notable record in net debt reduction. A close examination of official records
indicates that the funded debt has been reduced by $16,200,000 in principal.
This is in addition to amortization of approximately 156,000,000 in Sugar
Stabilization bonds,which,although guaranteed by the Cuban Government,
are expected to be repaid from sales of segregated sugar.
Cuba, through a herculean effort of self-denial, many sacrifices and
beset on all sides with internal strife, mostly political, throughout her fiscal
year 1931-32, was able to reduce her external obligations in the total amount
or $15,721,500, including payment to be made on June 30 1932.
Taking into consideration the depressed condition of the republic's
commercial interests as a whole, it is generally felt in financial circles here
that under the present policy of the administration every sacrifice will
continue to be made to keep up the full service on the funded debt and
that if all payments on foreign obligations are met this year Cuba will be
one of the first countries to finally emerge from the depression with an
unbroken credit record, which will be of immeasurable value for its future.
Cuba Plans Higher Taxes—Increases Intended to Add
$10,000,000 to Revenue.
Proposals for numerous new taxes and increases designed
to add $10,000,000 to Cuba's revenue to balance the 1932-33
budget were announced on June 17 by Secretary of the
Treasury, Ruiz y Mesa, according to a cablegram from
Havana June 17 to the New York "Times", which also said:
The new levies include taxes on the salaries of public employees,changes
in the stamp tax and a tax on identification cards Issued to foreigners, of
whom there are about 550,000 in Cuba.
Also increases are proposed in the taxes on radios, amusements and
spectacles, the rice tax, profits tax and consular fees. Many new sales
taxes will be included.
The list also indicates a number of changes in import duties, many
upward and some downward in order to increase revenue from this source,
as it has dropped alarmingly since the imposition of extremely high duties.
The new tax bill will be presented to Congress next week with President
Machado's message submitting the budget.
Among new taxes will be an income levy of 3% to 5% on all individuals,
eluding government employes, earning between $50 and $500 a month,
according to Havana advices to the "Wall Street Journal" of June 18.
Cuban Budget Approved.
In a message from Havana to the "Wall Street Journal"
of June 11, it was stated that the Cuban Cabinet has approved the projected $50,000,000 budget for the next fiscal
year and has decided to increase governmental income
through new taxes.
Volume 135
Financial Chronicle
47
Cuba Reported as Abandoning Sugar Pool—Difficulty
Is Encountered With Banks In U. S.
From the New York "Times" of June 28 we take the
following from Havana, June 28:
Japanese Finance Minister Says Government Will Not
Stabilize Yen—Private Deposits in Bank of Japan.
An announcement June 27 by the Department of Commerce at Washington said:
Contrary to an announcement yesterday that a Presidential decree
would be signed to-day making effective a pool to withdraw 815.000 tons
of sugar from the market, Dr. Virlato Gutierrez, President of the Sugar
Institute, said this afternoon that the Institute had abandoned the project.
Senor Guterrez explained that due to unforeseen difficulties encountered
by Cuban sugar holders in reaching an agreement with United States
banks, which they had expected would contribute 600,000 tons toward the
pool, it was decided that all efforts cease in connection with the pool.
Finance Minister Takahashi reports that the Japanese Government will
not attempt to stabilize the yen exchange, according to a cablegram Saturday (June 25) from Commercial Attache H. A. Butts, Tokio, to the Commerce Department. With the yen fluctuating around the present low exchange rate of $0.28, import trade virtually is impossible.
Falling off in the value of silk exports so far this year has contributed
to the unfavorable trade balance of 275,000,000 yen ($77,000,000).
Private deposits in the Bank of Japan total 150.000,000 yen, but long
term money remains tight. Dividends of industrial companies are holding
up, but dividend rates of electric power companies are being reduced because of the problem of their foreign obligations. A reduction of the interest
rate on postal savings is considered probable.
There Is an upward tendency in commodity prices.
The Havana advices to the "Times" under date of June
27 are quoted as follows:
A pool for the withdrawal of 815,000 tons of sugar from the market is
now virtually assured, according to Viriato Gutierrez. President of the Sugar
Institute, the organization controlling Cuba's sugar industry under the
Chadbourne plan. After a meeting of the Institute this afternoon Senor
Gutierrez said it would reconvene to-morrow to draft a decree for the
signature of President Machado, making the withdrawal effective.
Senor Gutierrez declared the pool would be made up of 600,000 tons
voluntarily contributed by United States banks, 100,000 tons from Cuban
sugar holders and the balance of 115,000 tons would represent the allocation
made under the BursaeIs agreement which accrued to Cuba from the failure
of Germany to complete her export quota last year.
The proposed sugar pool was referred to in these columns
June 25, page 4567.
Moscow Results in Cut in Rationing
Simultaneously Increased in a Group of
Sugar Shortage in
—Prices
Soviet Stores.
From Moscow, Associated Press accounts to the New
York "Evening Post" on June 24, stated:
A serious sugar shortage has resulted in a reduction of the sugar ration
from three and three-quarter pounds for each person to one and threequarter pounds for the white-collar class and two pounds for the workers
in Moscow.
Simulataneously the price has been boosted from 10 to 15 cents a pound
in the torgsin stores, which take only foreign money. In the ration stores
the price remains unchanged at 21% cents a pound.
Soviet citizens of Moscow cannot buy candy despite the recent removal
of confectionaries from the ration category, indicating that the candy
manufacturers are feeling the shortage.
No figures are available on last year's sugar beet production, but the
newspapers acknowledge that there were enormous losses
through carelessness in many sections and because of damage by insects. Added to this
was the drain on the country's resources by the diversion of sugar to troops
concentrated in the Far East and the necessity for using more sugar in the
manufacture of industrial alcohol for basic war materials.
Volume of Sugar Trading on New York Coffee and
Sugar Exchange in Week of June 25—Proposal of
Cuban Sugar Institute to Withhold 800,000 Tons
from Export to United States—Viewed as Causing
Tight Situation Here.
Under date of June 24 the New York Coffee & Sugar
Exchange said:
The third week of the bull market in sugar was featured by the broadening of the trading in sugar and the evidences of increasing public interest
In the sugar market. Wall Street houses which have been out of the sugar
market for the past few years, were active on both sides of the market.
Although gains were extended and new highs for the movement were made
on the N. Y. Coffee & Sugar Exchange, profit taking later In the week
wiped out most of the gains. Closing prices for the week showed the
market unchanged to 3 points higher. Volume of trading on the Exchange
was 192,650 tons for the week. On Friday the volume was 67,550 tons,
day's turnover which has been exceeded only once in the past two years.
July was the most active position. Its high was .88 cents a pound compared
with .57 at the start of the bull movement three weeks ago. It closed on
Friday at .83 cents a pound, five points under the high. The value of
sugar has improved approximately 50% in value since the start of the bull
movement. The latest news is that the Cuban Sugar Institute has decided
to support the plan to withhold 800.000 tons from export to the
United
States, originally earmarked for sale here, until the price reaches
1A
cents a pound. The present price of raw sugar, c.i.f., is .90 cents a pound.
The sugar trade estimated that such an action would cause a tight situation in this country for the remainder of the year in regard to available
supplies.
The action of the Cuban Sugar Institute was noted in our
issue of June 25, page 4567.
of Rules for Enforcement of Japanese Exchange Control Law.
The following from Tokio, July 1, is from the New York
"Sun" of last night (July 1):
Issuance
Rules for the enforcement of the Japanese exchange control law were
is
sued to-day. Regulations prohibit the transfer of capital abroad or
the
purchase of foreign currency and securities without the sanction of the
Finance Minister. Banks here are forbidden to accept foreign currency
deposits and the issue of foreign currency debentures without official
sanction is prohibited.
The Finance Minister is empowered to order holders to sell all foreign
exchange and foreign currency securities to the Government and to require
detailed reports of transactions from banks and brokers and to call for
reports from firms and individuals with foreign currency assets and liabilities
in excess of 1,000 yen within one month.
Transactions with Manchuria are excepted from these rules because the
yen circulates there.
The compulsory sale of foreign currencies and securities will not be enforced immediately. The Minister of Finance explained that up to now
this has not been necessary.
No reports will be required on exchange transactions to which shipping
documents are attached.
Japanese Gold Embargo Fails to Stem Slump of
Metal Prices.
While showing a temporary rise in February after the
gold embargo placed in December, Japanese metals did not
receive the expected demand from industrial activity in
the spring months anti the recent trend of prices has been
downward, according to a report to the Commerce Department from Commercial Attache W. S. Dowd, Tokio.
The Department also, June 23, had the following to say:
The aluminum market has continued inactive, especially by comparison
with the 1930 situation. Prices have been maintained because there
was no Japanese production, and the business has been handled entirely
by the Asia Aluminum Co. through 1931 and so far this year.
The demand for ingots has fallen off largely due to the increase in prices
for aluminum from Europe and America. Imports of scrap and remelted
bars have been increasing. Considerable publicity is being given to a
project for manufacturing aluminum from local clays, and it is claimed
that a good quality of aluminum can be produced here to be marketed
at approximately one-half the present prices. Preliminary reports indicate an intention to manufacture as much aluminum as is now imported.
Mr. Dowd also pointed out that in the field of minerals it was reported
recently that the Japan Copper Producers' Association is actively considering export possibilities. It was proposed to ship 2.000 pounds each
month during May, June and July. A trial shipment of 100 tons to South
America has been reported; hitherto the Japanese producers have avoided
competition in South America because of the control by American producers. At present exports to other countries in the Far East are averaging
500 tons a month.
Following the gold embargo last December a boom was created in the
copper market, but this seems to have died out and market conditions
are again depressed. At the peak of production monthly output reached
about 6,400 tons; it was then reduced to 6.000, and present production
is around 5,800 tons. Even at this rate surplus stocks are rapidly increasing and are expected to reach about 6,500 tons by the end of this month.
Japanese Farmers Propose Moratorium.
Referring to an item issued under date of June 11 by the
Department of Commerce at Washington, and given in
these columns June 18, page 4416, the Department has since
made available corrected copy as follows:
Agricultural societies have placed before the diet a proposal for a threeyear moratorium on the principal and interest of Government loans, to
which the Hypothec Bank is sympathetic, according to a cable to the Commerce Department from Commercial Attache Halleck A. Butts, Tokyo.
A sympathetic devaluation of the yen has been suggested by high members
of the Selyukat party.
There is little possibility at this time, however, the cable stated, that
such action would be successful.
Devaluation of Siamese Currency, Tied to Sterling,
Fails to Stem Business Slump.
Improved business sentiment, which followed in Siam
immediately upon devaluation of the baht on May 11, at
the former rate of 11 to the pound sterling, has disappeared
and latter adjustments indicate a continuation of dullness
in practically all lines of trade except rice exports, according
to a report from Commercial Attache G. F. Brookhart,
Bangkok, Siam. The Department of Commerce on June 22
further said:
The rice market is active, with adjusted prices since May 11 somewhat
higher in local currency and lower quotations on Singapore and Hong Kong.
Exports of rice in May totaled 213,710 long tons, compared with 114,417
tons in April.
Total exports from Bangkok in May were valued at 11,019.000 bahts.
an increase of 27% over the previous month, while imports, valued at
6,655.000 bahts, showed only a slight increase. The maintenance of
imports at a fairly steady level so far this year, with an increase in export
values, has caused a substantial favorable balance of trade, the excess
of exports for the first five months amounting to 11.998.000 bahts.
Chinese Government to Require Consular Invoices.
The Chinese Government has announced its intention
of requiring consular invoices for importations, presumably
to become effective some time in August, according to a
radiogram received in the Department of Commerce from
Commercial Attache Julean Arnold, at Shanghai. In announcing this June 20 the Department said that no details
of the proposed plan have as yet been received.
Financial Chronicle
48
Siam's Constitution Approved by King-Provides
Power of Monarch Be Limited by Senate Group
and Courts.
The new constitution of Siam setting up a Senate was
signed by King Prajadhipok June 28, the Department of
State announced on the date. The announcement as given
in the "United States Daily" follows:
Kennett F. Potter, American Charge d'Affaires at Bangkok, reported
to the Department of State to-day that the constitution of Siam was signed
by the King yesterday afternoon. The power of the King will be limited
by a Senate committee of 15 senators and the law courts. The first Senate
is to be appointed by the Peoples Party.
Policy as to Recognition by United States of Constitutional Monarchy of Siam Defined.
From the "United States Daily" of June 27 we take the
following:
There probably will be no question as to American recognition of the new
constitutional monarchy in Siam, according to an oral statement by the
Department of State June 25.
The King has agreed provisionally to continue on the Siamese throne,
according to dispatches reaching the Department. In this case continued
recognition is certain, it was stated.
An announcement by the Department follows in full text:
The American Charge d'Affaires at Bangkok, Mr. Kennett F. Potter,
has reported to the Department that the Bing accepted the terms of the
provisional Government to head a constitutional monarchy. The accentance was greeted enthusiastically.
-CommonLoan From Australia to New South Wales
wealth Agrees to Meet .£2,000,000 Payment Due in
London on July 1.
In Associated Press Cablegrams from Canberra,(Australia)
June 28 it was stated that the Commonwealth Loan Council
has agreed, at the request of Premier B. S. B. Stevens of
New South Wales, to find £2,000,000 to meet State obligations in London on July 1. The cablegram, as given in the
New York "Times" added:
Under its former Labor Government, New South Wales defaulted on
several payments overseas. This led to the downfall of the Government and
the accession of Premier Stevens's United Australia party Ministry.
Prime Minister Joseph Lyons of the Commonwealth Government demanded further drastic cuts in State Governmental expenditures when the
Australian Premiers' conference met to-day. Aggregate deficits next year
must be reduced from £20,000,000, which is threatening, to E7.000,000,
he declared, if the Premiers' plan toward restoring balanced budgets
was to work.
The Commonwealth intends to balance its own budget by reducing expenditures by £2,000,000. The Commonwealth this year expects to show
a surplus of £1,200,000, but the States' budget deficits for the year total
£1,761,000.
Notices Issued by New York Stock Exchange Regarding
Tax on Warrants Attached to Bonds and Stocks.
Ashbel Green, Secretary of the New York Stock Exchange,
issued the following notices regarding the Federal tax
required under the Revenue Act on warrants attached to
stocks and bonds:
NEW YORK STOCK EXCHANGE
Office of the Secretary
Tax on Warrants Attached to Bonds
June 20 1932.
Based on information received at this office, the extra Federal tax
required under the Revenue Act now in effect on sales and transfers of
bonds with warrants attached, or carrying stock purchase privileges, is
understood to be as follows:
Abraham & Straus, Inc., 15-yr.5%% gold deb., due 1943--- -20c. per bond
American Natural Gas Corp. 6%% s. f. gold deb., due 1942
40c. per bond
(with stock purchase privilege)
8c. per bond
Container Corp. of America 15-yr.5% gold deb.,due 1943_
Crown Zellerbach Corp. 10-yr. 6% gold deb. ser. of 1930,
80c. per bond
due 1940
Cuban Dominican Sugar Co. let lien 20-yr. s. f. 7 % gold
$2 per bond
bonds, due 1944.stamped
Cuban Dominican Sugar Co. ctfs. of dep. for 1st lien 20-yr.
$2 per bond
s. f. 73 % gold bonds, due 1944,stamped
12c. per bond
*Ernesto Breda Co. 1st mtge. 7% s. f. bonds, due 1954
General Steel Castings Corp. 1st mtge.gold bonds 5%% series
20c. per bond
A, due 1949
*"Hansa" Steamship Line 10-yr. 6% gold bonds, due 1939- -20c. per bond
Investors Equity Co., Inc., 20-yr. 5.% gold deb., series B,
z12c. per bond
due 1948
20c. per bond
% deb., series A. due 1948
Kendall Co., 20-yr.
Mead Corp., 1st. mtge.6% gold bonds,series A,due 1945-.....40c. per bond
x*Montecatini Min. & Agric. Co., Inc., 10-yr. s. f. 7% gold
12c. per bond
deb., bonds. due 1937
North American Cement Corp., sinking fund gold deb.,series
80c. per bond
A.6%%,due 1940
Pathe Exchange, Inc., 10-yr.7% s. f. gold deb., due 1937----80c. per bond
Remington Rand,Inc.,20-yr.5%% deb.,series A,due 1947--20c. per bond
No extra
Royal Dutch Co.4% deb.. series A, due 1945
$1 per bond
Shell Union Oil Corp. 5% sinking fund deb.. due 1949
Southern pacific Co.40-yr.4%% gold bonds of 1929,due 196912c. per bond
z12c. per bond
Union Oil Co.of Calif. 5% deb.,due 1945
7
Utilities Pow.& Lt. Corp.,30-yr. 50 gold deb., due 1959_ .. _ c44c. per bond
Walworth Co.. 10-yr.634% s.f. gold deb.,series A.due 1935_40c. per bond
20c. per bond
Warner Co., 1st mtge.6% sinking fund bonds,due 1944
White Sewing Mach.Corp.,69', 10-yr.s.f. gold deb., due 1936 $1 per bond
* The sale or transfer of foreign stock
x Warrant expires June 30 1932.
is taxable on the basis of its par value in dollars as determined by the current
rate of exchange. The amount of tax given here is based on the rate of
exchange as of this date. z On sales of two or more bonds, 10c. per bond.
c On sales of two or more bonds, 42c. per bond.
From time to time, as changes occur, it is our purpose to reprint this list.
NEW YORK STOOK EXCHANGE
Office of the Secretary
Tax on Warrants Attached to Stocks.
June 20 1932,
Based on information received at this office, the extra Federal tax
in effect on sales and transfers of
required under the Revenue Act now
tock with warrants attached is understood to be as follows:
July 2 1932
% pfd. stk., ser. A, with $30
Allegheny Corp. cum.
6c. per share
warrants
Allegheny Corp., curs. 535% pfd. stock, series A, with $40
_ 6c. per share
warrants
2c. per share
Consolidated Cigar Corp.6%% cum,prior pref.stock
4c. per share
Engineers Public Service Co.$5.50 cum.div. pref.stock
Firestone Tire & Rub. Co.,6% cum.pref.stock, series A_ _40c. per 100 shs.
4c. per 100 shs.
Fourth National Investors Corp., common stock
8c, per share
General American Investors Co.,Inc.,$6 cum.pfd.stock
4c. per share
General Printing Ink Corp.$6 cum.pref.stock
General Realty & Util. Corp. pref.stock ($6 op.div.series)--- -8c. per share
4c. per 100 shs.
Hat Corp. of America 63 % cum. pref. stock
4c. per share
Interstate Deptment Stores, Inc., pref. stock
6c. per share
Maytag Co., cum, preference stock
Sc. per share
Oliver Farm Equipment Co., prior pref.stock,series A
2c. per share
Skelly Oil Co.,6% cum. pref. stock
No extra
Solvay American Invest. Corp.5%% cum.pref.stock
United Aircraft & Transport Corp.6% cum.pfd.stock,ser. A _2c. per share
occur, it is our purpose to reprint this list.
From time to time, as changes
ASHBEL GREEN, Secretary.
Restrictions Affecting
Exchange.
From Wellington (New Zealand) June 15 Associated
Press accounts said:
Removal of New
Zealand
Prime Minister Q. W. Forbes announced to-day the Government would
lift the regulations restricting exchange at the end of the month. There
will be no further intereference with the exchange rate, which has become
the care of the banks, he said. Pooling of exchange was instituted by the
Government last winter.
Committees of Chicago Stock Exchange Named by
Governing Committee.
At the meeting of the Governing Committee of the Chicago
Stock Exchange, on June 23, the following committees were
named:
Standing Committees.
Finance-Paul B. Skinner, Chairman; Leeds Mitchell, Vice-Chairman;
Laurance H. Armour, Charles Swift, Virgil C. Webster.
Arrangements-Virgil C. Webster, Chairman; Ford R. Carter, ViceChairman; Thomas F. Furness, Edward P. Molloy, Harry M. Payne, Charles
Sincere, Benjamin F. Stein.
Admissions
-Warren A. Lamson, Chairman; Robert J. Fischer, ViceChairman ; Paul B. Skinner, Benjamin F. Stein, R. Arthur Wood.
Arbitration-Leeds Mitchell, Chairman; Thaddeus R. Benson, ViceChairman; Warren A. Lamson, Edward P. Molloy, Stuart Webster.
Stock List-Wallace C. Winter, Chairman; M. J. O'Brien, Vice-Chairman;
James E. Bennett, Thaddeus R. Benson, Arthur H. Betts, Robert J. Fischer,
Leeds Mitchell, Charles 0. Renshaw.
Securities
-R. Arthur Wood, Chairman; Charles O. Renshaw, Vice-Chairman; John J. Bryant, Jr.
Law-M. J. O'Brien, Chairman; John J. Bryant, Jr., Vice-Chairman;
Arthur M. Betts.
Business Conduct-Morton D. Cahn, Chairman; Charles C. Renshaw,
Vice-Chairman; James E. Bennett, W. P. .Macknzie, Harry H. Payne,
William A. Schuberth, Charles Swift.
Commissions
-James E. Bennett, Chairman; Ford R. Carter, Vice-Chairman; John J. Bryant, Jr., Edward P. Molloy, S. Louis Reinhardt, Jr.
Publicity-Robert J. Fischer, Chairman; R. Arthur Wood, Vice-Chairman; Thomas F. Furness, S. Louis Reinhardt, Jr., Joseph A. Rushton,
Charles Sincere.
Odd Lots and Specialists-Harry M. Payne, Chairman; Edward P. Molloy,
Vice-Chairman; Charles Swift, Stuart Webster, Virgil C. Webster.
Special Committees.
Committee on Business Relations-Arthur M. Betts, Chairman; Warren
A. Lamson, Vice-Chairman; Charles Sincere.
Bank Relations-John J. Bryant, Jr., Chairmen; Wallace C. Winter, ViceChairman; Laurence H. Armour, Walter S. Brewster, Warren A. Lamson,
Leeds Mitchell, Charles C. Renshaw, R. Arthur Wood.
Stock Transfer and Registration-Thaddeus R. Benson, Chairman; Benjamin F. Stein, Vice-Chairman; S. Louis Reinhardt, Jr.
Chairmen
of
Various Committees
Produce Exchange.
of New York
The New York Produce Exchange has announced the appointment by its Board of Managers of the following Committee Chairmen for the year 1932-1933:
Standing Committees.
Admissions, Carl F. Andrus; Complaint, A. 0. Fetterolf; Finance, Thee.
F. Baker; Floor, Carl F. Andrus; House, C. B. Merritt; Information and
Statistics, Axel Hansen; Law, C. B. Merritt; Rooms and Fixtures, T. R.
VanBoskerck ; Trade and Transportation, Gerald F. Earle.
General Committees.
Publicity, Albert Wagner; Railway Affairs, S. D. Riddle; Real Estate,
Thomas F. Baker; Relief, Walter Moore.
Trade Committees of Securities Market.
Securities, 11. B. Watson; Securities Subcommittee, "When Issued,"
H. B. Watson; Arrangements, A. M. Goodman; Business Conduct, I. D.
Noll; Commissions, Alton C. Elterich ; Listing, Chas, E. Grim; Formal
Listings, Alfred J. Lane; Admissions to Dealings, J. A. Lublow.
Commodities Trade Committees,
Animal Oils and Fats, Geo. A. Malleson; Cottonseed Products, John
Cottonseed Products Quotations, James Eblen ; Flour, Fred.
McD. Murray;
0. Seaver; Grain, Moses Cohen; Cadet, Jos. A. Abel, Jr.; Grain Futures,
Axel Hansen; Hay and Straw, Charles Schaefer; Lard, A. L. Snow; Lighterage, T. J. Clarken ; Petroleum, Chas. W. Bowring ; Provisions, Monroe
Washer; Seeds, M. H. Duryea; Steamship Affairs, J. A. Robinson; Vegetable Oils, Waxes and Fats, M. B. Snevily.
Curb Exchange-Cash Distributions
$303,000 Mailed to Members.
Cash distributions totaling $303,000 were mailed on June
12 by the San Francisco Curb Exchange to its entire membership. Seventy-eight regular members received $3,000
each, 11 bank and associate members each received $1,500,
San
Francisco
Totaling
Volume 135
Financial Chronicle
and the Curb purchased the seats of 10 former regular
members at $5,000 each, and one bank membership at $2,500.
The Curb Exchange, after making the cash distribution,
still retains, it is said, an adequate amount in its treasury.
According to its June 12 announcement the Curb Exchange
has, during its five years of existence, amortized all outstanding obligations and for some time past all physical
assets, building, property and equipment, have been owned
free of all encumbrances. About two months ago it was
announced that the San Francisco Curb Exchange had eliminated membership dues. The Curb Exchange says:
With the feeling of assurance that there is a tremendous opportunity for
the development of Pacific Coast securities, the Stock Admissions Committee is concentrating its efforts in the improvement and development of
this the fundamental function of the Curb Exchange.
Short Sales on New York Curb Exchange Totaled
33,628 Shares on June 15—Decrease of 8,162 Shares
from May 31 Total.
The short position in all securities on the New York Curb
Exchange as of June 15 1932 totaled 33,628 shares, a decrease of 8,162 shares compared with the total of 41,790
shares as of May 31 1932. This is a new low record since
the Exchange began to issue figures on the short interest
In the fell of 1931. The high record was established on
Sept. 23 1932, when the short interest amounted to 129,542
shares.
During the period covered in the compilation 1,810,863
shares were dealt in.
Los Angeles
Stock Exchange Lowers Commission Rates
on Stocks Selling Under $1 a Share.
The following from Los Angeles June 28, is from the New
York "World-Telegram":
Lower commission rates on all stocks selling below $1 a—shaie will take
Los Angeles Stock Exchange announced to-day.
The new rates are divided into three groups as follows: Stocks under 25 cents.
134 cents per share, with $2 minimum; stocks at 25 cents and under 50
cents,$2.50 per 100 shares, Scents per share on odd lots and $2.50 minimum;
stocks at 50 cents and below $1: $3 Per 100 shares, 74 cents per share on
odd lots and $2.50 minimum.
effect immediately, the
Dues of Members of New York Stock Exchange Payable
July 1 Fixed at $260 by Governing Committee.
The New York Stock Exchange in its weekly bulletin dated
June 25-announces thatthe Governing Committee of the
Exchange has fixed the dues of members, payable July 1,
at $250. A"iike'mount
paid-by members on Aprin.
The announcement in the bulletin follows:
Governing Committee.
June 22 1932.
At a regular meeting of the Governing Committee held this day, the
following was adopted:
That the Governing Committee determines that the dues payable by the
members of the Exchange on July 1 1932. be $250 each, and that said
amount shall constitute a contribution by members towards the current
expenses of the Exchange, in accordance with Section I. Article XIII of
the Constitution.
(Bills will be rendered in the usual manner on and after July 1 1932.)
The text of Section 1, Article XIII of the Constitution of
the Exchange may be found in our issue of March 21 1931,
page 2113.
Approval by Members of Amendment to Constitution
of New York Stock Exchange Providing for Cut in
Commission Rates on Bonds.
The members of the New York Stock Exchange approved
on June- 28, the amendment to the Constitution of the
Exchange (adopted by the Governor on June 15), whereby
a reduction of 50% is effected in the commission rates of
Mids selling.
from $10 to $100 a $1,000 bond. Reference
to the
was made in these columns June 18, page 4417.
Members of New York Stock Exchange Approves Amendment Increasing Death Payments Under Gratuity
Fund.
On June 28 the members of the New York Stock Exchange
approved a proposal submitted by the Governing Committee amending Section 5 of Article 22 of the Constitution
of the Exchange, so as to increase the payments called for
under the gratuity fund upon the death of a member. From
the New York "Times" of June 29 we quote as follows:
The clause dealing with the payments under the gratuity fund is contained in Section 5, Article 22 of the Constitution. Formerly this section
declared that the "liability of each member, at law or equity, is limited to
the payment of $10 only on the death of any other member,and the liability
of the Exchange is limited to the payment of the sum of $10,000, or such
part thereof as may be collected, after it shall have been collected from the
members, and not otherwise."
49
Section 5 of Article XXII as amended reads as follows:
Sec. 5. Nothing herein contained shall ever be taken or construed as a
joint liability of the Exchange or its members for the payment of any SUM
whatever; liability of each member, at law or equity, being limited to the
Payment of $15 only on the death of any other member, and the liability
of the Exchange being limited to the payment of the Sum of $20,000. or
such part thereof as may be collected, after it shall have been collected from
the members, and not otherwise.
New York Stock Exchange Drops Three Issues From
List—Barnet Leather, Grand-Silver and N. Y.
Railways Bonds Eliminated—One Suspension.
The following is from the New York "Evening Post" of
June 30:
The New York Stock Exchange has announced that it has stricken from
trading Barnet Leather Co., Inc., common stock; F. & W. Grand-Silver
Stores, Inc.,common,and New York Railways Co.bonds,and that dealings
have been suspended on the American shares of Rudolph Karstadt, Inc.
The reason for the action in the case of Barnet Leather was that the
company is in the process of liquidation; F.& W.Grand-Silver Stores stock
was stricken from the list because the company has failed to maintain a
transfer office in New York City and the New York Railways bonds, which
were the 30
-year 4% real estate and refunding issue, were removed from
trading because there are only a few remaining which have not been exchanged for securities of the corporation which was the successor company.
Dealings in the American shares of Rudolph Karstadt were suspended
because the Berlin sub-depository had been instructed to refuse further
deposit of German shares.
Senate Committee Hearings Into Stock Market
Investigation Suspended.
Regarding the suspension of the Senate hearings into
stock market operations, announced orally on June 24 by
Senator Norbeck, Chairman of the Committee on Banking
and Currency, the "United States Daily" of June 25 said:
In addition to suspension of hearings, the Committee made plans for
only the minimum of actual investigation. A skeletonized staff, sufficient
only to care for office routine, was ordered retained.
The contract of William A. Gray, of Philadelphia, chief counsel, was
not renewed, nor was the firm of George K. Watson & Co.retained further
as accountants.
Senator Norbeck explained that the Committee action in not renewing
the contracts should not be construed as reflecting dissatisfaction with
their work. With the probability that few members of the Committee
would be in Washington during the summer, it was decided to be unnecessary, as well as inadvisable, to spend the available funds until Congress
reassembles in December.
The Committee was voted its second appropriation of $50,000. June 20.
but only so much of it will be used 813 is required to pay remaining bills
created thus far in the investigation into short selling and other activities
on the New York security markets.
Stating that resumption of the hearings at the next session
of Congress is highly problematical, the Washington correspondent of the New York "Journal of Commerce" had
the following to say, in part, on June 24:
Force Is Spent.
While some members of the Committee are insistent the probe is by no
means at an end, it is becoming clear to observers that its force is spent.
The additional authorization of $50,000 for expenses granted by the Senate
will be used in part to meet obligations already incurred in the expensive
task of assembling data, it is said, and the cost of formulating the report
will be heavy.
Many influences and considerations have been at work beneath the
surface since the inception of the investigation. There has been repeatedly
advanced to members of the Committee the idea that while some of the
cases built up by the probers have been of great value in emphasizing
speculative conditions calling for reform, others have served to lessen
the prestige of institutions in which millions have been invested by the
public, and injury to which would have a reaction that might prove catastrophic in a time of financial depression.
Gray and Watson have told the Committee or correspondents on many
occasions that cases partially presented would take months to complete.
Apparently the Senate investigators are entirely unwilling to go along with
them on so exhaustive a program.
Score Subpoenas Out.
There still hang over the heads of more than a score of corporation
officials and heads and members of brokerage houses subpoenas requiring
appearance before the Committee which retain full mandatory force until
recalled. It is utterly unlikely, however, that any will be pressed. Only
one man's testimony still is strongly desired by the Committee; that of
Michael J. Meehan, New York broker, who was reported several weeks
ago to have been ordered abroad by physicians.
Committee members said to-day there was a possibility of a small number
of hearings early next winter to complete stories of witnesses or to give
them opportunity to insert statements on their own behalf in the record.
Among these probably will be Richard Whitney, President of the New
York Stock Exchange, who sought to place rebuttal testimony in the
Committee minutes when a hearing early in the probe at which he was
the principal witness was adjourned.
The idea of requiring the presence of Cyrus Eaton, former President
of the Continental Shares, Inc., or William Fox, head of Fox Films and
Fox Theatres Corporations, has been pretty definitely abandoned.
Reference to the suspension of the hearings was made
in our issue of June 28, page 4592.
Senate Inquiry Into Stock Market Operations—Two
Women Witnesses—One Says Exchange Refused
to Discipline House Against Which She Won
Action—Further Hearing on Fix Film Affairs. —
As to testimony before the Senate Banking and Currency
Committee on June 23 wequote the following from Washington on that date to the New York "Times":
50
Financial Chronicle
An unsuccessful 10
-year struggle to have the New York Stock Exchange
discipline Hayden, Stone & Co. for alleged misconduct was described to
the Senate Banking and Currency Committee to-day by Miss Grace Van
Bramm Roberts of New York City.
Miss Roberts appeared at the first hearing of the stock market inquiry
devoted, as Senator Norbeck, Committee Chairman said, to "lambs."
However, the story of her contest with the brokers convinced Committee
members that Miss Roberts, daughter of a railroad president and for
some years past steward of a large fortune, would hardly fit in that category.
Miss Roberts testified that she had won a judgment of $16,000 against
Hayden, Stone & Co. in an up-State New York court. Her case once
was described before this Committee. When Richard Whitney. President
of the Stock Exchange, was questioned about it, Committee members
recalled, he told the Committee that the "court was wrong."
Miss Roberts, who came accompanied by her secretary, testified that
she had lost "several hundred thousand dollars," but confined her testimony to this single instance.
Urged to Buy "House Stock."
She said that in 1922 Hayden, Stone & Co. had sold her 200 shares of
Atlantic Gulf and West Indies stock, telling her it was a "house stock"
and some responsible positions in that company were filled by officers
of Hayden, Stone & Co., one director's post being held by Richard Hoyt,
who testified recently regarding the underwriting of Fox Films stock
by Hayden, Stone & Co.
Miss Roberts said she was "urged to buy' the stock by Hayden, Stone
& Co.; with whom she had then been dealing for four years. She finally
sold her holdings at $30 a share.
Charging that she later learned that members of the brokerage concern had been selling their own Atlantic Gulf and West Indies stock,
while selling to her and other investors, Miss Roberts sued for an accounting and won the judgment which Hayden, Stone & Co. paid.
With the court proceedings disposed of, Miss Roberts then took the
case to the Business Conduct Committee of the Exchange, saying she "felt
that such detestable robbery should be made impossible." She presented
records to the Committee showing that Mr. Hoyt personally was selling
stock such as he sold to her in December of 1920.
Says There "Are Honest Brokers'.
"There are many honest brokers," Miss Roberts testified, "but they are
helpless against brokers and banks and men of great wealth. HaydenStone is a very wealthy company. The dishonesty will go on until the
United States takes the Stock Exchange under its supervision."
The Committee also heard Miss Ann J. Gushee of Denver describe
investments in Continental Shares, Inc., an investment company into
whose affairs the Committee delved recently.
Miss Gushee testified that she purchased 37 shares of Continental Shares
In the spring of 1929 from the Denver office of Otis & Co., brokers, who
figures prominently in the investigation of Continental Shares. This
stock cost her prices varying from $70 to $83 a share, she said.
"What is that stock worth flow?" asked Senator Norbeck.
"Probably less than a dollar a share," she replied.
"I am told that recent quotations on that stock were less than 25 cents
a share," Senator Norbeck told her, adding that he understood stockholders had threatened to sue the company "under the blue sky laws of
Colorado because no portfolios were published."
Links Walker With Fox "Jubilee."
David Stock, Assistant Committee Counsel, closed the presentation of
the affairs of Fox Films and Fox Theatres stocks by inserting in the record
copies of advertising and publicity Issued by these companies on Oct. 12
1929, a month before the market crash. These referred to the "silver
jubilee" of the Fox Theatre projects.
During that anniversary, Mr. Stock said, William Fox, through the
medium of a talking reel shown in his theatres, invited persons to subscribe
to Fox stock. Mr. Stock added that Mayor Walker participated in a
"jubilee" celebration at the New York Academy of Music.
Mr. Stock told the Committee that during this "stock-exploitation
period" the Fox companies issued three different statements of earnings,
all of which the "Wall Street Journal" refused to accept as accurate, producing a fourth statement based on its own studies showing earnings lower
than any claimed by the Fix companies.
This hearing probably was the last in the series for this session of Congress; Chairman Norbeck indicated. Investigations by the Committee
will be continued through the summer and fall.
New York Clearing House Acts to Accord Facilities to
Checks Drawn by Corporations on Themselves
Pending a Final Decision by Treasury Department
on Question of Tax.
Under date of June 24 the New York Clearing House
Association issued the following notice through its Clearing
House Committee:
NEW YORK CLEARING HOUSE.
New York, June 24 1932.
Referring to the Clearing House letter of June 17 regarding the tax on
bank checks, you are advised that a careful study is being made of the
whole subject and that pending a final decision and in accordance with the
latest Treasury ruling, if necessary members may make arrangements with
their customers to have drafts drawn upon the drawer made payable at
or through a bank and to receive such drafts through the exchanges.
In each case, however, when and if such an arrangement Is made, it
should be with the clear understanding that it shall be subject to such
changes as may be made necessary at any time by Clearing House regulations.
By order,
CHARLES S. McCAIN, Chairman,
Clearing House Committee.
The earlier notice of the Clearing House was given in these
columns June 25, page 4588.
Felix McWhirter, President State Bank Division,
American Bankers' Association, Sees Peril in
Unified Bank System—Views Branch Banking As
Tending to Destroy Dual System.
Plans proposed at Washington to force replacement of
the dual banking system of State and National charters
with a unified system under Federal supervision, are de-
July 2 1932
nouneed by Felix MeWhirter, President of the State Bank
Division, American Bankers' Association, in the July issue
of the "Journal" of the Association. "It is proposed to
compel reorganization of our banking structure by a process of coercion and political preference," declares Mr.
Whirter, who is President of the Peoples State Bank,Indianapolis. "This stirs into fresh conflict powerful forces wisely
subdued for half a century. The settled National policies
of a dual banking system, State sovereignty, freedom of
individual initiative and resistance to a concentration of
financial power in a few private hands are once more made
National issues."
Describing particularly the proposal of Senator Glass to
grant branch banking powers to National banks in all
States, even where forbidden to State banks, and also on
inter-State lines under certain conditions, Mr. MeWhirter
Says:
The reasons are not clear, the supposed benefits less so, but the adverse
effects are plain. The State-chartered unit bank or trust company—and
the unit National bank as well—would be given three choices. It could
sell out to the highest bidding branch system at a price dictated by threat
of ruinous competition. It could liquidate, either before or after wasting
its depositors' resources in a futile struggle. Or it could scramble into the
race for branches, a race certain to go not to the swift, not to the strong,
but only to the big, and ultimately to the biggest.
Would every National bank enter the scramble? Certainly not. But
only a few would need to in order to bring about the most ominous concentration of financial power in history. Would every branch system
ruthlessly stifle unit competition? Certainly not, but any branch system
could do that within the law. Would Federal authorities countenance
dog-eat-dog competition? Not openly, probably not by intent, but their
continued discrediting of State-chartered banks and trust companies,
which plainly has been a factor in the suspensions which they view with
pious solicitude and for which they pull every political wire to legalize
branch banking as a cure, makes anticipation of their attitude a matter of
pure faith rather than of current observation.
Destruction of the dual system, substituting "remote
control" for individual local management would "impair
America's fundamental vitality and spirit of progress," he
says, discouraging "such factors in good banking as employment of community resources for a commumty's own benefit,
proprietorship management, individual credit for success,
and indivialal, responsibilliirufailure and plachiFfaitl
—=ireliigirate machinery, not in men."
• -7
4
otHe adds that When-branch banking becomes only "window
dressing for a drive to destroy the duel'system, it strikes
at the very foundation of American principles," and it
"extends-into our most vital economic field the dangers of
an enlarged Federal bureaucracy, ready at hand for the best
or worst types of political machination."
He suggests that the States whose "sovereignty would be
flouted" could resort "to retaliation in many forms, such
as State reserve banking systems, restricting deposit of State
and local public funds to State-chartered institution1E77M
removing National banks from State reserve lists, but really
profound thought and fair-minded judgment will never
crowd the States into taking mischievous measures of that
sort in self-defense," declaring that the times demand that
"all bankers and all right-thinking public authorities should
be devoted to co-operatiZiri=king our publics and private
_
.
financial structure invulnerable."
Bank Liquidation Provision In Kentucky Act Upheld—
Suspension During Effort to Effect Reorganization
Is Valid in Kentucky.
From Frankfort, Ky., June 27 advices to the "United
States Daily" said:
That part of an act of the 1932 General Assembly directing the State
Banking Commissioner to suspend liquidation of angankl.while an effort is
being made to effect a reorganization was hold valid to-day by the Court
of Appeals.
The decision was in the caseof James R. Dorman, Commissioner of
Banking and Securities, against FranklDell and affirmed the judgment of
the Daviess Circuit Court.
On Jan. 2 1932 the Central Trust Co.. Owensboro, suspended and placed
Its assets In the hands of theIBanking Commissioner for liquidation.
The Legislature passed a bill providing a plan for reorganization and
pursuant to its provisions a group of depositors originated a plan to reopen
the bank.
On April 26, Mr. Dorman directed his deputy to suspend liquidation and
20 days later revoked the order of suspension. A number of depositors
intervened to procure an order of court setting aside the order of suspension.
The court set aside the act of revocation and Mr. Dorman appealed, taking
the position that the act setting out a reorganization plan was unconstitutional.
The court, in an opinion by Judge S. S. Willis, held that the act in so far
as It directed the banking commissioner to suspend liquidation for a certain
time while an effort 12 being made to reorganize a bank, is valid.
Formation of National Association for Protection of
Holders of Surety Guaranteed Mortgage Bonds.
Announcement is made by Mackubin, Goodrich & Co.,
of Baltimore, of the formation of a National Association for
the Protection of Holders of Surety Guaranteed Mortgage
Volume 135
Financial Chronicle
Bonds. Anvillo Eager, of that firm, is acting as temporary
Chairman of the Advisory Committee. The object of the
association is stated to be to endeavor to avoid receivership
and liquidation of mortgage companies under present depressed conditions. The announcement also says:
A central bureau where bondholders may obtain advice regarding their
holdings will be established, and the association plans to assist mortgagors
in the refinancing of their mortgages through Insurance companies, building
and loan associations and savings banks, as well as Government sources.
Any holder of surety guaranteed bonds may become a member of the association without expense, according to the organizers.
Uniformity Favored in Bank Statements—Similar
Public Reports Are Considered to Be Desirable.
Publication of mid-year bank statements in uniform style
is being advanced by a number of bankers in New York,
according to the Now York "Journal of Commerce" of June
30, which went on to say:
However, it is felt that any action toward this end should be taken by
the National and State regulatory authorities, rather than by the banks
themselves through their clearing houses or the Federal Reserve banks.
Several advantages are believed to attach to uniform balance sheets
under prevailing conditions. In the first place, it is said they will make
for better public understanding of bank statements. Within the requirements of the Comptroller and the State Banking Department regarding
the forms of published bank statements, the banks are permitted considerable freedom to vary their reports. Consequently unusual items
some times appear in these statements and it becomes more difficult, given
a variety of forms, for the public to interpret their meaning.
Security Valuation.
Many bankers feel that it would be desirable that the banks adopt more
or less similar accounting methods in the valuation of investments for purposes of the statements. The constructive moves of the Comptroller and
of the Banking Department permitting examiners to value securities according to their intrinsic worth instead of according to the market price on
some particular day ought to be taken general advantage of, many bankers
hold.
One banker said yesterday that uniform employment of the methods of
evaluation allowed by the Comptroller and the State Department would
be preferable to varying accounting methods by the many banks. The
latter, it was pointed out, usually leads to confusion since items in the
statement of one bank in effect have meanings which differ from items
given exactly the same caption in the statement of another bank.
"Window dressing" of balance shee.s by the banks is much less in evidence
this year than has been usual in the past, it was said. In the large centers,
it was pointed out, the banks hold excess reserves, so that the desire to
exhibit conspicuous liquidity does not require the wholesale calling of loans
and sale of investments.
However, liquidation for window dressing purposes was in evidence
throughout the week, and was reflected in declining quotations in the
bond market. Yesterday Government securities, which had been firm
on the previous day, participated in the general downward movement.
As a result of preparation for the end of the first half of the year on
the part of the banks the money market tightened moderately yesterday.
The banks were reported to have been selling acceptances, and the Federal
Reserve Bank for the first time since its rate was cut was said to have
acquired bills in excess of maturities for the day.
Report to Senate by Banking and Currency Committee
on Bill Authorizing Purchase by Government of
5,000,000 Ounces of Silver a Month—Text of Bill.
In our issue of Juno 25 (page 4593) we noted that the
Senate Banking and Currency Committee ordered favorably
reported, in amended form, on Juno 20, the bill of Senator
Pittman (S.3606), which would authorize the purchase by the
Federal Government (to an amount not in excess of 5,000,000
ounces a month) of silver produced in the United States.
The bill also provides for the issuance of silver certificates
in payment for the silver purchases. A statement embodied
in the report on the bill, as submitted to the Senate Juno 20
by Senator Norbeck, Chairman of the Banking and Currency
Committee, follows:
Statement.
The primary purpose of the Act is to aid in overcoming the oversupply
of silver in the markets of the world due to the debasement and melting
up of silver coins by Governments and disposing of the metal in the open
market.
The secondary purpose of the Act is to place in circulation a limited
amount of additional currency based upon silver.
This is an emergency Act, and its life is limited to a period of six years.
The Committee finds as facts:
1. That the extreme and abnormal depression in the price of silver has
so lowered the exchange value of the silver money of silver-using countries
in relation to our gold standard money that the purchasing power of the
people of such countries in our markets has been greatly decreased, with
a serious effect upon our export trade.
2. That such depressed price of silver is not due to an overproduction
of the MI1108 in the United States or the rest of the world.
3. That the production of silver for the year 1931 was substantially
what it was for the pro-war year of 1913.
4. That the mine production of silver is more or less automatically controlled by the production of copper, lead. and zinc, because 66% of the
silver produced in the world is as a by-product of such metals.
5. Such depressed price of silver is chiefly due to an oversupply of silver
in the world, such excess supply being derived from the debasement of
silver coins through the reduction of fineness of silver content, and through
the melting up of silver coins and the sale of the silver residue as metal
in the markets of the world.
6. No Governments at the present time, except the Government of
India. are debasing and melting up silver coins. The Indian Government
in 1926 authorized the Secretary of the Treasury for India to melt up the
circulating silver rupee coins in the Treasury and as they came into the
Treasury and to dispose of the metal so derived in the market of the world
51
for the purpose of establishing a gold standard for India. The total amount
of such silver sold from the debasement and melting up of silver coins for
the past three years was as follows:
Fine Ounces.
1929
67,000,000
1930
71.500.000
1931
59,500,000
The total world production from mines during those years was as follows:
Fine Ounces.
1929
261,511,985
1930
247,413,900
1931
195,766,700
The British Government for India, notwithstanding that India has
gone off the gold exchange basis, is. nevertheless, continuing the policy
and practice of melting up silver rupee coins and selling the metal on the
market of the world. Such oversupply must be stopped or counteracted.
The Treasurer of India demands that mine production shall be reduced.
Such a thing is impracticable if not impossible by reason of the fact that
two-thirds of all silver produced is produced as a by-product of base metal
mining. The same result can be partially accomplished, however, by
temporarily withdrawing from the markets of the world the United States
production of silver. In the United States in 1931 there were produced
31.580,000 ounces of pure silver. The withdrawal of such silver from
the market would partially offset the oversupply derived from the debasement and melting up of silver coins by Governments.
7. The United States Government could lose nothing by the purchase
of such silver. It would purchase the silver at the market price and pay
for it in silver certificates of $10, $5 and $1 denominations. With silver
at the present market price of around 30 cents an ounce the Government
would receive 3.3 ounces of pure silver for a $1 certificate. As there is
approximately 0.78 of an ounce of pure silver in a standard silver dollar
the Government, in addition, to the coined standard silver dollar to redeem
the silver certificate if and when presented for redemption, would have
and hold a reserve of 2.52 ounces of pure silver as additional security for
the silver certificate issued or for seigniorage profits if Congress should
authorize the disposal of such surplus silver.
S. The silver certificates would go into direct circulation through the
payment for mine wages and mine materials. It would not constitute
an inflation and would not be a burden upon our gold reserves. It would
constitute, however, a small expansion of our currency based on ample
silver security. At the present time the issue of such silver certificates
would not exceed $1,000,000 per month. The evidence shows that there
is little hope or expectation of a very substantial increase In the production
of silver in the United States for several years. Such production can
only increase through the increase in the production of copper, lead, and
zinc. The circulation of silver certificates in the United States has existed
for over 40 years. During such period such circulation has varied around
$500,000,000, and there has been in the Treasury during most of that
time an approximately equal number of standard silver dollars, held for
the redemption of such silver certificates. Never in this century has the
value of these certificates depreciated or been questioned. This small
denomination currency constitutes a large part of the active currency
of the country and is quite popular. At the time the $500,000,000:of
silver certificates were issued the gold reserves of the United States ranged
around $1,000.000,000. At the present time the gold reserves range
around $4,000,000.000. It is evident therefore that the small amount
of additional currency issued under the Act could never even approach
the relative amount of silver certificates to gold reserves that existed
at the time the present circulating silver certificates were issued.
We submit with this report a statement made by Senator Pittman before
the sub-committee, which contains a copy of the bill as amended, the
report of the Secretary of the Treasury thereon, and correspondence
between Senator Pittman and the Secretary of the Treasury relative
thereto.
The amendments recommended by the sub-committee are as follows:
In the title of the bill strike out the words "American produced" and
insert after the word "silver" the words "produced in the United States."
On page 1, line 13, after the word "States" insert "at any time prior to
July 11938."
On page I. line 9, strike out the period at the end of the sentence, Insert
a comma and the following:
"If such market price of silver at such date is not in excess of 10 cents
an ounce above the average market price of silver for the three preceding
calendar months, the Director of the Mint shall continue to obtain
and keep the necessary statistics to determine the price of silver for the
purposes of this Act, and shall publish the same at least every 30 days,
and shall deliver such statement of prices to any person, firm, or corporation tendering silver for purchases by the United States Government
under this Act.
After Section 1 add a new section to be designated as Section 2. as
follows:
•
"Sec. 2. The silver bullion purchased under the provisions of this
Act shall be subject to the requirements of existing law and the regulations
of the mint service governing the methods of determining the amount of
pure silver contained, and the amount of the charges or deductions, if
any, to be made; but such silver bullion shall not be counted as part of
the silver bullion authorized or required to be purchased and coined under
the provisions of existing law.
Renumber the remaining sections of the bill, so that the bill will read
as follows:
"A bill to authorize the purchase by the Government of silver produced
in the United States, to provide for the issuance of silver certificates in
payment therefor, to provide for the coinage of such silver, and for other
purposes.
lie it enacted by the Senate and House of R,epresentatires of the United States
of American in Congress assembled, That silver bullion, the product of
mines situated in the United States and of reduction works so located,
may be deposited at any United States mint for sale to
at any time prior to July 1 1938; and the Director of the United States
is directed
to purchase silver so tendered, not in excess of fivethe Mintounces per
million
month, at the market price of silver in the United States as of the
date
of tender, if such market price of silver at such date is
cents an ounce above the average market price of silvernot in excess of 10
for the three preceding calendar months. The Director of the Mint shall continue to
obtain and keep the necessary statistics to determine the price of silver
for the purposes of this Act, and shall publish the same at least every
days. and shall deliver such statement of prices to any person, firm, 30
or
corporation tendering silver for purchase by the United States Government
under this Act.
"Sec. 2. The silver bullion purchased under the provisions of this
Act shall be subject to the requirements of existing law and
of the mint service governing the methods of determining the regulations
pure silver contained, and the amount of the charges or the amount of
deductions, if
any, to be made; but such silver bullion shall not be counted as part of
the silver bullion authorized or required to be purchased and coined under
the provisions of existing law.
"Sec. 3. Payment for silver bullion purchased under the
of this Act shall be made in silver certificates, which shall be provisions
that purpose in denominations of $10. $5. and $1, and there issued for
is
appropriated, out of any money in the Treasury not otherwise hereby
appropriated, so much as may be necessary for carrying out the foregoing provisions of this Act. Silver certificates so issued, and silver certificates
heretofore issued, or any silver certificates reissued, shall be legal tender
In payment of all debts. public and private, except where otherwise expressly
stipulated in the contract, and shall be receivable for customs, taxes,
52
Financial Chronicle
andrall public dues. Such certificates, when held by any National banking
association or Federal Reserve bank, may be counted as a part of its
lawful reserve.
"Sec. 4. The silver bullion purchased under the provisions of this
Acttshall be coined into standard silver dollars and subsidiary silver coins
sufficient, in the opinion of the Secretary of the Treasury, to meet any
demands for redemption of silver certificates issued under the provisions
of this Act, and such coin shall be retained in the Treasury for the payment
of such certificates on demand. The bullion so purchased and obtained
under this Act, except so much thereof as is coined under the provisions
of this Act, shall be held in the Treasury for the sole purpose of the redemption of the certificates issued hereunder and in the manner herein
provided. Any such certificates or reissued certificates, when presented
at the Treasury, shall be redeemed in standard silver dollars, or in subsidiary silver coin, at the option of the holder of the certificates: Provided,
That, in the redemption of such silver certificates issued under this Act,
not to exceed one-third of the coin required for such redemption shall be
made in subsidiary coins, the balance to be in standard silver dollars.
"Sec. 5. When any silver certificates issued under the provisions of
this Act are redeemed or received into the Treasury from any source whatsoever, and belong to the United States, they shall not be retired, canceled,
oradostroyed, but shall be reissued and paid out again and kept in circulation; but nothing herein shall prohibit the cancellation and destruction
of mutilated certificates and the issue of other certificates of like denomination in their stead, as provided by Law.
"Sec. 6. The Secretary of the Treasury is authorized to make rules
and regulations for carrying out the provisions of this Act."
Senator Pittman Criticizes President Hoover on Silver
Parley—Asserts President's Opposition to Conference Dictated Plank in Republican Platform—
Senator Smoot Defends President.
Charges that President Hoover objected to calling an
international conference on silver and that that was the
reason why the monetary plank adopted at the Republican
National Conference did not frankly urge such a stop by
this Government, were made by Senator Pittman (Dem.)
of Nevada, on the Senate floor on June 18. As to this we
quote as follows from Washington advices June 18 to the
Now York "Times":
"It seems hopeless to get the President to take the initiative," he said
bitterly. "Tnere is no use to deceive ourselves. We all know the Treasury
is against it."
Senator King, Democrat of Utah, said he had been told by Assistant
Secretary of State Rogers last year that "no" Nation had refused to enter
such a conference, that France was "Indifferent" and that Great Britain
had merely wished to postpone the matter until after the Indian round-table
conference.
Senator King said he made the inquiry in the belief that the President
had been "misinformed" in holding that "any Nation" refused to Join
a conference.
The Pittman charges came when Senator Foss of Ohio, former Chairman of the Republican National Committee, interrupted a statement
by the Nevadan that an international conference was an "impossibility"
to say that he did not think it impossible unless foreign Nations refused,
and to ask if Senator Pittman had read the Chicago plank.
"Platforms are rarely definite in meaning and when they cross the
sentiments and sympathies of Government officials they are generally
set aside," Senator Pittman replied.
"A year ago, by unanimous consent, with every Republican voting,
Including the Senator from Ohio, this body adopted a platform that it
was the sense of the Senate that the President should call a conference.
He has not yet responded."
Terming the plank merely "an amendment" of the Chicago platform,
he continued:
"Why did not the convention put in the plank the very frank statewent that they favored the President calling such a conference?
"It was because the President does not want to initiate such a conference. He has never wanted to initiate it."
"That's too broad a statement," Senator Smoot interrupted. "I know
silver with
the President has taken up the question of a conference on
foreign countries, but up to now he has not received a favorable reply."
where he was sent by the
Senator Pittman said that In the Orient,
he found China and
sub-committee of the Foreign Relations Committee,
Japan both sought an international meeting.
declined
Asked by Senator Smoot if he knew why China or Mexico had
to call a conference, he replied:
arrived in Nanking the papers carried a telegram
"On the morning I
from the President to Senator Smoot.
in my life relating to
"I never received a telegram from the President
is something wrong."
Mexico or China." Senator Smoot broke in. "There
Senator Pittman retorted. "The telegram
"There is nothing wrong,"
informal conferences with
said: 'I am now able to inform you that from
whose participation in the
the representatives of certain Governments
such a conconference I deem essential that they oppose the holding of
It cannot be Ladd.'
ference at the present time and therefore in effect
for a conference if
"Chinese officials at once told me there was no use
continued.
the United States would not participate," he
Assistant Secretary of State
"I said the last word I had heard was when
some other Government
Castle said in behalf of the White House that if
called the conference we
more interested in silver than the United States
would participate."
Britain had asked for deHe asserted that even if France and Great
Participate in a meeting which
lay they would nevertheless be obliged to
Australia. and South American
Included Canada, the United States, China,
countries.
explained in a letter to
The position of the Administration was recently
Secretary Stimson, who urged
the Hodge Foreign Affairs Committee by
resolution for a monetary conference
the Committee not to include in a
acceded to the
a provision that tne President call it. The Coramittee
an international economic
request in reporting the resolution favoring
yesterday and sent to the
conference which was adopted by the House
White House.
July 2 1932
the terms of similar bills (S. 4851 and H. R. 8694) passed
June 27 by the Senate and House, said the "United States
Daily" of June 28, which went on to say:
The statutory examinations are paid for out of funds assessed against
tne banking institutions, and the bills just passed provide for a new basil'
for such assessment.
Toe Secretary of the Treasury, Ogden L. Mills, gave his approval to
the legislation in a letter to tne Senate Committee on Banking and Currency, and in tne same letter he made known that the Comptroller of the
Currency is preparing to increase the general levy for examinations oecause
the present fund is proving inadequate.
Trust Departments Growing.
Mr. Mills called attention to the rapid increase in tne number of National
banks maintaining trust departments and the growtn of tne assets they
hold as a reason for enactment of the legislation which was sponsored by
Senator Walcott (Rep.), of Connecticut. Senate action on the bill was
without a record vote and after only an explanation of the bill by Senator
Walcott.
The House, on June 27, passed the bill (11. R. 8694) to provide for the
examination of books of National banks and trust companies which have
judiciary powers.
Before approving the measure, the House eliminated one section of
the bill, which would have permitted National banks winch have borrowed
from correspondents to an amount equal to their unimpaired capital to
participate In the benefits of loans made by "the National Credit Corporation" of "National Credit Corporation."
The letter from Secretary Mills to the Senate Committee, explaining
the Treasury's position In favor of the legislation follows in full text:
Secretary Mills' Letter.
•
Dear Mr. Chairman In accordance with your letter of June 9. I submit
the following report on S. 4851, a bill to amend Section 5202, United
States Revised Statutes, as amended U. S. C., title 12, ch. 2, sec. 82),
and for other purposes.
Under the provisions of Section 5202, United States Revised Statutes,
as amended, National banking associations shall not at any time be indebted or in any way liable in a sum exceedin5 the amount of their capital
stock at such time actually paid in and remaining undiminished by losses
or otherwise, except where such indebtedness has been incurred in accordance with certain specific provisions of law, such as liabilities incurred
under the War Finance Corporation Act, liability incurred under the
provisions of the Federal Reserve Act, &c.
Accordingly, National banks which have borrowed from correspondents
to an amount equal to their unimpaired capital are legally barred from
Rarticipatin in the benefits of the loans made by "The National Credit
Corporation' or "National Credit Corporation." This provision will
correct the technical defect in the law in the same mariner as was done
with respect to loans from the Reconstruction Corporation.
The activities of National banks In the administration of trust departments has greatly increased. On June 30 1931 trust departments had been
established by 1.856 National banks, and 102,987 trusts were being administered with individual trust assets aggregating over $5,000,000,000.
Seven hundred and eighty-two National banks were also acting as trustees
for bond and note issues aggregating over $10,000,000,000. While the
present law. Section 5240, United States Revised Statutes, as amended,
gives ample provision for the examination of these trust activities, no
provision is made for the expense of such examinations.
The present law provides in part
. . .The expense of the examinations herein provided for shall be
assessed by the Comptroller of the Currency upon banks examined. in
proportion to assets or resources held by the banks upon the dates of
examination of the various banks.
Inadequacy of Levy.
The trust assets are not assets of the bank, and accordingly the present
law does not cover the existing situation. In this connection it should
be remembered that the above-quoted section of the law was enacted prior
to that section of the law under which National banks engage in trust
business. As a result of this situation the assessment levied against all
banks for the examination of their commercial departments is used for
the expense of tho examination of fiduciary activities of about 29% of
banks having trust departments. This levy is now proving inadequate.
and the Comptroller is now faced with the necessity of increasing the
rate of assessment against all National banks to take care of the cost of
examination of banks having trust departments.
This action would appear to be unfair to those banks which do not
have trust departments, and it is deemed advisable to provide for the
additional expense of examination of those National banks having trust
departments by legislation.
This bill has the approval of the Comptroller of the Currency and of
this Department, and it is hoped that its early passage may be secured.
Insurance Firms Omit Dividends.
According to Hartford, Conn., advices to the "Wall
Street Journal" of June 27, the Rhode Island, the Merchant's Fire and the Guaranty Insurance companies, all of
Providence, have voted to omit dividends.
Money in Circulation Increases Following Deposit
Withdrawals—Weekly Average Higher by $71,000,000 Due to Suspensions in Chicago, Says
Federal Reserve Board.
Bank difficulties centering in Chicago last week helped
to send the weekly average of money in circulation up to its
highest point in three and a half months, according to oral
and statistical information made available June 28 at the
Treasury Department and the Federal Reserve Board
offices. We quote from the "United States Daily" of June
29, in which it was further stated:
An average of $5,556,000,000 was in circulation outside of banks and
the Treasury Department during the week ended June 25 compared with
$5,485,000,000 in the preceding week, an advance of $71,000,000, it was
said. Additional Information was made available as follows:
Increased by IVithdratcals.
Examining
New Basis Voted for Assessing Funds for
Banks—Senate and House Pass Bills to Increase
of
Trust
Part of Cost Borne by National Banks with
Departments—Legislation Approved by Secretary
of Treasury Mills.
National
A proportionately greater share of the cost of
would be
bank examination than they are now carrying
departments, under
levied on National banks having trust
Bank failures and increases in the circulation averages are closely co.
related, for the aterage advances as people withdraw money from banks
in fear of still further failures. Much of the money so withdrawn is not
placed in other banks, and increases in the average, therefore, are a
rough index to hoarding.
Having declined steadily in almost every week between Feb. 6 and
April 30, the amount of money outstanding fluctuated uncertainly during
May, but has increased in three out of four weeks In June. Both of these
last two months have seen material increases in the number of batik failures
in the country.
Gain for Month Shown.
A net increase of $79,000,000 has been registered by the average thus
far in June as it rose from $5,477,000,000 on June 4 to $5,556,000,000 on
June 26. Each of the other five months in 1932 have shown a net decrease
in the average as money returned from holiday trade channels and as the
Citizens' Reconstruction Organization conducted its anti-hoarding campaign.
Bank failures are not confined to the very small banks, an increasing
proportion being of those in the $100,000 capital class and up. More than
23% of the bank suspensions in 1931 affected banks capitalized at $100,000
or more compared with an average of only 9.7% for the years between
1921 and 1929.
As stress contiues, it inevitably shows its effects to an increasing degree
among weak institutions of large size which have been able to weather
the first shocks. Moreover, early and heavy depletion of the ranks of small
banks increases the percentage of failures thereafter attributable to large
banks.
The number of bank failures in 1930 and 1931 classified by the size of
the banks as made public June 28 follows:
Less than $25,000
$25,000
$25.100-$49,000
$50,000-$99,000
53
Financial Chronicle
Volume 135
1931
548
513
220
457
1930
466
296
140
221
1931
$100,000-3199,000 -- 285
$100,000-$999,000-__ 227
$1,000,000 or more____ 32
Unaccounted for
16
1930
131
70
11
10
Will Not Try Joseph J. Cohen, Juror Who Caused
Mistrial in Earlier Trial of Isidor J.Kresel, Growing
Out of Closing of Bank of United States.
The following dispatch from White Plains, N. Y., is from
the New York "Times":
District-Attorney Frank H. Coyne of Westchester County announced
to-day that he would take no action against Joseph Cohen, the juror in the
Kresel trial who was held for contempt proceedingb in New York Supreme
Court. "There is no evidence," said Mr. Coyne,"to indicate that he did
anything criminal in this jurisdiction which we can prosecute."
With the declaring of a mistrial, the "Times" of June 1
as we noted in our issue of June 4, page 4098, said:
The jury was dismissed because of Mr. Kresel's revelation to the Court.
through his chief counsel, John W. Davis, of a visit of one of the jurors.
Joseph J. Cohen, made to the defendant's summer home at Mamaroneck,
N. Y., last Sunday, when he asked Mr. Kresel to aid him to obtain a loan
from a bank. Mr. Cohen, who is a typewriter dealer and lives at 614 West
152d St., had been ordered taken into cutody by the Court when the
sixth day of the trial was about to begin yesterday.
Earnings and Expenses in 1931 of Member Banks of
Federal Reserve System-Net Profits $12,261,000,
Comparing with $306,502,000 in 1930.
Net profits of member banks of the Federal Reserve
System during the year 1931, according to figures in the
June "Bulletin" of the Federal Reserve Board, amounted
to $12,261,000, which compares with $306,502,000 in the
previous year. The rate of return on the banks' invested
capital was less than two-tenths of 1% in 1931, compared
with 4.56% in 1930, says the Board, which further states:
The low rate of earnings was a reflection chiefly of low interest returns
and heavy losses. Gross earnings per $100 of earning assets for the year
1931 amounted to $5.72, a reduction of 58 cents from 1930. The cost
of handling $100 of business was 54 cents less in the recent period than in
the prior one, largely because of reductions in the rates of Interest paid on
deposits. Net losses were much higher than at any time in recent experience. Per $100 of loans a loss of $1.36 was written off, while $2.26 was
charged off per $100 of investments as against $1.05 in 1930.
Although only a small fraction of the amount was earned, member banks
declared $335,792.000 in dividends, which was only $36,176,000 less than
in the previous year.
The figures of member bank earnings and expenses in 1930 and 1931 are
summarized in the following table:
EARNINGS AND EXPENSES OF MEMBER BANKS, 1930-31.
1931.
Gross earnings:
Interest earned
Other earnings
Total
Expenses:
Interest on deposits
Salaries and wages
Other expenses
Total
Net earnings
Net losses:
On leans and discounts
On investments
All other
Total
Philippine Lumber Ruled Tax Exempt
-Customs Bureau
Decides Duty in Revenue Act Does Not Apply to
Islands' Products,
The Customs Bureau at Washington ruled on June 25
that the recently imposed revenue duties on imported
lumber would not apply in the case of imports from the
Philippine Islands. The New York "Times," reporting
this from Washington June 25, said:
The question had caused some concern among some commercial experts
of the Government, who were apprehensive of the effect on the export
trade of the United States in the Philippines of a different decision, in
view of present competitive conditions in that market and the growing
position of Japan as an exporter. Annual imports into the United States
of Philippine lumber, consisting largely of mahogany, are valued at about
$3.000,000.
The Bureau's decision, in the form of a letter from Commissioner F. X.
A. Ebbe to the Collector of Customs at New York, spoke of inquiries in
the matter and quoted the statement of the House managers on the revenue
bill as follows:
"'The House bill provided for the imposition in full of the tax upon
Imported articles, notwithstanding any provision of law or treaty granting
exemption from or reduction of duty to products of any possession of
the United States or of any country.
"
'The Senate amendment makes this provision inapplicable in the
case of Imported oil, coal, lumber and copper, and provides that in the
case of these articles Puerto Rico shall be treated as a part of the United
States.
The effect is to provide that the imposition of tax on the importation
of these articles, with respect to which no corresponding tax on domestic
sales is Imposed, will be on the same basis with respect to the possessions
as a regular customs duty.
"'The amendment also eliminates the references to treaties and to foreign
countries, In accordance with the action on Amendment 130. The House
recedes.'
"In the opinion of the Bureau," the decision continued, "the effect of
the exception in Section 601 (b) (5) is to permit the free entry of lumber
which is the product of the Philippines under the conditions set forth
In Section 301 of the Tariff Act of 1930 and the Department's regulations
thereunder."
Amounts per
$100 of Earning
Assets.
Amounts.
Net profits
Dividends declared
Loans and investments_a
Capital functs_b
1930.
1931.
1930.
1,581,905,000
329,597,000
1,857,514,000
371,260,000
4.73
.98
5.24
1.06
1,911,502,000
2,228.774.000
5.72
6.30
580,910,000
412,531,000
341,938,000
748,992,000
451,776,000
403,567,000
1.74
1.23
1.03
2.12
1.28
1.14
1,335,379,000
1,604,335,000
3.99
4.53
576,123,000
624,439,000
1.72
1.76
267,241,000
250,629,000
45,992,000
171,323,000
96,694.000
49,920,000
.80
.75
.14
.48
.28
.14
563,862,000
317,937,000
1.69
.90
12,261,000
335,792,000
306,502,000
371,968.000
.04
.87
33,431,791,000 35,395,412,000
6,395,866,000 6,722.782.000
Other Ratios.
Earnings assets per $1 of capital funds
$5.23 I $5.26
.19
4.56
Net profits per $100 of capital funds
1.36
.78
Losses on loans per $100 of loans
1.05
226
Losses on investments per 8100 of investments
a Averages of amounts from reports of condition for 5 call dates December to
December: loans and investments exclusive of bills sold with indorsement.
S Capital, surplus, and undivided profits including reserve for dividends and
contingencies, and excluding reserve for taxes, interest and other expenses accrued.
Earnings and Expenses of Federal Reserve Banks in
-Net
1931-Gross Earnings Totaled $29,701,279
Earnings $2,972,066.
The gross earnings of the 12 Federal Reserve banks in
1931 totaled $29,701,279, according to the statistics of the
banks for the late year, made available in the February
"Bulletin" of the Board. The 1931 earnings of the Reserve
banks compare with $36,424,044 earned by the 12 Reserve
banks in 1930 and with 870,955,000 earned in 1929. Of
the $29,701,279 earned in 1931 by the 12 banks $7,555,213
represented earnings of the New York Federal Reserve
Bank. The Chicago Federal Reserve Bank earned $4,143,601 in 1931, the next highest being $3,038,083 earned by
the Cleveland Federal Reserve Bank. The only one of the
Reserve banks whose earnings fell below a million dollars
was the Minneapolis Reserve Bank, which reported earnings
for the year of $936,604. The earnings of the 12 Reserve
banks of $29,701,279 were made up as follows: Discounted
bills, $9,820,546; purchased bills, $5,009,541; United States
securities, 812,428,297; deficient reserve penalties, $296,960;
and miscellaneous, 82,145,935.
Current expenses of the 12 Reserve banks in 1931 totaled
Federal Tax of Two Cents a Gallon on Mineral Waters
to Be Shifted to Employees by White Rock Mineral 827,040,664, leaving current net earnings of $2,666,615.
From the "United States Daily" we quote the following:
Springs Co.
-Pay Reduced 10%.
The balance of additions to current net earnings and deductions thereThe following is from the New York "Times" of Juno 9:
from, an addition of
$2,972,066.
The Government's new tax of two cents a gallon on mineral spring
waters will be passed on to the employees and not the consumers of products of the White Rock Mineral Springs Co.. R. C. Harrison, President,
said yesterday in announcing a 10% reduction in the pay of the employees.
He estimated that the tax would cost the company $30.000 to $35,000
a year and that the cut in salaries and wages would be about the same
amount.
The company announced also quarterly dividends of 50 cents on the
common stock, a drop from $1. and $2 on the second preferred stock,
against $5. The regular quarterly dividend of $1.75 was declared on the
first preferred stock.
Pi For the quarter ended on March 31 the company's net earnings, after
all charges, were $182,621, equivalent, after preferred dividends, to 62
cents a share on 250,000 common shares, aaginst $212.526, or 73 cents
a share, in the first quarter of 1931.
$311,451, gives a net earnings figure of
Dividends paid amounted to $10,029,760. requiring a charge to surplus of
$7,057,694. An additional charge to surplus of $8,158,268 for reserve for
depreciation on United States bonds was'made. The total reduction in
surplus account for the year was $15,215.962.
Each of the 12 banks found it necessary to draw on surplus to meet
dividend payments. The smallest charge of this character was $120,664
by the Philadelphia Bank, and the largest was $2,359,518 by the New
York Bank.
None of the banks paid any franchise tax to the United States Government. according to the "Bulletin," the first year since 1918 that this has
been true. In 1930 two of the banks, Minneapolis and Dallas, paid a
franchise tax.
From the "Federal Reserve Bulletin" we take the following statistics:
54
Financial Chronicle
July 2 1932
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1931.
Total
Earningss
31scounted bills
9,820,546
'urchasecl bills
5,009,541
I. S. securities
12,428,297
Deficient res. penalties
296,960
discellaneous
2,145,935
Boston
New York
Phila-delphia
$
$
s
Cleveland
Richmond
3
416,255 1,661,805 1,407.303 1,236,556
460,504 1,638,210
213.784
423.886
825,952 3,613,854
969,430 1,147,751
4,749
17,425
14,934
36,323
93,159
623.919
108,565
193,567
3
795,652
124,060
390,976
28,362
50,036
Atlanta
Chicago
St. Louis
$
$
762,143
939,567
238,179
764,703
298,943 1,937,290
32,746
32,290
116,824
469,751
3
388,769
177,420
560,695
21,800
39,947
Total earnings__ _ 29,701,279 1,800,619 7,555,213 2,714.016 3,038.083 1,389,086 1.448,835
4,143,601 1,188,631
Current Expensesialaries-Officers
2,706,834
Clerical employees_ 11.533,467
Other employees2,773,960
)overnors'confeences
4,517
eed'I advisory council
13,705
3irectors' meetings_
175,112
['raveling expenses.__
214.581
kssessments for F. R.
Board's expenses
718,554
,egal fees
81,507
nsurance on currency
and security shipls
517,284
)ther Insurance
419,504
7axes;on bank'g house 1,496,288
Jght, heat & power_
332,989
tepairs & alterations,
banking house
95,166
tent
166,393
/trice & other supplies
331,442
'rinting & stationery_
371,615
'elephone
242,971
'elegraph
494,927
'ostage
1,628,864
:xpressage
445,942
discellaneous exps
795,896
133,346
554,994
873,061 3,236,910
126,913
645,910
160
141
1,300
815
5,731
20,494
6,464
36.261
135,000
224,100
909,705 1,024,587
131,658
385,558
51
343
800
782
6,636
8,938
16.074
17,886
185,418
598,104
156,579
115
499
8,246
12,661
231,866
325,015
403,400 1,533,928
82,715
414,510
232
250
853
1,035
22,741
12,229
23,438
17,990
S
S4
"
408,025 1.091,640
142,432
471,834
613,368
972,636
20,162
73,495
30,000
107,915
191.600
176,824
627,918
498,474
227,828
122,940
507 .
713
1,300
1,155
31,359
10,308
8,724
16,154
1....
251,784
952,122
238,454
1,118
2,550
24,315
16.767
71.036
2,842
72,450
5,913
28,934
707
26,127
3,061
97,092
11,769
25,106
5.120
16,482
14,865
21,009
11.395
21,441
10,914
48,498
11,528
63,978
30,184
131,565
22.070
110,689
53,302
410,002
71,847
65,935
34,484
39,968
19,282
54,139
35,041
127.758
35,031
30,171
23,101
65,430
13,822
30,734
27,052
60,515
15,697
61,130
44,642
290,102
31,227
10,945
25,641
65,393
19,579
12.410
31,671
69,505
16,208
15,508
48,437
92,363
37,902
22,332
26,957
38,478
21.252
30,313
38,992
105,209
29,072
2,649
480
19,744
35,479
19,522
6,169
186,691
45.162
47,708
19,367
14,147
1,080
33,086
24,406
32.109
13,952
154,772
57,536
66.451
12,062
87,291
33.388
36.013
16,689
33.488
143,792
34,958
58,259
1,681
14,195
17,119
21,277
9,195
33,435
110,012
26,834
35,016
2,846
5,288
16,236
18.466
7,793
69,365
81,794
36.619
36,840
7,680
9,337
40,289
61.727
22,872
38,656
217.127
52,743
95,858
11,483
3,000
15,157
23,676
13,957
39,994
78,620
13,076
38,158
5,438
75,583
64,740
76.274
63,248
287,160
105,618
227,710
13,280
14,784
5,584
17,664
52,523
11,779
32.687
21,262
20,314
8,753
58,542
118,231
17,926
44,198
3,645
1,500
12,497
20,091
11,884
53,226
84,528
19,423
41,130
4,831
53,559
33,801
30,642
18,339
67,188
113,614
24,268
71,881
187,010
892.488 1.614,413 1,215,866 2,177,845
23,386
3,068
45,926
3,943
39,188
2,830
171,518
9,417
018,942 1,664,282 1,257,884 2,358,780
936,604 1,555,084 1,213,987 2,717,520
918,942 1,664,282 1,257,884 2,358,780
17,662 -109,198
-43,897
358,740
37,010
150,000
2.851.148
149.504
150.484 1,009,517
3,551
97,890
218,654
381
262,701
6,240
82,148
2,165
44,542
1,056
211,754
15,203
153,306
14,289
138,045
4,666
92,552
3,585
372,772
450
114,673
25
3.187.662
151,035 1.107.407
219,038
268.941
84,313
45,598
263,967
317,595
142,711
96.137
373,222
114,698
22,073
274,387
23.722
121.264
7,434
84,007
5,608
233.682
8,883
175.332
28,496
92.051
10,947
160,511
5,201
9,684
127,033
9,009
30,707
12,737
11,570
6,710
150,000
8,652
18,172
138.382
225,657
273,272
216.565
114,568
172,425
217,343
220.227
28,143
-76,288
527,033
302,068
18.057
79,019
41,223
250.000
56,528
Total deductions._
2,876,211
146,404
483,435
63,296
604,637
311,451
122,047
6.300
7.631
389,688
14,728
623.972
2.972,066 -140,230 1,532,081
dvidends paid
10,029.760
xcess of exps. & div.
paymls over earns_
7,057,694
ranchlse tux paid
U. S. Government.
155,742 -335.696
884,172
-54,069 -180.059
-9,305
101,030
609.895
78,545 -156,646
-61,263
45.805 -185.486
46,63
,
12,058
188,841
13,214
155,879 -105,529
111,982
253.211
709,139 3,891,599 1,004,836
936,513
340,360
313,247 1,170,633
289,409
180,455
253,621
254,878
685,070
849,369 2,359,518
857.968
497.006
313,247
350,672
134,650
439,107
142,896
431,859
120.664
560,738
SurplusAccountarplus Jan. 1 1931- 274,636,224 21.298.714 80,575,419 27,064,989 28,971,612 12,113,589 10,857,310 39,936,492
10,561,917
barges to surplus:
Excess of caps.& dB
,
DaYmls over earns_
Reserve for deprec'n
on II. S. bonds
San
Franctscc
236,667
1.000
1,888,443
158,667
'et earnings
3
544,242
221,530
499,884
6,948
282,480
Dallas
63,712
2,393
eductiOns from curl
net earnings:
Bank premises,depr.
Furniture Sr. eguipl.
Reserve for probable
losses
All other
ret additions to curl
net earnings
Kansas
City
936.604 1,555,084 1,213,987 2,717,520
118,135
330,399
102,520
611
1,316
7.062
17,565
Profit dc Loss A cct.:timings
29,701,279 1,800,619 7,555,213 2.714,016 3,038,083 1,389,086 1,448.835 4,143,601
1,188,631
iurant expenses
27.040,664 1,948,480 6,647,104 1.985,586 2,623,842 1,491,663 1,268,776 3,524,401
1,350,924
Current net carn'gs 2,660,615 -147,861
908,109
728,430
414,241 -102,577
180,059
619,200 -162,293
Total additions
3
168,589
132,999
597,518
7,726
29,772
178,752
544.859
138,375
276
1,300
17.053
24,597
Total. excl, of cost
of currency
25,561,518 1,814,481 6,298,732 1.831,010 2,448,466 1,392,551 1,203,678 3,377,871
1,294.117
'ed'I Res. currency:
Original cost
1,386,199
123,507
335,832
143,688
165.003
92,549
59,741
135,718
50,143
Cost of redemption
92,947
10,492
12,540
10,888
10,373
6.563
5,357
10,812
6,664
Total curl exps_ 27.040,664 1,948,480 6,647,104 1,985.586 2,023,842 1.491.663 1,268,776 3,524,401
1,350,924
.dditions to current
net earnings:
Withdrawn from res.
for probable losses_
Profit on U. S. securities sold
All other
Minneapolis
7,143,901 8,701,659 8,935,627 18.474,995
849,369 2,359,518
120,664
857,968
497,006
313,247
560,738
350,672
134,650
439,107
142,896
431,859
8,158,268
410,783 3.138,747
15,215,962 1,260,152 5,498,265
458,716
473,331
133,767
95,405
964,743
186,470
653,001
138,274 1,168,455
336.576
7,057,694
Total
579,380 1,331,299
630,773
408,652 1,525,481
537,142
787,651
577.381 1,311.351
768,435
xrplus Jan. 1 1932._ 259,420,262 20,038,562 75,077,154 26,485,609 27,640,313 11,482,816 10,448,658 38,411,011
10,024,775 6.356,250 8,124,278 7,624,276 17,706,560
Reimbursable EspeniituresofFiscalAgency
Departmentilarles
7,557
14,762
133,640
11,477
16,187
6,263
5,280
14,159
14,767
17,491
10,815
8,572
6,310
A. other
11
79,917
4,432
14,431
4,057
4,782
6.663
3,549
20,587
5,065
5,642
3,132
2,084
5,493
Total
213,557
11,989
29,193
15,534
20,969
12,026
8,829
34,746
16,457
19.832
20,623
10,656
11.803
*Except amounts Included ln Items "Governors' conferences" and "Fcdera advisory council."
The earnings and expenses of the Federal Reserve banks in 1930 were given in our issue of Feb. 28 1931, pages 1522-23.
Isidor J. Kresel, Former Counsel and Director of Bank
of United States, Freed of Charges of Perjury by
Direction of Supreme Court Justice Harris-Other
Charges Pending.
Isidor J. Kresel's perjury trial was brought to an abrupt
close on June 22, when the jury which had been hearing
evidence in the case since June 8 returned a verdict of not
guilty by direction of Supreme Court Justice Samuel J.
Harris. The New York "Time" June 23, said:
The Court Instructed the jury to acquit on the ground that the repudiated
Grand Jury testimony on which the perjury indictment was based was
not material to the issue at the trial a year ago of Bernard K. Marcus and
Saul Singer. He did not pass Judgment on whether or not Mr. Mesel
actually made the statement attributed to him.
The jury was excluded from the courtroom when yesterday's session
of the trial opened, while Justice Harris read his opinion on the motion
for an instructed not guilty verdict made the afternoon before by John
W. Davis, defense counsel, at the close of the prosecution's case. Then
the jurors were called in, told what they must do and the verdict was
dellvered.
Kresel Is Congratulated.
After the verdict had been announced. Mr. Kresel, smiling for the
first time since the trial began, was congratulated on his acquittal by
friends who crowded the courtroom. A number of those present were to
have been called as character witnesses. Among them were William
Travers Jerome, under whom Mr. Kresel served years ago as an Assistant
District
-Attorney, and former Justice Daniel F. Cohalan.
Mr. Davis's motion was based on three points
First, that the prosecution had failed to establish that Mr. Kresel made
before the Grand Jury the statement he later repudiated.
Second, that it had failed to show the perjury, if any, was wilful and
corrupt.
Third, that the materiality of the statements in question had not been
shown.
Justice Harris ruled that, as to the first two points, enough evidence had
been submitted to be decided by a jury: but as to the tnird, he decided
for the defense.
'This being so." he told the jury, "as a matter of law I must direct
a verdict of not guilty."
Mr. Davis, after the verdict had been announced, made a statement
in which he pointed out that the Court had not, in dismissing the charge
on the basis of its materiality, reached the conclusion that the disputed
statement had been made. The defense contends, as it has throughout
the trial, he said, that Mr. Kresel was inaccurately quoted.
Other Indictments Pending.
James Garrett Wallace, the prosecutor, announced afterward that the
eight other indictments against Mr. Kresel, ail based on the trial of the
officers of the Bank of United States, would not be dropped, but that
the attorney who aided Samuel Seabury In the Magistrates' Court investigation would be brought to trial on one of them later.
Volume 135
Financial Chronicle
However, in view of the fact that six of the indictments, all felonies.
are based on the so-called $8,000,000 Bolivar transaction by which loans
of the Bank of United States to its affiliates were shifted, and the two
others are only misdemeanors—one a conspiracy charge and the other
the general,count brought against most of the bank's directors for failure
to prevent its insolvency—it is considered doubtful that he will be brought
to trial again until late in the fall, if then. Much depends, it was pointed
out, on whether the Court of Appeals upholds the conviction of Bernard K.
Marcus and Saul and Herbert Singer, convicted in connection with the
88,000,000 deal. Should their conviction be reversed, it was said, there is
little doubt that the six felony indictments against Mr. Kresel will be
quashed.
The whole case against Mr. Kresel centred upon whether or not he testified before the Grand Jury investigating the Bank of United States collapse
that the way the $8,000,000 transaction was put through "indicates" there
was "something suspiciously wrong" with it and that he would therefore
have had nothing to do with it, and that he deplored that Herbert Singer.
his clerk, should have engineered it.
On the witness stand at the Marcus
-Singer trial. Mr. Kresel flatly denied
making such statements. He was under cross-examination by Max D.
Stotler. special prosecutor in charge of all Bank of United States prosecutions up to the Kresel trial.
During the trial:Mr. Davis forced Louis Benson, the Grand Jury stenographer, to admit that his original notes contained many errors. He demonstrated to the Jury that in some cases Benson was not able to read his
own shorthand notes.
Justice Harris's Views.
"Testimony is deemed material." said Justice Harris in his opinion.
"If it may be of substantial influence on the jury in their deliberations
as to the merits of the issue, if it might influence the jury in believing or
disbelieving the witness's other material testimony, that is. if it could
influence the jury to believe or disbelieve the witness.
"If testimony, even though false, has not this probative value, then It
is not to be the basis of a charge of perjury. . . . In the case
at bar the
question of materiality depends on whether the defendant at the trial of
the People vs. Marcus and Singer made .
. a contradictory statement.
"He is quoted by the people as saying but the very fact that it was
passed through in that way indicates there was something suspiciously
wrong about it. I would have nothing to do with that sort of transaction.
It is unfortunate that the man who was in my employ was the man who
had charge of it.'
"Was this a statement of fact or a characterization of viewpoint or
opinion of the type of transaction? If it was a characterization of opinion
it would have been of no value before the jury in People vs. Marcus and
Singer as bearing on the credit to be given Kresel's testimony at such
trial.
"It is apparent to me that the words alleged to have been used by the
defendant here before the Grand Jury were, if he did utter such words,
purely and simply the viewpoint, characterization or opinion which he
wished the grand jurors to believe was his as to the morality of the transaction. If so, then his denial or affirmance before the trial jury in People
vs. Marcus and Singer legally could have no weight or influence on the
deliberations of such jury as to the innocence or guilt of Marcus and Singer.
Therefore, I am constrained to say that his denial of such alleged words
was immaterial."
The instructions to the jury were brief. Justice Harris told the jurors
that in a perjury prosecution it was incumbent upon the Court to determine as a matter of law whether or not alleged false swearing related to
a material fact.
"In this action at bar," he said,"I am holding on the proof made by the
people before the Court that the denial made by Kresel was not material
to the issue in People vs. Marcus and Singer."
The trial just ended was the second for Mr. Kreeel on the perjury charge.
The first, a month ago, ended in a mistrial when it was found that a
juror had called on Mr. Kresel and Indirectly suggested a loan.
The mistrial was referred to in our issue of June 4,
page 4098.
Tenders of $292,881,000 Received to Offering of $100,000,000 or Thereabouts of 91
-Day Treasury Bills—
Bids Accepted $100,468,000—Average Price 0.41%.
According to the announcement made by Secretary of the
Treasury Mills on June 28 total tenders of $292,881,000 were
received to the offering of $100,000,000 or thereabouts of
91-day Treasury bills, to which reference was made in these
columns June 25, page 4594. The amount of bids accepted
Was $100,460,000, and the average price of bills to be issued
is 99.897,—the average rate on a bank discount basis being
about 0.41%. The announcement of Secretary Mills on
June 28 follows:
Secretary of the Treasury Mills announced June 28 that the tenders for
$100,000,000, or thereabouts, of 91-day Treasury bills, dated June 29
1932, and maturing Sept. 28 1932, which were offered on June 23, were
opened at the Federal Reserve banks on June 27.
The total amount applied for was $292,881,000. Except for three bids
aggregating $149,000 at prices averaging 99.965, the highest bid
made
was 99.939, equivalent to an interest rate of about 0.24% on an annual
basis. The lowest bid accepted was 99.886, equivalent to an interest rate
of about 0.45% on an annual basis. The total amount of bids accepted
was $100,466,000. The average price of Treasury bills to be issued
is
99.897. The average rate on a bank discount basis is about 0.41%.
The new bills are issued to refinance a maturing issue.
The average price of 0.41% compares with the average rate
of 0.32% received to the offering of $100,000,000 of Treasury
bills dated June 1 and maturing August 31 1932, noted in
these columns May 28, page 3913. In the May 28 issue and
on the same page we noted, too, that in the sale of $60,-day Treasury bills, at an average price of
000,000 of 91
0.29% a new low record price for this class of securities
was established. The highest bid for the $60,000,000 offering was 99.945, equivalent to an interest rate of about 22%
on an annual basis. The lowest bid accepted was 99.927,
equivalent to a rate of about 29%. The average price of
55
the bills issued was 99.927, equivalent to an average on a
bank discount basis of about 0.29%. The amount of bids
accepted, was, as we here previously indicated, $60,050,000.
Platform Adopted by Democratic Party in National
Convention at Chicago—Declares for Repeal of
Prohibition Law—Restriction of Federal Reserve
Banks in Use of Facilities for Speculative Purposes—Cancellation of War Debts Opposed—Extravagance of Federal Farm Board Condemned—
International Conference on Silver and Related
Questions Favored.
The Democratic party, in National Convention at Chicago
this week, selected Franklin D. Roosevelt as its candidate
for President and declared in favor of the repeal of the
Eighteenth Amendthent. "To effect such repeal," said the
prohibition plank adopted, "we demand that the Congress
Immediately propose a Constitutional amendment to truly
representative conventions in the States called to act solely
on that proposal." The plank adopted also says:
We urge the enactment of such measures by the several States
as will
actually promote temperance, effectively prevent the return
of the saloon
and bring the liquor traffic into the open under complete
supervision and
control by the States.
We demand that the Federal Government effectively exercise
its power
to enable those States effectively to protect themselves against
importation
of intoxicating liquors in violation of their laws.
Pending repeal, we favor immediate modification of the
Volstead Act
to legalize the manufacture and sale of beer and other beverages
of such
alcohlic content as is permissible under the Constitution
and to provide
therefrom a proper and needed revenue.
The plank for outright repeal, and immediate modification
of the Volstead Act, offered by the Resolutions Committee,
was adopted by the convention in the early morning hours
of June 30. With reference to the action, it was noted
in
a Chicago dispatch to the New York "Herald Tribune"
that this constituted the first time, since the Eighteenth
Amendment was written into the Constitution, that a major
political party lined up against National prohibition. The
dispatch went on to say:
The vote was 934( to 213U.
The vote was announced and a recess taken at 12.58 a.
m. (June 30)
until noon (1 p. m. New York daylight time) to-day
(June 30).
A plank to that effectiwent into the party platform over a
minority
report pledging the party to simple submission of a repeal amendment
.
which the Convention rejected. The vote came after three hours
of debate
which brought great sections of delegates and galleries to their
feet in noisy
and colorful demonstrations.
Alfred E. Smith, breaking with his political ally, John J. Raskob.
on the
wisdom of forcing the party to the extreme on this issue, and
Governor
Albert C. Ritchie of Maryland. another pioneer in the repeal
cause, had
stirred the Convention to scenes of high enthusiasm when they dramaticall
y
took the platform in a night session to fight the minority led
by Senator
Cordell Hull, of Tennessee.
Roosevelt Keeps Hands Off.
The minority plank had been voted down in the Roosevelt
-controlled
Resolution Committee 35 to 17 under the leadership of Senator
David I.
Walsh of Massachusetts, after Governor Roosevelt, the leading
candidate,
had assumed a hands-off attitude and invited his friends to
vote their convictions on the subject.
The prohibition issue for the Presidential campaign was
thus drawn.
The Democrats not only stand for submission of the question
of repeal, but
also pledge themselves to work in the States to that end and
for the modification of the Volstead Act meanwhile. The Republicans stand for the
submission of a new amendment legalizing liquor in the States
subject to
to general rules by Congress to suppress the saloon and protect
dry States
from liquor Invasion.
37 States for Repeat.
Thirty-seven of their delegations for repeal, twenty-three
of them presenting a unified front.
Those solidly for repeal were Arizona, Idaho, Illinois, Indiana,
Iowa,
Kentucky, Maryland, Massachusetts, Michigan, Montana. Nevada,
New
Hampshire, New Jersey, New York, North Dakota, Pennsylvan
ia, Rhode
Island. South Carolina, Texas, Utah, Vermont, Wisconsin,
Wyoming.
The Statessolidly against repeal were Georgia, Mississipps and
Oklahoma.
A majority against repeal was recorded by Alabama,
Arkansas, Delaware. Kansas, North Carolina, South Dakota, West
Virginia and Virginia.
After settling the prohibition issue, the Convention
adjourned,leaving the
two minority reports, that from McAdoo and that
from Governor Murray.
to be disposed of at the session to begin at noon
to-day, and the entire
1.300
-word platform,shortest document of its kind on record,
to be adopted
finally.
The text of the minority repeal plank, proposed by
a
majority sub-committee which framed the platform,
and
which was rejected both by the full Resolutions
Committee
and the Convention, read as follows:
That the Congress immediately propose to
truly representative convention in the States, called to meet solely
on the proposal, a repeal of the
Eighteenth Amendment.
In the event of repeal we urge that the Democratic
party co-operate In the
enactment of such measures In the several States
as will actually promote
temperance, effectively prevent return of
the saloon, and bring the liquor
traffic under complete supervision and control by the
Federal Government effectively exercise its power to States; and that the
protect States against
importation of intoxicating liquors In violation of their laws.
Regarding the action of the Convention incident to
the
adoption of the prohibition plank on June 30, we
quote
as follows from a further account from Chicago (by
Henry
Cabot Lodge Jr.) to the "Herald Tribune":
Financial Chronicle
56
Chairman Hitchcock read the brief platform, with applause marking its
advocacy of a 25% cut in Governmental expenditures and its support of a
conference for "rehabilitation of silver." although nothing could touch the
roar for the repeal and modification phrases.
Minority Report Offered.
When he finished, Senator Hull presented the minority report. Under
the division of time other minority reports were allowed. Although the
mind of nearly every one was on prohibition, a plank was proposed granting
"home rule" to Hawaii, and William G. McAdoo presented a report,
which he said was only voted down by the platform committee by 27 to
22, calling for the "enactment of effective measures to make safe against
loss depositors in member banks of the Federal Reserve System."
Yet another minority report was one made by Governor William H.
Murray, of Oklahoma, providing for immediate cash payment of the bonus,
which, he said, "vrill prove an economic gift because it goes into every
section of the country." Undismayed by boos he went on to a plank declaring "government by injunction" unconstitutional and to another favoring conscription of both men and property in future wars. There followed
planks for the preservation of "home, wife and mother," for a "league of
States," and declaring it the duty of the Government to coin both gold and
silver.
But the roaring thousands who felt that history was being made and that
they were witnessing the destruction of prohibition were eager for the wet
debate.
Wringing Wets Win Twice.
By two-to-one majorities the wringing wets had given the moderate wets
a severe drubbing in the Resolutions Committee yesterday afternoon. This
surprised even the most sanguine opponents of prohibition. Only two roll
calls were taken at the final session behind closed doors, which lasted from
10 a, m. to 4 p. m. Both of these were on prohibition.
The "moderates"lost the first vote on the question of agreeing to the subcommittee's submission plank by a vote of 35 to 18. They lost the second,
on the question of sutstituting the Walsh plank, by a vote to 35 to 17, the
difference being accounted for by the fact that on the second roll call the
Texas representative passed.
The roll call which adopted the Walsh plank was as follows, the "Aye"
votes representing the wringing wet side:
Arizona
Colorado
Connecticut
Delaware
Florida
Illinois
Indiana
Iowa
Louisiana
Ayes. 35.
N. Hampshire
Maine
New Jersey
Maryland
New Mexico
Massachusetts
New York
Michigan
N. Dakota
Minnesota
Ohio
Missouri
Oregon
Montana
Pennsylvania
Nebraska
Rhode Island
Nevada
Alabama
Arkansas
California
Georgia
Idaho
Kansas
Kentucky
Mississippi
No. Carolina
Oklahoma
Noes. 17.
So. Dakota
Tennessee
Utah
Virginia
Washington
Vermont
Wisconsin
Alaska
Canal Zone
Hawaii
Philippine Islands
Puerto Rico
Virgin Island
Wyoming
District of
Columbia
As soon as the meeting adjourned Senator Cordell Hull, of Tennessee,
announced angrily that the wets had handpicked the delegates solely to
repeal prohibition and that he would take the fight to the floor and present
a minority report.
Reed Wins Change.
About an hour before the vote on prohibition was reached a change in
the Walsh plank was made by the wringing wets themselves after former
Senator James A. Reed of Missouri had lodged a protest against the fourth
Paragraph which had been agreed to Tuesday night. This paragraph had
been as follows:
"We demand that the Federal Government effectively exercise its power
to protect States against importation of intoxicating liquors in violation
of their laws."
Mr. Reed contended that this language still left the Federal Government
with power to intervene in the internal affairs of the States. The Federal
Government's role, he contended, should be inter-State instead of intrastate. The fourth paragraph of the plank finally adopted conforms with
his desires.
About 50 newspaper men and representatives of special organizations
had been crowding the dark, poorly ventilated vestibule outside the Rose
Room in the Congress Hotel when Senator William H. King, of Utah.
emerged and gave the sign that the platform was completed and the meeting
adjourned. Storming into the low-ceilinged room, the press and members
of the committee gathered around the green baize tables, littered with
telegrams urging repeal. . . .
Two Absent From Roll Calls.
On the first roll call, which was on the question of adopting the submission plank, the vote was exactly the same except that Texas voted for
submission. This resulted in a defeat of the submission plank by 35-18.
On the vote on the Walsh plank Texas passed, thus reducing the so-called
dry strength by one vote. On both roll calls the South Carolina and West
Virginia members were absent.
In addition to the prohibition question about six other last minute
changes were made in the already frequently changing platform during the
day's six-hour session. The unemployment plank which favors "expansion
of the Federal program of necessary and useful construction affected with a
public interest" was made more specific by tacking on the phrase "such as
flood control and waterways, including the St. Lawrence-Great Lakes deep
waterways."
To the farm plank was added the paragraph reading:
"Enactment of every constitutional measure that will aid the farmer to
receive for basic farm commodities prices in excess of cost," which is
regarded in some quarters as a hint at an equalization fee.
The banking plank was made more specific. To the phrase favoring "the
severance of affiliated securities companies and the divorce of investment
banking from commercial banks" was added "and further restriction of
Federal Reserve banks in permitting the use of Federal Reserve facilities for
speculative purposes."
The veterans' plank was toned down from favoring "the fullest measure
of justice and generosity" to favoring merely "the full." To the foreign
policy plank was added the sentence."We oppose cancellation of the debts
Ow1121; to the United States by foreign nations." Although this change was
not made by a roll call vote, those present estimated the division as being
as narrow as 30 to 23.
To the Philippine independence plank was added the words "ultimate
statehood for Puerto Rico" and "the employment of American citizens in
the operation of the Panama Canal." There were minor changes in verbiage
in the conclusion made in the interests of good English.
Where the flat declaration against debt cancellation is concerned, it is
noteworthy that the sub-committee had recommended "maintenance of
good faith and of good will in financial obligations" without going further.
July 2 1932
The flat anti-cancellation plank was adopted over the protest of subcommittee members. The new plank was supported by William G. McAdoo,
Senator Wheeler and Senator Walsh, of Massachusetts. Former Senator
Reed, of Missouri, had also been actively in favor of an anti-cancellation
Plank.
World Court Modification.
The World Court plank was also modified, having been merely "adherence to the World Court" and then being changed to "adherence to the
World Court with the pending reservations."
At the session to-day Senator King and Senator Wheeler led the fight for
the calling of an international monetary conference "to consider the rehabilitation of silver." They appeared pleased with the inclusion of "rehabilitation," which, it is argued, means "to restore." Governor William
H. Murray announced that he would offer a minority report for immediate
cash payment of the bonus.
The prohibition question was decided without debate. Members merely
got the opportunity to vote. It became clear during the day that Governor
Roosevelt was not going to make a fight for his submission plank, which,
it is believed was brought to Chicago by former Attorney-General A.
Mitchell Palmer after a visit with Governor Roosevelt. The lack of R0080
volt control within a Resolutions Committee full of Roosevelt men was
explained by the Governor's friends on the ground that he had enough on
his hands without taking an active part in the wet fight.
We give elsewhere in this issue of our paper the full text
of the platform adopted by the Convention. The action
recited above covered that taken on June 29, and in the
early morning hours of June 30; during the day of June 30
the Convention adopted the platform as presented in the
report of the Resolutions Committee, except for one change;
this consisted of an amendment proposed by Mrs. Caroline
O'Day of New York, a friend of Mrs. Franklin D. Roosevelt;
on motion of Mrs. O'Day a phrase was added to the welfare
plank pledging "continuous responsibility of the Government for human welfare, specially for the protection of
children."
From the "Herald Tribune" of July 1, in which this
amendment was reported, we also quote as follows from its
Chicago account June 30:
Fifteen proposed amendments to the platform were rejected by viva-voce
votes, including the proposal for cash payment of the soldiers' bonus, safeguards for bank depositors, the monetization of silver, home rule for Hawaii
and Alaska, Congressional representation for the District of Columbia and
a moratorium on home loans.
The day's debate was distinguished by a clash between two former
Secretaries of the Treasury, William G. McAdoo and Carter Glass. Mr.
McAdoo proposed an amendment to the banking section of the platform
saying "we advocate enactment of effective measures to make safe against
loss depositors in member banks of the Federal Reserve System"—a proposal
which had been defeated by a vote of 27 to 22 in the platform committee.
Mr. McAdoo opened the day's debate in support of his proposed amendment to make depositors in members banks of the Federal Reserve System
"safe against loss." Tall and spare, and clad in linen, he received a friendly
cheer when he said that in view of the banking situation in the last two or
three years he felt It imperative for the Democratic party to declare it to
be its policy to accomplish "by every possible means" the safety of those
"who are compelled to put their money in banks."
"This is a fighting issue in the country to-day," Mr. McAdoo declared.
"And there is nothing in my proposal which contemplates a Government
guarantee of bank deposits, to which I am unalterably opposed," Ile said
It left the working out of specific measures to Congress and merely declared
a policy. He recalled that in 1912 the Democratic party committed itself
to currency reform, which it announced as its policy in its platform and left
the creation of the Federal Reserve System to Congress. He drew cheers
when he recalled that in Congress this had been worked out under the
leadership of Carter Glass in the House, Robert L. Owens, of Oklahoma,
in the Senate and Woodrow Wilson in the White House.
"I want the party to go on record now," Mr. McAdoo declared, "that it
will make the banks safe—in the interests not only of the depositors, but
of stockholders and directors."
Glass Supports McAdoo.
Mr. McAdoo yielded to Senator Glass who began by saying that Mr.
McAdoo had presented a proposition of "extreme importance to the harmony and success of the Democratic party." Mr. McAdoo, Senator Glass
remarked, said that his proposition "does not involve the controversial
project of guaranteeing bank deposits." The stocky Virginian leaned across
the desk and asked, "What, then, does it involve?"
It would, he declared, inevitably be construed by the banking and business community as a guarantee and so would create anxiety and antagonism.
It was, he said, a proposal which has been applied in various States and "In
every case has wrecked itself."
Mr. McAdoo, he went on, would confine his proposal to the 7,000 odd
banks who are members of the Federal Reserve System. But in so doing.
Senator Glass warned, it would drive out of that System its strongest
supporting member banks and would thus be a danger, not a help, to
depositors. The strong banks, he declared, always contend that they
should not be penalized for the mismanaged banks.
"Why project this question at all," Senator Glass inquired, "We have
suffered enough already," he said, "without adding another complication.
"Let us," he pleaded,"leave it to the Democrats in Congress to preserve the
Federal Reserve System. There is a bill now pending in Congress bearing
my name which will further insure the integrity of that System.
"Why interject a disturbing factor which will raise against our nominees
the most powerful interests in the country."
McAdoo Defends Bill.
In rebuttal Mr. McAdoo said that when Senator Glass stated that the
party must not help the people because powerful interests are opposed,
"he is not talking democracy." Every time an attempt is started for progress, Mr. McAdoo continued,"we are told that we must not do it because
Powerful interests are against it." The great interests, he shouted, are
Republicans. The people, on the other hand, he declared, want to be
Democrats, if they can but be given the chance.
In 1913. Mr. McAdoo recalled. Senator Glass was not deterred by banking
opposition from creating the Federal Reserve System. Yet it, too, was
powerfully opposed. Mr. McAdoo quoted James R. Forgan, then President
of the First National Bank of Chicago, as calling the Federal Reserve
System "unworkable, impractical and fundamentally bad," He cited
Arthur Twining Hadley, then President of Yale, as predicting that under
Vplume 135
Financial Chronicle
the System all our gold would go to Europe. Yet, Mr. McAdoo pointed
out, we now have 70% of the world's gold.
Mr. McAdoo referred to the late Senator Nelson Aldrich. of Rhode
Island,"who had a plan of his own" as calling the Federal Reserve System
"revolutionary, socialistic, unconstitutional" and as being "to America
what the locusts were to Egypt." Even Charles G. Dawes who, he said,
would have been nominated for the Presidency in 1928 if the Republicans
had been intelligent, stated in 1913 that the Federal Reserve System was
"calamitous" and would "pave the way for panic."
Only O'Day Plank Carries.
In conclusion, he quoted words utered by Senator Glass himself in support
of the Federal Reserve bill in 1913 and ended by saying that the South
and West was for his proposal, and that if it were not adopted the party
would "lose more votes than you can count in a week."
Willis E. Reed,of Nebraska, offered proposals for "a moratorium at home
for a reasonable time, thereby assisting people in saving their homes and
businesses." He favored a plank instructing the Inter-State Commerce
Commission "immediately to adjust freight rates on an exchange value
basis"; another plank calling for "uniform rate of interest throughout the
United States," and a final plank "to regulate the value of the dollar as
measured by the necessities of life."
Norman B. Landreau, of the District of Columbia, made the perennial
plea for representation for the District. Compton I. White, of Idaho,
presented a plank favoring the broadening of the monetary basis by the
"addition of silver as a primary money, admitting it to the mint for coinage
at a stipulated ratio with gold." He also favored an international monetary
conference to stabllze the price of silver.
Mrs. O'Day's proposed plank, the only successful one, was then proposed
and after it the voting began. Governor William H. Murray of Oklahoma
demanded a separate vote on his silver plank and his plank for cash payment
of the bonus. His other proposals were at once voted down by resounding
"noes." Representative William P. Connery, of Massachusetts, demanded
a roll call on the bonus, but as less than one-fifth of the delegates signified
their desire for a roll call it was not had. The bonus and then the silver
planks went down to defeat.
Mr. McAdoo demanded a roll call for his banking plank and failed. The
Reed, Landreau and White proposals were all shouted down and the O'Day
plank was carried. The whole platform was then adopted and at 1:50 p. m.
(2:50 New York time) nominating addresses for Presidential candidates got
under way.
Aside from the declaration for repeal of the prohibition
law, the platform adopted by the Democratic Party (the
text of which we give elsewhere in this issue) declares
against cancellation of war debts; advocates a competitive
tariff for revenue, with a fact-finding tariff commission; a
reduction in Government expenditures by absolishing useless
commissions and offices, consolidating departments and
bureaus, and eliminating extravagance, to accomplish a
saving of not less than 25% in the cost of Federal Government; extension of Federal credit to the States to provide
unemployment relief wherever the diminishing resources of
the States make it impossible for them to provide for the
needy; measures in behalf of agriculture; regulation to the
full extent of Federal power of:
(a) Holding companies which sell securities in inter-State commerce;
(b) Rates of utility companies operating across State lines;
(c) Exchanges trading in securities and commodities.
Further restriction of Federal Reserve banks in permitting the use of Federal Reserve facilities for speculative
purposes is also advocated; adherence to the World Court,
&c., is likewise among the declarations.
Text of Platform Adopted by Democratic Party in
National Convention.
We give herewith the text of the platform adopted on
June 30 at the National Convention in Chicago of the Democratic Party; except for one amendment, proposed on that
date by Mrs. Caroline O'Day of New York, a personal friend
of Mrs. Franklin D. Roosevelt, the platform approved by
the Convention is in the form reported by the Resolutions
Committee. On motion of Mrs. O'Day a phrase was added
to the welfare plank pledging "continuous responsibility of
the Government for human welfare, specially for the protection of children."
As presented to the Convention by the Resolutions Committee, the platform follows:
In this time of unprecedented economic and social distress, the Democratic Party declares its conviction that the chief causes of this condition
were the disastrous policies pursued by our Government since the World
War, of economic isolation fostering the merger of competitive businesses
into monopolies and encouraging the indefensible expansion and contraction of credit for private profit at the expense of the public.
Those who were responsible for these policies have abandoned the ideals
on which the war was won, and thrown away the fruits of victory, thus rejecting the greatest opportunity in history to bring peace, prosperity and
happiness to our people and to the world. They have ruined our foreign
trade, destroyed the values of our commodities and products. crippled our
banking system,robbed millions of our people of their life savings and thrown
millions more out of work, produced widespread poverty and brought the
Government to a state of financial distress unprecedented in times of peace.
The only hope for improving present conditions, restoring employment,
affording permanent relief to the people and bringing the nation back to
Its former proud position of domestic happiness and of financial, industrial,
agricultural and commercial leadership in the world lies in a drastic change
in economic and governmental policies.
Relieving that a party platform is a covenant with the people to be
faithfully kept by the party when intrusted with power and that the people
are entitled to know in plain words the terms of the contract to which they
are asked to subscribe, we hereby declare this to be the
57
PLATFORM OF THE DEMOCRATIC PARTY.
The Democratic Party solemnly promises by appropriate action to put
Into effect the principles, policies and reforms herein advocated and to
eradicate the policies, methods and practices herein condemned.
WE ADVOCATE:
(1) An immediate and drastic reduction of governmental expenditures
by abolishing useless commissions and offices, consolidating departments
and bureaus and eliminating extravagance, to accomplish a saving of not
less than 25% in the cost of Federal Government. and we call upon the
Democratic Party in the States to make a zealous effort to achieve a proportionate result.
(2) Maintenance of the National credit by a Federal budget annually
balanced on the basis of accurate executive estimates within revenues,
raised by a system of taxation, levied on the principle of ability to pay.
(3) A sound currency to be preserved at all hazards, and an international
monetary conference called on the invitation of our Government to consider
the rehabilitation of silver and related questions.
(4) A competitive tariff for revenue, with a fact-finding tariff commission
free from executive interference, reciprocal tariff agreements with other
nations, and an international economic conference designed to restore international trade and facilitate exchange.
Unemployment Relief.
(5) Extension of Federal credit to the States to provide unemployment
relief wherever the diminishing resources of the States make it impossible
for them to provide for the needy; expansion of the Federal program of
necessary and useful construction affected with a public interest, such as
flood control and waterways, including the St. Lawrence, Great Lakes
deep waterways; the spread of employment by a substantial reduction in
the hours of labor, the encouragement of the shorter week by applying
that principle in Government service; advance planning of public works.
(6) Unemployment and old-age insurance, under State laws.
Agriculture.
(7) For the restoration of agriculture, the nation's basic industry, better
financing offarm mortgages, through reorganized farm bank agencies at low
rates of interest, on an amortization plan, giving preference to credits for
the redemption of farms and homes sold under foreclosure; extension and
development of the farm co-operative movement and effective control of
crop surpluses so that our farmers may have the full benefit of the domestic
market.
Enactment of every constitutional measure that will aid the farmer to receive for basic farm commodities prices in excess of cost of production.
National Defense.
•
(8) A Navy and an Army adequate for National defense, based on a
survey of all facts affecting the existing establishments, that the people in
time of peace may not be burdened by an expenditure fast approaching
11,000,000.000 annually,
(9) Strict and impartial enforcement of the anti-trust laws to prevent
monopoly and unfair trade practices and revision thereof for the better
protection of labor and the small producer and distributor; conservation,
development and use of the nation's water power in the public interest.
Protection of Investors.
(10) Protection of the investing public by requiring to be filed with the
Government and carried in advertisements of all offerings of foreign and
domestic stocks and bonds true information as to bonuses, commissions,
principal invested and interests of sellers. Regulation to the full extent
of Federal power of:
(a) Holding companies which sell securities in inter-State commerce;
(b) Rates of utility companies operating across State lines;
(c) Exchanges trading in securities and commodities.
(11) Quicker methods of realizing on assets for the relief of depositors of
suspended banks, and a more rigid supervision of National banks for the
protection of depositors and the prevention of the use of their moneys In
speculation to the detriment of local credits.
The severance of affiliated securities companies and the divorce of underwriting schemes from commercial banks; and further restriction of Federal Reserve banks in permitting the use of Federal Reserve facilities for
speculative purposes.
The War Veterans.
(12) The fullest measure of justice and generosity for all war veterans
who have suffered disability or disease caused by or resulting from actual
service in time of war, and for their dependents.
Foreign Policy.
(13) A firm foreign policy including: Peace with all the world and the
settlement of international disputes by arbitration; no interference in the
internal affairs of other nations; the sanctity of treaties, and the maintenance
of good faith and of good will in financial obligations; adherence to the
World Court with the pending reservations; the Pact of Paris. abolishing
war as an instrument of National policy, to be made effective by provisions
for consultation and conference in case of threatened violation of treaties;
international agreement for reduction of armaments; and co-operation with
nations of the Western Hemisphere to maintain the spirit of the Monroe
Doctrine. We oppose cancellation of the debts owing to the United States
by foreign nations.
The Philippines.
(14) Independence for the Philippines; ultimate Statehood for Puerto
Rico; the employment of American citizens in the operation of the Panama
Canal.
(15) Simplification of legal procedure and reorganization of the judicial
system to make the attainment of justice speedy, certain and at less cost.
(16) Continuous publicity of political contributions and expenditures.
strengthening of the corrupt practices act and severe penalties for misappropriation of campaign funds.
Prohibition Repeal.
(17) We favor the repeal of the Eighteenth Amendment.
To effect such repeal, we demand that the Congress immediately propose
a constitutional amendment to truly representative conventions in the
States called to act solely on that proposal.
We urge the enactment of such measures by the several States as will
actually promote temperance, effectively prevent the return of the saloon
and bring the liquor traffic into the open under complete supervision and
control by the States.
We demand that the Federal Government effectively exercise its power
to enable the States to effectively protect themselves against importation
of intoxicating liquors in violation of their laws.
Pending repeal, we favor immediate modification of the Volstead Act to
legalize the manufacture and sale of beer and other beverages of such
alcoholic content as is permissible under the Constitution and to provide
therefrom a proper and needed revenue.
58
Financial Chronicle
WE CONDEMN:
(1) The improper and excessive use of money in political activities.
(2) Paid lobbies of special interests to influence members of Congress a d
other public servants by personal contact.
(3) Action and utterances of high public officials designed to influence
stock exchange prices.
(4) The open and covert resistance of administrative officials to every
effort made by Congressional committees to curtail the extravagant expenditures of the Government, and to revoke improvident subsidies granted to
favored interests.
(5) The extravagance of the Farm Board,its disastrous action which made
the Government a speculator in farm products, and the unsound policy of
restricting agricultural production to the demands of domestic markets.
(6) The usurpation of power by the State Department in assuming to
pass upon foreign securities offered by international bankers, as a result of
which billions of dollars in questionable bonds have been sold to the public
upon the implied approval of the Federal Government.
(7) The Hawley-Smoot tariff law, the prohibitive rates of which have
resulted in retaliatory action by more than 40 countries, created international economic hostilities, destroyed international trade, driven Our
factories into foreign countries, robbed the American farmer of his foreign
markets and increased his cost of production.
CONCLUSION:
To accomplish these purposes and to recover economic liberty we pledge
the nominees of this Convention, and the best effort of a great party whose
founder announced the doctrine which guides us now, in the hour of our
country's need,"Equal rights to all, special privileges to none."
Message:ofiGovernor Franklin D. Roosevelt of New
York to Campaig n Manager at Democratic National
Convention Calling for Abandonment of Efforts
for Abrogation of Two-thirds Rule-action by
Convention.
At the Democratic National Convention in Chicago, on
June 27, abandonment of two long-standing rules of Democritic conventions was voted by the Rules Committee that
night. A dispatch from Chicago, June 27, to the New York
"Times," reporting this, said:
For the, traditional two-thirds rule, the subject of bitter controversy,
thb Committee adopted a compromise regulation which would provide for
nomination by a simple majority if the first six ballots failed to choose the
nominee. It then voted for a new rule which would put selection of a candidate ahead of adoption of a platform in the order of business.
Roosevelt forces sponsored both proposals and each was attacked in
sharp debates by opponents of his nomination. The first new rule was
designed to avoid a deadlock, but no reason was advanced for the change
in nomination and platform procedure.
Despite Governor Roosevelt's suggestion that the fight on the two-thirds
rule be given up, his group went ahead with it, but it was assured by his
opponents that the battle on the changes would be carried to the con.
vention floor.
The Committee, beaded by J. Bruce Kremer, Roosevelt floor manager,
adopted the new two-thirds rule plan by a vote of 30 to 20.
Announcement that the fight would be carried to the floor was made
immediately by T. D. Lyons of Oklahoma, backer of Governor Murray.
Indications of the heat of the prospective fight arose from the complete
alignment against the compromise of those in favor of retention of the
two-thirds rule.
Just before the ballot on the compromise proposition, the Rules Committee voted down, 31 to 20, an amendment to the resolution, offered by
former Senator Atlee Pomerene of Ohio, to strike out all of the proposal
ex,,pt the part calling for retention of the two-thirds rule.
The compromise resolution was offered by former Governor Richard
Metcalf of Nebraska, a Roosevelt supporter. All attempts to amend it
were thwarted by a move of Delegate Tipton of Tennessee to consider the
previous question.
The text of the resolution follows:
"For the nomination of a candidate fcr President and for the nomination of a
Candidate for Vice-President, the vote of two-thirds of the regularly elected delegates shall be necessary to a choice Provided, however, that, for the purpose of
avoiding a deadlock the following rule shall be adhered to:
"When six ballots shall have been taken without result, there shall Immediately
be submitted to the convention the proposition that, on the ensuing ballots the
candidate receiving the vote of a majority cf the regularly elected delegates shall
be declared the nominee of the convention.
"Provided, further, that this proposition shall be determined by the vote of a
majority of the regularly elected delegates.
The action of the Committee brought the two-thirds controversy back
in all of its varied implications. The line-up of the States, with the
delegate strength taken into account, indicated an extremely close vote.
The same alignment at first allowed each side to claim victory.
The vote on the Metcalf resolution, by States, was as follows:
For the Resolution-30.
Michigan
South Dakota
Minnesota
Tennessee
Washington
Mississippi
West Virginia
Montana
Nebraska
Wisconsin
Nevada
Wyoming
New Hampshire
District of Columbia
North Dakota
Hawaii
Porto Rico
Oregon
Pennsylvania
Canal Zone
Against the Resolution-20.
Rhode Island
Maryland
Alabama
Missouri
South Carolina
California
New Jersey
Texas
Connecticut
New York
Virginia
Illinois
North Carolina
Philippine Islands
Indiana
Ohio
Alaska
Iowa
Oklahoma
Maine
Not Vottng-5.
Virgin Wanda
Utah
Massachusetts
Vermont
New Mexico
James A. Farley, campaign manager for Governor Roosevelt, came rushing into the Committee chamber during the closing action on the resolution. He indicated neither pleasure nor disappointment.
The past history of the Democratic party, disputed all along the line by
speakers according to the sides each took, was brought up in an effort
either to retain or do away with the old two-thirds rule.
The words of Jefferson, Jackson, Cleveland, Wilson, Bryan, John Sharp
Williams and even candidates on the ground were quoted by opponents of
the compromise, interspersed with charges that the Roosevelt forces were
Arizona
Arkansas
Colorado
Delaware
Florida
Georgia
Idaho
Kansas
Kentucky
Louisiana
July 2 19,32
trying to change the rules in the middle of the game for the benefit of
their candidate.
The same record of the Democratic party was quoted as argument from
the other side.
Counter charges were made also, principally to the effect that a hopeless
minority was trying to nullify the majority will of the Democratic con.
vention.
Heated colloquies o-ct sharp words were the order of the meeting. Mr.
Kremer, with his sup, t of Governor Roosevelt well known, referred practically all of his ruliligs to the Committee.
The following is the message sent by Governor Franklin
D. Roosevelt on June 27 calling upon James A. Farley, his
campaign manager, to abandon his efforts for the abrogation of the two-thirds rule:
STATE OF NEW YORK,
Executive Chamber,
Albany, N. Y., June 27,
Honorable James A. Farley, Congress Hotel, Chicago, Ill.:
This is no time for petty strife and momentary advantage. That truth
becomes the more apparent when an honest difference of judgment is
exaggerated by the opposition press into grave internal dissension. It is to
avoid such an impression that I send you this message.
The need of the nation—the need of the world—in these distressing days,
requires avoidance of personal animosities and discussions of procedure,
and calls for concentration of attention on principles and leadership.
With this in mind, I have been giving much thought to the subject of
adopting a majority nomination rule instead of the two-thirds rule used
by previous conventions. The assurance of toy friends that they have a
definite majority of votes to adopt a majority rule seems to give me a
personal and definite responsibility.
I believe and always have believed that the two-thirds rule should no
longer be adopted. It is undemocratic.
Nevertheless, it is true that the issue was not raised until after the
delegates to this convention had been selected, and I decline to permit
either myself or my friends to be open to the accusation of poor sportsmanship or to the use of methods which could be called, even falsely,
those of a steamroller.
I am accordingly asking my friends in Chicago to cease their efforts to
secure the adoption of the majority nominating rule at the opening of the
permanent organization. I ask this of those delegates who are honoring
me with their support and who number many more than a majority. I
trust, however, that the committee on rules may recommend some rule to
Insure against the catastrophe of a deadlock or prolonged balloting.
If hereby a greater emphasis on harmony and the more important objectives of the convention is attained, we will have best served our party
and nation.
At the same time Tank all delegates to accept this in the spirit in which
this is written and to do all possible to avoid a protracted convention and
recriminations on any subject.
Will you be good enough to communicate this to the Committee on
Rules, which, I understand, meets to-night?
FRANKLIN D. ROOSEVELT.
The rule in question requires that a candidate must receive two-thirds of all the votes cast In order to be nominated. The history of the two-thirds rule in Democratic
National Conventions was given in our issue of July 12, 1924,
page 160.
President Hoover Signs Omnibus Economy Bill As
Agreed on in Conference—Savings in Federal
Expenditures Estimated Between $160,000,000 to
$180,000,000—President Says Bill Falls Short of
Economies Proposed.
In signing on Juno 30 tho omnibus economy bill, as
agreed on in conference, President Hoover issued a state..
meat in which he said he approved it "with limited satisfaction." He added that "it falls far short of the economies
proposed by the Cabinet and other executive officers of the
Government" and that "it imposes unnecessary hardships
on Government employees in minor matters of little consequence economically." The President's statement follows:
"I have signed the Economy Bill with but limited satisfaction.
"First, it falls far short of the economies proposed by the Cabinet and
other exeuctive officers of the Government; many items of their proposals
which were in turn recommended by committees on economy of the two
Houses failed of passage. Also the bill is so framed as to render abolition or
consolidation of the most consequential commissions and bureaus impossible
of consummation until some months after the next session of Congress.
"Second, it imposes unnecessary hardships on Government employees in
minor matters of little consequence economically. Some of these hardships
should be remedied at the next session of Congress.
"I believe we can administratively alleviate some of these difficulties and
hardships. Every effort will be made to do so."
Tho bill went to conference as a result of the differing
provisions of the measure passed by the House on May 3
(referred to in our issue of May 7, page 3383), and the bill
passed by the Senate (by a viva voce vote) on June 8. The
action of the Senate, in adopting the bill Juno 8, followed
its refusal, by a vote of 43 to 23, to recommit the measure
to the Appropriation's Committee for revision. The bill
passed the Senate June 8 after it had reduced its contemplated total (said a Washington dispatch June 8 to the New
York "Times") from $238,000,000 to between $134,000,000
and $156,000,000, and grudgingly substituting the President's
30-day furlough plan for the 10% pay reduction previously
voted for Federal employees. The account further said:
The 10% cut for Federal employees earning more than $1,000 had been
counted on to save $117,000.000. The Economy Committee had recommended a reduction without exemption, which accounted for $121,000,000
of its estimated $238,000,000 savings.
Volume 135
Financial Chronicle
The House on June 9 disagreed to the Senate amendments
and sent the bill to conference.
The economy bill with theoretical reductions of about
$65,000,000 in Federal expenditures for the fiscal year 1933,
out of a budget in excess of $4,000,000,000, was reported
on June 18 by Senate and House conferees, said the New
York "Times" in a Washington dispatch on that date,
from which we also quote:
This bill, the total of which is challenged In many quarters as being
actually not more than $50,000,000, includes neither the 30
-day furlough
plan incorporated In it by the Senate at the insistence of the President, nor
a percentage pay-cut plan such as was passed by the House.
In a way, the bill was an immediate response to the President's request
yesterday for quick action on an economy measure, but it was regarded here
principally as another indication of the failure of Congress to agree on any
substantial economies.
The House, which first acted on economy,"wrecked" a $266,000,000 bill
proposed by its own Economy Committee passing a bill designed to yield,
at the most, $52,000,000. The Senate. with due regard for the House's refusal to accept proposed cuts in veteran's expenses, considered a measure
to cut expenses by $238,000,000 but finally passed a $156,000,000 economy
bili.
The original goal set by the Adminstration and by the Democratic
leaders of the House when the Economy Committee was created last
March was $250,000,000. This was increased, theoretically, to $266,000.000 when the House Committee included items not previously contemplated.
Items Refused by House.
Sone of the major items refused by the House were as follows:
Consolidation of the army and navy into a Department of National
Defense, estimated to save $100,000,000: Reduction in veterans' administration expenditures, $48,000,000.
A flat 11% reduction in all salaries, with the first $1,000 exempted from
the cut, estimated to save $67,000,000. The House voted to exempt all
salaries under $2,500 and thus reduced the possible savings to $9,000,000.
Shortly after 2:30 o'clock this afternoon, Mr. McDuffie came to the floor
and reported the inability of the conferees to agree upon a salary reduction
plan. He asked the House to take up the report on Monday and agree to
all of the 168 changes recommended by the conferees.
This move automatically brings back to the House the controversial
economy measure, and opens the way for opponents of salary cuts to propose some other means of obtaining reduced expenditures before the bill is
sent back to the Senate.
The House twice refused to accept the Committee's original 11% pay
cut, and it also rejected President Hoover's staggered furlough plan at the
conclusion of debate on the measure. It insisted upon the Britten amendment, which exempted salaries under $2,500. Since then, however, many
members of the House are reported to have "heard from home," and they
are believed ready to vote for a drastic percentage reduction.
The bill now reduces the salaries of members of Congress 10% and those
of all other legislative employees 8 1-3%. These two items were not disturbed by the conferees.
As to the adoption of the Conference report by the House,
we quote the following from Washington June 20 to the
"Times":
President Hoover's staggered furlough plan for all Federal employees was
passed by the HMSO late to-day by the overwhelming vote of 326 to 45 after
it had adopted the conference report on the economy bill.
The action added $100,000,000 to the economy bill, over which the Senate
and House have been deadlocked for several months, and brought the total
of the special economy measure designed to reduce expenditures during the
next fiscal year to about $150,000,000.
This is more than $100,000,000 short of the goal set by the economy
measure, but Administration spokesmen in the House were highly elated
over the Hoover victory.
Those voting against the amendment included 39 Democrats, 5 Republicans and 1 Farmer-Labor member.
The modified Hoover furlough plan was offered to the House by Representative McDuffie of Alabama, Chairman of the House Economy Committee, after his own plan to cut salaries by a flat 10% up to $12,000 and on
a graduated scale above that figure had been decisively defeated, 243 to 127.
On June 24 the Senate ordered the bill returned for further
consideration by conference committtees from the House
and Senate, said the "United States Daily" of June 25,
which further stated:
After spending more than a day in discussing its provisions, mainly those
dealing with personnel payments, the Senate found itself unable to agree
What the conference had done. The conference had rewritten portions of
the measure, being the third time changes have been made in the course of
the bill through Congress. Senate debate developed disagreement both
as:to the purposes of the rewritten sections and the ends to be achieved.
The same paper on June 28 said:
Revising the position it took June 24, in rejecting the recommendations
of its own Conference Committee on the economy legislation, the Senate
voted, June 27,to request the House to return the bill and its accompanying
papers. The purpose according to Senator Jones (Rep.) of Washington,
who made the motion, was to give the Senate a chance to reconsider its
action.
Earlier in the day. the House had been formally notified of the Senate
refusal to accept the conference report, and preparations were made to
name the conferees on the part of the House for another series of negotiations
on the bill designed to effect savings in governmental expenses. The fact
that the House received the notification placed the Senate in a position where
it could not take up the question of reconsidering its rejection of the report
until the House granted the request to return the document.
Senator Jones offered no information as to when he would seek to have
the Senate renew its consideration of the bill. He told the Senate only that
it was his purpose to ask the Senate to reconsider the vote by which it had
rejected the conference report.
Little debate preceded the vote, which was 29 to 17,for making the request
of the House, but numerous parliamentary maneuvers occurred on the floor
in advance of the action. These were led by Senators La Follette (Rep.)
of Wisconsin. who opposed the motion.
On June 28, the Senate, reversing its previous action
accepted the conference report on the economy bill by a
vote of 35 to 11 late that evening and thereby placed the
59
measure in a position to be signed by the President. The
New York "Times" noting these in its Washington advices
June 28, said:
The principal feature of the bill consists of compulsory 30
-day furloughs
without pay for all Federal employees, except a few in essential posts, as
advocated by President Hoover and for a time bitterly opposed by both the
House and the Senate.
Employees receiving less than $1,000 a year are exempt from the furlough
provision. The Senate originally passed a similar furlough plan exempting
employees receiving less than $1,200 a year.
The "United States Daily" of July 1, said:
The Federal Government will begin the fiscal year 1933 with nearly
50,000 employees less than it began the fiscal year 1932, and during the
year will pay workers approximately $83,000,000 less than during 1932,
according to information made available in oral statements June 30 at the
Bureau of the Budget, the Bureau of Efficiency, and the Civil Service
Commission.
Under the economy bill civil employees and military officers receiving
more than $1,000 annually are subject to an 8.3% reduction in their annual
pay, brought about by adoption of the President's furlough plan calling
for a monthly compulsory annual leave without pay, it was explained.
Adoption of this plan will save the Government,approximately $83,000,000
during the year, according to estimates by Federal accounting agencies.
Vacancies Not Filled.
The reduction in the total number of employees has been brought about
by adherence to the policy of not filling vacancies due to resignation or
retirement, and discharge of hundreds of temporary workers In agencies.
such as the Bureau of the Census.
From the "Times" Washington dispatch June 30, we take
the following:
Hoover Orders Exemptions.
Coincident with the signing of the bill, President Hoover issued a number
of executive orders, making the following exceptions to the new law:
Forty-nine persons, principally scientists and specialized departmental
experts, were exempted from compulsory retirement for age.
Thirty-nine persons were temporarily exempted from retirement for age
until Aug. 1.
Some 2,300 persons in the Post Office and three in the Treasury Departments were exempted from retirements for age for 10 days, as their positions
must be "continuously filled."
Present sick leave regulations were continued until new ones can be prescribed.
President Hoover's executive order saved the retirement of the following'
Charles F. Marvin, Chief of the Weather Bureau: William J. HumPhrYes,
meteorologist of the Weather Bureau; Dr. Isaac N. Cline, also of the Weather Bureau; William M. Steuart, director of the census; Dr. Elwood Mead.
director of the Bureau of Reclamation; Edwin V. Morgan. Ambassador to
Brazil since 1912; Albert F.Zahm, aeronautic specialist connected with the
Library of Congress; Charles Martel of the Library of Congress; Dell J.
Mott, architect of the Capitol; Leonhard Steineger. of the Smithsonian
Institution; Frank Bond. Chairman of the Geographic Board, and a number of others. . . .
Agricultural Scientists Out.
Among 154 employees of the Agriculture Department who are to be
retired under the new law are several scientists of national and even international reputation, notably Dr. Robert A. Ramsay, in charge of cattle
tick eradication, who is credited with ridding the South of cattle fever;
Dr. Albert Hassell, whose classified catalogue of animal parasites is used
by scientists the world over, and Dr. P. H. Dorsett, a well-known plant
explorer.
Of the bureaus in the Department of Commerce, the Geological Survey
lost, according to W. C. Mendenhall, director, about a dozen employees,
four of whom occupied what he described as "key positions." In the
Bureau of Mines four were involved,, including an associate economic
analyst. The Coast and Geodetic Survey loses four employees and the
Bureau of Standards, five.
The Department of Commerce lost 60 employees in all, and the Labor
Department, 24. including those in Washington and in the field. Among
these was Ethelbert Stewart. Commissioner of Labor Statistics.
President Hoover Criticizes Relief Provisions in Garner
and Wagner Bills Which Commit Treasury to
Expenditures for Non-Productive Public Works—
Funds in Behalf of Reconstruction Finance
Corporation Approved in Principle.
In a statement issued on June 25 President Hoover criticized provisions in the Wagner and earner unemployment
relief bills which commit the "Federal Treasury to the expenditure of from $500,000,000 to $1,200,000,000 for nonproductive public works." These provisions, says President Hoover, "have the triple vice of being a charge on the
taxpayer, of unbalancing the budget, and of providing only
a small amount of employment, and that to a large extent
In localities where it is not needed." The President indicated himself in accord with the major objections of the
relief measure, viz., the extension of "the authority of the
Reconstruction Finance Corporation to use its credit to make
advances on adequate security up to $1,500,000,000," and the
provision authorizing loans of $300,000,000 from the Reconstruction Finance Corporation "to the State governments
who are not able otherwise to finance their relief of distress." He,said, however, "the $300,000,000 which I recommended should be loaned to such States as are unable to
finance care of their own distress . . . has been transformed into a pork barrel operation by being apportioned
among all States according to population, irrespective of
their needs. The amounts assignable to States which have
major burdens of unemployment are insufficient for their
purpose, and the great majority of States which have the
60
Financial Chronicle
ability and will to take care of their own are now invited
to dip into the Federal Treasury."
Stating that there is "a possibility of immediately rectifying these destructive factors and delinquencies of the bill,"
the President said:
The Senate bill and the House bill differ totally in text. I am advised
that it is within the power of the conferees to rewrite the bill perfecting
the fine, constructive provisions and eliminating these wholly destructive
proposals. I earnestly hope that this may be done.
President Hoover's statement follows in full:
I am glad to see the adoption by the Senate and House of the principle
of generous relief to unemployment. They have adopted the major provisions for which I have been contending by proposing to extend the
authority of the Reconstruction Finance Corporation to use its credit to
make advances on adequate security up to $1,500,000,000 for construction
work of the type which will pay for itself, and for which plans are
immediately ready and therefore can begin the employment of men.
The Senate has also adopted the principle for which I have asked for
$300,000,000 loans from the Reconstruction Corporation to the State governments who are not able otherwise to finance their relief of distress. While
these features in the Wagner and the Garner bills are not in the form and
are not as well safeguarded as they should be, they are in line with major
objectives I have been advocating.
On the other hand, I intensely regret that these major provisions for
relief of unemployment in both the Garner and the Wagner bills should
have been made the vehicle for committing the Federal Treasury to the
expenditure of from $500,000,000 to $1,200,000,000 for non-productive
public works, because these provisions have the triple vice of being a
charge on the taxpayer, of unbalancing the budget and of providing only a
small amount of employment, and that to a large extent in localities where
it is not needed.
•
Any study of many of these public works provisions will indicate plainly
large part of the expenditures proposed
their pork barrel characteristics. A
are wasteful in the present times. They impose tremendous future costs
on the people for maintenance; they are not economically needed. Much
of it represents a squandering of public money. Much of it is mechanicalized work. The reports of the different technical bureaus of the Government show that they would produce direct employment during the next
year to an average of less than 100,000 men out of the many million
unemployed.
These expenditures cannot be recovered; they must be met by the taxpayer now or in the future. In order to execute them appropriations must
be made to different departments and thus a deficiency created in the budget
of anywhere from $500,000,000 to $1,300,000,000.
Such a deficiency cannot be disguised by accounting phrases. We have
worked for four months in heart-breaking struggle to bring about a balanced budget. We have imposed $1,100,000,000 in taxes upon the people;
we have reduced Government expenditure by $800,000,000 or $700,000,000
through which many Government employees will have lost employment,
all in order that we might maintain the integrity of Federal credit. To
start now to break down that credit and stability will result in the
eventual unemployment of far more men than this comparatively few who
are benefited. We cannot restore employment in the United States by
these methods.
It would be far better to increase the authorizations to the Reconstruction Corporation to make loans for reproductive work which will be repaid
by the additional amounts proposed for non-productive public works than
to resort to these dangerous courses. It also would give more actual and
continued employment.
There is another phase of the bill as passed which is disheartening. The
$300,000,000 which I recommended should be loaned to such States as are
unable to finance care of their own distress were to be made on proper
loan terms, and the whole sum was to be available for application to the
points of need. It has been transformed into a pork barrel operation by
being apportioned among all States according to population, irrespective
of their needs.
The amounts assignable to States which have major burdens of unemployment are insufficient for their purpose and the great majority of States
which have the ability and will to take care of their own are now invited
to dip into the Federal Treasury.
It was unfortunate also that the provision for agricultural relief through
the Reconstruction Corporation was omitted. The authority is needed to
assure term credits for storage and carrying of these commodities, so as to
restore orderly marketing in the normal way. That proposal is the most
fundamental of all in agricultural relief and could stop the debacle In
agricultural prices.
These products are to-day stagnant because of the fear of manufacturers,
processors and dealers that they cannot be sure of continuous credits at
fixed rates to carry their stocks in normal fashion, and thus the burden
of carrying national reserves is thrust on the farmer with the result of
demoralization of prices.
There is, however, a possibility of immediately rectifying these destructive factors and delinquencies of the bill. The Senate bill and the House
bill differ totally in text. I am advised that it is within the power of the
conferees to rewrite the bill perfecting the fine, constructive provisions and
eliminating these wholly destructive proposals. I earnestly hope that
this may be done.
Senator Wagner Defends Unemployment Relief
Measure Against Criticisms of President Hoover.
Following the criticisms of President Hoover of certain
of the provisions of the Garner and Wagner unemployment
relief legislation, Senator Wagner (Democrat) of New York
on June 25 issued a statement defending the legislation embodied in his bill. Mr. Wagner's statement was given as
follows in the "United States Daily" of June 27:
On Thursday [June 23] the Senate passed the emergency relief and construction bill, the first and only measure to receive the approval of the
Senate, which undertakes to launch a direct attack upon the difficulties
of the depression.
Directly and through the Reconstruction Finance Corporation we shall
under the terms of the bill initiate and finance a $2,000,000,000 construction program which must, of necessity, create a demand for commodities
and thus help check price deflation, stimulate trade and industry, and
open jobs for a substantial portion of those who for three long years have
been pounding the pavements in vain search of work.
Approved by Senate.
The bill had been painstakingly prepared. It was thoroughly considered
during a week of debate in the Senate. It emerged with the overwhelming
July 2 1932
approval of the Senate, practically in the form in which it had been
introduced.
Under the circumstances there would be no occasion for speaking upon
It now but for the statement issued by the President, which must not go
unrefuted lest the public accept as true and valid a criticism which is
completely unfounded.
It is not my purpose to enter into controversy with the President over
his claim to credit. It may well be that within the silence of his own
heart he approved of legislation for relief of the country from the blighting
effects of unemployment. If so, he very effectively concealed his purpose
from Congress until after every item which constitutes the relief and
construction had already been proposed in this body.
My purpose is to take issue with him upon those charges with which
he attacks an essential and, indeed, an indispensable section of the bill
which we have passed. His objectives are primarily aimed at the provision of the bill which authorizes the expansion of the Federal construction
Program and the financing of that work by a Federal bond issue. Concerning that provision, he makes the blunt declaration, "we cannot restore
employment in the United States by these methods."
Our object was to formulate a program which would relieve distress,
stimulate trade and provide employment. That we have done. The direct
share of the Federal Government in that program is but a quarter of the
two-billion-dollar enterprise which the bill contemplates.
Urges Construction as Economy Measure.
That is not too large a share of the responsibility for the Federal
Government to assume in helping the nation to carry the burden of the
depression and initiating the movement toward recovery.
Instead of commending the program, instead of joining in this great effort
and thus giving assurance to the nation of a unified purpose in the Capitol
to undertake the difficult task of rehabilitation, the President repeats the
outworn and oft-refuted charger; that this legislation unbalances the budget,
is wasteful and will be ineffective in providing substantial employment.
The high office from which these charges emanate makes it necessary once
again to establish their invalidity.
The bill which the Senate has passed does not unbalance the budget. On
the contrary, it helps to balance it and to reduce the very heavy burden
of current taxation by canceling appropriations of about $175,000,000 for
permanent improvements.
These improvements, together with about $325,000,000 of additional
construction will be financed out of a separate fund of $500,000,000 raised
by a bond issue. These bonds no more unbalance the budget than the
debentures of the Reconstruction Finance Corporation since both alike
depend for their value upon the national credit and both alike represent
not expenditure of income but investment of capital.
The program of public construction provided in the bill is not wasteful
but the essence of prudent economy. It ie sound economy to build that
which we need when costs are low, and costs are low, indeed too low to-day.
It is sound economy to put men to work instead of maintaining them in
idleness as we are doing to-day in every city of the United States.
The works projected in the bill are precisely of the same class and kind
as those recommended by the President in his budget. In many instances
the .identical projects are merely to be hastened to completion so as to
provide more work now when it is so badly needed.
Through the President's statement word has gone out to every citizen
In the United States that the public work authorized by the bill is to be
done "to a large extent in the localities where it is not needed."
I say with all due respect to the President that there is no warrant
whatever for that statement. And I defend my assertion by giving the
conclusive reason that the choice of the specific undertakings to be constructed under the bill is left to the President and his departments. It is
up to the President to select projects which will do the most good in
localities where they are most sorely needed. Can it be that he is now in
advance condemning the work he will do in exercising his authority under
this bill?
The President states that the $500,000,000 Federal construction program
would "produce direct employment during the next year to an average
of less than 100,000 men."
With all the respect which is properly due to the President, I am nevertheless constrained to say that that statement, unqualified and unexplained,
is not quite candid with the millions of our citizens who are prayerfully
waiting for the final enactment of this legislation. The words "direct
employment," the phrase "during the next year" contain mental reservations. It is not a statement of all the facts.
How many of the millions who will read his statement will realize that
by using the words "direct employment" the President meant to exclude
the men who make the bricks that are handled by the bricklayers on the
site of construction; that he intended to exclude the steel workers, the
Iron workers, the quarry men, the railroad employees, all of whom must
necessarily be employed to prepare and transport the materials necessary
for modern construction.
For every man directly employed at the site of a project at least two
men • are employed behind the lines. Is the employment of these men of
no consequence?
How many of those who read the President's statement will know that
by using the phrase "during the next year" he probably meant that for
unstated reasons which I have not been able to discover he proposed to
postpone some of the construction authorized by the bill?
Says 30-Hour Week Would Increase Jobs.
The President did not inform the American people that by reason of the
30-hour week which is provided in the bill we shall open 160 jobs for every
100 normally made available by a construction project.
The fact of the matter is that on the basis of expert analysis it is conservatively estimated that the entire construction program made possible
by the bill would provide jobs for a full year to 2,000,000 workers, and
out of that the Federal public works would account for 600,000 jobs.
In addition it should be remembered that these 2,000,000 wage earner'
would spend their wages upon food, clothing, and a multitude of other
zommodities and thus put to work an endless chain of additional workers.
It will not do to accept the President's suggestion that in place of the
Federal construction program we enlarge further the authorization to the
Reconstruction Finance Corporation to make loans on self-liquidating
projects.
Declares Program Is Well-Balanced.
The amount of $1,500,000,000 now carried in the bill for that purpose
was predicated upon an estimate of the demand. If and when the demand
becomes greater in volume than anticipated there will be ample opportunity
for enlarging that authorization. That increase can only develop in time.
It is consequently no substitute for the Federal construction which can go
forward at once because it has already been fully investigated, approved
and planned.
The program now carried in the bill is well balanced and well distributed
over the United States. It is a moderate and conservative program. By
no other present method can we contribute as much to the resumption of
Financial Chronicle
Volume 135
employment, the checking of price declines and the general stimulation of
every branch of agriculture and industry.
Billion-Dollar Cut in Government Expenditures Asked
by Bernard M. Baruch—Suggests Economic Principles Applicable to Both Political Parties—Warns
Against "Bribery" in Debt-Reparations Adjustment and Favors Tariff Agreements.
Declaring that platform generalities about "economical
administration" will not suffice, Bernard M. Baruch, in a
statement issued at Chicago, on June 26, called for reduction of $1,000,000,000 in governmental expenditures. A
Chicago dispatch, June 26, to the New York "Times," in
giving Mr. Baruch's statement, said:
Mr. Baruch condemned as "unscientific and hasty" the new revenue law
and declared that it would prove to be wholly insufficient in yield.
"With unnecessary spending reduced to balance a sane and dependable
revenue," he said, "and with Federal fiscal administration reformed, confidence in our financial institutions will replace the fear generated by the
past three years."
Mr. Baruch called for the giving to the farmers of "an American price"
for that part of their export product consumed within American markets,
for repeal of the Eighteenth Amendment, and for tariff revision by negotiation and separate agreements with other nations.
Opposing a shift of the war debt burden to "the shoulders of our own
people" and holding that the debts must be kept separate from reparations,
a "question almost exclusively European," he opposed any "bribery" in
an adjustment of the latter, such as "disarmament bought through debt
forgiveness."
Mr. Baruch's Statement.
Mr. Baruch's statement read as follows:
"This great crisis goes to the very right of man to earn his daily bread.
There has been no violence, because all have suffered, because no one is
being exploited, and because every one has recognized the duty to help
to the limit. We are all in the same boat.
"To many, the enemy seems hard to locate and bring to grips. Yet the
situation is not hopeless if we know and face the realities and if we are
willing to reject those 'isms' which have always proved roads to greater
disaster.
"First, our people must know the facts concerning the Government's own
finances. They must then insist on such genuine and effective economy,
such dependable and rational revenue measures and such candor and skill
in Federal finance as will end the reign of financial and economic doubt
which has paralyzed our economic life during the past three years.
"Reform in this regard is indispensable to recovery and to the success
of any plan for the betterment of present conditions.
61
"This is not a matter for general international conference. It is a
matter for separate trading, conducted by our own competent negotiators
who should deal with representatives of each great commercial nation and
arrive, by mutual give-and-take, at separate agreements which would
restore to our agriculture and our industry the great export markets lost
to them by recent blunders in the international field.
Against Shifting of War Debts.
"Economic administration touching the vast volume of European debts
has been equally inept. It is exemplified by such exhibitions as that of
our chief debtors, under the protection of a moratorium we had granted
them, thereafter threatening our monetary standard by implacable withdrawals of our gold.
"For us to shift the burdens of these debts from the shoulders of their
people to those of our people would be a fatuity equaled only by the other
paradoxes of the present depression.
"There may come a time when, meeting in a spirit of mutual helpfulness, and with at least as much regard for the welfare of our own people
as for that of our neighbors, we can adjust these burdens to realities. But
let us not now rush forth on any quixotic policy of wholesale forgiveness
induced by platitudes from the mouths of unsound doctrinnaries.
"Let us not now handicap our economic future for the benefit of competitors. They are, perhaps, as greatly distressed as we, but by reason
of their own peculiar elements of economic strength, they will be quite
as well fitted as we to compete for the commerce of the world when times
again approach normality.
No "Bribery" on Reparations.
"Reparations and debts must be kept separate, but there is a certain
reciprocal relation. This question is almost exclusively European. Yet in
consideration of the value of peace to the world, we could well afford to
contribute any aid within our power, but never as a bribe.
"Adjustment of reparations, disarmament or any other return to international sanity, bought by us through debt forgiveness, would not be
worth the parchment on which such a treaty might be written.
"If the age-old enmities among Teuton, Gaul and Slav could be composed on some spontaneous and honest basis that would be an event which
we could well afford to celebrate by any responsible concession. But we
must not attempt to force these things by gifts or inducements. They
must come from European nations themselves, acting for their own
permanent and enlightened self-interest.
"This is a recitation of economic principles equally applicable to both
great parties. It is not exaggerating to say that application of them
is necessary to sustain our national life. They have thus far failed even
of recognition, owing to the timidity, selfishness and obtuseness generated
by partisan politics.
"I do not make political pronouncements, but I do venture to hope that,
In this hour of trial and danger, the Democrats will select a man of
sincerity, responsibility and patriotism sufficient to hold these principles
above any consideration of personal or party advantage—a man who will
possess enough of stability of character, force and courage to make them
effective in spite of all opposition."
For Billion-Dollar Economy.
"New tax burdens are not the answer. The weakness of our political
system Is such that the more available revenue the greater the reckless
squandering. The essence of fiscal reform is to cut the cost of government.
Platform generalities about 'economical administration' will not serve.
One billion dollars can and must be set as the measure of reduction.
"Federal statements of existing and prospective deficits and Federal
financing of deficits and extraordinary expenditures must be put on a forthright basis.
"Our new, unscientific and hasty revenue law is wholly insufficient in
yield and it is bad enough in substance to prostrate even active business.
It must be rationalized and made sufficient.
"What is said of the Federal Government's spending and taxing is
equally applicable to the spending and taxing of States, counties and
municipalities.
"Unless these things are done promptly there will be no hope for this
generation, and our oncoming youth will be slaves chained to the oars of
this economic galley. Youth has the right to refuse this cruel inheritance,
and we, of this generation, are in duty bound to change this stupid bequest
before it is too late.
"With unnecessary spending reduced to balance a sane and dependable
revenue, and with Federal fiscal administration reformed, confidence in
our financial institution will replace the fear generated by the past
three years.
A plentitude of money will flow out of hiding, seeking investment. Suddenly we shall realize that the elements of our great wealth remain intact.
Business will revive and as a nation we shall advance to the enjoyment of a
rich future. No matter what emergency plans we try, this can never
happen so long as the present timid, selfish and political administration of
.
Federal finance continues.
Equity in Prices for Farmers.
"Second, on the eve of every election our ruined agriculture has been
fed illusory platitudes, and every time it has been fooled thereby. There
can be no recovery with half our population within our tariff walls and
the rest thrust outside.
"Our farmers deserve an American price for that part of their export
product consumed within American markets. That equity has been recognized in many previous platforms. It has never been accorded. It is an
immediate and indispensable necessity to economic recovery.
"Third, every element of the liquor question has been sufficiently discussed. The Eighteenth Amendment should be repealed.
"Fourth, employment depends on recovery of business. That can be
had by attending to three fundamentals just considered, and in no other
way. In the meantime, the best we can do is to see to it, by such emergency expedients as the Wagner Bill, that no means are left unused to
prevent physical suffering.
"If we fail in this, we invite the deluge. But if we fail to return to
the homely virtues of equity, courage and candor in government, neither
the Wagner Bill, nor the Reconstruction Finance Act, nor any other
palliative can succeed, and we deserve the deluge.
"The fiscal, agricultural, prohibition and employment problems are in a
field which I call emergent. In the great war what we called 'pri city'
was given to the more essential matters. So, now, we must give 'Kir ity'
,
to these most immediate problems. Everything else mat be deferred.
Dealing with Nations on Tariff.
"Nevertheless, we cannot afford to err in the deferred class, in which are
the questions of the tariff, reparations, disarmament and war debts.
"By the Smoot•Ilawley tariff we have induced an international honeycomb
of watertight economic compartments and almost ruined the commerce
of the world. But it would be piling blunder upon blunder to reduce our
wall now in favor of all comers by a horizontal slash.
•
Memorandum by Federal Treasury'Analyzes Costs of
Government—Says Comparison of 1927 and 1932
Fails to Consider Relief Charges in Later Year.
The $1,231,000,000 increase in governmental expenditures
between 1927 and 1932, to which attention has been called
by "a prominent industrial corporation,': is due almost
entirely to outlays for agricultural and unemployment relief,
according to a memorandum drawn up in the Treasury Department and made public June 27. In giving the memorandum the "United States Daily" of June 28 said:
Declaring that 1932 was overburdened with relief expenditures and that
1927 was the owest in expenditures since 1917. the memorandum maintains
that a more equitable comparison would be between 1927 and the estimated
expenditures for 1933. Such a comparison, it is asserted, would shows an
increase of only $32,000,000.
Comparative Figures Analyzed.
The memorandum follows in full text:
In a recent printed circular letter issued from the executive offices of a
prominent industrial corporation, comparison is made between the Federal
expenditures of the fiscal years 1927 and the estimated expenditures of the
fiscal year 1932. The letter deducts from the total expenditures of each of
the two years the interest on the public debt and sinking fund payments,
together with certain miscellaneous items, and arrives at balances expended
by the "major departments and commissions, &c.," of $1,964,000,000 for
1927 against $3,195,100,000 for 1932, an increse of $1,231.100.000.
It is to be noted that the comparison is made between a year in 'which
expenditures were the lowest since 1917 and the estimated expenditures of a
peak year, when unusual expenditures were being made during the emergency, in the interest of agriculture and in aiding employment through an
extensive enlargement of the public works program. increased vessel and
aircraft construction and similar activities involving employment in various
departments.
Ezpenditures of 1927.
For example,in 1927 the expenditures for public works were approximately
$188.000,000; the estimated expenditures for that purpose in 1932 are
$632,000,000: an increase of $435.000,000. This public works item includes the Federal-aid highway system in the Department of Agriculture,
the enlarged public buidling program in the Treasury Department, as well
as river and harbor and flood control work and other non-military construction activities in the War Department.
Other increases over 1927 are: Agricultural marketing fund. $155,000,000;
postal deficiency, $167,000.000; vessel construction and alteration in the
Navy, and Shipping Board construction loans, $75,000.000: aircraft construction and aeronautical activities in the Army, Navy and Department
of Commerce, $47.000,000; care of veterans, including adjusted service
certificate fund, $246,000,000: settlement of war claims Act 1928 in the
Treasury, $37,000,000.
Increase Accounted For.
These increases account for substantially the whole of the increase of
$1.231,100,000 referred to in the letter with the exception of about $69,000.000, which represents the net amount of inceases and decreases scattered
throughout the various departments,and is largely for such purposes as aids
to agriculture, strengthening the activities of the Department of Justice in
the detection and prosecution of crimes, in providing better facilities at
penal institutions, increased expenses of the Department of Commerce
in completing the decennial census of 1930, immigration and naturalization activities in the Department of Labor, &c.
62
Financial Chronicle
Because of these unusual activities in the fiscal year 1932 a fairer comparison with the 1927 figures is the estimated expenditures for 1933 as contained in the Budget submitted in December last. 'Using the same Items
as were used in the comparison of 1932, the increase would be approximately $772,000,000 as compared with $1.231.100.000.
Looking into the causes of this increase as is done above in 1932. the
increase is accounted for by approximately $273,000.000 in public works;
315,000,000, agricultural marketing fund: $128.000.000, postal deficiency;
345.000,000, vessel construction and alterations in the Navy, and Shipping Board construction loans; 336,000,000, aircraft construction and aeronautical activities in the Army, Navy and Department of Commerce;
and $243,000,000. care of veterans, including adjusted service certificate
fund, leaving an increase in 1933 of only $32,000,000. which represents
net amount of small increases and decreases throughout the departments
for purposes similar to those indicated in the miscellaneous increase of $69,000.000 referred to in the preceding paragraph for 1932.
baA
July 2 1932
In signing the bill appropriating this money, President Hoover outlined its purposes as follows:
"I am glad to sign the third of our reconstruction measures, that pro'riding additional capital for the Federal Land Banks. It should a) reinforce the credit of the Federal Land Bank System and reassure investors
In Land Bank bonds* (b), thus enable the banks to obtain capital for farmers
at reasonable rates, and (c) above all, bring relief and hope to many
borrowers from the banks who have done their honest best, but, because
of circumstances beyond their control, have been unable temporarily to
make the grade,"
Of the 3125.000,000 appropriated, $25.000.000 was specifically designated to "supply any Federal Land Bank with funds to use in its
operations in place of any amounts of which it may be deprived by reason
of granting extensions" on installments on principle of loans or interest
due, and it is being so used. The purpose of the $100,000,000 appropriated
was to strengthen the capital structure of the 12 Federal Land Banks to
maintain them in position to continue making loans and thus to extend
credit to more farmers. Because of this appropriation it has been possible
for these Banks to continue making loans and thus make an important
contribution toward sustaining the farming business.
The law which provided additional capital also requires the Banks and
the National Farm Loan Associations to allocate a larger portion of their
earnings to reserve accounts. The Banks are to set aside 50% of theri net,
semi-annual earnings to reserve instead of 25%. and reserves must be
built up to 100% of the capital, instead of 20%. before the percentage
added to reserves can be reduced. The National Farm Loan Associations,
the local corporations guaranteeing the loans to the Federal Land Banks,
must carry to reserves 10% of their net earnings semi-annually and must
build their reseerves up to 25% of their capital, instead of 20%.asformerly.
Post Office Department Warns Move to Evade Higher
Postage Rate Through Private Delivery Organizations.
According to Associated Press accounts from Washington,
June 23, the increase in postage rates from 2 to 3c., effective
July 6, has caused public utility companies and other organizations using the mails to distribute their monthly bills to
consider other means. In some cities use of men now unemItems regarding the additional funds supplied to the
ployed has been suggested. As a result of this move, a
warning to large business houses that they may not engage Federal Land Banks through the additional capital auprivate interests to deliver their mail to avoid the payment thorzied appeared in our issues of• April 2, page 2436 and
of the increased rate was issued June 23 in an oral state- April 9, page 2632.
ment by Horace J. Donnelly, Solicitor of the Post Office
Department, it was stated in the "United States Daily" of Increase in Parcel Post to Become Effective
October 1.
June 24, from which we quote further as follows:
•
An Increase in parcel post rates within the first four
Large corporations may not contract to have bills and statements delivered
zones, estimated to bring in $7,500,000 in new Federal revby any individual or delivery organization, but must, under postal regulations mail through the Department, he stated.
enue, will be made effective Oct. 1. The announcement was
The following additional information was made available orally by
made earlier in the year, the Associated Press stating:
Mr. Donnelly:
During the last few weeks the Department has received numerous reports
that public utilities and other corporations contemplate contracting to have
their bills and other mail delivered by private interests. The only way
such organizations may mail through any medium other than the Department is to have their regular employees make deliveries in addition to
regular duties. When any individual or organization contracts with
another individual organization to deliver mail, both employer and employee
have violated postal regulations and are subject to penalty.
The Government has a monopoly on carrying mails, and any encroach.
ment on this monopoly is an offense against the Government. The Department has warned postmasters throughout the country to be on the lookout
for such violations and to report immediately any infraction of the rule.
Officials of the Post Office Department decided on the rate late to-day.
The Inter-State Commerce Commission approved the increase March 15,
but suggested that it be deferred until mail order houses, which had
objected to it, had opportunity to revise their catalogues and make shipping arrangements.
The Post Office Department communicated with the mail order ocmpanies and took account of their wishes M setting the date.
The changes would increase rates from 7e. to Sc. for the first pound
In Zones 1 and 2, with an average increase of about 8c. over present rates
for parcels weighing from two to 70 pounds. Rates in the other zones are
increased proportionately.
Purchase by Treasury in June of Additional Stock of
$50,756,260 of Federal Land Banks—Entire $125,-
Banking and Industrial Committee of Twelve Under
Chairmanship of Owen D. Young Endorses Extension of Use of Trade Acceptances.
The Banking and Industrial Committee of Twelve,formed
in the New York Federal Reserve District under the Chairmanship of Owen D. Young, issued a statement on June 27
advocating a wider use of trade acceptances. "It is hoped,"
says the Committee,"that the grant of banking accommodation to manufacturers and merchants will be facilitated
through the discount of approved trade bills in place of cash
advances on one-name promissory notes of borrowers."
The Committee's statement follows:
000,000 of Government Money Now Allocated to
12 Banks—Invested in Stock or Earning Money
for Them in Federal Reserve Banks—Stocks to
Bonds Ratio Increased from 1 to 18, to 1 to 6.
The ratio of stock of the 12 Federal Land Banks to their
•bonds outstanding was further improved during June
through the purchase by the Secretary of the Treasury of
$50,756,260 of additional stock, it was announced at Washington, June 25 by the Federal Farm Loan Board. This
completes the total subscription of $125,000,000 provided
for by the appropriation by Congress in February for this
purpose.
In its announcement of June 25 the Federal Farm Loan
Board further said:
Fir
At the time the Initial allocation of $63,243,740 was made in February,
the ratio of capital to bonds outstanding was reduced to 1 to 9. Prior to
the allocation. on Dec. 31 1931, it was 1 to 18. The subscription of the
balance of the $125,000,000 reduced the ratio of capital to bonds outstanding still further, to 1 to 6. The amount of the bonds of these banks outstanding on May 31 was 31,153,291.880, while the stock outstanding on
that date, plus the amount Just subscribed by the United States Treasury,
totaled 3189.988,396.
Under the amendment to the Federal Farm Loan Act, passed in January,
the Secretary of the Treasury Is authorized, upon the petition of the board
of directors of any Federal Land Bank and with the approval of the Federal
Farm Loan Board, to subscribe from time to time to the capital stock of
these Banks,the amount made available for the purpose being $125,000,000.
Such stock is to be retired by the Banks In the same manner as the original
stock subscribed by the Government to these Banks, that is 25% of the
stock subscriptions by the National Farm Loan Associations to the Banks
become available for the purpose. The repayments are to be held available
In the Treasury of the United States for the purpose of making future
subscriptions should the occasion arise. The law gives the Board the
right to call upon any bank to retire stock and through this provision the
Board can require a re-allocation of the amounts.
10 Of the initial subscription to stock in these Banks at the time they
started operations in 1917, amounting to $9,000,000. $8,892,130 was
subscribed by the United States Treasury. On the first of this year all
of the Government's subscription had been retired with the exception of
$96,895 ofstock of the Springfield, Mass. Bank and $107,803 in the Berkeley,
Cal. Institution.
Allocations of the $125,000,000 appropriated by Congress in January
for subscription to stock in the 12 Banks, including the 850,756.260, are
as follows:
Springfield. $6.654,765
St. Paul, $19,135,050
Baltimore, $6,742,120
Omaha, $9,729.500
Columbia, $13,188,455
Wichita, $7.153.745
Louisville, $8,230.670
Houston, $9,520,655
New Orleans, 312,880.760
Berkeley, $7,211,175
St. Louis, $9,643,870
Spokane, $14,909,235
The Banking and Industrial Committee of the Second INew York] Federal
Reserve District believe that the present time Is opportune for renewal of
a campaign for better business methods through the use of trade acceptances
ELS a substitute for open-book accounts. It is hoped that the
grant of
banking accommodation to manufacturers and merchants will be facilitated
through the discount of approved trade bills in place of cash advances
on one-name promissory notes of borrowers. This should result in the
use of additional bank credit, In Increased movements of goods and raw
materials and lead to increased employment In Industry. The Committee
therefore strongly advocates the proper extension of trade acceptance
terms and has recommended to the American Acceptance Council, the
National Credit Men's Association and the Federal Reserve banks that
they use their facilities to bring about an enlargement of the use of trade
acceptances and to that end that they appoint a Committee to deal with
the matter.
In its issue of June 29, the New York "Journal of Commerce" said:
While the proposal to give greater use to the trade acceptance meets with
general approval among bankers, it was said yesterday that the setting up
of the machinery for trading In these credits remain to be accomplished. A
few of the discount houses are ready to offer bids on trade acceptances
when they are placed in the market. It is expected that the fixing of rates
w 11 be based upon rates which rule in the commercial paper market. Many
of the dealers fear that if they purchase trade acceptances they will find
difficulty in selling them again at a profit. Thus far there have been no
reports that the Federal Reserve banks are making plans to support the
market as they do in bankers' acceptances. The Young group recommended the appointment of a committee to study the matter; it Is expected that this will be done to-day.
From the New York "Times" of June 28 we take the following:
The trade-acceptance plan has been under discussion for several months
and was called to the attention of the Young Committee soon after that
body was organized. The plan is sponsored by Irene du Pont, Vice Chairman of E. I. du Pont de Nemours & Co., and by executive officers of the
Westinghouse Electric & Manufacturing Co., the General Motors Corp.,
the Bethlehem Steel Corp., the General Electric Co. and others, as well
as by numerous bankers. It contemplates that, instead of financing sales
through the use of open-book credits, these companies and their customers
will employ trade acceptances which can be discounted in the open market,
Volume 135
Financial Chronicle
thereby increasing the volume of commercial paper available for bank
investments.
Robert W. Bean, Executive Secretary of the American Acceptance
Council; William W. Orr, Secretary and manager of the New York Credit
Men's Association, and Henry H. Heimann, executive manager of the
National Association of Credit Men, have been active in sponsoring the
proposal and in explaining to business men and bankers the mechanics
of the use of trade acceptances and the advantages of them.
Paul M. Warburg Worked for P•an.
Efforts to obtain a wider use of trade acceptances have been made
in this country ever since the introduction of the bankers' acceptance
following the formation of the Federal Reserve System. The late Paul
M. Warburg was one of the stanchest advocates of trade acceptances and
declared that their use made for sounder business and banking conditions. Where business is not done on a strictly cash basis, he said, the trade
acceptance would be found to be the safer, sounder and, in the long run,
more economical method than the open accounts.
Trade acceptances are used at present to a limited extent and bill dealers
trade in such paper at rates about 4 to
of1% above the discounts quoted
on bankers' bills. Among small merchants, however, there has existed
a prejudice against trade acceptances, and they are frequently referred to
disparagingly as "dunning credits."
Trade acceptances are created when the seller of merchandise draws a
bill upon the buyer instructing him to pay a specified amount upon a
specified date, generally 60 or 90 days in the future, and the buyer "accepts"
this obligation by writing his endorsement across the face of the bill. The
Paper thus created can then be sold in the open market at a discount and.
if countersigned by a member bank, would be eligible for purchase by a
Federal Reserve Bank.
The new Committee of Twelve, named to assist the Federal
Government agencies in the furthering credit, was referred
to in these columns May 21, page 3751 and May 28, page
3917-3918.
S
63
product for the three previous years, the benefit being
based on reductions of not more than 20% in any one year
and being ,discontinued when the price of the product has
reached its pre-war level.
E. G. Nourse, Director of the Brookings Institution in
Washington, presided at the session, which was devoted
to economic planning. Professor Wilson participated in the
long informal discussion of Mr. Ezekiel's address.
Senate Confirms Nomination of Gardner Cowles, Sr.,
as Member of Board of Directors of Reconstruction
Finance Corporation.
On June 28 the Senate confirmed the nomination of Gardner Cowles, Sr., of Iowa, as a member of the Board of
Directors of the Reconstruction Finance Corporation, succeeding Charles G. Dawes. The Associated Press accounts
from Wasbington June 28 said:
The action came after Senator Watson, Republican leader, had told
the Senate that President Hoover does not intend naming the President
of the corporation.
Senator Robinson, Democratic leader, had shown a disposition to hold
up the Cowles nomination because of reports that the White House proposed to appoint a President. He contended there is no authority for that.
Mr. Watson said that he was directly authorized to state that the
President believes the directors should name their own President. He
added they had asked Mr. Hoover concerning the availability of certain
men.
Mr. Robinson said that in view of this assurance he would not object,
adding he was not opposed to the selection of Mr. Cowles.
On June 30 Washington Associated Press dispatches said:
M. J. B. Ezekiel of Federal Farm Board Cites Two Steps
Necessary for Permanent Improvement in Agriculture—Restoration of International Co-operation
and Control of Farm Production within Needs of
Home Market—Reduction Plan of Professor Wilson.
Any permanent brightening of "the dark picture American
agriculture now presents" can result only from positive
steps in one of two directions, M. J. B. Ezekiel, economist
for the Federal Farm Board, told 50 agricultural economists
meeting on June 26 at the University of Chicago for the
second day's session of the conference on the plight of the
farmer. One line of hope lies in the restoration of international co-operation, according to Mr. Ezekiel's analysis;
the other involves the control of farm production at a level
pitched almost entirely to the home market.
Both approaches must be prefaced by some plan for
reducing American agricultural output, at least temporarily,
and both will be made many times more difficult to effect
if there are further delays in action upon them, Mr. Ezekiel
said. Of the two approaches, the former, dependent upon
the restoration of international co-operation, is less "dreary
and painful." He also said:
The farmer's gross income has been reduced by two-thirds in three
years. Because he has many relatively fixed charges to pay, his net
income has been reduced by a still larger proportion.
One large factor in this has been the international situation. In those
farm products the price of which is determined primarily by the worldmarket, notably wheat, cotton and hogs, the cash income of American
farmers from exports dropped from 4.2 billions in 1924 to 2 billions in 1931.
In those products the price of which is determined primarily by other
factors, the cash income from exports dropped from 7 to 5 billions in the
same period.
Meanwhile, in those European countries which have furnished our chief
agricultural market, the acreage under cultivation has been increased by
10%, due to the raising of European tariff barriers. The surplus of farm
products in America is not so much a result of overproduction here as it is
of Europe's abandonment of the laissez faire policy. Many European
farmers are not profiting from the favorable prices of their products, however, and might welcome a resumption of American imports, providing
their own countries could find funds to buy them.
An international economic congress will meet in London this fall. I
hope that this present conference, representing the country's best minds
in the field of agricultural economics, will have some concrete suggestions
to make to the American delegates to the international discussion. If
those here cannot decide on the best policy, who can?
Mr. Ezekiel spoke "unofficially, and as an individual."
In addition to his remarks quoted above, we likewise give the
further account of his remarks:
It the present nationalistic and isolationist trend continues throughout
the world, America must look for along-drawn out approach to simple selfsufficiency, its farmers dependent primarily on the home market.
If international economic co-operation is restored, we must see at least
a temporary reduction in farm production, until adjustments are made
and surpluses utilized. If that fails, and we turn to the home market,
we face an even greater necessity for reduction of production.
One good starting point for our discussion to-day as to the means of
reducing production is the plan advanced by Professor M. L. Wilson of
Montana State College, a modified form of which is now on the docket
of a Congressional Committee.
Mr. Ezekiel outlined the Wilson "domestic allotment
plan," under which certain farm products are taxed at the
point of theif first processing, the proceeds to be turned
over, through State, county and local committees,in proportional amounts, to farmers who reduce their output. The
output is to be measured by the farmer's output of that
To permit Gardner Cowles, Sr., of Des Moines, Iowa, to begin his
duties as a Director of the Reconstruction Corporation without delay, the
Senate to-day agreed to notify President Hoover of his confirmation immediately, waiving the rule that two executive sessions must intervene.
The unanimous consent request that the President be notified was made
by Senator Robinson, the Democratic leader.
Mr. Cowle's nomination to the Board of the Reconstruction Finance Corporation was noted in our issue of June
25, page 4598.
Additional Loans Aggregating $36,095,000 to 'Five
Roads from the Reconstruction Finance Corporation Approved, Including Additional Advance of
$13,600,000 to 'New York Central, $8,000,000 to
Chicago Milwaukee St. Paul & Pacific, $11,000,000
to Illinois Central, and Additional Loan of $3,390,000 to St. Louis-San Francisco Ry.
Additional loans aggregating $35,095,000 to five railroads from the Reconstruction Finance Corporation have
been approved by the Inter-State Commerce Commission,
.
bringing the total approved to date to $236,261,885 to 48
roads. The additional loans approved are as follows:
Amount
Amount
Approved.
Term.
Applied jos.
Chicago Milw. St. Paul & Pacific__ $8,000,000 3 years $10,996,331
Georgia & Florida RR
a700.000
83,500 3 years
Mine Central RR
11,000,000 3 years
11,000,000
Kansas City Kaw Valley & West. RR.
51,500 3 years
1251,500
New York Central RR
13,600.000 3 years
c13,600.000
St. Louis-San Francisco Ry
3,390,000 3 years
d3,390,000
a Company originally asked for $1,000.000 and on May 5 was granted
a loan of $271,221. On May 31 it reduced the original amount asked for
to $700000. Loans approved total $354,721. b The amount of the
loan applied for in the original application was $135,832. c A loan of
$4,399,000 (originally requested $7,000,000, but amended its application,
reducing amount to $4,399,000) was approved March g, making the total
approved to date to this road $17,999.000. d As amended June 29.
Company originally asked for $9,364,808, but amended application reducing amount to $4,390,086, again reduced to $3,390,000.
The loan of $3,390,000 to the St. Louis-San Francisco
Ry., approved June 29 by the Inter-State Commerce
Commission, will be used to pay interest on. the road's
outstanding bonds and for taxes. The company had previously received loans of $2,805,175 and $1,800,000, respectively. The Railroad Credit Corporation has repaid
the loan of $2,805,175. At the same time as the present
loan was approved, details of the plan for scaling down the
fixed charges of the Frisco, in line with the stipulation of
the Commission in connection with its approval of the loan
of $1,800,000, were announced. (For full details regarding
this plan, see "Investment News Department" on a subsequent page.) The Chicago Milwaukee St. Paul & Pacific,
as noted above, requested a loan of $10,996,331, but the
Commission notes in its decision that the road expects
$2,996,331 to be supplied by the Railroad Credit Corporation and other sources, leaving a balance of $8,000,000
desired from the Reconstruction Finance Corporation.
The loan of $13,600,000 to the New York Central RR.
is for the full amount asked for in its request filed June 9.
The Commission had previously approved a loan of $4,399,000, bringing the total advances approved to date to
$17,999,000. In its latest petition the company asks that
$11,100,000 be made available on June 29 and $2,500,000
on July 29, and asserts this borrowing is necessary in order
that it might maintain a sufficient working balance.
Financial Chronicle
64
The loan of $11,000,000 to the Illinois Central RR., the
full amount asked for, will be used to the extent of $7,466,000
to meet interest payments and other obligations, amounting
to $3,534,000 which fall due between July 1 1932 and Jan. 1
1933. The necessities of the carrier in the remainder of
the year include $10,478,141 for monthly interest requirements, together with $3,534,000 of equipment trust maturities. The difference of $3,012,141 between its requirements and the amount of the loan will be met out of current
operating income. This sum will represent interest payments.
The loan of $83,500 to the Georgia & Florida RR. is the
second advance to this road, the Commission on May 5
having approved a loan of $271,221.
The Commission denied the application of the Georgia
Southwestern & Gulf RR. for a loan of $60,000 on the
same general principles that it has denied loans to other
small roads, viz.: "That the prospective earning power
of the applicant and the security offered as a pledge for the
proposed loan are not such as to afford reasonable assurance
of its ability to repay the loan within the time specified."
The company, however, on July 1 amended its application
by reducing the amount sought to $25,000 for the payment of taxes.
Details regarding the additional loans approved are as
follows:
Chicago Milwaukee St. Paul & Pacific BR.
On April 16 1932, the Chicago Milwaukee St. Paul & Pacific RR. filed
with us an application to the Reconstruction Finance Corporation, for a
loan under the provisions of section 5 of the Reconstruction Finance Corporation Act.
The Application.
The applicant requests a total loan of $10,996,331, for a term of three
years, to bear interest at a rate to be fixed by the corporation. The loan
Is sought for the following purposes:
Maturities (Funds Required on or Before July 1 1932).
Principal.
Total.
Interest.
Equipment trust certificates,series E_ $144.000
$45,067
Equipment trust certificates, series F..
151,000
84.578
Equipment trust certificates,series G_
67,000
15,075
Equipment trust certificates, series H
45,000
10,125
General American Tank Car Corp.,
equipment sub-lease
•
3,971
4.803
General mortgage bonds
2,699,568
Bedford Belt By. Co.,bonds
6,250
Total
Additions and betterments
$410,971 $2,865,466 $3,276,437
500,000
$3,776,437
Total requirements on or before July 1 1932
Maturities (Funds Required on or Before July 15 1932). -Principal.
Interest.
TOrri
Equipment trust certificates,series A_ $482,000
$79,425
Equipment trust No. 24, notes
92,355
Total
Additions and betterments
$482,000
$171,780
$653.780
500,000
Total requirements on or before June 15 1932
$1.153,780
Maturities (Funds Required on or Before Aug. 1 1932):
Total.
Principal.
Interest.
Equipment trust certificates,series B_
$9,600
Equipment trust certificates, series D $613,000
138.925
General American Tank Car Corp.,
4,943
equipment sub-lease
4,125
-year 5% gold bonds
2,659,877
50
Southern Indiana By. Co., 1st mtge.
145,740
bonds
Total
Additions and betterments
$617,125 $2,959,085 $3,576,210
1,000,000
*4,576.210
Total requirements on or before Aug.1 1932
Maturities (Funds Required on or Before Sept. 1 1932.
Total.
Principal.
Interest.
General American Tank Car Corp.,
$4,146
equipment sub-lease
$4,146
Additions and betterments
1,031,467
Total requirements on or before Sept. 1 1932
$1,035,613
Maturities (Funds Required on or Before Nov. 1 1932.)
Principal.
Interest.
Total.
General American Tank Car Corp.,
equipment sub-lease
$4,032
Equipment trust certificate, series K.
141,000
General American Tank Car Corp.,
equipment sub-lease
4,187
$149.219
$149.219
Total requirements on or before Nov. 1 1932
Maturities (Funds Required on or Before Dec. 1 1932.)
Total.
Princtai.
Interest.
General American Tank Car Corp.,
equipment sub-lease
$4,072
Bernngham Bay & British Columbia
RR..first mortgage bonds
301,000
$305,072
Totalrequirements on or before Dec.1 1932
$305,072
$10,996,331
Grand total
The entire loan requested may be subdivided as follows:
For payments of maturing principal upon equipment trust
$1,968,533
obligations and bonds
5,996,331
For interest maturities
3,031,467
For additions and betterments
$10,996,331
The applicant expects to obtain $2,996,331 of this total amount from the
Railroad Credit Corporation and other sources,leaving a balance of $8,000,000 desired from the corporation.
The applicant states that it is unable to secure the necessary funds, in
whole or in part, through regular banking channels or by the sale of its
bonds. Due to the purposes for which a part of the funds are required,
It Is able to obtain only a part of the loan from the Railroad Credit Corporation. The applicant further states that no agreement has been made
or will be made to pay any person, association, firm, or corporation any
July 2 1932
commission or fee for the loan applied for and that no such payments have
been or will be made by it.
The applicant has no unsatisfied loans from the Railroad Administration,
or from the United States under section 210 of the Transportation Act,
1920, or section 5 of the Reconstruction Finance Corporation Act.
Necessities of the Applicant.
The applicant's requirements for 1932 have been hereinbefore stated.
The applicant is a party to the "Marshalling and Distributing Plan,
1931," of the Railroad Credit Corporation. It has applied for loans from
that body in the amount of $5,996,331 to pay interest charges due in July
and August 1932, as hereinbefore set forth. To date it has received no
loans from the Railroad Credit Corporation, and we are informed that no
funds are available from that source to meet the July requirements. The
applicant estimates payments to the Railroad Credit Corporation from $1,547,465 to $1,780,405 for the year 1932. It expects to receive a loan of
$2,000,000 or more from the Railroad Credit Corporation to meet part of Its
interest requirements on Aug. 1 1932, or at later dates during the year.
The only principal maturity in the requirements for 1932, other than
equipment trust certificates and leases, is that of the first mortgage bonds
of the Bellingham Bay & British Columbia RR. On Feb. 29 1932, of the
authorized issue of $1,000,000 of these bonds, $341,000 were unissued,
$348,000 retired, $8,000 in the treasury of the company and $303.000 outstanding in the hands of the public. The property covered by this mortgage
consists of 66.98 miles of railroad in the State of Washington.
The total requirements of the applicant for additions and betterments
amount to $3,031,467. This amount is only about 75% of the total capital
charges estimated and programmed for 1932. There are two projects under
construction, other than ordinary additions and betterments, as follows:
(1) Milwaukee grade separation: Started June 1927, under orders of
Railroad Commission of Wisconsin, estimated cost $3,531,566. To
Jan. 1 1932,71% of this work has been completed. The expenditures
for this work during 1932 are estimated at $475.000.
(2) Evanston track elevation: Started in 1928 in compliance with an
ordinance of the city of Evanston, Ill. The work was estimated to
cost $1,977,589 and was 86% completed Jan. 1 1932. It is to be
completed during 1932 at an estimated cost of $279,621.
The outlays for additions and betterments as planned for 1932 total
$4,012.456, of which the rail, ballast, bridge and grade separation programs
constitute the major items. The applicant asserts that these expenditures
are necessary and have been approved by its board of directors after careful
consideration.
Security.
As security for the loan applied for the applicant offers the general
mortgage bonds of the Chicago Milwaukee & St. Paul By., predecessor
of the applicant. due 1989. in amount of $11,212,000. These bonds are
divided as follows:
Series A,4%
$759,000
Series D,5%
10,453.000
$11,212,000
The total authorized issue of bonds under the general mortgage of the
Chicago Milwaukee & St. Paul By. Is limited to $150,000,000, of which
$138,788,000 are outstanding in the hands of the public and $11,112,000
are in the treasury of the applicant. They are secured by the general
mortgage, which constitutes a first lien on about 6.213 miles of road,
including practically all of the principal lines operated by the applicant
between Chicago and the Missouri River, on valuable terminal properties
In Chicago, Milwaukee and other cities, and on equipment owned by the
St. Louis-San Francisco Ry. Co. Reconstruction Loan.
Second Supplemental Report of the Commission.
On June 28 1932, the St. Louis-San Francisco By.filed with us copies of a
supplemental application for a further loan from the Reconstruction Finance
Corporation under the provisions of section 5 of the Reconstruction Finance
Corporation Act. We have investigated this supplemental application.
The loan sought is an additional advance on account of the application
filed Jan. 29 1932.
In St. Louis
-San Francisco By. Reconstruction Loan, we approved loans
of $2,805,175 and $1,800,000 for periods of two years and three years.
respectively. Those loans have since been made. The former has been
repaid with funds provided by the Railroad Credit Corporation. The remaining loan of $1,800,000 is secured by the pledge of $3,679,000 of the
applicant's consolidated mortgage 6% series B bonds of 1936.
The Application.
The applicant now seeks a further loan to be made available on or before
July 1 1932, of $3,390,000 payable in three years for the following purposes:
For the payment of taxes
$908,248
For the payment of interest on applicant's outstanding prior lien
mortgage bonds of 1950
2,481,838
$3,390,086
The applicant asserts that no fee or commission has been or will be paid
for any service rendered to it in connection with a loan under the provisions of the Act.
The applicant also asserts that it is unable to secure the necessary funds,
In whole or in part, by the sale of bonds or by ordinary bank loans. Owing
to the purposes for which the loan is required, to the limited resources of
the Railroad Credit Corporation, to the heavy demands on the funds of
that corporation, and to the substantial loans heretofore, made to the
applicant, the applicant is unable to obtain such funds from that corporation. It is our view that the question of the applicant's abiliry to
procure the funds through banking channels or from the general public is
committed by section 5 of the Reconstruction Finance Corporation Act
primarily to the Reconstruction Finance Corporation. In making this
application, the applicant withdrew that part of the original application for a
loan of $5,974,722 for the payment of bank loans maturing July 1 1932,and
held as follows:
Amt. of Loan.
Name of Creditor$1,474,722
Chase National Bank & Trust Co
1,250,000
Chase National Bank & Trust Co
1,250,000
Guaranty Trust Co
500,000
Central Hanover Bank & Trust Co
500,000
Bankers Trust Co
500,000
First National Bank of St. Louis
Mercantile Commerce Bank & Trust Co.of St. Louis
500,000
Total
$5,974,722
Necessities of the Applicant.
The loan in part is required for current taxes. The remainder of the loan
is required for the purpose of paying interest July 1 1932, on the applicant's
prior lien bonds, consisting of $92,105,097 of 4% and $25,589,500 of 5%
bonds, issued under a mortgage secured by a direct first lien on 3,769 miles
of the applicant's railroad and a first lien through the pledge of all outstanding securities of subsidiary companies on 706 additional miles. The
Volume 135
Financial Chronicle
65
The plan, including the loan now requested, will prevent a receivership
mortgage is secured by additional liens which it is unnecessary to describe
on July 1. It is designed to be accomplished without any receivership, or at
here in detail.
least without a foreclosure. The avoidance of a receivership or foreclosure
The applicant shows that on May 1 it had cash on hand of $1,802.821,
we believe to be very desirable. The plan provides for an immediate reand that during May and June it estimates net receipts of $1,353,400 in the
duction in the annual rate of interest on bank loans from 6 to 3%, and for
sources. During
form of cash from operations, and of 870.000 from all other
the indefinite deferment of the bulk of the remainder of fixed interest
May its cash position was Improved by the second loan of $1,800,000
charges accruing during the period of the next 5 to 10 years. It contemplates
from the corporation approved by us on April 29. These sums aggregating
also a reduction of funded debt and increase in uncapitalized assets when
$5,026,221, constitute the total cash estimated to be available with which
the earnings of the company permit. Dependent upon earnings, this
and
to meet cash disbursements during the same period for fixed charges
reduction of funded debt and increase in assets may be very substantial in
other special requirements estimated to aggregate $7,011,537. including
amount. The plan provides for the creation of a new mortgage to secure an
$6,785,507 for taxes, interest, and fixed maturities, $104,030 for new
issue of 825.000,000 of bonds which it is contemplated will be junior only
materials and construction and $122,000 for advances to subsidiaries and
to the underlying mortgages* of constituent companies securing an aggrefor contingencies. The net effect is a deficiency of cash with which to meet
gate of $32,352.170 of bonds outstanding on Dec.31 1931,and that $3.390.necessary cash outlays during the two months of $1,985,316. The present
000, principal amount, of these new bonds will be issued and made available
loan is requested to enable the applicant to meet a part of the necessary
as additional security for the reconstruction loans to the applicant.
disbursements causing this deficiency and to maintain a moderate working
It is expected an arrangement will be made whereby the management
fund.
wit. be in the hands of the bondholders so long as the interest charges
Security.
are deferred.
On Dec. 31 1931, the applicant operated 5,267 miles of railroad in nine
Conclusions.
States in the southcentral and southwestern United States. Its operations
Considering the collateral now to be pledged as security for the loan,
extended from Pensacola, Fla., and Birmingham, Ala., on the east through
and the assurance which the plan appears to offer that additional bonds
Memphis to St. Louis and Kansas City, Mo.,and various other destinations
underlying those now pledged will later be available for additional security,
in Arkansas, Missouri. Kansas, Oklahoma and Texas. The applicant
we believe we are justified in making the finding that the corporation will be
and its subsidiaries owned 5,442 miles of main line and branches, and
adequately secured.
appurtenant Industrial, yard, and side tracks, aggregating 1,998 miles.
We conclude:
It also owned a small amount of road operated by others under lease which
1. That we should approve a further loan of $3,390,000 for a period of
is subject to the lien of its mortgages.
not exceeding three years from the date thereof, by the Reconstruction
will pledge
As collateral security for the additional loan the applicant
Finance Corporation to the St. Louts-San Francisco By. Co.for the purpose
$2,014,000 of series It, 6%, consolidated mortgage bonds of 1936 which
of paying taxes and interest maturities as indicated herein;
will be released by the Railroad Credit Corporation for the purpose. The
2. That the applicant should pledge as collateral security for the loan
applicant also offers to pledge $1,807,000 additional of its prior lien and
herein approved, and the loan of $1,800,000 previously approved by 1111.
(or) consolidated mortgage bonds in the procurement of which it has
the following described securities which shall apply pani passu and without
been aided by several of its bankers who have contributed their services
preference to both of said loans;
without charge or fee. The series B bonds under the applicant's con(a) 81,807.000 of applicant's prior lien and (or) consolidated mortgage
solidated mortgage are subject to substitution of series C, 6% bonds of
bonds;
1956 to be issued under the same indenture. The securities now held as
(b) $5,693.000 of applicant's series B.6% consolidated mortgage bonds
collateral for the existing loan were issued under the said consolidated
of 1936.
mortgage which was described in some detail in prior reports. If we should
3. That the applicant should agree to pledge from time to time, as
approve the further loan here under consideration, the corporation would
additional security for its loans from the corporation, such other and
hold aggregate loans to the applicant amounting to $5,190,000 secured
additional securities as the corporation may reqiure.
by the inunediate pledge of $7,500,000 of bonds. The applicant's prior
4. That the applicant should be required to report to the corporation
lien 4% series A bonds sold on the New York Stock Exchange June 27.
and to us, within 30 days from the making of the loan, the expenditure of
.
at 11)( During 1932 the price of these bonds has ranged from a low of 11
the proceeds thereof for the purposes for which the loan is approved.
to a high of 34. In 1931 the range was from 23 to 8934 and in 1930 it was
applicant appurtenant to these lines. In Finance Docket No. 9328, We
78 to 923. The last recorded sale of the applicant's prior lien 5% series B
authorized the applicant to exchange the 811.212.000 of these series A and
bonds was at 16. In 1932 they have ranged at prices from 13 to 42. In
D bonds for one issue of an equal amount of 5% bonds. series G. under
1931 the range was from 25 to 102 and in 1930, it was from 92 to 10431.
the same general mortgage of the Chicago Milwaukee & St. Paul By.
On June 27 the applicant's consolidated mortgage 434% bonds of 1978
Should the provisions in our order in Finance Docket No. 9328 be carried
sold at 1031. During 1932 they have ranged from 934 to 203C. In 1931 the
out by the applicant, the $11,212,000 of series G bonds will be required
range of prices for these bonds was from 1434 to 86 and in 1930 it was from
to be pledged in lieu of the series A and D bonds tendered in the appli71 to 9531. The consolidated mortgage is a lien upon substantially all of
cation for a loan from the Reconstruction Finance Corporation.
applicant's property, subject to $150,148,767, principal amount, of underAs of Feb. 29 1932. the number of applicant's shares of common stock,
lying liens. It ranks equally in part, however, with certain of the underno par value, outstanding was 1,174,060, which is reported as a liability
prior
lying liens through the pledge under its indenture of $64,806,650 of
on its balance sheet in the amount of $136.958,443. On the same date there
lien mortgage bonds and $21,678,000 of Kansas City, Ft. Scott & Memphis
was outstanding $119,293,000, par value, of preferred 5% non-cumulative
By. refunding mortgage bonds, the former being approximately 35% of a
stock.
total issue having a first lien on 4,475 miles of line and the latter approximThe general mortgage series D bonds of the Chicago Milwaukee & St.
ately 56% of a total issue having a first lien on 1,038 miles of line. The
Paul Ry. which are tendered in the application, or the series G bonds which
total of consolidated mortgage bonds issued and pledged is $132,126.000,
may be substituted therefor, have no market quotation. The series A.
so that the total issue of those bonds is secured to the extent of more than
4% bonds were quoted 57.5, June 10 1932, and have ranged from 49 to
.5% by bonds having a first lien on most of applicant's mileage.
0
67 since Jan. 1 1932. Series F, 4.75% bonds have ranged from 50 to 73
The applicant's earning power in the past has been adequate to cover
since Jan. 1 1932, with 68 as the price asked on June 10 1932.
interest requirements on its funded debt. Present interest requirements of
about $13,600,000 were amply covered in each of the years 1921 to 1930,
Conclusions.
inclusive, and were earned to the extent of 74% in 1931. In 1930 when
Upon consideration of the application and after investigation thereof,
revenues had already declined 20% below the average of the preceding
we conclude:
nine years. such charges were covered 1.35 times.
1. That we should approve a loan of $8,000,000 to the Chicago MilIn our prior report, in discussing the applicant's earnings in the period;
waukee St. Paul & Pacific RR. by the Reconstruction Finance Corporation
1921-1931, after eliminating therefrom the years 1922, 1930 and 1931 for
for a period not to exceed three years, to be used for the purposes specified
reasons there stated, we said:
herein:
. "that the average annual income available for interest amounted to
2. That the applicant should pledge with the Corporation as security
$21.756,461, equivalent to about 1.47 times the average annual payments
on the funded and unfunded
of $14,840,231 over the same period for interest
for the loan the following described securities:
debt. Included in the computation, however, is the amount of interest
(a) $759,000. principal amount, of the Chicago Milwaukee & St. Paul
actually paid by the applicant upon its adjustment mortgage bonds and its
By. general mortgage 4% bonds of 1989, series A, and
income mortgage bonds, both series of which were redeemed July 1 and
Oct. 1 1928, out of the proceeds of the sale of the applicant's consolidated
(b) $10,453,000, principal amount, of the Chicago Milwaukee & St.
decision
mortgage bonds and its preferred stock under the authority of our
Paul Ry. general mortgage 5% bonds of 1989, series D, or
In St. Louis-San Francisco Readjustment, 138 I. C. O. 505. The interest
(c) In lieu of and substitution for said series A and series D bonds, an
on these bonds was payable under the terms of the respective indentures
equal principal amount of the Chicago Milwaukee & St. Paul By.
only if earned. Such payment, therefore, did not constitute a fixed interest
general mortgage 5% bonds of 1989, series G,as and when issued.
obligation of the applicant. Eliminating such charges from the computation, we find the annual average income available for fixed charges
3. That the applicant should pledge with the Corporation as additional
over the same period was equivalent to 1.98 times fixed charges, and during
security for the loan $301,000, principal amount, of the Bellingham Bay
the entire 11-year period 1921 to 1931,was equal to 1.74 times fixed charges
and British Columbia RR. first mortgage, 5% bonds as and when said
Accordingly, the applicant's bonds were accepted as legal investments as
defined by the Banking Department of the State of New York."
bonds become available to the applicant for the purpose.
4. That the applicant should assign to the Corporation as additional
As a condition of the loan of $1,800,000 we required the applicant to
security for the loan its advances to the Chicago Union Station Co. in the
present for our approval prior to July 1 1932, a plan to effect a substantial
principal amount of $3,971,232.78;
reduction in its fixed interest charges. The applicant has submitted a plan
5. That the Corporation will be adequately secured under these condesigned to accomplish this result. Under the plan the six banks holding
ditions.
the loans hereinbefore referred to have filed with the corporation and with
New York Central RR.
us statements assenting to the plan and agreeing to accept the treatment
therein provided for an extension of those loans to July 11942.
On June 9 1932, the New York Central RR.filed with us an application
The plan as proposed has the support of banking interests, insurance
to the Reconstruction Finance Corporation, for a loan under the provisions
companies and other holders of large blocks of the applicant's securities,
of section 5 of the Reconstruction Finance Corporation Act.
including its bonds, and this support is very substantial in character.
Upon an application submitted to us on Feb. 25, and amended on Mar.
Inasmuch as the plan, before it can be consummated, must be formally
9 1932, Finance Docket No. 9180, we approved a loan of $4,399,000 to
presented to us for our approval under section 20a, we cannot appropriately
the applicant. That loan was for the purpose of paying a portion of the
approve it now or until all who may wish to object have had an opporcost of a large improvement project on the West Side in New York City,
to present their objections. The plan and support which it has
tunity
In process of being carried out in accordance with special acts of the State
received do, however, furnish reasonable assurance that the ends desired
legislature. As collateral security for the former loan we required the
can largely be accomplished. This support is evidenced by letters addressed
applcant to pledge with the corporation $7,335,000 of its refunding and
to the corporation and to us, and filed in our docket in this proceeding in
improvement mortgage 5% bonds, series 0, due Oct. 1 2013. On May 16
approve the plan and agree to use their best efforts to
which the writers
1932, the applicant received an advance of 81,500.000 under tnis loan, and
cause it to become effective and to be adopted. These include letters bearing
has reported toe expenditure of a part of that amount.
the signatures of the following banking institutions which have participated
The Application.
In the issue and distribution of the applicant's securtiles: Chase Securities
The applicant requests a loan of $13,600.000. for a term of tnree years
Corp.; Dillon, Read & Co.; Speyer & Co.; J. & W. Seligman & Co., and
$11,100,000 to be advanced on June 29, and $2,500.000 on July 29 1932.
Guaranty Co. of New York. They also include letters signed by insurance
The purpose of toe loan is to provide funds to pay a part of the applicant's
companies with large holdings of the applicant's bonds. These are: Metrointerest charges, rent for leased road, and taxes due on June 30, July 1,
politan Life Insurance Co.; The Prudential Insurance Co. of America:
July 30 and August 1 1932. Summarizing toe requirements set out in
Aetna Life Insurance Co.; John Hancock Mutual Life Insurance Co. The
Schedule R of the application, the situation may be shown taus:
applicant represents that other large holders of its securities have agreed
to support the plan, and that it has reason to believe that the plan will
• Kansas City Fort Scott & Memphis By. ref. mtge. 4% bonds cf 1936, $25.meet with general acceptance and will have the support of the large majority
835.000: Kansas City Memphis & Birmingham RR., gen. nitre. 4% bonds of 1934,
of its security holders. The plan presented, under all the circumstances,
$3,323,390: Kansas City Memphis & Birmingham RR., income mtge. 5% bonds
of 1934. 83 193,780.
shows commendable co-operation by applicant's creditors.
66
Financial Chronicle
Amount of
Reconstruclion Loan
Requested.
Total
RequireSpecific
ments.
Items.
June 30 1932: interest and rents_ _ - $3,363,299
$770,037
July 1 1932: interest and rents
6,775,136 6,509.719
June 30 and July 1: taxed
4,424,702 4,125,000
Total
$14,563,137 $11.404,756
July 301932:interest and rents
$7,597,494
$924,287
August 1 1932: interest and rents
1,867,817
1,867,817
Total
$9.465,311 $2,792.104
Grand total
24.028,448 14,196,860 $13,600,000
Tne requirements shown above do not include advances to affiliated
companies, maturities of bonds of subsidiary companies payment of debts
to subsidiaries, payments to the Railroad Credit Corporation, &c. In
otner words, tne applicant will have to meet much larger payments tnan
those shown, in addition to operating and construction expenses. The
applicant nas furnished a list of the cnarges making up the sum of 314.196,860, which is presented as tne basis for the further loan requested.
The apPllcant has arranged to borrow $1,400,000 from certain banks
which are depositaries of tne applicant but are not among those holding
the applicant's short-term notes described in our report in 180 I.
-S. C. 0.
798, supra. That indebtedness, the amount of wnich will be stated ttereinafter, has not been reduced. The applicant states tnat it has canvassed
the banks and finds that it can not procure through them more than $1.400,000. It is our view tnat the question of the applicant's ability to
procure the necessary funds tnrougn banking channels or from the general
public is committed by Section 5 of the Reconstruction Finance Corporation
Act primarily to the corporation.
Toe applicant is a party to tne "Marshalling and Distributing Plan,
1931," establisned by the carriers following our decisions in /5% Case, 1931,
178 I.
-S. C. 0. 539, 179 I.
-S. 0. 0.215. From the increases in freight
rates permitted by those decisions the applicant received additional revenues
of $453,309 for January, $539,731 for February, and $616,598 for March
1932. These amounts were subsequently paid to the Railroad Credit
Corporation. No definite plan has been made for applying for a loan from
that corporation.
The applicant states that no agreement has been or will be made to Pay
any person, association, firm, or corporation, either directly or indirectly,
any commission or fee for the loan herein applied for, and that no such
payments have been or will be made.
Necessities of the Applicant.
In our previous report. 180 I. 0. C. 798, we described the progressive
-S.
decline in earnings which the applicant had experienced since 1930, and
showed that the cash balance on hand would probably be depleted on
June 1 1932, to substantially less than the minimum needed for conducting
operation under ordinary conditions. A report of cash transactions for
the early months of 1932 discloses the following fluctuations in cash:
Cash Balance—
December 31 1931
$18,822,770
January 31 1932
17,263,671
February 29 1932
17,758,562
March 31 1932
22,728,862
April 30 1932
17,532,940
May 31 1932
12,283,954
June 30 1932, estimated
17.938.413
Close of July 11932. estimated
12,408,148
July 31 1932,estimated
12,823,985
Close of August 1 1932. estimated
12,416,182
The amounts shown after May 31, reflect the anticipated receipt of
$12.500,000 on June 29 and $2,500,000 on July 29 1932. from the loan of
$1,400,000 recently negotiated with the banks and the loan of $13,600,000
covered by this application. Sucn loans will have tne effect of preventing
a serious shortage in treasury cash.
No dividends have been declared or paid by the applicant in 1932. For
the period following August 1, the applicant states that it is unable to
make a forecast of earnings under the existing abnormal conditions. The
total amount of loans and bills payable is now the same as was reported
on Dec. 31 1931, namely $64.500,000, the creditors being nine banks in
New York City and the Securities Corporation of tne applicant.
Purposes of Loan.
The applicant proposes to apply the proceeds of the loan sought to tne
payment of interest, rents, and taxes aggregating $14,196,860, as aforesaid.
Without giving the individual items, there is stated below the total amount
under each class of obligation, with the dates required:
June 30
July 1
Jule 30
Aug. 1
1932.
1932.
1932.
Total.
1932.
Int. on fund. debt $96,250 $2,242,510 $338.380 $1,755,267 $4,432,407
Rent for lease.rds. V3,787 4,267,209 585,907
112,550 5,639,453
Taxes
4,125.000
4,125,000
Total
$4,895,037 $6,509,719 $924.287 $1,867,817 $14,196,860
We are of the opinion that a loan for these purposes may properly be
made under the provisions of section 5 of the Reconstruction Finance
Corporation Act and that the allocation of loan funds to the individual
items may be at the election of the applicant. It is understood, however,
that the periodical reports of expenditures widen we shall require will show
the amounts applied to the items In the scnedule.
Security.
As collateral security for the loan sought, the applicant offers to pledge
with the corporation $4,494,000 of its refunding and improvement mortgage,
6% bonds, series 13, due Oct. 1 2013, and such amount as may be required
of 5%,series C, bonds, having the same maturity and issued or to be issued
under the same mortgage. The $4,494,000 of series B bonds constitute all
of teat series which have been issued. Tney are now held in the applicant's
treasury.
Of a total amount of $185,000.000 of series C bonds heretofore authorized
by us $85,000,000 are outstanding in the hands of the public, $92,250.000
are pledged as security for short-term loans, $7.335,000 are pledged as
security for the Reconstruction loan of $4,399,000. and $415,000 are held
in the applicant's treasury. Owing to the decline In the market prices
of bonds the applicant recently has been obliged to pledge additional bonds
as security for the loans from the New York banks. On May 26 1932, tne
carrier filed an application under section 20a of the Inter-State Commerce
Act for our authority to issue and pledge an additional $75,000,000 edits
refunding and improvement mortgage 5%,series 0, bonds. Such authority
was granted by us on June 20 1932, in Finance Docket No.9441. Our
order provides that the new bonds authorized shall be pledged in the ratio
of not exceeding $125 in value of bonds, at the market price thereof, to
$100 of loans. This issue will provided the applicant with a large amount
of series 0 bonds for Pledging purposes.
Including the new issue, there would be a total of $479,494,000 of refunding and improvement bonds, of three series, actually or potentially
outstanding. In our report in 180 I.
-S. C. C.798, supra, we described the
Character of the lien represented by this mortgage, which is largely secured
by a leasehold interest in 4,800 mlles of operated line. Prior-lien obligations
•
July 2 1932
outstanding, including equipment trusts, aggregated approximately
$448,679,000, principal amount, as of March 31 1932. The final
value of the
owned carrier property, as of June 20 1917, found by us for rate-making
purposes, was $751,090,880. New York C. R. Co. 27 and 28
I.
-S. 0. 0.
If net additions and betterments be added the sum as of
Dec. 31 1931.
becomes $1,171,000,000.
The market price of toe series 0 bonds on the New York Stock
Exchange
ranged between 99 and 11154 during the period 1925-1930.
In 1931, tne
lowest price at which they were sold was 58 and the nighest
109. Since
Jan. 1 1932, the price has ranged between 35 and 78.1. and
on June 17
was 42. The market price of the series B, 6% bonds is
unknown, since
the bonds of this series have not been listed on exchange.
The sum of tee previous loan and the additional loan
sought is $17.999,000. The applicant requests that bonds heretofore
wnich may hereafter be pledged witn tne corporationPledged and those
shall be held as
equal and ratable security for all loans made or to be made under
the act.
Conclusions.
Upon consideration of tne application and after investigation
thereof,
we conclude:
1. That we should approve a loan to the New York Central RR.
Co. by
the Reconstruction Finance Corporation in the amount of
$13,600,000,
for a term not exceeding three years, the proceeds to be used
to Pay, in
part, the interest on applicant's funded debt, rent for leased
roads, and
taxes due from June 30 to Aug. 1, inclusive, 1932;
2. That the New York Central RR. Co. should pledge with the
corporation, as collateral security for the loan, $4,494,000, principal
its funding and improvement mortgage,6% bonds,series B,and amount, of
$41,740,000
of its refunding and improvement mortgage, 5% bonds, series 0, both
Issues maturing Oct. 1 2013. Tnese bonds, together with the $7,335,000
of series 0, 5% bonds held as collateral security for the previous loan
of
$4,399,000 from the Corporation, snail apply, part passu and without
preference, to both of said loans;
3. That the Corporation will be adequately secured under such conditions; and
4. That the New York Central RR.Co.should report to the Corporation
and to us, in writing, within 10 days from the close of each month following
the making of each advance upon the loan, tne expenditure of the proceeds
thereof for tne purposes for which the loan is authorized.
Georgia & Florida RR.
On Feb. 13 1932, W. V. Griffin and H. W. Purvis, as receivers filed an
application, and on March 7 1932 a supplemental application, to the Reconstruction Finance Corporation for a loan of $1,000,000. On May
5
1932, we certified our approval of a loan of $271,221 for specified purposes
without prejudice to consideration of additional loans covered by the
application.
Petition for Reconsideration.
By petition filed May 31 1932, tne applicants have asked further consideration of their application and at the same time nave reduced the total
of the loan applied for from $1,000,000 to $700,000. To accomplish the
reduction, tne agreement of holders of the receivers' certificates
presently
outstanding to renew one-nalf, or $300,000 thereof, has been procured.
Other requirements sought to be provided for remain as stated in tne
original application. There appears to be no abatement in the
urgency
of these needs, and the situation resulting from unpaid taxes is critical.
The holders of the receivers' certificates now outstanding nave also agreed
to accept in renewal of one-half tnereof $300,000 of new first-lien certificates which shall be part of a total issue of $1,000,000, all of equal rank and
Parity. tile remainder of the proposed new issue to be used as security for
the total loans sought from the Reconstruction Finance Corporation.
The applicants represent that, except for this renewal of one-half of the
outstanding receivers' certificates on the terms stated, they have been
unable to finance any of their requirements through private channels.
The holders of tne outstanding certificates are said to be unable to render
further assistance without great hardship, and the committee representing
nolders of the defaulted bonds of tne Georgia & Florida RR, have tried
but failed to obtain funds to assist tne receivers. H. W.Purvis, receiver,
states, however, that if further loans of $200.000 to pay one-third of the
maturing principal of tne outstanding certificates and of $21,000 to pay
interest are granted by the Reconstruction Finance Corporation, he will
make an earnest effort to procure the renewal of the remaining
$400.000
by the present holders. Should this attempt be successful, the total required of the corporation will be reduced to $600.000.
Conclusions.
In our previous report we said:
The Georgia & Florida operates, as nas been indicated, between a point
in South Carolina and a point in Florida, traversing a large section
of
eastern Georgia. While it has always been a weak line, its abandonment
would no doubt be a very serious matter for many shippers and communities
that are dependent upon its service. The evidence before us, however,
justifies doubt as to whether this road can survive, unless conditions
speedily improve. The management is optimistic and offers reasons for
believing tnat traffic and earnings will improve. It is quite possible, but
by no means certain, that these reasons are sound. We believe it to be
essential that the shippers and communities that are dependent upon this
railroad should be given to understand that there is grave danger that they
may lose its service, and tnat if they wish it to continue to operate they
must do everything witnin their power to support it and increase the
traffic which moves over it.
'The Government already has an investment of over $900,000 in this
railroad, made up of a loan of $792,000 and unpaid interest thereon, and
there seems little prospect at present that tnis money will be repaid. The
evidence before us does not justify the loan of any large additional sum of
money. We believe, nowever, that it does justify a comparatively small
loan, secured by receivers' certificates of equal rank with those now outstanding, to cover needs which aro immediately pressing. The total of
receivers' certificates outstanding after such a loan is made will have a
face value of less than $1,000.000, and under such circumstances the loan
should be adequately secured even if it becomes necessary hereafter to
discontinue operation. Moreover, such a loan will enable the road to
carry on for some time longer in any event, wnicn will afford the management an opportunity to develop the possibilities of traffic increase and
reduction in operating expenses whicn they have brougnt to our attention.
It will also give the thippers and communities that are dependent upon tots
railroad an opportunity to rally to its support in every way within their
power:"
We are unable to alter our previous conclusion teat only a comparatively
small loan to these applicants is justified. Upon further consideration of
the application and subsequent representations made in support thereof,
we find and conclude, therefore:
4
1. That approval of a loan for the purpose of purchasing materials and
supplies and retiring outstanding receivers' certificates mould again be
denied:
li
Volume 135
Financial Chronicle
2. That a further loan in the amount of $83,500 for the purpose of paying
Interest due June 1 1932, on receivers' certificates in toe amount of $21,000
and Interest and maturing principal on outstanding equipment trust
certificates due Sept. 15 1932,in the amount of $62,500 should be approved;
3. Tnat the receivers, under authority of trio court or courts having
jurisdiction, should deposit witn the Reconstruction Finance Corporation
receivers' certificates of indebtedness, in a principal amount equal to the
amount of the loan, which will constitute a lien of rank equal with that of
receivers' certificates presently outstanding.
Kansas City, Kaw Valley & Western RR.
On Marco 141932. the company filed its application to the Reconstruction
Finance Corporation for a loan under the provisions of section 5 of toe
Reconstruction Finance Corporation Act,
The Application.
Toe amount of the loan applied for in the original application was
$135,831.69. The amended application is for a loan of $51.500, for a
period of tnree years, to provided funds for the following purposes:
To pay past-due taxes
$11,100
To pay past-due open accounts
12,900
To pay short-term bank notes, in order to release security
27,500
Total
$51,500
Tne applicant has not become a party to the -Marshalling and Distributing Plan, 1931," of the Railroad Credit Corporation. It is our view that
toe applicant's ability to procure the needed funds through banking channels
or from the general public is a question wnicn is committed by section 5
of the Reconstruction Finance Corporation Act primarily to the corporation.
Security.
As security for too loan, the applicant offers to pledge its first-mortgage
4% gold bonds. These bonds were issued under its first mortgage dated
Oct. 1 1927, authorizing the issuance of bonds in an amount not to exceed
$1,000,000. The applicant holds in its treasury $150.000 of these bonds
and tnere are $634.500 actually outstanding. The remainder of the autnorized issue under the mortgage is $215,500. Representatives of the
applicant state that the remainder of the authorization can be issued as
collateral security for toe loan. Bonds under this mortgage are secured
by a direct first lien upon all the property of the company, real. personal,
and mixed, except two parcels of real estate covered by purchase money
mortgages prior in lien to the first mortgage. The applicant's securities
are not listed on exchange, and for that reason they have no established
market value.
These bonds were issued witnout our approval. The applicant's representative states that application will be made under section 20a of the
Inter-State Commerce Act for our authority to issue bonds to secure
this loan.
Being an electric line, the property of tne applicant nas not been valued
by Us. The applicant has reported to us a recorded investment
of $1,695,701
as of Dec. 31 1930,
Conclusions.
Upon consideration of toe application, and after investigation thereof,
we conclude:
1. That we snould approve a loan of $51.500 to the Kansas City, Kaw
Valley and Western RR, by the Reconstruction Finance Corporation for
a period not exceeding three years to provide funds for the following purposes:
To pay taxes for 1930 and 1931
$11.100
To pay past-due open accounts
12.900
To pay short-term bank notes
27.500
Total
$51.500
2. That the applicant should cancel $150,000 of the first mortgage
4%
gold bonds which will be released upon payment of the short-term bank
notes presently secured thereby, and furnisn to us and to the corporation
proof of the cancellation thereof:
3. That the applicant snould file with us its application under section
20a of toe Inter-State Commerce Act for authority to issue bonds to secure
the loan as hereinbelow set fortn;
4. That the Reconstruction Finance Corporation will be adequately
secured by the pledge with it of $365,500 principal amount, of applicant's
1st mortgage 4% bonds if, and when, approved by us.
Illinois Central RR.
The Illinois Central RR. received approval for a loan of $11,000,000
for three years. Proceeds of the loan will be used to meet interest
payments of $7,466,000 and other obligations of $3,534,000 becoming due between July 1 1932, and Jan. 11933.
The Commission's approval disclosed that payments of$384,399 have been
made by Illinois Central to the Railroad Credit Corporation as a result
of
earnings from increased freight rates this year. The carrier sought
a loan
of $7,466,000 from the Railroad Credit Corporation, which the latter
was
unable to supply because of the size and the demands from
other roads.
The loan will be secured by bonds of the carrier and its subsidiaries
and
common stock of the subsidiaries having aggregate par value of
$49,405.167.
The company has for the remainder of the year monthly interest
requirements of $10.478,141 and equipment trust maturities amounting to $3,534,000. The total requirements are $3,012,141 greater than the amount of
the loan, and the difference will be met from current operating income.
The security offered by the carrier was $24.440,000 in its own
bonds and
bonds of subsidiaries, but the Commission required
additional pledge of
common stock, aggregating $24,965,167 par value.
The report placed the valuation of the road at $451,761,531
as of Dec. 31
1931, and covering both carrier and non-carrier property. In
this connection the Yazoo & Mississippi Valley RR, was
appraised at $55,311,342
as of Dec. 311931.
Data furnished the Commission by the applicant showed that
the road
estimates a deficit of $6.939.798 in its not income for 1932.
Specific collateral to be pledged under the loan includes $14,949.000
Yazoo & Mississsippi Valley RR.5% improvement bonds of
1934, $600,000
Southern Illinois dr Missouri Bridge Co. first mortgage 4% bonds of
1951,
$4.093,000 Dubuque & Sioux City RR. 4% debenture bonds of 1951. 84.575.000 Illinois Central Western Lines first mortgage 4% bonds of 1951.
$156,000 of Illinois Central Louisville division first mortgage
% bonds
of 1953 and $71,000 of Illinois Central 4% collateral trust bonds of
1953.
Stocks to be pledged included $19,998,500 par value Central of Georgia
By.common,$3,796,000 par value Chicago Produce Terminal Co.common.
$1,000,000 par value Dunleith & Dubuque Bridge Co.common and $166,667
Chicago & Illinois Western 5% equipment trust certificates.
Chicago Rock Island & Pacific Ry.
The Inter-State Commerce Commission on request of
the company has issued a supplemental report modifying
its previous order approving a loan of $10,000,000 from the
67
Reconstruction Finance Corporation. The supplemental
report of the Commission follows:
On June 15 1932, pursuant to an application filed, we approved a loan
of $10,000,000 to the Chicago Rock Island & Pacific Ry. by the Reconstruction Finance Corporation under the provisions of section 5 of the
Reconstruction Finance Corporation Act.
On June 22 1932. the applicant filed a supplement to the application
in which it requested that authority be granted to use the proceeds of the
loan, when consummated,for the following purposes:
(1) To meetfixed interest obligations specified in the original
application
$1,621,519.50
(2) To meet one-half the principal amount of bank loans
maturing Aug. 1 1932
4,125.000.00
(3) To apply on account of maturing principal installments
of equipment trust obligations
1,253,480.50
Total
$10,000,000.00
In effect, the applicant requests that it be permitted to divert from that
part of the loan originally approved by us for the payment of bank loans
to that part of the payment of maturing equipment trust obligations the
sum of S250,000, thereby eliminating from the application the item for a
bank loan due the First National Bank of Chicago in the sum of $500.000.
Eliminating this item, the aggregate amount of bank loans covered by the
application is $8,250,000.
After further investigation, we find that paragraph 3 of our report of
June 15 1932 should be modified to road as follows:
"That before any advance upon the loan is made, the Chicago Rock
Island & Pacific Ry. Co. should deposit with the Reconstruction Finance
Corporation binding commitments of the then holders of those obligations
or other evidence satisfactory to that corporation, that 50% of the bank
loans aggregating 88.250,000 will be extended to maturity dates not earner
than the maturity date of the loan herein conditionally approved."
We further find that the proceeds of the loan should be expended solely
for the purposes set forth in this supplemental report, and that other
than as modified herein our report and certificate of June 15 1932, should
remain in full force and effect.
Railway Labor Executives Association Advocates Government Corporation Similar to Reconstruction
Finance Corporation to Extend Loans to Heads of
Households.
The Railway Labor Executives Association, made up of
the presidents of 21 railway employees organizations, adjourned at Cleveland on June 23 following a two-day meeting.
At its closing session it advocated the setting up by the
Government, of a corporation similar to the Reconstruction
Finance Corporation for the purpose of making emergency
loans up to $500 to unemployed heads of households. The
Cleveland "Plain Dealer" of June 24, in reporting this, said:
The association will meet in Chicago again Monday for the convenience
of other executives of the association. It is only a coincidence, it was said.
that the association meets there at the opening of the Democratic national
convention.
The statement issued by the association at its adjournment yesterday
follows:
"The Railway Labor Executives Association has been considering a plan
of legislation by Congress to provide emergency loans for the purchase of
necessaries of life by unemployed heads of households, who are ordinarily
capable of self-support. The association has decided to join forces with
other labor and farm organizations, civic bodies and charitable relief
agencies in supporting this plan for the creation of a Government corporation similar to the Reconstruction Finance Corporation to aid in financing
such purchases of necessaries in amounts not ecxeeding $500 for each unemployed head of a household.
Call It Business Tonic.
"This program will absolutely insure the early relief of several million of
the unemployed and the return of a large percentage of them to employment
within the next six months. It will not cost the Government ultimately
as much as the Reconstruction Finance Corporation will cost and it will
positively create a mass of purchasing power, stimulate business, relieve
agriculture and turn the tide of depression.
"The financing by the Government of the banks and railroads through
the Reconstruction Finance Corporation has not relieved the destitution of
the unemployed or put a single unemployed person back to work. During
Its operations we have steadily gone down hill.
"It is time that the national Government met boldly and vigorously the
desperate needs of the American people. It will cost far less to prevent a
complete economic collapse than it will to preserve order and to meet the
terrific demands of an increase in nation-wide destitution. Any adequate
program requires the co-operation of many minds and the support of public
opinion, which can only be obtained through careful consideration and public
hearings by committees of Congress.
"It is, therefore, imperative, first of all, that Congress stay on the job
and fulfill its constitutional duties. Those who would drive Congress out
of Washington are either foolishly or knowingly driving Us into an extralegal dictatorship by those who control the money and private resources of
the Nation—a dictatorship which means the abandonment of our powers
of self-government."
Heavy Per Capita Tax Fixed on Realty in New York
City—With $70.61 Led Five Other Cities in This
Area, Says William H. Allen of Institute of Public
Service.
The burden carried by New York City real estate for city
and school purposes is analyzed on a per capita basis by
William H. Allen of the Institute for Public Service, who
computes comparisons with the tax figures of other near-by
cities from the tax rate and assessment tables for 300 cities
issued by C. R. Righter of the Detroit Bureau of Governmental Research. The New York "Times" of Juno 27,
from which we quote, added:
New York real estate was taxed from 7 to 75% more per resident
last
year than realty in the five other near-by cities of 100.000 or more population. Mr. Allen finds.
68
Financial Chronicle
Because of different methods of assessing and varying per capita totals
of property, the figures are reduced by Mr. Allen to comparable bases.
"Omitting all county and State taxes omitting personal property and
comparing only the facts for real estate taxes," says Mr. Allen, "New
York led the five other cities in the area for school and city costs with a per
capita realty tax of $70.51. New York's excess per capita above other
cities was as follows: Over Newark,$22.57. or 47%;over Jersey city, $4.23,
or 7%; Paterson, 630.49, or 75%; Yonkers, $6.24, or 10%; Elizabeth,
$29.38, or 70%.
"In debt per capita New York with $165 lagged $32.53 behind Yonkers,
but led the others as follows: Newark by $2.93; Jersey City by $46.05;
Paterson by $65.20 and Elizabeth by $98.01.
"If each city's actual land values were divided by debt there would
have been $22 per capita behind each dollar of debt in Elizabeth, $18 in
Jersey City, $16 in New York. $14 in Paterson, $13 in Yonkers and $10
In Newark—unless official claims of real estate value are too high."
Westchester (N. Y.) Home Finance Committee Formed
to Lend Money on Small Homes in Westchester.
Westchester Home Finance Committee has been formed
to lend money for the building of small homes in Westchester.
This, it is stated, is in line with President Hoover's home
conservation program.
The Committee has its headquarters at the offices of the
Westchester County Realty Board, 90 Grand St., White
Plains. There, applications for home building loans, in
amounts not to exceed $9,000, will be received and turned
over to the three large title and mortgage companies operating
in this area, who, with the co-operation of the Bowery Savings Bank,have an initial fund of $1,000,000for that purpose.
The Westchester Home Finance Committee consists of:
Arthur W. Lawrence, President of the Westchester County Park Cornmission, Chairman.
Albert W. Haigh, President of the Lawyers Westchester Mortgage &
Title Co.
George Howe, President of the Westchester County Real Estate Board.
Harry E. Kuhlman, Vice-President of the New York Title & Mortgage Co.
J. Crawford Stevens, President of the Westchester Title & Trust Co.
Arthur H. Titus, President of the County Trust Co., White Plains, and
also a member of the Reconstruction Finance Corporation,
James A. Stenhouse, Mortgage Officer of the Bowery Savings Bank.
The suggestion came from Mr. Lawrence and the scope
of the Committee has been approved by Eugene Meyer,
Chairman of the Federal Reconstruction Finance Corporation. Mr. Lawrence on June 7 was quoted as saying:
We are ready to do something really constructive. A check-up of brokers
shows tnat there is an active demand for moderate-price homes and that
these can be built better than bought at the present time. The need is
for houses costing about $12,000 to erect, such as would appeal to a young
man with a dependable position and modest tastes.
To build such homes will put a number of men to work and make business
active in certain allied lines. I can say without violating confidences that
this undertaking in Westchester County is being watched with interest in
Washington.
Mr. Lawrence concluded, in a statement to the press, that
he felt that the formation of the Committee was an important step toward bringing back business in Westchester
County.
The first meeting of the Westchester Home Finance Committee was held at the office of the Westchester County
Realty Board on June 21. The Committee organized with
Arthur W. Lawrence as Chairman and Arthur H. Titus as
Vice-Chairman. A special sub-committee consisting of
George Howe, Harry E. Kuhlman and Reginald P. Ray
was appointed to make special investigations of certain applications where it was felt that the plans or location of the
buildings were not suitable. The general feeling of the
Committee was that the Committee must not permit Westchester to be flooded with houses of undesirable architecture
regardless of the question of the security of the loan.
Tulsa (Okla.) Starts Move to Stabilize Rents—Civic
Groups and Realty Men Unite for Recognition of
"Actual Values."
In the New York "Times" of June 26 it was stated that
New York realty men are watching with interest a movement
under way in Tulsa, Okla., to "stabilize real estate conditions in Tulsa by general recognition of actual values."
The campaign, being conducted by the Tulsa Real Estate
Board for the 60-day period ending Aug. 1, has the cooperation of a number of civic groups, according to the
National Association of Real Estate Boards, according to
the "Times" which likewise said:
Four problems are being considered in the city-wide program. They are:
Readjustment of existing mortgages to meet present conditions.
Equalization of rental levels and the ending of panic "raids" by tenants.
Stabilization of price on the basis of actual values.
Shifting of part of the present inequitable tax burden borne by real
estate.
"The second objective," the Tulsa Realty Board says, "is perhaps the
most immediate. The movement for stabilization of rents does not mean
any attempt either to raise or to lower them. It means an equalizing of
rent schedules in general over the city through intelligent estimation of
the value of each unit in comparison with competitive units. Panic on the
part of holders either uninformed or hard pressed by emergency credit
conditions is likely to lead to pricing that is out of line with neighborhood
values and disturbing to general conditions. To aid in the equalization
July 2 1932
process the board will send out to owners of income property printed
forms to aid in basing rentals on true value as of to-day's market."
Tee board appointed a mortgage and trust relief committee to work
with distressed property owners and with mortgage companies to aid in
solving their problems and to advise in methods of marketing re-possessed
properties. Individual mortgage companies have made much headway
in adjustments, the board says.
Sprawling and duplicated for sale signs are being discouraged, and a
single small sign is advocated. Distress advertising is ruled out. For
the 60
-day period all firm advertising centres on the underlying soundness
of the city's real estate assets, the advantage of buying real estate now,and
the factors which make it appear that real estate will be among the first
of commodities to register recovery.
Meantime, in preparation for action expected to be taken at the end of
the 60
-day period, when individual firms advertising with the emphasis
on sales will be resumed, the board has under study proposed standard
forms for the appraising and the listing of properties, a plan for exclusive
listings, and other regulations for co-operative bettering of sales methods.
Report of New York Emergency Unemployment Relief
Committee Under Chairmanship of Harvey D.
Gibson—$1,790,371 Remains Out of $19,635,509
Donated for Relief.
A preliminary report on its activities, made public on
June 26 by the Emergency Unemployment Relief Committee,
of which Harvey D. Gibson is Chairman, revealed that New
York's citizens contributed to the Committee a net total
of $19,635,509.29, including money, food, clothing and
other aid. The Committee has a balance of $1,790,371.28
for work relief and direct relief during the summer, it was
noted in the New York "Times" of June 27, which also, said:
The report was prepared as of May and is signed by Mr. Gibson. It
showed that $10.036,391, or more than half of the funds raised, was spent
through the Emergency Work and Relief Bureau an agency of the committee set up primarily for administering work relief. Through the week
ended May 7, this bureau had provided 1,897.851 days of emergency work,
at useful, non-competitive jobs for the unemployed. At the peak of Its
employment, during toe week of Jan. 2, the Bureau was caring for 32,312
family units through wage relief. These included a staff of 1,630 men and
women who would otherwise have been unemployed. The Bureau spent
$152.000 for direct relief, in casn,food tickets, transportation, clothing and
other necessities.
In addition, the Bureau provided the clerical and investigating staff of
the Home Relief Bureau of the Department of Public Welfare. These
were detailed from the bureau and paid by it. There were 356 men and
699 women.
Other moneys disbursed by the Committee included $4,690,000 for
direct relief through recognized welfare agencies, and $1,057,216 to the
American Red Cross and the Salvation Army: It is estimated in the report
that at least 23,011 families received care from the participating agencies
through these funds.
The sum of $2.185,712 was lent by the Committee in various amounts
between Jan. 8 and April 15 to the City Emergency Works Commission to
to enable it to maintain its work and meet its payrolls while awaiting receipt
of funds from the city and State. All this money has been repaid.
The Committee undertook to provide the labor necessary for the compiling of a city directory, thereby giving employment to a substantial
number of white collar workers. Wages for labor on this project amounted
to $186.131. Part of this expense will be returned from the proceeds of the
directory.
The report also shows $286,866 raised and spent through the Adopt
-aFamily Committee; 5.000 jobs provided through the Block-Aid fund;
$83,054 raised and spent by the Food Relief Division; $306,293 obtained
and distributed by the Clothing Division. Twenty-eight rest and recreation
centres were set up for the unemployed in four boroughs, where 2,500 men
use the facilities daily.
In a section on co-operation the report discloses that there were 126,273
subscriptions to the relief fund, exclusive of the Block-Aid. The total
number of givers was estimated at 753.935. The total cost, exclusive of
wages paid to the headquarters staff, of raising the funds and gifts-in-kind
was $496,851, or 2.40% of the sum raised. Of the cost, $303,769 represented
the expense of raising the main campaign funds; this is 1.66% of the sum
raised.
"The citizens of New York may well take pride in the results which
their co-operation and support have made possible," the report said.
"Without this universal desire to help the victims of unemployment, no
such great sum of money could have been raised. The success of this community effort to alleviate the sufferings of their unfortunate neighbors is a
splendid tribute to the generosity and spirit of the people of this city. It Is
an augury of what may be expected from renewed efforts of the kind should
the necessity Persist."
From the "Times" we also take the following:
SUMMARY OF GIBSON REPORT ON JOBLESS FUND.
Contributions.
The total contributions to the committee, received and pledged as of
May 1932, including money, food, clothing and other aid, and after deducting fund-raising costs, amount to $19,635,509. These contributions are
classified as follows:
Campaign last fall
$18,279,361.82
Continuation activities:
Adopt-a-Family Committee
286,866.50
Food Committee, food valued at
83,054.90
Clothing Committee, garments valued at
306,293.60
Block Community organization—
Cash received
810,392.22
Estimated pledges
475.988.11
$19,635,509.29
The Campaign Last Fall.
The total sum pledged to the committee as a result of its campaign last
fall was $19,040,936. The money contributed in each of the five boroughs
to make up this total was as follows:
Manhattan
$16,607,195.87
Brooklyn
1,300,056.96
Bronx
498,340.77
491.578.58
Queens
115,017.12
Richmond
Not otherwise classified
28,746.74
$19.040,936.04
761.574.22
From which is deducted for duplications and cancellations.-Leaving a net sum of
$18,279,361.82
Financial Chronicle
Volume 135
Source of Contributions—
$5,163,624.71
From 7,336 corporations and business firms
From 9,591 officers and other executives of corporations and
1,550,538.36
business firms
From 466,472 employees of corporations and business firms_ 4,590,781.45
Making a total of 483,399 gifts for all groups in the field of
commerce and industry, amounting to
$11,304,944.52
Seven foundations contributed
1,479,849.50
Other contributions from individuals were received as follows:
Through the special gifts committee, 979 gifts
2,038,087.73
Through the women's committee, 23,795 gifts
3,823.553.04
To this total must be added as not otherwise classified.
244,842 gifts
394,501.25
Making a total of 753,022 gifts
Less duplications and cancellations, 961 gifts
$19,040,936.04
761,574.22
Leaving a net figure of 752,061 gifts
$18,279,361.82
Expenditures—
Emergency Work and Relief Bureau—Through May 7,
provided 1,987,851 days of emergency work at useful jobs
and $152,000 for direct emergency relief
$10,036,291.26
Red Cross and Salvation Army—Disbursed through these
two organizations for emergency unemployment relief
1,057,216.38
Other Welfare Agencies—Estimated that 23,011 families
have already received aid and $997,216 is still available— 4,690,000.00
Directory Project—Providing white collar labor for compiling city directory; sum to be partly reimbursed _ __
186,131.63
_Miscellaneous—Emergency expenditures for direct relief
athninlstered from committees headquarters
22,500.00
Total cost—Exclusive of wages to the headquarters staff,
which was recruited from unemployed, was 2.40% of sum
496,851.27
raised, or
Balance—
After allowing for continuation program there remains as of
$1,790,371.28
May 25, budgeted, but unappropriated
Summer Relief Jobs at Cost of $6,546,784 Approved by
New York State-453 City and County Projects
Require $5,062,604 Wages of Which 40% Will Be
Refunded—Most of Work on Roads—New York
City Share for June $1,663,180.
A State-wide summer work relief program, involving an
expenditure of $6,546,784, of which $5,062,604 is to be for
wages, has been launched by the New York State Temporary Emergency Relief Administration, it was announced
on June 26, it was stated in the New York "Times" of
June 27, which also reported:
The program will be carried out in co-operation with city and country
work bureaus which receive a share of the State's unemployment relief
fund.
To make the program possible, under the amendment of the Legislature
directing that between June 1 and Nov. 15 work relief payrolls may be on
a 40% refund basis from the State, the relief administration has approved
work projects sent in by districts throughout the State and has undertaken
to pay the percentage of the payrolls provided for.
69
extend until Wednesday, July 6, as a means of restoring
business confidence in the community, according to a
Chicago dispatch to the New York "Times." This action,
it is stated, was taken following the posting of a notice
at the First National Bank & Trust Co. of Chicago Heights—
(not Chicago proper) that the directors had ordered the
banks "closed for liquidation." The dispatch continued:
No statement was made as to whether the liquidation was to be accomplished immediately or as to the amount of payments to depositors.
The bank had deposits of $2,427,616. a capital of $200,000, and surplus
and undivided profits of $255,322. It was taken in charge by A. P.
Leyburn, Chief Bank Examiner, of the Chicago Federal Reserve District.
As soon as the closing of the bank became known, Mayor Daniel P.
Bergin called a meeting of the City Commissioners and leading business
men and officials of the Citizens' National Bank, the only bank remaining
open in Chicago Heights.
It was agreed all business houses, except grocery stores, pharmacies.
and similar establishments, which must remain open for public convenience. should close their doors until Wednesday. Public utilities
and the local newspaper will continue operations, but the Citizens' National
Bank will close for the period.
The business moratorium was first tried some months ago in Urbana,
following the closing of several banks there and in Champaign. It was
successful in restoring confidence in the banks which remained open and
has been tried since in several other Ullnois cities.
C. P.
Howard
Elected
President
International
Typographical Union.
Charles P. Howard was re-elected President of the International Typographical Union by a margin of 5,000 votes
over Leon H. Rouse, the official tabulation announced by
International headquarters revealed on June 17, according
to Associated Press accounts from Indianapolis on that day,
which also said:
Mr. Howard received 30.026 votes to 25,004 for Mr. Rouse.
Claude M.Baker was elected First Vice-President, receiving 31,536 votes
to 17,457 for Lawrence J. Codas and 4,723 for C. 0. Testerman. The
Second Vice-Presidency went to Francis G. Barrett, who polled 27,732 votes
to defeat George Bentley with 21,675 and Thomas J. Connelly win 4,799.
Woodruff Randolph received 34,317 votes to be re-elected SecretaryTreasurer. His opponent, Guy S. McCoy. polled 19.693.
William B. Lowe was chosen delegate to the trade and labor congress of
Canada. Delegates to the American Federation of Labor chosen are
Frank B. Morrison, William H. Trotter, Roy C. Cline, Frank X. Morel
and John Simons.
Charles E. Mayers was elected to the board of auditors and Ira G.
Gwinop was chosen as agent at the Union Printers Home,
State Helps Only on Wages.
The projects approved for the most part concern manual labor for permanent improvements. The State will co-operate financially only on wages.
The difference between the total expenditure of $6,546,783 and the $5,062,604 to be provided for wages will be paid by the cities and counties themselves. This difference will cover the cost of materials.
Harry L. Hopkins, Chairman of the State Relief Administration, pointed
out that the wage cost figure of $5,062,604 includes New York City's work
relief program only for June. Of the $5,062,604 the State promises to
refund $2,025,211. Up-State cities and counties that have planned work
relief projects with a total relief wage cost of $3,399,424 will receive a
refund of $1,359,939, and New York City, whose June wage costs are
$1,663,180, will receive a State refund for that month of $665,272.
Many Projects Included.
Participating in the summer relief program are 19 county work bureaus
and 21 city work bureaus which have planned highway projects for this summer; six counties and 11 cities with sanitation improvement work as part of
the:rellef program;four counties and 13 cities that will concentrate on park
and playground projects; 10 counties and 17 cities where plant and structure
work is being done; eight counties and 20 cities with clerical projects for
"white collar" workers, and seven counties and 11 cities with miscellaneous
projects, including work for women and "white collar" men.
There are 453 projects in all, exclusive of work on improvements to
be undertaken by State departments as strictly State relief projects and
for which the Legislature has made a special appropriation of $250,000.
Hopkins Explains Aims.
In announcing the summer work relief program Mr. Hopkins said:
"Relief needs at the present time have not decreased, but it is hoped
that some seasonal employment will lighten the demand on work relief
payrolls this summer, particularly in the small towns. This summer work
relief program has been planned to maintain on work relief wages those
who have been found to be in need, but it will also create some permanent
improvements. The improvements will have a concrete dividend for the
taxpayer in addition to the primary purpose of relieving suffering.
"While.the projects planned by the work bureaus will make some new
jobs for the unemployed in need, they will for the most part be maintaining
those who are on the work relief lists now.
"Edward Hochhauser, executive director of the Committee for the Care
of the Jewish Tuberculous. Inc., has made a study of the efficiency of some
of the work bureaus operating last winter. Work bureaus now will be given
the benefit of the analysts showing both the value and the inefficiencies in
the operations, and the summer work relief program will be planned from
the experience gained through the past winter, which was the first to have a
State-wide work relief system.
"Mr. Hochhauser reported that the representative citizens of all communities visited felt that from the experience of the past winter they could
not afford to give up work relief for home relief alone. They found work
relief important in maintaining the morale of the unemployed as well as in
Providing the bare necessities of life for them."
Chicago Heights (Illinois) Calls a Business Moratorium
to Restore Confidence After a Bank Closes.
The City Commission and business men of Chicago
Heights on June 30 declared a business moratorium, to
New York Employing Printers' Association Declares
Book and Job Printing Trades Face Bankruptcy—
Tells Typographical Union No. 6 Wages Must Be
Reduced if Industry Is to Be Saved—New Contract
Demanded—Formal Action Taken After Workers
Reject Plea for Voluntary Cut.
The book and job printing plants in New York City are
fast reaching the point where bankruptcy can be avoided only
by financial relief in the form of reduced wage scales, according to the Printers' League Section of the New York Employing Printers' Association, which sent a letter to Typographical Union No. 6 on June 22 giving the union the required notice of an intention to amend or abrogate the existing contract, which expires on Sept. 30. The New York
"Times" of June 23 further reported:
Typographical Union No. 6, said Frank N. Rodman, President of the
League,in the letter, is the only printing trades union to refuse a voluntary
wage reduction in the face of current conditions and tnis, he said, has
"created so critical a condition that it is difficult to foresee just what will
happen."
"Due to the unforeseen collapse of prices, the extended, widespread and
continued business depression and the serious financial condition of many
of our plants, the League as far back as September 1931, urged your organization to voluntarily modify the contract and give some relief to the
industry," the letter says. "Your organization's answer to this request
after meetings extending over six months was to propose some minor
changes in shop practices, demanding conditions in return which,if put into
effect, would have actually increased production costs.
"Every other union employed directly in our plants has granted voluntary
relief despite the fact that tney were under contract like your organization
to the League, Typographical Union No. 6 alone has refused to consider
any relief and continues its attempt to maintain its boom price wage scale
In face of the fact toot all major commodities are down to a price level_of
1913.
"It is needless for the League to point out to you, with 3,000 or more of
your members out of work drawing relief benefits, that our plants are
fast reaching the point wnere relief must be secured or face bankruptcy.
"Typographical Union No. 6 has insisted on its pound of flesh and has
thereby created so critical a situation in the city of New York that it is
difficult to foresee just what will happen at toe expiration of the contract
unless there is a distinct improvement in business before that time. At
present conditions are worse than they have been at any time since the
depression started and there appears to be little upon which we can base
our hopes for any real improvement in the near future. All of tne conditions
are commonplace knowledge to you and your organization and it is not
necessary to further empnasize them."
The New York "Herald Tribune" of June 23 said:
Austin Howson, President of the union, declared that nothing furtner
has been done about the deadlock in toe negotiations between the Publishers' Association and toe union on a new wage agreement. The union
70
Financial Chronicle
was awaiting the arrival from Chicago of Charles P. Howard, the International President, before taking any further steps in the matter, Mr. Hewson
said.
Deadlock in Wage Negotiations Between Publishers'
Association of New York and Typographical Union
No.6—Union Refuses Publishers' Plea to Arbitrate.
Negotiations between committees representing the Publishers' Association of New York City and Typographical
Union No. 6, to decide upon a new wage agreement, ended
in a deadlock at 1.15 a. m. on June 21 when the union
representatives, after an all-day and night session, failed to
reach a settlement with the employers and declined to
consider arbitration. The conference was held in the office
of the association in the Sun Building, 280 Broadway, said
the New York "Times, which went on to say:
Austin Howson, President of the union, said after tne meeting that an
adjournment had been taken on future conferences between tne two groups
to await the arrival of Charles P. Howard, International President of the
union, who will take part in the negotiations. Mr. Howard, wnose neadquarters are In Indianapolis, is in Chicago negotiating with the publishers
in that city on another wage agreement.
Toe publishers' committee had set yesterday as the final day for discussion in toe hope that an agreement would be reacned. Upon failure to
reacn such an agreement the publishers'committee insisted that the question
go to arbitration, which, according to Mr. Howson, the union committee
refused to agree to.
Lester L. Jones. Secretary of toe publishers' committee, declined to make
any statement on the deadlock.
Mr. Hewson said that ae expected to receive word sometime to-day from
Mr. Howard notifying him to expect the International head so that toe
negotiations might be resumed. There will be a meeting of toe union
committee to-day to discuss the turn of events. It will be held in the union
headquarters, 24 West 16th St.
The negotiations seek to effect a new working agreement
to replace the old contract expired June 30 1929, covering
employment in newspaper composing rooms.
With regard to the negotiations the "Times" of June 9 said:
The union is asking for a wage increase of $3 above the present wage
scale and a 6
-hour day instead of the 45
-hour week. Each worker would be
limited to five days a week and the sixth day would go to a substitute
named by him.
The proposed union scale, which has been approved by Charles P. Howard, President of the International Union, provides a wage scale of $68
to $74 a week, according to the shift worked.
The program of the newspaper publishers, as expressed in a letter of
May 12, proposes resumption of negotiations, wnich aro to be continued
untll June 15, when. "if a new contract nas not been concluded, they propose mmediate resort to arbitration on all points at issue."
To insure conclusion of the negotiations without further delay the publishers fixed July 1 as the final date for the completion of all arrangements
for arbitration. If this is not concluded by that time the publisners
"reserve the right to authorize sucn other action as they consider necessary
under the circumstances."
New York State Superintendent of Banks Broderick
Will Sue Bank of United States Stockholders—
Action to Force Payment of $25 Assessment to Be
Begun About Aug. 1—Deputy Superintendent
Piderit, Opposing Depositor's Suit, Says Amount
Legal Move Will Bring Cannot Be Predicted.
An action to force stockholders of the closed Bank of
United States to pay assessments of $25 a share will be
brought by Superintendent of Banks Joseph A. Broderick
on or about Aug. 1, it was disclosed on June 14 in an affidavit in opposition to a motion by Abraham C. Weinfeld, a
lawyer, for an order to examine Superintendent Broderick
preliminary to a suit against the stockholders. This is
learned from the New York "Times," which stated that
Supreme Court Justice Selah B. Strong, in Queens, reserved
decision on June 9 on Mr. Weinfeld's motion for an order
directing Mr. Broderick and Fred W. Piderit, Deputy
Superintendent of Banks, to appear for examination as to
the identity of stockholders, the number of shares held by
each, payments on account of assessments by any stockholders, and the present assets and liabilities of the bank.
The "Times" on June 15 further said
Mr. Weinfeld said yesterday that he was a stockholder as well as a
depositor. He said he had paid his assessment, and his action was intended to determine how many stockholders had paid. Mr. Weinfeld
placed his net loss as a result of the bank's failure at $600 to $700. His
motion was made, he said, preliminary to an action to enforce the statutory
liability of stockholders for the amount of the par value of their shares.
Cites Steps Taken.
The affidavit, submitted by Mr. Piderit, denied that the Superintendent of Banks had neglected or refused to institute an action for the
recovery of the assessment, and cited steps already taken by Mr. Broderick
in preparation for the suit.
116•."A complete draft complaint has already been prepared," the affidavit
stated, "and the commencement of the action will be begun on or about
Aug. 1. Since the making of the demand upon the stockholders for payment of the assessment, dividends amounting to approximately $800,000
due to stockholder depositors have been impounded by the Superintendent
against the payment of the amount duo upon the assessment levied against
them."
July 2 1932
The affidavit pointed out that litigation would cost many thousands
of dollars, and that preparation for the suit was still incomplete. In opposing the motion of Mr. Weinfeld, the affidavit concluded:
"It is obvious that a single legal practitioner has neither equipment,
organization nor special knowledge to conduct a law suit of this magnitude and complication. To encourage such a suit would seriously embarrass the liquidation and lead to similar applications by numerous other
creditors for the same relief."
Other Creditors May Join,
Mr. Weinfeld's application was filed in behalf of himself and "other
creditors of the Bank of United States who may join in this proceeding."
Section 120 of the State Banking Law, Mr. Weinfeld said, requires that
a demand be made upon the Superintendent of Banks for the commencement of an action against stockholders. He said he had made the demand
in a letter to Mr. Broderick on March 8, and that the Superintendent
had failed to begin the action within the statutory 60 days' limit, or since
that time, thus giving a creditor the right to start an action of his own.
Mr. Weinfeld said stockholders were reluctant to pay the assessment
and that if action were not commenced soon they might use what funds they
have to pay debts or transfer their property. A longer delay, he said, would
make it more difficult to set aside such transfers.
Mr. Merit said that it was "any one's guess" as to the amount that
might be obtained from the assessment. Of about 20,000 stockholders,
he said, one-third are residents of other States where separate actions
would have to be started. Cash payments on the assessment so far, he
said, amount to about $500,000.
Serious Financial Situation in Chicago, During Which
Upwards of 40 Banks in the Chicago Area Closed
Their Doors, Including 1 "Loop" Bank—Conditions Practically Normal Again—General Charles
G. Dawes Assumed Chairmanship of the Central
Republic Bank & Trust Co. and Issues Statement
Saying the Institution Is Now in an "Impregnable
Cash Position."
The wave of financial distrust following the closing of
numerous small banks in Chicago and its suburbs since the
beginning of June, which precipitated severe "runs" by
depositors on the five large banks in the Loop district of the
city for several days last week (more particularly the First
National Bank of Chicago and the Continental Illinois Bank
& Trust and which obliged the Central Republic Bank &
Trust Co. to raise $95,000,000 in ready cash) had virtually
subsided by Monday of this week, June 27. Only ono "Loop"
bank, one of the smaller institutions in the district, the
Chicago Bank of Commerce, failed to withstand the heavy
withdrawals. This bank did not open for business on Saturday, June 25. An account of the closing, as contained in a
Chicago dispatch on that day to the New York "Times,"
said:
The Chicago Bank of Commerce did not open for business to-day. The
closing was ascribed to heavy withdrawals which have reduced the deposits
from more than $10.000.000 to $5,200,000. Assets are understood to be
sufficient to pay all depositors upon eventual liquidation, according to
bankers well informed regarding current conditions, and there may even
be a small surplus for the stockholders.
The First National Bank of Wilmette, the South Ashland National Dank
and the Northbrook State Bank also closed.
The Chicago Bank of Commerce is the only "Loop" bank affected by the
bank closings in the outlying sections in the last two weeks. It is understood that loans were pending with the Reconstruction Finance Corporation,
but that the amounts were not sufficient to meet the pressure of withdrawals
at the rate of $500.000 a day.
The bank had a capital of $1,500,000. surplus of $750,000 and in addition
has a "cushion" in the capital of the Union Bank of Chicago. which it
absorbed Sept. 28 1931. There is a total capital and surplus of some
$3,900,000 to cover depoists of $5.200.000, which are fully covered by assets.
The same dispatch to the "Times" stated that Melvin A.
Traylor, President of the First National Bank of Chicago
and its affiliate, the First Union Trust & Savings Bank,
addressed the customers in his bank on Saturday, asking
for their co-operation in making it possible to pay off those
wishing to withdraw in an orderly manner. We quote
further from the advices as follows:
Ile said the bank would be open during the usual business hours and would
be open Monday morning, and willing to pay off any depositor who wished
to withdraw his funds.
His speech was well received in the first floor savings department and
was repeated in the second floor banking room, after which the people
visibly thinned out.
•
Mr. Traylor called attention to the fact that depositors who withdrew
their money at this time would lose the interest which would be credited to
their account on July 1.
He assured customers the bank was in a strong position, had an abundance of cash and that there was no reason whatsoever for the disturbed
feeling which some were showing.
A United Press dispatch from Chicago on Friday, June 24,
in describing the "run" on the "Loop" banks said:
The customers lined up in the "Loop" banks were orderly. Most of
them were women, and as they walked away with their deposits, many
clutched pocketbooks under both arms.
In addition to the closing on June 25 of the Chicago Bank
of Commerce, another Chicago bank, the South Ashland
National Bank, and two suburban banks, the First National
Bank of Wilmette (Cook Co.) and the Northwest State Bank
(also a Cook County institution) failed to open their doors
on that day. The Chicago "Post" of Juno 25 in reporting
these failures said:
Volume 135
Financial Chronicle
South Ashland National, 6905 South Ashland Ave., had deposits of
5110.000. capital of $200,000 and surplus of $20,000.
First National of Wilmette, had deposits of about $800,000, *capital of
$150,000 and surplus of 550.000.
Northbrook State Bank, Northbrook, reported deposits of 5143,000,
capital of $50,000 and surplus of $5,000.
In its June 23 issue the "Post" indicated that the West
Irving State Bank, located at 6005 Irving Park Boulevard,
had closed on that date. This bank was capitalized at
$200,000 with surplus of $50,000 and had deposits of $325,000
it was said.
Again, in its issue of June 24, the "Post" stated that the
Midland National Bank of Chicago, located on Archer Ave.,
with combined capital and surplus of $235,000 and deposits
aggregating $500,000, had closed on that date.
A dispatch to the New York "Evening Post"from Chicago
on June 28recorded the suspension of two more Chicago banks
on that day. The institutions named in the advices were the
First National Bank of Riverside (a Chicago suburb) with
combined capital and surplus of $68,000 and the Congress
Trust & Savings Bank, on Wabash Ave., just south of the
"Loop," which was capitalized at $500,000 and had deposits
of $3,000,000.
The opening of business on Monday, June 27, found
General Charles G. Dawes in his old post of Chairman of the
Board of the Central Republic Bank & Trust Co., a position
to which he was elected by the directors the previous night.
His assumption of the Chairmanship of the Central Republic
—we quote from the Chicago "Post" of June 27—puts at
rest various rumors concerning the plans of General Dawes
circulated when he resigned as Ambassador to England and
more recently when he resigned as President of the Reconstruction Finance Corporation. At the latter time, General
Dawes denied that he was planning to accept a place,on the
Republican ticket as candidate for Vice-President. The
paper mentioned, continuing said:
Another set of rumors was stilled by his return to the post of Chairman
of the Board. Reports had been heard in La Salle Street that a merger of
the Central Republic and the Continental Illinois banks was imminent.
A direct denial of these reports was made to-day. The Central Republic,
it was stated, will continue as a separate unit and under its present management.
Late Monday afternoon Mr. Dawes gave out a statement,
the contents of which as printed in the Chicago "Tribune"
of the next day, was as follows:
"The demands on the Central Republic Bank & Trust Co. during the last
week made necessary recourse to borrowing to meet them. These loans
have been completed and place the bank in an Impregnable cash position.
The loans negotiated are for current requirements and to pay depositors
and are not for the purpose of liquidation."
[Signed] CHARLES G. DAWES.
The "Tribune" in the same issue continued:
Mr. Dawes distributed copies of this statement himself after a long
conference in his private office with Joseph E. Otis, vice-Chairman: Philip
R. Clarke. President of the bank,and other members of the board.
Otis Explains Action Taken.
After giving out the statements Mr. Dawes departed. Asked to comment on the announcement, Mr. Otis said that it meant that there would be
sufficient funds to cover any contingency.
"It means," he added. "that we are going to continue to do business as
usual and that withdrawals can cause absolutely no embarrassment. We
have plenty of money to cover all demands, even if every depositor should
ask for his his money."
Mr. Otis said the loans were supplied by the Reconstruction Finance
Corporation.
Asked to comment on the precipitous decline yesterday (June 27) in the
over-the-counter quotations on the stock of Central Republic Bank &
Trust Co., Mr. Otis said:
"We simply withdrew our support."
Stock Drops 40 Points,
On Saturday (June 25) the stock was being quoted at 47 bid, 50 asked.
Yesterday quotations fell to 4 bid, 6 asked, and at one time a quotation as
low as 1 was reported. The highest quotation during 1932 to date was 112.
Central Republic Bank & Trust Co.,is the outgrowth of a merger effected
July 27 1931, between Central Trust Co., and the National Bank of the
Republic. The Central Trust Co. was organized in 1902 shortly after
Charles 0. Dawes retired as Comptroller of the Currency.
Mr. Dawes' election to the Chairmantisip of the Central Republic Bank
& Trust Co. followed his return to Chicago June 11 after he had resigned
from the Chairmanship of the Reconstruction Finance Corporation.
Follows Day of Parleys.
Mr. Dawes'statement was distributed after a day of conferences in some
of which officers and directors of other "Loop" banks participated. It is
understood that the Central Republic Bank & Trust Co. asked for and
obtained the co-operation of New York correspondents bank and the four
principal "Loop" banks In Chicago as well as that of the Reconstruction
Finance Corporation.
Officials of the Central Republic Bank & Trust Co. and other "Loop"
banks regarded Mr. Dawes' announcement as a clarifying influence in
banking circles after several days of uneasiness.
At the other "Loop" banks business was reported to be back to normal
after three days of withdrawals. Also, yesterday no failures were reported
among outlying banks.
Tuesday's issue, June 28, of the New York "Times" had
the following to say in regard to the loans obtained by 'e
Central Republic Bank & Trust Co., placing the institution
"in an impregnable cash position":
71
The arrangements for placing the Central Republic Bank & Trust Co.
in an impregnable cash position to meet the demands of depositors were made
over the weekend, according to the understanding of Wall Street bankers,
after a conference in which Chicago bankers, officials of the Reconstruction
Finance Corporation and Mortimer N.Buckner,President of the New York
Clearing House Association, joined.
Mr. Dawes' bank at the close of last week had deposits of $95,000,000,
and the loans were arranged completely to cover this sum. The amounts
provided, according to Wall Street's information, were: 580.000,000 from
the Reconstruction Finance Corporation, $10,000,000 supplied by a group
of Chicago banks and $5,000,000 pledged by a group of New York banks
through Mr. Buckner. Mr. Dawes resigned as President of the Reconstruction Finance Corporation on June 6.
The funds pledged by New York banks,it is understood, will be advanced
by a small group which had previously extended a credit to the Central
Republic Bank & Trust Co. There was no general canvass of the New
York Clearing House banks In connection with the plan.
Bankers here have been cognizant of the difficult situation in Chicago
for some time and were not surprised at the outbreak of small bank failures
there last week, although the runs which followed upon the larger "Loop"
banks caused deep concern until they dried up last Saturday. The weakness of the Chicago banking situation, according to New York bankers,
arose out of the provisions of the Illinois banking law which prohibited
branch banks, even within city limits.
As a result of this prohibition none of the strong Chicago banks was
able to serve a wide area as do the big New York banks, but instead Chicago
and its environs were peppered with small neighborhood banks, with insufficient resources and ability to meet the long drain of the financial
crisis. In the fall of 1929 there were 225 banks in Chicago. At the present
time there are about 60.
It was recognized months ago that many of the small banks in that
district would have to close their doors. In the circumstances, it was felt
the best course was for these banks to continue in business as long as they
could, repaying their depositors as the demand was made and closing only
when the limit of their borrowing capacity had been reached. By following
this course it has been possible to avoid tying up large amounts of deposits.
The majority of the banks closed last week had left only the dregs of their
deposits.
The procedure of allowing these weak Chicago banks to pay out deposits until they were at the end of their rope culminated last week in
the rapid-fire closing of 22 small banks. The repercussions of these failures
precipitated "runs" on several of the large banks of the "Loop" district,
including the Central Republic Bank & Trust Co.
According to Chicago advices to the New York ."Times"
on Tuesday, the directors of the Central Republic Bank it
Trust Co. at a meeting held that afternoon omitted the
dividend on the capital stock. Three months ago the bank
paid a quarterly dividend of $2,or at the annual rate of $8,
it was stated. The same dispatch contained the following:
Shares of the Central Republic Bank & Trust Co. were in better demand
to-day on the over-the-counter market. The closing bid was $9, compared with yesterday's last bid of $4. The issue sold to-day as high as
$18, unlisted brokers reported. The recovery followed the issuance of a
statement by Charles G. Dawes, Chairman, saying that the bank was
In "an impregnable cash position" because of loans obtained.
A United Press dispatch on Monday, June 27, in regard
to the financial situation in Chicago on that day,said in part:
After 40 failures in a month, 24 of them last week, the day passed in
Chicago without an additional suspension, and encouraging reports Were
made by "Loop" banks which had withstood heavy withdrawals.
The Postal Savings Department, which normally has 25 or 30 windows
in the Chicago post office, but which increased the number to around 100
last week to accommodate deposits, reported that about 51.000,000 bad
been received during the day, compared to $2,000,000 and $3,000,000 a
day at last week's peak and a normal daily average of $200,000.
An unsought benefit to the banks was the fact that depositors who made
withdrawals last week thereby defaulted on savings interest due July 1.
It was understood that interest so defaulted in one of the larger "Loop"
banks amounted to $75,000 a day for several days last week.
Unofficial figures showed that the number of banks in Chicago had been
reduced from 225 in 1929 to about 70 at the present time.
Another Chicago suburban bank, the First National Bank
of Chicago Heights, closed its doors on Thursday of this week,
June 30. A Chicago dispatch by the United Press reporting
the closing stated that the institution was capitalized at
$200,000 with surplus of $125,000 and had deposits of
$1,000,000.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c
Arrangements were made June 25 for the sale of a New
York Stock Exchange membership at $85,000, no advance
over the last previous sale, June 18, but on June 30 a sale
occurred at $80,000, a decline of $5,000.
On the 27th inst. a Cotton Exchange membership sold at
auction at $9,550, a decline of $50.
All security and commodity exchanges in New York
except the New York Cotton Exchange will be closed to-day
(July 2) and will remain so until Tuesday morning (July 5)
in observance of the Fourth of July holiday. The Cotton
Exchange will be open to-day but will be closed Monday.
Following are the leading Exchanges in New York that
will observe the three-day holiday: The New York Stock
Exchange; the New York Curb Exchange; the New York
Produce Exchange; the Rubber, Metals, Hides and Leather,
and Real Estate Securities Exchanges.
Exchanges in Chicago will also be closed for the three-day
period.
72
Financial Chronicle
Canadian Exchanges, in Toronto and Montreal, observed
Dominion Day yesterday (June 30) and will also be closed
to-day.
At a meeting of the directors of The Manhattan Co. held
June 30 P. A. Rowley tendered his resignation as President
of the company, and J. Stewart Baker, Chairman of the
Board, was elected President. Mr. Baker will hold both
offices. Mr. Rowley will continue his interest in The
Manhattan Co., retaining his membership on the boards of
The Manhattan Co., Bank of Manhattan Trust Co., New
York Title & Mortgage Co. and County Trust Co. of White
Plains. He will continue to serve as Chairman of the
Executive Committee of the Queensborough Division of the
Bank of Manhattan Trust Co.
The Bank of Manhattan Trust Co., New York, announced
on June 24 the election of Franklin Field as Assistant
Secretary. Mr. Field has been connected with the Manhattan company group for the last several years. At the
same time the Manhattan Co. announced that W. A.
Rush, succeeding J. C. Harris, was elected Secretary at
a meeting of the Executive Committee of the institution.
July 1 marked the 35th anniversary of the establishment
by The National City Bank of New York of its foreign
exchange department.
According to the Boston "Herald" of June 22, plans for
the formation of a new National bank in Boston to take
over the assets of the Federal National Bank now in process
of liquidation, were outlined at a meeting of the reorganization committee held June 21. Charles J. O'Malley presided.
The paper mentioned went on to say:
No details were discussed by those who addressed the meeting other than
to state that "substantial interests" were behind the new bank and that its
directorate of between 15 and 20 would include heads in financial and
business circles in Boston.
The new bank would be capitalized at $1,000,000 and would have
$1,000,000 surplus when it opens. Its stock will be of $20 par value. The
purchase price will be $40 a share, half of which Foes to surplus and the
remainder to capital.
Complete power to perfect the plans were left in the hands of the subscription committee of the reorganization committee comprising Daniel C.
Mulioney, John Fulham and Charles J. O'Malley.
Mr. Mulloney stated that the plan to open the new bank is more feasible
than that of reopening the Federal. Reorganization of the Federal ran
against a snag when State officials objected to the Comptroller of the
Currency permitting the bank to reopen on the grounds that the State had
claims against the Federal.
Those present at yesterday's meeting were asked to submit a name for
the proposed bank.
The closing of the Federal National Bank, which had deposits of more than $28,000,000 and maintained five branch
offices in Boston, was noted in our issue of Dec. 19 1931,
page 4104. Our last reference to its affairs appeared in the
"Chronicle" of June 4 last, page 4099.
At the annual meeting of the corporators of the Bridgeport-People's Savings Bank of Bridgeport, Conn., Earl L.
Lewis, Richard J. Wynkoop and LeRoy R. Bailey were
elected Vice-Presidents of the institution, and Horace B.
Mervvin, President Bridgeport-City Trust Co.; Herman K.
Beach, President Bridgeport Metal Goods Mfg. Co.; Sargeant F. Eaton, Vice-President and General Manager of
Howland Dry Goods Co., and Dr. Thomas L. Ellis, a Bridgeport doctor, were made trustees.
Effective June 25, two of the oldest banking institutions
in New Haven, Conn.—the First National Bank & Trust
Co.and the Merchants'National Bank—were united through
the purchase by the former of all the assets and the assumption of all the liabilities of the Merchants' National. As a
result of the union, the enlarged First National Bank will
have assets in excess of $30,000,000, according to the New
Haven "Register" of June 27. The paper mentioned stated
that under the terms of the agreement by which the merger
was made the stockholders of the Merchants'Bank must wait
until all of the accounts of that bank are collected and if
there is any balance left over this will go to the stockholders.
This may take two or three years. The par value of Merchants' Bank stock is $50 a share. It has been quoted in
the market recently at between $40 and $50 a share, but
there has not been many sales.
The First National has commercial,savings, trust and safe
deposit departments, is a member of the Federal Reserve
System and is a United States depository for postal savings
funds.
The First National Bank & Trust Co. was established in
1863. Thomas M. Steele heads the institu;ion. The Mer-
July 2 1932
chants' National Bank was organized in 1851. Lewis H.
English was President.
The National Tradesmen's Bank & Trust Co. of New
Haven, Conn.—an institution with combined capital, surplus
and undivided profits of $863,559 and deposits, according to
its last statement, Dec. 31 1931, of $3,986,944—closed its
doors on Wednesday of this week, June 29, and was placed
in charge of Federal bank examiners, Thomas E. Dooley And
Fred D. Williams. Decision of the directors, it was stated,
to close the institution followed a series of conferences, held
by the directors with representatives of other banks in New
Haven, with a view to having the institution taken over
through some merger plan, but this was found to be impracticable. The New Haven "Register"of June 29,from whose
report of the failure, the foregoing is learned, continuing said
in part:
Dank Examiner Dooley Issued a statement this forenoon In which he
explained the reasons for the closing of the Tradesmen's. He said that the
move was made because of the extraordinary withdrawals of deposits and
In anticipation of further heavy demands it was decided that It was for
the best interests of all the depositors to close the institution.
Charles E. Curtis Is President of the Tradesmen's. He had no statement
to make and members of the Board of Directors referred all inquires to the
Bank Examiner.
As the situation now stands there are two alternatives, one being for a
reorganization of the bank and the other for a receivership.
In the opinion of some of the directors, a reorganization is improbable
so it is the belief that the next step will be for the appointment of a receiver
by the Comptroller of the Currency who will take the necessary measures
to liquidate the bank's affairs and wind it up.
No statement as to the present condition of affairs of the bank was available to-day. Bank Examiner Dooley said that the examination is now in
progress and it may be two or three days before the real picture can be
presented.
By closing the bank, the directors prevented an anticipated "run" on the
bank to-day for it had been known for several days past that there had
been heavy withdrawals, and it was believed that those depositors who had
not participated in the withdrawals lately should be offered protection.
Withdrawals of deposits are attributed to tile misfortunes that befell
some small banks around New Haven and the closing of the Mechanics on
June 9 by State Dank Commissioner George J. Bassett. Over a million
dollars in deposits have been taken from the bank within a short period,
It was learned to-day, and the seepage, it was feared, would continue.
In addition to this, the bank experienced difficulty in making collections
on loans. Efforts had been made to tide the situation over through loans
from the Reconstruction Finance Corporation.
According to one authority there will be little for the stockholders, for
the capital stock of $500,000 will be wiped out.
Edward Schoen, Newark, N. J., banker, lawyer and a
member of the Board of Education, committed suicide at
his home in that city on June 22. Financial troubles are
said to have been the cause of his act. Mr. Schoen was a
Vice-President of the New Jersey National Bank & Trust Co.
of Newark, which closed on June 11 last, and President of
the Guaranty Trust Co., a subsidiary of the bank, which was
placed in receivership on June 16 by Chancellor Bigelow
with severe criticism of its directors. Mr. Schoen faced
legal action by a stockholder in connection with the affairs
of the company, which dealt in securities. He had been
subpoenaed the previous day, June 21, by Francis Child,
receiver for the Guaranty Co., and was to have appeared
for examination on the day of his death.
Business of the Citizens' National Bank of Rahway, N. J.,
was suspended at noon last Saturday, June 25, following a
formal announcement by the officers that the institution
would not reopen again. Depositors' accounts were transferred to the Rahway National Bank, and depositors on
Monday of his week, June 27, began transacting business
with the latter. Officials of both banks stated on June 26
that the action constituted a form of merger with the Rahway National Bank, the oldest commercial bank in Rahway.
Assets of the closed institution, it was stated, would be
liquidated at once. We quote furthermore from Rahway
advices to the Newark "News," on June 27, from which the
above information is obtained:
The Citizens' National Bank was the institution which figured in the
largest cash bank holdup in the history of the State last Nov. 13, when
five men escaped with $72,000 in cash. None of the bandits has been
caught.
The move to liquidate and close the bank, Vice-President James Pettit
of the Citizens' Bank stated, was taken to protect the depositors interests.
Mr. Pettit said no one will lose money and all can obtain their funds at
once through the Rahway National Bank.
The Citizens' Bank was organized six years ago with Paris R. Fonman,
Vice-President and General Manager of the National Pneumatic Co., as
President. Capitalization was for $100,000 and assets were listed at
$1,000,000. Merck & Co., National Pneumatic, Gibbs & 11111 and other
industrial concerns used the bank as a depository. The institution was
listed for depository of city, county and State funds. One of the organizers
was John J. Stamler of Elizabeth, who gave up directorship in the bank
veral years ago. The bank occupied the former post office quarters
In the Woodruff Building.
Officers of the Citizens' Bank, besides Mr. Forman and Mr. Pettit,
included: Vice-President, Assemblyman 0, Arnold Ward; Cashier, M. 0.
Bradford. . • •
73
Financial Chronicle
Volume 135
Ths SavingsInvestment& Trust Co.of EastOrange,N.J.,
on June 24 acquired a eontrolling interest in the East Orange
Trust Co., and Louis McCloud, a Vice-PresidentOTM
former, was made President of the acquired trust complui
to succeed Robert J. Barrett, who hereafter will devote his
time to the Discount Corporation of which he is President.
the icewark 'News" of June 24
In its report of the
mailer,
said:
Mr. McCloud was City Treasurer of East Orange for 25 years. Before
that he was postmaster of East Orange.. He'.waselected%Vice-President
and director of the Savings Investment i.d1922. The Savings Investment
& Trust Co. was organized in 1892 and is the largest_banking Institution
in Essex County, outside of Newark.
lieda111111
Lewis R. Elkins was recently appointed Cashier of the Old
Elkia- -- " TvhO ii 44
,
National Bank in Evansville,
oldfor the --pa
,Tc12 :years 11777=,INfaricaral Bank
Examiner in the Ei
District, the last
raitliFede=iteservefive_ of which he "
served in Evansville and vicinifT Ire
succeeds in-the -CashTerSiiii37 rohn 0. Davis, who resigned
day filed suit for approximately $500,000, naming 212 defendants, who are alleged to have failed to pay their double
liability in the closing of the Union Trust Co. on Oct. 30 last.
The defendants are not all of the bank's stockholders. We
quote further from the "Enquirer" as follows:
The petition recites that the assets of the bank, plus the full amount
that can be obtained from the double liability of the stockholders is insufficient to pay liabilities in full and therefore it is necessary to collect the
entire amount of double liability on the 60,000 shares to help pay the
bank's obligations.
The Union Trust Co., which was capitalized at $1,500,000
with surplus and undivided profits of $1,675,874, and had
deposits of $24,778,551, was taken over by the State Banking
Department on Oct. 31 1931. Our last reference to its
affairs appeared in the "Chronicle" of June 4, page 4100.
1nd. Mr.
-
Years
because of ill health.
•
The Community State Bank of Avila, Ind.La small inRitution witli-combined- a7pifaralxf
- - c
_
deposits of$280,000, was closed on June 30, according to
-Associatect.PressLadvi7es froin Chicago.
_
.
sairplu'S—d$g0030757na
-
That the Michigan Savings Bank at Vassar, Mich., was
closed on June 28,is indicated in the following taken from the
Detroit "Free Press" of June 29:
The State, through Judge Henry H. Smith of Caro, closed the doors of
the Michigan Savings Bank of Vassar Tuesday'morning (June 28), according
to advices from Vassar. The Judge suspended the present appoluttee as
custodian and further ordered the State,Banking Department to take full
charge pending the hearing under an order to show cause why a permanent
receiver should not be appointed. State examiners, who had been at work
on the books for the past week, are reported to have uncovered some
irregular transactions, such as the withdrawals of many accounts and
-day clause,
most of these in the circle of the bank directors, prior to the 90
which was:put on Sept. 9 1931. Some were even drawn a few days after
this restriction was enforced, it is said.
esi
Suits were begun on June 17 to recover approximately
$750,000 from borrowers from the Northwestern Trust Co.
of Philadelphia, which has been in the possession of the
Pennsylvania State Banking Department since July 1931.
The Philadelphia "Finance Journal" of June 18, from which
the foregoing is taken, went on to say:
Largest claim is against Harry R. Moyer, builder, of 1301 Wakeling
Street. He was sued for $590,931. Suit agaiast Moyer was begun in
behalf of Dr. William D. Gordon, Secretary of Banking, and David W.
Niesenbaum and Edwin if. Abbott, attorneys. Eleven other suits filed by
same attorneys for trust company were against George B. Armstrong,
builder, 4721 North Fifth Street, to recover $29,092 ; John J. Kelly,
6727 North Broad Street, $34,183; Harry Bertsch, 234 West Ruscomb
Street, $13,700; Sam S. Brenner, $9,550; Charles 11. Eckman, 1941 Church
Lane, $12,763, and George C. Hirst, 6805 Marsden Street, $5,554. Authority
for commencement of the legal actions was given by Dr. Gordon and John
Stoekburger, his deputy in charge of liquidating affairs of Northwestern.
Our last reference to the trust company's affairs appeared
April 15 last, page 2851.
Associated Press advices from Wilkes-Barre, Pa., on June
23, reported that the Plains State Bank in Plains Township,
near that city, had failed to open on June 23 and its property
and business were taken over by the Pennsylvania State
Banking Department. A notice posted on the door of the
institution stated that Dr. W. D. Gordon, State Secretary
of Banking, had placed an examiner in charge.
The Winters National Bank & Trust Co. of Dayton, Ohio,
organized in 1814 and having combined capital, surplus and
undivided profits of $1,849,244 and assets of $19,434,138,
on June 21 took over the affairs of the closed Union Trust
Co. of Dayton, after efforts on the part of several groups
of Dayton citizens to have the institution reorganized as a
going concern had failed. Associated Press advices from
Dayton, on June 21, furthermore said, in part:
it is proposed to make an initial payment to depositors of about 50%,
or about $8,000,000, not later than July 15, with suits being filed here
to-day (June 21) against stockholders of the Union Trust who have not
as yet paid their double liability demanded from them as stockholders.
The first Payment to depositors will be made with the aid of a
$8,000,000 loan from the Reconstruction Finance Corporation.
The Union Trust Co., with a total of 22,000 depositors, bad assets
Of $20,000,000.
Charles F. Eetering, Vied-President of General Motbra Corp., is
Chairman of the Board of Directors of the Winters Bank, and Russell H.
Tompert is President.
Under the plan, the Union Trust Co. will be liquidated for the benefit,
first of the depositors, and second for the stockholders, if there are
remaining equities.
According to the Cincinnati "Enquirer" of June 22, Ira J.
Fulton, State Superintendent of Banking for Ohio, on that
That the First State Bank of South Charleston, Ohio,
had failed to open on June 25, was indicated in Associated
Press advices from South Charleston on the date named,
which added:
The closing was reported to have resulted from the suspension last
week of a Washington C. H. bank. State examiners will take over the
institution. The First State Bank was organized in 1920.
Unitetd Press advices from Chicago on June 27 reported
the closing of three Indiana banks on that date, namely the
East Chicago State Bank, East Chicago, with deposits of
$680,000; the First National Bank of Martinsville, with
deposits of $1,222,090, and the First National Bank of
Sullivan, with deposits of $1,690.000.
Concerning the affairs of the South West Trust & Savings Bank of Chicago (the closing of which on Oct. 9 last
was noted in the "Chronicle" of Oct. 17 page 2559), E. R.
Litsinger, a Vice-President of the institution at the time
of its closing, told depositors at a meeting held June 17
that, after allowing for a 20% dividend then being distributed to the depositors, the receiver would have securities
of $1,800,000 and deposit and other liabilities of $1,400,000.
In addition, Mr. Litsinger said, there was an unincumbered
interest in the bank building valued at $170,000. The
Chicago "Post' of June 18, from which the above information is obtained, went on to say:
The receiver for the bank, he declared, since taking possession has
converted nearly $1,500,000 of securities into cash with practically no
loss.
"He will continue his policy of caution and conservatism in the disposition of assets," he added, "and it is his own hope as well as ours that
not only will he save the creditors from loss but may save a substantial
amount for the stockholders. If business picks up, employment restored
and if times improve, there is no reason why these securities should not
be liquidatetd without material lose."
Mr. Litsinger narrated the history of the bank and its growth to an
Institution with deposits of $5,500,000 in 1929. Following the stock
market-crash the withdrawal movement began and in the next two years
nearly $3,800,000 was paid out. At the time of the closing of the bank
approximately $1,700,000 remained on deposit. He also bold of the unsuccessful steps to keep the institution open.
The First National Bank of Gardner, Ill., a small institution, with deposits of $238,000, was closed on June 27,
according to a dispatch by the United Press from Chicago
on the date named.
According to the Chicago "Post" of June 23, depositors
of the Albany Park National Bank & Trust Co., Chicago,
which closed in May 1931 and is now in the hands of a
receiver, were told on that day that a second distribution
amounting to 23% would be made shortly. The first distribution, amounting to 23%,
made in January of this
year. Depositors would be notified by mail, it was stated,
of the time they migfht call for their checks. The closing
of this bank was noted in our Issue of May 16 1931,
page 3655.
was
The Commercial National Bank of Fond du Lac, an institution which has been established for 62 years, has acquired
the assets of the Citizens' State Bank of the same city. The
enlarged institution is capitalized at $500,000, with surplus,
undivided profits and reserves of $455,564. Deposits aggregate $3,618,652, and total resources $5,244,292. The personnel of the institution is as follows: William Mauthe,
Chairman of the Board of Directors; F. A. Boyd, President;
E. J. Shaw, J. P. Knit, T. C. Ebernau and C. H. Thornton,
Vice-Presidents, and W. A. Sanders, Cashier.
Effective May 41932, the First National Bank of Robinson,
Ill., with capital of $75,000, went into voluntary liquidation.
The institution was succeeded by the Second National Bank
of the same place, a new institution.
74
Financial Chronicle
Two Iowa banks, the First National Bank of Thompson
and the First National of Maquoketa, the former with deposits of $350,000 and the latter with deposits of $1,115,000,
were closed on June 27, according to United Press advices
from Chicago on that date.
The First National Bank of Springdale, Ark., recently
absorbed the Farmers' & Merchants' Bank of that place.
The enlarged bank is capitalized at $60,000, with surplus
and undivided profits of like amount and deposits of
$525,000. The officers are: Art T. Lewis, President; D. D.
Deaver and Lee Sanders, Wee-Presidents, and Jno. L. Stafford, Cashier.
August A. Busch, President of Anheuser-Busch, Inc., was
made Chairman of the Board of the Lafayette-South Side
Bank & Trust Co. of St. Louis, Mo., at a meeting of the
directors of the institution on June 21, according to an
announcement by J. L. Rehme, the bank's President. Mr.
Busch succeeds as Chairman Hugo F. Urbauer, who resigned
to devote more of his time to the Midwest Piping & Supply
Co., of which he is Chairman of the Board. Mr. Urbauer
will continue with the institution as a director. The St.
Louis "Globe-Democrat" of June 22, from which the foregoing is learned, continuing, said:
Busch became first President of the Lafayette-South Side Bank in 1916,
when it was organized through a consolidation of the Lafayette Bank, established in 1876, and the South Side Bank of St. Louis, which had been
founded in 1891 by Busch's father, the late Adolphus Busch. Adolphus
Busch was President of the bank at the time of his death in 1913, and the
son succeeded him as President, heading the new institution when it was
formed several years later. A few months after the consolidation Busch
resigned the bank Presidency to devote his full time to Anheuser-Busch, Inc.
The Lafayette-South Side Bank & Trust Co. is affiliated with the South
Side National Bank, located at Grand Boulevard and Gravois Avenue.
The Trenton Trust Co. at Trenton, Mo., recently took over
the State Bank of Brimson, BrImson, Mo. The enlarged
Trenton Trust Co. is capitalized at $50,000, with surplus and
undivided profits of $28,278. Deposits stand at $453,357
and total resources (including the trust department) at
$777,334. The personnel of the institution is as follows:
J. B. Wright, President; J. B. Brooks and W. R. Pulliam,
Vice-Presidents; W. W. Alexander, Secretary; L. J. Limes,
Treasurer, and A. H. Drummond, Assistant Secretary.
Effective June 6 last, the Unaka & City National Bank
of Johnson City, Tenn., purchased the Franklin Guaranty
Bank of that place. The capital of the enlarged institution
remains as heretofore, namely, it is understood, at $400,000.
That a reorganization of the First National Bank of
Bristol, Tenn., was in progress on that day was indicated in
Associated Press advices from Bristol on June 27, from
which we quote as follows:
The announced plan of reorganization calls for the cancellation ofstock
held by present stockholders and newly subscribed stock of $200.000 and
surplus of $50,000. More than 3150,000 in new stock subscriptions was
obtained at a meeting of 70 business men.
le It was announced that all doubtful and slow-returning assets would be
removed from the bank and a limitation placed on withdrawals of checking
and:time deposits until the reorganization plan Is in full operation. Deposits,made in the bank to-day (June 27) and after, however, will not be
subject to the withdrawal limit.
The following changes were made recently in the personnel
of the Citizens Bank & Trust Co. of Concord, N. C.: Joseph
F. Cannon was appointed President of the institution to
succeed Charles B. Wagoner, who became Chairman of
the Board of Directors, and T. N. Spencer, one of the directors of the institution, was made Executive Vice-President.
The First National Bank of Spartanburg, S. C., an institution with combined capital, surplus and undivided profits
of $561,373, failed to open for business on June 27 and
officials of the bank stated that its affairs had been placed
in the hands of bank examiners. Advices by the Associated
Press from Spartanburg, reporting this, after stating that
Henry M. C. Clevelanad was President of the institution,
went on to my:
Demand deposits were listed as $1,458,805 and time deposits at $1,895,088. Loans and discounts totaled $3,137,074.89.
After announcement of officials, several hundred depositors of the
Central National Bank (of Spartanburg) withdrew funds from that institution but officials said the amounts were small and that "the situation
Is well in hand."
The closing on June 24 of two Arizona banking institutions—The Arizona Bank of Phoenix, together with its six
branches in different parts of the State, and the First
National Bank of Mesa—was reported in Phoenix advices
by the Associated Press on that date, which we give below:
July 2 1932
The Arizona Bank here, and its branches at Flagstaff. Kingman, Winslow, McNary, Chandler and Williams closed to-day (June 24). The
State Banking Department said constant withdrawals and inability to meet
demands were the reasons for the closing.
The First National Bank of Mesa closed its doors to-day on order of
the Board of Directors, "for protection of depositors."
In its statement of Dec. 31 1931, the Arizona bank listed total resources
of 34.178.815.83, capital stock, $250,000, surplus $50,000 and deposits,
$3,847.177.64
.
The First National Bank of Mesa, in its statement of Dec. 31 1931,
listed total resources $741,631.82. capital stock $100.000, surplus $1,484.77
and deposits $451.743.55. No definite statement regarding its present
condition was immediately available.
The closing of the Arizona bank left five of the smaller cities without
banking facilities, its branches in Flagstaff. Kingman. McNary, Williams
and Chandler hbving been the only banks in those places.
The banking situation In Phoenix was not materially affected by the
Arizona Bank failure.
The respective stockholders of the Anglo & London-Paris
National Bank of San Francisco, Calif., and the AngloCalifornia Trust Co. of that city (affiliated institutions) at
a meeting held June 24 ratified the proposed merger of the
institutions, according to the San Francisco "Chronicle" of
June 25.• Practically all of the stock of both banks was voted
at the meeting. The San Francisco paper added:
p With this action the final step in the consolidation has taken place,
and the deal will be officially completed as of the end of this month. For
the time being the Anglo-California present office will operate as a branch
of the new combined institution and all present branches will be maintained.
The approaching union of these institutions was noted in
the May 28 1932 issue, page 3929.
The La Grande National Bank, La Grande, Ore., capitalized at $200,000, was placed in voluntary liquidation on
May 29 last. It has been succeeded by the First National
Bank of La Grande.
Charles Seward Blackwell, Chairman of the Board of
Directors of the Dominion Bank, the head office of which
Is in Toronto, Canada, died suddenly of a heart attack on
June 23 in London, England. Mr. Blackwell, in addition to
his banking activities, was Chairman of the Board of Trustees of the Toronto General Hospital; Vice-President
of the Toronto General Trusts Corp. and a director of
Massey-Harris, Ltd. Born in Lindsay, Ont., he began his
business career as a wholesale grocer. There and then he
entered the packing business in Toronto, becoming VicePresident of Mathews-Blackwell, Ltd., packers. The deceased banker was 69 years of age.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has shown considerable irregularity
during the past week, prices fluctuating up and down
without definite trend. Several attempts have been made
to rally the market, and while some gains have been made
and held for brief periods the downward trend has prevailed
most of the time until Friday, when the trend turned upward.
Considerable liquidation has been apparent from time to
time and short covering has been in evidence during every
session, though the changes, on the whole, have been within
a comparatively narrow range. Railroad shares, with few
exceptions, have shown little activity and steel stocks have
made little progress either way. Atchison Topeka &
Santa Fe Ry. passed its common dividend on Tuesday,
and Norfolk & Western reduced its annual rate from $10 to
$8. One of the interesting events of the week was the
merger of Clark, Childs & Co. and F. B. lieech & Co. under
the new firm name of Clark, Childs & Keech. Call money
renewed at 2
on Monday and remained unchanged at
that rate throughout the week.
The market shifted around within a narrow range during
the brief period of trading on Saturday and while some
recovery was apparent following the early reaction, the final
prices were not greatly changed from the preceding close.
Railroad shares were under pressure and stocks like Atchison,
Great Northern pref. and a number of others prominent in
the group dropped into new low ground. American Can
also slipped into, new low ground, and Auburn Auto broke
sharply and closed at 423' with a loss of 27 points. Pre..
4
ferred stocks bore the brunt of the decline, General Motors
pref., for instance, breaking through 60 for the first time and
American Tobacco pref. (6) which dipped 2 points to 100.
United States Steel pref. was close to its record low and
Gillette Razor fell off 2 points to 49. Other losses recorded
at the close included Public Service of N.J. pref.(8)3 points
4
to 102; Detroit Edison, 2% points to 647 ; Col. Gas & Elec.
pref., 1% points to 45; American Sugar pref. (7), 2 points
to 55k; Ingersoll-Rand, 1 points to 163/2, and Peoples
Gas of Chicago, 1% points to 48.
Volume 135
Financial Chronicle
Due to liquidation scattered throughout the active list,
the market moved downward on Monday with losses ranging
from fractions to 2 or more points. The recessions during
the first hour were small, but gradually increased as the day
progressed. Railroad shares were again hard hit, particularly Union Pacific which fell off about 3 points at its low
for the day, though it recovered a fraction of its loss before
the close. New York Central, Atchison and numerous others
were off on the day. Industrial stocks were represented on
the down side by such issues as Auburn Auto which declined 1% points to 413% and Coca Cola which receded 38%
points to 835 . Leaders like U. S. Steel pref. and common,
%
and American Tel. & Tel. sharply declined, the common
dropping 1% points to 21% while American Tel. & Tel.
slipped back 1% points to 76%. Allied Chemical & Dye
yielded 2 points to 43% and du Pont dipped 13% points to
243%. Other losses registered at the end of the session were
Air Reduction 23'g points to 343, Corn Products 23j points
to 26%,Delaware & Hudson 28% points to 35%,International
Business Machines 5 points to 61% and Westinghouse 24
3
points to 163 . Following a brisk rally in the early trading,
4
the market turned irregular on Tuesday and a number of
prominent issues broke through to new lows. Allied Chemical
& Dye moved against the trend following the payment of
the regular dividend. U.S. Steel and Atchison were particularly weak and broke to new low levels. Toward the end
of the session prices again rallied and a part of the losses
were cancelled. The principal changes were on the down
side and included among others Atchison which fell off 1%
points to 18%, American Can which dipped 1% points to
313/8, J. I. Case pref. 3 points to 343, Coca-Cola 23 points
%
to 31, Detroit Edison 23' points to 62, Gillette Safety Razor
pref. 33 points to 453/z, Gold Dust pref. 63/i points to 75.
Lowes pref. 33% points to 45, National Lead 53 points to
4
53, New York Steam 43 points to 713%, Peoples Gas 13%
4
points to 48, Union Pacific pref. 2 points to 41 and Midland
Steel 2 points to 26. Some improvement was apparent on
Wednesday following narrow price movements during the
early trading. Some issues broke through to new bottoms
before meeting support. Shortcovering continued in Auburn
Auto and a few other issues and some of the popular speculative stocks were in moderate demand at slightly higher
prices. Railroad shares were stronger and some of the more
active issues, particularly in the low-price class, registered
moderate gains. Prominent among the changes on the upside were Allied Chemical & Dye 13% points to 4538, American
Tobacco "B" 13% points to 50, Auburn Auto 18% points to
47, Brooklyn Queens Traction pref. 33 points to 27, Coca4
Cola 18% points to 825 , General Baking 5 points to 85,
%
Standard Gas & Electric pref. 2 points to 36, Wilson pref.
2 points to 15, Gillette Safety Razor pref. 1% points to 47,
New York Steam pref. 3 points to 95, and Delaware & Hudson 13% points to 363%.
Price movements were somewhat uncertain on Thursday,
frequent advances and recessions due to spasmodic periods
of selling giving the market an irregular touch. Near the
opening prices were fairly strong, but after the initial advance
the trend turned downward and while there were occasional
upward spurts, the trend, on the whole, was toward lower
levels. Closing prices showed numerous active issues on
the side of the decline, the list including, among others,
Air Reduction, 33% points to 318%; Bethlehem Steel, 4 points
to 178%; Cushman pref., 38% points to 603%; Delaware &
Hudson, 23% points to 34; Eastman Kodak pref., 53% points
to 1043 ; Homestake Mining, 53 points to 1193%; Public
4
4
Service of New Jersey pref., 2 points to 62; United States
Leather, 2 points to 448%; Westinghouse pref., 28% points to
558%, and Union Pacific, 13 points to 293 .
4
4
The stock market turned upward on Friday, though the
early movements were somewhat narrow and uncertain.
As the day progressed, the volume of trading increased and
many market favorites moved smartly upward. American
Can, United States Steel and American Tobacco were among
the strong stocks of the day and §howed excellent gains at
the end of the session. Short covering was in evidence, but
this came largely from profession traders preparing for the
extended holiday. The turnover was one of the smallest of
the year and the trading drifted slowly along during most of
the session. Consolidated Gas was the feature of the trading
as it advanced nearly 2 points. National Biscuit which was
under pressure during the early part of the session rallied
near the close and regained part of its losses. At the close
the market was fairly strong and prices were at their best for
the:day.
75
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
July1 1932.
Stocks,
Railroad
State
Number of and Miscell Municipal &
Bonds.
Shares.
Poen Bonds,
2310,496
767,270
829,985
620,790
627.045
605,456
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
$2.647,000
4,204,000
4,811,200
4,399.000
4,157,000
4.432,000
United
States
Bonds.
$1,344,500
2,147,000
2,528,000
2,717,000
2,551,000
3,921,000
Total
Bond
Sales.
$4,534,500
7.617.000
12,182,200
14.245 000
9,0S1,G'.‘i
9,628,500
$543,000
1,266,000
4,843,000
7,129,000
2.373,000
1,275.500
3.771,042 $24.650,200 415,208.500 417.429.500 457,288.200
Sales at
New York Stock
Exchange.
Week Ended July 1.
1932.
-No, of shares_
Stocks
3,771,042
Bonds.
Government bonds.,._ $17,429.500
State & foreign bonds_
15.208,500
Railroad & misc. bonds 24,650,200
Tntol
Jan 1 o July 1.
1931.
1932.
1931.
11,097.450
177,235,328
337.089.360
$3,617,950
16,953,000
34,975,700
$401,116,600
388,331.500
754,744.500
$90,627,200
408,784,100
946,299,700
559 9RA 91111 IAA MA ar.n St 544 1Q9 ROA SI 445 711_000
Unofficial.
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
July 1 1932.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Philadelphia.
Baltimore.
Shares. Bond Sales, Shares. Bond Sales. Shares. Bond Sales.
7,476
14,717
13.013
10,595
9,758
2,588
58,147
Total
Prey. wk. revised_
$2,000
$19,500
51,090
474.000
3,724
4: U ,..u0
57,760
422.100
48,214
4134.560
6,741
$55, ,0
13,000
3,500
1,000
4,466
15,581
9,391
12,522
6,305
2.825
$18,000
16.000
15,500
16.500
8.000
$4,000
295
2.000
987
244
' 4,000
735
1,106
8.000
2 400
357
ENGLISH FINANCIAL MARKET
-PER %I-ABLE.
The daily closing quotations for securities, Sze., at London,
as reported by cable, have been as follows the past week:
Sat.,
June 25.
Silver, p. oz-d- 16%
Gold, p.fine oz.114s.2d.
Consols,2)4s-.....
British 58
British
French Rentes
On ParLs)3% tr. ____
French War Loan
On Paris)5% fr. ____
Tues.,
Mon.,
Thurs.,
Wed.,
June 27. June 28. June 29. June 30.
16 11-16 16%
16 11-16 16%
1148.40. 1148.7d. 11413.8d. 1142.8d.
65
65%
66%
67%
101%
10154
10144 ' 10154
102
102
Fri.,
July 1.
16 11-1.115*li
7'
10114
10254
87.40
73.60
73.30
73.60
75.50
98.00
98.10
98.30
98.90
95.50
The price of silver in New York on the same da -5 has been:
sever in N.Y.,
le per
oz.
(eta.) 265(
26%
26%
26%
2014
26%
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, July 2), bank exchanges for all the cities of
the United States from which it is possible to obtain weekly
returns will be 43.4% below those for the corresponding
week last year. Our preliminary total stands at $4,976,691,983, against $8,791,629,457 for the same week in 1931.
At this center there is a loss for the five days ended Friday
of 57.8%. Our comparative summary for the week follows.
Clearings
-Returns by Telegraph,
Week Ending July 2.
1932.
1931.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$2,530,484,934
194,480.764
232.000.000
*230.000,000
52,008.915
46,600,000
79,459,000
No longer will
65.205,634
60,223,459
52,144,805
47,142,683
19,180,140
$5,991,471,499 -57.8
364,054.868 -46.6
396,000,000 -41.4
384,000.000 -40.1
76.071.908 -31.6
83.200,000 -44.0
142,830,075 -44.4
report clearings
131,473,919 -50.4
118,261,033 -49.1
100,190.228 -48.0
78,422.209 -39.9
59,557,653 -67.9
Twelve cities, 5 days
Other cities, 5 days
43.608.930,334
538,312,985
47,885.533.392
906.096.065
-54.2
-40.6
Total all cities, 5 days
All cities, 1 day
$4,147,243,319
829,448.664
$8,791,629,457
Holiday
-52.8
44,976,691,983
48.791,629.457
-43.4
Total all cities for week
*Estimated.
. 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 June 25.
For that week there is a decrease of 48.0%, the aggregate
of clearings for the whole country being $4,093,517,051,
against $7,869,508,926 in the same week in 1931. Outside
of this city there is a decrease of 36.2%, the bank clearings
Financial Chronicle
76
at''this center recording -a7loss of 53.8%. We group the
cities now according to the Faleral Iaserve districts in
which they are located, and from this it appears that in the
---rana s
New York Reserve District, including this city, the
record a contraction of 53.3%,in the Boston Reserve District
of 53.3% and in the Philadelphia Reserve District of 32.1%.
In the Cleveland Reserve District the totals have been
diminished by 37.1%, in the Richmond Reserve District By
22.6% and in the Atlanta Reserve District by 40.6%. The
Chicago Reserve District suffers a loss of 38.9%, the St.
Louis Reserve District of 29.1% and the Minneapolis
Reserve District 22.3%. In the Kansas City Reserve
District the decrease is 25.5%, in the Dallas Reserve Dgtrict 17.2% and in the San Francisco Reserve District 29.9%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARLNGS.
Week Ended June 25.
Clearings at
1932.
Week Ended June 251932.
1931.
Incsot
Dec.
1930.
1929.
$
5
5
Federal Reserve Dists.
5
%
397.134,368 -53.3
530,248,010
553,418,690
185,279,750
1st Boston_ ...12 cities
2,515,902,604 5,393,103,152 -53.3 7,934,999,181 8,816.442,246
2nd New York_12 "
257,881,707
379,828,705 -32.1
538,100,836
643,201,049
3rd Philadelpla 10 "
179,393,238
284,812,933 -37.1
390,972,413
443,186,063
4th • Cleveland__ 6 "
95,107,614
122,872.184 -22.6
155,823,194
170,166.327
5th Richmond. 6 "
73,261,101
123,299,911 -40.6
132,999,605
159,225,464
6th Atlanta____ll
955,990,159
337,590,702
538,627,671 -38.9
849,166,717
7th Chicago_ _ _20
73,832,188
111,095,329 -29.1
163,978,183
179,235,835
8th St. Louis__ 5
83,511,349 -22.3
116,645,968
65,679,492
105,098,924
9th Minneapolis 7
204,633,133
99,973,887
134,259,039 -25.5
176,476,018
10th KansasCity 10
67,037,010
35,047,452
42,337.603 -17.2
52,112,756
11th Dallas_ ---- 5
227,620,677 -29.9
300,753,121
335,651,461
153,614,236
12th San Fran--14
,•
.•
118 cities
Total
Outside N. Y. City
4,093,517,051
1,658,466,396
32 cities
223.633.148
Canada
7,839,508,926 -48.0 11,382,729,958 12,647,883,424
2,633,953,338 -36.2 3,606,087,649 4,012,771,452
310.165.813 -25.3
418.612.115
Week Ended June 25.
Clearings at
First Federal
Maine-Bangor _
Portland
-Boston_ _
Mass.
Fall River_ - _ _
Lowell
New Bedford _
Springfield-. Worcester
-Hartford
Conn.
New Haven_ _ _
R.I.-Providence
N.H.-Manches'r
$
$
Reserve Dist rict-Boston
338,559
561,562
1,757,552
2,821.373
158.827,111 360,000,000
730,359
801,529
325,709
430,968
420,393
630,821
2,795,067
3,486,580
1,804,436
2,774,791
6.923,499
8.940,294
4,406,533
6,773,023
6,643.500
9,438,300
302,032
472.127
Total(12 cities)
185,279,750
Inc. or
Dec.
-39.7
-37.7
-55.9
-9.2
-24.4
-33.4
-19.8
-35.0
-22.6
-34.9
-29.6
-36.0
1930.
608.660
3,991,384
531,000,000
953.468
543,300
853.749
4,746,048
3,715,436
13,290,511
7,950,182
12,397,200
700.072
397,134,368 -53.3 580,248,010
Second Feder al Reserve 0 istrict-New
-Albany.
.
3,573,433
N.Y.
4,627,577
855,490
632.717
Binghamton__
21,941,380
36,073,328
Buffalo
620.673
847,427
Elmira
513,765 •
779,008
Jamestown _
New York - 2,435,050,655 5,268,552,588
It. c•liester .5,632,080
7,953,070
2,882,494
3,763,034
SY ra,us•
2.736.571
-Stamford
2,496,311
Conn.
.459,000
547,953
N. J.
-Montclair
19,584,002
29,782,495
Newark
36,584,608
22,475,094
Northern N.J_
1929.
595,608
3,867,959
494.000,000
1,341,597
1,190,104
1,160,360
5,930,061
4,550,464
17,406,519
8,983,104
16,623,900
769,014
556,418,690
York
6.319,508
5,367,918
-22.8
1,292,116
1,323,502
-20.2
49,198,743
61,163,336
-39.2
847.747
-26.8
1,121,856
-34.0
1,239.558
1,143,258
-53.8 7.776,642,309 8,635,111,972
10,760,251
-29.2
15,662,385
-23.4
4,811.347
7.012,012
3,803,586
4,641.485
69,1,099
--17.9
974.401
--34.2
35,645,543
37,046,713
43,742,374
--38.6
45,873,408
Total(12 cities) 2,515,902,601 5,393,103,152 -53.3 7,934,999,181 8,816,442,246
Third Federal Reserve Dist rict-Philad elphia
1,352,068
Pa.
388,629
620.222 -37.3
-Altoona
_
5,545,356
2,132,052
3,483,508 -38.8
Bethlehem_ _ _
838,736
344,425
663,466 -48.1
Cnester
2.072.979 -52.5
1.781,045
983,978
Lancaster
Philadelphia _ 244,040,000 353,000,000 -31.8 511,000,000
2,558.357 -28.8
3,648,503
Reading
1,826,298
3,755,145 -42.7
2.150,211
4,996,666
Scranton
2,358,724 -36.3
1.497,192
3,280,073
WIDces-Barre- _
1,416,304 -36.9
1,841,389
York
893,002
4.900,000 -25.6
N. 1.
3,817.000
-Trenton..
3,646,0(0
Total(10 cities)
257,861.787
379,823,105 -32.1
Fourth Feder al Reserve D istrict-Clev
01110
-Akron.
d396,000
3,111,000
Canton
Canton
36,124,124
48,844,382
Cincinnati _
60.623.825
Cleveland
95.135.068
6.466,100
Columbus
9,562,600
c1.093,473
Mansfield
1,279,804
Youngstown _ _
74,692.716 126,880.084
P..
-Pittsburgh.
eland
-87.3
538,100,836
1,581,701
5.729,952
1,388,200
1,880,597
612,000,000
4,244,194
5,925,601
3,805,834
2,152,787
4.692,183
643,201,049
4,409,000
7.087.000
77,000.000
149,985.029
15,409,500
1,812.523
-41.1
63.515.383
122,759,929
13,5.58,100
2,131,448
b
184.598,553
191.892.011
284,8824938 -37.1
390.972,413
443,186,063
Fifth Federal Reserve Dist rict-Richm ond332,159
590,610 -43.8
W.Va.-Hunt'on
2.378,828
3.015,594 -20.9
Va.-Norfolk
30.999,043 -16.9
25,765.838
Richmond
638,584
1,356.3(14 -52.8
S.C.-Charleston
64.479,390 -24.9
48,395,826
Md.-Baltimore22,431,243 -21.5
17,598,379
D. C.-We/411'ton
995,298
3,626,101
45,458,000
2.023,518
80,451.348
24.271,931
951,943
4,741.287
39,706,000
2,000,000
96.460,577
26.306.520
Total(S cities).
179.396,238
-26.0
-36.3
-32.4
-14.6
122.872,184 -22.6
156,823,194
170,166,327
Sixth Federal Reserve Dist rict-Atlant a
1,500.000 +27.5
1,912,912
Tenn.
-Knoxville
11,632.327 -33.8
7,697,243
Nashville
32,664,673
27.4
Gs.
-Atlanta.,__
23,700,000
1,016.506 -35.9
652.015
Augusta
626.846 -43.2
Macon
358,217
10,449,303 -27.2
7.608.483
11.779.008 -33.4
Ala.-BIrm'ham _
7,840,893
1,071,902 -39.8
Mobile
647,368
912,000 -32.1
Miss.
-Jackson
619,000
92.566 -26.8
Vicksburg
67,972
57.0
51,554.780
22.161,178
La.-NewOrleans
2,151.803
20.289.869
37,199,279
1,457,422
1,196,025
10,634.035
20,791,844
1,418,023
1,299,000
134,075
36,431,230
22,842.906
46,192,609
1,766,557
1,443,147
13,473,260
21,838,976
1,725,329
1,640,567
290,276
45.011,857
123,299,911 -40.6
132,999,60.5
159,225,484
Total(6 cities)-
Total(11 cities)
95,107,614
73,263,101
347,590,702
568,627,671 -38.9
1930.
1929.
270,623
1,101.153
243.559.437
6,494,838
3,860,000
3.805,998
25,194.000
2,902,185
6.007.057
32,632.481
2.825.747
8,546,959
6.233,867
1,559,312
1,500.000
596,729,186
1,275,201
5,730,412
3,419,808
2,341,892
849,166,717
955,990.159
113,000,000
35,737,759
127,600,000
35.337,68
15,003,184
164,873
1,072,372
16,599,867
317,452
1,380,910
164,978,183
179,235,835
Ninth Federal Reserve Din trict-Minn eapolis-Duluth
Minn.
2,392.309
3.117,346 -23.3
4.728,703
Minneapolis
45,426,026
58,645.072 -22.5
72,611,045
St. Paul
21,783,844
13,809.676
17,464,201 -20.9
N. Dak.-Fargo _
1,430,641
1,631.367
1,686.050 -15.1
S. D.
-Aberdeen
587.562
939.924
796,249 -26.2
Mont.
-Billings.
280.564
546,914
456.767 -38.6
Helena
1,752.714
2,345,664 -25.3
2,857.127
7,449.570
79.019,801
23.587,452
1,836,199
1,178.963
586,583
3,007.400
Eighth Federal Reserve Dia trict-St.Lo nis--Evansville.
Ind.
Mo.-St. Louls54,200,000
80.000.000 --32.3
Ky.-Louisville__
16.565,632
19,8961,937 --16.7
Owensboro. _
Tenn.
-Memphis
7,434,994
10,254.060
Ill.-Jacksonville
89,131
112,066 -20.5
Quincy
510.431
838,266 -39.1
Total(5 cities).
Total (7 cities)
1935.
Inc.or
Dec.
78,800,188
111.095,329 -29.1
391.522.307
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
1932.
1931.
11
$
Seventh Feder al Reserve I istrict-Ch cageMlach.-Adrian _
74,864
124,184 --39.7
152,355
Ann Arbor....
375.537
1we 803,687 --53.3
626,626
76,007.561 144.333,847 --47.3 187,263,558
Detroit
Grand Rapids_
2,660,392
3,947,187 --324
4,968,944
1,027,001
Lansing
2,324.366 --55.8
2.894,073
Ind.
-Ft. Wayne
842.619
3,423,987 --75.4
2,819.148
Indianapolis
- 10,365,000
14.946,000 ---30.7
19,893,000
South Bend_ -875,641
1,049,262 ---16.5
2,198.718
2,433,349
3,648.158 --33.3
Terre Haute...
5,878,393
Wie.-Milwaukee
14,331,653
21.869.305 --34.5
28,333,524
710,158
2,348,550 ---406,8
Ia.-Ced. Rapids
3,027,962
Des Moines
4,836,959
5,459,986 --11.4
6,300.418
Sioux City..-.
1,909.376
3.773,887 --49.4
4,768,617
Waterloo
171,081
530.037 ---87.7
1,054,109
-Bloomington
Ill.
891.709
1.288.747 ---30.7
1.843,585
Chicago
225.776.728 352,484.176 --35.9 567.098,687
787,396 --42.9
Decatur
437,901
1.087.168
Peoria
1,976,963
2.531.289 --21.9
4.139,712
Rockford
428,955
1,118,200 --61.6
2,652,413
Springfield-1,457,256
1,857,460 --21.5
2.165,709
Total(20 cities)
1932.
July 2 1932
3,000.000
65.679,492
84,511,349 -22.3
105,098,924
118,645,963
Tenth Federal Reserve Dis trict Kans as City
Neb.-Fremont _
135.878
196,915 -31.0
Hastings
108,917
261,144 -68.3
Lincoln
1,469,829
2.558.129 -42.5
Omaha
20.773.721
31,552,173 -34.2
Kan.
-Topeka
2,388.512
3,369.750 -29.1
Wichita
3,851.107
5,131,083 -24.9
Mo.-Kans. City
67.278,299
85,604,449 -21.4
St. Joseph_ _ _
2,437,744
3,732,498 -34.6
Colo.
-Col. Spgs.
709,895
799,859 -11.2
Denver
a
a
a
Pueblo
1,053.041 -22.1
819,993
195.065
340,220
3,063,985
36,958.346
4.287,951
7,763,388
116,579.763
4,763.671
1.176,270
a
1,347,359
284,151
490,343
3,206,268
42,656.256
3.881,832
8.699.514
138,344.875
6,210.999
1.327,948
a
1.580.947
Total(10 cities)
99,973,887
134,259,039 -25.5
176,476,018
204,883,133
las-47.0
-14.4
-18.2
-22.4
-32.5
1,036,435
34.455,930
10,311,911
2,488.000
3,820,480
1.577,401
43.277,147
13,794.268
4,391,000
3,997.194
42.337,603 -17.2
52,112,756
67,037,010
Eleventh Fede ral Reserve District
-Da
Texas
-Austin.-.
687,423
1,296,370
Dallas
30,219,875
25,869.605
Fort Worth_ _ _
6,294.341
5.275,813
Galveston
1,579.000
1,226,000
La.
-Shreveport.
1,988,611
2.948,017
Total (5611108).
35,047,452
Twelfth Feder al Reserve D istrict-San Franc! sco-Wash.
-Seattle- _
29,154,462 -22.9
35.748.860
22,483,996
Spokane
7.783.000 -31.8
10,157.000
5,310.000
581,392 -30.0
809,598
Yakima
407,014
Ore -Portland..
25,717.195 -32.9
33,136.974
17,253,112
-S.L.City
12.520,570 -33.2
16,504.806
Utah.
8,366,546
5,027,389 -41.6
7,436,823
cauf.-L.Beach_
2.936,644
.
Los Angeles- No longer wil report clearin 0
3,665.938 -30.4
5,484,852
Pasadena
2,552,098
5.518477 -3.6
5,747,730
Sacramento- -5,320,417
San Diego- - _
3,283.755 -28.9
4,446,721
2,334.739
San Francisco.
88,190.167 128,506.417 -31.4 173,761,889
SanJose
1,315,464
1,832,967 -28.2
2.405,680
Santa Barbara_
1,153,298 -7.3
1,038,662
1,716,797
Santa Monica
877,170
1,384,817 -36.7
1,730,793
Stockton
1,497.000 -20.0
1,198,207
1,665.800
48,256.078
11.381.000
1,343,991
36,791,165
19,884.400
8,132.545
5,640,165
5,431,577
5,111.046
185,494.023
2,771,842
1,540,772
1,867,956
2,004,900
Total(14 cities) 159,614,236 227,626,677 -29.9 300,754,121 335,651,460
Grand total (118
4 093,517,051 7.869.508,926 -48.0 11382729,958 12647883,424
cities)
Outside New York 1,658,466,398 2,600,956.338 -36.2 3.606,087,649 4,012,771,452
Week Ended June 23.
Clearings at
1932.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New Westminster
Medicine Hat...
Peterborough_ __ _
3herbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Dhatham
3arnia
ludbirry
Total(32 attire)
$
67,380.452
70.508,491
34,589.858
11,798,586
5.144.483
3,819,365
2.012.633
3,802,872
6.116,025
1,476,888
1,075,017
2.769,545
3,384,848
2,527,566
307,189
611.904
1,553.254
500,541
791,195
620,310
406,465
170,338
606,123
625,811
1.267,365
2,526,198
268,553
760,735
381,247
371,220
535.334
530.860
228,630.148
1931.
inc. or
Dec.
1930.
1929.
or
.
,
-31.5
-28.3
-22.7
-24.4
-23.5
-4.1
-15.2
-26.7
-7.2
-29.0
-37.0
-8.2
-21.5
-13.6
-18.1
+78.1
+3.5
-18.0
-14.6
-0.3
-26.6
-26.4
-12.5
+2.2
+54.1
-17.4
-32.1
-4.8
-41.6
-23.3
-12.8
-44.0
$
143,300,705
128,923.578
55,160,556
19,027,430
6,872,0330
5,535,878
3,242,015
6,103,680
9,984,135
2,372.347
2,522,401
3,342,460
5,600,749
4,426,872
421.334
526,328
2,090,405
1,140,527
1,242.894
753,840
880,521
309,887
912.336
792,420
2,839,944
4,802,288
305,567
1,337,454
879,878
651,417
905,950
1,398,451
$
114,134,349
120.376,879
55,834,404
22,584,220
8,720.417
5,729,274
3,548,454
6.445,092
12,340.249
2,845,017
2,659.601
3,369,566
6,189,318
3,520,948
624,878
594,552
2.621,065
1,288,552
1498.755
1.055.791
1,082.702
470,700
957.591
934,759
1,220,091
8,498,947
484,417
1,281,881
892,192
790,724
947,122
310,166,813 -26.3
418,612,145
391.522,307
$
98,389,271
98,278,995
44.731,164
15,610,467
8,726,581
3,982,928
2,386.549
5.180.743
6.588.683
2,079.804
1,705,718
3.017,231
4.314,487
2,926,343
375,129
343.544
1,508,277
610,264
926.527
622.269
. 553.772
231,572
692,822
612,152
822,439
3,059,354
395,547
797,557
652.623
483.731
613,930
948.340
a No longer reports weekly clearings. b Clearing house not functioning at present.
c Clearing house reopened in February. d Figures smaller due to merger of two
largest banks. •Estimated.
Financial Chronicle
Volume 135
THE CURB EXCHANGE.
Stocks on the Curb Exchange have generally worked lower
during the present week. Trading has been extremely dull
and largely professional in character. Short selling has
frequently been in evidence and a number of the so-called
pivotal stocks have been under sharp selling pressure, forcing
them down to new low levels. Public utilities have attracted considerable speculative attention and have shown
slight improvement. Oil shares have been fairly steady,
but made little progress. The changes have been with
extremely narrow limits, and while occasional rallies have
been in evidence, the movements have shown a pronounced
downward trend. Light and power shares were leaders in
the trading on Tuesday, though most of the gains were lost
in the last hour trading. There was a modest rally in the
oil shares on that day, but it failed to hold. Considerable
liquidation was apparent on Wednesday, but scattered short
covering by professional traders prevented the market from
slipping under previous lows. The rally on Thursday was
largely among the preferred stocks, though at the close the
advances and declines were about evenly divided. The
turnover was approximately 60,000 shares, the smallest since
the Exchange was established indoors. Scattered sell
brought a mild reaction in the Curb market in the late trading. Hart Schaffner was the feature of the dealings as it
broke 37 points to 20, while New York Steam broke about
2 points. The feature of the trading on Friday was Illinois
Power & Light, which dropped 45% points to 25. New
England Power & Light, on the other hand, advanced 234
points to 193 . The advances and declines for the week
4
were again about equally divided, stocks showing slight
gains for the week, including such popuSkr speculative
favorites as American Beverage from 5 to 5; American
4
Gas & Electric from 163 to 173/8; Associated Gas & Electric,
13 to 13; Cities Service, 2 to 23/8; Commonwealth Edison,
52 to 55; Gulf Oil of Penna., 24 to 26; Humble Oil, 37 to
373i; Standard Oil of Indiana, 183' to 183, and Tech
Hughes, 33 to 3%. Prominent stocks closing on the side
of the decline included American Superpower, 1% to 13/2;
Atlas Utilities, 53/i to 5; Brazil Traction & Light, 83. to 8;
%
Consolidated Gas of Baltimore, 457 to 43%; Deere & Co.,
4 to 33 ; Electric Bond & Share, 63 to 5%; Empire Gas &
4
Fuel pref., 11 to 103/3; New York Telephone pref., 1043/8
4
to 103%; Niagara Hudson Power, 93 to 8%; Pennroacl
Corp.. 13 to 13'; Penn. Water & Power,37 to 36;Swift &
Co.,9% to 9%,and United Light & Power, 2 to 1%.
A complete record of the Curb Exchange transactions for
the week will be found on page 75.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
hag 1 1932.
Stocks
(Number
Of
Shares).
Ponds (Par Value).
Foreign
Foreign
Domestic. Coternment. Corporate.
Saturday
Monday
Tuesday
Wednesday
Thursday
PridaY
Total
412,616 $12,145,000
$48,000
85,000
58,000
80,000
91.000
167,000
31,795 $1,527,000
100.125 1,976,000
79.755 2.560,000
56.910 2,158.000
82,120 2,074,000
61,911 1,850,000
Sales at
New York Curb
Exchange.
•
5520.000 $1,345,000 $14,019,000
Week Ended July 1.
1932.
1931.
-No,of shares412,616
Stocks
2,044.730
Bonds.
Domestic
$12,145,000 $17,622,000
637,000
Foreign Government529,000
747.000
Foreign corporate
1,345,000
Total
Total.
571,000 31,646.000
233.000 2.294.000
378,000 2,996.000
315.000 2,553.000
166,000 2,331,000
182,000 2,199,000
314,019.000 $19.006,000
Jan. 1 to July 1.
1032,
1931.
24.362,733
65,954,093
$366,185,100
14,561,000
36,584,000
$484,258.000
15,499.000
22,185,000
$417,330,100
$521,942,000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 15 1932:
GOLD.
The Bank of England gold reserve against notes amounted to £131,720,738
on the 8th inst., as compared wiht £128,617.463 on the previous Wednesday.
The purchases of bar gold announced by the Bank of England during
the week amounted to £2,610,969.
It may be recalled that the United Kingdom imports of gold for the
month of April last exceeded exports by about £6,700.000. The figures
for May are now available and from the details given below it will be seen
that imports are again in excess of exports-this time by about £.1.266,000.
Offerings of gold in the open market have been quite substantial and
have been taken for the Continent.
Quotations during the week:
Per Fine
Equivalent Value
Ounce.
of £ Sterling,
1128. 8d.
15s. 1.04.
June 9
112s. 94.
15s, 0.84,
June 10
1125. 8d.
153. 1.04.
June 11
112s. 86.
15s. 1.0d.
June 13
15s. 1.04.
112s. 8d.
June 14
1128. 11d.
15s. 0.6d.
June 15
158. 0.94.
112s. 8.7d.
Average
77
gold
The following were the United Kingdom imports and exports of
inst.
registered from mid-day on the 6th inst. to mid-day on the 13th
Exports.
Imports.
£879.053
United States of America-£2,296.800 Netherlands
411.424
British South Africa-- 1.353,663 France
22.500
65.434 Czechoslovakia
British West Africa
18.342
47.000 Switzerland
Australia
13.500
30,373 Austria
France
1.972
10.285 Other countries
Netherlands
12.057
Kenya
Straits Settlements and
8.600
dependencies
13,218
Other countries
£1.346.791
£3,837,430
last
United Kingdom imports and exports of gold for the month of May
were as under:
Exports.
Imports.
£11.071
£6,220
Germany
3,045.623
21,431
Netherlands
706.875
15,945
Belgium
2.871.065
32,452
France
40.556
Switzerland
54,800
2,116.067
United States of America
133,200
Brazil
Union of South Africa and South West Africa
4,649.770
Territory
324.394
Rhodesia
106.863
West Africa
2,836,125
British India
190,718
Straits Settlements
239,312
Australia
345.673
New Zealand
117.716
95.550
Other countries
£6,847,706
511,113.720
monthly high
The Transvaal gold output for May last constituted a new
as
record. The month's production amounted to 965,644 rine ounces,
compared with 949,796 fine ounces in April 1932 and 910.279 fine ounces
In May 1931. The highest monthly output recorded previously was that
of last March with 960,035 fine ounces.
The SS. Narkunda, which sailed from Bombay on the 11th inst., carries
gold to the value of about £672.000.
SILVER.
The market continued to maintain a steady tone and movements in
the week were negligible.
prices during
Demand from China and the Indian Bazaars has been met by Continental
but
sales which, however, were only on a small scale. China also sold,
American operators have remained inactive. Neither buyers nor sellers
being
show any inclination to prase the market, orders in many cases
limited to prices slightly outside the ruling level.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 6th inst. to mid-day on the 13th inst.
Exports.
Imports.
£5.741
£108.034 Hong Kong
Germany
3.650
10.645 China
Belgium
4.640
12.114 Germany
British India
1.003
Norway
7.696
United States of America__
1.000
7,433 Ceylon
Canada
2.810
5,239 Other countries
Australia
4,533
Other countries
£18.844
£155.694
Quotations during the week:
IN NEW YORK.
IN LONDON.
(Cents per Ounce, .999 Fine)
Bar Silver per O.Standard.
28%
Cash.
2 Mos. June 8
June '9
16 15-16d. 17d.
June 9
27/1
June 10
17 ticl.
/
167 Id.
June 10
283*
June 11
16 15-164. 17d.
June 11
28
16 15-16d. June 13
167id.
June 13
28
16 15-16d. June 14
16d.
June 14
16 13-16d. 1674cl.
June 15
16.937d.
16.885d.
Average
The highest rate of exchange on New York recorded during the period
from the 9th inst. to the 15th inst. was $3.68 and the lowest $3.653(•
INDIAN CURRENCY RETURNS.
June 7. May 31. May 22.
(/n Lacs of Rupees)16808
16847
16828
Notes in circulation
11012
11050
11029
India
Silver coin and bullion in
1061
1071
1071
Gold coin and bullion in India
4735
4726
4728
(Indian Government)
Securities
The stocks in Shanghai on the 11th inst. consisted of about 73.800.000
ounces in sycee. 230.000,000 dollars and 5.040 silver bars, as compared
with about 71.000,000 ounces in sycee, 225,000,000 dollars and 5,180 silver
bars on the 4th inst.
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:
June 30 July 1
June 25 June 27 June 28 June 29
1932. 1932. 1932. 1932. 1932. 1932.
Francs. Francs. Francs. Francs. Francs. Francs.
10.900 10,800 10.700 11,100 11,100
Bank of France
1,470
1,390 1,370 1,470
1,420
Banque de Paris et Pays Liss360
370
370
385
Union ParisienneBanque de
-ill
232
225
225
236
Canadian Pacific
13,905 13,800 13,850 13.800
Canal de Sues
2.200 2,190
2,240 2,170
Cl. Distr d'Electricitle
2,020 2,030 2.030 2.130 2:580
Cle General d'Electricitie
330
325
323
332
Citroen B
1:160
1,070 1.110
1,070
1,110
Comptolr Nationale d'Escompte
180
160
150
180
180
,
Cots Inc
--__
355
360
359
367
Courrieree
610
610
620
630
Credit Commerciale de France
4,390 4.380 4.360 3,980 4:150
Credit Fonder de France
1,900
1,890
1,820
1,890
1,830
Credit Lyonnais
2,200
2,160 2,260
2,240 2,170
Distribution d'Electricitie la Par
2,310 2.340
2,280
2,310 2,300
Ellin Lyonnais
---614
614
613
634
Enentle ElectriMtle du Nord
987
965
965
988
Enercle Electricitle du Littoral
75
74
75
78
78
French Line
85
86
83
85
85
Gales Lafayette
740
730750
740
Gas Le Bon
450
470
480
430
430
Kuhlmann
830
760
820
790
ROLL- 790
L'Air Liquids
980
981
DAY
985
985
Lyon (P. L. M.)
-aio
350
370
360
370
Mines de Courrlerce
450
470
450
460
470
Mines dee Lens
1,500
1,510 1,500 1.480
1,500
Nord RY
1.080 1,070 1,040
1,080
1,090
Paris, France
125
125
124
124
Pathe Capital
1.240 1,290
1,270 1,250
1,2113
Pechlney.
74.20 73.60 78.30 73.50 74.50
Rentes 3%
118.30 116.20 116.60 118.80 117.80
Rentes 5% 1920
86.80 87.80 89.90
87.40 87.20
Rented 4% 1917
98.00 98.10 98.30
98.90 99.50
Rentes 5% 1915
100.40 100.40 100.40 100.40 100.60
Rentes 6% 1920
1,280
1,240 1,270
1,280 1,220
Royal Dutch
____
1,875
1,825
1,850
1.825
Saint Cobin C.& 0
78
Schneider & Cie
Societe Andre Citroen
Societe General Fonclere
Societe FrancaIse Ford
Societe Lyonnais
Societe MarseilleLie
Suez
Tubize Artificial Silk, pret
Union d'ElectrIcltie
Union des Mines
Wagon-Lits
Financial Chronicle
June 25 June 27
1932.
1932.
Francs. Francs.
1,125
330
201
98
HOLT- 2,315
DAY
600
14,000
165
870
200
70
June 28 June 29
1932.
1932.
Francs. Francs.
1,130
1,120
320
320
202
201
95
94
2,300
2,300
600
600
13,800 13.800
160
160
850
860
200
195
69
70
June 30
1932.
Francs.
1,115
340
207
96
2,300
600
14,100
165
860
July 1
1932.
Francs.
201
95
14,(160
850
200
71
THE BERLIN STOCK EXCHANGE.
The Berlin Stock Exchange resumed trading on Friday,
April 29 1932 after having been closed by Government decree
since Sept. 18. Prices suffered heavy declines. Closing
prices of representative stocks as received by cable each day
of the past week have been as follows:
June June
25.
27.
Reichsbank (12%)•
122
Berliner Handels-Gesellschatt (4%)*
87
Comtnerz-und-Privat Bank A. G.(0%)•
16
Deutsche Bank und DIsconto-Ges.(0%)•
30
Dresdner Bank (0%)•
18
Aligemeine ElektrIzitaets Ges.(AEG)(0%)•
21
Oesfuerel (4%)'
HOLI- 51
Siemens & Halske (9%)•
DAY 113
5.0. Farbenindustrie (7)*
87
Salzdethfurt (9%)•
153
Rheinische Braunkohle (10%)•
163
Deutsche Enloe!(5%).
59
Mannesmann Roehren(6%)•
37
lianas (0%)•
10
North German Lloyd (0%)•
11
June June June
28.
29.
30.
Per Cent of Par
121
122
123
88
89
89
16
16
16
30
30
30
18
13
18
20
21
20
50
52
52
112
117
117
86
87
88
153
152
155
162
166
167
53
60
61
35
36
37
10
10
11
11
11
12
July
1.
126
83
16
30
18
21
56
118
89
160
169
63
38
11
11
•Last dividend.
Anhalt 7s to 1948
Argentine 5%. 1045, $100
-pieces
Autiogula 8%, 1946
Bank of Colombia 7%, 1947
Bank of Colombia 7%, 1948
Bavaria 634a to 1945
Bavarian Palatinate Cons. Cit. 7% to 1945
Bogota (Colombia) 634%, 1947
Bolivia 6%, 1910
Brandenburg Electric 6%, 1953
Brazil Funding 5%, 1931-1951
British Ilungarian Ilk. 734s, 1982
Brown CODI Ind. Corn. 634s, 1953
Call (Colombia) 7%, 1947
Callao (Peru) 734%, 1944
Ceara (Brazil) 8% 1947
Central German Po: of Msdeburg 6% 1934
City Savings Bank Budapest 7s, 1953
Dortmund Municipal 111. o H%.1948
()Milberg 7%,to 1915
Dusseldorf 7,10 1945
East Prussian Power 6%. 1953
European Mortgage & Investment 734s, 1966
French Government 534s, 1937
French National Mall 8.5. Line 6%, 1952
Frankfurt 75 to 1945
German Atlantic Cable 7%. 1945
German Building & Landbank 634%, 1948
Hamburg-American line (134s to 1940
Hanover Harz Water Works 6%, 1927
Housing & Realty Imp. 7s, 1946
Hungarian Central Mutual 7s, 1937
Hungarian Discount & Exchange Bank 7s, 1963
Hungarian Itallan Bank 734%. 1932
Koholyt 634s, 1913
Land Mortgage Bank, Warsaw 8%. 1941
Leipzig Overland Power 634%. 1946
Leipzig Trade Fair 7a, 1953
Luneberg Power Light & Water 7%. 1948
Mannheim az Palatinate 78. 1941
Munich 7s to 1945
Municipal Bank Hessen 7% 10 1945
Municipal Gas & Elec. Corp. Recklinghausen. 7s, 1047
N88131111 Landhank 634%, 1938
National Central Savings Bank of Hungary 734% 1962
Natl Hungarian & Ind. Mtge. 7%. 1943
Oberpfalz Electric 7%, 1946
Oldenburg-Free State 7% to 1945
Pomerania Electric 6%, 1953
Porto Alegre 7%. 1968
Protex.tant Church (Germany) 7s. 1946
Provincial Bank of 11 estphalla 6%, 1933
Rhine Westphalia Electric 7%,1936
Roman Catholic Church 834%, 1948
Roman Catholic Church Welfare 7%, 1048
Saarbrueeken Mortgage Bank tls, 1947
Salvador 7%; 1057
Santa Catharine (Brazil) 8%, 1947
Santander (Colombia) 7%. 1948
Sao Paulo (Brazil) 6%, 1947
Saxon State Mortgage 6%, 1947
Siemens & Ifalske debentures 8%. 2930
South American Railways 6%. 1933
Stettin Public Utilities 7%, 1946
Tucuman City 7s, 1951
Vamma Water 514%, 1957
Veston Electric Railway 7%, 1947
Wurtomberg Is to 1945
f Flat pm:N..
Bid.
21
54
14
21
21
26
19
1934
Ask.
24
59
22
22
23
21
f2,
4
2931
26
2934
2334
/534
f4
1234
30
,,a
1 734
IS
18
37)c
31
11'0
10034
10
35
25
27
15
37
12.534
fi 7
f8834
26
47
3734
2434
21
211
26
17
21
34
129
/2734
28
18
2334
f634
"234
2834
37
40
2434
60
634
1436
f')3.4
. __ 1734
31
185
13
2734
16
54
14
23
iiTi
30
31
2434
631
34
2734
2034
22
22
40
3234
105
10134
22
39
27
35
18
39
27
19
71 34
2734
50
4()
26
24
29
28
22
23
36
31
29
34
22
2434
834
2334
3034
40
42
2535
63
73.5
1014
9
31
210
14
2934
19
58
16
25
Comircercialand Wasceilatteonsnexus
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED
WITH TITLE REQUESTED.
-The Valley National Bank of Milton, Milton, Ore
June 15
Correspondent: L. W. Price, Milton, Oro.
Capital,
25,000
VOLUNTARY LIQUIDATIONS.
-The La Grande National Bank,La Grande, Oro
June 20
$200,000
Effective May 29 1932. Lig. Agent: H. E. Dixon, La
Grande, Ore. Succeeded by: The First National Bank
of La Grande.
-The First National Bank of Robinson, Ill
June 23
$75.000
Effective May 4 1932. Liq, Agent: A. W. Allen, Robinson, Ill. Succeeded by: The Second National Bank of
Robinson, No. 13,605.
Breadstuffs figures brought from page 167.
-All
the statement below, regarding the movement of grain
receipts, exports, visible supply, &c.
-are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
i
1
Receipts at- I
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.1961bsIhush. 90 lbs. bush.56 lbs. bush.321bs bu3h.461bs. hush laths.
Chicago
158,000
.
169,000
341.000
450,000
26,000
5,000
Minneapolis_.
412,000
30,000
47,000
114,000
48,000
Duluth
134,000
25.000
22,000
Milwaukee_
11,000
6,000
37,000
30.000
37,000
Toledo
47.000
28,000
56,000
1,000
2,000
Detroit
6,000
6,000
4.000
Indianapolis_ ,
19,600
154.000
94,000
St. Louis_ __ _
130,000
187,000
303,000
48,000
Peoria
29,000
8.000
172.000
45,000
97,000
4,000
KansasCitY.7.000 1,461,000
81,000
12,000
Omaha
183,000
120,000
16,000
St. Joseph_
42,000
12.000
33,000
Wichita
939,000
Sioux City..
2.000
14.000
Buffalo(lakes).
1,231,000
350,000
35,000
Total wk.1932
Same wk.1931
Same wk.1930
335,000
312,000
405,000
4,846,000
5,213,000
4,940,000
1.642,000
3,301,000
2.570,000
837,000
731,000
1,288,000
339,000
448,000
426,000
81,000
150,000
59,000
Since Aug.11931
18,973.000303,415,000 120,590,000 68,109,000 31,360,000 7.775,000
19,402.000 413,242,000 189,937.000 02,965.00046,839,00020,563,000
1930
.n..„
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Juno 25 follows:
Receipts at
-
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of July 1:
July 2 1932
Flour.
TI7hcat.
Oats.
Corn.
Barley.
Rye.
bbls.196'bs bush.601bs.'bush.56 lbs. bush.321bs. bush.481bs. bush 561/is.
New York.._ _
128.000;
652,000
144,000
72,000
Philadelphia 36.000
4,000
50,000
16,000
Baltimore.._ _
14,000:
3,000
10,000
11,000
New p't News_
2,000
'
Norfolk
1.0001
Sorel
229.000
I
New Orleans.
51,000
33,000
66.009
42,000
Galveston..
1
46.000
Montreal_ _ _
33,009 1,491,000
509,000
132,000
744,000
Boston
23,0001
9,000
Houston
264,.(100
100
0
r
Halifax
5,000
Total wk.1932
306.000 2,741,000
500,000
165,000
354,000
744,000
Since Jan.1.
32 8.020,000 64,548.0001 2,383,009 4.591,000 2.649,000 8,841,000
Week 1931___
380,000 2.840,0001
52,0001
340.000
198,000
753.000
Since Jan.1'3110,228,000 70,474,000 1,683,000 5,681,00014,311.000 1,675,000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, June 25 1932, are shown in the annexed
statement:
ExportsfromNew York
Philadelphia
Baltimore
Norfolk
Newport News
Sorel
New Orleans
Galveston
Montreal
Houston
Halifax
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
847,000
10,470
1.600
36,000
84.000
220,000
1,000
2,600
229,000
5,000
12,000
3,000
40,000
2.000
33,000 132,000 509,000 744,000
1,491,000
264,000
5,000
Total week 1932... 3,180,000
Same week 1931_ - -- 3.939.000
1,000
5,600
65,470
136.254
135,000
258.000
545.000
114,000
744,000
677.000
The destination of these exports for the week and since
July 1 1931 is as below:
F lour.
Exports for Week
and Since
Since
Week
July ItoJune 25 July 1
1932.
1931.
Wheat.
Week
June 25
1932.
Since
Jult 1
1931.
Corn.
Week
June 25
1932.
Barrels. Barrels.
Bushels.
Bushels.
Bushels.
United ICingdom. 30,000 2.918,133
789,000 42.102.000
Continent
17,900 1,737,229 2,103.000 112.721.600
So. & Cent. Amer. 13100
223,453
223,000 15,458.0(10
West Indies
15,000
477,914
5,000
206,000
1,000
Brit. No. Am. Col. 1,000
12,1)62
Other countries...
220.207
570
2,986,000
Total 1932
Total 1931
65,470 5,589,898 3.180,000 173,563,000
136.254 11.236.843 3.939.000 197.943.000
1.000
5.000
Since
July 1
1931.
Bushels.
339.000
251.000
12.000
115,000
1,000
718,000
298.000
Auction Sales.
-Among other securities, tho following,
not actually dealt in at the Stock Exchange were sold at auction
in Now York, Boston, Philadelphia and Baltimore on Wednesday of this week:
By Adrian II. Muller & Son, Now York:
Shares. Stocks.
$ per Sh. Shares. Stocks.
$ per Sh.
254 Henry Klein & Co., Inc., comlag Co.; 25 Federal Dyestuff &
mon, no par
$75 lot
Chemical Corp. V. t. c., no par;
50 C. B. M. W.Realty Corp., com..$2 lot
50 Landay Bros., Inc., class A
50 C. B. M. W. Realty Corp., com.$4 lot
(with warrants), no par: 50 Na50 International Burners Corp.,
tional Press Building Corp., pref.,
class B, no par
28 Oneida Knitting Co., Inc..
$4 lot
224 International Burners Corp..
Pref., Of. of dep., no Par; 10 Placclass A, no par
erita Mining Corp., par $10; 900
$6 lot
70 Fifty West 58th St. Corp., pret. $10 lot
Public Service Radios, Inc.,
50 Georgia Sou. dr Fla. Ry.2d pret$7 lot
class A. Par $10: 750 Public Ser48 Student Shirt Corp
$50 lot
vice Radios, Inc., com., Par $20:
$5,000 City of Orlando. Fla., 5%
50 Richland Valley land Co.,
bonds, due Oct. 11937. Oct.'32
Par $50; 16 United Mining Co,
& subs, coup. attached; $5,000
Pret., par $10; 96 United Mining
Denver-Greeley Valley Mun. hr.
Co., common, par $10; 10 Vitamin
Dist. et al. HIS. of dep. bonds
Food Co., Inc., pref., V. 1. c..
dated April 5 1909; 200 Campopar 510;8 Vitamin Food Co., Inc..
bello Island Co., par $10; 25 Comcommon v. t. c., no par; 1 Vitaplete Combustion Co.. par $5;
min Food Co., Inc., common,
5 Electric Time & Messenger Co..
DO Par
$925 lot
par 550; 5 Electric Copper Refill-
Philadelphia Stock Exchange.—Record of transactions
at Philadelphia Stock Exchange, June 25 to July 1, both
inclusive, compiled from official sales lists:
' By R. L. Day & Co., Boston:
Stocks—
Bonds
$695 Arizona Eastern Gold Mine
$15 lot
Co.ref. 78, June 1 1932
$ per Sh.
Shares. Stocks.
1 First Nat. Bank of Philadelphia_ _190
25 United Security Life Ins.& Trust
$1 lot
Co
Per Cent.
Bonds—
$50 Elec. & Peoples Tree. S. T.48.
18
1945
Pennroad CorP
50
Pennsylvania RR
Penna Salt Mfg
Phila Else of Pa $5 pref._
25
Plana Elec Pow pret
Phila Insulated Wire
Pirtle Rap Trans 7% pf _ _50
Phila & Rd Coal & Iron_ _ _ _
Philadelphia Traction___50
Scott Paper series A
Shreve El Dorado Pipe L 25
Tacony-Palmyra Bridge..'
1
Tonopah Mining
50
Union Traction
United Gas Imp corn new.*
US Dairy Prod com c11:1- *
By Weilepp, Bruton & Co., Baltimore:
$ per Sh.
$ per Sh. Shares Stocks.
Shares. Stocks.
347 Iglehart Building Corp.. no
56234 Baltimore Insular Line, Inc.,
$10,000 lot
par
$50 lot
common
$70 lot
$42,300 various notes
Toronto Stock Exchange.—Record of transactions at
the Toronto Stock Exchange, June 25 to June 30, both inclusive (Friday, July 1, being a holiday), compiled from
official sales lists:
Abitibi Pr & Pap 6% pt 100
•
Atlantic Sugar corn
100
Preferred
100
Bell Telephone
Brantford Cordage lot pf 25
Brazilian T L & Pr corn_
5
B C Power A
25
Burt F N Co nom
Canada Cement coin
Can Steamship cons
Can Wire & Cable A
*
29%
79
934
19
28%
5
Canadian Canners corn....*
Convertible pref
•
1s1 preferred
100
Can Car & Fdry pref _25
Can Dredg'g & Dock eons *
Canadian Gen Elea pret 50
Can Indus A lchol A
5
Canadian Oil corn
Canadian Pacific By-- _ _25
Cockshutt Plow corn
•
•
Consol Bakeries
Canadian Car & Fdy
Cons Mining & Smelting 25
Consumers Gas
100
Crow's Nest Pass Coal_100
Dominion Stores com____*
Ford Co of Canada A_..
5
Goodyear T & Rub pref 100
4534
1%
10
3%
4
31
13
731
431
Internet Nickel corn
*
1st Utilities A
5
Loblaw Groceterlas A__ 5
8%
Massey-Harris corn
•
Moore Corporation corn-. •
Ont Equit Life 10% pt _too
Page
-Hersey Tubes corn_ _*
Pressed Metals corn
SimPson'a Ltd pref.-- _100
Steel Coot Canada com •
Preferred
25
Tip Top Tailors pref.. _100
Walkers Hiram corn
•
Preferred
•
Banks—
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
3731
7
12
12
434
9.34
2
2931
120
79
18
8%
15%
19
2%
131
28%
5
234
45%
45
1034
831
52%
13.4
834
931
335
4
3%
28
150
8
13
734
71
23(
2931
120
81
18
9%
16%
20
234
131
31%
5
234
45%
45
104
834
5231
1.31
8%
10
4
4
3%
31%
151
8
13%
731
73
4%
2
9
8%
2%
434
6
37
7
12
11%
20
50
434
934
4%
2
931
8%
2%
4%
6
3731
7
12
12
2034
50
5
9%
2
275
115 19%
10 120
309 75
35 1731
1,295
7%
236 15%
175 17
12
234
1%
26
575 2934
55
5
15
131
11 40
10 40
100 1034
75
7
5 52%
15
200
7
8%
862
115
331
270
3%
50
2%
134 25
52 142
6
8
78 13
680
5%
28 70
1,205
50
677
55
35
25
5
106
5
30
136
55
5
846
2,666
4
2
9
8
231
4%
6
35
5
12
1034
20
50
2%
9
High.
June 10
Apr 29%
June 120
June 119
June 20
May 14%
June 2434
May 32
June
7
June
731
June 55
June 13
June
5%
June 80
June 80
June 15%
June 17
June 59
Mar
June
June
Feb
Mar
Mar
Mar
Jan
May
Mar
Jan
Mar
May
Jan
Jan
Mar
Mar
Mar
June 13
May 22%
6
June
8
June
7%
May
June 75
May 166
June 13
June 20
June 1632
Jan 93%
Mar
Mar
Feb
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Mar
June
June
June
June
May
June
June
June
June
June
June
June
June
Apr
June
11
8%
10%
10%
431
10
9
66
10
55%
23%
29
67
531
12
134
9
2534
8934
26
22
5
234
17
74
%
25
34
834
1234
134
1634
8
123-4
10
14%
61
86)4
93
100
98
843-4
83
1
734
2534
8934
25
22
5
1%
1534
73
H
25
li
8
1134
131
high.
June 3634
Apr 1034
May 113
214
Apr
43-4
June
1431
Jan
June 3334
934
June
June 150
June 40
June 1434
2%
Jan
June
334
1
June
634 June
1934 June
June
86
2234 June
June
22
43-4 June
134 June
13
June
73 June
31 Apr
25 June
.May
i 3
8 June
954 June
1)4 June
Feb
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Apr
Apr
Jan
Jan
Feb
33-4
2234
36
9834
3834
28
18
53-4
2834
9834
3
3531
%
1734
2134
7
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Feb
Jan
Mar
Jan
Apr
Jan
Jan
July
Jan
June 29
Mar 17
June 87%
June 91
Feb 99
Feb 104
June 104
Jan 9634
June 85
Feb
Apr
Mar
Feb
May
Apr
Apr
Jan
Feb
*No par value:
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, June 25 to July 1, both inclusive, compiled from official sales lists:
Stocks—
Sales
Frldad
Last Week's Rangc for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
* 16
Arundel Corp
Ches&Pot Tel of Balt pt100 111
Com'ere'l Credit pref B25
Consol Gas,E L & Power_* 45
' 6% prof series D..__.100
100
5% preferred
Emerson Brorno Selt Awl.
Fidel & Guar Fire Corp_10
50
Fidelity & Deposit
Finance Co of Amer el A
10
Home Credit Co
Houston Oil pret
Jan
Mar
Jan
Jan
June
Jan
Feb
Jan
Mar
Jan
Mar.
Jan
Apr
Mar
Feb
Mfrs Finance corn v t___25
25
1st preferred
25
2d preferred
Maryland Casualty Co_ _ _ __ __
13
New Amsterdam Cas Ins__
Penna Water & Power...'
United Porto Rican Sug PfU S Fidel & Guar new_ _10
Bonds—
Baltimore City
1958
4s conduit
Benesch I & Sons Inc v/1'39
1939
Consol Gas 1st 55
United Ry & El tat 45_1949
75
15
111
11
4334
10334
93
24
7
30
3
10
231
Low.
976 15
1634
17 110
11134
120 11
1134
172 39
45
127 103
104
16 9234
9334
103 24
24
7
50
7
.
5 2834
30
3
52
334
6 10
10
2
250
234
1
1
934 934
6
631
2% 3
1231 1334
38
37
8
8
231 234
9634
75
102M
1031
1 ;•4
Range Since Jan. 1.
10
84
78
215
283
41
14
661
1
73-4
534
231
12
34
8
234
9634 $1,000 95
5.000 75
75
1.000 100
102M
8,000 10
10M
134
4.000
2
High.
June 26% Mar
June 11631 Feb
Jan
June 20
June 6834 Mar
June 111H Jan
Jan
June 100
Jan 2934 Feb
Jan
June 15
May 8534 Jan
734 Mar
Apr
May
May 10
May
3
June
June
Jan
Feb
June
Apr
June
June
May
8
1034
6%
8%
2134
5334
8
53.4
Feb
May
Apr
Jan
Jan
Jan
June
Jan
Apr 9634 June
Jan
June 85
Jan 10231 June
June 1834 May
2
May
June
* No par value.
100
100
100
100
100
100
100
124
125
130
128
Loan and Trust—
Canada Permanent.. _100
Huron & Erie Mortgage 100
95
124
125
130
152
240
128
130
128
132
132
154
240
130
130
140
97
140
97
109
14
4
13
11
29
20
121
125
130
150
238
120
125
20 140
9 95
171
194
193
225
274
149
193
Jan
Jan
Feb
Jan
Jan
May
Feb
June 186
June 100
Jan
June
June
June
June
June
June
May
June
• No par value.
Toronto Curb.—Record of transactions at the Toronto
Curb, June 25 to June 30, both inclusive (Friday, July 1
being a holiday), compiled from official sales lists:
Stocks—
Low.
20
19
15
15
61
82
86% 89
975-4 9734
10234 10234
10131 102
94
94
83
83
8931
Bonds.—
Elec & Peoples tr ctfs 45'45
Interstate Ry 45
Penn Pow & Lt 4%8..1981
Phila Elec(Pa) 1st s f 4s '66
1967
1st 430 series
1966
1st 5s
Phos Elec Pow Co 5345 '72
Phila Sub Co 4349
Rasolino imnrovement 4s
Range Since Jan.l.
Low.
134
S0
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Sale
Par. Price. Low. High. Shares.
Range Since Jan, 1.
20
7
9634
34
1
934
1234
31
74
19
534
1
%
2534 2534
*
American Stores
734
734
Bankers Secs Corp pref.
Bell Tel Coot Pa pref__100 10234 10234 10234
%
•
%
Budd(E G) Mfg Co
•
1
1
134
Budd Wheel Co
934 934
Camden Fire Insurance_ _ _
1634 1731
Electric Storage Battery100
334 4
4
10
Fire Association
75
74
Horn & Hard (Phila) corn * 76
23
2434
_10
Insurance Co of N A_
734 8
Lehigh Coal & Nay
1
I
Mitten Bank Sec Corp_
34
1
Preferred
By Barnes & Lofland, Philadelphia:
$ per SA.
Shares. Stocks.
10 Philadelphia Nat. Bank, par $20 423-4
10 Philadelphia Nat. Bank, par $20 4231
47 Penna. CO. for Insur. on Lives
& Granting Annuities, Par $W__ 2734
98 Collingdale State Bank, Coiling- "
$1 lot
dale, Pa
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares,
0000000
8 0000000
0§000C.00
$ per Sh.
Shares Stocks
14,000 Valise Corp., par El-41,000 lot
book accounts of receivers of
All the
Coombs Woodman Co. and of the
corp., amounting approx. to $11.939.29 face value, and all notes receivable of said corp. and receivera thereof, amounting approx.
to $1,225 tare value (sale subject
to confirmation by U. S. District
$2,260 lot
Court)
88888'88,988888
88;288882M888 CO
VW..0
NM
$ per Sh.
Shares. Stocks.
26 Manchester Trust Co., Man10
chester
734
100 Arlington Mills
17
5 Pepperell Manufacturing Co
20 Lincoln Mfg. Co., Fall River--$5 lot
150 Berkshire Woolen Co., Pitts1
field, common fold stock)
_
20 Suburban Elec. Secur., 2d pt. 10
1 Suburban Elec. Secur., tat pref__ 29
5
6 units First Peoples Trust
5
O units First Peoples Trust
2
1 special unit First Peoples Trust
350 Mass. Bonding & Ins. Co.,
931
par $25
Stocks—
79
Financial Chronicle
Volume 135
Sales
Friday
Last Week's Range for
1Veek.
ofPrices.
Sale
Par. Price. Low. High. Shares.
•
Biltmore Hats corn
Brewing Corp pret
•
Canada Bud Brew corn
•
Canada Malting Co
•
Canadian Wineries
Can Wire Bound Boxes A *
Distillers Corp Seagrams_•
Dominion Bridge
Dominion Motors of Can 10
Hamilton Bridge corn....'
100
Preferred
Imperial Tobacco ord_ _ _5
Montreal Lit & P Cons_ •
National Steel Car Corp._'
PowerCorp of Can com_ *
Shawinigan Wat & Pow_ •
Stand Pay & Mat'is pf_100
Tamblyns Ltd G pref 100
Toronto Elevators com—*
Oils—
*
British American 011
•
Imperial Oil Ltd
International Petroleum_ _•
McColl Frontenac Gil corn*
Supertest Petroleum ord. •
Union Natural Gas Co_ •
*No par value.
3%
134
834
734
9%
8
Range Since Jan. 1.
Low.
3%
1%
734
1034
2
5
4
9%
134
3%
50
8%
26
6%
631
10
27
96%
7
25
50
210
15
500
40
175
110
70
5
25
10
246
100
50
350
175
10
25
2
1
6%
10
1
4%
334
9
1%
2
50
6
21
6%
6
7%
25
95
7
834 834
7% 834
9% 10%
8
8
13
13
334
335
1,505
6,586
2,615
195
40
10
831
7%
934
7
9%
134
3%
14
7
10
1,4
5
4
9
1%
334
50
634
25
634
634
9%
25
96%
7
High.
Feb
3% June
June
334 Jan
Apr
9
Jan
June 14% mar
May
2% Jan
June
734 Jan
Apr
631 Jan
June 13% Apr
June
5
Feb
Apr
7
Feb
June 50
June
June
8% Jan
June 38
Jan
June 1234 May
June
8
May
May 33
Feb
June 46
Mar
Feb 100% Jan
June 13
Mar
June
June
June
Apr
June
June
11% Mar
10% Mar
11% May
1031 Jan
1834 Jan
5
Jan
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a. second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atchison Topeka dr Santa Fe, com—Divi Send o mitted.
July 11 Holders of roe. June
$1
Carolina Clinchtield & Ohio Ry
$1.61 July 1 Holders of rec. June
Elmira & Williamsport RR (s.a.)
Great Northern Ry., pref.—Dividend on itted.
I.ackawanna & Western RR.—No action taken.
July 1 *Holders of rec. June
New Jersey River Ry.& Ferry Co.(8.-a.) 5$3
5$131 July 1 *Holders of rec. June
Paterson & Hudson River 11.R. (8.-a.)
Pittsburgh On Chic & St. Louis (8.-a.) *5234 July 20 *Holders of rec. July
$2 July 1 Holders of rec. June
Springfield Ry. Cos. 4% pref.(s-a)
July 5 *Holders of rec. June
-a.)
583
Stoney Brook RR.Corp.(s.
30
20
30
27
9
20
30
Public Utilities.
Amer. Cities Power.& Light el. A (qtr.)- *75c. Aug. I *Holders of rec. July 5
Amer. Lt. & Traction Co. corn.(q.).-- 6234c. Aug. 1 Holders of rec. July 15a
134 Aug. 1 Holders of rec. July 155
Preferred (quer.)
Holders of rec. Sept. 9
Am.W.Wks.&EI.Co.,Inc.$6 1st pt.(qu.) SI% Oct.
July 29 *Holders of rec. June 27
*1
Atlas Elec.& Gen.Trust, Ltd., ord reg
*1
July 29 *Holders of rec. June 27
Amer. dep. ree. for ord reg
July 29 Holders of rec. June 27
Amer. dep. rec. ord. reg. (final)
*234 July 15 *Holders of rec. July 5
Brit. Col.El. Ry., Ltd.5% pref.(s-a)
July 15 Holders of rec. June 30
Calif. Oregon Power Co., 7% prof. (qu.) El
$1% July 15 Holders cf rec. June 30
6% preferred ((PIM%)
$134 July 15 Holders of rec. June 30
6% preferred, set'. 1927 (Quer.)
*1% July 15 *Holders of rec. June 30
Central Power Co., 7% pt. (User.)
•1y.6 July 15 *Holders of rec. June 30
6% preferred (quar.)
Chesapeake & Potomac Telephone Co.
$1% July 15 Holders of rec. June 30
(Bait.), preferred (guar.)
530e. July 15 *Holders of rec. July 8
Chester & Philadelphia Ry (ntiar.)
Commonwealth Teleph.
Pf.(au.) 5E134 July 15 *Holders of rec. June 30
July 15 *Holders of rec. June 30
5$2
Consol. Traction Co.(N. J.) (s.
-a.)Continental Telephone,7% pref.—Divid end on itted.
Dayton Power & Light,6% pr.(mthly.)_ 550e. Aug. 1 *Holders of rec. July 20
*6134 Aug. 1 *Holders of rec. July 20
Derby Gas & Elec., $634 Pt.(qui
asi
Aug. I *Holders of rec. July 20
$7 preferred (quer.)
80
Financial Chronicle
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Public Utilities (Concluded).
Eastern Townships Tel., corn.
-Div. act Ion de ferred.
Green & Coates Sts., Pass. Ky.(qu.)__ _ _ "5134 July 7 "Holders of rec. June 22
Holyoke Water Power Co.(gean)
'51 34 Aug. 1 *Holders of rec. July 16
Hydro-Elec. Secur.5% p1. Cl. B
*25c. Aug. 1 *Holders of rec. July 18
Illinois Commercial Tel. Co..56 pt.(qu.)'$134 July 15 *Holders of rec. June 30
$7 preferred (guar.)
•Slg July 1
Illinois Northern Utilities,6% pf.(guar.) sui Aug. 1 'Holders of rec. July 15
7% Jr. preferred (guar.)
Aug. 1 'Holders of rec. Julyj 15
*1
International Utilities Corp.
$7 Prior Preferred (guar.)
$131 Aug. 1 Holders of rec.. July 155
$334 prior Preferred (guar.)
8734c Aug. 1 Holders of rec. July 15a
$114 preferred (guar.)
43lic July 15 Holders of rec. July 5a
Kentucky Utilities Co..6% pret
134 July 15'Holders of rec. June 25
Lake Superior District Power, com.-Div Idenal omitted
Lexington Telephone.634% pref.(guar.) •1% July 15 ;Holders of rec. June 30
Lincoln Telephone & Telegraph (quar.)- *SI% July 10 "Holders of rec. June 30
Los Angeles Gas & Elec.,6% pf.(qu.)_- •134 Aug. 15 *Holders of rec. July 31
Maine Gas Cos., corn. (quar.)
*50c. July 15 'Holders of rec. June 30
Metropolitan Gas & Elec., corn.(guar.)'Sc. July 1 *Holders of rec. June Hi
Milwaukee El. Ry.& Lt. Co.,6% pf.(qu) 134 Aug. 1 Holders of rec. July 20
6% preferred (1921) (guar.)
'134 Sept. 1 'Holders of rec. Aug. 15
Missouri Edison, pref. (quar.)
+113i July
*Holders Of rec. June 20
Missouri Gas & Elec.Serf.. 7% pr. lien Divide nd omi ted.
Montana Power-Dividend omitted.
Montreal Tramways Co.(quar.)
'$2
July 15 *Holders of rec. July 7
Mutual Telephone (Hawaii)(monthlY)-'Sc. July 20 "Holders of rec. July 9
New Bedford Gas & Edison Lt. Co.( qu.) "75c July 1 *Holders of rec. June 27
Newark Cons. Gas Co.,5% gtd.(5:R.)-- '254 July 1 'Holders of rec. June 25
Newark Tel. Co.(Ohio),6% rd.(guar.)- '134 July 9 *Holders of rec. June 30
Norfolk dr Western corn.(gear.)
'$2
Sept.19 *Holders of rec. Aug. 81
*la
Adjustable preferred (gear.)
Sept.19 'Holders of rec. Aug. 31
North Amer. Edison Co., pref.(guar.)-- 5134 Sept. 1 Holders of rec. Aug. 15
Northport Water Works,0% Pref.-Div! deed o milted.
Northwestern Elec., 7% 1st pf. (quar.)_ *Ili July 1 "Holders of rec. June 18
Orig. preferred (guar.)
*5134 July 1 'Holders of rec. June 18
Ohio Associated Telephone Co., Pf.(qu.) *350. July
1 *Holders of rec. June 20
Pacific Lighting Corp., corn.(quar.)....
75e. Aug. 15 Holders of rec. July 20
Pennsylvania Power Co.
$6.60 preferred (monthly)
5.50. Aug. 1 Holders of rec. July 20
$6.60 preferred (monthly)
55c. Sept. 1 Holders of rec. Aug. 20
$6 preferred
$134 Sept. 1 Holders of rec. Aug. 20
People's Gas Lt. az Coke (Chicago)(qu.) 5134 July 18 Holders of rec. July 5
Philadelphia Elec. Co., $5 pref. (quar.) •
513( Aug. 1 "Holders of rec. July 9
Philadelphia Elec. Power Co.8% pf.(qu) *50c Oct. 1 "Holders of rec. Sept. 10
Phila. Elec. Power Corp., 8% Pf.(qu.)50e. Oct. 1 Holders of rec. Sept. 10
Power Corp. or Canada. Ltd.,67, pr._
134 July 15 Holders of rec. June 30
Public Service of Texas pref.(s-a)
'5334
"Holders of rec. July 1
San Diego Cense!. Gas & Elec., pf.(qu.) 151 July 15 Holdres of rec. June 30
,
Sedalia Water, Pref.(guar.)
"51g July 15 *Holders of rec. July 1
Southern California Gas Co.. 6% pref
37
July 15 Holders of rec. June 30
6% preferred, class A
37340July 15 Holders of rec. June 30
Southern Calif. Edison, corn. (quar.)___
500. Aug. 15 Holders of rec. July 20
Southern New Eng. Telephone Co.(gu.)'52
July 15 *Holders of rec. June 30
Toledo Edison Co.,7% pr.(monthly)- -- 7-12ofl Aug. 1 Holders of rec. July 15
6% preferred (montnlY)
6-12011 Aug. 1 Holders of rec. July 15
5% preferred (monthly)
5-120t1 Aug. 1 Holders of rec. July 15
Tr -States Telep..k Teleg. CO.(quar.) '5134 July 1 *Holders of rec. June 15
Union Elect. of Paris Amer. der. record
bearer shares
•13.9fr July 7 'Holders of rec. June 30
United Gas Corp. 2d pref.-No action is ken.
United Ohio Utilities, 6% pt. (guar.).-Aug. 1 'Holders of rec. July 12
United Tel. Co.
(Kansas) corn.(quar.)__ *$2
July 15 *Holders of rec. June 30
7% preferred (guar.)
'134 July 15 *Holders of roe. June 30
West Penn El. Co.7% cum. pf.(qu.)__
134 Aug. 15 Holders of rec. July 20
8% cum. preferred (guar.)
134 Aug. 15 Holders of rec. July 20
Western Power Corp., 7%cum.pref.(q IL) .
01,4 July 1 *Holders of rec. June 27
Banks.
Citizens Bank (Browilyn) (s.-a.)
Peeples National Bank (Brooklyn)
.11
ruly
$234 July
1 'Holders of rec. June 27
1 Holders of rec. June 28
Fire Insurance.
Dominion Fire Insurance (8.-a.)
e$3
2 "Holders of rec. June 20
July
Miscellaneous.
Aeolian Co. of Mo.,8% 2d pref. (guar.) .2
July 1 *Holders of rec. June 25
Aeolian Co.(N. Y.), 7% prof -Divides d omit ted.
Affiliated Products, Inc.. cont.(mthly.). 13 1-3c Aug. 1 *Holders of roc. July 18
Allied Chem.& Dye Corp., cont.(qu.)-- $1% Aug. 1 Holders of rec. July 11
Allis-Chalmers Mfg. Co. corn.-Dividen d omit ted.
Amerada Corp.(quar.)
*50c July 30 "Holders of rec. July 15
American Can Co., common (quar._ _ $I
tug. 1 Holders of rec. July 15
American Coal of Allegheny Co.-Divid end om Itted.
Amer. Composite Trust She.,cum.stir..
12e. June 30
American Factors. Ltd. (monthly)
•10c. July 1 *Holders Of rec. June 30
American Furniture Co., cl. A pref.(qu.) "5134 July 15'Holders of rec. July 9
American Ice Co., common (guar.)
50c. zuly 25 Holders of rec. July 8
Preferred (guar.)
$1.34 July 25 Holders of rec. July 8
American Insurance (Newark) (guar.).- *12340 July 9 *Holders of rec. June 27
Anglo-N at. Corp.(San Fran.). Cl. A (qu, '50o. July 15 *Holders of rec. July 2
Autoline Oil, preferred (guar.)
*20e.July 1 "Holders of rec. June 24
Avondale Mills (guar.)
•55
July 1 "Holders of rec. June 30
Baldwin Co.,6% pref. lquar.)
5134 July 15 *Holders of rec. June 20
•
Banditti Petroleum (monthly)
'Sc. July 20 *Holders of roe. June 30
Barber(W.H.) de Co., pref.(guar.)
'134 July 1 *Holders of rec. June 20
Benjamin Elec. Mfg.. 8% pref.-Divide nd passed
Blrtman Elect.. common.-Dividend om Med.
Preferred (guar.)
•Sili Aug. 1 *Holders of rec. July 15
Boston P.R. Holdings. Pref. (8.-a.)
•2
July 11 'Holders of rec. June 30
Brakpan Mines, ord. bearer
3s
July 26 Holders of rec June 30
Buffalo Insurance(New York)(quar.)-- *53
June 30 *Holders of rec. June 21
Bush Terminal -Dividend omitted.
7% debenture.
-Dividend omitted.
Business Systems, Ltd.. p1. class B (qu.) •15c. June 30 *Holders of rec. June 29
Butler Mfg., 7% pref.-Dividend passed
Byllesby Engineering & Mgt. Corp.
7% preferred (guar.)
*Ili July 15 *Holders of rec. June 30
6% preferred (guar.)
'154 July 15 'Holders of rec. JUDO 30
Cadillac Storage (guar.)
*100. July 15 'Holders of rec. July 1
caoszobca Sugar Estates, corn. (quar.)*40c. Oct. 1 *Holders of rec. Sept. 15
7% preferred (guar.)
"3.5c. Oct. 1 *Holders of rec. Sept. 15
Canadian Bronze Co., Ltd., corn. (qu.)_ 3114 Aug. 1 Holders of rec. July 20
Preferred (guar.)
134 Aug. 1 Holders of rec. July 20
Canadian Car & Fdy. Co., coin. (qu.)..
15c. Aug. 30 Holders of rec. Aug. 15
Canadian Industries, Ltd.. 7% Pt. (qu.) 1•51g July 15'Holders of rec. June 30
Canadian Wineries (quar.)
•5c. July 15 *Holders of rec. July 5
Case, Lockwood & Brainard (quar.)_ _ _ _ '$234 July 2
Chicago Transfer & Clearing, cont.(s.
-a.) "51g July 1 'Holders of rec. June 20
Cincimati Mill. Moot., prof. (gatr.)_
*51 3.4 July 15 'Holders or rec. June 30
Comm'l Discount Corp., 7% p1. (qu.)__ "1734c July 11 'Holders of rec. July 1
8% preferred (quar.)
"20c. July 11 *Holders of rec. July 1
Commonwealth f.ife Ins., Ky.(guar.)._ "40c. July 1 *Holders of rec. June 27
Compo Shoe Machine (Initial)
*1234 Sept. 1 "Holders of rec. Aug. 10
Conseil. Car Heating Co., Inc., com.(qu.)'$1 34 July 15 'Holders of rec. June 30
Common (extra
July 15 *Holders of rec. June 30
*52
Consolidated Chemical Indus.Inc.,pLA • 37340. Aug. 1 *Holders of rec. July 15
Consol. Lithographing Corp., cl. A (qu.) •50c. July 1 'Holders of rec. June 24
Consolidated Royalty 011 (quar.)
'Sc. July 25 *Holders of rec. June 30
Credit Utility Banking Corp., cl. B (qu.)
250. July 10
Cresson Cousol. Gold Min. dr M111., corn. •1c. July 15'Holders of rec. June 30
Curtis Publishing, corn.-Dividend omit ted.
Curtiss-Wright Export,6% pref.(guar.)
July 15 *Holders of rec. June 30
Debenhams Securities, Ltd., pref.-Div dend o mitted.
Debenture Co.of Canada-Dividend om itted
Devonian Oil Co
*10c. UlY 20 *Holders of rec. July 1
Donahoe's. Inc.,6% pref.(quar.)
"851
une 30 *Holders of rec. June 20
Eagle Lock Co. (guar.)
'6234c July 1 *Holders of rec. June 24
East Geduld Mines, Ltd.
Ordinary shares (Initial)
*el Mt. July 26 *Holders of rec. June 30
Egry Resister Co., class A.
-Dividend o milted
1
July 2 1932
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Electric d: Musical Indus., Ltd. 6% pre f,
-DI vidend omitted.
Ely & Walker Dry Goods, 1st pf. (e.
-a.) *5312 July 15 *Holders of rec. July 2
2nd preferred (s.-11.)
*53 July 15'Holders of rec. July 2
Equitable Mortgage & Title Guaranty, N.Y. Dividen d omitted.
Eureka Pipe Line Co. (guar.)
Aug. 1 Holders of rec. July 15
$1
Fiberlold
pref. (guar.)
'$154 July 1 'Holders of rec. June 17
Field (Marshall) & Co.,7% pt.
Corp.,
-Divide od om Med.
Fireman's Fund Insurance (guar.)
•75c. July 15 *Holders
Firestone Tire & Ruboer. corn.(quar.)_ _ "25e. July 20 "Holders of rec. July 5
of rec. July 5
First Finance Co. of Iowa, $134 pf.(qu.) •3734c July 1 *Holders of rec. June 21
Fixed Trust Shares, orig. series (s.
13500 June 30
-a.)
Series B (s.
-a.).
15500 June 30
Flatbush Investing.634% p1.
-Dividend °mitt ed.
Food Mach., 5634 pref. (monthly)
*50c. July 15 *Holders of rec July 10
Preferred (monthly)
•50c. Aug. 15 *Holders of rec. Aug. 10
Preferred (monthly)
*50c. Sept. 15 Holders of rec. Sept. 10
Foulds Milling Co..8% pref. (guar.).- _ '2
July 10 "Holders of rec. June 30
General Foods Corp., corn. (guar.)
*50c. Aug. 1 *Holders of rec. July 15
Globe Discount & Finance (guar.)
*25c. July 15 "Holders of rec. July 1
Gordon Belyes, Ltd.. 7% lab pref.(quJ - •75c. July 1 'Holders of rec. June 27
Graham-Paige Motor. 1st pref.-Divide nd om Med.
Grant Lunch Corp.(N.J.).3% Pf.(qu.)
20e. June 30
Great Lakes Engineering Works (guar.)
Aug. 1 'Holders of rec. July 25
Greyhound Corp., class A pref.-Divide rid ac Ion defe rred.
Gross (L. N.) Co.,7% pref. (quar.)_ _ '134 July 1 'Holders of rec. June 25
Hamilton Woolen Co. (s.
-a.)
July 15 Holders of rec. June 30
$I
Hart
-Cooley Co.(guar.)
*S134 July 1 *Holders of rec. June 27
Hathaway Bakeries, cl. B-Dividend om itted.
Hercules Powder, Prof.(gear.)
"513i Aug. 15 *Holders of rec.
Hershey Chocolate Corp., corn. (guar.) _•15134 Aug. 15 'Holders of rec. Aug. 4
July 25
Convertible preferred (guar.)
Auc. 15'Holders of rec. July 25
*S1
Hochmeister Lind,$6 pref., cl.A-Divld end om Med.
Horn dz Hardart of N.Y.(guar.)
"6234c Aug. 1 *Holders of rec. July 11
Houghton Elevator & Macnine Co.
7% preferred (gar.)
'131 July 1 *Holders of rec. June 20
Howe Sound Co.(guar.)
10e. July 1 Holders of rec. June 30
International Elevating (gear.)
"51
July 1 *Holders of rec. June 24
Intercontinental Investment, el. A.
-D1 vidend °mitt° d.
Internat. Printing Ink Corp., pref. (qu.) "5134 Aug. 1 'Holders of rec.
July 16
Intertype Corp., 1st pref. (guar.)
Oct. 1 Holders of rec. Sept.15
$2
Kekaha Sugar, corn.(monthly)
*10c July 1
L'Air Liquid
Amer. dep. rec. ear.0 bearer shs..-zir 21.8F July 5 Holders of rec.
June 30
Series 0 boxer shares
zw 21.8F July 5 Holders of roe. June
Lane Bryant, Inc. 7% pref. (quar.)- 1% Aug. 1 Holders of rec. July 30
15
Lefeourt Realty Corp., corn. (quar.)___
20c Aug. 15 Holders of rec. Aug. 5
Preferred (guar.)
75e July 15 Holders of rec. July 5
Leonhard Tletz, Inc.
Amer. dep. rec, corn, bearer (annual). zw6 July 22 Holders of rec.
July 15
Lit Bros., pref.-DivIdend action deferr ed.
Louisiana Disc.& Sec.(s.
-a.)
nig July 1 "Holders of rec. June 20
Lowell Electric Lithe (quar.)
•90e July 13 'Holders of rec. July 7
Major Shares Corp. (s.-a.)
210. June 30
Manufacturers Casualty Insurance
•15o July •1
McCrady Rodgers Co., pref.(quar.)____ "8734c June 30'Holders
of rec. June 80
McCrory Stores Corp., pref. (quar.)_._ $1 34 Aug. 1
Holders or roe. July 20
McGolrick Bond & Mtg. Corp., pf.(s.-al
334 July 1 Holders of rec. June 30
McIntyre Porcupine Gold Mines (guar.) •3734c
Medusa Portland Cement, pref. A-Div1 dend p used.
d Merchants Ice & Cold Storage Co.
6% preferred (quar.)
134 July 1 Holders of rec. June 20
Metro 011, Ltd. pref. 11.-a.)
e334 June 30 "Holders of rec. June 28
Mill Factors, Class
A & B (guar.)
•50c. July 1 *Holders of rec. June 20
Mohawk Investment Corp.(guar.)
30c. July 15 Holders of rec. June 30
Moore Corp., Ltd.
-Dividend omitted.
Morris Plan, N. Y. (guar.)
"30c. July 1 *Holders of rec. June 29
Mtge. dr Title Guar. of Amer.
-Dividend omitte d.
Moxie Co., class A stock
750. June 30 Holders of
Mutual Chemical of Amer., pref. (go.) _ *V 54 Sept.2:'Holders of rec. June 28
rec. Sept. 15
Preferred (guar.)
'$134 Dec. 2E *Hoidens of rec. Dec. 15
National Equity Co.. common (8.-a.).40c. July 1 Holders of rec. June 20
Preferred (s.
-a.)
20c. July 1 Holders of rec. June 20
National Fruit Products, 7% pref.(qu.)- 8734e July 1 Holders
National Weaving Co.. 7% pref. 0.-a.) *334 July 3( 'Holders of rec. June 20
of rec. June 30
Naumkews Steam Cotton Co. (guar.).
75e. July 1 Holders of rec. June 24
New Britain Mech., Prof. cl. A.-Dividi id omi tted.
New Jersey Zinc (guar.)
50c. Aug. 10 Holders of rec. July 20
Newaygo Portland Cement-Dividend
nitted
Northeastern Indus. Loan Corp. (guar. "51
July It "Holders of rec. July 1
Nutley Mtge. & Title Guar.(quar.)1135 July 1 *Holders of rec. June 28
Ohio Leather, Common ((War.)
26e. July 1 Holders of rec. June 24
1st preferred (guar.)
July 1 Holders of rec. June 24
$2
2nd preferred (guar.)
0134 July 1 Holders of rec. June 24
Gnomes Sugar (monthly)
"20c. July 20 'Holders of rec. July
7
Open Stair Dwellinzs, corn. (guar.) _.
•25e. June 31 "Holders of rec. June 20
Orange Crush, Ltd., class A prof.-Diviz ndom Med.
Pan American Lite Ins.(N.0.3(5.-a.)_
"t100. July 1 "Holders of
Participation In Selected Standard Oils- - .17.90 July 31 "Holders of rec. June 21
rec. June 30
Penman's, Ltd., common (guar.)
750. Aug. 15 Holders of rec. Aug. 5
Preferred (quar.)
134 Aug. 1 Holders of rec. July 21
Peter Paul, Inc.,common (guar.)
•15o.
'Holders of rec. June 20
Pittsburzh Steel Foundry, 5% pref.-Di vidend ju yltte d.
olm l
Pocahontas Fuel Oil, preferred (8.-a.) -- "33
June 30 *Holders of roe. June 18
Prudential Investment, $6 pref. (gear.). "51 34 July 15'Holders of
rec. June 30
Railways Corp. (guar.)
"e2
July 15 *Holders of roe. June 30
Reliable Stores Corp.. 1st pref.(quar.)...
July 1 *Holders of rec. June 25
Rice Branch 011 Co. (guar.)
"20. July 1 *Holders of rec. June 25
Rich Ice Cream Co.. Inc. (guar.)
*50o. Aug. 1 *Holders of rec. July 15
Roos Bros., Inc. (Del.), common.-Divi deed p seam].
$634 preferred (guar.)
'81c. Aug. 1 *Holders of rec. July 15
Royal Dutch Petroleum Co
*6
July 0
St. Louis National Stockyards (Del.)_
J uly 1 Holders of
J
$2
1
San Diego Ice dr Cold Storage,el. A (qu.) •300. July 1 *Holders of rec. June 25
Second Twin Bell Oil Spiel. (monthlY1 - "20c. July 5 *Holders of rec. June 24
roe. June 30
Security Title Building(L.A.), pref.-DI vidend action deferred.
Silverwood's Dairies, Ltd., pref.(guar.). 134 July 30 Holders of
rec. June 30
Sonow Products Co., prof.(gear.)
•52
Southland Royalty Co.. common
5c. July 15 Holders of rec. July 1
Southwestern Port!. Cement ,com.(qu.)- '$1 54
y 1
Preferred (guar.)
July
Sort Paper, pref.-Dividend omitted.
Springs Mines, Ltd
1834 July 26 Holders
Standard-Coosa-Thatcher, 7% pf.(qu.). •1% July 15 *Holders of roc. June 30
of roe. July 16
Standard Royalties Co.(N. Y.), Inc..
Class A preferred (monthly)
1
July 15 Holders
Standard Wholesale Phoe. dr Acid Works -Div! dend o milted. of roe. June 30
State Street Investment, corn. (guar.)..
50c. July 15 Holders of rec. June 30
Stearns (Fred) & Co., pref.-Dividend o milted
Steel Co. of Canada (guar.)
•43go Aug. 1 *Holders of rec. July 7
Stein Cosmetics Co., Inc., pref. (guar.)_
50c. July 1
Stetson (J. IL)& Co., pref.-Dividend a ction d eferred. Holders of roe. June 24
Superior Perth Cement, cl.A (monthly). '2734c Aug.
1 *Holders of rec. July 23
Swann Corp. class A dr B-Dividends o mitred
Swift Internaclonal (5.-a.)
'
'$134 Aug. 15 *Holders of roe. July 15
TacOny-Palmyra Bridge Co.
734% prof. (quar.)
'134 Aug. 1 *Holders of rec. July 10
Thrift Stores. Ltd.,654% 1st pref.(cm). 134 July 1 Holders of rec. June 22
26 preferred (guar.)
134 July 1 Holders of rec. June 22
Tietz (Leonhard)
American dep,rects. common bearer__ 043
July 22 *Holders of roe. July 15
Toro Mfg. Co.. common-Dividend omi tted.
Trustee L. G.(Birm.).6% pref.(quar.) •134 July
*Holders of rec. June 15
Trustee System (I)alt), pref. (quar.)_ _
*Holders of rec. June 15
'134 July
Preferred (payable in pref. stock)__ *1% July
*Holders of roe. June 15
Trustee System (Indiana). pref. (guar.). '134 July
'Holders of rec. June 15
Preferred (payable in pref. stocio -- tig July
"Holders of rec. June 15
Trustee System (Indianapolis), pt.(qu.). "134 July
*Holders of rec. June 15
Preferred (payable in pref. stock)-- -- *1% July
"Holders of rec. June 15
Trustee System (Louisville). pref. (qu.) .1% July
'llolders of roe. Juno 15
Preferred(payable in pret. stock)____ .1% July
*Holders of rec. June 15
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded)•
Trustee System Discount Co. (Chicago)
*1% July 1 *Holders of rec. June 15
Preferred (guar.)
June 15
Preferred (payable in pref. stock)._ *334 July 1 *Holders of rec. June 30
July 6 *Holders of rec.
*32
Twin Bell 011 Syndicate (monthly)
-Dividend oml tted.
Union Guaranty & Mtge.
*8734c July 15 *Holders of rec. June 27
United Retail Chem., pref.(guar.)
*25c. July 20 *Holders of rec. July 15
U.S. Capital, class A corn. (guar.)
July 20 *Holders of rec. July 15
82
Class A common (in stock)
111 Oct. 20 Holders of rec. Oct. 7a
(quar.)_ _
Vulcan Detinning Co.,pref.
1
Washington (Geo.) Life Ins. Co.(guar.)- *15c. July 1 *Holders of rec. July 30
Mt July 26 Holders of rec. June
West Springs, Ltd., ord. leg
nd actio n deferred.
Western Insurance Securities,6% pref.- Divide
Westinghouse Elec., corn.-Dividend om ltted.
8714c July 30 Holders of rec. July 11
Preferred (guar.)
200. Oct. 1 Holders of rec. Sept. 15
Westmoreland,Inc
July 15 *Holders of rec. July 10
-10- *$4
Wichita Union Stockyards, pref. (s.
mitted
Wilcox-Rich Corp., class B-Dividend o
June 30
Worthington Ball Co., class A (quar.)-- •50o. July 15 *Holders of rec.
25c. Aug. 1 Holders of rec. July 20
Wrigley (William), Jr.(monthly)
of rec. Aug. 20
250. Sept. 1 Holders
(Monthly)
250. Oct. 1 Holders of rec. Sept.20
(Monthly)
25c. Nov. 1 Holders of rec. Oct. 20
(Monthly)
June 25
Wristley (A. B.) Co.,7% pref.(quar.). *14 July 1 *Holders of rec. Sent. 10
250. Oct.) 1 Holders of tee.
Yale & Towne Mfg. Co.(quar.)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Aug. 15 Holders of rec. July 9
3
Alabama Great Southern. pref. (s. a.)
Atchison. Topeka & Santa Fe By. Co.
Aug. 1 Holders of rec. June 30a
-a.)
Preferred (s.
*24 July 5 *Holders of rec. June 16
Augusta & Savannah RR.(5.-a.)
"25c. July 5 *Holders of rec. June 15
Extra
•pSi Jan5
'33
Semi-annual
"25c, Jan5'33
Extra
-a.)--- "S1.58 July 2 *Holders of rim. June 26
Avon Genesee & Mount Morris(s.
Aug. 1 Holders of rec. July 1
-a.)
Canada Southern By. Co.(s.
14 July 11 Holders of rec. June 30
Caro. Clinch. & Ohio By.. otIs.(guar.).*4
July 2 *Holders of rec. June 20
Cayuga Susquehanna (re-a)
Aug. 1 Holders of rec. July 1
3
-a.)- Connecticut & Passumpilc, pf. (S.
July 6'Holders of rec. June 15
*2
Dayton & Michigan. pref.(guar.)
Holders of rec. June 20
July
Southwest Co.(1.16) 2
Detroit. Hillsdale &
July 15 *Holders of roe. July
•S4
-a.)
Detroit River Tunnel (s.
July 16 Holders of rec. July 1
RR.& Banking Co.(guar.).
Georgia
131 July 5 Holders of roe. June 24
Joliet & Chicago RR (guar.)
50e. July 16 Holders of rec. June 30
Kansas City Southern RY. Co.. p1. (qu.)
Navigation RR.& Coal
Little Schuylkill
$1.09 July 15 Holders of rec. June I7a
Co.,(s.
-a.)
1234 Aug. 1 Holders of rec. July 15
Mahoning Coal RR. Co.. common
a Aug. I Holders of roe. July 1
Massawippi Valley By.
July 14 *Holders of rec. July 2
Mill Cr.& Mine Hill Nay.& RR.(5.-a.) _
July 15 Holders of rec. June 30
Central By. Co. (semi-ann.). _ d$2
Northern
•15i Oct. 1 *Holders of rec. Sept.26
Peterborough RR.(semi-ann.)
1%
15
Pittsburgh Bessemer & Lake Erie, corn_ •1% Oct. 1 Holders of rec. Sept. 10
Oct. 1 *Holders of tee. Sops.
Ft. Wayne & Chic., corn.(QUO
•1% Jan 2'33 *Holders of reo. Dec. 10
quar.)
Common ,
Holders of ree. June 10
15( July
Preferred (guar.)
•1% Oct 4 *Holders of rec Sept. 10
Preferred (guar.)
•14( Jan 313 *Holders of rec. Dee. 10
Preferred (guar./
2% Aug. 1 Holders of rec. July 1
Pittsburgh & Lake Erie RR
25e. Aug. 11 Holders of rec. July 14
Reading Co.. common
60c. Sept. 8 Holders of rec. Aug. 18
preferred (guar.)
1st
59c. July 14 Holders of roe. June 23
2d preferred (guar.)
50c. Oct. 13 Holden; of no. Sept. 22
2d preferred (quar.)
234 July 10 Holders of Tee. June 20
United N. J. RR. & Canal (guar.)
Name of Company.
Per
Cent. Payabk
Looks
Days Inclusive.
Public Utilities(Concluded).
y 5
Louisville G.& E. Co.(Ky.)7% pf.(qu.) •15‘ July 15 *Holders of rec. June SO
•15..g
*Holders of rec. June 30
6% preferred (guar.)
814 July 15 *Holders of rec. June 30
Preferred (guar.)
5%
July 15 Holders of rec. July I
50c.
Maine Gas Co., corn. (guar.)
'Holders of rec. July 1
*$134
Preferred (guar.)
y
y15
Montreal Lt .11t. & Pow, corn new (qr.) I 38c. July 31 Holders cf rec. June 30
Holders of ree. June 30
get80c.
Montreal Telegraph (guar.)
u
Ju
1% j ll y 20 Holders of rec. June 30
15
Mountain States Power Co., Prof.(qui 2
July 15 Holders of rec. June 30
Mountain States Tel. & Tee. Co.(guar.)25c. July 15 Holders of rec. June 30
National Fuel Oas Co.,corn.(guar.)---Nat. Pow.& Lt. Co.. 36 pref. (guar.). $164 Aug. 1 Holders of rec. July 7
1% Aug. I Holders of rec. June 30
Nevada-California Elec. Corp.. Pf (qL)
*1.5c. July 15 *Holders of rec. June 30
New Brunswick Telephone Co
50c July 11 Holders of rec. June 10a
New England Power Assoc.. corn.(Qui_
New York Telephone Cu..634% Pt.(111.) $1% July 15 Holders of rec. June 20
*1St Oct.
I *Holders of ree. SePt.10
North Shore Gas, prof (guar./
Northern Indiana Public Service Co.
154 July 14 Holders of rec June 30
7% preferred (guar.)
July 14 Holders of rec. June 30
6% preferred (guar.)
1% July 14 Holders of rec. June 30
534% preferred (guar.)
Northern Ontario Fewer Co., Ltd.
50c. July 25 Holders of rec. June 30
Common (guar.)
1% July 25 Holders of rec. June 30
6% preferred (quar.)
Aug. 1 Holders of rec. June 30
States Power,corn. A (guar.). $2
Northern
Holders of rec. June 30
$1%
7% Preferred (guar.)
,
1y 20
$1% July 2° Holders of rec. June 30
6% preferred (quar.)
Northwestern Bell Tel. Co.
July 15 Holders of rec. June 30
634 preferred (guar.)
July 2 Holders of rec. June 18
Nova Scotia Light di Power (guar.)
% July 5 *Holders of rec. June 16
Old Colony Light & Pow. Assoc. pf.(qr.)
50c. July 15 Holders of rec. June 30
Pacific Gas & Electric, corn.(guar.)._
- $164 July 15 Holders of rec. June 1303
Pacific Lighting Corp.. $6 pf. (guar.).
Pacific Northwest Pub/lc Service
*51.80 Aug. 1 *Holders of rec. JU1Y 15
7.2% 1st preferred (guar.)
13.4 July 15 Holders of ree. June 30
Paclfle Tel.& Tel. Co., prof.(4=0
*35o. Oct. 1 *Holders of rec. Sept.15
Peninsular Telephone corn. (quar.)
•350. Jan U33 *Holders of ree. Doe. 15
Common (guar.)
•1si Aug. 15 *Holders of rec. Aug. 5
7% preferred (guar.)
81si Nov. 15 *Holders of roe. Nov. 5
7% preferred (guar.)
•131 2-15-'3153 *Holders of ree. Feb. 5
7% preferred (guar.)
3.
Peoples Telep.(Butler, Pa.), eon).(qu.)_ $1% Jul5-;15 *Holders of rec. June 30
*3361 July 10 *Holders of rec. June 28
Philadelphia City Pass. By.(5.-b.)
35o. July 25 Holders OS MC. July 1
Philadelphia Co. common (guar.)
111 July 2 Holders of rec. June 15
Porto Rico Pow,Co.. Ltd. pf.(quar.).
Power Corp. of Canada.
6% pref. and 8% partic. ord. (guar.) 11% July 15 Holders of rec. June 30
Public Service Co. of Colorado
rec. July 15
III Of I Aug. 1 Holders of
7% preferred (monthly)
Of 1 Aug. 1 Holders of rec. July 15
6% preferred (monthly)
hi of 1 Aug. 1 Holders of rec. July 15
pre.erred (monthly)
5%
Public Service Co. of Indiana
July 5
$1 34 j l y 15 Holders of tee. June 30
17 cum. prior preferred (quar.)
Holders of rec. June 30
$1)4
$6 cum. prior preferred (guar.)
Sept. I.
Public Service Corp. of N.J., corn.(qu.) 80c. Sept. 30 Holders of rec. Sept. 1
El% Sept. 30 Holders of rec.
Preferred (guar.)
$5
Holders of rec. Sept. 1
$161 Sept. 30
7% preferred (emir.)
Sept.30 Holders of rec. Sept. 1
$2
8% preferred (guar.)
50c. July 30 Holders of rec. July 1
6% preferred (monthly)
50o. Aug. 31 Holders of rec. Aug. 1
6% preferred (monthly)
50c. Sept.30 Holders of rec. Sept. 1
6% preferred (monthly)
June 20
Puget Sound Pow.& Lt.$6 Pref.(quar.)_ $134 July 15 Holders of rec. June 20
El% July 15 Holders of rec.
$5 preferred (guar.)
Oct. 1 *Holders of roe. Sept. 1
Sta. (Phila./ Pam. RY.(qu.) op
Second & 3d
Jut, I
South Pittsburgh Water Co.7% Id.(qu.) 11( July 15 Holders of rec. July 1
1% July 15 Holders of rec.
6% preferred (gear.)
July 15 Holders of rec. June 20
2
(WO
Southern California Edison Co. M.
1% July 15 Holders of rec. June 20
534% Preferred. ser. C (guar.)
Southern California Gas Corp., 634%
Holders of tee. July 31
$161
preferred (guar.)
0
11
35 Holders of rec. Jul,' 3
Southern Canada Pr. Co.,Ltd..com.(qui £260.
11% Aug.July 15 Holders of tee. June 20
6% preferred (guar.)
Southern Counties Gas Co. of Calif.
$114 July 15 Holders of rec. June 30
6% preferred (guar.)
600. July 2 Holders of rec. June 30
Standard Gas& Elec. Co.,corn.(quar.)
$1% July 2 Holders of rec. June 30
$6 preferred (gear.)
$16/ July 2 Holders of rec. June 30
37 preferred (quar.)
Standard Power & Light cow.
Holders of rec. Aug. 11
300. Sept.
Common and common 13 (quar.)
Holders of rec. July 16
$IN Aug.
Preferred (quar.)
Tennessee Electric Power Co.
814 Oct. 1 Holders of roe. Sept. 15
5% preferred (guar.)
Holders of rec. Sept. 15
31)4 Oct.
6% preferred (guar.)
Holders of rec. Sept. 15
$151 Oct.
7% preferred (guar.)
Holders of rec. Sept. 15
4-6 Oct.
$1
7.2% preferred (guar.)
Holders of rec. July 15
50c. Aug.
6% preferred (monthly)
Holders of ree. Aug. 15
50c. Sept.
6% preferred (monthly)
Holders of rec. Sept. 15
50o. Oct. 1
6% preferred fmonth1.0
60c. Aug. 1 Holders of rec. July 15
7.2% preferred (monthly)
Soc. Sept. I Holders of rec. Aug. 15
7.2% preferred (monthly)
600 Oct. 1 Holders of rec. Sept. 15
7.2% preferred (monthly)
2% July 15 Holders of rec. June 30
United Gas& Elec.(N.J.),5% Pf.(3.-a.)
39e. Sept. 30 Holders of rec. Aug. 31
United Gas Improvement Co. corn. (qr.)
$131 Sept.80 Holders of rec. Aug. 31
Preferred (guar.)
134 Aug. 1 Holders of tee. July 5
West Penn Power Co.7% prof.(guar.).
"e
I% Aug. 1 Holders of roe. July
6% preferred
4134 July 15 *Holders of rec. June SO
pf. Der. C
Wisconsin Gas & El.,6%
Public Utilities.
July 15 Holders of roe June 15
Amer. Dist. Telegraph Co.. com.(qu.)_ $1
$134 July 15 Holders of rec.,,une 15
Preferred (guar.)
pref.(bi-mthly) 25c. Aug 1 Holders of roe. July 15
American Electric. Secur.
134 Aug. 1 Holders of rec. July 8
American Gas ,Ic Elea. Co pre.(quar.)- $234 July 15 Holders of rec. June 205
(
American Toler.. & Teleg. Co. guar.)
American Water Works & Elec. Co.. Inc.
50c Aug. 1 Holders of rec. July 8
Common (guar.)
50c. Aug. 1 Holders of rec. July 8
Common v.t.c. (guar.)
.500. Aug. 1 *Holders of rec. July 1
Artesian Water
fl1i Aug. 1 Holders of rec. June 30
Associated Gas & Elec. Co., class A
Augusta & Say. Power Co.(corn.) (L-a.) 0234 July 5 *Holders of rec. June 15
*250 July 5 "Holders of rec. June 15
Extra
"500. Aug. I "Holders of rec. July 11
Bangor Hydro-Electrlo (guar.)
Bell Telephone Co. of Canada oom.(qr.)($1 34 July 15 Holders of rec. June 23
June 30 Holders of rm. June 30
Bell Telephone Co.(Pa.). corn. (qu.)._. E2
$134 July 15 Holders of rec. June 20
64% preferred Wiwi
Brazilian Traction, Light & Power Co.,
13164 July 2 Holders of rec. June 15
Prof. (quar.)
British Columbia Pr.Corp..11td.cLA (qu) t50c July 15 Holders of rec. June 30
Brooklyr Borough Gas. oom. (guar.)._ '$1 34 July 11 *Holders of rec. June 30
Bklyn.-Manhattan Transit Corp.
31% July 15 Holders of reo. July 1
Preferred (guar.)
Buffalo. Niagara .1c East Power Con).
$134 Aug. 1 Holders of rec. July 15
35 preferred (guar.)
200 July 26 Holders of rec. June 30
Canada North.Pr.Corp.,Ltd.,com.(qu.).
I% July 15 Holders of rec. June 30
7% preferred (guar.)
-10).
- 64 of 1 July 15 Holders of rec. June 80
Canadian Light & Power Co.(8.
Central III. Public Service Co.pf.(quar.) $1% July 15 Holders of rec. June 30
Cin. Newport & Covington Light &Trag.
*SIM July 15 *Holders of rec. June 30
Common quarterly
* $1.125 July 15 *Holders of rec. June 30
3434 preferred (quar.)
$I 15 Sept. 1 Holders of rec. Aug. 15
Cleveland Elec. Illuminating. pf.(qu.)
Clinton Water Works. 7% pref.(quar.). •194 July 15 *Holders of rec. July 1
(qu.) j25c Aug. 16 Holders of rec. July 20
Columbia Gas & Elec. Corp.,corn.
314 Aug. 15 Holders of rec. July 20
5% cum. pref. (quar.)
$14 Aug. 15 Holders of rec. July 20
5% oonv. pref.(guar.)
El% Aug. 15 Holders of rec. July 20
6% pref.. series A (guar.)
Consolidated Gas Co.(N. V.)1% Aug. 1 Holders of rec. June 30
5% preferred (guar.)
*3264 July 2 *Holders of rec. June 15
Consolidated Gas (Toronto) (guar)
Consumers Power Co.,$5 pref. (guar.).- $14 Oct. 1 Holders of rec. Sept. 15
3134 Oct. 1 Holders of rec. Sept.15
6% preferred (quar.)
$1.65 Oct. 1 Holders of rec. Sept. 15
6.6% preferred (guar.)
$14 Oct. 1 Holders of rec. Sept. 15
(guar.)
7% preferred
500. Aug. 1 Holders of rec. July 15
6% preferred (monthly)
600. Sept. 1 Holders of rec. Aug. 15
6% preferred (monthly)
50c. Oct. 1 Holders of rec. Sept.15
6% Preferred (monthly)
550. Aug. 1 Holders of rec. July 15
6.6% preferred (monthly)
Me. Sept. 1 Holders of rec. Aug. 15
preferred (monthly)
6.6%
55e. Oct. I Holders of rec. Sept.15
6.6% preferred (monthly)
$2 July 15 Holders of roe. June 20
Detroit Edison Co., cap. stk. (guar.)._
Diamond State Telephone Co.
1% July 15 Holders of rec. June 20
64% pref. (guar.)
June 15
Duquesne Light Co.5% Pref.(guar.).- 14 July 15 Holders of roe.
roe. June 6
Electric Bond & Share Co.. oom.(guar.) 11% July 15 Holders of rec. July 5
$14 Aug. 1 Holders of
$6 preferred (guar.)
$14 Aug. 1 Holders of roe. July 5
$5 preferred (guar.)
Escanaba(Mleh.)Pow.&Tr..6% p .(qu.) '1% Aug. 1 *Holders of rec. July 27
•161 Nov. 1 *Holders of roe. Oct. 27
6% preferred (guar.)
July 16 *Holders of rec. June 30
5E4
-a.)
Gardner Electric Light Co.(s.
53264 July 1 *Holders of rec. June 21
Preferred (s.-ae)
Illinois Pow. & Lt. Corn.
$14 Aug. 1 Holders of rec. July 9
36 cum. preferred (quar.)
Inter. Ilydro-El. System. 3334 pf. (61i1.) 87640 July 15 Holders of rec. June 27a
.)*25c July 2 *Holders of rec. June 15
Jamaica Public Ser. Co..Ltd., oom.(guar
$161 July 2 *Holders of rec. June 15
Preferred (quar.)
Joplin Water Works. 6% met.(guar.)._ '$134 July 1 *Holders of rec. July 1
81
Financial Chronicle
Volume 135
Banks.
-a.-)_ _ *34
Bank of Port Jefferson (N. Y.)(s.
3
Dominion Bank (guar.)
Trust Companies.
Westchester Title & Tr. Co.. N.Y.(Qu).
Fire Insurance.
Boston Insurance Co
-a.)
Continental Insurance CO. (s.
-a.)
Fidelity Phenix Fire Ins. Co.(s.
Halifax Fire Insurance CO.(8.-63
July
July
5 *Holders of reo. JUDO 30
2 Holders of rec. June 20
60c. July
7 Holders of roe. June 30
ert,4
600
600
60o
Oct. 1 *Holders of ree. Sept.20
July F Holders of rec. June 30
July 9 Holders of rec. June 30
July 2 Holders of rec. June 10
Miscellaneous.
July 15
Abraham & Straus Preferred (guar.) -- $14 Aug. 1 Holders of roe.
-a.).... 4314 Aug. 10 *Holders of rec. July 30
Acme Farm Dairy, Ltd.. pref.(e.
•25c July 15 *Holders of rec. June it
Admin. & Research class A (guar.)
75c July 15 Holders of rec. June 31
Air Reduction Co., Inc..(guar.)
1
*124 Aug. 1 *Holders of rec. July '
Alaska Juneau Gold Mining (qui
July 15 Holders of rec. June ii
3
Ajax Oil & Gas Co.(quart
'3134 Oct. 1 *Holders of rec. Sept.Ii
Aloe(H.0.) Co.. pref.(guar.)
•50e. Sept.30 "Holders of rec. Sept. 1
Aluminum Manufactures. corn. (qui).•60e Dee 31 •Holders of ree. Deo. 15
common (guar.)
•111 Sept.31) *Ilolde rs of tee. Sept. 15
Preferred (guar.)
"I% Dee. 3 "Holders of tee. Deo. 15
Preferred (guar.)
Amer. Crayon Co.. 6% pref. (quar.).... •134 Aug. 1 *Holders of rec. July 20
'134 Nov. 1 'Holders of rm. Oct. 20
preferred (guar.)
6%
American Envelope. 7% pref. (quar.). "134 Sept. I *Holders of seee. Aug. 25
*14 Dee. I "Holders of roe. Nov.25
7% preferred (guar.)
50c. Oct. 1 Holders of rec. SeptilL:
American lIardware Co., common(qui '33 Holders of rec. 11=416
50c. Jan)
Common (guar.)
350. Aug. 1 Holders of rec. July 14a
American Home Products(monthly)._
50c. Sept. 1
American Hosiery, corn. (guar.)
$1.50 July 26 Holders of rec. July 8s
American Ice. pref. (guar.)
$1.50 Oct. 25 Holders of rec. Oct. 75
Preferred (guar
Amer. Natl. Co.(Toledo), pref. A ((M.). *14 Oat. 1 *Holders of rec. Sept.20
•141 Jan1'33 *Udders of rec. Dee. 20
Preferred A (quarterly)
'13.4 Oct. I *Heiden of roe. Sept.20
Preferred B (quarterly)
sei 4 Jan1-33 *Holders of ree. Dec. 20
Preferred B (quarterly)
25c. July 15 Holders of rec. July 5
American News Co.,Inc
American Rolling Mill.. 6% pf. B (go.) *514 July 15 *Holders of rec. June 30
50c. Aug. 1 Holders of rec. July 15
American Shipbuilding common (guar.)*314 Aug. 1 *Holders of rec. .1111Y1 15
Preferred (guar.)
•3161 July 2 *Holders of rec. June 30
Andale Co., pret.(quar.)
82
Financial Chronicle
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
July 2 1932
I
Books Closet:
Name of COMP.
fib.
-osabie.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Conslelson •
American Sugar Ref. Co., corn. (gu.) _ Si oft July 2 Holders of rec. June 40
Hibbard, Spencer. Bartlett & Co.,
(mthly .) 100. July 29 Holders of rec. July 24
Preferred (guar.)
134 July 2 Holders of rec. June 4a
Monthly
10c. Aug 26d Holders of rec. Aug.d19
Amoskeag Co., common
.21 July 2 *Holders of reo. June 18
Monthly
10o. Sept. 30 Holders of rec. Sept.23
Preferred.
82.25 July 2 *Holders of reo. June 18
Highland Dairy, Ltd., pref.(guar.)
11154 July 2 Holders of rec. June 25
Anglo National Corp., cl. Acorn.(gu.)-500. July 15 Holders of rec. July 2
Holly Dev. Co.(guar.)
'234c. July 15 "Holders of rec. June 20
Anglo-Persian Oil co., Ltd.,ord. reg--- *5
July 30 'Holders of rec. June 14
Household Finance Corp. pref.
81.05 July 15 Holders of rect. June 300
Ordinary shares, final 1931
zw5 Aug. 6 Holders of rec. June 14
Common class A & B
900. July 15 Holders of rec. June 300
Amer. dep. reo. for ord. reg
5
Aug. 6 Holders of rec. June 14
Huron & Ern Mtge (guar.)
"$2
July 2 *Holders of rec. June 15
let pref. (reg.)
*4
July A.'Holders of rec. June 14
Howe Sound Co. (guar.)
100. July
Amer. dep. rec. for 1st pref. (reg.)Holders
4
Aug. 6 Holders of rec. June 14
Imperial Life Assurance of Can.(guar.)_ •3354 July 15 *Holders of rec. June 300
2
2d pref. (reg.)
*4M July 30 *Holders of reo. June 14
Incorporated Investors, Inc. (gust.)... "250. July 15 *Holders of rem June 30
Preferred (reg.)
of reo. June 21
434 Aug. 6 Holders of rec. June 14
Industrial dr Power Securities'(guar./
- 360. Sent. 1 Holders of reo. Aug. 1
Associated 011 Co. (guar.)
25c. July 12 Holders of rec. July 1
Quarterly
25e. Dec. 1 Holders of reo. Nov. 1
Atlantic Macaroni (quar.)
"31 34 July 15 *Holders of rec. July 15
Inane.Co.of North Amer.(s.-a.)
$1.
July 15 Holders of reo. June 30
Austin. Nichols & Co.. Inc., A (guar.)_ _
25c. Aug. 1 Holders of rec. July 15
Intercolonial Coal Co., corn. (s.
-a.)__ _ _ .500. July 2"Holders of rec. June 21
Automobile Banking Corp.(8.-a.)
July 11 *Holders of
June
Preferred (s.-a.)
"84
July 2 *Holders
Balaban & Katz corn. vot. tr. etfs.(q.). 3734c July 2 Holders of reo. June 30
rem
18
Inter-Island Steam Navigation(mthly.). *100. July 31 *Holders of rem June 21
7% preferred (guar.)
of rec. July 24
1St July 2 Holders of rem June 18
Monthly
•100. Aug. 31 *Holders of rec. Aug. 24
Bayuk Cigars, Inc., 1st pref. (quar.)
El% July 15 Holders of rec. June 30
Monthly
•100. Sept.80 *Holders of rec. Sept.24
Beatty Bros.. Ltd., V.see. A (quar.)_
*El% Aug. 1 'Holders of rec. July 15
Monthly
•100. Oct. 81 *Holders of rec. Oct. 24
Block Bros. Tobacco, corn. (guar.).3734c Aug. 15 *Holders of rec. Aug. 10
Monthly
*100. Nov.80 *Holders of rec. Nov.24
Common (guar.)
.37 yie Nov. 15 *Holders of rec. Nov. 10
Monthly
•10c. Dec. 81 'Holders of rec. Dee. 24
Preferred (gUaL)
•I34 June 30'Holders of reo. June 24
Internat. Business Mach. Cori).(guar.). 8134 July 11 Holders of
Preferred (guar.)
reo. June 220
01% Sept.30 *Holders of rec. Sept. 24
Quarterly
$IM Oct. 10 Holders of reo. Sept. 22
Preferred (guar.)
'144 Dee. 31 *Holders of reo.
International Harvester Co. (guar.)460. July 15 Holders
Bloomhuidale Bros., Inc., pf. (quar.)___ $134 Aug. 1 Holders of rec. Dec. 24
International Nickel of Canada, V.(g11.) $154 Aug. 1 Holders of rec. June 20
June 20
Boo Am,Co., class A corn. (guar.)
$1
July 31 Holders of rec. June 15
International Shoe preferred (monthly).. 50o. Aug. 1 Holders of rec. July 2
Boot's Pure Drug Co., Ltd.
of rec. July 15
Preferred (monthly)
50o. Sept. 1 Holders of rec. Aug.
Amer. dep. rec. for ord. reg. (guar.) slog
July 8 Holders of rem June 15
Preferred (monthly)
50c. Oct. 1 Holders of rec. Sept. 15
Borden Co., corn. (guar.)
15
500. Sept. 1 Holders of rec. Aug. 15
Preferred (monthly)
50c. Nov. 1 Holders of rem Oct. 15
Bower Roller Bearing Co., corn.(quar.)
200. July 25 Holders of rec. June 30
Preferred (monthly)
50c. Dec. 1 Holders
Brantford Cordage Co.. Ltd.
Internat. Tea Stores, Ltd. Am.dep. reo- zw18 Aug. 10 Holders of rec. Nov. 15
1st preferred (guar.)
of rec. June 24
500. July 15 Holders of rec. June 20
Invest. Foundation Ltd., cum. pf.(qr.)38c. July 15 Holders of rec. June 30
Bridgeport Hydraulic Co. Bluer.)
400. July 15 Holders of rec. June
Jewel Tea Co.. no., common (guar.)
$1 July 15 Holders of
British American Oil Co., Ltd.reg.(gu.)- 1200. July 2 Holders of rec. June 30
14
Kalamazoo Vegetable Psrehment (dn.). •15o. Sept.30 "Holders of roe, July 1
Brit.-Amer.Tob. Co., Ltd.
rem Sept.20
rolOd. July 8 Holders of rec. June 3
Quarterly
*15e. Dec. 31 *Holders of roe. Dec. 21
Amer. dep. reo. ord. reg. (Interim)
tel0d. July 8 Holders of rec. June 3
Kaufmann Dept. Stores, Ino. corn. (gu.)
200. July 28 Holders of rec. June 9
Builder's Exchange Building Co.(5.-a.). 3
July 8 Holders of rec. June 23
Kemper-Thomas Co.,corn.(guar.)
•1234c Oct. 1 *Holders of rec. Sept.20
Extra
5
July 8 Holders
rec. June
Common (guar.)
*12Mc Jan1'811 *Holders of rec. Dee. 20
Building Prods. Ltd.. el. A&B corn.(gu.) •350. July 2'Holders of rec. June 23
of
16
Preferred (guar.)
'154 Sept. 1 *Holders of rec. Aug. 20
Burt(F. N.) Co., corn. (guar.)
600. July 2 Holders of rec. June 15
Preferred (qua?.)
•ssi Deo. 1 *Holders of reo. Nov.
Preferred (guar.)
2
$151 July 2 Holders of rec. June 15
Keystone Cold Storage
011.25 Oct. 1 'Holders of
Byers (A. M)Co., pref. (guar.)
134 Aug. 1 Holders of rec. July 15
Knudsen Creamery, class A & B (qua:.). '37340 Aug. 20'Holders of rem Sent.20
Calaveras Cement, 7% pref.(guar.)-•15.1 July 15 *Holders of reo. June
rec. July 31
30
Class A and B (guar.)
Brernmer Norris Realty
'3734c Nov. 20 *Holders of roe. Oct. 31
Ltd
*35
June
Kroger Grocery & Bak. Co.
Canada Bread Co.. Ltd., pref. (guar.)- 1134 July 2 *Holders of rec. June 15
Invest.,
July 2 Holders of rec.
15
7% 2d preferred (guar.)
Canada Bud Breweries, Ltd., corn.(gu.) 25o. July 15 Holders of rec.
•151 Aug. 1 *Holders of
June 30
Lagendon United Bak. class A (qua?.).. 500. July 15 Holders of rec. July 20
Canada Dry Ginger Ale. Inc.(quar.)....
rec. June 30
300. July 15 Holders of rec. July 1
Landed Banking dr Loan (guar.)
*12
July 2 *Holders of reo. May 25
Canada Permanent Mtge. Corp.
Landers, Frary dk Clark (guar.)
Capital stock (guar.)
•62340 Sept.30 *Holders o free. Sept. 20
:8
July 2 Holders of rec June 15
Quarterly
•6254e Dec. 31 *Holders of rec. Dee. 21
Canadian Canners. Ltd., 1st pt.(guar.).($154 July 2 Holders of rec. June
15
Lehigh Coal & Nay.(guar.)
200. Aug. 31 Holders of rec. July 30
2nd preferred (guar.)
1100. July 2 Holders of re,. June 15
Lehman Corp.(guar.)
Canadian Car & Foundry Co., pf.(gu.)600. July 6 Holders
44c. July 9 Holders of rec. June 25
Lincoln Telep. Securities cl. A (quar,).. •500. July 10'Holders of rec. June 22
Canadian Converters Ltd.. corn. (gu.).- *50o. Aug. 15'Holders
of rec. June 30
of reo. July 31
Class B (guar.)
Canadian Cottons Ltd. pf.(guar.)
*250. July 10 *Holders of rem June 30
($154 July 4 Holders of reo. June 18
8% preferred (guar.)
Canadian Fairbanks Morse, pre?. (nu.). 4
'$154 July 10 *Holders of rec. June 30
11% July 15 *Holders of rec. June 30
Link-Belt„ corn. (guar.)
Canadian General Investments. Ltd (go.) 10c. July 2 Holden of rec.
*200. Sept. 1 *Holders of rec. Aug. 15
June 15
Lock Joint Pipe Co., oom.(monthly)
Canadian Industries Ltd. A& B (gu.)
- 0670. July 31 *Holders of rem July 31
'6234c July 30 "Holders of rec. June 30
Common (monthly)
Common A & B extra
•670. Aug. 31 *Holders of rem Aug. 31
*50c. July 30 *Holders of rec. June 30
Common (monthly)
Canadian Permanent mtge.(guar.).
•66c. Sept.30 'Molders of rem Sept.30
- "$3 July 2 'Holders of reo. June 15
Common (monthly)
Canfield Ot1.7% preferred (qur.)
•670. Oct. 31 'Holders of reo. Oct. 31
•1sic Sept. 30 *Holders of reo. Sept. 20
Common (monthly)
7% preferred (guar.)
0670. Nov. 30 *Holders of reo. Nov.30
'154 Deo. 31 'Holders of reo. Dec. 20
Common (monthly)
•660. Deo. 31 *Holders of reo. Dec. 31
Centrifugal Pipe (Cl.ar.)
15c. Aug. 15 Holders of reo. Aug. 5
Preferred (guar.)
*$2
Quarterly
Oct. 1 *Holders of rec. Oct. 1
150. Nov. 15 Holders of reo. Nov. 5
Preferred (guar.)
*S2
Cherry Burrell Corp., pref.(guar.)
J'n1 '33 *Holders of roe. Jan. 1
4.1,‘ Aug. I *Holders of
rec. July 15
Lord & Taylor, 2d pref.(guar.)
Chicago Daily News, common Junta!) - *El
"$2
Aug. I *Holders of rec. July 15
July 5 *Holders of rec. July 1
Lucky Tiger Combination Gold M.(gu.)
30. July 20 Holders of rec. JUIY 9
Preferred
h.17 July 5 *Holders of rec. July 1
1
Common (quar.)
30. Oct. 20 Holders of roe. Oct. 10
City Investing Co. corn
234 July 11 Holders of roe. July 5
Lunkenbeimer Co., preferred (quar.)
1
.154 tics. 1 'Holders of reo Sept.20
Coats (J. P.) Ltd.,
deP. tee. for reg_ zw.6d. July 8 Holders of reo.
Preferred (guar.)
el Si Jan 2'33
Mat Cola Bottling Co.of St. L. Ward - 040c. July 15 *Holders of res. May 20
MacAndrews & Forbes, coin. (quar.)... 250. July 15 "Holders o rec Dee. 22
July 6
Quarterly
Holders of rec. June 30
*40o. Oct. 15 *Holders of reo. Oct. 5
Preferred (guar.)
$154 July 15 Holders of rec. June 30
Community State Corp.. Class A (guar.). *12Mc Sept. "Holders
30
of reo. Sept. 26
Macy (R. H.) & Co.. corn. (guar.)
500. Aug. 15 Holders of rec. July 22
Class A (quar.)
.12i4e Dec. 31 *Holders of rec. Dec. 27
Magma Copper Co. (guar.)
1230 July 15 Holders of rem June 30
Consolidated Bakeries of Canada, Ltd_ _ 12Mc July 2 Holders
Magnin (I.) & Co.,6% pref.(guar.)Consolidated Laundries, pref.(quar.)_._ .$134 Aug 15 *Holders of rec. June 18
*1 54 Aug. 18 •I1,1ders of tee. Aug. 5
of rec. July 15
nrefmTed (gnar.).
'154 NOV. lit *Holders or roe Nov. 3
Corn Products Refining Co. corn.(gu.)
750. July 20 Holders of rec. July 5
Mansfield Theatre pref.(5.-11.)
"3334 July 30 *Holders of rec. June 30
Preferred (guar.)
$134 July 15 Holders of reo. July 5
Mersey Oil Corp. (guar.)
25c. July 11 Holders of
Courtalds, Ltd.
Massachusetts UHL Assoc. pref.(quar.). 0254c July 15 Holders of rec. June 20
Amer. dep. rec. for 5% pref. reg
rec. June 30
254 July 9 Holders of rec. June 10
McCall Corp.(guar.)
500. Aug. 1 Holders of rec. July 15
Creamery Package Mfg. Co.corn. (cni.)
25c. July 11 Holders of reo. July 1
McColl Frontenao 011 pref.(guar.)
Preferred (guar.)
15154 July 15 Holders of rec. June 30
"31M July 11 'Holders of rec. July 1
Mergenthaler Lino Co.cap.stk.(au.)
350. Sept.30 Holders of rect. Sept. 70
Crum & Foster. corn.(guar.)
•15c. July 15 "Holders of rec. July 5
Mexican Petroleum Co.. pref. (quar.).. '32
Cudahy Packing Co., commaa (quar.)
July 20 *Holders of
6214c July 15 Holders of rec. July 5
Minnesota Mining & Mfg., corn. (guar.) 1234o. July 2 Holders of rec. June 17
Dictaphone Corp., pref.(guar.)
reo. June 22
$2
Sept. 1 Holders of rec. Aug. 19
Missouri River-Sioux City Bridge Co.
Doctor Pepper Co.(guar.)
*30c. Sept. 1 *Holders of reo. Aug. 18
Preferred (quar.)
5151 July 15 Holders of
Quarterly
•30c Dec. 1 *Holders of rem Nov. 18
Mitchell (J S.) dc Co., Ltd.. pf. (g11.)..- 154 July 2 Holders of rec. June 30
"tome Mines. Ltd., cont.(guar.)
25o. July 20 Holders of rem June 30
Monarch Mt-. & Inv. Ltd. pf. (quar.).. •10c. July 15 *Holders of rec. June 16
Extra
rec. June 30
20o. July 20 Holders of reo. June 30
Montreal Finance Corp., Ltd.. Pt. (8.-11.) 2
Dominion Glass Co. Ltd.. com.
July 2 Holders
1134 July 2 Holders of rec. June 16
Moore Corp., Ltd.. class A pf tguar.)-- $134 July 2 Holders of rec. June 20
(guar.)
of rec. June 15
(guar.)Pefd
11% July 2 Holders of rec. June 15
7% Preferred class B
$151 July 2 Holders of rec. June 15
Dominion Textile corn.(guar.)
1% July 2 Holders of rec. June 15
Morgan Plan Co., Inc.(s-a)
'81.60 June 30 *Holders
Preferred (guar.)
134 July 15 Holders
Morris (Philip) dr Co., Ltd., Inc.(guar.) 250. July 15 Holders of rec. June 10
DuPont de Nemours&Co..Ino. deb.(Qt1.) 134 July 23 Holders of rec. June 30
of rec. July 1
of reo. July 9
Morris Finance Co.. class A (guar.)
*5154 July 2 *Holders
Eastern Dairies, Ltd., corn. (quar.)
250. Aug. 1 Holders of rec. June 30
Morristown Sec. Corp., $5 pref.(8.-a.) *UM July 2 *Holders of rec. June 16
Preferred (guar.)
of roe. June 15
134 July 5 Holders of reo. June 30
Murphy (0. C.) Co.. pref.(quar.)
82
July 2 Holders of rec. June 21
Eastern Theater Ltd.. pref.(s.-a)
•11315 July 30 *Holders of rec. June 30
National Biscuit Co., corn.(guar.)
700. July 15 Holders of reo. June 170
Economy Grocery Stores (guar.)
250. July 15 Holders of rec. July I
Common (guar.)
70o. Oct. 15 Holders of rec. Sept. 15
Electric Pr. Associates. Inc.. corn.(qu.)_
150. Aug. 1 Holders of rec. July 15
Preferred (guar.)
$154 Aug. 31 Holders of rec. Aug. 12
Cl. A (guar.)
150. Aug. 1 Holders of rec. July 15
National Breweries, Ltd., corn.(qua,.)..
40o. July 2 Holders of rec. June 15
Electric Vacuum Cleaner Co.,Inc.(gu.)25c. July 15 Holders of rec. June 30
Preferred (guar.)
44
July 2 Holders of rec. June 15
EPPene. Smith & Co
•2
Aug. 1 *Holders of reo. July 25
Nat. Distillers Products, corn.(guar.).-50c. Aug. 1 Holders of rec. July 156
Ewa Plantation Co.(guar.)
600. Aug. 15 Holders of rec. Aug. 5
National Lead Co., pref. class B (guar.). 8134 Aug.
Finance Co. of America (Baltimore)
1 Holders
National Steel Car Corp • Ltd.(quar.)_. .1 20c. July 2 Holders of rec. July 22
Common class A & B (guar.)
of rec. June 23
10c. July 15 Holden of reo. July 5
Nelson, Baker & Co.(guar.)
*150. Sept.80 *Holders of rec. Sept.24
7% preferred (guar.)
134 July 15 Holders of rec. July 5
Neptune Meter, pref. (qua?.)
Aug. 15 Holders of rec. Aug. 1
7% preferred class A (guar.)
134 July 15 Holders of reo. July 5
Preferred (guar.)
2
Nov. 16 Holders
Fishman(M.H.), pref. A & B (quar.)
$15' July 15 Holders of
July
New England Grain Prod..$7 pref.(on.) •31.75 Oct. 1 *Holders of lee. Nov. 1
Freiman (A.J.) Ltd..6% pref.(guar.)- _ $134 July 2 Holders of reo. June 1
of tee. Sept.
rec.
15
$7 preferred (guar.)
41.75 Ja.2'38 *Holders of reo. Dec. 20
General Electric Co.. corn. (gu.)
100. July 25 Holders of reo. June 24
20
$8 preferred A (guar.)
031.50 J11114 15 "Holders of roe. July 1
Special stock
150. July 25 Holders of rec. June 24
$6 Preferred A (gust.)
*31.60 Oct. 15 *Holders of reo. Oct. 1
General Electric Co., Ltd. of Great Brit.
56 preferred A (guar.)
•$1.50 Ja 1518 *Hold. of rec. Jan. 1 '33
Common (annual)
na8 July 28 Holders of rec. June 28
Newberry (J.J.) Rlty. Co.,634% pt.(au) 154 Aug. 1 Holders
General Motors Corp..$5 pref.(qua,.).
of rec. June
$14 Aug. I Holders
6% preferred (guar.)
134 Aug. 1 Holders of rec. June 16
General Stockyards Corp., coin.(guar.). 75c. Aug. 1 Holders of reo. July 5
15
of reo. July 15
Niagara Shares Corp.(Md.)$6 Preferred
$134 Aug. 1 Holders of rec. July 15
Common 13
Gillette Safety Razor Co pref. (guar.). $IM Aug. 1 Holders of rec.
e234 July 15 Holders of rem June 24
July la
Class A, preferred (guar.)
Gold Dust Corp.,corn.(guar.)
8154 Oct. 1 Holders of rec. Sept. 16
400. Aug. I Holders
Class A preferred (guar.)
Goodyr. T.de R. Co. Canada. corn.(gu.) *SIM July 2 'Holders of reo. July 9
$154 Janil'83 Holders of rec. Dee. 16
of reo. June 15
North Star Oil, Ltd.. net (guar.)
151 July 2 Holders of rec. June 15
Preferred (guar.)
.11% July 2 *Holders of NO. June 15
Northern Securities Co.(s.
-a.)
3
Gotham Silk Hosiery Co., Inc.
July 9 Holders of rec. June 20
Oahu Sugar Co.. Ltd.. corn. (monthly).
Sc. July 15 Holders of reo. July 6
7% preferred (guar.)
114 Aug. 1 Holders of reo. July 12
Ogilvie Flour Mills Co., Ltd., com.(au.) $2
Gottfried Baking Co.Inc.. Pref.(guar.)July 2 Holders of reo. June 21
114 Oct. 1 Holders of roe. Bent.20
Ohio Brass Co., Pref. (guar.)
$134 July 15 Holders of rec. June 30
Preferred (a usr.)
134 Jan 2'33 Holders Of rec. Dee. 20
Ontario Loan & Debenture Co.(gust,)
13
Govt. Gold Mining Areas Cons., Ltd.
July 2 Holders of rec. June 15
Otis Elevator Co.. corn.(guar.)
37Mo July 15 Holders of reo. June 30
Amer. den. rec. reg. shares
me45
Holders of rec. June 30
Preferred (guar.)
Grace(W.IL)& Co., 6% pref.(a. a.).. 3
$154 July 15 Holders of reo. June 30
Dec. 29 Holders of reo. Dee. 28
Pacific Financial Corp., Cl. A pref. (gu.) 20o. Aug.
Preferred A & B (guar.)
1 Holders of reo. July 15
2
Sept.30 Holders of reo. Sept 29
Cl. C preferred (guar.)
Preferred A dr B (guar.)
lege Aug. 1 Holders of reo. July 15
2
Dec. 29 Holders of rec.
Cl. D preferred (guar.)
Great Western Sugar Co., pref.(quar.)_.. 154 July 2 Holders of reo. Dec 28
1734c Aug. 1 Holders of reo. July 15
June 15
Pacific Indemnity Co.(guar.)
Guarantee Co. of No. Amer. (quar.)._. •3134 July 15 *Holders of rec.
*Holders of rec.
*35c. July
June 30
Package Machinery. lit Pref.(Quar.)M - •1M Aug. 7 *Holders of reo. June 15
Extra
1
July 20
41234 July 15 *Holders of reo. June 30
First preferred (guar.)
Hamilton Bridge nref.(guar.)
•1% Nov. 1 *Holders of rec. Oct. 20
154 Aug. 1 Holders of reo. July 15
Pan American Petroleum & Transport
Handley Page Ltd.(Am. dep.for pt. reg) zw5 July 9 Holders of roe.
June 23
New common (initial) (guar.)
Hanson Glove Corp., 7% pref. (quar.)_ _ '3134 July 1 *Holders of
250. July 20 Holders of rec. June 30
New common B (initial) (guar.)
Harbison-Walker Heade..6% Pf.(guar.) 134 July 20 Holders of roe. Jun0 23
25c. July 20 Holders of rec. June 30
rec. July 9
Parke, Austin dr Lipscomb, Inc.
*1%
Hardesty(R.) Mfg .7% pref.(guar.).
Sept. 1 *Holders of roe. Aug. 15
Preferred A (guar.)
5250. July 15 Holders of rec. July 1
•134' Deo. 1 *Holders
7% Proforma (guar.)
of reo. Nov. IS
Pock Bros. dr Co.. pref. (guar.)
Hewitt Bros. Soap, pref. (guar.)
*3734C July 11 Holders of roe. June 30
*2
Oct. 1 *Holders of reo. Sept. 20
Pennsylvania Salt Mfg. Co. (quar.).
750. July 15 Holders of rec. Juno 30
Preferred (guar.)
"2
Jan 1'33 *Holders of rec. Dec. 20
Philadelphia Insulated
Hollinger Cons.Gold Mines Ltd.(mthly.)
*750. Aug. 1 Holders of rec. July 15
50. July 14 Holders of rec. June 3M Firmly Wiggly (Can.). Wire (8.-a.)
Ltd.. Prof.(8.-a.). '($354 July 11 Holders of rec. June 30
Extra
50. July 14 Holders of rec. June 30d Plume & Atwood
Mfg.(guar.)
*500. Oct. 1 Holders of roe. Sept.25
Volume 135
Financial Chronicle
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Conailded).
Pollock Pap. & Box, pref.(guar.)
.s11 Sept. 15
Preferred (guar.)
.813j Dec. 15
Premier Gold Mining Co., Ltd
3c. July 2 Holders of rec. June 10
Premier Shares, Inc. (guar.).
•10c. July 15 "Holders of rec. June 30
Procter & Gamble Co..8% pref. (gu.)- - 52
July 15 Holders of rec. June 25
Provincial Paper
pref.(guar.)
l q July 2 Holders of rec. June 15
Pullman. Inc.. corn. ((luar./
Ltd..
750. Aug. 15 Holders of rec. July 23
Quaker Oats Co., common (guar.)
$1
July 15 Holders of rec. July 1
Preferred (guar.)
8134 Aug. 31 Holders of rec. Aug. 1
Real Estate Loan Co.of Can. Ltd.(s.
-a.)
334 July 2 Holders of rec. June 18
Republic Stamping & Enameling Co.
Common (guar.)
25c. July 10 Holders of rec. July 1
Riverside Silk Mills (guar.)
•25c. July 2 *Holders of rec. June 17
Robinson Canso). Cone, Ltd. (guar.)
3734e. July 2 Holders of rec. June 15
St. Croix Paper Co., common (guar.).- "2134 July 15 "Holders of rec. July 6
Scott Paper Co.,7% ser. A pref.(guar.)_
134 Aug. 1 Holders of rec. July 16
6% series B pref.(guar.)
134 Aug. 1 Holders of rec. July 16
Seeman Bros., Inc., common (guar.) ..
75c Aug. 1 Holders of ree. July 15
Servel, Inc., preferred (guar.)
•21.75 Aug. 1 "Holders of roe. July 20
Preferred (guar.)
.$1.75 Nov. 1 *Holders of rec. Oct. 20
Shaffer Stores, 7% pref. (guar.)
*$1.4 July 1 'Holders of rec. June 30
Sharp & Dohrne, Inc., class A Prof. (gu.)
50c. Aug. 1 Holders of rec. July 15
Spicer Mfg. Corp., pref. ser. A Mar.).
750. July 15 Holders of rec. July 1
Standard Oil Co.(01110) 5% pref.(gu.)
1(4 July 15 Holders of reel June 30
Rix Baer & Fuller. 7% Orel.(guar.)
•43¼c Sept. 30 "Holders of rec. Sept. 15
7% preferred (guar.)
•4354e Des. 31 *Holders of rec. Dec. 15
Superheater Co. (guar.)
25e. July 15 Holders of rec. July 5d
Superior Portland cetnent, class B corn. 12 tic I lily 20 Holders of rec. June 15
Supertest Petroleum Co., corn.(guar.)...
25e. July 2 Holders of rec. June 17
Preferred A 4 quar.)
$1% July 2 Holders of rec. June 17
Preferred B (guar.)
3734c July 2 Holders of rec. June 17
Teiautograph Corp.(guar.)
25e. Aug. 1 Holders of rec. July 15
Thatcher
pref. (guar.)
900. Aug. 15 Holden of rec. July 30
Toronto Elevators, Ltd., pref. (guar.)._ *81.4 July 15 "Holeer of rec. July 2
Mtg..
Tuckett Tobacco.. pref.(guar.)
02134 July 15 "Holders of rec. June 30
Union Storage (guar.)
*63 lie Aug. 10 *Holders of res. Aug 1
Quarterly
"62 Sic Nov. 10 "Heiden of roc Nov. 1
United Biscuit of Amer.,corn. Mani_
50c. Sept. 1 !loaders of rec. Aug. 16
Preferred Wear.)
$134 Aug. 1 Holders of rec. July 15
United Piece Dye Works, pref. (guar.). 134 Oct. 1 Holders of rev. Sept 20a
Preferred (guar.)
11
4 Ian 233 Holders of rec. Dec 20a
United Securities, Ltd., corn. (guar.)._
50c. July 15 Holders of rec. June 30
United Shoe Muctey Corp.,corn.(guar.) 62140. luly 5 Holders of rec. Julie 14
Preferred (guar.)
3734c. luly 5 Holders of rec. Julie 14
U.S. Pipe & Fdy.. coin. (guar.)
60e July 20 Holders ol rec. June 30a
Common (mum)
50e. Oct. 20 Holders of tee.Sept 30a
Common (guar.)
50e Ja.20'83 Holders of rec. Der 31a
First preferred (quer )
30c July 20 adders of rec. June 30a
First preferred (guar.)
30e. Oct. 20 Holders of tee Sept 30o
First preferred (guar)
30e la 2023 Holders of ree. Dee 310
U.S. Smelt., Ref. & Min. co.. com•(au.)
25e. July 15 'Holders of rec. July I
Preferred (guar.)
8734e July 15 Holders of rec. July 1
United Verde Extension Silo. Co. (qu.)
10c. Aug. 1 Holders of rec. July 2a
Universal Leaf Tobacco Co., Inc.Common (guar.)
50c. Aug. 1 Holders of rec. July 21
Vlau Illscult. 1st pref. (guar.)
.$134 July 2 *Holders of rec. June 22
Vulcan DetInning Co., pref. (quar.)
134 July 20 Holders of roe. July 7a
West Coast Oil (guar.)
"El ti July 5 *Holders of rec. June 25
West Va. Pulp & Paper Co., pref.(ge.)- $134 Aug. 15 Holders of rec. Aug.
I
Western Grorersitd.(Of ontreal).lit MO $131 July 1. Holders ot rec. June 20
Westinghouse Air Brake Co.(ouar.)
250. July 30 Holders of rec. June 30
Weston (Geo.), Ltd., common (guar.)
25e. July
Holders of
June
Winged Hosiery (guar.)
•2 Aug. "Holders of rec. July 20
rec.
15
Quarterly
•2
Nov.
"Holders of coo . •-• 15
• From unofficial sources. t The New York Stock Exchauge liar ruled that
stock will not be Quoted ex-dividend on this date and not until further notice.
j The New York Curb Exchange Association has ruled that stock will not be
Quoted ex-dlvidend on this data and not until further notice.
O Transfer books not closed for this dividend,
C Payable in South African currency.
d Correction. e Payable in stock.
/Payable in common stock. gPayable in scrip. h On account of accumulated
dividends. .1 Payable In preferred stock.
I Payable in Canadian funds.
I Fixed Trust Shares (9.-a.) distribution of $500 per unit.
u Payable in United States funds.
w Less deduction for expenses of depositary.
z Less tax.
p Dividend based on Union of South Africa Currency to be paid In English
Currency computed at the exchange rate prevalPng on July 26 1932.
Weekly Return of New York City Clearing House.Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now make only tho barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. Tho Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the Now York Clearing House Association,
having boon admitted on Dec. 11 1930. See "Financial
Chronicle" of Doc. 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, JUNE 25 1932.
Clearing House
Members.
•Cap11411.
'Surplus and Net Demand
Undirided
Deposits,
Profits.
Average.
2
Bank of N.Y.& TO. Co_
6.000,000
Bank of Manhat. TO. Co.
22,250.000
National City Bank._ 124,000.000
Chemical Bk.& Tr. Co__
21.000.000
Guaranty Trust Co
90.000.000
Manufacturers' Tr. Co
32.935.000
Cent. Ilanover Bk.& Tr.
21,000,000
15,000,000
Corn Exch. Bank Tr. Co
10.000.000
First National Bank
50.000.000
Irving Trust Co
4,000,000
Continental Bk. &Tr.00
148,000.000
Chose National Bank
500,000
Fifth Avenue Bank
Bankers Trust Co
25,000.000
Title Guar.& Trust Co._
10,000,000
Marine Midland Tr. Co_
10,000.000
Lawyers Trust Co
3,000.000
New York Trust Co._
12,500,000
Comm'l N.Bk.& Tr. Co.
7,000.000
Harriman N.B.& Tr.Co_
2,000.000
Public N. B. & Tr. Co...
8,250,000
Time
Deposits,
Average.
$
$
2
9,866,800
76,181.000
10.910.000
44,436,300
206,460.000
35.338,000
101,347,500 a900,549,000 176,591.000
44.895,100
209,972,000
23.566.000
194,963,400 b747,323,000
55.584,000
27,122,000
241.753.000
85.588,000
75,023.500
407,560.000
46,502,000
22,710,400
164.538,000
21,521.000
112,537,200
281,926,000
22,219,000
75,564,900
279,334,000
39,676.000
6,747,800
19,602,000
2.463.000
143,075,000 c1,021.970,00
104.564,000
3.630.50
34.066,00
2.878,000
76,307,900 d424,952.00
42,676,000
21,193,20
28.995.000
738,000
7.022,00
39,294,000
5.915.000
2,498,000
10.751,000
1,039.000
26.928,60
166,375,000
19,895,000
9.235.600
41,197,000
2,026.000
2,863,200
26322,000
5.843.000
7,876,400
33,595.000
28.114,000
Totals
622.435,000 1,015,846,200 5 361.555.000 738,683,000
,
• As per official reports: National, Dec. 31 1931; State, March 28 1932;
trust
Companies. March 28 1932.
Includes deposits in foreign branches as follows: (a) $209,229,000; (b)
551,222,000; (c) $51,903.000; (d) 824,484.000.
83
The New York "Times publishes regularly each week
r turns of a number of banks and trust companies which aro
DLot members of the New York Clearing House. The Public
I ational Bank & Trust Co. and Manufacturers Trust Co.,
h aving been admitted to membership in the New York
r
learing House Association on Dec. 11 1930, now report
‘
v eekly to the Association
and the returns of these two banks
are therefore no longer shown below. The following are
,
Lhe figures for the week ending June 24:
STITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING OF
BUSINESS FOR THE WEEK ENDED FRIDAY, JUNE 24 1932.
NATIONAI. BANKS-AVERAGE FIGURES.
Other Cash Res. Dep.. Dep. Other
Loans.
Gold. Including N. 3'. and Ranks and
Disc. and
Gross
Investments
Rank Notes Elsewhere. Trust Cos. Deposits
$
21fanhaflanL race National 16,512,019
3,000
73,376 1,433,680
4 Brooklyn.
3 eopl. Nat'l__
5,000
88.000
$
6,055.000
$
$
2
361.000
2
493,465 13,539,506
40,000
5,250,000
TRUST COMPANIES-AVERAGE FIGURES.
Loans,
Disc. and
Investments.
Cash.
5
2
Res're Dep., Depos.Other
N. Y. and Banks and
Elsewhere. Trust Cos.
$
$
Manhattan
I
Empire
I
Fulton
I
United States
50,570,200 *2.454,500 13,966,700
15,830,100 "2,118,400 1,956,000
63,192,144 7.552,643 15,645,250
Brooklyn
1
Brooklyn
Kings County
85.438,000
24,249,637
2,581,000 31,880,000
1,538,123 4,177,770
Gross
Deposits
2
2,040,200 56,949.700
1,018,700 16,144,100
54,490.816
356.000 98,059.00C
23,261,733
"Includes amount with Federal Reserve as follows: Empire, $1,182 100; Fulton,
1,972,(100.
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended
June 29
1932.
Capital
Surplus and profits
Loans, dIsrets & invest'ts_
Individual deposits
1)ue to banks
Time deposits
United States deposits....
Exchanges for ('lg. House
I)ue from other banks_
Reeve in lega. depositles
Cash In bank
Res. In excess in F. R. Bk.
Changes from
Precious
Week.
$
$
79.900,000 Unchanged
73,835.000 Unchanged
784,437,000 -10.142,000
529.769.000 +1,922,000
125.993.000 -1,740.000
190,473,000 -2,346.000
14,552.000 -4,24:0.000
8.421,000
+405.000
107.629.000 -4.610.000
85.976.000
-488.000
8,201.000
-191,000
23,592,000
-911.000
Week Ended
June 22
1932.
$
79.900,000
73,63.5,000
794.579.000
527,847,000
127,733.000
192,819,000
18.812,000
8,016,000
112,239,000
86,464.000
8.392.000
24.503.000
Week Ended
June 15
1932.
$
79.900.000
73,835.000
793.206.000
535.733,000
129.736.000
195,613.000
7.316,000
10.107.000
115.720.000
84.974.000
8,492.000
22 439.000
Philadelphia Banks.-Peginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
iVeek Ended
June 25
1932.
Changes from
Prerious
Week.
Week Ended
June 18
1932.
Week Ended
June 11
1932.
$
8
$
i
Capital
77.052,000 Unchanged
77.052.000
77,052,000
Surplus and profits
205.718.000 Unchanged
205,718,000 205,718,006
Loans, discre. and invest_ 1,141,942.000 +1.519.000 1,140,423.000 1,125,310.000
Exch. for Clearing Ileum.
14.392.000
-157.000
14,569.000
13,587,000
Due from banks
111,285,000 -3.344.000 114,629.000 108.604.000
Bank deposits
163,451.000
+1.469.000 161.982.000 160,511.00C
Individual deposits
603.932,000 -2.567.000 606.499,000 585.531,00C
Time deposits
260.656.000
+7.000 260,649.000 260,414,00(
Total deposits
1 028,039.000 -1,091,000 1,029,130,000 1,006,456,00(
713
2.138., with F. R. Bank._
87,515,000 -1.865,000
89.384,000
89.019.000
Financial Chronicle
84
July 2 1932
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,June 30,and showing the condition
of the twelve Reserve banks at the close of business cis 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 34, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 29 1932.
June 29 1932. June 22 1932. June 15 1932. June 8 1932. June 1 .932.1May 25 1932. May 18 1932. May 11 1932. Jivy 1 1931.
RESOURCES.
1,918,617.000 1,899,307,000 1,897.307,000 1,943,700100 2,038,319,000 2.113.407,000 2,177.750 000 2,210609,000 1,933,564,000
Gold with Federal Reserve agents
30,167,000
41,729,000
36.954,000
40.368,000
34,838,000
52.186,000
48,915,000
46,928.000
59,798,000
Gold redemption fund with If. S. Tress..
Goldheld exclusively agst. F.it. notes.. 1,978,415,000 1.951,493.000 1,946.222,040 1190,628100 2,080„048.000 2,153.775,000 2.214,704.000 2.254.447,000 1,963,731,000
265,672,000 270,216,000 283,224,000 310,724,000 300,348,000 362.593.000 370.787.000 335.320.000 514,492,000
Gold settlement fund with F. R. Board.
Gold and gold certificates held by banks_ 335,287,000 340.808,000 331,749,000 325,609,000 370,671.000 340.713,000 333.541,000 366.650.000 933,818,000
Total gold reserves
Reserves other than gold
2,579.374.0002.662,517.000 2,561,19e,000 2,626,961,000 2,751.067.000 2.857.081,000 2,919.032,000 2.956,417,000 3,412,041,000
202,567,000 203,516,000 205,280,000 203,339.000 201,577,000 207,131,000 203,123,000 207.733,000 167,257,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligatlons
Other bills discounted
2.781,941,000 2,766,033,000 2,766.475.000 2,830.300,000 2,952,644,000 3,064.212,000 3.122.155,0003.164.150.000 3,579,298,000
65,011,000
69,012,000
77,209,000
72.905,000
72,397,000
76,136,000
71,143,000
69,975,0001 72,070,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
196.563,000
211.643,000
202,225.000
294,014.000
210,518,000
291,393,000
204,770,000
289,831,000
190,168,000 180083,000
281.099,003 275.860,000
190,555.000
280,818,000
46,395,000
103,805,000
469,828,000 438,208,000
63,519,0001 53,718,000
496,239,000
65,661,000
501,911,000
35,717,000
494,601,000
35,479,000
471,267,000
38,373,000
464.943.000
40,643.000
471,373.000
42,719,000
150,200,000
103,341,000
434,532.000 429.185,000
267,983,000 224,676,000
429.056,000
194,997,000
429,990,000
174,619,000
396,794,000
171,622,000
374.784.000
166.372.000
353,658,000
165,422,000
346,147100
153,740,000
188,395,000
60,741,000
1,098,456,00011,075.840,000 1.088.154,000 1.039158,000 1.006,784,000 984,040,000 942.323.000
182,693,000
287,135,000
885,380.000
414,263,000
Total U. S. Government securities-- 1,800,971.000,1,729,701,000 1,092.207.000 1.644,567,000 1,575,200.000 1.525,196,000 1.466.403,000 1,385.287,000
5,144,000
5142.000
5,778,000
5.023,000
5,220,000
5,716,000
5.611,000
5,944,000
Other securities
Foreign loans on gold
663,399,000
10,601,000
2,340,262,000:2,277,341,000 2,259,718.000 2,187,973,000 2,110,424,000 2,040,056,000 1.977,012.000 1,904,401,000
Total bills and securities
3,643,000
4.699,000
3,642,000
4129,000
4,644.000
3.648,000
3,845,000
3,655.000,
Due from foreign banks
12,102,000
13,623,000
14,994.000
14,624,000
14.733.000
15,500.000
14,768.000; 13,601,000
Federal Reserve notes of other banks-328,552,000, *354,342,000 418.230.000 337.720.000 403.247.000 337.924.000 393,311,000 354.586.000
Uncollected items
58.082,000
58,084,000
58.083.000
58,084,000
58,084.000
58.083.000
58,085,0001 58.082,000
Bank premises
37,519.000
40.903,000
42,908,000
39,541,000
38,457,000
42,316,000
45,205,000; 43,036,000
All other resources
927,341,000
1,426,000
14,942,000
533,070,000
58,783,000
26,425,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks
Other deposits
5.642,443.000 *5588153000 5,635.110,000 5,546,046,000 5 650 059,00015 835,221,000 5,681.286,000 5,610640,000 5,206,496,000
. .
.
Total deposits
Deferred availability items
Capital Pain In
Surplus
All other liabilities
2,107.381,000 2.172.892,000 2,198,428.000 2,210,202,000 2,243.081.000 2.320.775,000 2.289.535.000 2,272.975.000 2,500,848,000
334,481,000 387,068,000 344.884.000 511,813,000
326,818,000 *347,596,000 411,713.000 330.990,000. .
154,816,000 154,800,000 154,809.000 154.779,000 154,801.000 154.749.000 154.784,000 154,806.000 168,170,000
259,421,000 259,421.000 259,421,000 259.421100 259,421.000 259,421.000 259.421.000 259.421,000 274,636,000
34.129,000
34,940,000
32,191,000
12,631,000
33.385,000
37,506100
33,081.000
32,371,000
38,163,000
2,755,864,000 2,615,932,000 2,575,799.000 2,557,119,000 2.564.399.00012,532.714,000 2,558,107.000 2.551,363,000 1,738,396,000
1
2,033,697.0002,086,092,000 2,101.243,000 2,111,673,000 2,124,685,00012,214,384,000 2.192.403,000 2.144.373100 2,389,211,000
12,985,000
41,182,000
51.075.000
36,366.000
36.596,000
2,695,000
26.429,000
28,331,0001 54.351,000
74,035,000
41,696,000
33,623,000
40,706,000
44,177,000
60.122,000
17,556,000
45,578,000
8.356,000
31,376,000
34,830,000
20,237,000
33,350.000
29,319,000
34,893,000
34,368,000
25,125,000
36137,000
5,642,443,000 *5588153,010 5,633,110,000 5,546,646,000 5.650,059,000 5.635,221.000 5.681.286.000 5,615,640,000 3,206,496,000
Total liabilities
Ratio of gold reserve to deposits and
55.1%
57.2%
58.7%
61.2%
80.4%
54.0%
60.2%
53.5%
note liabilities combined
53.0%1
F. R.
Ratio of total reserves to deposits and
61.4%
84.4%
59.4%
63.1%
851%
57.8%
57.9%
64.4%
57.2%
F. It. note liabilities combined
Contingent liability on bills purchased
98,163101 101,485.000 102,212100 150.342,1100 179,564,000 216,402,000 239,948,000 270,741,000 333,334,000
for foreign correspondents
$
Maturity Distribution of Bills and
Short-Term Securities
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
326,127,000
31,458,000
51,548,000
36,775,000
23,970,000
347,447,000
33.084,000
48,812,000
34,687,000
24,176,000
354.211,000 359.396.000
36.443,000
36,911,000
46,978,000
44,680,000
36.323,000
36,272.000
22,771,000
24,165,000
335.698,000
35.449.000
46.420.000
34,265,000
22,769.000
334.792.000
32.074,000
50;172.000
29,465.000
24.764000
331,176.000
31,644.000
49,932.000
28.665,000
23,526.000
332.185.000
34,455.000
50,427.000
30.758.000
23,548,000
82,308,000
12,509,000
19,765,000
15,976,000
19,442,000
Total bills discounted
1-15 days bills bought in open market
16-30 days bills bought in open market_
31-60 days bins bought In open market
61-90 days !Atli bought In open market..
Over90 days bills bought in open market
469,828,000
29,041,000
2,545,000
2,945,000
28,975,000
13,000
488,206,000
21,403,000
2.618,000
2,831,000
26,866,000
496,239.000
26,979,000
9.793.000
1,761,000
27,128,000
501.911,000
3.091,000
4,000.000
2,212.000
26.414,000
494.601,000
7.506.000
7.447.000
8,019.000
12.493.000
14,000
471.267,000
6.054,000
10.092,000
10.095,000
11192.000
240,000
464,943,000
8.042,000
7,600.000
12,830.000
11.931.000
240,000
471,373.000
11.410.000
4.953.000
8.049,000
18.067.000
240.000
150,200,000
32,167,000
18,788,000
16,157,000
16,223,000
6.000
Total bills bought in open market
1-15 days U. S. certificates and bills
16-30 days U. S. certificates and bilis
31-60 days U. S. certificates and bills61-90 days U. S. certificates and bills_
Over 90 days certificates and bills
63,519,000
65,287.000
83,625,000
191,749,000
293,313.000
484,482,000
53,718,000
36.550,000
87,475.000
187,800100
340.543.000
423,472,000
65,661,000
36.550.000
74.000.000
176,025.000
203,750,000
573129,000
35,717,000
39,590,000
36,550.000
316,104,000
330,740.000
516.965,000
35.479.000
39,550.000
36,550,000
158.625,000
204.649.000
567.410,000
38,373,000
54.500.000
39,550.000
152,025,000
187.816,000
550,149,000
40.643,000
81.980,000
40.550.000
112,050,000
169,525.000
548,210000
42,719,000
53.591.000
54,500.000
79,100.000
213,025,000
485,064.000
103,341,000
1,098,456.000 1,075.840,000 1,068,154,000 1,030958,000 1,006.784.000 984.040.000
5.542,000
4.580,000
3,658100
4,791.000
4,411,000
4,493.000
463,000
1,419,000
201,000
785,000
1,250,000
1,387,000
110,
35,000
20,000
19,000
31,000
35.000
35.000
85,000
35,000
35,000
45.000
942,323,000
3.819.000
1,031.000
110.000
28.000
85,000
885,380.000 414,257,000
4.726.000
111.000
142,000
76,000
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-80 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
Total municipal warrants
5,944,000
5,716,000
5,611,000
5.778,000
5,144.000
5,220.000
5,023.000
10,500,000
37,550,000
124,597,000
241,616,000
63,000
5,042.000
76,000
Federal Reserve Notes
Issued to F. R. Bank by F. R. Agent.... 2.090,511.0002,850,896,000 2,791.931,000 2,786,801,000 2,765.241,000 2,758,223,000 2,762,673,000 2,765145.000 2,111,944,000
234,647,000 234,964,000 216,132,000 229,682,000 200,842.000 225,509,000 204,566,000 213,982.000 373,548,000
Heldby Federal Reserve Bank
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank
By gold and gold certificates
Gold fund-Federal Reserve Board
By eligible Paper
U. B. Government securities
Total
* Revised figures.
2,755,864,000 2.615.932,000 2.575,799,000 2,557,119.000 2,584,399,000 2.532,714,000 2,558,107,000 2,551,363,000 1,738,396,000
946,502,000 834,292.000 831,342,000 840.635,000 797,624,000 880.812,000 915,160,000 955,969,000 612,334,000
972,115,000 1,065,015,000 1,065.965,000 1.101065100 1.240,695.000 1,232,595.000 1,262,590,000 1,263140.000 1,321,230,000
489,285,000 500,838,000 519,313,000 497.002,000 488.992.000 469,274.000 465.844,000 474,219,000 222,597,000
600700,0001 473,700 000 01,700,000 360,200.000 263.300.000 196,400.000 148,300000 97,300,000
3 014 602 000 2.873 845 n0a 2 818 370 non 2 gort.nn2 non 2.790.011.000 2 779 (181 000 2.791 804 006 0.781 .12A.002.1 nii.f61,000
It STATEMENT OF RESOURCES AND LIABILITIES 09 EACH OF THE 12 FEDERAL lig TERVE BANKS AT CLOSE OF BUSINESS JUNE 29 192
.
Two Ciphers (00) omitted.
Total. 1 Boston. 1 New York. I Phua. Cleveland. Richmond 4tlanta. Chicago. St. Louts. Minneap. Ran.Otty. Dallas. Saarsaa.
Federal Reserve Bank of$
$
8
$
8
ii
S
8
$
3
1
3
$
I
3
I
RESOURCES.
Gold with Federal Reserve Agents 1,918,617,0164,127,0 415,572,0 147.200.0 173,970,0 45,700,0 56,5001 600,595,0 57.570,0 38.105,0 46,680.0 28,835,0 143,763,0
914,0 7,213,0
13,836,0 6,276,0 6,245,0 2,372,0 3.614,0 10,190,0 2,304,0 2.118,0 2,534,0
59,798,0 2,162,0
Gold red'n fund with U.S.Tress..
60.114,0810,785,0 59,874,0 40,223,0 49,214,0 29,749,0 150,976.0
Gold held excl. west. F. R. notes 1,978,415,0166,289.0 429.428,0 153,476,0 180.215,0 48,072,0
9,990,0 13,547,0 6.697,0
73,072,0
Gold settle't fund with F.R.Board 265,672,0 9,438.01 72142,0 3,021,0 25.384,0 4.284,0 5.2961 30,204,0 10,667,0 0125,0 11.063,0 4,168,0 31,936,0
18,983,0
5,133,0
335,287,0 16,082,01 203,644,0 10,145,0 17.962,0 6,502,0 8,276,0
Gold and gold cas, held by banks_
2,579,3741191.807.0i 705,414,0 166,642,0 223,561,0 58,858,0 73.086,0714,063,0 75.674,0 53,338,0 73,824,0 40,614.0 201,895,0
Total gold reserves
202,587,01 20,541.01 52,345,0 30,953,0 18.230,0 11,068,0 5,932.0 24,337.0 9,847,0 07641 6,471,0 9,615,0 9,464,0
Reserves other than gold
2,781,941,0212.348,0 757,759,0197,595.0 241,791,0 69,926,0 79.818.0 738,398.0 85,521,0 57.102,0 80.295,0 50,229,0 211,359,0
Total reserves
17,631,0 3,114.0 3,565,0 3,382,0 5,3591 14,190,0 3,671,0 2,141,0 2,110,0 3,661,0 5199,0
69,9751 5,452,0
Non-reserve cash
I
discounted;
Bills
7,450,0 1,017,0 1,501,0 1,297.0 29,180.0
5,772.0
Sec. by U. S. Govt. obligations_ 182,693,0 11,986.0 66.450,0 23,163,0 18,468,0 5,429,0 22,032,0 10,973,0 4,512,0 9,288,0 18,802.0 10,336.0
23,111,0
51,071,0
287,135,0 15,712,0 42,226,0 44,379.0 25,204,0 20,462,0
Other bills discounted
469,828,0 27.698.0 108.676.0 67,542,0 43,670.0 25,891,0 27,804.0 34.084.0 11,962,0 10,305,0 20.303,0 11.6331 80,260,0
Total bills discounted
632.0
891,0
930,0 8.849.0
es ma a l nvi a it neon 3 416 0 8.232.0 3.282.0 2.083.0 20.258.0 1.005.0
-
Financial Chronicle
Volume 135
'oe (Averts (00) omin,a.
,
.zESOURCES (Conslu led). S. Government securities:
Bonds
Treasury notes
Certificates and bills
!
Twat.
Boston. New
$
$
York.
Phila.
C.er land. Richmond Atlanta.
,
$
$
85
5
5
Chicago. St. Louis, Minneap. K.an.Citg, Dallas. San Fran.
$
$
$
$
s
$
$
434,532,0 20,527,0
267,983,0 14,980,0
1,098.456.0 71,222,0
184,454,0 29,966,0 39,480.0 9,736,0 11,901,0 60,896,0 13,287,0 16,855,0 11,357.0 14,047,0 22,026,0
96,053,0 20,010,0 26,433,0 7.334,0 8,030.0 50,362.0 9,635.0 7,004,0 8,500,0 3,049.0 16,593,0
414,033,0 82,022.0 108,647,0 30,063,0 32,913,0 176,122,0 39,493,0 28,554.0 34,859,0 12,500,0 68,023.0
Total U.S. Govt. securities__ 1.800,971.0 106,729,0
Jtner securities
5.944,0
694.515,0 131,998,0 174,560,0 47,133.0 52,844,0 287,380,0 62,415.0 52,413.0 51,716,0 29,596,0 106,642.0
4,292,0 1,623,0
29,0
mai bills and securities
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other resources
819,102,0 204,579.0 224,462.0 76.306,0 82,731,0 341,722,0 75,382.0 63,379,0 75,910,0 42,159,0 105,751.0
1,281,0
400,0
148,0
374,0
12.0
137,0
20.0
521,0
107.0
104,0
258.0
321,0
4,639,0
943,0 1.245,0
516,0
722,0 2,054,0 1,212,0
281,0 1,592.0
890,0
88,026,0 28,529,0 32,324,0 25,748.0 8.115,0 38,844,0 12,164,0 8,112,0 17,272.0 9.296,0 16,585.0
14,817.0 2,874,0 7.966,0 3.612,0 2,489,0 7,827,0 3.461,0 1,834,0 3,649.0 1,787,0 4,433,0
782.0 1,339,0 3,832,0 3,634,0 2,565,0 1,440,0 1,494,0
24,979,0
915,0 1,218,0 1,119.0
2,340.262,0 133,779,0
3,655,0
295,0
14.768,0
353,0
323.552,0 43,537,0
58,035,0 3,336,0
45.205,0 1,888,0
Total resources
5,642,443,0 405,988,0 1.728,234,0 438.194,0 512,764,0 184,199,0 182.805,0 1,146,121 182,871,0 134.590.0 181,148,0 108,735,0 436,794,0
LIABILITIES.
F. R. notes in actual circulation 2,755,864,0 198,023,0 578,664,0 249,850,0 287,301,0 87,044,0 111,376,0 721,335,0 92.666,0 75,107.0 82,695,0 35,466.0 236,337,0
Deposits:
Member bank reserve account.. 2,033.697.0 129,447,0 871.743,0 114,524,9 141,664,0 50,331,0 44,241.0 320,808,0 59,525.0 39.701.0 88,136,0 47,747.0 145,830.0
Government
28,331.0 1,233,0
17,078.0
729.0 2,780,0 3,172,0
176.0
137,0
849.0
951.0
135.0
126,0
965,0
Foreign bank
3,396,0
631,0
2,802.0
855,0
838.0
307.0 1.112,0
332,0
183,0
290.0
241.0
573.0
232.0
Other deposits
36,937,0
146,0
73,0 3,156.0
22,855.0
406,0 3,800.0
83,0
273,0 5,102.0
742,0
95.0
206,0
Total deposits
Deferred availability items
Capital paid in •
Surplus
All other liabilities
2,107,361,0
326,318,0
154,816,0
259,421.0
38.163.0
Total liabilities
Memoranda.
Reserve ratio (per cent)
Contingent liability on bills p
chased for foreign correspond'
5,642,443,0 405.988,0 1.728,234,0 438,194,0 512,764,0 184,199,0 182,805,0 1,146,121 182,871.0 134,590,0 181,148,0 108,735.0 436,794.0
131.457,0
43,697,0
11.513,0
20,039,0
1,254,0
57.2
64.4
93.163.0
914,478,0 116.1810 148,438,0 53,918,0 45,130,0 326,569,0 60,694,0 41,041.0 68.607,0 49,217.0 151,631,0
87,175,0 27.006,0 31,828,0 25,281,0 8,271,0 37,978,0 13,639,0 7,541.0 16,781.0 9.891,0 17,730.0
59,185,0 16.243,0 14,266.0 5,219.0 4,875,0 17.322,0 4,478,0 2,923.0 4,069,0 3.936,0 10,782,0
75,077.0 26,486.0 27,640,0 11,483,0 10,449,0 38,411,0 10.025,0 6.356,0 8,124,0 7.624.0 17.707,0
13.655,0 2.428,0 3.291,0 1,254,0 2,704.0 4,506,0 1,369,0 1,622.0
872.0 2,601,0 2,607.0
7.769.0
50.7
54.0
55.5
49.6
29.263.0 10.529.0 10.325.0
4.089.0
50.9
70.5
55.8
49.2
53.1
59.3
54.5
3.782.0 13.698.0
3.578.0
2.249.0
2.965.0
2.862.0
7.054.0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Mal.
Boston.
.'w„ ..ilvhers (00) omitted.
$
$
Federal Reserve notes:
Issued to F.R.Bk. by F.R.Agt_ 2,990,511,0 214,406,0
Held by Federal Reserve Bank_ 234,647.0 16,383.0
In actual circulation
2,755,864,0 198,023,0
Collateral held by Agt. as security
for notes Issued to bank:
Gold and gold certificates
946.502,0 47,010.0
Gold fund-F.R. Board
972.115,0 117.117,0
Eligible paper
439.285,0 29.554,0
U. S. Government securities
606,700,0 21,400,0
Total collateral
3.014.602.0 215.081.0
New York.
‘eveland. Richmond Atlanta.
Phila.
S
$
$
3
Chicago. Si. Louis. Minneap. Kan.Citg. Dallas. SanFran.
$
$
$
$
$
$
3
643.776,0 259,666,0 296.881,0 92.366.0 129.382.0 775.511,0 100.514,0 77,776.0 89.875,0 40.820.0 269,538,0
65,112,0 9,816,0 9.580,0 5,322,0 18,006.0 54,176,0 7,848,0 2,669,0 7.180.0 5,354.0 33,201.0
578,664.0 249.850,0 287,301,0 87.044,0 111,376,0 721,335,0 92.666,0 75,107.0 82,695,0 35,466.0 236,337,0
.
355.572,0
60.000,0
107.439,0
132,000,0
73.920.0 71,970.0
73.280.0 102.000.0
67,506,0 46.640.0
45,000,0 80.000,0
13,220,0
32.480,0
27.867,0
19,000.0
13,500,0 228,395.0
43.000,0 372.200,0
28,225.0 49,944,0
45,000,0 130,500.0
20.770,0 12,805,0 9,880.0 13.460,0 86.000.0
36,800.0 25,300,0 36,800.0 15.375.0 57.763,0
10,933.0 9,820,0 19.938.0 11,603,0 79,766,0
500.0 47,000.0
32,000.0 30,300,0 24,000.0
655.011.0 259.706.0 300610.0 92.8670 129.725.0 761039.0 100 553.0 78.225.0 90.618.0 40.938.0 270.529.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 35, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929. the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement, and include
all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were included with loans, and some
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 for a time given, but beginning Oct.9 1929 even this has been omitted. The figures have also been revised to exclude a bank in the San Francisco district with loans and Investments of 0135.000,000
on Jan.2 1929, which had then recently merged with a non-member bank. The figures are now given in round millions Instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JUNE 22 1932 (In millions of dollars).
Federal Reserve District
-
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan.City. Dallas
Loans and investments-total
$
18,819
$
1,195
$
7,493
S
1,108
$
1,940
Loans-total
11,297
767
4,289
642
294
473
1,992
2,297
320
322
San Fran.
$
$
1,179
4.778
6,519
s
s
On securities
All other
Investments-total
S
584
507
s
s
5
2,461
531
334
537
393
1,736
1.026
331
242
1,704
196
313
335
273
--__
-271
534
111
75
125
79
799
56
122
167
755
645
220
210
194
905
140
101
7.522
428
3,204
466
761
249
176
757
218
138
264
151
710
U. S. Government securities
Other securities
4,298
3,224
230
198
2.024
1,180
196
270
418
343
120
129
91
8'
447
310
88
130
69
69
138
126
94
57
383
327
Reserve with F. B. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. Bank__ .-
1,611
213
10,926
5,568
394
1,225
2,660
I'm
101
16
702
408
20
115
133
815
53
5,361
1,172
155
113
1,110
70
12
626
264
35
100
173
105
25
832
812
34
76
211
35
6
281
201
9
81
94
21
5
174
145
3
48
55
26
6
225
127
22
82
75
0,
241
43
1,316
969
38
217
352
46
13
357
178
9
130
142
In
28
7
219
191
22
63
72
8
1
54'
C
871]
3,
12t
15Z
90
41
12
287
228
15
77
85
ft1
7`
.
1n
o
'
'
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 June 29 1932,in
comparison with the previous week and the corresponding date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury_
June 29 1032. June 22 1932. July 1 1931.
S
3
3
415.572,000 420,572,000 386,919,000
13,856,000
12,445,0011
12,960,000
Gold held exclusively agst. F. 11. noted
Gold settlement fund with F. R. Board_
Gold and gold ctfs. held by bank
429,428.000
72,342,000
203,644.000
433,017,000
101,193.000
201.197,000
Total gold reserves
Reserve) other than gold
705,414,000
52,345,000
735,407.000 1,183,404,000
53,075.000
56,796,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obilgatIons
Other bills discounted
757,759,000
17,631,000
788,482,000 1,240,200,000
17,32/
20,058,000
1,000
66,450.000
42,226,000
64,724,000
38.885,000
15,413,000
12,455,000
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury Certificates
Certificates and bills
108,676.000
11,589,000
103,409.000
11,304,000
27,868,000
33,700,000
184.454,000
96,053,000
185,980.000
88,602.000
47,998,000
9,591,000
Total U.S. Government securities__
Other securities (see note)
Foreign luaus on gold
399,879,000
151,727,000
631,798,000
414,038.000
447,349,000
721,931.000
4,073,000
167,741,000
5,910,000
Total resources
June 29 1932. June 22 1932. July 1 1931.
5
$
3
957,000
1.276,000
1,281.000
4,869.000
3,854,000
4,639,000
94,045,000 160,117,000
88.026,000
15,240.000
14,817,000
14,817,000
10,194,000
23,769,000
24,979,000
1,728,234,000 1,787,018,000 1684,124,000
LtairtfittesFed. Reserve notes in actual circulation_
Deposits
--Member bank reserve acc•t__
Government
Foreign bank (see note)
Other deposits
578,664,000
871,743,000
17,078.000
2,802,000
22,855,000
569.163,000 306,521,000
937,282.000 1,030,090,000
10,270,000
13,150,000
5,492,000
13,921,000
22,345,000
24,471,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
914,478,000
87,175,000
59,185.000
75,077,000
13,655,000
980,395.000 1,076,626,000
89,608,000 151,703,000
59.173.000
65,454,000
75.077,000
80,575,000
3,245.000
13,597,000
110,152,000
694,545.000
4,292,000
Resources (Concluded)
Due from foreign banks (see note)
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other resources
TOLJ4
liabilities
1728,234,000 1,787.018,000 1,684,124,000
Ratio of total reserves to deposit and
Fed. Reserve note liabilities combined_
50.9%
50.7%
89.7%
Contingent liability on bills purchased
Total bills and securities (see nole)
819.102,000
840,717.00 235,219,000
for foreign correspondents
29.263 000
32.565,000 102,759,000
NOTE.
-Beginning with the statement of Oct. 17 1925, two new items were added in order to show separately toe amount of balances field aoroaci and amounts due to
foreign correspondents. In addition, the caption "All other earnings assets," previous y 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 the total of the discount
acceptances and securities acquired under the provisions of Section 13 and 1401 the Federal R.aserve Act, which It was stated are the only items included therein.
Financial Chronicle
86
aTire
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Possessions and Territories
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8.50
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-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 74.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ending July 1.
Sales
for
Week.
Range for Week.
Range Since Jan. 1.
Highest.
Lowest.
Lowest.
Highest.
Par. Shares. $ Per share. 3 per share. $ per share. S per share.
RailroadsMar 14
Mar
Colo & Sou 1st Pref.100
50 8 June 27 8 June 27 8
Jan
Hudson & Mani' pf.100
300 2934June 29 29H-lune 29 2434 May 48
Ill Cent preferred_ _100
100 10 June 29 10 June 29 10 June 2634 Jan
100
Jan
190 1834June 25 20 June 29 1534 June 36
Leased lines
Manhat Elev guar100
10 25 June 27 25 June 27 23 June 4614 Mar
Industrial & Miscell.
Affiliated Products_ _ _•
Amalgam Leather_ __ _•,
American Ice pee! 100
American News
Amer Radiator & Stand
Sanitary pref____100
Austin Nichols prior A •
Barker Bros oref _._100
Barnet Leather
Brown Shoe pref___100
Burns Bros 13 v t c •
Columbia Pictures v t e•
Comm Cred pref (71-25
Consolidated Cigar
Prior pref es-wan 100
Crown Cork St Seal pf.•
Curtis Aeropl & Motor'
Cushm Sons pf(7%)100
5
Davega Stores
Dresser Mfg class B •
•
Class A
Fash Park Assoc pfd 100
Fuller Co prior pref.•
2d preferred
General Cigar pref__100
Gen Gas & Elec p1 A(7)
.
Preferred A (8)
•
Hat Corp pref
100
Kelly Springfield TirePref ctfs
100
•
Certificates
Kresge(8 8) Co pf_100,
Mengel Co pref___1001
Nat Distillers Prod p140
Newport Industries.
.l
NY Shipbuilding. -•
Preferred
100
Omnibus Corp pref_100
100.!
.
Outlet Co
Preferred
Pac Tel & Tel pref_ _1
PhIla Co 6% pf new...*
Pierce-Arrow Co pf..1
Pirelli Co of Italy
Rhine-Westphalia E&P
Shell Transp & Trad_f2
Sloss-Sheff St & Ir p11 ,
Spear & Co pref____1001
100
The Fair pref
Under-Ell-Fisher pf 100
UDIV Leaf Tob pref _100i
Van Raalte tat pref.100
Va Jr Coal& Coke pf100
Webster Elsenlohr pf 100
a No par value.
800 41.0une
300
Mune
400 44 MJune
30 20 July
3 5 June
MJune
3
27 45 June
1 20 July
28 43(
30
It
27 40
1 16
May 163.4 Mar
11 Mar
Apr
June 68
Mar
Jan
June 83
170 70 July
40 12 July
20 1034July
%June
200
20 105 June
100 2 June
200 4%June
220 1234June
1 80 June
1 1234June
1 16 June
28
%June
26 105 June
27 2 June
26 5 June
1234June
27 70
27 12
26 10
A
28,
26'105
271 2
26, 434
271 1134
July 120
May 16
Apr 30
June
M
June 1193.4
June 23.4
may 7%
June 2134
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Mar
40 22HJuly 1
600 18 June 27
40 416July 1
50 6011,June 30
200 4%June 30
100 2%June 28
100 8 June 29
170, 3 June 27
10' 9 June 27
10 6 June 27
10 80 June 29
-(June 26
20 73
30 7%June 26
10 7 June 30
23 June 27
191iJuly
4 HJuly 1,
651iJune 28
4%June 28'
2%June 28
8 June 28
3 June 27
9 June 27
6 June. 27
80 June 29
711June 26
710une 26
7 June 30
June 5834 Jan
June 24
Jan
July 734 Mar
June 90 Mar
Apr
May 5
June :2% May
June 23
Feb
Apr 7% Jan
9 June
Feb
3 June 32
75 June 101
Feb
53.4 June[ 2934 Feb
Feb
734 Jun 40
7 June 816 June
100 7 June 28
1iJuly 1
100
10 9234June 26
10 2134June 29
200 25 June 27
600 1%June 27
200 2 June 3
50 20 June 26
100 54 June 30
70 27 June 30
20 98 July 1
10 90 July 1
200 48 June 27
300 1414Juiae 30
100 2234July 1
200 8%June 3
146 11%July 1
50 8 June 29
101 15 June 27
100' 40 June 28
40 8134July 1
40 70 JUIY 1
10 198JUGS 29
10 10 June 27
20 25 June 28
7 June 28
%July 1
92%June 26
21 %June 29
25%June 30
1 MJune 29
2 June 30
20 June 2)3
54 June 30
29 June 30
98 July 1
90 July 1
49 June 26
16 June 27
221Ouly 1
8%June 30
12 July 1
8 June 29
15 June 27
40 June 28
85MJune 20
70 July 1
19%June 29
10 June 27
25 June 28
7
M
88
20
20%
1%
114
20
54
25
98
85%
48
14
21
8%
8
7%
15
40
8134
70
1934
10
2034
16
1734
434
6034
4
234
7%
2%
Jun 1134
may 1
May 110
May 38
May 3214
Jun
234
June 634
Jun 57
June 71
Apr 46
June 110
June 109
June 73
May 41
June 3134
June 1334
Apr 1534
Mar 14
May 30
May 85
July 101
July 90
June 35
June 30
Jan 29%
May
May
Mar
Jan
Feb
Mar
Feb
Mar
Mar
Apr
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Mar
Mar
Jan
Mar
May
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
faturity.
Int.
Rate.
Bid.
Asked.
Maturity.
Int.
hate
Bkl.
Asked.
Sept. 1511132...
June 15 1933._
Mar. 15 1933_
May 2 1933......
Sept. 15 1932._
May 2 1933.--
13.4%
134%
2%
2%
3%
3%
100in
1001s,
100,,
,,
10022st
10011.
;
101"),
1001n
10011a
100,,n
10021,1
100110
June 15 1935___
Aug. 1 1932._
Oct. 15 1932__
Dec. 15 1932_
Feb. 1 1933.-Mar. 151033.....
3%
33.4%
334%
334%
3if %
331%
100"at
ilago
10026
,
101223
10111b
102
1011n
100 ts
,
1002161
101"82
101un
102iit
102
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in
Liberty Loan bonds and Treasury certificates on the NowYork
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
July 2 1932
First Liberty Loan
1111gb 101232 101233
101
314% bonds of 1932-47_ Low_ 101
Close 1012,1 101233
(First 3345)
20
91
Total sales in 51,000 units__
Converted 4% bonds otrigh
1932-47 (First 4a)
lose
Total sales in $1,000 units_ __
-_-____
Converted 434% bondsrgh 1011131 101"32
01 1932-47 (First 43,40) Low_ 101 1031 101. 0
'
Close 1011.32 1011132
Total sales in $1.000 units...
35
26
Second converted 434% High
------bonds of 1932-47(111'st) Low_
____
____
(Second 434s)
Total sales in $1,000 units __--_
_ --1111gb 1021232 1022222
Fourth Liberty Loan
021% hoods of 1933-38 Low- 102110 10211ai
(Fourth 434s)
Close 10218.2 1022232
Total sales in $1,000 units___
85
99
{High 10411. 104,1,2
Treasury
;
434s, 1047-52
Low_ 104,1 104w.
"
Close 1042,32 1042132
Total sales in $1,000 units__ _
3
66
{111gh 102232 102231
43, 1944-1954
Low_ 101w. 101 101,
;
102.1,,
Close 102
Total sales in $1,000 units_....
30
77
{111gh 99.
.100
0
314s, 1949-1956
Low_ 992232 992232
Close 9930
. 993122
Total sales in $1,000 snits.. _
43
15
{High 97211.2 981n
334s, 1943-1947
I 0w. 972232 972221
972282 9823,
Total sales in 51.000 units_ _
12
136
_{
High • 92wo 93
3s. 1951-1955
Low. 92". 92wo
Close 92".: 93
Total sales in $1,000 units_ _ _
27
146
{High 93'',,09232
I ow_ 981 432 988232
310, 1940-1943
Close 981132 9815i:
Total sales in $1,000 units.....
40
18
{111gh 98
98
334ti, 1941-43
Low_ 97wis 972631
Close OS
98
Total sales in $1,000 units-9
24
ilgh 94Ilit 942,1 2
,
33'4e. 1046-1949
low_ 94ii.
Dil92"93",,ai
CIOSS 94",, 940132
Total sales in $1,000 units_ _ _
267
538
101 232 101232 101 131 101722
101
100.mo 101
101282
101
191232 101 23: 101 282
349
127
182
103
____
____
____
___ _
101"”101",,
101"32
101"n
1010
12
1010
" 1010
1/
101°21
1011 32 1011232 1012232 101 2233
,
115
37
52 e„,,, 36
1012.2
1012 2
.
102:222
102no
1022132
362
105
104.432
1042832
261
102231
102
102
127
100
99"oi
99222
609
9811.i
982st
98232
658
92in
92".:
92un
192
98,212
981132
981.12
31
9S%
98232
98232
490
942432
94'n
94232
18343
102wat
10211,
1
1021232
264
104"o
10410,,
10.11222
148
1011032
1011.1
10111 n
269
9915.,
99282
991232
590
98
97232
9720,
1225
92..,
91"at
921it
423
98212
971832
972132
258
98231
97232
07"22
778
03n22
92
931en
3010
10221132
102i,,
1021832
211
104w.
;
10410.
;
1041232
542
102
1011to
102
110
991, a;
1
99233
992232
26t
98
971222
97"32
64
93
912232
0211,,
490
972081
972022
102"22
10222n
1022228
196
10420o
10411.2
.
104"22
70
1021.st
10122o
1027233
85
1003it
992 2
100232
105
98
971d,Close
97i121
26
93
921.n
0221n
226
981233
98'n
1175llt
08 0
.
50
972%
971132
972231
72
14
98232
972282
98
119
94
93
94
452
93
,0,
93,b1
93wo
144
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
11 4th 41Is
10 Treasury 434s
1 Treas 3Hs 1911-19.12
1021an to 101”,,,
104wai to 10414st
98222 to 08231
Foreign Exchange.
-
To-day's (Friday's) actual rates for sterling
3.563j@
3.57% for checks and 3.5634 Q3.57 A for cables.exchange wereon banks,
Commercial
3.563.4 03.57A; sixty days, 3.5534 Q3.56 A; ninety days, 3.5534@3.5)334;
and documents for payment, 3.56(4)3.57A • Cotton for
payment, 3.5634.
and grain 3.5634.
To-day's (Friday's) actual rates for Paris bankers' francs were
3.933/
Q3.9334 for short. Amsterdam bankers' guilders were 40.37@40,42.
Exchange for Paris on London, 91.85; week's range, 92.00 francs high
and 90.75 francs low.
The week's range for exchange rates follows:
Sterling, ActualCheeks.
Cables.
High for the week
3.6134
3.62
Low for the week
3.5634
3.5634
Paris Bankers' Francs
High for the week
3.93A
3.93 9-16
Low for the week
3.92 7-16
3.92 11-16
Germany Bankers' MarksIllgh for the week
23.79
23.80
Low for the week
23.65
23.66
Amsterdam Bankers' Guilders
High for the week
40.42
40.43
Low for the week
40.31
40.35
The Curb Exchange.
-The review of the Curb Exchange is
given this week on page 75.
A complete record of Curb Exchange transactions for the
week will be found on page 103.
CURRENT
NOTICES.
Announcement is made of the formation of Jas. P. Cleaver &
Co., Inc..
to conduct a general investment securities business, with
offices at 52
Wall Street. The individuals conducting the business are Jas. P.
Cleaver,.
William It, Ball and John C. Fraser. Mr. Cleaver has been In the
street
since 1918, having been connected with A. B. Leach & Co., Pynclion &
Co.,
and Furlaud & Co., Inc.; Mr. Ball was connected with A. B. Leach & Co.,
KIely & Ilorton and Furlaud & Co., Inc.. and Mr. Fraser has been with
Furlaud & Co., Inc., since 1925, and will act as cashier of the new
organization.
-Announcement is made of the dissolution of the firm of J. G.
Marshall
& Co.and the formation of a now firm to be known as Marshall,
Campbell &
Co., 61 Broadway, N. Y. City, James G. Marshall. Robert
Campbell,
Charles F. Nichols. and Arthur A. Blaicher, partners in the predecessor
firm.
and Leland II. Ross Jr., are the partners of the new firm.
Reed A. Morgan has retired from the firm of Reed A. Morgan &
Co.,
Philadelphia, effective June 30. The business of the firm will be
continued
by the other four partners, It. Wilson Moorhouse, George C.
Barber, 3rd,
Henry F. Abbott and Maurice E. Green.
-Griffith-WagenSeller & Durst, Los Angeles investment firm, recently
announced the opening of an office in Beverly Hills. T. Owen Dorsey has
been appointed resident manager of the now branch and associated with
him is W. Howland Ford.
-William R. Staats Co., pioneer California. investment banking firm,
recently announced the appointment of If. C. Frink as Santa Barbara
representative, with offices at 10 East Carrillo Street.
-Tucker, Anthony & Co., members of the New York Stock Exchange.
announce that William J. Thorne and Bryan II. Handy have been appointed
to represent their Investment department in the Syracuse territory.
-A.0. Slaughter, Anderson & Fox announce that R. S. do Mitkiewicz,
formerly of the Manufacturers Trust Co.. Is now associated with them at
their downtown office, 120 Wall Street.
-Scudder, Stevens & Clark, investment counsel, announce the admission
of Hardwick Stires to general partnership in their firm, resident at the
New York office.
Newman Bros. & Worms are opening a now branch office at 151 W.
40th Street, under the management of Benjamin K. Kaufman.
Report of Stock Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages—Page One
tar-
FOR SALES DURING THE WEEK OF STOCKS
NOT RECORDED IN THIS LIST, SEE PAGE
PRECEDING.
HIGH AND LOW SALE PRICES—PER SHARE.
NOT PER CENT.
Sales
STOCKS
for
NEW YORK STOCK
Monday
Tuesday
Wednesday
Thursday
Friday
the
EXCHANGE.
June 27.
June 28.
June 29.
June 30.
July 1.
Week.
$ Per share $ per share $ per share $ per share g per share
$ per share Shares
Railroads
21
2214 2018 214
Par
177 2112 1814 197
8 183 1934 19
4
203, 82,400 Atch Topekr., & Santa Fe__100
*4212 45
.4212 43
4212 43
4212 43 .40
43
40
4012
900
Preferred
1212 1212 12
100
1218 12
12
1034 1112 1114 1114 104 11
1,500 Atlantic Coast Line RR 100
5
5 14
5
5
43
4 518
43
4 5
43
4 5
43
4 5
7,300 Baltimore & Ohio
7
100
7
.612 678
6% 68
612 612
612 612
612 612 1,400
Pre•erred
*12
100
13
*12
15
*13
16
12
12
*12
1412 •15
18
100 Bangor & Aroostook
*55% 70 .5518 70
50
05518 70
*56
70
*557 70
*5512 70
Preferred
100
*4
9
*4
9
.4
9
*4
9
*4
9
*4
9
Boston & Maine
100
*3% 312
318 *27
3
8 312 *27
8 33
4 *2%
33
8 .2% 38
Brooklyn .1: Queens Tr.No par
600
*30
35
2812 30
2314 2314 27
27
2812 2812 .30
32
500
Preferred
No par
1412 1512 1412 1512 1414 153
8 148 157
8 1514 158 1514 1584 28.800 Bklyn-Manh Tran
Vie No par
*4112 42% 41
43
4114 42
42
4418 4218 4312 x4114 413 3,400
Preferred v t e
No par
*12
3
4
*12 . l2
12
12
*12
3
4
*12
53
*12
8
300 Brunswick Ter&Ry Sec No par
5
812 853
814 83,
814 812
818 83
s
83, 83
4
83
8 91 12.500 Canadian Pacific
25
- 35 ..___ 35 •____ 35 *
32 •____ 43 .____ 43
Caro Clinch & Ohio stpd_100
11 18 11: 1012 111 1
1
97 10,
8
98 113
4 10
1012 1018 103 51.800 Chesapeake & Ohio
8
25
112
11:. •112 134
1 12 112 *112 13
4 *1 12
13
111
4
112
700 Chicago Great Western___100
4
4
*33
4 412 •33
8 412
4
314
414
312 312
314
700
Pre erred
,
100
7
8
7
8 .4
3
1
*3
4 1
3
,
3
4 .118
I%
78
78
700 Chicago Milw SI Paul & Pao__
•114
112
138
13
8
114
11,
114
114
118
1 14 .118 18
700
Preferred
23
8 23
4
212 234
212 234
212 23
4
212 212
23, 212 2.900 Chi/taco & North Western _100
*512 7
512 51 2
518 5
'8
5
5
5
5
--------400
Preferred
2
100
2
23, 218
2
2
213 218 •214
23
4
214
214 1,300 Chicago Rook 181 & Paelfle_100
*412 5
*412 5
*414 5
*414 5
4% 412 *418 67*
200
7%preferred
35
100
•312 41,
33
4 *3
4
33
4 37
334 33
*312 4I
46% preferred
100
*4
15
*353 15
*4
15
412 412 *33 15
8
*35 15
8
200 Colorado & Southern
*3
100
434 •3
43, *3
43
43
4 *3
*3
434
3
3
600 Consul RR of Cuba pref_100
3812 39
35% 357
8 35
36
36
3614 34
36
.34
3534 1,570 Delftware & Hudson
*97* 10,
100
10
10
.9
10
4
9
912
83 9
.9
10
1,450 Delaware Lack SI Western_611
•112 253 •214 2%
2
*17* 2
2
*134 2
*13
4 2
100 Deny & RIO Gr Wee, pref_100
*27
3
3
3
*278 3
.27g
3
3
3
*273 3
200 Erie
.3
100
312
3
3
3 18 313
3
3
*3
4
*3
4
700
First preferred
100
*214 24
2
21
*2
28 *2
231 •2
234 .2
24
300
Seocrid preferred
100
612 63
4
6
614
6
614
63
8 67
8
6
61
6% 612 6,000 Great North, preferred.
nn
•1
.100
6
*1
6
*1
6
•1
6
*1
6
*1
6
I Gulf Mobile & Northern_100
*1
4
.1
3
*1
3
*1
212 *1
3
*1
3
Preferred
1312 137
100
123 1318 1238 127* •1214 1234 *1214 123
4
4 123 123
4
4
900 Hudson & Manbattan
100
553 53
5% 514
512 6
553 614
53
4 6
6
6 3
4 4,400 Illinola Central
100
*4
5
*4
5
*4
5
*4
5
*4
5
*4
5
I
RR Sec stook eertifleatee__
*312 37u
33
8 312 *314 37
8
3% 3%
33
4 334
3% 33
4
400 Interboro Rapid Tran v 10_100
•3
47* •214 418 •212 413 *214 4% *214 41
*214 413
I Kansas City Southern. ___100
•5
97* *5
97*
s *5
8
x712 71
.5
714
200, Preferred
100
*518 If
53
8 53, *512 53
4
53, 53
53
8 53,
.512 57
500 Lehigh valley
•10
50
1012 1018 1018 103, 103,
93 1012 *912 113 *11
8
8
12
514 512
1,200 Louisville dr Naehville____100
5
5
5
5
5
53
5
4
5 18
5
53
4 3,600 Manhat Elev modified guar 100
*3
314 •3
314 *3
311 *3
31 4 •3
314 *3
•i,
314
I Market St lip prior pref_100
II
.18
14
*18
lj
.18
14
.18
14
*18
14
Minneapolis & St Louts_ _100
*1
112
*1
1 12
*1
1 12
*I
1 12
*I'S
14
118
118
100 Minn St Paul & S S Marle_100
*178 214
2
2
17
2
*178 218
1% 1%
2
2
800 Mo-Kan-Texas RR ---No per
5
5
478 47
*412 5
413 473
43
4 47
412 43
4
900
Preferred
100
•13
4. 214
2
2
2
2
2
2
13
4
13
4 *13
4
2
400 Missouri Pacific
100
*312 33
4
3% 312
314 314
318 312 *3
318
312
318 1.400
•18
Preferred
14
100
•18
14
4.18
14
+is
14
*18
14
*18
14
Nat Rya of Mexico 2d pref_100
107 1114 1014 107
8
1018 1112 103 113
8
4 11 14 12
11
117 67,176 New York Central
•2% 212 *218 212
100
218 218
*13, 3
2
214
300 N Y Chic & St Lou& Co 100
0211 3
212 212
213 212
2
2
2
2
214
214 *218 3
1,100
Preferred
*95
100
9512 92
95
917* 92
89
90 .92 101
92
92
200 N Y & Harlem
50
7% 7,
8
6% 7
6% 714
64 7
63, 714
7
718 4,000 N Y N Hd, Hartford
•14
100
16
*14
15
137 1414 127 128 12
8
127 •1253 13
8
1,200
Preferred
43
8 45
414 412
414 412 *43
3 43
4
43
3 434
438
438 1,600 N Y Ontato & Weetern_100
•18
%
*18
7
8
•13
7
8
"qa
sa
.18
%
*1/3
%
N Y Railways pref____No par
*12 15
8
*12 134
*13 13
4
*12
7
8
*12
7
3
*12
7
Norfolk Southern
8
*6414 68
100
117
63
57
59
57
57
58 - 60
62
6212 2,400 Norfo,k & Weetern
100
*65
69
*65
6812 •65
6812 *65
6812 *65
6812 .65
6812
Preferred
*63
4 7
100
612 64
63
8 6%
614 6%
63
8
7
614 612 10,000 Northern Pacific
1011
*14 214
*14 214
*14 214
*14 214
*14 214
"
14 24
Pacific Coast
77
100
818 8%
818
712 8
738 73
8
718
712
7
19.700 Pennsywania
7
•1
234 *1
50
231 •1
23
4 *1
23
4 *1
28
.1
2%
Peoria & Eastern
2
2
100
47
*14
*13
4 48
2
2
14
13
4 *17
8 47
8
500 Pere Marquette
414 414
100
41, 43
8
418 43*
418 4,
8
4% 418 *33
4 418
270
Prior preferred
100
•5
38 5
34 47
35
•33
8 5
*33
8 5
33, •353 5
30
Preferred
100
*2
8
.2
8
*2
8
*2
8
*2
8
*2
8
Pittsburgh & Wee' Virgin!. 100
•12118 15
1212 123
4 11
1114 *1114 13
*11
13
12
12
1,000 Reading
*15
60
22
1514 1514 *15
1818 *15
1818 *15
181g •15
1818
100
lot preferred
50
....17 •__
17
__
1612 •__
167 •-- - 167 ..
8
8..
167
8
2d preferred
50
•iT4
112 *Et
13
2
1r4
Pi 13 152
114
.
114
13
2
2
400 St Louie-San Francieco___100
112
•1 12 17
3
13
3 133 *04 112
114 13
8
114
112 *133 2
700
1s1 preferred
100
•314 6
.3
6
*3
6
*3
6
*3
6
4
4
100 St Louie Southweetern
100
*714 194 .71 1 1934 *714 193
4 •714 193
4 *714 1934 .714 1984
Preferred
100
14
14
*14
3
3
14
14
*14
3
8
14
14
214
3
8
300 Seaboard Air Line
•14
No Pa
3
8
•14
3
8
•14
%
014
52
"
14
3
2
14
14
100
100
Preferred
712 734
714 73
4
67
712
718 73
77
8
714
7% 712 15,350 Southern Pacific Co
3
100
318
234 3
278 3
*273 3
3 18
318
318 318 1,700 Southern Railway
*414 434 .414 41
100
4
4 14
4
4
*3
4
3
3
600
Preferred
*3
100
20
*3
20
.3
20
*3
20
*3
20
.3
20
Texas & Pacific
*4
412 $.4
100
412
418 418 .43
8 5
*412 5
414 412
500 Third Avenue
•1 12 13
100
4
112
112 *112 134 *112 134 .112 2
*112 2
100 Twin City Rapid Tran8it_100
7% 7,
8
7
7 1s *7
9
*7
9
*7
9
*7
9
120
Preferred
3312 35
100
3114 3314 297 33
8
3012 313
4 2912 3212 2912 32
51,450 Union Pacific
*4012 43
100
*41
43
41
41
4012 4012 4012 4012 4012 4012
800
Preferred
*1
100
114 *1
1 18
1
14
1
*%
1
*7
1
8
600 Wabash
%
%
, •114
100
2
112 112
13
8
13
8
13o
17* •114
134
114 13
8
500
1 •2
Preferred A
214
100
2
2
•2
23
8 *218
23
218 214
218 218
500 Western Maryland
1
212
212 .112 4
100
*112 4
*2
4
212 212 *2
4
200
26 preferred
100
•
•8
8
1
.1 5
,8 1
*5
8
1
•:5
8
1
•5
8
1
•
1
100
Western Pacifle
7*
*118 31, *118
13
4
1
114 *1
314
11, •1
114 *114
500
Preferred
100
Saturday
June 25.
I
•
0
I
I•
1
3
4
112
*83
4
•70
2
•20
•14
10
•13
4
37
•8
3
73
*5
8
•12
*71
/
"4
•3
8
*212
34
14
144
81
2
27
16
101
2
371
1
8
2
3,
112
78
2
512
*3
4
1113
*83
4
*70
2
*18
•14
*10
*134
347*
.
38
73
4
.53
52
7
8
7
8
*53
*213
*3
4
1
15
2
143 *83
4
81
70
2
2
27 *____
16
*1312
1038 10
2
•134
367
3418
•5
8
1
8
73
4
2
*58
52
52
7
8 *1
7
8
*34
2
*53
512 *212
*3
4
1
2
*17*
143
10
70
*70
2
2
27 .....-14
*133
3
1018 *10
2
*134
7
35
3412
1
•7*
8
S's
2
ni
52
*12
114 *I
7
8
34
2
.38
512 .514
1
*3
4
2
*15
8
10
*9
79
70
2
2
27 •__
14
*133
8
1018 10
2
*13
4
358 2315o
1
•5
8
8 72
8
2
*53
12
5
13
8 *1
74
3
4
2
*3
8
51
*514
1
*3
4
*153
21
1434 *9
70
68
2
2
22 *__ __
16
.13%
101
10
17
14
35'2 307
8
7
.2
2
87
812
2
*22
12
*12
114
1
3
4
*58
2
•38
512 •514
100
1
3
500
14%
100
170
68
218 1,600
22
16
1,300
10
13
4
100
49,000
33
78
87
8
2
9,800
5
2
400
400
200
1
3
4
2
612
i
• Bid and lugged urines: no sale on this day. a Ex-dividend and ex-rights
Industrial & Miscellaneous
Abitibi Power & Paper_No par
Preferred
100
Abraham & Straus.---No par
Preferred
100
Adams Exprese
No par
Preferred
100
Adams Millis
No par
Addressograph tht GorpNo par
Advance Hume!y new_No par
Alr Reduction Ine
No par
Air-way Elea Appliance No par
Alaska Juneau Gold MM_ __10
A P W Paper Co
No par
Allegnany Corp
No par
Pref A with $30 warr_100
Pref A with $40 warr____100
Pre( A wIthon, warr__100
Allegheny Steel Co_--No par
050% stock clIvidand paid
PER SHARE
Range for Year 1932
On basis of 100
-share lots
Lowest
Highest
PER SHARE
/Canoe fo Previous
Year 1831
Lowest
Illghest
3 per share
177
8June 28
40 July 1
93
4May 26
3 4June 1
3
8 June 3
912June 2
50 June 1
5 May 4
3 June 10
2314June 28
11 18June 8
3112June 8
12 Apr 13
714Nlay 31
40 June 13
97
8June 28
114.1une 2
212May 25
%June 1
118May 26
2 May 31
5 June 29
1 12May 25
414May 26
2 May 25
412June 29
3 June 21
34 June 30
812.Iune 1
112May 28
2 May 31
23
8May 19
2 May 25
512May 28
2 May 3
3 June 1
8 May 31
43
4June 1
4 May 5
214June 10
214June 1
5 June 9
5 June 8
712May 26
4 June 8
314June 2
Is Jan 12
7
/May 13
114May 26
314.1une 1
112May 25
212May 26
18 Feb 9
83
4June 2
112May 18
2 June 2
82143.1ay 18
6 May 26
12 June 30
414June 27
14 Apr 19
%June 1
57 June 27
6712 Jan 2
512Nlay 26
1 Mar 17
612June 1
7213lay 27
13
l.1une 30
312June 2
212June 1
9 Apr 2
912June 10
15144une 27
15 May 2
3813lay 28
1 May 2
3 May 21
9 Apr 15
18 Jan 2
4 Jan 4
4
012.11100 1
2123lay 16
3 July 1
15 May 12
27
831aY 28
13 Apr 20
5
7 June 16
2912June 30
40 May 31
%Juno 2
1 June 1
1123,lay 28
2 Slay 26
12June 9
%May 31
3 per share 5 per share $ per share
94 Jan 14
7914 Dec 2033 Feb
86 Jan 18 175 Dec 10314 Apr
4112 Jan 14
25 Dec 120 Jan
213 Jan 21
8
14 Dee
87% Feb
4115 Jan 14
25 Dec
8011 Feb
24% Jan 14
18 Dec
65114 Fell
7912 Jan 15
80 Dec 11312 Mar
1412 Jan 9
10 Dec
66 Feb
1014 Mar 8
612 Ocl
1338June
58 Mar 5
46 Dee
6434June
5014 Mar 8
693, Mar
3118 Oct
63 Dec
783, Mar 5
9414 Feb
2 Jan 15
1% Dec
912 Fell
203, Mar 5
1034 Dec
458 Feb
70 Feb 6
72 Der 102 Apr
311k Jan 14
6612 Feb
233, Dec
4% Jan 11
215 Dec
77 Feb
71 Dec
1512 Jan 22
27',July
314 Jan 14
112 Dec
87 Jan
8
514 Jan 13
212 Dec
153, Feb
123, Jan 15
5 Dec
4512 Feb
31 Jan 22
1312 Der 116 Mar
77 Dee
163 Jan 22
8
651, Jan
2712 Jan 14
14 Dec 101 Mar
2412 Jan 14
10% Dee
90 Jan
17 Mar 5
71 Dec
48 Jan
1112 Jan 2
10 Dec
4212 Feb
8912 Feb 13
64 Dec 15714 Feb
2834 Jan 13
17% Dec 102 Jan
9 Jan 15
3% Dec
45% Feb
10 Jan 22
5 Dec
398* Feb
13% Jim 28
4512 Feb
653 Dec
912 Jan II
5 Dec
4012 Jan
25 Jan 14
15% Dec
6934 Feb
8 Jan 14
312 Dec
2714 Feb
1412 Jan 21
13 11ec
75 Jan
303 Jan 18
4
2614 Dec
441 Feb
1814 Jan 22
918 Dec
89 Feb
14% Jan 28
7 Dec
61 Jan
1453 Mar 7
43, Dec
34 Mar
1314 Jan 22
IVA Dec
45 Feb
233 Jan 18
4
15 Dec
64 Feb
18 Jan 12
8 Dec
61 Jan
323, Jan 14
2014 Dec 111 Feb
205 Mar Ft
6% Dec
39 Feb I
9 Jan 26
512 Dec
22 Feb
% Mar 2
IS Jan
18 Dec
314 Jan 16
1 Dec
111* Feb I
71 Jan 22
4
3 8 Dec
7
25% Jab
217 Jan 22
s
1012 Dec
85 Jan
11 Jan 22
4234 Feb
653 Dec
26 Jan 26
12 Dec 107 Feb
3 Jan 12
,1
% Jan
la Oct
36% Jan 15
2478 Dec 1321.4 Feb
912 Jan 12
2% Dec
88 Feb
1538 Jan 22
5 Dec
94 Mar
125 Jan 15 1101 Dec 227 Fell
313, Jan 21
17 Dec
947 Feb
/
78114 Jan 14
62 Dec 1193, Fel
81 Jan 22
%
514 Oct
137
8June
1 Feb 26
la Dec
2 Feb
212 Jan 14
814 Jan
3 Dec
4
135 Feb 17
1053, Dec 217 Feb
78 Jan 22
6512 Dec
93 Mar
607 Jai
2314 Jan 22
1412 Dec
112 Feb III
114June
7 Ma
1614 Dec
233* Jan 21
64 Feb
3 Jan 14
112 Dec
912 Jan
13 Jan 14
6 Dec
85 Feb
19 Jim 14
8% Dec
9214 Feb
1714 Jan 14
512, Dec
80 Jan
15 Jan 11
11 Dec
86 Jan
42 Jan 14
30 Dec
971 Fe
,
33 Jan 29
28 Dee
46 Jan
30 Jan 22
2753 Dec
47 Jan
55 Jan 14
3 Dec
623, Ja
9% Jan 22
4% Dec
76 Jan
11% Jan 26
4% Dec
3312 Jan
2011 Jan 26
1514 Dec
60 Feb
% Jan 28
% Dec
1% Jan
7 Feb 2
8
211 Jan
18 Dec
373 Jan 21
8
261, Dec 109% Fel
13 Jan 14
657 Feb
1
63, 1)ec
2012 Jan 22
10 Dec
83 Feb
33 Feb 2
22 Dee 100 Jan
14 Mar 8
512 Apr
1514July
412June 10
2 Dec
177 Feb
,
2412 Jan 26
1112 Dec
62 Feb
9412 Feb 13
70% Dec 20518 Feb
68 Jan 18
51 Dec
87 May
4 Feb 2
% Dec
26 Jan
6 Jan 28
lis Dec
51 Jan
73 Jan 22
4
5 Dec
19 3 Feb
3
818 Jan 22
5 Dec
20 Feb
6 Jan 14
13, Dec
Ws Feb
63 Jan 22
2
3 Dec
813 Feb
8
34June 25
112June 14
10 June 1
68 July 1
13
8May 31
22 JUne24
12 June 1
93
8June 18
1 14June 8
307
8July 1
12June 6
4June 9
73
2 Apr 22
%May 31
4May 31
3
8June 3
3
%June 11
5 May 27
3 Feb 13
914 Jan 15
24 Jan 13
98 Mar 1
534 Jan 11
70 Mar 3
3038 Mar 8
13 Feb 13,
312 Mar 7
6212 Slat 8
2 Mar 3
165 Jan 21
,
4 Mar 15
318 Jan 14
753 Jan 22
612 Jan 22
614 Jan 15
13 Jan 7
s Es-dlvldend
y Ex-rights.
2 Dec
1414 Feb
a% Dec
52 Feb
18 Dec
39 Aug
96 Dec 10612May
318 Dec
2312 Feb
Calli Dec
92 Apr
221* Jan
3312 Aug
10 Oct231s Fe
2 Sept11% Ma
47% Dec 109 Fe
8
pa Dee
10% Fe
7 Jan
2018Jun
23, Dec
9 Au
112 Dec
4
123 Fe
2 Dec
5918 Fe
184 Dec
59 Feb
13, Dee
5512 Feb
10 Dec
4614 Feb
New York Stock Record—Continued—Page 2
ss
GIP-FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING
HICH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday
June 25.
Monday
June 27.
$ per share $ per share
4
453 463
8
4 4212 45,
*100 10212 *100 102
4
6,
4
57
8 63
*6
*5
6
6
*5
1414 1414 1412 1412
412 412
412
*4
618 65s
65
8 65s
*3012 36
*3012 36
*12 1
•12 1
212
212 *1
*1
7
7
7ls 718
*403 4912 4518 4518
8
8
293 3012 2958 307
4
80
99
*93 100 .
418 418
418 418
18
1814 1718 18
8 28
,
*17
8 218 *17
214 214 2014 2014
8 6
*27
8 6
*27
8
124 1212 1218 123
8 114
*5
*12 114
3
3 18
*3
4
218 218
218 238
6
514 514
6
*314 4
33
8 33
4
8 5
43
*518 512
,
2 338
312 3 2 *3,
8 13
8
138 *13
*13
8 812
*65
8 814 *65
2712
27
*267 30
8
8
*1012 105
11
11
27
8 3
318 318
38
14
*14
3
8 .
*112 314 *112 314
418 438
418 418
245 2458
8
*2.5
26
712 8
8,
8 818
112
112 *114
*114
2
2
*13
4 2
*712 10
*712 10
_
45 -1
8
;
1
414 - 4S
4
16
16 4 153 1612
,
14
135 14 4 14
8
,
--iis
--312
418
1312
*12
*18
1212
64
,
23
*1012
.23
*9312
338
;
1
4 -1
8
4
141s 133 133
24
3
4
•12
14
918
14
1212
1' 12 12
2
8
618 63
68
,
22
24
23
*1012 20
20
2314
2412 23
*9312 95
95
•8 *34
*355
8
54
*2314
26
4
1618 163
55 4 5514
,
418 *312
7712 78 8 7612
,
4812 487
s 464
4912 503
4 4814
99
100 100
*5
718 *5
*12
13
*12
1112
114 12
*11
.10
13
36
*38
60 .
•17
8
2
2
*1712 177
8 1712
0
4
*14
3
4
*212 3 3 *212
,
134
4
•182 13
1812 *10
•10
5
312
353 3 8
5 2 *4
,
*4
67
8
8
*7
1 4 *118
,
*1,
8
.818
*818 10
2512 251z *2512
5
8
3
4
3
4
3
8
12
3
8
*5
5
5
•118
*118 2
*212
212 3
.
118
•84
*34
3
312
*3
* 4
63
4
.63 25
*512 613 *512
*618
*65
8 9
1018
10
10
*73 10,
4
4 *7 4
,
*4712
*4712 48
38
*45
*24
155
8
5514
.33
8
17
8
178
*212 3
8
9 s 93
3
691 69,
.
2
*4"; 2
414 43
8
4
*4
53
40
*36
18'
173
4
*691s 75
35
*31
48
,
*4
s
587 59
54 5
3s
7
7
8 8 83
,
8
*23
2518
412 412
•714 9
.1514 50
.
58, 714
.32
5112
14
*18
•i8
112
2118 22
.8 4
37
*4
12
312 4
334
54
25
163
4
5514
44
7812
48
50
99
718
13
12
13
60
2
17,
2
12
313
13
4
1812
37
8
5,2
67
8
13
4
9
26
3
4
38
512
2
3
118
3
25
612
9
1018
812
48
Tuesday
June 28.
1Wednesday
June 29.
per share
$ per share
4512 4718
4338 47
*9918 105
9812 101
512 512
434 514
5
5
*5
5 12
1412 143 •1412 143
4
4
*12 1
4
4
6
6
*6
618
*3012 36
*3012 38
*8
8
1
*38
1
23
8
112 238 *1
714
712 *718 8,
4
45
45
45
46
30 8 3314 3112 33,4
,
964 9614
957 96
3
414
4
4
33
4 33
18
1812 1812 18
8 218
*17
8 218 *17
21
21
*20
21
*27
8 6
8 6
*27
1218 1218 1212 13 I
*1
14 *1
114
3
3
234 3
218
218 218
2
8 *538 534.
5 8 53
3
41
s *314 33
*314 37
53
8
*5
.513 *5
1
2 312 *312 33,
212
IN
13
8 *I3
814
*8
*63
8 8
4 253 27
4
25
263
11
1112
104 11
318
3
3
3
*14
3
8
*14
3
8
314
*2
314 *2
4
4
33
4 37
8
2238
23,8 2418 21
2
75g
73
4
7 4 73
4
*114
112 .114
112
*13
4 214
13
4
13
4
*7
10
*712 10
--irs 438
151z 16
14
13
55
8
-- _
4
*13 8
5
*12
•18
*11
6
23
*1012
*23
9312
338
438
14
3
4
14
17
64
23
20
233
4
9312
4 -1
;
1
8
1512 157
1012 1012
8
--5F2 -13_
41841
14
141.
8
1
*12
*18
14
13
*11
64 614
24
24
*10,2 20
*2278 2334
9312 9312
Thursday
June 30.
37
s 43
8
1514 1512
103 1112
4
35
4
15
*42
*18
*11
553
23
*10
8
*227
*9312
33
4
418
15
3
4
24
13
62
,
2418
20
24
94
16
7
;
12
14
1
17
8
278
918
69
2
414
53
4
40
1712
74
35
418
6212
538
63
4
712
24
5
9
50
4
7,
5112
14
112
213
8
8
37
12
33
4
45
12
*18
*12
17
8
8
*25
9
•66
.34
418
*4
.36
1712
•65
*31
4
5938
5
.63
4
712
2112
*43
8
*718
*154
*6
*32
*18
*18
203
4
33
4
8
*3
37
s
48
12
14
1
2
278
9
69
2
44
53
4
40
1712
735
8
35
4
593
8
514
7
8
2138
5
9
50
714
5112
14
112
213
5
37
s
12
4
-46"
*12
*18
•12
17
8
*23
4
*914
*60
.4
3
44
*4
*35
174
*65
*31
*4
59
5
*65
8
712
1712
414
*715
*1514
*618
*30
*18
*18
2018
338
*3
8
*33
4
51
7
8
14
1
2
27
8
10
69
2
414
53
4
37
1714
735
8
33
418
5938
518
63
4
8
193
4
43
8
9
50
67
511
14
11
213
35
1
4
*12
78
1
- 4;665
* 1310 and asked prices. no sales on th19 day. x Ex-dividend. y Ex-rights.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On Oasts of 100
-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1931
Lowest
Highest
Indus. & MIsceIl. (Co..) Par $ per share $ per share $ per share 3 per share
Ailed Chemical & Dye_No par 4212June 27 8713Mar 8
64 Dec 182% Feb
100 06ne Apr 14 119 Mar 11
100 Dec 126 Apr
Preferred
4 .fune 1
42se Feb
133 Jan 18
8
Allis-Chalmera Mfg_ __ No Par
104 Dec
43
4June 30 10 Jan 11
187 Feb
4
Alpha Portland Cement No Par
7511 Dec
No par 12 Jan 25 165
4May 12
23 Mar
1114 Dec
Amerada Corp
312.1une 2
712 Jan 16
29% Feb
Amer Agri° Chem (Del) No Par
54 Oct
1813 Jan 14
5 May 31
1214 Dec
American Bank Note
10
62% Feb
35 Dec
50 28 June 21 67 Feb 15
6614 Feb
Preferred
118June 17
454 Jan
14 Apr 29
4 Dec
American Beet Sugallo par
313 Jan 12
1 Apr 29
1% Dec
177 Jao
,
7% preferred
100
612June 2 154 Jan 15
1313 Dec
38 Feb
Am Brake Shoe & Fdy_No par
71 Dec 1243g Mar
100 401sJune 17 90 Feb 18
Preferred
8
584 Dec 1293 Mar
4
25 2952June 27 737 Mar 8
American Can
100 9312June 2 129 Mar 14 115 Dec 15214 Apr
Preferred
884 Mar 8
432 Dec
318 June 2
383 Feb
4
American Car & Fdy___No par
2038 Dec
100 16 J uue 30 3978 Mar 9
86 Mar
Preferred
13 Jan 13
17 Apr 22
8
5 Dec
No par
43% Feb
American Chain
/
1
304 Dec
18 June 1 374 Mar 8
482 Mar
/
1
No par
American chicle
3114 Feb
5 Oct
6 Jan 13
3 May 27
No par
Amer Colortype Co
1512June 13
Am COMM', Alcohol new._ _20 11 May 26
238 Dec
16 Mar
5 Jan 9
May 26
Amer Encaustic Tiling_No par
7% Dec
3318 Feb
2% Apr 11 1014 Jan 10
Amer European Sec's No par
618 Dec
914 Jan 14
2 May 31
513 Feb
4
Amer & Porn Power__ _No par
20 Dec 100 Mar
No par
5 May 31 3813 Jan 21
Preferred
10 Dec
4May 26 1714 Jan 14
23
7913 Feb
No par
20 preferred
18 Dec
90 Feb
3 4 tune 1 33 Jan 18
3
No par
$6 preferred
4 Dec
Feb 17
103 Jan
8
3 May 27
10
Am Hawaiian 8 S Co
213 Jan 7
1 Seer
1 May 31
8 Mar
Amer Hide & Leather__No par
713 Dec
47
30 Apr
8May 3 12 Jan 6
Preferred
100
37 Oct
8
64 Mar
Amer Home Products_ _No par 25 June 1 513 Mar 9
1014 Oct
8
313 Feb
8
9 June 2 215 Mar 8
American lee
No par
5 Dec
812 Feb 19
26 Feb
No par
212June 2
Amer Internet C.iorp
58 Jan 12
la Dec
112 Jar
Am L France&ForunIte_No par
14 Jan 6
14 Dec
4 Feb 3
15 July
Ill Apr 8
100
Preferred
5 Dec
94 Jan 18
303 Feb
4
35 July 1
s
American Locconotive_No par
2914 Dec
8
84% Mar
100 '2018 June 30 445 Mar 7
Preferred
16 Oct
433 Mar
4
712 June 27 2214 Jan 14
Amer Mach & Fdy new _No par
14 Oct
3% Mar 9
7 Mal
1 June 9
Amer Mach & Metals _ _No par
23% Feb
Vs Dec
6% Jan 11
112June 1
Amer Metal Co Ltd.......No par
14 Dec
8914 Fel,
1312June 2 194 Jan 14
preferred
100
6%
1 Oct Mira J/111
17 Jan 11
8
1 Jan 4
Amer Nat Gas pref__No par
16,200 Am Power & Light.___No par 3 June 2 164 Jan 13 1138 Dec 6474 Feb
33
4
4413 Dec 102 Mt r
1514June 30 58 Jan 14
No par
Preferred
1512 1512 2,800
1012June 29 49% Jan 14
No par
35 Preferred
2,600
1012 11
35 Dec
85 Ape
No par
Pref A stamped
813 Jan 8
5 Dee
1
2112 Mar
San'y_No par
Stand
312 --35- 11.025 Am Rad &Republics_ No par 318June 20 4 Feb 19
.8
4 Apr
114 Dec
123 Feb
8
American
73 Dec
a
3 May 25 13 Mar 3
371 Fel
/
4
25
;
1
4 -1 -"ii(55 American Rolling Mill
8June 27 4294 Mar 7
1914 Dec
133
(36 Fel
1,400 American Safety Itazor_No Pa
*15
16
212 Jan 21
3 lune 20
4
1% Dec
3
4
9 Fel
*12
No pa
Amer Seating v t a
12 Jan 6
13 Feb
8
14
4 Dec
18 A pr 22
*18
Amer Stdp & Comm
No pa
20 Oct
10 June 22 2518 Jan 14
£2 Jar
240 Amer Shipbuilding new_ No pa
13
*11
183 Jan 2
8
518May 31
1714 Dec
5814 Fel
638 7,900 Amer Smelting & Refg_No pa
578
75 Dec 13813 Mar
Preferred
100 22 June 21 85 Jan 29
1,400
23
23
45 Dec 102% Mar
4June 2 55 Feb 19
100 173
2d preferred 6% eum
*10
20
28 Oct
4June 1 34% Mar 3
4214 Mar
25 213
200 American Snuff
2414
*2214
103 Mar 14
977 Dec 1107 J1138
4
4
90 Jan 11
10(
Preferred
110
*9312 94
4 Jan 14
18 Feb 15
le Nov
Cr Feb
Amer Solvents dr Chern_No pa
14 Jan 20
14 Feb 18
se Dec
1113 Feb
Preferred
No Dar
_
814 Jan 21
5 Dec
3 May 31
3114 Feb
800 Amer Steel Foundrles No pa
318 -- -138
80 Feb 18
68 Dec 113 Feb
Preferred
100 3558June
60
54
*30
4
33 Dec
484 Mal
20 May 31 363 Mar 3
No pa
American Stores
*2312 25
34% Oct
60 Mar
100 13 June 2 3914 Jan 13
800 Amer Sugar Refining
163 163
4
4
8414 Dec 10813 Mar
100 45 May 31 8818 Jan 13
Preferred
400
55
*53
6 Jan 7
314 Dec
1118 Feb
23 Apr 29
4
200 Am Sumatra Toba•co—No Pa
*312 418
,
4
100 7, i2June 28 13738 Feb 19 11218 Dec 2013 Fel
763 79 144,700 Amer Telep & Talcs;
4
4
6013 Dec 128% Apr
American Tobacco new WI._25 4012June 1 863 Mar 9
4714 483
4 5,200
64 Dec 132% Apr
Common clam B new wi__25 44 June 1 894 Mar 8
4918 503 74,100
4
96 Dec 132 Ma,
100 9514.June 2 11014 Jan 21
Preferred
400
101 101
19 Dee 105 Jaa
4 June 3 25 Jan 25
618
100 American Type Founders_ _100
*5
72 Dec 11013 Feb
Preferred
100 13 July 1 70 Jan 8
13
10
13
2318 Dec
80% Feb
11 May 26 3413 Mar 8
Am Water Wks & Elee_No par
113 1212 8,700
4
21% Dec
803 Feb
4
No par 11 May 27 31 Mar S
Corn vot tr crtfs
1212
300
*10
6412 Dec 107 Mar
26 June 2 75 Jan 16
151 preferred
•3612 40
200
53 Feb 25
8
2% Dec
117 Jan
4
138May 25
No par
2
100 American Woolen
*17
8
1514 Dec
dO July
Preferred
100 154 Jan 4 304 Mar 7
1718 174 1,700
14may 10
34 Jan 11
*14
12
4 Jab
13 Dec
Am Writing Paper otfs_No par
24 Dec
5 Apr 6
212May 21
18 Feb
Preferred oertif1catee
100
*212 312
24 Dee
3% Jan 9
114May 25
8% Feb
*13
8 2
400 Am Zinc Lead & Smelt_No par
1913 Dec
£54 AU*
25 10 June 1 23 Jan 18
Preferred
200
10
10
9'4 Dec
8
£3 4 Feb
,
3 June 30 123 Jan 14
3
3 18 31,900 Anaconda Copper Mining 50
9 Feb 11
6 Dec
264 Mar
3 Apr 11
Anaconda Wire & Cable No par
412
*4
13 Sept
36 Feb
514May 2 1714 Mar 2
No par
*814 812 1,200 Anchor Cap
43 Jan 8
4
4 Dec
8May 31
13
194 Feb
13
4
300 Ander§ Copper Mining_ _No par
*1 18
8 May
18 Feb
7 Apr 18 12 Feb 16
100 Archer Daniels M1dYd_No Par
*94 10
44 Mar
20 Oct
71 Jan
1.300 Armour & Co (Del) Pref___100 24 May 31
29
*28
2 Mar 9
3 Dec
4
%June 2
413 Jan
3
4
34 5,700 Armour of Illinola elms A__25
Its Mar 10
%June 7
12
4 Oct
12 2,500
274 Jan
Class El
25
1414 Mar 9
518 Dec
312May 31
47 Jan
100
Preferred
7
400
7
3 Feb 1
13 Dec
8
9 July
1 May 3
100 Arnold Constable Corp_No par
114
114
514 Apr 4
• Oct
1014 Feb
24 Apr 19
No par
Artloom Corp
*212 3
114 Dec
23 Jan 7
3
6
8June 30
287 Feb
8
400 Associated Apparel Ind_N0 Par
5
8
5
8
5% Dec
814 Jan 15
3934 Mar
3 May 16
No per
1,700 Assoc Dry Goods
*23
4 3
Jan 2
8% Dec
94
3
31 Feb
64 Apr 13
Associated 011
25
*631 25
10 Dec
6 June 8 1018 Jan 22
4
,612 612
39 Jan
Atl & W I SS Line__ _No par
15 Dec
7 June 8 1512 Jan 27
100
5318 Jan
Preferred
*618
8% Dec
e
23% Feb
85s Feb 9 127 Mar
25
1012 103
4 5,000 Atlantic Refining
18 Dec
4June 2 254 Feb 2
54 Feb
73
No par
100 Atlas Powder
73
4
*714
774 Dec
997 Jan
8
Preferred
100 4512lune 29 794 Jan 13
4
140
*48
493
54 Feb 18
24 Dec
418 Apr 12
134 Feb
No par
Atlas Stores Corp
8413 Oct 39514 Apr
4M ay 10 1511e Jan 14
Auburn Automobile—No par 283
-4514 48s
13 Feb 19
Is Sent
3 Jan 12
4
24 Mar
No par
300 Motto Nichols
7 Jan 8
4
18May 17
14
14 Dec
•18
2',July
No par
Autoeales Corp
1 Dec
2 Jan 11
7 Mar 30
4
*12 1
5 Feb
Preferred
50
313 Jan 2
2 Dec
112June 1
No par
6% Mar
2
2,900 Aviation Corp
2
43 Dec
8
813 Jan 14
277 Mar
2 May 31
par
a
900 Baldwin Loco Works
27
s 27
8
15 Dee 10413 Max
8 May 27 2814 Jan 15
100
Preferred
95
9,
4 914
85 Dec 107 Feb
10 Bamberger (L) & Co pref 100 6912June 25 99 Feb 25
69
*66
214 Jan 4
1% Oct
14 Apr 9
No par
10 Jan
Barker Brothers
*3
4 2
54 Jan 14
3NJune 1
• Dec
1412 Feb
25
418 414 2,200 Barnacle! Corp class•
lt Dec
4 June 2 13 Feb I
33 Jan
Bayuk Cigars In.
No par
4
*4
53
36 May 10 59 Jan 7
90 Mar
60 Dee
100
40
let preferred
37
*35
81 Mar
511 1618May 17 434 Jan 14
37 Oct
800 Beatrice Creamery
*1714 18
90 Dec 111 Max
Preferred
104) 70 May 20 95 Jan 18
100
7353
*65
62 Apr
371 Oct
,
100 Beech-Nut Packing Co--30 2914MaY 31 4484 Mar 14
33
*31
618 Aug
Minna
434 Feb 25
33 Jan
8
200 Belding Hem'iway Co__No per
4
4
80% Jan
547 Dec
a
-- -,
800 Belgian Nall Rye Part Dref-- 57 0une 1 62% Jan 18
*5914
254 Feb
123 Oct
3
412May 27 1814 Jan 14
No par
518 3,300 Bandit Aviation
5
4614 Mar
193 Dec
4
53
4June 2 me Feb 19
No Dar
800 Beet & Co
65
8 68
8
703 Feb
8
1714 Dec
714June 28 2443 Feb 19
77
8
814 10,200 Bethlehem Steel Corp No par
60 Dec 1337a Mar
74 Jan 0
7% preferred
100 1614 July 1
1,200
1614 19
39 Feb
• Dec
1314 Jan 14
35
No par
8June 1
*414 43
8
400 Blew-Knox Co
21 Nov
15 Oct
*718 9
614June 13 14 Feb 16
Bloomingdale Brothers_ No par
95 Jan
75 Dec
100 50 Apr 22 61 Jan 6
50! Preferred
•1514 50
43 Aug
x1512 Dec
47
8June 2 224 Jan 14
200, Bohn Aluminum & Br_ _No par
7
*13
49 Oct 06614 Apr
514 Mar 9
No par 31 June 1
I Bon Anil classA
5112
•30
3 Feb
4 Dec
48 Feb 1
186lay 13
No par
500 Booth Flaberles
18
18
113 Dec
174 Feb
114 Jan 5
12May 11
I
let preferred
100
*18
1,
2
354 Dec
7613 Mar
25 20 July 1 434 Mar 9
213 27,300 Borden Co
4
20
303 Feb
4
9 Dec
8May 26 12% Mar 5
33
10
37
8 37
8 1,100 Borg Warner Corp
lis Mar 9
:
1 Dec
3 4July
,
*3
8
12
14 Apr 26
1 Botany Com Mills clam A._ 60
7% Dec
324 Max
118 Mar 6
4
8June 1
27
1,6001 Briggs Manuiaeturing_No par
35s 4
$ Per share $ per share Shares
4712 4512 48 111,600
45
400
99 •102 105
99
43
4 5
5,600
45
8 5
400
43
4 43
4 *412 6
4 1,600
1418 1412 *1412 143
4
4
1,6000
331.1
5 8 6 4 16 0
33
53
4
53
4
*301z 36
*3012 36
.5
8
78 *15
100
4
18 25
8
60
*1 18
23
8
1,100
814
8
*74 84
230
4412
4412 *43
*43
4
4
32
333
4 323 343 180.900
99
1,000
97
97
*95
2,400
33
4 4
3 4 37
,
8
16
173
4
730
16
17
8 218
•17
8
218 .17
4
600
*20
213
4 213 22
*27
8 3
3
*27
s
127
8 1,803
123 1312 *12
4
203
1
1
.1
114
3
3
*21
8 3 2 1,800
,
3,400
2
2
2
2
538 5i2
*512 534
700
300
312 3 2 *314 33
,
4
*538 512
300
5
5
400
*313 358 *312 4
100
*13
8
15
8 .13
8
13
4
300
812
8141 *8
8
*20
2712 4,400
26
26
104 107
8 103 104 1,600
4
318 2,400
3 I *3
3
*14
3
8
•14
3
8
*2
314! *2
314
338 35
33
4 4 I
8 2,100
8
2018 205 *195 213
8
4 1,100
73
4 7 4' 4,700
3
75
8 75
8
112 *114
*114
112
4 2
300
*13
4 2
*13
*712 10
*712 10
83
3
318 318
.33
1
314 -3;
54
*30
36
355 355
8
8 36
*2312 25
*2314 2514 *2312 25
16
.153 17
4
16
17
17
54
55
*53
55
*55
60
312 313 *312 418
*312 4,
8
7512 78
7614 775
8 7618 7814
47
49
47
48
473 48
4
4812 5014 483 5038 483 51
4
4
*99 10012 *100 101 *10014 101
5
5
*5
718 *5
618
*12
13
*12 .13
*12
13
1112 123
8 113 1212
4
113 12
4
13
*10
1212
11
11
*11
36
36
36 12. 3612 *3312 50
*17
8 2
*17
8 2
..17
8 2
1718 1712 *1714 1712 1718 1712
12
*14
12
*14
12
*14
.
212 312 *212 312 *212 3 2
,
138
112 112
158
13
4 13
4
1812 10
10
*10
1812 *10
312 35s
33
8 35
8
3
312
412 *4
*4
412 *4
4,
2
67
8 7
738 712
8
82
,
138
13
4
13
4
13
4
15
8
*1,
8
*8% 10
812 812 .812 10
*274 29
26
26
27
28
3
4
3
4
3
4
3
4
3
4
3
4
3
8
3
8
3
8
12
3
8
12
6
6
7
538 518 .5
112
*114
*1 10 2
*118
2
212 3 • *212 3
*212 3
*3
4
1
5
8
5
8
3
4
3
4
3
3
3
3
3
3
*63 25
4
*63 25
4
*63 25
4
.512 612 *512 612 .512 612
*618 9
*618 0
*618 9
8
1018 104 1014 1014 103 11
4
73
4 73
4 812
*73
4 812 *73
4712 4712 4512 4838 *48
49 4
,
39 WI; 43
•12
5
8
*18
14
*18
•12
•12 1
178
17
s
17
8
212 288 *258
83
4
*918 10
69 .66
*66
.
131
*3
4 2
418
4
414
*4
53
4 *4
36
36
36 .
1712 1712 1712
74
*6918
31
31 --- .31
4
*314 418 .33
8
.50
62 2 *593
,
5
54
,
5
63
4
63
4 67
8
714
712 818
2412 2412 24
*43
8
*414 5
718 714 *718
*1514
*1514 50
57
8 57
8 *53
4
32
*32
5112 .
*18
ca38
to,
*15
112
203 2212 2012
8
37
8 4
4
33
8
*3
12
*14
37
8 4
*312
Friday
July 1
Sales
for
the
Week.
car
New York Stock Record—Continued—Page 3
a
lLIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
ISaturday
June 25.
Monday
June 27.
Per share $ per share
05
5 34
*5
53
4
33
12
*h
h
112 *1
*1
13
4
.52
55
52
53
,.26
2612 *26
2612
•15
8 214
15
3
1 118
•13
4 2
2
2
*23
8 312
3
3
.4214 4412 4214 4214
*3
4
7
8
*3
4
7
8
*114
112
114
114
*2
27
8
27
8
*2
3
*2
23
4
.7
714
7
7
*33
4 4
34 4
3
1 3 107
J8
•1
8 107 11
8
2412 2412 24
24
•12
34
34
•12
*12
52
12
12
112
•Ds
111512 87
8
.4712 56
*5
518
•h14
2
2
*212 2 8
,
74 8
3
1012 1012
Tuesday
June 28.
'159
*14
212
5
8
.11,
312
143
4
47
2
•6314 65
414 414
*1
12
,
*6
83
4
1514 15,
4
54
55
212
•218
61s 614
178
17
4
*212 3
.818 812
•5
7
•112 27
8
61
8 6'2
*3
8
I2
*312 8
•10
13
*90
95
8612 87
4234 431
1278 127
*73
75
32 3
,
,
*54
65
10
10
*3 2 5
,
,
163 171s
4
6 8 63
,
8
45
45
4
4
*1312 1412
*11
12
*4512 50
*12
123
4
"5712 597
8
*90 100
43
4 43
4
35
3514
*4
10
•67,, 7
*4
012
4.512 6
26
283
*118
11
*23
4 3
3518 36
8212 821
58
, 58
,
434 43
4
*94
95
14
•t2
2
4
*14
12
318
312
53
3
2
293 29 4
4
,
1778 183
8
•3
33
8
918
918
7
8
7
g
418 415
•13
14
283 29
4
10714 10714
112
112
•1312 1412
1718 1718
*25
8 4
1112 117
8
•18
1,
4
7
7
•1514 16
•12 jig
•3
712
71.:
"HT, III;
:
10 10
.52
58
7
8
1
158
18
,
•38,, 5 4
3
214 214
•1
3
•63
4
712
647 65
9
.61 8
:
1412 1412
•22
23
Thursday
June 30.
Friday
July 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
S per share
*5
53
4
5
*14
8
*1
13
4
52
50
*2514 26,
4
*114
112
214
*17
8
*3
33
8
*33
40
•3
4
.118
112
*2
27
8
.2
23
4
63
4 7
4 412
"33
1012 107
8
.22
24
31
*12
*12
5
8
*2., 234 *212 2 4
1914
1914
2112 2238
*35
37
5
5
lirednesday
June 29.
$ Per share
*5
53
4
*14
3
8
*1
13
4
*52
57
*2514 2614
138
13
8
2
2
*3
33
11
*30
40
4
7
8
*2
*Ds
13
8
.2
27
8
214
214
653 7
*33
4 412
•1038 12
22
22
*12
h
5
8
*12
112 .112
1121
*814
912
8,
4
*4712 56
56
.5
5
5
rh
18
14
_218
214
*2
23
4 *212 23
4
73
4 *712 814
11
1012 1012
23
4 *212 23
4
25
*18
25
223
8 213 2314
8
3412 32
32
48
5
7
47
8
g per share S per share Shares Indus.& Miscell.(Con.> Par
*5
53
4 *5
Briggs dr Stratton
53
4
No par
*14
500 Brockway Mot Truck No par
N
14
14
*1
13
4 *I
7% preferred
13
4
100
*5014 60
53
53
900 Brooklyn Union Gas_ __No Par
*2514 26
*2514 2614
Brown Shoe Co
No par
214
112 *112
114
GOO Bruns-Balke-Collender_No par
17
*2
23
4 1,100 Bucyrus
18
-Erie Co
10
33
"3
8 *3
33
200
8
Preferred
10
*30
40
*30
40
30
7% preferred
100
*3
4
7
4
8
Budd (E 0) Mfg
7
*3
2
No par
*118
114
Ps
1 18
200 Budd Wheel
No par
*2
7
4
2
13
28
200 Bulova Watch
No par
*214
212 *2,
100 Bullard Co
4
23
s
No par
718
714
73
738
8 1,200 Burroughs Add Mach_No par
*37
8
412
300 Bush Terminal
38
7
38
7
No par
*1034 12
1018 103
320
8
Debenture
100
22
22 I 22
22
100 Bush Term Bides pref ___ _100
*12
52
Butte & Superior NI
3
*12
2
_ _ _10
*12
2
2
•12
52
100 Butte Copper & Zinc
5
*D2
112 *118
112
112 .114
112
100 Butterick Co
No pa
83
8
838
94
4 2,500 Byers & Co (A M)_No pa
812 85
8
8
838
*4712 56
*47 2
,
*4712 54
*4712 54
Preferred
100
5
5
5
5
5
5
2,200 California Packing ____No pa
5
*h
h
14
.18
14
*18
14
200 Callahan Zinc-Lead
1
Calumet it Arizona MinIng_2
2
2
2 18
2
2
•2
214
900 Calumet it Hecht
2
212 21
*2
*212
24 *212
23
4
100 Campbell W it C Fdy__No pa
8
8
712
8
9
814
812
3.3011 Canada Dry Ginger Ale No par
*1012
1012
103 1012 *11
8
1212 1,200 Cannon Mills
No par
*212
212
212
212
212
200 Capital Adrninis cl A No par
*IS
20
20
•18
25
*18
30
Preferred A
200
50
2014 2214 203
8
22
24
213 2359 71,400 Case (J I) Co
4
100
*35
3412
37
33
33
33
33
Preferred centric:at:se__ 100
130
5
47
8 5
47
8
47
8
47
8
47
8
1,100 Caterpillar Tractor _ _ __No par
Cavanagh-Dobba Inc_No par
_
Preferred
100
ifs
-11- 2 2
2
2
2
*2
212
600 Celanese Corp of Am. No par
*14
5,
5
*14
8
"14 58 *14 52 *14 3s
Celotex Corn
Vo par
Certificates
No par
•112 312 •112 3,2
*112 312 *i12 312 *112 312
Preferred
No par
143
14
4 137 1412 13
8
1318 •13
1414
1414 1414
3,400 Central Aguirre Asso_No par
412 412
*2
47
8
412 412 • 412 412
412 412
600 Century Ribbon Mills_No par
6314 63,4 .60
65
65
*60
*60
65
*60
65 I
Preferred
10
100
414
418
414
414
412
414
414
414
4
44 2,700 Cerro de Pasco CoPper_No Dar
•1
1 8 *1
,
13
4 *1
13
4 *1
1
13
4
1
200 Certain-Teed Producte_No par
.6
83
4 •6
83
4 *6
83
4 *6
84
7% preferred
83
4 *6
100
1478 15,
•1514 16
15
4
15
15
15
144 15
1.700 City Ice & Fuel
No par
54
54 •____ 54 *---- 54
5418 54
52
5312
Preferred
140
100
•2
21. *2
212
2
2
2
2
22
,
24
,
500 Checker Cab
No par
512 6
47
8
553
518
54
,
5
5 12
512 512 6.600 Chesapeake Corp
No par
*118
17
8 •118
114
114
17
112 •118
g •I18
112
200 Chicago Pneumat Tool_No par
212
212 •212 3
212 212 *212 3
*212 3
Preferred
200
No par
*818 812 *813
812
712 3 s
,
712
*7
8
812
100 Chicago Yellow Cab
No par
*5
7
*5
5
5
7
7
.5
*5
7
100 Chickasha Cotton 011
10
*112 27
8 •112 2 2 *112 212 *112
,
2
2
214
100 Childs Co
No pa
6
614
6
6 12
57a
6,
4
,
53
4 64
53
4 618 24.400 Chrysler Corn
No pa
•Jg
12
*14
12
*14
*3
8
3
8
12
3
2
12 1,800 City Stores new
No par
*312
312
312 .34
*312
312 312
230 Clark Equipment
No pa
312
*10
13
•10
10
13
10
•10
13
*10
13
100 Cluett Peabody & Co No pa
*90
95 .90
*90
95
95
*90
95
90
90
Preferred
10
10
833 86
s
8012 843
,
4 8012 82 8 81
827
3 813 833 51,000 Coca Cola Co
4
4
No pa
4212 4234 42
43
42 4 *42
,
43
43
.42
4318
Class A
1,60
No pa
1212 1234
1214 1212 12
1212 11
12
11
1114 5,600 Colgate-Palmolive-Peet No pa
*73
*73
75
73
73
75
74
74
73
73
30
6% Preferred
100
*3
*3
3
314
3
31
314
.
318
3
33
4
2,400 Collins it Alkm,n
No pa
*54
65 .51
*54
65
*54
65
65
65
•54
Non-voting preferred_ _ _100
I
*9
*9
10
10
11
*9
11
*9
11
200 Colonial Beacon 011 Co_No par
*278
43
*3 2 5 - *234
,
4 .27
,
8
27
8
27
8
200 Colorado Fuel & Ir new_No par
38
,
1512 1614 153 163
4
16
8 1613 163
16
173
8
7,300 Columbian Carbon v to No par
163
4
614
618
578
578
54 64
7
,
6
614
6
64 11,000, Columbia Oas it Elee__No par
44
43
*43
45
43
47
43
43
*41
43
Preferred series A
600
100
378 4
4
4
4
4
4
418
4
418
3.100 Commercial Credit __ _ _No par
"1312 1412 1312 1312 *11
1338 1112 14
*1112 1412
100, Class A
50
11
1112 111 .11
*1112 12
11
1112 *11
Preferred B
40
11 12
25
4512 45 8 •4512 50
*463 50
8
463 463 • 4 50
,
4
41 463
110
651% 1s11 preferred
100
4
.12
123
12
123 *12
4 1112 113
133 *12
4
13
600, Comm Invest Trust___No par
*5712 5918 *5712 5918 *573 591 *5714 5918 *573 5812
4
4
I
Cony preferred
No Par
*90 100
*90 100
*90 100
00
90
99
.90
201 6 S1% let preferred
100
43
2
434
414
412 43
8
43
44
434
4
45
8
r
6,800, Commercial Solvents__No par
2
2 18
218
2
2
2
218 20.8001Commontelth it Sou_ _ _No par
218
2
35
3514 3512 347 35
14
36
35
3514 343 355
3 2,800, $6 preferred serlee___No par
4
•312
*312
*312 ---*312 ---- *312
Conde Nast PublIca'ns_No par
67
8
163
4 67
7
8
659 63
4
638 6 4
,
654 2,300 Congoleum-Nairn Inc_ _No pa
638
*4
612 .4
612 *4
912 *4
612
6,
2 *4
I Congress Cigar
No pa
53
•5
4
6
53
4 .5
512
*512
5
a
5
400 Coneolklated Cigar
No pa
27
.20
27
2912 •27
27
27
2912 •27
2912
Prtor preferred
130
100
.118
118
112
112 *118
*3
112 *118
112
1 1a
400 Consol Film Indus_ __No pa
*118
41.
.23
4 3
27
8 3
3 4 *3
3 ,
,
4
4
1,200
Preferred
No pa
3414 3633 3418 353
8 353 367
4
8
4 343 363
8 353 38
4
97.500 Consol Gas N Y)
No par
81
81
SO
8112 *79
8012 x8I
81
81
8414
1,300
Preferred
No par
58
, 53
,
53
4
53
4
53
4 53
514
•5
53
900 Conrad Laund Corp___,No par
533
5
478
478
4.8 5
4 5
5
43
47
8
5
21,100, Conant Oil Corp
No par
943 943 *94
94
941
93
94
4
93
4
*92
9314
500
8"a prof
,
100
*14
.14
2
8
3
*1
22 1,200 Consolidated Textile_ _No par
,
4
4
.38
*12
•12
2
4
3
Cl,
3
4
3
"2
"2
4
Container Corp A vot__No par
5
4
*14
•11
5
5
*14
5
•14
8
h
•14 8No
Class B voting
3
par
31
312 31
*314
312 31
*312 34
312 •314
400 Continental Bak Cl A No par
*12
5
*12
•12
58
12
*12
5
8
12
5
8
Class B
300
No par
*23 8 30
,
297
8 2978 297g
29
,
29 8 .29
297 30
8
900
Preferred
100
17 8 IS
,
19
1812 1911
18
183 1938
8
1812 2059 16,500, Continental Can Inc_ No par
.
3
3
*3
3
314
314 *3
3
.3
314
200 Cont'l Diamond Fibre_No par
9
9
9 14 Z87
918 93
9 14
878
4
8
9
9
1,700 Continental Ins
10
...3
4
7
8
1
7
8
.34
*3
4
78
1
3
4
3
4
500 Continental Motors__ No par
4
4 14
418
4
4
4
414
418
4
414
5,800 Continental 011
No par
Is
18
18
18
is
is
18
:
8
18
18 4,900 Continental Shares _ No par
263 30
8
27
8
273
4 267 28
2678 2812 253 2712 25,000 Corn Products Refining____25
4
10714 10734 *105 103 *105 108
108 108 •105 108
220
Preferred
100
•112
138
112
112
112
112
112
las
154
134
1.800 Coty Ina
No par
1312 1312 •I312 15
1312 1312 *13
•13
15
15
200 Cream of Wheat
No par
•17
19
•165 19
8
*16 8 19
,
•163 19
8
•1653 19
100 Crex Carpet
100
*23
8 4
*25
8 4
5
2 8 2 ,1 *23
,
*23
8 4
:: 4
400 Crosley Radlo Corp__ __No par
1112 1212 113 127
1234 1312 121 13h
4
8
323 1353 9,300 Crown Cork & Seal____No pa
4
•78
159 •1
238 •1
1 s *1
,
158 *1
Crown Zellerbach
18
,
No pa
71
•7
. *7
712 *7
712
67
7
a
7
67
300 Crucible Steel of A merica__100
8
1514 153
8 1514 1514
15
15 4 *15
,
1514 1512
Preferred
540
151
100
•5
•12
3
114
*5
8
114
*As
114
Cuba Co
No par
Cuba Cane Products_ No par
7,
1
_ 1:665 Cuban-American Sugar_ __ _1
4
4
.6
6
712 *6
712 •6
Preferred
7,
110
2
711 *6
100
Cuban-Domln Sugar_No pa
-2213 2213 213 Z1- 4 ;55- 21
34
;HIF2 26 2 -ZoTs 20'o
:65 Cudahy Packing
(
5
93
918
934 10
7
8
712 712 3.200 Curtis Publishing Co_ _No pa
•
7
83
4
58
5112 5112 •40
*50
*50
*40
58
55
Preferred
100
50
No pa
7
8
7
8
78
1
7
8
1
9.100 Curtlae-Wright
7
, I
1
7
13
No par
,
17
8
14
13
4 *338
15
8 *1 8
1,
15
158
, 15
2
15
8
Class A
8 2,200
100
3 •35
, 43
*3h
33
4
412 *3 8
4
33
4
4
8
100 Cutler-Flammer Mfg___No pa
*2
218
218 •
218
218
214
2
13
4
2
218
1.200 Davison Chemical
No pa
*1
3
3
*I
3
•1
1
•1
1
212
100 Debenham Securitfes___5 &
6 4 03
8 *614
,
65
612 612
64
8 638
Gh
800 Deere it Co pre!
63
2
4
6212 6118 62
62
62
*61
62
•63
62
65
900 Detroit Edison
100
•612 8
*612
*612 8
Devoe it Reynolds A__No par
•612 8
*,
62 8
14
14
14
1378 1414
141s
1414
14h 1414 3,300 Diamond Match
14,
4
No pa
•22
22
22
*22
22
23
22
23
22
Preferred
22
500
25
*2
14
*2
S9
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS
LIST. SEE THIRD PAGE PRECEDING
• tild and Armed brier* no *ales 03 hls day
z Ex-dividend.
v Ex-dIvIdend ann ex-etant.
PER SHARE
Range for Year 1932
On basis of 100
-share lots
Lowest
Highest
PER SHAER
Range for Previous
Year 1931
Lowell
Higheet
per share
g per share $ per share
per sitar.
4 May 26
1012 Jan 14
2413 Mar
8 Sept
14.1111Y I
1 Jan 23
51, MST
3 Dec
8
112 Apr 22
57 Jan 9
8
212 Oct
Feb
28
46 June 2 8912 Mar 8
724 Dec 1223 Mar
8
2112June 17 36 Feb 15
324 Jan
4512 July
114 June 30
3 Mar 2
218 Dec
15 Feb
112June 2
6 Jan 9
314 Dec
207 Fel
8
212May 31
818 Mar 7
Vs Dec
3471: Feb
35 June 16 75 Feb 4
75 Dec 114 Apr
13 Apr 9
23 Jan 14
4
112 Dec
53 Feb
a
5
8May 26
413 Jan 14
2 a Dec
,
13 Fel.
118 April
34 Jan 25
4
314 Dec
153 Ja:
218May 28
73. Mar 7
351, Dec
23 Fet
614June 1
13 Mar 7
10 Oct
3214 Feb
312June 23 2134 Mar 9
153 Dec
e
31 Feb
9 June 7 65 Mar 9
49 Dec 104 Jan
22 June 29 85 Jan 7
85 Dec 113 Mar
72 Mar 8
se Jan 8
Pt Feb
',May
114 Jan 14
12 Apr 8
1 Dec
2', July
1.34June 10
458 Mar 7
3 Dec
2013 Feb
7 May 16
19 Feb 19
1072 Dec
6959 Feb
3514May 23 61 Mar 19
68 Oct 1067 Feb
,
414JUlle 1
117 Feb 13
s
8 Dec
53 Fel,
18June 17
h Oct
12 Jan 15
14d Mar
Oct
z21
433/, Mar
112May 27
6 Jan 13
3 Dec
113, Feb
212June 1
713 Jan 7
54 Dec
1638 Mar
6 June 2 134 Jan 14
103, Dec
45 June
10,
8June 2 20 Mar 21
'25 Mar
17 Jan
2h Apr 8
618 Feb 19
al, Dec
16 Feb
19 June 16 30 May 10
24 Dec
363 Feb
8
June 9 434 Jan 18
163
4
3314 Oct 1314 Feb
311 May 17 75 Jan 12
53 Sept 116 Mar
43
8June 2 15 Jan 18
524 Feb
1014 Dee
112 Jan 7
4 Feb 11
12 Dec
4 Feb
7ss Jan 12 2234 Feb 11
54 Dec
26 Mar
114 Tulle 21
5 Jan 14
24 Dec
16 Feb
1 May 27
3118 Jan 18
218 Dec
14s8 Ma,
1 Feb 8
24 Feb 29
14 Dec
4
133 Ma!
INJune 17
712 Mar 15
738 Dec
374 Mar
81une 2 1434 June 25
73
11 Dec
25114 July
8June 2
23
614 Jan 9
24 JaIl
8148e91
6 114June 27 85 Jan 23
50 May
90 Sept
312June 2 215 Jan 14
97 Sept
8
301 Feb
,
1 May 26
34 Feb 17
214 Jan
714 Mar
1512 Feb 23
8 May 24
Jan
11
35 Aug
147 June 23 284 Feb 19
8
2512 Dec
373a Feb
52 July 1 68 Jan 5
634 Dec
90 Apr
14June 9
7 Jan 14
314 Sept
2314 Feb
8
47 June 28 '205 Jan 14
,
1378 Dec
5418 Feb
I May 25
6114 Jan 22
,
31e Oct
151 Feb
212 June 17 117 Jan 22
8
64 Dec
35 Feb
712June 29
14 Mar 12
23 Jan
8 Sept
5 June 10
9 Mar 28
4
8 Dec
123 Mar
712 Jan 13
112 lune 23
54 Dec
334 Feb
5 June 2 154 Jan 14
253 Mar
4
1184 Oct
218 Jan 14
N Apr 14
432 Feb
14 Dec
312June I
83 Jan 7
4
227 Mar
8
812 Dec
10 Apr 14 22 Mar 5
,
15 Dec
341 Feb
90 June 1 96 Feb 15
92 Dec 105 July
8012 Tune 28 120 Mar 8
971, Oct 170 Feb
42 June 28 50 Mar 22
8
453 Dec
531,June
11 June 30 3112 Mar 9
24 Dec
5012 Mar
65 June 1
95 Mar 11
797 Dec 104388e9'
8
24May 31
1712June
104 Mar 7
612 Dec
55 June 9 80 Mar 17
95 Aug
68 Dec
9 Jan 11
11 Apr 26
74June
1012 No.
27g July
124 Jan 14
1912Jun,
612 Dec
1312May 3
4178 Mar 9
8
32 Dec 1113 Feb
414June
1613 Mar 9
1138 Dec
55 e Ma
,
,
40 Apr
79 Jan 16
7218 Dec 10912 Mar
37
8.June
11 Mar 5
8 Sept2314 Feb
13 May 26 264 /Mar 7
194 Dec
8
357 Feb
1012 June 1
20 4 Jan '22
3
15 Oct
24l .701)
40 June
684 Mar 14
52 Dec
92 SW
277, Mar 3
107
4June
1512Sept
34 Mar
5512June ' 77 Mar 2
60 Dec
90 Jan
88 June
95 Mar 11
94 Dec 106 All,
312May 23 1014 Mar 8
2112 Feb
65s Dec
1 8June 2
,
47 Jan 14
8
12 Feb
3 Dec
27h.June 2 6812 Mar 11
46 Dec 1003 Mar
4
5 May 25 10 Jan 6
3414 Feb
10 Dec
612 rune 2 11 Feb 18
67g Jan
1434 Auk
4 May 28
94 Mar 8
,
641 Dec
30114 Ma
.5 June 26 2412 Jan 8
20 Sept37114Jons
17 June 2 60 Mar 7
73 Mar
42 Dee
5s8 Jan 11
1 June 1
4JUne
15 Feb
23
214June 14 114 Mar 7
74 Oct
8
187 Feb
584 Mar 81
3112June
1:Mar
5714 Dec 1093
7212June. 2 95 Mar 3
88 Dec 2107 July
5 June ' 107 Jan 13
8
84 Dec
157 Mar
8
7In Jan 7
4 June
157s Feb
418 Dee
79 Feb 6 9912June 10
64 Dec 103 Mar
4 Mar 22
14 Jan
14 Mar
59 Jan 20
24 Feb 19
%June IS
Dec
812 Jan
118 Jan 18
14May 4
14 Dec
3 Jan
7 Jan 14
8May 31
27
612 Dec
30 Feb
1
4 Dec
Jan 8
4 Apr 7
3 8 Feb
3
247
aJune 2 1174 Mar 5
50 Sept
774 Feb
1754June 27 41 Mar 8
304 Dec
623 Mar
4
3 Apr 6
4h Feb 17
312 Dec
164 Feb
64May 25 25 14 Mar 8
517 Feb
8
1818 Dec
3
2May 27
IN Jan 14
41i Feb
I Dec
3 8June 2
3
7 Mar 8
5 June
12 Feb
18June 15
1, Dec
14 Jan 13
12 Feb
253
8June 2 473a Mar 8
364 Oct864 Feb
9912June 2 1294 Jan 11
118 Dec 15211 Ape
42 Jan 16
27 Dec
1 12May 31
,
4
18 Feb
1312June 27 23 Mar 9
20 Sept844 Mar
1014 Jan 5 194 Mar 21
1014 Nov19 8 Apr
5
44 Jan 7
24May 3
21 Dec
,
811 Feb
4
la% Dec
z74May 31
3814 Feb
1154 Mar 5
triune 9
21.4 Feb 15
67 Jan
,
lie Dec
6 May 31
2314 Jan 14
20 Dec
63 Feb
15 June 29 494 Jan 14
aeg, Dec 106 Jan
12June 6
Dec
57, Jan
114 Jan 14
13 Jan 15
18 Apr 19
14 Dec
238 Jan
NMay 25
14 Jan 11
1 Dec
Mg Mar
312May 26
CI, Jan 18
Dec
36 Jan
la July
lla Jan
854 Mar 9 s29 Oct
20 May 2f1
Ws Mar
7 June 29 31
Jan 16
20 Dec 100 Feb
86 Jan 14
47 June 1
70 Dec 118 Mar
3a
24 Feb 2
7
sMaY
1 Dec
54 Feb
112 Mar 28
338 Feb 1
IN Dec
84 Mar
312may 23 10 Jan 21
7 Dee
Jan
Al
I May 26
514 Jan 16
34 Dec
28 Feb
1 June 30
13
4May 25
13
8Sept
124 Jan
614.1une 29 1514 Jan 15
133 Dec
a
22 Jan
6118June 30 122 Jan le_
11014 Dec 195 Feb
7 May 26
184 Feb 24
812 Dec
194 Feb
12 Apr 9
157 Mar 10
2
104 Dec
23 Mar
2012May 13 2412 Mar 18
194 Dec
281s MIR
New York Stock Record-Continued-Page 4
90
11261" 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.
Salurday
June 25.
Monday
June 27.
Tuesday
June 28.
Wednesday
June 29.
Thursday
June 30.
Friday
July 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share $ per share $ per share $ per share
9,2 912
4
912 912
95
a3 9 4
912 93
•1114 1212 "1114 1212 *1118 1212 *1118 117
8
•6
8
*6
7
513 55s
514
514
2614 2612 2513 26
2518 2614 253 263
4
4
*3
4
1
•53 1
*3
1
4
1
*3
4
*5
87
8 *5
87
8 "5
87
8 *5
87
8
*865 100 •
8
*87
91
8653 91
88
88
•13
4 2.
.13
4 2
*13
4 2
13
4
13
4
4034 4112 3818 407
8 3812 4012 383 4018
4
*105 110 *105 110 .105 110 *105 110
3 8 312
3
3
3,
4
3
3
*3
312
2514 25 8 2414 2512 24
3
8
247
8 2312 243
*85
8512 85
8518 85
8512 "8512 86
.
18
3
8
•1s
3
3
hi
Is
*18
14
*318 4
*318 4
*314 4
*314 4
93 10
4
93
8 918
9/8 97
8
912 93
4
.66
80
*66
80 .66
80
*66
80
12
12
*12
3
4
*12
3
4
*12
3
4
•112 15
8
13
8 112
114
114
114
114
3
3 18
27
8 314
27
8 318
27
3 3
123 1238 117 1212 1114 113 •10 8 1234
8
8
,
2
1078 107 *1014 113
8
4 1014 1014 *9
1031
17
17
1714 1712 1712
1612 17,
4 17
PER SHARE
Range for Year 1932
On basis of 100
-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1931
Lowest
Highest
$ Per share $ per share Shares Indus.& MIscell.(Con.) Par $ per share $ Per share 4 Per short $ Per short
293
8 93
8
9
918 1,900 Dome Mines Ltd
712 Jan 4 113 Mar 6
No par
8
658 Oct x1312 Mar
*1118 1178 *1118 117
8
Dominion Stores
No par
1114June 2 18 Mar 5
11 Oct
24 Apr
5
5
•5
514
5 June 2 1378 Feb 1
800 Douglas Aircraft Co Inc No par
778 Dec
21 June
257 2714 24.400 Drug Inc
8
2514 27
No par 23 May 31 57 Feb 13
423 Oct
783 Mar
4
4
8
I
•5
*3
8
1
I Mar 28
Dunhill 1..ternational__No par
112 Feb 4
112 Dec
814 Mar
*5
Duplan Silk
87
8 *5
No par
512June 1
1012 Jan 23
87
8
10 Sept
143 Feb
4
8712 8712 .87 100
110 Duquesne Light let prof_ _100 87 May 31 97 Mar 14
923 Dec 10712 Aug
4
*118
2
•118
100 Eastern Rolling Mill
2
1 June 1
No par
514 Mar 5
212 Dec
1314 Mar
385 4012 383 403 25.100 Eastman Kodak C0
8
4
4
4June 9 873 Jan 14
4
No Par 373
77 Dec 18534 Feb
1043 10518 •102 105
4
140
8% cum preferred
100 99 Jan 22 11912 Feb 18 103 Dec 135 Sept
No par
8 Feb 19
*3
3 June 27
3
,11 •
3
3 13 1,700 Eaton Mfg Co
538 Dec
217 Mar
2
2214 24
2218 2378 147,300 E I du Pont de Nemours__ _20 2218 July 1
5934 Feb 19
50 Dec 107 Mar
8512 8512 8512 8512 1,500
100 8034June 2 105 Mar 17
6% non-voting deb
94 Dec 1243 Aug
4
18.100e 17
100 Eltingon Schlld
No par
114 Jan 6
*18
14
*18
14
12 Dec
11, Feb
8
*314
4
*314 4
100
214May 9 1212 Jan 6
712 Dec
612% Preferred
69 Feb
9 3 95
5
8
9 8 1014
5
3.200 Electric Autollte
No par
812June 1 3234 Mar 7
20 Oct
743 Mar
8
*66
80
*66
100 61 June 1 10014 Feb 16
80
Preferred
94 Dec 110 Jan
4l July
200 Electric Boat
No par
3
4
laiune 22
*5
8
213 Jan 6
03
8
3
4
3 Dee
4
118
1
7
8
8.700 Elm & Mut) Ind Am shares__
13
8
7
8June 30
4 Jan 8
2128ePt
8July
97
153 Mar 9
8
23
4July 1
27s 3
9 Dec
23
4 31s 16.c00 Electric Power At Light..No par
603 Feb
4
*105 12
12
12
Preferred
No par
8
1114June 28 64 Jan 14
1,000
41 Dec 10818 Mar
*9
10
9
9
9 July t 5513 Jan 14
SOO $6 preferred
No par
32 Dec
9814 Mar
1814
18
18
700 Eiec Storage Battery No par 1252.1une 2 3314 Mar 7
*17
23 Dec
66 Mar
14 Jan 13
18 Jan 13
Elk Horn Coal Corp___No par
18 Dec
114 Fob
____ ____ ____ ____ ________ __________ Ernerson-Brant cl A___No
__ ____ ... ____ ___ __
14 Dee
23 Mar
4
......._ 24 •____ 24 .---- 233 .173 233 *1718 2212 *1718 2112
Endlcott-.1ohnson Corp____50 2212June 22 3618 Feb 15
par-4
s
2312 Dec
4
4532 Sept
*10114 103 .10114 115
10114 10114 100 4 1003 .10014 1047 10014 10014
100 98 May 31 10714 Mar 17
3
Preferred
4
700
8
2983 Dec 115 Aug
8
*514 714 *514 714 *514 714 *511
4 June 2 25 Feb 18
714 *514
Engineers Public Serv__No par
714 *514
714
15 Dec
49 Mar
30
*133 30
4
*14
35 .14
*14
35
301 *14
62 Dec
No par 21 June 4 51 Feb 23
35
$5 preferred
87 Jan
*13 8 20
5
*135 20
8
*135 20
8
*1312 20
*17
*16
8534 preferred
20
No par 20 June 24 57 Mar 16
20
42 Dec
91 Mar
.1212 13
12
*12
1212 .1212 13
13
*12
13 '•12
12 June 27 19 Jan 4
400 Equitable Office Bidg No par
1818 Oct
13
353 Jan
8
*212 4
*214 4
*212 4
*212 314 *212 312
2 June 9
100 Eureka Vacuum Clean_No par
4
714 Mar 29
4
314 Der
123 Mar
4
5
ii3may 26
I Dec
214 Mar 5
100 Evans Auto Loading
*12
7
8
*12
*12
7
8
*12
7
f1
7
8
12
852 Feb
12
*12
7
8
*10
103 *10
4
103 *10
4
103 510
4
103 *10
4
Exchange Buffet Corp_No par
10 Dec
911e Jan 30 11'g Jan 11
103 *10
4
25 Jan
103
4
4
*14 23
25
*14 23
Fairbanks Co
*14 23
4
4
*14
23
4
*14
23
4
*14
hi Sept
23
4
3 Mar
212 *1
*1
212 *1
212 *1
212
100
1
I June 30
1 I *1
10
2 Dec
Preferred
3 4 Mar 31
,
13 June
212
*3
No par
314 *3
3 May 25
314
3
3
100 Fairbanks Morse
23
4 314 *23
312 Dec
53 Jan le
4
4 314 "23
4 31 1
293 Mar
8
*6
1712 *6
1712 *6
40 Dec 1097 Feb
1712 *9
Preferred
100 1912May 28 473 Mar 3
1712 *6
1712 .6
4
1712
8
*13
7
8
*12
*1_
2
7
8
7
8
*12
*12
7
8
7
8 .6
*1 1 17
8
12June 13
Fashion Park Ae____No par
1 Dec
rem
13 Jan 25
4
813 1.'l
*8
*81. 12
*6
10
*6
15
Federal Light & Trim
*6
10
16
.6
912 Apr 20 22 Jan 25
x1512 Dec
497 Feb
11 I2
8
*3012 44
41
3012 3012 "30
30
48 1)ec
30 ....,_ 3012 •-Preferred
No par 30 June 18 64 Mar 11
50
92 Mar
3013
•113 218 .112 218 *112 213 *112 213 •112 218 *112 218
112May 26
Federal Motor Truck No par
352 Feb 6
218 Dec
752 Feb
*38
1
1
12MaY 25
1
118 Dec
*12 13
2 Jan 14
Screw Works No par
1512 Feb
8
300 Federal
*12 13
3
13
"
8
12 13
8
*12
3 Slay 31
314 314
3 Dec
1038 Mar 16
*3
318
318 318
318
3
3
3
3
3
900 Federal Water Sery A No par
30 Jan
*7
8
.7
612June 17 14 Jan 7
100 Federated Dept. Stores_No par
.7
8
1012 Dec
77
*7
8 *7
8
712
65
8 7
2712 Aug
x812 812
*85 10
8
4
912 912 *87
6 May 23 273 Jan 15
1.200 Fidel Ptien Fire Ins N Y ___10
87
8 9
20 Dec
73
4 8
8 912
5614 Feb
812 Mar 8
4June 2
i Fifth Ave Bue
No par
4 8
*53
4 8
53
*53
4 8
*53
512 Oct
4 8
*53
*53
4 8
*53
4 3
9 Feb
*7
.7
20
8 May 19
20
*7
7 Mar 31
57
20
Filene's Sons
1514 Oct
20
.7
20
*7
No par
20
24 Aug
.75
78 .75
575
78
8514 Feb 104 May
78 .75
Preferred
*75
100 75 June 24 94 Jan IS
78
78
.75
78
•103 11
4
*10 4 11
3
4
127 Dec
8
10 4 1034 *103 11 18 1114 11 14 103 11
3
8
600 Firestone Tire & Rubber___10 1012.1une 14 153 Mar 8
20 June
4
453 4718 47
47
5212 Jan 26
1011 4512.1une 1
4714 4634 47
47
495 Dec
Preferred
4
8
4614 465 "4512 465
8 4,600
8
6612June
403 403
4
3912 40
4 39
40
,4 41
40
40
40
41
4134 4.400 First National Stores__No par 37 May 27 63 Mar 7
63 A tut
61 Jan
3 Jan II
2
II
1,300 Fisk Rubber
Is Feb 1
No par
11
14
14
14
11
1
1
*18
14 Sept
14
18
18
*11
7 Feb
8
72 Jan 9
II Feb 2
151 preferred
100
I
*14
3
8
*14
3
8
12Sept
•11
38
3 Feb
*1 1
3
8
*14
3
8
•14
38
2.3
8
12
3
8
*3
8
38
114
113 Apr 13
14 Feb 3
*38 114
100
*38
10: 1st pref convertible
12
12Sept
312 Mar
12
*53
414 Apr 29 10 Feb 20
Florshelm Shoe class A_No par
*514 7
5
514
*514 8
5
77 Dec
5
*5
750
7
*5
2
8
3513 Jan
70
72
100 65 Feb 5 8212 Apr 14
95
67
*6812 95
69
80 Dec 10212 Mar
*67
*6813 95
6812 6812
250; 6% preferred
*13
4 Dec
4 212 313
712 Mar 7
193 Feb
4 212 *134 213 .13
4
!Follansbee Bros
4 212 013
No par
4 212 *13
2 June 2
4 21 2
14
14 43
43
8 412
43
8 Dec
4 43
Vs par
412 512
4
3 May 25 12 Mar 10
514 5
4 53
8 1,200 Feeler- Wheeler
4
4 *43
6412 Feb
112
112 II, *111
412 Jan 14
212 Dec
0* Apr 11
No par
13
3 •1 18
114
114 .118
200 Foundation Co
13
8 *1 18
13
8
1612 Mar
3213 Feb
2
*123 13
8
•1218 13
1212 *12
1214 1212 12
1
1014.1une 1 2112 Mar 9 2155 Dec
1212 .12
500 Fourth Nat Invest w w
1312
*1 14
13
8
2
114
1185tay 27
1 14 .111
Na par
53 Jan 14
212 Dec
13
8
900 Fox Film chum A
1,
4
1 14
13
3
1 18
383 Feb
2
1 111
*1 18
1014 101 1
1014 1012 1014 1014 1014 1014 1014 105
8 1014 107
1314 Oct
8 2,100 Freeport Texas Co
No par 10 May 31 1913 Jan 15
6314 Mar
Ps Jan 4
ItJuna II
1 Gabriel Co (The) el A No par
1 Dee
5
8
.3
818 Feb
3
58
•3
8
3
3
•3
8
*3
8
5
8
38
*3
8
*3
8
58
*618 63
4
17 Jan 11
618 813
15 Dee
No par
6
618
60 Feb
53
4May 31
350 Garnewell Co
618 61s
618 614 5618 63
4
3 Oct
8
2s, mar
Gardner Motor
5
13130e 9
218 Dec
3 8 Jan 14
5
par
77 Mar
8
*3
8
7
8
6.800 Gen Amer Investore___No
5
8
3
4
311
3
4
3
4
•8
5
3
4
1
3
4
3
4
100 28 June 9 81 Feb 16
•25
45
*25
40
45 Dec
Preferred
*25
40
*25
45
*25
88 Mar
45
*25
45
912 lune 27 35 4 Mar 8
28 Dec
3
7312 Feb
931 10
912 10
*912 93
107
8 7,400 Gen Amer Tank Car___No par
108 10
4
93 1012
4
10
14 614
43
4.1une 8 1512 Jan 15
9 8 Sept
5
6
6
6
6
No par
6
6
6
6
67 Mar
500 General Asphalt
6
*55
8 614
912 Dec
5 1012
*1112 1134 •1113- 113
.1112 12
4 1112 1113 1114 1114 1118 1118
.1une 2 1958 Mar 4
2552 Apt
400 General Baking
•____ 95 .90
95 Dec 114 Mar
4
95 .90
No par 90 June 2 1053 Mar 11
95
10
95
95 .88
Pt preferred
95
*88
95
.1
1
02 •1
33 Jan 8
8
1
.1
112
No par
112 *1
12June 2
112 *1
112
912 Feb
100 General Bronze
13 Dec
4
•12 1
*12 1
*73
1
234 Fab 1
512 1
Ds Dee
•12 1
I4May 31
General Cable
*12
No par
1
13 Feb
512 Jan 13
8 *112 17
Ii2 May 14
.112 17
8 5112 17
212 Dec
Class A
No par
*112 2
2511 Feb
8 *112 17
8 *1 12 2
*43
1112 Dec
4 67
1611 Jan 4
8
43
4 43
4 *414 5
100
334.1une 1
"414 5
10
7% cum preferred
*414
65 Jan
5
*414 5
*223 23 8 223 223
25 Oct
4
3838 Mar 10
7
4
4 2214 2214 •22 4 2312 22
No par 20 June 1
,
235
8
4812 Feb
900 General Cigar Inc
2212 22
97 10
8
8
9
10
8
9
95
8
91.000 General Electric
54$4 Feb
8
8
83
4 97
93 10
s
93 10,
8125lay 31 2618 JRII 14 .1227 Dec
No Par
103 107
107 Dec
4
8
1114 Jan 14
10 1058,1111Y I
8 103 107
4
8 103 103
Speclal
4
1218 Jan
4 103 107
4
8
8 103 103
4
4
4 105 103 11.100
2014 2012 1953 203
2814 Dec
No par
1953atay 31 4013 Mar 9
25.500 General Foods
4
8 197 2012 193 2014 197s 20,
8
56 Apr
4 207s 21
1 14 Dec
23 Feb 17
4
12.1une 1
811 Feb
5
8 2.100 Gen'i Gas & Elec A__ _No par
53
513
*53
5
8
5
8
3
4
5
8
5
8
513
53
113
143 lbec
4
412 412
334 *33
4 43
543
Cony prof ser A
No par
4 5
4 4
4
3
334
4
3 June 28 2454 Jan 14
43
763 Mar
700
4
2038 Dec
1812 Apr 29 25 Mar II
353 Mar
200 Gen Ital Edbaun Eleo Corp__
4
-- •1918
-2018 *191s
1918 1018 *19
-- *19
2918 Dec
No par 28 May 24 37 Feb 16
293
2914 /9 4 .2914 --- 4 2912 293 .2914 293
*1913-*2934 30
3
4
50 Mar
900 General Mills
4 30 -3012
85 Der 10014 Sept
100 77 June 28 88 Jan 29
77
Preferred
77
*7612 7918 *7612 7918
77
300
*7718 7712 7718 7753 77
213 Dec
8
10
87,400 General Motors Coro
75
8June 30 2452 Jan 14
8
814
818 81,
77
8 813
814 83
85
8 9
8
Pa 8
48 Mar
No par 5914.1une 28 8753 Mar 12
793 Dec 10352July
5914 60
4
5914 61
4 605 61
2,800
8
593 597
8 5914 593
85 preferred
4
8 5912 597
614 Oct
No par
9 Feb 13
4
4 June 28
200 Gen Outdoor Adv A
*412 5
4 *412 5
541g 412
4
*412 43
418 418
28 Jan
*318 35
8
318 318
814 Oct
Common
No par
318 318
4 Jan 5
3 June 29
3
312 *3
700
33
8
3
3 38
1014 Feb
212July I
1014 Oct
.212 43
4
*212 45
212 212
14 Jill] 28
8 .212 45
31 Mar
50 General Printing Ink No par
8 *213 434 *212 4
No par 27i2June 27 60 Feb 18
*2712 30
4312Sept
88 preferred
2712 2712 30
100
*2712 40
*2712 40
*2712 40
30
76 Jan
114 *118
Gen Public Service
252 Dec
No par
114 *1 18
5 Jan 13
114
114 *113
I May 4
*118
112 *114 113 *118
23 Feb
21 Dec
No par
612June 30 2852 Jan 14
1.100 Gen RY Signal
4 .65
8
8
8 8
.7
612 63
8
8418 Mar
7
7
*7
812
100 76 Mar 31 90 Jan 13
81 Dec 114 Mar
75 .___, 75
75
__
75 *--__ 77 •__ 77
___
6% Preferred
58 Dec
114 Mar 5
14May 19
912 Mar
12 1.600 Gen Realty & Utilitles_No par
•___14•.
"14
14
14
14
14 •_14
12
14
14
*14
No par
5 June 10 We Feb 19
100
*513 834 *513 812
$O preferred
7418 Mar
1353 Dec
4 5512 83
512 512 5512 83
4
4 "512 83
4June 29 1414 Jan 9
12 Doc
3
2
3
*212 3
212
5738 Feb
212 23
13
134 2
4
"212 33
4 4,100 General Refractories_ No par
59
8 Mar 28 16 Jan 25
Gen Steel Caatinge pref No par
14 Dee
14
*9
15
.9
14
59
15
59
14
*9
15
(35 Apr
914 Oct
4 12
1032 Jan 6 2414 Mar 3
14.100 Gillette Safety Basor__No par
1218 1158 1214 12
123 123
8
8 1214 13
123
4 1218 127
383
4May
No par 45 June 28 6812 Mar 3
45 Dec
Cony preferred
49
4512 4618 47
545
700
4918 45
547
49
50
48
48
767
2May
.7, 1
*7
8
1
•
7, 1
•7
8
1
Gimbel Bros
No par
%June 24
578
13 Dec
4
1
212 Jan 14
57
8
1
772 Feb
100
8 May 31 31 Jan 13
Preferred
*8
2618 Deo
812 *8
812 .8
812 .8
812 *8
52 July
812 *8
81 2
No par
7 Mar 9
318June 3
600 Glidden Co
*334 4
418 Oct
4
33
4
4 331 •312 33
*33
4 4
4
3., 4
1618 Feb
100 35 Apr 28 54 Feb 13
130
60 Dee
Prior preferred
3934
*39
40
38
40
539
40 .39
367 39
40
8
.39
82 Aug
No 12e7
414 414
812 Jan 21
45
25
3,400 Gobel (Adolf)
8May 14
8 45
8
3 8 Oct
412 6
5
45
8 43
8
412 45
4
97g Mar
45
8 453
No par
8 Mar 9
v to
Ii14May 31 195
1012 7,600 Gold Dust Cory
1014 10
1018 103
1414 Dec
1018 10
8
97 1013 10
103
8
8 10
4218 Mar
No par 70 July 1
$6 cony preferred
95 Feb 8
300
85 Dec 11712MaY
70
76
75
79
70
•70
75
*75
76
*70
79
575
No par
5 6 Jan 14
5
214May 28
213 212
212 212
212 213 *212 3
23
8 23
212 212
8 1,900 Goodrich Co (B F)
33 Dec
8
8
207 Feb
100
Preferred
7 May 31 17 Jan 8
100
10 Dec
*8
*8
11
8
9
*8
8
*8
9
9
11
.8
68 Feb
512May 31 183 Mar 9
4
612 612 1.400 Goodyear Tire & Rub.No par
8
612 63
133 Dec
4
6511 65
6212 Feb
612 63
612 613
4
614 614
No par r193
let preferred
2112 2112 2114 22
1.100
sJuno 1 61 Mar 10
*2112 22
*21
35 Dec
193 20
2112 193 21
4
4
91 Feb
No par
714 Jan 5 1412May 6
1418 1432 133 14
1418 1414
3,300 Gotham Silk Hose
8
1418 1412 1312 141 1
1312 14
131 Apr
4
444Bent
555
100 5014 Jan 11 6512 Mar 1
Preferred
74
74
554
74
74
*54
74
554
72 Apr
*54
62
80 Jan
554
•12 1
*12
1
No par
%Slay 2
•12 I
Gould Coupler A
I Jan 11
•12 1
•13 1
63 Feb
8
512 1
11 Doe
4
1 May 27
132
454 Jan 12
114
138 •114
13
8 2,200 Graham-Paige Motors_No par
•114
17 Sept
13
8
118 *114
118 13
612MaY
8
118
23
8Ju1Ie 14
100 Granby Cons M Sm & Pr._100
73 Jan 14
4
2252 Feb
514 Dec
53
33
4 *3
37
8 *3
373 *3
312 *3
312
3
3
18
18
518
_ --_ __
t8
14
__
ts __
_
_ ____
No par
IsJuno 17
200 Grand Silver Stores
2512 Mar
3 Jan 22
112 Deo
No par
312Juno 1
934 Mar 4
8
300 Grand Union Co
*4
43
4 412 *53.
8
187 Mar
37
8 4
4 412 • 4 - .12 *33 _7 Oct
*33
4 412
53
4
No Per 22 June 1 3514 Mar 7
Preferred
300
8
52213 25
46 May
*2212 25
2218 223
21 Dee
*2213 25
2212 223 *2214 25
4
No Par
293 Feb
63
1,000 Granite City Steel
4June 1
4
*714 8
1114 D.e
1312 Feb 23
8
*8
8
*8
9
*8
9
58
9
9
No Par
1412May 28 3014 afar 8
42 Aug
2412 Dec
153
4 1514 1553 1514 1512 1512 1512 1,700 Grant (W T1
1512 1512 1513 1512 15
2312 Apr
5 June 23 1314 Jan 14
10 Dec
*514 53
.518 6
4
553 512 *512 53
4 3.100 Gt Nor Iron Ore Prop No Par
518 518 *518 6
117 Jan
2
314 Apr 5
63 Oct
4
45
8 5
434 5
412 43
.5
413 412
4
512 512
1553 3,400 Great Western Sugar No par
612 Jan 8
100 48 June 1 8114 Jan 5
9812 Jan
Preferred
100
63
73 Dec
63 .60
*60
63 *60
*60
60
65
60 60
.55
614 Mar
1 Dec
134 Jan 11
rat 3.000 Grigsby-Grunow
12 Apr 13
•12
No Far
12
kt
12
5
8
12
5
8
5
8
34
53
3
8
No par
la Dee
112 Jae
18 Mar 7
400 Guantanamo Sugar
38.1une 24
,
s
,
s
*14
3
8
,
it
*Is
3
8
lz
*3
8
*3
8
513
12
3712 Feb
No par
300 Gull States Steel
4 Dec
8 Feb 16
212.3une 8
*234 6
223 23
*212 4
4 *253 6
25
8 25
8 *212 3
15 Dee
100 20 Mar 8 20 Mar 8
80 Mar
Preferr I
*5
20
.5
20
20
"5
*5
20
*5
*5
18
20
22 Dee
25 15 May 27 23 Jan 12
3012 Mar
100 Hackensack Water
•16
4
165
8 16
16
*15
1614 51514 16, .1514 1614 .1514 1614
2814 Sept
30 Apr
10
8
7% preferred class A__21 19 May 27 28 Apr 26
*2112 24
*2112 22
2112 2112 *2113 217 *2112 2I7o
*2112 24
114 Dec
4
214 Jan 14
91 Mar
No par
3
4June 17
500 Hahn Dept Stores
1
*3
4
*3
4
1
.
34 1
3
4
3
4
*3
4
53
4
1
1
14 Dec
837 Mar
8
100
Preferred
714June 24 19 Jan 16
84
83
4 *7
4 *7
834 57
57
83
4 *7
83
83
4 *7
11 Sept
,
193 Mar
8
Hall Printing
10
4 June 2 111 Jan 7
*418 5
5414 5
8 5413 5
*414 5
.418 47
*414 5
•Bid and asked price.: no sales on
MI day
• Ex-divInend. • Di-rghts.
b Ex-dividends
New York Stock Record-Continued-Page 5
91
PT FOR SALES DURING THE WEEK OF STOCKS NOT
RECORDED IN THIS LIST. SEE FIFTH PAGE PRECEDIN
G.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
June 25.
Monday
June 27.
Tuesday
June 28.
Wednesday
June 29.
Thursday
June 30.
Friday
July 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1932
On balls of 100
-share lots
Lowest
Highest
$ per share 3 per share $ per share $ per share 8 per share $ per share Shares
Indus. & ?Miceli. (Cow.) Par 3 per share $ per share
r_ ___ 90 •__ 90 •____ 90 •____ 90 •
90 •__ 90
Hamilton VG etch Eget
100 30 Mar 7 30 Mar 7
*37
3812 *37
3812 *36
3812 *36
37 •36
37
*36
37
Hanna prel new
No par 33 May 28 70 Jan 14
*7
914 *7
914 *7
914
*7
94 *7
914
*7
Harbh:on-Walk Retrao_No par
014
*14
12
7 May 26 15 Jan 6
14
14
*14
12
*14
12
*14
12
*14
12
200 Hartman Corp class B_No par
14June 22
178 Jan 15
"8
3
1
*3
2
8
8
*3
12
3
s
8
•53
12
*3
12
8
1
100
Class A
No par
%June 27
it Mar 8
*4
414 *4
5
414
4
4
*37
8 4 8 *312 43
4 *312 43
4
200 Hawaiian Pineapple Co Ltd.20
•3,
3
1,
3 4May 9 10 Jan 12
3
*3
8
72
*3
8
12
*3
8
12
*3
8
12
*3
8
12
Hayes Body Corp
No par
14June 7
.49
14 Jan 12
60
*49
59
*49
60
*49
60
*49
58
*49
58
Helme (G W)
26 50 June 2 78 Mar 9
*4
6
*4
5
•4
•4
5
5
*3
5
*3
5
Hercules Motors
Nc par
444June 8
812 Jan 15
*1512 16
1513 1513 •15
1512 15
15
15
15
147 144
8
500 Hercules Powder
I47
8June 15 2818 Feb 18
No par
•7012 80
*7012 80
*7012 80
*7012 80
*7012 80
*7012 80
Hercules Powder $7 cum pf 100 7012June 1
95 Jan 12
463 463
4
4 45
46
44
46
44
45
45
45
45
45
2,000 Hershey Chocolate..___No par 44 June 28 83 Mar 9
*58
60
*5812 60
*5812 60
60
60
*5812 5913 •5812 5912
100
Preferred
014 5
No par 57 June 14 83 Mar 8
014 5
*14 8
*14 5
*14
*14 5
5
Hoe (11) ek Co
too par
14 Apr 1
14 Jan 12
*814 1012 *814 10
*83
4 9
814 814 •84 9
*814 93
4
100 Holland Furnace
No par
8 May 24 117 Jan 11
8
*3
41
*3
414
*212 414 *3
*213 414 *212 414
41
Hollander & Sons (A) No par
318May 31
102 Mar 10
8
12513 12514 •124 127 *125 126
124 125
11714 123
117 120
2,800 Homestake Min.ng
100 110 Feb 15 1313
4June 4
•1 18 113 *118
114 *112
118
113
112 *118
112 *118
112
400 Floudaille-Hershey el B No par
1 May 25
4 Mar 5
04312 4513 4313 431 *4312 4512 434 433 *43
3
4312 43
43
500 Household Finance part p1_50 4214June 3 5718 Jan 5
11
11
914 1011
953 94 1018 104
953 10
10
10
1,300 Houston 011 of Tea tern otfal00
4May 31 244 Mar 8
83
2
2
2
2
2
2
24 218
2
2
218 24 1,100
Voting trust etfs new
25
1181*Iay 4
54 Mar 8
*514 512
514 514
514 514 *5
512 x514 514 *5
6
800 Howe Sound
No par
5 June 2 1612 Jan 12
4
34 37
8
4
4 14 412
412 43
4
45
8 5
45
8 43
4 4,100 Hudson Motor Car
No par
27
8Nlay 31
1184 Jan 8
1 8 15
,
8
153 14
173
17
8 17
17
133
*17
8
17
3 '15
8
8
700 Hupp Motor Car Corp
10
112May 26
53 Jan 11
8
*4
5
8
*33
53
*3
8
53
*3
53
3
*as
3
8
Indian Motocycle
*3
s
5
8
No par
3
8June 1
14 Jan 9
*1
118
1
1
*1
118 *1
118 •1
118 *1
14
500 Indian Refining
10
1 Apr 1
15 Jan 21
8
*912 1018
718 97
8
814 812
813 9
*818 1014
9
4,400 Industrial Rayon
9
. No par
718June 27 383 Mar 7
8
1614 163
4 16
17
1624 163
4 16
164 164 17
17
18
2,600 Ingersoll Rand
No par 144 Apr 29 3912 Feb 19
10
10
10
10
*87 10
8
*87 10
8
*87
8 912 *9
10
200 Inland Steel
..No par
10 June 25 24 Feb 13
*114
13
8 *114
8
13
13
8 13
8 *114
13
8
13
8
138
1,
4
114
800 Inspiration Cons Copper ___20
3
47lay 25
414 Jan 14
*14 2
*178 2
•17
8 2
17
8
17
8 *114
2
*114
112
103 Insuraasharee Ctrs Inc_No par
1 June I
34 Jan 7
*333 37
8
34 334
312 312
312 312
312 33
4 *333 33
4 1,000 Ineuransharee Corp of Del-1
312Ju0e 28
8 Jan 12
"4
5
8
•
14
7
8
*14
7
8
*14
7
8
14
14
03
8
7
100 Illt(3111011t1 Rubber____No par
8
4 Apr 6
8
*2
7 Jan 19
218
2
2
*17
8 2
2
2
*13
4 2
*13
4 2
1,100 Interlake Iron
No par
2 NIay 26
414 Jan 22
*12
7
8
*12
7
8
*12
7
8
*12
7
8
*12
7
8
7
3
7
100 Internal Agricul
8
No par
14 Apr 7
112 Jan 9
*35
8 6
*35
8 6
*358 6
*333 6
*333 6
5
5
100
Prlor preferred
100
32 Apr 16
4
718 Jan 18
6612 663
4 6112 66
6012 6234 61
62
6134 63
62
643
8 9.500 lot Business Machines No pat 6012 June 28 117 Mar 9
•15
8
178 •112 17
8 *112 17
3 •112 13
4 *02 134 *02 12
Internal Carriers Ltd._ No pat
4
114May 31
51: Jan 13
453 43*
413 412 *43
8 43
4
412 412 *412 5
*412 5 I
9001 International Cement...No oar
*4
3331une 3 184 Jan 14
3
4
.58
84
1.
88
12
82
52
3
2
*12
34, 1,000 Inter Comb Eng Corp.. No par
12May 23
17 Jan 15
8
*9
912 *83
4 9
81. 93
.
4
4 *912 93
4
834 884
818 81.8 1 1,6001
Preferred
100
47 Jan 6 21 Jan 15
8
1113 1134
1114 117
8 11
11,
8 1114 12
115 127
8
8 104 113 12,200 Internal Harvester-__N8 par
4
1014July 1 293 Jan 18
4
70 70
6912 697
8 69
69 .69
697 *69
8
6912, 6913 6912
600
Preferred
100 683
4June 15 108 Jan 8
35
8 33
8
318 33
8 *314 312
3
3
3
3
3
3 14 1,200 Int Hydro-El Sys ol A__No par
8June 10 114 Mar 9
25
International Match pref_ _ _35
2
153 1 8 *114 --3
1 12
114 114
I
f
78 f •1 -1371 2,700 Int Mercantile Mariuectf*A00 1478 May 30 2412 Feb 19
lune
4 Jan 7
37
8 4
4
4
37
378 4
4
4
44
4
418 15,200 Int Nickel of Canada_ _No par
3127fay 31
914 Mar 7
*50
60 •50
52
50
50
*44
50
•40
50
*43
50
100
Preferred
100 50 June 28 86 Mar 7
*314 57a *3
6
3
3
*13
8 6
*218 6
0218 6
40 Interne* Papa 7% oref_100
8June 2 104 Jan 15
13
12
12
7
8
73
33
7
8
'12
'
1
7
8
•12
7
8
*12
7
8
300 Inter Pap & Pow al A__No par
12.1une 9
212 Jan 21
*14
84
*14
34
*14
7
8
*14
12
*14
3
4
*14
Class B
1
No par
14May 25
114 Jan 21
*14
4
*14
3
8
*14
3
8
14
14
*14
3
100
8
*14
Class C
33
No par
14 Apr 14
34 Jan 4
258 24
212 212
214 214 *23
24 213
8 212 *238 212
Preferred_..,
700
100
2 May 31
11 Jan 15
•4
412
4
4
4
4
4
4
*318 413 *318 413
500 Int Printing Ink Corp_No par
4 June 2
*32
83 Mar 10
4
35
32
32
*32
35
*32
35
*32
35
*32
35
Preferred
70
100 82434 Jan 15 40 Apr 15
*1012 113 *11
4
1133 *1012 113
4 1112 11 12 113 1133 *1012 1112
8
200 International Salt
100
934.1une 2 2312 Feb 17
3278 33
3318 333
4 34
3412 334 345
8 32
3414 3212 33
8.000 International Shoe_ _ _ _No par 32 June 30 4438 Jan 15
*8
1214 *8
12
*6
113
4 *9
12
•9
12
9
9
200 International Silver
100
8 June 2 247 Mar 10
.30
8
32
3014 317
8 3018 3018 *30
32 .30
32
*30
32
30
7% preferrred
100 26 May 7 65 Feb 13
318 33
2
318 314
318 314
3
318
3
33
8
318 314 14,900 Inter Telep & Teleg__. _No par
25
8May 31
1214 Feb 19
•13
4 25
8 *134 25
8 *13
4 278 *2
27
8 •2
278 *2
3
Interstate Dept Stores_N: pa
112May 31 11 Jan 9
.1612 28
*15
28 .15
28
*18
28 •__ 28 *......_ 28
Preferred ex-warrants_ _ _ 100 18 June 24 5212 Jan 8
*3,
2 4 4 *312 414 037
,
8 414 *37
's 414 *37
8 414 *37
8 44
Intsrtype Corm
No par
358.1une 2
7 Apr 1
Investors Equity
No pa
3May 27
5
24 Jan 14
*102 13
4
*1034 1114 103 11 18 *103 1118 11
4
4
ff •11 13
300 Island Creek Coal
I
1014 Apr 18 18 Jan 14
*19
20
1812 20
•19
1914 20
20
193 2014 *18
4
19
900 Jewel Tea Inc
No par
15I8MaY 31 35 Feb 13
1113 12
1012 1113 1038 111s
105 1114 105 1114
8
8
1012 115 12,300 Johns-Manville
8
No par
10 May 31
254 Feb 19
5614 5614 5614 5614 5512 5512 50
50
*40
50
*40
50
120
Preferred_
100 50 June 29 991 Jan 22
4
3614 38
35
35
34
3512 3312 3312 3014 3218 *3014 32
500 Jones & Laugh Steel pref._100 3014J une 30 84 Jan 5
*9312 100 .9313 100
*9212 100
9312 9312 *9313 100
*9312 100
10 K C P & Lt let pf mar B_No par 90, Apr 8 1131 Jan 23
2
4
53
"4
53
*14
•14
53
Karstadt (Rudolph)
4 Apr 11
112 Jan 6
03
318
338 34
32
8 33
8 *318 312
312 312 *3
34
400 Kaufmann Dept Stores $12.50
3 May 21
914 Mar 7
54 53
8 •5
54
5
518
5
5
.",
5
44 5
7,100 Kayser (J) Co v t c__No par
44 July 1
94 Feb 19
7
8
4
*3
4
4
03
4
7
8
•3
4
7
8
*3
4
7
8
*3
4
7
200 Kelly-Springfleld Tire_No par
8
12J une 1
27 Mar 7
8
8
8
64 812 •7
9
*7
9
*7,
9
*7
9
400
8% preferred
100
63
8.1une 27 2278 Mar 8
*18
30
*18
30
*18
30
*18
25
*18
25
*18
25
6% preferred
100 20 Jan 2 65 Mar 9
'1
118 •1
118
1
1
1
1
.1
118
1
1
800 Kehiey Hayes Wheel___No par
1 Apr 8
414 Jan 14
27
8 3
278 3
278 3
27
3 3
27
8 3
24 3
2,600 Kelvinator Corp
No par
2 4May 16 1058 Feb 19
3
*2118 233
4 21
21
.2013 22
*2013 21
2012 2012 20
20
60 Kendall Co prel
No par 20 July 1 38 Feb 23
512 54
5
53
4
5
514
5
518
44 513
47
8 54 31,100 Kennecott Copper
47
elune3O 13 Jan 14
No par
*1012 1112 *1012 1112 •1013 12
1012 1012 *10
12
*10
12
500 Kimberley-Clark
No par
1012June 14
1910 Jan 9
*1
118
1
1
*I
118 •1
116 •1
118 .1
118
100 Kinney Co
N. par
12 Apr 4
218 Jan 22
3
318 *312 7
*312 7
*312 7
*312 7
.312 7
20
Preferred.
3 June 25 1318 Jan 23
No par
814 814
814 814
84
8
8
818
8
8
64 73 10,000 Kresge (BSI Co
4
10
6g July 1
19 Jan 14
*1812 20
*1812 20
1818 1812 *18
1812 18
1814 *18
20
1,000 Kress Co
No par
18 June 30 37 Jan 21
11)1
18
18
18
he
53s
hi
18
'32
18
1,2
*a 8,000 Kreuger & Toll
184May 25
918 Jan 26
1078 1078 10 8 107
,
8 103 107
4
8 1014 104 1012 104 104 107
8 4.800 Kroger Oro): & Bak... _No par 10 May 31
2812 29
1878 Mar 8
29
29
28
2812 283 283
8
4 2 8 29
2718 277
87
3 3,800 Lambert Co
No par 25 May 31 5654 Jan 14
•158 2
*15
8 2
•15
8 2
*158 2
.15
8 2
•14 2
Lane Bryant
No par
2 May 245
4 Apr 1
*218 212 *218 212
213 24
214 214 *213 212
24 218
500 Lee Rubber & Tire_ ___No par
184 Apr 12
23
8June 18
*4
6
*4
6
*4
6
*4
6
.4
6
.4
6
Lehigh Portland Cemera___50
34 Apr 41
6 2 Jan 28
,
.4814 50
*4814 50
4814 4814 4814 4814 *4814 4934 *4814 493
4
40
7% preferred
100 47 June 15 75 Jan 12
•1
118
1
1
*1
113 *I
118 *I
14 01
114
200 Lehigh Valley Coal___ _No par
1 May 14
34 Jan 8
•1
23
4 *I
23
4 .1
23
4 •1
22
4 *1
234 *1
Preferred
284
234.June 8
50
9 Jan 9
031
3212 32
32
30% 303
4 3118 3118 3218 3218 *3118 3214
700 Lehman Corp (The)„..No par 3012.1une 1 464 Mar 7
*812 9 4 *84 93
3
3
4 *83
4 9 4 *83
4 94
87
2 87s
200 Lehn & Fink
9
0
No par
6 May 26 2414 Mar 7
•4
414
4
4
414 453 *4
413 *4
413 *4
413
400 Libby Owens Glass__No par
3 4May 13
8
8 Jan 20
39
39
*36
38
38
3814 *3613 3912 *3612 38
*3812 397
8
400 Liggett & Myers Tobacco __25 3214June 2 5978 Mar 7
39
4013 373 40
4
38
393
8 3914 3912 39
3934 3914 404 6,400
Series B
25 3418May 3
4
614 Mar 8
"108 115 .108 115
106 108 *105 110
108 108 •108 112
800
Preferred
• 100 100 May 31 11812Mar 7
•1414 1473 •1438 147 *143 147 *143 1478 •143
8
8
5
8
8 1478 *143 144
8
Lily Tulip Cup Corp___No par
14 June 21 21 Mar 8
10
10
10
10
10
10
10
10
.10
1013 1012 1012 1,400 Lirna Locomot Works__No par
84 Apr 4 1684 Jan 14
•63 1112 .654 11 12 *67 30
4
8
.63
4 7
7
7
*67 30
8
200 Link Belt Co
No par
612June 2 14 Mar 9
*1012 103 *1012 1112 103 103
4
4
4 1012 1012 103 1112 1114 1114
4
700 Liquid Carbonic
No par
9 May 3 22 Mar 8
1512 1512 1454 1512 1458 1514 1518 1533 15
1514 153 15 8 6,000 Loew's Ineorporated
,
8
1314May 31
No par
•46
34 Mar 5
5612 *4513 47
45
*4312 47
45
*4312 47
*4313 45
200
Preferred
No par 45 May 31
*2
72 Feb 19
212
2
2
2
2
•2
218
2
2
2
2
1,200 Loft Incorporated
*14
I
No par
17
44 Mar 12
8June 2
*14
1
•14
1
14
14
04
1
1
•14
100 Long Bell Lumber A No par
19
14May 26
193
8 19
118 Jan 29
1912 173 18 8 17
4
,
1714 164 163
4 1618 1658 4,000 Loose-Wiles Biscuit
25 1618 July I 3638 Feb 17
1118 1114 103 1118 103 11
2
4
103 107
8
8 103 11
4
11
1118 8,500 Lorillard
No par
9 May 31
*85 100
16.8 Mar 10
*85
95
•85
92 .6113 100
*80
92 .80
90
7% preferred
100 7318 Jan 5 9314 Mar 8
•13 1
12
12
•i2
3
8
•12
3
8
•12
5
8
12
12
200 Lowalana 011
No par
12June 20
13* Mar 8
*5
24
*5
24
.5
24
.5
24
*5
24
*5
24
Preferred
100
8 May 18 18 Jan 9
1214 1214 113 1233 1134 113 .113 1212 *12
4
4
4
1212 .12
1212
600 Louisville G & El A____No par
8I2June 2 234 Mar 8
.2
314 *2
314 *2
314 *2
314 *218 314 .213 314
Ludlum Steel
No par
112 Jan 5 5
Jan 21
*10
12
*94 17
595 12
8
*94 12
.94 12
•958 12
Preferred
No par
64 Jan 5 20 Mar 3
*03 10
*03 10
*03 10
4
4
4
*93 10
4
.93 10
4
*93 10
4
MacAndrews & Forben_No par
41uue 16 1514 Feb 17
03
*410
*60
*60
90
90
90
•60
90 .
60
90
.60
90
6% preferred
100 5712May 3 6212 Jan 6
•1214 123
8 12
4 123 123
8
1214 12
12
12
12
12
12
4,900 Mack Trucks Inc
No par
10 June 2 1818 Mar 4
8
18
177 19
183 19
4
1814
1818 1813 18
1814 19
1914 6,800 Macy Co_
No par
*3
17 June 14 604 Jan 14
312 *3
312 *3
3 3 *3
,
312
27
8 3
23
4
23
4 1,400 Madiaon Su Garden....No par
24 Jan 8
333 Mar 9
*43
4 5
*43
5
5
4 5
*43
4 5
x47
8 47
8 •453 5
200 Magma Copper
No par
412 Apr 14
8 4 Jan 14
,
013
*12
•12
7
7
8
a
7
8
*12
7
8
*12
7
8
*12
7
8
Mani:ion (H R) & Co__No par
12 Jan 6
14 Jan 18
*14
*14
3
8
014
3
8
3
8
*14
3
8
*14
3
100
8
NU/lett Sugar
*14
38
is Mar 2
1 Jan 11
13*
•18 Ps
Pa
*18 13
•33
s
•Is
*18
13
8
*18
13
3
Preferred
100
4 Apr 13
2 Jan 28
•114
13
4 *114
11 1 .1
13
1 18
4
124 *I
13
4 *1
13
4
200 Mandel Bros
No par
118June 3
3 Jan 5
4
4
4
4
4
4
4
4
*313 4
*312 4
700 Manhattan Shirt
25
312June 2
7 Jan 15
*4
4
*3
8
8
7
33
8
•3
3
3
7
8
*3
8
7
8
*3
100 Maracaibo 011 Explor__No Par
8
7
8
4June 24
1 Mar 14
7
718
634 7
63
4 7
658 67
8
63
8 634
65
8 67
8 4,500 Marine Midland Corp
10
612.1une 2 1214 Jan 14
*Mt 614 *6
614
5
6
*6
614 "
6
614
600 Marlin-Rockwell
6
6
4May 31
No par
1112 Mar 8
53
*3
8
3
3
*3
8
*3
.33
8
8
*3
38
5
8
*3
5
8
8
•3
8
Marmon Motor Car___No par
5s
12 Apr 21
2 Jan 9
*34 3
4
313 3
313 312
4
33
8 3
'8 *314
313 *314
500 Marshall Field & Co._ _No pat
313
33
3June 29 1312 Jan 14
.1., 1
•12
1
•12 1
•13
1
01
: 1
•12
1
Martin-Parry Corp____No par
14 Apr 19
34 Mar 23
• itid anti *Rapti nrinert: no tale* on this da•
• For-divIden ,
• F1,r1ehtn
PER SHARE
Range for Prestos.
Year 1931
Lowest
Highest
II per share I per share
94 June 103 Jan
67 Dec
94 Feb
4414 Feb
1112 Dec
74 Feb
4 Dec
17 Dec
8
105 Feb
8
814 Nov
424 Jan
1 Dec
8 Mar
60 Oct 100 Feb
5 Dec
18 Mar
26 Dec 858 Mar
96 Dec 11912 Mar
68 Dec 103 4 Mar
,
7012 Dec 104 Mar
11 Dee
/
4
812 Mar
10, Dec
4
37 Feb
54 Dec
1913 Ape
81 Jan 138 Dec
212 Dec
914 Mar
524 Sept
65 Mar
6812 Feb
1514 Dec
1418 Feb
3 Dec
2912 Feb
1112 Dec
4
25 Jan
73 Oct
1318 Feb
34 Oct
4 Dec
414 Feb
118 Dec
44 Feb
21 Oct
86 Feb
2533 Dec 182 Jan
194 Dec
71 Feb
3 Dec
118 Feb
2
94 Feb
24 Dec
1214 July
‘ Dec
14
14 Sept
412 Feb
27 Dec
2
15 Jan
514 F ,
1 Dec
412 Dec
5114 Feb
92 Oct 1794 Fet
3 Dec
124 Feb
16 Dec
624 Feb
12 Oct
6 Feb
$12 Dec
39 4 Fer
,
224 Dec
/
1
6012 Mar
105 Dec 14312 Mar
31 Fet,
018 Dec
11 Dec
7314 Ma.
24 Dec
1612 Jar
7 Dec
2018 Feb
80 Dec 123 Ma:
42 Ma ,
7 Dec
,
1014 Feb ,
14 Oct
4 Dec
8 Jan '
412 Feb
It Oct
4312 Mar '
614 Dec
414 Dec
16, Feb
4
6912May
25 Dec
18 Dee
42 Feb
54 June
37 Dec
51 Mar
157 Dec
2
50 Dec
9018 Mar
2
833 Feb
718 Dec
213 Feb
8 Dec
8
5212 Dec
6712 Mar
451 Dec
1812 Feb
114 Dec
914 Feb
141 Dee
4
31 Jan
24 Oct
574 Feb
155 Dec
8
80 4 Mar
,
8314 Dec 126 Apr
68 Dec 12312 Mar
11114 Oct 11512 Apr
7 Jan
14 Dec
18 Fe'
612 Dec
714 Der
2453 Ma34 Oct
312Meo
26 Ma,
518 Oct
10 Sept
45 Ma'
3 Dec
293 Fel
4
1512 Mar
6 Sept
20 Jan
60 AP'
3112 Feb
94 Dec
41 Jan
137 Dec
8
14 Dec
2012 Jan
70 Jan
8 Dec
15 Dec
294 Am,
55 Feb
2614 Dec
273* Mat
414 Dec
1212 Dee 235121,1, y
4018 Oct
874 Mar
314 Dec
174 Jan
178 Oct44 Mar
5 Dec
4
181 Feb
72 Dec 10153 Feb
8 8 Jan
,
14 Dec
Dec
6
30 July
8
693 Feb
35 Oct
4
343 Feb
184 Oct
5 2 Dec
,
207 A Pr
8
91 Feb
39 Oct
40 Oct
915 Feb
4
110 Dec 148 May
16 Sept
261:June
124 Dec
343 Feb
4
14 Dec
33 Feb
134 Dec
554 Feb
634 Feb
234 Dec
56 Dec
99 Mar
2 s Oct
,
64 Apr
6 Jan
1 July
4
5472 Mar
294 Dec
217 Jul;
10 Oct
8
4
741 Dec 1024 Atli
612 Feb
1 Dec
55 Jan
20 Dec
177 Dec
4
Ws Feb
19 Mar
4 Dec
524 Fon
10 Dec
25 Feb
13 Dec
60 Sept 1001 Apr
:
12 Dec
437 Feb
s
50 Dec 10614 Feb
2 Sept
74 Mar
74 Oct
274 Feb
44 Mar
4 Dee
5 Mar
33 Nov
4 Dec
4
124 Jan
$ Sept
8 June
412 Dec
12 Feb
3 4 Feb
,
4Sept
914 Dec
2414 Feb
95 Dec
8
8282 Feb
14 Dec
10 Feb
94 Dec
3253 Feb
$4 Jan
It Dec
New York Stock Record—Continued—Page 6
92
Vir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES—PER SHARE. NOT PER CENT.
Saturday
June 25.
Monday
June 27.
Tuesday
June 28.
Wednesday
June 29.
Thursday
June 30.
Friday
July 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1932
On basis of 100
-share lots
Lowest
Highest
_
PER SHARE
Range for Preylox'
Year 1931
Lowest
Highest
—
8 per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & MaceII. (Con.) Par 3 per share $ per share S per share S per iharr
9 June 1
94 10
1,200 Mathleeon Alkali WorkeNo par
207 Mar 10
*10
103
4
914
8
3112 Jen
94 912
93
914
12 Dec
4 934
93
912
20
Preferred
100 894 Apr 13 105 Jan 13 104 Oct 1253 Mar
*93
95
*93
95
*93
95
*93
95
*93
95
95
95
3
25
912June 30 20 Jan 13
4 1,100 May Dept Stores
*95 1012
8
953 10
912 912 *912 93
1558 Dec
39 Mar
10
10
*912 10
8 113
Yo par
112May 26
•13
2
*IN
112 *13
Maytag Co
3 Jan 14
*1
2
8 113 *13
8
112 Dec
8 8 Feb
7
112 *I3
*314 4
No par
3 Apr 14
*314 4
*314 4
*338 4
Preferred
3N
33
8 *33
8 4
200
814 Jan 13
5 Sept
243 Mar
8
Na par 34 afar 24 3514 Jan 7
Prior preferred
7112Mar
*____ 3013 *____ 30 *____ 31 *____ 31 *____ 2813 *__
2812
35 Dec
10 May 31 21 Jan 14
4
01214 13
12
No par
12
12
*113 14
12
1134 113 *1133 123
4
400 McCall Corp
1512 Dee
36 Jan
7 June 18 16 Apr 18
*7
9
7
7
*7
22
*7
22
*7
22
*7
22
100 McCrory Stores class A No par
15 Dec
5134 Feb
Class B
No par
7 June 30 19 Jan 14
*7
10
*7
10
*7
10
*7
12
7
7
*7
12
40
1412 Dee
5158 Feb
22
22
100 21 June 2 62 Feb 18
*22
30
*2018 22
2112 2212 *22
2412
240
Preferred
2412 *22
54 Dec
9312Mar
McGraw-Hill Publics's No par
212May 13
*234 412 *212 412 *212 412 *212 412 *212 412 *212 412
712 Jan 7
29 Feb
6 Dec
1512 15
1538 1418 145
8 2,600 McIntyre Porcupine Mines_5 13 May 25 1612 Mar 16
12 Oct
2612 Max
147 147
8
8 147 1518 147 1478 15
8
33
7,100 McKeesport Tin Plate_No par 28 June 2 6214 Feb 19
384 Oct 10313 Apr
32
32
3114 3214 313 33
8
323 333
4
3113 3313 32
118.1une 1
612 Feb 16
*13
4 2
800 McKesson & Robbins_ _No par
33 Dec
8
17 Jan
13
4 13
173
17
13
4 14 •13
4 2
4
13
4 13
4
23 Feb 13
414
414 *4
414 1,100
Preferred _
50
31sMay 31
412 412
4
412
418 418
4
4
15 Dec
373 Feb
8
No par
N July 1
4 Mar 5
14 Dec
11.1 *1
114
N
1
800 McLellan Stores
1013 Mar
*1
114
1
1
*1
114 *1
No par
8 May 25 18 Jan 9
144 I)ec
Melville Shoe
34 Mar
*812 1018 *812 1018 *812 1018 *812 1018 *812 1013 *812 1018
No par
118 Apr 6
23 Jan 8
4
2 Sept
Mengel Co (The)
84 Feb
*118 13
*118
IN
*113 IN *113 13
3 *113 13
8 *118
IN
14 June 9 2211 Jan 14
*15
16
Metro-Goldwyn Piet pref_27
15 Dec
27 Apr
*15
16
*15
16
*15
16
*15
16
*15
16
.5
112June 1
44 Jan 13
400 Miami Copper
*13
4 2
2848e0t
105 Feb
8
4 2
*13
4 2
*13
4 2
15
8 15
8 *13
*118 2
No par
3 4 Apr 9
3
612 Mar 8
5 Oct
418 418
418 418
418 418 1,700 Mid-Cont Petrol
163 Jan
4
44 414
414 414
414 438
2 June 0 10 Jan 14
214 *2
214 *2
No par
314 Feb
*2
214
7 Oct
2
2
214 214
300 Midland Steel Prod_
*414 433
100 25 June 2 511. Mar 9
4
94 Feb
*2312 26
26
26
200
8% cum let pref
354 Oct
*26
30
26
26
*2312 27
*26
30
11 June 3 2312 Jan 18
Minn-Honeywell Regu_No par
15 Dec
5812 Feb
1312 *12
1312 *12
1312 *12
1312
*12
137 *12
1312 *12
3
3
%June 8
114 lIec
712 Feb
100 Minn-Moline Pow Imp] No par
233 Jan 18
*5
8
78
4
4
7
8
*3
4
7
8
*5
8
7
8
*3
4
7
8
*3
4
No par
5 May 27 11 Jan 25
618 Dec
48 Mar
100
Preferred
7
5
5
*414 10
*5
15
*6
13
*5
*5
7
512June 24 1034 Jan 20
734 Dec
2118 Mar
*53
4 6
6
6
900 Mohawk Carpet Mills_No par
*53
4 6
*53
4 6
*53
4 6
6
6
133
8Nlay 31 30 4 54.0 8
3
1614 Oct
2834 Aug
157 1618 *16
8
1712 1614 1612 163 165
8 1,100 Monsanto Chem WksNo par
16
16
3
*1512 17
43
1114 Mar 5
413
414 412
312N1ay 31
2914 Feb
414 412
633 Dec
414 412 12,000 Mont Ward Co III Corp No par
43
8 412
414 412
No par 20 May 14 3514 Mar 12
28 Dec
Morrel GI) & Co
58 Feb
8
*207 26
8
8
*2078 2612 *207 2212 *2073 2612 *207 2612 *2073 26
18
•18
14
.18
14
*18
14
18
*18
14
*18
1.1
N Jan 4
100 Mother Lode Coalltion_No par
IRMay 20
4Selit
54 Feb
MotoNleter Gauge&Eq No par
14 Apr 22
1 Jan 0
3 Dec
3
412 Mar
N
*14
N
*14 . N
*14
3
8
*14
3
3
*14
*14
N
73
475 Apr
8
738June 27 2612 Mar 2
15 Oct
200 Motor Products Corp__No par
*712 10
*713 1012 10
7 8 *712 11
3
10
*8
812
No par
5 Dec
2 June 10
64 Jan 14
19N Feb
900 Motor Wheel
218 218 *218 212
*218 23
4
218 218 *218 212 *218 212
No par
3673 Mar
100 Mullins Mfg Co
2 June 1
814 Dec
4
*3
4
*3
4
*3
4
*3
4
4
1333 Jan 13
*4
5
20
Preferred
No par
5 June 1
27 Jan 13
20 Dec
7212 Mar
*8
10
8
8
*8
10
*8
10
10
*8
1012 *8
MunsIngwear Ins
No par
10 May 23 15 Feb 25
11 Dec
3114 Jan
*9
62
*9
62
*9
62
*9
62
*9
62
09
62
183411181
No par
974 Mar 2
6 Oct
2 4 23
3
4 *23
4 3
212 23
4
218
212 3,600 Murray Body
2o July 1
4 24
*23
4 3
23
454 Mar
20 Oct
100 Myers F & E Bros_ __-. No par
718June 30 19 Feb 13
14
*713 12
*718 12
74 718 *5
*713 12
*718 12
No par
S May 31 194 Jan 14
16 Dec
407 Mar
9!2 912
8 3,200 Nash Motor* Co
918 93
8
918 91 1
9
9 13
918 914
913 95
National Acme stamped._ _ _ 10
114May 25
21R Dec
1034 Mar
*114
2
*114 IN *114 2
3s Jan 14
8 *04 IN
*114
17
3 *114 17
____ ____ ____ ____
Nat Air Traneport
54 Jan 5
No par
4 Sept
13 Mar
74 Jan 21
Nat Belles H
No par
4 Mar 17
78 Dee
10 Feb
Ds Jan 5
32 Feb
Preferred_
373 13ec
100_
5 Feb 17
laNlaY 25
f
*T4 I
17
*i4
.
1
*la i
*14 -1
*14 *14
83N Feb
10 20'4 July4678 Mar 7
3638 Dec
24
2514 2218 2513 2014 2214 54,300 National Biscuit new
4
2714 2712 2514 2713 243 26
100 101 May 31 130 Feb 19 1194 Dec 16314May
500
7% cum pref
10714 108
108 108 *10714 110 *107 110
*10934 113 *108 110
3934 Feb
2,800 Nat Cash Register A w INo par
612June 30 1438 Mar 7
71R Dec
*7
63
3 64
65
8 7
738
7
7
4
67
8 67
8
612 63
No par
1433June 29 3133 Mar 8
37,900 Nat Dairy Prod
20 Dec
503 MM
4
8 1438 147
8 145 1514 148 15
1412 153
8
8 1413 153
1514 157
14June 3(1
12 Dec
713 Feb
100 Nat Department Stores No par
1 Feb 19
12
14
14
*18
12
*14
12
014
12
*14
*14
12
Preferred
2 June 23
60 Jan
*2
4
*2
4
*2
4
100
473 Dee
*2
4
8 Jan '2
*218 4
*2
4
8
13 June 1 244 Mar 3
363 Feb
16 Dec
1818 1812 19
19
193
8 1813 2014 1812 1918 6,300 Nat Distil Prod ctfeNo par
173 1814 18
4
Nat Enam & Stamping_ _ __100
8
35
8June 6
277 Feb
*313
_
*312 9
*312 9
*312 512 *312 47
8 Jan 21
514 Dec
*312 4N
200 National Lead
100 4914May 2 92 Jan 8 x7812 Dec 132 Jan
*53 - 6618 *53 584 53 53 *5212 54 5314 5314 *52 54
)'referred A
620
100 90 June 30 125 Mar 11
111 Dec 143 June
94
9418 02
02
90
92
90
90
96
94
96
06
200
Preferred Ii
100 65 July 1 105 Jan 13 100 Dec 12084 July
68
*67
73
*65
73
65
65
73
68
897
8 70
*73
No
: 653June 2 163 Mar 8
4414 Feb
3
1014 Dec
818 8N
8'l
712 814 19,500 National Pr & La
813 812
8
73
4 84
83
3 812
18may
118 Feb
____ ____ ____ ____ ____ ____ ____ ____ ____ ______ National Radiator
No P
p
Preferred
218 Jan
No par
laSept
______
__ ____ _---.
No par 14 June 28 234 Jan 8
1812 Oct
5818 Feb
14r4 144 .1413 143
4 ---------------------1,600 Nat Steel Corp
100 National Supply
914 Mar 4
50
312.1une 2
5 Dec
5
5
0413 6
*5
7
*5
7
*5
6
704 Feb
*57
20
Preferred
20 Dec 111 Feb
100 1312Nlay 26 34 Mar 5
20
*16
20
*1614 20
*1614 20
*164 20
*18
18
18
100 National Surety
173 Jan 14
8
210 Dec
764 Mar
alune 1
50
47
05
5 12 *5
512
6
*5
6
614 05
12 513 *5
5
53
3I2May 26 10 Mar 8
614 Dec
247 Mar
3
200 National Tea Co
No par
514
*4N
5
5
5
*4
*4
8 5
514 *43
*4
113 Apr 26
: Jan 14
02
3 Dec
2514 Feb
400 Nelener Bros
No par
8 214
112 113 *1
113 13*
2
*13
8, 214 *13
*IN 2
1434 Feb
08 Jan le,
43 Dec
4
212May 311
600 Nevada Consol Couper No par
4
212 212 *24 23
4
4
213 212 *212 23
0234 3
2 4 23
3
207 Mar
3
1012June
Newport Co
No par
61 June
6514 Oct
50
Class A
__ __ ____ ____ ____ ____ ____ ____ ____ ____ __ ______
3June 20
474 Jan 18
214 Dec
24 Feb
No par
15
212 1,000 Newton Steel
133
158
13
4
IN
131 *118
15
8
IN
13
4 *1
*1
*433 453 *43
414June 13
8 Feb 26
412 Dec
25 Jan
No par
200 N Y Air Brake
0 5
, 414 414 *43
8 8
*414 5
*414 5
714 Dec
3734 Jan
714 Jan 2
New York Dock
100 4 June 17
*2
10
10
*2
10
*2
10
*2
10
*2
10
*2
80 Jan
20 Sept
Preferred
100 20 Apr 9 20 Apr 9
*10
35
*10
35
35
*10
35 *10
35
*10
35
010
124 Jan
2 Jan 14
118 Dec
12June 2
No par
600 N Y Investors Ina
3
4
3
4
5
8
5
8
N
85*
31
33
73
8
*5
3
4
*5
8
804 Dec 10734 Mar
130 N Y Stearn 36 pref.._ No par
70 May 28 98 Feb 5
7412
7412 *71
7412 *71
*71
76
7114 75
*76
79
76
94 Dec 118 APT
100
$7 bit preferred
No par 90 June 4 10918 Mar 14
*90 100
91
92
92
95
95
*90 100
91
9014 91
0 10 4May 31
10 Oct
2912MaY
3
177 Mar 16
8
8
117 117
8
8 118 117
8 115 117
8
8 115 11 4 2,300 Noranda Mines Ltd
115 12
8
12
12
26 Oct
4June 2 40 Feh 19
9014 Feb
8
8
133
165 173 33,500 North American Co_ __No par
8
153 167
4
8 1614 1713 165 175
4
163 1714 153 17
4
4018 Dec
57 Mar
4June 2 4734 Mar 3
800
Preferred
60 273
8
8
4
8
8
8 3012 317 *2912 327
4
4 323 323 *302 327 *317 327
323 323
4
2 8 Dec
3
17
4May 31
414 Feb 1
11 AD/
5
11
3.300 North Amer Aviation
178 2
158
158
134
17
8
17
178
17
8
178
178
79 Dec 10712 Aug
200 No Amer Edlson pref__No par 53 June 30 864 Jan 18
*50
56
53
5412 *53
5412 *53 4 5412 53
,
053
56
053
4 Dec
238June 20
8 Jan 21
353 APT
North German I.loyd
*33* 5
3 512
8 54 033
8 512 *33
3
*33
8 512 03 3 512 *33
21 Dec
4712MaY
Northwestern Telegraph_ -10 15 June 3 29 Jan 29
*135 24
8
*13N 24
*1414 24
*1333 24
*1333 18
*1414 24
4 Jan
2 Nov
*7
3 1
N Feb 9
13 Mar 10
4
07
8
118
•7
8
1
400 Norwalk Tire & RubberNo par
78
7
8
*78
118
7
8 1
194 Jan
518 Dec
814May 10
No par
5 Jan 5
718 4,400 Ohlo 011 Co
67
8
67
8 7
63
4 7
4
65
8 63
63
4 67
8
63
4 64
3
2 Jan 15
4 Apr 28
53 Feb
3
18 Dec
*5, 1
*58
I
200 Oliver Farm Equip new No par
.5
8
1
*5
8
1
3
4
*5
8
1
3
4
37
64 Jan 16
218 Dec
26 Jan
Preferred A
No par
212May 21
37
8 *2
37
8 *2
37
37
8 *2
*2
*2
38 *2
43 Mar 8
4
IN Oct
612 Mar
112 Jan 4
Nn par
900 Omnibus Corp
4 24
17
*13
15
8 2
17
13
218
*2
24 *2
218
*2
97 Jan 21
818 Der
2812 Feb
3 June 7
Oppenhelm Coll & Co_ .No par
4
*3
4
*3
4
*3
*3
4
*314 4
*23
4 4
Cl3 Dec
72 Mar
Orpheum Circuit Toe prat _100
314June 16 1414 Jan 13
*312 412 *312 412 *312 412 *312 412 *312 412 *312 412
107
g
95
114
0312
2013
20
26
*312
6212
13
4
*____
*314
4
*3
8
812
IN
N
*4
*2
312
*3
4
•17
145
8
1052
11
*95
95
114 *114
312
4
2012 2018
2012 1913
2614 2512
5
*312
6212 6212
13
4
13
4
8 •____
8
84 *33
4
4
12
*3
8
5
8
*12
8
13
4
17
*N
3
8
3
8
*14
21
. *2
312 *314
1
3
1
1812 1914
1412
15
*66
*12
1314
*1212
050
47
*5
34
3
*412
*66
70
34
12
518 *314
*1212
19
743 *57
4
503
4 4612
*5
0
4
33
4
33
8
43
43
4
- 5T4 iii- - 54
2
214
*2
758
*714 8
83
4 *3
*3
*10
14
010
3
314
33
8
*312
*312 4
*1
4
*1
*14
3
8
*14
*34 412 *313
*12
3
4
12
4
123 123 *13
No par
10'8 105
8 2,300 Otis Elevator
1118 11'8 2105 11
8
i1'8 10 4 11
3
90
Preferred
100
95
*8612 95
*8612 95
98
95
98
*95
No par
200 Otis Steel
13g
I3g
138
138 0114
112 *114
112 *114
100
100
Prlor preferred
*312 4
4
312 *312 37
8 *312 37
8 *312
_25
6.105 Owens-linnet/9 Glees Co
*18
1912 20
2214 204 22
20
2014 20
25
8
4
187 197 13,000 Pacific Gas & Electric
8
8 183 1912 183 19
4
1812 197
21
No par
2614 2613 2.500 Pacific Ltg Corp
*26
27
2512 2514 26
25
26
100
Pacific Mills
*4
5
*4
5
*3 4 5
3
*312 5
5
580 Pacifle Telep & Teleg___ . _100
*6034 625
8 61
627
8
6214 615o 62
6212 61
4 6,100 Paekard Motor Car-- --No par
IN
13
4
13
8
13
4
13
4 17
1N
13
4 IN
Pan-Amer Petr & Tram
5
*412 8
0412 8
*412 8
8
*412 8
Clams B
5
7 4 *412 712 *412 712 *412 • 712 *413 712
3
No par
41
8 1.200 Park-Ttlford Inc
43
3. 414
43* 43
4
414 43
8
4
Parmelee Tranaporta'n No par
12
12
*38
12
*38
12
*3
8
1.
*38
Panhandle Prod & Ref_No par
5s
5a
*12
*12
*12
N
*12
N
33
No par
19,600 Paramount Publix
17
14 2
13
4
8
15
8
13
4
13
4
17
8
IN
I
600 Park Utah C M
3
1
53
.
"8
3
4
5
8
53
05
8
5
8
3
4
No par
100 Pathe Exchange
14
3
8
14
8
*14
014
3
.38
*14
3
8
No par
Class A
100
*15
8 212 *1N
2
*13
4 212
2
2
214
800 Patine Mined & EnterprNo par
312 34
3 034 312 *314 313
33
8 *314 33
3
14
200 Peerless Motor Car
*5
8
114
114
*3
8
*5
8
31
3
4
3
4
No par
*18
1812
300 Penink rt, Ford
*17
185
8
187 *1734 10
1914 *18
No par
15
1512 1518 158 1512 1612 6,000 Penney (J C)
3
1512 14 4 15
100
Preferred_
100
*66
70
70
69
6612 6612 *66
*66
70
300 Penn-Dlzie Cement__ No par
34
4
*12
*12
3
12
*14
3
4
*12
3
4
100
Preferred
518
518 0314
513 *314 54 *34 618 *314
People's Drug Store_ _No par
*1212 19
*1212 19
*121. 19
*1212 19
19
68% cony preferred__ _ .100
743 *50
4
743 *50
4
743 *52
4
743
4
743 *52
4
8 493 5014 5,600 People's G L & C (Chic) _ ioo
*
473 493
8
49
48
463 48
4
48
No nes
Pet Milk
9
9
*5
9
*5
9
*5
*5
9
33
4 334 3.300 Petroleum Corp cf Am_No par
1
33
1 33
334 334
331 334
33
4
37
25
4,100 Phelpe-Dodge Coro
4
8
4
4 14
37
8
37
8
438 43
41
51
Philadelphia Co (PIttsb)
50
500
prefd6%
-iiT2 III; ioi4 -iii; ;i654 1212 "iikt ii14
iii;
2
2 18 7,000 Phila & Read C & I____No par
2
2
2
2
2
2
218
100 Phillip Morris & Co Ltd_. 10
8
07
8
*7
*7
8
8
71 t *7
Phillips Jones Corp_---No par
85,
831 *3
83
4 *3
83
4 *3
831 *3
100
Phillips Jones pref
14
*10
14
*10
14
*10
14
*10
14
33
312
318
314
318 311
318
314
4,400 Phillips Petroleum_ _No par
314
10 Phoenix Hosiery
5
*312 4
*313 4
4
4
*312 4
4
Pierce-Arrow elass A_-_No pa
4
4
*I
4
*1
*1
4
*1
4
14
14
:141
25
.14
700 Pier/30011C=
3
8
3
8
14
814
14
41.
100
Preferred
413 *318 412 *31s 412 *318 412 *314
No par
400 Pierce Petroleum
*12
N
*12
5
8
12
N
5
8
5
8
*13
13
13
13
13
1212 1213
700 Pillsbury Flour Mille_No par
*13
15
15
• met son .10.11 °noes. no vales 00 me day
8 Ex-dividend and ex-rlents
5 Ex-sividena. 40 Ex-rights.
2213 Jan 8
9 May 31
90 May 26 105 Jan 15
114Nlay 27
414 Jan 7
34may 19 14 Jan 16
12 June 2 27 Feb 19
167
8June 1 37 Feb 13
20 4June 2 4134 Mar 7
3
314May 26 1014 Jan 11
4
58 June 1 1043 Mar 5
4June 2
514 Jan II
13
0ml° 11
3June 15
77
77
814June 15
7 8June 15
7
412 Jan 13
2 Apr 28
taunt, I
2 Jan 8
114 Jan 15
12 Jan 23
112May 28 114 Jau 14
14 Jan 4
N Apr 14
14May 12
1 Feb 17
5 4 Feb 17
3
11 4June 1
9 Feb 13
312June 21
34.1000 8
433 Apr 12
4
113 June 8 323 Mar 8
13 May 31 3412 Mar 8
1618 Dec
97 Dec
34 Dec
8 Dec
20 Dec
295 Oct
8
35 Oct
73 Dec
4
*9314 Dec
3e Dec
60 June 1 91 Mar 5
12 Apr 11
18 Jan 2
8
312.1101e 0
6 Mar 22
1612May 17
1258.111110 I
60 June 16 95 Pr b 25
4512June 2 121 Jan 15
812MaY 31
1212 Jan 7
473 Jan 7
2 4May 5
3
313 Jan 8
3 8June 1
7
794 Dec
84 Dec
313 Der
15 1/er
78 Dec
107 Dec
9 Dec
278 Dee
573 Dec
150 May
30 Dec
214 Dec
8 Dee
94 Dec
36 Dec
4 Der
34 Dec
514 (bet
14 TIer.
34 Der
12 t)ec
4
193 lIce
18 June 3
2 June 27
7 June 1
312 Apr 25
10 Apr 26
2 June 1
312 Mar 23
114Juno 1
14 Jan 2
34 Jan 5
12711a7 17
93 ,lay 31
411
41 Mar 10
512 Feb 20
10 Mar 8
914 Jan 5
32 Feb 10
612 Mar 8
53
4MaY 10
9 Jan 13
4 Jan 8
74 Mar 8
14 Jan 7
2213 Jan 9
3 Sept
1 Dec
5 Dec
3
64 Dec
N Sept
14 Dec
113 11ec
41314ept
2 Oct
22 Oct
2(184 Dec
5818 Jan
12912 Mar
1633 Feb
694 Feb
4
393 Jan
547 Mar
694 Mar
264 Mar
1311 Mar
4
114 Feb
11 Mar
47 Jan
414 Feb
5014 Feb
214 Mar
273 Feb
83 July
1512 Feb
4s Feb
464 Feb
443 Aug
4
1001414ept
54 Feb
29 Jan
354 Mar
10414 A1111
260 Feb
174 Jan
1074 Feb
2553 Feb
155 June
M12 Mar
1214 Mar
8
125 Aug
1473 Nov
52 Jan
1653 Jan
1014 Apr
2714 Feb
14 Feb
233 Feb
4
33 Feb
37 Mar
New York Stock Record-Continued-Page 7
93
.1GP FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS
LIST, SEE SEVENTH PAGE PRECEDING.
HMG AND LOTV SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
June 25.
Monday
June 27.
Tuesday
June 28.
Wednesday
June 29.
Thursday
June 30.
Friday,
July 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1932
On basis of 100
-share lots
Lowest
$ Per share S Per share S Per share S per share $ per share $ per Share Shares Indus. & Weevil.(Con.) Par I per
share
*3
63
4
3
3
523
4 41. *23
4 41.,
312 312 *234 312
700 Pittsburgh Coal of Pa
100
3 May 4
*__ _ 23
518
23
18
18 - 517
18 - *16
18
*16
18
100
Preferred
100 18 June 28
.r1.
2 314
*214
31.
521.1
314
*214 314 •214
314 *214
314
Pittsb Screw & Bolt_ _ _No par
2 Apr 12
5_ _ __ 11
*5
1010 *5
1012
912 912 *93 14
*93 14
4
4
100 Pitts Steel 7% cum Pref___100
912June 29
•1
118 *1
118 *1
118
1
1
118
51
1
1
200 Pittsburgh United
25
1 Jan 4
•133 1512 *133 1512 *1338 15
8
8
*133 14
8
*133 15
8
5133 15
8
Preferred
100 14 May 17
514 3
*14
212
•14 2
514 2
*18
2
518 2
Pittston Co
No par
Patine 3
*112 13
4
112 112 *1
17
8 *1
17
8 51
18 *1
7
17
8
200 Poor & Co class II
No par
112May 25
•138 21.1
*13
8 214 513
8 214 *138 214 *08 214
2
2
100 Porto Rican-Am Tob Cl A__100
114May 27
"8
3
7
8
*5
8
7
8
*5
8
7
8
*5
8
7
8
Class li
*5
8
7
8
*5
No par
8
38May 6
7
8
*2
212 *2
23
8 *2
212 *2
212 *2
212
2
2
300 Postal Tel & Cable 7% [met 100
2 July I
*412 538 *4
53
8 *4
53
4 *412 5 8 *412 53
3
8 *412 53
Prairie 011 & Gas
8
25
312June 2
67
8 67
8
7
7
7
7
7
7
7
7
7
1,100 Prairie Pipe Line
7
25
512June 2
*3
4
1
*8
1
4
*3
4
1
*3
4 1
200 Pressed Steel Car
3
4
3
4
*3
4
I
No par
NJune 1
*238 418 *23
8 418 5238 418 523
8 418 *212 418 *212 418
Preferred
100
23
8June 13
26
2612 2434 2612 24 '2514 2112 233
8 197 2212 2012 213 41,300 Procter & Gamble
s
4
No par
197
8June 30
•14
3
8
514
5
8
*18
3
8
"ls
3
3
*12
Producers & Refiners Corp _ _50
3
2
•18
3
8
t8May 25
• 8 5
17
*13
4 5
*13
4 5
*13
4 5
*17
8 5
*17
Preferred
8 5
50
1 May 10
323 33
8
3118 3312 303 323
4
4 3114 3214 3112 3234 32
:14
19,000 Pub Ser Corp of N .1___No par 293
4J00e 2
*61
64
*6112 64
*6214 64
*613 64
4
62
*6212 64
63
200
$5 preferred
Vo par 62 June 31
7414 7414 74
74
*n
75
72
743 *71
4
76
*72
88
500
6% preferred
It 0 7112June 2
*82
9518 *82
9518 *8012 9518 *81
8518 *81
9518 *81
95 8
7% preferred
,
100 9212May 27
102 102
597 10414 *100 10414 5100 1041 *100 10414 5100 10318
8% preferred
100
100 x10012June 1
83
98
*8312 98
*8412 98
*85 100
*85 100
*85
90
Pub Ser Elk Gas Of 55..N8 par 83 June 3
1312 14
1413 1312 14
13
133 14
1312 14
4
1312 133
4 7,800 Pullman Inc
No par
1012June 2
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----- Punta Alegre Sugar
50
Is Feb 17
314 314
318 314
314
3
314
3 18
314 3 3
312
3
1,800 Pure 011 (The)
314
25
27
8June 2
55
55
.52
52
*5012 55
55012 55
51
51
*5012 51
30
8% Preferred
100 50 Jan 5
512 512
514 512 •514 5 8
5
3
512
512 512
512 2,100 Purity Bakeries
514
No par
43
8M0*y 25
318 33
8
3
3l8
3
314
3
3t,
3
33
8
3
33 14,400 Radio Corp of Amer
8
No par
212May 26
*1013 453 *1018 453
4
: 103 103 •103 14
8
8
*1058 14
8
510% 14
300
Preferred
50 10 June 2
53
8 53
8
5
5 14
412 5
43
8 412
43
4 43
4
43
2,600
4 5
Preferred B
No par
33
8May 31
*2
218
2
2
2
214
2
2
2
2
*13
4 218
COO Radio-Keith-0mb_
No par
112June 1
*438
53
4 *43
8 53
4
412 412 *412 53
4
412 412
700 Raybestos Slanhattan_No par
412 413
412June 2
23
4 234 *212 27
8 *212 3
8 *212 27
5212 27
8 *212 27
8
400 Real Silk Hosiery_
214 Jan 4
*7
1012 *7
1012 5514 1012 5514 1012 *8
1012 *8
Preferred
1012
100
7 June 23
..18
14
*18
14
54
14
*18
it
*18
14
.18
14
Reis (Rob!) & Co
No par
18 Apr 12
•1
23
4 *1
23
4 *1
23
4 51
23
4 *1
23
4 *1
1s1 preferred
23
4
100
13 Apr 15
2
5112 13
4
118 112
114
114 .114
158
114
112 *112
13
8 4,200 Remington-Rand
No par
1 May 28
553
8 8
553
8 s
133
4 63
718 718
4
lot preferred
400
7
7
100
*6
4 June 3
8
*5
1214 55
1214 *5
1214 *5
1214 *5
1214 *5
121 1
2d prelerred
100
5 June 14
112 112
112 112
112 13
8
13
2 13
8 *112
17
8 *112 17
8
500 Reo Motor Car
10
Ill Apr 4
*213 21,
238
238
218
218
2
2
218 214 *2
21s
500 Republic Steel CorP__No par
17
3June 2
'53
4 63
4
512 512
5
5
5
5
*5
63
4 *5
613
300
6% cony preferred
100
5 June 28
*12 3
*1
3
*I
3
*1
3
*1
*I
3
3
Revere Copper & Brass_No par
112Ju11e 1
5314 6
5313 6
5314 6
*312 6
*314 6
•314 6
Class A
No par
212May 3
634 63
4
612 612
6
6
6 18 618
6
6
*6
67
8
800 Reynolds Stetal Co
No par
6 Apr 21
4
4
*318 4
5318 4
314 31
•3,
8 37
400 Reynolds Spring new No par
8 5318 4
3 Feb 23
2714 2712 267s 2714 267 2718 263 27
8
2612 2718 263 2712 16,600 Reynolds(R J) Tob class 13_10 2612June 30
4
8
65
65
6518' 6518 65 65
67
65
*65
6518 6518
65
220
Class A
10 64 May 2
514
3
8
3
8
3
8
*14
3
8
514
3
8
3
2
500 Richfield 01101 Calif__ _No par
3
8
ss
3
8
14Juite 23
52
218
218 218 *218 21i
218 218
2
2 14
2
2
1,400 Rio Grande 011
Vo par
13
4alay 28
*418 512 5418
512 5418 512 5418 512 *418 512 *3
Rltter Dental Mfg
512
No par
412June 3
*2
23
4
2
2
178
17
8
17
8
4 214 513
17
4 2
8 "13
400 Roasts Insurance Co
10
1 125lay 28
155 153
8
8 157 157
8
8 157 1578 153 157
8
4
8 1614 1614 *1612 17
1,800 Royal Dutch Co (N Y shares) 1218 Apr 21
*53
8 57
8
53
8 53
8
512 512
5
38 558 *514
512
514
1.000 St Joseph Lead
10
514
518 Apr 11
3614 3612 3438 36
34
3512 3412 3514 34
3512 327 343
8
4 9,500 Safeway Stores
No par
327 July 1
8
.6412 67
*6412 65
6412 6412 64
64
64
64
64
64
120
6% preferred
100 60 May 26
*723 73
4
73
73
73
73
747 75
76
8
76
75
75
170
7% preferred
100 69 June 2
•112 312 *13
8 4
*112 228 •15
*112 23
8 23
8
8 5112 253
Savage Arms Corp____No par
13
4May 31
51
1 18
1
1
1
1
1
1
'1
1 18 51
118
500 Schulte Retail Ctores__No par
7
8May 31
*8
20
58
10
58
10
58
10
10
58
*8
10
Preferred
100
8 May 28
7
712
14
718 73
4
712
73
8 712
7
73
4
8
718 73
73
4 4.600 Seaboard 011 Cool Del_No par
63 Apr 12
8
•1 18
112 *1 18
112
112 *118
112 *1 18
112 "115
112 •118
Seagrave Corp
No par
1 Apr 12
1018 1014 10
103
8
97 1018
8
ON 103
8 10
97 1014 24,300 Sears, Roebuck & Co No par
8
103
8
97
8.June 28
*12
3
4
*12
a,
*12
3
4
*12
3
4
*12
3
4
*12
3
4
Second Nat Investors
1
3
4May 25
*20
31
*20
31
*20
31
31
520
*20
31
*20
31
Preferred
1 2114June 22
.18
3
8
*18
3
8
*18
3
8
•18
3
8
.18
14
*15
14
Seneca Copper
No pa
185lay 4
112 15
8
1b2 112
13
8
Ds
13
4
4
134
8
17
8
17
8 2,100 Bervel Inc
13
17
No pa
112June 25
514 53
8
5
518
518
518
5
518
5
5 14
518 512 7,700 Shattuck (F CI)
No par
5 May 28
*134 212 *134 212 *13
4 212 *13
4 212
*12 2
112
13
4
300 Sharon Steel Hoop
No pa
112July 1
*2
21. *2
212 *2
238 52
23
8 *2
23
8 *2
238
Sharp & Dohme
No par
17
0June 13
51212 13 - •1212 13
51212 14
*127 14
1212 125 •1112 14
8
8
200
Preferred
No par
1212June 30
23
4 23
4
23
2 3
23
4 234
3
3
27
8
27
8
27
8
3
3,800 Shell Union 011
No par
212 Apr 23
19
19
51014 20
20 20
20
20
20
2018 2018 2018 1,100
Preferred
100 18 May 31
518
I,
*18
14
14
*18
14
*18
14
*18
4
8
Shubert Theatre Corp_No par
18,1une 2
*3
4
*3
378 •3
33
33
8 358
312 33*
37
8
8
4
900 Simmons Co
No par
23
4June 1
•33
1 4
*37
8 4
37
8 37
8
4 33
*33
4 4
4 4
4 *33
33
600 Simms Petroleum
10
314 Apr 8
---- ----__ ____ ____ _______ ---- ---- --__ ____ -___ ------ Sinclair Cons 011 Corp_No par
414 Jan 4
._
Preferred
100 79 Feb 8
527
8 - -18 *27
3
8 - .14
2
3
318 8 - -18
3
318 *27
3
*27 1
8
18
300 Skelly 011 Co
25
212 Feb 8
*173 181. •173 1812 •17$4 1812 *173 19
4
4
*18
4
19
*18
19
l'referred
10
12 Jan 4
01
3138
*18
14
*IR
3
8
3
8
*18
5's
3
2
Snider Packing
"3
3
3
No par
Apr 18
*112 212
114
138 "138 212 *138 212 *13
8 212 .1344
212
300
I referred
No par
1 June 13
7
718
67
8 718
6714 7
67
8 7
67
8
7
67
8
7
18,300 Socony Vacuum Corp
25
5145lay 31
37
37
3512 3612 35
3518 35
3512 35
35
*35
38
2,800 Solvay Am In1 Pref-10
0 35 June 28
73
4 813
814 85
8
8
8 13
712 81s
8
8
75
8 8
10,700 So Porto Rico Sue'r___No par
412 Apr 12
*99 106
•99 105
*99 105
*99 105
*99 103
599 103
Preferred
100 8812May 27
1878 19
1812 1918 1812 19
1814 1812 19
19
1814 19
3,400 Southern Calif Ediso3
25 153
4June 2
513
8 2
513
8 6
513
8 6
*13
8 6
513
8 6
*1'58 6
Southern Dairies el 1.1N0 par
1145lay 28
5412 63
8 *412 6N *412 5
*412 5
*413 5
Spalding Bros
*412 5
No par
5 May 26
*3012 38
53(313 38
*3012 38
53012 38
*3013 38
*3012 38
1st preferred
104) 32 June 3
*3
11
*3
*3
11
11
*3
11
458 *3
*3
11
SpangChalfant&Colno_No par
83 Mar 7
4
*32 5.._
32 5_ _
32 5__
32 •__
32 5_
32
Preferred
100 40 Mar 9
51i4
.
112 *114
*if
4
4
ii4
112
114 ;if, 112
112
112 .11200 Sparks WithIngtoo____No par
1 May 28
*8
81, *8
14
8
8
10
57
57
10
57
10
100 Spencer Kellogg & Sons No par
8 May 4
*5
6
*5
6
5
5
6
55
5
5
*418 5
200 Spicer Mfg Co
No par
5 Apr 21)
*11
16
511
16
511
1518 511
1518 •12
15
*12
15
Preferred A
No oar
912.June 1
•1
3
*1
3
*I
3
*1 13 3
*115
3
*IN
3
Splegel-May-Stern Co..No par
3
8May 31
10
103
8
93 10
4
93 10
4
912 97
s
9 8 10
5
93 10
8
19,200 Standard Brands
No par
83
8June 2
*112 117 5112 117
11312 11312 011312 11614 11318 11312 .113 1167
8
300
Preferred
No par 110 June 2
*1
154 51
131 51
14
3
*1
1
13
4
*12
1
100 Stand Comm Tobaceo_No par
13
4
I May 25
912 10
938 978
934 10
93 1014 x918
4
93
4
9
10,
4 6.400 Standard (las & El Co No par
73
8.1une 2
1314 1312 13
1312 13
137 14
1412 1412 14
8
1314
14
1,600
Preferred
No par
914June 2
28
28
•2812 30
29 29 14 30
30 '2712 2912 29
29
700
$11 cum prior pref
No par 243
4June 3
53312 3534 53318 353 53312 353
8
8 353 36
8
5313 34
4
3218 331 2
600
$7 cum prior pref
No par 28 June 3
*14
3
8
14
14
*14
*14
3
8
514
2
8
14
14
58
400 Stand Investing Corp_ _No par
14.1une 24
*83
8412 8412 85
85
85
85
85
•8514 8712 *8512 8712
400 Standard Oil Export pref _100 x81 June 9
177 18
8
173 183
2
8 173 18
4
177 1814 1812 1812 1818 183
8
8 8,600 Standard 011 of Calif _ _ _No par
1518June 2
7
7
7
7
7
7
7
7
7
712
714
714 2,600 Standard 011 of Kansas_._25
7 Apr 7
235* 237
8 2314 237
8 233 2378 2314 2418 233 241
8
8
2312 243 53,800 Standard 011 of New Jersey _25 197 Apr 23
4
8
5212
*14
*3
3
1612
214
6
5318
543
*26
•--*712
*3
8
525*
52
•l8
*3
4
*7
•1 12
91 2
1314
*13
8
- -_,- -14
4
*212
2,
*14
7
8
7
2
1634 1612
218
214
6
531
338
3N
*43
50
2712 *2513
68 5--81ti '712
3
9
,
2
5
523
8
23
8 *2
3,
.18
7
8
3
4
8
7
13
4 "112
93
4
93
;
1312 122
8
178
134
_ __ -___
4
*212
3
8
14
2
7
8
*3
1631
1618
214
2
57
8
514
33
8
318
*43
50
2712 2714
68 *818 *712
'
3
8
3
8
478 *238
232
2
3
8
*18
3
4
*513
7
*7
13
4 5112
9
311
95*
1318
125
8
17
8
513
4
_ __ ____
4
5212
14
.14
52
1
1614 1018
2 18 *2
512
5
312
318
50
543
271 1 52512
63 •__ _
813 ' 5712
3
8
58
8
4
*2
5 112
2
•t8
3
8
"2
7
8
8
5733
13
4 *112
934
91 1
1234 1212
17
8 5131
_ __ ____
4
5212
3
8
514
I
*3
3
1612 1618
218 *2
538
47
8
358 531s
50
543
27
52512
67 5._ _ 818 '7 2
,
12
3
8
4
.2
2
*112
3
8
*18
7
3
"2
712
73
8
134
112
95*
93
8
1234 1212
2
13
4
• Bld and asked prices.: no sans* on chi. day
_ __ ___
4
*212
38
*14
*2
8
1
1618 1618
218
21s
514
43
4
33
8
318
50 '43
27
52512
67 *____
818 5712
3
8
"8
23
8 *2
2
5112
3
8
•l„
72
*3
2
8 •7
73
112 5112
93
8
914
127
8 123
8
134 .13
4
2 Ex-dividend
Highest
2 Ex-richta•
33
4JUtle 2
185tay 21
34.1une 13
1312June 2
DaMay 26
43 July 1
4
212May 28
32 May 25
2424 Apr 13
887
8.fune 23
7 June 11
14 Jan 5
21411ay 28
2 May 27
14 Star 31
'May 26
612.1une 2
I May 25
9 4June 29
,
1218June 2
112 Apr 12
Lowest
Highest
$ per share $ per share I per share
712 Jan 14
4 Dec
2812 Jan
40 Jan 28
80 Jan
4
373 Dee
4 Feb 16
3 Dec
1514 Fet
24 Jan IS
87 Jan
217 Dec
/
212 Mar 8
1 Dec
15 Yet'
40 Jan 21
9912 Fe/
40 Dec
2 June 1
53 Dec
181.4 hir
8
43 Jan 14
8
4
133 Jar
3 Oct
514 Jan 15
2 Sept
27 Feb
17 Jan 14
8
%Sept
8 Feb
9 Jan 14
4 Dec
3912 Jar
718 Mar 8
s
418 Dec
203 Feb
93 Mar 8
4
2612 Feb
57a Dee
258 Jan 14
718 Feb
114 Dec
11 Jan 14
8
512 Dec
473 Feb
7112 Mar
423 Jan 14
4
363 Dec
8
IN Mar 9
1 Dec
ft Fe!
93 Mar 3()
4
16 Feb
3 Dee
60 Mar 7
9612 Mgr
4918 Dec
87 Mar 7
78 Dec 10212MaY
92 Dec 12014 AU?
105* Mar Ii
114 Mar 10
2
11212 Oct 1393 Aug
13014 Mar 6
118 Dec 16012 Aug
98 Mar 9
878 Dec 10714 Aug
4
25 Jan 14
5812 Feb
1514 Dec
38 Jan 2
2 Jan
14 AUR
117 Jan
s
518 Jan 15
314 Dec
8012 Jan 14
8
5312 Dee 1017 Jan
157 Mar 7
8
5514 Mar
10114 Dec
103 Feb 19
2712 Feb
8
51s Dec
5518 Mar
327 Jan 12
8
20 Dec
187 Jan 14
8
60 Mm
912 Dec
4 Dec
7 Jan 14
4
23 Dec
2912 Mar
1138 Feb 15
812 Dec
307 Feb
2
518 Mar 12
1
17 Dec
90 Feb
16 NI ar 14
5 Dec
18 Dec
12 Jan 12
17 Jan
1
4 Feb 4
6 Sept
13 AM
19114 Feb
33 Jan 14
8
172 Dec
88 Jan
1312 Mar 24
614 Dec
12 Jan 21
98 Jan
10 Dec
33 Jan 8
8
1018 Feb
27 Dec
1
012 Jan 14
418 Dec
2558 Feb
153 Mar 6
8
54 Feb
818 Dec
314 Jan 20
13 Jan
218 Dec
6 Jan 30
30 Jar
6 Dec
10 Mar 3
7 Sept
2258 Mar
53 Jan 14
8
1814 Mar
212 Oct
5412June
4012 Jan 14
3212 Dec
7512 Feb
71 18June 13
69 June
3 Jan 11
4
63 Jan
8
N Dec
1012 Feb
212 Mar 18
112 Nov
41s4 Mar
8 Jan 9
53 Dec
4
612 Jan 14
314 Dec
26 Feb
23 Mar 4
13 Dec
4258 Feb
1012 Feb 15
303 Feb
8
7 Dec
5914 Mar 5
6912 Aug
383 Jan
8
84 Mar 8
9818 Sept
6314 Dec
94 Jan 15
71 Dec 10812 Auw
758 Feb 1
2014 Fel
35 1)ec
8
4 Jan 13
1118 Mar
3 Dec
30 Jan 5
65 Mar
30 Dec
4
978 Mar 8
203 Apr
512 Oct
11 Feb
234 Jan 21
212 Dec
373 Jan 18
8
6314 Feb
3014 Dec
2 Dec
4
1118 Jan 12
612 Feb
5818 Feb
32 Jan 2
27 Dec
14 Sept
134 Feb
12 Jan 4
1134 Apr
53 Jan 13
8
312 Dec
1234 Mar 8
2912 Feb
8 14 1)ec
5 Jan 14
212 Dec
137 Feb
s
584 Jan 13
311 Oct
21 Mar
6112 Mar
3014 Jan 18
28 Dec
458 Mar 9
212 Dec
1014 Jan
78 Feb
31 Mar 7
15 Dec
34 Jan 14
1g Dec
93 Mar
4
4
678 Dec
233 Feb
1012 Mar 5
312 Dec
11 Fe?
6 Feb 19
718 Jan 7
41s Dec
157 Feb
s
84 Dee 103 Mar
96 Mar 24
4', Mar 8
2 Dec
127 Jan
2
62 Jan
19 Mar 12
10 May
444. Feb
48eut
1 Jan 11
3
153 Feb
8
414 Jan 11
2 Oct
83 Dec
21 AUR
8
1034 Feb 16
40 Dee
95 Mar
63 Jan 10
8June 27
1712 Jar
63 Dec
4
83
87 Oct 11212July
113 Jan 5
5412 Feb
28N Oct
3234 Feb 19
3 Feb 26
5 Mar
2128ept
12 Jan 12
38 Jan
8 Dec
94 Dec 11512MaY
95 Jan 9
2712 Feb
934 Mar 3
954 Dec
4818 Jan 2
9212 Jan
4812 Oct
312 Jan 14
2 Dec
*
135 Mar
10 Jan 16
1612 Mar
9 Sept
638 Feb 19
4
6 Sept
173 Feb
15 Mar 22
1114 Dec
3312 Feb
1712 Mar
35 Jan 14
8
3 Dec
14 Mar 5
2012 Fe!.
3012 Dec
11912 Jan 22 1143 Dec 124 July
4
4 Yet'
184 Dec
2 Jan 4
3414 Mar 8
251s Dec
8832 Mar
4114 Jan 1_
8
2
297 Dee
647 Mar
40 Dec 101 Ma
8112 Jan 11
4
76 Jan 15
55 Dec 1093 Mat
78 Jan 13
1 Dec
414 Feb
8
9112 Jan 9
8718 Dec 106 Sept
4
2714 Mar 9
2318 Dec
513 Feb
784 Dec
19 Jan
123 Jan 21
8
3112 Mar 9
28 Dec
5212 Feb
_
_
Standard oti of New York _ _25
-4
Starrett Co (The) I. S._.Vo par
3
8
100 Sterling SecurItlee el A _No par
1
700
Preferred
No par
163
8 2,50(1
Convertible Preferred ____50
218
1,800 Stewart-Warner Speed Corp 10
512 13,500 Stone A Webster
No par
800 Studebaker Corp (The) No par
33
8
50
Preferred
100
27
100 Sun 011
Vo par
67
Preferred
100
858
Superheater Co (The)__No par
500 Superior 011
12
No par
Superior Steel
23
8
100
2
100 Sweets Co of America
50
3
8
syminaton
No par
Class A
100
72
No par
8
200 Telautograph Corp_ _No pa400 Tennessee Corp
13
4
No par
95 13,700 Texas Corporation
8
25
13
9,100 Texas Gulf Sulphur_ __No Par
700 Texas Pacific Coal Ar011
17
8
10
PER SHARE
Range for Previous
Year 1931
73 Jan 22
8
114 Jan fl
3 Mar 5
2312 Jan 2
65* Jan 14
153 Mar 10
8
1314 Jan 14
1047s Mar 31
32 Mar I
87 Mar 16
1312 Jan 18
18 Jan Ig
712 Feb 13
11 Jan 4
38 Jan 2!
2 Jan 19
1334 Mar 23
25* Jan lei
1378 Jar 14
2634 Feb 17
,
23 Jan 15
8
137sJun
6 Dec
12 Dec
138 Dec
1818 Dec
48
4Sep
97 Dec
8
9 Oct
75 Dec
268 Oct
4
75 Dec
11 Dec
14 Dec
27 Dee
8
1012 Dec
15 Dec
1
Oct
Ills Dec
2 Dec
9 1 Dec
7
1912 Dec
178 Dee
26 Feb
3414 Yet
57 Fe
2
93 Feb
4
40 Ma
217s Ms
5412 Ma
26 Ma
11814 AD
4514 Feb
10412 Feb
8
403 Feb
IN Feb
187s Ma
153 Aug
s
21,1 Feb
812 Jar
2112 Ma
912 Jan
/
357 Jan
4
553 Feb
612 Jan
New York Stock Record-Concluded-Page 8
94
_.149" FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
June 25.
Monday
June 27.
Tuesday
June 28.
Wednesday
June 29.
Thursday
June 30.
$ per share
.23
4 318
*412 5
*2312 28
.414 512
*I
114
11
114
.6
97
8
*23
4 31
8
*12 I's
*12
20
*218 214
*26
27
*458 6
'32
37
*214 212
912 912
$ per share
27
27
3
*414 412
*244 30
'414 512
*1
114
11
11
'6
94
*3
37
8
*12
7
8
*12
20
218 218
253 2818
4
*45
8 6
*3112 37
214 214
812 912
$ per share
*25
8 27
8
*414 412
*2418 30
414 414
*1
118
*93 11
4
*6
97
8
37
8
*3
7
3
*12
*12
20
.218 214
'26
28
*45
8 6
*3112 37
214
214
4
812 83
$ per share
23
4 23
4
*414 412
*25
30
*4
5
*1
114
*93 11
4
*6
97
8
•3
314
12
12
*12
20
*218 214
2612 2612
*45
8 6
*32
37
*218 23
8
83
4 84
$ per share
27
8 2N
412
*414
"25
30
5
*4
*1
114
11
11
*6
97
8
.3
3N
*3
8
7
8
*12
20
24 214
2614 2614
•458 6
•32
37
*218 214
812 9
Friday
July 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share Shares Indus. & ?Miceli. (Corsa.) Par
700 Texas Pacific Land Truat____1
21
3
*414 412
Thatcher Alfg
No par
*25
30
Preferred
No par
*4
5
200 The Fair
No par
*1
114
Thermold Co
No par
1,000 Third Nat Investors
*93 11
4
1
814 814
100 Thompson (J It) Co
26
37
*3
Thompson Products Inc No par
100 Thompson-Starrett Co_No par
*3
8
3
4
*12
20
$3.50 cum pref
No par
214 214 2,900 Tidewater Assoc 011
No par
26
26
1,000
Preferred
100
*45
8 6
Tide Water 011
100
*3214 37
Preferred
100
218 218 1,500 Timken Detroit Axle
10
9
9
3,200 Timken Roller Bearing_No par
Tobacco Products Corp No par
No par
13 212 24
212 18
5
212 - -7 12,400 Transamerica Corp..
258
28
ii3 - 5
5
2- 8
2 2 18
1
-No pa
*212 3
*212 3
*212 3
.212 3
*212 3
*212 3
Transue & Williams St'l No Par
*17
8 2
17
8 17
8
8 2
17
2
3.300 TrI-Continental Corp._No par
2
17
17
8
13
4 2
*523 54
534 54
4
*5012 55
*5012 55
*5314 60
533 541g 2,30) 6% preferred
4
No par
21 18 2118 *2012 2212 *204 2112 02012 2112 *2012 21 12 *2012 2112
100 Trio° Products Corp-No par
*12 2
*12 2
Truax Traer Coal
*12 2
*12 2
012 2
*12 21
No par
.212 3
212 212
*212 3
*212 3
212 21
*212 3
1,400 Truscon Steel
10
*12
No par
54
05
200 Ulan & Co
8
*12
54
*12
54
12
3
4
5
8
*12
54
8 914
84 83
*812 10
812 812 *83
1,100 Under Elliott Fisher Co No par
84 84
85
8 83
4
4
•612 64
612 61
"55
400 Union Bag&Paper Corp No par
3 63
4
4
58 6
4 •
54 63
*55
8 63
1614 1612 1614 161
8 1614 163
48,700 Union Carbide & Carb_No par
1614 167
4 1614 167
8 1614 17
938 934
*918 938
9
93
8
914 914
958 93
8
25
914 913 3.800 Union 011 California
1212 12
127 .12
8
12
1218 12
•12
4
.12
113 12
1214 2,000 Union Tank Car
No par
73
4 78
8
7
74 77
712 77
8
7 8 73
3
4
712 73
8
4
712 71 14,100 United Aircraft & Tran_No par
40
3812 3812 *38
413
40
4 39
41
41
40
41
1,100
40
Preferred
50
*1214 1312 12
13
1212 113 1112 1114 1114 1.300 United Biscuit
13
.123 14
8
8
No par
85
*70
85 .70
.70
*70
85
85
85 •70
*70
Preferred
85
100
*812 918
812 812
85
1,000 United Carbon
8 8s *812 97
8
84 814
814 812
No par
432
12
12
•3
8
*3
8
1_
3
8
3
8
3
8
12
*38
12
600 United Cigar Stores
No par
•212 53
4 *212 53
4 *212 53
4 .212 53
4 *212 53
Preferred
4 *212 53
100
4
418 414
4
4 18
4
4
44
4
4
44 23,200 United Corp
4 18
458
No par
23
227
8 2218 227
233
4 22
4
2112 22
21
8 223 23
Preferred
23
5,300
No par
*212 3
*212 27
8 *212 23
212 212 1,400 United Electrio Coal-.No par
4 *212 28
212 212
1312 133
125 123
8
4 1318 134 13
4 125 1314 1212 1212 2.300 United Fruit.
13
8
No per
8
8 117 1258 1218 1258 12
1214 123
8 113 1258 117 125
8
4
127 25.200 United au Improve
8
No par
14
7714 7614 7612 *7614 771 *7614 77
Preferred
*76
300
7714 7714 .7612 78
No Dar
1
United Paperboard
1
*14
1
*14
4
•14
•14
1
100
3
*14
•14
1
43
4 *4.
*4
412
*318 312
33
8 4
900 United Piece Dye Wke_No par
312 4
312 33
500 United Store', class A__No par
14
•3
4
11
*3
4
4
4
7
8
*3
4
7
8
7
8
7
8
*3
4
031
31
34
*31
34
31
34
"31
*31
*31
Preferred claim A-- _No par
34
34
200
4 1438 143 *1412 16
•143 143
8
*145 1614 *1518 1614 *1512 1614
8
8
100 Universal Leaf Tobacco No par
*2712 281 *2712 30
.2712 2912 *2712 29
*274 29
Univereal Plotires lot pfd_ 100
"274 29
500 Universal Pipe A Rad._No par
•12
53
13
3 '
4
*12
12
1.1
59
'2
12
1
12
814 81 1
4
818 83
800 US Pipe dr Foundry
84 818
.8
x712 712
812
20
712 712
4 1112 1112 1112 1134 *1112 117 *1114 13
•1112 113
600
4,1114 12
let preferred
8
No par
*1
*1
5
•1
5
.1
No par
5
5
US Distrlb Corp
*1
5
*1
5
•12
12
*12
12
.18
3
8
*18
12
*18
5
*Is
158
ti 13 Express
100
*312 5
8 *35
8 4
100 U S Freight
•35
8 43
4
*35
8 4
4
*33
4 5
No Par
13
4 13
4
13
4
13
*13
4 2
112 1,100 US & Foreign Secur
4 *112 2
No par
138
*112 15
8
*27
•27
29
*27
30
*27
2812 2812 2918 2918
30
30
200
Preferred
No Par
*11
114 12
1112 *11
12
1114 1112 1,400 US Gypsum
12
1114
104 11
21
112 112 *138 2
*112 2
112 112
14
IN
500 U S Hoff Mach Corp__No par
*13
8
112
8 1518 1518 15
16
1514 155
163
1514 163
4 8,200 US Industrial Aloohol_No par
8 153 1718 16
4
.13
8 2
•112 2
.112 13
4 *1311
14 14 •13
100 U S Leather
13
4
•
8
IN
No pa
*318 41 1 *314 414 .34 44 *318 4
*318 414 *318 4
Class A
No par
8 4314 4814 *4614 495
300
*4814 495
8 4614 4614 4414 4414 *4214 50
Prior preferred
100
2 4 214
214
,
212
24 212 *218 238
214 212
214 214 4,309 U S Realty dr Impt_ _No par
*2
212
2
2
2 18
2
17
8 2
2
17
8 2
2
2,000 U 8 Rubber
No par
•334 4
4
4 4
*33
4 4
4
1s1 preferred
*33
100
*33
4 4
100
*33
4 4
10 4 104 1012 103
1012 1012 31012 1012 1,200 US Smelting Ref & Min__50
3
4 1012 11
*1014 11
3214 3214 3214 3214 .32
32°
31
500
x32
*3212 35
32
Preferred
32
60
211 2312 2114 23
213 223
8
3 214 2318 217 2318 139,100 US Steel Corp
2314 24
100
5312 5614 22.800
4
Preferred
563
55
4 513 5512 5112 5312 5212 5412 52
56
100
U S Tobacco
*5514 57
*5514 57
*56
*5514 59
*55
*5514 59
58
59
No par
214 1,900 Utilities Pow & Lt A
23
8 212
218 214
2
*218 212
214 214
214 214
No par
12 1,000 Vadsco Soled§
No par
12
33
/
3
8
*3
4
8
3
5
5
*4
4
3
3
4
4
*10
*11
*10
30
30
*10
30
30
*10
30
*11
30
Preferred
100
64 7
3,500 Vanadium Corp
64 63
63
4
65
64 7
8 7
7
4
6N
7
No par
33
700 Virginia-Carolina Chem No par
7
8
*3
4
3
4
3
4
N
34
3
4
3
4
*3
4
*3
4 I
•512 611
514 51
53
5
3 53
*518 512
5
8 .518 618
100
400
6% preferred
347 *33
8
35
35
353 353 *33
4
4
3312 3312 3312 31
800
33
7% preferred
100
674
"65
68
20 Virginia El & Pow $6 pf No par
68
6512 6512 *60
644 643 .65
8
*644 68
75
8 9
*85
8 9
77
8 84
94 *85
970 Vulcan Detinning
8 9
9
94 10
100
8
812 812
8
*8
8
812
8
500 Waldorf Syetem
858 812
*83
8 812
No par
7
8 1.500 Walworth Co
1
51
7
8
*54
54
No par
5
4
4
2
4
54
7
8
7
8
*331 13
4
*33 13
*33 13
4
*33 13
4
*33 13
4
Ward Bakeries class A_No par
•331 13
200
(lass B
*34
3
4
7
8
*54
No pa
34
54
7
8
*3
4
54
.78
*3
4
1
*1312 15 .1312 1512 .1312 1512 *1312 1512
14
14
100
.1312 16
Preferred
100
54 8.700 Warner Bros Picture, -No par
5
8
3
4
ki
54
3
4
5
8
5
8
3
4
3
4
54
3
4
•3
*3
10
10
5
5
100
.3
Preferred.
512
10
6
*3
.3
No par
3
4 1.100 Warner Quinlan
*3
8
*5
8
*12
No par
54
54
12
12
54
3
4
*12
*12
17
8
8 2
1713 *15$ 2
450 Warren Bros new
8 *15
13
4 17
*118 2
2
No par
2
100
8 33
312 34 *35
Convertible pref
4
No par
*33
4 4
4 4
33
4 33
.33
4 4
4 *33
Warren Fdy dr Plpe
No par
•712 812 *712 812 *712 812 .712 812 *712 812 *712 134
•7
8
1
400 Web.ter Eisenlohr
No par
*7
8
1
7
8
7
8
7
8
7
8
3
4
7
8
7 '
8
*3
4
83
818 814 3.400 Wesa.n oti & Snowdrift No pa
4 87
87
8 87
8
812 85
8
83
4 83
8
4
814 83
4414 4314 44
43
4314 4.200
4412 4412 44
4412 45
Preferred_
45
45
No per
8
1312 147 16,430 Western Union Telegraph.10(3
8
4 123 1314 1238 13
1314 14
127 144 124 133
8
8
1,600 Weetingh'se Air Brake_No par
1012 x97 10
97 1014
1018 .10
8
1014 1014 *10
103
8 10
4 16
155 173
1718 1618 1718 86,200 Westinghouse El & Mfg____50
8
1612 1958 1614 1738
1918 1931
460
5414 57
58
5518 58
let preferred
58
59
59
GI
633
4 60
50
*61
*33
4 6,
4
100 Weston Elea Instrum't_No pa
4 *33
4
*4
614
4 614 '34 614
614 *4
*1012 14
*1012 14
*1012 14
Class A
*1012 14
*1012 14
No par
•1012 14
30
*2618 30
20 West Penn Elea class A_No par
*2618 30
*26
30
30 .26
35
30
.25
47
47
47
"40
10
*40
Preferred
*40
44
50 .40
44
43
100
.42
*333 35
*333 35
8
8
8
8
8
6% preferred
100
.333 35 .333 35 .333 35 .333 35
8
86
140 West Penn Power pref-100
867 867 *85
8
8
88
90
86
*88
88
90
88
*88
70
8
6% preferred
73
*7012 8312 *7012 8312 7012 7012 787 78,
100
8312 73
*73
200 West Dairy Prod el 4-_No par
*35
8 7
*35
8 7
*312 7
*312 7
34 33
4 .312 7
15
8
15
8 *112
100
C1282 B
No par
8 *112
8 •112 13
15
6 •112 15
4
14
*14 13
47
400 Westvaco Chlorine ProdNo pa
5
5
*43
4 514
47
8
8 5
5
518 *47
.514 6
6
6 •____
Wheeling Steel Corp_ _No par
.
. 6 *._ _ _
6 ._ _
(1 .____
6 •____
•__
No par
700 White Motor
74 71
'712 9
712 712
*712 8
7 2 712 *74 8
,
100 White Rook Min Spring etf_50
13
.1112
14
12
*12
12
*1112 13
*1112 13
•1212 13
13
White Sewing Machine_No par
12
12
'14
•14
*14
*14
*14
3
3
*14
3
8
3
8
184
•12 112 •1
Preferred
No par
13
4 *118
13
4 .1
15
8 •1
13
4 *1 18
438 434
418 41.
8,800 Wilcox OS dc Gas
45
No par
37
414
8 414
414
45
8
33
4 4
2312
Wilcox-Rich 01 A 0011,..No par
2312 •I3
2312 *13
231i •I3
2312 *13
2312 *13
•13
3,200 Willy. Overland (The)
7
8
1
1
1
118
1
1
1
1 18
1
118
•I
5
Preferred
10
*6
"6
*6
10
*6
10
*6
10
10
10
100
*6
1
900 Wilson & Co In.
4
No par
*3
7
8
7
8
3
4
*13
7
8
54
5
4
3
4
*12
"
12
1,600
4 2
Class A
2
No par
*13
214 *2
*14 2
2'4
•I3
4 2
214 '13
4
900
*16
16
Preferred
20
15
16
15
13
13
15
13
100
13
•12
8
8 227 2420 62,000 Woolworth (F W) Co
8 2312 243
8
10
234 2412 2338 244 235 243
2314 24
10
9
4,000 Worthington P & M
9
10
912 10
912 10
100
913
0
8
9
53 97
15
15
1612 *10
Preferred A
15
1612 *10
*14
100
1612 *12
20
100
*10
Preferred B
*1314 1512 *1314 1512 *10
15's
*1314 18
100
*1314 18
*1314 20
54
5
5
5
*4
Wright Aeronautitial___No par
*4
5
*4
*4
*418 5
5
2,100 Wrigley (Win) Jr (Del)..No par
30
3012 2834 30
284 30
31
31
30
4 31
313 313
4
980 Yale & Towne
.63
4 7
4 '612 7
63
4 63
*63
25
4 7
4 7
"63
*63
4 7
*IN
13
8
112 2,000 Yellow Truck & Com% Cl 13_10
112 112
11
112 112
14 13
13
8
8
112
2412 2412 24'2 22
340
Preferred
2412
23
24
100
22
233
4 22
25
.24
700 Young Spring & Wire.. No par
514 514 .412 614
51 '
412 434 '
514
54 534
5
5
200 Youngstown Sheet & TN,par
8
8 *54 67
55
8 55
*55
8 6N
*512 6
6
6N
6
*6
*13
N
1,
12
*12
100 Zenith Radio Corp_ _-_No par
4
.12
7
2
*12
7
*12
7
8
434
2,800 Zonite Products Corp
431
43
8 47
47
8 5
47
8 47
I
8
434 5
43
8 45
manes nn salea nn eras new • Ex-dividend r Ex-rights I Lx-warrants.
• Rid on 'sired
PER SHARE
Range for Year 1932
-share tots
On baits of 00
Lowest
Highest
$ tier share
212June 2
2 Apr 5
224 Apr 19
4 May 17
June 2
10 May 31
313 July 1
2 4June 3
3
3
8June 11
12 June 2
2 Apr 8
20 Feb 3
5 June 6
30 Feb 9
210 July1
8121une 27
27 Jan 5
8
63 Jan 4
8
218 Jan 2
238 lune 21
1 12May 26
4278 Jan 2
8May 31
193
14May 27
2 Apr 19
12Slay 4
812 June 28
512June 2
15I3May 31
818June 2
411111e 30
113
612May 28
3014May 13
1114June I
85 June 21
68
8June 1
3 Apr 5
8
24May 21
312June 2
20 June 2
212May 27
1014June 2
914June 2
70 June 2
33 fano 28
8
4May 23
3
27 Jan 4
11 May 31
23 June 2
12 Apr 7
714June 2
1112June 22
2 June 9
14 Jan 15
31251ay 27
oJune 16
13
26 June 2
1012June 2
14 Apr 29
13141une 2
114May 31
314June 13
4June 30
41,
2 June 2
114June 2
318June 10
10 June 2
32 June 30
2114June 28
51121une 28
55 June 2
112slay 25
14 Mar 3
12 June 1
5145l0y 31
12 Mar 14
318 Feb 26
20 Apr 12
60 Juno 9
8June 30
73
718May 31
34June 27
2I4May 14
347,IaY 7
12 May 31
12June 2
4 June 2
12May 26
114May 28
2 June 2
712May 13
5
8Slay 4
84 July 1
43 July 1
8Juno 29
123
914 Apr 8
1558 tune 29
5212June 2
212 Apr 8
1314 Apr 8
25 May 27
22 June 1
20 June 2
80 June 10
6612June 10
338 lune 25
1 June 1
3 June 1
5 Juno 15
8June 2
67
12 June 14
14 Apr 8
4 Apr 8
2345iay 4
1312June 2
NMay 26
6 June 7
5
8June 2
15
85lay 31
11 Juno 2
22 June 2
5 May 31
1412June 2
12 May 27
318 Apr 8
2514June 1
4June 18
63
8June I
13
12 May 17
3 June 2
-4 May 25
12May 17
438June 25
PER SHARE
Range for Previous
Year 1931
Lowest
Highest
$ per share 2 per share $ per share
612 Mar 8
414 Dec
175 Feb
8
44 Jan 16
37 Dec
8
22 Feb
29 Jan 21
2458 Dec
41 Mar
7 Jan 12
538 Dec
23 Jan
3 Jan 12
9 Feb
112 Dec
1612 Mar 3
1114 Dec
27 Feb
163 Mar 5
4
12 Dec
36 Mar
10 Feb 29
18 Feb
64 Oct
14 Jan 9
8
7 Dec
s
88 Mar
1412 Jan 30
1418 Dec
3414 Mar
34 Feb 13
218 Dec
9 Jan
303
8May 12
2012 Oct
68 Jan
Pt) Mar 18
97 Nov
8
18 Mar
Al Mar 11
30 Dec
83 Feb
5. Jan 6
34 Dec
12 Feb
23 Jan 9
1618 Dec
59 Feb
63 Mar 5
8
152June
44 Nov
9 Mar 3
6 Dec
14 Apr
6 Feb 17
2 Dec
18 Feb
5 Mar 4
272 Dec
1718 Mar
414 Jan 14
2 Dec
1134 Feb
563 Mar 8
3612 Dec
9414June
314 Mar 9
'14 Dec
4558 Feb
34 Jan 14
1 Dec
10 Jan
65 Jan 12
8
57 Dec
4
24 Feb
3 Jan 13
2 Doc
2134 Mar
234 Mar 7
133 Dec
8
7534 Feb
1014 Jan 20
5 Dec
14 Aug
3633 Mar 7
2718 Dec
72 Feb
137 Jan 7
8
11 Dec
264 Feb
1914 Jan 2
16 Dec
254 Jan
164 Feb 17
97 Dec
8
387 Mar
8
46 Feb 16
40 Oct
6114 Aug
2811 Mar 4
18 Dec
414 Mar
103 Mar 23
90 Dee 122 Mar
14 Mar 8
64 Oct
283 Feb
4
13 Jan 11
4
118 Dee
713 AM'
20 Dec 376 Apr
20 Jan 11
74 Dec
104 Jan 15
3114 Mar
2618 Dec
3814 Mar 7
5218 Mar
3 Jan
55 Mar 23
8
12 Feb
1712 Dec
3012 Mar 9
6754 Feb
1538 Dee
213 Mar 8
4
3712 Mar
94 Mar 10
83 Dec 10634 Aug
314 Jan
2 Sept
6
914 Dec
11 Jan
3134 Feb
13 Dec
3 • Jan 28
8
95 Apr
8
21 Oct
4814 Star 9
52 Apr
157 Oct
21) Jan 7
8
4112 Apr
24 May
50 Ian 27
5712 Aug
1 Feb 2
12 Oct
4 Feb
10 Dec
154 Jan 21
3718 Mar
1354 Dec
1512 Feb 3
2014 Mar
4 Dec
3 4 Jan 27
3
10 Mar
3 Jan 23
8
134 Jan
3 Dec
8
44 Doc
8 Jan 14
3012 Mar
172 Oct
312 Feb 15
1212 Feb
5112 NW I I
40 Dec
90 Feb
144 Dec
2514 Star 5
50 Mar
4 Feb 19
24 De,
124 Apr
31 18 Mar 9
2058 Oct
774 Feb
312 Star 9
15 De
8
103 Mar
4
712 Mar 9
314 Dt.
157 Star
5714 Dec
65 Mar 14
8612 July
512 Dec
812 Feb 13
3614 Feb
53 Jan 14
8
312 Dec
2038 Mar
618 Dec
114 Mar 9
364 Mar
1978 Mar 9
1252t3ep
254 Not
35 Sept47 Apr
39 Mar 8
36 Dee 1624 Feb
525 Feb 19
8
113 Feb 19
94 Dec 150 Mar
65 Apr 27
587 Dec
8
717 Mar
8
103 Jan 14
8
77 Dec
8
31 Feb
4 18cr
4 Jan 4
2 Feb
14 May
20 Jan 9
28 Feb
11 1)ec
187 Feb 19
8
763 Mar
4
I May 21
12 Oct
314 Feb
sMay 23
224 Dec
63
17 Feb
3912 Jan 14
84 Dec
714 Jan
81 Dec 109 May
88, Jan 22
2014 Dec
294 Jan 12
7138 Feb
1728 Oct
19 Jan 2
277 Feb
8
14 Dec
3 Jan 14
15 Feb
1014 Jan 13
614 Apr
2712 Mar
112 Dee
25 Jan 14
8
85 Jan
8
114 Apr
4012 Mar 16
5712 Jan
43 Jan 13
8
24 Dec
203 Feb
8
20 Feb 1
812 Dec
404 Jan
Ili Jan 11
78 Dec
73 Feb
8
7 Feb 19
33 Dec
4
4614 Feb
1712 Jan 14
1214 Dec
4918 Feb
14 Feb 3
1314 Dec
32 Feb
14 Dec
2 Jan 18
6 Fell
12 Dec
1512 Jan 14
2614 Mar
4414 Oct
50 Jan 6
5718 Feb
50 Feb 19
384 Dec 15034 Feb
1714 Feb 13
11 Dec
3518 Feb
3578 Feb 19
2218 Dec 1073 Feb
4
604 Dee 11912 Feb
724 Jan 20
6 Deo
94 Feb 19
28 Feb
19 Jan 19 319 Dec
3614 Jan
70 Feb 14
501s Dec 10514 Apr
76 Jan 11
55 Dec 112 Mar
6912 Dec 103 Mar
70 Jan 12
110 Mar 17
9314 Dec 120 Feb
1014 Mar 28
88 Dec 11312July
1612 Mar 3
814 Dec
4412 Feb
43 Mar 4
8
218 Dec
1278 Mar
124 Mar 9
71 Dec
4
40 Mar
54 Apr 0
9 Dec
2014July
12 Mar 5
2514 Jan
73 Oct
8
2812 Mar 7
21) Dec
474 Mar
4
5 Apr
1 Jan 2
7 Dec
2
4
14 Feb 3
104 Apr
1 Dee
24 Dec
534 Mar 8
93 Mar
8
30 Mar
1714 Dee
2012 Mar 17
8 Mar
14 Oct
8 Jan 13
5614May
1412 Oat
25 Jan 26
4 Feb
4 Oct
14 Mar 14
103 Feb
4
14 Oct
484 Star 9
5134 Jan
15 Oct
81 Mar 10
7234 Aug
35 Dea
4558 Mar 8
8
154 Dec 1067 Feo
8
233 Feb 19
3814 Dec
95 Mar
41 Jan 15
8353 Mar
23 Dec
1304 Jan 11
718 Deo
27 Feb
812 Jan 14
803 Star
8
66 Dee
57 Jan 18
30 Jan
814 Dee
1012 Jan 18
3 Dec
154 Ma
5 Jan 14
1512 Dec
76 Ma
25 June 21
6 Dee
29 Feb
912 Mar 8
12 Dec
78 Feb
1714 Feb 17
514 Pet
4 Dec
2 Jan 22
614 Dec
14 Jun
978 Mar 8
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
On Jan. 1 1909 the Exchange method Of gaoling bonds was Clanged and prices are now
BONDS.
N. Y. STOCK EXCHANGE
Week Ended July 1.
Prize
Friday
July 1.
Weeks
Range or
Last Sale.
Range
Since
Jan, 1.
U. S. Government.
844 . Ask Low
High
1 106 Ni. Low
/1
First Liberty Loan
J D 101422 Sale 1001,
33d% of 1932-47
,
81017n 877 94 18 101'22
J D 100841 102 1001033J'ne'32
Cony 4% of 1933-47
98 331011,31
,
J D 10121n Sale 1011133 1011,31 287 0713., 10:1 33
Cony 432% of 1932-47
J D 101344
2d cony 44 w of 1932-47
o
1 100832 101032
32
---- 101233 101,
Fourth Liberty Loan
A 0 1021442 Sale 1021,32102,232 1202 9813i102 .22
4 % of 1933-38
,
rreasury 4325
1947-1952 A 0 1013042 Sale 1041032 105 1100 98101,106"n
Treasury 4e
1944-1954
1021•43 Sale 101, 1021032 661 94 1031,44
32
Treasury 3 445
1946-1956
100343 Sale 99 32 100332 1662 891.44101 18n
,
Treasury 33211
1943-1917 in 972432 Sale 973t2 98533 2100 87,, 991,n
s,
Treasury 3s___Sept 15 1951-1955 M
922831 Sale 911, 93232 1500 82144 951312
32
J D 98234 Sale 971,32 981,3 416 8714to 9914:2
Treasury 3546 June 15 1940-1943
• B 98
Treasury 8315
1941-1943
Sale 97 33 98 3 1492 88132 9910 13
,
,
Treasury 854s_June 15 1948-1949 in 94
Sale 922432 94143 6239 83
961,33
Stao and City Semen's..
N Y C 342s Corp stk_Noy1954 54
345
1955 8.1
45 registered
1936 51
di tidstered
1955 54
4% corporate stock
1957
ys% corporate stock_
1957
434% corporate stook __1967
4% corporate stock
1968
4% corporate stock
1969
% corporate etock _
1960
434% corporate stock.
1963 MS
44% corporate stock
1965 in
NSW York State 4 342
1963 MS
92 Nov'30
9234 Apr'31
10012 Apr'31
9912 July'31
102 May'31
9812 Dec'31
109 May'31
10012 Apr'31
10012 Sept'31
9912 Oct'31
10614 Dee'31
10512 Dec'30
112
Jan'31
Foreign Govt. /A Municipals.
aerie Mtge Bank t Cs
1947 FA
29 Sale 267
3
2814 26
Sinkleg fund 68 A_ _Apr 15 1948 * 0 2912 Sale 273
8
2812 18
Akerehus (Dept) ext 5
1963 MN 5612 Sale 5612
9
597
8
Antioquis(Dept) col 75 A......1945 J J
3
33
4 8
8
3
External a f 711 ser 13
1945 J J
33
4 814 3
1
3
External S f 70 see 0
1945 J
334 7
33 June'32
4
External a t 76 aer D
1945 J J
33
4 8
23
4
3
10
External of 70 let aer
1957 AO
4
7
4 June'32
External see s I is 3d aer_1957 AO
4
412 June'32
7
External see of 78 3d ser_1957 AO
4
514 4 June'32
Antwerp (City) external bs._1958 J o 683 Sale a64
4
683
4 43
Argentine Govt Pub Wks 69_1980 AO 38 Sale 3418
3614 36
Argentine Nation (Govt of)—
Sink (Undo (is of June 1925-1969 ▪ D 3838 Sale 35
39
64
Esti 5 f 6s of Oct 1925_1959 AO 3758 Sale 3418
37% 51
Ertl of 66 Belles A
1967 MS 38 Sale 3434
38
40
J O a377 Sale 3414 0377
External Co serles B_ Dec_
1968
8
8 66
Esti of (Ss of May 1926....1960 MN 35
353 343
4
8
36
6
External 6 t Co (State Ity)_1960 M 5 3712 Sale 3118
3712 41
Extl Si Sanitary Works
1961 FA 37 Sale 3418
65
37
EU!68 pub wks May'27).1961 MN 38 Sale 3418
38
21
Public Works en' 534e
1962 FA 323 Sale 303
4
8
323
4 37
Argentine Treasury fis 4
1945 MS
61 June'32
_
Australia 30-yr is. __July 15 1955 J J 661e Sale 60
6618 163
External is of 1927_ _Sept 1957 MS 6612 Sale 6014
6612 258
External g 4188 of 1928_1956 MN 6012 Sale 5514
6012 122
Austrian ((Met) S t 78
1943 ▪ 1) 8212 Sale 80
83
39
Internal 5 I 7a
J 3314 Sale 2914
1957
34
42
Bavaria (Free State)(134e
FA
1945
2712 Sale 2418
2714 34
Belgium 25-yr exti 6445
1949 M 5 9314 Sale 92
9314 52
External s f Os_
1955• .1
8612 90
853 Sale 8512
2
External 30-year s 1 7s.._ A955 J I) 99 Sale 98
99
128
Stabilization loan 7s
1956 MN 983 Sale 93
4
9813 163
Bergen (Norway)—
Ext1 sink funds 58_ _Oct 15 1949 * 0 61
64
60 June'32
External sink fund Ia.__ _1960 M S 60
80 63 June'32
Berlin (Germany) f 634e1950 * 0 21 Sale 1918
21
58
External 5 t 621.Jun 15 1958 in 2014 Sale 18
203
4 45
Bogota (City) extl 51 85_ _ _1946 AO
10 Sale
4
97
8
10
Bolivia (Republic of) exti 89_1947 MN
4
47
8 37
8
514 21
External secured 72 (11a0 A958 .1 .1
3
312
4
3
9
External a f 7s (1100
1969 M El
3
312 Sale
6
34
,
Bordeaux (City of) 16-yr 69_1931 MN 10418 Sale 104
10114 54
Brazil ((ISot) external 8s_ _ _1941 • D
1914 Sale 1812
197
8 33
External a t 6 tie of 1926 _ _1957 AO 1412 1612 1534
1712 22
External 16 tio Of 1927 A957 AG 1614 Sale 1614
167e 18
72 (Central Ity)
1962 • D
1312 1412 133
11
8
15
7
(coffee aecur) Ula0.1952 AO 7312 78
1 2
743
8
7412
6
lireMell (State of) exti 79_ _ _ _ 1936 M $ 3614 Sale 34
365
8 64
.4rtsbane (City) s t ba
1967 M
48 Sale 433
8
48
31
Sinking fund gold 5s
11458 FA 483 Sale 4318
8
483
3 39
20
-year s f Co
1950 1 I) 525 Sale 4312
8
523
s 21
Budapest (City) est! is I 6e_ _1982 in 21 Sale 193
2
221g 33
Buenos Aires (City)6%a 2 131955 .1 .1 31
37
3634
37
12
Externals(65 err 0-2_ _
A 0
347 June'32
8
External a 16e err C-8_ _ _ _196 AO 28
3112 30
30
1
Buenos Aires (Prov) extl 65_1961 MS 2212 Sale 2214
2312 36
Extl t 6)4s
1901 F A 37 Sale 2118
2212 73,
Bulgaria (Kingdom)If 75_ _19117 iJ 20 Sale 19
203
8 27,
Stabl'n 51 7342_Nov 15 1966 MN 223 Sale 223
8
8
233
8
81
Caldas Dept of(Colombia)7348'46
11 Sale
9
511
11 I
8!
Canada(Dom'n of) 30-Yr 42_1960 AO 7413 Sale 72
745
8 621
55
1052 MN
90 Sale 89
r9012 60.
454s
1936 FA
95 Sale 93
95 1 49'
Carlebad (CRY) ff I 88
J J
___ 76
70 June'32
_
'aura Val (Dept) Cobra 75424)4 A0 10
105
1118 818
818
1
;antral Agri° Bank (Germany)—
Farm Loan s f 7c,Sept lb 1950 M
39 Sale 35%
39
66
Farm Loan 51 68_ _July 161961)
3114 Sale 2912
3414 88
Farm Loan of Os__Oct 15 1960 AO 3314 Sale 2914
3314 203
Farm Loan 68 ser A Apr 15 1938 * 0 353 Sale 3318
4
3612 151
(hue (Reid—Ext e f 78
1942 M N
6
614 6
6
614
External sinking fund 88_ _1980 * 0
414 Sale
4
412 11
External sinking fund 65._1961 FA
43 Sale
8
418
5
7
Ry ref exti t 6s
1961 J J
412
45
8 5
5
2
Ertl sinking fund Cs
5
1961 MS
7
4%
412
5
Ertl sinking fund 68
MS
1062
4
714 5 June'32 -Esti sinking fund Os
1903 MN
4
4% 37
9
8
43
4
Chile Mtge Ilk 634e June 30 1967 J D
414 67
8 5
5
1
B f 63441 of 1936June 30 1961 J D
1912 Sale 1514
20
40
Guar s t 6s
Apr 30 1961 AO
412 Sale
4
412
6
Guar s 6a
1982 MN
45
8 6
412
43
2
Chilean Cons Munlo 78
1960• S
314 Sale
3
314
2
Chinese (Ilukuang Hy)5s__ _1951 J D
4
12
7
1'2
7:
313
Christiania (0010) 20-yr s f 65 '54 M
63
2
63
22
2212
497
2
3
3
4
33
234
4
412
4
aG4
3418
33
33
64
1612
157
2
15
15
1212
1434
14
r77
80
35
3418
243
4
3414
34%
3412
3412
3410
303
2
5412
484
4612
41
623
8
20
8718
87
88
67
87
87
67
87
593
4
87
6618
6612
6012
98
55
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 1.
-a
Price
Friday
July 1,
Week's
Range or
Last Sale.
4,
2
Range
Since
Jan. 1.
Bid
Ask Lots
High
HisI No Loa
Cundinamarea (Dept) Colombia
External 5 1 6341
1959 MN
33 17
8
614 Sale
.53
4
614 23
Czechoslovakia(Rep of) 89..1951 AG 76
873 100
4
87
11
85
87
Sinking fund 85 set B
1952 AG
4
70 10612
86
8718
Denmark 20-year ext165
1942 J J
3
7018 Sale 673
4
7012 50 065 4 87
External gold 534s •
1955 FA 62 Sale 05914
59
8534
6312 19
External g 4)48__Apr 15 1962 AO 55 Sale 51
116 a4718 71
55
Deutsche Bk Am part ctt 66_1932 Ms 78 Sale 747
57
,3
75 8
3
8218 173
Dominican Rep Coat Ad 534s '42 MB 3714 40
3
2618 5513
3712
3712
S
2d series of 53451
1942
35
50
3912 June'32
lot err 5348 01 1926
1940 AO 33 Sale
30
45
12
2d series sink fund 5345
1940 * 0 32 Sale 2912
283 44
2
9
r34
Dresden (City) external 7a_ A945 MN 32%
243 45
4
10
323
4
34
Dutch East Indies extl 60
1947 J
923 Sale 893
8
8
7912 923
8
923
8 17
40
-year external 82
1962 M
8814 Sale 853
7514 89
4
8814 38
30
-year ext 534e____Mar 1953 M
843
8
7412 087
26
8118
84
80-year ext 5148____Nov 1953 MN 843
8
8118
75
8713
8312 25
El Salvador (Republic) 88
1948'hi 36 Sale 3412
9
20
61
36
Estonia (Republic of) 7s1967'hi 41 Sale 3912
3212 41
3
41
Finland (Republic) extl 69_1945 MS 45
49
41
5
45
5674
45
External sinking fund 75_1950 MS 483 Sale 463
62
5974
8
11
4
483
8
External sink fund 6348_1956 MS 45 Sale 44
4018 56
28
46
External sink fund 5348_1958 FA 4314 Sale 42
351s 52
14
4314
FinnIsh Mun Loan 6440 A 1954 A0 46 Sale 4314
4018 5414
9
46
External 634s serlee B
40
1954 AO 4518 4714 44
5,
Ve
1
44
Frankfort (City of)81848-1953 MN
1414 30
18% Sale 18
34
19
French Republic exti 7345_1941 in 11712 Sale 1167
8
11712 40 1103 12312
8
External 7e of 1924
1949 J o 11318 Sale 11214
8
11314 65 01087 118
German Government International 35-yr 534s of 1930_1965 in 3914 Sale 343
8
3914 1918
German Republic extl 7s___1949 * 0 59 Sale 513
364
4
59
German Prov & Communal like
(Cons Aerie Loan) 614s__1958 in 2112 Sale 1818
2112 160
MN 353 Sale 3514
Graz (Municipality )85
1954
4
10
36
at Brit dr Ire(U K of) 5345 1937 FA 10438 Sale 10112 1043 1447
8
FA
Registered
_
102 May'32
.4% fund loan opt 1960_1990 M N va773 Sale *07312 a77 8 38
8
7
*5% War Loan £ opt 1929_1947 J D 8
(2723 Sale 8a723 0773
2
8
8 24
Greater Prague (City) 7345_1952 M N
7514 80
1
75(4
7514
Greek Government 61 see 75_1964 M N
24 Sale 2312
24
2
SInking fund eec 65
1968 FA
13% Sale 12
10
14
Haiti (Republic) sf80
1952 AO 5618 58
4
56
5618
Hamburg (State) Cs
1946 * 0 24 Sale 23
59
25
.1
Heidelberg(Germany)ext1 74550 .1
82
44
44
3
lIeLslngfors (City) ext 6345_A960 * 0 ____ 43
42
43
26
Hungarian Munic Loan 734s 1945• .1
17 Sale 1318
8
17
External 5 1 7s__ _ _Sept 1 1946'hi 14 Sale 113
4
14
28
Hungarian Land M [net 74s '61 MN 27
30
2412
29
30
Sinking hind 714s ser B__.1961 MN
27
313 2412
4
30
9
Hungary (Killed of) a f 714s.1944 FA
2534 43
2712
6
307
4
Irish Free State extl St So. _ .1961 MN
7514 Sale 747
8
76
8
Italy (Kingdom of) extl 73_ _1951 J O
853 Sale 85
4
110
r87
Italian Cred Consortium 78 A '37 MS 80
89s 8014 082
3
External sec s f 78 set B._ _1927 MS 7412 Sale 72
7412 15
Italian Public Utility extl 78_1952 J .1
64
657
8 32
Japanese Gov 30-yr s 1648,1954 FA
563 g;fe 56
4
60
152
Esti sinking fund 546_ _ -196b MN 4314 Sale 4314
47
32
Jugoslavia (State Mtge Bank)—
Secured c t g 7s
1957 A0 3012 351 31
308 15
Leipzig (Germany) a I 7e_
1947 FA
23
30
297
8
30
17
Lower Austria (Prov) 7348 19511 J o
35
34
34
1
Lyons (City of) 15-year 6e_1934 MN 101T8 Sale 104
10414
19
22 r43
83
95
80
8912
91114a101
Marseilles (City of) 15-yr 65_1934 MN 10414 Sale 104
10414
913 10114 Medeilln (Colombia) 6188--_1954 JO
4
10
15
9
912
Mexican Irrig Asstng 4 40_1943 MN
28 Feb'32
55
63
Mexico (US) extl 5s of 1899 £ '45 Q J
Apr'30
-- 26
46
Assenting Sc 0( 1899
657
8
1946
212 7
2 May'32
8
1538 317
Assenting 59 large
23
4 21
112 May'32
15
287
Assenting 48 of 1904
2
2
214
63 022
4
Aesentffig Is 01 1910
4
10
314 Apr'32
314 10
Assenting 40 of 1910 large___.
13
4 214 212
212
218 818
Assenting 46 0( 1910 small_ __
--- 212 June'32
812
2
Tress Coot'13 assent(large)'33 1-5 ____
3 June'32
983 1043
4
8
Small
314 June'32
Milan (City, Italy) ext16 WI 1952 * 0 6614 Sale 66
6714
115
3112 Minas Geraes (State) Brazil—
1312 22512
External 9 I 644s
1958 MS 11 Sale 11
1212
al4
2532
Ertl sec 648 series A.._.1959 MS 1012 1114 1012
1114
1218 25
Montevideo ((Ay of) 79—.1952
L) 10
12
10
1012
8512 86
External s t 69 series A_ .1959 54 N
10
12
9 June'12
4312 New So Wales (State) extl Sc 1957 FA
26
6114 Sale 6018
6114
.y
331a 483
External 5 1 50
Apr 1958 * 0 62 Sale a5778
62
32
412 2 Norway 20-year exti 6s
,
1943 P A
74 Sale 72
74
87
6712
20-year external 88
1944 FA
74 Sale 72
74
1112 2612
30-year external es
1952 A0 7114 Sale 70i2
7212
35
6812
J 1) 697 Sale 6818
40-year s f 512s
1965
8
70
3312 50
External s1 5e_._Mar 15 1963 M
6912 Sale 6612
6912
28
66
Municipal bank est, of 55_1967 J o
68
68
3714
22
!Municipal flank extl a t 511_1971) ▪ D
a70 June'32
2118 37
Nuremburg (City) MI ea__.1952 P A
21 Sale 193
21
4
10
34
Oriental Devel guar 69
1953 MS 41 Sale 41
43
01412 4112
Eat! deb 54s
3718 Sale 3718
1901' 51 N
39
Oslo(City) 30-year t (Ss___ _1955 MN 6118 67 a64
65
8
2014
71
81
Panama (Rep) exti 5 325____1953 in 91
9312 91
91 18
87
96 8
,
Ertl e f5e per A __Slay 15 1963 MN 49 Sale 4814
51
86
9513 Pernambuco (State of) exti 78 '47 MS
412 6
412 June'32
61
90
Peru (Rep of) external 78_ _ _1959 MS
6 Sale
6
6
51a 1912
Nat Loan exti of 66 lot ear 196 .1
3 Sale
3
4
Nat loan extl 51 (Ss 2d set.1961 A0
31
258
27 Sale
8
a2518 477 Poland (Rep of) gold 89__194( * 0 4312 Sale 4734
a
48
2114 4112
Stabilization loans f 78___1947 * 0 425 Sale 42
8
45
213 4214
8
External sink fund g 8s___1950 J J
4614 Sale 4512
461
23 r43
Porto Alegre (City of) 8a_ __ _1981 J O
8
1014 103 Apr'3
8
412 19
Extl guar sink fund 7329_ _1966 J J
55
8 7
612
7
318 15
Prunes (Free State) esti 645 '61 MS 255 Sale 2112
8
2538
3
143
4
External s f es
1962 * 0 2434 Sale 213
8
25
312 15
Queensland (State) extl 81 78 1941 A0 77 Sale 745
8
77
4
1514
26
-year external 88
1947 FA 66 Sale 6412
66
338 1412
338 1411 Rhine-Main-Danube 72 A
1950 M S 3312 Sale 3318
331
4
20
Rio Grande do Sul enl a f 82_1946 A 0 12
12
16
1118
83 r32
8
External sinking fund 85 1968 i D
7 Bale
612
7
4
1512
External s f 7a 91 1928_.1966 54 N
63
4 714 618
7
3
1544
External 51 78 munlc loan 1967 J D
55 June'32
8
512 7
212 13
Rio de Janeiro 25-year 51 88_1948 A 0
712 10
73
4
73
7
13
514
Externals 630
714 514
1953 F A
6
63
76
Rome (City) exti 6346
1952 A 0 70 Sale 69
701
Rotterdam (City) exti 65_1964 M N
9018 _ _ _ _ 9234
93
Cologne(City)Germany 634a 1060 MS 21
23
213
8
2212
16 r3812 Roumania (Monopolies) 78 1959 F A
6
33 Sale 303
34
8
Colombia (Republic) 68
1961 J J
2712 Sale 24
137 80
8
65
271
Saarbruecken (City) 65
1953 J J
40
47
39 June'32
External a t 69 of 1928
1961 * 0 2712 Sale 24
1312 30
2712 137
Sao Paulo (City) is t 81Mar 1952 MN
81
814 10% 814
Colombia Mtge Bank 634s of 1947 AO 2512 Sale 22
1812 2713
2512 28
Externals 164501 1927_1957 M N
518
10 June'32
9
25 Sale 233
Sinking fund 75 of 1926_1946 MN
4
25
18
28
14
San Paulo (State) exti If 8a_1936 J J
2512 Sale 2512
3112
2512 Sale 25
Sinking fund 7s of 1927
1947 FA
18
2812
2512
External sec a f 85
1950 J J
1118
13
714 10
1952 in 58 Sale 56
Copenhagen (City) 58
awl 7118
58
9
External s f 7s Water L'n _1956 M S 32 Sale 11
1112
25-yr g 4 48
1953 MN 5214 Sale 5114
21
48
87
53
External 8 f 6s
1988 1 J
8
914 9 June'32
Cordoba (City) exit sf 78_ _ _1957 FA
1414 34
1513 18
153
4
163
4 12
Secured e t 78
1940 A 0 5612 Sale 5618
58
24
Externals f 7s_ .._ _Nov 15 1937 Si N
33
2714
2714 46
2
2714
Santa Fe (Prov Are Rep) 78_1942 M S 2712 30
27
2818
24 Sale 23
Cordoba (Pros') Argentina 7e '42 J J
2114 42
25
Saxon Pub Wks (Germany) 7s '45 F A
13
32 Sale 27
32
Costa Rica (Repub) extl 78..1951 MN 27 Sale 26
28
2412 r45
(Ion ref guar 845
31
8
1951 M N 283 Sale 02112
28%
Cuba (Republic) 6a of 1904._1944 M
903 Sale 08814
4
783 TOO
3512
9014 33
3gi2
Saxon State Mtge Inat 7s_ 1945 J D 38 Sale
External 58 of 1914 aer A 1949 FA 82
86
83
83
83
9218
11
Sinking fund g 645._Dec 1946 J D 3614
4
- 353
37
External loan 434e ser C1949 FA a613 Sale 6414
8
52
65% 16
74
Serbs Croata & Slovenes 84 1962 M N 30 Sale 30
32
Sinking fund 534a Jan 15 1953 J J 65
69% 66
66
80
677
8 20
External see 75 ser B
19621M N
2512 Sale 2512
27
Public wka 5149 June 30 1945 J D 37 Sale 367
8
83
403
3912 148
4
r Cash sale. • 2t the exchange rate of $4.8665 to the 4 sterling
a Deferred delivery.
95
and interest"--except for theme and &fanned bona
43
6
3
1
74
12
6
10
_
38
129
23
16
52
64
1
33
35
20
11
35
_
2
41
14
10
67
59
4
119
99
95
46
9
4
17
7
2
3
89
7
51
1
15
2
10
71
4
121
211
58
12
41
18
24
443
,
413 6114
4
2 1g 6812
18
4
5
0
(28912 10614
100 102
•a58 •a7778
•a6534•a77
9814
70
6313
17
48
12
5214 8412
16
36
44
20
34
101a 5518
2
2
9% 25
17 4 80
0
81
1812 55
a69
7713
80014 930
7
482 180118
4251l 874714
553
: 73
29
1612
33
4
983
43
3,5
50
10412
983
010514
1812
7
21
, 314
2
5
112
114 5
312 43
,
2
5
in, 4%
23
8 3
24 5
5718 70;
8
812
614
814
3012
2974
70
71%
70
64's
6314
597
2
84 4
,
15
36 2
,
35
BO
1612
17
28 4
,
25
6114
62
84
144,
t
84
79
7613
71 12
73
3112
72
6814
75
85
66
3
33
4
3
2%
44
3912
4312
10
512
17
1512
6014
47
9712
6412
9%
145,,
73
4
712
6014
58,
1
64
16
1112
85
333
4
88
89
24
8
412
5
5
7
5
62
843
4
283
4
39
7
10
2512
8
10
8
40
27
1612
13
27
2112
30
25
25
21
1114
1414
18
18
123
4
7414
94
56
80
23
r17
50
25
18
17
6414
451
:
343
4
83
48
4212
60
47
New York Bond Record-Continued-Page 2
96
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 1.
T.,
Price
Friday
July I.
Range
Since
Jan. 1.
Week's
Range or
Last Sale.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended July 1.
Price
Friday
July 1.
Week's
Range or
Lass Sale,
4
Range
Since
Jan. 1,
High
High No. Low
Ask Low
High
Bid
High No. Low
Ask Low
Bid
84
-Ill Div 3348_1949 1 1 7812 Sale 7812
73
6
J D 3014 Sale 2958
89
25le 47
Chic Burl & Q'
3114 39
J .1
FR 22 Sale 20
91
131z 26
Jan'31
Registered
22
25
1949.9 1 86 Salo 82
Illinois Division 41
76
86
97 10(3
32
89'
6
10314
M N 10214 10412 10314
1958 84 8 82 Sale 815
8
885
74
82
F A
42
1
General is
/
284 42
24 . 2711 32 June'32
F A
AF AcI
79 Sale 7514
MN 8014' 8312 79
8814
92
let & ref 4148 ear B
74
79
75
8
e84
48
82 Sale 82
10
991
let Is ref be series A •
68
83
A 0 104 Sale 103
23 101 10512
104
50
99571
52 June'32
119771
50
C a E o & Eaetew o es_
Chlcagill R y(n Illglrg m 58 1934 m N 35
F A 50 Sale 463
701
63
34
5018 92
4
712
4 39
93
8 Salo
7
17
80
7978 87
8512 80
4
80
361a 673 Chick Erie let gold be
6
8 23
393
Taiwan Elec Pow v I 5344_ _1971 1 .1 3718 Sale 37
4
/
451 Chicago Groat West let 4s195 M N 33 Sale 32
1982
24
29
9M S
36
563
185
4
33
35
Tokyo City Si loan of 1912_1952 M S 2912 Sale 29
32
34
71 j
32
32
Chic Ind & Loulav ref Se__ _.19471 .1 20
3
80
70
36
40
15
External a t bhe guar____1961 A 0 40 Sale 3834
2012 40
35 June'32
35
Refunding gold 641
50
3
312 18
7
Tolima (Dept of) extl 7a____1947 MN
612 714 7
91
£114 58
Apr'31
Refunding 48 series C__ _1947 J 7
4514 June'32
Trondhjem (City) let 6148_1957 M N 4612 68
41
20 June'32
-1512 20
16
Tr" 42
18t& gen Moeda,A
31
32
3
3012
Upper Austria (Prov) 78_ ___1945
2912 20 June'32
18
40
6
966 J J
4
153 Ws
let & gen 68 ear B_May 19 6 M N
24
17
External s t Oho-lune 15 1967 J I) -24 Sale 2312
1956i J
80 Mar'32
80
29
69
80
50
2
Chic Ind & Sou 50-yr 4._
29
29 Sale ao
Uruguay (Republic) extl 88_1946 F A
93 Dec'31
1969 1 D
2018 3514 Chic L 8.4 East let 4 Hs_
93
2212 12
4
243 02138
1960 M N 22
External s t Se
6014
49
93
50
'7
22
12
67
8
347 Ch M & St P gen 44 A_Mity 1989.9 J
2212 16
May 1 1964 M N 2212 Sale 22
Exti f 6a
bl
58
8012 9112
Gen g 3148 ear B_May 1989.1 .1 ____ 5514 53 June'32
2
8514
8
8.37
Venetian Pro, Mtge Bank 78 '52 A 0 8518 86
60 June'32
60
72
57
31
Gen 43-4. series C__. May 1989 1 J 58
42
8454
48
Vienna (City of) extl vi 6s. _1952 M N a451z Sale 4313
5814
64
2
7112
62
2438 4514
Gen 4348 aeries E___May 1989 J J 58
3212 25
5814
Warsaw (City) external 7a1958 F A 3212 Sale 31
57
5
78
57
40
76
D 43 Sale 43
Gen 434e series F___May 1989.3 .7 57 Bale 57
4414 12
Yokohama (City) ext1 65_ _1961
8
1512 Sale 137
4
163 258
s
137 42
ChIc Milw St P & Pm 611_1975 F A
37
115
4
Jan 1 2000 A 0
8
27 113
4
314
Cony ad) Si
314
Railroad
41
42
8
4
4
61
Chink No West gen g 3148_1987 MN 413 Sale 413
- 105 Sept'31
Ala (it Sou let cons A 5e____1943 J D
8344
78
4178 7912 Mar'31
D 71 I3 4 8012 Feb'32
Q F 31
Registered
1943
1
let cons 48 oar II
5 -56" 1636
46
46
6712 72
46
1987 M N
General 48
Alb & Soso let guar 3148_1946 A 0 68 -___ 72 June'32
71
49 June'32
4114 70
71
53
Stud 48 non-p Fed Inc tax '87 7.1 N 40
Alleg & Weet let g gu 4e _A998 A 0
60
8
89
597 June'32
78
8
Gen 4448 stpd Fed Inc tax_1987 Si N 55
597 72
12- 78 May'32
Alleg Val gen guar g 4a_ _ _ _1942 M S
55
1312 26
10
193 . N 511z 6512 5412
Gen be stud Fed Inc tai
We 83
87
93m
8
187 1338 June'32
Ann Arbor let g 48_ _ _July 1995 Q J -15
63
65 , 51
10
85
53
51
Sinking fund deb be
4
4
823 279 a741z 91
4
-Gen g 40_1995 A 0 823 Sale 0803
Atch Top 3, S Fe
M N
72 Feb'32
60
77
A 0
76
8612
Registered
77 May'32
Registered
5418 18
55 I 53
87
8412
15-year secured g 634e ,....l938 M 8 53
53
74
7518
76
9, 70
Adjustment gold 4s__July 1995 Nov
20
85
1.412 57
8
May 20373 D 19
217 1812
let ref g 511
76
471 63
Stamped
July 1995 M N 75 Sale 74
1512
1912 36' 1512 46
SO
80
May 20373 D 1614 19
M N
let & ref 434e
80 Mar'32
Registered
1812 34
1612 46
D 663 75
let & ref 4 he aer C_ May 2037.9 D 18 Salo 1612
8
65 June'32
Cony gold 4s of 1909___1965
1012 206,
0
6
39
4
8 14
83
8
10 Sale
8
1949 M N
Cony 434. Belles A
,
66 8
6, 69
6638 Sale 66
Cony 48 of 1905
74
7412
0
___ - 74
Jan'32
1 5 J
Cony g 4a Issue of 1910_ _1965 j D 50
61
24
80
63
Chic R 1.4 P Railway gen 48 1988 1 1 57
60 a56
139, 6.8 a94
78
D 7738 Salo 76
1948
Cony deb 414,
.1 J
82
71 Nov'3I
79
Reglatered
J
79
79 May'32
Rocky Mtn 1)1, 1st 48_ 1965._
1934 A 0 2612 Salo 2412
4
2912 182 -19" 773 89
73
Refunding gold 48
8214
Trace-Con Short L let 40.1958.9J -81 Sale 81
A 0
9214
9614 Apr'311_
Registered
86
8612 101 80
3
85 4 88
ret 4148 A_1962 M
Cal-Adz let &
30
Zoi 18 (33l
1962 M S 2612 Sale 23
Secured 4 Ho series A
D 60 ____ 10312 Feb'31
Atl Knox, & Nor let g Es _1946
8I10
1314 104
-itiTe 1012 Salo 10
50
Cony 5 41-48
J 6118 ___-1 8014 Apr'32
Atl & Charl AL lot 4 ha A 1944
46
76
60
90
6012 Juno'32I____
60
62
9 J N
Cb St L & N 0 58.....luna lb 1951 M D 58
4
6614
6614
75
lot 30-year Mt series 13.....1S44 J J 66
7 D
02
6412 May'32I
0412 6412
5.5
89 Mar'31
67
_
1951 J
Atlantic City let cons 4a
8512 alay'31
Il 314s
Golr131.ered
Jane 15 1931 J D 4014 60
17, -6014
68
6738
A tl Coast Line 1st cons 48 July 52 M S 6818 70
4512 lig
Memphis Div let g 48_ __ _1951 J D 40
7212 50 June'32
3
8
527
53
50
19641 D 37
General unified 4148
8
55
82
991 1 1004,
20
55
Ch St I.& P lit cone g 5a _l932 A 0 997 ____ 9978 June'32
3014 23
I. & N coil gold 48._ __Oct 1952 MN 30 • Sale 29
A 0
35
15
97
97
97 June'32'____
Reglatered
1612 18 4 15
3
1948 J
A11 dr Dan let g 4s
1714 111
30
10
Chic T 11 .4 So East let Si.
46
33
.1960.9
30
3412
3434 33
412 12
7
10 May'32
1948.9 J
2d 48
16
7
14
37
Inc gu be
14' 14
Dec 1 1960 M S 11
16
2
8
197 1512
1949 A 0 15
164
A ti & Vail 1st guar 48
7
8
817 94
--- ---- Chic Un Sta'n let go 434. A.1963 J .1 81
85
847
8612
5
8
98 104 Mar'31
AuatIn & N W lat gu g 54_1941 J
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1963.3 1 85
4
90 1023
96
933 90
8
3
58
8612
99
92
904 3 j
1943 j 13 9212 9312 9212
Guaranteed g Si
9312
7
77
72
Halt & Ohio 1st 5 48___July 1948 A 0 7112 Sale 7012
18
10418 105 104
1st guar 6 Hs eerles C
10538 32 100 111 14
63
60
55 June'32
Registered
July 1948 GI
51
35
51
87
ChM & West Ind con 413
79
,
19523 1 55 8 563 5614
4
55
5814 65
136
35 Sale 3312
37
1933 M
20-year cony 4 He
243 7112
4
lit rat 510 series A
4
873
55
56121 28
3112 81
5512 Sale 5512
Refund & ;en be serlee A1995J D 29 Sale 2812
8313 96 8 Chew Okla & Gulf cons es
,
952 M S
80 Dec'31
1952 RI N
7918 87
July 1948 A 0 7738 Sale 7713
let gold Si
30
89
4
793 CIn H & D 2(1 gold 4348
90 hlay'32, ____
1
4
90 - 0
35
77
1937 1 J 60
Ref & gen 68 serles C____1995 J D 3312 Sale 313
80
70
C I St L & C let g 4s_ _Aug 2 1938 Q F 70 Sale 70
96
70
56
1
571z 69 a-15
54
PLEA W Va Sys ref 48_ _1941 MN 54
4018 8212
85 Jan'32
85
Registered
Aug 2 1936 Q F
65
86
56
195)7 J 56 Sale 5114
Soutbw Div let Si
3134 62
CM Leb 34 Nor let con gu 48_1942 M N
77 Mar'32
76
77
7
33
,
34 8
3712 38
Tol & CM Div let ref 48 A _1859 J
93
89 June'32
25
95
71
Cin _Union Term let 4 hs _ _ _ _202(1 1 J 85
85
3012 22
Ref & gen 5s aeries D_ _ _2090 M S 2812 Sale 2812
59
15
9412 Sale 94
let m Es aeries II
9412
8
1612 Sale al518
8
0312 99
183 316
1960 F A
Cony 414e
9814 Apr'.II
70
88
Clearfield & Mali let gu be_ _2929j i
1
1943 l J
8112
Bangor A Aroostook let Se_ _1(143 .1 J 811z Sale 8112
48
6312 Cleve CM Cl, A St L gen 48_1993 J 13 641a -0412 a6312
4
5 63 77
6412
57
6
59
54
1951 J J 57
Con ref 46
97 Nov'31
95
General be aeries II
Feb'31
9
9 17 j
1983 , D
61
:tattle Crk & Stur let gu 3a_1889 J
64
50
5112 June'32
93 2
99
Ref & [met 88 oer C
10
92 May'32 ____ 1 -ilr -- -1Beech Creek let gu g 4s
1936 J
41
41
45
40
84
4'
6
Ref & boat 5e ear D
---- ---93 100
Jan'30 _
1936.9 J
2d guar g ba
3612 21
2814 7ii2
Ref & Inapt 4 he ear E
967 1 1
1979 '1 j
1933,. 3612 Salo 35
1
88 Mar'31
Beech Crk ext let g 3318_1951 A 0
88
803 May'32
8
74
85
Cairo Div 1st gold 4s
Belvidere Del cons gu 330_1943
111; Gin W & M Div lat g 4s 1991 J 1 60 75 60 June'32
5912 70
854 Jan'32
Big Sandy let 48 guar
65
65 June'32
43
7412
7814
85
13
St L Div let coil tr g 4a_ _ _1990 M N
51
S
D Si Sale 50
9
11,87
Boston &Maine let Se A C_14
71 June'32
43
84
77
Spr & Col Div let g 4e
65
N 505 6014 50
7112
8
1940 NI S 65
51
8
1055
let M 58 ae.les 2
4
74
973 July'31
46
89
W W Val 131, 1st g 49
4638 12
1940 1 1
1961 A 0 46 Sale 46
1st g 4 ais ser .17
4
/
511 75
,
Boston & N Y Air Line let 48 195.5 F A ---- 54 4 55 June'32
97 10014 Apr'32
94 10014
C C C& I gen cons ge Os__ 1934 1 .
1
88
82
Oct'31
Bruns & West 1st gu g 411_ _193 J
"kii 00 Clay Lor & W con 1st g Si..A933 A 0
08
96 June'32
90
97
Apr'32
85 87
Batt Roch & Pitts gang Se._1937 M S 73
00 101 Sept'31
2612 81
Cleve!& Mallon Val g 58_ _ _1935mN
938 .1 J
3312 23
3012 Sale 3012
Coneol 4 Hs
9912 Oct'31
83 4 CI & Mar 1st gug 4 ha
40
3
55
-- - 55 June'32
5 9 7 A O 36
Burl C R & Nor lat & coil 58_1934 M N
8
1
91
91
Cleve & P gen gu 4 As aer 8_1942 A 0 905 ____ 91 June'32
747 8931
4
8
Series li 3he
1
1942 A 0 823 ____ 97
7614
8612 7614
Canada Sou cons gu be A_11362 A 0 73
8312
68
1942 .1 3 9018 __ 98 Dec'30
Seom A 4
series o81;
3
4
4 14
763
Canadian Nat 4 ha_Sept 16 1984 M S 75 8 763 7514
MN 7614 -_-_ 763 June'32
4
73ls 8312
-764 7634
76
38
743i
1951.9 J 7512 76
30-year gold 4 ha
8618 Apr'30'____
4
723 8214
4 18
Series I)3 hs
753
7414
8
745 75
Gold 434s
__ 8912 May'32
A 4
F 0 793
4
90
80
91
Gen 434e ser A
-- - -82 8912
82 12 21
969 3J
Guaranteed g 69._ __July 19651 D 8218 Sale 82
75
-8712 May'32
8018 90
Cleve Shar Line lot au 4148.1111991)644 A
77
)1
78412 37
Guaranteed g 5s
Oct 1989 A 0 8218 Sale 82
9814 18
4
89
63 10311
4 11 a793 8814 Cleve Union Term 1st 6 Sae 1972 A 0 6718 Sale 67
823
8
m7;
8
1970 F A 817 Sale 817
Guaranteed g
,
61
85
76
14
8
7808
537 93
1st a t &aeries LI
1973 A 0 60 8 Salo 60
7838 17
Guar gold 434e __June 15 1955.9 D 7814 go
Sale 59
60
8314
73
412
8
88 8
52
8.5
Islet guar 43es series 0 1977 A 0
7638 Sale 07418
7638 99
1956 F A
Guar g 4 ha
127509
82 May'32
831,, Coal River Ely 1s1 itu 4s
75
4 28
763
Sept 1951 hf S 7612 Sale 76
Guar g 434s
7218
73 , 39
60
93
0m
90% 9912 Colo & South ref & ext 4148_ 1245 j D 7218 83
8
1993 ai N
I) 93 4 Sale 9314
3
943
4 51
_1940
7anadlara Nortn deb a f la_
43 I 18
91e8 102
41 Salo 41
70
Gent m4 he set A
35
95
17
J 96 Sale 9434
1816
26-year v f deb 834/9
75
75
6812 80
75 Feb'32
83
933 Col & II V 1st ext g 45
4
11
92
,
90 8
91
10-yr gold 4 Hs_ _Feb lb 1935 F A 91
1
go
77
80 Apr'32
6514 80
04712 6914 Col & Tot lit ext 418
53
145
.1 J 51 Sale 51
i'anadlan Pao Ry 4% deb stock
90 Dee'30
81
A
54
Conn A Paseurn My 1st 44 _ 199428 A 0
. 9 643 FA 0
28
59
4
1946M S 583 Salo 5712
Coll 1r43.45
Jan'32
88
68
.
-EC) 16Coneol Ry non -cony deb 41_ _1954 J J 26 1312 50
7614 14
8
755 Sale 7414
1944 .1
Se equip tr etta
0112 8314
_
40
4112 Apr'32
4112 4714
1955 1 J 26
Non-conv deb 48
6812 68
6812 66
ne*" 11954 J D 65
wi
Coll tr g 5a
_ 44 Dec'31
89,4
56
Non-cone deb 48
5912 73
J 5712 Sale a5653
1960
Collateral trust 4
66
21
17
Non-conv deb 4e
17
1
1 55 A J 26
9956 / D 26- -14 45 Dec'31
17
70
Caro Cent let cons g 4s,.__ _1949 1 3 17
1638 12
90
1614 Salo 1614
88
30
16
Cuba Nor Ry 181 5345
Apr'32
8431 89
Caro Clinch At)lot 30-yr 58_1938 J D 70
4
22
213 a20
94
53
15
9 52 1 D
11
18
50
45
Cuba RR lat. 50-year ba 8_1842 37 20
5612 53
g 68 ear A _Dee 15'52 J D 54
let & con
25
27
2612
6
_
25
1936 3 0 25
let ref 7)4s serial A
We
Oct'31 _
80
75
Cart & Ad lot gu g 48
25 June'32
-38- 47
37
24
38
1936 3 D 24
lot lien & ref els ser B
38 Apr'32
30
Cent Branch II P 1st g 4e_ _19 8
8
194 1
55 r81
1
65
17 65 65
Central of Ga let g 5o. _Nov 1945
73181 49
65
16
Del & Hudson L et & ref 44__1943 MN 72 Salo 7118
63
87
9
21
1945 M N 20 Sale 19
Coneol gold Si
8218 91
93 87 May'32
1935 AC 85
8
127 41
30-year cony Se
8
127 June'32
15
1969 A 0 13
Ref & gen 6%s!erten B
4
78 I
773 77
1212 38
1937 MN
I5
-year 6148
1212
7
1212
614 12
Rat & gen Si series C__ _ _1969 A 0
90
_!
7 's 95
Oct'31
---RR & Bridge let Ru g 48._14136 FA
5018 75 Sept'31
Chatt Div pur money g 48_1951 J D 15
31 Salo 30
33 1 -171
29- 69
Den & R U 1st zone 4 4s_
1938 .1
9314 June'3I
---Mac & Nor Dtv let g 58_1946 .1 .11
.▪ 1 3112 Sale 3112
3112 70
3312 14
1936
Consul gold 4 SO
---10212 Nov'30
Mid Ga & Atl thy pur m 6e'47 1 J
7 Sale
7
7
9 I 39
Den A R 0 Wait gen be Aug 1955 FA
88
95 Sept'31
40
16
---Mobile Div 1st g Si
1946 -I .1
812 Sale
812 Ills 12 812 410i
Ref & Inlet be see 5.-Ayr 1978 AO
212 10
4912 73
8 Feb'32
8
8
Dee M & Ft D Ist gu 4a
1935 13
5
5313
:ant New Eng 1st gu 4s___ _1961 J J 5312 Sale 5312
2
25
60
4 Feb'32 __
35
• J
4
b
Certificates of deposit
35 May'32
37
Cent RR & 11kg of Oa colt Si 1937 rel N
75
98
25
45
99 Mar'30
Des Plainea Val 1st gen 4 is-1947 M
9
7'3
75 Sale 75
Central of N J gen gold Is. _1987 J J
34
4
3024 Apr'32
- - -71 r94
Det A Mac let lien g 4a
1965 1 1)
2
74
7014 7712 74
1987 Q
Registered
25
25
76
82
25 Mar'32 ____
1995 -In
Gold 45
82 June'32 _
1987.3 J 5514 65
General 45
89
71
1
7112 Sale 7112
7112
I)etrolt River Tunnel 434s.._1981 M
67
46 a471z 85
1949 F A 76612 Sale 64
Cent Pee 1st ref gu g 48
100
98
9812
____ 9814 Feb'32
Dill Misfabe & Nor gen Si .._1941 .1
July'31
9914
F A
Registered
94 100
1
.
97
9512
9512
6514 12 -tio- WI; Dul & Iron Range let MI__ _ _1937 AO 95
;
63
Through Short L let gu 4e 1954 A 0 -63 - 5 6412
3212
17
79
30
15
17 June'32 ____
21
75
Dui Sou Shore & All 558._1937• J
40
8
1960 F A 393 Sale 3712
Guaranteed g Se
'
8 34___7
67
98%4 July814 _
111 June'31
East Ry Minn Nor DIv 1st 4a '48 AO _t_36r2
Charleston & Satoh 1st 78_1936
87
-85
95 103
70
Emit T Va & Ga Div 1st 641_ _1958 7.1 N
8
.1939 M N 10114 103 al005 10118 34
Chee & Ohio let con g 5.__.
93
80
8
83 I
a
977 98
Apr'32
Elgin Joliet & East ling So_ _1941 MN 83 Sale 83
M N ____ 9812 98
Registered
_3
t4
93
8812 Sepo'31.1 __3_
88
70's 9312 El Paso & W 1st ba
8312 41
4
1985 AO
8338 Sale 813
m
1992 M
General gold 4%e
83 83
4
Erie let con, g 4s prior.....1996 J J 6312, 643
83 Feb'32
Reglatered
5712 61112
5712 June'32
6012 85
2
72
199(1 al
Registered
1993 A 0 72 Sale 71
Ref & Mint 414.
3812 52 02812 6314
60
53
8614
71
let consol gen lien g 44
1996 J J 38 Sale 3714
70 Sale 69
Ref & impt 4 ha ear 13_ _ _ _1995 J
4812 58
57 Mar'32 ___
W14 991
.1 .7
.1
Itogiewrel
9912 993 Feb'32
1996
Craig Volley let Si. May 1940 1 J
9912
9912 10
99
99 8
,
Penn colt trust gold 44_ _1951 P A -65" 101
'
8812 941 8 Aug'21
60
Potts Creek Branch let 45_1946 J
2412 13
20
51 12
8112
72
2
4
4 a743
60yar cons 48 series A._.1953 A0 24 Bale 20
76 a743
len con g 48_1989 J J 74
R & A Div
22
4918
25 June'32 ___
24
Apr'32,_
79
70
Series I)
70
1963 A0 23
1,1 consol gold 4s
1989 1 J 6212 70
6712 Aug'3I
51
Gen cony 48 series 13
4
1043 Mar'31
1963 AO
Warm Spring V let g 541_1941 M 14
l3' 4914
17 , 93
4
133
8
13 -533 46
21
Ref A Inlet Si
383
1887 MN
Chlo & Alton RR ref g 314_1949 A 0 38 Sale 38
1612 169 1 131, 49
l
5 81a
791.4
1975 AO 15 8ale 1314
1tef & Brun Si of 1930
75
7914 ____ 7918 June'32
Railway Orin lien 334e
1950 .1
7178 93
8
747 June'32
75
67
Erie & Jersey 1st e f fla._ 1955
i
73
75
2
75
76
Geneasee River lee I f 51..1957 ii
Foreign Govt. &Municipals.
1958
Silesia (Pro, of) ext1 7s
Silesian Landowners Assn 60_1947
11/36
&lemons (City of) art'65
1946
Styria (Prov) external 78
Sweden external loan 5148_1954
Switzerland Goat extl 5 ha 1948
1955
Sydney (City) if 514a
-
-
r Caen sale
a Deferred dellverY
New York Bond Record—Continued—Page 3
r.
BONDS
Z." 6
r.
N. Y. STOCK EXCHANGE.
Week Ended July 1.
Erie & Pitts gu g 3348 ser 13_1940 J J
Series C 3 As
1940
Fla Cent & Pen let cone g be '43 J J
Florida East Coast 1st 4148_1959 J D
let & ref be series A
1974 M S
Certificates of deposit ______
Fonda Johns & Glov let 4 145 1952 IV(-14
(Amended) let cons 4 191-1982 M N
Fort St U D Co let g 4)4e.._1941 J
Ft W & Den C lot g 5 As_ 1961 J D
From Elk & Mo Val let 68 1933 A 0
Price
Friday
J411, 1.
Week
Range or
Lass Sale
41
,
Range
Since
Jan, I.
High No. Low
814
.181 Low
Jan'32
81
8712 __-- 83
8612 9518 July'31
30
30
40
32 May'32
43
4
42
45
4318 43
2
3 Sale
3
314
3
212
212
27
8
7
5
614 712 5 June'32
514
512 8
514 June'32
Oct'31
96
81
May'32
70
80
81
8612
90 June'32
High
83
6212
60
7
12
612
17
912
82
96
Gal, Lions & Hood let 5s_ 1933 A 0 30
64
65
65
65 Mar'32
& Ala Ry let cone be Oct 1945
6
53
J
814 18
812 June'32
Ga Caro & Nor let gu g 5e '29—
2018
Extended at 6% to July L1924.3 .1 2018 25
15
2018
2018
3
Georgia Midland let 3s
63
1948 A 0 20
63
3312 63 Mar'32 _
Gouv & Oswegatchle let be_ _1942 .t
- ---- 100
Jan'31
(Ir R & I ext let gu g 4 As_1941 J
85 16"
7414 85
Apr32
.
Grand Trunk of Can deb 78_1940 A 0 933 Sale 938
92% 99
4
937
8 27
15-year s 160
8712 09714
1936 M
9214 Sale 92
9212 39
Grays Point Term let 5s___ .1947.3 D
96 Nov'30
451. Ws;
Great Northern gen 78 eer A_1936 J J 56% Sale 5414
5712 143
.1 .1
Registered
9712 Oct'31
let & ref 434, series A____1981
-iii- 85"
J -20- ---- 72 June'32
72
General 534, series B____11152
J 4712 484 4713
3812 85
4912 24
General be aeries C
44
46
1973
J 44
44
7812
45
30
General 4 As series I)
42
73,8
1976 J J 393 43
4
42
42
9
General 434, eerles E......_1977.3
40
41 Sale 40
7412
4112 46
Green Bay & West deb We A___ Feb
40
6712 Apr'31
Debentures etre B
Feb
214 712 2 May'32
Greenbrier Ry lot go 4o.._._1940 M N
95% Mar'31
Gulf Mob & Nor lot 5348_1954( A 0 25 Sale 25
20
60
25
1
let M 58 seriee C
1950A 0 21 Sale 20
20
50
21
2
Gulf & S I let ref & ter 68_Feb '62 J
22
2212 25
40
22 May'32
flocking Val lot cons g 4348_1999 J J 77
64
85
783 June'32
4
8612
Registered
1999 J J
- 10012 Apr'31 _
Housatonic Ry cons g 58_ _1937 M N 7912 Salo 7912
79
88
7912
1
Ft & C let g be lot guar_ 1937 J J 8512 90 08518 Apr'32
08012 a8518
Houston Belt & Term 1st 65_1937 J
8112 89
85
9014 85 June'32
Boueton E & W Tex lot g 56_1933 M N
00
— -1 90 June'32
94$4
lot guar be redeemable__ _1933 M N 8294
96
83
92
94 May'32
Bud & Manhat lot Is Her A _1957 F A 69 Sale 6812
89
60
70
60
Adjustment income 50 Feb 1957 A 0 32 Sale 3012
27
84
3312 42
iillnois Central let gold 4s_ _ _11)51 J
7214
72
72
let gold 334s
1951 .1 J 62 80
70 Dec'31
Registered
J J
_
8614 June'31
Extended 1st gold-314e__ 1951 A 0 (12- ____ 65
65
let gold 35 sterling
1951 M 8 25
73 Mar'30
Collateral trust gold 4e
1952 A 0 3514 45
40
41
let refunding 4o
11.155 M N
37 Sale 36
39
Purchased Knee 33.4,
1952 J J
8412 July'31
Collateral trust gold 4s
1953 Itt N
28
32
33
35
Rerunning 58
1955 M N 42
46
42
44
15-year secured 614, g
1936 J 1 3812 4912 50 June'32
40-year 4 1t8
2314 Sale 203
Aug 11968 F A
4
2314
Catro Bridge gold 4,------1954) J D 4312
_ a50 June'32
Litchfield Div 1st gold 38_1951 J
---- 70 Sept'31
Loulsv Div & Term g 3(4,1953.3J 52 -_ __ 53 June'32
Omaha Div let gold 38_ _ _1951 F A
_ 42 June'32
St Louis Div & Term g 3e_1951 J J 2636
45
45
45
Gold 334s
35
1951 J
86
50 May'32
Springfield Div lst g 834e_1951 J I 50
7812 85 Sept'31
Western line8 let g 48
5112
5112
1951 F A 41
85
Registered
F A
9012 July'31
111 Cent and Chic At L & N 0—
Joint let ref 511 eerie, A_....1963 J D 25 Sale 24
28
let & ref 4)4, series C
1963 1 11 2412 Sale 225
27
Ind Bloom & West let eat 45_1940 A 0
80 Dec'31
Ind III & Iowa 1st g 4s
75
61 June'32
1950 J J 68
Ind & Louisville let au 48_ _1958 .1 .1
_ 7212 45 Mar'32
Ind Union Ely gen be ger A_ _1965 .1 J
118 85
79 May'32
Gen & ref be serlea II
10318 Oct'31
1965 .1
lot & Ort Nor let as ser A _ _1952 -1 .1
17 Sale 1514
20
Adjustment 68 eer A_July 1952 A 0
4 Sale
3
414
1st be aeries 13
16 Sale 1412
1956 J J
1612
let g be 'aeries C
1518 Sale 1312
1956 J J
16
lot Rye Cent Amer 1st 58- _1972 M N
30 Sale 25
31
let colt tr 6% notes
1941 M N 2512 Sale 23
2512
let lien & ref 6% .
1947 F A
184 28
183
4
,
1914
Iowa Central let gold 55
1938 J D
25
8 512 25
8
3
25
J
4
25 June'32
Certificates of deposit
1st & ref g 4e
58
17
8
58
M
112
1951
James Frank &Clear let 48 1959 J D
l{alA&G 11 1st gu g 58_ _11138 J J
Kan & 51 bit gu g de
1990 A 0
l{CFtS&M Ity ref g 45_ _1936 A 0
Kan City Sou let gold 3s__ _1950 A 0
Ref & Inlet 58
Apr 1950 J J
Kansas City Term 1s1 48_ _HMO J J
Kentucky Central gold 48_1987 J J
Kentucky & And Term 4148_1961 JJ
Stamped
1961 J J
Plain
1961 J J
55
46
5118
3514
8114
53
_
5
50
_
7
48
9
14
35
15
15
17
10
16
7
8
7
7
20
945 78 Mar'32
8
103 May'31
57 June'32
-6-0
Salo 4312
45
52
Sala 5118 a5312 41
Sale 3514
3812 28
Sale 8012
8214 144
68 Mar'32
68" 84 Aug'31
78
8914 July'31
89
Apr'30
Lake Erie & West let g 6, .J937 J J 45
63
50
50
1
2d gold be
33
46
32
32
1
Lake Sir & Mich So g 8)4s. _1997 .1
72
733 713
194 1
4
4
7212 16
Itegleitered
67 May'32
1997 .1 13
Leh Val harbor Term go 5E1_1954 F A ____ 8412 9012 Mar'32
Leh Val N Y let gu g 4 ti8 194o J J 60
70
65 June'32
Lehigh Val (Pa) cons g 49_ _2003 M N 3118 Salo 29
31181 16
Regletered
M N
64
General cons 434s
3818
2003 M N 34% 38
'3834'
5
Gen cons 5e
2003 M N
393 39
4
40 I
2
Leh V Term Ry let gu g bs_ _1941 A 0 SU
84
00 May'32
Lehigh & N Y Is rgu g 4el945 M S ____ 80
9514 Aug'31
Lex & East lot 50-yr be gn 1965 A 0 70 Sale 70
70 I
1
Little Miami gen 4s series A.1962 M N
0112 May'31
Long Dock consol g 68
98
00 May'32
1935 A 0 93
Long Island—
General gold 45
86
1938 J D 80
73
73 I
5
Unified gold 4e
1949 M
7318 78
7818 June'32
Debenture gold be
00
1934
I) 80
90 June'32
20-year p in deb be
77
1937 M N 72
74
74 I
7
Guar ref gold 48
8712 723
9
7312
1949 M S 73
4
Nor Sh B let con gu Ss Oct '32 Q J
10018 100 June'32,___ _
Louisiana & Ark 1s1 ser A.1969 .1 J
2234 Sale 22
2512 29
Louie &Jeff Ildge Co gd g 42_1945 M 14 35
64
_
64 June'32
Louisville & Nashville lle__ _1937 M N 89
96
8612
8612
5
Unified gold 45
1941 J .1 7418 75
74
r77
11
Registered
J
80 May'32
let refund 5%e series A___2003 A 0 8212 84l 52
53
4
2003 A 0
let As ref be series B
48
49
5
53
2003 A 0 42
48
let & ref 4 34e series C
48
7
1941 A 0 8612 93
10-yr sec g be
95 Dec'31
70
Paducah & Stem Div 413_1946 F A
68 June'32
St Louts Dly 2d gold 38_198( M S ____ 50
55 Apr'32
84
Mob & Monts let g 414,- _1945 M
81
Feb'32.__
33
293 June'32
South Ry joint Monon 45_1952 J J 25
4
_
All Knoxv & CM Div 4s...1955 M N
81
Mahon Coal RR let 55
1934
J
Manila R11 (South Linea) 48_1939 M N
let ext 45
1959 M N
Manitoba 8 W Colontia'n 58 1934,1 D
ManGB&NWles 8141-194111 J
r Cash sale a Deterred delivery
50
51
_ 101
64
53
100 Sept'311 _
5218
5318
4
52
52
1
96 Dec'31
8712 Aug'31,____ ,
72
088
(08
-
62
29
35
07
56
25
42
35
19
50
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 1,
97
•
••
Price
Friday
July 1,
Bid
Max Internet 1,1 4,asstd___1977 MS
Mich Cent—Mich Air L 48__1940 .1
Jack Lane & Sag 3 As____1951 M S
N
lot gold 314s
1952
J
Ref & Inapt 434f ser C
1979
Mid of N J let ext 58
1940 AG
Mil & Nor let ext 414e (1880)1934 J
Cons ext 43-40 (1884)
1934 ID
Mil Spar & N W let gu 4s_ 1947 M
5111w & State Line lot 3148_1941• J
Minn dr St Louie let cons 55_1934 MN
Ctrs of deposit
1934 MN
lot & refunding gold 4s
1949 M
Ref & ext 50-yr 5s ear A_..1982 Q F
Certificates of deposit
Q F
M St PA SS M con g 4e hut gu '38 ▪ J
let cons be
1938 J
.1
let cone Is gu as to Int
1938
let dr ref 68 series A
1946 ▪ j
B
25-year 634e
,
1949
let ref 534, ser B
1978 JJ
lot Chicago Term of 4s
1941 MN
MisslasiDei Central lot 58-1949 J J
Mo-Ill RR lot be ear A
1959 1 1
Mo Kan & Tex In gold 4s_1990 1 0
Mo-K-T RR pr lien 5e eer A.1962 J J
40
-year 45 series 13
1962 J J
Prior lien 43-4s ser I)
1978.8 J
Cum adjunt 55 oar A_Jan 1967 A 0
Mo Pac let & ref 58 set A...1985 F A
1975 M S
General 45
let & ref Is series F
1977 M S
lot & ref g 58 set CI
1978 M N
Cony gold 5 As
1949 M N
let ref g 55 series H
1980 A 0
let & re! 514 ser I
1981 F A
7138
52
27
2%
314
1
7
8
37
16
3912
15
45
Week's
Range or
Last Sale
Range
Since
Jan, 1,
High No, Low
Ask Low
11106
212 Dec'30
------98 Aug'31
79 May'26
7Q1 77
713 June'32
76
45
52 June'32
53
57
42
42
52 May'32
48
75
87
87 June'32
Apr'32
50
84% 50
71 12
4212 51 May'32
51
69%
90 Apr'28
212 May'32
5
2% 312
4
4 May'32
10
6
7
8
212
212
%
1
10
5
5 Mar'32
8
8
5
5 Mar'32
5
35 050
39
Sale 36
15
22
22
13
22
39
1
4014 21
35
Sale 39
5114
2212
18
193 20 May'32
4
all
1314 May'32
31
40
5
45
Sale 40
65,
8
98% Dec'30
2318 29
6712 Sale
4414 Salo
3414 3712
37 Sale
19
22
26 Sale
12 Sale
%
26 Sale
2412 23 8
7
7 Sale
25 Sale
2312 Sale
7
22
0
67
43
3414
37
10
233
4
11
2314
2314
a5
2414
2312
June'32
22 --31
60
68
45
57
3612 20
38 8 32
2112 35
26
23
1g112 1,57
4
1.
26
23
8
59
263
4 16
2612 114
Mo Pee 3d 7s ext a14% July 1938 MN
50
55
53 Apr'32,
Mob & Illr prior hang 5e
1945 I J
95 Aug'31
Small
,1 I __ 90
97 Sept'31
lst 51 gold 4s
1945.3 1 25 Sale 25
25
3
J J
Small
81 July'31
Mobile & Ohio gen gold 414_1938 M S -_-_-_-_ - 5
g-- 80 May'31
Montgomery Div let g 58_1947 F A ____ 39% 9512 Sept'31
Ref & Impt 4345
1977 kl 5
212 3
3
3
1
Stec 5% notes
4
. 1938 51 S
5
5 June'32 ____
Mob & Mal let gu gold 4s__1991 51 5 35
74
67
Apr'32
Mont C let Ru
a89 June'32 ____
lot guar gold 58
6ii9 7 j I
193 J ii
3
_ 82
82 May'32
Morris .8‘. Essex let HU 3 As_2000 J 0 69 Sala 69
69
2
Constr 54 be ger A86 Feb'32 ____
1955 M N
Constr 51 414s eer B
65 June'32
72
1412
5514
38
31 18
36
al2
233
4
7
21
22
a5
22
2111
53
SO
42
80
79
68
6912
60
6312
4112
60
60
46%
80
80
53
-25- l-T5
..-----
2%
212
67
aS9
82
6612
86
65
2312
28
4
70.3
9314
90
73%
86
7914
524
7412
60
Nash Chatt & St L laser A 195 MN 4312 55
46
1978 F A
5
52 June'32
82% N. Fla & S 14 go g Ss
J A
F i
GS
68 June'32 ____
68
62
-------- 18 July'28
Nat fly of Max pr lien 4345.1957
1937
56
J J _1_1_8 __l! 183 July'28
July 1914 coupon on
1 14 Apr3
8
Assent cash war rct No. 4 on
118
-Zo- 16'- Guar 45 Apr14 coupon_,1977 .A-- -- -_ -- 122% July31
o
42 45
Assent cash war rct No. Son --------212
-Tie 2
June'32
45
45
Nat RR Max pr lien 43,4* Oct '26 J J
1
3512 July'28
60
67
212
Assent cash war ret No. 4 on
_
1
—1 4
-31
Apr'32 ---1
lot consol 45
1951 -- 0
A
22 Apr'28
48l8 5113
4
Assent cash war rct No. 4 on11
118 May'32
Naugatuck RR let g 48_ __ _1954 I 1 -W 70 5212 June'32
-11New England RR cons 50 1945 J
100 Sept'31
24
54
Consol Roar 45.
J 5
1945 .1 J-. 8T4 i" 90 Sept'31
2212 52
NJ June RR guar let 4s
1946 F A ---- ---- 82 Mar'30
_
NO & NE lot ref &!met 434e A'52 J J
3012 3n14 30 May'32 ____::
29 -r;678
61
61
New Orleans Term lot 49_1953 J J
66
80
61 May'32
45
45
NO Tex & Nlex n-e ire 58_1935 A o "io- gr' 35 May'32
30
337
8
79
79
181 5, series B
1954 A 0 20 Sale 20
204 --26
161/ 41
let be serlisi C
1956 F A
18
2012
4
26
2012
18% 39%
-1514 60
4138
lot 4 Ae series D
19
4
16
1956 F A
17
19
1812
2
30
lot 53-4o series A
19
45
1954 A 0 213 23
4
22
23
9
1312 50
N & C Beige gen guar 4 As 1945 J J
89
89
89
2
80
1312 4812 N Y B & SIB let con g 58-1035 A 0
9112 Jan'32 ____
9412 9412
24% 64
2314 60% NY Cent RR.cony deb 6s
35% 92
1935 M N
4812 27
4718 Sale 46
18
20
Consol 40 writs) A
1998 F A 6012 Sale 5818
56
61
33
805
8
2% 514
72
Ref & Rapt 434,series A.2013 A 0 3512 Sale 33
32
3512 49
2% 312
72
35% Sale 33
When Issued
36
32
83
11
112
33
Ref & Impt 5s wiles C____2013 A 0 39 Sale 37
783
4
3812 109
NY Cent & Bud RI, AI 3)42 1997 J .1 69% 7112 6912
7012 85 08712 7518
76
80
Registered
1997 .1 .1 60
____ 70 Apr'32
6712 70
92151
Debenture Raid 48
1934 M N 6012 Sale 59
6512 119
57
57
8212
64
30-year debenture 48
1942 J J 60
66 June'32
70
34
70
Lake Shore coil gold 348_1998 F A
8
a61
2
60
727
6212 7012 a61
3514 70
59
6814
Registered
1998 F A --------50 May'32.....
2 e 7118
Mich Cent coll gold 3%e.
70
.199S F A 6212 80
61
6212
6314
5
78
8714
Registered
1998 F A --------8212 Mar'31
68 . 68
N Y Chic & St L let g 4s
66
1937 A 0, 66 Salo 64
19 -6515 82
Registered
1937 A 0 --------9314 Mar'30 ___ _
2213 - 8
6% gold note,
3012 151
747
1932 A 0 2912 Sale 24
1414 4612
Refunding 5(4, series A 1974 A 0 16 Sale 15
1812 40
Ref 41.4, Bellew C
1212 40
C)
16
99
1978 M 5 15 Sale 1312
8312 N Y Connect let gu 43.s A_1853 F A 77
50
75
88
80
77
77
5
32
69
let guar be sertee B
N 50
A
80
68 June'32
67% 93
66
76
N Y & Erie lot ext gold 48_1953 F
81 Dec'31
1947 M
67
67
3(1 ext gold 434,1933 M El
__ 100 Sept'31
,
87% 9012
55
80
N Y& Greenw L gu g 5a
9412
40
1946 MN __
751 40 June'32 ____
2712 59
88% 77
NY & Harlem gold 33.4,.,_,200t3 M N
71
6814 June'32
N Y Lack & W ref 4 As 13
75 r82
78
78
17
1973 M N 74
3514 33
NY & Long Branch gen 48 1941 M 5 --------8412 Dec'31
39
85
NY & NE Bost Term 48_ 1939 A
-_ 9512 July'31
84
90
NY N H & II n-e deb 4s_ _ _1947 M 0-62 Apr'32
66 I9
E4 42
60
Non-cons debenture 3 As_1947 NI S 2814 ____ 51
61
WI; Non-cony debenture 3As_ 1954 A 0 36 42 36 Apr'32 10 51 r67
81
35
38
Non-cony debenture 4e__ _1955 J J 4312 Sale 4312
40
86%
4312
1
95 101
Non-cony debenture 4s
6S
41 June'32
40
1956 M N 4312 50
Cony debenture 3 As_
64
43
38
43 June'32
1956 .1 J 32
73
89
Cony debenture 6e
405 98
4
1948 J J 633 Sale 634
4
65
26
7014 80
Registered
61% 92
1 J ____ ____ 613
4
613
4
1
80
95
Collateral trust fie
94
1940 A 0 6714 Sale 6714
6714
1
55
60% 80
50
Debenture 4s1957 M N
31
31
5
31
70
82
lst & ref 43.4s ear of 1927_1967 J D 48 Sale 48
42
77
5114 39
99 10014
Harlem It& Pt Ches let 4s 1954 M N 7318 78
74 June'32
42
83
1518 60
61
75
N Y 0 & W ref g 45 June .,.1992 51 5 45 Sale 43
463
343 55
4
4 59
8312 96
General 45
1955 1 D ___ ____ 34
343
12
34
£8
66
883 N Y Providence & Button 45 1942 A 0 347e 38
4
96 Mar'31
7611 8212 NY & Putnam let con Ku 48_1933 A 0
70
70 -77,8
52
84
NY Buse & West 1st ref 5e 1937 1 J21 Sale 20
2212 18
74
54
2
28
48
78
2d gold 43.4,
1937 F A ____ ____ 75 May'30 ____
40
7518
General gold 5e
15
4 "iT 39
1940 F A
15 Sale 15
Terminal let gold be
1943 M
____
"ai- "lot N Y W Ches & 11 let see I 4)0'46 J N ____ Salo 9212 June'32 ___ _ 92 9211
!
.1
37
3612
62
38
45
24
45
58
Nord Ry ext'l sink fund 6 As 195(1 A 0 105 Sale 10418
105
16
963 10512
4
81
81
Nixfolk South let & ref A 5e_1981 F A
4
6
5
5
412 2011
5
20
29 4 Sh rfolk & South let gold 50_1941 M N
,
123 20
4
15 June'32
1214 50
74 8 81
,
Norf & West RR finputext 6s '34 F A 10314 Sale 10214
10314
3 100 10314
N & WRY let cons g 4s
1998 A 0 85 Sale (1843
e
4
867
51
783 9212
4
Registered
1996 A 0 --- ___ 86 May'32
801 86
.
5
-012 - 04
91 Sale 863
4
92
86% 9'23
Div. let lien & gen g 48-1944 J J
'
25
4
52
65
Focal C & C joint 4e
83
83
1941 J 13 78% 85
1 0718
0212
98
.. ,
New York Bond Record-Continued-Page 4
....:
BONDS
Price
31
. Friday
t
N.Y. STOCK EXCHANGE. .
a
....
Week Ended July 1.
....ii.
July 1.
Week's
;•
Range or
,9:`•2
Last Sale. ii ja
3
Range
Since
Jan. 1.
I
High No. Low
Bid
Ask Low
Ilfyh
4
North Cent gen & ref 58 A-1974 M B --. 102
4
3
99 4 993
993 APr'32 ---1974 M S --_
Gen & ref 4348 ser A
85 104 Sept'31 ___- --- -753 Oct'31 ------__
4
North Ohio let guar g 58.....1945•A 0 15
45
_
North Pacific prior lien 414_1997'Q J
76 Sale 75
7612
5 - -14
82
Registered
75 4
3
ICI J71 June'32 ____
64
-- -- ---Gen lien ry & Id g 3e_Jan 20471 Q F 5412 Sale 54
63
48
5612 77
Registered
Jan 2047,Q F -------- 52 June'32 ___
553
4
30
46%
i
g
55
463
4
Ref & Impt 434o series A __2047 J .1
38
76
Ref. & Rept 68 series B___20471.1 J 55 Sale 533
2
90,
4
6
45
5912 12
Ref & lmpt 5s series C___20471.1 J 5114 60
48
78
5
51
505
8
Ref & Rapt 55 serlea D___20471.1 J 51
6
4811 78
62
5118
5012
Nor Fag Term Co let g 6s__19331 .1 100 ____ 10012 June'32 ____ 10012 10012
Nor By of Calif guar g be__1938:A 0
_
9514 Oct'31 ____ ....._
Os & L Cham let go g 40_1948 J J
33 Sale 33 . 33
49
33 --1
Ohlo Connecting ity lot 4a__1943 M 5 85- - 97 Mar'31 ____
__
Ohio River RR let g be
90
86
91 87 June'32 ____ ____-1936'J H ---- General gold be
19371A 0
7512 783 Apr'32
8
8
78% 783
Oregon RR & Nay corn c 46_19481.1 D SO
77
85 80 June'32 ____
87
Ore Short Line lot cons g 58_1946 Jr .1 90 Sale 8812
90
19
88
99
Guar stpd cone 518
1946.2 1 94 Sale 94
94
1
904 100
Oregon-Wash lot & ref 48_196111 ./ 69 Sale 68
70
49
6012 83
Pacific Coast Co let g 5:1
1946,1 13
Pac RR of Mo 1st eft g 48_1938,F A
2d extended (toll 55
19384 J
Paducah & Ills let ste 4348_19551J 1
Paris-Lyons-hied RR ext 68-19591F A
Sinking fond external 7s-19581M 3
Parts-Orleans RR ext 3348_1968,M 5
Paulleta Sty 1st &ref of 78 1992.1P S
Pa Ohio & Det lot & ref 434s a'771A 0
Pennsylvanla RR cons g 48_1943.111 N
Consol gold 48
1948,M N
de sterl optd dollar May 1 1948M N
Consol sinking fund 4348_19601 F A
General 434e :series A-19651.1 D
General be series II
1968.2 D
1936 F A
15-year secured 644s
F A
Registered
40-year secured gold 5e-1964 MN
Deb g 434s
1970 A 0
General 4418 ser D
1981 A 0
Pa Co go 3448 coil tr A reg _ _1937 M 5
Guar 3340 con trust sec B_1941 F A
Guar 340 trust etre C
1942 .1 D
Guar 34461 trust ctfe D_1944 .1 D
Guar 4s ser F., trust ctfs
1952 M N
&cured gold 431a
1963 MN
Peoria & Eastern let cons 48_194,1 A 0
Income 418
April 1990 AM
Peoria & Pekin Un 1st 54(8_1974 F A
Pere Marquette lot ser A &LIMB .1 J
1st 48 series II
1956 J 1
lot g 444s series C
1980 M 5
Phila Balt & Wash 1st g 4e__1943 M N
General 50 series B
1974 F A
Gen'l g 4 4s ser C
III) S J
P11110pine By 1st 30-yr a f 45 17 I 1
--------18 June'32 ____
71
83
72 June'32 ____
9112 74 Mar'32 _
52
85 93 Mar'32 ---10314 Sale 10314
1033
8 23
1033 Sale 1035
4
8 104
38
102 Sale 10112 1027
8 26
25
4412 45 June'32 ____
6214 Sale 6214
6214
3
90, ---- 903
903
8
2
4
8
87 Sale 8612
87
25
8612 8712 87 June'32 ____
89 Sale 89
89% 43
6612 67 653
8
6778 22
7438 25
7214 Sale 7218
863 Sale 8614 . 88
8
75
--------83 4 Mar'31 ____
3
6412 28
63 Sale 63
41 Sale 41
443
4 58
6014 Sale 60
615s 20
___ 87 Nov'31 ____
6079
81 Feb'32 ____
63
85 8 Jan'32 ____
3
60_
60
76
78 Mar'32 ___
65
____ 70 May'32 ____
6512 Sale 6434
65%
9
30
31
30
31
4
212 6
2% Apr'32
50
65
65 June'32 ____
3212 Sale 3212
35
18
___ 35
32 June'32 ___
3412 54
33 Sale 31
863 88
4
893 June'32 ____
4
7814 90 10812 Sept'31
60
78
77 Jan'32
1912 Sale 18
1912
2
18
1918
90
72
74
93
9518
93
91 104
98 1045
8
8812210412
41
65
60
78%
88
92
8514 9314
9134
85
867 98
8
501 1 8712
r5412 923
4
7514 10218
____ ____
83
88
3212 740
79
47
_
81
____--81
8542 863
4
80%
78
70
78
5514 82
30
55
25s 23
8
65
79
30
69
32
55
26
58
80
91%
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 1.
t'. zs'
:
4s r.
,
4 ri.,
_=__
Price
Friday
July 1.
Week's
;•
Range or
5.11
Last Sale.
iii i°,
IBid
All Low
High No. Low
Hiss
Seaboard All Fla lot gu 68 A_1935 F A
212 Sale
112
212
5
Ill 5
Certificates of deposit
114
112 114
2
114
II: 412
Series 14
1935 F A
118 ____
118 June'32 __ _
118 23
8
Certificates of deposit
---114
_
212 Feb'32 ____
24
212
Seaboard & Roan lot 5s este, 1931 ..1 1 ___ - 12 9012 Aug'31
92
S & N Ala cons gu g 150
1936 F A 75
75
85
75
1
75
8712
Gen cons guar 50-yr 5s....1953 A 0 __
85
00 Nov'31
So Pac coll 48(Cent Pee coll) 1'49,7 13 33 Sale 3112
3612 41 -29- - 74
lot 4448 (Oregon Lines) A_1977 M 9 513 Sale 5014
4
3218 53
50
843
20 year cone be
1934 J D
55
70 May'32 ___
6512 97
Gold 414s
1968 M S a31 Sale 31
33
24
31
7312
Gold 444s with war
19691M N 32 Sale 29
32
96
29
74
Gold 434o
1981 M N 2912 Sale 29
3212 152
2812 7212
San Fran Term lot 4s
1950 A 0 73 Sale 07112
73
2
5978 84
So PAC of Cal let con gu g 58_1937 MN 9912
98
98
1
98 100
Bo PAC Coast let go g 48
1937 .1 J --------96
J'an'30 --__
___
_
So Pac RR lot ref 45
1955.2 J 6412 Sale 64
65
44 -50 - 2
130-1Registered
Stamped (Federal 1.818.1955 .2 J --------9212 May'30
Southern By lot cons g 50_1994 J J 62 Sale 6114
62
13
597 - 2
861Registered
.1 J
1314 1312 104 July'31
Devel & gm n 40 series A___1956 A 0 1412 Sale 13
17
89
12
.54
Devel & gen 6s
1956 A 0 1812 Sale 18
2012 24
1512 (17
Devel & gen 6440
1956 A 0 19 Sale 18
2112 56
18
72
Mem Div lot g be
1996.7 1 ____ 57
5112 June'32 ____
5112 61
St Louis Div lett; 48
1951 J J 21
547 6314 Feb'32 _-__
60
674
East Tenn reorg lien g 513_1938 M S ____ 91 101 Sept'31 -_ -- _ __ _
Mob & Ohio cell tr 4s
I938 M S 12 Sale 12
15
12
12
45
Spokane Internet lot g bs_.1955j J
1718 21
25 Apr'32 ---1912 31
Staten island Ity let 4 34s...._1993 S D --------60 May'32 ---60
6()
Sunbury & Lewiston let 48,1936.2 J --------9714 Nov'31
Fenn Cent lot 6s A or B
1947 A 0 12
14
11 June'32 _-__
Term Assn of Ht 7. 1st g 448_1939 A 0 94
96
94 June'32 ____
let cons gold be
1944 F A 8614 90
80 .June'32 --.
Clen refund of 540
1953,7 J
73
74
7312 7312
10
Texarkana & Ft Slot 540 A 1950 F A
5434 5812 543
4
55
6
Tex & N 0 Con gold 50_1943 J J ___ 87 10012 Nov'31
Texas & Pao let gold 5s_2000 .1 D 8412 85
8412 June'32 _--20 Inc 5s(Mar'28 cpon)Dec2000 Mar --------95 hIar'29
Gen & ref be series 13
1977 A 0 35 Sale 35
3614 29
Gen & ref 5s series C
1979 A 0 35 Sale 3412
36
13
Gen & ref 50 series 13
1980.7 D 3412 3512 35
30
15
Tex Pao-hto Pee Ter 5Hs 1964 M 5 47 Sale 42
50
11
Tol & Ohio Cent let gu 58-.1935 J J ____ 78
70
70
1
Western Div lot g bs
1935 A 0 ____ 74
96 Mar'32 __
Gen gold ba
1935 J 13 ____ 94
95 Sept'31
Tol St L & W 50-yr g 4s
1950 A 0 25
60
60 June'32 ---Tol WV & 0 gu 434s eer B_ _1933 J 1 20
_ __ _ 10018 Oct'30
.
let guar 45 acrie0 C
1942 M S 85
____ 9618 Apr'31
Toronto Ham & Buff let g 481946 J D --------88 Dec'31 ___
Ulster dr Del lot 5.4
1028
Ctfe dep Mod as to Dee 1930
tot and $570 ret of min _ ____ __-_
1518 20
153 May'32 _ __
8
Union Pee let RR & Id V 48_1947 1 J 9012 Sale 90
rill% 91
Registered
J J 95
91) 86 Apr'32 ___
lot lien & ref 40
77
8014
June 2008 M 5 7614 Sale 7514
7714 45
16% 2112
Gold 434s
1967.2 1 73 Sale 723
4
7314 37
1st Ilen & ref be
June 2008 M 8 8912
_ 8912
00
17
Pine Creek reg lot 68
19 J 0--------100 Apr'32
40-year gold 40
100 100
1968 J D 6712 70
67
6712 31
FCC& St Lgti 430 A
953 93
8
19 C A 0 93
93
U N J RR & Can gen 4s_ 1944 M S 88
2 a924 96
____ 89
2
89
Series 13 4140 guar
1942 A 0 9214 Sale 9214
9212 53
9112 968 Utah & Nor 1st ext 4s
1933.7 J --------100 July'31 ____
Series C 43.45 guar
2-- 90 June'32 ___
1942 181 N 917
00
94
Series D 40 guar
8812 86
1945 MN 86 90
86
1
86
Vendetta cons g 48 series A..,1955 F A
793 __-- 80 June'32 __
Series E 444s guar gold_1949 F A
773 ---- 95 Mar
.30 __-- ____ ___Cons a f 48 series B
1957 NI N ____
93:2 Sept'31
Series I7 48 guar gold
__ Vera Crus &P east 4 441,_ _1933 J 1
1953 .1 D 8118 ---- 98 Sept'31 ____
1
_-23
114 June'32 ___
Series 040 guar
1957 MN 79% __-. 8114 May'32 ____ ____-8114 8314 Virginia 1811(11and gen 5e
1936 M N
75
82
75
75
2
Series H cons guar 4s
783 --- 80 Apr'32 ____
8
80 80
1960 F A
Va & Southw'n lot gu 50__ _2003 J J
55
73
55
55
1
Series I cons guar 4 y.48
1963 F A
8518 ..-- - 8414 June'32 ____
944 90
let cons 50
-year 5s
1958 A 0 28 Sale 28
2812
5
Series .2 cons guar 440_1964 M N
8512 ---- 88 June'32 ___
87
93
VIrgInla Ity let 58 series A_ _1962 M N 75
76
75%
76
0
General M 55 series A _ _1970 1 D 6612 Sale 65%
674 30
5212 9212
let M 44e series B
76 May'32 ---1962 M N ____ 75
(len mtge guar 5s ser B 1975 A 0 65 Sale 6318
67
17
55
9412
Gen 434s series C
59 Sale 59
1977 1 J
60
19
59
851g Wabash RR 1st gold 158
1939 M N 55 Sale 5312
57
5
Pitts McK & Y 1st gu 68_1932 .1 J --------9913 May'32 ____
9912 10018
2d gold 5e
1939 F A
234
2318 Sale 2318
5
20 guar 65
1934 J 1 --------9934 June'32 ____
993 100
4
Deb 6s wiles 13 registered_1939 J J --------9818 May'29 __
Pitts Sh A L E lot g 58
1940 A 0 --------89
Oct'31 ____ ____ ____
let lien 60-years term 48_1954 J J ____ 74
35 June'32 ____
let consol gold be
1943 J .3 --------10014 Aug'28 ____ ____
__
Det &Chic ext let 3s
1941 J .1 5412 Sale 5312
5312 17
Pitts Va & Char let 40
1943 l'81 N 60
73
1
73 -73
73
Des Moines Div lot g 48_1939 1 .1 ____ 40
32 Feb'32 __-Pitta & W Va let 444s ser A_1958 J D 25 59
50
54 Mar'32 ____1 45
Omaha Div lot g 3448_1941 A 0 ____ 90
79 Aug'31 ____
92
1958 A 0 25
1st M 4%o aeries B
5314 Feb'32
47
5314
Tol & Chic Div g40
1991 M S ____ 70
50 Feb'32 ---,
lot 21.1 414s series C
35
40
35
1960 A 0 25
3
35
563 Wabash Sty ref dr gen 5440 A _1975 M S
4
512 712 6
6
,2
0
_ _
Plus Y & Ant let 901 ger A 1948 J 11 --------9514 Sept'31 __ __
_.
Ref & gen 53(Feli'32 cour)il '76 F A
5
614 15
6 Sale
lot gen Es sertes B
85
__-- 90 June'32 ____
8§12 _53
8 814 512
90
1962 F A
Ret dr gen 448 series C
1978 A 0
7
2
713 July'31 ____ ____
4
Providence Elecur deb 48_1957 M N
_
Ret & gen 5s series 13
1980 A 0
512 81
6
014
9
____ 75 June'32 ____
Providence Term let 48._ 1956 nA 9 75
7412 _-75
Warren lot ref gu g 33.40..2000 F A --------78 July'31 ____
Washington Cent let gold 48_1948 Q M ____ 87
56 Mar'32
5712 79
Reading Co Jersey Cen coil 48'51 A 0 4912 6212 5712 June'32 ____
Wash Term lot gu 348-1945 F A
78
90
8214 June'32 -..
6.512 Sale 634
Gen A ref 4%s series A ,1997 1 .1
68
20
57
8112
let 40-year guar 40
_--_ 8312 Apr'32 __-1945 F A
66
Oen dr ref 444s series 9_1997 J J 6412 Sale 64
6712 11
Western Maryland Int 40_1952 A 0 4612 Sale 46
554 92
47
60
Oct.'30 ____ ____ ___.
Rensselaer & Saratoga 6s
1941 M N --------113
lot & ref 544s Relies A
43
1977 J 1 4212 Sale 424
10
filch A Mech let g 4,1 .
7912 Sept'31 ___ ____
_ West N Y & l'a lst g 5s
1948 SIN _--- 40
_1937 1 .1 904 92
91
2
90,
4
Richm Term Ity let go bs_ _1952 1 ./ ---- 9612 96% Apr'32 ____
93
_-9612
Gen gold 48
7414 May'32 .--,
1943 A 0 ____ 75
cm ciranor J ar' 1st go 5e 1939 j D ____ 60 85 Sept'31 ____
.
,
____ ____ Western Pao let 5a ser A
27
1946 M S 26 Sale 20
36
--------214 June 31 __ ____ ____ wen Shore 1st 40 guar
Rio Grande Sou lot gold 48_ .1949 J J
2361 J .1 68 Sale 68
70
25
___
Guar 48 (Jan 1922 coupon) '40.7 J --------712 Apr'28 ____
Registered
4
2361 1 .1 6158 1333 64
64
1
45
5712 58
75
55 June'32 ____ ____itio Orande West let gold 48.1939 .1 J
Wheel & L E ref 444s ser A_1996 61 S 45
___ 50 May'32 ---34
303
8
let con A coil trust 48 A..1949 A 0 28
303
8
1
303 50
8
Refunding bs series B
9712 Aug 31 ____
1966 M S 51
it I Ark A Loftin lot 434_
247
21
21)
70
81934 M II 23 Sale 20
RR Ist coneol 4s
5914 5212 June'32 _ -7
1949 NI S 5312 30 May'32 ____
(tot-Canada lot go g 43
45
30
48
19491 J 32
Wilk & East 1st gii g 5s__1942 J D
15
15
18 I
11
3
4414 35 June'32 ____
30
Rutland lot eon 444:1
35
47
Will & SF let gold 5s
1941 1 J
1938 1 I)
- . 91% Oet'31,____
____- 3
Winston-Salem 9 B lot 411_1960 J J __ 8112 68 June' 2 ___
72
71 June'32 _--St Jos & Grand lel lot 41-1947 J .1
71
61
84
Win Cent 59-yr lot gen 48_ _1949 ..1 1 29
30
2814
30I 49
95 Apr'31 ---‘It Lawr & Adr 1st g 54
1996.2 .1 ---- 80
22
22 June732 _-_12
Sup & Dul div A term 101 40 '39 M N
3d gob( Os
8
89% 897
1996 A 0 -.- - 60 897 Feb'32 ____ ---,---8 Wor & Conn East 15t 440_1943 J J --------8814 Sept'31 ____
St 1.01151 Iron Mt & Southern
4712 493 4612
4
49
53
MY A (/ Div Ist g 4s
353 8312
4
•
INDUSTRIALS
1933 MN
1312 Sale 10
St I.
1312 122
10
-San Fran pr lien 48 5._1950 .1 1
34
Abitibi Pow A Pap lot 50_1953 J D
1612 Sale 1612
2312 72
1212 1392
834 2614 Abraham & Straits deb 5340_1943
83
4
Con M 4 48 series A
1978 M 9 1212 Salo
- -__- 1312 May'32 ___
Registered .
.1 D
1312 131 3
With warrants
A 0 6912 Salo 69
71
11
16
45
13
15 Sale 1318
42
Prior lien be eerie(' B
Adams Express coil tr g 43-1948 M 8 492 Sale 495
19503 1
5014
4
411, Peor & N W lot gu 6s__1948 J J -,- 60 105 Aug'31 ____ ____
__ Adriatic Flee Co ext1 7s__ _1952 A 0 __
68
69
69
2
54
35
26
8
543 60
4714 -it I. 9 W let g 45 bond ctfs_1989 M N
69
Ablx Rubber lot 15-yr s f 89_1936 J 0
2
14
218 June'32 ___.
40 June'32 ____
60
37
497* Alaska Gold M deb 60 A__ _1925 M 9 1212 lle 113
2d g 4s too bond (AN Nov 1989.2 1 38
4
1212 16
225
8
8
15
lot terminal & unifying 58_1952 -I 1 2213 Sale 2212
65
Cony deb 1118 series B
1929 M 9 1212 17
10 June'32 ---8
2618
8
243 60
4
St Paul & K C Sh List 448_1941 F A ____ 247 2434
Albany Perfor Wrap Pap 601948 A 0 253 26'x 253 June'32 ____
4
4
73
2z
13 --------73 Mar'32 ____
73
St P & Duluth lot C005 40._1968 J
Ailegany Corp coll tr 58_ _1944 F A al018 Bale
-_
934
12
45
St Paul E Or Trk lot 4348_1947 1 J -,,- 85
9818 A, .30 ---- ---13
8 Sale
--1949 J D
Coll A cony bs
734
84 33
94 May'32 ____
92
91
St Paul Minn & Man con 41933J J 80
62
97
Coll & cony fis
5 Sale
1950 A 0
434
44
02 10014 Allis-Chalmers Mfg deb 5s 1937 M N 67
1933.7 1 9218 95 92 June'32 ____
let cannot g Os
71
68
70
21
85
85
1
95
1933 J 1 8612 90
93
(is reduced to gold 43.48
Alpine-Monte,, Steel lot Ts _1955 M 9 39
49
40
40
5
--------100 Apr'31 ____
J D
_ Amer Beet Hug cony deb 80_1935 F A al8 Sale 18
Registered
18
3
84 May'32
__ ____--84
92
1937 J 13 ---- 80
Mont ext. IBC gold 48
American Chain deb 0 f 66_1933 A 0 40
44
90
1
40
Pacific ext gu 40 (aterling)-1940 J .1 ---- 713 76 May'32 ____
70
81
Am Cyanamid deb 138
1942 A 0 63
69
62
65
18
88
874
8712
1
It Paul tin Dem Ist & ref 58_1972 J .1 87
8712 99
Am & Foreign Pow deb 50_2030 M 9 1514 Salo 1514
124
20
49
50 June'32 ____
4712 8012 Amer Ices f deb Ss
S A & Ar Pass 1st gu g 46_1943 J J 39
1953 .I 14 6712 Sale 6712
081.8 25
90
90 June'32 ____
90
Santa Fe Pres & Phen let 58_1942 M S 80
93
Amer I 0 Chem cony 540_1949 131 N 6112 631 6012
4 33
623
Say Fla & West 1585 6s
,
1939 A 0 ---- 98 *107 8 Sel)
.31 ---- ---- ---- Am Internet Corp cony 5440 1940 1 J
6.1
0.112 64
64% 63
Oct'31 _ __
1934 A 0 --------101
lot gold ba
Am Mach A Pity s f (la
1939 A 0 1027* 10312 102% June'32 _--82 June'32 ____
80
7912 85
74
Scioto VA N K let ggog 48-1989 M N
Amer Metal 544% notes_ _ _1934 A 0 4014 Sale 39
4112 35
16 Mar'32 ____
51 2 23
16 r23
Seaboard Air Line big 48_1950 A 0
Am Nat Gas(334s (with war) 1942 A 0 ____
1
17
2
18
57 11
43 1934 Am Elm dr R lot 30-yr 55 ser A '47 A 0 7518 Salo 7312
5
5
1
Gold 49 stamped
1950 A 0
7514 42
54 June'32 ___
5
11
5
.A 0
Certificates of deposit
6
134 Amer Sugar Ref 5-yr 60-1937 1 ; 1027* Sale 10112 10212
1 11 1ay'32 ____
.
I
1
12
111 Am Telep & Teleg cony 40.._1936 M S 98% Salo 9714
Adjustment 5a
98% 29
Oct 1949 F A
27s 21
1% Sale
17*
Refunding 4e_
11g
232
554
1959 A 0
1946 1 0 10012 Sale 9912 101
39
-year coil tr 5a
_ 114 June'32 _-_Certificates of deposit----------l's _
lit
7
35
-years f deb 58
073 205
2
1960 J .7 9418 Sale a93%
27
8
-78 212
4
212 2
2
lat dr cons 60 series A
614
1945 M
1943 M N 10072 Sale 10012 10114 '2.16
20
-year at 548
212 27
2 23
2
2,2 12
Certificates of deposit
1%
100
67
7
Con• deb 444s
1939 .) J 994 Sale 9814
618 1314 812 June'32 --_.
81s 20
All & Bli'm 30 Yr let g 48_01933 hl 5
947 106
94 Salo 9312
35
1965 F A
-year deb be
--_
_.
-_
r Cash eels
a Due May. 1 Due August. a Deferred delivery.
Range
Since
Jan. 1.
11
8834
86
70
513
4
34
95
96
79
74
'IL
iii
-28- - 70
25
701 2
28
7012
40
8912
70
9234
98
96
553 -4 6
0
____ ____
____
___.
1538
08412
86
70
05712
85
565
89
__-_
91
84
874
99
80
9312
____
7712
937
8
80
80
ii4
75
55
23
70,4
70
1-lt
95
80
45
91
787
8
5214
21
_. __
35
52
30
79
59
__
-35
73
46
iii
so
24
3
312
23
8
23
8
5a_
__
7714
8312
3712
283
8
a89,
8
a7418
2172
(15
62
50
19
19
1612
1612
_
--56
8212
835
62
63
98
91 1 2
49
78
74
r61 14
324 76%
11
29
_
.
ag - g6
254 4e18
/
1
22
34
__ ___.
_
1414 41
6811 843
4
48
70
6(312 8212
218 6
8
15
9
15
4613
24
934 4112
7
40
434 33
66
91
a30
511 2
16
22
40
8712
62
80
1514 47
03
75
5114 7012
6312 e73
1021a 1031,
37
68
al
4
a72
96
98 105
9414 1001
973 1021
8
9134 119117
09 1051
9518 107
914 1003
New York Bond Record—Continued—Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 1.
ftO
PZ;
Price
Friday
July 1.
Ask
Bid
Am Type Found deb 6e____1940 AO.
_55
Am Wat Wise & El coil tr 58_1934 A0
. Sale
Deb g 66 series A
1975
N 52 Sale
Am Writing Paper let g 68_ _1947 J
2114 25
Anglo-Chllean et deb 7e__ _ _1945 MN
2
41
Ark & Mem Bridge & Ter 58_1964 MS 50
90
Armour & Co (Ill) let 4348.1939 J D 61
653
4
Armour & Co of Del 5348__.1948 J J 55 Sale
Armstrong Cork cony deb 58 1940 J D 561 91
/
4
Aseociated 0116% gold notes 1935 MS 99 Sale
Atlanta Gas L let 55
1947 J D 95
-All Gulf & W ISO L colt tr fis 1959 .1 J 2914 001
Atlantic Refining deb 5e_ .....1937 J J 9318 951
Baldwin Loco Works let 58..1940 MN
Baragua (Comp Mile) 7 he_1937 J .1
Batavian Petr guar deb 4348 1942
Belding-Hemingway ers
1938
Bell Tillers of Pa fa eer1
/
4
81B 1948 J
let & ref be series C
1960 A 0
Beneficial Indus Loan deb Be 1946 M
Berlin City Elec Co deb 63-1e 1951
Deb sinking fund 634a_.-1959 F A
Debenture 88
1955 A0
Berlin Elec El I tindery 61451958 AD
Beth Steel let & ref be guar A '42 M N
30-year p m & knot ri 58_1936 J
Bing & Bing deb 634e
1950 M El
Botany Cons N11118 612e_
1934 A 0
Bowman-Hilt Hotels let 7e_ _1934 M 8
13'way 17th Are let cons 58.19433 D
Certificates of deposit
D
Brooklyn City RR let he_ __.1941 3 J
Bklyn Edhon Inc genie A__1949 .1 J
Gen mtge 58 series -------1052 J J
R T eec 68-1968 3 J
ilklyn Qu Co & Sub eon fad Se'41 MN
lot 156 stamped
1941.3 J
Brooklyn H. Tr let cony g 4e 2002
J
liklyn Union El let g 5e___ A950 F A
Bklyn Un Gas let cone R 56 1945 M N
let lien & ref Se series A_ 1947,M N
Cony deb g 512s _
1111301J J
195013 D
Debenture geld 56
Buff Gen El 434e series B_1981 F A
Bush Terminal let 48
1952 A 0
Consol 58
1055
Bush Term Ridge be gu tax ex 3 A0
'0
BY-Prod Coke let 5348 A
1945
N
Cal0& E Corp unit & ref 58_1937 MN
Cal l'ack cony deb Ess
19403 J
Cal Petroleum cony (lobe f 581939 F A
Cony deb e f g 5348
1938 MN
Camaguey Bug let e I 7e
1942 A 0
Canada BS L let & gen 8e..1941 A 0
Cent Diet Tel let 2.0-yr 58...1943 J D
Cent Foundry let 816e May 1931 F A
Cent Hudson 0 & E 5. Jan 1957 M 8
Cent Ill Eleo & Gas let 15e
1951 F A
Central Steel let g f 8s
1941 M N
Certain-teed Prod ohs A
1948 M
Cespedes Sugar Co let e f 714e '39 M S
Cheeap Corp cony So May 15 '47 M N
Chic City & Conn Rye 50 Jan 1927 A 0
Ch G L & Coke let gu 58_ _1937 J J
Chicago Rye let be stud rcts 15%
Principal and Aug 1981 int____ F A
Childs Co deb Se
1943 A 0
Cline Copper Co deb fa
1947 J J
Cina & E lot M 4e A
1968 A 0
Clearfield Bit Coal let 4e
1940 J
Colon Oil cony deb 6e
1938 J J
Colo Fuel & Ir Co gen of 58_1943 F A
Col Indus let & coil fa gu__ A934 F A
Columbia GA E deb Sc May 1952 M N
Debentures 58____Apr 15 1952 A 0
Debenture Se
Jan 16 1961 J J
Columbus Gas let gold 5e_ _ _1932 J .1
Columbus Ry PAL let 414e 1957 J .1
Commercial Credit is (18____1934
N
Coll treflll.4% notes
1935 I J
Comml Invest Ti deb 5148_1949 F A
Computing-Tab-Roc if 6e_ _1941 J J
Conn Ry & L 1st & ref g 4 he 1951 .1 J
Shinned guar 4 he
1951 J
Consolidated Hydro-Elec Work.
of Upper Wuertemberg 70.1958 J J
Cone Coal of Md let & ref 58_1950 J D
Coneol Gas(NY)deb 634. _1946 F A
Debenture 434e
1951 J D
Consumers Gail of Chic gu 581936
D
Consumers l'ower let 5s
19521 M N
Container Corp let th
1946 .11 D
15
-year deb 5e with warr1943 J D
Copenbagen Telep be Feb 15 19541F A
Corn Prod Refg let 25-yr f Sc'34 M N
Crown Cork & Seal f8e19471.1 D
Crown Willamette Paper 88_1951
.1
Crown Zellerbach deb 68 w w 1940 M 8
Cuban Cane Prod dab (is_ __ _1950
Cuban Dom Sugar let 7145 1944 M N
Bind with numb warr attached
Ctfe of den stpd and unetpd_ _ _
Cumb T & T let & gen fa1937 3.3
Del Power dr Light lot 4148_1971 3 .1
let A ref 43
-Is
1969• 3
ht mortgage 4110
1969 .1 .1
Den Gas & El L let & ref ef 58'51 MN
Stamped as to Penne tax_1951 MN
Detroit Edison let coil tr 51_1933 .1 3
Gen & ref 5s eerie. A
1949 AO
Gen dc ref Sc series B
1955 3D
Gen & ref Sc eerier C
1962 P A
Gen & ret 414e series D
1961 P A
Dodge BrOe Cony deb 6s_
1940 MN
Gold (Jacob) Pack let 66_1942 MN
Donner Steel lot ref Te
1942 J J
Duke-Price Pow let Se ear 6.1966 MN
Duquesne Light let 4342 A-1967 A0
East Cuba Bug 15-yr of a 7348'37 MS
Stamped as to I f guar
Ed El III 13klyn let con 48_ _1939
'
3
Ed Eloo(NY) let cone g 58_1995 J J
El Pow Corp (Germany) Ohs '50 MS
1953 A0
let sinking fund 6 he
Elk Horn Coal let & ref 614s 1931
D
Deb 7% notes (with earr) 1931 JO
Ernesto Breda Co let in 75..1954
With stock purchase warrants- P A
Federal Light & Ti let 2.- _ _1942 M B
let lien f Si stamped
1942 M 8
let lien 64 stamped
1942 MS
30
-year deb(Wendel B
1954 J Di
r Cash sale.
ci Deferred delivery
Week's
Range or
Last Sale.
11,
d
Range
Since
Jan. 1.
High No. Low
Low
High
60 May'32
5812 973
4
9
70
73
96
66
5112
53
11
48
8418
2112 20
20
12
30
1 June'32
1
1212
75 May'32
75
80
5712
65
250
5712 79
218
45
56
45
69
56
5612 10
60
70
9812
9418 1004
9
99'e
__
95 June'32
95
9514
6
2912
2914
29
44
94
15
9318
851e 9512
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 1.
11 •
Federated Metals of 7s
1939 1 D
Fiat debts g 78
1948 J 3
Fisk Rubber ist f 88
1941 M
Framerican Ind Dee 20-yr 7245'42
Francisco Sus let if 7h5
1942 M N
99
Price
Friday
July 1.
Bid
55
6612
25
841
/
4
10
48 •
.
.1.
13
Range
Blass
Jas. 1.
Ask Low
High No. Low
611 66 June'32
/
4
65
67
60
713 67
3
25
Sale 2318
18
16
Sale 8378
841g 25
8158
15 June'32
15
16
Gannett Co deb 65
1943 F A 70
73
Gas & El of Berg Co cone g 581949
D 99
____
Gelsenkirchen Mining 6s
1934 M S 45 Sale
Gen Amer Investors deb 5e 1952 F A 68 Sale
Gen Baking deb 5 1 5 he_1940
92
93
Gen Cable let 5 15,4• A
1947.3, 3314 Sale
Gen Electric deb g 3his
1942 P A
'
3 34
Gen Lice(Germany) 7e Jan 15'45
3978
B 1 deb 614e
1940• D 03212 Sale
20-yet.r. I deb 6e
s
1948 MN 28 Sale
Oen Mot Accept deb es
P A 10112 Sale
1937
Genl Petrol let s f 15e
1940 P A 100 Sale
Gen Pub fiery deb 5 he
1939 3' 7518 80
Gen Steel Cast 15.-25 with warr '49 J J 3912 Sale
Gen Theatres Euulo deb 68_1940 AO
13
4
2
Certificates of depoolt
112 2
A 0 29 Sale
Good Hope Steel Ir sec 714_1945 - 7Goodrich(B F) Col st6 mils_ _1947 J
70 Sale
Cony deb 6e
1945 J D 3614 Sale
Goodyear Tire & Rub 1st 5e_1957 MN 69 Sale
Gotham Slik Hosiery deb 66_1936 J O 72
75
Gould Coupler let 1 Be_
P A
1414
ot Cons El Pow (Japan) 7s 1944 FA 3412 Sale
lst & gen t (She
1950 J J
3212
GuifStates Steel deb 5 rle
26
1942• D -21
92
921 9212
4
9212
90 10112
5
5 Apr'32
5
712
7312 Sale 72
46 07012 8212
74
90
80
June'32
80
80
90
1017 Sale 100
8
1017
8 70
9834 10412
10012 Sale 100
101
68
9834 10418
65
667 64
s
9 64
a66
80
38 Sale 3.418
102
38
2012 4712
3558 Sale 33
129
37
2012 42
29 Sale 273
127
30
4
1914 87
28 Sale 2534
28
37
2312 3512
73 Sale 73
4 19
773
97
69
7918 Sale a79
793
4 27
724 98
/
1
1012 15 May'32 _10
30
13
8
9
812 12
612
6
17
/
1
4
3712 36
30
36
2
33
50
2
5
114 May'32
_
114
Vs
1 Mar'32
1
1
LO s212 50
.52
5
50
663 Hackensack Water let 4e___1952 .1 .1
lot% Sale 10014 10134 32 971,105 8 Hansa SS Lines Os with warr_1939 10
/
4
10114 Sale 9912 10114 121
9912 10114 Harpen Mining 65 with elk purch
75 Sale 743
753 124
4
4
9114
68
war for com istock of Am she '49'.3
55 May'32
55
58
Havana Elec consol g 55_ ___1952 P A
5512 5518 Apr'32,
55
5514
Deb 5)45 series of 1926_....1951 M S
65
9212 June'29
Hoe(R)& Co lit 6
ear A1934 A0
65 Salo 65
6518 16
80
W- Holland-Amer Linehe(flat)-1947 MN
(is
1023 104 102
8
24 m 104
103
Houaton 011sink fund 59-4e__1940 MN
10614
8
-- 1043 June'32
103 111
Hudion Coal let if 5e sea A_1982 3D
110
-- 147 1.'0'32
_ 147 147
Hudson Co Gas lets 5s_1949 MN
4
912 131 913
9212 34
8
90
99
Humble 011 & Refining 5,45_1932 J
9212 93
92
15
93
91
9812
Deb gold 155
1937 AO
5514 __-- 54
57
9
54
80
34 Sale 33
3414
28
71
Illinois Ball Telephone 5e___19E6 3D
7
4912 Salo 4812
9
50
3514 90
Billions Steel deb 4L48
194 AO
363 40
4
3814
35
7
3412 60
Ilseder Steel Corp mtge 6,8_1918 FA
Indian. Limestone let if 66_1941 MN
10014 101 10034
10114
8
9914 102
Ind Nat Gas & Oil ref be
1938 MN
05014 Sale 05014
511
44 a4012 71
Inland Steel let 414s
1978 AO
76 Sale 76
763
19
6112 soh
1st
s 4he ger B
1981 P A
81 Sale 80
81
27
82
64
Interboro Metrop 4,4e
1958 AG
112
_
1
1
1
1
514
Certificates of deposit
AG
-25
14
14
3
14
3614 Interboro Rap Tran let be__1968• 3
if)lie 103 102
1021
9
991 1033
/
4
8
Stamped
.1 .1
8412
r99 June'32
4
853 r99
10
-year 6.
1932 AO
993 166 9914
4
9914
2
964 1011
4
10
-year cone 7% notes___1932 MS
6114 Sale a61
6114
9 54 77, Interlake Iron let S. B
1951 MN
65 Sale 65
65
97
65
lilt A gric Corp 1st & coil tr 59—
2512 27
2718
2718
2
2318 4438
Stamped extended to 1942___ M
13
8 5
Apr'32
6
5
8
Int Cement cons deb 55
N
,
1948
37 Sale 3512
4012 64
35
76
Internist Hydro El deb 8e
1944 AG
2718 July'31
Internal Match e f deb be
1947 MN
10014 1012, 100
6 -of- 162
1003
4
-Cony deb 54
1941
Inter Mere Marine s fCo..194l AO
40 8 69
5
4012
4012
1
31
50
Internal Paper Seger A & 13_1947 1
21
18
19
203
4 13
19
68
Ref I I' 1341 series A
1955 M
21 Sale 20
23
45
20
6012 lot Talc)& Titles deb g Cie 1952 J J
873 89
4
87
8814 34
824 9212
4
Cony deb 414s
1939 J J
____ 74
77 Dee'30
Deb be
1955 P A
33
27
27
31
20 -Zi" 16
.- Investors Equity deb be A 1947 3D
_
44
45 June'32
45 67
Deb 5s ser B with warr
1948 AO
29
loT2
24 June'32
13
65
Without warrants
1948 AO
6734 Sale 6712
68
18
597 8512
8
6612 68% 68 June'32
60
85
K C Pow & Lt let 4345 ser 8_1957
66 Sale 66
67
33
/
4
841
58
let M Vie
1961 P A
96 June'32
90
9612 Kansas Gas & Electric 4 48_1980 3D
,
81 . 81
2
92
79
Karstadt (Rudolph) let 68_1943 MN
Keith (B F) Corp let 6s
1946 MS
95
94
94
95
30
88
95
Kendall Co 514e with warr 1948 MS
91 Sale 91
1
91
8312 9112 Keystone Talon Co let ba
1935 J J
8412 Sale 8412
854 65
/
1
79
92
Kings County El LAP 58_1937 AO
105 106 10514
10514
2 104 10812
Purchase money fa
1997 AO
8518 ---- 08714 May'32
68714 08714 Kings County Klee let g 45..1949 P A
903 ---- 91 May'32
8
89
92
/ Kings Co Lighting lit 5s...1954 J J
1
4
First and ref 6,45
1954 I J
3112 Sale 3014
3112 30
22
351s Kinney(OR)& Co 7,4% notee'36 3D
614 Sale
614 15
6
57 2214 Kresge Found'n colt tr 68
8
1938 1 D
4
1013 Sale 10112 1023 112 099 105
8
Sreuger & Toll sec s I 5e
1959 M 13
91 Sale 9014
9112 122
87
96
903 97
9012
4
9234 11
9012 101
Lackawanna Steel let 5a A__1950
08 Sale 97
993
8 27
9612 102
Laclede (1-L ref & ext be____1934 A
22 Sale 2012
22
11
20
3712
Coll & ref 5ris eerie. C___1953
0912 Sale a912
10
18
5
24
Coll & ref 5,45 sertee D___1960
A
57 Sale 5212
97
34
5018 7214 Lenten) Nitrate Co cony 621_1954
102 103 10212 103
2 1005 1033
8
4
Without warrants
65 Sale 6334
65
4
82
84
Lehtgh C & Nay 5 f 4hts A _ _1954
5812 Sale 5712
5812
6
56
7512
Cons sink fund 4.488er C_1954
447 Sale 04412 a46
8
17
4414 60
Lehigh Valley Coal let g 54_1953
112
118 2
122
1
3
4
24
/
1
let 40-yr en Int red to 4%_1933
5 Dec'31
let & ref e t 5s
A
1934
r2 June'32
1st & ref 5 t Ess
1944
A
3
8
2 May'
32
111
/ 2
4
let & ref f Se
A
1954
10114 102 1013
8
1011 15
/
4
9714 103
let & ref f 56
A
1964
1st & ref e f be
A
1974
92
91
0118 June'32
85
93
Liggett & Myers Tobacco 75_1944 A 0
82
85
82 June'32
78
82
Ii
A
1951
8678 June'32 _
867 92
8
Lone's Inc deb s rie
1241 A 0
87
85
85
2
85
85
9238 Lombard Eleo 7e without war.'62 3
8512 Sale 82
3
8512
11 2
1
93
With warrants
10112 Salo 101
10112 18 10018 1017 Lorillard (P) Co deb
8
7e
1944 A 0
09 Salo 9812
993
8 25
9511 10214
54
1951
A
993 9814
4
99
5
9914
94 r104
Louisville Otte & El(KY) 2..1952 56
97 10018 97
97
7
96 1024 Lower Austria Hydro El Pow—
/
1
9114 Sale 90
92
48
87
95 4
3
let it 634“
1944
A
67 Sale 67
7112 50
66
86
56 Sale 5514
5512 33
503 581 McCrory Stores Corp deb 6 he'41 J D
5
/
4
45
65
50
3
52
50
8612 McKesson & Robbins deb 5328'50 M N
3934 Sale 39
41
60
39
8112 Malian Sugar let if 734e_1342 A 0
973 Sale 96
4
r98
111
0314r100
Stamped Oct 1931 coupon 1942 A 0
Certificates of deposit
412 412
412
3
all Manhat By(NY)eons g 0_1990 A 0
412 Dec'31
2d 48
2018 J
9612 9814 9712
0712
9 94 -- - Manila Elec RR & Lt e t Ed..-1953 M D
9;
1
8
104 1073 10412 10412
4
10412 110
Mfrs Ti Co oths of partio In
3478 Sale 3112
347
8 65
20
88
AlNamm&SonIet6a_l943J D
3334 Sale 3112
34
95
183 38
4
Marlon Steam Shovel if 6s 1947 A 0
6
20
20 June'32
20
211 Market St By 78 ser A _A prll 1940 Q J
/
4
3, 5
38 June'32
15
/ Mead Corp lot (is with warr_1945 M N
1
4
Merldlonale Flee lot is A
1957 A 0
3912 Salo 3912
3912 10
35
52
/ Metr Ed let & ref Se ear C 1953 J
1
4
lot g 4 vi o settee D
1968 M B
5212 70
53 June'32
53
bletrop Wat Sew & Dr 5341_1950 A 0
78
5212 65
5312 June'32
/
4
5312 781 Met Went Side El(Chic)45_1938 F A
58 Sale 58
63
11
46
Miag Mill Mach let if 78_1958 J D
82
44 Sale 42
44
2
41
Midvale:3i & 0 coil tr s f 512_1936 M 8
66
Week's
Range or
Last Sale,
71
70
4
9812 June'32
4312
4518 591
68
68
11
92
92 12 43
3218
34
32
95 June'32
3318
35
71
3212
31
8,
27
297
11 391
10118
1013 130
4
100
10012 161
7514
7514 10.
3812
36:
40
13
112
4 18,
112 June'32
-I
27
2934 171
70
23
71
36
95'
37
68
13611
70
72
72
21
16 June'32
38
24;
3314
30
171
31
22
21
3
87
9o1., 87 June'32
2414 Sale 2218
2414
32 Sale
1412 20
2
5
89
1
58!
10,
High
80
82
28
904
20
69
76
02
9818 9,
2518 4518
67
82
89
/ 9512
1
4
25
5812
93
9812
26% 5012
28
49
/
1
224 43
9744 10214
953 101
4
7212 84
611
/
4
38
1
73
4
112 4
1218 40
60
80
86
4634
8112 8214
72
,
801
16
2512
3314 69
30
80
21
38
7814 87
11
27
28
32
1412
15
3 June'32
9
10
3,
1318 20
13
13
4
4618 Sale 4514
46
191
28
-26
28
27
10,
9912 Sale 9912
5;
9912
100 Sale 10018
10018 121
993
4
4 100
993 100
1031
8
183 r4314
1412 25
3
8
61 28
/
4
13
191
/
4
45
7014
261 64
/
4
98 10112
99 100 4
3
94 100
101
93
253
4
512
/
4r104
961
90
34 9912
J53 80
30
5
18
91
98
84
61
82
59
912 1014
as
as
3114 59
3112 159
103 441
4
/
4
44
79
60
30
Sale 10014
10134 49
Sale 9212
93
131
Sale 23
2534 29i
10
514 June'32
9118 Apr'32
89
633 6334
-61
66
211
65
59
60
171
67
10 Apr'32
38 Mar'32
37 Sale 343
4
37
73
3612 Sale 345
8
37
123
18 Sale 155
1712 54
8
57 Sale 5412
5812 16
3212 Salo 32
3212
2
3512 37
46 Sale
1012 Sale
4
314 33
112 Sale
31312 Sale
30 Sale
12 Bale
17 Sale
19 Sale
19 Sale
68
733
4
6512
6812 72
92
9218
76
17
2612
43
64
10212
11618
6012
92
108
27
51
7
69
76
47
48
4578 June'32
48
46
1912 02112
314
33
4
2
3012
303
4
30
35
1412
1112
1612
1812
19
21
22
1818
68
684
/
1
693 June'32
8
6814 June'32
18
53
42,
22
24
17
42
67,
66
63
11
32
42
19
2
18
30
3012
11 12
147
8
1714
16
55
55
65
464
/
1
7014
54
8212
64
541
4
56
381t
51
59
5412
701a
70
70
Sale 9114
92
16
90
96
9218 71
Sale 0012
9012 963
4
70
4
9
Sale 76
7412 86
18
Sale 1512
75
12
255s
Sale 26
2612 16
24
63
44
46
44
13
Ai
65
65
62 June'32
62
70
103 1027 June'32 _ _
8
9102 10312
121 117 June'32
1161 12312
/
4
74
6012 June'32 _
57
7812
92 June'32
96
92
98
10812 June'32 ____ 106 1091
/
4
42
35 June'32
625
56
Sale 4912
51
17
40
9112
Sale
7
7
/ 36
1
4
6
5912
Sale
Sale
48
Salo
4 Sale
_ 84
85
.82
64
_ 50
983 10018
4
_ 25
117 Sale
101 Sale
69 Sale
55
561
151
Sale
89 Sale
9412 Sale
69
73
4712
48
7134
7812
50
48
16
30
21
3
14
4
135
85 June'32
84
84
3
50
2
50
94 Dec'31
10014 May'32
40 Feb'32
35 Feb'32
Jan'32
43
41
Jan'32
117
116
14
100
10112 25
69
70
36
55
5512 12
69 Nov'3I
105
10614 47
89
44
92
9412
95
29
53
71
46
48
92 4
1
98
85
75
/
1
4
/
1
4
84
8014
48
1412
90
90
93
961, lb 14
0
3978 44
35
391
/
4
63
43
41
al
115 119
964 1043
4
64
9014
533 71
4
lOIte log
8114 921,
2
100
91
24
Bale
2312
2512
10
20
46
5278
02712
3
2
112
2212
155
8
GO
Sale
Sale
10
5
5278
5278
2718
295
8
512 June'32
214 June'32
20
74
52
26
3
2
91
60
10
6
Sale 22
2312
1912 1518 June'32
85 May'32
80
27
4312
22
1212 30
781 85
/
4
1
7
6
36
4
13
2
35
12
60
21
651/
28
58
7.5
657
8
331s
1912
14
7312
68
58
2114 253
4
7612 Sale
28 Sale
6414 Sale
7612 77
70 Sale
4912 78
__ 193
4
763 Sale
8
60
60
253
4
2534
72
79
28
30
6414
64
76
77
687
8
71
4712
49
193 June'32
4
28
28
765
s
7912
2
54
83
36
92
61
86
100
86
60
383
4
80
97
New York Bond Record-Concluded-Page 6
loo
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 1.
%.411w El Ry & Lt lat 6o B---1961 J D
1971 1 J
let mtge 5.
Montana Power let 55 A.__1943.3
1902.3 D
Deb In series A
Montecatini Min & Agrlo1937 J
Deb 7s with warrants
J J
Without warrants
Montreal Tram Is;& ref 5a__1941 J
Gen & rein t Is series A___1955 A 0
1955 A 0
Clen & ref s f 59 tier B
1955 A 0
Gen & ref e 14 45 ear C
1955 A 0
Gen & ref f iier D
1939 2 J
Co let s f 448
Morrie &
Mortgage-Bond Co in ser 2_1966 A 0
D
1934
Murray 110,11 I"6 48
Mutual Fuel Gas let jug 58_1947 M N
Mut Un Tel gtd 68 ext tit 5% 1941 M N
Namm (A I) & SonSee Mfrs Tr
10151 .1 J
Nassau Elec guar gold 4s
1942 J D
Vat Acme let a I Os
Nat Dairy Prod deb 5146_1948 F A
1947 F A
Nat Radiator deb 63411
1956 A 0
Nat Steel let coil In
D
Newark C081301 Gas cone 55_1948
J Pow & Light 1st 4343_1960 A 0
Newberry (.3.3) Co 54% notes'40 A 0
1952 J D
New Eng Tel A Tel In A
1961 MN
let g 4 4e series B
New On Pub fiery let 58 A 1952 A 0
First A ref 50 seriee B_ _1955 J D
-year let g 49_ _1951 F A
• Y Dock 50
1938 A 0
Serial 5% mites.
Y Edison let & ref 6 4a 4.11441 A 0
1944 A 0
let lien & ref 56 series 13
_ _1951 A 0
1st Ilen & ref 5s ser C
N Y Gee El 1.1 11 & Pow g 5a 1943 J D
Purchase money gold 48..1949 F A
NYLEAWCoalARR54542MN
W Dock & Imp 55'43
N Y I. E
N Y Rye let RE A ref 40.._1942 J J
Certifteates of depoeit
80-year ad) Inc 5s._ _Jan 1942
A 0
Certificates of depoelt
SI V Rye Corp Inc Os. __Jan 19651 Apr
1965.1 J
A
Prior Ilea flatteries
Y & Mem)Gas 1st ge A_ _1951 M N
Y State Rye let cons 4 48_1962 MN
IM N
Certificatee of deposit
,M N
50-yr let cons 6440 net B__1962
eosit
of dp
Certificates
'r Y Steam let 25-yr On ear A 1947 M N
1951 M N
let mortgage 541
1956M N
let M In..
Y Telco let & genii 4149_1939 MN
D
1046
▪ V Tray Rock let 85
•I tag Lock & 0 Pow let 58 4_1955'A 0
1950 M N
Niagara Share deb 548
VorddeutscheLloyd 20-yr 8188'47,M N
Nor Amer Cam deb 034s A_ _1940,M S
1901 F A
North Amer Co deb 58
No Am Edison deb User A..1967 M
Deb 54e set B._ _Aug 15 1963 F A
Deb 5s eerie. C. _Nov 15 1969 M N
Nor Ohio Tree & Light Os.....1947 M d
Nor Staten Pow 25-yr 59 A 1944 A 0
lot & ref 6-yr Ets ger B._ _1941'A 0
North W T let fd g 4 46 gtd_1934'J
Nomeg Hydro-El Nit /S4a 1(157,M N
titdo Public Service 734e A_.1948:4 0
1947IF A
let & ref 76 series B
19441F A
Old Ben Coal let 65
• )Mario Power N F let 68_1943;F A
Ontario Power Serv let 6 46_19503 J
.)ntarlo Transmission let 56.194631 N
1963 M 6
Oslo Gas & El Wks eat! 5a
1941 M S
OUs Steel let M is sec A
J
Pacific Gas & El gen & ref 56_1942
1936 M P
Pac Pub Ser• 5% notee
1937.3 J
Pacific Tel & Tel 1st Is
1952 M N
Ref mtge In metric* A
Pan-Amer P & T cony a I 611_1934 M N
Pan-Am PetCo(ofeal)may 61 '40.3 D
Certificates of deposit
Paramount-Wway let 034e _195I J
-Fame-Lanky 66_1947 J D
Paramount
Paramount Publix Corp 545 1950 F A
lst leasehold 645_1953 J 2
Park-Lea
Certificates of deposit
1944 A 0
Parmelee Trans deb 65
Pat A Paaaalo 0& El cons 56 1949 M 8
Pathe Each deb 78 with wart' 1937 M N
Penn-Dille Cement let 88 A_1941 M S
Pena/vivant& P A L let 4 46_1981 A 0
Pe01)Oas L C lat oona 68_1943 A 0
1947 M S
Refunding gold 58
M S
Registered
1967.3 D
Co eec In eerie. A
PhDs
Phila Elea Co let at ref 448_1967 MN
1971 F A
let & ref 45
Pella & Reading C & 1 ref 58_1973 J J
1949 pd S
Cony deb Bs
D
1939
Phtilips Petrol deb She
Pillsbury Frr Mille 20-yr 619_1943 A 0
1952 Tel N
Pirelli CO UMW CIODY 7s
Pries
Friday
July 1.
/1141
7412
72
80
5612
Week's
•
;
Range or
CO 0
3
Last Sale.
Ask Low
Sale 741.1
77
743
4
Sale 78
Sale 5612
8
757
Sale
4
783
6212
8
695 June'32
7114
70
77
8
765
60 Dec'31
6513
4014
68
9214
9112
8
687
70
69
100
86
9312 Nlay'31
64
6712
4014 NIar'32
69
69
92 June'32
9918 Nov'31
21
8
94
4
3652
3652
1
38
40
54 June'32
90
54
4
793 213
4
773 Sale 773
4
25 June'32
2012 25
69181 57
6512 6914 66
8
985 Sale 9852
8
985
8
9
824.
80
824 80
62 June'32, ____
53
61
10034 Sale 1004
101 I 88
9512' 26
8
947 Sale 9412
59
19
59 Sale 56
58
18
5612
57
80
14
50
8
487 Sale 47
33
40
3512 Sale 3512
10712 Sale 10712 10814 111
63
102 Sale 10012 102
10218 52
10218 Sale 100
4 83
1043
10455 Sale 10114
944 28
944 Sale 9112
loo 1 80 June'32
95 100 June'31
40
18
100
___
4
i0I3
100
12
414
3542
14
13
12
--- •
418
9914
348
2718
82
10012
9014
75%
9814
84
52
31
57
90
80
Dec'31 _
14 July'31
----1
8
5 June'32 ____
1
1
3014 30
30
89
8512 June'32 ____
3 June'32
5
3
2 June'32.____
4
3 June'32
2 May'32....
3
Sale 101
10112 27
92
100
92
3
Sale 90
91
29
Sale 9953 10012 103
Sale
5
95
3
9353
93 4
4
Sale 4214
4412 33
4
Sale 243
26
52
s
167 1312 June'32 ____
Sale 65
67
34
7114
4
7114 70
73
70
7014 12
Sale 63
64
24
8
4
957 944
943
4
Sale 9412
9512 21
Sale 10114
24
102
91 May'32
91
Sale 4112
44
38
Sale 84
85
4
79 June'32
82
6
6
Sale
1
2
91
91
92
Sale 2512
4
423 138
85
Sale 85
62
62
1
12
9
19
Sale 18
Sale
77
Sale
10018
9914
10012 101
78 June'32 __ _6
3
0112 102
00
10014 21
014 June'32
164 16
1612 1512
11 June'32
16
sale 34
1012 17
48 - 8
Sale 14
Sale 1018
15
69
1313 1018 June'32 _
--- 144 June'32 _
72
4
93 0412
,
5
100 100 June'32
8 15
50 3
507
51
3
28 I
274
37
Sale 8114
8212 104
10112 10014 June'32
91
894
9012 13
96 Apr'32
76
Sale 75
9812 15
8
987 9818
87
8612 854
22
5212 10
Sale 52
8 0313
4 37
Sale 307
57
Sale 66
66
92
92
92
3
,
84 2 80 June'32
4
813 80 Mar'321 _-__
Pocah Con Colliertea let 154 '57.3 J 60
8
Dk Os 4_1953 F A --- 527 80 Feb'32I____
Port Arthur Can
,2
75 104 MaL31 _68
A
1953 F
lot M On series B
38
Port Gen Else let 4 4seer C_1960 M S 39 Sale 85
85
86
1
1936 J J 84
5a_
Portlar.t1 Gen Else lat
1512
1712 33
1512 19
J
Porto Rican Am Tob cony On1942
16
122
Teleg & Cable coll 56..1953 J J 1512 Sale 14
Postal
72 Apr'32
48
Premed Steel Car conv g 60 1933 J J 20
9714 243
9714 Sale 957s
Pub Serv El &0 let & ref 4348'67 J
97
4
14
1970 F A 9518 963 96
let & ref 4345
4
8712 45
4
4
1971 A 0 863 873 863
lat & ref 45
_
8
47 Jan'32
Alegre Sugar deb 78_1937 J J
Punta
6012
6618 11
1937 F A -6012 68
Pure Ott a 514% notes
6212 49
1940 M El 60 Sale 5912
8t53.4% 1301011
5353
544 26
8
1948 J J 535 56
Purity Bakeries a f deb ge
Radlo-Kelth-Orpheum part paid
4
503
Ws for deb 6e & corn elk._1937 M N
4712
Remington Arms lift s 6.8-1937 M N
'47 M N 034
Rem Rand deb 645 wttb war
Repub IA 8 10-30-yr 54 a _1940 A 0 47
3 50
Ref en gen 534a eerie@ A-1953
44
Revere Cop & Brass ele_JulY 1948 M 8
J 30
1940
Rheinelbe Union f 76
.3 2312
6a_1953
Rhine-Ruhr Water eerlee
Rhine-Westphalia El Pr 75..1950 M N 40
195 Tel N 38
Direct mtge 66
Cone M ee 01 1928 _ _1953 F A 3612
Con M as of 1930 with war 1955 A 0 3612
10
1544 M N
Richfield 011 of Call/ NI
M N
Certificates of deposit__
Sale
Sale
Sale
Sale
Sale
47
Sale
Salo
Sale
Sale
Sale
Sale
Sale
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 1.
5034
34
50
1
40
4014 20
3313
364 36
47
4912 11
45
46
50
44 June'32
28
30
66
21
2312 12
37
40
26
31
38
83
3014
3631, 171
3612 336
30
8
10
10
1112 June'32
C 1931 sod on Jan 5. 31.000 at 73 -deferral dallvree."
r Cash sale. a Deterred dellYery. d Colon Oil 65 eerie.
Price
Friday
July 1.
Week's
Range or
Last Sale,
Range
Since
Jan. 1.
Bid
MO
High
Mob No. Lose
Ask Low
26
39
1955 F A
1
26
2734
9412 Rime Steel let a f 76
2912 273
4
90
99
2
95
96
Reel]04E1 gen mtge534eserC'48 M S 95
96
96
4
923
9512
87
1977 M S
Gen mtge 4%n series D
90 June'32
92
82% Roth & Pitts C&Ipm 5a 1946 M N
5114 85 Dec'31 --78
54
6.5
70
Royal Dutch 4s wlth warr 1945 A 0 -70 Sale 6912
17
8
68
30
1948 A 0 28 Sale 2512
26
823 Ruhr Chemical s 1 68
19
8212
67
194I M N 6613 78
CO
91
7514 8412 St Joseph Lead deb 54s_
6614
6614 10
2
70
75
85
75
75
St Joe Sty Lt Ht & Pr let 55_1937 M N 70
37 June'32
St L Rocky Mt & P55 stpd_1955 J J 25
34
42
37
60
55
60
50
50 Apr'32 -- _ _
St Paul City Cable cons 5e 1937 J J 50
50
1937.3 J 50
40
69
53
50 June'32
Guaranteed 60
1
74
61
93
71
78
71
70
San Antonio Pub Sery let 68 1952 J 3 71
13
4014 4014 Schulco Co guar 0%s
5012
19-16.3 J 31 Sale 31
32
31
1
48
48
48
50
68
1946 A 0 48
82
9512
Guar St 64,series t
8
23
44
9012 100
Sharon Steel Hoop et .1 ,.._1948 F A ____ 247 23 June'32 -- - _
6153 52
8
8
567 78
Shell Pipe Line a f deb n,- _1952 NI N 5712 Sale 567
150
1947 M N 54 Sale 5212
55
47
71
Shell Union 011 s I deb 15s
544 83
7114
47
Deb be with warrants__ 1949 A 0 54 Sale 5212
3918 27
32
3014 50
593
4
Shinyetsu El Pow let O34a...1952J D 364 Sale 36
1
/
60
8
114 7414
27 744 May'32 ---_
54
1
Shubert Theatre 6.4..lone 15 1242 J D
71 12 9512
33
78
2112 Slemene & Halske e f 7a_._ A935
57
42
J 57 Sale 5214
8
4212 45
40
27
5914
1951 M S 4314 55
80
60
Debenture f 6 S48
1
87
80
95 100
87
88
9518
Sierra & San Fran Power Se.1949 F A 84
34
26
10
8
77
28 Sale 237
28
954 SIlewlaEleeCorpatO34s.,,,.1946 F A
8
20
24
411,
81 14 Sileelan-Am Corp coil tr 7e 1941 F A 2314 26
2314
62
8
865 116
8
723 931:
974 1048k Sinclair C0128 011 15-yr 'Ts__ 1937 M S 85 Sale 85
173
84
88
91
90
1938 J 13 8112 Sale 81
99
lot lien 04e serleo 13
911 10112
4
4612 82
Sinclair Crude 01154s set 4_1938 J J 100 Sale 994 10013 80
4
8918 962
9653 20
5
1942 A 0 96 Sale 96
4514 80 8 Sinclair Pipe Line Sf55
47
01
43
59
58
45
1939 M S 59 Sale 58
Skelly Oil deb Site
87 101,
9612 11
43
30
Smith (A 0) Corp let 6348_1933 M N 954 Sale 9512
2
12
82
89
66
1064 11014 Solvay Am Invest 5.4
1942 M S 81 Sale 7912
37, 97% 1027
101
4
9712 104
South Bell Tel & Tel let 51 55 '41 J J 101 Sale 100
1004 52
8
100 1024 S'west Bell Tel let A ref 56_ _1054 F A 10018 Sale 100
2
98, 1033
1
67
9312
67
65
10014 107
4
.19473
673 74
Southern Colo Power On A.
8718 95
4r102
Stand Oil of N deb 56 Deo 15'46 F A 10114 Sale 10113 10112 155
983
36
85
so
82
80
2
937
StandOliofNYdeb4%n_,l95lJ D 84 Sale 8312
11
13
10
28
Stevens Hotel let On aeries A 1941.3 .1 12 Sale , 1112
433 432 Sugar Lataute (Oriente) 78_1942 M S
1
2
3 1 2
114
12 8
is
12 June'32
M
5
1
certificates of deposit
0814 103
Syracuse Ltg,Co. 1st g 5 R.-- 1951 .1 D 10012 ____ 1001221100'32
•
1
95141
58 24 Tenn Coal Iron & RR gee 5.1951 3-3 943 9514/ 9514
4
9814 101 12
50
28
39
44 I 45 June'32
63
Tenn Copp& Chem deb Os B 1944 MS 42
9012 63
5
85 8 102
854 98
1947 J D 9012 Sale ' 90
Tenn Elea Power let el
8, 4
7112 85
7512 95
TOX/18 Corp cony dab be _ _1944 A0 7412 Sale a74
2
1
3 4134 45
41 13; 13
33
'
41
1960
Third Ave Sty let ref 4e_
5012
312
2
20 I 22
8
1812 32 4
1912
3
Ad) Mc 6s tax-ex NY Jan 19811 A0 195 20
2
2
91
85 June'32
84
1937 I .1 8714 89
Third Ave RR let g 158
9912 106
8514 122
753 93
4
Tobacco Prods(NJ)6 %S...2022 M N 85 Sale 83
44 I 38
9014 98
3912 68
Toho Electric Power let 7e_ _1955 MS 43 Sale 43
94%
88
6% gold notes
9418 997
1932 ▪ .1
994 June'32,____
8
9518 101 14 Tokyo Elea Light Co. Ltd70
50
2712/ 72
62
1953• D 2612 Sale 26
let es dollar series
26
8618 97
99 10014
10012 994 June'32
Trenton G & El 1st g Se..,... 1949 M
39
7012 Truax-Traer Coal cony 1334a 1943 MN
3
20
20 1
22
26
16
8
1653 3512 Trumbull Steel let
52
11
3
4
lia_ _ _ _1940 MN 493 Sale 49 4
65
45
1112 264 Twenty-thIrd St Sty ref 50..1962 J J
10 Feb'32__
10
10
88
53
3314
3314.
3
Tyrol Hydro-Elec Pow 734s 1955 MN 3312 37
25
5212
91
65
41
15
61
Guar sec a f is
22
1952 FA 40 Sale 40
94
60
89
57
45
45
2
50
011gawa Elea Power a f 7e_1945 M 8 45
42% 71
4
pm, int
903 101
UnIon Elec Lt & Pr(Mo) 15a 1932 NI S 10014 10012 1004 June'32
9914
89
102 1 34
Ref & eat 35
99 102
1933 M N 10134 Sale 10114
4
100 1053 Un E Ltt P (III) let g 534a A 1954
8
100
J 100 Sale 99
98A 10114
80
9712 Union Elev Sty (Chic) 5s__ _ _1945 A 0
35 June'32 ____
48
31.
7
96
41 18 86
9512
924 101
Union 011 30-yr fis A__May 1942 F A 9412 98
90
10 590
9112 00
73 10614
9812
let lion 8 f 156 set C___Feb 1935 A 0 90
3
69
71
70
71 10414
80
67
Deb Is with warr____Apr 1945.3 D 60
8612
9
20
6
657 Mr
8
United Biscuit ot Am deb On 1942 94 N 8412 8612 8573
6512 Sale 6512
6841 73
83
96
623 93
8
United Drug 25
-year 5a___ _1953 M
34
3312 June'32 __ __
64
21
40
22
United Rya St 1.1st g 45_ __ _1934 J J 27
3112 43
95
29 Sale 29
80
29
5912
J
US Rubber let & ref laser A 1047
____ 80 Apr'32
8412
5014 71 14 United SS Co 15
-year Os.._1937 M N 65
79
139
'28
60
28 Salo 2413
15
8
133 32
Un Steel Works Corp 644e A 1951 J
264
6
8
147 3012
1951.3 D 264 Sale 2514
See f 6 48 series C
4
273 141
9414 10153
1012 3014
Sinking fund deb 64a ser41947 J .1 2734 Sale 2412
90
78
United Steel Wks of Burbach3
a97 rI03
6912
r69
7
92 8
63
Esch-DudeLange e f 75... _1951 A 0 66
20 Dec'31
4
963 10214 Universal Pipe & [tad deb On 1936.3 D
2414
29
23 "3212 3553
8
100 1017 Onterelbe Power & Light 63_1953 A 0 23
5812
6012 28. 56
59
712 21
80
Utah Lt & Tree let & ref 55.1944 A 0 55
684 22' 60
14
4
6514 Sale 64
9112
Utah Power & Light let 56_1944 F A
Jan'32
82
34
974 10512 97
07
97
Utica Elec LA P ist 8 f g 56_195t) J
14
53 Utica Owe & Elec ref & ext fie 1957
60
.1 ____ 100 100 June'32
9812 10314
20
45
17 Sale 17
104 55
1212 4)
1947 J D
Utll Power & Light 514e
19
26
109
16 Sale 1514
10
2
10
477
..A919 F A
Deb Is with warrants.
11
11
F A
Without warrants
212 2313
37
17
994 100
30
75
Vanadium Corp of Am conv fe '41 A 0 33 Sale 33
214
214
2
24 7
50
804 Vertientee Sugar let ref 7a._1942 J
10
1
10 Apr'32
24
43% Victor Fuel Intel 5.
14
1953 3 1
10
9234 93 June'32
73
89% Va flee& Pow cony 5,4s...1942 k1 13 90
80
953
8
40 June'32
45
35
4
100 1073 Va Iron Coal& Coke let g thi 1949 M
40
4
693
93
22
4
963 Sale 9634
86
9712 Va Ry & Pow let & rot 5e._ _1934 J
Ms 100
96
96
3
4
113
4
90
68
22
10
Walworth deb 646 with warr 1935 A 0 1134 Sale 113
'2
1112
1112
1'l2 22
A 0
9212 100
Without warrants
13
10
12
83
9212
1014 28
1st slaking fund Bs series A 1945 A 0 1218 13
16
109
69
0% 40
52
Warner Bros Pict deb 6e._,1939 M S 16 Sale 1234
60 Apr'32
53
29
60
60
Warner Co let On with warr_1944 A 0
2
5612 6612
6612
62
45
A 0
6612
60
Without warrants
17 Sale 163
4
1712 20 al4
GO 101
32
Warner-Quinlan Co deb 6e_1939 M
9834
4
4
3
92
9712 103
78
Warner Sugar Refln let 7s_ _1941 3 12 983 Sale 983
7l
74 712 May'32
Warner Sugar Corp let is.-1939 .1 J -- -712
32
6 Feb212 5
89
39
80
6
6
Stamped July 1931 coup 00. J
28,
2 39
80
21
80
1941 FA El 2713 Sale 2512
50
Warren Bros Co deb 6a
95% 10112
Wash Water Power e f 56-.1939 .1 J 10018 103 100 June'32
4
s 100 10814
102
10214 1014 1013
s
O57 Westcheeter 1.tg 884 etpd gtr3 19503
38
4 19
4
1013
3
98% West Penn Power ear A 56-1946 N S 1003 Salo 00 4
85
96% 1027
8
101
14
8
143 4212
1963M 13 101 Sale 100
9412 102
let 56 series E
10012
9
39
14
IOU; I D 10012 Sale 100
96 r102
let MO 56 serlee 094
61
79% Weetern Electric deb 50_-.1944 A 0 9233 Sale 9214
56
89 10212
5712
60
7
9114 100
8614
50
Western Union coil trust 5a.1938 J J 5612 57
8
8
563
4
91
98%
49
80
Funding &real net g 4343_195 PA N 563 Sale 5653
26
93
60
83
97
1936 F A 58 Salo 58
50
15-year OK'
47
3
1172
3
47
40
36
75
1951 .1 D 465 Sale 4.17
-year gold 50
25
aitn 76
47
'39
7216
35
1960 FA S 47 Salo 44
30-year 56
194 113
1953 Sale 18
8
113 27
5912 73
J
Westphalla Un El Power 66_1953
79
51
40
77
483
4 41
Wheeling Steel Corti 1st 53411948 3, 4412 Salo 4413
65
4012 28
30
let A ref 414a seem B____4263 AG 3812 Sale 38
50 10412 White Eagle Oil& Ref deb 54337
994 25
96A 10112
40
3
85 4
8
997 Sale 9812
With atock parch warrants___ M
81. 10
2814 5414 White Sew Mach 6a with warr '36 • 3 1714
812 May'32 -9
20
714 20
812
1812 Sale
45
85
Without warrants
14
20
20
8A 20
61
1714 20
29
1940 MN
Partin a f deb 6s
312 Feb'32
8I2 312
68
112 __
44
Wickwtre Spencer SO let is 1935 J
1 18
1 18
1418 41
118 ___- 118 June'32
Ctf Sep Chase Nat Bank__ _
212 212
212 June'32
80
12
114 5
78(Nov 1927()out)on) Jan 19315 MN
4
1.4
8
13
138 Sale
28
312
Mils
Ctf Sep Chase Nat Bank_ _ _ M N
6518 June'32
65
92
45
21
-_ _1933 MS 6118 65
Willie-Overland af 6
6614 38
644 8512
4
183 4134 Wilson & Co let 25-yr at fis_1941 AO 6112 Sale 6414
5
18 8 401a
44
.1 514 Sale 5414
72
5% 17
Youngstown Sheet & Tube 58'78 .1
56
411
56
95
72
14%
5
1970 AG 5214 Sale 52
let mtge e f 65 per B
High No. Low
7212
7612 12
72
7612 11
60
23
80
54
9
60
8
695
70
8
767
60
---8
5
28
87
2
2
3
2
10112
92
91
4
0993
50
3
93 4
04312
277
8
1314
6612
65
70
4
633
9453
9512
102
82
434
85
4
803
6
8918
27
85
Range
Singe
Jan. 1.
Financial Chronicle
Volume 135
101
Outside Stock Exchanges
334
5
3
12
90c
6
45
631
65
June 26
Jan
June 24
Jan
June 32
Jan
June 82
Jae
1% Jan
Mar
June 3136 Jan
Jan
June 100
June 23% Jan
June 65
June
350
10
5
40
50
6,466
10
134
y
1%
1
1%
7536
134
6
60
2
Apr
6% Feb
134 Jan
June
3
Jan
Jan
June 14
Feb
2% Feb
June
June 135% Feb
4% Feb
May
Mar
June 22
Jan
MaY 70
June
9% Jan
1334
50
7%
634 7%
50
50
8
7
65
65
Miscellaneous
Amer Continental Corp___ -----2
merican Founders
31
:Amerman Pneumatic pre_
1%
1st preferred
I
2d preferred
1%
tines Fel
'el .
100 78% 7534
Amoskeag Mfg Co
2%
nauford Carpet_ •
634
Preferred
60
Brown Co preferred
4
4
"'est Gas & Fuel AND
Common
2%
2%
49
64% Prior preferred 100
8% cum preferred __ID
32
30%
"natern SS 1,1nee corn__ •
5
5%
Preferred
18
ioo 18
w.cn.on Enn, mum ...Jut) 133 129
(,mployers Group Asan___ _
,
33.4
• lenses! Capita Corn
10%
•
inlette Safety Razor.
11%
•
12
Ilygrade Sylvania Lamp_
Intl Ilydro-Elec Co
331
Loew's Theatres
25
73.4
ticlusitis 4110011 • I •
131
134
Mergenthaler Linotype 100
19%
Bel 7034 69
ea
, Ens Tel & Tel....
Pacific Mills
100
3%
fleece Butle Mach Co.100
4
fleece Fold Machine Co 100
1%
alotwutut Aeon r 0
•
431
stone At Webster
431
•
4.110 & Co new
•
9%
934
Torrington Co..
• 2434 22
Union Twist Drill
tilted Found Corp corn .•
34
34
'inited Shoe Mach Corp.25 28
26
Preferred_
2)
26
S Flee Power Corp
34
Waltham Watch pref
8
Warren Bros Cu new
•
2
Mining
Calumet & IIecla
25
'.Pear !Lange
25
136
Island Creek Coal
Mohawk Mining
25
North Butte
20e
Pond Creek Pocohontas_
-----minor Mining
25
Utah Apex Mining '
5
Utah Metal & Tunnel____I
3
31
1%
1
134
78%
2%
9
60
434
3%
49
34%
6
1934
133
4
1034
13
12%
334
734
13-4
24
7234
3%
5
134
43.4
6
9%
2436
8
91
28
29
34
8
2
1%
131
134
134
1134
11
1034 1034
200 220
4
4
34
31
450 45e
200 200
105
544
2% May
10
41 35
June 84
242 28
June 70
1,045
May
5
10
450 18
June 36 34
454 119
June 205
590
II
June
3
20 10
June 201
1
973 10 34 Jan
2434
105 11
Apr 2436
66
2% June 1034
19
7 June
834
405
134 Jun
2%
305 19% June 53
899 C9
June 118
10
11
MAY
3
154
June
4
9%
10
1%
Jan
1
120
334 June
734
802
431 June 1514
435
June 20
7
585 22
June 32
10
731 May
13
191
% May
234
1,515 2234 June 403-1
513 2334 June 32
72
34 Apr
131
11
June 1234
8
85
1 31 May
7
15
75
105
125
900
45
700
600
100
Bonds
Brown Co 53-4s
24
$3.000
1946
24
Chic Jet fly & Un fly 5s '40
1,000
85
85
n, Mame Ht Ry ser A 4 tia 48
8,000
2334 25
Ser 13 5s
1948 2534 2534 2534 3,000
New Eng Tel & Tel 5e 1032
10034 100 34 10.00(1
Pond Creek Pocohon 7s '35
62
62
2,000
• No par value. z Ex-dividend.
Feb
Jan
Jan
Feb
Jan
Mar
Jan
Mar
Mar
Jan
Mar
May
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Apr
Jan
Jan
Jan
Mar
Feb
Jan
Feb
Feb
34'
1534
18%
600
834
234
60c
45e
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
17
May 43
June 95
81
313-4
17% Jan
Jan 3131
20
99)( Jan 100%
60
May 85
Feb
Jan
Mar
Mar
June
Jan
1%
1%
10%
9
1533
4
%
40e
20c
May
Apr
May
May
June
June
May
Apr
June
Chicago Stock Exchange. Record of transactions at
Chicago Stock Exchange, June 25 to July 1, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Par. Price. Low. High. Shares.
(*me Steel Co
25
Allied Prod Corp A
Amer Pub Heck Co prof 100
,
Assoc Tel (Itil Co corn....
•
$6 cony pref A
•
Bachstay Welt Co corn. •
"imolai A nation oum___.•
Wog-Wiener Corp conk 10
7% preferred
100
Butler lirutuere
au
'ens Ilitnols See ("et tram •
Convertible preferred__*
'maw Ill P s1 met
•
Cent Pub Serv class A. •
mut la Si Ulu cum new..•
Preferred
•
Prior lien cumul pref •
Chain Belt Co corn
Chicago Investors cony pf •
Common
•
Chicago Yellow Cab cap__.
.:Itles Service Co coin....'
'ommonwealth Edison_ Inn
consum
pf prof A..100
'ont'l Chicago corn
Common
•
Preferred
•
5
Oord Corp
25
'Irene Co common
Curtis lighting Inc Corn •
corn.•
Decker (Alf) de Cohn
Elec llou.sehold Uttl_ _ _ _10
Fitz S & Con D et; D corn.•
Foote Bros G & NI Co__ -5
•
Ireat Lakes D & D
Grigsby Grunow Co corn.'
Call prtatina Co corn .10
Floudallle-IlersheY Corp
•
Class A
Class It
•
Illinois Brick Co
25
[mull Util Invent IOC....•
•
Preferred Burka 2
Jefferson Electric coin_ •
Katz Drug Co common_..1
Kellogg Switchb corn _ __10
9
531
1
535
3-4
5
28
34
83.1
1%
54%
6
34
234
234
6%
4
531
1
4
3
5
334
55
1
31
5
28
31
54
5
8
10
10
34
751
131
503-4
5
54
73.4
234
23-4
2
1
23.4
73.4
6
34
4%
134
3.4
34
Range Since Jan 1.
Low.
9
4
534
131
4
3
53.4
3%
55
134
34
8%
30
34
34
6
9
10
10
54
8
234
54%
7
150
50
10
850
20
20
700
1,400
10
300
900
1,350
220
150
55(1
80
80
20
10(
100
150
5,100
3,550
70
34
8%
231
660
1.575
950
50
70
130
400
50
350
450
700
150
54
731
2
23-4
2
1
234
734
3(
5%
850
300
300
5,350
350
100
50
200
4
1
4
31
31
434
16
35
2
134
234
734
3-4
6%
34
4
4
131
134
4
4
34
31
35
3.4
43.4
43.4
16
16
2
2
Jan
Mar
Jan
Jan
Feb
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Apr
Jan
Jan
Mar
Jan
Jan
Jan
June
Jun
Jun
Jun
June
Feb
May
May
Feb
Jun
Apr
434 Jun
231
21
8%
13
5
134
8
16
34
1334
131
11 34
Jan
Jan
Jan
Jan
Jan
May
Jan
Feb
Feb
Jan
Jan
Jan
Jun
Slay
Jan
Apr
Jun
Jun
Jun
AP
1134
4
53(
63-4
17
12
2236
3
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Feb
36
%
4
Si
7
10
31
734
13(
483.4
5
434
Si
134
35
3
3
634
-
434
34
13
1".
%
4%
31
334
33.4
1534
%
34
26%
7%
1031
234
534
53.4
934
134
1
3
3
4
834
%
434
%
4
3%
1534
34
34
2734
8
12
3
531
53-4
934
1%
1
3
29
27
5434
60
30
27
56
60 34
62/4
97 34
3-4
15
7
6
8
434
34
34
31
1
1634
9%
6534
98
U
15
7
6
8
43.4
34
34
31
1
18
10
5
25
834
10%
534
31
%
M
23-4
15
9
24
234
2
34
35
5
25
834
12
6
31
%
9-4
274
/
15
93-4
26
3
2
54
35
A
Bonds
Chicago City fly 5s 1927
Certificates of deposit _ __
3454 35
Chicago Rye let 5s 192741
41
Certificates of deposit _ - _
39
403-1
Grigsby-Grunow 6s...1936
3434 3534
Insull Ut11 Inv 6s____1940
31
34
34
Ikletr W S Elev 5s____1938
17
17
• No par value. x En-dwidend. y Ex-rights
Toronto Stock Exchange.
-Soo
48
6
I
101-4
1834
5)4
431
13
434 Apr
35 Apr
114 June
31 June
634 Mar
JO,
7
1534 Jan
634 Jan
5034
95
%
13
7
534
734
436
M
25
31
1
934
7
July
5
23 June
631 Jul)
1034 June
Mar
5
31 Apr
.54 June
A Jai
234 June
14 June
834 Apr
24 June
23-4 June
2
Al'!
34 May
35 May
3334
35
35
3431
Si
17
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
2
3
63-4
3.4
4%
36
3%
334
11
%
%
2534
73:
10
23-4
134
434
934
31
1
3
2931
27
493%
60
1
1
1
)
5
)
Slay
Apr
May
Apr
June
June
May
June
June
June
June
June
June
Mar
Apr
Mar
Apr
JuB
May
June
Apr
June
Jul)
Julie
May
June 103
June 1073.4
Jul.e
134
June 173-4
8
June
May
1034
June 44
June
531
May
234
June 69
Mit)
136
334
Apr
Slay
2534
May
19
Ma
Ma
Jet
Fe
Feb
Jar
Jan
Apr
Mar
Jan
Jan
Jan
Ma,
Mar
44
95
1534
at
1231
3
2%
13-4
II%
2334
1134
73
3%
4
134
131
Jan
Jul
Mt°
Mar
Jet
June
Jan
J..
Fel,
Jai
Jar
Jan
Feb
Jet
Jan
Jan
June
Apr
Apr
June
Slay
June
45
50
103-4
2
12
164
10
531
1934
12
2
45
2064
1534
6
53-4
24
2131
1164
134
436
,
Jan
Jan
Mar
Jan
Jan
Jan
Feb
1-el
Jan
Jai
Jail
Jai
Jan
Mar
Jan
Jan
Jut
Jar
Ja,
Feb
Jan
Jar
125
Feb
115
10431 Jan
Jab
114
Mar
49
SO
Jan
Jan
50
3531 Jun(
383-4 Jar
Mar
37
page 79.
Toronto Curb Exchange.-Seo page 79.
High.
May 1734
June
63.4
May 50
June 1 234
June 35
Feb
3%
May
1811
May 1298
May 80
2%
May
June
134
June 16
May 88%
334
Slay
May
634
May 44
June 55
Apr 14
June 17 3.4
June
2%
June 13
8%
May
June 122
1431
July
9
331
6
1
4
3
434
3%
50%
I
34
5
15
OWOO:nCOW
20
5
10
155
25
287
53
367
30
M
336 334
5% 5%
5
5
15
12
High.
June
Apr
Mar
June
Julie
June
2% June
334 June
00CP0
331
Jan
Jan
oocc ,r,ocsoco=
52% June 130
June 763-4
59
.
90
217
.,q
52% 57
60
6034
Low.
14
3
34
234
10Si
23-4
W.NO OM=C0,0049OWOL,POWC,,CWO,CN
OODOW.C O.
"
.
000=,
,
0=0.42.C,O0^.
,,, o -o, ooncccoonnococoocooco
-
52%
6034
..
High.
W
Low.
15
1534
33-4
334
35
35
234 234
103.4 1134
3
3
234 254
3% 3%
—
c,,o00 .0c ,
, . o,
,— ,,occoc c CO
CO=CDOCO
COO=O
Railroad
Boston & Albany
100
Boston Elevated
100
Boston & Maine
let preferred class A stpd
Class B bat pref stpd_
Ser C 1st pref stpd ._l00
Prior preferred stamoso
Eastern Mass St fly adj 100
N H & ilartford
I rat
Old Colony
100
oennevIvanla RR
.60
Vermont & Mass
100
Range Since Jan. 1.
Kentucky URI it
-cum pf.50
Keystone St & Wire corn.*
La Salle Ent Univ corn__10
Lindsay Li eht corn
10
Lynch COrn corn
• 1034
McGraw Flee corn
•
Manhattan-Dearborn corn
•
Slarshall Held corn
•
Mickel berry's Food Prod
Common
1
Middle 14 est UtU
_•
34
Midland United cony pfd.°
new.Common
•
Midland 1 1tUltles CO
6% prior lien
100
7% prior lien
4
100
Miller 4,, hart cony pfd__.
634
510
-Kan Pipe Line com__5
Modine Mfg corn
*
4%
Morgan Lithograph corn.*
Muskegon Mat Spec A..*
35-4
Nachman Springfilled corn*
Nat Battery Co pref
"
Nat Flat Pow A Cour_
•
Nat Seem Inv Co
31
_1
pi -erred com_2631
101
National mandard corn_ *
Noblitt-Sparks Ind com_.•
North Amer Car ettn_
*
North Amer Gas a. El A__•
531
Nor Am Lt & Pow corn_ •
Northwest Bancorp oom.61,
9%
Pines %%Into/Irma corn__ •
Potter Co (The) Corn..._*
•
Process Corp common_
Pub dery of Not Ill( orn mon
• 30
Common
100 27
67 prelerred
100
77: preferred
100 _60
QUAlier ustis Co
Common
• r6234
Preferred
100
Railroad Share" Common •
Rath Packing common_ _10
Rollins Ilos Stills cony pf_•
Ryerson & Sons corn
Seaboard Pub Ser $6 pref_.
•
Shaler Co class A
Southern Union Gas corn..
Southw (ins & El 7% p1100
Seaboard EtIllinareee'orp•
Standard Dredge cony pf •
1
Swift laternacional____ 15 18
Swtrt & Co
25
934
Teter) B'd & Sh•
5
Class A
7% let preferred_..100
Thompson Co (J R) corn 25
834
U 8 Gypsum
20
0 P Radio & Telev onto •
..t
United Amer Util corn.
United Gas Corp com_
*
Uto & ILO Corp cum. •
Convert:tne preferred_ •
Vortet CU1)Co Mass A_ •
W alareen Co common__•
934
Ward (Siontg) & Co A_ •
Williams 011-0-Matie corn•
3
Iscons.n Hang Ma cram 10
kk
2
Yates
-Amer Mach par pf _*
31
Zenith Radio corn
*
Range Since Jan. 1.
RRR*,,
.
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
1Veek.
Par. Price. Low. High. Shares.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
..40
WOOWWcal
Boston Stock Exchange. Record of transactions at
the Boston Stock Exchange, June 25 to July 1, both inclusive, compiled from official sales lists:
Philadelphia Stock Exchange.
-Soo
page 79.
Baltimore Stock Exchange. See page 79.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, June 25 to July 1, both
inclusive, compiled from official sa es lists:
Stocks-
Friday
Sates
Last Week's Range
for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares,
Ark Nat Gas Corp
Preferred
10
Armstrong Cork corn._..•
Blaw-Knox Co
Columbia Gas & El com_ •
Devonian Oil
10
General Motors Corp...10
Gulf 011 Corp
25
Harb-Wiliker Refr corn •
Indep Brew common_ _50
Lone Star Gas
•
Pennsylvania RR
50
Pitts Brewing corn
50
Preferred
60
Pitts Plate Glass
25
Plymouth 011 Co
Standard 011 (N J)
25
Standard Steel Spring____'
United Eng & Fdy corn_ •
United States Glass
25
United States Steel__ _100
'Waverly 011 Works A....
West'house Air Brake....'
West'house El de Mfg.
..5O
Unlisted
Lone Star Gas 6% P7 w 1100
Pennroad Corp v t c
•
Western Pub Ser v t c_ _ _ _•
• No par value.
1
331
4%
531
331
10
1654
45
7%
2434
735
234
334
7%
43-4
734
1234
2336
6
12
1
2134
3
10
15
1
434
634
4%
834
27
73.6
234
8%
5
834
1234
6
23%
6
12
1
2354
3
1034
19
45
45
131
1
231
3
100
20
1,051
278
507
125
90
6,650
10
330
3,830
492
30
125
30
1.420
102
210
100
500
550
100
205
49
5
53
87
Range Since Jan. 1.
Low.
1
23-4
3
334
43-4
4
7%
2434
7
2
334
63-4
331
6
12%
6
2231
5%
12
1
2131
1%
931
16
Slay
June
June
June
June
Mar
June
June
June
Jan
June
June
Jan
Feb
June
Apr
June
Apr
May
June
June
Feb
Jan
Jun
45
Jun
34 Jun
2% Jun
1110h.
2%
536
10
834
16
7
9%
27
14
3
931
93.4
6
9%
20
734
26%
19%
233.4
2
29
3
1634
2734
Mar
Feb
Jan
Mar
Mar
May
June
June
Jan
Jan
Jan
June
Jan
Apr
Mar
Jan
June
Jan
Jan
Jan
June
Jan
Feb
Mar
60
2
5
June
Apr
Feb
Financial Chronicle
102
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, June 25 to July 1, both inclusive, compiled from official sales lists.
.sates
'
,
Tway
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
3834 3834
3
3
634 654
15
8
154
1134
8
734
634
10
1434
7
22
7854
45
11
8
135
1134
8
754
634
10
15
774
2234
80
4834
14
6354
15
9134
38
35
4
3
234
3
2
2234
88
1834
134
4551
955
June
Apr
Apr
Apr
Apr
Apr
May
Jan
Jan
June
June
June
June
June
June
June
3834 June
3
Apr
574 May
8
135
934
8
734
551
10
1434
7
21
76
41
IA
may
Apr
May
May
June
June
May
may
June
may
June
may
111.0
!=.,"24g'gg4' 41704 n.g41',7ggg:ggn'
°
24
5314
1555
9834
41
41
5
%
3
5
6
254
25
88
1834
151
47
934
.
.
.0 WOW
to
W=WW00000.4.t:tEn
5
5355
15
9834
41
41
35
3
4
434
251
24
88
1834
134
47
934
P4 8W.w....w . 0
,
.
COO
.4W000C0WOW
Glidden prior pref
100
*
Godman Shoe corn
Goodyear Tire & R corn __s
Greif Bros Cooperage—
Class A
•
India Tire & Rubb cora *
Interlake Steamship come
Kelley Island L & Tr corn •
Myers(FE) & Bros
•
5
Ohio Brass B
Patterson Sargent
Richman Bros corn
•
Selby Shoe corn
Sherwin-Williams corn_ _25
AA preferred
100
Trumbull-CI Furn pf__100
9834
41
W
WW
.WMOMM..400.1404. WW.
A00W..4000.0.00W
O,
Chase Brass & Copper—
Preferred series A.100
City Ice & Fuel
Cleve Electric 1116% 3)1100
Cleve Railway com____100
Certificates of dep_ _100
Cleve Securities p 1 pref. 4,
Cleve Worsted Mills core.*
Cleve & Sandusky Brew100
Preferred
100
Columbus Auto Pts pref--*
Dow Chemical corn
*
Preferred
100
Federal Knit Mills com *
Ferry Cap & Set Screw_ *
Firestone Tire&R 6% pf100
Fostoria Pressed Steel___..*
Coa
W0W0W.40A.,
1014.4>WWW0
0W000.40W00.00W00
1
Stocks—
No par value.
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange, June 25 to July 1, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares.
Stocks—
Aluminum Industries_
•
Amer Laun Mach com__20
Amer Rolling Mill corn._25
•
Churngold Corp
Chic Adv Products
•
Cln Gas &Elec pref__--100
Mc Street Ry
50
50
CM & Sub Tel
•
Crosley Radio A
3
4
10%
4%
1
15
66%
7
49
251
3
10
17
17
1054 11
20
142
44
20
10
1
26%
142
44
20
10%
1
35
255
127
50
12
257
294
125
24
67
320
8,341
3
15
55
183
229
Low.
4
8%
3%
1
15
63
6
49
2%
3
16
10
80
20
142
40
20
10
1
High.
4
17
12%
2
15
90%
1755
69
4
June
Jan
Jan
Jan
June
Jan
Jan
Jan
Jan
5%
June
May 18
June 18%
June 86
June 150
June 150
May 50
June 27
June 24
June
5
Feb
Feb
Mar
Feb
Feb
Feb
Jan
Feb
Jan
Feb
June
May
May
Apr
June
June
June
June
May
• No par value.
Friday
Sales
Last Week's Range for
ofPrices.
Week.
Sale
Stocks—Par. Price. Low. High. Shares.
10
Bucyrus Erie
10
Fire Mena Insurance
Harnischfeger
25c
Hecla Mining
Insurance Securities____10
34
211
Low.
High.
2
2
5
5
3% 3%
2% 255
,
%
100
50
50
200
200
1%
4%
374
254
51
June
May
June
June
May
454 Mar
11% Jan
5
Mar
5
Jan
2% Jan
5.5
55
54
54
20
20
251 234
151
134
10
300
20
100
300
55
%
18
2
1
June
55 June
Jan
1
Jan
35
4
Jan
234 Jan
June
June
June
* No par value.
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange, June 25 to July 1, both inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares.
Stocks—
Miscellaneous Stocks—
Brown Shoe common__100
Congo! Lead dr Zinc A____•
•
Corno Mills Co
5
Curtis Mfg common
100
Internal Shoe pref
Range Since Jan. 1.
Low.
High.
26
26
25e
25c
12% 1215
3% 354
100 100
196 25%
78 25e
25 12%
3%
25
15 100
May 3654
June
1
June 16%
June
7
June 105
Mar
Feb
Mar
Feb
Mar
•
15
15
Johnson-S-S Shoe
5
5
Mo Portland Cement_ _25
4% 4%
*
4%
Nat Candy Common
S'western Bell Tel pref 100 100% 100% 101
454 4%
Wit, Baer & Fuller com *
451 5
Wagner Electric pref_ _15
35 12%
5
85
354
130
77 100
45.1
200
451
365
Apr 15
June 15
May
9
June 115
9%
June
June
955
June
Feb
Mar
Mar
Jan
Feb
250
31% $3.000
30
June
31% June
• No par value.
Alaska Juneau
Anglo Calif Nat Bank
Bank of California
Byron Jackson
8
16
105
1
16
105
1
8
17
107
155
100
250
25
777
Range Since Jan. 1.
14w.
8
16
99
54
High.
June 1634 Jan
17
July
July
Jan
May 162
ir
June
134
3
655
Standard OR of California_
1836
Tide Water Assoc 011
234
Transamerica
251
Union 011 Assoc
61.4
Union 011 California
Union Sugar
West Amer Fin Co 8% pref
Western Pipe dc Steel
Yellow Checker Cab A___ ------
354
4%
65
54
9
5
5
254
255
1634
19%
17%
2134
6314
%
5
5854
85
8
34
51
June
954
June 10%
May 100
Jan
1%
May 1255
June 15%
June 15
June
5%
June
3
June 3654
June 26%
June 2455
MAY 4134
May 95
May
3%
June 14%
June 104
May 112
June 11%
May
34
Jan
34
Jan
Jan
Jan
Feb
Apr
Mar
Feb
Feb
Apr
Feb
Jan
Jan
Feb
Jar
Mar
Mar
Mar
Jan
Jan
Feb
Feb
70
68
15
274
4554
7
655
3%
1731
23,4
255
8
9
1%
34
752
114
74%
220
10
58
200
14
3
640
101
46
8
703
334
6%
1,835
3%
18% 2,887
320
234
2% 13,894
ssi
1,496
1,962
954
114
100
600
1
948
834
13.4
100
63
58
34
234
40
654
654
3
15%
2
2%
754
855
1
34
755
1%
June 107
June 96
May
1
Apr
4
Apr 51
June 37%
May 11%
May 10%
June 2754
Apr
354
Jan
6
June 12%
June 14
May
2
June
2
June 20
June
654
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Mar
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Los Angeles Stock Exchange.—Record of transactions
at the Los Angeles Stock Exchange, June 25 to July 1,
both inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Bolsa ChIca 011 A
10
Byron Jackson
•
California Bank
25
Citizens National Bank-20
Claude Neon Elec Prod_ •
Chrysler
Douglas Aircraft Inc
*
Erase° Derrick & Equip_ •
Goodyear Tire St n p1_100
Hancock 011 corn A
25
Internal Re-insur Corp_10
Los Ang GAS & El prel_100
Los Ang Investment C0_10
Monolith Portl Cem pf _10
Mortgage Guarantee___100
Pacific Finance com_ _10
Pacific Gas & Elec c0m-25
Pacific Lighting COM
*
Pac Mutual Life Insur-_10
Petrollte Corp
•
Republic Petroleum Co_10
Richfield 011 Co pref.._ _25
Rio Grande Oil corn.._.25
San Joaq L&P 7% pr pl 100
6% prior preferred__100
Seaboard National Bank 25
&cur First Nat 13k, LA 25
Shell Union 011 Co com _25
So Calif Edison com__-_25
7% preferred
25
8% preferred
25
554% preferred
26
So Calif Gas 6% prof. -25
Southern Pacific Co---100
Standard Oil of Callf____•
Title Ins ,k Trust CO_---25
Transamerica Corp
•
Union Oil Associates----25
Union Oil of California...25
Weber Showcase & Fix of •
22
10
84
354
2651
13,4
73
3854
1954
2054
1854
1834
22
251
911
23.4
I%
34
37
35
351
654
55
,
4
3
22
555
10
8334
455
154
16
334
1934
26
2654
954
134
3.4
2
70
57
25
38
23,4
1834
2234
1954
1734
20
7
1754
22
215
8
9
254
2
Range Since Jan. 1.
Low.
74
37
35
434
654
6
3
223-4
53-4
11
85
454
154
17
314
1934
26
27
934
500
300
150
250
600
100
600
400
55
100
400
74
1,000
200
115
300
300
200
650
40
3
22
451
83,4
66
37-4
13,4
10
351
17
213-4
25
934
Apr
June
June
June
June
May
June
Jan
June
May
June
May
June
June
June
June
June
May
May
June
13,4
54
2
73
57
30
3815
231
1934
23
2034
1855
20
734
1855
23
251
814
935
24
500
600
500
70
10
100
1,100
300
2,700
500
500
600
100
600
5,500
110
3,900
3.800
2,400
135
54
54
13-4
64
57
25
3654
234
163-4
2114
1834
1754
20
654
153-4
22
254
754
854
3
Jan
June
May
June
June
June
June
Apr
June
May
May
June
June
June
June
July
Jan
May
June
June
13
,
1
74
37
34
351
6
ssi
High.
*No par value.
New York Produce Exchange Securities Market.—
Following is the record of transactions at the Now York
Produce Exchange Securities Market, Juno 25 to July 1,
both inclusive, compiled from sales lists:
Stocks—
Sates
Friday
Last Week's Range for
TVeek.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Admiralty Alaska Gold__ 1
1
Bancamerica Blair
10
Fuel 011 Motors
•
H Rubinstein pref
Huron Holding ctf of dep_l
1
Int'lRustless Iron
1
Macassa Mines
Mid-Cent Pub Serv A _ _ _ _*
•
Railways
•
Reliance Int pref
Seaboard Fire & Mar---10
Shortwave & TelevIslon.-1
1
Slime Gold
1
Western Television
York Penn Gas & Util___1
zenda Gold Mines
1
* No par value.
Elo
54
54
34
34
3
354
54
15
15e
15e
19e 21e
3
454
7c
34
20c
45,4
334
34
10c
2
351
1254 123.4
1
2
55
55
(310 6I0
54
54
1
1
10e
10o
a
Stocks—
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
7455
531
59%
90
8
34
11
100
125
71
925
200
5
20
1,383
40
8,883
2,711
900
2,078
643
461
230
468
110
14
475
180
4.
San Francisco Stock Exchange.—Record of transactions at San Francisco Stock Exchange, June 25 to July 1,
both inclusive, compiled from official sales lists:
63
354
7%
64
3-4
955
5
6
3%
2%
20%
2255
20%
26%
8154
134
5%,
63
91
8
54
3,4
4 ci
31
3
19%
22%
20%
26%
8055
354
714
83%
55
9%
5
5
274
2%
18%
2155
1955
25
80
000.
0 0040000C
0.00
0
00000000 00000000
0.W.WQ0C- W.WCIMCD.
.
Street Ry Bonds—
City dr Sub P S 5s____1934
S J L & P 7% pref
6% prior preferred
schlesinger
Shell Union
Sherman Clay pref
Southern Pacific
So Pac Golden Gate A
2334
High.
.-.
N W Nat Insurance__ _25
Outboard Motors B
•
Waukesha Motor
10
Win Bankshares
Win Investment A
*
2%
34
Range Since Jan. 1.
Hawaiian Pineapple
Honolulu Oil Ltd
Los Aug Gas & El Corp pf_
Magnavox
Natomas Co
No Amer Inv 6% pref.._
53,4% preferred
No Amer Oil Cons
Paauhau Sugar
Pacific Gas
6% 1st preferred
554% preferred
Pacific Lighting Corp
6% preferred
Pacific Public Service
Preferred
Pacific Tel
6% preferred
Fly Equip & Rlty 1st pref.
Richfield Oil
7% preferred
Low.
300
34 Jan
54 Mar
434 June 11% Feb
805
5 55
June 65
Jan
642
454 May 15
Jan
201
11% June 15
Jan
10 70
June 96
Jan
206
854 May 1754 Feb
15 181
June 245
Jan
325
1
June
2% Feb
41
855 May 1651 Jan
40
8
June 15
20 30A June 3054 June
705
2 June
4% Star
20 10 June 2055 Jan
925 18
June 48% Mar
600
54 June
151 June
863
314 June
855 Feb
..
Milwaukee Grain & Stock Exchange.—Following is
the record of transactions at the Milwaukee Grain & Stock
Exchange, June 25 to July 1, both inclusive, compiled
from official sales lists:
California Copper
Yi
34
California Packing
5
535
Calif Water Service pref._ ------ 55
55
Caterpillar
434 5
Clorox Chemical
13
13
75
Coast Cos G&E 6% 1st pf_
75
Cons Chem Indus A
1034 10%
Crocker First Nat Bank
------ 181 195
Crown Zellerbach v t c-----1
1%
Preferred A
951 10%
10
Preferred B
10
Calif West States Life Ins_
3055 3034
Emporium Capwell
2
3
Firemans Fund Indemnity
11
11
Firemans Fund Ins
25
2234 2.511
Foster Kleiser
55
55
Golden State Ltd
4
435
4
Range Since Jan. 1.
gttigtgtttigtigttiggtitti tttigtttittgtigggtgtggt
4.22
-,-4,04.
xx X
XX3
xXxxx
x
X
xxx
vca.ao.ommr-c..nonmurt-n00. . WWVNI.
NMet4
...0M.
,,ONM ,
C
0.0... 40 CgO
02,
. 1,2 ..
OOM0 WWWNNWN ,
0 ..
Eagle-Picher Lead corn- 20
•
Early & Daniels core
•
Kroger common
Lazarus pref
100
Procter & Gamble new_ •
8% preferred
100
Pure 0116% pref
100
Rapid Electrotype
•
10
U S Playing Card
U S Ptg & Litho com____*
4
10
10
4
4%
1
15
63
63
6
6
49
'2%
Range Since Jan. 1.
July 2 1932
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
7,3
%
54
3
54
15c
120
3
May
June
June
June
May
June
May
June
23o
23,4
4
1074
154
42e
37c
1354
Feb
Mar
Jan
Mar
Mar
Feb
Mar
Jan
2
1234
1
54
50e
55
1
5e
June
June
June
May
May
June
June
Feb
854
13
434
2
70c
234
236
246
Apr
Apr
Jan
Jan
Mar
Jan
May
Apr
Volume 135
103
Financial Chronicle
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (June 25 1932) and ending the present Friday (July 1 1932). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bonds, in
which any dealings occurred during the week covered.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Week Ended July 1.
Stocks-
Indus. & Miscellaneous.
Adams Mills 7% 1st p1.100
Aerc Supply Mfg cl A...0
AllAmer General Corp__20
•
Allied Mills Inc
iumtnum c.. common_ •
6% Preference
100
Aluminum Goods Mfg__ •
Aluminum Ltd corn
pref
100
Amer Beverage Corp
•
Amer Cyanamid nun B. •
Amer Founders Corp....'
Amer Investors corn new.1
Amer Manufacturing p1100
Am Salamandra Corp __50
Amer Yvette Co Inc
•
Anchor Post Fence corn__•
Armstrong Cork Co
Associated Elec Indus
Amer dep rcts ord shs_£1
Atlas Utilities Corp corn....
83 preferred
•
Warrants
Auto-Voting Mach new-0
Baumann (Lud) & Co
Cony 7% 1st prof ___100
Beneficial Indust Loan_ ...•
Bliss (E W) Co
Blue Ridge Corp sum. •
6% opt. cony prof
50
Brit-Amer Tobacco Co Ltd
Am del)rcts ord regshs£1
British Celanese Ltd
Am dep rots ord roe
Burma Corp
Am Cep rcts reg
Butler Brothers
20
Cable Radio Tube v t c- •
Carrier Corp conunon. •
Centrifugal Pipe Corp_
•
Cities Service common.. •
Preferred _
Claude Neon Lights
1
Cleveland Tractor
•
Continental Shares Inc
Converted preferred _100
Cord Corp .
_
.5
Corron & Reynolds Corp_ *
r
$6 pref class A
Courtaulds Ltd
Am dep rcts ord regshs£1
Crocker-Wheeler Elect_ "
Deere & Co common
De Forest Radio corm-•
Detroit Aircraft Corp..Dow Chemical Co com_ •
I)raper Corp
Driver Harris Co com_ _10
1)uraut Motors Inc
•
Educational Pict 8% p1100
With warrants
Eisler Elee Corti
Elec Power Assoc corn....
•
•
Class A
Electric Shareholding
Common
•
$6 cum pref w w
•
Employers Reinsurance_10
Fairchild Aviation gum...°
Fansteel l'roducts
•
Nord Motor Co 1 ttlAmer dep rcts ord reg..£1
Ford Motor of Can cl A •
Fox Theatree com A_
•
•
General Alloys Co
Generel Aviation Corp . •
Gen Flee Co (Gt Britain)
Am dep rcts ord reg-.£1
General Empire Coro _ _•
Churl Theatres Euulp pt.*
Me,
4.1
•
Globe Underwriters new..
Goidtban-Secto I radll.k -•
Gold Real 1.1.....tlepo Co..'
Gorham Inc $3 cuml'referred with warrants*
Gt AG 4 l'ac Tea
Non vot com stock__ .•
7% first preferred_ _ _100
Greif (L) & Bros corn_
•
irocery Stores Prod v t 0.0
Handley-Page, Ltd.
Am dep rets for pantie 1)1
hart Schaffner & Niarx_100
liareltine Corp
Helena Rubenstein corn.
.°
I lolophane Co corn
*
II uyler's of Delaware Inc
7% pref
100
11 Ygrade Food Prod
•
Instill UM Invest
•
Insurance Co of No Am.10
Interstate Equities com •
$3 cony pref
•
Interstate hosiery Mills__*
Kleinert (L B) Rubber_ *
Kress (S 11) dr Co pref _ _10
Lackawanna Reeuritiea •
Icfcourt Realty Corp pref
'
.
Common
•
Lehigh Coal & Nay
Ludlow Nth:Associates_ •
Mavis Bottling class A...5
Nferch & Miners Tranel)-•
Mergenthaler Linotype_ •
Merritt Chapman & Scott•
Slinneapolls-Honeywell
Regulator 6% prof..100
Mock-J udson-Voehringer_
National American Co.
..0
slationai Aviation
Vat Ronirl .6 Sheer rloro •
Nat Investors 554% p1.100
Warrants
Nat Sugar Refining
•
Nelson (Herman) Corp_ _5
Newberry (J J)
pf _ _ 100
New Men & Ariz I.and_ 1
New Process Co corn
7165 n65
3
3
7
7
3
3
3
22% 24
34% 35%
894 9
8% 8%
24% 25
4% 5%
5%
1% 2%
2
%
34
54
134 1%
43% 43%
3
1% 1%
1
1
1
335
374
Range Since Jan. 1.
Low.
High.
15
2,000
200
800
550
360
1,600
200
320
3,700
6,600
400
200
150
100
100
200
700
59
3
634
2%
22
34
89-4
8%
23
234
19-4
34
13-4
42%
3
%
1
3
June
June
June
Apr
May
May
July
June
June
Jan
June
Jun
Jun
Feb
June
May
Apr
May
81
534
9
4%
61%
67
10%
22
2534
5
554
1%
134
45
7
1%
134
9
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
June
June
Mar
RID
June
Jan
Mar
Feb
Jan
Jan
3,000
2% 3
53.4 4,700
5
900
33% 333
,
1% 1%
200
2
2
300
2%
43.4
32
1
1%
May
Jan
June
June
Slay
4
734
38
2
234
Mar
Mar
Mar
Jan
May
1634
1834 18%
8% 89-4
134
1%
34 nl %
16% 17%
18
831
134
3.4
16%
Apr
May
June
Slay
June
40
114
49-4
254
27
Mar
Jan
Feb
Mar
Mar
14
14
14
July
3
534
2
1834
83-4
14
Si
134
1
1
234
1234
34
234
2
n2%
12%
X
1%
29-4
31
2%
1
7
7
3-4
314
3
3%
34
fi
• 101
%
X
2%
1
7%
2
4
8
134
3%
3
1% 1%
24
24
a14 al4
54
55
5
%
3-4
1 3-4
134
6%
7
3
134
2%
6%
Tie
1%
1%
6
6
54
6%
3
1%
4
118
112
20
1
34
10
22
1835
334
58
9-4
1y
6
34
3
134
T16
4
115 11S
110 112
9
9
.16
11
.
%
20
20
354 3%
54
51
1
1
30
1%
%
21%
%
5%,
534
3%
10
21%
7
134
734
35
A
1534
19%
134
30
1%
%
22%
94
6
534
3ft
10
22
7
134
7%
35
9-4
1534
19%
1%
52
354
fi
3
18%
22%
%
19%
3%
58
34
2
53
354
%
3%
1814
23
%
19%
3%
60
34
2
12% June
400
ft June
19-4
Feb
34
A
234
2
134
10
34
134
Jun
Apr
June
June
May
Slay
May
Jun
June
19-1
234
134
10
4%
634
5394
1%
334
Mar
Jan
Mar
Jan
Feb
Feb
Mar
Jan
Jan
700
2,90(
10(
20(
34
2
1
7
Jun
May
June
June
34
Jan
834 Jan
234 Mar
18
Mar
10(
201
4,00(
1,000
40(
100
50
10(
101
434
134
334
34
3i
2334
18%
1%
54
Jun
June
June
June
Jan
June
Feb
June
Apr
5% Jan
5% Jan
14% Jan
1St Jan
3554 Feli
34 ,ta r
5
1,30
90
70
8
ft
2%
2%
Feb
June
June
June
12
234
854
9%
60(
134
400
1
300
34
2%
500
2
600
2% 31,700
14
800
500
34
1%
800
3-4
34
23% 23%
19
19
2% 255
Tie
Tie
8
1%
3
10
900
100
22:
5,204)
1
10
June
700 19
May
100 .z16% Jan
100
34 Jun
300
34 July
22% Mar
Mar
9
% Jan
Jan
Jan
Jan
Jan
4% Mar
494 Mar
JIrt r
20 m N an
1
2
Mar
1,700
400
1,300
2,200
600
234 Nia)
5
May
to Jun
34 Jan
13.4 Jun
63.4 Jan
15
Mar
I% Jan
3
Apr
39-4 Jan
500
100
400
800
100
3,300
1,100
5%
5
34
6
3
1
34
June
June
June
June
June
June
Feb
834 Mar
Jan
18
114 Jan
2234 Jan
3 June
334 Jan
34 June
4
June
50
9
Jan
3 10334 May 150
Jan
13 108
June :118
8
•1)
100
9
9% Jan
Ma
300
134 Jan
1-4 May
100
50
ft
20
234
%
1
Julie
June
Mal
Apr
July
134
20
754
ft
3%
Apr
June
Jan
Feb
Apr
300 30
May
300
1% June
100
34 Slay
400 1834 Ma)
100 2.5-18 Apr
200
5 June
100
534 June
100
334 Apr
100 10
Jan
300 1634 June
100
6% June
200
May
1
100
534 May
1(
34
June
100
ft June
100 1534 June
100 1934 June
100
13.4 June
339-4
4
6
40
134
12
7
434
10
2934
1834
6
129-4
5234
34
1534
32
2%
Feb
Ian
Jan
Mar
Feb
Feb
Apr
Feb
Jan
Feb
Feb
Feb
Jan
Mar
June
June
May
Feb
June 7134
Stay
3
May
19-4
334
Jan
June 239-4
Apr 23
June
134
June 2334
Apr7
July 799-4
Ma
ft
June
434
Mar
Apr
Feb
Feb
Feb
June
Feb
Jan
Feb
Feb
Jan
Jan
300
200
41 50
200
234
20
ft
2,00
2%
500 18
5
1534
10
A
200 210
200
334
110 58
700
ft
100
2
Friday
Sales
Last Weeks. Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
N Y Auction Co corn _ ___*
2
New York ShipbuildingFounders shares
Niagara Share of Md cl 13_ -----.Niles-Bement-Pond
4
Noma Elec Corp com "
234
Oil Stocks Ltd new corn_ _5
Outboard Motors Corp
Class A cony pref
Parke Davta & Co .
-• 1234
Patterson-Sargent Co_
•
Pennroad Corp corn vs p.•134
°Mill) Morris Inc
10
Phoenix Securities corn..
Cony pref class A
Pilot Radio .4 Tube el A. •
34
Pitney-Bowes Postage
*
Meter
Pitts Plate Glass
25
Pratt & Lambert Co
Prudential Invest com _ _•
234
Public Utility Holding Corn
Corn without operant, •
Pyrene Manufacturing _10
Radio Product,' corn. _.•
334
Rainbow Luminous cl A. •
Class B common
Railroad Shares Corp_
•
Ftellance Internet corn A.
Republic Gas common_ •
10
Reybarn Co Inc
Reynolds Investing
•
Roosevelt Field Inc
•
Royal Typewriter
•
St Regis Paper Co com _ _10
1
Securities Allied Corp-- _•
5
Seeman Bros common....'2234
Segal Lock & Hardware •
Selberling Rubber Co..
Selected Undustries Inc
New common
1
New $534 prior stock_25
New allotment ctfs
3054
Sentry Safety Control _ _•
3.4
Shenandoah Corp com_ •
00
6% cony pref
Singer Mfg
100
2
Smith (A 0) Corp
•
Smith(LC) v t c
• 1234
Southern Corp corn
Standard Investing Corp
2535 cum cony pref._ •
Starrett Corp 6% pref_ _50
Stromberg Carlson Telep-•
Stutz Motor Car
Swift & Co
25
99-4
Swift International
15 1734
Technicolor Inc corn_
,
•
Tob Products (Del) new...
Todd Shipyards Corp__ •
Tranpeont *le Tranan
•
1%
Trans Lux Daylight Picture
Screen Coen
Trunz Pork Stores
Tung-Sol Lamp Works
•
83 cum cony pref
Ungerleider Financial_
•
Union Amer Invest com •
United Dry Docks com •
United Foinglern corn.. •
tie
United Shoe Mach corn- _25
S Financial holding....
9-1
U S & Intl Secur1st pref with wary
•
U S Lines Inc pref
34
U S Playing Card cona 10
Utility Equities
•
Common
•
Prior stock
•
Utility & Indus corn
Wick Maude, Corp
a
• 894
Walgreen Co corn
(H) Walker Good'm & Wort
Common
New cum pref
Western Cartridge 6% pf__
4234
Westvaco Chlorine Prod
$7 cum pref
100
Willow Cafeterias com_ •
Wilson Jones Co
Woolworth (F W) Ltd
Amer dep rcts for ord abs
93-5
Range Since Jan. 1.
Low.
High.
1% Apr
3
Mar
1%
4
4
2
2
June
June
June
Apr
June
5%
6
8%
335
2%
Feb
Slay
Jan
Jan
June
1%
134
100
11% 1234
300
10
10
200
1
1% 13,100
2
1,000
2
ft 2,500
%
8
8
100
200
34
it
1% may
1134 Aor
May
10
June
1
2 June
16
. Jan
8
May
ft June
2%
19
1834
33,4
43,4
%
10%
3%
Jan
Jan
Jan
Mar
Jan
Slay
Mar
Jan
134 1%
123t 12%
9
9
234 2%
SOO
100
200
200
1%
12%
9
2%
June
June
June
Slay
4
h
334 3%
1% 1%
4% 534
22% 2334
%
9-1
1
1
30
500
2,800
100
600
300
300
200
100
100
200
100
2,000
2,800
20
200
500
34
2%
1
3‘
%
3.
4
35
34
34
34
ft
234
1%
431
22%
ft
1
May
Apr
Jan
Apr
Jun
Slay
Jun
Apr
Jan
Jan
Jun
May
Jun
Jun
Jul
Jun
Slay
%
30%
30%
51
%
5%
2
86
129-4
154
200
500
700
700
300
30
10
3
15
300
%
2834
28
%
ft
4%
75
11
2
1
June
ft
June 3434
June 34%
July
1
June
2
June 12%
Slay 134
July 59
Jan
3
Mar
1%
434 434
ft
fi
334 334
93.4
854
Ofi
93.4
1634 1734
1
I
34
34
10
10
3
34
334
834
7
10
34
34
10
13,4
June
June
June
June
May
May
June
May
May
June
2
2
134
494
4
234
234
134
4%
4%
*234
2%
500
tic
2%
251
Tie
3.4
Tle
3%
3-4
54
3-4
30
3054
54
%
05%
2
8554
11
154
ti
34
34
5,4
100
40(
400
100
2,000
354 Mar
Mar
Jan
19
5% Feb
19%
ft Jan
234 Jan
311 June
. June
16
% June
134 Jan
134 Jan
134 Jan
1% mar
1 4 Jan
1% Jan
8% Mar
5% Feb
74 Jan
Jan
29
Jan
7
4
Jan
June
June
June
Jun
Jan
Mar
Jan
Jan
Feb
Mar
si
J3-4
50
100
100
500
2,300
1,700
100
700
100
200
9-4
94
5.4
934
100
.2,100
15% 154
17% 1754
6% 65e
54
A
35
A
27% 28
34
5•1
100
300
100
200
4,500
50
100
11
11
54
%
10
10
200
200
100
%
%
29
29
1
1
334 3%
8% 9
100
100
2,300
200
300
4% 4%
8
8
4235 43%
200
100
100
2% Ma
Jun
8
42% July
4% June
854 Apr
53% Mar
49
48
34
f1
5
12'
100
200
48
Apr
.34 June
,
5 June
665-i Mar
234 Jan
10% Mar
34 June
Slay
9
1534
17
6
34
%
21%
31
June
May
June
Slay
May
June
Apr
9%
2%
9
13%
22
26
3%
t.:
1834
354
Mar
Jan
Feb
Jan
Mat
Max
Jan
Jan
Mar
Jan
2% Jan
10% Apr
22
24
9
%
234
4034
34,
Mar
Jan
Mar
Jan
Jan
Mar
Apr
934 June
ft Jan
Jun
10
30
Jan
34 Mar
Jan
23
ft
28
1
334
834
2%
40%
254
4%
1154
Jun
Jun
Jun
Ma
Apr
84 934 6,600
7% Jan 10%
Public Utilities
Alabama Power $7 pref.._ •
56
56
10 56 June 93
$6 preferred
43
43
10 43 June 85
Amer titles P.4 I. rum A 50
194 19%
700 1635 June 28%
common B
131
ft
1
1,10
A June
8
Amer Commonwealth Pox
Class A corn
54
54 1,300
A May
%
Amer & Forelen Pow ,.an
134
1% 1%
300
14 Apr
5
Amer Gm f lee con, . • 173£ 15% 17% 17,700 14%
Jun
394
Amer I. & Tr com.
25
14
13
600 10 May
24
Am Superpower Coro com •
134
154 1% 17.900
I A Jun
4/4
Fitat preferred_ _
_ • 36
35
36
3,800 28% Jun
82 +6
813 cum lire
•
9
1,000
10
Jun
9
42
Assoc Gas & Elec com _ _ _•
9-4
1,000
34
fi
34 Jun
7
A(000 Olio& Elm claps A._ _
134
xl %
13.4 11,100
1% Ap
*
44
88 Int bear allot CH,.
15
16%
150 15 Jun
46
21.60 int bear allot cHs_
434 434,
,
100
4% Jun
11
Brazilian Tr Lt & Pr ord.•
8
8% 11,100
7
13%
May
Buff Niag & F.ant Pe tif 25
1634 16%
400 15% Ma
2234
Cables & Wireless Ltd
Am dep rcts A ord Slut £1
100
tin Jun
Am dep rots 13 ord shs Li
101
16
.
16
.
to May
%
Canadian Marconi-See NI arconl Wireless Tele graph o 1America.
Cent Pub Serv class A...
200
ti
z% June
354
t'•nt State. El..'
'16
1,100
o)4
z34 May
51
2%
Cities Serv P&L $6 Pf- •
14
15
150 14
June 50
•
$7 preferred
18
18
50 11
May 56
Cleve El Ilium 6% pf__100
9834 98%
10 92% Apr 103
Columbia Gas lk ElecCony
oref
50
49
260 40
May 90
Commonwealth Edison 100 55
1,200 49% Jun 122
51% 55
Vole'velth
Qnn ("nenCommunity Water Serv_•
100
94
94
34 May
1%
arrant'.
4,
3,100
34
34
virJun
Conan? C it L&P Balt corn•
434 41% 1,200 373 Jun
,
4
699-4
Preferred class A. _100
93
93
25 93
Jun
93
Cont G&E 7ey pr pref _100 3634 3634 3634
25 3634 July 76
Jan
Feb
Feb
Mar
Jan
Mar
Jan
Jan
Ito
,
Mfti
Jan
Mat
Jar.
Jan
.11“.
Mai
Jan
Feb
Jai,
Jan
Jan
Mar
Feb
161ar
Jan
Jan
Jae
Jan
Jan
Jan
Mar
Jan
Jan
.11aL
Max
June
Jan
Financial Chronicle
104
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Public Utilities
Par. Price. Low. High. Shares.
(Concluded)
10
Duke Power Co
East States Pow corn B..*
East Gas & Fuel Assoc_
100
6% pref
EleeBond&Share new corn
•
$5 cum pref
•
86 cum preferred
Elec Pow & Lt 2d pref A.
Option warrants
Empire Dist El 6% pf__100
Empire 0 & F 7% pi__100
100
6% preferred
Empire Pow Dart stock__•
European Elec Ltd CI A_10
Option warrants
•
Gen G&E 26 pref B
Hartford El Light Co_ __25
•
Illinois P dr L $6 Prof
Ind'polls P dr L 63i% pf100
•
Internet Util class B
•
Interstate Pow 57 pf
Italian Super Power A._ •
Long Island Ltg corn__ _ _*
100
7% pref
Marconi Wire]Tot Caa_..1
Mass Util Associates
•
Common v t c
5% cony panic pref___50
Memphis Nat Gas com •
•
Met Edison $6 pref
Middle Ward 1.1111 com •
.100
Miss River Pow prof.
Mohawk&Hud Pow 1st pf•
•
Second preferred
•
Nat El Power ci A
National P & L $6 pref_ •
New Eng Pow Assn
6% preferred -------100
•
NY Steam Corp com
N Y Teton 64% Prof-100
Niagara Hurl Pow
New common w l____15
Clare A opt warr new___
Nor States Pow corn A_100
100
7% Preferred
Okla Nat Gas 634% rd-100
Pacdflo 0 & K 6% Istpf_25
Pa Water &Power Co
•
Philadelphia Co corn
•
Ry & Light Secur com
Shawintgan Vat & Pow_ •
Sou Calif Edison
6% preferred series B_25
53.4% pref C
25
25
Sou Colo Pow cl A
100
Sou New Eng Tel
Sou'west Gas Util cora_ •
•
Standard P & L corn
•
Common arms B
•
Preferred
Stand Publ Serv part A •
Swiss Amer Elm prof
Tampa Electrio common....
MAUD Gas of Can Ltd___•
United Corp warrants-United Gas Corp oom---•
•
Pre( non-voting
United Lt & Pow corn
•
cony lat prof
$6
S Elec Pow with warr_ •
UM Power & Light com •
•
ClassB v t c
Former Standard Oil
Subsidiaries
50
Buckeye Pipe Line
25
Chesebrough Mfg
100
Eureka Pipe Line
Humble Oil& ReflnIng._25
Imperial 011(CM)coup__•
Registered
•
10
Indiana Pipe Line
National Transit ____12.50
New York Transit
10
Northern Pipe Line
Ohio Oil Co 6% pref-__100
10
Southern Pipe Line
25
South Penn 011
Standard OH (In(llana) 25
10
Standard Oil (Ky)
25
Stand Oil (Neb)
25
Stand 011 (Ohio) com
5,3ft
2034
136
25
1%
1%
I931
8%
34
131
19%
2%
34
15%
1%
9
10H
7%
1%
X
4%
36
25
r67
54
17X
.4
1375
/
5831
34
134
1734
134
35
X
70
5634
48
34
47
125
600
Si
100
3
25
3034
6% 25,800
900
19
2.300
21
50
634
200
131
50
20%
37
11
7%
2%
X
4%
36
29%
r67
X
17%
Si
13%
58X
%
12
20
28% 2834
10334 104%
1851
934
1034
16
16
, 34
550
100
375
134
14%
1%
35
34
70
55
48
Si
35
Jan
Feb
Mar
Jan
Mar
Jan
Jan
Mar
Jan
June
May 46%
18
May
3
May
Apr
Si
May 25
June 5531
June 63%
June r67
3
June
June .52%
1%
June
June 1934
June 101
13(
May
Jan
Mar
Jan
Jan
Jan
Jan
Mar
June
Jan
Jan
Jan
Jan
Mar
Feb
2%
23
531
753.4
7
82%
933.4
48
1034
72
Jan
Jan
Jan
Jan
Jan
Jan
Mar
June
may
May
June
July
June
Apr
June
June
June
June
June
1434
%
83
9434
9
26%
53
17
20
10
Apr
June
Jan
Jan
Mar
Jan
Mar
Jan
Jan
May
17% June 25
1734 June 22%
2
Apr 15
80 June 80
X
34 May
7 June 20
6% Apr 20
May x67
20
3%
34 May
80
May 5434
June 32
18
436
134 June
4
131 June
236
Si May
8% June 55
84
1% May
831 June 53%
lit June .1%
394
34 May
2
May 13%
Jan
Jan
Jan
June
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
35
90
35
49
934
Jan
Mar
Mar
Mar
Mar
Mar
Feb
Feb
Feb
Jan
Mar
Feb
Mar
May
Mar
Jag
Jan
19%
18
4
80
Si
7
734
2334
I%
33
18%
234
131
%
15
20
1834
4
80
34
734
8
26
134
34
1934
3
131
%
16
2
200
200
100
10
600
400
600
150
800
150
500
900
200
2,900
2,600
4,900
800
400
1,700
100
716
18
6034
22
37
6S4
6%
3
6
234
34
6434
534
12%
1735
9
10%
1054
2
700
18
100
6034
50
22
37% 1,100
800
734
100
64
200
3
600
64
400
24
400
34
100
64%
300
5%
400
12%
1834 30,100
9% 4,500
600
10%
1,400
20
18
53
18
35%
634
634
2%
6
234
3%
60
5%
9%
18%
834
10%
15%
400
300
1,100
300
100
100
600
200
500
14,200
100
500
4,000
400
2,500
100
300
100
M
234 234
2
2
134
1
27
24
he
34
854 834
34
Si
3% 3%
Si
36
3
3
X
X
6
6
X
X
4134 45%
X
X
34
336
331
4%
8%
Si
16
16
Si
34
3
34
2%
41.4
34
3%
3%
31
534
834
16
16
X
X
3
34
231
r4 14
Jan
Jan
12 June 5931 Jan
Mar
28% June 55
Mar
98 June 114
3,500 8% June
si June
700
200 x393i June
June
100 46
234 June
100
300 20 June
1,100 35 June
6
June
100
5 June
75
BM May
1,200
131
9
10
High.
7334
3%
8%
68
3234
54
62
45
6
2034
June
June
June
June
June
May
May
June
May
931
%
42
67
2%
21%
38
734
5
834
2
334
35
Si
2%
3034
5
17
19
634
134
16
8%
36
2393.4
67
2%
21%
35
7%
5.
8%
,11
3734
6%
Low.
6
100
734
200
I
2,900
34
200
4%
150
25 36
100 21
100 767
34
500
20 1434
.%
600
400 1334
10 5834
Si
300
100
I%
100
17X
600
2
75
3734
X 20,500
10
70
25
5634
25
48
300
%
200
47
7u.
Other Oil Stocks
1
Amer Maracaibo Co
Ark Nat Gas Corp corn....
•
Class A
100
Preferred
25c
Carib Syndicate
Colon Oil Corp Corn
Columbia 0* Gas v $ e_ •
Cosden on Co common..
CtIs of deposit
2H
Creole Petroleum Corp.
•
Darby Petroleum com- •
• __ 1
Derby 011 dr Ref com
Gulf 011 Corp of Penna.:45 26%
Intercont Petroleum
5
8%
•
I n tern at'i Pet mien rn
•
Kirby Petroleum
•
Lon r.Star Gas Corp
I
Magdalena Syndicate_
Middle States Petrol
Class A vt c
Mo-Kansas Pipe L com_..5
Mountain Producers_ __ _10
National Fuel Gas Corp • 10
5
New Bradford Oil
•
Nor European 011
•
Pacific Western 011
Pantepeo On of Venez_ •
Plymouth nil Co
5
Producers Royalty Corp 1
Pure 011 Co 6% oref___100 4134
25
Richfield 011 pref
•
Ryan Consol Petrol
334
Salt Creek Prod Ann._JO
Southland Royalty new 5
Sunray 011 Corp
5
•
Texon Oil& Land
834
Union 011 Associates....2.5
•
"Y" OH & Gas Co
Mining Stocks
Bunker Hill & Sullivan.._10
10
Voting trust ctfs
Cresson Con G M & M__1
ens' Mexican Mlning__50c
..20
Eagle-Picher Lead CO.
Goldfield Censol Miaes.10
25e
Heels Mining Co
M
It
Finiiinger Cons
35
Si
3
3034
531
17
20
6%
1%
20%
Range Since Jan. 1.
June
June
June
June
June
May
June
June
June
May
Jan
June
Jan
Apr
June
9%
Jan
Jan
Jan
Jan
Jan
Apr
734
1034
4
4%
7631
10
1434
1934
1534
19
2834
34
M
Si
2
3.1
Si
54
Si
34
13.1
1%
1
23
sir
8
Si
3%
Jan
May
May
JUDE
Jan
June
May
Jan
May
Jan
Jan
June
June
Mar
June
Jan
Apr
;1', Jan
X
251
234
53-4
34
3-4
134
I
36
234
2%
2H
3514
ji
104
Si
934
34
Jan
Jag
Jan
Jag
Jae
Mar
Apr
Apr
Apr
Jan
Mar
jag
May
Feb
300
200
1,400
700
100
500
300
100
200
100
110
100
100
1,000
300
2,600
300
200
200
34
54
234
8
Si
S(.
3
3
Apr
Apr
Apr
June
Jan
June
June
X, June
6
Apr
tie June
41
May
31 June
54 June
2% June
3X June
31 Feb
4% May
754 June
34 Feb
13-4
234
334
1334
31
3-4
syi
34
731
Si
4954
1
131
434
33-4
34
646
12
36
Jan
Jan
May
Jan
Mar
Jar,
Joe
Feb
Apr
Jan
Jan
Feb
Apr
Mar
June
Jan
Mar
Jan
June
• 100
400
400
900
100
200
300
800
15%
15
Si
si
3
he
231
3".4
24
2334
X
Tut
53-4
Si
53-4
5
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
may
May
May
Jan
June
June
Jan
June
June
Apr
Jail
Jan
Jan
July 2 1932
Sales
Friday
Last Wee
-Its Range for
1Veek.
Sale
of Prices.
Mining Stocks
(Concluded) Par. Price. Low. High. Shares.
Hud Bay Min & Smelt....
Iron Cap Copper Co_ ___10
Lak e Shore Mines Ltd____1
Mining Corp of Canada-.
25
-Co
New Jersey Zinc
Newmont Mining Corp...10
5
Niplssing Mines
1
Ohio Copper Co
Pioneer Gold Mines Ltd...1
1
St Anthony G Mines
Shattuck Henn Mlning •
Teck liughesMines
United Verde Extens'n_50c
1
Walker Mining Co
Wooden Copper Mintrig_..1
Wright Hargreaves Ltd_ _*
203.4
5
34
34
4%
%
1.
20A
2%
lir
34
334
2
254
Bonds
Alabama Power Co
84
let 5s
194
lot &r et ii
1951
1st dr ref 5s
1956
let & ref 448
1967 7031
let & ref M
19611 77
Aluminum Cosf deb 5s1962 83
Aluminum T.td, deb 5s 1943
Am Aggregates Corp 6s_'43
With warrants.
Am Commonw'h Pr 601940
Am & Cont Corp Se-..i943
Am El Pow Corp deb 68 '57 1834
Am Gas & El deb 5s 2028 74
Am Gas & Pow deb 6.1939 19
Secured deb 54
1953 12
Am Pow & Lt deb 68 2016 44
Am Radiator deb 534s 1947 80
An, Rolling MIII deb 6.1948 36%
455% notes___Nov 1933 4731
Amer Nearing CODY AM 1988
Amer Poly & Chem 634s '36
With warrants
Apperatmau El Pr 66_1956
Appalachian Gas 68___1945
Cony deb (38 ser B__1945
Appalachian Pow 5s_ _1941 • 9934
Debentures Gs
2024
74
Arkansas Power &LSia 19M
Associated Elea 448_1953 30
Associated Oss A Electric:
Conti deb 54$
1938 13
Cony deb 434s
1948 17
Cony deb 4368
1949 13%
Cons deb 88
1950 14%
Debenture 114
1968 14%
Cony deb 534s
1977 1831
Associated Rayon 513_1950
Assoc Telephone Ltd 56 '65
Assoc T & T deb Ma A '58 22
Assoc Telep Utll 548_1944 1631
6% notes
1933 3434
Baldwin Loco Wks 5348233
Bell Tel of Canada 60_1957
let intge is sea A__1956
lot mtge 58 'ter C__1960
Binghamton LB & P 55'46
Birmingham Elec 43-48 1968
Blackstone Val G & E 58 'Si
Botiton Como! Gas 58_1947
Broad River Pow 68...1954
Buffalo Den Elm,is __1939
Gen dr ref 56
1956
Canada Nat Hy en 7s 19130
Capital Admin 58
1953
Without warrants
Cantina Power & Lt fa 1956
Caterpillar Tractor 58 1935
Cent Arizona L & P 56 1960
Cent German Power Ca '84
Cent III Light Sc
1943
Cent ill P 8 434s F_1967
bs merles E
1956
lot mtge AT set 0 1969
434s series 11
1981
Cent Maine Po 4345 E 1957
5s series D
1955
Cent Ohio L & P 58-1950
Central Pow Sit ser D 1987
Cent Pow & Lt let Be 1958
Cent Pub Serv 536s 1949
With warranta
Cent Stater. Flee S. __JOU
Deb 534s_Sept 15 1954
With warrants
Cent Mateo P & L iMe '53
Cale Diet Elec gen 431.'70
Debenture 5348 Ort 1 '35
Chic Pneu Tool 5348_1942
Chic Rye 55 ctf of dep_1927
Cigar Stores Realty Hole
Deb 63s arteries A...1949
Cincinnati St Ry 534s A'52
1955
9 series B
s
Cities Sere lee AS
1966
Cony deb fdi
1950
Cities Sere Gas 5%5_1942
Citree Serv Gas Pipe L 68'43
Utica Sent P & L 5%8_1982
Cleve Elec Ill lot 5s 1939
Oen be aeries A
1954
5.9 series B
1961
Commander-Larabee fis '41
Commers find Privai
Bank 5348
1937
Commonwealth Edition Co
lit mine 13e. ser A.-1963
lst mine 5s. ser B--1964
lot 4 Xs series C
1956
lot m 43-laser D-1957
let M 434sser E
1960
lot M 4e set F
1981
Com'wealthSubsId 5348'48
Community Pr & Lt 581957
Consol Gas El Lt
(Balt)
1981
let ref 8 f 44
1st & ref 53is ger E 1952
1st Or ref. 4318 ser G 1969
lot & ref 434* ser H.1970
Consol Gas VIII Co
lot & roll 63 Der A__1943
Deb 634s with warr_1943
COD8o1 Publishers 631s 1936
Consumers Power 4481954
1st & ref 68
1936
Cont'l0 & El 58
1958
Continental 011 4315-.1937
Crane Co 5.....Aug 1194(1
Crucible Steel 58
1940
Cuban Telep 7345.-1941
Cudahy Pack deb 5345 1937
Sinking fund 5..
1944
cumherm Co P&T. 44* '56
800
200
100
34 100
200
20%
600
534
300
34
300
Si
500
3
10, 2,200
200
%
3% 3,300
300
231
200
'11
1,5 2,000
200
234
134
1%
34
Si
23
23
June
June
June
May
May
May
June
9934
9534
9634
8434
91
984
74
Jan
JAM
Jan
Jan
Mar
313i
134
50
1834
7334
1834
12
43
80
36
47
20
3134
1%
51%
21
7434
19
15
45
8034
39
4731
21X
1,000
4,000
10,000
24,000
47,000
4,000
40,000
59,000
38,000
68,000
42,000
22,000
27
131
41
18%
62%
14
12
38
80
83
46
20
Apr
May
Jan
June
May
May
May
May
Jan
May
Apr
May
40
11
523(
4234
8834
4534
374
824
90
67
76
47
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Apr
Mar
Mar
Mar
16
80
234
434
99
59
73
17
1,000 z15
16
5,000 7234
80
5,000
2)(
3
%
4% 2,000
99% 4,000 96%
59% 5,000 54
37,000 67
74
02,000 17
30
113i 13
15% 17
934 13%
1234 14%
1234 1434
16% 20
2431
23
74% 75
27
20
15X n1731
36
34
64
63%
82
75
3131
%
99%
58
66
63%
61
76
85
5536
57
5134
June
Jan
Jan
Jan
Apr
June
May
June
May
Mar
Feb
Apr
3,000
20.000
13,000
5,000
3,000
2,000
50,000
2,000
9,000
5,000
3.000
1,000
2,000
16,000
46,000
Apr
June 80
July 85
Jan
Mar
May 91
June 90% Jan
June 3234 .June
June 99% June
June 7431 mar
Apr 70
May
July 85
Jan
June 75
Jan
May 8931 Jan
June 92
Jan
May 58
June
May e70
Feb
June 7131 Jan
19
20
5574
48
1934
3834
39
35% 37
89%
8934
8134
8134
813-4
71%
43
38
91%
9034
82%
823-4
8134
7434
44
42%
87
103%
96
96
8735
1043-4
100
96
73%
4334
39
873-4
145,000
48,000
30,000
7.000
3,000
14,000
64
56
7934
74
30%
9834
53
64
57
55
74
83
55
5134
42
17
Si June
June
18
203.4
54%
48
19%
34
14,000 10%
10% 11
1,000 3934
45
45
6,000 4331
4534 47
32,000 113
2334 26
25% 27 605,000 z17
64,000 33
3934 42
52% 5434 13,000 4936
2634 30 156,000 26%
102 10331 30,000 91134
10134 10234 8,000 99
1014 10134 5,000 99
35% 35% 1,000 25
9031
89%
82
19
Jan
43
Jan
3934 Jan
4434 Jan
444 Jan
47
Jan
4034 Jan
Jan
88
72
Feb
Jan
64
7531 Feb
8,000 55
55,000 83%
30,000 84
30,000 8334
7.000 75
3,000 65
1.000 9434
5.000 9134
7,000 40
5,000 101
2,000 9834
16,000 94
22%
2034
23%
26%
40
53%
28%
Jan 22
Feb
Mar
May 92
Apr 16
Jan
Apr 13X Jan
Apr 100% June
Jan
June 85
Mar
May 86
June 574 Feb
June
June
June
June
June
June
June
June
July
June
June
34 33-4 88,000
,
21% 2534 100,000
2334
2534
62
51
19%
40%
Jan
Max
11
15%
934
1231
12%
163.4
19
7434
20
1531
25
39,000
6,000
06,000
98,000
47,000
18,000
3,000
2,000
74,000
61,000
10,000
131
23%
19%
39
JAR
84
75
78
70
75
81
50
5131
85
Apr
llg
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
$5,000
8,000
3,000
10,000
48,000
35,000
3,000
64
56
81%
74
30%
99%
53
66
57
55
75
85
55%
55%
48X
59%
High.
231
Si
26%
1%
28%
144
1
Si,
4
80,
234
434
4%
X
31
%
2
54 May
Si June
2131 June
3-4 Apr
1434 Apr
4% May
711 June
:fe Jan
254 Apr
he Jan
3,1 June
2% May
1% Aar
'It Apr
8434
80
81
72
8034
89%
53
5634 60
84% 8631
8534 87
87
87
80
77
68
67
95
05
94X 9414
40% 43
41
103% 103% 10334
100 100
9531 95% 9734
99%
5631
Low.
84
75
78
7034
77
8134
50
56%
8434
8535
56
81%
Range Since Jan. 1.
May
June
Apr
June
July
Apr
86
8234
78
78
78
69%
40
38
12,000 82
16,000 102
10.000 96
10,000 94
27%
3934
Jan
Mar
Mar
Mar
June
May
May
Jan
Mar
June
Jan
Jan
Jan
Jan
42
Jan
69
Feb
7338 Mar
79% Jan
50% Jan
50
Jan
June 40
June 62
June 67
May 47%
May 5236
May 5934
May 65
July 58%
Jan 104
Feb 104
Feb 103%
Jan 37
169,000 z2934 June
22,000
18.000
56,000
6.000
12,000
40,000
46,000
22,000
90
z9434
9334
94
92
8134
95
100
68
10334
103
100
Mar
Mar
Mar
Jos
Jan
Mar
Mar
Jan
June
May
Mar
Feb
46% Feb
9836
98
9334
93
9336
84
55
6134
Mar
Mar
Mar
Jan
Jan
Mar
Apr
Feb
Jan 9254
June 108
June 10436
Feb 100
Mar
May
May
May
June
June
June
June
May
May'
May
June
Apr
18
22% 39,000 16% May 32
2034 Jam
4
May
11% 11% 1434 21,000
Feb
June 81
2.000 50
52
50
51
Aug
7,000 8734 Feb 96
9134 9034 92
10I3i 101% 101% 32,000 10031 Mar 102% June
May 6731 Mar
39
40
4531 139,000 35
Jan
8435 21.000 8034 Apr 85
8431 84
89
Jan
59% 19.000 56 May
58
Mar
16010 39 June 77
42
39
4031
Jan
16,000 55 June 83
75
63
Mar
June 97
36.000 69
6834 72
72
Mar
13,000 95
June 99
96
95
May
June 86
734 24.000 71
71
72
Bonds (Cantinued)-
105
Financial Chronicle
Volume 135
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Price. Low. High.
Range Since Jan. 1.
Bonds (Continued)
High.
Low.
6,000 97
101
June e103% Apr
102
Dallas Pow & Lt 65.__1949 102
Jan
Apr 99
2,000 91
92% 0256
1952
5s series C
Jan 101% May
99
9951 7,000 95
Dayton Pow & Lt 5s 1941
May
June 73
7,000 55
56
57
Del Elec Pow 534s.-.1959 56
Apr
4.000 92
Apr 95
92% 93
Denver Gas & Elea 5s_1949
4,000 53
June 6854 Mar
56
54
Derby Gas & Elec 5s 1946
4,000 70% May 9751 Feb
81
81
Dot City Gm es sec A_1947 81
Mar
70% 9,000 6455 may 89
1950 70% 69
let series B
Dixie Gulf Gas 6565 1931
Feb
2,000 46 June 74
56
55
56
With warrants
Jan
8
4
4
4
2,000
355 May
Duquesne Gas Corp 6s 1945
23,000 93% Star 9854 May
97
Duquesne Lt let 4545_ 1957 96% 96
East Utilities Investing
356 June 30
Feb
97,000
8% 12
55 with warrants. .l954 12
10194 59,000 9854 Jan 10256 May
Edison El(Boston) 55_1933 101% 101
101% 101% 1,000 100% May 101% May
4% notes___ _Nov 1 1932
May 100 June
9936 100 107,000 98
1935 100
58
May
1,000 70 June 83
70
70
El Faso Electric 5s
1950
Mar
June 60
1,000 43
43
43
El Paso Nat Gas 6%8_1938
Jan
Elee Power & Li 58_2030 35% 29% 36% 201,000 29 June 64
June 653.4 Jan
11,000 38
40
38
Empire Dist El 5s__ _ _1952
Jan
72,000 26
May 48
Empire Oil di Rail; 5458 42 30% 28% 31
Ercole Nfareilt El Mfg
4455 2,00
42
June 63% Mar
43
6565 with warrants_1953
Mar
June 99
93% 10,00
00
91
Erie Lighting .5s
1967
European Elee 6565_ .1965
Mar
Apr 49
4056 39,00
40% 39
38
Without warrants
95,00
Jan
1951 Apr 35
European Mtg&Inv 78 C'87 31% 30% 32
6,000 3756 Jun
SI ar
60
Fairbanks Morse deb 55 '42 37% 37% 38
8,00
22
14
May 2954 Jan
21
Farmers Nat Mtge 75_1963 21
Mar
3096 23,00
52
25
Jun
25
Federal Water Serv 654e'64 25
Finland Residential Mtge
Mar
Jan 48
26
Bank 68
1961 33% 32% 34% 55,00
21,000 62
Jan 7896 Mar
69
Firestone Cot Mills 5s_ _'48 6691 66
15,000 70% Feb 81
Mar
75
72
Firestone T & Rub 55 1942
30,000 1034 Apr 28 June
22
22
20
Fisk Rubber 554s___. 1931
17,000
8
Apr 28 June
22
22
20
Certificates of deposit __
4554 4855 20,000 4536 Jun
Fla Power Corp 5%8..1979 48
6254 Mar
Feb
May 78
51% 56% 203,000 50
Florida Power & Lt 68.1954 52
11,000 51
Feb
51
52
May 85
Clary El &Gam 6s ser A 1934
74
Mar
Gatineau Power lid 5e 1956 5456 54% 5556 169,000 5451 Jun
18,000 3751 June
4351 45
70
Mar
Deb gold ths June 15 1941
29,000 37 June 68
42
Mar
Deb 65 ser BA dr 0_1941 41% 39
20
Jan
June 40
23% 9,000 20
Gen Bronze Corp deb 68 40
June
Feb 101
101 101
3.000 100
Gen Cigar serial 65_ _1932
100% 10051 3.000 9856 Jan 100% Slay
Serial Co
1034
Jan 10056 May
10031 10041
3,000 98
Serial 6s
1935
Gen Motors Accept Corp-Jan 101
8,000 98
June
100% 101
5% serial notes
1933
1,00
96% Jan 99% May
99% 9951
5% serial notes- _1934
May 98% Mar
9651 96% 3,000 94
6% aerial notes
1935
93% Jan 9751 Mar
1936 96% 9634 9654 7,00
5% serial notes_
Apr
Apr 75
.66
,
66
1,000 62
Gen Pub Serv deb 5s 1953
24
May
4151 Jan
26% 15,000 19
Gen Pub Uti113%e A_1951,
2,000 24
30
31
Apr
June 36
1933
(156s
25
Mar
2651 5,000 22
.1948
25
May
Gen Rayon deb 65 A.
Gen Vending Corp 65_1037
456 June
245 June
Without warrants
256 351 5,000
17,000 22% May
2536 27
40
Gen Wet Wks Corp 58 1943 25%
Feb
Gen \Vat'Works Gas& El11,000 z631 June 21
8
Feb
8
Com deb (36 B
,
1944
June 86
7,000 71
72
Mar
71
Ga-Carolina Pow 5s 1952 71
51,000 63% May 90
Jae
7556 77
Georgia Power ref 58_1967 7556
10,000 4551 June 65% Mar
49
48
Georgia Pow & Lt 55_1978
Gesfurel deb 65
1953
23 June 47
Feb
3951 112,00
3951 34
Without warrants
76,000 77
Mar
May z93
00
Gillette Safety Razor 55'40 90 ' 85
62
Jan
6,00
May 78
72
71
Glidden Co 5%a
1935 71
58
June 86% Jan
1,00
as
58
Godchaux Sugars 7368 1941
11,000 87
Jan
Jan 100
Grand Trunk Ey 6%5_1938 93% 93% 94
1,000 45
Mar
June 69
Grand Trunk West 4s_1950
49% 49%
21,000 9096 June 100% NIar
92
91
Great Nor Power 55_.1935
(It West Power let 5e 1946
95
9555 8,000 91% Feb 98% Mar
Guardian Investors 56_1948
June 2951 NIar
26% 13,000 24
With warrants
26% 26
Mar
(lull Oil of Pa 5s
June 96
1937 9.5% 94% 95% 14,000 90
17,000 83
June 9651 Feb
91
90
Sinking fund deb 68_1947
13,000 61
Jan
65
June 84
61
Gulf States Util M...1956 61
10,000 58% June 75
Jan
1st & ref 455135er 13_1961
5855 61
45% 46%
Hamburg Electric 75 1935
34
3656
Hamburg E & Und 5568'3it
Havana Docks 75
97
97
1937
3736 u40
Hood Rubber 10-yr 5345 '36
75
49
49
1936
Houston Gulf Gas 654s '43
24 a25%
With warrants
lst M & col 65
1943 2756 2755 3054
81
Hous L & P let 4%e E198i
79
81
1st & ref 4%8 ser D_1978
80% 8251
90
1st 5s series A
88
1953
31% 32
Hungarian ltal Ilk 7%s '63
Hydraulic Power (Niagara
100 100
Falls) lot & ref 5s 1950
Ref SG imp 5s
1951 1004£ 10051 10044
1lYgrade ood ris ser A 40 25% 25% 25%
91% 91%
Idaho Power 55
1947
III Nor Utilities 5s_ _ _ _1957 78
79
78
Illinois Power Co lot 58 '33
97
97
111 Pow & L let (18 ser A '53 6155 6134 63
56
58
let dr ref 5555 ser 11_1954 57
let & ref its ser C.._19156 5651 55% 56%
Hi del) 5%s ,May 1947 asy, 38
38%
76
Independ Oil & G6._1939 76
76%
56
55% 60%
Indiana Elea 68 ser 0_1951
6556 67
let M 68 series A...1947 67
Indiana Hydro-Ele System
57
61
.58 series A
1958 61
9356 9356
Ind & Mich Elec 5s
1957
84
85%
lot & ref Ss
1955
Indiana Service Bs_
1963 1751 17% 17%
20%
18
1st & ref 5.1
1950
73
73
Indianapolis Gas Ss sec A'52
84%
83
P & 1. be ser A '67 8'3
!mull Uti/ Invest 63_1940
With warrants
34 1%
34
8135 84
Internet Pow See 648B '54 84
58
55
Secured 6%8 ser C _1955 58
85
80
Secured 7s series D_1936 85
.___1957
6855 6536 68%
7s series E
62
60
International Salt 5s__1951
Internet Securities 58_1947 36% 36% 39%
28
28
Interstate I dr S 5%8_1046
Interstate Power fa_ __I957 5156 5156 53
22
1952 24
2634
Debenture 138
61
58
Interstate P 8 58 D..1965 58
70
80
lot & ref 6545 ser 13_1949 70
56
52
1958
let & ref 456s F
45% 42% 48
Interstate Tel 513 A _ _1961
Investment Cool Am 58 '47
66
66
With warrants
6551 65%
Without warrants
69
66
lowa-Neb L & P 65_ .1957
67% 67%
1961
55 series B
7555 78
Lt 4%8_1955 78
Iowa Pow dr
65% 68
Iowa Pub Service 55 1957
49%
49
Immo Hydro-F.loc 78_1962
Lsotta Fraschini 7a.__1942
43
45
With warrants
40
4356
Without warrants
Italian Superpower of Del
Dabs 68 without war • 'fI3 2754 2456 28
8,000 34
May r80
34,000 z2351 May 44%
June 99
1,000 97
10,000 35
Jan 45
Apr 55
1,000 43
Jan
Feb
Afar
Mar
Mar
8,000
18,000
37,000
15,000
14,000
22,000
1751
21
73
75
85%
26
Jan
June 50
51
Jan
MaY
Mar
May 86
May 86
Mar
June e94% Jan
Mar 4854 Feb
6,000
1,000
10,000
4,000
8,060
2,000
19,000
11,000
65,000
26,000
6,000
23,000
6,000
98%
0554
21%
88%
7254
96
56
50
4855
3034
64
55
63
Feb 101
Feb r101
4954
May
Feb 96%
Apr 90
Apr 97%
June 9151
June 88
June 83
June 7454
Jan 8556
Jan 79
June 90
6,600
1,00
6,000
12,000
12,000
5,000
25,000
57
91
82
17%
18
73
72
June 71
Jan
Mar
MAY 98
June z93% Mar
June 62
Feb
June 63
Feb
June 86
May
Jan
MILY 96
55,000
20,000
18,000
34,000
18,000
7,000
51,000
1,000
35,000
72,000
5,000
3,000
24,000
8,000
56
77
52
80
62
5755
3656
28
46%
19
56
70
61%
42%
May 38% Jan
June 98
Jan
June 78
Jan
Feb
June 97
June 87
Jan
June 7351 Mar
Jan
June 51
Feb
June 48
Apr :6956 Mar
Jan
May
51
June 79
Feb
June 95
Mar
Apr 76
Feb
June 565
Jan
3,000
3,00
31,000
1,000
3,000
17,000
28,00
5811 Apr 67
Feb
47% Apr 67% Slat
6456 June 80
Jan
Jan
66 June e79
June e80% Jan
75
May 8236 Jan
61
48 June 60
Jan
7.00
5,00
51.000
37
25
May
June
2151 May
49
48
42%
May
June
Jan
Mar
Feb
Apr
Jan
Jan
Jan
Feb
Mar
Mar
Mar
Mar
Feb
Jan
Jacksonville Gas 55- -_1942
Jer C P & L 1st 5513._1947
1st 4%5 sertes C____1961
Jones & Laughlin Steel
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Price. Low. High.
44
77
9,000
44
44
a87% 89% 13,000
78% 39,000
77
High.
Low.
44
June
7936 May
7456 Slay
66Feb
F
36% ju
8655 Jan
9256
64
67
81
65
60
58%
6634
58%
3754
SO
46
52
Mar
June 8101
Jan
June 90
Jan
June 90
945
July 5
Jan
May
Jan
June 82
2
June 8 %
9 Jan
6
Feb
June
Jan
Apr 84
Nov
56
June 86
Mar
June
Mar
r
90
June 88
June 9034 Mar
75
38
June
June
1,000
5,00
45,000
32,000
4,000
27,000
1,000
2,000
5,000
4,000
5,000
62,000
75
32
48%
28
5455
42%
76
7356
93
9951
77%
68
July
July 75
June
Feb 46
Mar
June 83
Mar
June 51
Jan
June 78
Mar
May 81
June 9336 NIar
Jan
June 99
June 10056 Mar
May 10056 June
Nlar
June 96
Mar
MAY 93
36%
77
70
69
3834 26,000
7756 9,000
72% 82,00
3,00
70
3656
65
64
65
June
June
June
June
9
80
94
65
100%
27
3,00
9
9,000
82
16,00
95
67% 23,000
100% 1,000
27% 8,000
551
60
91%
65
98
24
Jan
June 28
June
Feb 82
Jan
Slay 96
Jan
June 80
Apr 10045 June
Feb
36
AD
6
4%
4
4
8951
70
10056
67
71%
53
65
6
434
454
434
90
75
10036
70%
72
53
67
3,000
14,000
17,000
23.000
8.000
29,000,
2,000
4,000
6,000
7,000
23,000
61
95
62
97
5,000
20,000
June
61
8654 Juno
64
9256
6756
71%
81
67
60
5891
71
62
3756
80
5734
64
93
6831
73
81
67
6034
6034
74
65
3756
80
5734
65
192
09
Kansas Gas & Elec 68_2 32
1947
Kansas Power 55
,
1 57
Kansas P & L es ser A.1955 81
67
is series B
Kentucky Util let 15e 1961 60%
1969 58%
let mtge be ser 1_195
1948 71
5
6% series 13
554s series F
Keystone Telep 5555_1955
Kimberly-Clark Is...1943
Koppers0 dr C deb as 1947 57%
Sink fund deb 5365_1950 65
Kresge (58) Co
75
75
Certificates of deposit.._
45
45
LacledeGas Light 5%s '35
Lake Superior District Pow
75
75
1956 75
.5s series B
43
46
Laruton Gas Corp 656s '35 45
57% 59
Lehigh Pow Secur 65...2026 59
3156
28
eN
TIet: 756s y 58 .46
ubb_ _19 42
69
58
Lexington Utilities 5s _1952
5056 52
11711)bnyurMci
78
78
1942
Lone Star Gas 55
7354 74
1945
Long Island Ltg 65
95% 95%
LosAngeleaG&E 554511949
100 100%
1939 100
5s
8454 85
lst & general 55._ _1961
Louisiana Pow & Lt 851957 73% 7234 74%
38
anitoba Power 5565_1961
Masa Gas Co 5%8_1946 77
Sink fund deb 58_ _1955 71%
Mass Mil Assoc 5s____1949
McCord Bad & Mtg 65 '43
9
With warrants
Melbourne El Supp 755s '46 82
Slemphia P dc L be A.1948
Metropolitan Edison 4s '71
Michigan Light Co 55.1946
Middle States Pet 6%5.'45
-Middle West Utilities
.1932
Cony 5% notes
43
Cony 5% notes____1933
4
Cony 5% notee___.:1934
Cony 5% notes____1935
MOW Gas It 456s__ _ _1967 90
Minneap Gas Lt 4565_1950 7156
Stinn General Elec 55_1934 100%
Minn P & L let 4345_1978
1955 7156
let & ref 5s
NILssissippl Power 5s 1955
Miss Power dr Light 156 '57 65
iss River Fuel 65_ 1944
Without warrants
allas Ely Power let 58 1951 9645
onon West Penn Pub Ser
1st lien & ref 5%s B '53 64%
Montreal L H & P Con
1st & ref 58 rier A___1951 85
1970
55 scrim B
Munson S S Line 65651937
With warrants
Narragansett Elea 5a A '57 90%
3
Nat'l Elec Power be_ _ _1978
Nat Pow & Lt Os A__ _2020 63%
2030 53
Deb Si series B
9
Nat Public Service 58_1978
National Tea Co 55 _1935
Nebraska Power 4%5_1981 89
Nevada-Calif Else 68_1948 5555
N Gas & El Assn 58_1947 45%
1948 45%
Cone deb Os
1950 4416
Cony deb Es
New Eng Pow Awn 58_1948 2951
Deb 656s
1954 3256
1051
58
New On Pub Serv 4565.'35 42%
Income 6s series A _ _ _ _ 1949 37
N
ftdbion beset 0.1951
NY & Foreign Inv 5365 '48
39
With warrants
NYP&L Corp lit 4548'67 82
N Y State dr E 4548_1960
N Y & Westch Ltg 55_1954
Debenture 4s
2004 81%
Nlagara Falls Pow 65_1950 103
1959
5s series A
Nippon El Pow 64s.1953
No American Lt & Power
1933
5% notes
5% notes
1935 5556
5% notes
1936 53
Nor Cont Util 5568
1948 2455
Nor, Ind. P. S. be C 1966
1st & ref 55 ser D_ .1969
1st & ref 4565 ser E_1970 6456
Nor Ohio Pr & Lt 5565 1961
Nor Ohio Trac & Lt 58 1956
No States Pr 556% notes'40 77
Refunding 456s___ _1961 80%
Nor Texas LEH 78. _1935
N'weetern Pow 65 A 1960 10
Range Since Jan. 1.
10,000
10,000
5,000
1,000
5,000
15,000
8,000
9,000
2.000
1,000
1,050
6,000
12,000
5,000
4,000
95
65
Jan
Apr
Jae
61
9755 Jan
Mar
90
Jan
90
1% May 8955 Jan
Jan
May 69
2
Jan
z2
May 65
Jan
z2
May 60
Mar
96
88
Jun
7856 Jim
62 Jun
100
May 10155 June
67
June 7951 Apr
70
June 90% Apr
June 7754 Mar
53
5656 May 82% Mar
84
Mar
9834 Jab
6451 48,000
54% May
8045 Mar
19,000
84% 85
8355 13,000
83
8251 Feb
8154 Feb
Mar
93
87% Mar
454 556 2,000
90% 91% 76,000
37,000
744
61% 6345 30,000
5356 55,000
52
5% 12% 235,000
4,000
62
6234
10,000
8836 89
5556 6256 83,000
43% 49% 92,000
60,000
43
46
41
46% 93,000
81,000
29% r39
45,000
30
40
1.000
97
97
4255 4556 13,000
.5,000
37
37
100% 100% 6,000
456
8951
%
5256
4054
531
6034
88
5556
40%
40
41
2
034
30
9534
42%
36
97
39
39
8056 83%
7656
69
93% 93%
8056 8156
103 104
99
9955
30
3156
Jan 10334
Jan
Mar
Jan
Mar
Jan
Jan
Marl
Mar
Jan
Jan
Jan
Jan
Jan
Jan
June
Jan
Apr
Ma.
1,000 38
June 6(1
113,00
73 May 90%
2.5,000 66% June 8231
1,000 93% June 98
4,00
7835 Apr 87
27,000 101% Jan 105
2,000 9535 Apr 100%
12,000 30
June 59
Feb
Apr
Mar
N1ar
Apr
Slat
Jan
Feb
June 14
June 9834
June 4655
June 8456
June 72
June 45
June 78
Feb94
June 77
Apr 67%
Apr 68
Apr 6451
June 6731
June 70
Apr 97
June 8074
June 63
90
5536
55%
2456
72
70
65
90
81
7854
82%
65
10
4,000
1,00
7,00
10,00
7,000
9.000
6,000
19,000
2,000
14,000
39,000
1,001
18,000
8736
5556
53
21
62
64%
6256
85
79
75
79
50
8
May
June
June
May
June
June
May
June
Jan
May
Apr
June
May
9056
78
77
40
8754
88
8155
901
8951
92
91
85
4356
86% 87%
Ohio Edison lst 6e
1980
91
89
Ohio Power 1st 58 B 1952
78% 82
1st & ref 4368 ser D 1956
Ohio Public Service Co-75
75
1st & ref 6s ser C 1953
68
69
1st dr ref Si ser D 1954 69
Okla Gm dr Lim 55_1950 7491 7431 a7655
61
60
65 deb scrim A
1940 60
52%
Okla P & Wit 55 ser A 1948 52% 51
Pee Gas & El 1st 4558_1957 85% 8494 8856
1941 10351 10255 10356
1st 6s series B
9836 99%
1st & ref 53,65 0_1952 99
55 series D
1955 93% 9334
86%
let & ref 4 Ks
__ -1960 86% 85
63
63%
Pee Invest deb 55_ _1946
61
6356
Pm Pow & Light 55_1955
PacifIc Western Oil 6565'43
a52% 55%
With warrants
Penn Cent L dz P 4%s_1977 63
63
66
68
1979
68
5.9
64% 6434
Penn Elee lit & ref 44_1971
51% 63
Penn Ohio Ed 5565 B.1959
6051
1950 57% 57
Deb Os series A
88% 89%
Penn-Ohio P & L 5568A '54 89
Penn Power 58
1956 8651 8651 87
86
86
Penn Pub Service Gs C 1947
Penn Wet & Pow
87% 88
1st & ref 4 %s ser 13_1968
100% 100%
1st mortgage 5s__ _1940
6354 63%
Penn Water Serv 5s A 1967
68
68
Peoples Gas Lt & C 48 13 '81
1
1%
Peoples Lt & Pow 5s 1979
Flails Electric Co 6a-- _1966 10251 10251 102%
pill. Elm Pow 5348 1972 101
102
101
25,000
5,000
32,000
80
83
74
May
June
June
95
Jan
Jan
96
92% Apr
90
5556
53
2256
70
70
6436
89
81
75
80
65
Apr
Mar
Apr
Mar
Jan
Jan
Jan
Mar
Mar
Jan
al ar
Mar
Mar
5,000 70
10,000 65
37,00
67
9,000 60
3,000 43
32,000 8251
14,000 100
48,000 94%
8,000 91
43,000 82
8,000 56
19,000 5035
June 88
June 88%
May 8756
June 75
June 61
May 94
June 105%
June 5103
May 9856
May 93%
Jan 67
June 85
33,000 z47
16,000 63
4,000 68
7,000 6456
21,000 41
13,000 55
41,000 84
10,00
81%
1,000 86
7156 Mar
June
June 7936 Jan
Jan
June 86
June 76
Mar
May 83% A nr
June 8451 Slat
May 100% Mar
June 92
Am
June 9445 Mar
6,090 8655
3.000 100
1,000 60
3,00
88
12,000
1
10.000 101%
34,000 98
Jan 91%
Apr 102
Jan 70
May 82
June
6
Apr 104
June 10554
Apr
Jan
Jan
May
Apr
Apr
May
Apr
May
Apr
Mar
Mat
May
Slay
Feb
Mar
Jan
Apr
Apr
106
Bonds (Continued)
Financial Chronicle
Friday
Sates
Last Week's Range for
Said
of Prices.
Week.
Price. Low. High
Phila Suburban 0 & E
1957 944 9434 944
1st Sc ref 4445
Phila Suburban Wat 59 '55 90
90
90
Piedmont Hydro-Li Lo
let & ref 13155 el A _1080 41
394 41
Pittsburgh Coal 68
1949
68
68
Pittsburgh Steel (is___1948
614 6734
41
41
Poor & Co 69._ ____1939 41
Potomac Elec Pow 59_1936 10134 10134 1014
Potomac EdisOn as E.1956
7234 74
1961
70
414s series 1
70
Power Corp(Can)434 a B'59
40
37
Power Corp(N Y)549.'47
50
50
1942
684 70
6345 series A
Procter & Gamble 4%s '47 100
99 100
Prussian Elee deb 6e_ A954 28
234 28
10134 102
Pub Serv of NJ 6% ctts-- 102
Pub Serv of Nor Illinois
70
let Sc ref 55 ser C....1966 70
70
60%
1st & ref 435s ser E.1980 60
60
63
Ist & ref 4455 ser F_198I 6034 59
1956
75% 76
55
60
Pub Serv (Okla) Se D.1957
6234
1961 61
61
5s series C
61
38
39
Pub Serv Subsid 54 A1949
Puget Sound P & L 5363'49 594 5834 584
57
584
1st & ref 59 ser C-1950 57
544
1s1 & ref 4455 ser D.1950 5434 54
Queens Borough Gas dr Etc
545 series A
1952
70
70
73
63
Remington Arms 5348.1933 63
1234
Republic Gas66 June 1545 1255 all
Rochester Cent Pow 5/1953 1334 1334 18
29
Ruhr Gas Corp 6 As._1953 2534 25
244
Ruhr Housing 6358 A_1958 2434 23
584 5934
Ryerson (J T)& Sons 55'43
2,000
5,000
Range Since Jan. 1.
Low.
94
90
Jan
June
High.
97
June
94% May
16,000 3434 may 8335
June 90
5,000 68
24,000 564 June 85
2,000 40
May 70
2,000 10134 June 1013-4
19,000 724 June 90
1,000 69
June Si
6,000 37
June 60
•1,000 50
June 72
3,000 67
June 69
33,000 9636 Feb 104%
59,000 154 June 31
15,000 10044 Apr 107
Mar
Jan
Jan
Mar
June
Mar
Mar
Mar
Mar
June
May
Feb
Mar
4,000
16,000
22,000
4,000
11,000
1,000
9,000
53,000
10,000
53,000
7J
60
59
7034
5534
56
38
5635
55%
52%
June
June
June
June
May
May
June
June
June
June
90
84
8234
75
79%
6234
50
8135
7734
73
Jan
Jan
Jan
June
Jan
May
Jan
Mar
Mar
Mar
5,000
54,000
8,000
10,000
94,000
3,000
9,000
54
53
7
134
13
15
5834
June
May
May
June
May
May
June
82%
81
25
40
35
27
84)4
Mar
Mar
Jan
Jan
Jan
Feb
Jan
934 7,000
9
St Louis 0 Sc Coke 65 1947
904 9134 11,000
Sate Harbor Wet Pr 434519
Salmon River Pow 55 1952
14,000
1004 101
5,000
1955 93
90.4 93
Sauda Falls 55Saxon Pub Works(4_1932 40
3834 44 456,000
Schulte Real Estate 65 '35
1,000
15
15
With warrants
17,000
12
12
15
Without warrants
54
544 9,000
Scrim)
(E W)deb 5445 1943
1948
514 514 1,000
Serve' Inc 58
5534 574 45,000
dhawinfgan W & P434.67
1st 4145 series B__1968 5641 5534 5734 66,000
1970
624 6434 34,000
let Si sodas C
_1970
5534 5754 50,000
let 436. series D.
17
Sheridan Wyo Coal 6.9 1947
3.000
17
Silica Gel Corp 634s ..1932
2,000
24
25
With warrants
Snider Packing 69 ser B
2,000
Certificates of deposit __ _
31
31
51
6,000
South Carolina Pr 59-./ 957 -- -- 50
Southeast P & L 65-2026
5435 52
544 112,000
Without warrants
sloti Calif Edison 5e___1951 963.4 9535 9734 46,000
1952 9615 9635 974 16,000
Refunding 5e
9734 42,000
Refunding 85 JUne 1 1954 9645 96
17.000
101% 102
1939
Gen & ref 58
86
8934 6,000
So Calif Gas Co 545s B '52 86
1961 75
9,000
75
77
1st & ref 434s
744 9,000
74
Sou CaUf Gas Corp 58-1937
Southern Natural Gas 13s'44
253.4 2535 2734 19,000
With privilege
1,000
27
27
Without privilege
1,000
38
38
So'west Assoc Tel 59..1961
Sweat Dairy Prod 6345 '3
8
4
2,000
4
With warrants
664 21,000
64
Southwest0& E 5e A_1957
54% 5534 21,000
Sou'west Lt & Pow 56_1957
6,000
21
18
So'weet Nat Gas 68_1945 a20
9,000
45
42
So'west Pow & Lt 65_2022
5
8734
95
844
25%
Jan
May 23
June 944 Apr
June
Feb 101
May 9934 Feb
Feb
Jan 44
15
12
52%
50
5234
6334
5934
52
17
June 40
June 42
June 70%
May 76
May 76
June e76
May 86
June 75
June 35
24
June
40
Jan
29
47
May
June
31
70
June
Mar
44
94
9835
93
98%
86
70
71%
Mar
June 85
Feb 9915 May
Feb 9935 May
Feb 99
May
Feb 102% Mar
June 944 Jan
may 8036 Mar
June 884 Mar
424
41
324
324
53
54
3014
3034
454
4534
37
37
5334
54
334
32
36,000
43,000
56,000
7,000
3,000
1,000
88,000
6,000
Stand Gas & Elec 85_1935
1935
Cony Ba
1951
Debenture 6s
Debenture 68 Dec 1 1966
1939
Stand Invest 5458
1937
10-yr deb 55
Stand Pow & Lt els____1957
Stand Telephone 515s.1943
dtinnes(Hugo) Corp-Ts Oct 1 '86 without warr
Is without warr____1946
Sun Oil deb 545s- _ _1939
1940
Sun Pipe Line 58
Super Pow of III 434e'-._68
1st mortgage 445s__1970
Swift & Co let M sf 55.1944
1940
a% notes
Syracuse Lt its see B 1957
1954
let & ref 5155
Tenn Else Power fas_ _1956
Tenn Pub Serv 58.__ _1970
Ternf Hydro-Else 8)511 '6
3
Texas Cities Gas 5s___1948
Texas Electric Sere 68_1960
Yetaa Gas UtU 68_1945
Vexes Power & Lt 5s__1958
1937
5e
1934
Thermold Co (35
With warrants
Tide Water Power 58_1979
'Fri-Utilities deb 58- _1979
Twin City Rap 'Tr 5345'52
4234
42
3334
35
1944
(Ilea Co deb Ile
Un Amer Invest 55_1948
With warrants
Un ElL & P baser B_-1667
Union Gulf Corp Si Jut 1'60
United Elea(NJ) 1st 45'49
United Elec Eery 75_1956
Without warrants
United industrial 8.353 19
41
1945
1st 65
United Lt Sc Pow 8s 1975
Apr 1 1959
1st 5.48
1974
Deb g 6145
1952
17n Lt Res 544s
1952
6s series A
United Pub Serv 6s___1942
US Radiator 59 ser A.1938
U S Rubber
.1933
3
-year 6% notes
6)4% serial notes_ _1933
64% serial notes_ __1934
636% serial notes...1935
615% serial notes_ _1936
64% serial notes__1937
034% serial notes_ _1938
834% serial notes___1939
645 serial notes
1940
Utah Power & Lt 68,5_2022
Utica Gas & Ni be E__1052
Valvoline 011 7s
1937
Van Sweringen Corp Os '38
With warrants
12
10
12
9115
924
65
98
90%
92
5,000
65
98
1,000
914 65,000
924 32,000
4434
304
30
354
54
36
35
61
234
26
47
3334
34
364
5934
3634
36
6234
3
26
29,000
57,000
75,000
35,000
21,000
15,000
51,000
19,000
7,000
5,000
6634
814
40
30
30
274
284
23
2736
46
8936
61
12
3034
25
544
57
974
804
9534
43
66
94
74
9014
• 234 254
24
254
92
92%
834 8334
544 6034
57
604
96% 98
79% 81
954
94
101% 10134
8036 8334
714
70
4234 444
324 3434
724
64
a936 10
73
75
9034 92
3634
36
40
23
904
12
2534 June
Jan
27
June
30
43
Mar
41% Mar
Apr
55
4
58
47%
1134
3534
May
Apr
June
May
June
z615 Jan
Feb
80
Jan
72
34
Mar
Jan
81
324
35
30
30
5034
50
26
27
June
June
June
May
May
June
June
May
78%
79
73
71
6034
60
6835
51
14,000 22
16,000 17%
6,000 88
3.000 8345
40,000 54%
32,000 52
15,000 924
37,000 67
25,000 84
1,000 100
9,000 78
4,000 68%
25,000 42
6,000 3234
51,00
63
8
8,000
14,00
67
17,000 90
Mar
Mar
Jan
Jan
May
May
Jan
Jan
Mar
Mar
June 29% Jan
Mar
Jan 96
June 90
Mar
Jan
July 74
Jan
Apr 72
Mar
June 101
Mar
May 95
Apr 974 June
June 104
May
June 9234 Mar
June 86 I Mar
Feb
May 61
June 48% Mar
May 85% Mar
Feb
Apr 24
June 92% Feb
May
June 08
June
June
Apr
May
Mar
43
June
55
93.34 Jan
314 Apr
10
June
34% Mar
63
90
84
914
May 7135
Feb 100
May e9841
93%
JIM
Feb
Mar
Mar
May
32
1445
19
30
54
34
32%
61
2
21
June
May
May
May
Jun
Jun
Jun
Jun
AO
May
Feb
June
June
Jan
Jan
Jan
Jan
Mar
Jan
Mar
30,000
67
814 1,000
3,000
44
2,000
32
1,000
30
8,000
29
5,000
29
274 4,000
5.000
29
48
2,000
904 10,000
64
8,000
5955
66
35
274
26
214
24
21
2215
46
88
61
Jan 6934 Jan
Jan r9234 May
Jan
May 63
May 63
Jan
Apr 46% Jan
Jun
434 Mar
Apr 393.4 Mar
Jan
Apr 39
Apr 40
Jan
June 7091 Apr
June 94% Mar
June 80
May
12
10
May
2434 25
52
55
%
34
2836 28%
3334
34
3634
Jan
Feb
Mar
Feb
Mar
Mar
Mar
Mar
Mar
6,000
4,000
1,00
4,00
11,000
5,000
2435
52
)4
244
65
33)4
35
66
85
66
68)5
88
29
40
49
Jan
Bonds (ConeJudea)
Va Elea & Pow 55.-1955
Va Public Ser., 636s A 194e
B._19511
.6: ref as
__1946
-year deb 6s_
20
w aldorf-A snorts Corp
let 7s with wan ._1954
Ward Baking Co 68...1937
Wash Water Power 56_1960
West Penn Elec 53- -.2030
West Penn 4s series H_196I
West Texas UtP5s A IPA:
Western Newspaper Union
1944
Cony deb (is
Western United Gas & Else
1st 5145 ser A
1955
Westvaco Chlorin Prod1937
10-yr deb 5455
1954
WIsc Elec Pow 55
Wise Pow Sc Lt 59 F_-_1958
Yadkin Ely Pow 5s___1941
York Rys bs
1937
Foreign Govesnment
And MunIciti.• MeeAgrie Mtge Bk (Colombia)
20
-year 5 f 7s
1946
20-yr s 1 7s_ _ _Jan 15 1947
Baden (Congo!) 75___ 1951
Buenoe Aires(Provi 745547
-Apr 1952
Eat 7.
Cauca Valley 7s
1948
Cnt Bk of German State
Prov Banks 6,11 A__ 1952
its series B
19111
Danish Cons Se
1953
Danzig Port Sc Waterways
July 1 1952
6 44s
German Cons M units 7e '47
Secured 811
1947
July 2 1932'
Friday
Sales
Last Week's Range for
Sate
of Prices.
Week.
Price. Low. Hiyh.
$
81
5434
53
35
81
2,000
5934 ' 17,000
55
5,000
3636 14,000
Range Since Jan. 1.
Low.
80
54
.53
344
High.
June
Apr
June
June
97
Jan
7934 Feb
Fey
74
70% Feb
3.000
3.000
2000,
33.1 may
73 June
8836 June
2036- Jan
90% Mar
974 Jan
36
4436 46
27,000
84
8411 7,000
3535 3834 85.000
3515 May
84, June
27 June
66
92
68
76
75% 77
55
35
79
9
634
73
79
884 8834
1734 183.4
8,000
1445 Apr
12000
6215 May
Feb
Mar
Feb
2915. Jan
80
Mar
10015
93%
70
78
75
100% 10003
1,000
9334
723.4 12,000
4.000
81
2;tii
75
2654
2731
26
2634
2436
634
8,000
30
274 1,000
2634 2,000
2715 6,000
10,000
26
634 4,000
22
Jan
21
Jan
1634 May
2635 June
2415. June
3 May
35
34,
30
44
43%
1534
33
39
31,000
30
33
71,000
3545 39
5335 5315 1,000
11 45. May
23. May
45
Feb
364 Feb
4015, Feb
84% Mar
2134
2515
244
2134 2535 3,000
2336 2615 130,000
2234 2534 83,000
2134 June
15
May
1334 May
44% Jan
55% Jan
82
Mar
1634 June
1-4 June
35
31
49
315
5
994
70
Apr
94. Mar
10,
Feb
18
Jan
28
2435
615
Hanover (City) 75
1939 23
224
Hanover(Prov)6%8-1949 1834 1834
Indus Mtge Bk (Finland)
15t retire molla 1 7....1944 52
49
Lima (City) Peru 63481958
434
Marcuhao (State) 7s....1958
5 •
Medellin 7.series E.
_1951
11
Mendoza (Prov) Argentine
External at g 73-4i. _1951
22
22
Mortgage Bank of Bogota
7s issue of May '27 1947
28
7s issue of Oct '27 1947 27
a2o
Mtge Bank of Chile 68 1931
1034
Rio de Janerio 6 345.-..1959
3
Russian Government
6
1919
91
634s ctfs
1919
54
5.349
1921
34
Saar Basin Counties 7s 1935
944
Saarbruecken (City) 79 '35 102
102
Santa Fe ext1 7s
1945 29
22
Santiago (Chile) 7s....1949
234
234
23
19
3;000
37,000
37,000
53
415 1,000
5,
1,000
1115 8,000
23
8,000
5,000
28
11,000
27
11
6,000
3% 20,000
51 5,000
4,000
g
34 11,000
95
5,000
10234 3,000
3.000
29
344
3.000
• No par value. a Deferred delivery. 1 Correction.
r Bold for eash.
WI When issued. z Ex-dividend.
99
90
6934
78
75,
Feb 102 May
June 9545. May
June 91
Jan
June 93
Jan
June 88%. Apr
June
Feb
June
May
Jan
Jan
la
Apr
Jan 87
Jan 37
June 16
June 016
Jan
Jan
Feb
Jan
2036 May
2044
2035
0'
3
Jan
Jan
Feb
Apr
Jan
Jan
34 Apr
134 Jan
Jan
1
44 Apr
14 Jan
3.4May
83
Jan 95
Feb
88
Mar 108% June
26
May 38% Mar
Feb
34 Alm 13a Sold under the rule.
e See alphabetical list below for -Under the Rule" Sales sheeting the range for
the year.
Blackstone Valley Gm dr El. 59, 1939, May 19, $1.000 at 10234.
Sniffs Watch pref.. Feb. 2, 10 at 1231.
Central Power fie series D. 1957, Mar. 7. $1,000 at 72.
Cities Service, pref. B. Jan. 11. 10 at 5.
Dallas Power & Light 6s, 1949, April 5. 81,000 at 105.
Houston Lt. Sc Power 55, series A. 1953, May it. $3,000 sse 96.
Interstate Telephone 55, Bedew A, 1961, May 9, 32,000 at 68..
Iowa Power Sc Light Oie, 1958. April 1. $1,000 at 8134.
Iowa Public Service 534s, 1959, Feb. 1. $1,000 at 84.
Jones Sc Laughlin Steel 58, 1939, Mar. 31, 53,000 at 10334.
Kangas City Gag 6s, 1942. Mar. 1, 84,000 at 98.
Netherlands 6s 1972, Jan. 5. 810.000 at 106.
Niplasing Mines. March 23. 100 at 136.
Pacific Gas Sc Else. 5455 see. C 1952, Ape. 27. $2,000 at Ilzeg.
Rio de Janeiro 1335e 1989, Jan, 18, 512,000 at 16%.
Public Service of No. III.. 414a, 1978. Feb.8.81,000 at 85.
Russian Govt. 545s cBs., 1921. Feb. 4, 51.000 at 134.
Shawinigan Water Sc Power 414s, series B, 1968, Mar. 10. 52,000 at 78.
Stinnes (H.) deb. 7s. 1936. Jan. 25. 51.000 at 3145
Sylvanite Gold Mines. Jan. 27. 100 at 34.
Toledo Edison ifs, 1947. Apr. 26, $1,000 at 94.
Union Gulf Corp. 55, 1950, Mar. 9. 31,000 at 98.
United Light Sc Rya. deb. 65. 1973, Mar. 9, 52,000 as 6536
Welch Grape Juice eons.. Jan. 27. 26 as 8734.
Wheeling Electric 5s. 1941, May 18. $1.000 at 101.
e See .1phgto.tigai list below for "Deferred Delivery" sales affeeting the rang
for the year
American Capital Corp., corn. M. B, June 14, 700 at 3.4.
Amer. Gas Sc Else.. pref., April 12, 100 at 68.
American Solvent. Sc Cbem. 634.. w. w., 1936. Mar. 17 51.000 at 164.
.
Associated Tel. & Tel., 515s. 1955. May 31, $1,000 at 28.
Bell Telephone of Canada 58, 1957, Mar. 7.89.000 at 9 34.
4
Central Public Service. class A, June 7, 100 at 35.
Central States Electric, cam., June 1, 100 at 45.
Cities Service, deb. 5s, 1950, May 28, 51,000 at 164.
Commerz-and-Privat Bank, 5345, 1937, May 28, $1,000 at 29.
Commonwealth Sc Southern, warrants, June 15.500 at 34.
Employers Reinsurance Corp., June 28, 100 at 14.
General Water Wks. Sc Elec. 6s ser. B, 1944, June 6, $10,000 at 6.
Gillette Safety Razor 15e, 1940. Mar. 7. 81.000 at 94.
Hamburg Elev., Underground Sc St Sty., 5158, 1938, May 26.86.000 at 2314.
Indiana Sc Michigan Elec. 5e. 1955, Mar. 12. 52.000 at 94.
Interstate Power 55. 1957, Mar. 10. 35.000 at 70.
Interstate Equities Corp., May 21, 200 at 55.
Middle West Utilities, 58. 1934. May 28, 81,000 at 134.
Middle West Utilities, 5s, 1935. May 28. 55,000 at 134.
New Bradford 011, Feb. 8. 500 at it
Ohio Public Service, 6s, ser C, 1953, June 2, $1,000 at 7034
Pacific Western 011 6459, W.W. 1943, June 7, 51,000 at 46SI•
Public Ser0100 Of No. Di w prof.. April 5. 78 at CR.
Reliance Management 53 w. w. 1954, June 23, 81,000 at 50.
Securities Corp. General, April 9. 300 at 2.
Southwest Dairy Produets deb. 6411 1938. Jan. 20. 81.000 at 7.
Super Power Co.. Os 1961, June 7, 81,000 at 77.
TrKligitleg Corp. deb. be. 1979. Feb. 1. $2.000 at 3%.
Union Terminal (Dallas), 5.s 1942. June 14, E2,000 at 75.
Volume 135
Financial Chronicle
107
Quotations for Unlisted Securities
Public Utility Bonds.
Am Com'th P 534s '63.141&18
Amer P13 Is 1948_M&N
Appalach Pow be 1941_1,4D
A ppalach P deb lis 2024_1.41
Atlanta G L be 11147__J&D
Broad Hie P be 10134._M&S
cen 0 & E As 1033..F&A
let lien coil Cr 5;4048 J&D
let lieu coil tr 6e '40_141AS
Cen Ohio LA P be '50 _A&O
Derby 0 & E be 1946_F&A
Fed P 8 let fle 1947_ __J&D
Federated Utll 63.4.'67 MckS
Gen Pub URI 8148'56&A&O
Houston Gas & Fuel be_1952
III Wat Her let be 1952.J&J
Iowa So Veil 53.4e 1950.J&J
Jamaica W S 5.14s 1965_3&J
Lexington Utll be 1952_ FAA
Louis G & E 4 lie 1981_ FAA
Deb a I es 1937
;cf.()
Louis Light let Sc 19521_A&O
New On P S tRi 1949 J&1)
Ma
1
41
09
57
Ark
312
4312
100
6012
.
4112 45
941114 1411
273 3114
4
29
3212
54
5712
53 2 56
,
153 1814
4
253 29,
4
4
22
17
31
35 2
,
6012
47
9014
5512
$71#
96
97
37
64
4912
93
5912
9212
--3(T12
Newp N & Ham 55 '44-1,41
NY Wat Ser 5a 1961_ MAN
N Y & Wes L 4s 2004_ _.1.4.1
N Am L&P sf deb514(e58J&J
Okla 0 & E be 1940___Marei
Old Dorn Pow be_Nlay 15 51
Parr Shoals P 513 1952_A&0
Peoples L & P 514s 1941 Jar1
Pow Corp NY 83.4e'42 MAN
Pow Sec coil Cr 8s '49__F&A
Queens0& E 414s'58 _MAtS
Roanoke W W5e 1950_J&J
Sierra & S F 5e 1949_1,U
Tide Wat Pow Is '79_ _FAA
United L./k fly es '73_ _JAJ
Uolted Wat Gas & E es 1941
Virginia Pow Sc 1942_ _Jik11
Wash Hy & E 45 1951.1,40
Western PS 634e 1960_ F&A
Wheeling Else 55 '41_MiN
Wichita Ry & L be l932._
Wise Else Pow 68 '64_ _F&A
Wise Minn LAP 63'44 MAN
Wise Pow & Lt 55'58 _MAN
Investment Trusts (Concluded).
51/1
65
6912
80
263
4
59
61
70
24
69
Ask
Par 86,11
7212 Royaltles Management....
18
7212 Second Interval Sec Corp A
14
8312
Common B
41-18
30,
4
6% Preferred
48
6312 Securities Corp Gen $43 pre( 410
64
Selected American Sharee__
1.13
72
Selected Cumulative Sias_
34
,
27
Selected Income Shares_ _ _
15
8
73
Selected Mau Trustees She. 2.40
_ Shawmut Bk Inv Trust
4380
85
Spencer Treat Fund
•
50
5214 Standard All Amer Corp... 41.95
7112 76
Standard Amer Trust Sharer 175
46
50
Standard Collet Trued She.
24
1
29
Standard Invest 534% Pt...
3
84
79
StateStreet Inv Corp
23212
923 95
4
Super Corp 01 Am Tr She A
15
8
77
1.0(.
58
55
11
158
95
99
278
80
25
8
93
91
Trust Sharer of America__
4112
74
70
Trustee Stand inveetment
z 0
( Zt 10
70
7412
Public Utility Stocks.
Par
Alabama Power $7 pret_ _100
Arizona Power 7% prof_ _100
Ark Pow & Lt $7 pref
•
Assoc Gas & El wig pref..*
$650 preferred
•
$7 preferred
•
Atlantic City Elea $8 pre/
Paf
Trustee Standard 011 She -A
Trusteed Amer Bank Share.
Series A
Trueteed N Y City Bk She.
20th Century class A
Series B
Two-year Trust Shares_
Bid
Ask
z22;
23
4
d2is
417 - 1;3
8 i
238 27
8
112 178
1.40 1.65
43
8 57
8
United Bank Trust
414
77 United Fixed Shares
8
13
8
(Jolt Founders Corp 1-70trA
- United Ins Trust
33
4
0 BA Brit Internet class A
(118
6
Class B
41-16
3412
Preferred
4
U 8 Elea Lt A Pow Share! A
1014
1.15
1.73
Voting trust errs
638
33 Un N Y Bank Trust C 3
s
3,s Un Ins Tr ser
178 U S Shares ser
33
4
1:25 On Corn Tr A 2
23
212
- 8
17112
8
43
;
41
Industrial Stocks.
Per
Memphis Pr & Lt $7 pref__• 66
75
Metro Edison $7 prof
40
46
86 preferred C
• 35
39
Mississippi P & L $6 pref_ ..• 30
35
Miss River Power pret_100 65
70
Mu Public Serv 7% prof.100 18
28
96
it
Mountain States Power__ _•
7% preferred
100 30
40
Bangor Hydro-El 7% pf _100 01
. 95 Nassau & Suffolk Ltg prof. 48
52
Binghamton L H & P $6 pl.•
- 80 Nat Pub Serv 7% pt 4_100
3
7
Birmingham Elee 7% preE• 13
46 Nebraska Pow 7% Dref _100 8012 84
Broad River Pow 7% pf.100
19 Newark Consol G. _ _100 91
_
99
Buff Ming & E or prof
_25 16
1612 New Jersey Pow & LI $6p1• 55
65
New Orleans P S 7% pf_100 37
39
Carolina Pow & Lt $7 prof • 44
49 NY & Queens EL & P pf100 90
Cent Ark Pub Serv pre1_100
65 Nor States Pow (Del) corn A
i1
92
Cent Maine Pow 6% pf_100 - - 50
45
Preferred
-63
68
100 48
7% Preferred
53
Cent Pow & Lt 7% pref. 100 28
31
Ohio Edison $8 Drat
52
58
Cent Pub Sere Corp pref_ •
2
2 34
$7 preferred
02 65
Cleve El Ilium 6% prof. _100 9512 9712 Ohio Pub Seri 8% pref.... 36
,
3912
Col Ry P & L 8% let of- 100 64
70
7% preferred
100 4312 4612
634% preferred B
100 65
70 Okla Gas & El 7% Dref 100 54
60
Consol Traction N J
100 17
20 Pee Gas & El $1.50 Pret-85 21
22,2
Consumers Pow 6% pref. • 56
59 Pao Northwest Pub Serv_
12
8% preferred
160 68
71
8% Preferred
71
8.80% preferred
100 72
75
Prior preferred
13
15
Cont'l GAS & Elea 7% Cit 100 38
41 Pao Pow & Lt 7% pref__100 47
50
Pa Pow ar Lt 7% pret
76
78
Dallas Pow & Lt 7% Prof 100
86 Philo Co 15 pref
45
1)ayton Pow & IA 6% Pf_100 -iC
85 Piedmont Northern Ry _100 20 30
Derby Gas & Elea $7 pref..• 30
37 Pub Ben Co of Col 7% 01100
- - 57
Puget Sound Pow & Lt pr of. 33 37
Erle Railways
2 Rochester G dr E 7% pf 13100 50
•
55
Preferred
100
80
8% preferred C
100 41
45
Essex-Bud/ion Gas
100 128 133 Sioux City 0& E 7% pf_100
- 53
Foreign Lt & Pow units_ ___
22
23 Somerset Un Md Lt_ _ _ _100 72
79
(Ian & Else of Bergen__ -100 100
96 South Calif El $150 pref.25 21
23
(len Gee & El part Ms
20
$1.75 preferred
26 1912 2012
Iludeon County Gas._ _ _100 128 133 So Colo Pow corn A
2
25
412
Idaho Power 8% pref
7% preferred
100
78
7% Preferred
100 58-_- South Jersey Gas & Elec _100 1 - 130
74
-25
Illinois Pow & Lt
pf _100 27
29 Tenn Else Pow 6% Ore!.100 52
54
Inland Pow & 1.1 7% pf_100
7% Preferred
64
100
Interstate Power $7 pref..• 1512 17 Texas Pow & Lt 7% PId_100 60
72
76
Jamaica Water Stipp pf _lie 43
47 Toledo Edison pref A _ 100 55
60
Jersey Cent PAL 7% pf 100 54
58 United 0 & E (Conn) pf_100 37
Kansas City Pub Service_ -•
12 United 0& 93(NJ) pf 100
46Preferred
3
3 214 United Public Service pref._
-- 212
Kansas Gas & El 7% pf.. 100 75
80 Utah Pow & Lt 7 pre
• 25
30
Kentucky Sec Corp corn.100 225 300 Utica Gas & El 7% pre1_100
75 80
6% preferred
100 47
UCH Pow & Lt 7% Pref__100 1212 1512
Kings County Ltg 7% pf 100 82
Virginian Ry corn
87
100 40
80
Long Island 1.1 6% pfd_ _100 45
48
Wash Ry & Else corn_ _100 175 250
Preferred A
100 49
55
5% Preferred
100 7212 77
Los A Wise & E18% Pf_100 74
S4
Western Power 7% pref _100 64
72
52
_
46 5
Ask
12
118
12
13
25
1.25
35
8
2
2.70
56
54
49
10
12
12
9812
Investment Trusts.
Adams Millie $7 prof
, 75
•i
Aeolian Co $7 pref
10016 15
21
Aeollan Weber P&P corn 100'd.... 3
Preferred
10(Pd ____ 3
Alpha Portl Cement p1_100 80 90
American Book $7
100 54
60
Amer Canadian Properties_'
212
1
American Cigar pref
100 100
--Amer Hard Rubber.- 100 4 4
8
A merMan Hardware
25 15
1619
Amer Manufacturing corn__
9
15
Preferred
100 43
50
American Meter new
14
• 10
Babcock & Wilcox 2% __100 20
Baker (.11'1') Chemical coin.*
9
Bancroft GI) dr Sons corn..•
2
Preferred
100 15
Bliss (E W) let pref
50
2d pref B
10
Bohn Refrigerator 8% p1100
BOO Anil Co B eon)
•
Bowman-Biltmore Hotels_
1st preferred
100
211 preferred
100
Brunsw-Balke-Col pref____• 19
Bunker Hill & Sull com_10 16
Burden Iron pref
20
Canadian Celanese corn....
Preferred
100
Carnation Co $1.60 corn_ _ _•
Preferred
100
Chestrut Smith corn
Preferred
Childs Co pref
100
Clinchdeld Coal Corp_ -113(
Preferred
100
Color Pictures Inc
Columbia BakIng corn.....•
let preferred
•
2d preferred
Colts Pat Fire Arms Mfg_25
Congoleum-Natro 37 pf _100
Crosse & Blackwell corn..
Crowell Pub Co $3 coin new
$7 preferred
Amer Bank Stock Corp.
123
153
Amer Brit & Coot $6 pre_ _• 62
4
Amer Compoette Tr Shares
2,5
Amer Founder' Corp-6% Preferred
66
13
7% Preferred
d6
13
Amer & General Sea coin A.
14 3
Common B
12
41-16
8% preferred
29
25
Amor Ineuranstocks Corp.•
33
112
Ammo Standard Oil Shares_
25s 318
Atl h Pao Intere Corp units in218
Common with warrants_
Preferred with warrants..
12
Atlantic Securities Corp pf _• 17
22
3
4
Mactailden Publict'ne com.5
$8 Preferred
•
Merck Corp $8 pref _ _ _ _100
1
11
47
3
14
52
National Casket $11
$7 preferred
National Licorice corn. _100
National Paper AL Type Co_
New Haven Clock pref__100
New Jersey Worsted pref _
Northwestern Yeast _ _ __100
30
77
18
35
81
24
20
30
23
13
4 Otilo Leather
25
let preferred
25
ad preferred
71 Okontte Co $7 pref
:
100
55
25 Petroleum Derivatives
1
Publication Corp $3.20 corn'
4
$7 1st preferred
100
2
21
1712 Riverside Silk Mille
35 Rockwood & Co
•
Preferred
_100
2
4 Rolle-Royce of America. -_44
39
Preferred
.00
7 2 9 Boxy Theatres unit
,
90
Common
2
Preferred A
4
10 Rubel Corp COM
712 13
Preferred
2
5 Ruberold Co 82
100
25
30
14
5,
18
Safety Can Heat & Ltg_100
1
212 Scovill Manufacturing __25 z
34 Singer Manufacturing _100
.1
6 Solid Carbonic Ltd
93 101
Spiltdort Beth Elea
2 Standard Screw Co
100
12
19 Standard Textile Pro ..I00
75
85
Class A
100
Class B
100
13 Stetson (J B) Co com ____•
s
4
6
$2 Preferred ______ _ .._25
Do Forest Phonofilm Corp..
Dictaphone Corp COM - •
$8 preferred
100
Dixon (Joe) Crucible 14.100
26
Doehler Die Cast pref. _50 _--- 712
• H1
Preferred
5
0
Douglas Shoe pref
5
12
100
Draper Corp
22
100 17
Driver Hands $7 pref_ 100 33
43
Dry-Ice Holding Corp
Eleemann 'Magneto corn
Preferred..106
Liberty Baking corn
•
Preferred
100
Locomotive Firebox Co._.
it
60
16
85
5
61
:
91
--
712 1012
60
70
60
50
50
2
10
85
4
20
-
5
7
7
50
2
4
12 2
12
12
112
4
6
20
16
18
1912
16
12
1412 1612
83 87
1
2
1
24
28
1
e
3
7
4
5
14
Taylor Mill Core COM- - - - •
24 5
,
414
Taylor Wharton Irk 845 com•
Preferred
312 6
__IGO
Tenn Products Corp prof 50
_
10
TubliteChatillon7%cu.pf.100 dzio
3512
Unexcelled Mfg Co 4uc. _10
United Business Pub pref100
Crated Publishers prel__100
U S Finishing pref
100
114 2 4
,
_
10
12
10
Equity Corp corn stamped..
2
4
414
Equity Trust Shares A _
1 45 1.65 Franklin Ry Supply
• 10
212 412
Walker Dishwasher corn._ _•
Federated Cap Corp pf__
77s S'S
92
Welch Grape Juice preL 100 85
Five-year Fixed Tr Snares.
Gen Fireproofing $7 pf..l00
l3
8
71
912
__ 79 Cy VaPulph Pap $1 00 com•
Fixed Trust 011 Shares
Graton dr Knight cons
14
dl
•
114
10(1 691s 71,
$6 preferred
2
Fixed Trust Shares A _ _ _ _ •
4
Preferred
4
100
9 White Rock MM Spring
11
fit Northero Paper $2.40 25 14
3
•
17
78
1: let preferred
100: 88
Fundamental Tr Shares A.
Herring-Hail-Mary elate _100 14
17
8 2,
4
19
$10 2d preferred
100 70
Shares B
2
23
8 Howe Scale
5 Willcox & Gibbs $2 corn_ _ _
30
20
General Pub Sem 6% pf_.. 45
,
Preferred
10
100
15 Woodward Iron
1
100
334
Granger Trading Corp....' 113
Industrial Accept corn____•
6
4 Worcester Salt $6
100
60
Guardian Invest, corn
12
Preferred
100 .- -- 32
29
Pret with warrants
9
Internet Textbook
100
4
Young (J 5) Co eorn .l00 60
Oude-WinmiliTrad Corp_.• 425
Lawrence Port! Cem $4 100 --__
9
Preferred
100 72
Huron Holding Corp ..
414
5
8
Incorporated Investors....'
2
9s4 101
Telephone and Telegraph Stocks.
Bancarnerica-Malr Corp 34
Si Cs Incorp Investors Equities..
112
Bankers Nat Invest'g Corp • 410
14
Int Sec Corp of Am corn A _ _ 41-16
1
Am Dist Tel of N $4 _ _ _ _• . 21
28
14
New York Mutua, lei iOUdx 9
Bansicilla Corp
Common B
3
312
7% preferred
100 54
58 Northw Bell Tei p16 14%100 9912 101
ilatile Industry Shares_ _ _ _•
614% preferred
10
Bell Tel(Can) 7% prof. AGO 63
69 Pan&Ati rein
1%._25 6 7
10
British Typo Invest
.60 1:6
6% preferred
Bell Tel of Pa 814% prof 100 10112
512 9
16
Independence Trust Shares. 1.10 1.35 Cin & Sub Bell Telep .._ _60 47 103 Peninsular ieleph 21 40 _• 13
50
7% preferred A
100 70
75
Central Nat Corp claire A
12 Investment Co of Amer....
Cuban Telephone
2
- 100 Porto Rico Telephone
100
Class B
di:
preferred
7%
12
7
7% preferred
40 Roch Telep $6.50 let p1.100 96
98
Ceotury Trust Shares
11 18 I Cs Investment Trust of N Y.
Empire & Bay State Tel.100 20
2 4 25
,
(1
30 So & All eleg $1.25
12
254 8
Chain & Geril Equities Inc •
118 Investors Truatee Shares...
418
214
Franklin Teleg 13 50 _ __ _100 20
25 So & N E Telephone 8,4 _100 82
84
9
Chartered Investors coal_ _.
cf,
Leaders of Industry A
4
Int Ocean Teleg 6%..._100 :29
17s
35 S W Bell Tel 7% pref.. 100 100 111112
Preferred
430
42
41.59 T.71 Lincoln rei ‘1, lel 8%
z88
Trt-States Tel & Tel 118._.• /175
Chelsea Exchange Cora A..
412 112
61.15 1.60 Mountain States Tel & Tel. z68
73
$ 60 preferred
10
Clam B
612 712
41-16 3-16 1.0•• Prices Shares
New Ergiand Tel & TPI_ 100 69
1,
4
71
Wisconsin Tele')7% prof 100 98 100
Corporate Trust Shares.__. 1.13
Major Shares Corp
112
Series AA
1.10 1.20 Mass Investors Trust
• 101 4 113
8
Chain Store Stocks.
Accumulative series_
1.10 1 20 Mutual Invest Trust cl A.
_
4
.
3
Crum & Folder Ins Shama
Mutual Management cont.
23
4 Bohack (II CI 100 Porn- -7 •
Melville Shoe CorpCommon II
6
Nat industries Shares A.... 1.10
10
101 :1
•
_ 43 _
1_2
7
_
tel
8% witb warr_100
50
7% preferred
65
100 d60
NationalTrust Shares
3
3
.12 Butler (James) common_ iao
Miller (1) & Sons prat_ __100
15
Crum & Foster Ins corn....
9
6
Nation Wide Securities Co.. 1.70
Preferred
7 8lockJudrair Voehringerpf1110 27
35
85
8% Preferred
Votingtrust
7
0_
65 - 78 64 Diamon Shoe pref with was
d
Murphy (S C) 8% pref_1(10,
90
Cumulative Trust Shares... 1.77
N Y Bank Trust Shares._
Edison Bros Storespref_100
21s
_
35
No Amer Trust Shares
1.11
Fan Farmer Candy Sh pt.... z 1
,
7
Nat Shirt Shops corn
20
1
•
4
Deposited Bk She ser N Y.. 1.70
Series 1965
1 24 1.35 Fishman (H Ml Stores Corn. ... 90
16
5
Preferred 8%
100
Depoe Ilk She N Y ser A__
35
Series 1958
el5
8 2
1.24 1 35
Preferred
Newberry (J) Co 7% v1_10 a 57
Depootted Ineur She A
1 58 214 Nortnern Securities
30
15
Ot At( & Pee Tea pref__100 110 114
Merenandt. 1st 01_100 70
N Y
,
Diversified Trustee She A011 Shares Inc units
412
23
0
Kobacker Stores pret _ ..100
Piggle-WIggly Corp
•
4
B
Old Colony Inv Trust corn..
35s
1
ri,
4
Kress (S H)8% pref
93 1012 Reeves (Daniel) pre(
4
100 CO
I 40 1.55 Old Colony Trust Areoc 80 • 431
5
Lerner Storee 84% pret w w
. 40 Rogers Peet Co corn... lot)
loll
5.5212 2 4 Petrol & Trail( Corp Cl A 25 d3
3
6
Lord & Taylor
100 a 80 120 Schiff Co pref
100 45
60
Public service Trust Shares
15
8 218
1st preferred 8%
100 4 50
85 Sliver (Isaac) & Bros p1.100
15
5
Equitable Invest, units____ ---- 10
Representative Trust Shares 4.37 462
See preferred 8% - _ - 1011 6 50
85 U S Stores 1st pref
100
5
1.5
• No par valUe 4 Last reported marked
Ex-elock dividend. a Ex-dividend. if Ex-rights
- •
July 2 1922
Financial Chronicle
108
Quotations for Unlisted Securities-Concluded-Page 2
Insurance Companies.
Sugar Stocks.
Fajardo Sugar
Haytian Corp Amer
Savannah Sugar corn
7% preferred
Par B44 Ask
100 1812
•
100
40
75
48
80
Par 814
Sugar Estates Oriente p1100
United Porto Rican com -Preferred
Ask
1
5
8
Federal Land Bank Bonds.
4e 1957 optional 1937_1410,N,
4s 1958 optional 1938_MAN'
44 e 1956 opt 1936____J&J
4 34* 1957 opt '37
434s 1967 opt 1937_ __MAN
44s 1958 opt 1938___MAN
58 1941 optional 1931_5744N
J&D
44s 1933 opt 1932
7712 itis
77
7712 445
77
7912 444s
78
78 '791., 434*
78 I 7912 444s
7912 444e
78
8912 90 1 446is
3
89 4 90141
1942 opt 1932_14104N
1943 opt 1933____JAJ
1953 opt 1033 _ _JA J
1955 opt 1935_ -J&J
1956 opt 1936.___J&J
1953 opt 1933____J&J
1954 opt 1934____J&J
8412
8412
8314
8314
8314
8412
8112
85
85
4
833
4
833
4
833
85
85
New York Bank Stocks.
Manhattan Company_ _ _20 1612 1812
100 _--- 35
Bank of Yorktown
10070
20 1914 2114 Merchants_
Chase
50 6 42
Nat Bronx Bank
27
20 25
City (National)- - 14
11
National Exchange
85
Comml Nat Bank & Tr 100 84
7
4
100 925 1025 Nat Safety Bank & Tr_ __25
Fifth Avenue
9
5
.-25
First National of N Y1(10 8_6_0_ 950 Penn Exchange
200
Peoples National
60
Flatbush National
1512 1712
100Grace National Bank___104 ____ 500 Public Nat Bank & Tr..-2b
10
7
25 --__ 60 Stertit g Nat Bank & Tr__25
Harbor State Bank
29
24
Textile Bank
_
4
Ilk & Tr_100 _._ 5
Harriman Nat
30
100 15
Trade Bank
Kingsboro Nat Bank _ _A00
12 5
Washington Nat Bank _100
12
8
25
Lafayette National
30
Yorkville(Nat Bank of)_100 20
Trust Companies.
Baum Comm Italians Tr 100
2C
Bank of Sicily Trust
Bank of New York & Tr_100
.10
Bankers
20
Bronx County
100
Brooklyn
20
Hanover
Central
Chemical Bank & Tnust 10
100
"lintm Trust
100
Colonial Trust
10
Coot Bk & Trust
Corn Etch Bk dr Trust___20
28
County
20
Empire
145 155
17
15
190 120
43
41
17
212
108 123
90
86
4
4
263 283
35
20
25
20
5
s
117 137
44
41
19
17
4
143 1634
100 190 220
Fulton
100 175 181
Guaranty
23
100 18
t Hibernia Trust
15
10 14
frying Trust
100 2000 2100
Kings County
36
Lawyers 'a ills & Guar__ A00 31
Manufacturers (new) ____25 1712 1912
4
4 33
13
Mercantile Bank & Tr w L.
59
28 56
New York
28
title Guarantee & Trust_26 25
75
100
['rust Co of N A
7
5
20
Underwriters Trust
100 970 1070
United States
Chicago Bank Stocks.
7
100
Central Republic
9
Chic Bk of Commerce
Continental Ill Bk & Tr_100 62
100 138
First National
8
10
61
141
Harris Trust & Savings.II))) 173 178
100 220 225
Northern Trunt Co
Peoples Tr dr Say Bank_100
6
Strauss Nat Bank & Tr_100 -7 - 75
Par 8(4
Aetna Casualty & Surety_10 1612
10 1614
Aetna Fire
914
10
Aetna Life
25 2312
Agricultural
5
10
American Alliance
American Colony
4
American Constitution
5
American Equitable (new)_
3
AmericanHorne
412
5
American of Newark
American Re- insurance_ ... 13
2
10
American Reserve
7
25
American Surety
9
10
Automobile
Baltimore Amer Insurance_5
25
Bankers & Shippers
100
Boston
10
Carolina
100
City of New York
0
Colonial States Fire_ _
Columbia National L1fe.100
Connecticut General Life_ 10
Consolidated IndemnitI --10
Constitution
10
Continental Casualty_
Cosmopolitan Insurance_
5
Eagle
5
Excess Insurance
10
Federal Insurance
Fidelity de Deposit of Md_50
20
Firemen's
5
Franklin Fire
General Alliance
10
Glens Falls Fire
Globe & Republic
Globe & Rutgers Fire__ _100
10
Great American
Great Amer Indemnity_ .10
10
Halifax Insurance
50
Hamilton Fire
10
Hanover
10
Harmonia
10
Hartford Fire
Hart/ St'm Boiler Ins&Ins 10
10
Horne
Home Fire Security
10
Homestead
10
Hudson Insurance
Importers & Exp of N Y2b
Independence Indemnity_
2
45
10
National Casualty
10
National Fire
.2
National Liberty
5
National Union Fire
,
7 4 914 New Amsterdam Casual_ _10
4912 62 New Brunswick
10
4
6 New England Fire
10
110 135 New Hampshire Fire_ __ _10
23 New Jersey
20
20
114 3 4 New York Fire COM
,
5
North River
25
7 Northern
5
51s 818 Northwestern National_ _ _
166- 230
5
20
4
13
9
12
512
8
20
4
7
22
314
14
14
712
13
23
6
8
512 712
30
20
5012
28
26
4 33 Pacific Fire
23
4
314
414 Phoenix
10 2712 2912
234 43
20
4
2512 2812 Preferred Accident
2
938 113
30 Providence-Washington _ _10
25
8
138 33
5
412 6 Public Fire
5
8 75 Public Indemnity (formerly
53
Hudson casualty)
212 412
29
112 212
Reliance Ineur of Phil&
27
214 414
10
4
7 Rhode Island
30
25
3412 491., Rochester American
6,2 8 St Paul Fire A Marine_ _ _25 7612 8512
8
15
8 Seaboard Fire 04 Marine_ _ _ _
15
4
Security New Haven_ _ _ _10 1612 1812
44
512 712 Springfield Fire & Marine 25 39
100 Standard Accident
50 15
45
16 Stuyvesant
25
6
8
14
100 143 193
518 715 Sun Life Assurance
2134 2334
100 231 246
27
0 Travelers Fire
3
s
7
7 s 97
s 138 17 S Casualty
3
25
5 812
4
214 4,
4
6 U S Fidelity & Guar Co_ AO
17 U B Fire
8
10
10
95
Merch & Shippers_ _100 75
112 212
10
6
Victory
10
5
4
Weetcheeter Fire
6
Realty, Surety and Mortgage Companies.
Industrial and Railroad Bonds.
Adams Express is '47 JAD 44
American Meter 6s 1946___ 75
Amer Tobacco 4s 1951 FAA 90
Am Type Fdrs 6s 1937 MAN 91
1939_MAN
Debenture
Am Wire Fab 7s 4L.M&S 1012
Bear Mountain-Hudson
River Bridge 7s 1953 A&O 71
Biltmore Comm 7e '34 M&S 28
Chicago Stock Yds ba 1961 60
15
Consol Coal 434s 1934 MAN
.4
63
Consol Mach Tool Ta 1942
Consol Tobacco 45 1951._ a88
2
Continental Sugar 7s 1938_
Equit Office Bldg be 1952_ 4712
Flak Tire Fabric 614e 1935
712
Flaytian Corp 88 1938
Hoboken Ferry 5s '46 MAN 54
Internet Salt 58 1951_A&O 58
Journal of Comm 64s 1937 30
Kane City Pub Berv 6s 1951 18
Art
Ask
Par Bid
1812 Kansas City Life
100 350 450
4
2
1814' Knickerbocker (new)
111‘d
2
5
2812 Lincoln Fire (new)
10
02 212
8 Lloyds Casualty
10
112 212
10
Voting trust certifs.
8
2
6
8 Majestic Fire
10
212 412
6 Maryland Casualty
25
9
14
25
512 Mass Bonding A Ins
16
17
Merchants Fire Assur comb0 12
4
a
blerch A Mfrs Fire Newark 5
5
4
10
9 Missouri State Life
3
3 4 43
11
Morris Plan Insurance
Loew's New Brd Prop
J&D 55
6s 1945
Merchants Itcfrig (Ss 1937- 8912
12
N 0 Or No RR bs '55._F&A
ba '46 JAG
6 N Y A Bob Ferry1940_MAN 55
75
2812 N Y Shiabldg be
Piedmont dr No Ry .59.54.1114J 47
312
75 Pierce Butler dr P 64s 1942
35 Realty Assoc Sec 6s '37...J&J 35
40
65 Securities Co of N Y 45
25 61 Broadway 548 '50_A&O 4812
31
4
123 So Indiana Ry 4s 1951_F&A
8
- Stand Text Pr 634* '42 M&S
6 Struthers Wells Titusville
4
453
5012
648 1943
20 Tol Term RR 434'57 MAN 60
114
10 US Steel 5s 1951
Ward Baking 68 '37-LAD 15 78
65
5
82 Witherbee Sherman 6s 1944_
40 Woodward Iron 5s 1952_J&J 3312
1912
47
81
92
59
95
1414
65
.52
8
40
50
5212
33
14
4
47,
70
-180 2
712
38
Bond & Mortgage Guar__20
_ _100
Empire Title &
Guaranty T1t1e & Mortgage_
Horne Title Insurance____25
s
173 2038
40
150
14
9
International Germanic Ltd
20
Lawyers Mortgage
National Title Guaranty 100
State Title Mtge (new)_.i00
20
15
7
5
9
6
1812 2812
Aeronautical Stocks.
Alexander Indus 8% pref__ _
American Airports Corp_ _ _ _
Aviation See of New Engl._
Central Airport
Cessna Aircraft corn
Curtiss Reid Aircraft corn,.
Kinner Airplane & Mot new
Sky Specialties
Southern Air Transport _
tt
a
4 Swallow Airplane
112 Warner Aircraft Engine_
112 Whittelsey Manufacturing
110
1
2
s
3
2
2
_ _
1,
4
5
2
Quotations for Other Over-the-Counter Securities
Railroad Equipments.
Short Term Securities.
Bid Ask
71
Allls-Chal mfg 5e May 1937 67
Alum Cool Amer 5s May'52 8112 83
41
Amer Metal 54s 1934 A&O 40
82
Amer Rad deb 414s May '47 80
4
Am Roll Mill deb be Jan '48 353 363i
434% notes 193.3_ __MAN 47. 4712
9112 94
Amer Thread 54a'38_M&
71
Amer Wat Wks 5s 1934A&O 70
86
Bell Tel of Can 55 A bier '55 85
56
Baldwin Loco 5345 '33 M&S 50
73
Cud Pkg deb 54e Oct 1937 70
Edison Elea 111 Boston
4% notes Nov 1 '32 MAN 10053 101 1a
5
s
5% notes Jan 15'33_ _MO 1013 1017
(hull 011 Corp of Pa
4
4
Debenture bs_ __Dec 18.37 043 953
Debenture bs_ _ _Feb 1947 0014 91
Bid I Ask
General Motors Accept
5% ser notes___Mar 1983 1004'101
9938
5% ser notee___Mar 1934 99
4
5% ser notes_ __Mar 1935 963 97
97
5% aer notes._ _blar 1936 96
Koppers Gas & Coke
Debentures be_ _June 1947 5612 53
Mag Pet 43-4* Feb 15 '30-35 9712 101
Mass Gas Cos 648 Jan 1946 7614 77
99,
4
Proc & Gamb 434s July 1047 09
Swift & 0)4
M&S 793 81
5% notes 1940
9112
90
Union 011 be 1935..
United Drug deb ba '33 A&O 90,
Water Bonds,
Alton Water 541 1956A040
Ark Wat lot 55 A 1956 A&O
Aahtabula W W ba 1958A&O
Atlantic Co Wat be '58MAS
BIrm W W let 644aA'54A&O
let m be 1954 ser B.J&D
1st 55 1957 ser C____F&A
Butler Water be 1957_A&O
City W (Chat) ba B '54 JAD
1st 5e 1957 ser C__MAN
Commonwealth Water
FAA
let be 1156 B
1st In tte 1857 sec C_F&A
Davenport W 50 19131_JAJ
E S L & hut W As '42 J&J
let In es 1942 ser B
let 5a 1960 ser D_ FAA
60
79
80
70
86
80
80
70
70
79
70
82
70
75
88
85
83
80
81
85
85
70
72
80
70
90
90
76
75
85
75
Hunt'ton W let 65 '54 M&S
lit m bs 1954 ser B_MAS
bs 1962
Joplin W W As 57 ser A Malca
Kokomo W W 5e 1958 JAG
IvIonm Con W 1st be '56JAD
Monon Val W 534a '50 .1,1c.1
Richm'd W W lot be'57MAN
St Joseph Wat ba 1941 A&O
South Pitts Water Co
FAA
1st be 1955
let A ref 5a '60 per A JAY
1st dr ref 5s '60 ser 13 J&J
Terre Ina W W6e'49AJAD
151 in As 1956 ser B_J&D
Texarkana W let 5s '58F&A
Wichita Wat 1st (Is '49 MAS
1s1 m be '56 tier ILF&A
1st m be 1960 ser C_MAN
85
80
,
75 2
60
70
65
80
70
85
90
85
77
70
80
70
85
74
88
88
eo
80
90
80
do
85
81
81
90
84
95
-68
90
35
85
Atlantic Coast Line 65
Equipment 441
Baltimore & Ohio 65
Equipment 4.4e & 56_
Buff Roch 04 Pitts equip (is
Canad.an Pacific 444s & Os...
CentralRR of N J 6s
Chesapeake A Ohio fla
Equipment 6444
Equipment 56
Chicago & North West Os..
Equipment634*
Chic It I & Pac 441e
Equipment 68
Colorado A Southern (10._
I)elaware & fludeon Os__ _
Erie 4145 & be
Equipment fle
Great Northern 6a
Equipment 54
HockIrg Valley 54
Equipment fie
Illinois Central 434s& ea.__
Equipment tie
Equipment 7a 114 634*.,...,
Kanawha A Michigan ea
Ask
8 25
626
6 00
8 00
6 CO
7.00
6 00
5 50
5 50
5.50
7 00
7 00
8 00
8 00
7.00
6.25
7.50
7.50
6.50
5 50
6 00
6 00
7 50
7.50
7.50
6.00
Kenna City Southern 64s
Louisville A Nashville Os__ _
Equipment 644a
Michigan Central 5.
Equipment 68
Minn SIP ASS M 414e & 5s
Equipment 6448 & 7s___ _
Missouri Pacific 6 14e-___ .
Equipment Rs
Mobile A Ohio 58
New York Central 44s & 5,
Equipment 6a
Equipment 7s
Nerfolk A Western 4 lis_ _ _ _
Northern Pacific 7s
Pacific Fruit Express 7s- _ _
Pennsylvnela RR equip Is..
Pittsburgh & Lake Erie 6345
Reading Co 434,& 5n._ _ _ _
St Louis A San Fran 5a _ _ _
Southern Pacific Co 414s
Equipment 75
Southern ity 4141 A 5a_ _
_
Eauipmert Os
Toledo 4 Ohio Central 68.
Union Pacific 711
Bid Ask
8.50 7.50
6.50
7.00 6 25
654) 600
9.00
9.00
8.00
8.23
8 00
7.25
7.25
7.25
5.50
7.00
6 50
6 00
7 00
6 00
9 00
7 00
7 00
7.50
7.50
7.00
6.25
7.0))
7.00
7.00
7 00
7 00
6.25
6.25
6.25
5.00
6.50
5.50
5 50
1166)
5 (10
8 00
6 00
6 00
7.00
7.00
6 25
5.50
414
14
3 8-
Investment Trust Stocks and Bonds.
Bankers Nat Invest eorn A.,
Beneficial Indult Loan prat_
Colonial investors Shame_ _
Continental Matron Coro A
Coot Secur Corti pref
Industrial & Pow sae
Invest Fund of N J
Mohawk Invest
• No par value. a And dividend. d Last reported market. f Flat price. x Ex-dividend.
Co.. effective as of June 27 1932.
Bid
6 75
6 75
7.00
6.50
7.00
8 00
6 75
6 00
6.00
6.00
8.00
8.00
9.00
9.00
8.00
7.00
8 50
8.50
6.00
6.00
6 75
7 00
8.25
8.25
8.25
7.00
y.Ex-rights.
_
is
8 4
35
21
2214
aid Colony Inv Tr 44% bde
Bhawmut Association corn_ _
Shawinut Bank Invest Trust
1942
414s
1952
58
Standard Oil Trust Shares A
Class B
44
44
3
212
t Title of Hibernia Trust Co. changed to Colonial Trust
current eariung5
fliontbip,
uarterip anb 1)etti
pearl?.
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUE.
quarBelow will be found all returns of earnings,income and profits for current periods, whether monthly,
that have appeared the present week. It covers all classes of corporate entities, whether
terly or half-yearly,
undertaking.
railroads, public utilities, industrial concerns or any other class and character of enterprise or
It is all inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however, is not confined to the returns which have come to hand the present week.
to supplement the inforIt includes also some of those given in the issue of June 25. The object of this index is
and
mation contained in our "Monthly Earnings Record," which has been enlarged so as to embrace quarterly
The "Monthly Earnings Record" was absolutely complete
semi-annual statements, as well as monthly reports.
which was available
up to the date of issue, June 22, embracing every monthly, semi-annual and quarterly report
press.
at the time of going to
The
The index now given shows the statements that have become available in the interval since then.
the
figures in most cases are merely for a month later, but there are also not a few instances of additions to
which had not yet made up their returns when the June number of the
list, representing companies
"Monthly Earnings Record" was issued.
to
We mean to continue giving this current index in the "Chronicle" each week, furnishing a reference
preceding number of the "Monthly Earnings Record." The
every return that has appeared since the last
latter is complete in End by itself, and for most persons will answer all purposes. But to those persons who are
desirous of seeing the record brought down to date every week, this further and supplemntary index in the
"Monthly
"Chronicle" will furnished an invaluable addition. The "Chronicle" index in conjunction with the
will enable any one at a glance to find the very latest figures of current earnings and income,
Earnings Record"
service. A
furnishing a cumulative record brought down to date each and every week—an absolutely unique
further valuable feature is that at the end of every return, both in the "Chronicle" and the "Monthly Earnings
Record," there is a reference line showing by date and page number the issue of the "Chronicle" where the
latest complete annual report of the company was published.
Issue of Chronicle.
Name of Company=
When PullWed Page.
Akron Canton & Youngstown
June 25__4645
July 2_ 114
Alabama Great Southern
July 2__ 117
Alabama Power Co.
Alton RR
July 2__ 110
American Car & Foundry Co
July 2-_ 122
American Power & Light Co
June 25..4648
American States Public Service Co-.June 25-4656
Amer. Water Works &Elec.Co.,Ltd.July 2_ 117
Ann Arbor
July 2— 110
Associated Gas & Electric Co
July 2-_ 117
Associated Telephone Co., Ltd
June 25-4657
Atch. Top.& Santa Fe Ry. System_ _July 2_- 115
Atlanta & West Point
July 2_- 110
Atlanta Birmingham & Coast
July 2-- 110
Atlantic City
July 2-- 110
Atlantic Coast Line
July 2_ 110
Atlantic Gulf & W.Indies SS. Lines_July 2._ 117
Auburn Automobile Co
June 25..4648
Austin Nichols & Co
June 254663
Axton Fisher Tobacco Co
June 25-_4663
Baltimore & Ohio Chicago Terminal_July 2_ _ 110
Baltimore & Ohio RR. Co
July 2__ 120
(Joseph) Bancroft & Sons
June 25_4664
Bangor & Aroostook RR. Co
July 2_ 115
Barcelona Trac., Lt.& Pow. Co.,Ltd.JulY 2-- 117
Beaumont Sour Lake & Western_July 2__ 113
Bellanca Aircraft Corp
June 25_ _4664
Belt Ry. of Chicago
July 2- 110
Bessemer & Lake Erie
July 2..110
Birmingham Electric Co
July 2_ 117
Boston Elevated Railway
June 25_4648
Boston Herald Traveler Corp
June 25..4664
Boston & Maine RR.
July 2_ 115
Boston Personal Property Trust
July 2._ 117
Brazilian Tract. Lt. & Pow.Co. Ltd June 25..4648
Bristol Brass Co
June 25_4664
British American Tobacco Co.. Ltd_Jurte 25..4664
Brooklyn & Queens Transit System_June 25_4648
Brooklyn Eastern District Terminal.June 25_4645
Brooklyn Edison Co
July 2- 117
Brooklyn-Manhattan Transit SystentJune 25._4648
Bulova Watch Co
July 2_ 130
Bunker H.& Sullivan M.& Conc.Co.July 2_ _ 117
Bunte Bros
June 25_4665
Burlington Rock Island
July 2- 111
Cambria & Indiana
July 2- Ill
Canada Nor. Power Corp.,Ltd
July 2_ 117
Canadian Bronze Co., Ltd
July 2_ 131
Canadian General Investment, Ltd_July 2.- 131
Canadian National Rys
July 2- 116
Canadian Nat'l Lines in New Eng
July 2-- Ill
Cannon Mills Co
July 2_ 131
Central Arizona Light & Power Co July 2_ 117
Central of Georgia
July
Central Power & Light Co
June 25..4648
Central RR.Co. of New Jersey
July 2- Ill
Central Vermont Ry
June 25._4646
Charleston & West Carolina
July 2- Ill
Chesapeake & Ohio
June 25.-4645
Chicago & Eastern Illinois
July 2__ Ill
Chicago & Erie RR
July 2- 112
Chicago & Illinois Midland
July 2- 111
Chicago & Northwestern
July 2- III
Chicago Burlington & Quincy
July 2- 111
Chicago Great Western
July 2-- III
Chicago Great Western RR
June 25_4645
Chicago Milwaukee St. Paul & Pac July 2_- Ill
Chicago River & Indiana
July 2-- Ill
Chicago Rock Island & Gulf
July 2-- Ill
Chicago Rock Island & Pacific Ry July 2- - 116
July 2_- Ill
Chicago St. Paul Minn & Omaha _
June 25..4648
Chicago Surface Lines
Linn. New Orleans & Texas Pacific_ _July 2.. 114
June 25_4648
Cincinnati Street Ry. Co
June 25_4648
Cities Service Co
Claude Neon General Adver.,Ltd—July 2._ 131
July 2_ 111
Clinchfield RR
July 2
117
Collins & Aikman Corp
July 2
111
Colorado & Southern
111
July 2
Columbus Bc Greenville
Commonwealth & Southern Corp_ _ _July 2.. 118
June 25_4645
Conemaugh & Black Lick
Consolidated Chemical Indus., Inc—June 25_4648
Consol. Elec. Lt. & Pow. Co.of Balt_July 2_ 118
Connecticut Electric Service Co....June 25_4648
July 2-- 117
Consolidated Gas Co. of N.Y
June 25..4649
Consolidated Gas Utilities Co
July 2.- 132
Construction Materials Corp
Issue of Chronicle.
When Published. Page.
Name of Company—
July 2_ 118
Consumers Power Co
July 2_ 132
Coos Bay Lumber Co
July 2_ 132
Corroon & Reynolds Corp
June 25-4666
Davega Stores Corp
July 2_ 111
Delaware & Hudson
Delaware Lackawanna & Western July 2__ Ill
July 2- 133
Co
DeLong Hook & Eye
July 2.. 133
Dennison Mfg. Co
Denver Rio Grande Western RR_ __ _July 2_ 116
July 2_ 111
Denver & Salt Lake
July 2_ Ill
Detroit & Mackinac
June 25_4649
Detroit Street Railways
July 2_ 111
Detroit & Toledo Shore Line
July 2_ Ill
Detroit Terminal
July 2- 111
Detroit Toledo & Ironton
July 2_ 133
Dictaphone Corp
July 2_ 133
Dominion Coal Co., Ltd
July 2- 134
Dominion Steel & Coal Corp
Dominion Tar & Chemical Co.,Ltd_ _July 2..134
July 2- 118
Douglas Aircraft Co
July 2- III
Duluth Missabe & Northern
Duluth South Shore & Atlantic Ry July 2._ 123
July 2_ 112
Duluth Winnipeg & Pacific
July 2- 118
Duquesne Light Co
July 2.. 134
Eastern Mfg. Co
July 2- 118
East Kootenay Power Co
July 2- 118
Radial Ry.
Edmonton
July 2_ 134
Eisler Electric Co
Electrical Products Corp. of Cob. July 2._ 135
June 25__4649
Flectric Power & Light Corp
July 2-- 112
Elgin Joliet &Eastern
July 2.. 135
Elgin National Watch Co
July 2-- 135
Emerson's Bromo-Seltzer,Inc
July 2-- 118
Endicott Johnson Co
July 2__ 118
Engineers Public Service Co
July 2-- 116
Erie Railroad Co
July 2__ 135
Eskimo Pie Corp
July 2-- 135
Essex Co
Ex-Cello Aircraft & Tool Corp
July 2-- 135
July 2-- 136
Fageol Motors Co
June 25..4649
Fairbanks Company
Fashion Park Associates
July 2-- 136
July 2-- 118
Firestone Tire & Rubber Co
First National Corp.of Portland_ _ _ _July 2-- 136
Fitz Simons & Connell Dredge &
Dock Co
July 2— 136
July 2-- 112
Florida East Coast
Florida Power & Light Co
June 25-4649
Florsheim Shoe Co
June 25...4649
Fort Smith & Western
July 2-- 112
Fort Worth & Denver City
July 2-- 111
Fort Worth & Rio Grande
July 2-- 114
Foundation Co. of Canada. Ltd... _June 25-4668
Fourth National Investors Corp_
July 2._ 118
Galveston Wharf
June 25_4645
General Box Corp
July 2.. 137
General Outdoor Advertising Co_ —.July 2._ 118
General Stockyards Corp
July 2_ 137
Georgia RR
July 2__ 112
Georgia & Florida RR
July 2._ 116
Georgia Power Co
July 2_ _ 1
118
Georgia Southern & Florida
July 2_ _ 1I4
Gibson Art Co
July 2__ 138
Gilchrist Co
July 2_. 138
Gladding McBean & Co
July 2.. 138
Globe Automatic Sprinkler Co. of
the U.S
July 2__ 138
Godchaux Sugars, Inc
July 2._ 138
Gorton Pew Fisheries Co.. Ltd
July 2.. 138
Goulds Pumps,Inc
July 2__ 138
Grand Trunk Western
July 2.. 112
Craton & Knight Co
July 2_ 138
Great Lakes Dredge & Dock Co
July 2__ 138
Great Northern
July 2__ 112
Green Bay tc Western
July 2_- 112
Greenfield Tap & Die Corp
July 2__ 139
Gruen Watch Co
July 2__ 139
Gulf& Ship Island
July 2_ 112
Gulf Coast Lines
July 2__ 116
Gulf Colorado & Santa Fe Ry
July 2__ 110
Gulf Mobile & Northern
July 2-- 112
Hammond Clock Co
July 2_ _ 139
Hancock Oil Co. of Calif
June 23..4649
Heyden Chemical Corp
July 2._ 139
Holland Land Co
July 2.. 139
Honolulu Rapid Transit Co..Ltd—July 2-- 118
Houston Lighting & Power Co
July 2_- 119
Hudson 8c Manhattan RR
June 25..4649
Illinois Central System
July 2-- 112
Issue of Chronicle
When Published. Page.
Name of Company—
July 2-_ 112 .
Illinois Central RR
July 2
.. 112
Illinois Terminal
Imperial Tob. Co. of Canada,Ltd—July 2-- 139
..July 2_ 140
Independent Pneumatic Tool Co.
Indiana Harbor Belt
July 2__ 113
Indian Territory Illuminating Oil CoJune 25-4669
Inland Investors, Inc
July 2__ 140
Interborough Rapid Transit Co_ _ _ _June 25._4650
International Great Northern
July 2__ 112
International Rya. of Central Amer_June 25-4646
Iowa Public Service Co
June 25..4649
Kansas City Southern
July 2_ 112
Kansas Gas & Electric Co
June 25..4650
Kansas Oklahoma & Gulf
July 2_ 112
Lake Superior & Ishpeming
July 2_ 112
Lakey Foundry & Machine Co
July 2-- 118
Lake Terminal
July 2— 112
Lehigh & Hudson River
July 2.. 112
Lehigh & New England
July 2_ 112
Lehigh Valley
July 2.. 112
Lindsay Nunn Publishing Co
July 2.. 141
Long Island RR
July 2.. 114
Los Angeles & Salt Lake
July 2.. 112
Louisiana & Arkansas Ry
July 2.. 116
Louisiana Arkansas &Texas
July 2.. 112
Louisiana Power & Light Co
July 2.. 119
Louisville Gas & Electric Co
July 2-- 119
Louisville & Nashville
July 2-- 113
Ludlow Mfg. Associates
July 2__ 141
Lyon & Healy, Inc
July 2__ 141
McGraw Electric Co
June 25-_4671
Maine Central RR
July 2-_ 116
Marktt Street Railway Co
June 25..4650
Matson Navigation Co
July 2__ 142
Merrimack Mfg Co
July 2_ 142
Metal Textile Corp
July 2_ 142
Metropolitan Edison Corp
June 25..4650
Mexican Light & Power Co
July 2._ 119
Mexico Tramways Co
July 2_ 119
Michigan Steel Tube Products Co
July 2._ 142
Midland Valley
July 2__ 113
(I.) Miller & Sons, Inc
July 2__ 142
Mineral Range RR.Co
July 2_ 123
Minneapolis & St. Louis
July 2__ 113
Minnesota Power & Light Co
June 25..4650
Minn. St. Paul & S. S. Marie
July 2__ 113
MIsiissippi Central
July 2_ 113
Mississippi River Power Co
June 25..4650
Mississippi Power & Light Co
July 2-_ 119
Missouri & North Arkansas
July 2_ 113
Missouri Illinois
July 2— 113
Missouri-Kansas
-Texas Lines
July 2-- 116
Missouri Pacific RR
July 2-_ 113
Mobile & Ohio Ry
July 2__ 113
Monolith Portland Cement Co
July 2-- 143
Monolith Portland Midwest Co
July 2__ 143
Monongahela
July 2._ 113
Monongahela Connecting
July 2_ 113
Montreal Cottons, Ltd
July 2_- 143
Moreland Motor Truck Co
July 2__ 143
Mountain & Gulf Oil Corp
July 2_ 143
Nashawena Mills
July 2— 143
Nash. Chatt. & St. Louis
July 2_ 113
National Railways of Mexico
July 2— 116
Nauheim Pharmacies, Inc
July 2__ 143
(Oscar) Nebel Co. Inc
July 2.. 144
(Herman) Nelson'
Corp
July 2.. 144
Nevada-California Electric Corp
June 25_4650
Nevada Northern
July 2 113
..
Newburgh & South Shore
June 25__4645
New England Fuel Oil Corp
July 2_ _ 144
New Jersey & New York
July 2__ 112
New Orleans & Northeastern
July 2__ 114
New Orleans Great Northern
July 2__ 113
New Orleans Terminal
July 2__ 114
New Orleans Texas ge Mexico
July 2__ 113
New York Central
July 2_ 113
New York Chicago St. Louis
July 2._ 113
New York Connecting
July 2__ 113
New York Edison Co
July 2__ 119
N.Y. New Haven & Hartford RR_
July 2-- 116
New York Ontario & Western
July 2_ 113
New York Ontario & Western Ry.Colune 25...4646
New York Susquehanna & Western_july 2.. 113
New York Telephone Co
June 25..4650
New York Trap Rock Corp
June 25_ _4672
New York Westchester & Boston Ry_July 2-- 119.
Southern
Norfolk &
July 2_ 113
Norfolk & Western
July 2-- 116
110
Financial Chronicle
July 2 1932
Issue of Chronicle.
Issue of Chronicle.
Issue of Chronicle.
Name of CompanyWhen Published. Page,
Name of CompanyWhen Published. Page,
Name of CompanyWhen Published. Page.
North American Co
June 25...4660 Ryan Consolidated Petroleum Corp_July 2-- 146 Tennessee Electric Power Co
July 2_- 120
Northern Alabama
July 2_ 114 St. Croix Paper Co
June 25_4674 Terminal RR.Assn. of St. Louis
July 2... 115
Northern Pacific
July 2_ 113 St. Joseph & Grand Island
July 2-- 115 Texarkana & Fort Smith
July 2-- 112
Northern States Power Co
July 2__ 119 St. Louis Brownsville & Mexico
July 2 113 Texas & New Orleans
July 2-- 114
Northwestern Pacific
July 2_ 114 St. Louis San Franscisco Ry. Co_
July 2-- 114 Texas & Pacific Ry
July 2.... 116
Nova Scotia Steel & Iron Co.,Ltd
July 2__ 144 St. Louis-San Francisco Ry. System_June 25-4647 Texas Mexican
July 2-- 115
Ohio Edison Co
July 2...119 St. Louis San Francisco & Texas_ _July 2-_ 114 Third Ave. Ry. System
July 2-- 120
Oklahoma City Ada Atoka
July 2_ 114 St. Louis Southwestern Ry. Lines July 2-- 116 Third National Investors Corp
July 2__ 120
Orange & Rockland Electric Co
July 2_ 119 St. Paul Union Stockyards Co
June 25-_4674 Thompson Starrett Co., Inc
June 25-.4675
Oregon Short Line
July 2_ 115 Saco Lowell Shops
June 25__4673 Tip Top Tailors. Ltd
June 25....4676
Oregon Washington Ry.& Nay. Co July 2.. 115 Sally Frocks, Inc
June 25__4674 Toledo Peoria & Western
July 2-- 115
Panhandle & Santa Fe Ry
July 2_ 110 San Antonio Uvalde & Gulf
July 2-- 114 Toledo Terminal
July 2._ 115
Paramount Publix Corp
July 2_ 119 San Diego & Arizona
July 2-- 114 Truax Traer Coal Co
June 25..4676
Pennsylvania
July 2._ 114 San Diego Congo'. Gas & Elec. Co
July 2-_ 120 Union American Investing Co_ __
June 25_4676
Pennsylvania Gas & Electric Co_
June 25__4650 Saranac River Power Co
July 2._ 120 Union Electric Lt. & Pow. Co. of Ill_June 25_4651
Pennsylvania RR. Regional System_June 25__4646 Seaboard Air Line
July 2-_ 114 Union El. Lt.& Pow. Co. of St. LoulsJune 25_4651
Peoria & Pekin Union
July 2_ 114 Second National Investors Corp__ _July 2.- 120 Union Pacific RR
July 2._ 115
Philadelphia Co
July 2_ 119 Shawmut Bank Investment Trust July 2-- 146 Union RR. of Penne
July 2__ 115
Pilot Radio &Tube Corp
July 2_ 144 (W. A.) Sheaffer Pen Co
June 25-.4674 United Business Publishers, Inc
July 2__ 147
Pines Winterfront Co
July 2_ 144 (Howard) Smith Paper Mills
June 25-_4674 United Electric Light & Power Co_ _June 25_4661
Pittsburgh & Lake Erie
July 2_ 113 Soo Line System
June 23__4647 U. S. Smelting Refining & Mining CoJune 25_4651
Pittsburgh & Shawmut
July 2. 114 Southern Bell Tel. & Tel. Co
June 25_4650 United Wall Paper Factories, Inc..
.June 25__4677
Pittsburgh & West Virginia
July 2- 114 Southern Calif. Edison Co., Ltd_ _June 25-4651 Utah
July 2._ 115
Pittsburgh Shawmut & Northern_July 2.... 114 Southern Canada Power Co., Ltd_July 2-- 120 Virginian
July 2__ 115
Pittsburgh Steel Forgings Co
July 2_ 144 Southern Colorado Power Co
July 2-_ 120 Wabash Ry
July 2__ 115
Propper McCallum Hosiery Co., Inc_July 2__ 144 Southern Ry. Co
July 2.... 114 Wesson 011 & Snowdrift Co
July 2__ 120
Providence Biltmore Hotels Co
July 2_ 144 Southern Pacific
July 2_- 114 Western Grocers, Ltd
July 2_ 148
Public Service 0003. of New Jersey June 25._4650 Southern Pacific SS. Lines
July 2_- 114 Western Maryland Ry
July 2__ 116
Railway Express Agency, Inc
July 2_ 120 Southern Pacific System
June 25__J647 Western Pacific
July 2._ 115
Reading Co
July 2_ 114 Spokane International
July 2-- 114 Western Ry.of Alabama
July 2_ 115
Remington Rand. Inc
June 25__4673 Spokane Portland & Seattle
July 2-_ 115 (George) Weston, Ltd
July 2_ 148
Richmond Fredericksburg fk Pot July 2__ 114 Standard Steel Spring Co
July 2_- 146 Wheeling & Lake Erie
July 2_ 115
Rio Grande Oil Co
July 2_ 119 Staten Island Rapid Transit
July 2_- 114 Wichita Falls & Southern
July 2__ 115
Ritter Dental Mfg. Co.,Inc
July 2_ 146 Taylor Milling Corp
June 25..4675 Wilcox Rich Corp
July 2__ 120
Rolland Paper Co., Ltd
June 25_ _4673 Telautograph Corp
June 25-.4651 Yazoo & MissisJippi Valley
July 2__ 112
Rutland RR
July 2- 114 Tennessee Central
July 2__ 115 Zimmerknit Co., Ltd
July 2__ 148
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Southern
St Louis Southwestern
Western Maryland
3d
3d
3d
3d
3d
3d
3d
Period
Covered.
week of
week of
week of
week of
week of
week of
week of
Current
Year.
2,877,320
2,581,000
14,025
158,922
1,744,767
302,200
196,376
June
June
June
June
June
June
June
Inc.(+)or
Dec.(-)•
Previous
Year.
3,449.573
2,866,000
22,250
244,671
2,535,951
449,946
286,404
-572,253
285,000
-8,225
-85,749
791,184
147,746
90,028
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class I roads in the country.
Gross Earnings.
Length of Road.
Month.
1931.
1930.
$
$
January
February
March
April
May
June
July
August
September
October
November
December
450.731,213
427,465,369
452,261.686
450,567,319
462,577,503
444,274,591
458,088,890
465,762,820
466,895,312
482,784,602
398,272,517
377,499,123
1931.
365,522,091
336,182,295
375,817,147
RRO 192 Inn
365,416,905
336,137,679
375,588.834
369,106,310
368,485,871
369,212,042
377,938,882
364,010,959
349,821,538
362,647,702
304,896,868
288,239,790
1932.
274,976.249
266,892,520
289,633,741
2R7 472 08 1
,
January
February
March
ArmH
Inc. (+1 or
Dec.(-).
$
-85,314.308
-91,327,690
-76,672,852
-81,461,009
-94,091.632
-75,062,879
-80,150,008
-101,751,861
-117,073,774
-120,136,900
-93,375,649
-89,259,333
-90,545,842
-69.289,775
-85,983,406
--.1A1 RAO 152
Net Earnings.
Month.
1931.
1930.
Miles.
242.657
242.660
242,366
242,632
242,716
242,968
242,819
243,024
242,815
242,745
242,734
242,639
1932.
244,243
242,312
241.996
951 575
Miles.
242,332
242,726
242,421
242,574
242,542
242.494
234,105
242,632
242,593
242,174
242,636
242,319
1931.
242,365
240,943
241,974
241 002
(+) Or Dec.(-).
1931.
January
February
March
April
Amount.
71,952,904
64,618,641
84,648,242
79,144.653
81,038,584
89,667,807
96,965,387
95,118,329
92,217,886
101,919,028
66.850,734
47,141,248
1932.
45,940,685
57,37.5,537
67,670.702
56,263.320
January
February
March
April
May
June
July
August
September
October
November
December
1930.
Per Cent.
94,836,075
97,522,762
101,541,509
103,030,623
111,359,322
110,264,613
125,430,843
139,161,475
147.379.100
157,141,555
99,557,310
79,982.841
1931. •
72,023.230
66,078,525
84,706.410
79,185,676
-22,883.171
-32,904,121
-16,893.267
-23.885,970
-30,320.788
--20,587.220
-28,465,456
--44,043,146
-115,161,214
-55,222,527
-32,706.576
-32,841,593.
-24.13
--33.76
-16.66
-23.21
-27.23
--18.70
-22.73
-31.64
-37.41
35.14
-32.85
41.06
-26,082,545
-8,702.988
-17.035.708
-22,922.356
--36.21
-13.17
-20.11
28.94
Net Earnings Monthly to Latest Dates.
AltonMay-
1931.
1930.
1929.
$1,687,853 12,153,970 $2,342,858
421,229
212,535
379,921
74,216
-73,411
167,024
-35,003
1932.
Gross from railway_ _ _ $1,151,309
Net from railway_ _ _ _
220,087
Net after rents
From Jan 1
-
Gross from railway
Net from railway_ _ _ _
Net after rents
Ann Arbor-
6,013,861
1,240,268
15,416
8,157,627 10,297,384 11.598,159
2,541,903
1,553.538
1,648,572
1,136,191
164,114
205,205
Atch. Top & Santa Fe System
Atchison Topeka & Santa Fe-May1932.
1931.
1930.
1929.
Gross from railway.-- $8,347,620 $11,888,350 $14,586,185 $17,404,960
Net from railway- _ -- 1,035.954 1,887,142 2,311,014 4,841,061
Net after rents
329,910
879,733 1,217,911 3.520,413
From Jan. 1
Gross from railway
44,220,336 60,142,840 73,349,449 83,599,866
Net from railway---- 7,351.754 12,029,288 13.757,759 24,247,733
Net after rents
3,071,065 6,841,449 7,974,321 17,734,820
Gulf Colorado & Santa Fe
May
1932.
1931.
1930.
1929.
Gross from railway
$1,021,067 $1,441,611 31,770,750 $1,930,746
Net from railway....
92,819
103,787
105.462
54,842
Net after rents
-99,929 -109,419 -132,203 -143,816
From Jan 1
Gross from railway
5,762,997 6,793,416 9,536,948 10,610,681
Net from railway....
666,441
424,739
299,147
1,699.581
Net after.rents
-320,180 -736,930 -770,664
741,341
Panhandle & Santa FeMay1932.
1929.
1931.
1930.
Gross from rallway
$687,670
$838,652 $1,120,240 $1,367,641
het from railway _ _ -25,287
-38,287
265,767
153,878
Net after rents
-171,320
-10,949 -213,812
156,590
From Jan. 1
Gross from railway.-- 3,384,226 4,184,587 6,007,216 6,588.900
Net from railway....
298.157
444,495
342,494 1,613,826
Net after rents
-419.977 -354,922 -550,130
852,899
Atlantic CityMay1931.
1932.
1930.
1929.
Grossfrom railway--- $132,599
$255,832
$217.271
$246,986
Net from railway_ _ _ _ -36,317
-4,376
-17,283
-30.787
Net after rents
-56.523 -104,427
-79.111
-95,039
From Jan. 1
Gross from railway...
891,114
633,576
1.027,881
1,093.154
Net from railway
-218,205 -275.990 --279,143 -242,590
Net after rents
-435,689 -532,026 -558.543 -564,638
Atlantic Coast LineMay1932.
1931.
1930.
1929.
Gross from railway__ $3,287.038 15.355,569 15,166.831 $6,864,164
Netfrom railway_ _ _ _
410,665 .1.563,974
1,013.868 2,001,712
Net after rents
-225,118
848.730
421,590 1.246,403
From Jan. 1-Gross from railway
20,063.568 29,799,100 31.503,774 37,138,503
Net from railway_ _ _ _ 4,586,448 9,709,806 9.265,379 13.578,590
Net after rents
5.734,344 5,741,173 9,670,374
1,338,361
Baltimore & OhioMay1932.
1931.
1930.
1929.
Gross from railway_ --$10,166,800 115.144.325 $20,750,688 $23,462,851
Net from railway.... 2,311,499 3,584,855 5,549,381
6,617,298
Net after rents
1,288,197 2,456,574 4,322,649 5,258,652
From Jan. 1
Gross from railway
55,205,326 74,537,308 90.653,511 100,341,663
Net from railway_ - _ - 11,970,866 14,639,055 20,132,892 24,488.117
Net after rents
6,909,778 9,125,334 15,053,317 19,132,886
Bangor & AroostookMay1932.
1931.
1930.
1929.
Gross from railway
$576,412
$709,271
1807,325
$582,753
Net from railway __ -382,904
172,148
356,715
175,935
Net after rents
301,638
133,367
282,439
149,702
From Jan. 1
Gross from railway.-- 3,617,018 3,885,614 4,550,105 3,682,754
Net from railway- _ -- 1.832,155
1,631,107 2,081,708
1,504,707
Net after rents
1,411,938
1,245.744
1,629,552 1,226,788
B & 0 Chicago TerminalMay1932.
1931.
1930.
1929.
Gross from railway... $258,855
$271,517
$344,942
$422.705
Net from railway__ _ _
33,744
54,949
55,005
119,318
Net after rents
78,520
69,870
112,512
152,333
Gram Jan. 1
-
Gross from railway __ _
Net from railway_ _ _ _
. Net after rents
Belt Ry of ChicagoMayGross from railway- - Net from railway.--Net after rents
1,403,075
185,736
409,237
1,309,172
150,716
389,925
1,631,245
171,665
442,549
1,794,569
293,810
490,828
1932.
$335,077
104,804
94,590
1931.
1463,294
169,971
128,846
1930.
$599,385
168,673
156,067
1929.
$686,989
206,447
144,975
Gross from railway_ - _ 1,653,793
Net from railway_ - - 471,077
Net after rents
388,425
Bessemer & Lake Erie-May1932.
Gross frchrt railway..... $265,203
Net from railway....... -104,394
Net after rents
-126,723
2,278,799
775,098
624,606
2,979,796
832,558
758,064
3,340,532
929,338
751,623
1,281,378
-585,763
-682,172
2,778,528
-378,918
528,323
1932.
$265,783
26,693
-9,095
1931.
$363,325
60,239
15,832
1930.
$442,456
87,127
41.910
1929.
$534,188
157,920
105,739
Gross from railway-- 1.398,920
218,026
Net from railway....
25,183
Net after rents
Atlanta Birmingham & Coast1932.
MayGross from railway... $201,252
Net from railway.... --43.823
-68,442
Net after rents
1,799,700
334,024
102.372
2,117,961
444,267
183,177
2,610,921
725,541
449,490
1931.
$281,317
-66,392
-96,749
1930.
$316,255
-58,386
-85,895
1929.
$376.239
-18,232
43,666
1,500,119
-238,521
-421,038
1,707,558
-173,592
7331,571
1,901,757
-24,033
-173,802
1931.
$151,454
602
-24,389
1930.
$195,363
14,985
-14,564
1929.
$239,730
36.915
7.272
Net from railway....
Net after rents
813,733
75,019
-31,317
1,056,288
179,389
42,482
1,211,066
223,425
• 87,517
Gross from railway... 19,914,072 25,146.528 29,351,819 31,280,292
7,173,207
7,789,599
Net from railway__ _ _ 5,103,048 6.697,976
Net after rents
3,023,440 4.267,078 4,746,135 5,173,300
May-
Gross from railway
Net from railway_ --Net after rents
From Jan. 1
-
From Jan 1
-
1,122.792
Gross from rallway
-214.760
Net from railway
-361,897
Net after rents
Atlanta & West Point1932.
May$91,991
Gross from railway
-17,472
Net from railway_ _ _ _
-38.460
Net after rents
From Jan. 1
559,298
Gross from railway....
Netfrom railway.... -24,079
Net after rents
-126,910
From Jan. 1
From Jan. 1
Gross from railway_ _ _
Net from railway- _ _
Net after rents
Boston & Maine-
May1932.
Gross from railway- -- $3.823,033
From Jan. 1
1.097,715
699,285
1929.
1930.
1931.
$831,548 $1,686,735 $2,106,830
783,735
1,203,258
212,642
659,747
1,058,008
173,852
4,562,010
774,059
626,373
5,427,349
1,866,403
1,594,597
1930.
1929.
1931.
$5,058,881 16.108.426 $6.578,350
1,51,882
1,402,350
1.645.037
1,021,912
912.938
1,106,728
Volume 135
Financial Chronicle
Burlington-Rock Islanday
1932.
1931.
1929.
1930.
Gross from railway..__
$61,800
$121,863
$107,027
$116,425
Net from railway...--9,067
-53,550
-11,067 -121,024
Net after rents
-26,250
-82,291
-45,082 157.312
From Jan. 1
Gross from railway_ _ _
429,992
537.413
807,703
718,984
Net from railway__ _ _
21,014
-43,964 -27,276
473,388
Net after rents
-80.910 -216,071 -259
647.908
Cambria & IndianaMay
1932.
1931.
1929.
1930.
Gross from rallway.._
$75.682
$92,949
Net from railway_
_
8.147
15,255
Net after rents
45,708
66,606
From Jan. 1
Gross from railway_ _ _
469,433
524.872
Net from railway_ _ _ _
135,856
133,932
Net after rents
351,655
419,160
Canadian National System
Canadian Nat Lines in New EngMay-1930.
1929.
Gross from railway-$77,618
$168,535
$194,848
$97,S10
Net from railway_ __- -43,232
-45,046
-41,374
457
Net after rents
-95,954
-98,018
-61,002 104,091
From Jan. 1
Gross from railway- -489,317
634.880
923,698
932,552
Net from railway_
-135,688 -154.650
-47,668 112,167
Net after rents
-420,674 -465,174 -397,961 -457.306
Central of GeorgiaMay
1932.
1931.
1929.
1930.
Gross from railway_ _ _ $948,232 $1,391,421 $1,713,161 $2,070,417
Net from railway_ _ _
57,656
145,546
428,253
310,134
Net after rents
63,160
15,842
336,405
226,478
From Jan 1
Gross from railway...
- 5,266.726 7,689.773 9,572,613 10,565.040
Net from railway_
629,632
1,636,850 2,134,209 2,515,862
Net after rents
34.480
997.841
1,867.967
1,519,865
entral RR of New JerseyMay1932.
1931.
1929.
1930.
Gross from railway...... $2,371,336
.561.099 54.745.961 54,971,490
Net from railway_ _ 432,395
831,692 1.335.871
1,354,074
Net after rents
6,080
366.106
663,318
640,371
From Jan. 1
Gross from railway...._ 13,257,858 17,181,152 21,930,272 23,348,579
Net from railway...... 3,354,121
3,996,926 5,009.412 5,740,818
Net after rents
1.570,254 2,132,947 2.615,301 3,229,625
Charleston & West CarolinaMay1932.
1931.
1929.
1930.
Gross from railway... $131,193
$212,526
$274,179
5237,216
Net from railway........
18,152
62,551
32,034
60,577
Net after rents
35
33,662
7.421
24,784
From Jan 1
Gross from railway......
776,631
1.120,547
1,240,588
1,443,435
Net from railway_...
170,265
304,760
373,996
192,875
Net after rents
77,524
177.278
76,503
238,363
Chicago Burlington & QuincyMay1932.
1931.
1930.
1929.
Gross from railway
56,175,493 39.270,321 511.019.177 $12,539,902
Net from railway- - _ 1,043,442 2.430,534 2.124,535 2,605,101
Net after rents
162,214
1,385,551
1,097,562 1,559,921
From Jan. 1
Gross from railway--- 33,988,529 47,779,286 56,749,571 63,751,206
Net from railway........ 8,841,288 14,570,745 16,793,894 20,886.103
Net after rents
3.959,985 8,890.370 10,934,417 14.469,882
Chicago & Eastern IllinoisMay1932.
1931.
1930.
1929.
Gross from railway$895.572 $1.238.137 $1,697,965 $1,989,364
Net from railway........
37,706
96.294
296,599
345.350
Net after rents
-199,856 -168.010
3.191
59,542
From Jan. 1
Gross from railway....- 5,215,687 6,586,810 8.707,185 10,137,984
Net from railway........
492,007 1.179,522
449.368
1,968,065
Net after rents
-732,865 -784,944 -235,015
597,798
Chicago Great WesternMay1932.
1931.
1930.
1929.
Gross from railway__ _ $1,250,243 $1,637,889 $1,893.981 $2,085,372
Net from railway........301,040
446.986
424,347
366,516
Net after rents
47,384
175,688
152,514
135,334
From Jan. 1
Gross from railway_.... 6,565,816 8,113,403 9,221.075 9,961,622
Not from railway- -- - 1,765,512 2,411,172 2,111,758 1,734,585
Net after rents
1:045,092
433,591
854,362
478,000
Chicago & Illinois Midland1932.
May1931.
1929.
1930.
Gross from railway_ -$209,431
$93,820
$254,759
$224,261
Net from rail way ___ _ -14,264
23,246
35,690
25,341
Net after mats
-36,586
10.224
26,954
19,434
From Jan. 1
Gross from railway_ _ _ 1,012,917
1,143,842
1.272,391
1,226,216
Net from railway........
270,275
172,679
228.838
261,503
Net after rents
195,834
98.738
162.856
217,457
Chicago Milwaukee St Paul & PacMay1932.
1931.
1930.
1929.
Gross from railway......$6.485,085 $9,481,831 $12.041,983 $14,263,998
Net from railway_ _ _ - -149.415
939,013
1,904.802 3.061,543
Net after rents
-1,248,602 -195,203
735.416
1,821,949
From Jan 1
Gross from railway.. 34,438,471 46,701,409 58,089,475 66,298,969
Net from railway---.. 4,395,994
7.457,958 10,135,899 14,952,710
Net after rents
-1,458,800 1.635.663 4,375,718 8,538.068
Chicago & North WesternMay1932.
1931.
1929.
1936.
Gross from railway...... 55.854,332 $9,128,355 511,387,817 513.122,767
Net from railway_ _ _ _
328,246 1,292,370 2,352.078 3.256,656
Net after rents
-597,535
297.316
1.446.649 2,320,552
From Jan 1
Gross from railway30,198,820 42,982,580 52.567,885 58.490.073
Net from railway_ - 3,874,069 6.849,832 9,268.378 11.712,709
Net after rents
-786,935 2,123,087 4.433,977 6.847.232
Chicago River & IndianaMay1932.
1931.
1930.
1929.
Gross from railway
3338,500
$162,013
$525,291
$594,465
Net from railway- - - 166,359
207,686
230,652
263,772
Net after rents
227,854
187,463
259,566
310,204
From Jan. 1
Gross from railway1,855,780 2,341,433 2,654,229 2.898,084
Net from railway_ _ _ _
905.600
1,022,567
1,087,042 1.249,713
Net after rents
1,019,691
1,176.229
1.469,554
1,242,741
Chic R 1 & Pacific System
Chicago Rock Island & Pacific1932.
May1931.
1929
1930.
Gross from railway--- $5,462,149 $8.029,779 $9,611.384 810,876.238
Net from railway_ --998.245
1,902,370 2,089,590 2.154,584
Net after rents
129,380
970,133
1,077.172
1,054,988
From Jan 1
Gross from railway...... 28,447,073 39,628,963 48,889.763 54,882.657
Net from railway........ 5.253.908 9.024,196 10,530.708 11,938.014
Net after rents
976,890 4.343,562 5.493,731
6,284.196
Chicago Rock Island & Gulf1932.
May1931.
1929.
1930.
Gross from railway......$324,788
$404.114
$572.464
$520.055
Net from railway
84,285
98.274
180,684
134.401
Net after rents
43.412
-12.638
110,193
74,074
From Jan 1
Gross from railway.- 1,732,583
2,253,327
2.693.937
2,985,535
Net from railway.-744.857
579,494
1.168.288
760,804
Net after rents
480,013
218.142
867,540
465.708
Chicago St Paul Minn & OmahaMay1932.
1931.
Gross from railway...... 51,169,044 $1.574,889
Net from railway__
22,541
145,716
Net after rents
-129,723
27.275
From Jan 1
Gross from railway_ _ _ 5,963,614 7,757,113
Net from railway........
345,733
723,500
Net after rents
-444.010
99.144
Colorado & SouthernMay1932.
1931.
Gross from railway...... $394,538
$568,835
Net from railway..--- -24,105
61,185
Net after rents
-108,200
-27,381
From Jan. 1
Gross from railway...... 2,258,968 3,222,256
Net from railway_ -- 220,108
529,422
Net after rents
-190,891
97,030
Columbus & GreenvilleMay1932.
1931.
Gross from railway--553,400
$95,596
Net from railway........
-8,728
14.018
Net after rents
143
12,518
From Jan. 1
Gross from railway......
328,284
452,034
Net from railway---- -16,292
56,980
Net after rents
-10,196
50,412
ClinchfieldMay1932.
1931.
Gross from railway__ _ $317.345
$447,663
Net from railway........
89,975
147,620
Net after rents
33,567
103,633
From Jan. 1
Gross from railway_ .. _ 1,803,467
2,405,035
Net from railway......_
592.963
820.710
Net after rents
325,440
712,605
Colorado & Southern System
Fort Worth & Denver CityMay1932.
1931.
Grow;from railway....- $356.163
$500,219
Net from railway.. _ _ _
67,463
105,037
Net after rents
58,022
11,708
From Jan. 1
Grossfrom railway--- 2,227,606 2,719,892
Net from railway........
648,396
667,786
Net after rents
363,036
421.434
Delaware & HudsonMay
1932.
1931.
Gross from railway..__ 51,987,355 $2,650.742
Net from railway_ _ _
152,115
432,460
Net after rents
65,518
359.380
From Jan 1
Gross from railway_ _ _ 10,179,825 13.186,290
Net from railway........
652,856
1,536,977
Netafter rents
214.718
1.157,094
Delaware Lackawanna & Western
Gross from railway_ -- $3,739,154 $5,244,g67
Net from railway........
416,876
1,130,245
Net after rents
564
635,246
From Jan 1
Gross from railway......20,461.251 25,549,533
Net from railway....- 4,142,625 5,553,422
Net after rents
1.998.724 3,223,179
Denver & Rio GrandeMay1932.
1931.
Grossfrom railway- -- $1,222,455 31.855,097
Net from railway.. _ - _
163,008
444,799
Net after rents
-4,584
270,681
From Jan. 1
Grossfrom railway...... 6,437,955
9,389,886
Net from railway_ _ -885.125 2,288,669
Net after rents-- .
161.te?
1.561.008
Denver & Salt Lake-.
May1932.
1931.
Gross from railway......
$92,099
$172.401
Net from railway......
15,252
63,291
Net after rents
2,233
52,431
From Jan 1Gross from railway......
727,734
779,068
Net from railway_ _
296,729
230,149
Net after rents
234,124
189,697
Detroit & Mackinac
May1932.
1931.
Grossfrom railway_ _ $55,069
$113,896
Net from railway_ __ _
-6,555
25,093
Net after rents
12,839
39,274
From Jan. 1Grossfrom railway_ _ _
252,255
401,571
Net from railway_ _ _ _
406
91,743
Net after rents
-11,760
67.382
Detroit & Toledo Shore LineMay1932.
1931.
Gross from railway...... $156,949
$275,262
Net from railway......
46,082
114.392
Net after rents
-2,512
38,015
From Jan 1
Gross from railway...... 1,118,006 1,413.260
Net from railway_ _ _
663,177
525,020
Net after rents
•
198,028
267.576
Detroit Terminal
May-1932.
1931.
Gross from
_
$53,734
$93,257
Net from railway_
7,198
21,915
Net after rents
-10,690
1,857
From Jan. 1
Gross from railway......
321.299
476,098
Net frmn railway.._....
63,386
115,728
Net after rents
-32,414
10.916
Detroit Toledo & Ironton
May1932.
1931.
Gross from railway_ _ _ $410.369
$544,118
Net from railway........
121.343
164,355
Net after rents
78,440
108,339
From Jan 1
Gross from railway...... 1,933.040 3,093,680
Net from railway_ _ _ _
514,496
1.085,105
Net after rents
235.995
737,257
Duluth Missabe & NorthernMay1932.
1931.
Gross from railway......
$73,845
$974,938
Net from railway_ _ _ -332,473
22.474
Net after rents
337.290
58,798
From Jan 1
Gross from railway......
390,971
1,482,959
Net from railway_ ......-1.780,974 -2,304,183
Net after rents
-1,821.093 -2.635.890
Duluth South Shore & Atlantic
May1932.
1931.
Grossfrom railway...... $127,732
$229,419
Net from railway._ _ _ -42,678 27,847
Net after rents
-71,288
61.518
From Jan 1Gross from railway_ -685,654
1,236,596
Net from railway_ __ _ -101,898
129,845
Wet after rents
-255,145 51.828
111
1930.
1929.
$1,972.795 52,079.951
237,393
363,595
56.981
210,854
10,076,126 10,217,028
1,597,607
1,546,076
688,115
706,383
1930.
5803.904
143,998
55,918
1929.
3956,596
120,811
30,323
4,298,526
966,707
505,369
4,750,295
1,041,576
583,311
1930.
$124,945
5,680
2.266
1929.
5140,951
25.231
8,771
712.343
118.509
80,686
737,102
121,069
46.435
1930.
$497.483
155,375
146,438
1929.
$561,086
181,258
141.492
2,700,749
927,298
932,928
2,982,354
1,128,456
1.170.898
1930.
$686,392
114,234
66,109
1929.
$829,752
138.426
101.226
3,847,140
114,238
588.654
4.497.978
1,337,458
1,046.931
1929.
1930.
53.250,613 $3,570,022
683,759
853.741
537,637
759,575
15,628,805 16,356,321
2,594,826 3.103.572
1,937,860 2,638.859
1929.
1930.
$6,182,402 $7,325,752
1,662,938 2,084,886
1,109.336 1,483.728
29,146,894 33.856,022
6,479,219 9,377.870
4,052,040 6,572,551
1929.
1930.
52,315.658 $2,561,310
599,690
650,392
511,581
516,894
11,451,830 12,730,612
2,936.070 3.395,875
2,190,963 2,903.878
1930.
$225,272
31,956
27.668
1929.
$229,145
530
2,217
1,196.239
360,196
326,279
1,465,426
547.081
537.235
1930.
$110.705
20,622
28,023
1929.
5150,292
36,329
42,878
435,661
29,100
-1.690
597,477
97,421
72.896
1930.
$321,685
135.419
58,473
1929.
$426,473
159.849
54.997
1,883.731
979,555
466.125
2,377.643
1.256.783
586.014
1930.
$140.198
35,850
21,276
1929.
$254,333
100.641
80.136
695,991
183,989
105.938
1,247.782
471,386
369,167
1929.
1930.
51,140,805 51,255,131
596,595
541,538
444,268
441.876
5,649,115
2,790.056
2.242.076
6,371,755
3,194.684
2,322.977
1929.
1930.
83.545.869 54,174.934
2,221,015 2.843.979
2,535,249
1.930.187
4.283.578
-47,379
-740,964
6,097.943
1,765,616
918,003
1930.
$366,106
51,093
7,368
1929.
$439,109
76.706
33,286
1,720,473
282,463
59.740
2.054,992
385,757
140.562
112
Duluth Winnipeg & PacificMay1932.
Gross from railway--$70,100
Net from railway._ -19,043
Net after rents
-4,572
From Jan 1
Gross from railway
403,509
Net from railway
-37,434
Net after rents
33.858
Elgin'Joliet & EasternMay1932.
Gross from railway
$603,835
Net from railway_ _ _ _
2,464
Net after rents
-131,502
From Jan. 1
Gross from railway-. - 3,774,466
Net from railway---411,158
Net after rents
-349,441
Erie RRMay1932.
Gross from railway.. $5,459,278
Net from railway
1,192,838
Net after rents
644,274
From Jan 1
Gross from railway...._ 27,513,039
Net from railway---- 5.976.068
Net after rents
3.359.314
Erie System
Chicago & ErieMay
1932.
Gross from railway_ -- $691,325
Net from railway__ -195,102
Net after rents
-49,240
From Jan 1
Gross from railway_
3,649.167
Net from railway....
1,210,330
Net after rents
-31.060
New Jersey & New York RRMay1932.
Gross from railway_ -$91,757
Net from railway_ _
5,992
Net after rents
-18,430
From Jan 1
Gross from railway.. _ _
470,031
Net from railway
24.822
Net after rents
-101,293
Florida East CoastMay
1932.
Gross from railway_ -- $599,651
Net from railway__
107,863
Net after rents
-47.361
From Jan 1
Gross from railway._ _ 4.217,774
Net from railway_ _ _ 1,550,864
Net after rents
767.723
Fort Smith & WesternMay1932.
Gross from railway__..
$46.387
Net from railway_ _ _ _
-3.516
Net after rents
-13,402
From Jan 1
Gross from railway_ _ _
267,511
Net from railway.._ _ - -12,852
Net after rents
-48.806
Geogia RR
ay-1932.
Gross from railway_ .. $227,927
Net from railway........
14.460
Net after rents
20.871
From Jan. 1
Gross from railway...... 1.218,288
Net from railway........
36,680
Net after rents
58,929
Georgia & FloridaMay1932.
Grossfrom railway......$58,012
Net from railway.- _ _ -19,254
Net after rents
-27.485
From Jan. 1
Gross from railway--358,526
Net from railway_ --- -67,081
Net after rents
-111,792
Grand Trunk WesternMay1932.
Grossfrom railway_ _ - 31,153.702
Netfrom railway
-11,661
Net after rents
-183.003
From Jan. 1
Grossfrom railway.... _ 6,434,057
Netfrom railway
280.030
Net after rents
-754,284
Great Northern Ry.May1932.
Grossfrom railway- $4,103,881
Netfrom railway
-48.831
Net after rents
-775,271
From Jan. 1
Grossfrom railway- _ 20,338,654
Netfrom railway
1,223,249
Net after rents
-2.387.250
Green Bay & WesternMay
1932.
Gross from railway.. __
897,564
Net from railway........
9,403
Net after rents
604
From Jan. 1
Gross from railway......
489,735
Net from railway__
55,168
Net after rents
13,213
Gulf Mobile & NorthernMay1932.
Gross from raiway_ - - $246,439
Net from railway_ _ _ _
11.066
Net after rents
-33,673
From Jan. 1
Gross from railway..._ 1,341,136
121.373
Net from railway........
85,985
Net after rents
Gulf & Ship Island1932.
May$80,941
Gross from railway......
-3,933
Net from railway_ __ _
Net after rents
-29.652
From Jan. 1
Gross from railway......
478,302
29,197
Net from railway_ _ _
-107,284
Net after rents
Illinois Terminal Co.1932.
May.Gross from railway...... $330,397
Net from railway _ _ _
70,859
21,702
Net after rents
From Jan. 1
Gross from railway...... 1,975,730
Netfrom railway_ _ _ _
515,250
233.814
Net after rents
Financial Chronicle
1931.
$91,048
-45,238
-36,951
1930.
$146,353
7,622
2.468
1929.
$217,483
6,131
-1,776
547,107
-109,376
-89,489
843,250
79,325
33.812
1.037.722
189.045
142,334
1931.
1930.
1929.
$1.261,532 $2,149,923 82,450,628
189.737
635,370
972,663
6,892
354,989
624,550
7,029,566 10,352,807 11,195,340
1,375,806 3,075,058 4.091,573
403,899 1,551,041
2,452,810
1931.
1930.
1929.
$6,920,445 $8,234,955 810,090.736
1,349.223
1,604,138 2.372,252
865.355 1,124,028
1.893,974
34.218,958 39.926,262 46.301.912
7,130.986 7,061.451 10,187,243
4,921.760 4,696,547 7,685,435
1931.
1930.
1929.
$943,088 $1,266,047 $1,279,207
340,511
565,518
531,045
37,921
237,238
198,953
4.697,400
1,826,078
315,586
5,893,812
2,448.319
786.532
6,500,489
2.968,270
1,224,816
1931.
$115.714
20.113
14.561
1930.
$123.035
17,333
-17,217
1929.
$135,765
14,968
-22.538
557,843
101.562
72,087
593,158
58,132
-118,691
634,043
57.075
-126,176
1931.
1929.
1930.
$1.059,380 $1,110,972 31,080,122
457,510
324.702
339,796
283,274
5,748,308
2,261,368
1,363,430
7,159,125
2.925,482
7,795,838
3,572,550
1931.
$61,254
-5.379
-19.553
1930.
393,820
5.524
-9,168
1929.
$97,274
3,570
-10,001
347,592
17,220
46.764
558,394
70,946
-5.790
592,995
79,687
8,824
1931.
$349,604
38,483
43.326
1930.
8393,795
34,177
37.592
1929.
$443,622
77,582
72.980
1,764,957
223.220
240.100
2,001,134
254,014
273,961
2,213,179
386,432
385,423
1931.
$110,003
-4,704
-15.567
1930.
$115,052
-6,641
-13,375
1919.
$124,993
2.913
1.746
616,439
10,431
-45,252
621,580
21,427
-25,402
646,996
45.983
21,095
193 .
1930.
1929.
31.929,918 $2,635,591 $3,520,799
112,877
480.616
1,043,832
152,570
129.200
590,030
9,327,954 12,585,657 16.521,568
1,112.161
2,738,497 5,437,739
-411,105 1.226,979 3,308,088
1931.
1930.
1929.
$6.204,049 $8,754.775 811.009.885
832,332 1,723,125 3,486,395
65,440
908.484 2,744,479
29,582,017 36,602,713 45,159,975
5.027,026 5,442,120 11,503,422
993.074
1,582,869 7.876,945
1931.
8120,595
18,508
10,932
1930.
8176.480
54,742
37,761
1929.
$194,862
59,424
41,842
59f.386
66,848
21,049
750,471
203.740
134,833
784,636
161,230
97,680
1931.
$3370,366
62.242
8.079
1930.
8560.366
146,024
76,187
1929.
3611.583
167,376
89,854
1.830,703
301,255
33.280
2,654.158
571,299
254,888
3,031,101
844,310
474,694
1931.
$129,981
-12,949
-56.887
1930.
3182.507
-1,901
-47,704
1929.
$243,871
19.786
-26,164
759,012
-47,273
263,520
1,268,200
225.858
-2.797
1,390.063
240,003
3.730
1931.
S581,953
220.415
162,905
1930.
$660,571
221.210
150,497
1929.
$638,094
219.695
158,774
2,706,306
890.912
605,532
3,174,345
968,244
611,295
3,021,334
892,882
586,830
July 2 1932
Illinois Central System
May1932.
1931.
1930.
1929.
Gross from railway-- $7,328,835 810,653,733 $12,908,304 814.623,413
Net from railway..--- 1,475,746 2,020,121
2,518,437 2,820,170
Net after rents
547,915
853,989 1,457,643
1,779,882
From Jan. 1Gross from railway
38.007.338 50,856,903 66.295,706 74,749,790
Net from railway..--- 9,091,412 8,130,635 13,680.877 17,329,778
Net after rents
4.579,331
2.670.963 8,313,413 11,362,428
Illinois Central RR.May1932.
1931.
1930.
1929.
Gross from railway
$6,442,283 $9,117,491 310,949,209 312,214,034
Net from railway..--- 1,342,984
1,717.960 2,201,846
2,253,398
Net after rents
627,727
846,069 1,430,603 1,717,487
From Jan. 1Gross from railway
33,098,223 43,775.777 55,751.830 64,101,384
Net from railway..--- 8.080,480 7,363,688 11,260.652 15,431.502
Net after rents
4.703.481
3,367.588 7,220,910 10,697,018
Yazoo & Mississippi Valley
May1932.
1931.
1930.
1929.
Gross from railway
$8884,552 81,536,242 $1,959,094 32,082,742
Net from railway---132,762
302.161
323,858
302.421
Net after taxes
-79,812
7,921
35,140
64,032
From Jan. 1Gross from railway.. 4,909.115 7,081,126 10,477,532 10,568,033
Net from railway...._.. 1,010,932
766,947 2,411.001
1.891.340
Net after taxes
-124,150 -696,625 1,087,789
663,054
International Great NorthernMay1932.
1931.
1930.
1929.
Gross from railway--- $867,563 31,905.001 31,273,629 31,484,179
Net from railway....-192,259
558,531
160,572
279,182
Net after rents
90,687
250,653
13,604
142,902
From Jan. 1
Gross from railway_ .. _ 4.413,331 7,975.622 6,392,554 7,808,979
Net from railway- - - _
587,840 2,004,995
746,973
1.446,481
Net after rents
-41.999
942.395
32,600
614,721
Kansas City Southern System
Kansas City SouthernMay1932.
1931.
1930.
1929.
Grossfrom railway...... $708,552 $1,083,004 31,539.285 $1.631.415
Netfrom railway
309.121
142,652
508,414
552,283
Net after rents
168,205
26,372
332.943
368,233
From Jan. 1
Grossfrom railway....- 3,792.463 5,484,462 7,114,140 7,592,418
Netfrom railway
932,527
1,733,517 2,164,029 2,350,703
Net after rents
380,479
,104,494
1.312,024
1.456,027
Texarkana & Fort Smith
May1932.
1931.
1930.
1929.
Grossfrom railway_ _ _
$115,566
$207,054
$214,765
$255,826
Netfrom railway
48,957
114.500
94,036
117,183
Net after rents
18,963
38.908
78,338
07,314
From Jan. 1Grossfrom railway_ _ _
481.199
793,036
1,037,301
1,303.118
Netfrom railway
136,911
383,512
325,387
667.959
Net after rents
-1.219
163,411
166,922
412,341
Kansas Oklahoma & Gulf
May1932.
1931.
1930.
1929.
Grossfrom railway_ _ _ $135,334
8222,635
8230.657
8312.328
Net from railway _ _.
.
46,194
93,686
83,656
166,692
Net after rents
55,371
20,530
46,590
127,692
From Jan. 1Gross from railway_ _ ..
1.047,067
763,807
1,289,748 1.481,083
Net from railway_ _ _ _
426.842
317,566
583.427
707,227
Net after rents
243,599
374.739
160.995
498.582
Lake Superior & Ishpeming
May1931.
1930.
1932.
1929.
Gross from railway......
$113,936
$23,071
$316,538
$434,956
Net from railway...... _ -27,612
25.799
186,739
272,621
Net after rents
9,566
-41,043
99,270
229,845
From Jan. 1Gross from railway
317,796
131,061
584,477
907,502
Net from railway_ .. _ _ -136,718 -107,279
86,122
341,440
Net after rents
-201.270
-87,827
-214.726 227,948
Lake Terminal
May1931.
1932.
1930.
1929.
849,880
Gross from railway......
$108,984
$18,875
8131,040
Net from railway_ _ _ _
8,356
-1,490
34,539
45,966
,
Net after rents
3,076
-4,277
21,850
43,824
From Jan. 1Gross from railway
267,055
97,642
344,260
423,394
Net from railway _ _ .. _
-1,450
12,464
-9.781
35,744
Net after rents
-34.988
-41.667
-27,758
19,849
Lehigh & Hudson River
May1931.
1932.
1930.
1929.
Gross from railway.._.. $137,828
$179,700
$208,399
8213,907
Net from railway_ __ _
33,086
57,909
63,633
65,798
Net after rents
23.787
30,491
7,307
33,637
From Jan. 1Gross from railway......
709,834
858,557
952,060
1.060,319
Net from railway- _ _ _
259,669
175,248
232,676
304,053
Net after rents
102.635
41,168
92,536
150.098.
Lehigh & New EnglandMay1931.
1932.
1930.
1929.
Gross from railway...... $242,465
$373,193
$4468,462
8461,099
Net from railway_ __ _
79,465
9,422
131,203
139,389
Net after rents
74,220
10,925
106.003
123,385
From Jan. 1Gross from railway
1,812,507
1,445,696
1,996,454 1,938,356.
Net from railway- - .. _
390,697
454,451
313,164
412,253
Net after rents
380,983
311,355
379,290
358,374
Lehigh ValleyMay1931.
1932.
1930.
1929.
Gross from railway_ -- $3,122,237 $4,602,673 85,548,643 86,410,394
Net from railway........
941,287 1,446.602 1.894.794
424,327
Net after rents
113,062
544,106
992,196 1,412,369
From Jan. 1Gross from railway--- 17,153,057 22,552,347 25.457,231 29,064,229
Net from railway..-_ 3,265,294 4.404,487 4.859,221
7.081.221
Net after rents
1,475,222 2,416,089 2,916.833 4.810,979
Los Angeles & Salt LakeMay1932.
1931.
1930.
1929.
Gross from railway...... $1,224,491 $1,640,999 $1,965,127 $2,305,840
358,763
Net from railway.. _ _ _
339,639
422,816
582,193
Net after rents
88,233
76,447
152,719
339,885
Fran Jan. 1
Gross from railway.... 6,419,283 8,083,154 9,620,975 11,143,028
Net from railway-- - 1,826,760
1,410,309 2,108,275 2,909.486.
Net after rents
445.261
669.838
1.711.547
40,449
Louisiana & Arkansas
may1932.
1929.
1931.
1930.
Grossfrom railway_ _ _ $318,873
$484,127
$593,943
$600,381
Net from railway- - - _
75.730
182,916
163,109
167,924
Net after rents
33,792
83,819
74,400
103,970
From Jan. 1Grossfrom railway_ .. _ 1.741,492 2,223,781
3,093,848 3,121,022
Net from railwaY- - -942,407
930,009
466,033
682.707
Net after rents
465,143
375,225
251,570
473,577
Louisiana Arkansas & Texas
-..
May-1930.
1929.
1931.
1932.
Gross from railway......
$62.460
$58.397
$83,628
$11,957
-3,093
Net from railway.. _ _
-21.147
-1,833
1.044
Net after taxes
-34,737
-11,757
-12.427
-16,549
From Jan. 1
233,379
Gross from railway.
398.296
308,373
415,097
Net from railway- - _
-35,653
10,150
3,259
-19,805
Net after taxes
-46.207 -120,317 -107.879
-37.218
Financial Chronicle
Volume 135
Louisville & NashvilleMay1932.
1931.
1929.
1930.
Gross from railway-- $4,865,075 *7.748,229 *9.949,312 *11.346,939
Net from railway_ _ _ _
421,211
1,528.489 1333.245 2.159,343
Net after rents
-39,274 1,005,626
1,110,411
1,556,164
From Jan. 1
Gross from railway
27,106,541 38,870,415 49,556,130 55,410,766
Net from railway__ -- 3,180,742 6,467,920 7,422,773 10.318,956
Net after rents
986,468 3,939,570 5,000,772 7,310,614
Maine CentralMay1932.
1931.
1929.
1930.
Grossfrom railway$1,060,593 81,346,995 $1,686,910 81,592.681
Netfrom railway
286,044
310,092
352,664
398,178
Net after rents
18,424
172.239
250.671
218,927
From Jan. 1
Grossfrom railway.
5,032,998 6.678,504 8,350.527 7.695,698
Netfrom railway
1,062.077
1,578,123 2.137,003
1,716,434
Net after rents
569,119
818,620
1,115,582
1.318,295
Midland ValleyMay
1932.
1931.
1929.
1930.
Grossfrom railway_ _ _
$109,017
$158,084
$266,963
$224,861
Net from railway_ _ _
31.907
41,227
89,136
72,044
Net after rents
13.479
19,560
43.532
54.098
From Jan. 1
Grossfrom railway_ _ _
650.577
846,315
1.210,415
1,411,695
Net from railway_ _ _ _
245,027
254,696
468,815
569.001
Net after rents
148,047
134.149
319,047
385.059
Minneapolis & St. LouisMay1932.
1931.
1929.
1930.
Grossfrom railway_ _ _ $547,675
$881,821 *1,033,107 51.064.707
Net from railway
-103,125
38,006
92,059
51,991
Net after rents
-41,450
-163.355
-67,300
-8.971
From Jan. 1
Grossfrom railway_ _ _ 3,113,103 4,245,327 4.958.714
5.582.419
Netfrom railway
-22,455
306,444
362,247
623,528
Net after rents
-350,160
-73.943 -172.992
55,334
Minn St Paul & Sault Ste MarieMay1932.
1931.
1929.
1930.
Grossfrom railway_
$1,801,911 52.519357 53,444.499 $4,363,410
Netfrom railway
112,023
.361.005
662.741
1,355,995
Net after rents
-215,763
8,954
273,983
965,494
From Jan. 1
Grossfrom railway.. _ _ 8,636,912 12,038,361 15,262,254 18.129.925
Net from railway
37.591
1.351346
1.865,160 3.851.725
Net after rents
-1.523,622 -370,429
45.965 2.058.276
Mississippi CentralMay
1932.
1931.
1929.
1930.
Gross from railway.._ _
$37,251
$73,747
8137,482
$103,761
Net from railway_ _ _ _
-8,971
9,392
13,179
36,803
Net after rents
-15,613
-341
7.889
29,785
From Jan. 1
Gross from railway_ _ _
252.193
409,200
686,247
603.306
Net from railway__ -- -30,720
61.074
126,678
198,015
Net after rents
-67,387
15,728
150,263
92,571
Missouri IllinoisMay
1932.
1931.
1930.
1929.
Gross from railway-. _
$66,691
$101,430
1166,209
$211,657
N'et from railway_ _
7,815
16,668
84,752
37,083
Net after rents
-3.114
4,120
19,415
64,236
From Jan. 1
Gross from railway__ _
368,099
530,944
775,026
881,449
Net from railway _ _
69,547
103,495
198.656
278,970
Net after rents
3.338
35,100
126,629
180,982
Missouri-Kansas-TexasMay1932.
1931.
1930.
1929.
Gross from railway... $2,054,646 $2,750,021 $3,485,254 $4.303,902
Net from railway.....445,904
513.977
806.726
1,030,839
Net after taxes
74,310
112,948
412,676
590.817
From Jan. 1
Gross from railway.... 11,021,526 13,789,477 17,936,951 21,983,331
Net from railway__ _ - 2,547,080 3,000,358 4,485,297 6,230,636
Net after taxes
1,021,218
704,389
2,341.016 3,890,169
Missouri & North Arkansas
May
1932.
1931.
1930.
1929.
Gross from railway....
$68,532
$108,257
$150,965
$132,427
Net from railway..- -.
-6,624
12,668
16.678
8,040
Net after rents
-164
-17,084
-6,465
1,019
From Jan. 1
Gross from railway_ _ _
551,095
375,833
754.089
735,528
Net from railway _ _ _ _
55.097
12.713
77,250
135,399
Net after rents
-13.509
-68,311
-291
53,348
Missouri PacificMay1931.
1932.
1929.
1930.
Gross from railway_
$5,503,773 $8,074,372 $9,911,661 $10,913,253
Net from railway.....
970,120 2,275,458 2,351,656 2,334.899
Net after rents
1,497,106
271,973
1,423,353
1,486,067
From Jan 1
Gross from railway_ _ _ 29,377,893 40,750,625 50.606,345 54,506,110
Net from railway.... 6,163,648 10,940,858 12.226,619 12,854.314
Net after rents
7.113329 7.920,588 8,009.157
2.577.601
Mobile & OhioMay1931.
1932.
1930.
1929.
Gross from railway
8927,757 $1,261,301 31.462,203
8684.161
Net from railway....
134,777
201,478
69.677
303,314
Net after rents
-20,418
-61,584
42,278
177,415
From Jan 1
Gross from railway.- _ 3,442,688 4.698,661
6,306,602 7,176,209
Net from railway_
783,104
1,232,953
341,690
1,592,423
Net after rents
115,300
-260.558
488,317
912.401
Monongahela.May
1931.
1932.
1929.
1930.
Gross from railway_ -- $300,363
$379.145
8656,761
$552,927
Net from railway- -- 176,360
183,780
332,070
251,976
Net after rents
90,854
130,418
98,590
199.460
From Jan. 1
Gross from railway_ _ _ 1,626,135 2.038.304
2.689,521 3.106,301
Net from railway..
947,969
1,155.185
878,657
1,474,638
Net after rents
445,434
479,884
844,359
537.808
Monongahela ConnectingMay1932.
1931.
1929.
1930.
Gross from railway.-$105,486
$4C,750
$246,477
8192.149
Net from railway...... -13.917
5.058
69,015
43.963
Net after rents
-19,958
760
53.036
25,855
From Jan. 1
Gross from railway...
229.801
501.553
1,093.942
912.918
Net from railway_ _ - -8C,007
318,216
23.562
215.962
Net after rents
-107,685
-5.811
236.638
127.104
Nashville Chatt & St Louis1932.
May1931.
1929.
1930.
Gross from railway....$935,166 51.304383 51.644,194 $1,950.900
42.676
112.263
Net from railway....
466,281
134,419
-11.661
39,061
Not after rents
346.349
68.440
From Jan 1
6.925,289 8,615,725 9,839,976
Gross from railway_ - _ 5,025,891
339.224
867,343
Net from railway....
1,308,942 2304.194
75,045
485.790
Net after rents
960.258 2,067,432
Nevada NorthernMay
Gross from railway.
Net from railway..
Net after taxes
From Jan. 1
Gross from railway..
Net from railway_ _ _ _
Net after taxes
1932.
833,415
4,174
918
1931.
843,723
10.988
5.239
1930.
566,863
25,984
15.220
1929.
$132.126
87,995
70.677
148,739
2,128
-19,735
222,977
52.066
24.522
352.724
153,342
107.731
597,133
380,143
297,831
113
New Orleans Great Northernay1932.
1931.
1930.
1929.
Gross from railway.-- $135,147
8212,568
*275.927
$271,903
Net from railway.... _ _
35,960
86,569
95,955
72,550
Net after rents
-804
48,971
43,282
30.768
From Jan. 1
Gross from railway...
721,606
934,358
1,310.256
1.311.122
Net from railway__ _ _
215,618
296,133
425,997
391,504
Net after rents
40,890
149,656
178.178
173.233
New Orleans Texas & Mexico System
New Orleans Texas & MexicoMay
1932.
1931.
1930.
1929.
Gross from railway..... 1144.565
*226.881
5324,369
$199,384
Net from railway_ _ _ _
34,022
79,138
129,452
9,807
Net after rents
43,845
91,423
139,600
30,454
From Jan. 1
Gross from railway......
745,860 1.018,972
1,437,856 1,161,501
Net from railway......
142,912
247,007
448,979
204,813
Net after rents
168,127
290,747
493,790
285,295
Beaumont Sour Lake & WesternMay1931.
1932,
1929.
1930.
Gross from railway... $174,458
5379.712
1292,624
$322.711
Net from railway_ _ _ _
72,366
177,319
56,866
84,239
Net after rents
19,618
93,608
-14,004
7,477
From Jan. 1
Gross from railway...
793.427
1,317,373
1,521,819
1.522,762
Net from railway.. _ _ _
202,303
435,790
428,111
404,685
Net after rents
-76,241
68.823
56.527
14,995
St Louis Brownsville & MexicoMay1932.
1931.
1929.
1930.
Gross from railway_ _ _ $436.783
$609,941
$765,928
5931,483
Net from railway....
183,577
226,726
344,538
266.577
Net after rents
108,941
131,824
190,412
243,766
From Jan. 1
Gross from railway....2,745,901
3,466,215 4.758.199 4.218,381
Net from railway_ _ _ - 1,285,084
1,308,003
1,456.776
1349,082
Net after rents
856,178
819,707
1,008,843
1,421,447
New York Central System
Indiana Harbor BeltMay1932.
1931.
1929.
1930.
Gross from railway... 5580,775
$783,841
$960,332 51,131,488
Net from railway_ _
191,533
246,516
363,963
444,543
Net after rents
96.622
129.902
322,817
267.511
From Jan. 1
Gross from railway_ - - 3,171,498 4,014,002 4,725,112 5,256.450
Net from railway_ _ -991,974
1,038,608
1,767,607
1,415,707
Net after rents
536,448
644.273
1.012,939
1.222,784
New York ConnectingMay1932.
1931.
1929.
1930.
Gross from railway..- - $151,345
8185357
$255,524
$222,544
Net from railway_ _ - 106,081
117,446
145,582
183,333
Net after rents
28.759
54,280
86,422
118.921
From Jan. 1
Gross from railway...
949,139
951,806
1,104,069
1,237,454
Net from railway....
720.207
653,854
728,882
777.854
Net after rents
340,723
326,192
455,421
408.566
New York Central-May1932.
1931.
1929.
1930.
Gross from ra3 say_. $23,899,067 832,670,688 $42,537,481 $51,411,111
Net from railway_ _ -- 3.818.827 6,724,985 9,800.039 14,105,872
Net after rents
-226,942 2,852,461
5,877,522 10.009,703
From Jan. 1Gross from railway__ _130,070,332 165,681,886 207,071,151 240,966.460
Net from railway_ _ _ _ 27,246,007 33,082,846 44,175,254 61.024,269
Net after rents
7.293,194 12,991,361 25,823,142 41,380,251
Pittsburgh & Lake ErieMay1932.
1931.
1929.
1930.
Gross from railway_ _ _ 51,005,591 $1,561,423 $2,572,880 $3,032,301
Net from railway_ - - 55,316
192,007
619,251
671.523
Net after rents
76,825
763,592
285,574
797,609
From Jan. 1
Gross from railway..... 5,378,393 8,053,655 11,894,575 14,010,394
Net from railway..- -484,576
1,251,146
2,263,072 2,255,379
Net after rents
661,022 1,652.662 2,896.581
3,180,819
New York Chicago & St. Louis
1932.
May1931.
1929.
1930.
Gross from railway.-- 52,401.226 13.160,575 $4,044,583 $4,815.799
Net from railway....
366.528
1,368,792
755,633
966,741
Net after rents
848.359
-45.783
264,692
538.048
From Jan. 1
Gross from railway... 12,806,114 16,267,888 20,479,506 23,075,497
Net from railway _ _ _ _ 2,727,085 4,026,542 4,902,228 6.907.218
het after rents
539,726
1,549,816 2,770,918 4,513,434
New York New Haven & Hartford1932.
May1931.
1129.
1930.
Gross from railway... $6,202.617 $8.798,056 $10,519,643 $12,027,078
Net from railway_ _ _
1,764,657 2,894,744 3,453,330 3,741,634
Net after rents
986.972
1,788,559 2,115.747 2,527,197
From Jan. 1
Gross from railway-. 33,884,396 43,049,940 50,628,395 55,524,694
Net from railway_ __ _ 10,340,054 13,722.056 16,107,596 17,470.640
5,581.785 8,022.668 9.821,477 11,356,188
Net after rents
N Y Ontario & Western
May1920.
1932.
1930.
1931.
8927,261
Gross from railway.... $895,054
$993.609
$867,782
Net from railway... _
249,656
289,845
123,697
100,100
-4,033
Net after rents
141,767
33.414
177.707
From Jan 1Gross from railway_ _ _ 4,465,425 4,355,613 4.111,775 4,375.024
436.194
Net from railway..-._ 1361.517
445,104
1,069,847
Net after rents
-48.343
816,811
21.328
530,568
New York Susquehanna & Western
1929.
May1932.
1930.
1931.
Gross from railway.... $318,780
$434.808
8420,694
$413,957
Net from railway_ _ _ _
122.17/
111,845
153,339
136,104
Net after rents
94,085
58,596
69,453
80,277
From Jan. 1Gross from railway... 1,508,164
1,930,673
1,997,332
2,117,198
Net from railway... _
557,148
428,293
706,050
505,153
Net after rents
272,216
213,244
385,845
177,835
Norfolk & WesternMay1929.
1932.
1930.
1931.
Gross from railway- - 84,552,808 $6,460,755 $8,510,836 59,874,189
Net from railway_ _ _ - 1,631,261
4,454,512
2,219,355 3,481,787
Net after rents
1.091,481
1.603.463 2,885,800 3,865,101
From Jan. 1
Gross from railway__ _ 25,148,103 32,247,935 42,846,304 45,817,485
Net from railway_
8,000,490 10,770,650 16,489397 18,120.627
Net after rents
5,357.726 7,794.339 13,093,539 15,311.631
Norfolk SouthernMay1932.
1930.
1931.
1929.'
Gross from railway_ _ _ $3329.773
$696,737
5547.657
$507,070
Net from railway ___ _
-6,314
68.773
156,946
74,183
Net after rents
81,457
-68,958
1,222
3,864
PM
From Jan. 1
Gross from railway.-- 1.715.950 2,483,179 2,887.944
3,481,387
from railway.- Net
5,345
364,345
.
550,127
867,425
Net after rents
498,222
-271.104
209,438
42311.
Northern Pacific
May1932.
1930.
1931.
1929.
Gross from railway_ _ _ $3,770,987 85,253,204 56,667.880 $8,154,373
Net from railway__ -911.182
390,769
275,534
1,656.823
Net after rents
34,335
-61.299
560,189 1,411,064
From Jan. 1Gross from railway.-- 18.086,038 25.200,971 31,000.135 36,519,095
Net from railway_ _
2,169351
3,645.338 7,328,351
197,041
Net after rents
-1.541,924 -425,431
6.062.176
1.902.341
..
114
Financial Chronicle
Northwestern PacificMay1932.
1931.
1930.
1929.
Gross from railway-- $266,873
$346,743
8485,027
$534,895
Net from railway.---21,490
20,049
38.183
111,757
Net after rents
-20,343
-28.886
--2,800
73.597
From Jan. 1
Gross from railway
1,535,621
2,065,839 2,188,737
1,202,931
Net from railway---- -127,091 -245,766 -109,619
-8,974
Net after rents
-333,798 -473.500 -313.042 -208,873
Oklahoma City-Ada-AtokaMay1929.
1932.
1931.
1930.
Gross from railway..-$68,426
$59,539
$118.943
$38,995
Net from railway__ _ _
4,206
14,924
27,333
43,198
Net after rents
8,581
13,826
2,525
From Jan. 1
Gross from railway_ - _
278,711
397,905
634,478
179,354
Net from railway_
63,434
117,941
79,314
53,096
Net after rents
1,871
27,370
8,551
Pennsylvania System
Pennsylvania RRMay1929.
1931.
1930.
1932.
Gross from railway---$27,473,198 $39,310,633 851,895.442 860,738.753
Net from railway__
7,824,927 7,931.287 14,326,993 18,220,807
Net after rents
4.125,619 3,961,992 9,640,633 13,251,731
From Jan. 1
Gross from railway-147,404,615 195,113,926 246,203,572 276,368,617
Net from railway
35,810,171 36,174.712 58,573,246 74,395,871
Net after rents
19,754,259 19,073,121 39.146,029 53,279.127
Long Island
1929.
1932.
May-1931.
1930.
Gross from railway__ _ $2,448,335 $3,212,765 $3.346,650 $3,569,669
1,171,064
1,089,670 1,211,229
884,808
Net from railway.._ _
610,034
772,092
Net after rents
768,378
478,426
From Jan. 1
Gross from railway_ .. _ 11.790,289 14,355,672 15,124,693 15,506,699
3,762,938 4,206,509
Net from railway_ __ _ 3,295,489 4.122,801
1,680,832
Net after rents
2,571,845 2.092,416 2,701,924
Peoria & Pekin Union
May
-Gross from railway__ _
Net from railway.. _ _ _
Net after rents
From Jan. 1
Gross from railway__ _
Net from railway_ __ _
Net after rents
1932.
$64,207
8,658
32,690
1931.
$90,997
4,867
14,265
1930.
$139,470
10,136
13,578
1929.
$146,404
35,175
37,626
365.795
68,170
103.943
499,379
67,370
117,563
716,082
127,464
133,857
749,672
199.741
195,453
Pittsburgh & ShawmutMay1929.
1932.
1930.
1931.
$128,650
Gross from railway_ _
$101,498
$57.162
$89,346
26,208
7,123
Net from railway__ _ _
26,978
29,576
Net after rents
29,965
4,683
28,730
30,537
From Jan. 1
Gross from railway
706,408
304,558
538,872
393.953
Net from railway--.30,722
184,018
135,130
84,079
190,917
Net after rents
142,868
78.172
27.752
Pittsburgh Shawmut & NorthernMay1929.
1932.
1930.
1931.
Gross from railway_....
$150,208
$85,956
$140,440
$111,074
Net from railway..___
35,369
10,136
19,924
23,712
Net after rents
2,640
11,592
24,235
11,552
From Jan. 1
Gross from railway_ _ _
438.306
770,027
707.178
539,747
Net from railway_
42,884
204,464
166,897
130.645
Net after rents
149.814
9,767
98,972
116,135
Pittsburgh & West VirginiaMay1932.
1929.
1931.
1930.
Gross from railway..-- $151.700
$365,088
$441,231
$280,919
Net from railway_ _ _ _
6,621
143,601
191,652
76,248
Net after rents
-8,431
184,390
233,563
90,052
From Jan. 1
Gross from railway_ _ 938,718
1.633,090 2,158,592
1,328,533
INet from railway_ _ _ _
176,725
1,020,379
565,095
339,824
Net after rents
119,734
1,109,996
670,626
376,144
Reading CoMay1932.
1930.
1931.
1929.
Gross from railway- $4,350,922 $6,029,109 $7,747,603 $8,444,852
Net from railway---- 1,002,466
692,052
1,756,752
1.603,170
Net after rents
917,307
462,949 1,301,601
1,433,538
From Jan 1
Gross from railway.. 23,626.691 31,531,242 37,397.829 40,320,157
Net from railway
4,571,481
3,876,728 6,301,754 8,807,337
Net after rents
3,760,797 2,599,968 4,881,151
7.045,251
Richmond Fredericksb'g & PotomacMay1932.
1931.
1930.
1929.
Gross from railway_ -- $572.958
$941,101 $1,120,078
$924,138
Net from railway..- _ 122,960
208,608
319,305
301,156
Net after rents
43,734
185.,634
104,972
178,404
From Jan. 1
Gross from railway--- 3,253,032 4,529,783 5.103,498 5,624,150
from railway..- - Net
1,396,204
784,136
1,557.629
1,967.374
Net after rents
800,043
331,231
923.930
1,310,884
•
RutlandMay1932.
1930.
1929.
1931.
Gross from railway--- $333,077
$386,647
$466,365
$548,695
Net from railway_ _ _ _
57,757
36,721
93,298
128,280
Net after rents
926
18,062
71,944
102,176
From Jan. 1
Gross from railway_ -- 1,649,610
1,871,073
2,205,598 2,489,109
' Net from railway_ _ _ _
223,304
138,881
293,629
424,827
Net after rents
130.504
58,490
225,678
335.767
St Louis-San Francisco System
St Louis San Francisco Ry CoMay1931.
1932.
1930.
1929.
Gross from railway--- $3,327,274 $4,944,920 85,854,027 17.262,671
Net from railway__..
700.311
1,518,081
1,514,984
1,943,420
Net after rents
322,377
1,089,652 1,148,988
1,603,577
From Jan. 1
Gross from railway
17,021,528 23,679,713 30,186,658 33,090,889
Net from railway- -- 3,156,600 6,434,722 8,068,758 9,015,962
Net after rents
1,243,371
4,448,660 6,452,423 7,435,508
St. Louis-San Francisco of Texas
May
1932.
1931.
1930.
1929.
Grossfrom railway-.- $94,279
$141,735
$85,980
$153,226
Net from railway.. _ _ _
484
-15.744
-48,219
16,619
Net after rents
-31,445
-50,430
-80,240
-13,207
From Jan. 1
.
Grossfrom railway- -391,048
499,461
702,353
762,203
Net from railway- --- -77,385
-36,009
24,573
148,686
Net after rents
-246,271 -212,515 140,215
-4,551
Fort Worth & Rio Grande
May
1932.
1931.
1930.
1929.
Gross from railway$40,682
$81,850
$74,676
$105,116
Net from railway- --- -20,186
929
-13,913
-5,641
Net after rents
-32,774
-15,343
-28.234
-19,132
From Jan. 1
Grossfrom railway_ _ _
181.998
274,656
354,162
486,058
Net from railway- -125,818
-98,064
-69,641
589
Net after rents
-186.035 -170.087 135,943
-65,477
St Louis Southwestern Ry LinesMay1931.
1932.
1930.
1929.
Gross from railway...... $1.055,218 $1,621,016 81,853.881 $2,005,152
532,007
Net from railway..-- 212.850
486,007
400,206
Net after rents
305,160
223,852
4,985
208,159
From Jan 1
Gross from railway.-- 5.375,676 7.531,472 9,776,482 10,5S0.378
1,647.299 2,209,075 2,086,877
Net from railway_ _
951.811
506.499 1,074.326 1.113.798
Net after rents
28.251
July 2 1932
San Antonio Uvalde & Gulf
May1932.
1931.
1930.
1929.
Gross from railway_ _ _
$58,646
$101,565
$177,330
$179,666
Net from railway- 28,192
14,183
52,894
150,561
Net after rents
-2.305
-19,719
21,277
20,238
From Jan. 1Gross from railway- -516,384
712,028
818,587
937,608
Net from railway
174,652
210,553
257,282
297.992
Net after rents
12,248
44,459
98,280
135,372
San Diego & ArizonaMay1932.
1931.
1930.
1929.
Gross from railway_ - _
$29,930
$94,552
$108,405
$102,782
Net from railway- _ -30,003
30,773
34,360
25,557
Net after rents
-35,509
26,118
28,987
20,491
From Jan. 1
Gross from railway--173.676
373,105
574,511
522,870
Net from railway- _ _ - -60,005
57,368
171,096
149,214
Net after rents
-82,582
37,443
124,568
141,349
Seaboard Air LineMay1932.
1931.
1930.
1929.
Gross from railway- - $2,665,769 $4,187,518 $4,057,074 $5,142,430
Net from railway_
322,768
784.067
796,445
1,534,985
Net after rents
2,781
317,198
411,153
1,089,612
From Jan. 1
Gross from railway._ 15,189,588 21.138,434 23,419,136 27,186,839
Net from railway_ _ - 2,635,223 4,518,598 5,575,860 7,830,848
Net after rents
855,077 2,119,906 3,322,818 5,184.752
Staten Island Rapid TransitMay1932.
1931.
1930.
1929.
Gross froxn railway--- $153,302
$188,151
$214,848
$270,744
Net from railway........
39,049
42,503
55,243
91,881
Net after rents
5,112
9,268
25,183
37,025
From Jan. 1
Gross from railway
751,352
870,539
976,943
1,178,115
Net from railway_ _ _ _
150,601
187,599
217,957
313,858
Net after rents
-14,163
31,976
95,938
40,262
Southern Pacific System
Southern Pacific SS LinesMay1932.
1931.
1930.
1929.
Gross from railway_ -- $368,523
$534,230
$686,078 $1,032,481
Net from railway... _ _ -70,954
-85,806
-38,021
-19,079
Net after rents
-70,017
-87,499
-37,807
-20,665
From Jan. 1
Gross from railway_ _ _ 1,880,451
2,617,716 3,385,741 4,667,470
Net from railway.._ -504,431 -514,420 -321,801
112,232
Net after rents
-512,141 -521,519 -312,402
111,370
Southern Pacific Ca.May-1932.
1931.
1930.
1929.
Gross from railway-- $9,406;355 $13,374,896 $16,176,250 $19,002,554
Net from railway-- 2,334,501
4,136,421
4,348,292 6,027.452
Net after rents
656,057 2,682,662 2,626,594
4,061,239
From Jan. 1
Grossfrom railway- _ _ 44,558,869 61,816,234 77,547,289 88,919,526
Net from railway- __ - 8,405,148 13,532,477 19,019,434 25,877,402
Net after rents
1,048,343 6,006,778 10,958,824 17,030,604
Texas & New Orleans-.
May1932.
1931.
1930.
1929.
Gross from railway......82,669,826 $3,931,670 $5,079,291 $6,090,140
Net from railway........
473,122
705,438
922,093 1.431,867
Net after rents
6,671
136,756
329,723
866,417
From Jan 1
Gross from railway...... 13,572,924 19,475.350 25,834,891 30,293,292
Net from railway
1,434,366 2,688,965 4,711,956 7,178,159
Net after rents
-858,737
238,757 1,860,042 3,936,109
Southern Ry System
Southern Ry CoMay1932.
1931.
1930.
1929.
Gross from railway- _ - $5,810,673 $8,593,166 $10,337,450 $11,916,610
Net from railway_ _ _ _
503,960 1,591,029 2,446,682 3,305,682
Net after rents
-207,444
700,527
1,499,716
2,390,557
From Jan 1
Grossfrom
_ 32,000,300 42,994,358 52,638,265 59,171,021
Net from railway__ _ 4,570,613 7,668,449 11,904.146 16,280,078
Net after taxes
983,834 3,310,477 7,256,232 11,736,797
Alabama Great Southern- •
May1932.
1931.
1930.
1929.
Gross from railway--- $336,358
$542,062
$732,169
$886,275
Net from railway__ -11,324
46.531
149,014
264,829
Net after taxes
-51,817
15,237
106,759
220,452
From Jan 1
Grossfrom railway..._ 1,779,249 2,683,848 3,624,871 4,265,750
Net from railway_
-30,323
274,530
740,070
1,234,104
Net after taxes
-225,253
117,825
551,301
1.021,477
Southern Ry System
Cinc New Orleans & Texas Pacific
ay-1932.
1931.
1930.
1929.
Gross from railway__ _ $900,754 $1,352,730 $1,612,150 $2,127,717
Net from railway_ __ _
200,309
307,755
381,709
708,359
Net after rents
152,783
216,433
265,848
553,757
From Jan 1Gross from railway_ _ _ 4,557,407 6,461,763 8,204,204 9,422,202
Net from railway_ __ _
874,158
1,059,022 2,002,758
1,529,494
Net after rents
623,767
678,453
1,510,878
987,064
Georgia Southern & Florida
May1932.
1931.
1930.
1929.
Gross from railway...... $177,445
$282,517
$302,028
$368,593
Net from railway_ _ __
30.772
53,147
41,633
89,303
Net after rents
13,355
22,978
244
68,615
From Jan 1Gross from railway......
886,340 1,376,943 1,729,528
1,907,923
Net from railway...._
108,480
228,862
336,744
305.519
Net after rents
40,685
114,976
171,923
181,352
\
New Orleans & Northeastern
May1932.
1931.
1930.
1929.
Gross from railway_- 3157.574
$281,513
3397,252
$468,999
Net from railway....
-11,605
34,058
116,984
150,693
Net after rents
-55,305
-25,636
61,121
64,579
From Jan 1Gross from railway
908,305
1,367,809
1,934,442 2,340,085
Net from railway......_
20.212
115,561
513,851
806,205
Net after taxes
--189,479 --201,312
131,759
379,951
New Orleans Terminal
May1932.
1931.
1930.
1929.
Grossfrom railway_ .. _ $137,342
$145,896
$159,866
$173,763
Net from railway........
89,072
69,598
51,599
83,308
Net after rents
56,085
38,829
54,242
57,414
From Jan 1Gross from railway.... _
577,725
621,567
697,678
811,910
Net from railway
309,353
229,094
237,144
365,965
Net after rents
166,176
67,828
180,187
252,423
Northern Alabama
May1932.
1930.
1929.
1931.
Gross from railway_ _ _
$32,016
$80,950
$62,227
$97,208
Net from railway......
-1.897
19,633
28,343
44,463
Net after rents
-20,628
1,396
-3.481
15.857
From Jan 1Gross from railway..-215,706
308,855
475,828
528,765
Net from railway 173,720
50,508
68,051
229,079
Net after rents
43,952
-45,168
-31,582
96,417
Spokane international
May.
1930.
1931.
1932.
1929.
Gross from railway_ -.
$69,572
$77,940
$42,874
$92,023
Net from railway___ _
14,331
16,787
-4,935
25,711
Net after rents
4,394
6,064
-10.759
14,184
From Jan 1Gross from railway_ _ _
315,557
375,555
218,843
487,376
Net from railway_ _ _ _ -35,976
45,446
56,566
118,677
Net after rents
2.151
-77,325
5.246
59,637
Volume 135
Financial Chronicle
Spokane Portland 3c Seattle
May
1931.
1929.
1930.
Gross from railway__ _ $400,912
$572,763
$661,051
$760,267
Net from railway_
119,949
216,892
198,263
230,341
Net after rents
39,602
116,321
95,368
133,340
From Jan 1
Gross from railway.-- 1:895,283
2,470,005 3,163,281 3,523,457
Net from railway_ _
432.535
758,869
918,104
1,207,489
Net after rents
12.192
308.746
412,887
727.376
Tennessee Central•
May
1932.
1931.
1929.
1930.
Gross from railway_ _ _ $141,066
$221,735
$271,552
$257,134
Net from railway_ _ _ _
20,906
42,833
73.800
64,085
Net after rents
3,731
21,286
50,945
42,296
From Jan 1
Gross from railway....
811.710
1,151,525
1,300,819
1,258,589
Net from railway_ _ _ _
145,901
192.153
230,514
179,615
Net after rents
60,691
84.191
113,752
68,741
Terminal Ry. Assn of St. LouisMay1932.
1931.
1930.
1929.
Gross from railway-- $461,501
$715,240
$917,353 61.067.355
Net from railway_ --106.086
234,399
230,783
346,980
Net after rents
94,913
214,853
208.375
325,714
From Jan 1
Gross from railway... 2,474,423 3,512.738 4,509,386
5,271,422
Net from railway_ _ - _
606,261
822,174
1,024.979
1,599,295
Net after rents
517.329
759.946
1.038,975
1,524,213
Texas MexicanMay1932.
1931.
1929.
1930.
Gross from railway-- $106,574
596.907
$111.450
$124.165
Net from railway
47.249
14.500
22,712
27,003
Net after rents
38,128
117
5.505
8,869
From Jan 1
Gross from railway__ _
345,352
448,315
481,515
589,670
Net from railway_
92,983
31.584
59.956
117.465
Net after rents
52,118
-26,220
6,950
52,514
Texas & PacificMay1932.
1931.
1930.
1929.
Gross from railway-- $1,668,448 $2.635,268 $33,228,347 $3,914,503
Net from railway_ _ _ _
458.711
896,077
880,390
1,135.817
Net after rents
181,340
557,207
491,087
667,024
From Jan 1
Gross from railway__ _ 8,709,477 12,091,913 16,267,646 19,122,055
Net from railway_
2,245.564 4.072,868 4,716,207 5.672.711
Net after taxes
1,005,134 2.427.468 2,777,832 3,295,263
Toledo Peoria & Westernay1932.
1931.
1930.
1929.
Gross from railway.- - $111,929
$122,598
$164,068
$168,577
Net from railway__ __
17.824
17,506
23.242
39,456
Net after rents
5,708
7,347
10,031
24,724
From Jan 1
Gross from railway__ _
546.312
652,237
827,169
895,512
Net from railway__
80,710
122,501
129,547
276,634
Net after rents
26,304
68.081
57,328
192,867
Toledo TerminalMay1932.
1931.
1930.
1929.
Gross from railway._ _
$58,625
$92.687
$99,007
$128,254
Net from railway_ _
5,353
10,347
-8.479
40.754
Net after rents
5,414
19,497
-3,328
48,400
From Jan 1
Gross from railway....
347,181
475,952
528,329
676,983
Net from railway....
68,395
117,352
99,330
228,546
Net after rents
84.233
168.302
143,428
270.509
Union Pacific System
Oregon Short LineMay1932.
1931.
1930.
1929.
Gross from railway_ _ _ $1,461,957 $2,176,285 $2.461.059 $2,944,123
Net from railway_ _ _
282,402
407,002
454,442
665,093
Net after rents
-55,971
23,768
64.879
314,131
From Jan 1
Gross from railway... 8,234,532 11,484,423 12,910,858 15,006,404
Net from railway
2,169.227 2,982,940 3.379,716 4.581,331
Net after taxes
484,957 1,050.022
1,450,951
2,839,202
Ore-Washington Ry & Nay CoMay1932.
1931.
1930.
1929.
Gross from railway.-- $1,022,467 $1,797.573 $1,908.804 $2,304,790
Net from rail way_ _ _ _
350,932
51,062
231,746
34F,728
Net after rents
-214,183
76,083
-49,880
17,528
From Jan 1
Gross from railway.... 5,497,505 8,019.584 9,574,887 11,027.929
Net from railway_ _ _ _
392.037
634,866
1,253,901
1.438.763
Net after rents
-924,657 -813,877 -154,331 -158,962
St Joseph & Grand IslandMay1932.
1931.
1930.
1929.
Gross from railway.-- $186.660
$286,358
$257,598
$290,863
Net from railway- 59.604
5,501
48,547
65.810
Net after rents
28,014
-36,834
13,103
33,541
From Jan 1
Gross from railway-1.357.564
941.443
1,398,434
1,521.831
Net from railway- __.
308.201
359,903
428,252
471,583
Net after rents
157.642
144,276
238,141
283.027
Union Pacific CoMay1932.
1931.
1930.
1929.
Gross from railway.-- $5,342,176 $7,674,527 $8,055,975 $9,353,552
Net from railway---- 1,604,278 2,077.743 2,060,847
2,652,658
Net after rents
759,243
1,170,418
1.243.611
1,767,591
From Jan. 1
Gross from railway.-- 25,597,708 35,933.172 38,148,717 44,365,538
Net from railway.... 7,264,041
9.577,777 9,900,946 13,342,929
Net after rents
3,850.139 5,210,641
5,862,114 9.067.930
Union RR (Pennsylvania)May1932.
1931.
1930.
1929.
Gross from railway-- $128,098
$448,586
$892,982 $1,132,564
Net from railway.... -113,611
-14,857
240,655
450.850
Net after rents
-98,794
28,817
281,718
494,564
From Jan 1
Gross from railway.-912,477 2.160,452 3.531,030 4,084,459
Net from railway.... -415,116 -300,496
563,534
956,442
Net after rents
-323,161
-82,059
654,854
1,097,294
UtahMay1932.
1931.
1930.
1929.
Gross from railway.-$48,748
$53,966
$75,144
$103.939
het from railway....
1,905
-402
-544
29,134
Net after rents
-12,681
-14,617
-7,138
18,132
From Jan 1
Gross from railway...
512,285
540,133
691,927
920,933
Net from railway_ _ _
172,764
154,773
195,060
376,374
Not after rents
65.764
57,755
76,748
275.452
VirginianMay1932.
1931.
1930.
1929.
Gross from railway$869,493 $1,262,588 $1.351,149 $1,690.801
Net from railway.
329,002
577.513
548,316
853,180
Net after rents
277,752
494,516
760,895
From Jan. 1
Grossfrom railway
551,736 6,426,820 7,556,597 8,117,056
Net from railway_ _ - 2,562,395 2,803,170 3,517,047 4,017,609
Net after rents
2,156,585 2,388,033 3,037,494 3,527.682
WabashMay1932.
1931.
1930.
1929.
Gross from railway... $3,244,228 $4,523,663 $5,459,292 $6,464,191
Net from railway---891.712
640.133
1,216.614
1,485.167
Net after rents
259,482
70,258
583,248
893,427
From Jan. 1
Gross from railway
16,165,296 21:381.567 27.312,482 30.829.915
Net from railway_
2,315,935 4,083,076 5.982,605 8,012.137
Not after rents
-505.436 1,161,898 2,907,428 4,921.037
115
Western MarylandMay
1932.
Gross from railway_ _ _ $945,012
Net from railway- _
342,251
Net after rents
265,548
From Jan 1Grossfrom railway... 5,460,077
Net from railway_ _ _ _ 1.829,664
Net after rents
1,452.465
Western PacificMay
1932.
Gross from railway_ _ _ $811,949
Net from railway_ _ _
84.214
Net after rents
-9.642
From Jan 1Gross from railway--- 3.952,673
Net from railway_ _ _ _
19,527
Net after rents
433.810
Western Ry of Alabama- '
May1932.
Gross from railway-$87.201
Net from railway_ _ _ - -23,761
Net after rents
-29,512
From Jan 1Gross from railway...
554,105
Net from railway_ _ _ _ -57.131
Net after rents
-84,643
Wheeling & Lake ErieMay1932.
Gross from railway.. _ _ $512,819
Net from railway....
-3,463
Net after rents
-104,736
From Jan. 1Gross from railway--- 3,306,868
Net from railway_ _ _ _
469,599
Net after rents
-38.929
Wichita Falls & Southern
May
1932.
Gross from railway_ -$39,652
Net from railway_ _ _ _
3.695
Net after rents
-3,857
From Jan 1Gross from railway
229,798
Net from railway_ _ _ _
51,152
Net after rents
12,158
1931.
1930.
1929.
$1,160,918 $1,525,813 $1,547,052'
358,299
518.203
458.860'
288,501
441.414
415,507
6.382,575 7.530,308 7.491,012
2,152.285 2.584,709 2,278.135
1.805.836 2,261,446 2,086,769'
1931.
1930.
1929.
$1,110,952 $1,215,054 21,407,040'
, -49.872
-80.634
130.903•
-131,705 -179,120
82.706'
4,953,125 5.603,737 6,477.269'
-154.200
249.377
838,869
-557,350
579,898
625.508
1931.
$157,793
6.168
3.477
1930.
$209,311
26,042
11,628
1929.
$240.972
43,721
30,274
869,667
86,410
62,219
1,176,995
234,459
154,230
1.261.770
200.315
133.634
1931.
1930.
1929.
$1.111,209 $1.814,069 $2,144.837
256.858
661,318
818.347
139,902
496,448
635,622
5,010,388 7,339,777 8.871.303
1,009.975 2,080.023
2,906,614
470,127
1,450,646 2,103,696
1931.
$52,497
10,244
2,711
246,691
29,705
-12,222
1930.
$79,179
23,187
10,271
•
406,332
108,038
51,304
-
1929.
$88,229
31,068
22,768
404.181
122,589
78,899
Other Monthly Steam Railroad Reports.
-In the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, Sze., or where they differ
some other respect from the reports of the Commission. in
•
(The) Atchison Topeka & Santa Fe Ry. System.
(Includes the Atchison Topeka & Santa Fe Ry,-Gulf Colorado &
Santa
Ry., and Panhandle & Santa Fe Ry.)
Month of May1932.
1931.
1930.
1929.
Railway oper. revenues_ $9,956,356 $14,168,512 $17,477,174 $20,175,246
Railway oper. expenses- 8,852,870 12,021,031 15,100,660 15,147.122
Railway tax accruals.-976,922 1,151,136
1,170.108
1,423.994
Other debits
67,904
236,980
334.508
200,981
Net ry. oper. income_
$58.660
$759,365
$871,896 13,406.14V
Average miles operated_
13,545
13,515
13,133
12.432
5 Mos. End. fay 31Railway oper. revenues-$53.367,559 $71,120.843 $88,893,612 $98,509.463
Railway oper. expenses- 45.051.207 58.347.914
Railway tax accruals.- 5.461,998 5,889,410 74,368,621 71,260.463
6,188,223 7,570,187
Other debits
523.447 1,133,921
1.683.220 0'533.040
Net ry. oper. income_ $2,330,908 $5,749,597 16.653.547 $19,125,852
Average miles operated13.545
13,376
13,134
12.368
W'Last complete annual report in Financial Chronicle Apr. 9 '39, p. 2706'
Bangor & Aroostook RR.
Month of MayGross oper. revenues-.
Oper. exp. (incl. maint.
and depreciation)--__
1932.
1709,271
1931.
3576.412
326,367
404,264
450,610
406,818
Net rev, from oper_-Tax accruals
1382,904
85,472
$172.148
53,825
1356,715
71,039
$175,938
46,990
Operating income_ __ _
Other income
$297.432
6,857
1118,323
18,550
$285.676
5.662
1128.945
24.986
Gross income
Deduct, from gross inc.:
Int. on funded debt._
Other deductions
$304,289
$136,873
$291.338
$153.931
67,381
62
67,521
884
72.349
101
77,727
872
Total deductions--
$67,443
Net income
$236,846
5 Mos. End. May 31Gress oper. revenues... 13,617.018
Oper. exp. (Incl. maint.
and depreciation)---- 1,784.863
Net rev, from oper..$1,832,155
Tax accruals
333,552
Operating income.--- 11,498,603
Other Income
-65,780
Gross income
$1,432,823
Deduct. from gross inc.:
Int. on funded debt
336,911
Other deductions
2,856
Total deductions
$3339,767
1930.
$807,325
1929.
8582.758
$68,405
$72,450
$78,599
$68.468
$218.888
$75,332
83,885.614 $4,550,105 $3.682,754
2,254,507
2.468.397
2.178,047
$1.631,107 12,081,708 $1,504,707
339,821
375.762
298.199
31.291,286 31.705.946 $1,208,508
-20,738
-23,658
48.492
$1,270,548 $1,682,288 11,255,000
338,340
2.297
371.720
3,636
390,181
5,913
$340,637
$375,356
$396.094
Net income
$1.093,056
$929,911 $1,306,932
1858.906
1:39 Last complete annual report in Financial Chronicle Apr. 2 '32, p. 2511
-
Boston & Maine RR.
Month of MayNet ry. oper. income.-Net misc. oper. Income_
Other income
Gross income
Deductions (rtls.int.&c.)
1932.
$699,284
-785
82.204
1931.
1930.
1929.
1912,937 $1,021,912 $1,106.727
-5,101
308
433
104,350
-94.971
-97,606
$780,703 $1,012,186 $1.117,191 $1,204.765
646,423
645,426
692.311
688,051
$134,280
$366,760
$424,880
$516,714
Net income
5 Mos. End. May 31
Net ry. open income- $3,023,439 $4,267.078 $4.746.134 $5,173.299
Net misc. oper. income_
-155
-1,258
14,186
13,107
Other income
454,650
509,181
495.247
532,336.
Gross income
$3,477,934 $4.775,001 $5.255,567 $5.718,742'
Deductions (rtls.int.&c.) 3,235,207 3.331.410 3,271.384 3,408,229
Net income
$242.727 $1,443,591 $1.984.183 $2,310,522
PrLast complete annual report in Financial Chronicle Apr. 2 '32, p.
116
Financial Chronicle
Canadian National Railways.
Month of May
1932.
1929.
1931.
1930,
Gross revenues
$11,686,354 $15,604,627 $19,013.606 $23.311,862
Operating expenses
10,954.559 15.163,937 16,704.475 20,045,927
Net revenues
$731.794
5440,689 $2,309,131 $3,265,935
5 Mos. End. May 31- •
Gross revenues
$57,750,742 $73,039,396 589,906,2065107,827,338
Operating expenses
56.569,923 71,595,354 80,841.861 88,728,198
Net revenues
$1,180,818 $1,434,040 $9,064,345 $19.099,140
IC -Last complete annual report in Financial Chronicle April 16 '32, p.2896
Chicago Rock Island & Pacific Ry.
(Rock Island Lines)
1930.
1929.
Month of May1932.
1931.
Preight revenue
$4,626,336 56,698,929 $7,794,471 $8,734,917
1,564.837
1,256,495
558,324
895,930
Passenger revenue
254,102
258,669
214,612
232,348
Mail revenue
306,250
339,558
138,492
202,416
Express revenue
555,288
515,553
404,270
Other revenue
249,173
Total ry. oper. rev_
$5,786.937 58,433,893 $10,131,438 $11,448,702
Railway oper. expenses_ 4,704,407 6,433,249 7,907,447 9,113,434
Netrev.from ry.oper. $1,082,530 $2,000,644 $2,223,991 $2,335,268
525,000
700,000
550,000
550,000
Railway tax accruals__ _
4,409
3,317
1.972
1,695
Uncoil. ry. revenue
Total ry. oper. income
Equip. rents-debit bal_
-deb. bal.
Jt.facil.rents
$530,558 $1,448,949 $1,695.674 $1,630,859
337,281
466,883
316,309
339,569
106.212
99,728
95,834
97.508
Net ry. oper. income_
Non-operating income
$116,741 $1,013,546 $1,129,061 $1,187,366
81,213
101.428
110,748
43,652
Gross income
Rent for leased roads__ _
Interest
Other deductions
$160,393 $1,124,294 $1,230,489 $1,268,579
12,917
12,941
12,964
12,917
971,580
1,177,473 1,075.643
1,183,966
10,332
10,314
7,073
6.194
$994,829
$1,203,956 $1,196,631 $1,098,898
Total deductions
273,750
131,591
Balance of income_ __def1.043,563 def72,337
5 Mos. End. May 31
$24,037,536 532.973,395 $39,720,784 144,381.781
Freight revenue
3,127,819 4,765.365 6,791,332 8,101,616
Passenger revenue
1,298.879
1,226,516 1,332,868
1,152,376
Mail revenue
1,240,289 1,338,738
950,968
530,911
Express revenue
1,331,014 1,301,337 2,492,427 2,747,080
Other revenue
Total ry. oper. rev-230.179,656 $41,882,290 $51.583,900 $57,878,192
Railway oper. expenses_ 24,346.254 32.113,237 40,292,188 44,761,890
Netrev.from ry.over. $5,833,372 59.769,053 $11,291,512 $13,106,303
2,650,000 2,830,000 2.853,000 3,591,631
Railway tax accruals_
15,597
21,894
10.764
9,432
Uncoll,railway revenue_
Total ry. open income $3,172,638 $6,929,221 $8,416,618 $9,499,074
1,822,009
Equip. rents-debit bal_ 1,478,436 1.620,188 2,007.345
525.228
449,834
485,458
-deb. bal.
499,171
Jt.facil.rents
Net ry. oper. income_ $1,195.031 $4.823,575 $5,960,439 $7,151,737
477,758
405,359
254,192
557,228
Non-operating income
$1,449,223 $5,380,803 $6,364,798 $7,629,495
Gross income
64,682
64,751
64,706
64,633
Rent for leased roads__ 5,878,186 5,786,377 5,148,406 4,863,146
Interest
94.684
68,020
69,638
62,368
deductions
Other
$6,005.187 $5,920,721 $5,281,177 $5,064.515
Total deductions
386,237 $1,083,621 $2,604,983
Balance of income_ _def$4,555,964
larLast complete annual report in Financial Chronicle April 23'32, p.3086
Denver & Rio Grande Western RR. Co.
1929.
1930.
1931.
1932.
Month of May-51,222.454 $1,855,096 $2.315,657 $2,561,309
Operating revenues
1,961,619
1,665,265
1.059,446 1.410,297
expenses
Operating
$599,689
$650,392
$444,799
5163,008
Net revenue
511,580
516.893
270.681
def4,584
Net ry. oper. Inc
542,105
514.837
274,887
def15.391
Available for interest.
538,425
541,879
447,080
443,388
debt
Int. on funded
$3,680
$27,041
def$458.780 def$172,193
Surplus
5 Mos. End. May 31
$6,437,955 $9.389,886 $11,451,829 112,730,611
revenues
Operating
5.552,829 7,101.216 8,515,759 9,334,736
Operating expenses
$885,125 $2,288,669 $2.936.069 53,395,874
Net revenue
151.402 1,561,008 2,190.962 2.903.878
Net ry. oper. income......
1,582,839 2,225.734 3,037.316
187,361
Available for interest......
Interest on funded debt_ 2.223.424 2,241.886 2.711.973 2,498,370
5538.946
$486,239
def$2,036,062 def$659,047
Surplus
VIT'Last complete annual report in Financial Chronicle April 9 '82, p. 2706
Erie Railroad Co.
(Incl. Chicago & Erie RR. Co.)
1929.
1930.
1931.
1932.
Month of May56.150,603 57.863,532 $9,501,001 $11,369,942
Operating revenues
6,644.597 7,787.883 9,032,432
5,204,912
expenses & taxes
Opel'.
Operating income......$945,690 51,218,935 $1,713,118 $2,337,509
Hire of equip. & joint
244.582
351,852
315657
350,657
facil. rents, net debit_
$903,277 $1,361,265 $2,092.927
Net ry. oper. income_ $595,033
5 Mos.End. May 31
31,162,204 38,916.357 45.820.073 52.802,400
Operating revenues
26,247.027 32,137,528 38,596,182 42,144.536
Oper. expenses & taxes
Operating income-- $4,915,177 $6,778,828 $7,223,891 $10,657,864
Hire of equip. & joint
1.747,613
1,740,812
1,541,482
facil. rents, net debit_ 1,586.923
oper. income- $3,328.253 55,237,346 55.483,078 58.910.251
Net ry.
Apr. 30 '32, p. 3264
"Last complete annual report in Financial Chronicle
Georgia & Florida RR.
1929.
1930.
1931.
1932.
Month of May$1,745
def$13,375
Net ry. oper. income__ _ def$27.486 def$15,567
1,067
1,589
1.840
1,570
income_Non-operating
$2,813
def$25,916 def$13,727 def$11.786
Gross income
1,431
1.124
1,137
1,167
Deductions from income
$1.381
applic. to int_ def$27,083 def$14,8t34 def$12.910
Surplus
5 Mos. End. May 31
$21.094
def$25,402
Net ry. oper. income_ __def5111,783 def$45,252
7,912
7,994
8.344
8,099
Non-operating Income__
$29.006
def317,407
income__ ______def$103,694 def$36,908
Gross
5,924
5,671
5,719
5.879
Deductions from income
$23,082
to int-def$109,572 def$42,627 def$23,078
Surplus appnc.
and for the period
-The decrease in freight revenue for May 1932 which has caused
Note.
business depression
this year was due to the nationwide
all commodities. The dedrastic reduction in movement of practically in passenger train travel
was due to decrease
crease in passenger revenue depression and increased use of automobiles.
on account of the business
.
jury 2 1932
The decrease in other revenue was due to slight reduction in mail,revenue
on account of discontinuance of train service on branch lines on Sundays
,
and an adjustment in mail pay Included in May 1931 account for the quarter
ended March 1931; decrease in express revenue attributable to condition
of business generally; decrease in demurrage charges for delayed freight
cars, and decrease in earnings from commissary cars due to decreased,
salaries, wages and forces.
Gulf Coast Lines.
Month of Mott1932.
1931.
1929m
1930.
Operating revenues
$761,695 $1,227,360 $1,567.624 $1,314,090'
Net ry. oper. Income.._ _
167,608
309,607
363,990
226,807
5 Mos.End. May 31
Operating revenues
4,310,708 5,869,755 7.814,540 7,035,103
Net ry. over. income
906,325
1,149,063
1,933.395
1,307,594
-Last complete annual report in Financial Chronicle May 7 '32, p. 3449
10
Louisiana & Arkansas Ry. Co.
-Month of May- -5 Mos. End. May 311932.
1931.
1932.
1931.
Gross
$484.126 $1,741,492 52,223,781
$318,872
Net operating Income_ _
103,971
33,793
251,570
375,226
Balance for Interest........
35,915
106.370
266,415
414.183
Interest charges
65.850
66,807
325,405
334,341
Maine Central RR.
Month of May1931.
1932.
1930.
1929.
Railway oper. revenues_ $1,060,593 $1,346,996 $1,686,911 31,592,681
Surplus after charges.._..
23,966
13.017
77.515
98,562
Mos. End. May 31
5
Railway oper. revenues_ 5,032,998 6.678,504 8,350,527
7,695,698
Surplus after charges.. _ _ -248,514
34,711
523,840
317,467
-Last complete annual report in Financial Chronicle Apr. 2 '32, p. 2614.
10
Missouri-icansas-Texas Lines.
1932.
Month of May1931.
1930.
1929.
3.294
3,294
Mileage oper. (average)_
3,189
3,188
Operating reVTInues
$2,060,606 52,750.020 $3,485.253 $4,303,901
Operating expenses
1,617.675 2,236,043 2,678,528 3.273.063
128,999 . 156,428
Available for interest.. _ _
487,195
684,686
405,248
405,714
Int. chgs. Incl. adj. bds_
406.987
424,871
Net income
-$276,249 -$249,285
$80,207
$259,814
5 Mos.End. May 31
3.294
3,188
Mileage oper. (average)_
3.188
3.188
11,065,826 13,789,476 17,936,951 21,983.330
Operating revenues
8%518,288 10,789,119 13,451,654 15.752,695
Operating expenses
1,282,209 2,747,440 4,293,484
895,184
Available for interest_
2,028,780 2.048,554 2,148.366
Int. chgs.,incl. adj. bds_ 2.026,451
-$1.131.267 -$746,570
Net income
$698,886 12,145,118
larLast complete annual report in Financial Chronicle May 7 '32, p. 3464
National Railways of Mexico.
-Month of April--4 Mos. End. Apr. 301931.
1932.
1932.
1931.
Pesos.
Pesos.
Pesos.
POWs.
•
Railway oper. revenues_ 6,197,323
24,756,411
•
•
Railway oper. expenses- 5,613.854
22,494,617
•
583.469
Net oper. revenue_ ___
2,261,793
•
99
Percent. exp. to rev.. _
90
Tax accruals and uncoil.
•
794
1,867
revs. (deduction)_ _
64.679
*
160,448
Non-oper. income
Deductions, items 536381.115
*
1.468,259
541 (1. C. C.)
266,238 1,534,363
952,114 5.136,260
Balance
Kilometers operated.... _ _ 11.533619 11.520219 11.533619 11.520219
*Due to changes in classification, figures not available.
RarLast complete annual report in Financial Chronicle Jan. 9 1932, p. 323
(The) New York New Haven & Hartford RR. Co.
1931.
1932.
1930.
Month of May1929.
Gross (total oper. rev.). $6,202.617 $8,798,056 510.519,643 512.027,078
986,972 1,788,559 2,115,747 2,527,197
Net railway oper.income
846.146 1.167.636 1.546.610
108,720
*Net after charges......
5 Months Ended May 31
Gross (total oper. rev.)_ 33,884,396 43,049,940 50,628,395 55,524,694
Net railway oper.income 5,581.785 8,022,668 9,821,477 11,358,180
4,318,242 5.574,913 6.346.745.
*Net after charges.... _ 1,178,001
*Before guarantees on separately operated properties.
IO'Last complete annual report in Financial Chronicle April 2'32, p. 251:5
Norfolk & Western Ry. Co.
1931.
1932.
1930.
1929.
Month of MayNet ry. oper. income..-- 51.091.481 51,603,463 $2,885.799 53.865,101
210,030
164,932
210,546
217.143
Other inc. items (bal.).. _
$1.302,027 51,813,493 $3,050,731 54,0112.245
Gross income
360.764
340,743
409.146
399,346
Int. on funded debt........
$961,284 $1,452,729 $2,641,585 $3,682.898
Net income
Propor. of oper. exps. to
65.6o%
64.17%
59.09%
operating revenues.... _
54.89%
Propor.oftransp.exp.to
26.91%
23.89%
21.96%
operating revenues......27.41%
5 Mos.End. May 31
Net ry. oper. Income.... $5,357,726 $7,794.339 $13,093,538 $15,311,631
684.842 1.032,483
867,280
983,221
Other inc. items (bal.)...
$6,012.568 $8,826,822 $14,076,759 $16,178,911
Gross income
1,979,028 2,076.847 2,016,138
Int. on funded debt _ _ _ _ 1,748,863
$44,293.705 $6,847,794 $11,999,912 514.162.773
Net income
Propor. of oper. exp. to
68.19%
66.60%
61.52%
60.45%
operating revenues_ _ _
Propor. oftransp. exp.to
24.43%
operating revenues_ _ _
27.57%
27.40%
24.03%
10 Last complete annual report in Financial Chronicle Apr. 2 '32, p. 2509
St. Louis Southwestern Ry. Lines.
1930.
1931.
1932.
Month of May$223,851
$305,159
$4,985
Net ry. oper. Income_ _ _
28,260
16,382
12,064
Non-operating income__
1929.
5209.210
18,847
$321,542
250,762
$252,112
232,386
$228,057
218.957
$70,779
119.725
59,100
Gross income
Deduct.from gross inc.._
117,050
266,016
def$248,966
Net income
5 Months Ended May 31
$28.251
Net ry. oper. Income_
57,622
Non-operating Income-
$506.498 $1,074,326 51,121,379
59,776
71,050
121,929
$566,275 $1,145,376 $1,243,308
$85,873
Gross income
1,093,296
1.235,027
1,135,478
Deduct,from gross inc._ 1,315,013
8150,012
$9.898
def11.229.140 def$888.751
Net income
ki'Last complete annual report in Financial Chronicle Mar. 26 '32. P. 2326
Finaneial Chronicle
Volume 135
117
Texas & Pacific Ry.
Barcelona Traction, Light & Power Co., Ltd.
Month of May1932.
1931.
1929.
1930.
Net ry. oper. income__ $181,340
$557.208
$667,023
$491,087
Net income
def142.795
240.070
196,001
469.700
5 Mos. End. May 31Net ry. oper. income
$1,005,134 $2,427,468 $2,777,832 $3,295.264
Net income
607,468
842.382 1.289,455 2.231.912
pz
f-Last complete annual report in Financial Chronicle April 30'32, p.3267
Month of May- -5 Mos. End. May 311932.
1931.
1932.
1931.
Pesetas,
Pesetas.
Pesetas.
Pesetas.
Gross earns,from oper__ 8,774,405 8,401.15.3 47,823,426 46.628.988
Operating expenses
2.992.874 2.931,578 15,520.424 15.926.980
Western Maryland Ry. Co.
Month of May1932.
1931.
1930.
Net ry. oper. income..
$265.548
$441,414
$288,501
Other income
9,667
11.955
7.105
1929.
$416,673
10,792
Gross income
Fixed charges
$426.465
248,380
$275,215
269,333
$300,456
291.328
$448,519
289,821
Net income
$5,882
39,128
$158,698
3178,085
5 Mos. End. May 31Net ry. oper. income
$1,452,465 $1,805.836 $2,261,446 $2,086,023
Other income
48,096
63.342
66,276
74.689
Gross income
31.500,561 31,869,178 $2,327,722 $2,160,712
Fixed charges
1,349.488
1,442,577
1,451,333
1,245.025
Net income
$151.073
$426,601
$915,687
3876,389
1:2E"Last complete annual report in Financial Chronicle May 14 '32, p. 3629
Earnings of Large Telephone Companies.
-The InterState Commerce Commission at Washington has issued a
monthly statement of the earnings of large telephone companies having an annual operating revenue in excess of
$250,000. Below is a summary of the return:
Apri11932
Apr111931
4 mos.end. April 301932
4 mos.end.Apr11301931
No.of Co.
Stations in
Service
16,525,239
17,239,170
Operating
Revenues.
$
89.815,112
98,809,659
362.689,857
389,992,558
Operating
Expenses.
$
60.167,111
64,848,764
247,421,241
259,249,951
Operating
Income.
$
20.586.741
24,859,495
79,295.806
94,243.449
I ND USTR I AL AND MISCELLANEOUS COS.
Alabama Power Co.
(And Subsidiary Companies.)
(The Commonwealth & Southern Corp. System.)
-Month of May12 Mos. End. May 311932.
1931.
1932.
1931.
Gross earnings
81,259.872 $1,452,057 $17,021,585 $17,922,254
Oper. exps., incl. taxes
& maintenance
533,643
578,832 7,493,577 7,535,475
Gross income
$726,229
$873,224 $9,528,007 310,386.778
Fixed charges
4,581.875 4,214,054
Net income
$4,946,132 36,172,724
Provision for retirement reserve
933,750
926,805
Dividends on preferred stock
2,331,307 2.116.430
Balance
$1,681,074 $3,129.488
10
-Last complete annual report in Financial Chronicle Apr. 16 '32, p. 2898
American Water Works & Electric Co., Ltd.
-Month of May- -12 Mos.End.May 311932.
1931.
1932.
1931.
Gross earnings
$3,662,652 $4,204,582 $47,554,252 352.567,136
Op.exp., maint. & taxes 1,830,466 2,154,839 23.749,427 27,158,846
Gross income
31,832,185 32.049.743 323.804,824 325,408,289
Less-Int. & amortization of discount ofsubs---8,692,802 8,804,821
Preferred dividends of subsidiaries
5,638,827 5,631,776
Balance
$9,473,195 $10,971,691
Interest and amortization of discount of American Water Works & Electric Co., Inc
1.312,410
1.296,007
Balance
Reserved for renewals, retirements & depletion
$8,160,784 39,675.684
2,793,725 3.597.857
Net income
Preferred dividends
$5,367,059 $6,077,827
1,200,000
1,200,000
Available for common stock
Non-recurring income
$4,167,059 $4,877.827
294,972
Total available for common stock
$4,462,031
Shares ofcommon stock outstanding
1,750,888
1.750,888
WLast complete annual report in Financial Chronicle Mar. 12 '32, p. 1942
Associated Gas & Electric Co.
12 Months Ended May 311932.
1931.
x Gross income
$103,155,573 $105,613,752
y Net after tax and depreciation
36,425,507 Not reported
x Includes all utility services. y Before interest, preferred dividends
of underlying companies, &c.
a"Last complete annual report in Financial Chronicle May 7 '32, p. 3453
Atlantic Gulf & West Indies Steamship Lines.
(And Subsidiary Steamship Companies).
-month of April- -4 Mos. End. Apr.309
1932.
1931.
1932.
Operating revenues
31,647,587 $2.135.454 37,583,943 39,242,362
Not rev, from operation
(incl. depreciation) - def50,343
89,520
462,409
774.227
Gross income
$189,040
$28.736
$759,272 31.183,187
Interest, rents & taxes..204,763
188.585
828,214
772.340
Net income
def$176.027
$454 def$68.942
$410.847
Wiast complete annual report in Financial Chronicle May 7 '32, p. 3463
and May 14 '32, p. 3639.
Birmingham Electric Co.
(National Power & Light Co. Subsidiary)
Month of May
12 Mos. End. May 311932.
1931.
1931.
1932.
$4492,917
$626,900 36,827.490 37,822.642
Operating revenues
387,104
423.823 4,862.971
5.423.880
Oper. exp., incl. taxesNet revs, from oper
Other income
3105.813
1,306
3203.077 31,964,519 $2.398,762
14.203
51.173
336.931
Gross corporate inc_
Int. on long-term debt-Other int. & deductions*
$107.119
45,750
13.342
3217.280 32,015,692 32.735,693
58.256
585,288
856,357
13,355
154,008
134.927
348.027
Balance*
Dividends on preferred stock
$145,669 $1,276,396 $1.744,409
432,972
413.158
Balance
Retirement (depreciation) reserve appropriation-
$843,424 $1,331.251
260.000
335.000
$583,424
8996,251
Balance
*Before dividends and retirement (depreciation) reserve appropriation.
Net earnings
5,781.531
5.469.575 32.303.002 30.702,008
The above figures have been approximated as closely as possible, but
will be subject to final adjustment in the annual accounts. They are also
subject to provision for depreciation, bond interest, amortization and other
financial charges of the operating companies.
Boston Personal Property Trust.
12 Months EndedJune 15 '32. June 15 31. June 16 '30.
Income received during year
$287,488
$341,690
$303.477
Commissions, expense and interest....
17,806
19,966
26.913
Taxes
14,291
6.347
7.920
Dividends paid
260.860
260,860
237,817
Surplus income for year.
df.35,470
$54,518
330.827
Taxes on cap. gains paid during year..
3,327
20,376
22,578
larLast complete annual report in Financial Chronicle Jan. 9 '32, p. 330
Brooklyn Edison Co., Inc.
Period End. Mar. 31- 1932-3 Mos.-1931
1932-12 Mos.-1931
Sales of electric energyKwh
288,461,328 277,117,718 1103194,561 1039402,818
Gross earns,from sales of
electric energy
$12,980,619 $13,207,767 346,866,819 346.214,911
Miscell. oper. revenue._
200,782
29,053
1,118.813
90.759
Total oper. revenues._313,181,401 $13,236,820 $47.985,632 $46,305,671
Operating expenses
5,168,308 4,573,027 21,263,998 19.338.576
Retirement expense__ -. 1,374,275
1,334,869 4,590,814 3,919,299
Taxes
1,606,773
1,474,545 5,945,569 5.279,024
Net earnings
$5,032,046 $5,854.378 $16,185,252 317.768,772
Non-oper. revenue (net)
102,945
37.149
51.667
240,386
Gross income _
$5,134,991 $5,891,528 $16,425,638 317.820.439
Interest on funded and
unfunded debt
762,810
839,869
2,704,334 3,041,179
Surplus earnings
$4,372,180 $5,051,659 $13,721,304 $14,779,260
10 Last complete annual report in Financial Chronicle May 21
p. 3821
Bunker Hill & Sullivan Mining & Concentrating Co.
5 Months Ended May 311932.
1931.
Net profit after charges & taxes but before depreciation & depletion
$107,560
3175,869
,
WLast complete annual report in Financial Chronilce Mar. 26 '32, p. 2343
Canada Northern Power Corp., Ltd.
Month of May- -5 Mos. End. May 311932.
1931.
1932.
1931.
$280,463
$267,680 $1,425,945 $1,375,406
89.101
84,885
438.332
438.027
Gross earnings
Operating expenses
Net earnings
$191.362
$182,795
3937.379
3987.613
larLast complete annual report in Financial Chronicle Mar. 12 '32, p. 1941
Central Arizona Light & Power Co.
(American Power & Light Co. Subsidiary)
-Month of May- -12 Mos. End. May 311932.
1931.
1932.
1931.
Operating revenues_ _ _ _ $229,223
3252,259 32,997,065 33.234,868
144,641
Oper. exp., incl. taxes
147,989
1,755,895
1.752,737
Net rev,from oper___
Other income
$84,582
31.363
8104.270 31,241.170 31.482,131
30,228
373.625
343.674
Gross corporate inc__
Int. on long term debt_.
Other int. & deductions
$115,945
31,250
375
$134.498 31,614,795 31.825,805
375.000
348.537
31,250
73
2.850
30.861
Balance*
384.320
Dividends on preferred stock
3103.175 81,236,945 31,446,407
108,191
107.758
Balance
Retirement (deprec.) reserve appropriation
31,128,754 31.338,649
439.031
408.718
Balance
$689,723
$929.931
* Before dividends and retirement (depree.) reserve appropriation.
Collins & Aikman Corp.
Quarter EndedOperating profit
Miscellaneous income_
(And Subsidiaries.)
May 28 '32. May 31 '31. May 31 '30. May 31 '29.
loss$24,586 $1,378,710 $1,119,170
$754.989
32,042
75,640
36,142
14,996
Total income
Interest paid
Reserve for depreciation
Reserve for taxes
lies, for contingencies_
Write-off of inventory to
market
$7,455 $1,454.350 31.155.312
117.122
186,195
136,000
150,000
178,231
88,000
130,000
Net profit
loss$109,666
Divs, paid on pref. stk__
111,808
$982,155
145.792
3759,081
167.693
$769.985
400
178,066
49.000
213.101
3329,416
186.5.50
Balance to surplus___df$221.474
$836,363
$591,387
$142.866
Shs. com.stk. outstg.(no
par)
587,633
591.833
597,000
568.500
Earnings per share
Nil
$1.47
$1.01
$0.24
rd;7'Last complete annual report in Financial Chronicle April 16'32, p.2916
Consolidated Gas Co. of New York.
(And Affiliated Companies)
Period End. Mar 31- 1932-3 Mos.-1931
1932-12 Mos.-1931
Sales of gas, 1,000 Cu.ft- 12,092,378 12,785,423 41,491,188 42,602.527
Sales of elec. energy,
1.137,161
1.108,0,39 4,340,286 4,170.038
1.000 kwh
Sales ofsteam, 1,000 lbs- 4,625,694 4,777,576 9.994,556 10,508.318
Sales of gas
313,671,609 314,439,497 347.662.411 349,019,964
Sales of electric energy_ _ 48,896,828 50.734,083 179,827,687 179,968,845
Sales of steam
4,319,677 4,558,764 9,364,466 9,980,881
Miscellaneous sources
355,053
359,128 2.704,896 1.665,435
Total oper. revenues_..$67,243,166 $70,091,4733239.559,461$240,635.125
* Operating expenses.. _ _ 27,068,456 27,873,543 109,553,275 110,661,144
Retirement expense_ _ _ - 4.352,383 4,556.359 15,032.059 15,180,484
8.473,333 8,273,882 31.689,942 29,677,757
Taxes
327,348.994 $29,387,689 383,284,184 885,115.739
Net earnings
Non-oper. revenues(net)
115,705
101.777
345,535
403.522
Gross income
$27.464,699 329,489,466 $83,629.719 $85,519,261
Interest on funded and
unfunded debt
4,971,192 4,238,651 18,213,104 15,851,888
$22,493.506 $25,250,815 $65.416,614 369,667.374
Surplus earnings
•Incl. maintenance of... 3,747.055 4,004,356 16.795,335 17,183,160
larLast complete annual report in Financial Chronicle Feb. 27 '32, p. 18I6
Financial Chronicle
July 2 1932
The Commonwealth & Southern Corp.
(And Subsidiary Companies)
Month of May- -12 Mos. End. May 311931.
1932.
1932.
1931.
Gross earnings
$9.369.868 $10.944,717$124,366,521$136,381,131
Oper. exp. Incl. taxes
and maintenance
4.393.134 5.115,846 56,763,946 65,294,014
Gross income
$4,976,733 $5,828,871 $67,602,575 $71,087.117
Fixed charges, incl. int., amort. of debt discount
& exp. & earnings smiling on stock of subside.
not owned by The Commonwealth & So. Corp- 38,798,419 35,167,065
Net income
Provision for retirement reserve
Dividends on preferred stock
$28,804,156 $35,920,051
9,553.445 9.569,561
8,995.247 8.769,206
$10,255,463 $17,581,284
Balance
10 Last complete annual report in Financial Chronicle May 14'32, p. 3634
Consolidated Gas, Electric Light 8z Power Co. of Bait.
5 Months Ended May 31Revenue from electric sales
Revenue from gas sales
Revenue from steam sales
Miscellaneous operating revenue
Total gross operating revenue
Operating expenses
Retirement expense
Taxes
1931.
1932.
$7,683,022 $7,767,486
4,070,418 4,372,937
303,204
312,756
180,203
186.598
$12,252,793 212,623,831
5,792.435 6,097,681
924,556
958,871
1,372,729 1,328,933
Net operating revenue
Miscellaneous non-operating revenue
$4,128,758 $4,272,661
340,563
141,020
Total revenue
Fixed charges
$4,269,777 $4,613,224
1,139,011
1,212,749
Net income
Dividends, preferred stock
Dividends, common stock
$3,057,028 $3,374,213
465,742
475,880
1.748,587
1,750,925
$830,223 $1,159,884
Balance
l01 1.ast complete annual report in Financial Chronicle Mar. 5 '32, p. 1758
Consumers Power Co.
(The Commonwealth & Southern Corp. System.)
Month of May
12 Mos. Ended May 31
1931.
1932.
1931.
1932.
62,324,623 $2,598,625 $29,924,576 $31,869,197
earnings
Gross
Oper. exps., incl. taxes
1,134,001 12,254,847 13,792,430
992,274
and maintenance
$1,332,348 $1,464,624 $17,669,728 $18,076,766
4,197,788 3,429,865
Gross income
Fixed charges
Net income
Provision for retirement reserve
Dividends on preferred stock
$13,471,939 $14,646,900
2,784,000 2,781,666
4.185.811 3,968,866
$6,502,128 $7,896.367
Balance
Douglas Aircraft Co., Inc.
1931.
1932.
6 Months Ended May 31$410,681
$135.572
Net profit after depreciation, Federal taxes, &c_
342,403
343.304
Shares common stock outstanding (no par)
$1.20
$0.39
Earnings per share
10 Last complete annual report in Financial Chronicle Mar. 12 '32, p. 1963
Duquesne Light Co.
12 Months Ended April 30Gross earnings
Operating expenses,maintenance and taxes
1931.
1932.
$26,984,094 $28,655,171
9,219,106 10,182.613
Net earnings
Other income-net
$17,764,988 $18,472,558
936.439
1,014,146
Net earnings including other income
-net
Income charges
Retirement (depreciation) reserve
Amortization of debt discount and expense
$18,779,134 $19,408.997
3,105,159 2,481,943
2,158.728 2,292,414
142,430
146.499
Balance
Preferred dividends
Common dividends-cash
-stock
Common dividends
$13,368,748 $14,492,210
1,375,000 1,375,000
8,540.437 8,268,333
1,063.120 1,050,000
$2.390,191 $3,798,877
Surplus
"Last complete annual report in Financial Chronicle Apr. 9 '32, p. 2708
East Kootenay Power Co.
-2 Mos. End. May 31Month of Ma
1931.
1932.
1931.
1932.
$88,099
$66,659
237,671
$32,803
25,966
23,033
13,293
11,794
Gross earnings
Operating expenses
462,133
$43,626
$24,378
$21,009
Net earnings
arLast complete annual report in Financial Chronicle June 18'32, p. 4491
Engineers Public Service Co.
Gross earnings
Operation
Maintenance
Taxes
(And Constituent Companies.)
Month of May- 12 Mos. Ended May 31
1931.
1932.
1931.
1932.
$3,650,939 24.221,242 $48.894,057 $52,796,970
1,506,038 1,757.497 19,995,548 22,975,517
258.763 2,792,548 3,219,179
217.795
359,962 3,999,193 3,878,159
342,269
Edmonton Radial Ry.
Month of Ma
-5 MOS.End, Ma 311931.
1932.
1932.
$329,344
$313,842
$57,471
243
1,636
2,356
9
65
154
233
1,207
1,155
337
1.856
1,687
538
2,657
2,543
RevenuePassenger
Advertising
Special cars
Police
Mail carriers
Other revenue
$56414
372
15
233
371
305
Total
Expenditure
Maintenance of track
and overhead
Maintenance of cars.. _ _ _
Traffic
Power
Other transp. expenses_ _
General and miscell_ _ _ _
$57,712
$58,834
$336,768
$321,739
4,655
6,294
239
5,180
20,695
3,693
2,934
7.262
329
5,759
22,823
9,806
15,662
34.293
1,159
33,333
112,014
21,039
17.114
37,288
1.166
32,381
117,340
26,032
Total operation
Operation surplus
Fixed charges
Renewals
$40.758
16,953
17.506
$48,915
9,919
17,429
1.000
2217,503
119,264
87,531
19.000
$231,323
90,416
87,149
20,000
Total surp. or deficit_
def$552
def$8.510 sur$12,733 def$16,732
Endicott-Johnson Corp.
June 4 '32. July 3'31. July 5 '30. July 6 '29.
6 Months Ended521,277,633 $24,739,998 $26,563,677 $32,562,227
Net sales
Mfg.costs & other exp_ - 20,888,675 22,789,591 x25,194,574 x32,060,461
Net oper. income_ _ _ _
Federal taxes, &c
Depreciation
$388,958 $1,950,407 $1,369,103
168,917
145,867
466.683
423,968
8501,766
63,101
loss$35,010 $1,314.807 $1,223,236
18,946
30.430
$438,665
loss$4,580 $1,333.753 $1,223,236
Net profit
314,891
136,424
361.875
Preferred dividends- - _ _
810,720
1.013.400
304.020
Common dividends
$438,665
374,474
1,013,400
Net income
Interest earned (net)_
$208,142 def$152,039 def$949,209
Balance, surplus- ____def$445,024
405.360
405.360
She,corn.outst.(par $50)
405,360
405.360
Nil
$2.51
82.12
Earns. per sh.on com_ _ _
$0.16
x includes depreciation and interest charges, less miscellaneous income.
rN"Last complete annual report in Financial Chronicle Jan. 16 '32, p. 513
and Jan. 23 '32, p. 682.
Firestone Tire & Rubber Co.
(And Subsidiaries)
Fr
1932.
1931.
6 Months Ended April 30Net profit after interest, deprec., Liberian de21.639,739 $2,908,553
velopment,expenditure Federal taxes,&c
'
2,050 487 2,154.861
Shares common stock outstanding (par $10)
$6.04
Earnings per share
$0.56
12"Last complete annual report in Financial Chronicle Jan. 2 '32, p. 132
Fourth National Inveatois Corp.
1932.
6 Months Ended June 301931.
Net profit after all charges & taxes, but before
real,loss on sale ofsecurities
$313,846
$229,421
arLast complete annual report in Financial Chronicle Jan. 9 '32, p. 333
General Outdoor Advertising Co.
(And Subsidiaries)
1931.
1930.
1932.
1929.
Quar. End. Mar.31$2,855,646 $4,424,498 $5,021,529 $6,338,672
Operating revenues
5,795,395
Oper. exp., incl. deprec.. 3,256,957 4,546,318 x4,968,774
$52,755
Earnings from °per---def$401,311 def$121,820
$543.277
38,912
31,234
89,922
Miscellaneous income__ _
61,703
283,989
def$311,389 def$82,908
Gross earnings
$604,980
560.883
y575,969
500,541
Amortization
638,679
6,426
7,024
4,159
10,802
Interest
$650,217
$816,089
$499,004
Net loss
244,461
x Excludes depreciation. y Includes depreciation.
larLast complete annual report in Financial Chronicle Apr. 23 1932,
p. 3086, and Mar. 19 1932, p. 2136.
Georgia Power Co.
(And Subsidiary Companies.)
(The Commonwealth & Southern Corp. System.)
-12 Mos.End, May 31
-Month of May1932.
1931.
1931.
1932.
$1.820,536 $2,089,076 $24,067,440 $25,824,141
Gross earningsOper. expenses,incl. taxes
1,002,002 11,122,694 12,975,006
834,478
and maintenance..._
$986.058 $1,087,074 $12,944,745 $12,849,135
5,534.930 4.899,618
Gross income
Fixed charges
$7.409,815 $7.949.516
1.306.166
1,327,071
3,446,303 3,342,210
Net income
Provision for retirement reserve
Dividends on first preferred stock
$2,657,354 $3,280,234
Balance
Honolulu Rapid Transit Co., Ltd.
-Month of May- -5 Mos. End, May 311931.
1932.
1932.
1931.
$85,549
$383,520
$77,625
$416,384
51,405
51,854
258.961
253,388
Gross rev, from tramper
Operating expenses
Net operating revenue $1.584,836 $1,845,019 $22,106.766 $22,724,113
997,814
1,310,418
87,541
111.031
Inc. from other sources_
$1,695,867 $1.932,560 $23,417,185 $23,721,928
Balance
685,203 8,651,432 7.816.186
725,089
Int.and amortization-
Net rev,from transpor
Rev .other than transpor
Net rev, from oper___
Deductions
Taxes assigned to rY.oper
Depreciation
$25,771
1,601
$34,144
1,032
$124.559
7,706
5162.996
5,120
$27,372
$35,176
$132,265
$168,116
6.897
10.504
7,744
10,457
48,406
52.521
41,229
62,284
$970.777 $1,247,357 $14,765,753 $15,905,741
Balance
4,692.957 4,918,593
Reserve for retirements (accrued)
Profit & loss
Replacements
def$285
1,324
49
def$285
1,324
49
$10,072,795 $10,987,148
•
Balance
Divs. on pref. stock of constituent cos. (accrued) 4,323.722 4,437,421
$5,749,072 $6,549,727
Balance
Amount applicable to common stock of consti68,036
49,508
tuent companies in hands of public
35.699.563 36.481.690
Balance for dividends and surplus
Divs. on pref.stk. of Engineers P.S. Co.(accrued, 2.323,546 2,156.018
Balance for common stock dividends and surplus $3,376,017 $4,325,671
1,909.757 1,909.697
Common shares outstanding at end of period---1252.27
a$1.77
Earnings per share
earnings for retirements.
a After deducting 9.69' of gross
b After deducting 9.3% of gross earnings for retirements.
During a period averaging about 27 years for which records are available.
the companies in the Engineers group have expended for maintenance a
total of 9.69' of their entire gross earnings for the period and in addition.
have set aside for reserves or retained as surplus a total of 10.2% of such
earnings.
larLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1752
$93,562
$18,440
$18,250
$101,966
Total deduct.from rev
74,553
30,290
8,933
16,926
Net revenue
ita'Last complete annual report in Financial Chronicle Mar. 19 '32, p. 2145
Lakey Foundry & Machine Co.
1932.
Six Months End. Apr.Gross profit on sales_ --100224,642
Dr1.998
Other income
1931.
$32,174
2,276
1930.
$105,545
7,394
1129.
$262,400
8.666
$26.640
$34,450
$112,939
$211,067
28,917
27,307
2,486
71,324
83,299
4.578
15,332
Total
Selling, administration &
miscellaneous expenses
Interest paid
Depreciation
Local taxes
Prov. for Fed, inc. taxes
38,499
18,142
$37,0137
$112,435
24,658
df$112.199
Net income
a"Last complete annual report in Financial Chronicle Jan. 30 '32, p. 859
Financial Chronicle
Volume 135
Houston Lighting & Power Co.
(National Power & Light Co. Subsidiary)
Month of May- -12 Mos.
May 311932. 1931.
1931.
1932.
Operating revenues
$638,932
$674,679 $8,529,000 $8.676.592
Oper. exp., incl. taxes_ _
290.83Q
297.527 3,842,104 4,400.675
Net revs. from oper_ - $348,102
$377,152 $4,686,896 $4,275.917
Other income
2,320
3,158
32,069
43,772
Gross corporate inc..- _ $350.422
$380.310 $44,718,965 $4.319,689
Int. on long-term debt...
108,125
91,667 1.239,625 1,072.624
Other int. & deductions8,824
105.195
6.539
83,114
Balance*
$233,473
$282.104 53,374,145 $33,163.951
Dividends on preferred stock
327,052
330,000
Balance
$3,047,093 $2,833,951
Retirement (deprec.) reserve appropriation
1.193,829
1.270,520
Balance
51,853.264 $1,563.431
*Before dividends and retirement (depreciation) reserve aPPropristion.
Louisiana Power & Light Co.
(Electric Power & Light Corp. Subsidiary)
-Month of May- -12 Mos.End. May 311932.
1931.
1931.
1932.
Operating revenues_ __ - $444,262
$479,310 $5,844,651 $6,250,052
Oper. exp., incl. taxes__
237.925
242.740 2,971,519 3,181,110
Net rev,from oper-- 5206,337
$236,570 $2,873.132 53,068,942
Other income
1,937
8,345
84,781
58.077
Gross corporate inc.. 5208.274
5244,915 $2,931,209 $3,153,723
Int. on long term debt__
73,057
72,917
876.933
738.058
Other int. and deduct__
4,188
3,606
46,258
113,427
Balance*
8131,029
8168,392 52,008,018 52.302.238
Dividends on preferred stock
353,867
359.454
Balance
81,654.151 $1.942,784
Dividends on 2nd preferred stock
180.000
180.000
Balance
$1.474,151 $1,762.784
Retirement (deprec.) reserve appropriation
320,000
398.796
Balance
$1.154,151 51.363,988
* Before dividends and retirement (depreciation) reserve appropriation.
Louisville Gas & Electric Co. (Del.).
(And Subsidiaries.)
12 MontAs Ended April 30Gross earnings
Operating expenses, maintenance and taxes
1932.
1931.
$10.285,392 $10,728,525
4,732,120 5,051.574
Net earnings
Other income
$5,553,272 $5,676,951
• 447.993
271,092
Net earnings including other income
Interest charges-net
56,001,265 $5,948,043
1,574.181
1.484,875
Balance
Preferred dividends
Retirement (deprec.) and depletion reserves
Amortization of debt discount and expense
Common dividends
54,427,084 54.463.168
1,363,143 1,342,698
892,500
817.500
147,640
44,865
1.577,287 1,577,268
Surplus
$446,514
$680,837
10"Last complete annual report in Financial Chronicle May 28 '32, p. 3950
Mexican Light & Power Co.
(And Subsidiaries)
-Month of May- -5 Mos. End. May 311932.
1931.
1932.
1931.
(Mexican Currency)
Pesos.
Pesos.
Pesos.
Pesos.
Gross earnings
2,115,110
1,966,815 10,660,640 10,220,245
Operating expenses
1,398,030
1,106,275 5,587,320 5.449,495
Net earnings
717,080
860,540 4,073,320 4,770,750
110 Last complete annual report in Financial Chronicle July 4 '31, p. 115
-
Mexico Tramways Co.
(And Subsidiaries)
-Month of May- -5 Mos. End. May 31
Pesos.
Pesos.
Pesos.
Pesos.
800,620 3,715,620 3.844.210
799,170
996.890
844,240 4.541.600 4,281,950
Net earnings
-Dr._ _ _
197,720
43,620
825.980
437,740
I"
Last complete annual report in Financial Chronicle July 4 '31, p. 113
(Mexican Currency)
Gross earnings
Operating expenses
Mississippi Power & Light Co.
(Electric Power & Light Corp. Subsidiary)
-Month of May- -12 Mos. End. May 311932.
1931.
1932.
1931.
Operating revenues_ - - $3328,735
5372.852 $4,952.013 $5,081,344
Oper. exps., incl. taxes234,828 3,041,847 3.314,573
200,509
Net rev. from oper--- 5128,226
5138,024 51,910.166 51,766,771
Other income
6,679
10,685
100,919
214,481
Gross corporate inc... 5134,905
5148,709 52,011,085 51.981.252
lot, on long term debt_ _
68,527
68.142
834,755
748,996
Other int. and deduct
9,437
11,470
127,854
206,111
Balance*
$56.941
$69,097 $1,048,476 51,026,145
Dividends on preferred stock
406,262
403,702
Balance
$642,214
$622,443
Dividends on 2nd preferred stock
210,000
210,000
Balance
$4432,214
5412.443
Retirement (deprec.) reserve approriation
123.801
148.592
Balance
$308,413
$263.851
* Before dividends and retirement (deprec.) reserve appropriation.
WLast complete annual report in Financial Chronicle Mar. 19 '32, p. 2148
New York Edison Co.
Period End. Mar. 31- 1932-3 Mos.-1931
1932-12 Mos.-1931
Sales of electric energy489,002,432 513,672,814 1867289,814 1926648,657
Kwh
Gross earnings from sales
$19,575,089 $21,856,641 $73,819,712 $78,921,555
r. of electric energy
247,060
Macon. oper. revenue
271,999
1.120,317
1,104.162
Total oper.revenues--519,822,149 $22,128,641 $74,940,029 580,025.717
9,788.562 9,997.476 39.713.643 40,449,418
Operating expenses
821,543
Retirement expense....
1.290,317 2.629,182 4,296,127
Taxes
2,078,080 2,124,713 8,112,828 7,785.192
Net earnings
$7,133,964 58.716.134 524.484,375 527.494.979
Non-oper. revenue (net) 2,720.905 2,484,689 10.619,373 9,810.653
Gross income
$9,854,869 511,200,824 $35,103,748 $37,305,632
Interest on funded and
1,351.286 5,574,524 5.397.009
unfunded debt
1,544.191
Surplus earnings
$8.310.678 $9,849,538 $29,529,224 531,908.533
WLast complete annual report in Financial Chronicle July 2 '32, p. 000
119
New York Westchester & Boston Ry. Co.
Month of May- -5 Mos.End. May 311932.
1931.
1932.
1931.
Railway oper. revenue__ $168,828
$195,904
$794,610
5907.902
Railway oper. expenses_
109,785
125,908
576,113
629,614
Net oper. revenue_ _ _ _
$59,042
$69,996
$218.496
$278,288
Taxes
25,351
23.360
118.851
116.300
Operating income_ _ _ _
333.691
$446,636
$99,645
$161,988
Non-operating income..
2,724
2.796
11.915
11,015
Grossincome
$36,415
$49,433
$111,561
$173,003
Deductions
Rents
36,263
36.260
181,303
189,029
Bond, note, equip.,trust
certificate interest (all
interest on advances)_
201,770
197,370
1,008.955
987,072
Other deductions
2,137
2,191
11,605
10,938
Total deductions
$240,171
5235.822 $1,201,865 51.187.040
Net income
-Dr
$203,755
$186,389 $1,090,303 $1,014,036
MPLast complete annual report in Financial Chronicle Apr. 2 '32, p. 2522
Northern States Power Co.(Delaware).
(And Subsidiaries).
12 Months Ended April 301932.
1931.
Gross earnings
$33,761,246 $33,511,765
Operating expenses, maintenance and taxes
16,350,502 16,695,820
Net earnings
$17.410,744 516,815.945
Other income
185.844
236,915
, Net earnings including other income
517,596,588 $17,052.860
Interest charges-net
5,688,293 5,738.048
Balance
511.908,295 511.314,812
Preferred dividends
5.124.011
4,828.382
Retirement (depreciation) reserve
2,900,000 2.590.000
Amortization of debt discount and expense
180,000
83,750
Common dividends
3,315,624 3,315,550
Surplus
5497.130
Note.
-The operating expenses for the 12 months 5388.660
ended April
Include $280,000 credit for withdrawal from contingent reserve. 30 1931.
i•"Last complete annual report in Financial Chronicle May 7 '32, p. 3444
Ohio Edison Co.
(The Commonwealth & Southern Corp. System.)
Month of Ma
12 Mos. Ended May 31
1932.
1 31.
1932.
1931.
Gross earnings
$1,280,975 $1,509,975 $17,005,130 518.961,212
Oper. exps., incl. taxes &
maintenance
531,822
630,920 6,519,419 7,314,059
Gross income
$749,153
5879,054 810.485,711 511,647352
Fixed charges
3,621.130
Net income
$6.864,581
Provision for retirement reserve
Dividends on preferred stock
1,200.000
1,866,378
Balance
53,798,203
-Ohio Edison Co. organized as of July 1 1930; operations prior
Note.
thereto are of predecessor companies.
(The) Orange & Rockland Electric Co.
-Month of May- -5 Mos. End. May 31-1932.
1931.
1932.
1931.
$55,806
$61,011
5758,385
8769,891
Operating revenues
Oper. exps., incl. taxes
but excl. depreciation
Inc. after exps.& taxes
Depreciation
Operating income_ _ _ _
Other income
Gross income
Interest on funded debt_
'Balance
Other interest
Balance
Amortization deductions
Balance
Other deductions
Balance
Divs.accr.on pref.stock
Balance
Federal income taxes incl.
in operating expenses_
31.485
31,292
406,909
427.051
$24,321
7.386
516,935
3,214
320,149
5.208
514.941
30
$14,911
1.148
$13,763
333
$13,430
7,507
$5,923
$29,719
7.233
522,486
1.260
823,746
5,208
$18,538
518,538
1,052
817,486
585
816,901
6,135
$10,766
$351,476
87,557
8263,919
24,590
$288.509
62,500
$226,009
1,131
$224,878
12,722
$212.156
4,259
8207.897
76,416
3131,481
$342,840
84,197
$258.643
20,811
$279,454
62,500
$216,954
3,252
$213,702
12,627
5201.075
4,684
$196,391
70.031
$120,360
2,475
2,250
32,925
31,647
Paramount Publix Corp.
3 Months EndedApr. 2 '32. Mar.28'31.
Net inc. after int., deprec.,taxes,reserves, &c_xloss$2,450,911 $3,515.642
Earnings per sh.00 3,128,873 she,cap.stk.(no Par)
Nil
$1.12
x During this period a reserve was provided for depreciation
assets amounting to $3,556,283, of which 83,033,467 was charged of fixed
off and
balance of $522,816 was capitalized to film production costs.
KarLast complete annual report in Financial Chronicle Apr.9'32, p.2708
Philadelphia Company.
(And Subsidiaries)
12 Months Ended April 30Gross earnings
Operating expenses, maintenance and taxes
1932.
1931.
$52,949,369 $60,199,454
27,160.949 30,273,669
Net earnings
Other income
$25,788,420 $29,925.785
1,406,430
1,458,448
Net earnings, including other income
Interest charges, rentals, contract payments and$27,194,850 $31,384,233
miscellaneous income charges
8,324,597 8,697,730
Balance
$18,870,253 522,686.503
Preferred dividends
3,724,978 3.317,402
Retirement (depreciation) reserve
6.474.049 6,617,602
Amortization of debt discount and expense
365,267
362,399
Common dividends
7.680.253 7.680.066
Surplus
$625.706 $4,709,034
IZrLast complete annual report in Financial Chronicle Apr. 23'32, p. 3092
Rio Grande Oil Co.
Quar.End. Mar.31Balance after interest _ _ _
Deprec. & deple.. &c.._
Federal taxes
1932.
$408.605
324,835
1931.
1930.
1929.
$599,385 $2,022,111 $2,045,768
531,193
669,005
621.893
7.501
148,841
160.550
560.691 $1,204,265 $1,263,325
1,236.270
1,263,270
1.200,000
$0.05
$0.97
$1.05
Net income
483.770
Shs.com.stk.out.(no par) 1,236.270
Earnings per share
x$0.07
x Before Federal taxes.
larLast complete annual report in Financial Chronicle Mar. 19 '32, p. 2168
Financial Chronicle
120
July 2 1932
Railway Express Agency, Inc.
(The) Tennessee Electric Power Co.
--Month of April- -4 Mos.End. April30
1931.
1932.
Revenues & Income1932.
1931.
Charges for transport'n-$12,469.006 $18,546,495 $48,478,002 $66,358.911
1,117,551
979,106
269,600
318,468
Other revs. & income_ --
(And Subsidiary Companies.)
(The Commonwealth & Southern Corp. System.)
-Month of May- -12 Mos. End. May 311932.
1932.
1931.
1931.
Gross earnings
$970,989 81,137,862 $13,051,555 814.110,278
Oper. exps., incl. taxes
and maintenance_ _ _ _
468.084
539,178 6,309,653 7,396,003
Gross income
$502,905
$598,684 $6,741,902 $6,714,275
Fixed charges
•
2,493,980 2,190.912
Net income
$4,247,921 $4,523 363
Provision for retirement reserve
1.260,000
1,258,771
Dividends on preferred stock
1,548,278
1,453,973
Balance
$1,439,643 51.810.617
Total rev. & income_412,738.606 $18,864,963 $49,457,108 $67,476,462
Deductionsfrom Revs. 80 Inc.
Operating expenses
$7.397,071 $9,649,562 $30,039,886 $37,681,558
471.422
401,349
108,488
Express taxes
93,950
581,883
585,944
Int. & disc, on funded dt
145,724
146.740
14,190
17.970
Other deductions
6,708
4,447
Tots. deductions
$7,642,208 $9,910,482 $31.045,149 $38,749,053
Rail Transportation Revenues
Payments to rail & other
carriers (express priv.) $5,096,398 $8,954,481 $18,411,959 $28,727,409
San Diego Consolidated Gas & Electric Co.
Third National Investors Corp.
-Month of May- -12 Mos. End. May 311932.
1931.
1931.
1932.
$582,708 $7,696,751 $7,373,798
$598,916
287,744 3,944,194 3,765,910
295,304
5,472
4,585
254
470
Gross earnings
Net earnings
Other income
$287,998 $3,949,666 $3,770,501
Net earns.incLother inc $295,775
3,158.719 3,017,675
Balance after interest
arLast complete annual report in Financial Chronicle May 7 '32, p. 3469
Saranac River Power Corp.
Month. 5 Months.
$34,341
$8,070
270
Period End.May 31 1932
Electricrevenue
Miscellaneousrevenue
$8,070
Totalrevenue
Purchased power
Operating expense
Taxes(other than Federal)
Provision for uncollectible accounts
Non-operating expenses
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount & expense
Depreciation
Engineering fees amortized
1,368
649
4,242
101
2,915
2
105
1.512
833
$3,658
Deficit
Surplus Account May 31 1932.
Deficit as at Jan. 1 1932
Bad debts written off(applicable to prior period)
Deficit for five months ended May 31 1932
$34,611
88
8,341
3.245
4,242
2,165
14,575
11
526
7.562
833
16.975
$23,164
23,700
6,975
6 Months Ended June 301932.
1931.
Net profit after all charges, but before loss real.
on sale ofsecurities
$116.134
8128.479
10 Last complete annual report in Financial Chronicle Jan. 9 '32, p. 339
-
Wesson Oil & Snowdrift Co., Inc.
(And Subsidiaries)
9 Months Ended May 31
Net sales
Cost of sales
Depreciation
1932.
1931.
$23.208,054 $36,291,122
21,360,844 33.592,746
748.610
730,884
Operating profit
Other income
$1,098,600 $1,967,492
242,441
286.200
Total income
Federal taxes
$1,341,041 $2,253,692
168,100
269,650
Net profit
Preferred dividends
Common dividends
$1.172,941 $1,984,042
978,606
1,081,130
600,000
900,000
Deficit
$405,665 sur 32,912
Earnings per share on 600.000 shares common
stock (no par)
$0.32
$1.50
For the quarter ended May 31 1932, net profit was 899.939 after taxes
and charges. This compares with a net profit in quarter ended May 31
1931, of $614,071.
10
-Last complete annual report in Financial Chronicle Oct. 17 '31, p. 2614
Wilcox Rich Corp.
Second National Investors Corp.
Quarter Ended March 311932.
1931.
1930.
Net profit after Federal taxes and
dividends on class A stock
$42,483
$139,644 $271,637
W'Last complete annual report in Financial Chronicle Mar. 2 '32, p. 2171
1931.
1932.
6 Months Ended June 30$126,531
$129,991
Netincome after all charges & taxes
complete annual report in Financial Chronicle Jan.9 '32, p. 337
10
-Last
FINANCIAL REPORTS
$53,840
Deficit as at May 31 1932
Southern Canada Power Co., Ltd.
Month of May
-8 Mos. End. May 311931.
1932.
1931.
1932.
8173.424
$183,418 $1,519.922 $1,587,080
619.712
553,983
62,329
72,697
Gross earnings
Operating expenses
$967,368
8111,095
$965,939
$110,721
Net earnings
10
-Last complete annual report in Financial Chronicle Dec. 5 '31, p. 3790
Southern Colorado Power Co.
1932.
1931.
12 Months Ended April 3082.040.396 $2,216,376
Gross earnings
1.190,572
1,069,949
Operating expenses, maintenance and taxes
Net earnings
Other income
$970.447 $1.025.804
1,183
8,604
Net earnings, including other income
-net
Interest charges
$971.630 $1,034,408
434.912
433,950
Balance
Preferred dividends
Appropriation for retirement (depredation) reserve
Class A common dividends
$537,680
297,773
20.817
192,500
$599,496
297,773
112,685
220,000
$26,590 def$30,962
Surplus
10
-Last complete annual report in Financial Chronicle May 7 '32, p. 3459
Third Avenue Ry. System.
(Railway and Bus Operations)
-Month of May- -11 Mos.End. Mar.31
1931.
1932.
1931.
1932.
Operating revenue$1,049.867 $1,191,362 $11,817,239 $12,918,732
Railway
272,669 2,742,631
2,516,559
254,120
Bus
Total oper. revenue- $1,303,984 61,464,031 $14.559,870 815,435.291
Operating expenses
852,488 8,371.288 9,569,743
712,098
Railway
220,095 2,427,616 2,250,246
229,577
Bus
Total oper. expenses- $941,675 $1,072,584 $10,798,904 111,819.989
Net operating revenue
338.873 3.445,951
3,348,988
337.766
Railway
52,573
315,014
266,313
24,543
Bus
Total net oper. rev-Taxes
Railway
Bus
Total taxes
Operating income-Railway
)3t1s
$362,309
81,795
7,909
$391,447 $3,760,965 13.615,301
90,746
8,973
916,276
87,024
961,827
80,028
$89,704
$99,720 $1,003,300 $1,041,855
255,970
16,633
248.127
43,599
2.529.674
227,989
2.387.161
186,284
Total oper. income_ _ _ $272.604
Non-operating income
30.096
Railway
786
Bus
$30,882
Total non-oper.Inc__ _
Gross income
286.066
Railway
17.420
Bus
$291,726 $2,757,664 $2,573,445
$303,486
Total gross income
Deductions(incl.full int.
on adjust. bonds)
220,298
Railway
17,320
Bus
$315.236 $3,042,890 $2,841,191
8237.618
$238,264 $2,612,753 $2,629,511
Total deductions
Net income or loss
Railway
Bus
65.769
100
22,629
879
$23,509
275.982
9,243
$285,225
258,250
9,494
$267,745
270,757
44.479
2,805,657
237,233
2,645,412
195,779
220,700
17,563
50,056
26,915
2,425,071
187,681
380,585
49,552
2,433,298
196,212
212,113
-433
Total combined net
-Railinc. or loss
$76.972
865,869
$430,137
$211.680
way and bus
gamest complete annual report in Financial Chronicle Oct. 10 '31, p. 2430
(The) Baltimore & Ohio Railroad Co.
(Annual Report
-Year Ended Dec. 31 1931.)
President Daniel Willard says in part:
-As is well known the world-wide economic
Operations for the Year.
depression that began in 1929, not only continued unabated throughout
1931, but became more pronounced and reached lower levels as the year
progressed to its end. The unprecedented decline in trade and commerce
materially lessened the amount of traffic to be transported, so that company,in common with industry in general,suffered severely from diminished
revenues. Earnings were also adversely affected by the continued more or
less unrestricted and unregulated competition of other forms of transportation operating in some instances under circumstances closely akin to
subsidies. The decline in revenues necessitated drastic curtailment of
operating expenses, and every effort is being made, through further economies,to offset, in so far as may be, the effect of the conditions now generally
prevailing. It has not been possible, however, to overcome entirely the
decrease in earnings through a corresponding reduction in operating
expenses.
The property was maintained in condition to assure safe and adequate
service.
charges were earned 1.126 times in 1931 and 1.735 times in 1930.
The revenue from freight traffic was $131,977,796, constituting 83.28%
of all revenue, and was $11.728,541 under last year or a decrease of 24.02%.
The revenue freight carried amounted to 68,244,961 tons, being 23.662,659
tons or 25.75% less than 1930. There were decreases in practically every
important commodity carried by the company, viz.: products ofagriculture,
8.30%; animals and products,'7.93%; products of mines, 26.50%; products
of forests, 32.99%; manufactures and miscellaneous, 27.38%, and less
than carload shipments, 17.04%.
Translated into tons one mile the revenue tons carried in 1931 were
equivalent to 13,256,651,369 tons one mile, a decrease when compared
with 1930 of 3.941.430,610 tons one mile, or 22.92%. The average distance
each revenue ton was carried rose from 187.12 miles in 1930 to 194.25
miles in 1931. an increase of 7.13 miles, or 3.81%, and accounts for the
smaller percentage decrease in tons carried one mile when compared with
the total tons of revenue freight carried.
In addition to the reduction in traffic incident to the general curtailment
of business, travel by motor coaches, privately owned automobiles, and
other modes of transportation continue to exert a depressing effect upon
the passenger revenues of railroad companies generally. Revenue from the
carriage of passengers amounted to $14,801,546 in 1931, constituting but
9.34% of all revenues, and VMS $3,766,076 or 20.28% less than 1930.
Revenue passengers carried during the year numbered 5.188,855, being
1,954,503, or 27.36% less passengers carried than last year. The average
distance each passenger was carried was 100.07 miles, an increase over
1930 in average distance carried of 12.52 miles, or 14.30%. The passengers
carried and the distance when converted into passenger miles equalled
519,232,928 passengers carried one mile, a decrease when compared with
1930 of 106,143,618 passengers carried one mile, or 16.97%. Despite the
continual decrease in passenger traffic it is gratifying to note that since
Jan. 11920, the company has carried 172,641,678 passengers, or expressed
in passenger miles, has carried 9,878,122.405 passengers one mile, without
a single fatality.
The continuing decline in passenger traffic has occasioned deep concern
and intensive study is being devoted to devising means to offset the effect
of the decrease in the business by endeavoring to recover and hold the
traffic with improved service and equipment and by the elimination wherever
practicable of unremunerative train and car mileage. During 1931 passenger
train miles were reduced 12.11% as compared with 1930. but having regard
to public convenience it has not been possible as yet to eliminate all unremunerative service.
In an effort to sustain and invite long distance travel experiments have
been under way for some time past to develop an even greater degree of
comfort for patrons and on May 24 1931. the company inaugurated the
first completely air-conditioned train in the history of railroading, called
the "Columbian" and operating daily, both ways, between Washington,
D. C., and New York. This innovation was so favorably received that a
second train operating between the same points was placed in operation
later in the year. The patronage of these trains, especially in the summer
season, has been very gratifying and on April 20 1932, the "National
Limited." operating between New York and St. Louis, Mo., was equipped
with all air-conditioned sleeping and other cars, and on May 22 1932 the
"Capitol Limited," operating between New York and Chicago, Ill., was
similarly equipped.
Revenues from transportation of mail and express and from other
services of the company totaled $11,695,285. a decrease of $2,691,191, or
18.71% in comparison with the previous year, the principal contributing
cause being the decrease in revenue from transportation ofexpress matter.
The total of all revenues from railway operations for the year 1931. was
$158,474,627 as compared with a total for 1930 fo $206.660.435, a decrease
of $48.185,808 or 23.32%.
Volume 135
Financial Chronicle
There was expended in 1931 for maintenance of way and structures
$13,524,048. and for maintenance of equipment, $31,542,648, or a total
for all maintenance expenditures chargeable to operating expenses of
$45,066.696. which was $19,068,847. or 29.73% less than last year and
absorbed 28.44% of all revenues earned cmpared with 31.03% similarly
expended in 1930.
Transportation expenses, which embrace all charges incident to the
movement of traffic, were $59,443,637 in 1931 and $72,500,106 in 191).
a decrease for the year of $13,056,469, or 18.01% and consumed 37.51%
9 total revenues from all sources. There was a decrease in train miles of
5,545,950 miles or 14.91% and a decrease in locomotive miles of 10,052.771.
or 17.07%,in transportation service, as compared with 1930.
All other operating expenses, including traffic, general and miscellaneous,
decreased $1,072,619, or 6.50%, partly due to a reduction in working time
of clerical forces and to a reduction in compensation of officers and supervisory forces effective in the latter months of the year.
The total of all operating expense charges was $119.944,440, a decline
from last year of $33,197,934, or 21.68% and was 76.69% of all operating
revenues for the year.
After deducting from operating revenues total operating expense charges
there remained net revenue of $38,530,187, being $14,987,873, or 28.01%
under the previous year.
Accruals for railway taxes for 1931 amounted to 88,893,647, a decrease
compared with 1930 of $1.433,023, or 13.88%. This decrease is due
almost entirely to the decline in taxable income. Notwithstanding the
decrease indicated, taxes in 1931 took 5.61 cents of every dollar of gross
revenue earned and 23.08 cents of every dollar of net revenue earned.
Other charges to net operating revenue increased $462,912, principally
in joint facility rents due mainly to non-recurring credit adjustments in
1930.
Net railway operating income as defined by the Transportation Act
1920. was $26,230,850 in 1931, a decrease compared with the previous
year of $14,017,762, or 34.83%, and represented a return of 2.84% on the
recorded investment in property used in transportation service of
$923,661,085.
Other income declined $2,124,967, due principally to less income received
from separately operated properties and the decrease In amount of interest
received from bank and special deposits.
Deductions from income increased $1,478,062, or 4.92%. due mainly to
interest on additional short term loans negotiated during the year.
The net Income for the year, after the payment of interest, rentals.
taxes and other fixed charges, was $3,802,977. This is a decrease of
$17,620,792, compared with 1930.
After paying 4% dividend on the preferred stock, there remained
31,448,449, equal to 57 cents per share on the amount of common stock
outstanding during the year. Dividends aggregating 3M% were declared
on the common stock, and amounted to $8,970,341, causing a draft on
surplus of $7,521,891, which, with other adjustments in that account
resulted in a decrease, compared with Dec. 31 1930. of $7,875.'751. The
total accumulated surplus of company, adjusted on Dec. 31 1931, was,
$101,985,577.
-Because of the general conditions
Additions and Betterments to Road.
prevailing, expenditures for additions and betterments were confined
chiefly to improvements that had been under way and were nearing
completion.
-No additional equipment was
Additions and Betterments to Equipment.
taken into account during 1931, however, $473,971 was expended for
betterments to existing equipment. Equipment of a book value of $1.393,812, consisting of one locomotive,one passenger-train car, 1,178 freighttrain cars, 217 units of work equipment, one unit of floating equipment and
some miscellaneous equipment, no longer serviceable or economical to
operate, were retired from service and written out of the accounts.
-This department, through its
Commercial Development Department.
Industrial, Industrial Survey, Geological, Agricultural, Engineering and
Traffic Research Bureaus, co-operates with chambers of commerce and
similar organizations in locations along the company's lines of railroad in
an endeavor to aid in the further development of such communities, and
during the year 1931, was instrumental in bringing about the location of
312 new industries and the expansion of 32 existing industries. involving,
in all, an additional plant investment of over $13,000,000.
Buffalo Rochester ee Pittsburgh Ry. and Buffalo & Susquehanna Railroad
Corp.
-Mention has been made in previous reports of the acquisition of
control of these companies through purchase of capital stock. Additional
stock was acquired, and at the end of the year company owned over 99%
of the entire capital stock of each of the companies.
After a hearing the I.
-S. C. Commission, on Nov. 19 1931, approved the
application of company for authority to take over and operate. as an integral
Part of its system, the railroad property owned by, leased to or otherwise
then operated by the Buffalo Rochester & Pittsburgh Railway and the
Buffalo & Susquehanna Railroad Corp.. under a form of operating agreement also approved by the Commission. Under these agreements, and for
the duration thereof, company undertakes to operate and maintain the
Properties, pay all taxes, interest, rentals and other charges, in consideration for which company is to receive as its own, all revenues and income of
every kind otherwise accruing to said companies; and in the case of the
Buffalo Rochester & Pittsburgh Ry., to pay an amount equal to an annual
dividend at the rate of $4 per share on all common stock, and $6 per share
on all preferred stock outstanding, except on such stock as may be owned
by company; and in the case of the Buffalo & Susquehanna Railroad Corp.,
an amount equal to an annual dividend at the rate of $4 per share on all
preierred and common stock outstanding, other than the stock owned by
company. These agreements are dated Dec. 15 1931, and are terminable
on 60 days' written notice oy either of the parties thereto. The agreements,
by their terms, became effective Jan. 1 1932, after which date the results
from the operations of the two companies will be merged in those of your
company, and the Buffalo Rochester & Pittsburgh Ry. and the Buffalo &
Susquehanna Railroad Corp. will, for the duration of the agreements,
cease to be operating carriers.
Alton Railroad.
-On July 14 1931,the 1.-S.C. Commission, after hearing,
authorized the Alton Railroad, a new corporation created for the purpose.
to acquire by purchase and to operate for its own account, the lines of
railroad formerly constituting the Chicago and Alton System, including
leaseholds and stock interest in Joliet & Chicago RR., liansas City St. Louis
& Chicago RR. and Louisiana & Missouri River RR. The cost to the new
Alton RR,of the property so acquired was the assumption of certain obliga'
tions of the old company and its receivers and the issuance of $25,000,000 of
capital stock. Title to the property passed to the new company on July 19
1931,from and after which date the property has been operated by and for
account of Alton RR., and for the time being, will continue as a separately
Operated property, although under the common control and management
of company, and operating in close harmony therewith.
At the same time and in the same proceeding. the I.
-S. C. Commission
authorized your company to acquire, and it did acquire, the entire capital
stock of Alton RR., consisting of 250,000 shares (par $100). The acquisition by your company of control of Alton RR. is in accord with the plan
adopted by the I.
-S. C.' Commission. Dec. 9 1929, for the consolidation of
railway properties in the United States into a limited number of systems, as
provided by the Transportation Act 1920.
Reading Company -Your company has always had close traffic connections with the Reading Co., and since 1903, has owned a substantial stock
interest in that company, which was further augmented in recent years.
During 1931, it added to its holdings of Reading Co. stock through the
purchase of 1.600 shares of first preferred stock, 1,800 shares of second
preferred stock, and 7,300 shares of common stock, at an aggregate cost of
775,069. In addition, there was acquired during the year by the New
ork Transit & Terminal Co. a wholly owned subsidiary of your company,
stock, 6,500 shares of second preferred stock,
800 shares of first preferred '
and 41.600 shares of common stock, at a total cost of $2,549.319. With
these additional purchases your company owned and controlled at the end
of the year, 233,685 shares of first preferred stock. 339,100 shares of second
preferred stock, and 597,600 shares of common stock, or a total of 1,170,365
shares of Reading Co. capital stock, being 41.81% a the total of such stock
outstanding and costing $70,967,069. The Reading Co. is one of the companies allocated to the Baltimore & Ohio System in the complete plan of
-S. 0. Commission for the consolidation of railroads into a limited
the I.
number of systems.
-As stated in the report for 1929, your coraWestern Maryland Railway.
-S. 0. Commission to divest itself of its holdings
panyiwas ordered by the I.
's
of Western Maryland Ry. capital stock which it had acquired in 1927.
Because of conditions prevailing which prevented a disposition of the shares
on reasonable terms and for other reasons, the Commission, at the request
of your company, from time to time extended the period within which
the disposition of the shares should be consummated, and on July 7 1931.
issued its order further extending the time until Jan. 13 1932, but with the
condition that on or before that date your company would transfer its
holding of Western Maryland Ry.'s stock to a trustee to be held under
121
terms and conditions satisfactory to the Commission. Pursuant to this
order your company executed a trust agreement with the Chase National
Bank, New York as trustee, and deposited thereunder 165,544 shares of
7% cumulative first preferred stock 8,000 shares of 4% non-cumulative
convertible second preferred stock, and 159,050 shares of common stock of
the Western Maryland Railway. Under the agreement the right to vote
the shares is vested in the trustee, and there is reserved to your company
the right to sell all or any part of the stock at any time to any person or
corporation not forbidden by the Commission to acquire the same. The
agreement also provides that in the event your company is authorized by
the Commission to acquire control of the Western Maryland Ry. the
trust shall terminate and the stock be released to your company.
Pensions.
-Pensions are paid by the company to superannuated and
infirm employees and charged to operating expenses. No part of such
pension payments is contributed by employees. The total number of
pensioners on Dec. 31 1931, was 3,004, and the amount paid out in pensions
during the year was $1,715,050, an increase over 1930 of$238,000. Pensions
have been paid to employees since 1884, and to date $13,289,789 have
been paid for that purpose.
General Remarks.
The railroads of the country, realizing the serious situation confronting
-S. C. Commission in June 1931,
them, submitted an application to the I.
for a general increase of 15% in freight charges, which, after extended
hearings in the principal regions of the Unittd. States, was denied. The
Commission, however, granted the roads authority, as an emergency
measure, to make increase in certain rates, effective Jan. 4 1932, which it
is estimated may cause an increase of roundly 33i% in the freight revenues
of your company. These revenues constitute part of the earned income of
the carriers and will be so reported by them, but in accordance with a
suggestion contained in the order of the Commission approving this rate
increase, the carriers of the country entered into what is known as the
"Marshalling and Distributing plan," under which the amounts realized
from the rates so increased will be paid to the Railroad Credit Corporation
and used as a fund for loans to carriers failing to earn their fixed charges,
and to prevent default.
The U. S. Government also recognizing the financial stringency brought
about by the continued depression and unsatisfactory conditions at home
and abroad, and realizing the increasing difficulties of industry in general
and railroads in particular, to finance their necessary requirements on
reasonable terms, created by Act of Congress, approved Jan. 22 1932. the
Reconstruction Finance Corporation, with authorized capital and borrowing capacity of $2,000,000,000. The Reconstruction Finance Corporation
is authorized, with the approval of the I.
-S. C. Commission,to extend loans
to carriers upon adequate security to meet their financial requirements
when such requirements cannot be otherwise financed upon reasonable
terms.
As a result of negotiations between a Committee of Railway Presidents
and employees of the participating railroads, represented by the Chief
Executives of the respective organizations of employees of the railroads,
the employees so represented agreed to a 10% deduction in compensation,as
of Feb. 1 1932, the basic rates to remain undisturbed. The agreement to
terminate automatically Jan. 31 1933. This voluntary action of the
employees, through their representatives, will be most helpful to your
company in meeting the conditions brought about by the prolonged period
od depression. The compensation of all officers and employees not covered
by agreement was reduced not less than 10%,effective Nov. 1 1931.
INCOME ACCOUNT YEARS ENDED DEC. 31.
1931.
1930.
1929.
1928.
*Aver. miles operated__
5,556
5,568
5.577
5.548
Ry. Oper. Revenues-$
$
$
Freight
131.977,796 173.706.337 205,489,402 197,215.444
Passenger
14,801,546 18,567,622 22.138,626 23,712,131
Mail
3,139.125 3,353,729 4,678.364 3.059.411
Express
2,751.822 3,811.357 5,056,399 4.829,869
Other transport. revenue 2,190,844 2,791.859 3.200,510 3,275,950
Miscellaneous revenues_ 3,613,494
4,429,533 4.855,474 4.725,876
Total ry. oper. revs_158,474,628 206.660.435
Railway Oper. ExpensesMaint. of way & struc
13.524,048 22,442.388
Maint. of equipment_ _ _ 31,542.647 41.693.160
Traffic
5,887.5456,269,933
Transportation
59.443,637 72,500,106
Miscell. operations
1,773,296
2,142,666
General
7,790,757 8,145,896
Transp. for invest (Cr.)17,490
51.769
245,418,776 236.818.680
29,418.140 26,895,746
51.765,468 47,404.095
5.948,432 5.748.601
82,958,813 82,429,731
2,291,918 2.194,397
8,250,057
7.958.369
62,794
80.071
Total.rY.open exps_119,944,440 153,142,375 180,570,035 172.550,867
Net rev,from ry. oper
38,530.187 53,518,061 64.848,742 64.267.813
Ratio of oper. exps. to
operating revenues
75.69%
74.10%.
73.58%
72.86%
Other Oper. Charges
Railway tax accruals- _ 8,893,647 10.326.669 11,965,798 11,638.718
Uncollectible ry. revs_ _ _
ór33,099
28.766
Cr26,370
318.605
Equip. rents (net debit)_ 1,981,352
2,059,983
2.326,997
1.856.350
Jt. facil. rents(net debit) 1,450,707
854.028
1,404,936
1.066,423
Tot.oth. oper. charges 12.299,336 13,269,447 15,664,632 14,880.097
Net ry. oper. income
26,230,851 40.248,613 49,184,110 49.387.716
Other Income
Inc. from lease of road_ 136,461
136.724
132.842
114,156
Miscell. rent income
664,476
690,805
689,156
643,941
Misc. non-op. phys. prop
210,377
215,299
234.182
205.402
Sep.open prop.(profit)..
145,478
873.527
773.113
769.949
Dividends income
5,257,963
5,372.291
2.566,820
2,842,570
Inc. from fund. securs
1.690,302
1,688,987
1.685,769
1,687.883
Inc.from unfund.securs.
and accounts
966,204
2.169,082
2,127,368
813.979
Inc.from sinking & other
reserve funds
43.829
Dr29,063
190.195
262,287
Miscell. income
53,712
51,742
53.069
38,156
Total other income__ _ 9,118,957 11,243,924
8,427,835
7,378.324Gross income
35.349.808 51,492.537 57,611.945 56.766.041
Deducts. fr. Gross Inc.
Rent for leased roads__ _
470,054
593,472
594,610
595.763
Miscellaneous rents_ _ _
280.477
296.774
308,114
281,373
Miscell. tax accruals_ ._
433,736
310,932
294,900
285.946
Sept. oper. prop. (loss)..
753.269
503,292
407.356
268,802
Int. on funded debt_ _ _ _ 28.107.977 27,946.177 25.547.216 25.704.402
.
Int. on unfunded debt
335.740
1,574,616
1,388.753
416,228
Miscell, income charges_
96,267
98.678
117.223
112.595
Total deductions from
gross income
31,546,830 30,068,767 28.844.037 27.665.111
Net income
3,802.978 21.423.770 28.767.908 29,100,931
Preferred diva. (4%).,_ _ 2,354,528
2,354.528
2,354.528
2.354.528
Common dividends
8,970,341 17,940.687 15,367.783 y12.911.275
Rate
(6%)
(3.14%)
(7%)
(61i%)
Balance, surplus
d17.521.891
1.128.555 11.045.596 13.835.128
Shares of common stock
outstanding (par $100) 2.562.954
2,562.954
2,562.954 2,151.879
Earns, per sh. on coin
$0.57
$7.44
$10.31
$12.41
• Excludes passenger trackage rights between Phila. and New York.
y Includes dividends on additional stock issued and outstanding for a
portion of the year only.
GENERAL BALANCE SHEET DEC. 31.
Avels1931,
1929.
1930.
Investments in:
$
8
$
Road
295,583,880 293,861,627 255,417,257
Equipment
268,311,188 269,231,029 259,571,750
Subsidiary cos. oper. as constituent
parts of the companies
347,795,495 341,811,160 332,276,613
Miscell. physical properties held for
transportation purposes
8,257,323
9,895,292
10,574,800
Perpetual leaseholds-capitalized (per
contra)
3,713,200
3,713,200
6.441,200
Inv. in sub. dr still. cos. seply operated:
Pledged. unpledged.
Stocks
$5,356,523 $59,717,488 65,074,012
36,415,873
13,447,899
Bonds
.38,888,000
168,441 37,056,441
37,056,441
37,056,441
Miscellaneous
16,934,303 16,934,303
16,564,741
38,986,212
Investment In other misc. phys. prop__
4,646,558
4,609,484
4.662,814
Investment in sinking funds
5,043
3,722
3,746
Deposits in lieu of mtgd. prop. sold_ _ _ _
37,153
618,358
732,390
122
Financial Chronicle
Investments in other companies:
Pledged.
Unpledged.
Stocks
815,001,119 $73,069,888
Bonds
13,352
804,577
Miscellaneous
1
1,773,262
Cash
Special deposits
Loans and bills receivable
Traffic and car service balance receivable
Net balances receiv. from agts. & conduc
Miscellaneous accounts receivable
Materials and surplus
Interest & dividends receivable
Rents receivable
Other current assets
Deferred assets
Unadjusted debits
1931.
1930.
$
88,071,007
817,929
1,773,264
13,118,598
1,495,827
94,411
2,528,488
2,223,578
7,253,861
15,081.656
65,990
31,933
141,613
3,260,769
2,753,027
$
86,795,960
328,679
24,257,835
18,512,871
1,400,863
64,253
3,384,928
3, 35,795
9,735,962
15,187,376
30,972
21,037
101,824
3,134,169
2,361,667
1929.
$
47,613,292
644,779
1,295,234
19,389,021
18,447,144
146,969
4,180,126
3,345,031
9,778,555
18,^95,072
31,383
20,720
3,439,893
1,770,316
Total
1 186,136,546 1,182,133,135 1,117,368,640
Total
Held by or
Issued.
for Co. Outstanding.
Liabilities$
$
$
$
Common stock _256,302,100
6,752 258,295,343 253,295,434 256,295,433
Preferred stock 60,000,000
58,863,181
54,863,162
1,136,828 58,863,162
Pr'm on cap.stk 3,355,721
3,355,721
3,355,721
3,355,721
Equip. oblig•ns 57,044,800
57,044,800
71,823,200
64,296,500
Mtge. bonds _391,111,900 43,172,050 347,939,850 347,978,850 349,967,100
Coll. tr. bonds_ 68,437,500 12,452.300 55,935,200
55,985,200
55,935,200
135,482,196 135,655,496
Misc.oblig'ns_ _135,482,196
72,793,171
Dayton Sr Mich.
RR. Co.:
2,396,950
2,398,950
2,396,950
Com.stock- - 2,401,950
5,000
1,211,250
1,211,250
1,211,250
Pref. stock__ 1,211,250
2,728,000
1st mtg. b'ds 2,728,000
Home Ave. By.
99,780
.
99,750
99,750
Co. cap. stk_
100,000
250
23,000,000
43,000,000
Loans and bills payable
3,877,183
3,311,553
2,295.030
Traffic & car service balances payable
12,892,525
7,954,589
5,380,371
Audited accounts and wages payable__ _
1,163,954
1,226,984
3,602,966
Miscellaneous accounts payable
2,250,863
2,196,327
2,165,582
Interest matured unpaid
157,428
151,664
134,358
Dividends matured unpaid
59,376
32,650
91,650
Funded debt matured unpaid
5,073,804
538,632
5,073,804
Unmatured dividends declared
4,774,429
5,836.020
6,264,770
Unmatured interest accrued
25,766
24,435
24,163
Unmatured rents accrued
1,332,733
1,346,458
1,346,793
Other current liabilities
1,445,215
1,744,034
3,395,448
Liability for provident funds
8,327,623
8,090,040
7,740,476
Other deterred liabilities
5,317,831
3,731,779
2,887,217
Tax liability
3,401,481
3,507,893
3,481,985
Insurance reserve
70,160,425
75.317,566
79,700,506
Accrued depreciation-equipment
7,320,258
,3,396,471
3,587,970
Other unadjusted credits
279,721
313,043
295,746
Sinking fund reserves
27,117,117
27,452,694
27,309,556
Add'ns to prop. through Inc. & surplus_
87,071,947
74,219,840
82,258,027
Profit and loss, balance
1,186,136,546 1,182,133,135 1,117,368,640
Total
The following securities bear the endorsement of the B. & 0. RR. Co.
Jointly with other companies, viz.: Kentucky & Indiana Terminal RR. Co.
July 2 1932
1st mtge. sterling bonds, $7,041,777; Richmond-Washington Co. let mtge.
bonds, $10,000,000; Washington Terminal Co. 1st mtge. bonds. 512.000,000; Cincinnati Union Terminal Co. 1st mtge. bonds, series A. $12,000,000, and 1st mtge. bonds, series B, $12.000,000.-V. 134, p. 4486.
1153, 3977. 3818, 3451, 3269, 3264, 3093, 2711. 2518.
American Car & Foundry Co.
(33d Annual Report
-Year Ended April 30 1932.)
x RESULTS FOR FISCAL YEARS ENDED APRIL 30.
1931-32.
1930-31.
1929-30.
1928-29.
Earnings from all sources
after prov.for tax_ _loss$1,464,949 $3,026,789 $8,704,093 $5,665,854
yRenewals, repairs, &c_ 1,112.328
1,620,442
3,340,328
2,950,679
Net earnings
loss$2.577.277 $1,406.347 $5,363,765 $2,715,174
Pref. dividends (7%) - _ 2,100.000
2,100,000
2,100,000
2,100,000
Divs, on common_ _-_(25c)150,000 (4)2,400,000 (6)3,600,000(6)3,600,000
Deficit
Previous surplus
$4,827.277 $3,093,653
$336,235 $2,984,826
39,445,021 40,138,673 40,138,673 40,138,673
Surplus
334,617,744 837,045.021 $39,802,438 837,153.847
z Com. stk. div. reserve_
150,000
2,400,000
336,234
2,984,825
Prov. for shrinkage in
value of securs. held- 2,150,400
Prov. for unreal, loss on
foreign exchange
280,171
Provision for deprecition
in investment values_
300,000
Total surplus
$32,037,172 $39,445,021 $40.138,673 $40,138,673
Shs. corn. outst.(no par)
600,000
600,000
600,000
600,000
Earns, per share on corn.
Nil
Nil
$5.40
31.02
x Consolidated statement, including company, its wholly owned subsidiaries, American Car & Foundry Securities Corp. and American Car &
Foundry Export Co. y Includes renewals, replacements, repairs, new
patterns, flasks, &c. z Being common stock dividends paid from reserve
applicable for that purpose.
CONSOLIDATED BALANCE SHEET APRIL 30.
1932.
1931.
1932.
1931;
Assets
Liabilities$
8
Cost of prop
71,710,154 72,011,943 Preferred stock 30,000,000 30,000,000
Mater, on hand_ 5,651,784
5,181,298 Common stock_x30,000,000 30,000,000
Accts. & notes
Accts. pay., &c_ 1,982,636
1,777,226
receivable
9,443,947 14,794,461 Federal taxes
132,057
Stocks & bonds
insur. reserve__ 1,600,000 1,500,000
of other cos.
For gen. overh'd
(at cost or less) 2,246,469
4,377,203
impt. & maint. 212,641
212,641
Treasury stock
488,907
Reserve for diva.
U. S. ctfs. of inon corn, stock. 2,983,495
3,133,495
debtedness &
Res. for employ_
62,208
62,208
Liberty bonds_ 4,530,359
3,288,953 Divs.pay.july 1_
521,000
675,000
Cash
5,231,434
7,283,789 Surplus account_32,037,173 39,445,021
Total
99,303,054 106,937,649
Total
99,303,064 106,937,649
x Represented by 600,000 no par shares.
-V. 134, p. 329.
general Corporate anb 3Inbestment
STEAM RAILROADS.
-Authority to establish lower rates
New York Central Seeks to Cut Rates.
on freight shipped in steel containers over its lines east of Buffalo was
-S. C.
requested by the New York Central Railroad in a petition to the I.
Commission. N. Y. "Times," June 26, p. 5, sec. 4.
-A strike of Pullman car and sleeping
Pullman Workers Strike in Mexico.
car employees began at 1.30 p.m. on all lines of the Mexican National Railway. Leaders of the Alliance of Mexican Railway Employees met representatives of the railroads, but were unable to reach an agreement on wages
and other issues. N. Y. "Times," July 1, p. 6.
5,000 Rail Workers Strike in Mexico -Five thousand employees of the
Southern Pacific Railway of Mexico went on strike against a 10% wage
cut tieing up service on its 1,300 miles of trackage. N.Y."Times" June 28,
p.37.
Matters Covered in the "Chronicle" of June 25.-(a) Railroads and prosperity, p.4547; (b) Handicaps of the railroads, P. 4547; (e) A travesty on tranportation costs-Competition of the motor truck with the railroads, p. 4548:
(d) F. J. Lisman sees major benefits in bond market if Reconstruction
Finance Corporation is authorized to make loans to railroads for purchase
of their own bonds, p. 4598; (e) Additional loans aggregating $22,782,319
to five roads from Reconstruction Finance Corporation approved,including
$10,000.000 advance to Chicago Rock Island & Pacific Ry.-Additional
applications filed,including 54,390,086 supplementary request by St. Louis.
San Francisco Ry.,P. 4599:(f) St. Louis-San Francisco fly. cuts loan appli-S. C. Commission for $5,974,722 to meet
cation-Withdraws request to I.
-Receivership inevitable if
bank loans July 1-34,390,086 still sought
loan is not granted, p. 4602.
-Alters Security for Loan from Reconstruction
Alton RR.
Finance Corporation.
-S.
The I. C.Commission has authorized a change in the collateral securing
Finance Corporation.
the $2,500,000 loan from the Reconstruction road shall agree to place no
A supplemental report provides that the
• mortgage on its property without the consent of the Reconstruction Finance
Corporation as long as the loan is outstanding, together with the agreement
by the Baltimore & Ohio RR. to give the Reconstruction Finance Corporathe Alton.
tion indebtedness preference over any money owing to it from the ReconThese features altered the original report of the Commission on receiver's
struction Finance Corporation loan by eliminating $1,500,000 ofcompany,
certificates of the Chicago & Alton which were assumed by the new
the Alton RR. when that company took over the Chicago & Alton.
Other collateral securing the loan includes 6,494 shares of the guaranteed
7% stock of the Joliet & Chicago RR.. 3,072 shares of the guaranteed 0%
preferred stock of the Kansas City, St. Louis & Chicago RR., 1,250 shares
of the guaranteed 7% preferred stock of the Louisiana & Missouri River RR.
and $1,666,666 par value stock of the Mononhagela Ry.-V. 134, p.4653.
-To Pay July 1 Interest.
Ann Arbor RR.
The Interest due July 1 1932 on the first mortgage gold 4% bonds, due
-V.134, p. 3631.
1995. will be paid on that date.
Atchison Topeka & Santa Fe Ry.-Omits Common
-The directors on June 28 took no action on the
Dividend.
quarterly dividend ordinarily payable about Sept. 1 on the
outstanding $242,706,000 common stock, par $100. A
distribution of 1% was made on June 1 while 13/% was paid
on March 1 of the current year. From June 1928 to and incl.
December 1931, regular quarterly payments of 23/2% were
made on this issue, as against 14% each quarter from
March 1925 to and incl. March 1928. In addition an extra
of 1% was paid quarterly from March 1927
dividend of
to and incl. March 1928. Record of common dividends paid
since 1901 follows:
'32..
1901. '02-'05. '06. .07. .08. '09. '10-'24. '25-'26. '27-'31.
33% 4% P.a. 43% 6% 5% 5%% 6% p.a. 7% P.a. 10% P.a. x25i%
zIncludes 13i% on Match land 1% on June 1.
In connection with the reduction of the dividend last April the company
Issued the following statement:
"The earning statement shows a continuing decline. The continuance
of dividends on common stock must depend upon an improvement in the
-V.134. p.4486.
corporation's earnings."
Boston & Maine RR.
-Operation and Abandonment.
-
The I.
-S. C. Commission on June 15 issued a certificate authorizing the
road (1) to operate, under trackage rights, over lines of railroad of the
Maine Central RR. between Whitefield and Fabyan, about 15 miles,
and between Waumbeck Junction and Coos Junction, about 11 miles.
all in Coos County, N. H. and (2) permiting the abandonment by it of
operation of its own lines of railroad between Wing Road and Base, about
20 miles and between Whitefield Junction and Lancaster, about 12 miles,
all in Grafton and Coos counties, N. H.
-V. 134, p. 4654.
Buffalo Union-Carolina RR.
-Loan of $53,960 from
Reconstruction Finance Corporation Approved.
-See last week's
"Chronicle," page 4601.-V. 134, p. 4654.
Central Vermont Ry., Inc.
-Bonds Authorized.
The L-S. C. Commission on June 22 authorized the company to issue In
reimbursement of capital expenditures heretofore made not exceeding
$250,000 of first and general mortgage 5% gold bonds, series B. to be
pledged and repledged as collateral security for a note or notes issued within
the limitations of section 204 (9) of the Inter-State Commerce Act.
-V.
134, p. 4154.
Chesapeake & Ohio Ry.-To Pay Equipment Trusts.
The $1.200,000 series V 5% equipment trust certificates due July 1,
will be paid off at maturity on and after July 1 at office of J. P. Morgan &
Co., New York.
--V. 134, p. 2706.
Chicago Milwaukee St. Paul & Pacific RR.
-Loan of
$8,000,000 from Reconstruction Finance Corporation Approved.
-See under "Current Events' on a preceding page.
-V. 134, p. 4154.
Chicago Rock Island & Pacific RR.
-Loan of $10,000,000 from Reconstruction Finance Corporation Approved.
See last week's "Chronicle," page 4599.
Commission Modifies Order Allowing Revision of Use of
Funds Advanced from Reconstruction Finance Corporation.
See under "Current Events on a preceding page.
-V. 134,
p. 4655.
Cincinnati Union Terminal Co.
-Loan of $10,398,925
from Reconstruction Finance Corporation Approved.
-See
last week's "Chronicle," page 4600.-V. 134, p. 4655.
Delaware Lackawanna & Western RR.
-Dividend
Omitted.
-The directors on June 30 took no action on the
dividend due to be considered at this time on the outstanding
$84,441,200 capital stock, par $50. At the Dec. 31 1931
meeting of the board of managers it was stated that due to
conditions then prevailing, no consideration would be given
to 1932 dividends until the June meeting.
The last distribution on the stock was 50 cents per share
made on Oct. 20 1931, as against $1 per share in each of the
two preceding quarters and $1.50 per share on Jan. 20 1931,
making a total of $4 per share for that year. The previous
annual rate was $6 per share, together with extras of $1
per share each year (see table below).
The company has paid dividends in every year, 1880 to
date.
Dividends Paid Since and Including 1910.
'25 to'30.
'24.
'31.
'22.
'23.
'21.
1910-'20.
x12% p.a.
12%
8%
20% p.a.
17%
12%
16%
-V. 134. p. 3086.
z In addition, an extra of 2% was paid each year.
Volume 135
Financial Chronicle
Duluth South Shore & Atlantic Ry. Co.
-Earnings.
Calendar Years1931.
1930.
1929.
1928.
Average mileage oper _ - 560.03
573.66
573.75
577.44
Revenue
Freight
$1.936,851 $2,730.912 $3,409,336 $3,480,373
Iron ore
223,845
298,791
473,997
410,578
Passenger
250,774
402,648
619,370
710,839
Mail
78,312
88,496
130,904
87.539
Express
51,641
64,609
92,857
94,828
Miscellaneous
160.152
164,145
84,346
261,700
Total
$2,701,575 $3,749,601 $1,810,810 35,045,857
ExpensesMaint. of way & struc_ _
531,981
.
708.588
860,249
919.568
Maint. of equipment__ _
525,173
716,893
840,595
809,183
Traffic expenses
90,431
99,048
91,356
93,708
Transportation expenses 1,245,141
1.614,600 2,038,940
2,136,393
Miscellaneous operations
22,368
31,783
35,632
44,839
General expenses
114.757
125.442
131,432
130,637
Transp. for invest.-Cr _
5,123
8,052
8,587
2,325
Total
$2,524,727 $3,288,301 $3,988,822 $4,132,799
Net operating revenue
176,848
461.299
982,679
913,059
Taxes accrued
355,153
399,487
399,464
375.839
Uncollected ry. revenue_
44
6,928
344
35
Operating income_-_def$178,349
Non-operating income__
87,930
Gross income
Interest, rentals, &c_
def$90,418
_
984,814
$54,885
102,089
$606,496
80,894
$513,560
110,323
$156,974
1,012,400
$687,390
1,094,017
$623,883
1,083,836
Net deficit
def$1,075,233
$855,425
$406,627
$159,954
General Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Assets$
Liabilities
$
Investment in road
Common stock_ ,.12,000,000 12,000,000
& equipment:
Preferred stock_ .10.000,000 10.000,000
Road
45,315,188 44,836,193 Fund,debt unmat.21,132,000 20,176,000
Equipment
_ 4,343,894 4,423,143 Non-nezot. debt to
Sinking funds_
17,750
Can.Pao. Ry _ _ 453,558
97,846
Misc. phys. prop
264,596
299,403 South Shore Land
Inv,in affil. cos. _x 1,496,093 1,485,076
Co., Ltd
30,000
Cash
439,573 South Shore Dock
73,685
Special deposits_
98,725
97,030 Co
1.000
Loans & bills reo
10,038
7,039 Mimi'.accts. pay.
40,000
Traffic & car eery.
Traffic & car serv.
balances rec. _ _ _
98,150
93,593
balances payable
74,451
123,244
Due from agents &
Audited vouchers &
conductors
51,718
69,596
wages unpaid.
328,651
244,785
Misc.accts. rec.- _ 243,337
221,785 Mat. Int. unpaid. _18,703,310 18,101,315
Material & supplies 588,262
570,995 Matured Inc. ctfs.
Interest receivable
6,122
unpaid
3,000,000 3.000,000
Working fund adv..
1,210
1,010 Unmat. int. on
Rent & Ins, prem.
funded debt_ _
274,855
271,605
paid In advance_
413
1,010 Tax liability
345,000
360,000
South Shore Dock
Accr. depree.-rd_
360,415
Co. construcVn
Accr.deproc.-eq_ 1,843,943 1,774,135
agreement acct. 282,843
0th. unad.l. credits
61,887
29,527
Other def. debts._
88,516
7,503 Additions to prop.
Profit and loss....i5,399,863 14.003,931
through Inc. &
surplus
60,614
59,279
Total
68 355,285 66,598,151
Total
68,355,285 66,598,151
x Mineral Range RR. Co. stock $751,995; Lake
Trans. Ry. Co. stock. $87,300; Sa nte Marie Union Superior Term. &
Depot Co. stock,
$37,500; Mackinac Transportation Co. stock, $21,667; New Jersey Bridge
Construction Co. stock, $250; Sault Ste. Marie Bridge Co. stock,
$250:
South Shore Land Co. Ltd., stock, $3,000; South Shore Dock Co. stock,
$1,000; Railway Express Agehcy, Inc., stock, $100; Mineral Range RR.
Co. equip. notes, $144,889; Mackinac Transportation Co. advances.
$232,379; Sainte Marie Union Depot Co. advances, $29,156; Mineral
Range RR. Co. advances, $171,806' Railway Express Agency, Inc..
advances,$1,800; Lake Superior Term. Trans. By.Co.advances,$10,000.
-V. 134, p. 3452.
Fort Smith & Western Ry.-Loan of $65,434from Reconstruction Finance Corporation Approved.
-See last week's
"Chronicle," page 4600.-V. 134, p. 4655.
Fort Worth & Denver Northern Ry.-Stock Authorized.
The I.
-S. C. Commission on June 17 authorized the company to issue
$110,000 capital stock (par $100), the stock to be sold at par for cash and
the proceeds used to defray in part the cost of construction of its railroad.
Acquisition by the Colorado & Southern By. of control of the Fort
Worth & Denver Northern By. by purchase of its capital stock was also
appLroved and authorized.
acquisition by the Fort Worth & Denver City Ry. of control, by
lease, of the railroad and property of the Fort Worth & Denver Northern
By. Was also approved and authorized.
-V. 133. p. 2926.
Georgia & Florida RR.
-Further Loan of $83,500 from
Reconstruction Finance Corporation Approved.-See under
"Current Events" on a preceding page.
-V. 134, p. 3819.
Georgia Southwestern 8c GuIf RR.
-Loan Denied.
See under "Current Events" on a preceding page.
-V. 133,
p. 281.
Great Northern Ry.-Omits Dividend.
-The executive
committee of the board of directors on June 24 took no action
on the semi-annual dividend usually payable about Aug. 1
on the outstanding $248,871,350 preferred capital stock,
par $100. Officials explained that this was equivalent to
passing the payment.
On Feb. 1 last a semi-annual distribution of $1 per share
was made and a year ago $1.50 was paid, prior to which the
stock was on a $5 annual basis.
Record of Dividends Paid from 1897 to Date.
1897.
1898.
1899-1921.
1922.
1923-1930,
1931.
1932.
BM%
x53( 5'
y75' p. a.
5 M%
5% P. a.
ad%
1%
Also in 1898 paid 50% in Seattle & Montana stock, which was then
exchanged at 80 in payment of 40% of subscrtion to additional Great
Northern preferred. y In May 1901 M of 1% and in November
1907
1% was paid from earnings of Lake Superior Co., Ltd., and in December
1998 unit for unit, shares in Great Northern Iron Ore Properties. z Incl.
on Feb. 2 and
2% paid
% payable on Aug. 1.-V. 134, p. 3817.
123
the Missouri Pacific RR,to acquire control of the Northeast Oklahoma RR.
by purchase of its capital stock for the consideration and upon terms and
conditions proposed.
R. R. Moister, the examiner, who conducted the further proceedings,
concluded that it would not be in the public interest for the Missouri Pacific
to pay a maximum of 31,074,740 for this interest.
The Missouri Pacific contracted on Nov. 12 1930 with certain officers
and directors of the Northeast Oklahoma for the purchase, at par, but
without interest, of all, or not less than 90%, of the road's outstanding
$314,740 capital stock, (par $10). Other securities to be acquired included
$300,000 of first mortgage bonds, a note for $450,000 and another for
$10,000.
The examiner concluded that control of the carrier by the trunk line is
desirable to preserve competition with the St. Louis-San Francisco, but
stated it did not follow that acquisition of such control must or should be
accomplished on terms which may be regarded as unduly burdensome for
the acquiring carrier.
Consolidates Traffic Direction.
-
Consolidation of traffic direction on the Missouri Pacific Lines becomes
effective with election of C. E. Perkins. Vice-President of the Missouri
Pacific, in charge of traffic, with headquarters at St. Louis, to a similar
office on the Gulf Coast Lines and the International-Great Northern, subsidiaries of the Missouri Pacific, according to an announcement by President L. W. Baldwin. Mr. Perkins' headquarters will continue to be in
St. Louis.
-v. 134, P. 3978.
Mineral Range RR.
-Earnings.
-
Calendar Years•Avge. mileage operated_
Freight
Passenger
Mail
Express
Miscellaneous
1931.
56.59
$136.670
184
3.800
6,572
8.216
1930.
06.59
$198,148
752
4,390
10.153
11,998
1929.
5.59
$219,051
1.335
6.185
11,372
16.717
1928.
56.59
$227,152
1,781
3,790
10,524
12,594
Total
ExpensesMaint. of way & struc_ Maint. of equipment
Traffic expenses
Transportation expenses
General expenses
Transp'n for investment
.
$155,443
$225,441
$254,660
$255.841
34,839
33,291
2.341
82,653
9,220
Cr.3
53,366
43,091
2,307
107,719
9,821
Cr.42
58,172
80.104
2.440
122,08.5
10,311
Cr.9
63,738
87.209
2,233
125,376
10.266
Cr.2
Total
Net operating revenue
Taxes accrued
$162,342
def6.899
32,794
3216,263
9,178
36,170
5273.103
def18,443
45.699
$288,822
def32,981
49.937
#59.694
27,940
s26,992
34,130
$64,142
54.113
$82,919
37.436
Gross income
def$11,753
Interest. rentals, &c---121,817
$7,137
114.789
Oprating deficit
Other income
Net de.idt
-V. 132, p. 3521.
$133.571
$107,651
def$10,029 dei$45.481
99.942
99.317
$109,346
5145.423
New York Central RR.
-Loan of $13,600,000 from Reconstruction Finance Corporation Approved.
-See under
"Current Events" on a preceding page.
-V. 134, p. 4655,
4651.
Norfolk & Western Ry.-Smaller Common Dividend.
The directors on June 28 declared a quarterly dividend of
2% on the outstanding $140,648,300 common stock, par
$100, payable Sept. 19 to holders of record Aug. 31. This
compares with quarterly distributions of 23/2% each made
on this issue from March 19 1930 to and incl. June 18 1932.
An extra distribution of 2% was also made on Dec. 19 1930
and on Dec. 19 1931.
Record of dividends paid on the common stock since and
including 1909 is as follows:
'10. '11.'12-'15. '16. '17. '18-'21. '22-'25. '26.'27-'25. '29.'30-'31. x'32.
use. (%)- 5 534 6 p.a. 651 7 7 pa. 7 pa. 7 Spa. 8 10 Ps. 7
1
1
Extra(%)1 p.a. 3 2 p.a. 4 2 es• -x Includes dividends of 234% each paid on March 18 and June 18 and 2% Parable on Sept. 19.-V. 134, p. 3632.
Old Colony RR.
-To Pay Off July 1 Maturity.
-
The 31.000,000334% bonds due July I will be paid off at office of Treasurer, Room 424, South Station, Boston, Mass.
The I.
-S. C. Commission on June 28 authorized the company to issue
not exceeding $1,329,000 first mortgage gold bonds, series D to refund
maturing bonds and to provide in part for its indebtedness to the New York.
'
New Haven & Hartford RR. for advances made for capital expenditures:
the bonds to be pledged and repledged as collatenal security for short-term
notes.
Modification Approved.
The Massachusetts Department of Public Utilities has approved the
petition of the Old Colony RR. seeking modification of the Department's
recent order approving issuance of $1500.000 bonds. The road asked
the Department to strike out the requirement that the bonds should be
sold at a price of not less than their face value.
In its order the Department says: "In view of present financial conditions and necessity of the petitioner meeting the obligations maturing
on July 1 1932, we are disposed to grant the petition, provided that any
discount at which the bonds are sold shall be amortized as may be hereafter required by the Department."
-V. 134. p. 4656.
Pennsylvania Ohio & Detroit RR.
-Bonds.
-
-S. C. Commission on June 13 authorized the company to issue
The I.
$701.000 of 1st & ref. mtge. bonds,series B,to be delivered to the Pennsylvania RR. at par in satisfaction of a like amount of indebtedness to that
company for advances for capital purposes.
Authority Was granted to the Pennsylvania RR. to assume obligation
and liability as lessee and guarantor in respect of the bonds.
-V.134, p.673.
Pittsburgh McKeesport & Youghiougheney RR.
-To
Pay Bonds.
The 32.250,000 6% bonds, due July 1. will be paid off at maturity at
office of Treasurer, 466 Lexington Ave., N.Y. City.
-V.126, p. 574.
St. Louis-San Francisco Ry.-Loan of $3,390,000 from
Reconstruction Finance Corporation Approved to Meet Taxes
and Interest Due July 1.
-The 1.-S. C. Commission on
June 29 approved an additional loan of $3,390,000 to
Illinois Central RR.
-$11,000,000 Loan from Recon- company from the Reconstruction Finance Corporationthe
to
struction Finance Corporation Approved.
-See under "Cur- be available July 1 for the purpose of paying taxes of $908,248
rent Events on a preceding page.
-V. 134, p. 4154.
and to meet interest charges of $2,481,838 on its outstanding
Kansas City Kaw Valley & Western RR.
-Loan of prior lien bonds. (Full details regarding this loan are given
$51,500from Reconstruction Finance Corporation Approved.
- under "Current Events' on a preceding page.)
Plan to Effect Reduction of Fixed Interest Charges.
See under "Current Events" on a preceding page.
-The
-V. 125,
company, in accordanc,, with the request of the 1.-S. C.
p. 708.
Commission that it file with that body prior to July 1 a plan
Lehigh Valley RR.
-Subsidiary Acquires Building.
effecting a substantial reduction in its fixed interest charges
See Starrett Investing Corp under "Industrials" below.
-V.134. p. 4655,
4653, 3269.
as a condition of obtaining a loan of $1,800,000 from the
Missouri Pacific RR.
-Examiner Holds Terms of Proposed Reconstruction Finance Corporation, has submitted a plan
designed to accomplish this result.
Oklahoma Acquisition Burdensome.
Under the plan the six banks holding loans of $5,974,722
A recommendation is made by an I.
-S. C. Commission examiner, after
further hearings, that the Commission reaffirm its ruling refusing to allow
have agreed to extend the loans to July 1 1942. The plan
124
Financial Chronicle
also has the support of insurance companies and other large
blocks of company's securities. The plan presented, according to the report of the Commissioners approving the loan
(above referred to) will prevent a receivership on July 1.
provides for an immediate reduction in the annual rate
It.
of Interest on bank loans from 6 to 3% and for the indefinite
deferment of the bulk of fixed interest charges accruing during
the period of the next 5 to 10 years. It contemplates also
a reduction of funded debt and increase in uncapitalized
assets when the earnings of the company permit. The plan
provides for the creation of a new mortgage to secure an
issue of $25,000,000 of bonds which it is contemplated will
be junior only to the underlying mortgages of constituent
companies, and that $3,390,000 of these new bonds will be
issued and made available as additional security for the
Reconstruction loans.
An arrangement also will be made whereby the management will be in the hands of the bondholders so long as the
interest charges are deferred. The essential features of the
plan are as follows:
Official Summary of Plan.
(I) Treatment of Existing Securities.
(1) Birmingham bonds and equipment obligations remain undisturbed.
(2) Fort Scott bonds (including pledged bonds) extended 10 years at their
existing rate (4%), in consideration of which outstanding bonds receive,
in respect of each $1,000 bond,one-third share of$6 pref. stock and one hal
share of common stock (or the proceeds ofsale thereof as provided below).
(3) Prior Lien Bonds.—(a) Coupons maturing on or before July 1 1937
surrendered in exchange for ;prior lien interest certificates (described below)
(b) Interest maturing after July 1 1937 and on or before July 1 1942 shall
be 50% fixed, the remaining 50% contingent and cumulative; provided,
however, that if for two years earnings equal $3.000,000 (the capital fund
described below) plus 1M times interest at full rate on all outstanding obligations, then all such interest after the next July 1 shall be fixed. (c) As
compensation for (a) and (b), outstanding bonds will receive, in respect of
each $1,000 bond, two-thirds share of $6 pref. stock and one share of common stock (or the proceeds of sale thereof as provided below).
(4) Consolidated Bonds.—(a) Series B 6% (Including pledged bonds) which
mature in 1936 will be converted into series C 6% which mature in 1956.
(b) Coupons on all series maturing after July 1 1932,and before July 11937,
surrendered in exchange for consolidated interest certificates (described
below). (c) Interest maturing after July 1 1937, and before July 1 1942.
shall be 40% fixed and the remaining 60% contingent and cumulative;
provided, however,that iffor two years earnings equal $3,000,000for capital
fund, plus 134 times interest at the full rate on all outstanding obligations,
then all such interest after the next July 1 shall be fixed. (d) As compensation for (b) and (c) outstanding bonds will receive, in respect of each
$1,000 bond, one-half share of $6 pref. stock and three-fourths share of
common stock (or the proceeds of sale thereof as provided below).
(5) Short Term Notes.—Notes to the Reconstruction Corporation, The
Railroad Credit Corporation and banks will be extended, and will be entitled to the benefit of the sinking fund hereinafter described, to the extent
specified in IV, below.
(6)Existing Stock.—(a) Both classes will be changed into an equal number
of no par value shares or shares of smaller par value, with the same rights
as at present. (b) Both classes will be entitled to subscribe for the stock
issuable to the bondholders at $60 for each unit of two-thirds share of $6
pref. stock and one share of common stock. The offering will be unlimited
but if oversubscribed allotments will be made first to the holders of the
common stock (on account of its pre-emptive rights) in proportion to their
present holdings of such stock.
(II) Interest Certificates.
(1) Prior lien interest certificates will be entitled to the benefit of the
detached prior lien coupons and all claims for interest on the bonds during
the periods covered by such coupons. Such coupons and claims will continue to be secured by the mortgage ratably with outstanding bonds and
coupons, but will not be payable except in the event of receivership or the
foreclosure of the mortgage. Consolidated interest certificates will be similarly entitled to the benefit of the detached consolidated coupons.
(2) Interest certificates will bear fixed interest at 1% for two years,
7,,
26 for the next two years and 3% thereafter.
(3) Interest certificates will be redeemable in whole or in part at their
face amount plus accrued interest.
(4) Interest certificates will be entitled to the benefit of the sinking fund
described below, and will be payable, as to principal, only out of such fund.
(III) New Prior Mortgage.
A new mortgage, prior, as to assenting bondholders, to the prior lien and
consolidated mortgages on the properties of the railway company (including
the pledged Fort Scott bonds), will be created, limited to $25,000,000 to
be used for general corporate purposes, subject to restrictions for the protection of the existing bonds to be determined by the managers and specified
in the mortgage.
(IV) Order of Application of Net Income.
Net income available after fixed charges shall be applied to the following
purposes in the following order, subject to the power of the board of directors, if necessary in its discretion, to create and maintain a contingency
reserve fund not exceeding $2,000,000 at any time:
(1) $3,000,000 capital fund, annually, for capital expenditures and to
the extent not so used to be added to the sinking fund and applied to the
purchase of bonds.
(2) For sinking funds, $3,000,000. annually: $750.000 annually to be
applied to retire short-term notes, one-half of balance to retire prior lien
bonds and consolidated bonds (one-half for each), and the other half to
retire prior lien and consolidated interest certificates (one-half for each).
(3) Contingent interest (after July 11937),including any accrued accumulations.
(4) Balance, one-fourth, up to $1,000,000 annually, to retire short-term
notes, one-half of balance to retire bonds and the other half of balance to
retire interest certificates.
The capital fund and the sinking fund shall be continued until (1) the
amount applied for capital expenditures and for the retirement of bonds
aggregates $50.000,000, and (2) all interest certificates and all short-term
notes have been retired.
(V) Voting Trust.
Stock issuable or dealt with under the plan will be placed in a voting trust
for not exceeding 10 years with such voting trustees as may be designated
by the readjustment managers with the approval of the committees. References to stock herein include voting trust certificates therefor.
Management.—To provide adequate representation of the bondholders
in the carrying out of the plan, and in the management of the property
upon the consummation of the plan, the board of directors of the company has been constituted as follows:
*Harry M. Addinsell, President Chase Harris Forbes Corp., N Y
*Earle Bailie, of J. & W. Seligman & Co., New York.
Donaldson Brown, Vice-Pros. General Motors Corp.. New York
*E. N. Brown, Chairman of the board of directors. New York.
W. Frank Carter, of Carter. Jones & Turney, St. Louis, Mo.
*Frederick H. Ecker, President Metropolitan Life Insurance Co.. N. Y.
*Robert 0. Hayward. of Dillon. Read & Co., New York.
Percy H. Johnston, Pres. Chemical Bank & Trust Co.. New York.
*J. M. Kurn, President.
*DeWitt Millhauser, of Speyer & Co., New York.
Charles W. Nichols, Chairman of board Nichols Copper Co.. . Y.
Theodore G. Smith, Vice-Pres. Central Hanover Bk. & Tr. do. N. Y.
Young,
Guy A. Thompson, of Thompson, Mitchell, Thompson bt'
St. Louis. Mo.
*John W. Stedman, Vice-Pres. Prudential Insurance Co.. Newark, N. J.
*Burnett Walker, Vice-Pros. Guaranty Co. of New York, New York.
Those members of the board whose names are marked • will constitute
the executive committee, and will act as the readjustment managers under
the plan. Messrs. Cravath, de Gersdorff, Swaine & Wood will act as
counsel for the readjustment managers.
A statement issued by the company in connection with
the foregoing summary of the plan follows:
jUly 2 1932
The plan has been worked out by the railway company in consultation
with, and has the approval of, the banking firms which have from time to
time handled issues of its prior lien bonds, consolidated bonds and pref.
stock, as well as a substantial number of the largest holders of the railway
company's bonds and stocks. Like, indeed, all reorganization plans, It is
a compromise between differing views. It represents the only alternative
to receivership, which, in the light of the present uncertainties of general
business conditions. and particularly of the future of railroad earnings,
would be long continued and expensive.
1,, however, receivership is to be avoided, security holders must, with
substantial unanimity, promptly assent to the plan.
The railway company has no intention of asking the majority bondholders to make the sacrifices contemplated by the plan if any appreciable
minority is to be left outstanding, with the improved position which would
result to such an outstanding minority from those sacrifices.
Accordingly. unless there is prompt and practically unanimous assent to
the plan on the part of the affected security holders, the railway company
will have no alternative but to consent to the appointment of receivers.
The board of directors of the railway company, and the bondholders'
and stockh.31ders' committees which are parties to the agreement, strongly
urge the security holders to avoid this alternative by prompt deposit under
the plan. They believe that the consummation of the plan is to be preferred to receivership for the following, among other, reasons:
(1) Receivership woud not increase, but, on the contrary, would tend to
decrease, the income available for distribution to security holders.
(2) In the light of existing uncertainties, receivership and foreclosure of
the mortgages would undouotedly be long-continued and expensive, litigation respecting the rights ot the various securities would be inevitable
and agreement upon any ultimate reorganization plan would necessarily
have to be postponed until intelligent opinion could be formed of future
earnings of the property. This probably would be several years. It is
unlikely that any interest would be paid on either the prior lien bonds or
the consolidated bonds during receivership, and defaults under both the
Birmingham bonds and the Fort Scott bonds would be probable.
(3) The plan reduces fixed charges from approximately $13.700,000 to
about $3,500,000 through 1936, and for a further period of five years a
large part of present fixed charges are made contingent on earnings. If
consummated, the plan would, therefore, seem to insure the railway company's survival for a minimum of five years. If within five years net earnings available for interest should be restored to even one-half of their
$19,600,000 average for the 11 years since Federal control, it insures the
company's survival for at least 10 years.
(4) While the bondholders are asked to make a substantial sacrifice in
current income for a five-year period, they are given in lieu of their coupons
marketable interest certificates, which can be sold if desired, for which a
sinking fund is created, and which, if held, should tulimately insure to the
bondholders receipt of their full interest, with interest during the period
of deferment.
-year period for which interest is adjusted, estimated
(5) During the 10
capital requirements should be taken care of out of income without the
necessity of new financing, and thus $30,000,000 may be applied to capital
expenditures, which cannot be capitalized so long as the existing prior lien
bonds and consolidated bonds are outstanding.
(6) In addition, the application of the sinking fund to the purchase and
retirement of prior lien bonds, consolidated bonds and interest certificates
and to the payment of short-term notes should, if the earnings assumed
In the annexed table are realized, result in a substantial reduction of the
bonded debt, the retirement of the interest certificates and the payment
.**,
of the short-term notes, thus permanently reducing fixed charges.
(7) All income must be applied for the benefit of bondholders and other
(including arrears represented by
creditors until (a) all arrears of interest
the interest certificates) have been paid: (h) all short-term notes have been
paid, and (c) $50,000,000 has been applied to uncapitalized capital expenditures and retirement of prior lien bonds and consolidated bonds.
(8) As compensation for their acceptance of the plan, the bondholders
receive pref. stock and common stock aggregating over 23% of the total
pref. stock and over 26% of the total common stock, which will be out,
standing upon the consummation of the plan.
(9) While the stockholders give up this percentage of their equity to the
bondholders, they are permitted to continue to hold their present stock
without the necessity of paying an assessment, thus insuring their having
an eventual stake in the property upon its expected return to substantial
earning power.
(10) The board of directors and executive committee of the railway
company will be so constituted as to provide adequate representation of
the bondholders in the management and a voting trust will be created to
insure the continuance of such representation.
Application of Plan.
The following illustrative table is attached to the plan to show the operation of the plan, beginning with 1933, on the basis of assumed earnings as
indicated below:
1936.
1935.
1934.
1933.
Assumed income avail35,000,000 $7,500,000 $10,000,000 $15,000,000
able for interest
Accruing fixed charges
3,375,000 3,240,000 3,560,000 3,320,000
(approximate)
Available et income_ $1,62.5,000 $4,260.000 $6,440,000 $11,680,000
1,625,000 2,200,000 2,200,000 2,200,000
Capital fund
$2,060,000 $4,240.000 $9.480,000
Sinlcing funds applied to:
1.750,000
1.060,000
750,000
Short-term notes
$1,310,000 $3,180,000 $7,730,000
1,590,000 3,865,000
655,000
Purchase bonds
Purchase interest ctfs_
$655,000 $1.590,000
1,590,000
655,000
3,865,000
3,865,000
1940.
1939.
1938.
1937.
Assumed income avail$20,000.000 $23,000,000 $23,000,000 $23,000,000
able for interest
Accruing fixed charges
9,935.000
6.100,000 7,320,000 6,900,000
(approximate)
Available net incorne313,900.000 115,680,000 $16,100,000 $13,065,000
2,200,000
2,200,000
2,200.000 2,200,000
Capital fund
$11,700,000 $13,480,000 $13,900,000 $10,865,001)
Sinking funds applied to:
750,000
750,000
750,000
750,000
Short-term notes
Purchase bonds
$10,950,000 $12,730,000 $13,150,000 $10,115,000
1,125.000 1,125,000
1,125.000
1,125,000
Purchase interest ctfs_
$9,825,000 $11,605,000 $12,025,000 $8,990,000
1.125,000
1,125,000
1,125,000
1,125,000
$8,700,000 $10,480,000 $10,900,000 17,865.000
Contingent interest(after
1,745,000
5,325,000
5,430,000
3,690,000
July 1937)
Bal. for sinking fund* $5,010,000 $5,050,000 $5.575.000 $6.120.000
*To be applied to purchase of bonds and interest certificates and payment of short-term notes.
Note 1. Average not earnings available for interest for the 11 Years since
Federal control have been $19,600,000. Such net earning, were in excess
of $21,000,000 in every year since 1923 up to 1930, when they were about
118.400.000.
Note 2. The foregoing table assumes depreciation $800,000 in excess of
equipment trust maturities, as at present, and also assumes all capital fund
applied to additions and betterments, &c. No allowance is made for the
contingency reserve fund referred to in Article IV of the summary.
Note 3. Fixed charges, as shown above, are reduced in successive years
by savings resulting from retirement of equipment4rust obligations, shortterm notes, interest certificates and bonds (after 1937). They are increased
in 1935 and 1937 by the increase in the interest rate on interest certificates.
They are also increased in 1937 by reason of the fact that fixed interest
begins to accrue in 1937, in 1938 because a percentage of interest for the
entire year is fixed, and in 1940 because, on the earnings assumed, all
interest payable after July 1 1940 is fixed.
Note 4. No contingent interest is payable prior to 1937. Contingent
interest is payable for a portion of that year,for the full years 1938 and 1939
and for a portion of the year 1940 (since, on the earnings assumed. all •
Financial Chronicle
Volume 135
interest payable after July 1 1940 is fixed). Contingent interest is reduced.
In successive years. by retirements of bonds and short-term notes
Note 5. On the foregoing basis, assuming bonds retired at average price
of 40 prior to 1937 and 70 thereafter and interest certificates retired at average price of 30 prior to 1937 and 50 thereafter, there would have been
retired, by the end of 1940, about $34.000,000 of bonds and about $49.000,000 of interest certificates.
-V. 134. p. 4656.
Wabash Ry.-To Pay July 1 Interest.
Interest of 3% due July 1 1932 on the Wabash RR. debenture mortgage
6% gold bonds, series B, due 1939, will be paid.
-V.134, p. 3978.
Western New York & Pennsylvania Ry.-Abandonment.The I.
-S. C. Commission on June 16 issued a certificate permitting (a)
the Western New York & Pennsylvania Ry. to abandon part of its Wolf
Creek branch in Lawrence and Mercer counties, Pa., and (b) the Pennsylvania RR., lessee, to abandon operation thereof.
-V. 134, p. 1192.
125
635% notes due June 1 1932 are listed among the general creditors for which
a claim has been filed by the Marine Midland Trust Co. of New York.
and any avails remaining for distribution to general creditors will be made
In due course.
The receivers are C. A. Southerland, R. J. Ritchie and W. H. Sawyer.
Central Illinois Public Service Co.
-New Directors.
Edward N. Hurley, Charles A. McCullock, Ralph D. Stevenson and
J. Paul Clayton have been elected directors to succeed Martin J. Instill,
Samuel Insult, Samuel Insull, Jr., and Marshall E. Sampsell.-V. 134,
p.3635.
"
-Chester & Philadelphia Ry.-Dividend Reduced:
-
The directors have declared a dividend of 30c. per share on the common stock, par $50. payable July 15 to holders of record July 8. In each
of the four preceding quarters the company paid a dividend of 3734c.
per share.
This line is operated under lease by the Philadelphia Rapid Transit Co.
-V. 132, p. 4757.
Western Pacific RR. Co.
-Loan of $2,264,000 from Re- --- Chicago Rapid Transit Co.
-Receivership.
-On
of
construction Finance Corporation Approved.
-See last week's kersonpetition U. Westinghouse Electric & Manufacturing Co., Judge Wilin the
S. District Court at Chicago June 28 appointed Britton
"Chronicle," page 4601.-V. 134, p. 4656.
I. Budd and Albert A. Sprague receivers. The company admitted the
PUBLIC UTILITIES
Matters Covered in the "Chronicle" of June 25.-(a) Electric output for
week ended June 18 1932 off 1055%, P. 4561; (b) Gas utility revenues
down 6% in April, p. 4561.
American Natural Gas Corp.
-Depositary.
-
The Manufacturers Trust Co. has been appointed depositary for the
04% sinking fund gold 'debentures and certificates of deposit therefor.
-V.134, p. 4321.
allegations in the petition and did not oppose the request for appointment
of receivers.
The bill alleges that earnings of the company ts far this year have been
less than those for the corresponding 1931 period. Last year the company
fell short of covering funded debt interest by more than 51,298.000. The
bill also recites that the company has unsecured notess payable amounting
to $2.000,000. which are overdue, and other notes secured by collateral
amounting to $1,900,000. which are due before Sept. 1, and that its unpaid
taxes for 1930 amount to $1.812.051. Taxes for 1931 will be about the
same as for 1930 and will shortly become due.
Floating debt as of May 31 1932 is placed at $12,429,865 and bond interest of $665.038 is due July 1.-V. 134,p. 3979.
Associated Gas & Electric Co.
-Exchange Offer to
Commonwealth Edison Co -7'o Reduce Dividend Ratefto-'
Holders of 5% and 532% Convertible Investment Certificates.
- $5n $8-Per-A-nnum-Reduces-Salaries-and-gragse.The 5I4% convertible investment certificates of this company provide
Peoples Gas Light & Coke Co. below.
-V. 134, p. 4658.
for future conversion, at the option of this company, into $5.50 div. series
pref. stock of the company, at the rate of one share of such stock for each
Commonwealth 8c Southern Corp.
-New President.
S100 principal amount ofconvertible investment certificates. This privilege
of conversion the company has determined to exercise. The holders,
however, have the option to convert said investment certificates, par for
par, into 57 convertible debenture bonds, due 1965, or into a combination
of shares of°
Eastern Utilities Investing Corp.
Holders of 5% convertible investment certificates have been given the
further privilege of exchanging their certificates on a par for par basis for
gold debenture bonds, consolidated refunding 5% series, due 1968, or
534% convertible obligations, series A.
Accrued interest on above exchanges will be adjusted so as to be continuous but not overlapping.
Holders who desire to exchange their investment certificates for any of
the above securities should forward them to the company at Room 2016,
61 Broadway, N. Y. City.
Earnings.
For income statement for 12 months ended May 31 see "Earnings
Department" on a preceding page.
-V. 134. p. 4657.
- ---.Associated Telephone & Telegraph Co.
"
-Reduces Bank
Loans.
In connection with the suspension of dividends. President E.C. Blomeyer,
June 21, stated in substance;
In view of the continuance of the world-wide financial depression, the
directors have decided that it is to the best interests of both the shareholders and the company to strengthen the cash position of the company
by deferring, as of July 1 1932, all dividends of the company's shares.
"As of Dec. 31 1931, bank loans (including bankers' acceptances issued
In due course of business by manufacturing and selling subsidiaries)
amounted to $6,500,000, which amount In normal times would be well within
the company's borrowing powers. Since Dec. 31 1931, these obligations
have been reduced (partly by reduction of current assets) by approximately
$1,750,000, in addition to the payment of the regular quarterly dividend
upon all preferred and preference shares as of April 1 1932. It has been
the hope that business conditions would improve to such extent that the
remaining indebtedness could be liquidated in the customary way by distribution of additional capital securities, but since it is impossible to do
this at present the directors have decided, as stated above, that it is best
for both shareholders and the company that all funds possible from the net
earnings of the business should be applied toward payment of current
indebtedness.
"The company's current debt represents principally borrowings incurred
in the acquisition of new properties or improvements to properties already
owned. No further acquisitions of properties are being made at this time
and none of course will be undertaken under present conditions.
"Neither the company nor its subsidiaries have any funded debt maturing earlier than 1955.
"Current assets include items for notes and loans receivable and accounts
receivable, which are owing to the company from its customers in the
ordinary course of business.
"Apart from the foregoing situation and the intensification of the business depression, no new factors of an adverse nature have affected the
company's position since the date of the enclosed annual report. The
cMonarein
business have already been oftreeinareas
materially
grf t
n gmdeandte earnings
satisfactory as can be expected under the circumstances.
"Attention is called to the fact that dividends upon the first pref. stocks
and the $4 preference stock are all cumulative as well as $4 per annum
on the class A stock."
-V. 134, p. 4657.
Beauharnois Power Corp., Ltd.
-Selects General Officers.
At a meeting of the bondholders' committee the following officers were
appointed Chairman, T. A. Russell, Toronto; Vice-Chairman, G. W,
Scott. Montreal, and E. G. Long. K.C., Toronto: Secretary. W. L. Gatehouse, Montreal. Arrangements were completed for the compilation of
information for the committee in formulating plans for the future.
V. 134, p.4489.
"'"*.. Berlin City Electric Co., Ltd.
-Debentures Called.
-
Dillon. Read & Co., as fiscal agents, announce that $102.000 of 30
-year
634% sinking fund debentures. due 1959, have been drawn for redemption
on Aug. 1 out of moneys to be paid for sinking fund purposes. Debentures so
designated for redemption will be payable at par at the offices of Dillon,
Read & Co. in New York. At the option of the holders, principal and
interest may also be collected in London, Amsterdam, Zurich, Basle or
Stockholm, in the currencies of the respective countries, at the exchange
rate on New York prevailing on the date of presentation.
-V. 132. p. 3712.
Brooklyn Edison Co., Inc.-Earnings.
-For Income statement for 3 and 1 I months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134. P. 9657.
Brooklyn-Manhattan Transit Corp.
-Change in Collateral.
Notice has been received by the New York Stock Exchange from the
above corporation under date of June 21 1932. that collateral deposited as
security for Brooklyn-Manhattan Transit Corporation Rapid Transit
Security 6% sinking fund gold bonds, series A. due July 1 1968, now
consists of $87,059,000 New York Rapid Transit ref. mtge. 5% sink.
fund gold bonds, series A, due July 1 1968; $17.111.600 Williamsburgh
Power Plant Corp. gen. mtge. 5% sink, fund gold bonds, series A. due
July 1 1968; 281.898 shares New York Rapid Transit Corp. capital stock
and 10,000 shares Williamsburgh Power Plant Corp. capital stock. The
changes wore in the first two items. Formerly there were $87.882,000 New
York Rapid Transit Sc and $17,272,600 Williamsburgh 58 pledged -V.
134, p. 4657.
Carolina-Georgia Service Co.
-Sale, (tr
The affairs of company have been in the hands of receivers since 1930,
and its assets wore disposed of through foreclosure on June 6 and 7 1932.
The corporation is now in the process of liquidation and dissolution. The
Announcement was made on June 28 of the resignation of Thos. W.
Martin as President of the corporation. B. C. Cobb, the Chairman of the
Board and chief executive of the company was elected President and will
fill both offices.
Mr. Martin has been President of the corporation since its formation in
1929 and will continue on the board. He is also President of Alabama
Power Co. and has spent a large part of his time in recent years in Alabama
and will in the future give all of his time to that company, residing at
Birmingham.
-V. 134. p. 4658.
Community Traction Co.
-To Reduce Fares.
-
A five-cent zone rate for street car and bus riders and a reduced pass
schedule, effective July 4. is announced by this company, which is controlled by the Doherty interests.
Although C. H. Forsgard, General Manager of the company, denied
that taxicab competition was responsible for the new schedule, he said that
receipts of the company have declined in recent months.
The present street car and bus rate is 10 cents, or three for 25 cents.
Adult weekly passes now in use cost 51.-V. 134. p. 2144.
Consolidated Gas Co. of New York.
-Earnings.
-
For income statement for 3 and 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, p. 4490.
Consolidated Gas, Electric Light & Power Co. of Beltimore.-Earnings.For income statement for 5 months ended May 31 see "Earnings Department" on a preceding page.
-V. 134, p. 4490.
Consumers Power Co. (Me.), Mich.
-New Pres., &c.
-
T. A. Kenney, Vice-President for many years, has been elected President,
to succeed B. C. Cobb. who will continue to serve as Chairman of the
board of directors.
W.H.Sammis has been elected a director to succeed Thomas W.Martin.
-V. 133. p. 284.
---Continental Telephone Co., Lincoln, Neb.-Suspends
Dividends.
The directors have decided to suspend the quarterly dividends due July 1
on the 634% cumulative preferred stock and 7% participating preferred
stock. par $100. The last quarterly payments of 154% and 1fi %, respectively, were made on April 1 1932.-V. 126. p. 864.
Duquesne Light Co.
-Earnings.
For income statement for 12 months ended April 30, see "Earnings
Department" on a preceding page.
-V. 134. p. 4157.
Eastern Utilities Investing Corp.
-Preferred Dividends
Payable in Stock in Lieu of Cash.
The directors recently declared a quarterly dividend of 13.4% on the
$5 cum. prior pref. stock, no par value, payable in $7 cum. pref. stock
on July 1 to holders of record June 15. The last regular quarterly cash
payment of $1.25 per share was made on this issue on April I 1932.
Approximately $28,000,000 of the $35,000,000 5% debentures of Eastern
Utilities Investing Corn, have been exchanged under the offers made by
the Associated Gas & Electric Co.
The company on June 1 paid to stockholders of record May 16 a stock
dividend of 134% in $7 pref. stock on the no par $7 pref. shares, and 134%
in $7 pref. stock on the no par $6 pref. shares. The last previous distribution was $1.75 and $1.50. respectively, in cash, made on March 1.-V. 134.
p. 4658.
East Prussian Power Co. (Ostpreussenwerk Aktiengesellschaft, Koenigsberg).
---Balance Sheet Dec. 31 1931.
(In German Reichsmarks.)
Assets
Real estate and buildings_ _ _ 2.096,443 Capital stock
Power plants
20,920,654 Reserves
Relay stations
4,153,090 5% coal loan
Trans. lines, control & trans.
6% dollar loan
stations
21,776,412 Gold loan
New construction
29,659 Reserve for renewals
Equipment and vehicle;
1 Welfare fund
Pa-ticipations
42.100 Accounts payable
Stares
793,207 Interim accounts
Securities
1.482,582 Profits
Accounts receivable
3,654,689
Balances with banks
1,320.773
Cash
24,057
Interim accounts
855.062
Total
-V.134, p.3821.
57,152.732
Total
26,000,000
805.000
2,060,508
14.389,200
1,481,760
9.946,303
280,000
1,222.150
121,805
846,007.
57.152.732
Empire Public Service Corp.
-Timefor Deposits Extended
The time for deposits of securities under the reorganization plan has
been extended to July 30. The securities affected are those of that company
and of the Electric Public Utilities, Electric Public Service and East Coast
Utilities Companies and Louisiana Ice and Utilities. Inc.
-V.134, p. 3822.
General Gas & Electric Corp.
-Holders of 5% Serial
Gold Notes Due Aug. 15 Given Exchange Offer.
-
The Associated Gas & Electric Securities Do., •Ipc., is offering to the
holders of the 5% serial gold notes due Aug. 51 1932 the opportunity,
for a limited period (subject to conditions stated), of exchanging their
present holdings of such notes for 1st & ref. mtge. 5% gold bonds due 1962
of Northern Pennsylvania Power Co. with interest payable April 15'and
Oct. 15 in each year, on a par for par basis, with adjustment of interest so
'
that it will be continuous and not overlapping. This offer is subject to
the following terms and conditions:
_
126
Financial Chronicle
July 2 1932
(1) The Associated company will not be obligated to make the exchange
pares with 734 cents per share paid each quarter from April 1 1931 to and
unless at least $1,550,000 of the $1,826,000 principal amount of 5% serial
incl. April 1 1932.-V. 132, p. 2762.
gold notes due Aug. 15 1932 now outstanding shall be deposited for exchange, in which case the exchange shall become effective as soon as such ----- Michigan Fuel & Light Co.
-Reorganization Plan.
-A
principal amount shall have been deposited.
plan of reorganization has been completed for the Michigan
(2) The period within which this offer may be accepted and the deposit
Fuel & Light Co., an affiliate of the American Commonof notes may be made shall extend to and include July 15 1932, but the
Associated company may, by written notice filed with the depositary not
wealths Power Corp. and its subsidiaries, the Northern
later than July 20 1932, or not later than five days after the expiration ofany
Indiana Fuel & Light Co. and the Wisconsin Fuel & Light
extension of the period for the deposit of the notes, extend such period,
but in no event beyond Aug. 15 1932: provided, however, that the AssoCo. Securities of the concerns are to be exchanged for
ciated company shall in no case be obligated to extend such period beyond
those of a new company as outlined below.
the date as of which the exchange shall become effective, and provided
further that, at the option of Chase Harris Forbes Corp.. such period may
Reorganization Committee
.-M.H.Grossman,John C. Meiners and Arthur
be extended beyond Aug. 15 1932 for a further period or periods aggregatC. Best. A. J. Maxwell, Secretary,406 Mitchell Building, Milwaukee,
ing not more than 60 days after such date, each exercise of such option
Wis. Lines, Spooner & Quarles, Counsel, 710 N. Plankinton Ave., Milto be evidenced by written notice filed by Chase Harris Forbes Corp.
waukee, Wis.
with the depositary not later than five days after the expiration of any
The Marine National Exchange Bank, Milwaukee, Wis., is depositary.
such extension.
(3) In the event that the exchange shall become effective as above proThe committee in an introductory statement to the holdvided, the Associated company shall become obligated to deliver and will
ers of securities of the companies states:
deliver, within 10 days thereafter, to the depositary, 1st & ref. mtge. 5%
Several weeks ago the Michigan Fuel & Light Co. advised us that it
gold bonds due 1962 of Northern Pennsylvania Power Co. of a principal
could not pay the June 1 1932 interest coupon on its first mortgage 6%
amount equal to the principal amount of the deposited notes, and funds
gold bonds due June 1 1950, without seriously depleting its working capital.
sufficient for the payment to the depositors or their assigns of the excess of
It further advised us that its subsidiary, Northern Indiana Fuel & Light
accrued interest on the deposited notes from Feb. 15 1932 over the accrued
Co., would be unable to pay the coupons due July 1 1932, on its first mortinterest on the bonds so delivered, and thereupon the associated company
gage gold bonds due July 11949, and that its subsidiary, Wisconsin Fuel Sr
shall be entitled to receive from the depositary and the depositors hereby
Light Co. would presumably be unable to pay the coupons due Nov. 1 1932
irrevocably authorize the depository to deliver to or upon the order of the
on its first mortgage 634% gold bonds due Nov. 1 1948 and on its 7%
associated company, the deposited notes with the coupons due Aug. 15
convertible debenture notes due Nov. 1 1933.
1932 attached: provided, however, and only if the depository shall have
In view of this situation and at the suggestion of holders of substantial
received opinions of Sullivan & Cromwell and Travis, Paxson, Wallace &
amounts of various classes of securities, a reorganization committee was
Philbin of N. Y. City, each to the effect that the bonds delivered to the
organized. Each member of the committee is or was actively associated
depository are or upon delivery thereof for exchange will be valid obligawith an investment house which distributed one or more classes of the
tions of Northern Pennsylvania Power Co., duly issued under its 1st &
securities of Michigan Fuel & Light Co. and its subsidiaries.
ref. mtge. dated June 1 1926, and that the mortgage and the supplelmental
The following quotation from a recent letter addressed to the committee
indenture creating said series of bonds are valid instruments, duly authorby the President of the Michigan Fuel & Light Co. will be of interest:
ized by Northern Pennsylvania Power Co.
"The earnings of the system consisting of Michigan Fuel & Light Co.,
Holders desiring to accept this offer must deposit their notes, with the
and of its subsidiaries, Northern Indiana Fuel & Light Co. and Wisconsin
coupons due Aug. 15 1932 attached, with Chase National Bank, 11 Broad
Fuel & Light Co. have suffered a marked decline caused by the unsatisSt., N. . City.
tory general business conditions and their operations resulted in a serious
J. F. McKenna, Vice-President,in a letter to the holder of loss for the year 1931. The net earnings of the three constituent units of
the group are shown below:
the notes, says:
Michigan
Wisconsin No. Indiana
The annual report for 1931 showed outstanding $7,701,000 5% serial
Fuel & Light Fuel & Light Fuel & Light
gold notes maturing Aug. 15 1932 to 1935. These notes have since been
Co.
Year Ended Dec. 31 1931Co.
Co.
reduced to $5,745,000, of which $1,826.000 mature on Aug. 15 of this year.
Gross operating revenues
$558,566
$184,538
$126,010
In view of the present highly unsettled condition of the security markets,
Operating expenses
81.875
287,883
65,625
which may continue for some time, and the fact the that major portion of
Maintenance
28,935
7,459
6,521
the corporation's assets are at the present not producing cash income, it is
-Other than Federal
Taxes
62,501
16,527
11,733
very unlikely that the necessary funds will be available to meet the Aug. 15
1932 maturity in cash. Cash dividends on the preferred stocks have been
Net operating income
$179,247
$78,676
$42,131
discontinued, the dividend now being paid in scrip.
Non-operating income
20.981
302
1,825
As stated in the annual report for 1931, Associated Gas & Electric Co.
has indicated its willingness to assist in meeting this maturity. AccordGross corporate income
$200,228
$78,978
$43,956
ingly, arrangements have been made whereby Associated Gas & Electric
Interest on funded debt
144,150
35,293
39,955
Securities Co., Inc. is offering to accept 5% serial gold notes due Aug. 15
Interest on unfunded debt
81.365
31,133
8,365
1932. in exchange for 1st & ref. mtge. 5% gold bonds due 1962 of Northern
Amortization
21,642
6,749
5,138
Pennsylvania Power Co., with interest payable April 15 and Oct. 15 in
Net before Federal tax
loss$46,929 sur$5,804 ioss$9,502
each year, on a par for par basis, with adjustment of interest so that it
will be continuous and not overlapping.
"The management of the company has made every endeavor to reduce
Holders of maturing notes will own, upon completion of the exchange
expenses but the elements of taxes and interest charges, which form such
offer, a sound, well protected 1st & ref. mtge. gold bond, which in opinion
a large proportion of the expense of the company, are, generally speaking,
of counsel, is legal for savings banks in several States and issued under a
beyond the control of the management. The importance of these elements
mortgage which includes restrictive provisions regarding the issuance of
and their relative proportion to gross income are readily observed by a
additional bonds. Chase Harris Forbes Corp. and Halsey, Sturat St Co..
glance at the above schedule.
Inc.. members of the group which originally distributed the notes have
"While the Wisconsin Fuel & Light Co. shows a small profit for the
advised that the offer of exchange meets with their approval and that they
year, it is confronted with notes owed to banks now past due. These notes
are recommending to all their clients who hold these notes that the offer
aggregated $189,000 on May 20 1932.
be accepted immediately.
-V.134, p. 3980.
"Due ta market conditions it is impossible to sell securities to refund
these loans."
-To Maintain Transfer Office.
Georgia Power Co.
Statement of Securities Now Outstanding.
It is announced that effective July 1 1932 the $6 preferred stock and $5
Michigan Fuel & Light Co.
preferred stock will be transferable at the agency of the company at 120
First mortgage 6% gold bonds due June 1 1950
$2.402,500
Wall St., N. Y. City instead of at the office of the Registrar & Transfer
Demand notes
1,429,996
as heretofore.
Co., Jersey City, N.
Cumulative preferred stock, 7% dividend series, 8,500 shares
850,000
These classes of stock also will be transferable at the office of the Georgia
J.,
Common stock (no par)
4,800 shs.
Electric Building, Atlanta, Ga.-V. 130, p. 4049.
Power Co.,
The company operates gas plants serving the cities of Benton Harbor,
St. Joseph, Allegan, Plainwell, Otsego, Cadillac, Traverse City, Sturgis
-Omits Dividend.
Lake Superior District Power Co.
and South Haven, Mich.
The directors have decided to omit the quarterly dividend usually payaThe demand notes of the company are unsecured. They were issued
ble about July 15 on the common stock, par $100. Previously the comto obtain funds to meet maturing obligations and for financing improvements
-V. 134.
pany made regular quarterly payments of 2% on this issue.
and extensions and, due to the unsatisfactory security market, the comp. 4158, 2336.
pany was unable to refund them through the sale of securities.
-Bondholders' ProLouisiana Ice & Utilities, Inc.
Northern Indiana Fuel & Light Co.
First mortgage 6% gold bonds, series A. due July 1 1949
tective Committee Does Not Endorse Plan.
530,500
First mortgage 635% gold bonds, series B, due July 1 1949- - 125,000
The holders of first mortgage gold bonds, convertible 6% series A, due
Demand notes outstanding
121,791
receipt of the following communication from the bondApril 1 1946 are in
7% preferred stock, 1,24534 shares
124,550
holders' committee:
(no par) all owned by Michigan Fuel & Light
Common stock
On May 19 1932. your committee advised you that it had received a
Co. except 15 shares
1,500 shs.
copy of the plan of reorganization of Empire Public Service Corp. (V. 134.
The company operates gas plants serving the cities of Auburn, KendallP. 3822) and subsidiaries dated May 2 1932, and would notify you later
ville. Garrett and Avilla. Ind. The demand notes are unsecured.
recommendations.
as to its definite
Wisconsin Fuel & Light Co.
After having made a thorough study of this proposed plan of reorganizaFirst mortgage 634% gold bonds, series A, due Nov. 1 1948--- $410,000
tion your committee does not endorse this plan, believing that it falls to
10
-year 7% convertible debenture gold bonds,duo Nov.1 1933-114,500
offer sufficient protection to your bonds. It is the opinion of your comBank loans (overdue)
189,000
mittee that because of the declining trend and present instability of earn7% pref. stock, 1.409 shares, of which all but 25 shares are held
unwise to attempt to formulate any plan of reorganization at this
ings, it is
by Michigan Fuel & Light Co
140,900
time.
Common stock, no par, all owned by Michigan Fuel & Light Co- 1.000 shs.
Since the date of our last letter, the mortgage trustee, at the request of
The company operates a gas plant serving the City of Manitowoc, Wis.
Your committee, has instituted foreclosure and receivership proceedings in
The debentures and bank loans are unsecured.
the U. S. District Courts in the Western and Eastern Districts of Louisiana,
Cammitee's Conclusions on Problems Involved.
Southern District of Mississippi, and the Eastern and Northern Districts
the
A careful study of the problems brought the committee to the following
of Texas. A. P. Barrett of Fort Worth, Texas, and Frank C. Landers of
conclusions:
Alexandria (formerly V-Pres. &(len. Mgr. of Louisiana Ice & Utilities, Inc.)
The present earnings of the group are not sufficient to meet all of its
were appointed receivers in equity in all five districts. In addition, Charles
Interest charges nor are the earnings of the Michigan Fuel & Light Co.,
dell. Claiborne was appointed co-receiver in the Eastern District of Louisinor of the Northern Indiana Fuel & Light Co. sufficient to meet their
ana, W. H. White was appointed co-receiver in the Southern District of
interest charges respectively. While the earnings for 1931 of the Wisconsin
Mississippi,and Claire H. Gannon was appointed co-receiver in the Northern
Fuel & Light Co. were sufficient to meet its interest requirements by a
District of Texas. These receivers, all of whom are staisfactory to your
margin of $12,553. and after a deduction of amortization charges by a
committee, took possession of the properties of the company immediately
ecmpaancoevgheinconeoemoraasetsforthe
margin of only $5,804, the company will not be able to pay its debentures
their appointments, an are now operatingthe businessand properties
maturing in 1933 nor liquidate its bank loans now past due.
The Michigan Fuel & Light Co. and the Northern Indiana Fuel & Light
benefit of the
Co. cannot meet their interest requirements falling due within the next
Frank C. Landers, one of the receivers of the company, reports the
few months.
following earnings:
The plants of the group are in good operating condition but will require
12 Mos. End. May 31.
approximately $90,000 to bring them to maximum efficiency.
1932.
1931.
$1,524,371 $1,336,850
The public utility business of the group is sound and earnings should
Gross earnings
1,260.986
1,147,012
Increase when and as general business conditions improve.
Operating expenses, maintenance and taxes
The present management by its reductions in operating cost and otherwise has shown its capability of coping with the unprecedented conditions.
$189,838
$263,385
Net earnings available for fixed charges
It is highly desirable to continue the operations of the system as a group
$140,010
Interest requirements on first mortgage bonds
and not to allow it to be split up. The combined operation produces
Your committee urges that all holders offirst mortgage bonds of Louisiana
more economical management. Disintegration would inevitably result
comIce & Utilities, Inc., who have not yet deposited their bonds with this
in substantial losses to holders of securities of all classes.
mittee do so immediately. Bonds should be deposited either with Central
No action should be permitted which might seriously impair the efficiency
Republic Bank & Trust Co., 208 South La Salle St., Chicago, or St. Louis
of the companies and jeopardize their operations.
*Union Trust Co., 323 North Broadway, St. Louis, Mo., depositaries.
The best method to protect and preserve the interests of all holders of
Your commmittee has over 65% of these bonds now on deposit but can
securities would be a voluntary reorganization which would:
only be most effective in the protection of the interests of all bondholders
(a) Not require security holders to furnish any additional money.
-V. 134,
providing the remainder of the bonds are deposited forthwith.
(b) Extend the maturities of funded obligations and bank loans maturing
p. 3824.
within the near future.
-Earnings.
Louisville Gas & Electric Co.
(c) Materially reduce the fixed charges.
(d) Maintain for security holders substantially their present relative
For income statement for 12 months ended April 30. see "Earnings
-V. 134. p. 4158.
priorities and rights.
Department" on a preceding page.
(e) Assure the uninterrupted operation of the group and maintain its
-New Secretary-Treasurer.
Manhattan Ry. Co.
cash resources in an amount sufficient to permit prompt payment of current
operating expenses and to maintain the operating efficiency of the plants
Charles G. Mullin has been elected Secretary and Treasurer to succeed
-V. 132, p. 4761.
at a high standard.
P. V. Trainque, deceased.
To that end the committee has formulated and recommends the following
-Smaller Distribution. reorganization plan for acceptance by all security holders. In support
.'"Metropolitan Gas & Electric Co.
ofsuch plan the committee requests the prompt deposit with the depositary,
A quarterly dividend of5 cents per share has been declared on the common
Marine National Exchange Bank of Milwaukee. Wis.
stock, par $10, payable July 1 to holders of record June 16. This com-
gg
bondholders.
Volume 135
Financial Chronicle
127
Digest of Plan of Reorganization.
----Missouri Gas & Electric Service Co.—Div. Deferred.—
General Plan of Issuing New Securities.
The directors on June 27 decided to defer the quarterly dividend due
July 15 on the 7% cum, prior lien stock, par $100. The last regular quarAll of the deposited securities will be exchanged for securities of a new
corporation. The new company is to be incorporated in Michigan, Delaterly payment of 1%% was made on this issue on April 15.—V. 134,
ware or such other State as the reorganization committee may determine.
p.3824.
If it be found legally possible and practicable to use the Michigan Fuel &
Missouri Public Service Co.—New Trustee.—
Light Co. as a medium for the issuance of the new securities, the committee
The company is notifyinglolders of its 1st mtge. 20
may determine to do so.
-year 5% gold bonds,
The committee reserves the right to provide for the organization of one
series A. that the City Bank Farmers Trust Co. has been appointed coror more corporations and the acquisition by a new corporation or corporaporate trustee.—V. 134, p. 2906.
tions of any securities or any property or assets of the Michigan Fuel &
Montreal Light, Heat & Power Consolidated.—Earns.
Light Co. or any of its subsidiaries, or any of their respective shares of
stock and the issuance by corporations of its or their securities, always
The statement of earnings given in V. 134, p. 4148 are correctly stated
provided that such substituted securities will give to the depositing security
as covering the four months ended April 30.—V. 134, p. 4323. 4158
holders (directly or indirectly) substantially equivalent interests in the
-.----Montana Power Co.—Omits Common Distribution.—
reorganized structure as hereinafter set forth.
The directors recently voted to omit the quarterly dividend ordinarily
Description of New Securities to Be Issued.
payable about July 1 on the common stock, no par value. From July
(a) Bonds.—The new bonds will be first lien 5% collateral trust bonds,
1929 to and incl. April 1932 regular quarterly payments of 25 cents per
series A, secured by all of the bonds, debentures, preferred and common
share were made on this issue.—V. 134. p. 676.
stock deposited under the plan and it is estimated that upon deposit of all
the outstanding securities receiving new bonds in exchange. $2,659.750
Mountain States Telephone & Telegraph Co.—
of such bonds will be issued. The bonds are to mature Dec. 1 1952, and
Acquisition.—
are to pay 1% int. on Dec. 1 1932 and IX% on June 1 1933, and thereafter
the semi-annual coupons are to be 234%, payable June 1 and Dec. 1 of
The I.
-S. C. Commission on June 20 approved the acquisition by the
each year. The bonds will be callable at 102, plus int. A total of $3,000,company of the properties of the Jackson Valley Telephone Co.—V. 134.
000 of series A bonds will be initially authorized and issued. The excess
p. 4659.
over the amount required by the plan shall be held in the company's treasury
for disposition for cash or its equivalent in order to provide a medium for """". National Electric Power Co.—Receivership.—
raising additional working capital as the needs of the company or subThe Supreme Judicial Court of Maine, June 30, appointed Charles A.
sidiaries from time to time require. Additional bonds may be issued in
McCulloch, Gordon Auchincloss and Philip S. Clifford, as receivers of the
series, varying with respect to rates of interest, dates, maturities, redempcompany, the principal eastern subsidiary of Middle West Utilities Co.
tion privileges, &c.,
ed;
The move was brought on behalf of Electric Appliance Finance Corp.
Additional bonds may be issued in amounts not exceeding 75% of the
It was made necessary as a result of National Electric Power Co.'s inability
cost or fair value, whichever is lower, of securities of corporations hereinto finance its obligations due to present market conditions.
after deposited and pledged; or not exceeding 75% of the cost or fair value,
Operating companies controlled by National Electric Power Co. are not
determined as provided by the trust agreement, of the properties of such
involved in the receivership. These subsidiaries are uniformly in a good
corporations. Additional bonds may also be issued without the deposit
position, and will continue to function as usual.
of securities in amounts not exceeding 75% of the cost or fair value, whichThe receivership action will conserve the company's assets under the
ever is lower, of additions, extensions, betterments and permanent improveprotection of the court, and reorganization will be worked out as rapidly as
ments to the properties of subsidiaries. No such additional bonds may
possible. Details of the plan will be announced as they become available. 4
be issued unless the consolidated net earnings for a period of 12 consecutive
months within the next preceding 15 months, shall be at least 1X times the
A statement issued from the receivers! office of the Middle
annual interest on all bonds outstanding under the trust agreement, inWest Utilities Co. was the following:
cluding those about to be issued. Additional bonds may also be issued
Receivership for the company, which is a large subsidiary holding comto refund bonds theretofore outstanding under the trust agreement.
pany and emoraces all of the eastern properties o. the Middle West Utilities
(b) Debentures.—The new debentures to be Issued shall bear interest
System was announced June 30 by Charles A. McCullouch and Edward N.
at the rate of 4% %
per annum payable semi-annually and accruing from
Hurley, receivers for the Middle West Utilities Co. Receivership was also
and after Dec. 1 1932. These debentures shall be callable at par and shall
announced for National Public Service Corp.
be due as follows: Dec. 1 1935; $57,250; June 11936. $57,250.
Following a six week's study of the Eastern properties of Middle West
(c) Preferred Stock.—The new preferred stock will be $100 par value,
made by Stone & Webster which study, suggested by New York bank
and entitled to a quarterly dividend at the rate of 7% per annum, to be
creditors and agreed to by Middle West Utilities Co. receivers, covered an
cumulative only from and after June 1 1936. This stock shall be callable
analysis of the asset value of collateral held by the banks, earning power of
at $103 per share plus any unpaid declared or unpaid cumulative dividends,
the companies and an over-all examination, Messrs. Hurley and McCulloch
and in the event of any dissolution or liquidation of the company, volunsubmitted a plan for taking care temporarily, of the financial requirements
tary or involuntary, shall be entitled to receive $100 per share plus dive.
of the eastern holding companies, pending development of a program for
before any distribution shall be made on the common stock. The preferred
,
reorganization. To this plan it was not possinle to secure approval of all the
stock shall be non-voting except in event of default of 4 quarterly cumubank creditors. As no funds were available from other sources, the only
lative dividends.
alternative method of holding the properties together was through receiver(d) Common Stock.—The common stock to be issued under the plan
ship.
shall be without par value, be voting and non-assessable.
Existing complications in the eastern situation are numerous, and the
Treatment of Presently Outstanding Securities Under the Plan.
Middle West receivers, in their endeavor to preserve the principal eastern
(a) Michigan Fuel & Light Co. Securities.
companies, were unable to convose the various interests. Creditor banks
(1) First Mortgage 6% Gold Bonds Due June 1 1950.—There will be
control the entire common stock of certain subsidiary operating companies,
issued in exchange for each $1,000 principal of these bonds deposited under
and control a major portion of the doramon stock of other subsidiaries.
the plan $800 of the new bonds and 2 shares of the new preferred stock.
Recent reductions in earnings, and necessary passing or curtailment of
The company has agreed with the committee to pay to each depositor
dividends of these operating companies, together with the fact that there
of Michigan Fuel & Light Co. first mortgage 6% gold bonds promptly
are several intermediary holding companies, meant substantially decreased
upon such deposit an amount equal to 1% of the principal amount ofthe
cash earnings to be received by the controlling companies.
bonds so deposited ($10 per $1,000 bonds.)
These conditions, coupled with the immediate necessity of dealing with
(2) Demand Notes.—The demand notes of the Michigan Fuel & Light
the situation and the desire to conserve the assets as far as possible, were
Co. are to be exchanged at the rate of three shares of new common stock
the controlling factors throughout the negotiations of the Middle West
for each $100 in amount of the demand notes deposited.
receivers with the bank creditors. Under receivership it is believed possible
(3) Preferred Stock.—The preferred shares deposited under the plan are
to hold the eastern group intact until such time as reorganization can be
to be exchanged for new common stock at the rate of 1X shares of new
accomplished, meanwhile affording opportunity for the sale of one or more
common stock for each share of preferred stock so deposited.
of the operating properties if such sale seems advantageous.—V. 134, ra•
(4) Common Stock.—Conunon stock deposited under the plan is to be
4158.
exchanged for new common stock at the rate of X share of the new common
stock for each share of common stock so deposited.
New York Edison Co.—Earnings.—
(b) Northern Indiana Fuel & Light Co. Securities.
1928.
Calendar Years—
1931.
1929.
1930.
(1) First Mortgage Gold Bctnds„Series A and Series B.—There will be issued
Operating revenues
$77,246,520 $80,434,345 $80,839,789 $77,318,478
In exchange for each $1,000 principal of these bonds deposited under the
Operating expenses
39,922.557 40,768,631 42,381,668 43,936,410
plan, $500 of new bonds plus 3 shares of new preferred and 1 share of new
3,575,277
6,252,237
Retirement expense_..-- 3,097,956
4,764,356
common stock.
Taxes
8,159,461
7,553,503
6.715,604
6,427,285
The company has agreed with the committee to pay to each depositor
of Northern Indiana Fuel & Light Co. first mortgage gold bonds, series A
Operating income----$26.066,545 $27,347,854 $25,490,279 $23,379,504
and series B promptly upon such deposit an amount equal to 1% of the
7,535.761
Non-oper. income (net). 10,383,157
7,642,076
9,788,276
principal amount of the bonds so deposited ($10 per $1,000 bond).
(2) Demand Notes.—These notes are to be exchanged at the rate of 2
Gross income
$36,449,702 $37,136,131 $33,132.355 $30,915,265
shares of new common stock for each $100 in amount of the said demand
5,226,206
Int. on long-term debt
5,221,273
5,223,553
5,222,874
notes.
Misc. int. deductions &
(3) 7% Preferred Stock.—This stock is to be exchanged under the plan
135,957
miscell. charges
177,128
334,721
160,346
at the rate of 1 share of the new common stock for each share of preferred
stock deposited..
Surplus earnings
$31,068,083 $31,736,128 $27,574,080 $25,553,101
(4) Common Slock.—The common stock of this company (except for 15
Adj. of surplus (net)
44,138 Dr1,461,814 Dr515,303
23,403
shares) is now held by the Michigan Fuel & Light Co. and therefore no
change is to be made.
Total surplus
$31,091,486 $31,780,266 $26,112,266 $25,037,797
Divs. on common stock- 31,541,991 31.200,000 22,625,000 21,500.000
(c) Wisconsin Fuel & Light Co. Securities.
(1) First Mortgage 6X% Gold Bonds.—These bonds are to be exchanged
Net increase in surplusdef$450,504
$580,266 $3,487,266 $3,537,797
for an equal par amount of the new bonds.
Surplus beginning of year 71,109,940 70,529,674 67,042,407 63,504,610
The company has agreed with the committee to pay to each depositor
of Wisconsin Fuel & Light Co. first mortgage
% gold bonds promptly
Surplus end of year..--$70,659,435 $71,109,940 $70,529,674 $67,042,407
upon such deposit an amount equal to 1 of the principal amount of the
Shs.corn.stk. outstand'u• 5,313,997
4,300.000
5,200,000
5,200,000
bonds so deposited ($10 per $1,000 bond).
For income statement for 3 and 12 months ended March 31 see "Earnings
(2) 10
-year 7% Convertible Debentures.—These debentures are to be
Department" on a preceding page.
exchanged par for par for the now debentures. Each depositor of old
debentures is to receive new debentures of the two maturities in equal
Balance Sheet Dec. 31. •
proportions.
1930.
1931.
1931.
1930.
(3) Bank Loans.—The present bank loans of the company, which are
Assets—
Liabilities—
5
now past due, bear an interest rate of 6%. The banks holding these
aFixed capital_ _327,638,941 325,695,185 Com. stock_ c26...,699,850 260,000.000
obligations are to receive new 4%% notes, the interest at the new rate
bEltks. & bonds_ 84,461,827 78,761,977 1st lre & re/o
mi ic
63i , r.
to accrue from and after Dec. I 1932, and these notes shall be payable
Fire ins. panic.
as to principal at the rate of $50,000 semi-annually, commencing with
certificates. _ _ 1,870,146
bds.,ser•A '41 30,000,000 30.000.000
1,679,577
Dec. 1 1933. The spreading of the payments contemplates that the bank
Loans & advs. to
lit lien & ref.
loans will be retired by June 1 1935.
affiliated cos_ 38,965,000 40,665,000
mt7e.,5% bds
(4) 7 Preferred Stock.—All but 25 shares of the preferred stock of the
Cash
3.284,055 3,333.552 series B, 1944 30,00',OCO 30,000,000
company Is held by the Michigan Fuel & Light Co. This stock is to be
Accounts recelv_ 14,495.085 17,119,676 Funded debt of
cancelled unless kept alive for the better security of the new collateral trust
Materials & supu iderlying cos 38,076,000 38,076,000
bonds.• The 25 shares are to be exchanged for new preferred stock par
plies (at cost) 2,795,833 • 3,416,778 RI.est.nitcs. pay 1,330.512 1,335,512
Deferred charges
829,032
897,449 Consumers' deps 1,558,572 1,746,251
for ilar
(
dommon Stock.—The common stock of this company is now held by
A
Taxes accrud_
i 4,460,519 4,837.378
the Michigan Fuel & Light Co. and therefore no change is to be made.
pay.
It is, of course, contemplated that current liabilities of the companies
oth.accr.chgs_ 5,216,777 5,556,148
will be paid in the regular course of business.—V. 129. p. 2226.
Retirement res_ 1,330,889 3,078.019
Contingency res 23,805,570 23,805,570
Middle West Utilities Co.—Receivers Authorized to
Fire ins. partic.
Charge 60 Cents for Each New Stock Certificate Issued—Listed
reserve
1,870,145 1,679,576
322,147
335,308
Miscell. reserves
on New York Curb.—
Prof. & loss sure 70,659,436 71,109.941
Judge Lindley in the U. S. District Court has authorized receivers to
9,500
Special surplus_
9.500
charge 60 cents a certificate for each new certificate of Middle West stock
hereafter issued. Receivers also were authorized to retain Middle West
Total
474,339,918 471,569,204
474,339,918 471,569,204
Total
Stock Transfer Co. as transfer agent and Continental Illinois Bank &
a At cost, as required by the classification of accounts prescribed by
Trust Co. as registrar.
the Public Service Commission. No depreciation is charged; but a "ReThe original petition of the receivers had been for a charge of 50 cents
tirement Reserve" is created by a charge to "Operating Expenses" to
a certificate and retention of the stock transfer agent only. In the new
offset loss, if any, when any item of fixed capital (except land) is retired
petition the receivers stated they had understood that the imposition of
from service. b Includes, as of Dec. 31 1930 and 1931, investment in all
any charge would result in de-listing of stock, but were subsequently inor a majority of the outstanding capital stock of the following companies:
formed by officers of the Chicago Stock Exchange the charge alone would
The United Electric Light & Power Co. and The Yonkers Electric Light &
not result in de-listing, provided both a transfer agent and a registrar were
Power Co. c Represented by 5,313,997 no par shares.
maintained. Additional charge of 10 cents a certificate will cover fees
of transfer agent and registrar.
A consolidated income account and balance sheet as of
Certificates of deposit for $6 convertible preferred stock, series A, no par,
Dec. 31 1931 (including figures of United Electric Light &
have been admitted to unlisted privileges on the New York Curb Exchange.
Power Co.) were given in V. 134, p. 4660.
—V. 134, p. 4659.
128
Financial Chronicle
National Public Service Corp.—Receivership—
In the U.S. District Court for the Eastern District of Virginia, Charles A.
McCulloch, Gordon Auchincloss and Henry W. Anderson were apointed.
June 30, as receivers for the corporation a subsidiary of National Electric
Power Co., and one of the eastern units of Middle West Utilities Co.
The action was taken on behalf of Electric Appliance Finance Corp.,
which listed claims of $65,000.
Subsidiaries of National Public Service Corp. are not involved by this
action. They will continue to function as usual. They are uniformly in a
sound position and their business is exceptionally good under present
economic conditions.—V. 134, p. 3981.
New York Rys. Co.—Stricken from the List.—
The 30
-year 4% 1st real estate & refunding mortgage bonds due Jan. 1
1942. and Guaranty Trust Co. certificates of deposit, plain and stamped,
for 30
-year 4% 1st.real estate & refunding mortgage bonds, due Jan.
1 1942 and 30
-year adjustment mortgage 5% income bonds due
Jan. 1 1942, and Bankers' Trust Co. certificates of deposit, plain and
'
stamped, for 30
-year adjustment mor gage 5% income bonds, due Jan. 1
1942, have been stricken from the list of the New York Stock Exchange.
The securities stricken from the list were exchangeable for securities of
the New York Railways Corp., its successor following the reorganiaztion
of 1925. Only small amounts of the bonds remain outstanding.—V. 130.
p. 2269.
New York & Richmond Gas Co.—New President.—
The following officers have been elected: William J. Welsh, President;
Joseph H. Maloy, Vice-President; John Kohout, Secretary and Treasurer;
August Muller, Assistant Secretary, and Joseph M. Bell, Assistant Treasurer.
The following directors were also elected: George E. Devendorf, Jacob
H. Goetz, John Kohout, Edward L. Love, Joseph H. Marv, William J.
Welsh and George D. Wood.—V. 134, p.3982.
New York Telephone Co.—Further Expenditures.—
The expenditure of $9.037,275 for construction purposes in various parts
of this State was authorized by the directors on June 22, according to an
announcement made by President J. S. McCulloh.
Of the new appropriations, 57,262,275 of which relates to New York
City and adjacent down-State counties, the greater part represents estimated requirements during the third quarter of the year for minor plant
additions and replacements and the installation of subscribers' equipment.
134, p. 3097.
-- -Northern Indiana Fuel & L1ight Co. July 1 Interest
Not Paid.—Reorganization Plan. See Michigan Fuel &"
Light Co. above.—
Northern States Power Co.—Earnings.—
,
For income statement for 12 months ended April 30, see "Earnings
Department" on a preceding page.—V 134, p. 4158, 3444, 3097.
"•••"-Northern Texas Electric Co.—Interest Defaulted.—
-year 5% collateral trust gold bonds due Jan. 1 1940
IF Holders of the 30
and the secured 7% gold notes due Jan. 1 1936 have been notified that the
July 1 interest on these securities will not be paid. There are $851,450
7% notes and $2,700,000 5% bonds. The company states that inability
to pay the interest is due to the rapid decline in earnings of the company
and its subsidiaries. For the 12 months ending May 31, the company
reports net earnings after expenses and taxes of $190,394 or $4,208 less
than annual interest on the collateral trust bonds and secured gold notes
totaling $194.602. In the 12 months ending May 31 1931, net earnings
available for this interest were $305,603.
The cash statement discloses more clearly why the company is unable to
make these interest payments. As against a cash balance on May 311930,
of $834,354, the cash balance May 311932. was only $63,582, which amount
at least should be maintained as working capital.
The decline in earnings, President Townsend states, is principally due
to the prolon&ed business depression and the continued use of the private
automobile. Economies in operation have been effected and unprofitable
lines abandoned. Salaries and wages have been reduced but these economies
nave been insufficient to offset the decrease in earnings.
Mr. Townsend states that holders of a substantial amount of the 7%
notes and 5% bonds have been advised of the financial condition of the
company and it is expected that committees will be formed in the near future
to represent toe security holders. As soon as these committees are organized
and have had an opportunity to study the financial condition of the company and its subsidiaries, it is expected that the noteholders and bondholders will be advised of the procedure recommended by these committees
for the protection of their interests.—V. 134, p. 1023.
Ontario Power Service Corp., Ltd.—Probable Sale.—.
This corporation, which was unable to meet interest payments July 1
on $20,000,000 5 % bonds of 1950,is to be sold by Abitibi Power & Paper
Co., Ltd. if negotiations between the parent company and the Ontario
Government materialize, it is reported.—V. 131, p. 3877.
Pacific Lighting Corp.—Status—No Financing at Present.
The corporation is making capital improvements without recourse to
financing and can continue to do so because its cash and call loans amount
to $9,000,000 and current assets exceed $16,000,000, said R. W. Miller.
Executive Vice-President, replying to reports occasioned by a national
advertising campaign of his corporation. His statement follows in part:
"The only securities of Pacific Lighting outstanding are its preferred and
common stock, and present security price levels are not favorable to marketing stock issues. Eventually additional stock will probably be issued to
reimburse the treasury for substantial advances for new construction.
These capital betterments amounted to about $9,000,000 in 1931 and will
exceed 56.000.000 in 1932.
"The statement in our advertisements that we are offering no securities
at the present time is therefore about as definite as can be made."
With respect to holdings oflargest stockholders which have been identified
with Pacific Lighting since its beginnings, and which have been increased
with its growth, Mr. Miller said that there has been no change of any
consequence in any principal interest at any time within the last few
years.—V. 134, p. 4158.
nnual Dividend Rate
--.. --Peoples Gas Light & Coke Co
"
Wages and-Salaries DeReduced to $5 from $8 Per Shar
creased.—The directors on June 4 declared a dividend of
$1.25 per share on the capital stock, par $100, payable
July 18 to holders of record July 5. From January 1925 to
and including April 1932 regular quarterly distributions of
$2 per share were made.
The executive committee of the Commonwealth Edison
Co. has recommended that the next dividend declaration on
the capital stock, par $100, be $1.25 per share as compared
with $2 per share each quarter from Aug. 1 1913 to and
including May 2 1932.
The executive committee of the Public Service Co. of
Northern Illinois has recommended that the next dividend
declaration on the common stock, par $100, be 75 cents per
share as against $2 per share each quarter from Aug. 1 1925
to and including May 2 1932. The regular quarterly dividends on both the 6% and 7% cum. pref. stocks will also
be declared.
The report of Arthur Anderson & Co. and Arthur Young & Co. accountants, for the year ended March 31 1932 shows the following per snare
earnings for that period on stocks outstanding on that date: Commonwealth Edison Co., $9.75; Peoples Gas, $9.40, and Public Service Co. of
Northern Illinois, $8.18.
James Simpson, Chairman of the three companies, said that readjustments of salaries and wages of officers and employees of all three companies are being worked out with the heaviest reductions at the top. "These
reductions in dividends and expenses, even though earnings as reported
were satisfactory," he stated,"are being made to allow all three companies
Isa safeguard their current position under present economic conditions.'
July 2 1932
He added that net results since April 1 to date justify the expression of
hope that earnings for the current year in all three companies will compare
favorably with last year.—V. 134. p. 4660.
Philadelphia Co.—Earnings.—
For income statement for 12 months ended April 30, see "Earnings
Department" on a preceding page.—V. 134, p. 4158.
Philadelphia Rapid Transit Co.—Suggest Company
Buy Underliers—Directors' Petition to Court Urges Cdnsolidation on Publicly-owned Basis.—
In a report filed in Common Pleas Court at Philadelphia June 24 the six
new directors of the P. R. T. Co. appointed by Judge McDevitt urged the
acquisition of the underliers by the city and the consolidation of the transit
system on a public ownership basis.
The directors' petition observes that in 1928 the value of the underliers
was appraised by the P. S. Commission at $116,000.000, while to-day total
market price is approximately $35,000.000. The petitioners believe that the
true figure of present value lies somewhere between these two extremes and
then point out that if the underliers could be acquired for $70,000,000
6
there would be a net saving, if the city issued bonds at 5.5, %,of $4,400.000
a year. If a figure of $60,000.000 is assumed, the annual saving would be
$4,950,000, and if a figure of $80,000,000 is assumed the annual saving
would be decreased to $3,850,000.
In concluding their petition, the directors say:
"Your petitioners believe that the crux of Philadelphia's transit problem
is found in this conflict of interest between the city and the underliers.
The city-owned lines, present and proposed, constitute a threat to the
business and earnings of the underliers' privately-owned system. On the
other hand, the city t3 system alone could not earn any appreciable part of
a self-sustaining return.
"To your petitioners it is obvious that consolidation, in some proper
form, and upon a sound basis is the only solution of this transit problem,
"Our year's study of the problem has convinced us that the following
principle must be borne in mind in working toward such a consolidation.
"First—The consolidation should be into public ownership. This alone
will restore to the city the control of its streets, effect maximum savings in
fixed charges and taxes and secure a maximum release of city borrowing
capacity.
"Second—The public acquisition of the underliers must be at a fair and
not an exhorbitant figure. Their securities are to-day quoted at depression
prices. But they are owned in large measure in trust estates. It should be
possible by a fair business approach to reach a figure that will yield a great
benefit to the city and at the same time avoid injustice to the citizens and
trust estates whose legitimate rights and interests are concerned.
"Third—The property of P. R. T. is essential to the completeness and
operation of the consolidated system. That property, however, need not
be presently purchased. P. R.T.should be continued as the operator of the
consolidated system under a new and carefully drawn contract which would
supersede the 1907 contract and would plan for the 'sinking' of P. R. T.'s
interest out of earnings and give it, in the meantime, a fair opportunity
for a moderate return on its fully paid capital."
Concluding, the directors say that they believe the good of the city
demands that all interested parties now address themselves to the working
out of this problem. The task should be undertaken in a way and under
auspices which will eliminate partisanship of every kind and produce cooperation and common effort to reach a solution sound and just to all, they
say. The petition is signed by John Gribbel, George V. MacKinnon.
John A. McCarthy. George Stuart Petterson, Waite Le Mar Talbot and
Herbert J. Thy.
New Directors.—
Dr. Elwood R. Kirby and Jacob J. Seeds, director of wharfs, docks
and ferries have been elected by Philadelphia City Council as directors
of the above company to represent the City They will serve for a term
of four years. They succeed Ernest T. Trigg and Joseph S. McCulloh,
whose terms expire July 1.—V. 134, p. 4493.
Service Co. of Northern Illinois.4To Reduce
Dividend Rate on Common Stock from $8 to $3 Per Annu
liteckeree-Reltrrteg;"&es—See Peoples Gas Light & Coke Co.
above.—V. 134, p. 4493, 4324,
Public Utility Holding Corp. of America.—New Pres.—
George E. Devendorf, formerly Vice-President of the corporation, has
been elected President to succeed Fred S. Burroughs, who resigned to
devote his time to the Vice-Presidency of the Associated Gas & Electric
Co. Mr. Burroughs will remain a director of the Public Utility Holding
Corp.
.To Reduce Number of Shares, &c.—
The stockholders will vote at a special meeting to follow the annual
meeting on July 20 on the recommendation of the directors to decrease
the authorized preferred stock to 300.000 from 5,000,000 shares and the
common to 15,000,000 from 25,000,000 shares, and to change the common
shares to $1 par from no par.
The stockholders will also vote on a proposal that no dividends shall
be paid or declared on the common or class A shares and on a proposition
that no shares of either issue shall be purchased by the corporation unless
net assets of the corporation shall equal or exceed the aggregate distributive
amount on liquidation of outstanding preferred stock.—V. 134, p. 1955.
Saranac River Power Corp.—Earnings.—
For Income statement for month and 5 months ended May 31 1932 see
"Earnings Department" on a preceding page.
Balance Sheet May 31 1932.
LlaM/fliesAscetc—
2300,000
Plant, property, equip., &c_ _ _21,120,695 7% cum. pref.stock
80,102
15,842 Common stock
Reorganization expense
4,538 Funded debt
540.000
Current assets—Cash
27,988
21,408 Accounts payable
Accounts receivable
750
5,116 Notes payable
Prepaid accounts
Accrued int. on funded debt
23,605
Unamortized debt discount &
7,677 Other accrued ilabilitiee
270
expense
597
5,667 Accrued taxes
Engineering expense deferred_
Reserve for depreciation
261,273
Miscellaneous reserves
199
Deficit
53,840
$1,180,943 Total
$1,180.943
Total
Note.—Dividends on 7% cumulative preferred stock not included above
amount to $21,000.—V. 133, p. 799.
Saxon Public Works, Inc. (Aktiengesellschaft Sachsische Werke).—Will Pay 5% in Cash to Noteholders—
Remainder of July 15 Maturity to Be Exchanged for New 6%
Notes Under Plan
Holders of the 5% notes due July 15 have been notified that arrangements have been made provisionally to pay off these notes at maturity
at 105 through part payment of cash and the issuance of new notes. The
plan, which was worked out as a result of the refusal of permission by the
German Foreign Exchange Control for the transfer out of Germany of
sufficient funds to pay off the notes in cash, and which requires acceptance
-day period
of its terms by holders of more than 50% of the notes within a 30
following the maturity/date, is/as follows:
Five per cent of theIprinciparamount of the notes will be paid in cash
and the balance by the issue of Saxon Public Works, Inc., of its 6% notes
due July 15 1937. of like principal amounts as the maturing notes. The
new issue of notes will be of an aggregate principal amount not exceeding
47,000,000 and will be unconditionally guaranteed by the Free State of
Saxony. Issued under a trust agreement with the National City Bank of
New York, as trustee, the notes will be redeemable in,whole or in part
at any time at the option of the company.
Under the trust agreement, company will agree to pay to the trustee
8350,000 between Aug. 1 and Oct. 1 1932, and will also agree to pay on
July 15 1933 and semi-annually thereafter on Jan. 15 and July 15 In each
Year so long as ani notes remain outstanding, the sum of $125,000. The
German Foreign Exchange Control is understood to have consent° to
the transfer, from time to _time, of the necessary unds to permit t e
payments to be made.
Volume 135
The company under its present name was formed last Jan. 1 following a
merger of the pipe organ division of the Aeolian Co. with the Skinner
Organ Co. This announcement, made by George L. Catlin, Vice-President
and Treasurer of Aeolian-Skinner, embraced figures for the constituent
companies prior to the merger.
In April the company revealed that 10% had been added to the number
-V.134. p.4494,
of employees in its main Boston factory.
Holders of maturing notes who desire to accept the offer of payment
are asked to deposit their holdings with the National City Bank of New
York.
-V. 131, 1:0• 1895.
-Earnings.
Southern Colorado Power Co.
For income statement for 12 months ended April 30, see "Earnings
-V. 134, P. 4159.
Department" on a preceding Page.
Aeolian-Skinner Organ Co., Inc.-Bal. Sheet Jan. 2'32.
-Committee Enlarged.
Southwest Gas Utilities Corp.
Assets
Cash
Notes receivable
Accounts receivable
Inventories. &c
Notes receivable, due subsequent to 1932
Investments
Fixed assets
Music library
Patents
Def'd charges & sundry items_
J. Lawrence Gilson. Chairman of the bondholders protective committee
for 1st lien 6s of 1943, announces that Nathaniel F. Glidden of Glidden,
Morris & Co. has been elected a member of the committee. Ronald M.
-V.134,P. 4661.
Craigmyle is Secretary of the committee.
-Extra Dividend.
Springfield Ry. Cos.(1926).
The directors recently declared an extra dividend of 75c. per share in
addition to the regular semi-annual dividend of $2 per share on the 4%
cum. guar. pref. stock, par $100, both payable July 1 to holders of record
June 20. Like amounts were paid on Jan. 2 last -V.134, p. 506.
-Year
-$11,450,000 3
Toho Electric Power Co., Ltd.
6% Gold Notes Due July 1 1932 to Be Paid.- •
The Guaranty Trust Co. of New York advise that, as trustee under the
Indenture securing the above notes, there have been deposited with them
funds sufficient to meet the payment of the outstanding notes of this issue
at maturity, July 1.-V. 134. p. 67
and their appurtenant cou
$21,062
304,027
142,552
152,235
74,698
5,700
365,876
348.128
1
20,731
83,362
Accounts payable
1,965
Salaries, wages, &c
4,682
Accrued State & Fed. taxes__
10,000
Res. for organization expense_
8,000
Reserve for guaranty work__
1,675
Res. for comple'n of contracts_
50,000
General reserve
(104,167 sta.,
Capital stock
1,255,326
no par)
100,000
Capital surplus
$1,433.010
Total
$1,433,010
Total
The Skinner Organ Co. owns 60% of the Aeolian-Skinner Organ Co.,
Inc., the balance being held by the ,Aeolian Co.
-Liquidator Appointed.
•-----Algoma Steel Corp., Ltd.
been adjudged insolvent.
.
United Gas Corp. Suspends Divs. on 2nd Pref. Stock
The directors on July 1 took no action on the quarterly
dividend due at this time on the $7 cum. 2nd pref. stock, no
par value. The last regular quarterly distribution of $1.75
-V. 134,
;
per share was made on this issue on April 1 last.
p. 4661.
-Income Decreased.
United Gas Improvement Co.
In view of the many inquiries received by this company as to the effect
upon its earnings of the 6% reduction in the dividend of Public Service
Corp. of New Jersey, John E. Zimmermann. President of the United
Gas Improvement Co., stated that for the balance of this year it would
-10th of one cent per
mean a reduction in earnings of $201,749 which is 9
share on the issued and outstanding U. G. I. common shares and that
for a full year it would mean a reduction of $403,498 which is 1 7-10 cents
per sh.
For the 12 months ended March 31 1932, United Gas Improvement earned
$1.44 per share on common stock and paid a dividend of $1.20 per share.
,
129
Financial Chronicle
A Toronto dispatch says that the company has
and the Chartered Trust & Executor Co. named liquidator to close up the
company's affairs. The application to have the company declared insolvent.
claims
was made by the Cannelton Coal & Coke Co. (W. Va.) which
holds no
$62,476 for coal supplied in 1931. The Cannelton company
security. William C. Franz, President of the Steel company, who was
named as one of its receivers, said that unless some scheme of reorganization
Is effected, there was danger of the unsecured creditors receiving nothing.
V. 134, p. 4662.
-Trustee.
Allied Business Corporation Shares, Inc.
The Empire Trust Co. has been appointed successor trustee to the Chase
National Bank under agreement dated Sept. 1 1930.for A B 0 Trust Shares,
series D. (See also V. 134, p. 4662.)
Fixed Trusts Shares Removed from Group of "Unobjeciionables."York Stock Exchange has notified
The committee on stock list of the New
,
members that It has removed from the group of fixed or restricted manageABC
ment trusts found "unobjectionable' for membership association
series
Trust Shares, series 13 and E, and First Bank Trust Shares,notice B.
recently
the First Bank Trust Shares published
The sponsors of
trust would be liquidated. The trust was organized in October of
-The Philadelphia that theNew York State.
To Reduce Gas Rate in Philadelphia.
1930 in
Shares,
"Financial Journal" states:
On June 17 the Empire Trust Co. notified holders of ABC Trust
the
series D, of its appointment as successor trustee to fill the vacancy of
In spite of the falling off in the consumption of gas, the United Gas
Bank. The shares were created in Sept. 1930.-V. 134.
which operates the Philadelphia city gas works under
Improvement Co.,
Chase National
lease, has notified the city that due to the fact that it has been necessary
p. 4662, 4326.
to spend less amounts on improvements, as well as to operating economies.
Allied Chemical & Dye Corp-Usual Common Div.
It will be possible to reduce the gas rate effective Oct. 1. The present rate is 95 cents per 1,000 cubic feet and although the new rate will not be
The directors on June 28 declared the regular quarterly
until late in September, Mayor Moore on June 27 estimated
determined
dividend of $1.50 per share on the no par value common
that savings would amount to about $600,000 a year to consumers and of
about $25,000 to the city.
stook, payable Aug. 1 to holders of record July 11. This
that the amount of reduction
It was explained at the offices of the U. G.I.
Philadelphia
in the rate could not be determined until after the books of the will be after rate has been paid since and incl. Feb. 1 1927. In addition,
Gas Works Co. are closed on Aug. 31. What retail price
distributions of 5% each in stock were made on Jan. 3
Oct. 1 will be determined by the Gas Commission which comprises Murtha
1930 and on Jan. 3 1931.-V. 134, p. 3277.
P. Quinn, appointed by the city Conrad N. Lauer, appointed by the
•
U. G. I. and Samuel M. Vauclain, Chairman, chosen by the other two.
-Omits Common Dividend.
The city gas works are operated by the U. G. I. through the Philadelphia "Allis-Chalmers Mfg. Co.
dividend
Gas Works Co. for a management fee.
The directors on July 1 voted to omit the quarterly
The city gas works are managed by the U. G. I. on a basis which provides
usually payable about Aug. 15 on the outstanding 1,312,252
that after payment of a rental of $4,200,000 to the City of Philadelphia and
to the U. G. I. the balance of
a management fee of $800,000 per annum
shares of common stock, no par value. Distributions of
net earnings shall revert to the consumer through a reduction in rates as
last as
directed by the Gas Commission. This balance has been increased by
123. cents each were made on Feb. 15 and May 16
various operating economies and higher efficiency wrought by the U. G. I.
against 25 cents on Nov. 16 1931, 50 cents each on May 15
-V.134, P. 3460.
in its management of the city property.
per share quarterly from Feb.
and Aug. 15 1931, 75 cents
15 1930 to and incl. Feb. 16 1931, and 50 cents on Nov. 15
1929.-V. 134, p. 3638.
-Sales
-Declares Regular Dividend.
--American Can Co.
-INDUSTRIAL AND MISCELLANEOUS.
-The directors on June 28 declared the usual
Decline.
-American Smelting & Refining Co. reduced price
Price of Lead Reduced.
quarterly dividend of $1 per share on the outstanding
'News Bureau" June 30.
of lead five points to 2.95 cents a pound. Boston'
$61,849,950 common stock, par $25, payable Aug. 15 to
ot a Cent a Pound.
-Copper prices in the export
Copper for Export Falls
market declined to 53i cents a pound, the lowest level yet reached, following
holders of record Aug. 1. This rate has been paid since
the announcement of the withdrawal of three foreign copper producers
and incl. Feb. 15 1930. In addition, an extra distribution
from Copper Exporters, Inc. the co-operative selling agency abroad.
'
cent a pound from the previous quotation of the
This made a decline of
of $1 per share was made on Nov. 15 1930 and on Nov. 16
custom smelters through the selling organization, although copper for
1931.
several days has been available at 5.30 cents a pound c.i.f. European base
The company has issued the following statement: 161.4%
ports. N. Y."Times," July 1, p. 38.
volume of about
-See
-Reorganization Plan.
".
... -' --Wisconsin Fuel & Light Co.
-V. 129, p. 2229.
Michigan Fuel & Light Co. above.
-John J. Bennett Jr., State
Facsimiles Of Stock Banned in Unit Sales.
-General, issued a warning to dealers in securities who market
Attorney;
so-called 'unit" or"pocket trusts, against the use of colored facsimiles of
stocks offered to the public. Ho said ignorant investors might be duped
by unscrupulous dealers into buying these imitations in the belief that they
were genuine stock certificates. N. Y."Times." June 25, p. 19.
-La) Valuation of construcMatters Covered in the "Chronicle" et June 25.
tion contracts awarded as compiled by F. W. Dodge Corp. shows 52%
decline for May. p. 4561: (b) Report of payment by Republic of Latvia to
fiscal agents of interest on bonds which form part of collateral for Kreuger &
Toll secured debentures, p. 4582:(c) Turkish Government arranges Kreuger
payments-Settles with International Match's trustee to meet $14,250,000 debt-Banks sell collateral-Diamond Match buys 350,000 shares
of own stock and makes $7.750,000-Report that Swedish Group will sue,
p. 4582:(d) Latin American Associates. Inc. organized to administer Latin
-C. A. McQueen, President, formerly chief of
American Bond holdings
Latin American Division of United States Bureau of Foreign and Domestic
Commerce, p. 4583; (e) Director of ICreuger concern freed-Swedish police
hold the evidence against M. Sjostrom insufficient, p. 4583; (f) Notice of
New York Stock Exchange regarding amendment to Martin act (New
York) affecting security dealers, p. 4586:(g) Proposal that insurance bonds
be valued on maturity basis approved at Convention of Insurance Commissioners-Recommended by New York State Superintendent of Insurance, Van-Schalck, p. 4587; (h) Intrinsic value of bonds-National banks
may take account of it in next reports of condition, p. 4587.
-Rights.
Administrative & Research Corp.
Rights expiring July 15 have been granted holders of Corporate Trust
Shares, accumulative series and series AA. and old series Corporate Trust
Shares to purchase additional Corporate Trust Shares.of either of the new
series at a discount under the offering price to the extent of one new share
for each 10 shares held.
Holders of Corporate Trust Shares will receive $1,825,000 in distributions
against the semi-annual coupons payable June 30 1932, it was announced
by John Y. Robbins, President of Administrative & Research Corp.,
sponsors of Corporate Trust Shares.
Semi-annual distributions of $500 per unit will be paid on June 30 1932,
to holders of fixed trust shares (original series) and fixed trust shares (series
B). Both of these trusts are sponsored by Administrative & Research
-V.134, p. 4662.
Corp.
-Suspends Preferred Dividend.
"Aeolian Co.
The directors on June 28 decided to suspend payment of the quarterly
dividend due July 1 on the 7% pref. stock, par $100. The last regular
quarterly dividend of U(% was made on this issue on April 1 1932. Dividends are guaranteed by the Aeolian Weber Piano & Pianola Co.
Business of Affiliate Greater.
The Aeolian-Skinner Organ Co. a subsidiary, discloses that value of the
new contracts received during the first five months of the current year for
installation of pipe organs in universities and churches was 78% greater
than during the previous five-month period.
Sales from Jan. 1 to June 18 show a decrease in
better
from the corresponding period of 1931. Canada being relatively .
good.
than the United States. Collections are generally prompt and business,
In view of the seasonable character of a large portion of the the year,
it is always difficult to forecast the volume for the remainder of
favorably or
as weather conditions governing crops may affect volume parts of the
otherwise. With the diversified business in practically all
made up elsewhere.
country, a shortage in one section is frequently
should
Canned goods stocks are low and markets are firming up. This
on
help volume. Based on contracts already made andyear past experience.
but
the rest of the year should show profits less than lastoverhead substantial.
expenses.
Many economies have materially reduced costs and
During the spring and summer months it is necessary to make up in
advance large quantities of cans to enable prompt deliveries during the
harvest season. For many years it has been the custom to arrange bank
loans to carry a part of these self-liquidating goods. At the present time
these loans amount to $4,000,000. A Year ago they were $3,000.000.
Any improvement in general business conditions would, of course, help.
There are some indications of improvement, as the company's business in
May was appreciably better than in April.
As shown by our report for the 10 years 1922 to 1931, inclusive, profits
were earned applicable to the common stock of $128.078.332. Dividends
paid in the same period totaled $62,365.366. There was carried to surplus
966
565.712,
The directors feel that in justice to the stockholders and the conditions
of the company, it is proper to continue the current common dividend at
-V. 134. p. 3826.
this time.
-Omits Div.
American Coal Co. of Alleghany County.
The directors on June 29 decided to omit the quarterly dividend usually
payable about Aug. 1 on the capital stock, par $25. On May 2 last a
distribution of 50c. per share was made, as against dividends of $1 per
-V. 134, p. 2523.
share previously each quarter.
-Ann. Div.
-Semi
American Composite Shares Corp.
The corporation announces the payment on June 30 1932 of 12.03975
cents per share on American Composite Trust Shares, cumulative series.
This distribution. the fifth by the Trust Shares, included proceeds of the
elimination from the portfolio of Electric Bond & Share Corp. corn, stock.
A semi-annual distribution of 15.786 cents per trust share was made on
Dec. 31 as against 20.933 cents on June 30 1931.-V. 134. p. 137.
-Registrar.
American & Dominion Corp.
The Manufacturers Trust Co. has been appointed registrar for 2,500,000
-V.134, Isi• 4495
shares of $3 common stock.
,
-Smaller Div.
American Insurance Co., Newark, N. J.
A quarterly dividend of 1234 cents per share has been declared on the new
capital stock, par $2%. payable July 9 to holders of record June 27. In
each of the two preceding quarters the company paid a dividend of 20
cents per share on the old capital stock of $5 par value, which WU recently
-V. 184. p. 4662.
exchanged for the new stock on a share for share basis.
130
Financial Chronicle
American Rolling Mill Co.
-Gets 8705,638 Tax Refund.
-
The company has received a tax-refund from the U. S. Treasury for
$705,838, representing an overpayment of taxes with Interest made by the
Ashland Iron & Mining Co. several years ago, before its absorption by
the American Rolling Mill Co. George M. Verity, Chairman of the board,
stated the refund would be lodged in the surplus account.
-V.134, p.3462.
Anglo American Corp. of South Africa, Ltd.-Divs.-
Dividends have been declared payable to shareholders of record June 30
by the following companies:
-Rate of Dividend
Dividend Coupon
x Per
Per
Name of CompanyNo.
No.
Share.
Cent.
Brakpan Mines. Ltd
40
115
40
y3s.
Springs Mines, Ltd
26
35. 94.
184
26
West Springs,Ltd
14
9d.
34
x In Union of South Africa currency.
y In connection with the purchase by Brakpan Mines, Ltd. the assets of
Witpoort Gold Areas, Ltd. for £200,000, the first installment of £50,000 is
due to be paid to the Witpoort company on June 301932. The directors have
had under consideration the advisability of raising capital funds required to
finance the purchase of this property by an issue of shares to the shareholders
on favorable terms, but cannot make an issue at present as the formalities for
the increase of the capital of the company have not yet been completed.
Moreover, owing to the present unsettled market conditions, the board
does not wish to make an issue unless the time is convenient for shareholders to exercise their rights. In these circumstances, the board has
decided to pay the first installment due to the Witpoort company on June
30 1932, out of the company's existing funds, and this will necessitate a
reduction of the present dividend by Is. per share.
The dividends are declared in Union of South Africa currency, but the
London offices will pay on the basis of the equivalent English currency
calculated at the rate of exchange ruling on the date fixed for payment of
the dividends from the head office in Johannesburg, viz., July 26 1932.
Amounts payable in respect of share warrants will be on the same basis,
irrespective of date of presentation of coupons.
The transfer books and register of members will be closed in each case
front July 1 to July 7 1932, both days inclusive.
Holders of share warrants will receive payment at Barclays Bank
(D• (3. St 0.), Circus Place, London Wall, London, E.C. 2, England, on
presentation of the respective coupons detailed above on or after Aug. 17
1932.
The following distributions were declared six months ago payable to
holders of record Dec. 311931: 4s. or 20% by Brakpan Mines; 4s. or 20%
by Springs Mines and 94. or 34% by West Springs.
-V.134, p. 4683.
------.Arcturus Radio Tube Co.
-To Decrease Capital.
-
The stockholders will vote July 18 on approving a reduction in the capital
of the company by $2,574,000 and a reduction in valuation of assets as of
Jan. 1 last.
The plan includes changing the capital stock of the company from the
existing 600,000 shares of no par value stock to 1,200,000 shares of $1 par
value; to write down intangibles to $1 and write down its physical assets
to present replacement values.
President Chester H. Braseiton says: "Approval of the plan will give
the stockholders two shares of new stock for each share of present stock,
effect important tax savings and reduce substantially the annual charge
for depreciation and amortization against earnings, eliminate the present
deficit and establish a surplus of $681.295 and permit the company to
operate on a present-day basis."
-V. 134. p. 3278.
Atlas Utilities Corp.
-Time for Exchange Extended.
-
The corporation announces that in accordance with its offer dated
June 4 it has extended to July 15 the offer to acquire the capital stocks
by exchange of shares of the following investment companies that are
affiliated with it
All America General Corp.
Federated Capital Corp.
Allied Atlas Corp. (formerly Rude General Empire Corp.
Securities Corp).
National Securities Investment Co.
American, British & Continental Securities
-Allied Corp. (formerly
Corp.
Chatham Phenix Allied Corp.)
Atlas Utilities & Investors Co., Ltd. Sterling Securities Corp.
Aviation Securities Corp.
Ungerleider Financial Corp.
Chain Store Stocks, Inc.
the same time, corporation is notifying the stockholders of the GoldAt
man Sachs Trading Corp., in which Atlas Utilities Corp. and affiliated
interests have a substantial block of shares, that the offer to acquire their
shares has also been extended to July 15.
The stockholders of all of the above companies were advised that no
further extensions of time will be granted. Shares for exchange are to be
deposited with the Commercial Trust Co.. 15 Exchange Place, Jersey
-V. 134. p. 4496.
City, N. J.
------.... Avondale Mills, Birmingham,Ala.
--Smaller Distribution.
A quarterly dividend of 5% was recently declared on the capital stock,
Par $100, payable July 1 to holders of record June 30. Three months ago
a quarterly distribution of 10% was made.
Balaban & Katz Corp.
-Accounting Asked.
-
July 2 1932
"-Benjamin Electric Mfg. Co.-Defere Div.
-
The directors recently voted to defer the quarterly dividend due July 1
on the 8% cum. 1st pref. stock, par $100. The last regular quarterly
dividend o2% was paid on this issue on April 1.-V. 133, p.290.
(H. C.) Bohack Co.
-Sales Continue Lower.
-
Period Ended June 25
Sales
-V.134, P. 4161
.
1932-4 Wks.
-1931.
1932-21 Wks.
-1931.
$2,441,49
$2,872,319 $13,506 480 $14,134,007
4C
-71.:(4.1e triv...54
4
Borden Co.-Affili:tfr oA.
Reduces apt a ization.-
Supplementary letters patent hae6 been issued under the Seal of the
Secretary of State of Canada, dated Dec. 4 1931, decreasing the capital
stork of Borden's Farm Products Co., Ltd., from $3,000,000 to $833.300.
such decrease being effected by the surrender for cancellation without
consideration of 21,667 issued shares, par $100 each.
-V. 134, P. 4664.
Boston Personal Property Trust.
-Earnings.
-
For income statement for 12 months ended June 15 see "Earnings
Department" on a preceding page.
Balance Sheet June 15.
Assets1932.
1931.
1931.
1932.
U. S. securities- __ $97,812
$97,812 Capital & surplus_$5,026,687 $5,030,487
Real estate secure_ 417,627
417.627 Accrued dividend
Public utility secs_ 1,248,335 1,189,100
expense & taxes_
61,703
76.701
Railroad securities 1,277.372 1,277,372
Industrial securs__ 1,768,426 1,834.585
Miscellaneous secs. 203,924
203,924
Sundry securities1
1
Cash
74,892
86,827
Total
85,088,390 85,107,249
-V. 134, p. 4328.
Total
$5,088,390 $5,107,249
Bristol Mutual Liability Insurance Co., New Bedford,
Mass.
Judge Pierce in the Massachusetts Supreme Court has denied motions of
two creditors that Alfred R. Shrigley, its receiver, be ordered to declare a
dividend to creditors.
Mr. Shrigley opposed the motion on the ground that it would be injudicious at this time as the court has ordered an assessment of $236,000
on the 18,000 policyholders and it is impossible now to determine before
hand what it will cost to collect the assessments.
Judge Pierce also allowed Mr. Shrigley $3,000 as fee for services in
addition to $3,000 already received. Shrigley has on hand $35,000, plus
$1.000 held by the State Treasurer, to cover the remaining workingmen's
compensation claims. He has paid out $47,000 in settlement of workingmen'scompensation claims.
-V. 129. p. 3329.
Bulova Watch Co., Inc.(8c Subs.).
-Earnings.
Period Ended March 31Gross profit
Expenses
12 Months- 15 Months
1932.
1931.
1930.
$2,226,398 $3,698,456 $4,433,002
1,675,983 x2,187.995
2,290,612
Operating profit
Other income
$550,413 $1,510.481 $2,142.390
97,394
127,306
99,077
Total income
Interest
Depreciation
Federal taxes, &c
Other deductions
$647,807 $1,837,787 $2,241.487
104,421
111,309
89,008
See x
52,007
87,527
191.128
758,521
847,410
371.095
Net profit
loss$215,135
$791,521 $1,558,231
Preferred dividends paid
131,250
175,000
172,803
Common dividends
158,125
721,875
412,500
Deficit
$74,240
$105,354 sur$972,928
Earnings per share on 275,000 shares
common stock (no par)
Nil
$2.24
$5.04
x Includes depreciation.
Balance Sheet March 31.
Assets1932.
1931.
Liabilities1932.
1931.
:Land, machinery,
$3.50 cony. pref.
equipment, &c_ $414,972 $457,787
stock
42,750,000 $2,750,000
Cash
609,630
586,981 Common stock._ y900,000
900,000
Notes & accts .me. 3,43 ,424 4,785,528 Bank loans payable
475,684
Inventories
1,777,750 2,345,164 Notes payable.
11,987
Investment
4,825
Accounts payable_ 726,517
260,992
Other curr. assets_
26,519 Due officers, salesNotes reeble (not
men, &c
41,457
330,639
68,703
current)
79,155 Accrued liabilities_
14,122
20,962
Cash val. officers'
Federal taxes, &c_
103,968
life insurance_
55,514
47,602 Special loan acct.
Adv.acct. purch_
12,887
-officer
1,000,000
Unamort imp. to
Real estate mortleasehold prop__
18,891
21,487
gages payable._
44,505
44.795
Prepaid items__ __
8,536
14,150 Surplus
1,967,643 2,472,153
Total
26,444,246 $8,377,180
Total
$6,444,246 $8,377.160
x After depreciation of $383,544. y Represented by 275,000 no
par
shares. z Represented by 50.000 no par shares.
-V. 134. D. 4684.
Allegations that an obligation involving the payment of $2,550,000 was
unlawfully placed upon the corporation. which operates theatres in Chicago,
are made in an accounting suit filed in Chancery Court at Wilmington,
Del., June 27 by Max Kirchheimer, Chicago, owner of 50 shares of pref.
stock of the company.
Defendants named in the suit are Paramount Publix Corp., Balaban &
Katz Corp., Publix Great States Theaters, Inc., and Great States Theaters,
Bunker Hill & Sullivan Mining & Concentrating Co.
Inc., which operates a chain of theaters in Illinois. Paramount Publix
-Earnings.Corp. owns 90% of the Balaban 8z Katz Corp. and controls Great States
For income statement for 5 months ended May 31 see "Earnings DeTheaters. Inc., and Pulpits Great States Theaters. Inc.
partment" on a preceding page.
-V. 134, p. 2343.
It Is alleged in the bill that when Paramount Publix Corp. in July 1929.
purchased 70% of the stock of Great States Theaters, Inc., in exchange for
Terminal Co.
-Suspends
-Dividends.
-The directors
30,000 shares of Paramount Publix Corp. common stock it agreed to repurchase the 30,000 shares at $85 a share oetween Jan. 1 and 10 of this
on June 30 decided to suspend the payment of the dividends
year, if the owners wished to resell. It is further alleged that in December
due at this time on the 7% cum. debenture preferred stock,
of last year the owners notified Paramount Publix Corp. that they desired
par 8100, and on the common stock, no par value. From
to resell their stock at the price of $85 a share. The control of Great States
Theaters. Inc., had been transferred to a new corporation, Publix Great
May 1 1930 to and incl. May 1 1932 quarterly distributions
States Theaters, Inc.
of 623' cents per share were made on the common stock.
The bill charged that "officers and directors of Paramount Publix Corp.
acting in collusion and conspiracy with officers and directors of Balaban
The last regular quarterly dividend on the debenture pre& Katz Corp.. devised a plan to unlawfully saddle the obligation to rebuy
ferred stock was made on April 15 1932.-V. 134, p. 4665.
the 30,000 shares of Paramount Publix on Balaban & Katz Corp."
Balaban & Katz, the bill alleges, paid to Paramount Publix 3516.000 in
usiness Systems, Ltd.
-Smaller Pref. B Dividend.
cash and gave its notes for $2,034,000. The cash and notes, the bill says,
.
A dividend of 15c. per share has been declared on the class 13 pref.
was turned over by Paramount Publix to the owners of the 30,000 shares of
stock.
par $10, payable Juno 30 to holders of record June 29. A distribution
its stock which it then received.
of 374c. per share was made in each of the three preceding
The bill declares the consideration for Balaban & Katz Corp.'s payquarters.
V. 133, p. 2271.
ment of the money and notes to Paramount Publix was the transfer to it
by Paramount Publix of 7.000 shares of common stock of Publix Great
-Dividend Deferred.
States Theaters, Inc.. and Paramount Publix's rights to $337,586 dividends ------Butler Mfg. Co., Cleveland.
The directors recently decided to defer the quarterly diVidend due
from Publix Great States Theaters. Inc., but it is alleged the 7,000 shares
July 1
on the 7% cum.class A common stock, par $10. The last regular
of stock were worthless. It is further alleged that "the sole purpose of the
quarterly
istribution of 14% was made on March 30 1932.-V. 125, p. 1714.
transaction was to relieve Paramount Publix of its obligation to rebuy
Its stock."
Caliark Corp.
The court is asked to appoint a receiver for Balaban & Katz pending the
--Bonds Offered.
-J. L. Arlitt, Austin,
litigation to stop alleged waste of its assets, to enjoin the payment by
Texas, is offering at prices to yield 10% for all maturities
Balaban & Katz of any further money in connection with the transaction,
$2,500,000 6% 1st mtge. coupon bonds. A circular shows:
to order the return to the corporation of the $516,000 cash and all
and
other money it might have paid on the notes which fall due one a month
Dated June 1 1932. Bonds mature (without option of prior redemption)
for 18 months -V. 134, p. 4327.
$150,000, Dec. 11932; $150.000, June 1 1933; $200,000, Dec. 1 1933; $2.000.000. June 11942. Denom. $1,000. Principal and semi-annual interBarnet Leather Co., Inc.-Strtukt-.est (J. & D.) payable at Chase National Bank, New York, or at the Bank
The common stocyno par value) has been strikcen from the New York
of Sulphur Springs, Sulphur Springs, Ark., trustee, without deduction of
S k Exchange list)
normal Federal income tax up to 2%. Corporation will agree to refund,
The stock, a moun ng to 40.000 shares, was stricken from the list because
upon timely application, all Federal, State, county and municipal taxes,
the company is in process of liquidation. The company has sold its plant
either ipresent or future, on these bonds or the income therefrom, as proto the Hunt Leather Co.. which in turn has set aside a 25% interest in its
vided in the trust indenture.
common stock in the name of the Little Falls Holding Co., which has
Sinking Fund.
-Suitable sinking fund provisions have been made in the
issued 40,000 shares of common to be exchanged share for share for Barnet
trust indenture to enable the company to pay both principal and interest
Leather common. More than 50% of the Barnet Leather stockholders
as the same mature.
have already availed themselves of the exchange privilege.
-V.134. p.4327.
Security.
-Secured by a first and only mortgage against the entire properties and assets of Callark Corp.. acquired and to be acquired, and by the
Belding Heminway Co.
-Transfer Agent.
income front all properties now owned and(or) to be owned.
The Central Hanover Bank & Trust Co. has been appointed as transfer
Corporation.-Incorp. and operating under perpetual charter granted by
agent for the common stock. effective June 30 1932.-V. 134, p. 4664.
the Secretary of State. State of Arkansas. IS a holding company that is
---Ic
Volume 135
Financial Chronicle
primarily engaged, through subsidiaries, in the development and sale of
natural gas, oil, silica, glass sand, brick clay and limestone as owner of its
own natural deposits thereof, selling at wholesale only. The properties
are located in Arkansas, California, Colorado, Louisiana, New Mexico,
Oklahoma. (East) Texas, Wyoming and other States.
Valuation of Holdings.
-Conservative estimates of net values of all holdings of the company presently, after giving effect to present financing,
total $12,500,000, representing approximately 5 to 1 security supporting
the.present issue of $2,500,000 1st mtge. 6% coupon bonds.
Income.
-Present net income, as at conclusion and after giving effect to
present financing, is $1,205,424, or about 8.43 times maximum interest
requirements on this entire issue of bonds. Improvements in sales contracts, adjustments in management of existing operations and general
efficiency through centralized administration will add from $300.000 to
$500.000 annually to income from present units of division"A." Developments of units of division "B" should add tremendously to net income.
Summarizing engineers' estimates of the various fields in which company's
holdings are located ad the possibilities of planned developments, income
from new developments should exceed $5,000.000 per year within 12 months.
A fair estimate of total income from all sources is $6,500,000 per year.
Canadian Bronze Co., Ltd. (ez'Subs.).-Earnings.Calenaar Years1931.
1930.
1929.
1928.
z Oper. profitsfrom subs.
Net revenues from inv.,
interest & rentals__
$180,945
$287,051
$445,812
$469,268
17,432
21,740
26.185
25,677
$198,377
50,400
$308,792
53,392
$471,997
63,470
$494,945
75.003
14,798
175,000
25,540
200,000
40.852
200,000
41,994
160.000
Balance, surplus
def$41,821
Earns, per sh. on 80,000
shs, common stock__ _
$1.85
$29,860
$167.673
$217,947
$3.19
$4.60
$4.73
Net profits
Preferred dividends_ _ _
Prey. for sk. fd. for red,
of pref. stock
Common dividends
x After depreciation and taxes.
Comparative Balance Sheet Dec. 31.
Assets1931.
1930.
Licari dies
-
z Plant
$775,650
Investments
338,806
Accounts receivable
151,327
Cash
53,146
Inventory
384,818
Special insurance
investment
5,527
Good-will
1
1931.
$797,164 Accounts payable_ 2103,402
362.798 Bank loan
35,000
Dividend payable_
37.600
210,904 Insurance reserve_
11,599
71,612 Seen hour. res've
5,527
330.507 Sink,fund reserve_
Preferred stock_ _ _ y720,000
2,488 Common stock_ _ _ z197,395
1 Surplus
470,567
Pref,stock sk.fund 123,185
1930.
5154,690
62,600
10,344
131
Cannon Mills Co.(& Subs.
).-Earnings.Calendar Years
Net sales
Cost of goods sold
1931.
1930.
1929.
21,174,346 $23,295,002 $29,395.381
16,950,903 19,386,052 23,702,872
Gross profit from sales
Income from commissions
$4,223,443
689,583
$3,908.950 $5,692,509
809,361
1,068.712
Gross profit from operations
$4,913,026 $4,718.311 $6,761,221
Selling, administrative and gen. exp_ 1,828,006
2,074,828
2.344.771
810,235
811.779
953,574
Net profit from operations
*2.274,785 $1,831.704 $3,462,877
Other income credits
687,855
750,962
2,146.216
Provision for depreciation
Gross income
Income charges
$2,962,640
873.722
Net income for year
$2,088,918
1,593,635
Dividends
Net income added to surplus
Surplus at beginning of year
*2.582.666 $5,609.094
1,038.028
1,449,027
$1.544.638
1,899.945
$4,160,067
2,799.614
$495.283 def$355,307
8.155,348
8,449,045
$1,360.453
7,106,365
Gross surplus
$8,650,631
Adjustments
Approp. of surplus as reserve for
reduct. of book val. of market sec_ 1.234.434
$8,093,738
$8,466,818
Cr.61.609
Dr.17.773
Surplus at end of year
$7.416.196 13,155.347 *8,449.015
Earnings per share on 1.000,000 abs.
common stock (no par)
$2.09
$1.54
64.16
Comsolidated Balance Sheet Dec. 31.
1931.
Assets$
Plant, prop., &c_x12,948,847
Cash
1,328,445
Marketable secur_ 6,911.324
Notes & accts. rec. 4,012,509
Inventories
7,929,676
Investments
1,191,567
Deferred charges_ _
99,659
1930.
$
13,177,453
1,790,718
7,243,385
4,109,551
6,982,235
988,542
58.640
1931.
1930.
Capital stock_ _ _ _ y25,000,000 25,000,000
Notes payable... _
800,000
Accounts payable_
334.100
336.417
Dividends payable 400,000
400.000
Accrued items_ _ _ _
124,452
Salaries and wages 168,537
Federal taxes
265,584
312,857
Reserves
21,456
37,609
Surplus
7,416,196 8,155,347
2,668
720,000
197,395
519,387
108,387
Total
34,422,028 34,350,5291 Total
34,422.028 34.350,529
x After depreciation of *11.271.361. y Represented
by 1,000.000 shares
(no par).
-V. 134, p. 4328.
Total
51.709,275 $1,775,472
Total
$1,709,275 $1,775,472
x Includes real estate. buildings, machinery and tools,
plant, patterns
office furniture and fixtures of $1,177,774, less depreciation
A letter has been sent to the stockholders of this
company by Burr.
Gannett & Co. Boston, as follows:
$402,124.
y Represented by 7,200 shares in the hands of the public. of Company
z
has 80,000 shares of common stock issued.
-V. 133, p.4334.
Canadian General Investments, Ltd.
-Earnings.
Earnings or Year Ended Dec. 31 1931.
Interest on investments
Dividends on investments
Interest on loans
$122.180
313,365
22,167
Total income
Interest paid on loans
Management fee
United States exchange
Miscellaneous
$457,712
66.178
38,022
2,041
3.017
Net income
Surplus account at Dec. 31 1930
$348.454
82,852
Total surplus
Dividends paid or declared
Provision for 1931 income tax
Additional provision for 1930 income tax
$431,307
364,168
15,520
2,896
(William) Carter Co.
-Offerfor Preferred Stock,-
"We have been authorized to purchase a limited
amount of the William
Carter Co. 6%
preferred stock at $50 flat per share. During the year
1931 the company showed an operating loss which
has continued during
the present year. Prior to this offer there has
for the stock, owing to conditions existing in the been practically no market
industry."
-V.
134, p. 1961.
Cassidy's, Ltd.
-Larger Preferred Dividend.
The directors recently declared a dividend of
$1 per share on the 7%
cum. pref. stock, par $100, payable June
30 to holders of record June 15.
A distribution of 75 cents per share was made on
this issue on March 31
eat as against $1.75 per share previously each quarter.
-V. 134, p. 2527.
Cheney Bigelow Wire Works.-Bal. Sheet Dec. 31, 1931.
AssetsLiabilities
Cash
$23.096 Bank loan,
Accounts and notes receivable
Accounts pay.& accr. exp._ .._
-Trade
34,539 Preferred stock
Accounts and notes receivable
Common stock
-Other
1,686 Earned surplus
Inventories
187,904 Surplus revaluation of plant
Plant and equipment
1765,096
and equipment
Investments
12,405 Surplus from purchase of pref.
Deferred charges
18.135
stock for treasury at less
Patents and trade marks---1,575
than par
Surplus at Dec. 31 1931
$35,000
9,693
486,250
y1,000
146,526
353.710
12,257
Total
$48.723
21,044,436
Total
Note.
$1.044,436
-The profit and loss account above includes the income of Canadian
x After depreciation of $336,117. y
General Investments, Ltd. (formerly Second Canadian
Represented by 20,000 shares at
General Investtated value.
-V. 133. p. 680.
ments, Ltd.) for the 12 months ended Dec. 311931.
and
the assets of Canadian General Investment Trust, Ltd., the income from s
which were pur- -----Chicago (Ill.) Transfer & Clearing Co.-Small
chased, for six months ended Dec. 31 1931.
er Div.
A dividend of 1;1% was recently declared on the
The losses on sale of investments, 31,327.124, during
capital stock, par
the same periods
$100. payable July 1 to holders of
have been charged to capital surplus.
semi-annual distributions of 2%% record June 20. This compares with
made from July 1 1921 to and incl.
Capital Surplus" Account for the Year Ended Dec. 31
Jan. 2 1932.
1931.
Balance at Dec. 31 1930
Reserves against invest, transferred to capital surplus
acct.,
&c-
Total surplus
Losses on investments sold during 6 mos. ended June
30
Loss on writing down the book value of investments 1931
held
June 30 1931 to market values or directors' valuations at
at
that date
$3,115,618
412,394
$3,528,012
44,107
2,173,224
Capital surplus at June 30 1931
$1,310.682
Surplus arising out of the acquisition of Canadian
General Investment Trust, Ltd., June 30 1931
1.014.723
Total surplus
$2.325,405
Losses realized on sale of investments during 6
months ended
Dec.31 1931,&c
1,289,189
Capital surplus at Dec. 31 1931 (subject to
depreciation
in value of investments)
$1,036,216
Balance Sheet Dec. 311931.
Assets
Liabilities
Cash
$122,887 Brokers' loans (secured)
$415,945
Marketable investments
3,881,614 Other loans (secured)
600,000
(The value, based on marAccounts and dividends payket quotations at Dec. 31
able and provision for
1931, was 52,797.024)
taxes and accrued charAett
129,747
Shares in Canadian cos, which
Share capital
x5,905,989
have minimum trading
Capital surplus (arising from
prices fixed by the Stock
the purchase of. the assets
Exchange, book value_ _ 1,704,827
of Second Canadian Gen(The value of the above Seeral Investment Trust.
curities at the fixed prices
Ltd., as at Jan. 11930. and
was $1,524,924.)
Canadian General InvestOther invest ments (for which
ment Trust, Ltd., as at
market quotations are not
June 30 1931, less losses on
available)
1,767,640
investments sold SS per
Accrued interest & dividends
83,554
statement attached)
1,036,216
Loans to associated cos.:
Surplus account
48,723
Caned. Insur. Shares, Ltd.
(secured)
12,031
Caned. Gen. Secur., Ltd.
(partly secured)
72.614
Fourth Caned. Gen.Invest.
Trust, Ltd. (partly see.)
491,423
Total
$8,136,620
Total
x Represented by 590,599 no par shares.
-V. 134, p. 4498.
(Philip) Carey Mfg. Co.
-Sales Off.
-
Sales for
$8,136,620
the five months ended May 31 were leas by 15% in
and 30% in dollar volume than a year ago,said President George D.tonnage
Crabbs.
Operating expenses have been decreased 25% •
lie said total assets, after depreciation reserves, were about
$17,000.000
May 31. Current liabilities were $1.800.000 and current assets,
including
cash, customers' notes and accounts receivable and inventories, totalled
$6.000,000.-V. 134, p. 4498.
Claude Neon General Advertising, Ltd.
-Earnings.
-
Earnings for Year Ended Dec. 31 1931.
Earns,from all sources after deduction of all oper. exps,
and provision for estimated maint. &serv, against long term contracts
Depreciation on
machinery and equipment, motor
trucks, poster panels. &c
buildings,
Amount transferred to reserve for interest
Bond interest paid and accrued to date:
E. L. Ruddy Co.. Ltd
Claude Neon General Advertising, Ltd
Interest general
Net income
Preferred dividends paid on shares held by the public:
E. L.
Ruddy Co., Ltd
Claude Neon General Advertising. Ltd
Balance, surplus
Consolidated surplus as at Dec. 31 1930. after deduction
come tax paid and writing off commission on pref.stock of insold_
Surplus
$578.456
113,974
95.237
46,231
104,910
29,709
$188,396
24.025
134.176
$30,195
804.167
$834.362
Consolidated Balance Sheet Dec. 31 1931.
Assets
Cash
274,343
Cash in hands of sinking fund
trustees
2.143
Accounts receivable
2,354,796
Inventories of materiaLs, works
In progress, &c
250,868
Investments in and advances to
affiliated and other cos
338.606
Real estate and buildings_
_
879,057
Machinery and equipment_ _ _
168.563
Poster panels and painted bulletins, electric & Neon signs.
Geed-will, franchise rights &
patents
4,936,917
Prepaid insurance, leases and
taxes
61,445
LtablatiesBank loans and overdraft
$355,230
Accts. payable & accrued liabs. 191.194
Accrued bond interest:
E.L. Ruddy Co., Ltd
24,560
Claude Neon Gen'l Advertising, Ltd.(Payable in U.S.
funds)
43.712
Mtges. & purchase agreements
29,099
Reserve for interest and contingencies
464,275
20
-year convertible collateral
trust gold bonds
1,614,000
E. L. Ruddy Co., Ltd.. let M.
bonds, 6 yi%, due 1948_ _
702,500
Pref. stock 7% cumulative... 2,361,548
Common stock
x2,122,610
Minority shares of subsidiary
companies outstanding
373,648
Surplus
834,382
Total
59.116,738
Total
x Represented by 424,522 no par shares.
-V. 134, p. 3280.
$9,116,738
Chrysler Corp.
-Dodge Sales Rise 47.9%.
-The "Wall
Street Journal" June 30 states:
While they increased 31.2% over the previous week, total
deliveries of
passenger cars and trucks by Dodge dealers for the
also registered a gain 01 47.9% over the correspondinweek ended June 25
g
reached the highest peak since Aug. 29 1931. This latheperiod in 1931 and
highest percentage
of increase for one week over a previous week that has been
reached so far
this year.
1
July 2 1932
Financial Chronicle
132
In a nine-week period from May 3 to June 25 deliveries by Dodge dealers
were 9.2% more than in like period in 1931.
Deliveries of Dodge trucks in the week ended June 25 were 48.8% more
like
than in the week ended June 18, showed an increase of 2.6% over the
period in 1931 and reached the highest figure since July 4 1931. as can be
Burke, director of Dodge truck sales, said that as far and does
J. D.
learned the gain for the week was made by individual dealer sales
-V. 134, p. 4666.
not include fleet business.
-Earnings.
Collins & Aikman Corp.
28, see
For income statement for quarter ended May
-V. 134, p. 4162.
partment" on a preceding page.
"Earnings De-
-'-Div. Again Reduce.
--------Commerce Investments, Inc.
per share was recently declared on the
A quarterly dividend of 10 cents
record June 24.
common stock, no par value, payable July 1 to holders ofshare was made
In the preceding quarter a distribution of 12% cents per
ago.-V.134, p. 2527.
on this issue, as against 15 cents per share six months
-Initial Distribution.
Shoe Machinery Corp.
Compo
the no
An initial dividend of 12% cents per share has been declared on
134,
par common stock, payable Sept. 1 to holders of record.Aug. 10.-V.
p. 2527.
-Extra Dividend.
-,Consolidated Car Heating Co., N. Y. $2 per share on the
-dividend of
The directors have declared an extra
of $1.50 a
common stock together with the regular quarterly dividend
30. An extra
share, both payable July 15 1932 to holders of record June 132, p. 4771.
-V.
payment of $2 per share also made on July 15 last year.
Consolidated Mining & Smelting Co. of Canada, Ltd.
-Earnings Show Surplus.
of dividend action says:
The company in announcing deferment
a moder"Estimated earnings, including income from investments, show Depreyear.
ate surplus over operating expenses for the first half of the
for in these estimates, but there
ciation and depletion are not provided
are adequate reserves for these items.
costs being
"Operations at the mines and plants are proceeding normally,
stocks are less
lowered, though production is restricted. Unsold metal
beginning of the year. Prices, however, continue disappointthan at the
Over 6,000
ing. Fertilizer production and sales have been satisfactory.
and Manitoba
tons of fertilizer have been sold in Alberta, Saskatchewan moisture this
200,000 acres there. With abundant
and applied on over
have been
year, excellent results are practically assured. Foreign sales
good.
that the conservation of cash resources is
"General conditions are such
Conference the existing
the only safe policy to pursue. If at the Ottawa British market assured
preference be permanently established and thein a way not now practithereby, it will be possible to plan for the future defer action on the divicable. The directors have therefore decided toBy that time the general
dend until the full year's results are known.
situation should have been clarified.'-V. 134, p. 4666.
-Change in Collateral.
ted Oil Corp.
Consolida
that in
Notice has been received by the New York Stock Exchange Crude
Sinclair
connection with the sale of this corporation's interest in the
from the
it
Oil Purchasing Co. and Sinclair Pipe Line Co., that of released
capital stock, par
lien of the indenture on Sept. 22 1930. 100.000 shares
stock, par $100.
$100 of the former company, and 140,418 shares of capital
In substitution for the stocks released, they received
of the latter company.
stock of $100 par
525,000 shares of Sinclair Refining Co. (Maine) capital
-V. 134, p. 4499.
value.
-Earnings.
Construction Materials Corp.
Calendar YearsGross profit
Depreciation and depletion
Selling and other expenses
Federal tax provision
Net profit for year
Previous surplus
Appreciation of land '
Appreciation on vessel
1929.
1930.
1931.
$952.543 $1,102,468 $1,660,496
126,275
135.403
166.447
452,326
501.950
360.936
120.0 .0
50.261
x250,782
$961.
$414,854
$174,377
1,246 356
2,060,161
1,693,321
299,6 7
160.579
31,867.698 32,635.594 $2,507.828
Total surplus
226,041
262,505
153.129
Dividends paid and accrued
71,623
4.100
Reorganization expense
150,000
Provision for contingencies
73,114
Adjustment of vessel appreciation
228.599
Adjustment of land acct. appreciation
352.083
18,529
Charges incidental to new financing
94,985
Prior years charges
$1.622.926 $1,693.321 $2,060,161
Surplus Dec. 31
Earnings per share on 185,000 shares
$3.98
$0.82
Nil
common stock (no par)
z Includes other charges and interest accrued.
Consolidated Balance Sheet Dec. 31.
y1930.
1931.
Liabilitiesy1930.
1931.
Accounts payable_ $330,750 $462,360
$
Assets
721,298 Notes payable. ___
208,224
Cash
130,350
Accrued liabilities_ 132,685
Accts. ree., incl.
-year 6% notes-- 1,500,000 1,500,000
2
-Brownell
Mould.
1st mtge. marine
455,728
Corp
1,650,000 1,650,000
equipment 6.1
Accts.& notes rec_ 1,145,738
106,768 Purchase money
Retainer ctfs
vessels,
mtges. on
137,541
278,633
Inventories
450,000
due serially to'41 426,800
29,680
38,685
Cash val. of Maur_
150,000
526.695 Res.for coining_ __ 150,000 3,375,000
Note receiv. (sec.) 526,695
Preference stock__ 3.375,000
Invest. in Mould925,000
Common stock _ _ x925,000
ing-BrownellCorp
1,622,926 1,693,321
Surplus
(66,750 abs.earn.)
322,393
441,393
accost
Miscell. non-eurr303,447
accts. receivable 307,400
783,815
Sand & gravel deps 790,331
3,491.606 3,512,245
Vessels
buildings,
Land,
2,883,687 2,483,608
mach., Sic
Cash & notes res.
for completion of
850,000
Ferrysburg plant 408,090
1
Good-will
102,809
97,677
Deferred charges
10,618,161 10,338,031
Total
10,618,161 10.336.031
Total
no par value.
x Represented by 185 000 shares
cony Adjusted to give effect to the following transactions subsequently for
Moulding-Brownell Corp.
summated: (a) Sale of preferred stock In owned subsidiary, the Sensibar
a
secured note; (b) organization of to wholly
It of certain assets in exchange for its
Transportation Co. and transfer
of bonds thus acquired and
capital stock and 31.650.000 bonds: (c) sale of a portion of the proceeds
two-year 6% notes and application
$1,500,000
-V. 133. p. 2606.
indebtedness.
in liquidation of certain
-Defers Dividend.
Varnish Co.
Cook Paint 8c
the quarterly dividend due June 1
The directors recently voted to defer The last regular quarterly payment
par value.
on the $4 cum. pref.stock, nothis Issue on March 1 1932.-V. 134. p. 2346.
of $1 per share was made on
-L. G. S. Shipments of Free Wheeling Springs
Cord Corp.
Increase.
free-wheeling unit springs totalled 64.912,
May shipments of L. G. S. month of April. and 3.520 for May 1931,
the
as compared with 53.897 forthe L. G. S. Devices Corp., a division of Cord
W.C. Starkey, President of
Corp., announced.
fiscal year ended May 3II
Shipments during the first six months of the 1932 for the first six months
25.037
totalled 301.277 units, which compares with Mr. Starkey said.
-V. 134.
year.
of 1931 and 97,189 for the entire fiscal
P. 3103.
--Earnings.
Coos Bay Lumber Co.
1931.
$649,847
60,908
206,327
112,606
1929.
1930.
$90.566prof$729,774
Cr20,886
28.476
254,577
233,179
278,887
275,556
$1.029,688
Total loss
4.977
Previous surplus
Refund of prior years taxes. &c
52,825
Profit on disposal of capital assets_--
$627.777prof$217,197
846,826 6.132.775
45,358
Calendar YearsLoss from operations
Interest paid (net)
Depreciation
Depletion
$219,049 $6.395,330
loss$971,885
Total surplus
393,920
167,362
Dividends on 7% preferred stock_
637,905
46,709
Loss on disposal of capital assets
53,688
thereon_
Fire losses, less recoveries
Income in stated value of corn, stock
4,462,990from $30 to $10 per share
554,302
Deprec. of Myrtle Point Powers RR_
$4,977
8846,826
def$417,583
Balance Dec.31
Balande Sheet December 31.
1931.
1930.
1930.
1931.
$
$
LiabilitiesAssets
39,868 Notes pay., banks$1,000.000 $850,000
24,944
Cash
40,892
24.540
166,916 Trade creditors_ _ _
69,155
Custom. accts. rec.
12,761
20,272
27,134 Accrued payrolls__
8,033
Sundry accts. rec.
577.708 Accrued property
316,665
Inventories
242,740
114,871
taxes
Timber dr property
4,781,775 4,781,775
7% pref.stock _ _
sales contracts .4
x6,375,700 6,375,700
215,598 Common stock
accr'd interest__ 129,873
4,977
Capital surplus__ _def417,583
Oper. Properties:
Timber lands and
timber rts. (less
6,148,373 6,257,186
depletion)
Plants, equip. RR.
steamdr,&m(ices
3,196,973 3,910,598
res. for depr)
Myrtle Point-Pow.
1,202,801
RR
.
Non-Oper.Prop.: .
805,083
765,834
Timber .4 lands_ _
Plant sites, bldgs.,
180,589
&c. (less dem%)_ 129,829
Inv. In Powers
11.992
Water Co
7,808
15,409
Deferred charges
12,019,934 12,188.487
Total
12,019,933 12,188,487
Total
-V.133.P.293.
x Represented by 63,757 no par shares.
-Semi-Annual Distributions.
Corporate Trust Shares.
Payments against semi-annual distribution coupons on the respective
series of Corporate Trust Shares payable June 30 1932 will be as follows:
Corporate Trust Shares, accumulative series, at the rate of 7.0944 cents
at the rate of 7.0993
per share; Corporate Trust Shares, series AA,series, at the rate of cents
14.1705
per share; and Corporate Trust Shares, original
cents is withdrawal of the balance of the
cents per share, of which 5.7086
reserve fund and represents return of principal. Coupons are payable at
the Chase National Bank of the City of New York. Initial distributions
of 9.3 cents per share were paid on the accumulative series and on the
series AA on Dec. 31 1931. A semi-annual dividend of 35 cents per share
was paid on the latter date on the original series.
Reinvestment rights expiring July 15 1932 permit holders of Corporate
new series Corporate
Trust Shares, all three series, to purchase either of the to the extent
of one
Trust Shares at a discount under the offering price
new share for each ten shares held. Rights coupons should not be sent to
-V. 134. p. 2346.
the trustee.
-Earnings, &c.
Corroon & Reynolds Corp.
[Including wholly owned subsidiaries.]
1929.
. 1930.
1931.
Calendar YearsGross earnings (excl. profits or losses
$2,866,256 $4.591.471 $4.778,447
on sales ofinvestments)
3,312.532
3.049.034
2.664,630
Expenses
38.784
107,754
Provision for Federal lqcometax
148,010 xCr675.811
54.194
Losson sales ofinvestments
8147.432 y$1.092.144 $2,297,471
Net income from operations
Capital stock and paid-in surplus- - 31.042.017 31,041.017 31,037,017
886,892
1,229,981
31 1929
Earned surplus Dec.
Difference between cost of treasury &
167,699
book value
Amount incl. in paid-in surplus as at
Dr904,009
Feb.181929
Adjustment of income tax provision
23,364
for prior year
$32,587,130 $33.043.418 $32,430,479
Totalsurplus
697,420
506,570
z352,227
Dividends on preferred stock
75,000
for contingencies
Reserve
Excess of book values of investments
over value at which stated in
21,484,125 18,014.798 9,460.565
balance sheet
$10,750,776 $14,256,199 $22,463,344
Balance at Dec.31
Earnings per share on 787.310 shares
Nil
$0.50
$2.27
ofcommon stock (no par)
x After deducting $83.527 for provision for Federal income tax thereon.
of
y The income stated above includes $164,742theadjustments applicable to
appended certificate with
prior years and is subject to the comment in
$10,284 on minority
respect to dividends received during 1930. z Including
subsidiary company.
stock of
Consolidated Balance Sheet Dec. 31 (Incl. Wholly Owned Subsidiaries).
1931.
1930.
1930.
1931.
Assets
Notes payable_ _
875,000 2,591,998
1,374,743 1,193.033
Cash
380,761 Due to insurance
Notes and loans rec 166,994
companies, dm__ 3,529,445 4,358,084
5,641,086 10,494,742
Investments
Accts. PaY.accrued
Due from insurance
510.611
expenses, Arc_ - 224,426
- 2,883,981 4,851,531
companies,
110,601 Loans against cash
28,059
Sundry accts. rec.
Burr. value of ins.
58.063
75,229
Adv.to off. & empl
policy on lives of
Adv. to empl. for
47,000
officers
10,525
purchase of stk.
Prov. for Federal
value of
Cash surr.
38,784
income taxes
lnsur. policies on
61.008 Minority interest
74,310
lives of officersin pref. stock of
Prepaid Insurance,
198,322
195,322
78,742 subsidiary
24,635
taxes,.4c
75.000
75,000
Reserve for conting
Furniture, fixtures
275.548 Capital stock and
and leasehold- x225.768
Y10,750,776 14.256,199
4,037.500 4,037,500 surplus
Goodwill
483.470
Treasury stock-- 1,154,138
15.696,969 22.024,996
Total
15,696,970 22,024,996
Total
y Represented by 114,120 shares
x Less $142,921 for depreciation
shares common stock both of no par value.
preferred stock and 787,310
-V. 134, p. 1031.
orticelli Silk Co.-A•equieuiew--Appr-oveck-
and assets of
t
j
busit
to
The stockholders on June 29 voted, sell the York. The BeldingNew
-H
th company to the Beldingeminway Co. ofthree-to
s of a share of
Beminway Co. offered about $32 in cash and
stock and three-fourths of a
stock for each share of preferred Corticelli4666.
-V. 134, p.
share for each common share.
-Re'"Cresson Consolidated Gold Mining & Milling Co.
sumes Dividend.
declared on the capital stock.
share has been
A dividend of one cent per
record June 30. A similar payment was
Par $1. payable July 15 to holders of to and incl. Oct. 10 1931;none since.
made each quarter from Oct. 10 1930
p.2730.
V.134.
Financial Chronicle
Volume 135
(J. W.) Crook Stores Co.-Pays1Preferred Dividend.
-
The company on June 27 paid, out of surplus, a dividend of 87K cents
per share on the 7% cum. sinking fund pref. stock, par $50. The last
regular quarterly payment of 87M cents per share was made_on this issue
on July I 1931; none since.
-V.134, p. 2730.
Crowell Publishing Co.
-Cuts AdvertisinglRates.-
Following the announcement on June 28 that the Curtis Publishing
would reduce advertising rates a flat 10%. the Crowell Publishing Co.
Co.
announces new rates, effective the first Issue in September in the case
of the Woman's Home Companion and the Aug. 6 issue in the case of
Collier's. No change is made in rates of Crowell's other publications.
For Woman's Home Companion, the reductions range from 5% to
depending on the type of advertising. For Collier's the cut ranges 10%,
from
approximately 4% to 5.8%. The circulation base remains unchanged.
-V.134, p.2730.
Cuban American Manganese Corp.
-Transfer Agent.
-
The City Bank Farmers Trust Co. has been appointed transfer agent
for 350,000 shares of no par value capital stock.
"'..,,Curtis Publishing Co.
-Omits Common Dividend.
-The
directors on June 24 voted to omit the quarterly dividend
usually payable about Sept. 6 on the outstanding 1,800,000
shares of common stock, no par value. A distribution of
50c. .per share was made on this issue in each of the two
preceding quarters.
In a notice to the stockholders the company states: "Confronted with
large additional expenses resulting from increases in the second
class rates of postage and various other forms of taxation recentlyand first
imposed
by Congress, coupled with the general business uncertainty at
time,
officers and directors believe it to be to best ultimate Interestthisstockof
holders to omit the dividend on the common stock which ordinarily would
be paid Sept. 5.
Advertising rates have been reduced 10% by the company. The lower
rates will become effective with the first issue in August of the "Saturday
Evening Post" and with the September issue of the "Ladies Home Journal" and the "Country Gentleman." The new rate takes the form of a
flat 10% reduction in card rates, given in form of a discount, and will be
in effect until further notice.
-V. 134. p. 3103.
Curtiss Aeroplane & Motor Co., Inc.
-To Maintain
Own Transfer Office.
Effective at the close of business on June 30 1932, this company and the
Wright Aeronautical Corp. will maintain their own transfer offices at
29 West 57th St., N. Y. City. Arrangements have been made whereby
certificates to be transferred will be received by the company's registrar,
the New York Trust Co., 100 Broadway, N. Y. City, for delivery to the
transfer office, and redelivery at the office of the registrar -V.134. p.
3465;
V. 133. p. 3467.
Darby Petroleum Corp.
-New Director.
-
Edward L. Shea, Vice-President of the Tide Water Associated Oil Co.,
has been elected a director, succeeding M. P. Williams.
-V. 134. p. 3465.
Debenhams Securities, Ltd.
-Dividend Deferred.
-
The directors have decided to defer the semi-annual
on the 735% cum. preference stock, par £1, as no dividead due June 30
,
dividends have been
received by the company on its shareholdings during the current year.
The company in December last took no action on the send-annual payment
due on this Issue on Dec. 31 1931.-V. 133, P. 4335.
/- •
t.. I
" De Forest Radio Co.
---Receivers
The company states that on June 21 the F
al Court at Newark appointed a receiver in equity to manage its affairs and preserve its
It consented to the appointment, feeling that continued operation assets.
under
present conditions would impair its welfare. The receivership should also
permit working out a reorganization plan. The court appointed L. S.
Gordon, President of the company and it. E. Lunt, receivers.
William Bergland, of Wilmington, and L. S. Gordon, of Ridgewood,
N. J., have been appointed receivers pendente lite by U. S. District Court
at Wilmington, Del. for the company. Insolvency was alleged and admitted. Debts consisting of notes payable and creditors' claims total
about $325,000, with assets consisting of valuable patents, plant equipment worth about $650,000 and inventories worth about $300,000.V. 134, p. 4667.
De Long Hook & Eye Co.
-Earnings.
[Including De Long Hook & Eye Co., Ltd., Canada.)
Years Ended March 311932.
1931.
1930.
Net profits after deprec.,int. on bonds
amortiz, of bond disct. & estimated
Federal income taxes
$53,_843
$48,513
$38.543
Earnings per share
$5.03
$4.56
$3.60
J. A. O'Brien, President, says in part:
After depreciation, interest on bonds, amortization of bond discount, loss
on Canadian exchange and estimated Federal income taxes, amounting
$69,932, the net profits of the companies were 853,843, equal to $5.03to
a
common share, as compared with $48,513, or $4.56 a common share,for the
year ended March 311931.
Current assets as of March 31 1932 were $424.422. Current liabilities
were $38.778. The ratio of current assets to current liabilities is 11 to 1.
The mortgage of $400.000, assumed Feb. 11919, which up to March
31
1931 had been reduced to $143,000, has been Nailer reduced during the
year to $93,000 by the redemption of bonds to the amount of $50.000.V. 134, p. 854.
Dennison Manufacturing Co.
-Earnings.
-Calendar YearsEarnings
Depreciation
1931.
$75,646
392.555
1930.
1929.
1928.
8898,901 31.791,310 $1,797.294
414,612
515,999
525,365
Net income
def$316.909
Divs. on 8 deb. stock_
.
p,
329,160
Divs. on 7 0 pref.stock_
205,112
Div. on 7 0 cl. A stock
12.150
Res.for d vs. & int. to be
paid on partner stock
and certificates
$484,289 31,275,311 $1,271,930
329,530
330,920
333,070
191,712
178,747
161,803
Balance, surplus
-V. 134, p. 2730.
def$863.331
323.929
def$36.953
313.436
$441.715
$463,620
Devonian Oil Co.
-Resumes Dividend.
-
A dividend of 10c. per share has been declared on the common stock,
par $10, payable July 20 to holders of record July 1. A quarterly distribution of 15c. per share was made on Jan. 151931; none since.
-V.133. p.3348
•
Dictaphone Corp.(& Subs.).
-Earnings.
-
Calendar YearsProfit for year
Depreciation
Reserve for income tax-
1931.
$318,628
62.573
33,296
1930.
$526,185
65.639
56,385
1929.
$876,389
63.071
84,973
1928.
$753,244
59,315
82,452
Net income
Cash div. on pref. stock_
Cash div. on corn.stock_
$222,758
86,852
253,231
$404.161
90,384
x370.351
$728,345
101,290
338,262
$611.475
106,406
249,742
Balance, surplus
def$117.325 def$56,574
Previous surplus
1,008.330
1,100,514
Approp.for stock ret'm't
35,865
Dr36,993
$288,793
862,449
Dr38,03I
$255,327
644,262
Dr49,948
Surplus Dec.31
$855.141 51,106,947 81.113,211
8849.641
Shs. corn. stk. outstanding (no par)
126,622
126.621
114,861
103,750
Earnings per share
$1.07
$2.47
$5.45
$4.87
x In addition a stock dividend of 10%, amounting to 11,484 shares was
paid on common stock Feb. 14 1930.
Assets
Cash
U.S.Treas'y bills_
Marketable seeur_
Accts.receivable__
Inventories
Land, buildings &
equipment
Deferred charges
Patents and trademarks
133
Consolidated Balance Sheet Dec. 31.
1931.
1930.
Liabilities1931.
1930.
$267,284 $589,476 Accounts payable.. $20,964
817,201
199,105
Accrued payroll,
45,000
47.511
commissions, Ac
29.247
47,090
450,127
470.401 Prov. for inc. taxes
58,611
33.672
794,778
819,874 8% cum. pref. stk_ 1,043.300 1,094,400
Common stock_ _ _
1
1
x419,532
451,384 Earned surplus_ _ _ 855,141 1,006,947
11,048
10,578 Surpl. for retireml
of pref. stock__ _ 204,551
168,976
1
Total
$2,186,876 82,389,226
Total
x After depreciation of 5503,739.-V. 134.
$2.186,876 $2,389,226
D. 3466.
Dodge Building (53 Park Place Corp.).
-Reorganization
Plan.
The protective committee for the 1st mtge. ctfs. has approved a plan
of reorganization.
Briefly, the plan provides that the holders of each $1,000 principaPamount
of certificates of deposit, representing the bonds, will be entitled to receive
therefor, upon consummation of the plan. $1,000 of gen. mtge. gold bonds
and 10 shares of capital stock (v. t. c.) of a new corporation to be organized
to acquire title to the property. The holders of certificates of deposit
representing $500 and $100 denominations are to receive proportionate
amounts. The voting trust certificates so distributed will represent the
entire issued and outstanding capital stock of the new corporation.
The gen. mtge. gold bonds will be secured by a mortgage upon the property subject only to a new 1st mtge. of an authorized amount of 3300.000
of which it is anticipated that only $250,000 will be outstanding upon the
consummation of this plan.
The committee has reasonable assurance of procuring for the new company on favorable terms the above-mentioned 1st mtge. on the property.
Such loan will mature not later than 5 years from the date thereof and will
bear interest at the rate not exceeding 6% per annum. The proceeds of
the 1st mtge. will be applied to the payment of delinquent taxes which,
with interest and penalties, approximate 5125,000; the payment of cash
required to be made on account of the foreclosure price; the payment of all
expenses and compensation of the committee; expenses incident to the
foreclosure sale and to the organization of the new company and to provide working capital.
The Dodge Building is situated two blocks west of the Woolworth Building, N. Y. City, and occupies the entire block frontage on West Broadway.
between Park Place and Murray St., covering a total area of approximately
10,000 sq. ft. It is 12 stories high and of steel and concrete fireproof construction. The building has a net rentable area of approximately 85,500
sq. ft. It is at the present time approximately 75% rented.
Under date of Dec. 21 1931, the committee first advised of existing defaults and requested holders of the bonds to deposit their bonds with the
depositary of the committee. There are now on deposit $854,500 (out of a
total of $1.038,200), or over 82%,and a large number of additional deposits
have been assured from holders unable to deposit up to this time for various
personal reasons. Through the efforts of the committee, foreclosure proceedings were promptly instituted and a receiver was appointed Jan.6 1932.
It is expected that judgment of foreclosure and sale will now be entered.
The foreclosure sale of the property will then occur shortly after the time
for the deposit of bonds has expired.
The stock of the new company will be placed in a voting trust. Upon
acquisition of the mortgaged property by the new company, the management of the property will be placed in the hands of an agent to be selected
by the new company, which agent will receive for its services the usual
and reasonable compensation for management of properties of this character in the City of New York.
Based on the present status of the rent roll, an estimate of the probable
Income to be derived from the property and the probable expenses to be
Incurred in the operation of the building for the year ending April 30 1933
(which estimate the committee, though assuming no responsibility with
respect thereto, considers reliable) is as follows: Gross income (rents,
&c.), $121,000; operating expenses, including current real estate taxes and
ordinary maintenance, 880.000; indicating net income available for interest
and depreciation of $41,000. It appears from this estimate that interest
on the gen. mtge. bonds to be issued pursuant to the plan, at the full rate
of 5%,will not be earned during the 12 months' period ended April 301933.
The income may be sufficient, however, to pay approximately 2% during
the coming 12 months. The depositors' attention is directed to the fact
that there is vacant net rentable area in the building of approximately
20,650 sq. ft., which when rented should materially augment the income.
It is hoped that with a substantial improvement in the rental situation.
the interest requirements on the gen. mtge. bonds may be met in full.
To those who have already deposited their bonds, if they desire to assent
to the plan,they need do nothing further,and ifthe plan is declared operative
by the committee they will be so notified and given further instructions
In due course.
If they dissent from the plan and desire to withdraw the bonds from the
committee in the event the plan is declared operative, they must file with
the depositary written notice of their dissent from the plan, specifying the
dates and numbers of the certificates of deposit held on or before July 25.
Thereupon, when and if this plan is declared operative by the committee.
they will receive in due course thereafter a notice to surrender the certificates of deposit to the depositary and receive their bonds; provided, however, that at the time of withdrawal they shall pay to the depositary, for
the credit of the committee, such amount as the committee may in its
discretion at the time fix as their pro rata share of the committee's expenses
and indebtedness, as provided in the deposit agreement.
If bonds are so withdrawn, they will be entitled only to the pro rata net
proceeds of the foreclosure sale.
To those who have not deposited their bonds, if they desire to share in
the benefits of this plan, they may do so by depositing their bonds with the
depositary on or before July 25.
If they do not deposit their bonds by July 25 1932, and the plan is dedared operative by the committee, their bonds will be entitled only to the
pro rata, net proceeds of the foreclosure sale.
-V. 134, p. 1380.
Dome Mines, Ltd.
-To Receive Dividend.
East Geduld Mines, Ltd., declared an initial dividend of Is., payable
July 26 to holders of record June 30 in South African currency. Dome
Mines, Ltd., owns 90,000 shares of East Geduld stock. With the South
African shilling worth 24 cents in U. S. currency, the dividend means
$21,600 to Dome Mines, which has outstanding 953,334 shares of no par
common.
-V.134, p.4163.
Dominion Coal Co., Ltd.
-Earnings.
-
Years End. Dec. 31Operating profit
Sinking fund & deprec
Distribution to employ_
Half net profit of Springhill div. tran. to Cumberland Ry.& Coal Co
Int.& disc, on bonds, &c
Net loss
Previous surplus
1931.
1930.
1929.
1928.
$158,826 $1,283,275 $1,745,095 $1,085,716
730,000
730,000
730,000
730,000
91,925
127,485
524,413
$1,223,072
1,069,502
163,059
539,640
169,641
553,422
658,899
$14,424 pf.$200.106
1,218,926
1,018,819
$303.183
1,322,002
Profit & loss surplus--df$153.570 *1,069,502 81.218,925 $1,018,819
Balance Sheet December 31.
1931.
1930.
1931.
1930.
AssetsLiabilities$
$
$
$
Properties
a25,451.913 25,882,613 Capital stock
18.009.000 18,000.009
Cash (trustee)--__
22,551
138,745 Funded debt
6,863,500 7,129,500
Inventories
1,742,474 2,622,712 Bank loans
458,819 1,141.016
Trade accts., rec__ 1,280,812 1,728,083 Curr. accts. pay
235,623
227,062
Other accts. rec.'''. 277,552
103,680 Wages payable124,741
237,483
Investments
1,550 Accrued interest1,550
57.842
61,188
Cash
222,816
403,080 Balances payable 62,145,128 1,887,311
Deferred charges
321.862 Reserves
304,480
1,580,629 1,440,707
Surplus
df153.570 1,069,502
Total
29.304,150 31.202.326
Total
29,304,150 31,202,326
a After depreciation $15,930,802. b On liquidation of current accounts
with companies within the British Empire Steel Corp., Ltd.
-V. 134.
p. 3643.
134
Financial Chronicle
.Dominion Steel & Coal Corp., Ltd. &linings
Calendar YearsComained profits from operations & returns from
Investments after deducting manufacturing,
selling and administration expeases
Provision for sinking fund, depreciation & depletion of minerals
Int. on deb. stock in the hands ox the public & on
loans secured by dep. of debenture stock
$813.738 $2.296,390
587,370
758.497
798,498
679,459
loss$8i2,130
Net profits for ear
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1931.
AseetsLiabilities
Properties dr plantx32,874,524 33,643,641
9,313,548
Funded debt
Invest, in stocks dr
sec. of assoc. cos 5,681,091 5,681.279 Deferred payments
on property__ _ _ 828,239
Cash in bands of
904,826
Bank loans
trustees for bond8,677 Accounts payable&
37,239
holders
424,763
accrued
52,993
144,247
Bonds purchased
40,125
6.288,191 7.826,717 Wages accrued_ _ _
Inventories
Interest accrued on
Trade accts. dr bills
debenture stock_ 147,686
1,354,348 2,724.835
receivable
355.434 Special bank loan_ 4,531 ,030
199,989
Other accts.rec_ _ _
82,253 Oper.& conting.res 1,243,849
80,258
Investments
291.494 Corn. el. 13 stk_ _y21,044,000
543,714
Cash
Capital surplus_ _ _ 8,983,298
Balance rec. from
699,992 Surplus from over. 305,989
associated cos_ _ 883.628
151,134
Deferred charged_ 201.105
Total
48,271.334 1,518,452
Total
x After reserve for depreciation of $1,595.955.
1588.
-V. 134,
71,0 class B COMM0.1 shares.
1930.
1931.
$858,433
1930.
9,949,548
885,800
3,003,178
523.133
;3
23 138
83 4 3
149,851
4,530,000
1.507723
21,044,000
8,983,298
858.433
43,271,334 51,518,452
y Represented by 841.-
Dominion Tar & Chemical Co., Ltd.(& Subs.).
1929.
1930.
1931.
Earningsfor Cal. Years
$1,279,761 51,681,683 $1,552,001
a Net earnings
382,190
500,380
500.828
Depreciation
6219.616
286.331
326,837
Debenture interest
Provision for exchange and premium
34,539
on debenture coupons
Paid
$950.195
$894.972
,$417,557
Balance
294,125
356,728
353.424
Preferred dividends
$656,070
$538,244
$64,133
Balance
84,391
74.000
58,613
Tax provision
$571,679
$464,244
$5.520
Balance
20,000
To contingent reserve
$551.679
$464.244
$5,520
Net profit
24,875
2.567
c Deduct reserves
5551,679
5439,369
$2,953
Surplus
551,677
991,047
Previous balance
5551.679
$991.016
$994,000
Profit and loss balance
expenses, exclusive of
a After all operating, management and selling For 11 months. c Reearnings applicable to minority share interests. b
serves provided by subsidiary companies.
Comparative Balance Sheet Dec. 31.
1930.
1931.
1930.
1931.
9
8
Liabilities$
$
Assets500,970
1,603,444 1,812,693 Accounts payable_ 414,752
Inventories
164,095
194,653
1,112.799 Deb. int. accrued_
1,021.852
Accounts rec
89,137
88,126
15,135 Pref. dly. payable_
Govt. bonds
5,394,000 5,500,000
125,809 Debentures
252,114
Cash
578,927
interest_ 449,159
37.909 Minority
25,597
Prepaid insurance_
43,221
40,531
Pref.sinking fund_
Cash in hands of
59,167
53,605
General reserve_ _ _
trustee for sink5,395,400 5,445,700
Preferred stock__
573
tog fund
681,906
10.802,553 10.949,829 Common stock_x_ 681,906
Properties
091,046
994,000
Surplus
13,706,132 14,054,172
Total
13,708.132 14,054,172
Total
-V. 134, p. 4667.
x Represented by 272,500 shares (no par value).
-Resumes Preferred Dividend.
Donahoes, Inc.
of 1% on the 6%
The directors recently declared a quarterly dividend holders of record
30 to
cum. cony. pref. stock, par $100, Payable Junewere made on this issue
During 1931 the following distributions
June 20.
Dec. 21. The Sept. 1931 and March
1 3i% each, on March 31, June 30 and p. 2916
-V. 134.
dividends were passed.
•
1932
-Reorganization Plan.
----Donnacona Paper Co., Ltd. 20-year sinking fund gold bonds
holders of (a) the 5%% 1st mtge.
The
will
-year gold coupon debentures at separate meetings,
and (b) 6% 20
on which (lb substance) provides:
vote July 2500 a plan of reorganizati
(a) Capital Stock.
that the existing authorized
The reorganization of the capital stock so par value shall be replaced
of no
share capital consisting of 200,000 shares
class A common
shares of no par value divided into 121.804 fully paid class B
by 244,892
which 15,000
shares and 123,088 class B common shares, of shareholders in place of the
common shares will be delivered to the present such class B common share
one
shares presently held by them,at the rate of
them respectively.
for each 10 shares now held by will rank equally as regards dividends and
class A and class B shares
The
all other respects,except as to voting rights.
upon any return ofcapital and in
voting rights so long as (1)the cumuThe class A shares will carry exclusive for the two years ending Feb. 11936
Ist mtge. bonds
lative interest on the
the company shall be in default
shall remain unpaid and unsatisfied: (2)
fund installment maturing due on
In the payment of any of the sinkingthe net working capital of the com(3)
Feb. 1 1936, 1937, 1938 and 1939: $1,000.000. Thereafter the distinction
pany shall be less than the sum of shall disappear.
between class A and class B shares
(b) Debentures.
common shares In satisfaction of
The issue of 92,000 fully-paid class B
Its outstanding
debentures, series A (unsezured) and
-year gold coupon
(I) $4,000,000 20
accrued interest:
and
-year gold coupon debentures, series B (unsecured)
(0) $600,000 20
accrued interest;
debentures to
of 2 shares for each $100 principal amount of such
at the rate
be surrendered for cancellation.
(c) Unsecured Claim of $804.393.
common shares in satisfaction of the
The issue of 16.088 fully-paid class B claim against the company in the
principal of and interest on an unsecuredof 2 shares for each $100 principal
amount of $804,393.at the rate
principal
amount of such claim.
(d) First Mortgage Bonds.
class A common shares to the holders of
The issue of 121,804 fully-paid
for
$6,584,000 1st mtge. bonds at the rate of 1834 shares n
the outstanding
each of them respectively, in consideratio
by
each $1,000 of bonds held
holders of the said bonds agreeing to: interest payments due Aug. 1
of the
semi-annual
(i) The cancellation of the four and Feb. 1 1934;
1932, Feb. 1 1933, Aug. 1 1933
the four semiconversion of the company's obligation to payAug. 1935 and
(11) The
Feb. I 1935,
annual interest payments due Aug. 1 1934, interest only out of net income
to pay such
Feb. 1936, into an obligation interest to be cumulative and accumulations
earned after Feb. 1 1934, suchrate of 534% per annum and to be entitled to
thereof to bear interest at the
and in the event of enforcement thereof to
the security of the trust deed
rank as and with unpaid interest thereunder:
fund instalments due Feb. 1 1932,
(iii) The cancellation of the sinking
1933, 1934 and 1935;
of the trust deed so that, if the com(iv) The modification of the terms
instalments due Feb. I 1936, 1937 and
pany fails to pay the sinking fund
an event of default under Clause 21
1938, such failure shall not constitute
aggregate amount of any sinking fund Instalments
of the trust deed, but the shall not have been paid or satisfied before Feb. 1
which
for the three years
instalments, the first of which
1939, shall be payable in three equal annual
July 2 1932
instalments shall become due and payable on Feb. 1 1939, and the failure
to pay any of such instalments on its due date shall constitute an event
of default under Clause 21 of the trust deed;
(v) The release, without consideration, from the hypothec, mortgage
and pledge of the trust deed of certain municipal or village electrical distribution systems with appurtenant transmission lines and franchises.
(e) Dividends.
Appropriate provisions shall be made by covenant prohibiting the pay
ment of dividends on capital stock (1) until the cumulative Interest on the
bonds for the two years ending Feb. 1 1936, shall have been fully paid;
(2) if the company is in arrears in the payment of any sinking fund payment
for the years 1936. 1937 and 1938;(3) if the net working capital of the company (as defined in the scheme)shall at the time of payment of any dividend
be less than the sum of $1,000,000 after making provision for such dividend.
(f) Directorate.
The election of a board of seven directors to hold office for two years.
proposed directors are to be submitted for approval at the
The names of
-V. 134. p. 1201.
meeting of bondholders.
-Earnings.Douglas Aircraft Co., Inc.
For income statement for six months ended May 31 see "Earnings
-V. 134, p. 4330.
Department" on a preceding page.
-Earnings.
Eastern Manufacturing Co.(& Subs.).
Calendar YearsGrosssales
Freight, discount and charges to sales
Cost of goods sold
Depreciation of plant
Selling and administrative expense
1931.
1930.
56,047,466 57,169,757
366,364
470,357
4,601,608
5.377,203
399,926
393,896
561,102
504,534
Net operating income
Other income
$175,033
69,962
$367,199
273,070
Totalincome
Bond interest
Other interest
Other charges against income
5244,995
172,868
62,081
137,557
5640,269
203,042
42,538
145.137
loss$127.511
68,208
$249.552
133,485
Net income
Dividends paid on preferred stock
df.$195,719
Balance, surplus
Earnings per share on 111,568 she, common stock
Nil
(no par)
Consolidated Balance Sheet December 31.
1931.
1930.
1931.
Assets
-banks 1,152,000
594,358 Loans pay.
446,227
Cash
16,664 Trade accept. pay. 136,425
17,657
Notes receivable_ _
126,005
623,072 Notes payable_ _ _ _
Accounts receivable 501,646
1,956,044 3,104,575 Accts. pay -trade 232,511
Inventories
65,185
769,957 Accrued expenses.
operate 302,760
Pulpwood
27,448 Dom.Gov.of Can.
9,750
Marketable secur_
1,705
-Inc. tax 1930_
Misc. inv. & accr.
310,714 Res. for Fed. taxes
322,511
Interest
5,656,219 5,740,503 Div. pay. on pref.
Plant assets
stock
2,985,884 2,991,642
Timberlands
2,000
286,778 Mtge. notes pay
Prepaid stumpage_ 321,745
37,952 1st mtge, sink. fd.
37,940
Treasury stock_ 2,418,500
gold bonds
214,081
84,770
Other assets
Res. for contingen. 616,292
flees. for purch. of
2,142 Common stock_ _ _23,829,014
2,076
frac. corn. stock
61,589 Preferred stock__ _b1,935.650
Def. charges to oper 70,045
2,288,763
115,984 Surplus
88,734
Unamortized disc't
$116,067
$1.04
1930.
1,380,000
177.920
414,334
79,116
1,991
423,389
34,224
18,734
2,720,900
407,299
a3,829,014
b1,935,650
3,483,870
Total
12,804,050 14,905,441
12,804,050 14,906,441
Total
-V.132, p. 4772.
a 111,568 no par shares. b 39,113 no par shares.
-Introduces New Cine-Kodak.Eastman Kodak Co.
The company has introduced a new cine-kodak that promises greatly to
expand the field for this line. By a simple device, the new cine makes four
Images on the film where but one appeared before.
With the present 16 mm home movie camera, film for a four minute
picture costs $6. The new cine-kodak eight, as It is called, cuts this cost
to $2.25. The kodak is small and can be carried in the coat pocket. It
sells for $29.50 and tne projector for $22.50.
There is to be a complete library service of theatrical subjects and of
cinegraphs as there is for the original cine-kodaks.
Importing Cameras.
The company has begun importation of European cameras manufactured
at its Nagel Works at Stuttgart. Germany. The Nagel Works, which
heretofore confined their activities principally to Europe, were acquired by
Eastman last year. Kodak states that the new line of Continental cameras
will merely supplement the American line, being imported to meet the
growing interest In cameras of the European type which stress versatility
rather than simplicity.
The sale of the European type of camera in America at present will not
necessitate expenditure by Kodak for machine tools. Servicing and repair
work for the camera will be available in Rochester and through American
dealers, but, if future sales should justify it, consideration will be given
to the manufacture in the United States of the new line.
Because the imported Kodaks can use Kodak film-In roll or film pack.
-they share with the simpler Americandepending on the camera model
made cameras the advantage that the required photographic materials are
accessible all over the country.
Five models are being Imported and will go on sale in the near future.
These are the Kodak Pupille, Kodak Recomar 18, the Kodak Recomar 33.
the Kodak Rance and the Kodak Collenda. ("Wall Street Journal")-V. 134. P. 3088
.
-Earnings.
Eisler Electric Corp.
1929.
1928.
1930.
1931.
Calendar YearsNet profit after deprec.,
$200,498
$1,959 51,046,232
Income,tax., &c.xloss$362920
Fed.
Shares capital stock out200,000
200.000
300.000
300.000
standing (no par). _ _ _
$5.23
$0.01
$1.00
Nil
Earnings per share
x After setting up $82.020 reserve for depreciation, $63.259 reserve for
for inventory fluctuations.
doubtful accounts and $230,000 reserve
Balance Sheet December 31.
1931.
1930
1930. i Liabilities
1931.
Assets$5,500
$142,971 $203,534 Notes payable_
Cash
530,502
38,430
51,253 Accounts payable.
49,875
bonds
Municipal
5.748
1,662
151,551 Accrued liabilities_
83,749
Accounts receiv_ -Due to officers and
1,088
Accrued int. rec.51,461
28,070
employees
54,250
55,380
Notes receivable
423,436 Reserve for inven490.214
Inventory
tory fluctuatMs. 230,000
14,570
17,084
Other securities.- 44,851
52,380
, tes
Mort a- payable
Land, bldg., mach.,
829,1155 Capital stock and
equipment, &c. 763,785
x2,050,072 2.413,283
surplus
758,102
763,159
Patents
5,237
11,129
Deferred charges- 38,077
38,072
Organization exp4,471
Other assets
32.421,976 52.529,910
Total
32,421,976 $2,529,910
Total
-V.133, p. 294.
x Represented by 300,000 no par shares.
-Probable
Electrical Products Corp., Seattle, Wash.
Consolidation.
Products Corp. of Washington
Plans for the consolidation of the Electrical
Electrical Products Corp. of Montana. Electrical Products Corp. of Utah
Into a new operating company
and Electrical Products Corp. of Colorado Consolidated were revealed at
probably to be known as Electrical Products
company.
the annual meeting of the Washington
ViceThe stockholders, instructed George K. Comstock, Executiveand to
the negotiations
President of the Washington company, to continue
them for final approval at a special meeting to be called in the
present
future.
If the merger is effected, the Neon business from the Rocky Mountains
west would come under the control of the new corporation and the Claude
Neon Electrical Products Corp.
Reviewing the annual business of the Washington company, Mr. Comstock showed it to be in receipt of a steadily increasing surplus account,
which on May 31 last, amounted to $138,802. The cash account of the
company as of the 15th inst.amounted to $129,767. (Los Angeles"Times")
-V. 134. p. 3829.
-Earns.
Electrical Products Corp. of Colo.(& Subs.).
Calendar YearsGross profit on rentals
Gross profit on miscellaneous sales
1931.
$172,324
547
1930.
$148,685
loss3.320
Total gross profit
Sign maintenance, general & administrative expenses,losses from cancellation of contract
$172,871
$145,365
109,964
89,039
Net operating profit
Miscellaneous income(net)
$62,907
854
$56,326
1,768
Netincome before Federalincome tax
Federalincome tax
$63,761
7,125
$58,094
7,034
$56,636
Consolidated Balance Sheet Dec. 31.
$51.059
Netincome
AssetsCash, mktle. secs.
notes&accts. rec.
Inventories
Inv.in rental eqpt.
Permanent eqpt_ _
Rental contracts_ _
Deferred charges_ _
Other assets
1931.
1930.
$92,218
14,015
306,877
25,527
890,242
140,749
2,501
378,117
25,026
274,846
34,630
950,350
136,321
4,183
1930.
Liabilities1931.
Accts. pay. & accrued expenses_
315,512
Fed. inc. tax prov_
7,125
Deferred income_ _
47,462
Res. for unearned
890,242
rentals
x358,824
Capital stock
Surp.from retlrem
19,198
of cap. stock_ _ _
Surplus from Opus. 133,766
$24,452
7,034
45,407
950,350
389,980
86,249
$1,472,129 $1,503,472
x Represented by 45,906 shares of no par value.
-V. 133. P. 3974.
Total
31,472,129 31,503,472
Total
-Defers Dividend.
& Musical Industries, Ltd.
The directors on June 30 decided not to pay the semi-annual dividend
of 3% due July 15 on the 6% cum, preference stock, par £1.-V 134,
p.3281.
Elgin National Watch Co.
-Financial Report.
-Year Ended Dec. 31 1931.
Statement of Surplus
Surplus Dec. 31 1930
$5,266,364
Lossfrom operations(including $429,819idle plant expenses and
1,057.558
manufacturing costs arising from subnormal production)Reduction of inventories to market or realizable value, and to
write off obsolete merchandise,$1,098,168; less reserves in respect thereof provided in prior years, $703,495
394,673
Reduction of securities to quoted market values at Dec. 31 1931
347,287
250,000
Reduction of book value of small tools
Total deductions
$2,049,519
Balance
3,216,845
Refund of Federal tax and reduction of provision made in prior
years for general taxes
108,803
Gen.reserves provided in prior years now restored to Burp.(net)
213,612
Total
Dividend paid Feb. 2 1931
$3,539,260
150,004
Surplus Dec. 31 1931
$3,389,255
Balance Sheet Dec. 31.
1931.
Assets
Cash
968,824
Accts. dr notes rec. 1,445,719
Marketable secur_ 1,817,255
Inventories
5,801.538
Investments
Other assets
140,976
Deferred charges_ _
54,429
Land,factory,b1dgs,
machy..$ equip..x4,540,469
National house and
gymnasium _ _
61,128
Total
1930.
Liabilities
Notes pay.to banks
700,000
694,262
Accts.& wages pay 311,036
Accrued taxes_ _ .._
130,047
150,000
General reserves.. 1,000,000
1,463,209
Res. for conting
Capital stock
10,000,000 10,000,000
3,389.255 2,266,364
58.115 Surplus
1931.
1930.
316,944
2,589,761
1,597,332
8,979,235
154,000
4,511,607
66,842
14,830,338 18,273,875
Total
14,830,338 18,273,835
x After depreciation of $3,701,608.-V. 134, p. 2156.
Calendar YearsTotal income
Expenses
1931.
1930.
$2,079,629 $2,071,174
9,754
7.006
Netincome for the period
Earned surplus at beginning of period
$2,069,875 $2,064,168
85,682
13,523
Gross earned surplus
Preferred dividends
Class A dividends
Class B dividends
$2,155,557 $2,077,691
197,736
295,141
130,091
137,274
1,562,264
1.559,595
Earned surplus at end of period
Shares class A and B stocks outstanding
Earned per share
Balance Sheet Dec. 31.
$265,468
675.541
$2.77
was filed by four major stockholders, the:firm being unable:to:meet its
obligations.
-Earnings.
Endicott Johnson Corp.
For income statement for six months ended June 4 see "Earnings Department" on a preceding page.
Comparative Consolidated Balance Sheet.
June 4 '32. July 3'31.
Assets$
$
x ProPerty acct.__ 9,386.214 9,311,679
Good-will
7,000,000 7,000,000
Inventories
10,870,209 11,902,392
Accts.receivable
7,040,653 8,591,942
Employees building fund, &c._ _ _ 2,162,905 2,141.498
Sundry debt
553,794
561.242
U. S. treas. bds- 250,000
125,000
Inv.in sub. co
-156,816
389,344
417,357
Emp. stock acct._
Prepaid tax, &c._.. 145,663
Cash
4,725.769 5,005,126
4
4
Deferred charges
Total
June 4 '32. July 3 '31.
Moralities
Preferred stock... 7,404,600
Common stock._y20,268,000
Notes payable.... 635,449
251.398
Accounts payable_
Sundry credit and
accrued wages__
588,691
304,118
Federal tax
476,563
Tax reserve, &c.
5,400,000
Approp. surplus
Initial surplus.... 2,653,156
Earned surplus_ _ _ 4,570,593
42,552.568 45,185,043
x After depreciation.
134, p. 4330.
$85,682
677.890
$2.75
1931.
1930.
1931.
1930.
Liabilities
AssetsS
$
Cash
3719 Dividends payable $724,984 $388.379
$5,397
Divs.rec.from sub 888,676
442,474 Due to Emerson
Investments in cap89,927
Drug Co
79,090
ital stocks of sub25,024,470 25,017,694 Preferred stock... 2,472,100 2,471.725
Class A stock
1,516,703 1,590,585
18,749,565 18,746,085
Class B stock
Capital surplus... 2,099,796 2,099,341
Earned surplus. _ _
265.468
85,682
25,918,542 25,460,887
Total
Eskimo Pie Corp.
-Earnings.
-
Pointing out that no single interest payment on the 42 bond issues sponsored by the corporation has as yet been permanently defaulted, Hill,
Thompson & Co. in a letter to holders of Empire issues are advising against
hasty action in depositing their bonds with protective committees. A voluntary receivership for the Empire concern was announced last week,
and Philip J. Dunn was appointed receiver.
In particular cases some steps to protect the interests of bondholders
may become necessary, it is pointed out by Hill, Thompson & Co. Each
situation must be judged on its merits and care taken to avoid the needless
expense often incurred by committees which have no definite plans or
help to suggest. Hill, Thompson & Co. was formed several months ago
to bring the sales and trading departments of the Empire Bond & Mortgage Corp. together in a new independent organization, specializing in
Empire issues.
-V. 134, p. 4667.
-Omits Div.
Equitable Mtge. & Title Guarantee Co.
The directors recently voted to omit the semi-annual dividend ordinarily
payable about June 1 on the capital stock, par $10. On Dec. 1 last a semi-V. 134,
annual disbursement of 2%% and an extra of 23.i% were made.
p.3281.
(... '-Erie (Pa.) Malleable Iron Co.-Receivership."
Fodoral Judge Nelson McVicar at Pittsburgh has appointed A. W.
Mitchell of Erie,Pa.,and S. Watts of N.Y.City receivers. A suit in equity
1931.
$42,237
45,740
61,671
1930.
$$2,468
38,784
loss$65,174
324,540
$53,684
322,632
loss$259.366
$376,315
51.775
Calendar YearEarns, after deducting operating charges & exps _ __
Other deductions & income(net)
Prov. for coupon redemp. & contingencies
Balance, surplus
Surplus,Jan. 1 1930
Total surplus
Dividends paid on 7% cum. pref.stock
$324,540
loss$259,366
Balance Dec. 31 1930
Note.
-At Jan. 4 1932, cumulative dividends on preferred stock were in
arrears from Oct. 5 1930 in the amount of $86,293.
Balance Sheet Dec. 31.
1930.
-1931.
1930.
1 Loabililies-1931.
Assets
$20,884
$5,577 Accts. payable for
Cash
$14,528
$7,939
purchase, &c_ _ _
Customers'notes&
16,626 Accrued real, peraccounts reedy.
40,770
150,000
sonal & franchise
Other notes reedy_
1,079
1,045
taxes
24,465
26,899
Mdse invent
42,920
x3,170,083 3,105,539 Subscription pay..
Other assets
Accts. payable
Furliture, fixtures
affiliated & sub4,839
& equip
47,822
8,896
sidiary cos
Patents & trade57,811
86,935
435,150
435,150 Reserves
marks
986,200
986,200
188,190
Deferred
269,109 7% pref.stock_ _ _ _
Common stock...y2,534,000 2,534,000
324,540
259,367
Earned surplus_ _ _
Total
33,884,381 $4,008,901
$3,884,381 $4,008,901
Total
x Other assets are as follows: Capital stock and accounts receivable:
subsidiary companies, $3,305.955, ess unpaid subscriptions, $221,500:
balance. $3,076,455; investment in securities at cost, $71,286; containers,
new leased, and repossessed, depreciated book value, $12,035. investment
in real estate, $7,069; sundry notes and accounts $3,237. y Represented
by 48.350 shares class A stock (no par) and 317,155 shares class B stock
(no par).
-V. 132, p. 4420.
-Earnings.
Essex Co., Lawrence, Mass.
Profit and Loss Account for Year Ended Dec. 31 1931.
$87,164
Current receipts for the year
9,194
Rent of buildings and lands
45.387
Interest collected
1,500
Sale ofstone from ledges
$143.245
47,161
60,000
23.911
10,000
1,424
253
Total receipts
Taxes for the year (State, municipal & revenue)
Dividends
General expenses
Grading
Repairs
Loss on sale ofsecurities
$495
385,974
$386.469
Balance as of Dec.31 1931
Balance Sheet Dec. 31 1931.
Assets
Rest estate
Millleases
Bonds
Investments
Notes secured by mortgages_
Cash
Accounts due
Guaranty fund
$100,000
400,000
477,697
7,680
239.629
10,500
2,966
300,000
$1,538,472
Total
Liabilities
Capital stock
Water power
Reserve
Grading
Prepaid millrents
Profit and loss
$500,000
300,000
300,000
50,483
1,519
386,469
$1,538,472
Total
-V. 132, p. 3721.
-Earnings.
Ex-Cell-0 Aircraft & Tool Corp.
Calendar Years
Gross profit, before depreciation
Selling, administrative & general expenses
Miscellaneous expenses (net)
Depreciation on buildings, machinery & equipment
1.i.L .
vp8jr.
44 ,47u
18,413
191,51)7
1930.
$488,784
435,114
34,127
173,907
Net loss
Dividends paid
$259,109
$154,365
176,404
$259.109
$330,769
25,918,542 25,460,887
Empire Bond & Mortgage Corp.
--Advises Against Hasty
Deposits of Bonds With Protective Committees.
-
802,598
206,068
843.917
4.950,000
2,653,156
5,184,692
42,552,568 45,185,043
Total
Deficit
Total
-V.133, p. 3974.
8,869,100
20,268,000
647,441
760,071
y Represented by 405,360 shares par $50.-V.
Balance
Balance as of Dec.31 1930
-Earnings.
Emerson's Bromo-Seltzer, Inc.
•
135
Financial Chronicle
Volume 13S
Balance Sheet Dec. 31.
1930.
1931.
Liabilities1930.
$64,386 Bank notes payable $300,000 $200,000
20,000
0th. notes payable
64,270
93,209
249,835 Accts. pay -trade
Accrued payroll,
42,937
57,119
commissions, &c
6,779
495,568 Land contracts &
32,631
32,016
Intges. payable_
47,059 Long-term indebt224,919
199,789
ness
45,076 Salary & bonus to
15.249
executives
Deferred credit to
14,371
14.371
43,398
income
132,488,055 2,472.806
6,879 Capitalstock
def189,182
64,789
2,169 Surplus
Assets
1931,
Cash
$71,133
Customers'notes &
_
accounts receiv. 368,284
Miscel. notes & accounts receivable
15,343
399,141
Inventories
Prep'd insur.,taxes
48,897
& other charges_
Bal. due from offi29,992
cers & employees
Land contract receivable-including interest__ _
44,305
10,599
Life insur. policies_
Miscell. investmls
20,012
Property, plant &
equipment
a1,836,298 1,992,501
41,842
Perishable toots_ _ _
36,939
Real estate acquired
for expansion pur112,540
112,363
poses
22,509
23,500
Patents purchased
1
1
Good-will
Total
$3.015,992 $3,131,356
Total
$3,015,992 $3,131,356
a After depreciation of $653.971. b Represented by 376,810 no par
shares.
-V. 134. p. 3282.
136
Financial Chronicle
Eureka
Pipe Line Co.
-New Secretary.
E. Williard Ziegler has been elected Secretary of south West Pennsylvania
Pipe Lines and of Eureka Pipe Line Co., succeeding the late Vernon S.
Swisher.
-V. 134, P. 1380.
Exchange Buffet Corp.
-To Write Down Good Will, &e.
In a letter to the stockholders, President G. W. Miller stated that at the
annual meeting on July 13 the stockholders would be asked to approve the
action of the directors in writing good-will down to $1. in establishing a
reserve of $449,999 against the book value of the second mortgage bonds,
now cumulative income bonds, of the 19 John Street Corp., and the return
to earned surplus of amounts provided therefrom in previous years for the
amortization of good-will and leasehold accounts.
-V. 134. p. 4501.
Fageol Motors Co.
-Earnings.
(Including Fageol Motors Sales Co.)
Calendar Years1931.
1930.
1929.
Net sales
51,507,839 $2,135,956 $3.971,858
Cost of goods sold
1,248,079
1.702,902
3,096.550
Factory expense
452.662
556,024
439,986
1928.
$3,612,564
2.793,819
390,093
Gross prof.from sales loss$192,902 loss$122.970
Royalties
Int.& disc. & misc. prof_
$4435,322
75,000
111,694
$428,652
75,000
159.471
Gross prof.from oper Joss$192,902 loss$122,970
Comml & selling expense
Interest and discount- -Income charges
58,520
390.708
$622,017
321,067
147,291
$663,123
303,570
157,037
$153,658
58.835
$202,510
Profit before Federal
loss$583,611 loss$181,490
ncome tax
Preferred dividends__
59,563
Balance, surplus
def$583,611 def3241.053
$94.823
Earns. per sh.on 200,000
Nil
Nil
shs.corn.stk.(par $10)
$0.47
Consolidated Balance Sheet Dec. 31.
pan.
1931.
Liabilities1931.
A guts$43,928 Notes payable_ __ _ $342,990
$7,151
Cash
10.838
Notes, accounts &Trade acceptances
553,468 Accounts payable_
430,011
accept's reserva_
176,705
853,755 1,265,950 Taxes payableInventories
28.352
Dep. on contracts_
Real estate, bits6,019
723,372 Interest on bonds_
mach., fixtures. x667,746
9.025
1 Commissions6,762
1
Patents
Investment
12,090
12,090 Reyaltles
119,237 Enters' bonus
Prepaid exnews__ 106,227
Stock premiuns &
Deferred credits-.
22,863
2,044,485 2,041,435 8-yr. deb. bonds__
discount
375.000
Mort-mze
Common stock_ 2,000,000
Preferred stock... 1,000,000
Earned surplus._ _1 142,390
Capital surplus__ _ f
$202,510
$0.72
1930.
$328,138
24,368
132,720
5,481
2,085
1,560
416
20,413
414,000
33,900
2,000,000
1.000,000
{6F
3:igg
$4.121.4
.769,581
Total
Total
$4.121,486 $4,769,581
x After depreciation of 5257,861.-V. 134, p. 1380.
Fashion Park Associates, Inc.(& Subs.).
-Earnings.
[Including Fashion Park Associates, Inc.. proportions of profits and losses
of partly
-owned subsidiary companies.]
Years Ended Jan.311932.
1931.
Sales
-Net (consolidated basis)
$20,175,270 $24 478,433
Cost of sales
13,248.850 16.916,693
Operating expense
7,804,694
8.530,224
Deprec. & amort.(applicable to operations)
343.776
346.091
Net loss from operations
Other income,incl. building & leasehold income_
Total loss
Other deductions, including operating expense of
• buildings and leaseholds
$1,222,049
1,070,568
$1,214,574
867,065
$151,481
$147,509
1,027,952
1,100,464
Net loss
$1,179,433
Fashion Park Associates, Inc., proportion of profits
& loss of partly owned subsidiary companies_ _ _ _
225,342
Adjust. on & cancell. of employ. contracts, &c_
$1,547,973
234,606
7,662
Total net loss
41.404.774 $1,790,241
x Does not include loss on sale of Kaufman's, Inc.. of 5132,336, charged
direct to surplus account.
Consolidated Deficit Account as at Jan. 31 1932.
[Including Fashion Park Associates, Inc., share of undistributed surplus
or deficit of partly-owned subsidiary companies.]
Deficit-Balance as at Jan. 31 1931
Deficit
$1.512,338
Capital surplus
365,438
Deficit
$1,146,901
Net loss for year (as above)
1.404,774
Loss on sale of Kaufman's, Inc.(a partly owned sub. co.)
132.336
Adjustment in connection with invest, in partly-owned subs.).. _
52.628
Addition to reserves for dividends on minority-owned pref. stock
Shulman & Co.(common stock is wholly-owned by Fashion
of
Park Associates, Inc.)
5,369
Assessments and adjustments of prior years' State & Fed. taxes
. 37,261
Total deficit
82,779.270
Adj. of rent reserves, cash sur. val. of life ins. policies, &c__ _ _
6,861
Adj of prov. for additional compensation in prior period
.
2.789
Balance as at Jan. 31 1932
42,769,620
x Consisting of deficit. $3,135,058; balance of capital surplus arising
through acquisition of wholly-owned subsidiaries. $365,438.
Consolidated Balance Sheet Jan. 31.
1931.
1932.
1932.
1931.
LiabilitiesAssets
$
$
$
$
7% pref.stock ____ 8,309.200 8,309,200
Land, bides., leaseholds,mach.,&c_53,746,816 4,007,087 Common stock_ _ y4,540,015 4,540,015
794,544 Notes & accts. pay. 2.775.820 3,535,048
1,094,523
Cash
439,727 Accr. salaries, comNotes dc accept rec. 324,088
2,917,992 4,096,690
missions, &c.___ 224,429
Acets receivable
222,677
Res. for Fed, taxes
Cash surr. value of
86,687
102,572
insurance policy
di contingency__
68,600
75,240
4,189,716 4,985.825 Notes payable (not
Inventories
1,428,801 1,744,903
current)
Other assets
753.875
752,000
330,831 Special reserves_
254,987
Deferred charges
33.383
71,062
1
1 Term. pur. oblige_
Good-will
37,252
46,779
Minority interest_
86,543
81,174
Deficit
2.769.620 1,146,900
14,059,498 16.486,295
Total
Total
14,059,498 16.486,295
x After depreciation of 32,154,350. y Represented by 300,397 no par
aliares.-V. 134. p. 3987.
Fidelio Brewery, Inc., N. Y. City.
-Stock Offered.
Bauer, Pogue & Co., New York, are offering at $2 per share
500,000 shares of capital stock (par $1). The stock is offered
as a speculation. A bankers' circular shows:
Capitalization.-Authorizod and outstanding upon completion of this
financing 1,000,000 shares (par $1), full paid and non-assessable.
Business.
-Company is to be organized and incorporated in New York
to take over the business heretofore conducted by Norman S. Goldberger
under the name of the Fidelio Brewery and the property and assets (other
than cash) heretofore owned and used by him in connection therewith.
In October 1920, he took over the business from the Fidelio Brewing Co.,
Inc., organized in 1890 to acquire the business of H.Koehler & Co.,founded
in 1852.
July 2 1932
The business consists of the production and sale of various brands of
cereal beverages under United States Government permit.
Property de Equipment -The site contains over 36,000 square feet of
land and the plant includes a brew house, a malt house, two refrigerated
stock houses, a bottling department with two units, a plant for generating
electricity with 1,000 h.p. boiler capacity, and a garage. Other facilities
of the brewery include complete modern equipment and automatic machinery for brewing and bottling cereal beverages.
The brewery property occupies the block front between 29th and 30th
Streets on First .Avenue, New York.
The cereal beverage products of the business include the following wellknown trade brands: Fidelio Purity Brand Malt Tonic, Fidelio Old Lager,
Fidelio Double Brew, Fidelio Red Label and New Yorker Brew.
These products are on sale in more than 20,000 stores in the Metropolltan
District. The brewery supplies chain stores and a widely diversified group
of independent dealers.
Approximately 25% of the brewery's present business is represented in
the sale of the Fidelio Purity Brand Malt Tonic.
Production and Sales.
-It is estimated that the bottling capacity of the
plant, with additional facilities which could be readily added, would be
upwards of 5,000,000 cases of 24 bottles each, annually. The present
brewing capacity of the plant, to wit. 400,000 barrels per annum is sufficient
to supply such bottling capacity.
Total Annual Distribution in Bottles.•
1921
7,337,520
1925
21.972,864
1929
21,965,136
1922
10.554,058
1926
18.567,144
1930
18,849,216
1923
14,533,464
1927
18,862,426
1931
15,854,904
1924
18,148,109
1928
18,974,712
* Including distribution in barrels computed at the rate of 324 bottles
per barrel.
Earnings and Assets.
-This brewery like other prosperous breweries,
was put out of business by the Prohibition Law. In spite of the difficulty
of starting the new business of producing and selling cereal beverages to
take the place of beer and operating an expensive plant at less than 15%
capacity, the management has been able to operate the brewery with only
a relatively small annual loss for the past 12 years. During this period
the plant has been kept in good condition, the brand "Fidelio" has been
kept before the public and its producing and distributing facilities maintained in good condition.
It must be understood that this stock is not to be considered attractive
either from the standpoint of earnings or assets if the plant were to operate
permanently under the present prohibition law. With modification of the
Volstead Act, the present enforcement law, so as to permit the brewing
and sale of beer, the earning power and asset value of this company should
be enormously increased. With the addition of two bottling units and some
storage space,the company would be in a position to produce the equivalent
of 5,000,000 cases of 24 bottles each of beer per annum.
Purpose of Issue.
-Until such time as the brewing and sale of beer is
made legal, the principal immediate consideration of the management will
be to use a portion of the proceeds from the sale of this issue of 500,000
shares of common stock for the further development and expansion of its
business under the existing law.
Listing.
-Corporation is to agree to make application in due course to
list this stock on the New York Curb Exchange.
Fifty-Five Fifth Ave. Building (Fifty-Five Fifth Ave.
Corp.), N. Y. City.
-Pays May 1 Interest.
The Manufacturers Trust Co., as trustee under an agreement dated as of
Nov. 1 1924, respecting the 1st mtge. 20
-year 6% s. f. gold loan certificates,
has received funds in the amount which became due upon said certificates
on May 1 1932. for the payment of the interest coupons maturing on that
date. Coupons may be presented at the coupon-paying department of
the trust company at 149 Broadway, N. Y. City.
-V. 134. P. :3987.
Firestone Tire & Rubber Co.
-Earnings.
For income statement for 6 months ended April 30 see"Earnings Depart-.
ment" on a preceding page.
-V. 134. p. 513.
First Bancshares Corp.
-First Bank Trust Shares, Series
"B" (1941) Removed From List.
-See Allied Business Corp.
Shares, Inc., above.
-V. 131, p. 3049.
First National Corp. of Portland.
-Earnings..
Year Ended Year Ended Mar.4'2910
PeriodNet earnings
Reserve for Federal taxes
Dividends
Surplus
Assets
Cash
Bank stocks
Other investments
Notes receivable..
Accts.receivable-Accrued int., &c- Office equipment.
Organization exp.
Dec. 31 '31. Dec. 31 '30. Dec. 31 '29.
5145,459
3169,611
$157,203
10,000
165,148
141,612
143,822
def$6,153
$4.463
$13,381
19C3or.
Comparative Balance Sheet Dec. 31.
Liabilities1930.
1930.
90000
0
$1,554 Class A stock... _x$33:1415031:00. 0 $3,100 000
$2,395
450 0
:00
3,000,125 2,802,444 Class It stock
614,193 1,011,742 Rea, for taxes
8,210
10,000
Divs. payable_ _ -183,755
35.000
40,240
Notes payable_ _ _ _
313,657
12,905
22,417 Accts. payable__
1,648
Pald'in surplus__ _
889
233,318
233,318
12,000 Earned surplus...
12;666
9,696
15,844
Total
Total
33./49,124 /3.451,050
$3,849,124 53,851,050
z Represented by 70,000 class A strtres no par value
y Represented by
13,333 class B shares of no par value.
-98.4% of the voting stock is owned by Transamerica Corp._
Note.
V. 133, p. 808.
Fitz Simons & Connell Dredge & Dock Co.
-Earnings.
-1929.
Calendar Years
x Net income
8.699
$13
.
5176,166
$3312,750
Preferred dividends_
4,240
4.240
Common dividends
120,765
128,592
109,863
Common dim(stock)..31,386
27,843
1928.
$327,785
4,970
98,312
Surplus for year
541,574 def$17.692
$170,804
3224.503
Shs. common stock outstanding (no par)._ _ _
66,664
66,821
60.432
y50,000
Earnings per share
$2.06
$2.54
$5.10
$6.42
z After charging all administrative and operating expenses, including
depreciation and Federal taxes. y Par. $20.
Comparative Balance Sheet Dec. 31.
Liabilities1931.
Assets1930.
1931.
1930.
Land, plant, and
Preferred stock...
$92.800
equip., docks4c31,432,710 $1,477.709 Common stock _x31,2.39,105 1,25/.320
177,341
217,525 Pur. money mt e.
Cash
,
45,549
300,443 Accts. pay.. &c.,
Marketable secure. 273,859
35,443
Notes & acct.r rec. 171,419
incl. 1)rov. for
41,429
Pod.Inc. taxes..
Cash val. life Ins
25,566
80,538
62,376
63,731 Dividend payable_
Inventories
49,702
243
30,000 Scrip ill viden ds _ _
Investments
30.000
909
99.216 Res. for contine__
Tremury stock...
70,549
25,000
25,000
Operatiew reserves 141,292
Sinkine fund (pref.
123,000
0,474 Deferred Income_
stock).
7.183
Lone tem notes
Surplus
734,638
712,780
10,129
receivable
9.726
12,234
11,845
Deterred charges- /2,212,757 11,320,77/
Total
Total
$2,252,757 82,320,778
x Represented by 66,821 no par shares.
-V. 134. P. 1202.
5 2 Park Avenue Building (502 Park Avenue Corp.),
N. Y. City.
-Reorganisation Plan.
The committee for first mortgage fee tyg, sinking fund gold bonds plan
for reorganization. The principal amount of bonds presently outstanding
is 53,706,000 with April 1 1932. and subsequently maturing coupons
attached. Of this numbor, as of June 17 1932, approximately 80% have
been deposited with the committee.
Summary of Plan of Reorganization.
(1) Each holder of a certificate of deposit representing a bond with
April 1 1932 and subsequently maturing coupons attached will receive in
exchange therefor.
Volume 135
Financial Chronicle
For each bond of the denomination V- $1,000.
$500.
$100.
a 10 year cumulative income sinking fund
mortgage bonds
81,030
$515
$103
Voting trust certificates representing comb
mon stock
5 shs. 1 sh.
10 she.
a All income bonds issued will go to the depositing bondholders. b In
order to effect economies in organization and documentary stamp taxes the
committee reserves the right to reduce the number of shares of common
stock to any lesser amount, but in any case the aggregate of voting trust
certificates given to holders of income bonds must constitute 55% of the
common stock ownersaip of the property, the remaining 45% to be issued
subject to cancellation as hereinafter provided.
Note.
-The committee may issue income bonds and stock as a unit.
(2) To accomplish the foregoing, the property will be sold on foreclosure and (in the absence of an outside bid which the committee regards
as satisfactory) thereafter acquired by a new company to be formed by the
bondholders' committee. The deposited bonds will be applied in part
payment of the purchase price.
(3) The committee expects to arrange for a new loan the net proceeds
of which together with other funds available to the committee will be
applied (a) to the payment ot all nece.ry expenses of the committee and
an
expenses incident ta the foreclosure sale and to the reorganization including
the amount distributable to non-assenting bondholders, (b) to payment of
taxes in arrears, (c) to provide working capital equivalent to substantially
six months' real estate taxes and 12 months' interest on the first mortgage,
and (d) to payment for acquisition of furniture and furnishings now in the
hotel building and all right, title and interest of Delmonico Corp. to the
name and business of Hotel Dehnonico.
Attention is called to the fact that the amount of the new loan, with the
exception of amounts applicable to working capital, taxes and expenses,
will be used to acquire the furniture and furnishings and for payment to
non-depositing bondholders, thus adding to the security and decreasing the
amount of income bonds to be issued and thereby increasing proportionately
the value of the security for the income bonds.
Capitalization of the New Company Will Be Approximately as Follows:
First mortgage
$700,000
a 10 year 5% cumulative sinking fund income bonds
3,81,7,180
y Common stock with full voting rights
67,382 abs.
x Redeemable at any time before maturity at par and accrued interest.
The amounts are based on 100% deposit of bonds with the committee and
will be reduced to the extent of the bonds not deposited,
y The number of shares of common stock is subject to reduction to any
lesser amount, in the discretion of the committee. In order to insure unity
of control, the stock will be issued to voting trustees. Voting trust certificates representing 55% of the total issued stock must be distributed to
depositors. Voting trust certificates representing 45% of the total issued
stock will be delivered to junior interests subject to cancellation within
10 years unless all operating charges and taxes upon the property, all
principal and interest requirements and other obligations of the new company under the first mortgage are met during that period and unless all
cumulative interest requirements on the income bonds are paid in full on
or before April 1 1942 and unless all other obligations of the new company
under the indenture pursuant to which the income bonds are issued for the
period to April 1 1942 be kept and performed. The effect of this provision
is to give the income bondholders full ownership of the equity of the
property in case of such cancellation.
Forecast of Income. Profit and Loss Oct. 1 1931 Through Sept. 30 1932.
Gross sales (rooms, food, &c.)
$421.000
Cost of sales (food, &c.)
36,000
Gross profit
$385,000
Payroll
110.000
Other expenses
43,500
Profit, operating departments
$231,500
Other income (store and office rentals, net).
96,100
Gross income
$327,600
General expenses, $75,500; bad accounts. $5,000: legal fees,
$1,700; heat,light and power,$60,000:repairs. $15,000:total,
unapportioned expenses
157.200
House profit.
$170,400
Real estate taxes
111,300
Net profit, before interest, amortization and depreciation$59,100
-V. 134, p. 4502.
507 Fifth Avenue, New York.
-Foreclosure Suit.
-
The New York Life Insurance Co. has brought suit in the New York
Supreme Court to foreclose a $1,000.000 mortgage on the 12
-story office
building at 507 Fifth Ave., between 424 and 434 Ste. The Rayon Holding
Corp. and the 505 Holding Corp. are named defendants.
The Rayon Holding Corp. made the original mortgage to Louis F.Bishop,
Frederic J. Middlebrook and Frank J. Sincerbeaux. as executors of the
estate of James B. Ford on Jan. 1 1929. The plaintiff alleges that the
defendants have failed to pay taxes for 1931 and the first half of 1932
and a balance of an installment of interest amounting to $4,348, which was
due Jan. 11932.
137
the creation of Associated National Shares, series A, said agreement and
declaration of trust as heretofore amended has been further amended to
provide for the issuance of trust shares having a par nr face value of 82.
Pursuant to the provisions of section 1 of article XVII and section 1 of
article VI of the agreement and declaration of trust entered into as of
July 15 1929 between General American Securities, Inc., and Empire Trust
Co., trustee, for the creation of Associated Standard Oilstocks Shares,
series A, said agreement and declaration of trust as heretofore amended
has been further amended to provide for the issuance of trust shares having
a par or face value of $2.
The foregoing amendments in no way affect the validity of certificates
heretofore issued. The holders of outstanding certificates may, however,
if they so desire, present their certificates to the trustee to have the change
effected by said amendment noted thereon.
-V. 134. P. 514.
General Box Corp.(& Subs.).
-Earnings.Calendar YearsOperating income
Deprec. & depletion
Interest
1931.
10888124,595
149.689
12,050
1930.
$163,084
146,619
31,034
1929.
$615,296
205,021
39.508
1928.
$421.763
128.788
33,498
Net income
loss$286,334 loss$14,568
Preferred dividends__ _ 85.155
$370.767
136.524
8259,482
92,008
Balance,surplus
loss$286,334 loss$99,723
General Box Corp. pref.
stk. pur. Si retired-Cr
113.330
$234,243
8167,474
Total surplus
Previous surplus
$234.243
515,189
$167.474
347,715
1os4173,004 def$99.723
649,708
749.431
Profit & loss surplus__
$476,704
$649,708
1515.189
$749,431
Shares of common stock
outstanding (no par)_
140,005
140,005
140.005
53,260
Earned per sh. on com__
Nil
Nil
81.49
$1.67
Consolidated Balance Sheet Dec. 31.
Assets1931.
Lta)tlities1931.
1930.
1930.
Cash
$65,257 Notes payable_ _ _ _ $150,000 5100,000
$138,531
Accts.receivable_ _ i 241,424) 293,363 Accounts payable_
37,256
40.563
Notes receivable..)
29,130 Accruals
16,628
30,474
5
Inventories
407,813
571,224 Preferred stock.., 2,267,300 2,573,700
Prepayments
'
16,395
29,090 Common stock _ _ _ x700,025
700,025
Deferred charses- 7,881
16,771 Capital surplus_ _ _
150,059
150,059
Investments
23,564
4,451 Earned surplus... 476,704
649,708
Cos. common stk.
Empl. say. dr stk.
80,647
Empl. say. & stk.
participa'n plan
6,350
participating
273,716 Purchase contract_
72,235
84,285
Land, bides., maFund, debt of subs
30,000
chine & equip. _y1,825,205 1,949,973 Subs. say. & stock
Timber & timber
participating
40,864
lands
143,541
169,124 Reserve for contIng
37,055
37,055
Leaseholds
23,662
29,633
Excl, territory liecease. g'dwill,&c 1,000,000 1,000,000
Total
53,913,661 $4,431,733
Total
$3,913,661 $4,436,733
x Represented by 140,005 shares of no par value. y After reserve for
depreciation of 81,008,420.-V. 132, p. 4068.
General Electric Co.
-New Department to Start Commercial Operations
The newly created air conditioning department of the company will
start commercial operations during the latter part of July in 25 cities in
the Northeast, it has been announced by .1. J. Donovan, Manager. District sales representatives are now selecting local business firms to market
the new line of air-conditioning and oil-heating equipment. Franchises
will be given to only one firm in each city.
General Electric engineers recently announced the development of a new
principle of progressive combustion by which it is possible to break a single
globule or drop of fuel oil down into more than 100,000.000 parts, thereby
permitting a much more economical use of oil for heating. This method
of combustion is being incorporated in the new oil furnace.
Cities in which commercial operations are to be started include Boston.
Worcester, Springfield. New Bedford, Fall River, Providence, Hartford,
New Haven Bridgeport, Albany, Troy, Schenectady. Utica, Syracuse,
Rochester,Jersey City, Newark. Trenton, Camden, Philadelphia, Baltimore, Washington and New York.
-V. 134, p. 4331.
s
eneral Foods Corp.
-Reduces Common Dividend
The directors on June 28 declared a quarterly dividend of
50 cents per share on the no par value common• stock,
payable Aug. 1 to holders of record July 15. This places
the stock on a $2 annual basis as against the $3 rate paid
since 1929.
The following statement was issued by the company:
"" -Flatbush Investing Corp.
--Dividend Deferred.
-
While it is estimated that earnings will be in the neighborhood of $1.50
per share for the first six months of this year the directors agreed unanimously on the conservative policy of declaring 50 cents per share payable
on Aug. 1 to holders of record July 15...V. 134. p. 3467.
Fourth National Investors Corp.
-Earnings.
For
The Pontiac Motor Co. replaces the Oakland Motor Car Co. as a division
of General Motors Corp. This change became effective April 1 and is
due to the fact that the Oakland car is no longer made, according to a
Detroit dispatch. (See also V. 134, p. 2349.)-V. 134, p. 4331.
The directors recently voted to defer the semi-annual dividend of 3g Vet
due June 30 on the 655% cum. prof. stock, par $100. The last semi-atmual
payment at this rate was made on Dec. 311931.-V. 134. p. 2157.
income statement for six months ended June 30 see"Earnings Department" on a preceding page.
--N. 134, 13• 4331.
Four Wheel Drive Auto Co., Clintonville, Wis.Consolidated Balance Sheet, Dec. 31 1931.Assets
LiabiWiesCash
$142,848 Accounts payable
$371,234
Accounts & notes receivable
1,006,912 Oust's dep. & Credit balances_
42,132
Sundry debtors & accr.
32,649 Accrued wages & Commissions_
75,196
Marketable bonds
221,689 Accr. real estate & personal
Other Investments
22,18$
property taxes
19,845
Inventories
1,496,925 Provision for Federal & State
Investments In other cos.._
Income taxes
8,399
22,584
Property and plant
506,269 Reserves
19,159
Prepaid expenses
32,576 Capital stock
1 724,300
Pats., trade-marks & develop_
23,988 Surplus
1,219,994
Total
Total
33,494,444
33.494,444
-zranklin
-
-)9. „., ,,,,,,
Mining Co.
st-:-
General Motors Corp.
-Oakland Car No Longer Made.
-
General Outdoor Advertising Co.
-Earnings.-
For income statement for quarter ended March 31 see' Earnings Department" on a preceding page.
-V.134, p. 1203.
General Stockyards Corp.
-Earnings.
-
Calendar YearsDividend revenue
-Common stocks_
Preferred stocks
Interest revenue
1931.
$694,033
33,000
1.521
1930.
$489,140
22,500
5,333
1929.
$451,948
19.500
5,722
Total revenue
Expenses
Taxes
$728,555
17.422
1,410
$516,974
11,488
2,683
$477.168
14.074
5,653
Net income
surplus, beginning of year
$709,723
602,468
$502,802
501,217
$457,442
400,775
$1,312,191 $1,004,019
154,725
161,552
192.000
240.000
$858,217
165,000
192.000
Capital stock of Franklin Mining Co. and of South Lake Mining Co. have
b
dropped from the Boston Stock Exchange list, the Boston transfer
and registration agencies having been discontinued.
. 132. p. 3350.
Total surplus
$6 dividend convertible pref. stock
Common dividends
(Wm.) Freihofer Baking Co., Philadelphia.
-Obituary.
William Freihoter, President and General Manager, died on June 28 at
-V. 121. p. 2279.
Ventnor, N. J.
(H. C.) Frick-Pittsburgh-Monongahela Co.
-To Pay
Bonds.
-
Balance, surplus
$965,466
1501,217
$602,468
Paid-in
356,296
356.298
356.296
Earned
609,170
144.920
246.171
Earns,per sh.on 64,000 shs,com.stk.
$8.67
$4.57
$5.33
Balance Sheet Dec. 31.
Assas1931.
1930.
Liabilities1931,
1930.
Inv., corn. stocks_$4,160,321 $4,160,321 Preferred stock_ _142,475,000 $2,475,000
Inv., pref. stocks_ 148,954
148,954 Common stock__ _c1,408,297 1,408,297
Cash
420,589
155,373 Dividends declared
85,673
87.474
Treasury securities a205,982
111,274 Tax liability
1,410
2.683
Paid-in surplus- _ 356,296
356.296
Earned surplus... 609,170
246,172
Total
34.935,846 34,575,922
Total
54.935.846 $4,575,922
a Represented by 2,385 shares pref stock reacquired. b Represented by
27 500shares, no par value. c Represented by 64,000 shares, no par value.
-tr. 134. p. 2349.
The 8600,000 1st lien 5% bonds due July 1 will be paid off at maturity
on July 1 1932 at office of the Union Trust Co.ofPittsburgh.
Gardner-Richardson Co.-Acguisittioti, &c.
-
See Richardson Co. below.
Garment Center Capital, Inc.
-To Pay Interest.
-
The Manufacturers' Trust Co., as trustee, 149 Broadway, N. Y. City.
announces that it has received funds to pay the interest which became due
-year 7% gold debentures, and will pay said interon May 1 1932 on the 15
est upon presentation of the coupons therefor.
General American Securities, Inc.
-Shares Given Par
Value.
Pursuant to the provisions of Section 1 of Article XVII and Section 1 of
Article VI of the agreement and declaration of trust entered into as of
May 1 1030 between this corporation and Empire Trust Co.. trustee, for
George Washington Hotel.
-Protective Committee.
-
Acting at the request of several large holders of first mortgage bonds, a
committee composed of J. Clydesdale Cushman, Chairman (Pres. of Cushman & Wakefield, Inc.): Ellsworth Bunker (Treas. of National Sugar Refining Co. of New Jersey), and Frost Haviland (J. H. Holmes & Co.) has
been formed to act in the interests of all holders of the first mortgage bonds.,
1381
Financial Chronicle
'leery{ Massey, Secretary of Cushman & Wakefield, Inc., has been elected
P.
Comtn ttee Secretary. Mr. Cushman states that protective action has
become necessary as a result of the receivership of the Empire Bond &
Mortgage Co., which guaranteed to pay interest and sinking fund installments, and because the mortgagor has defaulted in making of the monthly
deposits due from Sept. 1 1931 to June 1 1932.--V. 128 p. 2836.
(The) Georgian, Inc.
-Defers Preferred Dividend.
The directors have decided to defer the quarterly dividend due July 15
on the $1.60 cum. class A pref. stock, par $20. A distribution of 20 cents
ller share was made on this issue on April 15 last as against 40 cents Per
share previously each quarter.
-V. 134, p. 3988.
Gibson Art Co.
-Earnings.
Feb. 28
Years EndedFeb 29 '32.
1931.
1930.
Net earnings for year
$461,226
$723,213
$989,042
Federal income tax
61,073
89,359
104.253
Net earnings
4,400,154
$633,854
$884.789
Dividends paid
520,000
560,000
520,000
Balance
def$119,846
$364,789
$73,854
Previous capital and surplus
3,623,569
3,547,064
3,350,784
Refund on prior years' Income tax
1,489
Good-will written off
Dr169,999
Surplus adjustments
Dr195
Cr2,650
Total capital and surplus
$3.503,528 $3,623,569 $3,547,064
Earnings per share on 200,000 shares
capital stock (no par)
$2.00
$4.42
$3.17
Comparative Balance Sheet,
AssetsFeb. 2932. Feb. 2831.
Liabilities1931.
1930.
Cash
$58,911
$146,600 $267,809 Accts. & notes pay $92,974
Accts.& notes rec. 1,113,133 1,035,133 Accrued expenses_
28,937
11,027
Inventories
838,180
748,687 Accrued taxes_ _ _ _
23,354
Plant & equipml_ 1.307,522 1,691,805 Res. for Federal
Prepaid expenses_
92,633
71,278
income tax
89.358
61,073
Good-will
1
1 Notes payable_ _ _ _
145,000
145,000
Treasury stock.. _ _
333,441
136,506 Capital stock, surplus & undivided
profits
x3,503,528 3,623,568
Total
$3,831,512 83,951,221
Total
$3,831,512 $3,951,221
x Represented by 200,000 no par shares.
-V. 134. p. 3105.
Gilchrist Co., Boston.
-Earnings.
Year Ended Jan. 31Net income
Previous surplus (as adjusted)
1932.
$124,501
1,218,223
1931.
$41,419
1.213,336
Total
Stock dividend (6,737 shares)
$1,342,724
$1,254,755
33.685
Balance
$1,342,724 $1,221,070
Balance Sheet Jan. 31.
1931.
Liabgtties-1932.
1932.
1931.
Assets
$516,769 3349,348 Notes payable._ - - 3700,000 $700,000
Cash
Accts.receivable _ 1,166,732 1,329,653 Accts. payable dr
582.605
932,041
accruals
329,737
749,346
Inventories
Prov. for Fed. Inc.
Cash surr. val. of
dr State excise
61,493
54,286
ins.on llfe of pres
43,944
taxes
51,265
Bals. with recipro555,145
12,643
29,239 Common Stock... x555,145
cal insur. cos_ _ _
28,517
28,444 Surplus
1,342,724 1,221,070
Treasury stock
322.184
355.095
Equip. & lmpts..
73,636
55,400
Deferred charges....
14,640
11,168
Invest. securs_ _ _ _
Total
82,978,871 33,102,764
$2,978,872 $3,102,764
Total
-V. 132, p. 3722.
x Represented by 117,696 shares of no par value.
Gladding, McBean & Co.
-Annual Reportor 1931.
Operations for the year resulted in a net deficit of $393,179 after all
charges,including write-offs of $544.170, which were distributed as follows:
Depreciation and depletion, $250,228; inventory write-offs during 1931.
$144,228; investments, $83,349; accounts and notes receivable, $66,364.
The provision for depreciation for 1931 and thereafter has been reduced
In accordance with a program whereby all depreciable properties, standing
on the books as of the end of the year 1930 at approximately $3,995,000,
will be written down to a value of approximately 31,500,000 at the end of
the year 1940.
Balance Sheet Dec. 31.
1931.
1931.
1930.
1930.
Liabilities$
$
8
Assets$
86,365,735 6,545,001
6,130,451 6,354.202 Capital stock
Property
144,042 Notes payable__
60.493
106,000
Investments
334,948 Accounts payable_
200,732
368,017
Empl.stk.subsc.td.
Fed,income taxes_
21.334
Cap. stock of San
35.410 Deferred liabillties
47.533
26,427
Joaquin Mat.Co.
35.724
5,732 Surplus
2,374,134 3,133.628
Contracts recelvie See y
435,586
223.395
Cash
660.195
454,019
Accts. dr notes rec_
1.993,739 2,123,946
Inventories ____
106,337
90,314
Deferred charges._
Total
8,988,134 10,200,408
8,988,134 10.200,408
Total
a Represented by 226,982 no par shares. y Includes contracts receivable.
-V.133. p. 2443.
-Merger Ratified.
Glens Falls (N. Y.) Indemnity Co.
The stockholders of this company and of the Commerce Casualty Co.
on June 28 approved a merger of the two companies effective June 30. The
Indemnity company will assume all policies and obligations of the Casualty
company, which was formed in 1929, and take over all assets. The Indemnity company then will have assets of $8,500,000, capital of 31.000.000
and surplus of 51,400,000.-V. 134, p. 4165.
Globe Automatic Sprinkler Co. of the U. S.(& Subs.).
1931.
Calendar Years1°83387,747
x Net income
Divs,on sub.co.pref.stk.
r
Divs.on class A corn_ _ _ _
Divs.onClaS5BcOm
J
1930.
$7,643
1
1
1929.
$201,663
33,558
99,890
29,967
1928.
$241,526
33,558
99,890
59,934
$38,248
$7,643
348,144
loss$87,747
Surplus
X After depreciation, amortization of patents and license contracts,
all classes of stock after Feb. 1 1930.
taxes, &c. y Discontinued divs. on
Consolidated Balance Sheet Dec. 31.
Liabilities1931.
1930.
1931.
1930.
Assets&cur, by customer
Cash and working
3795,500 $1,000,000
notes & sects
$136,860 $244,284
funds
22,800 Unsecured notes dr
13,200
Marketable scour..
accounts
25,000
Notes &accts. rec.
Accounts payable,
assign.as coll.for
trade creditors_ _
68,117
117.457
928,187 1,150,827
liquid. of loans_
Divs, pay. on class
Notes & accounts
744,289
A corn. stock_ _ _
21,731
21.731
rec.(not assign.) 526,919
46,213 Accr. wages, taxes,
18.140
Uneompl. contract
commissions, &c
8,297
276,759
14,008
178,207
Inventories
138,735 Notes pay. for pur161,787
Accts.receivable....
chase of stock....
112,500
Claim for recov. of
Accrued accts. pay
7,032
loss onU.S.Navy
44,799
30,000 Uncompl. contract
31,466
contract
139,850 Unearned finance
Stks.of other corps 136,850
charges dr int _
51,654
86,002
303,837
x292,047
Property
7% cum.pref.stock
Patents and license
467,300
(subs.co.)
474,000
66,120
50,958
arreement
152.000 Class A cum. corn.. y828,180 1,198,680
152,000
Goodwill
17,665 Class B non-cum.
9,210
Deferred charges
corn,stock
x199,256
370,039
Total
32,604,365 $3,338,381
$2,604,365 $3,338,381
Total
y Represented by 27,606 shares (no
X After depreciation of $597,653.
-V. 132. p. 4069.
31,768 shares (no par).
par). z Represented by
lay 2 igi2
Globe & Rutgers Fire Ins. Co.
-Meeting Adjourned.
The stockholders' meeting, scheduled to be held on June 16 for the purpose of voting upon a change in the capital stock, has been adjourned until
July 7.-V. 134, p. 4165.
Godchaux Sugars, Inc.
-Earnings.- ,
-Years Ended Jan. 31--Ye6rs Ended June 30Period1932.
1931.
1930.
1929.
Profit from operations__
$664,769 $1,030.657 $1,617,877 $1,509,552
xInterest, &c
242,739
257,267
285,729
303,887
Depreciation
200,000
200,000
200,000
200,000
Prov. for Fed. inc. tax
38,500
Net income
$222,030
5534,890 31,132,148 $1,005,665
x Including amortization of bond discount and expense.
Dividends amounting to $336,027 were paid during the year ending
Jan. 31 1932.
Note.
-The regular quartezly dividends of $1.75 per share have been
paid on the $7 pref. stock since Oct. 1 1929 and of 50 cents per ,hare on the
$2 class A stock since Jan. 1 1930.
Consllidated Balance Sheet Jan. 31.
1932.
1931,
1932.
1931.
LiabilitiesAssets
$
$
$
$7 pref.stock
Real est., bides.,
2,739,700 3,050,000
equip.,&c
88,703,623 8,832,957 Com.stk.&surp.c 5,103,922 5,225,980
1
1 1st mtge. bonds_
Good-will, dm_ _
1,922.500 2,050,000
393,162 6% notes payable_
391,014
Cash
900,000 1,100,000
Awls & notes red. 6712,536
795,210 Accounts payable.. 186,594
295,706
Prepaid expenses_
53,547
Res. for Fed. taxes
38,500
Notes dr accts. rec.
Drafts & notes pay 1,070,000
880,000
64,015
(due after 1 yr.)
Other notes & 84,
Expenses re suit_ _
171,047
counts payable..
7.644
Sugar & molasses_ 1,648,147 1,825,774 Notes pay. (unsec.) 200,000
Materials dr suppl. 178,487
175,584 Other obligations_
3,010
Plant & grow crops
72,334
81,189 Res. for limn &
Mtge. notes rec_
23,540
other losses
28,722
101,179
Prop,held for sale_
109,613 Res, for coating....
38,035
Empls. acc'ts reo_
50.000
Investments
121,887
29,911
Deterred charges....107,676
197,874
Total
12,154,448 12,685.866
Total
12,154,448 12,685,866
a Includes real estate. $2,087,059; buildings, machinery and equipment,
less depreciation, $8,180,272; live stock, 3155.177; less reserve for depreciation of $1,718,885. b Less reserve for doubtful accounts and discounts. c Represented by 71.527 shares of class A and 80,522 shares
class B stocks, no par value.
-V. 134, p. 1966.
Gorton Pew Fisheries Co., Ltd.
-Earnings.
Years Ended March 311932.
1931.
1930.
1929.
1928.
Sales (000 omitted)
$2,417-- $3.461-- $4.066-.. $3.650- $33,602
Surplus (000 omitted)
711
945
943
850
708
Dividends per share
$2.75
$4
$1.50
$4
Consolidated Balance Sheet March 31.
1932.
Assets
1931.
Magi!
its1932.
1931.
$73,697
Cash
$84,257 Accounts payable_
$76,839
$58,762
U.S.elf, of indebt. 222,387
150,952 Reserve for State &
141,028
Notes & accts. rec
248,359
Federal taxes_
39.200
15,000
Merch.& supplies_ 644,307
783,497 Reserve for malting
40,000
40,000
Vessels
8265,931
350,418 Capital stock
c1,266,055 1,253,260
Plant & equip__ _ _ 6640,047
629,612 Surplus
944,980
711,020
103,438
Sundry assets......_
107,164
Total
$2,090,836 $2,354,259
Total
$2,090,836 $2,354,259
a After depreciation of $191,975
b After depreciation of $233,515.
c Represented by 37,658 no par shares.
-V. 134, p. 2349.
Goulds Pumps, Inc.
-Earnings.
Income Account for Year Ended Dec. 31 1931.
Net loss for year ended Dec.31 1931 (incl. surplus adjustments)
Preferred dividends
Common dividends
$452, 08
67. 2
35
2
22,425
Balance deficit
Surplus Jan. 1 1931
1,252,45
$ 19 8
54
8
2
Surplus Dec. 31 1931
5710,524
Balance Sheet Dec. 31 1931.
LiabUUiesAssets
Cash on dep. dc working funds.. $263,769 Accts. pay. accrued comm.,&c
Notes & accts. receivable
x319,918 Dividends payable
Inventories
865,683 Prov. for State franchise lax....
Miscellaneous investments_
26,094 Preferred stock
Equity in property
767,585 Common stock
Exp. applic, to future periods_
60,820 Surplus
$83,765
13,081
1,500
747,500
747,500
710,524
Total
Total
$2,303,870
$2,303,870
x Less reserve for doubtful accounts $28,417.-V. 134, p. 2349.
Granger Trading Corp.
-Acquired by Yosemite Holding
-See latter below.
-V. 132, p. 4251.
Corp.
Graton & Knight Co.
-Earnings.
Earnings for Calendar YearsNet sales
Net deficit after all charges and reserves
1931.
1930.
$4,723.371 $6,609.064
771,592
983,665
Condensed Consolidated Balance Sheet.
Jan. 2 '32. Jan. 3'31.
LiabilitiesJan. 2'32. Jan. 3'31.
Assets$84.751 Bank loans
Cash
$110,375
$225,000 $325,000
Accts.& notes rec_
352,112
675,551 Notes payable.. _
13,125
16,625
Inventories
3,350.534 4,113,877 Trade accept. pay.
24,866
187,174
Misc. investments
68,303 Accts. pay., accr.
39,280
Mtge.notes rec. _ _
49,754
wages, int.taxes,
47,875
Customers' notes &
&c122,146
220,163
80,678
accts. receivable
73,501 1st mtge. 5;4%
Employ's loans,&c
13,421
21,281
gold bonds
1,291,500 1,365,500
Inv. in & adv. to
7% cum. pref.stk. 2,062,920 2,062,920
Graton&KnIght,
Rea. for exchange.
1,640
1,640
Ltd., London....
87.841
127,041 Common stock .__y1,039,672 1.039,672
Prepaid int., ins.,
Res. for exchange.
653
653
61,521
57,245 Capital surplus.. _ 1.961,218 1,961,219
taxes,&c
Unamortized bond
Earned surplus....def761,547
46,146
98,319
disc. dr expense.
107,826
Land,bidgs.,mach
equipment, drc_11,739,238 1,847,581
35,981,194 $7,226,712
Total
Total
35,981,194 37,226,712
x After depreciation. y Represented by 83.173 shares (no Par).
V. 133, p. 2936.
Great Lakes Dredge & Dock Co.
-Earnings.
Calendar Years1931.
x Net operating profit.... $1,357,362
Other income
143,448
1930.
$2,430,270
82,174
1929.
$1,584,908
62,792
1928.
$1,175,080
117,407
Gross income
Federal taxes
51,500,810 $2,512,444
294,000
175.000
81,647,700
148,000
81,292.488
161,000
Net income
Dividends
$1,325,810
690,150
$1,499,700
b690,150
51,131,487
b690,150
$2,218,444
a690,150
5809,550
Net income
$441,337
3635,660 31,528,294
Shs, of capital stock outy60,015
standing (no par)-- 552,120
552,120
169,015
Earns. per sh. on cap.stk
$21.73
$2.40
$4.01
316.39
b 10%. x Net profit after depreciation of physical property
a $1.25.
of $552,454 in 1931. 8583.047 in 1930, 3573.150 In 1929 and $502,044 in
1928. y Par $100.
Financial Chronicle
Volume 135
Balance Sheet December 31.
1931.
1930.
1931.
1930.
Assets$
8
Liabilities$
$
Plant, tools,equipCap.stock & surpy15,055.247 14,541,469
ment,&c
x8,976,674 8,902,995 Accounts payable,
Investment secure. 224,084
208
&c
493.279
443,520
U. S. securities... 3,604,978 1,946,592 Due sub-contractCash
539,747 1,496,269
ors
187,777
Notes receivable_ 61,325
41.307 Reserve for FedAccts.receivable- 2,219,816 2,529,313
eral, &c., taxes_
189,863
316,198
Inventories
180,194
179,765
Other curr. assets_
22.699
95,180
Deferred assets_ _ _
95,649
109,557
139
The buildings in this block, formerly the company's printing plant, are
now utilized principally for storage purposes, and the property just acquired is being used for the storage of catalogues (Chicago "Economist").
-V. 134. P. 3988
.
---,Hamilton Woolen Co.
-Smaller Dividend Payment.
The directors have declared a dividend of $1 per share on the outstanding
32.275 shares of capital stock, no par value, payable July 15 to holders of
record June 30.
The company on Jan. 15 last paid an "extra" dividend of $2.75 per share
in addition.to a payment of $2 per share. On July 15 1931 a distribution
of $2 was made as against $1 per share in January 1931 and in July 1930.
-V. 134, p. 2919, 3283.
---Hathaway Bakeries, Inc.
-Omits Class B Dividend.
15,926,166 15,301,181
The directors on June 29 took no action on the semi-annual dividend
y Represented by 552,120
ordinarily payable about July 15 on the class B stock, no par value. From
July 15 1930 to and incl. Jan. 15 1932 semi-annual payments of 25c. per
Corp.
-Dividend Deferrea.- share were made on this issue.
-V. 134, p. 3468.
Total
15,926,166 15,301,188
Total
x After reserve for depreciation of$8,769,677.
shares of no par value.
-V.134. p. 683.
Graham-Paige Motors
The directors, it was announced on June 27, have voted to
defer the quarterly dividend due July 1 on the 7% cum.
pref. stock, par $100. The last regular quarterly payment
of P4% was made on this issue on April 1.-V. 134, p.4503.
F. & W.) Grand-Silver Stores Inc.--Sixioleerrfrom-biefl
The common s
it
3oi(no par value) has been stricken from the New York
k Exchange list
The
8tce stock has
stricken from the list because of the company's failure
to maintain a transfer office in New York.
-V. 134, p. 4669.
Greenfield Tap & Die Corp.
-Earnings.
Calendar Years1931.
1930.
1928.
1929.
x Net profit
los476.731
$138,567
$506.852
$659,655
x Net profit after all charges (including depreciation), but before Federal
taxes in each year.
Comparative Balance Sheet Dec. 31.
Assets1930.
1931.
Liabilities1931.
1930.
Pit & equip.,&c_a$2,799,391 $2,893,462 Common stock_ _b$2,301,393 $2,357,219
Cash
87,887 8% pref.stock_ _ _ _ 2,548,400 2,611,600
76,901
Notes & accts. rec_
235,646 6% pref.stock_ __
147,502
22,700
22,700
Inventories
943,763 1,051,555 Notes payable_ ___
75,000
175,000
Mort. notes reedy. 25,790
24,361 Accounts payable_
26,151
40.725
Prepaid expenses_
13,644
21,717 Fed,taxes reserve_
247,409
Investments
91,080 Other reserves_ _ _ 120,301
86,955
45,528
Good will
1,000,000 1,000,000
Sink, fund invest.
64,471
Total
85,093,945 85,500,181
Total
85,093.945 55,500,181
a After depreciation. b Represented by 129,953 shares of no par
value.
-V. 132. p. 2401.
-Greyhound Corp.
-Defers Div. on Class A Pref. Stock.
The directors recently decided to defer the quarterly dividend due July 1
on the $7 cum. cony. pref. A stock, series 1, no par value. The last regular
quarterly payment of $1.75 per share was made on this issue on April 1.V. 134, p. 2732.
Gruen Watch Co.
-Earnings.
Year Ended- -Calendar Years
Mar.3132. Mar. 31'31. Mar.3110.
1928.
Net prof., after deduct.
all int. chgs., State &
county taxes
1os4585,969
$332,675
$481,519
$552,229
Federal income taxes_
33,427
40,066
60,141
Net profit
less$586,969
$299,247
$441,453
Dividends paid
216.403
• 366.208
438.692
Balance,surplus
1088$802,372 los466,960
$2,760
Shs. of corn, stock outstanding(no par value)
113,610
113.663
120,748
Earnings per share
$1.42
Nil
$2.49
Comparative Balance Sheet March 31.
Assets1932.
Liabilities1931.
1932.
Cash
$120,951 $337,989 Notes payable_ ---52,485,000
Notes & accts. rec. 1,834.694 2,634,935 Accounts payable_
39,360
Inventory
2,113,393 3,277,725 Federal income tax
Mdse.sold on spec.
Accrued expenses_
9,964
terms
530,145
7% Preferred stock 1,981,300
Notes & accts. rec.
Common stock. y 2,840,250
subs
519.564
Pald'in surplus..258,974
Merchandise prepd 106,373
75,639 Undivided profits_ de1365,669
Investment in sub.
Burp. arising from
and other plants 1,270,617 1,221,117
appraisal
Fixed assets
375,740
442,357
Deferred and prepaid items
312,493
277,700
Treasury stk., prat
x20,450
Treasury stk.,corn'
x270,065
Watch models_ - -. 100,000
100,000
Good-will & pats
1
I
Total
x At cost.
$492,088
372.899
$119.189
117,786
$2.97
1931.
82,705.000
69,674
33,427
30,554
2,000,000
3,013,450
317,370
473,236
50,060
$7,249,179 $8,692,773
Total
$7,249,179 88,692,773
y Represented by 113,610 shares (no par).
-V. 134, p. 856.
Net profit on operations
Other Income
Gross income
Other deductions
Federal income tax
1932.
$682,346
695,917
1931.
$1,287,883
702.566
1930.
$383,303
224.268
def$13,571
30,215
$585,317
44.654
$159,035
33,325
$16,644
50.773
$629,971
52,623
69,628
$192.360
15,907
20,516
Net income
def$34,130
$507,720
$155,937
Dividends declared
93,000
93.000
Slur, cap. stk. outstand. (no par)
92,812
93,000
93.000
Earnings per share
Nil
$5.46
$1.68
Balance Sheet March 31.
Assets
1932.
1931.
1932.
1931.
Cash
$105.783 $228,366 Accounts payable. $64,451 $119,190
Accts. receivable_ _
137,589
357,165 Bank loans
300,000
Accr. royalties, &ci
3,941
5,140 Miscell. curr. liab _
16,112
Inventories
420,019
288,753 Accr. payroll, &c_
27,905
47,915
Employees' stock
Federal taxes pay_
69.628
subscriptions...
12.130
32,740 Dividends payable
45,540
Sundry investmls
8,870
5,700 Current bond maLand er bid,(8., net 175,107
137,817
turities
6,077
7.500
Mach'y & eq., &c_
345,792
210,838 Advance royalties_
4,375
57,600
Pats., less mortis.
53,275 Common stock_ _
8434,060
465,000
Good-will
1 Surplus
407,865
552,712
16,638
Prepaid expenses_
9,032
$1,286,471 $1,311,860
Total
Total
$1,286,471 $1,311,860
a Represented by 92,812 no par shares.
-V. 134. p. 3646.
(W. F.) Hall Printing Co.-Aeguisition.The company has purchased from the Foreman-State Trust & Savings
Dank. Chicago, trustee for the Joseph Tilt estate, the 8
-story building at
the northeast corner of Superior and Kingsbury Sta., Chicago, for $595.000.
giving back a purchase money mortgage for $395.000, due Nov. 27 1941,
with interest at
%•
The property, which fronts 230 feet on Superior St. and 130 feet on
Kingsbury, has been occupied under lease by the purchasing company for
several years. It comprises two-thirds of the frontage in that block on
Superior St., the Hall company already being the owner of the remaining
frontage.
Purchase of this building completes the consolidation of the entire block
bounded on the north by Superior St. and on the east by Townsend St.
1931.
$283,643
19.344
1930.
$339,620
24,070
1929.
$553.038
26,762
1928.
$371,345
26.765
Total income
Int., Fed. taxes, &c--
1302.988
59,760
$363,689
61,286
$579.800
96,281
$398,110
73.003
Net income
Common stock
Preferred dividends_
$243.227
74,686
21,700
$302,403
74.593
21,700
$483,519
148.249
48,825
$325,107
21.700
Balance, surplus
$303,407
$146,841
$206,110
$286.445
Earns, per sh. on 150,000 shs. corn, stock
(par $10)
$2.02
$1.47
$1.87
$3.08
Condensed Consolidated Balance Sheet December 31.
Assets1931.
1930.
Liabilities
Cash
$153,387 $114,841 Accounts payable_ $12 1. 2 $112,055
9 3,68
2
Notes & accts. rec. 199,674
239,704 Provision for Fed.
Inventories
382,787
33.383
405,191
income taxes_ _ _
33,228
Invests. In dr adv.
5,425
5,428
Dividends payable
to affiliated co_
81,694
10,286 Other Habil., def._
4.000
62,500
Mtg. pits. & equip 1,950,347 2,043,376 Res. for conting__
50,000
50,000
Marketable securs 100,458
Prof. stock of sub.
stock.
50.000
corporation ____
4,000
Patents, processes.
Comtr
310,000
Preferred stock_ _ _
310,000
12'545
formulae, &c___
510,000
560,000 Common stock_ __ 1,500,000 1,500,000
Deferred charges_
204,830
84,990 Surplus
1,507.866 1,393.344
$3,595,701 $3,458,187
Total
-V.134. p. 3830.
Total
$3,595,702 $3,458,187
Holland Land Co.
-Earnings.
-Calendar Years1931.
1930.
1929.
Lease rentals
$4,223
85,010
$23,467
Farming oper. (net)- - -19,166
30.603
8.099
Profit on land sales (net)
28,054
5,098
20,392
Int. on land sales contr's
52,061
49,730
53,666
Interest on warrants_ _ _ _
635
1,587
3,290
Miscellaneous income_ _ _
822
1,149
1,234
Total
$104,963
$128,632
$74,693
oper., &c., exp.
47,559
71.758
63,554
Depreciation
5,457
6.970
6,723
Loss on head. orch.,incl.
expense of removal
58,354
Int., loss on equip. sales,
&c. (net)
23,798
Net profit before Fedi
income tax
loss$6,407 loss$19.381
$49,902
Statement of Special Surplus Account at Dec. 31 1931.
Balance at Jan. 1 1931
-Liquidating dividends paid ($7)
Deduct
Balance at Dec. 31 1931
AssetsPlant, equip., &c_
Invest. In & adv.in
other cos
Land sales contract
Inventory on crops
U.S.treas. ctts_ _
Rect. dist.999 war.
in excess of liab_
Accts. receivable__
Cash
1928.
$15,949
16,550
66.388
59.330
5.807
2,097
$166,120
82,136
7,543
9.148
$67.293
$336.085
210.000
$126,085
Balance Sheet Dec. 31.
1931.
1931.
1930.
1930.
Liabilities$152,867 $381,614 Capital stock
5760,000 6750,000
2,054
Accounts payable_
9,315
7.433
3,734 Accrued payroll__
652
957,584
894,588 Deposits
2,100
13,870
15,257 Deferred profit on
20,006
38.07
land sales
7104,5612311.,9
68
7
Surplus
205
8,179
1,996
6,957
20,521
86,622
51,174,485 51.396,952
Total
S1,174,485 81,396.952
Total
x Includes capital surplus of $336 085 and deficit in earned surplus of
$15,117. y Includes special surplus of $126,085 and deficit in earned
surplus of S21.523.
-V. 134. P. 1383.
Hollinger Consolidated Gold Mines, Ltd.
-Extra Div.
Hammond Clock Co.
-Earnings.
Years Ended March 31Gross profit on sales
Sell.. adminis. & general expenses_ _ _
Heyden Chemical Corp.
-Earnings.
Calendar YearsOperating profit
Other income
An extra dividend of Sc, per share has been declared in addition to the
regular monthly dividend of Sc. per share, both payable July 14 to holders
of record June 30. An extra distribution of like amount was made on Dec.2
1931.-V. 134, p. 3989.
(R. M.) Hollingshead Co.
-To Pay Feb.1 Coupons.
-
The protective committee for the holders of 1st mtge. 15
-year 7% sinking
fund gold bonds states:
Thiscommittee was organized March 30 1932for the purpose of protecting
the interests of the bondholders, and a large percentage of bonds have
already been deposited with the Pennsylvania Co. for Insurances on Lives
& Granting Annuities, depositary.
Since its organization the committee has been actively engaged, on behalf
of depositors, and has completed arrangements whereby bonds deposited
will be hypothecated as security for an amount sufficient to enable the
committee to purchase coupons due Feb. 1 1932 at face value, and the committee will transmit to all persons depositing their bonds on or before
June 20 1932 the full amount of the coupons due Feb. 1 1932.
In order to enable as many bondholders as possible to avail themselves
of this opportunity, we are advising you of the proposed plans, and would
suggest that if you have not already done so, you deposit your bonds without
delay. Payment of the amount represented by coupons on deposited bonds
will be made on or about July 1 next, and only to those depositors whose
bonds are received by the Pennsylvania Co. for Insurances on Lives &
Granting Annuities, depositary, on or before June 20 1932.
The new Federal tax law provides for a tax on the transfer of bonds
equal to 4c. on each $100 of principal amount. It is the opinion of counsel
for the committee that pending a decision from the Treasury Department
bondholders depositing bonds with the committee on or after June 21 1932
will be required to pay this tax, which would amount to 40c. for each $1,000
bond, or 20c. for each $500 bond deposited.
No bonds will be accepted for deposit by the committee without special
permission after June 20 1932.-V. 134, p. 2733.
Home Insurance Co., N. Y.
-Par Value Reduced.
-
The stockholders on June 25 a roved a proposal decreasing the outstanding capital stock to $12,000.11,, par $5, from $24,000,000. par $10,
one new share to be exchanged for each share held.
-V. 134. p. 4669.
Imperial Tobacco Co. of Canada, Ltd.
-Earnings.
12 Mos. End. 15 Mos. End. -Yrs. End.
Earnings forDec. 31 '31. Dec. 31 '30.
1929.
xNet profit
55,914,079 $8,153,638 $5,862,208
Preferred dividends_ _ _ _
473,172
602,018
483,309
Ordinary dividends... 3,310.571
4.071,978
2.733.147
Balance, surplus
32.130.335 $3,479,642 $2,645,752
Profit and loss surplus_ - 7,762.999
7.723,115
5.153.329
Sept. 30
$1,874,733
1928
481,641
2.276.723
$2,116.368
11,002,957
140
Financial Chronicle
Comparative Balance Sheet Dec. 31.
1931.
1930.
1931.
1930,
AssetsLtatttlittes. Real est.& bldgs__ 2,677,219 2,774,260 Preference shares_ 8,030,000 8,030,000
Plant, mach'y, &C 3,345,338 3,099,125 Ordinary shares_ _47,255,1,0 47,255.160
Good-will, tradeSundry credit, &c. 1,876,704 3,860,107
marks & patents 23,816.601 28,816,800 Empl. benevol. fd_ 249,418
Invest.in assoc.cos 12,093,206 12,521,503 Capital surplus_ __ 101,579
101,579
Other investrue uts. 251,950
62,783 Reserve funds__ 3,820,956 3,488,989
Cash
1,285,957 1,160,738 General reserve_ _ _ 803,000
803,000
Stock, ia trade &
Prov.for pref. div_ 120,450
120,450
leaf funds
17,337.393 18.008,132 Profit and loss_ ___ 7,762,999 7,723,115
Prepaid taxes, insurzs-mc, &c
50,195
Sundry debtors,&c 4,162.210 4,939,053
Total
70,020,268 71,382.401
-V. 134. p. 2160.
Total
70,020,268 71,382,401
Independence Fund of North America, Inc.
-New
Policy.Effective July 1, this corporation will follow the practice of insurance
companies and pay dealers a continuous income for nine years, in addition
to their original commission, on all sales of Independence Fund trust certificates.
-V. 134, p. 4333.
Independent Pneumatic Tool Co.
-Report.Calendar YearsGross profits
Sell.. adm. & gen. exp_ _
1931.
1930.
1929.
1928.
$628.612 $1,447,581 $2,304,773 $1,958,982
567.425
764.773
823,439
841,327
Operating profit
Miscellaneous (net)_ _ _ _
$61,187
68.852
$624,142 $1,463.446 $1,194,209
12,801
Dr11,457
59,777
Total income
Reserve for income tax_ _
Miscellaneous charges_ _
$130.039
5,634
24,210
$683,918 $1,476,247 $1,182,752
74,590
144,381
142.063
20,635
Net profit
Dividends
$100,195
$588,693 $1,331,865 51,040.689
720,000
900,000
Balance, surplus
$320.689
$431.865
Shares of capital stock
outstanding (no par)_
180,000
187,849
187,849
180,000
Earns.per sh.on cap.stk.
$5.78
$0.53
$3.13
$7.39
x Company during 1931 paid dividends of $2.50 per share as compared
with $4 per share paid in 1930 (amounts not available).
Comparative Balance Sheet Dec. 31.
Assets1930.
1931.
Ltabi!tties1931.
1930.
Pats. & tr.-marks _ $930,235 $949,386 Accounts payable_ $35,000
$57,353
Real estate, bldg.,
Dividends payable
188.587
93,925
machinery,
79,690
718.144 Reserve for taxes_
:653,852
9,492
Cash
99,377
308,450 Corn. stock equity y4,302,195 4.685,504
U. S. Govt. secs 1,294,420 1,332.833
Working fund adv.
17,995
15,455
Accts.& notes rec_
190,045
215,416
Inventories
1,162,371 1,381,845
Sundry accts. rec_
2,396
Adv. to eznpl., &c_
55,994
54,665
Prepaid ins., esc _
33,612
30,252
Total
81,440,610 85,011,135
Total
x After reserve for depreciation of$1.112.961.
shares of no par value.
-V. 133. p. 2111.
$4,480,610 $5,011,135
y Represented by 187,849
Inland Investors, Inc.-Dividend Again Cut.-
A dividend of 12.lic. per share was recently declared on the common
stock, no par value, payable July 1 to holders of record June 28. In the
preceding quarter a distribution of 20c. per share was made as compared
with 25c. per share six months ago and 40c. per share nine months ago.
Calendar Years1931.
1930.
Income from dividends & interest
$209,835 x$294,964
Profit from sale of securities
29.325
Totalincome
Expenses
$239.160
43,201
$294,964
49.698
Net profit
$245.266
$195,959
Dividends paid or provided for
(S1.85)185000(2.40)240000
Charge resulting from reduction ofsecurities owned
to indicated market values at Dec.31
417.738
Deficit
Balance Dec.31 1930
$406,779
y830,920
$5,266
825,654
July 2 1932
"The total amount of the authorized capital stock is $1,000,000, consisting of 1,000,000 shares of the par value of $1 each. all.of one class," and
that this amendment was filed with the State Tax Commission of Maryland
on June 22, this making the change complete.
For the shares of capital stock of this corporation now on the list of
no par value, there have now been substituted the same number of shares
having a par value of $1 each.
-V. 134. p. 4505.
international Match Corp.
-New Chairman for Group to'
Protect Debenture Holders.John C. Traphagen, Pres. of the Bank of New York & Trust Co., has
been elected a member and Chairman of the debenture holders protective
committee. He succeeds as Chairman James H. Perkins Pres. of City
Bank Farmers Trust Co., who has resigned.
In other additions to the protective committee, originally formed by
Lee, Higginson & Co., Clinton V. Meserole, President of the Pacific Fire
Insurance Co. and the Bankers St Shippers insurance Co., has been elected
a member, and Cadwalader, Wickersham & Taft have succeeded Shearman
& Sterling as counsel to the committee. William R. Biggs has succeeded
Frederick G. Curry as Secretary of the committee.
In a letter to debenture holders the committee states that "neither of
the newly-elected members was in any way connected with the financing
of International Match Corp., or the Kreuger & Toll Co., or the sale of
their securities."
Shortly after the formation of the committee, George Murnane of Lee,
Higginson & Co. and Dean Witter of Dean Witter & Co. San Francisco,
resigned as members, while recently Burnett Walker. V.-Pres, of the
'
Guaranty Co. of New York and L. E. Zacher, President of the Travelers
Insurance Co., have also resigned.
In the letter to the debenture hdlders, the committee also states that
Mr. Perkins considered it preferable to resign in view of the fact that suit
has been brought against the National City Bank, of which he is a director,
and three other banks, to recover the proceeds from the sale of 350.000
shares of Diamond Match common stock held as collateral for a loan to
International Match.
The letter states: "Your committee is advised by its counsel that
the deposit of debentures with the committee will not prejudice any personal rights of the depositor to assert any claims which he may have on
account of the circumstances under which he acquired his debentures.
At the time your committee was formed it gave this point careful consideration and the deposit agreement was so drafted as to provide that
title to the debentures remains in the holders of the certificates of deposit
and can not be taken over by the committee without giving to the depositors notice and an opportunity to withdraw their debentures upon
payment oftheir pro rata share of the committee's expenses. Furthermore,
Iffor the purpose of enforcing any such personal right or claim any depositor
shall find it necessary that his deposited debentures be made available
for his use, arrangements to that end may be made with the committee
upon application, but such rights, if any, may be prejudiced by undue
-V. 134. p. 4670.
delay in their enforcement."
International
Collateral.-
Mercantile
Marine
--Change in
Co.:
Notice has been received by the New York Stock Exchange from the
above company that on March 29 1932, they deposited with the New York
Trust Co., trustee, proceeds of liquidation of International Navigation
Co.• Ltd.. namely: Cash $608.577.65 and obligation of Frederick Leyland
-British sterling, and that in exchange they with&
Ltd., E1,220,000
drew certificates for 70,000 shares, £10 each, being the entire capital stock
-V. 134, p. 4333.
of International Navigation Co., Ltd.
-Amends Charter.International Superpower Corp.
The Boston Stock Exchange is advised that the stockholders at a meeting
held June 16 1932, voted to amend the charter of the corporation to this
effect:
"The total amount of the authorized capital stock Is 2.100,000shares of
which 100,000 shares without par value are preferred stock and 2,000,000
shares of the par value of $1 each are com, stock," and that this article of
amendment was filed with the State Tax Commission of Maryland on
June 16 1932.
For the common shares of this corporation of $10 par value now on the
Exchange list there are now substituted the same number of common shares
of a par value of $1 each. As of June 25 there were 215.919 common shares
-V. 134, p. 4505.
outstanding and no preferred shares.
'ThRudolph) Karstadt, Inc.-Suspender/fr.om--Ts'ading-.--he American hares
Exchange) The Exchange suspended dealings because the subrlin had been instructed to refuse to accept any more dedepositary in
posits of the German shares. Dealings in the German issue have been
-V. 134, p. 4670.
suspended on the Berlin Stock Exchange.
-Smaller Dividend.Kiskaha (Hawaii) Sugar Co., Ltd.
A monthly dividend of 10 cents per share was paid July 1 on the outstanding $3,000,000 capital stock, par $20. Previously, monthly dis•
tributions of 20 cents per share were made.
Surplus Dec.31 1931
$424,141
$830,920
x Less loss on sale of securities. y Less capital surplus applied ($4,000.-Interest Defaulted.-.
--Koehring Co.
000 of which arose from reductions in stated capital ming 1931).
The holders of $1.056,000 6% notes have been notified that the company
Balance Sheet Dec. 31.
will be unable to pay interest due July 1.
Assets-1931.
1930.
Liahttittes1931.
1930.
T. L. Smith Co., another division of National Equipment Corp., of
Cash on deposit_ __ 840.292
$3,032
$16 Accounts payable_ $479,596
which Koehring Co. is the parent unit, June 1 defaulted interest duo on
Accts.receivable_ _ 1,863,274
746 Notes pay.to banks
500,000
$105,000 notes.
Market.securities_
6,493,675 Accrd. int. & Fed.
A protective committee is being formed for securities of both companies.
Accrued diva. &
1,456
taxes
-V.133, p.491.
49,233 Dividends payable
25,000
60,000
int. on securities
25,445
Common stock_
1,000,000 5,000,0 x------ Kreuger & Toll Co. Sees Substantial Realization for
00
Paid-ln surplus_
424,141 148,264
SecurcfUle
re Holders.
830,920
Profit & loss surp.
-- Int statement to the holders of the 5% secured sinking fund gold deben-P. Murphy, points
tures, the protective committee headed by Grayson M.
81,929,011Total
$1,929,011 $6,543,671
Total
out that the situation contains important possibilities for the secured
-V. 134, p. 2351.
debentureholders both from the standpoint of very substantial realization
for the debenture-holders from the specific collateral and as general creditors
Inland Steel Co.
-Gets Tax Refund.or any deficiency claim. The statement says in part:
The Bureau of Internal Revenue announces credit of $480,087 agains
"The situation clearly contains the possibility of very substantial realifuture payment of taxes on account of over assessment in 1919 and in th
zation for the secured debentureholders. For example, since April 1932,
-V. 134. p. 3648.
years 1921-1924, inclusive, to the company.
when the revenues from specific collateral first became directly payable
to the trustee under the secured debenture agreement, over $850,000 have
-Time Extended.Insull Utility Investments, Inc.
been paid as current interest on this collateral. This gives some indication
Judge Lindley, in the U. S. District Court at Chicago extended untli,
of the large potential value in the approximately $59.000,000 (or equivalent
Sept. 9 time for filing an answer to bankruptcy petition,against the com-i
in foreign currency) face amount of bonds held as security for the $47,pany.
596,500 principal amount of outstanding debentures.
"In addition to the specific collateral, there are important possibilities
Court Orders Company Liquidated.for the secured debentureholders as general creditors for any deficiency
claim. A recent illustration is the recognition that the Kreuger & Toll Co.
Federal Judge Walter C. Lindley on June 29 instructed the receivers to
probably has a substantial interest in the Diamond Match stock, the sale
discontinue operation of the company and to proceed with the liquidation
of whic for over $5,000,000 is now being arranged. We believe that
of Its assets or the benefit of creditors.
vigorous and concerted efforts will secure general acceptance of the right
The order was issued on the recommendation of Calvin Fentress and
of the secured debentures to participate in match concessions and other
George A. Cook, receivers. The latter recommended the discontinuance
of operations because of the general depression and because of the decline \ Important assets.
\
"We ask for deposits on the ground that attainment of the important
n the business of the corporations whose securities the company holds.
Judge Lindley said his order to liquidate the concern did not require , results which we forsee requires that the debentureholders, in their own
,
nterest, support t constructive work o which we are actively engaged
hasty action. "There will be no undue sacrifice of the assets of the comtheir behalf.'
pany." he said.
The court said its main purpose was to relieve the company of franchise
eceivership Hearing Postponed
and other taxes by making it a matter of record that it was no longer a
Hearing on an application for the appol1ment of a receiver in bankruptcy
going" concern.
for the company before Federal Judge Julian W. Mack in Federal District
He indicated that a similar order would be issued for the Corporation
Court, scheduled for June 29. has been postponed until July 7.-V. 134,
-V. 134.
Securities Co. of Chicago, another Insult stock-holding concern.
p.4670.
p. 4669.
-Omits Class A
Intercontinental Investment Corp.
Dividend.
The directors recently voted to omit the quarterly dividend ordinarily
payable about July 1 on the class A stock, no par value. From Jan. 1
1931 to and incl. April 1 1932 the company made quarterly distributions
of $0e. per share on this issue, as against $1.50 per share on Oct. 1 1930.
-V. 132, P. 666.
-Par Value Changed.
International Carriers, Ltd.
The Boston Stock Exchange is advised that under date of June 16. the
stockholders voted to amend its charter to this effect:
Kroger Grocery & Baking Co.
-Sales.
1932-24 Wks.
Period End. June 18-1932-4 Weeks
-1931.
-1931.
Sales
516.810.567 539,337,9865102.991,732 5119736,497
Stores operated (no. of)..
4.965
4,825
-V. 134, p. 4334.
-July 1 Interest Not Paid.
Lautaro Nitrate Co., Ltd.
The interest due July 1 on the let mtge. 11% cony, gold bonds due 1954
was not paid on that date. The Committee on Securities of the New
York Stock Exchange rules that beginning July 1 1932 and until further
notice the bonds shall be dealt in "flat" and to be a delivery must carry
-V. 134, p. 143.
the July 1 1932 and subsequent coupons.
Financial Chronicle
Volume 135
Lakey Foundry & Machine Co.
-Earnings.
-
For income statement for six months ended April 30 see "Earnings
Department" on a preceding page.
Balance Sheet April 30.
Assets1932.
1931.
Ltablitties1931.
1932.
Property accts-x$1,517.356 $1,585,651 Capital stock_ -311,576,865 $1,575,125
Cash
5,336
40,938 Accounts payable_{ 84,630
124,706
Accts. receivable_
5.747
121,230 Notes payable____
175.000
Inventories
212,716
215,860 Accr. sal. & wages
35,015
14.937
Deferred charges_ _
5,695
8,477 Accrued taxes13,412
Accrued interest _
103
Unclaimed wages_
1,594
75,561
Reserves
70,416
Surplus
171,639
Total
$1,746,850 $1,972,155
Total
81.746,850 81,972,155
x After deducting for depreciation of 8923,512. y Represented by
315,025 no par shares.
-V. 134, p. 859.
Lefcourt Realty Co., N. Y. City.
-Decreases Common
Dividends.
A dividend of 20 cents has been declared on the common stock, no par
value, payable Aug. 15 to holders of record Aug. 5. The company made
quarterly distributions of 40 cents per share on this issue from May 15
1929 to and incl. May 16 1932. An extra of 25 cents per share was also
paid on Feb. 15 1930.-V. 134, p. 2536
--,
-Lehman Corp.
-Retires Capital Stock.
-
The stockholders on June 28 adopted the proposal to retire 152,200
shares of its own capital stock owned by the corporation. Through this
retirement the number of shares outstanding was reduced to 686.900.V. 134, p. 4334
----Lily-Tulip Cup Corp.
-Decreases Preferred Stock.
-
The stockholders on April 28 approved the proposal to reduce the authorized preferred stock from 10,000 shares to 7,000 shares, the reduction thus
retiring 3,000 shares outstanding which had been acquired by purchase in
October 1931.-V. 134. p. 3286.
Lindsay Nunn Publishing Co.(& Subs.).
-Earnings.
-
Calendar YearsGross revenues,less refunds, rebates & allowancesOperating expenses
1931.
1930.
$907.635 $1.715,623
719,262
1,456.216
Net profitfrom operations
Miscellaneous income
$188.374
50.134
$259.407
23,837
Total income
Miscellaneous expenses and losses
Federal income tax
Loss on Herald-Times Corp.stock
$238,508
138.437
$283,244
140,075
18.165
Net profit
Dividends on preference stock
1.198.329
def$1,098.258
18.253
5125.004
79368
Profit and loss surplus
def81.116,512
Previous surplus
120,711
Discount on treas. bonds purch.at less than par_ _ _
112,390
Surplus adjustments
2,862
$45,636
64,957
14.486
Dr.4.366
Balance Dec. 31
der8880,548 sur$120,712
Consolidated Balance Sheet Dec. 31.
A ssr ts1931.
Liabilities1930.
1931.
1930.
Plant ds equipment x$203,263 x$288,930 Preference stock_y 5982,170 51,169,810
Excess of invest.
Common stock__x 1.675,289 1,675,289
over net worth of
15-yr. secured 6%
subs, at date of
debentures
1,110,000 1,651,000
acquisition
2.227,662 2,982,481 Equip. notes pay_
4.380
Circulation lists,
Notes payable....44,000
19,000
good-will, adverTrade accts. pay..
46,048
35,877
tising contracts,
Misc,accruals pay.
4,740
8,269
&c
456,186 1,255,698 Fed.inc. tax pay__
5,746
18,165
Cash surr. val. life
Accrued int. on
bleu. policy- _ 16,953
6% bonds
22,200
33,020
Stocks of co. with
Misc. curr. assets17,942
14.877
whom business Is
Deterred credits to
done at cost_ _ _
2,080
4,430 income
33.228
49,662
Cash on deposit &
Surplus
det880,548
120.712
on hand
17,034
23,646
Notes receivable_ _
34,466
11,390
Accts. receivable_
59,529
157,656
Inventories
15,803
43,038
J. Lindsay Nunn._
20,412
Misc. curr. assets_
13,370
9,165
Deferred charges_ 5,802
13,387
Total
83,052,149 84.810,233
Total
$3.052,149 $4,810,233
x After depreciation of $68.028 y Represented by 32,739 shares
(no par).
Represented by 50.000 shares (no par)
.-V. 133. p. 653.
---- Lit Brothers, Philadelphia.
-Defers Preferred Dividend.
The
directors have decided to defer the quarterly dividend due July 1
on the 6% cum. pref. stock, par 8100. The last regular quarterly distribution of 13i% was made on this issue on April 1.
,
W. T. Grosscup, Secretary and Treasurer, states: "It was felt that
corporation's splendid quick current position should be preserved. Its
ratio of quick assets to current liabilities is 4.53 to 1. The corporation's
cash position is strong and it has no bank loans. The business has earned
a profit from operations for current fiscal year.
-V.134, p. 4167.
Lockheed Aircraft Co.
-Successor Co. Formed.
-
See Lockheed Aircraft Corp. below.
-V. 134, p. 4334.
Lockheed Aircraft Corp.-Successor Co.
-Personnel.
-
Lloyd Stearman has been elected President of this corporation, successor to the Lockheed Aircraft Co. Other officials are: Carl B. Squier,
Vice-President; Robert E. Gross, Treasurer, and Cyril Chappellet. Secretan .
IYIans of the corporation, a closed company, call for resumption
duction of Lockheed planes at the Burbank, Calif., plant as soon asof proare booked. No public financing is contemplated at the present orders
time.
(V. 134, p. 4334.)
London Terrace Apartments (23-24 Corp.), N. Y. City.
-Readjustment Plan.
The committee constituted under the bondholders' deposit agreement,
dated as of Oct.30 1931 for 1st & gen. mtge.fee 8% sinking fund gold bonds,
dated May 1 1930. has adopted and filed with the depositary a plan of
readjustment. The principal amount of bonds presently outstanding is
$5,500,000, with Nov. 1 1931 and subsequently maturing coupons attached.
The property occupies an entire city block between 9th and 10th Avenues
from 23rd to 24th Streets, N Y. City. On the two avenue frontages there
-story apartment hotel buildings, the interior
have been completed two 18
portion having been improved with 10 apartment buildings, the entire
block, however,constituting one unified development. The first and general
mortgage bonds constitute a first mortgage on the two avenue apartment
hotel buildings and a second mortgate on the interior units, the first lien
on the interior units being held by New York Title & Mortgage Co.evidenced
by a bond and mortgage in the principal amount of $5,300,000. Owing to
the present unprecedented rental conditions, the property was unable to
meet the interest coupons due Nov. 11931.
The completion of the two apartment hotel buildings Was guaranteed by
eight surety companies. After protracted and continuous negotiations
between the committee, London Terrace Corp. the owner of the fee, and the
surety companies, the owner has obtained from the surety companies and
will cause to be deposited with the fiscal agent the entire amount of the
Nov. 1 1931 coupon, together with interest thereon to Feb. 1 1932. In
addition thereto the owner has agreed to employ James N. Wells' Sons,
Ine.. as agent of the entire property to manage the same and to apply th
revenues as follows: first, to the payment of all operating and maintenance
charges; second, to thejpayment of all real estate and other taxes, subject
to deferment; and, third, to the payment of interest and other charges of the
141
first and general mortgage bonds and the bond and mortgage held by the
New York Title & Mortgage, all revenues from the avenue units to be
applied only to the first and general mortgage bonds, but payments received
from the units covered by the New York Title & Mortgage mortgage to be
applied first to that mortgage, and thereafter (provided the then existing
rentals appear sufficient to pay the succeeding six months' interest on that
mortgage) to the first and general mortgage bonds.
The eight surety companies have caused to be delivered to the trustee
and the New York Title & Mortgage Co. notes guaranteed by said surety
companies covering real estate taxes in arrears, which notes are payable
in six monthly instalments, beginning March 1 1932, and the committees
will agree for the depositing bondholders that real estate taxes for the years
1932 and 1933 may be paid six months in arrears, provided the income from
the property is not sufficient to pay the same before such dates, as hereinbefore provided.
The committee will agree for the depositing bondholders that it will not
request the trustee to declare a default with respect to interest due May 1
1932, provided it is paid within three months thereafter, nor the interest
due Nov. 1 1932, provided it is paid within three months after that date.
The committee will agree for the depositing bondholders that the trustee
will not be requested to declare a default for failure to make the required
deposits under the indenture to retire bonds for two years, beginning May 1
1932, in accordance with the provisions of said indenture: Provided the net
ncome from the proptrty is not suffIcent for said purpose, as hereinbefore
provided.
London Terrace Corp. has caused to be delivered to the trustee notes
severally guaranteed by the said eight surety companies covering a trustee's
advance of 890.000 and covering expenses and other items due the trustee.
depositary and fiscal agent amounting to $9,539.
As a condition of the agreement of the bondholders with London Terrace
Corp., the latter corporation has procured an extension agreement covering
the New York Title & Mortgage Co. bond and mortgage affecting the
interest due Oct. 1 1931, April 1 1932 and Oct. 1 1932, and also granting
six months' indulgence in connection with the payment of real estate taxes
for the years 1932 and 1933. It has also undertaken to endeavor to procure
waivers of amortization payments under said mortgage.
The managing agents of the property may be changed, or the trustee
may take possessicn upon demand of the bondholders' committee if in
their sole discretion the interests of the bondholders should so require,
subject to the rights cf the New York Title & Mortgage Co. as to the
interior units.
The plan does not contemplate, for the present, the issuance of new
securities or any exchange of the present first and general rrortgage bonds.
V. 134, p. 1775.
Ludlow Mfg. Associates(& Subs.).
-Earnings.
Calendar Years1928.
131.
1930.
1929.
Total sales billed
$11,007,000 813.756.121 822.624,456 $19,240,692
2,442,143
Net earnings
2,583,215
x116.977
396,694
,
x In arriving at this figure no allowances have been made for taxes to be
paid in 1931 on business done in 1930. Taxes were paid, however, during
the year on business done in 1929, and have been included in expenses
for that period. y Net earnings for 1931 amounted to $96,694 after taxes,
depreciation, charge-ofs, on inventories in the United States, current
assets in foreign countries on account of depreciated exchanges, doubtful
accounts, and including additional taxes levied by the United States
Government on income for the years 1928 and 1929, amounting to $50,000.
Comparative Consolidated Balance Sheet.
Jan 2 '32.
Dec. 31
Assets1931.
1928.
1929.
1930.
Real estate & machinery,
less depreciation
814,743,963 $15,284,412 515,907.036 815,668,250
L. M. A. ells. held for
19.844
employees
18,388
20,273
Prepaid items
262.258
192,324
232.480
195,763
3.291.532
Investments
4,949.779
7.025.608
4.814.667
Interest accrued
40.654
20,538
Other assets
74.815
Cash
1,625,041
2,144.971
2,380,747
2,230,648
1.317,375
Notes & bills receivable556,584
1.111.252
690.277
Stock & mdse. accounts_ 5,179.051
9.481.838 11.059.038
8.155.205
Total
-$29.957.969 531.546,896 533.946.408 $33.243.337
Liabilities
Accounts payable
$129.909
6233.186
$111,015
$143,098
Reserve for pensions_ _ _ _
165,451
170,192
187,872
166.177
xRes, for shareholders
29.554.592 31.215,926 33.669,216 32.947.977
Total
$29,957.969 531446,896 533,946.408 833.243,337
xOutst. she. (no par)
186.400
186,400
179,143
180.889
-V. 134. p. 2353.
Lyon & Healy, Inc.
-Earnings.
Calendar YearsGross deficit
Fixed charges
1931.
$377.533
110,531
1930.
$154,877
196,225
Charged to surplus account
$351,102
$488.064
•
Consolidated Balance Sheet Dec. 31.
A sscls1930.
1931.
LiablIttia1930.
1931.
Current assets---_$3,270,642 83,829.516 Current liabilities_ 8880.643 $930.590
'Roe. & fund. debt_ 1,186,693 1,285.961
Fixed assets & def.
1,106,413 1,339,008 Net worth
2.309.719 2.951.973
charges
54,377,055 55,168,524
Total
-V. 132, p. 4253.
Total
84.377.055 85.168,524
McGraw Electric Co.
-Correction.
The balance sheet as of Dec. 31. falling under the heading "Minnesota
Mining & Mfg. Co." and apparing on top of page 4671 in last week's
"Chronicle" should have appeared under McGraw Electric Co.
-V. 134,
p. 4671: V. 133. p. 4167.
-McIntyre Porcupine Mines, Ltd.
-To Increase Div.
President .1. P. Bickell on June 29 stated that at the next directors'
meeting the dividend rate would be increased to give the shareholders the
net benefit derived from premium on exchange.
"On this basis," he said, "the next quarterly dividend will be at the
rate of $1.50 per share in United States funds and if at the close of the
fiscal year it should be found that net earnings from exchange premium
exceed the amount disbursed, such additional amount will be included in
the next succeeding dividend as an extra."
President Bickell added that tonnage was being maintained, but that
value of the ore was down about 25 cents a ton, this, however, being largely
balanced by economies effected. He stated that he hoped for improvement
n grade of ore.
Of the company's reserve, Mr. Bickell said, two-thirds was in Government bonds and no losses had been actually taken. The remaining third
was in producing mining stocks.
R. J. Ennis, General Manager, said the property was running smoothly,
with metallurgical problems working out well and costs now down 30 cents
a ton. He said that he expected a further reduction to 45 cents. What
appeared he said to be the apex of a new ore system of great promise had
been discovered on Platt Vet claims, 3,000 feet from the main shaft. He
a=E ted that ore reserves would again increase.
.
.
t
-V. 134, p. 4506.
Shares Corp.
-Smaller Distribution.
A semi-annual distribution of 21.2077c. per share was payable June 30
on the Major Corporation Shares. This compares with 27c. each paid
on June 30 and Dec. 31 1931, and 35.885c. on Dec. 31 1930.-V. 134.
p. 144.
Manville Jenckes Co.
-No Bid Received.
No bid for the real estate of the company, at Pawtucket. R. I., assessed
for more than $1,733,000, was made when an ‘auction sale authorized by
the Rhode Island Superior Court was held on June 14. The receivers had
been authorized to sell the property with the proviso that no bid under
$500.000 be accepted. The mill property recently abandoned, includes
410,623 sq. feet of land with buildMgs having nearly 1,500,000 sq. toot of
leer space.
-V. 134, p. 4334.
Medusa Portland Cement Co.
-Suspends Dividends.
-
The directors recently decided to suspend the payment of the quarterly
dividend due July 1 on the pref. A stock. The last regular quarterly distribution on this issue was made on April 1 1932.-7V. 132,p. 4777.
Financial Chronicle
142
Matson Navigation Co.
-Earnings.
Years End. Dec. 31Earns, from vessel oper_ I
Agency,gen.,wharf ex.&cf
1931.
1930.
Not available
Net profitfrom vessel's
operations
$265,349
Miscellaneous earnings
1,365,896
1928.
1929.
$2,238.827 $1,964,456
1,356,016
I 1,435,724
I
$301,658
1,912,737
$803,103
1,982,590
$608,440
1,682,948
Total earnings
Depreciation
Taxes
$1.631,245 $2,214,395 $2,785,693 $2,291,388
23,699
23,085
109,564
49,797
Net income
Dividends paid
31,631.245 32.214.395 32,653.044 $2,217,892
978,067
978,071
1,467,126 1,467,120
Balance,surplus
$747,275 $1,674,973 $1,239,825
$164,119
Shs. of cap.stk. outst'd'g
244,518
244.517
244,521
244,521
(Par $100)
$9.07
Earned per share
$10.85
$6.66
$9.06
Note.
-A stock dividend of 100%, amounting to $12,225,800, was
declared during 1927.
Comparative Balance Sheet Dec. 3f.
1931.
Assets
Cash de market.sec 6,891,748
Miscell. accounts_ 6,226,260
Materials de supp_
279,601
Investments
14,321.089
U. S. Gov. see. on
292,337
deposit
Floating equip_ __ _11,111,709
2,853,938
Real prourty
677,617
Deferred charges
1930.
9,624,271
953,364
155,631
9,896,089
12,669.567
2,958,051
603,801
I
1931
1930
Liabilities$
$
Miscell. accounts_ 1,115,092
876,411
Reserves
2,807,505 2,216,170
Cony. deb. bonds_ 4,900,000
Deferred credits_ _
375,899
494,359
Capital stock_ _ _ _x24,452,100 24,452,100
Fractional sects
267
267
Surplus
9,003,438 8,826,467
42,654.300 36,865,774
Total
42,654,300 36,865,774
Total
x Represented by 244,521 shs. of $100 par value.
-V. 132.
p. 3727.
Media Drug Co., Philadelphia.
-Receivership.
-
The company, operator of a chain of 18 drug stores in Philadelphia, went
into voluntary receivership June 24 in U. S. District Court at Philadelphia.
The receivers will continue the business.
Clarence L. Marks and George T. Butler were appointed receivers by
Judge Welsh. The papers list assets as approximately $575,000, with
liabilities of $200,000.-V. 132, p. 2978.
Merchants Transfer & Storage Co.
-Suspends Divs.The directors recently voted to suspend the payment of dividends on the
common and 7% cum. series A, pref stocks, par $100.
Semi-annual payments of 3X% each were made on the common on
Jan. 2 1932 and on July 1 1931 as against 2% on Jan. 2 1931. The last
regular quarterly dividend of 1X% was paid on the pref.-stock on April 1.
-V. 132, p. 4602.
Merrimac Hat Corp.
-Balance Sheet Dec. 31.-
Total
1930.
1931.
1930.
10,000
$79,099 Notes payable_
32,646
Accounts payable.
20,640
40,735
142,844 A ccr. Items & taxes
57,500
50,000
663,836 rtes. for cont.. &c.
500,000
500,000
Preferred stock_ _ _
394,250
394,250
28,294 Common stock _ _ _
1,131,037 1,018,762
11,452 Surplus
532,975
575,290
$2,116,022 $2,033,798
Total
$2,116,022 $2,033,798
-V.131. p. 4063.
Merrimack Manufacturing Co.-Earnin 8.
Calendar Years1929.
1928.
1931.
1930.
Gross sales
Not avail. $4,829,113 $9,556,631 $12,254,819
603,870 1,553,246
aOperating profit. __ _loss$2,298,308 2,122,775
22,048
20,712
Interest
27.974
31,190
21,780
3,641
Cr3,796
Bad accounts
8,986
203,173
•
73,937
Income tax
$511,681 $1,307,581
Net income
1088$2,335,267 $2,157,607
398,750
123.750
412,500
Dividends
258,342
Added to inventory res xCr775,580 Cr516,867
541,818
67,839
Added to conting. res. _ _ xCr511,748 Cr1,341,225
Cr29,621
Cr20,678
Released from reserves_
Reserve for Investment.
53,084
28,697
1,202
Back taxes adjusted_ _ _ _
$60,964
$129,348
Balance,surplus
31,102,225
$451.961
x Deducted from reserves. a After providing for depreciation, all taxes,
except Federal taxes, all other charges and expenses, including inventory
adjustment.
Balance Sheet Dec. 31.
1930.
1931.
1931.
1930.
Liabilities
Assets$
$
1,225,000
481,132
950,000
Cash
657,939 Notes payable13,137
172
Accts.receivable
208,625
252.763 Accounts payable_
Notes receivable
132,500 Res'ves for: Accts.
9,233
receivable__
10,671
Inventories
2,836,161 4.250,882
64,738
31,697
Securities
Securities
214,300
120,510
41,250
Dividends
9,270
Patent rights
12,359
775,580
Inventories
Plants (Lowell &
Huntsville) _ __ 6,353,474 6,813,387 Costing,for plant_ 1,755,433 2,207.181
.
12.360
9,270
Patent rights
2,750,000 2,750.000
Common stock_
Preferred stock__ 1,650,000 1,650,000
2.637.677 3,739,902
Profit and loss_
----Total
10,102,961 12,240,340
10,102,961 12,240.340
Total
-V. 134. p. 4506.
-Earnings.
Metal Textile Corp. (& Subs.).
Calendar YearsNet sales
Cost of sales
Shipping, sell., gen. & adminis. expense
1931.
$852.678
496,898
193.288
Net earnings
Other income
$162,492
14,192
Net income before Federal income taxes
Loss on machinery scrapped
Provision for Federal Income taxes
$176,684
16,657
18,923
Net profit for year
Surplus at Jan. 1
Total surplus
Dividends, preference stock
Dividends, conunon stock
Prem. paid on preference stock purch. St retired
Surplus at Dec. 31
1931.
Assets$164,661
Cash
Accts. de notes rec_
48,444
66,158
Inventories
Plant,land, bidIs.,
machinery,&c__ x162,932
Prepaid limn &
5,910
other expenses__
Pats., tr-marks &
32.674
good-will
Organiz. expense__
21,936
Total
$502,714
1930.
Liabilities1931.
$122,305 Accts. payable &
49,994
accr.liabilities._
$17,938
86,221 Divs. payable Jan.
15 1931
177,089 Prov. for Federal
Income tax
18,924
3,205 Res. for costing_ _
4,784
Capital stock
y323,435
32,413 Surplus
137,633
19,936
$191,164
Total
$502,714
1930.
$16,228
46,126
23,001
6,055
y331,945
67,809
$491,164
x After depreciation of $96,355. y Represented by 19,003 shares of
cumulative participating preference stock (no par) and 165,000 shares of
common stock no par).
-V. 132, p. 4777.
Michigan Steel Tube Products Co.
-Earnings.
Income Account for Year Ended Dec. 31 1931.
Net loss before provision for depreciation
Provision for depreciation
$8,723
105,390
Net loss for year ended Dec. 31 1931
Dividends
3114.113
40,000
Balance
Balance Jan. 1 1931
Adjustments prior years
$154,113
749,316
Dr.1,050
Balance Dec. 31 1931
Balance Sheet Dec. 31 1931.
AssetsCash de certificates of deposit
Notes receivable-trade
Accounts receivable
Municipal bonds & accr'd int.
Inventories
Cash surr. value of life Maur_
Property and plant
Patents
Deferred charges
$24,215
279
52.072
51,947
180,094
9,906
774,984
1
38,689
8594,154
Liabilities
Accounts payable
Pay rolls and sundry accruals
Common stock
Earned stirislils
$27,778
10,255
x500,000
594,154
Total
$1,132,187
Total
$1,132,187
x Represented by 100,000 shares (no par value).
-V. 133, P. 4338.
(I.) Miller & Sons, Inc.
-Earnings.
-
Mengel Co.
-Manufacturing Agreement.
The Flexwood Co., makers of flexible cabinet wood veneers. have entered
Into a manufacturing and sales arrangement with the Mengel Co. and
the U. S. Plywood Co. The Mengel Co. will manufacture Flexwood at one
of its Louisville plants where the present equipment of the Flexwood Co.
will be moved from its Chicago plant.
Lawrence Ottinger, President of the U. S. Plywood Co. will be in charge
of selling Flexwood and certain other allied products which will be sold by
the U. S. Plywood sales organization and the present staff of the Flexwood
Co.
The Flexwood Co. will maintain its headquarters in Chicago. Each
company will retain its corporate identity with officers and directors keeping
their present positions.
-V.134, p. 3833.
Assets1931.
Cash
$234,662
Temporary invest.
90,000
Accts. de notes rec. 177,755
Inventories
416,299
Cash sur. val. life
39,812
insurance
Prepaid insurance_
1,550
Invest,in affil. cos. 573,664
Plant, mach., &c_
582,280
July 2 1932
Consolidated Balance Sheet Dec. 31.
Year Ended. 14 Mos.End.-Calendar YearsPeriodFeb. 29 '32. Feb. 28 '31.
1929.
1928.
Sales
$9,918,286 315,237,802 $13,552,238 $11,157,429
Cost of sales
7,492,637 10,340,132 8,828,712 7,255,470
Sell. & admin.exps., &c_ 3,276,451
4,685,376 3,543,615 2,800,223
Operating income____def$850,803
Other income
8,638
$212,294 $1,179,911 $1,101,736
8,035
9,571
Total income
def$842,165
Divs,on pf. stk,ofsubs_
Depredation
321,928
Interest on bonds
Bond disc.& exp.writ.off
8221,865 31,187,946 $1,101,736
7,126
9,398
226,586
150,652
338,876
15,085
6,045
Losses of partly owned
selling cos
Treas. stk. writ, down
either to amt. realized
subseq.to Feb.28 1931
or to approx. mar. val.
Reserve for conting__
Losses on liquid, of subs.
& closing of stores_ _ _ _
Miscellaneous charges
Int. on bank loans, &c
Federal income tax
112,637
45.138
50,000
117,469
99,763
48,360
59,084
18,429
104,000
37,830
97,000
Net profit
loss$1,429,685 1055$390.996
Divs. on common stock_
346,523
Divs.on preferred stock_
81,250
203,125
$829,533
347,433
162,500
$795,124
Balance, surplus_ _ _loss$1,510.935 loss$940,644
$319,600
Shs. of corn. stk. outst _ _
174,791
173,827
174,791
Earned per share
Nil
Nil
$2.82
x Includes 4,000 shares subscribed to by employees.
Consolidated Balance Sheet.
$701,416
x170,000
$4.12
Feb. 29 '32. Feb. 28 '31.
AssetsCash
$331,480 $423,763
Accts. dr notes rec_
690,578 1,325,315
Accts. recely, from
part owned sell288,312
ing cos
Officers'& employ39,850
43,861
ees' accounts...
Inventories
1,234,737 2,341,002
Invest, in capital
stock of partly
72,082
owned sell. cos• Accts. rec. not curr 109,549
Consign. accts. rec
3,325
Inv. In still. co47,700
Deposited in closed
3,319
banks
40,544
Treas. corn, stock_
10,498
77.665
Land
77,665
Buildings, mach
equip., lease,&c.x2,536,535 2,658.651
Lasts and patterns
1
1
at fors. value
91,892
165,686
Deferred charges..
1
1
Good-will _ _
Total
$5,181,142 $7,432,876
93,706
Liabilities- Feb. 29 '32. Feb. 28 '31.
Notes payable- - - - $778,971 $1,152,915
Accounts payable_
461,485
562,790
Employees' deposit
20,844
34,217
Div. payable on
pref. stock
40,625
Due on consign.sls
2,759
Equity of min.stkholdersin subs_
140,800
Fret,stocks of sub.
cos. held by outsiders
161,400
Reserve for contingencies
15,000
50,000
Preferred stock_
2,500,000 2,500,000
Common stock.. _ y1,946,058 1,955,048
Surplus
def684,775
975,880
Total
x Less reserve for depreciation and amortization.
-V 133, p. 3471.
173,827 shares of no par value.
$5.181,142 87,432,876
y Represented
by
Missouri-Kansas Pipe Line Co.
-Foreclosure Suit.
A bill of complaint in foreclosure has been filed in Chancery Court at
Wilmington, Del., by Peoples-Pittsburgh Trust Co. of Pittsburgh, as
trustee under the collateral trust indenture dated March 15 1931, against
the company and the receivers.
The bill is filed to foreclose a lien created by the execution and delivery
of $1,060,000 in two-year 6% collateral trust notes of the Pipe Line company and secured by the indenture.
The complainant asks that the amount due and payable under the indenture by the company be determined, that the company be required to pay
the determined amount and that in default of payment the lien be foreclosed and the pledged property offered for sale.
-V. 134, p. 4168.
1930.
$864,926
519,538
--Mohawk Investment Corp.
-Reduces Dividend Rate.
169,199 --- "
A quarterly dividend of 30c. per share has been declared on the common
8176.189
par value, payable July 15 to holders of record June 30. This
stock, no
16,113
compares with quarterly distributions of 50c. per share made from Oct. 15
1929 to and incl. April 15 1932.-V. 134, p. 2923.
$192.302
23,001
-Earnings.
Monolith Portland Cement Co.
$141,103
67,809
$169,301
19,170
Income Account for Year Ended Dec. 31 1931.
$1,452,046
Gross income
1,154,108
Labor, supplies and expenses
8208.913
62.240
9,040
$188,472
69,876
41,250
9,536
Profit before interest charges and reserves
Interest charges and amortization of bond discount and expense.
Depreciation
Extraordinary flood expenses at Monolith
$137,633
$67,810
Deficit charges to surplus account
$297,938
71,981
208.172
22,584
$4,71'9
Morse Twist Drill & Machine Co.-Bal. Sheet Dec. 31.-
Consolidated Balance Sheet Dec. 31 1931 (Including Subsidiaries).
Liabilities
Assets
$297,899
428,513
52,489
4,526.954
7,593,403
670,391
1
Cash & acc'ts & notes receiv_
Inventories
Other assets and InvestmlsPlant and equipment
Leasehold limestone deposits_
Prepaid and deferred items_
Good-will and patent rights-
otal
Current liabilities
6% 1st mtge. bonds
Trust deed notes, 1933
Preferred stock
Monolith Port. Midwest Co.
Monolith Port Cement Co.
.
Common stock
Capital surplus
Earned surplus
Deficit of Monolith Portland
Midwest Co
Total
$13,569,651
1931.
1930.
Liabilities1931.
1930.
Assets$2,000.000 $2,000,000
Real eat., mch.. &42,181,188 $2,172,560 Capital stock
1,584
562
63,280
125,367 Accounts payable_
Investments
1,192,689 1,319,994 Res. for deprec'n_ 1,054,060 1.005.605
Inventories
45,567
57,671
253,952 Other reserves_ __ _
Cash & receivables 228,039
807.013
Profit & loss
565,007
$201,946
922,000
7,500
2,974.000
1,479.000
2,241.240
6,005,862
228,769
Total
[Including Laramie Valley RR. Co.]
Consolidated Income Account Year Ended Dec. 31 1931.
$417.397
Gross income
Cost of cement sold
323,381
$94,016
89,251
19,280
72,783
-Earnings.
Nashawena Mills.
$87,298
1928.
1929.
Calendar Years1931.
1930.
Net prof. after charges
$184,722 loss$154,534
incl. depreciation__ lossy$287,623lossx$278502
x Before depreciation, but after inventory vrriteoff in 1930. y After
depreciation charges of $161,099.
Comparative Balance Sheet Dec. 31.
1930.
1931.
1931.
1930.
Consolidated Balance Sheet Dec. 31 1931.
Assets
Cash & acc'ts & notes ready-
$20,425
132,969
26,229
2,018,157
5,008.402
576,442
Inventories
Other assets
Plant and equipment
Limestone deposits
Prepaid& organization exps_
Liabilities
Current liabilities
Accrued liabilities
Liabilities to parent company
Preferred stock
Common stock
Deficit
$7,782,625
$42,183
9,424
365,543
2,984,910
4.871,230
490,666
e
$
LiabilitiesAssets$
$
Pl.& fixed assets- 7,000,961 10,153,430 Capital stock. __ _ }x7,r90,075{ 7,500.000
677,699
463,523
Cash
557.650 Surplus
975,000
805,000
Accts.receivable_ _
77,930
95,534 Notes payable_ ___
56,372
44,906
Inventories
1,425,665 1.349,438 Accts. payable.. _ _
171,535
171,535 Cctton on accepts..
Cotton on accepts_
64,754 Reserve for deprePrepaid accounts_
60,214
3,011.735
ciation
288,312
Bank acceptances_
$7,782.625
Total
Montreal Cottons, Ltd.-Earnir gs.Calendar Years1930.
1931.
Manufacturing profit_ _loss$246.840 loss$329,360
Other income
128,053
198,473
1929.
$116,187
83.404
1928.
$339.223
87,275
Total income
def$118,787 loss$130,887
Bond interest
24,580
26,625
Prov. for bad debts_ _- 21,025
Other charges
22,994
Sinking fund reserve__ _
10,918
63,972
$199,591
29.151
$426,498
29.151
Net income
def$175,310 loss$244,478
Preferred dividends_
210,000
210,000
Common dividends
180,000
180,000
$170,440
210,000
180,000
$3.665.196 $3,871,873
In connection with declaration of regular quarterly dividend of 75 cents
per share on the class A stock, Payable June 30, to holders of record June
28, the company stated that earnings for the quarter just ended were
$166,475. or almost four times the quarterly dividend requirement. Collections have been slightly below normal. Sales from June 1 to 20 this year
were 42% greater than a year ago.
In view of the seasonal character of the business it is difficult to forecast
the volume of sales or earnings for the full year. However, on estimates
furnished to date it would seem that the dividend would be fully covered
for the year, according to Vice-Prey. G. M. Archer Jr.
The surplus account estimated as of June 30 is $610,087.
Earnings for the June quarter were as follows: April, $61,265; May.
-V. 133, p. 3799.
$35,210; June, $70,000 (estimated).
p. 1970.
Monolith Portland Midwest Co.
-Earnings.
-
Net loss
Total
-Dividend Earned
(The) Moxie Co., Boston, Mass.
Sales Higher.
-
490,666
$13.569,651
Gross profits
Selling and general expenses
Interest charges
Depreciation and depletion
$3,665,196 $3,871,873
-V.133. p. 813.
-V. 134.
Total
143
Financial Chronicle
Volume 135
Total
9,028,293 12,392,341
9.028,293 12,392.341
Total
-V. 134, p. 1971.
x Represented by 75.000 no par shares.
2,039
-Valuation Reduced.
."'Nashua Mfg. Co.
$395.308
210,000
180,000
The valuation of the mills and machinery of this company for 1932 was
reduced by $2,000,000 from the 1931 figure, bringing the present valuation
to $2,500,000. The company, as a result, will save $60,000 a year in
taxes.
-V. 134, p. 518.
Surplus
def$565,310 def$634,478 def$219,560
She. of corn. outstanding
30,000
30,000
30,000
Earnings per share
Nil
Nil
Nil
Balance Sheet Dec. 31.
-Old Employees to
$ 380 --3
8:0 8
. --National Bellas Hess Co., Inc.
$6.18
Reorganize.
Federal Judge Coleman has indicated at an adjourned sale of assets of
National Bellas Hess Co. he would sign an order authorizing the co1931.
1930.
1930.
1931.
receiver in equity to sell the mail-order equipment and lists in part at least,
AssetsLiabilities$
$
s
to a new corporation in process of formation by 17 of the old National
Land, buildings &
Preferred stock__ 3,000,000 3.000,000
Bellas Hess employees.
5,951,297 5,041,471 Common stock_ __ 3,000,000 3.000.000
machinery
Latter's offer not only provides for taking over the mail order lists,
Sinking fund assets
31,101
12,000 Bonds
493,481
481,801
stencils and equipment. t.gether with the right to use the name, but also
Cash
24,704
13,325 Accts. payable__
266,693
156,554
includes an agreement to rent the Kansas City plant of the company, tl,us
Accts.receivable_
335,973
420,169 Bank overdraft &
providing for the carrying charges on the realty for the next two years and
Inventories
1,111,611 1,309,245
loan
346,331
360,470
for a rental contract extending over the next 21 years at net rentals of
Raw cotton
344,969
488,839 Spec.coating.accts 969,189 1,469,189
$50.000 and $60,000 a year
implies
231,816
506,519
251,662 Sinking fund res.... 518,198
The plan of the new corporation is to pay $100,000 to the present stock56,152
investments
1,308,621 2,537,792 Pension fund
56,153
holders, $20.000 now and $20,000 a year until it is all paid in. The new
Deferred charges__
449,036
30,620
35,720 Surplus
383,724
corporation will have a capital stock of $1,800.000, consisting of 1,800.000
618,825
346,623
Deposits
shares at $1 a share. Attorney Geist in outlining the offer said that 200,000
shares had been subscribed for a cash purchase price and that $250,000
Total
9 368,714 10,110,227
Total
9,368.714 10,110,227
would be taken by merchandise firms which would sell merchandise amount-V. 132, p. 4778.
ing to $250.000 for their stock. Stockholders of the existing company will
get 300,000 shares of stock for their interest in the lists. (Boston "News
'Moore Corp., Ltd.
-Dividend Omitted.
Buru, June 28).-V. 134, p. 3288.
ea
The directors recently voted to omit the quarterly dividend ordinarily
payable about July 1 on the no par common stock. A distribution of 12A
-Stockholders' Suit.
National Department Stores, Inc.
cents per share was made on this issue on April 1 as against 25 cents per
The "Wall Street Journal" June 28 had the following:
share previously each quarter.
-V. 134, p. 2163.
Wolff of New York has filed an accounting suit in U. S. District
Frank
Court. against National Department Stores, Inc., which operates 17 depart-Earnings.
Moreland Motor Truck Co.(& Subs.).
ment stores in the South and Southwest, and has filed receivership suits
1931.
Earnings for Year Ended Dec. 31
against Harris-Hahlo Co., a Delaware corporation, the holding company,
Operating loss
$108,408
whose sole assets is Harris-Hahlo Co., a Texas corporation which operates
64,016
Depreciation reserved
a department store. Wolff, a stockholder of the Delaware corporation,
Revaluation of inventories
51,018
alleges that officers of the National Department Stores and certain officers
Non-recurrent expenses
56,572
of the Delaware corporation fraudulently conspired to have control of the
Other reserves
11.500
Texas corporation passed through National Department Stores so that
the company's Houston store could be eliminated from competition with
Total deficit
$291,514
the stores operated in Houston and San Antonio by National Department
Previous surplus (adjusted)
78.996
Stores. The Court is asked to halt alleged mismanagement of the Delaware corporation and dissipation of its assets by appointment of receivers
Deficit
$212,518
and to order National Department Stores to account for all money of the
Texas corporation which has been paid to National Department Stores,
Consolidated Balance Sheet Dec. 31 1931.
and money lost by reason of diversion of the Texas corporation's business
Assets
Liabilities
-V.134, p. 2737.
to other stores operated by National Department Stores.
Land
Land tracts., bides., plant &
equipt., turn. & fixtures_ _
Investments
Inventories
Notes & accts. receivable_ _ _
Cash
Deferred charms
Good-will
$250,000 Preferred stock
Common stock
x591,986 Directors' qualifying shares In
subsidiary cos
301
674,523 Notes payable
169.823 Accounts payable
7.777 Accr. wages & expenses
261,155 Reserve for contingencies-.
1 Deficit
• Total
$1,955,566
Total
$490,570
1,454,033
250
118,563
69,183
17,589
17.896
212,518
$1,955,5116
x After depreciation of $524,294.-V. 131, P. 486.
-Earnings.
Mountain & Gulf Oil Co.
Earnings for Year Ended Dec. 31 1931.
Crude oil sales
Gassales
Interest revenue
Other earnings
$280,545
12,245
45,815
12,239
Totalincome
Production expense
Administrative expense
Royalties paid
Taxes paid
Profit and loss
Depreciation on equipment
Depletion on oil reserves
$350,844
74,863
19,351
24,259
27.708
122,281
26,819
67,875
$12,311
Net loss
Balance Sheet Dec. 31.
1930.
1931.
Assets$59,754 $194,363
Cash
733,013
800,293
Bonds
216,293
164,955
Accts.receivable_ _
235,000
Stocks of other cos. 397,865
114.770
100,135
Contracts recely_ _
43,214
Notes receivable._
Oil lands & leases_x2,212,100 2,287,572
Well farms invest.
184,077
y161,536
& equipment_ _
Accounts payable_
Dividends payable
Reserve for taxes_ _
Capital & surplus_
1931.
$11,397
1930.
$15,592
58,106
110,776
110,776
3,774,464 3.823,827
Total
$3,896,638 84,008,302
y After reserve for deprecia-
$3,896,638 $4,008,302
Naulleirn Pharmacies, Inc.(& Subs.).---EdIsings.---
Net loss for the year
Previous surplus
1931.
1930.
$73,240
2,859
30,591
14,803
$60,548
725
32,727
15.507
$121,494
1.067
Calendar YearsOper.loss after charging store, general & warehouse
exp. & writing down merch. to current prices..Other deductions
Depreciation of furniture. fixtures & equipment
Amortization of leaseholds & improvements......
$109,507
149,579
$40,072
Balance,surplus
$120,427
10,000
Reserve for notes receivable
16,250
Write
-down purchase price of store to value of
29,005
tangible assets acquired
Loss on sale of capital assets
_102,462
_ _
Balance, surplus, Dec. 31
$1,067
def$239,139
Consolidated Balance Sheet Dec. 31.
Assets1931.
Cash
$21,981
Accts. receivable....
66,297
Notes receivable...
4,525
Merch. dc supplies 325,825
Notes receivable
(not current) _ _ _
32,450
Fixed assets
x385,090
Good-will, trademarks, &c
11,017
Def. assets & chgs_
42,845
Deficit
239,139
Total
x After reserve for depletion of $3,496,399.
tion of $2,584,299.-V. 132. p. 4778.
Total
-Smaller Dividend.
National Fruit Products Co., Inc.
A quarterly dividend of 8734c. per share was recently declared on the
7% cum. pref. stock, par $100, payable July 1 to holders of record June 20.
Previously, the company made regular quarterly dividends of $1.75 Per
share on this issue.
-V. 133, p. 2445.
1931.
Liabilities1930.
$47,860 Accounts payable. $129,893
93,625
106,462 Notes payable....- 11.550 Taxes and other
21,582
accrued accounts
356,395
Reserve for loss on
20,633
leases
5,475
508,274 Loss on sale of
7,938
capital assets..
11,017 Reserve for con10.000
tingencies
45,531
y845,497
Capital stock
Surplus
$1.129,169 51.090,564
Total
1930.
$138,763
71,732
22,005
11,500
y845,496
1,066
$1,129,169 $1,090,564
After deducting reserve for depreciation of $91,753 and reserve for
amortization of $16,945. y Represented by 45,000 shares of pref. stock
and 99,877 shares of common stock, both of no par value.
Note.
-The dividend on the corn. pref. stock at the rate of $2.50 per
share per annum lain arrears as from Aug. 1 1929.-V, 132, p. 4254.
144
Financial Chronicle
National Oil Products Co., Inc.
-Extra Dividend.
The directors have declared an extra dividend of $1 per share in addition
to the regular semi-annual dividend of $1 per share on the common stock,
both payable July 1 to holders of record June 20. Like amounts were paid
on Jan. 2 last.
-V. 134, p. 3108.
National Surety Co.
-Insurance Dept. Approves Change.
Final action was taken on June 28 by the directors in the matter of the
reduction of capital from $15,000,000 to $3,000,000 by the transfer of
$12,000,000 to surplus, when they accepted the consent of the Superintendent of Insurance to amend the charter of the company to conform to
such change. The company will file its statement on any valuation basis
required by the Insurance Departments and by the U. S. Treasury Department.
Offer Exchange of Bonds.
Stein Bros. & Boyce and Bartley &
c., are making an offer to
holders of certain real estate first mortgage
Co.,bOnds, certificates and collateral
trust bonds maturing prior to Jan. 1 1939, or underlying collateral thereof,
which are guaranteed by the National Surety Co., to:exchange these bonds
for new bonds of a longer maturity, plus a cash consideration to the holders
at the time the exchange is made. The interest due and past due on all
bonds or certificates exchanged, will be paid at the time the exchange is
made. The new bonds bear the same interest rate as the old bonds and
are guaranteed by the National Surety Co.
-V. 134, p. 4672.
National Tea Co.
-Sales Continue Lower.
Period End. June 18- 1932-4 W7cs.-1931. 1932-24 W7cs.-1931.
Sales
$5,021,502 $5,752,460 $31,952,097 $36,639,197
-V.134. p.4335.
(Oscar) Nebel Co., Inc.(& Subs.).
-Earnings.
Income Accountfor Year Ended Dec. 31 1931.
Netsales
Cost of goods sold
$811,595
867,740
Grossloss
Delivery expenses
Selling expenses
Administrative & general expenses
$56,145
5.548
62,950
46,897
Loss from operations
Excess ofother expenses over other income
$171,541
20,088
Net loss
$191,629
Balance Sheet Dec. 31 1931.
Assets
lAaMlitiesCash
$61,992 Notes & accounts payable__ -- $49,958
Notes & accounts receivable
95,552 Accrued liabilities
4,259
Inventories
169,715 Reserves
37,312
Fixed assets
1,582,040
830,885 Capital stock
Cash-United Strength Bank
Deficit
4,695
& Trust Co
58,534
Deferred & prepaid charges_
2,193
Patents, good-will & other intangible items
450,00)
Total
-V. 134, p. 861.
$1,668.874
Total
$1,668,874
1931.
$110,833
12,331
1930.
$194,854
15,231
1929.
$508,216
26,721
1928.
$419,495
16.186
Total Income
Depreciation
Loss om equip.retired _
Reorgan. exp. amortized
Net cost of corp. life ins_
Adj. of cost of U.S. Liberty Loan bonds and
Treasury notes_ _ _ _ _
Prov. for loss on other
bonds
Prov. for Fed. inc. tax
Prov.for doubtedul sects
Interest paid
Sundry charges
$123,164
$210,085
$534,937
$435,680
11,549
323
4,780
921
2,000
5,262
32,505
113
3,038
22,044
9,628
3,601
3,899
59,687
7,977
51,175
Net income
Previous surplus
Adjustments
Prem.on sale ofcap.stk.
$63,330
1.095,203
$170,913
1,084,820
$464,664
822,336
9,596
20,250
16,915
2,609
$366,930
626.401
DrI57
54,375
Total surplus
$1,158,533 $1,271,108 $1,316,846 $1,047,549
Cash dividends
46,560
174,669
198,433
230,792
Stock dividends
26,780
Deprec. of appreciation1,235
1.235
1.235
Surplus as at Dec.31- $1,110,739 *1.095,204 $1,084,819
$822,336
Shares capital stock outstanding (par $5)- -- 116.446
115.421
116,446
114,071,
Earnings per share
$0.56
. $1.46
$4.02
$3.21
Comparative Balance Sheet Dec. 31.
1930.
1031.
Assets
1931.
1930.
$168,977 $205.93 Accts. payable__ _
Cash
53,593
$10.345
Provision for FedU. S. Gov't. sec._ 240,453
69,085 eral income tax_ 12,422
Notes rec.-cust.
87,293
29,124
355,121 Capital stock
Accts.receivable
197,787
582.230
582,230
278,202 Surplus
Inventories
247,193
1,110,739 1.095,203
21,087
23,481
Val.of lite ins. pol_
Invest.-st cost_ _
44,810
18,700
Plant property_ _ _ :370,073
389,104
Patents & Goodwill 275,000
275,000
net, charges
53,918
105,011
Total
Total
$1,708,984 $1.716,902
x
-V. 134, p. 3650.
--....,....., After depreciation.
$1,708,984 $1,716,902
Newaygo Portland Cement Co.
-Dividend Deferred.The directors recently voted to defer the
dividend due July 1
the 7% cum. pref. stock, par $100. The last regular quarterly payment
quartelyon
of 1%% was made on this Issue on April 1.-V. 129, p. 1926.
New Britain Machine Co.
-No Action on Pref. Div.
The directors have taken no action on the quarterly dividend due July 1
on the 7% cum. class A pref. stock, par $100. The last regular quarterly
dividend of 1;4% was paid on this issue on April 1.-V. 134, p. 2539.
New England Fuel Oil Corp.
-Earnings.
Calendar YearsGross inc. (incl. sales
royalty oil)
Expenses and taxes_ _ _ _
Net income
Dividends
1931.
1930.
$34,875
y34.242
$633
$32,580
y23,510
$9,070
1929.
x$29.425
20.511
$8,914
1928.
$36,741
27,648
$9,091
25,000
Balance
$633
$9,070
$8,914 def$15,907
Earns, per eh. on 50,000
$0.01
shares (no par)
$0.18
$0.16
$0.18
x Including New England Fuel Oil Co. of Mass. from Jan. 1 1929 to
Aug. 15 1929 and New England Fuel Oil Corp. from Aug. 16 1929 to
Dec. 311929. y Includes loss from sale of securities of $19,260 in 1931 and
$6,184 in 1930.-V. 134, p. 3992.
-Bondholders Are
--4 ----Norfolk-Portsmouth Bridge Corp.
"
Urged to Deposit Their Bonds.
The holders of first mortgage sinking fund 63 % gold bonds are In receipt
,
6
of the following letter from the two protective committees for the bonds:
A short time ago a petition was filed in the U. S. District Court for the
Eastern District of Virginia, asking that the court make an order that the
property of the corporation be sold free and clear of the mortgage securing
North American Aviation, Inc.
-Sub. Reports Gains.
-
The Eastern Air Transport, a subsidiary, transported 2.810 Passengers
in May compared with 2,121 in May 1931, and brings the total for the first
five months of this year to 13,643. This is an increase of 47% over the
first five months of last year, when 9,258 passengers were carried.
The Eastern company's planes transported 78,087 pounds of mail in
May, flying 348,589 miles. In May last year 74,736 pounds were carried
and 318.220 miles flown. Mail volume in the first five months this year
was 406,751 pounds, compared with 399,480 in the corresponding period
in 1931, an increase of 1.8%. Miles flown in 1932 totaled 1.733.798,
compared with 1.468,347 in 1931,an increase of 18.1%.-V. 134,P. 2165.
Nova Scotia Steel & Coal Co., Ltd.(& Subs.).
-Earns.
(Herman) Nelson Corp., Moline, Ill.-Earnings.
-
Calendar YearsNet operating profit_ --Int., disc. & rentals earn.
15,375
July 2 1932
the first mortgage bonds and all other liens. This petition was filed by the
same creditors who filed a petition asking for the appointment of the
receiver about a year ago, and the court has made an order on the trustee
for the bondholders, the Norfolk National Bank of Commerce and Trusts,
to show cause why it should not proceed to foreclosure.
For some time prior to the filing of this petition, which came as a complete surprise to the committees, the undersigned have been working in
accord and had hoped to submit to the bondholders within a short time a
plan of reorganization. However,the filing of this petition has precipitated
a situation which requires immediate action by the first mortgage bondholders if they are to protect their security. The two committees have on
deposit approximately 40% of the outstanding bonds.
In the event that the court decrees the sale of this property free and clear
of the first mortgage securing your bonds, your committees could not protect your interests, as the bondholders in the event of such a sale would be
entitled to only their pro rata share of the proceeds. To illustrate, if the
bridge is sold for $77,500 each bondholder would get 10%, of the face of
the bond,less all expenses as the total issue of bonds is $775.000.
It is therefore imperative that the non-depositing bondholders take
Immediate action to deposit their bonds with either of the two committees,
as it is necessary for the trustee under the order of court to file an answer
to the petition for the sale on or about July 12, and then the court may
immediately order foreclosure proceedings. It is quite obvious that this
is a most serious situation. However, if the non-depositing bondholders
immediately deposit their bonds with either committee, the committees
will be able to dominate this situation and work out a reorganization plan
which would preserve the security which the bondholders now enjoy under
the present mortgage.
As stated above, should your committees be unable to effect a satisfactory reorganization plan, by reason of inaction by non-depositing bondholders, then the only alternative appears to be foreclosure proceedings,
in which event the first mortgage bondholders would receive only their
pre rata share of the sale price of the property. On the other hand, if a
substantial amount of additional bonds is deposited, the committees believe
that they can work out a plan which will preserve the security of the first
mortgage bondholders.
At the present time, the figures submitted by receiver for the Bridge
company show that it is earning the interest on its first mortgage bonds
and there is every reason to believe that if properly and promptly reorganized
the security of the bondholders would remain unimpaired.
CommilleeS.-A. Raymond Bishop and Alfred C. Dent. Miles S. Altemos°, Sec. 135 South Broad St., Philadelphia. Fidelity-Philadelphia
Trust Co., 123 South Broad St.. Philadelphia, depositary.
Frederick A. McCord, John N. Mackall and William DeCou Jr. A. A.
Swartley, Sec., 27th floor, Lewis Tower, Philadelphia. The Pennsylvania
Co. for Insurances on Lives and Granting Annuities, Philadelphia, depositary.
-V. 133, p. 2610.
Calendar Years1931.
1930.
1929.
1928.
Combined profit from
oper. after deducting
mfg.,sell.& adm.exps$21,148
$633,476 $1,565,353
$569,340
Distribution to Coal empl
32,579
33,325
Interest(net)
524,191
533.799
556,407
609,742
Prov. for sink, fund and
depreciation of plants_
499.800
499.800
499,800
340.741
Deficit for year
$1,012.451
$390,515 sur$423,242
$361,132
Sur. brt. forw'd Dec.31_
28,373
463,888
265,647
671,822
Div. on 6% prof. stk. of
Eastern Car Co., Ltd_
45.000
45,000
6225,000 aDr45,042
Balance, surplus_ -_def$1.029,078
*28,373
$463,889
$265,647
a On 6% pref. stock of Eastern Car Co., Ltd., $45,000: on 6% pref.
stock of Acadia Coal Co., $42. b For years 1925 to 1929 inclusive.
Balance Sheet Dec. 31.
1930.
1931.
1931.
1930.
AssetsLiabilities8
$
$
Properties
25,389,490 25,942.243 Preferred stock_ -- 1,000,000 1,000,000
Cash (trustees)1,189
635 Common stock-15,000,000 15,000,000
Sink,fund bonds
8,449 Acadia stock
8,774
95,400
95,400
1,114,493 1,608,546 Eastern Car pref.- 750.000
Inventories
750,000
Accts.receivable_
541,860 Funded debt
494,674
10,239,596 10,410,099
Cash
279,683 Accounts payable_
142,396
73.814
96,702
Deferred charges_. 181,489
146,800 Wages payable,50,645
84,683
Balances received 1.261.500 1,187,320 Accrued interest
263.767
260,155
Reserves
373,894
205,188
Surplus
:746,887 1,804,338
Total
28,594.005 29,71_,5 545
Total
28,594,005 29,715,545
x Including capital surplus.
-V. 134, p. 3109; V. 132, p. 3543.
Ohio Leather Co.
-Regular Dividenils.-New Directors.
-
The directors have declared the regular quarterly dividends of 25 cents
per share on the common,$2 per share on the 1st preferred and $1.75 per
share on the 2nd pref. stock, all payable July 1 to holders of record June 24.
The company stated that the common dividend for the second quarter
was earned during that period. This is the third dividend declared on the
common since payments were resumed in December 1931, after an interruption of more than 10 yeses.
Charles F. Smith has been elected a director to succeed the late John T.
Harrington, and Fred H. Becker,sales manager, has been elected a director
to fill another vacancy.
-V. 134, p. 2356.
---Orange Crush, Ltd.
-Preferred Dividend Deferred.
-
The directors recently voted to defer the quarterly dividend due July 1
on the 7% cum. 1st pref. stock, par 100. The last regular quarterly payment of 15 % was made on this issue on April 1.-V. 132, P. 4780.
,
4
"""Penn-Federal Corp.
-Preferred Dividend Deferred.
-
The directors recently voted to defer action on the quarterly dividend
due July ion the 7% cum. pref.stock, par $100. The last regular quarterly
payment of 15t% was made on this issue on April 1.-V.133, p. 1463.
Pilot Radio & Tube Corp.(& Subs.).
-Earnings.
Earnings for Year Ended Dec. 311931.
Gross sales, lees returns, allowances and export charges
Coat of goods sold
Selling and general expenses
Cash discounts on sales
Provision for doubtful accounts receivable
Rental of Brooklyn. N. Y., plant, not in use
Interest on drafts and collection charges
Amortization of moving expenses
Depreciation of idle machinery and equipment
Miscellaneous
$1,251,850
984,601
380,457
20.373
24,868
24.000
19,459
11,390
7,644
6.420
Gross loss
Interest on bank balances, &c
Cash discounts on purchases
Miscellaneous credits
$227,364
5,824
2,935
3,026
Net loss for the year
Surplus charges
-Taxes, royalties and miscellaneous charges
applicable to prior years
$215,580
43,838
Gross deficit
$259,417
Surplus at beginning of the year
178,360
Surplus credits-Charges to expense in previous years transferred
to accounts receivable, refunds of Federal taxes, and miscellaneous items applicable to prior years
18,201
Deficit at end of the year
$62,856
Financial Chronicle
Volume 135
Condensed Consolidated
d1931.
Assets
1930.
Cash
$25,762 $120,342
Notes receiv. and
50,844
foreign drafts_ 5,342
Acets receivable
114,394
Customers
184,603
2,522
Due from empl_
6,710
Due from office_
71,036
Other accts. ree_ _
91,531
19,764
Inventories
305,393
309,995
Plant property. &c a811,191
489,824
Patents & licenses_
1
1
Deferred charges
128,439
70.996
Balance Sheet Dec. 31.
Liabilitiesd1931.
Notes & trade acceptances pay__ $60,192
Acc'ts payable_ _ _ _ 206,701
Federal and N. Y.
State taxes
38.073
34,486
Accrued accounts_
M tees. payable__
126,875
Notes pay.,officers
50,000
Preferred stock__
150,000
Common class A__ 6926,608
Common class B_
Profit and loss surplus
def62,856
1930.
Propper-McCallum Hosiery Co., Inc.
-Earnings.
820,108
zl.
178.361
Pan American Airways Corp.
-Profit Sharing Plan.
-
A special meeting of the stockholders has been called for July 6 to consider proposals whereby officials of the company may become interested
in the corporation's stock and earnings and its subsidiaries under a management stock purchase plan. The plan provides that the President of
the company may be paid on net earnings and employees may be permitted
to participate in an employees' bonus plan. See also V. 134. p. 4170.
Pines Winterfront Co.
-Earnings.
-Years End. April 301932.
Gross operating profit _ _
$181.954
Net oper. profit (after
depreciation)
loss200,533
Other income
18,281
1931.
1929.
1930.
$581,448 $1,772,607 $1,208,673
129,119
133,356
856,065
111,461
597,952
54,786
Total income
Other deductions
loss$182,252
108,156
$262,475
85,354
$967,527
82.069
$652,738
24.838
Net prof.bef.inc.tax_ loss$290,408
Provision for income tax
$177,120
2,192
$885,458
117,000
$627.899
72,345
Net profit
Dividends paid
$174.928
x332,864
$768,458
311,355
$555,554
300,000
Balance,surplus_ _ _ _ _def$531,216 def$157,936
$255,554
$457,103
Shs. coin, stk. outstand.
311,262
(Par $5)
347.511
329,411
305,000
Earnings per share
Nil
$0.50
$1.82
$2.34
x In addition company distributed 13,371 shares in stock dividends during
the year.
Condensed Balance Sheet April 30.
Assets-.
1932.
y1931.
Liabilities1931.
1932.
Cash
8169,030 $343,803 Accounts payable_ $19,162
828,238
Liberty bonds_ _
600
600 Accrued expenses_
74,435
83,341
Invest.ln own stock
Prov. for Federal
(at cost)
11343,662
Income tax
4,000
Notes & accts. rec_
83,131
229,389 Capital stock
1,556,310 1.737,555
Inventories
319,582
349,551 Surplus
1,277,800 2,422,558
Land,b1Mis.,equip.x1,912,111 1,946,144
Stocks in attli'd Co. 146,792
146,792
Pat's.& goodwill__
1
1
Deferred & other
assets
296,410
410,749
Total
$2.927,707 $4,275,693
Total
$2,927,707 $4.275,693
a Investment in own stock at a market value of$241,544 on April 301931.
x Less depreciation reserve of $365,330. y Includes $250,000 call loans.
-V.134, p. 1210.
Pittsburgh Forgings Co.(& Subs.).
-Earnings.
-
Calendar Years1931.
Operating profit of combined companies
loss$18,066
Provision for deprec. of bldgs., mach.,equip., &c_ _
113,392
Interest on bonds
26,547
Miscellaneous charges, lees credits
9.373
Provision for estimated Federal ir.come tax
Add'I prov. to red. sec. ow.ied to approx. mkt. val_
16.808
Provision for doubtful accounts
13,500
Interest earned, &c
Cr.13,229
1930.
$601,622
131,317
29,079
3,323
54,291
Net profit
Preferred dividends
Common dividends
$383.612
48,216
313,880
loss$184.458
54,318
loss$238,776
$21,516
Summary of Surplus Dec. 31 1931.
Capital. Profit it Loss. Combined.
Consolidated surplus of the Pittsburgh
Forgings Co. and the Greenville
Steel Car Co. as of Dec.31 1930--$51,734
$585,931
$637,665
Adjust, upon dim.from consolidation
of the Greenville Steel Car Co
Cr.250,000
319,860
69,860
Surplus of Pittsburgh Forgings Co.
at Dec. 31 1930
$301,734
$266.071
$567,805
Net loss for the year ended Dec. 31
1931 (as above)
184.458
184,458
Dividends paid
54,318
54.318
Additional prov. for taxes & conting12,301
12,301
Net loss on sale of 2,890 ohs. of company capital stock
967
967
Additional income tax of the Riverside
Forge & Mach.Co. paid for yr. 1929
701
701
Provision to reduce carrying value of
8,000 shs. of Greenville Steel Car
Co. common stock (entire authorised issue) to aggregate book value
thereof as reflected by that company's records at Dec. 31 1931_ -- 46,918
46.918
Surplus Dec. 31 1931
$254,816
$13,326
$268,142
Condensed Consolidated Balance Sheet Dec. 31.
1931.
Assets1930.
1931.
1930.
$107,926 $818.460 Accounts payable_ $34,025
Cash
$80,775
79,250
Cust. acc'ts recel v.
110.855 Dividends payable
65,048
Inventories
159,878
297.253 Fed. Inc. & State
Cash surr. value of
taxes
c885
51,091
22,838 Interest on bonds_
life insurance.
6,994
6,995
169,017
188,532 Work. comp. Ins._
Other assets
550
20,800
Marketable MsContracts payable
29,960
601
Acer. int. on bonds
Deferred liability6.630
1st mt-e. gold Os
Inv. In &MI. co,.. 203,137
450,000
475.000
Res. for canting_ _
Land, bids., mach.,
20,000
10,424
a1,164,002 1,775,545 7% pref. stock of
equip., &c.
5 Greenville Steel
7
Patents
17,905
Unexp. Ins. prem.
Car
5,887
592,e00
Common stock__ _61,100,000 1,100,000
Surplus
268.142
637,665
81,910,553 $3,031,228
Total
Total
$1,910,558 $3,051,228
a After reserve for depreciation of 81.061,705. b Represented by 220.000
-V. 134, p. 2925.
no par shares. c State taxes only.
Paramount Publix Corp.
-Earnings.
For income statement for 3 months ended April 2 see"Earnings Department" on a preceding page.
-V. 134, p. 4672.
$15,800
207,899 -I
Pittsburgh Steel Foundry Corp.
-Defers Dividend.
The directors have voted to defer the quarterly dividend due July 1
23,441
on the 5% cum. pref. stock, par $100. The last regular quarterly dis33,054
tribution of 13(% was made on this issue on April 1.-V. 134, p. 4171.
Total
$1,530,079 $1,278,663
Total
$1,530,079 $1,278,663
a After depreciation and amortization. b Represented by 250,000 (no
par) shares outstanding. z Represen ed by 25,000 shares (no par). d The
above balance sheet gives effect to certain subsequent transactions by the
parent company, as follows: The authorization of 1,500 shares preferred
6% cumulative capital stock, par value $100 each. The acquisition of
land, buildings, &c., from Lawrence Factories, Inc., in consideration for
1,500 shares preferred capital stock, the assumption by the corporation of a
mortgage and of certain liabilities of the vendor, less certain assets for a
net amount of $11,166. The settlement of notes payable, aggregating
$107,500, by the issuance therefor of 30.200 shares of common class A.
capital stock and the extension of demand notes in the amount of $50.000
to June 15 1933. The extinguishment of 25,000 shares common class B
capital stock carried on the books at a nominal amount of $1.-V. 133,
p. 3639.
10888290,408
240,808
145
[Including wholly owned subsidiaries.
Calendar Years
1930.
1931.
Sales, less returns and allowances
$3,307.681 $4.337.348
Cost of sales
2,856.193 3.648,792
Selling, administrative and general expenses
864.737
704.659
Other deductions
182,778
95,247
Operating loss
Other income
Total loss
Provision for Canadian income tax
Shrinkage in val. of Canad. Co.'s net curr. assets,
upon conversion into U. S. currency
$348,419
49,652
$35 .959
8
15,667
$298,767
1,729
$343,292
342
14.224
Net loss
$314,720
Pref. dive., $73,500;corn, diva.. $50,000
Consolidated Balance Sheet Dec. 31.
1931.
Assets1930..
1931.
Liabilities-8174,330 $124,486 Notes payable_ -__ $175,000
Cash
Accounts receirle_ 516,791
609,410 Tr. accepts. pay_
Inventories
546,871 1,077,032 Bankers' accept'ces
Value of life 1n.sur.
payable
policies
30,374
22,480 Accts. pay.& aeon
Sund.notes &accts.
54,019
expenses
receivable
17,859 15-yr. 634% gold
17,720
Investments
5,001
5,001
notes due 194L. 1,007,000
Land. bldgs.dreqptx2,952,358 3,124,619 Res. for contlng_ _
21,318
Prepd.& def. chgs.
12,237
33,268 7% pt. conv. stock 1,050.000
Tr.
-mks & gd.-will
1
1 Common stock_ _ _y1,650,000
Surplus
298,147
$343,634
123,500
1930.
8371,231
28.973
54,197
130.431
1,075,000
21,318
1,050,000
1,650,000
633,063
$4,255,484 55.014,205
Total
84,255,483 85,014.205
Total
X After depreciation.
y Represented by 130,000 shares (no par).
-V.
133, p. 2115.
Providence Biltmore Hotel Co.
-Earnings.
Earnings for Year Ended Dec. 31 1931.
Income from rooms,restaurants,&c.,incl. inter-dept.charges__ 31,170.886
Direct operating expenses
923,663
Inter-departmental charges
25,858
Taxes,depreciation,interest on mortgage
303.669
Net loss from operations
Balance Sheet, Dec. 31 1931.
Assets
I Liabilities
Cash
8221,857 Accounts payable
Sinking fund
20,000 Sundry accruals
Accounts receivable
35,617 Mortiarm payable
Inventory of supplies
9,789 First preferred stock
Investment
10,000 Second preferred stock
Land, bid?., turn.& equip m't_y4,356,154 Net surplus on Dec.31
Deferred charges
59,323
$82.303
811,667
20,619
1,472,500
2,124,600
1,000.000
x83,354
Total
84,712,740
Total
$4,712,740
Represented by 10,000 (no par) shares. y After reserve for deprec. of
$1,556.649.-V. 133. p. 4171.
Public Utility Investing Corp.
-Defers Pref. Dividend...
-
The directors have voted to defer the quarterly dividend due Aug. 1
on the $5 cum. pref. stock, no par value. The last regular quarterly distribution of $1.25 per share was made on this issue on May 2 1932.
-New Exchange Offer Made to Holders of Collateral
Tenders
Trust 5% Gold Bonds Due 1948.
-Vice-President R. N.
Thompson, June 27, says:
Included in the portfolio of this corporation and pledged as security for the
5% bonds due 1948 are amounts of the following securities: New England
Gas & Electric Association $5.50 div. series pref. shares and Associated
Electric Co. 4X% bonds due 1953.
Holders of the 5% bonds due 1948 of this corporation are given the
opportunity to tender all or any portion of their holdings on such basis as
they may determine, in exchange for either of the foregoing securities.
For the purpose of a fixed basis for this exchange each ten New England
Gas & Electric Association pref. shares and each Associated Electric Co.
bond will be considered at their liquidation and face value, respectively.
I. e. $1,000. Each tender must state the price at which the 5% boPds of
this corporation are tendered; for example, holders who consider the bonds
'
of this corporation of equal value to the securities offered should tender
their bonds at 100 and those who consider them of more or less value
should made their tender proportionately above or below 100.
Adjustment will be made for accrued interest and (or) dividend as of
July 11 1932, so that it will be continuous but not overlapping. Fractional amounts of the securities deliverable will be adjusted in cash at the
market.
Tenders will be accepted by this corporation at 61 Broadway, N. Y.
City, until the close of business July 11 1932. up to the full amount of the
aforementioned securities available for such purpose.
Tenders of bonds of this corporation for cash will also be received up to
the close of business July 11 1932 to the extent of funds available, at prices
not exceeding $450 and accrued interest for each $1,000 bond.
-V. 134.
p. 4336, 3835.
Quaker State Oil Refining Corp.
-Canadian Subsid'y.This company has formed a Canadian subsidiary company and Is establishing a blending plant in Toronto to handle its entire Canadian business.
The new Canadian subsidiary. Quaker State Oil Refining Co. of Canada.
Ltd., has leased 5,000 square feet of floor space in the plant of the Warren
Bituminous Paving Co.and proposes to start production as soon as possible.
-V. 133, p. 656.
Quincy Mining Co.
-Book of Old Company Closed.
-
Inasmuch as Quincy Mining Co. (old company) is to be succeeded by
Quincy Mining Co. (new company), the latter company having the same
number of shares, of a par value of $25 ($20 paid-in), and the old company
is to be dissolved, the transfer books of the old company will be permanently
closed at the close of business June 29 1932, and no transfers of its capital
stock will be recorded thereafter.
-V. 134, p. 4672.
Railways Corp.
-Stock Dividend.
-
The directors have declared an initial quarterly dividend of 2%, payable
in no par stock July 15 to holders of record June 30. A similar payment
was made on April 15.-V. 134, p. 2167.
Remington Rand, Inc.
-Correction.
-
The income account appearing in "Chronicle" of June 25, page 4673, is
for the years ended March 31 and not for the calendar years.
-V. 134,
p. 4673.
.
Richardson Co.
-Conveys Property.
-
The Richardson Co. of Lockland June 24 conveyed its entire plant, including all real estate, to the Gardner-Richardson Co., Middle wn, and
the Gardner-Richardson Co. gave a real estate mortgage to tne Central
Trust Co., as trustee, to secure a bond issue of $2.500.000.
The mortgage covers the real estate known as the Richards m paper
plant at Lockland, as well as the entire plant of the Gardner-Richardson
Co. at Middletown.
411Q11
The bonds are secured by first mortgage and bear interest at 4% the
first and second years, 1% the third and fourth years, 2% the fifth and
sixth years. 3% the seventh and eighth years and 4% during the ninth
and tenth years (Cincinnati "Enquirer").
-V. 132. p. 1052.
146
Financial Chronicle
July 2 1932
Rio Grande Oil Co.
-Earnings.
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
Current assets as of March 31 1932, amounted to $4,721,410 and current
liabilities were $2,940,655, comparing with $9,421,000 and $6.600.00J,
respectively, on March 31 1931.-V. 134, D. 2925.
Shawmut Bank Investment Trust.
-Earnings.
Years EndedFeb. 29
Feb. 28
1932.
1929.
1931.
1930.
Int.rec. and accrued plus
dividends received- - - $317,035
$326,922
$400,589
$365,584
Net profit on secur.sold_ loss613,661 1°88444,476
899,451
972.483
Ritter Dental Mfg. Co., Inc.
(& Subs.).
-Earnings.
Calendar Years1931.
1928.
1930.
1929.
Manufacturing profit_ _- $1,224,186 $1,741,022 $2,450,6121
Not
Cost,expenses,royal,&c
1,165,9281 Available
789,077
959,195
Total
loss$296,626 loss$117,554 $1,300,041 $1,338,067
Current operating exp..
including taxes
50,439
68,631
142,295
148,201
Int. paid and accrued.-288,255
294,959
295,752
302,254
Operating profit
Other income
$435,109
178.317
Total income
Interest, &c
Federal taxes
Minority interest
Other deductions
Depreciation
$613,427 $1,077,913 $1,654,005 $1,499,035
150,161
141,441
231,636
130.000
97,143
85.000
140,000
4,155
3,176
3,490
4.780
79,627
197,566
171.595
Net profit
Preferred dividends- _-Common dividends
$235.915
175,000
220,000
1930.
$2,500,000
2,544,512
Net earns,from operations of year
loss$635,321 loss$481.144
$861,994
$887,611
Amt.transferred to Burp.
372,468
Balance of net earns_ _def$635,321 der/481,144
$861,994
$515,143
Profit and Loss Account follows: Surplus and undivided profits March I
1931, $1,404,727: discount on senior debentures purchased by the trust
and retired, $124,745; total surplus, $1,529,472; less net loss (as above),
•
$635,320; surplus Feb. 29 1932, $894,152.
Comparative Balance Sheet.
AssetsFeb.29'32 Feb.28 31
Liabtlity-.
.
Feb.29'32. Feb.28'31.
Cash
$542,280 $1,314,356 Accrued int. on
Accrued int. dr acjunior notes$28,800
counts receiv_ _ _
36,148
34,619 Accounts payable_
$47,125
Securities (at cost):
Senior debs.,432% 2,261,000 2,478,000
Bonds & pref.
Senior deben., 5% 2,364,000 2,495,000
stocks(market
Junior note 8%,
val.$1,693,300)2,694,102 2,545,558
series A
960,000
960,000
Com.stks.(mar1 2894,1521 1.000,000
Surplus
val.$1,609,700)3,038,921 3,293,819 Undivided profits_ f
f 404,728
Partic. in loan to
foreign core_ ___ 196,500
198,500
431,848
143,750
214,125
263,908
Total
26,507,952 $7,384,853
Total
$6,507,952 $7,384,853
-Share capital outstanding, 42,780 shares (no par value).
Note.
-V.
134, p. 4674.
56,893
2,412,904
Snider Packing Corp.
-Ma-I Operative.Ihe modified plapef reorganization, announced publicly on May 26.
is declared operativ n a joint statement issued by Clifton M. Miller.
Chairman of the reo ganization committee; George E. Warren, Chairman
of the noteholders' protective committee, and the stockholders' protective
committee,for which J. Arthur Adler is counsel. Their statement followed
the saoc
ap rovrtgcomptn khetligs
o i eo
t
v ileaLa niee
posiu3V helg iunt3 2t
s
it e 0 arg the New York
s
company.
assure
out of the plan, all deposits must be completed by July 1 and it is expected
that the plan will be consummated shortly thereafter.
Present capitalization consists of $2,598,000 6% cony, gold notes
matured May 1 1932; $60,000 shares of pref. stock, and 138,310 shares of
common stock.
The new company will have a capitalization outstanding of approximately
$1,600,000 1st mtge. 69' bonds in two series maturing May 1 1937 and
Nov. 1 1939: $1.030,000 of 10
-year income 6% debentures due Nov. 1
1939, and 203.731 shares of capital stock.
Directors will be elected annually. The initial board is to consist of
the following: T. H. Blodgett, Chairman; S. E. Comstock, Pres.; B. 0.
Olney, Executive V.-Pres.; D. C. Townson; Clifton M. Miller of White.
Weld. & Co.; Carleton Bunce, V.-Pres. Chase National Bank of the City
of New York, and W. H. Jaquith, V.-Pres. the Marine Midland Trust
Co. of New York.
-V.134. D. 4509.
$781,827 $1,284,684 $1,347,445
369.321
151,590
296,087
$667,665 $1,367,784 $1,133,244
175.000
175,000
175,000
400,000
480,000
Surplus
$712,784
def$159,085
$92,666
Earn, per sh. on 160,000
abs. com.stk. (no par)
$7.45
$0.38
$3.08
Consolidated Balance Sheet Dec. 31.
Assets
Liabilities-1931.
1931.
1930.
Land, buildings,
7% pref.stock_ _$2.500,000
Common stock_ _ _y2,544,512
machinery and
equipment_ _ __:$2,626,190 $2,795,559 Notes, loans &
Cash
507,393
523,601
accts. payable_ _ 2144,436
Notes, loans &
Dividends payable
43,750
de accts. rec_ _ _ _ 2.458,718 2,888,823 Accrued taxes,ace_
119,998
Inventories
2,036,358 2,175,369 Miscell. reserve_ __ 276,614
89,252
Investments
74,584 Mtn. stockholders'
Deferred charges_ _
42,84o
110,002 liability
58,911
Earned surplus _ _ _ 2,102,531
$958,244
$5.99
Total
Total
$7,790,755 28,567,941
$7,790,755 $8,567,941
x After depreciation of $1,436,287. y Represented by 160.000 no par
shares. z Accounts payable only.
-V. 134. p. 3994.
Roxy Theatres Corp.
-Will Close for Three Weeks.
The Roxy Theatre, which was recently petitioned into an equity receivership, will be closed for not less than three weeks following the last performance June 30. The theatre will be reopened on July 29 if present plans.
which were consented to by a committee of first mortgage bondholders,
are carried out.
The closing was authorized by Federal Judge Francis G. Caffey, who
signed an order in the equity suit extending permission of the Court for
Mr. Kosch to carry out his plan. At the same time on application of,the
Continental Bank & Trust Co., trustee, Judge Caffey appointed Mr.
Roach receiver in a foreclosure proceeding brought by that bank.
-V.134,
p. 4336.
Royal Dutch (Petroleum) Co.
-6% Div. Approved.
The stockholders have approved the annual report of the company for
1931 and fixed the dividend for that year at 67% payable July 6. This
-dividend was recommended by the directors in °
May. No Interim divi- "" -Sorg Paper Co., Middletown, O.
-Dividend Deferred.
dend was paid six months ago.
The directors recently voted to defer the quarterly dividend due July 1
For the year 1930 an interim dividend of 10% and a final dividend of
on the 6% min. pref. stock, par $100. The last regular quarterly payment
7% were paid, making a total of 17%, and comparing with 24% paid
of lh% was made on this issue on April 1.-V. 131, p. 3220.
for 1929.-V. 134. p. 4152.
South Lake Mining Co.
-Dropped from List.
Ryan Consolidated Petroleum Corp.
See Franklin Mining Co. above.
-Earnings.
-V. 122. p. 1927.
Calendar Years1931.
1930.
1928.
1929.
Gross income from over.
South West Pennsylvania Pipe Lines.
-New Sec'y.oil and gas properties_
$146,411
$426.092
$441,309
$604,052
See Eureka Pipe Line Co. above.
-V.134, p. 1390.
Total expense
164.256
217,899
196,383
226,406
Standard-Coosa
-Thatcher Co.
-Reduces Dividend.
Net profit before ded.
The directors recently declared a quarterly dividend of 12% cents per
of depr., deplet. &
share on the common stock, par $25, payable July 1. This compares with
drilling expense_ _._loss$17.845
$229,709
$223.410
$377,646
25 cents per share paid on April 1, 37 cents per share on Jan. 2 last and
50 cents previously each quarter. (It had previously been erroneously
Balance Sheet Dec. 31.
reported that the company had omitted the dividend due at this time on
1931.
1931.
1930.
1930.
Assetsthe common stock.)
-V. 134, p. 3472.
269,839
347,702 Accounts payable
Cash
29,602
27,899 ,k accrued accts_ $18,417
$19,952
Notes & accts. rec.
Standard Steel Spring Co.
-Earnings.
100,094 Perch., obits.(Pay.
U. S. Treas. ctfs_
Earnings for Year Ended Dec. 31 1931.
only in oil)
50,525
32,839
011 Sr gas prop.,
Net loss for year
752,669
with equipment_ 4,363,181 4,484,186 Rea. for depree
828,966
$220,830
Surplus Jan. 1 1931
35,765
35,760 Res. for depletion_ 1,280,753 1,301,434
Drilling equipment
1,710,579
Adjustment
-Credit to surplus by internal revenue dept
23,611
1,435 Capital stock
Warehouse mat'l
23,190,320 3,190,320
1,525
300,137
Cash value-life insurance
Deficit
646.982
55,820
Totalsurplus
$4,721,998 $4,997,077
Total
$4,721,998 $4,997.077
Total •
11,547,093
Dividends paid
-V. 132, p. 3166.
x Represented by 296,931 no par shares.
273,069
Surplus Dec.31 1931
11,274,025
-Sales.
Safeway Stores, Inc.
Balance Sheet Dec. 311931.
AssetsLiabilities
4 Weeks. 24 Weeks
Period Ended June 18 1932Cash
$1,004,337 Accounts payable
Consolidated sales
$17,750,780 $109,627,485
$38,038
55,820 Accrued payroll
Cash value-life insurance__ __
5.619
-V. 134,
The company, it is reported, is now operating 3,469 stores.
Marketable securities
2.000 Capital stock
Y945,128
p. 4172.
Accounts receivable
61,563 Surplus
1,274,025
Inventory
46,207
Diego (Calif.) Ice & Cold Storage Co.
-Smaller
Prepaid exps., insurance, &c
7,490
Class A Dividend.
Investments
90.429
A quarterly dividend of 30 cents per share was recently declared on
Property, plant & equiPment
2994.963
the $1.75 cum. partic. class A stock, no par value, payable July 1 to holders
of record June 24. Previously, the company made regular quarterly disTotal
Total
22,262,809
$2,262,809
tributions of 43X cents per share on this issue.
-V.121, p. 983.
x After reserve for depreciation of $805,621. y Represented by 93,303
no par shares.
-V. 134. p. 2546.
.
-Tenders.Savoy-Plaza Corp.
Tenders of 10
-year 534% sinking fund gold debentures, due Feb. 1 1938.
Stanley Co. of America.
-Suit Charges American TeleN. Y. City, on or
will be received by the Bankers Trust Co.. 16 Wall
phone & Telegraph Co., Western Electric and Electrical ReSt..
before July 5 1932. and will be accepted at the lowestpricesat which such
debentures may be offered, up to an amount sufficient to exhaust the sum
search with Monopoly.
of 1550.000. V. 134. p. 3471.
The company has filed suit in U. S. District Court at Wilmington, Del.,
American Telephone & Telegraph Co., Western Electric Co. and
against
Seaboard Utilities Shares Corp.
-Div. Action Delayed.
Electrical Research Products Co., Inc., attacking the validity and legality
Action on the dividend on the common stock has been delayed until It
of the theatre talkie reproducing equipment agreement between the comcan be determined whether it is advisaole to pay dividends while the current
plainant and the defendants. The Court is asked to enjoin the defendmarket value of the portfolio is below capita. set-up-value. On Aug. 1
ants from enforcing the provisions of the agreement and to decree that all
1931 a distrioution of 7c. per share was made on this issue, as against 12!ie.
equipment in the theatres of the complainant obtained from the defendants
per share on Feb. 2 and May 1 1931. It was announced in August 1931
- under the agreement is the property of the complainant.
that thereafter dividend payments were to be made semi-annually.
The defendants are charged with creating a monopoly in the licensing
V. 133. P. 3104
.
of talkie producing and reproducing equipment. The complainant alleges
that it has been terrarized by the defendants to such an extent that it
National Investors Corp.
-Earnings.
Second
heretofore has been unwilling to assert the illegality and invalidity of the
For income statement for six months ended June 30 see "Earnings
agreement.
-V. 134, p. 4336
Department" on a preceding page.
The complainant alleges that by reason of acts of the defendants it has
- been damaged to the extent of $1,500,000.
Security Title Building, Inc., Los Angeles, Calif.
Defers Dividend.
The directors recently decided to defer the quarterly dividend due July
1 on the $7 cum. partic. stock, no par value. The last regular quarterly
payment on this issue was made on April 1 1932.-V. 128, p:2286.
-To Reduce Capital, iferr•----- Serve!, Inc.
A special meeting of the stockholders will be held July 26 to vote on
changing the common stock of no par Into common stock of $1 par, and on
reducing the stated value of the common capital to $1 a share. Stockholders
-V. 134. p. 4173.
of record July 5 are entitled to vote at the meeting.
-Preferred Dividend Resumed.
Silverwood's Dairies Ltd.
The directors have declare a quarterly dividend of 1% on the 7%
pref. stock, par 1100. payable July 30 to holders of record June 30.
cum.
The last quarterly payment of 114% was made on this issue on Jan. 2
-V. 134, p. 2740, 520.
1932, the April dvidend having been deferred.
H. G. Knox, V.-Pres. of Electrical Research Products,
Inc., issued the following statement:
The charges made in this complaint are not new, but are merely part of
the series of charges developed by Warner Bros. Pictures, Inc., and various
of its subsidiaries during the past four years. In our view the complaint
has no merit. We shall be glad to have it decided.
-V.133. p.4341.
Starrett Investing Corp.
-Sale of Building.
Arthur B. Walsh. Vice-President of Starrett Investing Corp., said "The
Starrett Lehigh Building, Inc., has sold its properties at llth-13th Avenues
and 26th-27th Streets to the Pioneer Real Estate Co., real estate subsidiary
of the Lehigh Valley RR., who have found this building increasingly important as a freight terminal and have desired to insure its permanence as
such on Manhattan Island. The comsideration is not given. The building
carried a 5% 1st mortgage of $4.500,000 due in 1935, which was held by
Financial Chronicle
Volume 135
the Title Guarantee at Trust Co., wile are understood to have sold it to
the Mutual Life Insurance Co. This transaction gives the Lehigh Valley
RR. two important freight terminals and warehouses in the metropolitan
district, the other being located in the Bronx."
The Starrett Investing Corp.,is an affiliate of Starrett Corp., who erected
the building during the past year.
-V. 132. p. 4782.
State Street Investment Corp.
-Reduces Dividend.
-
A quarterly dividend of 50 cents per share has been declared on the common stock, no par value, payable July 15 to holders of record June 30.
Previously, the company made regular quarterly payments of 75 cents per
share.
-v. 134. P. 2926.
(Frederick) Stearns & Co.
-Dividend Deferred.
-
The directors recently voted to defer the quarterly dividend due June 30
on the 7% cum. pref. stock, par $100. The last regular quarterly payment
of 1 ,•1% was made on this issue on March 31 1932.-V. 134.p. 1588.
B.) Stetson Co. (of Phila.).-Defers Dividend.
-
The directors have voted to defer the semi-annual dividend due July 15
on the 8% cum. pref.stock, par $25. The last regular semi-annual payment
of 4% was made on this issue on Jan. 151932.-V. 134.p. 1212.
Submarine Boat Corp.
-Selling Assets-Stock Worthless.
In a letter to creditors and stockholders of the corporation and Trans
marine Corp., the receivers, William L. Dill and Henry R. Sutphen, state
that all tangible assets have been disposed of: that claims of creditors have
been filed in the aggregate of approximately $1,964,792 and that this total
may be augmented by further claims on the part of maritime !tenors.
"It is therefore clearly apparent that stockholders will realize nothing on
liquidation and that the stock of the company is therefore valueless," the
receivers say.
Since Oct. 1 1930. the receivers have disposed of the 22 cargo boats tied
up in Newark. Fifteen of these were subject to a preferred mortgage in the
sum of about $600.000 and maritime liens of upwards of $200.000. Of the
proceeds of the sale of these vessels. $75,000 was impounded with the
receivers as was also the remainder of the purchase price pending the outcome of litigation between the mortgage and maritime lien claimants, which
litigation is as yet undisposed. The receivers state they have an apparent
interest in the proceeds of this sale for the benefit of general creditors to the
extent of approximately $70.000.
Receipts of the companies from Oct. 1 1930 to March 15 1932, amounted
to 8437,745 which with cash on hand Oct. 1 1930, brought the total to
$519,266. Disbursements amounted to $205,298 to which is added cash
on hand in the receiver's general fund of $169,140 and $169,140 impounded
by the U. S. District Court of New Jersey.
-V. 133, p. 139.
Super-Corporations of America Depositors, Inc.
Semi-Annual Distributions.
Semi-annual payments of 30 cents per series C share and 18.482 cents
Per series D share were recently declared, payable June 30.
On June 30 1931 initial semi-annual distributions of 30c. Per series C
share and 26.8c. per series D share were paid, while on Dec. 31 1931 semiannual payments of 30c. per series C share and 22.345c. per series D share
were made.
-V. 134, p. 146.
--Supersilk Hosiery Mills, Ltd., London, Ont., Canada.
-Reduces Preferred Dividend.
The directors recently declared a semi-annual dividend of
•
on
the
7% cum. s. f. 1st pref. stock, par $100. Regular semi-annual 134%
distributions
Of 355% Were previously made on this issue.
--Swann Corp., Birmingham, Ala.
-Omits Dividends.
The directors recently decided to omit the quarterly dividends ordinarily
Payable about July 1 on the class A and class B common stocks, no par
value. The last quarterly payments of 15c. were made on these Issues on
April 1.-V. 134, p. 1599.
Third National Investors Corp.
-Earnings.
----
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
-V. 134, p. 2926.
Manufacturing Co.
-Dividend Omitted.
-
The directors have voted to omit the quarterly dividend ordinarily
Payable about July 1 on the common stock, no par value. Distributions of
25 cents per share were made on Jan. 2 and April 1 last as compared with
35 cents per share each quarter from April 1 1930 to and incl. Oct. 1 1931.V. 133, P. 4341.
Transcontinental & Western Air, Inc.
-New Director.
Harold E. Talboit Jr., has been elected a director and member of the
executive committee. Mr. Talbott is President of the North American
Aviation, Inc., which has substantial stock holdings in Transcontinental
Air Transport, Inc., of which T. & W. A. is an operating subsidiar
-V. 134, p. 3294.
United Business Publishers, Inc.(& Subs.).
-Earns.Calendar YearsGross income
Other income
1931.
1930.
1929.
$5,863.294 87.911,068 $9,249,745
276,482
242.994
180,783
Total income
$6.139,776 $8.154,062 $9,430.528
Operating expenses
5,557,501
6,901,172
7,777,889
Provisions for depreciation
118,598
123,014
141,429
Interest and amortization charges_ _ _ _
318,592
336.569
358.862
Provision for Fed.inc.& other taxes_ _
67,648
114.898
149,504
Consolidated income
Proportion of inc. applic. to minority
ints., based upon their holdings of
prof. & corn. stka. of a subs, at various div. record dates throughout
the year
Net profits for year
Earned surplus Jan. 1
$77,436
$678,409 $1,002,844
47,075
81,457
98.915
$30,361
1,001,823
$596,952
854,557
$903.929
285,360
Total surplus
$1.032,184 $1,451,509 $1,189,289
Divs. paid on pref.stock
92,255
368.494
357,441
Sundry surplus adjustment
16,378
Cr22,709
Deductions from surplus
81.193
Cap. losses sust. in disposal of public_
262,839
Refund of Fedoral income taxes
Cr11,556
Earned surplus at Dec.31
$672,269 $1,001,823
Earns, per sh.on 150,000 shs,common
stock (no par)
Nil
$1.52
Condensed Consolidated Balance Sheet Dec. 31.
1931.
1931.
1930.
Assets
Liabilities-5
$
Cash
640,978
74,730
711,781 Accts. payable_ _ __
Accts. & notes rec. 0792,716 1,160,109 Punch. mon. oblig•
Market. securs_
58,466
for Beguile, of
Inventories
215,070
224,578 stock of subs. of
Cash surr. val. of
new pubs
203,200
life losur. policy
Accr.taxes, Int.,,fro 214,117
81,427
Other assets
319,136 Purch. mon. obilit.
160,468
Adv.to employees,
tund, debt of
454,896
stk. porch.acct. 466,441
subs
1,468,100
Inv.In assoc.cos- 1,537,480 1,609,480 15-yr. 534% s, I.
Fixed assets
gold notes
3,440,500
b3,259.276 3,315,379
Def, note disc, ac
Res, for cording
104,518
280,081 Deferred income_ 345,137
257,945
expenses
Cost of pubs.,subMin. into, in subs. 1,156,094
scrip, lists, lie.. 9,157,201 9.362,838 7% cum.Sref.stk.. 5,270,700
Common stock_ _ _c2,769,607
Capital surplus_ _ _ 750.000
Earned surplus_ _ 672,270
$854,557
$3.64
1930:
126,851
178,200
333,982
1,717,300
3,680,500
109,093
389,573
1,168,097
5,271,700
2,769,607
750,000
1.001,623
Total
16,469,002 17,496,725
Total
16,419.002 17.493,725
a After reserves of 5183.024. b After reserves for depreciation of
$1,439,609. c Represented by 150,000 no par shares.
-V. 134, P. 3354.
147
Union Guarantee & Mortgage Co.
-Dividend Omission.
The directors recently decided to omit the quarterly dividend usually
payable about July 1 on the capital stock. A distribution of 75 cents per
share was made on April 1 last as against $1.50 per share previously each
quarter.
-V. 134, p. 2547.
United States Leather Co.
-Decreases Capital.
-
The stockholders on June 29 approved a reduction in the company's
capital to $20,253,652 through the retirement of 83.178 shares of 7% Prior
preference stock, $100 par, which have been acquired by the company.
Of the amount to be retired, 12.576 shares have been acquired under the
sinking fund, and the balance has been purchased in the market from time
to time out of the company's surplus funds at less than par for the purpose
of cancellation and retirement. The company has transferred from reserves
to surplus the amount by which the aggregate par value of said shares
exceeded the cost of reacquisition to the company.
Stockholders of record June 10 are entitled to vote at the meeting.
V. 134, p. 4338.
United States Securities Corp.
-Formed for Public Bond
Investing Participation.
Formation of this corporation with an approved and comprehensive
list of railroad, public utility and industrial bonds against which will be
issued collateral trust 7% income bonds, has been announced by Wellington
Bull &
Inc.• and associates. The corporation's own bonds will be
Issued against collateral in the form of bonds purchased and deposited with
Co..
a responsible trustee, and purchasers will receive full information at stated
intervals regarding the deposited collateral. An announcement states:
"The present condition of the securities market offers the public an
opportunity to purchase an interest in bonds at prices almost unheard of
in the past. In preparing the list from which we propose to select the
collateral to comprise the trust estate, We have tried largely to confine
our selections to issues that only a few years ago sold at prices between
90 and 100, but to-day are selling at very much depreciated prices. Many
such bonds may now be bought in the wide range of between 20 and 75.
Some selling at even lower prices are paying their interest and seem to
have fair promise of continuing to do so.
"In selecting the collateral to constitute the security for the corporation's income bonds we have endeavored to choose securities that, with
any improvement in general economic conditions, would reflect a market
value well above present prices for such securities, and in many cases
would eventually show a handsome profit. It is not the Intention, at the
moment, to buy securities to constitute collateral, currently selling in the
very high price range."
A country-wide syndicate is being formed to market these income bonds.
Description of Collateral Trust 7
Income Bonds.
-Dated June 1 1932:
due June 1 1962. Trust Co. of New Jersey, Jersey City, N. J., trustee.
Interest payable J. & D. Bonds registered as to principal and interest.
The outstanding features of these bonds and of the indenture securing
the same are as follows:
(1) Bonds will be issuable in series and will be in denominations of $100.
$500 and $1,000, registered as to both principal and interest, and will have
as collateral security a selected list of securities held under a trust indenture.
(2) Interest payable up to 7% if earned. Bonds will not be in default
if full 7% is not paid.
(3) Net earnings applicable to the payment of interest will be the entire
income received by the trustee upon the deposited collateral, less 16%
thereof and less certain miscellaneous charges.
(4) Of the foregoing 16% of the total income received by the trustee
upon the deposited collateral, 100 will be added to the principal of the
/
trust estate and invested in additional collateral for the bonds, and 6%
will be remitted by the trustee to the corporation.
(5) Bonds will be callable at their principal amount at any time on
60 days' notice, by lot or in entirety.
(6) Bonds will also be callable within the last 5 years prior to their
maturity, at their principal amount or, at the election of the corporation.
in their entirety, at their pro rata share of the cash comprised in the trust
estate upon full liquidation of the collateral held under the indenture, •
even though such cash be less than the principal amount of outstanding
bonds.
(7) Indenture will provide, among other things, that the net cash consideration received by the corporation upon the gale of these bonds shall
be deposited with the trustee for the purpose of purchasing, at the cost
thereof to the corporation bonds, debenturbs, notes or other interestbearing obligations, approved by the corporation and to be deposited with
the trustee as collateral for these bonds.
(8) Indenture will provide, among other things, that deposited collateral
may be withdrawn by the corporation upon the deposit with the trustee
of the net cash consideration received by the corporation upon the sale of
the collateral so withdrawn.
(9) Indenture will provide, among other things, that, with the exception
of United States Government obligations, the collateral thereunder shall
at no time contain securities of one corporation exceeding 5% of the principal amount of outstanding bonds.
(10) All profits on the sale of deposited collateral will be held by the
trustee and invested, from time to time, by the corporation in additional
securities to be held as collateral under the indenture.
(11) Indenture will provide for amendment thereof, in certain cases.
upon the written consent of the holders of at least 85% of the principal
amount of outstanding bonds.
United States Steel Corp.
-New Official.-
•
The corporation on June 28 announced that David G. Kerr, Vice-President and for the last 24 years in charge of its ore,coal and limestone interests and the distribution of those products to manufacturing plants, had
requested that he be relieved of his duties on Aug. 1. He will retire under
the corporation's pension plan, which provides for voluntary retirement
after an officer has reached the age of 65 years and makes resignation
mandatory at 70.
Edwin E. Ellis. President of the Universal Exploration Co.. the subsidiary through which research work has been conducted by the Steel Corporation, has been appointed by the directors to succeed Mr. Kerr on
Aug. 1.-V. 134, p. 4677.
United States Stores Corp.
-50c. Preferred Dividend.-
Thb directors recently declared a dividend of 50 cents per share on
of the quarterly dividend of $1.75 per share on the $7 cum. cony. account
stock, no par value, payable June 1 to holders'of record May 20. 1st pref.
Distributions of $1 each were made on March 1 1932 and on Dec. 1 1931. as
compared with regular quarterly distributions of $1.75 per share made from
March 1 1930 to and incl. Sept. 1 1931.-V. 134, P. 1213.
United States Sugar Co.
-Interest Payment.
-
Announcement is made that coupon No. 1 due July 1
series A 6%, series B 6% and series C 6% 1st mtge. & 1932 attached to
coll, trust cony.
serial 6% gold bonds, series A, B and C, will be paid upon presentation at
the Central Hanover Bank & Trust Co., paying agent.
-V. 134, p. 522.
University Tower Corp., Montreal.
-Bondholders Approve Plan.
With 85% of the outstanding general mortgage
by unanimous vote, bondholders have accepted thebonds represented and
proposals
relieving the company of certain obligations under the trust put forward
deed.
The bondholders approval waiving default on payment
May 1 and to postpone such payment until May 1 1935.of interest due
together with
other payments due In the intervening period. They also waived
sinking
fund payment in regard to the underlying mortgage due
March 1 1932
and Sept. 1 1932, and sanctioned an arrangement
itor to postpone payment until the maturity of the with the mortgage credunderlying mortgage.
Approval was also given for postponement of sinking
on their own bonds, as well as waiving default resulting fund payments
from the postponement of payment of certain fixed charges on the
property forming
the specifically mortgaged premise,.
University 'Tower Corp. operates an 18
-story office building in Mon
treal, completed in 1930. 'There are outstanding $1,000,000 of
634%
general mortgage bonds and $1.250.000 of 6% first mortgage bonds.
V. 134. p. 4510.
irginia-Carolina Chemical Corp.-AfFrger-r-larweert.,
e stockholders will vote July 11 on approving a proposal to merge tho
izer busill and properties of this company with
Fertilizer Works (See also latter company in V. .134, those of Armour
p. 4496.)-V. 134,
p. 4510.
148
Financial Chronicle
July 2 1932
-V. 134.
the company made quarterly distributions of 30 cents per share.
--,Warner Brothers Pictures, Inc.
-Suit Dropped.
p. 1601.
Chief Justice James Penniwell, sitting in Chancery Court at Wilmington
Del., June 25. dismissed a receivership suit which was filed against the
(William) Whitman Co., Inc.'
-Offers to Buy Preferred.
company by M.P. V. Newcastle, of Passaic, N. J.
"We have been authorized to purchase a limited amount of 7% pref.
The request for dismissal was made by Clarence A. Southerland, of
stock of the above company at $40 flat per share," says a letter sent to
Wilmington, attorney for Mr. Newcastle, The attorney said that Mr.
stockholders by Burr. Gannett & Co. of Boston. "During the years 1930
Newcastle has intervened in the U. S. District Court as a co-complainant
and 1931 the company showed an operating loss which has continued during
In the receivership and accounting suit filed against the company by Harry
the present year. Recent sales of the pref. stock have taken place at conKoplar of University City. Mo. and that his client is content to prosecute
siderably below the above price. The offer may be terminated by us at any
his claim against the company as a co-complainant with Koplar.-V. 134,
time."
-V. 134, p. 2550.
p. 4677.
-Omits Class B Dividend.
---" Wilcox-Rich Corp.
Wesson Oil & Snowdrift Co. Inc.
-Earnings.The directors on June 27 decided to omit the quarterly dividend ordinarily
For income statement for 9 months ended May 31 see "Earnings Departpayable about July 30 on the class B common stock, no par value. Disment" on a preceding page.
tributions of 73i cents each were made on this issue on Jan. 30 and April 30
Balance Sheet May 31.
last as against 15 cents per share on Oct. 31 1931 and 25 cents per share on
1931.
1932.
1931.
1932.
July 311931.-V. 134, p. 2741.
Assets
$
Liabilities$
Wilcox Rich Corp.
-Earnings.
Real est„pia nt,eq.,
Capital stock.... _ _x26,509,465 26,509,465
&c., less deprec_ y9,801,560 10,357,319 Miscell. reserve_ _ _ 418,288
For income statement for quarter ended March 31 see "Earnings De487,206
Inv.&adv .to affili-V. 134, p. 2741.
Accounts payable_ 1,007,148 1,154,725
partment" on a preceding page.
ated companies_ 160,112
183,730 Preferred dividends
-Listing.
(F. W.) Woolworth & Co., Ltd.
payable
319,833
II.S.Govt.Lib.bds_ 1,772,688 1,692,688
355.135
The company has received permission of the London Stock Exchange to
Invest. in C08. Own
Common dividends
8 cony. pref. stock 4,242.943 2.540,652
payable
list 12,750,000 additional shares of its ordinary stock. This makes the
150,000
300,000
total outstanding issue of 15,000,000 shares eligible to be dealt in.
Demand loans and
Reserve for Fed383,988
eral tax
286,435
When the company recapitalized a year ago it agreed with the Exchange
ctts. of deposit__ 8500,000 1.900.000
not to apply for permission to trade in more than 2,250.000 of the ordinary
Cash
4,386.704 9,109,693 Reserve for insurshares until June 11 1932. The latter amount represents the number of
14.978,609 12,958,773
ance & coating_ 520,917 1,826,014
Inventories
3,200,000 3,200,000
shares offered for public subscription by N. M. Rothschild & Sons. LonAccts. & bills rec 3,436,540 2,532,253 Paid in surplus
5,203,439 5,203.439
-V. 134, p. 4176.
investm'ts 195,509
161.822 Capital surplus
don.
Loans dr advances. 685.861
878,550 Earned surplus... 3,149,543 3,642,524
566,144
Insur.fund invest_ 504,294
-Receiver Appointed.
--- Woonsocket Spinning Co.
181,050
98,249
Prepaid expenses.
Serge Lamoureux of Woonsocket, June 23. was appointed by Judge
A. A. Capotosto of the Rhode Island Superior Court as temporary receiver
Total
40,763.067 43,082.475
40,763,087 43,062,475
Total
on the petition of Sarah Richard Tessier of Woonsocket, a creditor with a
claim of $13,850. Hearing has been assigned for July Son the appointment
z Represented by 400.000 shares $4 convertible pref. stock and 600.000
of a permanent receiver.
shares no par common stock. y After reserve for depreciation of $7,374,-V. 134, p. 2928.
The petition states that the concern which is engaged in the yarn and
6419. z Certificates of deposit only.
yarn dyeing business, is insolvent in that it is unable to meet its obliga--Earnings.
tions as they mature.
Western Grocers, Ltd.
Under the decree entered by Judge Capotosto the temporary receiver is
1928.
1930.
1931.
1929.
Calendar Years-authorized to operate the business and to borrow, not to exceed $10,000
$176,124
$133,777
$193,170
$121,671
Profits
at any one time outstanding, on receiver's notes or receiver's certificates.
35,903
35,762
35.763
36,113
Depreciation
11,139
8,000
7,355
11,500
Income tax
-To Maintain Own Transfer
Wright Aeronautical Corp.
$129,082
$90,014
$145.908
$78,204
Net income
Office.
83.601
83.601
83,601
83,601
Preferred dividend
-V.134, p. 4176.
See Curtiss Aeroplane & Motor Co., Inc., above.
$45.481
$62.307
$6,413
Balance, surplus
def$5,397
-Annual Dividend Rate De' 'Wm.) Wrigley Jr., Co.
264,010
309,491
371,799
378,307
Previous surplus
95
Tax adjustment
-The directors on June 29 declared four monthly
creased.
dividends of 25 cents a share each, payable Aug. 1, Sept. 1,
$309,491
$371,798
Profit and less surplus $372,909
$378,307
Earns, per sh. on 16.943
Oct. 1 and Nov. 1 to holders of record July 20, Aug. 20,
$2.68
Nil
$0.38
$3.67
Ms.corn. stk.(no par)
Sept. 20 and Oct. 20, respectively. Since Dec. 1 1929, the
Comparative Balance Sheet Dec. 31.
company has paid 50 cents a share on March 1, June 1,
1930
Liabilities-1931.
1931.
1930.
AssetsSept. 1 and Dec. 1 of each year and 25 cents a share on the
$811,100
$114,915 $128,475 Bank loans,secured
Cash
877,732 1,529.518 Acceptances and
Merchandise
bringing total annual
other month,
mete payable__ $433,552 430,178 first of each $4 a share. A therebyof dividends paid since
Accts.receivab!e_. 982,526 1,119.366
record
payments to
20,900
Divs, on pref. shs_
20,900
Advances on merDivs, previously
chandise & sunand incl. 1924 follows:
42,621
declaied & still
41,206
dry debtors__ 1924. 1925. 1928. 1927. 1928. 1929. 1930. 1931. 1932.
534
604
unclaimed
Prepaid insurance,
moo pm $3.00 $3.00 4.00 $3.25 24
$4 43.25
Regular
27.226 7% cum. pt. shs 1,194,300 1,194,300
16,999
interest. &c_ _ _ _
-Extra (in chas)-------50 .50 .50 .50 a.75 Common shares_ .x1.022,863 1,022,863
Real estate, not In
-V.134. P• 3666.
x Alao paid on July 1 a 5% stock dividend.
378,307
Surplus
372,909
use for warehouses, & other
-Acquisition.
Yosemite Holding Corp.
41,731
39,825
Investments_ _ _
This corporation has acquired the Granger Trading Corporation, a general
903,593
Real estate & bides 884,259
management investment trust with total assets of $232,898. The latter
85,853
87,665
Plant & equipment
trust,formerly managed by Sulzbacher, Granger & Co.,reported liquidating
value as of Jan. 311932, on the no-par capital stock of $14.75 a share, as
Total
83,045,129 $3,858,183
$3,045,129 83,858,183
Total
compared with $25.79 a share in the previous year.
-V. 132, p. 4609.
x Represented by 16,943 no par shares.
The Granger Trading Corp. was organized in Delaware on Jan. 7 1929.
Its outstanding capital stock on Jan. 31 1932. amounted to 16.294 shares,
-Dividend Deferred.
Western Insurance Securities Co.
9,248 shares having been retired in April 1931.-V. 133. p. 3269.
recently voted to defer the quarterly dividend due July 1
The directors
on the 6% cum. pref. stock, par $100. The last regular quarterly distribu-New Director.
Zenith Radio Corp.'
tion of 1Si% was made on this issue on April 1.-V.129. p.3982:
Karl Hassel, head of the company's engineering department, has been
-V. 134, p. 4510.
-Earnings.
elected a director to succeed John Fletcher. resigned.
(George) Weston, Ltd.(& Subs.).
Earnings for Year Ended Dec. 31 1931.
-Earnings.
Zimmerknit Co., Ltd. (e.c Subs.).
$204,231
Profit before depreciation and taxes
153,963
Earnings for Year Ended Dec. 311931.
Net profit
262,946
Previous surplus
profits for year, after deduction of operating &
Gross trading
$2,675
administrative expenses, without providing for depreciation
$416.909
Total surplus
Bond interest
41,228
3,882
Additional 930 Dominion taxes
Bond discount
1,500
15,847
Provision for 1931 taxes
Cr7,272
Transfer from reserves set up Dec.31 1930,not relulred
65.095
Preferred dividends
50,000
dividends
Common
Deficit, Dec. 31 1931
$32.781
Consolidated Balance Sheet Dec. 31 1931.
$282,085
Balance. surplus
Liabdiileg
$1.46
Assetscommon stock (no par)
Earnings per share on
$250,000
Ld., bides., mach.,eget. &a__ S824.590 Preference stock
Consolidated Balance Sheet Dec. 31 1931.
1 Common stock
8369,899
Goodwill
Liabilities
Assets
3,839 Deficit
32,781
Prepaid and deterred expenses_
$156,275 Accts. pay. & accr. expenses__ $110,507
Cash
13,500 let mtge.& coll. trust6% sinkDiscount on 1st mtge. bonds_
15,847
417,201 Res. for Dom.inc. taxes
Accounts receivable
425 ins fund, gold bonds
250,000
Cash
12,500
229,546 Common dividend payable
Inventories
183,217 2nd mtge. & coll. tr. 6% sinkReceivables
208,250
258.250 Special accts. payable
Special acct. receivable
leg fund, gold bonds
512,309
500,000
Inventories
50,000
27,540 Contingent reserve
Prepaid & deferred charges
31,813 Res. for coding. & loss on
Ins.-dep. & cash surf, value
2,532
Sundry reserves
& related
Shares in controlled
contracts
33,582
888,000
387.322 7% preferred stock
companies
Accts. payable & accrued chgs. 111.521
y1,019,981
16,529 Common stock
Life insurance Premiums
Bank (secured)
87.473
Ltd. 621 abs.
Land. bides.. plant & equipl_x1,105.143 Wm. Paterson,
62.100
53,993 7% cum. pref. stock
Other assets
Total
81,569,695
81,569,696
Total
232,084
1 Surplus
Good-will
-V.132, p. 510.
a Represented by 65,880 no par shares.
$2,649,802
Total
$2,649,802
Total
x After depreciation of $222,089. y Represented by 49,140 no par shares.
CURRENT NOTICES.
-V.132. P. 4260
.
-Common Dividend
Westinghouse Electric & Mfg. Co.
-The directors on June 29 voted to omit the quarOmitted.
terly dividend ordinarily payable about July 30 on the
outstanding $129,309,050 common stock, par $50, but
declared the usual quarterly dividend of 873' cents per share
on the outstanding $3,998,700 7% cum.& partic. pref. stock,
par $50, payable July 30 to holders of record July 11.
The company issued • the following statement:
A .payment of 25c. per share on the common stock and a regular of87
)4c.on
the pref. stock were both paid on April 30 last, while on Jan. 30 1932
the company distributed 6234c. per share on the common, and 8734c.
,
per share on the pref. stock. Distributions of 6234c. each were made
Oct. 31 last on both issues. as compared with $1 per share on April 30
and July 31 1931 and $1.25 each quarter from Jan. 31 1930 to and incl.
Jan. 31 1931. Total dividends paid in 1931 amounted to $3.875 Per
share, as against $5 per share in 1930.
In view of the earnings situation it was the opinion of the directors
that cash resources should ue conserved and surplus should not further
be reduced by payment of any dividend on the common stock.
The company has no outstanding bonds or bank loans, and is In very
sound financial condition as to cash and net quick assets, the statement
-V. 134, p. 3838.
concluded.
-Reduces Dividend.
-------Westmoreland, Inc.
The directors have declared a dividend of 20 cents per share on the no
par capital stock, payable Oct. 1 to holders of record Sept. 15. Previously
-The Bond Club of Boston has elected G. Storer Baldwin President for
the ensuing year. Mr. Baldwin is with Burr, Gannett & Co. The club has
also elected William Potter of the First National Old Colony Corp., VicePresident; Charles H. Roberts Jr., of Brown Brothers Harriman & Co.,
Secretary; and Joseph T. Walker Jr., of the Shawmut Corp., Treasurer.
Robert H. Hallowell Jr.,of Burr, Gannett & Co.and Charles W.Greenough
of Faxon,(Jade & Co. have been elected members of the club.
-Announcement is made that Eberle I. Wilson and George R. Swain,
formerly of Wilson & Swain, have become associated with Holt, Rose
Treater, specialists in bank and insurance company securities. Mr. Swain
becomes manager of the firm's Newark, N. J. office, while Mr. Wilson will
be in the bond department. John D. Maher Jr., formerly with Wilson &
Swain, has also become associated with Holt, Rose & Troster, in their bond
department.
-The new firm of Bernaril, Winkler & Co., which was recently admitted
to membership in the New Tork Stock Exchange, will make its offices with
Pearl & Co., 120 Broadway. The partners of the new firm are W. Stuart
Bernard, the floor member. Max Winkler and Lewis II. Rothchild.
-Distributors Group, Inc., announce the opening of an office in the
Hibernia Bank Building in New Orleans under the direction of Henry 0.
Isaacs.
Financial Chronicle
Volume 135
149
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-DRY GOODS-WOOL-ETC.
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately followinx the
editorial matter, in a department headed INDICATIONS OF BUSINESS ACTIVITY.
Friday Night, July 1 1932.
COFFEE on the spot was rather quiet early in the week
with Santos 4s 10 to 103c.; Rio 7s, 8e. Futures on the 27th
inst. closed with Rio here 1 point lower to 9 higher, with
sales of 1,000 bags, and Santos was 2 points lower to 3 higher,
with sales of 3,000 bags. On June 28 Santos futures here
were unchanged and Rio unchanged to 4 points lower with
very little trading. Cost and freight offers were slightly
lower. Spot trade was dull at 10 to 1034c. for Santos 4s
and 8c. for Rio 7s and 73 c. for Victoria 7-8s. On the 29th
4
futures declined 5 to 11 points with some European selling.
Local and Brazilian interests bought. On June 30 futures
here declined 4 to 9 points further on Rio and 7 to 8 on
Santos. Europe sold. New Orleans bought and sold.
Trade interests bought; also Brazilian interests to some
extent. To-day Rio futures closed unchanged to 2 points
higher with sales of 2,000 bags, and Santos futures were
2 points lower to 1 higher with sales of 3,000 bags. Final
prices show a decline for the week of 7 to 19 points.
Rio coffee prices closed as follows:
Spot unofficial
July
September
om I December
6 A
.
7
6.08 nom May
6.03§nom
6.03 nom
nom
6.03
Santos coffee prices closed as follows:
Spot unofficial
July
September
December
91' inom I
97
6
_ I May
8.97
tag
1:87
5
8.62 nom
COCOA to-day ended unchanged to 2 points higher with
sales of 159 lots. July ended at 3.800.; September at 3.92c.;
December at 4.05e., and March at 4.19e. Final prices are
6 to 7 points lower than a week ago.
SUGAR.
-On the 27th futures opened unchanged to 4
points higher and closed 3 to 5 points net higher with sales
of 15,700 tons. From Jan. 1 to June 18 the sugar melt of
14 refineries in the United States totaled 1,685,000 long
tons, compared with 1,930,000 in the corresponding period
of 1931. Deliveries totaled 1,500,000 tons, against 1,735,000 a year before. A cargo of Cuban sugar, 25,000 to 30,000
bags, has been sold for shipment in the first half of July at
90 cents a hundred pounds. In the first six months of this
year sugar consumption in the United States, according to
estimates made by Lamborn & Co., Inc., will be about
2,659,000 long tons, raw value, against 2,750,000 in the
corresponding period last year, a decrease of 91,000 tons,
or 3.3%. The figure for this year includes estimates for
deliveries of cane sugar by refineries for the last two weeks
of June, for distribution of domestic beet sugar and for
imports of refined sugar directly to the trade. On June 28
futures plunged downward 6 to 8 points on reports that the
pool had been for the time being abandoned. Havana wirelessed to the New York "Times" June 28: "Contrary to an
announcement yesterday that a Presidential decree would
be signed to-day making effective a pool to withdraw 815,000
tons of sugar from the market, Dr. Viriato Gutierrez, President of the Sugar Institute, said this afternoon that the
Institute had abandoned the project. Senor Gutierrez explained that, due to unforeseen difficulties encountered by
Cuban sugar holders in reaching an agreement with United
States banks, which they had expected would contribute
600,000 tons toward the pool, it was decided that all efforts
cease in connection with the pool." Spot raws fell to 2.85c.
Sales of futures here were 23,450 tons. Cuban interests
bought but liquidation, though not heavy., told in the end.
Sales of actual sugar included 25,000 bags of Cuba at 2.85c.,
10,000 bags of Porto Rico at 2.86c., and earlier 6,800 tons
Cuba at 2.88e. ex-store. Refined was 3.90c.
Havana cabled June 27th: "A pool for the withdrawal of
815,000 tons of sugar from the market is now virtually
assured, according to Viriato Gutierrez, President of the
Sugar Institute, the organization controlling Cuba's sugar
industry under the Chadbourne plan. After a meeting of the
Institute this afternoon Senor Gutierrez said it would reconvene to-morrow to draft a decree for the signature of
President Machado, making the withdrawal effective.
Senor Gutierrez declared the pool Would be made up of
600,000 tons voluntarily contributed by United States
banks, 100,000 tons from Cuban sugar holders and the
balance of 115,000 tons would represent the allocation made
under the Brussels agreement which accrued to Cuba from
the failure of Germany to complete her export quota last
year. On the 29th futures declined 2 to 6 points further on
heavy selling by disgusted holders but a rally came later and
the final net decline was 1 to 3 points. The sales were
27,300 tons. Actual sugar was dull. It was hit by the wide
fluctuations in futures. On the 28th 1,000 tons of Philippines sold at 2.85e. July-Sept. shipment; also 15,000 bags
of Cuba at 2.85c. first half July shipment. On June 30
futures whirled about and advanced 4 to 6c. American
interests are moving actively to have the pool revived.
Shorts covered. Cuba bought moderately. Some 15,000
tons of Philippines sold at 3c. to 3.05e. for Nov.
-Dec. shipment; 3.05e. for Jan.
-Feb. and 3.08c. for March-April.
Refined withdrawals were good with the price still 3.90c.
Spot raws were called 2.85 to 2.90c. To-day futures closed
unchanged to 2 points higher with sales of 11,350 tons.
Final prices are 1 point lower to 1 point higher for the week.
Closing quotations follows:
Spot unofficial
July
September
December
SE
O.90@
May
0.96 ©0.97
1.00® --1.05 ® -.-
0.96 _ _ _
LARD on the spot was higher early in the week with prime
5.05 to 5.150. in tierces; refined Continent, 55 c.; South
A
America, 53/sc.; Brazil, 6%c. On the 25th inst. futures
advanced 5 to 10 points, with grain prices up. Futures on
June 27 advanced 2 to 5 points with hogs up 10 to 25e.from
Friday's average to a high of 4.70e. a rise since June 4 of
$1.40. Futures on the 28th inst. advanced 8 to 10 points
with grain rallying and hogs active and 10 to 20c. higher,
the top moving up to $4.90 or $1.60 above the recent low.
The average was advanced 15 cents to $4.45 or $1.30 above
the low of June. Prices were the highest since March 14,
when the top was $5. On the 29th futures fell 2 to 13 points.
Hogs advanced 10e. On June 30 futures closed unchanged
to 3 points higher with hogs firm at a top of $5. Prime cash
was 5.05 to 5.15e. To-day futures ended unchanged to 8
points higher. They show a rise for the week of 17 to 25
points. Stocks in the last half of June increased 556,000 lbs.
and for the month increased 5,979,000 lbs. and now reach a
total of 68,929,000 lbs. against 62,950,000 lbs. a month ago
and 50,819,000 at this time last year.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs. Fri.
July
4.35
4.40
4.52
4.52
4.52
4.55
Spetember
4.45
4.50
4.55
4.57
4.57
4.65
October
4.50
4.52
4.60
4.55
4.57
4.57
.Seasons High and When MadeSeason's Low and When Made
July
5.50
Feb. 1 1932 July
3.62
June 2 1932
September
4.10
June 11 1932 September
3.72
June 2 1932
October
4.15
June 17 1932 October
3.77
June 2 1932
PORK higher; mess, $18.25; family, $17.50; fat backs,
$11.75 to $13.50. Ribs, Chicago, firm; cash, 5.12e. basis
50 to 60 lbs. Beef higher; mess nominal; packet nominal;
family, $12.50 to $13; extra India mess nominal; No. 1
canned corned beef, $2; No. 2, $3.50; six pounds, South
America, $13.50; pickled tongues, $40 to $50. Cut meats
higher; pickled hams, 14 to 16 lbs., 103je.; 10 to 12 lbs.,
10c.; pickled bellies, 10 to 12 lbs., 7Yie.• 6 to 10 lbs., 8e.;
bellies, clear, dry salted, boxed 18 to 20 lbs., 63 c.; 14 to
4
16 lbs., 73c. Butter lower grades to higher than extra,
12 to 17c. Cheese,flats, 18 to 20c.• daisies, 11 to 16c. Eggs,
medium to special packs, 12% to Ac.
OILS.
-Linseed was quiet at 5.6e. but it was intimated
that concessions of 1 to 2 points would be granted on firm
offers. Cocoanut, Manila coast tanks, 23/8c.; tanks, New
York, 33/e. Corn, crude, tanks, f. o. b. Western mills, 3c.
8
Chinawood, N. Y. drums, carlots, 6c.; tanks, 5 to 5%c.;
Pacific Coast tanks, 43 e. Olive, denatured, spot, 59e.;
4
shipment, 60c. Soya Bean, tank cars, f. o. b. Western
mills, 2.80c.; earlot delivered N.Y.,33 to 4c.; Edible, olive,
4
$1.65 to $2.15. Lard, prime, 83jc.; extra strained winter,
N. Y. 6c. Cod, Newfoundland, 21 to 26c. Turpentine,
41 to 46c. Rosin, $3.10 to $6. Cottonseed oil sales to-day
including switches, 11 contracts. Crude, S. E., 3Me.
nominal. Prices closed as follows:
Spot
July
August
September
October
3.50
3.80@3.85
3.75 3.95
3.93i,4.01
3.93 4.03
November
December
January
February
3.9414.03
4.004.O4
4.07 4.10
4.10 4.20
•
150
Financial Chronicle
PETROLEUM.
-The Standard Oil Co. of New York
revised its tank-wagon gasoline prices throughout its territory. Prices will be leveled to a half cent a gallon. Where
the tank-wagon price is now 14.1 or 14.2c., a price of 14e.
will be posted; where the price is 14.3 or 14.4e., a price of
14.5e. will be posted, &e. Bulk gasoline was in better demind and firmer. The Republic Oil Co. raised its tank-car
prices Mc., and is now posting below 65 octane at Sc. and
above 65 at 83/2c at New York. At Baltimore above 65
octane is held at 83/2c. Grade C bunker fuel oil was steady
at 85e. at local refineries. Diesel oil was a little more active
'
at $1.65 at refineries. Domestic heating oils were in fair
demand. Kerosene was quiet with 4143 water white
2
offered more freely at 53/c. in tank cars at refineries. The
Standard Oil Co. of New York advanced the tank-car price
of gasoline of 65 octanes and higher lc. a gallon to 83/2e.
at its terminals at New York and Providence, R. I. This
is exclusive of the Federal tax of le. a gallon, and is the same
price quoted by the Standard Oil Co. of New Jersey for several days. The daily gross crude oil production in the
United States for the week ended June 25 amounted to
2,156,100 bbls., against 2,197,550 bbls. in the preceding
week, a decrease of 41,450 bbls., according to the American
Petroleum Institute. Decreases of 26,500 bbls. daily in
Oklahoma and 20,300 bbls. in California were the most
important changes in the week. Gasoline stocks in the
country on June 25 totaled 61,973,000 bbls., against 64,031,00(1 at the end of the preceding week, a decline of
2,058,000 bbls.
Tables of prices usually appearing here will be found on an earlier page in
our department of "Business Indications." in an article entitled "Petroleum
'
and Its Products."
•
-On the 25th futures were dull and little
RUBBER.
changed. The sales of No.1 standard were 350 tons. Figures
on Dutch East Indies shipments had been discounted.
They disclosed as in the case of Malaya an increase. The
total was 19,422 tons in May against 17,952 in April. The
increase in exports is more difficult to understand in view
of acreage abandonment. No. 1 standard ended on June 25
with July, 2.55 to 2.5704 Dec., 2.81 to 2.83e.; Jan., 2.87c.;
March, 2.98 to 2.99c.; No. 1 "B" standard June, 2.53c.;
July, 2.55c.; Aug., 2.59c.; Sept., 2.63c. Outside prices:
Plantation R. S. sheets, spot, June and July, 2 9-16 to
%
-Dec., 23c.; Jan.
-Sept., 2 11-160.; Oct.
2 11-16c.; Aug.
March, 3c. On the 27th inst. prices ended 1 point lower to
1 point higher with sales of 680 tons of No. 1 standard closing
as follows: July, 2.55c.; Sept., 2.64c.; Dec., 2.81 to 2.83c.;
March, 2.97 to 2.99c. No. 1 "B" June, 2.520.; July, 2.550.;
Aug., 2.59c.; Sept., 2.64e. Outside prices: Plantation R. S.
-Sept., 2 11-16c.;
/
sheets, spot and July, 2 9-16 to 25sc.; Aug.
-Dec., 2 13-16c.; Jan.-March, 3c.; spot, first latex thick
Oct.
and thin pale latex, 39/8c.; clean thin brown No. 2, 23/2c.;
rolled brown crepe, 2 3-16c.; No. 2 amber, 2%c.; No. 3,
2 9-16c.; No. 4, 2%c.; Paras, upriver fine spot, 532c.;
acre fine spot, 6e.
On June 28 futures went to new lows closing unchanged
to 4 points off. Of No. 1 standard 900 tons were sold.
Actual rubber was weak. Large importing interests bought
futures. No. 1 standard contract July ended at 2.53 to
2.54e.; Sept., 2.63c.; Dec., 2.80c.; Jan., 2.86c.; March,
2.97c.; No. 1 "B" July, 2.53c.; Aug., 2.58c.; Sept., 2.03e.
%
Outside prices: Spot, and July, 2 9-16 to 25 c.; Aug.
-March, 3c.;
-Dec., 2 13-160.; Jan.
Sept., 2 11-16c.; Oct.
spot, first latex thick and thin pale latex, 3 9-16e.; clean
thin brown No. 2, 23'c. to 2 19-16c.; rolled brown crepe,
23ie.; No.2 amber,2%c.;No.3,2 9-16e. On June 30 prices
ended unchanged for July and 1 to 4 points lower on other
months; 32 July notices were issued and snapped up
promptly. The sales of No. 1 standard were 680 tons closing
with July, 2.59e.; Dec., 2.80c.; March, 2.990.; No. 1 "B"
July, 2.59c.; August, 2.62c.; "A" and "AB" July, 2.57e.;
August, 2.60e. Outside spot and July, 2 9-16 to 2 11-16c.
To-day prices closed 2 points lower to 2 higher with sales of
24 lots. July No. 1 standard ended at 2.57c.; Sept. at 2.66c.;
Dec. at 2.81c. and March at 3.01c. Final prices are unchanged to 2 points higher for the week.
-On the 25th inst. old contracts closed 1 to 5
HIDES.
points higher and new unchanged to 5 lower on light trading.
September old ended at 3.60 to 3.65c.; new, 3.30c.; Dec. old,
4.15 to 4.25c.; new, 4.15c.; March old, 4.55 to 4.65c.; new,
4.60 to 4.70c. Packer, native steers and butt brands, 4c.;
bulls, 3e.; Chicago, light native cows,
Colorados, 3
-Dec., 4c. New York City calfskins, 9-12s, $1.15;
Oct.
7-9s, 0.60c.; 5-7s, 0.45c. On the 27th old contracts closed
5 points higher and new unchanged to 15 points higher;
sales, 800,000 lbs. September old ended at 3.65 to 3.69c.;
new at 3.30c.; Dec. old, 4.20 to 4.30e.; new, 4.20c.; March
old, 4.60 to 4.70c.; new 4.65 to 4.70c.; June new, 5 to 5.10c.
There was a rise of about %c. in the price of light frigorifico
steers and 2,000 June take off sold at 5 11-16c., while in
addition to these 4,000 June-frigorifico steers were sold at
4%c. European buyers have been active. On the 28th
old contracts closed 5 to 10 points higher and new 5 to 15
points up ending with September old, 3.70 to 3.85c.; new
3.35c.; Dec. old and new, 4.250.; March old, 4.70c.; new,
4.75 to 4.850.; June new, 5.15 to 5.`z5c. Sales included
81,000 hides as follows: 39,000 light native cows, April-May%
June, 33 c.; 12,000 extra light native steers, May-June,
%
33c.; 17,000 branded cows, June, 4c.; 3,000 heavy Texas
steers, May-June, 3%c.; 5,000 heavy native steers. May-
July
2 1932
/
June, 39,c.; 4,500 light native cows, June, 330.; 3,000 extra
%
light native steers, June, 33 C.
On June 28 futures advanced after an early decline. Closing prices were 5 to 15 points.higher, ending with September
old 3.70 to 3.85c.• new, 3.35c.; Dec. old, 4.25c.; new, 4.25e.;
March old, 4.70e.; new, 4.75 to 4.85e. On June 30 prices
closed 20 points up with sales of 940,000 lbs., ending with
Sept. old 4 to 4.05c.; Dec., 4.65 to 4.70c.; March,5 to 5.10e.;
new Sept., 3.60c.; Dec., 4.60c. Spot hides were active.
Sales included 11,000 ex-light native steers, May-June,
3%c.; 2,000 heavy Texas steers, May-June, 33 0.; 12,000
/
Colorado steers, May-June, 33/e.; 6,000 branded cows,
2
May-June, 330.; 6,000 heavy Texas steers, May-June,
/
4
3/0.; 7,200 heavy native steers, May-June, 33 e. 7,200
3
light native cows, May-June, 3%43.; 7,200 ex-light native
steers, May-June, 331c.; 3,000 heavy native steers (Buffalo),
/
May-June, at 334c. To-day futures closed 10 to 20 points
/
up with sales of 10 lots. July ended at 3.80c.; Sept., at
4.10 to 4.19c.; Dec., at 4.75 to 4.84c.; and March at 5.20c.
Final prices are 30 to 71 points higher than a week ago.
OCEAN FREIGHTS.
-Grain went from Montreal to
Rotterdam at 6c. Later on trading was larger.
CHARTERS Included grain. 36,000 qrs., Montreal, early July, London,
-2loads New York, Hamburg,6c.;21 loads Montreal,
Is. 9d. Grain booked
Rotterdam, 6c.; 21 loads Montreal, Rotterdam, 6c.; 3 loads New York,
Bremen, 6c.; 4 loads New York, Rotterdam, Sc.; 4yi loads Montreal.
July. Marseilles, Genoa, 9,Hc.; 12 loads Montreal to West Italy, 935c.;
,
half a dozen loads between Hamburg and Antwerp at 6c. and Sc.; 28 loads
Montreal-Antwerp, 536c.; 2 loads Montreal-Rotterdam. 6c.; 2 loads, New
,
York-Hamburg, 6c.; 2 loads, Antwerp and 2 loads Rotterdam, 5c. and 1
load, Hamburg, 6c. Sugar-Santo Domingo, first half July, United Kingdom-Continent, 14s. 3d.; motor, 4,000 tons, Cuba, first half July, United
Kingdom-Continent, 14s.; Cuba, July, United Kingdom, Continent,
13s. 6d. Trips
-Canadian round, prompt, 80c.; prompt Montreal, redelivery Mediterranean, 8.650 tons, 65c.; 2.865 tons, Gulf, redelivery
St. Lawrence or Saguenay. 65c. Tankers
-3 voyages, Gulf Port, Dubuc,
88. 3d., dirty.
COAL.
-Trade was quiet in both anthracite and bituminous. Interesting features were absent. Southern smokeless
operators are trying to increase output and so increase work
for their employees thus avoiding a dole. Stocks are low.
Slack ranges down to 40c.; mine run 70c. to $2. On July 1
retail domestic anthracite will be advanced 15c, a ton for
broken, egg, stove and chestnut, making them $11.55,
$11.80,$12.05,chestnut $11.80 and for pea size 10c., making
it $9.20. This is a postponed advance. After July 1 the
retail price of coke will be 50c. higher, the net ton being
$10.75, with buyers' option to take two tons or more at a
$9.75 per ton price. Later trade improved somewhat.
TOBACCO.
-The usual midsummer trade is under way
here. Sales in the Southern markets during the past week
were as follows: At Mayfield, 282,300 lbs. at an average
of $2.37, or 19e. lower than the preceding week. At Murray, 2,395 lbs. at an average of $1.56, or 9c. lower. At
Hopkinsville, 86,420 lbs., average of $2.48, or 28e. higher.
At Clarksville, 133,170 lbs., averaging $3.42, or 73c. lower.
At Springfield, 200,185 lbs., averaging $5.07, or lie, lower.
Heavy rains damaged the Danville leaf crop. The retail
demand is at a low ebb on the Pacific Coast. Cigar production in interior towns is being speeded up in Cuba.
Normal conditions are returning; 4,047 bales sold during the
week. San Juan, P. R.: Previous estimates appearing in
the "United States Tobacco Journal" to the effect that the
1932 crop of Puerto Rico tobacco would not exceed 5,500,000
pounds have been confirmed by the Insular Department of
Agriculture. This compares with an average of about
30,000,000 pounds in normal years. The greatest production is expected from the Caguas-Gurabo district. The total
acreage planted this year is only 10,079 acres. Manila:
Reports from the Cagayan and Isabela provinces, which
produce the finest types of Manila tobacco, indicate a short
crop this year due to lack of rain. The quality of the new
tobacco, however, is reported to be excellent.
SILVER.
-On June 25 futures here closed 10 to 14 points
higher with sales of 775,000 ounces. July ended at 26.98
to 27.05c.; Aug. at 27.12c.; Oct., 27.37c. On the 27th
prices closed unchanged to 9 points lower with sales of 375,000
ounces; June, 26.92c.; July, 26.97 to 27.04c.; Sept., 27.15c.;
Oct., 27.31c.; Dec., 27.55 to 27.70e. On the 28th prices
closed 9 points lower to 1 higher with sales of 450,000 ounces,
ending with July, 26.90c.; Sept., 27.12 to 27.20c.; Oct.,
27.29c.; Nov., 27.34 to 27.38c. On the 29th prices closed
16 points higher with sales of 400,000 ounces. July ended
at 26.95 to 26.98c.; Sept., 27.15c.; Oct., 27.35 to 27.38e.
To-day futures closed 16 to 28 points lower with sales of
350,000 ounces. July ended at 26.50c.; Sept., at 26.730.;
Oct., 26.90c.; Dec., 27.20 to 27.28c.; March, 27.62c.;
May, 27.90e. Final prices show a decline for the week of
28 to 38 points.
COPPER for export fell %c. to 53'c. This is the lowest
level yet reached.and was due to the announcement of the
withdrawal of three foreign copper producers from Copper
Exporters, Inc. The domestic market was not affected
by the decline in the export price being unchanged at 538c.
/
delivered in the Connecticut Valley. This is the first time
in several years that prices abroad have been lower than
in the domestic market. On June 25 futures here closed
steady and unchanged; no sales. July ended at 4.150.;
Sept. at 4.250. On the 27th trading was wholly in exchanges between the new American Standard contract, and
the old contract, 15 lots or 375 tons being involved. The
exchanges included March for Sept. at 50 and 58 points,
and July for May at 85 points. Old contracts closed
Volume 135
Financial Chronicle
nominally unchanged at 4.15e. for July, 4.20e. for Aug.,
4.25c. for Sept., 4.40c. for Dec. 4.55c. for March and 4.65e.
'
for May. American Standard July closed at 4.35e.; Sept.,
4.45c.; Dec., 4.55c.; March, 4.75c., and May at 4.90c.
On the 28th new standard contracts closed 15 lower to 10
higher with sales of 100 tons, including exchanges of July
for Dec. at 40 points; July ended at 4c.; Sept. at 4.20c.;
Dec. at 4.50c.; March at 4.65e. and May at 4.75e. American Standard contract closed 25 points lower to 40 higher;
no sales. July ended at 4.10c.; Sept. at 4.32c.; Dec. at
4.70c.; March, 5.05c.• and May at 5.30c. On the 29th
American Standard ended 39 points off b 10 up; no sales;
'
July, 4.20c.; Sept., 4.36c.; Dec., 4.60c.; March, 4.84c.;
May, 5c. Standard contract closed 10 lower to 5 higher;
no sales; July, 4c.• Sept., 4.16c.; Dec. 4.40c.; March, 4.64c.;
May, 4.80e. In'
London on June 30 standard fell 12s. 6d.
at the first session to £28 8s. 9d. for spot, and £25 3s. 9d.
for futures; sales, 500 tons spot, 750 tons futures. Electrolytic was bid at £30 and offered at £31, both down 10s.;
at the second London session slight recoveries were made,
standing spot rising to £25 us.3d., and futures to £25 6s. 3d.
with sales of 50 tons spot, and 850 tons futures. To-day
futures closed with July, 3.80c.; Aug., 3.86c.; Sept., 3.92e.;
Oct., 3.98c.; Nov., 4.04c.; Dec., 4.10c.; Jan., 4.18c.; Feb.,
4.26c.; March,4.34c.; April, 4.42c.; May,4.45e.; sales 8lots.
TIN was higher. On June 30 spot Straits rose to 2034e.
with London advancing more than £4 per ton. London
reported the formation of a new pool in the metal. In
London on June 30 spot standard advanced £2 10s. at
the first session to £117 5s., and futures advanced £2 5s.
to £118 15s.; sales 100 tons spot and 230 futures. Straits
tin on spot was £2 10s. per ton higher at £122 5s. Easter
c.i.f. London was £3 2s. 6d. higher at £22, with sales of 100
tons. At the second London session spot advanced to
£119 5s., and futures to £120 15s., with sales of 120 tons
spot and 330 tons of futures. On June 25 futures here
closed unchanged; no sales; July, 18.90c.; Sept., 9.20c.
On the 27th futures here closed 15 to 20 points lower; no
sales. July ended at 18.70c.; Sept. at 19.05c., and Dec. at
19.65e. On the 28th futures closed 40 points lower; no
sales. July ended at 18.30 to 18.65e.; Sept. at 18.65c.;
Dec., 19.25e. On the 29th futures closed 75 to 80 points
higher; no sales. July ended at 19.10c.; Sept. at 19.40c.;
Dec. at 20.00d.; March at 20.60e., and May at 21e. To-day
futures closed with July 20c.; Aug., 20.15c.; Sept., 20.35c.;
Oct., 20.55c.; Nov., 20.75c.; Dec., 20.950.; Jan., 21.15e.;
Feb., 21.35c.; March, 21.55c.; April, 10.75c.; May, 21.95c.;
June, 22.15c.; no sales.
LEAD declined to 2.75c., New York and 2.60c., East St.
Louis. In London on the 30th spot advanced Is. 3d. at
the first session to a 8s. 9d. and futures were up 2s. 6d.
to £9 11s. 3d.•, sales, 550 tons futures; at the second session
spot rose to £9 us. 3d. and futures to £9 13s. 9d. with sales
of 100 tons of futures.
ZINC was quiet at 3.675e., East St. Louis. In London
on the 30th prices advanced 2s. 6d. at the first session to
£11 6s. 3d. for spot and £11 12s. 6d. for futures; at the
second session spot went to X11 8s. 9d. and futures to £11 15s.
with sales for the day 450 tons of futures.
-Production is said to be down to 15% with
STEEL.
business still slow though in some quarters structural steel
is not quite so dull as recently. Scrap, however, is very dull
with heavy melting, $5 to $5.50.
PIG IRON.- *tmerican prices are still more or less depressed it is said by foreign competition. Pittsburgh prices
are reported 50c. lower and Chicago has weakened. New
England reports that Dutch iron is being offered at Providence at $14.50 f.o.b. shipping point, and on trucking
A
business, $15 per ton. ' be.ter movement from Buffalo to
New England points for barging is reported amounting to
about 500 tons at $14.50 to $15 furnace.
-Boston wired a government report on June 27
WOOL.
as follows: "The slightly better turnover recently noted in
the wool market and the broader selection of wools included
in the recent demand have tended to give members of the
wool trade increased confidence in reports of improvement
in the goods markets. While some downward readjustments
in asking prices have recently been made there, resistance
to pressure for price concessions is reported to be strengthening. Receipts of domestic wool at Boston during the week
ended June 25 estimated by the Boston Grain and Flour
Exchange amounted to 2,095,900 lbs. as compared with
14,350,500 lbs. during the previous week." Later Boston
reported trade slow. Ohio and Penn. fine delaine, 15 to
16c.; fine clothing, 13 to 14e.; 3i-blood combing, 15 to 16e.;
A-blood clothing, 13 to 140.; zA combing, 15 to 16c.;
clothing, 13 to 14e.; 3i combing, 14 to 15c.; low 3i-blood,
12 to 13e.; Territory clean basis, fine staple, 37 to 38c.;
fine, fine medium French clothing, 35 to 36c.; fine, fine
medium clothing, 32 to 33e.; 3 -blood staple, 35 to 36c.;
%-blood, staple, 30 to 31c.; 3i-blood, staple, 26 to 28c.;
low 3i-blood, 23 to 24c.; Texas clean basis, fine 12 months,
37 to 38e.; average 12 months, 34 to 35c.; fine 8 months, 30
to 320.; fall, 27 to 280.; pulled, scoured basis, A super, 36
to 37c.; B super, 32 to 33c.; fall, 27 to 28c.; Mohair, original
Texas adult, 16c.; fall kid, 43c.; spring kid, 360.
At Brisbane the final series of sales opened on June 27.
An average selection met with keen and general competition.
151
Compared with last week prices were very firm. At Brisbane on June 28 sales closed firmly. An average selection
met with a sharp demand with Yorkshire and Japan the
chief buyers. Well grown fleeces were 5% dearer.
WOOL TOPS.
-To-day futures unchanged with July and
August, 49c.; Sept.,49.50e.; Oct. and Nov., 50c.; Dec. to
May,50.50e. Boston spot unchanged at 51.50c.
SILK.
-On June 25 futures here closed 5 points lower to
4 points higher with sales of 175 bales. July ended at $1.17
to $1.21; and August to Jan., $1.24. On the 27th futures
closed 6 to 10 points lower with sales of 420 bales. July
ended at $1.11 to $1.14; Sept. at $1.15 to $1.18; Oct. and
Nov., $1.17 to $1.18; Dec., $1.18; Jan., $1.17 to $1.18; and
Feb. at $1.17. On the 28th futures closed unchanged to 3
points higher; sales 310 bales ending with July at $1.14;
August at $1.17; and Sept. to Feb., $1.18. On the 29th
prices closed unchanged to 2 points lower with sales of 990
bales. July ended at $1.12 to $1.14; August at $1.15 to
$1.17 and Sept. to Feb., $1.18. To-day futures closed 2 to
4 points higher with sales of 57 lots or 570 bales. July ended
at $1.15; August at $1.18; Sept. at $1.20 to $1.22 and Oct.
to Feb., $1.2.2. Final prices are 4 points lower to 1 point
higher for the week.
COTTON
Friday Night, July 1 1932.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below.
For the week ending this evening the total receipts have
reached 44,758 bales, against 40,793 bales last week and
24,783 bales the previous week, making the total receipts
since Aug. 1 1931, 9,599,467 bales, against 8,435,154 bales
for the same period of 1930-31, showing an increase since
Aug. 1 1931 of 1,164,313 bales.
Receipts atGalveston
Texas City
Houston
Corpus Christi
New Orleans__.Mobile
Pensacola
Savannah
Charleston
Lake Charles_ __ _
Wilmington
Norfolk
Baltimore
Totaisthbrweek_
Sat.
Mon.
312
960
228
11
1,103
5,871
"i.i6
206
__
i(
)
25
7.761
76
888
44
1.408
81
23
____
__ ,
46
3_7112
Tues.
Wed.
Fri.
Thurs.
1,994
1,192
7(919
2 922 12 RS9
Total.
61 5,44 i
756
763
-8§4 -•W§ -566 1,476 3.:96
------------128
41
4,687
914 9.843
59 17.494
215
261
575 7,033
67
____ 4,475
--------3.067
52
314 4,235
3 3,579
9
__
1
62
11
_ _ 14
_
-_-_
58
24
2
4
497
§§ ,
§o __„
i
251
46
50
3
81
92
92
1,329
2 ORR 44 755
The following table shows the week's total receipts, the
total since Aug. 1 1931 and stocks to-night, compared with
last year:
1932-31.
Receipts to
July 1.
Galveston
5,8482,269.821
Texas City
756 244,127
Houston
3.296 3,169,352
Corpus Christi- -128 429,073
Beaumont
27,331
New Orleans
17,4942,049,763
Gulfport
Mobile
7,033 508,288
Pensacola
4,475
78.085
Jacksonville
27.763
Savannah
4,235 335,582
Brunswick
43,410
Charleston
629 133.760
Lake Charles_ _ _ _
24 138,060
Wilmington
497
53,495
Norfolk
251
65,434
&c-------N'port News.
New York _
Boston
933
Baltimore
92
25,113
Philadelphia
77
Totals
Stock.
1931-30.
This Since Aug This Since Aug
Week. 1 1931. Week. 11930.
1932.
1931.
455.048
15,059
800,397
31,985
2.022 1,398,568 534.439
3 111,551
19,678
4.214 2,838,081 1,173.306
420 573,933
47,312
25,240
3,556 1,445.664 976,538
638,410
1.972
133,046
246,176
17,003
233,884
1.348
349,710
97,196
55.509
11.862
48.959
150.608
204.064
15,097
3,488
5,389
227,738
3.374
1.024
5.253
- -- 2,555
1,191
156
620
366
---
596,700
67.510
493
717,092
49.050
294,794
60.764
64,514
156,146
7,055
58,242
-
--- _
527
----
1,175
6,586
27.281
12
44.758 9.599.467 17.602 8.435.154 3.876.770 2.991.427
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1931-32. 1930-31. 1929-30. 1928-29. 1927-28. 1926-27.
Galveston__ .._
Houston
New Orleans_
Mobile
Savannah _
Brunswick
Charleston....
Wilmington _ _
Norfolk
Newport News
All others_ _ _ _
5,848
3,296
17,494
7,033
4,235
2,022
4,214
3.556
1,972
2,555
1,658
1,378
5.758
416
4.848
2,654
1,368
4.221
622
630
10,465
9.417
11.226
807
1,629
5,492
4.167
11,039
1.246
6,118
629
497
251
1,191
620
366
3,777
8
37
146
113
304
1,669
223
734
5.524
662
837
5,475
1,106
1,376
711
824
3.266
Total this wk_
44,758
17,602
19,256
10,769
36.994
38.801
Since Aug.1 _ _ 9,599.467 8.435,154 8,160,755 8.985.752 8.264.650 12589455
The exports for the week ending this evening reach a
total of 62,917 bales, of which 14,890 were to Great Britain,
3,458 to France, 10,562 to Germany, 10,161 to Italy, nil
to Russia, 16,446 to Japan and China, and 7,400 to other
destinations. In the corresponding week last year total
exports were 79,683 bales. For the season to date aggregate
e Torts have been 8,222,044 bales, against 6,484,145 bales
in the same period of the previous season. Below are the
exports for the week.
Financial Chronicle
152
Exported to
Week Ended
Great
GerJuly 1 1932.
Exportsfrom
- Britain. France. many.
Galveston
Houston
Texas City
Corpus Christi
New Orleans_
Mobile
Jacksonville- -Pensacola
Savannah
Charleston
New York
Lake Charles- --
2,354
4,273
1,568
3,039
1.600
1.050
372
436
2,057
1,495
1,151
Japan&
Italy. Russia China. Other.
1,430
3.506
4.719
442
9,454
3,925
Total.
1,589 18,484
3,096 13,420
1,151
1,568
2,065 10,195
300 7,871
68
4,475
2,516
-566 2,690
50
50
429
_
2,768
68
1,408
2,516
1,140
1.250
Total
14,890
3,458 10,562 10,161
16,446
7,400 82,917
Total 1931
Total 1930
2,097
2.533
4,050
4,358
49,330
14.433
9,857 79,683
8,243 54,166
365
3,377 10,972
4,057 20.542
3;43ii
64
From
Exported to
Auy.1 1931 to
Japan &
I GerJuly 1 1932. Great I
Exports from- Britain. 'France: many. I Italy. Russ , China. Other.
Total.
255.606114,839 248,598176,058 __ -- 973,591 314,3322,083,022
222,950209,403 557,908 218,397 - _ -- 982,444365,9262,557,028
43,236 31,403 173,748
28,022 16,758 48,265 8,064 _--31,464 32,850 __-- 139,205 38,021 343,289
82,588 19.181
6.059 3,307 27,174
1,767_-8.763 2.278
305,305 81,933 222,449157,393 __-- 423.031 120,006 1,310,117
_- 231,966 26,074 546,509
118,678 10,785 140,896 18,11
12.116
122
4,840
____
7,154
95,684
14,516 1,966
63,870
474 __
14,858
____
7 I __-- 197.887 15,033 420,891
179 103,963
103,079
26,367
__-_ ____
615 43,410
16,228
____
200
35,046 17,587 190,165
3
_-- --__
66,253
2,358 38.337
186
____
71,27611,893 23.900
48,701
13.683
__-7,863 2.761
622
23.792,
27,783
100 _
18,974 3,211
2,077
250
3,1711
4,848
3,747
100
42
959,
45
45
34
34
I
24,848,
610 12,143 1,842 __-- 145,752 6,205 191.400
142 --------41,769 1,565 145,560
2.084 ---892
892
I
• 9.882 61.291
6,208, 9.507 28.369 7,325
,
1,286,463,466,328 1.597,340645.361 -.__ 3,281,539965,0138,222,044
Galveston.. _ _
Houston _ _ _
.
Texas City- Corp. Christi
Beaumont_ __
New Orleans_
Mobile
Jacksonville_
Pensacola__ _
Savannah__ _
Brunswick
Charleston. _
Wilmington _
Norfolk
New York.._
Boston
Baltimore_ .
_
Philadelphia_
Los Angeles_
San Francisco
Seattle
Lake Charles
Total
Total 1930-31 1,076,822933,558,674,601 475,74429,279,1,540,602753,5398,484,145
Total 1029401 255.225 818.165 .749.834658.32896.27111.223.345701.320 6.502.488
-Exports to Canada.
-It has never been our practice to include in the
Note.
above table reports of cotton shipments o Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is impossible to
give returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow In coming to hand. In view,
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of May the exports to the Dominion the Present season
have been 20.966 bales. In the corresponding month of the preceding season the
exports wee 11.565 bales. For the ten months ended May 31 1932 there were
176,852 bales exported, as against 184.722 bales for the ten months of 1930-31.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
July 1 at
Galveston
New Orleans- Savannah
Charleston_
Mobile
Norfolk
Other ports*_ _
.
Total 1932 Total 1931
Total 1930
Other CoastGreat
GerBritain. France. many. Foreign wise.
Total.
Leaving
Stock.
800
5,287
900 3.100
7,792 25,961
1.500 1,600
2,500
1,500
4,000 21,500
527,339
934,088
230,784
97,196
4,812 128,234
48,959
500 30,000 1,522,708
7,449
5,030
7,882
7,587 14,192 56,729
2,179 9,376 39,029
4.396 5,937 35.463
1,505 87,462 3,489,308
1,765 57,379 2,934,048
1,655 55,333 1,582.855
1.800
2,905
4,8613
244
500 7,100
505 42,450
3,100
* Estimated.
Cotton has advanced some 35 to 45 points largely because
of an insistent demand from the trade at home and abroad.
To all appearance some of the best judges of the cotton
business want cotton at these prices. Besides there has
been too much rain at the South. Weevil damage is more
feared than ever. On the 25th inst. prices ended firmer
though early in the day they fell 4 to 6 points with some
liquidation of July on the eve of notices due on June 28th.
Moreover as the cotton year will end on July 1, the Cotton
Exchange Service, in preliminary estimate, put the world's
consumption of American cotton for the season at 12,400,000
to 12,509,000 bales, compared with 11,113,000 last year. On
this basis, the carryover would be 13,250,000 to 13,350,000
bales, compared with 8,919,000 at the beginning of the year.
As the carryover and production of 16,596,000 bales gave
25,500,000 bales for this season, a carryover of 13,250,000
bales and a 1932 crop of 12,250,000 would furnish raw material for the 1932-33 season equal to the supply of the
season now drawing to a close. But later the buying of
July by spot houses once more neutralized the liquidation
of July, and with some further rains in Northern Texas
and parts of Arkansas and Oklahoma prices rallied some
half a dozen points. This left final quotations unchanged
to 2 points higher for the day.
On the 27th ult. rains and increased weevil talk drowned
out a decline in stocks and wheat and steady liquidation of
July. The net rise was 3 to 6 points. Oklahoma in particular had heavy rains. Oklahoma reported 115 weevils
to the acre on 23 fields against 33.8 in the previous week.
In Louisiana the weevil infestation was officially reported
the largest for years past. South Carolina reported weevil
damage heavy. Clement Curtis & Co. estimated the acreage
at 38 300.000, a reduction of 7%, and put the condition of
the crop on June 25 at 73% against 74.2% on May 25 and
71.3% on June 25 last year. The Fossick Bureau said:
"Superficially at least the crop appears to be doing well.
Arkansas and Louisiana crops have somewhat the best of
It, while Southern Alabama and Southern Mississippi are
July 2 1932
below the average for the belt. At the same time, there is
fair uniformity of appearance for the belt as a whole. June
Improvement is not as pronounced as usual, but this may be
due to the fact that the condition at the end of May was
better than usual. It is too early yet for the crop to show
need of better fertilization and too early for weevil activity
to give rise to much complaint."
Little attention was paid to the reported barter of 20,000
bales of cotton for potash between Egypt and Germany, or to
advices from Bombay forecasting material curtailment of
textile activity there. The promptness with which spot
houses absorbed selling of July at prevailing differences was
generally interpreted as foreshadowing a rather small issue
of notices.
On the 28th ult. prices dropped 6 to 7 points early, with
lessened rainfall at the South, some decline in stocks and
grain, and scattered liquidation. But the July notices were
for 40,900 bales and.did not press on the market. In fact,
German interests were credited with stopping nearly 15,000
bales of the notices. Trade demand told. It is the prop
under the market at all times. The early decline was followed by a rally and the closing was unchanged to 3 points
net lower. Moreover, there was by no means an absence
of rain in Texas, Arkansas and the Carolinas. General
showers were predicted. Underfertilization, moreover, is
beginning to have its effect in Alabama. The Cotton Exchange Service said that the lack of normal fertilization has
caused slow growth and hampered the plant in its rase to
maturity to escape the weevil. The Staple Cotton Association reports almost a complete cessation of mill buying of
spot cotton. Demand from Europe has been fair, however,
and is expected to continue so during the summer, as foreign
stocks are moderate and prices the lowest in many years.
On the 29th ult. prices advanced 10 to 17 points, with more
rain east and west of the Missouri River and increasing
evidence that trade interests at home and abroad are worried
over the outlook, especially as the price is very low. July
was in good demand. German interests are supposed to
have bought freely this week, including 20,000 bales of
May on the 27th and 20,000 July on the 29th, besides stopping July notices to the amount of 14,000 bales and 50,000
bales on the 29th ult. in the open market. Whether this
grand total is a bit exaggerated or not the belief is that
some trade interests at home and abroad are not disposed
to take the risk of waiting further but are on the contrary
inclined to buy now. Some features of the weekly report
were favorable enough, but others were not. The summary
said: "Conditions were rather generally favorable for
cotton, except for cloudy, damp weather in a good many
places, which favored increase in weevil activity and interruption to cultivation in the Northwestern belt by heavy
rains the latter part of the week. In Texas advance of the
crop was satisfactory, though shedding continued in some
dry Southern sections, while in Oklahoma progress and condition were mostly good, with early plants setting squares.
Except in some wet areas, growth was mostly satisfactory
in the central States of the belt, with squares developing fast
and some bloom as far north as Central Arkansas. In some
Southern sections there were complaints of scarcity of
squares and blooms, with too much moisture favorable for
weevil. In Georgia less rain and warmer weather were
quite favorable, while progress of the crop was mostly good
In the Carolinas. Plants are blooming rather freely in
the low country of South Carolina, though they are tender
and sappy, with complaint of too much rain in some places."
Dallas wired that the crop is 2 to 3 weeks late. Meantime
July was in demand. That fact stood out with striking
distinctness. While cotton is selling at something like the
traditional song, the Department of Agriculture reports as
follows on cost of production in 1931: "Cotton reports were
received from 2,059 farmers, but the greater number were
from growers having yields considerably above the average
for the entire country. The average yield of lint cotton in
the United States in 1931 was about 201 pound per acre,
according to the Division of Crop and Livestock Estimates.
Of the total cost reports received, 1,012 showed yields of 141
to 260 pounds per acre, averaging 203 pounds, and the average cost for this group of farms was 10c. per pound. Manchester reported a better demand for cloth well maintained.
Bombay was buying in Liverpool and there was calling as
well as covering. Worth Street reported bids 1/16 to M3c.
lower refused In general, though in some cases accepted.
On June 30 prices jumped 20 to 25 points, with contracts
scarce, heavy rains in Oklahoma, further demand for July,
steady trade buying for both sides of the water, including
the Continent, some buying for Japan and the smallness of
the July notices. Cotton was wanted. Also the Bank of
of 1%, making it now 2%.
England rate of discount fell
In Liverpool there was buying by the Continent and Bombay. Worth Street was quiet and Manchester less active.
Here New Orleans, local operators and the co-operatives
sold. Fairchild states the decrease in acreage at 8.3, with
the condition 76% and the theoretical crop 12,952,000 bales.
Cotton, in the judgment of some, is selling at 50% below
the cost of production. That cannot go on forever. Savannah, Ga., sent a significant dispatch as follows: "Large
demand here from Liverpool and Bremen for the first half
of July. Boat Liverpool already full, taking 12,000 bales
from here. Bremen bidding on improved basis. Absolutely
no cotton offering from interior or on tables here. Demand
is being partially met by certificated stocks." In other
Financial Chronicle
Volume 135
words, the actual cotton was wanted. That was the backbone of the market.
To-day prices advanced early 10 to 15 points on renewed
rains and trade buying, but profit-taking and a weaker technical position caused a reaction later whieh left final prices
1 to 3 points net lower. There was good buying early by
spot firms, Liverpool, the Continent and the Far East. The
rains turned out to be much heavier than early reports
seemed to indicate. They caused active covering. Rains
occurred in Texas, Oklahoma, the Mississippi Valley and
Alabama. The forecast pointed to showery weather over
much of the belt. The stock market grew stronger in the
afternoon. The setback to-day was regarded as natural,
and the bullish side has latterly come into increasing favor
based on the persistent trade demand more than anything
else. The House, it seems, has approved the action of the
Senate in turning over 500,000 bales of cotton and 45,000,000
bushels of wheat to the Red Cross, but naturally this could
have no direct effect on the markets for these commodities.
Final prices for the week show an advance of 35 to 45 points.
Spot cotton ended at 5.75c. for middling, an advance for
the week of 45 points.
Staple PremiumsI
Differences between grades established
60% of average of
for delivery on contract July 8 1932
six markets quoting
for deliveries on
Figured from the June 30 1932 average
July 8 1932.
quotations of the ten markets designated
15-16 1-inch &
by the Secretary of Agriculture.
inch.
longer.
White
Middling Fair
.62 on
Strict Good Middlingdo
51
Good Middling
do
.38
Strict Middling
do
.22
Middling
do
Basis
do
Strict Low Middling_
.23 off
Low Middling
do
48
*Strict Good Ordinary_ do
.79
*Good Ordinary
do
1.08
Good Middling
Extra White
38 on
Strict Middling
do do
.22
Middling
do do
Even
Strict Low Middling_-_ do do
.23 off
Low Middling
do do
.48
.19
Good Middling
.08
Spotted
.20 on
.19
Strict Middling
.08
do
Even off
Middling
.16
do
.08
.22 off
*Strict Low Middling-- do
.47
*Low Middling
do
79
.17
Strict Good Middling-Yellow Tinged
.08
.02 on
.08
.17
Good Middling
do do
24 off
.17
Strict Middling
.08
do do
37
*Middling
do do
50
'Strict Low Middling..., do do
84
'Low Middling
do do
1.20
.17
Good Middling
.08
Light Yellow Stained .36 off
*Strict Middling
do do
do
.59
*Middling
do
do
do
.89
.07
.16
Good Middling
Yellow Stained
48 off
*Strict Middling
do do
.85
*Middling
do do
1.19
.0',
.17
Good Middling
Gray
17 off
.17
.08
Strict Middling
do
7
*Middling
do
57
*Good Middling
Blue Stained
55 off
*Strict Middling
do do
.86
*Middling
do do
1.12
•Not deliverable on future contracts.
.19
.19
.19
.19
.19
.16
.15
.08
.os
.08
.08
.08
.08
.07
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
June 25 to July 1Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
5.30
5.35
5.35
5.55
5.80 5.75
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
June 25.
Monday,
June 27.
Tuesday, Wednesday, Thursday,
June 28.
June 29.
June 30.
Friday,
July 1.
July
Range.... 5.11- 5.17 5.18- 5.25 5.15- 5.24 5.26- 5.41 5.42- . .63 5.60- 5.7
5
Closing- .16- .17 5.21- 5.22 5.22- 5.24 5.39- 5.63- 5.60 Aug.
Range _ _
Closing_ 5.24- 5.30 -- 5.30 --- 5.44 -- 5.69 ------ 5.66 Sept.Range-..
------- Closing- 5.32- 5.38- 5.37
5.49- 5.74- 5.71 0cf.Range- 5.36- 5.42 5.42- 5.48 5.40- 5.47 5.48- 5.58 5.59- 5.80 5.76- 5.9
Closing_ 5.40- 5.42 5.46- 5.47 5.45 5.46 5.56- 5. 7 5.79- 5.80 5.77 ,
Nov.
Range....
- 5.57- 5.57 5. 2- 5.52- - 5.81- 5.81
-Closing_ 5.48- 5.53- 5.52- 5.63- 5.85- 5.84 -Dec.
Range- 5.50- 5.56 5.'8- 5.64 5.54- 5.62 5.64- 5.71 5.74- 5.94 5.89- 6.05
Closing.. 5.56- 5.61- 5.80-- 1.61 5.75- 5.71 5.94- 5.91 Jan.
(1033)
Range-- .58- 5.66 5.66- 5.70 5.63- 5.71 5.72- 5.79 5.82- 6.00 5.94- 6.0
Closing_ 5.66- 5.69- 5.70 5.68- 5.89 5.78- 5.79 6.00- 5.99- 6.0
0
Feb.Range- ..
Cloging _ 5.72- 5.77- 5.76- 5.86- 6.07- 6.06 MarchRange-. 5.74- '.79 5.81- 5.86 r..78- 5.85 5.88- 5.95 5.98- 6.16 6.14- 6.2
Closing_ 5.79- 5.85- 5.84- 5.94- 6.14- 6.16 6.14- 6.15
April-Range__
Chuang_ 5.88 -,- 5.92- 5.90- 6.00- 6.22 ---- 6.21 May-Range- 5.88- 5.94 5.97- 6.02 5.94, 6.01 6.01- 6.09 6.13, 6.31 6.29- 6.43
Closing_ 5.94 -- 6.00- 6.01 5.97- 5.98 6.07 ---- 6.30- 6.31 6.29JuneRange-.
Closing _
Range of future prices at New York for week ending
July 1 1932 and since trading began on each option:
• Range Since Beg ?ming of Option.
Range for Week.
Option for
June 1932
July 1932
Aug. 1932
Sept. 1932
Oct. 1932
Nov. 1932._
Dec. 1932
Jan. 1933_
Feb. 1933
Mar. 1933
April 1933..
May1933
5.11 June 25 5.75 July
1
July
June
July
July
1
30
1
1
5.36
5.52
5.50
5.58
June
June
June
June
25
28
25
25
5.91
5.81
6.05
8.09
5.70
4.91
5.23
5.32
5.15
5.35
5.30
5.36
May
June
June
June
June
June
June
June
21 1932
10 1932
1 1932
23 1932
9 1932
13 1932
8 1932
8 1932
9.74
9.15
7.57
7.68
7.67
7.32
7.77
7.84
July 27 1931
Aug. 1 1931
Oct. 30 1931
Oct. 30 1931
Nov. 9 1931
Feb. 11 1932
Feb. 19 1932
Feb. 19 1932
5.74 June 25 6.28 July
1 5.54 June 8 1932 7.16 Apr. 15 1932
5.88 June 25 8.43 July
1 5.69 June 8 1932 6.43 July
1 1932
153
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows: Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
July 1Stock at Liverpool
Stock at London
Stock at Manchester
1932.
bales- 620,000
1931.
814,000
190,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
1930.
713,000
1929.
797,000
212,000
124,000
99.000
810,000 1,026,000
837,000
896,000
338,000
184.000
18,000
94,000
68.000
403,000
329,000
9,000
115,000
50,000
325,000
198,000
13,000
92,000
26.000
302,000
172,000
9.000
46,000
26,000
702,000
906.000
654.000
555,000
Total European stocks
1,512,000 1,932,000 1,491,000 1,451,000
India cotton afloat for Europe
35,000
90.000
126,000 130.000
American cotton afloat for Europe 142,000
83,000 106,000 176.000
Egypt, Brazil,&c.,afl't for Europe 104.000
78.000
95,000 121.000
Stock in Alexandria, Egypt
539,000 629,000 497,000 275.000
Stock in Bombay, India
854.000 880,000 1,191,000 1,144,000
Stock in U. S. ports
3,576,776 2,991.427 1,638,188 730,745
Stock in U. S. interior tovrns
1,430,563 877.605 644,225 276.723
U.S. exports to-day
11,054
11,306
Total visible supply
8,204,645 7.572,086 5,788.413 4.304,468
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
290,000 397.000 269,000 428,000
Manchester stock
114,000
81,000
51,000
59.000
Continental stock
650,000 795,000 545,000 479.000
American afloat for Europe
142,000
83,000 106.000 176,000
U. S. port stocks
3,576,776 2,991.427 1,638,188 730,745'
U S. interior stocks
1,430,563 877.605 644,225 276.723
U. S. exports to-day
11,306
11.054
Total American
East Indian, Brasil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay. India
Total East India, dicc
Total American
6,214,645 5,236,086 3,253,413 2,149,468
330,000
417.000
76,000
52,000
35,000
104.000
539,000
854,000
131.000
73.000
40.000
111,000 109,000
76,000
90.000 126,000 130,000
78,000
95,000 121,000
629.000 497,000 275,000
880.000 1,191,000 1.144,000
444,000
369,000
1,990,000 2.336,000 2,535,000 2,159,000
6,214,645 5,236,086 3,253,413 2.147,468
Total visible supply
8,204,645 7,572,086 5,788,413 4,304.468
Middling uplands, Liverpool_..
4.65d.
5.48d.
7.63d.
10.28d.
Middling uplands, New York
5.75c.
10.35c.
13.60c.
18.35c.
Egypt, good Sakel, Liverpool- _ -7.55-1.
9.653.
13.353. 17.308.
Peruvian, rough good, Liverpool_
14.50d.
Broach, fine, Liverpool
4.308.
4.564.
5.408.
8.604.
Tinnevelly, good, Liverpool
4.43d.
5.21d.
6.754.
9.754.
Continental imports for past week have been 75,000 bales.
The above figures for 1932 show a decrease from last
week of 91,609 bales, a gain of 632,559 over 1931, an
increase ot 2,416,232 bales over 1930, and a gain of
3,900,177 bales over 1929.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in
detail below:
Movement to July 1 1932.
Towns.
Receipts.
, Ship- Stocks
masts. July
Week. Season. I Week.
1.
Ala., Birming'm 1,261
75,998
Eufaula_ _ -40 12,737
8 39,420
Montgomery.
Selma
62 89.182
Ark.,Blytheville
7 120,090
Forest City
___
33,918
Helena
21
78,098
Rope__._
59,529
Jonesboro_
4 21,168
Little Rock. _
343 192,270
Newport_ _ _ _
6 48,584
Pine Bluff_ _ _
273 179,820
Walnut Ridge
-- _
. 47.135
Ga., Albany.- _
____ . 5,316
Athens
200 39,909
Atlanta
19 85,696
Au7usta
349 187,478
Columbus_
____
58.780
Macon
70 33,031
Rome
45
14,724
La., Shreveport
141 113,030
Miss.,Clarksdale
86 198,225
Columbus_ _ _
7 23,035
Greenwood_ _
97 170,808
Meridian_ _ ...
____
44,339
Natchez
97 12,703
Vicksburg__ _
1
41,230
Yazoo City- _
4 47,290
Mo., St. Louis_
557 147,617,
N.C.Greensbor.
164, 21,673
OklahomaI
15 towns*.
473 821,883
S.C.,Greenville
598 171,523
Tenn„Memphis 2,7082,062,390
Texas, Abilene_
---56,355
Austin
24 28,526
Brenham_ _ _ _
10
20,0111
Dallas
400 145,549
Paris
• 97,973
Robstown_
2 31,143
San Antonio_
__-17,917
Texarkana
9 65,694
Waco
117 82,162
Movement to July 3 1931.
Receipts.
Week. Season.
61 101,992
1,774 13,437
28,925
155
105 6,121
189 73,025
275 52,995
68 100,282
928 45,680
134 31,50219 76.852
8
15,761
_ --I 15,042
1
41,764
17 35,870
32,55.5
26
3871 8,858
2 26.424
__ __I 1,648
436 102,552
1,864 46,562
__-_
27,972
186 11,043
195 88.438
952 40.697
24,009
- _ -_
_ _ _ _I - 4,942
__ ...I 3,409
-_ -7,404.
48 45.375
100 41,195
1,272162,799
811 239,447
1,976 99,495 4,610 343,297
-___
49,630
-- --' 22,790
201
94,093
370 37,702
__- _
20,886
30 11,121
15 104,217
-- _ _' 69.395
126 113,395
2.235 69,933
21
25,280
87 7,741
13 138,273
2,783 68,754
94 20,531
23 66,334
70
13,017
251 4,608
112 35,199
420 10.531
240 16,034
2 32,905
557
796 2.197 242,485
168 20,894
269 52,706
I
141 533,445
1,074 34,951
1,688 81,248 1,15. 146,819
6.905291,221 4,907 1,363,502
-__
257
-_-_
27,194
33 2.267
---24,884
80 4,733
5 19,510
118 146,128
877 13,149
88 4,421
-- - _
63,570
___
28
421
54,785
13 27,948
---_
553
147 8,572
-__
34.686
83 61,894
50 6.665
Ship- Stocks
masts. July
Week.
3.
379 32,257
157 8,264
1,528 51,171
864 35,158
363 13.673
127 2,813
261 10,116
28
399
68 1.161
2,626 16,021
13C 2,636
549 9,549
_ _ __ 1,611
___. 3,446
200 24,389
2,119 168,368
4,079 62,918
700 5.200
309 26,659
450 7,602
652 59,410
2,543 13,896
473 3,537
2,196 22,317
413 19,883
60 5,170
1,365 4,744
812 4,491
2,802 3.972
638 34,073
I
3,061 22,202
2,473 40,853
17,285139,247
_ __ _1
124
__ _I
319
40 3,688
72 6.465
____'
371
15 1.206
504 2,226
111 2.695
739 3,305
Total. 56 towns 8.1835.643 930 28_1551430553 16.1034.572_850 51 107R77 Am
.
•Includes the combined totaLs of 15 towns In Oklahoma.
The above totals show that the interior stocks have
decreased during the week 19,491 bales and are to-night
7,920 bales less than at the same period last year. The
receipts at all the towns have been 552,958 bales more than
the same week last year.
Financia! Chronicle
154
NEW YORK QUOTATIONS FOR 32 YEARS:
1932
1931
1930
1929
1928
1927
1926
1925
30.90c.11916
28.25c.11915
22.05c. 11914
12.00c.11913
39.25c.I1912
34.15c.I1911
31.90c.11910
27.25c.11909
5.75c.11924
10.15c.11923
13.65c.11922
18.20c.11921
23.10c.11920
17.10c.I1919
18.40c. I 1918
24.70c.11917
12.90c.11908
9.60c.11907
13.25c.11906
12.40c.11905
11.654.11904
14.80c. 1 1903
15.35c.11902
12.10c.I1901
11.50c.
13.25c.
10.80c.
10.00c.
10.854.
13.00c.
9.25c.
8.88c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
SALES.
Futures
Market
Closed.
Spot Market
Closed.
Spot. Contr't. Total.
3,869
400
300
500
200
3,869
400
300
500
200
Saturday__ _ nlet, unchanged_- Very steady- - Monday _- - uiet, 5 pts. adv-- - Steady
Tuesday - -- uiet, unchanged_ _ Steady
Wednesday_ uiet, 20 pts. adv_ _ Steady
Thursday _ _ Quiet, 25 pts. adv.. _ Very steady
Quiet, 5 pts. dec _ Barely steadyFriday
i
5,269
5,269
161,257 160,700 321.957
Total week_
Since Aug. 1
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
----1930-31-------1931-32---Since
Since
Week. Aug. 1.
Week. Aug. 1.
2,802 252,515
557 153,228
56,527
158
25,308
55
-_ __
1,602
583
8.46918,317
82
3 8 179.911
,
3,136 172,438
7,942 580,935
3,600 423,462
July 1ShippedVia St. Louis
Via Mounds,Stc
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c
Between interior towns
Inland, &c.,from South
7.430
783,488
92
189
3,609
26,379
12.537
208,879
14,637 1.089,807
527
341
9,092
35.054
15,328
316,853
3,890
247,795
9.960
367,235
Leaving total net overland *__- 3,540
635,693
4,677
722.572
Total to be deducted
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 3,540 bales, against 4,677 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 86,879 bales.
In 6.1.7ht and Spinners'
Takings.
Receipts at ports to July I
Net overland to July 1
Southern consumption to July 1
-----1931-32----- -----1930-31----Since
Since
Week.
Week.
Aug. 1.
Aug. 1.
17,602 8,435,154
44,758 9,599,467
4.677
722,572
3,540
635.693
75,000 4,117,000 80.000 4,160,000
Total marketed
123,298 14,352,160
Interior stocks in excess
640,336
*19,491
Excess of Southern mill takings
513,472
over consumption to June 1_ _ ______
102,279 13,317,726
*33,269
353,976
Came into sight during week_- _103,807
15,505,968
Total in sight July 1
69,010
--- - 13.797.547
North. spinn's's takings to July 1 10,370
915,856
-
-
14,266
125,845
1,042,321
• Decrease.
Movement into sight in previous years:
Bales.
14.682.864
15,541,343
14,064,459
Bales.
Since Aug. 185.176 1930
101.443 1929
122,507 1928
Week-July 6
1930
-July 7
1929
-July 8
1928
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week Ended
July 1.
Saturday. Monday.i Tuesday. Wed'day. Thursd'y. Friday.
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth_ _ _ _
5.15
5.16
4.95
5.11
5.25
5.25
5.19
4.75
5.10
4.65
4.85
5.20
5.26
5.00
5.17
5.30
5.30
5.25
4.80
5.15
4.71
4.90
4.90
5.20
5.26
5.00
5.20
5.30
5.30
5.25
4.80
5.15
4.72
4.90
4.90
5.30
5.37
5.10
5.32
5.45
5.35
5.38
5.00
5.30
4.89
5.00
5.00
5.55
5.61
5.35
5.55
5.65
5.60
5.63
5.30
5.55
5.13
5.25
5.25
5.55
5.61
5.35
5.57
5.65
5.80
5.56
5.30
5.55
5.10
5.20
5.20
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
June 25.
June_ __ _
July
August_ _ _
September
October _ _
November
December_
Jan.(1933t
February _
March.._ _
April
May
June
Tone
Spot
Options
Monday,
June 27.
Tuesday, Wednesday, Thursday,
June 20.
June 29.
June 28.
Fr day,
A ty 1.
5.18- 5.26- 5.27 5.28- 5.38- 5.39 5.61- 5.39 5.11
5.36
Bid.
5.43- 5.43- 5.44 5.53- 5.54 5.75- 6.77 5.71
5.51 - 5.58- 5.59 5.58 -- 5.68- 5.90- 5.91 5.81
5.58 Bid. 5.67- 5.65 Did. 5.75 Bid. 5.98- 5.9. Did.
5.73- 5.80- 5.81 5.79- 5.80 5.91- 5.92 6.14- 6.11
6.11
5.82- 5.89 5.95 Did. 5.95- 8.04- 6.0- 6.26- 6.21 6.21 - 6.24
Quiet.
Eitomviv
Quiet.
Rtpadv.
Steady.
Steady.
St mdy.
St.sdv.
Steady.
Stead-.
Stl
"t tdv.
July 2 1932
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening denote that generally conditions
have been favorable for cotton. In some localities, however, cloudy, damp weather interrupted cultivation and
favored increase in weevil activity.
Texas.-Advance of the cotton crop in this State has been
satisfactory, although shedding continues in some dry
southern sections.
Memphis, Tenn.
-Condition and progress of cotton is good.
Galveston,Tex
Abilime, Tex
Brenham, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Henrietta, Tex
Kerrville, Tex
Lampasas, Tex
Longview, Tex
Luling, Tex
Nacogdoches, Tex
Palestine, Tex
Paris, Tex
San Antonio, Tex
Taylor, Tex
Weatherford, Tex
Ada, Okla
Hollis, Okla
Okmulgee, Okla
Oklahoma City, Okla
Helena, Ark
Eldorado, Ark
Little Rock, Ark
Pine Bluff, Ark
Alexandria, La
Amite, La
New Orleans, La
Shreveport, La
Columbus, Miss
Greenville, Miss
Vickburg, Miss
Mobile, Ala
Birmingham, Ala
Montgomery, Ala
Gainesville, Fla
Madison, Fla
Savannah,Ga
Athens, Ga
Augusta, Ga •
Columbus, Ga
Charleston, S. C
Greenwood, S. C
Columbia, S. C
Conway, S. C
Charlotte, N. C
Newborn, N. C
Weldon, N. C
Memphis, Tenn
Rain. Rainfall.
3 days 0.24 in.
3 days 2.46 in.
4 days 1.56 in.
4 days 1.97 in.
4 days 1.07 in.
3 days 0.901n.
1 day 0.10 in.
5 days 2.36 in.
1 day 0.16 in.
2 days 0.58 in.
4 days 1.84 in.
2 days 0.64 in.
3 days 1.01 in.
7 days 1.46 in.
3 days 0.801n.
4 days 0.42 in.
1 day 2.18 in.
6 days 2.88 in.
2 days 2.44 in.
3 days 0.69 in.
5 days 3.56 in.
5 days 1.241n.
4 days 1.28 in.
5 days 1.51 in.
6 days 2.05 in.
2 days 0.511n.
dry
4 days 0.37 in.
4 days 2.57 in.
4 days 1.49 in.
3 days 0.79 in.
3 days 0.47 in.
1 day 0.11 in.
5 days 3.32 in.
4 days 3.78 in.
3 days 0.43 in.
4 days 3.72 in.
6 days 1.10 in.
6 days 2.72 in.
4 days 0.86 in.
2 days 0.57 in.
3 days 0.54 in.
2 days 0.50 in.
2 days 1.30 in.
4 days 2.14 in.
2 days 0.72 in.
2 days 0.21 in.
1 day 2.85 in.
5 days 2.80 in.
Thermometer
high 88 low 77 mean 83
high • 94 low 64 mean 79
high 96 low 76 mean 85
high 90 low 72 mean 81
high 88 low 74 mean 81
high 92 low 68 mean 80
high 96 low 72 mean 84
high 94 low 66 mean 80
high 100 low 70 mean 85
high 96 low 70 mean 83
high 98 low 74 mean 86
high 94 low 72 mean 83
high 92 low 72 mean 82
high 92 low 68 mean 80
high 96 low 74 mean 85
high 96 low 74 mean 85
high 94 low 66 mean 80
high 96 low 68 mean 82
high 98 low 66 mean 82
high 94 low 68 mean 81
high 92 low 67 mean 79
high 98 low 68 mean 83
high 97 low 73 mean 85
high 93 low 72 mean 82
high 94 low 72 mean 83
high 101 low 73 mean 87
high 96 low 68 mean 82
high 93 low 77 mean 85
high 94 low 72 mean 83
high 102 low 71 mean 86
high 97 low 73 mean 85
high 92 low 73 mean 82
high 95 low 77 mean 85
high 94 low 70 mean 82
high 95 low 72 mean 83
high 97 low 70 mean 83
high 99 low 72 mean 85
high 97 low 72 mean 84
high 100 low 70 mean 85
high 98 low 72 mean 85
high 99 low 73 mean 86
high 92 low 74 mean 83
high 95 low 71 mean 83
high 94 low 72 mean 83
high 95 low 611 mean 82
high 95 low 71 mean 81
high 98 low 68 mean 83
high 99 low 59 mean 79
high 92 low 72 mean 80
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
July 11932.
2.6
14.8
15.6
8.6
17.1
July 3 1931.
1.8
6.5
7.1
4.9
10.8
Dallas Cotton Exchange Weekly Crop Report.
The Dallas Cotton Exchange each week publishes a very
elaborate and comprehensive report covering cotton crop
conditions in the different sections of Texas and also in
Oklahoma and Arkansas. We reprint this week's report
which is of date June 27, in full below:
TEXAS.
WEST TEXAS.
Haskell (Haskell Co.).
-Cotton made slow progress past week account
weather being too cool. Good rains past week-some fields in the weeds
considerable complaint account grasshopper damage. Weather cloudy
and too cool for cotton.
Brady (McCul och Co.).
-The weather the past week has been perfect
for all crops, and cotton has grown rapidly. Farmers are well up with
their work-labor is plentiful.
Snyder (Scurry Co.).
-No change in growing conditions during past
week-lower half of county beginning to want rain.
Floydadx (Floyd Co.).
-The past week has been bad on growing cotton
and wheat not yet cut. Rain, wind and hail has destroyed 25% of cotton
over the county, and but very little will be replanted. We need some
clear weather for a while.
Stamford (Jones Co.).
-The cotton crop has made good progress this
week-have plenty of moisture, and is fairly weil cultivated-stands are
good-no Insect damage reported-need fair weather next week.
Abilene (Ta,lor Co.).
-Weather past week has been warm and crop has
made good progress. Some local showers, while not needed, did no harm-.
no complaint of insects-cotton looks good.
NORTII TEXAS.
Cnrksrille (Red River Co.).-Progreas good-plants normal-fruiting
well and blooming. Warm enough. A good rain fell Friday, June 24
fields clean and well worked-general outlook good-few reports of weevil
appearing in early cotton.
-The whole cotton crop made excellent
Wills Point (Van Zan& Co.).
progress past week. Late planted cotton making fine growth-early
blooming-fields are clean of grass and weeds and in fine state of
cotton
cultivation. Some complaints of flea and weevil damage-have received
local showers, but need general rain and then dry weather for two weeks.
CENTRAL TEXAS.
Cameron (Milam Col).
-Crop conditions favorable for growing past
week-plant looks good-much complaint insect-plants not holding fruit.
Navasota (Grimes Co.).
-Crop a little more spotted-getting suffident
-some grasshopper destruction, and while
rain, but lots of it in the grass
being poisoned, results not so effective as expected-dry weather needed
acreage 10% less and crop 14 days later than last.
Bartlett (Williamson Co.).
-Cotton is all chopped. Fields generally are
clean. About 50% of the crop is from two to three weeks late. Cotton
Is growing nicely. The old cotton does not seem to be fruiting as it should
and blooming but little. Many reports that boll weevil rather numerous.
We have had showers for the past few days-hot and dry weather is needed.
-Crop has made good progress again this week.
Waxahachie (Ellis Co.).
Lightshowers middle of week were beneficial-some complaint of worms.
4
Financial Chronicle
Waco (McLennan Co.).
-Progress of crop during past week has been
unfavorable, due to further rains which have increased danger of weevils
and Insects of all kind. Complaints about boll weevil steadily increasing
and with lateness of crop, becoming more of a menace. Crop preparations.
as far as working of the fields is concerned, are normal and fields have not
yet become grassy or weedy which they will if we have continued rains.
At present we need prolonged, dry, hot weather.
Austin (Travis Co.).
-Crop doing well-present showers beneficial if
not prolonged. Few complaints flea and boll weevil, but too early to
ascertain whether there is something to it.
Ennis (Ellis Co.).
-Cotton during past week has made satisfactory growth.
The weather has been perfect
-no rain needed for two weeks-continued
hot weather will discourage insect propagation.
SOUTH TEXAS.
Alice (Jim Wells Co.).
-Weather cloudy-local showers-need general
rain. Some weevil but hot weather has prevented real damage. Prospects on best cotton one third bale per acre-expect normal crop.
Sinton (San Patricio Co.).
-Cotton past week has done fairly well on
black lands, but on mixed lands has shedded quite a bit-opinons differ
as to whether we need rain or not. We are getting some showery weather
last two days that will not help cotton either on black or mixed lands, and
if it keeps up will make leaf worms. In our opinion, drouth has been a
little too drastic for us to make anything like a normal crop in this county.
Cotton that is not made here in June is seldom made.
San Antonio (Berar Co.).
-Crop has made good progress last two weeks.
with ideal weather prevailing with exception last few days which has been
cloudy and scattered showers. A good rain would be beneficial at this
time, especially on young cotton. Cotton is blooming freely and good
sized bolls are found in this section-consequently the movement will
not be as late as at first thought but will begin about Aug. 1, unless something unforeseen happens.
OKLAHOMA.
Hugo (Choctaw Co.).
-1% inches rain fell Thursday followed by more
rain Friday. Crop depends entirely on amount of weevil damage from
now on. Reports from all sections indicate more than usual supply of
weevils and fleas-rains now will further increase production of weevil
and unless dry weather prevailsfrom now on a serious condition will develop.
Mangum (Greer Co.).
-Cotton has made wonderful growing growth past
week-in fact, has most overdone itself by upward growth without much
form. Have had daily showers and some fields need work, but as whole,
state of cultivation is fair. Late replanted cotton now up to good stands.
Would consider present condition around 85% of Perfect.
ARKANSAS.
Conway (Faulkner Co.).
-Cotton has made normal progress the past
week. Weather has been favorable-light rainfall to-day-will be beneficial. Early cotton squaring and blooms are showing. Boll weevil
appearing in all fields where squares are plentiful.
Ashdown (Little River Co.).
-Have driven over considerable portion of
Little River and Sevier counties this week and found bulk of these counties
very dry
-plant making slow growth-entirely too small-stands are poor
and also considerable weevil and hopper. Had moderate to good rain
last night and to-day, which will be beneficial-small per cent of crop
blooming.
Little Rock (Pulaski Co.)
.-Rains with termperatures slightly above normal
have benefitted hill sections
-bottom lands do not need rain-some districts damaged by hail-stands good and healthy-progress generally
satisfactory. Weevil reported from various points. Under weather conditions of past three days, there will be an increase of weevils.
Blytheville (Mississippi Co.).
-Crop has made very satisfactory progress
the past week-it is in a high state of cultivation and is fruiting well
No sign of insects. Some localities need rain but do not think cotton
suffering yet.
Searcy (White Co.).
-Cotton has made good progress since last report.
Weather favorable-fields clean and well cultivated-late cotton small
but growing fast. Good rain yesterday that was needed to gardens and
other crops and good slow rain this morning
-no weevils reported.
Pine Bluff (Jefferson Co.).
-The weather very favorable for cotton. We
had 1-48th of an inch of rain last night. Weevil reported in a few localitie,
no harm done yet. Many report the cotton crop better than last year.
Crops of all kinds are good.
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week,
Ended
Receipts at Ports.
1032. 1 1931.
Mar.
11..158.701
18..125,715
26.- 130.968
Apr.
I.. 116.587
8.. 93,799
15.. 62,010
22.. 76.169
29.. 86.624
May
6.. 53,102
13.. 62,170
20.. 37.536
27.. 54.967
June
2.. 64,258
10.. 30,591
17.. 24,783
24.. 40,793
July
1
I
A.A.,R11
93,477
68.139
61.736
53.101
40.426
52,119
33,372
37.729
31,266
27.481
20,516
18.911
20,902
18,600
16,977
21,134
I
Stocks at Interisr Towns.
1930. I 1932. , 1931.
Receiptsfrom Plantations
1930. 1 1932.
11
I
44.919 1,961.116 1,420.753 1.228.666 121.908
46,415 1.908,510 1.379.376 781.667 73.109
46.906 1,872,878 1,349.018 1.163,170 95.336
1
49.351 1.847,155 1,312.8341 1,113,592 89,8641
47,498 1,812,832 1,284,845 1,066,544 69,47
46,6931,781,096 1,213,990 1,024.125 30,3041
50,239 1,747.787 1.175.730 980.279 42,8
50.024 1.710,830 1,136,594 940.995 49.68
49.1611,664,135 1.112.593
74.760 1,622.696 1.091.370
64,642 1.568.105 1.060,746
36.228 1,554.722 1.037.599
I
I
42,8381,526,i801,009,231
31,4191,497,915 973,071
36,511 1,476,605 943,151
32,6591,450,054 910,874
I
1
I? An') in Ogal Sin KA,
277 KOK
1931.
1930.
41.083 17,510
26.762 20,692
31.378 7.123
16.939
.1,264
....
37.195
740,002 35.716
714,860 2,326
687.981 3,473
665,467 14,242
AAA 005 OK Ono
.. __
.
_...
151
,
1s711
NTO
4.368
6,277
9,632
10,145
Cotton Taktngs;
Week and Season.
1931-32.
Week.
1930-31.
Season.
Week.
Season.
Visible supply June 24
8,296.254
7,759,080
Visible supply Aug. 1
6,892,094
5.302,014
American in sight to July 1103,807 15,505,968
69.010 13,797.547
Bombay receipts to June 30---20,000 2.004,000
32,000 3.282.000
Other India ship'ts to June 30
16.000
366,000
26,000
616,000
Alexandria receipts to June 29_ _
3.000 1,418.800
24,000 1,456,100
Other supply to June 305
9
7.000
523,000
11,000
601,000
Total supply
8.446,061 26,709.862 7,921,090 25,054.661
Deduct
Visible supply
8,204,645 8,204.645 7.572,086 7.572,086
Total takings to July La
241,416 18,505,217 349,004 17.482,575
Of which American
186,41613,807,417 218,004 11,968,475
Of which other
55,000 4,697.800 131,000 5.514,100
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 4,117,000 bales in 1931-32 and 4,160,000 bales in 1930 -31
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 14,388,217 bales in 1931-32 and 13.322,5r5 bales in
1930-31, of which 9.690.417 bales and 7,808,475 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all Indian ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1931-32.
June 30.
Receipts at
Week.
Bombay
Since
Aug. 1.
1930-31.
1929-30.
Since
Week. lAug 1.
.
Week.
Since
Aug. 1.
20.000 2,004.000 32,000 3,292.000 27,000 3,439.000
For the Week.
Exports
from
-
Since August 1.
Great Conti-(
Japan&
Great
Br-Cats. Sent. China. Total. BrUain.
Vain.
Bombay
1931-32..
3
,
1930-31_ _
3,000i
Ill 29,000, 23,
1929-30-Other India
1931-32._ 2,000 14,000!
1930-31. _ 9,000 17,000
_
9,000
1929-30- Total ail_
1931-32._
1930-31_ 1929-30._
Contineat.
Jasaa&
China.
Total.
3.0''
19,0I' 135,0001 849,000 1.003,000
3,1
123.0 I I 654,
1,735,
2,512,000
53.00C
80,
812.000 1,475,
2.387,000
16,000 96,0 I
270,000
26,000 149,I I 467,000
9,00 151,II' 625.000
366,000
616.000 •
776,000
2,111 14,000 3,000 19,000 115.000 405.000 849.0001,339,000
9,00 20,000 -- - 29,000 272,00 1,121,000 1,735,000 3,128,000
1. I I I 38,000 23,000 62,000 231.00 1.437.000 1,475,00013.143,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
12,000 bales. Exports from all India ports record a decrease
of 10,000 bales during the week, and since Aug. 1 show a
decrease of 1,759,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cableof the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
June 29.
1931-32.
1930-31.
15,000
6.847.843
Receipts ((antars)Thls week
Since Aug. 1
120,000
7.123.778
1929-30.
4,000
8.394.434
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Export (Bales)-
To Liverpool
201,416 5,000 127,999 1,000 141,724
To Manchester,&c
145,651
___- 118,227
---- 147,985
To Continent and India... 7,000 563,223 6,000 540.611 3,000 447,683
To America
46,206 ---- 20,704 ---- 101.905
Tntal ernarta
7 nnn ORR 4.2fi 11(1(10 807 530 4 nnn 830207
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending June 29
were 15,000 cantars and the foreign shipments 7,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both yarns and cloths is steady. Demand for India is
improving. We give prices to-day below and leave those of
previous weeks of this and last year for comparison:
1932.
32s Cop
Twist.
d.
VS__
April-
d. S. d.
8%0104 80
814010% 80
844410
80
8,40 9%
8140 9%
8140 9%
8140 9%
,
8310 9%
May6...
80
80
81
81
S I
8 0 9%
7%
914
7%0 914
7%0 9%
80
80
80
80
lune7%0
7340
75i0
7%0
1931.
IN Lb. Shirt- Cotton
Common
to Finest.
Upl'cis.
Mar -
TM
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1931 are 10,166,750 bales;
in 1930 were 8,857,662 bales, and in 1929 were 8,577,599
bales. (2) That, although the receipts at the outports the
past week were 44,758 bales, the actual movement from
plantations was 25,367 bales, stock at interior towns
having decreased 19,491 bales during the week. Last year
receipts from the plantations for the week were nil bales
and for 1930 they were nil bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
....
450
4,274
6.393
10.740
893.425 6.40
6,731 1.690
843,575 20,931 6.258 24.911
809,649 2.74
...._ 30.716
778.788 21.584 ---- 5.
227
155
0
851
831 80
854 SO
934 so
July7340 1131 81
s. d.
ID 0000 0000 0S000 000
Volume 135
32s Cop
Twist.
851 Lb. Skirt- Cot/on
ings, Common middrg
to Finest.
Gorda.
d.
d.
5.51
6.51
6.16
9 010
9 010
9 010%
4 O 90
4 •90
4 O 90
1197
0.95
aa
a
4
4
4
4.81
4.73
5.00
4.95
482
9 01054
8140 974
834 @10,‘
894 @log
8540104
40
40
40
4
4
6.76
6.69
66
5.62
646
3
a
3
3
4.53
4.58
4.53
4.45
8%0104
831010
8110 9%
8 @934
40
40
4(5
2(5
5.39
5.26
5.12
4.80
3
3
3
3
4.10
4.09
4.31
4.41
8 0 9%
7340 9%
7540 9%
8%010%
5
5
5
4.78
475
4.75
9.43
4
4.65
8 4010;4
,
5
5.48
d. s. d.
s. d.
6
5
d.
Financial Chronicle
156
-Shipments in detail:
SHIPPING NEWS.
-To Oporto-June 23-0gontz, 300
NEW ORLEANS
To Piraeus
-June 28-Giulla, 50
To Lisbon-June 23-0gontz, 30
To Fiume-June 28
--Giulia, 300
To Havre-June 24
-San Francisco, 372
To Antwerp-June 24
-San Francisco, 200
To Barcelona-June 24
-Mar Cantabrico, 150
To Gothenburg
-June 25
-Tampa,350
To Oslo-June 25
-Tampa, 50
To Stockholm-June 25
-Tampa, 50
To Gclnyia-June 25
-Tampa, 660
To Liverpool
-Counsellor, 2,681
-June 25
To Venice-June 28
-Giulia, 2,849
To Trieste-June 28
-Giulia,270
To Manchester
-June 25
-Counsellor,358
To Genoa-June 28-Integra'tag, 1,300
To Lapaz-June 23-Coppename, 100
To Guayaquil
-June 23-Coppename, 125
-Duquesne. 1,471__ _June 28
-June 23
HOUSTON-To Liverpool
-Dakotian, 1,516
To Bremen-June 25
-Karlsruhe, 1,495
To Havre-June 30
-Lancaster Castle, 1,050
-LanTo Rotterdam-June 27-Maasdam, 300._ _June 30
caster Castle, 500
-Lancaster Castle, 717
To Ghent
-June 30
To Genoa-June 27-Madda1ena Odero, 1,920___June 29Montello, 46; American Press, 1,540
-DuTo Manchester
-June 28-Dakotian, 426___June 23
quesne, 860
To Barcelona-June 29-Montello, 1,496
-American Press, 83
To Patras-June 29
PENSACOLA-To Bremen-June 25-Topa Topa, 214; Veerhaven, 1,194
To China-June 29-Silvercypress, 3,067
-June 24-Dakotian, 1,497_
-To Liverpool
CORPUS CHRISTI
To Manchester-June 24-Dakotian,71
-June 25
-Duquesne, 1,494
GALVESTON-To Liverpool
To Manchester
-June 25
-Duquesne, 860
-KarlsTo Bremen-June 25-Berengar, 1,011___June 29
ruhe, 1,046
To Japan-June 28
-Lisbon Marti, 5,014; Vancouver Maru,
3,000
To China-June 28
-Lisbon Maru, 540: Vancouver Maru, 900
To Havre-June 29
-Lancaster Castle, 1,600
To Antwerp-June 29
-Lancaster Castle, 200
-Lancaster Castle, 100; Maasdam,
To Rotterdam-June 29
500
To Ghent
-June 29-Maasdam, 100; Lancaster Castle, 689
To Genoa-June 28-Maddalena Odero, 1,430
NEW YORK
-To Lisbon-June 25-Ingria,50
MOBILE
-To Havre-June 21-San Francisco, 225
To Bordeaux-June 21
-San Francisco, 211
To Ghent
-San Francisco, 100
-June 21
To Bremen-June 23-Veerhaven, 2,768
To Genoa-June 16-Maddalena Odero,442
To Barcelona-June 21-Mar Cantabile°, 200
To Japan-June 25
-Vancouver Maru, 3,675
To China
-June 25
-Vancouver Maru, 250
SAVANNAH-To Liverpool
-June 29-Nevistan, 1,508
To Manchester-June 29-Nevisian, 1,008
JACKSONVILLE
-To Bremen-June 24-Schoharie, 68
' CHARLESTON-To Manchester-June
Bremen-June 30-Schoharie, 1,250
30-Nevisan,To
To Rotterdam-June 30-Schoharle, 300
TEXAS CITY
-To Bremen-June 25-Berengar, 1,151
LAKE CHARLES
-To Genoa-June 24-Montello, 50
-Youngstown,
To Bremen-June 24-Montello, 50 ,.,.June 25
315
To Venice-June 24-Montello, 14
Bales.
300
50
30
300
372
200
150
350
50
50
660
2,681
2,849
270
358
1,300
100
125
2,987
1,495
1.050
800
717
3,506
1,286
1,496
83
1,408
3,067
1,497
71
1,494
860
2,057
8,014
1,440
1,600
200
600
789
1,430
50
225
211
100
2.768
442
200
3,675
250
1,508
1,008
68
1,140
1,250
300
1,151
50
365
14
62.017
Total
-Sales, stocks, &c., for past week:
LIVERPOOL.
June 10.
51,000
600,000
279,000
19,000
8,000
143.000
85,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
June 17.
42,000
600,000
280,000
37,000
22,000
153,000
79,000
June 24. Juts 1.
41.000
46,000
629,000 620.000
302,000 290.000
34,000
77,000
53,000
11,000
103,000 110,000
36,000
29,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15
P. M.
MId.UpFds,
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Quiet.
Moderate
demand.
More
Moderate
de,amnd. demand,
Moderate
demand.
A lair
business
doing.
4.38d.
4.43d.
4.43d.
4.49d.
4.65d.
--- _
4.39d.
Sales
_ ___
__ __
-_ _ _
_ _ --
Steady,
Steady, Steady.
Steady,
Steady,
Futures..1 Steady,
Mket
ar
2 to 3 pts. 2 to 4 pts. 1 to 2 pts. 4 to 6 pts. 4 to 6 pts. 10 to 12 pts
decline, advance, advance. advance, advance. advance.
opened
Steady,
Quiet but Quiet but Quiet, un- Quiet but Steady,
Market,
4
st'dy, 2 to st'dy, 2 pts ch'gd to 1 st'dy, 3 to 9 toll pts. 15 to 17 Pts
pt. dec. 4 pts. adv, advance. advance.
P. M. I 3 Ms. dec. advance.
Prices of futures at Liverpool for each day are given below:
Mon.
Sat.
June 25
to
July 1.
Tues.
Wed.
Thurs.
Fri.
12.1512.3' 12.18 4. 12.15 .411 12.1 4.0012.15i 4.00U2.15 4.00
p.m.p. m. p. m. p. m. p. m p. m p. m 1. m.p. m p. m.p. m p.m.
New Contract. d. d.
4.08
June
4.06
July
4.03
August
September_ __ _ __ _. 4.08
October ----------4.03
November --------4.07
4.11
December
January (1933; __ __ 4.1
4.1,
February
4.18
March
4.2$
April
4.2
May
4.2
June
July
d.
4.0
4.08
4.07
4.0
4.07
4.03
4.11
4.13
4.16
4.1
4.21
4.
4.26
d.01
4.1
4.08
4.08
4.08
4.08
4.09
4.12
4.14
4.17
4.2
4.2
4.2
4.27
d.
4.13
4.11
4.11
4.11
4.11
4.12
4.14
4.16
4.19
4.2
4.24
4.27
4.2
d.
4.1$
4.07
4.07
4.07
4.07
4.0'
4.11
4.13
4.16
4.19
4.21
4.24
4.26
d.
d.
4.13 4.13
4.11 4.11
4.11 4.11
4.11 4.11
4.11 4.11
4.12 4.12
4.1 4.14
4.17 4.16
4.24.1
4.23 4.22
4.2 4.2
4.27 4.27
4.29 4.29
d. d.
4.19 4.22
4.18 4.2
4.18 4.21
4.18 4.21
4.19 4.22
4.21 4.24
4.2 4.26
4.2 4.29
4.28 4.32
4.3 4.3
4.33 4.37
4.34.3
4.38 4.42
d.
4.37
4.34
4.34
4.35
4.36
4.37
4.39
4.42
4.45
4.47
4.49
4.51
4.54
d.
4.39
4.36
4.38
4.36
4.37
4.40
4.42
4.44
4.47
4.49
4.52
4.54
4.57
BREADST LI FFS
Fright Night, July 1 1932.
FLOUR was quiet and for a time nominally unchanged.
Bids were much lower than the asking prices. On the 27th
inst. exports from New York were the largest in some time,
totaling 15,000 barrels, or the equivalent to 89 barrels and
20,674 sacks. The shipments went to London, Dublin,
Londonderry, Aberdeen, Rotterdam, Trieste and Naples.
July 2 1932
WHEAT has acted very well, although there has been no
export business of consequence, and the deliveries on July
to-day were above 6,000,000 bushels. But the price is low
and there is evidently a disinclination to press matters on
the short side. On the 25th inst. prices advanced 13c.
net after a rally of 1% to 2o.from the early low and oversold
market. Offerings were small. Stop orders were caught on
the short side. Professionals bought. July was under 500.
or less than 30c. net over most of the Belt. Hedging sales
are not large as the new crop movement, though increasing,
is not heavy. Rains are expected to delay the Southwestern
harvest. On June 27 prices ended % to %c. with the
stock market lower. An early advance of M to qc. was due
to further rains in the Southwest, delaying the harvest and
causing covering. The decline in stocks, however, proved
a more potent influence later, especially as the technical
position had become weaker. A decline of 13 d. followed
A
from the early top. St. Louis was among the sellers. Spring
wheat crop news was better.
On the 28th inst., prices ended % to 4C. higher, with offer7
ings smaller and professionals buying partly on Eighteenth
Amendment repeal news and heavy rains in Texas, including
11 inches at Sweetwater. Liverpool and Buenos Aires, it
is true were lower and the German crop seems to be big.
Hedge selling at times increased a little as the movement of
the Oklahoma new crop increased. Export demand was
poor. But wheat is low and professionals seem to be more
cautious about selling the market. The technical position
seemed to have improved. Ottawa wired June 28: 'Canadian crop conditions are much improved in the Western Provinces and distinctly lower in the Maritimes and Eastern
Canada, as compared with last year. This statement is
made in the Government report on crop conditions issued
this afternoon. Western crops have maintained their
condition fairly well, the report states, in a period of spotty
rainfall and higher temperatures. The likelihood of heavy
damage from cutworms is now past, but grasshoppers, now
migratory, are still dangerous and are particularly damaging
in Manitoba. In some large areas, rain is needed to prevent
crop deterioration, but generally the present moisture
supplies are satisfactory."
On the 29th inst. liquidation and hedging sales caused a
net decline of % to /ic. Covering and buying against bids
3
made up the bulk of the buying. Beneficial rains fell in
the spring wheat belt and harvesting of the winter wheat
has been resumed. On June 30 prices closed Xc. lower to
%c. higher. It was an evening-up day just before three
holidays. Professionals bought at times but buying was not
aggressive and the price yielded readily to monetary selling
pressure. To-day prices closed Yi to 5%c. lower on a fairly
large speculation. The deliveries were large and the weather
at the Northwest was again favorable as well as in Canada.
Export demand was small. France lowered its mill quota
5% to 35% of foreign wheat. World's shipments seem to
point to about 11,000,000 bushels. Private crop estimates
averaged 426,000,000 bushels of winter wheat and 274,000,000 of spring, a total of 700,000,000 bushels, compared
with 892,000,000 last year. The estimates of Canadian
spring wheat ranged from 445,000,000 to 511,000,000
bushels and were regarded as bearish. At Chicago July
deliveries ran up to 6,029,000 bushels. In the afternoon the
market simmered down to a mere trading affair on the eve
of three holidays and on the whole acted very well. Final
prices show a rise for the week of
to
The Chicago Board of Trade will close Saturday, July 2.
That market will also be closed Monday, July 4. No action
has been taken as yet by the other American Grain Exchanges
but it was felt that they will follow the action of the leading
grain center. The Winnipeg wheat market will be closed
Friday, July 1, Dominion Day.
DAILY CLOSING PRICES OF BONDED WHEAT AT NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
4934 49
49
4836 4836 48%
October
52
52
52
6134 5134 51%
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 Red
6434 6334 6434 6334 6334 6334
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
4834 48
4834 4834 47q 4711
September
51% 50% 51% 50
50
50
December
5434 5334 5434 53
53 7
53
Season's High and When Made- I Season's Low and When Made" June 22 1932
Nov 7 1931 July
July
7334
49
667
4
Apr 14 1932 I September
June 22 1932
September
Apr 26 1932I0ec. (new) 52
June 22 1932
Dec.(new) 66
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
5434 5334 54
53H 5334 -56
October
5634 5634 5634 56
December
58
5734 583i 57
5734 -
INDIAN CORN has declined during the week with the
weather very favorable and indications of a crop some
500,000,000 bushels larger than that of last year. On the
25th inst. after a slight decline prices advanced % to 40.
3
net. Corn is cheap; hog prices make a better showing.
Corn is being increasingly fed to hogs as prices stand. The
lo.
crop reports are good. On June 27th prices ended % to 1 Y
lower with crop reports good, wheat lower and liquidation of
July in progress. Some who sold July bought September.
On the 28th prices fell to new lows but rallied later with wheat
ending unchanged to %c. higher. On the basis of Chicago
prices, Nebraska would get only 13 to 15c. which is almost
2
'
tragic: On the 29th prices declined 3/c. There was liquidation of July by those who bought the distant months. Cash
Volume
Financial Chronicle
135
houses bought July and sold September. July was at a discount of 2% to 23 0. Prices at one time were at new lows.
/
On June 30 there was a decline of %c. early on July which
was under liquidating pressure. Buying of July against sales
of distant months was something of a feature. The close
was X to %a. net lower. To-day prices ended %c.lower to
34c. higher with July deliveries up to 40,522,000 bushels,
the weather fine and no great demand. Later on there was
pre-holiday evening up and final prices show no marked
change. Cash corn was in moderate demand. The average
private crop estimate was 3,085,000,000 bushels against 2,557,000,000 the final figures of last year. Final prices for
the week show a drop of M to 2c. the latter on July.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 Yellow
46
4434 443( 4434 4334 4334
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues, Wed. Thurs. Fri.
July
303' 2834 2834 2834 28
273
September
3234 3134 3134 313( 3034 31
December
33
3234 3234 32
3134 3244
Season's High and When MadeSeason's Low and When Made
July
55
Nov. 9 1931 July
July 1 1932
273j
4534
September
Jan. 18 1932 September
June 6 1932
3034
December
3934
Apr. 26 1932 December
June 17 1932
3134
OATS declined in sympathy with lower prices for other
grain, with the trading uneventful. On the 25th inst. prices
advanced M to %c. under the influence of other grain.
On the 27th inst. prices were firmer early, but dropped with
other grain later to the amount of % to Mc. Shorts were
about the only buyers. On the 28th inst. prices declined to
the lowest prices seen in 35 years. In July 1897 they were
down to 17c. Prices ended X to %c. lower on scattered
liquidation. On the 29th prices declined X to Mc., with
new lows revealed. Spreaders bought July and sold Dec.
which was 2Mc. over July.
On June 30 prices fell to the lowest level in 35 years, but
rallied on covering and spreading by the Northwest and
closed unchanged to Mc. net higher. To-day prices closed
34 to %c. lower in sympathy with a decline in other grain.
Besides the weather was good and there was some liquidation of July, although the July deliveries were moderate.
Private crop estimates averaged 1,300,000,000 bushels,
against 1,112,000,000 last year. Final prices show a decline
for the week of M to 8c., the latter on July.
DAILY CLOSING PRICES OF' OATS IN NEW YORK.
Sat.
Mon. Tues.
Wed.
Thurs.
Fri.
No.2 White--31 41-3144 30%-31 30%-31 30%-3144 304-31%
3034-3134
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs, Fri.
July
2034 1934 1934 19$ 19R lag
September
2034 20
20
19
19
19%
December
2234 22
22% 21
21
22
Season's High and When Made.Season's Low and When Made
-July
Nov. 10 1931 July
3154
June 30 1932
1874
September
2634
Feb. 19 1932 September
1934
June 30 1932
December
3334
Apr. 26 1932 December
2134
June 30 1932
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
7
3434 33% 3334 34
3344 ---October
2934 2834 2834 2834 2844 ----
RYE has declined with export business small where there
was any at all, and the weather favorable at the Northwest.
On the 25th inst. prices advanced M to Vsc. with wheat
rising. On June 27th prices after an early rise of Mc. took a
downward course with other grain and ended M to / net
34c.
lower. On the 28th inst. July dropped to 28c., the lowest
since 1884. Later, came a rally which left prices unchanged
to Mc. lower. On the 29th prices closed M to X lower.
ic.
July was the lowest in over 48 years. No. 1 cash sold at
35c. or 53/2c. over the future.
On June 30th prices declined to new lows but rallied and
closed Mc. higher. To-day prices ended X to %c. lower
with other grain down and more or less pre-holiday evening
up. Weather conditions moreover were favorable at the
Northwest. Final prices show a decline for the week of
% to 1%c., the latter on July.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues, Wed. Thurs. Fri.
July
21 2944 28
27
27q 278
September
32
32
31
31
31
31
December
35
3544 35
34
34
34
Season's High and When MadeSeason's Low and When Made
July
6334
Nov. 9 1931 July
July 1 1932
2734
5494
September
Feb. 6 1932 September
July 1 1932
3074
December
June 3 1932 December
393.4
July 1 1932
3434
Closing quotations were as follows:
GRAIN.
Wheat, New YorkOats. New York
No.2 red, c.i.f., domestic__ 6314
No. 2 white
3034®3134
Manitoba No.1,f.o.b. N.Y_ 6134
No. 3 white
29St(429%
Rye No.2.f.o.b. bond N.Y. 4034
Corn, New YorkChicago. No. 2
No. 2 yellow, all rail
4394 Barley
No. 3 yellow, all rail
4244
N. Y., c.i.f.. domestic
43
Chicago cash
28 ®40
FLOUR.
Spring pat. high protein $4.25@$4.75 Ryeflour patents
23.30123.55
Spring patents
4.00
4.25 Seminola, bbl.. Nos. 1-2 5.10
5.73
Clears first spring
3.65
4.00 Oats goods
1.65
1.70
straights_- 3.10
Soft winter
3.25 Corn flour
1.30
1.35
Hard winter straights__ 3.40
3.75 Barley goods
Hard winter patents-- 3.75
4.25
Coarse
3.20@ ---Hard winter clears
3.15
3.50
Fancy pearl, Nos. 2.
Fancy Minn. patents
5.05
5.75
4and 7
6.15 ® 6.50
City mills
5.055.75
For other tables usually given here see page 78.
The visible supply of gra'n, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, June 25, were as follows:
Unitei StatesNew York
afloat
Boston
GRAIN STOCKS.
Wheat,
Corn,
Oats,
butt',
bush.
bush,
1,683,000
45,000
62,000
50,000
48,000
1.132,000
3,000
Rye.
bush.
3,000
2,000
Barley,
bush.
3.000
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Forth Worth
Buffalo
Toledo
" afloat
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
5t. Louis
Kansas City
Wichita
Hutchinson
St. Joseph, klo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
157
Wheat. - [Corn.
bush.
rbush.
3.235.000
[95,000
4.487,000
46,000
585.000
1,427,000
78,000
2,260,000
2,196.000
168,000
12,719,00013,769,000
8,281,000
50.000
140,000
8,000
16,374,000 9,483,000
6,340,000
212,000
14,689.000
5,000
23,167.000
65,000
1,210,000
24,000
6,350,000
793,000
37,311.000
291.000
1,058,000
3,895,000
37,000
4,816,000
276.000
1,064,000
15,327,000
84,000
266,000
eats.
r bush,
19,000
25,000
Rye.
bush.
7,000
30.000
Barley.
bush.
31,000
1,000
11.000
318,000
2,000
17,000
918,000
203,000
132.000
640,000
4,000
4,000
700,000
25,000
30.000
24.000
2,033.000 3,021,000
87,000
415,000
187,000
179,000
1.021.000 2.056,000
209.000
2.198.000 3,536,000 1,204.000
70,000
3.000
205.000
5,000
41,000
44,000
73,000
1,083,000
236,000
397,000
149.000
309,000
238,000
27,000
227,000
17,060
4.000
Total June 25-1932-165,096,000 16,841,000 10,092,000 9,198,000 1,950,000
Total June 18 1932- _166,733,000 18.358.000 10,151,000 9,212.000 1.984,000
Total June 27 1931-187,272,000 7,197.000 7,310,000 9.200,000 4.116,000
Note.
-Bonded grain not Included above: Barley
-New York, 1.000 bushels;
Erie, 170,000: total, 171,000 bushels, against 577,000 bushels In 1931. Wheat,
New York, 1,353,000 bushels: N. Y. afloat, 1,124,000: Buffalo. 1,035,000; Buffalo
afloat, 501,000; Erie, 126,000: Canal, 775,000: total, 4,914,000 bushels, against
7,058,000 bushels in 1931.
Wheat,
Corn,
Oats,
Rye.
Barley,
Canadian
-bush.
bush.
bush.
bush.
Montreal
7.491.000
186 u80
583,000 1.279,000
b, 1:
0.
Ft. William & Port Arthur50 021 000
872000
:2 :
525.000 3,664,000 1,146.000
Other Canadian
917,000
705,000
365,000
Total June 25 1932-65,784,000
2,025,000 5,648,000 1,697,000
Total June 18 1932-..59,152,000
2,074,000 6,188,000 2,226,000
Total June 27 1931......56,672,000
4,428,000 11,138,000 8,000,000
Summary
American
165.096,000 16.841,000 10,092,000 9,198,000 1,950.000
Canadian
65,784,000
2,025,000 5,648,000 1,697,000
Total June 25 1932-230,880,000 16,841,000 12,117,000 14,846,000 3,647.000
Total June 18 1932-226,279,000 18,358,000 12,225,000 15,400.000 4,210.000
Total June 27 1931-243,944.000 7,197,000 11,738,000 20,338,00012,116 000
The world's shipment of wheat and corn, as furnishedW
Broomhall to the New York Produce Exchange,for the week
ended Friday, June 24, and since July 1 1931 and 1930, are
shown in the following:
Wheat.
Exports
-
Week
June 24
1932.
Since
July I
1931.
Corn.
Since
July 1
1930.
Week
June 24
1932.
Since
July 1
1931.
Since
July 1
1920.
Bushels.
Bushels. I Bushels. Bushels. I Bushels.
Bushels.
North Amer 5,319,000330,736,000368,007,000
43.000 2,344,000 1,602,000
BlackSea--- 320,0001 110,740,000106,230,000
561,000 35,923.000 33.415,000
Argentina-- 1,996,0001144,188,000118,712,000 9,386,000387,895,000266,596.000
Australia --- 1,843,000159,374,000132,832.000
India
600,000 9,088,000
0th. countr's 440,111 33,726,000 39,576,000 238,000 21,286,000 41,727,000
Total
9,918,0001779.364,000774,445,00010.228,000 447.448.000343,340.000
WEATHER REPORT FOR THE WEEK ENDED
JUNE 29.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the.weather for the week ended June 29,follows:
The first part of the week had mostly fair and warm weather, but about
the middle of the period abnormally low temperatures were experienced
in the Lake region and Northeast, with considerable local frost on low
ground. On the morning of the 24th a number of first-order stations in
the interior of the Northeast and in the extreme upper Lake region reported minimum temperatures in the low 40's. In central and eastern
portions of the country the latter part of the week had much warmer weather
with widespread rains.
Chart I shows that the temperature averaged considerably below normal
in the more northeastern States, and moderately below in the Southwest.
Elsewhere the weekly means were above normal, and decidedly so in the
Southeast and the more western States. The relatively warmest weather
occurred in the Great Basin and the Northwest, where the temperatures
averaged from 6 degrees to 14 degrees above normal; maxima were 100
degrees or higher in the Great Valley of California, the Southwest. and
locally in the Southeast; the highest reported was 114 degrees at Phoenix,
Ariz.,on the 27th.
Chart II shows that more or less rain occurred during the week in practically all sections east of the Rocky Mountains. In the more eastern
States the totals were mostly light to moderate, but between the Appalachian and Rocky mountains, most stations reported moderate to substantial rains. Excessive amounts occurred in parts of Missouri, and the
falls were heavy in many places in Oklahoma and northern Texas.
Temperatures during the week were mostly favorable for rapid growth
of vegetation, except that cool weather with local irosts retarded advance
and did some slight damage on lowlands in parts of the Lake region and
Northeast. In general, however, progress was satisfactory, in many places
unusually rapid. Corn, especially, was favcred with nigh temperatures
and mostly sufficient moisture.
Because of the extensive area of American agriculture and the characteristic spottedness of summer rains, there is always more or less need of
moisture over greater or smaller sections of the country during the critical crop-growing season. In general, soil moisture at the present Unions
more favorable than usual when the entire country is considered. Only
comparatively small areas, principally in the Lake region and Northeast,
are now urgently needing rain, although there is local dryness in a good
many other places and further good, general rains would be helpful in
most central and northern States east of the Mississippi River. In this
latter area, the week brought decided improvement with much-needed
rains in sections that had been decidedly dry, especially in Ohio, West
Virginia and many localities in other Ohio Valley States, and the middle
Atlantic sections. The rains were especially timely in the eastern Ohio
Valley where drought had become serious and crops were deteriorating.
Aside from local damage from excessive rains and flooded lowlands, the
generally favorable situation that has prevailed so far this year between
the Mississippi River and Rocky Mountains was maintained, especially in
the Northwest, where additional scattered showers and ample warmth
a good growing week. There was some interruption by rain to farm made
work
the latter part of the period, but in general seasonal farm operations made
good advance. Winter wheat harvest progressed northward to southeastern Pennsylvania, southern Ohio, north-central Illinois and southeastern Nebraska.
SMALL GRAINS.
-In the western part of the Ohio Valley
winter wheat has advanced northward to north-central the harvest of
Illinois,
threshing begun in more southern sections; in the eastern part of the with
area
condition is poor to fair, with most of the crop ripe, but heads reported
poorly filled. Harvest is nearly completed in Missouri and cutting is
about to begin in Iowa. In Kansas half to over three-fourths of the crop
has been cut in the south-central and southeast, with harvest well started
the northeast. Some delay by rain occurred the latter part of the week in
In
Oklahoma, but cutting is practically completed in Texas, except
in the
Panhandle, with threshing progressing.
In Nebraska grains are ripening and filling fairly well, but much is on
abort straw. In the Northwest conditions continue largely favorable, but
158
Financial Chronicle
July 2 1932
speed and volume than has characterized the inception of
other recent seasons are regarded as good. There are
already scattered signs of improvement in certain quarters.
Sales of percales by a number of houses are running ahead
of recent weeks. A gradual improvement in the volume of
scattered orders for small lots of velvets and high-grade
silks of a novelty character for fall is reported. In the
woolen goods market sampling of women's wear has reached
The Weather Bureau furnishes the following resume of a point where an influx of genuine business is regarded as
imminent, according to one observer. The outlook for
the conditions in the different States:
rayons is described as similarly more encouraging.
Virginia.—Richmond: Near-normal temperatures; light to moderate
corn, tobacco
showers. Generally favorable for all crops. Cotton, peanuts,
DOMESTIC COTTON GOODS.—The week in cotton goods
and truck now average fair. Meadows and pastures improved. About
two-thirds of wheat harvested; oats continue short. More rain needed.
markets has been an extremely quiet one, what with proNorth Carolina.—Raleigh: Rather warm, ample sunshine and scattered
duction curtailed to a point which probably represents a
showers made a favorable week for cultivation and growth of crops. Progress of cotton very good; condition of crop fair to good. Tobacco improving,
record in the estimation of some observers, and sluggishness
Corn, peabut irregular in size, with condition varying from poor to good. some localiof the movement of goods out of producers' hands accentunuts, truck and other crops doing well, though needing rain in
ties. Favorable reports on fruit, except short in west.
ated by pre-holiday influences, and the approach of invenmbia: Intermittent showers; temperatures above
South Carolina.—Colu
freely
tory-taking by many concerns. A number of mills are shutnormal. Progress and condition of cotton good and blooming rather
ting down completely over the July 4th week-end, quite apart
In low country; plants tender and sappy and conditions favorable for
sweet potatoes, forage and lesser crops grow
weevil. Corn, tobacco, truck,
from the other provisions they have made for restricting
Tobacco curing well, but wet soil in many sections prevented cultivation. progressing.
output. Sentiment, as in all business lines, continues to
ing. small grain threshing and sweet potato transplanting temperatures,
Georgia.—Atlanta: Less rainfall, with moderately high
reflect some of the gloom apparent in Wall Street, proceedquite favorable. Progress and condition of cotton good; squares and bloom
ing from the continuous decline in major business indexes
forming generally over central and south; some grass and weevil activity
and condition of
only slightly checked by high temperatures. Progress
all over the world, and the disurbing influence of the comcorn very good; crop in silk and tassel over southern half and being laid by.
plicated political movements supposedly designed to check
Tobacco irregular in stands and size; beginning to cure. Sweet potatoes,
peanuts, truck, cane and pastures doing well.
the decline, but which have 60 far shot, in most instances,
nville: Much sunshine and several warm days, followFlorida.—Jackso
wide of the mark, or failed to go off at all. However, in
truck on lowlands
ing recent heavy rains, damaged late corn, melons and peanuts, cowpeas,
comparison with recent weeks, feeling seems to be improvof peninsula, but resulted in better cultivation of cane,
on uplands. Citrus holding well.
late corn, sweet potatoes and tobacco
ing. Hope, based on the known meagerness of stocks in
Showers needed in west and locally in central.
half
distributing and retail hands, and the great curtailment of
Alabama.—Montgomery: Averaged warm: scattered showers latterfields
rains occurred and
were locally heavy. Farm work delayed where
producers' output which has been going forward, is widely
sweet
grassy in many localities. Progress and condition of corn, potatoes,
crops mostly fair to
expressed that the usual summer dullness in textiles will
potatoes, truck, ranges, pastures and miscellaneous to good in north and
good. Progress and condition of cotton mostly fair generally small for
give way at an exceptionally early date to a decided expanpoor to good in south; too much rain locally; plants
sion in demand. Already there have been some indications
season; blooming in south.
Mississippi.—Vicksburg: Moderate to heavy rains in northwest and
tending to bear out this theory, notably the discovery by
elsewhere. Progress and growth of cotton rather
extreme north, but light
some buyers that goods they require are not immediately
poor to fairly good; cultivation mostly fairly good, with squares and bloom
in
fair,
available in primary channels. This has induced some of
scarce in many localities. Progress of corn mostlygood. except poor
and truck fair to
drier localities. Gardens, pastures
them to contract ahead for goods in a way that they have
Louisiana.—New Orleans: Warm,with local and mostly light to moderate
of weevil
persistently declined to do in the recent past, though it
showers, benefited crops in most sections. but favored increase blooming
good and
activity. Progress and condition of cotton otherwise
cannot be said that the tendency cited has yet developed
generally, with some bolls. Corn, rice, sugar cane, sweet potatoes and
sufficient breadth to bring about any fundamental change
truck doing very well. •
rms.—Houston: Mostly moderate temperatures and beneficial rain.
in buyers' prevalent hand-to-mouth policy. Another encourscattered localities of central, southwest and west. Progress and
except in
aging sign is the steadiness of prices in recent days, when
condition of cotton mostly good, but shedding in dry portions of extreme
pracsouth; first bale marketed on 22d. Wheat, oat and barley harvests imthe general scarcity of buying was a temptation to offer
in Panhandle; threshing progressing. Rain
tically completed, except
concessions. The general feeling among sellers, it is averred,
proved corn generally, but still too dry in some localities. Ranges mostly
is to the effect that prices have already yielded substangood, but need rain in extreme west.
Oklahoma.—Oklahoma City: Seasonable temperatures; generally moderate
tially more ground than the circumstances warrant, and
to excessive rains at close of week interrupted field work in most areas.
and
.
that, with curtailment insuring the trade against further
Progress and condition of cotton generally good; mostly well cultivated
generally very good;
early setting squares. Progress and condition of corn and threshing wheat
general underselling, the basis is laid for improvement rather
laid by; tasseling. Fair progress in harvesting
mostly
rain.
than further weakening in this respect. Meanwhile, such
and oats, though delayed latter part of week by excellent, except in some
Arkansas.—Little Rock: Progress of cotton
small scattered ordering as has come to hand In recent
fair; squares developing rapidly in most portions and beginsections where
weather favored
days represents scarcely more than filling-in requirements,
ning to bloom in some southern and central sections;good to excellent.
weevil activity in some localities, stands and condition extreme southern
though there have been a few fairly substantial orders for
in some northeastern and
Progress of corn excellent, except
-inch
for
print cloths and carded broadcloths. Print cloths 27
localities where too dry; roasting ears in many places. Very favorable
/
64x60's construction are quoted at 2 3 16c., and 28-inch
all other crops.
with mostly light rainTennessee.—Nashville: Moderate temperatures,
64x60's at 2 7/16c. Gray goods 39-inch 68x72's construction
excellent in west;
fall. Progress of cotton poor to fair in east, while fair tocorn very good to
of
are quoted at 3%c., and 39-inch 80x80's at 4.
blooming in a few counties. Progress and condition completed; condition
excellent; well cultivated. Harvesting wheat about
WOOLEN GOODS.—Prospects in the woolens and worstgood, while oats poor to medium.
poor to very
moderate to
Kentucky—Louisville: Temperatures high first half and Tobacco and
eds trade, according to the expectations of observers in a
heavy rains at end beneficial to pastures and late tobacco.
in north
good position to forecast, are for slow but continuous imcorn well cultivated and soil working better. Wheat harvested in southand east; weather favorable. Oats ripening, but mostly short generally
provement this month, with a sharper expansion thereharvest commenced. Condition and progress of corn
west where
after, as buyers come into the market all at once, accordvery good to excellent.
ing to their belated fashion in these days, to secure needed
fall goods at the last moment. It is believed in many quarTHE DRY GOODS TRADE
ters that the upturn is already under way, with machinery
activity increasing coincidentally with consumption. though,
New York, Friday Night, July 1 1932.
if such a change is actually in process, it is proceeding at
With a three-day holiday period and stocktaking activi- too slow a pace at present to be gauged. However, spinners
the offing, primary textile markets, as was to be
ties in
are somewhat more active than at the beginning of the
expected, have continued unchanged and dull. However, month, and certain men's wear mills are now reporting the
most directions have held encouragingly steady, reception of a satisfactory volume of ordering of men's fall
prices in
partly in reflection of the growing belief among primary suitings. There is also a better demand for overcoatings
market men that a significant improvement in activity is in some sections of the market. Intensive competition beto be expected during July, especially toward the end of tween retailers at the present time, as they vie with each
the month, by which time it is expected that retailers will other in their efforts to clean out seasonal merchandise
have cleaned out seasonal merchandise in sufficient quan- effectively, is cited as a deterrent to clothing manufacturers,
tity to come into the market for fall goods in volume. In
especially the smaller concerns, who are said to be waiting
more than one direction pre-holiday apathy has accentuated
termination of the current retail price-war before
but sentiment seems to be rela- for the fall lines. It is reported that many retailers have
the slackness of business,
Notwithstanding that fact, there is offering
tively more hopeful.
done good business in the past fortnight, and are practically
not yet any sign of fundamental change in the general eco- ready to stage summer sales, in preparation for laying in
of developments at Lausanne
nomic outlook, with the course
stocks of fall merchandise.
and Washington still productive of uncertainties which inFOREIGN DRY GOODS.—While it is conceded that linen
as a whole appears
volve disturbing possibilities. Business
a relato be continuing a decline to an as yet unplumbed low level. suitings and dress goods lines have been accordedseasons,
Dry goods traders, however, are disposed to regard con- tively greater popularity this year than in previous
ditions in textiles as relatively more promising than in many and that they have gone into the making of a decidedly
are nevertheless
,other industrial lines. The great volume of curtailment greater variety of garments, complaints
which is at present going on in all divisions is the most now heard that duplicate business, following the active
proving disapimportant source of encouragement. As a reflection of this, movement which began a few weeks ago, is
pointingly small. However, the main reason for this is said
it is reported that certain converters who have sought to
popular in all
procure goods of a specific kind from Eastern mills were to lie in the general policy of procrastination
unsuccessful in their efforts, with the result that they were departments of the trade and in the ranks of the consumer
himself, and cutters are thus going to continue to make linen
persuaded to order ahead for goods which ordinarily they
dresses during July in the belief that they will be able to
would have been disinclined to do. It is also understood
dispose of them. Activity in household lines continues slow.
that important wholesalers and distributers have ordered
Values are generally firmer, reflecting higher flax and cur.substantial quantities of low-priced goods they fancy, for
tailment of production of the latter. Burlaps continue
delivery in August. All reports and observations tend to
confirm the theory that stocks in stores, particularly, but featureless and stagnant, seasonal influences aggrevating
quoted at 3.05c., and
also in distributing channels, are extremely small, and pros- the dullness. Light weights are
pects that the fall season will get under way with greater heavies at 4.20e.
rain is needed in parts, particularly in the dry sections of Washington,
where further deterioration was noted. In the east wheat is being harvested northward to southeastern Pennsylvania.
In the spring wheat region good advance continued, with the crop
largely headed and the early-planted filling well in North Dakota. In
the western Ohio Valley oats have made better advance since the mine, but
they still vary considerably, especially in the southwest, where mucn is on
short straw. Condition is largely unchanged elsewhere, with cutting begun in Missouri. Rye is reported mostly ripe in South Dakota, while
cutting is progressing in Iowa. Flax continues to advance favorably;
rice is doing very well in Louisiana.
Financial Chronicle
Volume 135
ffitatt an Txtg prpartutent
NEWS ITEMS
Arkansas.—Supreme Court Upholds New Road Bond Refunding Act.—The State Supreme Court sustained the validity
of the $47,000,000 road district bond refunding act passed at
the recent special legislative session, according to news dispatches from Little Rock on June 29. This decision affirmed the ruling of the Chancery Court given on June 6—
V. 134, p. 4352. It is also reported that the State revenue
boncia, to be offered in exchange for the road district bonds,
will bear interest at 4
and will be offered to the holders
within 30 days.
Debt Committee Reports State's Income Ample for Requirements.—A committee appointed to study Arkansas' debt
situation has reported to Governor Parnell that the State for
the next 10 years can meet the principal and interest requirements on its present outstanding direct-obligation highway
and toll bridge bonds, according to an Associated Press dispatch from Little Rock to the St. Louis "Globe-Democrat"
of June 26 which reads as follows:
Assurance that income based upon present estimates is more than sufficient to retire the principal and interest on the State's $91,500,000 of highway and toll bridge bonds was given to GOV. Parnell to-day by a bi-partisan
committee of seven in a report representing a study of more than a month
of all available statistics and facts.
The report also recited that holders of the bonds
-484,000,000 of direct
State highway obligations and $7,500,000 of toll bridge obligations and
$7,500,000 of toll bridge obligations—are protected further by the pledge
of legislative enactments covenanting that the State never will issue more
than can be retired, both principal and interest, with an annual income of
$7,500,000.
Gov. Parnell named the committee from the ranks of both parties, and its
personnel includes bankers, an attorney and an insurance general agent.
The report has been sent to the principal financial houses of St. Louis,
Chicago and New York, and to business and financial journals.
The committee found that the annual requirements for principal and
interest on the highway bonds amount to $3,992,500 for 1932, and increase
after 1934 to a maximum of $1,669,265 by 1939, when it is anticipated the
entire State program will have been completed.
Based on Study of Past.
The anticipated revenues, based upon a study of past collections, will
exceed the annual requirements of the highway bonds by an average of about
$4,000,000 annually until 1939, and by a slightly smaller amount thereafter
until the last maturities in 1967.
The tolls from bridges, the report said, were insufficient last year. and
will be insufficient this year by $96,000, to meet the requirements of the
bonds, but out of the surplus revenues not needed for highway obligations,
the toll bridge deficit can be easily met.
The anticipated annual income this year of the State Highway Department from the 5
-cent gasoline tax and automobile licenses, will be $8,243,321.61, the smallest since 1927, when there were comparatively few surfaced
roads.
Act 15 of the 1932 special legislative session limited future annual bond
offerings by the highway department to $1,750,000.
The coramittee said that the State could issue this amount annually until
1942, to match Federal aid allotments, and complete the entire road program. If these annual offerings of 41,750,000 are added to the bonds outstanding, the revenues still will be more than sufficient to satisfy debt
requirements, the report said.
The report was signed by B. A. Lynch, past President of the Arkansas
Bankers' Association' Steve M. Garwood, Lfttle Rock banker; Jo Nichol,
Pine Bluff banker; W. W. Campbell, Forrest City banker; Gordon H.
Campbell, Litt' Rock insurance man; A. N. Blear& Fort Smith banker, and
Wallace Townsend, United States District Attorney here.
Coral Gables, Fla.—Refunding Plan DistributionDeferred
to July.—.A notice was issued on June 24 by the Bondholders'
Protective Committee stating that the final plan and agreement (V. 134, p. 3852) cannot be issued until after a conference has been held between the committee and the City
Commissioners, which is scheduled to take place early in July.
In the meantime, we are advised by E. C. Lautenbach,
Secretary for the Committee, bond deposits are still being
accepted under the original Deposit Agreement.
Dade County, Fla.—School Bonds Validated.—Acting on
a petition presented by the School Board of the Coconut
Grove District, a decree was entered in the Circuit Court
on June 16 by Judge Paul D. Barns, validating $158,000 of
refunding school bonds,according to recent Miami dispatches.
It is said that in order to determine whether this same action
can be legally applied to other districts the Board will ask
the State Supreme Court to confirm the above decision.
Mich.—Protective Committee Requests Deposit of
Defaulted Bonds.—In a letter issued on June 15 the BondholdEcorse,
ers' Protective Committee for the municipalities in Wayne
County request the holders of bonds of the above-named
village to deposit their securities at once with the Detroit
Trust Co. or the Union Guardian Trust Co., both in Detroit,
in order to facilitate the committee's activities toward a settlement. The committee is stated to have been organized on
March 18 1932 and is reported to have made considerable
progress already. Several bond and note defaults occurred
in 1931 and this year, and the committee is endeavoring to
collect interest and has prepared a plan for the retirement
of principal maturities which the village is unable to meet
at this time, according to Cushman McGee, 816 Fidelity
Trust Building, Detroit, who is Secretary of the committee.
Members of the committee include John G. Getz Jr., Chairman; E. F. Heydinger of Stranahan, Harris & Co., Inc.;
John L. Kenower of the Union Guardian Trust Co., and
Ray H. Murray, First Wayne National Bank.
Illinois.—Ruling Given in $20,000,000 State Bond Case by
Supreme Court.—On June 24 the State Supreme Court held
that tho $20,000,000 relief bonds issue authorized by the recent
legislative session (V. 134, p. 1226) could be made retroactive
to cover bills aggregating $1,500,000 incurred by the Governor's Unemployment Relief Commission before the bill
was signed by Governor Emmerson, reports the Chicago
"Journal of Commerce" of June 25. The court is stated to
159
have denied a petition for a writ of mandamus to enforce
the payment of the bills from bond issue funds.
Kentucky.—Appeals Court Affirms Decision of Lower
Court Holding $14,000,000 State Funding Bonds Unconstitutional.—The Funding Bond Act of the 1932 General Assembly
authorizing the State Budget Commission to sell bonds to
pay off the outstanding interest-bearing warrants against the
State amounting to approximately $14,000,000, has been
declared unconstitutional by the Kentucky Court of Appeals.
The decision was given in the case of the State Budget Commission against the Kentucky Taxpayers' League, and it
affirms the decision handed down on May 26 in the Circuit
Court of Franklin County—V. 134, p. 4190. The court
held that the Legislature had violated Section 50 of the Constitution by authorizing the sale of the funding bonds in that
it did not provide for submitting the question of the issuance
and sale of bonds to the people at a general election. Regarding the decision, we quote in part as follows from the
Louisville "Courier-Journal" of June 25:
Administration leaders were not disturbed by the court's decision in the
bond case, the probability of an adverse decision already having been
discounted. Little hope that the court would permit the new method of
financing has been entertained in official circles for some weeks.
The bond issue bill was drawn by Clifford Smith, attorney for a bonding
house. He was assisted by C. B. Masslich, New York, a bonding house
attorney of national repute. Representatives of the bonding house interested Governor Laffoon in the proposal.
Backed by Administration.
The Administration threw its support behind the bill, which was introduced in the Senate by Perry B. Gaines, Carrollton, and in the House by
Tyler Munford, Union County. The Governor urged the passage of the
bond bill, and a companion measure,fathered by Senator Elmer D.Stephen13033, Pikeville, which was claimed to be a bar to future debt creation.
The Stephenson bill aroused the opposition of present holders of State
warrants because holders of new warrants or new treasury notes would
become preferred creditors of the State. This defect was not discovered
until the General Assembly adjourned. Governor Laffoon then vetoed the
measure.
-bar
That cut much of the ground from under the Administration. No
to the creation of a new debt as soon as the present debt was funded existed
after the Stephenson bill was vetoed. However, the Budget Commission
decided, several weeks ago, to proceed with the sale of the bonds.
Taxpayers' League Acts.
As a preliminary step, the Commission directed the Governor to cause
a test suit to be filed. Meanwhile, the Kentucky Taxpayers' League,
fearing a "friendly suit" might not present all the legal questions, instituted
suit in the Franklin Circuit Court. Later the Kentucky Farm Bureau
Federation joined as party plantiffs.
The case was argued before Judge H. Church Ford by Carlisle Minor,
Danville, and George Cary Tabb, Louisville,for the opponents of the issue.
The Administration was represented by Francis M. Burke and S. H.
Brown of the Attorney-General's staff. Judge Ford, on the strength of
-year-old opinion, held the bond act unconstitutional.
Judge Thomas's 16
Judge Richardson held that the present outstanding warrant obligations.
approximating $13,000,000, were not debts contracted under Sections 49
and 50 of the Constitution. For that reason, he said, they could not be
funded by a bond issue without a vote of the people approving the issue.
Holds Warrants Collectible.
"We desire to emphasize in plain and munistakable words that the
warrants here involved are orders on the Treasury of the State, and are
both valid and collectible, to be paid by the Treasurer out of the State's
funds on presentation by the owners, whenever sufficient funds are in the
Treasury for that purpose," the opinion said.
The non-action of the General Assembly in levying a tax to retire the
warrants, or to provide for a bond issue to be submitted to the people,
was designated by Judge Richardson as"In a sense a degree ofrepudiation."
"There is no doubt," he continued. "that it is the inexorable duty of the
Legislature to provide by Section 171 for the levy and collection of taxes
for the payment of the aggregate amount of the warrants or such portion
thereof annually as it may deem prudent or proper under Section 171, or
to "contract debts" for that purpose, in the manner and way set out in
Section 50, as it is herein construed and Interpreted."
Says Construction Same as in 1849.
Judge Richardson pointed out that the construction the court placed on
the Act to-day: was similar to the construction given it in the constitutional
debates in 1849, and acquiesced in by every department of the Government
then until 1892. when the sections were readopted without change.
This interpretation continued without change until 1916, when an effort
was made to have the courts change the rule. This met reversal and the
re-emphasized rule remained unchanged until this year:
He brushed aside the genesis of the sections, and the contemporaneous
construction, and the former opinions of the court,saying that the meaning
of the sections were evident from their reading..
The court adjourned to-day for the summer vacation. It WAS regarded
as unlikely that the mandate of the court in either case would be issued
until next fall, after petitions for rehearing have been disposed of. By
consent of parties the mandate might be issued if the right to file a petition
for rehearing is waived.
Winston-Salem, N. C.—Supreme Court Upholds Validity
of Municipal Finance Act.—According to news dispatches
from Raleigh, the State Supreme Court handed down a decision on June 17 upholding the validity of the North Carolina
Municipal Finance Act under the provisions of which this
city is endeavoring to float issues of bond anticipation notes.
This ruling will give the city authority to. proceed with the
issuance of $900,000 notes and bonds to defray current expenses without going through a special election—V. 134,
p. 3862.
BOND PROPOSALS AND NEGOTIATIONS
AMERICAN RIVER FLOOD CONTROL DISTRICT (P. 0. Sacramento), Sacramento County, Calif.—BONDS NOT SOLD.—We are
Informed that of the $565,000 issue of improvement bonds offered on
June 27 (V. 134, p. 4691) the only bid submitted was an offer for $278,000
of the bonds as 610 at par, tendered by the State Department of Finance.
It is stated that the offer has been taken under advisement until July 5.
ANNISTON, Calhoun County, Ala.—BOND ELECTION.—It is
reported that an election will be held on Aug. 2 in order to have the voters
pass on a proposal to issue $200,000 in funding bonds.
ANTWERP, Paulding County, Ohio.—BOND OFFERING.—Dale
Ehrhart, Village Clerk, will receive sealed bids until 1 p.m. on July 16 for
the purchase of $20,500 6% special assessment street improvement bonds.
Dated Oct. 1 1931. Due as follows: $1,500 April and $1,000 Oct. 1 1933.
and $1,000 April and Oct. 1 from 1934 to 1942, incl. Prin. and int. (April
and Oct.) are payable at the Antwerp Exchange Bank Co. Bids for the
bonds to bear interest at a rate other tnan 6%, expressed in a multiple of
1.1 of 1%, will also be considered. A certified check for $500 must accompany each proposal. The proceedings relative to the issuance of said
bonds have been taken under the supervision of Squire, Sanders dr Dempsey of Cleveland, Ohio, and an approving opinion of said law firm will be
furnished the purchaser without charge to said purchaser.
ASHLAND, Ashland County, Ohio.—BONDS AUTHORIZED.—
Ordinances adopted by the city council recently provide for the issuance of
812,0005% bonds, divided as follows:
$6,000 sewer and drain construction. To be dated not later than July 1
1932. Denom.$1,000. Due one bond annually on Oct. 1 from 1933
to 1938, inclusive.
160
Financial Chronicle
July 2 1932
5,000 water main construction. To be dated not later than July 1 1932.
COLUMBUS, Franklin County, Ohio.
-BOND SALE.
-The $94,373
Denom. $1,000. Due ohe bond annually on Oct. 1 from 1933 to
bonds offered on June 30-V. 134, p. 4524
-were awarded as 5%s to the
1937. inclusive.
Banc Ohio Securities Co. of Columbus, at par plus a premium of $613,
1.000 park improvement. To be dated not later than June 15 1932.
equal to a price of 100.64, a basis of about 5.38%. The sale includes:
Denom. $1,000. Due Oct. 1 1933.
568,031 special asst. street impt. bonds. Due March 1 as follows: $7,031
1934; $7.000from 1935 to 1941,incl., and $6,000 in 1942 and 1943.
BEAUMONT, Jefferson County, Texas.
-WARRANT SALE.
-A
25,000 municipal electric light plant impt. bonds. Due March 1 as
$50,000 issue of deficiency warrants is reported to have been purchased by
follows: $1,000 from 1934 to 1938, incl., and $2,000 from 1939
local banks.
to 1948, inclusive.
BELL COUNTY (P. 0. Belton), Tex.
-BONDS REGISTERED.
-The
1,342 special asst. sewer construction bonds. Due March 1 1938.
State Comptroller registered on June 21 a $24,000 issue of 5% serial road
All of the bonds will be dated July 15 1932.
refunding bonds. Denom. $1,000.
CONCORD, Merrimack County, N. H.
-TEMPORARY LOAN.
BENTON TOWNSHIP (P. 0. Unionville, Route 1), Monroe County.,
F. S. Moseley & Co. of Boston, purchased on June 29 a $100,000 temporary
Ind.
-BOND OFFERING.-Stegel D. Brook, Trustee, will receive sealed
loan at 3.98% discount basis. Due on Dec. 15 1932.
bids until 2 p.m. on July 11 for the purchase of $9,500
% school house
CRANFORD TOWNSHIP (P. 0. Cranford), Union County, N. J.bonds. Dated May 1 1932. Denom. $500. Due one bond semi-annually
NOTE SALE.
-The township committee on June 29 authorized the sale
on Jan. and July 1 from 1933 to 1941, incl., and $500 Jan. 1 1942. A ceras 64, at a price of 99, to the Cranford Trust Co., a total of $274,000 tax
tified check for $150 must accompany each proposal.
anticipation notes, of which $124,000 are issued gainst 1931 taxes, $110,000
BOSTON, Suffolk County, Mass.
-TEMPORARY LOAN.
-Edmund
against those of 1932, and $10,000 in anticipation of 1930 collections. At
L. Dolan, City Treasurer, made public award on June 30 of a $1,000,000
the same time the committee authorized the renewal for 60 days of $19.103
note issue to the Guaranty Company of New York, which named an
temporary bonds.
Interest rate of 2.25%. The issue is dated July 1 1932 and matures on
CURRY COUNTY (P. 0. Gold Beach), Ore.
Oct. 5 1932. Bids received at the sale were as follows:
-BONDS DEFEATED.
-At the election held on May 20-V. 134, p. 3504
Bidder-the voters rejected the
Discount Basis.
proposal to issue $15,000 in county hospital bonds.
Guaranty Company of New York (successful bidder)
2.25%
First National Old Colony Corp.(plus $19 premium)
2.30%
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BOND SALE.
National Shawmut Bank
2.47%
The $1,960,000 coupon or registered poor relief bonds offered on June 28Chase Harris Forbes Corp.(plus $19 premium)
2.47%
V. 134, p.4356
-were awarded as 6s. at par and accrued int., to a syndicate
BRIDGEPORT, Fairfield County, Conn.
-BOND OFFERING.
- of Cleveland investment houses, composed of McDonald-Richards-Callahan
& Co.; Hayden, Miller & Co.; Mitchell, Herrick & Co.; Otis & Co., and
John J. O'Rourke, City Comptroller, will receive sealed bids until 10
Merrill, Hawley & Co. Only one bid was received at the sale. The bonds
a.m. (Eastern standard time) on July 5 for the purchase of $150,000 5'70
will mature March 1 as follows; $384,000 in 1934; $368,000, 1935;$391,000,
coupon or registered series 13 sewer construction bonds. Dated July 15
1936; 5114,000 in 1937, and $139.000 in 1938.
1932. Denom. $1,000. Due 55,000 on July 15 from 1933 to 1962, incl.
The county advertised for bids either tor $1,980,000 poor relief bonds to
Principal and interest (Jan. and July 15) are payable at the office of the
bear int. 8%. $1,973,000 as 5s or $1,987,000 as 544s.
City Treasurer. The bonds will be prepared under the supervision of and
certified as to genuineness by the First National Bank of Boston. A cerDELAWARE RIVER JOINTCOMMISSION (P.O. Camden) Camden
tified check for 2% of the bonds bid for, payable to the order of the City
County, N. J.
-GOVERNOR MOORE TO URGE SALE OF BONDS.
Treasurer, must accompany each proposal. The approving opinion of
Governor A. Harry Moore announced on June 28 that he and State Senator
Ropes, Gray, Boyden & Perkins of Boston will be furnished the successful
Emerson L. Richards would appear before members of the joint commission
bidder. Bonds will be ready for delivery on or about July 15.
to demand the immediate sale of the proposed $42.000,000 bonds, in order
that $10,000,000 of the State's share of the proceeds of the sale be made
BRISTOL, Sullivan County, Tenn.
-BONDS SOLD.
-We are Inavailable for current poor relief purposes. At a meeting last week between
formed that the $20.000 issue of6% coupon semi-ann. water works refunding
members of the joint commission and representatives of New York and
bonds offered for sale without success on April 5-V. 134, p. 2767
-has
Philadelphia banking interests it was decided to hold the sale in abeyance
'since been purchased at par by local investors. Dated May 1. 1932. Due
pending improved market conditions.
-V. 134. p. 4692. The next meeting
$5,000 from May 1 1938 to 1941 inclusive.
of the commission has been tentatively fixed for July 15, according to
BROOKLINE, Norfolk County, Mass.
-TEMPORARY LOAN.
-The
report. The New Jersey members of the Commission have arranged to
$400,000 temporary loan offered on June 27 (V. 134, p. 4691) was awarded
confer with the Governor on July 8 in conenction with the proposed sale.
to the Second National Bank of Boston at 1.64% discount basis plus a
DES MOINES, Polk County, Iowa.
-BONDS NOT SOLD.
premium of $2. Dated June 7 1932 and due on Nov. 8 1932. Bids re
-The
$45,000 Issue of 444% coupon semi-ann. airport bonds offered on June 23
calved at the sale were as follows:
(V. 134, p. 4524) was not sold as there were no bids received.
BidderDiscount Basis.
BONDS PRIVATELY AWARDED.
-The above bonds were then purSecond National Bank of Boston (plus $2 premium)(accepted bid) 1.84%
chased at private sale by Jackley-Wiedman & Co. of Des Moines at par.
Merchants National Bank
1.78'7
Dated July 11932. Due from Jan. 1 1934 to 1942.
Kidder, Peabody & Co
1.81
Rutter & Co. (plus $10 premium)
1.82
DETROIT, Wayne County, Mich.
-DEPOSIT ARRANGEMENTS.Faxon, Gade St Co
1.85
The City Council has authorized Controller G. Hall Roosevelt to conF. S. Moseley & Co
1.87
tract with the National City Bank of New York, to carry the city's New
Shawmut Corporation
2.09
York bond and coupon account at an int. rate of 1% on daily balances.
Boulevard Trust Co
2.13
A minimum of $500.000 is to be kept on deposit.
Day Trust Co_
2.28 o
DETROIT, Wayne County, Mich.
-CITY COUNCIL OPPOSES TAX
BROWNSVILLE NAVIGATION DISTRICT (P. 0. Brownsville),
LEVY CHARTER AMENDMENT.
-The City Council has adopted a
Cameron County, Texas.
-BONDS APPROVED.
-A $3,500.000 issue
resolution denouncing the proposed charter amendment, petitions for
of navigation bonds is reported to have recently been approved by the
which have been filed by the Association for Tax Reductions, Inc., and
Attorney-General.
which is expected to be voted on Aug. 9, the provisions of which would
BONDS REGISTERED.
-The State Comptroller registered the above
limit the tax levy for the next fiscal year to a maximum of $61,000,000.
bonds on June 21. They are divided as follows: $2,000,000 5.44% series A,
The resolution recommends to voters that the amendment be decisively
and $1,500,000 54.4% series B bonds. Denom. $1,000. Due serially.
defeated, holding that it is the unanimous judgment of the Council that
the proposal would be destructive of good government and would cripple
BURLINGTON GRADED SCHOOL DISTRICT (P. 0. Burlington),
public service and endanger the faith and credit of the city. It is stated
Alamance County, N. C.
-BONDS AUTHORIZED.
-The Board of
that the Common Council and the Mayor have approved appropriations
Education is reported to have passed a resolution recently authorizing
for the fiscal year 1932-1933 of 572,630.000. Fixed charges for the period
the issuance and sale of $20.000 in school funding bonds.
have been estimated at $35,000,000 and probable tax delinquencies at
BURLINGTON, Des Moines County, Iowa.
-BOND SALE.
-The
$18,000,000.
3105.000 issue of sewer bonds offered for sale on June 27 (V. 134, p. 4891)
was awarded to Glaspell, Vieth & Duncan of Davenport as 444s, paying
DOTHAN, Houston County, Ala.
-BOND SALE.
-A $700,000 Issue
a premium of $976, equal to 100.929, a basis of about 4.40%. Due on
of 6% water works plant refunding bonds has been purchased by Brandon
Nov. 1 as follows: $5,000, 1935 to 1947, and $10,000, 1948 to 1951, all incl.
' & Co. of New York. Denom.$1,000. Dated Oct. 1 1931. Due on Oct. 1
as follows: $30,000, 1934 to 1941; 340,000, 1942 to 1944; $45,000, 1945 and
The other bids received for the bonds were: White-Phillips Co. of Daven1946, and $50,000, 1947 to 1951, all incl. Prin. and int.(A. & 0.) payable
port offer a premium of $975, and the Harris Trust & Savings Bank of
at the Central Hanover Bank & Trust Co.In New York. Legality approved
Chicago, made a tender of $901 premium.
by Clay, Dillon & Vandewater of New York.
-The purchaser is offering the
BONDS OFFERED FOR INVESTMENT.
CADILLAC, Wexford County, Mich.
-BOND SALE.
-H. L. Worden,
above bonds for public subscription priced at 100 and interest, to yield
City Clerk, reports that the issue of 320,000 improvement bonds authorized
.
6%. The offering notice reports as follows "The issue is a direct obligaby the City Commission during April of this year has been sold locally.
tion of the city and is further secured by a first mortgage lien (closed at
CALUMET COUNTY (P. 0. Chilton), Wis.-BONDS NOT SOLD.
- $700.000) upon all of the physical properties and the net revenues of the
We are informed by J. H. Brocker, County Clerk, that the $175,000 issue
water, light and power systems of the city. The net revenues of these
0
of 4%7 semi-ann. highway construction, Class D. bonds offered on June
utilities have increased from $12,000 in 1917 to $181,000 in 1931. or ap21 (..V. 134, p. 4523) was not sold.
proximately four and a half times annual interest requirements of this
BONDS RE
-OFFERED.
-Sealed bids were again received for the purchase
total bond issue. During the last five years this mortgage lien has been
of the above bonds until June 30 by the County Clerk. Denom. $1,000.
reduced $120,000 through retirement of bonds at or before maturity. The
Dated May 1 1932. Due on May 1 as follows: $25,000. 1940; $115,000,
City of Dothan, established nearly 50 years ago, has a 100% record for
1941, and 535.000 in 1942.
promptly meeting all of its obligations.
CAMBRIA COUNTY (P. 0. Ebensburg), Pa.
-COURT TO DECIDE
EAST FORK IRRIGATION DISTRICT (P.O. Odell) Hood County,
BOND DISPUTE.
-Settlement of the amicable mandamus action brought
Ore.
-BONDS NOT SOLD.
-The $26,200 issue of 6% semi-ann. refunding
against County Comptroller Henry L. Cannon to compel him to advertise
-was not sold as there were no
bonds offered on June 22-V. 134, p. 4023
for bids on an issue of $270,000 refunding bonds was scheduled for adjudibids received. We are informed by Geo. R. Wilbur, Secretary of the Board
cation by the State Supreme Court at a hearing on June 30, according to
of Directors, that the said bonds will now be exchanged for the old bonds
report.
at par. Dated July 1 1932. Due from July 1 1937 to July 1 1942.
CHICAGO, Cook County, Ill.
-WARRANT CALL.
-City CompEAST HANOVER TOWNSHIP (P. 0. Ono), Lebanon County, Pa.
troller M. S. Szymczak has called for redemption on or before July 5,
-BOND OFFERING.
-John A. Snavely, Secretary of the Board of
upon presentation to the City Treasurer or at the Guaranty Trust Co.
Supervisors, will receive sealed bids until 10 a. m.(daylight saving time) on
• of New York, corporate purpose warrant No. 304 In amount of $25,000,
July 16, for the purchase of $12.000 44% road and funding bonds. Dated
and dated Aug. 8 1930, issued on account of 1930 taxes.
July 1 1932. Denom. $1,000. Due 31.000 on July 1 from 1933 to 1944,
Lewis E. Myers, President of the Board of Education, has called for
Incl. Interest Is payable in January and July.
redemption on or before July 5 the following described Board of Education
tax anticipation warrant notes. payment of which will be made either upon
EAST LIVERPOOL, Columbiana County, Ohio.
-BONDS AUTHpresentation to the office of the City Treasurer, Halsey. Stuart & Co. of
ORIZED.
-The city council has adopted an ordinance providing for the
Chicago, or the Guaranty Trust Co., New York:
issuance of $26,500 6% garbage disposal plant bonds, to be dated July 1
Educational fund, 1930, No. E-94,for $250,000, 6%, dated June 5 1930.
1932 and mature
as
$2,500
Building fund. 1930, Nos. B-1905 to B-1926, for $5,000 each, 5)%. in 1935, 1936 andSent. 1andfollows:In 1938.In 1933; $3,000 in 1934: $5.600
1937,
$6.000
Principal and interest (March
dated Nov. 1 1930.
and September) are payable at the office of the City Treasurer.
•.1
CLARK COUNTY SCHOOL DISTRICT NO. SS (P. 0. Vancouver),
EDGERTON, Williams County, Ohlo.-BOND SALE.
-BOND SALE.
-The $20,000
Wash.
-The $6,500 issue of coupon school bonds offered
issue of 5% electric light plant construction bonds authorized by the city
for sale on June 25-V. 134, p. 4524
-was purchased by the State of
council In February
-V. 134, p. 1616
-has been sold. Dated April 15
Washington as 64 at par. Dated July 8 1932. Due in from 2 to 10 years.
1932. Denom. $500. Due as follows: $500 Oct. 15 1932; $500 April and
There were no other bids.
Oct. 15 from 1933 to 1935, incl.; 5500 April and $1,000 Oct. 15 from 1938
CLEVELAND HEIGHTS, Cuyahoga County, Ohio.
-BOND SALE.
to 1946, incl., and $1,000 April 15 1947. Principal and interest (April
-The $2,345 6% property portion water course improvement bonds ofand Oct. 15) are payable at the Farmers Commercial Bank, Edgerton, or
fered on June 20 (V. 134, p. 4023) were purchased at a price of par by the
at the office of the Village Treasurer.
sinking fund. Dated July 1 1932. Due Oct, 1 as follows: $145 in 1933:
ELKHART COUNTY (P. 0. Goshen), Ind.
-The
-BOND SALE.
1934; $200 in 1935 and 1936; $300, 1937; $200 in 1938 and 1939:
$300,
$445.000 6% poor relief bonds offered on June 18-V. 134, p. 4192-were
$300, 1940: $200 in 1941 and 5300 in 1942.
awarded at a price of par to the Salem Bank & Trust Co. of Goshen. Dated
CLOVISTON SCHOOL DISTRICT(P.O. La Belle) Hendry County,
-It
-BOND ELECTION. Is stated that on July 19 an election will be June 15 1932. Due $22,500 on May and Nov. 15 1933. OFFERING.
n..
ELMSFORD, Westchester County, N. Y.
-BOND
held to pass on a proposal to issue $15,000 in school bonds.
Eugene II. Miller, Village Clerk, will receive sealed bids until 8 p.m.
COCONINO COUNTY (P. 0. Flagstaff), Ariz.
-BONDS RE'daylight saving time) on July 11, for the purchase of $224,500 not to
DEEMED.
-It Is reported that Ed. Jolly, County Treasurer, is calling for
exceed 6% interest coupon or registered bonds, divided as follows:
payment on July 1, a total of $100,000 in county bonds.
$152,000 sewer bonds. Due July 1 as follows: $15,000 from 1933 to 1941.
incl., and $17,000 in 1942.
-BONDS NOT SOLD.
COLLINGSWOOD, Camden County, N. J.
72,500 highway bonds. Due July 1 as follows: $4,500 in 1933; $4,000
The 3404.000 6% coupon or registered bonds offered on June 28-V. 134,
from 1934 to 1944, incl.• and $3,000 from 1945 to 1952, incl.
-were not sold, as no bids were received. The offering included
p. 4524
Each issue is dated July 1 1932'. Rate of interest to be expressed in a
$230,000 water bonds, $134,000 general improvement bonds, and 340,000
multiple of 44 or 1-10th of 1% and must be the same for all of the bonds.
street assessment bonds.
Principal and Interest (January and July) are payable at the First National
COLORADO SPRINGS, El Paso County, Colo.
-BOND RETIREBank, of Elmsford. A certified check for $4,000, payable to the order of
-It is reported that the city has completed arrangements for the
MENT.
the Village, must accompany each proposal. The approving opinion of
retirement about July 1 of the $125,000 of general obligation bonds which
Clay, Dillon & Vandewater, of New York, will be furnished the successful
were issued for the city electric system.
bidder.
Volume 135
Financial Chronicle
EMMETSBURG, Palo Alto County, Iowa.
-BOND DETAILS.
-The
110.000 issue of refunding bonds that was recently sold-V. 134. p. 3670
was purchased by Geo. M. Bechtel & Co. of Davenport, as 4%s. Due
$500 from Nov. 1 1937 to 1956,inclusive.
ERWIN TOWNSHIP, Mich.
-BONDS VOTED.
-At an electirm held
recently the voters approved of an issue of $30,000 road improvement
bonds, by a vote of 165 to 58.
Sealed bids addressed to William Holappa, Township Clerk, at Ironwood,
will be received until 7 p. m. (Central standard time) on July 15 for the
purchase of $30,000 5% road improvement bonds. Dated July 15 1932.
Due $10,000 on Jan. 15 from 1934 to 1936 inclusive.
ESCAMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO.
12 (P. 0. Pensacola), Fla.
-BOND ELECTION.
-An election will be
held on July 21, according to report, in order to vote On the proposed
issuance cif $15,000 in school bonds.
ESSEX COUNTY (P. 0. Salem), Mass.
-TEMPORARY LOAN.
The $10.000 industrial farm maintenance note issue offered on June 28V. 134. p. 4692
-was awarded to the Naumkeag Trust Co. of Salem, at
a 4.50% discount basis. Dated June 28 1932 and due on June 28 1933.
FARNHAM, Erie County, N. Y.
-BOND SALE.
-The $31,C00
coupon or registered water bonds offered on June 27-V. 134, p. 4525
were awarded as 6s, at a price of par, to the M.& T. Trust Co. of Buffalo.
Dated July 1 1932. Due $1,000 on July 1 from 1937 to 1967, incl.
FAYETTEVILLE, Washington County, Ark.
-BOND DETAILS.
The $65,000 issue of 5% veterans' hospital site bonds that was purchased
by local investors
-was awarded at par. Coupon bonds
-V. 134, p. 4525
dated June 15 1932. Denoms. from $100 to $1,000. Due in 1952. Int.
payable June & Dec. 15.
FORT WAYNE, Allen County, Ind.
-BOND OFFERING.
-Julian F.
Franke, City Comptroller, will receive sealed bids until 2 p. m. (central
daylight saving time) on July 11 for the purchase of $800,000 431% water
works improvement bonds, aeing part of an authorized issue of $2,500.000.
of which an initial block of $1,000,000 has already been sold-V. 134, p.
,
4692. The bonds now offered will be dated July 11 1932 and mature $32,000
annually on June 1 from 1934 to 1958 incl. Principal and semi-annual interest are payable at the Old First National Bank & Trust Co., Fort Wayne.
Unconditional bids only will be accepted. Each proposal to be accompanied
by a certified check for 23 % of the bonds bid for, payable to the order of
the City Treasurer, must accompany each proposal. Legal opinion of
Smith, Remster. Hornbrook & Smith, of Indianapolis, is on file in the
Comptroller's office.
Financial Statement.
Net assessed valuation of all property for taxation 1930_ _ --$230,573,110.00
Net assessed valuation of all property for taxation 1931--- _ 224,570.530.00
Tax rate per $1,000.00for sinkingfund 1930
.50
Tax rate per $1,000.00for sinkingfund 1931
.58
Tax Collections and Delinquencies.
Payable Levy per
Amount
Amount
Year.
in. $1,000.00.
Collected.
Delinquent.
1927
1928
$21.00
$4,994,121.39 $175,115.59
1928
1929
22.40
5,062,570.57 143,883.88
1929
1930
24.30
5,542,903.32 209,330.80
1930
1931
23.80
5.357.251.22 299,523.27
1931
1932
24.30
3,420,772.55
half year June settlement)
Total bonded debt (Including this issue)
$3,392,000.00
Water works bonds(included in the above)
2,378,000.00
Note.
-Water works bonds are retired from the revenue of the Water
Works Department; however, all bonds are issued as ad valorem bonds.
therefore they are the lawful and binding obligations of the city of Fort
Wayne, Ind.
Bonds are exempt from State, county and municipal taxation. Municipatily incorporated Feb. 22 1840. Present population (1930 census)
11.5,000.
FORT WORTH, Tarrant County, Tex.
-LOAN AUTHORIZED.
It is reported that due to delinquent taxes totaling $1,771,000, the City
Council has authorized a loan of $450,000 from local banks to cover the
cost of city operations to Sept. 30.
FRANKLIN COUNTY (P. 0. Columbus) Ohio.
-BONDS PUBLICLY
OFFERED.
-The syndicate of Columbus and Cincinnati investment banking houses which purchased on June 22 as 6s, at par, an issue of $601,600
poor relief bonds
-is making public re-offering of the
-V. 134,13. 4692
securities to yield 5.25%. The bonds of the 1934 maturity are priced at
101.17; 1935, 101.84; 1936, 102.46; 1937, 103.06, and 103.63 for those due
In 1938. Legality to be approved by Squire. Sanders & Dempsey, of Cleveland. The bankers describe the securities as being direct obligations of
Franklin County, Ohio, issued under authority of an Act of the Ohio
Legislature, the validity of which has been upheld by the Supreme Court
of the State. They are payable from direct ad valorem taxes levied against
all taxable property in the county, additionally secured by an excise tax
levied by the State against public utilities operating within the State.
FREMONT, Sandusky County, Ohio.
-PROPOSED BOND ISSUE.
City Solicitor R. A. Hussinger has been authorized to prepare legislation
for the submission to the voters at the general election in November 1932
of a proposed $5,000 bond issue, to finance a survey in connection with a
plan for a municipally-owned electric light plant.
FREMONT COUNTY SCHOOL DISTRICT NO. 8 (P. 0. Lander),
Wyo.-BOND OFFERING.
-Sealed bids will be received by Edwin T.
Hudson, District Clerk, until 7 p. m. on July 25 for the purchase of an
issue of $1,500 4%7 school bonds. Denom. $250. Dated July 1 1932.
0
Due in 10 years. Prin. and semi-annual int. payable at the American
National Bank in Cheyenne. No bids for less than par except by the
State. A certified check for 5% of the aid, payable to the District Treasurer, is required.
FULTON COUNTY SCHOOL DISTRICT (P. 0. Atlanta), G.,
BONDS NOT SOLD.
-We are informed that the 4%% coupon or registered semi-ann, school bonds to the amount of $350.000 or $500,000,
offered on June 21 (V. 134. p. 4193), was not sold as there were no satisfactory bids received.
BONDS SOLD PRIVATELY.
-On June 24 the Chase Harris Forbes
Corp. of New York purchased the above $500,000 bonds at private sale.
Dated July 1 1932. Due from July 1 1934 to 1949, incl. Prin. and Int.
(J. & J.) Payable in gold or its equivalent in lawful money in New York.
Legality to be approved by Reed, Hoyt & Washburn of New York.
These bonds were re-offered by the purchasers for public subscription
priced at 100 and interest, to yield 4% °/.
0
GENOA,LEDYARD, VENICE AND LANSING ‘...ENTRAL SCHOOL
DISTRICT NO. 2 (P. 0. Kings Ferry), Cayuga County, N. Y.
BONDS NOT SOLD-FURTHER BIDS ASKED.
-The issue of $150.000
not to exceed 6% interest coupon or registered school bonds reoffered on
June 27. following an unsuccessful offering on May 31-V. 134, p. 4692
failed of sale a second time when no bids were received. Charles II. Long,
District Clerk. states that the bonds are to be placed on sale again at
7 p. m. on July 7 to accommodate expected bidders. Dated July 11932.
Due on July 1 from 1934 to 1967 incl.
GERRY (P. 0. Gerry), Chautauqua County, N. Y.
-BOND OF-Lawrence J. Damon, Town Clerk, will receive sealed bids
FERING.
until 7 p. m.(Eastern standard time) on July 19 for the purchase of$20,000
interest highway improvement bonds. Dated Aug. 1
not to exceed 6%
1932. Denom. $1,000. Due $2,000 on July 1 from 1933 to 1942 incl.
Interest is payable in J. & J. Opinion of counsel for the town as to the
legality of the issue will be furnished the successful bidder.
GLADEWATER INDEPENDENT SCHOOL DISTRICT (P. 0.
-BOND REPORT.
Gladewater) Gregg County, Tex.
-The $100,000 in
-are reported
5% school bonds that were voted on June 13-V. 134, P. 4692
to be dated June 2 1932 and it is said they will be sold as soon as they are
the Attorney General. Due $20,000 from Dec. 20 1932 to
i ed brve
n
n nclu
GLOUCESTER CITY, Camden County, N. J.
-BONDS NOT SOLD.
-The $285,000 not to exceed 6% interest coupon or registered bonds offered
-were not sold, as no bids were received. The
on June 28-V. 134, p. 4525
offering comprised $201,000 street and sewer bonds, due from 1934 to 1947.
incl.. $63,000 tax title bonds, due from 1933 to 1942, incl., and $21,000
asssessment bonds, due from 1934 to 1936, inclusive.
-BOND SALE.
GRAFTON, Jersey County, 111.
-11. C. Miller, City
Clerk, reports that an issue of $2,500 6% coupon fire truck purchas bonds
161
was purchased at par during May by local investors. Dated May 16 1932.
Denom. $100. Due serially from 1933 to 1938 incl. Int. is payable semiannually.
GREENFIELD, Highland County, Ohio.
-BOND OFFERING.Homer Hudson, Village Clerk, will receive sealed bids until 12 M. on
July 7 for the purchase of $1,050 53 % fire department apparatus purchase bonds. Dated June 15 1032. Due as follows: $250 June 15 and
$200 Dec. 15 1933. and $230 June and Loc. 15 from 1934 to 1936 incl.
int, is payable semi-annually. Bids for the bonds to bear int. at a rate
other than 53 %, expressed in a multiple of % of 1%, will also be considered. A certified check for $20, payable to the order of the Village
Treasurer, must accompany each proposal.
GREAT BARRINGTON, Berkshire County, Mass.
-TEMPORARY
LOAN.
-The Second National Bank, of Boston, purchased on June 29
a $10,000 temporary loan at 2.97% discount basis. Due on Dec. 31 1932.
Bids received at the sale were as follows:
BidderDiscount Basis.
Second National Bank, of Boston (successful bidder)
2.97%
First National Old Colony Corp
3 47%
Blake Bros.(Plus $1.35 premium)
3.48%
Merchants National Bank of Boston
4.25%
GREENFIELD, Adair County, Iowa.
-BOND OFFERING.
-It is
reported that sealed bids will be received until 8 p.m. on July 5 by C. L.
Downing,for the purchase of a $47,429.24 issue of special assessment sewer
bonds. A certified check for $500 must accompany the bid.
HADDON TOWNSHIP (P. 0. Westmont), Camden County, N. J.
-BOND SALE.
-The issue of $125,000 6% coupon or registered sewer
bonds offered on June 28-V. 134, p. 4525
-.'was purchased privately at a
price of par by M. M.Freeman & Co., of Philadelphia, after the township
had failed to receive a competitive bid for the issue. Dated July 1 1932.
Due July 1 as follows: $4,000 from 1934 to 1953, incl., and $5,000 from
1954 to 1962, incl.
HAMMOND, Lake County, Ind.
-BOND OFFERING.
-The issue of
$160,000 5% city hall building construction bond issue previously mentioned in V. 134, p. 4356, is being offered for award on July 11. Sealed
bids.will be received by William H. Spellman, City Comptroller, until
12 m. (standard time) on the aforementioned date. Bonds will be dated
July 1 1932. Denom. $1,000. Due $16,000 annually on July 1 from 1942
to 1951 incl. Principal and interest (January and July) are payable at
the office of the City Treasurer. A certified check for 23. % of the bonds
bid for must accompany each proposal. Bonds will be subject to the
approval of Watson, Ross, McCord & Clifford, of Indianapolis. and will
be printed and furnished by the city. The full faith and credit of the city
is irrevocably pledged to the punctual payment of bonds and interest.
according to the notice of sale.
HARRIS COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 29
(P. 0. Houston), Tex.
-BONDS VOTED.
-A $40,000 issue of school
bonds is reported to have recently been approved by the voters at a special
election.
HIGHLAND PARK, Wayne County, Mich.
-CITY TO MEET BOND
AND INTEREST MATURITIES.
-The City Council has ordered the
payment of $72,373 in bonds and interest coupons becoming due in July.
Included in the total are $49,500 water bonds.
HIGH POINT, Guilford County, N. C.
-NOTES NOT SOLD.
-An
issue of $100,000 notes, to mature on Jan. 1 1933, was offered on June 28
by the Secretary of the Local Government Commission, and no bids were
received. It is stated that the City Council met in adjourned session the
same day and determined to press for early tax collections in order to avoid
financial difficulties.
HILLSIDE TOWNSHIP (P. 0. Hillside), Bergen County, N. J.
-The Township Committee on June
FURTHER BONDS EXCHANGED.
28 authorized Treasurer Robert E. Rucker to exchange $115.000 more of
the township's bonds for a like amount currently outstanding. A block of
110.000 of the total will be exchanged at a price of 99 through H. L. Allen
& Co. of New York for that amount of bonds of the aggregate of $1.438,000
which the township has been unsuccessful on three occasions to refinance
V. 134, p. 4525. The remaining S105,000 bonds will be exchanged on a
basis of par through the Fidelity Union Trust Co. of Newark. The Township Treasurer has also been instructed to retire $23,000 tax revenue bonds
of 1929.
-Sealed bids
-BONDS OFFERED.
HOBART, Kiowa County, Okla.
were received until 10 a. m. on June 28 by E. L. Cupps, City Clerk, for
the purchase of a $250,000 issue of water works extension bonds. Due
$12,000 from 1936 to1955. and $10,000 in 1956. These are the bonds
that were authorized for sale on June 15-V. 134, p. 4693.
-COUNTY FAILS TO
HUDSON COUNTY (P. 0. Jersey City), N. J.
MEET PAYROLL -Because of the failure of Jersey City to pay its taxes
of $2,900,000, which became due on June 15, the county on July 1 failed to
pay the salaries of its 2,600 employees, according to the New York "WorldTelegram" of the same day. The county, it was said, is attempting to
float a $4,000,000 bond issue, from which the $196,446 payroll could be
met, but poor market conditions operate against that procedure.
-FINANCING
HUDSON COUNTY (P. 0. Jersey City), N. J.
AUTHORIZED.
-On June 23 the Board of Chosen Freeholders authorized
the issuance of $5,700,000 tax anticipation notes, $3,800,000 tax revenue
notes and $75,000 unemployment relief bonds. The note issues, bearing
interest at 6%,are expected to be issued as funds are needed by the county.
-BOND OFFERING.
IRON COUNTY (P. 0. Crystal Falls), Mich.
John E. Carlson, Clerk of the Board of Supervisors, will receive sealed bids
until 12 m.on .Tuly 6 for the purchase of $135.000 4%,5, 53 or 6% emergency relief bonds. Interest will be payable semi-annually. A certified
check for 5% must accompany each proposal. Bonds are being issued
under authority of Act No. 12, Public Acts of Michigan, 1932 extra session.
IRVINGTON, Westchester County, N. Y.
-NOTE SALE.
-Thomas
I. Gorey, Village Clerk, reports that the Irvington National Bank A: Trust
Co. has purchased an issue of $10,000 tax anticipation notes, due on July 12
1932.
JACKSON COUNTY (P. 0. Brownstown), Ind.
-BOND SALE.
The 813.2005% coupon road construction bonds offered on June 21 (V. 134.
p. 4357) were awarded to the Ewing State Bank of Ewing at par plus a
premium of $170. equal to 101.28. a basis of about 4.73%. Dated June
15 1932. Denom. $660. Due one bond each six months from July 15
1933 to Jan. 15 1943. Bids received at the sale were as follows:
Premi75
Bidders
um.
Ewing State Bank (successful bidder)
Fletcher American Company
Seymour National Bank
JACKSON COUNTY ROAD DISTRICT NO. 6 (P. 0. Edna). Texas.
$1500
-BONDS VOTED.
-At the election held on June 20 (V. 134, p. 4525) the
voters approved the issuance of $80.000 in road bonds, reports the County
Judge.
JACKSON COUNTY ROAD DISTRICT NO. 8 (P. 0. Edna), Tex.
BONDS VOTED.
-An $80,000 issue of road bonds is reported to have
been voted at an election held on June 23.
JASPER COUNTY (P. 0. Rensselaer), Ind.
-BOND ISSUE DISAPPROVED.
-Louis E. Barber, County Treasurer, states that the issue
of 86.200 5% Hanging Grove Twp. road impt. bonds offered on June 25
-V. 134, p. 4525
-was not sold, as the bonds have been disapproved
by the State Tax Commission.
JEFFERSON DAVIS PARISH GRAVITY DRAINAGE DISTRICT
NO. 1 (P. 0. Lake Arthur), La.
-BONDS VOTED.
-At the election held
on June 21-V. 134, p. 4357
-the voters approved the issuance of the
930.000 in drain bonds, according to the District Secretary.
JEFFERSON TOWNSHIP (P. 0. Jefferson), 111.
-BONDS DEFEATED.
-At an election held on June 11 an adverse vote of 64 to 37 was polled
on the question of a proposed $2,000 tractor purchase bond issue. smeltI
JOHNSON COUNTY (P.O. Cleburne), Tex.
-BONDS REGISTERE15.
-On June 24 the State Comptroller registered a 146,000 issue of 5%%
road refunding, series of 1932 bonds. Denom. $1,000. Due serially.
162
Financial Chronicle
JUNCTION CITY, Geary County, Kan.
-BOND SALE.
-The
$10.000 issue of 4 % coupon semi-ann. improvement bonds offered for
sale on June 20(V. 134, p. 4525) was jointly purchased at par by the First
National Bank and the Central National Bank, both of Junction City.
Dated July 1 1932. Due $1,000 from July 1 1933 to 1942, incl. The other
bids received were as follows:
BiddersPrice Bid.
Commerce Trust Co. of Kansas City
Par
Prescott, Wright, Snider Co
$98.20
KANSAS CITY, Jackson County, Mo.-MATURITY.-The two
issues of 4% tax-anticipation notes aggregating $600,000 that were purchased by a local bank at par
-are due on July 15 1932.
-V.134, p.4525
KANSAS CITY SCHOOL DISTRICT (P. 0. Kansas City), Jackson
County, Mo.-LIST OF BIDS.
-The following is an official tabulation
of the bids received on June 21 for the $300,000 454% coupon semi-ann.
school bonds that were jointly awarded to Stern Bros. Sz Co. of Kansas
City, and the Mercantile Commerce Co. of St. Louis at 100.526. a basis
of about 4.45%-V. 134, p.,4693.
Name of BidderPremium.
First Detroit Co., Chicago; Mississippi Valley Co., St. Louis, and
Baum, Bernheimer Co., Kansas City
$1.545.00
National City Co., Chicago, and Commerce Trust Co., Kan. City- 939.90
City Bank & Trust Co., Kansas City, and Salomon Bros. &
Hutzler, New York
780.00
1,578.00
*Stern Brothers & Co. and Mercantile-Commerce Co
Chase Harris Forbes Corp
.W
Harris Trust & Savings Bank
1,205.00
*Successful bid.
-A. J. Lauder-BOND OFFERING.
KENT, Portage County, Ohio.
baugh, City Auditor, will rikeive sealed bids until 12 M. on July 18 for
the purchase of $12,885.06 6% bonds, divided as follows:
$10.980.73 special assessment impt. bonds. One bond for $480.73, others
for $500. Due Oct. 1 as follows: $980.73 in 1933; $1,500 in
1934; $1,000 in 1935; $1,500 in 1936; $1,000 in 1937; $1,500
in 1938; $1,000 in 1939; 11,500 in 1940, and $1,000 in 1941.
1,904.33 city's share 'rapt. bonds. One bond for $304.33, others for
$200. Due Oct. 1 as follows: $304.33 inI1933, and $500 from
1934 to 1941 incl.
Each issue is dated July 1 1932. Interest is payable A. & 0. 'Bids
for the bonds to bear interest at a rate other than 69', expressed in a
multiple of 3f, of 1%, will also be considered. A certified check for 2%
of the bonds bid for, payable to the order of the city, must accompany
each proposal.
(At an offering on June 20 of $10,355.41 6% bonds the city failed to
receive a bid-V. 134, p. 4693.)
-FINANCE REPORT.
KENTUCKY, State of (P. 0. Frankfort).
It is reported that State Treasurer Huddleston stated recently there was
not sufficient cash in the treasury to meet the monthly payrolls and bills
and it was indicated that the June payroll and bills would be paid in State
warrants.
KERN COUNTY (P. 0. Bakersfield), Calif.
-BOND OFFERING.
It is reported that sealed bids will be received until July 5 by the County
Clerk for the purchase of an issue of $117,946 road bonds. (These bonds
are said to have been authorized on June 20 by the Board of Supervisors.)
KIRKLAND, NEW HARTFORD, WHITESTOWN, MARSHALL,
WESTMORELAND, VERNON AND PARIS (Towns of), CENTRAL.
SCHOOL DISTRICT NO. 1 (P. 0. Clinton), N. Y.
-HIGHER INTEREST RATE PROPOSED.
-A meeting of the taxpayers'league was scheduled
for June 22 for the purpose of inquiring into the advisability of voting for
a proposed resolution authorizing the district to increase the interest rate
from 5 to 6% on the issue of $350,000 school bonds, unsuccessfully offered
at not to exceed 5% interest on May 2-V. 134, p. 3505.
KITSAP COUNTY SCHOOL DISTRICT NO. 306 (P. 0. Port
Orchard), Wash.
-BOND OFFERING.
-Sealed bids will be received
until 10 a. in. on July 22, according to report, by Fred C. Wyckoff, County
Treasurer, for the purchase of a $6,000 issue of school bonds. Int. rate
is not to exceed 6%, payable semi-annually. Dated Aug. 1 1932. Due
in from two to 20 years. Prin. and int. payable at the office of the County
Treasurer. A certified check for 5% must accompany the bid.
KULPMONT SCHOOL DISTRICT, Northumberland Couna
Pa.
-BOND SALE.
-The issue of $55,000 59' school Juilding construc-is
tion bonds voted at an election, held on April 26-V. 134, p. 3505
reported to have neon purchased suosequently oy the State Teachers'
Retirement System, at Harrisburg.
LAKE ARTHUR, Jefferson Davis Parish, La.
-OFFERING DETAILS-The $15,000 issue of 6% semi-an.i. paving bonds scheduled to
be offered for sale on July 15 by Mayor J. L. Thackston-V. 134, p. 4693
is dated Jan. 15 1932. Due on Jan. 15 as follows: $250. 1933 to 1936;
$500. 1937 to 1948; $750, 1949 to 1952, and $1,000, 1953 to 1957, all incl.
Denoms. $250 and $500.
-BOND SALE.
-The $450,000
LANSING, Ingham County, Mich.
% coupon or registered sewerage system extension bonds offered on
June 27 (V. 134. p. 4693) were awarded to the First Detroit Co. of Detroit
at a price of 95.18, a basis of about 5.07%. Dated July 1 1932. Due
$25,000 on July 1 from 1935 to 1952, inclusive.
The National City Co. of New York, and Braun, Bosworth & Co., of
Toledo, were associated with the First Detroit Co. in the purchase of the
bonds. All of the bonds were subscribed in an hour following the formal reoffering, which was made at prices to yield 4.60% for the 1935 to 1938
maturities,4.70% for thosefrom 1939 to 1941 incl., and 4.75% for the bonds
maturing from 1942 to 1952 incl.
-BOND SALE.
-The
LA PORTE COUNTY (P. 0. La Porte), Ind.
$7,160.34 6% ditch construction bonds offered on June 20(V. 134, p. 4357)
were awarded at a price of par to Burk Bros. of Lafayette. Dated June 1
1932. Due $760from 1933 to 1941, incl., and $716.34 in 1942.
LARCHMONT, Westchester County, N. Y.
-BOND OFFERING.
Eugene D. Wakeman, Village Clerk, will receive sealed bids until July 5
for the purchase of $20,000 improvement bonds.
-BOND OFFERING.
LAWRENCE, Douglas County, Kan.
-It is
reported that sealed bids were received until 10 a. in. on June 30, by A. E.
Woestemeyer, City Clerk, for the purchase of a $19,588.83 issue of 43i%
internal impt. bonds.
LEOMINSTER, Worcester County, Mass.
-TEMPORARY LOAN.
The First National Bank of Boston purchased on June 24 a $200,000 temporary loan at 4.19% discount basis. Due on Feb. 15 1933. The loan
was bid for as follows:
Bidder
Discount Basis.
First National Bank of Boston (purchaser)
4.19
4.37
Merchants' National Bank of Boston
4.62 0
Faxon. Gade & Co
-LOAN NOT SOLD.
LEXINGTON, Middlesex County, Mass.
The $175,000 temporary loan issue, due April 18 1933, offered on June 29
was not sold, as the one bid received was rejected.
LINCOLN COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Carrizozo),
N. Mex.-BOND SALE.
-The 15.000 issue of coupon school bonds offered
for sale on June 24 (V. 134, p. 4358) was purchased by the State Treasurer
as 55 at par. Dated July! 1932. Due $500from July 1 1935 to 1944,incl.
There were no other bidders.
-BOND OFFERING.
LIVERPOOL, Onondaga County, N. Y.
Walter A. Hoar, Village Clerk, will receive sealed bids until 8 p.in.(Eastern
standard time) on July 11 for the purchase of $60,000 not to exceed 6%
interest coupon or registered paving bonds. Dated July 1 1932. Denom.
$1.000. Due $3,000 on July 1 from 1933 to 1952 incl. Rate of int. to
or 1-10th of 1% and must be the same for
be expressed in a multiple of
all of the bonds. Prin. and in (J. & J.) are payable at the Liverpool
Bank, Liverpool, or at the Chase National Bank, of New York. A cer
tilled check for $1,200, payable to the order of the Village. must accompany
each proposal. The approving opinion of Clay, Dillon & Vandewater,
of New York, will be furnished the successful bidder.
-BOND OFFERING.
LORAIN COUNTY (P. 0. Elyria), Ohio.
F. L. Ellenberger, County Clerk, will receive sealed bids until 2 p.m. on
July 18 for the purchase of $131,245 not to exceed 6% interest poor relief
bonds, recently authorized by the State Relief Commission under the
provisions of the Espy-Roberts Bond Act. Dated July 151932. One bond
for $245, others for $1,000. Due on March 1 from 1934 to 1938, incl.
Interest 10 Payable in March and September. A certified check for $5,000,
July 2 1932
Payable to the order of the Board of County Commissioners, must accompany each proposal.
LORAIN, Lorain County, Ohio.
-FINANCIAL STATEMENT.
The statement below has been issued in connection with the intention of the
city to receive bids on July 1 for the purchase of $74,746.88 6% special
assessment improvement bonds
-V. 134, p. 4694.
Financial Statement.
Assessed valuation of taxable property for 1931
$66,493,480.00
Assessed valuation of taxable property for 1930
88,401,080.00'
Total bonded indebtedness,including this issue
2,737,183.00
Floating indebtedness
350.525.00
Amount offloating debt payable from current taxes
None
Amount of floating debt payable from sale of bonds
350,525.00
Sinking fund
243,749.99
Water works bonded debt
376,000.00
Sinking fund for water works bonds
25,173.88
Bonds payable primarily from special assessments
1.167.707.00
Amount Leased. Amount Coll.
*Tax levy, exclud'g assessments,for 1929
1714.801.22
$676,731.60
Tax levy, excluding assessments, for 1930
742,358.18
627,593.34
Tax levy, excluding assessments, for 1931
246,916.27
595,180.71
Assessments levied for year 1929
201,306.18
223.384.63
Assessments levied for year 1930
348,387.21
266,498.52
Assessments levied for year 1931
319,017.89
95,096.51
-year collections.
1931 collections figures are for only one-half
* Includes delinquent taxes and assessments. Millage levied for opera
tion. 5.6982. Millage for debt service, 3.2343.
LOS ANGELES COUNTY FLOOD CONTROL DISTRICT (P. O.
Los Angeles), Calif.
-Sealed bids were received
-BONDS OFFERED.
until 10 a.m. on June 29 by L. E. Lampton, County Clerk, for the purchase of a $2,000,000 issue of 5% storm water bonds. Denom. $1,000.
Dated July 2 1924. Due on July 2 as follows: $63,000, 1933 to 1948, and
362,000. 1949 to 1964, all incl. Prin. and int. (J. & J.) payable in lawful
money at the office of the County Treasurer. The legal approval of
O'Melveny, Fuller & Myers of Los Angeles will be furnished. (These are
the bonds that were reported to have been disposed of at par to the Bank
of American of San Francisco following an unsuccessful public offering
V. 134, p. 4694.)
The following information is furnished with the offering notice:
-The assessed valuation of the taxable real property in said Los Angeles
County Flood Control District for the year 1931 was $2,938,629,120,
and the amount of bonds previously issued and now outstanding is $15,122,250.
The Los Angeles County Flood Control District contains an area of
approximately I,722,880 acres.
-An issue of
LOUISVILLE, Jefferson County, Ky.-BOND SALE.
$1,000,000 4 % sewer bonds was purchased on June 30 by a syndicate
composed of the Guaranty Co. of New York,the First National Old Colony
Corp., Hannah, Ballins SqLee, all of New York, and the Columbia Trust
Co. a Louisville, at a semi-private sale, at a price reported to be slightly
above par. Dated Feb. 1 1929. Due on Feb. 1 1969.
-The successful bidders reBONDS OFFERED FOR INVESTMENT.
offered the above bonds for public subscription on July 1 at a price to
yield 4.40%. These bonds are reported to be part of a total authorized
issue of $10,000,000, of which there have been $6,000,000 sold. The last
previous sale was of $2,000,000 bonds and they were awarded in March
V. 134, p. 2952.
-City Treasurer
-NOTE SALE.
LOWELL, Middlesex County, Mass.
Abel Campbell reports that a syndicate of Boston banks has purchased
an issue of $500,000 tax anticipation notes, for the purpose of paying
salaries o.school teachers for the month of March and to pay other municipal
employees through to April 2. It is said that the city will require an
additional $2,000,000 to pay its expenses during the remainder of the year.
-BONDS PUBLICLY OFFERED.
-The
LYNN, Essex County, Mass.
$200,000
% coupon harbor bonds purchased at a price of par recently
-V. 134. p. 4694
-are being
by the Chase Harris Forbes Corp., of Boston
re-offered for general investment at prices to yield 4.00% for the 1933
maturity; 1934, 4.10%; 1935, 4.15%; 1936, 4.20%; 1937, 4.25%, and
4.30% for the maturities from 1938 to 1942 incl. Legal investment for
savings banks in the New England States, according to the bankers.
Dated July 1 1932.
Financial Statement (Official. June 1 1932).
3153,451,101
Assessed valuation, 1931
7,753,800
Total debt (including this issue)
$615,000
Less water debt
190,583
Less sinking fund
6,948,217
Net debt(4.53% of assessed valuation)
102.320
Population 1930 census
99,148
Population 1920 census
-BOND SALE.
-The
McKEAN COUNTY (P. 0. Smethport), Pa.
issue of $200,000 4 % coupon bonds unsuccessfully offered on June 2
(V. 134, p. 4194) was purchased subsequently by Graham, Parsons &
Co. and E. W. Clark & Co., both of Philadelphia, jointly. Dated June 151932 and due 320,000 on June 15 from 1942 to 1951, incl., not annual
amounts of 340,000 as previously reported. Public reoffering of the bonds
was made at prices to yield 4.35%.
-BOND RETIREMENT.
-It is
McKINNEY, Collin County, Tex.
reported that tnis city has paid off $19,000 of its bonds, payable in 1954
and callable in 1934.
-At a
MADISON, Dane County, Wis.-BONDS AUTHORIZED.
meeting of the Common Council held on June 24, resolutions were passed
calling for the issuance of $359,500 in 5% coupon bonds divided as follows:
3220,000 parks and public grounds impt.; 365,000 sewer district; $60,000
street impt.; $7,000 street lighting; $5,000 retaining wall completion, and
$2,500 bridge completion bonds.
MAHASKA COUNTY (P. 0. Oskaloosa), lowa.-CERTIFICATES
-The $79,000 issue of 5% road anticipation notes offered
NOT SOLD.
-was not sold, according to E. R. Raffety,
on June 21-V. 134, p. 4526
Treasurer. Dated June 1 1932. Due on Dec. 31 as follows:
County
$45,000, 1932, and $34,000 in 1933.
-BONDS NOT
MAHONING COUNTY (P. 0. Youngstown), Ohio.
-The issue of $400,000 6% refunding bonds was offered without
SOLD.
success for the second time on June 24 (V. 134, p. 4358), when no bids
were received. The previous abortive attempt was made on Jan. 11 1932.
The bonds are dated Dec. 15 1931 and mature $40,000 on Oct. 1 from 1933
to 1942,inclusive.
-The City
-LOAN OFFERING.
MALDEN, Middlesex County, Mass.
Treasurer will receive sealed bids until 7:30 p.m. on July 6 for the purchase
at discount basis of a $500,000 temporary loan dated July 7 1932 and due
on Jan. 8 1933.
-The
MANITOWOC, Manitowoc County, Wis.-PRICE PAID.
$75,000 issue of 4 % coupon semi-ann. school, Series 2, bonds that was
-V. 134. D•
by the Harris Trust & Savings Bank of Chicago
purchased
-was awarded to them for a premium of $1,717. equal to 102.28, a
4694
basis of about 4.50%. Due from March 1 1933 to 1952 incl.
The other bids received for the bonds were as follows: First 'Union Trust
& Savings Bank of Chicago. bidding $819 premium; Central Republic Co.
of Chicago, $412 premium; First Wisconsin Co. of Milwaukee, $512, and
the First Securities Corp. of Manitowoc. bid $125 premium.
MAPLE BLUFF (P. 0. Madison), Dane County, Wis.-PRE-ELEC-We are informed by the Village Clerk that two issues of
TION SALE.
bonds aggregating $67.000 have been sold subject to an election scheduled
to be held on July 1. The bonds are divided as follows: 137,000 5%
% special
general assessment sewerage construction, and $30.000
assessment bonds.
-TEMPORARY LOAN.MARBLEHEAD, Essex County, Mass.
The Merchants National Bank of Boston purchased on June 28 a $150,000
temporary loan at 2.07% discount basis. Dated June 28 1932 and due On
Dec.7 1932. Bids received at the sale were as follows:
Discount Basis,
Bidder2.07%
Merchants National Bank of Boston (successful bidder)
2.14
Kidder, Peabody & Co
2.25
Faxon, Gade & Co
2.97%
Second National Bank of Boston
MARION COUNTY (P. 0. Indianapolis) Ind.-NOTE SALE.The $350,000 temporary note issue offered on June 24 (V. 134, p. 4358)
was awarded as 5,lis at a price of par,to a syndicate composed ofthe Fletcher
• Volume 135
Financial Chronicle
American Co., the Fletcher Trust Co., Indiana National Bank, Indiana
Trust Co.. Merchants National Bank and the Union Trust Co., all of
Indianapolis. Dated July 1 1932 and due on Dec. 1 1932. Campbell
& Co. of Indianapolis also named an interest rate of 53 % and the award
to the banks was made by agreement of both bidders.
MARION, Marion County, Ohio.
-BONDS AUTHORIZED.
Ordinances recently adopted by the city council provide for the issuance of
$76,355.19 6% special assessment improvement bonds, divided as follows:
$47,902.92 bonds. Due as follows: $1,902.92 Sept. 1 1933;$2.000 March and
Sept. 1 from 1934 to 1937 incl., and $3,000 March and Sept. 1
from 1938 to 1942 incl.
28,452.27 bonds. Due as follows: 51.452.27. Sept. 1 1933; 21,000, March
and Sept. 1 from 1934 to 1938 incl.: $2,000, March and Sept. 1
from 1939 to 1941 incl.; $2,000, March and $3,000, Sept. 1 1942.
Each issue will be dated July 15 1932.
MARTIN COUNTY (P. O. Shoals), Ind.
-BOND SALE.
-The $3,940
4y% Centre Twp. road construction bonds offered on June 18 (V. 134,
p. 4526) were awarded at a price of par to the Martin County Bank of
Shoals. Dated June 18 1932. Due one bond each six months from July
15 1933 to Jan. 15 1943.
MASSACHUSETTS (State of).
-BONDS AND NOTES OFFERED
FOR SALE.
-Charles F. Hurley, State Treasurer and Receiver-General.
will receive sealed bids until 12 m. (daylight saving time) on July 11 for
the purchase of $2,744,250 3j registered bonds and notes, divided as
%
follows:
$1,694,250 building construction notes. Due 2564,750 annually on Nov.
15 from 1933 to 1935, inclusive.
800,000 State Prison Colony notes. Due $200,000 annually on Nov. 15
from 1933 to 1936, inclusive.
250,000 Cape Cod Canal Pier Loan bonds. Due $25,000 annually on
Dec. 1 from 1932 to 1941, inclusive.
Bidder to name a single price for the total of bonds and notes offered.
(The above offering marks the second entry of the State in the municipal
bond market in recent weeks, and award having been made on March 31
of 52,765,500 3%,4 and 4(°7 bonds to a syndicate headed by R. L. Day
& (So. of Boston, which named a price of par for the obligations.
-V. 134,
p. 2769.)
A certified check for 2% of the amount bid for, payable to the order of the
Treasurer and Receiver-General of the Commonwealth, must accompany
each proposal.
Statement ofPublic Ddbt,Sinking Funds and Taxable Property of the
•
Commonwealth of Masaschusetts.
Total Public Debt
The total bonded indebtedness May 31 1932 was
$122,040,112.00
Less sinking funds
58.545,636.99
Total net debt
$63,494,475.01
The debt is divided as follows:
Direct Debt
The gross direct debt May 31 1932 was
$21,307,012.54
The sinking funds for the same amounted to
11,812,378.15
The net direct debt May 31 1932 was
$9,494,634.39
Contingent Debt
The gross contingent debt May 31 1932 was
$100,733,099.46
The sinking funds for the same amounted to
46,733,258.84
The net contingent debt May 31 1932 was
$53,999,840.62
Water Debt (included in above Contingent Debt)
The gross water debt May 31 1932 was
$62,327,000.00
The sinking funds for the same amounted to
30,548,251.07
The net water debt May 31 1932 was
$31.778,748.93
Taxable Property.
The amounts of taxable property and taxable income of the
wealth of Massachusetts, as furnished by the Commissioner ofCommonCorporations and Taxation, for the year ended Nov. 30 1931. follow:
Local Taxation
Value of assessed real estate
$6,381,896,179
Value of assessed personal estate
1,100,534,085
(Including motor vehicles)
State Taxation
Value of corporate excess, public service
$179,357.384
Value of corporate excess, street railways
3,142.104
Value of corporate excess, business corporations
1,466,042.324
Amount of taxable income, business corporations
152,647,456
Taxable deposits in savings banks
588.251,046
Taxable deposits in trust company savings departments_ _ _
67,987,431
Taxable deposits in Massachusetts Hospital Life Ins. Co_ _
5,622,552
Taxable income, individuals, &c
644.676,989
Taxable income, National banks and trust companies
12,808,078
MASSILLON, Stark County, Ohio.
-BONDS NOT SOLD.
-The two
issues of 4%% property owner's portion street improvement bonds aggregating $83,000 offered on June 24-V. 134. p. 4526
-were not sold, as no
bids were received. The offering comprised $64,500 bonds, due from 1933 to
1940 incl., and $18,500 bonds, due from 1933 to 1935 incl.
MECKLENBURG COUNTY (P. 0. Charlotte), N. C.
-BONDS
AUTHORIZED.
-The Board of County Commissioners is reported to
have recently issued an order authorizing $140,000 in funding bonds,divided
as follows: $90,000 school and $50,000 road bonds.
MEDFORD, Middlesex County, Mass.
-TEMPORARY LOAN.
-The
$400.000 temporary loan issue offered on June 28 (V. 134, p. 4695) has
been sold privately. Due on Feb. 15 1933.
MEDINA COUNTY (P. 0. Medina) Ohio.
-BONDS NOT SOLD.
The issue of $57.289.35 6% special assessment improvement bonds offered
on June 20-V. 134, p.4194
-was not sold, as no bids were received. Dated
July 11932. Due on Oct. 1 from 1933 to 1937 incl.
MERCER COUNTY (P. 0. Trenton) N. J.
-FINANCIAL STATEMENT.
-In connection with the proposed award on July 19 of $1,112.000
not to exceed 5%% interest coupon or registered bonds, notice and description of which appeared in V. 134, p. 4694
-we have received the folowing.
Financial Statement (June 14 1932).
Indebtedness
Gross debt: Bonds outstanding
$6,435,450.00
Floating debt: (Including temporary notes outstanding)
$1.454,650.00
87.890,100.00
Deductions
-Sinking funds, other than for water bonds
808,803.38
Net debt
7,081,296.62
Bonds to be issued
$1,112,000.00
Floating debt to be funded by such bonds_ -- - 1.112,000.00
Net debt, including bonds to be issued
7,081.296.62
Assessed Valuations
Real property, including improvements, 1932
255.583,767
Personal property, 1932
31,023.160
Real property, 1929
256.476.577
Real property, 1930
208,945.035
Real property, 1931
259,746,282
Population
Census of 1920
159,881
Census of 1930
187,143
-Fiscal year, 1932, $6.31 per thousand.
Tax Rate.
Debt Statement Under New Jersey Law.
(Compiled under the New Jersey Bonding Act, Chap. 252. Laws of 1916.)
Net debt, June 14 1932
$7,373,340.53
Average assessed valuations of real property incl. improvements.for the years 1929, 1930 and 1931
258,389,298.00
Percentage of net debt as compared with such average
assessed valuation of real property
2.86%
-NOTE DETAILS.
MEMPHIS,Shelby County, Tenn.
-The $800,000
Issue of Board of Education revenue notes, series of 1932, that was purchased by an undisclosed investor at 6%-V. 134, p. 4694
-was awarded
to the Union Planters Co., the First Securities Corp.. and the Commerce
Securities Co., all of Memphis. Due on Oct. 1 1932.
MEMPHIS, Shelby County, Tenn.
-BOND AND NOTE RETIRE-The fallowing report of the retirement of bonds and notes
MENTS.
163
and the payment of interest due is taken from the Memphis "Appeal"
of June 28:
"Checks for more than $800,000 will retire more than $600,000 of debts
and pay nearly $230,000 interest, under authority to be granted by the
City of Memphis this afternoon.
"The checks are being drawn from the June 10 tax collections which
were practically normal, A. P. Walsh, City Finance Commissioner. said.
"Largest of the payments will be retirement of $3306,000 in short-term
school notes issued in March. General city bonds totaling $202,000 are
to oe retired and $215,996.25 in bond interest will be paid.
"Front foot bond payments total $92,000 in principal and $8.740 interest. The Board cf Education will retire $5,000 lii bonds, and Cassitt
Library an equal amount. In addition the Library Board will pay interest of $2.475."
MERRIMACK COUNTY (P. 0. Concord), N. H.
-TEMPORARY
LOAN.
-The $100,000 note issue offered on June 30 (V. 134, p. 4694) was
awarded to the Day Trust Co. of Boston at 4.24% discount basis. Dated
July 2 1932 and due on Dec. 20 1932. W. 0. Gay & Co. of Boston. the
one other bidder, named a discount rate of 4.49%.
MICHIGAN (State of).
-BOND OFFERING.
-Grover Dillman, State
Highway Commissioner, will receive sealed bids until 1 30 p.m. (eastern
standard time) on July 5, for the purchase of $304,000 not to exceed 6%
interest Road Assessment District No. 1149 bonds. Interest is payable in
May and November. The bonds are being issued under the provisions of
Act 59, Public Acts of 1915, as amended, known as the Covert Act. A
certified check for 2% of the amount of bonds bid for, payable to the
order of the State Highway Commission, must accompany each proposal.
The bonds will be sold subject only to the approval of Miller. Canfield.
Paddock & Stone, of Detroit, the expense of whose opinion will be borne
by the project.
MIDDLESEX COUNTY (P. 0. New Brunswick), N. J.
-BOND
SALE.
-C.W. Whites & Co., of New York. axe reported to have purchased
as 6s the issue of $100,000 tax revenue bonds. due June 1 1934. which
was offered without success on May 31, at which time it was coupled
with an issue cf $500,000 temporary road, bridge and building bonds, due
June 1 1936.-V. 134, p. 4359.
MIDDLESEX COUNTY (P.O. Cambridge), Mass.
-BOND SALE.
The Chase Harris Forbes Corp. of Boston, has purchased an issue of 855.000
4% Third District Court House bonds at a price of 100.27, a basis of about
3.96%. Due $6.000 annually from 1933 to 1937, incl., and 55.000 from
1938 to 1942,incl. Bids received at the sale were as follows
BidderRate Bid.
Chase Harris Forbes Corp. (purchaser)
100.27
First National Old Colony Corp
100.15
R. L. Day & Co
100.09
Shawmut Corp
100.04
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BOND SALE
PROPOSED.
-The following report on the present state of the county's
anticipated borrowing is taken from a Milwaukee dispatch to the "Wall
Street Journal" of July 1:
Milwaukee County faces the task of raising $7,283,000 chiefly through
bond issues and bank loans until next April 1, according to Frank Bittner,
county auditor. His report stated that 53,118,000 must be borrowed for
the relief department and recommended that the county authorize a bond
Issue by July 26.
A total of $4,139,000 has been appropritated for the department of outdoor relief, soldiers' relief commission, mother's pensions and for old age
and blind pensions. The county is carrying $3,000,000 in delinquent
real estate taxes.
The metropolitan sewerage commission has asked the county to issue
$247.000 in bonds without delay to complete construction projects under
contract.
MINNEAPOLIS, Hennepin County, Minn.
-BOND SALE.
-The
two issues of coupon special park and parkway impt. and acquisition
bonds aggregating 3257,200, offered for sale on June 24-V. 134, p. 4359
were awarded at public auction to Salomon Bros. and Hutzler of New
York as 58 at par. The issues are divided as follows:
$162.700 postoffice square block 20 bonds. Dated June 1 1932. Due
from June 1 1933 to 1942 incl.
94,500 Lake Hiawatha impt. bonds. Dated June 1 1931. Due from
June 1 1932 to 1941 incl.
There were no other bidders for the bonds.
BOND SALE POSTPONED.
-We are informed by the Secretary of the
Board of Estimate and Taxation that the sale of the $200,000 issue of not
to exceed 6% coupon or registered semi-ann. poor relief bonds, also set
for JUDO 24-V. 134, P. 4527
-was postponed until June 27, as the bids
were too high on that date.
BONDS SOLD.
-At the offering on June 27 the $200,000 poor relief bonds
were awarded to Salomon Bros.& Hutzler of New York,as 55,far a premium
of $550. equal to 100.275, a basis of about 4.90%. Dated July 11932. Due
$40,000 from July 1 1933 to 1937 mud.
PUBLIC OFFERING OF BONDS.
-The successful bidder re-offered the
above issues of bonds for general investment, at prices to yield from 3.25
to 4.40%, according to maturity. They are stated to be legal investments
for savings banks and trust funds in New York, Massachusetts and Connecticut.
The other bids for the $200,000 bonds were as follows:
BidderRate Bid. Premium.
Roosevelt& Son
5%
5540
Piper,Jaffray & Hopwood
555%
300
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND OFFERING.
-F, A. Kilmer, Clerk of the Board of County Commissioners, will
receive sealed bids until 10 a.m. (Eastern standard time) on July 6 for the
purchase of $242,400 6% refunding special assessment bonds. Dated
May 1 1932. Due as follows: $12,400 May and 513,000 Nov. 1 1933:
$13,000 May and Nov. 1 from 1934 to 1937, incl., and $14,000 May and
Nov. 1 from 1938 to 1941. incl. Plin. and int.(May and Nov.) are payable
at the office of the County Treasurer. Bids for the bonds to bear interest
at a rate other than 6%, expressed in a multiple of % of 1%, will also be
considered. A certified check for $2,500. Payable to the order of the
County Treasurer, must accompany each proposal. All bids must
separate and unconditional, except as to optional bids at fractional rates be
of
interest. D. W. & A. S. Iddings of Dayton and Peck, Shaffer & Williams
of Cincinnati have been employed to assist in the preparation and issuance
of the bonds and will certify as to their legality.
(On June 9 the county failed to receive a bid at an offering of $357,600
6% refunding bonds
-V. 134. P. 4527.)
fr MOUNT CARROLL, Carroll County, 111.
-BOND ELECTION.
-An
election has been called for July 5 to permit of a vote on a proposed $15,000
5% refunding bond issue, to be dated Sept. 1 1932.
MOUNT DORA, Lake County, Fla.
-ADDITIONAL INFORMATION.
-We are now informed that the $168,000 in 6% refunding bonds
recently authorized-V. 134, p. 4694
-are not being advertised for sale.
but have been authorized to be exchanged for improvement
due this year amounting to $339.000 this year and annuallybonds falling
up
Denom. 31,000. Dated Oct. 1 1932. Due on Oct. 11952. Prin.to 1936.
and int.
(A. & 0.) payable at the First National Bank of Mount Dora. Legality
to be approved by Caldwell & Raymond of New York.
MOUNT HOPE UNION FREE SCHOOL DISTRICT NO. 2 (P. 0.
Otisville) Orange County, N. Y.
-BONDS NOT SOLD.
-Charles H.
Moore, District Clerk. informs us that no bids were received at the offering on June 22 of $98,000 not to exceed 5%% interest coupon or
registered
school bonds. Dated Jan. 2 1932. Due Jan. 2 as follows:
from
1933 to 1937, incl.; $3,000. 1938 to 1942: 84.000, 1943 to 1947:$2,000 from
$5,000
1948 to 1952, incl., and $4,000 from 1953 to 1959,
Interest are Payable at the First Merchants Nationalincl. Principal and
Bank &
Middletown, or at the Chemical Bank & Trust Co., New York. Trust Co..
MULTNOMAH COUNTY (P. 0. Portland), Ore.
-FINANCIAL
STATEMENT.
-The following detailed statement is furnished in connection with the sale on June 20 of the $295,000 coupon road, series D,
bonds
that were awarded as 58 at par to Portland banks
-V. 134, p. 4694:
• sai .1.14• Financial Statement
Aug. 281931.
Assessed valuation for taxation, according to the assessment
roll for the year 1930
Assessed valuation for taxation, according to the assessment5383,000,750
roll for the year 1920
337,120,625
Increase in taxable valuation in 10 years
Constitutional limit of indebtedness 6% of the assessed valua'n 45,880,125
22,980,045
Financial Chronicle
164
Date
Authorized.
July
.Nov.
Nov.
Nov.
Nov.
1 1914
7 1922
7 1922
6 1923
4 1924
May 21 1926
Nov. 2 1925
May 18 1928
Mar. 2 1931
Apr. 10 1931
Bonded Indebtedness Authorized and Outstanding.
Amount Amount
Amount Amount
,
Authort ed. Issued. Redeem.d.Ouistangtn(1.
Purpose.
$
550,000
Interstate Bridge
1,250,000 1,250,000 700.000
BurdsIde Brid,
c,
3,000,000 3,000,000 200,000 2.800,000
Ross Island (indite_ _ _ _ 1,600,000 1,600,000 80,000 1,520,000
,
2 .000
322,000
350,000
Sellwood Bridle
350,000
Russ !dd. & Sellwood
480,000
500,000 20,000
500.000
Brides
2.500.000
2,500,000 2,500.000
Road bonds
750,000
750,000
750,000
Broadway Bride)
4,000,000
St. iohns Brithe
4,250,000 4,000,000
150.000
150,000
155,000
Hawthorne Bridle__ _ _
500,000
500,000
Road bond:
1,000.000
15,355,000 14,600,000 1.02.000 13.572,000
Total
-year bonds and are redeemable $50,000
Inter-State Bridge bonds are 25
annually. This fund now has a surplus of $598014.38.
All bridge bonds are 30
-year bonds redeemable in equal amounts annually
from the 6th to the 311th year after date of issue. Retirement of these bonds
Is provided for by the annual tax levy.
The County of Multnomah has an area of 456 square miles. The population according to the Federal census of 1930. 337,635, of which the City of
Portland has 301,890.
Tax rate for 1931 based upon 1930 assessment roll for general State
purposes, State and county schools, county purposes, library and market
road, 15 mills: Port of Portland, 2.5 mills; City of Portland, 19.3 mills;
School District No. 1, 13 mills.
Cash value of all real and personal property owned by Multnomah
County (not included in any of the foregoing figures because exempt from
taxation), $5,000,000.
-BOND OPTION GRANTED.MUSKEGON HEIGHTS, Mich.
Mabelle C. Peterson, City Clerk, reports that Stranahan, Harris & Co.,
Inc.. of Toledo, have been granted an option, at a price of par, on the purchase of the 348,000 6% bonds scheduled to have been sold on June 13.
The total includes $26,000 Riordan St. Improvement District bonds and
$22,000 emergency poor relief bonds.
-A, K. Brady, Act-NOTE SALE.
NEWARK, Essex County, N. J.
ing Auditor of Accounts, states that local banks purchased on June 29 a
$700,000 four-months note issue.
-TEMPORARY LOAN.NEW BRITAIN, Hartford County, Conn.
W. H. Judd. President of the Board of Finance and Taxation, states that
the issue of $300,000 tax anticipation notes dated June 29 1932 and due on
Oct. 17 1932. scheduled for sale on June 29, was not disposed of. as the
terms of the bid submitted for the notes were not considered completely
satisfactory. However, Mr. Judd states, a block of 360,000 notes has
been sold under another authorization and the city will continue to receive
offers on a straight discount basis for the $300,000 issue.
-ADDITIONAL INFORNEWBURYPORT, Essex County, Mass.
-The $40,000 43.4% highway construction bonds purchased par
MATION.
-are
Savings of Newburyport-V. 134, p. 4695
by the Institution for
dated June 8 1932 and mature $8,000 on June 8 from 1933 to 1937 incl.
Interest is payable semi-annually.
-BONDS PARNEW KENSINGTON, Westmoreland County, Pa.
-G.A. Armstrong, Borough Secretary, states that Glover,
TIALLY SOLD.
MacGregor & Cunningham of Pittsburgh have purchased as 5)4s, at a Price
of par, a block of 3300.000 funding bonds of the issue of $400.000 voted in
-and have obtained an option on the remaining
February-V. 134. p. 1230
$100,000 as 5s at par.
NORTH MANKATO (P. 0. Mankato) Blue Earth County, Minn.
-The $15.000 issue of street improvement bonds was
BONDS VOTED.
approved by the voters at the election held on June 20-V. 134, p. 4528.
-BOND
NORTH TONAWANDA (City of), Niagara County, N. Y.
-The $50,000 6% coupon temporary emergency relief bonds
SALE.
-were awarded at a price of par to the
offered on June 27-V. 134. p. 4695
State Trust Co. of North Tonawanda, the only bidder. Dated July 1
1932. Due $10,000 on July 1 from 1933 to 1937. inclusive.
-We are now in.ormed
-MATURITY.
OVALO, Taylor County, Tex.
that the 330.000 issue of5% Rural Independent High School District No. 19
was purchased at par by the State Board of Education-V. 134.
bonds that
-is due $1,000 from 1938 to 1967 incl.
p. 4695
-COUPON PAYMENTS.
PAWTUCKET, Providence County, R. I.
-It was reported on June 30 that the Bankers Trust Co. of New York,
has been appointed co-agent with the Industrial Trust Co. of Pawtucket,
for the payment of city 5 % funding, and 5% water, sewer, sidewalk,
highway and school bond coupons.
-Patrick M.
-LOAN OFFERING,
PEABODY, Essex County, Mass.
Cahill. City Treasurer, will receive sealed bids until 11 a. m. (daylight
saving time) on July 6 for the purchase at discount basis of a $100,000
temporary loan, dated July 6 1932 and payable March 6 1933 at the First
National Bank of Boston. The notes will be authenticated as to genuine..
ness and validity by the aforementioned Bank, under advice of Storey,
Thorndike, Palmer & Dodge of Boston.
-The receipt
-BOND SALES TOTAL $173,900.
PHILADELPHIA, Pa.
on June 24 of a subscription for $100 bonds of the $20,000,000 5%, issue
-V. 134, p. 4195
-brought the
being offered "over the counter" at par
aggregate sales to date to 3171,900, while subsequent orders increased the
total to 3173.900 as of June 30.
-John H. Mason,
SINKING FUND BOARD MEMBER ELECTED.
President of the Pennsylvania Co. on Lives, &c., has been unanimously
council as a member of the Sinking Fund Commission
elected by the city
to fill the vacancy caused by the resignation of Edward T. Stotesbury,
-The State Teachers'
PIQUA, Miami County, °Mo.-BOND SALE.
Retirement Board, at Columous. is reported to have purchased a block
of $675.000 municipal electric light plant bonds of an authorized issue
of 3810,000, which was the subject of considerable court litigation, the
outcome of which was a decision handed down on April 21 1932 oy the
State Supreme Court maintaining its validity -V. 134, p. 3316.
-W. J. Baldwin,
-BOND OFFERING.
PIQUA, Miami County, Ohio.
Director of Finance, will receive sealed bids until 12 m. on July 13 for the
purchase of 376,000 6% bonds, divided as follows:
$53,000 special assessment sewer construction bonds. Denom. $1,000.
Due Oct. 1 as follows: 310.000 in 1933: 311.000 in 1934; 310.000
in 1935. and $11,000 in 1936 and 1937. A certified check for
$1,000 is required.
23,000 special assessment improvement bonds. Denom. 31.000. Due
Oct. 1 as follows: 32,000 from 1933 to 1935, incl.; $3.000 in 1936;
$2,000 in 1937 and 1938; $3,000 in 1939: $2,000 In 1940 and 1941,
and 83,000 in 1942. A. certified check for $500 is required.
Each issue will be dated July 1 1932. Interest payable in January and
July. Bids for the bonds to bear interest at a rate other than 6%, expressed in a multiple of 34 of 1%, will also be considered.
.
PINE TOWNSHIP SCHOOL DISTRICT (P. 0. Slippery Rock R. D.
-E. M. Burton, Secretary
-BOND SALE.
No. 5), Butler County, Pa.
Education, reports that the issue of 310.000 coupon school
of the Board of
bonds offered on June 23 was awarded as 434s to the First National Bank
of Grove City at par plus a premium of 31, equal to 100.11, a basis of
about 4.49%. Dated July 1 1932. Denom. $500. Due July 1 as follows: $1,500 in 1935: 3500. 1936: 31,000. 1937: $500, 1938: $1,000, 1939:
3500, 1940* 31.000, 1941: $500, 1942: $1,000 in 1943 and 1944, and $1.500
In 1945. Interest is payable in Jan. and July. Legal opinion of Burgwin,
Scully & Rurgwin of Pittsburgh.
PISCATAWAY TOWNSHIP (P. 0. Piscataway) Middlesex County,
-The issues of tax revenue bonds,
-BONDS STILL UNSOLD.
N. J.
aggregating $89,000 unsuccessfully offered on March 29-V. 134. p. 2579
to the Township Attorney, who advises that
-remain unsold, according
a new resolution must be approved by the Township Committee if a further
attempt to market the obligations is to be made.
-LOAN OFFERING.
PITTSFIELD, Berkshire County, Mass.
J. P. Barnes, City Treasurer, will receive sealed bids until 11 a.m. (daysaving time) on July 11 for the purchase at discount basis of a $400.000
light
temporary loan, dated July 11 1932 and payable Dec. 20 1932 at the First
July 2 1932
National Bank, of Boston. Denoms. to suit purchaser. Said notes will be
authenticated as to genuineness and validity by the First National Bank
of Boston. under advice of Ropes, Gray. Boyden & Perkins of Boston and
all legal papers incident to this issue will be filed with said bank, where they
may be inspected.
-BOND OFFERING.
-Jesse
PLYMOUTH, Marshall County, Ind.
Yoder, City Clerk, will receive sealed bids until 7:30 p.m. on July 25 for
the purchase of $9,600 4% city hall site purchase bonds. Dated July 1
1932. Denom. $480. Due $960 annually from 1933 to 1942, incl. A
certified check for $500 must accompany each proposal.
-FINANCIAL STATISTICS.
PONTIAC, Oakland County, Mich.
The assessed valuation of property for the current year has been reduced
to $78,437,247, as comparen with $102,227,975 in the preceding year.
The city tax rate per $1,000 s $16.58. and year ago was $15.40. The
school rate has been reduced to $12.77 per $1,000, from the previous figure
of $13.60. The total city and school levy of $29.35 for the current year,
compares with last year's iigure of $29.
-BOND SALE.
PORT HURON,St. Clair County, Mich.
-Thomas H.
Molloy, Commissioner of Finance, informs us that the issue of $74,790
refunding special assessment public i-rtprovement, paving and sewer bonds
offered on June 22 was awarded as Ls to C. W. MclsTear & Co. of Chicago.
whose bid figured a net interest ccs., basis to the city of 5.65%. Dated
July 1 1932. Due July 1 as follows: $7,000 from 1934 to 1942 incl. and
$11,790 in 1943. Principal and interest are puyable at the office of the
City Treasurer. Stranahan, llarris & Co. of Toledo bid on a net interest
cost basis of 5.90%.
-BOND OFFERING.
PORTLAND, Multnomah County, Ore.
-Sealed
bids will be received until 11 a. m.on July 6, by Geo. R.Funk, City Auditor,
for the purchase of two issues of 6% bonds aggregating $300,000 as follows:
$200.000 poor relief bonds. Due on July 1 as follows: $8,000, 1938 and
1939: $9,000, 1940; $10,000, 1941 and 1942; 511,000, 1943;
312.000, 1944: 313.000, 1945:• $14,000. 1946; 315.000, 1947:
316,000, 1948; $17,000. 1949; 818,000, 1950; $19,000, 1951 and
$20,000 In 1952.
100.000 public works bonds. Due on July 1 as follows: $4,000, 1938:
34,500. 1939 and 1940: $5,000. 1941: 35,500, 1942 and 1943;
36.000, 1944: 36.500. 1945; $7,000, 1946: 37,500, 1947; 38,000.
1948 and 1949; 39,000, 1950 and 1951, and 310,000, 1952.
Denoms.$1,000,$500 and $100. Dated July 11932. Principal and int.
(J. & J.) payable in gold at the office of the City Treasurer, or at the fiscal
agency in New York. Bidders are requested to submit separate or alternative bids based upon the place of delivery. If delivery be demanded outside
of Portland, delivery shall be at the expense of the purchaser. Legality has
been approved by Storey, Thorndike, Palmer & Dodge of Boston. A
certified check for 5% of the face value of the bonds bid for, payable to the
City, is required.
-BOND SALE.
-The $35,000
PRYOR CREEK, Mayes County, Okla.
issue ot public nark bonds that was unsuccessfully offered on March 23
reported to have since been sold to an undisclosed
-V. 134. P. 2771-is
purchaser, as 5s at par. Due from 1937 to 1954.
-BOND OFFERING.
-We are
PUERTO RICO (Government of).
informed that sealed bids will be received until July 7. by the Chief of the
Bureau of Insular Affairs, at Room 3040. Munitions Building, Washington,
D. C., for the purchase of a 8525.000 issue of 434% semi-ann, irrigation
bonds. Dated Jan. 11932. Due from Jan. 1 1960 to 1966.
-B. F.
-BOND OFFERING.
PUT-IN-BAY, Ottawa County, Ohio.
McCann, Village Clerk, will receive sealed bids until 12 in. on July 16 for
the purchase of $27,458 534% improvement bonds. Dated Sept. 11932.
One bond for $458. others for $1,000. Due Sept. 1 as follows: $1.458 in
1933, $2.000 in 1934 and $3,000 from 1935 to 1942 incl. Interest Is payable in March and September. A certified check for 2% of the bonds bid
for, payable to the order of the Village Treasurer, must accompany each
proposal.
-BOND OFFERING.
PUTNAM COUNTY(P.O. Greencastle), Ind.
W. T. Handy, County Treasurer, will receive sealed bids until 10 a. m.
on July 6 for the purchase of $5.950 434% Washington Twp, road improvement bonds. Dated July 15 1932. Denom. $297.50. Duo one
bond each six months from July 15 1933 to Jan. 15 1943.
-FINANCIAL STATEFtAMSEY COUNTY (P. 0. St. Paul), Minn.
-The following statement is furnished in connection with the
MENT.
offering scheduled for July 18 of the 3500,000 issue of not to exceed 6%
semi-ann, court house and city hall bonds,series C,report of which appeared
In V. 134. p. 4528.
Official Financial Statement.
$574,061.438.00
Actual value of taxable property 1931, estimated
158,731,416.00
Assessed value of real estate
28,111,066.00
Assessed value of personal property
95,320,716.00
Assessed value or money and credits
138,960.00
Assessed value of electric light and power companies
5282,302,158.00
Assessed value of taxable property, 1931
Bonded indebtedness of Ramsey County on June 6 1932:
$173,768.46
Trunk highway reimbursement assumed by State of Minn_
Series A to F, inclusive, road & bridge bonds (Chap. 388.
4,161.000.00
S. L. Minn. 1923)
116,
Series 0 to L, inclusive, road & bridge bonds (Chap.
5,273,000.00
S. L. Minn. (1929)
202,000.00
Hospital bonds (Chap. 398, S. L. Minn. 1923)
86,000.00
Hospital & Almshouse bonds(Chap.70. S. L. Minn. 1927)-A and B. court house & city hall bonds (Chap. 397,
Series
1.436,000.00
S. L. Minn. 1929)
$11,331.768.46
Total
Average tax rate for 1931 for $1,000 taxable value, $73.79. Taxable
value of real property is 33 1-3% and 40% of the actual value. Taxable
40% of the actual value. Tax on
value of personal property is 10% to
money and credits is $3 on $1,000 actual value. Population, 1930, census,
285,029.
REE HEIGHTS INDEPENDENT SCHOOL DISTRICT (P. 0. Ree
-The $9,000
Heights), Hand County, S. Dak.-BONDS NOT SOLD.
issue of not to exceed 7% semi-annual funding bonds offered on June 21
-was not sold, according to the Clerk of the Board of
-V. 134, p. 4696
Education. Dated June 11932. Due $1,000 from 1934 to 1942 inclusive.
-BOND OFFERING.
RIPLEY COUNTY (P. 0. Versailles), Ind.
Willard N. Voss, County Treasurer, will receive sealed bids until 10 a. m.
on July 11 for the purchase of $10,400 434% Shelby Twp. road improvement bonds. Dated July 1 1932. Denom. $260. Due $520 each six
months from July 15 1933 to Jan. 15 1943.
-CITY TO DELAY IN DEBT
ROCKFORD, Winnebago County, III.
SERVICE PA YMENTS.-City Clerk Elmer 0. Strand is reported to have
stated that the city will be obliged to delay in the payment aspecial assessment bonds and interest coupons totaling $350.000 when they mature In
July. because of the slow collection of special assessment taxes. The situation has been further aggravated as a result of the action of the State
Legislature in advancing the deadline for payment of general and special
assessment taxes from July to October. it was said. Ills expected that the
city will be able to meet approximately 50% of the $350,000 special assessment obligations as they become due. The $77,000 in special assessment
funds that the city had on deposit In the now closed Rockford National
Bank is involved in a court action contesting the posting of securities to
guarantee the city account.
ROCKFORD SCHOOL DISTRICT, Winnebago County, Ill.
-The H. C. Speer & Sons Co. of Chicago
BONDS PUBLICLY OFFERED.
are making public offering of 3292,000 5% school funding bonds at prices
to yield 4.50% for the 1934 maturity; 1935,4.75%; 1936 to 1945 maturities
at 100 and interest. The issue is due in annual installments on Dec. 15
as follows: $25,000 from 1934 to 1944 incl. and $17,000 in 1945. The
bonds, according to the bankers, are full and direct obligations, and all of
the taxable property in the city is subject to the levy of general taxes for
the payment thereof.
Financial Statement (As Unofficially Reported).
$84,329,151
Assessed valuation, 1931
1,192,000
Total bonded debt, including this issue
85,864
Population
-The entire overlapping debt of Rockford, including county, townNote.
ship, city, sanitary district and schools, is $3,909,000 (4.76% of assessed
valuation).
1
Volume 135
Financial Chronicle
Annual tax collections for years 1928 to and including
1931 are each in
excess of 96% of the total levied.
ROCKLAND COUNTY (P. 0. New City), N. Y.
OFFERED.
-The issue of $300.000 coupon or registered -BONDS REpreviously offered at not to exceed 5% int. on June 21,highway bonds
at which
the one tender submitted was rejected because it did not comply withtime
the
conditions of sale
-V. 134, p. 4696
-is being re-advertised
p. m.(daylight saving time) on July 6. Sealed olds shouldfor award at
be addressed
to John Ducey, Clerk of the Board of County Supervisors. Dated
July 1
1932. Denom. $1,000. Due July 1 as follows: 311,000 in
1934: 07,000,
1935: $11,000, 1936: $28,000 in 1937 and 1938; $5.000.
$15,000, 1941;820.000,1942;825,000, 1943: 830.000. 1939; 310,000, 1940;
1944;$35,000 in 1945.
and $75.000 in 1946. Rate of int, to be
ot 1% and must oe the same for all of theexpressed in a multiple of 1-20th
bonds.
int. (J. & J.)
are payable at the National Bank & Trust Co. ofPrin. and aw, or at the
Haverstr
New York Trust Co., New York. A certified check for $5,000. payable
to the order of the County, is required. The approving opinion of
Clay,
Dillon & Vandewater of New York will ne furnished the purchaser
. Bonds
to be taken up and paid for in N. Y. City on July 18, or at a later date
mutually agreed upon.
Financial Statement.
Valuations
Actual valuation, real property (estimated)
$86.000.0008
Assessed valuation, real property and special franchise_ ___
58,200.659
Debt
Bonded debt outstanding as of June 1 1932
1,356,000
Thisissue
300,000
Total bonded debt
Bonds to be matured during the balance of the year 1932,for 1,656.000
which funds are on hand
76,000
Net bonded debt, including this issue
1,580,000
Floating debt outstanding, in addition to the above
68,666
The net bonded debt will be about 2.7% of the assessed valuation
upon
the issuance of these bonds.
Tax Data.
Year1928.
1929.
1930.
1931.
Total tax levy
946,155.19 1,065,447,01 1,156.102.90 1.377,481.96
Amount collected as
of May 1 each year 826.581.13 904,940.40 939.997.56 1.074,550
.49
Collection.ratio
87%
85%
81%
78%
The total amount of all outstanding uncollected taxes, excluding
the
1931 levy. is $213,362.72.
Population, 1920 Federal Census, 45,548: 1930 Federal Census, 59,529.
ROCKFORD SCHOOL DISTRICT, Winnebago County, Ill.
BONDS AUTHORI7ED.-The Board of Education recently approvedof
an issue of $292,000 school building construction bonds.
ROOSEVELT FIRE DISTRICT (P. 0. Roosevelt), Nassau County,
-ADDITIONAL INFORMATION-The issue of
N. Y.
$11,500 6%
fire bonds reported sold in V. 134, p. 4696, was purchased at a price
of
par by Peter Pirsch & Sons. Dated July 1 1932. Due July 1 as follows:
$500 in 1933; $2,000 from 1934 to 1937 incl., and $3,000 in 1938.
ROSELLE PARK, Union County, N. J.
-BOND SALE.
-The Roselle
Park Trust Co. has purchased at par $25,000 6% tax revenue bonds
and
$14,000 6% improvement bonds.
165
The notes will mature on July 15 1933. However,
for notes maturing on July 15 1933, bids for notesif no bids are received
maturing
1933 will be received and considered. Prin. and int, payable in on Feb. 15
gold at the
State Treasury or at the agencies of the State in the cities
of Charleston
and New York. Payment of interest on notes
lated for the actual number of days upon a 365 at maturity will be calcu-day-year
be received for all or any part of the $5,000,000 notes. basis. Bids will
vited to name the rate of interest at not to e cued 6%. Bidders are inopinion of Reed, Hoyt & Washburn of New York will The approving
be furnished.
If stipulated in the bid, the bidder will be required
and pay for only such portion of the notes bid for as to accept delivery of
the portion of the outstanding State Highway noteswill equal in amount
to the
July 15 1931, and payable July 15 1932, which are concurren State, dated'
tly
by the holder or holders to such bidder in exchange for notessurrendered
of like face
value.
SOUTH PLAINFIELD, Middlesex County, N.
J.
-REOFFERING
OF BONDS NOT ANTICIPATED.
-Charles Carone, Borough Clerk.
reports that no immediate reoffering is expected to be
made of the $150,000
tax-anticipation and tax revenue bonds for which no bids
were received at
the initial offering on April 18 (V. 134, p. 3140).
Interest rate at that
time was limited to 6%.
SPRINGFIELD, Clark County, Ohio.
-BONDS
An ordinance recently approved by the City Council AUTHORIZED.
provides for an issue
of $93.524.77 5% special assessment improvement
bonds. Dated March 1
1932. Due March 1 as follows: $10,524.77 in
1934:
1936. and $9,000 from 1937 to 1943, incl. Principal $10,000 in 1935 and
and interest (March
and Sept.) are payable at the agency of the city in New York.
SPRINGFIELD, Clark County, Ohio.
-BOND OFFERING.
-F. E.
Counts, Secretary of the Board of Sinking Fund Trustees,
will receive
sealed bids until 12 m.(Eastern standard time) on July
of $132,250.58 coupon or registered bonds, divided as 11 for the purchase
$66,000.00 4% city's share street impt. bonds. Dated follows:
Sept. 1 1930. Due
Sept. 1 as follows 37.000 from 1933 to
from 1939 to 1941 incl. Principal and 1938 incl. and $8,000
interest (March and
September) are payable at the office of the
66,250.58 5% flood prevention bonds. Dated Sept. City Treasurer. el
as follows $6.250.58 in 1933. $7,000 from 1 1931. Due Sept. 1
1934 to 1939 incl. and
36,000 from 1940 to 1942 incl.
and September) are payable atPrincipal and interest (March
the National City Bank of
New York.
No formal bidding blanks are required. Offers
to be accompanied bra
certified check for 2;.6% of the bonds bid for,
Sinking 'Fund Trustees. Single bid coveringpayable to the order of the
both issues to be made.
The approving opinion of Squire, Sanders
& Dempsey of Cleveland will be
furnished the successful bidder.
SPRING LAKE HEIGHTS, Monmouth
County, N. J.
-ADDITIONAL INFORMATION.
-The issue of $100,000 water system
bonds
purchased at a price of par during April by the
First National Bank of
Spring Lake Beach .;,y. 134. p. 2955) bears interest
at 61 and matures on
March 15 as follows: $20,000 in 1933; 310,000
from 1934 to 1937, incl..
and $40,000 in 1938.
SPRING VALLEY, Rockland County, N.
Y.
-The
$39,000 coupon or registered sewer bonds offered-BOND SALE.
on
p. 4528
-were awarded as 68 to R. W. Pressprich & June 29-V. 134,
Co., of New York.
at par plus a premium of $3, equal to 100.006.
RYE, Westchester County, N. Y.
a basis of about 5.99%.
-BOND OFFERIN
Dated July 1 1932. Due July 1 as follows: $2,000
Selzer,'Village Clerk, will receive sealed bids until 8 p.m.G.-WIRIara H.
from 1934 to 1952 incl..
(daylight
and $1,000 in 1953.
time) on July 13 for the purchase of 350.000 not to exceed 67 saving
interest
coupon or registered public improvement bonds. Dated July 1 1932.
STARK COUNTY (P. 0. Canton), Ohio.
°
-BONDS NOT SOLD.
Denom. $1,000. Due 85.000 on July 1 from 1933 to 1942. Incl. Rate
The issue of 3334,900 6% poor relief bonds
offered on June 27 (V. 134,
of interest to be expressed in a multiple of 1i or 1-10th of 1% and must be
p. 4361) was not sold as no bids were received.
Dated June 1 1932. Due
the same for all of the bonds. Principal and interest (Jan. and July)
on March 1 from 1934 to 1938, inclusive.
are payable at the Village Treasurer's office or at the Chemical Bank &
Trust Co.. New York. A certified check for $1.000, payable to the order
SWANTON, Franklin County,
-OFFERED.
-The
of the Village, must accompany each nroposal. The anproving opinion of
Issue of $10,000 5% refunding bondsVt.-BONDS RE
Clay. Dillon & Vandewater of New York will be furnished the successful
(V. 134, p. 4196) is being re-advertisedunsuccessfully offered on May 12
bidder.
time) on July 6. Sealed bids should befor award at 7:30 p.m. (standard
Town Treasurer. Bonds are dated Mayaddressed to George L. Loiselle.
SAN ANTONIO, Bexar County, Tex.
1932.
-BOND EXCHANGE.
$5,000 on Nov. 1 from 1933 to 1940. incl. 1Prin, Denom, $1,000. Due
-It
Is reported that the litigation having been settled over the 81.100.00
and
are payable at the First National Bank of Boston. int.(May and Nov.)
0
city refunding bonds
434
-V. 134. p 4022
-the bonds have been deFinancial Statement, April 15 1932.
livered to local banks in exchange for a like amount of the city's 6% notes.
Assessed valuation for 1931
Mayor Chambers is reported to have said that these notes have been
Town debt
-Floating (town orders)
accumulating during the past 20 years.
81.975,06540,000
School bonds
5.000
Refunding
ST. PETERSBURG, Pinellas County, Fla.
-VALUATIONS RE67.000
DUCED.
-It is reported that the assessed valuations on buildings have
Total debt
been cut approximately 10% under the new valuations made by the city.
$112,000
Total of building values under toe new a-ssessment stands at $47,427,1
Note.
-Proceeds of this issue to be applied to retire
11,
outstanding orders.
compared with 552.677,641 for the entreat year. Land valuation
TALLULA, Menard County, Ill.
s show
-BOND SALE.
deesse of 46.13%.
a
-Lane H. Sowers,
Village Clerk, reports that an issue of $4.000
6% right-of-way bonds
has oeen purchased at a price of par by G.
SCOTTSBLUFF, Scotts Bluff County, Neb.-ADDITIONA
P. Ayres, a local investor.
L
Due $500 annually from 1933 to 1940 incl.
DETAILS.
-The $20.000 issue of refunding bonds that was purchased
by the Omaha National Co. of Omaha as 5Yis at par
TARRYTOWN, Westchester
-V.
-BOND SALE.
is dated March 1 1932. Coupon bo.ids in the denom. of104. p. 4696
-The
four issues of coupon or registered County, N. Y.
31.006. Due
bonds aggregating $141,500 offered on
on March 1 1942 and optional after five years. Int. payaole J. & D.
June 29-V. 134, p. 4529
-wore awarded as 554s
New York at a price of 100.125, a basis of about to helps, Fenn & Co. of
SEQUIM SCHOOL DISTRICT (P. 0. Port Angeles), Clallam
5.73%:
$50,000 Andre Brook impt. bonds. Due July 1
County, Wash.
-BOND SALE.
-The $27,500 issue of school bonds
1933 to 1942 incl. and $3.000 from 1943 as follows. $2,000 from
for sale on June 27 (V. 134. p. 4529) was purchased by the State ofoffered
47,000 Central Ave. impt. bonds. Due July 1 to 1952 incl.
Washington as 5%s at par. Due in 10 years, optional after 2 years.
1933 to 1945 incl. and $3,000 from 1946 to as follows: $2,000 from
1952 incl.
32,000 Leroy Ave. impt. bonds. Dub July
SHELBYVILLE, Bedford County, Tenn.
-BOND REPORT.
1
-It is
reported that it has been decided not to reoffer for sale the
to 1944 incl. and $1,000 from1945 to as follows: $2,000 from 1933
12.500 road irnpt. bonds. Due July 1 as 1952 incl.
of 5% semi-annual refunding bonds that was offered for sale$23.000 issue
without sucfollows: $1,500 in 1933 and
cess on Doe. 15 (V. 133. p. 4193). Dated Dec. 1 1931. Due on
$1.000 from 1934 to 1944
Dec. 1
Each issue is dated July 11932. incl.
1951
Public
made at prices to yield from 5 to 5.50%.re-offering of the bonds is being
SHERMAN, Chautauqua County, N. Y.
banks and trust funds in New York State, Legal investment for savings
-BIDS FOR BONDS UNaccording to the bankers.
SATISFACTORY
-ISSUE RE
-OFFERED.-J.
Pratt,
TAYLOR COUNTY (P. 0. Medford),
advises us that the bids received at the offering G. June 20 Village Clerk,
on
of 315,000 5%
In connection with the offering scheduled Wis.-OFFERING DETAILS.
coupon or registered water works extension bonds
-V. 134,
-were
5% semi-annual road bonds-V. 134. p. for July 6 of the $40,000 issue of
turned down as unsatisfactory, and that the issue is being p. 4529
4697
bonds have been printed and are approved -we are informed that the
award at 8 p. in. on July 5. Bids should be addressed to Mr.re-offered for
by the Attorney-General, and
Pratt.
will not be sold for loss than par, it is
July 11932. Due SLOW on July 1 from 1933 to 1917 inclusive. Dated
legal approval he will have to furnish stated that if the purchaser desires
certified check for 5% must accompanythe same at his own expense. A
SHIAWASSEE COUNTY (P. 0. Corunna), Mich.
-BONDS REthe bid.
OFFERED.
-The issue of $.55.000 not to exceed 5% interest poor relief
TEXAS, State of (P. 0. Austin).
bonds previously scheduled for sale on June 27 (V. 134, p.
-BOND REPORT.
-It is said that
those counties unable to sell highway bonds
reoffered for award at 230 p.m. (Eastern standard time) on 4696) is being
advanced to them by the State Highway advantageously will have funds
July
ders will be received by A. W. Burnett, County Clerk. Dated 5. TenCommission. It is reported that
bonds of sufficient amounts are to be
placed
1932. Denom. $1,000. Due $11,000 on June 15 from 1933 June 15
ties to be thus aided will be Bell, McLenna in escrow. Among the counincl. Interest is payable on June and Dec. 15. A certified to 1937.
n and Pecos. according to report.
5% of the bid, payable to the order of the County Treasurer check for
TRUXTON CENTRAL SCHOOL
, must acDISTRICT (P. 0. Truxton),
Cortlandt County, N.Y.
company each proposal.
-BONDS DEFEATED.
-The proposed $165.000
school building construction bond issue
SMITH TOWNSHIP SCHOOL DISTRICT (P. 0. Langelot
submitted at the election on June
23 (V. 134, p. 4529) was defeated.
Washington County, Pa.
,
-ADDITIONAL INFORMATION. h),
VALLEY TOWNSHIP SCHOOL
issue of $70,000 5% refunding bonds awarded on June 20 to Singer, -The
Deane
DISTRICT (P. 0. Coatesville),
Chester County, Pa.
& Scribner, of Pittsburgh-V. 134, p. 4695
-was awar -led at a
-BOND SALE.
-The $10,000 4 5' coupon school
bonds offered on June 29-V. 134.
$5, equal to a price of 100.097. a basis of abut 4.99%. Datedprice of
p.
July 1
-were awarder!
Leach Bros.
of Philadelphia at a price of 100.19. 4530
1932. Due Jan. 1 as f Mows: $4,000 in 1935: $5,003 from 1937 to
Inc .; $6,000 from 1940 to 1914 incl., and 07,003 from 1945 to 1947 1939
VINCENNES, Knox County, Ind.
incl.
-BONDS NOT SOLD.
-The issue
SOCORRO COUNTY SCHOOL DISTRICTS (P. 0. Socorro), N.
issue of $31.919.58 not to exceed
M.
5% interest funding bonds offered on
June 28-V. 134,_p. 4362
-BOND OFFERING.
-It is reported that sealed lids will be received
-was
May 23 1932. Due Jan. 1 asnot sold, as no bids were received. Dated
until July 15, by Pedro Lopez, Secretary of the County Board of Educafollows: $2,000 from 1934 to 1942 incl..
and $13,919.58 in 1943.
tion, for the purchase of two issues of 6% semi-ann, refunding bonds
gating $18,500, as follows: $8,500 School District No. 3 bonds to aggreVIGO COUNTY (P. 0. Terre
be ofHaute),
fered at 1 p. m.,and $10,000 School District No,6 bonds at 2 p. m. Denom.
-BONDS NOT SOLD.
The issue of $2,800 5% Nevins Township Ind.
road improvement bonds offered
$500. Dated June 11932.
on June 22(V. 134, p. 4530) was not
sold,
June 15 1932. Denom.$140. Due one as no bids were received. Dated
SOUTH CAROLINA, State of (P. 0. Columbia).
-TEMPORARY
bond each six months from July 15
1933 to Jan. 15 1913.
FINANCING.
-It is stated that the officials of the State have recently
concluded arrangements with the Bankers Trust Co., the First National
WACONIA, C
County, Minn.
Bank, both of New York, and the First National Old Colony Corp.. for a
-BOND ELECTION.
-It is rePorted that an election will be held on July 12
renewal until Feb. 1 1933 of the $5,000.000 in tax anticipation notes which
in order to have the voters
pass on the proposed issuance of $35,000
in
mature on July 1-V. 134. p. 2580. It is reported that as yet no definite
It is said that the bonds are to be purchased electric light plant bonds.
by the State of Minnesota,
plans have been made for the renewal of the $5,000,000 334% State highway
subject to the election.
certificates of indebtedness maturing on July 15.
WALTHAM, Middlesex County, Mass.
SOUTH CAROLINA,State of(P.O. Columbia).
-TEMPORARY LOAN.
-NOTE OFFERING.
The $200.000 temporary loan offered on
-Sealed bids will be received until noon on July 13 by J. It, Scarborough.
awarded to the First National Old ColonyJune 28 (V. 134, p. 4697) was
Corp.
State Treasurer, for the purchase of a $5.000,000 issue of State Highway
count basis. Dated June 28 1932 and due on of Boston at 5.25% disnotes. Denom. to be named by the purchaser. Dated July 15 1932.
turity had originally been given as Jan. 10 1933. Dec. 27 1932. The ma-
166
Financial Chronicle
-BOND OFFERINGt-B. M.
WARREN, Trumbull County, Ohio.
HiByer, City Auditor, will receive sealed bids until 1 p.m. on July 15 for
1
-the purchase of $13,000 534% fire department bonds. Dated April to
1932. Due on Oct. 1 as follows: $1.000 in 1933 and $2,000 from 1934
office
1939, incl. Principal and interest (April and Oct.) are payable at the a rate
of the Sinking Fund Trustees. Bids for the bonds to bear interest at
other than 534 %,expressed in a multiple of g of 1%, will also be considered
A certified check for $500, payable to the order of the city, must accompany
-each proposal.
-WARRANT OFFERWARREN COUNTY (P. 0. Vicksburg), Miss.
.ING.-Sealed bids will be received, according to report, until July 8 by
Board of Supervisors, for the purchase of a
J. G. Sherard, Clerk of the
95,000 issue of loan warrants.
-The
WASHINGTON, Franklin County, Mo.-LIST OF BIDDERS.
following is an official list of the other bids received for the $25,000 block
that was sold publicly out of the $30,000 issue of 5% coupon semi-ann.
public sanitary sewer bonds, to Rudolph Rubert & Co. of St. Louis, at
100.115, a basis of about 4.97%-V. 134. p. 4697:
Price Bid.
Names of other Bidders$25,025.00 on serial
Bank of Washington
25,287.50 on serial
Rudolph Ruben & Co
24,761.00 on 5-20
this & Co
25,092.75 on serial
&Ix SeCo
24,750.00 on serial
F. W. Hemker Co
24,550.0000 5-20
F. W. Hemker Co
24,292.50 on 5-20
-Commerce Trust Co., Kansas City, Mo
24,292.50 on serial
Commerce Trust Co., Kansas City, Mo
25,012.50 on serial
Baum Bernheimer Co., Kansas City. Mo
-BOND OFFERING.
Ohio.
WASHINGTON, Fayette County,
m. on July 9
Lang Johnson, City Auditor, will receive sealed bids until 12 1 1932. One
refunding bonds. Dated May
for the purchase of $24,959 6%
$1,259 May I
bond for $1,259,others for $1.300 and $1,200. Due asfollows1 from 1934 to
and $1,200, Nov. 11933; $1,200 May 1. and $1,300. Nov. for the bonds
November. Bids
1942 incl. Interest is payable in May and
a multiple of g of
to bear interest at a rate other than 6%, expressed inpayable to the order
1%, will also be considered. A certified check for $250,
of the city, must accompany each proposal.
part of
(This issue was authorized by the city council during the latter
-V. 134, p. 4028.)
May
COLLECTIONS.
-TAX
WATERBURY,New Haven County,Conn.
of the first half
It was reported on June 28 that the city had collected 92% made of $392,while prepayments had been
of 1932 tax levy of $2,908,970,
which is not due
559 on account of the levy for the second half of the year, in order to take
until November. Taxpayers have made advance payments Up to June 1,
payments.
advantage of the discount of 4% allowed on such collections totaled 86% of
the delinquency date for the first half year levy, it was further stated. In
the levy. Delinquencies carry a penalty of 9%,
the retirement
addition to the foregoing, the report said that as a result of
is now free of any
on May 31 of $1,500,000 tax anticipation notes. the city
amounting to
floating indebtedness. Bank deposits were reported as
$1.398,808.
-The $25.000
WATERFORD, Racine County, Wis.-BOND SALE. on Jan. 5was authorized
Issue of sanitary sewer system bonds that purchased by a local investor.
-is reported to have since been
710
V. 134. p.
-NOTES TO BE REWAYNE COUNTY (P. 0. Richmond), Ind.
-Howard Brooks, County Auditor, states that the issue of
OFFERED.
for award
$95,000 6% township poor relief notes, originally scheduled
-was not sold, because of an error that apon June 30-V. 134, p. 4362
the issue
peared in the record of proceedings. Mr. Brooks reports that May and
on
will be reoffered early in August. Dated June 1 1932. Due
Nov. 15 1933.
-The
-BOND SALE.
WELLS COUNTY (P. 0. Bluffton) Ind.
bonds offered on
$4,990.35 434% coupon Union Twp. road construction National Bank,
-were awarded to the Old-First
25-V. 134. p. 4362
June
a premium of $4, equal to 100.08,
of Bluffton. the only bidder, at par plus 1932. Denom. $249.51. Due one
a basis of about 4.48%. Dated April 4 Jan. 15 1943.
months from July 15 1933 to
bond each six
-Sealed
WEST ALLIS, Milwaukee County, Wis.-BOND OFFERING.
Finance Committee, according
bids will be received by the Mayor and the on July 12, for the purchase of
Henika, City Clerk, until 7 p. m.
to M. C.
$75,000, divided as follows:
four issues of 5% semi-annual bonds aggregating from 1938 to 1952, incl.
Due $3,000
$45,000 street improvement bonds.State Bank in West Allis.
West Allis
Payable at the
in 1944. and $2,000,
as
17,000 storm sewer bonds. Due thefollows: $1,000Bank of West Allis.
First National
1945 to 1952. Payable at
incl. Payable at
10,000 school bonds. Due $1,000 from 1933 to 1942,
the First National Bank of West Allis.
from 1933 to 1935, Incl. Payable at
3MO sewer bonds. Due $1,000
the First National Bank of West Allis.
less than par and
These bonds must be sold and disposed of for not certified check for
A
accrued interest. Bidders must furnish blank bonds.
par value of the bonds bid for, is required.
5% of the
1931, all bonds issued by
tinder Chapter 67 of the Wisconsin statutes of
this city are exemptfrom taxation.
of taxable property of the City of
-Assessed valuation
Basis of Issue.
purposes:
West Allis for State and county
$85,732,345
$56,939,728 1930
1927
76,120,472
68,653.407 1931
1928
81,188,479
1929
purposes:
For city
52,269,131
$43,814.726 1930
1927
50,909388
45.862,179 1931
1928
1929
447,400.
Bonded debt March 1 19i2,
Ohio.
-ADDITIONAL
WEST JEFFERSON, Madison County, assessment improvement
-The issue of $66.500 special
INFORMATION.
-V. 134,
National Bank, of Columbus
bonds purchased by the Huntington
was sold at a Price
-bears interest at 6%. pay able semi-ann., and of $1,000 and $500.
p. 4028
Coupon bonds in denoms.
of par and accrued iAterest.
N. J.
-BONDS NOT SOLD.WEST NEW YORK, Hudson County,
bonds offered at not to exceed 6% int.
The issue of $95,000 tax revenue
-was not sold, as not bids were received.
4697
•on June 28-V. 134, p. due on June 30 1933.
Dated June 30 1932 and
(P. 0. West Winfield),
WEST WINFIELD SCHOOL DISTRICT -At an election held on
-BONDS VOTED.
Herkimer County, N. Y.
of an issue of $275,000 school building conJune 6 the voters approved
struction bonds.
-William
-BOND OFFERING.
WESTWOOD, Bergen County, N. J.
will receive sealed bids until 8 p.m. (daylight
L. Boat. Borough Clerk,for the purchase of $361,000 not to exceed 6%
saving time) on July 12
as follows:
Interest coupon or registered bonds, divided July 15 as follows: $7.000 from
Due
$216,000 public improvement bonds. 1947 and $10,000 from 1948 to 1958,
1933 to 1946, incl.; $8,000 in
incl.
Due July 15 as follows: $25,000 in 1933 and
145.000 assessment bonds. to 1937, incl.
$30.000 from 1934
Denom. $1,000. Rate of interest
Each issue is dated July 15 1932. 1%. Prin. and int. (Jan. and July
of
to be expressed in a multiple of'
at the Guaranty
the First National Bank, Westwood, or bonds at 6% in15) are payable at
for at least par for the
Trust Co., New York. If no bid made at a price of not less than 99. A
received, award may be
terest is
for, payable to G.A. Kuhn, Borough
certified check for 2% of the bonds bid
The approving opinion of
Collector, must accompany each proposal. be furnished the successful
Hoffman of New York will
Thomson, Wood &
bidder.
SCHOOL DISTRICT (P. 0. Cementon),
WHITEHALL TOWNSHIP SALE.
-The $85,000 coupon school bonds
-BOND
Lehigh County, Pa.
were awarded as 5s to Leach Bros.
offered on June 28 (V. 134. p. 4697)
of about 4.87%. Dated Aug. 1
at a price of 100.53, a basis1934: $2,500 from 1935 to 1937,
of Philadelphia
follows: $4,500 in
1932. Due Aug. 1 as
$6,000. 1940; $7,000. 1941 to 1944:
incl.; $3,000, 1938; $5,000. 1939; $12,000 in 1947; optional after Aug. 1
$9.000. 1945; $10,000 in 1946 and
1937.
DISTRICT (P. 0. White Salmon),
WHITE SALMON IRRIGATION SALE.
-It is reported by the Secre-BOND
K.lickitat County, Wash.
that a $30,000 issue of refunding bonds has
tary of the Board of Directors Washington. Due $1,500 from July 1 1935
purchased by the State of
been
to 1954. inclusive.
July 2 1932
-BOND SALE CONWILMINGTON, New Hanover County N. C.
-It is reported that J. R. Benson, City Clerk and TreasTEMPLATED.
in refunding bonds. (An issue of
urer, will offer at private sale 550.000
8175.000 refunding bonds was recently authorized-V. 134. D. 4530.)
-BOND OFFERING.
WINDSOR LOCKS, Hartford County, Conn.
The Town Selectmen will receive sealed bids at the Hartford-Connecticut
Trust Co.. 750 Main St., Hartford, until 2 p. m.(standard time) on July 8
for the purchase of $150,000 534% bonds. Dated July 5 1932. Denom.
81.000. Due $5,000 on July 5 from 1933 to 1962 hid. Principal and
Interest (Jan. and July 5) are payable at the Hartford-Connecticut Trust
Co., Hartford. The trust company will certify as to the genuineness of
2% of
the bonds and the seal impressed thereon. A certified check for accomthe face value of the bonds, payable to the order of the town, must
pany each proposal. Legal opinion of Day, Berry & Reynolds of Hartford
will be furnished the successful bidder.
Presently outstanding bonds of the town total $150.000, incl. 6100,000
bonds of an original issue of $150,000. which mature $5,000 annually, and
$35,000 sewer bonds, due Jan. 15 1935, according to James D. Outerson.
Town Clerk and Treasurer. The current grand list is in excess of $6,000,000
and the tax rate is 18 mills. Population, according to 1930 census, 4,073.
Mr. Outerson states that certain funds set aside as a sinking fund to provide
for the retirement of town bonds are on deposit in two banks which are
being liquidated, one of which is now paying a 10% dividend to depositors,
while the other is expected to take similar action. The clerk further states
that appraisals of the assets of both institutions indicate that depositors
will receive approximately 95% of their deposits.
-BOND REFUNDING CONWINTER HAVEN, Polk County, Fla.
-A news dispatch from this city to the "Wall Street
TEMPLATED.
Journal" of June 28 reported on a contemplated settlement of the default
situation as follows: Although the city is about a year behind on bond
int. payments and has not retired any bonds during the past 12 months.
a plan is being worked out now to refund each year's obligations as they
fall due. The attitude of the Administration is to meet the city's bond
obligations in the best way possible to the satisfaction of all concerned.
Total bonded indebtedness is $2,050,000, with about $120,000 int. annually.
-The
-NOTE SALE.
WINSTON-SALEM, Forsyth County, N. C.
8540.000 issue of short-term bond anticipation notes that was authorized
-has since I), ..,1
by the Board of Aldermen on June 11-V. 134, p. 4697
purchased by the Wachovia Bank & Trust Co.of Winston-Salem. Da t cd
June 28 1932. Due on Dec. 28 1932.
•
-The Woburn
-LIST OF BIDS.
WOBURN, Middlesex County, Mass.
National 'Bank, Woburn Five Cent Savings Bank, Tanners' National Bank
and the Woburn Co-operative Bank were associated with the First National
Bank, of Boston, in the purchase on June 24 of a $150,000 temporary loan
at6% discount basis. Loan is dated June 27 1932 and due on May 10 1933V. 134, p. 4697.
-BOND SALE.
WOODBURY COUNTY (P. 0. Sioux City), Iowa.
The $100.000 issue of funding bonds offered for sale on June 27-V.I34,
-was purchased by Halsey, Stuart & Co. of Chicago as 434s,
p. 4530
paying a premium of $755, equal to 100.755, a basis of about 4.87%.
Dated March 11932. Due from Nov. 1 1936 to 1941.
The only other bid received was a premium offer of $750 on 4gs by a
ncan,
(Naspell, Vieth &
el et C
M. ectgi te_ ,hiitis o
epocom
ti
ed cf
h b Bend er it afeetind
-TEMPORARY LOAN.
WORCESTER, Worcester County, Mass.
-was
The $300.000 revenue note issue offered on June 27-V. 134,p. 4697
awarded as follows: the Nov. 21 1932 maturity of $200,000 was sold to
the Day Trust Co. of Boston at 2.26% discount basis, while the $100,000
Feb. 15 1933 maturity was purchased by the Shawmut Corp. of Boston
at 2.87%. The Worcester County National Bank bid a discount basis of
2.32% for the November maturity and 2.91% for that of February, and
the Shavrmut Corp. of Boston bid 2.35%, plus a premium of $5, for the
November issue.
-BONDS DEFEATED.
WORTH COUNTY (P. 0. Northwood) Iowa.
-the voters
-At the primary election held on June 6-V. 134, p. 3324
in county home and land purchase
rejected the proposal to issue $35,000
bonds.
-BOND SALE CONTEMPLATED.
YAKIMA,Yakima County, Wash.
-It is reported that the city will offer for sale in the near future a $40,000
issue of fire department bonds.
goa
CANADA, its
Provinces and Municipalities
-The issue of £1,000,000 5%
-PRICE PAID.
ALBERTA (Province of).
registered stock of the Province, due June 1 1967, which was placed on the
market in London, England.last week by a group composed of the Dominion
Securities Corp., Wood, Gundy & Co.,and the Imperial Bank of Canada
-was offered for public subscription at a price of 98. The
V. 134, p. 4698
underwriters, it was said, have been left with 80% of the issue. Dealings
In the bonds on the London Stock Exchange started on June 29 at a discount of 1%. it was further reported.
-James Henderson,
DUFFERIN COUNTY, Ont.-LIST OF BIDS.
County Treasurer, sends us the following list of the bids received at the
offering on June 20 of 565.000 6% coupon bonds, award of which was
-V. 134, p. 4698.
made to the Dominion Securities Corp. of Toronto
Rate Bid.
Bidder98.57
Dominion Securities Corp. (successful bidder)
96.50
& Co
Gairdner
x96.16
McLeod, Young, Weir & Co
x96.03
A. E. Ames & Co
96.897
J. L. Graham & Co
96.08
Cochran. Murray & Co
x94.12
McKeon & Co
Harris.
x97.11
Dyment,Anderson & Co
x Optional bids.
-We now learn that Wood, Gundy &
GUELPH, Ont.-BOND SALE.
t
Co. of Toronto have purchased a total of 8190.000 5% improvemena
bonds, not $145.000 as reported in V. 134, p. 4530. The city received
for the issue, the net interest cost basis per annum being
price of 95.31
about 6.13%. Bonds mature in 10 years.
-Wood, Gundy & Co..
HALDIMAND COUNTY, Ont.-BOND SALE.
of Toronto, recently purchased $110,000 5% bonds, due in from one
to 10 Years, and are making public reoffering at prices to yield 6.10%.
-C. H. Burgess & Co., of Toronto.
HANOVER, Ont.-BOND SALE.
bonds,
recently purchased issues of 525,766 6% improvement one to due in
30 years.
from
from one to 20 years, and 821,800 6% bonds, due into
20 years, has been
issue of 89,484 6% bonds, due in from one
An
of 97.50.
sold locally at a price
NORANDA PROTESTANT SCHOOL MUNICIPALITY, Can.
-A. E. Lambert, Secretary-Treasurer, will receive
BOND OFFERING.
8 p. m. on July 10 for the purchase of $30,000 6% bonds,
sealed bids until
dated Sept. 1 1932 and due serially from 1 to 15 years.
-Sealed bids will be received
ORILLIA, Ont.-BOND OFFERING.
until 12 M.(daylight saving time), on July 4 for the purchase of $126.764
to the payment
6% bonds, bearing the guaranty of the County of Minces)asbe dated July 2
of principal and interest, according to report. Bonds will in from 1 to 30
1932 and mature 892,000 in from 1 to 10 years, $32,564
years, and $2,200 over a period of 15 years.
-The issue of $59.PERTH, Ont.-ADDITIONAL INFORMATION.
-was purchased
144.45 6% impt. bonds reported sold in-V. 134. la. 4530
June 15
at a price of par by Thomas Farmer of Perth. Due serially on
from 1934 to 1942 incl.
-Mayor
$1,000,000 BOND ISSUE.
-PROPOSED
VANCOUVER, B. C.
of a proposed
Louis D. Taylor has advocated the submission to the voters
from $1 to $20,
$1,000,000 5% bond issue to be issued in denom. ranging
payment of wages for various
and which would be given by the city in would be redeemable by the
public improvement purposes. The bonds
other city assesscity in payment of land taxes, water rates, licenses and
the same as
ments and would be accepted in regular business transactions
usual currency.
-The City Council voted
WINDSOR, Ont.-LOAN AUTHORIZED.
Canadian
on June 27 to borrow $1,000.000 at 530 interest from the
Bank of Commerce.
@FedFRASER