The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The
jirtantial
lir-murk
Volume 135
New York, Saturday, July 30 1932
Number 3501
The Financial Situation
HERE is occasion for regret all around in the
proceedings which the United States Government has instituted for the suspension of grain
trading on the Chicago Board of Trade. There appears little likelihood that suspension will actually
occur, since the Government is going ahead very
cautiously, with the evident purpose of causing a
minimum of disturbance, and allowing ample time
to test the merit of the whole proposition, while at
the same time giving the Board of Trade a chance to
reconsider the course pursued by it and which induced the Government to place a ban upon trading in
grain as a penalty for the refusal of the Board of
Trade to grant certain privileges to the Farmers
National Grain Corporation, a Government body,
under the provisions of the Grain Futures Act. But
the proceedings themselves must be viewed with
regret, since it would seem that'matters of that kind
ought to be amicably adjusted rather than by an
action in court, as is now being done,and,if possible,
adjusted to the satisfaction of the Government, if
this can be done without the sacrifice of any vital
principle.
It would certainly be in the highest degree deplorable if trading in grain on the Board of Trade
was suspended, even if only temporarily. We may
go further and say that any kind of a suspension
would be in the nature of a public calamity. The
Chicago Board of Trade is the largest grain exchange
in the world and furnishes the broadest market to
be found anywhere. There are other grain exchanges
in the West, but the Chicago Board of Trade has
'been continuously engaged in grain trading since
before the Civil War, and has always been the recognized grain market of the country, and to which all
other grain exchanges are subordinate. The operations of these other exchanges would undoubtedly
be handicapped without the leadership of the
Chicago Exchange, and the grain markets would become confused, if not actually demoralized, should
trading on the main Exchange be discontinued.
What suspension would mean regarding market
prices for grain can easily be imagined. That the
ultimate effect would be detrimental in the extreme,
of this there can be no doubt. General demoralization of prices could not fail to prove highly injurious
to the grain producing sections of the country,
already in such a sad plight by reason of the low
prices prevailing for grain, and this would come at
the very time when the grain markets, as has happened the present week, are showing a reviving tendency and for the first time in a long while are enjoying a sustained advance in prices.
T
As already stated, the menace of suspension must
be regarded as remote rather than immediate, and
in the meantime it will be interesting to inquire into
the merits of the dispute and the points at issue.
On Saturday last the Chicago Board of Trade received official notice that as a penalty for alleged
violation of the Grain Futures Act a suspension of
operations for 60 days would be imposed on the
Board. However, a 15-day stay of the application
of the penalty until Aug.7 was allowed to determine
whether the Trade Board would withdraw from its
threatened expulsion of the Farmers' National Grain
Corporation from membership in the Board, and
the order further indicated that an appeal to the
courts against the execution of the order was expected. The point at issue is simply the matter of
trading privileges for the Federal Farm Board's
affiliates. The Grain Futures Act of 1922 provides
that contract markets in the grain trade should be
authorized by the Secretary of Agriculture. One
of the conditions is that no "authorized representative of any lawfully formed and conducted co-operative association of producers" should be excluded
"from membership in, and all privileges on, such
Board of Trade." If the Board of Trade is shown
to have failed to comply with this or other stipulations of the statute "a commission composed of the
Secretary of Agriculture, the Secretary of Commerce, and the Attorney-General is authorized to
suspend for six months or to revoke the designation
of any Board of Trade as a contract market.
It is under this provision that Arthur M. Hyde,
Secretary of Agriculture; William D. Mitchell, Attorney-General, and Robert P. Lamont, Secretary of
Commerce, acting as members of the Commission referred to, issued the suspension order. The terms of
the order are that "the designation of the Board of
Trade of the City of Chicago heretofore made by the
Secretary of Agriculture in pursuance of the Grain
Futures Act of 1922, be and the same hereby is suspended for a period of 60 days from the date that
this order shall become effective." It is provided,
however, that the order shall not become effective
until the expiration of 15 days from its date. Moreover, the order also contains the following express
declaration, namely: "The Commission hereby reserves jurisdiction to entertain an application for
mitigation of the penalty herein imposed, upon
notice to all parties and after proper hearing, and
upon a showing that the Board of Trade has receded
from its position."
From a statement issued by Weymouth Kirkland,
attorney for the Chicago Board of Trade, it appears
668
Financial Chronicle
that the controversy grows out of the refusal of the
Farmers' National Grain Corporation to allow the
Board of Trade to examine its books. The Board had
expelled the Updike Grain Corporation, which the
Farmers' National had purchased. Then the Farmers' National applied for membership in the Board's
Clearing Corporation. Mr. Kirkland explained that,
if properly and legally constituted, a co-operative is
entitled to membership, but added that when the
Board began to investigate to determine whether the
Farmers' National was a true co-operative, the latter
refused to open its books. The employees of the
Farmers' National gave testimony at the hearing
proving conclusively, so Mr. Kirkland contends, that
the organization was. not a true co-operative. Mr.
Kirkland adds: "According to the Capper-Volstead
Act and the Grain Futures Act a lawfully constituted co-operative must do at least 50% of its business with its own members. George S. Milnor, General Manager of the Farmers' National, admitted on
the witness stand that his concern did more than
50% of its business with non-members."
But what is involved in the loss of privileges to
clear future trades through the Chicago Board's
clearing corporation, which the Commission holds
to be "merely an agency of the Board of Trade." The
Grain Corporation contended that the loss of such
privileges would cost it $100,000 a year more in expenses than it now encounters on its average trading, owing to the necessity of paying commissions to
brokers who hold clearing privileges.
The fact that the Grain Corporation did a large
amount of business for non-members of co-operatives
was argued by the Board of Trade as a ground for ,
refusal of the clearing privilege, but the Commission
held that most of this business arose from transactions carried out by the Grain Stabilization Corporation, a Farm Board controlled enterprise. The
Chicago Board also questioned the status of the
Grain Corporation in regard to possessing adequate
financial responsibility, citing the fact that most of
its capital had been supplied by loans from the Farm
Board; but this, the Commission ruled, was complaint lacking "substantial basis." The Grain Corporation, it was concluded, had "sustained the burden of proof with respect to its qualifications for
enjoyment of all the privileges of the Board of Trade,
including the clearing privilege, and "the clearing
privilege has been unjustly denied it."
It appears that members of the Chicago Board of
Trade who were not also members of the clearing
corporation were required to pay to other brokers
who were members of both the Board and the Clearing Corporation one-half of the commission charged
non-Board members. The Farmers' National was
allowed membership on the Board but not membership in the Clearing Corporation. It first surmounted this obstacle by the outright purchase of
the Updike Grain Corporation, which through its
offices had membership in the Clearing Corporation.
Through this arrangement it was required to pay no
commission until recently, when the Updike Corporation was suspended for violation of the Board's
rules. The Farmers' National then resubmitted its
application for access to the Clearing Corporation.
When this was denied, it entered charges against the
Board demanding that its license be revoked by the
Grain Futures Commission.
It appears from all this that the point at issue is
simply the matter of earning commissions on deal-
July 30 1932
ings on the Board of Trade, and here we have the
rather unique example of a Government body seeking to reduce its expenditures by saving such commissions. For that very reason, the experience being
so rare of a Government agency seeking to hold down
expenses, the Farmers' National Grain Corporation
ought to be encouraged in its effort as a reward for
right action. In a larger sense the controversy seems
to be too trivial to be permitted to go to the extreme
of destroying even temporarily the functioning of a
market the operation of which should not be jeopardized. The Federal Farm Board and the Chicago
Board of Trade should get together and adjust their
differences in an amicable fashion, without waiting
for the courts to determine the exact right of each.
In the last analysis the Farm Board is simply endeavoring to execute an Act of Congress, and whatever the merit or propriety of such Act much should
be yielded to any Government agency engaged in
such an undertaking where, as already stated, no
vital principle is at stake, simply out of respect for
the law.
IN THE meantime the price of wheat has latterly
been steadily rising. The present week, in particular, a further sharp upward spurt has occurred.
This, along with the great improvement in hog prices,
which has been a feature of •the last four or five
weeks, has put new heart in the farming community,
and it lies at the bottom of the revival of speculative
interest in the stock market, which has been another
favorable development of the week. Buying of
wheat has been on a confident scale during the week
and has betrayed little fear of a suspension of trading in accordance with the order of the commission
acting under the provisions of the Grain Futures
Act, the belief being that the differences between
the Farmers' National Grain Corporation and the
Chicago Board of Trade would never be permitted
to reach such an extreme limit. The July option for
wheat at Chicago touched 511/2c. a bushel on Thurs4c. on Monday of last week, thus
day as against 441/
showing an advance of more than 7c. a bushel in a
period.of 10 days. The close yesterday, after some
4c. A variety of considerations
reaction, was at 501/
appears to be responsible for the improvement in the
market price of the chief money crop of the West.
Two principal reasons, however, seem to account
mainly for the advance. In the first place the price,
until the present advance, was so low that there
appeared little likelihood of its going any lower.
Speculative interest therefore was stimulated. But
more important than this, and perhaps the chief influence in the rise, was that because of the low prices
prevailing farmers have been withholding their
wheat from the market. Perhaps this will not count
for so much at the immediate moment when the new
crop of winter wheat is coming forward in large volume and when,likewise, early arrivals from the new
spring wheat crop of the Northwest are impending,
this latter crop being of much larger dimensions
than the short spring wheat production of last
season.
Nevertheless, most determined efforts are being
made to induce the withholding of wheat from market until better prices for it can be obtained. As
evidence of this, we may note that according to
Associated Press advices from Tolna, North Dakota,
July 20, a movement is under way in that part of
the country to obtain a dollar a bushel for wheat.
1
Volume 135
Financial Chronicle
The news came in the following picturesque language: "Across the fertile praries of North Dakota,
expected to produce one-sixth of the nation's wheat
output this year, is heard to-day a crescendo chorus
'Hold the grain for one dollar a bushel'; if the sponsors are successful, the cry will be taken up throughout the United States." The dispatch went on to say
that Dell Willis, Tolna farmer, was Chairman of the
organization which had stirred the farmers in more
than 400 North Dakota townships to pledges holding their wheat, effective Aug. 1, unless and until
the dollar level is reached.
On July 23 came another Associated Press dispatch, this time from Minot, North Dakota, saying
that the Governors of North Dakota, South Dakota
and Montana had been asked by farm leaders of 11
counties on that day to prevent shipment of wheat
from their States until prices should rise. Under
the request shipments of wheat from the three States
would be prohibited until the No. 1 dark Northern
grade reached a price of $1.20 a bushel at Minneapolis, as against the prevailing top cash price for
that variety in Minneapolis of 61c. It was stated
that more than 1,200 persons, most of them farmers
from the 11 counties, had urged the proposal at a
meeting the previous night.
Another Associated Press dispatch from Minot,
North Dakota, July 24, stated that the hold-fordollar wheat movement in North Dakota was spreading. Declaring they could not make expenses at
present grain prices, farmers had organized to increase the amount of the return they receive for their
product. First, we are told, came the demand of one
group that wheat be held for one dollar a bushel.
Then followed a resolution at another gathering,
urging an embargo on shipment of wheat from North
Dakota, South Dakota and Montana until the grain
reached $1.20 for No. 1 dark Northern at Minneapolis compared with the then prevailing price of
61c. a bushel, as already stated.
The dispatch added, what was to be expected, that
indications were that there would be no official embargo in the three States as requested by the Minot
meeting, which 1,200 persons, mostly farmers from
11 counties, had attended. Governor G. F. Shafer of
North Dakota and Governor W. E. Green of South
Dakota said they had no authority to take such
action, while A. H.Stafford, Montana Commissioner
of Agriculture, asserted he would advise Governor
J. E. Erickson of that State that the proposal was
unnecessary. How far a movement of this kind can
proceed is always a matter of considerable uncertainty, but in the long run it seems certain that considerable wheat will be withheld from market while
prices remain inordinately low.
,IE Secretary of the Treasury did some largescale financing the present week, and it was
attended by unalloyed success. Last Sunday night
he gave notice of the offering of $650,000,000, or
thereabouts, of Treasury notes in two series, each for
amount of $325,000,000. The first series consists
of two-year notes dated Aug. 1 1932 and maturing
8% interest, and the other
Aug.1 1934 and bearing 21/
series runs for four years and bears date Aug.1 1932
4% interest.
1
and matures Aug. 1 1936 and carries 3/
Enjoying tax exemption of the highest order, that
is exemption from the surtaxes as well as the normal income taxes, and with the money market
flooded with vast masses of unemployed funds, the
T
669
overwhelming success of the offering was a foregone conclusion, just as happened to be the case.
Subscription books closed at the close of business
on Monday,July 25,and the subscription for the two8% interest aggregated $1,703,year notes bearing 21/
of the subscriptions for the
total
the
000,000, while
4% interest amounted to
1/
3
bearing
four-year notes
,000.
$3,803,000
Rates of interest in the new issues were somewhat
rate
higher than in previous recent issues. Thus the
rate
a
with
8% for the two-year notes compares
of 21/
indebt2% on one-year Treasury certificates of
1
of 1/
June,
in
offered
000
edness for amount of $350,000,
compares
notes
4
/
1
four-year
and the rate of 3 % on the
$400,with 3% on the three-year notes for amount of
then
ions
subscript
The
June.
000,000 offered in
es
certificat
one-year
the
for
,000
reached $1,653,814
ions
subscript
the
while
interest,
2%
bearing only 11/
infor the three-year Treasury notes bearing 3%
April
the
In
,400.
$1,143,548
only
to
amounted
terest
financing the offering comprised an issue of $225,car000,000 of one-year certificates of indebtedness
two-year
of
rying 2% interest, and $225,000,000
ions
Treasury notes bearing 3% interest. Subscript
cerTreasury
one-year
for the $225,000,000 of 2%
subthe
and
,000,
$1,699,868
tificates then reached
scriptions for the 3% two-year notes reached
$2,496,428,700.
It will be observed that on the present occasion
the subscriptions for the long-term issue bearing
the higher rate of interest were relatively much larger
than those for the shorter term issue bearing a lower
rate of interest. But since these earlier offerings a
new income tax law has been put on the statute book,
greatly raising the income tax rates, and therefore
making more valuable the full tax exemption which
both the two-year notes and the four-year notes
enjoy. Had long-term bonds been offered instead
of relatively long issues of Treasury notes, the Secretary of the Treasury would not have been able to
offer exemption from the surtaxes, and that is a
point to bear in mind in considering the refunding
of the large volume of short-term Treasury issues of
various kinds outstanding which refunding is said
to be encouraged by the heavy oversubscriptions on
the present occasion for the four-year notes.
HE United States Steel Corporation, after the
close of business on Tuesday, submitted its
income statement for the June quarter and for the
half-year ending with June, and, as was expected,
makes a very poor showing—in fact, the worst in
the company's history. The directors of the company have, nevertheless, declared (out of accumulated surplus) the regular quarterly dividend on the
7% preferred stock, dividends on which at no time
have been omitted in the company's history. In continuing the payment on this occasion on the preferred shares, the company has issued a statement
explaining the reason for its action. This statement
is highly illuminating as to the extent to which the
corporation has suffered as a result of the longcontinued depression in trade, in which depression
the iron and steel industry has been hard hit beyond
all others. It is pointed out in the statement that
the results from all operations for the June quarter
fell short by $20,452,173 of earning anything for
the preferred stock. As a matter of fact, nothing
has been earned for the preferred stock since the
third quarter of 1931. As the preferred dividend
T
670
Financial Chronicle
is to be paid in full, the total draft on surplus during
the year ending June 30 1932 in order to cover both
net losses from operations and the preferred dividends reaches no less than $60,008,670. In the same
period common dividends were declared in the
amount of $13,054,878. Accordingly, surplus has
thus been reduced since July 1 1931 in the huge sum
of $73,063,548.
To this is appropriately added the further remark
that "In view of this very large draft on surplus and
current available resources within the past year it
is apparent that improvement in the business and
earnings must in future determine dividend action
on the preferred stock." The prospect of any great
change for the better during the current or September quarter is of course very slim, since the month
of July is already virtually passed and the steel
trade remains exceedingly depressed. As to the
more remote outlook, it is to be noted that the trade
papers are inclined to take a more optimistic view
than heretofore. The "Iron Age" speaks of the air
of greater cheerfulness prevailing and says that this
improvement in sentiment "is predicated largely on
expectations of a seasonal recovery beginning not
later than September." It observes also "a widespread conviction that fundamental conditions are
favorable for a turn and that business cannot much
longer remain as bad as it has been the last few
months." It is added that"not the least of the favorable factors,from the viewpoint of the steel industry,
is the firmness of steel prices, which have reached
more solid ground through the shipment of practically all of the low-priced tonnage carried over
from the second quarter."
The Bethlehem Steel Corp. has also submitted its
income statement the present week for the June
quarter. The showing here is likewise very poor,
and in this case, by reason of that fact, it has not
been deemed expedient to continue the payment of
dividends on the preferred shares. As a matter of
fact, the Bethlehem Steel Corp. fell $4,671,266 short
of meeting its fixed charges, which is additional to a
shortage in meeting charges during the March quarter in amount of $3,685,769, though in that quarter
the company also paid the quarterly dividend on
the preferred stock calling for $1,645,000, raising the
total deficiency for that quarter to $5,330,769.
July 30 1932
as against $2,861,948,000 last week, but comparing
with $1,735,501,000 on July 29 last year. At the
same time gold reserves of the 12 Reserve institutions have risen during the week from $2,608,862,000
to $2,621,142,000. As a result of all these changes
the ratio of total reserves to deposit and Federal Reserve note liabilities combined is slightly higher the
present week at 56.5% as against 56.2% last week,
but comparing with 84.3% 12 months ago on July 29
1931.
Another favorable feature is that the amount of
United States securities held as part collateral for
Federal Reserve notes has also been slightly further
reduced during the week, the amount now pledged
being $623,900,000, which is a reduction of $8,000,000
for the week, following a reduction the previous
week of $7,500,000 and a reduction of $42,100,000
during the week preceding. Foreign central banks
are still reducing their investments in bill holdings
in this market. The 12 Reserve banks show a reduction during the week not only in their own bill holdings from $51,902,000 to $39,700,000, as already
noted, but also show that the acceptances for account
of foreign banks have likewise been further reduced
during the week and are now down to $57,494,000 as
against $65,735,000 last week and $253,578,000 a year
ago on July 29 1931. Foreign bank deposits with the
Federal Reserve institutions, while changing somewhat from week to week,remain light, being reported
at $11,656,000 this week and at $11,423,000 last week,
in comparison with $100,435,000 on July 29 last year.
IN THE matter of dividend declarations, the action
of the United States Steel Corp. in continuing
dividends on the preferred shares has already been
noted, as has the action of the Bethlehem Steel Corp.
in discontinuing dividends on its preferred shares.
In addition to these changes the Commonwealth &
Southern Corp. has omitted dividends on its common stock, though declaring the regular quarterly
dividend of $1.50 a share on the $6 series preferred
stock. The Lindsay Light Co. omitted the quarterly
dividend normally payable about Aug. 15 on the
common shares. The Jones & Laughlin Steel Co.
reduced the quarterly dividend on the 7% cumul.
pref. stock from $1 a share to 75c. a share, after having previously reduced from $1.75 a share. The
Sherwin-Williams Co. reduced the quarterly dividend on common from 75c.a share to 50c.a share after
having previously reduced from $1 a share. The
Southern Pipe Line Co. reduced the quarterly dividend on its capital stock, par $10, from 35c. a share
to 15c. a share, after having previously reduced from
50c. a share. The Interstate Hosiery Mills, Inc.,
reduced the semi-annual dividend on its stock from
40c. a share to 25c. a share, and the Reynolds Metal
Co. reduced the quarterly dividend on common from
371/2c. a share to 25c. a share. The Bond & Mortgage
Guarantee Co. reduced the quarterly dividend on its
capital stock, par $20, from $1.25 a.share to 80c. a
share.
HE condition statements of the Federal Reserve
banks the present week show improvement in
nearly every direction. The 12 Reserve banks have
slightly further increased their holdings of United
States Government securities, raising the total so
held from $1,836,175,000 July 20 to $1,841,191,000
July 27, at which figure comparison is with only
$677,977,000 a year ago on July 29 1931. But the
discount holdings (reflecting member bank borrowing) have fallen during the week from $537,565,000
to $525,380,000, while the acceptances bought in the
open market have been reduced from $51,902,000 to
$39,700,000. The net result of these changes has
been that the volume of Reserve credit outstanding,
as measured by the holdings of bills and securities,
HE stock market this week has developed a
has been reduced during the week from $2,431,sharply rising tendency with a more substantial
429,000 to $2,412,232,000, at which figure, however, advance in prices than any that has been
witnessed
comparison is with only $934,795,000 on July 29 for many a week. The rise continued day
after day
last year.
almost without interruption. The usual course has
There has also been a contraction during the week been for the market to show a downward reaction
in
in the amount of Federal Reserve notes in circula- the early part of the day, induced by sales to realize
tion, the total this week being down to $2,834,157,000 profits, but quickly to be followed by a resumption
T
T
Volume 135
•
Financial Chronicle
of the upward movement. At the same time the
volume of trading has steadily increased as prices
have continued their upward swing, and there has
been growing activity. Sentiment has changed decidedly for the better. This is based partly on the
improvement which has been taking place in the
bond market, and in the case of the higher grade
securities there has been a steady and persistent rise
for quite some weeks past, although not all of the
lower grade securities have figured in the improvement. It is also based on the rise in the commodity
markets which began in the hog market, but during
the last 10 days has extended to many other commodities. Wheat prices are a conspicuous instance
of the kind,butprices have been slowly moving higher
in other directions, too—for instance,in a small way,
in the case of rubber, while spot cotton here in New
York touched 6c. a pound yesterday. In the iron
and steel trade, the trade papers note steadiness of
steel prices, which, the "Iron Age" states, have
reached more solid ground, besides which heavy melting steel scrap is reported to have advanced 50c. a
ton at Chicago. The steel mills of the country are
engaged to only 16% of capacity, but confidence is
felt in a seasonal recovery, "beginning not later
than September." In the non-ferrous metals the
American Smelting & Refining Co. has advanced the
price of lead 15 points to 2.95c. a pound at New York.
The definite adjournment of Congress is also considered a favorable feature inasmuch as there is now
certainty, where previously there was uncertainty,
even if completed legislation is not exactly what
could have been wished. Then, also, there is a growing disposition to believe that in the industrial world
things are about at their lowest point, and that any
change now must be for the better, and that it cannot
long be delayed.
Railroad securities are now sharing in the general
rise. The returns of railroad earnings for the month
of June, which are now coming in from day to day,
are about as bad as well could be, registering no improvement as a rule over the poor returns of all
recent previous months, but the general inclination
here also is to think that some change for the better
may be counted on before long, and, of course, if general trade revives even in a small degree the result
must be reflected in increased traffic and earnings
on the railroads. There is also a disposition to lay
stress on the action of the Inter-State Commerce
Commission in giving approval to the four system
grouping of the railroads in Eastern trunk line territory. Very confident buying of both stocks and
bonds appears to be in evidence on the Stock Exchange, though covering of outstanding short commitments has also been a factor in the rise. Many
traders entertain the conviction that the security
markets have definitely taken a turn for the better,
though views of that kind have been so often found
mistaken in the past that there is still great timidity
about expressing any definite opinion with reference
to the course of prices in the immediate future.
With the market moving steadily upward it is not
surprising to find that only 21 stocks on the New
York Stock Exchange have recorded new low figures
for the year during the week. The call loan rate on
the Stock Exchange continued at 2% all through
the week.
The volume of trading has kept fgteadily expanding. At the half-day session on Saturday last the
sales on the New York Stock Exchange were 368,610
671
shares; on Monday they were 1,546,006 shares; on
Tuesday, 1,497,645 shares; on Wednesday, 1,700,887
shares; on Thursday, 2,734,445 shares, and on Friday, 2,101,954 shares. On the New York Curb Exchange the sales last Saturday were 49,605 shares;
on Monday, 136,295 shares; on Tuesday, 141,158
shares; on Wednesday, 245,090 shares; on Thursday, 246,835 shares, and on Friday,227,930 shares.
As compared with Friday of last week, prices
are decidedly higher all around. General Electric
/8 against 11 on Friday of last
closed yesterday at 137
week; North American at 21 against 17%; Standard
Gas & Electric at 14 against 11%; Pacific Gas &
Electric at 241/
8 against 22; Consolidated Gas of
N. Y. at 471/4 against 391/4; Columbia Gas & Electric
at 10% against 7%; Brooklyn Union Gas at 68
against 57/
1
2; Electric Power 81- Light at 5% against
4; Public Service of N. J. at 39 against 33%; International Harvester at 171/
4 against 137%8; J. I. Case
Threshing Machine at 31 against 2714; Sears, Roebuck & Co. at 16 against 13½; Montgomery Ward &
Co. at 7% against 6; Woolworth at 311/8 against 28;
8 against 38; Western Union
/
Safeway Stores at 393
Telegraph at 211/
2 against 18%; American Tel. &
/
4; International Tel. & Tel.
Tel. at 891% against 763
at 6% against 5½; American Can at 39% against
34%; United States Industrial Alcohol at 201/
8
against 18/
1
2; Commercial Solvents at 71/
4 against
/
4 against 7, and Corn
6%; Shattuck & Co. at 73
Products at 353
/
4 against 31%. Allied Chemical &
Dye closed yesterday at 58 against 491/
4 on Friday
of last week; Associated Dry Goods at 51/
4 against
33% ; E. I. du Pont de Nemours at 287
/8 against 24;
National Cash Register A at 87
/8 against 8; International Nickel at 61/
8 against 5%; Timken Roller
Bearing at 131/
2 against 11½; Mack Trucks at 16%
against 13½; Johns-Manville at 141/
2 against 12;
1
2against 163
Gillette Safety Razor at 17/
/
4; National
Dairy Products at 18% against 17%; Texas Gulf
/8 against 16%; Freeport Texas at 17
Sulphur at 177
against 15%; American & Foreign Power at 4%
against 3%; United Gas Improvement at 157
/
8
against 141/8; National Biscuit at 317
/8 against 27½;
Coca-Cola at 85% against 807
/8; Continental Can at
251/
8 against 22%; Eastman Kodak at 44/
1
2 against
38%; Gold Dust Corp. at 14/
1
2against 127
/8; Standard Brands at 123
/
4 against 11%;Paramount Publix
Corp. at 3% against 2%; Kreuger & Toll at 1/
8
against 1/16; Westinghouse Elec. & Mfg. at 231/
8
against 191/
2; Drug, Inc., at 33% against 297
/8; Columbian Carbon at 231/
4 against 207
/
8; Reynolds
Tobacco class B at 311/
8 against 29½; Liggett &
Myers class B at 51% against 47; Lorillard at 141/
4
against 14%; American Tobacco at 64 against 56/
1
2,
and Yellow Truck & Coach at 2% against 2.
The steel shares have been leaders in the upward
movement. United States Steel closed yesterday at
28% against 24% on Friday of last week; Bethlehem
Steel at 13 against 10%, and Vanadium at 103
4
against 81/
2. In the auto group Auburn Auto closed
yesterday at 663
/
4 against 541/
2 on Friday of last
week; General Motors at 103
/
4 against 91/
8; Chrysler
at 9 against 7%; Nash Motors at 11% against 9/
8;
Packard Motor Car at 21/
4 against 1; Hudson
Motor Car at 6 against 5%,and Hupp Motors at 2%
against 21/
4. In the rubber group Goodyear Tire &
Rubber closed yesterday at 12 against 10 on Friday
of last week; B.F. Goodrich at 5 against3½;United
States Rubber at 4 against 3%, and the preferred
at 81/2 against 61/2.
672
Financial Chronicle
The railroad.shares, after the sharp spurt upward
on Friday of last week on the action of the InterState Commerce Commission in approving of the
plan for grouping the Eastern railroads according
to the four system plan, enjoyed further recoveries
the present week. Pennsylvania RR. closed yesterday at 12% against 9% on Friday of last week;
1
2 against 27;
Atchison Topeka & Santa Fe at 35/
Atlantic Coast Line at 18 against 13½; Chicago
1
2against 3½; New York
Rock Island & Pacific at 4/
1
2; Baltimore & Ohio at 93/8
Central at 18 against 13/
against 8; New Haven at 12% against 91/8; Union
Pacific at 48% against 3634; Missouri Pacific at 3
/8 against 9½;
against 2%; Southern Pacific at 127
Missouri-Kansas-Texas at 4 against 31%; Southern
Railway at 51/
4 against 414; Chesapeake & Ohio at
153
/
4 against 13; Northern Pacific at 13 against 1034,
/
4.
and Great Northern at 7 against 83
with the rest.
moved
upward
shares
have
The oil
/8
Standard Oil of N. J. closed yesterday at 297
against 277
/8 on Friday of last week; Standard Oil
of Calif. at 241/2 against 23; Atlantic Refining at
15% against 141/2, and Texas Corp. at 13%
1
2. In the copper group Anaconda Copper
against 12/
closed yesterday at 614 against 4 on Friday of last
week; Kennecott Copper at 81/
8 against 7; American
Smelting & Refining at 1214 against 8;Phelps Dodge
4
/8; Cerro de Pasco Copper at 73
at 61/8 against 47
8.
against 5, and Calumet & Hecla at 27/8 against 21/
RICE trends were generally favorable this week
on the stock exchanges in the important European financial centers. There was a little irregularity at times in London, Paris and Berlin, owing
largely to the numerons political uncertainties in
all leading countries. The British and French
markets were less affected by such factors than the
Berlin BoerFe, which was sluggish throughout the
week because of the impending German Parliamentary elections. British sentiment improved
markedly, Monday, when it was announced officially
that more than half the £2,086,000,000 5% war loan
had already been converted into 31/2%stock,assuring
the success of the huge scheme for lowering the interest cost of this largest of the British loans. Applications for cash payment of the 5% stock had been
made by only 2% of the 1,587,000 holders who had
responded to the appeal by the middle of last week,
it was revealed, and every confidence was therefore
expressed in London that the conversion operation
would prove an outstanding success. This development overshadowed, for the time being, the lack of
any definite signs of trade improvement. A factor
of no small importance on all the European markets,
moreover, was the series of optimistic reports from
New York.
The London Stock Exchange was cheerful and
active at the opening, Monday, and the favorable
trend was maintained throughout the session. Heavy
buying of British Government securities was reported, and new high prices appeared in a number
of loans. Oil stocks moved steadily forward, while
British industrial issues and home rail stocks also
advanced. Only the international group of stocks
showed any uncertainty, some of the early gains being lost in the afternoon trading. Further advances
in most departments of the market developed in
Tuesday's session. British funds were especially
good, due largely to the announcement of the favorable results of the conversion scheme. Industrial
p
July 30 1932
stocks were firm, while good reports from New York
occasioned advancing quotations in the international
group. In the dealings Wednesday, some irregularity was noted on the London Exchange, while
turnover also was smaller. British funds remained
firm, and there were some good features among the
industrial issues, but most of the latter receded
slightly. Anglo-American trading favorites also
sagged a little. Some satisfactory company statements helped the London market, Thursday, and the
cheerful tone was restored. British Government
issues again proved very attractive and most of the
industrial stocks also forged ahead. International
stocks were marked up materially on good overnight
advices from New York. Trading at London yesterday was desultory, and prices receded slightly in all
departments.
Trading on the Paris Bourse was quiet, Monday,
and prices showed only minor changes. French
rentes were strong, but industrial stocks suffered
small recessions. The foreign list of issues showed
better results than domestic securities. Dealings
in Paris, Tuesday, were stimulated, according to all
accounts, by the slow advance on the New York Stock
Exchange. Copper company issues were in big demand, while French bank and industrial stocks also
advanced. The trend Wednesday was downward,
and all sections of the market showed losses. A
bellicose speech by the German Defense Minister,
General Kurt von Schleicher, was considered responsible for the downward turn in the market,
owing to the disquieting conclusions drawn by
French investors. The losses were not great, despite
substantial liquidation in some issues. The Bourse
regained its cheerfulness Thursday,and prices moved
slowly but impressively forward. Favorable reports
from New York were an important factor, it was
indicated. The tone at Paris yesterday was a bit
soft, and modest recessions were recorded.
The Berlin Boerse was very firm at the opening
Monday, with domestic and foreign interests alike
participating in the buying. Gains were largest
among electrical and potash stocks, but other groups
also made progress. Further gains were reported
Tuesday at Berlin, notwithstanding growing uncertainty regarding the impending elections. The advances were small, however, only a few secrities improving more than a point. Electrical, mining and
chemical stocks were in greatest demand. The
Boerse turned extremely dull Wednesday, as the
election campaign entered the final stages. The
price trend was uncertain, most issues showing
small and insignificant losses. Dealings Thursday
were again of small proportions, only a few issues
showing any sizable turnover. Price tendencies
were irregular, some issues declining slightly, while
others made equally modest advances. Small gains
appeared yesterday, owing to forecasts of radical
defeats in the elections.
ISARMAMENT discussions at the General Conference in Geneva were terminated for the
time being last Saturday, when a resolution was
adopted which embodies the meager results so far
achieved and provides for resumption of the conference sessions within a period of six months. The
resolution was the subject of vigorous and not
always amiable debate in the final weeks of what
is described as the "first phase" of the conference.
General Italo Balbo, Italian Air Minister, informed
D
Volume 135
Financial Chronicle
the Conference July 21 that his Government considered the resolution a vain effort, "entirely inadequate when compared to the wishes and hopes of the
world." The inconclusiveness of the naval disarmament provisions was regarded as especially obnoxious by the Italians. The German Government,
through Count Rudolph Nadolny,informed the gathering on the following day that its participation in
the further work of the conference was unlikely unless Germany secured "equality with regard to national security and the application of all the provisions for disarmament in the Versailles Treaty."
It was believed for a time that Germany might "bolt"
the conference, but the difficulties were smoothed
over to a degree by the persuasive eloquence of Sir
John Simon, Foreign Secretary of Britain, and Premier Edouard Herriot of France. When the resolution came to a vote last Saturday delegates of 42
nations voted for its acceptance, while eight refrained from voting. Germany and Russia were the
only dissenting countries.
In the preamble of the resolution the conference
pays deft tribute to President Hoover for his pronouncement of June 22 advocating a one-third reduction in all existing armaments. The profound conviction was expressed that the time has come when
all nations of the world must adopt substantial and
comprehensive measures of disarmament in order to
consolidate the peace of the world, hasten the resumption of economic activity and lighten the financial burdens which now weigh upon the peoples of
the world. The conference, it was further remarked,
"welcomed heartily the initiative taken by the President of the United States in formulating concrete
proposals for the substantial reduction of armaments by the prohibition of certain methods of warfare, by the abolition of certain materials and by
reductions varying in magnitude and amounting for
certain armaments to a proportion of one-third."
On the basis of these and other steps detailed in the
preamble, the conference "decided forthwith and
unanimously,guided by the general principles underlying President Hoover's declaration, (1) that substantial reduction of world armaments shall be
effected to be applied by the general convention
alike to land, naval and air armaments; (2) that a
primary objective shall be to reduce the means of
attack."
Two main sections of the resolution are devoted
to "conclusions of the first phase of the conference"
and "preparation for the second phase of the conference," while a further section is devoted to general
provisions. The concrete achievements outlined consist mainly of absolute prohibition of air attack
against civilian populations, limitation of the size
of tanks and the prohibition of chemical, bacteriological and incendiary warfare. A permanent disarmament commission with rights and duties of
supervision is set up, and provision made for the
establishment of "certain principles as a basis for
further reduction of armaments." Preparations for
the second phase of the conference are to be made
by a steering committee which will continue in session, with its next general meeting scheduled for
Sept. 21. This "bureau" of the conference is instructed to draft detailed plans for regulation of
arms traffic, for correlating the progress of naval
negotiations, and for measures designed to prevent
violations of rules for humane warfare. The time
for resumption of the general conference is left to
673
the decision of the bureau, with Jan. 19 1933 set as
the latest date. Just before adjourning, the conference recommended that all governments extend
for four months the one-year armaments building
truce which expires late next September. Dr. W. W.
Yen.of China refrained from voting on this suggestion on the ground that the Manchurian situation
might make it necessary for his country to augment
its military strength.
There was remarkably little comment on these
initial conclusions of the conference in the capitals
of the world. State Department officials in Washington were said to believe that considerable progress has been made. The French Cabinet gave its
unanimous approval, Monday, to the adjournment
formula of the conference. Serious objection was
voiced only in Germany, where General Kurt von
Schleicher, Minister of Defense, announced Tuesday
that the Geneva conference is a "disastrous failure."
With the coming German parliamentary elections
clearly in mind, General von Schleicher declared
that the Berlin Government is absolutely determined to reorganize the army so as to obtain a certain degree of security, which he said Germany
lacked more than any other nation in Europe. Such
security might be obtained, he added, either by the
reduction of the armaments of other Powers to Germany's level, or else by the reorganization of German defenses. It was explained at the Foreign
Office in Berlin, Wednesday,that no increase in German armaments is contemplated, but rather a more
economical operation of German munitions plants
than is permitted under the Versailles Treaty.
Such pronouncements are, of course, hardly calculated to increase international amity and make
genuine disarmament possible. A distinctly unfavorable reaction was caused in Paris by the speech
of the Reichswehr Minister, and Premier Edouard
Herriot is reported to have registered a vigorous
protest, Thursday, with the German Ambassador,
Dr. Leopold von Hoesch. "M. Herriat is believed to
have told Dr. von Hoesch," a dispatch to the New
York "Times" states, "that it was going too far for
a Minister of the Reich to make such a speech only
a few weeks after the conclusion of the Lausanne
agreements, in which France showed the utmost
generosity to Germany and abandoned all claims
to further reparations payments."
UROPEAN Governments are announcing one
after another their adherence to the AngloFrench consultative pact, concluded at Lausanne
and made public in declarations by officials of the
two governments on July 13. Other governments
were invited to join the British and French in "an
exchange of views on questions similar in origin to
those settled at Lausanne which may affect the
European regime." Italy and Belgium announced
their acceptances immediately, but some anxiety developed regarding the somewhat cool attitude of
Germany. This was dispelled, Monday, when the
- German Government notified the British and French
Governments that it is willing to participate in the
exchange of views. Berlin joined the pact, dispatches from the German capital said, only after
obtaining detailed information on its purpose and
scope. It was intimated that satisfactory assurances had been received that the pact is "directed in
no way against America, nor concerned with the
debt question." Germany has also been assured.
E
Financial Chronicle
a report to the New York "Herald Tribune" states,
that no limitation will be placed on her right at
any time to agitate for revision of the peace treaties.
The German adherence was welcomed in London,
despite its tardiness, a dispatch to the New York
"Times" indicated. It was announced at the same
time that 10 nations have adhered to the pact, the
acceptances including also Poland, Hungary, Yugoslavia, Rumania and Greece.
iNTERNATIONAL conjecture regarding the intergovernmental debt heritage of the World War
'
was stimulated to no small degree,last Saturday, by
an address in which Senator William E. Borah, of
Idaho, advocated an international conference
authorized to deal with any economic and financial
questions which have a legitimate bearing upon the
economic recovery of the world. Senator Borah,
who is Chairman of the Senate Foreign Relations
Committee, indicated clearly that lie would include
the debts due from the former Allied Governments
to the United States in any such discussion. The
Lausanne Conference of Governments on reparations was praised highly by the Senator, who spoke
over the Columbia Broadcasting System. Adjustment of the reparations problem has again brought
to the front the question of the debts, he said. Warning his hearers that he spoke only for himself, Senator Borah expressed the belief that cancellation of
the debts, as a part of a settlement including other
war problems, would bring to the people of the
United States an equal or greater benefit than would
be conferred by collection of the sums due. That the
debts are just was emphasized by Mr. Borah, who
added also that reparations and debts are sepaarte
and distinct. "There can be no reason for urging
reduction or cancellation of these debts other than
that it would be in the interest of the people of the
United States to do so," he declared. There were no
comments in high Administration circles in Washington on this assertion by Senator Borah. In London, Paris and Berlin the speech was viewed with
enthusiasm, according to reports from those centers.
The speech was believed to reflect a profound change
in American sentiment on the question of the debts,
dispatches said.
ELEGATES of the nine British nations assembled at the Imperial Economic Conference
in Ottawa began in earnest, this week, their consideration of ways and means for stimulating Empire
trade and improving the business and financial relations of the United Kingdom and its Dominions.
There were no plenary sessions of the conference in
recent •days, but reports from Ottawa indicated
clearly that the question of inter-Imperial trade preferences occupied the delegations almost to the exclusion of other matters. The desire of the Dominions for greater advantages for their grains and
other products in the markets of the United Kingdom
was made plain in all the initial addresses of the
conference, late last week. Such requests were restated in detail as the delegates began their private
discussions last Monday. It would appear, however,
that Stanley Baldwin and his associates of the
United Kingdom delegation are finding it equally
necessary to reiterate the view that it is impossible
for the British Empire, with all its immense resources, to "isolate itself from the rest of the
world."
D
July 30 1932
One of the first questions to be faced by the delegations as the business discussions started this week
was that of Russian competition with the Dominions
in the United Kingdom. Canada, Australia and New
Zealand made a determined effort to secure a
greater share of this market for their grains and
timber, to the detriment and possibly the entire exclusion of the Russian products. Against such demands the United Kingdom delegation was said to be
adamant. "Great Britain has taken the position,"
a report of Tuesday to the New York "Herald Tribune" said, "that an embargo on Russian products
is impossible and is said to be ready to stand on that
ground to the end of the conference." This attitude
of the United Kingdom delegation can unquestionably be accepted as indicative, and it affords comforting reflections in view of the many reports from
Ottawa that preferential arrangements are under
consideration which would exercise immensely unfavorable effects on the trade of the United States
with the United Kingdom and the Dominions. Of
a like nature was a statement by the Indian leader,
Sir Atul Chatterjee, reported in a dispatch of Wednesday to the New York "Times," that "India does
not subscribe to the theory of a self-contained British Empire," and will not join in any agreements
that might jeopardize Indian trade with non-British
countries.
In general, the Conference took the form early this
week of a detailed exposition by the Dominions of
their desires for greater preferences in the United
Kingdom, while Great Britain played the role of an
attentive listener. The negotiations, it was said
Monday, were apparently being conducted between
Great Britain on the one hand, and all the Dominions, acting separately and jointly, on the other.
"Each of the Dominions, with the possible exception
of Canada, is more concrete and emphatic in stating just what it wants from Britain than in announcing what it will yield," an account in the New York
"Times" remarked. "In the aggregate, the Dominions want more than Britain could possibly give,
no matter to what extent she sacrificed herself.
Therefore, the rivalry of the Dominions in getting
into the British market, which is not big enough to
satisfy them all, is bound to supersede the present
show of unity."
This course of the conference makes especially significant a statement by Stanley Baldwin, Thursday,
that in the opinion of the United Kingdom delegation
the Dominions are lagging behind England in the
mutual exchange of trade benefits. "The statement
of the United Kingdom," a dispatch to the New York
"Times" said,"contained neither promise nor threat
of what Great Britain would or would not do after
the Dominions have agreed upon what they can or
cannot do for the mother country. It confined itself
to what the United Kingdom already had done for
the rest of the Empire and showed by figures that
she was buying from them annually £100,000,000
worth of goods in excess of what they were buying
from her." It was also pointed out in this statement,according to the correspondent ofthe New York
"Herald Tribune," that the highly industrialized
United Kingdom required the markets of the world
for its life and could not sacrifice them. More than
half of Britain's exports are taken by foreign countries, Mr. Baldwin pointed out. His declaration was
made, he said, because the British delegation was
anxious that the outside world shall realize the con-
Volume 135
Financial Chronicle
siderations that govern British commercial policy
at the conference.
"Wholly unwarranted," Mr. Baldwin said,"would
be any suggestion that the United Kingdom has been
backward in developing or assisting Dominion trade,
or that the concessions on the side of the Dominions
have not been fully reciprocated, both in the letter
and the spirit. Having dealt with the action which
has been taken in the past to further Empire trade
and appreciating fully the advantages which have
been received in Empire markets, the representatives
of the United Kingdom have entered this conference
with the intention of making their full contribution
to a still further extension of Empire trade. They
have put frankly and fully to the Dominions the
articles on which they desire to secure further advantages in Dominion markets, and they will welcome
from the Dominions an equally full statement of
the corresponding advantages they seek in the market of Great Britain. The United Kingdom delegation will approach the examination of these statements as they are received with an unprejudiced
mind, and, indeed, with an earnest desire to give
effect to the wishes of the Dominions, and they are
convinced that, in their turn, their own views will
be given equally favorable consideration."
The numerous monetary questions now facing the
British Empire were taken up definitely by a special
committee on currency and related financial questions, which met at Ottawa for the first time Thursday. Some of the representatives on this committee
were said to be enthusiastic advocates of a policy
looking toward the remonetization of silver at a
fixed ratio to gold. Progress in this direction appeared unlikely, however, as other important delegations believed that nothing could be done without
the co-operation of countries outside the Empire.
The suggestions for an Empire currency also were
hedged with difficulties, it was indicated, and no
agreement on this point seemed possible. It was
remarked in a dispatch to the New York "Times"
that as a consequence of the position taken by the
Canadian Government, and the conflict of interests
among delegations from other countries, "little more
can be accomplished at this gathering that the laying down of principles to be considered under more
favorable circumstances." Australia, New Zealand
and India favored an Empire currency, it was said.
The position of Great Britain remains uncertain,
while Canada and South Africa are definitely
opposed.
675
steps taken for ousting the Socialist-Centrist regime
in Prussia was tested in the German Supreme Court
at Leipzig in hearings last Saturday, on an appeal
by the old Prussian regime and the South German
States of Bavaria and Baden. The Court declined,
Monday, to grant an injunction restraining further
removals from the Prussian Government, but reserved decision on the Constitutional questions involved. These will require extensive consideration,
it was pointed out by the Court President, Dr.
Bumke. With practical control of Prussia assured
for some time, orders were issued Tuesday by the
Reich regime rescinding the edict which placed Berlin under martial law.
The electoral campaign, meanwhile, assumed ever
more the aspect of an intensified struggle between
democratic and dictatorial forces in the Reich. It
seems unlikely that the results to-morrow will be
conclusive. Adolph Hitler, leader of the National.
Socialist or Fascist party, is waging a determined
struggle to secure a parliamentary majority and
thus attain his aim of a "Constitutional Dictatorship." Dr. Heinrich Bruening, the former Chancellor, is regarded as the leader of the Republican
factions. In the background, and taking little part
in the campaign, has been the interim Cabinet of
Junkers, headed by Colonel Franz von Papen, but
with General Kurt von Schleicher as the real leader.
The silence of the Cabinet was broken only once,
and then by General von Schleicher. In a radio address, Tuesday, he denied that he had any intention
of establishing a military dictatorship in the Reich,
but at the same time he served notice to other Powers
that Germany intends •to strengthen her fighting
forces in the event that further denial is made of the
German desire for equality in armaments. This pronouncement was considered an aid to the parties of
the Right in Germany. Most observers nevertheless
believe that the "Nazis"(Fascists) will fail to attain
a majority of the Reichstag seats to-morrow, and
that the next Reichstag will be evenly divided between Nationalist and Republican forces, with the
Communists holding the. balance of power. "This
is undoubtedly the situation on which General von
Schleicher is reckoning and which he believes will
leave him master of the field," the Berlin correspondent of the New York "Herald Tribune" remarks. "The Reichswehr Minister wants to have
in the Reichstag the powerful National-Socialist
party, but he does not want Hitler to be in a position
to dictate terms. The Communists fear that, after
the Reichstag elections, their party will be proscribed, as was the Socialist party in Bismarck's
time."
HEN German voters go to the polls to-morrow
to select new parliamentary representatives
a long step will have been taken toward clearing
up the extraordinary confusion recently prevalent
TREATY that is likely to contribute immensely
in the political affairs of the Reich. The campaign
to the preservation of peace in Europe was
for the Reichstag elections was concluded peacefully signed by the
Governments of Soviet Russia and
this week, no further riots or fatalities being re- Poland, Monday,
with ratification almost sure to
ported. This fact, in itself, is likely to be of some be effected
on both sides in the near future. By this
influence in the voting, as it appears to justify in agreement
the two countries exchange specific
some degree the series of decrees, issued July 20, pledges that they
will not engage in aggression. As
whereunder the Reich Government took over con- there
have been many diplomatic clashes between
trol of the State of Prussia and placed Berlin and Moscow and Warsaw
in the last 13 years, concluits environs under a state of emergency. These sion of this accord can only
be regarded as a highly
measures effectually terminated the campaign important event.
The treaty was signed in Moscow
clashes which resulted in 100 deaths and injuries to by Acting Foreign
Commissar N. N. Krestinski for
1,200, and observers believe that the parties of the Russia, and Ambassado
r Stanislaus Patek for
Right, which are now in control of the Reich Govern- Poland. Warsaw
regarded it, according to a disment, will gain votes as a result. The legality of the patch to the New York "Times,"
as "a great and sure
W
A
676
Financial Chronicle
step toward the pacification of Europe, and of
enormous benefit to Poland, whose security on the
Eastern frontier is thus assured." This accord was
concluded only after a period of many months of
negotiations. The Polish Government insisted for
a long time that only a tri-partite pact, which would
include Rumania, would be satisfactory. Warsaw
finally became unwilling to await an adjustment of
the Bessarabian question between Russia and Rumania, and concluded the treaty with Russia alone.
A further treaty, providing for the arbitration of
disputes between Soviet Russia and Poland, is
already under prepaartion and is expected to be
signed soon at Warsaw.
—+-LTHOUGH the entire continent of South America remains highly unsettled, politically,
actual warfare prevails at this time only in the
Brazilian State of Sao Paulo, where a small rebel
force began operations two weeks ago against the
Federal authorities. Loyal forces numbering 45,000
men began a quick encircling movement of the rebellious State, and recent reports indicate that their
endeavors are proving entirely successful. The revolutionaries are said to have made overtures to Provisional President Getulio Vargas, who replied with
a demand for unconditional surrender. The rebellion will probably prove abortive, but it will no
doubt have an effect in expediting the return to
Constitutional Government in Brazil. This is said
to be the chief aim of the rebels. Financial difficulties have, of course, been occasioned •by this
movement,and the Rio de Janeiro Governmentfound
it advisable on July 19 to declare a country-wide
moratorium on all debts for a period of 15 days.
The dispute between Bolivia and Paraguay over
the boundaries in the Gran Chaco area continues to
rage, and at times it seems to come dangerously close
to war between the two countries. Minor skirmishes
between troops of the two lands have kept national
sentiment inflamed, and each country is preparing
to resist the "aggression" of the other. There are,
on the other hand, some hopeful signs which indicate that formal declarations of war will be avoided.
Representatives of all the neutral Pan-American
governments appealed to the two countries, late last
week, to preserve peace. The Paraguayan Government, which had ordered its delegation to the Gran
Chaco negotiations in Washington to return home,
decided to keep the representatives in Washington.
Foreign Minister Arbo of Paraguay also notified
Secretary of State Stimson, who is Chairman of the
Committee of Neutrals, that his country would not
commit any acts of armed hostility against Bolivia.
The Committee began efforts, Tuesday, to secure a
similar declaration from Bolivia, but the La Paz
Government has so far turned a deaf ear to the
appeals. An earnest effort has been started, meanwhile, by the Argentine Government to secure a
peaceful settlement of the conflict, and it is hoped
that the discussions in Buenos Aires will prove
successful.
A
HERE have been no changes this week in the
discount rates of any of the central banks.
Rates are 11% in Greece; 8% in Bulgaria; 7%
in Austria, Rumania, Portugal and Lithuania;6%
in Spain and in Finland; 6% in Colombia; 5.11%
in Japan; 532% in Estonia and in Chile; 5% in
Germany, Italy, Hungary and Czechoslovakia;4%
T
July 30 1932
Norway. 47o in Sweden, Denmark,IDanzig and
India; 3327Q in Belgium and inGland72Y7"—i—n
France and in Holland, and 2% in England and in
Switzerland. In the London open market discounts
for short bills on Friday were /®11-16% as against
3 ©13-16%
%®7A% on Friday of last week, and %
on
13-16@Y%
for three months bills as against
Frion
London
in
call
Friday of last week. Money on
At Paris the open market rate concjawas
tinues at 1 8%,and in Switzerland at 13/2%.
HE Bank of England, in its statement of July 27,
reports a gain of £1,154,111 in gold holdings,
but as this was attended by an expansion of £3,527,000 in circulation, reserves fell off £2,373,000. Gold
holdings now aggregate £138,576,458 in comparison
with £133,309,663 a year ago. Public deposits decreased £2,136,000, while other deposits rose £996,012. Of the latter amount £162,148 was to bankers'
accounts and £833,864 was to other accounts. The
reserve ratio is down to 33.05% from 34.53% a week
ago. A year ago the ratio was 32.40%. Loans on
Government securities increased £2,540,000 and those
on other securities fell off £1,267,673. The latter
consists of discounts and advances which rose £973,035 and securities which declined £2,240,708. No
change was made in the 2% discount rate. Below
we show the figures comparatively for five years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT
19v30
jia
1929
19
172
.n4/
l y27
jul32
30
July 31
Aug.
z
369,285,000 359,361,869 368,377,007 371,817,795 137,216,190
Circu1ation...a
11,243,000 15,219,417 9,087,688 11,078,094 12.171.240
Public deposits
122,747,283 89,484,932 98,375,872 97,964,585 103,540,288
Other deposits
Bankers accounts_ 88,186,076 55,798,330 60,970.985 60,277,499
Otherfaccounta_ 34.561,207 33,686.602 37,404,887 37,687.086
29,201,528
Govern'mtsecurities 68,770,656 52,560.906 51.665,547 62,256,855
Other securities_ _ _ _ 39,047,622 36,300,633 29,032,788 34,102,487 48,423,840
9,951,195
6,740,720
9,696,484
15,280,114
Disct. & advances
... 23,767,508 26,604,149 22,292,048 24,151,272
Securities
Reserve notes & coin 44,290,000 33,947,794 44,873,388 30,792,449 56,192,839
Coin and bullion__ _138,576,458 133,309,663 153,250,395 142,610,244 173,659.029
Proportion of reserve
28.23%
41.75%
483%
32.4%
33.05%
to liabilities
%
3%
534%
4 yi%
2%
flank rate
a On Nov.29 1928 the-fiduciary currency was amalgamated with Bank of England
England
of
Bank
of
amount
the
to
£234,199,000
note issues adding at that time
notes outstanding.
HE Bank of France weekly statement dated
July 22, records a decrease in gold holdings of
97,788,461 francs. The Bank's gold now stands at
82,310,024,264 francs, as compared with 57,893,064,952 francs last year and 45,282,858,901 francs the
previous year. Credit balances abroad rose 15,000,000 francs, while bills bought abroad remained unchanged. Notes in circulation show a contraction of
745,000,000 francs, reducing the total of notes outstanding to 80,802,569,635 francs. Last year circulation aggregated 77,766,227,085 francs. French
commercial bills discounted and creditor current
accounts increased 349,000,000 francs and 930,000,000 francs, while advances against securities declined 41,000,000 francs. The proportion of gold
on hand to sight liabilities stands at 76.09%, as compared with 56.63% last year. Below we furnish a
comparison of the various items for three years:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT
Status as of
Chances
July 22 1932 July 24 1931
July 25 1930
for Week
Francs.
Francs.
Francs.
Francs.
82,310,024,264
97,788,461
57,893,064,952
.Dec.
_
45,282,858,901
Gold holdings_
Credit bals. abed_Ino. 15,000,000 4,473,521,085 9,475,625,758 7,104,420,036
aFrench commercl
bills dLscounted_Inc. 349,000,000 3,179,739,918 5,446,856,536 6,228,299,790
1,844,854,743 16,068,258,004 18,979,055,347
bBilLs bought abed Unchanged.
Adv. agt. secure_ _Deo. 41,000,000 2,753,362,854 2,757,338,906 2,682,225,400
Note circulation_ _Dec.745,000,000 80,802,569,635 77,766,227,085 72,110,310,005
Cred. curr. accts_Inc. 930,000,000 27,379,387.211 24,459,653,054 17,494,832,382
Proportion of gold
on hand to sight
0.22%
56.63%
76.09%
Dec.
50.54%
liabilities
a Includes bills purchased In France. b Includes bills discounted abroad.
Volume 135
Financial Chronicle
677
HE Reichsbank's statement for the third quarter
EALING in detail with call loan rates on the
T
of July shows an increase in gold and bullion D Stock Exchange from day to day, 2% was
of 28,000 marks. The total of gold now stands at
754,137,000 marks, in comparison with 1,352,803000
marks a year ago and 2,618,728,000 marks two
years ago. An increase appears in reserve in foreign
currency of 237,000 marks, in silver and other coin
of 42,763,000 marks, in notes on other German
banks of 2,586,000 marks and in other daily maturing
obligations of 20,152,000 marks. Notes in circulation underwent a loss of 74,368,000 marks, the total
of which is now 3,721,932,000 marks. Circulation
a year ago was 4,194,607,000 marks and two years
ago 3,965,868,000 marks. Decreases are shown in
bills of exchange and checks of 59,615,000 marks, in
advances of 43,742,000 marks, in investments of
3,000 marks, in other assets of 5,914,000 marks and
in other liabilities of 9,444,000 marks. The item of
deposits abroad remains unchanged. The proportion
of gold and foreign currency to note circulation is
now 24% in comparison with 36% last year and
70.6% the previous year. A comparison of the various items for three years is shown below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
July 23 1932
July 23 1931
July 23 1930
Assets-Roichtmarks. Reichsmarks.
Reichsmarks.
Reichsmarks
Inc.
Gold and bullion
28,000 754,137,000 1,352,803,000 2,618,728,000
Of which depos.abr'd. Unchanged.
82,731,000
65,548,000 149,788,000
Res've in tor'n eurr_ Inc.
237.000 137.786.000 159.533.000 181,638,000
Bills of exch. at cheeks.Dec. 59,615,000 2.927,239,000 3,066,554.000 1,544,875,000
Silver and other coln_Inc. 42,763,000 295,416,000
73,618,000 180,692,000
Notes on oth. Ger. bks.Inc. 2,586,000
11,274,000
12,274.000
24,010,000
Advances
Dec. 43,742,000 101,964,000 316.419,000
57,558.000
Investments
Dec.
3,000 365,217,000 102,263,000 101,017,000
Other assets
Dec. 5,914,000 758,647,000 920,491,000 753,550,000
Notes in circulation Dec. 74,368,000 3,721,932,000 4,194.607,000 3,965,868,000
Oth.dally matur.oblIg.Inc. 20,152,000 358.773,000 585,017.000
666,970.000
Other liabilities_
Dec. 9,444,000 703,549,000 737.000,000
217,631,000
Propor.of gold & torn
curr.to note circurnIne.
0.5%
24%
36.0%
70.6%
ONEY rates in the New York market showed
M
only modest variations this week from the
levels previousl
y prevalent. Although open market
operations of the Federal Reserve banks are now
conducted on a smaller scale than formerly, small
additional purchases of United States Government
securities were made this week. The amount of
credit now available, moreover, is so overwhelmingly
in excess of needs that sharp advances in money rates
are hardly to be looked for. Call loans on the New
York Stock Exchange have been 2% for all transactions, while in the unofficial street market transac
tions have been effected every day at 1%. Time
loans dropped early in the week, but the old rates
were quickly re-established. Treasury financing was
a feature of the market. An issue of $83,317,000 in
91-day Treasury bills was awarded Monday at
an average discount of 0.47%. Announcement
was made the same day of two issues of Treasury
notes aggregating $650,000,000, of which $227,631,000 was for refunding of maturing certificates of indebtedness. The note issues consisted of $325,000,000 each in 23/g% two-year instruments, and 3h%
four-year instruments. Books were closed late Monday, and it was announced Wednesday that subscriptions totalled $5,506,000,000. This flood of applications illustrates the plethora of money available.
Brokers loans against stock and bond collateral declined $1,000,000 this week in the regular tabulation
of the Federal Reserve Bank of New York, which
covers the period to Wednesday night. Gold movements in the same period consisted of exports of $6,001,000, imports of $3,295,000, and a net decrease
of $9,161,000 in the stock of the metal held for foreign
account under earmark.
the ruling quotation all through the week both for
new loans and renewals. There has been no demand
for time money this week and dealers do not look
for any pronounced movement in this section of the
money market at the present time. Rates are quoted
nominally at 114@13/2% for all dates. Prime commercial paper has been in excellent demand, but
satisfactory offerings are still scarce and the supply
obtainable does not meet the market needs. Quotations for choice names of four to six months' maturity are 21
/
1@,2%. Names less well known are
3%. On some very high class 90-day paper occasional
transactions at 2% are noted.
RIME bankers' acceptances have been in light
P
demand this week, though the available supply
of paper has
still been insufficient to meet the daily
requirements. Rates are unchanged. The quotations of the American Acceptance Council for bills
up to and including three months are 'A% bid,
4
3 % asked; for four months, 1% bid and 4%
asked;
7
for five and six months, 13'.
4 % bid and 11
/
8% asked.
The bill buying rate of the New York Reserve Bank
is 1% for 1-90 days; IN% for 91-120 days, and 13/2%
for maturities from 121-180 days. The Federal Reserve banks again show a decrease in their holdings
of acceptances, the total having dropped from $51,902,000 to $39,700,000. Their holdings of acceptances for foreign correspondents also again decreased,
falling from $65,735,000 to $57,494,000. Openmarket rates for acceptances are as follows:
SPOT DELIVERY.
Bid. Asked.
Bid. Asked.
Bid. Asked.
—180 Days— —150 Days— —120 Days—
Prime eligible bills
134
13
134
134
1
Bid. Asked.
Bid. Asked.
Bid. Asicd.
—90Days—
—60Days—
—30Days—
Prime eligible bills
74
34
74
34
3.4
X
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
134% b10
Eligible non-member banks
% bid
HERE have been no changes this week in the
T
rediscount rates of the Federal Reserve banks.
The following is
the schedule of rates now in effect
for the various classes of paper at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland.,
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
July 29.
Date
Established.
Previous
Rate.
334
234
33.4
334
334
334
23.4
334
334
354
334
334
Oct. 17 1931
June 24 1932
Oct. 22 1931
Oct. 24 1931
Jan. 25 1932
Nov. 14 1931
June 25 1932
Oct. 22 1931
Sept. 12 1930
Oct. 23 1931
Jan. 28 1932
Oct. 21 1931
234
3
3
3
4
3
334
23.4
4
3
4
234
G exchange is irregular and inclined to
STERLIN
ease, due to the fact that there is a widespread
demand for dollars in nearly all foreign markets,
which offsets normal seasonal demand for sterling
and other European currencies. The foreign exchange market has been extremely dull and irregular
during the greater part of the week, but on Thursday
became very active as a result of the sudden rush of
European funds to New York. The range for sterling
this week has been from 3.55%
5 for
5 down to 3.49%
bankers' sight bills, compared with a range of between 3.541
4 and 3.565
% last week. The range for
cable transfers has been from 3.5534 to 3.4934, com3 to 3.567
pared with a range of between 3.54%
4, a
678
Financial Chronicle
July 30 1932
week ago. In commenting on Thursday's market part of the open market gold was taken in London
the "Wall Street Journal" stated in a specially dis- for shipment to the Continent. This week gold
seems to have sold in the open market at from
played article:
of
cessation
the
115s. 9d. to 117s. 8d. On Monday the Bank of
"In the most active session since
the
June
of
middle
the
England bought £958,330 in gold bars. On Tuesday
the flight from the dollar in
on
lows
new
to
broke
the
Bank bought £179,763 of bar gold. On Tuescurrencies
of
entire list foreign
in
prices
security
in
an additional £2,500,000 of bar gold was taken
ent
the
day
as
move
improvem
the
this market and reassuring statements from Wash- in the open market by an undisclosed buyer generally
ington caused a rush to cover bear positions in dollar believed to be the British Treasury. On Wednesday
exchange. Sterling cables broke 23 cents during the the Bank of England bought £2,622 in gold bars.
day to a new low on the move at $3.50%, while The Bank of England statement for the week ended
francs dipped to a new low for the year at $.0391, July 27 shows an increase in gold holdings of £1,154,off M point. The market was confused in the early 111, the total standing at £138,576,458, which commorning because of the wide spread among rates pares with £133,309,663 a year ago.
At the Port of New York the gold movement for
caused by the sharp drop in London. French francs
gold
the
below
the week ended July 27, as reported by the Federal
were quoted at $.0390%, off slightly
out
of
line
was
rate
Reserve Bank of New York, consisted of imports of
The
import point from Paris.
level.
0, of which $1,494,000 came from Canada,
that
at
done
$3,295,00
was
no
and
business
and incorrect
their
in
firm
0 from England and $321,000 chiefly from
are
$1,480,00
circles
exchange
foreign
However,
an
on
Paris
rican countries. Exports totaled $6,001,from
Latin-Ame
come
will
shortly
gold
that
belief
exchange basis. Guilders broke below par for the 000 to France. The Reserve Bank reported a
first time on the move with a 5 point drop to $.4018, decrease of $9,161,000 in gold earmarked for foreign
and belgas were steady but slightly lower at $.1385. account. In tabular form the gold movement at the
Swiss francs are now the only gold Continental Port of New York for the week ended July 27, as
above par against the dollar, but the rate yielded reported by the Federal Reserve Bank of New York,
2. When the drive against the was as follows:
one point to 8.19443/
dollar began early in May a tremendous short posi- GOLD MOVEMENT AT NEW YORK JULY 21-JULY 27 INCLUSIVE'
tion was built up in forward dollar exchange and it is
Exports.
Imports.
estimated in some quarters that no attempt was $1,494,000 from Canada
to
France
$6,001,000
England
from
made to cover approximately 75% of this position 1,480,000
321,000 chiefly from Latin American countries
until this week. The forward sales of dollars were
and
the
basis
y
$6,001,000 total
90-da
on
a
part
made
most
for the
$3,295,000 total
for Foreign Account.
Earmarked
Gold
in
Change
contracts fall due at the end of this week and next
Net
Decrease, $9,161,000
week."
When the flight from the dollar was at its height
The above figures are for the week ended Wednesthe estimated total short position amounted to about
evening. On Thursday there were no imports
day
liquibeen
$1,000,000,000, much of which has since
of the metal. Gold held earmarked for
dated. Aside from this striking movement of funds or exports
foreign account, however, decreased $1,000,100.
to the New York market, the foreign exchanges,
were no imports or exports, but gold
especially sterling, show a tendency to drift. Owing Yesterday there
foreign account decreased $7,503,for
held earmarked
to uncertainties which bankers feel regarding the
approximately $1,583,000 of
week
the
During
future financial and currency program of Great 900.
Francisco from China.
San
at
gold
was
received
Britain, market operators have been disinclined to
at a severe discount.
continues
exchange
Canadian
take a technical position on sterling exchange, pendquoted at a diswere
funds
Montreal
On
Saturday
ing the outcome of the Ottawa conference. In addion Tuesday
13-16%,
12
at
on
Monday
of
13%,
count
tion, bankers are hesitant in view of the confident
on
at
y
Thursday
128%,
Wednesda
on
12
at
9-16%,
expectation that because of the extremely low money
at
1
Friday
on
at
and
13%,
331,7o.
New
the
rates prevailing in New York and London,
Referring to day-to-day rates, sterling exchange
York Federal Reserve Bank and the Bank of England
on
Saturday last was steady in a dull market. Bankany
almost
rates
will reduce their official rediscount
ers' sight was 3.54%©3.55% cable transfers 3.55%©
day. The New York Federal Reserve Bank rate
. On Monday sterling was fractionally firmer.
has been at 23/2% since June 24, but is clearly out 3.5532
was 3.55%©3.55% for bankers' sight and
range
The
of line with the New York money market. The
55% for cable transfers. On Tuesday the
.553©3.
3
Bank of England rate of 2%, which is the lowest
under pressure. Bankers' sight was
was
pound
since 1897 and the lowest ever posted in London, is
cable transfers 3.548©3.55%. On
1
equally far out of line with open market rates there, 3.543 ©3.553
the
market was quiet, with sterling disy
Wednesda
and it is confidently believed that a 13'2% rate may
ease. Bankers' sight was 3.5314©
greater
playing
of
be posted presently. Despite the steady flow
transfers
cable
3.538©3.543g. On Thursday
3.54;
London,
funds to the dollar, much of which come from
The range was 3.503i©
sharply.
broke
sterling
Lombard
there is also a steady flow of funds to
and 3.50%©3.51% for
sight
bankers'
for
4
3.513
In
there.
e
Street and money is in great abundanc
Friday
On
sterling moved still
cable transfers.
the London.market call money against bills is plentiful
was
range
3.49%©3.503/ for bankers'sight
Two-months bills are quoted at 11-16% to lower; the
at
for
cable transfers. Closing quo.50%
3.49%@3
7 %, four- and
0, three-months bills at Yi% to 4
17
y,
2 for demand and 3.50%
were
3.503/
Friday
on
tations
months bills at 15-16% to 1%, six-months, bills at
al sight bills finished
transfers.
Commerci
cable
British for
114%. The Bank of England and the
at
bills
y
90-day bills at
3.48%;
60-da
;
%
3.493
at
Treasury continue to buy gold in small amounts in
for
s
(60
payment
document
days)
at 3.48%
;
%
3.485
the open market. At the same time there is a move- and seven-day grain bills at 3.503. Cotton and
ment of Indian, South African and other gold to New
grain for payment closed at 3.49k.
York, whereas only a few weeks ago the greater
Volume 135
Financial Chronicle
XCHANGE on the Continental countries is
irregularly easier and characterized this week
a
by heavy flow of funds to the New York security
markets and by a rush of shbrt dollar interests in
other markets to cover. This movement overshadows
the seasonal movement of funds from this side to the
European centers to such an extent that present
quotations for the leading Continentals afford no
reliable index of the trend of exchange. As noted
above, French francs went off sharply in Thursday's
market. Cable transfers were quoted at 3.905
4 at
the opening and such a drop instantly created great
excitement in the exchange market as the quotation
was a shade under the gold import point from Paris,
which is calculated at 3.9066. In actual trading on
Thursday this rate was never reached, but the franc
made a new low for the year at 3.91, and the foreign
exchange market freely predicted that gold would
be imported from France in the coming weeks. It
is generally expected that the market will react from
present low quotations for the European units and
high quotations for dollars. Nevertheless a reaction favorable to francs and the other European
units will hardly reach the high points which were
attained in May and June, however firmly these units
may be quoted in August. After the end of August
as a seasonal matter, the exchanges turn against
the Euoprean centers in favor of New York. The
movement of exchange in favor of the dollar will
develop earlier this year, it is believed, as during
the flight from the dollar some weeks ago, European
balances in New York were reduced to too great at
extent and must be strengthened, as is being done,
in order to provide sufficient funds available in this
market against the autumn drain.
The Bank of France statement for the week
ended July 22 again shows a loss in gold holdings.
The Bank's total gold now stands at fr. 82,310,024,264, representing a decrease during the week of
fr. 97,788,461, which succeeded last week's decrease
of fr. 63,871,732. It is believed that most of this
gold was shipped to other European central banks'.
Present holdings compare with fr. 57,893,064,952
a year ago and with fr. 28,935,000,000 in June 1928,
when the franc was stabilized. The Bank of France
statement for July 15 showed a record high ratio of
76.31%. This percentage is probably the highest
the Bank's ratio will reach. On July 22 the ratio
was down to 76.09%. These figures compare with
a ratio of 56.63% on July 24 1931 and with legal
requirements of 35%. It is generally expected that
France will redistribute a considerable part of its gold
holdings, but it is believed that however large these
shipments of gold may be on the restoration of confidence in other countries, the bank will endeavor to
maintain a gold ratio well above legal requirements,
probably around 50%.
German marks do not reflect the major movements
in the foreign exchanges, as mark exchange is strictly
under control of the Reichsbank exercised under
authority of governmental decrees. The mark has
not been free since the German crisis of June a year
ago, as the Reichsbank can take no important steps
relating to foreign exchange or the Berlin money
market unless the Reich Government obtains the
consent of the Bank for International Settlements.
For this reason, although money rates are falling in
all centres the Reichsbank finds it impractical to
reduce its rediscount rates from the present 5%
level. For the second week of July the Reichsbank
E
679
shows a loss of 52,028,000 marks in gold holdings due
to the repayment of $12,500,000 of the Lee-Higginson
credit to the Reich. This loss reduces its reserves to
the low figure of 754,109,000 marks. Of this amount
only 202,000,000 marks really belong to the Reichsbank, because under the terms of the international
rediscount credit and the gold discount bank credit
taken in 1931 there is a liability of 590,000,000 marks.
Unless the monthly export surplus increases, of which
event there is not at present expectation, further
depletion of reserves is probable. In a recent interview Chancellor von Papen is reported to have said:
"We need an arrangement for redistribution of the
world's gold supply. Germany and other nations
are crippled and prevented from placing their part
of the world's business by currency troubles." Germany does not intend, he said, to abandon the gold
standard. He confirmed the fact that the supply of
gold and foreign currency behind Germany's monetary system is small and asserted that steps must be
taken to halt the drain on the German gold supply.
He explained that he confidently hoped that agreement with Germany's private creditors would obviate
the necessity of transfer to a moratorium (under
which service on foreign debts would be paid in marks
rather than transferred into foreign currencies, and
the mark payments would be reinvested in Germany).
Exchange on Belgium is especially easy with future
belgas at a discount of 5 points under spot for three
months' delivery. The spot rate is around 13.86,
and receiving official support. At 13.84 for cable
transfers a gold movement from Belgium to New
York would normally take place. The market expects early shipments of gold from Antwerp. Par
of the belga is 13.90.
The London check rate on Paris closed at 89.53 on
Friday of this week, against 90.67 on Friday of last
week. In New York sight bills on the French centre
finished on Friday at 3.91/, against 3.91% on
Friday of last week; cable transfers at 3.9114,against
3.91 8, and commercial sight bills at 3.913/s, against
3.91/. Antwerp belga,s finished at 13.86 for
bankers' sight bills and at 13.86 for cable transfers,
against 13.86 and 13.863/2. Final quotations for
Berlin marks were 23.75 for bankers' sight bills and
23.76 for cable transfers, in comparison with 23.71
and 23.72. Italian lire closed at 5.0814for bankers'
sight bills and at 5.08% for cable transfers, against
5.10 and 5.10/. Austrian schillings closed at
14.113/
2,against 14.10;exchange on Czechoslovakia
at 2.96h, against 2.963i; on Bucharest at 0.603,
against 0.603j; on Poland at 11.223/
2, against 11.213/i
and on Finland at 1.523', against 1.523/
2. Greek
exchange closed at 0.653 for bankers' sight bills
and at 0.653' for cable transfers, against 0.653(
and 0.65.
•m• .1•••=11
XCHANGE on the countries neutral during the
war has been irregularly easier. The Scandinavian currencies, owing to their close association
with sterling, merely reflect the fluctuations in that
unit. Swiss francs are now the only major currency
quoted above par with respect to the dollar and this
unit has declined perceptibly from the high spots of
May and June. The Swiss franc is in a particularly
strong position and the gold holdings of the Bank of
Switzerland are greatly in excess of requirements. The
strength of the Swiss unit is due to great accession of
foreign funds by Switzerland during the past few
years, where theylhave taken refuge for security
E
680
Financial Chronicle
rather than earning power. Now, however, there is
a slight movement of these Swiss balances to the
London and New York markets, though it is hardly
probable that the unit will drop below dollar parity
and even if it does, it is doubtful if it will fall so low
as to induce a flow of gold from Switzerland to the
American side. Holland guilders have been easier
than at any time this year and have been ruling
around dollar parity, 40.20, and in Thursday's trading even dropped a few points below. The present
weakness in the guilder is due to the flow of funds
from Amsterdam to London and the New York
security markets. The guilder is in an exceptionally
strong position. The note issue is more than 100%
covered by gold held in the reserve account of the
Bank of The Netherlands. Amsterdam, like all
important money markets, has a superabundance of
short-term funds and open market rates have sagged
to a point completely out of line with the central
bank rate. The private discount rate is only %%,
while the buying rate on prime guilder acceptances
is %%. In view of these low rates and the recent
adoption of a 2% rediscount rate by the Bank of
England, the market confidently expects that the
Bank of The Netherlands rate will presently be reduced from 23/2%, at which it has been maintained
since April 18, to probably 2%. Spanish pesetas
have not reflected in any way the movements of the
major European currencies. The peseta has been
the steadiest of all currencies this week, although
there is no evidence of official support. For several
weeks past the peseta has been inclined to sag, but
judging by the action of the unit in the past two weeks,
there are some indications of a recovery. Only
recently the Governor of the Bank of Spain declared
that the exchange board would not interfere with the
free movement of the peseta.
Bankers' sight on Amsterdam finished on Friday
at 40.20, against 40.25 on Friday of last week; cable
transfers at 40.21, against 40.26, and commercial
sight bills at 40.15, against 40.19. Swiss francs
4 for cable
closed at 19.44 for checks and at 19.441
transfers, against 19.46 and 19.463/2. Copenhagen
checks finished at 18.943/b and cable transfers at
18.95, against 19.143/ and 19.15. Checks on
Sweden closed at 18.033/i and cable transfers at
18.04, against 18.243/ and 18.25; while checks on
Norway finished at 17.563/ and cable transfers at
2 and 17.75. Spanish pesetas
17.57, against 17.743/
closed at 8.033. for bankers' sight bills and at 8.04
for cable transfers, against 8.003/ and 8.01.
XCHANGE on the South American countries is
practically at a stand-still. Quotations are purely
nominal as all foreign exchange and foreign trade
operations in these countries are under severe restrictions imposed by governmental control boards.
Nevertheless the exports of these countries and their
internal trade has made considerable headway since
September despite the political upheavels and social
unrest. The Central Bank of Ch le in a recent statement denies that the State Socialism of Chile is
allied in any manner to Communism or Bolshevism
and says that the impending economic collapse forced
the State to take over the control and organization of
all economic affairs. The bank says that business
affairs have not been seriously affected by the
recent changes except for uncertainty regarding the
manner in which the Government will regulate
economic activities.
E
July 301932
Argentine paper pesos closed on Friday nominally
at 253 for bankers' sight bills, against 253 on Friday of last week; cable transfers at 25.80, against
25.80. Brazilian milreis are nominally quoted 7.20
for bankers' sight bills and 7.25 for cable transfers,
against 7.20 and 7.25. Chilean exchange is nominally quoted 63/8, against 63/8. Peru is nominal at
21.00, against 21.00.
XCHANGE on the Far Eastern countries is
steady. Japanese yen are fluctuating within
narrower limits at present. The Chinese units have
ruled this week at rates somewhat better than the
official quotations for silver might seem to justify.
Money rates in Japan have fallen sharply since the
end of June and the Bank of Japan is in consequence
expected to make a further reduction in its official
rediscount rate shortly. The present rate, 5.11%,
is the second reduction made this year. Japanese
Government bonds totaling 90,000,000 yen are to be
converted in August and a lower official rediscount
rate would be helpful to such an operation. The
Japanese export trade, especially in textiles, is
showing extreme expansion, particularly in the Far
Eastern markets, due largely, it is stated, to the
depreciation in the yen of nearly 50%. Indian cotton
manufacturers are urging their Government to take
steps to offset the advantage which the Japanese
traders have in the Indian markets. When. the
British pound went off the gold basis, the depreciation
amounted to approximately 20%. The rupee dropped
to a like amount, while the depreciation in yen
equalled a reduction of fully 50%. Hence'the
splurge in Japanese export trade in India. The advantage will not last.
Closing quotations for yen checks yesterday were
27 9-16, against 273/i on Friday of last week. Hong
Kong closed at 23@23 3-16, against 231A@23 5-16;
%@29 15-16, against 299@29 15-16;
Shanghai at 293
Manila at 49%, against 498; Singapore at 40%,
8; Bombay at 26 9-16, against 26 13-16,
against 419/
and Calcutta at 26 9-16, against 26 13-16.
E
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JULY 23 193. TO JULY 29 1932. INCLUSIVE.
County and Monetary
Unit.
I
Noon Buying Rate for Cable Transfers in New York,
Value in United States Money.
Ju'y 23. July 25. July 21.
$
EUROPE.139670
Austria,*whining
138530
Belgium, belga
.007233
Bulgaria, lev
Czechoslovakia, krone .029596
191084
,
England, pound
3.552000
sterling
015060
Finland, markka
.039175
France, franc
Germany, reichsmark 237035
006378
Greece, drachma
402503
Holland, guilder
174550
Hungary, pengo
050985
Italy, lira
177325
Norway, krone
111625
Poland, zloty
032262
Portugal, escudo
005970
Rumania,leu
080025
Spain, peseta
182278
Sweden, krona
Switzerland, franc__ .194571
Yugoslavia, dinar__ __ .016550
ASIAChina-Chefoo tee!.Hankow tael
Shanghai tael
Tientsin tael
Hong Kong dollar__
Mexican dollar_ _ _ _
Tientsin or Peiyang
dollar
Yuan dollar
India, rupee
Japan, yen
Singapore (S.S.) dollar
NORTH AMER.Canada, dollar
Cuba, peso
Mexico. peso
Newfoundalnd, dollar
SOUTH AMER.Argentina. peso (gold)
Brazil, murals
Chile, peso
Uruguay, Peso
Colombia, pee()
.139670
.138507
.007233
.029586
.191400
3.552916 3.545750
.015066 .014966
.039160 .039155
.237235 .237242
.006474 .006391
.402500 .402314
.174550 .174550
.050987 .050946
.177533 .177408
.111900 .111800
.032212 .032206
.005968 .005972
.080021 .079978
.182461 .182215
.194551 .194523
.016550 .016590
.305416 .307083
302083 .303750
294887 .296250
309166 .310416
.229687 .229687
.207187 .207187
.211250
.207916
268406
274125
.409375
.139670
.138517
.007233
.029589
.191090
July 27. July 28.
July 29.
.139670
.138530
.007233
.029588
.190669
.139670
.138426
.007233
.029586
.189275
.139670
.138511
.007233
.029586
.188676
3.536333 3.511168
.015050 .015016
.03914 • .039108
.237242 .237107
.006391 .006391
.402310 .401728
.174550 .174550
.050938 .050861
.177191 .178048
.111800 .111800
.032240 .032000
.005960 .005960
.080007 .080225
.181600 .180378
.194555 .194426
.016775 .016750
.498666
.014850
.039104
.237285
.006376
.401753
.174550
.050835
.175253
.111750
.032000
.005966
.080285
.179881
.194282
.016530
.306250
.302916
.296250
.310416
.229375
.207187
.305625
.302291
.294 .31
.309375
.228908
.205625
.305833 .305625
.302500 .302291
.295000 .294531
.309583 .309375
.228437 .228125
.205500 .205625
.212083 .212083
.208750 .208750
.266750 .266775
.274275 .274725
.409375 .409375
.210833
.207500
.265500
.275625
.408750
.211250
.207918
.264625
.275375
.405000
.210833
.207600
.263250
.275125
.403750
.870052 .871145 .871197 .874?18
999100 .999206 .999112 .999112
287833 .290833 .286500 .288000
.867625 .868625 .868875 .871750.
.871145 .866822
.999112 .999100
.284750 .282000
.868875 .864375
.585447 .585447 .585447
.076375 .076350 .076350
060250 .060250 .060250
475833 .475833 .475833
952400 .952400 .952400
.585447 .585447
.078350 .076350
.060250 .060250
.475833 .475833
.952400 .952400
.585447
.078350
.060250
.475833
.952400
Financial Chronicle
Volume 135
HE following table indicates the amount of gold
bullion in the principal European banks as of
July 28 1932, together with comparisons as of the
corresponding dates in the four previous years:
T
Banks of—
1932.
£
England... 138,576,458
France.a... 658,480,194
33,570,300
Germany_b
90,233,000
Spain
61,221,000
Italy_
84.206,000
Netherlands
74,244,000
Nat.Belg'm
89,156.000
Switzerland
11,445.000
Sweden...
7,440,000
Denmark
7,911,000
Norway._
1931.
£
133,309,663
463,144,519
61,800.800
90,933,000
57,678,000
44,076,000
42,061.000
29,498,000
13,219,000
9,546,000
8,130,000
1930.
1929.
1928.
£
£
i
£
153,250,395 142,610,244 173,659,029
362,262,871 298,396,809 239,346,403
123,447,000 100,272,300 105,701,450
98.879,000 102,513,000 104.337,000
52,855,000
55,792,000
56.323.000
26,242.000
37,451,000
34,540,000
22,944.000
28,561,000
34,346,000
17,914.000
19,877,000
23,780,000
12,792,000
12.979,000
13,483,000
10,103,000
9.588.000
9,567,000
8,166,000
8,154,000
8.142,000
Total week. 1,256,482,952 953.395,982 918,020,266 816,194,353 774,059,882
Frey. week. 1,255,269,798 963,189,838 916,197,568 818,499,015 781.819,911
a Thesciare the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £4,136,550.
What Did thelLausanne Conference Achieve?
It is difficult to understand the general and even
enthusiastic satisfaction with which the agreements
entered into at Lausanne have been greeted by the
American press. Reading the editorial and other
comments that have appeared since the agreements
were made known, one would be led to conclude that
not only had the entire reparations issue been removed from current politics and economics and relegated to history, but that the Conference itself, in
dealing with that and other European and world
troubles, had shown such a conspicuous enlightenment and breadth of view as to make it incumbent
upon the United States, without further ado, to reconsider its policy regarding the war debts and prepare for a substantial scaling down, if not for an
actual cancellation, of those obligations. A new
era, we are told, has dawned; an irritating past has
been largely dismissed, with grateful manifestations
of good feeling on all sides, and a return of general
prosperity waits only upon the willingness of the
United States to do its part.
The radio address which Senator Borah broadcast
from Washington on July 23 summarized, in convinced and striking phrases, the spirit of satisfaction and hope which editorial comment had already
widely voiced. According to Senator Borah, "Lausanne, even more than Versailles, is the harbinger
of peace and hope of humanity." It is "the bright
spot of this somber picture of suspicion and fear
and hate" upon which the world has looked "for
eighteen long, torturing years." It is a "challenge"
to "the policies which have brought us to our present plight." "The past, with its impossible judgments, ended and a new era with brighter promise
opened." Lausanne, the Senator declared, "is the
most important step taken since the war looking to
the restoration of confidence in political and business affairs." "Doubts have been expressed," he
continued, as to whether the Anglo-French entente
which formed a part of the Lausanne agreements
"was not an open manifestation of antagonism
toward the United States, and as to whether it
might not have as its real purpose an effort to bring
undue pressure on the United States for debt cancellation and kindred subjects," but "it seems to me
wiser and likely more in harmony with the facts,"
he declared, "to give to this accord a higher and
more exalted purpose . . . I can see a great and
permanent good in this accord, and I can see no
harm in it." The problems to be discussed in the
economic and monetary conference which Senator
Borah urged should be called, and in which the
681
United States should participate, "call for the
breadth, the vision, the courage, the humanitarianism of Lausanne."
What, precisely, was done at Lausanne, and what
is the bearing of the action there taken upon the war
debt policy of the United States? The Lausanne
agreements comprise three documents. The first is
a treaty, concluded on July 8 and signed the next
day,to which Great Britain, France, Italy, Belgium,
Japan, Poland, Rumania, Czechoslovakia, Portugal,
Yugoslavia and Germany are the signatory parties.
The second is a "gentlemen's agreement" explaining
and qualifying the treaty. The third is an agreement establishing an entente between Great Britain
and France, which entente other Governments are
invited to join. These, and these alone, are the
sources from which the spirit and accomplishments
of the Lausanne Conference are to be learned.
The treaty falls into six parts. The first part
recites briefly the history and organization of the
Conference, and the declaration signed on June 16
by the representatives of Great Britain, France,
Italy, Belgium and Japan."noting that certain payments of reparations and war debts will fall due as
from the first of July next," and expressing the
opinion,"in order to permit the work of the Conference to proceed undisturbed, that, without prejudice
to the solution which may ultimately be reached, the
execution of the payments due to the Powers participating in the Conference in respect of reparations and war debts should be reserved during the
period of the Conference." The five Governments
mentioned above declared "that they, for their own
part, are prepared to act on this understanding,"
and an invitation to associate themselves with the
understanding was subsequently accepted by the
Governments of the British Dominions, Poland,
Portugal, Rumania, Czechoslovakia and Yugoslavia.
Following this section are five Annexes, of which the
first contains the agreement with Germany, the
second some transitional measures relating to Germany, the third relates to non-German reparations,
the fourth embodies a resolution relating to Central
and Eastern Europe,and the fifth a resolution relating to a world economic and financial conference.
The gist of the treaty with Germany is contained
in the first two articles. Article I provides that the
German Government shall deliver to the Bank for
International Settlements 5% gold bonds in the
amount of 3,000,000,000 reichsmarks (approximately
$714,000,000). The bonds are not to be negotiated
by the Bank until at least three years after the signature of the treaty, and those not negotiated fifteen
years after such signature are to be cancelled. The
remainder of the Article provides for the action of
the Bank in administering the bonds and other customary matters, and for the redemption of the bonds
by the use of one-third of the net cash proceeds of
the sale by Germany of any other foreign issues
running for more than twelve months. Article II
provides that the agreement, "on its coming into
force," shall "terminate and be substituted for the
reparation regime" provided by the Young Plan and
subsequent agreements relating thereto.
On their face these provisions, once the agreement
has been ratified, would terminate the reparations
annuities payable by Germany under the Young
Plan, and substitute for them a lump sum payment
of 3,000,000,000 marks. But when is the treaty to
be ratified? The "gentlemen's agreement" a secret
682
Financial Chronicle
document whose existence was denied until the press
ferreted it out and forced its publication,specifically
provides that "ratification will not be effected until
a satisfactory settlement has been reached between
them and their own creditors. The creditor Powers,"
the secret agreement continues, "will have an opportunity to explain the situation to their respective
Parliaments, but no reference to that must be made
in the agreement with Germany. Consequently, if
a satisfactory settlement is reached for debts, the
creditor Governments will ratify, and the agreement
with Germany will then have its full effect. But if
such a settlement is not obtained, the agreement
with Germany will not be ratified, and a new situation will arise and the interested Governments will
confer on what is to be done. In such an event, the
legal position is that which existed before the Hoover
moratorium." The "gentlemen's agreement" was
signed privately by the representatives of Great
Britain, France, Belgium and Italy.
This, then, is the reparations "settlement" upon
which Senator Borah and others bestow exalted
praise; this is the financial fruit of a Conference
whose vision and courage and breadth of view are
held out as an example for another conference to
follow. The simple fact, of course, is that there
has been no settlement of reparations at all save on
the condition that the debts of the Powers which
negotiated with Germany shall also be satisfactorily
adjusted. Under the lead of Ramsay MacDonald
and Edouard Herriot, the four Powers which have
the largest war debts to pay co-operated in the formulation of a treaty which on its face made an end of
reparations and did away with most of the Young
Plan; but before the treaty was concluded they entered into a secret agreement, the existence of which
might not have been known to this day but for the
suspicion and alertness of the press, to withhold
ratification until they could get a satisfactory settlement of the debts, and to let the treaty fall, and
restore the situation as it is under the Young Plan,
if such a settlement failed. Legally, therefore, the
Young Plan is still in force precisely as before, save
for the modification made by spreading over ten
years the single year's payments that were postponed under the Hoover moratorium; and the payments that fall due after the present month of July
will be legally due unless, as of course is possible,
the economic and financial conference which the
League of Nations is expected to call is held to be a
continuation of the Lausanne Conference. In that
case the postponement of payments agreed to in the
declaration of June 16 will merely be extended until
the new conference formally ends.
Senator Borah was quite right in saying, in his
radio speech, that the debt settlements of the United
States should be reconsidered if the interests of the
American people would be served thereby. The
United States, like any nation, should look out for
its own interests, and nothing that it has done in
connection with the debts indicates the least disposition to ignore the interests of others. It has already
cancelled about one-half of what was owed to it,
and its terms for the payment of the remainder are
generous. To inquire, as does one of our correspondents,"what benefits the United States receives
by bankrupting her debtors" and how we "Would
effect debt payments to a creditor that refuses to
accept adequate payments in goods or services," is
to ask questions which beg their own premises at
July 30 1932
the same time that they conform to nothing in
American policy.
Senator Borah himself declines to affirm that "a
new situation has arisen," but he does declare that,
in his opinion,"if the policies initiated at Lausanne
are carried forward, there will come a time when it
will be distinctly to the interest of the people of the
United States to consider again the question of these
debts." If by "the policies initiated at Lausanne"
is meant the expressions of a desire for world peace
and prosperity which the Conference set down, and
the hope that the economic and financial conference
which it endorsed might bring such peace and prosperity about,it is conceivable that not only the debts
but various other matters may sometime be reviewed,
but if he has in mind what was done about reparations, his logic seems to us to be grievously at fault.
The only "policy" that was "initiated" at Lausanne
at this point was an agreement to accept from Germany a lump sum instead of a long series of annuities only if, as and when the debt obligations were
satisfactorily adjusted, and it is matter of common
knowledge that the debts due to the United States
are the ones from which the signatory Powers are
most anxious to escape.
What happened at Lausanne was,first, the conclusion of a reparations agreement that is as yet of no
legal effect save as it temporarily postpones certain
payments; second, the conclusion of a supplementary agreement, secretly framed and privately
signed but fortunately now fully exposed to public
knowledge, holding up the reparations agreement
until the Powers should get what they wanted in the
matter of the debts; and, third, the conclusion of an
accord between Great Britain and France, to which
several other Powers have since adhered, pledging
an interchange of views and information regarding
"any questions coming to their notice similar in
origin to that now so happily settled(!) at Lausanne
which may affect the European regime."
Premier Herriot has denied, what he was at first
quoted as affirming, that the entente would prevent
Great Britain from making an independent settlement regarding its debts, but the entente agreement
and the "gentlemen's agreement" must each be read
in the light of the other, and the manifest purpose
of the signatories of both was to insure common action. What confronts the United States, in short,
is a united European front, specifically on the question of the debts, generally on other "similar questions affecting a "European regime" of which reparations and debts have been,and still are, a primary
part. A correspondent of the well-known French
political weekly "L'Europe Nouvelle," writing from
Lausanne under date of July 6, two days before the
treaty was concluded, stated frankly that the AngloFrench entente was the "capital result" which M.
Herriot had been laboring to achieve.
There is no ground for asserting that the Lausanne Conference marks a great forward step in
the direction of a settlement of the world's political
or economic problems. °What was done was to concert a scheme, under the camouflage of a reparations settlement, which it was hoped would coerce
the United States into cancelling or greatly reducing the war debts owed to it. The only answer to
be made to that scheme is the one that President
Hoover made on July 14 in a letter to Senator Borah:
"I do not propose that the American people shall
be pressed into any line of action or that our policies
Volume 135
Financial Chronicle
shall be in any way influenced by such a combination, either open or implied."
683
ward, this movement being most pronounced in the
East North Central States, West North Central
States, and West South Central States.
Back to the Farm Movement Gaining.
These population estimates are based upon inAccording to a statement just made by the Bureau formation supplied to the Bureau by thousands of
of Agricultural Economics the farm population farm families all over the country. They are not,
consisted of 31,260,000 persons on January 1 1932, however, strictly comparable with figures published
as compared with 30,612,000 on January 1 1931, a in previous years by the Bureau, because this estigain of 648,000. This increase was the largest and mate has been revised on the basis of the 1930 Census.
the most significant recorded in the ten years in The statistics concerning population movements to
which the Bureau has been estimating changes in and from farms for the period 1920-1930 are being
farm population. For seven years of this period revised so as to take into account the 1930 Census
annual decreases were reported and only during as well as the trends indicated by sampling reports
1930 and 1931 have appreciable gains been indicated. obtained annually from farmers by the Bureau of
More than 1,472,000 left farms for towns and cities Agricultural Economics.
last year; however 1,679,000 persons moved to the
The Bureau estimates the movement to and from
farms. The surplus of births over deaths on farms farms by geographic divisions, in 1931, as follows:
was 441,000. The gain in the number of persons
To Farms.
From Farms.
New England
46,000
48,000
living on farms was 648,000 as already stated. For Middle Atlantic
92,000
90,000
East North Central
265,000
217.000
1930
it was estimated that 1,766,000 per- West North Central
the year
356.000
288.000
South Atlantic
156,000
184.000
South Central
sons moved from cities to farms and 1,727,000 East
134,000
119.000
West South Central
381.000
300,000
Mountain
persons moved from farms to cities—these two move- Pacific
105,000
92,000
144,000
134,000
ments almost balancing each other. The surplus of
Total
1,679,000
1,472,000
births over deaths was 399,000 in 1930. There was
The Bureau estimates the farm population, by
a slight decrease in the number of persons going to
geographic divisions, as follows:
farms in 1931, and a considerable decrease in the
Jan. 1 1932.
Jan. 1 1931.
New
England
number going to cities.
572,000
571,000
Middle Atlantic
1,741.000
1,724,000
Central
East
North
4.614,000
4,530,000
In the movement from cities to farms for both West North Central
5,166,000
5.047.000
Atlantic
6.032,000
5.942,000
1930 and 1931, and continuing into 1932, have been South
East South Central
5.276.000
5.157,000
West South Central
5.531.000
5,364,000
many farmers' sons and daughters who had pre- Mountain
1,163,000
1,132,000
Pacific
1,165,000
1.145,000
viously migrated to towns and cities. Many of these
Total
31,260,000
30,612,000
upon losing their city jobs, have returned to the
home farm, many bringing families with them.
Some city families have found refuge on the farms
Railroads Combat the Trucks
of other relatives.
To some extent the railroads are successfully turnThese figures do not take into account another ing the
tables against one form of competition,
change that has been widely heralded as a "back-to- namely the carriers by
autotrucks. Improved highthe-farm" movement, a change that has been under ways opened up new opportunities for
intercity
way since 1930. Many city and town families are transportation of all manner of freight by truck
now planting subsistence gardens of one-quarter to owners and as the business grew special huge vans
two acres where formerly they purchased all of their were constructed, many of which have been operated
foods. Some of these families have moved to aband- by night, the movement from New York City to
oned farms as a means of lowering their house rents points in New England, New Jersey and to Philadelin addition to raising some of their foods. Others phia and other populous towns in Eastern Pennsylhave obtained small plots of ground close enough to vanis assuming huge proportions.
their present homes to avoid moving. Relief agencies
A similar innovation sprang up all over the country
in several cities have aided by furnishing seeds, as State after State extended its improved roads.
fertilizer, some gardening equipment, and the use The inroad upon the freight business of the railroads
of plots of ground. In a lesser number of cases these has been stupendous, taken as a whole, and it was
agencies have moved families out to houses where chiefly due to the advantage which the trucks possome cultivatable plots of ground would be more sessed of making door-to-door deliveries. All manner
of freight was collected by the invaders at the place of
accessible.
The bureau points out that this movement is not business or homes of the consignors and transported
a genuine "back-to-the-farm" movement, since very direct to the consignees at whatever point was
few of the people.are engaging in farming as a busi- designated.
Unregulated truck companies not being under the
ness. It is almost wholly an attempt to obtain lowcost housing and partial subsistence. And for the careful supervision which is exercised by the Interrelief agencies it is a means of reducing somewhat state Commerce Commission over the railroads have
the cash cost of meeting the minimum subsistence not made public data which will disclose their rapid
needs of persons for whom they are caring. In addi- growth, but the reliable reports of the steam railtion, it gives the unemployed something to do and roads show heavy declines of freight traffic, a subfor some of the children it means an opportunity to stantial portion of which may be attributed to the
benefit by an abundance of fresh air and sunshine. new competition.
The Pennsylvania Railroad Regional System, comIt would be a mistake, however, to count all of these
prising nearly all of the entire System, reports a
as additional farmers.
grand total of carload traffic for 1931 at 141,930,252
The number of persons leaving farms exceeded the cars, a decrease of
44,896,709, while the less than carnumber arriving at farms in 1931 only in the New load freight was 3,726,147 carloads, a
decrease of
England and South Atlantic States. In each of the 966,049, and it is the L. C. L.freight which is chiefly
remaining seven geographical divisions, the move- affected by the door-to-door delivery made by
the
ment country-ward exceeded the movement city- motor trucks.
684
Financial Chronicle
For the calendar year 1931 the carload traffic of
the Reading Company was 49,235,500 cars,a decrease
of 10,302,711, and that road's L. C. L.freight for the
same period was 1,279,179, a decrease of 318,906.
Both the Pennsylvania and the Reading inaugurated their door-to-door collection and delivery of
freight on June 25 of this year. The experiment will
be shown in the annual report published next year.
The change relates chiefly to the traffic from the
Philadelphia territory to the seashore points, Atlantic City and Ocean City, N. J., in which the trucks
had built up a profitable traffic as there is a considerable movement of freight in each direction owing
to the seashore temporary population, necessitating the furnishings and supplying of many cottages.
Some western railroads and a number in New
England have also made the innovation and now,
beginning September 15,store-door delivery and pick
up of freight in the metropolitan district of New
York City, will commence. Express companies will
be utilized at each end of the route to round out the
door-to-door delivery.
The significance of the undertaking is in the spirit
manifested by the steam railroad managers who are
determined to check the diversion of shipments from
their lines if possible and to build up a service which
will restore whatever traffic may have been lost.
The general movement of freight has been decreasing since 1929 owing to the general recession in business and the real effect of the competition of the
trucks may not be known until trade conditions become normal. It is interesting, however, to note that
the railroad managers are making a strenuous effort
to protect the interests of investors in railroad bonds
and stocks against rival carriers having the advantage of fewer legal restrictions than have been imposed upon the railroads and a freedom from taxation which the steam carriers do not enjoy.
Trucks cannot handle perishable freight as well as
they can the non-perishable. The railroads whose
terminals are at Jersey City have facilities for delivering perishable commodities by means of lighters
to the piers on the Eastern bank of the Hudson, where
the primary buyers lease space for the display of
their receipts before they are offered for sale at auction. This prompt and reliable service of the railroads has assured them a satisfactory business quite
exempt from competition.
July 30 1932
ous coal traffic exceeds that of anthracite. Thus by
a very polite gesture the Western Maryland is
to become a part of the B. & 0. system according to
the latest finding of the Commission and the twins,
Reading.and Western Maryland, mothered by the B.
& 0., will continue to co-operate.
Another quite undisturbing feature of the latest
I. C. C. terms is the consent that the Norfolk & Western shall remain as a part of the Pennsylvania Railroad System. According to the last report of the
Pennsylvania that road owned $2,598,720 of Norfolk
& Western common and $501,000 of adjustment preferred. Additional shares of the Norfolk are undoubtedly owned by such Pennsylvania holding companies as the Pennsylvania Company and Pennroad,
both of whom are controlled by the Pennsylvania
Railroad.
As long ago as when Samuel Rea was at the head
of the Pennsylvania organization the I. C. C. announced its intention of requiring the Pennsylvania
to surrender its interest in Norfolk & Western. President Rea at once replied in a forcible way announc
ing his intention to fight to the end every attempt
to wrest the Norfolk road from the Pennsylvania
control. The issue was dropped and now the I. C. C.
in the light of later developments apparently agrees
with the Pennsylvania management that the Pennsylvania shall retain its entrance to Norfolk harbor
over the Norfolk & Western which is a shipper of
bituminous coal to northern markets by way of the
Pennsylvania Railroad.
One of the ambitions of the Pennsylvania management has been to gain an entrance to Boston harbor,
to further which it has acquired a large amount of
stock either directly or indirectly in New England
railroads. The Pennsylvania owns $1,674,987, par
value, of New York, New Haven & Hartford common
stock, for some of which it is reputed to have paid as
high as $200 per share. But at this point the I. C. C.
draws the line of ownership and opposes the efforts
of the Pennsylvania to obtain a strong foothold hi
New England.
Philadelphia capitalists long cherished a desire to
link up a route by rail from the anthracite mines of
Pennsylvania to points in New England, including
Boston. Plans along this line reached a head nearly
forty years ago when a coterie of capitalists, who
owned the Poughkeepsie bridge and some short line
railways on either side of the Hudson, acquired conCrumbs From the I. C. C. Table
trol of the Reading Railroad. A. A. McLeod, then
One of the peculiar features of the Four Trunk president of the Reading, devised a most pretentious
Line Plan now submitted by the I. C. C. is the graci- scheme by which the Reading not only acquired the
ousness with which the Commission hands over to a Central of New Jersey, assuring an entrance to New
trunk line a railroad which it already possesses, York Harbor, but also bought the Lehigh Valley
leaving the impression that a trunk line ought to be which would provide a through route to Buffalo for
thankful more especially for that which is not taken lake shipments of anthracite and was arranging for
away from it than for additions which are desired more mileage in New England which would provide
the better to round out a system.
a route for anthracite from the Reading mines via
As an example the Reading Company is assigned the bridge to Boston. There was no I. C. C. to be conto the Baltomore & Ohio System. But for years the sulted in those early days, but Mr. McLeod made the
B. & 0. has been a large owner of Reading stock and mistake of picking the wrong bankers to further his
within a recent period has acquired sufficient ad- project and the whole pyramid which he was building
ditional stock from the New York Central to assure collapsed, ending with a third receivership for the
entire control of the Reading by the B.& 0.
Reading. After reorganization and compulsory segThe Western Maryland has become almost an arm regation of the coal properties from the railroad, the
of the Reading, the two roads meeting near Cham- Reading became one of the most prosperous carriers
bersburg, Penna., where the Reading receives from of the country until the depression affected pretty
the Western Maryland a large tonnage of bitumin- much all railroads alike.
As a B. & 0. subsidiary, Reading's spectacular
ous coal and has a long haul to supply the Bethlehem Steel plants at South Bethlehem,Pa. Although, days are evidently over, but with the revival of busimeasured by tonnage, the Reading is the largest of ness the company should become a valuable link
the anthracite carriers, at times the road's bitumin- in the Baltimore & Ohio System.
Financial Chronicle
Volume 135
Just as the Reading is a natural extension of the
B.& 0., giving it assured access to New York harbor,
so is the New York, New Haven & Hartford, and
other New England lines, to the Pennsylvania System which the Pennsylvania seeks not only to serve
New England better but by access to the port at
Boston to aid all of the vast territory which it serves
upon its 26,740 miles of tracks.
685
site lands, interest and taxes, general administration, special services, fee to affiliated construction
company, and electric energy used or generated
during the period of construction; and on some of
these questionsTprecedents are established in the
construction andrapplication of the Federal Water
Power Act.
In spite of the fact that the opinion was a unanimous one, the Chairman of the Commission added a
concurring statement of personal views on several
items.
The Original Cost of Mitchell Dam.
The Federal Power Commission has just issued its
most important opinion to date in the field of cost Showing of New York City Banks for Half Year
determination. It is in support of an order adopted
The fifteen leading member banks of the New York Clearby the Commission on June 30 to determine the actual ing House Association finished the first half year in strong
legitimate original cost of the Mitchell Dam project condition, and with a ratio of net loss to capital funds of
in Alabama. The final hearings were held last De- 2.67 per cent after charge-offs, reserves and contingencies
cember with arguments made before the Commission estimated at $110,000,000, compared with a ratio of net loss
and briefs filed thereafter, and the company's cost- to capital funds of 3.09 per cent for the calendar year
accounting for the project has now received final 1931, accorrding to the Quarterly Review of New York
adjudication, being the largest contested case ever City Bank Stocks made public today by Monahan, Schapiro
Co. In 1930 these institutions showed a ratio of net prodisposed of. The opinion is most important for the &
fit to capital funds of 3.2 per cent, in 1929 a profit ratio
reason that certain highly controversial issues are of 10.2 per cent., and in 1928 a profit ratio of 10.9 per cent.
determined for the first time by this Federal Agency. Although net operating income for the same group, which
The Mitchell Dam on the Coosa River in Alabama, was at the rate of about 8 per cent of capital funds, suba project of the Alabama Power Company, was com- stantially exceeded total dividend payments of $50,945,500,
pleted nine years ago. A license for its construction there resulted a net loss of $42,430,543 before dividends,
wai granted by the Commission June 27 1921, under after giving effect to all write-offs, reserves and continthe Federal Water Power Act of June 10 1920, and gencies. The statement goes on to say:
There was a net decrease in capital funds for the six months ended
it is under the authority of that act that the de- June
30 of 5.88 per cent, which is accounted for by a net loss of 2.67
termination of the original cost was made. Actual per cent
and dividend disbursements of 3.21 per cent. As of the midphysical construction of the project was begun Aug. 1 year the group showed total contingency funds and reserves of $140,against $150,000,000 on December 31, 1931.
1921, and it was placed ;n commercial operation 000,000
For the first time a composite statement of condition for the 15
Aug. 15 1923.
member banks of the Clearing Association is given as of June 30,
using $100 as the unit of invested bank capital. This shows a ratio
The statement of the costs rs claimed by the com- of
total deposit liabilities to capital funds
4.72 to 1. Cash and
pany was in the amount of $10,646,056.76, and the U. S. Government obligations equalled 57.5 perofcent
of demand deposits
total
deposits.
cent
and
of
In
51.5
relation
per
to total funds, cash
total of all items allowed y :he Commission is
items were 20.2 per cent, U. S. Government securities 22.3 per cent,
$6,173,576.82. The claim NA as audited by the State and municipal bonds, 4.1 per cent, other bonds and securities
accounting representatives of the Commission on the 7.7 per cent, and loans, discounts and acceptances 44.4 per cent.
basis of a detailed examination of the Alabama Power
The Review points out that although drastic economies
Company's records and accounts pi evitmsly made have been effected in bank operation, the downward revijointly with representatives of the Alabama Public sion of dividend payments has been wisely adopted. The
Service Commission; and out of the amount claimed latter course has been dictated not only by lower net re$5,694,117.69 was passed by the accounting division venues, but principally by the large sums appropriated for
as representing proper charges to the construction reserves and contingencies. Net operating earnings have
exceeded dividend disbursements during the depression.
of the project, and the remainder of the claim, "An
interesting commentary is that bank
have not
together with certain proposed additions, was set only responded to the changed conditions stocks
unfolded in the
out for the Commission's special consideration. downward sweep of the depression, but they have in a
Further data were submitted in support of some of most striking manner acted as a barometer of public conthe items so set out, and they were partially disposed fidence," says the Review. "It is a matter of historical
of by stipulation with the Alabama Pwer Company record that the same phenomenon has been witnessed in an
last December, and adopted by the Commission opposite direction with equal rapidity and suddenness in
June 30 1932. They may be summarized as follows: reversal. Whether the causes of our depression will reClassification-
Allowed.
Land and perpetuity
C24.311.40
Preliminary investigations
5.000.00
Superintendence, accounting, dm
908.50
General administration, Dixie Construction Co
224,897.66
Land account duplication
Preliminary investigations, miscellaneous
450.95
General, construction equipment
5.393.16
Organization expense
152,814.31
Electric energy generated during construction
Period
Cr216.449.89
Total
$107.326.09
Disallowed.
$15,890.53
2,082.29
5.554.34
$23.527.16
The items remaining in controversy were made the
subject of formal hearing before the full Commission,
with submission of oral and documentary e vidence,
briefs, and argument by counsel and the Commission
disposed of them as follows:
Tide-
Claimed.
.4flowed.
Disallowed.
Fixed capital not classified by prescribed
accounts
83.500,000.00 $76,135.09 83,423,864.91
General administration, Alabama Power Co.
171,028.118 171.028.98
J. T. Newcomb, services
4,000.00 2.500.00
1,500.00
W. J. Henderson, services
375.00
375.00
Lafleur et al
750.00
750.00
Fee, Dixie Construction Co
183,540.15
183,540.15
Taxes
914.54
683.09
227.45
Electrical energy used during construction_
72,788.92 30 ntio.88
42,128.04
Interest during construction
672,342.33
*
•Interest is to be allowed on all costs of said project other than Interest, as
determined and allowed by the commission, from July 1 1918, as to such costa
theretofore incurred, and from dates incurred as to others, to and Including
Aug.
15 1923; such interest to be computed in accordance with the provlsions of a stipulation dated Dec. 7 1931.
In the determination of the actual legitimate
original cost, the opinion therefore decides, on the
facts presented, such items as valuation of power-
main operative much longer is, of course, a speculation.
However, that public psychology is now susceptible to constructive influences is certain."
Course of the Bond Market.
Bond prices rose impressively throughout the domestic
list this week. This advance, in addition to the gains of
the preceding three weeks, can probably be explained by
the markedly better sentiment throughout the financial
world. But it must still be realized that business in general
has improved but little during the period. Among factors
which have played a part in removing the pressure on the
bond market and have changed its course may be mentioned
the recent rise in some commodity prices, the better position
of the dollar in the foreign exchange markets, the stoppage
of the gold drain and the removal of fears regarding the
stability of our currency, the strength of foreign bonds fol!owing the Lausanne settlement, and the approval by the
Inter-State Commerce Commission of the Eastern railroad
consolidation plan. As a general rule, the more speculative
issues displayed the best ability to make large gains. The
advance in bond prices of last week is strikingly illustrated
by Moody's price index of 120 domestic bonds which rose
to i0.43 by Friday, as compared with 66.98 the week before
and f14 71 just two weeks before. The advance for the week
was 3.45 points and 12.86 points since the first of June.
The behavior of United States Government obligations
has also been impressive. Moody's price index for eight
long-term Treasury issues which made a new high for the
686
Financial Chronicle
year on Wednesday at 101.03 closed at 100.87 on Friday,
which represents a gain of 0.75 point for the week. The
low for the year was 89.27 established on Jan. 12, and to
date the recovery has amounted to 11.60 points. This
improvement in Government bond prices has been brought
about chiefly by the artificial support of the Reserve System
which has caused these issues to advance more than other
bond groups. Another more recent influencing factor has
been the Glass amendment to the Home Loan Bank bill,
authorizing the issuance of national bank currency backed
by Government issues bearing a coupon rate of not more than
3y3%. Among factors which are likely to influence Government bond prices in the near future are: The question of
continued market support of the Reserve System, new Government financing for the Reconstruction Finance Corporation and the operation of the national budget.
All railroad liens improved in price during the past six
trading days with the rise most pronounced in the more
speculative issues. The year's low point for this group as
measured by Moody's index for 40 railroad bonds was 47.58
which was established on June 1. The figure of 64.15 for
last Friday represents, therefore, a recovery of 16.57 points
since the year's low. The junior issues of Baltimore & Ohio
and Chicago & North Western reached new high levels on
the rally of last week. Atchison 4s, 1955, advanced to 71
on Thursday, a gain of 6 points for the day. The recent
news on the consolidation plan resulted in strength of Western Maryland and Pere Marquette bonds and in moderate
appreciation of the Chicago & Eastern Illinois junior issues.
Prices on Friday gave evidence of the uninterrupted advance.
On the whole, public utility bonds registered further gains
during the week, although in the latter part there were some
signs of faltering. This group has been conspicuous in the
recent market rally by confining its gains to small movements
and at no time has the public utility group displayed that
vigor which has characterized most of the other groups.
New York City tractions were listless, due to lack of further
encouraging unification news. The continuation of strength
was not accompanied by new offerings as in the past weeks,
although it is definitely known that some large financing is
pending. Moody's price index for this group ended the
week at 75.82, as compared with 73.05 by the preceding
week and 72.16 two weeks before.
All classes of industrial bonds were exceptionally strong
during the week. Oil bonds once again showed the most
consistent trend on the up side. Among the outstanding
gains were those of the Shell Union Oil issues, which rose
sharply week before last; Texas Corp. 5s, 1944, which went
into new high ground; Richfield Oil 6s, B. F. Keith 6s,
Phillips Petroleum 53is, American Radiator 43's, Cudahy
Packing 53s, 1937, and Purity Bakeries 5s, 1948, which
closed on Friday at 613', a gain of 83. points for the week.
Those bonds of the lower grades showed the sharpest gains.
The bonds of this group were more active during the week
and displayed more consistent rising tendencies than they
have for some time. For the week ending last Friday
Moody's price index of 40 industrial bonds showed a gain
of 2.95 points, ending at 72.26. The low point for the year
is 62.09, which was established on June 1, making the recovery since that date 10.17 points.
Generally speaking, a firm tone was again exhibited in
the foreign bond market last week. Despite the forthcoming German elections, foreign issues remained as a whole
unaffected, the obligations of Argentina being the only ones
to show marked weakness. This softness in the Argentine
bonds may be partly explained by the unconfirmed newspaper dispatches from Buenos Aires several days ago stating
that the continuous decline in revenues had caused grave
concern as regards the maintenance of the external indebtedness in good standing, and some people were giving serious
thought to the possibilities of a moratorium. Then the trend
of thought at the Ottawa Conference raised some fears that
some trade with Great Britain might be diverted from Argentina to Canada and Australia. The strength in German
issues appears to be due to the feeling that the radical.tendencies of the Hitlerites have been tempered to a large extent;
the election is therefore no longer regarded with as much
apprehension as have previous polls. Although this section of the bond market showed rising tendencies, the gains
were not as pronounced as in some other groups, and irregularities were common. Moody's bond yield average for the
foreign group on Friday was 11.73% as compared with
12.02% the preceding week and 12.16% two weeks ago.
With few new offerings and a steady but slow demand
for tax-free issues, the municipal market showed continued
firmness. Weaker situations among the large cities showed
advances of several points, with Chicago and Detroit bonds
selling well above their lows for the year. Apparent efforts
for economy on the part of the administration encouraged
holders of New York City issues.
Moody's computed bond prices and bond yield averages
are shown in the table below:
MOODY'S BOND PRICES.*
(Based on Average Yields.)
1932
Dais
Aoerayes.
July 29
28
27
28
25
23
22
21
20
19
18
16
15
14
13
12
11
9
WeeklyJune 24
17
10
3
May 28
21
14
7
Apr. 29
22
15
8
1
Mar. 24
18
11
4
Feb. 26
19
11
5
MOODY'S BOND YIELD AVERAGES.
(Barred on Individual Closing Priem.)
AU
120
Domes
tie.
Aaa.
Aa.
A.
Bac
RR.
P.U.
Itutua.
70.43
69.68
68.67
68.49
67.95
67.25
65.98
66.13
65.71
65.37
65.21
65.12
64.71
64.39
63.82
63.19
83.03
62.79
94.29
94.14
93.70
93.55
93.55
93.55
93.26
92.97
92.68
92.53
92.53
92.53
91.81
91.96
91.31
91.39
91.11
90.97
79.45
78.99
78.66
78.66
78.32
78.10
77.88
77.55
77.22
76.89
76.78
76.57
76.46
76.03
75.61
75.09
74.88
74.77
67.42
66.64
64.88
64.55
63.90
63.35
63.27
62.25
61.79
61.41
61.04
60.89
60.16
59.94
69.44
58.87
58.59
58.66
51.85
50.96
49.95
49.69
49.22
47.92
47.63
48.84
46.13
45.86
45.73
45.73
41.50
45.06
44.46
43.75
43.75
43.38
64.15
63.03
61.41
61.34
60.82
60.01
59.87
58.52
57.98
57.57
57.30
57.17
56.32
56.19
55.67
55.04
54.98
54.86
75.82
75.09
74.98
74.67
74.25
73.55
73.05
72.85
72.15
72.26
72.36
72.16
72.16
71.48
71.00
69.86
89.68
69.31
72.28
71.96
70.81
70.52
70.05
69.31
69.31
68.49
67.95
67.77
67.51
67.69
67.25
66.98
61.47
66.21
68.04
65.96
120 Domestics by Rot nos.
83.27 90.27 75.82
63.90 90.55 76.78
63.11 90.13 76.35
60.97 89.04 73.45
59.01 86.64 73.55
62.02 89.45 77.00
63.98 92.10 78.88
66.5.5 93.26 80.95
88.40 93.85 81.90
69.88 94.68 82.62
68.49 92.82 80.93
67.07 92.68 79.68
71.67 94.58 82.50
74.88 96.70 84.35
75.61 98.70 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 82.117
77.77 97.78 85.99
57.57 85.61 71.38
93 55 106.116 101.64
62.56 87.96 76.03
fan. 29
22
15
High 1932
Low 1932
High 1931
Low 1931
Year Ago88.90 106.78 99.04
July 29 1931
2 Years Arlon'ly 26 1930.._ _ - 98.08 104.10 100.49
July 30 1932
120 Dormancy
by Groups.
59.36 43.62 55.61
59.94 44.25 58.32
59.80 43.02 55.61
58.04 41.03 52.47
56.12 38.88 49.53
58.52 41.44 52.24
80.31 42.90 54.55
63.19 45.46 57.64
65.62 47.44 59.94
67.07 49.22 62.56
66.64 47.73 60,82
67.07 45.15 59.29
71.29 50.80 64.80
73.45 55.42 70.15
73.85 58.58 71.19
75.29 59.80 73.85
73.35 58.66 72.95
72.28 57.57 71.67
71.77 58.32 71.77
69.77 55.55 69.31
70.62 55.73 70.15
70.52 55.99 70.71
72.06 57.17 72.06
73.15 57.30 72.16
75.50 60.16 74.46
54.43 37.94 47.58
92.97 78.55 95.18
59.87 42.58 53.22
69.59 66.04
70.52 66.21
69.68 65.62
68.58 63.90
66.73 63.35
71.09 65.29
72.95 66.64
74.46 79.40
75.92 70.90
76.68 71.48
74.98 71.00
71.87 71.38
77.55 73.65
80.72 74.57
81.07 74.98
83.35 76.14
81.42 73.55
79.68 72.75
79.56 72.45
77.11 70.62
77.44 70.71
77.66 70.81
80.14 71.48
141.54 71.19
83.60 78.14
65.71 62.09
96.85 90.55
73.65 63.74
86.64
69.96
88.51
96.08
84.72
95.48
85.61
97.94
96.23
93.99
AU
1932
120
120 Domesnes by Railings.
Daily DomesAverages
tie.
Aaa.
A.
A.
lea.
July 29__ 7.13
28._ 7.21
27_ _ 7.32
26__ 7.34
25.- 7.40
23__ 7.48
22._ 7.51
21... 7.61
20__ 7.66
19-- 7.70
18._ 7.72
16-- 7.73
15.- 7.78
14._ 7.82
13-- 7.89
12-- 7.97
11.._ 7.99
9.... 8.02
WeeklyJune 24-- 7.96
17._ 7.89
10__ 7.98
3- 8.26
May 28-- 8.53
21-- 8.12
14-- 7.87
7-- 7.56
Apr. 29-- 7.36
22__ 7.19
15- 7.34
8-- 7.50
I__ 7.00
Mar.24-- 6.68
18._ 6.61
11- 6.43
L. 6.59
Feb. 26-- 6.71
19._ 6.72
11-- 6.95
5-- 6.90
Jan. 29- 6.87
22._ 6.73
15._ 6.60
Low 1932 041
High 1932 8.74
Low 1931 5.17
Utah 1931 8.05
Yr. Ago.
July 29'31 5.50
lYrs.Aoo.
July 26'30 5.00
120 Domeeltes
by OTOUP:.
RR.
60
ForP.U. Indus. etym.
5.12
5.13
15.10
I 5.17
15.17
5.17
5.19
5.21
5.23
5.24
5.24
5.24
5.29
5.28
5.29
5.32
5.34
5.35
6.26
6.30
6.33
6.33
6.36
6.38
6.40
6.43
6.46
6.49
6.50
6.52
6.53
6.57
6.61
6.66
6.68
6.69
7.46
7.55
7.78
7.80
7.88
7.95
7.96
8.09
8.15
8.20
8.25
8.27
8.37
8.40
8.47
8.55
8.59
8.59
9.67
9.83
10.02
10.07
10.16
10.42
10.48
10.69
10.80
10.86
10.89
10.89
10.94
11.04
11.18
11.35
11.35
11.44
7.85
7.99
8.20
8.21
8.28
8.39
8.41
8.60
8.68
8.74
8.78
8.80
8.93
8.95
9.03
9.13
9.14
9.16
6.59
6.66
6.87
6.70
6.74
6.81
6.86
8.88
6.90
6.94
6.93
6.95
6.95
7.02
7.07
7.19
7.21
7.25
6.94
6.97
7.09
7.12
7.17
7.25
7.25
7.34
7.40
7.42
7.45
7.43
7.48
7.51
7.67
7.60
7.62
7.63
11.73
11.71
11.61
11.57
11.81
11.81
12.02
12.14
12.22
12.20
12.25
12.09
12.16
12.06
12.11
12.05
11.93
11.84
5.40
5.38
5.41
5.49
5.67
5.46
5.27
5.19
5.15
5.10
5.22
5.23
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
557
6.59
6.50
6.54
8.82
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
572
703
4.65
6.57
8.48
8.40
8.42
8.67
8.96
8.60
8.35
7.97
7.67
7.50
7.55
7.60
7.04
6.82
6.78
6.64
6.83
8.94
6.99
7.20
7.11
7.12
6.96
6.85
6.62
9.23
5.21
8.41
11.38
11.23
11.53
12.05
12.67
11.94
11.56
10.95
10.52
10.16
10.46
11.02
9.96
9.07
8.99
8.42
8.58
8.74
8.63
9.05
9.02
8.98
8.80
8.78
8.37
12.98
6.34
11.64
9.04
8.93
9.04
9.56
10.10
9.60
9.21
8.73
8.40
8.05
8.28
8.49
7.77
7.16
7.05
6.78
6.87
7.00
6.99
7.25
7.10
7.10
6.96
6.95
6.72
10.49
5.06
9.43
7.22
7.12
7.21
7.33
7.54
7.06
6.87
6.72
6.68
6.50
6.67
6.98
6.43
6.15
6.12
5.93
6.09
6.24
6.25
8.47
6.44
6.42
6.20
6.08
5.91
7.66
4.95
6.81
7.62
7.60
7.67
7.88
7.95
7.71
7.55
7.24
7.08
7.02
7.07
7.03
6.80
6.71
6.67
8.56
6.81
6.89
6.92
7.11
7.10
7.09
7.02
7,05
8.11
5.38
7.90
13.92
14.30
14.75
15.29
15.28
14.82
14.03
14.10
13.70
13.31
13.89
13.23
12.77
12.86
12.62
12.81
12.65
12.82
12.86
13.23
13.00
13.22
13.12
13.44
11.84
15.83
6.57
16.58
4.35
4.81
5.67
7.18
5.68
5.00
5.82
8.25
4.50
4.72
5.04
5.75
4.88
4.99
5.14
6.40
6.56
•Nay.-Thece prices are computed from average yields on the basis of one "idea" bond(41% coupon, maturing in 31 years) and do not purport to show either the
average level or the average movement of actual price quotations. They merely serve to Illustrate in a more comprehensive way the relative levels and the relative movement of ylell averafes, the latter befog the truer picture of the bond market
Volume 135
Financial Chronicle
687
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. ter, N. Y., clothing manufacturers
are getting larger fall
Friday Night, July 29 1932.
orders, though other clothing centers find business dull.
Retail trade makes the best showing. There is no ac- Tobacco mills are reported to be active. The output of
tivity in wholesale jobbing and retail trade, but the tone pretoleum in Oklahoma has, it seems, increased, but prois increasingly optimistic in many parts of the country. ducers do not despair of bringing about curtailment sooner
The heavy industries are still quiet, but in steel the feeling or later. California's oil output has exceeded the allotment,
but.for all that prices have remained firm. One drawback
is more hopeful. Many believe that the operations of the is the large reserve stocks
of gasoline. Salt Lake City reReconstruction Finance Corporation, with its enlarged ports that some copper mines have reopened. Copper
prices
powers, are going to have a distinctly beneficial effect on have been weak. In Baltimore sales of lumber have inthe business of the country as time goes on. But the leading creased. In Pittsburgh the glass trade remains dull. •
Stocks on the 23d inst. advanced in a small mid-summer
feature of the week has been the outburst of greater activity
and strength in the stock market, accompanied by important Saturday's market the sales being only 368,610 shares.
But the tone was good. On the 25th inst. stocks sprang
advances in prices. The trading in stocks on the 28th inst. into new activity
at rising prices for the fifth day in succeswas the largest since last December. The persistent demand sion, the sales being 1,546,000 shares at
an average rise on
for bonds at steadily rising prices is another sign of the 50 stocks of just under 2 points. Preferred stocks were in
times which it will not do to ignore. The sudden upward demand for investment and United States Steel preferred
turn in wheat prices is another factor which has attracted advanced 53 points. Preferred shares in general advanced
attention all over the country as selling by the Farm Board 3 to 6 points and common stocks a fraction to 3 points.
Bonds were also more active at rising prices, the advance
has fallen off or ceased and trading in wheat on• the bull being 1 to 9 points led by railroad
issues. Bank stocks were
side has become more popular. Of course, the move at active and strong. On the 26th inst. there was a moderate
Washington to close the Chicago Board of Trade for six reaction after the recent steady advance. The trading
months is entirely indefensible. The Chicago Board of aggregated 1,497,645 shares and was made up partly by
Trade is one of the great instrumentalities of modern busi- profit taking. But despite the expectation of a poor United
States Steel report and the possibility at least of a reduction
ness in grain and to close it up would be disastrous to the
in the dividend on the preferred stock, such stocks were still
farming interests of the great West. The idea of closing in persistent demand for investme
nt and bonds were higher
it even for a single day seems so incredible that the trading with the transactions nearly
in wheat, broadening daily, has proceeded on the assumption Steel preferred fell 2 points $12,000,000. United States
and the common 1 point. The
that it will not be done. Corn has advanced but not so market acted well showing
greater resisting power.
easily as wheat, for the weather has been good and stocks
On the 27th there was more activity with sales up to 1,700,on the farms are rather large. Other grain has advanced, 887 shares and prices averagin
g 2 points higher. The feeling
led by wheat and with some talk at times of an export was better. Optimis
m of a chastened sort was growing.
demand for rye at least for Canadian.
The jump in the price of wheat of 23c. plainly had an exCotton has advanced sharply on an incessant trade demand cellent moral effect accompan
ied by rumors that the wheat
from home and foreign sources, including Japanese, and farmer was beginning to
make a stand against any further
under the stimulus, too, of sharp advances in stocks and decline in prices and that
the Farm Board had stopped
wheat. The selling of October cotton, attributed to the selling wheat. The livestock
markets which mean so much
Farm Board or the co-operative associations, has to all to the West were firm
or higher. The fact that the dividend
appearance continued, mitigated, however, by buying of on United States Steel
preferred was not lowered in the end
about equal quantities of December and March. Worth also had
its effect after an early decline as the financial
Street has had a larger trade in gray goods with prices report of
the company was bad and future preferred dividends
stronger on the basis of 33/
8c. for 383' inch 64x60s, Wool will depend on the state of steel business.
In the late trading
has been steady with a fair demand for some grades. Hides prices
of pivotal stocks rallied 1 to 4 points from the early
have been active and mostly firm. Hedging sales of hides lows due profit
to
taking. Among the stocks that acted the
have been well taken. Rubber has advanced and activity best were United
Fruit, Peoples Gas, International Business
has not been limited as heretofore to No. 1 standard. Other Machines America
,
n Can, American Telephone, Auburn,
grades have been in unusually brisk demand. Silk has been America Tobacco
n
B,Santa Fe, Coca-Cola and Consolidated
a bit irregular, but in the main higher, with both Yokoham
a Gas. Government and domestic bonds were higher but
and Kobe prices advancing. Coffee advanced on the foreign issues
irregular. Nine of the eleven active Governcontinuance of hostilities in Brazil and the fact that
the ment bond issues were up to the highest prices seen in 1932.
port of Santos was still closed, but of late profit taking has Domesti
c issues advanced 1 to 3 points with the feeling in the
caused a reaction. Raw sugar futures have been dull
at steel trade more hopeful for September business. Stock
some slight decline, with spot raws down to 1.07o.,
but quotations were up about 10 points from the lowest of the
Cuban producing interests have continued to give support month.
To not a few, it really looked as though the engines
futures.
Cocoa advanced 9 to 16 points with other were
to
being
reversed.
commodities.
On the 28th inst. there was an advance of 1 to 6 points
Silver at times has declined. Collections, though
some- with greater activity and confidence manifested throughout
what better, are still slow. There is no disguising that
fact. the list. The sales approximated 2,800,000, the • largest
But stocks of merchandise are believed to be small as a result business since
last December. The average rise in about
prolonge
d abstention from normal buying. Sooner
of
or three weeks is 11 points, or close to 33 1-3%. This has
later they must be replenished on no niggardly scale. Mean- visibly stiffened
the backbone of Wall Street. Commodities
while, it is said that many of the smaller mills and
factories have been advancing, notably wheat and cotton. This has
are returning to a profitable basis. The better condition helped to brace
up the financial community, but there were
of the live-stock business is often stressed. But unemploy- other important things,
such as the steady rise in domestic
ment is still, of course, a lamentable factor. The Washingt
bonds and the steady betterment in the position of the
disturbances, to go no further, make that plain. The on
flour dollar. Domestic stocks on the 28th inst. advanced 1 to 7
trade of the Northwest and the Southwest is more active points. To-day
stocks condinued their strong advance of
and flour prices are higher here. Special retail sales of the week on sales of
2,101,954 shares. In some issues there
merchandise continue to be a feature with varying success. were
net gains of as much as 8 points. Generally the list
Everything must be pretty cheap or the people will not buy. was
from fractions to 33 points higher. Railroad shares
A pretty good business for these times is being done in were especially strong. New
York Central advanced 23
/
s;
sporting and vacation goods. A good trade is going on in Santa Fe, 33g; Union
Pacific, 39s, and Chesapeake & Ohio,
women's moderate-priced clothing. Men's goods are still 1%. American
Telephone advanced 24; U. S. Steel, 3A;
dull. Hardware is in less demand. Paints sell more Allied Chemical, 23'; General
Motors, %
5 ,and Consolidated
readily. The shoe industry is gaining and factories are Gas, 2. Bonds also
rallied, domestic industrials being
fairly busy on fall orders of moderate-priced goods. Roches- particularly strong. U.
S. Government issues, however,
688
Financial Chronicle
were easier. Foreign bonds were sluggish, but early losses
in German and other issues were largely recovered later on.
Philadelphia reported a rather better business in textiles
and greater activity among lumber mills. Boston reported
the shoe industry the brightest spot in the New England
. industrial situation. Manufacturing operations are increasing. Many of the makers of low-priced footwear are
running at close to capacity. The Boston leather market
is higher and more active. Many manufacturers of woolen
and worsted goods are increasing output. Slight signs of
improvement are also seen in cotton textiles. Manufacturers of men's clothing report improvement in demand but
department store sales are seasonably quiet. Reports from
scattered communities in New England indicate that employment conditions in miscellaneous industries are slightly
better than a month ago. In Chicago it is said the feeling
continues to improve, although actual trade hardly keeps
pace with it. Low-priced motor car sales are better than
usual in July, although below last year's totals. With the
larger stores, retail buying was limited to July clearance
items, bathing supplies, sporting goods and food necessities.
Wholesale dry goods houses reported business quiet. The
cement trade is more active. Hot weather hurt the coal
trade. In Cleveland small manufacturing concerns were
busier, though larger concerns were quiet. In Toledo
employment at the 51 co-operating plants increased 1,281
in the first half of July, although seasonal declines are
usually reported at this time. The increase was largely in
automobile parts and accessory plants. Minneapolis sent
cheerful reports, especially about the recent rise in the price
of hogs, the brightest spot in the situation. Also many good
reports about wheat are being received. The retail trade
there is mostly in articles of necessity and sales of jewelry
and millinery are small. In St. Louis, both wholesale and
retail trade was dull. In Kansas City the only increase in
sales was in summer goods. In Richmond, Va., wholesale
trade was quiet, and a seasonal increase in retail sales of
summer goods were only increased by heavy marking down
of prices. Omaha is cheered by the recent marked improvement in the livestock trade, a rise • of over 50% in
hogs and 30% in fat cattle.
San Francisco wired the New York "Times":"A two cent
advance in butter prices with indications of a seasonal advance soon and a better outlook for the egg market were
outstanding factors bringing about further optimism on the
Pacific Coast. Confidence in the future has been general
for two weeks, with commodity markets closely watched as
the key to better times. Interest in mining properties and
their stocks continues to grow. The oil industry looks considerably better and fruit growers suffering from overproduction are gradually working out their problems."
Kansas City wired that the oil industry appears to be
making more progress toward reaching a profitable basis
than any other big business of the country. This is reflected
in a growing interest, at advancing prices, in the shares of
leading oil companies listed on the New York Exchange.
At Lawrence, Mass.,some 20,000 employees have returned
to work. The Chamber of Commerce in that city reports
that the mills of the American Woolen Co., Pacific Worsted
department and Arlington group, have orders guaranteeing
several weeks' operation. At Fall River, Mass., the
Pepperell Manufacturing Co. has reopened after a two-week
shut-down, on a four-day instead of a three-day week, although with a wage adjustment. The Charleton Mill at Fall
River has also reopened. At Southbridge, Mass., the
Hamilton Woolen Co. announced an addition to its payroll.
At Pittsfield, Mass., the Berkshire Woolen Co., the Glix
Underwear Co., the Silver Lake Woolen Mills and the
Wyandotte Woolen Mills are about at full capacity. Activity in textile plants at Chicopee, Mass., Wyoming, R. I.,
and the Sanford Mills in Maine is also reported. The
Champlain Mill at Wonooski, Vt., has increased its employees from 600 to 1,400 since July 1.
At Central Falls, R.I., the Wybossett Mfg. Co.announced
receipt of sufficient orders to warrant employment of 500
additional workers soon. The Lorraine Mfg. Co. at Pawtucket, R.I., has received large orders and is expected to be
at maximum production soon. The Royal Textile Mills at
River Point, R. I., employing 7,000 and the Pontiac, employing 225, have reopened. The Rossie Velvet Co. at
Mystic, Conn. and the Martin velvet mills in Norwich,
Taftville and Montville, Conn.,expect to increase production;
A new silk mill has opened at New London. At South
Manchester, Conn., the Cheney Silk Mills are increasing
July 30 1932
production. At Grosvenordale, Conn. on the 25th inst.
more than 500 looms started in mills there. It is expected a
night shift force will soon be added. At Rochester, N.H.,
the Gonic Mfg. Co. operated by the Parker-Wilder Co. of
Boston and New York on the 26th inst. put on a night shift
giving employment to 200 operatives. The mill is making
flannels for ladies' suits and bathrobe cloth. About 300
are employed on the day shift. It is understood the mill
has sufficient orders on hand to operate at capacity night and
day for several months.
Charlotte, N. C., wired that an increasing spirit of optimism over the outlook for much better trade in textiles is
apparent in the South. Millmen state that while current
market developments lack .much of reflecting improved
business, the general market trend is distinctly more encouraging. They are also encouraged over the increased
pace noted in general business. Sentiment is growing that
the mills will experience much larger sales during September.
Most manufacturers are of the opinion that the current rate
of production will be maintained through August. At
Shelby, N. C., the Ella division of the Consolidated Textile
Corporation after an idleness of six weeks has resumed operations. The plant will run on a curtailed basis this week to
reduce inventories, but it is confidently hoped the situation
will be greatly improved by September. Another textile
mill in that county also, after running on a three-day week
schedule for three weeks, the Phoenix Mills Co.'s plant at
Kings Mountain, has commenced full day time.
Spartanburg, S. C., wired July 26 that reports from a
number of conferences held between manufacturers and
employees did not reveal any break in the deadlock existing
between the textile plants and the 6,000 striking hosiery
mill workers at High Point. A total of 26 hosiery mills are
included in the walkout of a week ago. For the first time
mill owners agreed to a conference with strikers to-day.
No results so far. At Corinth, Miss., the Corinth Hosiery
Mills find it necessary to work double shifts to fill orders.
This company has had to conduct a training school in recent
months to educate the necessary skilled operators for the
plant. Martinsburg, W. Va., wired July 27 that an order
for woolen cloth, large enough to guarantee operation of its
plant here and at Bunker-Hill for two months on a 24-hour
production schedule has been received by the Dunn Woolen
Co. according to announcement of the company's President.
The plants have been operating on a "broken" schedule for
more than a year.
London cabled July 28: "The central committee of the
Weavers' Amalgamation,following the success of the Nurnley
strike, decided to call a special general council meeting in
Manchester next Wednesday to discuss the general policy
throughout the country. The possibility of a general strike
now is more serious. This decision may result in a breakdown of the adjourned joint negotiations to-morrow."
The weather early in the week was mostly clear and warm.
On the 26th inst. the temperatures in New York City were
67 to 82, with considerable humidity. Boston had 64 to
88; Charleston, 74 to 84; Chicago, 74 to 90; Cincinnati,
68 to 88; Cleveland,68 to 78; Detroit, 68 to 76; Kansas City,
78 to 96; Milwaukee, 68 to 90; Montreal, 66 to 86; Omaha,
74 to 92; Philadelphia, 66 to 86, and San Francisco, 54 to 66.
It was 68 to 87 here on the 27th and 28th inst. On the
28th Boston had 68 to 90; Chicago, 66 to 88; Cincinnati,
66 to 92; Cleveland, 58 to 84; Denver, 66 to 88; Detroit,
60 to 84; Kansas City, 74 to 94; Milwaukee, 66 to 76; St.
Paul, 64 to 74; Montreal, 62 to 76; New York, 68 to 86
Omaha, 74 to 86; Philadelphia, 72 to 90; Portland, Me.,
66 to 80; Portland, Ore., 58 to 72; San Francisco, 54 to 68;
Seattle, 56 to 66; Spokane, 68 to 86; St—Louis, 76 to 96,
and Winnipeg, 50 to 70. To-day there was a thunderstorm
in the early hours of the morning but it cleared and the
temperatures here were 68 to 84.
Loading of Railroad Revenue Freight a Little Larger.
Loading of revenue freight for the week ended on July 16
totaled 504,094 cars, according to reports filed by the railroads with the Car Service Division of the American.Railway Association and made public July 25.
This was an increase of 87,144 cars above the previous
week when loadings were reduced owing to the observance
of Fourth of July holiday. Compared with the same week
in 1931, the total for the week of July 16 was a reduction
of 253,895 cars, and a reduction of 424,177 cars under the
same period two years abo. Details follow:
Miscellaneous freight loading for the week totaled 183,684 cars, an increase of 32,968 cars above the preceding week, but 100,186 cars under
Financial Chronicle
Volume 135
the corresponding week in 1931 and 175,399 cars below the same week in
1930.
Loading of merchandise less than carload lot freight totaled 167,307 cars, an increase of 23,811 cars above the preceding week, but
48,232 cars below the corresponding week last year and 65,866 cars
under the same week two years ago.
Grain and grain products loading for the week totaled 42,218 cars,
11,908 cars above the preceding week, but 18,606 cars below the corresponding week last year and 21,937 Cars below the same week in 1930. In
the Western Districts alone, grain and grain products loading for the
week ended on July 16 totaled 29,532 cars, a decrease of 14,898 cars below
the same week last year.
Coal loading totaled 70,145 cars, an increase of 10,138 cars above the
preceding week, but 38,827 cars below the corresponding week last year,
and 66,660 cars below the same week in 1930.
Forest products loading totaled 14,930 cars, an increase of 3,469 cars
above the preceding week, but 12,812 cars under the same week in 1931
and 27,235 cars below the corresponding week two years ago.
Ore loading amounted to 6,638 cars, an increase of 1,037 cars above
the week before, but 30,262 cars under the corresponding week last
year, and 55,371 cars under the same week in 1930.
Coke loading amounted to 2,578 Cars, an increase of 143 cars above
the preceding week, but 1,970 cars below the same week last year and
5,952 cars below the same week two years ago.
Live stock loading amounted to 16,594 cars, an increase of 3,670 cars
above the preceding week, but 3,000 cars below the same week last
year and 5,757 cars below the same week two years ago. In the
Western Districts alone, loading of live stock for the week ended
on July 16 totaled 12,880 cars, a decrease of 2,063 cars compared
with the same week last year.
689
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:
1932
1931
1930
Four weeks in January
2,269,875
2,873,211
3,470,797
Four weeks in February
2,245,325
2,834,119
3,506,899
Four weeks in March
2,280,672
2,936,928
3,515,733
Five weeks in April
2,772,888
3,757,863
4,561,634
Four weeks in May
2,087,756
2,958,784
3,650,775
Four weeks in June
1,966,355
2,991,950
3,718,983
Week ended July 2
489,273
667,630
792,053
Week ended July 9
416,950
'762,444
915,985
Week ended July 16
504,094
757,989
928,271
Total
$15,033,188
$20,540,918
$25,061,130
The foregoing, as noted, cover total loadings by the railroads of the United States for the week ended July 16. In
the table below we undertake to show also the loadings for
the separate roads and sytems. 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
July 9. During th3 latter period only the Bangor & Aroostook RR.,the Peoria & Pekin Union Ry.and the BurlingtonRock Island RR. showed increases over the corresponding
period last year
REVENUE FREIGHT WADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED JULY 9.
Total Revenue
Freight Loaded
Railroads
1932.
Eastern DistrictGroup 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 dr Hudson
Delaware Lackawanna & west.
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western
Pittsburgh & Shawmut
Pittsb. Shawmut & Northern:Ulster & Delaware
Total
Group C:
Ann Arbor
Chicago Indianan. & Louisville_
Cleve, Cin. Chi. & St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore LineDetroit 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-.
Allegheny DistrictBaltimore & Ohio
Bessemer & Lake Erie
y Buffalo & Susquehanna......
Buffalo Creek & Gauley
Central RR. of New Jersey
Cornwall
Cumberland Jr Pennsylvania_ _
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
. Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup A:
Atlantic Coast Line
Clinchtleld
Charleston & Western Carolina
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom_
Seaboard Air Line
Southern System
Winston-Salem Southbound_ _
Total
Total Loads Receired
from Connections.
1931.
1930.
737
2,180
5.709
526
2,003
7,664
484
685
3,506
9,823
738
3,598
14,101
656
947
3,759
10,636
853
4,689
14,793
659
231
3,491
6,941
1,884
1,397
8,948
791
296
5,095
10,117
3,013
1,637
12,911
936
19,303
33,107
36,336
23.683
34,005
1932.
1931.
3,585
6:155
6,644
8,136
138
916
5,354
859
12,974
1,389
373
149
7.476
9,298
13,213
186
1,442
9,121
2,368
26.216
2,053
721
662
-- _
12,014
16,767
269
1,964
11,572
2,758
33.082
1,570
807
482
____
4,848
4,042
9,505
1.248
649
4,822
25
17,820
1,269
46
172
----
5,646
13,669
1,952
928
7.213
69
27,165
1,907
18
357
----
40,321
71,380
88,761
44,246
65,745
367
1,009
5,553
25
264
146
1,463
1,683
3.846
2,261
3,650
2,942
2,328
1,054
4,174
1,809
549
1,612
9,239
53.
288
222
1,624
3,874
7,452
4,567
.5,183
5,381
4,974
1.294
7,441
3,813
465
2,272
10,936
75
476
282
2,965
4,412
8,868
5.389
6,592
7,448
7,702
1,637
7,112
5,298
738
1,151
6,863,
27
85
844
782
3,420
5,101
123
5,800
2,436
2,578
367
5,414
1,844
6:821
1,130
2,014
10,599
193
189
1,815
1.023
6,387
7,297
217
8,289
3,653
5,159
696
8,107
2,115
32.574
57,5
71,939
37,574
18.8.43
92,198
162.051
197,033
105,503
158,633
17,806
862
32,918
4,504
y42,412
7.306
8,521
546
16,015
1,891
----
----
"iiii
4.144
1
111
54
865
43,149
8,307
2,463
39
1,539
-iii
7,641
481
293
115
1,508
76,393
14.382
7,012
48
3,139
10,870
390
388
218
1,221
95,784
17,746
12,407
79,330
148,554
192,303
55,105
96,952
13.491
10,369
677
2,124
22,404
19,029
1,012
3,376
26,986
21,230
997
3,717
4,430
2,404
851
288
7,447
3,639
1,461
375
26.561
45,821
52,930
7,973
12,922
5,813
445
356
131
45
1,495
305
242
4,574
13,016
133
8,234
1,188
488
147
48
1,847
552
428
8,703
22,193
156
10,287
1,247
710
131
45
2,101
408
467
10,085
24,946
167
2,997
760
542
111
.52
.586
503
2,647
2,085
6.692
453
4,672
1,249
983
240
74
1,216
797
3,569
3.304
12,150
745
26,555
43,984
50,594
17,428 I
28,999
6.716
29
23
4
2,128
24.029
10.116
922
3,651
552,iiii
RailroadS.
7
10,709
42
17
27
3.090
40.550
16,110
4,617
1
3.876
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
Total Loads Remised
from Connections.
1932.
1931.
1930.
1932. I
182
622
488
2,548
113
314
604
459
512
12,719
11,380
72
61
1,525
2.139
311
247
238
912
634
4,154
19.5
437
1,072
529
792
23,369
19,895
110
153
2,144
3,057
890
602
248
1,372
685
4,895
369
621
1,135
601
963
25,019
24.030
179
204
2.760
4,064
786
612
111
284
605
1,798
84
389
849
388
451
5,328
2,266
247
162
657
1,840
176
300
276
465
1.066
3,152
273
424
1,500
397
801
9,923
4,790
337
476
1.111
2.378
330
534
1931.
34,296
59,183
68,543
15,925
28.233
Grand total Southern District- -
60,851
103,167
119,137
33,353
57,232
Northwestern DistrictBelt By. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Maw. St. Paul & Pacific_
Chic. St. Paul Minn. & Omaha
Duluth Missabe & Northern_ _ _
Duluth South Shore & Atlantic
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie
Northern Pacific
Spokane Portland & Seattle_ _
1,025
10,767
1,881
11,593
2,773
1,761
508
2,278
190
6,169
404
1,561
3,568
5,354
943
1,563
21,548
3,363
22,246
4,030
13,210
939
4,501
368
13,357
616
3,133
6,717
9,584
1,002
1,744
28,563
3.382
26,500
5,324
23,504
1,673
9,678
489
19,689
631
3,053
7,821
9,835
1,394
1,085
5,341
1.420
4,101
2,351
57
261
2,140
100
1,428
292
841
1,363
1,654
667
1,878
9,157
2.657
7,785
3,349
109
473
4,117
218
2,684
405
1.907
2,420
2,670
912
50,775
106,177
143,277
23.191
40,741
19.365
2,400
77
10,311
10,224
1,865
477
1,066
141
1,136
497
204
12.811
165
235
9.254
87
1.034
36,118
3,506
165
19,772
20,313
2,669
949
1,886
210
2,597
746
187
21,989
346
289
13,926
130
1,466
3.5,243
4,469
213
23,412
21,378
3,475
1,116
2,368
323
,531
1,100
222
22,870
368
401
16,453
189
1,742
2,781
1,210
17
3.718
4,777
1,221
559
1,307
12
582
293
2,412
185
689
4,148
2
944
4,385
2,311
40
7.628
10,102
2,290
887
1,818
43
1,109
464
52
3,785
185
941
6,199
7
1,456
71,349
127.264
136,873
24,877
43,702
132
118
136
988
179
1.393
104
1,098
964
366
40
3,588
10,511
27
110
6,058
1,746
226
4,004
2,846
1,179
1.5
194
95
153
1,280
221
5,478
362
2,035
1,898
170
763
63
6,736
21,527
38
132
10.513
2,467
509
7,264
5,15
1,966
31
245
242
228
2,114
174
1,735
468
2,986
2,033
197
1,031
113
6,733
23,359
33
149
12,447
2.944
494
8.058
5,623
2,688
35
1,799
174
129
780
50
1,218
360
1.016
861
231
98
189
1.642
4,980
2
59
2.172
1.228
158
2.109
2,565
1,331
33
2,790
553
151
1,347
.54
2,248
1,163
1,752
1.507
.579
192
232
3.215
9,194
27
144
3,876
1,557
254
4,318
5,292
2,547
44
35,886
69,410
74,129
23,184
43,036
Total
Total
Central Western Dist.Atoll. Top. & Santa Fe System.
Alton
Bingham & Garfield
Chicago Burlington & Quincy.
Chicago Rock Island & Pacific.
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City....
NorthwesternPacific
Peoria & Pekin Union
Southern Pacific (Pacific/
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
Houston & Brazos Valley
International-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas___ _
Missouri-Kansas-Texas Lines..
MissouriPacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
San Antonio Uvalde & Gulf
Southern Pacific in Texas & La.
Texas & Pacific
Terminal RR. Assn. of St. Louis
Weatherford Min. Wells &N.W.
Total
z Included in New York Central. y Included in Baltimore dc Ohio RR. zEs in,sted,
Total Revenue
Freight Loaded.
Flood condition.
.5s
20
690
Financial Chronicle
July 30 1932
Guaranty Trust Company of New York Finds Confidence
Further Stimulated By Adjournment of Congress—
Some Encouraging Gains in Business Activity Noted.
The net effect of economic developments this month
has been unquestionably constructive, states the Guaranty Trust Company of New York in the current issue of
The Guaranty Survey, its monthly review of business and
financial conditions in the United States and abroad,
published July 25. The Survey says:
inflationary possibilities are concerned. Congress similarly avoided the
pitfalls of the veterans' bonus, further tinkering with the farm problem, moratorium proposals for farm mortgages, huge bond issues for
public works, the original deflationary Glass bill, and other schemes
that would inevitably have aggravated the already difficult economic
situation. Consequently, unless dangerous economic issues arise in the
course of the presidential campaign—a contingency that does not now
seem threatening—business is not likely to be seriously hampered by
political conditions in its struggles toward recovery in the next few
months."
"The Lausanne conference has reached an agreement virtually bringing reparation payments to an end; Congress has adjourned without
enacting any of the proposed measures that carried serious threats to
business recovery; the outflow of gold has ceased, and there has been
some increase in American stocks of the metal; commodity prices have
displayed more firmness than has been visible in many months; the
bond market has strengthened under the influence of renewed confidence; and some basic industries, notably iron and steel, have reported
unexpected increases in output."
Current Business Conditions According to Statisticians of
National Industrial Conference Board — Activity
Declined to New Low Level—Strengthening of
Wholesale Prices Only Favorable Aspect.
"The only favorable aspect to the present situation is the
strengthening of prices at wholesale in recent weeks," says
the Conference of Statisticians in Industry under the auspices of the National Industrial Conference Board, Inc.,
which under date of July 20, had the following to say regarding current business conditions:
The Survey continues:
"As offsetting factors, there have been further recessions in railway
freight car loadings and other indicators of business activity, and a
reappearance of banking disturbances in some areas. The latter, however, have been localized and now appear to have spent their force
without greatly affecting business sentiment throughout the country.
Partly as a result of these events and partly because panicky conditions inevitably tend to wear away as time goes on, the psychological
basis for economic progress in the United States seems stronger at
the present moment than it has been for some time.
The Situation in Germany
"Despite the better background provided by the agreement at Lausanne, conditions in Germany are still highly unsettled. Recent events
there have emphasized the political unrest that hampers efforts toward
economic recovery in that country. While the change of regime in
Prussia is still too recent to permit of a clarification of the political
outlook, it is hoped that the dictatorship will mark the beginning of a
more orderly situation than has existed in the last few months.
"The outstanding financial event of the month was the agreement
reached at the Lausanne conference on July 8, whereby the German
reparations account is to be liquidated by a single payment of 3,000,000,000 marks (about $715,000,000).
"Inasmuch as it was informally agreed that ratification of the agreement by the respective governments should await a reconsideration of
the war debts owed to the United States, the practical results to be
realized from the treaty are wholly problematical. The United States
Congress, the Administration, and both of the major political parties
have declared against cancellation of the debts; but only Congress has
expressed definite opposition to any further consideration of the question of revision in accordance with changes in the capacity of European
nations to pay. Despite the existing uncertainty as to the attitude
that will finally be adopted by the United States Government, it is
generally felt that the Lausanne conference brought th3 principal nations into closer accord on the question of reparations than they had
been before, and that it marks, therefore, an important step in the
direction of a final settlement of the problem.
Domestic Situation Improved
"In the United States, the last few weeks have brought a number of
favorable developments, along with some events of a less encouraging
sort. New banking difficulties arose in the Chicago disrtict early this
month, resulting in a number of bank failures, an increase In the
amount of money in circulation to a new high record, and an apparent
increase in hoarding. The critical situation, however, was promptly
met and overcome.
"General confidence has undoubtedly received a strong stimulus from
the cessation of the gold outflow, with a virtual certainty that no
further large-scale withdrawals of foreign balances from the American
market can occur in the near future. The country's gold stock increased $23,000,000 during the four weeks ended July 13, largely as a
result of releases of gold previously earmarked for a foreign account.
"An equally encouraging development is the marked strengthening
In commodity markets, with higher quotations for numerous products,
Including livestock, hides, cotton, silk, sugar, corn, coffee, rubber, and
tin. In most cases, these advances have not yet attained any great
magnitude. Nevertheless, they contrast very favorably with the disheartening series of recessions that have been reported almost constantly for the last three years. The rally in prices of cattle and hogs
has been very pronounced, carrying quotations to the highest levels
recorded since last autumn and creating more optimism among the
farming population than has existed in many months.
"Recent developments have strengthened the belief in some quarters
that the low point of the depression may have been approximately
reached. Not much positive change is anticipated during the traditionally dull summer weeks that lie immediately ahead; moreover, It is
recognized that the outlook is still far from clear in many respects.
But, in the absence of further unsettling financial disturbances, there
is a growing tendency on the part of certain commentators to believe
that the beginning of improvement may be seen in the not distant
future.
"Although business activity as a whole has not advanced to higher
levels, there are encouraging gains in some directions. Operations in
the steel industry, after falling off sharply at the beginning of this
month, have regained the June level. The rate of automobile output
last month remained almost unchanged, in contrast to the substantial
recession usually reported from May to June. Cotton consumption also
showed less than the normal seasonal decline. A slight gain was reported in bank debits outside of New York City, and the improvement
seems to have been maintained during the early part of this month.
Adjournment of Congress
"Confidence has been further stimulated by the adjournment of Congress, after enactment of the two measures that had prolonged the
session for several weeks after adjournment had been expected. They
were the unemployment relief bill and the home loan bank bill. Although both of these measures contain features that are viewed askance
by business men, the undesirable clauses are not of vital importance;
and there is universal relief that adjournment has taken place without
the enactment of the various radically unsound proposals that received
consideration at one time or another during the session.
"It is a cause for gratification, for example, that no outright
currency inflation was voted, except for the Glass amendment to the
home loan bank bill, which is not considered important in so far as its
Business activity continued to decline in June to a new low level
for the depression with contractions in various major fields that were
greater than seasonal at this time of the year. In the past quarter
of this year, and in June, the total volume of activity has been about
one-third below what it was a year ago.
Productive activity in general declined by more than a seasonal
amount as did both shipments by rail freight and retail trade. The
contractions in retail trade in dollar values and in physical volume
became somewhat more severe in June than in months which followed the spring expansion.
Automobile production declined slightly in June. Building and engineering construction declined sharply, but more because of the
unusually large gain during the previous month than because of
further curtailment. Output of steel and iron declined by
more than
a normal seasonal amount. Production of bituminous coal and shipments of anthracite during the month were curtailed further.
Electric power generated, on the other hand, showed a slight gaits
during the month, but even this gain was less than seasonally
expected.
The total number of passenger cars and trucks produced in the
United States and Canada estimated at 190,600 units, declined by 1.5%
under output in May, but this decline is nevertheless considerably
smaller than seasonal at this time of the year.
The decline in June is
the first since the upturn which began in March, and brings output
to a point 26% under what it was a year ago. Production for
the first
half of this year was 44% under that of the same period
in 1931.
Building and engineering construction, reflected in the dollar value
of contract awards reported by the F. W. Dodge Corp., declined in
June by 23% under the level in May which had shown a
sharp upturn.
Awards for June, totaling $113,075,000 were at a
level 66% under
their dollar value for June, 1931. Diminished
construction activity
was observable in all major classes. Residential
construction awards
declined to a total value of $23,116,200; non-residential construction
fell off to a total of $39,812,600; public works and
utilities awards de.
dined to a combined total of $50,146,200.
Steel Ingot production declined again in June, to an
average daily
output of 34,511 gross tons. Production declined
19% under that of
May, on an average daily basis, while the normal
seasonal decline is
about 6%. Unfilled orders held by the United States
Steel Corporation
at the end of June totaled 2,034,768 gross tons and
reflected a decline under May of 142,394 gross tons, reaching
a new all time low
record. Operations for the industry as a whole are
found during the
month to have been at 16% of capacity as against
20% in May. Pig
iron production averaged 20,888 gross tons per
day in June, declining 17% under average daily output in May. Steel
production was
57% below and pig iron production 62% below
output of a year ago.
Bituminous coal output declined in June by close
to 4% under the
amount for May to a total of 17,712,000 net tons.
The average May
to June movement in recent years is close to a 2% increase,
Production for the first half of this year was nearly 24%
below that of the
same period in 1931. Shipments of anthracite in
June continued to
decline.
Electric power generated during the month,
averaging 1443 million
kilowatt hours per week, showed n slight upturn over
May, but only
about half of what is seasonal between the two months.
During the
first half of July a decline has been observed again.
While textile production in June reached a new low
for the depression, fabric demands in recent weeks improved slightly.
Total distribution of commodities by rail freight in June
declined
under May by 5% to an average weekly total of
494,900 cars; the
seasonal movement in recent years was an average
decline of 1%.
Merchandise and miscellaneous carloadings declined by
3% to an
average weekly total of 363.200 cars, while the seasonal
movement
Is a 1% decline. Total loadings were 33% under their level of a
year
ago while merchandise loadings were 29% below.
The dollar value of department store sales declined by 10%
in June
as compared with May to a level 26% under those of a year ago. The
decline was brought about by a diminished volume of
physical
transactions as well as by lowered prices. The seasonal movement in
recent years has been an average decline of 5% The dollar value of
five and ten cent store sales in June declined by 5% under the total
for May to a level 13% under that of a year ago. Seasonally there is
a 4% decline between the two months.
Prices of commodities at wholesale during the month declined but
slightly under the level for May and showed some signs of firming
during the last week in June and the opening weeks of July. Signs
of firmness were observed in farm products and food and in fuels and
lighting. Metals and metal products were relatively steady during the
month. Downward tendencies continued to be exercised in the prices
of building materials, chemicals and drugs, hides and leathers and
textiles in general.
Commercial failures during the month declined by an approximately
seasonal amount to a total of 2688, as compared with 2788 in May.
Liabilities incurred, totaling $76,931,000 declined by 8% under May
whereas the seasonal decline in recent years averaged 13%.
Preliminary estimates of employment in manufacturing industries
reveal a further sharp decline in June, greater than seasonal at this
time of the year. Weekly earnings also declined sharply because of a
Volume 135
Financial Chronicle
reduction in both hours worked and in hourly earnings. The cost of
living eased off slightly.
Altogether, the month of June showed a further decline in general
business activity. The first half of the year was completed by a month
Of contraction in the most important branches of production and distribution. The summer months immediately ahead can be expected to
show a slowing up in consumer purchasing at least equal to seasonal.
The only favorable aspect to the present situation is the strengthening of prices at wholesale in recent weeks.
Decrease of 26% in Wholesale Trade in June as Compared with June 1931 Reported in New York
Federal Reserve District.
"Reporting wholesale dealers showed June sales 26%
below a year ago, the same decline as occurred in May,"
says the Aug. 1 "Monthly Review" of the Federal Reserve
Bank of New York, which further states as follows:
Sales of groceries continued to show a comparatively small reduction
and sales of drug houses were considerably larger than a year,ago, reflecting
the movement of cosmetics in advance of the date on which the new Federal
taxes became operative. Such lines as stationery, paper, jewelry, and
diamonds reported somewhat smaller year to year decreases than in May,
and the decline in machine tool orders reported by the National Machine
Tool Builders Association was less than in the previous month. On the
other hand, the year to year comparison was less favorable in June than
In May for the hardware, shoe, and men's clothing concerns, and sales
of
Bilk goods reported in yardage, by the Silk Association dropped further
below a year ago than in May.
Sales of the reporting wholesalers during the first six months of 1932
averaged 24% smaller than in the corresponding period of 1931.
The value of stocks in all reporting lines, with the exception of drugs,
continued to be smaller than a year ago. The declines in grocery
and
diamond stocks, however, were the smallest reported in a number
of
months. Collections in June of this year were somewhat slower than in
the previous year in a majority of lines.
Percentage
Change
June 1932
Compared with
June 1931.
Commodity.
Net
Sales.
GO GA
1-•
IIIILL÷LIIII
Ca
CA tsi CJ •-•
Co .-•to too .40C4 COO CO
.
,
0114G,6
CO Z:t. ..2..
la ;0•1•1
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs-- Hardware
Machine tools.a
Stationery
Paper
Diamonds
Jewelry
Per Cent of
Charge Accounts
Outs/outing
May 31
Collected in June.
Percentage
Change
in
Net
Sales.
Stock
End of
Month.
1931.
June '32 First Six
from Mos.'32
1932. May '32.from '31.
-17.7
..
--3i3:4
--5.4*
-28.9
+0.1
-20.4
75.1
41.4
34.0
57.0
45.4
33.9
49.1
77.0
31.8
31.2
64.8
35.4
26.0
45.4
---sif.i
-..__
55.5
-9.1 1 16.6
-29.7 I
+5.3
-21.0
+1.0
-15.9*
-22.4
+77.0
-9.7
-4.4
-5
;
7.6
+8.3
39.4
-3.6
16.0 J +25.1
1 +57.5
Weighted average
-25.8
__
52.2
48.7
+0.1
•Quantity not value. Reported by the Silk Association of
America.
a Reported by the National Machine Tool Builders Association.
-11.2
-33.5
-25.6
-20.6*
-25.3
-10.2
-24.9
-53.8
-22.9
-30.6
-54.7
-36.1
-24.4
Chain Stores Sales in New York Federal Reserve District
Declined About 123'2% in June This Year as Compared with Year Ago.
The New York Federal Reserve Bank, in its Aug. 1
"Monthly Review" of credit and business conditions in the
Second (New York) Federal Reserve District, has the
following to say regarding chain store trade:
June sales of the reporting chain store systems averaged
about 123 %
lower than a year ago, which is much the same as the decline
reported in
May. The grocery and ten-cent store chains had the smallest
year to year
reductions in sales since March, however, and the candy chains
reported
an increase in June business following a decrease in May.
Drug, shoo,
and variety chain organi_ations continued to report substantial
declines
in sales from a year ago. After allowing for the number of stores
operated,
all types of chains continued to show material declines in
sales from a
year previous, but in some cases the reductions were smaller
than in the
preceding months.
Total sales for the first six months of 1932 averaged 9%
smaller than
in the same period of 1931.
Percentage Change June 1932
Compared with June 1931.
Type of Store.
Grocery
Ten-cent
Drug
Shoe
Variety
Candy
Percentage Change First
Six Months 1932
Compared with 1931.
Number of
Stores.
Total
Sales.
Sales per
Store.
Total
Sales.
Sales per
Store.
+1.6
+0.5
-1.4
+3.7
+17.0
--5.6
-13.7
-17.9
-27.3
-15.5
+2.2
--8.6
--15.1
--18.4
--26.2
--16.5
--12.7
--6.8
-9.6
-10.2
-27.4
-7.7
+4.6
-7.8
-11.1
-11.2
-27.2
-10.7
-14.0
+1.2
-12.4
-13.4
-8.7
-10.3
691
leading apparel stores declined substantially in-June, following a comparatively small year to year decline in May. For the first six months
of 1932 department store sales in this district showed a 21% reduction:from
the corresponding months of 1931.
54
For the first half of July, department stores in the Metropolitan:area
of New York reported a decline of 24% in sales, the same reduction_as:In
the first half of June.
Department and apparel store stocks of merchandise on hand atrthe
end of June, at retail valuations, continued to be considerably smaller than
the previous year, but th reeduction was not quite as large as in sales.
The percentage of charge accounts outstanding on May 31 collected during
June was lower than last year.
P. C. Changefrom a Year Ago. P. C. of Accounts
Outstanding
Net Sales.
May 31 Collected
Stock on
in June.
January to Hand End
June.
June.
of Month. 1931.
1932.
New York
--25.3
--20.5
49.7
45.1
Buffalo
--27.4
-22.4
--17.9
45.4
39.3
Rochester
--26.1
-24.2
--18.0
41.6
43.1
Syracuse
--28.4
-28.1
--15.7
26.8
24.1
Newark
--26.7
-18.5
--12.7
42.2
37.6
Bridgeport
--28.1
-25.1
--I4.2
38.4
33.4
Elsewhere
--26.0
-22.0
--15.3
33.7
29.0
Northern New York State. --33.2
-26.3
Southern New York State. --23.8
-23.5
Hudson River Valley Dist. --26.8
-19.2
Capital District
--25.5
-23.2
Westchester District
--26.3
-19.2
All department storm
--25.8
-21.0
45.2
id;
Apparel stores
--26.9
-24.8
-24.5
41.9
39.6
June sales and stocks in the principal departments are compared with
those of a year previous in the following table.
Locality
Net Sales
Percentage Change
June 1932
Compared with
June 1931.
Stock on Hand
Percentage Change
June 30 1932
Compared with
June 30 1931.
--2.6
--16.1
-22.0
-23.4
--23.9
--25.1
--26.1
--26.6
--27.6
--28.7
-29.4
-29.5
--30.3
--31.7
--34.5
--35.9
-43.6
-45.0
-29.9
--29.1
-24.8
-10.8
--14.8
--18.4
--21.4
-16.6
--19.8
--20.1
-22.6
-22.3
--9.8
--14.3
--21.4
--17.3
--17.6
-28.1
Toilet articles and drugs
Woolen goods
Hosiery
Luggage and other leather goods
Shoes
Men's and boys' wear
Men's furnishings
Women's ready-to-wear accessories
Home furnishings
Cotton goods
Linens and handkerchiefs
Books and stationery
Women's and misses'ready-to-wear
Toys and sporting goods
Silverware and jewelry
Furniture
Silks and velvets
Musical instruments and radio
Miscellaneous
4-22.2
Slight Decrease Noted in Wholesale Price Index of
United States Department of Labor During Week
of July 23.
The Bureau of Labor Statistics of the United States
Department of Labor announces that the index number
of wholesale prices for the week ending July 23 stands at
64.5, as compared with 65.0 for the week ending July 16.
The Bureau further said as follows on July 27:
This index number, which includes 784 commodities or price scrim,
weighted according to the importance of each article and based on the
average prices in 1926 as 100, shows that a decrease of .8 of 1% has taken
place in the general average of all commodities for the week of July 23,
when compared with the week ended on July 16.
The accompanying statement shows the index numbers of groups of
commodities for the weeks ended June 25, July 2, 9, 18 and 23.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF JUNE 25,
JULY 2, 9, 16 AND 23.
Week Ended.
June 25. July 2. July 9. July 16. July 23.
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
64.0
46.4
59.5
70.1
53.5
71.8
79.8
70.7
72.9
75.7
64.2
64.4
46.9
60.1
70.0
53.3
72.6
79.8
70.3
72.7
75.7
64.5
64.8
48.1
60.7
69.2
52.9
73.3
80.1
70.7
73.0
75.6
64.2
65.0
48.7
61.2
68.5
52.4
72.8
80.3
69.7
73.0
75.6
64.3
64.5
47.8
61.0
68.5
52.3
72.8
79.0
69.5
73.0
75.6
64.3
Monthly Indexes of Federal Reserve Board-Industrial
Production Shows Decrease Between May and June
The Federal Reserve Board, under date of July 25, issued
as follows its monthly indexes of industrial production,
factory employment, &c.:
BUSINESS INDEXES.
Department Store Trade in New York Federal Reserve
(Index numbers of the Federal Reserve Board 1935-25=100).a
District During June-Dollar Value of Sales 26%
Smaller Than in June 1931.
Adjusted for
Tithout
Seasonal Variation Seasonal Adjustment.
In its Aug. 1 "Monthly Review" the Federal Reserve
1932.
1931.
1932.
1931
Bank of New York states that "the dollar value of June
June May June
June May
June
sales of the reporting department stores in the Second Industrial production, total
p59
60
83
p59
61
r83
p58
59
District was 26% below 1931, a somewhat larger reduction ' Manufactures
82
p59
61
83
Minerals
p83
67
86
P61
65
85
than has been reported previously." Continuing, the Bank Building contracts, value b-Total
p28
26
63
p33
31
74
Residential
p11
12
0I3
37
14
41
says as follows:
All other
p41
37
p50
84
45
101
In Buffalo, Syracuse, Bridgeport, and Southern New York State sales
showed about the same decline as in May, but In other localities sales were
reduced by larger percentages than in the previous month. Sales of the
Factory employment
Factory Payrolls
Freight-ear loadings
Department store sales
60.0
53
P70
62.1
54
. 73
76.0
77
95
59.1
42.6
52
067
61.3
46.2
53
73
75.0
67.6
77
90
Financial Chronicle
692
INDUSTRIAL PRODUCTION-INDEXES BY GROUPS AND INDUSTRIES.a
(Adjusted for seasonal variations.)
Mining.
Manufactures.
Group and
Industry.
1932.
1931.
1932.
Industry.
Iron and steel
Textiles
Food products
Paper and printing __
Lumber cut
Automobiles
Leather and shoes_ __
Cement
Petroleum refining _ _ _
Rubber tires
Tobacco manufac__ _ _
25
263
83
__
28
p47
p84
52
__
118
r29
59
89
90
29
45
p86
46
146
72
110
1931.
June May June
June May June
r61
96
83
107
47
65
99
93
159
108
132
p45
p42
9105
Bituminous coal
Anthracite coal
Petroleum
Iron ore
Zinc
Silver
Lead
49
49
109
2
39
r36
49
37
41
49
74
75
122
46
54
47
58
FACTORY EMPLOYMENT AND PAYROLLS-INDEXES BY GROUPS
AND INDUSTRIES. ,
Payrolls.
Emploonent.
Group and Industry.
Adjusted for Sea- Withott Seasonal Without Seasonal
Adjustment.
Adjustment.
mud Variations.
1932.
1931.
1931.
1932.
1932.
1931.
June May June May June May June May June
Iron and steel
Machinery
Textiles, group
Fabrics
Wearing apparel__
Food
Paper and printing
Lumber
Transportation equipment
Automobiles
Leather
Cement, clay & glass
Nonferrous metals
Chemicals, group
Petroleum
Rubber products
Tobacco
54.8
51.0
58.5
58.7
58.1
81.1
82.8
37.9
50.0
58.0
74.3
43.4
48.7
76.4
77.4
67.0
69.4
56.5
54.1
62.4
62.4
62.5
83.2
84.3
39.0
50.2
54.7
75.8
45.8
50.8
79.7
78.4
65.8
68.4
72.6
73.4
78.6
78.7
78.3
88.7
93.6
54.4
62.4
70.7
83.9
64.4
65.4
59.6
90.2
75.7
80.4
54.8
51.3
57.2
58.2
54.7
80.9
82.0
37.8
50.8
59.6
70.5
45.0
48.6
74.2
78.1
67.0
69.0
67.2
54.4
62.0
62.3
61.3
81.0
8'3.8
38.6
52.4
59.7
72.7
47.0
51.4
78.3
78.2
66.0
67.3
72.6
73.9
76.7
77.9
73.6
88.4
92.7
54.3
63.5
72.6
79.7
67.0
65.4
86.7
91.1
75.6
79.9
26.0
32.3
35.8
37.0
33.4
71.4
72.9
20.9
40.7
47.1
45.0
27.3
32.0
63.2
72.1
55.1
52.2
30.4
35.9
41.5
40.3
44.0
72.9
77.0
22.2
45.9
53.5
45.7
30.2
34.5
66.9
72.5
48.7
48.4
57.6
62.4
66.7
69.4
61.1
89.7
96.6
44.6
58.8
62.1
66.7
54.4
59.1
84.1
91.1
72.4
68.6
sindeses of production, car loadings, and department store sales based on daily
averages. p Preliminary. r Revised. bRevised index based On 3-month moving
averages, centered at 2nd month. See Federal Reserve Bulletin for July 1931.
Sales of Department Stores in Metropolitan Area of New
York July 1 to July 18 Declined 23.9%.
According to a report issued to-day (July 23) by the
Federal Reserve Bank of New York department store sales
in the metropolitan area of New York, declined 23.9% in
the 12 shopping days from July 1 to July 18, compared with
the 12 shopping days from July 1 to July 16 last year.
New York and Brooklyn department stores reported a drop
of 23.3% and department stores in Newark a drop of 26.7%.
July 30 1932
Wholesale Price Index of National Fertilizer AssociationPrices Slightly Lower During Week Ended July 23
Wholesale prices as measured by the index of The National Fertilizer Association were slightly lower during the
latest week. The index number declined from 61.4 to 61.1,
a loss of three fractional points. During the preceding
week the index number declined one fractional point, while
for each of the four preceding weeks there was a decided
upturn in the index number. The index is now about six
fractional points higher than a month ago. (The index
number of 100 is based on the average for the three years
1926-1928.) Under date of July 25, the Association also said:
Pour groups declined three advanced, and the remaining seven showed
no change during the latest week. Grains, feeds and livestock, foods,
chemicals and drugs, and fats and oils were lower. Textiles, fertilizer
materials, and miscellaneous commodities were slightly higher. The
largest loss was shown in the group of grains, feeds and livestock,
due principally to lower prices for cattle and hogs. With the exception of the decline in the last named group, none of the groups
receded as much as one full point during the latest week.
During the latest week, 25 commodities were higher, and 24 were
lower. During the preceding week 26 commodity prices advanced and
24 declined. During the latest week advances were shown in the
prices for cotton, burlap, lard, corn, silver, hides, rubber, eggs, beef,
potatoes, and cottonseed meal. Lower prices were noted for hogs,
cattle, most grades of wheat, butter, silk, lead, leather, flour, dried
fruits, glycerine, and Camphor.
The index number and comparative weights for each of the 14
groups listed in the Index are given in the table below:
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES-(1926-1928=100)
% Each Group
Latest Week Preceding Month
Year
Bears to the
Group
July 23, 1932
Week
Ago
Aga
Total Index
23.2
Foods
61.7
74.2
62.3
59.6
16.0
52.3
67.6
67.6
12.8
Grains, feeds & livestock
43.9
45.9
59.5
43.1
10.1
Textiles
40.1
60.4
39.4
39.8
8.5
Miscellaneous commodities
59.5
59.2
70.6
59.5
6.7
Automobiles ______
88.4
87.7
87.7
6.6
Building Materials_ ______
.72.1
72.1
78.1
72.1
6.2
Metals
67.8
67.8
'T7.3
71.0
4.0
House-furnishing goods_
78.2
78.2
89.9
78.3
3.8
Fats and oils
40.1
40.2
57.5
35.0
1.0
Chemicals and drugs
87.4
87.6
86.8
87.6
.4
Fertilizer materials
67.2
67.1
76.4
68.0
.4
Mixed fertilizer
71.8
71.8
82.7
71.9
.3
Agricultural implements
92.1
92.1
95.3
92.1
100.0
ALL GROUPS COMBINED___61.1
61.4
60.5
68.8
Electric Output for Week Ended July 23 Off 13.1%.
The production of electricity by the electric light and
power industry of the United States for the week ended
Saturday, July 23, was 1,433,993,000 kwh., according to
the National Electric Light Association. The Atlantic seaboard shows a decrease of 9.8% from last year. and New
Annalist Weekly Index of Wholesale Commodity Prices
England, taken alone, shows a decrease of 11.7%. The
Recovered Moderately During Week of July 26central industrial region, outlined by Buffalo, Pittsburgh,
Monthly Average Sharply Higher.
Cincinnati, St. Louis and Milwaukee, registers as a whole
The unadjusted "Annalist" Weekly Index of Wholesale a decrease of 15.0%. The Pacific
Coast shows a decline
Commodity Prices recovered moderately from last week's of 15.9% below last year.
decline, and except for July 12, now stands at the highest
Arranged in tabular form, the output in kilowatt hours
level since Feb. 2. In stating this the "Annalist" also said: of the light and power companies
for recent weeks and by
The July monthly average rose sharply to 92.2 from 88.6 in June, a rise
months since the beginning of 1932 is as follows:
of over 4% for the month and the sharpest advance for a single month since
the "Annalist" index was inaugurated in 1925. Adjusted for the usual
seasonal changes, the weekly index recovered sharply, rising to 92.4 from
91.6 last week and standing now but 0.3 below the peak (92.7) of the recent
advance established on July 12.
The advance for the week was due to recovery in prices for cattle and
hogs after last week's reaction, lighter receipts at the markets having sent
cattle prices back to the levels of a fortnight ago. Wheat prices also
advanced on the strength of excessively hot weather in Canada and the
Northwest. carrying flour prices along with them. Crude rubber and
raw silk were mildly higher, as were cotton goods, although cotton itself
went lower under pressure of reports of good weather. The meats generally
moved contrariwise to live stock, hot weather having checked the demand
and depressed prices. Out of the 73 price series used in the "Annalist"
index, 19 were higher (against 11 last week), 11 were lower (against 25)
and 43 were unchanged (against 37)•
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES (1913=100)•
[Unadjusted for seasonal variation.]
July 26 1932. July 19 1932. July 28 1931.
Farm products
Food products_
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
71.9
96.1
*66.8
143.4
954
106.9
95.0
79.4
02.2
70.2
97.5
65.6
143.9
95.4
107.0
95.0
79.3
02.0
88.6
111.7
94.0
115.7
102.0
115.2
98.6
84.5
101.3
* Provisional.
THE "ANNALIST" INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100)
[Monthly averages of weekly figures, unadjusted for seasonal variation.]
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
•Revised.
July 1932.
June 1932.
70.9
96.7
66.2
143.8
95.5
107.0
95.0
79.5
022
65.8
92.0
*67.6
138.2
96.0
107.2
96.0
80.0
505
July 1931.
88.8
111.6
95.8
119.2
'102.6
116.0
98.6
84.8
101 0
Weeks
Ended.
1932.
1931.
Jan. 2...-_
1,523.652.000 1,597.454.000
Jan. 9._-- 1,619.265,000 1,713.508.000
Jan. 16.-- 1.602,482,000 1,716,622.000
Jan. 23.--- 1598,201.000 1,712.786,000
Jan. 30__-_
1,588,967.000 1.687.160,000
Feb. 6- _ -1.588.853,000 1,679,016,000
Feb. 13.._1,578,817.000 1,683.712.000
Feb. 20--- 1.545.450.000 1,680,029,000
Feb. 27._- 1,512.158.000 5.633.353.000
Mar. 5_.....
1.519,679,000 1,664.125,000
Mar.12____
1,538.452.000 1,676.422.000
Mar.19.-- _
1,537.747,000 1,682,437,000
Mar.26- _- 1.514,553,000 1,689,407.000
Apr. 2-.- 1.480.208.000 1,679.764,000
Apr. 9- _ _
1,465,076,000 1.647.078,000
Apr. hi-. 1.480,738.000 1.841.253,000
Apr. 23....1,469,810,096 1,675.570.000
Apr. 30--.
1.454.505,000 1,644.437.000
May 7.-1,429.032.000 1.637,296,000
May 14.... 1,436,928.000 1.654,303.000
May 21 _._
1.435.731.00n 1.644.787.000
May 28--_
1425.151.000 x1,001.833.000
June 4._ -- x1.381.452.000 1593.622.000
June 11--.. 1,435.471000 1621481.000
June 18.___
1441.532.000 1.609.031.000
June 25.-__
1.440,541,000 1.634.935.000
July 2_ - __
1,458,061.000 z1.607,238.000
July 9- - - _ z1.341.730.000 1,603,713,000
July 16_ _ __ 1.418.708.000 1,644.638.000
July 23-_-- 1.433,993,000 1,650,545,000
MonthsJanuary - -- 7,014,066.000 7.439.888,000
February._
6.518.245.000 6.705,564.000
March. _ _. 6.781347,000 7,381.004.000
April
6.3113,425,000 7,193.691000
6.212.090.000 7.183.341.000
MEW
1930.
1929.
1934
Under
1931,
1.680.289.000
1,816,307,000
1,833,500.000
1,825.959,000
1,809.049,000
1,781,587,000
1.769,683,000
1,745,978,000
1.744.039.0011
1,750,070,000
1.735,673.000
1.721,787,000
1,722,587,000
1.708.228,096
1.715,404.000
1,733,476.000
1,725.209,000
1,698.789.000
1,689.034,000
1,716.858,000
1,727,783,000
1,659.578.000
1,657,0/14,000
1706,843,000
1.697.809.000
1,703 782 000
1,504,124,000
1,625.659,090
1.6116,1417.000
1,688,467,000
1,542,000,000 4.6%
1,733,810,000 5.5%
1,736,729,000 6.7%
1.717,315,000 6.7%
1,728,203,000 5.8%
1,726,161,000 5.4%
1,718,704.000 6.2%
1699,250.000 8.0%
1,706,719,000 7.4%
1,702,570,000 8.7%
1,687.229,000 8.2%
1,683.262,000 8.6%
1,679,589.000 10.3%
1,6113,291,000 11.9%
1.696,543,000 11.1.7.
1.709,331,000 9.8%
1,699,822.000 12.3%
1,688,434,000 11.5%
1,698,492,000 12.7%
1,704.426,000 13.1%
1,705,460,000 12.7%
1,615,085,000 112.2%
1.689.925,000 J
1,699,227,000 11.5%
1,702.501000 105%
1723.428.000 11.9%
1592,075.000 1
1,711,625,1100 f 12.8%
1.727.225.000 13.9%
1,723,031,000 13.1%
8,021,749,000
7,066,788.000
7.580.335,000
7,416,101,000
7.404.807.000
7,585,334,000 5.7%
6.850.855.000 Y6.1%
7,380.263,000 3.2%
7,285,350,000 124%
74811 FM ono se see
'z Including Memorial Day. y Change computed on basis of average
daily
report. z Including July 4 holiday.
Nme.-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are
based on about 70%
Total Sales of 37 Chain Stores Fell Off Approximately
13.8% in June-Mail Order Companies 20.4%
Lower.
According to a compilation by E. A. Pierce & Co. of
this city, 39 chain store and mail-order companies reported
Financial Chronicle
Volume 135
total sales of approximately $274,540,430 for the month of
June 1932, a decrease of 14.3% as compared with the corresponding period in 1931, while sales for the same number
of companies during the first half of the current year amounted
to $1,559,039,552, or a decline of 13.2% as compared with
same period last year.
The compilation further shows that sales of grocery
chains for the month of June 1932 fell off approximately
12.4% as against the same month in 1931, sales of 5 and 10cent and $1 chains declined 11.7%; apparel and department
chains, 19.4%; drug chains, 17.6%; shoe chains, 24.9%;
restaurant chains, 10.7%; and mail order houses, 20.4%.
During the first six months of the current year sales of grocery chains declined approximately 12.9%; of 5 and 10-cent
and $1 chains, $7.1%; of apparel and department chains,
12.9%; of drug chains, 11.5%; of shoe chains, 18.9%;
of restaurant chains,9.1%; and of mail order houses,21.6%.
A comparative table follows:
June 1982.
% Change
% Decrease
from
from
June 1931. 6 Months 1932.6 Mos. 1931.
Grocery ChainsGt. Atlantic. & Pacific.d__ 386,062,734
13.3
Safeway Stores b
17,750,780x
Kroger Grocery b
16,810,567
13.0
American Stores_e
9,987.361
8.7
First National Stores_d
9,822,878
4.8
National Tea_b
5,021,502
12.7
11. C. Bohack dr Co_a
2,441.493
8.6
Grand Union Cod
2,948,312
13.9
Daniel Reeves, Inc_ a__ _ _
1,885,077
17.5
Dominion Stores_c
1,741,891
12.3
Jewel Tea b
861,413
16.5
Winn & Lovett Grocery-.
376,055
4.7
$458,603,951
109,627,485
102,991,732
59,776,818
51,199,595
31,952,097
16,107,417
15,233,905
14,156,650
11,656,934
5,292,909
2.545,849
13.7
x
13.9
13.9
4.7
12.7
4.6
12.3
15.3
8.9
18.3
3.8
y12.4
$879,145,342
y12.9
693
non-residential buildings decreased 13.4% in number and
38.3% in estimated cost. Additions, alterations and repairs decreased 9.4% in number but increased 2.7% in
estimated cost. During June, 1932, 2,488 family dwelling
units were provided in new buildings. This is a decrease
of 5.9% as compared with May. The Bureau's survey issued July 22 also states:
Various agencies of the United States Government awarded contracts
during June for buildings to cost $19,066,029. This is considerably less
than the valuation of buildings for which contracts were awarded in
May, but nearly twice as much as for buildings for whicn contracts were
awarded in June, 1931.
Comparing permits issued in 343 identical cities in June, 1931, and
June, 1932, there was a decrease of 64.5% in the number and a decrease
of '75.6% in the cost of new residential buildings. New non-residential
buildings decreased 36.7% in number and 34.5% in estimated cost.
Additions, alterations and repairs decreased 18.8% in number and
43.0% in estimated cost. Total construction decreased 30.0% in number and 52.3% in indicated expenditures. The number of family dwelling units provided decreased 73.9%.
Permits were issued during June, 1932, for the following important
building projects: In New Haven, Conn., for a dormitory at Yale University to cost $600,000; in the Borough of Queens, for a public-school
building to cost $600,000; in Austin, Tex., for a State highway building
and fire station to cost over $400,000; and for a school building in Scranton, Pa., to cost over $1,000,000. Contracts were awarded by the Supervising Architect of the Treasury Department for a post office and
Federal court house in Newark, N. J., to cost nearly $3,000,000; for a
post office in Sioux City, Iowa, to cost over $550,000; for the Department
of Justice Building in Washington, D. C., to cost over $7,600,000. A
contract was awarded by the Veterans' Administration for a hospital
In Des Moines, Iowa, to cost nearly $900,000.
Table 1.-Estimated Cost of New Buildings in 354 Identical Cities, as
Shown by Permits Issued in May and June, 1932, by Georgraphic
Divisions.
IV GIV I...Yukon.utts 0141.1136714/0•
Total
5155,710,063
Geographic Division. Cities.
5 dt 10-Cent & $1 Chains
F. W.Woolworth Co
$18.920,677
10,040,743
B. S. Kresge Co
W.'1. Grant Co
5,829,104
4.877,093
S. 11.'Cress Co
McCrory Stores Corp
3 024,594
2,594,124
.3.5. Newberry Co
G. C. Murphy Co
1,491,097
McLellan Stores Co
1,486,793
Nelsner Bros
1,339,254
M. H. Fishman Co
234.405
13.9
15.5
7.3
10.8
6.6
z1.6
4.9
16.4
7.7
4.8
$118,245,799
58,745.896
32,809,257
29,176,236
19,103,387
14,290.294
8,285,364
8,781,606
6.829.917
1,084,740
9.2
12.6
0.8
5.4
2.4
z11.4
2.0
7.0
7.1
z5.0
$49,837,884
11.7
5297,352,496
7.1
Apparel & Dept. Chains
J. C.Penney Co
$12,025,340
Lerner Storm Corp
1,830,901
Interstate Dept. Stores.._
1,803,43e
Consolidated Retail Stores
1,056,055
Lane Bryant, Inc
1,126,871
Rene Bros
520,697
Sally Frocks, Inc
321.705
18.9
23.5
16.6
27.6
23.3
z2.8
10.3
$69,280,611
10,718,946
8,978,417
7.516,432
6.501,575
2,970,948
2,000,127
10.4
14.7
15.9
24.5
25.4
:23.6
14.7
Total
Total
Drug ChainsWaltman Co
Peoples Drug Stores
Total
Shoe ChainsMelville Shoe Corp
Schiff Co
Total
Restaurant ChainsWaldorf System
Bickford's Inc
Exchange Buffet
Total
$18,684,999
19.4
$107,967,056
12.9
$3,821,396
1,291.076
20.4
8.2
823,478,393
8,195,186
13.7
4.6
$5,112,472
17.6
331,673,579
11.5
$2,092,599
843,387
28.2
15.4
$10,994,347
4,282.930
21.1
12.4
$2,935,986
24.9
$15,277,277
18.9
$1,164,752
549,527
358,297
6.4
12.3
20.3
57,332,229
3.606,667
2.332,726
6.0
8.6
18.2
$2,072,576
10.7
513,271,622
9.1
MiscellaneousWasra AUtO Supo.(K.C.)
Total 37 chains
Mall OrderSeams Roebuck_ b
Montgomery Ward
$1.146,000
4.3
34,790,700
16.0
$235,499,980
y13.8
51,349,478,072
y11.6
$24,200,341
14,840,109
18.8
22.8
5126,333.261
83,226,219
20.5
22.8
Total
$39,040,450
20.4
3209.561,480
21.6
Grand total 39 companies. 3274.540.430
N14.3
31.559.039 552
vta.2
a Four weeks and 25 weeks ended June 25. b Four weeks and 24 weeks ended
June 18. c Four weeks and 26 weeks u sled June 25. d Five weeks and 26 weeks
ended July 2. c Four weeks and six months ended June 25. x Comparable
figures for 1931 not available. y Safeway figures included in totals but not considered in computing percentage decrease. a Increase over corresponding period
in 1931.
of Building Operations in United States by
United States Department of Labor-Between May
and June Cost of New Residential Buildings Increased While New Non-Residential Buildings
Declined.
The Bureau of Labor Statistics of the United States
Department of Labor has received reports of building permits issued from 354 identical cities of the United States
having a population of 25,000 or over for the months of
May, 1932, and June, 1932. The estimated cost of all buildings for which permits were issued in these cities during
June was $49,452,379. This was 26.3% less than the estimated cost of building operations in these cities during
the month of May. The number of permits for all building operations decreased 10.8%, comparing these two periods. Comparing June, 1932, with May, 1932, there was a
decrease of 15.4% in the number and an increase of .3 of
1% in the estimated cost of new residential buildings. New
Survey
Estimated
Cost.
Families Provided for in
New Dwellings.
May, 1932. June, 1932. May, 1932. June, 1932.
53
70
94
25
40
34
38
$1,099,123
2.508.543
1,492,092
1,081.855
1,262,178
531,080
2,112,430
$1,621,635
3,155,915
1,320,295
820,245
1,186,677
404,474
1.612,410
249
530
339
315
326
279
606
243
689
275
223
312
192
554
354
Total
Per cent of change.__
10,037,301
10,121,651
4-0.3
2,644
2,488
-5.9
New England
Middle AtlantiC
East North Central_ _
Weat North Central_.
South Atlantic
South Central
Mountain and Pacific
New Non-Residential
Buildings.
Estimated
Cost.
Total Construction
(Including Alterations
and Repairs),
Estimated Cost.
Geographic Division.
Cities.
New England
Middle Atlantic
East North Central_.
West North Central-.
South Atlantic
South Central
Mountain and Pacific
53
70
94
25
40
34
38
51,210,951
9.320.769
3,884,477
2,494,668
23,906.478
3.573,064
2,560.349
31,804,859
8,599.258
2,759,434
2,222,774
10,646,538
1.176.157
1,777.061
53,631,819
15.085.498
7,123.366
4,119,466
26.432,470
4,682.435
6.039,057
54.511.203
15,365.005
5,520.772
3.825.930
13.269.397
2,193,761
4.766,311
354
Total
Per cent of change,,,
46,950,756
28,986.081
--38.3
67,114,111
49,452,379
-26.3
May, 1932. June. 1932. May, 1932. June, 1932.
Gas Utility Revenues Show Drop in May.
Revenues of manufactured and natural gas utilities aggregated $52,065,947 ir May 1932, as compared with $57,020,099 in May 1931, a decline of 8.7%, according to reports to
the American Gas Association from 413 companies serving
14,079,628 customers and representing 90% of the public
utility distribution of gas. For the first five months,
revenues of these companies totalled $300,806,952 compared with $323,895,370 in the same period of 1931, a drop
of 7.1%. The Association further reports as follows:
For May,the manufactured gas companies reported revenues of $•31,783,721, or 5.6% less than a year ago, while the natural gas utilities reported
revenues of 520,282,226, a decline of 13.%. For the first five months,
manufactured gas revenues registered a decline of 5.1% and natural gas
revenues a drop of 9.5% •
Sales of manufactured gas reported for May totaled 29,813,647,000
cubic feet, a decline of 5.7%, while natural gas utility sales for the month
were 48,320,480,000 cubic feet, a drop of 15•6%•
The decline in natural gas sales in May was the severest shown this year
and was due to a contraction in all classes of sales. The drop in natural
gas sales was general throughout the country with the exception of California, where an increase of 21% in domestic sales and 62% in commercial
sales, offset declines in industrial sales and resulted in an increase of 1.4%
in total natural gas sales. Revenues of natural gas companies in California
show an increase of 12% for May and 15% for the first five months.
Declines in manufactured gas sales were more or less general in May,
particularly In those regions where large volumes of gas are sold for industrial
purposes. However, manufactured gas sales on the Pacific Coast and in
the West North Central states show slight increases in May and for the first
five months, as compared with the same period of 1931.
Decrease Reported in Employment and Payrolls by
Chicago Federal Reserve Bank During Period from
May 15 to June 15.
Reduced employment and earnings were reported by
Seventh (Chicago) District es'Ablishments on June 15 as
compared with a month earlier. The loss in number of
men was fractional and loss than in June of the preceding
two years, while the payroll decline of more than 5% wa
694
Financial Chronicle
greater than in 1930 but less than in 1931. During the
first six months of this year,however,sharper declines have
been recorded for both employment and wage payments
than in the same period of either 1930 or 1931. The June 30
"Business Conditions Report" of the Federal Reserve Bank
of Chicago, from which the foregoing is taken, further
reports as follows, industrial employment conditions in its
district:
July 30 1932
DEPARTMENT STORE TRADE IN APRIL 1932.
Locality.
Chicago
Detroit
Indianapolis
Milwaukee
Other Cities
Per Cent Change
June 1932
from
June 1931.
P.C.Change
First 6
Mos.1932
from Same
Ratio of June
Collections
to Accounts
Outstanding
Net
Sales.
Stocks End
of Month.
Net
Sales.
1932.
1931.
-30.2
-21.8
-23.3
-29.2
-31.2
-27.8
--18.5
--12.8
--17.5
--19.1
--30.2
--24.0
--21.2
--25.0
--26.8
24.9
30.0
38.3
32.5
27.9
29.0
31.7
41.5
34.9
31.6
Manufacturing employment determined the trend in the totals, as nonmanufacturing recorded very slight changes from a month previous.
7th District
-27.8
While the level of employment and payrolls was the lowest yet recorded,
-22.5
29.4
-27.0
32.3
the declines from a year ago in manufacturing industries, amounting to
The retail shoe trade again expanded in June-5%-representing the
23% in employment and 38% for payrolls, were slightly less than in the
fourth consecutive monthly gain and a little more than the usual seasonal
preceding two months. Five manufacturing and two non-manufacturing
increase over May. Department stores were responsible, however, for the
groups had lower employment and wage payments than a month earlier.
heavier volume of business, as the majority of dealers reported declines
These included a drop to a new low level for the metals group, a nonfrom the preceding month. June trade totaled 23% below a
seasonal loss in leather products, and a greater than seasonal recession in
Year ago.
paper and printing. Only three groups improved in both items-textiles, .and sales in the six months of 1932 were almost one-fourth less than in the
same period last year. Stocks on hand are about 10% smaller than in
rubber products, and construction. Food products gained seasonally in
1931.
employment, but for the first time in our records failed to record increased
The 23% decline from May shown in sales of furniture and house furpayrolls in June; stone-clay-glass had a greater-than-seasonal gain in
nishings during June was about the same as in the 1927-31 average for the
number of men, accompanied, however, by a reduction in payrolls; the
period. Installment sales by dealers recorded heavier losses than did total
vehicles group, in which employment remained practically unchanged,
sales, falling off 30% in the month. As compared with last June, installrecorded a sharp loss in wage earnings. Coal mining in Illinois continued
ment
sales were 34% smaller and total sales by dealers and department
levels.
at extremely low
stores were 30% less. Stocks declined 2% in the month and now average
Farm wages in the North Central States, as reported by the Department
almost 20% below those a year ago.
of Agriculture, declined between April 1 and July 1, which is contrary
Chain store trade in June recorded a slight recession from May in the
to the usual increase in the harvest season. This trend was influenced
aggregate
for 15 chains reporting to this bank. Drug, men's clothing, and
by the continued decline in prices of farm products, which has discouraged
musical instrument chains showed some expansion in the comparison, and
the hiring of farm laborers. A higher ratio of supply to demand than.on
the five-and-ten-cent store trade totaled about the same in volume as a
April 1 was shown for Illinois, Wisconsin, and Iowa, while Michigan
month previous, while sales by grocery, cigar, furniture, and shoe chains
showed considerable reduction in the ratio and Indiana a lesser one.
were smaller. The decline from a year ago totaled 16% for all
reporting
EMPLOYMENT AND EARNINGS-SEVENTH FEDERAL RESERVE
groups. The number of units in operation remained about the same as a
DISTRICT.
month previous but was slightly greater than last year.
Per Cent Change
from May 15.
Week Ended June 15 1932.
Industrial Group.
No. of Number
Reportof
ing
Wage
Firms. Earners.
EarnWage
Earners. trips.
720
138
146
333
140
266
100
74
7
308
122,009
160,148
24,578
62,832
6,980
19,590
12,453
14,072
4,674
39,216
$1,972,000
3,686,000
310,000
1,100,000
132,000
235,000
278,000
188,000
124,000
929,000
-4.1
+0.3
+3.6
+5.1
+4.1
-0.6
-1.5
-3.3
+3.0
-1.6
-7.2
-10.3
+1.1
-0.9
-2.1
-3.6
-6.3
-2.1
+20.6
-5.7
2,232
166
72
11
334
456,552
28,428
81,780
351
10,474
$8,954,000
624,000
2,493,000
5.000
228,000
-0.5
-1.7
-1.4
+61.8
+19.8
-6.0
-0.2
-1.2
-0.9
+14.1
583
121,033
$3,350,000
+0.2
-0.1
Metals and products_a
Vehicle)
Textiles and products
Food and products
Stone, clay and glass
Wood products
Chemical products
Leather products
Rubber products_ b
Paper and printing
Total manufact., 10 groups
Merchandising_c
Public utilities
Coal mining
Construction
Earnings.
Total non-mfg., 4 groupe__ - _
-5.1
-0.4
Total, 14 groups
2.815 577.585 $12.304,000
a Other than vehicles. b Michirau and Wisconsin. c Illinois and Wisconsin.
Wholesale and Retail Trade Conditions in Chicago
Federal Reserve District During June as Reported
by Chicago Federal Reserve Bank.
"Seasonal trend was responsible for the expansion of 8%
shown over May in the June wholesale grocery trade," says
the Chicago Federal Reserve Bank. "Hardware, drug, and
electrical supply sales, on the other hand, exceeded those of
the preceding month by 10. 1, and 4%, respectively, contrary to the usual trend, the nine year average recording
declines of 3 and 1% in the first two groups and practically
no change for electrical supplies." The Bank in its June 30
"Business Conditions Report" adds:
The shoe trade, which declined 4% in June from May, reflected about
the average recession, while the drop of 10% in the dry goods trade compared with an average increase of 1%. The decline from a year ago in
this latter group was larger than In a similar comparison for May, but
other lines showed improvement in the year-to-year comparison. Data
covering the first half of 1932 indicate that business in the wholesale grocery
and drug trades totaled approximately 1-5 less than in the same period
last year, while that in hardware was 1-4 and that in dry goods 1-3 smaller;
business in the shoe and electric supply trades declined about 40%.
WHOLESALE TRADE IN JUNE 1932.
Per Cent Change
From Same Month Last Year.
Net
Sales.
Groceries
Hardware
Dry Goods
Drugs
Shoes
Electrical supplies
--16.1
--17.4
--16.9
--39.5
---44.0
Ratio of
Accts. Outstanding to
ColAccts. OutStocks. standing. 'eaten:S. Net Sales.
-26.0
-16.8
-36.1
-14.8
--24.3
-28.0
-10.8
-30.5
-40.5
-24.3
-18.0
-26.7
-36.4
-29.1
-45.6
-47.8
105.4
242.0
364.7
227.1
383.3
206.0
The decline of 4% from the preceding month in June department store
sales of the Seventh district represented about the average recession for
the period, although conditions varied as among the several cities. Chicago
% smaller than in May, and Intrade, for instance, totaled less than
dianapolis trade was only 1% less; but Milwaukee sales decreased 6%.
Detroit showed a drop of 83i %, and the total for other cities one of 7%
in the comparison. The 28% decline reported from June last year brought
sales for the first half of 1932 to 27% below the first six months of 1931.
with Chicago trade experiencing the heaviest recession in the latter comparison. Stocks declined to a greater extent than usual in June, falling
off 7M% from the end of May; as in other months this year, however,
the rate of turnover was slightly slower than in 1932.
Electric Light & Power Statistics for Month of May.
The National Electric Light Association on July 12 issued
the following statistics covering 100% of the electric light
and power industry:
hay
Kilowatt-hours Generated-1932.Month of1931.
By fuel
3 371,331,000 4,248,891,000 -20.6
Water power
2,779,785.000 2,875,105,000 -3.3
Total kilowatt-hours generated
6,151,116,000
7,121,996,000 -13.6
Additions to SupplyEnergy purchased from other sources
180,479.000
200,371,000 -9.9
Net international imports
38,600,000
51,293.000 -24.7
Total
219,079,000
251,664,000
-12.9
Deductions from SupplyEnergy used in etectric railway departments__
61,022,000
81,184,000 -24.8
Energy used in electric and other departments
97,033,000
109,135.000 -11.0
Total
158,105,000
100,319,000 -16.9
Total energy for distribution
6,212,000,000
Energy lost in transmission, distribution, &c- 1,123,719,000 7,183,341,000 -13.5
1,167,734,000 -3.8
Kilowatt-hours sold to ultimate consumers- 5,088,371,000
6,015,607,000 -15.4
Sales to Ultimate Consumers (Ktch.)Domestic service (all :ism)_
920,775,000
901.624,001) +2.1
Commercial-Small light and power (retail).- 1.010,506.000
1,101,221,000 -7.7
Large light and power (wholesale)
2,570,283,000
3,395,930,000 -24.3
Municipal street lighting
162,610.000
157,243,000 +3.4
Rallroads-Street and interurban
333,985.000
376,211,000 -9.9
Electrified steam
41,780,000
47,337,000 -11.7
Municipal and miscellaneous
37,432,000
36,041,000 +3.9
Total sales to ultimate consumers
5,038,371,000 6,015,607,000 -15.4
Total revenue from ultimate consumers
$147,246,200 5160,237,900 -8.1
12 Month:Ended May 31Kilowatt-hours Generated (Net)-1932.
1931.
%
By fuel
52,951.519,000 59,284,466,000 +10.7
By water power
29,240,536,000 27,561,303,000 +6.1
Total kilowatt-hours generated
82,198,055.000 86,845,769,000 -5.4
Purchased energy (net)
2,709,864,000 3.391,572.000 -17.4
Energy used in electric railway & other deps_. 2,274.492,000
2.446,724,000 -7.0
Total energy for distribution
82,723,427.000
Energy lost In transmission, dtstributlon, &e.13,969,291,000 87,790,717,000 -5.8
14,275.237,000 -2.1
Kilowatt-hours sold to ultimate consumers 68,754,136.000
73,515,480,000 -6.5
Total revenue from ultimate consumers
51,923,565,000 51,084,037,400 -3.0
Important FactorsPercent. of energy generated by water power
35.6%
31.7% ---Average pounds of coal per kilowatt hour
1.50
Domestic service (residential use):
Avge. ann. consumption per customer(kwh)
587
560 +4.8
Average revenue per kwh.(cents
5.72c.
5.94e. -3.7
Average monthly bill per domestic customer
$2.80
52.77 +1.1
Basic Information as of May 311932.
1931.
Value of plant and equipment (approximate)
13,000,000,000 12,400,000,000
Generating capacity (kw.)-Steam
24,210.000
23,584.000
power
Water
9,001,000
8.465,000
Internal combustion
448,000
449,800
Total generating capacity in kilowatts
33,664,000
32,493.000
Number of CustomersFarm.;served
(701.499)
Domestic
20,213,816
20,391,201
Commercial-Small light and power
3.579,585
3,618,408
Commercial-Large light and power
578,801
554.739
All others
60,331
63,525
Total number of customers served
24,482,923
24,627,873
Percentage of homes served
70%
70%
Mlles of transmission lines (11,000 volts and over)...
213,000
204.000
Little Change Reported in Business Activity in San
Francisco Federal Reserve District During JuneAggregate Industrial Production Slightly Lower
as Compared with May According to Isaac B.
Newton.
"Little change in Twelfth (San Francisco) District business activity was recorded during June," says Issao B.
Newton, Chairman of the Federal Reserve Bank of San
Francisco, in his report of business conditions. "Aggregate industrial production," continues Mr. Newton, "was
Volume 135
Financial Chronicle
slightly lower than in May, increases in lumbering and
output of food processing industries not quite offsetting
declines in other fields." Under date of July 22, Mr.
Newton also said:
Department store trade increased noticeably, after seasonal allowance
for the first time since last October, and registrations of new automobiles
rose sharply. Other trade measures changed little or declined. Prices
of a number of commodities important in the Dis'rict advanced, thus
following the recent upward movement of wholesale prices in the United
States. Banking and credit changes were chiefly of a seasonal nature, and
the relatively easy condition of recent months continued.
At the beginning of July the outlook for crop production was satisfactory.
The condition of livestock as well as ranges improved during June and at
the end of that month was better than at the same time a year ago, when
the lack of rainfall in the spring of 1931 had begun to have a pronounced
effect. Prices for farm products continued extremely low, notwithstanding advances in several quotations, particularly those for livestock.
Construction and mining activity receded further during June and Production of petroleum declined, presumably as a result of that industry's
curtailment program. Lumber output was at the high point of the year
In June, contrary to the seasonal movement which usually reaches a peak in
May. Consumption of lumber, as indicated by new orders, also increased.
Flour milling, slaughtering and wool consumpiton increased slightly.
The July holiday demand for currency dominated, commercial bank
operations during the five weeks ended July 20. A substantial inflow of
funds to this District during the last week of June resulted from District
banks recalling balances which had been deposited in other parts of the
United States. This inflow was much more than offset in the following
two weeks, however, by increased currency circulation and subsequent
losses of gold to other districts through both commercial banking and
Treasury operation. A slower than usual return of holiday currency
from circulation necessitated increased borrowing from the Reserve
Bank to build up reserve deposits during the second week of July.
Total loans of reporting member banks continued to decline, but both time
and net demand deposits increased slightly during the four weeks ended
July 20.
Lumber Orders Drop Below Production.
Lumber orders were 3% below production during the week
ended July 23, it is indicated in telegraphic reports to the
National Lumber Manufacturers Association from regional
manufacturers' associations covering the operations of 637
leading hardwood and softwood mills. There was no appreciable increase in production and this, the first break from
the slightly favorable ratio that has been maintained for
several months past through rigid curtailment of the cut,
appears to have been partly seasonal in character. Report
covering these mills gave production as 114,304,000 feet;
orders 111,162,000 feet, and shipments 115,987,000 feet, or
approximately 1% above the cut. A week earlier 652 mills
reported production 111,244,000 feet; with orders 7% above
and shipments 6% above the cut. Comparison by identical
mill figures for the latest week with the equivalent week in
1931 shows: For softwoods, 427 mills, production 42% less,
shipments 49% less and orders 45% less than for the week
last year; for hardwoods, 170 mills, production 51% less,
shipments 47% less and orders 62% under the volume for
the week a year ago.
Lumber orders reported for the week ended July 23 1932,
by 469 softwood mills totalled 104,613,000 feet, or 2% below
the production of the same mills. Shipments as reported for
the same week were 106,543,000 feet, or about the same as
production. Production was 106,868,000 feet.
Reports from 183 hardwood mills give new business as
6,549,000 feet, or 12% below production. Shipments as
reported for the same week were 9,444,000 feet, or 27%
above production. Production was 7,436,000 feet. The
Association further reports as follows:
Unfilled Orders.
Reports from 405 softwood mills give unfilled orders of 317,828,000 feet,
on July 23 1932, or the equivalent of 8 days' production. This is based
upon production of latest calendar year-300-day year-and
may be
compared with unfilled orders of 487 softwood mills on July 25
1931, of
651,160,000 feet, the equivalent of 14 days' production.
The 377 identical softwood mills report unfilled orders as 315,117,000
feet on July 23 1932, or the equivalent of 8 days' average production as
compared with 577,401,000 feet, or the equivalent of 15 days' average
production, on similar date a year ago. Last week's production of
427
identical softwood mills was 101,496,000 feet,and a year ago it was 174,919,000 feet; shipments were respectively 102,722,000 feet and
202,598,000;
and orders received 100,327,000 feet and 183,205,000. In the case of hardwoods, 170 identical mills reported production last week and a
year ago
6,414,000 feet and 12,990,000; shipments 8,873,000 feet and
16,591,000:
and orders 6,051,000 feet and 15,826,000.
West Coast Movement,
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 216 mills reporting for
the week ended July 23:
NEW BUSINESS.
UNSHIPPED ORDERS. I
SHIPMENTS.
Feet.
Feet.
Feet.
Domestic cargo
Domestic cargo
Coastwise and
delivery_ _ 16,354,000 delivery_ _ _ 59,919,000 intercoastal
_ 15,388,000
Export
9,375,000 Foreign
49,048,000 Export
9.725,000
19,141,000 Rail
Rail
40,710,000 Rail
19,031,000
Local
4,691,000
Local
4,691,000
Total
49,461,000 Total
147,679,000 Total
48.835,000
Production for the week was 47,924,000 feet.
Southern Pine.
The Southern Pine Association reported from New Orleans that for
124 mills reporting, shipments were 12% above production, and orders
1% above production and 10% below shipments. New business taken
during the week amounted to 23,009,000 feet (previous week 21,247,000
at 120 mills); shipments 25,525,000 feet (previous week 20,689,000); and
production 22,820,000 feet (previous week 19,050,000). Orders on hand
at the end of the week at 112 mills were 50,578,000 feet. The 112 identical
mills reported a decrease in production of 18%, and in new business a
decrease of 28%, as compared with the same week a year ago.
695
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
107 mills reporting, shipments were 16% below production, and orders
16% below production and about the same as shipments. New business
taken during the week amounted to 29,812,000 feet (previous week 29,327,000 at 111 mills);shipments 29.673,000 feet (previous week 30,706,000).
and production 35,315,000 feet (previous week 36,538,000). Orders on
hand at the end of the week at 107 mills were 128,174,000 feet. The
93 identical mills reported a decrease in production of 35%, and in new
business a decrease of 35%, as compared with the same week a year gao.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported
production from 7 mills as 777,000 feet, shipments 1,731.000 feet and
new business 1,715,000 feet. The same number of mills reported a decrease
of 70% in production and a decrease of 23% in new business, compared
with the same week a year ago.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 15 mills as 32,000 feet, shipments
779,000 and orders 616,000. The 14 identical mills reported a 99% decrease
in production and a 20% decrease in orders compared with the same week
last year.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis. Tenn., reported
production from 168 mills as 7,093,000 feet, shipments 8,672,000 and new
business 6,161,000. The 156 identical mills reported production 50% less
and new business 61% less than for the same week a year ago.
The Northern Hemlock and Hardwood Manufacturers Association,
of Oshkosh, Wis., reported production from 15 mills as 343,000 feet, shipments 772,000 and orders 388,000. The 14 identical mills reported a 57%
decrease in production and a 71% decrease in new business, compared with
the corresponding week of 1931.
Automobile Production in June and the Six Months.
June 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 183,092 vehicles, of which 160,103 were passenger
cars, 22,754 trucks and 235 taxicabs, as compared with 184,284 vehicles in May,250,640 vehicles in June 1931 and 334,506 vehicles in June 1930. For the six months ending
June 30 the output of automobiles has been only 871,423
vehicles, against 1,572,935 in 1931 and 2,198,580 in 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.
NUMBEtt OF VEHICLES.
Canada.
Untied States.
Passenger
TartTotal.
Cars. Trucks. cabs..
1930-June
1931-June
1932-January
February
March
April
May
June
334,506 285,473 48,570
250,640 210,036 40,244
119,344
98.706 20.541
117,418
94,085 23,308
99,325 19,560
118,959
148,328 120,908 27,389
x184,284 157,683 x26,528
183,092 160,103 22,754
Total.
Pasteger
Cars. Trucks.
463 15,090 12,194
360 6,83.5 5,583
97 3,731 3,112
25 5.477 4,494
74 8,318 6,604
31 6,810 5,660
73 8,221 7.269
235 7.112 6,308
2,896
1,252
619
983
1.714
1,150
952
804
Total6 months
(Jan.-June):
2,198,580 1.860,361 333,591 4,628 110,685 93,359 17,326
1930
1,572,935 1,315,952 254,167 2,816 66,092 52,811 13,281
1931
535 39.669 33.447 6.222
871,423 730,808 140,080
1932
x Revised. •Includes only factory-built taxicabs, and not private passenger
ears converted into vehicles for hire.
Despite Output of 2,472,359 Motor Vehicles in 1931 Car
Registrations Dropped 731,178 Units According to
National Automobile Chamber of Commerce.
Motor vehicle production by American manufacturers in
1931 failed to meet replacement requirements for the year
by 731,178 units, according to "Facts and Figures of the
Automobile Industry" published by the National Automobile
Chamber of Commerce. The Chamber states that this is
the first time in the history of the industry that the number
of cars and trucks registered for operation in the United
States ever was less than the number for the preceding year.
On July 19 the Chamber also reported:
American car manufacturers produced 2,472,359 units during the
year with a total wholesale valuation of $1,426,656,000. Of these
2,038,183 were passenger cars, and 434,176 were commercial vehicles.
In 1931, the motor vehicle output was 29.6% under production for the
year before, which in turn was 371
/
2% under the number of vehicles
manufactured in the peak year of 1929.
Parts, accessories and tires consumed in the replacement market
sassed total wholesale value of the industry's output to $2,159,424,000.
Oar ownership in the United States, as reflected by registration
records, showed 22,347,800 passenger cars and 3,466,303 trucks, or a
total of 25,814,103 vehicles in service during the year.
the Chamber statistics show that approximately 2,148,000 vehicles
were sold in the United States during the year, the balance of 324,178 cars and trucks having been absorbed in the Canadian and export
markets.
696
Financial Chronicle
Numerically, New York led all other states in the ownership of
motor vehicles with 2,297,000 registered by its citizens.
However. California retained the distinction of having the most cars
and trucks in proportion tp population with 100 vehicles for every
278 of its inhabitants.
A 10.8% gain in registration for the year made the District of
Columbia a close second to California with an ownership of 100 vehicles
for every 280 inhabitants. The ratio of car ownership to population
for the entire country was 100 cars for every 475 persons.
Only ten states and the District reported increases in vehicle ownership for the year, with New Jersey heading the list with an increased
registration of 17,000 units. All other states showed decreases, with
the mortality highest in Michigan where registration dropped off nearly
100,000 units. Michigan had experienced a reduction of more than
66,000 cars and trucks in registration the preceding year.
Despite the general reduction in registration commercial vehicle
ownership suffered only a slight loss-less than 20,000 units,-while
passenger car registrations counted for the larger portion of the
decline, with a drop of approximately 711,000 units.
During the year American car buyers continued to express increasing preference for closed cars as is reflected by the fact that 929
out of every 1,000 cars made were of this type. The rapidity with which
closed cars have gained popularity is revealed by the fact that as late
as 1919 only 103 of every 1,000 cars manufactured were of the closed
varieties. The four-door sedan type of car was the most popular model
accounting for 38'2 per cent of the industry's total production.
_
Graham-Paige Motors Corp. Reduces Prices and Adds
Two Coupe Models.
Effective July 25, Graham-Paige Motors Corp. will reduce prices on all standard eight models $170 and all Deluxe
models $150 to $200.
Two coupe models, a two-passenger and a four-passenger
rumble seat type, have been added to the recently announced Graham Six line.
July 30 1932
in June, continuing the upward trend started in January
this year, and the numbers of cars sold was only 1736%
smaller than in June last year, as against a decline of 42%
in the year-to-year comparison for May. Data covering the
first six months of the year show, however," continues the
Bank,"that sales by retail dealers totalled 43% less than in
the same period of 1931, while wholesale distribution was
45% smaller." The Bank also says:
June sales by wholesale distributors fell off considerably from those in
May-a seasonal tendency. Used car sales were slightly greater than ill
the preceding month and only 12% below those a year ago. Deferred payment sales constituted 50% of the total retail sales made during June by
dealers reporting the item, the same ratio as in May, and comparing with
58% in June last year.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
May 1932.
June 1931.
First Half
1932
Per Cent
Changefrom
First Half
1931.
-25.5
-23.4
--57.3
--58.9
-44.7
-45.1
16
16
+11.3
+12.6
--17.5
--28.2
-43.0
-42.9
44
44
--12.7
--16.0
--40.1
--47.7
-31.88
--37.18
45
45
+1.7
--12.3
-24.6
45
-2.9*
+13.1*
45
45
June 1932
Per Cent Change from
New cars:
WholesaleNumber sold
Value
RetailNumber sold
Value
On hand end of monthNumber
Value
Used cars:
Number sold
Salable on handNumber
Value
--8.4
--11.6
-7.7
Companies
Included.
*Average end of month.
India Tire and Rubber Company Increases Salaries 20%
-Offsets Reduction of Like Amount Made in January.
The India Tire and Rubber Company, riding the tide of
the greatest production and sales in its history, today announced a 20% salary increase aimed at offsetting a similar
reduction instituted last January, says Associated Press
advices from Akron, Ohio, July 20 to the New York "Herald
Tribune." It was understood that nearly 400 factory and
fifty office workers would benefit. The advices also said
as follows:
"The plan," W. G. Klauss, president, said, "contemplates adding to
the wage and salary checks during the last six months of the fiscal
year a sufficient amount to enable all employees to recover the pay
they were deprived of by taking the (20%) cut."
That reduction. he explained, was made with the understanding employees would be reimbursed "if the organization, by its own efforts,
made the company profitable during the first six months of the year."
Other tire companies were not expected to follow the example, at
least for the present.
The India company, Mr. Klauss said, adopted a six-hour, sevenday-a-week shift more than a year ago. The added leisure time enjoyed by workers free from factory monotony, he asserted, was responsible, in large measure, for the company's production record.
Plants of Nashua Manufacturing Company Resume
Operations.
Following a shutdown since July 1, the plants at Lowell
and Nashua, N. H. of the Nashua Manufacturing Company,
resumed operations on July 18. Approximately 2,000 workers are employed at these plants.
Egypt Increases Import Duties on Wheat and Wheat
Flour.
On July 25 the Department of Commerce at Washington
stated that, effective July 22 1932, the Egyptian Government
increased the sliding scale of import duties on wheat and
wheat flour by 60 milliemes and 80 milliemes per 100 gross
kilos, respectively, for each category, according to a radiogram to the Department from Commercial Attache Charles
E. Dickerson Jr., Cairo. It is noted that one millieme
equals about $0.0038.
Spanish Wheat Needs Supplied.
The "Wall Street Journal" of July 23 reported the following from Madrid:
Marcelino Domingo, Minister of Agriculture, states that Spain is no
the market for foreign wheat, although earlier this year it had
been estimated that 900,000 tons of wheat would have to be imported. He
said 300,000 tons already had been imported. He explained that decrees
authorizing wheat importations had brought out much wheat which had
not been declared to the Government at the time the estimate was made.
longer in
Mid-West Distribution of Automobiles at Wholesale in
Chicago Federal Reserve Again Increased in JuneOrders Booked by Furniture Manufacturers Show
Decrease as Compared with May.
The Federal Reserve Bank of Chicago in its July 30
"Business Conditions Report" states that "in the Middle
West, sales of new automobiles to consumers again increased
The Bank has the following to say regarding orders booked
by furniture manufacturers:
Furniture.
Orders booked by furniture manufacturers In the district again fell off
June
from May-for the third successive month, the decline of 16%
in
comparing with the five-year average recession of 24% which, however,
follows upon an average increase in May of 16%. Shipments, likewise,
fell off, 32%, this drop comparing with an average decline for the month
of Only 11%. The shrinkage in the volume of unfilled
orders outstanding
was but 10% during June, and the ratio to current orders booked stood on
June 30 at 96%, 9 points higher than a month previous. As compared
with June last year, declines were especially heavy, owing to the earlier
stimulation of summer trade a year ago when the semi-annual furniture
show was held in June instead of July as is customary. Orders this June.
therefore, were 71% under the volume of June a year ago, shipments were
53% less, and unfilled orders 70% smaller. The ratio of operations to
capacity, also, was markedly lower this June, a ratio of 27% comparing
with the June 1931 ratio of 51%; operations during May averaged 4 points
higher than currently.
Domestic Exports of Grain and Grain Products
The Department of Commerce at Washington gave out
on July 25 its monthly report on the domestic exports of the
principal grains and grain products for June and the six
months ended with June, as compared with the correponding periods a year ago. Total values of these exports
were 39% lower in June 1932 than in June 1931, $6,531,000
being the value in June 1932, against $10,720,000 in June
1931.
Exports of barley in June 1932 were 453,000 bushels as
against 733,000 bushels in June 1931; exports of malt only
13,000 bushels, against 82,000 bushels; exports of corn
were larger at 612,000 bushels, against 70,000 bushels; exports of oats 228,000 bushels, against 00,000 bushels; exports of rice, 21,279,000 pounds, against 19,245,000 pounds;
exports of wheat 6,088,000 bushels, against 8,136,000 bushels, and exports of wheat flour 425,000 barrels, against
824,000 barrels. The details are as follows:
DOMESTIC EXPORTS OF PRINCIPAL GRAINS AND GRAIN
PRODUCTS.
Month of June.
1931.
1932.
6 Months Ended June,
1931.
1932.
Barley, bushels
733,000
453,000
4,533,000
1,678.000
Value
$534,000
$188.000 $2,969,000
$848,000
Malt, bushels
82,000
13,000
382,000
413,000
Corn, bushels
70.000
612.000
1,239,000
1,883,000
Value
855.000
$218.000 $1,056.000
$803,000
Cornmeal, barrels
13,000
10.000
92,000
70,000
Value
950,000
$29,000
$374,000
$201,000
Hominy and grits, pounds
1,078.000 1,735.000
5,333.000
5,516,000
Oats. bushels
60.000
228,000
151.000
508,000
Value
$24,000
$83,000
873,000
8159.000
Oatmeal, pounds
6.021,000 1,619,000 19,884,000 12,445,000
Value
5259.000
891,000 91,221,000
8057,000
Rice, Pounds
19,245,000 21.279.000 119,280,000 125,073,000
Value
8828,000
5472.000 83,981,000 $2,857,000
Rice, broken, pounds
4,691,000 4,845.000 35,166,000 29,917,000
Value
$69.000
858,000
$536.000
$342,000
Rye, bushels
10,000
291,000
78,000
809;000
Value
$6,000
$155.000
837,000
$413,000
Wheat, bushels
8.136.000 6,088,000 20,896,000 37.194.000
Value
$6.029,000 $3.617,000 $15,851.000 $22,729,000
Wheat flour. barrels
824,000
425.000
4,795,000
3,466,000
Value
$2,776,000 81.472,000 318,078,000 811,182,000
Biscuits, unsweetened, pounds_
251.000
230.000
2,727,000
2,211,000
Biscuits, sweetened, pounds__ _
101.000
54,000
711,000
376,000
Macaroni, pounds
251,000
327,000
2,649,000
1,853,000
Total value
810.720,000 86.531,000 $46,157.000 $41.437.000
Volume 135
Financial Chronicle
Hog Prices Drop Then Rally.
Hog prices which marked high figures early in the week of
July 11, but later experienced a decline, again rose on July
15. The following from Chicago July 15 is from the New
York "Evening Post":
Hogs rallied 10 cents today and reached an early high of $5.20 a
hundred pounds against $5.10 on Thursday (July 14.)
Receipts are estimated at 17,000 hogs as against 22,000 yesterday.
On July 11 press accounts from Chicago stated:
Hogs opened at $5.55 a hundred pounds, a new high price for the
current movement, and 5c. to 10c. higher than Friday's (July 8) average.
Selling was slow at the opening, but Saturday's setback was more
than regained. Hogs of 180 to 240 pounds weight sold at $5.40 to $5.50.
The New York "Times" had the following to say in a Chicago despatch July 13:
Prices of hogs here sagged again today, the top and average quotations losing 15 cents, at $5.25 and $4.75, respectively, a hundredweight,
the lowest since Tuesdty of last week. The market has lost 25 to 30
cents in two days, but the top is still 59% above the low day in May
and the average stands 50% above that level. The value of a single
deck of hogs is about $300 above the recent low point.
Weakness in hogs is traced directly to the break in wholesale pork
loins. The market lately has been crowded with packers eager to cash
in their frozen loins, put away at 5 to 7 cents last Spring. Several such
shipments have arived from Canada. However, pork is still 100 to 150%
above the low point.
'While prices the following week fluctuated, the "Wall
Street Journal" of July 22 reported:
Top price of $5.10 a hundred pounds was recorded on hogs in an active
market, a gain of five cents over the early morning peak and 20 cents above
Thursday's practical high. Most swine sold 10 cents to 15 cents higher,
with 180-240 pound weights ranging at $4.00 to $5.05. Plainer kinds
and packing sows sold at steady levels to 10 cents higher. Provisions were
firm to slightly higher.
The big packers have been more active buyers this week than in nearly
two months. Shippers on the other hand were less interested in the market,
with the result that pigs are going at the largest discounts. The three
big packers, Armour. Swift and Wilson, have bought more than 18,000
hogs up to the middle of this week, against only 9,000 a week earlier and
but 1,000 hogs in the comparative period two weeks ago.
A similar fluctuation has been evidenced this week; on
July 27 it was stated in a Chicago dispatch that:
Hogs were in good demand, and with offerings light a liberal percentage
of the best light weights sold at an advance of Ste 10 cents a hundredweight.
On July 28 from Chicago the New York "Times" reported:
Demand for hogs was less aggressive to-day and the market was quoted
as steady to 15 cents a hundredweight lower, with spots down more, taking
the extremes on heavy butcher stock. Receipts for the month of July
will be the smallest since 1910. Eastern demand for lightweights has
picked up to some extent and in the first four days of the week shippers
have taken 16% of the receipts, compared with 8% the previous week.
A year ago 27% of the arrivals were taken for the East. The top was five
cents lower at $5.05, while the day's average was 10 cents lower at $4.45,
The advancing hog prices were referred to in an item in
our issue of July 9, page 197.
$500,000,000 Live Stock Rise Seen as Routing Depression
From the New York "Times" we take the following (Associated Press) from Kansas City July 13:
Cattle again brought today a top price of $9.25 a hundredweight on
the market here, although classes other than choice fat steers showed
a tendency to sag.
Commenting on the sharp rise in prices for cattle, hogs and lambs,
H. L. Jarboe, presdient of the Drovers National Bank. said:
"Live stock is leading the way. The increasing value of live stock,
which is the principal item of wealth in this area, by about $500,000,000.
will start the steady uphill climb of all business. I see it, and every
banker at the Stock Yards sees it."
Bids on 8,250,000 Pounds of Brazilian Coffee Asked by
Grain Stabilization Corporation—Acquired in
Exchange for Federal Farm Board Wheat.
In the Chicago "Journal of Commerce" of July 27, it was
stated that negotiations have been begun for the sale of the
8,250,000 pounds of coffee obtained from South America
in trade for American wheat, the Grain Stabilization Corporation announced on July 26. We quote further from the
Chicago paper as follows:
Bids will be opened on Sept. 1, the announcement stated. Coffee dealers
have been invited to submit offers. A sales plan including a cash deposit
of $1 on each 132-1b. bag has been devised.
Mechanics to be followed in the sale were announced as follows:
"The Grain Stabilization Corporation is pleased to announce that on
or about Aug. 15 1932, it will have available for distribution, upon request
to coffee dealers in the United States, forms on which sealed bids may be
submitted for the purchase of its coffee.
"The first opening of sealed bids on such forms will be on Sept. 1 1932,
for 62,500 bags of coffee, the September quota released for sale.
"Thereafter,from time to time, as to be announced, bids will be received
on 62,500 bags, the monthly quota to be released into consuming channels.
together with any accruals previously released, but unsold, until the entire
coffee holdings of the Grain Stabilization Corporation have been
disposed of."
Details of the conditions under which bids will be considered were
enumerated under ton subdivisions which,for reasons of space and probable
lack of interest, are not reproduced here.
The coffee to be merchandised under this plan was acquired by the
Grain Stabilization Corporation from Brazil and the dates of its sale and
amount released monthly were part of the contract under which the coffee
was acquired in exchange for Farm Board wheat.
By force of circumstances—the present political disturbance in Brazil—
the exchange of wheat for coffee last year has turned out to be a profitable
transaction for the Stabilization Corporation. Coffee has advanced
marketwise as a result of the Brazilian revolution and the wheat market
has declined for a variety of reasons.
697
From the New York "Times" of July 28, we take the
following:
A Timely Offering.
Plans of the Grain Stabilization Corporation to market the 1,050,000
bags of coffee which it received from Brazil in exchange for wheat are
timely, in the opinion of the trade. Already there is serious threat of a
shortage of this commodity in this country as a result of the political belligerency in Brazil, which has already materially upset the flow of coffee to this
country. The Farm Board's holdings constitute the bulk of the available
supply here. The result, it is asserted, may be not only that the country
will avert a shortage, but also that the Corporation will show an actual
profit, an unusual experience for it.
Items regarding the coffee-wheat deal appeared in our issue
of June 11, page 4244 and March 5, page 1674.
President Norwine of Norwine Coffee Co. at Congressional Hearing at St. Louis Criticizes Federal Farm
Board's Wheat-Coffee Deal.
Associated Press advices from St. Louis July 28 stated:
The Farm Board's wheat-coffee deal with Brazil was assailed at a Congressional hearing here to-day by F. E. Norwine, President of the Norwine
Coffee Co. The trade by which the Farm Board gave 25.000,000 bushels
of wheat for 32,000,000 pounds of coffee, he said, made the Board the largest
importer of coffee in the United States.
The Congressional committee, which is investigating Government activity
in business, also heard a defense of the Farm Board by Joseph R.Fulkerson,
President of the Producers Live Stock Commission Association.
"The Farm Board," he said, "is not a marke'ing agency, and does
not in any way compete with private firms or individuals in business. It
simply administers the Federal Marketing Act, which assists the farmer
and live-stock producers in marketing his own products."
Plan to Overload Coffee Market Denied—Head of
Brazilian Council Says Minas Geraes Has No
Intention of Such Action.
From the New York "Times" of July 19, we take the
following:
Sebastiao Sampalo, Brazilian Consul General in New York, yesterday
received a cable message from Dr. Roquette Pinto, Acting President of
the National Coffee Council of Brazil, authorizing him to transmit to
the coffee trade of the United States the following statement of Dr. Pinto
on behalf of the Council:
"It is untrue that the State of Minas Geraes has the intention of taking
advantage of the present situation and overloading the market with coffee.
"There has been no act of the Council whereby entries of coffee to the
ports of Rio and Victoria have been increased up to the present time. Inasmuch as the Port of Santos is closed. the Council has only declared that
it will attend requests from consuming markets to exporting firms in Rio
and Victoria to supply the latter with fine coffees to the limit of the necessity
caused by the present situation.
"The Council, considering any violent or exaggerated oscillation of
price, either higher or lower, prejudicial to all interests, can and will, if
necessary, regulate such a situation either by increasing receipts or by
intervening in the markets of Rio and Victoria with increased purchases.
"The Minister of Finance has just stated that he is not considering modifying the export tax of 55 milreis per bag, formerly the 15 shillings tax."
Frank C. Russell Resigns As Vice-President of New
York Coffee and Sugar Exchange to Become New
York Manager of Grain Stabilization Corporation.
The resignation of Frank C. Russell as Vice-President
and member of the board of managers of the New York
Coffee and Sugar Exchange was accepted "with regret,"
an announcement July 18 said.
Mr. Russell was recently appointed manager of the New
York office of the Grain Stabilization Corporation. The New
York "Times" of July 19 said:
His particular task is to arrange and direct the marketing of the 1,050.000
bags of coffee received from Brazil in exchange for 25,000,000 bushels of
wheat. He said that in his new position he would be unable to devote
the time necessary to conduct his exchange offices.
Reference to Mr. Russell's appointment to his new post
appeared in our issue of June 18, page 4398.
American Owned Sugar Refinery in Mexico Closes—
United States Sugar Refineries Company Employed
3,000 Men.
Mexico City advices, July 14, to the New York Evening
"Post" state that the United States Sugar Refineries Company at Los Diochis, Sinola, which is owned by American
Interests and is one of the largest sugar plantations in
Mexico, has suspended all operations, throwing 3,000 men
out of work.
The advices add that owing to the lack of transportation
facilities on the west coast, the plantation and mill operations will not recommence until the Southern Pacific
Railroad resumes traffic.
International Sugar Congress Adjourns Without Results—Withdraws Offer to Cuba at End of International Meeting of Producers—Cuba to Consult
With Institute.
Under date of July 16 a wireless message from Ostend,
Belgium to the New York "Times" stated:
698
Financial Chronicle
The International Sugar Congress broke up to-day without tangible
results. A statement issued after the final meeting said:
"The sugar congress examined the special difficulties of Cuba and Java.
Certain propositions were made to the Cuban delegation, which regarded
them favorably but asked to be able to refer them to some authorities.
There is no offer now open to Cuba, which must itself make acceptable
propositions."
The Cuban delegates have been in constant telephonic communication
With Havana and received instructions, it is believed, to stand firm in their
demands for a larger production contingent than was provided under the
Chadbourne plan because of a decline in German exports.
Other European countries, such as Belgium and France, are growing
sugar beets only for their own use with strong governmental protection.
The restrictions provided under the Chadbourne plan for Java's sugar
plantations willfirst show results in 1933. The Cubans asked for corresponding advantages in the shape of an increased contingent.
In printing the above the "Times" said:
The sugar market in New York continued yesterday its spectacular rise,
oblivious to the difficulties which beset the international sugar conference
at Ostend. Overproduction of cane sugar in Cuba and Java, where large
stocks have been accumulated, meant that if the conference acceded to the
demands of Cuba for a larger contingent, Java would have to reduce
production.
The beet-sugar producing countries were virtually on the sidelines in so
far as the contest between Cuba and Java was concerned. Although world
sugar consumption exceeded production by about 3,500,000 tons, the visible
stocks are extremely heavy. Last month Cuba endeavored to form a sugar
pool to withdraw 815,000 tons from the market, but the plan was dropped
because of lack of support from banking interests.
Cuba has been able to withhold sufficient sugar from the market to rally
prices in this market because refiners have been forced to bid competitively.
On Thursday Cuban raws sold at 1.15 cents a pound, or more than double
the low price of 0.57 cents touched early last month.
From the New York "Journal of Commerce" we take the
following.from Ostend July 17:
The meeting of the International Sugar Council adjourned here yesterday
morning after a short statement by the Cuban delegation to the effect that
it could not accept the Council's offer without submitting it to the Cuban
Sugar Institute.
Therefore the Council withdrew its offer but requested the Cuban delegation to go back to Cuba to consult on the matter with the Institute and if it
is approved to submit to the Council within 60 days the same offer the
Council had made to Cuba with the understanding that if it is in exactly
the same terms it will be accepted by Java and Europe.
Peru is being excluded from the agreement, alleging that she entered the
international agreement under special terms, therefore she is unwilling to
relinquish them now.
Offer of Council.
The Council's offer, which the Cubans will take home for consideration,
follows:
"The Cuban export quota for 1933 is increased from 855.000 to 1,000,000
tons, plus whatever part of the 1932 German deficit Cuba may not export in
1932. This increase in the Cuban quota is to be deducted from the quotas
of Europe and Java as a whole. For 1934 and 1935 the Cuban quota is to
remain at 855,000 but Java relinquishes in favor of Cuba the 5% increase
in her quota as per article five in the contract provided the price of sugar
reached 1.75c. for Cuba."
The article modified the price limit to 1.75c. instead of 2c.
The Cuban delegation is leaving for Paris to-morrow. The Cubans will
stay in Europe until the end of August when they will return home to take
up the matter with the Sugar Institute. The meeting adjourned in a very
amicable spirit.
Puerto Rico's 1932 Sugar Crop Reported Largest in
Island's History.
Special correspondence to the New York "Times" from
San Juan, Puerto Rico, stated:
Puerto Rico has completed the largest sugar crop it has ever produceda total of 992,432 short tons, as announced by the Sugar Producers Association. This is an increase of more than 200.000 tons over the last crop and is
120,000 tons larger than the crop of 1930. the greatest previously produced.
But for unfavorable weather at the close of the season, when excessive
rains lowered the sugar content of the cane, it is believed the crop would
have exceeded 1.000,000 tons, which some private estimates fixed for the
year's output. The crop actually made exceeded estimates of the Insular
Government as well as that of the Sugar Producers Association.
Stocks of Cotton on Hand in U. S. July 31 Estimated at
9,700,000 By New York Cotton Exchange Service
The total stock of all kinds of cotton in this country at
the end of this season, on July 31, will be about 9,700,000
bales , as compared with 6,370,000 last year, 4,530,000 two
years ago, and 2,313,000 three years ago, according to the
New York Cotton Exchange Service. The large end-season stock this year is due to the combination of a big stock
carried over last year, an unusually large crop last year,
and extremely small domestic consumption this season,
according to the Exchange, which on July 19 said:
"Exports have been larger than in any season except one in more
than a decade. Allowing for 100,000 bales of foreign cotton, the end.
season domestic stock of American cotton will be about 9,600,000
bales. Assuming a world carryover of American cotton of about
13,250,000 bales, this would imply a carryover of American abroad of
3,650,000 bales, compared with 2,658,000 last year, 1,865,000 two years
ago, and 2,386,000 three years ago."
World Consumption of American Cotton in June Below
That of May
of
American cotton during June toWorld consumption
taled approximately 999,000 bales compared with 1,021,000
in May and 947,000 in June last year, according to the
New York Cotton Exchange Service. The latter states that
total consumption in eleven months of the season to June
July 30 1932
30 was approximately 11,457,000 bales compared with 10,169,000 in the same period last season.
With only one month of the season left, says the Service,
it seems probable that total consumption in the full season
will be about 12,400,000 to 12,500,000 bales and the carryover at the end of the season will be around 13,250,000.
World consumption is holding up better than might be suggested by reports of mill conditions in the United States
and Europe, due to heavy spinning of the American staple
in the Orient.
Bremen and Havre Stocks of Raw Cotton Lower Than
Year Ago
Stocks of raw cotton at Bremen, Germany, and Havre,
France, were considerably lower on June 30 than a year ago,
it is stated in a report from consular officers made public
by the Commerce Department on July 11. The Department
says:
Bremen cotton stocks at the end of June totaled 338,000 bales compared with 337,000 bales at the end of May and 424,000 bales on
June 30 1931.
Stocks of American cotton at Havre on June 30 1932 amounted to
167,000 bales compared with 168,000 bales at the end of May, and
285,000 bales on June 30 1931.
The weekly takings of cotton from Bremen in June averaged 23,000
bales compared with 20,000 bales in May and 34,000 bales in June
1931. The total takings from August 1 1931 to June 30 1932 amounted
to 1,560,000 bales compared with 1,552,000 bales for the corresponding
period of last season.
Takings of American cotton from Havre in June averaged 10,000
bales weekly, compared with 11,500 bales in May, and 10,000 bales
in June 1931. The total deliveries from August 1 1931 to June 30 1932
amounted to 475,000 bales compared with 624,000 bales for the same
period a year ago.
Domestic Exports of Meats and Fats for June.
The Department of Commerce at Washington on July 28
made public its report on the domestic exports of meats and
fats for June. This shows that in the month of June 1932
the quantity of moats and meat products exported was
approximately 4,000,000 lbs. less than that exported in
June 1931, 17,446,462 lbs. being shipped in June 1932
against 21,419,575 lbs. in June 1931; the value of these
exports showed a decline of approximately 50%, being but
$1,647,198 against $3,157,496.
The quantity of animal oils and fats exported in June 1932
was larger than in the same month of 1331, while the value
was less, 50,437,612 lbs., with a value of $2,538,199 having
been exported in June 1932 as against 43,277,731 lbs. with
a value of $3,623,810 in June 1931.
For the first six months of 1932 the exports of both meats
and meat products and animal oils and fats were considerably
smaller as to quantity and value than in the first half of
1931. The report in full is as follows:
DOMESTIC EXPORTS OF MEATS AND FATS.
Month of June.
1931.
6 Months Ended June.
1931.
1932.
Beef and veal, fresh, lbs
139,971
130,020 1,165.440
820,065
Value
$22.498
$30,794
$272,188
$150.696
Beef, pickled. &c., lbs
1,280,038 1,009,779 5,305,376 4.976,901
Value
$60,131
$97,809
$309,181
$441.986
Pork, fresh, lbs
745,875
948,196 4,765,245 4,490,376
Value
$104,072
$79,788
$400,798
$737,735
Hams and shoulders, lbs
9,721,213 7,132,452 47,439.092 31,890,945
Value
$1,473,170 $731,131 87,609,483 $3,359.966
Bacon, lbs
2,097,086 2,246,898 21,432,013 9,144,542
Value
$242,350
$157,759 $2,804,026
$099,792
Cumberland & Wiltshire sides, lbs
196,808
28,683
918,151
303.030
Value
825,739
$2,211
$126,162
530,850
Pickled pork, lbs
1.153,549 1,073,345 8,234,652 7,674,204
Value
$121,365
$70,375
$901,730
$545,385
Oleo oll, lbs
2,030,302 3.220,870 24,635,441 21,075,336
Value
8197,260 $173.983 $1,797,891 $1,320,424
Lard, lbs
37,807,909 45,329,720 318,234,737 292,156,374
Value
$3,238,325 $2,270,631 $30,469,710 $16,957,340
Neutral lard, lbs
587,214
477,088 5,082,063 3,183,840
Value
825.893
853,269
5513,424
$205,593
Lard compounds, animal fats, lbs.
174,300
60,917
855,998
422,498
Value
$17,750
$4,0313
$94,975
$33,080
Margarine of animal or vegetable
fats, lbs
40,449
46,383
294,632
300,435
Value
$5,923
$4,710
$42,539
$33,926
Cottonseed oil, crude, lbs
783,590 7,213,140 29.134.136
Value
$22,774
$481,377
$908,126
Cottonseed oil, refined, lbs
1,594,216 2,194,367 9,431,348 5,970,228
Value
$143,928
597,581
$837,401
$351,806
Lard compounds, Ares, fats, lbs.._
355.732
163,672 2,567,909 1,411,234
Value
$43,304
$14,127
$329,771
$127,957
Total meat & meat products, lbs. 21,419,575 17,446,462 133,831,255 96,039,109
Value
53,157,496 31.647,198 320,513,402 $9,832,944
Total animal oils and fats, lbs
43,277,731 50.437,612 358,314,019 324,632,181
Value
53.623.810 52.538.199 333.600 074 11£1.9211 ARO
1932.
Domestic Exports of Cotton, Cotton Cloths, Yarns,
Threads and Hosiery in June.
The Department of Commerce at Washington on July 26
issued its monthly report on the domestic exports of cotton,
cotton cloths, yarns, threads and hosiery for the month of
June and the six months ending with June, with comparisons for the corresponding periods a year ago. The exports
of raw cotton were larger in quantity and smaller in value
in June this year than in June last year, 360,205 bales
1
Financial Chronicle
Volume 135
having been shipped in June 1932, against 255,403 bales
in June 1931, the value of these exports having been 313,275,372 in June this year as compared with $13,442,537
in June last year. For the six months ending with June
1932 the exports of raw cotton were 4,220,906 bales against
2,554,332 in the six months ending with June 1931. The
exports of cotton manufactures showed a substantial falling
off in comparison with similar periods a year ago. Below is
the report in full:
DOMESTIC EXPORTS OF COTTON, COTTON CLOTHS, YARNS,
THREADS AND HOSIERY.
Month of June.
1931.
1932.
6 Months Ended June,
1931.
1932.
255,403
360,205
2,554,331
4,220.906
Raw cotton except linters, bales
$13,442,537 $13,275,372 $146,8.9,072 $100,690,127
Value.
35,834,830 :3,593,218 $32,833,735 $25,451,292
Cotton manufactures, total
Cotton cloths, total sq. yds-. 34,553,415 30,040,635 186,999,133 211,655,495
83,560,166 32,172,638 319,353.648 $15,757,885
Value
144,585
115,701
577,556
956,485
Tire fabrics, sq. yds
Value
$42,562
$20,801
$179,801
$197,578
633 871
Cotton duck, SQ. ydo
603,337
4,3213,079
3,530,015
Value.
$150,413
$96,068 $1,068.397
$470088
Other cotton clothsUnbleached. sq. yds
9,025,220 7.796.170 51,706,284 56,141.314
Value_
$566,703
$348,818 53.317,097 $2,591,838
Bleached, sq. yds
4,880,804 4,358,469 25,529.839 29,957,727
Value
3438,518
3300,533 $2,475,315 $2,127,077
yds
Colored, sq.
19,868,935 17,168,958 105,259.375 121,069,954
Value
$2,361,970 $1,406,418 $12,314.038 $10,270,184
Cotton yarn, thread, Sec.745.672
883,444
Carded yarn, lbo
4,532,023
3,273,724
Value_
$164,134
$144,315
$755,184
$778,383
Combed yarn. lbs
860,547
391,488
4,327,027
3.836.705
Value
$403,944
$191,809 $2,916 948 31,508,033
Sewing, crochet, darning, and
embroidery cotton, lbs-76,070
62,935
500,528
416,941
Value
$74,626
$62,053
$101,550
$375,004
104,190
59,711
645,130
420.228
Hosiery, cotton, dos. pairs
Value
$154,855
$75.918 $1,010,599
$522.173
Activity in The Cotton Spinning Industry For June, 1932
The Department of Commerce announced on July 21
that, according to preliminary figures compiled by the
Bureau of the Census 31,705,038 cotton spinning spindles
were in place in the United States on June 30, 1932, of
which 20,561,914 were operated at some time during the
month compared 21,639,352 for May, 23,409,246 for April,
24,818,008 for March, 25,189,748 for February, 25,013,750
for January and 25,898,026 for June, 1931. The aggregate
number of active spindle hours reported for the month
was 4,247,498,852. During June the normal time of operation was 26 days compared with 25% for May, 25% for
April, 27 for March, 242-3 for February and 25% for
January. Based on an activity of 8.93 hours per day the
average number of spindles operated during June was 18,293,991 or at 57.7 per cent capacity on a single shift basis.
This percentage compares with 63.3 for May, 70.7 for
April, 90.1 for March, 92.5 for February, 84.5 for January
and 86.8 for June, 1931. The average number of active
spindle hours per spindle in place for the month was 134.
The total number of cotton spinning spindles in place, the
number active, the number of active spindle hours and the
average hours per spindle in place, by states, are shown
In the following statement.
Spinning Spindles.
State.
United States
In Place
June 30.
Active During June
Total.
31,705.038
20,581,914
4,247,498,852
134
15,404.958
4,427,070
729.886
3,465,488,369
671,471,971
110,538.512
181
59
92
1,623,194
569,954
2,641,946
494.420
2,256,170
123.864
485,374
217,128
228,820
4,943,584
586,592
4.701,286
481,544
172.626
557,258
430,158
404,189,090
82.489,488
634,809,334
62.263,832
340.273.459
26,627,999
91,227,836
28,343,592
37,616,371
975,408,188
83,328.718
1,098,289,993
148,533.815
39,970.474
95.670,700
98,455.965
217
77
192
63
55
125
77
120
80
157
45
193
250
142
141
130
Cotton growing States 19.124.136
New England States. 11,374.086
•
All other States
1.206,816
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina_
Tennessee
Texas
Virginia
All other States
Active Spindle Hours
for June
1,859,600
1,067,204
3.311,104
981.580
6,168,128
213,068
1,188,308
235,520
626,488
6,194,894
1,851.602
5,695,656
593.544
282,100
678,462
757.780
Average per
Spindle In Place
Petroleum and Its Products-Leaders See Industry
Showing 1932 Profits if Present Status Can Be
Maintained-Hill Plan of Curtailment Meeting
More Favorable Reaction.
Leaders of the industry, comprising directors of the
American Petroleum Institute,consider that business in so far
as petroleum is concerned, is now fairly well stabilized, and
is on the road to further progressive steps which should
assure profits for most companies from their 1932 operations.
At the meeting in Colorado Springs last week-end, the
directors of the American Petroleum Institute considered
Aeps to sustain the progress thus far obtained. It was
699
admitted that the decrease in consumption this year is
greater than expected, and that further curtailment of
crude production will be necessary. Doubt was expressed
that further price advances are to be looked for in the immediate future,but hope was expressed that present schedules
could be maintained.
The plan of Thurman Hill, Public Service Commissioner
of Kansas and a member of the Oil States' Advisory Committee, is meeting with more favor than when originally
broached last week. Mr. Hill's proposal contemplates the
reduction of daily output in the United States to 2,000,000
barrels of crude, with restrictions likewise placed upon
withdrawals of crude from storage.
Mr. Hill, after conferring in New York regarding his
plan, traveled through Texas and Oklahoma, where he met
with various groups of oil men and amplified his proposal.
In establishing a 2,000,000 barrel maximum daily production, he would be cutting down 150,000 barrels daily, according to the present average output. He would also
limit withdrawals from storage to 50,000 barrels daily
after Aug. 1. He takes into consideration the importation
of 140,000 barrels of crude daily in figuring his production
schedules. Domestic reduction would be made principally
in Texas, Oklahoma, Kansas and California. It is understood that leaders in both Texas and Kansas have assured
him of their willingness to co-operate in putting his plan
into effect.
Mr. Hill is confident that with the successful carrying out
of his curtailment program, crude prices would be advanced 25e. a barrel throughout all producing areas, and
that the restricted output would serve further to advance
prices in refined products.
Discussing the general condition of the industry, Amos L.
Beaty, President of the American Petroleum Institute,
says that "the basic fact in our case is that we are in a trend
which is sharply upward, except for the general depression.
The drift of transportation from other forms to those involving the consumption of our products is, and for some
years has been, steady and strong; and there is no telling
what the consumption of gasoline and motor oil would be
to-day if the depression had not intervened. Undoubtedly
it would be somewhat below the volume we have built for,
but it would be far in excess of 1929. The volume we have,
however, is sufficient to produce fair profits-even in these
times-if operations are conducted on a rational basis.
Our effort, therefore, is to rationalize, or in other words,
cut the garment to the ploth."
The California production situation showed a slight
improvement last week, production for the week ending
July 24 averaging 470,525 barrels daily, as against 471,725
the week previous.
There were no price changes posted in crude this week.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
$1.60
Eldorado, Ark.
Bradford, Pa_.__
1.05
Rusk, Texas, 40 and over...... .83
Corning, Pa
Salt Creek, Wyo., 40 and over .165
.80
Illinois
Darst Creek____-------____.90
.90
Western Kentucky
Midland Dist., Mich.____-- .63
Midcontinent, Okla., 40 and
1.25
Sunburst, Mont.
1.00
above
Fe Springs, Calif., 40
.81
Santa
Hutchinson, Texas, 40 and over
____ 1.00
and over
Spindleto, Texas, 40 and over .81
Huntington, Calif., 26______ 1.00
.88
Winkler, Texas
Petrolia, Canada- 1.75
Smackover, Ark., 24 and over .77
REFINED PRODUCTS-TANK OAR GASOLINE PRICES REDUCED
IN SOUTH-MARKETS WELL MAINTAINED HERE DESPITE
SLACK JOBBING DEMAND-KEROSENE WEAK.
Lowering of tank car gasoline prices at Southern points
during the week did not have any appreciable influence on
the general market, and prices in the New York territory
have been well maintained. Market strength has continued
here in spite of a sharp let-down in demand from jobbing
interests, who have resumed a hand-to-mouth buying policy.
Distributors are watching closely efforts being made to
bring about a national curtailment movement along the lines
proposed by Thurman Hill, discussed at length in the petroleum section of this issue. Refined products would immediately feel the effect of such action, they believe, and for
that reason there is no tendency to turn price schedules
downward now.
The Standard Oil Co. of Kentucky earlier in the week
revised its schedules at Southern ports by a lc. per gallon
reduction, bringing tank car high octane gasoline price to
7c. a gallon at Tampa,Jacksonville, and Savannah,and 63,4e.
at Mobile. The Texas Co. also put a lc. reduction into e ect
in its tank car gasoline quotations at Tampa and Jacksonville, Mc. at Charleston, and 1 Mc. at Mobile.
Kerosene continues weak in the local market, with quo-.
tations holding at 53'c. for 41-43 water white, tank car, but
700
Financial Chronicle
with reports current that large stocks may be had at from
Xo. to %c. below this level. There has been little activity
in bunker fuel oil, but the price has been well maintained at
85c. a barrel at refineries. Diesel demand has been slow but
consistent at the previously posted price of $1.65 a barrel,
refinery.
Tank car gasoline prices in the New York area continue
firm with United States Motor posted at Sc. to 831c., and
65 octane gasoline and better posted at 834c.-83c., all
f. o. b. refineries.
Chicago reports that consumption for July may equal that
for the same month last year. Thus far in 1932 consumption
has consistently run below that of the same period last year
in the Chicago territory.
Price changes follow:
July 24.-Standard Oil Co. of Kentucky reduces gasoline tank car
prices lc. to new price of 7c. a gallon at Tampa,Jacksonville and Savannah,
and 630. at Mobile.
July 24.-Standard Oil Co. of New York reduces service station prices
at Boston lc. a gallon, making new price 10A c. a gallon, exclusive of 3c.tax.
July 26.-Texas Co. reduces tank car gasoline prices lc. at Jacksonville
and Tampa: A c. at Charleston, and 15,5c. at Mooi'e.
Gasoline, Service Station, Tax Included
8.128
New York
6.135 Cleveland
6.185 1New Orleans
.14
195 Denver
Atlanta
.20 Philadelphia
Baltimore
.184 Detroit
13 San Francisco
.16
Boston
.16 Houston
Third grade
.17
Above 65 octane- .18
Buffalo
.175 Jacksonville
.19
.21
Premium
Chicago
.17 Kansas City
155
.144
Cincinnati
.186 Minneapolis
167 St. Louis
Kerosene, 41-43 Water White, Tank Car Lots, F. 0. B. Refinery.
N.Y.(Bayonne)-._ .05A Chicago
8.02A-.03A I New Orleans,
$0.03 A
North
thAngeles,
Texas
Los
ex
.03
.04A-.03A
ex
Tulsa
Fuel Oil F.0. B. Refinery or Terminal
N.Y.(Bayonne)
$ 70
California 27 plus D
Gulf Coast C
Bunker C
8.75-1.00 Chicago 18-22 D
80.85
Diese128-30
.4234-.50
_ 1.65 New Orleans C
60
.70
Philadelphia C
Gas Oil, F.0. B. Refinery or Terminal
N.Y.(Bayonne)
T111471Chicago28 plus G0_5.03;1-.041 32-36 GO
.01%
01A
Gasoline, U. S. Motor. Tank (Above 65 Octane), Car Lots.
F. 0. B. Refinery.
N. Y.(Bayonne)N. Y.(Bayonne)Chicago -- _8.05)4-.05)4
Standard 011, N. J
Sinclair
8.0731 New Orleans,
Motor, 60 ocPan-Am. Pet. Co.- .06
ex.
.05-.053j
tane
$.0831
Shell Eastern
Arkansas -- - .04-.04 A
Motor. 65 oePet
07A California-- .05-.07
tane
083i New YorkLos Angeles.
Motor, stand0434-.07
Colonialex.
ard
Beacon
0831
$ 08A Gulf Ports _- .05-.05A
Stand. Oil,
.06
Crew Lev1ck
08)4 Tulsa
vv
N. Y
.05)4
zTexas
.083 PennsylvaniaTide Water
Gulf
.08)4
Oil Co
.08 A
Continental
.0831
Richfield 011
Republic Oil
*.08
(Cal.)
.0834
Warner-Quinn.
Co
.08
•Below 65 octane. z "Fire Chief" .0834.
** Standard Oil of N. Y. now quoting on basis of delivered price not more than
Sc. per gal, under company's posted service station price at point and date of delivery but in no event less than 8Ac. a gal., f.o.b. New York Harbor, exclusive
of taxes.
Oil Famine in Jugoslavia-Gasoline Scarcity Reported
Forcing Taxis Off the Streets.
From the New York "Times" we take the following from
Belgrade July 26:
Owing to the refusal of the Standard Oil, Vacuum and Shell companies to
make further imports of gasoline into Jugoslavia unless the Government
Import duties are reduced, Jugoslavia within three days will be deprived
of all motor traffic.
06 To-day taxicabs were reduced to half the usual number and many motorbus lines suspended service. To-morrow the last taxicab probably will
disappear from Belgrade's streets.
I The Minister of Commerce, continually conferring with representatives
of the oil companies, hopes that amelioration will be effected.
Not only automobiles but all other gasoline-run machines are threatened
unless the Government yields in order to avert agricultural disaster.
Hankow Tung Oil Exports to United States Greater
for the First Half of 1932.
Total exports of tung oil from Hankow during June totaled
6,594,000 pounds, of which 5,730,000 pounds went to the
United States, 772,000 pounds to Europe and 92,000 pounds
to miscellaneous countries, according to a cablegram July 11
from the consulate at Hankow made public by the Commerce
Department. It was estimated that the stocks of oil on
hand at Hankow at the end of June amounted to approximately 800 short tons, said the Department, which on July
12 also stated:
The range of prices during June at Hankow for processed Lung oil including export taxes, profit, overhead charges, f.o.b. river lighters Hankow.
were as follows:
Close.
Law.
Open.
High.
17.20
17.20
17.20
Hankow taels per plcul
18.40
$0.039
60.039
80.040
80.043
American dollars price per pound
The following statistics indicate that total exports of oil from Hankow
In June were considerably greater than the total quantity shipped during
June 1931, also that shipments of oil to the United States and Europe were
larger for the first half of 1932 as compared with the same period of 1931.
To United
Total
Stales.
Exports.
Pounds.
Pounds.
6,594,000
5,730.00(1
June 1932
6.002,000
7,742,000
May 1932
964,000
930,000
June 1931
54,646,000
43,930,000
January-June 1932
52,514,000
43,922,000
January-June 1931
July 30 1932
Plan of Thurman Hill of Kansas Public Service Commission for Cut in Oil Output in Oklahoma,
Kansas and Texas.
It was reported in a dispatch July 18 from Oklahoma City
to the New York "Journal of Commerce" that assurance
has been given by at least two major oil companies that a
25c. a barrel advance will be posted in crude oil prices if
further cuts in output are made there to bring the flow to
a daily average of 2,000,000 barrels for the United States,
according to Thurman Hill, Chairman of the Kansas Public
Service Commission. The dispatch went on to say:
Mr. Hill has devised a general plan whereby Oklahoma, Kansas and
Texas will reduce output to secure the advance in a fashion similar to the
recent move in California.
The plans call for a cut of 60,000 barrels daily for Texas, 40.000 barrels
for Oklahoma and 10,000 barrels for Kansas. On an estimate of 2,200,000
barrels of crude oil to be needed daily for the next half year Mr. Hill would
draw 50,000 barrels daily from domestic storage and use 150.000 barrels of
Imported crude oil.
Await Tulsa Meeting.
One of the first steps in the general program will be taken when the
Mid-Continent Oil & Gas Association meets in Tulsa in the near future.
Efforts will then be made to achieve a reduction of 10% in the daily allowable flow in Oklahoma, according to reports.
The Oklahoma Corporation Commission will consider whether the cut
shall come in the areas already prorated or in those which are not yet
controlled. The Commission has ordered that present allowables for all
prorated fields except Oklahoma City be continued until Sept. 1, pending
the results of the conference.
The recent success of operators in cutting California output below
476,600 barrels daily in order to get the benefit of a 25 cent a barrel price
increase promised by the Standard Oil Co. of California if the cut were
achieved is being held up here as an example in the fight for higher prices.
It is regarded as certain that other major companies In the Mid-Continent
than the two which have already promised the advance will follow any
move of the sort.
Crude Oil Proration Plan of Thurman Hill of Kansas
Public Service Commission Would Mean $262,000
More per Day for Oil Producers, According to
T. S. Hose.
Plans to increase the price of crude oil 25c. per barrel,
as originated by Thurman Hill of the Kansas Public Service
Commission, which has the approval and co-operation of the
major operating companies, will cost the oil producers in
the United States $138,000 per day and will give them an
immediate gain of $500,000 per day,a net increase of $262,000
per day, according to the T. S. Hose report on the oil industry. The report says:
The average price of Mid-Continent crude oil to-day is 92c. per barrel, as
against an average of 26c. per barrel one year ago. The
25c. increase will
make 36 degrees gravity Mid-Continent average $1.17. and thus enable all
oil companies to work at a profit, an advantage that has not existed
since the early part of 1931.
The average production since June 1 has been 2.150,001) barrels per
day.
It is suggested that production in all pools be cut approximately 7%, making
the total production 2,000,000 barrels per day. With proration working as
smoothly as it is this curtailment will work no hardship whatever upon the
operating companies and can be put into effect with no delay at all.
It is estimated by the most conservative that the demand for crude for
the balance of this year will average 2,200.000 barrels per day. Stocks of
crude are approximately as of this date 362.000,000 barrels, carried on
inventory at the average market price.
It is estimated that the tariff on crude will cut imports to 100,000 barrels
per day. Therefore, the effect of Mr. Hill's plan, which will probably go
into effect very shortly, as no sensible group of men can object, will be as
follows: Inventories will be written up 25c. per barrel, or $90,500.000 paper
assets will be added to the producers' balance sheets. These stocks can be
liquidated, turning dead wood into cash, at the rate of $117,000
per day.
The oil producer who cuts his income $138,000 per day by the 7% decrease
in production will receive 25c. per barrel on 2,000,000 barrels, or $500,000
a day. a net increase of $262.000.
The net beiefits or addition to spending power in dividends to stockholders
&c., to be derived from this plan are as follows:
Liquidation of stocks
$117,000 per day
Paid to oil producers
229,250 per day
Paid to royalty owners
32.750 Per day
$379.000
Representatives of other industries have stated that the oil industry is
having prosperity handed to it on a silver platter. There is a reason for
everything and the improvement in the oil industry is due to the co-operation on the part of the industry as a whole, lead by the major oil companies,
to Improve its statistical position. These efforts have succeeded, as to-day
production is 12% lower than one year ago, oil stocks are 8% lower, refinery runs to stills are 5% lower, all in the face of the fact that crude imports have increased 13.4% so far this year over the same period of last
year, while gasoline imports have increased approximately 11%.
Oil Proration in East Texas Oil Field Upheld by Texas
Court.
Proration of production in the East Texas oil field was
upheld by the three-judge Federal Court of Texas in a decision filed at Tyler, Texas, on July 19. The decision upholds the State oil conservation statute and rules of the Texas
Railroad Commission.
According to the Houston "Post" of July 20, the decision
held substantially that the Court might not inquire into
the purposes actuating the Railroad Commission in fixing a
field allowable, but must discover the Commission's pur-
Financial Chronicle
Volume 135
pose in the operation and the effect of its orders." From
the Houston "Post" we also quote:
The Court made it clear, however, that it was not blinded by the contention of defendant State officials that they were not concerned with the
• correlation of production and demand and with market values.
Judge Hutcheson Writes Opinion.
Circuit Judge J. C. Hutcheson Jr. of Houston, who presided over the
Court, wrote the opinion in the case, and Federal Judges Randolph Bryant
of the eastern district of Texas, where the case originated, and William I.
Grubb of Birmingham, Ala., concurred in his findings.
Judge Hutcheson's opinion began with a brief resume of the contentions of the opposing sides of the case, and set out that both sides had agreed
that the temporary restraining order previously issued against "the socalled martial law defendants, It. S. Sterling, W. W. Sterling, Jacob F.
Wolters and L. S. Davidson is to remain in force, further orders as to
them to abide the decision of the Supreme Court of the United States on
the Constantin appeal."
The cases directly concerned involved a temporary injunction against
the Railraod Commission, Attorney-General and others concerned with
proration by legislative designation.
State's Power Challenged.
"In their last analysis," the opinion recited, "they present another stand
by some of the producers of oil in the East Texas oil field against the
claimed usurpation of power on the part of agencies purporting to act for
the State. In the general sense that they challenge the power as unlawfully put forth behind a mask of pretense to accomplish the forbidden purpose of restricting production, they thresh again old straw.
Most of the plaintiffs mainly pitch their case ... upon the proposition
that the orders assailed are not true conservation orders within the scope
and purpose of the statute against waste. They say ... that the orders
are purely production restrictions, and that as such they find not support
but condemnation, in the statute."
The opinion listed many of the contentions of the plaintiff concerns, including the allegation that the proration orders were issued for the sole
purpose of cutting the East Texas production to its proportionate part of
the 900,000 barrel allowable oil men of the nation had set for the State in
their effort to regulate production with demand to keep prices up. It was
stated that the Railroad Commission had signed an agreement that Texas
would participate, if legally possible, in the National proration.
Conservation Upheld.
"Stine of the plaintiffs," the opinion continued, "while adopting these
viewo, also assail both orders and statute as violative of the due process
clauses of State and Federal constitutions.
"The defendants, while stoutly asserting that the action of the Commission now sought to be enjoined was not taken under the influence of
the desire, or with the purpose, to limit production; that its real purpose in
the sense of motive, was in accordance with the statutes of the State to
prevent and control waste in the field, as stoutly urge that the motives of
the Commission, that is, the secret springs from which their actions have
flowed, may not be inquired into by the courts: that their purpose may be
discovered only in the operation and effect of their orders, and that if
these orders in their operation and effect have a reasonable relation to the
duty and power of the Commission, they may not be assailed for motive."
The claims of the defendants that the proration orders and field regulations are reasonable and proper for the attainment of their ends, namely
to prevent waste, were outlined, and the allegations of the right of the
State to conserve its natural resources were set out.
Price Hike Sought.
"They (the lefendants) say, finally," the opinion went on, "that not
only are the Texas conservation laws valid, the Commission authorized as
the statutory agent of the State to make them effective, and the rules in
question in their general effect within the authorization of such laws, but
that on this record there is no basis for a finding that they are, as to plaintiffs, so unnecessarily restrictive of private rights as to warrant the conclusion that the rules are, in a constitutional sense, confiscatory as constituting a taking of plaintiffs' property; that the record, in fact, shows
the contrary.
"We have carefully examined the record in the light of these contentions.
We have been, and are, greatly impressed with the manifold evidences
of the desire of the dominant purpose on the part of the oil industry, to get
and keep crude prices up, and with, to say the least of it, the camplaisant
If not compliant attitude of the public officials toward that desire, and if,
as the plaintiffs seem to think it is, the controlling issue in this case were
whether the Commission, as it agreed last year to do, is co-operating as far
as it legally can in keeping the production from the Texas oil fields within definite limits, we should, I think, be blind to what all others see, if we
found it otherwise than as plaintiffs contend.
"That is not, it can not be, the issue in the ease, for it is definitely and
beyond cavil settled that in a constitutional government such as ours,
with its division of powers, courts may not, except as the purpose is exhibited in their operation and effect, inquire into the purpose or the motives
behind legislative acts."
PrThe opinion then went on to differentiate between the present case and
the McMillan case, in which an injunction restraining the enforcement
oflproration orders was issued. In the present case. it was pointed out,
the evidence showed that the proration orders were based upon tests and
experimentation made to determine the rate at which oil should be withdrawn with the best interests of the field, whereas in the McMillan case
the allowable had been set arbitrarily without such tests and experimentation.
McMillan Case Cited.
"Plaintiffs (in the McMillan case) in short established," the opinion set
out, quoting from the McMillan case decision, "that the only kind of waste
which the orders were designed to and do deal directly with its economic
waste, the loss of market price because of market glut. That such effect, if
any, as they might after to prevent not economic, but physical waste, does
not come fairly within the purpose or effect of the order, but is a purely accidental incident thereto."
The opinion entered into a brief discussion of the broad powers conferred upon the Railroad Commission by the Conservation Act under which
proration is made.
;la "Plaintiffs argue that what was authorized was not proration of production, but proration of reduction. The statute neither reads thus nor may it
be reasonably so construed. It in terms provides for a reduction, or adjustment in the production, and for prorating or otherwise apportioning
such reduction or adjustment among the wells committing or contributing
to:such waste, as the facts justly and equitably require. . .
"However impressed, then, we might be with the force of the argument
that the motive back of the orders is the control of production, these are
701
not matters, as such, with which we may concern ourselves. Courts must
judge the purpose of a legislative act by its effect, and when measures
though in fact taken for purposes wholly foreign to the power exerted
are found in their operation and effect to be within constitutional limits, for
the courts the inquiry is ended. Our system of popular government, with
its division of powers, permits no other result.
"But this does not end our inquiry. Wide as is the scope of legislative
authority and of those to whom the administration of that authority has
been constitutionally delegated, vigorous as is the presumption of validity
which attends their action, when within the general limits of their powers,
there is yet a limit to the power of police. This limit is reached when the
regulation transcends the public necessity. Police power is indeed paramount to private rights to the extent that public necessity requires its
exercise; it is so only to that extent. The exercise of this power extends to
and only to the point where a lawful use conflicts with a public interest, and
not at all beyond. For it is a fundamental principle of government that a
legislature may not, under the guise of regulating, so unreasonably hamper
and restrict a lawful use as in effect to prevent it. . . .
"It remains to inquire whether on their face or upon proof as to their
incidence on plantiffs' use, the restrictions bear more hardly on them
than the public necessity of conservation requires. . . .
"In determining this question,substance and not form, will control. For
this purpose or motive may not be at all looked to where an act, clearly
within the limits of the exerted power, operates in neither a discriminatory
nor oppressive way, but reasonably exerts the power it purports to exercise,
where it is urged against a law or regulation that it was enacted not with
an eye single to fairly exerted admitted constitutional power, but with an
eye evil because it looked too much on the forbidden things, that which it
could not do, the courts may, indeed must, consider the act and its operation in the light of all the evidence and strike it down, if in its operation
It appears to subject property to a confiscatory control which, transcending
the public necessity in order to accomplish an end not permitted, it is
beyond the power of the legislature to institute.
Price Rein Opposed.
"It is upon this branch of the case, whether the orders transcend necessity, that we have had our gravest misgivings. The enormous and constantly increasing disproportion between actual and potential production,
and the powerful and unremitting pressure of the oil industry as a whole
for limited production in order to keep prices up have caused considerable
question as to whether, in spite of their prima facies, the orders may stand.
"The record, especially plaintiffs' interpretation of it, suggests that
Instead of with an eye single to conserving waste, regulations have been
enacted in a sweeping way as a part of a general program to restrict production in the State, and that the absence of this singleness of purpose has
induced a regulation which, while it does have relation to the prevention
of waste, is unnecessarily drastic in its limitation upon production. . . .
"This record, however, does not more than suggest this. It does not,
as it was incumbent upon plaintiffs to have it do, establish it against the
prima fades which the orders carry. We are without proof; we may not
conjecture whether these orders are beyond necessity. . . .
"We have concluded, therefore, upon the present record we should
deny the temporary restraining order pending the hearing of this case on
the merits, without prejudice, of course, to the plaintiffs' right to relief
if, upon final trial, in the light of a full disclosure of field conditions, it
Is made to appear that, motives and purposes aside, the restrictions on
plaintiffs' production, though imposed in the general exercise of an admitted
police power, have been, either inadvertently or with intention, because of
an eye not single, imposed in violation of the rule that the police power
exercised here finds its place in, and is limited to, the necessities of the
case."
Allowable Production of East Texas Oil Field for 15-Day
Period from July 16.
Associated Press advices, July 15, from Austin, Tex.,
said:
•
The Texas Railroad Commission set the allowable production of the
East Texas oil field to-day at 46 barrels per well daily for the 15-day period
beginning to-morrow at 7 a. m. The field had been on a flat 50 barrels
Per well output since July 1.
An item regarding the quota up to July 15 appeared in
our issue of July 16, page 380.
Oklahoma to Hold Present Oil Quotas—Current Allowables to Continue in August--Governor Murray
Hits Plan for Further Cuts.
From the "Wall Street Journal" of July 14 we take the
following from Oklahoma City:
Oil fields of Oklahoma, other than City field, probably will continue
with present allowables during July and August, and a later hearing will
determine September figures, the Corporation Commission has indicated.
Demand for crude oil in Oklahoma has declined in the last three months
from about 441.000 to 418,000 barrels daily, it developed at a Commission
hearing.
All fields of the State are about even with proration quotas, with very
little overproduction or underproduction, though some trouble in obtaining connections has been reported from stripper well areas of northeastern Oklahoma.
Thurman Hill, member of the Kansas Public Service Commission,
conferred here with members of the new proration board headed by Lieutenant-Colonel Cicero I. Murray, regarding his plan to get production of
crude oil in the Mid-Continent region reduced 4% to obtain a price increase
of 25%.
Mr. Hill said after his conferences that Oklahoma operators were in a
receptive mood toward the plan to reduce production. He said purchasers
had assured him an increase of 25% a barrel in price could be obtained if
production for the nation were reduced to 2.000.000 barrels daily.
Governor Murray declared Oklahoma operators should go ahead under
present conditions and not think of curtailing any more at present, since
men were being put back to work and should be kept at work. He said
producers were operating at a small profit now, which they hadn't any
assurance of doing if they cut production further.
The same paper in its July 13 issue stated:
The Oklahoma Corporation Commission has reduced the daily allowable
yield of the Oklahoma City fields by 9,950 barrels to 87.330 barrels for
the last half of July. One of the principal reasons for lowering the allowable yield was the action of Oklahoma Pipe Line Co. (Carter Oil Co.,
subsidiary of Standard Oil Co. of New Jersey) in reducing its takings by
8.000 barrels to 14,000 barrels daily.
•
702
Financial Chronicle
Although attorneys for the Wilcox Oil & Gas Co. said the company
would use 12,000 barrels daily, the Commission set the figure for the
company's taking at 3.300 barrels daily.
Paul Waler, Chairman of the Commission, said that 1.500 barrels daily
will be allocated to wells in the lime zone and 5,000 barrels daily to new
wells completed during the month. Of wens showing water, 106 were
allocated 100 barrels daily each, while a flat allowable of 25 barrels daily,
plus 1.4% of potential, was given to 735 wells with larger potentials.
During the first week in July crude oil runs from the field averaged 83,410
barrels daily.
The Commission has set July 27 as the date for its next hearing to fix
the daily allowable yield for August.
Oklahoma Plans to Curb Oil Flow.
From the New York "Evening Post" of July 27, we take
the following from Oklahoma the same day:
•
Sharp increases in the crude oil flow from Oklahoma fields in recent weeks
with the latest upturn of 47.550 barrels reported for last week has resulted in a movement to curb wildcat and semi-wildcat oil play, according
to reports here to-day.
The Corporation Commission and Ray M. Collins, State proration
umpire, are endeavoring to prevent any new floods of oil for the present
by designating several areas containing a few wells as wildcat areas and
limiting production to 50 barrels a well a day. This pinching-in of production from wells with large potentials is expected somewhat to curb the
new drilling campaigns.
Collins estimates the demand for crude oil in this State has declined
from about 750.000 barrels daily in 1929 to about 400,000 at present. He
indicates part of this demand has been lost to the new fields in east and
south Texas, and the remainder lost because of reduced consumption of
gasoline and other refined products throughout the world.
A movement has been started by some operators in the south Oklahoma
City field to obtain complete new production potentials in the field after
the proration hearing scheduled for to-day.
The new plan would provide for the taking of potentials in August by
sections or quarter sections, with all wells in the area opened at the same
time for a four-hour run. Some operators contend the flat allowable is
unfair, since it permits the same flow from a small well as from a large
producer.
H. F. Wilcox Oil & Gas Co. Assessed by Oklahoma
Corporation Commission for V iolation of Oil
Proration Rules.
On July 8 Associated Press dispatches from Oklahoma
City nid:
The H. F. Wilcox Oil & Gas Co. was found guilty of contempt charges
by the State Corporation Commission to-day and fines totaling $8,500
were assessed for violation of proration rules In the Oklahoma City oil fields.
According to Oklahoma City advices to the "Wall Street
Journal" of July 15 the State Supreme Court has denied the
petition of the H. F. Wilcox Oil & Gas Co. for a writ preventing the State Corporation Commission from holding a
hearing involving enforcement of proration orders against
the company. The advices added:
At the close of a hearing before the Commission, Paul A. Walker, Chairman, ordered that the 10 wells of the Wilcox Co. in South City field be
shut down, overproduction of more than 1.000,000 since last fall being
charged.
Attorneys for the company gave notice of appeal to the Supreme Court.
They declared the company was for proration of oil, but attacked the
Commission's orders, declaring they were so Involved that nobody but
a major company had time to dig out the facts to determine just what
proration regulations were for the various wells.
Litigation involving the Wilcox Co. has been before the Commission
and the court for several months. A prior case involved charges that the
company overproduced nearly 700,000 barrels since last October. In a
contempt hearing growing out of those charges Involving violation of
Commission orders. the Commission fined the Wilcox Co. $8,500 on 17
counts, and Wilcox attorneys have filed with the Supreme Court an appeal.
Oil Drilling Orgy Upsets Curb Plan-With Largest
Reserves in History Producers Are Said to Be
Piling Up Unwanted Stocks.
The following from Tulsa, Okla., July 16, is from the
New York "Evening Post:"
There is no summer slump or depression in drilling activity in the six
major oil-producing States. Despite the cries of "overpotential," "curb
the drill," and "conservation," new permits are at the highest point in
two years.
Oil leaders apparently are seeking to build still larger reserves, reduce
their inventories to minimum and control production until it is in direct
balance with demand.
With the largest oil reserve in history-,about 28,000,000 barrels a day or
13 times the actual production, being in sight-producers keep pounding
away in the proven and semi-proven areas at a rate entirely out of keeping
with the demand of the time.
During the 11 at six months of 1932, permits were granted for starting of
5,741 new wells in Texas, Oklahoma, Kansas, Louisiana, California and
Arkansas. That is at the rate of 975 each month, or 11.484 for the year.
During June. however, 1,400 permits were granted, Indicating a continued
increase of activity.
During 1931 permits were given for 8,963 wells to start, which 14 747 per
month, or a total of 2,521 less than will be completed in 1932 if the second
half's activity continues at the pace set during the first half. If activity
for the remainder of 1932 increases as during June, 14,141 wells will be
started.
Texas leads by a big margin, having 4,454 of the 5,741 starting during
first six months of this year and 1,119 of the 1,400 started dt.ring June.
Oklahoma is a poor second, having 559 permits granted during the first
six months and 128 in June. Kansas permits totaled 307 during the first
six months and 73 in June.
Louisiana's permits for the first six months amounted to 247, of which
8 were in June. California operators started 165 wells during the first
July 30 1932
six months of this year, only 21 being begun in June. Arkansas had only
nine permits for the six months and one in June.
J. R. Pemberton Named as California's Oil Umpire.
Associated Press advices, July 14, from Los Angeles,
stated:
J. R. Pemberton of Beverly Hills will serve as oil umpire for California.
He was named to the position last night after a long session of the executive
committee of the industry on curtailment and the central proration committee of the producers. He succeeds Neal Anderson, who resigned after
two years of service.
Until two years ago Mr. Pemberton was General Manager of the Petroleum Securities Corp., which is owned by the E. L. Doheny family.
He announced that his first task would be to strighten out the overproduction
situation in the Signal Hill district.
A Los Angeles Account to the "Wall Street Journal" of
July 11 stated:
Neal H. Anderson, State oil umpire for more than two years, has tendered his resignation to the Oil Producers Central Proration Committee
headed by H. Paul Grimm. While Mr. Anderson assigned no reason for
his resignation which he asked be made effective next Wednesday, friends
said that he was wearied with more than two years of intensive effort for
crude curtailment and wished to resign so that others might solve the overproduction problems.
Crude Oil Output Increased During Week Ended July 23
1932, But Continues Below the Corresponding Period
in 1931.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United
States for the week ended July 23, 1932, was 2,205,850 barrels, compared with 2,154,850 barrels for the week ended
July 16 1932 and 2,486,950 barrels for the week ended July
25 1931. The daily production for the four weeks ended
July 23 1932 averaged 2,154,550 barrels.
Reports received for the week ended July 23 1932 from
refining companies controlling 95.1% of the 8,852,000 barrels estimated daily potential refining capacity of the United
States, indicate that 2,203,400 barrels of crude oil daily
were run to the stills operated by those companies and that
they had in storage at refineries at the end of the week,
39,394,000 barrels of gasoline and 132,210,000 barrels of
gas and fuel oil. Gasoline at bulk terminals amounted to
15,570,000 barrels and 1,796,000 barrels were in water borne
transit in or between districts. Cracked gasoline production
by companies owning 95.6% of the potential charging capacity of all cracking units, averaged 465,100 barrels daily
during the week.
The complete report for the week ended July 23, 1932, follows in detail:
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures In Barrels.)
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern (not including Michigan)
Michigan
Wyoming
Montana
Colorado
New Mexico
California
Total
Week
Ended
July 23
1932.
Week
Ended
July 16
1932.
Average
4 Weeks
Ended
July 23
1932.
454,450
96,550
53,850
49,600
24.550
177,500
57,550
345,500
56,000
29,900
34,150
116,900
32,450
103,800
18,850
35,900
7,700
2,850
36,100
471,900
406,900
97,250
52,900
50,060
24,800
179.500
57,300
337,400
58,500
30,350
34,100
118,400
32,650
104,850
19,200
34,250
7,350
2.900
35,700
472,500
418,100
98,850
53,050
50,050
24,6.0
178,800
56,950
338,950
54,800
29.800
34,100
118,450
31,650
104,200
18,900
35,500
7,400
2,850
35,960
485,750
Week
Ended
July 25
1931.
482,150
97,400
55,600
68,100
25,600
199,650
52,350
504,900
56,750
33,450
40,600
133,950
22,550
97,300
7,800
40,600
7,950
4,200
42,150
523,900
2_20A.RAO 2.154550 9 lAA AKA 0 sada nxn
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND GAS AND FUEL
OIL STOCKS, WEEK ENDED JULY 23 1932.
(Figures in barrels of 42 gallons).
Daily Refining Capacity
of Plants.
District.
Crude Runs
to Stills.
Reporting.
Potential
Rate.
East Coast
Appalachian_
Ind., Ill., Ky._
Okia.,Kans.,Mo.
Inland Texse_ _ _
Texas Gulf
Louisiana Gulf_
No. La.-Ark
Rocky Mountain
California
633,700
149,600
436,300
485,700
305,700
532,500
147,500
85,600
160,900
914,500
Total.
633,700 100.0
137,400 91.8
431,500 98.9
435.200 89.6
233,900 76.5
531,500 99.8
147,500 100.0
83,000 97.0
143,800 89.4
884,100 96.7
Daily OperAverage. ated.
457,700
93,900
296,000
231,700
103.000
403,400
98,600
44,600
42,700
491,800
a Motor
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
72.2 19,783,000 7,877,000
68.3 2,350,000 1,121,000
68.6 8,190,000 4.393,000
53.2 8,360,000 3.467.000
44.0 1,659,000 2,455,000
76.9 5,260,000 8,302,000
66.8 1,984,000 4,711,000
53.7
241,000
884,000
29.7 1,883,000
639,000
55.8 15,785,000 98,781,000
Total week:
July 23 1932_ 3,852,000 3,661,600 95.1 2.263,400 61.8 82,455,000 132,210,000
July 16 1932- 3,852,000 3.661,600 95.1 2,288,000 62.582,552,000 132,835,000
a Below is set out an estimate of total motor Mel stocks on U. S. Bureau of Mines
basis for week of July 23 1932 compared with certain July 1931 Bureau figures:
A.P. Estimate B. of M. basis week July 23 1932.b
63,910,000 barrels
U.S. D. of M. motor fuel stocks July 1 1932
60,165,000 barrels
U.S. B. of M. motor fuel stocks July 31 1932
56,265,000
b Estimated to permit comparison with A. P. I. Economise Report whichbarrels
is on
Bureau of Mines basis.
Volume 135
Financial Chronicle
Net Crude Oil Stock Changes for June 1932
Pipe line and tank farm net domestic crude oil stocks
east of the Rocky Mountains decreased 3,005,000 barrels
in the month of June, according to returns compiled by the
American Petroleum Institute from reports made to it by
representative companies. The net change shown by the
reporting companies accounts for the increases and decreases
in general crude oil stocks, including crude oil in transit, but
not producers' stocks at the wells.
Agreement Reported Reached at Oil Conference at
Paris—Rumanian Curb Said to Be Assured—Lacks
Only It Is Stated Co-Operation of Russia—Markets
In U. S. Not Affected.
The co-operation of Rumania in efforts of world oil producers to hold production to a soundly calculated basis is
assured by the signing of a new pact at Paris on July 24
said a cablegram on that date to the New York "Journal
of Commerce" which further stated:
The international conferees are reported to be on their way home
to submit the unannounced details of the agreement to the various
companies involved.
The pact followed protracted negotiations in New York and here
and up to the present every producing country of weight was included
but Rumania and Russia. Representatives of the Russian industry
are reported to be willing to diScuss again the general situation and
it is regarded probably here that new conferences will be begun as
soon as the new pact is approved.
While it is hoped that the agreement of Rumanian producers and
refiners to the pact will result in a price advance, it is said that unless
Russia is included the price situation will remain unstable. Exports
of petroleum products from Russia in the past have been sold at sharp
price concessions in order to provide funds for the Soviet Government.
This very need of current funds by Russia may lead to an understanding, it is said.
As to the Paris agreement a wireless message from that
city July 23 to the New York "Times" had the following
to say:
American and British oil producers reached an agreement to-day
with Rumanian producers that is understood to go far toward curtailing the price war among the interests involved and to open the
way toward increasing prices and limiting production in Rumania.
Contrary to all previous reports during the conference, which has
been in session four weeks, the Russians never were taken into consideration or approached, it was revealed today.
A statement issued by the parley confined itself to general terms,
the details being held back to permit the Rumanian delegation to report
to the Oil Association in Bucharest. However, the agreement goes
into effect immediately, as all the delegations initialed it and promised
to abide by its terms pending formal ratification, which is confidently
expected.
The most important passage in the statement is that saying:
"Stabilization will be obtained by reciprocal engagement to respect
relative positions as regards exportations of both groups on the markets."
This, a Royal Dutch Shell representative said, means that no interest
. will encroach upon another's natural or already gained market.
Rumanians Set Conditions
A Rumanian delegate told your correspondent that the entire
in his country was expected to back the accord because the representatives of the independent prcducers who attended the conference
also initialed the agreement. more than 70% of the Rumanian oil industry is controlled by American and Anglo-Dutch interests and it is
understood that they forced the independents into line. However, the
same delegate said the Rumanians' support had been made dependent
upon prices being raised so that the same profits could be obtained
despite curtailed production.
Though conference officials denied that "stabilization" necessarily
meant raising prices and cutting production, oil circles here take it
for granted that the industry cannot be stabilized without both those
things. From another source it was learned that both topics were
thoroughly discussed without an agreement being reached as to exactly
how much prices should be increased and production reduced, the percentage being left open for future settlement.
How well the delegates kept their own counsel during the sessions
is seen by the surprise caued by the revelation that Russia never figured in the present discussions.
Well-informed sources here feel that since the Russians control only
13% of world oil production they cannot very well flood the market
or seriously damage the intere3ts of the other producers.
However, some fears are felt that if prices are raised the Germans
may have recourse to synthetic production. Though there is an arrangement between the I. G. Farben Industrie and the oil interests
whereby the former abstains from production, it is b.ing asked whether
that can be continued under Increased prices.
In its issue of July 24 the "Times" said:
Markets Here Not Involved
Increased prices as a result of the Paris agreement are likely to result only in countries and localities where active price wars have been
raging, notably in England, In the opinion of oil circles here. No advances at all are expected in large consuming areas.
The conference was interested only in markets outside the United
States. To maintain world oil markets abroad on a reasonably stable
basis it is believed that it will be necessary for the large oil companies
to buy quantities of petroleum products from various sources, and it
is understood that arrangements have been made to prorate such purchases in proportion to the quota of each company in each particular
market.
In dealing with the Rumanians, as with the Russians in the earlier
conference held in New York, which broke up without any agreement,
the principal points discussed by the leading oil companies were the
export quotas of each country and the prices the international oil
companies were willing to pay for surplus oil.
703
Charles E. Arnott, President, and Harold F. Sheets, Vice President,
of the Socony-Vacuum Corporation, plan to inspect the European
properties of the company following the conference, which came to an
end yesterday and in which they played active parts.
H. L. Pratt, chairman of the company, will accompany them on
their trip. In oil circles here it is not considered likely that conferences with the Russians will be held in the near future.
The proposed oil conference in Paris was referred to in
these columns June 18, page 4402 and June 28, page 4570.
The item in the June 18 indicated the failure to reach
an accord at the New Yo-k Conference.
From the New York "Evening Post" of July 23 we take
the following:
Despite the many conflicting reports received in local oil circles
that the Paris conference of American-Anglo-Dutch-Rumanian o:1
marketing and producing interests had reached an agreement, had
fallen flat, and had agreed to regular quotas for certain of the Continental marketing areas, Paris correspondents now say that an agreement has been reached which will result in an increase in oil prices
of 25 per cent by October 1.
This, however, the report states, probably will depend on an agreement on the part of a majority of the Rumanian producers to curtail
production to somewhere in the neighborhood of consumption and
makes no allowance for any results or lack of results which may
come from any future meetings with Soviet Oil Syndicate representatives. In spite of this it is now reported that the price will be advanced even should the Russians not agree to curtail their production.
So far as can be learned locally, there will be meetings arranged for
a later date with the Russian representatives, but whether they will
be held in Paris or London cannot be ascertained.
It is the opinion in oil circles that the Russians are willing and even
eager to discuss the question of sale of their excess oil. Russia, reported to have opened a new field with tremendous potential production, needs cash. It is believed the Soviet Oil Syndicate representativa
will be instructed to go a long way in any negotiations which will be
arrangea.
Oil Business Affected During Summer by New Tariff to
Decrease Importation Says University of Texas—
Imports of Oil Decreased 50% and Gasoline 100%
During Week After Tariff Became Effective
The outstanding .factors affecting the oil business during the summer, according to the University of Texas
Bureau of Business Research, are operations of the new
tariff to decrease importation, a continued decline in oil
production in the Mid-Continent, in spite of a marked increase in drilling activity, gain in number of new well
completions, and an increase in gasoline stocks due to unexpected low midsummer demand for refined products.
In its survey issued July 24, the Bureau also said:
Imports of oil into the United States for the week ending July 2,
the first week after the tariff became effective, were down about
50%, and gasoline decreased 100%. It is ton, soon, however, to
predict what effect this change will have on the Mid-Continent oil
situation, because without doubt more oil will be shipped by tankers
from California to make up for the lack of oil from Venezuela.
Stocks of crude in California are on the increase, and a broader
market is badly needed. Daily production July 1 for the first time
since September, 1931, dropped below 2,100,000. One year ago the
daily production was 2,450,000. The increase in productive wells
in the Mid-Continent field during the first quarter of the year
and continuing during the summer has amounted to 55%. However,
more than half the new wells have been drilled in East Texas,
so that the new production gained by the completions has been
more than offset by the decline in the old fields since production
in East Texas continues to be held down by proration rules to 333,000 barrels.
In connection with the proration rules there is evidence of iicreasing agitation on the part of independent companies for a
revision upward of the allowable production per well. This feeling
is engendered partly because of allowed increases in Oklahoma and
because Van oil field, controlled by a few large companies is permitted to produce 100,000 barrels or about 200 barrels per weii,
whereas East Texas was reduced to 46 barrels per well on July 16.
The operators point out correctly that production in the rest of the
State is not being controlled so well as in the big field.
American Petroleum Institute figures on refinery operations for
the first week in July showed a decrease of 47,000 barrels in the
total crude consumed. At the same time there was an increase of
275,000 barrels in stocks of gasoline at refineries, but this increase
is not regarded as serious in view of the fact that Mid-Continent
refiners have curtailed runs to stills by an average of more than
50,000 barrels since June 15, and it is thought that prices will
hold. Most encouraging of all are the figures of the United States
Bureau of Mines issued for May, which indicate a very favorable
balance between supply and demand factors. The barometer accompanying the report shows the weighed index of supply to be 97.4,
whereas the weighed index of demand stood at 97.1.
New discoveries in undeveloped areas and new developments in old
fields were notably meagre. Perhaps it is the midsummer heat,
but it is also a fact that new pools are becoming rarer. Two
extensions to the producing area were recorded in northern Duval
County, a wildcat, well drilled by Concord Oil Company in Colorado
County encountered gas, and Texas and Pacific Coal and Oil Company completed the largest well yet drilled in southern Ward County,
West Texas. In nineteen hours, the well produced 680 barrels of pipe
line oil from a depth of 2,310 feet. No other features of sufficient
importance to reach the headlines happened.
Non-ferrous Metals—Active Buying of Lead
Followed by Higher Prices—Copper Remains
Quiet.
"Metal and Mineral Markets" under date of July 28 1932,
reports as follows:
The
704
Financial Chronicle
Trading in at least one of the major non-ferrous metals became more
animated and the entire market appeared to take on a more hopeful attitude. Lead buying increased early in the week and continued active
throughout the period. The sales volume in that metal was larger than in
any week since last October with virtually all classes of consumers represented in purchases made. Copper prices continued to sag abroad, but
the domestic market held about steady, even though business failed to
register any improvement. In zinc the situation was without change,
the price remaining at 2.50c., St. LOUIS, on the moderate tonnage booked.
European advices indicate that foreign production of zinc Is to be curtailed
further. Tin was steady on evidence that output is being held down to the
limits agreed upon recently. Quicksilver was dull and somewhat lower.
Domestic Copper Lifeless.
Interest in copper again centered in news from abroad, where selling
pressure prevailed in certain quarters and price concessions were made to
encourage buying. Both Katanga and Chile Copper were reported to be
offering metal yesterday on the basis of 4.50c. a pound, C. I. f., which price
level was established by the Belgian producer on Monday for deliveries
as far ahead as December. Concessions below even this basis were said
to have been made by Japanese interests, 4.45c. a pound being reported as
the figure quoted.
In connection with foreign developments, publicity was given on Monday
to a rather indefinite, though significant cable from Brussels that was
thought in some quarters to have been prepared wih an eye on the Ottawa
conference, as well as on the present foreign-selling situation in the industry.
This cable stated that,following withdrawal ofimportant units from Copper
Exporters, Inc., conversations had lately taken place between representatives of Union Miniere du Haut-Katanga and Anaconda Copper Mining Co.
These conversations, the cable continued, had resulted in maintaining and
strengthening the close and cordial relations existing between those two
producers.
Copper Exporters reported total sales of 40 tons for the week, and 341
tons for the month to date. The special price of the organization was held
at 4.70c. a pound, c. I. f., throughout the week.
United States import and export statistics for the month of June, released during the week by the U. S. Bureau of Foreign and Domestic
Commerce, bear out the conclusions that were drawn from the advance
summary of imports prior to the enactment of the copper tariff, which
summary was published in the July 14 issue of"Metal and Mineral Markets."
The domestic market was very quiet, the total sales volume being smaller
than for any previous week in the last three months. All the metal that
was sold changed hands on the basis of &Sic. a pound Connecticut, with
deliveries extending throughout the year. In some quarters the opinion
was expressed that some improvement in consumptive demand might be
expected as soon as further industrial loans are effected through national
agencies, as provided for by recent legislation.
Operations of the International Nickel Co., according to a recent announcement of the company, are to be curtailed about 30%, beginning
July 30 This curtailment, in that it will not influence the output of the
Frood mine or the Copper Cliff plants, will not alter the current copper
production.
Mines—Will Buy Ore and Hold It
for Increase in World Price.
A cablegram from Santiago, Chile, July 22 is taken as
follows from the New York "Times":
Chile Aids Copper
The Government will assist copper mining in Chile by buying direct
from the mines exploited by Chileans, establishing the price for ores at
6 cents. United States gold, a pound.
It proposes to hold the stocks accumulated until a rise in price in the
International market permits profitable disposal. The aim is to stimulate the industry and help employ the jobless. The Government has
already moved to take control of all gold production and to establish copper
smelters to reduce the cost of production.
Three United States Companies in Chile Own 45% of
All World Copper Deposits—Paid Chile About
$29,000,000 in 1930.
Three large United States companies in Chile, owning 50%
of the copper in the South American Continent, and 45%
of the known world deposits, paid out in that country in
1930 (latest year for which figures are available) in salaries,
income taxes, purchases of supplies, frieghts, import duties,
Fah, approximately $29,000,000, according to a report from
Vice-Consul E. A. Lightner, Valparaiso, made public by the
Commerce Department on July 21. The Department
further reported:
The copper industry is the second most important industry in Chile,
preceded only by the nitrate industry. Chile is second only to the United
States in copper production, the output in 1929 being 695,000,000 pounds,
compared with United States production of 2,480,000,000 pounds, and
the rest of the world 1.455,000,000 pounds.
Because of world over-production in copper, and its consequent low
price, the large producers have agreed to limit production to 26.5% of
"normal." Chilean mines have been gradually curtailing production or
closing down so that in Aprll 1932, only 7,247 metric tons of bar copper
were produced, compared with 18,022 tons in April 1931. There are prospects of further decreases of output.
Practically all of the copper produced is exported, and about 60% goes
to the United States. Last year nine foreign countries received Chilean
copper. the Soviet Union appearing on the list for the first time. The
United Kingdom follows the United States as the leading purchaser. A
large part of the copper taken by the United States is refined and reexported. The larger part of the copper sent to the United States from
Chile is handled by one of the large American companies operating in
Chile.
Brussels Statement Hints New Copper Accord Abroad.
From Brussels, advices to the "Wall Street Journal" of
July 25 stated:
Interests close to Anaconda Copper Mining Co. and Union Miniere du
Haut Katanga have issued the following statement:
"Following withdrawal of important units from Copper Exporters, Inc.,
conversations have taken place lately between representatives of Union
Miniere du Haut Katanga and Anaconda Copper Mining Co. They
July 30 1932
have resulted in maintaining and strengthening the close and cordia' relations existing between those two big producers of coPPer•"
The same paper said:
It is believed that this is an invitation to the other large producers in
the foreign market to unite in a concerted selling of copper such as preveiled prior to the withdrawals from Copper Exporters, Inc.
It is probable that the producers of northern Rhodesia and of Canada
will wish to learn the results of the Empire conference at Ottawa before
joining a new export association.
The withdrawal of several foreign copper producers from
the Copper Exporters, Inc., was noted in our issue of July 2,
p. 31.
Price of Export Copper Rises.
Export copper was being quoted yesterday (July 29) by
producers at 4.60 and 4.70 cents a pound following heavy
sales abroad on July 28; 4.50 cents c. i. f. European base
ports. The domestic price of copper remains unchanged al
53,4 cents delivered into the first quarter of 1933, as announced by custom smelters. Producers here are asking
4% cents.
Price of Lead in New York and East St. Louis Advanced
30 Points—First Increase in Many Months.
The American Smelting & Refining Co. advanced the price
of lead in New York 30 points during the past week in two
days. The first increase occurred on July 27, when the price
was advanced 15 points to 2.80 cents a pound. On July 28
the price was again increased 15 points, making the new price
2.95 cents. Western producers followed these advances,
the price in East St. Louis being quoted at 2.70 cents on
July 27 and 2.85 cents on July 28. The advances in the
price of lead are the first to take place in many months.
Cement Prices Advanced 19 Cents to 29 Cents a Barrel.
Leading Portland cement producers have advanced the
price of their product by from 19 cents to 29 cents a barrel in
the Eastern territory, with the exception of the metropolitan
New York district, says the "Wall Street Journal" of last
night (July 29), which adds:
The price in the metropolitan district was not increased
because of competition due to European imports.
The advance was first announced by Lehigh Portland
Cement Co., and
was quickly followed by other important manufacturers, including International. Alpha and Pennsylvania-Dixie. While no
announcement has as
yet been made by Universal-Atlas, a subsidiary of the United States Steel
Corp. and the largest unit in the industry, it is likely
similar action will be
taken shortly by that company.
The new prices represent the first advance in this territory since early
in 1929.
A week or so ago producers in the Middle West increased their
prices..bY
from 30 cents to 50 cents a bareel.
Up to the current increase, there had been no important changes in
price
bf cement since May 1931, when the lowest point in 15 years was reached.
That price represented the culmination of two years of intensive
price cut-'
ting due to declining demand and sharp competition as a result of overproduction here and shipments from abroad. In the initial
five months of
1931 alone five reductions were made, causing quotations in NewrYork
City and Chicago to decline by 40 cents and 46 cents a barrel,
respectively.
In Albany the decline was 50 cents abarrel.
Steel Output Continues at 16%—Price of Steel Scrap
Higher.
Without any change in the volume of business to account
for it, an air of cheerfulness has pervaded the long depressed
iron and steel industry, states the "Iron Age" of July 28.
Marked improvement in sentiment is predicated largely on
expectations of a seasonal recovery beginning not later than
September, together with the widespread conviction that
fundamental conditions are favorable for a turn and that
business cannot much longer remain as bad as it has been the
past few months. At Chicago and in other sections of the
West the reports of good crops and strengthening of farm
products prices are sustaining factors in the raising of hopes
for early business betterment. The "Age" further adds:
The action of the directors of the United States Steel Corp. In continuing the payment of the preferred stock dividend may be construed as a
possible indication of the expectations of the leading steel producer that
conditions are ripe for a change.
Not the least of the favorable factors, from the viewpoint of the steel
industry itself, is the firmness of steel prices, which have reached more
solid ground through the shipment of practically all of the low-priced
tonnage carried over from the second quarter. Heavy melting steel scrap,
price movements of which are sometimes regarded as having barometric
significance, has advanced 50c. a ton at Chicago as a result of offers from
Canada and prospective buying by a domestic mill, the first rise in that
market since January 1931. At Pittsburgh there has been an advance of
50C. a ton on turnings, and the entire scrap market has a firm undertone.
The rise at Chicago brings the "Iron Age" scrap composite price up to
$6.58, the figure published for the last week of June,from which there had
been a decline to $6.42. Except for a few minor rises, the trend of the scrap
composite price has been downward since early in 1930.
Steel ingot output remains at last week's rate of 16%. A little ground has
been lost at Chicago, owing to the idleness of two rail mills, but there has
been a small gain at Pittsburgh. In other districts operations are virtually
unchanged. Finishing mill schedules are erratic, but actual declines have
occurred only in tin plate and sheets.
Volume 135
"IRON AGE" COMPOSITE PRICES.
Finished Steel
Based on steel bars, beams, tank plates.
July 26 1932, 1.976e.a Lb.
1.9760. wire, rails, black pipe, sheets and hotOne week ago
1.970c. rolled strip. These products make 85%
One month ago
2 01..o.J of the United States output.
One year ago
Low
High
1.926e. Feb. 2
1 976c. June 28
1932
1.9450. Dec. 29
2 037e. Jan. 13
1931
2.0180. Dec. 9
2 273e. Jan. 7
1930
2.273e. Oct. 29
2 3170. April 2
1929
2.217o. Juts, 17
2 286e. Dec. 11
1928
2.2120. Nov. 1
2.4020. Jan. 4
1927
Pig Iron
July 211 1932. $13.76 a.-_Gross Ton
Based on average of basic Iron at Valley
One week ago
$13.73 furnace foundry irons at Chicago,
One month ago
14.01 Philadelphia, Buffalo, Valley and Birmingham.
One year ago
15.54
Low
High
$13.76 July 13
1932
$14.81 Jan. 5
15.79 Dec. lb
15.90 Jan. 6
1931
15.90 Dec. 16
1930
18.21 Jan. 7
18.21 Dec. 17
1929
18.71 May 14
17.04 July 24
1923
18.59 Nov. 27
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap
July 26 1932,r.$6.58a Gross Ton.
Based on heavy melting steel quoOne week ago
Cations at Pittsburgh. Philadelphia
$6.42
6.11
One month ago
and Chicago.
One year ago
9.42
Low
High
1932
$6.42 July 5
$8.50 Jan. 12
7.62 Dec. 29
1931
11.33 Jan. 6
11.25 Dec. 9
1930
15.00 Feb. 18
14.08 Dec. 3
1929
17.58 Jan. 29
13.08 July 2
1928
16.50 Dec. 31
13.08 Nov. 22
15.25 Jan. 11
1927
"Steel" of Cleveland, in its summary of the iron and steel
markets, on July 25 stated:
Eager to invest the early fall with hopes for recovery, the iron and steel
industry is disposed to discount another week of meager bookings and
scanty inquiry as symptomatic of a condition that is destined to pass shortly.
So far as actual tonnage available to the mills for immediate rolling is
concerned, the flow still is out. No Federal work being up, structural
awards the past week were light. totaling 5,373 tons or less than half the
weekly average for 1932. An order for 25 hopper cars by the Kansas City
Southern to its own shops is the limit of railroad business.
Automobile production is declining. Hudson-Essex producing a new
model, and Chevrolet, with an expanded schedule for July, are comparatively strong, but other manufacturers have practically concluded their
runs on 1932 models. A fresh buy of flat rolled steel by Ford indicates
further curtailment apparently pointing to a shutdown in August.
Nevertheless, the undertone of opinion, first noted a week ago, that the
next major move will be upward is taking firmer hold, and producers are
appraising the current unprecedented low demand and attenuated condition of consumers' stocks as insurance that the next 30 to 60 days will
originate some improvement.
Even though it represents a belated resumption following the July 4
holiday, another gain of one point in the steelmaking rate, to 16-17%,is a
measure of encouragement. Pittsburgh. Youngstown and eastern Pennsylvania have put on more mills, and if a scheduled recall of workers In the
Pittsburgh district this week eventuates the rate will cross 17% on the
way up.
Considerable significance is also attached to the Carnegie Steel Co.
purchase, from the New York Central railroad, of 10,000 tons of scrap
monthly for five months for,its Youngstown and Farrell works. At least
one other Pittsburgh district steelmaker is stocking raw material in anticipation of an upturn. Except Detroit, sentiment in scrap is better, and the
recent wave of price declines has subsided.
For the second consecutive week, demand at Pittsburgh for pig iron
shows slight expansion, and several foundries there plan to resume early
in August. Pittsburgh wire makers note a tendency by jobbers to stock
more wire products, and specifications to sheet mills are broader. Releases
for bars to Youngstown mills have been better.
There are offsets, however, in further shrinkage in bookings of strip in
all districts, and a sterile market for plates, coke and scrap, save for the
Carnegie purchase. Tin plate mill schedules,long a strong point, are easin;
from 50% to 40.
In isolated cases at Detroit, pressure is being exerted on prices, and if the
invasion of the low price field by Essex touches off an automobile price
war, this may be intensified. Otherwise, steel prices are generally accepted.
705
Financial Chronicle
In a market as dull as now exists, the steel industry is inclined to grasp
at small straws of actual or prospective gains, but it is not losing sight of
the fact that the requirements of two important consuming groups, the
automobile industry and the can manufacturers, are declining and that an
increase in steel business'must come from other Sources, including the rank
and file of miscellaneous users who will shortly be preparing for fall. Lettings of steel for construction work have had a lull this month,and programs
to be financed under the Government relief act are very slow to take shape.
A movement is on foot to persuade the railroads to undertake the repair of
upward of half a million freight cars, with funds to be provided by the
Reconstruction Finance Corporation. Such a program would require
between 2,000.000 and 3,000,000 tons of iron and steel, depending upon
the extent of the heavy repairs. Business interests are prepared to appeal
to the Washington Administration for open support of the project as a
relief measure.
The oil industry, among the larger steel consuming groups, is expected
to be one of the first to expand its buying materially. A better flow of
orders for merchant wire products for farm use is counted upon when crops
increase in the call for structural steel, particularly
have been harvested
for public works, is regarded as almost certain by early fall. The past
week's awards of fabricated steel for buildings and bridges totaled 16,200
tons, not including 3,500 tons of pipe for the foundation of the Federal
Court House, New York, and 1,200 tons of pipe for similar work at the
Newark, N. J., Post Office. New projects require 13,100 tons of structural
steel.
It is estimated that motor car production during the remaining five
Months of the year will not exceed 630,000 units, of which 335,000 is the
probable Ford schedule, as against a total for the entire industry of about
912.000 in the first half. Ford output has been reduced, as has that of some
other companies.
A sidelight on the severe deflation of the iron and steel industry is the
greatly reduced Lake Superior ore movement, which up to Aug. 1 will be
less than 1,000.000 tons and not above 4,000,000 tons for the entire season.
Stocks of ore at plants and on docks are 12,000.000 tons in excess of normal
for this time of year.
The "Irorage" composite prices for finished steel and pig iron are unchanged at 1.976c. a lb. for the former and $13.76 a gross ton for the
latter. A comparative table shows:
One mail order house, a patron of foreign mills, is quoting higher prices on
barbed wire and fencing in its latest catalog.
One user of sheet bars has withdrawn after encountering an unbroken
front of $26, Pittsburgh, on an inquiry for 5,000 tons. New extras on
billets, slabs and blooms raise prices $2 per ton on some sizes.
For the first time in a number of weeks, the various indexes of "Steel"
are in a static condition, The iron and steel composite is unchanged at
$29.46. finished steel at $47.71, and scrap at $5.96. am.
Bituminous Coal and Pennsylvania Anthracite Output During Week Ended July 16, 1932 Higher Than in Preceding Week, But Continues Below Same Period in
1931-Production Fell Off in June 1932.
According to the United States Bureau of Mines, Department of Commerce, production of bituminous coal and
Pennsylvania anthracite amounted to 4,170,000 net tons
and 597,000 tons, respectively, as compared with 3,592,000
tons of bituminous coal and 520,000 tons of anthracite In
the previous week and 6,784,000 tons of bituminous coal
and 751,000 tons of anthracite during the week ended July
18 1931.
Output during the month of June 1932 totaled 17,749,000
net tons of bituminous coal and 2,550,000 tons of anthracite
as against 18,384,000 tons of bituminous coal and 3,278,000
tons of anthracite during May of this year and 29,185,000
tons of bituminous coal and 4,544,000 tons of anthracite
during June 1931. The Bureau's statement follows:
The total production of soft coal during the week ended July 16
1932 is estimated at 4,170,000 net tons, as compared with 3,592,000
tons in the holiday week preceding, and 4,070,000 tons in the fulltime week ended July 2. The increase over the week ended July 2
amounts to 100,000 tons, or 2.5%. Production during the week in 1931
corresponding with that of July 16 amounted to 6,784,000 tons.
Production of Pennsylvania anthracite during the week ended July
16 is estimated at 597,000 net tons. Compared with the recent fulltime week ended July 2, this shows a gain of 36,000 tons, or 6.4%.
Production during the week in 1931 corresponding with that of July
16 amounted to 751,000 tons.
Beehive coke production continues to show little change. The total
output during the week ended July le is estimated at 9,600 net tons.
This compares with 16,400 tons produced during the corresponding
week of 1931.
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (Net Tons)
Calendar Year to Date
1Veek Ended
July 16
1932.c
July 9 I July 18
1931.
1932.d
1932.
1931.
1929.
Bituminous
Coal a
Weekly total- - -- 4,170,000 3,592,0006.784,000 153,319,000205,109,000278,526,000
918,000 1,225,0001 1,664,000
695,000 718,0001.131,000
Daily average-Penna.
Anthracite b
Weekly total__ -- 597,000 520,000 751,000 25,429,000 33,406,000 37,630,000
201,800
227,400
153,600
Daily average-- 99,500 104,000, 125,000
Beetire Coke
1
424,400
803,7001 3.734,500
8,400 16,400
9,600,
Weekly total_ --4.756
2.733
22.098
2.511
1.6761
1,6011
Daily average-a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan county, Washery and dredge coal. local sales, and colliery fuel. c Subject
to revision. d Revised.
ESTIMATED PRODUCTION OF COAL BY STATES (Net Tons).
-000 omitted
Alabama
Arkansas and Oklahoma.
Colorado
Illinois
Indiana
Iowa__
Kansas and Missouri_
Kentucky-Eastern._
Western__Maryland
Michigan
Montana
New MexicoNorth Dakota_
Ohio
Pennsylvania
TennesseeTexas
Utah
Virginia
Washington
W. Virginia-Southernb_
Northernc_
Wyoming
Other statesd
Total bituminous coal
Pennsylvania anthracite_
lVeek
Cal. Year to June 30a.
Monthly 005put.
Ended
July 9,
1932. June'32 May'32 June'31 1932. 1931. 1929.
967
654
550
112
162
61
68
36
300
206
209
32
530 2,829
612
122
943
628
678
135
226
220
237
46
301
280
307
67
360 1,743 1,670 2,684
523
656
642
134
133
87
67
12
8
15
7
2
137
97
98
18
118
77
78
14
83
65
55
10
355 1,712
410
98
1,032 5,052 5,407 7,849
287
200
200
42
62
47
58
11
120
110
90
13
779
538
547
101
119
98
93
21
874 4,300 4,396 6,405
260 1,382 1,719 2,130
304
256
246
39
4
12
20
1
4.124
860
2,588
15,977
5,599
1,908
2,568
11,410
4,019
741
198
875
597
843
5.692
36,741
1,466
318
1,359
3,889
754
29.371
10,594
1,961
136
6,384 9,103
1,199 2,401
3,040 4,664
22,395 29.237
7,009 9,008
1,690 2,009
2,405 3,403
15,528 21,920
4,154 7,145
998 1,325
383
215
1,008 1,562
788 1,290
816
684
10,503 10,520
51,145 70.575
2.187 2,653
548
384
1,430 2,478
4.812 6.263
844 1,300
35,568 48,345
13,031 17,704
2,361 3,100
95
35
3,592 17,749 18,384 29,185 144,588 189,797 257,847
520
2,550
3,278
4,544 24,162 31,542 35,517
4,112 20.299 21,662 33,729 168.750 221.339 293.364
Total all coal
(a) Figures for 1929 on y are final. (b) Includes operations on the N. lc W.,
C.& 0., Virginian, K.& M.and B C.ts G (c) Rest of State,including Panhandle.
id) This group is not strictly comparable In the several years.
Illinois Mine Operators and Union Officials Adopt New
Wage Accord-Call for Wage Reductions of Approximately 12 to 15%-Miners Gather at Springfield in Protest Against Agreement-Coal Diggers
Refuse to Accept-Revised Scale Adopted by Representatives of Miners and Coal Operators-Awaits
Vote of Workers.
The joint conference of Illinois mine operators and union
officials approved on July 8, a compromise wage contract
for the Illinois coal fields which provides for an average
706
Financial Chronicle
reduction of from 11/
2% to 30% from the former wage
contract which expired March 31, last, says the "Wall
Street Journal" of July 9 according to Chicago advices.
The wage reduction for the bulk of the mine laborers will
average between 12% and 15%. The paper quoted adds:
Before the new wage contract becomes effective, however, it must
be ratified through a referendum vote by a majority of the union
mine workers in this state. The Illinois operators already have
agreed upon the new scale.
If ratified this contract will remain in force until March 31, 1933,
which is the shortest period of time covered in a contract in the
history of the Illinois unions.
Average $6.10 to $8.04 a Day
According to the proposed contract the average basic rate will be
$5 a day with a top rate of $7 a day as compared with a basic rate
of $6.10 previously with a top scale of $10.07. Under the new scale
the majority of the miners will receive from $5 to $5.75 a day as
compared with $6.10 to $8.04 under the former scale.
A new departure included in the proposed contract is a section giving the operators the option of operating one 8-hour shift or two 6hour shifts out of any 24-hour period. This provision is only experimental and will not constitute a precedent to be followed in future
contracts. This is the first time, however, that the operators have
taken cognizance of the 6-hour day.
The "Chicago Sunday Tribune" of July 10 state that
preparations were being made on July 9 to send out ballots
to all Illinois locals of the United Mine Workers of America.
It added:
Through the local organizations the new proposal will be submitted
to the miners. Subsequently the ballots will be sent to the district
offices in Springfield for a count. A majority vote is sufficient to
ratify. The referendum is expected to take about ten days.
The above mentioned paper also said as follows in part:
Within a few hours after the scale conference proposal had been
announced, messages of approval were received from several executives of downstate locals. A. C. Schneider of Stanton, secretary of
the Edwardsville subdistrict No. 6, said he believed the miners in that
area would give almost unanimous approval. Executives of the Harrisburg subdistrict expressed a similar opinion and ordered examiners
and clerks to be ready for work on the referendum tomorrow.
Among miners it was believed the adoption of the $5 scale in Illinois
would have a strong effect on the deadlocked negotiations in Indiana.
Several weeks ago a subscale committee meeting at Terre Haute
recommended a $4 scale but widespread opposition Caused Its
abandonment.
From the "Chicago Daily Tribune" of July 13 it is learned
that thousands of coal miners from southern Illinois yesterday began converging upon Springfield for a demonstration protesting against the proposed basic wage scale, upon
which they are to vote next Saturday. The paper also
stated that more than 5,000 of the miners had reached the
city last evening and many other delegations were on their
way.
Further stating the "Tribune" said as follows:
The miners are demanding that President John Walker and other
officials of the Illinois Mine Workers revoke the call for the vote on
the wage scale, but their first efforts to reach him were unsuccessful.
While the miners were fighting the adoption of the proposed wage
scale the Illinois Operators' association was appealing to them to accept it as the only alternative to bankruptcy of the industry and dependency of the miners upon public charity.
Associated Press advices from SpringEeld, Ill., July 27
stated that idleness and unemployment continue in the
Illinois coal fields, where the union miners have repudiated
July 30 1932
a compromise wage agreement fostered by President John
H. Walker of the United Mine Workers of Illinois. The
advices add:
The coal diggers decisively refused to accept a $5 basic daily wage
urged by Walker, a bitter foe of John L. Lewis, international president of the miners' union. Incomplete unofficial returns today indicated the referendum vote was about four to one.
Employment for 40,000 or more men was at stake as local unions
balloted yesterday on the wage proposal, designed to equalize competitive marketing conditions with the Kentucky and West Virginia
fields.
Walker was the chief union negotiator at conferences with the mine
operators which culminated ten days ago in agreement upon the $5
scale to replace the $6.10 basic wage contract that expired March 31.
Despite Walker's plea that the contract was the best obtainable at
present, it was unpopular with many local leaders. Denouncing it as a
"yellow dog contract," large numbers of diggers came here last week
for a mass-meeting in protest.
Lewis did not enter the controversy. His activities in Illinois have
been restricted by court orders.
Mine operators for weeks held out for a $4 wage, but in the compromise they recognized an experimental six hour day, an innovation
in Illinois. The rejected scale called for wage reductions ranging up
to 30 per cent.
Gov. L. L. Emmerson encouraged the wage negotiators, seeking employment for workers who now are adding to the burden of relief
agencies.
A revised scale of wages for the Illinois miners union,
based on a basic wage of $5 a day was adopted by representatives of the miners and coal operators of the state
July 25, following an all-day series of conferences, says
the Chicago "Journal of Commerce" on July 26 according
to advices from Springfield, Ill., which add:
The scale proposal will be submitted to members
of the district union
for approval at a referendum vote in
the immediate future, district
officials announced. The district policy
committee will meet here July
26 to discuss details in connection with the
referendum.
Changes made in the scale adopted July 25
are chiefly technical
ones as compared to the old scale, which was
defeated at a recent
referendum in the district union. The
changes are said to clear up
controversial points which arose following
adoption of the former scale.
6-Hour Clause Out
One clause of the former agreement having to
do with six-hour
days was eliminated entirely because of its being
misinterpreted by
miners. The chief objection to the clause was the
fact that it did not
make clear whether the men could be compelled
to work one six-hour
shift or two six-hour shifts a day.
A new scale for strip miners providing a
reduction of the salaries
of men receiving more than 86 a day by 19% and
a reduction of $1
a day for men earning 66 a day was included in
the agreement signed
today.
Other changes made in the agreement as compared
to the previous
one had to do with the docking of miners and the
penalties imposed
for leading impurities in coal. The penalties are
lessened under the
new agreement.
Approved by Leaders
John L. Lewis, president of the United Mine
Workers of America,
John H. Walker, president of the Illinois district
union; and W. J.
Jenkins, St. Louis, president of the Illinois Coal
Operators Association
expressed their approval of the new agreement.
Lewis declared:
"It was the best obtainable under existing
conditions. I hope the
miners will approve it."
Walker and Jenkins added their "hopes" that the
agreement would
be ratified.
Walker announced that a statement containing the
mine leaders'
attitude toward the proposals would be sent to
each local union in
the state. He also said that the local unions would be
urged to provide
facilities In their voting places, so that each member
might be able to
vote In privacy. The proposed scale expires March
31, 1933,
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 July 27, as reported by
the Federal Reserve banks, was $2,434,000,000, a decrease
of $4,000,000 compared with the preceding week and an
increase of 81,496,000,000 compared with the corresponding
week of 1931. After noting these facts the Federal Reserve
Board proceeds as follows:
On July 27 total Reserve bank credit amounted to $2.422.000.000, a
decrease of $16,000.000 for the week. This decrease corresponds with a
decrease of 845.000.000 in money in circulation and an increase of $8,000,000
in monetary gold stock, offset in part by increases of $36,000,000 in member
bank reserve balances and $3,000,000 in unexpended capital funds, nonmember deposits, &c.
Holdings of bills discounted decreased $10,000,000 at the Federal Reserve
Bank of Chicago. 88,000,000 at Cleveland and 813,000.000 at all Federal
Reserve banks. The System's holdings of bills bought in open market
declined S12,000,000, while holdings of Treasury certificates and bills
increased $5,000,000.
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 July 27,
in
comparison with the preceding week and with the corresponding date last year, will be found on subsequent pages,
namely, pages 769 and 770.
Changes in the amount of Reserve Bank credit outstanding
and in related items during the week and the year ending
July 27 1932 were as follows:
Increase (+1 or Decrease (—)
Since
July 27 1932. Jtall 20 1932, Jute 29
1931.
$
Bills discounted
525.000,000 —13.000.000 +342.000.000
Nils bought
40.000.000 —12.000.000
—27.000.000
U.'4 Government securities
1 841.000.000
+5.000 000 +1.163.000 000
Other Reserve Bank credit
16,000.000
+4,000.000
—2.000.000
TOTAL RES'VE BANK CREDIT_ _L422,000.000 —10,000.000
+1,477.000.000
Monetary gold .tock
3,960.000.000
+8.04)0.000 —993.000,000
Treasury currency adjusted
1 771.000.000
+1,000.000
—21,000.000
Money In circulation
5,600.000.000 —45.000.000 +910.000.000
Mem her bank reserve balances
_ _2.072,000,000 +36,000.000 —343.000,000
Unexpended capital funds, non-member deposits. &c
391,000,000
+3,000,000 —104,000,0130
Returns of Member Banks in New York City and
Chicago Brokers' Loans.
Beginning with the returns for Juno 29 1927, the Federal Reserv.' Board also commenced to give out the figures
707
Financial Chronicle
Volume 135
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 $1,000,000
bringing the amount of these loans on July 27 down to
$331,000,000, a new low record for all time since these
loans were first compiled in 1917. Loans "for own account"
decreased during the week from $307,000,000 to $306,000,000
while loans "for account of out-of-town banks" remain unchanged at $17,000,000, and loans "for account of others"
at $8,000,000. The amount of these loans "for account of
others" has been reduced the past 37 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.
July 27 1932. July 20 1932. July 29 1931.
Loans and investments-total.
6 317,000,000 6,285,000,000 7,752,000,000
Loans -total
3 492,000,000 3,499,000,000 5,060,000,000
On securities
All other
1,630,000,000 1,648,000,000 2,685,000,000
1,862,000,000 1,851,000,000 2,375,000,000
Investments-total
2,825,000,000 2,786,000,000 2,692,000.000
U.S. Government securities
Other securities
1,870,000,000 1,839,000,000 1,639,000,000
955,000,000 947,000,000 1,053,000,000
Reserve with Federal Reserve Bank
Cash in vault
778,000,000
40,000,000
750,000,000
38,000,000
871,000,000
42,000,000
Net demand deposits
Time deposits
Government deposits
4 898,000,000 4,857,000.000 5,829,000.000
800,000,000 774,000,000 1,152,000.000
20,000,000
66,000,000
29,000,000
Due from banks
Due to banks
74,000,000
80,000,000
74,000,000
1,060,000,000 1,06,000,000 1,180,000,000
Loans on securities declined $7,000,000 at reporting member banks
in the Chicago district and $8,000,000 at all reporting banks. "All
other" loans declined $106,000,000 in the New York district and 8113.000,000 at all reporting member banks, and increased $12,000,000 in
the Boston district.
Holdings of United States Government securities declined $25,000,000
in the Chicago district and $16,000,000 at all reporting banks and
increased $10,000,000 in the New York district and $6,000,000 in the
Boston district. Holdings of other securities declined $7,000,000 in
the New York district and $8,000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $229,000,000 on July 20, the principal change for
the week being an increase of $10,000,000 at the Federal Reserve Bank
of Chicago.
A summary of the principal assets and liabilities of weekly reporting member banks, together with changes during the week and the
year ending July 20, 1932, follows:
.7i/crease (+) or Decrease (-)
Since
July 20 1932. July 13 1932.
July 22 1931.
$
Loans and investments-total-._18,333,000,000 -145,000.000 -3,951,000.000
Loans-total
_11,028,000,000
-121,000.000 -3,499,000,000
4,618,000,000
6,410,000,000
--8,000,000 --1,952,000,000
--113,000,000 --1,547.000,000
On securities
Another
Investments-total
7,305,000,000
-24,000,000
-452,000,000
U.S. Government securities-._.4,107,000,000
Other securities
3,198,000,000
-16,000,000
-8,000,000
+6.000.000
-458,000,000
Reserves with F. It. Banks
Cash in vault
•
Net demand deposits
Time deposits
Government deposits
+20,000,000
-3.000.000
-277,000,000
+6,000,000
1,578,000,000
224,000,000
10,735,000,000
5,537,000,000
88,000,000
Due from banks
Due to banks
-144,000,000 -2,746,000,000
+12,000,000 -1,584,000,000
-40,000,000 -121,000,000
1,166,000,000
2,601,000,000
-24,000,000
-31,000,000
-440,000,000
-837,000,000
Borrowings from F. R. Banks__. 229,000,000
+22.000.000
+169,000,000
Gold and Silver Imported Into and Exported From the
United States by Countries in June 1932
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report showing the imports and exports of gold
and silver into and from the United States during June
1932. The gold exports 'were $226,116,680, of which $111,410,944 went to France, $62,603,064 went to Switzerland,
$26,249,860 to Belgium, and $23,168,366 to Netherlands.
The imports footed up to $18,394,738, of which $5,172,522
came from Japan, $3,774,693 from Canada, $2,502,182 from
Hong Kong and $2,364,016 from China. Below is the
report:
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES, BY COUNTRIES.
Borrowings from Federal Reserve Bank_
Loans on secur, to brokers & dealers;
For OW11 account
306,000,000
For account of out of town banks_
17,000,000
For account of others
8,000.000
GOLD.
307.000.000 1,002,000,000
17,000,000 219,000,000
8,000,000 169,000,000
Total
331,000,000
332,000,000 1,390,000,000
On demand,.
On time
237,000,000
94,000,000
243,000,000
89,000,000
Loans and investments--total
976,000 000
414,000,000
Chicago.
1 232,000,000 1,237,000,000 1,836,000,000
Loans-total
872,000,000
873,000,000 1,273,000,000
506,000,000
366,000,000
508.000,000
365,000,000
735,000,000
538,000,000
360,000,000
364,000,000
563,000,000
190,000,000
170,000,000
195,000,000
169,000,000
331000,000
232,000,000
Reserve with Federal Reserve Bank
Cash In vault
184,000,000
18,000,000
179,000,000
17,000,000
183,000.000
15,000,000
Net demand deposits
Time deposits
Government deposits
781,000,000
340,000,000
5,000,000
785.000,000 1,189,000,000
336.000,000 552,000,000
7,000,000
16,000,000
Due from banks
Due to banks
181,000,000
220,000,000
178,000,000
227,000,000
175,000,000
311,000,000
6,000,000
7,000,000
1,000,000
On securities
All other
lnvestments-total.
U.S. Government securities
Other securities
Borrowings from Federal Reserve Bank_
•
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
July 20.
The Federal Reserve Board's condition statement of weekly reporting member banks in leading cities on July 20 shows decreases for the
week of $145,000,000 in loans and investments, $144,000,000 in net demand deposits and $40,000,000 in Government deposits, and increases
of $12,000,000 in time deposits, $20,000,000 in reserve balances with
Federal Reserve banks and of $22,000,000 in borrowings from Federal
Reserve banks.
Countries.
Exports.
Dollars,
50,000
Austria
26,249,860
Belgium111,410.944
France
116,422
Germany
Hungary
Irish Fr. St.
23,168,336
Netherlands
62,603,064
Switzerland
United Kingdom_ - 2,160,539
25,515
Canada
Costa Rica
Guatemala
Honduras
Nicaragua
Panama
Salvador
Mexico
300,000
Newfoundland_
Jamaica
Trinidad & Tob._
0th. Br. W.Indies
Cuba
Dominican Repub_
Netb. W.Indies
Chile
Colombia
Ecuador
Br. Guiana
Peru
32,000
Uruguay
Venezuela
British India
Ceylon
China
Neth. E. Indies_
Hong Kong
Japan
Philippine Islands..
Australia
New Zealand
Total
SILVER.
Total.
Refined Bullion.
Total (Inc. Coin).
Imports.
Exports, Imports. Exports. Imports.
Dollars,
Ounces.
Ounces.
Dollars. Dollars.
6.000
140
200
7
250,418
140
2,242
3,774,693 122,527 176,467
84,088 203.075
13,907
708
28,747
33,970
349,628
119,527
15,455
2,529
3.755
7,700
137
155,055
1,116,004
2,012,002
82.780 959.279
33.113
31,536
1,429
3,750
4.353
3,494
79,968
197.945
1.476
18,922
60,887
1,250
15,580
28,104
240
91,659
8,201
17,514
21
112.999
6,883
1,000,000
98.388
300,348
83,841
582
2,364,016 3.183,018
869.326
138,606
68.074
19,840
2,502,182
3,000
5,172,522
588,893
5.260
665,495
520
14
29.384
52
226,116.680 18.394.738 3.605.893 2.608.752 1.268.120 1.401.362
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. 31 1927, 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 Fed-
Financial Chronicle
708
eral 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 June 30 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 85,695,090,322 as against $5,479,626,520 on May
31 1932 and $4,821,933,298 (revised) on June 30 1931, and
comparing with $5,698,214,612 on Oct. 31 1920. 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 statement:
•
oc
so
o
l•
it•tfliol
a .
i
Z,
,o ti
.....
co N en N ... 0 -. -. .... N -.
N 00
cc n cl 00
N csi
0
si
N
o o,
cn
el
o. O
co 0,0 n 0 N
v.. v• .
I- c5 0
. 05
CI ,...,
CO 0
,. CO .1.
,... 0
,_,
o
61
6
.
00.-.0ocON
00 00 N N 0 CO
0
05 CO 06
a 4 ci
0.J
000000men0c10
0
0
..?.
'
;
g
I.'
a oi 44 a Cl06 .6 c.; .6
on 0000N-•.-•,
01.
00
•e
C
go et.t....
s.,
el 0
el
61 -• 00 0
C1-.Nt-
o.
a
4 o o sg
,..,7 .S 6-
N x'' •S O
-. co
.9 N 0 00
.
u6 01 .1.
*-
•-• .... 0 t....
C96
;
.5 06
03
c;
•t0 "
a t °I
01--
CO 0 N el. en .-.
o .-. r
o ,6 C. .6 4 ,c;
oS
t- 01 C. n 0 .-.
.4. 00 0 ,-, 4_ co
..; C. gi .1.7 es
CO 0 0 CI
-.. -. 60 Ot
0 n 010
elcoN.00ON
‘1.
00 co -. 0 0 .I.
n
CI co 61 Co -. 0
0 CO CV CO
-. n 'C,
s,
1 5,:95,000732:1
MONEY OUTSIDE OF THE TREASURY.
0
„...,
.,..,
-4
N
.i ci• 6 -7
01
96
0
n
.
-4
6 6
3988
61 Ci 0
.0
-. 01 •-•
0001010.1..
cl ... .
1- el n N
.. 0 0 .1. •-• t...
.1. C. 0 -4 CO 00 Ca 60 0 N .
1an
0000.00,6000.1.0
Cn
0 Co 01 04 -. N .- 0
.M
..
L- 0. CC
e;
0 0 01 -. N Cl co 0 co en CO
Cl
69 co 60 Co N N
.CO .... er 0 n 0 C.
05 0 9; t: .4 06 -. vr c.1
. C5 0 0
0 Cl v. co
N
Ca
CI en
V.
CI .-. 02 0
n
.1.
•
05
1.
0... 00 00 0 0
.9
g
0 t. 0 00 Co
01
00
01
.0 ,
1. CO 00
.N 0
On
.i
65
C5 ..5 C5 0 0; 0 . 06
00
00
00 n 0 N .
I- 0
99 0
0
V n. N
..1...
.1
N
O. ei
gi ..; so -,
O a
N
o6 ,6 q6 a a ,..: -. o e6 .6 .6
a a ci 1--: 4 u6
.-.00200101
-. 0 et N er. CI
ci e-: .-. ot; o 0
.0 o on m
Ce
..,.
r
-.
01 el. on N 0 -.
,-. 0 o. .... en CO
1-::
.
I
6.6 66 06
6
.
1 0 e 0 0 91
0 --. CO .-. N 0
.-. N 01 N
.C. n
1..: N. CZ; 0 05 O:
0 0 0 0 c, ..,
0 0, X 10 CI co
41
.06 a I.: 06
N 0 0 ..1 00 Co
cz;
-.4
Cl
N
n
o 0 ...
0 n C.
0 03 n
.....
n
t-
e.0
eel..
00
N
el 0 cl
06
0 n -•
0.
1- N
-. -. .-.
00 0 600 0 .40
0 00 01 N 0 o
c6 a
65
c..
....
Co
,...
4 .1,1
"i
02
N
...
•
0
CO
?.
.
00
GO
0
..,,,.. :ci
e, ,
c-;
.
,, 2 V, '
,I3 `F,
CO
''C *s II g'• 11 co
go 0
..h
•• k -.
c6
c,
_
4
cd S
-2
co
,c,
I?,
i a ;'. i
-.
go
Cl
el
06
05
CO
c.
F.,
o o co o
8
.6 0
.aa6
-
0000
e,
, go 00 N 0 0
01 0 n n n en
0
. ....• CO O
.90 0
.... c5 el; .-. 06 C5
.. 0 ,
1 .. Of t• 0
C. •-• 0 0
.•-• 0
..,,....
6
.
-.
E.
,,
"'C
n
0
6
o
co
0
CO
a
0
.
i...
0 V- 0 GO Ol Of
'0
0
. ,:i. cr; ,c; .6 06 --,
Cl .0 r 0
N te
N
a
Cl
4 n so ge
.
cS 4
. si ....
o„
-.
o
0
so -,
oi.' si
,..0.-.N.
4 t.00
.010N
TT .... t: 05
CO CON n
I.9
0 0 91 N 00 .0 60 c0 t. cc
N 0
n
.6 06 ci a a
m CI 0 •-• eq as a
el
IP2„,, g 0
r --.
,n on
0 .-. n 00
-. a
COOr .1. co
00 0 0 •-• 0 0
N
.00 0 <I CO 41
,,.:
4 4 c6 c> ei
Cl
1.- 01 0
0 N
n t-- ce o
.go 4,.
s.; s: o SI 05 91
,i,
07
,
I
N en
.CI 0 N
...
0
en
co CO Cl n Co 00
4 co
pi
.4.
.-. -f, 0
00
.4
c, * <4
0
,--i..... o
m-.0
,<0 0
-7
0
.
6
Cr;
-:
o
c6
6
0
0
Cl
:
04
'
.,
‘.
... .
6
69 0
CI C; 0; 05 § 0
cl 01 .
1- n
0
o
cO
C.
500
t .,„.
• r'
3 Z:".'
t,', ,..."'
44
.,0 0 c)
.0.1
cO
C;
4
Total.
MONEY HELD IN THE TREASURY.
CIRCULATION STATEMENT OF UNITED STATES MONEY—JUNE 30, 1932.
0
?.
0
N
...
n: ti ci m Lei .;
on Ci 91 Co N 0
.... 0 c0 0 CO 0
1:66 06 1. C.:
rrro
.
8
0
.
) tr.-
CI 0 en
"
06 66 16 16 ..4
s.
....,.
et.
..0 00010......,
Ce
s
0,"
g
• .6 7
-.2 41.6 ti
• Revised figures.
a Does not Include gold bullion or foreign coin other than that held by the Treasury, Federal Reserve banks, and Federal Reserve agents. Gold held by Federal
Reserve banks under earmark for foreign account Ls excluded, and gold held abroad
for Federal Reserve banks is included.
S These amounts are not included In the total since the money held in trust
against gold and silver certificates and Treasury notes of 1890 is included under gold
coin and bullion and standard silver dollars, respectively.
c The amount of money held in trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining It with
total money outside of the Treasury to arrive at the stock of money in the United
States.
S This total includes 5.59,689,661 gold deposited for the redemption of Federal
Reserve notes ($1,088,640 in process of redemption), $29,849,700 lawful money
deposited for the redemption of National bank notes (516.549,164 In process or
redemption, including notes chargeable to the retirement fund), $1,350 lawful
money deposited for the retirement of additional circulation (Act of May 30, 1908),
and $16,861,073 lawful money deposited as a reserve for postal savings deposits.
e Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
f The money In circulation includes any paper currency held outside the continental limits of the United States.
Note-Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption; silver certificates are secured dollar for dollar by standard
silver dollars held in the Treasury for their redemption: United States notes are
secured by a gold reserve of 3156,039,088 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 (diver dollars held in the Treasury: these notes
are being canceled and retired on receipt. Federal Reserve notes are obligations of
the United States and a first lien on all the assets of the issuing Federal Reserve
bank. Federal Reserve notes are secured by the deposit with Federal Reserve
agents of a like amount of gold or of gold and such discounted or purchased paper
as is eligible under the terms of the Federal Reserve Act, or, until March 3, 1933,
of direct obligations of the United States if so authorized by a majority vote of the
Federal Reserve Board. Federal Reserve banks must maintain a gold reserve of at
least 40%, including the gold redemption fund which must be deposited with the
July 30 1932
United States Treasurer, against Federal Reserve notes in actual circulation. Lawful money has been deposited with the Treasurer of the United States for retirement
of all outstanding Federal Reserve bank notes. National bank notes are secured
by United States bonds except where lawful money has been deposited with the
Treasurer of the United States for their retirement. A 5% fund is also nmintained
In lawful money with the Treasurer of the United States for the redemption of
National bank notes secured by Government bonds.
Increased Gold Mining Shown by Reports to Commerce
and State Departments.
Increased gold mining operations are indicated in recent
developments reported by Commerce and State Department
officials abroad, said the Department of Commerce under
date of July 20, which made available the following:
The Victorian (Australia) gold yield continues to increase; in the
first quarter of this year production was 9,733 fine ounces, valued
at £57,074, an increase of 794 ounces over the output for the first
quarter of 1931, the up-trend due in large part to the increase in the
number of prospectors. It was estimated recently that more than
6,000 prospectors were at work.
In Canada the Ontario mining operations for the first quarter gave
a 13% increase in the value of gold production, indicating a continued improvement of the gold output during April and May, with
valuation for May being 22% above that for the same month last
year. It is estimated that at the current rate of increase, in gold
production, the total value of Ontario's yield in 1932 will reach $50,000,000, bringing the total Canadian yield to approximately $62,000,000, an all-time record. Gold output for the first quarter was 543,188
fine ounces, worth $11,228,597; compared with 483,677 fine. ounces,
worth $998,570; as produced in the first three months of 1931.
The fact that in 1931 gold enioyed a purchasing power approximately
40% above 1926 levels explains the most intensive exploration and
operating program ever attempted by Ontario gold mining interests.
During 1931 activity at the two principal fields, Po:cupine and Kirkland Lake, reached its maximum, with even greater activity assured for
this year.
The gross value of all metals mined in Rumania during 1931, the
latest period for which figures are available, is estimated at $2,622,000,
as compared with $2,000,000 for 1930 and $1,658,000 in 1929, the
increase being due in large part to gold, which totaled 14,145 fine
ounces, valued at about $2,106,000, about 80% of the total.
Ambassador Mellon Here from Abroad-Denies Reports
That He Will Resign.
Andrew W. Mellon, Ambassador to Great Britain, arrived in New York on July 26 on the steamer Majestic.
An item indicating that he was a passenger on that steamer
appeared in our issue of July 23, page 565. Regarding reports from abroad that Mr. Mellon intended to resign as
Ambassador he was quoted in the New York "Thnes" of
July 27 as saying:
"That is news to me," he said. "There is no foundation for it. I expect
to be hero two or three weeks, which I shall spend in Pittsburgh after paying
my calls in Washington."
"There has been a lull for a time in diplomatic affairs, and I took advantage of it to come back," he added. "This is not a trip on account
of anything official. I think that the report of my resignation in the London press might be described as mid-summer news."
The "Times" also stated:
Mr. Mellon impressed upon the reporters in his suite on board the liner
that he did not want to say anything that might be construed as governmental or provocative of controversy.
He declined to discuss the Lausanne conference, or the
Pact of Paris,
and when asked if he had any comments to make upon England's economic
recovery he replied tersely "no."
Asked if he would take part in the Presidential campaign, the Ambassador said: "I did not come over for that purpose. Naturally I'll do whatever I can."
"What is your opinion on the European debt to the United States?" he
was asked.
"I keep up to date on the debt question," he said, "but frankly know
as little about the situation as you do. You can construe what has been
written or said as well as I can. I do not want to make any statement
about the debt or any other financial subject." lie also declined to make
any forecasts regarding the outlook for business in the United States.
The Ambassador looked in good health, and said the ocean voyage from
Southampton had been a welcome rest for him, lie drove with his son
from the pier to the Hotel Biltmore for luncheon and left later for Washington.
Reconsideration By U. S. of Allied Debts Viewed By
Senator Borah As Necessary Incident to Consummation of Policies Initiated at Lausanne.-Urges Participation By U. S. In Economic and Monetary Conference To Deal With Reparations, Debts, Disarmament and Gold Standard.
In a radio address, broadcast from Washington July 23,
Senator William E. Borah, (Republican) of Idaho referred
to Lausanne as "the most important step taken since the
war looking to the restoration of confidence in political
and business affairs." In the course of his remarks the
Senator made the statement that "the adjustment of reparations at Lausanne has brought to the front again the question of the debts owing to the United States from certain
Governments in Europe." In the view of the Senator "if
the policies initiated at Lausanne are carried forward,
there will come a time when it will be distinctly to the interest of the people of the United States to consider again
the question of these debts." The Senator further said:
I know of no way to bring about or bring into effect a program
such as would justify the reduction or cancellation of the debts and
bring about a better condition, economically and financially, than
Volume 135
Financial Chronicle
by means of an economic and monetary conference, a conference which
would be permitted to deal with reparations and debts, disarmament,
the re-establishment of the gold standard (31 nations now being off
the gold standard), the stabilization of silver in the Orient, and possibly other questions.
I do not overlook tariffs, but these will, in my judgment, have to
be adjusted through the action of the respective governments which
will be made possible after the adjustment of other problems.
Such conference ought to be authorized to deal with any economic
and financial question of the world. We should not hesitate, as a
Government, to take our place in such a conference and be willing
to deal with all economic and financial problems which are associated
with the present condition of affairs.
We should enter such a conference where there is so much involved without any limitation and with no other objective than to
aid in the preservation of modern civilization.
Senator Borah's radio address follows in full :
That appalling struggle which began eighteen years ago this coming August seems to be drawing to a close. Lausanne, even more than
Versailles, is the harbinger of peace and the hope of humanity.
For eighteen long torturing years, either upon the field of battle
or in the realm of finance and economics, this devastating conflict
has continued unbroken—continued until millions have been killed and
wounded, billions of property values destroyed, until proud nations
have been driven to the verge of bankruptcy, '70,000,000 unemployed
men and women with their dependents forced to the edge of starvation, until fortunes and farms and homes and broken families have
been swept into one common sea of ruin and misery, and thousands
of hungry veterans are surging in anger and despair against the
bolted doors of the Capitols from Washington to Berlin.
Lausanne the Bright Spot
Lausanne is the bright spot of this somber picture of suspicion
and fear and hate. With patience and wisdom and courage, Lausanne
may be made the beginning of the end of this long period of human
suffering, and its beneficial effects may be carried into the homes
of the harassed and tortured peoples in every country under the sun.
There had to be a beginning. There had to come a time when the
policies which have brought us to our present plight were to be
challenged. Lausanne is that challenge. It is to the interest of the
whole world that the challenge be made final and complete.
We read in the cold lines of the Record that in April, 1921, the
Allies fixed Germany's debt at $31,680,000,000, and that in July,
1932, it is fixed at $714,000,000, and that conditional, and see in these
figures a prophecy of better things.
But these figures, after all, are not the things surrounding this
settlement of deepest significance. That which gives hope, the promise
of a new era, is the spirit which came finally to pervade the conference. The old deadly doctrine of "strict executions" died at Lausanne, and for that let the world rejoice. The past, with its impossible
judgments, ended and a new era, with brighter promise, opened.
The Versailles treaty is no longer sacred. It, too, must yield to the
dictates of conscience and the demands of justice. With the settlement at Lausanne must inevitably go, sooner or later, the war-guilt
clause, and other changes in the treaty will come along.
I am not unmindful of the perils which lie ahead, even after Lausanne; of the obstacles which may frustate its plans. Suspicion and
distrust and selfish aims may bring It to naught.
But the great Frenchman who spoke for the French people at
Lausanne had the vision and the courage to break the spell that had
bound a world all but helpless to policies and principles which were
bringing civilization itself into peril. For that he deserves, and
will receive, the commendation of all peoples. Whatever may be the
result in the future, his work cannot be wholly undone.
I have great hope—in fact, one does not dare to do other than
hope—that the work begun at Lausanne will bring full and lasting
benefits to the world. But whatever the future may have in store,
Premiers Herriot and MacDonald faced what seemed an impossible
situation and were equal to the task.
What the world wants, and must have if a veritable collapse is to
be avoided, is the restoration of confidence—faith in government
and governmental policies, faith that when money is invested it will
not all be grabbed for taxes, faith of the laborer that he may enjoy
the legitimate fruits of his labor.
Lausanne Most Important Step Since War
Lausanne is the most important step taken since the war looking
to the restoration of confidence in political and business affairs. But.
important as that step was, other steps must be taken before the
foundation for economic recovery can be regarded as secure. The
test and the response to Lausanne is Geneva. Those who labored so
successfully at Lausanne for economic recovery must have had in
mind—and so all the world has in mind—the question of disarmament.
Armaments Eating Up Earnings of Taxpayers
A disarmament conference is in the highest sense an economic
conference. The vast burden of armaments eating up the earnings
of the taxpayers in the respective countries, drawing constantly from
the reservoir of credit which should go to trade and commerce, constitutes an all but insuperable barrier to the restoration of that confidence which is the basis of economic recovery.
It seems to me that it will be impossible for Europe to regain the
confidence of her own business interests, much more difficult to regain
the confidence or co-operation of American business and American
taxpayers so long as the Continent remains an armed camp.
The people, and certainly the taxpayers, of this country will not
believe co-operation under such circumstances can result in anything
but continued economic distress and financial chaos.
Any economic or financial scheme, therefore, looking to a full cooperation upon the part of the American people, the American taxpayers, I venture to believe must rest upon the reasonable assurance
that the earnings of the people, the savings of the people, the fruits
of any settlement had, will be devoted to constructive and not destructive enterprises.
Franco-British Debt Accord
In this connection we may refer to the so-called accord of confidence
or understanding had between Great Britain and France. This has
given rise to much criticism in this country. Doubts have been expressed as to whether this was not an open manifestation of an antagonism toward the United States, and as to whether it might not have
as its real purpose an effort to bring undue pressure on the United
States for debt cancellation and kindred subjects.
It seems to me wiser and likely more in harmony with the facts
to give to this accord a higher and more exalted purpose. How can
there be anything in the nature of permanent peace or disarmament
709
in Europe except upon the basis of accord between these two great
powers. How can we hope for progress in economic recovery unless
these two nations work in closest harmony.
I can see a great and permanent good in this accord and I see no
harm in it. What I should like to see is amity and more amity, harmony and still greater harmony, among all nations, and particularly
the nations of Europe. It is the only hope for peace and disarmament.
We are advised constantly that Europe hates us. Probably so. But I
could find it in my heart to forgive all such feeling of hatred if it
leads to friendliness and accord between the nations of Europe.
For myself, I am happy to see any movement in Europe which
seems to recognize that those things which work for the true aggrandizement of nations can be more fully realized through friendship and
open understandings than through secret diplomacy and open accord
and force.
Debts Owing to U. S. By Foreign Governments
The adjustment of reparations at Lausanne has brought to the front
again the question of the debts owing to the United States from
certain governments in Europe. What is to be our attitude toward
readjustments or cancellations? Has a new situation arisen which
makes it necessary for our people in their own interest to reconsider
the adjustment of these debts heretofore made?
I do not think it would be correct to say that a new situation has
arisen. But I do think that if the policies initiated at Lausanne are
•carried forward, there will come a time when it will be distinctly
to the interest of the people of the United States to consider again
the question of these debts.
In expressing the views which I do at this time upon this subject, it
is hardly necessary for me to say that I am speaking for no one but
myself.
I feel now, as I have felt from the beginning, that this economio
cataclysm had its origin in and during three fateful years, has been
sustained and aggravated by and through international conditions superimposed by international policies growing out of the great war.
It would be easy to show that local or purely national policies have
accentuated conditions in the respective countries. But the great
dominating forces contributing to our present catastrophe have been
international or, if not wholly international, have been of such a nature
that their effect was international.
Therefore, in considering our problems of domestic concern, we are
compelled to consider matters of international concern. No clear and
permanent solution of the farm question, the unemployment problem,
devastating taxes, unbalanced budgets, can be hoped for, it seems to
me, until some or all of these international problems are out of the
way.
Not until then will trade revive, commerce flow in its accustomed
channels, and the monetary systems of the world, which have been
disarranged and broken up, again assume their normal operations. Not
until then will commodity prices begin to rise in a permanent way
and confidence in business generally be restored.
World trade fell in 1930 $11,500,000,000; in 1931 it fell $13,716,000,000.
From January, 1929, to January, 1932, the world trade decreased 60%.
Some nations felt the blow sooner than others. But all are now beginning to feel the deadly effect of this creeping paralysis.
France for a long time seemed exempt from the scourge. But in
a recent public letter written by the president of the National Association for Economic Expansion, which the author of the letter called
"A Cry of Distress," he says:
"We can no longer sell. • • • Our industries which have won fame
abroad for the genius of our race are in danger of extinction."
Cost of Depression to U. S.
It has been estimated by authorities like Dr. Warren of Cornell and
Professor Fisher of Yale and others that this depression has cost
the American people in excess of $150,000,000,000. It has likewise
been estimated that the fall of prices on the farm and farm values
since the depression has cost the American farmer in excess of $30,000,000,000.
International sounds distant and vague, but if we study the causes
of our present troubles at home we realize that the term signifies
something immediate and concrete. We are compelled to consider these
international problems, herefore, not as things incidental or distant,
but as things which reach down to and affect for better or for worse
the welfare of the man on the farm, stunned by the startling and
persistent fall of prices, the laborer seeking work or the merchant
waiting for buyers of the goods on his shelf.
The debts due the taxpayers of the United States for money loaned
to foreign governments are just debts. Every equity of the debtor
has been allowed. A generous reduction has been made. It may be
further conceded for the sake of argument and for the sake of politics.
that reparations and debts are separate and distinct propositions.
There can be no reason, therefore, for urging a reduction or cancel-.
lation of these debts other than that it would be in the interest of the
people of the United States to do so. Upon that theory, and that alone,
It seems to me is the subject open for discussion.
Question of Reduction or Cancellation of Debts
Will reduction or cancellation bring to the people of the United
States an equal or greater benefit than the amount which they may
collect from the debts? Will such a course open foreign markets for
the products of the farm and the factory, cause the price level to
rise, put an end to unemployment and thaw out the frozen credits of
the banks?
I entertain the belief that the cancellation of the debts hr connection
with, and as a part of, a program, including the settlement of other
war problems, would have the effect above indicated. But I am equally
clear that the cancellation of these debts with nothing more than the
present reparation adjustment would not have the effect above indicated.
To put an end to the depression is no less a task than that of ending
the war. And, in my judgment, It can only be accomplished with the
same breadth and thoroughness as that which ended the war.
The price of wheat last week was the lowest it had been in 400 years.
There is no more accurate barometer of trade, no more sensitive plant
to economic winds, than wheat. I cannot but recall that when the
Dawes Plan was announced to the world, much of our gold hastened
abroad and the price of wheat went up. But, owing to other conditions
and other unsettled problems, the benefits derived were short-lived.
And so, in my judgment, it would be again, if anything but a thorough
readjustment of war problems were had.
For myself, when I see a program which in my judgment will start
wheat and cotton on the move, which will give employment to the unemployed, and confidence and initiative to business, I shall be willing,
so far as I am concerned, to use the debts in any way, reduction or
cancellation. to make it a success.
710
Financial Chronicle
But there must be all reasonable assurance that it will be a success.
No partial, incomplete program leaving unsettled problems hanging
over the world would justify either reduction or cancellation. There
Is no altruism on the part of governments. Nothing could be better
Illustrative of that than the Imperial Conference at Ottawa. It is
natural that It should be so. Individuals may practice altruism. But
when you are dealing with the public interests and public rights, the
Interest of the public is the criterion.
Economic and Monetary Conference Urged
Those who urge that the reparation settlement justifies reduction
or cancellation do not, it seems to me, give proper weight and con•sideration to the disturbing effect of other unsettled problems. The
taxpayers of this country at one time cancelled $6,000,000,000 of this
debt upon the theory that it would restore economic conditions in Europe
and greatly benefit the United States. But the hopes were not realized.
Too many of the war problems were left unsettled.
I know of no way to bring about or bring into effect a program such
as would justify the reduction or cancellation of the debts and bring
about a better condition, economically and financially, than by means
of an economic and monetary conference, a conference which would
be permitted to deal with reparations and debts, disarmament, the reestablishment of the gold standard (thirty-one nations now being off
the gold standard), the stabilization of silver in the Orient and possibly other questions.
I do not overlook tariffs, but these will, in my judgment have
to be adjusted through the separate action of the respective governments which will be made possible after the adjustment of other
problems. Enlightened self-interest will urge such a course upon the
part of the respective governments after the other problems are out
of the way.
Such a conference ought to be authorized to deal with any economic
and financial quesion which would have any legitimate bearing upon
the economic recovery of the world. We should not hesitate, as a
government, to take our place in such a conference and be willing
to deal with all economic and financial problems which are associated
with the present condition of affairs.
At this conference I would exclude all experts; at least, I would put
them on the other end of the long-distance telephone. They have so far
been detrimental, if not ruinous to every conference which they have
dominated. They would sterilize the humanitarian impulses of angels.
The problems have passed beyond the refined theories of experts. They
call for the breadth, the vision, the courage, the humanitarianism of
Lausanne.
The stakes are tremendous. Delay is hazardous. Sixty days of depression in the latter part of 1932 will be more devastating than six
months in the latter part of 1930. If the upward trend does not start
before the cold winds of December, conditions will be nothing less
than appalling.
We should enter such a conference where there is so much involved
without any limitation and with no other objetive than to aid in the
preservation of modern civilization.
Those who are listening to these remarks this evening will agree with
me, I am sure, that humanity has suffered enough, and long enough,
from the cruel and Intolerant policies springing out of the great war.
A longer continuation of these policies will soon bring us to the danger
point. I can but believe that there is evidence of change. There
must be a to-morrow wholly different from to-day, with its bruises,
Its burdens and its disappointments.
"The present day," Metternich used to say, "has no value to me
except as to the eve of to-morrow. It is with to-morrow that my spirit
wrestles.
In weighing the obligations and in measuring our rights of to-day,
let us do so with our minds and our hearts also on that better tomorrow for which all mankind pleads.
I feel that the outlook for relief from the conditions of to-day is
brighter than at any time since the war began. These sacrifices,
known to every people, are beginning, It seems to me, to call out the
best there is in men and they are struggling to get control of this
situation. Trouble, when deep enough, duty when stern enough, always
reveal hidden human resources and undiscovered virtues, both as to
leaders and as to the multitude, as the sea gives up its treasures to the
storm which searches its lowest depths.
The great leaders of the world have not appeared in days of ease and
comfort and sunshine. And the people are patient and long-suffering.
point the
But there also comes a time when, If leaders fail, the people
way.
much
too
God knows there has been suffering enough, and it is not
This is
to hope and to believe that better conditions are not far off.
not the
a man-made depression. Nature has not failed us. We are
victims of famine or flood. Seedtime and harvest and the industry of
the people have constantly attended all through this depression.
now
We are the victims of unwise and vicious policies. That is
admitted on every hand. And in the admission there is a prophecy of
wiser policies and better things.
Senator Smoot Anent Senator Borah's Proposal for Debt
Revision Sees No Reason For Further Sacrifices
Senator Reed Smoot, Republican, of Utah, chairman of
the Senate's Finance Committee, which considers war-debt
legislation, quoted on July 24 by the Associated Press with
reference to Senator Borah's proposals for the revision
of Allied war debts, was reported as saying:
sacrifices.
"I know no reason why we should make any further
sacrifices have
I can't see what we could gain and I think our
been all that the other countries could ask."
The Associated Press account (from Washington July
24) also said:
proposal
Discussion of the war-debt question echoed to-day the
of Idaho, for a world-wide
of Senator William E. Borah, Republican,
revision or cancelprogram to settle post-war problems, including
Borah's proposal
lation of the obligations to the United States. Mr.
virtually dormant
revived the debt problem debate which has been
proposal
Hoover's
rejected President
since winter, when Congress
Commission.
to recreate the Debt Funding
proposed an international
Mr. Borah, in a nation-wide radio speech,
or cancellation of the war
conference at once to consider revision
other post-war problems, including disdebts in connection with
armament and monetary policies.
in AdministraThere V.71.1 ro intlingtion here of the reception given
President Hoover read the speech in
tion quarters to the proposal.
July 30 1932
the morning papers at his Rapidan camp, but there was no comment from him. The State Department also was silent.
In other quarters, the speech was regarded with utmost importance, not only in view of Mr. Borah's position as chairman of the
Senate's Foreign Relations Committee, but because he is the outstanding spokesman in Congress on international affairs.
Although he made it plain he would consider revision or cancellation only in a general program for international economic rehabilitation and only from the standpoint of benefit to America, Mr.
Borah went further than most other memebrs of Congress. While
the sentiment on Capitol Hill has been almost unanimously against
even a discussion of revision, tba Idahoan took the position that
debt cancellation, with disarmament and settlement of other problems, would benefit this country.
Questioned by telephone to-day by a London newspaper, the Senator denied he had changed his former position; he reaffirmed his
opposition to cancellation except under the conditions he stated.
Most of Mr. Borah's Senate colleagues were away from Washington,
either for the summer or for the week end. but Senator James
Hamilton Lewis, Democrat, of Illinois, a member of his committee,
expressed surprise. Mr. Lewis said he was "little less than astonished" that Mr. Borah should propose to put the war-debt question
up to a conference controlled by the countries owing money to the
United States.
Hoover Views Seen in Appeal of Borah for World Parley
to Consider Factors in Present Situation
On July 24 the Washington correspondent of the New
York "Journal of Commerce" said:
The broad program sketched last night by Senator Borah, for an
International conference to consider, and perhaps revaluate, all
leading factors in the world's post war status, military, economic
and diplomatic, was being closely and hopefully scrutinized here today.
In the absence of President Hoover and State Department heads
no official pronouncement was forthcoming on the speech which
the Senate Foreign Relations Committee Chairman delivered over
the air to a nationwide audience. But observers saw in the general
proposals advanced by Senator Borah the enunciation of a new
formula which, while inspired by the White House, probably clearly
adheres to the President's ideas regarding means to bring about a
betterment of conditions confronting the leading nations.
Initiative Back to U. S.
Further than this it becomes clear that Senator Borah's proposal
for holding such a conference in the near future unofficially hands
back to the United States the initiative taken from her by developments at Lausanne and Geneva. The resentment of Congress over
the intimation of American involvment in the "Gentlemen's Agreement" at the former conference, which the President was at great
pains to dispel, and general disappointment at the lack of enthusiasm for the Hoover 33% arms slash plan at the just adjourned
Geneva parley, would be completely banished, it is felt, should the
President be enabled to suggest so momentous a gathering as desired
by Senator Borah.
A new enthusiasm would pervade such a conference if called by
the leading economic nation with the intimation that Europe's war
debts to the New World would be forgiven should a new deal regarding disarmament and the disabling war guilt clause of the
Versailles Treaty be agreed to by countries affected.
League Officials Praise Borah Proposal for War Debt
Revision
Consideration of war debts revision by a world conference, as proposed by Senator Borah, would be a valuable sequel to the Lausanne Conference, League of Nations
officials was reported to have stated in Associated Press
accounts from Geneva July 24. It was added:
Such a conference should hasten the return of prosperity throughout the world.
U. S. Is Declared Protected on World War Debts—Secured by Bonds Marketable at Par, Mr. Rainey
Points Out
The United States Government can collect the World
War debts owed it by foreign governments any time that
the bonds left with the Treasury here as security become
marketable at par in the respective debtor countries, Representative Rainey (Dem.), of Carrollton, Ill., Majority
Leader of the House, said orally July 25. He made a flat
declaration that the United States will not agree to cancellation of these war debts but that irrespective of cancellation the Government is protected by ultimate realization on the debtor government bonds whenever marketable
at par. The foregoing is from the "United States Daily"
of July 20, from which we also take the following:
"We are not going to cancel the World War debts owed us by
the foreign governments; you can rest assured on that," said Mr.
Rainey. "The cancellation of the debts owed between the foreign
governments over there does not mean anything; those debts between
themselves are political debts. The debts, however, that they owe
this Government are wholly different, for the debts owed us are
for money raised from the American taxpayers.
"We did not get anything out of the war; the foreign governments
did. We returned their patents, their ships and the property of
their nationals—we returned all these or paid for them. They have
not paid us what they owe us. They acquired territory in Africa and
received these territorial acquisitions and part of the German homeland as bonuses.
"If we cancelled these war debts to us, it would mean that we
would be carrying the great burden of the World War. We already
have reduced by 50% the war debts of the foreign governments; we
cannot do more than that.
"We have $11,000,000,000 of their bonds stacked up in the Treasury here. These bonds are in small denominations and they can
be floated in their own debtor-government issuing countries when-
Volume 135
•
•
Financi▪al Chronicle
ever the bonds are remarketable at par. The only restriction on
these bonds is that we cannot float them at less than par. They
are gold bonds. We can let these bonds out in the markets of the
countries which furnished them as security to this country. We
can sell them on their own markets if and when at par. This Government cannot cancel these debts without returning or destroying
or marketing these bonds.
"It would be the crime of the century to cancel these World War
debts and whoever does cancel them would be responsible to the
people of this country for 100 years to come. We have scaled the
foreign debts as far as it can be done. I do not believe that any
Member of Congress would dare to vote for cancellation."
Senator Watson (Rep.), of Indiana, Majority Leader of the Senate,
said that so long as the foreign governments continue their huge
expenditures on armaments it is preposterous to expect war debt
cancellation.
Opposed by Senator Jones.
Senator Jones (Rep.), of Washington, Chairman of the Senate
Committee on Appropriations, on the eve of leaving for the Pacific
Coast, said orally July 25 that he is emphatically against any cancellation of the debts as the situation now exists. He said that
in the first place the United States reduced them greatly and that
there is a strong feeling against any further reduction or modifications. If, however, those debtor governments indicate they propose to do something such as reduction of cost of military preparations and reduction of armaments generally, there may be a different
question presented.
Senator Capper (Rep.), of Kansas, said orally he is strongly
against consideration of cancellations of foreign debts to this country.
"We have,done all that we should do for these foreign governments
in respect to World War debts and it would be unjust to further
modify or cancel them," he said. "It would be an injustice to the
taxpayers of this country."
Based on Senator Borahs Address.
These oral expressions of Members of the two Houses of Congress
were based on the radio address of Senator Borah (Rep.), of Idaho,
Chairman of the Senate Committee on Foreign Relations. Senator
Borah's allusions to consideration of cancellation were on the basis
of cancellation only when the foreign governments present a program that means the economic recovery of the world, he said.
Paris Market Receptive to Vote for New French Loan
and Announcement of Conversion.
Under date of July 22 Paris advices to the New York
•
"Times" stated:
The Bourse remained firm at the beginning of the week, as a result of the
vote on the fiscal bill by Parliament to balance the budget. This measure,
however, is insufficient to cover all Government expenditures, so that it
was necessary to obtain Parliamentary sanction for issue of a 2,000,000,000franc short-term loan.
This will be offered for subscription, probably in September. During
the debate the Finance Minister announced that the government would
probably proceed with the conversion of part of the outstanding public debt and the prospect of this was welcomed by the Bourse, where public
securities recovered sharply. Securities of the Danubian States, like
all other international issues, have risen moderately. Shares of railways, banks, electrical enterprises and automobiles are little changed.
but the general tendency is downward. Foundry shares weakened, but
chemical shares are up fractionally.
Call Money at Paris Now 5A of 1%.
Under date of July 22 a wireless message from Paris to
the New York "Times" said:
The chief characteristic of the money markets is still the great abundance
of credit. The call money rate this week has not exceeded 54 of 1%, and
prime commercial acceptances command only 1%.
Credit requirements have been all the more reduced, as the holiday
season has the effect of curtailing further both wholesale and retail business.
Along with the 63.000,000 francs decrease in gold holdings shown by Thursday's [July 211 Bank of France statement, bills discounted at home decreased 312,000,000.
French Bank Loses in New York Court of Appeals—
Judge Hubbs Rules that Statute of Limitations
Does Not Bar Suit Where Action Arises Abroad—
Started in Russia in 1917—Appellant Sustained in
Suing Credit Lyonnais for 1,900,000 Rubles.
One of the most important decisions handed down by
the New York Court of Appeals on July 19 was the appeal
of S. Sheldon Meyers, appellant, against Credit Lyonnais,
said an Albany dispatch on that date to the New York
"Times," from which we also quote:
The court agreed with Mr. Meyers that the statute of limitations did not
bar him from maintaining an action on a contract which accrued in Russia
in 1918 in favor of a Russian citizen against the defendant, a French bank
having a branch in Petrograd.
The higher court reversed the judgment entered upon the order of the
Appellate Division and affirmed the order of the special term, which had
denied the motion of the Credit Lyonnais to dismiss the complaint.
Discussing the statute of limitations and the contention of attorneys
for the Credit Lyonnais, Judge Irving G. Hubbs wrote in part:
"We believe that the question is no longer open in this court. Ever since
the opinion of Chief Judge Kent,rendered in the case of Ruggles vs. Keeler,
John It. 263, decided in 1808. it has been the accepted law of this State
that where a non-resident sues another non-resident in the courts of this
State upon a claim which arose in a foreign jurisdiction, the non-resident
defendant may not successfully plead our statute of limitations as a bar to
the action.
"The principle has been stated in the opinions of eminent judges and
decided in numerous cases. It has been stated by text writers and generally
accepted by the profession as settled law.
"In the case of Ruggles vs. Keeler the same situation existed as in this
Both parties to the action were non-residents. The cause of action
arose in a foreign jurisdiction (Connecticut) and the contention was advanced by the defendant that the claim was barred by our statute of limi-
711
tations. The chief justice, after reviewing English decisions, decided
that the defense was not available."
In printing the above the "Times" of July 20 said:
According to Robert Szold of the law firm of Szold, Perkins & Brandwen, who represented Mr. Meyers in the action, the decision of the Court
of Appeals clarified the application of the statute oflimitations on such cases
when the defendant remained beyond legal service.
Nicholas Petchatkin, a Russian, and now a resident of Estonia, deposited in the Petrograd branch of the Credit Lyonnais during 1917 1,900.000 rubles. Following the revolt of November, the Credit Lyonnais withdrew and became beyond the pale of recovery by legal action on the part of
Petchatkin.
In 1930 he assigned his claim to S. Sheldon Meyers. Suit was instituted,
and the French bank agreed to assume residence in New York for purposes
of the suit. It was maintained that the six-year statute of limitations
rendered Petchatkin's claim, after 13 years, void. Mr. Szold argued that
the tolling provisions of the statute made them applicable only when the
defendant was available for service, which, he said, had become true of the
Credit Lyonnais in 1930 when suit was begun and residence in New York
assumed. It was this contention that was upheld by the Court of Appeals
decision.
Now the litigants must go back to the Supreme Court in an action to
determine the value of the ruble at the time of the deposit.
•
Soviet Gold Ruling Upheld—Federal Appeals Court
Sustains Dismissal of French Bank Suits to Recover
$10,000,000 from Chase National Bank and Equitable Trust Co.
The following is from the New York "Times" of July 19:
The United States Circuit Court of Appeals handed down a decision
yesterday upholding the decree of Federal Judge Coffey who recently dismissed suits brought by the Bank of France to recover $10,000,000 from
the Chase National Bank and the Equitable Trust Company.
The American banks were accused of having returnecrgold ingots, offered
for sale in America, to Soviet Russia. The ingots, the plaintiff contended,
had been deposited as the property of the Bank of France in Russia before
the revolution and later they were stolen by the Soviet Government.
Austrian Government Fails to Remit Monthly Installment Due on League of Nations Loan—
Trustees, However, Announce There Has Been No
Delay in Payments Due Bondholders.
In behalf of the trustees of the Austrian Government
loan of 1923-1943, (contracted under the auspices of the
League of Nations) J. P. Morgan & Co. as head of the
syndicate which offered the issue in this country, gave out
the following announcement yesterday (July 29):
The trustees of the Austrian Government guaranteed loan 1923-43
announce that, difficulties having arisen in regard to the transfer into the
necessary foreign currencies of funds held in Austria for the service of
the loan, the monthly installment due on July 1 1932, has not up to the
present been provided, nor have the trustees received any information which
would lead them to suppose that this installment or the monthly installment
due on Aug. 1 1932 will be met.
The funds already received by the trustees for the payment of interest
are insufficient to meet in full the interest due on the first of December,
next, and, should the Government in default of its obligation under the
general bond fail to make the necessary transfer, whether by monthly installments or otherwise, before the due date, the full sum required for
interest will be provided by utilizing to the extent then found necessary the
reserve fund created for that purpose.
The trustees have already received the necessary sinking fund monies
to provide for the sinking fund requirements for the financial year ending
May 31 1932, in accordance with the terms of the general bond.
The Austrian Government has in futher breach of the terms of the
general bond failed since the middle of June to pay to the trustees' account
at the National Bank of Austria the whole of the pledged revenues collected
by it.
The trustees have already lodged a protest against these infractions
of the general bond, and have advised the Secretary General of the League
of Nations and the Committee of Control of the guarantor States of these
developments.
The trustees of the Austrian Government guaranteed loan of 1923-43.
Messrs. Janssen, Wallenberg and Jay, have made an announcement with
respect to that loan which is quoted below. There has been no delay in
Payments due the bondholders, and the bonds are guaranteed as to principal,
interest and redemption paymenta by the undermentioned States to the
extent in each case of the proportion stated:
Great Britain, to the extent of
2434%
France, to the extent of
24J4%
Czechoslovakia, to the extent of
2434%
Italy, to the extent of
2054%
Belgium, to the extent of
2%
2% •
Sweden, to the extent of
Denmark, to the extent of
1% •
Holland, to the extent of
1%
Total
100%
The amount of the loan is $125,000,000, and participation
by the United States amounted to $25,000,000.
Italian Treasury Conversion Loan.
The Department of Commerce at Washington, in its
weekly summary July 24 of business conditions abroad said:
The final disposition of the surplus sums received in the Italian Treasury
Conversion Loan during April were decided by the Council of Ministers on
June 14. The original offer was for therconversion of 1,000,000.000 lire
worth of bonds. The issue was eagerly accepted and as a result subscriptions
amounted to 4,400,000,000 lire. The Government decided to retain 3.000,000,000 lire of the oversubscription, returning the 400,000,000 lire in excess
to the subscribers. In the final disposition 1,000,000,000 lire is allocated to
Public Works; 1,050,000,000 lire to the Liquidation Institute (an organization recently formed to take over the frozen assets of Italian banks),railway
Improvements and the Pugliese Aqueduct; and 949,000,000 lire applied to
the Budget deficit. (Lira equals about 5 cents).
712
Financial Chronicle
Bonds of Westphalia United Electric Power Corporation
Retired Through Sinking Fund.
Speyer & Co., as fiscal agents, announce that there have
been retired through cancellation for the sinking fund,
8293,000 face amount of bonds of the Westphalia United
Electric Power Corp. 1st mortgage 6% gold loan, series A.
This represents the 1932 sinking fund instalment.
Italian National Income Drops One-Third—Taxation
Takes About 30%.
The Italian national income has been reduced by about
33% last year, and is now estimated by the best authorities
to be between 60,000,000 and 70,000,000 lire, it is stated in
a report of the Budget Committee of the House of Deputies
and forwarded to the Commerce Department by Commercial
Attache Mowatt M. Mitchell, Rome. (Lira equal to about
five cents, U. S.) The Department also has the following
to say under date of July 19:
Pressure of taxation has been steadily rising, the association reports, and
if the increased purchasing power of the lira be taken into account, it now
absorbs about 30% of the national income, as compared to some 20% in
the fiscal year 1925-26. The Budget Committee stated that increased
taxation was considered inadvisable in the interests of revenue itself, and
recourse to economy imperative.
Poor crops were attributable in part to the drop of the national income,
but the price slump took its toll also. The total value of the four leading
crops, wheat, wine, olive oil and hemp, fell from a gross of 14,650.000,000
lire in 1929-30 to 9,860,000,000 in 1930-31, or about one-third. Broadly
speaking, all agricultural products, including livestock, declined to the
same extent.
'
For Industrial output the decline varied greatly, fluctuating between a
minimum of 10% to a maximum of 60%, but here again the approximate
total reduction may be estimated at ono-third. Income from Investments
in stocks of all kinds, taking into account net losses, fell off by more than
one-third. The loss on income from real estate stood between 10 to 15%
for wages and salaries the reduction was much the same; while the returns
on commercial enterprises fell off in some cases by as much as 40%•
Poland Signs Soviet Anti-War Pact—Roumania Not Party
to Treaty.
A Warsaw (Poland) cablegram July 25 to the New York
"Times" said:
The Polish-Soviet non-aggression treaty was signed at Moscow
at 3 o'clock this afternoon by Ambassador Stanislas Patek for Poland
and Acting Foreign Commissar N. N. Krestinski for the Soviet
Union. The treaty is regarded here as a great and sure step toward
the pacification of Europe of enormous benefit to Poland, whose security on the eastern frontiers is thus insured.
Official circles, as well as the Soviet representatives in Warsaw,
expect the treaty to be fanned soon by both countries, doing away
with all danger of a war in Eastern Europe and assuring peace to this
generation, at least.
The failure to include Rumania in the treaty does not mean danger
to Polish-Rumanian friendship, it is declared here, but the Polish
Government, it is learned, is unwilling to delay ratification until
Rumania reaches an agreement with the Soviet on the Bessarabiun
question.
An additional treaty providing for arbitration of disputes between
Poland and the Soviet Is already being prepared and will be signed
soon at Warsaw. As soon as the treaties are ratified Poland and the
Soviet will enter negotiations for a commercial accord.
Under date of July 24 a wireless message from Warsaw
to the "Times" said in part:
The efforts of Foreign Minister Zaleski of Poland at Geneva to make
Rumania join the Polish-Soviet non-aggression pact having failed,
the Polish Government has decided to sign the pact with the Soviet
Union without Rumania.
The pact was concluded but not signed last January. Some minor
points regarding the conciliatory Article V in the pact, providing for
the peaceful settlement of all future conflicts between the countries,
are still being discussed in Warsaw and Moscow.
Fearing that conclusion of thy pact will endanger the good relations between Poland and herself, Rumania has made dramatic
attempts to prevent Poland from signing the treaty. The Rumanian
Minister to Warsaw appealed a few days ago to Marshal Pilsudski not
to sign the pact. He made a second attempt yesteeday, a few hours
before Poland's decision became known.
All that Rumania obtained was a promise that Poland would not
ratify the pact until Rumania reached an agreement with the Soviet
Union on the Bessarablan problem.
• The main reason for Poland's rather hasty decision to sign the
pact alone is said to be her anxiety to have her 1,000-mile eastern
frontier secure against danger from the Soviet Union, especially when
events in Germany are threatening the western frontier of Poland.
Soviet Artisans' Co-Operative Associations Win Trade
Liberties—May Charge What They Wish for Some
Goods.
Associated Press advices from Moscow July 24 to the New
York "Times" said:
The Soviet Government today took another step toward liberalized
policies when it promulgated a decree extending the rights of the
Artisan's Co-Operative Associations.
Hereafter such organizations. which produce a large part of the
goods of everyday consumption, can buy certain kinds of raw material
independently from the State supply organizations, and can charge
Whatever prices they like for goods made from raw material acquired
by their own initiative.
The Artisans' Co-Operatives also can deal more freely with State
'ectories and distributing organizations.
llgezetofore these organizations have been subject tc much bureau...7... nrganizatinn. which 11QC hamnerert initiative. The liberalizing
July 30 1932
decree was decided upon in order to increase the output of artisans,
the dearth of whose products is considered a major economic problem.
The general character of the present decree harmonizes with decrees
issued in recent months giving peasants a greater liberty to sell their
goods in the open markets. It pursues the same objective, the stimulation of greater productivity by giving workers a more direct and
material interest In the results of their work.
Spain Issues Money Rule Possession of Foreign Money
Forbidden Natives and Aliens.
The following (Associated Press) from Madrid, July 22,
is from the New York "Evening Post:"
An order prohibiting possession of foreign money by citizens and foreign
residents of Spain was issued to-day by the Government banking council.
All persons who receive foreign money, whether as salaries or otherwise.
must hereafter take it to the bank and exchange it for pesetas at the day's
rate. The regulation provides fines for violation up to 10 times the value of
the money involved.
The ruling was intended to prevent manipulation of the exchange.
Turkey Enters League of Nations—Is 56th Member—Her
Delegate Urges Greater Role for Russian Soviet.
The League of Nations Assembly at Geneva on July 6
formally invited Turkey to join the League, and on July 9
the Turkish National Assembly voted to accept the invitation. Regarding the formal entry of Turkey into the League
a wireless message July 18 from Geneva to the New York
"Times" said :
A special assembly to-day unanimously declared Turkey a member
of the League of Nations, inviting her delegate, Kemal Human Bey
to take a seat.
An usher unsnapped a fastener and the red rope serving to form
the "non-leaguers pen" on the floor of the assembly fell with a
click at the feet of Husnu Bey and United States Minister Hugh R.
Wilson and Consul General Prentiss B. Gilbert. Amid applause the
Turk stepped across and the master of ceremonies conducted him
to his seat. With another click the red rope separated the Americans and Russians from 56 instead of 55 nations.
President Paul Hymans welcomed Turkey's entry as an important
step toward a universal League and stressed Turkey's assurances
that her treaties with Soviet Russia will be compatible with the
League Covenant. Husnu Bey, replying, made a great impression
by using his first League speech to urge clearly, although without
mentioning names, that the League invite the Soviet to take a
greater part in its activities. Various things allow this to be interpreted to mean that Moscow has now become so reconciled to
Geneva that she wants to be placed at least on the same basis as the
United States and invited to join such Permanent League organs as
the economic and financial committees and to attend all League
parleys—starting with the world economic conference to which there
has not yet been any move to invite the Soviet.
The haste with which Turkey entered was partly the result of Ii
desire to be elected a member of the Council when the regular
Assembly meets. The date of this meeting was postponed to-day to
Sept. 26. It was deferred to give the delegates who have spent most
of the year at Geneva more time to consult their governments.
Istanbul, July 16.—A wireless message to the "Times"
said:
The following have been appointed to Turkey's
permanent delegation to the League of Nations: Tewfik Rushbi
Bey, Minister of
Foreign Affairs; Shukru Kaya Bay, Minister of the
Interior; Jemal
Husni Bey, Minister to Berne, and Deputy Nejmidin Sadik Bey,
editor of the newspaper Aksham.
The Foreign Minister will be prevented by an
indisposition from
attending the session of the Assembly Monday.
Turkey Creates State Monopoly of Merchant Marine.
Associated Press advices from Istanbul. 'July 1 said
The Turkish Government has put an end to a
long feud among
private steamship companies by creating a State
monopoly merchant marine which will buy and operate the vessels
of the private lines.
July 1 Balance Sheet of State Bank of Soviet Russia.
The Balance Sheet of the department of issue of the State
Bank of the Soviet Union, as of July 1, received by cablegram by the Soviet Union Information Bureau in
Washington expressed In ehervontzi valued at $5.141
/
2, with
comparison of June 1, follows:
Assets
Gold in coin and bars
Other precious metals
Foreign currency
Draft in foreign currencies
Collateral for short term loans
Securities covering advances
Total
Liabilities
Bank notes transferred to State Bank
Balance to which notes may still be issued
Total
July 1
June 1
67,848,123 65,081,706
1,854,095
2,074,450
3,536,069
3,104,855
140,462
141,943
224,847,264 210,823,059
273,9E17
273,987
298,500,000 281,500,000
292,545,432 276,683,962
5,954,568
4,816,038
'
198,500,000 281,500,000
Argentine's Patriotic Loan Aids Trade—Government
Receives More Than 162,000,000 Pesos.
From a cablegram July 17 from Buenos Aires to the New
York "Times" we quote:
There has been a decided improvement in Argentina's internal economic
situation in the last two weeks as a result of the money put into circulation
trout ths so-calicti patriotic internal loan
Volume 135
Financial Chronicle
so far is only one-third of the amount sought. Funds totaling more than
152,000,000 pesos ($38,000.000) from the loan have been delivered to the
Ministry of Finance with which the Government paid back salaries to the
end of May. The Ministry announced that the funds already received
from the loan will permit payment of50% of all other outstanding accounts,
the balance being payable when further funds are available.
An item regarding the loans was published in our issue of
June 4, page 4082.
Argentine Plans $38,000,000 Issue—Money to Be Used
For Developing Chain of Country and Terminal
Elevators for Grain.
From the New York "Evening Post" of July 28 we take
the following:
The Argentine Government has submitted to Congress the draft of a law
whereby an issue of internal or external 6% bonds, totaling 150,000,000
pesos (about $38,000,000) would be authorized for the construction of a
huge chain of country and terminal elevators, to be operated as a public
service, according to cabled advices received here to-day.
"This move is regarded as the first step in a far-reaching program to bring
about a complete modernization and systematization of Argentina's grain
trade.
Argentine Debt—$1,300,000,000 Owed, Bondholders
Corporation Reports.
United Press advices July 26 from Buenos Aires are taken
as follows from the New York "Herald Tribune":
The annual report of the Bondholders Corp., issued to-day, says that the
Argentine Republic at present owes 5,300,000.000 pesos (approximately
31,300,000,000) in national provincial and municipal obligations. The
report says that it will be a long time before the country can contemplate
further foreign loans.
National obligations were given as 3,871,572,000 pesos, provincial as
1,155,210,765 and municipal, 371,093,570 pesos.
Argentine Province of Santa Fe Debates Moratorium—
Governor Asks Legislature to Suspend Payments on
Foreign Debts.
A cablegram July 26 from Buenos Aires to the New York
"Times" stated:
The Governor of Santa Fe Province has asked the Legislature to declare
a three-year moratorium on payments on the foreign debt and it is expected
that the Legislature will comply.
la The Governor's decision to ask a moratorium results from difficulties
encountered in raising funds necessary for renewal of the Chemical National
Bank's $5,000.000 loan due on Aug. 7. The bank agreed to renew if the
province would pay off 15% of the principal, which at the present rate of
exchange is equivalent to 3,000.000 pesos, which the province could not
raise.
The Minister of Finance formally denied to-day reports that the Federal
Government also was considering a moratorium on its foreign debt. He
said Argentina would maintain its past policy of meeting all obligations.
A moratorium had been suggested in a Congressional committee investigating unemployment, where it was argued it would be better to devote
all funds to public works to give employment to Argentines rather than to
pay interest on the foreign debt. The Minister of Finance had informed the
committee that decreased revenues would produce a deficit this year which
would make it impossible to embark on an expensive program of public
works.
The Minister said he had instructed the National Auditing Bureau to
prepare an estimate of the deficit, which he expected would be ready next
week, when he will submit it to Congress.
Argentine Reports Favorable Trade Balance of $152,605,065 for First Six Months of Year.
As to Argentine's trade balance a cablegram July 22 from
Buenos Aires to the New York "Times" had the following'
to say:
As a result of heavy curtailment of imports, especially of articles formerly
purchased in large quantities from the United States. Argentina's foreign
trade for the first six months of the year showed a favorable balance of
$152,605,065, as compared with a favorable balance of $41,623,145 for the
first half of last year, according to a report of the National Bureau of
Statistics, published to-day.
Exports increased only a little more than $1,500,000, while imports
decreased 3844% from June 30 1931.
The chief decreases were: Fuels and lubricants, 44%; automobiles and
machinery. 7334%; foodstuffs, 40%; iron and iron products, 42%, and
rubber and rubber goods, 56%. Customs receipts declined 1234%.
Rosario, Argentina, to Buy Out Street Car and Bus
Operators.
In a Buenos Aires cablegram July 27 to the New York
"Times" it was stated that Rosario, the second largest city
in Argentina, has decided to solve the long-standing conflict
between the city and the street-car company and omnibus
operators by purchasing both street-car and bus lines, and
operating them as a municipal monopoly. The cablegram
added:
Rosario will float a municipal loan of 4.000,000 pesos (about $1,000,000)
at 6% interest.
The street-car company, which on two occasions has threatened to
suspend service, has agreed to sell out to the city. Rosario will prohibit
the operation of buses whose owners refuse to sell.
The conflict grew out of the competition of buses, which the street-car
company said made it impossible to operate its cars profitably.
713
Payment by Cuba of $500,000 on Short-term Credit of
$2,278,125 Advanced by American Banking Syndicate.
On July 26 Associated Press accounts from Havana said:
The Cuban Treasury to-day repaid $500,000 of the $2,278,125 short-term
credit advanced by an American banking syndicate to meet payments due
June 30 on the external debt. One month's interest on the loan, amounting
to $10,440. also was paid.
The credit was extended by a syndicate headed by the Chase National
Bank of New York and including the National City Bank of New York and
the Continental Bank & Trust Co. of Chicago.
In a cablegram to the New York "Times" from Havana
July 26, it was stated:
At the same time,the Treasury earmarked funds in the amount of $85,000
to be paid on Aug. 1 to J. P. Morgan & Co., and $193,000 to Speyer & Co.,
covering monthly amortization and interest payments and service charges
on these loans.
The credit of $2,278,125 was referred to in these columns
July 25, page 4584.
Cuban Short Term Credit of $20,000,000—Law
Imposing Tax on Profits.
From the New York "Evening Post" we take the following
from Havana July 14:
The Chase National Bank has extended for 60 days the $20,000,000 loan
made to Cuba. The bank received a commission of $33,333.
The Senate has approved a law increasing the duties on rice and establishing a tax of one-half cent per pound on the consumption of rice.
The Senate also approved a law establishing a tax of6% on profits up to
$50,000 and 10% on profits up to $100,000. Foreign corporations with
branches in Cuba will pay a tax of 3% of gross earnings instead of paying
the profits tax.
A previous item regarding the above credit appeared in
these columns July 16, page 400.
Cuba Will Cut Funds of All Departments—Cabinet
Acts to Save $5,000,000 As Revenues Drop—Salaries
Not Affected.
A slash of 10% in the expenses of all departments of the
Cuban Government has been decided upon by the Cabinet
as a result of a sharp drop in revenue since the beginning of
the fiscal year on July 1, said a wireless message July 22,
to the New York "Times," which further stated:
This means a scaling down of about $5.000,000. The economic condition
of the country is such that, despite many tax increases, President Machado
and his Cabinet fear that the revenue will not be sufficient to make up the
$10,000,000 deficit already apparent in the year's budget. Public employees.
however, were reassured to-day by the Secretary of the Treasury, who
announced that no salaries would be cut nor any reductions made in the
Personnel.
The Cabinet also discussed the floating debt of the Republic, now approaching $50,000,000, and the Chief Executive issued instructions to have
all data covering this brought up to date so some plan could be worked out
to satisfy Government contractors and suppliers, who have repeatedly
declared they have reached the end of their resources and must be paid
in order to survive.
No Cuban Moratorium Planned.
The following from Havana, is from the "Wall Street
Journal" of July 23.
Secretary of State Ferrara said that President Machado declared in the
Cabinet meeting that no moratorium of any kind, external or internal,
Private nor public, would be decreed.
Death of Colonel Tarafa, Cuban Sugar Planter, Author
of Tarafa Sugar Bill.
Colonel Jose Miguel Tarafa of Havana, sugar planter,
land owner and railroad operator died suddenly, on July 23,
of a hemorrhage of the brain in his apartment at the Carleton House, New York City. He was in his sixty-second
year. According to the New York "Times" Col. Tarafa,
who commuted between his office in Havana and New York,
arrived here about two weeks ago, in apparent good health.
From the same paper we quote:
Colonel Tarafa was born in Havana, Sept. 12 1870. He was educated
there and at a private school in New York City. He early became active
in sugar growing. During the war against Spain he won his military title
as an aide on the staff of General Calbcto Garcia. .
.
Ally of American Capitalists.
He was closely associated with American capitalists, having big interests
in Cuba. He was President of the Central Cuban Sugar Co. and the Central
Santo Domingo Sugar Co. and of the Cuban Northern Ry., which operates
two branches over 500 miles of track, one from Santa Clara to Port Tarafa
and the other from Jucaro to Moron. He also built the road as an individual
and, after its completion, incorporated it in its present form. Colonel
Tarafa formerly controlled the Central Moron Sugar Co., but later disposed
of his holdings in it.
Although never particularly active in Cuban politics, Colonel Tarafa was
offered the post of Secretary of the Treasury in the Cabinet of President
Gomez, an honor which he declined. In 1927 Colonel Tarafa went to Paris
as personal representative of President Machado in the negotiations to
bring about a restriction of sugar production in his own country and the
sugar producing countries of Germany, Czechoslovakia, Poland and the
Dutch East Indies.
In 1923 Colonel Tarafa caused the introduction in the Cuban Senate of
What was known as the Tarafa bill, providing for the consolidation of some
of the principal railway lines in Cuba and for the elimination of 47 private
Ports, many of them used by American companies for the exportation of
714
Financial Chronicle
their sugar. Protests were made to the American State Department and
satisfactory agreements were finally reached regarding the alleged confiscatory features of the measure.
Colonel Tarafa in September 1924 was elected a director in both the
Cuba company and the Cuba Railroad Co. Prior to this the large interests
represented by Colonel Tarafa on the one hand and the Cuba company on
on the other had been closely linked through the amalgamation of the
Cuba Railroad Co., a subsidiary of the Cuba Northern RR., built and
owned by Colonel Tarafa.
Paternal Interest in Workers.
In 1927 Colonel Tarafa, representing Cuba, conferred with President
Alvarez of San Domingo on a proposal that the two countries agree on a
policy of restriction for their sugar crops.
Cuban Coffee Sales.
According to Havana advices to the "Wall Street Journal"
of July 23, the Cuban Coffee Export Co. has sold around
300,000 pounds of coffee, mainly to the United States and
Spain. It was added that within a few days negotiations
would also be closed with a London coffee firm for the sale of
500,000 pounds.
Registration of Foreigners in Cuba—Decree Exempts
Tourists.
Noting that the Presidential decree No. 479, of April 19,
providing for the compulsory registration of foreigners
residing in Cuba would become effective on July 25 and
that the registration must be completed within 60 days.
Special correspondence from Havana, July 21, to the New
York "Times" said:
Instructions issued by the Secretary of Interior under whose supervision
the National Bureau of Identification will function state that registration
must be made personally at police headquarters of each municipality or
sub-stations designated for the purpose.
Foreigners must present documents of identification, personal description, four small photographs and have fingerprint impressions taken. The
registration fee will be $1.45 plus the cost of photographs.
The certificates or "carnets" issued must be carried at all times for
presentation to any Cuban authority upon demand.
Efforts to levy an annual tax of $5 on each registrant as a source of revenue has apparently been abandoned in view of the indigent condition
of thousands of immigrants here, particularly Spaniards. Jamaicans and
Haitians.
The only persons exempted are representatives of foreign governments,
members of their personal staffs and transients who according to the
Presidential decree will be permitted to remain in the territory 60 days
without registration. A recent statement of the Secretary of Interior
indicates that this period may be extended to 90 days in consideration of
the tourist trade.
While no formal complaint has been made by any foreign government
against the registration of its nationals, doubt is freely expressed here as to
the success of this project since it is known that a great many of the estimated 500,000 foreigners within the Republic are not financially able to
pay even the small sum of $1.45 plus cost of photographs.
The decree requiring the registration of foreigners in Cuba
was referred to in our issue of April 23, page 3007."
Sao Paulo Decree Affecting Service on External Debt
Criticized by Institute of International Finance.
In a special bulletin of the Institute of International Finance made public July 22 by John T. Madden, Director, the
State of Sao Paulo is criticized with respect to its recent
decree concerning the service on its external debt. The
Institute of International Finance is conducted by the Investment Bankers Association of America in co-operation
with New York University. The decree issued by the State
of Sao Paulo on April 28 places in effect a plan by which
the State will issue promissory notes in respect of the
service on a large part of its external debt. The bulletin
says:
"Two classes of promissory notes will be issued, one class corresponding to that part of the service relating to interest and the other corresponding to that part of the service relating to amortization. In each
class of notes there will be added interest at the rate of 5% per annum."
One phase of the decree to which the Institute objected
provides that the State of Sao Paulo may use such foreign
exchange as becomes available for transfer abroad in the
first instance for the purchase of the external bonds of the
State of New York, London, or other centers, and use the
bonds thus purchased at their cost price to redeem under
discount of 5% before maturity the promissory notes issued
in respect of amortization charges. From the bulletin we
quote:
"The provision of the decree whereby the State of Sao Paulo reserves
to itself the right to redeem the notes representing sinking fund, in
preference to the notes issued in respect to default interest, violates
established financial practice.
"It cannot be denied that the primary obligation of the State, under
all circumstances, is to pay matured interest before redeeming the
principal of its external bonds through open market purchases at prices
which have fallen to excessively low levels by very reason of the default.
The arguments put forward by the State in defense of the apparent
disregard of generally accepted financial procedure merit consideration.
Briefly, the State argues that the volume must be lightened; that it
can be lightened only by repudiating part of the principal or by redeeming some of the bonds at prevailing low prices; that the latter
method involves no hardship on a holder willing and able to retain his
bonds; that in fact he will eventually gain whereas the holder who must
sell can find a ready market even though perhaps at a low price.
July 30 1932
"An analysis of the direct external loans in dollars and in other currencies with the approximate annual service due thereon shows that
out of a total of $70,638,000 of Sao Paulo bonds outstanding in dollars
the service on only $34,307,000 or 48.6% will continue to be paid in cash
while the service on $36,331,000 or 51.4% will be paid in notes.
"On the other hand out of a total amount of £33,238,059 of bonds
payable in other currencies the service on £23,567,542 or 71% will be
continued to be paid in cash and the charges on only $9,670,517 or 29%
will be paid in notes.
"The apparent discrepancy between the percentage of service maintained on the sterling loans as against that on the dollar loans is due
to the contention of the State that those of its external bonds secured
.by coffee or by taxes expressed in gold currency should occupy s
preferential treatment as against all other obligations of the State."
The bulletin points out that the decree made no mention
of loans to the Coffee Institute and the Sao Paulo State
Bank which are indirect obligations of the State of Sao
Paulo. Continuing the bulletin says:
"It is understood that exchange will be provided by the Bank of Brazil
In respect to these two loans, and that the service will be paid in full
In cash.
"The principle on which the State has made the decision to defer interest on its direct obligations, while full payment is apparently contemplated on indirect guaranteed obligations is not in accord with
established practices.
"It also appears evident that holders of sterling bonds of the State
of Sao Paulo are receiving a larger share of cash payments, both actually and relatively, than holders of dollar bonds.
"The Institute believes that a more equitable treatment of all creditors and a resolute stand against the easy policy of buying up defaulted
bonds would in the long run have been more in accord with the hitherto
excellent debt record of the State of Sao Paulo."
The bulletin also points out that although the plan was
officially announced as being in effect at this time and was
presumed to have the approval of the National Government,
the Bank of Brazil has not as yet provided the foreign exchange necessary to meet the July 1 coupons of the 8% loan
of 1921-36. The bulletin says:
"The course to be adopted by the Bank of Brazil with respect to
foreign exchange required in connection with the other Sao Paulo
loans on which it has been announced that cash payments will be made
has not been divulged. Thus, as has been pointed out repeatedly in
previous bulletins, the difficulty of attempting to deal with debt problems under existing economic conditions is still obvious where permanent and satisfactory solutions of these problems are concerned."
Japanese Exchange Control—Buying Orders for
Foreign Purchases by Japanese Brokers—Prohibited.
From the New York "Journal of Commerce" of July 22 we
take the following:
In order to tighten its control over foreign exchange and to prevent the
export of foreign money, the Japanese Government now forbids the acceptance of buying orders for foreign securities by Japanese brokers, according
to reports received in Wall Street from Tokio yesterday.
he decree affects only securities originated abroad and does not apply
to Japanese securities marketed in foreign countries and payable in foreign
currencies. However, a decree issued in June compels purchasers of such
securities to offer them to the. Government and to accept payment for them
in yen. The Government presumably would make payment by pledging the
securities with the Bank of Japan.
It is expected that new decrees will be issued applicable to subsidiaries. in
Japan of foreign holding companies. Such decrees would apply to the
transfer of funds to holding companies in payment of dividends.
It was reported that such concerns are now large holders of future dollars
and other currencies, such purchases having been made in anticipation of
future payments. It was considered possible that new decrees might be
issued nullifying contracts already entered into for deliveries of foreign
exchange.
Japanese banks are permitted to issue bills to make payments for necessary imports. As in other countries the exchange control has jurisdiction
In deciding which imports are necessary.
A reference to the rules for the enforcement of the Japanese exchange control law appeared in our issue of July 2,
Page 47.
Japanese Imports Hit by Tariff and Exchange Restrictions—Adverse Balance Now 30,000,000 Yen.
The drop in Japanese exchange and the increase in the
tariff has seriously impeded imports, but has not visibly
aided the general buying power of the country, according
to a cable to the Commerce Department from Commercial
Attache Halle& A. Butts, Tokyo. The Department, July 22,
also had the following to say:
The Empire's six months' adverse trade balance now amounts to
30,000,000 (million) yen, although the last half of the year will likely
show a favorable balance, the report stated.
Effective July 1, the new exchange control law will attempt to curb
possible flight of capital. Agricultural relief is expected by Aug. 15,
probably in the way of a moratorium on farm loans, with new loans made
up to 200,000,000 (hundred million) yen, and appropriations for public
works.
(The yen was 27.47 cents United States on July 20 1932.)
Japanese Bank Plans to Re-open.
From the "Wall Street Journal" of July 19 we take the
following from Tokio.
Meiji Bank of Nagoya, which closed its doors March 4, has prepared a
readjustment plan and hopes to reopen by December. It would pay all
liabilities in full in 15 installments, ending in December 1939. Directors
have supplied 5,000,000 yen of their personal property and efforts are
being made to liquidate loans, which amount to 50,000,000 yen. Deposits
were 45,000,000 yen, but 20,000,000 yen were paid out in the run which
preceded closing.
Volume 135
715
Financial Chronicle
If depositors and other creditors do not agree to the readjustment plan by
December, compulsory arbitration law will be invoked.
Nanking's Expenses Reported As Far Exceeding Income.
In its July 24 issue, the New York "Times" published the
following from Shanghai, June 25:
The City Government of Nanking, now actually China's capital, though
there are two other places which officially rank as such, is practically
bankrupt, and announces that it cannot cover a monthly deficit of $450,000
in operating expenses.
Nanking's monthly revenue totals approximately $330,000. Of this sum
$160,000 is derived from municipal taxes, $50,000 monthly comes as a
subsidy from the Central Government of China and a railway surtax levied
nationally brings in about $120,000.
But the monthly expenditures somewhat exceed $780,000, of which
$230,000 goes for administrative expenses and $550,000 for payments on
uncompleted public works.
At present Loyang in Honan Province and Sianfu in distant Shensi
Province are officially the capitals of China.
Chinese Customs Drop—July Receipts Are $1,000,000
Under Short-term Loan Commitments.
Under date of July 26, Shanghai advices to the New York
"Times" stated:
A prospect of default on Chinese Government debt payments was revealed
in a statement to-day by T. V. Soong, the Minister of Finance.
This showed that the customs revenues for July were more than
$1,000,000 below the short-term debt commitments. The June deficit of
these revenues below debt requirements was only a little more than
$30,000.
Mr. Soong's statement denounced Japan, declaring that the seizure of
the Manchurian customs by the Government of Manchukuo was responsible
for China's plight.
Prior to this seizure the Manchurian customs brought the Nanking Government more than $500,000 a month, but official statements and figures
indicate that other causes are contributing to the July deficit, for the
month's custom collections are estimated to total only 9,400,000 tads as
against more than 19,000,000 in July last year.
Chinese bonds had been declining rapidly on the local markets prior to
Mr. Soong's revelation. The danger of the deficit is political and military
as well as financial. Foreign as well as domestic bond interest and amortization payments have been depending on the customs receipts. If deficits
continue the Government will be hard put to it to finance the campaign
against the Communists and also must default on the subsidies to the
various regional war lords, who are already restive.
Funds for Customs Receipts Deposited in Japanese
Bank of Dairen.
The following Shanghai cablegram, July 15, is from the
New York "Times":
The Manchukuo Finance Ministry announced yesterday that 500,000
taels [about $150,000 at the current exchange] in customs receipts had
been deposited in the Japanese Bank of Dairen for surrender on demand of
Nanking customs officials or foreign nations for payment of Manchukuo's
share of China's foreign obligations secured by customs receipts. Any
possible deficiency would. be made up by .Manchukuo's funds, the Minister
said.
Manchukuo is prepared to retaliate for the Chinese refusal to accept
Manchukuo mail following the introduction of new stamps on Aug. I.
Manchukuo will then decline to accept Chinese mails and will also cut
off the shortest Chinese mail route to Europe via Siberia.
Manchukuo holds the sanction of the Postal Union for stamp issues is
not necessary, but that if trouble develops it is prepared to forward
Manchurian mail through Japanese channels.
addition, cash margins are exacted. The claim that the Farmers National
Grain Corporation has not sufficient financial responsibility to be allowed
credit to that limited extent is without substance. Adequate financial
responsibility, considering the nature of the credit extended, is all that is
required bylaw. There is not a suggestion that the Farmers National Grain
Corporation has defaulted in any obligation incurred on the Board of
Trade. In denying to the petitioner the clearing privilege, lack of financial
responsibllity was not assigned as a reason, and the objection raised now is
In the nature of an afterthought and without substantial basis.
Other points have been urged upon us, but in our judgment they are not
of sufficient weight to require discussion. We are of the opinion that the
petitioner has sustained the burden of proof in respect to its qualifications
for enjoyment of all privileges of the Board of Trade, including the clearing
privilege; that the clearing privilege has been unjustly denied it, and that
the denial is the result of rules established and action by the Board of
Trade, and that the Board of Trade is directly responsible for this denial,
and by that denial it has violated the provisions of the Grain Futures Act
and has failed to comply with the requirements of that Act, so as to render
it subject to suspension or revocation of its designation as a contract market.
Any conclusions or findings of fact contained in this opinion will be considered part of the findings of fact made by the Commission.
Under the applicable statute, the Commission has the choice of suspending or revoking the designation of the Board of Trade as a contract market.
There is nothing in the statute which expressly authorizes us to place any
limitation or condition on the imposition of eitner penalty. However, we
believe we have power to reeterve jurisdiction to mitigate the penalty here-
after on a proper showing that the Board of Trade has so modified its
action as to warrant mitigation.
Order.
The Commission having duly considered all the evidence in this case and
the arguments of counsel, and having made its findings and conclusions
aforesaid, it is hereby ordered and adjudged that the designation of the
Board of Trade of the City of Chicago, respondent herein, heretofore
made by the Secretary of Agriculture in pursuance of the Grain Futures
Act of 1922, be and the same hereby is suspended for a period of 60 days
from the date this order shall become effective. This order shall not
become effective until the expiration of 15 days from its date. The Commission hereby reserves Jurisdiction to entertain an application for mitigation of the penalty herein imposed, upon notice to all parties and after
proper hearing, and upon a showing that the Board of Trade has receded
from its position with respect to the petitioner.
From the "United States Daily" of July 25 we quote the
following:
Appeal May Be Taken.
Counsel for the Board of Trade,at a recent hearing before the Commission
on the case, stated that an appeal to the Circuit Court of Appeals, as provided by law, would be taken if the action of the Commission were adverse
to the Board.
The Commission in its opinion denied a motion of the Board of Trade to
dismiss the proceeding on the ground it is premature, held that the Board
is responsible for the actions ofits clearing house,and ruled that the clearing
privilege is a privilege of the Board within the meaning of the section of the
Grain Futures Act requiring that all privileges of the Board shall be available to co-operatives, that incorporated co-operatives are entitled to these
Privileges in their corporate capacities, and that the Farmers National
meets the requirements ofsection 5(e) of the Act for Board of Trade membership and privileges.
First Such Proceeding.
The Commission declared that where questions of law were debatable
that it resolved any doubt in favor of the Farmers National, "so that the
case may reach the courts for judicial settlement of the controverted questions."
The proceeding on the complaint of the Farmers National Grain Corporation, was the first to be had before the Corandesion created by the Grain
Futures Act.
The action of the Commission was taken under section 5(2) of the Grain
Futures Act which provides that as a condition of contract market designation, a Board of Trade must "not exclude from membership and any and
all privileges on such Board of Trade, any duly authorized representative
ofany lawfully formed and conducted co-operative association of producers."
With regard to the rule of the clearing house of the Chicago Board of
Trade excluding from its membership corporations not members on April 2
1929, the Commission declared that "it is not open to a contract market to
adopt a rule, even though it be uniform, which has the effect of denying to
a great body of incorporated co-operative associations essential privileges
of the contract market." It was further noted that it is "essential that the
incorporated co-operative association as such shall itself enjoy the full
Privileges of trading on the contract market."
Chicago Board of Trade Barred from Privilege of Trading for 60 Days by Commission of Cabinet Officers
Created Under Grain Futures Act—Adjudged
Guilty of Violating Act in Excluding Farmers
National Grain Corporation From Clearing House
Privileges.
In its Washington advices July 23 the New York "Times"
An order suspending trading on the Chicago Board of said:
Political Results Are Predicted.
Trade for a period of 60 days (from August 8) was issued
Political repercussions were predicted as a result of the order. In some
on July 23 by a Commission of Cabinet officers created
its drastic nature was viewed as having a political tinge.
under the Grain Futures Act. The members of the Com- quarters
The Board of Trade has long been antagonistic toward the Farm Board
mission are Arthur M. Hyde, Secretary of Agriculture; and its policies.
For this reason there has been a tendency on the part of the grain men
William D. Mitchell, Attorney-General, and R. P. Lamont,
lean away from the Hoover Administration, on the theory that the adSecretary of Commerce. The Board is- alleged to have to
ministration's sponsorship of the Farm Board and co-operative activities
violated the Grain Futures Act in excluding the Farmers were detrimental to the organized trade.
The appointment of Everett Sanders, representative here of the grain
National Grain Corporation from the Board's Clearing
trade, as Chairman of the Republican National Committee, was viewed by
House privileges. References relative thereto appeared in some observers as an attempt
to mitigate this hostility.
Since then, with the nomination of Governor Roosevelt for President, a
these columns April 23 1932, page 3010; June 4, page 408.5;
the
grain
softening
of
trade's
hostility
toward Mr. Hoover has been observed.
July 9, page 208; and July 16, page 402. In presenting its
conclusions, and issuing its order for the suspension of trading
The "Times" of July 25 also stated:
Dealers in grain here expressed themselves in sympathy with the attitude
by the Chicago Board of Trade, the Cabinet Commission
of the Chicago Board of Trade, which for years figured in disputes with the
of the three said:
Government over the handling of trading and over the stabilization operaThe Federal Farm Board Is In the business of encouraging and supporting tions of the Farm Board. Wheat traders feel that the Government itself
co-operative associations of this kind, and has a mandate from Congress has been the first to break the trading rules laid down by the Chicago Board
to carry out that policy. As a matter of practical common sense it is not of Trade and to seek special privileges which members and others do not
reasonable to suppose that it would take action defeating that purpose. have.
However, there are other considerations. The evidence shows that all
The Government is charged by grain brokers with having run a corner
trades on the Board of Trade are cleared through the Clearing House at the In May wheat last year. It was run for the benefit of the American farmer.
end of each day's business, and daily settlements required from all traders. but nevertheless constituted an infraction of the trading rules of the ExIn addition to that, as each trade is made and before the end of the day is change, it was said last night. The attitude of grain traders is for free and
reached, every trader may be required to put up a cash margin to cover open markets, it was explained, and there is much resentment over the
his trades In an amount fixed by the rules of the Clearing Corporation interference which has come from Washington at various times.
sufficient to protect all of Its members, having in mind the state of the
The Farmers' National Grain Corp. brought charges against the Chicago
market. The only credit extended by the Clearing Corporation is credit Board of Trade several months ago, complaining to the Department of
for one day's business, to be settled for at the end of the day, and, in Agriculture against the refusal of the futures market to grant it the privilege
•
716
Financial Chronicle
of clearing its transactions through the Board of Trade Clearing House
Corp.
The privilege formerly was obtained by the Farmers' National Grain Corp.
through its ownership of the Updike Grain Corp., which was a member of
the Clearing House. The Updike corporation was suspended for alleged
violations of the clearing regulations, leaving the farmers' corporation
without clearing privileges.
The Farmers' National Grain Corp., in the interim. has.been instructed
by the Federal Farm Board to take steps to liquidate Government loans as
rapidly as possible, as it is faced with a possible decided reduction in the
volume of grain it will handle. Branches have been closed at Des Moines.
Duluth, St. Paul, Omaha and other important grain centres as a result of
this restriction of the farmers' corporation's activities.
Charges that the Government's activities in the grain business have caused
a loss of confidence abroad in American wheat prices have been made repeatedly in the past two years by the heads of the leading grain markets here
and many additional restrictions that have sprung up in various foreign
countries have been blamed directly on the situation affecting trading here.
Elsewhere we refer to the attack by the Chicago Board of
Trade on the validity of the Grain Futures Act, as a result
of the Commission's order.
Grain Trading Hangs on Court Decision—Federal
Commission Points Out How Chicago Board of
Trade May Continue Dealing
That the Chicago Board of Trade may avoid the 60
days' suspension imposed on July 23 by Attorney General
Mitchell and Secretaries Hyde and Lamont under the provisions of the Grain Futures Act, was pointed out on July 25
in their reply to what they termed "misleading" statements
by President Carey of the Board of Trade. According to a
Washington dispatch July 25 the Commission's statement
was interpreted by representatives of the grain trade as an
attempt to soften the determined fighting attitude of the
Board of Trade, said the "Times" dispatch, which likewise said:
It came also in the midst of great anxiety expressed by farmers in telegrams to the Farm Board. These telegrams declared that the closing of
the exchange might work hardship on the farmers instead of benefiting them
about the time the new wheat crop is coming on the market.
According to Republican leaders representing the wheat States, great
anxiety exists there and fear is entertained that the closing order will
produce a situation injurious to the wheat producers and may have an
unfavorable political reaction against the Republican party.
The Commission's statement follows:
Text of Commission's Statement.
Statements reported in the press to have been made by the President
of the Chicago Board of Trade respecting the possible effect on the grain
trade of a suspension of the operations of the Chicago Board of Trade as a
result of the recent decision of the Commission under the Grain Futures
Act, are calculated to mislead the public as to the situation.
The officers of the Board of Trade and their lawyers know quite well
that in the end the operations of the Board need not be suspended. If
they are making any public statements on the subject, they should reassure
the grain trade instead of creating uneasiness by statements as to the inurious effects of suspension of the Board's operation.
It is to be hoped that the Board's President, to discredit the administration of the law, or to satisfy some antagonism, has not gone so far as to
make unfounded predictions creating business uneasiness.
Congress has provided that grain exchanges must allow farmers' cooperative associations of producers full privileges of trading on such exchanges on compliance with certain conditions. The Commission, after a
hearing, found on the facts and the law that the Chicago Board of Trade
had illegally denied trading privileges to the Farmers' National Grain
Corporation. Congress has directed that in such case the Commission
shall do one of two things, i.e., either permanently terminate the operation
of the Board of Trade or suspend its operations for not exceeding six months.
The act of Congress might have appeared less drastic if instead of
providing for penalties it had provided merely for a Commission order
requiring the Board of Trade to grant membership to the grain co-operative,
with power in the courts to enforce the order by mandatory injunction.
However,for practical purposes the result is the same.
The law allows an appeal by the Board of Trade to the courts to review the Commission's order, and if appeal is taken, the order does not
become effective unless sustained by the final decision of the courts. If
the courts set aside the order the operations of the Chicago Board of Trade
would not be interrupted. On the other hand, if the courts sustain the
Comn:ission and hold that the Farmers' National Grain Corporation is
entitled to membership, it is to be assumed that the Board of Trade will
bow to the conclusion of the courts and grant full trading privileges to the
Farmers' National and thus open the way to an application by the Board of
Trade to the Commission to mitigate the penalty. Provision for such an
application is made in the Commission's decision.
It is hardly to be expected that the Board of Trade would choose to
suspend business rather than obey a court decision sustaining the right of
the Farmers' National to membership. There is nothing to this case
except the question whether the Farmers' National shall have full membership on the Board of Trade and a penalty has been contingently provided
for, sufficiently severe to insure admission of the Farmers' National. if
the courts hold it is entitled to membership.
President Carey Says Chicago Board of Trade Will Remain Open—Controversy with Farmers' National
Grain Corporation.
A statement by Peter B. Carey, President of the Chicago
Board of Trade, indicating that it was the intention of the
Board to remain open, was given in the Chicago "Journal
of Commerce" of July 25, from which we quote as follows:
"Pit" Officials to Fight.
"The Board of Trade will stay open," Mr. Carey declared emphatically, "and it will not compromise by yielding to the Commission and admitting representatives of the Farmers' National Grain Corporation to the
clearing corporarion "
July 30 1932
The Grain Corporation had complained to the Grain Futures Commission that the Board had discriminated against co-operative organizations by
refusing to admit that organization to its clearing corporation. Fifteen
days were allowed by the Commission to appeal to the courts.
"We intend to appeal the case to the United States circuit court of appeals, as provided by the Grain Futures Act, and we believe there is no
question that the decision of the Commission will be reversed.
"There need be no fear of the Board of Trade closing its doors under
the order of this Commission, and we intend to take every legal step possible before accepting the decision of the Commission," Mr. Carey asserted.
Would Spell Chaos.
Closing of the Board at this time would mean chaos for the grain trade,
he continued, since between 85 and 90% of the wheat crop is handled on
the Board of Trade.
"To close the Board at this time would mean greatly increasing the
spread between the price paid for grain and the amount received by the
farmer. It would be impossible for Minneapolis, Winnipeg and other
cities to handle the volume of transactions that passes through Chicago.
Hedging would oe impossible and the milling industry would be seriously
Injured."
A statement by Weymouth Kirkland, counsel for the
Board of Trade, is also taken from the same paper July 25:
Lawyer Clarifies Charges.
Mr. Kirkland said that the present controversy grew out of the refusal
Farmers'
National Grain Corporation to allow the Board to examine
of the
Its books. The Board had expelled the Updike Grain Corporation which
the Farmers' National had purchased. Then the Farmers' National applied
for membership in the Board's clearing corporation. Mr. Kirkland
explained that a properly and legally constituted co-operative is entitled to membership and that when the Board began to investigate
to determine whether the Farmers' National was a true co-operative,'the
latter refused to open its books.
"The Farmers' National's employees gave testimony at the hearing
proving conclusively that the organization was not a true co-operative,"
Mr. Kirkland said in telling of the Washington inquiry.
"According to the Capper-Voistead Act and the Grain Futures Act a
lawfully constituted co-operative must do at least 50% of its business with
Its own members. George S. Milnor, general manager of the Farmers'
National, admitted on the witness stand that his concern did more than
50% of its business with non-members."
Founded in 1848.
The Board of Trade was founded in 1848 and has operated continuously since. Futures trading dates to the Civil War.
Last year grain futures sales through the Board of Trade totaled 11,480,178,000 bushels, of which there were 6,911,433,000 bushels of wheat,
3,874,219,000 bushels of corn, 426,307,000 bushels of oats, and 268,219,000
bushels of rye. This was an exceptionally small year. Total futures
sales in 1925 were 26,895,040,000 bushels.
G. S. Manor Says Farmers' National Grain Corporation
Has Clearing Privileges on Exchange Other Than
Chicago Board of Trade.
From Chicago, July 25, Associated Press dispatches
stated:
George S. Milner, General Manager of the Farmers' National,said to-day
that the Government-sponsored co-operative had clearing privileges in
"every other important trading mart in the United States" except the
Chicago Board of Trade.
"In all their hue and cry about being closed up," Mr. Milner said,
"President Carey and others of the Board overlook that part of the Government's decision that would set aside the closing order if the Farmers' National were given clearing association privileges.
"It's just a plain case of Carey trying to lead the Board to suicide."
New York Produce Exchange Sees Little Likelihood of
Chicago Board of Trade Being Closed.
The following is from the New York "Times" of July 26:
Although the Chicago Board of Trade has been ordered by a Federal
Commission to suspend trading for 60 days, beginning on Aug. 8, because
of its alleged discrimination against the Farmers' National Grain Corporation, the New York Produce Exchange is not making any plans for taking
care of the Chicago business in grains, an officer of the Exchange said
yesterday.
It was stated that the Board of Trade was ready to fight the order,
through injunctions and other legal action. Members of the Produce
Exchange said they thought there was little likelihood of the Chicago Board
of Trade being closed. Several said plans for taking care of the Chicago
business would not be considered by the Produce Exchange unless it was
requested by the Board of Trade.
President Lincoln of Kansas City Board of Trade
Opposes Closing of Chicago Board of Trade.
W. B. Lincoln, President of the Kansas City Board of
Trade, said on July 24, according to Associated Press advices
from Kansas City, that the closing order issued against
the Chicago Board of Trade would be protested by grain men,
milling representatives and banks of this section. "Responsibility for such a drastic move should be too great for
any one man or group of men to assume," Mr. Lincoln said:
The Associated Press further reported:
Markets have already become imperiled by Farm Board policies and by
the recent imposition of a heavy tax on commodity trades, which reflect
Injury back on the farmer. The farmers in the Southwest are now getting
little more than 20 cents a bushel for their wheat on the farm.
With the movement of the new winter wheat crop at hand, the spring
wheat movement just starting with a heavy crop, the Secretary of Agriculture might well stop and consider the effect on the producer.
President of Buffalo Corn Exchange to Support
Chicago Board of Trade in Opposing Federal Closing Order.
E. E. McConnell, former President of the Buffalo Corn
Exchange and now President of the McConnell Grain Cor-
Volume 135
-
Financial Chronicle
poration, said on July 25 the local grain dealers would
offer moral support and cash if needed, to aid the Chicago
Board of Trade in its fight against the Federal order. Associated Press advices from Buffalo July 25 quote Mr. McConnell as saying:
The Government'si attempt to close the Chicago Board of Trade because
of its supposed discrimination against a co-operative association strikes at
the very root of American business.
Chicago Board of Trade Files Appealfrom Government's
66-Day Suspension Order.
Associated Press dispatches from Chicago yesterday
(July 29) stated:
The Chicago Board of Trade filed in the United States Court of Appeals
to-day its appeal from the Government decree suspending the Board as a
grain futures market for 60 days.
By taking refuge in the Federal Court the Board stayed off indefinitely
the closing order that would have become effective August 8.
717
and its purpose was to place the co-operative in a strong financial position
for ten years and liquidate its debt of $16.295,394 to the Government.
Announcement of the funding pact was made last night by C. E. Huff.
President of Farmers' National, who said it provided for payment of specified sums annually, beginning May 31 of each year, until the full amount
of the Farm Board loan is paid in 1942. The debt, however, will be reduced to $16,000.000 by next November 30.
Report of Farmers' National Grain Corporation for
Year Ended July 1.
On July 26 Associated Press advices from Chicago said:
The farmers National Grain Corporation, sponsored by the Farm Board,
reported to-day a "substantial increase" in its trade during the year ended
July 1. The increase, the annual report disclosed, was particularly noticeable in the co-operative's direct marketing program.
Of the 28 member co-operatives. 19 marketed their grain direct from
country elevators through the Farmers National.
"Of the total wheat exports from Galveston from July 1 1931, to July
1 1932. the Farmers National handled in excess of 60%." the report said.
George S. Milner, General Manager of the Co-operative, explained that
"we also handled large exports from other Gulf and ocean ports," the increase necessitating the acquisition of more storage space.
By ownership or lease the co-operatives had "more than three times the
capacity in country and terminal storage space than at the beginning of the
1931 crop season."
In the terminal markets the co-operatives had storage capacity of 53,373,637 bushels, with 20,093,628 in the country.
During the year a seed envision was established at Ogden, Utah, and.
under the present plans, this will be extended to other sections.
Chicago Board of Trade to Test Validity of Grain.
Futures Act.
It was announced on July 25 that the Chicago Board of
Trade plans to file a petition in the U. S. Circuit Court
of Appeals to test the validity of the Grain Futures Act,as a
result of the order of the Cabinet Commission, suspending
trading on the Board for a period of 60 days; the Board
Alabama Public Utilities Ask Clarification of Order of
has been adjudged guilty of violating the Grain Futures Act
Public Service Commission—Hint at Resistance to
in refusing Clearing House privileges to the Farmers' National
Ruling on Depreciation if It Implies Halting of
Grain Corporation. The conclusions of the Cabinet ComDividends—Defend Present Policies.
mission are referred to elsewhere in this issue of our paper.
From the New York "Times" of July 20 we take the
On July 27 a Chicago dispatch to the New York "Times"
following:
stated:
The Chicago Board of Trade's directorate voted unanimously this afternoon to appeal to the Federal courts from the order of the Grain Futures
Commission to close its trading in futures for 60 days. The directors
authorized not only the immediate filing of a petition in the United
States
Circuit Court of Appeals in Chicago, but the carrying of the appeal to the
Supreme Court if necessary.
Weymouth Kirkland, counsel for the Exchange, stated after the directors' meeting that a petition would be filed in the Federal Court, probably
early next week, but certainly before the expiration of the 15-day
grace
period provided by the grain commission in its ruling announced last
Saturday July 23.1
"Another political manoeuvre," was the retort to-day of Peter B. Carey,
President of the Board of Trade, to the statement of the three
Cabinet
members, composing the Commission, that his statements on the
effect
of the order were "calculated to mislead the public as to the
situation."
"Those charges are utterly false," Mr. Carey asserted. "It was
necessary for us to act quickly to retain public confidence when
the Commission itself informed the public through newspapers that the Board of
Trade
was suspended for 60 days, when the Board did not receive its
notification
until 10:30 Monday morning."
Mr. Carey pointed out that, contrary to the Federal
Commission's
"attempt to create the impression that the Exchange is opposed
to cooperatives," truly'co-operative marketing organizations have held
membership on the Exchange for many years "without squabbles
similar to those
of the Federally subsidized Farmers' National Grain
Corporation."
That the world trade in grains viewed any
immediate effects of the
Federal order to close the world's largest hedging
market lightly was indicated by the upward trend in prices in the pits to-day.
The rise followed a drop yesterday, which grain merchants
credited to alarm over the
Commission's action, since world cable news and all
other commodity
markets werefirm or bullish. One official of the
Exchange pointed out that
the drop in wheat prices yesterday probably
had cost the Farm Board
itself between $200,000 and $300,000.
The Exchange to-day arranged for an
extension of its daily trading period.
By remaining open 45 minutes later in the
day, it is expected that Western
grain operations will be aided materially.
From the Chicago "Journal of Commerce" of July
26
we take the following:
The Board's operations went forward as
smoothly as ever yesterday
although the international character of its activities
caused inquiries
to be made by the Liverpool exchange. The Board notified
all inquiries
that the decision of the grain futures commission had
had no effect on
trading. Directors of the Board will meet at 2:30 p. m.
to-day to discuss
its pending action with Weymouth Kirkland, counsel
for the Board.
Trading Gratifies Board.
"Response of the markets to-day, when September wheat,
the most
active future, was traded within a price range of
l@1% cents,
cents under the previous session, naturally gratified the clewing
Only
Board of
Trade," said l'resident Peter B. Carey. He continued:
"We regard the firm tone with which the market greeted
announcement of the Commission's decision as an expression of public
confidence
that the Board of Trade will succe,sfully weather thi- late,t attack.
In
fact, representatives of many allied and outside businesses
assured us todaY of their heartiest support.
"It is possible that the public has become immune to
Governmental
shocks. It has witnessed the dissipation of $500,000,000 in three
years by
the Farm Board. This was taxpayers' money and after the farm
board
dose the public may accept all else as an anti-climax.
"Inquiries as to the disposition of trades were received from
points as
distant as Liverpool. We are grateful for the co-operation which
made it
possible for the market to function without undue disturbance."
Farmers' National Grain Corporation Signs Agreement
to Liquidate Debt of $16,295,394 to Federal Farm
Board in Ten Years.
From the Chicago "Evening Post" of July 13 we take
the following:
A debt funding agreement was in operation to-day between the Farm-
ers' National Grain Corporation and its sponsor, the Federal Farm Board,
Representatives of the Commonwealth & Southern Corp., which controls
the Alabama Power Co., are planning to meet the Public Service Commission of Alabama as soon as possible to clarify certain details of the Commission's order with respect to utility depreciation and dividend policies and
to indicate their willingness to collaborate in arriving at sound bases for
regulation.
After a study of the Commission's orders of last week on these matters,
it appears to the Alabama Power representatives that the Commission may
wish to arrive at a new basis for the computation of depreciation, whereas the
company's present policy is considered adequate by its officials. They also
feel that the Commission may not have intended, as the wording of its order
would indicate, that no dividends could be paid by the operating company
until it should have proved to the Commission that it had provided for
reasonable and proper reserves.
Challenges Threat on Dividends.
The position of the company is understood to be that it is ready to discuss
with the Commission what should be provided for reasonable and proper
reserves, but that it does not agree that the Commission has the right to
order that no dividends shall be paid until proof is submitted. In other
words, the company's representatives will try to find a basis of agreement
as to how depreciation should be computed and what should be the measure
of the adequacy of reserves, but it is held that it would be a hardship, in the
meantime, to deprive the holding company of dividends earned on common
stock.
The Alabama Power Co. has been charging a calculated amount to gross
income as depreciation reserve, and it is believed ready to resist, unless
convinced of its reasonableness, the Commission's apparent desire that
depreciation be computed on a "straight-line" basis. This term means that,
for each type of apparatus, the useful life be calculated by engineers, and
sufficient funds set aside each year to retire that particular apparatus before
it is obsolete. Thus, the average life of the entire plant could be determined
and over-all depreciation provided for accordingly.
Hold Present System Adequate.
Representatives of the company argue that annual depreciation set aside
from gross income on a basis found by experience to be adequate for retirement of plant which becomes obsolete is a proper manner of treating the
problem. The annual report of the consolidated Commonwealth & Southern
System shows, for instance, that in 1931, depreciation set aside from earnings was $9,547,161, equal to about 7.5% of the gross revenues of $128,765,836. Reserves of $65,761,651 on the balance sheet on Dec. 31 1931 were
6.2% of the $1,050,963,791 invested in property.
An unusual variety of opinion is available on depreciation, and virtually
every authority who has made a study of the question has arrived at a
different viewpoint.
In any event, earlier impressions that the utility industry had viewed as
sound the Alabama Commission's rulings, gained before the text of the
orders was available here, were erroneous, and the actual form of the
rulings, in so far as it applies to non-payment of dividends pending proof
of the adequacy of depreciation, was viewed as excessive and as setting
as dangerous a precedent as the orders handed down in Wisconsin, for
instance.
The Alabama Commission's ruling was referred to in our
issue of July 23, page 575.
Reports of Propaganda to Disturb Confidence in Banks.
Associated Press advices as follows from Chicago, July 28,
are taken from the New York "Evening Post":
Authors of social revolutionary propaganda found in a Pontiac, Mich..
hotel were sought to-day by the Secret Service and detectives everywhere
as the directors of a nationwide campaign against the confidence of bank
depositors.
Chicago bankers, Government officials and Michigan police unhesitatingly blamed the Communist Party for a systematized attack on the
Integrity of financial institutions in many large cities. part'eularly the
runs which threatened every bank in Chicago last month: It was sad by
0. L. Sm'th, Prosecuting-Attorney at Pontiac, to have been backed by
Soy et Russia.
William Z. Foster, Communist candidate for President, denied his
organization had sponsored a whispering campaign against the First
National Dank of Pontiac, or that a man known as George Rowland, in
whose room seditious letters were found was a member of the party.
•
718
Financial Chronicle
Strict Sedition Law.
Illinois's drastic sedition law, providing 20 years' imprisonment and
directed against "any one who advocates reformation of the Government
by violence or any other unlawful means," was eyed as the handiest weapon
should any radicals be caught and connected with the Pontiac literature.
Some of the letters were signed, "Yours for the revolution," and some
discussed "bringing about the unrest which will lead to the revolution."
Chicago's June bank runs closed more than 40 institutions, including
two in the Loop, and caused the city's soundest financial citadels to store
upwards of $100,000,000 in cash on hand in order to meet demands of
depositors.
The situation here, no longer acute, appeared definitely linked wit
references in the Pontiac letters sent from Chicago, advising Rowland
that there was "much progress here" and "considerable runs on jugs in
Loop."
Traylor Blames "Radicals".
Melvin A. Traylor, President of the First National Bank and former
head of the American Bankers' Association, blamed the "radicals." He
said he believed the "plot to be nationwide," and that he had reports from
many cities that a similar system was used in frightening depositors by
anonymous telephone messages.
Rowland's letter told of a plan, discussed but abandoned, of starting
simultaneous runs in many key cities.
Other Chicago bankers told how radicals opened 300 to 400 bank accounts
and then withdrew them simultaneously, spreading news of the "run."
Seven Milwaukee Banks Operate on "Moratorium" Basis—
Withdrawals Temporarily Suspended
Following a decision to remain open on a "moratorium"
basis, seven independent Milwaukee banks temporarily
suspended withdrawals on commercial, checking and savings accounts beginning July 21. Announcement of this
was made on July 20 by Frank W. Kuehl, stabilization director of the Wisconsin State Banking Department. According to Mr. Kuehl the banks which have suspended withdrawals on old accounts are:
Park Savings Bank, 3405 W. Lisbon Avenue.
Mitchell Street State Bank, 1041 W. Mitchell Street,
Milwaukee Commercial Bank, 440 W. Wisconsin Avenue,
Lincoln State Bank, 1216 W. Lincoln Avenue.
Teutonia Avenue State Bank, 2803 N. Teutonia Avenue,
Southern State Bank, 3068 S. Thirteenth Street,
West Allis State Bank, 6125 W. National Avenue.
The Milwaukee "Sentinel" of July 21, from which the
above is quoted continued, in part:
Under the so-called stabilization plan, the banks will pay out nothing on deposits of any nature at the present time, this being the order
of the banking department. Waivers and agreements will be sent to
all depositors immediately and when depositors of any bank, with deposits to an amount approved by the Banking Department, give their
approval such bank will operate on the stabilization plan.
This agreement provides that the depositors shall accept his or her
deposits on a percentage basis over a period of 36 months, the deposit
drawing 3% interest during the period it remains in the bank.
The schedule of payments would be as follows:
5% in 6 months.
5% in 12 months.
10% in 16 months.
10% in 20 months.
15% in 24 months.
15% in 28 months.
20% in 32 months.
20% in 36 months.
The banks operating under the plan will be permitted to remain
open for business; to accept new deposits; to permit withdrawals from
such new deposits. It is possible, under the plan, for these banks to
pay off the old deposits more rapidly than called for in the schedule
in the event the bank's condition is such as to permit such payment
to be made.
The plan is one provided for in the banking legislation adopted at
the special session of the legislature.
Coincident with the announcement that the seven banks had gone
on the stabilization plan, it became known many of the banks involved
in the present situation are putting forth renewed efforts to strengthen
their financial structure and go back on a "business as usual basis."
Stockholders of some of these banks are to be assessed and, as soon
as the hysteria and pressure are relieved, the temporary arrangements
are slated for the discard. Officers and directors of the Security
Bank, closed Monday night, (July 18), are hopeful their institution
will be reopened within a few weeks, with every depositor amply protected.
Offices of the banks that have elected to operate under this program
were of the opinion there would be no loss to depositors, especially
with the stock assessments that will strengthen the capital structures.
One bank in the county, the State Bank of Hales Corners, went on
a four day vacation. Town officials declared a holiday so as to give
the bank an opportunity to "get squared away" and to give the officers of that bank an opportunity to show the patrons it is solvent
and safe so long as its patrons stand by and give their support.
Most of the independent banks in the city invoked the notice clauses
in their savings deposit contracts and were demanding 30-day notices
for withdrawals of $100 or less and 60-day notices for withdrawals
in excess of $100. Wherever such notices will work a hardship, especially where illness or death enters a family, the bankers are putting
forth every effort to provide their patrons with the funds needed.
Some of the banks, with the co-operation of their depositors, are
paying off a percentage of savings accounts and, by reason of such
co-operation, have not found it necessary to invoke the notice clauses.
Four Day Business Holiday in Beaufort, S. C.
From the New York "Sun" we take the following from
Beaufort, S. C., July 22:
began a
It looked like Sunday in Beaufort to-day as the town
Bristol.
four-day business holiday under orders of Mayor W. R.
Every business house in town except filling stations and drug and
grocery stores were ordered closed until Monday.
July 30 1932
Mayor Bristol said the move was taken to "give the banks a chance
to catch up."
Hardware stores, dry goods stores, restaurants, automobile houses
and many other business establishments were padlocked.
"We're getting fine co-operation from the business men," Mayor
Bristol said. "They have caught the spirit of the idea and are cheerfu
carrying it out."
Meeting of Governors of Federal Reserve Banks With
Federal Reserve Board, Matters Discussed Said to
Bear on Loan Policy Under Act Broadening Powers
of Reconstruction Finance Corporation. Currency
Plan a Topic. Home Loan Bill Amendment Permitting $1,000,000,000 Issue Also Affects System.
The governors of the twelve Federal Reserve Banks met
in executive session with the Federal Reserve Board, on
July 15, according to oral statements made at the Treasury
Department and the offices of the Reserve Board. The
"United States Daily" of July 16 with reference to the
meeting said:
The meeting, which was termed orally "a scheduled meeting of all
the Governors" is the third held since April when the heavy openmarket operations were begun by the Board, according to the information. Additional information made available follows:
After meeting in the morning with the Reserve Board the Governors
and officials accompanying them, called at the office of the Secretary
of the Treasury. Some of the officials, including the one who acted
as secretary In the meeting of the Governors and the Board, conferred
with Secretary Mills, Under-Secretary Ballantine and Assistant Secretary Douglas.
Meetings of the Governors are held at irregular intervals but have
been convened about every six weeks since late Winter. Six weeks
have elapsed since the last meeting was held and the decision was
reached to slow down the open-market operations.
One of the questions discussed by the Governors was the power
granted to the Reserve Banks by the new relief bill to make loans directly to individuals and corporations; methods for handling such loans
if the bill is passed and the loans authorized were considered.
The following further information from Washington
July 15, is from the New York "Times."
Matters of major policy, including the action to be taken uncles
pending legislation, were discussed, according to the understanding.
Among the most important legislation is that feature of the unemployment relief bill which authorizes, in extreme cases, emergency
loans to individuals and corporations where proper security is
tendered but where loans cannot be obtained in commercial banking channels. This activity by Federal Reserve Banks originally was
limited to two years, but the limitation was removed by Senate and
House conferees on the bill.
The fact that all Governors were present was held to indicate that
the system intends to make use of the authority for direct loans.
It was understood that the Reserve banks have already established
a definite policy for the entire system in the matter of making loans.
Regulations probably will be issued by the Board within a short time
as It was indicated that the extension of loans will start soon after
the relief bill is enacted.
Several other legislative matters pending, after the Federal Reserve
System, including the Glass amendment to the Home Loan bill which
permits the issuance by banks of $1,000,000,000 in currency upon the
security of government bonds.
George L. Harrison, Governor of the New York bank, and W. R.
Burgess, Deputy Governor, were included in the delegation.
Federal Reserve Board's Review of Banking Conditions
in June—Demand Upon Member Banks, Principally
in Chicago District — Advances Under GlassSteagal i Banking Act—Reserve Banks Held $942-,
000,000 in Gold in Excess of Legal Requirements.
In its review of banking conditions in its July "Bulletin,"
issued July 24, the Federal Reserve Board states that during the eight-week period from May 4 to June 29 "there was
an increase of $200,000,000 in the domestic demand for
currency, caused by banking conditions principally in the
Chicago district." It adds that "a part of this currency
was paid out to the public and a part was retained by tile
banks in anticipation of the possibility of further demands
by depositors." The Board indicates that "In the total of
discounts for member banks are included advances made
under the provisions of the Glass-Steagall Bill on paper
not otherwise eligible for discount." As to this we quote the
following from the "United States Daily" of July 25:
The aggregate amount of advances to member banks under the special
rediscount privileges was described orally at the offices of the Federal
Reserve Board as "sizeable for any individual but not large as bank credit
goes." A number of such advances have been authorized, however, it
was said.
Each case arising under the provisions of the ClastsSteagall Act must
come before the Reserve Board for approVal and for the setting of an
individual discount rate, which usually has been higher than the rate on
ordinary eligible paper, according to the oral statements.
The Board, in its review of June, refers also to the excess
reserves anti says that the Federal Reserve banks, "after
.
having met the withdrawals of foreign balances,
held $942,000,000 in gold In excess of their legal requirements." The Board's review of the month follows:
Conditions in the Monty Market.
Volume of Reserve bank credit continued to increase in recent weeks,
and at the end of June was at the highest level in 10 years. This increase
Volume 135
Financial Chronicle
represented further purchases of United States Government securities by
the Reserve banks, with relatively little change in the volume of discounts
for member banks or in acceptances purchased in the open market. Funds
placed at the disposal of member banks by the Reserve System's operations in the open market were absorbed by the demand for gold from
abroad, which was in large volume until the middle of June, and later
in the month by the increase in the domestic demand for currency, resulting
from banking disturbances, chiefly in the Chicago district. Since these
demands were met by the member banks without the necessity of increasing their indebtedness to the Reserve banks, conditions in the money
market remained easy and there were further declines in open-market
money rates. On June 24 the discount rate at the Federal Reserve Bank
/
2%, and on the following day the
of New York was reduced from 3 to 21
/
2 to 2%%. Federal Reserve
rate at the Chicago bank was reduced from 31
buying rates on acceptances were lowered on June 24 from 21/2 to 1% for
bills maturing within 90 days and reduced rates were also established on
bills of longer maturities.
Withdrawal of Foreign Balances.
During the eight-week period from May 4 to June 29 as a whole there
was a decrease of $425,000,000 in the country's stock of monetary gold,
due largely to withdrawals of balances accumulated in this country by
foreign central banks. By the middle of June these balances were reduced
to a relatively small volume, and in the latter part of the month there
was an increase in the stock of gold. Gold exports, which continued to
be in considerable volume, were taken out of gold previously earmarked
for foreign account, and consequently had no effect on the stock of gold
owned by this country and exerted no influence on credit conditions.
Demands Upon the Member Banks.
During the same eight-week period there was an increase of $200,000,000
in the domestic demand for currency, caused by banking disturbances,
principally in the Chicago district. A part of this currency was paid
out to the public and a part was retained by the banks in anticipation of
the possibility of further demands by depositors.
The member banks of the System, owing to their strong reserve position,
were able to meet the outflow of gold and of currency partly by drawing
on their balances with the Reserve banks, which consequently showed a
decline of $113,000,000 for the period, but principally by the use of funds
arising out of the purchase by the Reserve banks of United States securities
and a small amount of bankers' acceptances. Holdings of United States
securities increased by $514,000,000 during the period, and at $1,800,000,000 at the end of June were at the highest level in the System's history.
Member banks, therefore, had no occasion to increase their borrowing
at the Reserve banks, and the volume of discounts showed a decline of
$36,000,000 for the period. Reduction in indebtedness was reported by
member banks in most of the Federal Reserve districts, as is shown in
the chart at the end of this review, and the total volume of discounts
toward the end of June was below $500,000,000, the lowest level since the
beginning of the gold outflow last autumn.
In the total of discounts for member banks are included advances made
under tile provisions of the Glas.s•Steagall Bill on paper not otherwise
eligible for discount. The fact that the Reserve banks have had authority
to grant these advances has enabled nein to come to the assistance of
member banks in exceptional and exigent circumstances when they lacked an
adequate amount ef eligible paper for obtaining accommodation from the
Reserve banks in the ordinary way.
Excess Reserves.
Total reserves of the Federal Reserve banks on June 29 were $2,782,000,000. Of this amount, $738,000,000 in gold or lawful money was
necessary as the 35% reserve required against deposits of tile Reserve
banks and $1,102,000,000 in gold as the 40% reserve required against
Federal Reserve notes. The Federal Reserve banks, therefore, after having
met the withdrawals of foreign balances discussed above, held $942,000,000
In gold in excess of their legal requirements. Of these excess reserves,
$876,000,000 was available as reserves exclusively against Federal Reserve
notes, as it was held with Federal Reserve agents and in the redemption
fund in the United States Treasury, while the remaining $66,000,000 was
available as reserves either against notes or against deposits. The volume
of reserves available against deposits, however, is made flexible by the
fact that it can be increased when necessary through the deposit of
additional eligible paper or United States Government securities with the
Federal Reserve agents and the consequent release of an equivalent amount
of gold.
United Statds Securities Pledged with Federal Reserve Agents.
Since gold withdrawals from the Federal Reserve banks and the increase
in the domestic demand for currency during recent weeks were met through
purchases of United States Government securities, they were not accompanied by an increase in eligible paper in the hands of tile Reserve banks
and consequently resulted in a decrease of eligible collateral for Federal
Reserve notes. In these circumstances, the Federal Reserve banks, under
authority of the Glass-Steagall Act of Feb. 22 1932, and in accordance
with the Federal Reserve Board's instructions, discussed in this review
for May, began to pledge United States Government securities with Federal
Reserve agents as collateral for Federal Reserve notes. The Board's instructions in this connection are based on an estimate of the operating requirements of the Reserve banks. Tile banks require (1) a certain volume of
Federal Reserve notes for counter purposes at head offices and at branches;
such notes, not being in actual circulation, do not require reserves, but
must be covered by collateral pledged with the Federal Reserve agent;
(2) a gold redemption fund with the Treasury of the United States,
which counts as a part of reserves against notes, but not against
deposits; (3) a certain amount of excess collateral with the Federal
Reserve agents; and (4) a working excess above the 35% required by
law as reserves against deposits. Under the Board's instructions the
Federal Rese-ve banks are authorized whenever the sum of these four
Items is $400,000,000 or less to pledge United States securities as
collateral for Federal Reserve notes. On June 29 all the banks had
pledged United States Government securities with the Federal Reserve
agents, and the total of these securities in the hands of the Federal
Reserve agents was $607,000,000, and in addition the banks held $1,194,000,000 of United States Government securities not pledged with the
Federal Reserve agents.
Purchase of United States Securities by Individual Reserve Banks.
In considering the distribution of United States Government securities
among the individual Reserve banks, it should be borne in mind that this
distribution does not reflect the credit policies of the different Reserve
banks. Purchases of United States Government securities are made largely
in New York and usually for account of the System as a whole. Securities
so purchased either in New York or outside are then allotted to the several
Reserve banks. When a Reserve bank takes an allotment of United States
Goverment securities from the System account, it pays for the allotment
through the gold settlement fund, and consequently there results a loss
719
to it of an equivalent amount of gold that goes to the Reserve bank at
which the securities were purchased. Ultimately the gold finds its way
to the Federal Reserve bank in whose district the securities sold to the
Reserve System were originally held. While purchases of such securities,
therefore, do not result in diminishing the amount of gold held by the
Federal Reserve System as a whole, the ability of an individual hank to
participate in such purchases depends on the amount of its excess reserves
and on the extent to which its payment for the securities results in a
movement of gold out of the district. To the extent that the securities
were originally held in the same district to which the allotment is made,
completion of the transaction occasions no change in the gold position,
but to the extent that the securities allotted to the Reserve bank of any
district exceed the amount purchased by the Federal Reserve System from
owners in that district, the bank loses gold to other districts. The accompanying table shows for June 29 holdings of United States Government
securities by each of the 12 Reserve banks, the amount pledged by each
bank as collateral for Federal Reserve notes, excess reserves, and the
ratio of reserves to the combined liability on deposit and Federal Reserve
notes.
FEDERAL RESERVE BANKS, JUNE 29 1932.
U. S. Gocernment Securities.
Excess
Reserves.
Reserve
Ratio
(Per
Cent).
107,000,000
695,000,000
132,000,000
175,000,000
47,000,000
53,000,000
287,000,000
62,000.000
52.000,000
55,000.000
30.000.000
107,000.000
S
21,000,000
132,000,000
45,000,000
80,000,000
19,000,000
45,000,000
131,000,000
32,000,000
30,000,000
24,000.111
1,000,111
47,000,000
$
87,000,000
206,000,000
57,000,000
75,000,000
16,000.000
19,000,000
336,000,000
27,000,000
13,000,000
23,000,000
19,000.000
64,000,000
%L
64.4
50.7
54.0
55.5
49.6
50.9
70.5
55.8
49.2
53.0
59.3
54.5
1,801.000,000
607,000.000
942,000.000
57.2
Total
Holdings.
S
Boston
New Yerk
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Reserve Posttion.
Pledged with
Federal
Reserve
Agents.
The central gold reserves of France, Switzerland, and Netherlands were
further increased during the latter part of May and the early part of
June, and the Bank of England continued its regular purchases of gold.
The increase of $125,000,000 in the gold reserves of the Bank of France
brought the growth from a year ago to more than $1,000,000,000. Gold
reserves of the Reichsbank continued to decrease.
GOLD RESERVES OF SELECTED CENTRAL BANKS.
Change from—
Central Bank of—
England
France
Germany
Italy
Belgium
Netherlands
Switzerland
Date
1932.
June
June
June
June
June
June
June
22
24
23
20
23
20
23
Gold
Res,rves.
3660,000.000
3,218,000,000
196,000,000
p298,000,000
357,000 000
393,000,000
503.000.000
Month
Before.
Year
Before.
+352,000,000 • —8132,000,000
+125,000,000 +1,006,000,000
—8.000,000
—140.000,000
+1,000,000
+17,000.000
+3,000,000
+157,000,000
13,000.000
+193,000.000
+13,000.000
+342,000.000
PrellininarY.
Bank of England.
The gold reserves of the Bank of England, which began to increase in
the middle of May, increased further in June, bringing the growth from
May 11 to June 30 to about £15,000,000 ($73,000,000). This acquisition
of gold followed heavy purchases of foreign exchange in the last three
months. By the end of May "other securities" of the Bank of England,
in which foreign exchange holdings are reported, were £93,000,000, or
considerably more than double the amount of the prat ions year. During
June the increase of gold reserves was accompanied by a loss of foreign
exchange, and the bank's effective international reserves declined somewhat;
but for the month ending June 22 a substantial net increase in reserves
Is shown.
The funds made available during the month through the gold purchases
of the bank were all taken by the Government, which was building up its
deposits at the Bank of England in preparation for heavy maturities of
Treasury bills. Under the circumstances the withdrawals of currency
for circulation led to a corresponding reduction of bankers' balances.
Bankers' balances, however, were exceptionally high throughout most of
June; and short-term money rates in the open market continued to be
quoted about 11
/
2% below the official discount rate of the Bank of
England. On June 30 the Bank of England reduced its rate from 217V70
to 2%. On the same day the British Government announced its plan for
the conversion of the 5% war loan to a 31
/
2% basis on Dec. 1. This loan,
now outstanding in the amount of over £2,000,000,000, represents nearly
one-third of the entire domestic indebtedness of the British Government.
Tenders of 8191,613,000 Received to Offering of S80,000,000 91-Day Treasury Bills—Bids Accepted
$83,317,000—Average Rate 0.47%.
Tenders totaling $191,613,000 were received to the offering of $80,000,000 to thereabouts of 91-day Treasury Bills,
dated July 27 1932, to which we referred in our issue of July
23, page 576. The total amount of bids accepted was
$83,317,000; the average price of the bills to be issued is
$99,882, the average rate on a bank discount basis being
about 0.47%. Announcement of the results of the Treasury
bill offering was made as follows on July 25 by Seymour
Lowman, Acting Secretary of the Treasury.
Acting Secretary of the Treasury Lowman announced to-day that the
tenders for $S0.000.000 or thereabouts, of 91-day Treasury bills, dated
July 27 1932, and maturing Oct. 26 1932, which were offered on July 21,
were opened at the Federal Reserve Banks on July 25.
The total amount applied for was S191,613,000. The highest bid made
was 99.930, equivalent to an interest rate of about 0.28% on an annual
basis. The lowest bid accepted was 99.877. equivalent to an interest rate
of about 0.49% on an annual basis. The total amount of bids accepted was
S83.317.000. The average price of Treasury bills to be issued is 99.882.
The average rate on a bank discount basis is about 0.47%.
Ak week ago (page 577) we noted that the average price
in the case of the $75,000,000 Treasury Bills dated July 20
was 0.40%.
720
Financial Chronicle
Heavy Oversubscription to New Treasury Notes Offered
to Amount of $650,000,000-Subscriptions Reach
85,506,000,000-Notes in Two Series of $325,000,000
Each-One Maturing in Two Years Bears 23/s%Other Due in 1936 Carries 334%-Books Closed.
To an offering this week of Treasury Notes, to the amount
of $650,000,000 or thereabouts, the Treasury Department
announced on July 27 that subscriptions totaling $5,506,000,000 have been received. Announcement of the offering was
made on Sunday night July 24 by Secretary Mills, and in
indicating that the new notes had been oversubscribed
Mr. Mills on July 25 stated that the books were closed at the
close of business July 25. It was further announced that
"subscriptions placed in the mail before 12 o'clock midnight,
Monday, July 25 1932, will be considered as having been
entered before the close of the subscription books."
In offering the new notes for subscription, Secretary
Mills on July 24 said:
Outstanding certificates of indebtedness in the amount of $227,631,000
are due on Aug. 1 1932. The new offering will provide funds for this
maturity, and also to meet current financial requirements, principally for
the Reconstruction Finance Corporation.
In the Washington advices July 24 to the New York
"Times" it was noted:
Billion Already Advanced.
The Corporation already has obtained $1,000,000,000 from the Treasury. $500,000.000 in capital stock subscribed and another half billion represented by Corporation notes sold to the Treasury. The Corporation has
obligated itself to loan out about the amount now available.
The unemployment rellef act increased the borrowing power of the
Reconstruction Finance Corporation by $1,800,000,000 to a total of
$3,300,000,000, with the loaning power $500,000,000 greater by reason
of the Treasury stock subscription.
The Corporation, after organization of the new board, probably this
week, immediately will begin a greatly expanded loaning program for
relief of destitution through advances to States, loans for self-liquidating
projects, and to finance price stabilization or orderly marketing organizations.
The present practice of the Treasury buying the Reconstruction Finance
Corporation's debentures is expected to be followed in the future. Officials
have not considered it advisable for both the Treasury and the corporation
to go into the market at the same time for funds, but feel that the government should borrow sufficient money to meet the requirements of both.
The new $650,000,000 or thereabouts of Treasury Notes,
offered this week, is in two series, both dated and bearing
interest from Aug. 1 1932. One series, offered in the amount
of $325,000,000, or thereabouts, (Series B-1934) is for two
years, with interest at the rate of 2 %, and matures in
Aug. 1 1934. The other series (Series A-1936) also offered
in the amount of $325,000,000, or thereabouts, is for'four
years, with interest at the rate of 3M%, and matures on
August 1 1936. The notes will not be subject to call for redemption prior to maturity. The notes will be issued in
bearer form only, in denominations of $100, $500, $1,000,
$5,000, $10,000 and $100,000. Interest will be payable
semi-annually on Feb. 1 and August 1 each year. The
notes will be exempt from all taxation except estate or inheritance taxes. The Treasury announced that it would
accept in payment for the new Treasury notes, at par,
Treasury certificates of indebtedness of Series A-1932 maturing Aug. 1 1932, and subscriptions in payment of which
such Treasury certificates of indebtedness were tendered
being given preferred allotment.
The following is Secretary Mills' announcement of the
offering on July 24:
July 30 1932
certificates maturing Aug. 1 1932, were tendered. The
exchange subscriptions were allotted in full. For the 3Yi%
notes the subscriptions aggregated $3,803,000,000, of which
$139,467,500 were exchange subscriptions. The exchange
subscriptions were allotted in full. Secretary Mills'announcement July 27 of the result of the offering follows:
2g% Treasury Note Allotments.
"Reports received from the Federal Reserve Banks show that for the offering of 23g% Treasury notes of Series B-1934, maturing Aug. 11934, which
was for $325,000,000, or thereabouts, total subscriptions aggregate over
$1,703,000,000. Of these subscriptions, $34,995,000 represent exchange
subscriptions, in payment for which Treasury certificates of indebtedness.
maturing Aug. 1 1932, were tendered. Such exchange subscriptions were
allotted in full.
"Allotments on cash subscriptions for 2X % Treasury notes of Series
B-1934 were made as follows:
"Subscriptions in amounts not exceeding $10,000 were allotted 60%, but
not less than $100 on any one subscription.
"Subscriptions in amounts over $10,000 but not exceeding $100,000
were allotted 40%, but not less than $6,000 on any one subscription.
"Subscriptions in amounts over $100,000, but not exceeding $500,000.
were allotted 30%, but not less than $40,000 on any one subscription.
"Subscriptions in amounts over $500,000, but not exceeding $1,000,000,
were allotted 20% but not less than $150.000 on any one subscription.
"Subscriptions in amounts over $1,000,000, but not exceeding $25,000,000, were allotted 15%, but not less than $200,000 on any one subscription.
"Subscriptions in amounts over $25,000,000, but not exceeding $100,000.000, were allotted 10%, but not less than $3,750,000 on any one subscription.
"Subscriptions in amounts over $100,000,000 were allotted 5%, but
not less than $10,000,000 on any one subscription.
3X% Note Allotments.
"For the offering of 3X % Treasury Notes of Series A-1936, maturing Aug. 1 1936, which was for $325,000,000, or thereabouts, total subscriptions aggregate over $3,803.000,000. Of these subscriptions $139,467,500 represent exchange subscriptions in payment for which Treasury
Certificates, maturing Aug. 1 1932, were tendered. Such exchange subscriptions were allotted in full.
"Allotments on cash subscriptions for the 3X % Treasury Notes of Series
A-1938 were made as follows:
"Subscriptions in amounts not exceeding $1,000 were allotted 50%.
but not less than $100 on any one subscription.
"Subscriptions in amounts over $1,000, but not exceeding $10,000,
were allotted 25%, but not less than $500 on any one subscription.
"Subscriptions in amounts of over 810.000. but not exceeding $100,000.
were allotted 10%, but not less than $2,500 on any one subscription.
"Subscriptions in amounts over $100,000 but not exceeding $1,000,000 were allotted 8%, but not less than $10,000 on any one subscription.
"Subscriptions in amounts over $1,000,000 but not exceeding $10,000,000 were allotted 5%,but not less than $80,000 in any one subscription.
"Subscriptions in amounts over $10,000,000 but not exceeding $100,000,000 were allotted 3%, but not less than $500,000 on any one subscription.
"Subscriptions in amounts over $100,000,000 were allotted 2%, but not
less than $3,000,000 on any one subscription.
"Further details as to subscriptions and allotments will be announced
when final reports are received from the Federal Reserve banks."
The rates of interest carried on the new Treasury notes offered this week (234% on the two-year notes and 33.4%
on the 4-year notes) compare with a rate of 1
on one-year
Treasury certificates of indebtedness to the amount of
$350,000,000 and 3% on three year notes to the amount
of $400,000,000, both of which were offered in June and referred to in our issue of June 11, page 4253. In the April
financing, referred to in these columns July 30, page 3202
certificates to the amount of $225,000,000 (dated May 2 1932
and due May 2 1933) carried 2% and $225,000,000 two-year
Treasury Notes offered at the same time bore 3% interest.
The Treasury Department circular detailing the new
Treasury Notes offered this week follows:
UNITED STATES OF AMERICA TREASURY
NOTES.
231% Series II-1934, due Aug. 1 1934 3g% Series A-1938,due
Aug.1 1936
Both series dated and bearing interest from Aug. 1
1932.
The Secretary of the Treasury, under the authority of the Act
approved
Sept. 24 1917, as amended, offers for subscription, at par
and accrued
Interest, through the Federal Reserve banks, $650,000,000, or
thereabouts,
Treasury notes, in two series.
The Treasury is to-day offering for subscription, at par and accrued
Interest, through the Federal Reserve banks, $650,000,000, or thereabouts.
Treasury notes in two series, both dated and bearing Interest from Aug. 1
1932. One series offered in the amount of $325,000,000, or thereabouts, is
for two years, with interest at the rate of 2%.and matures on Aug. 1
1934. The other series also offered in the amount of $325,000,000, or
thereabouts, is for four years, with interest at the rate of 3%, and
matures on Aug. 1 1936. The notes will not be subject to call for redemption
prior to maturity.
The principal and interest of the notes will be payable in United States
gold coin of the present standard of value.
The notes will be exempt, both as to principal and interest, from all
taxation (except estate or inheritance taxes) now or hereafter imposed by
the United States, any State, or any of the possessions of the United States,
or by any local taxing authority.
Applications will be received at the Federal Reserve banks. The Treasury will accept in payment for the new Treasury notes, at par, Treasury
certificates of indebtedness of Series A-1932 maturing Aug. 1 1932, and
subscriptions in payment of which such Treasury certificates of indebtedness are tendered will be given preferred allotment.
The Treasury notes will be Issued in bearer form only, in denominations
of $100. $500, $1,000, $5,000, $10,000 and $100,000. The interest on the
notes will be payable semi-annually on Feb. 1 and Aug. 1 in each year.
Outstanding certificates of indebtedness in the amount of $227,631,000 are
due on Aug. 1 1932. The new offering will provide funds for this maturity,
and also to meet current financial requirements, principally for the Reconstruction Finance Corporation.
Description of Notes.
The notes of Series 11-I934 will be dated Aug. 1 1932, and
will bear
Interest from that date at the rate of 234% per annum,
payable semi-annually on Feb. 1 and Aug. 1 in each year. They will mature
Aug. 1 1934.
and will not be subject to call for redemption prior to
maturity. The
amount of the offering of this series IS $325,000,000, or thereabouts.
The notes of Series A-1936 will be dated Aug. 1 1932, and
will bear
interest from that date at the rate of 3g% per annum,
payable semiannually on Feb. 1 and Aug. 1 in each year. They will mature
Aug. 1
1938, and will not be subject to call for redemption prior to maturity.
The
amount of the offering of this series is $325.000,000, or thereabouts.
The principal and interest of the notes will be payable in United
States
gold coin of the present standard of value.
Bearer notes with interest coupons attached will be issued in
denominations of $100, $500, $1,000. $5.000. $10,000 and $100,000. The notes will
not be issued In registered form.
The notes shall be exempt, both as to principal and interest, from
all
taxation (except estate or inheritance taxes) now or hereafter Imposed by
the United States, any State or any of the possessions of the United States,
or by any local taxing authority.
The notes will not be acceptable in payment of taxes.
The notes will be acceptable to secure deposits of public moneys, but will
not bear the circulation privilege.
In the case of the 23% notes the total subscriptions, according to Secretary Mills announcement of July 27, aggregated $1,703,000,000. Of these $34,995,000 represent
exchange subscriptions, in payment for which Treasury
Application and Allotment.
Applications will be received at the Federal Reserve banks.
Subscriptions for which payment is to be tendered In Treasury certificates
of indebtedness of Series A-1932, maturing Aug. 1 1932, will be given preferred allotment.
Volume
135
Financial Chronicle
The Secretary of the Treasury reserves the right to reject any subscription
in whole or in part, and to allot less than the amount of notes of either or
both series applied for and to close the subscriptions as to either or both
series at any time without notice; the Secretary of the Treasury also reserves the right to make allotment in full upon applications for smaller
amounts, to make reduced allotments upon, or to reject, applications for
larger amounts, and to make classified allotments and allotments upon a
graduated scale: and his action in these respects shall be final. Allotment
notices will be sent out promptly upon allotment, and the basis of the
allotment will be publicly announced.
Payment.
Payment at par and accrued interest for notes allotted must be made on
or before Aug. 1 1932, or on later allotment. Any qualified depositary will
be permitted to make payment by credit for notes allotted to it for itself
and its customers up to any amount for which it shall be qualified in excess
of existing deposits, when so notified by the Federal Reserve Bank of its
district. Treasury certificates of indebtedness of Series A-1932, maturing
Aug. 1 1932, will be accepted at par in payment for any notes of the series
now offered which shall be subscribed for and allotted, with an adjustment
of the interest accrued, if any, on the notes of the series so paid for.
General Provisions.
As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions and to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury
to the Federal Reserve banks of the respective districts. After allotment
and upon payment Federal Reserve banks may issue interim receipts pending delivery of the definitive notes.
OGDEN L. MILLS, Secretary of the Treasury.
Treasury Department, Office of the Secretary, July 25 1932.
Department Circular No. 465 (Public Debt).
To the Investor:
Almost any banking institution in the United States will handle your
subscription for you, or you may make subscription direct to the Federal
Reserve Bank of your district. Your special attention is invited to the
terms of subscription and allotment as stated above. If you desire to purchase, at the market price, notes of the above issues after the subscriptions
close, or notes of any outstanding issue, you should apply to your own
bank, or, if it cannot obtain them for you, to the Federal Reserve Bank
of your district, which will then endeavor to fill your order in the market.
Interest Rate in New Jersey on Public Funds Reduced
to 1%.
The following from Trenton, N. J., July 20 is from the
"United States Daily:"
Reduction of the interest rate on deposits of public funds in banks of the
State from 1.34 to 1%, effective Aug. 1, has been announced by State
Treasurer Albert O. Middleton. It is the second reduction in a little more
than a year, the first having been made on July 1 1931, when the 2% rate
which had been in force for 29 years was cut to 1 %.
As was stated at the time of the first decrease, Mr. Middleton said that
the additional deduction was designed to aid the banks against losses on
State funds under existing financial conditions and,in turn prove beneficial
to the people of the State.
There is approximately $40,000,000 of State funds on deposit, it was
reported, which means a saving to the banks at the rate of $200,000 a year
in interest payments. The deposits are subject to considerable variation
at several periods of the year.
An act of the Legislature gives the treasurer the authority to regulate the
interest rate. The law provides that the figure shall not exceed 2%, but
permits deposits under certain conditions without requiring any interest.
Interest Rate on Public Debt Decreased in Year—
Lower Charges Offset Increase In Total Obligations,
According to Treasury.
While the public debt increased almost 14% during the
fiscal year closed June 30, interest payments on the debt
actually declined from $611,000,000 in 1930-31 to
$599,000,000 in 1931-32, according to statistical information made available July 5 at the Treasury Department.
We quote from the "United States Daily" of July 6, which
also said:
Declining interest rates more than off-set increases in the debt during the fiscal year; the debt rose from $16,801,000,000 to $19,487,000,000, but the average interest rate on Government obligations was
3.50% on June 30, 1932, compared with 9.56 on June 30, 1931, according to the figures. Additional information furnished follows:
All of the Government's borrowing during the fiscal year was done
on short term issues. Only one series of new borrowing matured in
in more than two years. Short term borrowing commanded exceptionally favorable interest rates during the year.
During the fiscal year Treasury bills sold for a new record low discount, reflecting the exceptionally easy money conditions which resulted from Federal reserve open market operations and from a
reluctance on the part of banks to enter the commercial or long-term
lending fields.
Nearly 11 Billions To Be Refinanced by Treasury
Fourth Liberty Loan Callable and Short-term Debt
Due in Next Fiscal Year.
Approximately $11,000,000,000, or more than half of the
outstanding public debt, will have to be refinanced during the fiscal year beginning July 1 if the Treasury Department decides to refund the $6,268,000,000 fourth
Liberty loan, which is callable June 15, 1933, according to
statistical information made available June 27 at the
Treasury. The foregoing is from the "United States
Daily" of June 28, which also had the following to say:
In addition to the fourth Liberty loan, largest of the war-time issues, $4,600,000,000 in short-term obligations mature within the
coming fiscal year, bringing the total of probable refinancing opera.
721
tions up to $11,000,000,000, according to the information, and the gross
debt amounts to only $19,500,000,000.
No decision as to the handling of the huge fourth Liberty loan
has been reached, according to oral statement made at the Treasury,
and, because the Treasury has the option of taking up the loan any
time between June, 1933, and October, 1938, the Government probably will not call it next year in the hope that a more advantageous
long-term market will offer itself before 1938.
On the other hand, $6,268,000,000 "is a lot of money to let slide until its maturity date," according to oral statements. Additional information made available follows:
Before the Liberty loan can be called the Treasury must give threemonths' notice, but the loan, which is callable at any time after June
15, 1933, does not actually mature until 1938. Short-term obligations
amounting to $4,600,000,000, however, actually mature within the
coming fiscal year.
The short-term public debt, all of which matures before the close
of 1936, has reached the abnormally large sum of approximately
$5,000,000,000, as the Treasury has had to borrow throughout the
current fiscal year in order to cover the deficit in the Federal budget.
All but four of the issues embraced in the short-term debt will
mature within the fiscal year 1932-33. The maturities cover notes, certificates and bills. On May 30 the Treasury had $1,040,718,000 outstanding in notes, $2,792,338,650 in certificates and $618,725,000 in bills.
Cut of President Hoover to Go Into General Fund
—Not to be Applied to "Conscience Fund"
Funds reverting to the Treasury through the 20% voluntary salary cut for President Hoover and the 15% reduction for Cabinet officers will go into the general fund
and will be available for any governmental purpose, it was
stated at the Treasury on July 25, This is learned from a
Washington dispatch July 25 to the New York "Times"
which also had the following to say:
Salary
The President instructed the Treasurer of the United States, from
Whose office he is paid, to reduce the Presidential salary from $75,000
to $60,000 annually. At the same time this reduction was announced
It was stated that the Cabinet members had agreed to a cut from
$15,000 to $12,750 a year.
In the belief that the Treasury could not accept donations, the report was started that the refunds would be placed in the mythical
"conscience fund," but this was unfounded.
The economy bill provided that the Treasury might accept refunds
from officials whose salaries could not be otherwise cut during their
term of office under the law. Prior to that time donations could not
be accepted from known individuals.
The conscience fund is not a fund in reality, but merely a bookkeeping transaction. From time to time money is sent to the Treasury
from anonymous sources, ostensibly from persons who at some time
have defrauded the government. Money received in this way is
placed in the Treasury's general fund and may be used for any lawful
government purpose.
A record, however, has been kept of conscience contributions from
the early days of the government's history.
The first conscience fund contribution was $250 made in 1811. From
that time until the end of the 1931 fiscal year $598,061 has been
contributed to the government by conscience-stricken individuals.
The reduction made by President Hoover in his own
salary, and the cut in the pay of Cabinet officers was referred to in our issue of July 16, page 405. The 15% cut in
the President's salary brings it down from $75,000 to
$60,000. From a Washington dispatch July 15 to the New
York "Times" we take the following:
It was the first time in the history of the country that a President
had reduced his salary. The cut necessarily had to be made by him
for Congress is prevented by the Constitution from taking such action.
The White House explained that the President had been unanimously
requested by all members of his cabinet to subject them to the
maximum reduction of salaries possible under the new economy law
and as a result of the request the order was issued for a 15% slash
for Congress is prevented by the Constitution from taking such action.
8 1-3% under the furlough provisions applying to government employes in general.
Mr. Hoover's slashing of his own salary puts the President's pay
check back almost to the point it was up to the time of the Taft
Administration,
when the salary was increased from $50,000 a year
v5,o
tt
Crowley Gets Largest Cut.
As for reductions under the economy law, Elmer E. Crowley, as
President of the Emergency Fleet Corporation, will receive the biggest
slash of any government employe. He now receives $18,000 a year,
and according to the new law his pay is not to exceed $12,500, a slash
of nearly 30%. All members of the independent commissions are
reduced from $12,000 to $10,000.
Major Proposals in President Hoover's Economic Program
Approved By Congress—Action on Measures He
Recommended.
With the placing on the statute books of President
Hoover's Home Loan Bank Bill, it was stated in Associated
Press dispatches from Washington July 23 that most major
points in his economic program were granted by a Congress
which may approve others next Winter. The Associated
Press went on to say:
Democrats who controlled the House often found fault with his suggestions, but finally accepted many of them with explanations that
the country's condition demanded harmonious action whenever possible.
Mr. Hoover's signature on the Horne Loan Bill provided another cog
in the machine he recommended last December. He found one objectionable feature, however, the Glass currency expansion rider.
The President's recommendations last Dec. 8 and what Congress—
including the Democratic House—did about them, line up like this:
Mr. Hoover asked more money for Federal Land Banks; Congress
VOtet1 $125,000,000.
722
Financial Chronicle
He proposed increased taxes; Congress passed a measure to raise
$1,118,500,000 more.
He wanted the Reconstruction Finance Corporation; Congress established it with a $3,800,000,000 fund.
He asked economy; Congress voted to cut expenditures $150,000,000
by a special bill and the Senate set up a committee to study the
question during the Summer; all appropriations were reduced under
the budget estimates.
He wanted to make more paper eligible for discount by Feedral
Reserve Banks; the bill sponsored by two Democrats—Senator Glass
of Virginia, and Representative Steagall of Alabama—did that.
He asked rejection of the dole; direct gifts by the Federal Government to individuals were not approved.
in
He suggested the use of Federal Reserve funds to liberate funds
failed banks; Congress did not grant that although the House passed
a bill to guarantee deposits in national banks.
revision
He wanted to avoid a general tariff revision; no general
was attempted but Democrats sent to him for a veto their bill for
changes.
end
He proposed changes in railroad laws; several measures to that
are pending in both Houses.
He sought adjustment of anti-trust laws to remove injustices; Congress has not granted that.
He urged additional Federal regulation of interstate power transmission; Congress failed to act.
He opposed additional veterans' expenditures; Congress approved
a bill to liberalize bonus certificate loans but turned down cash payment of the bonus and set up a special committee to study veterans'
benefits during the recess.
He wanted a general overhaul of banking laws: the Glass bill pending
in the Senate is drawn to accomplish that purpose.
He sought authority to consolidate governmental activities; limited
power to do that was granted in the economy bill.
Adjournment of Congress Void of Usual Formalities.
Associated Press advices July 17 from Washington said:
The adjournment of Congress last night was a bit informal.
Old-timers do not remember any time before when the Senate adjourned "sine die" without having consent of the House. Legally it
cannot be done. Usually a resolution is adopted setting the adjournment hour. It goes to the House and is approved there. When the
time comes Vice President and Speaker bang their gavels and it is
all over.
But the Senate adjourned last night and sent the resolution to the
House. If the latter had decided not to adjourn there would have
been a muddle. No one branch of Concress is allowed to quit without
consent of the other. The Senate would have had to come back to
work.
President Hoover Outlines Nine-point Program Looking
Toward Economic Recovery.
President Hoover outlined yesterday (July 29) a nine-point
program looking toward economic recovery, upon which he
has been at work for several weeks, and stated that when it
was completed he would call to Washington the business and
industrial committees now established in each Federal
Reserve District. Associated Press advices from Washington further stated:
The President told newspapermen gathered in his office there had been
"some erroneous speculation" concerning conferences and activities by
Government leaders looking toward economic rehabilitation.
Saying there had been conferences between the Administration and
representative groups throughout the country, he outlined the activities
afoot as follows:
1. Efforts to organize the new powers granted the Reconstruction
Finance Corporation in respect to self-liquidating works under the $1.500.000,000 made available to the Reconstruction Corporation.
2. Stimulation of a move for clearing slum districts under the Reconstruction Act,
3. An effort to make adequate provision for live stock and feeder loans
under Reconstruction funds.
4. An effort by the Reconstruction Corporation to speed the movement
of agricultural commodities into consumption with a view to stimulating
demands through restoration of orderly marketing.
5. An attempt to expand credit facilitities to business and industry,
particularly for the purpose of supplying full credit for production where
consumption of goods is assured.
6. Conferences with railway leaders to develop programs for increased
repair and maintenance in co-operation with the agencies of the Government.
7. Shaping of the Homo Loan Bank System through selections of its
board and co-ordination of the new system with the Reconstruction Corporation and other agencies of the Government.
8. Discussion of a movement to spread employment through reduction
of work hours.
9. A general effort to secure closer co-operation between the Government
In aid to private and public agencies.
"When this program is more fully developed," the President said, "I
shall confer with the 'business and industrial' committees created in each
Federal Reserve District and other groups in the country that are primarily
interested with view to establishing united and concerted action on a broad
front throughout the country."
President Hoover Names Atlee Pomerene and Charles
A. Miller As Directors of Reconstruction Finance
Corporation—Replace Eugene Meyer and Paul A.
Bestor on Corporation's Directorate.
On July 26, President Hoover appointed former Senator
Atlee Pomerene (Democrat of Ohio), as a director of the
Reconstruction Finance Corporation. Mr. Pomerene will
succeed Eugene Meyer as Chairman of the Corporation.
Later in the week (July 28) President Hoover made known
the appointment of Charles Addison Miller (Republican)
Presias a director of the Corporation. Mr. Miller, who is
dent of the Savings Bank of Utica will replace Paul A.
July 30 1932
Bestor on the board of the Finance Corporation. President
Hoover states that Mr. Miller will be President of the Corporation. The office of President of the Corporation had
been held by Charles G. Dawes, who recently resigned, and
who was succeeded as director by Gardner Cowles Sr.,
as noted in these columns July 2, page 63 and July 9, page
221. President Hoover's announcement July 27 of the appointment of Mr. Pomerene follows:
It is a pleasure to announce the appointment of former Senator Atlee
Pomerone of Ohio to the Board of the Reconstruction Finance Corporation.
He will be elected as Chairman of the Board. He has had long service as
a lawyer and business man and as a member of the United States Senate.
where he was a member of the Banking and Currency Committee. His
firm has been counsel for the Reconstruction Corporation's work in the
Fourth !Cleveland] Reserve District.
Mr. Miller's appointment was announced as follows on
July 28 in a White House statement:
The President has appointed Charles A. Miller, of Utica, N. Y., as
a member of the Board of the Reconstruction Finance Corporation. Mr.
Miller is President of the Savings Bank of Utica. He has been for some
months Chairman of the regional committee of the Reconstruction Finance
Corporation of the Second INew York) Federal Reserve District. Mr.Miller
will be elected President of the Corporation.
From a Washington dispatch July 26 to the New York
"Times" we take the following:
Step in Reorganizing Board.
Mr. Pomerene's appointment came as a result of the reorganization of
the Finance Corporation Board, the President having asked and received
Congressional consent that Mr. Meyer as Governor of the Federal Reserve
Board, and Paul A. Bestor, as Federal Farm Loan Commissioner, be
relieved of their duties in connection with the Corporation and new directors appointed in their places.
The l'resident's choice of Mr. Pomerene will throw control of the
Corporation into the hands of Democrats, who will constitute a majority
of the Board. The other Democratic members are Harvey Couch of Arkansas, Jesse H. Jones of Texas and Wilson McCarthy of Utah. The Republican members are Secretary Mills and Gardner Cowles of Iowa. Governor Meyer and Mr. Bestor, who retire, are Republicans.
The selection of Mr. Pomerene was a definite answer to reports that
Alfred E. Smith might be chosen. These reports were never taken very
seriously in Government circles.
Under the law the President is obliged to appoint the two now directors
within 10 days of the time he signed the relief bill. Mr. Pomereno having
been designated, it is expected the other appointment will follow within
a few days, especially as the terms of Governor Meyer and Mr. Hester
expire July 31. The law also stipulates that not more than four members
of the Board may be from one political party, so Mr. Bestor's successor
must be a Republican.
Prosecutor in Oil Scandals.
Senator Pomerene is one of the most outstanding men In the Democratic
Party and in the past has been prominently mentioned as a Presidential
candidate. Ho and Owen J. Roberts of Philadelphia, now an Associate
Justice of the Supreme Court, acted as "prosecutors" in the trials growing
out of the Teapot Domo oil scandals. He served as Senator from Ohio
from 1911 to 1923.
The apolntment of Mr. Pomerene having been made during the Congressional recess. Senatorial confirmation will not be necessary until Congress meets next December.
President Hoover's request to Congress for an amendment
to the Act creating the Reconstruction Finance Corporation
governing the membership of the Board was given in our
issue of July 16, page 412. These changes are provided for
in Sec. 208 of the Emergency Relief Act, the text of which
appears in our July_23 issue, pages 539-543.
The announcment of Mr. Miller's appointment (said a
July 28 dispatch to the New York "Times" from Washington), was announced after Mr. Hoover had held two
conferences with Mr. Pomerene; the second conference was
attended by the other members of the Corporation's Board,
said the dispatch, which added:
Mr. Pomerene arrived this morning and returned to Cleveland this
evening, to remain until Monday when he will take up his new duties as
head of "the biggest bank in history."
Signing of Federal Home Loan Bank Bill By President
Hoover.—Looks For Increased Employment With
Creation of System.—Glass Rider Extending Circulation Privilege to Government Bonds of 3 % or
Less a Backward Step—Should Not However Result
In Inflation.
With the signing on July 22 of the bill creating a system
of Federal Home Loan Banks, President Hoover issued a
statement in which he cited the results which the new
legislation is expected to accomplish. According to the
President "a survey by the Department of Commerce shows
that there are localities in which there is to-day an immediate demand for homes, amounting from $300,000,000 to
$500,000,000 which would be undertaken at once if financing were available." "Thus," says the President "the institution should serve to immediately increase employment."
The President, in his statement pointed out that the purpose
of the new legislation is to establish a series of discount
banks for home mortgages, performing a function for homy
owners somewhat similar to that performed in the commercial field by the Federal Reserve Banks through their
discount facilities."
Volume 135
Financial Chronicle
In commenting on the Glass rider to the bill, extending the
circulation privilege to Government bonds bearing 3%%
or less, the President states that he has been informed by
the Comptroller of the Currency that "this section of the
bill runs counter to the general plan established through
the Federal Reserve Act intended gradually to do away with
an inflexible bond-secured currency and represents a backward step in currency and banking legislation."
Since however the provisions are limited to a three-year
period the Comptroller advised the President that "I do not
feel justified in recommending that the bill be vetoed."
The President also said that he had been advised by the
Treasury "that in the practical working of this provision
It will not result in inflation." The approval of the bill by
the President was noted in our issue of July 23, page 545
and on Page 546 we gave the text of the bill as presented
to the President for his signature. The following is President Hoover's statement of July 412:
I have to-day signed the home-loan bank bill. This institution has
been created on the general lines advocated by me in a statement to
the press on Nov. 13 last. It is the outcome of the National Conference
on Home Ownership which represented every part of the country. Its
purpose is to establish a series of discount banks for home mortgages,
performing a function for home owners somewhat similar to that performed in the commerical field by the Federal Reserve Banks through
their discount facilities. •
There are to be eight to twelve such banks established in different
parts of the country with a total capital of $125,000,000 to be initially
subscribed by the Reconstruction Finance Corporation. Building and
loan associations, savings banks, insurance companies, etc., are to be
eligible for membership in the system. Member institutions are required to subscribe for stock of the home loan banks and to absorb
gradually the capital and they may borrow from the banks upon their
notes to be secured by the collateral of sound home mortgages.
The home loan banks are in turn to obtain the resources required
by them through the issue of debentures and notes. These notes have
back of them the obligation of the members, the mortgages pledged as
securities of such obligations and the capital of the home loan banks
themselves. The debentures and notes thus have a triple security.
The creation of these institutions does not involve the Government
in business except in the initial work of the Reconstruction Corporation,
and the setting up of the Board in Washington to determine standards
of practice. The cost of this Board in Washington is to be paid by the
home loan banks and the banks are to be owned and run by their members. In effect it is using the good offices of the Government and the
Reconstruction Finance Corporation to set up co-operative action
amongst these member institutions to mobilize their credit and resources. There are several thousand institutions eligible for membership.
The purpose of the system is both to meet the present emergency and
to build up home ownership on more favorable terms than exist to-day.
The immediate credit situation has for the time being in many parts of
the country restricted the activities of building and loan associations,
savings banks and other institutions making loans for home purposes,
In such fashion that they are not only unable to extend credit for the
acquirement of new homes but in thousands of instances they have been
unable to renew existing mortgages with resultant foreclosures and
great hardships.
A considerable part of our unemployment is due to stagnation in
residential construction. There has been overbuilding in certain localities in boom years but there has been far less than normal construction of new homes for three years in pace with the increase of population and there is thus a shortage which, while now obscured by
present huddling, will become evident with the first stage of recovery.
Nearly 200,000 new homes are erected annually in normal times which
with initial furnishings contribute $2,000,000,000 to construction and
other industries. A survey by the Department of Commerce shows that
there are localities in which there is to-day an immediate demand for
homes amounting from $300,000,000 to $500,000,000 which could be
undertaken at once if financing were available. Thus the institution
should serve to immediately increase emplayment.
In the long view we need at all times to encourage home ownership
and for such encouragement it must be possible for home owners to
obtain long term loans payable in installments. There institutions
should provide the method for bringing into continuous and steady
action the great home loaning associations which is so greatly restricted due to present pressures.
Glass Rider
There was attached to the bill by the Congress a rider for the limited
extension of the old national bank currency. I am advised by the
Treasury that in the practical working of this provision it will not
result in inflation.
The Comptroller of the Currency informs me that:
"This section of the bill runs counter to the general plan established
through the Federal Reserve Act intended gradually to do away with
an inflexible bond secured currency and represents a backward step
in currency and banking legislation but in view of the fact that the
provisions are limited to a three-year period I do not feel justified in
recommending that the bill be vetoed, more especially as it is a rider
to an important and constructive piece of legislation to which it bears
no relation."
I do not therefore, feel that the amendment is such as would warrant
refusal to approve the measure which means so much to hundreds of
thousands of home owners, is such a contribution to their relief; such a
contribution to establishment of home ownerships; and such an aid to
immediate increase of employment.
Omaha Feeder Finance Corporation Formed in Omaha,
Neb.—To Make Available Funds For Live Stock
Feeder Financing.—Affairs To Be Handled By
Members of Omaha Livestock Exchange.
According to the Omaha "Bee" of July 22 upwards of
$1,000,000 will be made available for livestock feeder financing this fall, in addition to loans already being made by
banks in the Omaha trade territory, The "Bee" says:
This sum will be loaned on cattle and sheep purchased on Omaha
market only, and inspected and fed in the Omaha territory, by the
723
Omaha Feeder Finance Corporation, organized Thursday [July 211
afternoon at the stockyards.
Affairs of the corporation will be handled by seven directors, made
up of members of the Omaha Livestock Exchange, and headed by
W. H. Schellberg, President of the Union Stockyards Co. Serving
with him on the board are W. B. Tagg, A. D. Majors, A. E. Rogers,
Win Davidson, H. H. Roberts and Tom Lindley.
Has $250,000 Capital
Authorized capital of the Omaha Feeders Finance Corporation will
be $250,000, with a paid up capital of $100,000, of which $35,000 is
already subscribed by the Union Stockyards Co. and individual members of the Omaha Livestock Exchange. It is anticipated by the
directors that the remaining $65,000 of paid up capital will be on
hand within 30 days, and with this sum, working through the Federal
Intermediate Credit Bank of Omaha, approximately $1,000,000 will
be made available for loans on cattle and sheep to be fed for the
Omaha market.
"We Lnticipate the greatest demand for feeder financing this fall
that the country has seen," says Schellberg.
"One of tl-ie greatest corn and roughage crops of all times is in
prospect, and stocker and feeder sheep and cattle are low in price.
There are not many finished cattle in Nebraska, and the demand for
them is good. This combination of conditions indicates a tremendous
demand for feeder financing this fall.
"Because of the long period of declining agricultural prices, deposits
in country banks have been materially diminished. For this reason,
these institutions probably cannot handle this season's unusual demand for feeder financing.
Supplement Bank Work
"Accordingly, the Omaha Feeder Finance Corporation was formed,
to make an additional million dollars available in this territory to
finance livestock feeders. It is not our intention to take any loans
away from any banks. We only propose to supplement the financing
work already being done by the banks by making another million
dollars available to farmers and feeders of this market's trade territory.
Western range men will benefit equally with corn belt feeders,
according to W. B. Tagg.
$10,000,000 To Be Made Available to Nebraska Agricultural Interests Through Nebraska Discount Corporation.
In the Omaha "Bee" it was stated that a total of SI0,000,000 will be made available to Nebraska agricultural interests through a statewide credit association planned on
July 22 in Lincoln by a group of Nebraska bankers meeting
with E. N. Van Horne, President of the Nebraska Bankers'
association and of the Continental National bank of Lincoln. The "Bee" further reported:
The organization is to be known as the Nebraska Discount Corporation. It is to have an authorized capital of $1,000,000.
Those named Friday [July 22] by the group as an organization
committee are: Van Horne; Ford E. Hovey, President of the Stock
Yards National Bank of Omaha; Carl Weil, Vice President of the
National Bank of Commerce of Lincoln; Wade R. Marten, President of
the Commercial Banking Co. of Stratton, and J. G. Lowe, President
of the Farmers' State Bank of Kearney.
The organization when fully subscribed is to operate with and
under regulations of the Reconstruction Finance Corporation.
With organization only partially completed, it is expected that the
group will be operating in a, few weeks. Articles of incorporation are
being prepared.
Organization of such corporations has been urged by Federal Reserve Banks. Similar groups have already been set up in Wyoming
and Montana.
Business of the corporation will be handled through the offices of
the Nebraska Bankers' Association here. Credit will be available to
farming interests on usual security.
Bankers say the organization will be similar to the War Finance
Corporation which operated successfully in the state after the World
war.
"This measure," Van Horne stated, "is one of the most possible constructive measures. It will be of inestimable value to the farming interests of Nebraska in enabling them to obtain money for ordinary expansions and activities."
President Hoover in Letter to Senator Steiwer Says
Federal Land Banks Will Pursue "Humane"
Policy as to Mortgages on Farm Property.
President Hoover, in a letter on July 18 to Senator Steiwer
(Republican) of Oregon, said each Federal Land Bank had
agreed to pursue a "humane" policy with regard to mortgages on farm property. Associated Press accounts from
Washington further stated:
The President forwarded a letter which he and the Chairman of the Farm
Loan Board, Paul Bestor, wrote last October to the banks urging leniency
in dealing with farm debtors.
Mr. Hoover said ho took the matter up with the Farm Loan Board when
ho was about to recommend to Congress an appropriation of $125,000,000
to aid the banks.
He discussed the problem with the Board, he said,"in a desire to have the
Federal Land Banks function in a thoroughly humane and constructive
fashion with relation to our farmers."
"Although I have no authority over the policies of the Board," he added,
"I felt that, as I was about to recommend to the Congress the furnishing
of $125,000,000 to the Farm Loan Banks for the purpose of enabling them
to treat the farmers who were indebted to them with proper consideration
In these times and to strengthen their situation both in loans and to their
bondholders. I had a right to some understanding from them as to what
policies they would pursue in case I made such a recommendation to the
Congress.
"The Farm Loan Board was most sympathetic in the entire matter, and
as the result of our discussion the enclosed letter was drafted by myself
and the Chairman of the Board and sent to each of the Banks.
"Responses were obtained that they would pursue these policies.
724
Financial Chronicle
"You will recognize that the Banks must go through certain forms in
cases of delinquencies to determine the cases honestly requiring relief.
but perhaps our farmers who are in difficulty do not realize the sympathetic
view and the endeavor we are making in their interest in these times."
The letter which was sent to the banks was signed by Mr. Bestor. He
said he had told the President the policy of the Banks was to institute
foreclosure proceedings only when necessary and to "consider each individual
case with sympathy and understanding."
Secretary of Agriculture Hyde Replies to Critics of
Federal Farm Board—Asserts Before House Committee Hearing Grain Prices Have Been Maintained by Board Above Foreign Markets.
Replying to what he termed "the loud squawks" of the
grain trade, Arthur M. Hyde, Secretary of Agriculture,
declared at Kansas City on July 28 that American grain
prices under the Federal Farm Board have been higher than
those enjoyed by producers elsewhere in the world. Kansas
City Associated Press advices July 28 went on to say:
The ex-officio member of the Board challenged as inaccurate and misleading the testimony given here by grain men before the House Committee
investigating Government competition with private business.
Mr. Hyde also commented in his statement on the demands for abolition
of the Farm Board voiced before the Committee by several grain growers.
including Mrs. Ida Watkins, the "wheat queen" of Kansas.
"Several farmers gave their opinion that the Farm Board is a sinful
institution and should be abolished," the Secretary said.
"All they knew was that the price of wheat is heartbreakingly low,
cruelly low. Those farmers are not really angry at the Farm Board; they
are mad at the price of wheat. I don't blame them; I am, too. It's
enough to make a farmer 'cuss' his grandmother as well as the Farm Board
when, after a year's labor, he has to take a price for his product less than it
cost to produce.
"Nevertheless, farmers should study the situation closely before they
abolish the Farm Board. And I would recommend that they get the facts
and make up their own minds rather than take somebody's word—a grain
dealer, for instance.
"I wonder if the farmer believes these grain exchanges are really shedding
tears over the price the farmer is getting."
Answering testimony of representatives of the grain trade that wheat
would be selling for $1 a bushel except for the operations of the Farm Board,
Secretary Hyde declared.:
"Except for the tariff and the Farm Board, wheat would be 10 cents a
bushel cheaper than it is."
"Here's the proof," he went on. "Right now wheat is selling on the
Chicago Board of Trade within a very few cents, less than 5 cents on the
average, of the Liverpool quotation. Yet it costs about 15 cents to get
wheat to Liverpool.
"During the life of the Farm Board wheat has brought more at Chicago,
and that means more to the farmer, than it did at Buenos Aires or Winnipeg.
That means that the American farmer, cruelly low as his prices are, has
received more for his crops of wheat, corn, oats, barley, flaxseed and grain
generally than have the farmers of competitor or export nations.
"Here's more proof. From 1921 to 1929 prices on the Chicago Board of
Trade averaged 16.4 cents less than prices in Liverpool. From the middle
of 1929—the Farm Board was set up July 15 1929—the prices at Chicago
have averaged less than 5 cents below the Liverpool quotations.
"There is a difference of 1134 cents in favor of the American farmer.
That is why the grain exchanges are releasing their loud squawks.
"That is why in Illinois the Chicago Board of Trade, under the pseudonym
'Association of American Business Men,'is holding farm meetings in opposition to the Farm Board all over the State."
Secretary of Agriculture Hyde Approves Rules for
Farm Credit Loans Under Emergency Relief Act—
$10,000,000 to Aid Livestock Companies.
Associated Press dispatches from Washington, July 26,
stated:
Provisions under which the Agriculture Department will lend $10.000,000
allotted by Congress to help finance agricultural credit corporations and
livestock loan companies to-day were approved by Secretary Hyde.
The regulations provide for the setting up of corporations of at least
$50,000 capital or expansion of old organizations, which, after receiving
Federal loans, will in turn aid farm credit by rediscounting farmers' notes
at the Intermediate Credit banks. The loans are not intended to finance
farm operations directly, but to expand credit in rural communities.
"Used as a part of the capital of credit corporations, livestock loan companies or similar organizations," Secretary Hyde said, "this appropriation
will be the means by which the communities may borrow several times the
amount supplied by the Government for loans to farmers, and will operate
to supplement the regular credit system."
Department officials did not expect any immediate large demand for the
funds because of the simpler credit facilities provided for in the $2,122,000.000 relief act to be handled through the Reconstruction Corporation.
Under this plan, 12 agricultural credit corporations would be set up, one in
each Federal Reserve District, with a capital of $36,000,000, capable of
rediscounting to the extent of $360,000,000.
Under the Agricultural Department allotment a group needing credit may
organize an agricultural or livestock corporation. Loans are limited to individuals and each borrower can obtain not more than 60% of the par
value of the stock offered as security. If fifty individuals each subscribe
$1,000 in stock, the maximum to each borrower would be $600„ with $1,000
stock as collateral security deposited with the secretary of agriculture.
Upon approval of these loans, which would bear 534% interest, the proceeds would be sent to the Federal Intermediate Credit Bank serving the
district.
The text of the Emergency Relief Act broadening the
powers of the Reconstruction Finance Corporation was
given in our issue of July 23, pages 538-543.
Secretary of Agriculture Hyde Permits Deductions
for Expenses of Harvesting by Borrowers on Crop
Production Loans.
Associated Press advices from Washington, July 12,
stated:
July 30 1932
Borrowers ofcrop production loans are to be permitted to apply to harvesting expenses four cents a bushel from sales of wheat and rye and two cents a
bushel from sales of oats and barley covered by mortgages to the Government.
Under modified regulations made public to-day by Secretary Hyde,
farmers received the aid in getting crops to market. The allowance, it
Is stipulated, is not to exceed actual expenditures for twine, repairs to
harvesting machinery and fuel and oil for harvesting.
The Secretary said that some States make definite provisions for priority
of claims against the crop, seed liens having precedence followed by claims
of threshers and labor. In those States where the Government took a
seed lien as security for all or part of the loan, the payment of the seed
lien in full must be made before other bills are paid.
Secretary Hyde said he could be responsible for exemptions only where
they concerned mortgages given to secure liens to him for crop production
loans in 1932 or previous years.
President Hoover Calls on Federal Agencies to Control
"Bonus" Marchers in Washington—Asks Army
to Assist in Ending Rioting.
The Federal Government on July 28 took cognizance of
the situation caused by the presence in the National Capital
of the "Bonus Army," comprising World War veterans
camped in Washington to urge immediate cash payment
of the face value of their adjusted compensation certificates,
and the Secretary of War, Patrick J. Hurley, acting col
instructions from President Hoover, ordered United States
troops to clear the area in which disorders had occurred.
The "United States Daily" of July 29, from which we take
the foregoing, further stated:
The President, in a statement on the incident, said that "examination
of a large number of names discloses the fact that a considerable part
of those remaining are not veterans; many are Communists and Persons
with criminal records." He stated that he had asked the Attorney-General
William D. Mitchell, "to investigate the whole incident."
Commissioners Ask Aid.
Action of the President and the Secretary of War followed a statement
by Attorney-General Mitchell that the veterans were violating the laws
of the District by refusing to evacuate Government-owned property, by
unlawful assemblies in the streets, and by other actions. It followed
also notification of the President by the Commissioners of the District
of Columbia that they were unable to maintain law and order. They
asked for Federal troops.
President Hoover's statement of July 28 follows:
For some days police authorities and Treasury officials have been endeavoring to persuade the so-called bonus marchers to evacuate certain
buildings which they were occupying without permission. These buildings
are on sites where Government construction is in progress and their demolition was necessary in order to extend employment in the District and
to carry forward the Government's construction program.
This morning the occupants of these buildings were notified to evacuate
and at the request of the police did evacuate the buildings concerned.
Thereafter, however, several thousand men from different camps marched
In and attacked the police with brickbats and otherwise injuring several
policemen, one probably fatally.
I have received the attached letter from the Commissioners of the District of Columbia, stating that they can no longer preserve law and order
in the District.
In order to put an end to this rioting and defiance of civil authority,
I have asked the army to assist the District authorities to restore
order.
Congress made provision for the return home of the so-called bonus
marchers, who have for many weeks been given every opportunity of free
assembly, free speech and free petition to the Congress. Some 5,000
took advantage of this arrangement and have returned to their homes.
An examination of a large number of names discloses the fact that a considerable part of those remaining are not veterans; many are Communists
and persons with criminal records.
The veterans amongst these numbers are no doubt unaware of the
character of their companions and are being led into violence which no
Government can tolerate.
I have asked the Attorney-General to investigate the whole
incident
and to co-operate with the District civil authorities in such
measures
against leaders and rioters as may be necessary.
It is stated that as a result of the conflict on July 28
there was one death, while more than 50 persons were
injured. In Associated Press accounts from Washington
yesterday (July 29) it was stated that troops hurled tear
gas bombs and set shacks of the bonus army afire in the
vicinity of the Capitol again yesterday afternoon, at a
time when President Hoover at the White House was serving
emphatic notice that the Federal Government "cannot be
coerced by mob rule."
The text of President Hoover's statement of yesterday
(July 29) follows:
A challenge to the authority of the United States Government has been
met swiftly and firmly.
After months of patient indulgence, the Government met overt lawlessness as it always must be met if the cherished processes of self-government are to be preserved. We cannot tolerate the abuse of constitutional rights by those who would destroy all government, no matter who
they may be. Government cannot be coerced by mob rule.
The Department of Justice is pressing its investigation into the violence
which forced the call for army detachments, and it is my sincere hope that
those agitators who inspired yesterday's attack upon Federal authority
may be brought spePdily to trial in the civil courts. There can be no safe
harbor in the United States of America for violence.
Order and civil tranquility are the first requisites in the great task of
economic reconstruction to which our whole people now are devoting
their heroic and noble energies.
This National effort must not be retarded in even the slightest degree
by organized lawlessness. The first obligation of rny office is to uphold
and defend the Constitution and the authority of the law. This I propose
always to do.
Volume 135
Financial Chronicle
Recommendations to President Hoover by Council of
Personnel Administration Favors Principle of
Five-Day Week.
Government agencies with the "will to do" will lead in
establishment of the five-day week in Government, and business generally probably will follow Federal example, it was
stated orally July 15 by Thomas E. Campbell, President of
the Civil Service Commission, and Chairman of the Council
on Personnel Administration, according to the "United
States Daily." That paper, in its July 15 issue, reported:
that the White House on July 14 made public the recommendations of the Council of Personnel Administration regarding policy and principles governing application of the
legislative furlough and the administrative furlough provided
for in the legislative appropriation Act of June 30 1932,
which were submitted to him recently by Chairman Campbell of the Council. The "Daily" continued:
At the White House, it was stated orally that an Executive Order would
be issued by President Hoover carrying out the recommendations of the
Council.
Five-day Week Favored.
The Council endorses in principle a five-day week for per diem employees'
and its equivalent in furloughs for salaried officials in the Federal service.
It holds, however, that the adaptation of the five-day week must differ
with varied Government activities in order not to impair the services rendered to the public or increase their cost. It was held further that the
application of the five-day week should not impose unnecessary hardship
on Government employees in view of the withdrawal this fiscal year of the
annual leave privileges.
The Council's recommendations follow in full text:
Council's Recommendations.
The President: As Chairman of the Council of Personal Administration, I
have the honor to submit to you the recommendations of the Council with
respect to the policy and principles that should govern the application of
the legislative furlough (Sec. 101 (b), Title I, Part II) and the administrative furlough (Sec. 216, Title II, Part II) provided for in the legislative
appropriation act of June 30 1932.
As to the legislative furlough applicable to all departments and establishments1. The Council endorses in principle a five-day week for per diem employees and its equivalent in furloughs for salaried officials in the United
States Government service.
The Federal Government should take the lead among large-scale organizations in favoring a five-day work week adapted in practical fashion to
the needs of the service. The establishment of shorter working hours
generally in industry would go far toward relieving the effects of the present
depression, particularly in stabilizing and spreading employment and would
constitute a force opposing future similar disturbances.
2. The adaptation must differ with varied Government activities so as
not to impair the services rendered to the public or increase their cost.
The necessity for such variations is evident from a consideration of those
departments and establishments which are charged with the responsibility
of maintaining a continuous service for the direct convenience of the public,
such as the Postal Service, or an uninterrupted service of a protective, law
enforcement or institutional character.
3. There is also the further consideration of not Imposing unnecessary
hardship upon Government personnel in view of the withdrawal this fiscal
year of the annual leave privilege.
In view of these conditions, it is not believed practicable to lay down any
hard and fast rule regarding the legislative furlough, but rather that this
should be left to the discretion of the heads of the departments and establishments, who should keep in mind the desirability of advancing the interests of a five-day week wherever it is practicable to do so.
Additional Furloughs.
As to the additional administrative furlough necessitated in some activities by reductions in appropriations4. The Council recommends herewith an Executive order covering the
so-called administrative furlough.
Proposed Executive Order.—In pursuance of the provisions of section 216
of Part 11, Title II, of the Act entitled "An Act making appropriations for
the legislative branch of the Government for the fiscal year ending Juno 30
1933, and for other purposes," approved June 30 1932. which reads as
follows:
"Sec. 216. In order to keep within the appropriations made for the fiscal
year 1933, the heads of the various executive departments and independent
establishments of the United States Government and the municipal governments of the District of Columbia are hereby authorized and directed to
furlough, without pay,such employees carried on their respective rolls,
such
time as in their judgment is necessary to carry out said purpose without
discharging such employees, the higher salaried to be furloughed first whenever possible without injury to the service: Provided, that rules and
lations shall be promulgated by the President with a view to securingreguuniform action by the heads of the various executive departments and independent Government establishments in the application of the provisions
of this section"; the following regulations are hereby prescribed:
Proposed Regulations.
(1) Where an appropriation for a given activity, after deducting the
amount to be impounded for compulsory furlough, is insufficient to an extent which ordinarily would require the dismissal of employees, the head of
the department or establishment concerned will, in lieu of such dismissals,
furlough employees, without pay, for such periods as are necessary to avoid
a deficit in the appropriation and without discharging employees who are
qualified to perform the class of work which is to be continued.
The higher salaried employees, will be furloughed first whenever possble
without injury to the service. Subject to this condition, the total period
of furlough under the provisions of this section will, so far as
practicable
and with due regard to the efficiency of the service, be uniformly distributed
however,
employees.
This,
will
not be construed as requiring
among the
the transfer of employees from one post of duty to another for the sole purpose of shortening the period of furlough of such employees.
(2) Furloughs under section 216 will be restricted to the utmost degree
possible and invoked only where absolutely necessary to keep within the
appropriations for the fiscal year 1933. In determining such necessity
consideration will be given to all possible neans of avoiding furloughs,
such as the transfer of qualified employees from one appropriation roll to
another, the possibility of transfer of appropriations under section 317 of
725
the same Act, and such administrative economies as smay be possible in
other items.
I have the honor to be very respectfully,
(Signed) THOMAS E. CAMPBELL,
Chairman of the Council of Personnel Administration.
President Hoover Signs Bill Making $100,000 Available
to Transport to Homes World War Veterans Encamped In Washington to Seek Enactment of Bonus
Measure.
Despite the fact that President Hoover signed on July 8
a bill making available $100,000 to transport to their
homes the World War veterans who had thronged Washington in an effort to secure the enactment of the bill providing for the cash payment of the soldier bonus, it was
stated on July 12 that scores of bonus marchers settled
upon the grass of the Capitol grounds and slept that night
to bring more forcibly to the attention of Congress their
demand for immediate payment of the bonus to needy
war veterans. Associated Press dispatches July 11 from
Washington stated:
Police today guarded members of the bonus army who applied at
the Veterans Administration for train fare home.
A squad was detailed to the building after veterans making application for loans from the $100,000 fund appropriated by Congress had reported that other veterans disinclined to leave had threatened to "beat
them up."
A group of veterans, termed "radicals" by the police, was dispersed
from Lafayette Park, across from the Veterans Administration Building.
Meantime, General Frank T. Hines, Veterans Administrator, told
newspapermen he had informed President Hoover that only 802 men
out of the thousands of veterans here had received railroad tickets
home.
Mr. Hines added that he told the President "employment is the real
solution of this problem."
"I have looked these veterans over," Mr. Hines said, "and there
are some mighty good men among them. When we issue them transportation to their homes we are making a very real effort to get them
jobs there when they get back."
Mr. Hines said a check showed 7,500 veterans here, with about
475 arrivals since the transportation fund was appropriated.
Stating that the men had presented to the vice president and Speaker Garner petitions asking for immediate
payment of the bonus to veterans certified to be in need.
Associated Press accounts July 12 from Washington
added:
Several members of Congress addressed them from the Capitol steps.
Representative Patman promised to introduce a bill tomorrow calling
for payment of the bonus to the needy. He conceded, however, there
was no hope of obtaining full payment at this time for all veterans.
Representative Connery advised the veterans to go home as soon as
Congress adjourned, telling them they could do no good by remaining
In Washington. The veterans jeered the suggestion.
Representative Rankin appealed to them to conduct themselves in a
law-abiding manner.
The Californians have refused to affiliate with the other thousands of
bonus marchers in the capital, 1,092 of whom have accepted transportation home. The line of applicants for transportation money
dwindled to almost the vanishing point today. Some Veterans Bureau
officials said they believed reported threats of violence in the camps
were responsible for slowing down the applications.
Under date of July 8 the Associated Press advices from
Washington said:
One hundred thousand dollars was available tonight to take members
of the bonus army back home.
President Hoover late to-day signed the bill appropriating the money.
He had suggested that the step be taken to disperse the thousands of
ex-service men here and Congress rushed it through yesterday.
The measure would provide the cost of transportation for each certified veteran of the World War, along with a subsistence fund of
75
cents a day.
The money would be advanced as a loan, however, to be paid back
from future bonus payments.
Frank T. Hines, administrator of veterans' affairs, said tonight that
men would be kept on duty from 8 o'clock in the morning until
midnight every day to aid the veterans in filling out applications.
He
reminded that the time limit expired at midnight July 14.
Veterans bureau officials said more than GOO veterans already had
requested transportation'home.
It remained to be seen whether the men camped here would
accept
the offer, although extremely low food supplies indicated
that many
of them would.
Responding to questions by newspaper men, Walter W.
Waters, bin
veterans' army commander, said he believed "some veterans"
would
take advantage of the plan. He has urged repeatedly
that the men
remain in the city until Congress votes immediate
payment of bonus
certificates.
Refusal of Capitol authorities to grant the radical wing of
the
veterans permission to demonstrate on the Capitol grounds
resulted
today in the cancellation of a parade up Pennsylvania
Avenue. The
radicals had a permit to parade, but were refused
one to enter the
Capitol grounds.
Several hundred men had assembled at the Washington
Monument
for the march when the plans were changed.
A committee was selected to draft a "protest" to Congress against
the refusal. Speakers urged the men to go individually or in small
groups to the Capitol.
Other speakers attacked the "dictatorship" of Commander Waters.
A little later Mr. Waters called upon Vice President Curtis to
tell
him of the situation in the bonus camp.
The Vice President told newspaper men afterward that the
veterans'
commandant did not discuss the $100,000 appropriation
for sending
the marchers home.
The rejection by the Senate of the bill calling for the
immediate payment of the bonus was noted in our issue
726
Financial Chronicle
of June 25, page 4596; in the same item we noted the
movement for the return to their homes of the veterans
encamped in Washington.
President Hoover In Letter to Gov. Winant of New Hampshire Indicates Willingness to Confer on Wider.
Distribution of Employment In Accordance With Request of New England Conference—Orders Resurvey of Present Practices
President Hoover issued a statement July 23 stating he
would welcome a meeting with representatives of the recent conference in New England to discuss their conclusions
upon the five-day week or shorter week hours as a means
of wider distribution of employment. Such a meeting with
the President has been requested by Governor John G.
Winant, of New Hampshire it was noted in the "United
States Daily" of July 25, from which we also quote as follows:
Meantime, the President said he had instructed the Department
of Labor and the Department of Commerce to resurvey the present
situation and experience of industries now using such plans.
The statement follows in full text:
I have been requested by Governor Winant of New Hampshire
to receive the representatives of the recent conference in New England to discuss their conclusions upon the five-day week or shorter
week hours as a means of wider distribution of employment. I
welcome the opportunity to do so. In the meantime I have Instructed the Departments of Labor and Commerce to immediately
resurvey the present situation and experience of the industries now
using such plans.
At the White House conferences with employers and labor over
two years ago the general policy of spreading available work over
the largest number was adopted and has been consistently followed
by a great many industries. The same action was further spread
by the President's Employment Committee Conferences held last
Fall. We have, therefore, a large amount of actual experience.
There are many different methods in different industries to spread
work through shorter hours.
Some of them have adopted the five-day, the four-day or threeday week; some have adopted six-hour shifts; some are staggering
employment; some are using the furlough plan for salaried employes;
some of them have suspended night shifts; some are using the
flexible week depending on the volume of business. In fact many
varieties of attaining the same end have now been developed and
I welcome the opportunity to review the situation and see what further
coordinated steps can be taken.
The New England Conference has made constructive suggestions
and with our accumulated experience we should be in position for
a new stage for action by further conference between employers
and labor representatives.
Job Insurance Study Voted by New York State Body—
Legislative Commission Will Begin at Once and Report in January—Hearing Here Is Likely
An exhaustive study of unemployment insurance was
voted by the New York Joint Legislative Commission investigating causes of unemployment, meeting at Buffalo
on July 18. A dispatch to the New York "Times" said:
Assemblyman William L. Marcy Jr., Chairman, announced thaThe
survey would get under way immediately. A recommendation is
to be made when the commission reports to the Legislature in January.
Consideration of the question of unemployment insurance topped
the calendar of the commission's meeting, called by Mr. Marcy to
draft a program for the coming year.
"Unemployment insurance is bound to be an important question
this Fall and Winter," he declared. "The Democratic national platform pledges the party to work for It under State control and I
am inclined to believe the party in New York State will adopt a
plank along the same lines."
The Commission's next meeting was set for early September in
New York, and a hearing on unemployment insurance is likely.
A proposal to tighten up the Martin "blue sky" law for protecting
the public against unscrupulous stock salesmen was discussed yesterday.
Mr. Marcy declared that Attorney General Bennett would probably
be invited to appear before the Commission and give his views on
a change.
•
New England Conference on Re-Employment Proposes
That President Hoover Call National Conference
to Consider Flexible Work Day—'New Hampshire
Plan' Developed by Harold Davis
President Hoover was asked on July 20 by a New England Joint conference on re-employment to consider calling a national conference which would effect an organization sponsoring the flexible work-day and week as a partial
solution of the unemployment problem. Associated Press
advices from Boston July 20, indicating this, added:
The conference was attended by more than 100 widely known
executives, economists, labor and industrial leaders, college presidents and social workers. It was called by the New Hampshire Unemployment Relief Committee and the Massachusetts Commission
on the Stabilization of Unemployment, and discussed during its session the "New Hampshire plan for re-employment," which was based
on the principle of flexibility.
The conference found that "unemployment continues with increasing problems, despite all efforts to curb the lessening of business
. co-operative national action to achieve Job
activity and .
security by Job sharing seems imperative."
"The New England Joint Conference on Re-employment," said a
resolution adopted by the conference as a whole, "respectfully re-
July 30 1932
quests the President of the United States to consider the wisdom
of calling a national conference immediately, at which there can be
effected an organization which will help make operative throughout
the states a shorter and more flexible work-day and week, by which
new employment may be offered to some millions of pople, approximating, it is hoped, an additional 10% to the number of people
now under employment, this plan to be put into effect without increasing operating costs of business, without necessarily increasing
plant investments and without increasing inventories, by, for illustration, small contributions to be deducted from payrolls of wage
earners still employed at least two-thirds of their normal hours
and by the necessary remaining contributions from salaried executives and owners of the business."
Individual resolutions approving the "New Hampshire Plan" which
in substance was the basis for the conference resolution were adopted
by groups representing Governors of New England states, business
and industry, agriculture and social agencies. The Governors commended it to governors of other states.
The "New Hampshire Plan," its sponsors believe, would re-employ
3,000,000 persons by application of the principle of flexibility in
industry, especially in working hours.
The plan was developed by Harold M. Davis, of Nashua, N. H., a
member of the New Hampshire unemployment committee, and has
received the approval of many leaders of industry.
Mr. Davis said economic conditions required that 3,000,000 persons be put to work and that proof be given the entire population
that the nation's industrial machine does not "ruthlessly discard
millions of workers." The New Hampshire Plan, he said, suggested
doing this on a national scale and, to do it without "revolutionary
changes, every individual business must work out its own detail
method within a flexible framework of sound economic and business
principles."
The framework suggested by Mr. Davis would apply the principles
of flexibility to: the number of persons employed; arrangement of
hours; method of payment; method of starting, and future developments.
The plan would begin by adding 10% of the unemployed to those
now employed fully or on part time. Hours of employment of persons would be shortened and of machines lengthened, thus reducing
overhead and allowing leisure for workers in largo and useful
amounts. The exception to this would be in the cases of executives,
foremen and especially trained workers.
The only fixed requirements in applying the principle of flexible
working hours to individual plants, Mr. Davis said, were "an element of stability and permanency in the arrangement of hours
that is lacking in the present temporary spread-work methods; an
increase in the total man or machine hours because we cannot increase production in advance of orders. Hours given the new people
must be offset by an equivalent amount of leisure."
"The cost of the new people must be paid by the workers, executives and stockholders," said Mr. Davis. "Operating costs of business and industry cannot be increased in this emergency. Concerns
or departments of concerns, working four days a week or more
should be the first to start. Those working only one to three days
a week may work out the method they prefer to use and announce
their readiness to start when their minimum days a week have been
restored to four by increased production.
Governor Winant of New Hampshire said the plan would be effective by contributions from those still employed in a specific business, including wage earners, salaried executive and stockholders,
the latter by a contribution from dividends if the business can pay
dividends; without increasing the cost of running a business; without necessitating increased floor space or additional machinery or
equipment; without increasing production, and with compensation to
wage earners of shorter hours more than equivalent to the contribution from their wages."
Labor Department at Washington Adopts 5-Day Week—
Policy to Be Effective from July 30 for Remainder
of Fiscal Year
A five-day week for the Department of Labor will be
established July 30, Secretary of Labor William N. Doak
announced July 25. The new policy is to be effective only
for the remainder of the fiscal year. The "United States
Daily" of July 26, reporting this, added:
Although the Secretary declined to amplify his announcement
orally, he had previously declared that the setting up of a five-day
week in the Department would be a good precedent for industry to
follow.
Mr. Doak's announcement follows in full text:
"Having in mind the appropriations made available for the present
fiscal year, the nature of the work of the Department and all
other factors, the departmental staff after a most careful and painstaking survey reached the unanimous conclusion that the Department
of Labor best could meet the reduction of the salaries of the
employees required by Congress through decreasing the hours of serinstructions to the employees of the Department were issued today:
"'In accordance with the provisions of paragraph (b) section 101,
of Public No. 212, al lof the officers and employees of the Department of Labor in the District of Columbia will be furloughed on
Saturday of each week for 48 weeks, beginning with Saturday, July 30.
"'This method of carrying into effect the provisions of this act
will be applied to field service so far as practicable, but shall not
apply to officers or employees while under travel status.'"
The Department of Labor is the only Federal Department that has
thus far announced the five-day week, but the Federal Farm Board
has adopted the plan for employees who have not been indefinitely
furloughed. A modified five-day week has also been put into effect
by the National Advisory Committee on Aeronautics.
It was stated orally at the Committee that a compromise plan
drawn up whereby the employees of the organization would be enabled to have a 10-day period of leave, while a five-day week would
be put into effect for certain parts of the fiscal year in order that
the Committee will comply with President Hoover's expressed :wish
for the five-day week in Federal services.
Thomas E. Campbell, Chairman of the Civil Service Commission,
stated orally that the Commission has not yet decided on a five-day
week for its personnel, but that he personally regarded the action
of the Labor Department, the Farm Board and the Aeronautics Committee as a constructive move, "a step in the right direction."
Plan Viewed as Good Example for Industry.
A five-day week In Government agencies, Mr. Campbell declared,
"should set a good example for industry. We have reached a critical
Volume 135 •
Financial Chronicle
stage in the history of the country, in which attention must be
given the interests of workers outside as well as within the Government employ.
"I have always favored a shorter week and working day, and the
movement for a reduced working time has been making progress
up
in the last few years. Of course, no interference should be set
with necessary continuing activity, but I regard a 30-hour working
'week as none to long.
"I have seen the effects of the reduction from the 12 and 14-hour
of
day to the 10 and to the 8 and of the half-day holiday. All
these changes were accompanied by increased production."
The following additional information was made available at the
Department of Labor.
Spread of Movement Is Believed Likely.
A recent survey by the Bureau of Labor Statistics, covering 37,587
establishments in 77 industries, disclosed the fact that a small per
cent of the establishments reporting had permanently adopted the
five-day week for all or part of their employees. It showed, further
that 5.6% of all the employees covered in the survey were on a
permanent five-day week basis.
It was evident from information given in the study that there is
a growing sentiment in favor of the five-day week in industry, and
that a considerable number of those plants that now work five days
or less per week temporarily will, when the depression has passed,
readjust their working schedule to a five-day basis.
The automobile industry is in the lead so far as the percentage of
workers on the five-day week is concerned, 44.3% of the employees
in the establishments reporting being on a five-day basis. The radio
industry, with 34.4%, the dyeing and finishing of textiles industry
with 27%, and the aircraft industry with 24.9% rank next.
It is stated that the Department of Labor's action will
affect 5,532 employees, of whom 958 are stationed in Washington.
Bill Appropriating $40,000,000 to Retire Existing Loans
Against Federal Farm Board's Wheat and Cotton
Authorized to Be Distributed by American National Red Cross.
A bill appropriating $40,000,000 to retire existing loans
against the Federal Farm Board wheat and cotton released
to the Red Cross for relief distribution was sent by the
House to the President on July 16, at which time Associated
Press advices from Washington stated:
p The House receded, 187 to 52, from its disagreement to the bill, passed
earlier in the day by the Senate, on the motion of Representative La
Guardia.
miThe original House bill made the appropriation indefinite, covering all
liens, handling charges and Farm Board equities in the 45.000,000 bushels
of wheat and 500,000 bales of cotton. The Senate prohibited the use of
funds to pay the Board's equities.
From the "United States Daily" of July 18 we take the
following in the matter:
Action of the House, July 16, in receding from its disagreement to and
concurring in the Senate amendments to the resolution (H. J. Res. 461)
authorizing the appropriation of funds to be used incident to the distribution and purchase of Government-owned wheat and cotton for relief purposes, completed Congressional approval of the measure and sent it to
the President.
As the bill originally passed the House, it authorized the appropriation
of "necessary" funds for purchase and distribution of the two commodities,
for which authorization had been given in a previously enacted measure.
The original House bill also proposed that any remaining equity in the
wheat and cotton would be turned back to the revolving fund of the Federal
Farm Board, which organization is holding the wheat and cotton which
is to be purchased.
The Senate, however, amended the measure so as to provide that the
appropriation be limited to 840,000,000 and that the equity be turned back
to the United States Treasury.
Conferences between the House and Senate resulted in a disagreement
on these provisions, and the conferees so reported to their respective
houses on July 16. After reporting once, the conferees were instructed
to return and insist on their respective positions; but when the House
conferees returned the second time to report the disagreement, the House
voted to recede from its disagreement and concur in the Senate amendments.
This action was taken by the House despite the recommendations of
Representative Byrne (Dem.) of Nashville. Tenn., and Wood (Rep.), of
Lafayette, Ind., ranking House conferees, that retention of the amendments in the resolution may prevent the job from being well done and would
be an injustice to the Federal Farm Board,
Representative LaGuardia (Rep.), of New York City, made the motion
to recede and concur in the Senate amendment regarding the limitation of
the amount to be appropriated, which was carried by a standing vote of
187 ayes to 52 nays. Representative Bulwinkle (Dem.), of Gastonia,
N. C., offered the motion to recede and concur in the Senate amendment
regarding the returning of any excess equity in the wheat and cotton to the
Treasury, which was carried by a standing vote of 153 ayes to 57 nays.
Text of Resolution Passed by Congress Authorizing
Distribution by American Red Cross of 45,000,000
Bushels of Wheat and 500,000 Bales of Cotton Held
by Federal Farm Board.
On July 5 President Hoover signed the resolution passed
by Congress calling for the distribution by the American
National Red Cross of 45,000,000 bushels of wheat and
500,000 bales of cotton, Government owned. The Congressional action was noted in our issue of July 9, page 225.
The text of the resolution as signed by the President follows:
111. J. Res. 4181
JOINT RESOLUTION
Authorizing the distribution of Government-owned wheat and cotton to
the American National Red Cross and other organizations for relief
of distress.
Resolved by the Senate and House of Representatives of the United States
the Federal Farm Board is authorized
of America in Congress assembled, That
727
and directed to take such action as may be necessary to deliver to the American National Red Cross, and any other organization designated by the
American National Red Cross, on July 1 1932, or as soon thereafter as
may be practicable, 45,000,000 bushels of wheat of the Grain Stabilization
Corporation and 500,000 bales of cotton of the Cotton Stabilization Corporation, for use in providing food, cloth, and wearing apparel for the
needy and distressed people, and in providing feed for livestock in the 1932
crop-failure areas, after the needs of human consumption have been taken
care of, in the opinion of the Director of the Red Cross, of the United
States and Territories. Such wheat or cotton shall be delivered upon application therefor, but only upon the approval of the President of the
United States, and in such amounts to each organization as the President
may approve.
Sec. 2. No part of the expenses incident to the delivery, receipt, and
distribution of such wheat or cotton shall be borne by the United States
or the Federal Farm Board. In order to carry out the purposes of this
resolution such wheat or the products thereof may be milled or processed
into, or exchanged for, flour of any kind, bread, or food, provided, in
making such exchange, preference shall be given whenever practicable to
foods of which wheat products are a substantial ingredient, or cotton may
be manufactured into or exchanged for cloth, or wearing apparel, or other
articles of clothing, made of cotton; but such milling, processing or manufacturing shall be without profit to any mill, organization,or other person.
Sec. 3. In so far as wheat or cotton is donated to relief agencies by
the Grain Stabilization Corporation or the Cotton Stabilization Corporation under this resolution the Federal Farm Board is authorized to cancel
such part of its loans to such Corporation as equals the proportionate part
of said loans represented by the wheat or cotton delivered hereunder, less
the current market value of the wheat or cotton delivered; and to deduct
the amount of such loans canceled from the amount of the revolving fund
established by the Agricultural Marketing Act. To carry out the provisions of this resolution,such sums as may be necessary are hereby authorized to be appropriated and made immediately available to the Federal
Farm Board to be used solely for the following purposes;
(a) For advancing to such corporations amounts to repay loans held by
commercial or intermediate credit banks against wheat or cotton which
would be released for donations under this resolution.
(b) For reimbursing each such corporation for its net equity in the
wheat or cotton used for donations under this resolution, according to the
current market value at the time of the donation.
(c) For meeting carrying and handling charges, and interest payments
on commercial or intermediate credit bank loans, on or against wheat and
cotton which would be released for donations under this resolution between
the date of its approval and the delivery of the wheat or cotton to the
American National Red Cross or other organization.
Sec. 4. The Federal Farm Board shall execute its functions under this
resolution through its usual administrative staff, and such additional
clerical assistance as may be found necessary, without additional appropriations beyond its usual administrative appropriation under the Agricultural Marketing Act.
Approved, July 5 1932.
List of Loans Made By Reconstruction Finance Corporation Asked for by Senator Couzens in Letter to
Eugene Meyer, Chairman of Corporation.
In accordance with the resolution adopted Lai July 11
by the Senate, a list of loans made by the Reconstruction
Finance Corporation was requested in a letter addressed
by Senator Couzens to Eugene Meyer, chairman of the
Board of the Corporation. Senator Couzens is Chairman of
the Committee named to investigate loans made by the Corporation, as called for in the resolution, to which we refer
in another item in this issue of our paper. In his letter,
Senator Couzens said:
as
"I am authorized by the committee, to ask you to furnish us
quickly as possible a complete list of all loans, the date of maturity, the rate of interest and the security pledged since the organization of the corporation."
Senator Couzens announced according to the "United
States Daily" of July 15 that he had received a reply from
Mr. Meyer advising him that some delay would be occasioned in compilation of the data. The board Chairman
suggested that it might be two weeks before the material
could be transmitted to the Committee. Mr. Couzens reported.
A dispatch from Washington July 14 to the New York
"Times" said:
Borah Confers With Stimson
The letter was written after Senator Borah had conferred at the
State Department with Secretary Stimson concerning the revelations in London and Paris of the "gentlemen's agreement" conditioning the reparations settlement on reduction in debts owed the
United States, and concerning the Anglo-French accord providing
for close cooperation on issues arising out of the Lausanne conference.
According to an authoritative explanation, the letter had a twofold purpose. It was designed to inform the European powers that
the United States would not deal with them collectively on debts.
Furthermore, it was intended to reassure the American people that
their government had not been a party in any way to the agreements and understandings at Lausanne, and to make known that the
debt policy of the administration had not been changed from one
of dealing with the powers separately and on the basis of capacity
to pay.
President Hoover, it was said, felt that his position should be
made known in view of the uncertainties that have arisen. In
administration circles, generally, no real concern was manifested
or belief expressed that Europe was actually arranging a united
front against this country. The view was expressed that the "gentlemen's agreement" and the Anglo-French accord were devices to save
the face of Premier Herriot of France at home.
Exaggerated Claims Seen
This situation involving French politics, it was believed, led to
exaggerated claims in France of the significance of the understanding, a circumstance that required the British Government to clarify
its position. In these ramifications, American officials have only an
academic interest.
Senator Borah, in his visit to Secretary Stimson today, impressed
upon him the advisability of making the administration's position
728
Financial Chronicle
clear before the presidential campaign got under way. He said
the impression was widespread that this government had given
European officials to understand that the debts might be cancelled
or revised if economic reforms.
Senate Group Makes Preliminary Survey of Reconstruction Corporation—Senator Couzens Statement.
Senator Couzens (Rep.), of Michigan, Chairman of the
Senate Select Committee for Examination of Reconstruction
Finance Corporation operations, declared in an oral statement, July 21, that his preliminary survey of the Corporation
affairs showed administrative functions to be going along in
a highly satisfactory manner. From the "United States
Daily" of July 22 we also quote:
He stated that he had gone over various phases of the Corporation's
business and was impelled to compliment its administrative organization.
He described it as being well developed and operating in a business-li
ke way.
Withholds Comment.
Senator Couzens declined to discuss any of the loans made by the Corporation, recalling that the Senate resolution which had created
the select
committee did not contemplate publication of any loan data unless
it were
later determined by the Committee that the facts warranted
submission
of them to the Senate. The resolution upon which
the Senate acted was
put forward by Senator Couzens as preferable to
a resolution by Senator
Norris (Rep.), of Nebraska, which would have
ordered the Corporation
to send details of all loans to the Senate for publication
.
Senator Couzens conferred with Eugene Meyer, Chairman
of the Corporation Board, who is soon to retire to devote all
of his time to the office
of Governor of the Federal Reserve Board, and with
other members of the
Board. He said he was pleased to learn of the satisfactor
y manner in
which affairs of the Corporation were handled.
Committee's Authority.
It was deemed unlikely by Senator Couzens that he would
make any
further examination of the Corporation records
in the next few weeks.
He said he planned to return to Detroit for an
extended visit, and that in
all probability no other member of the Committee
would be here to make
regular examination of the Corporation loans in
the interim.
The resolution provides that the Committee
shall consider the loan data
whenever it deems necessary. Senator Couzens
said it was the consensus
of the members of the Committee that
examination of the records covered
the requirements during the recess of Congress
and that any further moves
would not be made before Congress reconvenes
in December unleQs something now unforeseen warrants a special
meeting.
Senate Adopts Couzens Resolution Creating Committ
ee
To Investigate Loans made By Reconstruction
Finance Corporation—Membership of Committee.
The Senate on July 11 adopted a resolution submitte
d
by Senator Couzens (Republican) of Michigan, creating
a committee of the Senate to investigate loans made
by
the Reconstruction Finance Corporation. The resolution
as adopted follows:
Resolved. That there is hereby created a
select committee of the
Senate to be appointed by the Vice
President, consisting of five
Senators, not more than three of whom shall
be chosen from one
political party, which committee shall
be authorized and directed
to investigate the loans made by the Reconstru
ction Finance Corporation and to ascertain any information
or facts concerning such
loans which the committee deems advisable
that the Senate should
have.
The committee shall make a report to
the Senate at the first
meeting of the Senate in January of 1933,
and shall also make such
recommendations as the committee deems advisable.
According to the "United States Daily" of July 12 Senator Moses (Rep.) of New Hampshire, President Pro Ternpore of the Senate, subsequently named five members of
the investigating committee as follows: Senators Couzens
(Rep.), of Michigan; Goldsborough (Rep.), of Maryland;
Walcott (Rep.), of Connecticut; Glass (Dem.), of Virginia, and Fletcher (Dem.), of Florida.
The same paper in its July 12 issue said:
Full Publicity Advocated
Action on the resolution was said by Senator
Norris (Rep.), of
Nebraska, to make unlikely the adoption
of the Norris resolution
(H. Res. 260), which would have directed the Corporation to
supply
the Senate with full information on the same subjects
dealt with in
the resolution that was accepted. Senator Couzens
and others deemed
such a course unwise.
The Couzens resolution provides that the
select committee shall
make a complete inquiry and .ascertain all
facts that it desires to
obtain, but that it shall make a report to
the Senate of only these
cases about which it deems the Senate should
know. Its sponsor
took the position that for the corporation to submit
all details would
be to break faith with those who had borrowed; and that
to force publicity of the loans and collateral back of them would
be to make the
law retroactive.
Confidential Status Established
"It is to be remembered," said Senator Couzens, "that the Senate
emphatically voted down an amendment by Senator La
Folette (Rep.),
of Wisconsin, to require the Corporation to make public all facts
connected with each loan. It would be unfair as well as unwise,
in
view of that fact, to tell the Corporation now that it must
disclose
those facts. Banks and businesses have borrowed with the belief,
correctly assumed, that the details were not to be published."
Senator Norris reminded the Senate, however, in reply to Senator
Couzen's argument, that, "when Gen. Dawes announced there was
dollar for dollar of deposits in his bank in Chicago, the run immediately stopped."
The Central Republic Bank & Trust Co., of which Charles
G.
Dawes, former president of the Reconstruction Finance Corporation,
is the head, obtained a loan of $80,000,000 from the Corporati
on.
July 30 1932
Senator Norris used the incident to illustrate a contention that full
publicity of the facts strengthened a bank in its community.
Basis of Request
"I am mindful that the Senate rejected the LaFollette resolution,"
Senator Norris added, "but I have not changed my mind. I consider
it to be irrefutable that publicity of a bank's ability to obtain funds
from the Reconstruction Finance Corporation is proof to its depositors
that it is sound.
"I still have the idea that it would be a good thing for the country
to know about all of the transactions. For, after all, that
agency
is operating with money that belongs to the taxpayer."
In disagreeing with the Norris view, Senator Watson
(Rep.),
Indiana, asserted that the minute it is known a bank borrows, of
just
then a bank's prestige begins to suffer with some of its depositors
.
He declared that it was not true that all of them would
be made to
feel there was no question about the bank's soundness
, admitting,
at the same time, that most of them would cease to entertain fears.
Integrity of Board Discussed
The psychology of the Norris resolution, as distinguis
hed from the
effect of the Couzens proposal, was held by Senator
Thomas (Rep.),
of Idaho. to be bad. He argued that the Norris resolution
"questions
the integrity" of the board of the corporation.
The board, he said, was operating to the best of its
ability under
conditions of an emergency. He declared he could
see no excuse
for forcing It to broadcast all details of its commitmen
ts.
Senator Norris repeated that, if it were good to
have publicity
respecting some loans, making reference to the Dawes
announcement
In this connection, it ought to be proper to make
all of the facts
known. He said he was not going to offer opposition
to the Couzens
resolution, although he retained the conviction
it failed to go far
enough.
Secretary of Agriculture Hyde Apportions $120,00
0,000
Among States For Emergency Construction on Federal-Aid Highway System
On July 23 Secretary of Agriculture Hyde apportio
the $120,000,000 provided by the Emergency Relief ned
Construction Act for expenditure in emergency construc and
on the Federal-aid highway system. The act provides tion
that
the amount apportioned to any State may be used
to match
the regular annual Federal-aid apportionments and
so used this amount shall be available for expendit when
ure in
paying the share of such State in the cost of
Federal-aid
projects. The funds are available only for work
Federal-aid highway system performed before on the
July 1,
1933. The Department likewise said:
Funds advanced under the emergency act are to
be
to the Federal Government over a period of ten years reimbursed
commencing
with the fiscal year 1938, by making annual deduction
s from regular
Federal-aid apportionments.
The act also provides that all contracts involving the
expenditure
of emergency funds shall contain provisions establishing
minimum
rates of wages, to be predetermined by the State highway
department,
which contractors shall pay to skilled and unskilled
labor, and such
minimum rates shall be stated in the invitation for
bids and shall
he included in proposals or bids for the work.
The act also authorizes the Secretary of Agriculture to
make rules
and regulations for expending the funds with the view to
providing
the maximum employment of local labor consistent
with reasonable
economy of construction; and further provides that
all contracts let
for the construction of projects shall be subject to the
condition that
no convict labor shall be directly employed, that
(except in executive,
administrative, and supervisory positions), so far as is
practicable, no
individual directly employed on any such project
shall be permitted
to work more than 30 hours in any one week,
and that in the employment of labor on any such project preference
shall be given,
where they are qualified, to ex-service men with
dependents.
The apportionment is as follows;
Alabama
$2,558,229 New Hampshire
600,000
Arizona
1,760,771 New Jersey
1,657,733
Arkansas
2,101,182 New Mexico
1,965,473
California
4,667,188 New York
6,059,238
Colorado
2,258,613 North Carolina
2,888,251
Connecticut
778,806 North Dakota
1,933,901
Delaware
600,000 Ohio
4,490,175
Florida
1,624,752 Oklahoma
2,888,723
Georgia
3,123.298 Oregon
2,001,740
Idaho
1,505,912 Pennsylvania
5,267,060
Illinois
5,082,847 Rhode Island
600,000
Indiana
3,058,980 South Carolina
1,666,755
Iowa
3,171,504 South Dakota
2,004,573
Kansas
3,265,048 Tennessee
,605,160
Kentucky
2,264,637 Texas
7,664,621
Louisiana
1,745,559 Utah
1,395,331
Maine
1,067,079 Vermont
600,000
Maryland
1,019,570 Virginia
2,256,178
Massachusetts
1,716,612 Washington
1,920,470
Michigan
3,779,706 West Virginia
1,323,912
Minnesota
3,368,559 Wisconsin
2,991,076
Mississippi
2,160,164 Wyoming
1,541,561
Missouri
3,753,453 Hawaii
600,000
Montana
2,525,071
Nebraska
2,544,773
Nevada
1,575,756
$120,000,000
Report by Bureau of Railway Economics on Freight
fic Handled by Class 1 Railroads of United TrafStates
During May
Freight traffic handled by the Class I railroad
country in May amounted to 19,870,195,000 net s of this
ton miles,
according to reports just received from the
railroads by
the Bureau of Railway Econoinics and made
public July
15. The reports also said:
Compared with May, 1931, this was a reduction of
10,145,352,000
net ton miles or 33.8% , and a reduction of
16,703,133,000 net ton
miles or 45.7% under May 1930.
Volume 135
Financial Chronicle
In the Eastern District, the volume of freight traffic handled in
May was a reduction of 31.9% compared with the same month in
1931, while the Southern District reported a decrease of 37.6%.
The Western District reported a decrease of 35.1%.
The volume of freight traffic handled by the Class I railroads in
the first five months of 1932 amounted to 109,270,687,000 net ton
miles, a reduction of 36,819,408,000 net ton miles or 25.2% under the
corresponding period in 1931, and a reduction of 68,556,931,000 net
ton miles or 38.6% under the same period in 1930.
Railroads in the Eastern District for the five months period
in 1932 reported a reduction of 22.9% in the volume of freight
traffic handled compared with the same period in 1931, while the
Southern District reported a reduction of 28.7%. The Western
District reported a decrease of 27.2%.
National Banks May Profit by Glass Currency Provision
Carried in Federal Home Loan Bank Act—Would
Permit Earnings of About $24,000,000, Treasury
Shows—Interest Continues on Collateral Bonds—
Earnings of 2.59% on Purchase Price of Securities
Possible Under Measure.
Approximately $24,000,000 may be added to the annual
earnings of national banks if those banks are granted the
new note-issuing power which the Glass-Borah amendment
to the home loan bank bill proposes to confer upon them.
according to statistics made available July 20 at the Treasury Department. We quote from the "United States Daily"
of July 21, from which the following is also taken:
The Home Loan Bank bill, bearing the Glass-Borah amendment, is
awaiting the signature of the President, who called W. 0. Woods,
Treasuer of the United States, and the officer in charge of note issues, into conference at the White House July 20, according to information furnished orally. Additional information made available
follows:
Profit of 2.59%
Banks can make profits of as much as 2.59% on the purchase price
of bonds, which they must buy before issuing ne wnotes under
the Glass-Borah amendment, if they decide to buy the bonds and
secure notes with them rather than to invest the purchase price directly in investments or loans at 6%.
Because the bonds which the Glass-Borah amendment makes
eligible as circulation collateral are selling below par the banks could,
lithe amendment becomes law, secure $100,000 in new notes by spending $99,000 to buy Treasury bonds of 1943-47, which are selling about
$1 under par, and by pledging them as security for the new notes.
By obtaining these notes and lending them the banks could make
$8,513 on each $99,000 compared with $5,940 in earnings if the bank
invested the original $99,000 directly.
Interest on Bonds Continues
This increase in profits, which amounts to $2,573 on each $99,000,
or 2.59%, is due to the fact that the banks under the law continue
to draw the interest on the bonds which they have pledged as collateral for the new notes. At the same time they are collecting interest
from the new notes which, presumably, they will invest.
Since the national banks are to be granted the right to issue approximately $1,000,000,000 in new notes by the Glass-Borah amendment, they will have to spend only about $995,000,000 or $990,000,000
purchasing the necessary bonds at the present low prices. If their
profit on this investment averages 2.5%, the total addition to their
profits will be in the neighborhood of $24,000,000.
Present Issuance Right
National banks now have the right to issue notes on the basis of
Government bonds bearing not more than 2% interest. The GlassBorah amendment proposes to make eligible for note collateral all
Government bonds which bear interest at not more than 3% %.
All of the 2% bonds are selling at premiums, and banks
which buy them must include in the expenses, in addition to the
Federal tax and charges, a fund to amortize the premium before the
bonds mature. This charge runs as high as $511 a year on each
$100,000 in the case of some of the 2% issues. Since all of the bonds
which the Glass-Borah amendment would make eligible are still selling below par despite recent increases in prices, the amortization
charge, one of the largest involved in the National bank note issues,
would not be necessary when these issues are used as collateral.
Relative Earnings
The fact that the amortization fund may be disregarded as long
as the bonds continue to sell below par increases the additional profit
which the banks would make by securing notes through the bonds
rather than making some other sort of Investment. On the basis of
the 2% bonds the banks last year made no more than 0.832% more
on the notes than they would have on commercial loans or investments alone.
When a National bank wishes to issue notes, it first purchases
Government bonds which are eligible for use as collateral and presents them to the Treasury Department. In return the Treasury issuei
to the bank national bank notes equal to the total face value of the
bonds. The bonds themselves are deposited with the Treasury as backing but the bank continues to collect the interest on them and to
retain the title.
Of the notes issued 5% also must be left at the Treasury as a redemption fund. The Government makes a printing charge and levies
a tax of one-half of 1% annually; these last two items are the only
charges unless the bonds are selling, at a premium when the bank
buys them. In that case the banks must build up a fund to amortize
the premium before the bonds mature or are called.
After allowing for all charges the banks are free to use the remaining money for investments. The return which they get from
such investments and from the interest on the deposited bonds makes
up their gross returns on the note transaction. When the charges
for amortization, if any, for printing and taxes are deducted the remainder is the net profits.
The excess of these net profits over the return which the banks
might have secured if they had invested the original purchase price
of the bonds directly in the money markets is the profit attributable
to the note transaction. A table setting forth these items as they
would apply to a National bank seeking $100,000 in new notes on the
729
basis. of Treasury bonds of 1943-47, which are selling at about $99,000
per $100,000, follows:
Receipts: Cost of bonds, $99,000; circulation obtainable, $100,000;
interest on bonds, $3,375; interest at 6% on circulation minus reserve,
5,700; gross receipts, $9,075.
Expenses: Tax, $500; expenses, $62.50; total deductions, $562.50; net
receipts, $8,512.50.
Interest on cost of bonds at 6%, $5,940; amount of profit, $2,673.50;
per cent of profit, 2.5989.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made for the sale of two New York
Stock Exchange vats; one, July 26. at $90,000, up $10,000
from the last previous sale, July 21; and the other, July 29,
at 891,000.
Second New York Cotton Exchange membership of the
estate of Norrie Sellar was sold July 28 to John C. Botts for
another for $9,500, unchanged from the last previous sale,
July 18.
Second membership of F. R. Horne on the New York
Coffee & Sugar Exchange was sold July 27 to M. M. De
Wolf for $3,900, an increase of $400 over previous sale,.
July 16.
—*—
C. Howard Marfield, President of the Continental Bank
& Trust Co. of New York, this week issued the following
statement:
"Statements have recently been made by several attorneys for certain
bondholders protective committees which have found their way into the
news columns of one or two of the newspapers of this city to the effect that
the Continental Bank & Trust Co. of New York is dominated or controlled
by S. W. Straus & Co. or its associates.
"It is needless to say that such statements are entirely untrue, without
any foundation in fact, and, unquestionably, made for some ulterior
Purpose.
"The Continental Bank & Trust Co. of New York acquired the Straus
National Bank & Trust Co. of New York on Sept. 15 1931, and it is because of this acquistion that these attorneys, to serve their own ends, have
made these baseless statements. As the result of this action by the Continental Bank & Trust Co. of New York. the Straus interests became the
owners of less than 4% of the stock of this bank and out of a board of
directors of 25 members have two places on such board.
"The Continental Bank & Trust Co. of New York is an independent
banking institution which has been functioning as such in the City of New
York since 1870.
"With the assistance and patronage of its depositors, stockholders and
friends, the Continental Bank & Trust Co. of New York pledges itself
to retain its independence of action and to continue the conduct of its
bank and trust department, controlled by no one group or interest and
dominated by nothing save the desire to serve its customers and protect
its stockholders."
On July 28 the Board of Directors of the Public National
Bank & Trust Co. of New York appointed Jacob Bloom as
Assistant Cashier.
The Battery Park Branch a The National City Bank of
New York has moved to 26 Broadway, where the new unit,
offering the full.facilities of the National City organization, started business July 18 as the 26 Broadway Branch.
The change of location is of interest historically. The Battery Park National Bank was organized in 1908 and was
located at 24 State Street in the Chesebrottgh Building.
About 1908 the Battery Park National Bank moved into
the New ork Produce Exchange Building at 8 Broadway.
In 1923, the institution merged with the Bank of America
and the branch was continued at the same address. Late
last year, the Bank of America merged with The National
City Bank of New York. The same staff which has been
with the Battery Park Branch of The National City Bank
has taken up its new quarters in the Standard Oil Building.
Authority was granted to the National Bronx Safe Deposit Company, 560 Melrose Avenue,- Bronx, by the New
York State Banking Department to open two new branch
offices in the Bronx, at 1245 Southern Boulevard and 410412 East 138 Street. The Banking Department in its weekly
Bulletin, dated July 15, stated that permission was given
to the institution to open the branch office at. 1245 Southern
Boulevard on the condition that the branch office heretofore authorized to be maintained at 4725 White Plains Road
be discontinued.
Ralph Bristol, partner of Bristol & Willett, investment
securities brokers, 115 Broadway, died on July 15. He was
50 years old. Mr. Bristol formerly acted as trader for John
Burnham & Company, bond brokers, Jenks, Gwynne & Company, Bernhard Scholle, and Moore & Schley. From 1918
to 1920 he worked with an investment company. After
leaving them, Mr. Bristol organized the firm of Bristol
& Bauer, bankers and brokers. This firm was succeeded on
January 1 1926 by Bristol & Willett.
The National Exchange Bank & Trust Company of New
York reports for the period ending June 30 1932, deposits
730
Financial Chronicle
of $2,355,971 with cash on hand and in banks $1,816,825
and U. S. Government Securities, State and Municipal Bonds
$524,837. It is stated that these two items total $2,341,662
or nearly 100% of the amount of deposits. Loans and discounts amounted to $1,738,000 of which $519,000 are secured and $1,219,000 are unsecured, while furniture, equipment and vaults are carried at $1.00, the capital and surplus remaining the same as previous $1,000.000 each, and
undivided profits $307,073 with $52,219 reserves. The total
resources of the bank are $4,722,716.
Charles F. Noyes, President of Charles l. Noyes Co., Inc.,
has been elected a member of the Advisory Board of the
320 Broadway office of the Chemical Bank & Trust Company of New York.
An Increase
increase in capital of the Continental Safe Deposit
Company, 30 Broad Street, New. York, raising it from
$100,000 to $125,000 was approved by the New York State
Banking Department on July 21. The Banking Department
also gave its approval to the increase in the number of
ghares of stock of the institution from 1,000 to 1,250 shares
with a par value of $100 each. The stockholders of the
safe deposit company approved the changes at a meeting
held July 5.
Casimir I. Stralem, senior partner of the banking firm
of Hallgarten & Company, 44 Pine Street, died July 15 at
the age of 57 years. At the start of his career, Mr. Stralem
practiced law but decided to change to banking. In 1901
he entered the employ of Hallgarten & Company, of which
his father-In-law, Sigmund Neustadt, was senior partner.
He worked for a time in each department of the firm and
in 1904 was made a partner. In 1903 Mr. Stralem acquired
a seat on the New York Stock Exchange, remaining a member for 22 years. He was elected a Governor of the Exchange in May, 1921, for a term of four years, but resigned
In December 1922. Mr. Stralem was a director of many
companies, including the Adams Express Co., Empire Gas
& Fuel, Gulf States Steel, Mid-Continent Petroleum, Paramount-Publix, Petroleum Corporation of America, ThompsonStarrett, Virginia-Caroline Chemical and Wilson & Company.
During its first year in business Fiduciary Trust Company, 1 Wall Street, New York, showed an increase in
deposits from $1,981,000 at the end of the first quarter
to $4,886,000 at the end of the fourth quarter, according to
the company's annual report to the stockholders. The June
30 statement shows that deposits further increased to
$9,067,000, bringing the total resources up to $11,251,000.
Personal trust and fiduciary funds increased from $7,494,000
at the end of the first quarter to $29,367,000 at the end of
the fourth quarter. In their message to stockholders the
officers of the company say:
"The substantial volume of business which has come to the company
during its first year, despite the depressed conditions, is both satisfactory
and encouraging. When the company opened for business it was estimated that income would not equal expenses until well into the second
year. On May 31, the end of our first year, the income on an annual
basis represented earnings of $249,000 as against expenses of $243,000.
While subsequent declines in money rates and changes in loans and investments have for the time being lowered the current income, this may
be regarded as only a temporary incident in the progress of the company to a profitable basis."
Fiduciary Trust Company limits its activities to personal
trust work, investment management and non-commercial
banking.
The New York State Banking Department on July 8
approved the reduction of $100,000 made in the capital
of the Guaranty Safe Deposit Company, 524 Fifth Avenue,
lowering it from $500,000 to $400,000. The change is effected by a reduction in the number of shares of stock from
5,000 to 4,000 with a par value of $100 each
The New York State Ban-king Department on July 15
approved an agreement for the merger of the Farmers National Bank of Adams, N. Y., into the Citizens Trust Co. of
Adams, under the title of the Citizens & Farmers Trust
Co.
Concerning the affairs of t- he Peoples National Bank of
Pulaski, N. Y., which failed in October last, Oswego, N. Y.,
advices on July 14 to the New York "Herald Tribune"
stated that payment of the first dividend in connection with
the liquidation of the bank's assets had started on that
day and amounted to 27% of the depositors' claims. Another dividend is expected to be paid shortly, the dispatch
said.
July 301932
Herbert Pearson, receiver of the closed Federal National
Bank of Boston, Mass., in his statement of condition as of
June 30, 1932, shows cash of $2,128,463, of which $135,808
was collected from the $2,005,585 assessment levied June
16 on stockholders. The Boston "Transcript" of July 20,
from which the foregoing is learned, went on to say:
In building up cash from the amount that remained in the bank when it
closed ($120,436) to its June 30 figure of $2,128,463, and in reducing liabilities
from $26,118,210 to $23,203,352, a total of $4,922,885, bills receivable and other
assets were reduced almost $5,500,000.
The statement shows total of all assets coming Into the hands of the
receiver of $31,497,367 and total assets uncollected of $23,739,332. The total
of all liabilities Is shown as $23,203,352.
The closing of the Federal National Bank was recorded
in the "Chronicle" of Dec. 19, 1931, page 4104, and our last
reference to its affairs appeared in our July 2 issue, page
72.
Boston advices by the Boston "News Bureau" to the
"Wall Street Journal" on July 16 stated that to derive the
benefits of an advantageous offer by the Old Colony Trust
Associates, directors of the Everett Trust Co. of Everett,
Mass, have approved and recommended to stockholders a
plan of reorganization. The dispatch continuing said:
The reorganized bank would carry on present business with paid-in capital
and surplus of at least $400,000, and would continue one of the banks controlled by the Old Colony Trust Associates. Stockholders would be given an
opportunity to subscribe to new capital and the unsubscribed balance would be
provided by the Old Colony Trust Associates.
That a new bank, to be known as the West Haven Trust
Co., is being organized to replace the West Haven Bank &
Trust Co. of West Haven, Conn., which closed on Dec. 24
1931, is indicated in the following taken from the New
Haven "Register" of July 18:
The proposed West Haven Trust Co. which is to supplant the West Haven
Bank & Trust Co. in offering banking facilities to the town will be financed
by public subscription up to an amount ranging from $125,000 to $150,000.
The balance of its proposed capitalization-75,000—those interested in the
venture said today (July 18) will be sought from depositors in the now closed
West Haven Bank & Trust Co.
This was made known to-day by Judge William L. Hadden a director of the
closed bank and Chairman of the special committee which formulated the
plan now put forward for the resumption of banking activities in the town.
Under the proposed plan, the immediate payment of a substantial dividend
to savings depositors and a less substantial dividend to commercial depositors
is contemplated. It is the plan of the committee to ask depositors to use a
portion of this dividend to purchase stock in the new institution. The balance
will remain on deposit in the new bank until such time as It is expeditious
to permit Its withdrawal, it was said.
Shares will be offered at $50 each. Of the total amount received $100,000
will be set aside as capital, while $125,000 will represent surplus and undivided profits.
The plan has the approval of Bank Commissioner George J. Bassett before
whom it was placed at a meeting of the joint committee of directors and representatives of depositors at a meeting on last Friday (July 15).
The "Register" in its issue of the previous day, July 17,
stated that Roy H. Griffin of New York, former bank executive and at one time a national bank examiner, would
have charge of the preliminary organization of the new
Institution. Mr. Griffin's work in the past several years
has been devoted to the re-establishment of banks of weakened structure, it was said. The closing of the West Haven
Bank & Trust Co., with deposits of $2,700,000, was reported
In the "Chronicle" of Jan. 2, page 77.
Directors of the Riverside Trust Co. of Hartford, Conn.,
on July 19 appointed John A. Pilgard, Chairman of the
Board of the Institution, to fill the vacancy caused by the
resignation of Thomas Hewes, who is receiver for the closed
City Bank & Trust Co. of Hartford. At the same time
Harry A. Allen, President of the Riverside Trust Co., announced that the institution is interested in negotiations
looking towards the acquisition of the assets of the commercial department of the City Bank & Trust Co.. As such
negotiations would come before him and would concern
his duties, Mr. Hewes asked to be relieved of the Chairmanship and also resigned as a director of the institution. The
account of the matter appearing in the Hartford "Courant"
of July 20, from which the above Information is obtained,
went on to say in part:
In connection with the resignation of Mr. Hewes and the plans of the
Riverside Trust Co., President Allen said:
"Plans for the reorganization of the commercial department of the City
Bank & Truet Co. contemplate negotiations with several institutions, including the Riverside Trust Co., interested in acquiring the assets of that
department by purchase, merger or otherwise,
"It would obviously be out of keeping for Thomas Hewes, receiver of
the City Bank & Trust Co., to act as such in any negotiation with the
Riverside Trust Co., of whose Board of Directors he is not only a member
but its Chairman." . . .
John A. Pilgard, the new Chairman of the Board of Directors, is a
successful business man, being President of the John A. Pilgard Co., which
he founded and built up to its important position in the commercial life
of Hartford. . . .
Rufus W. Bailey, heretofore Assistant Secretary who has
been connected with the Farmers' & Mechanics' Savings
Bank of Middletown, Conn., since July 1929, was recently
appointed Secretary of the institution to fill the vacancy
caused by the death of Walter L. Leach, according to the
Hartford "Courant" of July 23. At the same time Emil
Linderme was promoted to the office of Assistant Secre-
Volume 135
Financial Chronicle
tary. Prior to his connection with the Farmers' & Mechanics'
Savings Bank, Mr. Bailey, the new Secretitry, was employed
in the First National Bank of Middletown for 19 years, the
last four as Assistant Cashier, it was stated.
Two changes were made recently in the personnel of the
First National Bank of Stoneharbor, N. J. E. 0. Howell,
Jr., heretofore Vice-President of the institution, was advanced to the Presidency, succeeding Harold I. Taylor, who
resigned, and Harry L. Steel was promoted to Vice-President to succeed Mr:Howell. Fred W. Wetzler continues as
Cashier of the institution.
In regard to the affairs of the Burlington City Loan &
Trust Co. of Burlington, N. J., the closing of which on Dec.
29 last was noted in our Jan. 2 issue, page 78, a dispatch
from that place to the New York "Times" on July 22 contained the following:
Abandoning its efforts to subscribe a fund of $3,000,000 necessary for the
reorganization of the Burlington City Loan & Trust Co. • v • a special
committee of the Burlington Chamber of Commerce In its report today urges
the State Banking Commission to speed liquidation of the institution. The
bank closed with approximately $1,500,000 on deposit. Among the accounts
are the savings of hundreds of school children.
On July 18 the Allentown National Bank of Allentown,
Pa., took over for liquidation the Penn Trust Co. of that
city, the National bank assuming all the liabilities of the
trust company. The Allentown National Bank is capitalized
at $1,000,000 with surplus and undivided profits of $1,844,488, and, according to its last statement, June 30 1932,
has total deposits of $8,608,051, and total resources of $13,009,864. Its officers are as follows: Reuben J. Butz,
President; Emil A. Hirner, Vice-President; Frank M. Cressman, Cashier; Charles S. Dilcher, Assistant Cashier, and
Harold W. Pretz, Trust Officer.
On Tuesday of this week, July 26, the Counties Title &
Trust Co. of Ardmore, Pa., was closed and its affairs placed
in the hands of the Pennsylvania State Banking Department.
A statement by the directors of the institution said:
By reason of the shrinkage of deposits, due to the general business
conditions in the cctrimunity, the Board of Directors felt that the best
interests of depositors would be served by discontinuing business and
placing the affairs of the bank in the hands of the State Department of
Banking.
The Philadelphia "Ledger" of July 27, from which We
have quoted above, went qn to say:
As of Dec. 31 last, the bank reported a capital of $200,000 and a
surplus of $100,000. The deposits an of that date were $451,000, with
other liabilities of $104,000.
Officers of the bank at the time of the closing were: Ledyard Hecksober, President; H. B. Reinhardt, Vice-President and Treasurer• Francis
Von A. Cabeen, Jr., Secretary, and Albert Smith, Assistant'
Secretary
and Treasurer.
Edward Schwarz, former Trust Officer and Cashier of
the Tulpehocken National Bank & Trust Co. of Philadelphia,
Pa., on July 25 was held in $5,000 bail by United States
Commissioner Patterson, following his arrest for alleged
embezzlement of the bank's funds. The Philadelphia "Ledger" of July 26, in reporting the matter, furthermore said:
Officials charged in a warrant that Schwarz misapplied $10,225 of
the bank's funds in two transactions, one on June 10 1930, when he obtained $1,450 on a promissory note with an allegedly forged signature,
and later, on June 14 1932, when he took $8,790. After Federal banking
examiners detected the shortage, which was covered, officials said, by
insurance, Schwarz returned $1,670 to the bank.
At a meeting of the directors of the Montgomery County
National Bank of Rockville, Md., held July 20, George Peter
Henderson, heretofore Cashier, was appointed President of
the institution to fill the vacancy caused bythe recent death
of George M. Hunter, according to a press dispatch from
Rockville, printed in the Baltimore "Sun."
Irving Ritchie, former Cashier of the Farmers' Bank of
Pendleton, at Franklin, W. Va., which was closed in December last, was indicted on seven counts by the Pendleton
County Grand Jury on July 27 for alleged irregularities in
connection with the affairs of the institution. Franklin
advices on that date appearing in the Baltimore "Sun," from
which the foregoing is learned, furthermore said:
He had been indicted at the April term of the Grand Jury on similar
charges and trial on the earlier charges had been tentatively set for the
term opening to-day. It was regarded as uncertain in Court circles to-day,
however, whether the trial stage would be reached at this term.
Ritchie disappeared from his home here about Feb. 1 and was missing
for some weeks until finally taken into custody in Montana, where he formerly lived. He was returned to Pendleton in connection with the
bank case.
731
The Commercial State Savings Bank of Lakeview, Mich.,
has been closed for reorganization, according to the Michigan "Investor" of July 16. Officers of the institution state
that depositors will be paid in full and that business will
be resumed when reorganization plans are perfected, the
paper mentioned said.
It is learned from the "Commercial West" of July 23 that
Floyd Ross has been appointed President of the State Bank
of Wisconsin, Milwaukee, Wis., to succeed George F. Ruez,
who resigned because of ill health.
Associated Press advices from Racine, Wis., on July 18
stated that the Racine City Bank of that place had failed
to open on the date named. "Shrinkage of deposits due
to nervousness over general business conditions and depreciation of bond accounts" were given as the reasons for the
suspension by Leo T. Crowley, Chairman of the State
Banking Board for Wisconsin. A meeting of depositors and
stockholders of the closed bank would be held in a few
days with a view to reopening, the advices said.
The Commercial State Bank of Iron Ridge, Wis., has
taken over the Neosho State Bank of Neosho, Wis., which
is to be continued as a receiving and disbursing station of
the Commercial State Bank, according to the "Commercial
West" of July 23. Capital and surplus of the Commercial
State Bank is now $54,000 and deposits total $281,000.
Officers it was stated, are as follows: H. F. Ringle, President; Peter Kloeckner, Vice-President; J. M. Dusel, Cashier;
Melvin Ringle, Assistant Cashier.
Effective July 12 1932, the Union National Bank of Ames,
Iowa, capitalized at $100,000, was placed in voluntary liquidation. It has been succeeded by the Union Story Trust &
Savings Bank of the same place.
The Des Moines Bank & Trust Co. of Des Moines, Iowa,
on July 25 opened its new bank building. The opening
ceremonies were entirely informal, business being conducted
as usual during banking hours. However, the building
was kept open until 9:30 p. m. for the inspection of visitors.
More than 18,000 persons are said to have visited the building throughout the day, and numerous gifts of flowers from
customers and business houses were received. The Des
Moines "Register," from which the above is learned, went
on to say:
The building, which cost more than $600,000, is one of the most modern
and complete in the State. Its protective system makes it burglar proof,
according to its officials.
Visitors were particularly impressed with the new type banking room
in which the usual cages are missing. Counters, without grills or bars,
have taken their place.
The vault has a protective device that prevents its being either opened
or tampered with without setting off an alarm.
Among those present during the day were James R. Leavell, President of
the Continental Illinois Bank & Trust Co., Chicago; J. C. Thomson, VicePresident and General Manager of the Northwest Bancorporation, Minneapolis, and Fred E. Hovey, President of the Stock Yards National Bank,
Omaha.
Guests of the bank were tendered a luncheon at the Des Moines Club
and dinner at the Wakonda Club.
The First National Bank of Loup City, Neb., with capital
of $25,000, went into voluntary liquidation on June 27 last.
The institution has been succeeded by the First National
Bank in Loup City.
The "Commercial West" of July 23 reported that the
Farmers' State Bank of Rising City, Neb., closed since Jan.
11 of the present year, had reopened July 12. The reorganized bank has combined capital and surplus of $36,000.
Its officers are as follows: D. J. Smith, President; George
Drechert, Vice-President and H. F. Garhan, Assistant
Cashier.
Concerning the affairs of the Harvey County State Bank
of Newton, Kan., which closed its doors on Aug. 24 1929,
the Topeka "Capital" of July 16 had the following to say:
Checks which depositors of the failed Harvey County State Bank,
Newton, will receive July 23 as final settlement in liquidation of the
bank's assets, will not be large. Some will be for only a few cents as
the payment amounts to but three-fourths of one per cent. Previously,
however, the depositors have received 90% of their money back. . . .
The payment was one of several announced by Charles Johnson, general
receiver for failed State banks.
Advices from Little Rock, Ark., on July 21 to the "Wall
Street Journal" contained the following with reference to
the affairs of the defunct American Exchange Trust Co.
of Little Rock:
The closed American Exchange Trust Co. as of June 30 had $8,104,787 in
assets, including $3,783,087 pledged as collateral on a loan advanced by the
732
Financial Chronicle
Reconstruction Finance Corp., according to a report by Sam J. Wilson,
Deputy Commissioner In charge of liquidation. Since suspension in November.
1930, the trust company has paid three liquidating dividends, each of 10%.
The Jefferson Bank of St. Louis, Mo., recently changed
its title to the Jefferson Bank & Trust Co.
Homer LaFayette Grigsby, a Vice-President of the Commerce-Union Bank of Nashville, Tenn., and former State
Superintendent of Banking for Tennessee, died suddenly on
July 19 at his home in that city. The deceased banker was
born in Charlotte, Tenn., but later moved to Dickson, Tenn.,
where he was graduated from the old Dickson Normal College, receiving a degree in law. After practising law in
Dickson for some time, Mr. Grigsby became Assistant
Cashier of the First National Bank of Dickson. Later he
was made a State Bank Examiner and served in that capacity for many years. In 1928 he was appointed State Superintendent of Banks, an office he held until April 1930,
when he resigned to become a Vice-President of the Commerce-Union Bank, the position he held at his death. Mr.
Grigsby was 50 years of age.
Two important changes were made recently in the personnel of the Savannah Bank & Trust Co., Savannah, Ga.
Robert M. Groves, President of the Strachan Shipping Co.
of Savannah, Ga., and a large stockholder in the bank, became Chairman of the Board of Directors and assumed
active direction of the institution's affairs, succeeding Leopold Adler, who retired, while John J. Cornell, formerly a
Vice-President, was promoted to the Presidency to succeed
Anton P. Wright, who also resigned. Mr. Wright will resume
the practice of law. He had been President of the trust
company for the last five years, having temporarily given
up his legal practice to serve the bank. Mr. Adler had been
Chairman of the Board for many years. He will continue
with the institution as a member of the Board. Mr. Cornell,
the new President, has been connected with the Savannah
Bank & Trust Co. since it acquired the old Chatham Bank.
He entered the service of the latter in 1905 and was Cashier
when it became a part of the Savannah Bank & Trust Co.
At the time of making the new connection he was made a
Vice-President, the office from which he has now been promoted to the Presidency. Mr. Cornell has been President of
4 the Savannah Clearing Association and an Officer of the
Georgia Bankers' Association, Chairman of Group One of
its committees. He is at present Vice-President for Georgia
of the American Bankers' Association. Other officers of
the Savannah Bank & Trust Co. are Joseph H. Thompson,
Vice-President, Cashier and Trust Officer, and John F. Hennemier, Assistant Cashier. The institution is capitalized
at $700,000, with surplus and undivided profits of $225,747,
and at the close of business June 30 1932 had deposits of
$1,513,496 and total resources of $3,307,694.
Reduction of the quarterly dividend rate from 3 to 2%%
was made July 22 by the Canadian Bank of Commerce
(head office Toronto), declaring the dividend for the third
period, payable on Sept. 1 to shareholders of record of
July 31, according to Toronto advices by the Canadian
Press on that date.
The Bank of Toronto, Toronto, ont., (Canada) has declared a quarterly dividend of $2.50 a share payable Sept.
1 1932 to stock of' record Aug. 15, according to the New
York "Evening Post" of July 21, which added:
This places the stock on a $10 annual basis as compared with the 812 paid
formerly.
The Union Corporation Ltd., of London, announces the
death of its Assistant Managing Director, Joseph Kitchin,
which took place July 3 after a brief illness. Mr. Kitchin
had been associated with the Corporation for thirty-five
years, and the corporation deplores the loss of his long
experience and untiring energy.
The annual report of the Standard Bank of South Africa,
Ltd. (head office London), covering the fiscal year ended
March 31, 1932, and presented to the proprietors at their
119th ordinary meeting on July 27, has just been received.
The statement shows net profits for the 12 months (after
payment of all expenses. providing for all bad and doubtful
debts, and rebating current bills) of £457,442, which, when
added to £142,622, representing the balance to credit of
profit and loss brought forward from the preceding 12
months, made £600,064 available for distribution. Out of
this sum, the report tells us an interim dividend at the
rate of 12% per annum (subject to income tax) for the half
July 30 1932
year ended Sept. 30 1931, calling for £150,000, was paid,
and £75,000 credited to bank premises account, leaving a
balance of £375.064. This amount the directors recommended be allocated as follows: £100,000 to officers' pension fund, and £125,000 to pay a dividend of 5s. per share
on 500,000 shares (being at the rate of 10% per annum),
subject to income tax, making a total distribution for the
year at the rate of 11%, leaving a balance of £150,000 to be
carried forward to the curernt year's profit and loss account.
Total resources of the Standard Bank of South Africa, Ltd.,
are shown in the report as £69,130,918. and its paid-up capital as £2,500,000, with reserve funds aggregating £3,164,170.
The institution was established in 1862.
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu Co. of London, written under date of
July 13, 1932.
Gold
The Bank of England gold reserve against notes amounted to £136,144,152
the
6th instant as compared with £136,142,754 on the previous Wednesday.
on
Offerings of gold in the open market have been mostly secured for the
Continent but of the £325,000 available yesterday the main proportion was
taken by an undisclosed buyer. Yesterday also, the Bank of England announced the purchase of £249,811 in bar gold.
Quotations during the week:
Equivalent value
per fine ounce
of t sterling
July 7th
115s 84.
145-8.34.
July 8th
1155 7d.
145-8.4d.
July 9th
__115s -d.
14s-9.3d.
July 11th
1155 7d.
145-8.44.
July 12th
1155 lid.
14s-7.9d.
July 13th
166s 14.
I4s-7.6d.
Average
115s 7.74.
14s-8.3d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 4th instant, and to mid-day on the 11th instant:
Imports
Exports
British South Africa_____£1,611,735
Netherlands
-£ 812,363
British India
678,488
France
512,784
Egypt
60,254
Germany
13,900
Netherlands
56,143
Czechs Slovakia
6,850
France ___________
29,169
Switzerland
2,231
Kenya
23,431
Australia
11,970
Germany
______
11,517
Iraq
10,675
Other countries
8,654
£2,502,036
61,148,108
On the 7th instant the Imperial Bank of India reduced its discount rate
from 5 per cent to 4 per cent.
The Transvaal gold output for June 1932 amounted to 959,011 fine ounces
as compared with 965,844 tine ounces for May 1932, and 897,750 fine ounces
for June 1931.
The S. S. "Carthage" which left Bombay on the 9th instant Carries gold to
the value of about £529,000.
Silver
The market has shown a firmer tendency during the past week and prices
advanced steadily until the 11th instant when 17.-1-led and 17.Iid were
reached for cash and two months delivery respectively. The Indian Bazaars
were the principal source of support, but a contributory factor to the rise in
prices was hesitation on the part of sellers. At the higher level,
however. China
was inclined to sell, besides which speculators seemed disposed to take
profits:
prices eased in consequence, but the undertone remains steady although it IS
possible there might be further slight reaction.
The Continent has sold moderately, but American operators
have not been
active.
The imminence of the Ottawa conference, and the
hope in some quarters
that proposals made there might have a beneficial effect on silver, possibly
influenced in part the bullish feeling apparent during
most of the week.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 4th instant to mid-day on the 11th
instant:
Imports
Exports
British India
_124,545
Hongkong
iI5,236
Germany
16,658
France
2,185
Soviet Union (Russia)
14,855
Australia
1,500
Japan
8,301
Other countries
2,605
British South Africa ________ 2,774
Other countires
5.945
£71,076
Quotations during the week:
In London
July 7th
July 8th
July9th
July 11th
July 12th _-________--___ ___
July 13th
Average
Cash delivery
16. 3-4d.
16. 3-44.
16.15-164.
17. 1-164.
17.
-d.
_16.13-16d.
18.8854.
£21,535
Bar Silver per oz. std.
Two Months' delivery
16. 3-4d.
16.13-16d.
16.15-16d.
17. 1-84.
17. 1-164.
16. 7-84.
16.927d.
In New York
(cents per ounce .999 line)
July 6th
26.3-8
July 7th
25.54
July 8th
26.5-8
July 9th
26.7-8
July llth_
37.1-8
July 12th
-26.15-18
The highest rate of exchange on New York recorded during the period
from
the 7th instant to the 13th instant was $3.58.% and the lowest
$3.54.3i.
Indian Currency Returns
(In lacs of rupees)
July'?
June 30
June 22
Notes in circulation
17,166
17,085
17,003
silver coin and bullion in India
11,268
11,188
11,152
Gold coin and bullion in IndIa1,078
1,078
1,078
Securities (Indian Government)
4,820
4,819
4,773
The stocks in Shanghai on the 9th instant consisted of about 83,000,000
ounces in sycee, 237,500,000 dollars and 4,560 silver bars as compared with
about 80,600,000 ounces in sycee, 237,500,000 dollars and 4,700 silver bars on the
9th instant.
733
Financial Chronicle
Volume 135
Monthly Range of Prices on the
New York and Other Stock Exchanges
THE NEW YORK STOCK EXCHANGE-STOCKS AND BONDS.
The tables which follow show the high and low prices, by months, for the twelve months ended June 30
1932 of every stock and every bond in which any dealings occurred on the New York Stock Exchange during
the first half of 1932. The first table, covering 10 pages, gives the record for the stocks, and the second
table covering 12 pages, the record for the bonds. The prices in all cases are based on actual sales.
1932.
1931.
STOCKS
July
August September October
November December
Low High Low High Low High Low High Low High Low High
June
April
Atay
reoruary
Marco
January
Low High Low High Low High Low High Low High Low High
Par $ per share 5 per share 5 per share $ per share $ per share 2 per share
-- -Albany & Susquehanna_100 150 1504 23r4 ii 17i4 Ili;
ii , 16 65 Ii 56i4 I43100 7512 94
-9-7-- Atch, Top & Santa Fe
4212 51
4414 60
82 8412 75 8212 5812 73
100 7612 86
80'2 Preferred
1034 16
2014 934 16
3014 14
100 2514 4112 2714 3534 18
43 Atlantic Coast Line
812 332 7
1934 814 1358 4
1234 2138 1458 1914 13
Baltimore
&
Ohio
100
26,2
912
1112 1838 634 1216 6
2
2 2734 3734 1812 32
Preferred
100
38
1518 912 1312
12
15 20
20 22
22
50 1814 2412 19
2634 Bangor & Aroostook
50
5634
7314 56 6518 55 61
7912 x7314 7918 68
6718
Preferred
100
8314
383, Bklyn Manhattan Transit-. 3012 4138 3718 658 4314 5014 3434 4414 2412 3878 1118 27
3112 50
6978 7512 7112 7838 6358 6712 45 66
• 68 75
7412 56 cum, pref series A
718 3
434
1014 534 778 5
934 712 912 8
10 B'klyn & Queens Transit __ _ _• 8
5218 2314 3518
5118 5258 35
5212 58
57
. 4614 5212 50
5318 Preferred
5
6
5
8
7
1134 7
11
1212
514
1412
1018
Boston
&
Maine
100
13
1358 1734 1378 2058 111s 1418 714 1178 778 10
25 107g 16
1614 Canadian Pacific
-._ 3018 3018
30
100 ------------------------30
Canada Southern
46 _46
61
61 --------55 55 ____100 6112 69
7
7 8812 -------- -- -Si -81 8812 8812 8
--56 -ig- Caro, Clinch & Ohio
40 -4012
43 57
50 58
9734 9812 90 95
9634 99
72 72 Caro. Clinch &Ohio Stapd-I00 --------70 70. 70 70
79 80
8
25 29
45
45
57
47
55
60
73
6712
70
78
Central
DK
of
N
J
100
6912 88
174 180 --------122 150 82 117
90 104
3112 2118 2818 1718 2478 1234 1838 1012 1788 9'8 1434
25 25
3112 3834 3358 3714 2412 2638 2312 34
26,4 3434 233823114 Chesapeake & Ohio
12 Chicago & Eastern III Ry Co 100
12
--- -- ---- -138 2
1344 2
12
83 ---- ---58 1
100 118 178
% preferred
-____ __-- ---- -_-_-- ---_---_ *--..:: -------_ -_-_-_-_ -_-_---- ---_-_-_
12 112
ii2 _
g,8 foig1,_..5i.2 __is -8
8- -3-5-4 --R1 -3
84 --112 -111
4 5t34 1134
usit
serpnref
100 75; --Z8Chic. Great
..' St Ve
-41-8
2
i1.
5
-1
;
5 3 -532
5
212 638 3
8
1358 5
1414 8
100 938 1512 10
2338 2712 2334 26
1878 712 1332 Preferred
15 2412 12
1978 12
34 Its
78 112
258 118 2
2
434 612 438 IS
112 252 Chic, Milw, St Paul & Pac____• 134 3,, 214 3
212 45e 2
238 334
4
118 131
100 234 514 358 434 234 438 158 278 118 2
Preferred
714 85, 414 7711 358 718 334 624 212 5
734 11
458 218 4
612 2
1258 734 1114 614 1018 4
100 6
914 Chic & Northwestern
25
3412 2318 2714 15
2414 1312 19
658 1712 5
7
818 1418 578 814 5
15 21
20 28
Preferred
100 17 31
92 92
58 67 -___
1312 21
_ 38
21
40
42
112 438 134 31J
1434 712 1212 412 714
10
s
163
812
Chic.
Rock
100
1st
&
Pac
1412
3512 48
3318 4014 20 17
2634 778
2014 3038 11
718
6
414
8
13
45,
13
20
147
8
24
2712
15
preferred
100
7%
71
7418 6312 71
21
50 6312 42 55
2014 4634 14
17
2278 12
678 353 534
614 1134 2
100 1112 2412 14
67 6934 58 65
1018 1934 6% preferred
44
55
30 4712 1612 38
_ Cleveland 8r Pittsburgh____50 --------60 60 --------54 54
__
7618 7632 70 7112 63 63 _ _
77
77
412 513
5
7
618 8
1014 17
11
16
100
ir2 -1-6- Colorado & Southern
iO "
ii
21
24
- - ---- ---- 2014 25
10
10
115s 8
12
14
14
8
- ---- ---- ____
100
3913 39l 3912 3912 1st preferred
58
2nd
preferred
100
44 44 __-- io -9-6- ____
22 - ___ 22
I
5
6
1;
7
9
10
11
1112 -la
29
3634 27 -3-4
20 -27
20 27
21
25'4 15 -2-1-4 Consoi'd RR of Cuba. pref_100 10
812 812 -------13
16
17
100 - -- 1238 1534 17
25 32
33 35
16
26
22
2358 Cuba RR, preferred
26
25,4 20 29
34 4634
4284 60
6014 68
8912 6984 84
100 6512 8312 69
117531341, 109 11812 96 110
93 10934 80'4 10412 64 8512 Delaware & Hudson
1314 812 1378
11
1618 9
23
5214 8884 49 5218 2912 51,s 3014 4412 2212 3912 17,
4 2634 Delaware, Lackw & West____50 1814 2834 1738 2412 17
2
2
112
212
258 378
4
6
612 8
2312 251 1618 22
7,2 1314 312 738 Deny & Rio Gr & West. of _100 412 9
10,2 17,2 9
12
1 per share $ per share $ per share $ per share $ per share $ per share
- -7674
4 ia" fiiii "iliT2 nil; -1-3ii8 1-2-1-14
1L.
0.72 IVO" i55r4 1-511
19412 1061s 10434 10612 8758 10512 90 9634 80 9212 x75
86 88
25
65 85
42 62
52 70
88 101
22 3912 14
42
4812 6478 43 5038 31
4638 28
3814 5114 25
70 72 64 6934 50 63
4812 58
4978 53
18
36 4812 26 35 x2634 35
5214 56
86 88,2 80
87 95
109,4 11012 107 111 10314 106
5818 6314 5612 61
37 58
3118 451s 3234 4378 3118
92
63
74 9112 6712 80
8712 9314 91
69,4 77
1118 7
1014 123g 1112 1158 10 12
612 858 10
46
62 6434 6114 6112 52 62
50 .5312 5318 57
__
-- 30 33
20 29
1712 10
1712 2512 15
2434 1838 2014 2538 1478 205, 11
4
1534 1353 1778 10,
--114 -1-
yi .
• i
r
2 •
i
10
;
i
a -E;
S S & Atlanta
100
14
14
Is Preferred
-612 ii2 -9-3-4 334 612 i
7
100 514 10
5
9,2 Erie
258
8
412
11
812
11
1st
preferred
4
7
3
8
12
100
132
2
12,
638
412 2
812 --------4
2nd preferred
914
100 612 915 7
20 20
18
918 1312 5
15
1818 12
1614 2178 1334 212 958 1334 512
100 1618 25
3334 43
20 3034 2034 2912 1558 25 Great Northern', pref
25 35
4
2
8 ----------------4
312 6 Gulf, Mobile & Northern_100 7
15
1218 1334 978 12
8'4 912 15
414
8
10
13 --------5
Preferred
100
13
1514 13
1734 2112 1458 1714 15
.•-• ...- •“. -...
3
_ Havana Elec BY. preferred_100 ------------------------3
7 --------453 5
-- 5
---- - - --18
2878 1714 1934 8
• 2718 3034 2678 30
38 -41 351s 1714 27
2614 3212 Hudson & Manhattan
3514 28
2834 35 ____--3
4618 4618 4712 4712 4078 4334 2478
70 7078 --------58 6538 55 60 60 6032 40 5714 Preferred
100 4514 48
------Duluth
"ii3112
20
4158
14
42
86
60
36
20,4
---8
712
3818
27
4712
3414
75
-215;
3512
20
5314
1414
,••••
,10%12 ----------------------53-1734 10,
-iii8
-ia,„
4 538 -838 -114
25 29
12 20
1612 2318 1312 20
5312 3658 -45
26 3814 1834
86 --------60 60 60
61 --------35 51
39
41
30 35
15
20
25
2453 18,
814 2114 714
4 23
---- ---- - - 914 167a 10
--238 712 378
978 712 ----------------22
3818 3018 3018 30 30
15
814 2112 1014
27
3134 24
40
45
3334
45 48
50
44,2 3754 40
21
3912 1712
631s 7212 47 6212 3034
83
4614 5812 50 50
40
25 3234 1212
3034 35
1
1 --------1
614
5
- 5
a
912
:____ ____
is I21
2
__
---14 ---4 ---14 ---38
14
4
7
6
712 4
14 --------8
14
14
21
2
29 30
1078 1312 678
13 17
2412
60 6112 3534 50
1634 2234 1018
20,4 30
5058 6112 29
62 74
8312 8414 8012 85 8012
44
4812 50
55 55
12
14
12
12
7312 66
25 48
3512 6812
158 16714
3214 1234
45
60
5078 35
812
24
614
13
10 --,434 312
212 312
15
15
1678 1012
2434
38
2438 15
25
49
2314 91.2
15
49
25
41
7
18
1214 458
5
---478 2
3,2 2
5
20
Ws 678
15
39
2178 8
2014
38
1454
22
3712
1012
914
5
312
3
11
11
26
1612
2814
Illinois Central
100 912 1814 1034 1614 1112
20
26
6% preferred series ••A"_100 2114 2612 21
Leased line stock
2812
2814 32
100 23 36
RA sec stock ctfs
912 8
10
1412 9
lnterboro Rap Transit
100 518 1138 8314 1238 814
Certificates of deposit_ 100 ---- - _-.. --- ---- 12,2
int Rys of Cent Amer
-3 --------2
• 3
Certificates
*
Preferred
,
718 9
1014 7
100 10
Kansas City Southern
100 . 812 1314 914 1112 738
Preferred
2214 1718
2334 17
100 18
Lehigh 'Valley
12
1612 10
18
50 10
Louisville & Nashville
18
27
100 2112 3238 21
25
678
34
353
5,2
2
18
1
1
578
378
1012
638
12
50,4
1234
43
1334
1
312
co,
2
Is
3
I
838
734
19
1212
26
60
20
Manhattan Ky. guar
100
Mod guar
100
Market Street Ry
100
Preferred
100
Prim preferred
100
2nd preferred
Minneapolis & Sr Louls
Igg
Minn St Paul & S S Marle100
Preferred
1.eased line
100
vlissouri Kansas &Texas
•
Preferred
100
Missouri Pacific
100
Preferred
100
Norris & Essex
50
Nashville Chatt 8t St Louls_100
4612 3718 4212
5014 37
3012 914 18,2 858 1734
1 --------15, 118
614 ---- -----------, 1
2
934
334 ----------------_
88
14
14
14
14
2
234
4
418 2
__
__ ...-8 -._
15 -21
1434 -18
18
1178 514 1038 538 978
15
2834
18 30
39
1712 814 1638
1814 10
4134 2114 3934
5112 24
8012 68 80 60 73
4612 30 40
30 35
14
14
h
Is
18
14
14
14
14
14
12
12
12. _ -_
12
52
ns • 12
h
6712 7612 5714 7114 4758 6134 ii i5-58 2478 3412
212 8
612 15
978 19
23
2718 15 22
19
5
11
15,2 2212 9
17741 33
3014 35
155 157 12814 156 120 140 10914 135 5101 114
514 638
9
718
934 6
20
11
14
714 1018
15
2434 1212 18
12
434 811
124
10
18
1518 20
25
5
6
6
834 214 411
•
- ---2
12 --1
--I12
33a4 -4
A
534
4
812 11
634 8323
712 1212
514 471
214 41:
98,
5
7
5
3 13
il
14
Nat Rys of Met 2d pref ____100
14
18
18
14
14
14
18
14
14
38
1st preferred
100
1,
14
14
14
7,New York Central
100 25 3658 2412 3378 2514 331-4 -17 "iff12 914 1718 834 141,
NY Chicago St St Louis
912 5
100 4
714 234 458 112 212 134 31:
,
8 812 4
31,
2
Preferred
100 612 1532 812 12
612 1178 334 612 218 418
New York & Harlem
50 106 125 105 124 106 120
95 10538 8214 9712 8714 971
50
N Y Ontario & Western
N Y Rys pref trust ctfs
Norfolk Southern
Norfolk & Western
Preferred
8878 89 ____ • _ 7218 78 --- - - 6712 651 Northern Central
1812 -26- 1412 2014 Northern Pacific
3312 x1914 25
3034 23 --- 32
-5Us 4553
1284 .S12
1834 12
2018
28
4
8
1012 312
_-- ---1
--2
11134 914 15
3712 25 3011
261;
23
34
31
3912 3612 4638 2518 3814 24
26
38
71,
4
1338 412 12
2034 9
7
1414 107s 1818 12
1:
14
84
13
34 -------44
41
41
34
78
.
---188
132
118
12
218
--------1
2514 258
414 314 -3-1,
4
8
9
9 --------6
8
9
--------53
his
7
18
2 - --i2 --1;
514
14
14
14
18
114
1
1112 314 134 2 :
7
112 112 --i- -Ili
--------34
2
_,..
15
8 ---314 212 284 2
,
8 3
812 812 8 --8
812 9
10
14
7
1234 8
10
134 21;
418 734 434 714 438 638 2V
114 338
414
858 1153 388 934 314 7
1278 18
1134 2178 1412 20
112 27.
4
918 212 434 112 3
634 10
534 11
1514 2358 934 21
12
26
534 1058 212 638 284 47.
5014 5014 ----------------50 55 - -- .
1538 2712
10
1412 712 -1-612 i IC
l
2
_i..!j1Lackawanna Hartford
r W
554 478 23 4i12i914zrewvaven8
;
s1:0 - 175 IN
Preferred
100 60 7834
--1S%128'4-F--i------i_
5
11 i22 1712 t
"i8
ii --71
68 8634 52
80 91
110 116 100,8 10934 90 102
512 814
10
10,8 1353 1114 1272 81s 1234 514 1012 7
14
'8
h
h
14
7
8
78 1
h
h
58
32
34 2
212 8
4
534 310 412 212 312 214 3
13312
1055
8
21291115614
141
112
15912
123
168
157
8
175,
164
6512 78
78 78
80,8 9058 7538 83
9058 91
9058 91
1578 912
1558
23
2012
32
914 7
1458 6
1212 --,2
2
114 213 4
512
3
5
2
3
3
1112 512 914
214 --,- ,•
412 3 --3
'
--%
2e.4 s1,-6-
ilis ---293 i6r8
4114 1418
65
72
33
3934 64
5
100 618 834 7
778 678 858 538 7
38 1
53
14
14
83
58
•
34
78
78 1
158
212 1
114 2,2 2
100
58
72 10812 26212
100 III 130 117 135 106 128
70
77
7112 75
73
100 6712 78
7314 78
50 68 68
68
68 68
100 145g 2314 1714 2134 14
I414
34
612
14
78
86
7514
--a12
414
---,
12
57
6712
--191
6-1;
58.
---•
4
741
73
6958 -- - --•,, - _-:
- ---14
5'12 --11
5'4 -95
2134 10 ---
Financial Chronicle
734
July 30 1932
New York Stock Exchange-(Continued)
19M.
1932.
July
August ,September
Norember I December
October
Low High Low High Low High Low High Low High Low High
STOCKS
January February
June
March I
May
April
Low High Low High Low High Low High Low High Low High
Par $ pee share $ per share $ Per
$ per share 5 per share $ per share $ per share per share S per share
share $ per share $ per share $ per share
100 2
2
2
2
2
212
112 112
132 11
2
/
4 2
2 Pacific Coast
2
1
1
100
1st preferred
3
4
4
4
4
8
5 52
3/
1
4
- _
3
3
213 212
100
2d preferred
112 112
112 312 2
278 278
112 112
1
2
312 212 212 2
212
1
1
8
2
50 1718 2338 1838 2238 1513 1934 1113 1,513 7
4338 5038 3734 45
612 912
3414 1614 2434 Pennsylvania RR
2914 3834 22
111
3014 40
100
112 3
4
413 5
112 3 Peoria & Eastern
212 21, 1
78 118
1 12 112
1
100 612 13
_.-33
34
4-151
2 13
-2512 1318 22
1812 4
8
1118 1012 11
318 4
4
6
1012 Pere Marquette
11
/
4 3/
1
4
Prior preferred
100 8/
40
56/
1
4 19
1
4 26
1832 25,2 812 1814
4014 1814 27
658 878 334 8
/
4 93s 16
1334 161
1
4
312 6/
100
Preferred
/
4
171
48/
1
4 4878 15
5334 56
11
6
11
28
21
14
16
51
20
8
/
4 10,2
1234 558 9
212 47
3
7
Phila. Rapid Transit, pref-50 1978 1978
21
21
20
20 ---9
834 834 9
40
12
26
13 Pitts & West Viralnia__._.,4 100 10
15
30
18
12
30
16 .31
1178 1178 9
9
Pitts Ft Wayne& Chicago.i00 115 115 110 110
115 115
100 130 130 138 136
('ref
114 1-211
108 108
Pitts Youngs & Ash 7% pf-100
112 112
Reading Co
50 301
291
/
4 42
/
4 3612 22
3278 17
22 -17
3- 1713 --913 12'SO 27/
1st preferred
43
43
1
4 33
28
40
351
/
4 38
43
311
21
/
4
3614 40
33
3174 28
31
26
20
24
20
19
1514 15/
1
4
50 27
2d preferred
43
44
30
28
41
4214 3714 4012 36
38
30
3412 2758 30
28
25
26
1514 24
16
15
20
15
100
140 140 --------130 135 ---- -100 1 15 Rensselaer & Saratoga
---- 90
90
85
75
---100 5,2 7
16
1814 20
512 51s
12
1318
1 2 Rutland RR pref
14
-12-13
718 718 ---- 3
31
/
4 3/
1
4 3
-i5T2 -22- 121 2 17
3
8
852 3
1434 812 1112 558 11,4
3/
1
4 4/
1
4
,
4 8
3
714 Sc Louis-San Francisco__100
134 318
1
134
58 2
100 4,8 934
P.afurred
5
818 4/
1
4 612 214 4
212
1
212
1
914
1.0U
18
100
Southwestern414
618
St
29
731 1112
38
1512
7
20
10
8
10
34 5
3
3
,
4
334 334
deposit rcts
1
4 412
7/
1
4 714 4/
Preferred
100 18
15
2012 16
2114 138 17
18
13
13
9
9
perf. deposit ct•
30
301 1 2834 30
15
11
18,2 2014 15
13
1114
1714 614 9,2
_
12
78
34
12
33
18
12
58
38
12
58
12
•
18
58 Seaboard Air Line
24
14
12
14
14
12
/
1
4
14
38
14
2
13
12
100
78
12
Preferred
34
5
75 112
/
1
4
78
75
14
58
78
s
53
'2
33
12
14
/
1
4
14
14
100 2518 3758 26
7513 8678 7012 7834 5518 7334 45
3714 1814 287,3 1114 1814 834 1312 612 1038
5912 31
55
2612 38 Southern Pacific Co
100
2712 39
2334 28'2 1712 24'2 14/
712 13
814 1218 715 1073 5
1
4 211; 938 1812 638 12 Southern By
718 212 578
412
234
100
55
59/
Preferred
1
4 4514 51
11
30
45
24
31
1412 293, 10
2012 1112 17,
6,2 Ps 412 87s
4 958 14
16,2
4
6
Mobile & Ohio ctfs
100 16
24
55
24
55
50 50
40
22
48
35
25 220
3614 20
39
15
11
20
1614 13
312 10
16
-i6" 621g
-4-6160Ts1-6-61; iLaja
"6- YE- 63 65
-111E614
45 YE- "4712 632 -45- 5812 -56" -a;
HL- 125
16- -131-2 2.338 --712 16 -10- 1612 10 -fg- --nyfic, 414 - 71;
814 1312
8
8
7
818
41
41
351
/
4 3512
152 172 136 155
8438 8634 8412 86
8/
1
4 11
12
16
19
22
27
20
"1-6(4
•
5014 65
6
912
373 81 1
20
40
11014 143
70
84
6
918
12
19
35
40
5/
1
4 9
312 412
19
32
9814 12212
7018 75
512 9
10
16
30
35
758 10/
1
4
4
41 1
25
28,8
78,2 115
6312 72
5
838
111
/
4 14
22
7
2
1112
70,2
51
78
112
118
71 i2
1238 --5113 10-34 --bit
5
818 1114
512 1033 7
1012 5
4
6
41 3
312 438 3
134
812 1112 7
812 111p
1012 3
-1-61-$
13
-1114 -1713-4 11
12
12
16
16
8/
1
4 914 618 7/
1
4
1414
14/
1
4 1612 11
33
1052
312
2278
8434
64
5
7
1 13
773
8
4
7
Texas & I acific
Ehird Avenue
rwin City Rapid Transit
Preferred
Union Pacific
Preferred
Wabash
Preferred A
Preferred B
Western Maryland
2d preferred
Western Pacific
Preferred
10(1
100 838
100 214
100 13
100 65
100 62
100
1
100
112
100 3
100 478
100 6
100 214
100 334
'1278
4
2412
8675
68
334
6
3
734
818
4
653
33
10
3
20
6512
63
253
334
33
13
334
24
9412
6714
4
534
512
6
258
4
7
4
5/
1
4
214
514
3
7
20
913
252
12
6814
65
2
258
2012
15
714 914
14
3/
1
4
128 318
3
11
/
4
20
9
14
8
87/
1
4 4612 6914 3553
67
5112 573; 40
3,4
118 2
1
414
134 258
114
_
4,8 7
234 -434
113
5
512 61
2
/
4 3
2
258
15a 214
1
3
318 5
2
34
15 -812 4
218
112 413
14
8
7
5434 2912 4212
4812
54
40
78 118
11
/
4
134
1
78
78
113 3
3
3
212 2
,
4
1
12 1
1
11
/
4
212
i's
INDUSTRIAL & MISCELL.
4
5
312 414
1458 1812
39
30
33
32
1
4 10312 105
10512 105/
14
1714 13/
1
4 1518
88
8518 8634
86
3312
2312 25,4 25
1734
1752 1812 16
4
612 434 514
1134 1414
7314 8734
414 5
12 21633
734 812
6
834
33/
1
4
21
1838 1838
3212
17
2912 30
7412
334
1414
8
518
1514
16
18
2838
42
218 358
214 414
1338 5
812
7
2412 351
/
4 21
28
103/
1
4106 100 101
712 1412
1012
73
8578 7238 7618
23
29
26
33
15
10
1378
11
2
5
2
312
18
181
/
4
83/
1
4
412
1818
9
638
2334
1714
2012
30
46
5714
134
111
/
4
5
314
8
9,8
8,8
24
20
7712
313
20
7
6
1714
11
13
2812
40
52
2
10
512
314
8
7
813
20'8
2018
212 5,4
734 15
21
29
16_
612 -68,4 74
2532 30
13
15
3
412
14/
1
4 20
69
5314 6934
212 2
3
16
13
1714
812 534 6
434 2
414
1314 3/
1
4 10
1012 312 812
1312 8
912
25-2018 22
2-2
82 112
68 9014
10514 133 10514 119
124 126 122 124 11934 12334 11418 11934
1834
23/
1
4 2714 23,8 2634 1412 2414 14
15
1318 1312 1112 1312 10 x12
13
2
214 -/
1
4 112
112 134
6
--_ 11
812
12
20
20
1912 14
217 2034 17
1814 13
16
1
1
----10 10 - 612 612
121.4 1412 7
1712 13
1278 512 9
3214 18
25
3712 4114 32,4 3738 20
61
55
6314 60
58
61
60 63
214 312 212 3
112 212 112 2
778
9
1334 718 8
8/
1
4 713 4
•
2
3 Abitibi Power & Paper
6% preferred
100
478 914
•
18
22 Abraham & Straus
Preferred
100
96 102
•
318 8 1: Adams Express
Preferred
100
5012 68
24
27, Adams Millis
•
1014 13 Addressograph Internet Corp •
•
2,8 3 Advance itumely New
•
1212 16 Affiliated Products Inc
4738
1 14
1053
234
1 18
2
134
1,
4
10
16
59
21:
143,.
5
23,.
434
412
15
20
7313 9814 64
7814
118 120 100 11973
15/
1
4 1958 1012 151 2
834 1112 758 953
1
1
12 11
/
4
712 9
6
7/
1
4
1412 18
1114 16
44
34
7
712 712 7
7
1012 518 8
1714 2318 1214 18
5014 58
35
5012
112 2
14
112
112 414
612
4
2712 3112 2718 2818 2234 2713 2114 2414 20
2212 1312 2114
95 105
80 96
71
11314 11518 116 116 105 118
8514
/
4 8734 67
1
4 7518 9312 711
x9033 114/
1
4 8858 98/
87/
1
4 58,8 6912
148 150 14814 150 138 150,8 13412 138 13214 136 115 13034
1714 2134 15,4 1714 958 16
9
1478 9/
1
4 1578 412 914
6114 40
5212 4012 5878 2038 42
/
4 54
5734 42
6012 691
712 958 5
13
812 8
18
1514 20
612 14
714
60
74
81
43
75
50 6014 44
43
76
4513 28
4173 4512 33
4034 44
4234 3124 3632 3334 3814 3014 35
44
50
50 --------85
85 ----------------44
5
6
814
9,2 10
8
12
6
712 812 5
14
6/
1
4 9
634 914 558 814
5
918 7
1012 632 8,2
_
612
- -6
238 412
414 4 --41-8
21
261, 19
20
9
19/
1
4 9
758 1112
14/
1
4 1112 15
-- 99 100
-11-2 -
- -6 - 334
3878
91
81
6512
834
738
2978
6314
25/
1
4
6818
161
/
4
1 12
15
1
4
19/
7512
3412
2558
83
70
48
7
412
2312
61
1814
60
12/
1
4
52
6
1614
6814
3038
31
88
7812
52
8
0
2612
64
21
81
1514
114
7
1834
7012
3318
1234
5014
46
25
412
1
15
4612
12
56
612
53
6
912
84
1712
2834
8214
67
48,4
7
4
24.
6112
1818
60
13/
1
4
78
712
1614
6814
3034
212 418
234 3
918 1058
_
97 -14 4913 50
3218 411
/
4
8052 6132
1
4
3/
3,
1
10
51
7/
1
4
4712
33
88
412
378
12
5814
12
50
39
8912
2
3,8
5
41
4
4112
18
7114
4
114 3
2
3
112 2
33-----------------I
114
1058 61
41
/
4 7
/
4 8,2
61
21
36
2414 41
14
25'2
1018
1
5
1 7s
1
112
4712 35
4112 3314 3914 25
35
3518 1412 2258 1612 2414 1119
60
72,8 54
81
4.411
2 58
70
2538
8814
7634
49
718
6
21
56/
1
4
2012
6452
1258
34
13
1638
70/
1
4
31 18
1058 1818
4514 52
40
461
/
4
25
33
514 6/
1
4
2
3
814 14
4912
37
1012 1312
4812 5512
6
978
12
58
212 512
8
1212
60 6312
16 325
101
/
4
4514
40
21
478
218
1012
441
/
4
1318
50
6/
1
4
58
5
8
5612
20
17/
1
4 614
20
55
47
18
32
10
3
54 4
112
3
15
712
55 x41
16,
8 11
5412 43
10,4
5
34
5
118 412
1412 5
812
604 2912 561g
27
16/
1
4 2134
1 ,8
7
9/
1
4 8
7,4 1214
10,8
13,4
12
140 140 112 13812 118 11912 115 120
214
5
2
3
833
7
318
5,2
10 141
/
4 1014 1678
2078
2314 11
20
38
31
4614 27
3734
5018 30
47
3
378 2/
1
4 318
4
/
4 2
414 41
12
3,
12
8
8
.8
2
14
38
38
12
20
2812
22
2712
25
24
28
26
27
31
•N• psi Venn, .5 bs-Divideng.
1412
12
140 14014
512 712
1914 2412
5012
45
1134
42
3712
21
512
2
12
4912
1412
53
7/
1
4
Mr Reduction
Or-Way Flee Appliance
Alaska Juneau Gold Mines 10
Albany Perf Wrap Paper__ __•
Allegheny Corp
•
Preferred $30 warrants._ 100
Preferred $30 ex-warrants 100
Prefetred $40 warrants_ -100
Allegheny Steel
•
%Went
,
.Realty
2
5
2013
90
334
55
2412
103s
212
1258
278
914
24
9578
534
61
2712
1234
314
157a
9712
85
4
5/
1
4
67
61
24
27
1114 13
3
3/
1
4
1318 1612
178
61
/
4
18
90
4
64
2612
1114
3
1212
2/
1
4
914
19
98
534
70
3058
1234
312
16,2
78
478
1534
84
234
51
18
1014
2
6/
1
4
134
6
18
93
418
62
,
4
26,8
11/
1
4
212
12/
1
4
78
3
12
80
1,
8
3214
1618
1014
112
414
11
/
4
434
16
84
278
4858
1813
1014
2
1324
34
113
10
70
11
/
4
22
12
958
04
Vs
1
3
13
75
234
29
184
1014
134
614
4638 5534 46
5932 35018 6212 3534 51
3414 42 X3138 4234
112 2
158 PS
1
11
/
4
1
114
12
12
11,41lOSs 1314 l6' 13
,
8 15/
1
4 814 1658 8,2
731 1012
4
2/
1
4 3
3
2
3
234
3
114 318 218 278
114
1
158
112 258
418 6
1
4
212 738
11
/
4 2/
212 434
3.1
112
34 214
214 614 412 512 3,2 45
1
2
11
/
4 2,8
34 1
58 118
112 2
258 612 418 614
218 434
11
/
4 212
12
10
10
13
12
12
5
8
514 6
11
19
11
11
1153
---4
Allied Cnemical & 133 e
• 6214 7438 6234 8312 7318 8712
Preferred
100 108 116 115 11712 11314 119
Allis-Chalmers
10/
1
4 13/
1
4 934 12
1
4 1014 13/
Alpha Portland Cement
• 8
10
712 8/
1
4 734 912
Amalgamated Leather
• ---- -34
34
Preferred
100 7
8
7
10
Amerada Corp
1214 14
• 12
14
123.1 14/
1
4
Am Agri Chemical (Conn)......-•
---Preferred
•
---- - - - Am Agile Chemical (Del)
• 5,2 712 514 7
512 --6-31
Amer Bank Note
10 1312 1812 1212 1678 1234 17
Preferred
50 40
45
47
42
4238 45
Amer Beet Sugar
12
34
34
/
1
4
12
34
Preferred
100 212 312 212 212 2
212
5214 7512 147/
1
4 5714
9612 11014 01,8 1051
/
4
418 612
612 10,4
6
7/
1
4 618 658
34
518 518
7
7
12
1512 1213 16,
8
12
12
_
6
6
413 5
411 512 334 434
838 1212 5
912
32
40
30,
8 34,
4
14
12
14
12
1 2
24
4212 5512
9813 105
4
434 613
14
14
612 812
12,2 1434
- 312
5/
1
4 7/
1
4
28
30
18 11
/
4
112 3
Am Brake Shoe & Foundry.. ..• 13
1513 12
14
1434 12
8
1134 6/
613 734
1
4 8
Preferred
IOU 7512 79
90
DO
85
86
85
46
64
62
401s 4912
American Can
25 541
/
4 85% 5614 7338 6014 73/
1
4 3878 6214 3412 42
293
8 4118
Preferred
100 117
,
4 124 124 12618 123 129 10434 120
96 109
9312 1051s
After Car & Foundry
• 614 812 6/
1
4 8
6
834 418 6/
1
4 3/
318 412
1
4 534
Preferred
100 25
3478 2612 321
/
4 26
39/
1
4 2014 2718 20
23
16
30
American Chain
• 5
6
412 512 3
512
178 4
214 212 2
21s
Preferred
100 26
26
21
2418 1712 1712 12
1212 7,2 1012 7
7
Amer Chicle
• 29
35
32
3634 30
37/
1
4 2514 30
1914 2912 18
2314
Am Coal of Allegheny Co Ni 25 45
45
42
42
Amer Colortype Co
• 5
6
5
5
1
4 413 3
5
518 2/
334
Amer Commercial Alcohol
10 812 812 1312 912 812 11
6,
712 10
8 834
New
20
_
11
15
11
1512
Am. Encaustic Filing
3
5
313 434
214
233 453 2
1
114
112
I
1n) European Sec
• 735 1012 714 10
5/
1
4 10
4
234 55' 3
234 314
American Express Co
100
110 110 110 110 110
110
Am & Foreign Power
Preferred $7
Preferred $6
2nd pre( 57 series A
Ame, Flaw:Men S S CO
Amer Ilide & Leather
Preferred
Amer home Products
American Ice
Preferred
Amer Internet Corp
Amer.l.a France Foamite
Preferred
American locomothe
Preferred
Amer Mach & Foun
•
•
•
•
10
•
100
•
•
100
•
614
26
24
1112
434
Ps
9
4173
12
50
5
14
10
2
• 534
10
3014
1718
9/
1
4
3812
33
1714
515
212
12
4634
17,2
55
7
58
378
913
39
22,4
614
211
/
4
2212
1112
5
2
912
4312
14
54,2
5
14
312
612
35
1912
8/
1
4
2938
24
15,2
6
214
1012
4772
1512
55
812
12
4
8,2
43
22
41
/
4
1514
15
714
434
2
914
431g
1512
58
514
14
218
6
41
1734
834 214
24
8
2112 7
15
4
534 334
212
113
1134 712
513s 33614
21% 1358
68
60
4/
1
4
81 1
12
Ii
112
318
734 5
441
/
4 3234
2138 1313
• 2
Ann Machine & Metals
314 2
,
2 318 3/
1
4 331
V. t. c
•
American Metal
5/
1
4 658 41 1 514
312 512
l'referred
10
16
1912 15
1712 1413 19
Am Natural Gas pref.. ......• 1
11
/
4
-American News Co
2932 33
30
323t 2812
Amer Power & Light
13
834 1612
1678 13
18,4
Preferred $6
• 50
58
48
5334 31
57
Fed. 5
40
49
,
4 3814 4434 2812 4478
5
81, An, Rad & Stand Sanitary ....• 638 812 6
815
5
758
I referred
100 119
100 100 120 10912 110 101 110
1 14 2 Amer Republics
• 11
12 234
2is 4
/
4 3
738 1173 American Rolling Mill
25 7/
1
4 1012 838 1234 814 13
1914 32 Amer Safety Razor
• 21/
1
4 2513 2234 2612 2214 x2914
• 2
11
/
4 212 Amer Seating
212 ---- -- 214 2,4
14
12
14
14
18
38 Amer Ship & Commerce
14
/
1
4
201
/
4 2934 Amer Shinbull,11 nil• 22
22
1878 22
2518 21
16-
5
1612
1838
9
434
.112
1038
44%
1832
55
573
14
218
531
40
18
2
5
758
23;
3
1
4/
1
4
26
1134
48
271
114 234
1
1
2,
8 4
10
1412
112
23
28
614 93s
31
43
2.153 35
433 6
98 100
72
it
612 858
1914 2214
11
/
4 214
18
14
14
1812
112
414
3114
834
334
2
1212 5,4
11
334
5/
1
4 278
412 3
11
/
4 114
8
5
3913 25
17,2 11
5212 40
212
471 53
14
173 2
514
334
35
2018
712
1478
112
134 3/
1
4
9
11
1
234
8
614
4
312
11
/
4
838
3212
13
45
3/
1
4
11
2
414
3512
1012
112
112 23-s
612 107a
-ia-
18
24
2112
334 9
3
6
19
38
1514 27
1412 3114 1012 22
1
4 318 438
31
/
4 4/
75
80
3
14
1
12
613 33
17
13/
1
4 18
78
ay
1 18
18
18
14
17
10
1314
735
Financial Chronicle
Volume 135
New York Stock Exchange-(Continued)
1932.
1931.
April
June
March
May
January February
November December
STOCKS
September October
August
July
. Low High Low High Low High Low High Low High Low High
High Low High
Low High Low High Low High Low High Low
J' $ per share $ per share $ per share S per share 3 per share S per share
per share S per share
I per share I per share $ per share S per share S
• 1234 1858 123 1738 1014 1634 712 1034 518 934 54 878
2818 2214 3614 1712 244 kmer Smelting & Refin
22 3414
32 247
7018 45 99
53
3018 4018 295 3278 1914 31 12 20
70 83
73 85
100
75
994
Preferred
104
9914
9912 12312 98l102
1734 27
12012 129 12338 127
32 5034 25 .1512 18 25
55
41
100
508 46
5973 2nd preferred
71'2 x6512 7512 45
61
7212 88
2134 25
92 93 85 92
3214 3138 2834 32% 23 30
3014 3418 3278 34
25
Snuff
29
37
343
4
tmerican
32
32
28
3912
29
9312
95
92,
4
977
8
99
37 3914 38 40
9312
100
103
99
96
9912
90
too
Preferred
97%10114
102 103
10234 110% 108 108 10312 107 100 105%
38 tm Solvents & Chemical
14
78
14
78
12
78
12
58 14
178
1
--;,--;,.---:,
14
12
7
8
14
63
114
•
Preferred
2%
3
8
118
1
3
214 1
378 214 318 1
3
334
.-34 •1 --i78 a ---818 534 75, 44 --0
538 814 6
8
814 Amer Steel Foundries
1638 834 148 734 1234 714 1214 5
1814 15
3553 36
58 60
70
15
70
7112 61
69 80
100 69 75
Preferred
7014 85 8712 93 68 85
91 100
2634
3612 3414 3634 3214 3418 20 3238 20
104 10414 100 103
3412
3514
3314
•
•
Stores
33
3814
kmerican
38 4434
39
424 4512 3718 4512 36
1932
1814 13
3934 44
15 2038 14
100 2218 3914 2118 2712 2018 28
35 44 kmer Sugar Refining
3112 4733 4014 52
54 5734 40 55
45 6712 53 60
52 58
100 7014 8818 675, 7212 69 73 60 65
9312 105 8412 9814 Preferred
90 96
33
27
414 34 4
4
2
3
4
1044 107 10712 10812 98 105
412
8
518
33
6
312
•
812 514 812 418 712 514 714 312 614 killer Sumatra Tob
7
712 8
7512 9132
10734 12478 10934 13738 1098 1354 9658 11214 88 102
169 1848 16414 1768 13012 17238 121 18 14278 12412 147 11218 13134 kmer Telephone & Tele8,100
4214 6712 4012 51
25 65 7734 76914 8034 7412 8634 63 76
7512 9614 6012 8012 American Tobacco
7114 92
114 121 106%11912 82 109
465,
70
44 543
79
6612
893
4
83
3
4
7614
76912
80
Class B
24 6612
7714 9712 84 8414
85 11214 7434 95
11612 1254 10914 123
99 10712 9934 10414 9514 1024
108 10512 11012 105 10914 10612 110
96
Preferred
512 512 4
512
128 130 129 13112 118 1304 112 118 113 11814 19 114
12
10
23
15
20
193
4
25
2412
100
21 kmer Type Founders
40 45
43 45
56
55 64 --------51
14
15
17
16
18 21
21% 47
45 50
70
72 8814
100 42
85 90
Preferred
85 9512 75 85
8414 95
92 92
1118 157
22
• 2512 3212 2458 3213 2612 3412 1812 2634 11
2314 3512 27% 423 23% 3334 Am Water Works & El
2514 48
447g 5514 46 51
1312
11
18'2 11
18 22
2514 31
a 2112 2812 23 27
2134 29
2712 37
V. t. c
43 4812 23 4234 22 32
42 51
7114
26
40
50
50
50
65
70
70
731
75
70
•
6412
7112
1st preferred
75 8112 70 8618
21/
9834 101 10012 10214 80 100
473
8
35,
15
I%
27
s
27
212
4
538
5
* 3
434 778 334 634 418 653 238 412 linter Woolen
6
98 712 9
304 205, 308 225 26o 1814 235, 1718 2034
100 1512 2414 19
Preferred
2018 2778 212 2934 1514 24
333 3814 2212 34
12
27,4 40
14
14
58
58
8
12
84
12
54
12
38
12
58 Amer Writing Paper. v t c_....-•
58 11
63 1
34 118
1%
158 2,4 1
•
4
414 214 4
4
Preferred •t c
4
10
10 -------- 3
10
ii2
1
-34
114
2
112
23
2
218
1
i
.
13
i
-38
3
212
312
314
5
Amer Zinc. Lead & Smelt-_No
234 5
5
4; 512 3
4% 6
10
12
20
141 193 12
25 22 23
198 2238 20 23
1912 26
32 40
Preferred 56
4112 4518 4518 26 3812 23 29
39
41
312 512 3
1238 834 1114 578 108 412 61
50 9
2412 1258 1858 134 1953 914 14 Anaconda Copper
225, 3012 2314 2558 15
31
43
4
3
5
8
5
3
5
8
38
71
9
6
7%
•
101
6
4 Anaconda Wire & Cable
2012 208 1412 2014 1312 1434 10% 13
2012 23
81,
6
9
514
1312
17%
7
1338
13
167s
16
• 13
18 Anchor Cap
19% 18
2ls 14
20 2134 13 2134 14
20 25
40
404
4338
608
703
8
7723
--------70
433
;
8
74
7014
•
693
4
7412
75
70
---_
36.50
cony.
preferred
7
87
1 871
_
_.
I%
2
21
2
238
414
4'12
18
4
4
43
38
38
43
618 9
8
4
512 Andes Copper Mining Co__ _.
814 514 --- 7
- ---ii -1-3 ----912 7
934 1114 7
11
12
87s 718 931
- • 91 11
10% 1314 trcher Daniels Iklidiand
124 15
1012 818 13
912 51
912 1012 9
89 90
90 95 --------85 85 87 87
100 90 94
95 9512 98 9812 90 9812 Preferred
95 100
9814 100'2 9814 100
2418 28
24
35
34
38
36 4012 39 44
25 4114 20 36
34 39
30 39 Armour (Del) preferred-100 32 40
471 521 39 47
11
3
4
1
114
114
2
58
3,
1
112
lls
1
"A"____25
15
8
I
I%
1
1%
3
4
118
cl
Armour
of
Illinois
l's
I% 21z 14 2
1
38
11
38
53
5
8
7
8
58
1
7
8
%
78
12
12
34
25
58
7
78
Class"B"
12
118
84
114
114 51z 1
912 918 1414 718 914 312 714 368 6
14 Preferred
912 8
8
6%
5%
11
934
8
6
100
1112
1314
7
11;
164
13,2
114 114 114
1
112
13
4
14
212
17
8
3
23
4
1
13
4
•
438
18 312 Arnold Constable Corp
514 712 418 534 312 4 4 3%
4
9
----------------------213
528 0
512 812 512 812 4
512 458 7
4
5% trtloom Corp
iti 16" 4S- -411,
50 --------49 50
E6
2
_ 7814 80 --------50
80 801 ____
50
__ ---Preferred
100
418 4%
518 4
5
5% 5
75
10 7% 738 5% 712 5
97
912 krt Metal Construction
13% 131 13 1312 1134 -1-2-32 934 1112 934 41
58 1%
112
14 11
238 18 2% 134 212 1
71
114
212
318
514
914
13
4
3
4
-___*
tssoc
Apparel
108
Industries
1014
64
43
3
51
3
4
2
412
3
3
,
534
141
35.
612
814 578 7
•
1958 934 13% 10
10
1014 tssociated Dry Goods
2758 221s 1812 21
3312 2214 221,
3214 3414 27
_
75 75
7612 80
75
78
75
1st preferred
9312 9334 9438 9418 75
19
21
2212
26
18
20
3
5
5
------60
60
58
---- - -55
2nd preferred
100 ---- ---84 85 -------- 61 62
8
8 ---- _ .
634 7
714 9
25 818 934 78 87
974 1034 1072 10% 834 1-04 Associated Oil
2012 201 2358 2358 2012 2012 105
-111
7
9 --------6
10
8 1134 1138 19
10
14 Atlantic Gulf & WI SS Lines.* 10 104 --------9
1638 1312 1412 1112 13
15
8
1234 1434 9
15
15
15
7
9
15
17 20
17
100 1512 1512 15
18 23
28
Preferred
24
29 31
918 1112
8% 1112 91 12
1038
127
3
85s
8%
103
4
108
85
8
103
4
15%
1
133
12
912
1038
167
8
1814
Atlantic
25
1684
14
4
Refining
1414
7
3
4
9
18
2512
8
10
9311
16
16
21
1712
228
•
18
225
8
2712
2412
257 Atlas Powder
203
248 37
3818 39
384 38
5212 5712 4512 50
5712 71
71
74
7912 725 75
77,4 80
78 8112 7712 88
100 74
8112 85
Preferred
86 88
8453 88
7
--------------4
514
514
412
318
•
418
4
%
48
212
5
6
5
Atlas
Stores
6
53
4
6%
73, 88 7
834 518
134 las las 134 138 138 ---1,2 112 Atlas Tack Corp
2
2 --24 21
3
3
3
3
3114 71
• iii12 15134 83%13734 70 10112 314 7314 283 39
985,113
--- 103414312 Auburn Automobile
13774 1921 125 14812 95 1371 8412 135
54
5
4
12
5
58
58
58
58
12
63
12
12
*
12 553 Austin, Nichols & Co,
72
38
12
34
12 1
114 114
1
114
121
1418 1418 1314 1418 12
1314 12
141 15
* 14% 16
141 17
18
21
2518 17 2114 1634 1812 18
Prior A
23 28
14
14
18
18 ------12
12
12
14
12
78
*
118 212 114 2
34 112
I
114
12
54 %Lao Sales Corp
34 118
78 I%
50 112 2 -------%
78 -----21
Preferred
412 214 312 153 234 112 134 112 212 1
2
214
1i2 --278
152 ---• 253 312 212 314 24 338 212 3
24 318 2
33, 458 234 353 212 3
318 Aviation Corp
338 4
538
738 314 321 2
2
33
4
618
81
812
4;
7
•
1
438
534
11
1012
64
7% 13
15
Baldwin Locomotive
1638 12
12
1018 1778 8 15
818 11
15 2712 Preferred
2014 59
36 52
4912 62
100 1618 2812 1714 24% 1714 23
75 80 60 75
6912 7234
80 831 73 80
82 91
9912 10278 96 100'z 85 9512 Bamberger (L) & Co pref--100 85 8914 8878 99
103 10312 103,2 105 10158 106
% 2
214
52
78 -- -2% 13
24 2
• 2
2
134 212 214 37
212 Barker Bros
3
378 234 3% 2% 31
16
10% 1034 16 --10
20
20 30
30 30
288 35
3312 38
25 33
26 30
100 30 30
Preferred
3336 3338 40 40
134
134
1
114
1
1
%
34
58
58
--
98
738I
7
2212 22% 28 28
84
80 8414 78
5714 63
5838 6178
110 11014 110 11034
60 521 6112 5312
334 374 678
23
7518 773 7438 7714
1858 213 1978 2414
3558 3913 3614 40s
3414 531 3638 421
103,4 112 10338 105
--8344
546125
78812
191 20
214 24
1978 21
7414 80 66 7314 66 6612
397 6018 37 50
4412 5158
96 11034 9312 10012 968 998
41
44 5234 3712 44
5053
3
6
5
678 5
5
641 7634 62,4 6638 6238 6434
14 2312 1258 1838 1718 2034
3418
2438 3234 26
28 40
2238 3078 24
3312
2814 40
87 1035 75 9058 8712 99
9
8
1658 9% 12
17 ---1612 177
20
15
18
1858 18% 18,8 19
185 20
90 904 --------35
---- -- 894
1 94
14
9
4
14
60
37
90
38
21 2
5478
1434
1934
174
60
13
6
16
21
8712 75
14
54 -------63
*
34 Barnet Leather
9 --------10
10
100 9
Preferred
57
418
418
5%
25 4
614 Barnsdall Corp, class A
9
• --------1284 13
1914 Bayuk Cigars Inc
50
56 59
66
100 59 59
1st preferred
23
45 Beatrice Creamery
50 3812 4312 3512 40
79
83 90
98
Preferred
100 873 95
391 4212 3814
41 Beech-Nut Packing
20 40 43
25
434 3%
* 258 3
6
' Belding Hemingway
685g Belgia n Nat By8 paerie pref... 6014 6238 59 6114 60
8
177
; 15% 1834 15
1934 Bendir Aviation
• 2018 2414 191 248 19
28 Best & Co
274 Bethlehem Steel Corp
No 1518 2278 1618 24% 1634
8778 7% preferred
6112 66% 45
74
_100 60
_- Bigelow-Sanford Carp Co Inc.* --, - - --,- - ,:- 1318
714
-8
5
v4 -8-54 7
-812 Blaw-Kno2 Co
197 Bloomingdale Bros
So
so
l -6i so
• a
87
Preferred
50 55
56 69
70 7814 65 70
__
22 287 71512 2253
2218 3338 2114 27
304 3612 3514 "43
49 55
62 63 5818 6214 49 5678 50 67
65
61
12
12
a
84
14
12
12
1
14
1111 112 1
212 21 --------25, 234 112 212
4
4
3518
5312
4814
4358
49%
37
41
5878
5638
6078
131
55
9
124
1714 2034 1314 203 11,8 1938 934 1432 1134 15
12
34 114
112
238 1
34
1
14 334 238 3
8
10,4
81s 1012 1014 14
8
16
16
17
10
16
34 114 118 158
2
33 Ps
23, 1
2% 314 2
314 912 3,2 334
212 5
8
8
11
10
10
11
85 9914 723 88
8014 97
105 117 10614 11314 83 112
3312 35
36
38
35 36
4112 4512 4212 4512 3614 44
11812 11834 118 118 11818 11818 11812 11812 118 118 117 118
10; 1472 12; 1412 812 1312 853
314
414 8
8
8
10
8
4
7% 458 834 254 518 253
3
11
1414 618 iv, 518 6
738
13
1258 1858 8
1812 25
80
86
104
106
104
107
106
434 312 4% 213 414 2
4
21
30 40
42
41
37 40
418
838 918 412 9
812 10
412 1014 4
12
104 1258 10
433
9
514
918
812 1012 7
6
9
9
312
4
5
2
-16
7
2
1
01--------_ 5112 5172 -------85
212 212 212
212 3
-3- --i
2112 2618 72154 244
20 2314 20 22
85 90 80 8812
101 105 101 105
24 I% 2
2
1412 114 1234
20
1
1
24 1
27 335
2714 38
-95 0534
20% 2-4
2638 ---,21
58
12
'A
12
618 6 8
634
8
7
14
11
104 12
3458 3853
3712 43
2018 2012
20 21
• No Pax value.
1154 23
165 22
67
7978
9212 101
114 138
11
6
54
74
1512 3178
7012 76
1434 23
%
la
4
014
718 1212
3412
15
1918 21's
1412 12
16
10
2114
1533 71812 17
52 x6514 60 70
90 9212 90 95
138 I% 112 25,
518 812
4% 9
84 ; ; I
2238
1253 2134 14
69 6912
68 68
1014 1614 1014 1338
bs
38
12
14
512
312 514 4
1038
714 1012 8
1612 2014
14
21
185 1938 1834 2014
Ex-d/7idend.
1214 712
1118 10
33
5
S's 218
138
4% 212 43
658 512 67g 314
93, 7
1014 4%
75
91
92
86
25, 31
3
112
21
30
10
25
55
2%
4
51
53
812
81s 358
3,4
6
5% 5
6 -___ - I%
118
334 212 -3
40 40
40
3434
--------84
272
1
10
1538
49
85
1
3
38
1078
68
8
84
3
5%
101a
17
Blumenthal & Co pref
Bohn Aluminum & Brass
Bon And, class A
Booth Fisheries
1st preferred
Borden Co
Borg-Warner Corp
Botany Cons Mills A
Briggs & Stratton
Brockway Motor Truck
Preferred
Brooklyn Union Gas
Brown Shoe Inc
Preferred
100 69 65
1714 ---2134
• 1718 2214 ___48 497
• 4818 51
13
12
58
12
•
100 114 114
3512 41
25 3434 393 ------1214 912 1178
10 9
1
1
34 1
50
10
10's 8
• 10
34
78
34 1
•
37 -------100 5
• 7212 831 73 85
* 3314 357 3412 36
100 117 1191 116 11818
14
18
14
14
14
38
10 ----------------41
533 334 412 334 412 338
4
6
6
7
8
12
36
36 40
40 47
56
3914 2112 248 1618 23
17
70%
70
75
72 79
95
443 3612 3812 2914 3812 2914
314 358 334
438 314 4
618 60% 6178 5814 614 5732
1468 64 858 412 738 413
53
14
2414 1318 1912 6
2378 12% 1714 77 1414 714
17;
6318 38 4514 29 . 40
1318 912 13_._
334 44 358
812 434 7
-66
LS
11
1534
5418
72
I
318
58
1012
50
818
38
3
558
10
17
125g
18
62
85
114
412
34
1558
50
97
12
4
718
1312
1812
97
17
50
75
1
312
%
1138
50
97
14
3
538
10
1712
117s
18
57
75
118
4%
34
19
55
1178
12
338
678
13
18
1
50
40
50 ---- - - - ---, 50 65
-814 47 -7
133g 5
13
1934 8
31
33
35 42
4914 5114 43 48
18
14 ---. --•
14
38
38
38
58 ---%
% -------- --13
20; -.
25
% 31
37 43% 2638 387s
312 463
338 6
714 1258 534 8
14
14 1
14
14
12 118
14
712 41
512
4
734 91s 734 9
54
2
32
32
02
la
82
63
112 134 112 11
212 4
134 I34
55 74
48 x58
77
78 89's 65
2518 29
25 34
2412 27
34 35
116 116 111 115 107 110 105 110
77 11
8% 1134 75
1012 Briggs Manufacturing
• 814 10
47 Brunswick-Balke-Collender-• 21
138
3
21s 1% 212 2
12
27 Brunswick Term & Ry sec_ • 138 2
11
1
112 2
41
45, 334 47
5 8 Bucyrus Erie Co
258
10 414 5
8% Cony. preferred
714 614 818 5
5 54 718 6
86
7% preferred
50
100 --------75 75
67 75
284 134 238 l's 218
12
• 2
27s Budd (E (2) Mfg
18
10
12
10
10
Preferred
8
14
100 10
11
414 Budd Wheel
* 238 413 234 378 212 31
534 dullard Co
4% 6% 5
753 334
• 334 51
5 3s 312 3
478 Bulova Watch
118
3
314 2
24 Burns Bros
*
258 28 234 28 --------1
V tc
11%
112 --,
1;--------1
• 1
40
Preferred
100 30 30 ---- ---- 5% 20
012
2
12
Class B
•
% 14
12
58
54
12
•
1234 Burroughs Adding Mach
17 Bush Terminal Co
•
6512 7% Debenture
100
90 Bush Terminal Bldgs pref-100
5
153 Butte Copper & Zinc
•
512 Butterick
78 Butte & Superior MinIng___10
1638 Byers & Co
68
Preferred
100
1114 Calif Packing Corp
•
10
as Callahan Zinc-Lead
4 Calumet & ilecla
25
8 Campbell W & C Foundry._.
•
•
DOI Canada Dry Ginger Ale
•
1912 Cannon Mille
-id --------50
1
41
412
5
37
191
74
3214
4
591
6
81
101
3N
934
17
55
80
7
378
34
1114
50
9
14
2
6
1014
1838
13
2134
65
81
118
458
%
1334
61
1014
14
318
68
13
20
31
9
653 278 47g
24 112 2
114 1
118
12
12
58
112 2
334 158 27
27
358
618 212 47
35 4212
6612 4212 50
; 72
34 11
112
5
5
10
48 7
78 134
58 17
234
218 38g 214 3
5
212 212 214 3
2
118 ---- ---- -lis -1
--__ ----6-3-4 -- ---- 1% 415
72 --------------
634 10
7 173
25
52
60 81
12
78
258 314
61
34
712 13
49 49
55
8%
14
38
2
2%
312 514
634710's
1534 1918
65,
4
17
2534
%
2
58
7
354
412
14
112
3
63s
11;
753 614 7Sg
834 312 5
17
9
28
22 33
59
12
61
212 138 2
68
34
97
7
11
42 45
40
578 414 678
18
14
23s 14 214
3
212 2
f
834 6
1512 1018 16
July 30 1932
Financial Chronicle
736
New
York Stock Exchange-(Continued)
1932.
1931.
November December
October
Low High Low High Low High Low High Low High Low High
STOCKS
January February
June
May
March
April
Low High Low high Low High Low High Low High Low High
Par $ per share 16 per share
$ Per share $ per share 3 per share $ per share $ Per share S per share
58 6
4,4 618
14% 514 918 612 934 412 612 Capital Administration cl A _*
14
16
1372 154 6
50 2518 274 2212 27
Preferred
A
24
263
4
29
2712
27
32,8 26
35
351 2 3218 3218 28
5775 3512 4578 Case (J Ii Threshing Mach_ 100 3134 43% 2618 41,8
38,4 6353 3314 54% 36
93% 5114 70
.54
Preferred
100 60
75
49,2 6812
64
75
9438 100 85 8934 53 8614 66 8434 80 85
" 11
10% 1314
15
1312 1834 10,4 14,8 Caterpillar Tractor Co
8 22,4 1112 17
228 261 2134 02114 13,
• 112 112 112 4
12 1 Cavanagh-Dobbs
112 1,
234 234 134 3
4 112 158
212 3
100
8
Preferred
7%
9 2234
5%
10
14
10
13
1012 1114 13
3
4%
,
8 4,4 Celanese Corp of America__-_* 334 5
133
4
734 2
12
12% 412 717 5
12
15
Celotex
•
2
,
4
3%
212
3%
218
234
412
23
8
37
8
3
4
6,4
6
7,2 6
7
* 112 2
214
1
178 312 212 314 1% 212 Voting trust cti's
512 3
5
514 6% 5
Preferred 7%
100 7
7
7% 6
7% 12
11% 15
12,4 15
16 20
1938 22
17 20
114
Central
Aguirre
Associates__
•
1114
1212
1214
11
1612
14%
19
18
20, 15
21% 2534 20 25 216
614 5,2 6,4
* 5
412 6 Century Ribbon Mills
738 512 7
814 4
5
718 4
412 6
Preferred
100 75 95
73% 7314
72 72 60 70
60 79
60 90
62 85
60 60
Cerro de Pasco Copper
* 978 215
934 1334
15
1634 978 15% 1112 17,2 1312 23,2 1114 1512 Certain-teed
1512 21
Products
• 212 278 278 338
3
3% 318 4% 2% 3
5
614 3
5
612 5
7% Preferred
100 1134 11% 1212 1512
12
15
_ 22,2 2212 25 26
35
2212 2518 26
" 434
5
714 4% 614 Checker Cab Mfg
5% 7
6
7
1134 712 918 314 812 4
• 1378 2033 13
19%
14,4 2814 19 2912 13% 23 Chesapeake Corp
35
34
3414 42
3614 21
• 3
318 614 4
6
,
4 6
,
4 4
914 318 5 Chic Pneumatic Tool
94 712 812 4
8
7
Preferred
•
1178
8
9%
6%
11
7
12
10
,
2
14
10
1914
143
4
1812
1
183 21
19 2
• 10
8
1034 1014 11,
1312 1578 912 12 Chicago Yellow Cab
1812 12,2 15
17
20
17
1812 8
814
10 812 812 8
8
10% Chickasha Cotton 011
8,2 912 9% 11
10
1012 1012 11
912 11
914
" 518 712 5
518 1014 Childs Co
1413 1034 14
1414 2234 15
1914 9% 1712 8
Chile
25 612 9
Copper
1112 1113
1112 1834 11% 113y
1812 25 ---Christie Brown & Co.,Ltd - - --*
* -1214 153; -i(02
-11;
1 Chrysler Corp
"211; "His "2-5cg 12 -213-4 114 1634 14 1810 -N..
* 2578 2712 26
2812
2512 3038 City Ice & Fuel
28,2 33
3514 3218 30 32 27 3014 2658 29 683
Preferred
100
65 68 _6338 6512
71%
6312
8
72
6614
71
783 8312 6618 79%
80 81
100 80 85
74 85 City Investing
100 101 - - - ---14 14 City Stores
*
08 218
--1-1-4
2% 1,8 1,
--212 -1;
34 112
4
1 --214 234 1
Class A
• 278 412 412 412
6
6
431 6
5
7
7
11
13
13
10
10
per share 3 per share $ per share $ per share
5
558 218 5
212 414 214 3
19 22
2212 26
2012 23
2412 30
3134 39
2058 3334 174 248 1634 287
172
34
232 40
5212 6618 397 52
8
1234 6
812 3412
9 46
134
•8 2
2
2
2 ---18
1934 8 1512 9
10 ---114 24
338 5
214 312 112 3¼
2,2 234
114 24 1
133 1
1
1
112 1
118 1
1 ---6
712 312 312 2
312 134 134
11
1214 934 1138 8
10
73 104
434 558 418 412 212 334 234 412
6314 78
70 8412 72 80
70 84
1338 512
3% 112
814
12
4
7
19
612
2
5
978 318
14
9
9
6
612 24
10
712
56,2 13,8 814
27% 15
6612 55
55
58 118
38
4
412
314
214
11
514
1214
318
534
1012
7
3
8
5612
1014
244
63
312 5
134 134
8
8
178 212
4% 9
1%
1
212 3
712 1012
6
5
112 214
6
612
--.. -5
712
-10% 5,8 9
24,
4 15
19,4 14% 16
64
53% 55
5534 61
75
48
50
34
1̀8 - -4 ---r;
__1
1
8%
218
814
6
12,
8
3
6
1112
8
3
8
4
714
1
1%
8
8
2
4
6
9%
1
214
234 312
8
10
618 6,
4
2
214
712 712
.
", 18512 18
73
818 8
104 812 10 Clark Equipment
14
2 8
8
12
10
6
8
512
1134 1212 10
4
17 8 Cluett Peabody & Co
15% 18
15
18 22
17 23
17 22
10
1634 25
1618 10
1318
Preferred
100 95 95
95
92 102
96
95 95
0012 101 100 10012 102 102
95 95
Coca
Cola
101%11712
9732
12
14
1
8
4
4
3
1
4
9
,
71
1
15
10
7
%
4
:
10112
108
118
12638
1991.
4 1-2
0- 93%109% 8814 97
99 14512
Class A
48 4812 4812 50
50,8 524 45% 52
4612 4912 4434 46%
51
53
2814 3014 2434 3112 22
2933 Colgate-Palmolive-Peet
28 4358 288 3414 29% 358 24
2734 12% 2218
7
100
.
8
2
8
6
1s
3
99
01' 87 91
79
9114
90 95
88 10418 87% 9513 90 96
78
90
70 834
*
a
77
1142 79
94 Collins & Aikman
2182 7
612 75
124 68
934 712 1078 434 758 234 5%
8
1334 733 13,8 8
Preferred
75
75
75
80
80 8712
70
8612 95
75
60
70
Colonial
10%
Beacon 011
1014 912 10,4 10
9 510912 10
8
912 9
1018 99
1012 912 11
10
1012
.
0
* 30
7
93
612 10 Colorado Fuel & Iron Corn..10
144 3
10
238Z 8
1012 612 914 414 7
838 1312 81 1218 938 14
3% 5
Preferred
34
40
33 33
.._
30 45
40 40
24 24
24
20
69
90
5312 72,8 81 Columbia Gas & Elec pref-100 64
79
81
7014 70 -751; 40 69
8712 59
8734 10534 76
52
5712
5112
4 1178 154 11,
08 3
117
18
* 3
8 16181 612 1158 5% 8,2
16% 304 1658 23% 1834 2412 114 2012 Con1mon
28 38
29% 41% 2112 3078 1312 22
634 7614 40 6634 33 5112 3434 5612 32 407, Columbian Carbon
6618 82
*
-_-- ---- Columbia Pic Corp v. t. c.
-_-_ 612 718 412 612 414 518
-5 Commonwealth & Southern.* -512 --4-78
8 413 6
3
- 334 4313 3% 4% 218 312 2
47
6
4 -Ili 47 -11734 9 -5
234
Preferred
68
66 7914 46
59 6612 5312 6812 46
79
95 9714 95 9714 727 961. 68
56
30 49
1212 Commercial Credit
.
5 98
9
9118
2 6
10
5,
'8
4 812 10% 814 11
1614 838 1378 1014
1514 1814 1512 1714' 8
7
,
4
812
414
73
4
Class A
* 1912 2212 2233 25
1918 26
20% 2534
35
20 34
2334 2614 2012 2334 13 20%
3412 3512 34
Preferred 7%
19
16
2
10
5
3
17
012 3
2412 25
22 2578 16 2012 25
20% 1712 2111 1534 17
2434 25
14
15
Preferred
B
22
25 -1618 2034 17
17
2218 20 23
2012 17 20
15
18 25
23 2512 2234 25
16
17
13
161,
1st preferred
100 56 88
52 68
6512 68
5512 7212 694 77
64 6878 55 64% 97 56
8718 89 88 8912 747 92
2412 18,
• 1512 23
19
8 2778 1.534 1918 1114 16
20 2834 2318 2512 1512 2414 1512 2014 20 2414 1.512 22 Corn Investment Trust
1,
00
0 96
312 94
3 99,8 Preferred
712 94
9512 96 101
108 108___ 10212 10212 100 103 100 10018 944
96
99
95 90
99
634% preferred
94
99 100 99 100
90 9334 89 95
9912 106
106
9412 89 91%
101 10134 i.TS 2.
91
Convertible preferred
71
100 58 68
70 75 60
70 75
75 86
83 86
6314 71
6712 77
82 86
65
69
60 65
Warrants stamped ---------- _.-38 14
58 1
212 318
12
_
12
318 3,8
58 1%
38
38
• 714 012 712 9% 7% -1014 512 7% 312 834
14
1778
1738 -618 -1-2-7-2 958 1334 63 1012 Commercial Solvents a
1012 Conde Nast Publications
16
10
14
24
13
• 912 10
9
9
812 812 7
30 30 30 30 2512 30
7
5
5
914 1178 84 94 Congoleum-Nairn
9
8% 11
1014 1312 1234 1434 97 1414
10,
8 8
9
7
814
912 11
634 958 Congress Cigar
•* 7
512 8
9,72
8 7
1712 712 1513
16.58 2012 15
,
8 834 8
918 4,
4 7
4
634
57 60 Connecticut Hy & Lighting 100 55 55
62
52;122 612921' 60 62
4% cum. preferred
100 ____ ____
"Elis -1;4-7-8 ---- ---• 21
20 27 Consolidated Cigar
3314 364 34
3658 20 3512 20 2434 22 27
2412 21
2334 15 2212 1112 17
12
6
100 59 7112 717 72
51
6612 Preferred
58 69
56 65
66 73
70 73
65
76
70
74
50 64
Prior preferred (634)
100 52 5934 56
42
55
5218 62
6712 63 6512 53 6512 46 54
61
5712 53 60
36
5312 1912 -3-67
2
Prior
pref
ex
warrants
4218
45
53
50
51811142
49
5018
5934 60
6412 6412
54
- 54
36 40
--- _
• 334 5%
7
818 7
8
612 938 334 6% Consol Film Industry
334 718 334 8
433 2
2 3
358 --41.
3
118 •
1252 1534 834 1334 Pref
1318 1534 1212 1412 933 1312 724 15
834 10,
4 834 1134 7
834 3
838
•
61
7613 65Is 79'l 57,4 912 Consolidated Gas
89 100 8958 963 26612 94
544 653 5758 684 4858 5878 36
5214
Preferred
* 5
93 10114 9578 10012 88
950.14 6
91% 95
94334 8834 92
105 107 106 10634 9434 107
8112 91
79 88
Consol.
Laundries
Corp
1112
*
812
1
12
1018
1
112
1214 14
10,4 13
92
1212 14
9 1078 9
10
9
934 6
9
512 6%
Consolidated 011 Corp
*
---418 614 418 5
,
8
Preferred 8%
100
__.4
---- - ..i;
83 92
79 89
12
Consolidated
Textile
•
13
1
3
8
14
*8 1
34
N
3
8
12 118
14
33
14
3
8
20 2
212
78 2,4 Container Corp class A
212 2
314 358 23 . 3% 234 3
2
214 18 213 118 212 1
1,8
34 1
Class B
•
34 1
14 1
12 1
78 1
118 1
118
1
34 118
38
12
58 1
12 1
14
3,
Continental
Baking
class A• 4% 7
1038 412 7
478 612 4
1212 1614 1214 1378 513 1212 514 812 6
612 318 4
278 4
Class B
12 1
•
78 138
34 1 18
% 1
158 2
112 18
78 168
58 1
58
12 1
12
12
34
Preferred
100 40 46
40 5712 40 4634 4612 5734 40 4918
4134 46
5534 6118 5512 59
40
281.g
473
40%
4
3018
3314
3014 3734 Continental Can
• 3134 374 33 2 3958 3478 41
31 18 4038 3478 44
4534 49
3234 48
4612 54
2458 36
19% 2678
Continental
Diamond
Fibre
•
312
5
5
712
312
434 812 5
612
412 378 434 312 414 3
814 9
812 11
338 3
3,
8
1912 2878 23 3063 184 2438 Continental Insurance _____ 10 1913 2438 1912 2414 193 2514 10% 1914 6%
3812 4434 3714 3934 20 39
1112
• 1
1% Continental Motors
214 27
2
212 14 212 118 14 112 134 1
134
1,2 1
118
1
14 1
% 1
Continental
Oil
914
•
7
53
8
3
4
712 934 8
533
814 6
534 678 533 658 58 7
978
114 6
4% 6
4
538
14 14 Continental Shares
•
114 2%
12
34
12
34
114 214
4
1,8 314
12
4
538 3
34
38
38
88
14
5
21
17
16
1
234
31,2
7212
5
4
86
14
18
14
.278
12
24%
17%
3
7
38
3%
18
3634 4818 Corn Products Refining_ .._ _25 237 9533
63 7512 62 6734 411.2 6614 3614 4734 4312 58
100 126 12912
14712 150 14814 15014 135 1504 126 133 12912 132 118 13434 Preferred
53g
35
• 253 434
1
4
534 2% 4,4 Coty Inc
4 74 334
8 718 8 4
24 Cream of Wheat
• 2012 2234
23 25 x21
2673 2834 20 2712 2034 26
26% 28
100 1014 108
4 12
104 11% 10% 11 Crex Carpet
,
1912 127 157 1114 1312 10
15
312 6
434 218 4 Crosley Radio Corp
412 512 434 6
318 378 4
.
•
1634 18,8 13% 1634 Crown Cork & Seal
38 11,14
2018 203 18
2112 17
20
2012 24
2
Preferred
2218 24
26
24
• 2178 24
28
30
27
31
25
28
2812 30
30,4 Crown Willamette 1st pref_: 211
1 2 21";7142
361 49
30 304 30 3314 21
43 50 50 50
2,4 2% 118 212 Crown Zellerbach
334 418 234 5
214 27
314 4
20 2812 Crucible Steel of America_10
0,
0 ,
2 Z
14
8
3838 5234 3818 4134 2814 3912 22 2814 25 33
Preferred
83 90 58 89
45
7014 60,4 71% 36% 65
87 90
% 2,4 Cuba Co
• 14 14
2
4
2
212 2,4 3
4% 538 3,8 5
*
13
%
Cuba
Cane
Products
4
12
12
14
78 155
12 133
12
1,4 213
78
10 1
212 Cuban American Sugar
434 218 334 2
234 214 312 1
134
4
534 37
Preferred
12
100 714 812
15
2618 14
18
1812 6
26 3112 15
32
28
30 35 Cudahy Packing
50 23018 3312
39 329 3812 34 37
40 4112 39 4033 36
914 514 8 Curtis Aero Rc Mot Co. Inc _•
7
25,
8 3212
9912 11214
14 2
1312 1514
1718 17,
4
214 3
9% 1334
1738 21
21
21
4 114
8
6
15
19,4
12 118
14
13
12 1,4
5
712
20
2212
151 4 1212 14
13
2412 30
3012 32
10278 105 101 104
14034 14712 14138 1473
5178 5214 5218 53
44 4512 4312 4512
10218 10314 10312 104
1212 1612 1218 1414
8414 95
82 84
812 85
834 912
1412 1834 13,8 15
85 85
10272 1-087 104 10534
2833 3139
284 34
-ia-
978
448:
38% 46
40% 4738 294 4134 2678 3618
26 128 125 127 104 120 106 11214
434 2
34 414 3
3
112 212
20 2212 2012 23
1812 21
1014 15% 154 1918 1614 1812 1858 18342
318 3% 278 312 212 3
214 234
12
14% 1212 15% 913 12 2778 11%
20% 22
2012 2312 19% 2214 18 22
2514 26
33 37
25 25,8
134 214
134 2
112 --1-1-2 114 114
15 2014 16
19
10
15
6
10
3712 47
34 4134 23 34
1514 25
112 11_
138
1
34 1
% 133
14
38
4
14
14
18
18
14
1
134 1
114
34 114
33
%
7
8
712 5
6
6
312
514
30 34,2 33 3512 28% 333.g 20 2812
7% 7,
8 5
5
34 41
• 23 31
20 337 Curtis Publishing Co
35 52
22 25
70 8978 Preferred
• 75 86
85 100 89% 96
75 82
• 114 1% 1,
134 214 1
17s Curtiss-Wright Corp
134 214
8 234
214 312 233 312 138 212 Class A
1% 212 214 3%
81
93 8814 95 80 8814 Cushman's Sons 7% pref100 7012 85
85 85
$8 preferred
70 75
75 80
68 74
• 67
71
72 72
7
10% Cutler-Hammer Mfg
12% 14
• 7,2 10
10,4 15
8
9,4
Davega Stores Corp
---- .5
314 514 Davison Chemical
434 -101-2
678 5% 8
• 312 514 --38 '15;
j04 1334 -1014 1212
214
Debenham
8 2
312
Securities_5 schirgs
1% 212
214 1% 1,
1512 133 1434 Deere & Co pref.
13% 15
14
20 1273 15% -16" Ii34
19s 20 "MT, -179-7; 13% 16
Edison
100 109 122 107 116
152 161 155 16012 129%16112 112 13234 125 13414 11014 127 Detroit
11
1234 12% 1234 812 1218 Devoe & Raynolds A
14
1014 10,2 1012 1314
13% 1434 1438 1413 12
1st preferred
100
96 101 101 101 106 106 100 106
95 95
100 101%
1218 17
15
1733 108 1512 Diamond Match
1212 1414 13
,
231514
1814 2012 1812 21934 1212 19
2512
Participating
2214
2512
25
2618
1912
6%
28
pref----2;
21% 2312 2212324
2738 2812 23
2612 28
Dome Mines Ltd
• 712 9,4 814 9%
1118 1214 11% 1218 3714 1212 638 934 818 912 74 85
177 15,8 1818 1212 173 Dominion Stores
• 13
1512 14% 15
,
4
23 2012 23% 1414 22,2 11
21
17
44
1
1_11
2 2
11
41 2
778 124 Douglas Aircraft Co. Inc
17
2
11
0 2
• 7% 11% 10
137s
1714 20,4 1714 19% 1134 18
2018 2512 Dresser (S R) mtg Co cony cl
-1-21
23
1934 22
-1212 18 15 1738 1058 16121 Conv class B
• 1014 1212 1112 1213
• 47% 55
-51" F41; 423, 57% 521 1 61 14 473• 555. flews In,
4812 57
3 Es-41.1xIdend
• No par Value
5212 68
71
70
7234 67
112 114 112 113.58 100 11112
3% 234 338 178 3
3
458 212 418
913 512 4
106 107,4 100 109 88 104
85 90
100 10014 94 101
19% 2414 1712 1912 1212 1712
312
10
90
8012
42
11
65
3
55
9
4
4
1112
95
977s
45
,
s
15
7512
4
60
11
412
50
40
414 712
1312
412
1%
27%
3%
134
1112
1012
90
1078
96
88
5512
18
3,
8
22
514
212
38
5
1514
1318
13
47
1412
96
90
014
14
5%
612
4
5
6,4
21
28,
4
23
Ill
5
4018
8418
634
518
9912
38
1
14
312
58
3318
2334
33a
1034
78
4%
38
2012
75
14
112
85
76
7
2412
80
178
212
90
76
9
15
60
1
1,
8
7614
60
6
5
2
22
71
138
2
85
7214
7
5
314
1412
52
78
112
67
56%
312
4
1
112
734 103g 7
812 6,
4
98 11514 80 98
70
934 11% 7
85 9114 80 8012 70
1712
64
I%
214
80
58
512
4%
214
134
714
85
10,4
80
7
47
78
112
6014
4912
312
4
112
1
614
6118
7
59%
1414
2318
9%
15
9
1712
8
4712
15%
2412
11%
18
11%
22
1178
55,
8
12
22%
8
14
7
1014
5
3334
1412
24
934
1512
814
18%
812
4818
14
2212
1038
14%
712
12%
814
3938
12141,1434
2114'2212
813 10
1114 1314
5
6
712 9
212 3
2314 30%
1212
2012
812
13
514
9
412
23
15
5212
1
134
6612
5414
4
412
234
1
718
7212
7
6014
Financial Chronicle
Volume 135
737
New York Stock Exchange-(Continued)
1931.
November! December
I August I September! October
July
Low High Low High Low High Low High Low High Low High
1
5 share $ per share $ per share per share $ per share
5 $ per
per
r share
5D
112 212
314 212 314
3
5
4
5
10
10
10
10
1112 124 10
10
10
10
101 I01'4 96 102
95 100
95 96
9912
95
10i714 10934 10712 105 10712 9612 103 97 100 924 96
21
21
21
21
21
21
21
21
20,4 21
21
21
75
6
5
412 534 3
5
412 414 412 212 414
13312 1534 13258 14812 9818 14312 93 11612 9112 11712 77 9712
13012 13012 13134 134 135 135 121 135 12314 12512 103 125
714 138 714 10% 812 1138 53
858
x1314 1734 13% 15
543 69% 50 5814
83% 9234 82% 9014 5914 8534 5334 64
94 103
x12214123% 123 12434 115 12412 106 11412 104 110
712 712 714 712 312 714 312 512 512 6
12 5
53 55
712 5331.
55 5538 5434 5514
a 5334 55
372 4614 3914 44% 2214 3934 20 314 3014 39,8 2712 3638
98 10212 99 100
94 10014
10612 108 106 1074 98 105
412 25
3
112 234 1% 2
4
138 212
34 112
97
623 77
73
212 634 314 638 318 638 28s 312
403 x167s 2514 1414 1938 9
3518 4414 36% 413 21
1678
57 7712 41
6618 Si
66
99 1014 993 103 67 101
84 8712 60 87
49 67
8714 91
55 68
32 55
54 56 x30 5412 29
23 34
52 55
3614 3314 39
33--------3
14
13
38
14
12
14
14
1
158
34
78
34
34
11'
78
14
1.1
41
45% 32 4518 311 3414 31
3834 44
3338 2312 31
106 10714 110 115 10838 114 106 108 109 10914 x9838 10834
1932.
STOCKS
-
January I February
March
April
May
June
Low High Low High Low High Low High Low High Low High
Par $ per share $ per share $ per share $ per share $ per share $ per share
aunhill International------* _ 9_
_
112 112 1
114
1
1
1
115 1
1
)uplan Silk
* i
1618 934 10 10 10 8 10 612
512 6
8
Preferred
100 10112 101% 90 9018 --------90 90
81
85
80
80
Juttuesne Light 1st prel
100 91
92
89 91
91
97
90 9212 87 94
8712 91
Jurham Hosiery Mills B, pf_100 ----------------1S
18
17
1712 --__
?astern Rolling Mill
• 3
312 312 433 414 514 2
11
3
114
1 -13-4
?astman Kodak
• 73 8734 6812 8434 7212 8434 4712 73
3834 5014 3784 46
Preferred
100 99 116 116 11912 110 115 115'z119 103'2111 10434 11012
Eaton Axle & Spring
* 434 738 512 8
6
712 414 57
314 5
3
412
il I du Pont de Nem & Co ___20 4734 577 4618 5934 4518
583
6% cumulative preferred_100 98 10012 99%102 10112 105 8 2734 4534 2533 3112 2214 30
8914 1034 8234 91
804 8712
?Hinton Schild
•
34- 114
72
78
12
58
12
14
14
18
14
38
Preferred
100 8
1212 513 914 614 614 318 4
8 214 418
,
Electric-Auto Lite
• 2433 3112 2334 3133 20
3234 12
21
812
83
4
I25
1312
/1
Preferred
100 97 99
9718 10014 9314 100
70 8814 6112 70
61
70
Mectric Boat
• 114 212 112 21
158 214 118 133
78 114
12
18
flee & Musical Indus Am abs w i 234 4
3
333 3
334 112 3% 1,8 17
78 114
Elec Pr & Lt ctfs
• 1018 1312 1034 14
758 1533 512 812 314 733 278 514
Preferred certificates_
571 29 5834 22 3512 1214 30
• 47 64
51
24
1114
Preferred (6)
• 3912 551 45
51
28 50
1934 311 1012 2433 1014 1912
Electric Storage Battery
• 2512 32
30 33
2434 3314 1633 25
1434 2038 1233 1833
Elk Horn Coal Corp
•
%
14
14
14
18
la -- -- ---- ---- - - -- -- -- ---Preferred
50
38
%
18
14
18
18 _ _
_
18
18 _
_
Endicott-Johnson
50 2512 33
2978 361 33% 36
i6 -2-ils 24 27
22i2 -2-i%
Preferred
100 10012 103 10314 105 105 10714 10212 10418 98 102
98 104
36
22 3334 21% 2412 22 2534 15 2434 Engineers Public Service
34 371:. 34
• 18 22
20
25
1514 22
12
15
7 11
4
61i
7518 7584 67
75
5 4418 477 50
76 76
50 55 53 5633 42 55
$5 cony. pref
51
4834 51
3514 4033 2312 30
21
215/
78 791. 6014 7812 6012 75
Preferred 25.50
75 80
64 65
42 60
• 46
49 . 55
52
54
57
37
4814
3312
27
20
25
8612 8612 84,8 5638 74 74
61
6718 4212 6412 $6 cum pref
• 4212 59
55 60
5912 614 4612 48% --------25 2634
2712 284 2712 29
2134 28
1818 2112 19 21
19
20 EquitableOffice Building.__
18
1712 19
19
1712 184 1534 1778 1312 16
133:
12
312 534 334 518 31a 418 314 414 Eureka Vacuum Cleaner
5
6,2 4% 5
334 312 5
•
4
312
714 3
618 218 3
2
2
418
4
3
412 5
2
314
3
212 1
2
2 Evans Auto Loading
5 l's 110 118 1,
8 133 214
lis 112
12 1
12
34
1338 1558 12
16,8 1734 15,8 16
134 11
134 10
114 Exchange Buffet Corp
• 934 1134 10
103 10
1012 10
1014
10
10
10
101/
12
1712 1814 93
3
8
8
9
13
812
7
12
Fair
1814 20
912
11
(The) Co
342
5
934
• 5
7
6
6
512 7
418 614 4
5
414 51;
88 88
87 87
100 100
Preferred
100
85
75
85
75
75
75
60
75
40 50
512 512 64 6,
40
40
8
9
9
433 Fairbanks Co Preferred.. _100 2
2
3
23s 233 112 314 134 134 --------1
1
41,8 533 4% 47:8
434 514 514 8
Fret ctfs of deposit
100 21s 233 ---- --- 314 412 --------1
1 -- - - .
5
11
5
183 10% 14
712 512 712 312 551. Fairbanks-Morse
14
•
414 534 414 5% 378 433 31
il,
312 i
3% 3
5512 65
7314 83 62,8 77
57 5712 4814 57
7% preferred
40 40
100
29 4734
1912 20 ---- -- .
314 412 212 378 134 214 17
17,, Fashion Park Associates
41 1 5
1
214
• 1% 14 112 134 118 112 1
I% 1
-1,
12
114
47
14
14
6
5
614 512 8
Preferred
100 5
778 5
4
733
5
212
3
3
4
4
538 3
23%
5.1
15
2718
25
2
5
-78
1312 1938 1512 2011 1012 1514 Federated Department Stores • 11
2ii
1112 14
14
1012 1318 10
11
8 103
612 8
29,2 34
3434 36% 33 35
26
2912 2512 29 x1512 25 Federal Lt & Traction
15
17
22
22
22
18 z20
918 18
10
10 ---- --.
82 8518 78 85
86 8812 xS4 86
65 75
Preferred
48 014
• 53 6338 X63 63
628 64
42 55
35 43
30 -38
20 25
42 42
22
40 45
35
3612 Federal Mine & Smelting. 100 --------------- -21
22
25
20 20 --------13
13
_
48
50
70 75
53
1,2 53
0 53
0,2 56
2,8 43,2
378 36
Preferred
0
10016 20
15 20
5% 334 5
512 512 5
Federal Motor Truck_ ______ • 3
3
314 333 2
238 2
214 112 2
5,2 61s 512 5% 278 5
2% 35
2% 3% 1,8 3 Federal Screw Works
•
13
138
2
13
114
4
17s
12
% 114
12 1
-1
1314 1814 1312 151_ 11
14
618 12
4
712 3
534 Federal Water Service el A
* 318 512 333 5
455 10% 412 733 3
514 3
4112 4434 2312 4334 22 3078 264 34
4
42 46
20
27.. Fidelity Phoenix Fire ins____10 2133 2734 20 26
2118 27
11
21
6
712 7%
7% 8
1133 634 103.
_ 5% 6%
Fifth Ave Bus
*
618 618 714 812 64 8
6%
24
24
5
633
3
4
6'
19 22
22
17
1514 1514
Filen.'s Sons
5
7
7 --------5
8 ---- 99% 100
99 101
9712 9912 -9/ 104
8712 062 Preferred
100 90 94
90 94
89 94
80 66
8012 85
75 -82-7
19% 1712 18
1414 1712 x14
18
1578 14
1538 1278 1471 Firestone Tire & Rubber..._ .10 1214 15
1314 12
12
1214
114
11
1533
12
1012 111
6112 64,2 X6158 6414 55 6314 5014 56 x52 5434 4958 5311v
Preferred
100 50% 5912 53 56
51
59
4834 51
4612 50
4512 471.
52 57,2 5634 63
44 59% 42 53
4478 53 First Nat Stores
4934 56
8
• 4112 49
4212 5214 4678 53
3912
49
37
38
3718
4433
14
433
12
38
%
12
14
h
14
14
38
36 Fisk Rubber
•
14
N
'a
18
'a
14
112 2
'8
1
14
178
la
58
14
34
12 114
N
12 1
1.
12
18
1st preferred_ .
100
38 . 78
14
12
14
1.
38
12
14
38
14
1
1% 1% 1,8 134
34 1
12 114
78 1
88 1 1 1st Preferred con•
14
100
68 118
12
14
121
38 112 ---- ---38
3
25 2512 2434 2434 1812 24
I Florsheim Shoe class A.
91
75 10
• 8
812 10
414 712 512 6
5
6
101 101 100 102
98 100 "Nis
- 80
1 : Preferred_
778 1130
100 80 80
65 80 --------8214 8212 80 82
67 80
1014 1014 12,2
10
612 58 75
5
4
534 Follansbee Bros_
513
•
4
414
5
5
712 3
414 214 214 2
21
16
1712 15
1512 1112 161 1 101s 13
1212 1212 934 11 Food Machinery Corp
• 8% 818 1014 104 612 8
412 6
334 4
334 4
2314 3134 20,4 2612 1238 24
1014 1614 10
1811 8
121,Poster-Wheeler Corp
47
• 8
111
8% 1112 7
12
8
612 8 10
733 3
13% 358 6
334 7% 318 818 358 7
212 4 Foundation Co
• 3
4
212 378
118 212 114 2
433 3
118 11
25% 28,8 25% 2814 18 2718 18 227 1814 24
1558 20 Fourth National Investors
1 1634 19s 1512 2078 1712 2112 15
1714 1212 1614 1014 147
14% 2134 11h 1614 712 14% 5
934 518 8,4 212 614 Fox Film -A'
• 234 538 314 43
31
3
2
4
118 21
118 112
7234 7234
6914 70
6858 70
7234 7278 60 68 Franklin Simon, pref
100 60 721z 65 65 --------45 56
2538 29
8 277 17 2678 1314 2212 1634 231 1 14% 174 Freeport Texas Co
• 1514 191 1612 1912 1658 1
14
1678 10 1512 10 -1-21
52 55
40 50
44 45
30
31 Fuller Co, prior preferred..... •-- - ---- ---- - _
2% 512 7
9
37
39
3d preferred
20 20
• .26 -2-6. 2-5 -31 --------20 -2-6
6
8
3
112 31
3
312
712
17
4
214 1
17
2 ,Gabriel Snubbers "A"
• 158 178
34 112
34 1
55 1
4514 4712 37,2 4678 25 40
h
34
14
1
2012 2512 2012 27
15 224IGamcovell Co
* 14
15
11
17
11
1438 7
11
534 7
412
534 614
414 518 278 478 27
43
314 45
21p 512 General American Investors-• 212 35
35
23
8
212
3%
3
118
212
12
8
114
17
7312 80
70 72
5512 7212 54
60 75 45 58
59
Preferred
100 51
59
49 61
5018 59
: 49
431
41
4112 26
32
5612 6238 5434 5958 4434 5614 3812 47% 40 4814 28 41,2 Gen Amer Tank
Car
* 28 3312 29
348 29 3534 16
2914 1012 1712 912, 127
1812 26
1834 238 958 21,8 934 1678 1484 183s 101s 1434 Gen Asphalt
5 11
1512 11
15
1034 14
733 11
5
20 22
9
2018 2218 1578 21)14 143 1772 1512 l9s 912 164 Gen Baking Co
434 714
5 11
1414 1333 1914 16
1958 11
16
10634 108 108% 10834 100 10934 100 104 103 105
107s 127 1012 131
95 100 I Preferred
• 97 9914 97 100 100 10534 9733104
9018 96
512 9% 7
90 95
9% 358 734 312 434 318 412 lh 31 General Bronze
• 214 33
2
3
2
5% 712
212 112 2
1
178
5
% 11
8
334 612 3' 5
334 5
112 35 Gen Cable
• 14 212 17s 234 134 2
1
35 42,4 3418 3518 17
112
14 1
12 1
3312 17
21
15,4 22
1112 18
Preferred
.100
1612
123
4
1118
15
114
16
7 12
11% 19
418 712 334 71 4
8
1184 15
13% 634 11
9
7
212 7
Class
"A"
• 4
512 4
5
34 412 178 384 112 218
35 37,2 343 3714 27 35
112 2
25 3212 32 3712 2734 33 Gen Cigar, Inc
• 2833 3514 3412 38
321 3838 275 3214 2012 281 20
11412 11412 1141211518 10712 117
23
100 105
93 100
Preferred (7)
100 99 100
9812 101
8912 9112 8434 89
8933 99
75 85
3918 45
3858 4238 2714 41
24% 3238 2618 35 22278 2838 Gen Electric
1931,
•
1712
2618
2412
1712
2234 1314 1734 812. 15
1118 11% 1114 1138 1114 1134 1118 1112 11
833 111
11,2 10% 1114
Special
_10 1078 1114 107,, 11% 1078 1118 1034 11
47
4978 4834 5212 3412 4034 3014 3914 3434 41
1034 1118 1034 HI
2814 363 Gets
• 3133 3634 3134 361 3414 4012 3014 3584 1933 32
412 5,4 412 4% 278 412 212 3% 214 318 114 21 Gen Foods Corp
1933 25
Gas
&
Elec
Corp
cl
A
•
1,
8 238
134 23..
112 218 1% 158
6912 80
68 71
68 114 212
3912 67
44 45
'
3918 391
Preferred A (7)
2434 2912 20
25
7
281
: 10% 2612 51: 19
80 80
30 54
50
30 36
Preferred "A"(8)
• 3033 31 26
40
26
30
2514 40
"LO" "Egra 4434 53l 25 51 23 29 35
15
33
718 15
2212
3212
Cony pref A
1434 271
• 20
2434 1712 20
1112 194 812 17
2714 28,8 2438 2658 2312 25,4 2158 24,8 2038 22 General
28 28
51: 1312 3
6
Italian Edison
-. 2112 2314 241s 2418 2418 25
1518 233s 1833 1912 1814 19 4
35 3834 3814 40% 33 4134 32 35
32 36% 2918 321 General Mills
• 3178 35
3514 37
3212 3633 2812 33
97% 100
06 98
95 10014 9312 95
28 32
2858 31
94
91
85 901
Preferred
100 86 88
88
87
35 39,2 2314 3638 2218 2714 235s 30
8738 88
3514 40
85 87
8038 84z 77 80
21h 2433 Gen Motors Corp
10 1912 2458 1933 24% 1512 2212 1012 154 87 1134 75g
101% 10338 10212 10338 89 10338 84% 9314 8878 93,2 7934 901
10
Preferred (5)
• 28012 867 8012 8514 7912 8714 6234 x80
4
5,4 5
5,4 312 518 314 4
6412 73
358 4
5914 68
358 4 General Outdoor AclvertisIng.• 358 4
35
312 4
4
658 10
1038 1418 8% 11
384 4
312 4
5,4 712 77 11
3
3
5,4 73
Class
-A"
• 612 733 6
7
9
2012 24% 1912 21% 1218 1912 1014 15
714 5
633 5
15
678 4
4
1712 1112 15 General Printing Ink
4312 (vs 4312 50
• 1112 14
6412 70
12
l34 10
6338 70
12
7
10
512 712 434 5 2
5514 60
49 561
Preferred
•
44
14
113
55
16
4
50
60 25412 5614 4072 51
418 12
12
433 712 434 734 258 5 General Public Service
33% 42
2712 .30
• 314 5
40 5114 29
3
3
47
4912 56
4934 2214 38
458 112 3
25
1
3514 21
134 118 134
30 Gen Ity Signal
• 2012 2833 1934 2512 1958 2733 13
106 10938 10712 109% 107.2 10712 100 105 100 100
191
8
81
1314 612 978
81
Preferred
100 90 90
7514 80
75
75 76
77
2511 314 12
4
27
234 114 3
114 2
% 13a Gen Realty & Utilities
•
34 1,8
27 3034 22% 28
38
34 118
24
34 11
31
17
25
12
1812 21.12 13% 201
14
38
14
Pref
erred• 1214 1418 1214 1612 1414 161 1014 14
3212 40
3214 3414 18 34
15 20
1534 1812 12
518 10
161 Gen Refractories
5
6
•
123
4
143
4
38
113
4
31
38
31
1318
15 22
7
11
20 25
53
4
14
9
22 Gen Steel Castings pref
334 412 134 4
17
•
16
16
10
333 -13434 1%
15
8
334 112 233 114 115
12
10
3 Gen Theatres
8
9
7
8
9
818
9
•
12 118
19
14
914 1733 11% 1634 934 141 Gillette SafetyEquipment
58
78
38
1884 2514 1834 217 10
%
8
18
38
18
Razor
• 103 1412 12
2114 181: 241 1418 1958 113s 1514 1158 15
6812 7334 03 7134 475 6318 4514 5734 51
5812 45 52
Convertible
•250
51
5814 527 678 6214 681 53 X6254 48 55
534 314 5
612 5
378 318 4% 134 31 Gimbel Bros preferred
3
52
45
•
2
212
21
13
4
21
447 4512 387 4634 38 41
112
48 52
114
33% 38
2618 34
112
78 1
58 1
7% preferred
100 24 31
21
2318 14
838 1012 918 1078 518 1018 413 8
7
22
918 412 7 Glidden Co
10
8
9
13'2
8
8
9
5
• 424 578 5
75 82
13
7114 80 5334 69
64 80
514 7
59 73 40 68
414 52s 512 414 318 4
7% Prior preferred
100 42 43
50 54
67
338 8
4814 50
814 634 712 4
6
64 818 4% 7 Gobel (Adolf)
35 42
3518 40
36% 42
•
318
612 518 614 514 612 3
2338 1814 24,2 1412 193 Gold 1)ust v t c
2614 3138 261s 2918 1818 2734 18
538 258 312 27
5
• 16
193 16
1838 1634 1955 1114 1633 814 13
111 11314 11034 11212 105 11012 101 101
98 10114 85 971
812 11
Preferred
86
90
90 95
77
9012 92
612 1233 5
818 51
113 1412 115 14
90 9014 83 83
3% 57 Goodrich (B 17)
75
75
• 38 533 37
434 27
33
25 45
518 31
15
23
49 5214 45 45
2514 19
10 20
214 37
214 314
7% preferred
100 12
17
15
1612 1312 15
3738 43 3834 4312 23 4112 19
2714 1858 30
8
1334 20 Goodyear Tire & Rubber
1234 7 11
7
812
• 1278 1714 1314 177 103s 1834 91 1112 51
5712 65
63 72,2 35 64
: 1212 61s 958
82 844 84 8514 6234 83
1st preferred
• 43 561 5014 513
44 61
334 812 412 9
878 612 91 Gotham Silk Hosiery
8
838 114 833 10
33 44
22% 3814 z1934 27
918 1118 938 111
• 714 10
5114 57
50 52
1412 1112 14
834 1314 11
5233 623 50 52
Preferred, new
100 50% 60
64 6412 6512 6533 5818, 6434 58
25
8 2
112 1
1
-1117
1% 2
5918 54
34 11 Gould Coupler "A"
58
•
1
1
1
1
33
78 1
212 3% 17
4
212 218 312 27
234 2
12
%
41 Graham-Paige Motors
%
h
12
•
2
3
4
234 358 2
458
31g
514 8 Granby
1258 712 115
534 11
118 218 1
1212 1514 11
ih
1
614 12
1 55
Cons Ai S & P
734 6
714
412 7
338 412 214 4
1612 434 1512 312 512 212 5% 112 3 Grand Silver Stores (I. W) 100 512
1838 15
284 3
15
• 15g 3
1
212
N 2
18
12
50 50
65 70 ------- 55 61
14
%
12
Grand (F NV) Stores pref„.100 ____
. _--_
114 31
1714 934 164 7
117
2
914 12
2% 112 212 112 1
718 - 91 Grand Union
1412 16,2 15
• 6,
8 _-878 75 --9
7
934 518 718 334 512 31
4118 4378 12 4418 34 4212 3112 377 3234 3712 21
33
: 1
Preferred
• 2314 30
30
321. 20
3311, 2319 2519 221t 27
22
2414
v No par vaUe. £ Ex-dIvIdeud.
July 30 1932
Financial Chronicle
738
New York Stock Exchange-(Continued)
1932.
1931.
November December
August September I October
July
Low High Low High Low High Low High Low High Low High
per share
11% 1412
2413 3434
1514
10
534 7%
73 85
17
15
1%
1
14
4
14
38
3a
12
as
12
31
41,8
--,,2
512 --,3
7
% 4
t1'8 118
10
-1212
15
15
S Per share $ per share $ Per shareIS per share $ per share
1613 x19181 1454 1614 144 173s
24
19
19,8 20
30 4113, 2778 3512 32 3613
42
3478 3918 37
1514 144 18
19
1313 1834! 12
1813 1913 18
914 583 8
718 912
9 10$4 812 934 6
8234 92 82 84 8314 864
8518 92
815 88
2
34
34
78
512
614 614 5
1212 1714 1312 1414
37 37
STOCKS
June
March
April
January February
May
Low High Low High Low High Low High Low High Low High
Par S per share S per share $ per share $ per share $ per share $ per share
1218 1313 --------1217 1312 7
13
124 6% 10
Tranite City Steel
• 13
1413 2013 145 17
• 2518 2983 254 29% 2434 3014 2012 26
Trant(W T) Stores
73
13
1013 13
814 5
Treat Nor Iron Ore properties• 1113 1314 12
7 1034 6
• 5
612 434 57
413 54 314 412 313 412 314 6
Treat Western Sugar
7
6112
50
48
68
62
100
GO
70
6613
78 81,4 68 79
Preferred
8
100 15
;reene Cananea Copper
19 --------12 1314 612 812 8
I. -3-1
518 1
78 114
134 1
12 1
I's
• I..
Trigsby-Grunow Co
14
14
,uantanamo Sugar
38
14
18
34
18
18
14 ---- ---18
•
100_
8% preferred
3
- -- - - 7._
- ---- ------ ---- 312 312 3
-213 4
4
514 4
4
6
Tuff States Steel
54 8
• 512 7
7% 1st preferred
25 2134 23
15
2018 2018 1813 20
19
16
lackensack Water
16
2018 21
25
12
20
2613 28
19 28
2612 27
Preferred A
25 2612 2783 25 27
28
38 334
13s
8
7
158
Stores
1
134
.--•
8
13
Department
138
214
fahn
158
214
234
100 1458 19
1083 7% 811
8
14
1712 1334 1583 10
14
2812 Preferred
6
4
'512 7
9
1012 6
9
11
IS 1038 1118 10
1212 fall Printing
212
2
8
lamilton Watch Co
12 ----------------8
--- 10
•
-:loci
Preferred
.
_33-OK 95 95 -9-iei
new
33
55
preferred
a
n
n
a
I
if
65
58
68
65
"ifi
68C8
"ii"
• Ci" 7673 75 "a/
77
78 ig3-4 74
86 89 85 86
73
7
7
8
912 7
978 1113 81 1 11
• 934 15
174 2234 1634 18,4 1112 16% larb-Walk Refract
2614 27% 25 2612 2212 26
• 2
1
14
lartman Corp ci "A"
33 14
114 4 --------13
_ _
314
178 2
2
3
3
2
4
4
31
14
•
58 1
t8
fra
138 113 118 134
12 133 Class "11"
7,3 1721
113 1% 1,8 112
3
212 212 1
3
25
1
lls 218 1
1
Iat Corp Class A
100
Pref
612%
883
-7
---- -.
4
4 -514 - 1.
I: 4
-1C.1 --5-1.
.
812 1012 lawailun Pineapple Co. Ltd -20 --iT, To- -ii4 -g- -fi4 -8-1; -,4 11
"2783 "3-1- 26 26's 15- 24"s 11 16 8112
34
114
12
34
12
• 113 113 118 1 12 1
133 (ayes Body Corp
34
1
12
2
2% 314 213 313 114 283 118 2
50 514
65
(G
Ielme
51
W)
7
75
7312 70 74 6614 7014
71
68
25 7174 71
74 80
8012 8273 8178 817 8118 82 60 80
100 12414 128 125 127% 12934 130 115 128 --------115 11514
7% preferred
8
1283
8
1283
131
130
130
130
135
135
136
136
136
13554
512
84 818 814 514 63 518 014 43
1013 iercules Motors
• 612 812 8
9% 5
10,4 97 10'8 9
1013 1018 1012 10
10
16
16
147 1512
26 3012 lercules Powder
* 25 2612 25 2818 20 2613 17 22
3758 32 37
33
42
43 45
37
45 46
100
3
75
7012
76
Preferred
71
88%
77
94
101
88
95
4
943
104
92
95
100
92
112 116 116 1168 110 1113 103 11012
• 78
lershey Chocolate
49 62
44
5434
8938 68 82
7312 803* 72 83 62 72
82
75 9883 7118 85 81
9312 9612 9512 101
• 77 8183 7312 8034 7311 83
Preferred
73 60 68% 57 65
704 88
68
85 10383 80 90 8512 93
101 10334 10114 104
toe
CIA"
Co.
&
(R)
1
.
12
3
83
I%
8
5
3
8
3
213
12
14
1 12
• 133 14 -------2,2
414 2
434 4341 412 412 2
2712
28
5,4
534
1312
28
30
612
5518
16
2714
2713
5
521.
1312
28
2812
6%
5414
1412
213
2614
3
32
11
20
2814
28
5
52
14
20
2478
2614
234
2512
11
26
27,2
334
31
1234
2438
2612
234
27
11
2513
27[4
4
34
13
22
2612
114
14
11
Iolland Furnace
914 X814 1014
8
11 13 912 II
1158 10
; 1012 1178 10
Iollander (A) & Son
414 414
618 318 4
618 1083 4
9
- 512 734 7
lomestake
Mining .
116 1281)) 11011 12314 11612 131 11714 13184
.120 13014 110 122
- 100
'
.. Hershey
7 2
class ni ___- 212 314 224 334 3,2
loudaltie
118 114
214
1
314
lousehold Finance pr pref _ 750 5512 574 5514 5612 53 5612 45 65
4214 433*
43 45
-u
100 i
louston Oil of Texas
1283
19 2438 1018 1914 84 1314 9
1612 22
233*
472 324 414 332 5,2 214 34 418 27
23 3,
New voting trust ctfs
14 283
!owe Sound
6
912 1313 6
; 1152 1612 104 14
534 64 5
[3
9
ludson Nlotor Car
278 5
934 558 712 4'8 512 278 43
10 914 1131 7
lupp Motor Car Corp
112 2
1 12 23*
3
2
538 334 4% 273 4
. 4
adian Motocycie
7
7
58
38
58
1 18
12
1,4
78
13
58
100 1
7% preferred
11 ---- - - ---- - 1612 --------10
10
1153 27
10
adiun Refining
I
1
114
• 114 138 114 113 1,4
1
114
13 1
.
adustrial Rayon Corp
918 254 718 15%
. 2318 3118 273* 3638 26
3838 2413 28
agersoli-itand
1514 204
. 274 364 30 3912 2614 3983 1434 26,4 15 20
aia ad Steel
10 124
14
1613 12
1734 2334 11
20 2234 2012 24
aspiration Cons Copper____20
14
34 24 1
414 278 312 218 34 14 212
3
as'sharesCorpoliDel cl A new*
312 483
418 61
514 734 6,8 73* 534 7
. 412 8
asuranshares Inc ctfs
212 1
24
2
. 213 37
234 353 231 314 214 3
atercontinental Rubber
12
14
12
14
12
14
34
%
78
t8
78
88
4
aterlakc Iron
24
21 1 2
2
213 3
. 312 414 312 414 212 4
aternat Agricultural
I.
34
83
3*
12 1
38
12
14
1
Prior Preferred
113 5
100 110 71
4
4
334 5
5
518 5
3
. 453
at'll Business Machines
7512 9683 6612 83% 6012 -7-4-4
• 95 10812 9038 11034 9258 117
at Carriers Ltd
43
ili 283 113 2
134 3
4
3
. 383 512 4
aternational Cement
712 11
378 918 3'8 612
. 1434 1834 1518 18,4 1018 17
at'lCombustion Engine
58 1
78 112
134
1
51
12
51
58 178
8
12
Preferred.
47 21
6,4 11% 638 9
638 114
1012 1934 1018 17
Preferred certificate,
7 ---. 4% 1313 1118 1513 ----------------6
aternational Harvester
1613 2058 1414 1834 11 17
2614 20 25
7% Preferred
100 2234 2934 2138 10518
7434 8934 684 76
95 10114 00 99
.105 108 100
St Hydro-Elec System cl A.__• 912 4138
2% 518
83* 103* 83* 1183 512 834 414 7
35
2412 aternational Match
10 27% 23% 2834 11
43 52
1934 46
4878 64
38 4%
14
• 1534 243* 1634 2412 312 2114
% ---- - 312
Merc
WI
Marine
4
212
4
5%
814 3% 7
253 114 2
712 9% 6
212 314 2
4
3
4
. 3
% I12
7% 1013 813 1318 7
918 it Nickel of Canada
14
8 13
73
12,4 1612 12
313 518 358 434
100 715 94 783 878 714 914 514
Preferred
87 97
80 86
118 119 117%11834 92 120 89 96
79 82
83 86
727 50 56
73 x86
71
8
'
85
8034
-.100
pref7%
aternat
Paper
12
1514 1414 2212 7
20 2112 1012 1958 10
29
21
712 1012 7
614 212 5
8% 7,2 873 4
Ps 614
•
412 178 234 tt Paper & Power class A __.
418 178 3% 3
414 6
34
334 414 2
12
1
218 112 2
13
178 212 2
% 1
12 112 Class B
% 234
2% 3% 234 234
% 158 1% 214
1
34
Ds
1
114
8
12
5
14
3*
14
54
34
•
Class C
12 1
173
12 1% 1
213
4
3
12
84
1,
13
I,
ss
2,4 2% 214 2% 1
aa
14
3*
83
53
100
614 12% Preferred
94 1414 13 21
22
2012 25,8 19% 2112 13
8
413 218 312
312 6
2
712 834 6
• 713 11
Ink
Printing
at
7
414 534
1134 1234 6,2 11% 613 724 6
13
10
43*
84
5
418
8
47
5
5
414
4%
413
4
44
100
Preferred
40 42
25 40
40 42
55 58
58 60 60 63
3612 37
3534 40
35
32
35 37
34
32
100 x243 30
28% 36% 18 30% iternational Salt
2514 36
3314 35,2 27 34
32[4 36
1912 2312 1713 2313 14
. 1983 21
1634 104 1614 93 1113
it Shoe
48
42 4814 43 4634 4112 4514 37
31314 39% 3573 3814 35 3914 32 3818
48 53,2 4714 51
3
427
8
443
3612
100
373*
27 40'4 15% 25,2 lternational Silver
184 27
2514 18 25
29 2934 21
1212
15 2118 1614 2478 15
8
1934 9
15
100 1734 21
7% Preferred
78
50 55
57 65 64
5514 6478 65 65
6013 65
4878 2534 3412 49
26
55 65
32
30 33
• 52 55
2618 30% 1514 28% 13% 1938 10,2 18% 718 1214 aternational Tel & Tel
26% 37
1178 43
23* 418
65 258 53
• 712 1078 8% 1214 5
Stores
Iterstate
Dept
11
8
14
1018
10
13%
18%
1512 1838 11
15
14
412 214
113 3
712 9
312 913 234 4
11
10() 8
Preferred
59 6112 5312 60
55 66
65 68
6033 6012
55 --------40 4014 --------28
28
20 20
100 44
Preferred es-warrants
59% 6112 5213 60
6212 -6-612 GO 6712 55 60
6114 64
36[2 43
30 39
5213 43 44
• 45
2112 294 18
30
Corp
itertype
6%
4%
712 8,2
0
9
12,4 8
1412 1114 12
12
• 412 434 --------524 634 334 7
a
334 4
338 3,
114 258 ivestors EnuitY
213 412 2
314 2% 4
434 6
418 6
178
218 1
113 238 134 218 15
% 138
1
14 Us
Coal
Creek
liand
1912
21
14%
20
1512
2112
25 2512 19,2 25,2
26 28
14 1012 1012 16
104 1212 103 1212 1014 1112
1414
I
15
18
Preferred
95 100,8
.. 86
• ------------------------85 85 ---86
Tea Inc
3814 45" -io- 43 "55" 13- 24 3434 3014 3712 29 3634 ewel
154 -2-1;14 1512 2014
32 35
25 x30
35
• 30 33% 31
24% Dhns-Manville Corp
4814 61
45% 5434 37 5134 2912 4113 2518 367 IS
1412
1014
4
10
203
8
10
1618
157
13%
2512
1712
2414
8
157
100
19934 los 10934 8314 107 7% Preferred
118,2 121 121 12112 116 119
3 88 98
85 9013 8314 8712 52 63
50 67
ones & Loughlin Steel pref100 05 99
68 100
11712120 11612 119
90 11878 100 107 100 101
7838 50 604 36 5012 3014 4178
53
75 79
78 84
.ansas City P & L 1st pref B.'
-- 1158 114
115 115 115[4 11514 11312 1154 11114 114
901,100 ---, - - -__ 9312 9934
11211113% --------102 102
12 113
53 1
51 arstadt Rudolph
14
3
2
214 1
2
178
38
•
58 113
38
12
38
12
12
.8
78
313
3*
aYter (3) St Co
1214 15
X1078 14
1378 812 1114 84 1118 714 9
9
5
558 6
534 7
53*
9
978 7
7
512 104 aufmann Dept Stores__ $12.50 714 9
12
14% 8
1114 10
1312 13% 13
1412 9
512
3
3
6
5
5
4
9,
6
814
614
7
5
pref_100
Orpheum
Albee
elth
10 204
50 70
7
20
10
19
7
* 20 2083 25 25 --__
7
1% .elly-Springfield Tire
1
-13-s 1 2
51 214 14 2
218 112 214 I% _--118 13
a 1
278
34 1 18
12 1
CO'
7,8
12
-___
---------1
____
12
____
100_
"1213 31 "ii- 284 -us ii3"4 6% Preferred
35 35 "ii" -35 "io34
36
25 30
45
3t3
2814 32
100 20 30
6% l'ref ctfs
-16
30
18- 18
---------100------------Preferred
8%
-1178 16 13 16 -5T4 161; 54 18 114 1712 ""oiT4 -fit; 8% Pr3f aft)
14
2 9,4 14
-- i3 22710
si
8
6% 1014
100 6% 18
----- -10
113
7
1014
•--eisey-Ilayes Wheel
43
9% 1134 833 934 318 834 313 57
612
214
1
1
21s
212
13*
312
1
14
3
14
4
3
•
8 758 013 6% 8% elvinator Corp.
8,
914 1112 1014 11% 6
1013 6
• 7
018 731 1038 783 1018 514 71 2 234 638 23* 37
endall Co pref A
28 51
20 32
30 397 3313 40
4038 5413 48 55
25 327 2013 2813 2013 25
30 35
38
28
29
2614
•
Copper
ennecott
1614 2234 1638 18% 1012 17% 1014 16'8 117 173s 9% 13,4
534
8% 1134 7 114 513 818 5
13
• 10
73* 47
32 361s 24 33
24 26
2273 27
3034 32
8 2234 Imberley-Clark
13,
12
1313 1012 12
1912 1612 1913 --------1323 15
• 18
inney (G RI
1112 1212 1014 12
112 10
12
14
10
10
10
13
1
13
8
3
1
2
113
1
218
1
112
11
•
1
15 25
12% Preferred 8%
2812 32
5
25 28
38
13 21
29
43
5
13
11
5
1112 10
814 4
1318 10
10 12
193 2318 15 2014 resge (S S) Co
1053 24
264 27,2 2614 29% 19 28
14 83* 1012 8
8
163
14
835
14
18
5
153
19
1518
4
93
100
Preferred
7%
113 1134 112 115 11014 113 10114 114 105 104 100,4 109%
9038 10512 88 93
88
9213
• 103 10112 10112 103 10514 110
% 313 resit° Dept Stores
34 5
5% 6,2 534 6% 412 534 4,3 5
1,
24 5
2
113 118 118
1
2
1
2
lee 2
Preferred
8%
2412
33
3
,
45%
33
33
2412
264
47
45
20
33
33
20
30 3314 ----------------19
17
17
ress (S H) & Co
3313 38
3412 3618 2614 37
42 4434 4214 43'8 3312 43
35
30 332 2012 2918 18
21
3434 3612 34
• 30 37
614 013 64 918 4,4 6,4 rouger & Toll
1712 2312 13% 18% 512 15
18
In
14
155
4
3
18
84
13
83t
8
67
94
454
Baking...._.
roger
&
Grocery
1883
31%
2383 1613 2358 12,2 18
2612 3114 29% 32% 19
14
10
123 151 127 167 1418 187s 1 13* 143* 10
1234
-73 73 ____
Laclede Gas (St Louis) ____100 -----------------------160 160 160 160 158 162
313 4314 25 -353-4 51.4 -311-12
• 465 5634 423* 524 42 543
62
507 6383 4514 -55 1.-ambert Co
64'2 76.7; 64 -7-i3-4 49% 713 4018
4
2
4
2
2
_
• 312 31 2 312 312 --------3
5
5% 314 512 L ane Bryant Inc
10 10 1014 10,4 212 344 6178 6
2
13
17
2
214 218 238
2
2
218
2
•
Tire
&
Rubber
ee
L
258 2
283 1% 24
313 3% 314 3%
412 378 5
33*
7
4
6
612
412
1313
614 9
7[4 1.thigh Portland Cement__30 513 613 5 8
612 71, 5
10
11% 10
10,4 8
10
55 633* 49 54
47 49
72 6214 68
69
75
109 71
Preferred
8314 9058 82 85 80 82'2 72 82
8913 90
8814 90
118 112 1
• 178 312 2
1,4
214 14 2
1 12 1
8 514 312 514 314 44 314 54 1% 314 Lehigh Valley Coal
4,
5,8 6
414 3
312 234 34
3
5
614 5
5
50 678 9
1983 22
84 Preferred
6
814 23
20 25
2612 27
2612 30
2 31 39% 304 3773 3012 3434
46
383*
444
3612
4314
36
L
•
ehman
4212
Corp
35
(The)
4112
.
35%
451
8
537
49
3818
51% 55
4914 59
1814 6
1578 712 1014
19% 221 20 244 15
• 193s 23
21 11 E.ebn & Fink
19
2513 2714 2613 2712 20 2578 1812 2434 20 25
33
518 738 612 712 413 63
331 412
5
• 638 8
8 LIbby-Owens Glass
. 5'
73 101
1412 19,4 1234 15% 7 1234 718 0
/51. In,
(11, In
1I1
RI.
127.
03•
191. 1125,
Inf.
443.
•
1513 211 1 1514 21
22
1234 1934
15
2534 22 23
24
1812 1214 17% 1014 14,4
17
712 912 714 853 5% 8
9414 1114 111 13212 115 138
4% 212 333
414 3
3
5418 5813 5534 6013 55 59
534 24348
33% 13
19 31% 21
612 414 6%
4
14,3 2212 1112 1612
1214 17
934 12
14
10
734 11
5,4
334 538 414 6% 4
78 158
14 134 112 1%
1312 27
18% 20
158 212 134 258 118
28
3614 26[2 3512 22
21
2534 41
38 60
45 61
3112 25,2 3512 1978 274
26
4
4
614 3
34 6
1074 713 1038 414 734
7
5% X434 558 214 434
4
4
78
114
58 118 1
3% 538 278 414
5
4
112
1
14 112 1% 2
412 9
13
7
1012
1
012 125
92 12512 1114 133,4 03
614
413 713 4
8
54
27,4 1612 223
17 23,4 21
13 118
. 1,8
512 914 57, 912 312 513
513 512 812 812
1,12
112 28
-aiF8 49 -3O7-4 -4-012 2S's 38 2213 3034 26 3678 223
13412 13614 13214 137 112 13634 124%12518 116 12312 05 11414
8
14,
918
1712
1313
10
1573
8
237
2218
243 10
2218 26
27
26% 28% 18
28 34
14
1418 17,2 1358 1514 8
98'2
120
100
4
89,
897310014
8 64 5% 7% 34 638
5213 64'2
58 59% 59 61
36 4714 3714 4712 2312 4334
9
5
8 10% 814 10
2218 1812 1913 13% 19
19
818 13%
12% 1534 1212 14
7
6% 834 634 814 4
1% 214 2
2% 14 24
12
23
16
1618 23
213 2% 218 3,4 24 318
2734 3534 2283 3412
28 35
85 9912 59 8713
86 107
40 4814 3934 42
30 39
74 353 6
6% 813 6
712 1014
104 1234 918 12
4% 612
7
6
612 7
14 1%
1% 2
2
2
5
6% 812 5% 7
534
183 2
112 178
21
1'
813 17
1712 1834 1612 18
13412 151% 136 150 10912 141%
658 812 313 718
814 9
3018 3212 1812 3112
3018 36
1%
1
134 212 1% 2
1434 18
5 1558
16 20
• No par value&
2 Ex-dividend
739
Financial Chronicle
Volume 135
New York Stock Exchange-(Continued)
1932.
1931.
June
May
April
March
January February
STOCKS
November December
Oaober
August September
July
Low High Low High Low High Low High Low High Low High
Low High Low High Low High Low High Low High Lew
rPa $ per share $ per share :4 per share $ per share per share per share
per share
$ per share 3 per share $ per share $ per share S per share 3
11012 115 113 116 118 11812 107 118 100 10858 100 11018
134 123 127 110 3120 Liggett & Myers Tob pref__100 4514 58 I 5314 58
5012 5978 4438 5112 3278 4812 3214 4234
141 14312 142 14334 13434 143 123
25
Common
52
59
4214
39
6112
49
4812 6512
344 5012 3418 4412
6714 774 65 72
5034 61,
4 4612 54
4538 5812 5112 61
25
4134 5212
4812 68
40 5934 4818 63
154 1638 14 x154
18
16
21
18
7014 7814 6614 75
18
4
163
18
• 16'
1634 1812 Lily Tulip Cup Corp
21
2412 16
2312 1614 1914 19
24
712 612 7'4
712 1014 7
14
23 25
12
12
4
1214
133
12
Co
Belt
Link
2058
14
20 2138 2012 21
2134 26
2534 27
1018 1314
14
9
113
22
26 30
4
17
1712
4
193
1512
18
1412
1858 2334 1312 2014 Liquid Carbonic
1618 2334 1514 20
1312 18
1314 24
2734 324 2318 28
2038 27
34
2314 3138 2538 3278 26
Inc
Loews
8
363
8
237
4
433
4
3
33
4112
3213 5118 2758
45 5018
45 60
4114 4734 4414 51
56
664
8
707
72
67
70
684
57
Preferred
9112 94 80 9312 70 8014 73 8412 56 74
178 214
4
23
2
87 92
212
8
43
34
34
278
358 278 3'2
514 3
478 258 412 334 4.2 234 378 Loft Inc
12
14
'4
5
14
534
34
-12
• 118 118--212 Long Bell Lumber A
1
3
158 334 334 2
1
8 2112
163
26
1612
32
2414
34 1'8
8
363
-8
307
1635
-3134
2978
25
Loose-Wiles Biscuit
9738 10014
4458 4978 4712 5034 3678 4934 3518 4178 3778 4334 2978 3812 1st Preferred
112 11514 110 112 112 11212 111 112 10214 111
100
120
11614
12312
120
,
1201
119
86 88
80 86
120 124 120 12114 120 12134
100 7318 83 84 9014 85 9314 84 90
7673 8678 80 9212 7434 90 Lorillard (P) pref
9834 10212 8218 99
9
1414 914 1212
9912 102
1212 1514 1438 1678 1338 15
• 12 15
1834 1134 16,4 Common
1434 13
78
12
10
1658 2178 1614 1934 1034 17
114
34 1
118 138 1
114
153 1
1
Oil
Louisiana
1
132
172 112 2
8
212 318
2 418 178 314
104
16
16
14
12
164 12
100 13 18
20 25
1', 61.4% Preferred
30 35
812
34 34
1332
1712
8
127
4
183
8
137
2014 2258 19 2338
1918 22
I5-1-2 2'2134 IC' 174 23 Louisville Gas & Elec A
4 -HTS -3-6(2
212
,
2812 3018 284 32
2
358 2
412 3
4
4
112 5
5
4
714 Ludlum Steel
934 4
1214
1234 612 114 54 812 6
11
13
12
10
1514 17
612 15
17
1718 19 20
10
1812 Preferred
2112 2434 18 27
22 22
29 32
3312 35
13
1412 1714 10 -1512 10
1718 20
1712 20
17 21
•
McCall
Corp
22
1512
32312
2712
4
223
17
22 30
30 32
28 32
8
7
10
15
14
16
1512 1512
15
15
2413 McCrory Stores
15
2612 34
3934 4334 25 3912 2012 32
44 44
10
7
13
10
15
15
1314 15
15
19
15
15
1412 2312 Class B
27
22
1778 2734 1714 24
3312 38
38 42
21
25
22 45
44
51
5012
62
5512
5912
50
.55
100
Preferred
6%
54
6512
6673
8212 8212 65 8018 55 370 6512
80 83
212 258 212 258
7
534 712
612 712 6
1218 13
11 McGraw-Hill Publishing Co • 143
16
6
13
17
16
25
24 25,2 18
1414 1318 1512
8 1614 1438 1578 1478 1612 1338 154 13
18
1558 2018 1314 16 McIntyre Porc Mines
22
1238 2212 12
2112 2218 21
2812
393s 23 3612
5912
3612
4514
5312
4
433
43
4512
6214
Plate
Tin
McKeesport
44
65
7314 8778 6512 7658 4014 6838 3812 5314 4812 6384
4
37
24 1 18 218
8
53
114
4
438
218 334
512
•
812 512 734 338 752 McKesson & Robbins
738 1012 7
858 1114 914 11
318 614 318 5
44 9
20 23
838 22
_50 1818 21
Preferred
15 25
2912 3314 2612 3114 19 2514 2412 27
30 33
108
1
112 I
112
212
4
4
23
238
8
7
3
212
314
112 34 McLellan Stores Co A
438
3
6% 9,2 614 7
338 614 218 4
1212
12
15
15
19 31
30
36
100 2812 3212 30 31
Preferred
2812 46
5812 6312 45 52,2 45 46
25 70
1012 934 10
10
12
10
15
13
144
1412
8
137
1514
•
&
MacAndrews
Forbes
1512
1578 15
1512 13
1534 1912 15
1578 18
19
67
60 60
5712 60
60 6112 60 60
100 60 6212_
Preferred
92 93 60 92 6412 67
10 92
14
10
1258 1678 14
184 1278 1438 1138 14
• 12,4 17
174 Mack Truck Inc
6612 34
2758 3258 1778 2958 1534 2218 -174 /2-1-2 12
57
364 5778 30 3712 2112 3212 17 2534
51
6012 47
Macy
50
65
53
62
8
847
4
733
81
57
8
707
4
773
88
7458
358 234 34 214 314 214 312 214 3
2,8 314 3
312 Madison Square Garden
538 218 334 3,2 418 2
618 538 544 2
6
712 412 614 412 514 412 514
714 834 678 738 6
74 1312 715 1178 712 1278 714 914 Magma Copper
14
78
34
1314 1612 13
12
12 118
24
34
34 1
78
34
7s
(14
Co
Mallinson
&
R)
114
113
14
12
114
8
112
23
13
4
134
134 2
---5
918
532 6,8 5
918
100
preferred
7%
1214
12
1178 12
1478 9
1018 14
4
14 ____
20 20 20 20
'8
'8
hi
34
38
38
100
12
12
12 Manati Sugar
41
114
1
114 214
214 3
12 141
12 114
14
14
12
12
100 114 2
34 112 7% Preferred
24 334 212 278 114 3
5
614 5
5
1 18 112
112
278 278 214 214 2,4 214
278 3
312 Mandel Bros
312 4
3
3
4
4
3
714
6
5
612 44 412 312 414
6
4
7
4
43
2
,
5
512
Shirt_
25
71:
412
Manhattan
818
914
712
9
,2
9
8
714
6
9
9
78 1
4
78
38 1
34
58
34 114 Maracaibo Oil Expi
58
34
12
34
•
78 113
34 1
12 134
14 24 178 24
812 77s
1158 1014 1114 9
1038 634 9
10 912 1214 10
1938 2078 1914 204 1414.21938 1218 15,2 1318 1514 914 1314 Marine Midland Corp
912 1112 712 10
54 64
53
11
978
4
712
8
107
958
•
958
Marlin-Rockwell
104
1318
1014 1512
1712 1812 1212 1712 1178
18 22
34
12
Ils 1 12
34 114
78 314
12
• 114 2
112 212 213 2,2 114 218 Marmon Motor Car......
158 3
34 5
24 314
4 378 4
4334
• 104 1312 74 1018 614 814 412 7
912 1438 Marshall Field & Co
1812 1434 20
2314 13
24 2638 23 2538 14
14
12
12
12
114
12
12
4
3
4
3
12
•
_
___
Corp
Perry
112
Martin
112
112 112 114 112
134 14
1478 914 1212 9 13
1678 Mathieson Alkali Works_ _ • -1514 I6-58 1438 1834 15 2078 12
2012 234 2134 2358 1512 2318 144 204 1614 2058 12
9314
91
100 10412 105 10018 1001s 0053100's 8934 9958 90 91
114 11818 117 120 110 120 104 11212 109 114 10612 1065s 7% Preferred
1914
II
1378 912 12
17
16
16
16
13
20
194
25
32 3418 2518 3234 2414 2818 2234 2812 1538 23 Stay Dept Stores
3134 37
o
414 458 4
14
1612 14
412
14
59
59
360 63
23 2914
2312 327
334 414
5
4
58 6014 50 55
_
2412 2513 25 151-2
166-
100
534 7
812 1014
1612 2138
68
75
3618 3118
2.2 34
20 22
12
1412
.574
834
1418
63
324
112
20
13
1134
1634
6734
4934
214
21
1712
2
5
412
14
54 60
2112 25
2
4
49 52
178
514
234
014
212
6
258
738
1,8
5
35
40 40
50 55
14,2
22
8
1812 22
218 334 312 414
25
46,2 50
40 50
17
15
20 22 32012 24
504
22
90
25
94
234
534
778
5212
23
112
104
1012
534 3
-23.4
712 6
s
10
1112 9
15,4 7
354 5212 43
63
22
23
21
36
138 212 134
2
1734 1014 1512 15
1012 834
1318 9
--5-- -214
912 5
758
13
4434
54
15
24
14
3
1714 618
734
10
2,4 Maytag Co
712 Preferred
No
$3 pref 1-war's
4018 1st Preferred
2178 Melville Shoe Corp
•
2 Mengel Co
100
Preferred
35
5
224 Mesta Machine Co
2012 Metro-Goldwyn Pic pref_ _27
100
53 Mexican Petroleum
100
Preferred
-378 Miami Copper
612 Mid-Cont'l Petroleum
1078 Midland Steel Prod
1st preferred ------------100
4658
23 Minn-Honeywell Regulator •
•
174 Minn Moline Power Impl
•
1114 Preferred
914 Mohawk Carpet Mills
1614 2478 22 2714 184 2318
2612 29
1634 28
2312 28
638 1018
938 14
2234 1978 2212 1012 2078 858 14
18
28 35
3412 3378 36
40 40
32 3714 31
41
30
38
14
12
14
38
12
LI
38
12
38
14
12
1
58 14
14
34 14
34 114
34 158
138 24
2612
2334 23 3014 21
2934 15
17
33
2612 2612 27
5
7,2
64 878 712 84
94 1014 94 1014 618 9
1512 814 1134
912 1558 10
2112 3134 29 3234 1078 31
20 2518
26 32
24934 6378 56 6312 30,s 5934 22 33
1458
11
1112 1538 1412 19
17
1778 1914 1612 174 13
74 6
712 1058 612 1014 5
734 678 878 578 814
20 2414 2478 2478 20 25
37 4018 34 3658 24 33
18
25 314 24$8 2812 1514 2538 1518 2218 1634 2134 15
378 514 338 412 312 412 2'8 34
64 54 6
6
734 558 8
238 714
4
7
4
10
9
---78 14
512 653 312 614 258 378 14 4
534 8
912 17
14
1712 2114 14
378 934
20 25
25
22
3318 65
5614 6073 3734 5812 38 4978 4012 5418 3638 44
15034 15158 151 152 140 15214 135 140 i314 14314 11912 13134
2
7
35
15
218
30
15
20
278
538
778
4434
19
112
734
8
3
84
212
634
3
718
212
538
3
74
2
3
212
6
2
312
112
3
14'8
1412 1534 1234 1534 1012 13
18
212 14 2
234 24 212 2
20
1''
38
1144
6
15
1112
1912 12 -1-5
1112 14-14 8
1712 1934
2214 1912 2112 1758 21
1
50
60 60 50 60
100 100 100 100 105 105
24 --1-5-8
414 3
3'2 254 312
618 64 334 514 418
643 514 6
212 358 212
734 938 358 8
10
48 I 4218 4734 40
5114 30 3912 30
12
22
1712 2138 1314 17
2312 19
112
1
4
158 2
258 158 2
5
7
10
10
11
8
984 6
6
812 8
758 10
10
1034 8
28
374
4
35
2878
2458
3318
258
3012
25
2918
3578
312
30.2
2912
1514
22
134
19
2158
2814
3478
234
30
28
15
2014
112
13
1934
1918 15
2834 26
2
1
814
18
2514 20
112
34
2
Ii
9
11
114 14
2178 23
2
30
8
1788
558 558
14
1534
50
412
514 4
212
2
3
25 3012
35
14
1318 11
52 1
1'8
612
534 5
733 512 81s
19
2314 304 204 2314 1338 2312 14
Monsanto Chemical Works-• 2034 2312 214 25
• 678 1038 718 1038 758 1114 614 84 312 738 334 81s
Montgomery Ward & Co
• 29:4 3212 3234 33
35 3514 29 3014 20 28,2 20 2058
Morrell (I) & Co
1,
38
14
28
14
4
58
38
18
14
14
•
58
Mother Lode Coalition- _
11
12
12
14
14
28
28
12
7
38
34 1
Moto-Meter Gauge & Equip_
11
1424 748 11/2
18
2012 2612 13
• 22 2512 22 26
Motor Products
234
• 5
234 314 2
512 338 4
612 5
578 4
Motor Wheel
4
5 •2
3
* 734 1338 84 1212 818 1214 412 8
Mullins Mfg
5 1012
1312 15
19
19 25
2118 2478 14
• 20 27
Preferred
• 1078 144 15
12
10
1434 1478 1478 15
15
Munsing Wear
212 312
• 538 714 6
958 734 978 44 734 212 5
Murray Body._
_ -4 718 11
12
-03
1
8
12
18
8
155
19
1612
184
1614
Myers F E & Bros
*
1012
8
1418
1818 1418 1818 10
Nash Motors Co
• 1512 194 15
138 2
24 114 2
3,4 2
378 212 34 3
10
National Acme stamped
: 518 712 614 74 6
738 534 714
National Air Transport
14
National Belles Hess
58
58
58
38 118
14
14
18 1
138
312 1
1
5
5
.100 258 4
7% Preferred.
10 3718 4458 3712 4578 3718 4.658 2914 3812 2718 361s 2218 3254
National Biscuit
100 12512 130 127 130 127 12712 120 127 101 12012 105 111
7% Preferred
934
2012 74 155
.National Cash Register A---• 714 114 814 104 912 1438 814 1014 7
• 21
3112 20 2758 National Dairy Products
2618 2258 2838 26 314 2218 2634 15 2378
78 1
5
58
34 1
12 14 National Dept Stores
134
38
58
12
3
3
253 4
5
34 534 4
47s 10,4 7% 1st preferred
A00 5
11
8
2034 National Distilled Prod
18 2438 1834 2412 1712 31934 1412 1812
2412 16
• 174 22
2458 2634 2018 2512
40
$2.80 preferred
3018 3212 30 32
- l ir., Ii"
--64 - --iis -iiisi; --ric ..i)i2-- - - -5i4 --7-14- National Enamel & Stamp_• 5 8 538 618 578 6 54 534' 334 5
Ii
5314 8014 4914 65
8212 92
100 86 92 86 90
91 101 3784 914 National Lead
104 122 --------85 10334 8414 97
9934 104
100 113 11/3 116 121 116 125 100 166
Preferred A
140 141 18 13814 140 140 142 130 141 130 13434 111 130
82 90
100 100 105 100 100 100 10112 85 100
Preferred B
118 12034 118 118 118 118 10212 119 104 104 100 103
1014 1514 National Power & Light
4 10
• 1214 1578 1212 1518 1138 1658 812 1312 744 127s
2434 144 1938
2318 2812 22312 2614 15
2312 2912 1912 2412 Nat Steel Corp
1434 1718
• 20 2312 1912 2314 1938 2318 1618 20
4178 3612 4012 23 3712 1812 26
37
114 15
1012 15
10 National Supply
7
5
4
718 914 5
8
50 6
434
812 7
3012 1914 214 13 20
21
4612 20 29
7378 40 48
31
45
23
19
7% Preferred
31
1312 18
100 26
22
34
2618 25
70 7634 73 76
1534 National Surety
24.2 1478 25 310
20 3114 18
634 1012 5
1738 11
1012 15
16
50 11
712
32 364 2912 33
• 634 912 778 9
10
94 1518 8 1138 938 1138 614 912 National Tea Co
7
534 64 312 578
1412 154 1438 17
4 Neisner Bros
3
8
5
• 5
978 11
134 514
4
1018 1414 734 1434 612 9
512 3
112 214 14 112
2_13
4 _6
4 Nevada Cons Copper
;
• 5
64 418 54 318 44 234 418 212 334
778 534 812 ii_8
858 1134 778 014 512 838 8
8 3 Newport Industries Inc
1,
212 412 258 4
214 24 214 24 212 2
1 2
214 134 214
-------578 214 44 Newton Steel
312 2
• 24 478 3
2
7-1-2 3,2 514 4
234 4
4
312
--O.778 -111-2 --11
812 818 812 412 9 N Y Air Brake.
712 1134 7
• 612 612 6
8
124 15
553
734 512 612 5
7
16
15
100 7
14 ----------------714 9 N Y Dock
6
714 618 618 612 612 6
16 --------14
16
100
20 20
-- 20 20 ---- -___ -_-5% Preferred
.--• 138 2
N If Investors
124 2
112 2
412 241
1 8 25
318 2 8 258
1
658 378 512 24 44 2
5i
• 4
434 414 614 312 512 21
7
458 758 3,4 534 218 438 412 514 312 412 N Y Shipbuilding
7
47 50
4912 53
4058 54
8914 71
7% preferred
5212 70
30 3514
6634 69
100 49 5014 504 55
4914 57
3218 50
101
8
80,
99
70 8912
10112
•
92 974 80 92
100
95
9158 98
10614
8
N
95
997
4
90
pre,
1063
Steam
Y
(6)
105
106
105
94 107
• 102 104 10418 105 10012 10918 9612 10134 9014 101
7% 1st preferred
Ill's 11612 11434 11612 10314 11614 994 11134 106 110
311
1512
1712
•
124
1034 1314
15
10
134
2014
15
1018
8
14
4
123
153
Mines
13
8
177
Ltd
8
205
Nnranda
1458
2018
1753
1738
354 6,458 26 4238 3358 4638 2838 3834 North American Co
30 3934 2212 3058 1418 2558
• 29 3658 2953 40
6314 73,8 634 70
4612 4978 4012 484 6% Preferred
48
SO 41
4712 414 45
4334 4734 3514 4253 3018 38
55 5512 554 5678 45 5678 41
812 4
778 312 54 44 54 238 44 North American Aviation-- -.5 234 4,8 318 414 214 314 134 214 114 2
712 938 71
7912 8312 66 777g 60 73
1044 10614 105,4 10712 90 10534 8712 9418 92 9412 79 924 North American Edison pref.• 79 8612 8134 86
418
8 North German Lloyd
8,8 834 1038 4
5
74 734 44 634 378 54 3
14
1112
534 8
16
15
24
16
1658 2038
21
36
35
30
4212
40
20 26
__50
2518
4414
28
25 28
Telegraph
25
28
44
Northwestern
4334 4512 4418 4612
78 114 Norwalk Tire & Rubber
2
Ps
1
• 1
34 114 118 144 Ps 112 1
14
12 1
12 1
24 1
4 1
15
15
15
16
IS
17
15
16
17
15 1514 1038 12
• 1812 18
1814 1814 17
1.,
Pref 50
15
15
15
• 5
653 518 618 512 778 512 74 534 8'2
878 1132 014 1334 812 1114 658 873 74 1012 54 734 Ohio Oil Co (The)
34
12
78
12
118 112 1
114
2
2
4 178 Oliver Farm Equipment Com-• 1
14 212
218 1
214 1
2
24 3
453 258 4
212 3
• 3
514 1134 218 6
3
8
4
612 378 5
Preferred A
5 10
11
12'2 1512 10
• 112 34 2
278 434 212 314 214 34
31
54 312 414 212 373 158 314 214 234 158 212 Omnibus Corp
4
68 70's 551, 677
8% Preferred__ .......180 5514 5618 6012 6183 6714 71
60 761 60 6212 60 6114 5258 65
75 7934 70 75
•No ear value. s Ex-dhridend.
2234
32
3
35
324'4
112
3'4
2
612 832
144 19
14
3s
2
2
13 20/
4
1
2012 29
8
,
332 3
53 6012
90 1004
658 934
1612
14
312 512
1714 18
44 08
312 538
112 3
212 388
112 138
158 2
414 5
5
4
134 238
20 30
70 80
90 95
1212
11
1344 Ms
2734 35
1/8 21s
53 60
283 311
15
17
78 1
15
15
814 742
581
244 4
148 212
54
54
740
Financial Chronicle
July 30 1932
New York Stock Exchange-(Continued)
1931.
1932,
July
November December
August September October
Low High Low High Low High Low High Low High Low Illgh
STOCKS
January • February
March
June
April
Stall
Low High Low High Low High Low High Low H ILA Low High
-Par
per share $ per share per share $ Per share per share $ per share
$ per share $ per share per share $ per share $ per share $ per share
• 8
20 20
14
14
15
15
1478 818 11 Oppenhelm Collins & Co
974
20
512
9
5
8
334
5
5,4 5
45 4512 36,2 4534 18 36
7
1434 438 714 Orpheum Circuit preferred 100 6
18
13
1414 1053 12
3; 5
614 1134 618 7
5
7
•
Otis
Elevator
3618 4112 20,8 3653 2018 28
3658 44
2233 2874 1618 2314
1838 2212 1618 1934 161s 21
11
13,
9
8
1474
1612
9
6% Preferred
100 100 105
126 126,4 12834 12834 12612 12812 12412 125
97 111
10212 10312 92 102
90 95
90 92
• 358 414
814 11,4 713 878 4
358 44 44 7
8
312 434 Otis Steel
214
4
112
14
14
218
1
14
3
100 918 14
4114 4812 3712 4134 16
8
1512 Prior preferred
37
16
1912 1438 22
312 4
978 13
312 814 3,2 5
712 11
• 41
4912 4912
4214 4612 4012 4212 Outlet Co
42 5034 46 50
42
40 40,4 40 4014 35 46
27 35
35 38
100 10513 110 10414 110 110
Preferred
107,4 109 112 112 110 11312 1074 110 107 110 102 107
100
110
98,4
102,
98
100
8
9814
29
3014 33
3314 24 3034 2012 2812 2112 2812 20 2312 Owens-Illinois Glass Co ____25 20 22
2012 27
2134 2633 1938 26
2313
12
17
22
25 3238 36
444 4812 4434 4714 3134 4638 2958 3714 3414 404 3034 3614 Pacific Gas & Electric
3218 37
3138 3618 2413 32
1814 2678 1674 2254
• x36; 4038 3612 4133 3714 4114
50 5412 4012 5312 35 43
5034 56
3614 4234 Pacific Lighting Corp
4014 48
2834 374 2118 31
2034 2812
734 1014 Pacific Mills
100 7
912 1312 10
19 20
12
1812 19
101 1 8
1012 11
1014 712 10
6
712 3,4 6
100 9712 102
1244 128 12518 130 11034 127 100 11578 105 115 x0314 10534 Pacific Telep & Teleg
9318 10174 94 10434 7514 94
73
58
62 76
6%
Preferred
100
114
133
114
133
123
108
133
132
109 109 101 109 106 109
122 131
114 114
8512 89
96 101,4 8534 97
• 4
6731 814 638 718 434 612 4
5,4 478 638 378 5 Packard Motor Car
514 313 478 314 4
2
314 2
2; 134 2
2212 Pan-Amer Petrol & Transp__50
20 2412
21
x2412 30
1718 1713 2112 28
3014 34
3012 33
New
5
774 778
Class B
50 -10
26 30 -H
30
20 sif1-2 -Hs
-i - /3-10 -las 18- 17 -ff1-4 20's 29
-3138 30 3478
Class 13 New
5 - -_
718 814
j73 212
58 I Panhandle Prod & Ref
•
34
133
34 2
ss 134
12 --II4
12
34
o ; I -84
4
100 534 8
012 1012 912 12
81 g 8% preferred
5
15
104 10,4 1478 2018 10
334 6
612 312 5
3
,
2
5
Paramount
512
105,
l'ublix
•
2234 2818 2212 25,2 1112 2534 1038 15,2 1012 1754
612 1112 7 1014 612 1118 338 678 1 12
51.
258
35
8
73 378 Park & TlIford
•
513 6
6
6
3
314 3,8 338
3
5
3
4
3
414 2
314 213 4
2
432
1 34
78 214
114 134
1,4 2 Park Utah Cons Mines
14 1,2 113 114
1
138 214
114 1
418
114
1
114
58 1
34
58
53
34
• 6
134 ParmelleeTransportatIon
214 418 214 3
113 234 113 2
13
,8
388 7
23147 113 2
138 178 1
1
112
17
12 1
ss
as
14
14
58 Pathe Exchange
34 11,
•
112
12 1
112 218
1
114 158
58 1
12
Li
'2
31
12
33
'4
12
Class
"A"
•
212
118
212 412 258 4
512 834 5,8 634 3,4 6
134 254 2
534 3
478 212 314
158 212 114 3
•
11
814 7
4,3 912 5
734 1114 8
878 534 7 Patin° Mines & Ent
673 9
64 818 3; 5,4 44 5,4 31. .114
3 234
3
314 258 3,8 2
31
234 214 313 218 34 Peerless Motor
3
312 338 212 34 x112 338 xl
2
34 1
• 23 273
3912 2258 3612 22
3413 4218 37
29x 2512 3334 2214 28 Penick & Ford
4 4 25
3112 2312 324 21
16
2053
• 2614 2974 2718 3174 3053 3412 2658 2418 17 24
3134 371 3633 443 34 4334 2834 3578 31
3738 2634 32 Penney (.1 C)
303
13
13
4
1858
265
8
Preferred
96
91
100
97
793
4
100
95
90 10014 9014 93
92 9413
82 85
80 84
85
,
4
91
8312
73
8612
60
7612
845
4
Penn Coal & Coke
50
418 414 414 418 4
4
312 312
134 238
113 1 12
113 2
--14 1,2
Penn•Dixie Cement
•
78 11,
24 234 134 214
2
1
1
134
114 134
74 138
; 12
12
58
100 4
10
11
6
1134 8
912 7
514 334 518 5
834 212 512 7% preferred ser A
6,2 10
6
312 4
5
6
334 5
•
2012 Peoples Drug Stores
15
30 3312 31
3114 2612 3118 2314 25
20 22
1212
15
1212
1012
Preferred
•
102
x85
9412
78
100 10114
10414 92 10112 8178 93 85
75 86
8612 95 9012 95 -88- -661; 73 73 60 27434
193 207 191 20012 135,8 195 129 15712 135 15512 107 14312 People's Gas Lt & Coke.... 100 10634 121
9414 11234 8313 101
50,4 841; 5312 71; 4512 59,2
rights
4 134
• 12
9 -1-21-2 Pet Milk
'IA 14 -ii 13 12 123, 1112 -1/- sios
124 11
1-1 - -ii- 11 -i6T2 ii
812 104 812 812
934 434 812 414 578 514 858 278 514 Petroleum Corp of America...' 3
673 838 7
478 314 458 38478 3l
4
413 214 378 3
1118 1512 1133 1212 634 11,
2
8 612 973 7,2 1114 578 9 Phelps Dodge Coro 6
812 6
7,4 54 7
4
834 4
374 512
5
50 3518 38
5512 4912 .5512 43 47
5434 5614 55
4318 44,3 30 42 Philadelphla Co 6% pfd
3718 391 1 3512 41
30 3312 20 324 18
25
Pref(6%) new
• 6018 73 67 67
100 102 10038 10112 95 100
7612 80
60 62
76 76
55 60
50
50 5214 48
634 858 634
1212 1212
4434 481 4 45
1012 1238 1112
878 7
7
7
55
581 61 59
12,
8 1314 1218
34
12
52
10
12,2 9
158 24 134
2734
27 30
3333 314
31
714 358 538
1212 12
14,2
46
3712 48
12
x9
1214
938 5
634
7
412 41 2
5314 41
47
59
10
518 9
58
38
NI
11
513 812
2
78 138
27; 2014 2434
3014 27 30
20
6
10
57 -6"f- -46s -66
50
35
40
8
912 10
912
912 314 6
4014 5012
55
51
46
3018 45
212 3
112
74 112
20 20,4 20 s2119
• 5
_
7
412 2
273
74 83
60
72 -74
45 55
1238 734 878
1338 134 1274 1278
734 938 712 8
8
3
534
838 1012 2
918 212 4'2
1012 13
3
414 272 318
58 258 I
178
1878 27
18
18
2018 9
812 1114
9
1034 94 1512 612 1134 512 818
1612 1834 1638 1834 8
1678 74 10
3134 2212 29
28
10
16
812 1258
312 2
3
312 414 3
154 212
0274 6434 40 6338 3953 4812
62 65
10912 11014 111 11114 10912 11212 107 11078
234 314 238 314
154 278 113 2
.4 .6
8
612 95s 612 612 44 6
814
48
1258
1014
7
55
62
1212
78
14
212
2912
3118
378
11
42
973
5
5
48
3914
6
12
612
1
2278
2612
10
38
7
45
1
16
25)
8
4978
938
433
10
37
912
6
7
41
45
10
82
614
1
2212
2853
634
3718
5
3018
74
612
1478
3712
1212
9
7
41
55
10
34
1034
134
28'4
2953
912
42
54
3573
14
912
318
16
12
614
4
20
312
514
15
334
15
3978
7,8
212
3512
69
74
218
1114
9
1634
914
39
75
8914
.1218 1614 1238 14
7
1212 5
• 612 812 51,
4
512 4
40 534 40
50,1 5314 50
,. 464 .50
3818
4312 50
50 51
7
1418 16
1458 512
6
5
412 658 334
5,4 7
52 5838 3334 58,2 3453 5614 31
312 134
• 3,2 4'2 314 412 2
- 4514 4914 46 46
36
4634 36
- No par value. z Ex- )lvklend.
5112
14 -1112
412 3
20
10
12 __-_
11
10
558 312
2814 1912
29
-11-2 374
74 678
18
1578
6
474
20
20
403, 39
12,4 10
518 414
41
3512
71
69
15
78
113
414 14
13
1112
1312 978
2054 1558
1312 1134
5314 4558
844 77
96
8774
71?
5
4013
44
914
414
4414
212
3834
578
4
40
42
718
312
3.558
2
3812
434 Phila, Reading Coal & Iron..' 3
412
• 8; 9,4
11 Phillips-Jones Corp
Preferred
100
40
10 858 9
934 Phillip Mo•rls & Co
614 Phillips Petroleum
• 4
512
5
6 Phoeo in ilosiery
7% preferred
41
100 riis
45 Pierce-Arrow Motor Car pf. 100 40 41
Class A
10
• 8
9
25
12 Pierce 011 Corp
12
14
638 8% preferred
100 312 612
118 Pierce Petroleum
•
5
5
1
18
23 Pillsbury Flour Mills
• 2014 2212
2814 Pirelli Co of Italy
2672 2012
678 Pittsburgh Coal (of Pa.)...100 6
712
6% preferred
40
100 2934 40
5 Pitts Screw & Bolt
• 3,4 334
Pitts
Steel. pref
30,4
100 24
24
34
100
31 Pitts Terminal Coal
34
6% preferred
15
100 12
12
24 Pittsburgh United Corp__z_25 1
133
Pref cony (7%)
52
100 30 40
Pittston Co (The)
•
458 Poor & Co class II
• 3's 43
453 Porto Rico Am Tob el A _ _ _ .100 334 5,4
178 Class "B"
• 118 178
853 Postal Teleg & Cable pref__100 412 9
718 Prairie Oil & Gas
25 5
7
84 Prairie Pipe Line
2
6,1 84
10 Pressed Steel Car 7% pref_100 634 11
214 Common
• 138 258
4413 Procter & Gamble
• 3778 4234
9918 Preferred
100 95 103
112 Producers & Refs Corp
50 1
112
7% preferred
514
50 314 818
34 512 314 474 238 3;
7,4 853 7
8
312 434
2913 32
24 31 13 10 21
812 874 812 10
81:
8
4
518 3
512 6
3,12 378 512
-46- -if_
36 40
33 39
15 33
8
8
5
5
5
3
3
58
,4
12
14
38
438 512 512 71 4 418
78
53
2
:
0
:
195
38
, 3
22
111:148
,
2 :
3_16
;1 8 _3
2_2
2
11_31:8
4_42 161 1 1714
2611
7
7
7
7
378 431
33
2:4
2 34
214 30
3 33
21
4
4 24
30
311
2
22 2213 22 2218 1212 23
44
34
11
Ii
10
1212 10
10
134
1
3012 40
35 3612 16
34
2
24
214 3
4
4
14
10
1378 - 14
7
734 8
8
4
314 41 1 2
5
4
534 4
25
25
25
25
1412 20
14
22
2
114 1,4
3
Att
312 51 1 312 44
44
12
84
12
934 17
tois 1312
2254
2334 2574 21
3
3,2
3
6
1812 2413 20 2112
2
24
10 15 912 18
374 178
334 41/ 2
433 5
3
514 2
3
138 158
78 1,2
4
78
4
634 8
753 3,2 6
4i2 578 534 71, 4
678
614 8'4 778 954 534 838
9
8
812 354 5
6
112 2,2 112 218 14 112
38 42
2953 4134 2512 324
95 101
91
98,4 91
9312
114
1
14 158
12 1,4
534 612 812 934 534 8
7
14 1 1 1
14
154 1412 1712
134 2
112 178
112
153 2
114 21 1
28
34
78
5,1
212 4
338 5
312 534
5
4
54 712 5,2 74
3
353 253 3
1
34
34
l's
2614 3114 1978 2934
8912 0212
901 1 94
58
is
14
11
1
534
4
184 1,
514
251 i
30
4
104
2434
5
20
42
14
712
41
73
15
II,
334
134
13
1918
1614
54;
82
95
18 13034 Pub Serv Corp of NJ 8% pf_100 12434
12434 12012 120 127
4918 6234 Common
• 4912 5734 4814 5874 504 130,4 11012 13014
60
384 5112
100 110 11014 108 11313
1314 11634 7% preferred
1101
6
41 preferred
7
98
2 1072
92;2
100 95 9912 951329838 9638 114 110 110
10053
• 78 8258 7834 84
80
87
7214 79
8734 297 Pub Serv El & Gas,$5 pfd
• 86 8934 8858 02
9334 96
87'4 9478
• 1558 25
15;4 2132
1712 23,4 17,4 2412 144 1712
PPuunnitnrAnleCgore Sugar
50
38
I,
18
is
18
14
18
'4
preO
feirlie
5.d
33142 884 Pure
2
378 513 4
478 4
518 314 412
100 50 6012 55 60 5514 60
• 1058 1458 1212 1514 10,4 157 (312 58
1034 1514 Purity Bakeries
3 634 1078
518 81,, Radio Corp of Amer
• 514 94 7
1054 6
1038 44 633
7% preferred "A"
50 24 3274 2414 31
20 42
22
1912 x2312
918 20
Preferred 13
• 978 1878 13,8 1834 10 27
17,4 74 1014
214 4 Radio Keith Orphetim. new..' 234 7
414 614 312 6,4 3
4
• 94 1112 10
812 1114 Raybestos-Manhattan
1153 812 1034 478 812
178 318 Real Silk hosiery
10 214 312 3
4
314 51s 212 5
Preferred
13
100
5
- 13
14
10
16
914 12
is
•
12 Reis (Robt) & Co
12
14
1,
38
34
1st preferred
6
100 3
6
3
2
334 4
134 218
. 2
174 413 Remington-Rand
338 23s 34 212 314 2
25,
1st
preferred
1110 1014 114 10
614 19
111: 12
134 7
12
2nd preferred
29
100 11
10
12
11
11
114 12
81s 1114
10 3
272) 414 Ref) Motor Car
33s 212 31h 2
2; 112 2
•• 414 612 458 638 414 61g
4,8 714 Republic Steel Corp
3
414
Preferred
100 812 14
818 1714
1034 15
11
1538 8
1012
218 434 Revere Copper 8c Brass
• 3
314
254 3
218 218
Class A
12
6
• 5
6
512 553
54 514
7
28
Preferred
100 15
15
17
17
18,4 1814
7
10)2 Reynolds Metal
• 74 9,2 8
9,8 8
10
814
6
434 51/ ,4 eyno1,18 SprIn9 Co New.. _ • 4
478 37s 378 3
54 3
3
3212 38 Reynolds (R J) Tob Cl 11.-10 3234 4014 3374 3878 3378 40
3112 3414
Class A
70
10 67 69
69
6578 6712 6434 68
6512 67
10
1012 Rhine We•tphalla El & Pr
11
134 13
1318
11
11
12
38 ;Richfield 011 of Calif
34
•
12
3,
12
34
138 2 Rio Grande Oil
• 2
238 2
214 24 212 2
212
53, 1114 Ritter Dental Mfg
• 714 8
7
714 6
658 6
618
314 974 Roselle Insurance
10 44 6,3 334 513
3
4
13
16 Royal Dutch Co NY Shares --- 1338 1658 164 2034
23
1218 17,2
12 St Joseph Lead
7
10 738 1014 838 1012 15643'8
834 10
63,4 518 7
4012 5012 Safeway Store*
• 39 4934 44
5238 4814 5914 4212 50
631A 79
Preferred (6)
108 72 82
7212 8134 8
83
412 70 84
7
,
9% 9
71
8934 Preferred (7)
100 75 94
8554 8874
80 90
105 11314 210012 105
3413 4578 293423712
9212 104
93 93
76 89,8 7112 8012
65,4 79
62 69
83 xS334
1114 1634 1012 1538
-- _
338 458 278 355
5012 55
50 55
478 73/ 438 678
212 453 253 433
12,4 19
10
1512
338 8
712
4
1 12 278
153 31s
x478 818 412 514
278 458 234 353
8
12
7
1012
13
1g
Is
18
2
2
1,8 2
7
5
4
7
574 84 5
5
158 178
112 134
3'2
2
173 273
578 9
5
7
2
2
1,2 113
212 4
212 2,2
1512 18
_
6
814
3,2 412 314 4
2678 3:3
2612 3138
64 61374 65
71 13
10
10
8,2 9
12
14
12
134 238
134 214
6 412 5
5
112 314
158 212
14
1738 1412 1633
514 638 54 678
3612 48
34 4278
60 74
61
67
7218 8512 69 794
9
438
4018
45
1038
653
4814
212
43
358
3
30
3612
6
214
3014
34
27
2 -13-4
52 65
674 678
454 512
414 6,4
112 212
9
16
74 104
8,2 12
11
16
2
333
41; 4978
99 102
118 2
5
7
.157 158; 159 160 137 158 13412 137 139 140
564 8058 5178 66
7614 8678 7613 82
5838 7014
13478 138 138,4 13934 118 13534 11212 11912 11412 11712
.117 11838 118 12014 103 11978 .97 10518 •101 104,2
9933 10012 10012 102
90,8 101,4 88 9212 87 9218
10458 10553 10534 10714 99 1074 97 100,2 9734 994
22 3034 224 3078 1938 28
3234 404 2918 33
12
14
13
4
38
14
12
'4
34
612 512 7'2
634 838 718 9; 512 834 5
75 9012 82 8574 70 2/36
6412 72
6812 8018
2674 33
124 1712 134 21,4
21
2778 13 23
1558 2133 1638 21,1 12 2012 104 1474 718 1438
4912 5034 48 .52
4214 45
4334 51
4338 45
3638 4334 37 50
2714 4938 2512 3612 1812 3614
_i5T2 -Hs
-1-1114 -iis
874 574 634 4
6
658
22 30
25 2518 2512 27
38 1
58
4
858 10
6
12
778 1074 67
4
7
83
45 50
28 30
55 57
6.4
45 60
618 634 5
614 3
534
1234 17
1214 1438 613 1314
2834 3634 29 304 1614 281
6
6
334 8,2
55 16- Ts -4-61253 14,4
13
8
7
713 812 8
8
4958 5238 4758 5078 38 4912
7274 60 6978 69 69
69
2634 26',- -78 112
1,4 178 138 173
334 458 3:18 534 238 44
1912 2278 1912 19,2 1214 20
19
1818 2158 1718 1873 10
2758 1812 2338
2618 3334 24
1558
1613 2114 1534 17
10
5112 6412 595s 69,2 4318 6534
9334 9778 85 9818
90 96
105 108 10518 10812 95 10838
234
912
36
8
4
3,2
41
41
834
14
312
12
1934
2634
4
2734
3
2178
14
12
1
40
5118
3
258
1
4
418
578
54
114
3638
97
1
3
15
478
18,2
-10-
6
VA
40
45
814
312
3938
178
38
Savage Arms Corp
•
•
Schulte Retail Stores
0% preferred
100
•
Scott Paper
Seaboard 011 Co of Delaware....
•
Seagrave
•
Sears Roebuck & Co
Second National Investors
1
Preferred
1
312
3
21
36
634
234
2912
114
31
6
4
30
36
9
234
3733
158
32
4
278
2158
40
634
213
2714
14
3012
734
353
25
42
834
25g
36,4
112
304
5
714
2
3
15 23
38 24038
734 978
214 .212
2812 3614
1
112
31
32
212
14
10
32
658
1
1718
7,
274
5
134 3
2
234
2
78 1,2 1
1
15
8
012
1014 8
3718 18 33
184 2012
. 834 674 9,3 834 814
238 1
118
1
14
2838 14
19
9; 1612
84
31
274 234 28
214 21-
Financial Chronicle
Volume 135
741
New York Stock Exchange-(Continued)
1931.
Joh
November December
August September
October
Low High Low High Low High Low High Low High Low High
1932.
STOCKS
January February
March
April
May
June
Low High Low High Low High Low High Low High Low High
3 per share $ per share $ per share $ per share S per share $ per star.
Par $ per Share $ per share $ per share $ Per share $ per share $ per share
•
14
14
12
14
32
14
2 Seneca Copper
188
18
1
14
52 1
14
1
18
34
2
58
38
2
18
4
14
oh 022 714 9
432 812 352 572 414 572 312 434 Serve' Inc
• 4
532 412 53g 314 532 212 312 134 212 112 212
414 7
412 5
4
6
312 578 212 414 Sharon Steel Hoof'
914 63g 9
8
412 312 4
212 332 152 252 134 134
*
912
512
1012
312
612 5
3 4
634 312 552 Sharp & Dohme
1012 1372 10
534 352 452 3
4
2
3
2
234 172 2
50 52 42 50
38 40
40 46
28 38
5012 58
Preferred
• 30 3014 2514 2814 2414 27
1212 1514
18 24
17
18
1534 1014 15
814 1114 Shattuck (G 1?)
19 2252 1634 2132 1252 1814 11
• 9 1034 712 1114 1012 1234 8
1032 5
8
5
634
_
1712 1712 10
13
934 14
10 14
5
714 Shell Transport& Trad
E2 812 1212 10
15
1212 1534 8
12
852 10
1012 11
--i- --778 5
672 352 578 314 532 412 534 212 434 Shell Union Oil
• 234 378 314 4
252 418 212 314 212 332 212 3
3214
43
23
52
36
2812
58
3212
26
3734 15 2812 Preferred
36
2112 2534 2312 31
100 19 25
1912 2514 18 26
19 2112
332 234 314 114 312 1
3
14
2
•
34
28
12 Shubert Theatre
12 113
12
32
12
14
14
14
14
14
is
14
612 972 434 712 472 614 5
8
8
714 312 558 Simms Petroleum
414 6
314 412 312 412 332 412
10 452 512 458 6
1013 15
17
5 7
812 1412 912 1412 672 11)18 Simmons Co.
1432 1873 14
914 7
234 4
934 7 1012 414 752 312 5
834 1152 912 1234 612 1112 512 77g 658 914 412 652 Sinclair Cour Oil Corp
• 414 712 42 618 558 Vs ---- ---- ---- ---- ---- ---8612 10212 81 10212 80 8712 77 88
76
64
87 88
8% preferrul
79 79
82 96
100 82 89
458 534 41s 8,2 312 714 312 512 372 572 2
4 Skelly 011 Co
212 314 3
412 3
25 234 4
-3-72 3
-312 272 31s
1212 30
1252 1614 16
24
1134 16
2012 2434 22 30
Preferred
100 12
1534 1334 1612 1734 19
16
1814 18
1812 17
1832
__1212 1214 10
1234 6
9
912 912 812 93. Sloss-Sheffield Steel & Iron 100 --------10
10
412 9
4
412 412 334 332
5
18 2034 12
.
154 -27 - 2012 22
19
15 20
1214 18
Preferred
1212 1373 712 13
100 1334 14
8
9
812 8
8
10
152 3
152 158
34 134
•
34 212 1
22 1
12
32
34 1 Snider Packing
133
14
32
12
14 _ _ _ _ _ _ _ _
14
14
612 11
612 652 512 65, 2
652 314 6,4 2
352 Preferred
* 2
414
112 212 112 112 ----------------1
153
1732 21
1314 1932 1212 1538 1113 1552 832 121, Socony-Vacuum Corp
25 872 1052 834 1034 838 1052 8
912 514 872 530 VS
70 83,,, 4934 62
40 47 Solvay Amer In• pref w w-100 4012 63
-ii- -8-8-- 8212 84
53 65
49 56
51
59
40 50
3612 3912 35 38
7 1052 9
1212 1578 1114 1412 714 1314
1352 634 91 5 South Porto Rico Sugar
• 652 832 632 814 612 712 412 612 478 612 434 8511
87 9814 92 10212 8812 9812 8% Preferred
105 11212 107 11012 99 111
91
90
100 88 93
90 93
89 90
8612
87 91
90
4112 4512 4132 4432 3114 4334 2832 3614 3212 38
2834 3372 Southern Calif Edison
25 2914 3212 2912 3234 2612 3234 2314 2753 1712 25
1534 2034
719 1014 7
7,4 914 10 ___._ Southern Dairies class A
_
212 25,
352 358 ---212 212 212 _-212 Class B
• 212 212 ii4 -3 ----------------114 -2-12
20 -2212 18 203, 18 2012 1834 20
2234 29
8
1812 Spalding Bros
9
10
• 1012 12
10
172 912 912 5
9
5
534
11212 11212 113 113 100 11217 95 100
96 100
94 9414 Spalding 1st pref
65 89
100 89 95
6514 79
55 60
45 5314 32 40
_
------15 15 --------11
11
934 934 SpanC Chalfante & Co•
-ii -78 -------- 255 68
4812 4812 ___ _-_ x4812 24812 !"referred
- 100 4812 4812 -------- 40 40
732 872 034 81:. 434 712 312 012 318 434 3
322 Sparks Withington
• 234 312 252 3
1
158 278 114 -1-7s
I% 1
13421: l's 2
2
214 272 234 3
114 212
52 112 Spea, & Co
•
1
1
1
1
158 13i
_ 4812 49
42 48
40 46
3814 3814 35
3712 7% Preferred
20 2014 1612 20
100 30 30
1712
20
1114
1
5
ii
1
1
14
9
1334 9 13
1412 952 1112 Spence: Kellogg & Sons
12
-li- 1-i 14
• 952 10
912 972 9,2 978 9
934 8
8
9
8
872 934 812 9
6
8
6
7
6
652 6
612 Spicer Mfg Co
• 6
614 6
632 6
612 5
6
5
5
5
533
20 23
18 220
187,20
5 1452 1452 ---25 2514 24 25
1114 1914
Preferred A
1412
13
15
13
11
1112 912 953
734 913 634 932
3,2 65, 312 5
412 512 3
4 Splenel-May-Stern
5 214 352 252 --312 3
3
114
134 234
52 122 1
137
191
2
19-58
123
4
16
177
137
s
1652 1831
2 1612 1012 1472 Stand Brands
• 1172 1352 1134 1334 1133 14
934 12
834 1212 832 11
122 124 12212 1221: i 21 2122 119 11972 1812 11912 11434 11914
Preferred_
• 115 11912 11434 117 11712 118 114 11732 112 115141 10 11312
58,4 7032 5978 65, 3334 63, 2914 4234 3112 4432 2512 36 Standard Gas d V.leetric
• 2512 33
2534 33 x2212 3414 1412 2252 812 1778 752 1232
4212 593, 43 50 x42 48's 2972 43
59 601: 5938 60
$4 preferred
3812 20 28 31252 24
• 3412 4114 3134 3734 28
914 1712
75 84 84 90
101 10538 102,2 1033 80 104
55 75
Preferred $7
6212 71
57 68
• 62 75
40
2912 44
50
28 37
9012 92
75 89
70 7518 7434 77
90 92
40 60
Preferred $6
55 59
•
6112
50
52
593
447
4
,
38
33
39
243
4 3014
2
2,
2
2
2,4 332 212 3'
2
212 134 234 Stand Commercial Tobacco_.• 2
2
2
2
2
2
172 2
1
112 1
1
1
112 3,4
15
34 114
154 2
12 132
32
__ •
72 Stand Investing Corp
12
72
12
3
4
3
4
3
1
:
8
3
8
3
8
3
8
14
1043
10214
102
92
106
10212
8812 96 9372 9814 8712 96 Stand Oil Export pref
jilt) 88 0112 8434 8714 8672 9014 8412 891 82 85 x81 85 38
30 41
3514 3914 3558 42
2812 3412 30 3634 2313 31 Standard 011 of Calif
2212
2412
2634
2714 1634 242, 1612 2034 1512 1912
• 2234 27
14,
11
9
123
934 13
814 1012 1034 1312 734 1112 Standard Oil of Kansas
25 9 1232 912 11
734 1034 7
71: 7
772 7
712
3514 4052 3652 42' 2952 40
2814 3472 3152 3734 26
3272 Standard Oil of New jersey.z.,' 2538 3012 2512 3038 2778 3112 20 283 22112 2634 22 263
8
1614 191: 1534 18, 938 16'
953 1112 10
1112 6
9 Starrett Co (The L S)
•
613
4
614
7
5
3
3
2
4
63
53
4
5
4
372 4
334 4
3
4
212 3
114 2
1
172 1
134
12 112 Sterling Secs Corp
•
5
8
114
34 1
34 118
12
3.
13
12
14
3
8
7
872 514 6
212 51
214 3
212 4
132 23
Preferred
• 134 214
Ds 2
134 3
112 13
1
34 1
132
3412 3712 3034 35
22 31
21
2312 1972 2412 1612 25
Con• 1st preferred
50 20 2312 2014 2138 2012 2214 18 201 1412 1832 1312 1731
612 77
10,2 113
4.14 10
972 13
6
5
87
632 Stewart-Warner Corp
10 5
534 3,2 512 232 37, 172 272 2
658 5
258
2734 3152 161s 2834 1334 2034 1214 2114 973 1434 Stone & Webster
2838 37
5 014 1434 10
1352 1012 1552 714 1014 514 83s 478 712
110 11214 10912 110 102 110
99 101
98 10112 75 99 Studebaker Corp pref
95 102 100 1047g 80 10318 32
100 95 95
32 43
75
1534 2012 1612 1812 912 16789
1278 12
1678 1018 1434 Common
• 1012 1314 1014 1172 714 1114 414 732 212 5
278 4
3512 42
3672 3972 30 3712 263 36
3034 3412 29
31 Sun 011
• 2732 30
30 32
28 31
2434 30
2534 2712 2532 2712
101,4 10134 9912 10134 93 10012 89 90 8834 9412 75 80
Preferred
75
100 73 7614 74
80 87
70 80
7212 7432 6872 72
30 3034 20 3112 219 2312 15
3072 35
21
11
16 Superheater Co (The)
12,4 11
1312 11
1212 912 11
• 11
8
7
10
8
58
58 1
58 1
12
7s
5 Superior Oil
*
22
14
32
14
32
12
34
14
12
12
34
14
14
12
14
12
9
812 1212 8
6
914 314 812 5
9
272 6'2 Superior Steel
100 414 7l
6
712 5
612 3
412 214 3 ---- - 13 1312 1372 1572 1114 1532 1112 13
1134 13
1012 13 Sweets Co of America_
818
918
11
107
1012
50
2
11
8
9
3
1012
4
5
2
1
12 1
1
112 112 1
•
12
12
34
58
12
12
34
14
34
52 Symington
14 -------18
14
14
38
28
3
312 212 314
132 214 1
2
1
2
1
152
• Its 2
Class A
114 114
72 112
34 1
12
58
12
34
1952 18
1914 16
Z19
18
1234 1614 14,2 1634 1112 14 reiautograph Corp
1312
113
1312
12
4
133
• 12
4 g,2 1212 834 10
612 8
6
5
7
512 234 314 222 314 318 378 2
318 renn Copper & Chemical___-• 178 252 2
212 172 252 11s 134 1
112 Us 134
2114 2452 2212 2812 1612 2672 15
1912 1652 2112 972 1734 regas Co
1272 1114 1312 1014 12
25 11
1372 10
972 1152 914 1034
3214 3772 3312 3572 2112 3452 2032 2814 2514 3114 1912 2634 Vegas Gulf Sulphur
• 2012 2572 2214 2634 21
2614 16
2112 1334 1814 1212 1534
312 413 334 512 212 412 25, 412 234 3172 3 ragas Pacific Coal & 011__10 2
212
17
232
,3
22
17
2
2
112
2
3
2
134 23s 152 172
952 1134 934 1152 6 1958 438 714 55, 7
414 612 rexas Pacific Land Trust
I 412 572 452 614 472 612 312 478 214 4
212 332
10
13
734 952 5
734 5
678 512 6
372 812 rhatcher Mfg
• 4
455 358 412 314 4
2
314
23
2 212 312 412
3472 3512 3112 35
28 32
25 2812 2772 28
2452 27
Preferred
2614 2614 2512 2612 2212 26
• 2614 29
2212 24
2312 24
372 452 4
5
2
4
2
3
212 3
112 232 rhermold Co
212 134 214 1
2
• 2
3
112
1
2
72 13$
2272 2312 2258 2312 13 2278 1312 18
1512 19
1114 17 rhird National Investors-A 13
1512 1414 1612 1034 14
13
16
10
1134 10
117/1
1555 1634 17 21
16
20
1452 17
16
20
12 1632 rhompson (.1 14,
1212 1634 934 1212 9
834 13
25
9
3
4
83
4 913
1055 1132 10
1052 7
11
632 934 718 10
658 21058 Thompson Products
10
7
612 912 312 572 3
• 832 9
312 254 3
312 412 314 332 2
334 134 3
114 2
72 15, rhompson-Starrett
•
72 112
78 08
78 1,3
12
34
78
12
38
78
27 27
2212 2812 19 2212 18
21
1412 17'2 Preferred
• 1412 1412 1312 14 --------13 13121 1212 1312 12 1212
472 -6
514 9
4
712 314 412 312 5
21g 334 ridewater Assoc Oil
• 238 332 212 31
214 318 2
212' 218 234 218 238
44 5212 45 62
25 51
2012 29
2512 37
21
3512 6% Preferred
100 24 2712 20 2252 2134 2818 22
2434 2432 3038 2534 2872
13
13 ----------------98 9
___. rldewater Oil
7
x 9
___ 512 712 5
6
6084 -55
51 6712 4834 60
35 40
387-45
30 43
6% Preferred
100 3132 3512 30 14
35 41 ____30 351 30 40
31
35
614 714 6
6,2 4
612 412 634 418 5
414
3'2
finticen Detroit Axle Co
10 4
5
412 4
4
434 238 4
212 3
214 234
2812 40
29 3332 2334 3134 1912 2614 20 271 1612 221 Timken Roller Bearing
18 22
1634 2112 1334 1634 1034 1512 812 1212
• 1634 23
232 334 3
412 134 312
178 272 234 4,
2
372 Tobacco Prod Corp
• 272 412 372 512 512 Vs ---- ---- ---- ---- ---- ---if;
-5g
a
fs
s
s
oidep
--iii2 III;-15i4 IC --ii2 16" --i" -178 --724 -i
__-_ ---- ---____ ___
___ ____
Ctfs. of dep.
• 634 812 832 834 834 9,2 ---------------------„
-672 812 634 712 4
7
312 434 312 43
2
31 Transamerica Corp
25 212 312 27s 6
334 512 3
4
212 312 2'2 312
834 1112 9
9
52 9
512 614 534 7
272 5 rransue ec Williams Steel_ __• 322 4
4
4
412
5
23
4
4
312
312
8
252
934 73
3
, 812 352 734 3
5
312 53
35, 1'4'1-Continental Corp
2
• 212 414 252 4
272 4
2
3
112 234 112 212
91
9312 9012 92
5872 9114 51
68
65 75
3612 61
Preferred
* 42
5412 4772 5612 501s 5614 4914 4934 4612 5434 4652 54
3212 3632 3314 3632 2512 3372 2414 2834 2632 23, 24 28 rrico Products
30
2652
3112
•
29
257
26
2
20
5
25
3
2212 1932 2234
4
193*
334 412 334 434 312 414 3
3 4 234 3
1
234 rruax Triter Coal
114
12
118 114
12
• 112 31. 114 1,2 1
14 1
1212 1372 1212 1314 712 12
752 81: 778 8,
572 8,2 rruscon Steel
10 6
652
512
57
8
5
672
2
5
312
11
1214 9
312 812 272 41: 312 4
10
4
212 3
2
312 Ulen &Co
2
1
12
27
8
34
2
212
•
12
34
3
114
212
34
40 5914 39 441 2834 4214 2412 35
2312 317, 1332 2412 Underwood Elliott Fisher
• 1412 22
16
23
15 2312 11
16
912 1214 812 1012
120 123 123 12314 11814 120 105 118 105 110 100 1094 7% Preferred
• 100 100 100 10012 9l4 10
87
Ili
8612
82
85
85
3
4
934 1312 1112 1414 914 1334 614 972 8
10', 5
8,4 Onion
978 714 912 614 712 512 gli
• 712 1014 7% 912 8
4713 5454 4752 5372 3252 5112 27'2 3772 32 4034 2712 3432 Union Bag Sr Paper
Carbide & Carbon
• 2752 342,, 2714 3412 28 363s 1734 2812 1512 1934 1558 1951
1572 1872 1434 19,2 1212 1712 1134 1672 1512 18
11
1512 Union Oil of California
25 1152 137a 1034 13
1112 1334 1' 12
872 1033 812 931
2012 2112 2014 21 12 19 2034 1812 191: 1812 20
16
20 Union Tank Car
• 15
1914 15
17
15
1914 1212 15
12
1312 1134 1314
25 3214 26 3014 1518 27% 1214; 1734 13
1858 972 14,4 United Airport & Transp
• 934 1514 1234 1672 1152 1632 972 1212 612 1112 634 951
5612 5978 57 61 14 43 5934 40 47
45 51
4032 4834
Preferred
50
4114
44
4112
46
4312
46
41
1014 5
10
16
4512 3014 4212 36 43
8
14
572 712 538 712 514 7 UnIted American
Bosch
• 6
61, 6
6'8 512 618 412 532 312 412 312 31;
34 3434 2655 3534 24 28
3412 38
23 30
18
25 United Biscuit of America. _ .•
2112 2512 2012 26
23 2812 20
2412 12 2032 1114 1811
117 11912 118 11912 110 115 10972 110 105 110
90 99
Preferred
100 90 90
5
93 9734 98 103
0 --------5
95 101
6 --------5
8814 95
85 90
5
4
4 United Business Publishers __•
----------------3
3
434 614 758 15
1
612 18
1
1412 7
72 1
1212 18,2 812 131, United Carbon
3 912 12
914 214 1172 14
158 258
712 12
7
412 512 378 434 214 41
9% 65s 101:
134 212 1 12 21,United Cigar Stores
I
1
134 1
114
52
112
3
5
5852 6014 55 5558 41
52
5I'z 27 34
3
2
2912 3012 20 30
5
2
3
2
11
7% Preferred
100 1838 20
18
18
12
1778 10
218 3 ---- - -2
10
2038 2514 2114 2372 12 223 1012 1514 11
1512 712 12 United Corp
• 8
101
8
1035 7
1012 5
714 352 634 312 -531
4912 5073 501a 511a 3954 511 3512 4172 3652 43
2612 3714
Preferred
• 3172 3814 34 38
3252 38'4 27 33's 24
214 255 152 2
3155 20 283
213 332 212 3
17g 2
34
7 United Dyewood
'.00 1
1
1
1
114
1
72 11
72 114
1
11,
40
45 4614 421,1 421 38 4214 36 37
3314 3514 7% Preferred
5 48
6
500 31
5
5
322 g
3355 24 27
24 26
22 24 ____ _ -- ---- - •
312 43
311 512 3
4,,, United Electric Coal__
3
455 3
414 334 552 312 412 212 4
212 11,
5412 571 35 5555 2814 36
2914 36
5414 59
1712 29 United Fruit
•
2012
2555 20 28
2112 301 19 23
19
12
1014 15
112 112 11
134 2
72 114
112 134 1
12 1 Universal Pipe & Radiator _•
52
7
62 1
52 1
34
12
12
1
12
5
16
20 22
29
28 30
20 211 20 20
27 29
7% Preferred
ii0
9
1952 237 22112 24'z 1532 22 United
9
2734 3112 28 30s 2014 29
Gas & Improvement -• 1714 /014 18 -21
914 14
18- -21-3-4 -1,-14 -178-58 x1112 iii
951s 991 297 99
83 9614 Preferred
104 105'i 105551053 9734 106
• 8712 9212 8614 91
9012 94
82 8934 x7834 8418 70
791
107g 18
12
16
1012 1434 914 13 United Piece Dye Works
18 237 1612 18
• 9
11
812 10
818 97
634 814 412 755 338 5
104 104 102 103
97 10612 96 106
95 99
9532 9655 Preferred
100 92 9312 90 92
85 90
6412 651
85 85
75
70
452 6
4
3
172 412 2
51
212 332 Pe 3, United Stores cl A
• 112 3
21s 234 112 234 1
72 1
34 113
152
30
3912 421 2112 3872 21
2914 34's 2472 371
39 41
$6 cony pref
42 4434 4312 481 3934 4612 30 431 3012 33
• 27 43
33
20
33
157
2912
2
23
2012 251 1612 201 Unl
30 351
I Leaf Tobacco
• 18 20
16 20
161
1912 20
1914 11
16
171 12
10312 106 --- - .- 97,2 10712 93 95 9234 95 8012 95
Preferred
100 77 81
SO
8014 90 90
80 82
7118 80
72
72
tn
32 41
gg
3514 -3V 40 42
3812 44
38 45 lIni
I Picture. 1.t reef 100 27 50
451, 49
45 47
22
381s 24
33
23 30
x Eg-dIvldend.
* NO par value:
July 30 1932
Financial Chronicle
742
New York Stock Exchange—(Continued)
1932.
1931.
November December
October
August September
July
Low High Low High Low High Lou) High Low High Low HOC
STOCKS
June
May
April
February
March
January
Low High Low High Low High Low High Low High Low High
Per $ Per share S per share $ per share $ per share $ per share $ per share
share
$ Per share $ per share $ per share $ per share $ per share $ per
20 1012 1512 134 1514 1214 1434 84 1212 734 1038 714 94
1358 U S Pipe & FdY
2014 1112 1618 1214 1612 10
2638 1958 223 11
21
• 1412 1518 1438 1512 1334 15
1214 1312 1238 1312 1112 12
1634 1334 1514 let preferred_
1534 15
1734 14
1814 15
1818 1834 18
Corp
Distributing
S
U
8
4
8
8
8
758 758 712 818 7
9
8
100
Preferred
_
__ .--_
2414 2612 ___
- -it 4 i4 -4 ____ _ .____ _ _ ____ _ -2-14_ _-__
too
s Express
58 is -12 2is 4-3; u
4 12 414
---is ---4 —1.2 ---1-2 ---i2 --14 -154
-2-12 112
• 24 314
212 312 7 214 -3-12 2
U S & Foreign Secs
312 512
7'8 9 714 778 3 777 52178 60
304
• 44 5018 4514 47
4 5 112 35 4514 29 3714 26
Preferred
50
40
67
60
62
79 83 7734 81
8 512 8
512 634 512 712 418 558 312 418 312 418
1712 1112 1512 8 1218 412 8 (IS Freight
18 2018 1712 1812 11
14
1012
17
13
194
8
20
243
8
145
19
4
2514
233
4
183
20
1412 27 U S Gypsum Co
22 2912 2538 30
39N 24 35
35 4012 36
8478 90
95 101
100 ------------------------104 104
7% preferred
132 132 132 132 125 13014 120 120 115 115 107 120
118 2
.
2
118
3
12
4
4
4
4
33
33
314
4
3
Machinery
Hoffman
S
U
5
212
514 312 6
934 4
1012 5
1058 1112 10
1314 184
• 23 3034 2158 2834 224 314 1914 2314 1312 20
Industrial Alcohol
2734 3312 2712 3512 2414 3378 2038 3314 27 3678 234 325, U S
312 112 238 114 2
r
114 178
158 278 218 278 2
158 314 U S Leather
318 5
238 4
5
64 814 518 612 3
4
•
314 4
512
458
4
414
412
34
4
53
712
4
43
1
Class A
34 6
418 638 512 8
1414 812 1118 411 8
11
55 6018 4414 4814
55 63
100 5514 564 5712 5712 62 65
preferred
Prior
78
5714
83
78
75
68
86
70
834 8612 8512 8618
378
558 838 74 812 734 812 534 778 212 512 2
8 124 512 8' US Realty & Improvement _ _.•
1512 9 17
1434 1658 11
1318 20
• 312 538 334 514 4
24 358 114 284
54 3
4
1234 1634 1258 1478 64 1312 518 838 54 878 312 5 U S Rubber
1112 5
378 6
7
318 558
4 1034 714 1038 7
73
100
preferred
1st
8%
91
618
16
9
16
8
95
2212
23 28 2218 2612 10
10
1134
1518 1634 1534 1978 1112 1558 1012 14
__58 1438 17
1612 1238 2038 1334 1818 1612 2534 1318 181 U 8 Smelting Ref & Mfg_. Or 3618 3812 38 3814 38 39
1914 15
16
35 x3734 3314 3518 32 3518
Preferred
38 42 37 40
35 41 18 3614 38
4212 374 42
41
88
383
30
8
525
2114
314
4
8
373
8
5114
467
2512
4012
4
273
3512
100
Steel
S
U
,
551
8812 6214 7314 53 7478 36
8312 10534 834 9314 71
6112 7412
8814 10534 7712 9114 6514 79
9912 113
106 29838 111
Preferred
139414178 13634 213934 123 13714 114 12412 11312 120 94 1151 U 7%
6118 634 621 6512 60 66
5612 604 55 59
• 59 61
S
64
Tobacco
8
687
63
63
62
60
6678 7018 6538 6778 60 6612
100 11978 120 120 125 127 130 120 12334 120 120 115 119
- 254
100 103 ----------------50 50 ---412 778
12112 25 2112 2312 10 2338 8 1314 111s
38
34
12
34
12
834
12
78
58
7,
84
15
19
19
18
17
1912 2018 20 25
20 20
11
4
233
1514
224
1314
8
285
1612
2934
8
245
4
2538 373
7
12
1458 7
7
10
10
10
10
10
10
22 4478 38 4534 3014
31 12 40
40 45 40 42
12
18
1
4
3
1
12
8
13
1
112 14 138 1
50 57 48 5014 44 50 34
614 62113 5814 62
312 54 24
5
414 758 3
0
____
95 81
91
86 98
94,2 107
07 108
10734 107
10558 foil.
5
15 --------20 20
2612 15
---21
._-.
_ ___ _
55 55 _ _
_, _ _
_
fis 52 -4-2-3-8 5 14 -4-212 2614
itils -ii3-8 46 51 5its "469
81
94 97 84 9512 7718 82 81
94 94
20 2438 1834
1914 2434 1738 21
2338 2578 2414 27
75
8058 93 85 85
93 9412 95 9612 93 95
112
212 414 3'8 5
434 538 2713 5
512 7
1114 1334 1712 658
1412 8 1414 8
1512 13
10
258 212 378 112
24 378 2
378 458 314 4
53 32
30 3834 41
3314 44
40 46 40 50
514 758 358 718 218
638 858 634 1014 6 10
1
2112 812
1718
19
4
15
27
1812 1934 20 2634 1714
5:
1. 7
r
171
l'r
7
4
.
•
'
!,
1.1
___.
3..
7j
211
82'
31,
131
2,,
45
32
10
40 4163 3612
it 45 584 36 69
Utah Copper
... 514 1038 6
938 312 738 234
Utilities Pow & Lt"A"
12
14
63
38
12
14
12
•
Vadsco Sales Corp
17 17 --------18
100 17 20
Preferred
• 1112 1614 1218 1878 1214 1852 778
Vanadium Corp of Amer
7
7
7
215
------- -7
Van Raalte
134 3134 --------2534
35
100 34
7% 1st preferrde
78
13
58
34
•
12
58
34
Va-Carolina Chem
2312 2412 20
100 34 3912 24 37
7% prior preferred
412 338 312 312 412 312
100 4
6% preferred
8458 86
75
Va El & Pow pref 6%. new_ • 8318 8878 86 88
1011 ------------------------7
VIA Iron Coal & Coke
___
_
Ion ----------------20
5% preferred
2738 12100 1938 2978 2018 2714 21
Vulcan Detinning
6812
100 66 69 --------69 71
7% Preferred
154 718 13
1712 1078
• 1114 19
Waldorf System
70
----------------72
_
70
100
Walgreen pref 634%
• 2
3
158 212 1 12 2.4
78
%alworth Co
4
• 738 1014 834 104 67,s 9
Ward Baking, cl "A"
238 158 238 1
2
8
25
4
13
•
Class "B"
3718 4012 21
100 35 3714 36 40
7% preferred
• 214 438 234 312 2
33/3 114
Warner Bros Pictures
10
• 9 1212 1434 20
13
512
Preferred
3612 37
358 112
38
38
17
14
1212 514
218 ---30
2314
12
53
2412 2312
438 4
8658 61
.
37
3
34
1718
878
--27
1
36
612
79
35
158
58
12
514
---1912
58
28
4
60
37
338
12
13
9i3
19-4
-134
3584
64
6778
"iii -1-6.
—958
62
718
6212
1
214
34
12
34
5
ii- 758 13
63 64
66
11
934
8
70 60 60
34 135
114
458 -------1
84
20
2012 14
12 1
112
512
4
6
112 14 lls
• 1
114 14
63 114
12
78 2 Warner-Quinlan
238 24 3
1
34
258 314 212 334 2
384 618 212 334 114
378 612 414 7
•
918 334 64, Warren Bros
818 6
194 2578 154 1934 54 1614 5
13
*
612
734
1512
5
1014
1312
1712
4
Cony
pref
17
18 2214 1214
15 20
— 3012 3312 15 30
--1014 1212 84 1014 74
161 1314 151. Warren Foundry & Pipe ---• 1214 1312 1212 14
1812 15
14
1312 21
20 /4 2014 22
1
58
1
54 1
78 114
2
• 1
78 Webster-Eisenlohr
14
4 158
138 2
3
2
--------25
2812
21
2012
25
2612
2012
100
Preferred
20 25 --------20 20 2012 25
._-- _ _ 2.5 25
12
12
12
12
-------12
1
12
1
Wells
Fargo
1 ----------------58
1
_
_
1
I
1314 912 1018 --f)E8
1412 10
• 134 1512 11
12 1614 Wesson Oil & Snowdrift
16
19
19 22 -1614 -1-9 - 1212 1712 1214 18
• 48 50
4714 4812 47 4714 47 4714 46
Preferred new
4414 50 49 53 48 50
45 52
55 6612 52 54
40 60
70
63
.
65
65
60
25
5812
•
Penn
West
"A"
Co
El
80
504
76 8312
80
61
95 100 83 98
96 101
75
4914 65
70 73 68
3012
100 6112 76
7% preferred
65 8812 82 90 55 83
10212 10712 105 10812 797s 108
54 6434 4112 534 29
8 67
637
70
53
100
Preferred
(6)
72
4912
71
6814
80
61
9712
12
71
95 100 9612 98
9814 10512 91
Power, pref 7% _1011 98 107 10412 10812 103 110
11712 11912 117 11878 11014 118 10012 111 10814 11212 9314 11078 West Penn
95 10134 9238 98
80
8612 94
95
100 81
6% preferred
88 101
11012 11312 1094 111 104 113 x90 10334 98 104
1012
15
1612
8
1012
5
10
1312
8
113
•
Dairy
"A"
Western
Prod
13
812
1812
14
1434 1738
1412 27
2512 30 2512 28
212 438 2
238 11s
4
• 258 312 3
Class B
478 3,2 478 218 358
712 84 463 734 4
714 10
2378 3634 1714
35 47
3434 50
344
33
Western
Teleg
Union
100
8
527
3812
82
494
100
7612
111 18 11912 10634 11958 9118 115
1358 1714 212
1578 914 12
912
16
• 12
17 Westinghouse Air Brake
1612 2012 11
20
25 2678 2314 2534 17 2312 16
571 664 4318 6312 394 5058 3263 5214 2212 34 Westinghouse Elec & Mfg....50 1978 3014 23 3578 2258 3318 2078 2478 18$8
5512 74
5512
6614
697
714
6118
66
8
717
8
4
preferred
1st
723
7%
614
50
78
60'4
80 8784 7518 84
95 101
9514 9912 7512 101
914 663 814 212 634 32
• 612 814 6
8 Weston El Instrument
1038 6
1234 1612 8 1312 6'4 1038 8
18
17
__ 17
17
19 ____
• 19
x19
1314 1712 1312
10
Class "A"
1
1063
378
1018 1258 518 9
2
12
9
_•
Chlorine
Westvaco
Products
,
8 -i5.-8 -1-i- 74 103
141
II 273-4 "iii., Ili; - 1534 -11- --ii4
618 6
6
101 Wheeling Steel
•
20 2014 20 2018 1312 1834 1134 1212 1078 124 9
3112
31
2963
Preferred
--8
293
100
39
30
4018
6978 70 60 60 --------36 50 38
1-2734 -1-6- - -712', White Motor
54' 812 1014 858 1078 10
8
1012 15
738 14
1612 1912 1354 1634 1033 14
22 2812 1618 21
• 2178 2714 2312 28
15
20 267, White Rock Min Spring
3.3
26
38 40 3734 40 225 3618 2214 31
72
14
12
12
14
1
Sewing
White
Mach
4
3
:1
12
11:
78
•
112 24 112 258 112 2
3
34 138 3
• 1
134 118 17s
Preferred
34
1
2',
8
13
1
4
3
1
8
7
2
8
25
4
8
5
2
412
3
512
5
--- --• 314 418 314 5
334 534 3
44 234
414 514 234 5 Wilco: 011 & Gas
4
414 6
418 614 318 54 3
20 20
2014 2012 164 1658 1412
1814 2434 2012 2312 1714 20 Wilcox-Rich class A
2618 2612 25 2658 2312 27
•
218
3
218
Willys-Overland
212
114 214
58
3
34 135
154 3N 214 334 134
4
412 312 412 2
4
21
100 17 25
18
7% preferred
14
17
7
7
14
1419 25 24 2812 1712 241
20 42
4514 52 45 45
Wilson
Co
&
1
4
13
1
114
1
$4
1
84
4
1
3
•
4
5
112
78
58 1'8
158
.--- - . 112 178 1
"A"
• 24 258 218 312 3
44 258 312 158
2,
514 218 478 IN 234 238 312 2
5
-6
5
100 18 25
20
22N 2212 31
2012 2414 1214
Preferred
21
2112 20 2612 17
15
3112 19 31
32 33N 31
Co
NV)
(F
Woolworth
3634
10
444
40N
4412
237
454
474
3414 41
2312
35
4212 5734 4438 5638
65 7214 26712 7234 4814 70
2338 1412 2078 74 1412 5
100 1512 2314 16
20 2187s 22 3234 154 287, Worthington P & M
4118 574 394 4834 22 45
"A"
30
41
39
100
preferred
3114
35
41
18
23
7%
1612
24314
3814
52
51
544 5414 40 50
--- ---- 60 70
. 30
100
2 13
5314
,34 28
2
8 2 30
032 28
4% 2_0
3 38
44
812 28
3
6% preferred "B"
212
18
40 40 37 37 23 251
45 45
69 2 65 5014 55
Aeronautic
Wright
8.
74
13
10
10
8
3
7
12
8
— ____ -_-• 4814 57
4434 514 3434 4434 2614
4734 52
Wrigley (Wm) Jr
70 7412 6978 7438 5814 7134 5063 6758 57 6912 46 61 Yale & Towne
1
29 834 1012 8 4 912 858 934 9
9
74
814 1: '
1312 16
224 244 21
2334 1712 21 12 1214 16
338 414 24 4
178 3
112
4 Yellow Truck & Coach cl B_10 318 5
534 3
712 9713 Ps 813 os re 358 578 4
24
22
22
24
100 2018 24
15 20
7% preferred
12
25 4018 1712 30 30 35 1512 37
4218 454 40 41
84 735 34
• 77g 814 778 94 7
Spring & Wire
Young
18,
6
4
912
1478
13
144
13
1614
19
18
16
1734 14
• 1258 1314 1312 1714 1214 16
1212 4
8
2412 2012 2712 12 201: Youngstown Sh & Tube
19
2434 40
43 5234 38 43
•
34 1
34 2
78 I
35
78
12
58 1 lenIth Radio Corp
14 14 112
2
212 3
212 114 214 1
63
1
3
73
8
83
4
818
94
Products
64
8
7
9
84 5
lonite
r
4
63
9
72
9
Ills 1338 107s 12
8 114 7
34
12
34
234 112 212
44
614 2
812 713 8
82 1
34
2978 25 25
.._
1614- —111-4 -1-0
46
4718 4314
30 37
41
5334 22 4414
20 3714
48
80 8818
99
85 6612 7734
812 358 5
2
218 1
2514 1238 2018
1112 912 1012
2534 1558 2434
664 5212 6312
454 312 4
1312 1312 13,2
538
3
6
5
5
6
22 6812
1312
72
112
6
112
3314
Vs
614
-_
November December
October
July
August September
Low High Low High Low High Low High Low High Low Mgt
9414 5414
904 9034 -664 9i0i8-4
9014 90,4
97 9858 97'± 9858
45 54
5413 60
99 1-663-4 9854 100,2 934 100
9834 991s 98 98,
4
9812 99
9512 29912 9478 9512 924 95
96 974 947s 9612 86 96
97 -9755 98 98
9714 9758 £3412 9878
95 9512
f1-4-1-4 103 112
114 116'.
93 9312
974 974
987s 9914 987k 9984 95 9878
10412 10478 103 10512 9712 103
98 9914 994 3914
103 103,8 101 1037s 95 10134
-97- WI;
97
98
BONDS
434
14
114
1214
78
214
16
2854
1312
1634
32—
3712 2514 -159
634 714
1333 154
218
16 23
17
4
3
513
ova
878 5
12
kl
35
7
43
1,
January February
Low High Low High
RAILROAD BONDS.
sla Gt Southern
78 8334
----1943
let cons 48 series B
_
3%•.1946 6712 70 7014 7014 .....
82 83 66 66 1Ibany & Susq 1st gu 413_1990
71
--- 71
Ulegh & West 1st g gu
86 86
585
89
85
89
---1942
4s
guar
gen
Val
Uleg
85 97 88 16" 78 88
2514
171, trio Arbor let g 4s. _July 199, 1914 26 25 26 25
45 45
4014 46'8 14
8512 88 8414 8758 8534 91
8758 97 8812 9234 8158 891. %tch Top & SF gen g 4s__ _1995 854 8518 8154
• 8212 8612 8612
1995
Registered
8912 94
90 90 83 83
78 84
kdjustment g 4s_. _July 1995 75 8412 7614 79
8.5 88 82 8412 80 81
July 1995 77 885 7458 80 7878 85
Stamped
81
81
9114 781s 8658 74
80 80
Registered
1955
7338 81'. Cone g 4s of 1909
80
79 78 81
1955 74
831
Conv 0 48 of 190$
821t
71
79 91 "inis 85
_
7412
1960 74
Cone g 4s of 1910
88
91
94
94
90
93's
1948
Con•
4
deb
WI;
5144 105 98
8178 82
Rock Mtn Di,let 4s see A1965
8412 8712
86 86
89 89 8018 83
Trans-Cont Short L 1st 41'58
89 89
90 964
A.1967 88' 9012 8612 8712 90 9214
Cal-Ariz 1st & ref4
834 87'S
93 100 93 96
7612 7612 80 85
l& Char A L 4 Sisser A..1944
90 90
1944 79 86 8614 8658 8212 90
let 30-yr 58 series B
9112 98
93 94's 75 85
86
92 99
4 9734 95 98
,
96
9912 10034 10012 10112 9612 10012 964
70
84
74513
88 91
8638 90
4912 44 4812 3614 434 27
- .44
3614 39
39 41
39 39
s Deferred delivery c Cash sale
334 27s
1518 1312
bti
138
6
10
1
r's
258 158
2012 11
22
35
1014 514
18
1412
712 .1.21.2
18
1
1932.
1931.
PA 904
90 90
8912 9014
99 100
- -1i1-4 —678 —64
1478
12
19
32
as
14
54 114
73
1-6i-
9314
9614
77
31
84
80
67
27
27
89
80
7412
35
30
76
77
15
15
804 StICoast L let gas—Jul,1953
Gen unified 434. ser A..1964
81
Louis,& Nash,colt g 46.1952
4 ttlantic & Dan. let g 4s_ _1948
26,
1948
3r1 4s
15
76
4
,
75
58
23
1514
7912
80
64
3014
30
76
75
8014
23
2012
80
75
65
32
27
7714
78
59
2858
29
854
82
6412
35
29
..--
----
----
---.
78 78
201314
8112 88 87412 85,2
82 8334 77 8312
76 82
70 804
7578 80'2 65 7912
io- -2-64
70
68
134
8412
63
78
78
82 6- 363 -io- 65
8178 60 6654 64 68
82
86 91
80
8014 8014
7518 80 60
6453
70
53
18
15
--____
1358
76
63
70
63
75
70
59
2514
2012
7734 -io- 8358
8212 8612
86
7514 62
6014 72
25
16
10
50
19
10
6138
50
25
15
68'
68
60
3978
19
743
Financial Chronicle
Volume 135
New
York Stock Exchange—(Continued)
1932.
1931.
May
April
June
March
January February
BONDS
November December
October
August September
July
Low High Low High Low High Lou) High Low High Low High
High Low High
Lore High Low High Lote High how High Low
—
1634
15
7
—
-7
5..ti & Yadkin 1st gu 4s____1949 -------------------------_ _
64 64 ____ .. . ..,„7.
6014 69 65 65
1945 77 83 7Al2 8234 7734 8612 71% 8434 8 72 6012 74
94 981,1 86% 9734 834 -91-34 8212 -9-1-7-8 ii -6352 halt & Ohio lot g 45
81
9714 99
80
Registered
92 02'S
49
87 ii 70 32 1812 31
4 As_1933 -7i- -663:4 -79C4 8412 72
6i12 7612 6312 61 78 20-Year convertible
jo6- 161-18 93 100 Ai -ciii., 55 -85
25
4234 2434 40
55
7112 38
Refund & gen 5s series A 1995 59 7012 60 6834 55
4812 69
6712 84
88 1001., 79 93,2 78
99%101
5 7714 89 6312 8012 6712 793
8812
96
9212
8812
9412
89
1945
5$
1st
g
80
97
10114
4 9412
4318 2712 9012
106 10712 10234 1055; 100 10778 97 1023
7934 4612 60 30
7812 6934 77 61
Ref & gen 66 series G_
1995 65
5312 76
971._ 87 96
6012
10618 1094 100 10634 9514 10334 9112
50 6014 345
74
56
74 80
78 74% 79
P I. E & W Ya Sys ref g1s 1941 69
92 98,8 8618 9378 79 874 79 8734 6234 82
97 98
61
40% 55
487
8
5912
7014
8212
71
79
75
Southwestern
Div
1st
5s_1950
70
803
5334 82
8012 93
9318 10518 9312 10134 83 c97
4512
213
4
4718
103 c105
35
53
45
51
60
To! & Cm n Div Ist&ref 4sA '59 50 62 52 59
65 71 18 6478 7014 5012 60
70 77
83 8612 7934 85
25
3734 2514 3912
53
38
71
Ref Ss series Et
2000 59 69% 60 67 53
50 69
68 84
51518
9912 10178 8854 9934 8034 9314 77 84
25
15
2612
42
5512
27
57
4812
3818
Convertible 4 465
1960 4212 59
34 5414
5112 72
61 12 75
6012 81
8512 9134 75 87
71
78
72
/0
__
--------12 -88
103%105 103-34105 10314 10314 ----------------80 93 'tango, & Aroostook 1st Ss 1943 AI
7
7
51
59
58
48
60
50
60
6612
65
3
8
Con
r
6
f
4s
1951
60
65
69 70 60 6034
9212 93 94
9014 92,, 91 18 9338 84
Neech Creek 1st gu4s
_
___ __-_ ____ __
1004 10014 1(1012 101 10012 10012 -___
Sandy
1st
4s
1944
8554
8812
3
-lig
87
--------86
85 -90
99
58
96 96
98 100
;
6212 72 Roston & Maine 1st Ss A C-1967 6712 7418 ilE1 -i6. 6.6 -i614 L712 -66 44 -6i5-13 43 588
02 100 80,8 94% 77 8514 62 82
984 101
52
45
5712 45
5934 61
77
1st mtae 5,,series 2
68
77
1955 6912 75
70
80 82 60 71
82 9378 79,2 84
9812 10038 89%100
47
4612
55
53
3
4
gold
44.
56
67
65
74
let
series
JJ
6918
703
4
1961 6518 6934
55 62
62 80
71 18 84
9414 96'4 83,8 9414 794 90
5178 55
59
81 12 .-------------58 61 .10ston & N Y Air L 1st 4s_1955 5112 5512 5812 60 5812 75 6012 6012 59
8214 8214 8214 821, 81
83 83 Nu ff Roch & Pitts gen g 5s 1937 87 8914 --------8712 90 87
,2 t
89 -7-- --- -,,- ,-,;
01
103,4 10314 10234 10234 91
Consol 4 3.4s
4812 28 -40 2612 -38
40
58 49 57
33 52
51
1957 40 61
52 60
49 60
73
7812 55
07
77 81
50
55
_
90 90
8012 45 61
Nur Ced Rap & Nor 1st 5s.1934
97 100
798 8314 80 8334 70
102 102,2 100 1024 9934 1001,
901298,, 95 971r /35. -g-i1: canada Sou cons gu 5s A_ _1962 77- -86
104
8112 84 8414 8934 . 12 85 7612 7934 747 80
107 107 10412 108 100
78
7614 8018 74
81
-4s-Sept 15'
6914 7874 lanadlaw Nat 43
80 85
87
58 7234 76% 7434 7814 7814 8312 74
80% 9954 78
100 102,4 9912 101
76
7934 74
1957 7318 7634 7512 7818 7814 8312 a7612 80 75
68 783, Gold 434s
100 101% 9978 101 18 76 100,- 70 86,, 7812 86
Gold 43.6a
74
797 7334 76
SO
8214 75
1968 7234 76
7834 8514 68 80
7334 7734 77
100 101% 100 10034 74 1001. 764 86
8558 8034 83
83,2 10434 83 9217 5514 9034 755* 8474 Ss
1968 80 8312 8114 8414 8334 90 8214 8618 82
10514 10678 10412 106
Guar gold 5s
2'1.12 8512 SS014 C8412
Oct 1969 018 53
85 c9O
c0034 76 85
8412 92
- '34 ,
11052 g 38 4'1 90
105,4 10678 10412 106,2 8434 105
Guar gold Ss
87 9112 75 83
8258 8112 8334 8412 8814 8234 8578 8034 8554 37954 8234
1978 81
105,4 10612 10434 10612 85 105,9 8312 93
Guar g 436s_June 15 1988 75 80
70 81 1 .
85 801g 8314 7812 8212 77 7978
775 8138 81
7714 10134 80 8812 81 12 87
10134103 101 18 103
7624 7512 7812 78 8314 376
Guar gold 4348
1936 73
80 7618 7034 7418 7658
100 10078 9912 10114 75 (0017 77 8514 79% 8518 6818 7952
Guar g 4 36s
75 8012 75% 77
7512 78% 783s 8318 7714 81
19 '
8512 9634 :anadien Nor s 17*
1940 -92 -96 9414 9834 9818 99% 9334 9912 93 9878 9234 9534
96 102
112.1* 11334 112121 1338 95 11312 957 102 994
25-year deb s f 63-4* g_ _1946 915 97 943
88 100
105
9812 102 9412 10014 9534 99 9412 96
98 119. 9712 108
118%11934 11812 120
10-yr 43.4s
Feb15
-- 1935 83 87 85
91 12 894 9514 8434 91
91% 9112 9334 9034 9312 9114 93 89 91%
10134 10318 10112 10234 8913 1014, 86
84
83 8614 81
96% 10012
98 102
104%10512 102 10518
10078 103 10018c10212
9714 9812 954 98
- -- - 50 5514
Thila 1-0312 103 104
108 10814 108 109
57 8314
AS
75
9412 10312
76 101 14
9(11
67
4514 50
101 12 10312
9378 108
5734 6812
7212 80
85 96
757 8542
65 771.
45 451 ,
101,2 10212
100 104
64 7312
75 85
88 95
7712 87
71
84
40 42
10018 101 12
100 10212
57 653. lanadian Poe 4% coup deb 0th
Coll trust 43.4s
5834 71
1946
74 928, 5e equip tr temp ctf
1944
Col trust 5s
1954
6012 c7734
434s
Gol trust
59
72
larolina Cent 1st con g 4s.1199649ft
._ _
_
10012 1-6112 larolina Clinch & 01st 5s 1935
1st & con 68 series A.. 1952
80 9712
59
65
774
7034
6334
7414
85
7714
75
5734 c6238
7114 37414
8212 8534
72
78
7012 7512
64
— ---- 8g
-77 85
60- -94-
6034
7612
81
75
73
89 -55887s 87
6914
81
88
8314
80
5912
6412
70
6734
6312
-66- g
91
72
6112
7612
86
7512
72
20
50
.4 712
6112
70
6478
60
17
59
6434
8218
687
6412
17
4734
54
68
6112
56
17
57
6114
7734
6812
6134
17
8514 59- -59 - -54- -58 -
__ lent of Ga Ry 1st g 5s Nov 1945
91 .___
i0334 I03 --------95 1001, 90 90 91
72 81 c81 --------63 63 55 65
Consnl gold 5s
37 -i11
70 75
30
4414 19
9434 9512 77 9412 747 86% 75 75
5
,- 6
44
84 50 4814 5312 4212 4414 16
-5
,
26
20
49
Ref & gen 514s ser B _ _ _19
47
95
43
9 -i'"C2 41
50
47
16
.
85% 85% 5212 70,4 5612 57
3112 ___ --__ ---- ---- 1278
30
36
35%
33 4512 18
Ref & gen 5s series C._ _ _1959 251z
3134
1612
1212
70 7934 70 70 --------40 47
15
2012
24
20
32
243
4
31
3612
2512 38
Mobile ply 1st g Ss
. . .
. 95 95
..
671z
lent
iii
6
.
12
New Eng 1st gu 4s. _I196
---1 ---- ---- ---65 -ii12 6i12 -7
946
564 -8-612 6934 83
.
8E4 -89
73 6012 62 --------4912 53%
6478 6414 6514 65
88,, ----------------35
_
50 :ent RR & BIER of Ga col g
- 5s.37 62
_
9412 95 --------8812
4514 4514 39 4612 40 4014 35 35 ---- -93 9812 Central of NJ gen g 5s_ _ A987 45 50
1131s 11334 107 11318 107 10814 100 10814 99 105
77 81
80
75 8512 76
8
94
897
90
92
98
90
Registered
112%112% ----------------------100 100 ____ ___.
9014 c94 --------8712 90 ---------------- 74 74
General 4s
- - - - _ - 973 97% _
82 82
6
76
4
51
,
ii
8
-,
-51-1 1.52
ii .entral Pac lot ref gu 48_19
999 - - ..7 94
3-4 9612 9812 5i5j2 Ili'? 55 -tii
Ai‘ -66
7714 gg S68 -ii12 34713 7418 50 69
81
-81-72 7a
97
97
96
984, 95% 95,, _
.
___ ____
_ .
Through St L 1st gu g 4s 1954
63 69 60 66
7712 7712 7234 7234 68 75
Guar g 5s
6012 -81- il57.8 -90
8
.5i2 -6678
1960 ..,,,,..
102 104% 96 10314 95 101
34 4973
59
7512 3334 58
768 7434 79
On -i812 66
ia
95 10234
9912 10178 9584 103
9914 10112 9934103
Ches & Ohio 1st cons g 5s41939 99 103
_ _ 978 98 ---- --- -.,- _-_-Registered
72 -8612 7018 -85
Gen gold 436s
1992 87 03,, 8712 9014 38434 -51- 83 89
Registered
10412 104%
7612 6012 7-613
Ref & impt 43-4s ser A..1993 77 84
56 ii 75 -77 6634 -741
75 81
8014 83
8514 90
85 95
90 90
100 10278 97 101
60 74
7612 62
Ref & imp 434s "B"
77 864 74
81
84
81
1995 7512 83
84 8914 71
94
89 9812 83
10012 10214 96 101
1
-,,
- - -.77= -,------_
_1940
993
4
993
4
_--_
9911
9934
Craig
Valley
1st
g
5s_
10014
100
,
4
100
4
10014
10014
10014
103
10158 102 10314 10334 103
S76
274.4
79
7514
_ 72Rich & Alleg Div 1st con 4s'89 $75 cSC12 77,8 81.
80 -81-12 - _
97 9912 96 9712 934 95 ----------------71
it)
- -i6
2d cons g 4s
_.
70 79
1989
___
03 93 --------80
04
944 9414 94
38.8
4
402
11-11
37.12
36
4
6
40
43
48
Chic
&
4512
54
4
12
4312
Alt RR ref g 3s_ _ _1949 40 47
42
6712 6934 64% 69 60 65 45 6012
Ctfs of dep stpd Apr 1•3I lot 40 4712 42
4514 45 4734 -----------------------4514 45 4912 3812 45
65 65,8 65 65 --------38
793
-------7918
794
4
3
794
_
_
Chic
&
793
3
1
73%
__
___
____
Alt
Ily
1st
1
.334s_
.1950
79
79
7934 79
7934 7934 7934 7934
73 838 75 81
7912 80
Div
808 84
8 79,2 8312 :hie Burl & Q-III
35.,,'49 7912 -81-78 -79- -81
9338 9058 933 90 93 8018 92 82 835
91
8934 78 86
89.1 8214 8814 76
86
9012 91% 84 8512 Illinois Division 4s_ _ _
1949 86 8912 8678 88
993810038 9834 10038 95 9912 9158 94
8718 78 8634 74 8512
,81 SI
1958 84 8818 8212 8538 8414 88'
98% 9934 96 993 9218 9752 8612 9534 88 91 18 82 8912 General 4s
1st & ref 4 34s ser B
89 9434 82 89
84 8814 8134 8412 8138 825 74 76
1977 85 8734 81 85
10212 10378 100 1033,, 9734 10112 9012 97
9714 6' 9312 70 8812
1st
&
100
925
9312
983
4
9912
107%
ref.
5s
99
10314
104
965
8
ser
93
97
10014
97
A_
_
_
_
.1971 95
11018 11034 10512 10914
5014 5014 52 52
50 60
70 7012 65 65
92 93 85 90 90 90 70 7514 Chic & East III 1st con 68_1934 65 68
85 93
7
11
8
12% 712 121
1612 1024 12
1612 13
1612 2984 718 1875 Chic & E Ill (new co) gen 55•51 12
16,2 26
32 4 16
24
32 -3512 24
Chicago
75
97
87
& Erie 1st gold 5s 1982 8038 8038 80 8612 8214
---------------- 797 80
10612 10658 10418 10634 102 10718 928 9812 9212 984
4 314 24 38
50 5712 3512 5012 Chicago Gt Western 1st 45 1959 47 564 50 545* 46
5412 3414 1
4912 58
50 66
6112 66
65,4 c68
,ChIc Indianap &Louisville
32
32
38 52
56
51
Ref g 6s
60 60
1947 55 551 5012 55
10512 1051 -------- ----------------5312 5312 50 55
35 35
42 46
46 48
Refunding gold Ss
50 50
47 47
1947
17
24
25
25
375
1st
&
28
gen 5s ser A
35
2912 35
29 42
1966 2478 -30
378
66 ----------4212 4834 3612 40
20 23
18 28
1st & gen 6s set B_ .,May 1966 28 40
3934 29 35
3912 39%
36
3012 40
40 48
36 50
75 774 73 75 60 60
Chic
Ind
&
_
--7,...-•
_
___
Sou
____
-77_
50-yr
4s__
_1956
---80
80
_
_
.
,
91 ---- - .-,7
91
---- 9034 91
49 -62 50 -59
Chic Mil & St P gen 4s A_1959 571 -66
67
5 5014 -66
i§14 -63-12 60 6614 5712.
7212 797 60 -74-18 6018 -66;
8218 -631 79,4 84
--------53 53
5714
Gen
g
47
50
55
ser
B
_
55
58
_
1959
55
5312
53%
5414
51
51
May
33-4s
56
--------55
727 727
72 72
60 6338 57 60
5258 6412 Gen 43-4s series C
65 69
1988 62 70 6412 6512 64 72 69 69
76 85 6714 74
9112 928 9014 92
52 6011
52 65
Gen 43-4. ser E_May 1 1989 5 12 70
55 65
6512 6712 6654 7112 65 71
8914 9234 76 893 6712 768 6T's 72
9314 94
..p..
60
--------60
71
434s
series
6514
64
58
65
77
72
84
6612
65
7012
73
69
MaY 1989 59
87 92
9512 9612 93% 97
24
3512 Chic Mil St P & Pee 5s. .._ .1975 3012 42
2912 31434 24% 1378 23
3312 3934 29% 3912 24
45 5618 35 988 284 4212 26 41
5614 67
57
7
95
5
2
27
55g
Conv
7
518
adi
58
9%
15,4
1014
612
7
1112
.
2000
154
83
4
113
4
814
1112
1812
21
17
20 28
41
50
5714 4414 46
Chic & No West gen' g 3(4s•517 56 58 61 61
7
48
61
57
61
64
45
5512
69
6134
7318
73
7534 7778 7358 7712
5412 36 54
36
1957 61
63 6712 55 60
70 60 65
53 6212 General 4s
67 74
79 8434 70 70
85% 87% 82 87
481449
501,55
Stamped 4s
1887 69 70 --------62 65
62 62
67 67 ---- ____
87 88 ------------ ----70 74
597 60
Gen14
36sstpd
Fed
-------60
_
_
_
Inc
tas
•57
60
72
72
.
„
.
,
_
_
,
_
10134 10212 10034 10214 983 -9834 85 85
5412 65
647
8
5498
65
72
77
80
67
79
14
67
83
Genf
Ss
stpd Fed
Inc tax 1987
85 87% 8638 -8612 70 -71-4
08 c108
105 108 10358 107
51 63
Sinking
65
fund
55
73
deb
865
85
52
1933
55
7612
62
80
7612
80
754
100
---------------98
102 102,8 98,2 10012
Registered
_
---------------------72 72
72 72
60 75
___ ____ ____ ____ ____ __-- ____ ---- ____ ---- --15-yr secured g 63.4s____1936 7612 87
53 65
65% 92
95 1015 92 100
75 8512 8014 84% 66% 8118 55 67
10314 107,4 100 105
10634107
1st & ref g 5s
1812 291
25 33
May 2027 47 57 4334 52
30 36
50 6212 3012 50
33 50
74 844 6212 87
90 934 84% 92
1st
&
ref
4
34s
May 2037 37 46
5312 60 50 5712 25 50
3614 4234 35 4334 2512 3438 2212 2912 15% 26
80 6512 75
71
82 83
1st &ref436s ser C_May 2037 37 461 38 43
17 27
32
46
20
28
35
25
58
4312
35
45
63
5154
704
78% 64% 77
80,2 8312
3412 1312 22
812 1434 83 1512
2814 4912 23 3112 Convertible 4144s series A1949 2512 39
22
2612 34
48 6434 4314 54
56,8 68
67 82
53 63
5414 64
73 8312 73 79% 62% 7012 Chic R 1 & Pac Ry gen 4s__1988 6712 80 6518 73
68 7534 5858 69
79 85
89 c9012 86 90
20 341
34
Refunding,
19
gold
51
59
4s
1934
3212
40
56
83
73
8312
69
8914
513
4
73
50
54%
67
7712
70 9112
9012 95
35 58
18 30
Secured 454,ser A
72
56
1952 46 6314 5012 5634 4312 57
33 4318 18 30
6012 69
6812 7812 69 75
77 85
17
4018
Convertible
10
gold
15%
25
454e__1960
58
10
38
15
27
3012
61
4434
48
5
50
675
8
2712
35
96
5214
72
71
8112 59
Chic St L & N 0Gold 5s
72 6012 62
72
75
46
46
1951
6518
57
65
------6518
88
6513
88
9912
9914
1033
8
102
102%10278
Registered
June 15 1951
____ 6412 641
------98
_ 70 70 _ _
_ ____ _
-463-4 -iii
Memph Div 1st 4s
1951 -15f2 igi, - 9- rii- -&-)- -g6- -_--Chic S L.& Pitts 1st con 58_1932 ____ ____ 9914 9958 100 10014 5512 1-6014 5558 we
6938 98'8
_-_-_-..
____
-5i
i2
1612
55
ith__
iiii4 ioii2coi ._ _ _
97 97
Registered
30 36
38
32
4512 3612 45
4314 51
26 40 Chic Terre II & S'east Oat 5s'60 -,-161.2 -46 - 34
36U42
-Th19
Income guar 5s
2612 15 2334 14
1960 26
20
28 34
28 IIV 33
37
22 32
35 39
25 35
567 574 35 40
6412 65
90
1st
A
847
Chic
Ste
Union
94
434s
1963 90 94
8812
86 94
861281 9012 897 92
84
92
97 10234 92 997 93 97
103% 105 10212 105
1st 5s set IS
8 90 100
1023
93
974'101
10012
9718
94%102
9818
100
4
10418
9912
101
1013
100
1037
8
106 106% 10512 10614 105 1063
Guar g Ss
196
44
3 947 9814 941419578 95 99
95 9812 94 9614 92 94
98 10034 94,2 100
98 102
105 106 1054 1064 105 106
1st 634s ser C
1963 196 109 1063410818 108 110% 107 11114 105 10912 100 106
(1 11211212 105411012
115,2 11612 115%11612 111 11612 11012 115
Chic
&
W
I
cons
50-yr
5
74%
56 70 55 62
45_1952
73
64
79
63
6314
70
54
1397
8
7314
,
70 76'
90,2 9)4 82 924 76 87'4 7173 82
55 59
1st & re( 534s ser A
1962 68 8734 76% 82
82 8512 8212 8514 6518 80
9414 10014 00 935 68 93
105 10534 9912 10512 91 101
90---------90
---------------95 Cm n tlam & Dayton 2d 434s 1937
00 90
9512 9712 96 96 s91
_
71
100 100 -----------------------93
9212 9212 89 89 Cm n Indlanap St L & Gist 4s'36 ---- ----91 9
9914 9914 9914 9914 9818 9818 98 98
Registered
8585
____ ---- -___
_
if
_ ____ ___ Chi Leb & N Ist con gu 43_1942 75 75 --------77''
_ _
_ _ ___
-oii2 lit; _—_-_ . _
oi ii 65 ii 86 ii
93 95
6l7-8 55 -Iiii2 87 -90 Cin In Term 1st 43,4 s_ _ __2020 85 8712
10378 106 115134 15:41-4 -98- 1-06_ -9518
94 98
9712 98 9558 9734 1st mtge 5s series B w 1._2020 96 98 95 9712 97 99 9618 9834 9312 99 56312
__ 1-___
66
70 7014
73 7312 68 72
63 75
77 80 70 75 1:1ey Gin Chic & St L gen 4s'93 68 77
78 84
50 5112
-iii4 -ij'-4 -ii54 -92i-2 -}111,4 -60
75
75
78
75
95
99
ser
C
1941
95
951
95
95
____
_Ref
&
imp
6*
102%103
10412 10412 104 10412 102 104 ---- --__
51112
41
62
--------5034
1963 68 7512 70 792 76 84
89 9018 5112 -893* Ref & imp 5s Ser 13
10312 10404 9812 1034 9734 991 813 90
s Deterred delivery c Cash sale
10614 10712 107 108
10312 108
10012 104
10134 10478 97 103
io.-CcicTi —55E2 icii- -55i4 1661-4 -55i4 16- -iiki -ii1;
lags 1-6i- --------------------------------80
80
6312 --------71
Financial Chronicle
744
July 30 1932
New York Stock Exchange—(Continued)
1931.
1932.
July
Oaober November December
August September
Low High Low High Low High Low High Low High Low High
6858
80
66
71
75
itiii4 166
(
4 16E" 166- ioa- 16-8-2 la" f6i- --------94 94
98 98 ____ ---lops 1052 --------100 10082 ioo 100
_
---- --- - - -- - ---- ---- ---- - - -- ---:-. -- -- -- -- -- -- -- -- -664 -t;i84
105121iO4" ioi12111i- :::: "::::::: :___ ____ ____ ____ ___.
10312 10412 103 104 10014 11212 __-- --- ---- --- ---- _-Ho82 11114 10878 111 104 10934 10218 1-06
91,4 1-00
95 1-05
95 10334 90 9618
10812 10734 10614 10614 10412 10612 100 101
10278 10334 10134 10312 9512 10212 8812 0512 89 93 80 9012
___ 92 95 92 92 ____
_95
74 -914
91
9212 95
MEI 1615-2 -654 -697-8 -61- -96
60 7134 54 6312
4912 64
6112 73
86 87
84 84
---------------------------75 75
85 69 8234 50
84 9512 7512
85
65
71
7912 71
8234 --------71
_ _ ____ 75
BONDS
CLEVE C. C.ST.L(Concluded)
Ref & imp 450 ser E____1977 62 7114 65 69
6412 7134 54 6114 2814 4614 3478 43
Cairo Div let gold 4s____1939 7618 764 75 75 --------8112 85
804 804 ---On Web & M Div let 43_1991 65 70 --------61 61 ----------------5912 -6-0-St Louis Div let col tr 461990 65 65
68 68
72 7412 ---- -_-- 71
71
65 69
Spring( & Col Div let 48_1940 --------------------------------7112 7112 6478 71
1934
Cleve Col Cin & In be
____ ____
tc
4 1 14 ____ ---- ---- -Cleo Lor & W con let g 5s- -1933 97 97 ----------------90 94 --------96 96
Clcv & Pitts 4530 B
916
91
aso 2.2c
1977
Gen 434. series A
_
___ ____
Cleve Short Line let 434s.1961 iii4 -14- --------80 "17-82 ___. __ ____
Clew Un Term lets 6534, A 1972 9512 1031 93 9612 92 9712 87 -923-4 71 -8614 63 -7-3-78
1973 92 93 88 92
lets f 5s. ser B
85 9118 75 8514 55 78
534 70
1977 81
841 80 8112 7012 84
let a f guar 440 C
70 7814 55 7178 55 60
1945 8812 8812 ----------------85 85 82 82
Coal Ely Ry 1st gu 4s
Colo & So ref & est 434,1933 8414 91
88 93
84 93
78 85 65 78
60 -75
Gen mtge 434s sreles A-1980 62 70 65 70 63H 7078 56 65
42 47
35 46
Col & Hock Val let ext a 4s 1948 --------75 75
9512 9812 8912 98 80
---- -- 9838 9838 9712
— 9158
9134 9234 ---- -_-_ 88 -9-0 83
9334
9712
9134
8834
79
8412
7912
75
---74
69
45
2
621 37
72 68
64
4958
--8484
3712
56
60
5514
___ c,onsoi Ry non-conv deb as '64
Li" iii ____
--------44 6-45
Non-con' deb 48 -I & J 1955
1942
15 126 Cuba Nor Ry 1st 534e
25% 33
11952
Cuba
RR 1st 50-yr Is g
32
3578 52
1936
let 1 & ref 734s. set. A
4581 4912 35 .40N
1936
45N 4712 37'_4312 let 1 & s f be ser II
...:0
1943
84
92
76 8634 7414 8012 Del & Hud 1st ref 4s
1935
9914 105
9914 9914 834 9914 Convertible 5s
1937
15-year 534e
9914 102
9478 100 8412 90
71
753 5778 7434 46 64 Deny & Rio G let cons 4s_.1936
1936
Consol gold 434s
8178 8178 60 7412 59 62
2414 3612 15 29 Den & R G West gen 5s Aug'55
21
35
1978
3258 4314 5s series B
20 43
35 52
--ii- "ii
7318 7314
3612 44
6112 65
72 73N
70 72
75
74
3512
53H
58
58
9478 9714 903e 9558
10512 10512 _ __
--34
10434 10514 162 105
944 82 911.
91
90 941
941 96
56 6434 41
5614
62,2 7314 50 62
90 9378
9912 103
994 102
77 864
82 88
28
48's
3978 5412
54
5612
25
29
48
45
-ii
5718
3478
47
49
49
January February
March
May
June
April
Low High Low High Low High Low High Low High Low High
14134
iii
50
1934
3012
354
36
"Eli'
50
53 -5714
18
2012 21
30
371 35
45
35
38
37 40
30
38 --------35
7634
8212
204
53
56
254
36
8218 8114
90
91
93 89
69
6078
70 36312
38
25
4934 3818
Temp ctf oftleposit
---1
-- —5
--------Oct
1995
Gold 4s
___
_
lais 10312 102 10318 9912 10014 8612 90 -86- -97-- -66 -9014 Detroit River Tun 1st 450 1961 85
_
— 10412 1041 10458 104% _,... _ . Dui MIssabe & Nor gen 58.1941 ____
ioij2 164184 ioi14 114
4 ii5i82 fo3
98 10124 9882 10014 85 -98-12 Dui &Iron Range let 5s...1937 963s
1937 ---46 46
48 46 ------------------------397 3978 Dul So Shore & Atl g 5s
---- ---- ---- --
---_
4
-26-14
3712
4114
38
41H
1734
25
34
35
-4112
2438
3434
364
35
164
20
29
31
-1-7-7g
2512
35
35
16N
18
25
24
85 283
87
01 100 100
9212 95
95
67
59 66
68
6218 6634
34
20 35
441 28 438
7218
89
8714
40
45
16
28
8012
89
9214
60
50
22
30
63
87
8434
33
38
758
1218
7834
87
8812
4318
46
1614
26
62
-tii
ii
-3-1-
ii
7434
29
3312
7
10
1718
23
30
21
7718
-8012
45
44
1212
18N
4
.--_
East Tenn Vs & Ga—
1956
Con 1st g 5s
___ 100 10512 10114 104 --------87 9934 87 87
1614 107 101 10512 98 10258 ____
___
_ _ 8812 88,2 Elgin Joliet & East let g 5,1941
1996
85 89
87 8878 7718 8734 7018 -76
- 53 6718 Erie let con g prior 4s
__- -6518 -7614
_
__ _
Registered
___ ____
8012 84 ____
let cons gen lien g 4s____1996
75 784 63 -76
578 -71-7-s 5434 -(11- 16 -91- -56" "Ea-___
_ 5712 578 ____
Registered
_ _ __
. .._
__ ____
1951
9934 169 1995816n ioo 166 10o 160 991,100
9982 -9982 Penn coil trust g 4s
1953
50-.'ear con 6 4s ser A
7114 76
65 7112 55 68
30 42
52 60
44 56
1953
50-yr con g 4s 5eri)
74 76
63 71
5834 6812 62 60
42 5584 29 42
1967
Re; & Impt 5s
741 8138 6412 75
26 42
531 7034 50 59
39 80
74 8114 6434 7414 5212 7012 49 59
39 5934 26 4134 Re/ & Imp 5s of 1930_.1975
EH.. & Jersey let .6 6s_ _1955
11178 11238 108 11212 102 11134 96 98
80 82
98 100
111 11212 108 112 100 11012 95 9834 96
Genesee RI,RR lets(6s 1957
99
75 75
89
____
97
----
80 80 80
9812 9812 98
9834 9812 97
- — .--_ 3212
80
195
98
9812 96
3212 24
_ _
1912 65 11'6
25
17
17
83 8412 80 83 84 87 s89
74 66 72 65
8434 8612 8512 8512 90 959
7582 5012
7 6
95
042 5
80
334 6
80 8
50
64
7314 70
74 25833
6612 6612 ------------------------5732
47 5712 5612 6212 4814 6314 37 50
29H 44 52812
4812 4812 54
55
57 58 ____
9912 9912 9912 9912 9912 9912 9912 191-2 -356i, -66-2 -6638 5112 45 4634 37 4812 33 39
25 35
20
37 4812 4112 4712 39 494 30 37
22 30
22
35 4934 3778 46
30 46
23 31 14 1514 2512 1334
35 49
38 46
31
4512 23 31
1438 2512 1314
90 93
90 90
86 8812 78
86
75 76
7478
7534 7714 83 86 - _
- 8312 91
80 85
75
4212 4212 Fla Cent & Pen cons gold 5s'43 30 4212 37 37 --------30 35
65
32
5214 60
4712 5618 47
6014 45 50 Plod. a East Coast let 434, 1959 4478 4478 4418 50
812 let 6c ref 5s ser A
1974 4
712 5
6
5
c7
4
CO
1012 3
3
vs
6
Certificates of deposit
5
612 5
6
5
5
__-312 5
234
12
10
1114 912 17
1214 818 10 Fonda Johnst & Glos.4 40.1952 12
8
818 8
(Amended) 1st con 434s.1982 ----------------78
8
9
91
_
D ity 1st 6s_ .1961 -------------------------------- 81
Ft ort
_ _ 1051,1051,105 105 - 100- 1-95 - 200 100
555•
97 98
ioir4 194-84 104 10414 10034 10212 10012 10012 9078 10012 -_—. ---- Prem Elk & Mo V let(ie.__ _1933 ----------------90
85 93 83
75 75
74
19 2212 15
.._-- ---- ---16
18
1334
85
76
75 65
2212 834
-___ _--15
7
81 --------65
_
7312 6012 6314 51
16
7 10
818
--__ -_-- -___ ---15
718 12 10
96 gaiz -86,2 -io
6612 661, _
85 4582 5E12
_ Gal• nous & Hen let 5s.,.1933 ----------------65 65
1945
1
712 14
lir, "
14
ii5;-154 IA Ga & Ala let cons Se.
Go Caro & N 1st gu g55
86 88 ---- -___ 50 50 30 54
45 45 ---- ---- "
13
'1.1954
____ Georgia Midland 1st 3s____1946 ----------------63 63
.Gr R & I ex 1st gu g 4 Ha---1941 ---------------.200 390
iiii12 fo-ii; :::: """: ion" 166:::: ":” :::: "":: ::::
11214 11314 1121211-3-38 9434 11334 9518101-3-4 9512 112
85 16-76 Grand Trunk Rye? 7s____1940 9238 9538 94
9812 9712 99
15-years f 6s
107410878 107 1077h 8412 107,2 85 98
193 8712 9134 9038 39714 95 97
8318 93
9212
_ _
_
98
93 Gt Nor gen 7s CB & 0con A '36 92 9834 8912
let & refund 434,ser A 1961 81
82
85
79
Gen g 534s ser B
8134
1952 73 85
75
Gen 58 series C
75
1973 7134 78
7212
Gen
1976 66
434s series 13
6812
7314 65
1977 64
7314 66
6812 Gen 434e series E
Green Bay & West
6
812 7
514 Deb certificates B
7
512 556 5
5
5 ____
_ _
_
5316 57 --------51
30 5012 Gulf Mob & Nor 1st 550. _1950 43 50
56
4614
let m 5s ser C
1950 39 50
Ea "
ii 65 6558 50 57
5
45 5238 39 39
4978
-___ ---- _.-- -_-_ 100 100
_ 465 s65 Gulf & S I 1st ref & ter 5.1952 --------25
98 98 ____
98H 10712
95 9714
8518 1004
82 9134
71
88
63 86
981810512
90 9512
85 93
70 81
65 80
6438 82
95 104
89 92
78 96
79 84
70 80
65 82
83
75
66
6812
5614
56/
1
4
8. i -if
10358 10434 1004 1047s 92 1014 8338 92% 88
9714 100 10014 10014 100 1004 ---- ---- 93
_
_
102 100 10012 ---- ---- ---iiii 16i82 ---- --100 loo ____ ---- _ r __
102 102 100 1-00 ___ - ---- ---- ---- 100
10178 102 10114 10114 ----------------98
9814 100
94 100
86
78 c9878 85 02
7712 7934 70 7814 6214 72
54 6314 57
9434 9434 9434 9434 9434 95
9178 92
85
91
93
---_-1-00
100
91
67
791 90 Hocking Val 1st con 434e.1989 80
_ Housatonic RR con Si.,, _1937 79
- _
8 "ii uou.& Tex C 1st 55 int gu.1933 ...„
1937 ------- ---- Houston Belt &Term 5s
Houston ll: & W Tex let 55_1933 9434
1st gu g 5s redeemable...1933 ____
---- -70 -86 Hud & hlanh 1st & ref 5s 1957 80
Adjustment Income 58_1957 53
49 59
8612 83
85
-6- 5i., -ii
54
8578 86,8 214 -81 2164 -8W4 --------,45
2
81
83 6884 794 55 714 57 60
35
54 62
74 7812 644 7512 52 62
33
4812 60
52 59
9638 9912 8812 9512 8034 9034 ---- 70 70'4-,,106 107
99 106
85 102
50
83 -8-812 8238 89
73 8334 624 7334 44 63 4112 57H 3534 5470 24
_
-- 79 82 ____ ____ ____ ____ ____
6214 -5-4 i5j-8 -if 70 70 ---- --- ---- --- --7612 7612 774 7934 715s 71,N 65 -65 ---- ---- ---- 7218 7218 -_-_ ___ __-_ _-_---_ -i5_
-661-8 Ws ---- -__ ____
91
92 ------------------------ 80 16 -56
70 8334 53 7212 5212 62 44
84 89
747 8012 62 75 49 6512 46 450
47
96,2 0612 9558 9558 9114 9114 ____ ___ ____
---- ------ --- ----_ 35
io2i4 1-63-- 103 1-03 95 1-034 101 10312 9314
68 8012 58 6812 58
854
3 8872 7658 87
2812 45
30 37
4612 6012 44 60
18
72 7814 6312 7278 61 6514 3934 456 50
45 6212 44
7634 7814 65 72 6018 64
86 67'2 5514 6614 5312 65
35 64H 43
40 62 40 48
45
60 7214 6112 66
54
4938 53 4712 4934 3812 46
3812
51
9
9 ____
536 5
—
WS VS 5
51e ____
5
6
---- -- 658 --658 6
114 112 112 2
3
114
212 478 2
9612 9612 9438 9438 -- -___ ---3,84,2 9038 83 90
_ ----- 74
80 84
60
,
1 93 80 9038 __-_69 7712 6114
76 81
771 81
90 9434 77 81312 70 8312 68
S Deferred delivery. C Cash sale.
6614
8
64
388
574
4111
-6i2-,,
264
25
23
2334
7472
77
3478
5112 43- -45
412 3
311
278 212 314
8
5
5
81
----90
_
li Zit ii,
, Nis ig,z
10938110', 1034 10912
9834 10012 95 100
10714 10834 97 10578
10118 1034 874 101
94
9618 8518 94
9414 9612 8238 9412
_
ii "sii
17 17
--_
—
-79
8812
79%
____
_ _
65
6014
58
5734 31
24
53
_ _
ig 5598 ---72
35
35
12
5612 29
35
54
2512
63
55
35
4218 19
53s 318
21e
_ _
112 1
___
_
-i6
6538
7512
____
.___
4012
574
48
49
_-Wu
3712
____
----41/
.
-6-6
9512
84
82
7812
69
694
8812
77
78
7314
6434
64
9812
85
83
7714
7378
7412
16
fits —514 -163-2 —54 -II;
15
15
85
94
91
-90
99
96
6912 89
74
84
63 7212
60 6814
53 58
5434.64
20
20
47
61
54
56
49
45
73
80
6212
6014
5758
56
_ ___..
__
3
3
2
3
-4-7.12 467s -5-0
40 44
20 20
50 -_-- ---- ____
__ _ _
30 _--- ---- 40 -4-0
22 -40
8612 8512 8534 --------81
8012 --------88 88
88
__
--._ 38012 8314 88518
_
---- --__ 8734 89
87
-94-3-4 _._
._
___ 396 396
9512 16 ____
-86
8038 8434 8012 89
69
60
57 60
5512 64
4412
86
88
88
87
20
2012
__
9314 -92i- -65" -3-41
4
9118 0434 9012 9272
4512
65
3812
44
42
40
68
73
5912
56
4834
50
----2612 1612
20 35
66 7212 72 7834
88 88 ---- ---____
8412 14-1-2 -iii- 85
___ 94
-8078 60
5534 27
Illnols Central—lit g 4s._1951 80 388 8212 8512
----------------77
Extended 1st gold 334s.,1951
___ 6118
Collateral trust g 4s
1952 52 -Ici
ii18 -5-4- 564 -i.5
ii -5234 30
1st refunding 4.14
1955 42 56
4212 504 49 5434 45 4834 35
Coll tr g 48 L N 0 & T__ _1953 4514 524 39 4734 40 48
35 43
26
1955 46 51
53 57
53 5858 5514 60
55
Ref 5,
15-year secured 634s.. _1936 5912 8234 66 7912 6412 72
54
66
35
AugI 1966 35 52
40-year 430
35 45
3512 4312 31
37
19
Cairo Bridge gold 4s.. 1950 ----------------56 56
50 50
Lou'v di,& term'l a 354-8 1953 ----------------55 55 __ — ---- ---5(1
Omaha Div let g 3s
St L di,11, teem 11 33
19S1 - - - - - - - - - - - - - - - - - - - - -45._
Gold 320
1951 5r
57
-,- - - Western Lines 1s6 g 49_1951 ____ ____ ____ ____ ____ ____ 4818 -51-12 ____
9-4- _ _ _ _
7714 6012 -711
4
4612 2712 3611
77
72
76
62 65 65
4812 29 47
46
35 461/
434 25 371/
55
42
61
38 511
5212
34" 31958 2612
2
- - 50 350
-5053 55
55
_
____
514 11-1-2
III Cent & Chic St L & NO
196 40 54
Joint lit 5s ser A
43 50
384 4712 38 411. 258 40
24
3633
let ref 434. ser C
1963 39 52
35 44
3834 46
32 3934 2' 12 381
_ Ind III & la 1st gold 4s__ _ .1950 ----------------------- - -------------- 2212 31 2
61
-3-fi (ndiedep & Louis 1st g 4s.1956 ----------------45 45
--- --— Ind Union gen & ref 5s A _1965 -------------------------------------1952
2 i
2 53
12
-5-8,8 Int & Gt No 1st 6s A
33
16
29,8 16T4 -2-612
Adjust m 6s ser A
1951 15 30
1612 20
12
18
23
5
8
2
514
234 8
1956 32 50
41
3912 1st Is ser II
4712 2812 4372. 22
26
13H 25
1412 21
lect 5s ser C
1956 3612 4812 4078 44, 30 4312 24
45
26
20 23
1312 20
3712 41
401 1 Intern Rye Cen Amer 1st 5s '72 3118 64
2858 41
29 3412 2458 33
29
32
1941 3812 501 1 40 41
5018 1st col tr 6% notes
37 4112 304 35
2714 31 1 t 2314 30
let lien & ref 6 Hs
1947 2114 26
2238 28
28
23 26
18 23
18
18
1834 20
538 lows Central let g 5s
1938 3
5
54 514 ---- ---- --, - -- 258 3
24 3
Certificates of deposit__
3
312 3H 312 312 ---2
.
8 -25E
.
Refunding gold 4s
1951- .--- ---- ---- ---13
H ---12 -- - - - - 11
-12
58 112
___ lames Frank! & Clear 1st 4s •59 ____ ____ ____ ____ 75 80 ____ ____ _
_. Kanawha & Mich 1st gu 4, _'90 ___
__ ._ _
_ ._-- - - ---- --- ioiy -3-6-1; 61 ii66 __64
51 -6312
.5;34 _70
-60 K C Ft S & M BY ref g 48-1936
- 45 50
3638 46
34 474
6112 Kea City South let g 3s. .19501 6112 70
511; 65
5912 65
52 6012 3514 C56
3638 55
634 Ref and Immo,Is. April 19801 36114 71 1s 264
6812 6212 681, 48
551 4 34
521 287, 39
45
41
Financial Chronicle
Volume 135
745
New York Stock Exchange—(Continued)
1932.
1931.
November December
August September October
July
Low High Low High Law High Low High Low High Low High
BONDS
March
April
January February
May
June
Low High Low High Low High Low High Low High Low High
9718 9818 983s 9818 90 974 13314 '92
8812 Kan City Term 1st 4s _-_1960 831
8514 9038 81
83 8578 8012 85
78 8434 379
/
4 80 84
/
4 871
8412
934 9314 ---- ------------8838 83/
1
4 82/
1
4 --- -___ Kentucky Central g 4s____1987 ---------------- 68
1
4 82/
___ Kentucky & Ind Term 414s '61 ---------------------------------- 928.4 93
84 84
.
121i81-62- 102 102 21 1711612 '22 -9-9 ii -81. iiis "76 Lake Erie & West 1st 5s1937 65 75
75
12 66 50 55
514 7518 8312
61
2nd gold 5s
75 75
/
4 8612 814 82 81 84 72 8214 7312 7714 70 734
841
79 79 ----------------72 72 ____ ___
94 9912 95 -95
11.•1- 115 10334 104 9712 1013s 99 100
9912 10038 -------- -97 9812 '9134 9134 90 91 ____
_
85 8734 77/
1
4 8514 g772 8012 6018 68 80 6712 40 -6i
1
4 74 9334 6934 75
70 74
4612 50
1
4 9914 9334 100/
98/
90 100 83 90 80 8312 4812 70
/
4 103
10234 10514 991
1
4 102 102 ----------------85 85
104 105 10334 103/
Lake Shore & M Sou g 31491997 7112 75
7012 75
Registered
1997
Leh Val Harbor Term 1st 58'54 27i2 -iii ____ ____
Leh V (N Y) 1st gu e 43,18 _1940 ---_
70
70
-__
Lehigh Val (Pa) gen con 4s 2003 4618 -58
55 59
General consol 4jis.._
60 63
2003 48 58
Gen con 58_
631
/
4 62 6414
2003 61
Leh V Ter Ry 1st gu g 5s 1941 ----------------
/
4 105 --------------------- ___ Lexington & East 1st gu 58 1965
1
4 109 109 1021
109 109/
106 10614 10312 105 105 105 ----------------99 99 Long Dock con g 6s
V:"
9754 9734 9734 98
97 9738 8712 8712 88 89
8212 9238 Long Island Gen gold 4s 1938
9712 10034 98/
1
4100 ---- ---_ ---99 99 100 100
_
Gen gold 4s
1932
--- ---_
Unified gold 4s
__ 8812 -8812
93 93 93 9417 9212 9212
1949
9912 9912 98 -99
89 95
10134 10134 10118 10138 10034 10114 -_--Deb gold 5s
1934
20-year deben 58
10112 10214 10214 10234 10018 10214 9378 9812 9312 9312 75 921
1937
9512 9834 94 9838 91
9412 8214 8812 85 88
71 7938 Guar ref gold 4s
1949
101 101 ---- ---- 10012 101
99 10118 994100/
1
4 98/
1
4 9958 NSh Bch 1st con go 5goct'32
78
7314 7478 8814 7534 66
67 67
9012 ----------------83
70 84 --------55 66
55
45 58
36 45
33 45
2712
55 5712 38/
37 431
1
4 45
/
4 35
6114 85
43 43
42 51
39
90 90 84 8934 90 90
80
73
7334
6.6'2
//I
65
3612
40
42
80
__-- ____ 7912 7912 ----------------61
70
974100
- --_ 98 101
95 95
95 100
82
-/
4
1 -85 --------86 884 --------89 89
ii
90
78
75
99
-7114
9012
80
7512
9918
70/
1
4
92
7512
73
99
7014
02
78
7812
99/
1
4
70 70
71874 88.
iii 16 --------71
93/
1
4 95
78
78
7534 82
9914 10114
92
784
74
994
7434 73/
1
4 731g
92 --------80 90
80
65
75 8058 75
82
70 376
70 75
9912 100 1001
/
4 100 100
5212 57
42 5312 38 4614 3838 4718 41 5012 35 4812 Louisiana & Ark 1st 5s A 1969 3858 43
41
50
37 48/
1
4 3818 40
19 3614 1518 30
94 9418 9312 93/
1
4 --------85 88 --_
95 95
Lou &Jeff Bdge Co gu g 4s 1945 73 73
75 ------------------------64 64
75
90 -9-0 Louis, & Nash gold 5s
1027s 1031
/
4 --------1011410112 100 100 95 98
1937 ----------------95 96
95 95
90 911
8812 94
1
4 94 9914 934 981g 8912 9212 9012 93
99 100/
77 881
Unified gold 4s
1940 8018 85
7812 85
85 8834 7514 84
66 8414 881
/
4 77/
1
4
97 97 _
_ _ - _
_
Rellatered
81
8212 ---- .. - ---- --- 7612 7612 80 81
164I4
974
lop.
eiTs 16614 iiii -66 ii 1i 1st & ref 5 qs ser A
inii2 166 ioa
2003 7334 80
78 -81- 8014 -84
82 82
54 8314 50 .
54
/
4 97 90212 68 991
94 94
/
4 8812 88
70 70
1017s 1031
Ist & ref 58 ser B
72 78
2003 7134 7434 72 75
59
7212 355
801
/
4 48 51
85 82 85 89/
96 9814 8814 9512 8014 9112 81
1
4 78'z 1st & ref 4%s see C
64 65
70 7518 52 55
4417 544 40 55
2003 6514 71
-_ ---- ____ -___ ____
- -- --,-- -7
93 93 - -,.Paducah &Mem Div 4s _ -1946 7012 7012 7512 754 80/
1
4 8014 7312 8012 --------68 70
69
6714
,,-89/
1
4 65 -6814 89 138 -85 ---- ___ ____ ___
St Louis Div 2d gold 38_1980 45 48
1
4 35158 5512 55 56 ---- ---- --__ ___.
45 48/
95 95
9712 101
9213 9212 8712 -8712 8712 -8712 Mobile & Monte 1st g 4ji a '45 --------81
81 ---- ---- ---- ---- ---- ---- -7,- _..-88 88 --------8278 8278 ____ ____
-03. 11/114 88 88
Southern Ry joint Mon 48'52
.2931
9412 9712 '91/
1
4 '9412 8312 90 8018 824 ____ ____ _
____
Atl Knox & Gin Div 4s_ _1955 ------------------------------79
---- ---- ---- ---- ---- ---_
74/
1
4 7534 75 77 ---------2081
6434 85/
1
4 '65 8514 54 59/
1
4 54 54
52 63 51
65 65 .65 65 ------------------------59
90 90 ----------------76
89 90 9014 91
/
4 97/
1
4 97/
1
4 9038 9518 ---- -_-_ ---102 10212 100 1011
/
4 78
761
72 8214 -_--___ -___ ____ ____
78 81
9914 1004 c108 C108 ---- ---- ---- -___ ---_
9512 17 96 9612 90 901 ---- -___ --- ___ __-_
9212 93 8858 92 90 90 --------78 -78 ____
18
/
4 15
10 121
12
11
8
12
15 181
734
13 --------9
9
9
9 --------7
11
4
8
5
5
2/
1
4 51
212 213 212 212 2
-_-- 312 8
8
8
8
8
8
8
7212 79 --------------57 35
54
70
82
68
50 54
36 50
38 50
3334
79 8012 68 80
85 65 70 70 5012 85
45
_ __
_
40 40
39/
1
4 47
35 38
33 33
18
193-4 -------- 40 40 ----------------20
85 93 90 95
79 9012 70 7738 71 75
35
88
50
87/
1
4
9412
82
87
784
84/
1
4
5912
82
82
75
82
811
/
4
52 Manila RR Sou Lines 1st 4.,'39 60 60
51
64 --------6012 6312 5212 53/
1
4 52
59
1st extended 48
_ 52 52
52 52 ____
1959 52 52
5812 65
52
7612 Mich Cent 1st gold 31,98 - -1952 77
75
77
75
7012 71
73
7012 --7038 73
7138
-_-_
Ref & lmpt 4).5s series C.1979 --------------------------------45 52
52
____ Midland of N J 1st ext 5s. _1940 ____
___ -- ---- ---- ------___ Mil & Nor RR 1st 41624(1880)'34 75 -75 ------------------------42 42 87
__-_
Con ext00(1884)
__ Mil Spar & NW 1st gu 48_1947 ------------------------50 ici
..
-10 Minn & St L 1st cons 5s
1934 --------225 238 212 212 --------51 -66.18 ---8
Temp ctfs of deposit
217 317 ___
5 ____ ____
5
6
6
24 1st & refund gold 4s____1949 14 212 112 134 2
2 --------4
4
is
8
Ref St ext 58 ser A
1962 8
8 ---- -1
1
1 ---8
Certificates of deposit
5
5
4912 .4 St P & S S M cons 46 stp-c-I '22 22 3-69 2212 -1i78 43 4714 ----------------35
4714
1st consol 55
27
1936 32 3234 34 39
3112 40 4812 37 43
15
50,4
1st cons 58 gu as to int 1935 4312 5114 45
50
40 5114 27
3212 13
2212 39
20
1st & ref 68 ser A
2212 --------21
21
1946 21
42 45
35 4417 ____
20
25-year g 5.q.
20 20
20 31
21
1949 20 20
2114 18 22
62
hat ref 5,
,i s series B
5518 59
60 654 18
1978 45 55
20 s13
1314 40
50
60
46
50
9418 90 90 -_-- -_
72 . 72 Mississippi Central 1st 5s 1949 76
_
75 75
72 75
80 ----------------75 77
72 72
72
53
49/
41
1
4 52
50 ____ ___ ____
__ 2018 29 Missouri-Illinois RR 1st 5s A '59 33 42
38 41
26 C381 25 25
1412 23
17
1
4 89
8958 85/
7712 8724 721
/
4 -78
1
4 8834 77 Slo Kan & Texas 1st 4s_1990 75 80
7414 -78/
7114 79
711
/
4 7412 86 74
5514 89
5512
9878 90 c9534 8112 92
75 8312 73 8218 51
8617 Mo-Kan-Texas RR Si A
1962 82 77
6478 7712 53 64
75 79
4018 $481 38
85 80 8238 85 8712 60 6612 65 87 40 60
Prior lien 45 ser B
1962 5212 874 6518 6612 61 68 54814 50
37 42
3118
88/
1
4 --------68 68 ----------------4312 56
Prior lien 43s set D___.1978 5512 68
62 6712 8212 6912 50 57
4118 50
36
51
82
7812 55 70 50/
34 4712 Cum adj 58 ser A
1
4 59 4034 55
36/
1
4 59
55
50
37
1967
60
3912
3914
13
26
512
89/
1
4 73 8612 68
79 57 88
5514 6834 4314 56/
1
4 Missouri Pacific RE 1st 53 A '65 48 6312 5212 60
371
2812 38
/
4 55
24 33
2334
6512 5112 59
401! 57
3812 4912 WI 4938 23 3714
General 4s
20 3512 13
1975 3014 41'2 3234 39
213g 7
1414 8
88,2 73 8212 81
7812 55 8812 5012 681 4212 54
1st & ref 5s ser F
5684
35
1977
38
46
5118
28
21
80
3317
22
53'z
1
4 72/
1
4 8112 621s 75
88/
53 8712 5114 68
43/
1
4 5312 1st & ref 5s ser G
1978 4534 60
5018 56'4 3512 5314 2814 3714 22 33
234
40 6314 4518 57
82 80 76
38 571 24 4112 Convertible gold 514s
19
1949 30 46's 35/
4014 12 2112 $814 1212 617
1
4 44
8812 73/
1
4 82 8114 79
55 6712 52 6812 431
/
4 54
1st ref gold 5s series H 1980 48 1.0 .5114 5612 36 5334 28 377s 22
331 22
1381
/
4 7212 82 80 79
5518 88 5012 681 43 54,4 1st & ref 5s series "1"
3612 54
1981 46 60
5.014 57
28 38
2112 34
2112
3d 7s, ext at 4%
1938
Mobile & Ohio —
47 4914 39 39
29 3212 18 2814 1712 2514 8 15
Ref & impt 4344
1977
63 58
3514 5214 35 4178 25 3012 25 31's 1012 25
Sec 5% notes
1938
93 93
9314 9314 9314 9314 8538 85/
1
4 --------75 75 Hob & Mal 1st gu g 43
1991
10878 108/
1
4 1087s 108/
1
4 104/
1
4 104/
1
4 ---- ---- 10114 0_14 ---- Montana Cent 1st gu 681937
104 104 ____
___ --._
- - -- --- -7,- 2.7.1st guar gold 58
1937
8314 8414 80 -84
78 -14 22i8 -7112 71 -7214 65 -73 Morris &
Essex 1st ref 348_2000
107 107 103 107/
1
4 102 102 --------99 10034 C958410034 Gonstr m 5s ser "A"
_1955
100/
1
4 10114 95 10114 954 9718 90 93/
93 84 89/
1
4 91
1
4 Constr m 4)4s ser -6
1955
104
15
7534
_ __90
69
___
74-
2312 14
1717
28
7534 72
--__ ____
90 ____
734 71
__ -86
-7714 70
53/
1
4
5214
711
/
4
57
---.
87
---_ --.
I
---•
-if
22
439
___.
-40
72
22
69
47
361;
40
229
32
139
319
309
111
311.
311,
2138 13
1814 10
14
614 12
24 6
2712 1812 23
13
18
94 13
212 7
72 --------67 87 ---—
____ ---- ----93 93 .389- -9314 :_-- ---.
---'
___ ---- ___ 585 385
82 82
-7214 7118 -7338 7134 721 6612 73 67 -701,
86
79 --------76 /9-14 iia Vi
I8
a
9314 0438 90 9212 ____ ____ ____
__ ____ ____ 5412 8412 Nash Chest &
St L 4s
1978
____ ____ ____ 7012 7012 -------- 46 50
474 52
10414 10414 1021
/
4 102's ---- ---- 99 -99 ---- ---- ---- ---- Nash,Fla & She( 1st
gu Is 1937 ---------------------------------------68 68
National Rys of Mexico
212 3
214 214 112 2
112 114 2
1
2
2 __4;is ass'tcash warr
No.3
117 2 ---------------- 112 112 --------18,
1957 2
s hI
2 ---- ------ -u
—
1 12 __48 ass't warr rcts No. 5_
_1977
158 158 ---------------- -------- 2
4
4
-9
4
2
,
-i
/
4 212 11
4 2
212 212 ---- ---- _ _4 Msass't cash
warr No.4 1926 212 212 1
4
2
18 --,,
48 ass't cash warr No.4__195I
1
1 ------------------------138 --1-18 -------66 66 Naugatuck RE 1st
/
4 7814 7814 ____
7
781
/
4 761
_ ____
_ ___
_
83 63 N 0 & Northeast 4 Sgs -,,-...1954
1952 kis I6:7-8 --------40_
90 9313 86 9113 74/
-i6 --------26
1
4 /83-4 7454 /834 7012 -7134 59 7034 New Orl Term 1st 48 ser A.1953
611
65 85
65 68
801
61
/
4 86
28 26 New On Tex & Meg 58 ser A 1935 80 65
_ ____
35 39/
___ 3812 3812 30 3812 -1
4
58 7017 42 --------49 2378 42
---6914 75
1st Is ser B
1954
2812
41
3318
3
.
7
30
384
22.
17
30
64 70
28
25
4912 56
38 45
4312 50 45 c47
1st 5s ser C
1956 33 3978 36 36
3112 36
-65
304 3012 18 25
45 55
1934 201
37 50
3412 40/
1
4 41
4713 28 38
1st 4 jis ser D
1956 30 44/
32
1
4 29
3014 3512 24
2412 1858 2018 16
1
4 63 7414 45 6314 38 48/
26
74 82/
1
4 4234 5712 2014 4214 1st 5 j18 ser A
1954 304 45
3618 4134 31
1
4 32
3912 24/
19
2514 19
25
100 100 100 100 100 100 100 100 ___- --- --__ _--_ Not & Gin Bd ge gen
gut
4
:is
'45 80 80
8212 8212
1013
4
--------98
95
95
94
/
4
-98
1011
/
41011
---- ---- ,N At Bkiyn & 51 it con Is.:_1935 9412 944
- ---- ---- ---- --- ---- ---- -29
— -8-91054 10712 1861
85 10238 70 8738 NY Central RR c•
/
4 107 4 95 108,4 98 101
deb 68_1935 83 92 -8
-53-4 -91/
-2
-- -8-7-1-2 -3
1
4 -88
-1-4 -9-1-12 -7
87 94
84 9012 79 87
93 95
-5
-1-8 -7-0-7-g 3612 58
75 84 80 77
Consol 4s series A
1998 6212 754 71
75
1
4 65 72
6738 80/
5812 7214 56 61
96 9834 8934 9633 82 94
75 87 63 83,2 5412 67
&
Ref
imps
4
so
set A.-2013 6512 7114 6434. 8912 58
95 9878 89/
1
4 961
/
4 81
52 5812 32
72
3217 441
9414 75 8634 6112 8312 55 67
50
When issued
6512 72
8412 6912 58 72
50 5812 32 50
31
44
104 10512 99 10478 92 10134 82 9178 71
92
58 7712 Ref & imps Ss ger C
2013 6934 7812 71
75
58 7834 5314 8534 37
83 85 811
312 51
7112 8012 7112 77 69 73 NY Cent & Hudson 31411_1997
/
4 831
52
/
4 80 84
3
7032 7312 37034 7332 72/
1
4 75
88 75 368
- 704 70,2 -7,_ ____ __ __
7518 38712 75
Registered
1997
__
__
___
6712 8812 70 70 ---- --- -- -ioori,, 161i; -oiF2 16i171 -6i:78 "9-97-8 94 9812 8638 97 78 861
/
4 Debenture gold 4s
1934 8458 -9214 ,8434 -92
9812 96
9814 --------85 85 81
87/
1
4 9212 76 88
9941011
/
4 96
51 -7.
55 -75
81
30-year deben 411_1912-1942 78 81
81
82
801 821 80 511
7612 80 7212 7612 68
64 731
7418 65 68
82 8318 754 84
Lake Shore coil g 3)4s.1995 654 70
.
87 72/
1
4 66 69
8212
70 70
663
4
82
60
711
/
4 72 - 68
65
.
Registered
esi 881 59 59
it iii4 .
es 70 ii -66 mien
i
-ii12 iii3 -ii 7058 77
en cent con 9 3._
4 1998 --------'
87 -6i- a6714i -i6- 85 4 65 4 64 64 -2.1- -i1,1
984100'2 95 99
85 90 80/
1
4 89
89 97
75/
1
4 83 1 Y Chic & St L. 1st a 48_ _1937 77
82
71
76/
1
4 73 82
74/
60 85 5934 74
1
4 77
63/
29/
1
4 85
1
4 6412 1412 3217 6% gold notes
6378 86,2
8612 9812 7512 88
1932 2258 57
45 58
5334 74/
1
4 2812 54
92/
1
4 5712 77
2212 35
54,2 73
24 35
48 62
3412 57
81
18/
1
4 33
Ref 95Ss ser A
1974 2412 4112 34/
1
4 4012 30 4812 20 31
14/
47 60
144 22
1
4 23
5014 66
39,8 52/
1
4 --------17 291
66 81
/
4 Ref 44s set C
1978 19 36
3114 3534 30 40
19
28
1212 2012 13
20
88 98 8814 9112 8312 90 NY Connect RR 1st
10212 10312 9838101's 98 101
43.s A 1953 81 85
791
/
4 85
--------75
88
88
7512
76
2
8
77
1031g
2
105
10412
.
104
93
,
--9912
98
98
------ 1st gu 58 ser B.
-1953 91
91 ---- -___ 904 93 ___ _.— 6734 68
8734 68
91
91 __-_ --.- 8834 8834 _ _
---- --- -. N Y & Greens., I. ritd a 5s. _1946
40 40
---- -- --- -__
2000 ii- Iii" "iti- -ii- -ii" ii- -_-_-_- --- iiii 69
ilii ioi 102 95 95 95 95 ---- ---- --__ --- Ist & ref 4 hs ser 11
jai
1973
75 82
78 78
8734 8734 ____
. ____ ____ ____ ____ ____ ___ ____ ___ N le N H & It non-cony 42..1947
56 -56
63 63
83 -89
63 13
83,4 -5314 -,-- r -- ---- ---- 70/
1
4 -72
48 -48
Non -convertible 334s. 1947 ____
___ 53 53
52
60 c87
51
7518 76
7612 -7612 ----------------50 50
Non-con• deb 3 Sits
1954 55 -55
5614 5614 58
46
81
5012 354 -454 35 -42
8418 70 70 601
47 611
/
4 70
1
4 8134 8814 81
/
4 Non-conv deb 48
1
4 85/
85/
1Q55 80 65 --------61
66/
1
4 484 5534 50 55
40 45
82 8634 8012 8818 6012 70 61
70 50 60
8534 87
Non-cons, deb 4s
1956 58 64/
1
4 63 8312 5514 68
5212 54
40 52
40/
1
4 42
76
65
8
7012
57,
8
773
7312
63
861
/
4
48
80
51
7834
Con•ertible deb 3 jis
1956 5114 55 --------58 58
4858 53 --------43 43
99 105
90 103
75 92
1141. 11712 110 11514 98 111
Convertible deb 6s
1948 88 95
8712 9212 86 95
4934 88
75 87
52 70
C Cush sale. a Deferred delivery
_ _
181, -
-ia., -8-0,2
4
July 30 1932
Financial Chronicle
746
New York Stock Exchange-(Continued)
1932.
1931.
November December
August September October
July
Low High Low High Low High Low High Low High Low High
97 105 98 10118 95
33
70 70
7812 8934 72 83 6712
9414 94,2 81 83% 81
105% 105% 104 105%
7212 75% 72 72
9234 94% 86 9312
9512 9512 9512 95%
9914
60
82
86
76
45
5934
79
8412
5518
70%
79
BONDS
June
May
April
March
January February
Low High Low High Low High Low High Low High Low High
N Y N 111 & H (Concluded)
1940 83% 90 87 91
Collateral trust 6s
1957 48 5718 5212 5714
Debenture 45
6612 7144
1st & ref 44s set of 1927 1967 68 77
Hat Riv & Pt Ches 1st 4s 1954
911
/
4
56
66
81
94
59
75
83
74
50
5912
68
55
37
42
70
93
52
66
138
8112
37
6038
70
55
31
4344
74
6734
31
55
74
:g,
4514 5014 49 55 4238 53 45 52 3934 49
N Y Out & West 1st g 45-1992 3834 51
3712
1955 40 46 4134 44
36 40 34 4518
General 41
41 44 35 41
3513
70 74
45_1998
Put
1st
con
gu
g
N
Y
&
77% 7715
77% 77,4
61-2 -56- -5-112 20 24
Y Susq & West 1st ref g 511'37 41 54 -5-Lis 10- 35 45 -56- -4.
50 58 42% 50
15 18
1940
2012
25
25
253
General
gold
Ss
4
35
38
-30
/
1
4
393
---47 50 30 45
Terminal tat gold 5s..„1943 92 92 9212 9212
28
1648
44
53
44s
I
'46
-56
6iBoa
1st
Westch
&
-885834
62
NY
56
52
12
.
1
2
41
62
1612
54 68's
1
4 10318 31023810512 103 105
1950 9634 1001 97 103 100 10212 100/
9435 102 10114 103 93 103 Nord Ry esti f g 6143 A...1961
5
814 412 5
111
/
4 201 14 19% 1438 1812 7 14
1935 2212 20 2512 10 19% Nor(& Sou 1st & ref 55
1214 32%
1941
1st gold 58
50 50 40 40 40 40 31 33
6512 6512
- Nor(& West RR Imp10212 102% 10214 10314 100 103
1934
10212
1023
4
g
68
101
102
Ext
1011
/
4102
102
1011
/
4
100
102
,
8
100
/
1
4
10212
16412 10412
10458 104%
1932 --__ -- 99% 9934 10014 10014
100 100,2 New River 1st g 65
101 101 100 101
10238 102%
7814 c78
& West Ry 1st cons 45 1996 86 901 38212 89 87 9212 82 9012 7884 c91
85- 1E- 84 9212 NorfRegistered
99 100,2 9912 10014 94,4 100,4 87,4 899 86 86
1996 81 81
8018 8018
97,4 9714
8684
9238
921
88
9318
89
11
4
913
8812
92
45_1944
8712
&
gen
g
1st lien
87
4 91 94 Di.
9912 10012 997 1663-8 96 102 91 97 92 -6139212 9078 92 84 91 879 86
1941 85% 92 87 91% 89
Poca C & C joint 45
9858 98% 98% 99 98i 9934 92 99,2 94 95 85 92.Nor. Cent. gen &ref 5c a 1974
9934
993
4
-_
1997 77% 821s 7538 82 76 8214 6912 8012 6514 7/93-4 6612 78l
Pac prior lien g 4s
If Nor Registered
-58i8 94 88'4 93 7838 c89 78 87. 74
-95496
71 71
1997 7434 7434 7318 75 7518 75% 5534 75% 50 64
72 73
D312 9412
8834 8884 7518 75,8
5918 48 57% 48% 5713
55 63 51
Jan
2047
lien
g
3s
51% 61% 57 61
Gen
67 6878 62% 68,2 60 8412 5712 6034 -Lift -81/18 46% 5834
54I 5412
52 52
50 50
Jan 2047
Registered
50% 5018
5712 69% 38 60 40 50
2047 6518 6812 67% 6934 "(-35i4 76
& impt 445 A
-661-4 itY 9284 78 84 68 793 -61 16- 571s 5834 Ref
2047 78 8938 85 89% 8012 9012 66 8012 45 69% 46% 62
Ref & imp 68 set B
10934 11078 100 1101 92%10314 90 9912 80 97 7012 82
78
54 54 48 55
73
77%
2047
74
77%
Ss
ser
C
75
Ref
&
imp
72%
70
74
70
77 82
9978 10412 86 88 84 91
70 70 49 55 4812 85718
2047 70 7634 73 576 73 78
Ref & imp Ss ser D
6234 68
10012 10012
100 10314 88 88 84% 9012 7612 9812 77 7712 10012
10012 100%
6,---.1933
1st
g
Term
Co
Nor
P
1031
103%
106
106
10338
10712 108
35 36
---- 40 49% 40 4812
1948 45 45
og & L Ch 1st gu gds
6718 69 60 60 55 60 50 56 51 60
86 86 87 87
1936 90 90 ---Ohio Riv RR 1st g Ss
10318 10312 103 103 103 103
7838 783
1937
Gen gold 5s
-ii- -164
98 98
8412
851k 80 85 77 8118 -HI- 16'
Ore RR & Nay con g Cs__ -1946 85 87 85 85
968 97 96% 973 oiTa 973 ;ill Ws 86 90 79 81
cons la 55_1946 95 99 96 9634 9438 96 90 93% 88 9234 90 92
10812 10912 10778 1083 100 1011 95 10112 99 101 10012 1007s Ore Short L 1st
1946 9434 100 95 97 9612 997 97 9912 95 9714 92 9211
1st con 5s guar
104
95
101'2c107
98
102
10518
108
109
108
109%
10834
Oregon-Wash 1st & ref 45.1961 72 78 72 7712 7534 83 71 78 61 7214 6012 73
9438 9534 9112 951 84 94 7734 87,2 75 83 6778 79 Pacific Coast Co 1st g 55_1946
_
19% 19% 18 1814
18 18
17% 20 20 20 26% 30 30 30 2512 30 23 23 Pac RR of Mo 1st ext g 45_1938 87 90 8512 "si- 90 90 8112 8112 80
72 79
8712
80
89%
94
9014
90
97
97
97
98%
98% 98%
_
85812
93
85
85
91
gold
Ss
1938
extended
86
2d
86
87 87 86
_
10118 10P 10014 103 95 95
93 93
Paducah & III 1st at 448_1955 95 9518
101% 1011 100 100% 99% 100
4
91 9534 95 991 99 10014 ion" 10154 ioiis fa" 105- 163710212 1-643q 10314 1041 9314 104 9412 103 ioo- 1611-2 89 16612 Paris-Lyons-Med RR ext 651958
810412 102% 104 1o152 10412 103 10414
100%10214
102
101%
1958
98
Ext1
s
f
75
104 107 10312 1071 9538106 96 103 102 104 9538 10334
5612 58% 45 58
50 52 31 51
- - 85 85
72 77 60 72
50 54,2 40 50
981a 98,8
8112 83s 7234 8112 68 76,4
105 108 104%106 100 107%
2018 30 20% 26,2 20 22,4
74 71
56
50
94
7412
5112
6012
52
94
7712
53,2
4212
31
80
4975
40
5238
45
80
67/
1
4
4635
4611 51
421
/
4 50
89% 97% earls-Orleans RR ext s f 54s'65 8812 947 89 95% c9458 9712 05 9812
50 63 6212 65 56 6312
51 85 Paulista Ry 1st & ref 75_1942 41 55
1
4 75/
1
4 77 6812 68
73 75 Pa0& Det 1st & ref44s A 1977 70 7878 75 75/
Penn
RR
con
1943
88
88 8912 89/
g
4s
90
1
4 90 90
92
88 90%
Con gold 4s
1948 8712 9314 878 92 88 90 861 8938
84 92
Sterling stamped dol bds.. 9012 9012 87 9134 88 9018 85 89
85 8912
Consol 44s
1960 9014 94 90 95 93 98 90 96
90 961
7513 838 69 78
1965 7912 8712 7818 82
1
4 General 445 set A
6534 82/
78 8414
,l96$ 8814 9224 841 9112 84 91
77% 9412 General Ss set II
1
4 1011
/
4 95 100
9418 10078 15-year secured 6 14s__ _1936 977210215 9914 10115 99/
79
8344
82
863
4
65
/
1
4 8314
40-year
secured
g
Ss
1964
80
88
69 88
Deb g 414s
1070 6518 7434 67 73 65 73 55 65
55 69
1
4 73
1981 70 79 70 7514 7012 77 68/
62 8014 Gen 445 ear "D"
Penn CoGu 34s coil tr ctfs B__1941
81 81
Guar g 34s tr ctfs set C.1942 -iEi4 -81371
Gu g 348 tr ctfs set D.„1944s ____ ____ 80 8O7 78 78
-11i;
1
78 78 78 78
1952 ____ __ __ 76% 77
7512 -fit; Guar 4s series E
Secured gold 4(s
1963 70 79% 7314 78,4 7312 817s 60/
1
4 73/
1
4
85 c94 60 83
55 57% 33 4514 Peoria & East 1st cons 48_ _1940 40 50 47% 5018 50 55 51 52
1
4
1990 ____ ____
2/
1
4 2/
73s Income 48
3
Peoria & Pekin Un 1st 5 481974 ---- ---- -6
8114 -814
1-.1 6 "ii" 79" 69 69
Pere Marquette 1st 55 A..1956 4578 63 53% 5914 51 69 45 57/
1
4
50 73 "aii2
49 55 40 5114
1956 4112 4812 44 49
45% 55 30 4538 1st 45 series li
1
4 58 40 50
4544 53 46/
1980 4212 53
46 66 31 4812 1s1 4 Sic ser C
1943 9034 91
88 90 90 91% 8618 91%
9014 95 89% 92 Phila Balt 84 W 1st g 4s
1977 77 8014
89 90,4 8914 89,4 Gen 44s sot "C"
19% 22% 18 23 Philippine Ry 1st 30-yr 5145'37 1778 2112 -iri" If - 1 14 20 -iTis 16"
Pine Creek reg guar 6s
1932 ____ ____ 100 100
100 100
10012 104 10134 1043 90%105 92 9738 9534 10214
77 80 80 85 79 90 75 75 65 79
99 100,4 93 993 90 97 83 891a 85 86%
101 10158 983 100 99 99,8 99 99 9118 91%
98 10114 984 1011 9434 100 89 95 8812 95
94 94 8914 9112 8912 92
99%100 101 101
104%106,2 103%105 101 104% 96 102 93 100
10058 10214 97 101 1 92%100 8212 95 8234 90
108 1094 104 1083 93 10512 9412 10218 9212 9978
109% 11034 105. 1103 104 108,8 101 106 10034 10438
10353 1008 9912 1043 97 103 90 10112 9018 97,2
1
4 7714 9214 7212 82,8 6512 81
9414 9612 8915 94/
95 9678 9012 96,4 85% 93,4 78 8812 80 85,2
931
/
4 88
87
8818
87 ---_
84
977 977g 93 95
1003410212 98 101% 8712 99,2 8058
75 75 55,4 7712 56 5758 56
1212 1212 7,2 712
103 1-61- 103 10312 10212 103
90 98 80 89 55 80 49
80 8512 6712 80 65 65 45
45
55 71
86,4 90 71 86
100 10014 9912 1003s 9734 98 92
103 10412 0818 103 10114 10112 90
23 2314 23 24 19% 24 194
102%1023.
9275 9414 93
----
91- If'
85 86%
58
68
50
56%
947s
99
20%
10112 102 102%10234 99 10114 98 100 9618
101,2 10134 10114 10134 9912 1013a 94% 97 9618
95 9512 97
98 98
977
91 9712 -80f2
99
-5134 -1812
9734 9734 9712 97,2
98,4 9814
10112 103% ____
103%10334 10338 1035-2
99 99
ioir4 166- I0l4 109 100 105 97 100 -85j8
10814 10915 10012 10334 100 10334 97 100 9412
9914 10112 97%10012 90 10012 85,2 95 85%
_
102/
1
4 102/
1
4
ioo-
92
86
92
89
-iii7O's 86'4 59
45
61
63
-85i8
89% 99%
96/
1
4 97,2 87
64 72 5012
51% 63 3814
4213
-iE- 8238 60
7414 7912 74%
45
76 83 62%
96 88 9212
65 4712 58
5238 30 47
4212
75 54 6712
75% 74 7512
50 48 60
75 65 8234
-.36- -678 -45,4
55
84
84
9912 9912
----
88
75
93% 931s 9312 95%
10014 10038 9934 101
103% 105 10318 104%
100 10212 101 14 10134
99% 9934 99,4 9934
42 60
74% 7712
97 9938
9934 10314
394 101 18
9934 9934
c Cash sale.
5514 67
65
33
35
30
89
____
81-3i2
30
31
65
5212
5212
47
91
65
30
32
26
86
65
3812
36
35
98%
16-
1784 1984
-gar.,
Reading Co Jog Con col 45_1951 7834
Gen & ref 443 ser A_ _1997 7544
Gen & ref 4Is s series 11..1997 76
Richmond Ter Ry 1st gu Ss .'52 93
Rio Grande West 1st g 4s-1939 6614
1st cons & coil tr 4s A 1949 44
1
4
1934 46/
III Ark & La 1st 448
Rutland-Can 1st gu g 45_1949 39
4612 WI: Rutland RR 1st cons g 4 481941
1947 61
75 75 St Jos & G Isl 1st g 4s
St Law & Adir1996
c8975 c8973 2d gold 6s
St L Iron Mtn & So RyRiver & Gulf div 1st g 48.1933 65
811
/
4 90 75 89% 57 75
L-San Fran pr lien 4s A.1950 2314
St
381
/
4 524 31% 4512 23 34
23 35 2014 3512 1414 2314 Con mtge 4.4s set A.1978 15
.Registered
9 2914
19
98
50
49 Wf" -35 IA -2-5- -10- Prior lien Ss set B
54
58 62 55 84 504 55 St L Southw 1st g 4s
1989
45
ctfs_Nov
Inc
bd
45
2d
g
30 3512 3334 3712 25 32
1932 42
66 72 4114 70 304 4072 Conan' gold 45
Certificate of Deposit
1952 -2iTs
40 50 31% 45 15 2934 1st term & unify Ss
65 73 60 6812 40 03 St P & K C Sh L 1st 445_1941 4218
St Paul & Duluth1968
it1st cons g 4s
-55- iiif- P Minn & Man cons 45-1933 96
95 971
1933 98
9513 1011
/
4 101 102 971210112 1st C01180i g 6s
95 96/
1
4 9534 10112 95 9712 Gold 6s reduced to 442.1933 95
1937 86%
Mont ext 1st gold 45
90 90 90 90
80 80 77 8014 Pac ext sterling gu 4s..„1940 7518
/
4 103 107 101 10212 100 103
11114 11134 11034 1111
74 82%
1
4 9412 8012 93,4 75 81
9334 95 93/
10112 10112
80% 89
975 975 98 98
3 Deterred delivery
--_-
-70"
1
4 9514 9512 9234 95 92/
96 t,C C & St L gu g 4%s A 1940 92/
1
4 96 $9212 93/
1
4 9274 9212 931,
9535 Con gu g 4 SS g ser 11
1942 921
/
4 9112 9215
/
4 9212 92 9212 9212 96% 95 95 92 921
Con gu g 44s set C
1942
90 90
Con gu g 48 set D
1945 90 90
8614 87% 8718
86 86
1957
92 -892 -8951. Con gu g 45 set G.
-8114 8114
8314 8314
Con
gu
g
45
series
H
1960
_-_80 I68814 8814 90 90 90 16" 8414 8414 84/
Con au g 4 yis ser I
1
4 8414
Con gu g 4yis ser J _1
996
64
3
- 87 89 90 90 93 93
88 8513
9914 ii -95General 55 series A
88 9212 88 89 84 90 7744 85 5212 76
1
4
53 11,1/
Gen mtge 5s series B__ _.1975 89/
1
4 9212 8734 8812 88 9412
99 85 94
73 73 55 68
/
4 88i, 79 79
1977
8 741
77 82
91. 74 8634 Gen 445 series C
59% 62
9975 9978 Pitts McK & Y let gu 6s_1932 100 100 100 10018 1001
/
4 10015 -5884 163-4 -9912 -9-9-1-2
2d au.,r 65
1934
100 100 100 100 100 100 9934 993g
166 ---1943
--- Pitts %re & Char Ry 4s
73 73
65 -ag- ii .itts & %Vest Va 1st 44s._1958 45 50 -53 V- -Ei 56
1st m 4 4s ser 13
1959 47 48 5314 53,4
65 38 53
1st mtge 44s ser C
1960 45 52 49% 55 "47i2 163-4 42 48
73,2 4218 55
-58- ir
Pitts Y & Ash1st gen Ss ser B
1962
88/
1
4 89
---90 90
Providence Term 1st 48...1956 ____
75 75
742 7413
97,4 96
9618 87
97
94 80 86 8014 8412
98% 82 92 78 86,2
98 8412 9338 79 8534
94 94
953 90 165-8 -9171- 11-12 85 88 6512 79,2
80 79 80 70 70 364 75 61% 75%
9212 75 90 70% 85 69 7512 60 78
75 75 4114 41,4 41 41
71
71
72
6514 6514
80
214 92 -8712 93 82 82 82 82
93 -5.
9512 97 9234 97 92
10034c10234 9412 10112 88
100%102 94% 10058 90
94'8
78%
89%
65
74%
93
45
52' 61
65
64 51
98 103 10018 10412
46 56 45 45
6812 69 60 63
89 91
9014 9012
8514 90 8512 8734
86 90 86 8738
9014 9512 867s 9212
90/
1
4 7212 52 70
56 8074 5412 7513
751
/
4 9815 761
/
4 911
/
4
5518 70 53 ells
3212 56
35 5!
47 6912 4744 64
7412
68
71
96
5712
40
32
76
79
79
96
68
6638
5712
79
80
82
93
75
56
70
39
80
75 75
77 7214 8112 61
7712 81 8112 6413
96% 9612 96/
1
4
70 73 72 75 61
50 52
52 55 47
1
4
55 6778 44 6612 34/
48 48
47 47
4112
6618 70 75 84 72
70
77
"Li
67
9635
71
51
43
441
77
65
5514 66
55
43
42
30
_
6912 73
488
37
2018
30
57% 5712
57 69
56 67%
45 li"
3038 43
20 33
35
71
35
71
89% 8978
8312 75
29
34
261
/
4 20
63
81
3212 22
17
25
80
32
26
5014 65
15 23
11
18
3712
66
48
89
17
56%
37
53
28
60
41
77
42
50
52
59
io"
40
15
50,8 35
73
94%
98%
9412
84
81
73
--96% 95 9514 391
100 4 99 100 92
97% 94% 95% 90
92 ---- -- 84
81
7618 76% 76
2712
42 3514 38
69 60 6814 60%
42
49%
83 73 -Ws 79
55
60
40
52
97
9938 96
97 94
86%
75% 70
91 100 St Paul Un Dep 1st & ref 5s 1972 94 99
1948 6712 75
65 7012 SA&AP Istgug 48
95 95 Santa Fe Pres & Phoenix 551942
1989 80 80
76 8114 Scioto V& NE 1st gu 4s
48
53
-66
96
i6-
94
75
48
98,2 94
8012 70
90
7938
783
. 81's 81's 84
91
72
96
79
99
73
90
85
3814
Mg
912
13/
1
4
13
481
/
4
38
52
94
68
93
75
52
3534 52
20
10 17%
141
/
4 8% 14
1312 --- -.22
13 19
.55 4714 5512
4415 39 45
78 80 100
5012 66
35
18 32
39 2434 30
-941;
9812
92 9514
98 85 9078
84
76
98
68
93
80
8712
4712
90
7012
92
54
90
82
747-
Financial Chronicle
Volume 135
New York Stock Exchange—(Continued)
1932.
1931.
BONDS
jvay
August September Octob.r November December
Low High Low High Low High Low High Low High Low High
50
97
50
34
_. _
- _
ie- -2-6- -ii Ili
lira -1--14 ii
318 -lc ---1334
13
13
1234
35
12 i
112
RI -39121 -1-2-3-4 6
16
34 514
912 4
13 --------6
712
9
412
7 1114 6
434
1114 13
16
55
1612 1012 1234 712 11
4
1978
2913 42 20 2
49 50
58
1138 14
1514 10 151s
-10 10
12 114
-1518
834 2
734 114 5
914 11
8
7
212 5
10 90
20
June
March
April
May
January February
Low High Low High Low High Low High Low High Low High
9eaboard Air L Ry g 4s____1950 20
18
16
20 C25
20
438 -512
5 712
12
1934 124 1518 1118 1412 8 -13
Stamped
Certificates of deposit _
_
-----------13
1318 8
8
8,2 8
518 518
Adjustment 5s
1i
15..-1;
Refunding 48
1959 212 534 312 5
153 3
4
-434 234 4
14 27
;
Certificates of deposit --, 278 7
4 --------313 312 --------114 114
3
1945 334 814 414 534 412 5
3
218 414 2
1st & cons 6s ser A
2
312
434 24 3
514 3
Certificates of deposit_--- 312 7
2
3
512 4
3
12
1212 10 1312 818 818
1712 20
Atlanta & Birm hit 48-1933 1512 1512 1912 20
-1-12 ___ _ _ . 1 1 1
212 seaboard All Fla 1st gu 68 A '35 2
Certificates of deposit
212
112
134 Series B
1935 212
Certificates of deposit __---- ---- ---- ---- ---- ---113
s' ---- ---- ---- ---: So. & No. Ala. con. 9.58_1936 ----171ift -1i25-8 -71 -8-6- -55Ts W.. - ---70
- so Pac Co Cent Pac coil 48_1949 -ii99 10012 934 994 86 9636 8458 9212 8334 89
70 8453. 1st 442(Oregon Lines) A '77 73
Convertible Ss
1934 95
10318 10334 10312 1034 9912 10312 9712 9912 98 9912 91 99
1968 5912
924 9753 8412 9338 76 8712 70 79 65 80
53 881. Gold 414s
Gold 448 w i____May 1 1969 61
27
9212 964 85,8 94
74 89 66 8012 65 80 53
1931 5912
9034 9334 83 9153 73 87 67 8012 65 7938 5312 6912 Gold 448
San Fran Term 1st 4s _1950 76
95 9612 9218 964 914 9412 7913 90 80 85
72 84
__-_ 104 104 10214 103 ----------------95 97 iti Pac of Cal Istcon gu 58_1937 99
7 10
____
---- --__
7
i
71
3
74
_ __
1
2,4
-7 __-- _
218
1,8
2%
78
212
112
112
3
212
3
1
1
1
--
--
--- --
212 112 158 1,
2 112
912 234 2
2
3
114 112
412 412 2
212 112 334 112 2
258 253 --------153 153 --------118 118
212 212
--__
__
__
__ iiit -iiI-2 --------75---- - --------7-1-- -65- c721-4 -60- -7-4
44 5418 32 c4812 29 47
5012 6024
50 85
7634 8234 66 70
8434 78 81
6512 70
90 97
96
85 85,4 85 85
31 4414 317 -44
7312 6412 70
4312 62
60 70
3014 4334 29 4111
6314 69
74
41 60
58 70
7212 6214 6714 59 6812 4212 58
2812 4312 29 41
74 7734 7838 82
84
70 7834 5978 7212 63 375
98 98
99 --------98 98
98 98 100 100
0
3
212
-
9512 9712 9158 9534 8734 95 8114 89
53 68
7934 75 8612 6912 76
50 72
8138 8814 74 83 iou PAM RR 1st ref gu 4s 1955 77 8212 76
77 8614 67 75
1994 79 8612 80 85
5978 63
10818 108 1034 10634 9534 10434 90 9734 83 99 67,8 8158 southern 13y 1st con 5s
62 71
Devel & gen 48 ser A
1956 3812 54
54 68
13 2634 12 22%
4534 52
5012 60 51
784 8334 62 79
36 4812 26 38
27 504
61
Devel & gen 68
1956 48 67 256
102 10534 85 103,2 7514 85
1512 3234 17 27
654 42 5812 29 45
70 81
58 78
347 63
Deyel & gen 6 4411 A
8412 107
78 9514 7134 83 61 8012 40 63
59 66
105 110
18 3358 18 2878
31
48
48 63
72
1956 51
----- -------- ---------------- 55 55
Mem Div 1st 65s
1996
10214 10214 101 1 101 12 10178 10178 --------93 9614 ____ ____
5112 52
. 8918 9153 83 85 __-. St Louis Div 1st gold 48_1951 -io 6734 6314 634
9112 913
.. _ _
__ ____
Mob & Ohio coil tr g 48_1938 3512 43
4718 72
75 75
4012 45
474 -5-5
SO 82
3
-5f4 -ii i0 iii4 -------- 12.II
50 -ii12 ai -4-i12
25 28
26
31
2312 30
50 50 398 42 30 351s 31
3912 2038 28 ____ __ Spokane Internet 1st g 58.1955 1912 23
--- ____ --__ -- ____ ____ ____ ____ ..-- ____ ____ ____ Staten IslandRy.Istgu.9.448•43 _
30 36 I eon Cent 1st OS ''A'' or -B"'47 iiig -3-8 ii -ii 5ii -3-7-18 25 27
SO 8373 ---- ---- 48 54
ii -251-2 ---- ---44 44
44 48
------9214
List
g
44.'39 8834 90
.___ - —
10184 1014 1014 ---- _-- ____ ____ rerm Assn of St
9212 9314 93 94
9134 94
90 90
9312 95
-------- ----9313 96 --------8713 9212 86
__ __-- --- 10514 10514 10238 10212 100 100
1894-1944
92
_. 1st con g 52
-___
4 9212 -95 90 9414 8878 8878 81
7112 7434 70 74
74 78
7312 76
71
75
8212 Gen ref 8 f gold 48
-54- -95376 -86
1953 -77114 79
5114 5518
904 9512 8318 91
9512 101
55 63
71
65 69
70
74
68 83 614 69 Fexark & Ft Sm 1st S tis A.1950 6312 734 69 74
81
99 106
94 100
82 8478
75 8212 8212 83
89 00 98478 c91
95 9878 85 8753 reZaa & Pacific 1st g 58_2000 8734 92
108 1004 103 104
9112 95
79 9053 72 8578 68 7512 69 7518 54 6712 Gen & ref 52 ser B
1977 65
28 378k
29 35
44 61
64
70
6212 69
70
6734 8512 68
79 91
Gen & ref Ss series C
1979 6118 69 65 68 62
94
27 43 15 371s
7012 43 57
6318 75
76
91
60 65
.92 9453 79 92,8 68 85 67 76
58 6812 Gen & ref 58 ser "D"
66 75
1980 6212 69 6534 6812 64 7012 45 6412 28 35
30 40
8934 8934 90 90 85 9012 Fes Pac-Mo Pac Ter 549-1964 85 85
994101,2 90 02
9938 101
85 8912 ----------------40 51
80 80
101 1024 --------99 102,2 95 9878 95 95 ____ ____ rel & Ohio Cent 1st g 58-1935 9234 9934 ----------------88 88
70 70
78 78
g
____ 100410012 10078 10074 .
1st
---Western Dlv
----------- ---------------- 5534 Ili ____ __—
7413 9038 77:ifit -12- -ii- ii- :::: :-- Fol St L & West 50-Yr 9 is-I950 -_
-51- -92,2 9178 94
Ulster & Del 1st con g 58_ _1928 6638 71 --------6018 65 60 6018 --------63 63
Stpd as to payt Dec 1930 Int- 70 77 ---- - - --- --- ---- -- ---- ---- ----- 8018 66 --------6153 651 58 8274
84,s 65 ---1538 -1538 ____ __50 -54
Ctfs of dep stpd Dec'30 int ---- ----7413 -77-12 50 -50
39 -3-914 ---- ---- 30 36
1952 4812 48'2 48 48
1st refunding g 4s
___ ____
39 40
3514 36
9934 10158 96 10214 91
9712 92 967 8553
100,2 102
9412 9412 --------85
--,- -rr ---- ---- _8 87 -908 95 9774 8018 91
96 -971
8112 861 70
100 10215 9812 10114 90 101
8714 9512 88 9213 68
11014 11934 11012 11012 1034 110 10218 10418 964 96's 93
9234 0414 89% 9414 82 9212 76 8712 7514 82
65
------99 99
9978 997v
94 96 --------91
9211 Union Poe RR &Id art a 4s1047 8678
1947
Registered
8814
1st & ref 42
2008 -i4
81
Gold 434s
1967 79
85
2008 98ts
9912 1st & ref Ss
40-year 48
1968 7134
79
91 Untd NI RR & Can gen 4s1944 93
_
- :: ----: --i- --i- --if2 --I- --iit --I --- -- -_ -- _
--21-4 -11-4 2
1-01- --- ---_ ___
_ 9514 96 -9534 -9-5397 98 ----------------90 -9-018 85 86 --__ ---49 60 42 58
59 65
34 4012 35' 40
32 32
105 10678 1014 10538 9553104
85 9718 7734 86
93 99
98 10012 97h 9753 9012 9012 8712 8712 6912 694
10034 101
------10024
9258 904 9312 28514 921228412 9112 85 C914
91
8912 91
86
86
8153 7812 84
7918 70 7758
7212 7912 70
8112 8712 70 8014 85712 7412 5734 7312
81
__ 96
91
99
86
98
9812 85 92
77h 7512 80 26712 7612 57 6912 5658 674
-90 ------------------------89 90
1955
Vendetta consel a 4s
114 -1-14 114
.
114 -------- -------Vera CrUZ & P asstg 1st 4148'34 --- ----114
9912 --------92
1936 -9
i88 88 75
Va Mii General Ss
ve & Southwest 1st gu 58_2003 _ _ ----80 80 ------------------------55
37 45
24 30
30 35
1st consol 50-yr 5s
23
1958 35 3972 38 38
8912 8534 89
Virginian Ry 50-yr ser A 5s 1962 81
8414 7014
8034 8738 71
8534 91
1962 70
764 75 76 ------ ---- ---- ---- 75
75
1st mtge 448 ser B
10112 1034 9812 10278 93 10114 82 95 85 92 69 8912 Wabash 1st g 5s
1939
.9878 994 9718 9918 93 98
1939
7414 7414 66 811 3412 4614 3c1 gold Ss
'81 81
_
_ __-_ ____ ____ - . 1st lien SO-yr gold term 4s '54
1101 10212 657815i/fp -55 -ii- ----------------60
-OW Det & ch Ex 1st g 5s._ _1941
-DesMoioesDIvIsIg4s1939
...ii12 9112 9058 9212
Tol & Chicago Div 1st g 48'41
.3j. -g.c /6
7812 51 74 _Waba hRy ref lkileaSly,"A"'75
4678 664 33 4712 30 40
0712 75
1976
818 25
25 431
s gen 5$ •13
Ref&
'
.
4212 61
81c69
30 4414 2614 37
1978
8 25
234 38
Ref & gen 434s C
70
45 63
33 47
1980
934 2612 Ref & gen 58 series D
2978 4612 25 42
yo- ii- -557. -i4.74- --a,-_-30
a
- ____
87 891 ____
_
_ __
- ____
_- ____ --.
90 --91 --91
905 93
96
8412 84 84
8412 -85%
8412 -97 97 --------9712 97,2 ----------------89 89
66
7712 87
39 5412
78
60 72
5214 63
54 63
73 88
88 90
55 7612 53 83,4 6012 66
35 5514
10334 104h 10234 104 100 10234 95 98
96 974 85 95
9618 98,4 96 9712 91
95 --------80
80 90
53 63
85 7612 57 65
-76 81
4812 804, 30 4912
.0012 93 84% 911 80 88 8114 8514 74 831Z 6118 774
138% 8834 8612 8853 791 83
76 7818 74 79
5934 68
9478 964 ----------------8213
_
8212 --------50 55
..
00,4 9014 --,- — ____
45 521
46 5119 4853 -19
35 -ii1-4 -3414 -41-78 -3418 -3412 1734 25
- - ---- r.-- ,..- _--.
95 9712 -,:- = ---- ,-50 5612 419 -55/38 49 -50 ----35 46- 38 -44,8 251s -39
56% 6112 38 57
18 53
3514 42
38 44
28
34
9312 87
8912
7912 7714
854 76
0812___
7714 71
9312 90
114
88
55
2811
83
-.-
5214 60
5214 65
70 754 55
71
6912 79 67 72
21
29
36 484 22 40
43 5418 4712 5418 47 59
------------------------------------35
35
3c52 65
72i2 713
--------60
32 32
30 46
__
_ __
__ 50 50
6 4- -61-1
1612 5 1312 514 -714 24
10
11 -19
4
312 6
12
16
9h 19
614
6
8
434 12
1414 434 12
4 7
534 8
914 1612 10
253 6
253 614
9 1612 1112 1514 8
1138 534 612 253 6
_
----- --------56
76
Wash Cent Ry 1st g 49-1948
8
8212 ----------------7714 Wag 8014 8-214
1945 -ii
Wash Term 1st gu 34•
1945 ---- ------------8353
1st guar 40-year 4s
58 2 318 ---------------49
38
60
5434 604 44
West Maryland let til 49-1952
3712 45
55
5614 6112 59 63
1st & ref 53.4s A
1977 48 63
3578 4512 2858 42
50 59
West N A' & Penn 1st 9 58_1937 9112 95 89312 9458 s9514 98 30212 0614 49258 9312 48918 93
General g 48
1943 9112 9112 8014 80,4 77
7912 37418 8014 7414 784 ---T - 23 3078 2178 -313514 49
39 47
30 36
Western Pacific RR 1st Ss A '46 28 46
72
6978 75
West Shore 1st 4s gu
65 c7212 65
65 70
69
76
2361 68 74
64 68
Registered
62 68
6412 66
66
74
6312 70
2361 85 70
50 5(. ___ 5912 c6114 54
__ ____
54
Wheel &L E ref 44s ser A_I966 __ _
,
sVI2 & I. ERR 1st con g 48_1949 5534 -5936234 70
4 70 -70
68 7012 5212 7058 Litz -g2Ariik & East 1st gu it 5s_ . _1942 2012 29
25.4 29
1712 13
1214 28
11
20
15 20
--------------76 80
68
70
72 73
73 73
Winston-Salem S B 1st 48_1960
8214 3512
32 4018 29 3512 2814 30
314 35
Wisconsin Cent 1st gen g 48'49 2512 35
241
22
2438 22
2414 25
294 34
Sup & Dul DIY 1st 451_ -1936 24 3334 99 31
6254
HANUFAC. & INDUS. BONDS
15
,3
98
86
95
57
52
55
35,4 5412 26
90
9934 9712 99
8712 804 8012 80
9912 90 94
80
____
,_,..
_-60 WU
8534 79
68 76
63 74
J0013 103
7012 78
3034 35
38 1001
512 7
54 7
61
65
60 67
52 6412
50 63
1014 c104
69 80
35 38
99 10053
40
3534 48
9872 88 02'2 8834 93
71
8458 70 75
78
9134 7314 82
79 84
2312 39
2813 3634 3813 401z 3412 41
75
63
73
75%
65
72
5
8
9
4014
28
21
15
79
40
20
85
Abitibi Pow & Paper Ist 58.1953
Abraham & Straus deb 5 kis '43
89
with warrants
7212 Adams Express col tr g Ia. _1948
81 Adriatic Eke Co mu 74. _1952
Ajax Rubber 1st 15-yr 8f-85 1936
7 Alaska Gold deb 6s A
1925
10
Cony deb Os set B
1926
55 Albany Pert Paper 65
1948
35 Allegheny Corp coil tr U.-11944
32
Collateral & cony 5s1949
26
Col & cony 5s. .. ___ - 1950
90 Allis-Chalmers Mfii deb 58_1937
45 Alpine Montan Steel 1st 7s 1955
25,8 Amer Beet Sug cony deb fis 1935
92 Amer Chain Co deb 8 f 68_1933
54 7
534 6
54 6878
40 63,4
37,2 5512
28 5153
964 102
5412 7312
31
40
96,4 9912
5h
6
5412
40
3414
28
87
53
25
9234
7
6
56
5012
46
3912
94
53
31,4
96
86 90 85 90,4
216 89
724 83, 6953 74
4934 604
71
76
71
78
31 84
94 971 75 95
0678 101
821s 8812 814 837 7314 89
105 105 108 106 10412 10618
55 72
78
71
77 85
10 20
154 23
16 20
81%
46
60
60
74
103
63
8
85 82 88
8914 82
49 6312 30 51
60
71
6878 73 67 70
70 c814 52 70
78
78
73 781 68 73
104 103 104 10212 103
691 60 7712 4312 60
15
8
9
3
7
8
614
62
33
34
26
87
35
25'8
92
614
614
5412
5234
4434
40
95
41
30
93
61,
63ti
4478
25
13
1114
79
37,2
17
8714
(
97 100 8534 9938
4 9612 100
"--t2 log4 toi -4884 103
lova--10i1034 1054 1044 10512 102 105 102 1031 10214 10314 10112 10314
9714 1054 9834 10178' 964 10218
103 10312 103 10412 104 106
396 10738 10678 10814 10512 108,4 1021s 106,2 101%10478 9634 103
10714 10834 10812c10078 10212 10912 964 10434 10118 10336 9414 10134
10912 11034 1101 11118 105 11114 10412 1074 105 910858 99 10538
j31'8 136 12734 13112 114 12718 10912 11934 111 118
96 11214
107%109 0834811014 102 c109h 100 10414 1004 10314 94 1014
00 105 10012 10112 97 102
101 103
964 100
9834 9918
9558 1024 9312 98
94 97 68 94
20178 10278 Olh 103
:101 106 100 10458 8878 10078 78 8938 83 92 634 83
45 45
49 5714 40 49
30 40
57
63
10 3014
°tarred aellvery. c Cash sales.
30
40
1614 301
1414 231
8414 6812 76 69
83s 82 84 80 8314 73
5812 681 56
68
571 48
70 6714 67'2 64
821 7434 80 7112 72 6612
76
78 75
76
24
_
_
__ _ _
6 ___ ____ ___
121-2 -1-4
147 1118 14
iii 113-4 i5f4 113- 1538
1212 14
14
14
12
10
1134 --------10
24
26
32 2534 28
461 --------38 45
934
41
411 30
23
19
3434 14
934 161
7
35
40 28
131
1512 31
7
1312 18
1712 512 12
33 274 3234 1512 304 12
512
6614 721 66
81
81
90
90 8514 91
71
42
5112 46
44
35 3012
50 434 50
35
16
1812 21
22
21
1912 20 20 2014 16
8712 8434 86 7634 85 45
7614 42 45 40
721
501
70
21
15
15
261
1644
11
g
71
40
18
45
Amor Cyanamid deb $s_ _1942 69
75
73
75 7314 80 75
85
74 62 67
77
Amer & Foreign P,)wer 58_2030 38
4558 3212 444 22
47 38
20 1934 17 27.
37
Amer Ice s f deb 58____ _1953 68
6814 66
743 65
75
8812 7078 6814 7112 6778 70
Amer I G Chem 5%. w 1.1949 55
7014 66
70 68
701 55 67 544 60 544 63
%met Internet Corpcony512e49 69 721 68
711 68
7114 6314 72 6358 72 64 c73
Amer Mach & Fdy 8 f 6s_ _193 -------10214 103 103 103,4 1023s 1031- 10214 103 102,234 10
Amer Metal 54% notes.. 1934 484 60 5518 6314 55 68 47 53 3712 94718 37 41
212 4
4
112 4
31
Amer Nat Gas Corp deb612•191
812 I
3
2
312 2
Cmtificates of Deposit
--------21
Amer Smelt & Ref let A 58_1947
8.
51-2 62.3-4 Ao
89 9414 .
g6 sii -ii 8i2 81
Amer Sugar Ref 15-year 68_1937 10112 105 08 102 100 10214 100 102 100 102 100 102
Amer Tel & Tel cony 4s.....193i. 9614 991 9412 97 9614 100 9612 9934 899 10018 516
98
30-year coil trust Ss___1941 97% 1003 98588100 99 10314 10018 10258 9834 1024 98 101
35-year 8 f deb Si
196. 9514 99 9512 9778 9712 10078 9612 9912 9134 99 9214 97
20-year • f 534,
194 10012 1011 810012 104 102 105 101 10514 99 105 9958 102 4
Convertible deb 448
193 i0018 107 10012 107 1014 10614 100 10234 96 103 954 101 2
35-year deb Ss
196 9514 89914 954 98 974 10034 9658 9934 9112 99 9214 97 2
Amer Type Founders deb iss '4
8278 073, 89
754 8515 65
92
70 584 60 -..,-- ,
Amer Wit Wits & Elec col 54', 85 95
4314 9018 8912 95 8458 9114 66 82 68 -76
59
48
60
Deb g 68 ser A_
_ . 11
49
69 841, 75
73
7734 73 83 50
,..„ ,^
1,•
,
11
OM. 05,, 30
2012 2% 12
km Writ Pane.. I.' Z.
201 1218 27
748
Financial Chronicle
New
York Stock Exchange—(Continued)
1932.
1931.
July
August September
November December
October
Low High Low High Low High Low High Low High Low High
55
61
53
5734 40
52
20
July 30 1932'
25
13
2512
74 15
13 1412 --------------------------------1
118
90
9918 9912 9314 994 88 88
101 101
_ _ c85
7734 8214 75 81
87 7634 6512 77 ___737612
- - 64 7412
6918 7412 5812 74
53 611 56 6512 6018 6512 53 64%
9234 9414 9114 93 89% 92 87 8984 8614 86,
7978
a 71
10212 10314 10234 10312 10178 10412 101 10212 101 10212 98 10118
_
_ _
_ _
_ 95 96 _ _
_
__
bal 16 iiiit li ,-15T2 ifi12 40 45 :15 -4-9-34 5514 -4-514
10114 102 10112 10212 985810258 9434 9814 96 9712 89 96,4
BONDS
January February
March
April
May
June
Low High Low High Low High Low High Low High Low High
1112 1012 1214 9
1212 2
Anglo-Chil Nitrates f deb 7s'45 7
812 214
Antilla (Comp Az) 74s A._1939
1
1 ---- ---- ---- ---- ---- ---- ---Certificates of deposit
Ark&Mem Ry Bdge&Ter 5s '64 --------78
80 7534 7534 --------75
1939 6478 7514 - 7058 75
7318 79 6014 7014 6158
Armour & Co 1st 445
5014 6714 49
63 69
Armour & Co(Del) 1st 5 4sA'43 6112 67 60 66
52
52 60
Armstrong Cork Cone deb 55'40 65
63
70 65 69% 55
Associated Oil 6% notes .193598 10014 93 10038 9912 10134 9878 10034 9758
Atlanta Gas Light 1st 58-1947 95 95
95
95
9514 9514 --------95
32
33
38
38
42
AU Gulf & WI SS L col tr 5s'59 4018 44 4018 42
1937 8518 93 86
Atlantic Ref deb 12 55
9512 9112
9018 934 92
91
312
---75
68
58
55
99
95
36
9414
1
214
---- ------ -5712 995612
45
50 5814
9418 s9834
95 95
29
3255
90 9512
9812 90 9212
9812 9034 92
9914 101
107 107 107 10738 98 10712 101 10312 10218 10234 100 103 Baldwin Loc Wks 1st at 55-1940 101 10112 10018 101
_
_ _
5
514 _ _
5
712 --------5
_ Baraqua (Comp Az) 7 As_ _1937 7
7
8 ____
8
9
9 15
15 22
21
26
1942 7134 80 7873
7314 82121 7012 7814 ii. -f5.12 iift -fi
72% -7-812 Batavlan Petro deb 4 S6s
7512 9512 76 8214 784 84
9434 9658 933 95
9414 9778 97 9912 99 9912 94 9939 85 90 84 88 Belding-Heminway 65
1936 8512 90 s90 390 90
85 88 80 85 80 80
90
10814 1104 110 11114 105 11058 10214 110 10212 10512 100 10412 Bell Tel of Pa 1st & ref 5s 1948 9834 10112 9914c102 100 104 10012 10312 1001210414 100 1024
1960 9434 102 9914 101 10014 10312 0014 10378 100 10418 9934 10178
1st & ref 5s A &0
9934 106
11214 114 113 114 10678 11434 10258 10818 10434 107
7112
70
77 70 7312 64
7678 7512 80
72 83 Beneficial Indus L'n deb 681946 7012 79 72
7934 85
80 85
98 0912 9612 9858 78 97
2012 3212 2712 3514
2812 33
1951 3014 43 4118 4712 3078 43
254 38) Berlin City Elec Co 6565
2812 4212 39 50
3112 56
V
79% 554 64
1959 30 40
35
42
3112 4278 3112 4912 20 311, Deb a 1 65-8g
2818 22
2938 3834 2758 32 321
54 744 50 6412 32 54
34%
1955 2538 37
29
47 5214 2314 46% 2558 38
3338 2614 3212 2638 30
/
4 Debenture 65
26 4112 184 271
1912 27
50 69
1958 298
48 7434 45 5358 2634 50
2312 2818
20 29 Berlin Elec Elev 1st 6 Sis —1956 2114 3512 3158 35 28 c3178 32812 3278 2414 29
3212 50
30 45
104 10618 103 10478 995810412 98 101
8158
86 10012 Beth Steel 1st & ref 5s ser A '42 89 97 8658 9278 914 9518 78
9914 103
9134 7612 84 69
Purchase money 55
1936 03
73 854
93
96
95 95
8978 99
10338 104 102 104
98 8678 9534 7214 90
9934 1034 96 10258 9612 101
1950 20
20 22 22
27
31
56 56
20
30
354 24 35,4 13'ng & Bing deb 645
70 71 --------60 64
13
20 ---26
1512 1734 16
_
1712 10
15 274 Botany Consol Mills 65451934
25 36
8
1458 6
17
30 3612 20 3114 19 28,2 22 29
10
612 --134
45 75 Bowman-Bilteanre Hotels 7s '34 4434 50 40 43's 35
42 39
65 65 60 60 63 75
75 83 65 81
33
35 36
42
3314
212 3,2 B'y & 7th Ac 1st con 053.1943 318 478 3
312 4
4
64 4
312 --------3
4
6
6
6
9
3
14 212 ---__
44 278 278 Certificates of deposit
5
5 ------------------------41
80 8212 7712 78
65 67 Bklyn City RR 1st 55_191,6-'41 6558 6614 6614 6614 6518 6658 - i" "eig- "58" -iiii -85- -Efili
65 76
6514 70 6634 71
10612 10712 10614 10778 10478 10814 103 10714 104 107 100 105 Brooklyn Edison gen 55-1949 9514c105 9714 9912 9938 105 10113 10412 9934 10434 9912 1035±
92 Bklyn-Man Tr sec s f65_1968 804 8912 8418 8812 87
101 10212 100 10134 8834 100,2 864 94
9114 8112 89
72
8514 6812 76%
9038 958 81
5514 56 --------5518 57 55
58
53 55 Bkiyn Q Co & S gu e 5s stpd '41 58
55 55
56 64
63,4 6312 --------59 65
55 --- ---1st 55 stamped
5614
5614
56
56
62
6312
---_
194155 5558
---- - - ---- 1950 70
70 7412 .
78
9038 91-12 9018 91-3-4 77% If 7434 84
(
-35 -66
.
7-1f2 ii 68
68 8312 tiklyn Un El 1st 0 4-55
80 85
76
111 112 11058 11112 10312 113 10314 10734 10334 1064 100 105 iiklYn Un Gas Co 1st eat g 55'45 100 1024 100 1024 10118 10834 101 10478 102 10534 10258 104
1947 107 111 107 10712 108 108 108 108 105 108 103 105/
1st lien & ref lis A
120%12078 12012 121 12118 12118 121 121 18 114 114 106 10715
1
4
1936 --------147 147
Cony deb 54s
_ 150 150
_
-- Convertible dabs 5s
1950 95 0778 92 c97
12 9334 102
9512 9912 8912 9512 90 9814 90 93
15.
3 16i3-4 ioiT4 1-66 iiiiTs1-6i12 ii 103'z ino 0
9438 99 Buff Gen Elec 4345 ser"B" 1981 91
95 9158 9312 92
963 92 9814 9312 9812 92
98 101
98 104
10538 10612 105%10612 10012 107
9712
1952 80 80 --------78 77 70
81
79 80 Bush Terminal 1st 4s
904 904 8134 914 84 85
90 92
90 92
54
66
6
70
Consol 5s
58 65 53 63 60 674 49% 60
71
1955 67
65 69
69 78
40
78 85
84 90 84 89 82 85
28
97 10012 92 99 85 94 87 91
8312 92 Bush Term BIdgs stpd 1st 58'60 84
3514 5412
7312 83 5012 74
8134 83
84
90 81
98 101
59 664 By-Prod Coke 1st 545 A._1945 60 60 --------55
40
55
97 98 ----------------68 68
97 98
3412 3358
35
40
55
ai ii
105 106 105%10534 10512 1057 101 10558 101 10212 98 10212 Calif Gas & E unit & ref 5s1937 9914 10112 100 101 100 10134 101 10134 31001210178 10034 102
1940 6212 71
6312 6634 60 6712 53
5112 5.111 4912 5211
61
57 71 Calif Pack cony deb 55
78
93 96
90,4 9534 80 9212 74 84% 71
Petrol eon,deb s f 5s_1939 614 65 6412 73
73 7512 7558 8014 375
7634
7634 76
85 85
774 85
79 8212 79 8118 --------57 80 Calif
Cony
deb
8
f
5
,i4s
1938 64
71
88
68
72
70
75 82 80 8114 80 82
75
87 90 87 8712 62
90 92 89 91
90 91
1
212
3 3
2 4
13 1712 5 12% Camaguey Sugar 1st at 75_1942 --------5 514
17 18
30 30 25 3012 1413 24
Lines 1st 65_ _1941 2
19
30 304 3012 32
14
3614 3012 31
2614 23
49 553 42 4918 3734 40
37 374 30 30 Canada S s
27 30
1
4
105 106 10512 106 104 10614 10034104 10112 10312 100 103 Central Dist Tel 1st 5s_ _ 1943 100 102 993 10012 100 10214 10112 10212,10112 10314 1017g 103/
6912 72
94 C100 Central Fily 1st s f 20-yr 68_ 1931 89% 93 93 93 --------8.534 9112'09 c99
70 83 8412 87
84 8412 85 89
_ Cent Hod G & E 5s____Jan 1957 97 100 9634 93 9914 10012 100 10012 9034 10012 991-4 1014
_ _ _
_ 105 10618 10158 10158 _
_ - iii4 Cent III Elec & Gas list 55 1951 7012 76-% 71 77 65 7614 54 70 57 66121 5712 684
55 Ws 88 9634 85 90
ii
6512 .VI
8014V
85 8512 90 88 97
70
80 92 Central Steel 1st s f Is... 194 i 85
8512 894 68 83121 65
109%115 107,2 114% 9312105
9334 97
9334 99
367 2318 26 234 30
4212 27
4434 35
30 4612 Certain-teed Prod 54s A _ _1948 3114 394 40
43 60 4958 60
44 5412 40 49
45 50
414 6 Cespedes Sugar Co 1st 748 '39 5
_
6
612 6
8--------5
6
6
104 15
_ 1118 15
Ni
Cha'keCorpcon
15s May5 '47 64
4434 517 -35 -43- -35 -4312
74 5114 69
76 67
13.
6-3.4 1914 9012 97, 74 9214 72 83 ___78136
-- 14 5914 79
99
99 102 9912 100%
10518 10514 10512 10534 102 8 10534 9934 1038 101 10318 99 10114 Chic Gas L & C 1st gug 58.1937 09 10014 97 9912 9918 1004 98
Chicago Rys 1st 5s stpd15% Prin & 17.3b__1932 int 48
49 4512 4812 4214 50 36 4012 31
42
40
41/
1
4
4712 5015
53 55
58,4 6118 5734 5814 3912 51
6118 63
1943 407 48 42 464 20 4514 2014 27 21
22
19
25
71
7618 63 7114 5812 6612 5734 63 60 8612 48 6412 Childs Co deb 55
53 6012 37
49 54
57
7.534 55 69% 5518 7412 41
28
5712 28
3612 20
59'z Chili Copper Co deb 5s__ _1947 47
87 8912 76 8738 55
& Elec 1st mtge 481968 8314 863 8234 854 8758 9212 8512 9118 8534 90 8534 8912
964 97 9658 9878 91
9734 88 93'2 88'2 897 834 888 Gin Gas
33
3434 40
37
3434 32
3434 8261g 344
2934 3312 Colon Oil 6s cony debs_ _ _ _1938 32'8 37 831
2934 36
20 34
3612 50
42 52
45 55
45
45
45
45
55 80 Colorado Fuel & I gen s f 5s1943 60 60 63 67 60 63 45 60
55 8712 8018 86
87 88
73 75
75 78
1st coll tr 55'34 61
65 5412 61
40
55
60
26
40
19
17
35
62 74 65 67 65 6612 6112 65 Colorado Indus
76
76
78 83
Q & E deb 5s_
1952 717 8212 737 8218 77
8512 6158 7758 61
71
597 687
9812 10018 85 99
9734 100
82 9012 8358 9012 6232 85 Columbia
5s
April
Debenture
15 1952 74
8112 7514 81
79 85 60
79
6212 71
66
70
98 10018 99 10018 83 100 85 92 90 9238 72 84
Jan 15 1961 7134 8112 74
59
84
8012 76
1
767 60
7034 53 68,
8012 90 82 8912 63 8312 Deb 55
97 9918 9718 0918 8212 98
90 95 9512 9612 9512 9612 96
90
96
95 95 ----------------94 94 Columbus Gas 1st 0 5s____1932 90 90 90
9818 9814 9812 99
79
82
8134 85
991210034 94 10014 89 9518 90 95 8312 93 Columbus Ry P & L 4 345_1957 8112 85 83 8414 83 92 8112 91
9722 100
91
93 93 95 90 95 88 0018 90 95
93
93 Commercial Credit at 65._1934 92
91
917 947 92 95
100,2 101 101 10118 9614 102
91 I 8312 9112 864 8712 90 91
96'2 9814 982 9934 9614 9884 8914 96 8912 90 87 9012 Coll tr s I 54% notes_ __1935 85 87 844 8612 87
90 Commll Invest T deb 548_1949 79 85 80 8634 8634 92 I 8214 8418 8112 85
8212 86
9784 9912 96 99 9313 97 894 9414 90 9312 78
10612 108 10614 10714 105 108 105 10612 105 106 10558 107 Comput-Tab-Rec 30-yr s I 65'41 105 10612 105 10512 105 10514 105 10 6 10434 106 104 10514
_ Conn Ry&Lt Ist&gen 4565 1951 ____ ____ __ ---- -_-_ __- - 1 _
38714 28714
_ _
_ _ _
10158 10152 ---- ___ ____ ___ ____
3 91
91 _ -- ---102 103 102,2 1-03 98 1-0112 95 -Ii-i 5E -9114 5EFt -6612 Stamped guaranteed.._ ____ ____ ____ __ _ ____ _ __ _ _ _ _ 55 92;
---Consol Hydro El Works of
32
35
35
Upper Wuertemburg 75_1956 3314 3518 31
2912 33 22
2918 2258 3111
70 90 62 67 44 68'2 34 50 40 5012 31'2 3934
58_1950
194
2214
19
2012
1912
Coal
1st
&
ref
1812
2012
Consol
20
1012
11
1812 5
2412 2812 2014 2714
2314 3312 24 27
35 3712 33 37
99%10512 Consol Gas(NY)deb 5 As.194; 10118 10434 31003410112 10314 105 10118 105 899 104 9934 103
107 108 107 108 105 10712 104'4 10712 104%106
1951 89 9114 8912 9214 9258 96
9114 9514 87 93
Deb gold 43•41, W 1
8712 9234
9714 9912 8912 9734
95 101
97 104
10112 10314 103 104
98
99 100 10034 9934 100 96
7 101 100 100% Consum Gas Co 1st gu 053 1936 99 101
9418 9012 07
_
105 10512 10412 105 104 10558 --------99
99 9734 10034 0912 10134 9612 102 07 1011
/
4
9812 10212 Consum Pr 1st I & unit 5s C •52 9712 10034 97
105,4 106 103%1064 103 10678 1904104 100'2 105
36
1946 32
30
35
34
3712 30
31
20
22
3012 20
25 3912 Container Corp 1st 6s
42 5414 40 55
4414 56
56 6312 65 61
10
24
1943 20
1712 1012 314
15-year deb a 6s
17113.1
7 815
5
344 27 3212 20 25
10
2014 2818 21
25 34
3014 40
Copenhagen TelephoneFeb 15 1954 62 65
65
7134 70 7214 170 70,4 6914 70
Eztl 5 f g 58
5018 55
75 8012 65 75
61
79
100 10212 98,4 10114 78 100
Prod Ref 1st 25.yr s f 5831 10058 10212 10154 103 10158 10134 0158 10314 10234 10312 102 1033
Corn
1024
100
1023
4
2
10
103
10558 105% 103 10558 102 105 100
seal
Cork
&
1st
s f 6s'47 7711 80 76
80 8012 82 73
Crown
7512 7114 7414 62 70
85
78
90 924 84 90
93 96
93 95
92 94
724 7512 87 7212 60 69
7012 6934 72
65 5534 Crown-Willamette Pap_58 195 167
56 6014
79 82
7734 80
8514 90 89 9112 804 91
55 60
51 555
57
51
57 548
53 4414 48
54 6312 46 03 Crown Zellerbach deb 65 1940 48
54 59
65 6912 67 69,4 577 70
2
214
2%
112 134 2
14 2
338 Cuba Cane Prod deb 6s._ _1030
1
94 lug 43.1 912 4
112
1
34
1 12
534 318 4% 3% c5
Cuban-Domin Suglst 7 14s 1944
_ _ _ _ 2
2 ___ _
158 212 2
1
1
Ctfs of dep stpd &unstpd_ _
2
214 5
434 6
512 8
-. ---- - -- 512 8
- -14 118 ---.
158 138 138 lis i
Stpd with purch wart attach
-23
2
6
5
6
7
8
5
6
9
-712 15
99%102 10012 1024 10158 103 30258 1113—
9818 10-0
98 1024 Cumb'I'd T & T tat & gen 55'37 9712 101
105 10534 10514 10614 10312 106 100%1031 1014 103
__
95 101,2 Cuyamel Fruit 1st s f 6s A_1940 97 99 100 10434 10438 1044 --.- ____ _ _ _ _ _ _
9912104 100 102
10414 10558 104,2 10534 103 105
85 89
85 85
88 89
87 881
9 914
9414 Dela Pow & Lt 1st M 434s _1971 88 93
19'9 ------------------------ -----------------1st & ref 414
5390
9112
90
90
9012
92
43-4s
1969
87
gold
193
893
mtge
8678 867,
RI
1st
99 100
93,2 9714 94 94 ---- - 85
58'51
9012
91
91
913
4
89
9212
ref
9012
1st
&
fii 91,1 85 89
95 -9i Denver Gas & El
96 101
95129934
1054 1-641-2 15514 1-04 101 104
85 85
Stamped as to Penns tar..._ 90 924 9112 9212 9014 92
8414 93
82 89
10314 10412 102%10334 10318 104' 9512 1024 96 mit, 93 93
5s1933 10018 101 10014 101 10012 10178 100%10112 1005810)58 101 101538
1035810434 10278 10458 1004103% 10014 10234 10114 10212 100 10212 Detroit Edison 1st col tr
,
8;2
431101412 97
80
42 9
9512 97
712 10
1940 96 101
02
114 40
90
8;2 0, 110
00
2,; 97 100
1
__ _ __ 101 10612 101 10312 06 102,2 Can Pc ref 5s ser A
10678 10912 10712 10814
1955 99 10018 96
Gen & ref 5s ser 11
107 1074 10712 10734 10714 1-08,4 102 105 102 10314 96 10214
97 101
1962 96 10012 9612 9712 9712 101
997 103-58 97 99
Series C_
97 10214
10712 10758 10714 108 105 108 100 105 10155 104
907g
9414 87 9534 8912 9512 8914 9418
90 9154
ser "D"-1961 9012 95
10314 10418 10334 10434 9812 10414 9414 101 14 9514 9814 89,8 9738 Gen & ref 416.
66
1940 76 834 8058 8414 78 86
7778 567
71
6612 75
7314 86 Dodge !Bros deb 64
0018 9212 92 934 82 9212 7912 8812 85 91
524 5314 5258 5518 5418 5812 5418 5514 5514 564
50 581/4 Dold (Jacob) Pack 1st 68 .1942 5058 53
5714 61
53 58
5314 65
564 57 63 73
82
86
78
80
80
80
75
'42
8512
7s
AA
75
1st
&
ref
Steel
8212
Donner
50
52
83
92 9412 --------78
9412 96
95 9612 96 96
70
70
76
8112
55
8012
6818
A.1966
70g
1st
65
44 62
Power
3914 50
103 10414 10312 105
80 10312 75 87% 80 88'2 68 81 1,, Duke-PriceLight 1st 4 iti.._11967
97
9334 9612 9314 C9712 95 977 9512 100 0434
9418
Duquesne
4
101,
9858
93
c103
101
10512
100
99
10412
10514
8
1045
104 C10834
512 5
5512 5
512 3
Sug s f 7148_1937 418 512 5
5
378 412
014 1012 314 9 Eastern Cuba
10
8
10
13
3458 375.1 1512 37
9612 9412 9434 96 9658 951i 9620 0614 0312 09654 0812
904 9812 Ed 1(1111 Bklyn 1st cons g 4s '39 04 110
9658 98
10012 10034 10112 10318 103 10318 98 110
--------10712 10712 51051810758 103 108 10412 105%
Ed 1(1 111 (NY) 1st cons 55_1995 110
12034 12034 122 123 12312 1231, 11814 11811 --------10758112
38
2518 32
% l% 32
20
26
204 3414
2314 2912 El Pow Corp(Germany)6448 '60 26% 36%
534 50
32 43
3212 57
52 64
55 78
2618 30
31% 38
1953 28
3214 36
36
2012 26's 1834 3458
1st 5 f 6145
65 77 50 61% 32 524 3258 4218 3012 5034 23 34 Ilk Horn Coal 1st & ref640'31 20 2014 --- ---- 20
2114 20 20
20
20
25
20
20
24
____
____
40
40
56
56
---- -.------------------------------------a
Deb 7% notes (with wrt1931
it
53
15
15
B
Breda Co 1st m 7s 1954
Ernesto
Er
4134 5258 35 4158 3634 394
45 50
43 60
With stock purch warrants. 40 48
3312 47
46 C49
6212 64 6258 65'8 50 6214 35 49
55 74
70 724 7058 76
53 541
6658 75
8612 9558 78 784 65 65 Federal Lt & True 1st I 58_1942 66 66
1
941 96% 95 971 95 96
7612 66 75
60 7312 5313 534
1st lien a 15s stamped .1942 70 71 --------74
89 9312 7614 78'8 65 761 1
89 94
9212 9412 0412 95
71
764 82
59
80
76
77
7112 46 63
1st lien a f 63 stamped-1942 80 80
82% 8514
8278 88
9734 984 99 101 14 96 100 88 96
46 66
65 66
1954 ____
__- 62 65
4714 50
30-year deb 6s ser B
41
421.
9014 9014 85 9112 7614 85 --------63 76
90 92
68 75
75 75
55 66 '•
59 66
79
75
7434 844 Federated Metals s f 7s_...1939 79 -80
84 84
84 85
85 88
88 8814 88 90
1946 7712 8018 7058 814 79 81
8014 817s 6912 82
Fiat deb Is (with warr)
60
7614
8
6812
743
7812
7315
80
71
'
2
75
89
87
,
2
884
87 88
20 26
16
1941 21
20
2058 28
26
18
20
18 28
20 2834 Fisk Rubber 1st s f 8s
2112 30
30 4312 29 31 18 22 30
2558 28
83 84% 8234 8414 583
88
8158 85
89 9718 Framerican Ind & fled 734s '42 8712 913g 825 80
97
91
1014 1054 10112 10214 90 10234 8934 94
15
19
90
15
1538 15
7'-4s '43 16
15
15
16
1st
at
Francisco
Sugar
15
15
21
12
15
2112
2112
2318
21
44
41
5058
41
1 50 60
Cash sale. a Option sale.
10014 101
10012 10112 93%101
931
9814 93
97
92
Financial Chronicle
Volume 135
749
New York Stock Exchange—(Continued)
1931.
1932.
August
October
•eptember
July
November December
Low High Low High Low High Low High Low High Low High
c89 -81- -769612 98,1 2718 9812
6034 66,2 59 6278
9014 9212 9034 9134
86 90 88 88%
41
48% 38 41
97 100% 96 100
go's 93
92 94
1
4
544 62 48 53/
40
85
46
7914
83
33
72
63/
1
4
35
-611-s
9812
6012
9114
90
35
964
92
48
71
9412 94,2 94/
1
4 9512 94% 95
90 90,2 85 88 8012 82
30 4212 25 36
40 69% 30 40
26 3912 1518 29
4814 55
48% 58
58 75
3934 55
38
54
22 36
30 32
40 43
27/
1
4 2712 25 26
10 -161 11% 15
14
14
9/
1
4 1112 8
12
51
55
43
58
54
51
4314 62
44 50
20 43
56 60 59 99
34/
1
4 34/
_
1
4
28 88,4 74 84,2 -7
8812 90 86% 90
72- 16- 62 72
41
5812 60
59
60 62
3812 48
42 47
3612 4634
10712 108 10814 108% 10312 107 100 103,2 10314 1031
/
4 100 103
102 102% 10214 103 100 1021 100 101 100 1011
/
4 9834 10012
1
4 10112 100 101
10112 103,8 10258 103% 100 103% 97/
96 10014
1311 -65"
7334 6412
51
62
/
4
9234 861
8114
87
991
/
4 99
62
85 88
78 82
8312 9212
8612 9612
731, 76
70 7214
5212 56
7612 8234
90 9534
/
4 9112
841
70 72,4
72 72
70 70
9912 104 Illinois Bell Telep 1st 53 A,1986
9334 99% Illinois Steel deb 4 133
1940
1712 2458 Ilseder Steel bs lot ctfs wi 1948
1214 2218 Indiana Limestone 1st. f 6s 41
97 97 Indiana Nat Gas & Oil ref 53'36
72/
1
4 841:Inland Steel s f 443 A__.1978
73 8334 let M•f 41613ser "11"
1981
Inter.Metrop coil tr 458s_1956
Certificates of deposit......
51
69 -E6161-2 -374 -561-4 interisoro R T 1st & ref 53_1966
71,2 50 68% 49 5834 48 5
Stamped
3712 51
2312 52
58
2412 41
2834 42
2612 34
10-year 6% notes
1932
90/
1
4 70 8714 70 79 6414 77
10-year conv 7% note, 1932
56 68
86,2 79
79
65 6512 55 613 49 59 Interlake Iron 1st 5s ser B _1951
9912 991
99
/
4 991
/
4 9914 99 991 99 9913 I ot Agric Corp 1st & col tr 5532
62
55 55
50 72
50 50
38 45
Stamped extended to
1942
8014 85
73 79
7312 8434
7414 4921
72 73%
65 70
46
57
68 783
8234 911
75 851
70
70
67
48
53
53
51
58
40
461
59
5412
64
70
70
83
73
76
82
7214
691
/
4
49
701
/
4
84
7534
71
71
70
60
401
/
4
5412
50
91
59
3934
46
5134
51
60
60
60
7212
6112
68
69,2
58
63
42
58
89
63/
1
4
63
62
60
7212
55
5834
60
5212
60
40%
4418
54
52
60
6013
80
701
75
75
597
641
5338
66
771
693
607
601
c6034
38
3912
3953
43
44
26
3414
3512
35
59
6).•
70
72
71
7412 70
7514 72
18 525.4
- -26- 347
ii75 77
74
7518 82
76
94 95/
9934 95
1
4 9314 95
4334 5613 45 5612 43 46
93 93 93 93
94 96
4712 5912 4212 60 339
434
4412 49 23812 49 33318 3512
3858 42
2812 33
3214 43
981,102 10114 10214 99 10112
9812 10058 9634 10012
9534 100
76
75/
1
4 78
80
73 84
3912 52
60 6112 52 61
1
3
314
6
5
4
4
24 30
31
3812 27% 32
65 75
75 80
75
71
39 44
43% 4634 4034 4512
72 76
7018 8214 6512 7112
7514 76
78 801 79 80
23 2512 23/
24
1
4 25
22
5018 6038 53/
54/
1
4 581 44
1
4
45 60
4314 521 3718 44
33 37
33 38
2812 333
76
70 74
9812 98/
1
4
25's 31
2734 4.5
TO
76
67 70
93/
1
4 95/
1
4 92 94
40 44% 25 38
9812 9812 53434 95
30 40
2672 35
2652 3578 28 83
24 29 2334 3134
98% 1011
/
4 10012 101
9834 101
9834 101
72/
1
4 77
7714 80
3912 40
38 4112
212 4
us
2% 312 112 2
1618 23
1218 2934
7312 80
70 75
3734 4518 3614 3934
(4129 66 63 70
75
79 72 75
2112
16
3412 1
4314 48
/.
3134 41
30 37
25 31
21
2584
Hackensack Water 1st 4s_ _1952 81
81
7814 8212 85 85
85 86
85 851 86 87
Hansa SS Lines (is with war '39 20 27
18
2434 14
12
21
171 11
1
4 2312
16 313/
Harpen Mining Co 6s w w_1949 82612 3514 3812 43
1
4 32
30 c43) 24/
18% 261 20 30%
Havana Elec Ry cons g 55_1952
25 25
2212 23
20 20
15
181 1412 16
Deb 54s ser of 1926
1951 --5
-5
7
614 7
8
5
63
4
5
3
3
Hoe (R) & Co 1st 6 43
1934 25 28
2_5_12 17012 18
20
618 10
97
7
7
9
10
Holland-Amer Lines f 4s.,.1947
13
13
Houston 011 skg Id 5 46_1940 -6- "7614 ii- -861-2, 53 653 -Si- 16 47 5212 45 5014
Hudson Coal Ist s f Ss A 1962 35 44
34 39 1 31
373 28 3134 2614 30
2614 29
Hudson Co Gas 1st g 55.1949 9914 10014 98 99/
1
4 100 1001 98 100,2 9914 10112 981
/
4 10012
Humble Oil & Ref deb 558s 1932 9912 10032 10012 1003410 32 1003 100 1003
8 1103810084 99 10014
Debenture g 5s
1937 94 9914 9418 98
96/
1
4 99
98 10012 95 9914 .57s 100
106 107 10612 10758 104 1075 10114 106 10258 10512
95 100
102 10378 10318 1037 99 104
97 100/
1
4
32 473 28 4612 3113 3934
4313 68,2 4014 53
2312 27
15 25
10 22
25 33
1258
12
101% 10134 10214 1021 102 102 100 100
97 97
8458 95 8412 89
9414 9612 9334 95
8018 88
941
/
4 9578 9312 943 84 941 80 88% 82 8814
1018 101
70
7018
54
9012
87
98%
January
February
April
March
May
Ants
Low High Low High Low High Low High Low High Gawkily)
78 Gannett Co deb 6s
1943 69 71
Gas & El Bergen Co con 53 1949 ____
i2 -3.
2
/
1
4 Gelsenkirchen Mining 63-1934 33 13
1952 76
74 8012 Gen Amer Investors 5s
7612
89 95 General Baking deb s f 54s '40 8912 91
49 58,2 General Cable lit f g 53..'47 3512 4818
1942 96 96
96 96 General Elec deb 34s.
29 3934 Gen Elec(Germany) 20-yr 73'45 39 47
S f deb 64s without warr '40 34
25 35
4434
2114 31,2 Sinking fund deb 63_1948 2814 4212
9712 10214 Gen Mot Accep Corp deb 6s '37 9734 100
96 10012 Gen Petrol let $ 65.
1940 97 100
80 84 Gen Pub Serv deb 5).__l939 7434 80
58 6234 Gen Steel Castings 1st 5431949 58 61
2
612 Gen Theatre Equip deb 63_1940 3
734
Certificates of deposits
39 171-2 -is- lc 23 1i34 Good Hope Steel & I sec 7s 1945 -2912 40
67 8134 76 84
55 76 Goodrich (B Fl Co 1st 643 1947 69 7118
4113 51
Convertible deb 63
49 56
33 51
1945 3612 45
75 83
77 85
64 7814 Goodyear Tire & Rub 1st 5s'57 70 7614
78 83
7733 Gotham Silk Hosiery deb 6836 724 7612
7714 78
71
23 25
30 34
23 2734 Gould Coupler lets f 6s_ _ _1940 24 24
7434 TVs 6612 7314 5078 7458 Gt Cons El Pow (Japan)7s 1944 57 69
60 6912 61
69,4 41 6512 1 st & Ren s f 6 45
1950 4618 5812
36 401
/
4 39 43
26 39 Gulf States Steel deb 554s 1942 25 3034
77).: 73 80
69 8134 80 90
72,2 7412 74
10712 10818 10314 1081
/
4
59 7234 46 63
624 89
-514
85 874 8112 88
81 83 8012 8212
85 87
9534 9814 93 9614 95 97
/
4 99
98 99,4 981
57 72
50 62
72 75
57 6512
70 79
9914 991
/
4 ---- -- 9912 9934 96 98% 96 96
7512 9312 7518 81
48 79
4012 5612 35 53
6514 89% 70 77
43 74
3412 6014 38 50
/
4 67
4112 63
60 82% 601
3318 5114 3212 4818
103%104% 103 10412 10034 10334 9834 102 100 102,2
10212 103% 10234 1034 101%103,4 100 1021 100 1021
/
4 9612 85 9712 81 894 83 86
9234 9512 941
86 90,2 8212 8713 67 8258 61
67
59 69
1812 30
13 25
29 41
1014 18
614 12
68
BONDS
75 I nternat Cement cony deb 53'48
56 Int-Hydro Mee 6s
1944
61,4 Internat Match deb s f 5s 1947
62
Convertible deb 5s
1941
54 lot 51 NI 1st Cu! tr s f 63_1941
601 lot Paper 1st & ref cone 53 A'47
4018 Ref s f 6s ser A
1955
491 Int Tel & Tel deb it 4 .2s_ _1952
Cone deb 463s
581
1939
De's 5s when Issued
57
195 5
59 Investors Equity deb Ss A.1947
Deb 5,set"B" with warrants
611
Without warrants
9612 101
9312 9712
2112 30
1634 18
95 96
74 80
7312 80
9634 10014 9934 1023
95 9634 95 991
2883 2012 271
22
13
1734 10 C131
91
91 ---7_7_2
2_ 79
9:8
2 8
,
412
76 80
77 82
40
40
2714
57
60
-661-2
5011
3814
71
60
-is
11- 31's
4734 3153
30% 1112
6234 4412
32
35
--4612 -88-
398
3834
1834
59
35
34
4834
- 52 59
4112 -Eli -32475 53
52 59
4134 55
3112
3312 3712 35 4434 2514 36
1034
6934 75
71
79
5712 72% 44
55
551
/
4 44
5518 304
2 992
4;2 30
101100114 --------991
32
32 33
3414 32 33
32
624
47
444
4314
45
48
29
41
4412
42
60
59
7014
54
60
64
5434
55
3812
49
59
5212
60
60
5612
40
1518
16
4812
5118
29
4
22
714 5
30
31
1
47 5812 31
44 5412 30
5812 42
36 227
1
4
412 2/
414
30
41
5012 3012
22
1112
15
28
2934 1714
1714
28
6612 6612
70 63
70 6534
49
33
4%
23s
34
4113
23
2113
2512
27
6914
694
70
60
38
48
51
4714
45
70
53
6212
64
50
52
55
100%10312 9912c104 100 102
951
/
4 9812 9534 9812 9034 96
22 261
2612 15% 25
/
4 17
1
4
5
12
5
812 514 5/
9118 9118
61
72 -6334 Ifs;
65 78
59 70 60 6914
7
11
0 8
10
8
66
52
53
31
53
2
57/
1
4 214
5212 54014
56
45
3612 1934
4653 19
5512 23
5214 2114
55
58
55
581
/
4
4212
2112
23
4812
535
28
3212
3712
35
701
/
4
6618
43
19
2
15
30
38/
1
4
1612
144
1712
16
65
65
65
467
1041
/
4 1044 10414 1043 100,8 10514 9514 10212 9718 993 9312 971 KanCity P & L 1st 53 ser 13 1957
92 9434 911
/
4 93
9314 95/
1
4 90 96
9312 96
9114 9413
10412 10634 10578 1061 9934 1063 9714 10234 9812 1001 92 99
1st M 44s
1961 9012 9534 92 9314 92/
1
4 9634 9012 9634 9253 95,4 9012 9312
/
4 9838 100
95/
1
4 991
9314 100 8514 93,8 86 903 80 85 Kansas G & E 1st mtg 44's 1980
1 79 86
7412 7838 78/
1
4 86
7512 85
77 83
76 85
3512 56 8 2812 377 22
3678 20 341
/
4 2318 35
13 25 Kartmadt (R) 6s
1914 2558 $2114 25
1814 231 1718 19/
1
4 13
1718 12
18
64% 70
6513 68
53 70
47 5214 45 61
35 44 Keith (11 F) Corp 1st 65..
43 501
/
4 49 63
46
40 50
53
24 40
24 28
5514 70/
1
4 68 71
48 7018 4312 61
46 551 Kendall Co 5 14s with wary 1948
5934 66
3 49 54
55
97 65
57
50 623 41
43 4812
50
70 7014 74 74
73 73
70 7234 70 70,2 70 701 Keystone Teleph 1st Ss. _1935
68 68
68 70
66 67 62 6513
105%10578 104/
1
4 105/
1
4 10134 1027s 10014 1031
/
4 Kings Co El L & P 1st g 53_1937 100 102 100 1001
/
4 9812 1013 100 102 102 1031 1014 10212
136s 139 l38 1661 13534 140 120 135
120 130
Purchase money 6s
1997 120%12034
12012 12314 119 1231 12012 1203 116,8 12
8234 8434 8134 831 79¼ 83
74 7678 72's 764 6134 6712 Hugs Co Elev RR 1st g 43_1949 62
68
61.58 67
65/
1
4 76
6114 65
57 67
57 61
10758 107% 106 106 1074 107% __-_ ---- 103 103
Mugs Co Ltg 1st & ref 53_1954 93 97
97 981 95 97
9312 94
92 96
95 96
11812 119
11812 119 119 110
105 112
1st & ref6 146
1954 106 107 106 10614 106 109 10612 10918 10618 1061 108/
1
410813
7934 88
90 96
8212 91
80 84
55 6976 Kinney(G R1 Co cony 734s 1199643 50 56
45 4614 84618 471 4612 46%
525
35
10134 103 102 103
9914 102/
1
4 94 9914 "a/ -663e 8978 97 Kresge Found col tr 6s_
_1936 8812 9112 289
87/
1
4 911 76% 87/
90
1
4
40
111
-4014
5014
85 9334 73 87
48 c7834 48 61
5312 6132 37 56,2 Krueger & Toll 53 with warr'59 40 5912 5134 5912 1018
6
57
1714 6
614 9
11
10218 10318 103 10413 100 105
95 100
9614 9734 9312 97 Lack Steel 1st cons Si set A '50 90 9 34 80 84
84 88
80 88
65 81% 53
7534
102 10312 103 103,4 97 10234 9434 9912 97 100 88 9812 Laclede Gas
L ref 1st g 56.1934 9: 9614 94 98
9334 95
93
71
73 821 72 8312
100 1021
/
4 1001
/
4 102's 89 102
8718 92
85 c93
64 85
Col & ref 543 ser
7112 78
70 74
721 51 6518 47
69
48
54
54
100/
1
4 101% 100 101% 90 1001
/
4 80 93 87 901 65 871
/
4 Col & ref 558. serC9
"D"...11914
50
3 68 7638 70 7212 912 721 49 65
50 531 48 51
Lamar° Nitrate Co 6s__1954
33 46
19 3214 6 2434 10
10 183
15
7 1334
Without warrants
.
1
4 1412 218 912
9/
/
1
4 112
101 101 102 102 102 1021
58 3
/
4 93 95,4 9112 93 88 9112 Lehigh C & N con 3 f 44s A
'54 8
18
0 90
13% 8818
10 8
84 89
18
3
_ 84 86
85 85/
100/
1
4 101 10034 101% 101 10214 92 95
1
4
92 94
88 9214 Cons•f 44s "C"
1954 89 90
8912
90
8014
/
8314
4 102
84
85
85
101,8 102 1011
8014
09 10113 95 99
94 951 89 951
/
4 Lehigh Val Coal Co lit g 544'33 80 85
8434 90
88 93
8834 88% 48
100,4 10012 10012 100,2 9912 9913 98 98
49/
1
4 50
51
9512 951
1st
&
ref
.6
5s
1934
9612
9912
99/
1
4 99/
1
4 10014 10014
69/
1
4 70
50 55
---- 10014 1001
55 55 -_-- -- 50 50
44 50
1st & ref s 15.
1944 394 44
40 40
---52 52
4278 43
40 42 40 51
50 521
1st & ref s f 58
1
35 3934
4913 4912
------40 491
lst & ref 5s
1964
54 43 43
50 50
---50 53
---41
48
1st & ret
1974 41
41
12112 1241 12313 1241 liI8- 12414 iSis 12-6" 116 11-61 111 118 Liggett & s f 5s
Myers
Tob
78_1944
1I53 119 iiST8 117 iiSi2118
11534 117
108 1081 108 1081 104 MO
i81-2 117
99 103 1001
/
4 1041 95 1031
5s
1951
9934 35i
98144 1-911: 9834 10'2 9912 102 9934 102 100 10434
97 99
97 99
84% 98
82 89
89 94
70 90, I new's Inc deb 63 with war '45 9612
7514 82
82 88
85 9014 7512 8514 64 79
1
4
65 72/
Lombard
Elec
1st
7s
w
w_1952
7612 88
75 841 55 80
51
7578 69 721
without warrants
1954 57 67 6012 704 6332 6812 65 7038 5912 71
113 1141 112%115 104 114 10234 112 105 1071
55 67
Lorillard (P) 73
1941
10414
10153 104 102
10418 108 103 10614 10234 10614 10234 10614
92,4 951 9312 953 86 9413 85 91 18 88 931 77 87
Ss
1951 8114 87
84 91
88 9212 85 91
/
4 1071 100 10734 100 100 1011
106 1071 1051
8618 8913 8912 92
/
4 1031 92 102 ,
oulsv G & El I st & ref 53 1952 9412 98
91
96
9512 9978 9412 9872 92 100
93% 97
(Amer
Austria
Hydro
Elec Co .
7112 63 60 631 51
6631 30 32
1
4 41
37/
371
/
4 4212 1st • f 658.
1944 34 40
37 42
39 46
3512 40
20 20
20 27
9712 9934 90 9713 8834 9212 88 901 74 87 4cCrory
9834 100
Stores deb
7612 7714 77 82
74 7734 58
55 77
78
52 65
75
52 65
75
52 56
6313 68% 46 6414 McKesson & Rob deb558s, _1941 77 91
543_1950
53I
5812
51
60
47
25
2212
26
25
20 26
2614 30
594 38 47
26 4512 26
3412
danail Suam
sf7!•••,s 1942 10
4% 10
10
3
20 2014 1218 17
4
512 514
41
20 23
-_
7
Stpd Oct. 31 coup on____1942 3
4
2
5
314 314 214 2,
54 60 50 5414 38 52/
5
6
1
4 3514 4212
163-4 27 39 Nanhat Ry (N Y) con
4
45_1991:
g
2812
39
33
3934 37 4312 30 16-14 24
45 45
351
/
4 45
3018 36
3.12 2218 27
50 51
32 32
Id 4s.
......2011
96 97
98
98
1212 22
1212 1513
---- 30 30
Manila FT Ry & L Ist&col 53•53
78% 85
---•11rs Tr Co ctf of ',attic In A
9212 9412 9212 93% 89 9212 89 90 83 89
9312 94
siamm & Son 1st 566s
1941 78 83
78
78
79 81
38 42
35 41
30 3212 25 2534 251
77 80
60 68
76
66
/
4 3212 21
2614 darion Steam Shovel. 06.
21
3212
28
36
30 3313 3212 34
8712 911
/
4 87% 90
25% 25%
31 12 34
95 971 9313 99,4 84 94
79 8834 hit ker Sr Ry 1st 7s ser A 1946
84 8734 83 85
8334 9112 79 92
60 6712 59 60
6512 8112
48 59
6512 79
72 731 6712 72
3712 48 stead Corp 6$ A
1945 44 50
45
50
47 51
1
4 78 9213 77 89/
29 3712
40 4934 34
1
4 84 8734 76
39
9415 983 88 94/
77 deridsonale Elec 1st 7s A_195-,
7812 78 82
78/
1
4 83
63 65
7914 86
19434 1053 105% 105% 10033 10534 97 10234 99 102
98 100 detrop Edison lit & ref SP C '84 76
97 100
93 94
90 29934 8
9
75
2
3'4 7012 80
5
7112 8
87 94
84 89,, 1st 4 sys ser "1)"____
/
4 101,4 10012 10134 9512 10158 89 101
1001
1965 82 85
79 In; 82/
1
4 85
30 44
1
4 72
45 53
68/
7734 8412
25 44
38 5218 28 38 Metr Wat Serv & Dr
50 61
546_1950 33/
1
4 47
4114 4514 45
35 47
6014 6034
50
36
46% 43 49
481 4834
4et-West
38
38 38% 38
38
1
4 21
/
0
4 207s 45
2
106
212 19/
2
7154
1
27 -16- 2913 35 -277s -311 miag Mill Sale El(Chic)43 I93S 38
-6-13 4412 441
Mach
73
with
wart
'56
23
25
30
2912 8191
/
4 25
25
17 28
16
1
4 1041
/
4 9958 95'8 100 851
/
4 102/
/
4 98 10313 961
102,2 1041
/
4 9634 dtti• ale St er ore
•f 55'36 8812 9434 9214 9312 9314 97
7312 8234
8734 9312
10314 104'2 103% 1017s 9712 104 96% 101,2 95 100 84 9334 Mil El Ry & Lt letcony
& ref 53 B '61 8834 9412 8712 90
88 9238 79 8914 74
734 8014
79
1
4 104
941
/
4 100% 93 9912 80 94
10312 104,4 104 104% 97/
lit mtge gold 5s
1971 88 95
87 89
88 91
72 8512
7734 88
6,
7858 74 80
/
4 101 18 106
10412 105% 105 1051
9414 100
97 10214 85 98 Montana Pow 1st 5 ser
A.1942 90 9512 8734 9134 9034 95
92
81
60 80
92/
1
4 102% 88% 9912 85 90
697s
73 8378 Deb 55 ser A
10218 103 10212 103
1962 57334 80
764 8234 764 81
60 72 60 66
54 62
Wontecatini MIn & Agr—
9312 97
8934 9511 87 9513 6958 85 80 85% 6713 78
Deb 7s with wary
1937 68 70
69 75
75 80
78 8232 77 79
6958 76
83 95
74 8513 79 85/
93 9714 8953 08
1
4 6672 77
without warrant,
67 70% 68/
1
4 75
74/
1
4 8112 7-13 8212 7518 79
6814 77
• Cash sale. s °mien sale,
Financial Chronicle
750
July 30 1932
New York Stock Exchange-(Continued)
1932.
1931,
Novemher Decembe
October
July
August September
Low High Low High Low High Low High Low High Low High
10014 1004 10034 10114 99 10034 8614 86'4 85
6914 7412 -6- V670 70
9314 96
9278 93
10914 1094 109 109
65 7234 6534 76
70 70
94 9418
_
109 10918
_
"69"
85
72
72
-airs 75
85 16- 85 16
100 102 100 100.51,
January February
June
March
May
April
Low High Low High Low High Low High Low High Low High
Nontreal Tram 1st & ref A 5s'41 754 80
7'12 8012 8214 8412 80 8158 27814 82
7514 78
Gen & ref 9 f 4 M8"C"---1955 --------60 60 - s 718 70 76 75 -if - -ail -ii- -ii- ..4-- -6212 WI:
Morris & Co Ist s t4444____1939
dortgage Bond Co 4s ser2_1966 ----------------4014 4014 - -- - - 1934
Hurray Body 1st 61.45
85 9512 i.
2 12 ii -iii 65 -7-6
dutual Fuel Gas 1st gu g 5s 47 100 100
93 95
94 9714 95
95
9012 9212 92 92
BONDS
Vamm(A 1)& Sons-see Mtrs Tr
3014 41
Nassau Elec RR 1st g 45-.1951 414 4612 44 4714 47 50
4112 45
45
40
5812 60
National Acme 1st s f 6s _1942 60 60
58
58
5812 54
5812 60
56
5612
88 9212 8812 9512 8612 9318 72 88
7112 83
Nat Dairy Prod deb 514s_1948 85 91
1278 10
14
1412 1412 10
2112 12
25
Vat Radiator deb 6%s_ _1947 8
13
10
1956 6912 75
7234 76
Nat Steel 1st col 5s
73
7558 80
68
7312 64
7638 60
96
98 98 --------95 9512 98
Newark Cons Gas cons 58 it '48 96
9912 90 100
-- 88 88
N J Pow & Lt 1st 4'.484'.481960 0534 0534 ---77 90
8014 8414 7912 87
62 6478
Newberry (J J) Co 533s-1940 7718 8114 78 -7912 74 7912 65 75
65 70
New Eng) T & T 30-yr 5s_ _1952 9712 10118 98 10012 100 104 10114 10434 100 1033400 102
9112 9412 9312 08
0412 974
1961 92 95
1st g 44.45 ser B
9512 9734 9434 99
7112 7812 7512 82
New On Pub Serv 1st 5s A_1952 6814 78
65
75
5112 6512 4612 5612
1955 70 7534 7012 7814 7312 8058 64
1st & ref 5s ser B
74
4514 6512 46
58
5512 52 5534 54
1951 51
.7 Y Dock 50-yr g 4s
58
50 5 4 46 48
45
50
32
3812 3212 43
1938 35 39
30 37
Serial 5% gold notes
35
4034 33
40
N Y Edison 1st & ref 634s A '41 10612 10912 10612 10912 108 10934 10812 11014 107 110 10612 10812
9934 10378 9712 104
1st lien & ref 5s ser B....1944 974 10212 9712 100
00 104 100 10314
N Y Gas El Lt H & Pr Co 5s '48 10014 104 101 10412 1023,105 102 10614 1053,107 10112 10412
91 14 9, 92 941s 9112 9 12
Porch money coil tr g 48_1949 88 9312 874 9012 8934 95
,̀
1 YLE&WC2aIRR 5145 1942
80
80 80 80
__ ____ ____
4 York Rys 48 ctts of dep _1942 ------------------------4333 4338 ____
40 10 V Y Rys Corp Inc fis. _Jan 1965
____
58 212 1
24 114 238 14 178 1 _-2
4 1
32
13
4
11
212
1
39
--iEa
14
2
40 50
3 -- 4 -21.
4234 48
3
412
2
1965 324
30 4234 32
3518 28
33
Prior lien 6s ser A
28
3712 V Y & Rich Gas 1st 6s
4038 42
95 98
9234 95 9318 9514 894 94
5712 60
8514 90
60 61
1951 95 98
3978 5314 3778 44
44 2 --------113 112 3
964 100 101 102,2
312 3
4
107 107 107 1074 106 108
V Y State Rys 1st cons 43.4s '62 214 212
13
8
314
314 34
__ ____ ____
1
1 ----------------2
5
2
3,4 5
6,4 64 434 434 4
Certificates of deposit ____ --__
314 314 314
3
63s 638 5,4 5,4 434 434 3
50-yr 1st con 694s, ser B.1962 2 .-2 ___- --- 212 212 --------213 312 3
3 New York Steam 1st 25-yr 6s'47 10318 105 104 .
478 478 314 3,2 3
9912 102
5
6
5
105 10412 106 10012 10058 100 104
5
9014 9612 9012 9312
1951 94
97
94 96
95 98
92 97
1-6678 10834 10934 107 109,4 10412 107 10512 10712 101 18 106
1st mtge 55
9758 1014, 1st m 58
1956 ----------------04 9458 9058 9434 88 9378 88 93
10412 10514 1044 10534 104 10512 99 1034 10078 102
9712 10012 984 10058 99 10114 9914 101
V Y Tel 1st & gen s f4;is_ _19:49 9518 9912 9578 C98
9914 1047
8 100 1-667-8 96'4 101
10434 10614 10434 105,2 10234 Il0514.
6534 67
68 70
58 6618 6014 63
53 60'4
..1 1' Trap Rock 1st s f 6s_ _1946 6512 70
9358 9514
94,2 96
8258 9412 81 12 85 8212 86,2 67', 8412 '4lag Lock & Ont P 1st 5s_.1955 9012 97
92 9414 9418 97
8618 93
9512 97
94 96
44 5712 39 4812
78 102
65 70
67 7012 5614 65
093310133 8958 100,4 Niagara Share deb 534s
1044 10514 10478 105 102 105
1950 58 68
78 Norddeutsche Lloyd (Bremen)
7412 804 55
7612 92,4 74 80
94 9612 92 96
3012 3378 2778 3512 2212 2834 1658 2512 17
274
1947 2412 34
20-yr a f 65
4412 2038 30 No Am Cement 6 Hs A w war'40 20 2112 17
31
30 5834 3314 45
204 20 2634 18
19
1112 1718 1112 1312
56 77
5512 64
17 25,2 North Amer Co deb 55
2514 31
25 32
32 40
53 6912
3914 40
82 88
68 8212 58 76
3712 40
80 c85
1961 8012 85
8712 9358 74 8712 No Amer Edison deb 58 ser A '57 82 89 284
85 c1024 8212 91
7918 8512 6812 75
88
85 91
65 7114
9934 10134 10044 102
7518 92
9738 105
7518 94,8 93 95
102 105 10438 105
7634 8878 66
7612 60 7012
Deb 534s ser B--Aug 15 1963 85 9112 8712 93 28834 94
7512 94,8
924 9634 9438 100
103,2 105 104 10434 95 105
70 82
1969 78 85
7812 8512 82 89
5712 7312 57
Deb 58 series "C"
6934
6712
93
7078 92 8778 92
10112 10234 101 18 1024 8738 102
91
99
92 97
9034 95
NO Ohio Tr & Light gen 6...1947 9178 9938 9078 9734 9534 101
10578 1074 107 10812 10258 10734 9912 103 100 1034 89 101 iorthern States Pow 58 A-1941 94 9612 95 99
9578 9914 9214 97
89 c98
9034 197
101
12
89
104,4 105,4 105 10534 9978 10512 98 10234 9912 102
1941 100 103 101 10238 10134 10534 100 10212 10018 10218 100 102
1st & ref 6s ser B
10558 10634 106 10634 105 107 100 106 102 106,4 96 104 Northwest Tel 1st 4345 guar '34 944 9712 91
0114 94
91
91
-91
91
91
99 9978
10138 102 10138 102
9934 101
50 6312 504 5434 4118 -50
Norwegian Hydro Elec 510'57 49 6018 55 62 6058 65
9312 1678 9338 95 71 92 53 70,4 67 73,2 "iiis 60
73 9912 75 87
/hio Public Serv 734. ser A '46 100 10614 9818 10134 10112 10312 99 100
71
83
111 114 111 112 10712 112 105 108 107 110 10012 1061
1st & ref 78 ser B
1947 10012 10414 99 10012 10014 10212 90 10212 87 91
97 105
11034 114 III 113 109 112 102 105 10414 110
18
1514 20
1512 1814 1312 18
Hd Ben Coal 1st g 65
1944 15
9
1634 6
778
25 3012 25 2714 1612 22 )ntario Power N F 1st 55_ _1943 83 88
25 30
28 40
30 38
8712 92
92 95
8818 95
9214 96
89 9214
94 9834 93 9714 85 97 Ontario Pow Serv 1st 5141.1950 50 5734 5312 5612 53 64
105 10714 10534 107 103 106
43
4134 5412 41
54
21
4434 58
66
61
79 8414 734 79,2 6178 784 50 57
Intario'Transmission 513_1945 80 83 8334 90
90 95
8814 8814 8312 8618 8034 85
9478 9958 9034 9534 90 91 4)slo Gas &El ext1 if g 56_1963 60 6434 5014 66
1074 107,4 10612 10612 10118 105
67
7114 60 6912 61
6334 62 6334
58 61 Lltis Steel 1st
65 76
98 9934 96 99,2 9178 96
34 45
42 47
27
33
15 27
1712 23
m 68 ser A_ _ _1941 4012 50
5512
3912
65
56
74
6114
704 80,4 6878
50
80,2 85
Pacific
G
10112
9612
&
10014
9414
96
10112
E
9612
987
8
963
8
10118
gen
&
ref
55_1942
983
42101
10412 1064 10514 10638 101 12 10658 100,210334 10034 10312 9412 1014 Pacific Pub Serv 5% g notes_'36 87 87
8712 88 --------85 90
78
7912 86
7812
911. 8612 904 Pacific Tel & Tel 1st 5s
89
1024
1937
100
c103
97
1003
10018
1132
101
1027
8
10118
103
101
994 1024
1-66-3-4 101 1-04 1015s'03
104- 166-3-4 106 1-66-3-4
Ref m 55, series A
9634 100
9938 1024 9912 1024
1952 97 102
09331013, 994 102
102
99
1
10314
1013
8
10612
1023
4
043
4
1077
8
10814
10734 108 2
108,2
Pan-Am Pet &T cony if 65 1934 100 10112 101 s1013 10118 10112 10118 10158 10112 10178 10138 10158
10112 1021 10218 10234 111134 10212 10034 102 lut.)4 102.2 9934 1014 Pan-Am Pet (of Cal) cony 6s'40 1278 131 13 21
1012 1012 712 1712
14
19
12
15
1838 2158 1212 20
24 3314 1714 21
3318 35
3234 36
414 14
Certificates of deposit
4
1112 518 8
1314
13
20
1614
31
31
1312 19
31 12 33
31,2 31
81
Paramount-Bway
1st
5
7512
64
72
59
34 44
10_1951
68
72
713
8
36
58
65 88 Para-Famous Lasky 5 f 65_1947 4412 54
8978 94
91
97
101 103 10134 10312 96 103
1012 21
42 6058 2812 46
4914 54
15
32
58
40
59
75
60
76
69
86
91
8514
85
904
Paramount Publix Corp 548'50 3712 49
18
45,4 5038 38
55
26
404 14 28
11
4514 7034 33 50 Park•Lexing 1st lease 614s_1953 15 21
7318 82,2 7512 7934 60 7733 60 71
24 26
20
22
17 22
15
18
10
1 78
114 25 Parmelee Trans cony
25 35
2514 40
3834 52
49 531., 49 50
212 712
68_1944 1712 2312 144 143 11 21612 812 12
8
9
22
1214
24
30
1578 1634 16
25
44
24
24 25
Paterson & Passaic G & E 58'49 9914 9914
100
9912
1914
9912
33310312102 10358 10218 10378 9834 9834 Pathe Exchange deb 75_ _ _1937 69 66
.712 107
0 57
65 80, 74 80
63 77
56 65
5718 6812 Penn-Dixie Cement
63 79
70 80
1
96
-8814 14
6s A_ _1941 404 43
3012
42 431
7
1118 4334 36
42
24 36
4512
40 4418 36
.5
58
8 563 38 56
58 61
Pow & Lt 1st m 494.1951 81
Penn
867
8
813
4
87
54
893
4
803
4
887
8
75
85'
/3
8378
.9 101
'2
9958 894 9478 90 9412 80 9012 People's Gas & Coke 1st 65 1943 10514 10734 103 106
97 99
)0 1004
06 10612 105 10712 101 10
1094
104
108
108
11018
11638
7 11718
633111
Refunding it Ss
1947 941.1 9714 8978 94' 94 9738 8812 9738 9012 94
16 91
13 110 100 10312 10034 103,2 94 10134
1914 III
109 1-69
Registered96 96
109'z 10!
,
hila Co ser 58. series A__ _1967 82 86. 8312 861 8418 90
74
1614
7
1412
7
8012
;;
918,
'S 10384 87 9734 -66i49633 70
161
102 c104
Philo Elec Co 1st 434s
1967 9312 9712 9212 95
9434 9814 9414 9912 9612 100
16
9812
13s8104
)1 105,2 9678 10412 97 100,2 9514 100,4
10412 105
1st & ref 4s
83 871 874 9212 86
9114 86 91
35 8812
.3 1014 8814 95 90 9334 8114 92 Phlia & Read C &I ref 5 f 1971 8312 87
734 9!
97 98
58'73 59 6312 6318 65
6358 67
62 67
54 62
52 5412
79 81.
412 7958 6212 67 60 6812 53,8 62
76 80
Cony deb 6s w 1
1949 37 51
4234 53
40 5078 32 41
29
40
29
3634
45
3012
44
68
34
!3
62
48
393
4
61,
70
65
Phillips Petro deb 5its_
50
54
53 62
55
56
5134 58
52 57
56
268 454 5714 Pillsbury Fl Mills 20-yr _1939 45 52
4412 67,2 5312 58
3812 67
59 64
65_1943
94 991 9814 101
95 99
95 971 50 95
)012 10514 100 10212 100 103,2 93 10312 Pirelli Co (Italy) cony 75_ _1952 9412 99
10458 106
05 106
8112 87
78 843 80 80
8934 92 89 90,2 Pocahontas Con coll 1st 5s 1937 894 92 87 9074 80 88
)6 10234 8534 95
10378 1043 02 103.
82 89 --------80 80 ---- -_-- --__ ___ ----89 89 Pt
/034 904 9034 9034
9034 903 9034 90.
Arthur Can & Dock 6.4 A '53 80 80
80 80
-7
76 79 80 80 Port Gen
00 100
9934 100
Elec lit 414s__1960 5612 654 554 63
5412 -6158 i; -6612 3834 -66- 5; 161-4
56 69
6884 7314 68 75
8634 881 84 885 7313 85
1st 5s
1935 95 9834 89 927, 921 96
9314 96
85 97
85 90
87 0934
1031 03 1035 03 10312 100 103,2 98 99
Porto Rican Amer Tob 65_1942 3718 42
3912 42
33 4212 22
35
15 24
144 21712
35
3712
62
3412
35
431.,
44 5718
57 69
u,' 72
Postal
Tel
&
Cable
55
1953
28
39
2912
33
2012
3112
1812 2618 1512 23
14
19
38 5912 3712 46,2 3412 52,4 23 37 Pressed Steel Car cony 55_1933 62 65
6312 667, 60 66
56 260 s63
67 26978 794
63 75
6758 76
72 83
65 70
834 861, 82 85
PubSerI31 &Gas 1st & ref4 Sis'67 9314 964 9114 9312 934 98
9312
9814
963
9
8
993
4
1/14
957
8
1
00
94
10412 1051, 105 1051 004 10534 9758 10214 9812 10034
1st & ref 4 tis
1970 93 06
91
9312 95 98
94 9814 9512 9812 9512 9778
104' 105 10434 1054 .00 10538 97 10212 97 9934 9412 99
1st ik ref 4s
1971 83 8812 8334 86
86 93
8813 9214 5778 92
8512 8812
8912 9414 8112 c94
9814 100
9358 10014 88
96
9714 99
_ _
_ _
_ _
Punta Alegre So con deb Is'37 478 478 _ _
3
5,2
4
10
1012 11,2
Pure Oil 5 f 54.4% notes_1937 6712 7238 SS -ii
'i5.i -i6Si.72 -ii; io -7512 Sof, -ii
75 89
7212 79,2 79 8712 6734 79
85 89
84 89
1940 674 70
594s at g
65 6812 66 73 62 70
6634 71
5912 68
72 77,2 77 834 6212 79
86
834 83,2 75 85
81
1948 68 70'8 7018 73
Purity Bakeries•1 5s
7234 79
60 76
55 60
51
5514
74,2 82,4 65 731s
9312 9412 8618 944 80 8934 734 85
Radio-Keith-Orph port paldCtfs for dub 65 & coin stk 1937 97 10012 100 10412 90 101 -------- 51
5112
50
51
Remington Arms 1st 6s ser A '37 67 8514 75 8534 73 7534 6714 1.
68
7912 40 56
-i;%8 81
76 86 -io- 121-4 81's 87 -1-35- -fib; Rem-Rand deb 5 Sis, W. W_ 1947 37
-83s
4312 5414 35 45
46
38 48
30 42
2814 40
32 57
54 66
7712 85,2 70 80 56 7034 50 68
I & S s 155
1940 70 76
76 85
80 85
75 75
47 6012 45 46,2
82 9078 65 72 Republic
96,2 981, 93 95
85 88
9612 98
5234 61
Ref & gen 514s ser A war 1953 39 4812 4738 50
45 5812 30 40
29
50
60 62 c4714 5814 Revere
7878 76,8 7918 68 80 60 65
76
Cop & Br 1st 65 July '48 4978 52
4934 55
51
56
53 56
5018 57
48
5018
55 74
7018 78
8012 7058 74
854 87 80 8518 71
Union 78 w warr1946 2714 41
Rheinelbe
2818
36
22512
33
1912
2518
1614
2612
1418
243
8
33',
23
38
5412 6312 35 61
48,4
37 45,4
24
2614 21
2712 20 26
12
17
13
23
16 23.2' Rhino-Ruhr %Vat Serv 68_ _195? 20 30
25 44
27 33,2 2878 39
-5634 16.1; 40 46
55 239
03
35 401 28 37
28 3984
55 66,8 44 60,2 Rhine-Westphalia El Pow 78'50 60 6812 51
48 64
6518 9712 6814 7938 4978 76
1952 30 45
3512 39
3212 37
912 26
412 33
272 2
11
832 26
8
20
2514 37'2 Direct mtge a 6s
2%
4 36
5
55 6438 43 61
30 5014 38 56
55 85
2912 414 3312 3834 2913
5212 63,2 41
6112 38 511s 35 581 2112 3412 Cons mtge fis ctfs w 1_-__1953
5512 81
of '30 with warr '55 2812 4018 3434 3912 2934 3812 2418 32
Con
m
6s
183
4
25
20 3518
2712
35
3112
40
61
38
5612
52
50 63,4
511 80
11
of
Calif
6s_
_
_1944
Richfield
0
1012
14
1214
17
13
131
4
1414
15
10
534 28
818
26,2 2834 1912 264 12,4 1812 131 1 2012 1078 17
284 33
134 5
Certificates of deposit__ 1112 114 1112 1434 13
1258 54 518 10
1112
1034 16,4
1612 17
264 2814 1934 254 1134 15
2814 31
19!-58 31
39
2618 33
32
3658 3414 3812 31
3614 26
2912 35 Rime Steel 1st s f 7s
2734
4318 45
36 40
65 66,2 30 60
70 79
ser
C
&
El
1948
Roch
Gen
96
98
96
9712
97
99
95 99
594,
92 9612 90 964
1061 i 1064 1064 1008 102 107 100 101 101 10234 97 1014 Gen mtge
44.4. series D 1977 924 9234 9212 9212 9134 9212 --------90 92
87 92
10258 10258 10238 10238 10212 10258 0712 9712 95 95
65 78
7134 76
6612 7114 6812 c7112 67 6912
7212 Royal Dutch 4s with warr_1945 72 75
66
75 89,8 70 8014 7112 81
89 91
8912 94
2312 25
1948 25 25
2112 30
20
Ruhr Chemical 65
2214 20
24
17 26
20
17
40
42
35
50
4212
35
48
40
4012 54
80 82
76
80
75 78
66 68
9412 9012 9414 88 90,4 90 9412 84 9014 St Joseph Lead deb 5145_1941 82 871 80 91
9314 9934 91
8012 85
77 80
76
80
70 75
75 85 it Jos Ry L H & P 1st 5s_ _1937 --------85 85
89 91
84 95
98 100
99 100
99 100
40 42
40 40
3834 3834 37
41
37 4;
45 45 it L R Mtn & P 1st 5s stpd_1955 40 40
47 48
4912 50
50 5214 49 51
5013 54
---- 2012 204 St Paul City By Cable 58_1937 ------------------------50 50
1937
Guaranteed 5s
ii 4 -------------------- ---- 50 V
Pub
Serv
6s
ser
A
'52 844 93
83 862
8158 86
7 80 86
0
1 14 70 75
8 102 1-66" -oil 166' 94 100,2 05 -98 'Jan Anton
108 1.69 - 10712 168-1
48
50
41
1946 48 6012 48 50
48
35 4012 31
48 50,2 ichulco Co guar s 1634
35
4912 50
60 6214 55 5514 49 55
65
Guar s f 6 4.0 B
95 6934 61
60 76
1940 70 82
58 75
55 70
48
50
82
4834 68
61
5514 61
55 71
60 70
35 4' 35 242
3012 35
Sharon Steel Hoop 1st 512s 1948 42 44
50
25
32
23
25
44
48
52
44
4812
50
6014
77
71
7312 78
72 7434 5712 7714 6014 67
60 68
57
653/
60 79 Shell Pipe Lines•f deb 55_1952 6634 78
754 85
75 85
8012 9038 80 90
85 91
sale.
Cash
3 Deferred delivery. c
47 5014 40 464
48 52,4 451 48
35 4878
60 60
95
9458 9458 94
9518 94
83 4 92 2
92 96
10134 10212 101,2102,2 9158 10178 -iir4 98
12
1412 11
1434 11
14
1578 11
6814
9014 74 824 'F7T4
8034 91,2 81
104 104 102 102
10714 10714 1074 108,8
96 96
101 10212 101 102,2 99 10234 -05" 614 9512 96
82
74
8012 88
9418
80
9412
893
4
87
8614 9458 94
9912 105
1101 11214 11138 112 10838 112 10212 108 103 106
9618 103,4 99 10034 9234 99.
10578 10738 107 10814 102 108
78 8412 60 7934
94
9214 9322 75 9414 67 80
91
9112 9412 92 9312 75 9234 65 79,4 7712 8112 6612 80
50 604
60
65
74
69
70
65
70
69
70 75
30 43,2
4312 48
44 46
45 56
5534 60
60 63
115,4 1.1612 11538 116 11314 Cl 17 110 114 110 11134 103 11034
99 105
10578 107 10514(107'4 10434 10814 103 107,4 10358 105
111,2 11212 111 12 112 109,2 112 103 108 106410634 10014 106
9212 96,2 90 95
9714 10218 92 98
9912 10134 101 102
1
1
WI;
Financial Chronicle
Volume 135
751
New York Stock Exchange—(Continued)
1932.
1931.
October
August September
November December
July
Low High Low High Low High Low High Low High Low High
BONDS
January February
March
April
May
June
Low High Low High Low High Low High Low High Low High
5914 6212 5613 6412 47 62
47 71
65 7614 6518 7314 62 6612 64 7612 5612 65 Shell Union Oils f deb 38_1947 58 7078 68 71
7534 81
59 6212 57 64
71
4712 62
Deb 5s with warrants___1949 58 7078 6812 7114 47
7612 8114 65 764 6514 7334 6118 6612 64 7714 57 6434
32
3912 3612 40
4034 4758 3734 44
38
59 ilainyetsu El Pow 1st 6 H5_1952 45 5934 3812 50
55 63 50 62
88 9212 84 90 56 84
_ _
112 113 (414 3414 ____
114 3
3
412 778 312 4
10
8
834 10
10
14
l's 3 Shubert Th deb 6s_June 1542 253 312 3
44
54
42 47
4478 -5512
6634 73
751 78
77
58 Siemens & Halske s I 7s_ _1935 71
50 82 65 7914 70 795 48
8014 100 8312 392
27
4312 3212 34234
45
5813 338
1951 42 5618 4834 5914 344
6318 7012 50 74
Deb s I 6 Hs
368 50
72 9614 70 85 5714 82
80 87
9518 90 9212 83 90
8812 9153 91
97 10012 90 96 Sierra & S F Power 1st 55_1949 87 92
10412 105 10434 10558 101 10514 9712 102
1514 2012 1312 17
23 3434 25 35
10 26
25
24
2714 22
15 2214 Silesia Elec Cory 8 I 6565..1946 22 28
6412 6512 4512 5312 20 43
22
25
24
3714 22 358 20
36
6018 6014 4114 6014 25 4034 30 4214 411 43 Silesian-Am Corp coil tr 7s 1941 4053 4118 371 41
6018 64
85 8734
89
8312 8534 8418 9312 86 9214 86
874 Sinclair Cons 011 1st Is ser A'37 7253 86
957 977 9418 9913 8112 9634 75 83 82 9378 71
76
75
81
96
8414
8812
87
79
8612
853
4
8113
90
83
6412
82
79
82
82
4
90
843
4
68
1st
.1938
9512
lien
B.
coil
655s
ser
9453
92
9234 9512 9514 98 9618 9712 9718 9912 9914 10113
9714 10014 90 995 Sinclair Cr OH Purch 514s A .38 9134 96
102 103 102 10253 9412 10212 9412 98
go 98
9812 99
88 96 Sinclair Pipe Line s I 5s.._ _1942 8918 9314 9218 93
9212 941 92 9412 9334 96
9533 9634
10012 10213 10012 10258 9212 102
5612 59
564 60
4534 52
551 61
5113 60
56 6512 5734 6412 5614 6014 5614 6212 3912 56 Skelly 011 deb 6).4s
1939 43 47
54 62
9512 9714
98 10153 Smith (A 0) Corp 1st 6 365.1933 9812 10034 10012 10112 10012 10112 100 10112 96 100
102%104 102 103'2 100 10318 100 102 10678 102
7212 8434 66
8412 86
748 74 82
85 88
76 8912 8914 9112 80 894 Solvay Am Insect Ss
95 9714 78 97
1942 80 89
9612 98
9914 1017s 1005310278 998 10278 997 1013&
/
4 10414 9758 103 South Bell T & T 1st s {58 _1941 9734 10038 9812 100
10518 10612 105% 10634 10314 10634 100%104 1021
9812 1037k Southw Bell Tel 1st & ref 55'54 9612 10114 9634 100
9953 1017s 100 10338 9934 103 100 1023s
1061g 10778 106 10734 103 1071 10214 10514 10234 105
64 71
76 861z 65 81
85
91
9934 80 91 Southern Colo pow 1st 6. A .47 8518 90
90 10378 95 100
103 104 10314 104
93'2 8612 90
99 10112 9834 10111
10314 10453 103%105 10014 1047s 100 102'2 101 10211 9814 102 Stand 0 or NJ deb 5s _Dee 15,46 9912 10114 100 3102 10014 102 10058102
90 9718 94 9712 85 9512 Stand 011 of N Y deb 4 Hs_1951 87 92
9612 101
9058 908 9,78 9114 82 898 82 90
8712 93
99 101 10014 101
4412 29 3413 32 34
10
16
19
21
45 497 24
19
2134 15
25
2712 21
21
34 Stevens Hotel 1st 68 ser A.1945 23 28
50 55
12
2
I% I% 118
3 --------1
118 234 118
8
218 314 3
3 Sugar Est Oriente 1st a 178'42 212 212 5
9 1112 212 8
12
I
-------3
8
%
12
58 Certificates of deposit- =31 ---- ---- ---- ---355 3
-- 3
3
8
3
8
12
58
Ho% 1-1-018 --------110 11018 102 102 --------100 102 Syracuse Leg co 1st g 5_ 1951 100 1-00 ----------------981410012 101 103 10012 10212
9734 9734 9512 9512 9514
Tenn C I & RR gen 35
1951 100 10112 --------97 97
39
40 60
/
4 55 63
50 5512 5412 561
Fenn Copp & Chem deb 6s 1944 50 63
92 10034 88 96
99 102
8553
Fenn El Pow 1st St ref 6s _ .1947 9312 9812 9513 100
7514 7712 7312
74
77
7914 75 83
74
1944 7112 81
Fetus Corp cons deb 5s
45 4812 45 5012 4014 4512 3512 4512 33
Fhird Ave 1st ref 4s
1960 4212 49
1960 2912 3714 35 3712 3334 3934 27% 3234 19 3053 1812
Adj inc 5s taxes N y
8418 9034 8458
8834 91
87 91
l'hird Ave Rit 1st gold 5s. ì937 84 8978 85 87
8234 9112 7534 9014 771
Tobacco Prod (N J ) 6 Hs_ _202 ----------------92 93
4718 3913
5334 5814 421 5412 43
54 60
99%10078 7234310134 65 7914 6712 7212 5018 7314 Toho Elec Pow 1st 7s
195 55 68
99 9912 9812
1932 94% 9812 9712 984 9814 984 39734 99
/
4 6% gold notes
86 9434 8834 951
988 997 91 18 9933 90 94
Tokyo Elec Co45 5512 4714 56'. 37 4938 34% 3953 26
8153 85 62 8212 57 6612 5912 6314 40 6212
1st m 6s $ series. June 15 1953 4512 62
9953 9953 99 10014 --------99
10034 10034 Trenton Gas & Mee 1st 5s.1949--------99 99
1114
20 24 32212 2578 8 25
19
23
2518 3312 Fruax-Traer Coal cons 6555 '43 20 26
45 -----4214 26 -3.212 51 -3-5
5418 6388 4938 5538 45
5018 5612 58 65
57 6518 53 67 Trumbull Steel st 8(68._ 1940 5114 55
5212 60
66 81
83 88
-- -- - _ 10 - 20 25 --------1412 20 --------10 14 rwenty-third Sr By imp 551962 --------10
42 6434 i6 6o
42 49 ryroi Hydro El Pr 1st? 56J• 1955 i.
iii "if iii -Ei Ft li 25
43 50
f
79 8434
2312
40 4714 22 40
47
4012 4514 41
51
36 46
421
/
4 54
35 42
65 804 60 65
Guar sec s f 75
1952 41
10512 10734 105 1074 105 105 101 10412 102%10238
85 8912 60 8514 60 70 6812 75
8812 90
10612 10712 1064 10712 100,8 10734 9813 104 100 105
/
4 9512 85 9512 784 8712 8334 894
937 961z 931
47 4912
52 554 42 5318 39 49
54 58
23 3012 2958 3214
37
4212 484 3514 4334 27
9312 9812
9534 98
9913 10018 9912 10038 9612 101
-6934 101
9938 100
84
88
88
94
ii)
80
-(ii
91
98 10212
45 69
88 102
66 854
39 481
/
4
25 3234
8514 90
7
9514
45
91%
7934
43
23
85
8611
4511
997
361,
9951
20
5211
•
ifi
41
6412 6318 55 6012 4233 50
59 365
56
70
60 84 Ujigawa Elec Pow s I Is. 1945 60 71
9814 101 Union Elec L & p(mo) 1st 5s'32 99%10018 100 10058 10018 10058 .J0%10034 10012 101 10038 10051
98 102
Ref & ext 5s
1933 99 10038 99%10118 995310112 20014 10112 101 10134 10038 102
9934 10312 99 1012
99 10053 9934 101
99 1021 Union El L & P (III) 1st 555s '54 997 101
9814 101
361
35
41
31
46 46 --------31
45 Union El Ry (Chic) 1st 55 1945 --------4512 48
Union Oil Cal
972
94
97
9712
9918
94
9658
98
101
9318
995310312
100
10414
106
99
991
94
101
12
10512
95
100
10512
30-yr 6s. ser A
May 1942
10318
93 9414 9334 9713 96 9713 917 9813 90 921
94
99%10018 9912 9934 9512 997 9112 9518 9212 9614 9134 9312 1st lien s f 5s. ser C. .. 1935 373
741
67
74's 69
76
69
77 80
71
77
76
70 801i
80 85
9012 78 87% 79 84
Deb 58 with wett .Apr 1945 69
90 9534 81
997
9734
101
(n)
9812
953 Unit Biscuit of Amer deb 6542 88 93
8814 9212 9614 9912 9512 9812 87 9612 857 873
9912 103
104 105 103 105
65 731
90 9612 9314 9634 80 021s Unit Doag rects for 25-yr 5s1953 87 9214 844 88
7412 9114 6238 72
8714 93
93 102
101 1024 101 102
31
25
25 30
46
50
39 43 United Rys St List g 4s- 1934 38 40
3734 3414 34 3734 22 34
5338 55
50 55
4558 53
50 52
31
29
49 55
35 4958 U S Rubber 1st & ref Ss ser A'47 4712 5912 40
48 58
32 371 3312 36
34 47
55
59 68
88 70 6712 371
- 80 8112 -- -- --—
801
/
4 8238 84
97 10114 8712 95 9212 9334 82 9313 United steamship 15.yr 58 1937 79 8334 SO
100 10012 100 101
5
2
6
-3
1512
32
19
1618
18
25
82134
2913
21
1912
4212
5112
15 26 (Jo Steel Wks 61-15 A
26 40
1338
25 48% 27,2 37
1951
4312 72
15% 2514
4415 704 3812 5134 2614 487 30 3614 2614 40
1538 24
Series C without warrants_ 27 3012 2334 2934 20 2412 1518 197s 1478 18
1112
26
1012
1638
14
1812
17
233
8
297
8
16
2112
27
3014
35 18 2318 39
21
41 69% 3714 477 29 4312 26
Skg Id 656s ser A
1947
Unit St Wks of Burbach-Esch
77 83 35934 73 63 691
99 102
89 9378 80 88
82 10014 79 90
1951 85 927s 88 9012 8358 90
102 104
Dudelange 7s
397
7
31
30
5012
30 3534 24 2934 23 2618 2212 29
44
35
22
501
46
28 Unterelbe Power & Ltd 65_1953 26 3512 30 34
49
73
5718 64
55 64
7112 80
60
70
927 9934 80 00 8578 91
7214 78
717 84 Utah Lt & Tr 1st & ref 58. _1944 75 80
9812 100
9612 100
92 9614 79 9284 Utah Pow & Lt 1st 8s
8014 8678 70 8014 6234 7412 60 731
96%103% 9212 99
103 10414 103'4 104
1944 8778 9112 7614 87
-- 107 107 107 107
1075310753 ---- - -- --- Utica El L & Pr 1st s f g 55_1950 97 97
9S12 9934 100 11:11:1
110 11112 10118 105 1j5i 1-64-12 150 10012
- 99 100
-/
4 100 100 _--111 112 111 113%
Utica Gas & El ref & ext 551997 100 1031
4212 18 2912 1212 23,2 1653 29
40 56 Utilities Pr & Lt debg5 He 1947 4314 49
4534 7258 47 5712 55 63
3334 467 2812 --7234 7714 7014 73
10 2334 31578 271
6512 684 39 6714 4012 53
5112 6112 3612 54
6734 71
Deb Ss with or without war'39 40 477 32 4358 2614 42 31812 27
80 8412
80 88
10014 10212 99 10012 54 100
102s 103 10238 10278 10034 103 100 101 10018 10118
10214 10312 102%10312 10018 10314 9934 101 100 101%
/
4 103%10414 9914 10412 988 10314 101 10314
10353 1041
66'2 66'z ----------------50 60
81% 87
3212 36
7912 50 70 60 7112 38 604 Vanadium CorP(Am)conv 5s'41
11
18
4
16(4 20
23
11 Vertientes Sugar 1st s f 75_1942
10 ____ ____ ____ ____ 1418 1412 Victor Fuel 1st s f Ss
1953
Vs Elec & Pow cans- 5 Hs._1942
61
70 Va Iron Coal & Coke 1st g 5s'49
100 1-0312 9712 1-01- 100 1-01-3- 92 10138 Virginia Ry Sc Pow 1st 55_1934
58
77 83
26 26'8 15
---- -__- 11)
83 83
83 84
10314 10412 103 104
45
8
-
60
10
5914 75
5
7
45 35318 33
1
4
7
55 56
60 6931 55 60
9612 9834 9812 100
964 99
3312 40
30 39
41
14 112 I% 7
418
9312 9558 ii -9-6-58 ii Vi
40 40
45 45
45 50
99 100
978 9934 964 981
10
12
13
13
13
1734 1734 13
1978 21
25 34 Walworth Co deb 5 55s w war'35 35 35
3214 36
25 39
40 47
50 59 50 50
22 22 ------------------------1012 111 220 20
48 50
3212 41'2 20 32
3614 3614 24 32
Without warrants
50 51
131
1014
14
12
2
4
1012
19
17
22
2514
28
22
49 5112 44 4934 34 48
1945
20
35
3412 46
25 38
1st s f 6s series A
1
4 17
24 3312 1512 24
1012 1634 9/
29 34
4318 60
3912 44
26 3212 Warner Bros Pict deb 6s 1939 25 40
37 60
3214 50
35 47
60 65
65 66
65 66
83 85 8018 83
66 67 Warner Co 1st 6s with war '44 66 66
65 6512 66 66
79 79
____ _-__ 6612 -6-61 2
60 65
65 67
66 66
83 83 --------75 75
Without warrants
___
67 67
60 65
14
171 4
17T8 ---2834 1512 20
2834 31
29
30
3812 33 361 --__4138 3812 4114 31
28 35 Warner-Quinlan deb 6s_1939 28 32
4138 4212 41
98 99
99 100
99
102
993
4
103
9912
97
9814
9712
99
10558 106 100 10658 104 10612 103,
Warner
lO37
s
1031
Sugar Ref 1st 8 f 7s 1941
l05's
4 10412
12 1212 1234 1234 1018 1012 7
7,2 758 758 758 Warner sug Cor 1st & ref 78'39 ---- - -- ____ _ _ ____ ____ _-_- ---- 712 7% ---- - - 7
6
-6„..- --_ 1258 123 1018 11 .. 6
-6
5
71
_ 712 8
_ _
Stamped__ ___
_
3412 2312 3214 -ii- -2-i.
28
34 45
37 501 Warren Bros Co deb 651.. _1941 40 50
42 48
861 56 811 :i'i -6-i 50% 59
84 -90 81
955 9812 100 10012 100 10112 10012 10112 100 100
9912 105 102 102 100 1003 Wash water pow 1st ref 4 1939 9812 100
-- 10412 1041 105 105
161518 11018 1094 110 104 10918 102 105 104 10612 100 104 Westchester Ltg Ss stod go '50 101 104 100 101 102 10514 100 102 10018 1034 10134 104 2.
99 10112 100 10114 113012 102 100 102
1051
/
4 10534 106 107 10378 10812 997 10412 10234 10434 957 102(4 west Penn pow 1st 51, ser A '46 98 10278 9634 99
98% 10112 100 10114 9413 10112 9612101
9712 99
9614 103
109% 110 10858 109 10712 110 10134 1047 103 105
1st 5s. series E
1963 99 102
98 101
9938102
997 102
10514 106 10614 1071 10412 l064 9918 10412 10178 10434 95 103'4 1st sec Ss series G
1954 9634 10114 96 9818 9814 101
8918 9712 8918 94
9912 10312 90 IOO7i West Elec 20-Yr deb 5s
91
9714 9718 10012 9412 99
9912 103
10578 10712 10534 1O7's 10014 107
1944 947 99
50 60
50 61
80 8414 8234 8614 60 81
10414 1054 105 107(4 10078 10S4 99 10312 86 10112 70 8813 West Union Teleg col tr-5s 1933 78 86
56 63
79 9412 73 80
50 61
62 7412 56 66
70 74
10078 10212 102 102(2 90 10l'2 8878 9.5
Fund & real est 4148 g 1950 7312 80
50 6318 50 61
70 82
1084 11012 109%111 10612 10934 103 10818 94 10612 76
8518 93 8014 95
96
15-year gold 634s
1936 83 97
101%10458 10212 10478 9712 10278 9414 9912 72 9712 60 73
36 4612 43 48
57 6812 44% 60
6412 70
75
35-year gotta 55
1951 68
5634 70(4 Ss
10112 104 10238 104¼ 9238 10338 92 9878 70 97
1960 65 7218 61 6812 56 6812 428 5734 35 4414 4112 48
23 37
1714 22(2 Westphalia Un El Pr 65-1953 20 27
18
2134 1214 197 11% 19
27
43 6914 38% 491 2412 4438 23 37
22 2638 18
4118 50
65 7712 6918 7353 Wheeling Steel Corp 1st 5 565'48 69 77
52 61
74 82
40 49
50 62
9014 93,2 83 92
67 694 6312 72
33% 4014
5812 68
50 60
4612 64
30 45
54
78 8012 76 81's 55 78
573 6014 55 6312 41
1st 8c ref 4 34s series 13-1953 4612 65
White Eag 0 & Ref deb 5',4s'37
102331031 10212 103'2 101 10234 10114 10218 1011
/
4 10178 95 10114
with stock porch warrants 9612 9712 9714 99 39834 100
9812 10058.
9934 10118 100 101
33 3614 ----------------2034 2034 White Sew Mach 65(w war)1936 8% 10
30 38
38 38
10
10 - - - 74 -1-4
3012 3361 30 3012 20 2 18 --------858 214 Without warrants
8
9
918 1012 812 10
912 9%
34 38
15
15
7
15
20 20
812 1514
30 33
34 34
10 20
912 10
1012 11
107s 1-1-12 818 10
Partic 8 f deb 68
1940 838 10
312 4
7
7
338 358 2
7
258 Wickw Spen St Corp 1st 7s 1935 312 312 312 312 ---- -- - - --- 7
8
8
- --:- .
-3, --------112 3
6
8 ----------------3
Ctfs dep Chase Nat Bank_ - - ---- ---- ---- ---- - - -- --- 118 I% --1
134 ---134 I% --6 ----------------134 3 Wicks. Spence St Co 78 Jan '35 --z212 2'2
6
/
4 8
638 638 61
3% 358 --------358 512 14 3
13
318 6
10
6
34 1'8
213 114 2
218 3
212 3
Ctfs deposit Chase Nat Bank 312 --312
97 10112 9212 961 94 9412 85 01 WIllys.Overland 1st 5 f 6 Hs'33 87 90
_ 65 70
98 9914 9958101
7934 89 _ _
88 92
88 88
93 9612 03 9434 84 9334 8212 853 8214 8612 78 85 Wilson & Co 1st 8 f 65 ser A '41 75 835 78 8218 8118 8515 8114 8512 7183
_- --- 6412 71
30 601 5712 6314 59 6178 Winches Rep Arms 1st
5012 5214 40 45
52 55
62% ------ ---- ---- -755s '41 61
/
4 6314 56 6212
35 601 571
35 48
45 5712 50 53
Certificates of deposit_—_ 6112 6278 ---_ -_-_-_-_ -_-_-_-_ -_-_-_-_ :::: :::: :_ __ ____ ---- -957 98% 78
9712 101
84
9712 10014 9414 98
9734 75
75
96
86
86
75
75
8212 4814 7512 Youngst Sh &Tube 1st 55_1978 6358 70
81
70
52 77(4
m 1st Ss eerie,"B"
1970 64
6712 71
67 70
68
66
72
72
44
5712 68
59 6612 45
5712 49 51
5714 4912 51
FOREIGN GOVERNMENT
SECURITIES
6984
51
72
51
947k 96,
5114 69
51 624
52 63'2
52% 62¼
40 547
43 5458
37% 355
40
39
891g
32
30
30
30
27
28
30
514
54
95
52
501
4558
51
40
40
40
2512
24
66
17
17
20
19
14
13
13
45
4412
91%
37
3734
3658
36%
3878
3812
38%
20
2112
56
1612
1653
1614
1614
15
15
15
s Deterred Delivery. 2 Cash Sale.
33
40
66
2712
2534
2612
26
25
25
25
304
31,4
56
1712
2112
20
18
1912
18
1913
40
38
72
33
31
311
/
4
3118
291g
30
3078
14
15%
40
10
1034
1012
1078
9
10
10
29 68rir mtg Bank a I 68
1947
28711
Sinking fund 6s--Apt 151948
1963
5514 tkershus (Dept) Ss
1918 kntloquin (Dept) col 74 A_1945
1814
External s f 78 ser B
1945
1818 Eat' s f Is Ser C
1945
181
/
4 Esti if 78 series D
1945
1734 Exti 78 1st series
1957
2nd s3ries trust rects
18
1957
Esti s I is 3rd series
18
1957
22
22
497
1318
1334
1334
13
1114
1078
1158
33
33
52,2
1612
157
15
15
1212
1434
14
2634
263s
54
10
1234
11
12
912
912
912
2238 2)14
2388 33
26 3
26
29
30
2212 3238 225s 25 42,
2912 2558 307s 27 3
7
58 64
57
51
6038 58 6212 55 6
4ila
1412 778 13
3
2 5
6
534
512
3
i
78 5
7
718 12
143
534 334 4 78
5
5
11
1112 8
1
534 23
5
1313 718 1214 5
1 14.
4
6
14 5
712 1112 512
12
18 514 513 413 1 14
1012 6
6
12
4
4 84;
6
5
/
1
4
12
11% 712 912 6
752
Financial Chronicle
July 30 1932
New York Stock Exchange-(Continued)
1931
November December
July
August September
October
Low High Low High Low High Low High Low High Low High
1932
BONDS
January
February
March
June
April
May
Low High Low High Low High Low High Low High Low High
ntwerp (City) extl loan 5o '58 885 74
9612 102
98564102
92 100
6714 72
78 87 69 69
76 83
71
7134 75 6
77
66 69 364
6934 90,4 5958 7212 35% 64% 394 5434 52 7212 43 5934 Zrgentine Govt Pub Wks im '60 45 5438 50% 56
51 66
4
5512 3214 50 344 46
zrgentine Nation, Govt ofSi 6s of June 1925
1959 46 55
69 9112 594 7514 3512 6412 38 5434 511 7212 4112 5914
50 5834 5012 6712 4 l4 5518 39 4912 35 45
Ertl s f 6s of Oct 1925
1959 45 55
70 9012 5912 75
5234 724 424 6018
3512 643 3812 54
5033 583 503s 67
39 5058 344 444
4 8 58
1957 4413 553 507 5714 5018 68 31 12 56%
6934 9014 60 7534 3512 67 39 5512 5214 7233 418 5912 S rg 6s series A
372 4978 342 44
Extl s f 6s series B
1958 45 .55
3412 64% 3812 5413 5214 7212 4214 6016
6934 90 5934 76
5018 58
5033 67
383
4
8 4913 3414 45
3
4
5612
of
May
Ertl
s
f
68
1926_1960 4433 517 51
70 9012 59% 7534 3512 6433 38 55
5238 723 43 6114
56
5033 67 4 4 5512 3934 4918 3433 4334
Elea 8 f 6s (State Ry).....-1960 45 5414 3504 58
6914 8978 61
7534 35 65
38 5434 52 73
41
5944
50 68
4 18 567 3733 5134 344 46
Esti
6s
San
Wks(FeW27)
1961
44
55
69,4 9012 60 7534 3413 65
38 54
5034 58
52 7218 4112 5934
503 674 4 12 5512 377 4912 3418 46
6114 Pub Wks exti 69(May '27)1961 4534 543 51
70,8 90 6058 76
58
35 6414 38 55
5214 7212 41
3418 434
4 4 57
40 50
5033 67
1962 4073 501 4712 5214 46
62 83
52 6814 34 59
4612 45 64
3534 51,2 Pub Wks Ext1 511s
31
5934 3
5138 3418 44
3033 3914
53'09
Argentine
Intl
(Rep)
1945 5412 5734 5912 6258 6018 67
75 80
7112 40 51
41
694 75
5014 6338 47 55
1
6
65
5812
62
2
61
61
July 15 1955 4814 59
45 52 6ustralla 5s
35 6212 3612 5612 4718 62
58 66
59 71
4612 5614 55 618 5
61
54 6212 5812 628
5712 7078 5712 6512 35 6234 37 5612 4912 62
45 514 Exti 5s of 1927____June 1957 4833 59
4612 55
5434 6158 5 18 6034 54 6212 58 6233
Ertl s f 41,3s of 1928
1956 4212 5334 41
54 6512 52 6112 30 55
34 5134 43% 57
38
4514
50
49 56
4 12 6014 51
5612 534 56'2
1943 8318 92 884 9214 894 98
105 10738 103 106,4 9612 1067s 89 9814 83 94'2 7833 87 zustrian (Govt) s f 73
8 34 93 6238 8614 66 86
1957 37 47 31212 47
43 5612 4812 6114 35 45,2 Internationals f 7s
61,8 8812 61 8778 50 78
4514 55
3
53
20 344 2312 3533
Bavaria (Free State)0,33_1945 27 37
56 80
5618 66
34
42
32 ell s3 12 43 327
284 5818 29 38
3214 22 30
28 404 1912 2912
10534 107 83 107 8514 97
8514 95
90 9734 7912 89 13016(lange.) 25-yr ezt 6.14s 1949 83 90
9214 9434 83
95
9312 8912 9318 91
Externals f 6s
1955 80 864 8118 8812 85 8912 8 2 8934
105.
4 1-044 100 10214 83 1027* 80 9112 81
9134 72 83
8611 8414 87
84
Externals
f
72
1955
109 115 1073311114 86 1117 894 10112 9418 10012 8412 934
9134 9712 937 101
97 101
9
t2
983
4
933
4
98
2
2957
8
99
Stabilization loan 7s
1956 914 98
10512 10912 10514 107
86%10712 88 101
9312 101
90 100 8413 93
98 10114 9 2 100
94
9712 954 99
Bergen, City of (NwY) call s f
6614
--------55
5
6
Oct
15
1949
.--- ____ 9612 100
9234 95
75 90
78 8812
57 63 5
57
55
57 60 60
External s f 55
1960
.4 5534 46
974 100
9612 9812 96
97 ---- ---- ---5578 5514 5514 5
554 49 61
658
61
50 77% 5118 5512 22
5133 28 -4 - 144 -214 Berlin (Germany) 6148-1950 2218 318 2618 3034 2334 304, 32 12 2778 16
3734 28 --1
2314
1614 2134
1958 2034 287 2318 2633 2012
43 6978 42 51
22 4612 23 3134 2318 37
1312 2334 External s f 6s
2833 1 8 22*2 15 2038 1534 214
14 33 Bogota (City) extl s f 89_1945 1714 322
25 48
65 7912 40 70
33 45
3014 46
16
20
84 17
1
1212 9
634 1033
117
24 35
1814 2412 10 19
712 10
612 13 Bolivia (Rep of) extl 8g..,.1947 812 10
712 812
12 20
10
17
4 7*3 314 514 312 514
Ext1 sec 7s temp
1958 6
813 553 013 514 612
16 34
1312 18
10
64 1412 5
12
1733 512 10
534 24 4
3
334
1969
15 2633 13
16
Ex111 s f 75
512 9
9
5,2 8,2 512 678 5
6 cll
1533 7 147
6
512 2 '4
212 312
103%10614 104 106
96 10112 10034 10212 98%102 Bordeaux (City of) 15-yr 68 1934 9834 100
95 106
99%103 101%103 10 3310312 103 10438 10233 1044
of)
Brazil
8s
extl
(US
264
1941
18
58 8012 4878 65 20 4812 24 32
19
28
21
24
2133 40
23 314 2
271, 16
2012 1612 2033
Ertl s f 613s of 1926
1957 16
4612 64
19 3033 20 3034 13 20
37 5212 17 40
23
16
20,2 20 0512 1 84 24
1412 17
1312 19
1957 1534 2312 17 21
4612 6312 39 52
12
2014 30
1873 30
2033 Ertl s f 614s of 1927
18 40
1912 2538 1 l2 2434 14
17
15
18
30-year
Cent
Ry
78
1952
1218
48 62
20
35 4658 15 3512 15 30
20 3034 1212 19'2
1534 1712 1714 25
1
53
23
1212
13
1514
1612
S f 71A8 coffee sec in of'22 1952 6512 6512 66 68
10112c110 100 10134 9834 9914 74 7515 7114 79
67
61
7818
70 85
7
86
26
26
76
(state)exter nal 78 1935 297 39
Bremen
35
244
62 9334 654 83
5914
35
35,8
32 73,2 35 45
4312 35 3914 3 78 39
26 3834 2718 3733
1957 3614 4212 3318 3912 40 4833 3
50 62
43 50
29 4214 2818 44
42 4912 29 444 Brisbane (City) s f 58
8 45
3612 454
3633 45
1958 3412 4318 32 39
S f gold 5s
46 62 43 48% 2934 44
2814 4412 404 4978 2812 44
39 484 3
48
364 4512
45
3618
20-years
f
68
.
1981
5714 7033 4918 58
2934 505s
2878 50
30 49
37 4714 40 43 316
4633 57
14 50,2
574
4
48
4614
45
50
24 Budapest (City) extl 8 f 65_1962 16 2618 1934 2412 1814
4612 70'8 4434 5714 2418 524 24 36
24 293 14
23
I 12 221 1112 1714 1312 22'8
6514 8514 52 704 3012 5712 36 51
3912 61 Buenos Aires (City) esti 6143'55 4014 51
4518 67
46 51
4512 5812 4
50
4312
384
35
45
ser
Ertl
C-2
s
f
6s
1960 40 41
74 77 69 74
55 63 --------50 55
3512 43
4234 45
3914 55
3
38. 36 36
3312 347
Extl a f 65 ser C-3
1960 40 43
.--- ---- 67 74
294 68 --------40 48
3518 45
43 43
394 50
3
371 33 3633 28 35
Buenos
Aires
(Prov)extisf
6361
47 c69
37 c5112 20 4018 1912 35
33
278 4878 2333
924
34
29 351: 29 3714 32
26
31' 24 27
22
Externals f 61s
3276
4818 6712 38 50 34
1961 2414 332
26
2514 48
204 384 184 36
30 3476 3012 37
2
31
2312 2634 2118 26
53 66
1812 54
5012 54
21
36
2134 36 Bulgaria (Kingd) s f 78_ __ _1967 1812 34
348 43
1812 231: 15 20
2033
1
12
20
10
11
15
Stabilien
7138
of
7
Nov
15
1968 30 4112 3112 361: 26 3612
60 79 60 69 30 63
34 4534
2933 4818 40 49
1
23'2
29
18
1412 23
25 Caidas, Dept of(Col) 7148_1946 24 2014 15
57 71
38 574 204 43
25 4412 14
2212 38
161: 12
12
16
814
11
8
,
2
1114
Canada,
Dom
of,
30-yr
4s_
_
1961 71
95 9578 95 9638 7512 9578 74 84
77 8412 64,4 77
75
7114 771 7733 81 37 13 79
7433
7413 784 72
30-year gold 5s
10534 10714 106 10714 90,4 10678 9014 97
1952 88 9134 87 915 9112 9638 9
97
8234 9216
91
9114 9538 38738 9118
96
1936
10212 10314 102 10314 9214 1023 92 97 92 96
7918 93
4 3,1
86 9034 9033 94
9233 95
9 4 95 0234 95 92 9 78
1061210758 101 104
74 101
75 921 Carlsbad (City of),f 83_ _1954 75 794 7112 78
75 78
8712 92
90 90 8'2 8212 61
76 66
7
3512 52 20 39
52 70
2014 35
25 43'4 1312 261. Cauca Vol(Dept) Colom 7138'46 15
1912 12
1578 1433 17
I
15
7
'8
1212 54
Cent Agric Bank (Germany)60 8778 57 7014 40 69
1st lien s f 78 farm loan_1951` 3612 477 3818
36 5412 344 59
2712 371
4433 354 4234 2 4 3712 82513 2914 82534 3 13
1st
63
fm
In
lot
ctf
J&
I
15
'6C
46 7612 46 c57
3176
33 55
18
2212 55
34 51
2814 3112 34
4 3234 38
2 4 3518 2114 2618 2412 3 18
Int ctf w 1A&O 15 1960 2812 4214 3234 373
45 5612 36 5514 32 5114 28 55
1812 31
404 76
3814 3212 3812 2 18 35
2118 2612 2412 3 12
Farm loan 6s series A. _1933 274 c43
544 843 534 68
224 33
33 62
58
364 5212 31
36 42
424 2 8 36
3433
23
2834 2412 3 31
(Rep)
20-yr
:bile
ext1
s
f
7s 1942 1434 19
47 8412 34 52
15 3533 20 2714 22% 3712 12 271
15
3 14
1212 1434 1812
612 85, 4,2
24 3634 10 2634 14 237 15 28
35 81
1960 1112 148 1034 1314 12
1576 Externals f 68
10
15
External
s
f
68
12 2812 14 23
25 37
1961
35 62
15 27
1 15* 1434 1034 13
914 1612
1133 14
12
3
3'8 6
734 31
1
7384
3718 6114 25 37
15 24
12 28
1512 264 71 1512 Ry external s f 6s
1961 1158 15
1118 13
12
15
124 4
8
312
35 6034 25 38
1961 1018 1514 137 1514 12
1218 2312 1418 267* 64 145* Ext1 s f 6s int ctfs
10 29
1434
38 1312 4 c1014 4
C 13
Ertl
3
f
68
3
1614
3613 62
237 368 12 27
10
1618 27
14 22
1962 12
1312 12
1212 1112 1412
124
512
712
33
8
34 6212 24 36
1514 External sinking fund 6%1961 12
11
264 11
10
15 28
22
1412 11
1312 12
138
'8 12
334 612 33
12
40 63
2434 4012 12 2614 16
9 20 Chile Mtge Bk 613s June 30 '57 1238 20
20 30
28
13
1614 1214 1433
114 5
812 4
18
S f 6548 of 1926. _June 30 1961 25 c32 '25
31
404 66
22 32
4012 234 35
32 40
27 38
2714 25 28
1
27
2112 2618 853 2
337 59% 20 3412 10 2412 13 2434 1714 27
1961 12
10
181: Guar g a f 6s
1512 1112 14
1212 14
13
5
712
4
7
3
6s
59
2012 324 712 29
3334
13 22
1614 2718 10
171
1962 1114 154 13
1534 125* 15%
13
712 10
3
38 60
2134 37 4 15 25
1214 21
15 25
1012 5624 Chilean cons munic 73._ _1960 7
12
8
10
938 13
12 834 4
7
212
Gov
Hukuang
Chinese
Ry
5s'51
2012 21, 1512 22
11
7
20
111
13
11
13
71
7
155*
_
_ 11
13
1214_
738 7% 7
34
-,ii 75 75 .
100 102, 3934 100
39 100
67 82 Christiania (Oslo) s f 68_ I954
784 83
70'8 82
66
71
63 6
19 57
5334 77
12 56
284 357 30 40
1578 27 Cologne (City) Ger 613s_ _1950 22': ids 27 30
30% 37 332- 14 -ii14 16
Colombla(Re0
3212 164 2 12
or)e241
es
..18,1'61
31
54 72
38 55
19
2412 30
20 41' 23 38
30 44
214 2714 23 254 17
2312
137
27
22 2 84
ERB s f 6s of 1928
72, 38 56
1961 2512 30
54
19 41
34
24
37
30 43, 19
21
27
23 2533 1714 2312 1312 2734 2112
2 78
5112 61
1947 21
37 52
24
37
271 1933 23
25 40' 13 251 Colombia Mtge Bk 613s
24 40
1812 22
1412 24
20
2312 214 2 12
39 55
1946 22 27
55 66
25 41
27 36
17 274 S f 7s of 1926
25 40
20 26
20 2312 18
2312
2018 24
2034 2 I,
S f 73 of 1927
1947 22 281: 20
55 63, 37 53
26 42
26 36
17 28
30 41
2412 21
2334 19 24
21
25
2378 2 97 101
98 100
66
987 63 74
66
79
50,4 66 Copenhagen (City) ext 58-1952 62 65
5512 64
65 714 56 69
60 66
5512 6
9233 9T 9112 94
60 93
59 73
1953 54 60
51 3534 Gold 4 13s
63 75
50 63,2 60 67
545* 625 52 607 46 5
s
f
7s_
ext1
1957
44 61
(City)
27 42
2018
Cordoba
16
34
35
22 2312 23 3114 20 2378 15
17 28
25 44' 1718 24
19
1414 '2 '2
Nov 15 1937 32 34
Ertl s f 7s
64 70
5412 68
30 60
34 50
34 461 3312 40
3214 38
3512 46
38 4414 36 40
2714 4 58
64 80
48 65
30 47 Cordoba (Prov) Argen 78_1912 3014 41
154 50' 40 43
43 58
3734 42
38 42
35 3612 357 37
2114
2
37
(Repub)
Rica
Costs
esti
7s 1951 2614 c15
59 71
62
36 571 35 47
4512 51
343* 47
2533 3314 2812 38
33 37
27 36
2412 2 34
89 941 87% 92
85 89
78 831 7612 801: Cuba Rep of 5s of 1904-1944 78% 34114 c8112 86
81
85
83,2 95
8712 96
87 894 87 ell
Extl 55 of 1914 ser A
9613 96; 88 93 187 9676 87 90 80,4 89
1949 85 88
79 85
84 878
4 65
9 82
79 6
90
754 9
74
24 6
86
513 9
71
6
8:
3
4
0 6
8578
External 4138
7453 81
74 83
1949 52 64
6712 74
65 831 6212 793., 53 6134
614 731
92 95
864 93
30-Yr s 1514,
7312 925; 70,2 80
7012 80
71
84
1951 374
78
7312 7614 73,2 7618 7012 7638 71
77
66
74
works
Public
5
Hs
June
30'45
58 69
4912 61
38 514 34 5334 40 49; 35 4212
337 39
33 38
34,2 4034 37 4014 3518 39
3633 394
Cundinamarca (Dept). Colom
48 61
363 53
1959 12
1512 4234 1912 3216 23 37
1212 254 Esti s 0 6'4s
17
124 144 812 1312 514 84 333
812 5
7
0678 10814 107 1081 957 1084 9914 105a, 9912 105
80 105 Czechoslovak (Bap)0111 Ils 1951 86 100
90 9433 9712 100
85 9712 76 9034 07 4 87
Sinking fund Ss series B_1952 8514100 39 95
0733109 107 1081 9512 11612 99 105
8014 105
98%105
97 10012 8712 9634 77 89
70 8718
Denmark (Kingdom of)04 1064 10412 106
211-year exti 68
69 10514 8214 91
1942 7014 7934 74 8014 79% 87
6514 81
79 93
77 8614 6718 7712
4 7133
99%10112 100 10111 68 10012 72 85
Extl gold Via
1955 62 72
56 70
7234 84
684 75
76 8534 68 8212 6434 7014 3653
59 6578
1962 57 64 C5734 644 6234 71
Trust rcts gold 4148
9414 99
95 9616 5934 96
64
5934 7212 51
634 c78
5518 68 34914 60
474
Deutsche
844 9734 8418 91
part
ctf
Bk
68
Am
'32
73 84
76 8312 7112 82
50 73
5712 72%70
75 62
7512 59 6512 57 67 3581 654
a 8218
86 89
853* 90
50 784 58 70 60 67
52 75 )(mink Rep Cust Admr 51,38'42 66
55
52 5512 44
51
38 42
39 41
3618 341
2nd series s f 5(4*
50 50
194
__
ii. Ii- -a" iki- "a- If- -io" "4-i- -iii8 Iii-s -iii" ii- 1st sec vv.of 1926
1940 30 45
40 42
35 40
33
36
3
2
ii 3012 834
87 89 82 8912 50 81
2d series, f 5148
42 60
4212 5912 43 47
1940 33 424 38 50
3934 44
32
37
324 36
2858 35
65 87 67 c73
1945 '245 32
44 7012 3712 4512 33 4512 21
33 4414 404 45
32 Dresden (City) sod 7s
34
42
32 357 30 34
01 10134 101 10134 84'2 1013* 86 9512 8518 95 69 88 Dutch E Indies 25-yr call 63 '47 8118 87
8314 9114 89 9112 281
92
83 89
1
7912
01 10218 1014 102
8312 102
40-year extl 8 f 62
87 95
1962 79 85
68 89
87 96
8012 89
85 8858 774 853* 7813 84*2 7514 92 4
External s f 514s____1118eS1953 79
014 1014 10112 10212 82 10214 8341 9012 85 90
7212 84
79
76
8214 835,357
7812 8334 77 7938 7412 884
84
014 10212 10112 102
83 102
Externals f”5:3---M&N 1953 77,2 380
86 9112 8334 9014 7234 80
75 8112 82 8733 80
8512 7758 80
76 83%
S..,
Salvador(Rep)Customs 88'40 60 61
95 101%80 95
40 80
40 447 21 41
49% 7014 65 75
4733 54
2218 25
20 2312 2318 36
Estonia
1967
45 6112 35,4 46
(Rep
39 47
of)
78
35 45
3711
40 44
26
3612 3934 3212 36,2 35 3734 344 37,2 3614 3838
836
41
7912 877 7334 80 40 7412 43 5518 55 61
40 5212 Finland (Rep of) extl 68_1945 4218 47 45
50
50
567 49
56
41
50
43
46
78_1950
External
8418 9212 797 861 35 8234 38 67 6312 66
fund
sink
4318 55
43 64%
5034 5612 5312 5834 533* 5978 44
5412 42
6178
46 77
354 60
7574 82
External, f 61,43
1956 4212 48
78 88
55 60
3612 547
4412 52
4912 533 4814 56
4018 49
42 46
76
34 5614 47 30
5834 72
70
External at 5H s
74% 82
1958 3518 4618 45 52
34 44
48
52
4233 5112 s39
4912
40 45
71
61
40 50
70 79
8112 86
50 58
3814 384 Finnish Mun Ln 6)4. A
195444
4812 45 504 4934 501 44
1
54
,
4
40 2 4831 4018 45
External 6133 ser 11
8112 86 ---- -3814 43
- 65 7072 54 67
55 55
1954 42 47
41
46; 493 493 44 544 40 40
42 45
54
28 51
45 7378 51
25 35
1512 244 Frankfort (City of) sf 615s 1953 22 30
27 40
2514 2814 1934 291 1833 22
2418 12512 124% 12514 113 126 108 11712 11512 11914 109%11714 French Repub extl 7H8-1941 1 10%11414 111 11612 11514 118 116 12212 1518 2033 144 19
11812 12312 116 11934
External Is of 1924
1718 12018 118 11812 11012 11814 108 1154 11112 115 109 114
108%811512 110 11612 11334c11712 s11412118 111 11734 3110 11318
German Govt International949
5812 31 404 304 4512 23 324 35-yr 5)4s 00 1930
33
6.5
55 7614 56
1965 2734 3912 35 3834 3212 4458 32 3934 2114 3514
24
3812
o5
German
65%
87
90
4412
5512
Rep
7...1949
508
70
eztl loan
44
67 8614 59
7934 1003* 80
6333 66 85 155
61
4214 58124134 58%
Germ Prov & Communal Bks.
45 73
46 5034 2834 4938 2734 394 2712 42
1453 284 (Cons Agric Loan)6138_1998 1914 28
24 3312 20 2934 17 2433 14
19
15 21,2
94 97
6012 65
7712 8884 35 834 4434 58
60 60 Graz (Municipality) 88
1954 2818 3978 36
SO
45 60
3688 4614 34 40
30 374
0653 10884 0458 I0758 92 10534 94 98,2 92 1001 88 93,4 Gt Brit & Ire (1.1K) 20-Yr 5/is 37 88912 9534 923 98
97 10014 99 10184 10118 10614 993 10314.
____
-___
___.
____
------4
943
4
0638 10633 lO4s 10558 943
Registered
C Cash ails,
Deferred delivery.
Financial Chronicle
Volume 135
753
New York Stock Exchange-(Continued)
1931.
1932.
August September
July
October
November December
,Low High Low High Low High Low fligh Low High Low
High
8978 e86
•e88
9434 e88
88 86714 6938 e65
66 e52
4.994 10012 e954 9918 e93 97 es701447712 e71 12 7512 e6314
94 10312 94 10012 9812 100
,103 105 10234 104
9234
97 c103,
8 95 10014 60 102
60 75,4 6934 84
,
8 55
7912 8734 80 87 5034 8412 51
5714 58 7234 3212
90
79
8212
8212
5734
5612
60
7412
77
9214
8112
88
881s
8134
7814
82
804
9812
102 10714
9712 100%
954 99
8934 9512
89 93,
8
71
55
62
72
38
41
60
4978
,
8
68
90
6112
6912
76
66
61
66
6612
83
10078 10212
9814 10012
9712 100
90 95
884 c91
106/
8 105 107
1
4 107,
96% 9878 96 98
55
30
50
40
194
19
35
34
24
73
574
641
/
4
75
5412
44/
1
4
64
6814
80
BONDS
January February
March
April
May
June
Low High Low High Low High Low High Low High Low High
68
4% fund optional 1960 £.1990 e356 36014 es5918365 862437678 6.1695887318 e37214874l
65; 5% War Loan £ opt'294_1947 6365342684 8865306912 e36912e7678 ES75 377 e374 37534
9834 Greater Prague 7Sig of '22_1952 79 91
92
1)812 889
93
71
84 01
89
784 Greek Govt s f sec 7s
1964 44 6312 48 53
39 54,
8 17 37
1934 23
60
Sinking fund sec 68_4_1968 34 48
27
16
2512 41
1212 15
3512 40
6612
2914
324
38
2014
19
29
37
3114
80
4214
3212
61
34
30
45
40
58
70
34
37
42
21,
8
21
34
36
36
8312
5172
4712
61
3134
2878
4012
43
50
61
22
21
31
12
10
16
2212
3118
88 104
79 1001
82 99
83 94
70 92
85
7912
7934
6012
60
8914
90
8334
79
7034
7614
84
8218
80
70
8212
91
8614
8212
7412
6312 7053 Irish Free State Ss
1960
81
85% Italy(Kingd of) esti 7s._ 195I
7414 8934 Italian Cred Consort 7s A.I937
72 79
Exti sec if 7s ser B
1917
60 71 Italian Pub UM esti 7s
1952
9614 1051
86
97
90 102 88
7514 924 72
69% Haiti(Repot)customs 68_1952
34 Hamburg (State) he
1946
274 Heidelberg(Ger)ext 7
_ _1950
4712 Ilelsingfors (City) ext 612s 1960
228 Hungarian Munk La 7)4s,1945
22
External sink fund Is Sept'46
31 Hung Land Mtg Inst 7yis_196I
34
S f 7 kis series B
1961
41 Hungary(King of) sf 73.04.1944
62 661s
/
4
274 341
271
. 39
34 4112
23
15
21
14
20 30
2478 31
40 55
6334 654 65
2634 3214 25%
_ 30
40 -if 4218
1918 2518 22/
1
4
18 2363 2112
2514 26
23
24
2514 28
45
4612 51
74 889
71
7412 71
87 38834 8712
8412 91
82 100
92
86
89
7012 7678 72 7734 7418
8 75
60,
6818 7114 28412
6612
36
35
5114
25
25
28
26
49%
564
804
24 2 8
28
7
,
3 1614
20
58
114 4112
4
2614
8 2
22
3
1
1,
7 238
1238
12
17
3
19
814 203
1434
33 43)4 184
7234
75
914 38
86
112
77
83
7312 2684
76
904
92
82
76
74
82
8518
721.
60
es7314s7434
e373 37738
70
7514
2012 2312
12
18
60 852
1914
22
2512 26
4012
48
17/
1
4 1018
9/
17
1
4
2212 1912
2212 1812
2012
32
75
8814
59
79
77
5612
28
,
44
4312
16/
1
4
1534
29
30
3078
744 77/
1
4
81 c87
8014 86
7.34 77
56/
1
4 65/
1
4
9714 774 93/
1
4 fapanese Gov ext s f 6301_41954 7712 84 36634 2714 67 72% 67
7118 5212 70 534 611
/
4
85
684 791s
Esti s f 5 .1 4a
1965 66 7314 57 6638 5812 63,
434 49
8 564 6114 4512 58
lugoslavia (State Mtge Bk)60 6812 30 63
1
4 79
89/
40 55
3912 52
2834 43
Secured s f g 7s
1957 31
32 4214 3612 4312 32 38
40
29 36
30/
1
4 35
65 851: 64
7212 43 723 30 4018 29 474 1834 29
Leipzig (Germany) 5 f 7s 1947
2734 341
/
4 2134 28,2 20 23
30 32
1612 30
90 93
72
64
43 50
4012 4818 32 4014 Lower Austria (Prov)sec711s 50 26 35
3614 Ms 40 46
33 40
39 4512 3514 39
34 38
10334 106 104 16E5-4 95 106
96 101 10034 103 9814 102 Lyons (City of) 15-year
611_1934 9834 1001 30918 103 3101 1034 8101 103% 103 10438 102 1044
94 1057 9512 1017 10034 103 98 102
10334 106 104 106
Marseilles (City of) I5-yr be 34 9834 1001 9912 103 101 12 1031s 10138 1C312 103 c10514 102,
8 10434
45 56
17 33
30 48
14,
8 32
17
35
94 21 Medellin (Munic) esti 6 qs 1954 10
1012 133.1 8
1712 1014 13
181 15
12'14 7
912
5
5
,
212 2
8 334 334 2
5 Nfexican Irrigation Clis_ 1943 34 31
218 218
----5
-if: -.Ili
5
11
/
4 4
3
814 3
3 Mexico(U •of) ext Scot '99 145
---- 312 412 2/
1
4 31
978 972
Assenting
Si of 1899_1945
41/4 2
4/
1
4 5
812 ---- 3
212 418
14 41
3
5
2
5
343
Assenting S. large
5
5
112 312
5/
1
4 5
5
3
412 134 4
3
2/
1
4 2/
3
1
4 Assenting 4s of 1904____I954
212 21
25 214 138 11
114 2
/
4 -112
------- Ass,nting 4s of 1910
1
4 4
4
212 414
43s 3/
- - - - - -- -7
7 ---Assenting 4s of 1910 large... 4
---4
3
212 212
4
414 4
5
2
318 2
1
4 5
5
3
618 4/
514 134 314 534
24 214
Assenting 4s of 1910 small_ 3
3
3
3
34 312 418 3
1,
8 314 218 212
Treas 6s of '13 July '24 coup
53
4
63
4
7
2
/
1
4
818
514 212 3 ---- -- 212 3
Large
2
3
,
s 3
8
3
8,
8 512 6
112 3,4 314 312 214 RI,
354 5
Small
214 24 212 314
47x 5
334 37, 478 5
: 57 c83
83 96 8034 831
5978 694 65/
1
4 70/
1
4 5712 6814 Milan (City. Italy) ext1 61431952 65 7063 62
1
4 6714 5834565
6512 68 363/
68
574 68
Minas
Geraes
(State
of)35 47
27 35
1214 2778 12 20
17 2812 13
174 Ext1 sec a f g 614s
1958 1312 1612 1014 141: 1018 13
8
1114 834 1178 934 1212
12 25
34 4734 28 37
12
191 1612 304 11
171: External 61-is ser A
1959 12
17
10
1112 15
13
84 11
6212 80 40 5634 1978 42
1678 331. 33 50
912 1318 934 114
15/
1
4 29 Montevideo (City of) g 744_1952 2112 26 S22
224 2814 14
26
18
7
14
40 40
612 10,2
58 6714 44 53
1812 291 29 45
15
21
Eat! s f g 68 series A_
1959 20 23
18 22
23 25
104 17
712 15
614 9
10312 10512 104 10534 97 103 9914 1031 10112 10212 9912
[10412 N .th2rland (Kingd of s6s A1972 2101
,
42105 10314 1051 '0014 10134
5212 63,2 60 571: 28 54
35 523 46
55
40 48 N -,v S ,NV al .s(itat,ext 5s 1957 43 53
537 -60
5012 5512 44 553 -13i4 58
3012 51
4918 57
2712 63
71
4
35 52
524 62
4714 55
40% 48
External s f 5s
Apr 1958
2978 50' 50 58
43 $56
44
100 10612 10214 10514 84 10418 8538 91
5714 5314 60
79/
1
4 9212 6012 791 Norway(Kingd of) ext s foe '43 4214 5212
774s
78
84
70
7412
7212
83
82
,
4
743
2
103
79
100 10612
105; 824 10412 85 90
7014 7712
SO 90 6518 791
External
•
771,
f
6s
1944 7118
7914 8412 734 821: 744 7774
7232 80
100 103 100,
8 1017, 8012 10178 8012 c91 1 8012 8912 62 80
External 2 • f 65
761.
, 724 79
1952 70
7418 84 873
10058 103,
797. 7212 7712
8 101 1021, 7914 10134 7912 86
73 8212 62 77
40-year • f 5 ,1 4•
1965 6418 7234 69
75
79
76
69 76/
1
4 70,
3 74
9834 10112 9934 101
77 100
78 85
71
7934 80 74
External
55
Mar 1963 6314 70
68 7512 7214 7614 68,
6
8 75
770
6
2
8:
70 7212 8
4. 7
97 10018 9718 100
77743
1/37114
448
88/
1
4 9834 75 8014 ---- --- - 6012 601. Munic'l Bk esti 5
f Sc... _1967 594 6434 68 704 70
7034 67 7012 68 71
99/
10234 103
1
4 102
68 7112
75 10038 754 7514 75 7518 ---Municipal
Bank
extl s f 5s '70 64/
7012 73 65/
- - - - 70 70
1
4 711
49 5978 21
1
4 6434 4818 68
/
4
49
204 3212 25 3838 16
25 Nuremburg (City) extl 68_1952
3112 26
1
4 2834 18 2378 15
3112 22/
9934 10114 99 10114 78 9912 71
70
1518 7
20
20
012
8212 6634 7678 57 7214 Oriental D2velop Cog he. _1953 20,s 72
52 6212 56,
8 60
6114
/
4 5612 3638 544
511
9312 9634 934 95
79 9312 65% 7834 6312 7312 5414 70
Full debt ”21, int ctfs_ _1958 574 Ku, 4834 5712 4812 59 48,
8 517
36
52
811 40
, 41
312
9934 103
9034 101,4 811:101
6612 8478 7934 85 60 80N Oslo (City) 30-yr
5 f 6s----1955 60 6834 63 7412 70 75
6614 70 63/
1
4 6634 8644 6712
100%10134 100 1014 97 101
97%100,4 9978 100
9878 99; Sinking fund 5142
1946 994 100 1210212 104 10212 1034 99 1031 88 92 86 9018 8353
86 Panama(Rep)ext•f 5)'4s,1953 85
9114 85 9712 911
/
4 97
90 9312 90 93 90 911
85 90 80 8812 58 8234 55 59
/
4
5814 69
49/
1
4 81
Ext1•f 5s ser A--May 15 1963 45 56
55 6012 59,
2 627s 49 60
46 51
50 54
27 40
15 27
9
18
7 15
10
18
7
91:Pernambuco,State,ext 7s 1917 718 912 7
818 412 6
9,
4 818 9/
3
26 38
1
4 6
5
1614 25
978 2338 1012 21
19 25
10 17; Peru (Rep) ext s f sec 7s 1959 1114 14,
8 211
1212 10% 1212 9 1014 334 612 514 6
18 25
1438 18
514 1514 814 1314 958 18,
4 512 104 Nat Loan ext1 s f 6a
1960 618 7/
5,
8 612 3
1
4 5/
3
6
1
4 7
414 3
18 2434 15
414
17/
1
4 8
15
7
13
10
1812 514 10
S f 6s int ctfs w I
1961 6
54 64 3
712
65 701
6
3
51
/
4
5/
7
1
4 212 412
/
4 63 70
35 63
46 81
56 60
45 581, Poland (Rep of) gold 6s__ _ _1940 50 55
8
56
58
527
63 77
1
4 44 55
6014 48 58/
45 50
6212 6974 3012 634 45 57
54 581: 42 54
Stabilization
loan
f
75_1947
s
48 54
1
4 57
55 581. 46/
5012 56
68 83; 6812 70
40 4914 391. 45
32 74
46 63/
1
4 584 63
41
59
Esti s f g Sc
1950 48 551_ 5312 5912 57/
46 64
1
4 64
4812 60
45 55
27 37
4312 4934
12 301 16
22
13 22
1112 15 Porto Alegre(City of) f 8s 1941 11
14
1
4 16
1112 1512 12/
38 50
11
10
27 37
10
10 28
1038 1032 11
13
173 14
1934 5 13
Esti
guar
s
f 7.45
1966 8 11 1s 10
1112 9 101, 6/
49 5678 28 543 264 373 25 40
1
4 9
50 77
512 7
5'2 8
I634 27 Prussia (Free St) ext•f 6)45 '51 2214
291
35
/
4 33
25 33
45 76% 44 52
22 2712 17 24
17/
25 4934 25 35
1
4 2414
25 39
16 2314 S f gold 6s
1952 2112 333., 225
2518 3134 20,
32
8 254 1512 2412 18 2372
7012 83
80 90
51
71
54
72
70 801s 55 73 Queensland(State of) ext1
76'41 6014 7612 65 72
7012 88
74
68
67 88
6714 73
65,
8 78741 70 7578
4514 71
3614 62
564 70
45 58
External•f 6s
1947 5112 5934 47 631 6078 69
5538 6812 553s 64
5812 6512
6912 92 166
71
55 6812 434 51
4018 53
35 40 Rhinv-Main-Danube 73 sA_1950
4814 55
35 53
40 50
3012 4012 2613 34
24 36
Rio
Grande do Sul (State of)6018 72
504 63
33 62
25 33
18 374 1218 21
External
1946 13 21
30 40
14
21
10
18
9 1012 8 12
30
18
12
101s 13
22
10
16
10
1612 714 12.: Esti a f 62 temp
1968 8 1114 834 101
41
15
32,
47
8 11
8 41
331: 13 21
4,
8 714
67s 914 412 8
1612 2174 912 164 Extls f 7s of
1926
1966 11
1414
36 431: 21
11
2514 12 22
10
13
64
14
5
8
5
94
124 1814 1414 21
814
912 133, Esti s f 7s munic loan. .1967
10
6238 671: 25 45
10 104 10
13
134 301, 144 281: 24 34
1034 812 1038 5
812 5
734
12 2514 Rio de J aneiro(City)•f
82_1946 12
812 12
3218 46
16
23 30
12
1512 18
11
18
27
7 12
10
12
7
11
18
191: 712 1314 External s f 6144
614
1014
1953
10
8418 91
123
834 8514 6014 85
4
10
12
10
1134
5
81 12 724 72 741, 63 724 Rome (City of)
712 5
634
esti
612414_ _ 1952 67 7414 6612 70,8 6714 73
105 108 104 10614 8712 105
62 6834 6212 7014
6714 72
01 100 9014 98
78 90 Rotterdam (City) eat!•f 6s1964
7134 77
8434 91
70 744 454 701: 45 614 57 63
87 8912 8718 94
8738 91
91
93
92 9312
40 551: Roumania 7s
1959 47 56
49 52,
8 4412 50/
1
4 8354 45
2834 36,4 29 c38
73 83
66 82
81
81
58 60
66 66 -_
•
Saarbruecken (City) 6s_..1953 40 60
45 45
1
4 5934 60
4518 4612 48 58/
46% 661- 35 494 15 33
15 231: 20 30
39 39
912 2014 San Paulo (City)(Brazil)
'52 1312 21
24 30
12
17 21
35 50
27
2278 23
13
11
1512 10
19
12
7
164 23
10
10 201; Esti 5 f 6115 of 1927_4_ 1351987
86 83
1012 16
45 88
14 c17
31
11
2812 43
54
11
16
1212 10
12
10 10
4334 50
30 37 San Paulo(State) ext a f tis
1936 33 47
40 431: 15 42
4312 50
464 66
37 4812 3112 4112 3014 33
1258 40
2538 39
133
27
15 25
External s f 8s
1950 41912 25
70
48
34
51
1018 44
24
16
18
10 26
15
22
10
19
c1414
2034 274 10
812 13
16
External water loan 72_1956
3012 474 27 341: 10 26
144
IS
11
16
1114 13,
1353
1612 18
23
8 10
1212 101
15 24
/
4 2
714 141: 8241 a f Os 5 lot rcts
1968 834 17
47
68/
1
4 70
70 84
713, 4834 8214 4934 65
10
16
/3
812 c12
15
814 1012 8
41 12 63
912
Secured •f 7s
49 68
30 57
67 81
5512 613 5714 6414 57 61
35 5114 45 60
55 61
55 61
25 50 Santa Fe (Prov Arg Rep) 1940 46 62
74 1942 3134 40
5314 631: 33 5014 32 46
404 4512 36 421 34 4012 28 34
38
45
55 81
31 464 184 39 Sax sn Pub W.44: (Ger'y)
734194" 2218 3434 2712 34
25
b
4-1 23 411 1214 271
49 7.:?, 49 57,s 21
2515 3374 2212 27
1612 25,4 19
31
G 03 ref guar 6)4,
24 33
b7
22 29
41 12 55
8414 814 55 64'; 25
1818 227 13 21
32 67
1332 2612
2438 34 Saxon State Mtge Inst 7._ PM 19 29
_1945 3434 42
38 45/
1
4 43 48
3312 48
51 691: 4714 53N 25 50
411
37
37
36 50
25
391
38
20 28
S
f
gold 6)45
Dec 1946 2112 33
30 74
3114 371 3812 424 32 42
39 55
70(i9011 6712 76
45 68
3514 38
3534 39
30 247 Serbs,Croats &Slov King)8s
'62 35 50
38 45 24014 47
38 50
61 80 60 681: 29 64
30 42
31
40 5512 2812 46
39
30 32/
1
4
Extl 7s series B
1962 33 47
42 481. 2512 4934 3012 4012 40 61
34
42
354
4214 60
41
27
371
30
351 25 30
32
41 Silesia (Prov) esti •f 76_41958
311
/
4
38
57 701: 3818 50
3714
4018
17 41
25
36
47
34
,
8 43
4612
24 3434 15 24 Silesian Landowners
27 37
2518 3134
Assn
68'47 18 28
2414 28
24
2512 19 25
1
4 101 10012 10312 9812 10253 Soissons (City)
10312 16734 10312 1061. 9912 10612 98/
16
1312 21
20
15-yr.
9853102': 101 103 100 104 103 1051 10314 106
70 72
48 60
7212 871: 65 72
5012 59
34 5734 Styria (Proy) ext1 7s 68-.1936 97 100
334 40
34/
1
4 42
68 104
87/
1
4 97
35 397 30 35
81
103 10534 10234 105
30 32
93
76 861s Sweden(Kingdom)cm 5)4 1946 2838 40
1951 7914 85
,
2 83 874 83 92
10412 10638 104/
1
4 1064 9812 106 100
,
8 1041 10134c10412 10134103', Switzerland
75 84
7614 877 7714 564
Gov ext1 5
554 30 48
48
.53 61
32 46
102 104 103 1051 103 1054
4253 50
32 45 Sydney(City) s f g 512s 501.1946 101 103 3101 1024 1011:103
4212 50
4512 37 43
37 46
9314 9418 78 94
6212 81
354 4514 40 53
84 7212 54 8812 Taiwan Rice Pow 5 Ns__ _ 1955 34
9334 95
_1971 56 67/
1
4 50 58
49
,
8 5812 48 51,
8 37 504 3618 40
81% 84', 8038 8212 76 8014 35 5112 454 50
3414 49 Tokyo (City) loan of 19125.
'52 384 4512 3514 40
40 4314 35 431 35/
1
4 3618 2912 139
1 98 9712 9478 9612 8314 9514 65 8414 67 74
67 7012 External s f 515s guar.,1961
5712 70
4914 60
5112 58
30 55
4712 541 41
45 63
23 2712 28 36
511
1 53 60
/
4 36 41
11
25 Tolima (Dept) 7$
1947 15
15
18
15
9 1212 9 10
Si: 912 7
7/
1
4
95 9934 90 90 65 69 6512 73,2
9612 99
Trondblem (City) Oat ext 58 57 411
/
4
52
543
4
53
5312 58
49 557 45 47 4514 50
94 1004 8978 95 8978 9712
Upper Austria (Prov) 7•4_1945 30/
1
4 35/
1
4 2814 3534 35
293 22 32
32 381 16
20 30
83: 8914 70 8312 70 7534 60 64
External•f 61.441 June 15 1957 2912 3812 2634 3514 261: 41
1514 204 1732 24
3518 23 30
3012 5314 3412 551s 537s 75
3134 5374 Uruguay (Rep)
704 9174 52 77
esti 812
1946 31,
8 48
39 4834 4012 50
40 433 29 40
29 32
25 4412 28 4034 3412 55
51
7112 39 65
2034 33,4 External a f 6s
1960 2312 3412 3012 34
3018 3514 247s 301 2614 28
204 2614
25 4414 28 40
36 55
51
70 3914 55
2014 33/
1
4 Emil• f 62
May 11964 24 34
3014 33
30 344 251
2614 273 22 29
/
4 29
97 100 97 984 884 9812 8214 90 85 90 83 851:Venetian Pro: Mtge Bk 76.1952
8012 87
83 894 8414 9112 8612 887 85/
1
4 Ms 85 87
63 6612 64 65 50 58 Vienna (City) ext1 6s
74 884 7314 79 60 75
1952 47 6434 85412 60
58 62/
1
4 601 31
511 37 51
1
4 49/
2614
51
43
4912
35
41
44
62
45
30 411
/
4 Warsaw (City of) rift•f g 7s'58 32 3734 36/
45
1
4 45
4012 4514 36 411 2618 35
24,
2 33/
1
4
73 82 61
78 Yokohama (Cites mt1 iss 1941 60 75
99 101,4 9914 10014 84301004 70 87
554 83
58 63/
1
4 5112 5638 4512 5412 -40 454
8 Deferred delivery. C Cash sale. e At the exchange rate of 84.8665 to the £ sterling.
Financial Chronicle
754
July 30 1932
THE CHICAGO STOCK EXCHANGE—STOCKS AND BONDS.
In the following we furnish a monthly record of the high and low prices on the Chicago Stock Exchange for the twelve months ending June 30 1932. The tables include all stocks and bonds in which
any dealings occurred during the first half of 1932 and the prices are all based on actual sales.
1932.
1931.
BONDS.
November December
October
August September
July
Low High Low High Low High Low High Low High Low High
1945
Allied Owners hi
1927
4834 Chicago City Ry 5s
46
4812 52
1927
deposit
of
Certificates
4912
4
1
/
45
4 5314
1
50/
6112 56 57 --------35
61
1927
_ Chic City & Con Rya 5s
28 28
1927
Chicago Railways 55
1- -(11- ii -51 ii -5-O 454 -61
-1)
6312 (
61
46 5012 lit mtge 5s ctf of dep-1927
42 4934 4912 53
57
6114 6312 60 6114 51
1927
A
series
5s
1212
10
1914
------------1914
-----__
--- _
1927
612 778 5s series B
11
12 -1114 --------10 17 --------9
--------45
45
44
ia -5-0
June
May
March
January
April
February
Low High Low High Low iligh Low High Low High Low High
4 3134 39
/
----------------35 461
4412 4434 34/
4 3814 38
1
42 42
45 45
34
4 49
1
3834 361
42 4612 43/
4
/
45 46
778 8
5
10 ----------------68
10
3912
4714 48
50
42 4912 35 41
48
38 4912 35 4014 38
4712 50
4818 48
914 1212 ----------------834 914
734 ---- ---- 412 512 --------5
7
36
10
3734 3312
8 ---4 40
/
411
4118 38
912
5
-5
If
38
7 -4112
41
10
5
Commonw Edison—
l02's 10218
__ iehi4 1-0-3- 50 -9-li --------9012 6E0-2
. _ ____ __-108,4 101 101 2 ___
--- -ioi- itii- --------100
4 ______
- -/
- 1011
4 10114
/
10838 10358 _..._ ____ 1035410334 10112 1021
9514 9514 -------- 81
...-_---- --------
81
1st mtge 45s, series D1957 ----------------8918 8918 -----------------------let mtge 58, series A-__.1953 95 9818 9434 944 97 9812 ____ ____ ____ ____ ____ __-4 9818 --------9514 98 ----------------88 9014
1
1st mtge 55. snies B._ 1954 98/
63 6712 60 61
____ ____ ____ ____ ____ ____ Commow Sub Corp 5%a A_I948 ------------------------22
24 28
Federal Pub Service Co 6s_1947
____ ____ ____ ____
ioo- 1-66 98r2 Ii12 ____ ____ ____ ____ ____ ___. Holland Furnace 6s
4
1
/
38 512
1712
5
411 Invest 6s,... 1940 2514 3812 1512 28
/
4914 Insult 11
55 7912 3812 6514 49 6012 21
8678 7912 84
81
13
1834 12
58 without warrants ...1949 2412 2434 14
---- ---- ---- ---- ---- ---- ---- ------ ---- --- ---•
__ _ _
_ ____
---Kansas Pow &Lt ref 6s"C"1942 9112 9112 ____ ____ _ _
iii
-3-7- 24 -2-5
57 61) ----------------37 -40 Metr West Side El lit 4s._ 1938 ----------------30
- Extensicm 4s
1978 --------33 33
---- --,"i;i1 Nat Public Service 58
----6812 16" "iii. WIC, ----------------381
jai,f6g4 106121061
4 103 108 ____ ____ ____ ____ ____ ___. Pub Serv 1st ref gold 5s___1956 8912 90 ----------------80
/
---- ----
88 ____ ____
_ _ . _ __
1-7
13-12 ii
-8718 --------7214 -721e
92
.
--Sou West Pub Serv 6s "A"_1945 ___
22i4 -91 4-2 ._._
_-_ ---_ ..._ _ _
loot-4 10014 10018 10018 9312 -9-6.12 9234 -ii
1944 962 -9-9-3-4
-_-_ 103,2 10418 1031
4 1-0i/
/
4 --------100 -_ 102 Swift & Co 1st s f g 5s 534s1958
/
4 102121021
1
____
____
____
____
4112
4112
4214
4012
____
-___
------Ilidg
St
67 67 6512 6812 55 63 -----------------108 So La Salle
nited Pub Serv Co---- 1942
15-year 6s A
United Public Utll Go1947
92
STOCKS
Par $ Per share $ per share 8 per share $ per share $ per share $ per share
i Per shar, ;per share S per share $ per share s per shar
2112 2412 1814 21
3078 26 3034 2334 27
Corn....-. 27 3134 27
Abbott
Laboratories
3218
26
4 3412
/
33,2 37k 29 3512 28 3312 311
1614 12
9
1518 9
9
12
kcme
1712 1534 1612 15
( 15
Steel Co
161.
271! 17 2!
26
1612 1812 14
18
16
6
514 6
4 11
1
6
1012 1134 9/
12
11
• 1118 12
12 '.dams (J D) Mfg corn
16
4 11
1
13/
1338 1412 12
17
15
16
1
1
114
4
/
11
---114
1
4
/
kdams
11
1
•
Royalty
corn
11;
Co
1
__ ____ __.
112 2
112 134..,_
6
6
6 --6
4 5/
1
5/
4 ---- ---1
4 5,4 6
1
4 5/
/
51
712 -------8
712 _-71/4 -------- 514 6 Ainsworth Mfg Corp com_ -- If
8
1
_.
1, '.11-Amer Mohawk Corp A_ _...! ---------------12 --------14
14
14 112
7;
78
----18
1; tilled Motor Ind Inc cons_ _ _ .'
-18 --------18
i8
14
18
.8
14
54
14
14
18
78
4
54 138
Is,
11, 1
314 4
5
4
5
6,2 5
6
7 killed Products Cory class A .---------412 5
5
11
4 812 1012 6
1
1514 1212 1332 11) 12/
2------------------------------------------14 2
_
_ _
Amer & Dominion common
4
/
4 11
/
2
4 17s 11
/
11
•
4 214 2/
1
2/
2
4 212 212 2
1
ii2 47, kmerican Equities Co com
.112 ii2 1
112 i
ii4 45-4 i
1
5
Amer Fur Mart Bldg pfd_ _101
514 10 --------5
tmerican
5-I5
1
pub
-"L"
11
Ii"
3112
Serv
13
40
50
35
27
pref-100
38 60
60 -81 5712 70 60 63
-fici 8412 8918
18
4
1
/
18
18
28
4
1
/
Radio & Tel St Corp_.
24 12 5, 18 14 18 5, 18 18 18 4 kmer
-18
4 triter Util & Gen Corp B•t c • ____ ____ ____ ____ __ _ __ _¼
4
1
/
4 134
/
11
138 138 ____ ____ ____ _ _
•
kmer-Yvette Co Inc corn
I --------1 1 Appalachian
1
2 --r- - __
4 2
1
2/
Gas
Corp
cont...
12
14
12
-18 ---N
i8
14
-14
12
13
,
5
112
14
1
4
1
/
4
4
1
/
Os
4 414
1
434 3/
-114
114 -112 2
2
4 2
/
21
• 214 212 214 212 2
234 krt Metal Works corn
4 2
1
4 278 3/
1
3/
4 518 3
1
534 3/
5
6
$ Der shar,
3612 38
2834 2911
184
18
712
---1
12
478
-Iiiii
I.
2
4
5
65
98
85
24
7312
8514
57
5814
4 67
1
6778 64/
9912 --------89
74
8712 84 87
4 1714
1
4 24/
1
2434 23/
4 7334 80
1
8034 73/
8514 8514 8514 79
4
1
4 54/
/
4 5678 571
1
58/
68
9912
86
24
79
8312
58
51
77
6834
16
55
70
5212
58
89
75
18
65
79
5412
4
1
53/
85
74
17
45
60
5312
60
90
7934
18
50
65
54
4812
76
63
1134
30
45
__
kssociated Tel & Tel Co—
•
Class A
58
100
7% Preferred
87
56 with warrants
•
75
•
1714 kssociated Tel Util corn
$6 cony pref A
•
50
57 cumulative preferred
•
55
_ Associates Investment Co....•
I
48
7512
62
912
30
4018
54
4
/
541
78
65
4
/
121
31
43
54
4912
72
61
5
20
25
53/
4
1
53
76
65
10
35
40
531
37
7214
6212
212
10
25
53
50
77
68
5
1212
2514
53
12
6834
50
4
1
2/
12
4
1
15/
44
35
75
63
3
13
1538
52
10
12
16
16
114 --15,
____ ____ 4
4
--41-
•
3 Backstay Welt Co COM
3
3
3
3
3
4
1
314 3
4 3/
/
31
-25 -------- -------- 26
2034 12 12
14
26
45 45
38 4912 38 38 --------30 341 4 Balaban & Katz• t c
.
100 8178 8178 ____ _ __ 75 75
70
70
65 65 .
- 8012 8012 Preferred
4 8314 ____
1
. --------8314 8712 83/
22 12
• 612 734 5
5
512
9 Bastian-Blessing Co corn
5
5
-8
2
434 -2-1-4 -4l46
11
9,2 1012 914 --912 13
15
1412 1514 14
5
14
14
Beatrice Creamery corn
i0
1014 10/
4 ---1
-4 15/
1
4 18 —81s -111-2 —64 —812 --412 --i- --ij2 -V
1
.
4 181
1
4 17 20/
/
4 1478 1932 Bendix Aviation Corp corn. __• 1538 18/
1
This 21-7g 1034 2418 1418 2312 12/
'
4 3
1
214 314
4 5/
/
4
134 212
134 212 112 11
4
/
134 2 Bunks Mfg Co cl A cony pref..• 11
3
2
2
2
4
4
5
4
4
5
Blum's Inc cons —
4
1
4 --------312 3/
6
4 4
1
4/
4
4
• 4
678 8
Convertible preferred
8
7
714 6
___ ___ ---- ---- 7
312 4 6
1
3/
8
4 7/
/
10 9
4 1234 6
1
1212 912 111
1212 Borg-Warner Corp corn
4 2.514 9
/
4 2058 11 14 1914 10 1414 111
/
4 3034 181
/
171
100 80 80 --------75 80
5018 65
52 55
65 74
7% Preferred
9814 9814 9712 9814 88 961- SS 90 89 8912 85 85 florin
.,_
Vivitone Corp pref_ _.•
34 1
NI
Is
4
1
/
4
1
/
1
112 112 212 118 is 1
1
• 7
734 718 -714 714 114 514 7
4 Brach & Sons (E J) corn
1
-iis --i- --i38 -14
7/
4 7
1
4 734 8/
/
734 81
4 818 11
/
121
121s 1334 11
•
Star Eiec Co A
LT8 -5-14
4 8
1
4 812 10 Brown Fence &Wire class A. ---------712 814 7/
1
10/
13
13
934 12
912 1012 10
1114 15
• 2/
4 238 2
1
4 11
1
2/
4 21s 112 11
/
4 ---- - _
/
_
4 212 212 212 154 212 Class B
/
4 11
1
3/
4 2
1
3/
4 3
1
4 4/
1
3/
12
1212 7
4 7
1
4/
10
14
• 9
212 -6 —2- - -3-4 16 Bruce Co (EL) corn
1
4 7/
1
16/
13
18
17
4 23
1
17/
2114 2414 2214 25
A_
class
16
14
•
15
14
Bucyrus-kfonighan
--------9
.
-15
4
93
---.
__-14
1618
1418
16
18
12
18
18
20
17
20
10
7
10 Bunte Bros common
1412 15 __-_ ____ ---- ---- ---- ---- ---- ---- 10
Burnham Trad Corp—
13 _
4
1
/
15
14
14
•
4
1
/
.3,, Convertible preferred
14
12
14
14 1
138
Ii 113 1
se
•33
212 134 218 - lie --2-- --i- 1-4 --1- .-I"1;
20
4 2
1
218 2/
3 Butler Bros
412 2
3
412 212 4
412 5
414 5
3
-4-4
1.
,2 Bright
ak, -i aia -E12
I --------1
Canal Const Co cony pref._ __• 1
112
1 18 2 .
4 2
1
/
912 10 -------- 8
4 914 934 10
1
10 8/
Castle & Co (A 111)
24
54 1
r• 11
4 I7s
/
4 158
1
/
CeCo Mfg Co Inc common
12
15
18
.
812 812 812 _ 5i_
4 812 8
1
Cent Cold Storage Co corn_ .20 8/
4 me
1
46/
Central III Pub Serv pref.___• 59 6978 6334 67
114 i.- -4-i- -i&l.2 35
1-Central 111Secur Corp—
•
12 158
1
158 1
112
18
58 158
68
lz
12
Common
1
15
4 9
/
1212 131
• 13
13
15
131
4 814 838 5
/
1512 Convertible preferred
4
1
8/
4912 ____ __ _
_100
47
50
4712
Power
_ --_pref...
6412 Central Ind
....... -- • 114 3/
4 112 214
1
4 Cent Pub Serv Corp A
1
4 1-33
1
/
2/
12
34
4 -1
/
3614 4612 2012 3714 9
4 1014 131
/
211
4 8
/
72 Cent So West Util pr lien prof• 45 45
11
1434 27
• 36
61a 1512 4
25 35
55
Preferred
712 5
63
7
4 5
/
212
612 11
• 4
1
4 4
1
5/
88 114
14112
014 Common
Cent West Pub Serv145, 153g
4 Class A
1
15/
•
iii Ili 7 1-4 - ---- --_-_-_ -hi 1-62312 Chain Belt Co corn
912 10
10
10
7 -_-_-- 7
10 Cherry Burrell Corp com____* ____ ____
118 112 ____ ___
. _
1
-- ---- ---- ---1 __
214 Chic City & Con Ry partic pIL•
• 1
1
4 Certificates of deposit
/
21
112 -------------------------------1
_
4 .....,
4
518 -31-4
318 .___ _ _
• 2
Chicago Electric Nua A
314
18 114
114
4 1
1
2/
4 Chicago Investors Corp corn.• 1
12
4
1
/
4
1
/
8
-7-3 - -it - -1
1512 10
12
1712 1434 16
1512 1112 12
• 15
2014 Convertible preferred
11
10
Chicago N S & MilwI
1
1
2 ________
1
100 2
Preferred
3
___. Prior lien preferred
78 1':
134 2 -------214
334 2
438 3
4
. 912 12
15
22 22
1918 1012 1412 ____
19
19
2
114
112
8
37
.-4
13
3
4 1
/
11
112 1
2
2
4 13
/
151
13
13 ____ -...
1518 1412 15
4 1612 15
1
15/
89
50
90
8712
9014
85
4 92 931
1
9312
93/
8812
91
(
._
. -7I12
934
96
90
1514
38
-- - -- - -- - --------17
6284
63 75
4 -75
/
711
/6
7.
4
1
634 2/
4 612 1012 4
/
131
9.518 96
99
85 951: 75
56
4 70 88
1
88 89/
91
512 1872 832
1714 184 17
28
18
67
4
1
4/
8414
71
11
28
1512
68
212
73
65
814
4
/
11
17
4
/
701
4
76
75
1034
12
13
50
112
44
36
44
4 1714 1714 14
1
1734 161s 17/
1712 1714 17/
17
4 17
1
4 2234
1
4 16/
1
- 16/
4 31 -_-1
- 26/
4 34-_-1
29/
978
11
1714 10 11-12 11
-1 12
4 1-33.
1
4 16 12/
/
131
114
2
1
214
2
--- ---_ -_-- --__ ---- __-_
212 --------1
3 --------2
2
3 .___ -- 2
3
4
3
12
2
1
4 2
1
/
4 234 312 112 234
1
212 3/
1412
20 21
22 3114 1912 21
31
31
3014 31
5
54
•
5
58
5
54
5
54
4
47
3
5
2583
5412 ---- ---- 39
3
39
3
____
70
75
6814 86
RA
84
._
TAU 7A1.
•No par value.
64
12
14
RR
panic C1f1 ICS 1 - - 100 5
i 1-8 -i.
i
11-4 1-14
5
Partic certificates ser 2..100 __
-14
14
14
14 - - - 4 5414 5414 5414
1
59 62/
Chtrarm Tr,ve•I C,eon. nenest• 64 -66
VIA
--------------
Financial Chronicle
Volume 135
755
Chicago Stock Exchange—Continued.
1931.
1932.
October
August September
November December
July
Low High Low High Low High Low High Low High Low High
STOCKS.
March
April
January February
June
May
Low High Low High Low High Low High Low High Low lug
Par $ per share $ per share 5 per share S per share $ per share S per share
$ per share 5 per share $ per share Per share $ per share $ per share
934 1234 812 114 638 1038 518 8
812 838 5
7 Cities Service Co common.___. 514 64 Sig 678 54 64 34 514 114 4
14 278
12 112
34 1
14
24
4
12
38
112
84
4 1
68 1
14
58 Club Aluminum Utensil Co__•
1,3 14 112 158 1
5853
5
6
5
44 412
6
478 54 Coleman Lamp & Stove com__• 5
5,2 6
5
6
5
5
514 5
128
151
5.13
201
Commonwealth
135
73
197
fEf"
19818
108 140
15312
51
82
197 21014
Edison_ _ _.10O 11134 122 10014 116
8018 103
34 212 Rights
114
1
178 1
24 212 Commun'ty Tel Co corn part.•
"io 11
--5"
---44 ---78
1
78 ---- _- ---- -118 Construction Mat Corp com__•
—ors 'Ili 6 74 478 224
12
10
412 10
1112
618 618 212 212 214 2,2
333.i preferred
28 2912 20 28
• 5
6
138 24 138 134
1
138
14
12
34 112 1 Ps 34 1 Consumers Co common
4
38
58
33
14
34
28 3118
1214 1318 6% prior preferred A____100 1214 1412 12
1214
30 33
2
44 5
478
1
84 hg
78
434 6
--3-38 14 4 Coot Chic Corp corn
153 3
--2-18
• 134 234 14
212
38
34
25
34 354
34,4 25 2512 24 264 1418 24
Preferred
34 36
1258 1418 1058 1234 778 104
13
1734 20
1512 21
18
Continental Steel Corp—
512 512
Common
- - 14 112
•
---- -2 -117
a Cord Corporation
7
934 684 14 553 -f1-2 453 713 653 "Is; -apis
2
3-8
378
311 558 252 --3-38 24 3
5 63s 814 44 7
1512 538 1412 5
18
4
18
1414 1634 14
Corp Seca of Chicago com
814 514 574
• 112 2
hi
12 14
4 1
32
23
44
47
12
46
18 354
49
17
30
1. 1.
Allotment certificates
18
45
26,4 3 19
1
3
• 218 4
55
38 14
19 24
212
18 20
17 181 1334 19 Crane Co common
25 254 24 25
414 5
334 6
712 912 612 8
25 74 13
9012 105
85 88
894 60 8214 Preferred
474 5488 50 55
81
1034 110 104 106
18 2914 15 20
28 50
100 5012 64
518
514
54 51
3 518 Curtis Lighting Inc corn
54 5,2 5h 514
5,2 6
2
2
3
5
34 312 3
314 3
• 3
12
12
534 8 Curtis Mfg Co common
1212 13
358 6
5
5
5
312 312 212 4
318 31s
8 10
712 8,4
318
34
67
8
734 9
10
10
1512 1918 1412 19
5512 57
60 81
6112 634 "tio" 651:
72 72 68 70
6612 59
6
612
Dayton-Rubber Mfg pfd
•
-- 1
31
34 31 -- I- ar;- Decker (Alf) & Cohn inc......
8
1334 134 12
11 De Meta Inc pref w w
131 11
• 10
434 512 Dexter Co (The) common
6
834 6
912 5
5 5
Dodge Mfg Corp pfd
•.
74
8
491z
5712
4812
53
734
1634
55
5712
60
58
93
93,2
7,4
812
35
41
3912
5512
714
9
39
41
52
513
23,8 237g 19
22
16
19
2212 24
58 14
1
11s
12
78
4 1
20
21
18 20
24 31
—5i2 134
14
1534
3
414
1812 204
184 20
334 5,4
278 34
—
18
16
12
234 234
353
1378
812
612
64
2414
"iirs "fitz 1834
412 614 534
4
5
16
16
1512 16
211
23
41
65
258
507
101
1714
224
338
6212
212
4934
1014
9
1
64
2453 Id5-11
18
18
9's 1053
3712 38
214 2312
134 134
_
1534 17
32 32
834
8
1618 1853
914 9634
138
1
112 2
1838 19
374 3912
13
53
8134 8134
93 9414
74 80
9034 9112
17 2078
8
8
1034 514
2114 16
38
724 94 8
44 51. 234
30 3438 30
1112
9
4138
6
23
174
11
1014
38
214
1
15
15
32
712
1612
89
1
113
1814
374
12
73
91
71
874
15
912
42
6
2538
20
11
1112
39
224
178
15
17
35'g
10
l7i
9138
11
2
19
39'z
3
77
93
7358
9314
15
7
9712
25
734
40
22
63
6
54
114
478
5
48
15
13
3
8
634
99
98
29
94
15
51
47
491 36
65
6
812 478
84 13
8
7
3712
2
144
1514
7
914
36
1712
1
12
10
26
512
912
63
38
34
13
28
14
544
72
60
70
10
87 89
86'g 93z 72
87 95 86 91,2 73
434 2
44 512 4
20 2214 16
2212 25
34 324 3
314 3
•No par value.
5
44
3914
4134
4214
6112
512 513
778 --778
2
24
9
434
h
314
3734
3312
25
354
44
3734
3312
41
5012
Fair (The)—
Preferred
100 83 8478 85 86
Fitz Sim & Connell Dock1312 1734 & Dredge Co common
124 14
16
20 1512 1512 14
14
58 Foote Bros G & M Co
14
12
12
11
5
h
58
9
14
912
12
16
---34
• 134
1534
1
1014
13
334
78
Gardner-Denver Co corn
•
314 General Candy Corp cl A
5
Gen Parts Corp cony pref
•
Gen Thee Equip Corp com •
---- Preferred
•
1 Gen Wat Wks Corp cl A
•
212 Godchaux Sugar Inc Cl B
:
1914 Goldblatt Bros Inc corn
214 Great Lakes Aircraft A
•
1412 Great Lakes D & D corn new_•
15 Greif Bros Cooperage A corn...•
334 Greyhound Corp COM
*
14 Grigsby-Grunow Co corn
•
Ground Gripper Shoe com
•
12
8
3912
42
45,4
55
18
15
11
12
12
12
134 2
1
1
18
4
14 14
34
3
1612 177
94
12
5
11
6
9
11
9
11
2613 24 273 204 231
312 412 2
5
31
40 551
55 60 60
1
158
4413
46 48
ii1-2 36 451
6
7
63
614 71a 6
55,4 5514
50 50
9
20
3
55
"15;
Jefferson Electric Co com____•
8
Kalamazoo Stove corn
• 8
Katz Drug Co coin
1 20
Kellogg Switchboard corn...i0 2
Preferred
100
Ken-Rad Tube & Lamp corn A• 14
Kentucky Util Jr cum pref_50 38
Keystone Steel & Wire com--• 54
Preferred
100 50
Kimberly Clark Corp corn____•
2
2
2012
1812
2812
36
712
14
734
14
74
14
712
53
10
10
184 134
34
34
------.
878
14
878
14
612
8
--_____ --_---32
5a
h
814 514 7
812
-178
yi;
6
378
314
74
4
334
.2
11- ____
414 6
378 34
212 3
18
18
4
1
552
lls
4
4
412 4
514 414 434 44 434 4
50
78
58 60
95 94 9478 794 94
---14
14
18
614
"1" 18 34
53
44 44 1
234
15
14 114
18
Ig "1"
134 814 14 378
17
4 112
4672 4678
11
2
2
41g 27
314 41g4l
5
24 3
4'
12
8
7
1712
2
40
1-38 114
3812
48
5
6
50
19
9
21
.21
1014
7
9
478
7
434
478
412
4
4
14
458
512 714 5114 534
6
1012 9
9
9
16
19
16
1912 1912 2212 1912 2114 18
2
134 238
12 278 2
214
3
3
26
25 30
30 40
---30
40
114 114 14
52
53
h 114
14
18
4414 36 40
18 304
34 358
414
412 3
514 4
19
34
74
13
58 1 LaSalle Ext Linty corn
10
513 1
"ST 5353 49 50 30 397 Lawbeck Corp 6% cum pfd_100
Leath & Co—
12
1112 12
412 518 Cumulative preferred
518 74 738 612
• 5
10
7
8
3
64 Libby McNeil & Libby
10 332 438 34 438 314
20
15
19
181 16
1212 1638 Lincoln Printing Co corn
14
10
12
• 12
10
40
35 371 35 37
32 32
7% preferred
30
33
33
50 30 32
103
8
1038 934 1014 8 9
Lindsay Light corn
7
9
10 914 1012 8
Lindsay Nunn Pub Co $2 cony
5
712 538 104 Preferred
41
• 4
3
732 3
37
214 3
3
334 134 3 Lion Oil Ref Co corn
•
24 24 214
3378
2778 30 Loudon Packing Co
•
Yi" "13- YEC 12 14 Lynch Glass
1658
Machine Co
• 12
144 1214 1812 12
...... -Mandel Bros Inc CRP
•
2,2 24 ---9 —612 -1-1-3-4 6
718 3
614 Manhatt-Dearborn Corp com_. 378 412 3
4
314
41
37 37 __-- Mapes Cons hug Co corn
a
3
3
21 Marks Bros Thee Inc cony pl."'
212 ------a- -1- 7i
.
2
---_-_-_
37
23,2 1334 1712'Nig 19
1 953 1434 Marshall Field & Co corn
• 1014 13
103g --812
1778.1058 17
1612 161 1312 15 Material Service Corp corn_10 13
1378 1112
144 13
11
2
31 McCord Radiator mg A
• 34 312 4
4
312
1034 -738 -11-4 7
838 4
7 McGraw Electric corn
• 412 512 434 512 434
40 30 3834 33 34
30 34 McQuay-Norris Mfg
34
• 29
33 35
30
1412 16t2 1458 16'g 10
21
i4g McWilliams Dredging Co
• 54 1012 6
7
54
118 1
1
I
1
14
53 Meadows ikug Co corn
•
4
63
14
38
14
12
9 121 ____
-. Mercantile Discount Corp A.10 _--- ---- 64 61
4
---8 10
14
54 81
5 _-512 Mer & Mfrs Sec CIA corn
54 418
• 5
44
6
22 25
30
21
21
18
20 Metrop Ind Co allot ctfs
• 14
14
14
16
14
512 534 Mickelberres Food Prod
94 6
612 614 7
com.1 5
6
614 5
5
1678 814 1112
473 928 Middle West Utilities new
518 7
34 534 1
901s 6034 7214 -ii- "
ilia;
30 68
$6 cumul pref
• 34 54
23 43
512
14
1
14
4 Warrants A
38 1
1
14
38
'a
h
15
58 1
38
58 112
4 Warrants B
158
h
h
15
h
la
838 12
472 94 Midland United Co corn
18g 1078 14
• 478 612 3
514 1
38'g 25 33 2014 2734 11
22
Convertible pref
1314 6
• 1212 154 10
13
14
4
34
38
18
4 Warrants
54 38
36 52 Midland Util 6% prior lien_10: 3914 4518
7O4 53 62
!'' 18 1418
00's 65 75 60 664 42 60
7% prior lien
100 42 50 -iiii4 "iii— 10
35 50
55 60 50 61
73
Preferred 6% A
100 40 40
Preferred 7% A
57 64 70 62,4 634 44 53
100 4834 4834 -ii- -26r18 --a9 Miller & Hart Inc cony pref___• 7
934 6
14i 0 10, 8
8
738
9
114 114 Nlinn.Moline Plow Imp Co corn* ____ __-- 134 758
13
4 --40 60 Miss Val Util 7% pref A
85 68 V6• 40 50
30
49
25
50
60
11
ir -8
Prior lien prof
85 53 53 -a
5014 35 36
• 40
25
14 24 1 134 Mo-Kan Pipe Line Co com • 14 2
414 172 3
34 138
14
10
12 Modine hug corn
16
16
16
15
20
• 12
12
9
10
9
2 Mohawk Rubber Co corn
2
134 3
21a
2
3
____ ___—__ ____
•
-i-
112
2
174
1812
28
31
2
1712 19
19
174
1
233 lIg 178 ---iz
11
104 1312 1014 1312 7
124 1212 1212 1212 124 121
312
78 11
14
118 134 i
133
9,734 II
irs Brick Co
25 4
III Nor Util pref
100 94
lndep Pneu Tool v t c
: 17
34
i" if" Insult Util Invest Inc
141
15
Prior pref without warrants. 12
15
31
• 714
Preferred series 2
38
494 11
Interstate Power Co $7 pref.-•
353 Invest Co of Amer corn
l's
71
314 434 Iron Fireman Mfg Coy t c
•
* 34
8
98
14
2
—if: 'IN; -"213
1212 Hall Printing Co corn
13
11
6
834 103
9
11
10 1034 1118 10
378 434 Harnishfeger Corp Corn
5
6
414 5
473 5
* 458 44 4
44 41
614 44 512 Hart Carter Co cony pfd
334 44
$4 44 5
• 5
41
41 Hart Schaffner & Marx
48
100
15
10 Hormell & Co (Geo) corn A___• 15
18
12 1284 12 ii- 11l hlg
15
14,2 9
14 Lloudaille-Hershey class A_..• 9
812 1012 71 1112 44 714
11
412 213 312 Class B
2
312
• 212 353 234 34 34 4
--_ --- Hussman-Ligonier Co corn-- _*
12 1
60 04
8
5
8
10 104 10
1812 2212 19
94 10
37,2 38
1512
1812 97 17
31
2434 31
334 24 328
65
55 69
212 1
24
5012 48 30
104 64 10
55 55
35
74 1
1
6212 6412 64
34 36
18,4 20
14
5
9
4
512
714
394
414
44 -aa- 427
52
5034 5115
2
1412 11
133
834 8
81
74 412 638
54
2414 20 2312
19
1318 18
1112 14
714 334 614 3
414
16
22
312
65
258
484
1014
—514 14
1712 197
12
3
6
634 Eddy Paper Corp (The)
•.
4
858 Elec Household Util Corp_ __10 478
3712 431z Empire G & Fuel Co 6%pfd1100 3514
6
preferred
100 42
43 4412 7% preferred
100 4334
50 5914 8% preferred
100 55
ta
18 Empire Pub Serv Corp "A"--•
18
--irz -11-2
1112 1134 Ills 1134 74 1158
981
974 100
:1004 9834 101
33 33
30 30
26ii 33's 254 284 1112 2714
72 72 _
42 45
6912 75 6912 7112 424 70
7238 814 ---- -6
7
64 912 534 8
114 15
1078 13
812 12
—gra -172
71
g
45
481
35
593
84
34
34
414 84 218 32 2
258
174 2214 1652 184 1434 1658 15
1512
3
3
414 24 312 2
4
3
1734 1958 13
1814 1034 16,2 1312 17
18
184 16
16
-_-_ -4
414 478 478 5
5
334 5
278 334 178 318 134 212 134 24
1334 16
9
10
712 8
"3514
16
7
612
4334
46
5414
5934
16"
74
71,
4
11
35
912
38
34
3138 36
633
2
5
2
2
20
1733 11
3
214
---4
37
-1131
5
61
33
63
1
--41
14
61
31
23
1
1
27
9
612
318
--93-4
38
631
72
2
63a
218
2
5
712
12
58
20 35
78
112
-I"
112 134
3
214
"Y.;
241
123 1158 1212 -Di; Ili
—2174
3
314 —312 -/
54
3014 3014 2912 2912
334 458 --314 -1"
6
10
1052 12
104
3
3
4
4
434 3
253 3's
2058 2052
25
3018 22 25
4
3
334 5
37a 4
12
12
612
112 14
2
238
12
12
12
12
412 412
14
12
53 114
3
112 614 2
-ifs
--1
;f-4
1
134
178
3
21.4.6
31
1E- if8
104
---30
3212
34
955
____
32
12
75
14
114 172
---- --154 212 314
3
414 6
44
i4 -1-3g
134 212
—5" -1i-2
614
64
----
18
558
1
11
6
1
434
-------
---512
414
5
756
Financial Chronicle
July 30 1932
Chicago Stock Exchange—(Continued)
1932.
1931.
July
August September October
November December
Low High Low High Low High Low High Low High Low High
STOCKS
April
January February
March
May
June
Low High Low High Low High Low High Low High Low High
$ per share $ per share $ per share $ per share $ per share $ per share
Par $ per share $ per share $ per share $ per share $ per share $ per share
_
4
434 4
338 412 4
5
212
2
212 3
418 434 3
4
3
3
212 4 Monroe Chemical Co com--•_ _
4
4
4
Preferred
2614 2978 2914 304 24 3218 25 2.578 26 28
23 23
* 5.7 -31 30 3213 26
1813 23
3114 2014 25
2534 30
Morgan
Lithograph
24
com
"
1
13
12
as
78
14
12
2
238 2
78 1
3
212 112 3
114 214 2
1
112
34 1
_
coin_*
5 5
Mosser Leather Corp
534 6
6
6
5
6
6
6
----------14 53
14
34 Muncie Gear Co A
13 -1-14
112 212 113 138 118 134 1
58
1%
-58
is
14
is I
•
12 1
Common
14 58
12
12
112 112 ____ ____ ____
58 1
133 14 ____ ____ 1018 12-731 434 358 5
924 93 10 ____ ____
4
4
8 9 11)14 912 1234 812 10 Muskegon Mot Spec cony A-- _* 9
6 Nachman Springfilled com • 5
618 64 5
5
74 5
412 612 6
512 413 5
• 1713 1912
23 2934 294 33
20 291;, National Battery Co pref
21
3212 22 25
20 25
National Elm Power A part- • 912 12
1334
2112 2278 22 23
12 22
1114 1712 1318 1658 84
7% preferred
100
38 National Leather corn
as
a
10
12
14
22
14
14
12
12
22
12
14
14
i• 20 24
3813 39
23 3412 31
31 ___ - .Nat Pub Serv Corp S3Sconvpf
4113 4114 36 41
• 334 4
17 1738 14
8 14
4
712 48 478 2i2 11, Nat Rep by Tr cony pfd
31; Nat Secur Inv Co corn
as 2
1
412 113 4
358 478 37
1
112 112 134 1
6% cumul pref
100 35 45
64 70
35 40
70 70
36 64
31
40
35 50
25 2934 2.534 2812 20 271
23 2512 1914 2378 National Standard corn
. 20 25
i 191* 2012
_ _ Nat Term Corp part pfd
_ _ ___
3 __
4 --------3
434 37
4
•
•
Radio Corp
i3 118 Nat Unio
258 118 itt
218 214 2
18 1
•
134
112
12
54
IA Noblitt-Sparks Id
n Inc corn_ * 1212 1234
38 44
394 424 1613 381 16
1238
15 21
25
914 North American Car corn
1118 184 1514 16
914 16
7 123s 9 1014 37
• 434 6
712 North Amer Gas & Elec cl A * 212 533
114 1214 11
1134 5
4
10'2 612 8
8
7
84 6934 52 74
15 30 North Amer Lt & Pow corn_ • 18 24
2713 52
20 2 411 28 38
534 3
318 Nor & South Amer Corp Acorn* 114 138
312 1
534 634 5
3
3
5
3
__ North States Pow "A"corn l00
.--- ---__
2834 30
274 29% 2334 2878 2112 2434 2434 28
2058 2458 Northwest Bancorp eom__50 in -21-3:1
11
11
7 10
6
4
512 Northwest Eng Co corn
7
6
77
5
6
* 512 54
78 Nor West CHI prior lien pfd100
92 9512 8984 9212 8213 891t 79 85
61
78 81
_
80 92 8312 90
100 -ia -55
7512 7% preferred
57 751 50 8212 7314 7834 45
8,4 10
7
7
4
3
-18 18" 15
514 5
3
2
15
14
514 -------- 5
518 Ontario Mfg Co corn
2 -------- Oshkosh Overall
Co corn
2 2,
Convertible preferred
i
13 15
le
318 4
8 4
534 534 514 514 334 434 3,
16
15
15
1512 15
15
13
1412 11 1512
713 1058 212 734 1
278 14 2
12 112
14
38
13
13
%
12
18 111.15
1.4
-14
1512 8
1814 1934 15
8
312 3
314 24 2118
3
134 -1-3-4 -------58
12
84
S8
78 114
12
14
58
58
3518 30 3212 2714 30
33
35 35
2534 273
2
184
11
20
14
3
8
1313
912
1814
1214 7 4 913
1
1
12
12
18
12 1 -----NI
12
34
1534 114 1434 10
13% 0 1258
1012 12
10
412 6
312 512 212 378 234 314 212 3
113 112 ---- - r,
258 212 112 214
- _2134 19
412 913 5
94 13
-7 - 514 -15
I% 13
14
114 113
14 --- --- --- ---75 75
934 1111 5; Ili
1818 2018 15 -514 io YE
4
8
8
5
214 212 ---- ---514 3
4214 4214 10 23
45 60
84 1018 -___ -40 45
23 25
10
10
2
314 ---- ----
* 512 6
__
6
•
----- —7,- - -2—
2
• -5- Id— :::: :::: 14
1512 15
512 412 412
14-------__--
658 413
1
2
15 —_?
6 Parker Pen (The)Co com10
8,2 4
3
3
524 534 5
4
4
4
558 412 5
4
3 ____ ___ Peabody Coal corn B
6% preferred
100
20 20
Penn
Gas
&
Elec
"If,
A
com
Thii2 Ili;"io" 16"
-112 --8i2 --Ii12 --8"
• 5i2 -(i -------653 6
734 -5- --6-1- —5i --11-, --iia --6-4
100 __ _
---- __-_ 19514 19514 ----------------142 142 118 116 Peoples Gas Lt & Coke
63 831 3
3
_ - 0112 5112
__
34 312 Rights
412
3
- - 312 4
-- -------"r""
Perfect
Circle
(The)
Co
23 29
325 -3-512 34 -4-014 28 -1914 27 31
30 31
• 22,
8 2534 ii; -2-5-34 -ii- -2-7
"ii
11
12
Ifi"
1
2
-1
7
7T2
1284 15
13 1418 11
14
10
1258 314 10 Pines Winterfront corn
13'4 9
134
318 5
5 3'8
112 1
3
358 112 314 1
•
i _ 814
1 Polymet Mfg Corp co
1
corn
24 35
2
212 14 234 14 112 1
1,8
12
7
8
4
12
14
14
18
14
4
14
1
122 Potter Co (The) corn
*
318 318 113 314
5
5
212 212 112 134
113
.--,-` - ,- 122 1 12 153 158 --------114 114 1
434 Process Corp corn
4
678 334 434 34 37
31
8
373 612 37
311 3
314 3
3
-422 222 4
3
• 4
324 35
204 210 204 205 165 204 150 165 152 15912 115 147 Pub Serv of Nor III corn
100
32
103 115 7214 100 41
2813
72
474
54
Common
200 210 20058210 153 203 149 166 149 15912 115 151
• 115 125 103 118
73 10214 4112 7253 37 5912 2912 42
112 378 Rights
1
3
llg 114 -----------------------------100 9714 104% 95 103
ii;ioo" fii. inn" nit; iiL" 111- 9978 116 6% preferred
94 14 95,
8 60 75
61 14 68
134 135 13114 1344 100 13134 112 120 11234 122 100 120
7% Preferred
100 10314 114
99 106
7014 99
63 804 60
60 6328
78
/3
114 Q-R-S-De Vry Corp (The)...'
1
2
1
234 1
14
58
18
1
31e
134
118 2
14
I,
14
13
1, _
138 140 13212 140 10112 136
93 112 1051412376 85 1084 011aker Oats Co Corn
• 86 95
77 101
9614 103
7814 94
69" iciii 861.4 -71Preferred
11814 120 119 122 115 1201 113 117 11014 11534 93 110
100 10034 105 100 105 10112 10712 984 106 10012 107
95 102
10
13
312 4
1212 1312
3
3
6
712 13
8
10
3 --------3
3
--a- -1-6- -arz
-ii- -1628
--
fiii; iia-
27
318 234
1512 174 1612
5
514 4
258
77
613 -8
80 80 8218
2512 29
24
19 22
19
1
118 1
1913 2012 1858
86
434
1912
6514
4012
34
3
17
4
334
1012
8218
25
1913
1
19
1%
1438
11
114
714
8114
21
19
____
16
67 --------5.5
434 4
413 3
21
20 20
18
72
55 74
55
4434 3912 4358 37
4
234 314 113
23
171
31
212
9
8213
231
20
ykii.
1% 218
1413 151
213 21
138 153
758 97
8013 80'a
____
_
1934 19-2
1438 16
1%
1518
113
114
8
8012
1212
19
58
13
34 112 Railroad Shares Corp corn ___•
_
1
24
10 1534
17 Rath Packing Co corn
1512 15
1% Raytheon Mfg Co Corn
24 1
* 1
Reliance
Internet
as 1'8
Corp A
*
14
78
9
7
0 Reliance mfg Co common__„10 752
Preferred
100 8218
82
8158 8314
.Rollins Hosiery Mills cony pt.*
1412
_
19 Ross Gear & Tool com
• 15
19
19 ____--58
18
14 Ryan Car Co (The) corn
25 _ _
16% 934 1238 Ryerson & Son Inc corn
• io
Si
66
55 --------51
3
4
378 2
3
37
20
16
191 17 184 13
74 ----------------38
423 36 413 344 3934 30
113 214
27
113 21
1
138 1
112
34 1
38 1
17
1612 1712 16
17
1514 16
14.
14 1638 1318 15'8
2
14 114 114 113
12 114
12 1
13 1
118 1
1
78 1
78 1
31
78
58
78
9" 812 912 748 912 812 8
8314 8512 8353 8312 —75- -131; 70 70
8234 8218 85
—
8
8
8
8
8
8
7
7
8
8
19
19
19
19
19
19
19
19
19 ---- ---_
_
18
18
18
28
-1-614 93 -1-114 712 913 714 734 --512 - V _ _ _
51 St Louis Nat Stk Yds cap-100 __ _ _ _
234 Sally Frocks Inc com
-2,4 --14 --2.- —154 --11-2 112 3(112 ""i" "Y"
• 54 /
38 5
17 Sangamo Electric Co
• 15
15
124 1312 117 12 ___
5t4 6
47 Seaboard Pub Serv Co 56 pref_• 38 44 --------15 20
15 -1-1- —ii2
712 -1_2__
Convertible preferred
37
14
orag,(
l,
1glicala
r.
e
ss F,cr
AT
114 ZWalle
: 1
112 1
3, "si
14 --118
I%
14 ---4-8 ---18
8,2
--a- --di.
--j1-2
p-f-_50 --iT2 --i-i514 111-4 "i5i4 lif4 —514 iii ""i" "II "_::: :::: ""iii, IC signode Steel Strap Cum -
--ii, "y,-,--ii, --7-57 2:23 N ,12,
-iii2 -,-5-,-;-ii- yi- _ i ---2 1 ii2 -2 Sivyoer nSitoeenl Casting Co corn_ • ---- ---1912 2912 19 19
ii• -11 •ii• iii- "ii- yi- Tif2 -1-i- So Colo Pow Co A corn
is
-ii- iii"
7
812
54
75*
34
6
234
5
253
4
A 7414 84114
4
iiii4 951; 75 Iii17 755
84 8412 8212 8712 60 82'2 80 88 60 80
lag 184
178 178 113 1%
34 358 113 11
5
3
634 514 6
313 314 412 3
5
5
-1
3
_ ____ ____
278 278 3
14
14
14
is
13 is
as -------ig
934 8 s
6
1018 9
2
918 924 612 8
312
213 3
2
3
2
3
213 312 3
6 ----------------358 378 878 878
n6
-512 267 2512 26
28 2613 2012 24
2218 2312
3253 3534 3313 3418 2712 34
2813 3112 30 3214
5
_3 545* 53 5418 50 53
46
451 50
3913 994 98%10112 98 9913 93 9812 9613
134
_
--- ---- --- __
—Jai
:11:58 ---16 -25
1613 -2212 -15- -1-81-2 17
12 112 --------13 112
48
22
32
814 814 --------8
8 --------5
---- ---_ 4113 48
41
41 --------2018
4778
9914
134
1912
114
714
2534
g21,2 v2 112
53
"iii2
3 Southern Union Gas corn_'
7,
1113 17
34 15*
A% Southeast
&I
t part _
& E 1'
J:7% 9f-100 65 2 69 3 -5560%
• 52 59
50
52 60 Southwest Lt & Pow pref
178 Standard Dredge corn
1
13
• 1
1
• 234 312 234
234 312 Cony preferred
_ Standard Public Service A
_ _
• 114 27
6-it, Standard Tel pref 57
14 Steinite Radio Co
18
914 7 Storkline Furn cony pref____25 --------3
33 Super Maid Corp corn
2
_ -_ Sutherland Paper Co cons-- _10 ---- ----358
25 18
18% 1678
ii 21 Swift &Co cap stock
15 1934 25
18
1834 31 Swift International
113
'
--II" "ii" If" --51-8 -1-i- 5
5 -253 1% 21;
38 112 --14 ---38 —14
-6-i- 5158 681% 40 45
33 41% 25
5134 48 43
48 48 _
15* 153 13F
1
1
--F2 ---a- --i
3
214 23, 1
2
1 - 114
2 12
-6-34
a
----—18
34
--1;
118
•d28
- -- --- ---- ---- ---- ----
353 --------214 214
1834 17
19
144 17 --i"
--ir -1-64
23
2012 255, 1912 2173 94 20 2 131
: 1858
Telephone
Bond
45%
&
Share
A--•
38
44
37
42 3313 38
43
20 301
6
181 11
11
ht preferred
100 88 95
88 921 84 88
92 98
0 8414 40 5514 23 40
112 112 Tenn Prod Corp corn
• 1,2 14 ---------------2corn
Thompson
(J
R)
17
12
25 1178 134 84 1
-1134
A
DI4 112
112 112
14 58 Transformer Corp of Am corn.' II 113 ---- ---- % 58 /12
12
12
% 51,
1
5
:
8
4 93
4
4
5 12th St Store (The) prof A---• ----------------214 414 __
3
•
1713 2212 20 Wacker Drive Bldg $6 pref,.' --------334 5
1
434 i-4 --1-1-2 --------
_ 355* 3t.1183 -------2913
3 31
--i _ _ _i4 _ _ ii3 _ _ _ _ _ . __134
-113
31,
4
613 213 334 214 314 1
214 1
178 1
14
14
14
14
212
512
514 -134 --ii8 -If; 213 358 11
112
3
4
3
4
1
2
3
2
214 114 2
77
5
7
7
5
7
5
5
5
512 214 47
of
ldatei
Cia
ca
trJrilirtn2Craprb
rbo
pin
eL
.
• 3234 3234 _ _ _is
"IV
3;
T8 _ _ _1_2
i4 ___ _._..
_.._
United Amer Util Inc corn_ __*
34 2
158 153 1
2
14
/114
4 —7;2 ---vi
1: 338
United Dry Docks Inc corn—• __ _
14
14
_
•
United Gas Corp com
_-118 2
2
lir' -/ --1- --17
-fit
--ja -YUnited Ptg & Litho corn
1
* 1
14 -------1 _
1
1
Convertible preferred
-------------------------------_
ydpP3111,3brnUtil 26 pref
Pr
20
* r334 2378 -iiig -2-41-2 -iiis lb- -ii- -1-£1 - -1
*554 Yr "i"" 14-Preferred
100 10912 110 105 114 10934 10934 98,4 10814 5i.
130 133 132 133 125 133 114 115 118 118 10912 116
95 98
85
S Lines Inc prof
•
74
22
951,4U 2
264 354 12 324 12% 1912 10
• 812 1234 93 1134 54 124 53
7% 1114 U S Radio & Telev corn
19
7
578 --11-2 --Ws
Froducts
Utah
34 23
coin_
Radio
_.•
333 112 312 112 2
13
114
1
6
8
113
3
3
12
158
1
1 4 178
12
12
4
12
14
14
• 98 10
z418 2434 --------1714 1714
634 634 418 6
. 1314 1314 858 12 Util Pow & Lt Corp A
3
314 2'.
273
27
2
Common non-voting
• 214 212 134 232 112 224 - _ -- _ .
8
414 8 -_-_973 7
134 3
8
478 -473
- -------84
84 —7. —.
7Corp
com
Utility
&
Ind
•
3
2
3
2
3
2
2
534 812 512 812 313 534 3
4
278
1
I18
414 3
132
1- 1 1622 is% 1712 1814 13 177
Convertible preferred
1178 9
• 8 1012 9
84 1358 1112 1353 712 11
11
6
9
3
634 21: 353
____
14
_ _
14 ----- Van Sicklen Corp part A
•
14
14
14
18
4 ---- ---18 _ _ __
53 12 Viking
Pump Co com
4
• 3
4
6
6
312 4
4 --- -ii3 112 ---312 4
gr4 I
---- --a• —i•
2612 2634 2512 27
2834 /73
; 2413 214 2334 2334 2314 2314 Preferred
22 23
2214 -223-4 21
21 -17
. - -1-i- __
158 Vorsec Co part pref
1
1 -------- --------1
•
,.. III 223 it, 11, -- ---174 178 --,Vortex
Corp
corn
11314
11
•
12
1414
1
2 -ii- -19-38 1512 1912 1134 1184
12
1313
....in" 1-0
812
1
3
3
8
6
d 714
10
6
714 —54 -/Class A
2312 2612 23 25
• 2112 2318 2112 23
24 2512 2112 25
19 2112 1514 18
'54 2714 26 27
15
16
14
16
15*
Co
Common
1
1
Wahl
134
114
1
1
14
13
112
• 1
.134 214
138
58 158
12
58
12
18
12
5
8
__
1533 1834 1253 1812 12 145 1214 1458 105* 1234 Walgreen Common
* 10
14 20
1138
1178 10
ilia 10;•6
3 Purchase warrants _
1
3
.5 ------------------3
5
- --jig
40
162-2 -56- ii1-8 1.4 gg -ii- "ilia ii- "3-6—ii "2-i-
cll.? 3278
_213
"Ifs
12
-I,
912 il
a
.9
3
-E{ -------------------------------473 778
Convertible pref
.... • --------4
0 56 Ward (Montgomery)KU°ci35
A-•
35 4(
35 45
3012 36 Waukesha Motor Co com
37 37
45 50
28
• 30 34
14 Wayne Pump Co corn
2
2 ------------------------1
• 1
2
1
noii21:964 ---- ---60
3
OCash sale
a Option sale.
8i12
eo
812 1012 884 10
i
---- -- —
212
68 - - .3
Ii12
f - "ii" "3"i"
2434 274 20 20
30
20
20
20
20
84 1
14
1
53
Financial Chronicle
Volume 135
757
Chicago Stock Exchange—(Continued)
1931.
1932.
August September
October
July
November December
STOCKS
January
February
March
April
May
June
Low High Low High Low High Low High Low High Low Hie.
Low High Low High Low High Low High Low High Low High
—
share
share
5 per
5 per share 3 per share $ per sharr.
$ per share $ ver
Par $ per share $ per share $ per share 5 Per share $ per share Per Mare
8
4
412 6 ____
1378 612 11
__
313 471
Convertible prof
10
• 218 412 212 212 212 234
1
212
1178 1018 1153 618 1078 4
8
614 _-7
10
44 77i Western Con Util Inc A
• 5
6
2
2
138 138
10
414 10
4
5
4
4
1134 1218 10
4
4 Western Grocer Co corn
25 _
4
4
2
3
114 312 ---2314 19 2212 1812 2012 17
1834 5
2112 2312 22
171; Western P L & Tel class A_____. 512 7
434 612 4 473 1
I
7% preferred
100 4712 471 2 3212 49
3212 7
10
11 ---- -- 6
8
1118 1118 914 1058 ---------------334 33. Wiebold Stores Inc
8
514 612 514 612 512 512
• 31 2 334 4
2
2
5
2
412 5
378 43, Williams 011-0-Matic com____ _•
3
378 3
334 312 313 273 313 214 318
412
518 4
514 4
514 5
5
434 312 41; Wisconsin Bankshares corn..10 --5r4 -1- 3
2
37g 278 334 2
3
2
212 2
214
.4
134 134 112 112 158 158 ---------------------- Wolverine Portland Cement.10 ___. -___
1-------1
Woodruff & Edw Inc part A.
2
2
Yates Amer Ittech part pref.— _• --112 --1-158
2 113 --15; 1
12
18
12
t2
114
1838 1734 1814 773 18
1214 15
1312 1513 10
18
12 Yellow Cab Co Inc(Chic)
• 10 11 14 10
1078 1013 13
10
11
—
9
8
734 8
_.1
01- 43. ei. 11. 15. 1l. 11.
Is
11
34 118
Zenith Radio Corp corn
78
34
•
34 1
4
34
12 ,
s
12
THE DETROIT STOCK EXCHANGE—STOCKS
In the following we furnish a monthly record of the high and low prices on the Detroit Stocil
Exchange for the twelve months ended June 30 1932. The tables include all securities in which
any
dealings occurred during the first half of 1932 and the prices are all based on actual sales.
1931.
1932.
July
August September
October
November December
Low High Law High Low High Low High Low High Low High
January February
March
April
May
June
STOCKS.
Low High Low High Low High Low High Law High Low High
5 per share $ per share $ per share $ per share $ per share 5 per share
Par $ per share $ per share $ per share $ per share S per share$ per share
5
5 ---------------- 2
2
5
5
5
5 Alloy Steel class A
• 212 4
2
214 2
2
112 112 134 134 2
118 111 138 158 2
2
---- --- ---- - -__
24
34 2
Class B
• 1
134 114 134 1
114 60c
1
12
----------------33
12
1
12
1
53
4
78
58 Auto Fan & Bearing common.
12
— Ws -782
--4 8
812 714 813 7
812 678 8
61
8 Baldwin Rubber class A
104 1158 1078 1112 84 11
753 10
778 018 612 814 Bower Roller Bearing
• 678 712 i -1-012 5.4 -5
-;
10.11 -633 34 74
14 -0
04 1434 13 1412 818 134 812 1114 10
1238 738 1038 Briggs Mfg Co corn
• 818 934 8 1078 878 1112 518 9
318
44
_
1
1 34 Brown Fence & Wire class B • -----------------1 658 3
--------"--- ---- -::- --_- -::- --__-- -::: --_-: -13178 -1571
--------1
---8 10
1278 Burroughs Adding Machine_.• 11
258 973 115
234
-2-51-3.12- -225-8 -1178 -1-612 14
1818 1218 15 Chrysler Corp com
• 12
1534 1012 1334 1014 1318 814 11
5
9
44 712
-. ____ _ _ ____ _
678 54 612 ____
6
____
. Consolidated Paper com____10 314 378 ---------------358 334 212 212 ---214 278 24 2,2 1 12 -.218
78 I-58 112 1-4
3
1 _-1-4 Continental Motors corn
• I
138 113 112 1
112
97 2378 16 2012 10 161s 934 17 10 1514 123
78 118
At
78
4 13 Copeland Products
• 938 12
1034 1312 1112 1412 8
9
578 8
16
5
1614 --------912 10 --------938 1014 914 10 Crowley Milner 4 Inc
5
Cocom
* 6
618 573 578 6
6
3
434 378 44 418 64
1158 9 1014 712 9
114 1258 10
814 918 7
813 Deisel NYemmer Gilbert
10 714 813 712 734 612 813 412 612 44 513 318
4
5
6
.553 4
5
3
378 3
312
318 212 312 Detroit & Cleve
334 3
312 278 318 24 318 3
318 278 3
15212 160 157 161 130 161 112 13213 12912 135 11112 128 Detroit Edison Nay corn.._._10 3
common_ _ __100 10912 120 108 117 98121 13
7912 9834 70 8512 52 73
_
_ . Detroit Majestic class B com_ * ---------------------------------------1
1
8 -- ik1 —21
--5r4 -/3-3 - -5- -11-4 --lig —31
4 -- 2-3-4 — 1- -2-15 Detroit Motorbus
----- 20 21 --------10 —
15
1434 1434 Detroit Steel Products com_ •--------1412 15 ------- -- - ---- --__ -_-_
----CiassB
•
13620
4
-iiiTz -iics -22-
58 618 714
873 1118 534 814 Eaton Mfg Co common
• 478 712 633 712 573 714 414 513 333 412 34
314 -618 253 112 3
412 212 312 Ex Cello Aircraft & Tool
44
• 212 312 212 358 234 314 2
314 112 212 138 2
4
418 ----------------3
334 Federal Mogul common
• 1
2 ----------------1
i78 -514 334 6
178 1
112 1
1
358 ___
213 358 Federal Motor Truck com
• 212 234 212 312
512 6 512 5 3 438 234 3 312 -3 2 212 Federal Screw Works
212 178 212 218 218 112 Ps
com
• 114 114 ___
112 112 1
_
178
1612 1814 17
38
1873 1014 18
38
12
912 1314 1014 1614 84 1034 Ford Motor of Can class A
'4
• 9 1238 1112 143-4 13
15
712 11
5
778 5
712
Class 4
•
2514 27 --------11
1214 1014 1012
3'7 ii 1518 If
H)34 2073 1534 1734 Fourth Nat Invest corn
187
3 16
I 1812
2058 1912 204 1514 634 1353 1514 12 124
j914 lO3.
-- 143k 15
358 44 333
3
-2
218 ----------------1
-1 Gen dry & Machine ut;its___
1 ---1
-- ---- .--- ---- ---3512 40 35 3938 2318 3614 22
- ---2733 2378 30 2112 2434 General Motors corn
10 1938 2458 1953 -2414 1533 2258 1038 557g 834 -11:75 753
258 34 234 358 114 234
12 112
24 1
14
34 General Parts common
•
14
53 45c 45c 200
14
14 300
738 878 614 8
18
18
---5
712 258 612 3
318
Convertible pref
•
314 31, 238 238 212 212 2
212 14 318 278 -412 Graham Paige Motor corn...." 234
458 278 358 2
3
118 218 1
114 13387120 118
I
34 1 --------73 138
1-54 4
53 -34 118 Grand Rapids Nletalcra__•
ft_
58
34
13 850 50c 55c
12 450
12
5
12 ---534 458 54 273 434
318 412 358 414 Hall Lamp Co common
513 6
473 5 _ _-_
238 312 212 278 14 r234
-- 41R 414 458 434 313 413 Hoover Steel Ball common. • 334 418 334 44 333 4
10-----312 278 312 134 2
7
--28
17
17
112 158 158 14
18
18
16 1612 4212 1234 13
131
11
9
Hershey class A
• 973 978 834 1012 8
1034 514 712 6
434 638 553 714 312 612 212 438 318 458 212 312 Houdaille632 434 Cs
Class B
• 258 313 234 334 34 4
2
1278 1514 1278 14
312 1
214 1
812 1358 8
IA
1034 1078 1378 10 124 Hudson Motor Car
* 013 1134 718 978 578 738 4
512 3
433 3
5
-----14
1433 --------9
9
734 734 Kalamazoo Stove common__ •--------10
10
9 ___- ---- ---- ---- ---178 -2
214 214 178 2
112 158 112 2
1
2 Kermath Mfg Co common • 112 112 114 114 9
1
118 I
5 5
1
4
5 --__
58 --4
._ ---_ _-_ Kirsch
Co common
•
iK -1-8 - -1478 1-5 12 12 12 _12
33
1178 12
Convertibl
e
prof
• 1134 1214 1134 12
1114 1112 ---2618 27 2612 2918 1912 2714 21
- ---2312 1973 2112 1518 20 Kresge(S 5) Co corn
-- --.- --2,10 1514 1838 1513 177 14
1612 812 --712 512 7
1418 838 1012 818 ili
7
10
4
414 438 Mahon (R C)cony pref
•
5
5 ----12i2 -14--14- -1- 212 573 314 333 314 333 134 3
77g 84 14
1014 1312 12
1312 938 11 McAleer mfg corn
5
912 10
973 1134 10
2534 2618 1712 25's 18
2712 28
10
8 10
5
714 438 5,
18 --------18 2212
2
5 15
1918 --------1314 1314 734 773 633 814
100 15c 10o 107 100 12e 10c 13e 14c 22c 10c 177 Mesta Machine common
Michigan
Sugar
common
1 9O
31c 36c
9c ---- ---- ---- ---- 10c 150 120 15O
8O sa
6
10 ___, „_ --.r_
_s Miles Detroit Theatre
--5i2
--;154 --512 4
51
414 _-.5
5 --514 -___412 513
- Motor
1
6
t-°2 1114 — a- -2612 30
6 - - -5
18 301 1512 224 23 30 72012 264 Motor Bankers Corp corn
-- 5
--A
---A 338 --31-2
•-•
Products corn
" 22
2414 2214 25 2012 -28
1318 1814 1114 1458 --•----8
812 514 578 Motor Wheel corn
8124
--• 518 612 514 573 414 5
214 -378 3,2 5
214 4
318 4
2
312 233 3
278 314 212 213
158 318 Muller Bakeries class A com
7
• --------2
834 734 1058 612 1038 513 734 64
--------34
------2
54 ---- -- 834 573 814 Murray Corp corn
• 512 738 578 913 74 973 418 8
238 5
2/
1
4 3-4
412 5
478 534 27.3 514 234 314 234 3
113 312 National Investors corn
1 218 3
__ ____ ____ ____ 2412 25 25 28
218 238 214 212 158 24 14 2
118 14
1958 2414 National Steel Co corn
• 2018 23 20 20
1934 2134 1614 19
1434 154 --- - —
• 2
2
2
2
2
2
178 178 158 134 112 -133
r58 r53 Class
65, -818 614 7
434 612 378 -g5,3 434 -614 334 5 Packard21
Motor Co common....
* 373 --533 37388 4778
1912 2612 18
26 27 26 28
8 --5T8
2458 2014 2314 18
1173
3 215
:--lig --2-1;
2112 Parke Davis & Co
• 1812 1958 1734 1914 1753 1878 1134 1734 13
75
38 56
84 9734 74 87 45
4134 52 3234 43 Parker Rustproof
1534 1173 14
common.* 35 43 34 47 40 54
678 718 6
7
434
6 2
25 40 2034 30
3
4
4
3
20 25
378 Pittsburgh ForgIngs corn_ __ _• -------214 214 214 214 ---- ---- ---64 653 54 674 314 54 334 458 4
412 3
- - ---- 414 Reo Motor common
78 14 1
10 24 312 234 313 178 212 112 2
14
58
73
112 -212
4
112 114
12
1
4 34 River Raisin Paper common_ _• 300
12 --.---5,8
58 30c
12
4
12 ---1278 1458 13
13 1514 1314 15
1312 1314 16
1314 1412 Scotten Dillon common
10 1338 16
312 41,8 333 358 214 312 ____ _ _ 2
1513 17
12
1914 1314 18
258 118 112
1333 14 1173 13
_I 114 113 138 138 114 114 ---- ---_ 45 47 40 47 ---_ - __ __-- ---- 38 38 Second Nat Investors com
---- - - -- -----Preferred
--iti2 --718 434 434 64 11
7
-914 ---- - -_
2712
2-7-12
Silent
Automatic comm
: 4
.5
__
10,2 1234 1012 1012 --------8
8
4
4
4- --512 Square D class A
on- - -• 412 512 —513 --i1-2 -"Ili, -13-4 -- r‘y —5'14
512 51 473 514 273 3
- —5.1'2 —3-2-2 —51;
214 214 3
3
178 3
Class
B
6
•
6
54 6
573 6
534 534 ---- ---- 3
353 Suther
23 23 ----------------1534 1634 ----- 1214 1534 Third Nat Investors common.1
1314 1314 --------14
14
63 214 578 o% 373 673 44 54 4 --54 333 438 Timken Axle
1134 1134 11
11
034 II%
common
10 334 5
34 414 373 44 212 4
9334 9334 85 8512 -.-93 95
95 95
253 278 24 3
- - ---- --.._ Preferred
100 _
418 5
7
214 418 373 578 4
4 --534 378 5 Universal Cooler class
• 312 4
A
358 378 313 4 ____
158 1 18 134 114 214 114 158 1,
1
8 134 1
____ ____ 5
3
112 Class II
• 1
114
78 118
78 114
1253 1058 124 934 1014 10
12 -124
12
12
ill
1278 12
11
1014 914 1034 Universal Products corn
• 812 10
853 938 ---- ---- 378 434 414 412 3
3
-- Ws -iis
514 512
588 512
5
t612
-1.)18 /RI
To
- -63-8
"I- --ii8 —3-3-8
-il-i -2-2 - -55- /1-1-2
17s 1l8 112
.-2T4 --27,—2- • 212
514
"ii- 'Ws; -11 -1-. - :::: :::: -ii-ig Ii- waitsrsi,kcounit.
78
138
114
112
38
112....
214 1
110
34 112
---- - 1-12 1
-112
78
138
58
•
1231 5I
13g Warner Aircraft Corp corn...* 1034
78 hg
34 -1-14
II
.it -173s
38
52
1.2
7
32
8
113 Wolverine Portl Cement com 10 112
112 138 112 112 112
112.... _-_34
3.
114 Yosemite Holding corn
•
34 l's 12 24 12 78 2124 12 ---- ---350 354
BANKS
4118 55
3813 5014 3953 46
6038 6312 5212 62
2812 4113 Detroit Bankers
.891- 914
9113. 3478 2138 2931 21
2778 1912 2631 15
22 Guardian Detroit
• No par value. 3 Ex-dividend. o Sold for cash_
20 2934 3712 3134 3412 2434 3312 1512 2614, 1234 20
20 157a 1958 17
17, 107. 173. 778 121 11 51, 311,
912 121
51, 83
July 30 1932
Financial Chronicle
758
THE CLEVELAND STOCK EXCHANGE—STOCKS AND BONDS
ExIn the following we furnish a monthly record of the high and low prices on the Cleveland Stock
any
which
in
bonds
and
stocks
all
includes
table
change for the twelve months ended June 30 1932. The
dealings occurred during the first half of 1932 and the prices are all based on actual sales.
1932.
1931.
October November December
August Septem
July
Low High Low High Low High Low High Low High Low High
share $ per share $ Per share $ per share $ per share $ per share
$
42 52 35 42 35 3512 23 32
54 55 53 66
288 295 280 292 255 276 247 247 218 218 195 195
—
- ____ --- ---8 28212 ---2597
288 292 280 290
36
-- 35 39 23 -69 63 50 5913 40 5418 34 -4612
per
June
May
April
March
' January February
Par Low High Low High Low High Low High Low High Low High
per share
$ per share $ per share $ per share 3 per share $ per share $1212
BANKS.
20
3312 30 30 20 2712 20 20
Central United National____20 24 28 30------------100 115 98 101
130
-120
100---------Cleveland Trust
75
75
100
100
105
0
-----------10
------------100
Guardian Trust
10 14
104 17
2212 2812 17 25
25 2133 2512 20 24
Union Trust
MISCELLANEOUS.
•
214 tetna Rubber
100
----Air Way Elec App pref
Industries
Alien
112
214
its
214
112 i
2
2
1
2
*
Preferred
64 64 ------------------------484 5
•
6 kpex Electric & Mfg A
778 6
7
612 8
7
7
634 8
_100
preferred
Prior
60 60 ------------------------65 55
33
4 --------214
8
9
-8
9
214
2%
2%
272
2
278
iti
tii -31
"Ei
16 ii 'id
234
212
233
3
134
3
7
6
5
7 --------5
6 ---- ---6
6
134
134
Dit
134
5
5% 5
5
612 68 512 533
50 50 50 50
I%
14
5
5
5
6
Its nyars Machine A
102 102 102 10214 9812 9812 98 9812 --------90 90
3112 321.3 3012 32 27 30 27 29 2812 3212 2513 30
783 8224 71 7434 68 69 68 72,2 70 70
81 81
34
14 1
%
112 112 Ds 112 --------
.ti
STOCKS.
E8 -gi
--------55
11314 10812 110 10634 109 99 108
11212 113% 113 11428
-— 78 78 75 75 50 50 ____ ___ ___
..._
69 12 65 69,4 45 64 45 57 4518 -49 40 -4514
1
1
1
1
114
1
134
114
114
114
114 114
14 16
1512 1534 1512 16
1512 1534 15 17 1534 16
5
4
5
614 5
6
712 10
713 818 61s 8
75 75
Chase Brass & Copper pref_100 80 80
• 26 2714 2612 28
City Ice & Fuel
100 88 68 64 64
Preferred
12 I
% 2
10
Clark (Fred G)
Cleveland Cliffs Iron prof__ --* 27 27 27 27
100 10112 10318 100 102
Cleve Elec 111 6% Prof
41 41
100 41 41
Cleveland Ry
40 43 4112 43
deposit-100
of
Certificates
I
1
1
Cleve Securities prior pref___• I
1312 14
Cleve Union Stock Yards___* 14 14
4
313
4
43
313
•
Cleveland Worsted Mills
-- 53,2 5312
-- ---6312 70
15 1912 15 1614
15 24
25 2714 ___--6212 6312 63 63 57 57 54 54
25 25
101 103
41 41
40 42
1
1
1314 1312
314 412
25 25
93 9534 9212 97
9112 101
39 39
38 39
37 40 40
35 39
l2
12
12 1 ____ ____
1012 13 --------10 10
3
3
3
3
318 4
-41
314 313 5
312 312 3
4
3
212 Cleve & Sandusky Brewing_100 212 322 312 312
213 234 2
234 4
6
333 4
31
3% 312 312 3,2 312 312 4
312 3
100 3
3
Preferred
3
3
57
312 412 3
51
4
• 738 918 --------712 712 712 712 --------5
c
t
v
Corp
Cliffs
1322
--------614
2
234
-----------50 50 50 50 25 25 24 24
-----------512
512
pref
•
Parts
5 -- — _ -- Columbus Auto
---10 10 ----------------5
--s
41
3%
4
__
--------314 3% 31 -33 Commercial Bookbinding— • 312 312 4%
--3
-3- --------3
3
5
10
Nay
2
Cleve
&
Detroit
212 2 2
2234 -25
_
30 3533 25 30 2412 26
• 2918 33 31 36
Dow Chemical
ii
9833 9633 9734 9734 95 95 88 90
100 99 100 98 99
Preferred
1041210412 101 102 102 103 102 102 102 10212 100 102
• _-- ---- ---- ---- -------- ----412 4-12 412 -412 ____
-3-2
(William)6% pref_100 38 36 --------------------------------32 ----I% ---------------1422
------------28
28
Mfg
•
&
Electric
Controller
3512
29
8
3412
3412
48 -52 40 19 384 45 3434 39
4 ---- - --4% 4
----- 333
• 312 3% ----------------4
33s 5% Enamel Products
534
6
-- 1812 20
6 --------524
19 19 ____
• 25 25 --------22 23
Rubber
34 35 31.2 35 30 33 30 13 30 10 2433 28 Faultless
20 -2-2 1834 184
23
2214
23%
2333
22
23
21
Milts
2018
*
Knitting
Federal
21
20
2212 23 20 20 25 25
26 26 22 24
I% 2
112
112
*
I% 31s Ferry Cap & Set Screw
3
3% 3% 4
4
3% 318 3
512 6
-12-- 11% 118 ___
14% 1434 15 1514 -- - - — Firestone Tire & Rubber__10 1413 141; -1272 1-3-- -ii- 1-3-- -15- 4912 47 4812 45i4 -4-1
_. _
-- -_-_ --__
4912
5234
100
54
5618
5033
5213
5033
6% preferred
78
4
— 6214 li 86 12- 5214 56 5212 6212 55 -53
72
812
.-4
72
8
85
4
73
8i8
814
6
612
5
•
5 Foote Burt
4
7
714 7
7
8
734 8,4 7
9
_10 10 --------97
• 12 12 --------12 12
121 1134 1173 1112 1112 1112 1112 Fostoria Pressed Steel
10 1112 11
0414 11
____ - - - - - - - - - - 25 25 ---- ------.___
25
45
4
45
493
Rubber
493
&
4
Tire
General
65
50
56
50
50
60 70 50
85 75 81
--------6% preferred
76 76 80 80 75 76 --------68 68 60 65 Geometric
212 5 4 31
• 212 3
212 -2 3
-- Stamping
21
37 31
112 3
3
334
333 37
--7- ,-43
4 5034 40 40 -39- -39 - 5812
44
43
503
44
prior
preferred—AO°
Glidden
7
...._
7
•
77 80 75 80 53 53 66% 70
72 -75
3
3
3
3
3
--- 3
5 --------273 -3- Godman Shoe Co
2
51
5% 5% 5
5
5
324
3,4 ---- -- -- -- --------------1- ------------• 5
512 Goodrich (II F)
35
100 16 16 ------------------------914 9% — 77 - _Preferred
_—_ ---- ---- ___ - -------- -------- -------- 13 16 .7,:oodyear Tire & Rubber
1134 1833
3 914 1133 57 1073 83
l
• 13 1712 1333 S
---------22 24 2418 2912 1334 194
_
•
_ 497 4978 3912 42 2312 2312 2312 2413
- -- . Preferred
___
_
_ _
_ _
ii 1312 _
8
8
912 8
• 1212 -1-313 1112 11 13 1114 12% 912 11
-11- -1312 14-18 Greif Bros Cooperage A
19 20,4 1.812
10
-412
7
7
--412
414
6%
--------4
414
Ahers
Br
Halle
10
10 1173 10 1134 9114
1812 17 16 17 15 15
100 60 50 --------4984 493
- . Preferred
95 95 90 90 90 922 88 88 83 83 -- - -72
• ----------------65 65 59 14 53 -5-1 37
- Hanna (31 A) 7 pref
87 88 8512 8512 80 80 75 75 --------67
2
2
2
312 2
5 --------3
612 6
57
• 6
8 ilarbauer
8
8
9
9
93 12
15 1614 13 15
100 40 40
preferred
1st
Higbee
__-____
____
____
____
____
__
--__
75
85 85 75
412 412 112 413 112 212 IN 2
•
4% 5
9 India Tire & Rubber
7
612 10
6 10
102 1178 7 10
1034 13
20 237 17 22
4 1514 912 1412 012 12
• 24 26
Interlake Steamship
38 40 3812 3812 3472 38 26 29 30 33 25 32— laegerNlachine
13 3% ------------------384 4
3
3
3
•
5 ---71
5
4
5
61
5
6
812 9
10 10 14
34 ----------------10""
Kaynee Company
6
1
1112
19
19
13
20
211
2112
23
2112
22 22
100
80
80
Preferred
85
85
9734 95 973 93 93 88 90
ii -1-4- iir4 -11 10 1212 —5- -1-0-- --5- --8-Lime & Transp • 13 15
17 20 17 1912 14 17 Kelley Island
27 -28 24 24 1722 23
1
Co
•1
3 ---- -___ ___ ___ 112 1,2 Corach(5)
- — - ---- 318 3% 3
7
• 4
6
5% 614 6
4
5
314 312
334 4
I.amson Sessions
4
8
5
58
4
633
7
8
10
--------8
10 10
• 2912 2912 2912 30% 30 30 --------25 25 — - - class B
33 35 30 35 30 30 30 32 SicKee(A G)
3512 40 35 38
35 35 30 33
7
7
8
7
-..
.134
Paving Brick.....
-5-1
3
vletropolltan
----1212
i212
......_ ____ 20 20 1534 193 -------100
---- 65 65
Preferred
100 100 99 99 ____ ____ ____ ____ 88 -88 Hiller Wholesale Drug
•
10
10
--------------15
15
.
-2-3; 115 178 -1
235 i
• I
212 2
-1-1-2 — i- - -1-12
178 lohawk Rubber
134 214 184 214 I
--6-s-2 --i8 --i12 212 3
100
Preferred
47 6
•
-2 it
4 --_-: --::
-5% -------- ------ --ii.2 -11- 41
218 5 Murray Ohio Mfg............• ---- ---- 4
ii
1534 17 -----------_
—
• 18 1912 17 18
--733
----733
19,2 21 Byers (F E) Bros
363
--------23_
100
Preferred
100
100
101
104 104 ----------------102 102 101
314 28 3
134 2% 133 13
10 212 312 --------3
412 21s 312 National Acme
4
412 37 41
4
614 5% 6
6
100 115 120 116 117 116 120 114 117 108 114 100 100 4
118 Natio ial Carbon pref
132 135 13.5 13512 120 13512 115 120,4 11912 124 115
8
5
7
712
26
7
713
4
412 5
812
4
712
812 712 9 National Refining
137,3 1412 934 1212 7
1424 15
15 16
100 100 100 100 100 --------70 85 65 70
_—
Preferred
100
121 12134 123 123 119 121 115 115 100 100 100
3%
2
212
218
3%
•
2
2%
3
3
21a
--118
—
Tile
23 National
334 314 3% 2
433 2
3
412 412 433 5
1
1
50
1 -___ ____ -- ____ ---- ---- __— -- _ National Tool
--- ---- 1
1
I
1
1
1
1
1
1
•
A
Nestle-LeNfur
114
84
112
114 I% 1
112 2
3
133 2
2
2233 2412 -58i3 WI -_-_-_-_ ---Nineteen Hundred Corp "A".• 2414 2412 23 2312 24% 2433 -54
2478 24% 24% 2412 21 2434 22 22 22 23 24 2412
-----------------------_ North American Sec A
1 --__
1
1112
612 834 8
8
12
11
13
112 --833 -1;
11
•
1
B
Brass
Ohio
1613 1812 10 16
18 35 16 20
35,4 3812 31 36
100
Preferred
10512 10512 100 10533 100 100 --------95 95 ---- _ -...
4
3
4
3
li ill:ifs Iils 35 li ao Ii 5412 ii 30 36
Li ii ----------------40 16 Edwards
4_
. -9%
To
83
Yu
18-14 1.64 Iii iL -11- ii"
11
s 5
iii-
a
on
____
ii 16 "iil IE.
--ii,
-ff _
4 1012 3314 364 ii" "ii"
10
24
3
____ ____ _ _
If
_
7
9% 6
733 --------6
10 1078 7
5% 7
7
5% 574 6
5
8
8
7
18
16
18
161
19
23
18
2378
20
2212
16
3 ____ ____
318 272 318 212 3 --------3
12
Packard Electric
Pecker Corp
Patterson-Sargent
Peerless Motor
• 6
•
• 16
3
6
-- 714 833 5
__ 5
633 5
7
8 --81s 8
1412
10
1412
1712
16
1712 16 1618
7
1- --iis --es
12% 10 11
-.
_ _ _
Stamping & Enaa_•
-----""l. Republic
ii 6112
2114 iis if
"i1"
:i8
• _ii_-21 la If ii" --"r"
Richman Bros
iiIs Ils
ii1 354
I
i 16
6118 562
5i---6/
61 LI
--I1 5
% Robbins &Myers series
1
1
IN 114 114 1
114 --112 112 118 I% i "I
____ ____ ____
25
____
Ii2
1i2
3
c
t
v
Preferred
13
1
112
134
4
-
2
2
412 42 2
114
134 1
2% 334 112 233 1
413 313 4
312 432 Selberling Tire & Rubber__ __• 4
5
Vs 6
7% 413 612 41
9% 8
5
5
5
5
100 20 22 20 20 20 20 15 15
Preferred
35
812
7
812
812
9
50 60 60 50 50 50 ----------------20
9
--• 1018 1013 933 933 ---912 10 Selby Shoe
3
10 1110
14 14
13 1412 1113 1233 1012 12
.Sherriff Street Market
2; 33 35 31% 3312 2612 321 23 2812 21 -2112 -ii- IfSherwin Williams
18—
-55i4
-411
6212
-iii.
100 100 95 100 85 95 77 844 78 80
10013
100
100
10111
Preferred
100
105
104
102
10112
101
1053s
105 106,2 10514 10612
_
Ill 112 Smallwood Stone
_
112 112
I
i33
85 85
101 1E15 1-61:i 97 97 Standard Oil of Ohio inef-100 --------5
1
101 10212 100 1-(iii
--- -15% 512 -513 ----------------2
47 5 Standard Textile A pref......•
_
1012
1012
20 20 16 16 ---- - - - - • 25 25 ____ --- 2012 2012 18 20 --- .-. 18 18
25 _ __ ____ _ __ Stouffer Corp class A
i8
4
4
--------5
77 - - ---- - —
5
•
6
6
Aeronautical
8
Thompson
8
2
,
8
812
----- ---- ---- ---8 - -8
if
3
2 234 3
-3-1• 812 87
914 612 734 4
8
7 10 Thompson Products
9% 8 10
7
10 114 i018 -1-014 8 10
45 48,2
Furnace pf 100 80 80 80 80 ----------------41 41
Cliffs
Trumbull
--.----------90
90
91
9034 9173 91
412 -4%
633
iii" -6.5-
ioi 162 io1
ii
•No nay value.
If" "aais "41
-85r4 -61-
io 16
ii
759
Financial Chronicle
Volume 135
Cleveland Stock Exchange—(Continued)
1932.
1931.
June
May
Aprft
March
January February
Low High
Par Low High Low High Low High Low High Low High
I per share
$ per share $ per share $ per share $ Per share $ per share_
$ per share $ Per share 3 per share $ Per share 3 per share $ Per share
40 40
Truscon Steel preferred......100 65 65 6212 6212
5
5
5
5
5
6
6
5
6
6
Metal
Union
212
35s 212 3,4 2
2
2 --------213 3
2
2
212 Van Dorn Iron
812 87, --812 -11-2
10 10
10 10
• 10 10
9 11
1012 1012 Weinberger Drug
9 117s 8 10
4 -joie If
-lore -111
---9
9
9
9
50
White Motor
1:6" 70 75
80
White Motor Securs pref ._100 8814 88,4 90 90 --4
"-el- -ii- 9g
-- ---- ---- C2 99
-ii- -di- ----------------90
112 112
Wood Chemical class "B"___*
16- 20 25
40
4212
---"4212
---47
Youngs Sheet & Tube pref_100 40 16- 45
- 4 -9-6- -Iii- 161- --- ---- ---- ----ii- 0
November December
October
August September
July
Low High Low High Low High Low High Low High Low Hfgi
STOCKS.
-ii- Ti" -iii._ Tic._ --i- -i-ii, --i- --i- --6-r2 -1-6- 6ti14 61"
13"
-ii-
BONDS.
1936
City Ice Del of Cin 63
--- Cleveland Ry 53
1933
4 ---------------------23, --is. Cleve SWRy&Lt Div Mtge 5s'54
95 95
91 95
212 212
_ 9934 9954 ____ ___ ____ ____ 983, 9824 ---9954 9934 98 -98
995 100
4
• No par value
THE ST. LOUIS STOCK EXCHANGE—STOCKS AND BONDS
In the following we furnish a monthly record of the high and low prices on the St. Louis Stock
Exchange for the twelve months ended June 30 1932. The table includes all stocks and bonds in which
any dealings occurred during the first half of 1932 and the prices are all based on actual sales.
1932.
1931.
June
May
Apra
March
January February
Par. Low High Low High Low High Low High Low Molt Low High
per share $ per share $ Per share
$ per share $ per share $ per share 3 per share 3 per share $ Per shar, BANK & TRUST COMPANIES $ Per share $ per share $ per share 3
105
105
Boatmen's National Bank._100 110 110 110 110
170 170 150 160 147 150
2t 42 44 42 43 4312 49 40 45 38 41
-58rs -63 55 6012 53 5512 52 53 52- 53 40 -52 First National Bank
100 100
100
Lafayette-South Side
100 105 80 99;
105
180 186 177 185 155 176 146 156 150 150 105 125 - Mercantile-Comm Bk & Tr_100 102 110 105 109 144 108
145
__100
175
175
190
200
3fississippi
Trust.
185
19912
Valley
200
150
170
202 215 200
20 64 64 -ai- 67 60 66 -,io- 60 -48- 16- -45- -4/12
St Louts Union Trust
July
August September October
November December
Low High Low High Low High Low High Low High Low High
STOCKS.
MISCELLANEOUS.
15 15
1712 American Credit Indemnity_25 ---- -5
5
6
6
7
• 7
6 American Investment B
50 50
Beck & Corbltt preferred_100 50 50 50 50
26 27i
3412 36,4 34 35 26; 34
' 3312 36
-,-Ii- -ii- -ia- IA -56- -4- -55" 164 -55- Ii- -55- II- Brown Shoe corn
_
-----119 119 11812 119 118 11812 -- ---- Preferred
100 117 120 115 115 115 115 112 116 110 110 105 107
__30 30
Bruce(EL)Co pref
100
60 60
___.
_
1
1
34 1
284 224 4
a3 -224 --- ii4 -2-3.4 -- r.- - _- - ---- ---- Burkart(F) Mfg corn
4
512 4
6
512 512 5
• 5
512 6
10 12
10
10
---10 10
9
-912 ------- Preference
11 12
50 50 50 50 25 25 25 50
100
Century Electric
65 65 65 55 60 60
834 834 712 712 434 434
Chicago Ry Equipment pref_25 ---923 92
1112 13
1012 12
1612 1812 1412 17
20-- 17 18
1 17 -ai 28 24 243-2 18 2i 1614 1812 ill2 -2-414 'la -2-5. Coca-Cola Bottling Co
250 250 •
40c 50e
1
1
- 112 112 1
114 1
2 ---2
1
1
112 Consolidated Lead & Zinc...'
324
1212 14
-1
144
16
15
4
163
4
163
1612
• TI- ---21
17 20 1612 17 17 18
22 23 21 --17 18 Corno Mills Co
312 414
512
5
6
7
6
6
n 6
12 12
10 10
9
872 9
9
7
13 14
9 Curtis Mfg Co
1512 1511
1634 1812 1712 1712 15 15
•
28 2834 2712 29 25 28
19 19 --------20 20 Dr Pepper common
• 10 10
12 12 ___ _-- 1012 1024 Elder Mfg corn
13 13 --------12 13
Hsi- 166- 105- 1-66100
First preferred_
105 105 --------105 105 10414 105 105 1- —05
_
6
6
6
6
6
6
7
7
9 --ifs 25 8
12 12
12 12
12 12
13 13
12 12
12- -1-2 Ely-Walker DC corn
65 65
100
preferred
--First
---____
--- -___ 84 84
-45
45
16"Li55 iff
100 55 55
60 65
---- ---- ------ --- ---- ---- 2d preferred
70 70
100
Emerson Electric pref
1
1
100
Fulton Iron preferred
109 1011* 10124 166- 1-66- 106 106 10912
iota
108
100
Globe-Democrat
.....
100
li112 11112 iio 11612 __,pref
_,--,--,_-214
2
2
234 2
2
3
3
3
2
3
3
25
Hamilton-Brown
Shoe
5
412
-0
312 412 3 _-3
5
_,-18 2 -3
-3
3
2; 232
Huttlg S & Dcom
20
---i8 __it; __ jig __1_1; 2 ,8 2?1,
100 20 20 ---us --Fs .... .
18 _20 2 20's
.
. Preferred
1 __i; __.
100 100
12
12
--12
12 1
1
1
Hydraulic Press Brick com_100
372 4
4
4
5
5
100 712 8
Preferred
32 35i
438
157
s
363
3514
36
42
3812
38
4312
•
3612
corn
48l2 ii ii -gois
Shoe
International
ii 1612 ii -ii 3634 4212
100 101
Preferred
10812 110 108 10912 10812 10914 108 109 106 107 10018 106
100 102 10412 103 105 10312 105 102 104 0012 103
1212 1412 13 1412 1312 15
14 14
15 15
30 32 29 30 23 25
19 22
19 20 19 19 Johnson-Stephens-ShInkle --•
512
5
812
812
10 1014 10 10
1234 13
12
872 11 Key Boiler Equipment corn...' --814 --84
11
12 12
30 30 32'z 3211 34 34 ---•
32 32 ---- --- ---- ------- ---- ---- ---_ Knapp-Monarch pref
4
518 518
412
Laclede-Christy C P corn._ •
l4i 15
612
6
9
9
9 15
2
la -ii 24 25
20 13 15 -la- -1-31la -ii 19112 1512 1712 16 123i -1-6 Laclede Steel common
13 13
18 18
2512 28 2514 26 231g 26 --------20 20 20 20 l.andis Machine corn
2I 20 20
2114 22
38 3912 39 3912 36 3914 34 3534 3412 3512 30 32 McQuay-Norris Mfg eon*
• 30 34 3234 35 -airs343 25 30 221j 25
6,4
6
6
6
6
512 512 6
Marathon Shoe corn.. _.....25
40 40
8128
Weyer
---_
Blanke
__
_
--__
14
preferred_
---8
-7
a14
100
7
8112
8112
W112
---- --5
5
6
5
8
15 15 --712 -11/14 6
2012 -2112 20 21
18 ---- -_-. Missouri Portland Cement._25
1912 2072 1712 19 1512 ---—
----... --6---
8
25 25 --------20
6
634 634 6
7
20
7
15
6
--_-
____
"igfa "30"
"Nis "ii"
_-_-
____
----
-___
la"
"iO
ii -ii,,,
2484 25
11
National Bearing Metals corn.' 11
National Candy corn
' 712 g
First preferred
100
-----98 96 97 97 9614 9612 -------Second preferred
100 92 92
------------- 750
1
50c 500 50e 50c Nicholas Bearley Airplane...°
Pedigo-Lake Shoe corn
:
4
412 a
412 512 4 —4-12
512 -512 512 -fi
-4- Rice-Stir Dry Goods corn
312 4
First preferred
_ - — __-- 70 70
80 80 80 80 __-_ ___.. .
100
Second preferred
ton 60 60
St Louis Car common.......10
-II; --i- --f- -"ifs -118 --i- --II; St Louis Public Service com__• 1 112
912 9,2 8
8
3
3,2 Preferred
•
5 ........2
-8 ---- --- 612 1312 5
8
2 Scruggs-V-Barney DC com_25 2
214
512 3
4
6
334 234 24 114 284 Scullin Steel preference.....• 132 3
5
6
6
28 28 2712 28 2712 2812 25 2512 26 26 ---- --__ Securities Investment corn.. •
Preferred
100
Ii ii .„
, . ___ ,_,,. ___ 15 Ti
Sleloff Packing com
•
--3 11732 12312
11012 118 117; 1-1-9 - 110 118; Southwestern B II Teter, pf 100 111 114
122 12312 12212 1212
143, 10 1112 10
11
9 10 Stir-Baer & Fuller com
II
14 1512 1412 15
• 8; 914
9 1012 9 11
912 14
634 91. Wagner Electric corn
1412 1512 14 15
15 67a 914
10814 10614 -- — ____ 102 106 10034 102 -- -- ____ 10012 10012 Preferred
100 100 100
is 1938 'lit, Ii 522 -iii
15 -1-517 ii ii i if
------------- 107 107 10510 10512 102 102
—lig "-Ili i" -"ii —175
BONDS.
-.52 54
City & Sul)P S 5. A
1931
"9118 9718 9758 oirs l913-4 9734 073-4 fiii, i973, East St Louis & Sub Ry 5s_1932 "9614
574 l9712 ifiT1
70 85 ----------------10 • 70 86 70 85 70 Scruggs-V-Barney 75....Serial 60
i-5252 Scullin Steel fts
1941 35
1011 40
:::- --- ii ii ii -66 iil ii ii 16 47 4711 United Railways 44
12 12
812 9
7
95
---- -512 6 --5F2
90 93 90 90
9
95
314
412
212
2;
2
112
2
112
-86; -E:60"
4
4
3; 4
70 71
1
334
2
212
114
412
2
234
iOi" 101
4
4
2% 4
70 70
60 60
4
4
2
28
-314
55
-15; 2
55
—iF2 "1"
212
27 26
2,2
5050
2
2
26
98 100 ___
18 1616
16
100 1-66110; 113 11184115 106 113
414 5
6
7
9784
6
83
8
814
612 434 512
5
7
914 6
7
100 100 100 10012 100 100 100 100 90 100
ioi" 166"
45.
-59T4 -6914
97 -5i70 70
6012
35 35 1i- 34 34
3712 48
38 39
40
30
28
30
31;
"ii" 12—
• No par value
THE CINCINNATI STOCK EXCHANGE
In the following we furnish a monthly record of the high and low prices on the Cincinnati Stock Exchange for each of the twelve months ended June 30 1 932. The tables include all stocks in which any dealings occurred during the first half of 1932 and the pri ces are all based on actual sales.
1931.
1932.
June
Mate
April
January February
March
November December
STOCKS.
October
August September
July
Low High Low High Low High Low High Low High Low High
Low High
Low High Low High Low High Low High Low High
$ per share $ per share $ per share 3 per share $ per share per share
$ per share $ per share
$ per share $ per share $ per share $ per share
4
4
10 1012
12 1334 10 12; Aluminum Industries
14 1512 1112 13
14; 15
15 15
* 1i- 912 Ills
17 15 17
-1-63-4 "1112 II- 83
15 19 kmerican Laundry Machinery 16
1812 21; 1812 23
25 30 2534 27 2112 2612
324 632t 312 5
91a
6
1312
9
7
8
1212
1014
Mill
Rolling
14;
American
11
712
1012
1312
10
2012
11
1972 2412 20 2172
760
Financial Chronicle
July 30 1932
Cincinnati Stock Exchange—(Concluded)
1931.
July
August September October
November December
Low High Low High Low High Low High Low High Low High
per shoze $, per share $ per share 3 per share $ per share $ per Aar,
812 812 6
6 4 412 4 4% 4 418 American
1932.
STOCKS.
January February
June
April
March
May
Low High Low High Low High Low High Low High Low High
Per shoos $ per share $ per share per share $ per share Per share
Thermos Bottle A.._ 3 3 3 312 3 34 212 3
1
---- 1
Preferred
30 30
---- ---2 2 Baldwin
2 2
---.
Blitmore Ero
-12-10914 110
Carey (Philip) Mfg preferred 99 99
185 200
iie" 1E6- Champ Coated Paper
150 150
NI hi"
103I 10614 lei" fa" 102 102
95 100 First preferred
9513 9512
i61-4 93 -ii- 16"
102 102 10212 10212 100 100 96 96 10414105
85 95 95 95 Special preferred
90 95
85
90
85
85
70 70
--- -- 10014101 92 10014
95 95 9314 9'i Champion Fibre pref
90 90 90 90 85 85 85 85
75 71
514 7 412 418
---112 112 1 1
1% 2
---- 2 2 cnurngoid Corp
1
---- 1
------- -Advertising
Cincinnati
Prod_
15 15
------- ----102410312 10314 10414 98 104 86% 96% 89 914 74 89 Cincinnati Gas & Electric pre 75 9012 80% 8312 8112 86 75 82 72 7612 63 7212
Cincinnati Postal Term pref__ _ 70 70
-34 117-8 "34 3484 -56-airs -16- "io" 28" -5i2 22 Cincinnati
16 1712 16 1612 142 -17/3- 11 -11- 913 12 - 6 -1-0-3;
Ity
92% 9912 90 9312 754 91% 68 75 7312 79 64 7428 Cincinnati Street
& Sub Bell Tel
65 67 8184 6514 6212 65 4 50 6214 53'8 564 49 534
21 21 19 21 1934 1934 18 20 18 19 16 lft Cincinnati Union
Stock
Yards
16
16 16 19 16 1612 16 16 16 16 16 16
31 32 30 3014 2878 30 2812 29 29 32 27 31 City Ice & Fuel
26 2712 2712 2712 25 28 18 2414 15 19% 1514 1534
6814 71
Preferred
62% 63
---55 57
"55 30
Coca Cola A
-ao- 20
---- ---14'2 15
144 16 hi" 16 "1384
Cohen (Dan) Co _______ ______
15 15
37
5 534 434 6 4 512 4 414 ---Crosley Radio
334 5 284
iia ifi 3 4 3 312 212 284 21 212 —ire "I"
712 884 7
5 7 5 512 434 5 Dow Drug
p2 534 7
412 5
312 4
24 212
614 514 614 518 514 524 44 512 5
512 472 514 Eagle Picher Lead
472 5 4% 518 4 4% 312 314
3 3
20 21 18 204 18 19 18 19 Early & Daniel
---- 25 25
18 18 18 18 19 19 17 19
17
17
70 70 Cumulative preferred
---70 70
----18 18
18 18
Egry
Register
A
18
18
_---15
15
22 2312 22 Ii" 1912 22
15 17 1412 115; 11 Tis:, Formica Insulation
12 10 12 97 "1-61; 6 8
11
5
6
4 4
212 3 212 41
1% 212 1% 214
(S A)
---33 3638 3424 Ii8.; "ao 36 30 3334 30 32 -al 16. Gerrard
Gibson Art
-ao29 30
---.
38
364
35 37 30 35 27% 30 2814 2934 24% 2834 Hobart Mfg
19 r 2438 19 2012 1714 20 14 18 12 1312 10 14
55 6212
_ 56 58
40 4134 25% 251s International Printing Ink pref
25 25
8 6 6 6 5 9 lulls n & Kokenge.
6% 634 2014
6 6 6 6 64 713 "I" 6 618
23 24 22
18 2012 17 18 16 1713 Kahn,'(E) Sons participating A 165s' 17
MI 1712 16
17 8 8 7 7%
12
12 1Codel Electric & mfg A
13
18
167-2 "ao" 113; 191 3134 -5- -13-1i31 3413 "ie
4
17 "i"2 124 174 Kroger Grocery
. Ili IF 12\7,
1414
13
13
184
16%
1512
•
10912 10212 101 10112 100 10118 9824 1004 98 9812 93 95 Lazarus preferred
80 80
85 85
85
86
9982 9784
Little Miami guaranteed
75
68
68
75
25 25
"ii" "if"
15 Lunkenheimer
"ii
734
784
814
814
2 2
114 2
S4 114 Magnavox
1 1
34 2 114 114
3212 3212
3112 3112
Manivchewitz
-ao- 16"
--_Meteor
Motor
Car
484
.--484 5 5 2 218
"2012 WI; _-__
57
57 - 31g
Moores Coney A
---ais
"Is;
------2 2
112 212
---- _1-4
4
38 38 ------4 4 3% 3% National Recording Pumps
212 212 24 212
-al 20 ifs "II"
Nrewman Mfg
7 7
62 65 63 65 40 632 3934 49 "iti" Wit -3611 4414 Procter
& Gamble
38
4234 38 42 2972 4112 2534 li" 28 31l '1E1 297
175 17712
175 175
8%
preferred...............
150
150
150
150
145 150 142 142
1074 112 'lee" fir 107 112 106 109 "66" 166" 97 99 5% preferred
92 92 90 93
97 10214 9612 9612 92 97
90 92
6334 6912 65 87 60 6434 59 62 5512 81 44 60 Pure Oil 6% preferred
45 50 46 50 4312 4512 4212 4634 40 46 42 464
1214 1412 14 1412 14 14 1212 1312 1212 1312 11% 1212 Randall A
1014 11 10% 71 114 1118 9 10
4 5 44
4 5 4 4 378 5 334 412
31. F:
44 5
472 472 314 4
32 34 32 3254 29 32
2634 28
29 27 2734 Rapid Electrotype
---- 25 27
9 9 834 10 27
5 512 4% -9 914 618 8 Richardson
412
i" "-'474
7 ---1118 1118 8 8
1172 12 United Milk Crate A
12 12
2 34% 40
363* "i(i1"
23 US Playing Card
19 24 18 118; 15 1859 -H. IA-I -ii- -li9 9 9 9 25 34 22 -lis-e "2212 25 1812
4% 4% U S Printing & Litho
4 4% 312 6 3 4 2 3 nt 184
__-- _Preferred
10 10 972 10 8 8 6 8 6 612
12 14
13 ---12
S Shoe
-12
213 3
Waco
1
Aircraft
--Ng -Ifs
2
1% 24
214 212 214 212 i" "I"
15 16 Whitaker Paper_ _ _
15 15 15 15
1334 1378
THE WEEK ON THE NEW YORK STOCK EXCHANGE. taking appeared during the final hour and the gains were
The New York stock market the present week has again slightly reduced, although most of the offerings _were
shown its strong recuperative powers as almost uniformly promptly absorbed. Brooklyn-Manhattan Transit gained
advancing price movements have characterized the trading strength following a late report that the company had
throughout the week. Railroad shares have been in demand arranged to refund its immediate maturities of approximately
and have shown substantial gains, while public utilities have $13,500,000. Prices continued to advance until the end of
moved steadily forward to higher levels. Industrial securi- the session, the list of stocks closing on the upside including
ties have held a prominent place in the trading and oils among others, Allied Chemical & Dye, 21% points to 511%;
have made some modest gains. Moderate profit taking has American Can pref., 332 points to 105; American Car &
been in evidence from time to time and there was some Foundry pref., 27% points to 291%; Auburn Auto, 1% points
irregularity apparent on Tuesday and Wednesday, but the to 561%; Bethlehem Steel, 17% points to 12%; Brooklyn%; Col. Gas & Elec.
general trend for the week has been toward higher levels. Manhattan Transit, 27% points to 233
% points to
Announcement was made on Thursday that Bethlehem Steel pref., 57% points to 501%; Consolidated Gas, 25
Corp. had omitted the declaration of the preferred dividend. 411%; Crucible Steel pref., 3 points to 23; International
Call money renewed at 2% on Monday,remained unchanged Business Machines, 3 points to 681%; Johns-Manville pref.,
37% Points to 48%; New Haven pref., 31% points to 25;
at that rate during the rest of the week.
The market was dull and irregular during the brief session Norfolk & Western, 1 point to 39; Peoples Gas, 27% points to
on Saturday and despite the usual week-end profit taking, 56; Radio Corp. of America pref., 3 points to 25; Shell
the recessions were comparatively small. Railroad shares Union Oil pref., 3 points to 35; Union Pacific, 27
4 points to
were quiet and inclined to slip downward, Delaware & 397%; United States Steel, 57% points to 68; Westinghouse,
Hudson leading the decline with a loss of about 2 points. 5 points to 65, and Woolworth, 27% points to 29%
7.
Trading continued brisk on Tuesday, but price changes
Oi 'shares were slightly below the closing levels of the preceding day and there was a decided weakening in such stocks remained within a narrow range during most of the session.
as American Tel. & Tel., Coca-Cola and Allied Chemical During the last half hour prices improved to some extent,
& Dye. The principal changes of the day were among the but were still below the levels of the preceding day. Oil
preferred stocks and generally on the side of the advance. shares were in good demand and moved slightly higher, rail
They included among others, American Power & Light stocks attracted considerable attention and tobacco issues
pref., 2% points to 24; National Lead, 2 points to 52; did better in the closing hour. As the session ended numerous
Republic Steel pref., 17% points to 10; Loews, pref., 1 point active stocks showed moderate losses. The list included
4; Atchison,
to 52, and Beach Nut, 1 point to 34. On the other hand, among others Auburn Auto, 27% points to 533
points to 263
4; Brooklyn Union Gas, 27% points to 583
%;
there were numerous fractional losses scattered through 1%
Delaware & Hudson, 17% points to 47; Eastman Kodak,
the list.
4; Homestake Mining, 27% points to 125;
17% points to 393
The trend of prices continued upward over a wide section Loew's pref., 3 points to 55; Peoples Gas, 27% points to
557%;
of the list on Monday, the gains ranging fr
@FedFRASER