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tillimera3t
Volume 134
,financial
iirtintde
New York,1_Saturday, June 18 1932
Number 3495
The Financial Situation
•
overshadowing event of the week has .of
THE
course been the National Convention at
Chicago of the Republican party for the nomination
of candidates for President and Vice-President of
the United States to be voted upon next November
and for the declaration of a platform of principles
for the Government of the Nation. The outcome
has been as was expected. Herbert Hoover has been
re-nominated for President and Charles Curtis for
Vice-President. Presidents Hoover's re-nomination
was a foregone conclusion from the start and calls
for no comment. The same may be said with regard
to the re-nomination of Vice-President Curtis,
though at the last moment considerable opposition
to his renaming developed, partly on account of
his age, but more especially because the name of
Charles G. Dawes had suddenly caught the popular
fancy. Mr. Dawes is always a picturesque figure
and on that account it was felt that his selection
as the party's candidate for Vice-President would
add strength to the ticket. But Mr. Dawes put a
quick end to the movement by declaring that he
would not accept the nomination even if tendered to
him and that left the field once more open to VicePresident Curtis and there appeared really no valid
reason why the latter should not be renominated
for Vice-President if Mr. Hoover was renominated
for President. Mr. Curtis is not what would be
termed a brilliant man, but he is certainly fully
up to the average and has performed the limited
duties and functions of the Vice-Presidential office
with complete satisfaction. He also may be said to
be in accord with prevailing policies of the party.
There was really no controversy with respect to
anything except the Prohibition amendment and
with regard to that a resolution has been adopted
that is intended to pacify the militant wets who
have steadily been gaining ascendancy within the
party fold, while at the same time attempting to
placate the drys who still constitute a numerous
element within the party. The result is that neither
the drys nor the wets feel satisfied,and as a matter of
fact both are keenly disappointed. What the effect
will be upon the voting strength of the party, remains to be seen and no doubt other considerations
will affect the ultimate result. But Mr. Hoover
would have it so, he having taken an active part in
the formulation of the platform through the presence
of half a dozen cabinet members in order to secure
the precise wording and phraseology desired by
him in that plank of the platform.
• The resolution does not commit the party to a
repeal of the Prohibition amendment. Mr. Hoover
would not go as far as that. It does however declare
for a resubmission of the question to a popular
referendum. This was the only plank in the platform that excited any discussion and the only plank
which was discussed on the floor of the convention,
where it led to some bitter and acrid discussions.
As to the other planks of the platform they are
what would generally be termed sound, except for
the defense of the high tariff duties which are not
really capable of any defense. The platform is
exceedingly verbose and extremely lengthy and it
is a cruel task to impose the reading of such a
leng,thly document upon the newspaper editor, for
we feel persuaded that no one else will endeaver to
read it in its entirety.
On banking and finance the declarations are
clear and unmistakable and not open to any objection. Thus the platform says: "The Republican
party established and will continue to uphold the
gold standard and will oppose any measure that will
undermine the Government's credit or impair the
integrity of our national currency. Relief by currency inflation is unsound in principle and dishonest
in results. The dollar is impregnable in the marts
of the world to-day, and must remain so. An ailing
body cannot be cured by quack remedies. This is
no time to experiment upon the body politic or financial." Obviously nothing could be clearer or finer
than this. Yet many of the things here condemned
have had the sanction of the Administration and
its active support. The policy of the Federal Reserve banks in engaging in large-scale purchases of
United States Government securities, with the view
to enlarging the volume of Reserve credit afloat,
which has played its part in accentuating the outflow of gold from the United States, may be mentioned as a case in point; certainly the putting of
Reserve credit afloat by such means where there is
absolutely no need for it in the demands of trade
and business, is most objectionable "inflation."
In the survey of the banks and the banking system,
the platform also speaks with unmistakable force
and without equivocation, saying: "There is need
of revising the banking laws so as to place our banking structure on a sounder basis generally for all
concerned; and for the better protection of the depositing public there should be more stringent supervision and broader powers vested in the supervising
authorities. We advocate such a revision." The following is also added:
"One of the serious problems affecting our banking system has arisen from the practice of organizing separate corporations from under and controlled
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Financial Chronicle
by the same interests as banks, but participating in
operations which the banks themselves are not permitted legally to undertake. We favor requiring
reports of and subjecting to thorough and periodic
examination of all such affiliates of member banks
'until adequate information has been acquired on
the basis of which this problem may definitely be
solved in a permanent manner."
The platform approves the President's recommendation for extending the authority of the Reconstruction Finance Corporation "to provide for distress,
to stimulate the revival of business and employment,
and to improve the agricultural situation" so as to
enable the Corporation to:
"(a) To make loans to political subdivisions of
public bodies or private corporations for the purpose
of starting construction of income-producing or selfliquidating projects which will at once increase employment;
"(b) To make loans upon security of agricultural
commodities so as to insure the carrying of normal
stocks of those commodities, and thus stabilize their
loan value and price levels;
"(c) To make loans to the Federal Farm Board
to enable extension of loans to farm co-operatives
and loans for export of agricultural commodities to
quarters unable otherwise to purchase them;
"(d) To loan up to $300,000,000 to such States
as are unable to meet the calls made on them by their
citizens for distress relief."
June 18 1932
closing of one establishment after another has been
the result, throwing an increasing number of wage
earners out of employment. This,in turn, decreased
the consuming capacity of the population and kept
steadily adding to the numbers of the idle. Thus
there was created a vicious circle that kept constantly widening and expanding, until to-day the
country is burdened with greater unemployment
than has ever previously existed in this happy land.
In such a state of things the absence of strikes is
not a thing to boast of, especially where attended by
such unfortunate results as the reduction of a considerable portion of the population to enforced idleness and to penury and want.
DISPOSITION has nevertheless been growing
up to take a more hopeful view of things. This
has been in face of the occurrence of some further
unfavorable features. According to the weekly
trade review of the "Iron Age," the steel mills of
the country are now engaged to only 18% of capacity, which is 2% less than a week ago and an unheard-of low figure. Then Congress has been indulging in some more of its disturbing performances.
It has again brought the soldier bonus proposal to
the front. On Monday, "under the silent gaze of
100 ex-service men," as described in a newspaper dispatch from Washington, "and with the corridors
This, we are told, indicates that the President's packed with 2,000 others unable to find places in
program contemplates an attack on a broad front the galleries, the House of Representatives took its
with far-reaching objectives, but entailing no danger first steps to-day (Monday) towards the passage
to the budget. By way of contrast, and to condemn of the bill for the immediate payment of the $2,400,the opposition party, it is added that "The Demo- 000,000 soldier bonus certificates. It adopted, 226
cratic program, on the other hand, contemplates a to 176, a motion to discharge the Rules Committee
heavy expenditure of public funds, a budget unbal- from further consideration of the Patman bill." On
anced on a large scale, with a doubtful attainment Wednesday this bill passed the House by a vote of
of at best a strictly limited objective." The wicked 209 to 176, and the measure at once went to the SenDemocrats, of course, have always engaged in tricks ate. Fortunately, there a quick quietus was put
of that kind, and therefore beware! For ourselves, upon the proposal, the Senate Finance Committee
when we see that the President urges the making of on Thursday making an adverse report on the bill
"loans to political subdivisions of public bodies or by a vote of 14 to 2, indicating that the measure
private corporations," and the making of loans "to had no chance of adoption in the higher house of
such States as are unable to meet the calls made on Congress. And late last night (Friday) the Senate
them by their citizens for distress relief," we must killed the bill.by the decisive vote of 62 to 18.
confess that the only difference between the two proAnother disturbing feature the present week has
grams appears to be one of degree.
been further large gold withdrawals from the FedThere are innumerable sops to labor in the pro- eral Reserve banks. On Tuesday the daily Federal
gram. Thus, we are told that at the outset of the Reserve statement showed that over $55,000,000 gold
depression, when no man could foresee its depth and had been withdrawn for export or earmarked for
extent, the President succeeded in averting much that purpose—all in a single day. The sum of
distress by securing agreement between industry $5,235,400 was actually engaged for export ($5,and labor to maintain wages and by stimulating 138,000 going to France, $66,400 to Germany and
programs of private and governmental construc- $31,000 to Switzerland), while $49,995,100 was added
tion. . . . "Wage scales have not been reduced to the total of the earmarked stock of the metal.
except under compelling necessity. As a result, This, coming on top of the huge previous with-there have been fewer strikes and less social disturb- drawals, certainly constituted a disquieting feature,
ance than during any similar period of hard times." and would have been so considered except that it
This part of the President's policy, with attending later appeared that it really marked the end of the
results, might better have been left unsaid. There outflow of the metal. The daily papers the next
have been less strikes, it is true, but this has been morning told the country that the Bank of France
at the expense of employment. High wages are a had withdrawn the last of its balances from the
fine thing, but they cannot be maintained at a time New York market, and added that this action
of depression, and the alternative to wage reduc- brought to a conclusion one of the most remarkable
tions, when they are a necessity of the times, is idle- achievements in financial history—the repayment
ness and unemployment. The President's policy has by the United States since 1929 of all but $700,prevented that adjustment of wages to changed eco- 000,000 of the $3,000,000,000 of the short-term funds
nomic conditions which is an imperative necessity. lodged in this market by foreign central banks, govAnd as the manufacturer could not hope to dispose ernments and private interests, according to Wall
of his goods and wares at the old labor costs, the Street bankers, and this incident, it was stated,
A
Volume 134
Financial Chronicle
brought to a close the prolonged loss of gold which
this country had sustained since the suspension of
the gold standard by Great Britain on Sept.21 1931.
This, of course, put an entirely different aspect on
the matter, making it a reassuring feature. Great
gratification was expressed over the announcement
in financial circles, where it was pointed out that
•the repatriation of their foreign balances by European central banks and governments since last September had constituted one of the strangest phases
of the economic depression—so the New York
"Times," in its news columns on Wednesday morning, June 15 stated, saying that it marked the wholesale rejection of the gold exchange standard, adopted
.after the conclusion of the World War as a means
•of economizing in the use of gold, to assist in the
process of stabilizing currency, on their new bases.
It is to be hoped that not too sanguine a view has
been taken in assuming the definite termination of
the gold withdrawals from the United States, though
the concurrent decline in exchange rates on the
leading European centers to below the gold export
point appears to furnish substantial confirmation
of the view. We are told that while there will undoubtedly be further exports of the metal, they will
be from earmarked stock, which, if current estimates
are correct, still amounts to about $454,000,000, and
hence will involve no further reduction on that account in the gold holdings in this country. It has
happened before that we were told that the gold outflow had terminated and that the country might
accordingly rest easily, only to be followed by a
renewal of the withdrawals a short time subsequently. Statements of that kind were current, for
instance, after the visit to the United States of Premier Laval in the autumn of last year, when the
country was told that everything had been definitely
arranged to the general satisfaction and that therefore the country need not give itself any concern
about future takings of the metal since there was
little likelihood that they would be of large extent.
On the present occasion there is greater likelihood of the belief finding verification, since whatever the original amount of the gold balances held
here, they have been heavily reduced in the interval.
That there can be no doubt of the correctness, at
least of the statement that the Bank of France has
definitely withdrawn the whole of its large balances,
would appear to be self evident. Accordingly, there
would seem to be justification for the hope that
gold withdrawals will no longer be one of the disturbing features of the situation, though it is to be
remembered that even if there are no large foreign
balances remaining additions to the same can be
easily created by the selling of foreign owned American securities. It behooves our banks and bankers,
and particularly our Federal Reserve banks, to have
a care not to do anything by maladroit means to
cause any further unsettlements of consequence
abroad in the American gold and economic situation.
As a matter of record, it seems desirable to note
here the extent of this week's gold withdrawals. The
total of the exports for the week ending Wednesday
night was $66,422,000 ($38,394,000 of this being for
France, $18,030,000 for Switzerland, $6,828,000 for
Belgium, $3,022,000 for Holland, $66,000 for Germany, $50,000 for Austria, and $32,000 for Peru),
besides which $11,129,000 was added to the total of
the earmarked stock held here for foreign account,
. making the total loss for the week $77,551,000. This
4365
follows $412,413,600 gold previously shipped from
the beginning of May, making the total loss during
the last six weeks $489,964,000—that is, only a trifle
less than half a billion dollars. That it was possible
to meet this colossal draft upon the gold resources
of the Federal Reserve banks without serious impairment of the country's gold position testifies to
the strength of the country's position. In the two
days since Wednesday there have been further gold
engagements for export, but they have been taken,
as expected, from the earmarked stock instead of
representing new gold withdrawals. On Thursday
$6,002,900 was withdrawn for export to Switzerland
and $2,102,400 for France, making $8,105,300 together, as against which the earmarked stock showed
a decrease of nearly the same amount, or, in exact
figures, $8,097,400. On Friday $4,084,900 was withdrawn for export to Belgium and $853,500 added to
the earmarked Stock. It should be noted that the
Federal Reserve banks, in their statement on Wednesday night of this week, after a further loss during the week in the gold holdings in amount of $65,766,000, still showed a ratio of total reserves to deposit and Federal Reserve note liabilities combined
of 57.9% as against 59.4% the previous week, and
comparing with 85.2% 12 months ago on June 17
1931. That remains far above minimum legal requirements, which are 40% in the case of Federal
Reserve notes and only 35% in the case of the deposit
liabilities.
E DIRECTED attention in our issue of last
week to the report of the gold delegation of
the League of Nations and pointed out that the report unqualifiedly endorses the gold standard, and
moreover declares that "The world's total stock
of gold, apart from any considerations as to distribution among different countries has at all times in
recent years been adequate to support the credit
structure legitimately required, and the rapid decline
of prices which began in 1929 cannot be attributed
to any deficiency in the gold supply considered in
this sense." The report is really far more comprehensive than the early outlines of it, as sent by cable,
indicated, and the New York "Times," on Saturday
morning last, published a full page summary devoted
to the presentation of the leading features of the
report. This shows that the report is a broad discussion of the whole gold question in all its various
phases and aspects, making it a document, not only
highly interesting, but really invaluable as a contribution to the literature on the subject, besides
which, of course, the conclusions reached carry unusual weight because of the eminence of the men
who took part in the deliberations, only a small
minority of the members of the delegation taking
exception to the main conclusions reached, one of
this small minority being Gustav Cassel, the Swedish economist, who has in recent years been becoming
more and more permeated with inflationary notions
and been drifting away from safe monetary and economic standards.
Further reference to this report of the League of
Nations appears called for, therefore. In its discussions of the functions of central banks, some of
the statements made will doubtless be referred to as
endorsing the easy money policy of our Federal Reserve banks, but, on the other hand, there is much
in the report that our Federal Reserve authorities
might well take to heart, nor should our labor lead.
W
.4366
Financial Chronicle
June 18 .1932
ers overlook what this League of Nations delega- conditions explained in the foregoing paragraphs.
tion has to say regarding the need of adjusting The earlier they do so the sooner the international
wages to economic changes where such a step is gold standard will spread its beneficial working
extending area, and the sooner
inevitable in any event. For instance, in talking 'over a gradually
will be removed the monetary instability which has
about "certain guiding principles" in respect of the been so deplorable an effect of the disequilibria we
working of the gold standard system which should set out in Section IV and which has now become
be adopted by the central banks adhering to that one of the major causes of further economic deterisystem, we are told that "the most important of oration."
these principles is that, as a general rule, gold moveWhile regarding a rise in prices of commodities
ments should not be prevented from making their as highly desirable the League delegation takes care
influence felt both in the country losing gold and in to point out that this cannot be accomplished
the country receiving gold. Not only should these through central bank action all by itself, saying:
movements not be prevented from exercising their
"We regard such a rise of prices as desirable. We
influence, but their working should be re-enforced do not look, however, to monetary policy alone to
by other means—especially by changes in the dis- adjust the price level, which is influenced by many
count rates and by open market operations—when factors of a non-monetary character. But we recogthe disequilibria of which the gold movements give nize that monetary policy, expressed through the
evidence cannot be removed merely by the effects volume of credit, may, if the general situation perof those movements." Our Federal Reserve banks mits, play a large part in determining the level of
where credit contraction
have been doing just the reverse of this, through prices. Hence we feel that,
for one reason or another has been carried to extheir easy money policy. They have been concerned tremes, it is proper and, indeed, imperative, for the
mainly in keeping money easy and in adding to the central bank to take such action as may be within
volume of Reserve credit afloat with that idea in its power to check excessive contraction, and in
mind. If the effect was to expel gold from the some cases to take the initiative in encouraging a
country, as has unquestionably been the case in re- freer use of credit."
cent months, they have deemed this further reason
In the general discussion of fluctuations in comfor putting more Reserve credit out with the view modity prices the same point is enlarged upon and
to offsetting the loss of gold. As for changes in the following sensible utterances regarding the undiscount rate, with the view to checking an outflow derlying causes of price changes are indulged in:
of the metal, their policy has been at all times to
"While we attach the utmost importance to every
keep rates unduly low. Last summer the discount effort being made to attain this object; while we are
rate of the Federal Reserve Bank of New York was firmly convinced that the wide fluctuations in prices
as low as 1 %,and the purchasing rate for banker,/ and the recurrence of periods of economic depression
/
1
2
acceptances was reduced to the abnormally low constitute the greatest threat to the whole economic
organism to-day, we desire at the same time to
figure of 1%.
emphasize (1) that we do not consider it possible to
After making the remarks we have quoted above
avoid all oscillations in the general level of prices,
the delegation of the League of Nations goes on and (2) that we are fully aware that even the measto say:
ure of stability which we would all wish to achieve
cannot be secured by monetary policy alone. We
"In addition to these measures of an international
character, we consider it essential that in each indi- do not envisage, as an objective, complete stability
vidual country the necessary steps shall be taken of any group of aggregate prices; we do not envisage
to restore and to maintain equilibrium in the na- identical movements in all countries or in all groups
tional economy. This means that the budgets of the of commodities. Identity of movement between,
State and other public bodies must be balanced on for instance, the prices of intermediate products and
sound principles, but also that the national economic those of consumption goods is incompatible with the
system as a whole, and especially costs of produc- growth of efficiency. Complete stabilization and
tion and costs of living, should be adjusted to the identity of group movements are, indeed, impossible
international economic and financial position, so in a dynamic society, and society must either develop
as to enable the country to restore or to maintain or decay.
"The stability of the price level which we envisage
the equilibrium of its balance of international payas being practically possible is a relative, but not
ments."
an absolute, stability of wholesale commodity prices
It will be observed that the delegation deems it as measured by their movement over a long series of
important to say that "Cost of production . . . years. We do not conceive it as possible to eliminate
should be adjusted to the international economic short-term fluctuations of the price level, but we
believe that these shorter term fluctuations would
and financial position." But that is precisely what be appreciably reduced in severity
if the longer term
the labor leaders in this country are seeking with trend were relatively stable.
all their might to prevent. Adjustments at the pres"Nor do we conceive the possible measure of staent time in the labor world would mean adjustments bility as inconsistent with slow movements of the
to a lower scale of wages and unionized labor is long-term trend either upward or downward. What
resisting this at every point. Numerous instances it is desirable to avoid, as far as possible, are such
of the kind might be mentioned. Indeed, some of violent price fluctuations as the world has recently
witnessed. Such a measure of stability, however,
these union leaders go further and demand the con- can, in our judgment, be
achieved only by the decurrent impossibility of.a reduction in the number velopment of a flexible monetary and general ecoof working hours and simultaneously an absolute nomic policy which would allow the play of economic
increase in wage schadules.
forces to bring about minor short-term fluctuations
In enlarging upon the necessity that there must in individual prices and the average level of prices.
"We have suggested that the criterion of monebe an adjustment to economic conditions the report
tary and economic policies should be their success
goes on to say:
over a period of years in maintaining the average
"It is for the governments and the central banks, level of wholesale prices of important international
in national and international co-operation, to take commodities .relatively stable. But this does not
these measures and to fulfil the requirements and mean that wholesale sale price index-numbers should
Volume 134
Financial Chronicle
be used as a sole means of determining when action
should be taken to correct economic and monetary
maladjustments. On the contrary, we show below
that other and more sensitive indicators should be
used. As we have already suggested, for action to
be effective it must be taken in time. To check a fall
in prices after that fall has set in is, we believe,
very much more difficult than to prevent it developing. It is obvious, therefore, that, to be effective,
monetary policy must rely upon other guides than
those which, after the event, may be used as a test
of its success."
The report also discusses the gold exchange standard, and finds that the objections to it outweigh its
advantages, though it considers it still a necessity
in countries not in a position to command large
stocks of the metal, and the report argues in favor
of lowering minimum reserve ratios of gold required
to be held by central banking institutions. The following are excerpts from this part of the report:
"The essential principle of the gold exchange
standard is and always has been that the domestic
currency, whether notes or coins, is convertible not—
or not only—into gold, but into a foreign gold standard currency (or currencies). It has undergone considerable changes since the war, certain of which
were discussed in our second interim report. In the
period immediately preceding the stabilization of
currencies and the return to the gold standard
especially at the Geneva Conference (1922), the use
of methods similar to those which had been worked
out in the gold exchange standard countries was
strongly advocated as a measure of economy in the
use of gold. The distribution of the world's gold
reserves was very uneven and a shortage of gold
for monetary purposes resulting in a disturbing
scramble for gold reserves was anticipated.
"The adoption of these new methods took the form
in certain countries of new legislation permitting
the proportion of the legal reserves of some central
banks to be held in foreign exchange assets. In
addition, there has in recent years been a remarkable
extension of the practice by countries not actually
on the gold exchange standard of holding short-term
balances in foreign countries. These liquid funds
were held by central and commercial banks and
treasuries in such a form that they could readily be
shifted from country to country. The existence of
such large balances, held on foreign account and
liable to be shifted quickly, has been a prime factor
in the monetary instability of the post-war period.
It is apparent that the world is here confronted with
a phenomenon that is now at least in the scale of its
operation.
"It is important to observe that such foreign
assets, whether held by countries on the gold exchange standard or by countries on the gold standard, were deposited either in central banks or in
commercial banks forming part of another national
currency system. There was no international coordination of the practice. There was indeed, as we
have pointed out, insufficient national coordination
in many eases, so that a central bank might not be
aware of the full extent of its obligation to furnish
gold for export.
"There were many criticisms of these developments even before Great Britain abandoned the
gold standard. Attention was drawn to the danger
of making the convertibility of one national currency dependent on the stability of another in which
the central bank held large foreign assets. From the
opposite point of view the vulnerability of certain
currencies was increased by the fact that large foreign balances might be withdrawn at any moment.
The reality of both these dangers became fully apparent when Great Britain abandoned the gold
standard in September 1931.
"Another serious criticism of the gold exchange
standard methods has been that they facilitated in-
4367
flation by allowing more than one country to build
a superstructure of credit upon the same gold reserve. To the extent that the country in which foreign balances were accumulated kept a higher gold
reserve than it would otherwise have'done on account
of the risk of withdrawal, such inflation was of
course avoided.
"The real point of criticism, in our judgment, is
not that the gold-exchange standard (and practices
based upon it) achieved in some measure the economy in the use of monetary gold which was one or
their avowed purposes, but that in recent experiences they have hampered the working of the gold
standard. In addition to the inflationary tendencies previously mentioned, such large amounts of
short-term foreign balances as were actually built
up just before the recent depression created a situation of dangerous currency instability, since these
balances were transferred from one financial center
to another.
"We do not, however, regard this development as
inherent in the gold exchange standard as it was
practiced, for example, by many countries before
the war. We regard the gold exchange standard
in this form as a useful system for many countries,
for whom it still remains the most economical and
efficient monetary mechanism available.
"It is obvious that recent events, and particularly
the depreciation of sterling, upon which so many
gold exchange standard systems were based, have entailed heavy losses upon many countries. Such of
those countries as are in a position to do so will
make every effort to avoid such losses, and it is
probable that the gold exchange standard will in the
future be much more restricted than it was in the
years before 1931. But it still offers the cheapest,
and in some cases almost the only, method by which
countries which are unable themselves to afford the
heavy expense of a gold standard system may yet
participate in the advantages of stable exchanges
which such a system will again offer, if and when
it is restored. It is inevitable that those countries
which choose, or are forced by circumstances, to retain or readopt a gold exchange standard for the
regulation of their currency will endeavor so to
organize it as to minimize the possibility of once
again being faced with heavy losses."
In discussing the objectives of monetary policy
the League delegation does not view with favor cheap
money policies. At least, in discussing the objectives of monetary policy it is careful to say that the
extent to which the measures adopted are likely to
prove effective will depend not only on their appropriateness but on a large number of factors of a
non-monetary order. In elaborating this point the
report continues as follows:
"Cheap money policies pursued by powerful financial countries may, under certain circumstances, increase both the volume and the velocity of circulation of money and therefore raise the price level.
They may further, by stimulating the issue of foreign
loans, as well as by the influence on their own domestic price level, transfer credit resources from one
country to another and so raise price levels throughout the world.
"But money is employed in the exchange ()floods
and services and if either the flow of those goods
and services is itself impeded or if prices of some
special classes of goods are artificially controlled,
then the best conceived and most strongly supported
monetary policy may fail.
"Thus, if countries with large claims on others
place obstructions to the payment of these claims in
goods, and, on the other hand, make further loans
to their debtors to enable them to pay their interest
obligations, and even to expand their consumption
of imports from the creditor countries, they will in
the long run create such a condition of instability
4368
Financial Chronicle
that a breakdown of the price structure becomes
inevitable.
"For the borrowing countries use the new loans
only partly to increase industrial productivity (for
which, however, it is diffichlt to find markets).
Some part of the loans goes into wasteful and unproductive uses and some into maintaining relatively
high standards of living. Meantime, the interest
burden mounts cumulatively and faster than either
the productivity of the borrowers or their capacity
to transfer payment by means of an export surplus.
Thus, inevitably, a disequilibrium is created which
may prove too persistent for any monetary policy to
resist. Moreover, the search for means of payment
may lead to an export of gold from the debtor countries which cripples their banking structure and
nullifies international effort to avert depression.
"Similarly, if in any country one set of prices,
such,for instance, as wages, proves resistant to those
changes which are an indispensable condition of all
progress, monetary policy may be stultified. If,
again, in any country the burden of fixed charges is
so great that small price changes involve at once very
considerable changes in the distribution of the national income, forces may be loosened which monetary policy is unable to check."
The minority who dissented from the main conclusions of the report seemed concerned mainly
about which so much has been heard in recent years,
namely, the so-called maldistribution of gold. In a
note of dissent Albert Janssen, Chairman of the
delegation; Sir Reginald Mant and Sir Henry StrakoSch take exception to the conclusions of the majority with respect to the causes of the breakdown
of the international monetary system. The minority contends the dominant cause is the maldistribution of monetary gold reserves. Warning that the
world "has still further deteriorated with alarming
rapidity" since 1929, the dissenters conclude: "If
the process continues, millions of people in this economically interlocked world must inevitably die of
starvation, and it is indeed doubtful whether our
present civilization can survive."
But the argument regarding the maldistribution
of gold loses all its force in view of what has been
happening before the eyes of the whole world in
recent weeks. We refer to the huge outflow of the
metal from the United States during the last two
months. In this period, or from April 1 to June 15,
the exports of the metal have reached the huge sum
of $550,000,000, and this follow an even greater outflow in the autumn of 1931 at the time of the abandonment by Great Britain of the gold standard in
amount of over $700,000,000. There is no mystery
as to the cause of this tremendous loss of gold by
the United States. It represents withdrawals of the
metal which foreign banks and banking institutions
and foreign capitalists had been holding in this country and which now, as a matter of safety and caution, due to a fear that the United States rim be
forced off the gold standard, but which fear has now
been proved as groundless, they are transferring
these balances to the custody of other countries.
The gold did not belong to us, but was the property
of others, therefore there was no maldistribution of
gold, and arguments built upon the theory that the
United States was engaged in depriving the rest of
the world of needed supplies of the metal lose all
force and validity. Therefore, what the small minority says on that point is a matter of no consequence whatever.
June 18 1932
ILE condition statements of the Federal Reserve
Banks this week possess a double interest,firstly
because of the huge further exports of gold, which the
country now is given to understand virtually terminates the gold movement, and secondly in order to
see whether Reserve policy has changed any in respect to the purchase of United States Government
securities, and if not, what the extent of the further
purchases of Government securities has been and
the effect that this has had in increasing the United
States securities held as part collateral for Federal
Reserve notes under the Glass-Steagall Act. Inquiry on all these points is definitely answered by
saying that there has been no change whatever in
Reserve policy with regard to the purchase of
United States securities. The weekly statement
mentioned shows that total holdings of Government
securities have risen during the week from $1,644,567,000 to $1,692,207,000, making it plain that
there was a further increase in the holdings for the
week of $47,640,000.
The increase in the volume of Reserve credit outstanding, as measured by the bill and security holdings, was much larger than this, being $71,745,000.
The reason for this is found in the fact that besides
the increase in United States Government securities
the 12 Reserve banks also added pretty nearly $30,000,000 to their holdings of acceptances purchased
in the open market, these holdings having risen during the week from $35,717,000 to $65,661,000. As
against this, the discount holdings showed only a
slight reduction, having dropped from $501,911,000
June 8 to $496,239,000 June 15, while "other securities" also are only slightly less, being reported at
$5,611,000 against $5,778,000. As a result of the
large exports, gold holdings of the 12 Reserve institutions have been reduced during the week from
$2,626,961,000 to $2,561,195,000. The amount of
Federal Reserve notes in circulation, at the same
time, shows an increase from $2,557,119,000 June 8
to $2,575,799,000 June 15. As the combined result of
the loss of gold and the increase in United States
Government securities, $41,500,000 more of United
States securities have had to be pledged with Federal
Reserve agents as part collateral for Federal Reserve
notes, bringing the total of United States Government securities thus pledged up to $401,700,000.
The ratio of total reserves to deposit and Federal
Reserve note liabilities combined has further declined during the week, as was to be expected, and
now stands at 57.9% as against 59.4% last week
and comparing with 85.2% 12 months ago on June 17
1931. However, as already noted further above, this
ratio still remains far in excess of legal requirements, which call for reserves of only 40% against
Reserve notes and 35% against deposits.
Foreign central bank investments in American
bills have continued their downward course, presumably as a result of the huge withdrawals of foreign balances in the United States. While the 12
Reserve banks have enlarged their bill holdings for
their own account during the week from $35,717,000
to $65,661,000, their holdings on account of foreign
correspondents have fallen from $150,342,000 to
$102,212,000. On the other hand, however, deposits
of foreign banks with the Federal Reserve institution increased during the week from $41,619,000 to
$60,122,000.
T
Volume 134
Financial Chronicle
•
HE foreign tr:t(le of the United States declined
still further in May. Exports of merchandise
were down to $132,000,000 and imports to $112,000,000. The decline in exports from the preceding
month was $3,236,000, and in imports $14,526,000.
In May of last year merchandise exports were valued
at $203,970,000, the reduction this year amounting
to $71,970,000, or 35.3%. Imports last year were
$179,694,000, this year's value being $67,694,000 less,
equal to a drop of 37.7%. The balance of trade last
month continued on the export side, amounting to
$20,000,000; for April it was reduced to $9,000,000,
and for May 1931 it was $24,276,000.
For the 11 months of the current fiscal year, from
July 1 1931 to the end of May this year, the showing
of the foreign trade figures, while very bad, with a
heavy decline in both exports and imports, is less
unfavorable in nearly every respect than the May
figures indicate. Merchandise exports for the 11
months of the current fiscal year were valued at
$1,834,727,000, and imports at $1,619,811,000. For
the same period of the preceding fiscal year exports
amounted to $2,896,353,000 and imports to $2,258,619,000. The decrease in exports during the latest
period has been $1,661,626,000, or 36.7%, and in imports $638,808,000, or 28.3%.
The balance of trade for the 11 months just closed
has amounted to $214,916,000, and for the same
period of the preceding year $637,734,000, on the
export side in both instances. The ratio of the trade
balance to total imports, as shown above, was, respectively, 7.4 and 28.1. For May this year the ratio
of the trade balance to total imports was 8.0, and
for May a year ago 13.5. Furthermore, the decline
in exports last month from the previous year was
practically at the same percentage as for the 11
months; as to imports, the percentage of loss for
May compared with the previous year was very much
higher than for the 11 months. These comparisons
are in the main less favorable for May than for the
longer period.
Cotton exports continue unusually heavy for this
time of the year. In May shipments were 512,447
bales, and were larger in that month than for May
of a number of years past. They were only slightly
less than in April, the value last month being $17,720,400 against $20,500,000 for the preceding month.
For the 11 months ending with May of this year
cotton exports have exceeded those of the same
period in the preceding year. Owing to the higher
price for cotton prevailing a year ago, however,
the value of cotton exports for the past 11 months,
which was $335,510,000, was 18.1% less than for the
same period in the preceding year. Exports other
than cotton for the past 11 months, valued at $1,499,217,000, were therefore 39.7% below those for the
same period of 1930-31.
Gold exports in May were $211,229,000, and were
second only to the heavy movement in October last
of $398,604,000, while gold imports amounted to
$16,715,000. For the 11 months ending with May,
gold exports have been $1,006,727,000 against $497,714,000 of gold imports, the excess shipments of gold
from the United States during this time being $509,013,000. For the same months of the preceding
fiscal year the gold exports were $107,054,000 and
imports $339,909,000, the latter exceeding exports
by $232,855,000. Silver exports in May were
$1,865,000 and imports $1,547,000.
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4369
NSOLVENCIES in businos lines have continued
very heavy for the past six months. The latest
report for the Month of May in some respects is
More adverse than that of the months immediately
preceding. The number of failures is very high, and
the liabilities heavy. There were 2,788 business defaults during the month, according to the records
of R. G. Dun & Co., and the total indebtedness reported was $83,763,521. In May of last year failures
numbered 2,248, with liabilities of $53,371,212. The
increase in the number this year over a year ago was
24.0%, and in the indebtedness 56.9%. For the five
months of this year 14,745 insolvencies have occurred
involving $450,352,836 of liabilities, against 13,114
for the same period in 1931 for $318,841,721. The
increase in number has beeu 10.1%, and in indebtedness 41.2%, which, while large, is relatively smaller
than that for the month of May.
All classes into which the figures are separated
show an increase for May. There were 672 failures
in the manufacturing division for $30,077,030; 1,987
trading defaults owing $35,586,225, and 129 agents
and brokers for $18,100,266. In May of last year
mahufacturing defaults numbered 552 involving
$18,506,051; trading, 1,570, owing $25,069,472, and
agents and brokers,126,for $9,795,689. Of the larger
manufacturing divisions the increase last month was
notably heavy, especially in the large clothing
division, in lumber and building lines, for the machinery classification, printing and engraving, baking and hats, furs and gloves. These six mannfacturing section's constitute over 50% of the total
number of all manufacturing defaults in the month
of May, and over 60% of the total liabilities. Quite
a number of defaults also occurred among manufacturing concerns in iron and steel, chemicals, and
shoes and. leather goods.
In the trading division an increase appears all
along the line. The very large grocery class leads
the other sections, but the number of defaults was
also larger for general stores, dealers in clothing,
dry goods,furniture, drugs, shoes and leather goods,
hardware, jewelry, and hotels and restaurants.
These 10 divisions in the trading classification constitute nearly 80% of all trading failures, both as to
the number and the indebtedness. In the third divition, agents and brokers, the very large liabilities
reported were due to some large financial defaults.
The fact is for all three classifications the large
failures have been especially numerous; for May
the number of large defaults was 136, and the total
involved $46,706,153, the latter being 55.8% of the
total of the entire indebtedness for that month.
--•-HE stock market this week has shown an improving tendency, and the improvement,
though only moderate, has extended all through the
week with only occasional reaction, though with
some recession on Friday. At the half-day session
on Saturday last the continuation of cornering
operations in Auburn Automobile helped the rising
tendency, inasmuch as it induced covering operations in other stocks. The rest of the week, however, the upward movement has been in the face of a
number of adverse developments which at other
times might have precipitated declines, even though
the market seems to be in a well sold-out condition.
On Monday the House of Representatives at Washington indicated its purpose of securing early action
T
4370
Financial Chronicle
on the soldier bonus proposition for the expenditure
of $2,400,000,000 by voting 226 to 175 to discharge
the Rules Committee from further consideration of
the bonus bill; on Wednesday it actually passed the
bill by a vote of 209 to 176. • It then went to the
Senate, where the Finance Committee promptly decided to report the bill adversely by a vote of 14 to 2,
indicating that the way was blocked for passage in
that body, with the likelihood of its being actually
voted down there, which actually happened Friday
night. This was, of course, a favorable development,
but it was offset by continued adverse reports regarding the condition of general trade and business,
the "Iron Age," in its review of the steel industry,
showing that the steel mills of the country were now
engaged to only 18% of capacity, an unheard of low
figure and a decline for the week of 2%.
The huge gold exports reported on Tuesday, on
which day $55,000,000 of gold was set aside, directly
or indirectly, for export shipment, was at first also
considered a disquieting feature, but was of a different character when it was announced that it
might be regarded as definitely terminating the gold
outflow, since the Bank of France had now withdrawn the last of its large balances in this country,
thereby removing a disquieting feature which had
been continually overhanging the market ever since
Great Britain passed off the gold standard on Sept.
21 of last year. The holding of the National Republican Convention at Chicago during the week did
not have much of an influence on the stock market
one way or another, and yet seemed to be looked
upon as removing an event of consequence from the
field. At all events, a disposition has been growing up to take a more favorable view of the situation, and this disposition has been further encouraged by the growing strength manifested by the bond
market. The early adjournment of Congress would,
of course,stimulate this more hopeful view still further. The market showed some irregularity towards
the close on Thursday, after some further advance
,early in the day, and on Friday continued its reactionary •course of the previous day. Of the stocks
,dealt in on the Stock Exchange only 83 dropped to
new low levels for the year during the week. The
call loan rate on the Stock Exchange again con2
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tinued unchanged all through the week at 2 %.
and dividend reductions conDividend omissions
tinued to cast their gloom over the situation, and
the recovery in the stock and bond markets occurred
in face of this depressing feature. Dividend omissions were of unusual extent and of unusual promi-nence in both the railroad field and in the industrial
and public utility lists. The N. Y. N. H & Hartford
'RR. voted to omit the quarterly dividend on its 7%
cumul. pref. stock. The Texas & Pacific omitted the
quarterly dividend on its 5% non-cumul. pref. stock,
and the Northern Pacific Railway definitely sus-pended dividend payments on its shares. On March
-23 last this latter company, which had been paying
dividends quarterly, decided to consider dividends
semi-annually in June and December, and now found
it out of the question to make any dividend payments
whatever. The Kansas City Southern Railway reduced the quarterly dividend on its 4% pref. stock
from $1 a share to 50c. a share, and the Pittsburgh &
Lake Erie RR. reduced the semi-annual dividend on
its capital stock, par $50, from $2.50 a share to $1.25
,a share, while the Mahoning Coal RR. cut the guar-
June 18 1932
terly dividend on is common stock, par $50, from
$12.50 a share to $6.25 a share.
In the industrial and public utility class omissions have been unusually numerous. The Western
Union Tel. Co. omitted the quarterly dividend on
its capital stock; the Adams Express Co. suspended
the quarterly dividend on its 5% cumul. pref. stock;
the Consolidated Film Industries, Inc., passed the
quarterly dividend on the $2 cumul. & partic. pref.
stock; Memphis Natural Gas Co. omitted the quarterly dividend, payable about July 15, on the no-par
common stock; Radio Corp. of America took no
4% on the
action on the quarterly dividend of 13
series A 7% cumul. pref. stock; Sears, Roebuck &
Co. suspended dividends on the no-par common stock
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(quarterly distribution of 62 c. a share were made
on this stock from May 1 1926 to and including
May 2 1932; the Havana Elec. & Util. Co. omitted .
dividends on its 6% cumulAst pref. stock and on the
$5 cumul. pref. stock; the St. Regis Paper Co. suspended payment of the quarterly dividend on the $7
cumul. pref. stock; New England Pub. Service Co.
passed the quarterly dividend on the $7 and $6
cumul. prior lien stock, which action automatically
stops a dividend due July 15 on the $7 div. series
pref. stock; the $6 div. series pref. stock, adj. series
pref. stock, and $6 cony. pref. stock. The American
Superpower Corp. voted to suspend the quarterly
dividends on the $6 cumul. first pref. stock and on
the $6 cumul. pref. stock; the Capital Administration Co. passed the quarterly dividend on its 6%
cumul. pref. stock; the Irving Air Chute Co. passed
the quarterly dividend ordinarily payable about
July 1; the Alpha Portland Cement Co. omitted the
quarterly dividend on its common stock; the Consolidated Cigar Corp. postponed action on the quarterly dividend on common, and the Addressograph
Multigraph Corp. deferred action on the quarterly
dividend on the common stock. The Davenport
Hosiery Mills reduced the quarterly dividend on
common from 50c. a share to 25c. a share; the American Brake Shoe & Foundry Co. reduced the quarterly dividend on common from 40c. a share to 15c.
a share after having on Dec. 31 1931 reduced the
distribution from 60c. a share to 40c. a share; the
Island Creek Coal Co. reduced the quarterly dividend on common from 75c. a share to 50c. a share;
the Standard Gas & Elec. Co. reduced the quarterly
/
dividend on common from 871 2c. a share to 50c. a
share; Austin Nichols & Co. reduced the quarterly
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dividend on the prior A stock from 37 c. a. share
to 25c. a share after having previously been reduced
2c.
from 75c. a share to 37Y a share; Otis Elevator
Co. reduced the quarterly dividend on common from
/
50c. a share to 371 2c. a share, after havihg previously
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reduced from 62 c. a share to 50c. a share. MacAndrews & Forbes Co. reduced the quarterly dividend on common from 35c. a share to 25c. a share;
the Continental Insurance Co. decreased the semiannual dividend on the capital stock from $1.20 a
share to 60c. a share, and the Fidelity-Phenix Fire
Insurance Co. reduced the semi-annual dividend on
its capital stock from $1.30 a share to 60c. a share.
The volume of trading has continued moderate,
though increasing with the rise in prices. At the
half-day session on Saturday last the sales on the
New York Stock Exchange were 809,330 shares; on
Monday they were 567,673 shares; on Tuesday,
775,720 shares; on Wednesday, 1,155,051 shares; on
Volume 134
Financial Chronicle
4371
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Thursday, 851,24:) shares, and on Friday, 786,274 ber at 2% against 2, and the preferred at 518
shares. On the New York Curb Exchange the sales against 3%.
The railroad shares have been in increased demand.
last Saturday were 86,150 shares; on Monday, 99,475
/
Pennsylvania RR. closed yesterday at 814 against
shares; on Tuesday, 100,251 shares; on Wednesday,
shares, and on 8% on Friday of last week; Atchison Topeka & Santa
116,249 shares; on Thursday, 76,665
Fe at 27% against 28½; Atlantic Coast Line at 14
Friday, 90,135 shares.
/
with Friday of last week, prices are against 141 2; Chicago Rock Island & Pacific at 3
As compared
4
slightly lower. General Electric closed against 23 ; New York Central at 12 against 11;
generally
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yesterday at 101 8 against 1034 on Friday of last Baltimore & Ohio at 5% against 5 ; New Haven at
/
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4
week; North American at 173 against 1812; Stand- 77 8 against 8; Union Pacific at 37 against 381 2;
at 9 against 9½; Missouri Pacific
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ard Gas & Elec. at 1118 against 93 ; Pacific Gas & Southern Pacific
/
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Elec. at 20% against 21 ; Consolidated Gas of N.Y. at 238 against 218; Missouri-Kansas-Texas at 178 bid
against 2; Southern Railway at 4 against 4; Chesa2
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at 3614 against 37%; Columbia Gas & Elec. at 6Y
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against 638; Brooklyn Union Gas at 533 against peake & Ohio at 12 against 1214; Northern Pacific
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438; Pub- at 8 against 8%, and Great Northern at 73
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54; Electric Power & Light at 378 against
/.
34; International against 812
lic Service of N. J. at 33 against
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The oil shares show only slight changes. StandHarvester at 15 against 16; J. I. Case Threshing
/
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Machine at 2214 against 2612; Sears, Roebuck & Co. ard Oil of N. J. closed yesterday at 243 against 2518
Calif. at 18
at 133 against 151 ; Montgomery Ward & Co. at on Friday of last week; Standard Oil of
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478 against 51/ ; Woolworth at 253 against 261 2; against 18; Atlantic Refining at 102 against 101 2
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against 10 .
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Safeway Stores at 37 against 3938; Western Union and Texas Corp. at 10
:
The copper shares show moderately higher levels
/
Tel. at 133 against 16 ; Amer. Tel. & Tel. at 841 8
4
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Copper closed yesterday at 4 against 4 on
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against 84%;International Tel. & Tel. at 31 2 against Anaconda
2;
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3y American Can at 36' 8 against 3778; United Friday of last week; Kennecott Copper at 6 against
7
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States Industrial Alcohol at 1578 against 1518; Com- 538; Calumet & Hecla at 2 against 2; American
& Co. at Smelting & Refining at 8 against 7; Phelps Dodge
4
mercial Solvents at 43 against 5; Shattuck
8
4
53 against 5%, and Corn Products at 30 at 47 against 4%, and Cerro de Pasco Copper at
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4 against 41 2
.
8
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against 307
Allied Chemical-& Dye closed yesterday at 50%
/
against 5112 on Friday of last week; E. I. du Pont
TOCK exchanges in the important European
/
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de Nemours at 27 against 271 2; National Cash
financial centers were fairly firth in most ses4
3
3
Register A at 74 against 7/; International Nickel sions this week, largely in anticipation of a favor/
at 4 against 4; Timken Roller Bearing at 101 2 able outOme of the Lausanne Conference of Govern/
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against 101 2; Mack Trucks at 121 2 ex-div. against ments on German reparations. Sentiment regard2
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1134; Yellow Truck & Coach at 1Y bid against 1 ; ing this meeting improved markedly as the week
38;
Johns-Manville at 12 against 12/ Gillette Safety progressed, and quiet buying of securities resulted
4
Razor at 133 against 14; National Dairy Products on the London, Paris and Berlin exchanges. More
/
at 16 against 17; Associated Dry Goods at 31 2 optimistic advices from New York also contributed
4
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against 31 2; Texas Gulf Sulphur at 141 against to the better tone of the European markets. Trade
4;
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14½; Freeport Texas at 112 against 113 Amer- returns, meanwhile, continue to show the same un4
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ican & Foreign Power at 2 against 21%; United favorable trend in evidence throughout the world.
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Gas Improvement at 13 against 13 ; National Bis- British foreign trade statistics for May, made avail/
/
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cuit at 2878 ex-div. against 2978; Coca-Cola at 901 8 able Monday, disclosed an increase in imports as
against 94; Continental Can at 21% against 22½; compared with the preceding month, and .a sharp
Eastman Kodak at 42% against 41%; Gold Dust decline in exports. This trend is considered espec14
Corp. at 10 against 10; Standard Brands at 10/ ially disappointing, since it was believed the British
4
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18
against 10 ; Paramount Publix Corp. at 2/ lapse from the gold standard would stimulate ex/
against 218; Kreuger & Toll at 1/16 against 1/32; ports. German foreign trade figures for May also
Westinghouse Elec. & Mfg. at 21% against 22½; declined, chiefly because of reduced imports. UnDrug, Inc., at 27% against 27 ; Columbian Carbon employment totals remain staggering in the leading
2
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at 18 against 18½; Reynolds Tobacco class B at industrial countries of Europe. The number of job2
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2818 ex-div. against 291%; Liggett & Myers class B less in Britain increased 89,125 in May, according
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at 40Y against 40 ; Lorillard at 103 against 111 2 to official figures. In Germany the unemployed on
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and American Tobacco at 481 2 against 451
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4.
June 1 were estimated at 5,583,000, or 1,500,000 more
The steel shares, while following the course of the than on the same date last year. A slight improverest of the list, have at no time shown impressive ment was reported in Italy in this respect, unemstrength. United States Steel closed yesterday at ployment falling from 1,000,000 to 968,000 during
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25% against 2658 on Friday of last week; Bethle- May, owing to the resumption of agricultural work.
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hem Steel at 8 against 91 8; Vanadium at 738
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The London Stock Exchange was cheerful in the
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against 634,and Republic Iron & Steel at 2% against opening session of the week, quotations advancing
2%. In the auto group Auburn Auto has again in all departments of the market. British funds
passed through some wild gyrations and closed moved forward impressively, but not all the advances
4
yesterday at 62 against 663 on Friday of last week; were maintained. Australian issues were in favor,
General Motors at 9 against 9; Chrysler at 6% owing to the defeat of extremists in a New South
/
/8;
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against 67 Nash Motors at 978 against 934; Pack- Wales State election. Home rail stocks were firm
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ard Motors at 2 against 178; Hudson Motor Car at and most industrial issues also advanced. The
4
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4. favorable tone was again in evidence Tuesday, des4 against 3%, and Hupp Motors at 13 against 13
group Goodyear Tire & Rubber closed pite a very small volume of business. British funds
In the rubber
yesterday at 7 against 8 on Friday of last week; were easy at first on profit-taking, but firmed in
/
B. F. Goodrich at 318 against 3; United States Rub- later dealings. German bonds advanced spectacu-
S
4372
Financial Chronicle
June 18 1932
larly, due to mounting expectations regarding the ing, and in an opening address he pleaded earnestly
Lausanne meeting. Most British industrial securi- that the delegations approach the difficult task not
ties were better, while international stocks also im- only in a spirit of sober reality, but with courage
proved. The opening Wednesday was steady, but and determination. It was indicated soon thereafter
some departments turned dull late in the day. that the conference may be an exceedingly proBritish funds were good throughout and some issues tracted one. In order to dispose of the immediate
advanced to the best levels of the movement. In the problem presented by the expiration of the Hoover
industrial section textile stocks tended to recede be- moratorium on June 30, it was proposed at a private
cause of labor troubles, but others were firm. The plenary session yesterday that all payments due betransatlantic group was higher at the start, but lost tween European Governments be postponed until
its bouyancy. The tone was firm Thursday, but trad- definite conclusions can be reached by the confering dwindled owing to a general disinclination to ence. This suggestion, to which Britain and
France
enter new commitments on the eve of the Lausanne are said previously to have agreed, would mean
proparley. British funds were again impressively strong, longation of the temporary suspension of all interand 4% consols were quoted above par, which is a governmental debt payments with the exception of
high record. Home rail shares dropped on poor those due the United States. As there are no
large
traffic reports, but industrial issues were in favor. payments due this Government until next December,
International stocks were uncertain. Advances the whole question might thus be left in abeyance
were again the rule in dealings yesterday. British until after the American elections next November,
if
funds were especially strong.
this were found expedient.
The Paris Bourse was quiet, but firm, in the inThere was no hope anywhere, as the delegations
itial session of the week, and securities advanced gathered at Lausanne, that the conference
would be
sharply. The friendliness manifested by the British able to dispose of the reparation
s problem in any
and French Premiers in their exchanges at Paris definitive manner. This is due, however, mostly
to
and Geneva, preliminary to the Lausanne meeting, the bristling difficulties presented by the problem
impressed the Paris market and occasioned active of the debts due from the former Allies to the
United
interest in stocks. The tendency Tuesday was again States Government. It has long been apparent
that
upward, prices of French and foreign securities alike the reparations payments by Germany to France,
advancing. Favorable forecasts of the Lausanne Britain, Italy and other countries are used
by those
meeting were followed by a large gain in Young plan lands chiefly for the discharge of their obligation
s
bonds. The Bourse was extremely dull Wednesday, to the United States. This Governmen
t, naturally
and prices eased. The fortnightly settlement was enough, recognizes no direct connection
, and the
easily effected, with the official rate 1 8 of 1%. Ac- sense of the nation was again
/
expressed in the Contive dealings followed on Thursday,and prices moved gressional resolution of last
year, opposing any reforward in all departments, with bank and utility mission or cancellation of
war debts. Recent proshares especially favored. The favorable tone was nouncements in Europe indicate
that there is now a
maintained throughout, and was attributed entirely general willingness to cancel
German reparations
to the better international atmosphere. Prices de- or reduce them to a fraction of their
present amounts,
clined on the Bourse in quiet dealings yesterday.
provided similar cancellation of the debts due the
Like other European markets, the Berlin Boerse United States takes place.
This problem is clearly
was firm Monday as a result of better week-end fore- the chief one before the Lausanne
conference.
casts of the Lausanne Conference. Stocks were in
In anticipation of the formal.reparations confergood demand, with greatest interest shown in potash ence a series of conversati
ons was held between
issues, I. G. Farbenindustrie shares and Reichsbank British and French leaders,
beginning last Saturday.
stock. There was some nervousness late in the day, Prime Minister MacDonal
d and Sir John Simon,
when brewery issues slumped. A quiet and irregular Foreign Secretary
in the British Cabinet, arrived in
session followed Tuesday. Mining stocks and fixed Paris late that day
and promptly started to consider
income securities were generally lower, while Reichs- all aspects of the
problem in discussions with Prebank and I. G. Farbenindustrie shares again ad- mier Edouard Herriot,
who is also the Foreign
vanced. The trend Wednesday was adverse, owing Minister of France.
In a formal statement, issued
to the issuance late the previous day of an emergency last Sunday,it was remarked
that the conversations
decree raising taxes sharply. Leading stocks were "have shown a communit
y of views which permits
freely offered and fairly large declines resulted. Ex- envisaging just and effective
solutions at the Lautreme listlessness was reported on the Boerse sanne conference as well as
re-enforcement of conThursday. Prices barely moved in the dull trading, fidence and the maintenan
ce of peace among
but most of the changes were favorable. After a peoples." In an informal
talk to press representagood start yesterday, prices slumped on the Boerse tives at the British Embassy,
Mr. MacDonald deand net changes were small.
clared that British and French leaders were alike
--•-determined to make the conference effective and to
NCE again the leading nations of Europe and reach decisions "which will be good
and which will
others which are interested in German repara- be practical." The chief aim, he
added, would be to.
tions have gathered in conference to consider the remove a good many of the
economic troubles of
heritage of intergovernmental debts left by the Europe and put an end to the
dislocations from which
World War. More than 600 members of delegations everybody has been suffering for
ten years.
from 13 countries gathered at Lausanne, SwitzerIn his opening address before the meeting, Prime
land,for the opening of the much discussed and much Minister MacDonald dwelt at some
length on the
delayed meeting Thursday, which was so urgently serious aspects or the current economic
crisis and
recommended by the Young plan advisory committee the decline in world trade during recent years.
Inlast December. Prime Minister Ramsay MacDonald creasing unemployment and declining Government
of Great Britain was elected Chairman of the gather- revenues are not confined to one country or one
O
Volume 134
Financial Chronicle
4373
continent. "None of us can stay out of the miseries in a new defeat. Reparations were originally inwhich are gathering about us," he remarked. The tended for reconstruction, but now they are a means
task before the Lausanne conference, he continued, of destruction." The situation in Germany, he conwas to consider one part of the causes of the uni- tinued, was such that German youths are turning
versal distress—the financial inheritance of the war to radicalism through despair. It may prove necesand its effect on world economy. Attention was again sary, he indicated, for Germany to declare a moracalled by Mr. MacDonald to the findings of the torium on interest and amortization payments on
Young plan advisory committee, which urged "the private external long-term debt of Germany.
Premier Herriot of France spoke next, and he
adjustment of all intergovernmental debts to the
existing troubled situation of the world, without agreed that Germany is not able to continue reparadelay, if new disasters are to be avoided." Speed tions payments for the present. He asserted, howwas accordingly urged by the Prime Minister in ever, that cancellation "is not the most important
reaching agreements. He reminded the gathering, problem to be considered here." France would
however, that "engagements solemnly entered into never accept cancellation of reparations while war
cannot be set aside by unilateral repudiation." Care- debts exist, he implied. "We rejoice that the conful review of all the facts was held necessary, and ference already has proclaimed the indissentable
the conference was requested to consider not only principle by which a European settlement can only
whether plans hitherto formulated have imposed an operate within the world framework—Europe canimpossible burden, but also whether and how they not act alone," M.Herriot said. He called attention
have contributed by economic, financial and com- to the excessive sacrifices which would be imposed
mercial unsoundness to the present deplorable eco- on his country by complete cancellation and renomic state of the world. "My appeal to this confer- marked that the conference must certainly take into
ence," Mr. MacDonald declared, "is to fear nothing consideration the likelihood of a return by Germany
but weakness and to issue from these council cham- to a condition of normal prosperity in the future.
bers and from wherever our further work is done In this situation, he said, Germany would be placed
bold proposals which by their very character will in a privileged position by cancellation of reparations. The payments, he maintained, are now an
command the support of the whole world."
The joint resolution, or "stop-gap agreement" to integral part of the European economic system. "It
suspend reparations payments until the end of the is wrong to think that sudden cancellation would
Lausanne conference was introduced by Mr. Mac- restore economic equilibrium," he added. "To do
Donald in the private plenary session yesterday. this it is necessary to establish security. There is
When this document was placed before the delega- no political peace without economic peace, and vice
tions, press correspondents were invited into the versa. More important than debts and reparations
conference chamber, and after it was read they again is the modification of tariffs, quotas and other trade
departed. "Noting," the declaration said, "that restrictions. We ask for our share only in the spirit
certain reparations and war debts payments fall of justice which we wish for every nation."
Chancellor of the Exchequer Neville Chamberlain
due July 1, we are of the opinion that in order to
let the work of the conference proceed undisturbed spoke for Great Britain. The suspension declaraand without prejudices to the solution which may tion, he said, "pledges our united efforts and estabultimately be reached, execution of payments due lishes the best conditions under which a solution
the powers participating in the conference with re- may be sought." He pointed out that Chancellor
spect to reparations and war debts should be re- von Papen had not in any way attempted to disserved during the period of the conference, which claim the validity of the German obligations under
the undersigned intend should complete its work The Hague agreements, but that circumstances have
in the shortest possible time. It is understood that arisen which make it impossible for Germany to
services on market loans will be unaffected by this resume payments in July. "The payment of vast
decision. The undersigned governments declare that intergovernmental obligations which carry with
they are prepared to carry out this understanding, them no corresponding return in goods or services,"
and invite the other creditor powers taking part in he continued, "cannot be exacted without consethis conference to adopt the same course." Signa- quences disastrous to the whole economic fabric of
tories to this agreement are Great Britain, France, civilization. The war debts due Britain amount to
Italy, Belgium and Japan.
over £2;000,000,000. To sacrifice our claim to this
Chancellor Franz von Papen, of Germany, arose to vast sum is no light undertaking. But so fully conreply to this step by the major creditor powers, it is vinced are we that only by radical measures can we
understood. He welcomed the declaration, an Asso- restore that confidence without which the wheels
ciated Press dispatch states, as "the first visible of credit cannot be induced once more to revolve
proof that the nations concerned intend to take the freely, that we should be prepared to take our share
complete and final action necessary to solve the in the general wiping out of the slate, provided all
reparations problem." In a moderate speech which other governments concerned do the same."
contained no hint of any endeavor by Germany to
repudiate its obligations, he asked the world to TNTERNATIONAL discussion of the disarmament
cancel the reparations payments entirely. "Pallia- 1 problem was revived for a short time at Geneva,
tives and adjournments are definitely a thing of the Tuesday, when the Steering Committee of the Genpast," he said,"and we must take the last step. The eral Disarmament Conference held its first session
grave task of this conference is to shake off the fatal in nearly six weeks. No decisions of any importance
vicious circle and sweep a path toward the positive were reached, as the Disarmament Conference was
collaboration which alone can assure a brighter far overshadowed for the time being by the impendfuture. Reparations have shown themselves to be ing reparations discussions at Lausanne. It was
abhorrent. Experience excludes the possibility of generally assumed, however, that after the conclurecommencing the payments. A new trial would end sion of the Lausanne meeting some brave steps
4874
Financial Chronicle
toward a measure of genuine disarmament might
•be attempted at Geneva. This impression was gained
from the leading figures in the British and French
Cabinets, who met at Paris laSt Saturday for a preliminary talk on reparations, debts, disarmament
and related problems. In such conversations, disarmament was clearly considered as only one phase
of a highly necessary general readjustment of European affairs. Observers in the leading European
listening posts took the view, consequently, that
progress in disarmament depends largely on progress in other important connections.
The need for positive action on the disarmament
problem has long been apparent at the Geneva conference. Although the conversations have been in
progress more than four months, there have been no
achievements of any note. Secretary of State Henry
L. Stimson spent a week at Geneva in April and
attempted then to find a basis for progress, but this
effort also was fruitless. Only the technical committees continued to function thereafter, in the endeavor to define offensive and defensive weapons.
The conference was stirred out of its lethargy last
Monday on the arrival at Geneva of Prime Minister
MacDonald and Foreign Secretary Sir John Simon
of Britain, and Premier Herriot of France. Count
Rudolph Nadolny, chief German delegate, and Foreign Minister Dino Grandi of Italy appeared on the
same day. These arrivals were in anticipation of a
plenary session, Wednesday. But the plenary session never materialized, as the Steering Committee
decided Tuesday to suspend all activities pending
the outcome of the private conversations in progress
between the leaders of the various governments, and
the results of the Lausanne meeting.
TN A report on international trade relations, issued
i last Saturday by the League of Nations economic
section, it is indicated that normal exchanges have
been disrupted to such a degree that 15 European
- countries have found it advisable during the last year
to make agreements for exchange of goods in kind.
Such barter agreements, covering specific goods in
every instance, have been made between Germany
and Hungary, Austria and Rumania, Bulgaria and
Greece, Bulgaria and Switzerland, France and
Latvia, Norway and Russia, Poland and Austria,
Hungary and Bulgaria, and Estonia and Jugoslavia.
The report, a Geneva dispatch to the New York
"Times" states, shows clearly the enormous decline
in international trade during the current depression.
Trade currents, moreover, are "now different in
character from what they were only a few years
ago," the report states. Persia, it is indicated, has
gone to the length of establishing a complete foreign
trade monopoly, while Estonia has proclaimed an
import trade monopoly. Latvia and Turkey regulate
all imports through quota systems. Seventeen European countries have established quota systems covering important articles, while leaving others 'unrestricted, but it is noted that there is in such countries
a tendency toward "continuous intensification" of
State control. In some instances the gold standard
was relinquished, on the theory that devaluation
of currency stimulates exports, the report notes.
Devaluation, however, has merely led to reprisals,
it is stated, with the result that "there is reason to
believe that by adding to the present disorder of
international trade it has ended by restricting it."
June 18 1932
IN THE endeavor to balance the national budget
of the German Reich, Chancellor Franz von
Papen issued on Tuesday the first emergency decree
of his Government, which came into power May 31.
The decree imposes on the German people drastic
new taxes, and it also aims to reduce expenditures
by severe curtailment of unemployment benefits and
payments to disabled war veterans. In many respects this decree is said to resemble the one-under
preparation by former Chancellor Heinrich Bruening, before he was forced out of office by President
von Hindenburg. It lacks, however, the scheme of a
lottery loan by which Dr. Bruening hoped to raise
funds for public works, and the project for parcelling the landed estates of insolvent East Prussian
junkers is also missing. The heavy new burdens
imposed by the decree proved an unpleasant surprise and the reception was unfriendly in all newspapers, irrespective of party affiliations. The Cabinet, in fact, found it necessary to apologize for levying new taxes. In a _manifesto accompanying the
decree, it was stated that steps had to be taken to
meet threatening deficits in Federal, State and
municipal treasuries, before the Cabinet could embark "on its own real program." The Government
added that it has no intention of opening up new
sources of revenue in the future, but would devote
itself to the promotion of business through organic
measures, without resort to artificial experiments.
The decree, issued over the signature of President
Paul von Hindenburg, imposes a series of new taxes.
To the present income taxes a special unemployment
contribution is added, ranging from 12 to 61 2%,
/
1
%
/
and payable by all who are gainfully employed. A
salt tax is re-introduced and will be levied at the
rate of about three cents a pound. A sales or turnover tax, previously levied only when the volume of
business exceeded 5,000 marks a year, is to be paid
in future on all sales. Curtailment of expenditures
is to be achieved by equally drastic measures. The
deficiency resulting from the cost of maintaining
nearly 6,000,000 German jobless will be met largely
by a reduction of benefits aggregating 500,000,000
marks. Payments will be reduced nearly 23%, a
Berlin dispatch to the New York "Herald Tribune"
states, and the period in which the curtailed payments are to be made will be reduced from 20 weeks
to six weeks. Pensions to be paid invalid soldiers
of the World War are to be lowered 20%. These
measures are expected to result in a balancing of the
Reich's budget at 8,200,000,000 marks ($1,951,000,000).
Although the von Papen Cabinet is admittedly an
interim regime, designed to bridge the period until
new elections can be held on July 31, it is apparently
prepared to adopt a vigorous policy. Colonel von
Papen outlined some aims of the new Government
in his first speech as Chancellor, delivered last Satur-day before the German Agricultural Council. The
advent of his Government to office, he declared, did
not denote an ordinary change in parliamentary
government, but "a documented, fundamental, new
direction of State leadership." This new orientation, however, is to take place within the framework
of the Weimar Constitution, he added. "The unprecedented spiritual and material situation of the
Germaji people demands the liberation of the Government from the fetters of partisan doctrines and
calls for the consolidation of all national forces for
the rebirth of Germany," the Chancellor said. With
Volume 134
Financial Chronicle
obvious reference to the huge unemployment reliefoutlays of Germany, he deprecated the "fundamental
mistake of thinking that an omnipotent, impersonal
State can step into the place of the personal obligations of employers." The best measure of social
welfare, he remarked, consisted of striving "to expunge the deficiencies of the capitalist system
through organic reconstruction of industry."
There are numerous indications, meanwhile, that
the formation of a virtually dictatorial regime in
Germany is viewed with grave misgivings in many
parts of the Reich. In Bavaria, especially, resentment has been occasioned by the overthrow of Dr.
Bruening and the appointment of Colonel von Papen
as Chancellor. At a meeting of Premiers of the
larger German States, held in Berlin last Saturday,
a common front is said to have been formed against
plans of the von Papen regime for merging the administration of Prussia with that of the Federal Government. "In this conference, which lasted two
hours, very sharp language is reported to have beenused by the delegates of the South German States
against the Junker Cabinet," a report to the New
York "Herald Tribune" said. Premiers of the three
South German States of Bavaria, Baden and Wuerttemberg, conferred with President von Hindenburg,
Sunday, and warned him that the appointment of a
Federal Commissioner to rule over Prussia would
be regarded by South Germany as unconstitutional.
iNTENSIFICATION of the differences between
1 the British Government and the Irish Free State
regime of President Eamon de Valera is expected
to result from an unsuccessful parley between leaders of the two Governments, held last week. As a
sequel to the unsatisfactory exchange it was announced in Dublin, Tuesday, that a six months' installment of £1,500,000, due against the land annuity
the following day, would not be paid. President de
Valera contended, a Dublin dispatch to the New
York "Times" said, that if Britain believes she has
a right to receive the annuities, she must prove the
case in the courts. An invitation for a discussion
of the questions between the two Governments was
issued by President de Valera, June 6, and conversations were started at Dublin the following day between the Irish leaders and J. H. Thomas, British
Secretary for the Dominions, and Viscount Hailsham, Secretary of State for War. This interchange
was only preliminary to a further talk, held in London, June 10, at 10 Downing Street, the official
residence of the Prime Minister. President de
Valera and his associates reviewed the situation on
this occasion with Mr. MacDonald and other members of the Cabinet. No agreement was reached,
however, either on the abolition of the oath of
allegiance to the British Crown or on the problem
of the land annuities. Further exchanges are expected, but in the meanwhile there is a good deal
of anxiety among Irish farmers regarding possible
tariff retaliation across the Irish Sea.
EVERAL speedy and unexpected overturns in
the Chilean Governmen t have followed the
revolutionary movement of June 4, which resulted in
displacement of the Montero regime by a civilian
and military Junta with decidedly Socialistic leanings. Carlos G. Davila, former Chilean Ambassador
to the United States, and the leading figure in the
revolt, found it necessary to resign from the junta
S
_4375
last Sunday. No official explanation of this incident was given, but it was assumed that other members objected to the moderate views entertained by
the former Ambassador. Senor Davila indicated
that he would continue to support the junta. Despite such pronouncements, however, he is apparently the leader of a counter-revolt, organized in
opposition to Colonel Marmaduke Grove, military
leader, and Eugenio Matte, third member of the
original junta. This movement, which started late
Thursday, proved entirely successful, and a new
junta was anno'unced yesterday, to consist of Senor
Davila, Senator Alberto Cabero, formerly a supporter of President Montero, and Nolasco Cardenas.
This body aims, it is understood, to continue the
Socialist Republic established after the revolt on
June 4, which made declarations friendly to foreign
interests. The new junta was aided by army and
air forces, which moved on Santiago during the night
and completed their plans early yesterday. Colonel
Grove and Senor Eugenio Matte were captured, as
they were left virtually without defense.
Measures taken by the displaced junta have occasioned a severe protest by United States Ambassador
William S. Culbertson. Representations were made
by the Ambassador, June 9,in behalf of the National
City Bank of New York, against an order confiscating foreign currency deposits and providing for compensation in pesos at the legal rate of exchange. The
confiscation decree was not placed in effect, an Associated Press dispatch of June 10 said,and the opinion
prevailed in many circles that modification of the
order would follow. The effect of the Chilean revolt
on British interests was made the subject of an interpellation in the British House of Commons, Monday.
Anthony Eden,Under-Secretary for Foreign Affairs,
replied in behalf of the Government that the new
regime had not been recognized and that its confiscatory measures were viewed with grave concern.
If need be, the British Government will press
strongly for compensation for British nationals, the
House of Commons was informed. Assurances had
already been received of police protection for British
lives and property, Mr. Eden added. The Admiralty
at London announced Tuesday that the cruiser Durban was steaming to Callao, Peru, in order to be
near at hand "in case of need for protection of
British interests in Chile." It was indicated in
Paris, Wednesday, that a protest to the Chilean
Government against measures affecting French interests had been lodged,by the Minister.to Santiago.
ENERAL elections in Newfoundland,last Saturday, resulted in the defeat of the Liberal Government of Prime Minister Sir Richard A. Squires,
who was the center of a riotous outburst by citizens
at the Government buildings last April. Frederick
Charles Alderdice, head of the United Newfoundland
party,was swept into power by an avalanche of votes.
The United Newfoundland group, pledged to inquire
into the desirability of placing the Colony under a
form of commission government for a term of years,
secured 21 of the 27 seats in the Parliament. Only
two Government candidates were returned, while
the remaining seats were captured by independent
candidates. Sir Richard suffered a personal defeat,
as he was not re-elected. Sir Richard has been Prime
Minister of the Island three times since he first
entered the political arena in 1919. When the citizens stormed the Government buildings at St. John's,
G
43'76
Financial Chronicle
In April, he was forced to dissolve Parliament and
call the general elections which have now resulted
in his defeat.
presented by the
N UMEROUS Government bills, of Viscount Adnew National Government
miral Makoto Saito, were accepted by the Japanese
Diet at the conclusion, early Wednesday,of a special
session which began June 1. The principal measures
adopted provide for the control of exchange rates,
an increase in the issue of currency, higher tariffs,
and a huge bond issue to defray the expenses of the
Manchurian campaigns. The currency measures
will not only raise the limit of the Bank of Japan's
note issue from 120,000,000 yen to 800,000,000 yen,
but also give the Government wide powers to prevent
the flight of capital abroad. All ad valorem tariff
rates were raised 35%,in order to offset the decline
in the international value of the yen which followed
the abandonment of the gold standard last December Specific duties were increased on 37 articles,
%
moreover, in order to protect Japanese industries.
The Diet was called in special session, originally,
in order to pass appropriation bills aggregating
193,000,000 yen (about $65,000,000 at nominal
parity) for military expenses in Manchuria, and
these measures also were adopted. In the course
of the special session an insistent demand for agricultural relief was manifested. The agrarian
problem proved unavoidable, but a compromise was
arranged last Saturday, when it was announced that
a further special Diet session will be called to deal
with this question. It is not expected that the further meeting will take place before September. The
Government is expected to draft an extensive agricultural relief program, in the meantime, for the
consideration of the Diet members. The chief demand of the agricultural groups is said to be for a
three-year moratorium on farmers' debts.
June 18 1932
ment securities decreased £5,485,000, while those on
other securities increased £168,551. Of the latter
amount, £78,910 was on discounts and advances
and £89,641 was on securities. The rate of discount
is still 23/2%. Below we show a comparison of the
different items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1932.
1931
1930
1929
1928.
June. 15,
June 18.
June 17.
June 19.
June 20.
.£
Circulation_ a
357,424,000 352,265,813 359,247.209 360,303,589 135,026,540
Public deposits
20.567.000 15,017,431 16,577,610 21,263,029 24,433,448
Other deposits
121,532,965 105,126,756 94,018,787 91,791,652 98,122,026
Bankers accounts 87,546,253 71.445,689 58,331,534 56,237.157
Other accounts
33,986,712 33,681,067 35,687,253 35,554,502
Govt. securities
68,774,656 30,845,906 46,475,547 35,401,855 31,663,310
Other securities_ _ _ _ 38,401.756 37,439,253 23,739,444 32,352,586 52,377,609
Disct. & advances 12,690,490 9,395,435
7,098,791
7,596,498
Securities
25,711.266 28.043.818 16,640,653 24,756,088
Rte. notes dc coin52,794.000 69,720,990 58,242,318 63,197,028 56,414,500
Coin and bullion__ _135,219,931 161,986,803 157,489,527 163,500.617 171,691,040
Proportion of res've
to liabilities
37.15%
58.03%
52.66%
55.88%
46%
Bank rate
2%
3%
2%
534%
43i%
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
note issues adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
HE Bank of France statement for the week ended
June 10 records an increase in gold holdings of
803,595,297 francs. The total of gold now stands
at 80,974,192,885 francs, in comparison with 56,138,495,179 francs at the corresponding period a year
ago and 43,899,985,523 francs the year previous.
Decreases appear in credit balances broad of 407,000,000 francs, in Frehch commercial bills discounted
of 121,000,000 francs, in bills bought abroad of
649,000,000 francs and in advances against securities
of 33,000,000 francs. A decline is also shown in note
circulation of 699,000,000 francs, reducing the total
of notes outstanding to 81,737,780,030 francs. Circulation a year ago aggregated 77,011,976,530 francs
and two years ago 71,936,032,765 francs. Creditor
current accounts rose 427,000,000 francs, while the
proportion of gold on hand to sight liabilities stands
this week at 74.37%. A year ago the same item was
56.29% and two years ago 51.05%. Below we furnish a comparison of the various items for three
years:
T
HERE have been no changes this week in the
discount rates of any of the central banks.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
Rates are 11% in Greece; 83'% in Bulgaria; 7% in
for Week.
June 10 1932. June 12 1931. June 13 1930.
Austria, Rumania, Portugal and Lithuania; 63/2%
Francs.
Francs.
Francs.
Francs.
Gold
in Spain and in Finland; 6% in Hungary, Danzig, Creditholdings.- - _Inc. 803,595,297 80,974,192,885 56,138,495,179 43,899.985,523
bale. abr'd_Dec. 407,000,000 5,007,215,474 5.572,776,941 6,864,153,076
and in Colombia; 5.11% in Japan; 532% in Estonia aFrench comm'clal
bills discounted_ Dec. 121.000.000 3.258,967,414 4,695,881,776 4,894,982,259
and in Chile; 5% in Germany, Italy and Czecho- bggis bought abr'dDec. 649,000,000 3,335,666.034 20,584,497,817 18,677,773,420
33,000.000 2.767,905,394
slovakia; 43/2% in Norway; 4% in Sweden and Den- Adv. agt. securs__Dec. 669.000.000 81,737,780,030 2,865,948,792 2,734,344,327
Note circulation_ _Dec.
77,011,976,530 71,936,032,765
accts__Inc. 427,000.000 27,146,956,707 22,718,852,254 14,056,120,515
mark; 332% in Belgium and in Ireland; 23/2% in Cred. curr.
Proportion of gold
England, France and in Holland, and 2% in Switzeron hand to sight
Inc.
liabilities
0.90%
74.37%
56.29%
51.05%
land. In the London open market discounts for
a Includes bills purchased in France. b Includes bills discounted abroad.
short bills on Friday were 1 1-16 as against 1 1-16@
1M% on Friday of last week, and 1 1-16 for three
HE Reichsbank statement for the second quarter
months' bills, as against 1 1-16@1M% on Friday of
of June records a decline in gold and bullion of
last week. Money on call in London on Friday was 25,914,000 marks. The Bank's
gold now amounts
%%. At Paris the open market rate continues at to 822,507,000 marks, as
compared with 1,765,571,1 8%,and in Switzerland at 13/2%.
000 marks last year and 2,618,787,000 marks the
previous year. Reserves in foreign currency, bills of
HE Bank of England statement for the week exchange and checks and advances
register decreases
ended June 15 shows a further gain in gold of 2,450,000 marks, 54,302,000 marks
and 20,299,000
holdings of 0,758,426, bringing the total to L135,- marks respectively. Notes in
circulation contracted
219,931, which compares with £161,986,803 a year 74,003,000 marks, reducing the
total of circulation
ago. The increase in reserves amounted to only to 3,815,404,000 marks, in
comparison with 3,888,£2,571,000 since circulation expanded £187,000. 610,000 marks a year ago and
4,278,808,000 marks
Public deposits fell off £5,009,000, while other de- two years ago. An increase is shown
in silver and
posits rose 0,214,665. The latter consists of other coin of 47,388,000 marks, in
notes on other
bankers' accounts and other accounts, which in- German banks of 2,451,000 marks, in investments of
creased £1,700,185 and £514,480 respectively. The 3,000 marks, in other assets of 9,987,000 marks, in
reserve ratio is up to 37.15% from 34.66% last week. other daily maturing obligations of 22,900,000 marks
A year ago the ratio was 58.03%. Loans on Govern- and in other liabilities of 7,967,000 marks. The item
T
T
T
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Financial Chronicle
of deposits abroad remains unchanged. The propor- American Acceptance Council for bills up to and
tion of gold and foreign currency to note circulation including three months are 1% bid, %% asked; for
%
/
stands at 25.1%, in comparison with 48.1% last year four months, 11 8 bid and 1% asked; for five and
/% bid and 13..% asked. The bill
six months, 13
and 68.7% the previous year. A comparison of the
buying rate of the New York Reserve Bank is 23'%
various items for three years is furnished below:
for all maturities. The Federal Reserve banks show
STATEMENT.
REICHSBANK'S COMPARATIVE
Changes
a considerable gain in their holdings of acceptances,
for Week. June 15 1932. June 15 1931. June 15 1930.
Retchsmarks. Retchamarks. Reichsmarks.
Reiclamarks.
the total having risen from $35,717,000 to $65,661,Assets—
Dec. 25,914,000 822,507.000 1,765,571,000 2,618,787,000
Gold and bullion
000. Their holdings of acceptances for foreign
87,687,000 198,112,000 149.788.000
Of which depos. abr'd_ Unchanged.
104.309,000 321,997,000
Reeve in torn curr Dec. 2,450,000 135,713.000
correspondents, however, has further decreased,
Bills of exch. & checksDec. 54,302,000 2,983.391,000 2,032,654,000 1,543,825.000
falling from $150,342,000 to $102,212,000. OpenSilver and other coin-Inc. 47,388.000 283,800,000 199.131,000 151,998,000
17,014,000
17,826.000
8,137,000
Notes on oth.Ger.blis.Inc. 2,451,000
market rates for acceptances are as follows:
55,084.000
Dec. 20,299,000 108,940,000 154,848,000
Advances
Inc.
3,000 364,430,000 102,729.000 101,026,000
Investments
Inc. 9,987,000 768,984,000 573,973,000 619,951,000
Other assets
Liabilities—
Notes in circulation Dec. 74.003,000 3,815,404,000 3,888,610,000 4,278,808,000
Oth.dally matur.oblig.Inc. 22,900,000 390,422,000 323,620,000 537,365,000
Other liabilities
Inc.
7,967,000 712,650,000 251,480,000 219,771,000
Propor. of gold & torn
68.7%
.
curr. to note cfrcul nDec.
0.3%
48.1%
25.1%
ONEY market developments this week were
chiefly in the realm of gold, as rates for funds
remained unchanged in all departments. It was
indicated on excellent authority, late Tuesday, that
the protracted withdrawals of gold for the account
of Continental European central banks had reached
their end, and the termination of this worrisome
outflow is, of course, of great significance in the
money market. The Bank of France purchased more
than $50,000,000 gold Tuesday, and with this transaction completed its program of converting its dollar
balances into metal. Other Continental European
central banks had already achieved the same end, so
that the French action appeared to give every promise
of bringing major gold withdrawals from this market
to an end. There has, in fact, been a gain in the
gold stocks of the country since Tuesday. The
official report of the Federal Reserve Bank of New
York for the week to Wednesday night reflects
exports of $66,422,000, imports of $1,675,000, and a
net increase of $11,129,000 in earmarked stocks of
gold.
On the Stock Exchange money market the rate for
call loans was maintained at 23/2% for all transactions,
whether renewals or new loans. Funds were available every day in the outside market at 1%, or a
/% from the official rate. Time
concession of 11
loans also were quiet and unchanged. The trend
of the brokers loan total was up in the week to
Wednesday night, as the report of the Federal Reserve Bank of New York disclosed an increase of
$29,000,000.
M
EALING in detail with call loan rates of the
Stock Exchange from day to day, 2
was
the rate ruling all through the week, both for new
loans and renewals. Time money has been entirely
without movement during the week, no actual transactions having been reported. Rates are quoted
nominally at 1
for all dates. Prime commercial
paper has shown considerable activity this week,
but transactions have been limited to the amount
of paper obtainable. Quotations for choice names of
four to six months' maturity are 2%@3%. Names
On some very high-class
less well known are 3
-day paper occasional transactions at 23% were
90
D
noted.
RIME bankers' acceptance market has been extremely quiet this week. Very little paper is
obtainable and there is only a limited demand.
Rates are unchanged. The quotations of the
P
Prime eligible bills
Prime eligible bills__
SPOT DELIVERY.
--120 Days—
—180 Days— —150 Days
Bid. Asked.
Bid. Asked.
Bid. Asked.
1
1)(
1)(
1)(
1)(
1)(
—90 Days—
Bid. Asked.
1
34
—60 Days—
Bid. Asked.
1
34
—30 Days—
Bid. Asked.
1
34
FOR DELIVERY WITHIN THIRTY DAYS.
A%% bid
1)4% bid
Eligible member banks
Eligible non-member banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
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
June 17.
334
3
334
334
334
3%
334
334
334
334
334
334
Date
Established.
Oct. 17 1931
Feb. 26 1932
Oct. 22 1931
Oct. 24 1931
Jan. 25 1932
Nov. 14 1931
Oct. 17 1931 •
Oct. 22 1931
Sept. 12 1960
Oct. 23 1031
Jan. 28 1932
Oct. 21 1931
Previous •
Rate. -u•
234 —
334
3
3
234
234
4
3
4
2)4
exchange following the trend of last
week has moved down further with respect
to the dollar. This does not mean that sterling is
not in demand. Sterling is in demand and will continue so until toward the middle of September. All
European currencies and in fact, all units are easier
in terms of the dollar owing to the fact that fright
seems to have been allayed and confidence restored
in the soundness of the American position. The
return of confidence in the dollar and the action of the
dollar in foreign exchange markets is regarded as of
great significance by bankers and foreign exchange
traders. The range for sterling this week has been
between 3.61 and 3.69 for bankers' sight bills, com4
pared with 3.663 to 3.69% last week. The range
/
for cable transfers has been between 3.613i and
3.693.j, compared with 3.66% to 3.70 a week ago.
The actual quotable rates for sterling exchange do
not afford a reliable index of the demand for the
pound in the market, as in a certain sense the market
is not free, since the Bank of England, acting either
for itself or for the British Treasury,frequently intervenes in order to keep sterling from either fluctuating
too widely or moving too high. It seems to be the
consensus of opinion that were the market left to
itself sterling exchange would rise constantly, as for
several weeks there has been a complete restoration of
confidence in sterling and foreign funds are steadily
flowing back to London, creating an abundant money
supply there.
The rise of confidence in favor of the dollar was
fully apparent last week, but on Tuesday of this week
it became unmistakable that European fears respectin our currency were at an end, as the Continental
S
TERLING
4378
Financial Chronicle
units dropped sharply and there was every evidence of
a return flow of money from London and the Continental centers to New York. European short interests in dollars had been badly caught. European
buying of United States securities, especially English
and Dutch buying, is again in evidence, although for
the present at least the volume is not heavy. Although the Federal Reserve Bank reports gold shipments this week totaling $66,422,000, of which $38,394,000 was shipped to France, it is stated on good
authority that the Bank of France and the central
banks of Europe have now terminated their gold
withdrawals from this side. Further shipments of
metal will be made from New York in the next few
days from transfers of earmarked metal already deducted from the American gold stock. It is even
expected that there will be a return flow of gold to
this side within a few months. It is estimated that
short-term funds in the United States for the account
of all foreign countries now total around $750,000,000,
which is far below normal requirements. In October
1929, these funds were at a peak estimated at $3,000,000,000. Foreign countries have purchased more
than $1,100,000,000 gold from the United States
since last September. This drain is now considered
at an end and not likely to be resumed. No country
is now able to take gold from the United States on a
strict exchange basis and from now on bankers expect
exchange rates to be more nearly normal. However,
as stated above, the sterling rate cannot be regarded
as indicating the normal course of the market in
view of the Bank of England's activity in controlling
the pound.
As during the past few weeks, the market continues to look for a reduction in the Bank of England
rate of discount, though no change was announced
on Thursday of this week and the rate continues at
23/2%. The London money market points to the
possibility of such a reduction. On Thursday call
money against bills in London was in abundant
supply at from %% to / compared with 4
1 1%,
31%
to %% prevailing in the early part of the week.
Two-months bills were fractionally firmer at 1 1-16%,
against 15-16% to 1%. Other maturities are unchanged, 3
-months bills at 1 1-16%, 4-months bills
at 1 1-16% to 13/8%, and 6
-months bills at 13/8%
to 131%. Gold seems to have sold in London this
week at from 112s. 8d. to 113s. id. Despite the
premium on gold, however, the Bank of England
continues to add to its gold holdings through open
market purchases. The Bank's official buying rate
is 84s. 10d. per ounce and it is presumed that it
pays the premium through some offset in the exchange stabilization account, which was established
by Parliament a few months ago and the operations
of which are not officially disclosed. On Monday
there was £200,000 gold in the London open market
which was taken for export. On Saturday last the
Bank of England reported the purchase of £1,020
bar gold. On Tuesday there was £200,000 gold
available in the open market which was taken for
shipment to France. On Wednesday the Bank of
England bought £966,079 in gold bars. A.t the same
time £90,000 available in the open market was shipped
to France. On Thursday the Bank of England bought
£3,116 in gold bars, while £250,000 available in the
open market was sold for export. Yesterday, the
Bank bought £1,027,419 of gold in the open market.
This week the Bank of England shows an increase
June 18 1932
in gold holdings of £2,758,426, the total standing at
£135,219,931, which compares with £161,986,803 a
year ago.
At the Port of New York the gold movement
for the week ended June 15, as reported by the
Federal Reserve Bank of New York, consisted of
imports of $1,675,000, of which $1,199,000 came
from Canada, $250,000 from England, 877,000 from
Mexico, and $149,000 chiefly from Latin American
countries. Gold exports totaled $66,422,000, of
which $38,394,000 was shipped to France, $18,030,000 to Switzerland, $6,828,000 to Belgium, $3,023,000 to Holland, $66,000 to Germany, $50,000 to
Austria, and $32,000 to Peru. The Reserve Bank
reported an increase of $11,129,000 in gold earmarked for foreign account. In tabular form the
gold movement at the Port of New York for the
week ended June 15, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,JUNE 9—JUNE 15, INCS.
Imports.
Exports.
81,199,000 from Canada.
838,394,000 to France.
250,000from England.
18,030,000 to Switzerland.
77,000 from Mexico.
8,828,000 to Belgium.
149,000 chiefly from Latin
3,023,000 to Holland.
countries.
American
88,000 to Germany.
50,000 to Austria.
32,000 to Peru.
81,875,000 total
888,422,000 total.
Net Change in Gold Earmarked for Foreign Account.
Increase: $11,129,000.
The above figures are for the week ended Wednesday evening. On Thursday, there were no imports
of gold. Exports amounted to $8,105,300, of
which $6,002,900 was shipped to Switzerland and
$2,102,400 to France. Gold earmarked for 'foreign
account decreased $8,097,400. Yesterday $106,300
of gold was imported from Mexico, while $4,084,900
was exported to Belgium. Gold earmarked for
foreign account increased $853,500. During the
week approximately $7,011,000 was received at San
Francisco, $5,172,000 coming from Japan and $1,839,000 from China.
Canadian exchange continues at a severe discount, although it has been steadier- this week, with
rates just fractionally less unfavorable to Montreal.
On Saturday last Montreal funds were quoted at
%
133/ discount, on Monday at 133/2%, on Tuesday
2
at 13%%, on Wednesday at 135
/%, on Thursday
at 13%%, and on Friday at 14%.
Referring to day-to-day rates, sterling exchange on
Saturday last was firm. Bankers' sight was 3.673@
3.69; cable transfers 3.673/2@3.693.1. On Monday
the market was quiet, and lower. The range was
3.673/2@3.6734 for bankers' sight and 3.67%@
3.677 for cable transfers. On Tuesday sterling,
A
while in demand, was slightly easier. Bankers'
sight was 3.66@3.67%; cable transfers 3.663/s@
On Wednesday the market developed
3.673/2.
further ease. The range was 3.66@3.6638 for
/
bankers' sight and 3.663'4@3.663/ for cable transfers.
On Thursday the market was steady. The range was
3.6434@3.67 for bankers' sight and •3.65@3.673.
for cable transfers. On Friday sterling was lower;
the range was 3.61@3.63% for bankers' sight and
3.61/@3.64 for cable transfers. Closing quotations
3
on Friday were 3.6134 for demand and 3.613/2 for
cable transfers. Commercial sight bills finished at
3.61; 60-day bills at 3.5934; 90-day bills at 3.593;
documents for payment (60 days) at 3.5934, and
seven-day grain bills at 3.6034. Cotton and grain
for payment closed at 3.61.
Volume 134
Financial Chronicle
XCHANGE on the Continental countries is considerably easier. Throughout the week liquidations of Continental short interests and the beginning
of a return flow of foreign balances to New York
made offerings of foreign currencies heavy, while
there was no corresponding, increase in demand.
4
French francs on Thursday dropped as low as 3.925
transfers, which compares with the estimated
for cable
export point of gold from New York to Paris of
4 A
3.933 -7 . As noted above, the drop in the Continental exchanges is due to the cessation of nervousness on the part of foreign investors regarding the
future of the dollar. For months in France and in
other countries private investors and banking
interests were fearful lest the United States be compelled to abandon the gold standard, despite frequent
denials of such a possibility made in high official
quarters in all the European countries. It is understood in banking circles that the Bank of France has
earmarked for withdrawal in the form of gold the
last of its funds to be repatriated under its plan,
entered upon last September, to reduce its exchange
holdings and domicile their gold value in its own
vaults. The commercial statistical position of France
has at no time justified the high rate for the franc
as measured by the dollar which has prevailed since
near the end of September. Even though seasonal
factors favor the franc from now until September,
current rates for the unit are regarded as more nearly
normal. Owing to the• limitations on shipping
facilities the Bank of France may be expected to take
gold from this side for some weeks, but this already
earmarked gold no longer constitutes part of the
American holdings. It is possible that for a few
weeks more the Bank of France may continue to
establish new high records for gold holdings, but these
will shortly come to an end and it is everywhere
expected that with the return of business confidence
and the settlement of international debt problems,
the large amount of foreign balances on deposit in
Paris will be withdrawn and the bank's gold holdings
will begin to show a decline. For the week ending
June 10 the Bank of France shows an increase in
gold holdings of fr. 803,595,297, the total standing
at fr. 80,974,192,885, which compares with fr.
56,138,495,179 on June 12 1931 and with fr. 28,935,000,000 in June 1928, when the franc was stabilized.
The Bank's ratio is again at record high, standing on
June 10 at 74.37%, compared with 73.47% on
June 3, with 56.29% on June 12 1931, and with
legal requirements of 35%.
German marks are of course only nominally
quoted, as there is no free market in German exchange. The quotations during the week have moved
down in sympathy with the lower quotations for
other Continental currencies, but they afford no
index of the actual state of the market. The political
factors and questions before the Lausanne conference
likely to have a bearing on the future of the
mark are discussed in other columns. Italian lire are
steady although they moved lower this week in
sympathy with the general movement of all currencies
with respect to the dollar. The Italian position is
on the whole very satisfactory. The import excess
was reduced from more than 5,220,000,000 lire in
1930 to 1,580,000,000 lire in 1931. In the last four
months of 1931 there was an export excess. The
Bank of Italy continues to strengthen its position.
While the Bank's exchange holdings have fallen
from 5,000,000,000 lire two years ago to less than
E
4379
1,500,000,000 lire, its gold has risen from 5,200,000,000 lire to 5,600,000,000 lire. Its cover for sight
liabilities stands at 48%, compared with the legal
minimum of 40%. The Italian finance minister
recently stated that there is no possible doubt as to
the government's determination to keep the lira
stable.
The London check rate on Paris closed at 92.06 on
Friday of this week, against 93.28 on Friday of last
week. In New York sight bills on the French centre
4
finished on Friday at 3.927 , against 3.93 11-16 on
cable transfers at 3.93, against
Friday of last week;
%
3.93 13-16 and commercial sight bills at 2.923 ,
3
%. Antwerp belgas finished at 13.893
%
against 3.93
for bankers' sight bills and at 13.90 for cable trans2
fers, against 13.94 and 13.943/. Final quotations
for Berlin marks were 23.673/2 for bankers' sight bills
and 23.68 for cable transfers,in comparison with 23.75
and 23.76. Italian lire closed at 5.11 for bankers'
sight bills and at 5.11% for cable transfers, against
5.133/8 and 5.13/. Austrian schillings closed at
14.10, against 14.10; exchange on Cxechoslovakia at
2.96/, against 2.96%; on Bucharest at 0.603,
against 0.603; on Poland at 11.23, against 11.23,
%
and on Finland at 1.713 , against 1.73%. Greek
exchange closed at 0.653/ for bankers' sight bills and
at 0.65% for cable transfers, against 0.653/2 and
0.65%.
.
XCHANGE on the countrie§ neutral during the
fallen considerably below the high level
war has
prevailing since the German crisis in June a year ago
and the British crisis of September. Exchange on
Spain is perhaps an exception. The peseta has been
very steady for several weeks, with fluctuations at a
minimum. This is due largely to the strenuous
efforts made by the Bank of Spain to hold the peseta
steady and to take all precautions against note
inflation. On June 11 the statement of condition of
the Bank of Spain showed an increase in gold holdings
of 400,000 pesetas, the total standing at 2,254,900,000
pesetas. A year ago the Bank's gold holdings stood
at 2,424,600,000 pesetas. However, circulation has
been reduced in the interim from 5,259,400,000
pesetas to 4,784,300,000 pesetas. •One reason that
the peseta has not responded to the severe drop shown
in the last 10 days by the other neutral exchanges and
those of the leading Continental currencies is that
Spain has never been a depository for large amounts
of foreign short-term funds. The Scandinavian currencies, while easy, move without regard to the main
currents affecting neutral and Continental exchanges,
but fluctuate strictly in sympathy with quotations
for sterling, with which these currencies are closely
allied. The ease in guilder exchange and in Swiss
francs arises entirely, it would seem, from the restoration of confidence in the dollar on the part of
European investors, so that funds which have been
steadily withdrawn from this side for redeposit in
Holland and Switzerland for safekeeping no longer
follow this trend but on the contrary there is some
evidence that these foreign deposits are returning
even though slowly, to the New York security
markets.
Bankers' sight on Amsterdam finished on Friday
at 40.34 against 40.48 on Friday of last week; cable
transfers at 40.34 against 40.48, and commercial
sight bills at 40.30, against 40.44. Swiss francs closed
at 19.463/ for checks and at 19.47 for cable transfers,
against 19.533/2 and 19.54. Copenhagen checks
E
4380
Financial Chronicle
finished at 19.80 and cable transfers at 19.803/2,
against 20.083/2 and 20.09. Checks on Sweden
closed at 18.54
and cable transfers at 18.55,
against 18.833/ and 18.84, while checks on Norway
finished at 17.793/ and cable transfers at 17.80
against 18.373/ and 18.38. Spanish pesetas closed
at 8.24 for bankers' sight bills and at 8.243/ for
2
cable transfers, against 8.26 and 8.263/2.
June 18 1932
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JUNE 11 1932 TO JUNE 17 1932, INCLUSIVE.
Cowary
Noon Buying Rate for Cable Transfers in New Vert.
Value in United Woes Money.
and
Moneta?
Unit.
June 11. June 13. June 14. June 15. June 16. June 17.
EUROPE
.139800
$
Austria, schilling
.139488
Belgium, belga
007200
Bulgaria, lev
Czechoslovakia, kron .029675
.200941
Denmark, krone
England, pound
E
3.678482
s lari i. markka
Finterldn g
.016933
.039407
France, franc
Germany, reichama
.236800
Greece, drachma
..0069
4044121
Holland, guilder
Hungary, pengo
.174950
.051306
Italy. Ura
.183530
Norway, krone
.112200
Poland, zloty
.033425
Portugal. escudo
.005962
Rumania,leu
Spain, peseta
.082496
Sweden, krona
.188376
Switzerland, franc... .195478
Yugoslavia, dinar
.017750
ASIA-
$
.139590 .139550 .139300 .139550
.139511 .139373 .139240 .139107
.007200 .007200 .007200 .007200
.029673 .029663 .029654 .029647
.200676 .200315 .199669 .199630
.139550
.138892
.007200
.029651
.198315
XCHANGE on the South American countries
3.676250 3.665083 3.661750 3.650916 3.626166
.017016 .017016 .017050 .017016 .017016
.039383 .039326 .039305 .039257 .039256
continues to be entirely nominal, with practi.236642 .236514 .236392 .236400 .236353
.006437 .006454 .006425 .006437 .006439
cally all these currencies under the control of foreign
.404928 .404475 .404196 .403725 .403287
.174750 .174750 .174250 .174750 .174750
exchange commissions appointed by government de.051309 .051268 .051198 .051143 .051070
.183069 .181800 .180338 .179591 .177607
cree. There is really no market for the South
.111750 .111750 .111875 .111750 .112000
.033500 .033375 .033675 .033250 .033325
Americans. The recent revolt in Chile has become
.005970 .005966 .005970 .005960 .005954
.082525 .082467 .028417 .082400 .082339
still more complicated and no reliable news is yet
.188169 .187738 .187276 .187215 .186069
.195383 .195078 .194960 .194710 .194564
available which might have a bearing upon the future
.017756 .017687 .017725 .017712 .017612
of Chilean exchange and foreign investments there.
China o tael
heT
Co
.315833 .316041 .316041 .314583 .313958 .313125
On the other hand, the Chilean disturbance has
Hankow tael
312916 .313125 .313125 .311666 .311041 .310208
Shanghai tael
.306875 .304531 .364531 .303125 .302656 .302658
Tientsin tael
.319583 .319791 .319791 .318333 .317708 .316458
created a widespread feeling of unrest in most of the
Hong Kong dollar
.235625 .235000 .235312 .234687 .233125 .233437
Mexican dollar.... .214687 .214375 .214062 .213125 .213125 .213437
other South American countries, including even Brazil
Tientsin or Pelyan
dollar
.218750 .218333 .218333 .217500 .217500 .216666
and Argentina. A few days ago representatives of
Yuan dollar
.215416 .215416 .214583 .214583 .213750
..27
213r50 .274250 .273250 .272750 .272500 .270750
importers in Buenos Aires asked the finance minister India, rupee
.314875 .314250 .312125 .311125 .307250 .304000
Japan, yea
S.) dcl
to consider the difficulties caused by the rigid control Singapore(SAMER .422500 .423125 .423125 .422500 .421875 .420625
NORTH
Canada, dollar
.864166 .862447 .864375 .863437 .862395 .859166
of exchange, which they say makes it almost im- Cuba, peso
.999206 .999206 .999206 .999206 .999206 .999206
Mexico. peso (silver). .254500 .258566 .268033 .258400 .261500 .258700
possible to carry on an import trade. They sug- Newfoundland. doll .861500 .859875 .861750 .861000 .860000 .856375
SOUTH AMER.gested putting ,importers on the control committee Argentina, peso (gold) .586447 .585447 .585417 .585447 .585417 .585417
Brazil, mlireLs
.075570 .075141 .075325 .075330 .075355 .075380
and discriminating between luxury and necessary Chile, peso
.060250 .060250 .060250 .060250 .060250
: 6 2 00 .472500 .472500 .474166 .474186 .474166
47 5
° °
Uruguay.
imports. It is predicted in some circles that the Colombia,Peso
peso
.952400 .952400 .952400 .952400 .952400 .952400
present system will very soon be modified.
Argentine paper pesos closed on Friday at 253,
HE following table indicates the amount of gold
for bankers' sight bills, against 253 on Friday of last
bullion in the principal European banks as of
week; cable transfers at 25.90, against 25.90. BraJune 16 1932, together with comparisons as of the
zilian milreis are nominally quoted 7.20 for bankers'
sight bills and 7.25 for cable transfers, against corresponding dates in the four previous years:
1931.
1930.
1929.
1928.
7.20 and 7.25. Chilean exchange is nominally quoted Banks of- 1932.
£
£
£
/
E
£
61 s, against 63/8. Peru is nominally quoted 22.00, England... 135.219,931 161,986,803 157,489,527 163,500,617 171,891,040
France_a __ 647.793,543 449,107,961 351,199,884 292,879.354 147,137,708
against 20.00.
Germany b_
36.742,000
77,896.650 123,449,950
85,261,750
98,831,800
E
T
Spain
90,150.000
96,962,000
98,832,000
102,432,000
104,316,000
60,905,000
57,461,000
56,301,000
55,434,000
52.049,000
XCHANGE on the Far Eastern countries presents Italy
Netherlands
80.572,000
37,498,000
35.995.000
36,408,000
38,253,000
Nat. Belg'm
72,666.000
41.350,000
34,281.000
28,023,000
no new features. The Chinese units have been Switzerland 80.463.000 27,207,000 23,155.000 19,845,000 22,500,000
17,588,000
12,849,000
relatively steady, although somewhat lower than a Sweden..,.. 11,444,000 13,296,000 13,500,000 13.002,000 10,105.000
Denmark_ _
8,032,000
9,551.000
9,570.000
9,591,000
Norway
8,132,000
6,561.000
8,144,000
8,155,000
8.170,000
few weeks ago, when silver was quoted from 28
Total week_ 1.230.548.474 980,448,414 911,917,361 814,531,721 681,490,546
cents an ounce to fractionally higher. This week Prey. week_ 1,207.577,912 998,751,488 910.917,534 814,678,937 676,626,211
gold ho dings of the Bank of France as reported in the
silver was officially quoted in New York at from of a These are theGold holdings of the Bank of Germany are exclusive of new form
statemen . b
gold held
abroad, the amount of which the present year is £4.383.310.
27% cents on Monday down to 275 cents later
%
in the week. The Chinese units barring exceptional
Postponement and Compromise at
circumstances move in close relationship with the
Lausanne.
prices of silver. Recent dispatches from Tokyo
The Lausanne Conference met on Thursday in an
state that the "flight of capital" bill creating a
currency control commission, over which the finance atmosphere of mingled optimism and doubt. The
minister has final authority, has been passed by announcement that Prime Minister MacDonald and
the House of Peers and is now law. Wide powers of Premier Herriot, in their conversations at Paris,
seizure and supervision are provided to prevent had reached a full and friendly understanding of
investment of Japanese funds abroad when, in the their respective positions, joined to the report that
Government's opinion, such investment imperils the Mr. MacDonald was going to Lausanne with a very
definite purpose of making the Conference a success.
financial security of the nation.
strengthened the hope that the two statesmen were
Closing quotations for yen checks yesterday were
30 against 315 on Friday of last week. Hong prepared to act together and that something re%
Kong closed at 23%@23 15-16 against 23%@ sembling an accord had actually been reached not23 15-16; Shanghai at 303@30 13-16, against 303(@ withstanding the noncommittal character of the
30%; Manila at 49%, against 49%; Singapore at official communiques. It was recalled that Neville
42 8, against 42%; Bombay at 27 3-16, against Chamberlain, British Chancellor of the Exchequer,
27 9-16, and Calcutta at 27 3-16, against 27 9-16. in his speech on the third reading of the finance bill
in the House of Commons on June 10, had not only
URSUANT to the requirements of Section 522 spoken hopefully of the Conference, but had surof the Tariff Act of 1922, the Federal Reserve prised his hearers by saying that "even supposing
.
Bank is now certifying daily to the Secretary of the our hopes. are disappointed, supposing that once
Treasury the buying rate for cable transfers in the again we are checked and delayed and find it imdifferent countries of the world. We give below a practicable to make the progress anticipated," the
record for the week just passed:
House should not assume that further taxation or a
E
p
Volume 134
Financial Chronicle
supplementary budget would be inevitable. "Increased taxation," he declared,"is not the only way
of meeting the problems which lie before us if we
find it necessary to tackle them afresh. I decline
altogether to accept the view that we have come to
an end of possibilities for reductions in national expenditures." Mr. Chamberlain did not amplify his
intimation, but in view of the general conviction in
Great Britain that no further reparations payments
from Germany are to be looked for, it was natural
to conclude that Mr. MacDonald's suggestion of offsetting the reparations failure by a cancellation of
war debts and a substantial reduction in outlay for
armaments had the support of the Cabinet.
M. Herriot, on the other hand, had little reason to
share Mr. MacDonald's optimism. On the same day
on which Mr. Chamberlain spoke, M. Herriot and his
Finance Minister, Louis Germain-Martin, were being
deluged with protests against an economy program
which included a 10% cut in armament expenditures,
a general reduction in official salaries and, it was
rumored, a postponement of pensions for war veterans from the age of fifty to that of fifty-five years.
Nationalists warned that the security of France
must not be imperilled, organizations of civil servants denounced the proposed salary cuts, and the
National Confederation of Taxpayers, an organization which claims to have 5,000,000 members, entered a formal protest against increases in either
direct or indirect taxes. On Wednesday the Paris
correspondent of the New York "Herald Tribune"
pointed out that not only was M. Herriot's position
endangered by popular opposition and Cabinet dissension over economies and taxes, but that the choice
of Francois Albert, former Minister of Public Instruction, to succeed M. Herriot as head of the Radical Socialists (M. Herriot was automatically displaced when he became Premier) showed that the
party had swung further to the Left than M. Herriot
himself, while the Unified Socialists, with 131
members in the Chamber of Deputies, could not be
counted upon to support the Government unconditionally. According to this correspondent, the proceeds of the Treasury issue of 3,000,000,000 francs
pat out by the Tardieu Government are about exhausted, the deficit at the end of the calendar year
is estimated at between 3,000,000,000 and 4,000,000,000 francs, the deficit for next year will run to
between 6,000,000,000 and 7,000,000,000 francs, and
a railway deficit of 2,600,000,000 francs will have to
be met in addition to increased amounts for unemployment relief.
The German contribution to what may be called
the setting of the Conference began on Tuesday with
the issuance of a decree reducing by 500,000,000
marks the annual expenditure for unemployment relief and authorizing a reorganization of the system,
imposing a special unemployment tax upon the incomes of all persons gainfully employed, cutting
down the pensions of wounded war veterans, and
restoring the tax on salt. With these changes the
budget, it is reported, will balance at 8,200,000,000
marks, about one-fourth of the receipts, however,
going to the States and municipalities, mainly for
unemployment relief. The publication of the decree
at this time seemed to support the belief that the
von Papen Government planned to enforce its contention that Germany could no longer pay reparations
by pointing to the drastic steps that had to be taken
in order to balance the budget. If such was the
4381
purpose, its political effect was countered on Thursday by the publication of a further decree lifting the
ban on the Hitler "storm troops" or Fascist militia,
in number about 400,000, which the Bruening Government had imposed, establishing a censorship of
the press more rigorous than the Reich has ever
known, and authorizing the arrest, and detention for
three months without trial, of political combatants.
The press censorship includes, apparently, a rigorous control over the publication of matter relating
to the army or the currency. The decree takes the
place of the political decrees issued by the Bruening
Government, all of which are annulled. On the day
that the Lausanne delegates met, political dictatorship in Germany became a reality.
It was in the light of these events and controversies that the representatives of Great Britain,
France, Germany, Italy, Belgium, Czechoslovakia,
Rumania,Poland, Greece, Jugoslavia, Hungary,Bulgaria, Portugal and Japan, together with spokesmen for Canada, Australia, South Africa and New
Zealand, assembled at Lausanne to deal with what
the British Prime Minister, in his opening address
as Chairman, called "the most ominous economic
crisis which ever afflicted the world in time of
peace." Speaking, naturally, in general terms, Mr.
MacDonald emphasized the broad aspects of the situation to be dealt with and the general principles
that should govern the action of the Conference. In
the effort of States to protect their finances at a
time when States as well as individuals were being
impoverished,"State after State," he said, "has had
to resort to restrictions of external trade which,
while unavoidable as an immediate necessity, have
for the time being tightened the strangle hold in
which the nations find themselves. . . . In this
failure there is no France, no Italy, no Germany, no
America, no Great Britain apart from the rest of the
world. . . . If it be proved here or elsewhere subsequently that we have been pursuing policies in violation of the simplest economic laws which govern
the prosperity of States and are necessary for international exchange, the maintenance of economic
prices and the ability of consumers to consume,every
prompting of wisdom and common sense surely compels us to return to better ways without delay and
pay the temporary price which such a return will
exact of us."
Referring to the two committees of experts which
have recently studied the question of war payments,
Mr. MacDonald endorsed the recommendation of a
prompt "adjustment of all inter-governmental debts
to the existing troubled situation of the world," and
warned the Conference that "to-day the method of
reaching Governmental agreements by international
conference is undergoing a supreme test," and that
"it is the essence of our task that we must act with
speed." "Our problem," he continued, "is not only
one of technical details but of broad principles. One
principle is surely very definitely before this Conference. Engagements solemnly entered into cannot
be set aside by unilateral repudiation. That principle is not challenged by anybody here. But it
carries with it a corollary, and that corollary is absolutely essential to recognition of the principle,
namely,if default is to be avoided engagements which
have been proved incapable of fulfillment should be
revised by agreement. Both sides in all agreements
must be ready to face the facts. And among the facts
they have to consider not only those of whether plans
4382
Financial Chronicle
hitherto formulated have imposed an impossible
burden,but of whether and how they have contributed
by economic, financial and commercial unsoundness
to the deplorable economic state in which the world
finds itself."
Mr. MacDonald's remarks seemed to suggest some
modification of the program regarding reparations
and debts which it had been understood he intended
to lay before the Conference. As outlined in recent
weeks in more or less inspired dispatches,it appeared
that Great Britain, having decided that no further
payments from Germany need be expected, and that
anything like a "united front" against the United
States in the matter of war debts would be unwise,
was prepared to propose, first, a complete cancellation of reparations; second, a cancellation of European debts owed to Great Britain to the extent to
which the debtor countries themselves relinquished
reparations, and, third, such a reduction of armaments as would meet the American criticism that
armaments were being maintained at full strength
by countries which at the same time were protesting
that they could not pay their American debts.
Only a part of this program had been brought
before the Conference when this article was written.
At a private session on Friday Neville Chamberlain,
speaking for the MacDonald Government, started
that Great Britain was willing to waive its claim
to future war payments, amounting to about £2,000,000,000, if the other governments concerned would
do likewise. Premier Herriot, however,.replying to
Chancellor von Papen, who had stressed the inability
of Germany to pay and the disastrous effect of keeping the question of reparations to the front, urged
that cancellation was not the only issue involved,
that it was "wrong to think that cancellation would
restore economic equilibrium," and that "more important than debts and reparations is the modification of tariffs, quotas and other trade restrictions."
The difference of view was met by the adoption of a
resolution, to which Great Britain, France, Belgium,
Italy and Japan agreed, to suspend for the duration
of the Conference the payments of reparations and
war debts falling due as from July 1, "in order,"
as the resolution read, "to permit the work of the
Conference to proceed undisturbed and without
prejudice to the solution which may ultimately be
reached." The resolution further stipulated that
"the service of market loans will not be affected by
these decisions."
The compromise has obviously been dictated quite
as much by political as by economic considerations.
The pronounced cordiality with which Mr. MacDonald and M.Herriot greeted Chancellor von Papen
at Lausanne was a pretty clear indication of a purpose to do nothing that would stiffen resistance in
Germany, or accentuate the dictatorial trend of the
von Papen Government, or strengthen the Hitler
cause in the coming Reichstag election. A defeat of
Mr. MacDonald's .high hopes, on the other hand,
might well prove the undoing of the coalition Government in Great Britain, while an outright refusal
of M. Herriot's demand for some recognition of the
obligation of reparations payments would almost
certainly precipitate a Cabinet crisis in France.
Over all hangs the outcome of the presidential election in this country, an outcome appreciably less
assured than it had seemed to many to be before the
Republican performance at Chicago, and the great
desire to have the United States take part later in
June 18 1932
the discussion of questions other than reparations
and debts. The result, while apparently insuring
the continuance of discussions for an indefinite
period, is disappointing to those who had hoped
that the Lausanne Conference would hew to the line,
but it is probably as much as should have been expected in view of the complicated political situation.
Highways of Yesterday, To-day and To-morrow.
There is no other movement that is more closely
related to many phases of present-day civilization
than that of highway development and transportation. It touches the life, directly or indirectly, of
every man, woman and child throughout the universe. It has many angles—social, economic and
financial.
The real movement for expansion is of comparatively recent origin. It came with the advent of the
automobile and the motor truck. Originally the
speed of the horse was the measuring rod by which
the roads of the past were developed. To-day the
speed of the automobile and the weight of the motor
truck have become the gauge on which development
must proceed.
Just as the various countries were unprepared for
participation in a World War, so they were unprepared for the Aladdin-like spread of the automobile
to every corner of the world. Motor development,
with its rapid strides in the space of the past 10 or 12
years, has run far ahead of highway development,
and the world is now straining to catch up.
In spite of the fact that the Romans, almost 2,000
years ago, built some roads that still exist, that
Napoleon gave not only his code, but many hundreds
of kilometers of excellent roads to France, and that
there are many other scattered examples of good road
building, highway development as a science and as a
fact, has made greater advances in the past 30 years
or less than in all previous history.
Invention has made the highways of the past as
useless to modern civilization as a coat of armor
would be to the present-day soldier. Pioneer highway engineers would all have changed their predictions with regard to the lines of commercial and industrial development their respective countries would
take if they could have looked forward a few years
to the invention of the steam engine, or still further
to the coming of the automobile and the motor truck,
supplementing, as they do, the railway in the commerical and social life of the world. ,
People everywhere have become impatient of restraint and adventurous in spirit and as a consequence
industrialization and standardization have shown
rapid progress throughout the world. They have
their values, but they are prison bars to one phase
of the modern temperament. The automobile has
furnished the release. It has made the individual
everywhere the landlord of his own transport system,
and to-day over an endless web of highways, he can
go nearly everywhere at such times as he desires.
This fact is emphasized most vividly by a survey
of the world's highways prepared by the United States
Department of Commerce. It discloses a total of
9,224,784 miles of roads distributed by continents as
follows: America, 3,796,191 miles; Europe, 3,551,873
miles; Asia, 1,082,366 miles; Australia, Oceania and
New Zealand, 486,153 miles, and Africa, 308,201
miles.
The United States, not including Alaska and the
outlying possessions, has the greatest actual mileage
Volume 134
Financial Chronicle
of highways, with 3,066,000, or 33.2% of the world
total. Russia ranks second with 776,712 miles, and
is followed by Japan with 575,325 miles; France,
405,028 miles; Canada, 381,977 miles; Australia;,
300,000 miles; India, 283,506 miles; Germany, 216,672 miles; United Kingdom, 179,095 miles, and
Poland, 139,631 miles.
The fairest basis on which to compare highway
mileage seems to be the proportion of road mileage to
area. One country large in area may have a greater
road mileage than a smaller country and yet be less
adequately provided with the roads it needs. Considering the area and total mileage, Japan leads the
world with 3 miles of road to the square mile;followed
by Luxemburg with 2.6; Northern Ireland, 2.5;
United Kingdom, 2; Denmark, 1.9; France, 1.89;
Irish Free State, 1.75; Belgium, 1.43; Lithuania,
1.28; Germany, 1.19; Netherlands, 1.18; Hungary,
1.05, and the United States in 12th place with 1 mile
of road to the square mile of area.
As the population of the world continues to grow
in number and a further development of industry
results in increased production, the demand for more
roads is certain to increase still further. It is up
to the individual countries to meet that increase.
During the past few years, individual effort nearly
everywhere has kept pace with the increased demand
for additional highways, yet their capabilities have
scarcely been tried.
It is only necessary to take a view of the tribes
and peoples now living in various parts of the earth
to get the effect of this vast development on civilization. As the ancients believed the roads lead to a
liberal .education, so the governments of this great
world of ours have rested conclusively in their upward progress, upon the slender path of the aborigine,
swelled to the well-defined trail of the caravan,
broadened into the cart-and-wagon road, all to be
supplanted by a vast net-work of macadam and
concrete. What will follow it? Time alone can tell.
A National Summer School.
During the past week the adult population of the
United States has been attending the first session
of a summer school which is held in this great country once in four years. The instructors, assembled
at Chicago, spoke not merely to the thousands of
pupils in their immediate presence, but by means
of the radio their spoken words were carried to
listeners in every city, town and hamlet, and to
homes at countless farms throughout the land.
Never was such an opportunity afforded for speakers at a national party convention to talk directly
to so vast an audience of interested citizens who
are seeking the truth for guidance, because the radio
facilities have reached a new maximum as to quality
and numbers. In the most isolated homes even on
ranches or camps it was possible for husband and
wife, who have an equal voice in shaping the destiny
of the Republic, to hoar and candidly weigh a presentation of present national conditions and a review of efforts towards alleviation of the trials to
which every individual has been subjected and candidly to consider the best course to pursue.
There was no need of a stenographer as the evening and morning newspapers made a complete
printed record of every important address.
There are few Patrick Henrys among our orators
of to-day. Old-time oratory no longer is relied upon
to sway the public mind. A terse presentation of
4383
facts and conclusions, as conceived by the practical
statesmen chosen lor the purpose of edifying the public is now regarded as the better way to appeal to
the voters.
A second session of the summer school will be held
when the Democratic convention is held in the same
city, and unaffected logic will again be utilized to
instruct the American public upon national issues.
The same earnest attention will be given to the second
session and its group of enlightened instructors.
The third session of the important period of instruction will consist of the national campaign,
which will embrace a country-wide debate in all
important centers of each of the 48 States.
Lessons so imparted will be intelligently and
quietly discussed by all the pupils, each of whom will
voice conclusions reached at the November election,
after which the summer school will be adjourned for
four years.
This is the program of education in political science which was arranged by the Founders of the
Republic. The plan has worked well for 145 years,
having survived the great test of the Civil War, which
fact affords confidence that whatever may be the
decision of the pupils at the approaching election
their judgment will be for the best interest of the
country at large.
Judging from past experience an intelligent,
sturdy and patriotic people surely may be relied
upon to adopt the right course.
Now is the time for all good pupils to come to the
support of the nation. They should lay aside all
selfish motives and study, think and vote, keeping
in mind the general welfare with, as the Great Emancipator said, "Malice towards none and charity for
all." The hope of the nation rests upon the sound
Judgment of the electorate, not upon spasmodic
movements conducted by leaders who may be ill
advised.
Coast to Coast Traffic Through Panama Canal
8 4-5 Million Tons for Year 1930-31 Decline
of 29% Under Preceding Year.
Intercoastal traffic through the Panama Canal
for the year 1930-31 totaled 8,805,375 long tons.
This was 1,684,689 tons under the total of intercoastal traffic which moved through the canal during the year 1929-30. This decline of 1,684,689 tons
was accounted for primarily by reduced shipments
of two important commodities in the Pacific to Atlantic movement, i.e., mineral oils and lumber.
The following table shows the intercoastal movement through the canal for the years ended June 30
1927-1931:
INTERCOASTAL TRAFFIC THROUGH THE PANAMA CANAL.
rviseal Years 1927 to 1931 Inclusive (Long Tons).
Fiscal Years—
Atlantic to Pacific. Pacific to Atlantic.
Total.
1926-27
1927-28
1928-29
1929-30
1930-31
2,638,786
2,576.399
3,184,141
3,161,530
2,379,761
7,921.719
7,657,300
6,992,632
7,328,534
6.425,624
10,560.505
10,233,699
10.176,773
10,490,064
8,805,375
Total
13,940,607
'36.325.809
50,266,416
Statistics of principal commodities passing
through the canal are not precise because it is not
required that complete manifests of cargo carried
by vessels be submitted at the canal. In lieu of a
manifest the master of each vessel is required to file
a "cargo declaration," which is a briefly itemized
statement, listing the principal items of the cargo
carried, and showing their ports or country of origin
and destination. These cargo declarations are the
4384
-
Financial Chronicle
June 18 1.932
basis of the commodity statistie•14.- There is a natural nage there was a decreasof 1,037,301 tons, or 33.9%,
,
tendency...not to list small miscellaneous shipments, in comparison with the _previous year. The major
but to include them under the head of "general decreases were in the United- States intercoastal
cargo"; not infrequently no other classification is trade, which declined 37.2%; 54.2% in the trade
made of entire cargoes carried by vessels. Hence, between the United States and Far East (includexcept in the case of commodities commonly shipped ing the Philippine Islands), and 46.6%-in the trade
in bulk, such as mineral oils carried in tank ships, between Europe and South America.
Mineral oils from the Atlantic totaled 485,520 tons
wheat, lumber, nitrates, &c., shipments of various
in 1931, a decrease of 197,222 tons, or 28.9%,in comgoods are likely to be in excess of the aggregate tonnage reported during the year and shown in the parison with the previous fiscal year. The most
marked decrease was in the shipment of kerosene,
annual summary.
commodities shipped which fell off 122,009 tons,or 41%,and occurred prinj The tonnage of the principal
through the canal during the past five years is shown cipally over the route from the United States to the
Far East.
in the following table:
Phosphates, the larger portion of which is shipped
-ATLANTIC TO PACIFIC.
COMMODITY MOVEMENT
to the Far East from the United States, declined
Fiscal Year Ended June 30.
123,069 tons, or 28.2%, in comparison with the preCommodity.
1931.
1930.
1929.
1928.
vious fiscal year.
1927.
Long Tons. Long Tons. Long Tons. Long Tons. Long Tons.
Cotton, with 298,877 tons, increased 50,532 tons,
Manufactured goods, incl.
iron & steel, railroad maor 20.3%, over the previous fiscal year. Of the total
'terial, machinery, tex2,603,733 2,664,755 3,309,231 3,061,564 2,024,263
tiles, ato
shipments, 292,796 tons were reported as en route
682,742
485,520
806,744
717,080
649,379
Mineral oils
435,994
312,925
281,168
198,826
183,521
Phosphates
from the Gulf or South Atlantic ports of the United
248,345
298,877
331,652
259,225
361,241
Cotton
634,706
535,614
378,718
316,684
307,745
Metals (various)
States to the Far East. The increase over this route
412,347
379,968
206,483
280,032
222,817
Cement
215,831
238,231
190,690
207,257
211,625
Sulphur
in comparison with 1930 was 49,370 tons, or 20.3%.
224,439
227,883
122,179
252,740
186,522
Coal and coke
287,302
341,265
155,770
173,605
180,946
Automobiles & accessories_
3,675,798 3,239,930 3,430,764 3,272,455 2,505,004
*All other commodities _ 8,583,327 8,310,134 9,882,520 9,475,725 6,680,429
Total
PACIFIC TO ATLANTIC.
Since the beginning of the fiscal year 1923 of shipp
.
ments of mineral oils on a large scale from California
-PACIFIC TO ATLANTIC.
COMMODITY MOVEMENT
fields, this product has been the leading commodity
Fiscal Year Ended June 30.
Commodity.
shipped from the Pacific to the Atlantic. This item
1930.
1929.
1928.
1931.
1927.
Long Tons. Long Tons. Long Tons. Long Tons. Long Tons.
of cargo reached its high point in 1924 with 9,721,446
7,143,165 5,619,076 5,197,813 5,700,587 4,824,338
Mineral oils
tons. In 1925 the shipments declined to 5,989,622
3,139,113 3,673,832 3,311,875 3,530,879 2,747,485
Lumber
1,477,376 3,035,884 2,365,555 1,503,035 1,862,147
Wheat
tons, and in 1926 they were slightly lower, with
1,648.882 1,600,483 1,750,548 2,229,470 1,436,792
Ores (principally Iron)
1.174.384 2,565,572 2,554,565 1,910,793 1,375,450
Nitrates
5,930,716 tons. The year 1927 saw an increase to
920,399 1,033,013
717,931
427,035
577,781
Sugar
Canned goods (fish, fruit,
7,143,165 tons, followed by decreases in 1928 and
806,365
921,217
876,644
771,793
714,696
vegetables, ea
666,057
671,500
626,683
557,498
508,807
Metals(various)
1929. In 1930 shipments of mineral oils aggregated
Food products In cold stor335,061
315,675
288.952
384,526
245,520
age-a
144,880
5,700,587 tons, the highest since 1927. In the past
211,854
93,457
286,049
97,969
Fruit,fresh
206,384
304,956
272,644
282,791
200,433
Fruit, dried
275,064
260,142
344,341
235,364
year they decreased to 4,824,338 tons, the lowest
237,262
Barley
112,679
171,335
154,782
127,168
73,569
Beans
145,071
150,712
129,906
167,931
157,129
Wool
for any fiscal year since 1923, when 4,334,664 tons
102,646
136,369
113,313
132,862
149,215
Coffee
1,726,399 1,529,195 1,754,992 1.965,137 2,022,595
All other commodities_
were reported. In comparison with 1930 the past
19,164,888 21.320.575 20.780.486 20,5.54,507 18,402,371
Total
year's mineral oil tonnage from Pacific to Atlantic
a Does not Include fresh fruit.
decreased 876,249 tons, or 15.4%. Of this decrease
As will be noted from the preceding table, prac- 547,455 tons, or 16.2%,occurred in the United States
tically all of the commodities routed from the At- intercoastal trade, and 436,661 tons, or 31.2%, in
lantic to the Pacific during 1931 decreased in com- the trade between the United States and Europe.
parison with the previous year, there occurring only The trade between the United States and the West
one exception among the commodities listed in the Indies showed an increase in this business of 102,344
table. That increase was in the movement of cotton. tons, or 119.3%, over the preceding year.
Lumber, with 2,747,485 tons in 1931, ranked as
Six of the commodities listed in the Atlantic to
Pacific movement for 1931 were lower in 1931 than the second largest commodity. It has held second
place since 1922, with the exception of one year
in any of the other four years shown.
As in previous years, cargo from the Pacific to (1923), when it dropped to third place in favor of
Atlantic exceeded greatly that moving in the oppo- nitrates. In comparison with 1930 the shipments
site direction. In 1931 the cargo from the Pacific of this commodity declined 783,394 tons, or 22.2%.
was nearly three times that from the Atlantic; while Of this decrease 412,471 tons, or 18.7%, occurred in
in the previous fiscal years shown the cargo from the United States intercoastal trade, 173,377 tons,
the Pacific in each instance was slightly over twice or 32.4%, in the trade between the United States
and Europe, and 97,765 tons, or 29.3%, between
that from the Atlantic.
There were seven items of cargo exceeding a mil- Canada and the United States. Lumber from Canlion tons each in the past year, as follows: Mineral ada to Europe did a little better than hold its own
oils, lumber, wheat, ores (principally iron), nitrates, during the year, registering an increase of 9,194
manufactured goods, including iron and steel, rail- tons, or 5.5%. A little over 65% of the total lumber
road material, machinery, textiles, &c., and sugar. shipments during the year were in the United States
In 1930 there were six items in the million-ton class, intercoastal trade.
which included all the aforementioned except sugar.
Wheat, which occupied fifth place in 1930, moved
Manufactured goods, including iron and steel, to third place in 1931, surpassing the shipments of
railroad material, machinery, textiles, &c., as in the both ores and nitrates. The shipments of • wheat,
past, constituted the largest classification of the which have fluctuated notably during the past 10
movement from Atlantic to Pacific, accounting for years, reached their high mark in 1928, when
30.3% of the cargo from the Atlantic to the Pacific, 3,035,884 tons were carried through the canal. In
in comparison with 32.3% in 1930. In actual ton- 1929 these shipments dropped to 2,365,555 tons, and
Volume 134
Financial Chronicle
in 1930 to 1,503,035 tons. In 1931 the shipments
increased to 1,862,147 tons, or 359,112 tons (23.9%)
greater than the shipments in 1930. About 80% of
the wheat shipments passing through the canal in
1931 went from the west coast of Canada to Europe.
The shipments of ores (the greater portion of
which is iron ore shipped from Chile to the United
States) showed a marked reduction in comparison
with 1930, decreasing from 2,229,470 tons to
1,436,792 tons, a decline of 792,678 tons, or 35.6%.
The peak for ore shipments from the Pacific to the
Atlantic was the 2,229,470 tons in 1930.
Nitrate shipments from the Pacific to the Atlantic, practically all of which originated in Chile,
aggregated 1,375,450 tons in 1931, constituting the
lowest tonnage for this commodity since 1927, when
1,174,384 tons were reported as passing through. In
comparison with 1930 the shipments of nitrates declined 535,343 tons, or 28%. Shipments to Europe
(which were 66% of the total nitrate tonnage in
1931) decreased 242,316 tons, or 21%, and those
to the United States (which were 33% of the total)
showed a decline of 172,298 tons, or 27.5%. Shipments to Egypt, which were 123,487 tons in 1930,
proved a negligible factor in 1931, that area absorbing only 8,270 tons.
Shipments of sugar, which have been increasing
steadily for the past several years, increased 112,614
tons, or 12.2%, over 1930. These increases occurred
principally in five trades, as follows: United States
4385
intercoastal, 16,643 tons, or 15.4%; South America
to Europe, 42,172 tons, or 25.8%; Australia. to
Europe, 20,796 tons, or 90.5%; Philippine Islands
to the United States, 25,220 tons, or 4.8%, and
Hawaiian Islands to the United States, 27,167 tons,
or 36.4%. Fifty-two and nine-tenths per cent, of
the sugar tonnage routed from the Pacific to Atlantic through the Panama Canal in 1931 was from
the Philippine Islands to the United states; 19.9%
from South America to Europe; 12.1% in the United
States intercoastal trade; 9.9% from the Hawaiian
Islands to the United States, and 4.2% from Australia to Europe.
Considered as a whole, the commercial traffic
through the Panama Canal during the fiscal year
1931 was less than in any of the four preceding
fiscal years 1927, 1928, 1929 and 1930. In fact, it
was also less than in 1926. The years 1928 and 1929
represent peak years so far in the history of the
canal. Commercial traffic figures for each fiscal
year since the canal was opened to navigation are
shown in the following table:
Panama
Tons of
Canal.
Cargo.
Fiscal Year Net Tonnage.
End. June 30— (Long Tons) (Long Tons)
i915_a
3.792,572 4.888.454
1916_13
2,396,162 3,094,114
1917
5,798,557 7,058,563
1918
6,574,073 7,532,031
1919
6,124,990 6,916,621
1920
8,546.044 9,374,499
1921
11.415,876 11,599,214
1922
11,417,459 10,884.910
1923
18,605,786 19,567,875
a Canal opened to traffic Aug. 15 1914
seven months of fi eal year by elides.
,
Panama
Canal.
Tons of
Cargo.
Fiscal Year Net Tonnage.
End. June 30— (Long Tons) (Long Tons)
1924
26,148,878 26,994,710
22,855,151 23.958,836
1925
24,774,591 26,037.448
1926
26,227,815 27,748,215
1927
29,458,634 29,630,709
1928
1929
29,837.794 30,663,006
29,980,614 30,030.232
1930
1931
27,792,146 25,082.237
Total
291,747,142 301,062,237
b Canal closed to traffic approximately
Gross and Net Earnings of United States Railroads for the
Month of April
The story regarding the revenues of United States
railroads is still the same as it has been uninterruptedly month after month during the last two and
a half years, namely, in the highest degree unfavorable. This is the same as saying that the character
of the exhibit in the tabulations we present to-day
for the month of April remains wholly unaltered
from what it has been in all of the preceding months
during the period mentioned. Heavy losses in gross
and net earnings alike continue the one distinctive
feature that has been common to the whole period.
And these further losses derive additional significance from the fact that they represent losses piled
on top of the heavy antecedent losses, the whole
constituting a record of declining revenues that
has no parallel in the past history of the railroads.
These cumulative losses are really appalling by reason of their magnitude. Even as compared with the
heavily reduced figures of the previous year, the
present April tabulations show a further shrinkage
in gross earnings of no less than $101,649,162, or
27.53%, and though this was attended by a reduction in operating expenses (not including taxes) in
the large sum of $78,726,806, or 27.15%, there nevertheless remained a falling off in the net earnings
(before the deduction of the taxes) of $22,922,356,
or 28.94%. Standing alone, this would be a poor
exhibit, sure to arrest attention. But it does not
stand alone. It comes on top of equally striking
losses in each of the two years preceding. In other
words, the heavy losses of 1932 as compared with
1931 are in addition to a shrinkage of 1,461,009,
or 18.08%, in the gross earnings of 1931, as compared with 1930, and a shrinkage in net of $23,885,970, or 23.21%. Moreover, they come after a
falling off in the gross earnings of 1930 as compared
with 1929, of $63,195,964, or 12.32%, and a falling
off in the net earnings of $34,815,878, or 24.54%. As
a result of these successive losses, gross earnings for
the month in 1932 are down to $267,473,938, as
against $513,076,026 in April 1929, a contraction of
nearly 50%, while the April net at $56,263,320 for
1932 compares with $136,821,660 in April 1929, a
reduction in this last instance of over 60%. The
amount of the gross for the month the present year
..is the smallest of any month back to 1915, and the
amount of the net the smallest of any month of
May since 1920.
Month of April—
Mlles of road (166 roads)
Gross earnings
Operating expenses
Ratio of expenses to earnings
Net earnings
1932.
241,976
267,473,938
211,210,618
73.37%
1931.
Inc.(+) or Dec.(—)
—16 0.01
241,992
5
369,123,100 —101,649,162 27.53
289,937,424 —78,726.806 27.15
72.69%
70.89%
56,263,320
79,185,676 —22,922,356 28.94
The blighting effects of business depression, unrelieved in any essential particular but rather
steadily increasing and with growing intensity, must
be accepted as accounting, the same as in the months
preceding, for the way in which the cumulative falling off in the revenues has been proceeding. With
business dwindling away to almost the vanishing
point, thc truffle or the roads has been correspondingly reduced, and that, in turn, has involved proportionately large reductions in revenue. Evidence
of the collapse in trade is, as heretofore, found on
every aide. Taking up first the statistics regarding
automobile output, we find that in April 1932 only
148,013 motor vehicles were turned out in the United
States as against 336,939 in April 1931; 444,024 in
April 1930, and 621,910 in April 1929. In other
4386
Financial Chronicle
words, the present year's output of these motor
vehicles was less than one-fourth that for the same
month three years ago. For the four months of the
calendar year ending with April, the product was
only 503,734 vehicles in 1932 against 1,005,132 in
1931; 1, 44,047 in 1930, and 2,074,820 in the first
four months of 1929. It will be noted that 1,571,096
fewer automobiles were turned out the present year
than in the corresponding four months of 1929. No
more striking comparison could be made to show
how complete the collapse in trade has been.
It is almost needless to say that the iron and steel
trade suffered in the same pronounced way, in part
as a result of diminished orders coming from the
automobile concerns and part from the collapse in
other lines of trade and business. The make of iron
in the United States, according to the statistics compiled by the "Iron Age" of this City, in the month of
April the present year was only 852,897 tons, as
against 2,019,529 tons in April 1931; 3,181,868 tons
in April 1930 and 3,662,625 tons in April 1929. Steel
production suffered an equally pronounced contraction. For April 1932, the calculated monthly output
of steel ingots is 1,239,811 tons, as against 2,722,479
tons in April 1931; 4,109,492 tons in April 1930 and
4,938,025 tons in April 1929. In brief, 3,698,214 less
tons of steel were produced during the month the
present year than in the same month three years
ago.
The coal statistics also furnish striking evidence
of the collapse in trade. Only 20,300,000 tons of
bituminous coal were mined in the United States in
April 1932 against 28,478,000 tons in April 1931;
36,318,000 tons in April 1930 and 44,057,000 tons
back in April 1923. The Pennsylvania Anthracite
product, as it happens, was close to that of last
year, though far from being equal to that of April
1923. In other words, the anthracite product in
April 1927 was 5,629.000 tons, against 5,700,000 tons
in April 1931, but comparing with 7,885,000 tons in
April 1923.
Of course building is now on a very restricted
scale and the effect of this on the lumber trade can
easily be imagined. The F. W. Dodge Corp. reports
that the construction contracts awarded during the
month of April 1932 in the 37 States east of the
Rocky Mountains involved an estimated outlay of
only $121,704,800, as against $336,925,200 in April
1931; $482,876,700 in April 1930 and no less than
$642,060,500 in April 1929. The figures of building
permits prepared by S. W.Straus & Co. tell a similar
story. For the 568 cities and towns of the United
States these building permits involved an aggregate
outlay of $52,079,621 for April 1932, as compared
with $74,438,036 in April 1931;$205,543,923 in April
1930 and $541,343,313 in April 1929. The cut of lumber of course was reduced in equal degree. The data
for an average of 582 mills reporting to the National Lumber Manufacturers' Association, show a
production for the four weeks ended April 30 1932
of only 572,052,000 ft. of board as against 1,077,Z4T,000 rt. in tne corresponaing foul -vrcolzuof mi.
showing a reduction of 46.9%. When comparison is
extended a year further back to 1930,it is found that
the 1932 record of comparable mills shows a product
66.1% below that for the same period two years ago.
At the same time, the grain movement over Western
roads was also of very diminutive character. On
that point we will only say here as we deal with the
details further along in this article that for the
June 18 1932
five weeks ended April 30,the receipts of wheat,corn,
oats, barley and rye combined were no more than
35,715,000 bushels the present year, as against 56,062,000 bushels in the corresponding five weeks of
1931.
The composite result of all this is seen in the statistics showing the loading of revenue freight on the
railroads of the United States. For the five weeks
ending April 30, only 2,772,888 cars were loaded
with freight on the railroads of the United States in
1932, against 3,757,863 cars in the corresponding
five weeks of 1931; 4,561,634 cars in the same five
weeks of 1930 and 5,041,077 cars in the same period
of 1929.
The cumulative shrinkage of traffic in all the
different groups of freight, as outlined in the foregoing, readily explains the cumulative losses in railroad revenues, gross and net. And what is true of
the railroad system as a whole, is true also of the
separate roads and systems in all the different parts
of the country. The falling off on the separate
roads is heavy everywhere and it comes, moreover,
after heavy losses in the two years immediately preceding. For amount of loss those two great East
and West trunk line systems, namely the New York
Central and the Pennsylvania Railroad, head the
list, as is nearly always the case, though in the case
of the net earnings the Pennsylvania has managed
to offset the loss in gross in large measure by reductions in operating expenses. The Pennsylvania
falls behind its poor earnings of last year for April
in the large sum of $11,391,914, but in the net this
loss in the gross has been reduced to $576,464,
through savings in expenses. In April last year the
Pennsylvania Railroad reported a falling off of $9,617,081 in gross, and of $5,177,598 in net, which
followed $6,384,027 decrease in gross and $2,980,454
decrease in net in April 1930, as compared with
1929. The New York Central, if we include the,
Pittsburgh & Lake Erie and the Indiana Harbor
Belt, shows a shrinkage of $9,580,127 in gross and
of $2,766,164 in net the present year in addition to
$8,621,724 in gross and $2,560,386 in net in 1931 and
$8,158,660 in gross and $3,633,024 in net in April
1930, as compared with 1929. The Baltimore &
Ohio in like manner has sustained successive large
losses. For April the present year that system reports $3,896,527 decrease in gross and $1,082,010 decrease in net on top of $4,203,496 decrease in gross
and $1,179,664 decrease in net in April 1931, and
$1,505,300 decrease in gross and $560,816 decrease
in net in April 1930. In other parts of the country
there is the same record of cumulative losses, and
losses, too, of vast extent. But it would be wearisome to attempt to enumerate all these or even to
name the most conspicuous instances in all the different parts of the country, since the list is such a
long one. In the following we show all changes for
the separate roads for amounts in excess of $100,000,
whether increases or decreases, and in both gross
and net. It will be noticed that there is only one
toad with a gain for that amount in the gross,
namely the New York, Ontario & Western. This
road is an Anthracite carrier which has received
an accbssion of traffic by reason of special contracts
with some large shippers of hard coal. In the case
of the net there are five other roads that keep that
road company and show increases for amounts in
excess of $100,000; these follow as a result of reductions in expenses.
Financial Chronicle
Volume 134
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF APRIL 1932.
Increase.
Decrease.
N Y Ont & Western__
$105,108 Pittsburgh & Lake Erie_
$546,099
Nashville Chatt & St L529,342
Total (1 road)
$105,108 New On Tex & Mex (3)_
506,389
Wheeling & Lake Erie-489,823
Decrease. Alton RR
480,398
Pennsylvania
$11,391,914 Central of Georgia
458,254
New York Central
a8,841.407 St Louis Southwestern-447,486
Southern Pacific(2roads) 4,530.221 Delaware & Hudson
438.575
Baltimore & Ohio
3,896,527 Los Angeles & Salt Lake435,309
Atch Top & Santa Fe (3) 3,552,702 Yazoo ac Miss Valley-410,741
Union Pacific(4 roads).- 3,434,602 Chic St P Minn & Omaha
405,654
Chic & North Western-- 2,911,786 Chicago & East Illinois402.485
Chic Burl & Quincy_ _
2,891,612 Cinc New Orl Tex Pac-395.054
Chic Milw & St P & Pac- 2,723,580 Chicago Great Western_
368,190
Chic Rock Is & Pac(2)- 2,708,233 Chic Ind & Louisville-364,559
SouthernRy
2,693,761 Bessemer & Lake Erie 337.708
Illinois Central
2,690,329 Maine Central
321,180
Louisville & Nashville--- 2,657,808 Colo & Southern (2 rds)_
313,909
Missouri Pacific
2,504,139 Richm Fred & Potomac..
296,535
NYNIi& Hartford
- 2,288,716 Kansas City Southern-291,408
Atlantic Coast Line.. - - 1,975,098 Union RR of Penna--- 280,080
Chesapeake & Ohio Lines 1,822.950 Mobile & Ohio
273,115
Great N orth ern
1,646,642 Florida East Coast
254,756
Erie(3roads)
1,597,475 Minneapolis & St Louis238,067
Norfolk & Western
1.515,669 Term Bit Assn of St L.235,637
Northern Pacific
1,440.159 Virginian
234,076
St Louis-San Fran (3 rds) 1,423,535 Western Pacific
231,529
Reading Co
1,382,694 Western Maryland
222,844
Wabash
1,295,732 Alabama Great Southern
212,381
Boston & Maine
1.226,106 Indiana Harbor Belt__ 192,621
Seaboard Air Line
1,174,448 Detroit Toledo & Ironton
186.898
Internat Great North- 1,083,622 Illinois Terminal Co---'
.
168.064
Texas & Pacific
1,065,106 Norfolk Southern
163,814
Del Lack & Western-- 1,000,972 Central Vermont
160,214
Lehigh Valley
922,396 Belt By of Chicago
145.963
Elgin Joliet & Eastern-811.004 Chic & Illinois NUclland 142,628
N Y Chic & St Louis_ 810,938 Spokane Portl & Seattle141,807
Grand Trunk Western...
787,304 Cllnchfield
141,633
Pere Marquette
765,992 Louisiana & Arkansas--138,721
Central of New jersey..713,222 Georgia
126.516
Den & Rio Grande West
623,797 Chicago River & Indiana
124,820
Minn St Paul & SS M_619,784 Dul Sou Shore & Atl--- 120,437
Long Island
571,452
Missouri-Kansas-Texas.$98,917,495
548,322
Total (95 roads)
a These figures cover the operat ons of the New York Central and
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including the Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result
is a decrease of $9,580,127.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF APRIL 1932.
Decrease.
Increase.
$360,218
Reading Company
$347,305 Boston & Maine
318,099
341,611 Del Lack & Western_ -- Dui Missabe & North
291,866
Western Pacific
141,861 Denver & Rio Or West-N Y Ont & Western_ _ -124,947 Erie (3 roads)
285,904
281,951
Yazoo & Miss Valley-- 120,888 Elgin Joliet & Eastern
281.809
Bangor & Aroostook---107.847 Chic Milw St P & Pac
Illinois Central
263.199
Total (6 roads)
245,164
$1.184,459 Alton RR
Seaboard Air Line
242,855
Decrease. Grand Trunk Western-236.498
212,525
New York Central
a$2,560,113 Wheeling & Lake ErieSouthern Pacific(2roads) 1,148,233 New On Tex & Mex (3)_
209,539
Baltimore& Ohio
205,538
1,082,010 Nash Chatt & St LouisChic Burl & Quincy204.778
1,009,439 Central of New Jersey
166,183
Atlantic Coast Line1,001,006 Pittsburgh & Lake Erie_
Southern By
162,917
907,548 Central of Georgia
Louisville & Nashville
895,240 St Louis Southwestern
157.172
Missouri Pacific
156,302
870.792 Rich Fred & Potomac....
NYNH& Hartford--152,161
865,769 Florida East Coast
Chic Rock Is & Pac (2)146,065
771,457 Chicago & East Illinois
Pennsylvania
141,990
576,464 Long Island
St Louis San Fran (3 rds)
132,602
575,905 Chic Indianap & LouisvWabash
572,982 Maine Central
126,047
Texas & Pacific
122,819
543,083 Chic St P Minn & Omaha
N Y Chic & St Louis__ 109,286
456,421 Virginian
Atch Top & Santa Fe (3)
108,009
451.484 Northern Pacific
Chicago &North Western
107,021
422,729 Alabama Great Southern
Great Northern
103,531
409,241 Mobile & Ohio
Pere Marquette
101,120
396,914 Minn St Paul & SS Marie
Internat'l Great North_
100,615
394,552 Spokane Portl & SeattleUnion Pacific(4 roads)
363,012
Norfolk & Western
$22,369,551
361,374
Total(65 roads)
a These figures cover the operat one of the New York Central and
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including the Pittsburgh & Lake Erie and the Indiana Harbor Belt. the result
is a decrease of $2,766,164.
When the roads are arranged in groups, or geographical divisions, according to their location, it
is again found, as so frequently in the past, that all
the leading districts, and all the different regions
in those districts, have had the common experience,
namely that one and all show reduced revenues, the
remark applying to gross and net earnings alike.
Our summary by groups is given below. As previously explained, we group the roads to conform
with the classification of the Inter-State Commerce
Commission. The boundaries of the different groups
and regions are indicated in the foot note to the
table.
SUMMARY BY DISTRICTS AND REGIONS.
District and Region.
Gross Earnings
1931.
.11oath of April1932.
Inc.(÷)Or Dec.(-)
g
Eastern District8
New England region (10 roads)__ 13.819,072
17,898,566 -4,079,494 22.79
Great Lakes region (29 roads)... 55,4436.890
73.281,112 -17,814,222 24.30
Central Eastern Region (26 roads) 57.120,134
78,944,595 -21,824.481 27.64
126,405,096
Total (65 roads)
Southern District
33,731,576
Southern Region (30 roads)
Pocahontas Region (4 roads).-- 13,801,725
170,124,273 -43,718,177 25.69
47,533,301
66,507,874 -18,974,573 28.52
27.881,225
42,665,205
22,988,111
39,253,390 -11,372,165 28.97
60,027,791 -17,362,586 28.92
33.209.772 -10,221,661 30.77
93,534,541
132,490,03 -38,956.412 29.40
267,473,938
369,123,109 -101,649,162 27.53
Total (34 roads)
Western District
Northwestern Region (17 roads)Central Western Region (21 roads)
Southwestern Region (29 roads).
Total (67 roads)
Total all districts (166 roads)
48.836,919 -15,105,343 30.93
17,670,955 -3,869.230 21.89
4387
Dist and Region.
Month of AprilileageEastern Dist.- 1932. 1931.
New England_ _ _ - 7,295 7,329
Great Lakes
27,285 27,167
Central Eastern.- 25,515 25,552
1932.
$
• 4,097.060
10,678,802
13,665,477
Net Earnings
1931. Inc.(+) or Dec.(--)
$
$
%
5,375.537 -1,278,477 23.78
15,855.132 -5,176,330 32.64
16.475.227 -2,809.750 17.05
Total
60,095 60,048
Southern Dist.
Southern
40,051 40,046
6,137 6,072
Pocahontas
28,441,339
37,705,896 -9,264,557 24.57
6,070,873
5,260.763
10,459,911 -4,389,038 41.96
5,921,128
-660,365 11.15
46,188 46,118
11,331,636
16,381,039 -5.049,403 30.82
48,761 48,948
51,917 51,838
35,015 35,040
2,838,913
8,842,384
4,809,048
4,132.541 -1,293,628 31.30
13,072,953 -4,230,569 32.36
7,893.247 -3,084,199 39.07
135,693 135,826
16,490,345
25,098,741 -8,608,396 34.29
Total
Western Dist.
Northwestern
Central Western
Southwestern
Total
Total all dists 241,976 241,992 56,263,320 79,185,676 -22,922,356 28.94
NOTE.
-We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following Indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.-Thls region comprises the New England States.
-This region comprises tlie section on the Canadian boundary
Great Lakes Region.
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
-This region comprises the section south of the Great
Central Eastern Region.
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
-This region comprises the section east of the Mississippi River
Southern Region.
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
-This region comprises the section north of the southern
Pocahontas Region.
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg.
W.Va.,and south praline from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
WESTERN DISTRICT.
-This region comprises the section adjoining Canada lying
Northwestern Region.
west of the Great Lakes Region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
-This region comprises the section south of the NorthCentral Western Region.
western Region, west of a line from Chicago to Peoria and thence to St. Louis, and
Louts to Kansas City and thence to El Paso and by the
north of a line from St.
Mexican boundary to the Pacific.
-This region comprises the section lying between the MisSouthwestern Region.
sissippi River south of St. Louis and a line from St. Louis to Kansas City and thenec
to El Paso and by the Rio Grande to the Gulf of Mexico.
The Western grain movement in April the present
year, as we have already pointed out, fell far below
that of April 1931. With the single exception of
barley, the receipts of which were a trifle larger
than in April last year, all the different cereals contributed to the shortage. The receipts of wheat at
the Western primary markets for the five weeks ending April 30 1932 were only 14,966,000 bushels,
against 24,385,000 bushels in the same five weeks of
1931; the receipts of corn 11,348,000 bushels, against
19,409,000; of oats 6,223,000 bushels, against 8,844,000, and of barley 2,699,000 bushels as compared
with 2,615,000. Adding rye, the receipts of which
were 479,000 bushels, against 809,000 bushels, the
receipts at the Western primary markets for the
five cereals, wheat, corn, oats, barley and rye combined, for the five weeks of April 1932, aggregated
only 35,715,000 bushels, compared with 56,062,000
bushels in the corresponding five weeks of 1931. In
the following table we show the details of the Western grain movement in our usual form:
WESTERN FLOUR AND GRAIN RECEIPTS.
Flour
5 Weeks Ended
(bbls.)
April 30.
Chicago
735,000
1932
901,000
1931
Minneapolis
1932
1931
Duluth
1932
1931
Milwaukee
56,000
1932
67.000
1931
Toledo
1932
1931
Detroit
1932
1931
Indianapolis & Omaha
8.000
1932
1931
Louts
B.
737,000
1932
640,000
1931
Peoria
234,000
1932
280,000
193r
CitgKansas
45,000
1932
1931
St. Joseph
1932
1931
Barley
(bush.)
Rye
bush.)
986,000 4,103,000 2,008.000
2,459,000 5,321,000 1,252,000
389,000
372,000
62,000
50,000
431,000
876,000
856,000
957,000
216,000
269,000
3,000 112,000
41,000 82,000
157,000
23,000
Wheat
(bush.)
Corn
(bush.)
Oats.
(bush.)
2,736,000
5,454,000
436,000
542,000
525,000
3,118,000
5,000
47,000
245,000
330,000
370,000
751.000
315,000
564,000
625,000
655,000
5,000
11,000
801,000
861,000
227,000
89,000
927.000
932,000
17,000
4,000
11,000
100,000
121,000
20,000
25,000
58.000
78,000
99,000
40,000
21,000
927,000 1,818,000 1,299,000
3,809,000 4,048,000 1,326,000
8,000
2,000
308,000
2,078,000 1,058,000
2,318,000 2,648,000 2,323,000
148,000
166.000
2,000
6.000
375,000
304,000
3,000
450,000
149,000 1,168,000
880,000
113,000
190,000
356,000
711,000
4,694,000
4,987.000 3,477,000
122,000
535,000
348,000
327,000
294,000 1.275,000
118,000
332,000
Financial Chronicle
4388
5 Weeks nude('
April 30.
Wichita
1932
1931
Sioux City. 1932
1931
Buffalo
1932
1931
Total AU
1932
1931
Flour
(Dbl.
s.).
Wheat
(bush.).
Corn
(bush.).
Oats
(bush.).
Barley
(bush.j.
748,000
479,000
15,000
202,000
6,000
5,000
2,000
24,000
134,000
42,000
376,000
104,000
189,000
224,000
4,000
11,000
516,000
693,000
249,000
Rye
(bush.)
64,000
1 815,000 14,966,000 11,348,000 6,223,000 2,699,000
1,888,000 24,385.000 19,409,000 8,844,000 2,615,000
479,000
809,000
The Western livestock movement, too, appears to
have been on a greatly diminished scale as compared
with April a year ago. At Chicago the receipts embraced only 11,282 carloads in April 1932 against
15,625 carloads in April 1931 and at Kansas City
and Omaha 4,785 and 3,603 carloads respectively, as
compared with 6,493 and 6,126 cars in April 1931.
Coming now to the cotton movement in the South,
this was much larger than in April 1931
-in fact the
largest for many years-in the case of the receipts
at the Southern outports, but very much smaller
than in April last year so far as gross shipments of
the staple overland are concerned. The latter aggregated only 27,869 bales in April 1932, as against
67,332 bales in April 1931;46,607 bales in April 1930;
47,514 bales in April 1929; 54,395 bales in April 1928
and 81,489 bales in April 1927. The receipts at the
Southern outports in April the present year reached
348,872 bales as compared with only 184,785 bales
in April 1931; 185,664 bales in. April 1930; 230,269
bales in April 1929; 330,258 bales in 1928 and 490,556
bales in April 1927. In the subjoined table we give
the cotton port movement in April and since Jan. 1,
for the three years 1932, 1931 and 1930:
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR MONTH OF APRIL
AND SINCE JAN. 1 TO END OF APRIL 1932, 1931 AND 1930.
April.
Since Jan. 1.
Ports.
1932.
Galveston
Houston, dm
Corpus Christi
Beaumont
New Orleans
Mobile
Pensacola
Savannah
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
Jacksonville
Total
1931.
48,931
60,657
2,165
2,975
168,490
34,444
6.034
10,306
401
8,126
1,947
2,026
2,072
298
23,248
26,277
1,922
948
77,280
25,539
4,901
13,564
348,872
184,785
3,612
812
1,621
5,061
1930.
31,168
33,39.5
1,320
1932.
737,331
795,812
26,027
10,628
79,230 1,025,232
15,243 201,564
25,969
257
10,129
78,294
5,801
35,791
6,606
983
25,954
2,824
15,068
9,596
4,509
5,574
1931.
1930.
242,998
353,005
15,596
4,750
387,356
181,597
13,637
134,500
244,856
302,179
10,126
789
356,168
80,918
4,432
48,998
39,719
13,430
16,067
29,035
68
22,659
2,465
14,370
28,641
185,664 2,998,641 1,431.758 1,116,601
RESULTS FOR EARLIER YEARS.
As already remarked further above, the 1932 loss in earnings ($101,649,162 in gross and $22,922,356 in net) follows
$81,464,009 loss in gross and $23,885,970 loss in net in 1931
and this in turn follows $63,195,964 loss in gross and $34,815,878 in net in April 1930, and these losses need no explanation beyond the statement that business depression,
prolonged, is responsible for the heavy contraction in the
whole three years. On the other hand, in April 1929, in the
period preceding the Stock Market panic, which came later
in the year, the record was a favorable one, our compilations
then Showing $38,291,124 improvement in gross and $25,937,085 improvement in net. It is to be noted, however,
that the April 1929 gains themselves followed losses In gross
and net alike, not only in April 1928, but also in April 1927,
though losses not of the same extent, the 1929 gains amounting to a full recovery of these earlier losses. In April 1928
our tables showed $24,437,149 falling off in gross and $2,910,862 falling off in net. In April 1927 there was also a
falling off, though it was not large, amounting to only $1,464,574 in the gross and $774,126 in net. In 1926, on the
other hand, the showing was quite satisfactory, our compilations then revealing $25,818,489 gain in gross and $11,764,296 gain in net. Going back further, we find that in April
1925 there was then a small loss in gross, namely $1,696,103,
but $5,389,790 gain in net. In April 1924, however, there were
June 18 1932
very heavy losses in 'gross and net alike-$48,242,116 in
the gross and $21,294,242 in the net. It will be remembered
that 1924 was the year of the Presidential election, when
trade and industry slumped with frightful rapidity after
the early months of the year, and the earnings statements
of the railroads reflected the slump in large losses in income.
It is only proper to note that these large losses in April 1924
came after prodigious gains in April 1923. The year 1923 was
one of great trade prosperity, and some of the roads, particularly in the great manufacturing districts of the East,
then handled the largest traffic in their entire history.
As a consequence, our compilation for April of that year
showed an addition to gross in the prodigious sum of $105,578,442 and a gain in net in the amount of $38,240,343.
However, it must be remembered that these gains followed
not alone from the activity of general trade, but were also
due, in no inconsiderable measure, to the fact that comparison then was with the period of the colossal coal strike
in 19
92. That strike began on April 1 of that year and
In the anthracite regions involved a complete shut-down,
while in the bituminous regions all over the country there
was complete abstention from work at all the union mines,
though the non-union mines in most cases continued at
work, their output ranging from 4,500,000 tons to 5,000,000
tons a week. Speaking of the roads as a whole, coal traffic
in April 1922 may be said to have been reduced fully 50%.
Fortunately, in the net, the loss was offset, and more than
offset, by economies and increased efficiency of operations,
with the result that though the gross fell off $15,866,410 as
compared with the year preceding, the net registered an
improvement of $23,040,083.
And this gain in net in April 1922 was the more impressive
because it came after very striking improvement in gross
and net alike in the coresponding month of 1921. Our
compilation for April 1921 recorded $31,075,286 increase in
gross, attended by $24,720,476 decrease in expenses, the
two together producing $55,795,762 gain in the net. The
country then was in the midst of intense business depression, but the carriers were in enjoyment of the higher freight
schedules put into effect towards the close of August the
previous year (1920), and which on a normal volume of
traffic would, according to the estimates, have added $125,000,000 a month to the aggregate gross revenues of the roads.
These higher rate schedules served to offset the loss in
revenues resulting from the shrinkage in the volume of
business. The plight of the carriers was a desperate one
and expenses had to be cut in every direction, and the task
was made increasingly difficult because of the advance
In wages promulgated at the same time that the Commerce
Commission authorized the higher rate schedules already
referred to. The wage awnrd added $50,000,000 to the
monthly payolls of the roads figured on a full volume of
business. On the other hand, the $55,795,762 improvement
in net in April 1921 was in comparison with a period in
the preceding year (1920), when the amount of the net had
been completely wiped out. The truth is, expenses had been
steadily rising for several successive years prior to 1921,
while the net had been as steadily diminishing, until in 1920
it reached the vanishing point. Thus in April 1920 our
tables showed $59,709,535 augmentation in expenses and $47,592,111 loss in net, while in April 1919 our compilation
registered $17,986,895 increase in gross but accompanied
by no less than $63,080,697 augmentation in expenses, thus
cutting net down by $45,093,802, and in April 1918 our
tables, though recording no less than $50,134,914 gain in
gross, yet showed $1,696,280 loss in net. Even in 1917 an
addition of $37,819,634 to gross revenues yielded only $60,155 gain in net. It was because of these cumulative losses
In net that the roads in 1920 fell $2,875,447 short of meeting
bare operating expenses (not to speak of taxes), whereas
In both 1917 and 1916 the total of the net for the month had
run above $93,000,000. In the following we give the April
comparisons back to 1906. The totals are our own except
that for 1911,1910 and 1909 we use the Inter-State Commerce
figures, the Commission having for these three yeas included all the roads in the country, while since then the
smaller roads have been omitted. Prior to 1909 the figures
are also our own, but a portion of the railroad mileage of the
country was then always unrepresented in the totals owing
to the refusal of some of the roads in those days to furnish
monthly figures for publication:
Net Earnings.
Gross Earnings.
Year
---
Year
Given.
4389
Financial Chronicle
Volume 134
I ......Y.tar.Preceding.
Given.
DiFease.
!Wats( or
Decrease.
1 rua-
_ Y•eat_
..91,
.. _
J'
Preceding.
The chief thing to be noted in the railroad section of bond
market during the last week was the narrow range in which
-moved. For many weeks this section has been particuif
larly erratic, and the fact that this churning about has been
s
$
$
$ \A
s
I
April
$
quieted is of interest. The price index for 40 railroad bonds
1906 _ 109,998,401)104,598,565 +5,399,836 31,548,660 30,137,596 +1,411.064
1907.142,884,3831115,863,354 +27,021,029 42,521.549 33,639.112 +8,882,437 =Lon Friday was 56.32, as compared with 55.61 a week ago,
47,537,111 -10,095.121
1908 _ 134,513,535)168,058.478 -30.544,948 37,441,989
196,993,1041175.071,604 +21,921,500 62,380,527 50,787,440 +11,593,087
and 52.47 two weeks ago.
1909.
225,856,1741197,024,777 +28,831,397 66.725,896 62,409,63' +4,316,266
1910.
Public utility bonds during the past week were spotty
1911 _ 218,488,587 26,002,657 -7,514,070 64,768,090 66,709,729 -1,941,639
1912 _ 220.678.465216.i40,214 +4,538,251' 57,960,871 63,888,406 -5.927,619
strength was displayed in some issues, while others were soft.
58.082,336 +2,039,869
60,122,2
1913 _ 245.i70,143220,981,373 +24,188,770
-625,524
1914 _ 236,531,600245,048,870 -8,517,270 59,398,711 60,024,235
A good illustration of this movement was shown by the
1915.337,696,378241,090,842 -3,394,464 67,515,544 59,266,322 +8,249,222
market on Wednesday when Pacific Power & Light 5s, 1955
1916 .288,453.700237,512,648 +50,941,052 93,092,395 67.396.538 +25,695.857
+6C,155
1917 .326.560,2871288,740.653 +37.819,634 93,318,041 93,257,836
%
rose 83 points, while United Light & Ry. 6s, A, 1973 lost
-1,696,280
1918 .369,409,895319,274,981 +50,134,914 89,982,415 91,678,69
1919.
388,697,894370.710,999 +17,986,895 44,850,096 89,943,898 -45.093.802
8 points. New York tractions recovered slightly in the early
1920.
401,604,6041389,487,271 +12,117,424 df2,875,447 44,716,664 -47,592,111
1921.
433,357,1991402,281,913 +31,075,286 57,658,213 1,863,451 +55,795,762
part of the week on the announcement of a revised unifica1922.
416,240,237432,106,647 -15,866,410 80.514.94357,474,861 +23,040,082
tion plan, but they receded later on with plans for opening
1923. „
„ +105,578,442 118,627,158 80,386.81 +38,240,342
1924 _ 474,094,7581522,336,874)-48,242.116101,680,719122,974,961 -21,294,242
the 8th Avenue Subway. High grade issues were practically
+5,389.7911
.
2
6 10310 .861 475 97,471,68
1925 472 591,665147
-1.69 .
. ,
4,287,7681
1926.
498.448,3091472.629,820'+24,818,489 114,685,151 102,920,855 +11,764,29(
unchanged. The price index for this group was 70.52 on
-774,121
1927.
497,212,491)498,677,065 -1.468.574113.643.766114,417,892
1928 473,428,231 497,865,380 -24,437,149110,907,453113,818,315 -2,910,8611
.
Friday, as compared with 69.68 a week ago, and 68.58 two
1929 ..513,076,02 474,784,902 +38,291,124136,821,66 110,884,575 +25,937.081
weeks ago.
1930.
450,537,217)515,733,181j-63.195.964107.123,770141,939.648 -34.815.871
1931 _ 369.106,3101450,567.319j,-81,461,009, 79,144,653103,030,623 -23.885,9711
The industrial bond section was firm to moderately strong
1932.267,473,9381369,123,100-101,649.162' 56.263.320 79.185.676 -22,922,3513
during the week. With a few exceptions, the individual
Note.
-Includes for AprIl 91 roads In 1906, 91 In 1907; In 1908 the returns were
issues in this group moved in a narrow range and the market
based on 153.007 miles of road; In 1909, 233,829; In 1910, 239,793; In 1911, 244,273:
In 1912, 236,722; In 1913, 240,740; In 1914, 243,513; In 1915. 247.701; In 1916, 246,as a whole was relatively inactive. The issues which ex615; In 1917, 248,723; in 1918, 233,884; In 1919, 232,708; In 1920, 235,121; In 1921.
hibited special strength were Lackawanna Steel first 5s, 1950
235,570; In 1922, 234,955; in 1923, 234,970; In 1924. 235.963; In 1925, 236,664:
In 1926, 236,518; In 1927, 238,183; In 1928, 239,852; in 1929, 240,956; In 1930.
/
which rose 2%1 points for the week, and Republic Steel 532s,
242,375; In 1931, 242,632; in 1932, 241,976.
1953 which sold up 10 points for the same period. Liggett &
in the latter part
Meyers 5s, 1951 developed some weakness
of the week. Moody's computed price index for 40 industrial
bonds stood at 66.21 on Friday, as compared with 65.62
The general bond market finished on Friday of the present
the previous week, and 63.90 two weeks ago.
week at levels slightly higher than those that prevailed on
Foreign bonds declined the first part of last week and
Saturday, the first
Friday a week ago. Prices improved on
there was some improvement in the latter part. The United
Kingdom dollar 5Ms, 1937 continued to display weakness,
day of the week covered, only to be followed by a backing
which is explained by the improvement of the dollar in relaand filling movement during the rest of the period. Sentition to foreign currencies, and the resulting advance in the
ment in the financial district improved somewhat, but this
United States Government obligations. The chief develophad little noticeable effect on prices; the market seems to be
ment in this section during the week was the pronounced
something to set it in motion.
marking time while waiting for
improvement in German bonds which was brought about
Moody's price index for 120 domestic corporation bonds on
by the trend of thoughts at the Lausanne Conference. French
and Japanese issues remained practically unchanged. ArgenFriday was 63.90 as compared with 63.11 the preceding
tine loans were off a few points. Australian issues were up
week, and 60.97 two weeks ago.
due to rumors that new financing would soon take place.
The obligations of the United States Government got out
The bond yield average for 40 foreign bonds on Friday was
rut they have been in for the past week or so and
of the
14.30%,as compared with 14.75% one week ago,and 15.29%
. rallied sharply. The large outward flow of gold was stopped
two weeks ago.
Municipal loans were generally soft. Important news was
on Tuesday, the chief gold movement for that day being the
lacking, and new offerings were few. New York City bonds
earmarking of almost $50,000,000 for the account of France,
were not greatly affected by the subway announcement, or
accompanied by the announcement that the program of
the intention of leading citizens to organize the Citizens
here had been completed. Durrepatriating French balances
Budget Commission in order to show the City the way to
ing the past week all foreign exchanges declined in terms of
economize.
The Course of the Bond Market.
the dollar to levels that now make it unprofitable to export
This important development
The following substitutions were made in the bond list
last week, with the usual adjustments made.
put new life in the United States Government issues. The
price index for eight long term Treasury issues rose 1.77
Rating.
points for the week, and closed on Friday at 98.48, as com-
Moody's computed bond prices and yields are shown
the tables below:
gold from the United States.
pared with 96.71 a week ago, and 96.14 two weeks ago.
120 Domestics by Ratings.
Penna. RR. 43is. 1970
New Orleans Pub. Serv. 5s, 1955
in
P.O.
amis.
59.94
59.72
59.87
59.72
59.58
59.65
59.80
59.80
59.80
60.31
60.38
59.87
58.04
55.99
54.43
44.25
44.25
43.54
42.90
43.06
43.30
43.02
43.14
43.75
44.33
44.59
44.41
41.03
39.76
37.94
56.32
56.25
55.55
55.29
55.36
55.55
55.61
55.55
56.12
56.84
66.77
56.25
52.47
49.95
47.58
70.52
70.52
70.43
69.59
69.59
69.86
69.68
69.68
70.24
71.19
71.48
71.29
6848
67.25
65.87
66.21
66.21
66.13
66,04
65.79
65.79
65.62
65.71
66.04
65,62
nele
65,54
63.90
62.64
62.09
56.12
68.52
60.31
63.19
65.62
67.07
66.64
67.07
71.29
73.45
73.85
75.29
73.35
72.26
71.77
69.77
70.62
70.52
72.06
73.15
88.88
41.44
42.90
45.46
47.44
49.22
47.73
45.15
60.80
55.42
56.68
59.80
58.66
67.57
58.32
66.65
55.73
55.99
67.17
57.30
49.53
52.24
54.55
57.64
59.94
62.56
60.82
59.29
64.80
70.15
71.19
73.85
72.95
71.67
71.77
69.31
70.15
70.71
72.06
72.16
66.73
71.00
72.95
74.46
75.92
76.68
74.98
71.87
77.55
80.72
81.07
83.35
81.42
79.68
79.58
77.11
77.44
77.66
80.14
81.54
63.35
65.29
66.64
79.40
70.90
71.48
71.00
71.38
73.65
74.57
74.98
76.14
73.55
72.75
72.45
70,62
70.71
70.81
71.48
71,19
Meg
54.43
59.87
37.94
42.68
47.58
53.22
65.87
73.55
62.09
63.74
c9
85.74
68.22
86.64
95.48
82.99
Q
95.18
85.87
97.78
95.93
93.26
•
5.38
June 17-- 7.88
5.38
16.._ 7.89
5.38
15-- 7.93
5.37
14-- 7.98
5.38
13.- 7.98
5.40
ii.. 7.96
5.41
10._ 7.98
5.41
9__ 7.97
5.36
8.- 7.91
5.34
7-- 7.85
5.35
6-- 7.84
5.35
4_ 7.88
5.49
3-- 8.26
2__ 8.51
5.66
1.- 8.74
5.75
Weekly5.67
May 28._ 8.53
5.46
21-- 8.12
5.27
14.- 7.87
5.19
7._ 7.56
5.15
Apr. 29-- 7.35
22._ 7.19
5.10
5.22
15.- 7.34
5.23
8-- 7.50
1-- 7.00
5.10
4.96
Mar.24-- 6.68
18._ 6.61
4.96
4.90
11._ 6.43
4-- 6.59
6.03
5.12
Feb. 28-- 6.71
6.16
19.- 6.72
11.. 6.95
5.30
5-- 6.90
5.29
5.26
Jan. 29.- 6.87
22-- 6.73
5.18
15_ _ 6.69
5.16
Recent L ow Pan Is
5.75
June 1 '32 8.74
5.57
Dec.17'31 8.05
Year Ago
4.34
June17'31 5.56
2 Yrs.Ago
4.57
June14'30 5.03
120 Domestics
,
Si Groups.
RR.
6.50
6.51
6.52
6.55
6.58
6.53
6.54
6.55
6.51
6.50
6.53
6.58
13.82
6.99
7.03
8.40
8.43
8.41
8.43
8.45
8.44
8.42
8.42
8.42
8.35
8.34
8.41
8.67
8.98
9.23
11.23
11.23
11.40
11.56
11.52
11.46
11.53
11.50
11.35
11.21
11.15
11.19
12.05
12.41
12.96
8.93
8.94
9.05
9.09
9.08
9.05
9.04
9.05
8.98
8.85
8.86
8.94
9.56
10.02
10.49
6.81
6.48
6.31
6.13
6.05
5.99
6.13
6.24
6.00
6.85
6.82
5.74
5.92
6.04
6.08
6.28
6.17
6.12
5.96
5.97
8.96
8.60
8.33
7.97
7.67
7.50
7.55
7.50
7.04
6.82
6.78
6.64
6.83
6.94
6.99
7.20
7.11
7.12
6.96
8.86
12.67
11.94
11.56
10.95
10.52
10.16
10.46
11.02
9.86
9.07
8.89
8.42
8.58
8.74
8.63
9.05
9.02
8.98
8.80
8.78
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
7.16
7.10
6.96
6.95
7.03
6.57
9.23
8.41
12.96
11.64
10.49
9.43
4.78
5.74
7.37
5.67
4.75
5.06
5.73
4.89
40
TorP.U. Miles. signs.
s
RR.
Ali
120 Domestics by Ridings.
120
1932
Daily DomesBaa.
A.
Aa.
Aaa.
Averages. tic.
o o o
w
on
:o
,
:nt-Znnt:nnnnnn b:nuiM66M4,4666.1466M66ei t, .6 .4
nnn't,
Boa.
Aa.
aa inn ci o
a;0,60.6owoMMwoo-.. nnnowoonomoomooconomo
nnnnnnnnnnnnnnn conmo.ociciov4.6ma-.cio.. w ..6 o o
June 17
63.90 90.55
16
63.82 90.55
15
63.50 90.55
14
63.11 90.69
13
63.11 90.55
11
63.27 90.27
10
63.11 90.13
9
63.19 90.13
8
63.66 90.83
64.15 91.11
7
64.23 90.97
e
4
63.90 90.97
60.97 89.04
3
59.15 86.77
2
1
57.57 85.61
Weektv--59.01 86.64
May 28
62.02 89.45
21
63.98 92.10
14
66.55 93.26
7
68.40 93.85
A.29
69.86 94.58
22
68.49 92.82
15
67.07 92.68
8
71.67 94.58
1
74.88 96.70
Mar.24
18
75.61 96.70
77.55 97.62
11
75.82 95.63
4
74.67 94.29
Feb. 26
74.46 93.70
19
72.16 91.67
11
72.65 91.81
5
72.96 92.25
Jan. 29
74.36 93.40
22
74.77 93.70
16
Recent Low Pain 15
June 1 1932_ __ 57.57 85.61
Dec. 17 1931- -- _ 62.66 87.96
-Year Ago
88.10 106.96
June 17
1031_-Two Years Ago
June 14 1930._ 95.63 102.98
A.
egQMVQN.OWQ.OMVW.4.00M0A
Aaa.
120 Domestic
by Groups.
IMesnu2N004Mt—meON.MM
AU
120
Domes
tic.
Bonds Substituted.
Bonds Removed.
Central New Eng. Ry. 4s. 1961
United Lt. & Ry. 53s, 1952
MOODY'S BOND YIELD AVERAGES.
(Based on Individual Closing Prime.)
MOODY'S BOND PRICES.*
(Based on Average Yleldai
1932
Daily
Averages.
A
Baa
7.60
7.60
7.61
7.62
7.65
7.65
7.67
7.66
7.62
7.67
7.65
7.68
7.88
8.04
8.11
14.30
14.17
14.16
14.48
14.54
14.71
14.75
14.78
14.51
14.35
14.41
14.55
15.29
15.83
15.80
7.95
7.71
7.55
7.24
7.08
7.02
7.07
7.03
6.80
6.71
6.67
6.56
6.81
6.89
6.92
7.11
7.10
7.09
7.02
7.05
15.28
14.82
14.03
14.10
13.70
13.31
13.39
13.23
12.77
12.65
12.62
12.31
12.51
12.81
12.8e
13.22
13.09
13.22
13.12
13.44
8.11
7.90
15.80
16.58
5.96
7.47
5.19
6.28
• Nete,--These prices are computed from average yields on the bags of one -ideal" bond(4(% coupon, maturing in 31 rears) and do not purport to show either the
average level or the average movement or actual Price quotations. They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of yield averages, the latter being the truer Picture of the bond market,
4390
Financial Chronicle
June 18 1932
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, June 17 1932.
Again there was some increase noted in retail trade in
some parts of the country, though there was nothing like
real activity. But stocks of merchandise have been everywhere reduced and replenishment was imperative. The
general condition of trade in this country can still be described as quiet to fair. There is no activity in any branch
of business. But as spring buying was small, the need is
felt for purchases of seasonal goods and the retail trade is
now about equal to that of a year ago. In New England,
significantly enough, there is growing confidence in the
future. It is bound to come sooner or later all over the
country. It happens that it is rather more noticeable in
New England at the present time than anywhere else. In
some branches of business, as for instance in rubber tires,
there has been a decided increase in buying in anticipation
of increased taxation in the near future, according to recent
enactments. Cotton has advanced a dozen points owing to
persistent and injurious rains, especially east of the Mississippi River and fears that the damage by boll weevil as a
result may be serious later on. At the same time spot
houses have been very heavy buyers of July and in some
quarters it is believed that spot interests in this country
during the past week have bought 40,000 to 50,000 bales
of July. It has been the sheet anchor of the market next
to the rains. Also, however, some advance in the stock
market has not been without its effect. Sugar has been
more active both as to futures and raws, as well as refined,
and futures have risen 9 to 12 points owing to the fact that
shipments from Cuba to the United States this year will be
restricted by the action of Cuba. Sugar futures advanced
for 12 days in succession, some 40 to 45% in all. Wheat
declined 234 cents on better crop reports both from the
winter and spring wheat sections, a falling off in the export
demand and heavy liquidation partly for Wall Street on the
disappointing recent action of the market. Corn has not
followed wheat as dutifully as usual for the reason that there
has been some export trade reported while the price is
already low, the interior is offering sparingly and the cash
demand of late has increased. Oats have been steady on
their individual merits, though without much activity. Rye
has declined 134 cents in sympathy with wheat and because
of an absence of export trade. Provisions have declined and
lard futures are 5 to 8 points lower than a week ago. Coffee
has been somewhat irregular, but in the main higher, especially on Santos futures, which have advanced 11 to 17
points, largely helped by firmer Brazilian exchange. Rubber
has advanced 7 to 8 points and tires are marked up 11 to 15
points in anticipation of Government taxes. Hides declined 15 points. Cocoa futures are up 11 to 17 points.
Silk was irregular, ending 5 points lower to 1 point higher.
Silver declined 14 to 25 points.
On the other hand, the tonnage on the Great Lakes is only
50% of what it was in 1931. Some mills in the Central West
are working at the lowest ratio in many years past, that is,
17 to 18% of capacity. Some large manufacturing concerns
in this section of the country are curtailing employment or
shutting down entirely. In New England, shoe manufacturing has been resumed and some plants are operating on full
time. The orders are not for large quantities. They are
for moderate amounts and for immediate delivery but in the
aggregate, making a rather good showing. As regards the
crops, field work in the cotton region has been delayed by
rains and even though the outlook was somewhat more
favorable for winter wheat, it is a foregone conclusion that
the yield will be smaller than that of last year. Considerable
damage has been done this year by the Hessian fly. In some
sections also, grasshoppers are a menace. Moreover, while
the outlook for spring wheat in the Northwest is favorable,
more rain is needed. In fact, a great deal of rain is needed,
after three years of drouth. The soil needs in other words,
a great deal of moisture to bring it back to normal condition, e
In the corn belt the crop is making good progress and it is
being cultivated over a large section. Smaller grains are
doing well and within a week at the Southwest, harvest will
begin in oats and rye. The fruit crops of the Southwest
make a good showing and are of fine quality. But the
trouble is low prices. Farmers complain that they are losing
money. Wool has been dull and depressed at the West but
makes a better showing in the Boston section. Steel and iron
are as quiet as ever. Orders from the automobile industry
have been very disappointing. Mills making automobile
steel are operating on a curtailed schedule. Building is
very slow. The lumber industry is very dull and depressed.
In the building trades, to make matters worse, there are
disputes between builders and labor unions over wage scales,
though in some of the large cities they have been settled, the
unions agreeing to wage reductions in some cases of 15%.
In the automobile industry things are dull except with the
Ford Co., but the demand is everywhere disappointing.
People are not in the mood to buy luxuries of any sort, and
many automobile companies have greatly reduced their output, which is down to an amount sufficient to meet merely
the immediate demand.
On the 13th inst. the stock market was dull and irregular
with transactions of only 567,600 shares, strange as such a
total looked, and a net loss on 50 test stocks of a little under
a quarter of a point. Everybody was watching Congress
and its doings with a side glance at Chicago. Cotton and
sugar were higher; grain lower. Auburn furnished a sort of
comedy interlude. It advanced about 29 points last week,
much to the shorts' discomfiture, and it still remained a
sort of buzz saw to clip the claws of the bear fraternity.
They continued to "get action" on the 13th. It declined
5% points early; then shot upward 1234 p._ints, helping other
stocks, but then having a rather dizzy fall of 1034 points,
closing at a net rise of 2 points, showing with reasonable
clearness that traders in this stock get what in the vernacular
is described as a "run for their money." Margin requirements on Aurbun were raised to 25% in contrast with 20%
on other stocks. The rate for borrowing securities overnight was advanced to 75 cents a share. Of Auburn there
are only 211,000 shares listed, much of it held, it seems, by
a holding company.
On the 14th inst. stocks advanced 1 to 3 points on light
transactions and in spite of some adverse news. The Western
Union passed its dividends and the dividend on Standard
Gas common was reduced but significantly enough both
stocks closed higher. These announcements had plainly
been discounted. And the adjournment of Congress draws
near. Gold exports are supposed to be over. The strongest
stocks were U. S. Steel, Allied Chemical, Consolidated Gas,
Public Service, American Telephone, General Foods, American Tobacco and American Sugar. Railroads also acted
well. The dividend on New Haven preferred was passed
but it closed only Y of a point lower and the common ended
i
a shade higher. The sales of stocks were some 800,000
shares. In other words stocks were quiet but were in no
yielding mood at this absurdly low level of prices. Bonds
advanced.
On the 15th inst. stocks and bonds rose 1 to 3 points.
United States Government issues led the rise in bonds.
Governments in general advanced 1-32 to 1 16-32 points,
and domestic corporations 1 to 23 . Trading in stocks rose
4
to 1,155,000 shares or 400,000 more than the day before and
in bonds to $9,848,500. Auburn again gave the shorts a
taste of its quality in a rise of 9%. In the popular parlance
the shorts "asked for it." Foreign exchange was lower.
Wheat advanced 134c. and cotton 15 points. Some other
commodities either advanced or held their own. And
sentiment was more cheerful. It was in the air. The dollar
stood up better. Pessimism was relegated to the background.
Men were more disposed to hope for better things. The
strength of United States Government bonds and the
belief that gold exports are nearing an end seemed to galvanize the market into an appearance at least of greater strength
and confidence.
On the 16th inst., stocks were dull at a trifling net advance.
The transactions were only about 850,000 shares. Bonds
advanced and foreign exchange again declined. Bond sales
rose $1,000,000 to a total of $10,989,350 at a rise of 2 to 4
points. Bonds were the real feature of the day. Stocks
simply marked time, awaiting the action of the Chicago
National Convention with its prohibition platform "yessing"
to the drys and "yessing" to the wets and nauseating to most
people throughout the length and breadth of the land and
marking a "new low" in American politics at least in the
Volume 134
Financial Chronicle
Twentieth Century. It is as bad as some of the straddling
on the Slavery question in the last century. To-day the
stock market was lower with transactions of 800,000 shares.
Bonds were lower. German bonds rallied on developments
at Lausanne. Wheat was down about 2c. and leading stocks
were off 1 to 3 points. Whether the platform adopted at
Chicago had any effect or not must be left largely to conjecture. Some were satisfied but others were very much
disappointed.
Retail and wholesale conditions in the Detroit area remained below normal, but employment showed distinct
improvement, several hundred workers being recalled to the
various manufacturing plants of the city. With all departments working a full six-day week schedule more than 700
additional employees have been taken on at. the Auburn
Ind., plants of the Auburn Automobile Co.
At Fall River the fine goods mill of the Pepperell Mfg. Co.
is operating three days a week, no night running. The
Maverick Mills of East Boston, Mass., will close for two
weeks, beginning July 4. The Nashua Mfg. Co. of Nashua,
N. H., will close for two weeks beginning July 4. The
Indian Head Mills of Alabama will close for two weeks beginning June 25. The Dwight Mfg. Co. of Alabama City,
Ala., will suspend operations for the week of July 4. At
Charlotte, N. C., the Highland Park Mfg. Co. is reported
operating three days each week with a little night work.
This company manufactures shirtings and ginghams. This
company has three shops and it is reported that two are not
operating. Charlotte, N. C., wired that the Larkwood
Silk Hosiery Mills are reported operating on a full-time
schedule for day and night shifts. The mills have maintained
this schedule for some time and it is expected that it will
be continued indefinitely. At Mooresville, N. C., after
having been shut down a couple of weeks, the Mooresville
Cotton Mills has started to operate part of the mills and
expect to put on more workers this week. At Spray, N. C.,
all of the textile mills in Leaksville, Spray and Draper
controlled by the Carolina Cotton & Woolen Mills Co.
closed down June 16 for a period of 18 days on account of
dull trade. At Spartanburg, mill operatives who went on
a strike last week in protest against an alleged discrimination
by the Arcadia Mill management against union labor on
the 13th inst. were under orders of the operating firm to
vacate the company-owned houses after altercations between
union and non-union workers outside the mill gates.
At Central, S. C., the Issaqueena Mills are on full-time
operating schedule. This plant is in the hands of a receiver.
At Whitney, S. C., the Whitney Mfg. Co. has, it is said,
closed down for the present. Employees are being taken
care of by the management during the time the plant is closed.
At Chester, S. C., the Eureka Cotton Mill No. 1 at Hemlock
Station, near this city, is operating on a day and night schedule, and will continue so until July 2, when the plant will
close down for the week of July 4. At Beesville, S. C., the
Abbeville Cotton Mills are curtailing. The mills will be
closed down until July 4, according to reports. At Selma,
Ala., the California Cotton Mill Co., Sunset plant, is
operating on a 40
-hour schedule each week.
Manchester cabled: "In most districts of Lancashire no
damage in employment conditions has taken place this
week, although notices by Cotton Spinners & Manufacturers Association to end all agreements on wages and hours
in the industry took effect at noon last Saturday. The
employers decided to continue the old rates for the time
being. In some districts, however, there were attempts
made by individual mills to impose wage reductions and the
operatives affected quit work." Manchester cabled: "The
Cotton Weavers Amalgamation Committee has recommended that the workers vote in favor of a strike in the new
ballot which will be taken on June 22 on the question of
whether to strike or accept the decision of the employers
to terminate all wage and hour agreements." Manchester
cabled June 16: "Operatives at several of the cotton mills at
Blackburn that recently reduced wages went on strike
to-day." Berlin cabled: "Rhineland and West Phalian
cotton mills are following the recent decision of South German
cotton mills to effect a reduction of 20% in output for the
month."
It was cool, cloudy and rainy in the forepart of the week,
though fair and warmer on the 15th inst. On the 14th inst.,
the temperatures in New York were 59 to 70 degrees. Boston had 54 to 64; Chicago, 66 to 72; Cincinnati, 60 to 84;
Cleveland,58 to 72; Detroit,62 to 78; Kansas City,64 to 76;
Milwaukee,62 to 76; St. Paul, 58 to 82; Montreal, 64 to 72;
4391
Omaha, 60 to 78; Philadelphia, 62 to 74; San Francisco,
52 to 62; Seattle, 56 to 72; Spokane, 62 to 88; St. Louis, 68
to 84. The Weather Bureau said that showers occurred in
the 24 hours ended 8 a. m. June 15 in the Mississippi, lower
Ohio and lower Missouri Valleys and in the Atlantic States.
A severe hurricane was reported in Honduras and destructive
gales in Panama. To-day the New York temperatures
were 66 to 72 degrees with the forecast for to-morrow fair
and warmer.
Col. Leonard P. Ayres of Cleveland Trust Co. Finds
Progress in Creating Solid Financial Foundation
on Which Business Improvement Can Be Based—
Liquidation of Bank Security Holdings Halted—
Efforts to Support Bond Market.
Pointing out that -much progress has been made during
the past month in the long process of creating a solid financial foundation on which business improvement can be
based," Col. Leonard P. Ayres, Vice-President of the Cleveland Trust Company, in the Company's Business Bulletin,
June 15 goes on to say:
have
bank deposits
Most of the time during the past year and a half
been falling. Now
been shrinking, and their loans and investments have
deposits are increasing, and
these movements have been reversed, and bank
that the liquidatheir loans and investments are moving up. It is clear
and loans to business are
tion of bank security holdings has been halted,
being expanded.
to the open market
The improvement is pretty clearly to be attributed
increased the amount
policy of the Federal Reserve System which has
their borrowings. With
of Reserve credit, and enabled banks to pay down
announcement of the
this easing off of credit strain there has come the
banks organized
formation in New York of an investment consortium of
securities on a large scale.
to support the bond market by purchasing
open market operations of
This is a development made possible by the
have become clearly
the Reserve System, and already its helpful effects
apparent.
concerning our
Bank suspensions have almost ceased. Apprehension
Congress in
national finances has finally been allayed by the action of
thus vigorously moving
Passing the tax bill and the economy bill, and
long detoward the balancing of the nation's budget. This action was
heavy gold
layed, and during the protracted discussion there have been
of the reexports which were disquieting. Nevertheless the operation
easily to meet all
cently enacted Glass-Steagall law has made it possible
of having shipped
gold demands and now we are in the fortunate position withdrawn, and a
home nearly all the French gold holdings that can be
large part of all other foreign holdings.
a difficult period,
This month, and this summer, will clearly constitute
activity at a low
with complications arising abroad, and with business
made in banking,
ebb in this country. Nevertheless real progress is being
accomplishin credit, in the bond market, and in national finance. These
the unemments are not spectacular, and they do not furnish work for
basis from which inployed. They do, however, constitute the essential
creased business activity can start.
Col. Ayres also comments as follows in the June 15
Bulletin:
Balanced Budgets.
Unbalanced budgets resulting from severe business depressions are not
depression
new in this country. We had experience with them in the long
records in
of the 70's, and again in that of the 90's. They have left their
in our nathe reports of the Treasury Department on the fluctuations
debt in
tional debt, for an increase in our interest bearing not beentime of peace
adequate to
means that ordinary Governmental receipts have
cover ordinary expenditures.
of our
In the diagram [this we omit—Ed.] the line shows the amount
national interest bearing debt in June of each year from 1860 up to
after our entry into
1932. The scale is 10 times at great for the period
rethe World War as it was before that time. The first great increase
the
flects the heavy expenditures of the Civil War. When peace returned
the
debt was rapidly reduced until the advent of the long depression of
but finally it
70's. It was then held almost constant for several years,
to its close.
sharply increased just before the depression came
rapidly
From 1879 down to the depression of the 90's the debt was
reduced, but with a check in the rate of decline during the depression of
balance,
1884. In the depression of the 90's the budget was again out of
further advance due
and the debt increased, and this was followed by a
Spain. Ten years later there was
to the expenditures of the War with
another increase which may have been in part due to the depression of
1908.
The expenditures of our participation in the World War were of vast
proportions, and our debt mounted more than 10 times as high as it did
during the Civil War. Once more reductions began as soon as peace returned, and they continued down to 1930. Last year and this year our
national budget has again been out of balance, and the national debt has
been rapidly increasing. Its rate of increase has been proportionately
more rapid than it was in the depressions of the 70's and of the 90's. The
need for a genuine balancing of the budget has become acute.
Bond Issues.
In the opening days of June bond prices advanced vigorously because of
the organization by New York financial interests of the American Securities Investing Corporation. This is a bond pool with large resources that
has been created to support the bond market and to inaugurate if possible
a period of greater demand for such securities, and to stimulate later on
the flotation of new issues. These developments are rightly regarded as
being almost essential early steps in carrying through any program for
initiating a general improvement in business conditions.
The funds for financing new construction on a large scale, and for
the purchase of new industrial equipment, are secured by the sale of
bonds. However, the records of previous years indicate that new issues
can be floated and sold to investors in large volume only during periods
when bond prices are advancing. When prices fall the number of new
Issues declines. These are some of the reasons why the operations of the
new bond pool are important.
In the diagram [this we omit—Ed.1 the upper solid line shows the
monthly variations in average prices of 60 high grade bonds since the
beginning of 1920. The index is compiled by the Standard Statistics Corn-
4392
Financial Chronicle
pany. The lower dashed line is a moving annual total of the new issues
of long term American bonds, excluding Federal issues, and those issued
for refunding purposes, or by investment trusts. It represents the issuance of bonds for constructive purposes. The scale is at the right hand
side of the diagram, and is in billions of dollars.
The general agreement in trend between the two lines is marked. In
1920 and 1921, during the post-war depression, bond prices were low
and the volume of new issues was small. Then both lines advanced during
the recovery period, and declined as the prosperity of 1923 passed its
peak. In similar fashion the agreement between trends in bond prices
and changes in the volume of new flotations may be traced during the
subsequent years. In this depression bond prices have fallen to even
lower levels than those reached in 1920 and 1921, and the volume of new
issues during the past year has declined to hardly more than one quarter
of the total reached five years ago in 1927.
Present efforts to support the bond market, and to initiate a period of
advancing prices, have for their purpose the creation of conditions under
which new issues can be sold in large volume. If that can be done the
funds for new construction can be secured, and money for purchasing new
equipment can be made available. With one exception every period of
business recovery after depression in this country during the past 100
years has been ushered in by an advancing bond market. The exception
was in 1915 when recovery came in with war orders.
Rail Bonds.
Prevailing low prices for securities constitute the most serious difficulties to be overcome before new projects can be financed, and workers
called back to employment to put them into execution. Present prices of
bonds are so very low that no matter how well secured a new corporate
issue might be, and no matter how attractive its promised yield, it is
perfectly simple for the prospective investor to turn to the bond page of
his paper and pick out seasoned issues of at least as high quality and
selling at even lower prices. The competition of existing securities is so
great at these price levels as effectively to obstruct the flotation of all
save most exceptionally appealing new issues.
This condition is illustrated by the diagram [this we omit-Ed.] which
shows the prices of active railroad bonds of solvent companies as of
May 25. Since that time prices have been distinctly lower, and considerably higher. The first column of the diagram represents bonds quoted
under 10, which usually means at less than $100 for each $1,000 bond.
On that date the active issues in this group had a par value of 335
millions for the bonds in the possession of the public, and their total
market value, represented by the cross-hatched section, was less than 17
millions. These are bonds of solvent roads. None are in default, and the
coupons being paid amount each year to more than the market value of the
bonds. The current yield on this third of a billion of securities was over
100%.
In the second group are bonds selling for from 10 to 20. There were
over 920 million dollars of them in par value, and the market value
was less than 123 millions. If we take these two first groups together we
find that they had a par value of a billion and a quarter dollars, and a
market value of scarcely more than 10% as much. The total outstanding
of all the active issues included in the diagram was nearly three and onehalf billions, or not far from one-third of the net bonded indebtedness of
all railroads, and their total market value was one-quarter of their par
value. These bonds constitute a new sort of competition of securities
against which it is_difficult indeed to float new corporate issues to finance
enterprise, employ workers, and stimulate business.
Probably no more helpful use could be made of a portion of the funds of
the Reconstruction Finance Corporation than in extending loans to railroads to enable them to buy in some of their depreciated bonds. They
would thus be reducing their fixed charges, increasing the security of
their outstanding bonds, insuring the safety of the Reconstruction loans
already made to them, and stimulating an advancing bond market on
which new Industrial and utility issues could be floated.
Iron and Steel.
Conditions in the basic iron and steel industry continue to reflect the
serious nature of the industrial depression. We are now entering the
period during which productivity in that industry normally experiences
some summer recession.
At the opening of this month 18.2% of the available blast furnaces were in operation. This, by a small margin, is the
lowest level yet reached in the depression, the previous low point being
18.9% last December. In the depression of 1921 the low point was 16.5%,
reached in July of that year. Average daily pig iron production in May
was 25.3 thousand gross tons, which is the smallest average for 35 years.
General industrial production, as measured by the index compiled by this
bank and based on the data of the Federal Reserve Board, declined to a
new low of 45.7% below normal in April, from 43.1% under normal in
March.
Exchange Value&
The purchasing power of farmers is abnormally low at the present time,
and that is one of the important special problems of this depression period.
The computations on which the diagram [this we omit-Ed.] at the foot
of this page is based indicate that the exchange value of farm products in
terms of manufactured goods is lower now than it has been at any previous
time since the long depression of the 70's. The data are based on the
index numbers of wholesale commodity prices compiled by Professors Warren and Pearson of Cornell University.
In these index numbers farm and food products comprise one-half of
the whole in weight or importance, while all other sorts of goods make up
the remaining half. This makes it easy to compute the exchange values of
each class of goods in terms of those of the other group, and the results
are presented in the diagram for the years since 1800. Each series is shown
In percentages of its own average for the entire period. The purchasing
power of the manufactured or town goods follows an irregularly descending
trend over this long period, while that of the farm products follows a
rising trend:
In the past century and a third the productive efficiency of the farms
has steadily increased, but the advance in manufacturing efficiency has
been even more rapid. The result has been that from decade to decade
a fixed quantity of farm products has been able to command in exchange
an increasing volume of manufactured goods, and this despite the tariffs
which have more generally protected industrial than agricultural outputs.
The departures from the trends have been many, but the long term
tendency has favored the farm as against the town.
The black silhouette in the lowest section of the diagram shows the
fluctuations of business activity above and below its computed normal
level. Up until the period of the Civil War there appears to have been
a tendency for farm prosperity and depression to coincide with the corresponding conditions in business activity, but from then on to the
World War the agreement has been rather between business activity and
the purchasing power of the town goods.
More recently the earlier relationships appear to have come back into
being. During the World War the farm purchasing power was high, and
June 18 1932
business was in the prosperity phase.
In 1921 business was in depression
and farm purchasing power was sharply curtailed: There then followed a
period of business prosperity during which farm products commanded
greater exchange amounts of town goods. Finally in this depression the
purchasing power of farm products has declined to the levels of 60 years
ago.
Annalist's Index of Business Activity-May Figures
3.4% Below Those for April.
The "Annalist" Index of Business Activity shows a further
substantial decline to 53.1 (preliminary) for May from 56.5
for April and 78.1 for May 1931. The decrease was mostly,
however, the result of one factor, freight car loadings, which,
in turn, were dominated by a single factor, coal shipments.
The "Annalist" also said as follows June 17:
As the result of an unusually heavy decline in coal shipments, the adjusted index of freight car loadings declined from 58.2 to 51.2, the largest
decline for any one month In the post-war period, with the exception of
January 1921, when it declined to 90.6 from 103.2 for December 1920.
Although the current stagnation in bituminous coal mining was the principal factor in the decrease shown by the combined index, declines were
general among the other components of the Index, only one, automobile
production, showing an increase over April. And although these other
declines were comparatively small, they nevertheless carried several components, including the adjusted Indices of pig iron production, steel ingot
production, cotton consumption and zinc production to new low records
for the post-war period.
The adjusted index of automobile production, on the other hand, rose
to 41.6 (preliminary) for May from 32.7 for April and 27.4 for March,
largely as the result of expansion in the low-priced field, especially in Ford
and Plymouth output. It is also worth noting that May brought a further
gain in the value of construction contracts awarded (not included in the
business Index) to a seasonally adjusted daily average of 15,280,000 from
$4,050,000 for April and 13.860.000 for March.
Table I gives the combined index and its components, each of which is
adjusted for seasonal variation and, where necessary, for long-tIme trend.
Table II gives the combined index back to the beginning of 1927.
TABLE 1-THE ANNALIST INDEX OF BUSINESS ACTIVITY AND
COMPONENT GROUPS.
May.
April.
March.
22.5
Pig iron production
24.9
27.9
23.2
Steel Ingot Production
25.0
26.4
51.2
Freight car loadings
58.2
60.1
a68.8
Electric power production
70.4
72.3
47.8
Bituminous coal production
54.0
74.5
Automobile production
641.6
27.4
32.7
Cotton consumption
55.7
56.8
73.2
Wool consumption
---45.0
60.6
Boot and ehoe production
cs
89.0
97.1
Zinc production
36.0
40.0
41.3
.53.1
Combined index
66.5
61.6
* Subject to revision. a Based on an estimated output of 6,718,000,000 kilowatthours, as against the Geological Survey otals of 6,78 .000,000 kilowatt-hours for
April and 7,645,000,000 kilowatt-hours for May 1931. b Based on the N. A. C. C.
estimate of 185,970 cars and trucks (United States and Canada) as against the
Department of Commerce totals of 154,823 cars and trucks in April and 329,901
cars and trucks in May 1931. c Based on the Tanners' Council estimate of 22,000,000 pairs, as against the Department cf Commerce totals of 25,899,699 pairs in
April and 28,452,268 pairs In May 1931.
TABLE 11-THE COMBINED INDEX SINCE JANUARY 1927.
1932.
62.8
January
62.6
February
March
61.6
April
56.5
May
*53.1
June
July
August
September
October
November
December
*Subject to revision.
1931.
1930.
1929.
1928.
1927.
74.4
76.2
78.0
80.8
78.1
76.5
78.2
73.5
70.8
66.3
65.1
65.5
95.0
94.2
91.2
95.0
90.0
89.0
86.4
83.1
82.4
79.5
76.1
76.1
105.5
106.1
104.3
108.8
110.1
108.9
109.9
108.1
107.3
105.7
96.9
92.1
98.0
99.7
99.4
99.9
101.3
08.7
100.5
102.1
102.4
105.0
103.7
102.0
102.2
104.7
106.9
104.4
104.8
103.4
101.5
101.8
100.9
98.2
95.5
93.7
Annalist Weekly Index of Wholesale Commodity Prices.
The "Annalist" weekly index of wholesale commodity
Prices fell 0.1 point to a new low in the ninth consecutive
week of decline, dropping to 87.3 on June 14, from 87.4
of June 7, 91.3 on April 12 and 100.7 on June 16 1931.
The "Annalist" also reports:
The further decline in wheat prices forced the index down in spite of the
rise of gasoline. The general price situation was otherwise little changed.
marking time pending new developments In politics and business.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(19 3=100)
June 14 1932. June 7 1032. June 16 1931.
Farm products
Food Products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commoditiex
a Provisional. S Revised.
64.1
01.0
068.9
1354
06.0
107.3
06.0
79.7
00.6
169.1
134.0
96.0
107.3
96.0
81.1
' 87.3
87.4
64.8
88.2
108.3
94.4
118.7
101.1
118.8
99.7
85.6
•
1110.7
Loading of Railroad Revenue Freight Still on the
Decline.
Loading of revenue freight for the week ended on June 4
totaled 447,387 cars, according to reports filed by the railroads with the car service division of the Air erican Railway
Association. Due to the observance of the Decoration Day
holiday, this was a decrease of 73,575 cars below the preThis also was a reduction of 313,697
ceding week this year.
cars below the corresponding week in 1931 and 488,195 cars
4393
Financial Chronicle
Volume 134
under the same period two years ago. The corresponding
weeks in 1930 and 1931, however, did not include the holiday.
Details are outlined as follows:
Miscellaneous freight loading for the week ended on June 4 totaled 169,993
cars, a decrease of 25,542 cars below the preceding week, 137,004 cars under
the corresponding week in 1931, and 199.323 cars under the same week in
1930.
Loading of merchandise less than carload lot freight totaled 154,984
cars, a decrease of 25,506 cars below the preceding week, 69.047 cars below
the corresponding week last year and 88,769 cars under the same week two
years ago.
Grain and grain products loading for the week totaled 23,303 cars, 8,705
cars below the preceding week, 11,126 cars below the corresponding week
last year and 15,254 cars below the same week in 1930. In the Western
districts alone, grain and grain products loading for the week ended on
June 4 totaled 14,348 cars, a decrease of 8,993 cars below the same week
last year.
Coal loading totaled 63,094 cars, a decrease of 9.742 cars below the preceding week, 44,590 cars below the corresponding week last year, and
72,793 cars below the same week in 1930.
Forest products loading totaled 16,419 cars, a decrease of 1,643 cars
below the preceding week, 16,756 cars under the same week in 1931 and
34,556 cars below the corresponding week two years ago.
Ore loading amounted to 2,185 cars, a decrease of 358 cars below the week
before, 28,565 cars under the corresponding week last year, and 61,265
ears under the same week in 1930.
Coke loading amounted to 3,011 cars, a decrease of 191 cars below the
preceding week, 2,948 cars below the same week last year and 6,734 cars
below the same week two years ago.
Live stock loading amounted to 14,398 cars, a decrease of 1.888 cars below
the preceding week, 3.661 Cars below the same week last year and 9,501
cars below the same week two years ago. In the Western districts alone.
loading of live stock for the week ended on June 4 totaled 10.705 cars, a
decrease of 3,098 cars, compared with the same week last year.
All districts reported reductions in the total loading of all commodities
compared with the same week in 1931 and 1930.
Loading of revenue freight in 1932 compared with the two previous years
follows:
1932.
1931.
2,269,875
2,245,325
2,280,672
2,772,888
2,087,756
447,387
2,873,211
2,834,119
2,936,928
3.757,863
2,958,784
761,084
3,470.797
3,506,899
3,515.733
4,561,634
3,650,775
935.582
12 10X.903
16.121.989
19.641.420
Four weeks in January
Four weeks in February
Four weeks in March
Five weeks in April
Four weeks in MayWeek ended June 4
1930.
The foregoing, as noted, cover total loadings by the railroads of the United States for the week ended June 4. In
the table below we undertake to show also the loadings for
the separate roads and systems. It should be understood,
however, that in this case the figures are a week behind
those of the general totals-that is, are for the week ended
May 28. During the latter period a total of 15 roads showed
increases over the corresponding week last year, the most
important of which were the Alton RR., Monongahela RR.,
Bangor & Aroostook RR., Detroit, Toledo & Ironton RR.,
Belt Ry. of Chicago and Spokane Portland & Seattle Ry
-WEEK ENDED MAY 28.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
Total Revenue
Freight Loaded,
Railroads.
Total Loads Received
from Connections.
1,739
3,465
10,028
661
3.768
13,741
624
293
4,293
9,637
1,996
2,511
9,623
1,171
330
5,610
11,562
3.709
2,471
13,956
1,222
30,574
34,026
29,524
38,860
4,599
7,917
10,860
179
1,274
7.016
973
17,349
1,805
444
286
7,882
10,829
14,089
199
2,022
9,511
2,025
22,790
1,924
532
366
7:5ii
11,634
15.316
219
2.285
9,539
2.330
30.993
1,552
619
375
6,166
5,056
11,141
1,625
885
6,155
26
21.724
1,841
41
268
6,744
16,275
2,491
1,372
7.669
60
33,472
2,980
17
352
52,702
Total
1,282
3,339
8,996
781
3,207
12,386
583
26,397
Group B:
y Buff. Rochester & Pittsburgh_
Delaware & Hudson
Delaware Lackawanna Sc West_
Erie
Lehigh Sc Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western__
Pittsburgh & Shawmut
Pittsb. Shawmut & Northern..
:Ulster & Delaware
1930.
1,735
2,830
7,477
707
2.616
10,415
617
Total
1931.
72,169
82,210
54,928
79,721
. 509
1,332
7,307
29
249
154
1,979
2,503
5,928
3,218
4,130
4,422
3,260
891
5,189
1.945
508
2,114
8,728
67
618
309
1,945
4,536
7.503
3,128
4,830
5,695
5.149
1,475
5,989
3,543
442
2,222
10,043
53
536
359
2.354
5,178
9.409
5,281
5,978
7,138
8,033
1,225
6,594
5.602
808
1,595
8,159
44
87
1,317
896
4,628
6,020
250
6,954
2,931
3,330
552
6,935
1,780
1.303
2,357
12,670
119
173
2,666
1.205
6,006
8.959
250
10.047
4,685
4,936
900
9,363
3,099
Wows
Ann Arbor
Chicago Indianan. &
Cleve. Cin. Chi. de St. Louts..
CentralIndiana
Detroit & Mackinac
Detroit dr Toledo Shore Line...
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago Sc St. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia
Wabash
Wheeling & Lake Erie
43,045
56,127
70,447
46.286
68,738
122,144
158,870
154,803
130,738
187,319
23,012
759
29,695
4,159
z38,815
6,970
10.851
598
16,356
2,286
;Iii
6,010
4
186
59
1,129
52,498
11,435
3,836
47
2,809
-jib
8.914
3
291
130
1,214
69,633
16,014
7,429
42
3,060
214
10,804
450
266
226
1.187
85.973
16,971
12,533
40
3,282
1
8,744
39
13
17
2.455
28.493
13,147
483
1
3,043
8
12,976
35
30
28
4,423
43,943
19,107
3,527
1
4,085
101,928
140.769
177.531
67,685
106,805
17,081
11.689
1,023
2.404
20,751
17,840
1.330
3,583
23,908
21,682
1,305
3,119
6,050
2,910
941
451
8,507
4,224
1,651
547
32,287
43,594
50,014
10.352
14.929
7,832
11,815
6941,366
468
859
120
130
54
' 59
1,570
2,245
448
595
333 .
498
6,462
9.417
16,846
23,289
456
190
11,923
1.370
686
109
60
2.030
537
540
10,593
25,252
183
Total
Grand total Eastern DistrictAllegheny District
Baltimore & Ohio
Bessemer & Lake Erie
y Buffalo Sc Susquehanna
Buffalo Creek & Gamer
Central RR. of New Jersey.
Cornwall
Cumberland de Pennsylvania_
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas District
Chesapeake & Ohio
• Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District
Group A:
Atlantic Coast Line
Clinchfield
Charleston & Western Carolina
Durham de Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. dr Potom
Seaboard Air Line
Southern System
Winston-Salem Southbound
8:ii5
_
3,421
5,570
892
1,353
589
985
203
208
51
64
776
1.331
574
862
3.766
5.771
2,325
3.537
8,024
13,174
632 ,. 962
Group B:
Alabama Tenn. & Northern-Atlanta Birmingham & Coast..
& 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 de Savannah
MississippiCentral
Mobile & Ohio
Nashville Chattanooga dc St. L.
New Orleans-Great Northern
Tennessee Central
1931.
1930.
195
580
535
2,830
175
571
832
284
640
16,578
13,202
146
120
1.685
2,576
500
343
245
775
677
4,240
299
937
1,123
440
927
21.164
21.626
141
227
2.225
3,311
999
657
223
871
826
4,212
375
764
1,096
478
1,073
25,223
25,017
152
285
2,811
4,323
1,015
662
1932.
128
531
787
1.630
165
388
950
212
694
6,815
2,802
284
174
1,091
1.565
264
389
1931.
211
795
1,165
.2.656
211
1,071
1,493
281
1,008
12,178
4,910
390
393
1.274
2;207
366
548
41,792
60,013
69,406
18.869 I
31.157
Grand total Southern District
76,775
110,456
122.689
40.122 I
64,974
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw, St. Paul & Pacific_
Chic, St. Paul Minn. & Omaha
Duluth Missabe dr Northern...
DuluthSouth Shore & Atlantic
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Minneapolis de St. Louis
Minn. St. Paul & S. S. Marie..
Northern Pacific
Spokane Portland & Seattle....
1,618
13,390
2.289
15,489
3,085
554
485
3,227
294
7,014
507
1,962
3,652
7,333
1,217
1,467
20.190
2,787
19,806
3,943
10,966
973
4.956
307
10.531
635
2.509
5.249
8,804
1,175
1,505
26,179
3,509
24,986
5.119
19,372
1,764
9.893
460
19,816
696
3.082
7.817
12.131
1,527
1.464
6,267
1.735
5,524
2.678
78
325
2,825
128
1,931
325
1.123
1.842
1.948
835
1,768
9,195
2.523
6.475
3.646
94
379
5,351
173
2.039
412
1.266
1.932
2,366
1.316
62,116
94,298
137,856
29,028 I
38,935
18,361
3,368
139
13,692
12,412
2,229
640
1,273
144
1,056
537
211
14,844
260
347
10.321
151
1,165
24,587
3,358
224
17,096
15,894
2,572
1,069
1,933
459
1,066
605
232
18,590
322
259
12,852
146
1,235
26,164
4.688
312
21,357
17.842
3,184
1.215
2.884
529
1,172
1,196
232
21,564
310
287
13,884
250
1.721
3,465
1,678
15
4,672
6,229
1,560
562
1,413
16
668
240
20
3.212
196
636
5,118
1,010
4,879
2,344
18
5,700
9,246
2.268
866
1,860
19
878
268
28
3.819
556
806
6.738
13
999
81,150
102.999
118.771
30,713 I
41.305
152
116
136
1,755
181
1,571
190
1.664
1,243
75
512
50
4,294
11,827
36
106
7.592
1,904
555
5,341
3,340
1,907
15
271
182
165
1,896
336
4,014
370
1,847
2,120
150
710
115
4,494
15,962
36
79
9,360
2,984
443
7,962
4,530
- 2,292
• 35
347
275
207
2.167
259
1,998
409
2,431
2,043
228
819
92
5,484
18,537
36
158
10.764
3.451
483
7,889
5.546
2,849
48
2,500
291
109
1.052
58
1,749
532
1,263
908
462
187
221
2,136
6,217
18
75
2.842
1.778
196
2.600
3,347
1,665
43
3.363
410
89
1.832
26
2,327
957
3.214
910
724
255
461
2,409
7.683
39
200
3,780
2,617
186
4,613
4.258
2,568
49
44.562
60.353
66.520
30.249 I
42.970
Total
Total
Central Western Dlat.Atch. Top.& Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington de Quincy
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & salt Lake
Fort Worth & Denver City
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
Si. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton Sc Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
Houston Sc Brazos Valley
International-Great Northern..
Kansas Oklahoma Sc Gulf
Kansas City Southern
Louisiana Sc Arkansas
Litchfield & Madison
Midland Valley
Missouri Sc North Arkansas._ _ _
-Kansas-Texas Lines..
Missouri
Missouri Pacific
Natchez Sc Southern
Quanah Acme & Pacific
St. Louis-San Francisco ...
St. Louis Southwestern
San Antonio Uvalde Sc Gulf....
Southern Pacific in Texas Sc La.
Texas Sc Pacific
Terminal RR.Assn. 01St. Louis
Weatherford min. Wells Sc Nor.
34,983
50.443
53.283
21,253
33.817
Total
Total
x Included In New York Central. y Included In Baltimore Sc Ohio RR. a Estimated. •Previous figures.
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
1932.
1931.
1932.
Eastern District
Group A:
Bangor ez Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H. & Hartford,.
Rutland
1932.
Railroads.
Financial Chronicle
4394
Dun's Report of Failures for May.
Commercial insolvencies during May continued to maintain their upward trend. Failures in the United States, as
reported to R. G. Dun & Co., for May numbered 2,788,
with a total indebtedness of $83,763,521. The present
number, with the exception of February, is the lowest recorded thus far this year. This is due to the seasonal decline
that usually occurs at this period and continues through
the summer months. In comparison with the 2,816 defaults
reported for April, the number for May shows a decrease
of 1%,and is 19.4% below the high point of the year (January), when 3,458 failures were recorded.
Compared with the record for May of last year, when
there were 2,248 defaults, an increase of 24% is shown.
This i3 the highest percentage of increase for any month this
year, in comparison with the total for the same period of
last year.
Monthly and quarterly failures, showing number and
liabilities for this year to date, are contrasted below:
BlabPates.
Number
1932.
1930.
1931.
May
April
2,788
2,816
2,248
2,383
2,179
2,198
$83,763,521 $53,371,212 $55,541,462
101,068,693 50,868,135 49,059,308
March
February
January
2,951
2,732
3,458
2,604
2,563
3,316
2,347
2,262
2.759
$93,760,311 $60,386,550 $56,846,015
84,900,106 59,607,612 51,326,365
96,880,205 94,608,212 61,185,171
9,141
8,483
7,368 $275,520,622 $214,602,374 $169,357,551
1st quarter_
1930.
1931.
1932.
-MAY.
FAILURES BY BRANCHES OF BUSINESS
Liabi'Vies.
Number.
1932. 1931. 1930:
1932.
1931.
Total trading
Other commercial
Total United States
134
358
124
29
321
125
93
113
75
107
7
73
27
20
381
88
287
88
26
218
129
87
100
67
100
8
61
19
10
302
69
275
101
19
226
98
66
90
59
66
7
39
18
8
389
2,198,347
3,876,150
4,589,467
390,547
5,833,111
2,228,527
868,280
2,516,380
1,258,463
1,273,399
68,554
1,727,815
444,985
272,584
7,283,326
1,303,108
3,170,370
3,722,232
269,900
2,909,180
2,007,228
728,909
2,084,055
857,381
856,100
59,300
782,040
124,900
139,588
6,055,183
Per Cent
Each Group
Bears to the
Total Index,
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
100.0
Group.
Foods
Fuel
Grains,feeds and livestock_ _ _
Textiles
Miscellaneous commodities- Automobiles
Building materials
Metals
House furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural implements
All zroups combined
Latest
Week
Pre
June 11. ceding
1932.
Week.
Month
Ago.
Year
Ago.
58.9
64.0
40.3
40.8
59.5
87.7
72.4
71.0
80.0
35.9
87.8
67.8
71.9
92.2
59.5
63.6
40.8
41.5
59.8
87.7
73.0
71.1
80.0
35.8
87.8
68.0
71.9
92.2
61.6
83.8
42.5
43.3
60.0
87.7
73.0
71.3
80.0
38.3
87.0
70.0
71.9
92.2
71.9
54.2
62.3
58.7
68.8
88.4
81.0
76.7
92.2
54.9
88.8
81.3
84.8
95.4
59.6
59.9
60.0
65.8
Electric Output Declines 11%.
The production of electricity by the electric light and
power industry of the United States for the week ended Saturday, June 11, was 1,435,471,000 kwh., according to the
National Electric Light Association. The Atlantic seaboard
shows a decrease of 9.0% from last year, and New England,
taken alone, shows a decrease of 13.5%. The central industrial region, outlined by Buffalo, Pittsburgh, Cincinnati,
St. Louis and Milwaukee, registers, as a whole, a decrease
of 14.3%. The Pacific Coast shows a decline of 8.9%
last year.
Arranged in tabular form, the output in kilowatt hours
of the light and power companies for recent weeks and by
months since the beginning of 1932 is as follows:
1930.
$
Manufacturers$
$
23
19
8 1,582,574
462,715
73,100
Iron, foundry and nails
41
31
35 2,966,641 3,096,843 1,904,808
Machinery and tools
10
3
3
897,857
42,000
533,418
Woolens, carpets, &c
4
3
100,972
Cottons, lace and hosiery
1,106,313
83
65
94 9,957,856 4,762,509 6,115,175
Lumber, building lines, &c._..
741.806
Clothing and millinery
95
55
34 2,466,205
374,513
876,642
36
20
17
630,510
Hats, gloves and furs
272,121
281,635
10
9
5
362,820
286,882
Chemicals and drugs
4
114,386
3
62,900
Paints and oils
601,840
21 1,545,980
44
27
811,814
Printing and engraving
29
574,120
317,603
48
43
194,989
Milling and bakers
346,217 3,282,667
25
14
14 1,336,864
Leather, shoes, tec
3
4
4
71,998
93,200
103,111
Tobacco, &c
15
83,205
9
519,019
Glass, earthenware, acc
13
251,694
...231 250 221 7,216,55.5 6,737,136 7,555,609
All other_ rii.
%Tr
Total manufacturing
872 552 501 30,077,030 18,506,051 23,133.319
Traders
General stores
Grocery, meat and fish
Hotels and restaurants
Tobacco, drc
Clothing and furnishing
Dry goods and carpets
Shoes, rubbers and trunks
Furniture and crockery
Hardware, stoves and tools_
Chemicals and drugs
Paints and oils
Jewelry and clocks
Books and Papers
Hats, furs and gloves
All other
June 18 1932
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1928-1928=100).
912,762
1,684,422
1,695.923
272,507
3,012,074
2,428,033
651,904
2,047,315
676,515
877,120
92,603
675,965
188,527
79,364
6,190,459
1,987 1,570 1,530 35,586,225 25,069,472 21,285.493
129 128 148 18,100,266 9,795,689 11,122,650
Weeks
Ended.
1932,
1931.
1930.
1929.
1932
Under
1931.
1,523,652,000 1,597,454,000 1,680,289,000 1,542,000,000 4.6%
Jan. 2_ _ -1,619,265,000 1,713,508,000 1,818,307,000 1,733,810,000 5.5%
Jan. 9_ .._
1,602,482,000 1,716,822,000 1,833,500,000 1,736,729,000 6.7%
Jan. 16
1,598,201,000 1,712,786,000 1,825,959,000 1,717,315,000 6.7%
Jan. 23
Jan. 30
1,588,967,000 1,887,160,000 1,809,049,000 1,728,203,000 5.8%
1,588,853.000 1,879,016,000 1,781.583,000 1,728,161,000 5.4%
Feb. 6
Feb. 13
1,578,817,000 1,683,712,000 1.769,683,000 1,718,304,000 6.2%
1,545,459,000 1,880,029,000 1,745,978,000 1,699,250.000 8.0%
Feb. 20_ - _
.
Feb.27- 1,512,158,000 1,633,353,000 1,744,039,000 1,706,719,000 7.4%
Mar. 5
1,519,679,000 1,664,125.000 1,750,070,000 1,702,570,000 8.7%
Mar.12
1,538,452,000 1,678,422,000 1,735,673,000 1,687,229,000 8.2%
Mar,19
1,537,747,000 1,682,437,000 1,721,783,000 1,883,262,000 8.6%
Mar.28-___
1,514,553,000 1,689,407,000 1,722,587,000 1,679.589,000 10.3%
Apr. 2
1,480,208,000 1,679,784,000 1,708,228,000 1,663,291,000 11.9%
Apr. 9
1,465,076,000 1,647,078.000 1,715,404,000 1,698,543,000 11.1%
Apr. 18
1,480,738,000 1,641,253,000 1,733.478,000 1,709,331,000 9.8%
Apr. 23.- -1,469,810,000 1,675,570,000 1.725,209,000 1,699,822,000 12.3%
Apr. 30_ _ _ _
1,454,505,000 1,644,437,000 1,698,389,000 1,688,434,000 11.5%
May 7
1,429,032,000 1.637,296,000 1.689,034,000 1,698,492,000 12.7%
1,436,928,000 1,654,303,000 1,716,858,000 1,704,426,000 13.1%
May 14.... _
1.435,731.000 1,644,783,000 1.723,383,000 1,705,460,000 12.7%
May 21
1,425,151,000 x1,801,833,000 1,859,578,000 1.615.085.000112.2%
May 28____
June 4..__ x1.381,452,000 1,593,622,000 1,657.084,000 1,689,925.000 J
1,435,471,000 1,621,451,000 1,706,843,000 1,899,227,000 11.5%
June 11 _ _ _ _
Months
7,014,066,000 7,439,888,000 8,021,749,000 7,585,334,000 5.7%
January _
February - - 6,518,245.000 6,705,584.000 7,066,788,000 6,850,855,000 y6.1%
6.781,347,000 7,381,004,000 7,580.335,000 7,380,263,000 8.2%
March
Anril _
B.303_425.000 7.193.891.000 7.416.191.000 7.285.359.000 12.4u,
Including Memorial Day. y Change computed on basis of average daily
report.
Note.
-The monthly flgures 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%.
2.788 2.248 2.179 83.763.521 53.371.212 55,541.462
Lumber Movement Continues at Depressed Level.
With restricted production the only encouraging factor,
National Fertilizer Association Reports Drop in Whole- the lumber movement continued dull through the week ended
sale Prices During Week Ended June 11 to New June 11, orders exceeding the limited cut by but 4%, it is
Low Mark.
indicated in telegraphic reports to the National Lumber
Wholesale prices as measured by the index of the National Manufacturers Assn. from regional manufacturers associaFertilizer Association receded to a new low mark durirg the tions covering the operations of 646 leading hardwood
week ended June 11. The number for that index for the and softwood mills. Production of these mills amounted
latest week declined form 59.9 to 59.6 or three fractional to 122,928,000 feet; new business 128,179,000 feet and shippoints. During each of the five preceding weeks the index ments 124,453,000 feet, or 1% above production. A week
declined. A month ago the index stood at 60.9, while a earlier, with one day out on account of the memorial holiday,
year ago it was 68.8. The index number 100 is based on the 643 mills produced 112,542,000 feet, with orders 14% above
average for the three years 1926-1928. Continuing, the the cut and shipments 22% above the cut. Figures for the
latest week compared by identical mill reports with the
Association also said as follows on June 13:
Eight of the 14 groups listed in the index declined during the last
equivalent week in 1931 show: for softwoods, 433 mills,
week,two advanced and the remaining four showed no change. The groups
production 48% less, shipments 46% less and orders 40%
which advanced were fats and oils and fuel, which included petroleum and
less than for the week last year; for hardwoods, 150 mills,
its products. The declining groups were textiles, foods, building materials,
grains, feeds and livestock, chemicals and drugs, fertilizer materials and production 45% less, shipments 38% less and orders 35%
metals. None of the groups advanced or declined as much as one full point.
under the volume a year ago.
During the latest week 11 commodities showed price advances, while
Lumber orders reported for the week ended June 11 1932,
37 commodities evidenced lower prices. During the preceding week only
six commodities advanced, while 27 commodity prices declined. While
by 482 softwood mills totaled 118,922,000 feet, or 6% above
there was a slight increase in the number of commodities that showed
the production of the same mills. Shipments as reported
advanced prices, the number of commodities that evidenced lower prices
during the latest week increased to 37 as compared with 27 a week ago and for the same week were 114,019,000 feet, or 1% above
31 two weeks ago. Included in the list of commodities that declined during
production. Production was 112,709,000 feet.
the latest week were cotton. wool, tallow, flour, wheat, corn, oats, heavy
Reports from 179 hardwood mills give new business as 9,melting steel, silver, cement,lumber, camphor, coffee and leather. Among
the commodities that showed price advances were silk, lard, butter, eggs,
257,000 feet,or 9% below production. Shipments as reported
cattle, hogs, copper, gasoline and rubber.
for the same week were 10,434,000 feet, or 2% above proThe index number and comparative weight for each of the 14 groups
duction. Production was 10,219;000 feet.
listed in the index are given in the table below.
Financial Chronicle
Volume 134
Unfilled Orders.
Reports from 418 softwood mills give unfilled orders of 337,978,000
feet, on June 11 1932, or the equivalent of 9 days' production. This is
-day year—and may be
based upon production of latest calendar year-300
compared with unfilled orders of 478 softwood mills on June 13 1931, of
653,373.000 feet, the equivalent of 14 days' production.
The 390 identical softwood mills report unfilled orders as 335,416,000
feet on June 11 1932, or the equivalent of 9 days' average production,
as compared with 599,722,000 feet, or the equivalent of 16 days' average
production on similar date a year ago. Last week's production of 433
Identical softwood mills was 107.860,000 feet, and a year ago, it was 206,035,000 feet; shipments were respectively 108,865,000 feet and 201,983.000;
and orders received 114,636,000 feet and 191,531,000. In the case of hardwoods, 150 identical mills reported production last week and a year ago
8.347,000 feet and 15,135,000; shipments 8,998,000 feet and 14.415,000:
and orders 7.918,000 feet and 12,229,000.
West Coast Movement.
_ _
The West Coast Lumbermen's Assn. wired from Seattle the following
new business, shipments and unfilled orders for 216 mills reporting for the
week ended June 11:
New Business.
Shipments.
'Unshipped Orders.
Feet
Feet.
Feet.
Domestic cargo
Domestic cargo
Coastwise and
delivery
21,939,000 delivery62,139,000 interccastal. _20,044,000
Export
12,736,000 Foreign
7,398,000
48,550,000 Export
Rail
17,865,000 Rail
20,116,000
44,164,000 Rail
Local
5 978.000
Local
5,978.000
Total
58,519,000 Total
154,853,000
Production for the week was 53.728,000 feet.
53,537,000
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn.. reported
production from 7 mills as 1.500.000 feet, shipments 2.393.000 feet and new
business 3,272.000 feet. The same number of mills reported a decrease of
65% in production and an Imcrease of 13% in new business, compared with
the same week of 1931.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Assn., of Oshkosh
Wis., reported production from 15 mills as 195,000 feet, shipments 80.5,000
and orders 614,000 feet. The 14 identical mills reported a decrease of 90%
in production and a decrease of 42% in orders, compared with the corresponding week last year.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 164 mills as 9,748,000 feet, shipments 9,558.000 and new
business 8,867,000. The 136 identical mills reported production 38%
less and new business 32% less than for the same week a year ago.
The Northern Hemlock and Hardwood Manufacturers Assn., of Oshkosh.
Wis., reported production from 15 mills as 471,000 feet, shipments 876.000
and orders 390,000. The 14 identical mills reported an 80% decrease in
production and a 67% decrease in new business, compared with the same
week of 1931.
Shipments of Pneumatic Casings an' Tubes in April
Exceed Production—Inventories Lower.
Shipments of pneumatic casings and tubes during April
exceeded output, the former for the first time since December
1931 and the latter for the first time since January of this
year. According to figures estimated to reprezent 80%
of the industry, as released by the Rubber Manufacturers
Association, 2,813,489 pneumatic casings were produced
in April as compared with 2,936,872 in the preceding month
and 3,955,491 in the corresponding peliod last year. Shipments amounted to 2,958,154 pneumatic casings as against
3,945,525 in April 1931 and 2,363,232 in March 1932.
Pneumatic casings on hand April 30 1932 were 7,876,656,
as compared with 7,902,25R at March 31 1932 and 8,025,135
at April 30 1932.
Production of balloon and high-pressure inner tubes
declined from a total of 2,801,602 in March 1932 to 2,579,768
in April. The letter figure also compares with 3,693,222
in April 1931. Shipments during April 1932 totaled 2,708,186 inner tubes as against 2,148,899 in the previous month
and 3,708,949 in the same month a year ago. Inventories
decreased from 7,558,177 tubes at March 31 1932 to 7,552,674
tubes at April 30 1932, and compares with 8,330,155 tubes
at April 30 1931.
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS (FROM
FIGURES ESTIMATED TO REPRESENT 100% OF THE INDUSTRY).
Shipments.
The Association, in its bulletin dated June 10 1932, gave
the following data:
'PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS AND INNER
TUBES (BY MONTHEir•
(From figures estimated to represent 80% of the industry.]
Pneumatic catings.
Imestory.
1932—
January
February
March
April
1931—
January
February
March
April
May
June
July
August
September
October
November
December
Production.
3,697,630
2,954,040
4.931.906
3,516,861
3,671,090
4.944,364
Inventory.
9.845.820
9,877.823
10.031.419
1930—
January
February
March
April
May
June
July
August
September
October
.
November...December
Output.
lane, Tubes.
Shipmarts.
Inventory.
OMput.
Shipmerits.
8.329,417
7.337.798
7,902,258
7,876,656
2,769,988
3,096,976
2,936,872
2,813,489
2,602,469
2.042.789
2,363,232
2,958,104
6,175,055
7.007,567
7,558,177
7,552,674
2.718,508
3,058,988
2,801,602
2,579,768
2,803.389
2,182.405
2,148,899
2,708.186
7.185.846
7.628.520
8,011.592
8,025,135
8.249,856
8,357,768
7.935.565
7.117,037
8.526.782
6.840.062
8,335,227
6.219.776
2.939,702
3.188.274
3,730,061
3.955.491
4.543,003
4.537.970
3,941.187
3.124.746
2.537.575
2,379.004
2,000.630
2,111,577
2.995.479
2,721,347
3.297.225
3.945.525
4,332.137
4,457,509
4.369,526
3.967.987
3,145,488
2.281.322
2.309.971
2,225,038
7,551,503
9,936.773
8,379,974
8.330.155
8,438.799
8,403.401
7.671.801
7.019.217
6,476,191
6,656.913
8,495,708
8,337,570
2,898,405
3,132.770
3,559,644
3,693.222
4,329.731
4.286.467
3,964,174
3,548.335
2,759,431
2,461.578
1.954.915
2.077.704
3.249,734
2.720.135
3.031.279
3.708.949
4.224,594
4.317.543
4.664.964
4,240,403
3.320.103
2.250.494
2,075,716
2.213.281
Total
Total
Southern Pine.
The Southern Pine Assn, reported from New Orleang that for 123 mills
reporting, shipments were 11% above production, and orders 21% above
production and 10% above shipments. New business taken during the
week amounted to 26,355.000 feet. (previous week 19,551,000 at 115 mills);
shipments 24,034,000 feet, (previous week 21,555,000): and production
21,741,000 feet, (previous week 23.002.000). Orders on hand at the end
of the week at 110 mills were 56,951,000 feet. The 110 identical mills
reported a decrease in production of 30%, and in new business a decrease
of 25%,as compared with the same week a year ago.
Western Pine.
The Western Pine Assn. reported from Portland. Ore., that for 121 mills
reporting, shipments were 6% below production, and orders 15% below
production and 9% below shipments. New business taken during the week
amounted to 30,162,000 feet (previous week 30,840,000 at 113 mills);
shipments 33,260,000 feet, (previous week 29,521,000); and production
35,545,000 feet, (previous week 29,316,000). Orders on hand at the end of
the week at 120 mills were 147.312,000 feet. The 101 identical mills reported a decrease in production of 48%, and in new business a decrease
of 47%, as compared with the same week a year ago.
April 1932
March 1932
April 1931
4395
38.666,378 40.017.175
38.992,220 40,048.552
9,539,353
9.928.838
10,010.173
10,461.208
10.745,389
10.621.634
9,449,318
8.678,164
7,849,411
7,842,150
7.675,786
7.202.750
Total
3.588.882
3.844.608
3.890,981
4.518.034
4,573.895
4.097,808
3,193,057
3.332,489
2.692,355
2.865.933
2,123,089
2.251,289
3.525.404 10,183,287
3,356.104 10,428,968
3,773.865 10,543.026
4.071.822 11,027.711
4.173,177 11.081,523
4,234.994 10,889.444
4.357.836 9,325,602
4.139.900 8,589,304
3.524.141 8.052.121
2.799,440 8,413.578
2.267.465 8,250,432
2,688.980 7.999,477
3,685.410
3.707.088
3,952.921
4,408,030
4,428,367
3.959,972
3,151,107
3.836.880
3,053,424
3.161.048
2,143.609
2,448,195
3.88.5.717
3.489.919
3,781,789
3,878,697
4.058.847
4,212.082
4.684.182
4.609.858
3.632,458
2.777.965
2,230,654
2.729.973
41.936.029 43.952.139
4O772.37842.913.108
CONSUMPTION OF COTTON FABRICS AND CRUDE RUBBER IN THE
PRODUCTION OF CASINGS. TUBES. SOLIDS AND CUSHION TIRES
•
AND OUTPUT OF PASSENGER CABS AND TRUCKS.
:Production.
Consumption.
Cotton
Fabric:
(80%)
Calendar yews:
1926
1927
1928
1929
1930
1931
First 4 months of:
1929
1930
1931
1932
Month of April 1932
(Pounds)
185.963.182
177.979.818
222,243,398
208,824.653
158.812.462
151,143.715
85.113,769
60,246,090
54,025,056
47,050.444
11,033,555
Crude
Rubber
(80%)
Gasoline
(100%)
(Pounds)
(Gallons)
518.043,062 10,708.068,000
515.994.728 12.512.976,000
600.413,401 13,633,452,000
598,994,708 14.748.552.000
476.755,707 16.200.894,000
456,615,423 16.941.750.000
238,728,041
177.549,867
159.837,081
147,941,483
35.416,482
PaSfelipt
Cars.
Trusts
(100%)- (100%)
3.929,535
3.093,428
4,024,590
4.811.107
2,939,791
2.036.567
535.008
488.952
578.540
810.549
589.271
435.784
4,415,964,000 1,913.554 287,183
4.766.640,000 1.284,195 227,880
4,930.842,000 872,280 178.140
433,054 95.016
4.691.232,000
126.532 28.291
1.270,080,000
a These figures Include Canadian production and cars assembled abroad the parts
of which were manufactured In the United States.
Nov.—With the exception of gasoline consumption and car and truck production:
the figures shown above since January 1929 are estimated to represent approximately 80% of the Industry as compared with 75% for prior years.
Tire Prices Advanced by Many Companies—Increase
of 11 to 15% Made to Absorb Tax.
Increases in prices of tires and tubes designed to absorb
the excise tax which will go into effect June 21 were announced June 17 by eight large tire companies, according
to the New York "Sun" of last night (June 17), which adds:
They are the Goodyear Tire & Rubber, which took the initiative; the
B. F. Goodrich Co.: General Tire & Rubber; Kelly-Springfield Tire Co..
and the Seiberling, Mohawk. Falls and India companies. The United
States Rubber Co. is also expected to follow:
The advances, which had been forecast recently, range from 11 to 15%•
They apply to automobile and truck tires and tubes and also to solid tires.
It is admitted that the increase is somewhat greater than the rate of taxation, but the excess is intended to absorb not only the cost of additional
accounting but also other taxes which hit tire companies as well as other
industrial corporations, such as higher postage, the tax on bank checks
and increased profits taxes.
P. W. Litchfield, President of the Goodyear Tire & Rubber Co., said
that while prices are being raised, the increase still will leave them below
the level prevailing a year ago. He added that he thought the borst would
stimulate tire buyers by serving notice that "the bottom had been reached."
A. W. Barry, Vice-President and General Sales Manager of the KellySpringfield Tire Co., said: "The company's plant at Curnberland. Md.,
Is operating 24 hours a day, seven days a week. Factory inventories and
dealers' stocks have been so depleted that this schedule will have to be
maintained for a considerable time to come."
The only major tire company opt to follow the advance is the Firestone
Tire & Rubber Co. The silence of that company is interpreted to mean
that the Firestone management is waiting to see what action,mail order
houses will take on tire prices.
Officials of Sears, Roebuck & Co. have stated that the tire and tube
prices published in its midsummer catalogue, issued late in May, will
hold good on all mail orders during the life of the catalogue, which expires
Aug. 31. The Sears, Roebuck tire price policy must be decided in time
for insertion in the next general catalogue, which will be issued in July.
Shipments of tires to dealers and to large consumers have been stepped
up sharply since enactment of the new revenue Act in anticipation of price
increases to attend the levy of an excise tax In order to replenish stocks
of tires at the low price level still prevailing. That demand, in addition to
drawing on factory inventories of finished tires and tubes, has necessitated
increases in production schedules.
It is forecast that, after the tax goes into effect, the shipments will
fall off and production schedules will be curtailed because inventories will
be large and some time will be required to work off accumulated stocks.
Financial Chronicle
4396
Automobile Industry to Seek "Moratorium" on Motor
Tax Increases-Deplore Unfair Tax Discriminations Against Highway Users-Taxes in New Revenue Act Affecting Automobilists Expected to
Yield $268,000,000.
Criticism of items in the New Federal revenue program
held to be discriminatory against highway users was expressed
by leading automobile manufacturers June 8 at a meeting of
the National Automobile Chamber of Commerce board of
directors. "We vigorously deplore the fact that in balancing its budget Congress has decided that it must exact
approximately Yi of the revenue needed to meet the deficit
by taxation of overtaxed highway users," declared one
spokesman of the automobile manufacturers.
"While we strongly resent being singled out for additional taxes in this
unfair manner, there will be no diminution in the efforts of the industry
and the individual manufacturers to promote business recovery," Alfred
Reeves, Vice-President and General Manager, said following the meeting.
Mr. Reeves added: "Our car manufacturers appreciate that the country
is looking to them for leadership out of the morass of current business
conditions, and they will continue to do everything possible to fulfill that
trust by maintaining and creating employment.
"At the same time, they will vigorously support the efforts of highway
users to obtain relief from present tax inequalities and to oppose the enactment of additional levies on motor vehicles, gasoline or other commodities
for which car owners are principal consumers.
"Last year, the average motorist paid his State and local governments
almost $40 per vehicle in special taxes, which made the automobile the
highest taxed form of non-luxury property in the United States. According to the official estimates, the new Federal taxes on motor vehicles and
other commodities incident to highway use are expected to produce $268,
000,000. To accomplish this, the average annual tax contribution of car
owners would be increased to $50.44 per vehicle."
The specific items in the new Federal revenue program which the automobile executives consider as discriminatory against highway users and
the amounts that they are expected to yield are: _
P
$32,000,000
-- assenger cars, 3%,to yield
Trucks, 2%, to yield
3,000,000
Parts and accessories. 2V,to yield
7,000,000
Tires, 23 cents per pound,and tubes 4 cents per pound
,
6
33,000,000
Gasoline, 1 cent per gallon, yield
150,000,000
Imported oil, yield
2,000,000
Lubricating oil, 4 cents per gal., yield
33,000,000
Oil transported in pipelines,4% of charges, yield
8,000,000
$268.000.000
Total.„:
•
Automobile Production- April 1932 Compared With
Preceding Months.
' April 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 148,013 vehicles, of which 120,841
were passenger cars, 27,141 trucks, and 31 taxicabs, as
compared with 118,959 vehicles in March, 336,939 vehicles
In April 1931; and 444,024 vehicles in April 1930.
The table below is based on figures received from 144
manufacturers in the United States for recent months, 42
making passenger cars and 113 making trucks (11 making
both passenger cars and trucks). Figures for passenger
cars include only those designed as pleasure vehicles, while
the taxicabs reported are those built specifically for that
purpose. Figures for trucks include ambulances, funeral
cars, fire apparatus, street sweepers, and busses. Canadian
'figures are supplied by the Dominion Bureau of Statistics.
NUMBER OF VEHICLES.
United States.
Total.
Passenger
Cars.
TaxiTrucks. cabs.x
Canada.
Passer,Total. ger Cars Trucks_
1930
444,024
372,446 71,092
486 24,257 20,872 3.385
April
1931
April
336,939
286,252 50,022
665 17,159 14,043 3,116
1932
6,604 1,714
8,318
118,959
74
March
99,325 19.560
5.660 1,150
6,810
31
148,013
April
120,841 27,141
Total4 mos.(Jan-April)
1930
1,444,047 1,213,960 226,362 3,725 70.923 59,914 11,009
1,005,132
834,781 168,235 2,116 46,519 36,607 9,912
.1931
1932
503,734
412,957 90,550
227 24,336 19,870 4,466
x Includes only factory-built taxicabs, and not private passenger cars converted
Into vehicles for hire.
Automobile Financing During April and the Four
Months Ended April.
A total of 155,743 (preliminary)automobiles were financed
in April on which $56,428,220 was advanced, compared
with 140,779 (revised) on which $51,148,285 was advanced
in March, and with 290,076 on which $112,982,254 was
advanced in April 1931, the Department of Commerce
reported on June 7.
In the first four months of 1932 542,074 cars were financed
with advances of $196,836,264, compared with financing of
860,797 cars on advances of $332,801,495 in the first four
months of 1931.
Volume of wholesale financing in April was $33,905,947
(preliminary), as compared with $34,121,364 (revised) in
June 18 1932
March and $71,194,340 in April 1931. Wholesale financing during the first four months of 1932 totaled $136,147,459,
as compared with $224,261,690 in the first four months of
1931.
Monthly statistics on automobile financing, based on data
reported to the Bureau of the Census by 345 automobile
financing organizations, are presented in the table below.
These figures include complete revisions to date.
A pill
1932.6
March
1932.a
April
1931.
First 4.31os. First 4 Mos.
1932.
1931.
Wholesale financing 1 33.905,947 34,121,364 71,194,340 136,147,459 224,261.690
Retail financ'g, total:
c155,743
140,779
290,076
No. of cars
542,074
860,797
Total amount_ _.$ 56,428,220 51,148,285 112,982,254 196,836,264 332,801,495
362
363
389
Average per car--5
383
387
New cars:
57,665
46,234
133.347
No. of cars
186,026
362,110
Total amount3 31,838,007 26.887,515 70.544,761105,743,302 195,366,863
552
582
.529
Average per car$
569
540
Used cars:
149,112
90,121
93,446
339,310
No. of cars
475,953
Total amount_S 23,076,622 22.779,892 39,546,288 85,644,326 129,178,282
265
253
247
252
271
Average per car$
Unclassified:
4,424
7,617
4,632
16,738
22,734
No. of cars
Total amount _S 1,513,591 1,480,878 2,891,205 5,448,636 8,256,350
335
380
Average ner rarE
327
326
363
a Revised. b Prel minary. c Of this number 37.03% were new cars, 60%
used cars and 2.97% unclassified.
Bank of Montreal on Crop Conditions in Canada.
In its crop report, dated June 9, based on telegraphic reports received at its Head Office from its Branches the
Bank of Montreal says:
Good rains have been received in all three Prairie Provinces, including
last year's dry areas, and grains are making rapid growth. Seeding has
been completed with the exception of that for fodder crops and a small
amount of coarse grains in Alberta .and Saskatchewan. In a few districts
there has been some slight damage from soil drifting; damage from pests
is small. Conditions in general are satisfactory. Elsewhere in the Dominion
prospects are encouraging, though the season is late in some regions. In
Quebec crops are not as forward as usual, but seeding is now practically
completed and while rains have benefitted pastures, warm weather is
needed to stimulate the growth of all crops. In Ontario all crops are
making marked progress, there being ample moisture and favourable
growing conditions. Some slight damage to spring crops on low lands is
reported, due to heavy rains, which have also delayed the setting out of
tobacco and tomato plants and the planting of corn. In the Maritime
Provinces cold, wet weather has somewhat retarded seeding, which is
about two weeks behind last year. In British Columbia weather conditions continue favourable, with ample moisture. Grain and hay crops
are showing satisfactory growth.
Slight Upward Turn in General Employment and
Favorable Crop Prospects Throughout Most of
Canada, Says S. H. Logan of Canadian Bank of
Commerce.
-A slight upward turn in general employment, an abnormally large export movement of wheat and comparatively favourable crop prospects in most agricultural districts were the major developments in the business record
of the past month," says S. H. Logan, General Manager of
the Canadian Bank of Commerce, under date of June 9.
These developments overbalanced a further decline in general industrial and mining activity, the downward movement
in industrial operations being a seasonal trend which commenced in April following an expansion in the three preceding months. Mr. Logan says:
"The statement regarding an increase in employment is based on a
Dominion Government return of May 1st covering reports submitted by
nearly 8,000 employers, and on advices received from other sources since
that date. This improvement, slight as it was, marked the end of a
steady decline since January which was more severe than is usually the
case in the winter and early spring. The cause of the sharp downward
swing was a less than average seasonal improvement in industrial operations. Steel production rose each month from January to March, but the
total output for the three-month period was about 60% below that of
the corresponding part of 1931 ; a reduction is reported for April and
will probably be shown also for May. The automobile and allied industries were also increasingly alive during the first quarter of the year,
but worked on a smaller scale in April, and production of passenger cars
and trucks during the four months was but little more than half that in
the like period of last year. It is probable, however, that the complete
records for May and June will disclose more stable operations than in
some former years. The newsprint mills operated in accordance with the
usual seasonal tendencies, their output declining in February below that
of the preceding month and rising in March and April, the total of the
four-tnonth period being 667,000 short tons, about 10% less than in the
corresponding part of 1931. This drop, however, was no greater than
occurred last year in comparison with January-April, 1930, an increase in
overseas shipments practically offsetting a decline in exports to the
sr
.
United States.thy
,
,
i
feature of the first part of the current year is the
manner in which export trade has been maintained in the face of a
marked slump in world trade and of acute competition in the international grain market. The decline in the value of exports during the
first four months of 1931 from that of the like period of 1930 was about
35%, whereas the value of those of January-April of this year declined
only 20% below that of the same period in 1931, and nearly half of
this decline is accounted for by lower prices. There has been such ft
drastic reduction in imports, however, as to lower the adverse visible
balance in foreign trade usually shown at this season. The unfavourable
visible balance of about 15 million dollars since the first of the year
is more than accounted for by the excess imports of 17 millions in March,
always one of the most active importing months. Had there been a
Volume 134
Financial Chronicle
normal export movement•of wheat the *visible foreign trade account would
probably have been balanced; Canadian wheat shipments, however, fell
steadily during February, March and the first half of April, but have since
risen sharply, those in May being the largest in any month during the
current "wheat year."
Wheat Movement Increases Agricultural Export Figures.
Increased exports of American wheat and flour in April
lifted the index of exports of 44farm products to the highest
figure in eight months, according to the Bureau of Agricultural Economics, United States Department of Agriculture.
The index of all agricultural exports in April was 80, compared with 68 in April 1931, and with 65 in April 1930.
For all commodities except cotton, the index was 81 this
April compared with 81 in April a year ago.
Reduced wheat supplies in principal importing countries,
says the Bureau, resulted in more active buying by European
countries, the index for wheat and flour exports rising to 131,
or the highest April index since 1927. Total exports so far
this season—July 1 1931 to April 30 1932—are placed at
118,882,000 bushels of wheat compared with 109,415,000
bushels in the corresponding 10 months a year ago. Of this
year's total, 22,520,000 bushels went to China, and 16,965,000 bushels to the United Kingdom. The Bureau, June 4,
further said:
Exports of cotton in April registered a sharp decline from the unusually
heavy exports of the seven preceding months; nevertheless, they were larger
than in any April since 1922, with the exception of April 1927,and the index
figure was 80. Sales to European markets were much larger than in April
a year ago. Total exports of cotton in the 10 months ended April 30 1932
amounted to 8,079,000 bales, compared with 6,429,000 bales in the corresponding period a year ago.
The bureau's indexes of agricultural exports in April are as follows:
All commodities,80; all commodities except cotton.81; grains and products,
112; animal products, 51; dairy products and eggs, 103; fruit, 185; cotton
fiber, including linterS, 80; wheat, including flour, 131; tobacco, 100;
hams and bacon, 24; lard, 91. The index is based on the period July 1909
to June 1914,for which the index figure is 100.
Oats in Iowa 7 to 8 Cents a Bushel—Big Areas Not to
Be Harvested.
The following Chicago dispatch June 9 is from the New
Yotk "Times":
As new oats in Iowa are worth only 7 to 8 cents a bushel on the basis of
prevailing prices on the Chicago Board of Trade here, it is expected that a
considerable acreage of oats in that State will not be harvested for grain.
The Iowa weekly crop summary said that only the best fields would be cut
for grain, as the prices offered for the crop would hardly pay for harvesting
and threshing.
New No.3 white oats for shipment from central Illinois between Aug. 15
and Sept. 15 sold here at a figure that suggested a net return of 123 cents a
bushel to the farmer.
4397
One Thousand Tons of Hops Below Standard Destroyed
in Czechoslovakia.
Prague advices June 11 to tile New York "Times" stated:
Hop growers of the Saaz district have decided to destroy 1,000 tons of
poor quality hops of the earlier harvests. This measure became necessary
because the export of hops from Czechslovakia to several countries has been
Impossible by their import prohibitions.
Louisiana Sugar Cane Crop Below That of 1931.
Press accounts, June 13, from Washington stated:
Louisiana sugar cane crop totaled 2,717,000 short tons for 1931, which
was harvested from 184,000 acres, the Department of Agriculture stated.
This is a revised estimate. It compares with 3,101,000 short tons produced on 187,000 acres in 1930. The 1931 yield per acre of 14.8 short
tons was the lowest in four years.
President Machado of Cuba Signs Decree Limiting
1933 Sugar Exports to United States—Mills and
Banks Said to Favor 800,000-Ton Pool to Obtain
Rise in Price.
From Havana, June 13, Associated Press accounts said:
Under a decree signed by President Machado and published to-day, sugar
shipments to the United States in 1933 will be limited to the amount
shipped in 1932 less surpluses existing Dec. 31 1932.
Under date of June 11 the New York "Times" reported
the following from Havana:
On recommendation of the Sugar Institute, President Machado to-day
signed a decree permitting the exportation during 1933 of sugar remaining
unsold on Dec. 31 1932 from the quota assigned to the United States out
of the 1931-32 crop under the Chadbourne plan.
The decree stipulates that the sugar produced in 1932-33 for exportation
to the United States shall be equal to the amount exported during 1932
less the stock existing in Atlantic and Gulf ports of the United States
on Dec. 31 1931 above the normal stock of 300,000 tons and less the
surplus existing in Cuba on that date.
_
It is understood here that the plan to form a pool of 800,000 tons, which
is expected to remain as the surplus from the United States quota from
the 1931-32 crop, and withhold this sugar from the market until the
price reaches 1 2/5c., has been favorably received not only by the sugar
mills but by American' banks, which are said to be the largest holders
of sugar.
From the New York "Journal of Commerce" we take the
following from Havana, June 9:
The size of the next Cuban sugar crop will be known soon if President
Machado sanctions a resolution adopted last night by the Cuban Sugar
Institute and the National Sugar Export Corp., the two organizations
having to do with the regulation; production and exports of sugar from Cuba.
According to the resolution the next crop will be determined by the
following amounts:
•
First, the quota for the United States based on actual shipments in
1932, less the amount of the carryover at the end of the present year.
Second, the quota to other countries less one-third of segregated stocks
under the Chadbourne plan, and
Third, consumption quota.
Assuming that Cuba exports to the United States 1,800,000 tons in 1932,
the next crop will be around 1,700,000 tons under the terms of ;the
resolution. Simultaneously, with the President's approval, a big pool will
be formed to withdraw now from the market 800,000 tons for sale next year.
Lake Ontario Grain Rates Said to Be Lowest in History.
When the new Canadian crop begins to move to the seaboard it is expected that there will be some acceleration
in the present dull grain movement and a firm of grain rates,
which are said to be the lowest in many years, according to a
report to the Commerce Department from Trade Commissioner L. A. France, Toronto. The Department of Commerce at Washington on June 11 also had the following to say:
Steamship operators are having difficulty in keeping their vessels in
operation and their crews intact. A decline In traffic in coal,iron and pulp
has deflected an increasing number of boats to the grain trade, with the
result that rates are the lowest in decades. A grain vessel is said to have
cleared recently from the head of the Lakes for Montreal at the rate of
3% cents a bushel.
European Sugar Crop—Exporting Nations Reduce
Beet Areas, Importers Plant More.
The following, from Paris, is from the "Wall Street Journal" of June 9:
The International Beet Sugar Growers' Association reports a decline of
German Import Duties on Certain Russian Products
Reduced Under Government Decree.
A German Government decree provisionally puts into
effect for one year, beginning June 10 1932, duty reductions
on several Russian products, granted to Russia in a recently
concluded commercial agreement, according to a cablegram
received by the Department of Commerce? from Commercial
Attache Groves, Berlin. In making this known June 8, the
Department added:
Reduced duties were granted, among others, on the following products
(duties in Reichsmarks per 100 kilos, former duties in parenthesis): uncleaned lentils, 4 (6); fodder peas, 6 (8); caviar, 1,200 (2,400); crabmeat,
45 (240); bed feathers, free (2); canned sturgeon, 45 (75); other canned
fish, viz., bullhead, mullet, buck mackerel, alan. 30 (75).
(The United States has a most-favored-nation treaty with Germany.)
Soviet Russia Increases Output of Sugar.
From the New York -Evening Post'? we take the following
from Paris, June 13:
For the year 1931-32, Soviet sugar production is estimated at 2,000,000
tons, or 20% of world production, and an increase of 260,000 tons over
the preceding year.
According to statistics published by the Soviet Chamber, Russia produced
Wide-spread Rains in Turkey Remove Fears of Grain
Shortage—Price of Wheat Doubled—Bakers Reduce
Output When Increase in Bread Price Is Barred.
Advices from Istanbul, June 12 to the New York "Times"
said:
Wide-spread rains in Turkey have removed fears of a shortage of grain,
but the price of wheat has almost doubled and the bakers, with permission
to increase the price of bread refused, have greatly reduced their output.
All day the bakers are besieged by large crowds clamoring for bread,
and the m unicipalities are trying to remedy matters by inflicting heavy
fines 00 the bakers.
18.47% in area under cultivation for 1932, to 827,138 from 1,014,471
hectares in 1931. This reduction is confined, however, to only a part of
the European sugar producing countries, because France, England, Holland, Spain, Norway, Greece, Bulgaria and numerous small producing
countries do not adhere to this Association.
Of the sugar exporting countries, Germany has reduced her cultivated surface 28.45%, Ozedioslovakia 21.15%, Poland 13.92%, and Italy 36.74%.
On the other hand, among the importing countries, Ireland's planted
areas 'rose about 40%, Denmark's 26.71%, Sweden's 11.10%, and Finland's 21.86%.
all
15% of the world's sugar beet in 1930-31 against 18% in pre-war years.
Russian exports are stated to be confined to crystal and refined sugar.
Exports have mounted from 45,480 tons in • 1925-26, 121,990 tons in
1926-27, 132.260 tons in 1927-28, 124,480 tons in 1928-29 to a total of
241,000 tons for the first nine months (November to July) of 1930-21.
Cuba Plans Fight on Sugar Tariff—Business Men
Blame Two-Cent Duty for All Economic Woes of
Island Republic—Government Backs Move.
In its June 12 issue, the New York "Times" published the
following special correspondence from Havana, June 6:
An attempt to bring about a modification of the reciprocity treaty
between the United States and Cuba or its possible abrogation is under
way as a last desperate measure to restore economic equilibrium here. A
committee appointed on June 4 at a meeting of more than 500 sugar men,
Industrialists and business men is making a thorough study of the matter,
*and is expected to present a definite plan of action in the near future.
4398
Financial Chronicle
The Platt amendment, the reciprocity treaty and the various agreements
made between Cuba and the United States have always been more or less
irksome to this republic, and have been used in many political campaigns
to foster a spirit of nationalism. It is now apparent that an attempt is
being made to blame the two-cent duty imposed against Cuban sugar by
the United States for all of Cuba's economic woes. In local opinion this
duty completely destroys any beneficial effect of the reciprocity treaty.
The determination now is to fight the sugar tariff with the combined
forces of the industrial and commercial classes, backed by the Cuban
Government. This support is taken for granted, since Dr. Viriato Gutierrez,
President of the Sugar Institute, who brought about the meeting, is known
as President Machado's right-hand man.
Newspaper Urges Boycott.
"El Mercurio," Havana's largest commercial newspaper, whose President
is Jose Emilio Obregon, son-in-law of President Machado and candidate for
Governor of Havana Province, has been carrying on a campaign for the
boycotting of American goods.
Dr. Orestes Ferrera, newly appointed Secretary of State and former
Ambassador to Washington, has announced that all treaties and agreements
existing between Cuba and other countries will be studied carefully with a
view of making such modifications as may be necessary. . . .
However, although the movement against the sugar tariff finds sympathy
In commercial and industrial circles, it is not favorably regarded by
opponents of the Chadbourne plan, under which Cuba has drastically
restricted the sugar crop for the past two years. These persons are of the
opinion that the high protection policy embarked on at the beginning of
President Machado's Administration, as well as the Chadbourne plan,
has contributed greatly to the precarious situation in which Cuba now
finds itself.
International Sugar Conference Postponed to July 7
—To Be Held at Ostend.
The following (tJnited Press) from Paris, Is from the
"Wall Street Journal" of June 10:
The meeting of the International Sugar Conference, scheduled for Monday,
has been postponed until July 7. The Japanese delegates were expected to
advocate abandonment of the Chadbourne plan. It was understood the
Dutch would propose complete cessation of sugar planting in 1933.
Cable advices received in New York, June 15. from the
office of the International Sugar Council at The Hague,
state that the Conference to be held on July 7 has been
transferred from Paris to Ostend. It Is also stated that
there is no truth in the report from Paris that tile Javanese
delegates will come to the conference with a proposal for
the abandonment of the Chadbourne Plan.
Approximately $30,000,000 of Coffee Destroyed in Brazil
In Year Under Direction of Brazil's National Coffee
Council--Coffee Purchased By Council Valued at
Over $62,000,000.
One year has passed since the start of coffee destruction
in Brazil and a total of 7,103,000 bags of coffee, with a value
of approximately $30,000,000 has been burned and destroyed
under the direction of Brazil's National Coffee Council,
according to statistics of the New York Coffee and Sugar
Exchange. Another 7,000.000 bags have already been purchased by the Council and scheduled for destruction. The
Coffee & Sugar Exchange under date of June 9 further states:
In its plan to defend the price ot coffee, the Council, which is in complete
charge ot coffee at airs in Brazil. had purchased 14,255,000 bags of coffee up
to May 28th 1932. in accordance with the plan adopted last June to purcha.e the retained coffee stored in the interior warehouses of Brazil. The
coffee purchased so far is valued by the Council at 819,000 "contos of reis,"
or approximately $62,900,000 at the present rate of exchange.
In the first eight months, the destruction proceeded slowly and behind
schedule, but in the last few months destruction has been stepped up.
During May,a total of 1.409,000 bags was burned compared with 1,254.000
bags in April. The average destruction in the preceding nine months had
been 455,000 bags per month. The recent increases in destruction were
brought about through increased revenues for the Brazilian Government.
The export tax, which is used in purchasing this coffee and also in servicing
the 1930 coffee loan of E20,000.000, is now being collected at the rate ot
55 milreis per bag instead of the original 15 shilling basis. At the present
rate of exchange, this yields about $4.22 per bag of coffee exported.
F. C. Russell Named Manager of New York Office of
Grain Stabilization Corporation to Market 1,000,000 Bags of Brazilian Coffee.
Frank C. Russell, head of the coffee firm of Frank C.
Russell & Co. of this city, and Vice-President of the New
York Coffee & Sugar Exchange, has (according to the New
York "Sun" of last night, June 17) been appointed manager
of the New York office of the Grain Stabilization Corporation
to market more than 1,000,000 bags of coffee which the
United States Government accepted in exchange for 25,000,000 bushels of wheat shipped to Brazil last year. The
appointment was announced in Chicago on June 16, says
the "Sun," which further said:
Mr. Russell, who has been in the New York coffee trade for many years,
said to-day that he will go to Chicago next week to confer with the executives
of the Grain Stabilization Corporation on a plan for disposing of the Government coffee. No definite policy for marketing it has been determined yet.
he said, but he expects the corporation will settle that question within the
next week or two in order that the coffee trade may readjust its business
to the conditions which will be created by release of Government coffee for
sale.
"The terms of the contract between the United States Government and
the Government of Brazil provide that the maximum amount of coffee
which the Grain Stabilization Corporation can sell in one month shall
June 18 1932
be 62,500 bags," said Mr. Russell. "Sales, however, are cumulative.
That is to say, the coffee quota unsold one month may be marketed the
following month and so on until an is sold.
"Marketing of the Government coffee will begin next September and the
schedule calls for disposal of the entire amount by Jan. 1 1934. In other
words, sixteen months is the least period of time in which the Government
coffee can be released. At the end of that period all the Government
supplies will be free, whether they have been sold or not and will become
part of the free stocks.
"It does not look as if the release of the restricted coffee will flood the
market. Nominally the American public consumes about a million bags
of coffee a month, of which about 600,000 bags are Santos coffee, which is
the particular coffee required by the Government stocks. Release of
62,500 bags of Santos coffee a month represents roughly about 10% of the
particular coffee required by the country every month. Normal demand
should absorb that quota."
Mr. Russell said that stocks of free coffee in the United States are not
large. He estimated them around one million bags, or about a normal
supply for one month. Adding the restricted or Government coffee to
that brings the total stocks of coffee in this country to about 2.000,000 bags.
He said that is a moderate supply, stocks frequently having been much
larger.
Cotton Supply Estimated at 12,119,000 Bales by Department of Agriculture—Figures of World Cotton
Crop.
The apparent supply of cotton in the United States on
May 1 is estimated by the United States Department of
Agriculture at 12,119,000 bales, compared with 8,584,000
bales on May 1 a year ago, and 6,222,000 bales on May 1
1930. Of the May 1 supply, the Bureau of Agricultural
Economics says that 1,482,000 bales were in consuming
establishments, 8,146,000 bales in public storage, and about
2,491,000 bales "elsewhere," largely on farms and plantations. Mill stocks of American cotton on May 1 last year
were 1,290,000 bales, stocks in public storage were 5,992,000
bales, and apparent stocks "elsewhere" were 1,302,000.
The Bureau has revised its estimate of the 1931-32 world
cotton crop to 27,500,000 bales, the second largest world
crop on record. Production in 1930-31 was 25,800,000
bales. A production decrease of 1,464,000 bales outside
the United States last year was more than offset by an
increas3 of 3,164,000 bales in the United States despite a
10% acreage reduction in this country. The Bureau on
June 1 also said:
Sharp curtailment in domestic mill activity the last two months is reported by the Bureau, the textile situation in Great Britain is reported in
better position than a year ago, and the rate of cotton consumption on
the Continent of Europe Is said to be about equal to or slightly less than
it was a year ago, but with larger quantities of American cotton being
consumed. Mill activity in Shanghai has resumed following the almost
complete shutdown during military disturbances, and mill activity in
Japan in March is said to have been at the highest levels in two years.
Decrease in World Consumption of American Cotton
in April.
World consumption of American cotton during April
totaled 1,078,000 bales, compared with 1,149,000 in March
and 1,004,000 in April last year, according to the New
York Cotton Exchange Service. Total consumption in
nine months of the year ended April 30 was approximately
9,443,000 bales, compared with 8,258,000 in the same
period last season. On May 31 the Exchange Service also
said:
The decrease from March to April this year was due almost entirely
to reduction in mill activity in this country. Consumption in the United
States declined from 477,000 bales in March to 358,000 in April, but total
consumption by all foreign countries combined increased from 672.000
to 720.000. Consumption by the United States was undoubtedly smaller in
May than in April, and it is doubtful that total consumption abroad has
Increased much, if any, during the past month. Hence it appears that our
world consumption estimate for May will not exceed that for April as here
given.
Drouth Damages Brazilian Cotton Crop.
cotton crop in the interior States of Pernambuco,
The
Parahyba, Rio Grande do Norte and Ceara have been
seriously damaged by a drouth, and it is estimated that
the yield in some sections will be as low as one-fifth of the
crop expected, it is stated in a cablegram to the Commerce
Department from Commercial Attache Carlton Jackson.
Rio de Janeiro, made public by the Department May 31.
United States Cotton Shipments to China and India
for April Larger Than Last Year.
Exports of cotton to China and India during April were
larger than last year, although under shipments for March,
according to recent figures of the Bureau of Foreign and
Domestic Commerce. The Department on May 26 further
reported:
Exports to China during April amounted to 50,000 bales compared with
57,000 bales in March and 18.000 bales in April, 1931, while exports to
India amounted to 21,000 bales during April, compared with 74.000 bales
during March and 18,000 bales in April, 1931.
Volume 134
Financial Chronicle
Shipments to India for the nine months of the cotton year aggregated
225,000 bales or almost three times the volume of exports for the corresponding period of last season, aggregating 88,000 bales. The exports to
China totaled 965,000 bales or more than three times the exports for the
corresponding nine months of last year, amounting to 301.000 bales.
Failures
in Great Britain Hit Liverpool Cotton
Nervousness Spreads to Other Commodities.
A cablegram June 3 from London to the New York "Journal of Commerce" said:
Intense nervousness prevails on the Manchester and Liverpool
cotton
exchanges as the result of the suspension of three important firms
within
a week's time.
Losses dye to forced liquidation of outstanding accounts
have been
sufficient in some of the cases to cause at least temporary
weakness in the
markets. Concern felt over these repeated failures is at the
bottom of a
widespread movement among holders of raw cotton to unload,
although
buying capacity has apparently dried up.
In each of the three cases Continental exchange restrictions
which have
prevented collection of outstanding Contirental accounts
have been given
as the reason for suspension. One of the failures was
of an old Liverpool
cotton house and one that emphasized the fact that
its business was a
strictly brokerage business, the house taking no position
of its own in the
market.
The suspensions have included Hornby.
Hemeldyk & Co., suspended
May 28, and Albrecht & Co. and J. R. Brooke &
Co., who suspended payments within the last few days.
Weakmss and nervousness incident to the cotton
failures is spreading
Into the rubber, coffee and other commodity
markets.
Items regarding the above suspension appeared in these
columns May 28, page 3892 and June 4, page 4067.
Cotton Mills in United States Find Developments in
Some Sections of Cloth Market Little More Favorable According to New York Cotton Exchange
Service.
The cotton mills of this country have found developments
in some sections of the cloth market a little more encouraging
during the past two weeks than in recent months, according
to the New York Cotton Exchange Service. On some constructions of print cloths and sheetings, a fair volume of
goods has been sold, equaling or exceeding the current
drastically reduced production. Some contracts have called
for deliveries through the summer. Prices have been
advanced on the more active lines, and margins widened, it
is stated.
"The improvement has not been general throughout the
market, however," says the Exchange Service. Under date
of June 14, it adds:
New business has been very limited on light and heavy
weight
goods and on most finished goods. Prices in many important unfinished
divisions of
the trade have been irregular, as necessitous selling
has continued. The
slow movement of goods over retail counters and the
light consumption
by industrial users have made it difficult for many
producers to liquidate
accumulations.
Census Report on Cotton Consumed in May.
Under date of June 14 1932 the Census Bureau issued its
report showing cotton consumed in the United States,
cotton on hand, active cotton spindles and imports and
exports of cotton for the month of May 1932 and 1931.
Cotton consumed amounted to 332,439 bales of lint and
50,178 bales of linters, compared with 367,280 bales of lint
and 50,936 bales of linters in April 1932 and 465,363 bales
of lint and 66,930 bales of linters in May 1931. It
will
be seen that there is a decrease under May 1931 in
the
total lint and linters combined of 149,676 bales, or 28.12%.
The following is the official statement:
MAY REPORT OF COTTON CONSUMED, ON HAND,
IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES.
(Cotton in running bake, counting round as halt bales,
except foreign, which is
in 500
-pound bales.)
Cotton Consumed
Du fay-Year
May
(bales)
United Statue
Cotton on Hand
II ay 31-
Cotton
Ten
/n Con- In Public Spindles
Moruhs stoning
Storage
A dire
Ended Establish et at Corn- During
May 31
mitts.
May
presses.
(bales)
(bales)
(bales) (Number)
1 1932 332,439 4,2119,664 1,463,389 7,608.604 21,639,352
1 1931 465,363 4,358,189 1,257,616 5,490,017 26,379,082
Cotton-growing States_.
1932 287,655 3,520,756 1.146,675 7,148,768 16.030.742
1931 361,680 3,436,955 909,570 5,089,660 17,031.080
1932 35,106 608,957 262,164 251,802
1931 89,161 773,215 295,525 160,368 4,881.018
8.366.214
All other States
1932 9,678 139,951
54,550 208,034
727.592
1931 14,522 148,019
52,521 239,989
981,788
Included Above
Egyptian cotton
1932 6,908
67,801
28,816
26,861
1931 8,630
87,457
50,355
24,785
Other foreign cOtton
1932 3,177
36,987
23,135
6,893
1931 6,179
64,183
26,905
15,540
American-Eitintlan cotton legg
612
11,253
5,688
12,626
1931
1,381
12,567
8,550
10,324
Not Included Above
Linters
{ 1932 50,178 541,364 304.299
48.158
1931 66,930 587.996 272.626
70.177
New England States
4399
Imports of Foreign Cotton (500-18. Bales).
Country of Production.
May.
1932.
Egypt
Peru
China
Mexico
British India
All other
10 Mos. End. May 31.
1931.
18.705
41
1,266
1932.
1931.
2,473
170
58,338
2,115
6,141
20.436
15,801
1,483
18,422
1.883
26,688
10,848
24,813
1,436
22,664
Total
4,670
242
2.908
3,661
3.547
161
15.189
104.314
84.090
Exports of Domestic Cotton. Excluding Linters
(Running Bales
-See Note for Linters).
Country to Which Exported.
May.
1932.
United Kingdom
France
123,070
39,107
46,360
86,878
57.952
85,989
61,515
Italy
Germany
Other Europe
Japan
All other
10 Mos. End. May 31.
1931.
56,321
17,669
28.923
75,954
35.818
65,943
55,168
1932.
1931.
1.213.924 1,027,159
424,181
900,613
587,927
437,686
1,431,174 1,531.723
707,156
643,126
2.126,002 1,089,802
1,407,503
615.356
Total
500,871
335,796 7,897,867 6.245.465
Note.
-Linters exported, not included above, were 11,603 bales during May
In 1932 and 4,968 bales in 1931; 99.991 bales for the 10 months ended May 31 in
1932 and 93,678 bales in 1931. The distribution for May 1932 follows: United
Kingdom, 4,410; Netherlands. 420: Belgium, 248: France, 1,327; Germany,
2,175;
Canada, 770; Japan, 2,237: Panama, 15; Philippine Islands, 1.
WORLD STATISTICS.
The world's production of commercial cotton, exclusive of linters. grown
In 1930, as compiled from various sources, was 25.304,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters in the United States) for
the year ended July 31 1931 was approximately 22.402.000 bales. The
total number of spinning cotton spindles, both active and idle, is about
162,000,000.
Japan Opens World's First Rayon Futures Market.
An announcement as follows was issued June 11 by the
Department of Commerce at Washington:
The world's first Rayon Futures Market has been established at Fukui,
Japan, and trading started last month, according to a report from Consul
J. Holbrook Chapman, Nagoya, Japan, made public by the Commerce
Department. Among the 500 who attended the opening ceremony was the
Japanese Minister of Commerce and Industry.
Quotations are made for the current and two future months. Opening
day transactions totaled 500 bales. June delivery was quoted at yen
83.20 and July delivery at yen 81.50 per 100 pounds. (Yen equals about
32 1-3 cents at current exchange.)
Cottonseed Oil Production
During May.
On June 11 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on
hand, and cotton seed products manufactured, shipped out,
on hand and exported for nine months ended May 31
1932 and 1931:
Census Report on
COTTONSEED RECEIVED. CRUSHED AND ON HAND (TONS).
Stale.
&aired at Mills.*
Crushed
On Hand at Mills
Aug. Ito May 31. Aug. I to May 31.
May 31.
1932.
Alabama
Arizona.
Arkansas
California
Georgia
Louisiana
Mississippi
North Carollna
Oklahoma
South Carolina
Tennessee
Texas
All other States
1931.
1932.
1931.
373,432 399,457 364,198 399,190
48,358
63,906
41,339
64,103
527,200 249,580 482,947 250,764
79,096 126,181
75,044 124,712
453,611 665,829 441,433 663,952
251,028 202,163 248,668 202.190
725,417 565.760 681.921 568,778
255,312 289,643 250,128 289,227
376,290 247,975 334,631 249,077
234,629 277,176 232,234 275.862
486,788 260,992 438,848 263,352
1,626,385 1,238,745 1,456,869 1,236,083
76,431
53,528
75,501
63,483
1932.
1931.
9,903
7,068
33,062
5,252
13,557
3.012
44,577
6,191
40,454
3,300
48,168
182.675
981
533
49
1,866
9,609
2,606
643
6,957
780
1.180
1,708
235
19,365
47
United States
5.513,977 4.650.935 5.123,761 4,650,773 398,200
45.578
• Includes seed destroyed at mills but not 24,784 tons and 45,434 tons on hand
Aug. 1, nor 40.330 tons and 67,030 tons reshipped for 1932 and 1931, respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND
ON HAND.
rroaucea
Item.
Crude oil
(Pounds)
Refined oil
Season.
On Hand
Aug. I.
Aug. 1 to
May 31.
Snippea Out
Aug. 1 to
May 31.
On Hand
May 31.
1931-32
*8,086,071 1.623,687,841 1,564,994,269 *86,348,938
1930-31
7,893,957 1,420,617.591 1.405.333.784
33,055,963
1931-32 a277,836,530 61391 293,754
a705,361,066
(Pounds)
1930-31 301,609,092 1,276.873,481
406,376,308
Cake and meal 1931-32
146,888
2,306,815
2,303.538
150,165
(tons)
1930-31
55,352
2,130,624
1,961.694
224,282
Hulls
1931-32
47,723
1,448,094
1,294,412
201,405
(tons)
1930-31
28,495
1,285,785
1,231,184
83,096
Linters
1931-32
175,904
835.791
741,168
270.527
(running bales) 1930-31
135,220
812,317
698.809
248,728
Hull fiber
1931-32
3,544
32,771
32.071
4,269
(500-16. bales) 1930-31
2,659
49,373
48.481
3,551
Grabls,moteso&c 1931-32
12,475
30,059
23,421
19,113
(500-1b. bales) 1930-31
12.776
35.000
31,298
16,478
• Includes 3,267,812 and 9,016,477 pounds held by refining and manufacturing
establishments and 3,011,840 and 16,832,470 pounds in transit to
refiners and
consumers Aug. 1 1931 and May 311932. respectively.
a Includes 4.207.734 and 5.161,212 pounds held
refiners, brokers, agents,
and warehousemen at places other than refineries by
manufacturing
ments and 3,585,902 and 2,881,715 pounds in transit andmanufacturers establishto
of lard substitute, oleomargarine, soap, &c. Aug. 1 1931 and May 31 1932,
respectively.
b Produced from 1,506,585,525 pounds of crude oil.
'
EXPORTS OF COTTONSEED PRODUCTS FOR NINE MONTHS ENDED
APRIL 30.
Item1932.
1931.
Oil, crude, pounds
30,651,399
8,697,762
Oil, refined, pounds
4,991,101
13,512.379
Cake and meal, tons of 2.000 pounds
200,763
42,303
Linters,running bales
88,388
91,710
4400
Financial Chronicle
June 18 1932
minimum and who cannot curtail their output further
without an increase in the price of oil." William Kreck,
Chairman, stated at the time that "the action taken by
the committee was not only directed toward improvement
of the overproduction situation, but also was aimed toward
stabilization of employment among field workers by safeguarding the jobs of men already employed and to create
additional jobs where possible, looking toward a betterment
of conditions generally."
The continued decline in the wholesale price of meat compels continued
reduction of costs, for costs must be kept in line with prices else our
The committee's resolution emphasized that, in its judgbusiness would be stagnated with injury to producers of live stock, conment, "it is economically sound and for the public welfare
sumers of meat and packing-house employees as well.
that production in the oil industry be kept within reasonable
The cost of living has declined to such an extent in recent months that
the effect of this wage reduction on our employees will be greatly lessened.
limits of demand in order to prevent waste, and that deThe new rates will compare favorably with the going rates in other major
structive elements are introduced in an industry when even
industries, and our employees have the further advantage of normal and
for a short time material overproduction occurs."
steady employment.
California's price structure has been made for a year. It
Six-Hour Day Adopted by Owens-Illinois Glass Co.
- was on June 19 1931 that the Standard of California announced an increase in crude based on the same condition
2,000 Additional Workers to Be Hired.
The Owens-Illinois Glass Co., largest manufacturing insti- that production be restrained within the limits established
tution of its kind in the world, announced that it has gone by the curtailment committee. Since April 1 of this year
to the six-hour day, according to the Toledo (Ohio) "Blade" there has been a marked,advance in crude in all other producing centers of the country, and California operators have
of June 9, which adds:
been working steadily toward a basis which would permit
In its plants in various parts of the country the reduction to six hours
a day will mean the employment of 2,000 additional workers, carrying the
the price structure on the Pacific Coast to emulate the
total employed to 8,000. The reduction to the six-hour day will restore
upward movement of other fields.
Its entire working force to employment.
Now.that California crude is to be advanced there is a
The company, in its various plants, has been working three shifts of
eight hours each. Under the plan announced by William E. Levis, Presistrong movement under way, to bring about further indent of the Owens-Illinois Co., the entire force now will be divided into
creases in Mid-Continent prices as well. This would confour shifts.
tinue the disparity in prices now existing. between MidWhen California prices are below
Cuts Toilet Soap 30% Wholesale—Action Taken Continent and California.
P.8c G.
Mid-Continent the movement of refined products from the
to Bring About Stability in Business—Prices at
Pacific Coast to the East is accelerated, providing serious
-Year Low.
50
competition for Eastern refiners. New advances in MidFrom the "Wall Street Journal" of June 11 we take the
Continent hinge upon the ability of producers to keep output
following from Cincinnati:
down to a point where slight withdrawals of surplus stocks
A reduction of around 30% in wholesale price of toilet soapt bas been
would be necessary.
made by Procter dr Gamble Co.. the largest soap maker. The new level
brings retail prices of toilet soap to pre-war levels and. In the case of Ivory,
The present top price if California is 89 cents, and this
P. & G's leader, the new wholesale price is but slightly higher than when
is posted in only one field.
this bar was introduced in 1879.
The World Oil Conference will be resumed in Paris on
Ivory, on the new low price basis, will be sold In chain stores and the
larger independents at five cents a bar or less as against former average
June 29, and great interest attaches to the efforts of the
price of seven cents. The reduction is the sharpest made In a standard
Soviet delegation to secure a loan of $50,000,000 from oil
advertised line of toilet soaps in years. It would berve to modify price
interests, this loan to be repaid in oil over a period of years.
cutting which has been going on In the trade for some time.
Other lines, including bar laundry and bulk laundry and industrial soaps
Granting of such a loan would be contingent upon the Soviet
and soap flakes, were reduced in price some time ago, and many brands
entering into an agreement tending to stabilize foreign
at present are being sold to the consumer at prices lower than have been in
petroleum markets. The Soviet group has heretofore stipueffect for 50 years. Soap flakes currently are selling at more than 40%
below this time a year ago. In laundry and industrial soaps where trade
lated that they be allowed to increase their oil exports
names do not mean so much, price has been the determining factor and
steadily, regardless of world consumption, and in addition
competition for the business has brought lower price levels.
a guarantee of a progressive increase in price. This has
Petroleum and Its Products—Dollar Price for California proved unacceptable to other conferring interests.
The per well allowable in East Texas for the last half of
Crude Impending As Producers Strive to Reach
June 17, is 51 barrels daily, a reduction
Daily Limit Demanded by Buyers—Further Ad- June, effective as of
of three barrels from the limit controlling output during the
Planned in Mid-Continent.
vances
first half of the month. It is estimated that, there are now
Crude oil will reach $1 a barrel in California this weekend, approximately 6,400 wells in the field.
Pacific Coast.
according to last-minute advices from the
Prices of Typical Crudes per Barrel at %%ells.
Producers throughout the State are striving to reduce daily
(All gravities where A. P. I. degrees are not shown.)
$1.60 Eldorado, Ark., 40
barrel maximum demanded by the Bradford, Pa
$0.78
output to the 476,700
1.05 Rusk, Texas, 40 and over
Corning,
Standard Oil Co. of California, which has promised a 25 cent Illinois Pa
.80 Salt Creek, Wyo.,40 and over
.85
.90 Hurst Creek
.90
Western Kentucky
advance, dependent upon such action.
1.25
Midcontinent, Okla.. 40 and above_ 1.00 Sunburst, Mont
.75
Texas. 40 and over__
The offer of Standard of California was made public last Hutchinson,Texas, 40 and over _ _ _ •.81 Santa Fe Springs, Calif.,40 and over .72
_ *.81 Huntington, Calif., 28
Spindletop,
Petrolia, Canada
1.75
Monday, June 13, and the limit the company set was that Winkler, Texas
• Effective April 1 1932.
.77
24 and over
established by the Equitable Curtailment Committee of the Smackover. Ark..
State. K. R. Kingsbury, President of Standard of Cali- REFINED PRODUCTS—GASOLINE PRICE ADVANCED I CENT
HERE—SECOND ADVANCE DUE NEXT WEEK UNDER
fornia, stipulated particularly that the daily maximum
NEW TAX—SPOT DEMAND SHOWS IMPROVEMENT—
should be maintained but that excess production would not
BUNKER FUEL OIL PRICE DUE FOR ADVANCE.
be permitted over any field's allowable to make up for deEffective to-day, Saturday, the Standard Oil Co. of New
field must
ficiencies in other fields. In other words, each
Jersey will post a lc. advance in tank car, tank wagon and
adhere strictly to its own allowable.
Standard's proposition, which service station gasoline prices throughout its entire territory
Following the issuance of
of Delaware.
would probably be emulated by other purchasing organiza- with the exception
Yesterday, effective immediately, Standard of New York
efforts were initiated by every group concerned
tions, strong
station and tank wagon gasoline prices lo.
to secure complete observance of the voluntary curtailment advanced service
Metropolitan District, Long Island and parts
schedules so that the higher rates might be put into effect a gallon in the
This brings the service station price in
quickly. During the week ending June 11 production in of Westchester.
exclusive of the 3o. State tax.
California mounted 8,800 barrels daily to an average of New York City to 103'o.,
that a cut of approximately 10,000 The advance was met immediately by all major operators.
486,800. This means
This is the first advance since the same company out prices
barrels must be attained and maintained.
weeks ago, in overcoming competition
The increase as outlined by Standard would be on the 4c. a gallon several
Signal Hill of unbranded gasoline. That was the sharpest cut made
basis of a 25 cent increase a barrel for 27 gravity
years, and effectively met all competition.
crude and relative increases for other grades. Standard's in this market in
that such increase be granted, made The Standard's reduction was also followed by other operaaction followed a request
by the Executive Committee for Equitable Curtailment of tors
The new 10. Federal tax on gasoline becomes effective next
the Oil Industry in California, "in an effort to maintain
independent Monday, June 21, and at that time a lc. advance will be
curtailment and relieve the burden on the small
the line. Companies must pay the tax
producers who have reduced their production to the economic posted right down
Wages Reduced 10% by Armour & Co.—
Second Cut to Be Made.
Announcement was made by Armour & Co. on June 6 to
the effect that a second wage cut of 10% for its employees
will be made effective June 11. A few weeks ago salaries
were also reduced 10%, this, too, being a second reduction.
The announcement issued by the company in announcing
the latest cut, follows:
Volume 134
Financial Chronicle
direct to the Government, and therefore will collect it from
the consumer through the retail outlets.
Efforts on the part of jobbers and large consumers who
have been buying heavily to accumulate large stores before
the tax became effective are likely to be discounted, as an
amendment reported out by the House Ways and Means
Committee this week provides that all stocks over the
nominal limit of 1,000 gallons will be subject to the tax.
This amendment was directed especially at those operators
who have been flooding the market with orders far in excess
of their normal needs.
It is expected that bunker fuel oil prices will be advanced
from 5 to 10c. a barrel next week, as a result of the tariff
which then goes into effect. The price now holds firm at
75c. a barrel, and Diesel is firm and unchanged at $1.50 a
barrel, both quotations for bulk shipments, at refineries.
A better tone in domestic heating oils was noted this week,
and buyers were operating more freely. Prices remain unchanged. Prospects of higher crude prices not only in California but in the Mid-Continent area have brought forth a
more spirited buying tone throughput the entire refined
products division in the East. "Water-white kerosene,
41-43 gravity, continues quiet, however, with prices still
ranging from 5% to 6e. per gallon.
Price changes of the week follow:
June 17.
-Standard Oil Co. of Ohio, effective immediately, reduced
gasoline lc. per gallon throughout its territory. In localities where prices
had been reduced to meet local competition quotations have been restored
to the State-wide structure, which is 11c., 13c., and 16c. for the three
brands, plus 4c. State tax.
June 17.
-Standard Oil Co. of New York advances tank wagon and
service station gasoline prices lc. a gallon throughout New York City,
Long Island and parts of Westchester. New service station price in New
York City is 10c., exclusive of 3c. State tax. Advance was met by all
other major operating companies.
June 18.
-Effective to-day, Standard Oil Co. of New Jersey will post lc.
advance in tank car, tank wagon and service station prices throughout its
territory, with exception of Delaware.
Gasoline, Service Station, Tax Included.
New York
$ 135 Cleveland
$ 17 New Orleans
S 118
Atlanta
195 Denver
20 Philadelphia
.13
Baltimore
174 Detroit
13 San Francisco:
Boston
18 Houston
17
Third grade
.125
Buffalo
173 Jacksonville
19
Above 65 octane- _
. 145
Chicago
16 Kansas City
155
Premium
175
Cincinnati
17 Minneapolis
167 St. Louis
134
Kerosene, 41-43 Water White, Tank Car Lots, F.O.B. Refinery.
N.Y.(Bayonne).05M-.06
Chicago
$ 02Ti-.03 M New Orleans, ex...30.03 M
North Texas_ _ - _
.03
Los A ng.,ex__ .04)-.06
Tulsa
0434-.03h
Fuel Oil, F.O.B. Refinery or Terminal.
N. Y.(Bayonne)California 27 plus D
Gulf Coast C
3.60
Bunker C
$ .75
3.75-1.00 Chicago 18-22 D.423 -.5o
Diesel 28-30 D
1.50 New Orleans C
.60 Philadelphia C
.70
Gas 011, F.O.B. Refinery or Terminal.
N. Y.(Bayonne)I ChicagoI Tulsa
.
28 D plus- -4.03M-.04 I 32-36 D 1nd-3.013/n02j 32-36 D Ind--3.01M-.02
Gasoline, U. S. Motor. Tank (Above 65 Octa ne). Car Lots, F.O.B. Refinery
N. Y.(Bayonne)
N. Y.(Bayonne)
Chicago
3 05M-.05M
Standard 011, N. J.
Sinclair
06M New Orleans, ex. .05-.05M
Motor. 60 ocPan-Ant. Pet. Co_ .06
Arkansas
.04-.0431
tane
3 07 M
Shell Eastern Pet_ .06)1 California_
.05-.07
Motor, 65 ocNew York
Los Angeles,ex .041/-.07
tane
.08
Colonial-Beacon-4.07
Gulf Ports.05-.0511
Motor,Standard .08M
Crew Levi&
0714 Tulsa
04)1-.053j
Standard Oil, N. Y__ **
z Texas
.06M Pennsylvania_
.05M
Tide W ater 01 Co .065/
Gulf
07
Richfield 011(Cal.).07)1
Continental
06
Warner-Quin.Co_ .06M
Republic Oil
•06M
*Below 65 octane.
z Texaco" s .07.
** Standard 011 of N.Y. now quoting on basis of delivered price not more than
5c.
per gal. under company's posted service station price at point and date of delivery
but in no event less than 7c. a gal., f.o.b. New York Harbor, exclusive of taxes.
Crude Oil Production Continues Below Last Year's
Rate-Refinery Capacity Unchanged During Week
Ended June 11.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States for
the week ended June 11 1932 was 2,183,450 barrels, as compared with 2,181,250 barrels for the preceding week, an
increase of 2,200 barrels. Compared with the output for
the week ended June 13 1931 of 2,463,100 barrels per day,
the current figure represents a decrease of 279,650 barrels
daily. The daily production for the four weeks ended June
11 1932 averaged 2,189,850 barrels. Comparative figures
are set out below.
Reports received for the week ended June 11 1932 from
refining companies controlling 95.1% of the 3,852,000barrel estimated daily potential refining capacity of the
United States, indicate that 2,330,100 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 43,911,000 barrels of gasoline and 128,374,000 barrels
of gas and fuel oil. Gasoline at bulk terminals amounted
to 15,044,000 barrels and 1,784,000 barrels were in waterborne transit in or between districts. Cracked gasoline
production by companies owning 95.6% of the potential
charging capacity of all cracking units, averaged 448,300
barrels daily during the week.
4401
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures In Barrels.)
Week
Ended
June 11
1932.
Total
Average
4 Weeks
Ended
June 11
1932.
Week
Ended
June 13
1931.
434,200
95,100
51,350
50,800
25,050
179,350
56,950
330,400
55,300
29,600
34,150
113,400
33,050
109.350
17,500
34,350
7,350
2,900
38,450
486,800
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
Week
Ended
June 4
1932.
408,000
95,950
54,450
50.000
24,050
184,800
56,800
349.950
54,950
29,100
34,050
114,300
34,700
108,500
19.100
37.900
7,550
3,150
35,950
478,000
418,050
98,050
52.500
50,750
25,000
183,400
57,000
338.200
54.800
29,350
34,200
114.000
35,700
107,750
18,900
37.350
7,850
3,100
36,400
489,500
557,450
103,100
58,000
55,450
26.900
214,900
60,700
329,000
60,950
37,400
45,350
148,300
28,050
101,800
8.350
42,900
8,050
4,400
43.450
528,600
2,183,450 2,181.250 2,189,850 2,463,100
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS, AND GAS AND FUEL
OIL STOCKS FOR WEEK ENDED JUNE 11 1932.
(Figures in Barrels of 42 Gallons.)
Daily Refining Capacity
of Plants.
District.
Crude Runs
to Stills.
Reporting.
Potential
Rate.
Total.
Daily OperAverage. ated.
a Motor
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
East coast
633,700 633.700 100.0 479,900 75.7 19.478,000 6,821,000
Appalachian...... 149,600 137,400 91.8
87,300 63.5 2,487,000 1.046.000
Ind., Ill., Ky..... 436,300 431,500 98.9 273,900 63.5 8,908,000 3.981,000
Okla., Wis., Mo_ 485.700 435,200 89.6 246,000 56.5 5,717.000 3,307,000
Inland Texas... 305.700 233,900 76.5 119,700 51.2 2,033,000 2,898,000
Texas gulf
532,500 531,500 99.8 465,100 87.5 6,789,000 6,779,000
Louisiana gulf.
147,500 147,500 100.0 109,000 73.9 2,057.000 4,110,000
North La.
-Ark
85,600
83,000 97.0
54,700 65.9
257,000
744,000
Rocky Mountain 160,900 143.800 89.4
30,100 20.9 1,974,000
648,000
California
914,500 884,100 96.7 464,400 52.5 16,989.000 98.040.000
•
Totals week:
June 11 1932_ 3,852.000 3,661,600 95.1 2,330,100 63.6 66,689,000 128,374,000
June 4 1932. 3,852.000 3,661,600 95.1 2.261,000 61.7 67.070,000 127,058,000
a Below is set out an estimate of total mo or fuel stocks on U. S. Bureau of Mines
basis/or week of June 11 1932 compared with certain June 1931 Bureau figures:
A. P. I. estimate B. of M. basis, week June 11 1932..b
67.514,000 barrels
U. S. B. of M. motor fuel stocks June 1 1931
64,196,000 barrels
U. S. B. of M. motor fuel stcclis June 30 1931
60,165.000 barrels
b Estimated to permit comparison with A. P. I. Economics _
Report, which is
_
on Bureau of Mines basis.
Output of Crude Petroleum in the United States
During April Amounted to 67,717,000 Barrels, a
Decrease of 5,384,000 Barrels as Compared With
the Corresponding Period Last Year, but Represents an Increase of 528,000 Barrels Over March
1932-Inventories of Natural Gasoline and Refined
Products Higher.
According to reports received by the Bureau of Mines,
Department of Commerce, the production of crude petroleum
in the United States during April 1932, amounted to 67,717,000 barrels, a daily average of 2,257,000 barrels. This
represents an increase of 90,000 over the daily average of
March but is 7% below April a year ago. The gain in output
in April was fairly general throughout the country and only
a few fields showed a decrease. It is particularly noteworthy that the major portion of the increased output in
April came from the older settled fields. Development work
in the East Texas field was accelerated in April and a record
total of 464 oil wells were completed. The number drilling
at the close of the month totaled 380, or nearly 100 more
than at the beginning of the month. The daily average
output of the field in April was 355,000 barrels, compared
with 340,000 barrels daily in March. The daily average
output in California rose to 517,000 barrels, which marked
the first time in about six months that production in that
State had gone much above the 500,000-barrel mark. In
spite of another material increase in stocks of foreign crude
held at refineries, total stocks of crude east of California
showed a decrease of 438,000 barrels. Stocks of refinable
crude in California increased slightly. The Bureau further
states:
Runs to stills of crude petroleum showed a material increase in April.
when the daily average amounted to 2,371,000 barrels, compared with
2,209,000 barrels in March and with 2,492.000 barrels a year ago. Runs of
foreign crude increased materially in April, although they remained considerably below the level of imports.
The percentage yield of gasoline in April was slightly under March but this
Was more than compensated by the increased amount of crude processed
and the total output increased materially. The daily average output of
motor fuel was 1,120.000 barrels, an increase of 7% over March, but 8%
below a year ago. Imports and exports of gasoline both increased materially
in April. The daily average indicated domestic demand for motor fuel
totaled 1,008,000 barrels, which is 6% higher than in March but 11%
below April 1932. Stocks of motor fuel on April 30 totaled 64,037,000
barrels, an increase of 1,117,000 barrels during the month. Practically all
of the increwe wa. recorded in terminal stocks: in fact, refinery stocks were
reduced by 263,000 barrels. At the current rate of total demand, the
April stocks represent 56 days' supply compared with 60 days' supply on
hand a month ago.
.
Financial Chronicle
4402
The refinery data of this report were compiled from schedules of 345
refineries, with an aggregate daily recorded crude-oil capacity of 3.533.390
barrels. covering, as far as the Bureau is able to determine, all operations
during April 1932. These refineries operated during April at 67% of their
recorded capacity, given above, as compared with 344 refineries operating
at 61% of their capacity in March.
SUPPLY AND DEMAND OF A LL OILS
(Including wax, coke and asphalt In thousands of barrels of 42 U. S. gallons.)
March
1932.
April
1932.
New SupplvDomestic production:
Crude petroleum
Dully average
Natural gasoline
Swami
Total production
Daily average
Imports:
Crude petroleum
Refined products
Total new supply. ell oils
Dully average
Jan-Ayr. Jan-Apr.
1931.
1932.
April
1931.
67,717
2,257
3,102
112
70,931
2,364
Stocks (End of Montn)Crude petroleum:
East of CaJlfornia
California c
Total crude
Natural gasoline
Refined products c
4,840
4,028
79,379
2,561
4,162
3,459
84,732
2,824
19,286
15,660
312,490
2,583
17,019
14,041
316,316
2,636
a21
a294
3,253
al0,113
79,400
2,561
85,016
2,834
309,237
2,5.55
326,429
2,720
2,867
7,772
69,617
2,321
2,090
7,051
70,259
2,266
1.826
8,164
75,026
2,501
8,446
27,745
273,048
2.257
33,488
285,900
..,383
43
9
69
37
138
329,157 329,595 356,565
42,547 42,259 44,003
371,704 371,854 400.568
4,017
4,030
4,340
259,975 257,223 251,984
Exports:
Crude petroleum
Refined products
Domestic demand
Daily average
Excess of daily average domestic
production over domes.demand.
268,876
2,241
15,643
737
285,256
2,377
80,256
2,675
Demand
264,274
2,184
12,790
480
277,544
2,294
2,912
Total demand
Daily average
73,101
2.437
3,824
187
77,112
2,570
7.691
4,546
83,168
2,772
Increase in eioeks, an ois
67,189
2.167
3,198
124
70,511
2,275
329,157
42,547
371,704
4,340
259.975
356,565
44.003
400,568
4,017
251,964
7,041
636,019 633,107 656,549 636.019 656,549
Orand total stocks,all oils
241
249
232
247
238
Days' supply
Bunker oil (included above In do13,102
14,876
4,044
3,499
3,436
mestic demand)
a Decrease. b Deficiency. c California heavy crude and residual fuel Included
under refined products.
PRODUCTION OF CRUDE PETROLEUM BY STATES.
(Thousands of barrels of 42 U.S.gallons.)
March 1932.
April 1932.
Total. DailyAo.
Total. DailyAo.
Arkansas
California:
Kettleman Hills
Long Beach
Santa Fe Springs
Rest of State
Total California....
Colorado
Illinois
Indiana-SouthwesternNortheastern
Total Indiana
Kansas
Kentucky
Louisiana-Gulf Coast._
Rest of State
Total Louisiana....
Michigan
Montana
New Mexico
New York
Ohlo-Central & Eastern
Northwestern
Total Ohlo
Oklahoma
-Okla. City_
Seminole
Rest of State
Total Oklahoma
Pennsylvania
Tennessee
-Gulf Coast
Texas
West Texas
East Texas
Rest of State
Total Texas
West Virginia
Wyoming-Salt Creek__
Rest of State
Total Wyoming__
U. S. total
Jan,
April
1931.
Jan.April
1932.
991
33
1,004
32
3,938
5,723
1,811
2,484
1,989
9,260
15,524
105
431
72
60
82
66
309
517
4
14
3
1.857
2,560
2,042
9,117
15,576
116
450
66
60
83
66
293
502
4
15
2
5
69
2,879
518
899
7,272
9,799
7,975
36,203
61,249
442
1.727
276
11
287
11,451
1,986
3,570
3,220
6,790
1,850
843
4,523
1,218
1,181
353
1,534
13,203
15,233
24,620
53,056
4,183
2
12.547
21,895
40,084
28,676
103,202
1,311
2,801
1,881
4,682
3,032
10,962
8,571
41,021
63,586
528
1,535
259
15
274
12,597
2,209
3,335
4,783
8,118
1,056
1,004
4,650
1,093
1,511
377
1,888
15,126
18,531
30,391
64.048
3,614
4
17,825
28,977
11,188
32,267
90,257
1,477
3,116
2,099
5,215
264,274
268,876
75
2,882
500
1,010
844
1,854
513
250
1,122
300
312
97
409
3,138
3,746
6,566
13,450
1,108
1
3,153
5,537
10,657
7,264
26,611
348
750
493
1,243
28
808
62
17
8
37
10
10
3
13
104
125
219
448
37
-___
105
185
355
242
887
12
25
17
42
1,707
439
209
1,152
303
299
90
389
3,443
3,867
6,019
13,329
1,040
3,I381)
5,639
10,529
7.246
26,494
325
676
494
1,170
i
93
17
29
26
55
15
6
37
10
10
3
13
111
125
194
430
33
---100
182
340
233
855
10
22
16
38
67.717
2.257
67.189
2.167
96
17
34
NUMBER OF WELLS COMPLETED IN THE UNITED STATES..
-Apr.
Jan.
1932.
-Apr.
Jan.
1931.
519
152
393
2,681
395
977
1,839
754
1,612
1.064
4,053
4,205
.4 or,/
1932.
011
Oas
Dry
Total
March
1932.
April
1931.
793
81
296
670
91
245
1,170
I
1,006
I
a From "011 & Gas Journal" and California office of the American Petroleum
ustituto
Russian Need for Loan May Aid Oil Parley-350,000,000
Believed Required for Promotion of Soviet Industrialization.
The following is from the New York "Herald Tribune" of
June 11:
Need on the part of Russia for additional capital to finanee her industrialization program is believed by well posted oil men here to insure a
resumption by the Soviet or negotiations with privately owned world oil
groups looking to stabilization of prices and rationalization of the competition in markets outside of the United States. According to a source
close to the recent international oil conference-which adjourned without
reaching an accord-Russia hopes to obtain a loan of $50,000,000 or more
from American and Anglo-Dutch oil groups in return for Russia's co-operation in placing the world oil trade on a business basis.
meetings,
Such a loan, it was learned, was discussed at the recent oil
having been suggested by the Soviet representatives. It was proposed
June 18 1932
that the principal sum be repayable in oil over a period of years. Other
oil representatives at the conference, it was said, looked upon the plan with
sympathy but declined to concur in conditions imposed by the Soviet.
It was insisted by Russia that it should be permitted to increase its
petroleum exports without regard to conditions of world demand and
that the oil groups should guarantee the Soviet a progressive increase
in price.
The view that an international meeting on oil problems to be held in
Paris beginning June 29 is for the purpose of organizing oil groups outside
of Russia to combat a possible oil war with the Soviet, is considered
wide of the mark by oil men atm are well informed on the purpose of the
Paris meetings. These will be of smaller scope than the recent discussions
in New York and are primarily designed to obtain the views of independent
petroleum interests in Rumania.
New Oil Conference Reported Scheduled for June 29
in Paris-International Conference in New York
Failed in Reaching Accord-Russian Soviet Refuses to Limit Oil Exports to 1931 Levels-Counters
Plan Refused-Soviet Delegation Sails for Europe.
The international oil conference, called more than a month
ago to formulate a plan for stabilizing the foreign market
ended on June 2 in disagreement, it was announced by
of the Socony-Vacuum Corp.,
Charles Arnott, Pres
arley. In its Issue of June 9, the
reported as sponsor of
nnmerce" stated that M. Arnott
New York "Journal
and H. F. Sheets, Vi President of the Socony-Vacuum
Corp., would sail for Europe this week, presumably to attend
a renewal of the recent conferences held here to develop a
'world market stabilization plan. The item from which we
quote also said:
No official statement was available here yesterday, but dispatches from
Paris indicated that meetings of the various interests will gather there
June 29 to discuss the situation. Rumanian oil interests are to join the
conferences.
Upon the break-up of the meetings here last week it was indicated in
several quarters that further conferences would be held. It was reported
that the failure of the meetings was due to the refusal of Russian interests
to consider a reduction of output. Russia, it was said, needs current
Income, and preferred to sell as much oil as 'possible rather than reduce
production in harmony with a world plan and await better prices for the
product.
The agreement of Rumanian oil interests in any generally accepted plan
is thought in oil trade quarters to be assured. Both the Standard Oil Co.
of New Jersey and the Shell group have Rumanian holdings and can be
counted on to co-operate. Production in Rumania has been less troublesome than a year ago, and the dumping of gasoline has been carried on
only by a few small independent companies, it is said.
The Soviet delegation to the recent international conference in New York Oity sailed on June 7 on the Leviathan.
Konstantin Riabovol and Philip Rabinovich issued a statement saying:
"In spite of the fact that the comprehensive discussions yielded no
definite agreement for stabilizing the world petroleum export market, we
believe that some progress has been made. Many complicated questions
were analyzed and clarified, and this may open the way for further discussions leading to more positive results."
With reference to the termination of the discussions in
New York, the "Journal of Commerce" of June 3 said:
The disagreement was based on the refusal of the Russian delegation, after
consultation with Moscow, to accept a limitation on shipments for 10 years
at the 1931 levels, and sale of their product through the other oil groups.
No likelihood is said to exist for a resumption of the parley, although
separate agreement with the Russians in each foreign market is still
held possible.
Formal Statement.
in announcing the inability of the conferees to agree upon a plan after
three weeks of negotiations the following statement was issued by Mr.
Arnott and Philip Rabinovitch, a Soviet delegate to the meeting:
The representatives of the American and foreign Interests In the export
petroleum market, who have been In conference for the past three weeks
with representatives of the Soviet oil export organization and who have been
carefully studying problems created by the lack of balance between profound Imduction and consumption, regret to announce that it has beensolution of
possible to reach any mutually satisfactory agreement for the
these problems.
No further conferences will be held here by the American and British
companies and the latter delegation is booked to sail to-night. The Russian
group is also expected to leave shortly.
Several reasons for the breakdown of negotiations were given in informed
quarters, the chief of which concerned the matter of limitieg Soviet exports
of course, was quite unsatisto 1931 levels for a period of 10 years. This,
of an ambitious oil developfactory to the Russians, who are in the midst
each
ment program and are increasing their foreign markets substantially
the Soviet group was willing to enter into a
year. It is understood that
three-year agreement, provided, of course, that certain concessions were
was considered
given. On the other hand, limiting them to 1931 output
up to the deadlock
out of the question. Another important reason leading
throughout Europe and tie
had to do with existing Soviet oil contracts
Eastern markets, which would have been either altered or rescinded entirely.
As it became apparent that the conference was making little headway
in the last few days the Anglo-American companies are said to have made a
new proposal to the Soviet whereby they would buy all surplus oil of that
country after existing contracts have been filled. They agreed further to
adjust the limits on Russian exports in proportion to the gain in home
consumption, but this proposition, too, was turned dawn as the Soviet
group wanted a flat guarantee which would cover all oil now being sob)
under contract.
Separate Contract.
Although the conference has terminated it is expected that the British
contracts with the Soviet as that existing between
companies will work out
Con
the Soviet and the Anglo-American Oil Co. expired on April 1 last.
existence
tracts between a number of American units and Russia are also in
and
Those present during the negotiations aside from Messrs. Arnott
Rabinovitch included the following: R. N. Friedman, Russian Oil Products,
Aim
Ltd.; Konstantin Riabovol, Russian Oil Export Association; J. B.
Volume 134
Financial Chronicle
4403
Kessler, managing director of the Royal Dutch Petroleum Co.;
Fraser, deputy chairman of the Anglo-Persian Oil Co., Ltd., and Robert I.
Watson, managing director of the Burmah Oil Co., Ltd., and also a director
of the Anglo-Persian and Shell companies; James A. Moffett, Vice-President of the Standard Oil Co. of New Jersey, and representatives of the
Texas Co., the Consolidated Oil Corp., the Atlantic Refining Co., and the
Gulf Oil Corp.
advance in crude oil prices by the large purchasing companies contingent
on the achievement of curtailment.
For the week ended June 4 the actual production of crude oil in California was 478,000 barrels daily, a decline of 11,700 barrels from the
average in the week preceding, according to estimates of the American
Petroleum Institute.
From the New York "Times" of June 5 we take the
following:
Agency to Control Production of Oil and Gas in California Proposed.
The appointment of a single agency or individual to control the production, utilization and wastage of natural gas
and oil in California has been proposed by Claude C. Brown,
gas and electric engineer for the State Railroad Commission,
in a special report, said San Francisco advices, May 25, to
the "United States Daily," from which we take the following:
'
Next Move by Soviet.
Statements by Robert I. Watson of the Burmah Oil Co. and by J. B.
August Kessler of the Royal Dutch group as they returned to Europe
clearly indicated that the next move for stabilization of the world's oil
markets outside of the United States must come from the Soviet interests.
Both men said with emphasis that oil conditions in Europe were highly
unsatisfactory; the British official went so far as to say that if there
was no change for the better and primal law of the survival of the fittest
would have to apply. This statement may be interpreted as meaning that
the American and European oil companies are preparing to present a united
front against Russia in the world markets. The Socony-Vacuum Corp. has
been one of the largest purchasers of Russian oil. The Royal Dutch
interests have repeatedly criticized Socony-Vacuum for dealing with the
Soviet. If the differences between these organizations are patched up, the
question arises: Will Socony-Vacuum remain a customer of the Soviet?
Items bearing on the conference appeared in these columns
May 21, page 3719, and May 28, page 3893.
Paul Grimm Elected Chairman of California Oil Proration Committee Succeeding Paul N. Boggs,
Resigned.
Paul Grimm, President of Pacific Western Oil Co. and
former oil umpire, has been elected Chairman of the new
• Oil Producers' Central Proration Committee. It is stated
that the•new Committee which is working on plans for a
new curtailment schedule, takes the place of the General
Oil Conservation Committee, of which Paul N. Boggs was
Chairman.. Mr. Boggs resigned the chairmanship early in
May, owing, it was stated at the time, to impaired health.
Oklahoma to Test Oil Proration Law—Seeks Clarification of Powers of State Body Under United
States Supreme Court Decision.
In an effort to obtain from the Oklahoma Supreme Court
a ruling giving the Corporation Commission the right to
enforce its proration rulings, J. Berry King, State Attorney.
General, has given notice of appeal to that court from the
decision of District Judge R. P. Hill in thowIng out of
court a suit to restrain Wilcox Oil & Gas Co. from producing
oil in violation of proration regulations. Oklahoma City
advices to the "Wall Street Journal" of June 8, from which
we quote, also said:
Judge Hill, of the Oklahoma County District Court, who heard the
original petition argued, in conjunction with Judge Lucius Babcock, said
district courts had no authority in proration matters and upheld the
Wilcox demurrer to an amended petition after overruling request by the
State for oral arguments.
Mr. King said the recent decision of the United States Supreme Court
In the case involving Champlin Refining Co. left some doubt as to the
right of the Commission to enforce its orders by fines for contempt for
violation of proration orders, and the appeal to the State Supreme Court
is sought to clarify the Commission's powers.
The State's petition was amended to include charges that the Wilcox
company was depriving the State of revenue in taxes and from oil on
State-owned land in the oil field.
Oil Curtailment Committee in California Asks Price
Increase—Says It Would Keep Production at Reduced Level.
The "Wall Street Journal" of June 11 reported the following from Los Angeles:
An increase of 25e. a barrel in the price of crude oil has been asked by
the Executive Committee for Equitable Curtailment of the Oil Industry
In California "in an effort to maintain curtailment and relieve the
burden on the small independent producers who have reduced their production to the economic minimum and who cannot curtail their output further
without an increase in the price of oil."
The Committee is a voluntary body organized to assist in voluntary
curtailment throughout the State. The Committee consists of three members from the Oil Producers' Sales Agency, three members from the
Producers' Executive Committee, one member from the Independent Oil
Producers' Agency of the San Joaquin Valley fields, and one member
representing unorzanized San Joaquin Valley field operators.
William Keck, Chairman, said "that the action taken by the Committee
was not only directed toward improvement of the overproduction situation
but also was aimed toward stabilization of employment among field works
by safeguarding the jobs of men already employed and to create additional
jobs where possible, looking toward a betterment of conditions generally."
The Committee pointed out in its resolution "that in its judgment, it is
economically sound and for the public welfare that production in the oil
industry be kept within reasonable limits of demand in order to prevent
waste, and that destructive elements are introduced in an industry when
even for a short time material overproduction occurs."
The object of the voluntary curtailment program is the limitation of
crude oil production in California to an average of 476,700 barrels daily,
which Is considered to be the level of current demand. However, while
major operators and many independent producers have cut down their
production, a recalcitrant group of independents has refused to comply
with the restriction plans. The non-co-operative attitude of the latter
group threatens to defeat the plan, which was intended to bring an
Such agency, he said, should have the ability and authority to control
gas and oil in such a way as to produce the maximum benefit to "the
owners that lease the land, the oil industry that produce the commodities,
the gas utilities and others that distribute them, the public that consumes
them, and the State that taxes them."
Reductions Are Cited.
Mr. Brown described the production of natural gas and told of what
has been done to curtail wastage, which in March of this year had been
reduced by 96% since October 1929. His report follows in full text:
The natural gas that is produced in California is of two kinds, "dry
gas," which comes from dry gas wells which produce only gas and no oil
which can be and are shut in or throttled down as occasion requires, and
"casing-head gas," which is produced in conjunction with oil from the
wells at the same time that the oil is produced.
The quantity of dry gas produced is relatively small and occurs only
during periods of heavy gas demand. On the other hand, the quantity of
casing-head gas produced is large and occurs whenever oil is produced from
high-pressure wells. The quantity of casing-head gas produced depends
upon the production of oil and more closely upon the "gas oil ratio" of the
particular wells under operation.
The gas oil ratio, which is the number of thousands of cubic feet of
gas produced per barrel of oil, can be controlled within certain limits by
mechanical adjustments at the well, such as production through the oil
string or through the casing, beaning down the flow, keeping back-pressure
on the well, varying length and position and size of the oil string, and
by other means.
However, the position of the well on the structure has much to do with
it and the depth to which the well penetrates the oil sand. In the cases
of wells located on the top of the structure with short penetration into the
oil sand, the attainment of a low gas oil ratio is difficult, if not impossible. .
•
The quantity of natural gas produced depends upon the operations of the
oil producers. The market for this natural gas depends largely upon the
demands for gas upon the gas distributing utilities, and inasmuch as
natural gas is now used very generally in California for the purposes of
space heating, the demand for gas on the distributing utilities depends
largely upon weather conditions.
In Southern California the peak daily demand on a cold rainy day in the
winter time often reaches a figure that is from four to five times as large
as the daily demand in the summer time. The demand for industrial gas is
not so dependent upon temperature and varies more with ecoronric
conditions.
Gas Wastage Reduced.
Within the last few years, through voluntary curtailment of both oil and
gas production, through the expansion of the quantity of gas used, the
number of consumers using it, the area served and the additional uses
found for it, and due to the vigorous administration of conservation legislation by the State, the amount of gas wasted has been very materially
reduced. The following tabulation (total M. C. F. per year) sets forth
the results of these influences:
1929.
Production (net)
557.634.000
Sales to utilities
119,727,000
Field use and other uses
189,430,000
Blown to air
248.477,000
1930.
Production (net)
544,765,000
Sales to utilities
141.385,000
Field use and other uses
182.388.000
Blown to air
220,992.000
1931.
Production (net)
385.201,000
Sales to utilities
168.965,000
Field use and other uses
147.758,000
Blown to air
68.478.000
From the above tabulation it will be noted that in the three-year period
the production of gas has been reduced 31%, the total utilization has been
increased 2%%, the sales to utilities increased 41%, and the wastage
reduced 72%. There was, during the month of March of this year, an
average daily blow to the air of 45,000,000 cubic feet of gas as compared
with 1,000,000,000 cubic feet in October 1929, a reduction of 96%. . . .
Production Now Unrestricted.
The recent effort to initiate legislation creating an agency to control
the production of oil in California having been defeated at the polls leaves
the situation as before.
The oil producers, both large and small, are left to produce as they see
fit, modified only by such curtailment agreements as they may voluntarily
agree to, and to the restrictions in gas wastage imposed upon them by the
State; little or no correlation exists between the production of natural
gas and the demand for it, and little or no correlation between the agencies
of supply and demand.
The production and utilization of oil and natural gas are inseparable. If a
minimum of natural gas wastage Is to be attained, its production must
very seasonally. If the production of natural gas is to very with the
demand for it, the consequent production of oil must vary with it.
It is not feasible to store large quantities of natural gas. The cost is
too high. Some can be stored both above and below ground, but the bulk
of it must be used as produced. Oil can be and is now being stored in
large quantities. There is an economic limit, however, in the storage of oil.
Agency Declared Needed.
All of these factors tie in together and the problem at hand is their
effective and economical correlation. The past attempts to handle them
separately have not met with success.
Other industries have found it necessary to create agencies, consisting
in some cases of a single individual, upon which is put the responsibility
of creating and maintaining the control of their diversified problems.
Financial Chronicle
4404
Were similar action taken in this case, such agency or individual should
be thoroughly familiar with the problems of the oil industry and the
public utility gas distributing companies, the regulations under which
each operate, the problems of production, utilization and wastage of both
gas and oil, and should have the ability and authority (granted by each
industry) to correlate the supply and demand of these commodities with
the minimum of waste and the maximum benefit to the owners that lease
the land, the oil industry that produces the commodities, the gas utilities
and others that distribute them, the public that consumes them, and the
State that taxes them.
Increased
in March.
•
Associated Press accounts from Bogota (Colombia), June
4, stated:
Crude Oil Output in Republic of Columbia
The Republic of Colombia produced 1,668,691 barrels of crude oil in
March, it is shown by the statistics of the Tropical Oil Co., the only
company engaged in active exploitation in the country.
Of this amount 1,561,617 barrels were shipped by pipe line to Cartagena
Bay for exportation. The company refined 85,396 barrels of crude oil
ior Colombian consumption.
The March production was more than 250,000 barrels above that of
February, when 1,401,769 barrels were produced, although more than
100,000 barrels below that of March 1931, when Colombia produced
1,774,599 barrels.
New Method of Quoting Tank Car Prices Adopted by
Standard Oil Company of New York.
The Standard Oil Co. of New York, Inc.,adopted, as of
June 10, a new method of quoting tank-car prices on Socony
gasoline of 65 octane and above. Under the new method the
delivered price will be not more than 534 cents a gallon under
Standard Oil of New York's posted service-station price
at point and date of delivery, and in no event is to be less
than seven cents a gallon f. o. b. New York Harbor. In
the case of Buffalo, however, the tank-ear price is to be based
on Oil City, to net back not less than seven cents a gallon.
At present the tank-car price in New York is seven cents,
so that no change at once is involved under the new method.
The price is raised M cent a gallon in Buffalo to seven cents.
Natural Gasoline Production Again Falls Off
Inventories Increase.
The daily average output of natural gasoline, which declined materially in March,showed a small increase in April.
reports the United States Bureau of Mines, Department of
Commerce. The daily average production in April 1932,
was 4,340,000 gallons, compared with 4,330,000 gallons in
March and 5,350,000 gallons in April 1931. Stocks of natural
gasoline reflected the unsettled condition of the natural
gasoline market and increased nearly 5,000,000 gallons,
amounting to 44,584,000 gallons at the close of the month.
This increase, though large, was less than the accumulation
in stocks a year ago.
several sellers refusedlto consider bids at 5% cents, delivered Connecticut,
for last-quarter business, no doubt in anticipation of higher prices, but
later in the period the offerings increased. Zinc was dull throughout
the week, yet the price underwent no furthe- change. Lead sold in good
volume, indicating that some consumers have faith in the aoillty of producers to keep production well within bounds. Stocks of refined lead
are expected to decrease. Tin fluctuated sharply in London and closed
slightly lower. The silver situation remains unchanged. Antimony was
available at slight concessions.
Copper Trade Perplexed.
Recent developments in the copper industry resulted in the immediate
future being viewed by the trade with perhaps more uncertainty than
usual. The tariff, conditions in Chile, and trade statistics were the three
outstanding factors contributing to the situation. Sober second thought
on the tariff also caused buyers to take a more conservative attitude, and
sales volume, which a week ago promised to take on fair proportions,
showed an actual decline, amounting, in fact to less than half that reported a week ago. Copper was sold on Thursday in modimte volume
at both 5% cents and 53 cents per pound, Connecticut, for fourth-quarter
delivery. Sales for prompt and third-quarter delivery were made throughout the week on the basis of 5% cents, with one small lot selling on Tuesday
at 53 cents for December delivery.
The statistics circulated privately during the week among producers
were held in some quarters to have been partly responsible for the decline
In the weekly sales volume. These statistics revealed, according to report,
that domestic shipments in May fell to below 20,000 tons, and that consequently stocks of refined copper held by the group increased during the
month instead of declining, as was generally expected in the industry.
Producers pointed out, however, that additional sharp curtailment in
output is assured, and they believe that nothing short of such curtailment
or an improvement in business condivons can be of much assistance to
the market.
Export sales by the group since the first of the current month now total
3,400 short tons. The "special" price held at 5.50 cents, c.i.f., and the
official price at 6% cents.
Tin Unsettled.
Further progress was made during the week in the matter of obtaining
consent from governments interested in the restriction plan. Officially,
both Bolivia and Malaya have agreed to the proposal. However, the
market again was unsettled, being under the influence of the uncertainties
injected into the picture by the recent failure of Lazarus & Sons in London.
Hedging operations were thought to have been a factor. In the New York
market consumers showed a little more buying interest on the decline.
Tin-plate mills took on some metal.
Iron and Steel Production in Buffalo During May
Below April According to Report of University of
Buffalo.
"There was a decline in iron and steel production in the
Buffalo area during May 1932,as shown by the reports of the
four leading producers of this district," states the Bureau of
Business and Social Research of the University of Buffalo
in its report on iron and steel production issued June 7.
The Bureau adds:
When allowance is made for the difference of one day between May and
April, steel production was 11% lower in May than in April. and pig iron
production declined 15%. When compared with the production of May1931.
steel production showed a loss of 47% and pig iron declined 23%.
Comparisons of the current month (May 1932) with the preceding month.
and with the correaponding month of last year are given below.
Adjusted for Days in Mo.
Stocks End of Mo.
Production.
April
1932.
March
1932.
Appalachian
Illinois, Kentucky and Indiana
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain
California
Total
Daily average
Total (thousands of bbls.)
Daily sveraee
March
1932.
April
1931.
6,200
700
33,300
2,200
29,900
4,300
1,800
5,000
48,900
7.800
800
33.200
2,300
30,400
4,400
1,700
4,900
48,800
6,827
6,800
798
800
14,476
41,600
2,800 1.206
37,200 12,583
1,211
4,700
309
2,500
738
5,500
6,436
58,700
8,328
760
12,445
1,197
10,253
1,408
248
661
6.478
44,584
39,778
1.061
947
130,300
4.340
3,102
103
134,300
4,330
3,198
103
160.600
5,350
3.824
127
Foreign
Copper Restriction to Continue Abroad
Producers to Maintain Agreement Unless Import
Levies Are Imposed.
According to the New York "Times" of June 9 foreign
copper producers will continue to restrict production in
accordance with the agreement made last winter, although
under its terms they were at liberty to terminate the compact if either the United States or England levies an import
duty on the red metal. The "Times" further says:
However, it is believed in the trade that if England or any other important copper consuming country should levy a tax on copper imports.
the entire matter of curtailment would be reconsidered. The demand
for copper continues mail in the export markets, and as foreign production
is believed to be in excess of demand, the foreign companies see no reason
for increasing their production just now.
Call for Copper Subsides As Offerings at 5.375 Cents
Increase-Lead Sales Larger.
"Metal and Mineral Markets" under date of June 16says:
Though Interest in the copper tariff continues high, the moderate expansion in business that took place immediately after all uncertainty was
not be maintained. Early in the week
removed from this issue
Unadjusted.
Steel.
PRODUCTION OF NATURAL GASOLINE (THOUSANDS OF GALLONS).
April
1932.
June 18 1932
May 1932 compared with
April 1932
May 1932 compared with
May 1931
Pig Iron.
-11.1%
-15.1%
-8.1%
-12.2%
,
-47.1 7;
-22.8%
-47.1%
-22.8%
Steel.
Pig Iron.
Steel Output Again Curtailed-Operations Now at
About 18% of Capacity-Price of Steel Scrap
Reaches New All-Time Low.
The steel industry has again curtailed production, being
unable to maintain even its recent low operating rates in
the face of financial and political uncertainties that are
throttling virtually every activity upon which the steel
mills depend for business, reports the "Iron Age" of June 16.
Ingot output this week is not above 18%, the daily average
having fallen fully 4,000 tons below that of May, adds the
"Age," which further reports as follows:
Only in the Youngstown district has there been any improvement, and
that has been slight. There have been losses in production at Chicago.
Cleveland, Wheeling, Detroit and in eastern Pennsylvania. Detroit
capacity, which, with the support of automobile orders, has been engaged
at .1% of ingot capacity, is now at 75%. The Pittsburgh district is barely
holding at 15%. A few of the larger steel companies are producing steel at
not much, if any, above 15%.
Current output of open-hearth and Bessemer ingots probably is not 'above
38,000 tons a day, against 42,593 tons a day in May, as reported by the
American Iron and Steel Institute. Even in July 1921, the poorest month
of that depression period, steel ingot output did not fall below 20% of the
then existing capacity. The daily output in that month was 36,713 tons,
while in such previous low-production periods as January 1908, and January
1904, the daily output figures were 34,617 and 29,186 tons respectively.
The immediate outlook in steel is obscure. While it is generally believed
that present output is very much below the wear and tear needs of the
country, Indicating that such low production cannot continue for very
much longer, there is recognition in the trade of the depressing effect of
delay in settling importantlegislation now before Congress. Final disposition
of these matters and the adjournment of that body seem to be necessary to
the restoration of confidence that must precede business recovery. Seasonal
factors, which usually bring about a reduction in steel business at this time
of year, are considered to be of secondary importance in the present industrial curtailment and probably would not be a bar to an expansion in
July or August if underlying conditions took a decided turn for the better:
Financial Chronicle
Volume 134
The automobile industry, upon which considerable hopes were placed
until recently, has not, with the exception cf the Ford Motor Co., been
able to realize even its own moderate expectations, and curtailment of
schedules is in evidence. The Ford company probably will continue
its output of 5,000 cars a day five days a week through the summer months,
but some other automobile companies, particularly in the high-price and
medium-price groups, face virtual idleness in July and August. Restricted
production quotas of some companies, inaugurated at the beginning of the
year, have been in excess of sales, and they will make only a few thousand
cars each before starting on early editions of 1933 models. Caution is
governing those companies which were preparing to enter the low-price
field against Ford. Chevrolet and Plymouth. A steel purchase by Ford
is expected within the next week, but requirements of other automobile
makers are smaller.
Building construction is still too largely of a public character to be
healthy, yet the prospects for improvement in this branch of steel consumption are largely dependent on projects that may be authorized in
Congressional relief legislation. Lettings of structural steel the past week
were 17,300 tons, compared with 43,200 tons in the previous week, and
16.500 tons in new work was added to the pending list.
Railroads are placing a few small tonnages of structural steel for bridges,
but generally their purchases of all products are severely restricted.
Requisitions are piling up in railroad purchasing departments, but only
the most necessary orders are released. Except for a possible purchase
by the Northern Pacific, there is no interest in rails, and the Chicago rail
mills, which have been operating at a low rate for some time, may complete their orders and shut down by the end of June.
The new schedule on hot-rolled strip, by which a single base price $1 a
ton above the recent minimum will replace two bases, is being put into
effect by all makers, but otherwise current prices on all products will
be continued into the third quarter. Some contract coverage on sheets
and other products at prices below those now prevailing will expire June 30:
hence a good many consumers will actually pay more for steel In the third
quarter than they have paid this quarter. Some acceleration of specifications is expected to result at the end of this month. It now seems doubtful
whether the $2 a ton advance announced on semi-finished steel for the
third quarter will go into effect.
Scrap markets are demoralized as a result of the continued curtailment
of steel production, and further price declines have occurred. The "Iron
Age" composite price for heavy melting steel has reached another new
all-time low at $7 a gross ton. The pig iron composite remains at $14.01
a gross ton and that for finished steel is unchanged at 2.087c. a lb. A
comparative table follows:
Finished Steel.
June 14 1932, 2.087c. a Lb.
Based on steel bars, beams, tank plates.
One week ago
2.0870. wire, rails, black pipe and sheets.
2.087c. These products make 87% of the
One month ago
2.102c. United States output.
One year ago
1932
1931
1930
1929
1928
1927
1926
1925
High.
2.087c. Jan. 5
2.142c. Jan. 13
2.362c. Jan. 7
2.412c. Apr. 2
2.391c. Dec. 11
2.453c. Jan. 4
2.453c. Jan. 5
2.560c, Jan. 6
Low.
2.037c, Jan. 19
2.052c. Dec. 29
2.121c. Dec. 9
2.362c. Oct. 25
2.314c. Jan. 3
2.293c. Oct. 25
2.403c. May 18
2.396c. Aug. 18
Pig Iron.
June 14 1932, $14.01 a Gross Ton.
Based on average of basic iron at Valley
One week ago
$14.17 furnace foundry irons at Chicago,
One month ago
14.22 Philadelphia, Buffalo, Valley and BROne year ago
15.63 mingham.
High.
Low.
1932
$14.81 Jan. 5
$14.01 June 7
1931
15.90 Jan. 6
15.79 Dec. 15
1930
18.21 Jan. 7
15.90 Dec. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov. 27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
1926
21.54 Jan. 5
19.46 July 13
1925
22.50 Jan. 13
18.96 Jul 7
Steel Scrap.
June 14 1932, $7.00 a Gross Ton.
Based on heavy melting steel QUOOne week ago
$7.14 tations at Pittsburgh, Philadelphia
One month ago
7.62 and Chicago.
One year ago
9.50
High.
Low.
1932
$8.50 Jan. 12
$7.00 June 14
1931
11.33 Jan. 6
7.62 Dec. 29
1930
15.00 Feb. 18
11.25 Dec. 9
1929
14.08 Dec. 3
17.58 Jan. 29
1928
13.08 July 2
16.50 Dec. 31
1927
13.08 Nov. 22
15.25 Jan. 11
1926
14.00 June 1
17.25 Jan. 5
1925
20.83 Jan. 13
15.08 May 2
"Steel" of Cleveland, in its summary of the iron and steel
markets, states:
Structural steel bookings of 26,361 tons in the past week bring the aggregate for the past four weeks up to 109,713 tons, which is 50% above the
average rate of awards thus far in 1932 and the largest volume for any
consecutive weeks in almost a year.
In these orders, which overshadow those for all other steel products,
public work continues to dominate. Last week's awards include 12,000
tons for the Inter-State Commerce Commission and Department of Labor
building at Washington, considered closed. Pending work, headed by
5,000 tons for a postoffice at Minneapolis, also is largely public in character.
Active projects at Buffalo total 10,000 tons.
Only an adjustment of financial details, assured through a Reconstruction
Finance Corporation loan, stands between fabricators and the release of
50,000 tons for the Pennsylvania Railroad's eastern electrification. Included aro 15,000 tons for the Newark terminal, 5,800 tons for a bridge
at Trenton, 3,7000 tons for an express station in Philadelphia. A portion
of 39,000 tons of steel poles and 31,000 tons of cross arms, signal bridges
and substations also is to be released shortly.
Other than for structural material, demand for finished steel has subided to a degree reminiscent of the summer lull of preceding Years
-a
valley which producers had hoped to avoid because they did not ascend to
a spring peak.
Railroads are taking figures on some scattered second-half year requirements. Automobile manufacturers other than Ford are curtailing rapidly
and are close to the point of offsetting Ford expansion. Ford orders for
steel are the largest in practically a year, but the rest of the industry leaves
a void that is becoming more noticeable.
As a result, steelmaking operations in the week ended June 11 eased off
four points to 17%. In May, when the daily production of ingots was
42,593 gross tons, the industry was at 20.11% of capacity. This week a
slight decrease is indicated, and June may break through the previous low
of modern steelmaking-the 36,713-ton rate of July 1921.
4405
Buffalo at 10%. eastern Pennsylvania at 12
Pittsburgh at 17. Chicago
at 18, Youngstown at 19. Birmingham at 23. Cleveland at 29
-such is
the roll call of operations for the week ended June 11. Staggered schedules
prompt hope for a slight rise at Buftalo this week, but Cleveland and Pittsburgh will be definitely lower.
Despite the decline of 2j‘j points in production in May, on the basis of
American Iron and Steel institute figures, unfilled orders of the United
States Steel Corp. as of May 31 showed a loss of 149,764 tons or 6.44%.
Bookings of the Corporation on May 31 totaled 2,177,162 tons, a new low.
Sentiment, however, has not sunk to a 17% basis. Producers make no
effort to gloss the situation over, yet remain convinced that June and
early July will prove the low point and that the extreme recession in operations only hastens the upturn.
Tin plate mills, averaging 50% operations, are in better position than
the rest of the industry even if part of current output is being stocked.
More barge work is coming out at Pittsburgh. Two Detroit automobile
manufacturers have broadened their releases for wire. The Steel Corporation late this month will put some Great Lakes ore carriers into service.
Except for certain large buyers at Detroit, finished steel prices are firm.
Save where new price methods have been introduced, as in cold-finished
steel and hot-rolled strip, second quarter levels are being extended into the
third. Ferromanganese has been reduced $7, with a comparable lowering
of spiegeleisen probable.
The steel works scrap composite of"Steel" is off 4 cents this week to $6.71
but the iron and steel composite is unchanged at $29.56 and the finished
steel composite at $47.62.
Decline in Production of Bituminous Coal and Pennsylvania Anthracite Due Laregly to Observance of
Memorial Day Holiday on May 30.
According to the United States Bureau of Mines, Department of Commerce, the estimated production of bituminous
coal and Pennsylvania anthracite during the week ended
June 4 1932 amounted to 3,635,000 net tons and 523,000
net tons, respectively, as compared with 4,250,000 tons of
bituminous coal and 729,000 tons of anthracite in the preceding week and 6,585,000 tons of bituminous coal and 957,000
tons of anthracite in the corresponding period last year.
The decreases were due largely to the observance of
Memorial Day, May 30.
During the calendar year to June 4 1932 output of bituminous coal totaled 129,304,000 net tons as against 165,632,000 net tons in the calendar year to June 6 1931. The
Bureau's statement follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended June 4, including
lignite and coal coked at the mines,is estimated at 3,635,000 net tons. This
Is a decrease of 615,000 tons, or 14.5%, from the output in the preceding
week. Figures of daily loadings indicate that the decrease was due largely
to the occurrence of the Memorial Day holiday on Monday. May 30.
Estimated United States Production of Bituminous Coal (Net Tow).
1931
1932
Cal. Year
Cal. Year
to Date.a
Week.
to Date.
Week.
Week Ended6,628,000
4,298,000
121,419,000
152,566,000
May 21
716,000
1.105,000
1,261,000
Daily average
1,005,000
May 28
4 250,000
6,481,000
125,669,000
159,047,000
708,000
991,000
1,200,0001,258,000
Daily average
June 4b
3 635,000
129,304,000
6,585,000
165,632,000
Daily average
c686,000
979,000
1,098,000
1,251,000
a minus one day's production first week in January to equalire number of days in
the two years. b Subject to revision c Memorial Day weighted as 0.3 of a
working day.
The total production of soft coal during the calendar year to June 4
(approximately 132 working days) amounts to 129,304,000 net tons. Figures
for corresponding periods in other recent calendar years are given below:
165,632,000 net tons11929
1931
223,630,000
203,831,000 net tons 1I928
1930
204,730,000
As already indicated above, the total production of soft coal tor the
county as a whole during the week ended May 28 amounted to 4,250,000.
net tons. Compared with the output in the preceding week, this shows a
decrease of 48,000 tons, or 1.1%. The following table apportions the
tonnage by States and gives comparable figures for other recent years.
Estimated Weekly Production of Coal by Slates (Net Tons).
May 1923
Week Ended
State
May 28 '32. May 21'32. May 30'31. May 31'30. Arerage.a
163,000
143,000
226,000
276,000
398,000
Alabama
66,000
Arkansas and Oklahoma_
17,000
15,000
33,000
43,000
44,000
168,000
48,000
87,000
117,000
Colorado
Illinois
95,000
670,000
754,000 1,292,000
93.000
239.000
394,000
Indiana
160,000
160,000 232,000
47,000
89,000
Iowa
52,000
48,000
46,000
Kansas and 'Missouri__
76,000
61,000
79,000
87,000
131,000
Kentucky-Eastern
380,000
398,000
609,000
729,000
679,000
Western
153,000
155,000
120,000
140,000
183,000
Maryland
26,000
47,000
20.000
17,000
25,000
Michigan
3,000
3,000
2,000
9,000
12,000
Montana
30,000
25,000
31,000
39,000
42,000
New Mexico
17,000
16,000
29,000
37,000
57,000
North Dakota
17,000
10,000
14.000
16,000
17.000
Ohio
74,000
79,000
357,000
345,000 860,000
Pennsylvania (bituminous) 1,198,000 1,264,000 1,758,000 2,088,000 3,578,000
Tennessee
44,000
47,000
63,000
90,000
121,000
12,000
Texas
10,000
10,000
11,000
22,000
Utah
23,000
24,000
40,000
37,000
74.000
Virginia
116,000
126,000
201,000
192,000
250,000
24,
Washington
22,000
24,000
33,000
44,000
W. vs.-Southern_b
1,058,000 1,072,000 1,341,000 1,708,000 1,380,000
Northern_c
409,000
397,000
397,000
536,000
862,000
Wyoming
60,000
58,000
81,000
91,000
110,000
Other States
7,000
1,000
5,000
1,000
3,000
Total bituminous coal_ 4,250,000 4.298,000 6,481,000 7,687,000 10,878,000
Pennsylvania anthracite_ 729,000
698,000 1,384,000 1,241,000 1,932,000
Total all coal
4,979,000 4,996,000 7.j65,000 8,928,000 12,810,000
a Average weekly rate for entire month. b Includes operations on the N. & W.,
C.& O., Virginian, K.& M.,and B. C.& G. c Rest of State, including Panhandle.
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
June 4 is estimated at 523,000 net tons. This figure represents the output
of but five working days. Memorial Day, May 30, being a holiday at all
mines in the anthracite fields. The average rate of output for the five days
was lower by 13.9%, than that for the preceding week.
4406
Financial Chronicle
Estimated Production of Pennsi/trania Anthracite (Net Tons).
1932
1931
Daily
Week EndedWeek.
Average.
Week.
May 21
698,000
116,300
1,264,000
May 28_a
729.000
121,500
1,384,000
June 4
523,000
104.600
957,000
a Revised since last report.
Daily
Average.
210,700
276,800
159,500
Sharply During
1932.
,Shipments of anthracite for the month of May 1932,
as reported to the Anthracite Bureau of Information,
Philadelphia, amounted to 2,589,883 gross tons. This is
a decrease as compared with shipments during the preAnthracite Shipments Fell Off
May
June 18 1932
ceding month of April of 1,886,821 tons and when compared with May 1931 shows a decrease of 1,543,106 tons.
ohipments by originating carriers are as follows:
Month of-
May
1932.
April
1932.
May
1931.
Reading Co
Lehigh Valley RR
Central RR. of New Jersey
Delaware Lackawanna .5z Western RR.
Delaware az Hudson RR. Corp
Pennsylvania RR
Erie RR
New York Ontario & Western RY
Lehigh & New England RR
582,938
322.038
175,663
290,183
315,258
310,207
274,865
195,482
123,249
884,925
701,646
400.366
588,976
607,716
461,049
378,536
218,017
235,473
841,841
702,149
385,951
520,619
531,817
381,942
381,181
188,206
199,283
Total
April
1931.
894,599
776,017
410,915
587,341
705,052
440,567
490,068
165,305
238,335
2,589,883 4.476,704 4,132.989 4.708.199
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended June 15, as reported by
the Federal Reserve banks, was $2,245,000,000 an increase
of $78,000,000 compared with the preceding week and of
$1,304,000,000 compared with the corresponding week in
1931. After noting these facts, the Federal Reserve Board
proceeds as follows:
On June 15 total Reserve bank credit amounted to $2.270,000,000. an
Increase of 472,000,000 for the week. This increase corresponds with
increases of $15,000.000 in money in circulation and 434,000,000 In unexpended capital funds. nonmember deposits, &c., and a decrease of 470,000,000 in monetary gold stock, offset in part by a decrease of $11.000,000
in member bank reserve balances and an increase of $36,000,000 in Treasury
currency. adjusted.
Holdings of discounted bills Increased $3,000,000 at the Federal Reserve
Bank of Cleveland, and decreased $6,000,000 at Atlanta, 44,000,000 at
Chicago and $8,000,000 at all Federal Reserve banks. The System's
holdings of bills bought in open market increased 430,000,000, of United
States Treasury notes $20,000,000 and of Treasury certificates and bills
$28,000.000, while holdings of United States bonds decreased $1,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks,
and money in circulation. The Federal Reserve Board's
explanation of the changes, together with the definition of
the different items, was published in the May 31 1930
issue of the "Chronicle," on page 3797.
The statement in full for the week ended June 15, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
pages 4452 and 4453.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
June 15 1932, were as follows:
Increase (+) or Decrease (-)
Since
June 15 1932. June 8 1932. June 17 1931.
Bills discounted
Bills bought
U. S. Government securities
• Other Reserve Bank credit
496,000,000 _6.000,000 +311.000,000
66,000,000 +30.000,000
-41,000,000
1 692,000,000 +47,000.000 +1.093,000.000
16,000,000
TOTAL RES'VE BANK CREDIT 2,270,000,000 +72,000,000 +1,363,000,000
Monetary gold stock
3 909,000,000 -70,000,000 -984,000,000
Tresury currency adjusted
1 832.000,000 +36,000,000
+68.000,000
Money in circulation
5,467,000,000 +15,000,000
Member bank reserve balances
2,101,000,000 -11,000,000
Unexpended capital funds, non-mem443,000,000 +34.000,000
ber deposits. &c
+711,000,000
-300,000,000
+36,000,000
Returns of Member Banks in New York City and
Chicago-Broker's Loans.
Beginning with the returns for June 29 1927,.the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City as well as those in
Chicago on Thursday, simultaneously with the figures for
the Reserve banks themselves and for the same week, instead
of waiting until the following Monday, before which time
the statistics covering the entire body of reporting member
banks in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for the current week, as thus issued in advance of the full statement of
the member banks, which latter will not be available until
the coming Monday. The New York City statement of
course also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week records an increase of $29,000,000, the amount of
these loans on June 15 1932 being $402,000,000, as compared
with last weeks total of $373,000,000, which established a
new low record for all time since these loans were first
compiled in 1917. Loans "for own account" increased during
the week from $335,000,000 to $364,000,000, while loans "for
account of out-of-town banks" at $31,000,000, and loans
"for account of others" at $7,000,000,000 remain. The
amount of these loans "for account of others" has been
reduced the past 31 weeks due to the action of the New
York Clearing Houge Association on Nov.5 1931 in restricting member banks on and after Nov. 16 1931 from placing
for corporations and other than banks loans secured by stocks,
bonds and acceptances.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
June 15 1932. June 8 1932. June 17 1931.
Loans and investments-total
6,645,000,000 6,430,000,000 7,594,000.000
Loans-total
3,824,000,000 3,703,000,000 5.006,000,000
On securities
All other
1,759,000,000 1,737,000,000 2,797,000,000
2,065,000,000 1,966,000,000 2,209,000,000
Investments-total
2,821,000,000 2,727,000,000 2,588,000,000
U.S. Government securities
Other securities
1 878,000,000 1,789,000,000 1,491,000,000
943,000,000 938,000,000 1,097,000,000
Reserve with Federal Reserve Bank---- 742,000,000
Cash in valut
40,000,000
741,000,000
41,000,000
847,000,000
42,000,000
Net demand deposits
Time deposits
Government deposits
5 013,000,000 4,967,000,000 5,495,000.000
758.000,000 759,000,000 1,175,000.000
166,000.000
40,000,000 108,000.000
Due from banks
Due to banks
76,000,000
66,000,000 107,000,000
1 093,000,000 1,082.000,000 1,079.000,000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers;
For own account
364,000,000
For account of out-of-town banks- _ 31,000,000
For account of others
7,000.000
Total
On demand
On time
Loans and investments-total
Loans-total
On securities
All other
Investments-total
U.S. Government securities
Other securities
402,000,000
335,000,000 1,070.000,000
31,000,000 177,000,000
7,000,000 172,000.000
373,000,000 1,419,000,000
306,000,000 271,000,000 1,060,000,000
96,000,000 102,000,000 359,000,000
Chicago.
1 392.000,000 1,346,000,000 1,909.000,000
911,000,000
896,000,000 1,303,000,000
525.000,000
386,000.000
513,000,000
383,000,000
743,000,000
560,000,000
481,000,000
450,000,000
606.000,000
300,000,000
181,000,000
265,000,000
185,000,000
351.000,000
255,000,000
221,000,000
16,000,000
172,000,000
28,000,000
Reserve with Federal Reserve Bank_ __. 206,000,000
Cash in vault
16,000,000
Net demand deposits
916,000.000
Time deposits
382,000,000
Government deposits
31,000,001)
Due from banks
141.000,000
Due to banks
290,000,000
Borrowings from Federal Reserve Bank.
5,000,000
905,000,000 1,156,000,000
384.000,000 577,000,000
8,000,000
26,000,000
144,000,000
273,000,000
117,000.000
337,000,000
4,000,000
5,000,000
Complete Returns of the Member
Banks of the Federal
Reserve System for the
Preceding Week.
As explained above, the statement for the New
York and
Chicago member banks are now given out
on Thursday,
simultaneously with the figures for the Reserve
banks themselves and covering the same week, instead of
being held
until the following Monday, before which time
the statistics
covering the entire body of reporting member
banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on June 8:
The Federal Reserve Board's condition statement
of weekly reporting
member banks in leading cities on June 8 shows
decreases for the week of
$304,000.000 in loans and investments,
$111,000,000 in net demand
deposits. 440,000,000 In time deposits, $129,000,000
In Government
deposits and $19,000.000 in reserve balances with Federal Reserve banks,
and an increase of $10,000,000 in borrowings from Federal Reserve banks.
Financial Chronicle
Volume 134
Loans on securities declined $78,000,000 at reporting member banks in
the New York district, $14,000,000 in the Chicago district and $109,000,000
at all reporting banks. "All other" loans declined $94,000,000 in the New
York district, $11,000,000 in the Chicago district, $7,000,000 each in the
Boston and St. Louis districts and $125,000,000 at all reporting banks.
Holdings of United States Government securities increased $22,000,000
In the St. Louis district, $19,000,000 in the Chicago district, $11,000,000
n the New York district and $45,000,000 at all reporting banks. Holdings of other securities declined $50,000,000 in the New York district,
$49,000,000 in the St. Louis district, $8.000,000 in the Chicago district and
$115,000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $207,000,000 on June 8, the principal change for the
week being an increase of $8,000,000 at the Federal Reserve Bank of
Cleveland.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
June 8 1932,follows:
Increase (+) or Decrease (--)
Since
June 10 1931.
June 8 1932. June 11932.
Loans and Investments—total_ __ _18,712,000,000
—304,000,000 —3,740.000,000
Loans—total
11,397,000,000
—234,000.000 —3,244,000,000
4,798,000,000
6.599,000,000
—109,000,000 —1,993,000,000
—125,000,000 —1,251,000,000
On securities
Ali other
Investments—total
7,315,000,000
—70.000,000
—496.000,000
1.1.5. Government securities_ — _ 4,077,000,000
Other securities
3,238,000,000
+45.000,000
—115,000,000
+58,000,000
—554,000,000
—19,000,000
+3,000,000
—182,000,000
—33,000.000
Reserve with F. It, banks
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrojngs from F.It. banks
1,639,000,000
205,000,000
10,991,000,000
5,624,000,000
114,000,000
—111,000,000 —2,561.000,000
—40,000,000 —1,701,000.000
—129,000,000 +105,000.000
1,203,000,000
2,727,000,000
+1.000,000
—13,000,000
—590.000,000
—971.000,000
207,000,000
+10,000.000
+148,000
of Report of Gold Delegation of League o
Nations Declaring Gold Standard Best Available
Monetary Mechanism—Return to International
Gold Standard System by World Urged—Dissenting
Views of Albert Janssen, Sir Reginal Mant and
Sir Henry Strakosch—Views of Professor Gustav
Cassel.
A brief account of the conclusions of the Gold Delegation
of the League of Nations, as contained in Geneva press
accounts June 9, appeared in these columns June 14, page
4237. Since then a more detailed account of the report
of the Gold Delegation has been made abailable, and we
are giving it further below. To quote therefrom, "the
Delegation records its belief that at the present stage of
world economic development the gold standard remains
the best available monetary mechanism." "Whatever the
theoretical advantages that may be urged in favor of other
systems," says the report, "their universal adoption presents
very grave, if not insuperable, practical difficulties at the
present time." The report further says:
summary
Although it is obvious that the time and level—as well as the particular
form of restoration of the gold standard, should that be decided upon—can
be determined only by the proper authorities in the countries concerned, the
delegation considers the retlirn, within the shortest possible time to the
international gold standard system of such vital importance for economic
and financial developments that it feels its obligation to consider the policy
that should, in its view, be followed in order to facilitate the achievement of
that aim.
The Gold Delegation concludes its survey of monetary
problems by emphasizing "the dependence of monetary
upon general economic policy." "It is therefore evident
continues the report,""that there is need for measures, both
monetary and non-monetary, which will render the ceonomic
organization more flexible. We attach the greater importance to the consideration not only of steps to solve the
present crisis but also of more permanent measures to
improve the banking and currency organization of the world
and equally its trading and production systems." The
summary of the report, as given in the New York "Times"
of June 11, follows:
Since the appointment of the gold delegation of the League of Nations
in the summer of 1929 to "examine into and report upon the causes of
fluctiation in the purchasing power of gold and their effect upon the economic life of the nations" the sweeping effects of the world-wide economic depression have made themselves felt, driving many countries off the
gold standard and forcing others to institute rigid methods of exchange
restriction and control. There are only half a dozen countries in the world
still maintaining the gold standard without special restrictions.
The result has been to compel the delegation to take into consideration
the wider problems created by this abandonment of the gold standard.
The final report of the group consequently concerns itself less with the
causes of the fluctuations of the purchasing power of gold than with the
immediate and practical question of what policy is to be followed in the
near future, not only by those countries which still maintain the gold
standard but also by those now on an inconvertible paper standard and
by those which have maintained the nominal value of their currencies by
exchange restrictions.
ExcerPts quoting the most important conclusions of the committee
follow:
its belief that at the present stage of world
The delegation records its
economic development the gold standard remains the beet 'vailable monetary mechanism.
4407
It is impressed by the practical difficulties and dangers of regulating currencies which are not on a common world basis and by the very great desirability of agreement upon an internationally accepted standard In order
to facilitate the free flow of world trade. Whatever the theoretical advantages that may be urged in favor of other monetary systems, their universal
adoption presents very grave, if not insuperable, practical difficulties at
the present time. The delegation is, moreover, of the opinion that, granted
the general acceptance of certain guiding principles, the gold standard is
capable of functioning in such a way as to achieve most of the advantages
of stability and justice claimed for alternative standards more broadly based
on commodities other than gold.
Exchange Fluctuation Called Desirable.
The alternative to the restoration of the gold standard would appear
to be a state of affairs under which many currencies are maintained upon
a basis of inconvertible paper money, and fluctuate independently or by
groups. In addition to the difficulties of management inherent in such a
system, there would arise once again the continually varying foreign exchange rates which the Genoa conference regarded as so serious an impediment to the restoration and extension of international trade. The virtual
elimination of this exchange uncertainty was the main monetary achievement of the last decade. While some degree of exchange fluctuation, and
possibly some extension of the area affected, may be inevitable, in present
circumstances it would appear desirable to circumscribe that area and limit
the duration of this period as much as possible, in order that steady progress
toward exchange stability may be resumed at the earliest possible moment.
Although it Is obvious that the time and level—as well as the particular
form of restoration of the gold standard, should that be decided upon—can
be determined only by the proper authorities in the countries concerned, the
delegation considers the return, within the shortest possible time to the
international gold standard system of such vital importance for economic
and financial developments that it feels its obligation to consider the policy
that should, in its view, be followed in order to facilitate the achievement
of that aim. That policy depends upon all those measures which can be
taken by international co-operation and by national efforts to restore
equilibrium in the economic and financial structure of the countries that,
for the present, have lost that equilibrium.
Among the measures of an international character we mention, in the
first place, the restoration of a reasonable degree of freedom in the movement of good and services. The fulfillment of this condition is essential
for the restoration and the maintenance of the gold standard on an international scale. As long as the countries concerned suffer from the narrowing of world markets so that they cannot pay their debts in goods and services, they will be prevented from improving their economic situation sufficiently to enable them to return to the gold standard.
A satisfactory solution for the problem of reparation payments and
war debts forms the second desideratum. Although we are not of the opinion that this problem is the only cause of the difficulties with which the
world is now faced, we consider its final solution at the earliest possible
moment an essential factor for a return of the lost confidence in the sphere
of international finance. The gradual and cautious resumption of international credit and capital movements, which seems to us of vital importance
for the working of the gold standard, cannot be expected before this problem
is solved.
Balancing of Budgets Held Necessary.
In the third place, certain guiding principles in respect of the working
of the gold standard system should be adopted by the central banks adhering to that system. The most important of these principles is that, as
a general rule, gold movements should not be prevented from making their
influence felt both in the country losing gold and in the country receivinr
gold. Not only should these movements not be prevented from exercising
their influence, but their working should be reinforced by other means—
especially by changes in the discount rates and by open market operations—when the disequilibria of which the gold movements give evidence
cannot be removed merely by the effects of those movements.
In addition to these measures of an international character, we consider
it essential that in each individual country the necessary steps shall be taken
to restore and to maintain equilibrium in the national economy. This
means that the budgets of the State and other public bodies must be balanced on sound principles, but also that the national economic system as a
whole, and especially costs of production and costs of living, should be
adjusted to the international economic and financial position, so as to
enable the country to restore or to maintain the equilibrium of its balance
of international payments.
Governments and Banks Asked to Act Soon.
It is for the Governments and the central banks, in National and international co-operation, to take these measures and to fulfill the requirements
and conditions explained In the foregoing paragraphs. The earlier they
do so the sooner the international gold standard will spread its beneficial
working over a gradually extending area, and the sooner will be removed
the monetary instability which has been so deplorable an effect of the
disequilibria we set out in Section IV and which has now become one of
the major causes of further economic deterioration.
After discussing the purchasing power of gold and means of measuring
fluctuations in that purchasing power, the report continues:
Before proceeding further in our analysis of the problem of the gold
supply, we wish at this point to record our opinion that the world's total
stock of monetary gold, apart from any considerations as to its distribution
among different countries, has at all times in recent years been adequate
to support the credit structure legitimaately required by world trade, and
that the rapid decline in prices which betan in 1929 cannot be attributed
to any deficiency in the gold supply considered in this sense. During the
six years from the end of 1925 to the end of 1931 the world's central gold
reserves Increased from about $9,150,000,000 to about $11,350.000,000.
or at an average rate of 3 2-3% per annum. Since this rate is not lower
than the generally accepted normal rate of growth of production and trade
in the gold-using countries as a whole, and since, in addition, certain economies were made in the use of gold, at any rate in the earlier part of the period
considered, there seems to be little ground for believing that the total
supplies of gold available for monetary use have not been sufficient to meet
all reasonable demands.
Finds Cumulative Gain in Financial Burden.
Total monetary gold stocks, excluding gold hoards in all Asiatic countries and Egypt, but including the approximate amount of monetary gold
held outside central gold reserves elsewhere, would appear to have increased
in the same period from some $10,250,000,000 to approximately $12,500,000,000. or at an average rate of3 1-3% per annum.
From the international point of view, the report says, the most serious
aspect of the price decline that has taken place recently in the cumulative increase in the real burden of financial obligations which have been
encouraged in terms of gold when the price level was much higher than it
Is now. If prices remain at the present low levels or fall to still lower levels,
the burden of debt will in many cases become unbearable. The report
goes on.
4408
Financial Chronicle
On the other hand, a rise from the lower present level of prices would
make the payment of fixed charges considerably easier. The real burden
of debts and other fixed money charges would be lessened, We regard
such a rise of prices as desirable. We do not look, however, to monetary
policy alone to adjust the price level, which is influenced by many factors
of a non-monetary character. But we recognize that monetary policY,
expressed through the volume of credit, may, if the general situation permits, play a large part in determining the level of prices. Hence we feel
that, where credit contraction for one reason or another has been carried
to extremes, it is proper and, indeed, imperative for the central bank to
take such action as may be within its power to check excessive contraction,
and in some cases to take the initiative in encouraging a freer use of credit.
That a rise in the price level will take place when business confidence
returns and industry revives is scarcely to be doubted. Meantime, it cannot be too strongly emphasized that whatever remedial action is undertaken
In the monetary sphere needs to be supplemented by evidence of progress
In the settlement of such perplexing and disturbing problems as reparations, international debts, disarmament and trade restrictions. Until
there is some clearing of the atmosphere of international distrust and a
modification of the obstructions of international trade, it will be difficult
for that restoration of confidence and improvement in business to take place
which is necessary to restore prices and standard of living to more satisfactory levels.
Violent Fluctuations To Be Avoided.
"We consider it highly desirable." the report says, "that monetary
policy should be directed to an avoidance of violent fluctuations in purchasing power." It continues:
While we attach the utmost importance to every effort being made to
attain this object; while we are firmly convinced that the wide fluctuations
In prices and the recurrence of periods of economic depression constitute
the greatest threat to the whole economic organism to-day, we desire at the
same time to emphasize (1) that we do not consider it possible to avoid all
oscillations in the general level of prices and (2) that we are fully aware
that even the measure of stability which we would all wish to achieve
cannot be secured by monetary policy alone. We do not envisage, as an
objective, complete stability of any group of aggregate prices; we do not
envisage identical movements in all countries or in all groups of commodities.
Identity of movement between, for instance, the prices of intermediate
products and those of consumption goods is incompatible with the growth
of efficiency. Complete stabilization and identity of group movements are,
Indeed. impossible in a dynamic society must either develop or decay.
The stability of the price level which we envisage as being practically
possible is a relative, but not an absolute, stability of wholesale commodity
prices as measured by their movement over a long series of years. We
do
not conceive it as possible to eliminate short-term fluctuations of the
price
level, but we believe that these shorter term fluctuations would be appreciably reduced in severity if the longer term trend were relatively stable.
Nor do we conceive the possible measure of stability as inconsistent
with
slow movements of the long-term trend either upward or downward.
What
It is desirable to avoid, as far as possible, are such violent price fluctuations
as the world has recently witnessed. Such a measure or stability, however,
can, in our judgment, be achieved only by the development of a
flexiable
monetary and general economic policy which would allow the play of economic forces to bring about minor short-term fluctuations in individual
prices and the average level of prices.
We have suggested that the criterion of monetary and economic policies
should be their success over a period of years in maintaining the average
level of wholesale prices of important international commodities relatively
stable. But this does not mean that wholesale sale price index-numbers
should be used as a sole means of determining when action should be
taken
to correct economic and monetary maladjustments. On the contrary,
we show below that other and more sensitive indicators should be used.
As we have already suggested, for action to be effective it must be taken
in
time. To check a fall in prices after that fall has set in is, we believe, very
much more difficult than to prevent it developing. It is obvious therefore
that,to be effective, monetary policy mu t rely upon other guide., than those
which, after the event, may be used as a test of its success.
Too Little Attention Paid to Changes in Reserves.
In considering monetary policy from the National point of view, the primary index should, in our opinion, be the historic index of the gold reierve.
We consider that in recent years too little attention has been paid by monetary authorities to changes in their reserves—to the net imports and exports
of gold. There has been on the one hand an endeavor to offset gold movements, on the other a belief that, whatever the circumstances, gold movements will produce automatically the necessary effects. Measures to counteract the influence of the movements of gold, though, as we pointed out
in our second interim report, they may be desirable in exceptional circumstances, are and should be recognized to be fundamentally in contradiction
with the gold standard system. On the other hand, while It may be true
that gold movements, if not counteracted, always create their own correctives sooner or later, the rapidity with which the natural reactions take
place may vary too widely from country to country as to render some stimulus (not check) to them indispensable.
. The first indicator for national policy should therefore, in our opinion, be
the gold reserves and the gold movements, and policy should, apart from
quite exceptional circumstances, be directed to accelerating the effects
which such movements create.
With reference to the other indices which should be taken as a guide
to monetaey policy, varying opinions, in our present state of knowledge, are
likely to be held. They are all those indices which reflect business activity,
the market rates of discount, the yield of bonds, the prices of different
classes of shares, the value of building permits, the debits to individual deposit accounts, the production of various primary products, the international movements of capital, &c. The significance of these will vary from
country to country and from epoch to epoch. No set rules for their interpretation can be laid down.
For the reasons given in Section VIII
-X, we believe that, when recovery
from the present depression sets in and a substantial rise of prices occurs,
an intensified demand for gold is a possibility to be reckoned with.
We therefore consider, in the following paragraphs, a variety of measures
which have been suggested for economizing the use of monetary gold. We
do so not only because we consider a possible future shortage of gold supplies as a contingency to be reckoned with, but also because, in our judgment, the general drift of these measures is to render the monetary system
more flexible, and therefore more capable of achieving that measure of
monetary stability which we have defined in Section XIV.
In our first interim report we drew attention to a number of means by
which the use of gold could with advantage be economized, and suggested,
Inter elle, that the legal stipulations concerning the minimum gold cover
required for notes and sight liabilities of central banks might be reduced
without in any way weakening the general credit structure. Since writing
that report the situation has changed; a number of countries have provisionally abandoned the gold standard; others are enforcing it in a restricted
and partial manner only; substantial legislative changes will be required
before it is once more revived as an active and effective system.
June 18 1932
Recent Banking Statutes Force Big Gold Stores.
We have already drawn attention to the effect of recent banking legislation in raising and making more rigid the reserve requirements of many
central banks. Under the system most generally in force to-day many of
them are compelled, either absolutely or subject to certain penalties, to
keep a minimum ratio between their reserves in gold (or gold and foreign
assets) and their obligations at sight. In practice such banks must always,
even in normal times, keep more gold than the minimum ratio demands,
for they are under an obligation to sell gold or foreign exchange to any
person offering notes (to a certain minimum amount) in exchange. If
they kept no margin above the minimum ratio they would be forced to break
the law (or suffer its penalties) on the first occasion that such an offer was
made.
__The Introduction of a so-called "elastic clause" into the law renders it
permissible for the central bank to let the reserve fall below the defined ratio
on condition that a tax is paid to the Government, and in many cases the
official rate of discount is rasied.
The effect of this whole system in recent years has, in our opinion, been
to impose too rigid restrictions upon central bank policy. Even when an
elastic clause exists (and we consider such clauses desirable), in practice
the effect on public confidence of allowing the reserve ratio to drop below
the legal (elastic) minimum is liable to be so grave as to defeat the object
of the law.
In our opinion, this whole system of defined ratios has proved itself, in
the light of the special circumstances of post-war years, to be too rigid
and inadaptable. Now that gold coin is in circulation only in a very few
countries and an internal drain cannot take place (except in moments
of violent panic for hoarding as bullion), the reserves are primarily required to meet possible deficits in the balance of payments. Each country
In determining the gold reserve required should therefore consider in the
first instance what the range of movement in its balance of payments is
likely to be.
In this consideration regard should be had to the circumstances likely
In each case t cause sudden and large alterations in the balance of payments. Agricultural countries must provide against the risk of crop
failure or a fall In the prices of their products. These countries where foreign banks are in the habit of keeping large liquid assets, or where there
mists the possibility of large withdrawals of capital or sales of bonds and
other securities, will require and should maintain a reserve adequate to
meet an eventual withdrawal of these assets. Debtor countries will normally require larger relative reserves than creditor countries whicn, by calling in tneir short-term loans or merely by a cessation of lending, can improve tneir balance of payments. On the other hand, countries which,
wnile creditors on balance, may temporarily be placed in the position of
debtors on short term, snould provide against this contingency.
We are of opinion that it would be advantageous, as we argued in our
first interim report, to reduce the reserve ratios from their present high
levels. If this were done, the immediate effect would be to free the hands
of the central banks by enlarging the free margin of their gold reserves.
which they can use for international payments without endangering the
legal minimum ratio.
Tne total of the notes and other sight liabilities of central banks and
similar institutions (apart from those in toe Union of Soviet Socialist Republics) amounted at the end of 1930 to about $22.450 millions: their gold
reserves to $10.780 millions and their legal minimum gold requirements
to $7,760 mllllons•, or some 35% of their sight obligations. The amount
of free gold above toe legal minimum requirements thus aggregated over
$2,000 mdlions**x. If, however, these minimum gold requirements were
lowered, so as to correspond to an average ratio of say 25% of total sight
obligations, the amount of free gold available for international payments
would have aggregated about $5,170 millions at the end of 1930 or about
$5.350 millions at the end of 1931. If the average ratio had been 20%
the corresponding figures would have been about $6,310 millions at the end
of 1930 or about 86.480 millions at the end of 1931.
Would Protect Liquidity in Lowering Reserves.
In our opinion, the lowering of the minimum reserve ratio could and
should be accomplished in such a way as not to endanger the liquidity of
the central banks.
We have considered the sugestion that the system of legal minimum
reserve ratios should be whoiely abolished; but we do not consider it either
practical or advisable. We consider that the reduction which we advocate
in the preceding paragraph would give the central banks adequate freedom
and flexibility in their conduct of credit policy. As we pointed out above,
substantial legislative changes will now be required In any case before the
gold standard is once more restored as an efffective system, and we consider
that advantage should be taken of this opportunity to reduce the legal minimum reserve ratios required to the Central Banks. Such a reduction should.
however, be accomplished more or less simultaneously by prior international
agreement among at least the principal countries concerned.
Our main reason for rejecting the proposal to abolish the system altogether, is that it would, in our opinion, have an undesirable effect upon
public confidence in many countries. Moreover, we feel that it would
leave both the Central Bank.authorities and the public without any guidance
as to the conduct of reserve policy. The responsibility that would thus be
placed upon the Central Banks is heavy and it is probable that the effect
would be to lead those banks to accumulate larger rather than smaller
reserves and to use them with less rather than greater freedom. The possibility of Governmental or popular pressure upon the Central Banks would
also be greatly increased if the latter were not able to reply upon the stautorl
provisions fixing a minimum ratio below which they should not allow
erves
their reserves to fail.
essential principle of the gold-exchange standard is and always
has been that the domestic currency, whether notes ot coins, Is convertible
not—or not only—into gold, but into a foreign gold standard currency (or
currencies) It has undergone considerable changes since the war, certain
of which were discussed in our second interim report. In the period immediately preceding the stabilization of currenceis and the return to the gold
standard especially at the Genoa conference (1922) the use of methods
similar to those which had been worked out in the gold-exchange standard
countries was strongly advocated as a measure of economy in the use of
gold. The distribution of the world's gold reserves was very uneven and a
shortage of gold for monetary purposes resulting in a disturbing scramble
for gold reserves was anticipated.
Foreign Balances a Factor in Monetary Instability.
The adoption of these new methods took the form in certain countries
of new legislation permitting the proportion of the legal reserves of some
Central Banks to be held in foreign exchange assets. In addition, there has
i*In the case of the Central Banks which may under the terms of their
national currency legislation, hold the whole of their minimum cover reserve in the form of assets other than gold, it has been assumed in calculating
the above figures that the amount of gold actually held by them corresponded to their legal gold requirements.
x About 52.600 millions (at the end of 1931, almost $2,800 millions)
of legal minimum reserves were to be held exclusively in the form of gold.1
Volume 134
Financial Chronicle
not
in recent years been a remarkable extension of the practice by countries
balances in
actually on the gold-exchange standard of holding short-term
and commercial
foreign countries. These liquid funds were held by central
shifted from
banks and treasuries in such a form that they could readily be
on foreign
country to country. The existence of such large balances, held
account and liable to be shifted quickly, has been a prime factor in the monethe world is
tary in stability of the post-war period. It is apparent that
its
here confronted with a phenomenon that is now at least in the scale of
operation.
It is importantto observe that such foreign assets, whether held by countries on the gold-exchange standard or by countries on the gold standard,
were deposited either in Central Banks or in commercial banks forming
part of another National currency system. There was no international
co-ordination of the practice. There was indeed, as we have pointed out.
insufficient National co-ordination in many cases, so that a Central Bank
might not be aware of the full extent of its obligation to furnish gold for export.
There were many criticisms of these developments even before Great
Britain abandoned the gold standard. Attention was drawn to the danger
of making the convertibility of one National currency dependent on the
stability of another in which the central bank held large foreigh assets.
From the opposite point of view the vulnerability of certain currencies was
Increased by the fact that large foreign balances might be withdrawn at
any moment. The reality of both these dangers became fully apparent
when Great Britain abandoned the gold standard in September 1931.
Another serious criticism of the gold-exchange standard methods has
been that they faciliated inflaton by allowing more than one country to
build a superstructure of credit upon the same gold reserve. To the
extent that the country in which foreign balances were accumulated kept
a higher gold reserve than it would otherwise have done on account of the
risk of withdrawal,such infaltion was of course avoided.
The real point of criticism, in our judgment,is not that the gold-exchange
standard (and practices based upon it) achieved in some measure the economy in the use of monetary gold Which was one of their avowed purposes.
but that in recent experiences they have hampered the working of the gold
standard. In addition to the inflationary tendencies previously mentioned.
such large amounts of short-term foreign balances as were actually built
up just before the recent depression created a situation of dangerous currency instability, since these balances were transferred from one financial
centre to anotht r.
We do not, however, regard this development as inherent in the goldexchange standard as it was practiced, for example, by many countries
before the war. We regard the gold-exchange standard in this form as a
useful system for many countries, for whom it still remains the most
economical and efficient monetary mechanism available.
Gold-Exchange Standard Liable to Restriction.
It is obvious that recent events, and particularly the depreciation of
sterling, upon which so many gold-exchange standard systems were based,
have entailed heavy losses upon many countries. Such of those countries
as are in a position to do so will make every effort to avoid such losses, and
it is probable that the gold-exchange standard will in the future be much
more restricted than it was in the years before 1931. But it still offers
the cheapest, and in some cases almost the only, method by which countries
which are unable themselves to afford the heavy expense of a gold standard
system may yet participate in the advantages of stable exchanges which
such a system will again offer, if and when it is restored. It is inevitable that those countries which choose, or are forced by circumstances,
to retain or re-adopt a gold-exchange standard for the regulation of their
currency will endeavor so to organize it as to minimize the possibility of
once again being faced with heavy losses.
Two possibilities have been suggested. The first is that such countries
will choose carefully among the principal financial centers those which offer
the greatest promise of future stability. The other is that an endeavor
should be made to spread the risks of losses by utilizing such an international institution as the Bank for International Settlements as the agency
through which the system shall be administered. In the latter case the
reserve assets of the gold-exchange standard country would be deposited
with the International Bank, which would in turn spread its deposits
among its constituent Central Banks.
The reduction of the percentage reserve ratios which we have recommended above may or may not suffice alone as a means for economizing
the use of gold. Its adequacy will depend on the magnitude of the absolute
reserves which countries will consider it necessary to keep, upon the conditions under which certain countries return to the gold standard and upon
the readiness which those that have de facto ceased to operate the goldexchange standard show to revive it in its old form.
There are a number of other methods of economizing gold to which we
made reference in our first report. They may be summarized as follows:
(a) That in all countries where gold is in active circulation or kept in
the vaults of commercial banks it could be withdrawn into the reserves
of the Central Banks and replaced by notes.
(b) That in all countries in which bank-notes of small denominations
are in circulation, these small notes should be withdrawn and replaced by
subsidiary coin. The employment ofsuch notes lain the main the accidental
result of inflation in certain countries. Notes which were originally of relatively high value have been allowed to continue in circulation after their
value diminished. The result has been to increase the strain on gold reserves and, since a gold backing to such notes is required, the cost of subsidiary currency to the community as a whole.
Greater Use of Checks Urged on Officials.
(c) That in countries in which notes are largely used for payments of
taxes and salaries, large retail transactions, the transference of money
from place to place, &c., the use of checks, postoffice banking facilities,
transfers, mechanism for clearings, &c., should be developed. Much could
be done directly by Governments and municipal authorities in this connection withoutlegislative action were they to set the example of accepting
checks whether drawn on commercial bank or on postoffice savings banks
in payment for taxes, public utility services, &c.
We consider that the measures enumerated in the preceding paragraph
are in themselves desirable. They are not, however, likely to bring about
any immediate and considerable economy in the use of gold. For that
that purpose the solution mentioned above (reducing reserve ratios) would
be required. We do not consider that this solution could be successfully
applied unless it was agreed upon by at least a considerable proportion
of the interested countries.
In the preceding paragraphs we have been concerned with the objectives of monetary policy as we see them, with the guides to that policy
that may be employed and with the powers with which those responsible
for policy are or may be endowed. But the extent to which the measures
adopted are likely to prove effective will depend not only on their appropriateness but on a large number of factors of a non-monetary order.
Cheap money policies pursued by powerful financial countries may,
under certain circumstances, increase both the volume and the velocity
level. They may
of circulation of money and therefore raise the price
further, by stimulating the issue of foreign loans, as well as by the influence on their own domestic price level, transfer credit resources from
throughout the world.
one country to another and so raise price levels
4409
services and if
But money is employed in the exchange of goods and
or if prices of
either the flow of those goods and services is itself impeded
then the best consome special classes of goods are artificially controlled,
fail.
ceived and most strongly supported monetary policy may
obstructions to the
Thus, if countries with large claims on others place
make further
payment of these claims in goods, and on the other hand,
interest obligations, and
loans to their debtors to enable them to pay their
the creditor countries,
even to expand their consumption of imports from
instability that a breakthey will in the long run'create such a condition of
down of the price structure becomes inevitable.
partly to increase
For the borrowing countries use the new loans only
difficult to find markets).
industrial productivity (for which, however, it is
uses and some
Some part of the loans goes into wasteful and unproductive
Meantime, the ininto maintaining relatively high standards of living.
the productivity
either
terest burden mounts cumulatively and faster than
by means of an export
of the borrowers or their capacity to transfer payment
disequilibrium is created which may prove too
surplus. Thus,inevitably, a
Moreover, the search for
persistent for any monetary policy to resist.
the debtor countries
means of payment may lead to an export of gold from
international effort to
which cripples their banking struture and nullifies
avert depression.
as wages,
Similarily, if in any country one set of prices, such,for instance,
indispensable condition of all
proves resistant to those changes which are an
any country the
in
progress, monetary policy may be stultified. If, again,
involve at once
burden of fixed charges is so great that small price changes
distribution of the national income, forces
very considerable changes in the
may be loosened which monetary policy is unable to check.
Free Flow of Commerce Is Held Essential.
policy designed to
If measures are to be sought in the domain of monetary
business activity, they
lessen the amplitude of the periodic fluctuations in
general economic policy.
must be accompanied by appropriate measures of
Countries cannot
The trade cycle is to-day in international phenomenon. hope collectively
only
hope to escape its effects by self-isolation. They can
adequate freedom in the
to lessen them. To this end they must permit an
it is imperative that
flow not of credit alone but of goods. In our opinion,
governments to-day should
the restrictive commercial policies adotped by
monetary standard at
be radically changed. Adherence to an international
international economic
once implies and necessitates adherence to an
movement of goods is the
system. To impose artificial restrictions on the
negation of such a system.
not only on governThe efficacy of monetary policy will depend, however,
also ,on the varying
ment action in other fields of economic activity but
single example, the even
sentiment of the general public. Thus, to take a
policy alone.
flow of capital exports cannot be guaranteed by monetary
willingness of the public to
Conditions may and do arise under which the
sudden—frequently inconsequent—
venture their savings abroad undergoes
may be such that it
changes. The public estimate of the risk element
in rates that may be
cannot be influenced by the relatively narrow variations
enforced by banking policy.
and the difficulties of those
We are impressed by both the responsibilities
at their disposal are
in control of monetary policy. The guides to oplicy
relative importance of the
uncertain and inadequate. The assessment of the
powers on insight and judgvarious factors at play demands exceptional
by accidental, physical
ment. The most accurate forecast may be nullified
or political events.
insensitive mechanism
The measure of purchasing power is a rough and
precision nor to function
Which can be relied upon neither to function with
important issues
at all without repair. Action appropriate for the more
mutual understanding,
demands the closest co-operation, good-will and
national sacrifices
and it often seems to demand some measure of immediate
for a common ultimate benefit.
measures should be
We emphasize these facts because we consider that
of variation in the
adopted not only with a view to lessening the degree
economic and financial
purchasing power of gold but to making the whole
they recur. As
system more adaptable to such fluctuations, if and when
the disastrous
we have pointed out, . . . one of the main causes of
burden of debt.
effects of falling prices lies in the automatic increases in the
to-day is to be found
A weakness of the financial system in many countries
private.
in the excess of debts at fixed interest—whether governmental or
increased during
short or long. The difficulties imposed upon industry are
been financed by the incurrence of
periods of falling prices if industry has
debt rather than by the placing of shares.
by emphasizing
We conclude our survey of monetary problems, therefore,
economic policy.
once more the dependence of monetary upon general
monetary and non-moneIt is evident that there is need for measures, both
flexible. We
tary, which will render the economic organization more
to steps to solve
attach the greater importance to the consideration not only
the bankthe present crisis but also of more permanent measures to improve
and proing and currency organization of the world and equally its trading
ductive systems.
depend largely
We are deeply conscious, however,that such improvements
There can
upon the restoration of international confidence and good-will.
function
never be any hope of establishing a monetary system that will
economic co-operation between
smoothly and efficiently in the promotion of
fundamental
the nations until the nations are prepared to co-operate. The
system
necessity for the creation of a more effective international monetary
monetary
is the re-establishment, not so much of the technical processes of
interchange, but of the willingness to use these processes.
the gold
The working of an international monetary system such as
however.
standard presupposes interdependence of the nations. If,
to
political conditions are such that nations hesitate to commit themselves
too great interdependence one upon the other, but impose rigid restrictions
economic self-sufficiency.
upon international trade in their effort to attain
there will be little scope for any international monetary inechansism. We
do not desire to enter into the political aspects of this problem: but we do
desire to record our conviction that without some measure of political settlement leading to renewed confidence in international economic and financial
relations there can be no secure basis for the restoration and improvement
of world trade and finance.
Matdistribution of Gold Attacked by Dissenters—Albert Janssen. Sir Reginald
Mont and Sir Henry Stralcosch.
In a note of dissent, Albert Janssen. Chairman of the delegation; Sir
Reginald Mant and Sir Henry Strakosch take exception to the conclusions
of the majority with respect to the causes of the breakdown of the international monetary system.
The minority contends the dominant cause is the maldistribution of monetary gold reserves. Warning that the world "has still further deteriorated
with alarming rapidity" since 1929, the dissenters conclude:
"If the process continues, millions of people in this econmically interlocked
world must inevitably die of starvation and it is indeed doubtful whether
our present civilization can survive."
Quoting from a report that, together with Professor Gustav Cassel. the
three presented last January, the minority group points out that although
the production of gold in the post-war period has been sufficient only to
4410
Financial Chronicle
Increase the world's total stock of gold by a little more than 2% per annum,
greater proportion of the world's gold has been devoted to monetary purposes
so that in a period between the end of 1925 and the middle of 1931 the monetary gold stocks have increased with fair regularity, at a rate of somewhat
more than 3% per annum.
This stock if properly distributed should have sufficed, they say, to
support a volume of credit adequate to maintain the existing level of prices.
But after 1928 a situation arose in which by far the greater part of the new
gold available became concentrated in two countries, France and the United
States, while the remaining countries of the world, so far from increasing
their stocks of monetary gold, lost no less than 16% of their monetary gold
between Jan. 1 1929, and June 30 1931. The report presents a table
showing the monetary gold held by France. the United States and the rest
of the world, excluding Russia, which indicates that between the beginning
of 1929 and the middle of last year France's gold holdings rose 74%,or from
$1,271,000,000 to $2,211,000,000; monetary gold stocks of the United States
went up 193 %, or from 34,141,000.000 to 34,956,000,000, while holdings
of the rest of the world fellfrom 35,500,000.000 to $4,650.000,000. a decline
of 16%.
New Obstacles Impede Flow Of Imports.
"It is clear from the figures given above," the report says, that the
recent drastic fall in prices has been caused by a maldistribution of monetary gold rather than by any shortage of the world's monetary stocks
of gold as a whole. When we examine the causes of this maldistribution
we find it obvious that the power of the United States and France to attract
the abnormally large proportions of the world's gold which they have
abosrbed is due to the fact that they have had a surplus in their balance
of payments. Up till 1928 this surplus, which is, of course, not a new
phenomenon, had been adjusted by a corresponding export of capital, by
the United States mainly in the form of long-term investments and by
France mainly on short term, but from that year onward this export of
capital began to dwindle. At the same time both these countries placed
new obstacles in the 'a ay of the inflow of commodities. The result has been
that the only way in which the debtor countries could meet this gap in the
balance of payments was by sending gold to the creditor countries."
As remedies for the present situation the minority presents a four-point
program, summarized as fellows:
(1) An early settlement of the question of war debts and reparations.
(2) The removal as far as possible of retraints on international trade.
(3) A concerted attempt by the principal gold standard countries to
restore wholesale commodity prices as measured in gold to the level prevailing in 1928.
(4) A similar attempt by the paper standard countries under the leadership of sterling to stabilize their internal price levels.
Views of Gustav Cassel.
Professor Gustav Cassel, in a separate memorandum, dissents emphatically from the majority report, which he refused to sign. Right and
wrong are mixed up in it in such a bewildering way. Professor Cassel says,
that it is extremely difficult to state all the reservations to which an endorsement of the report would be subject. The causes of the breakdown
of the gold standard, as outlined in the report, are entirely unacceptable to
him, Professor Cassel says. The fundamental cause, he asserts, was
the claim of reparations and war debts, combined with the unwillingness
of the receiving countries to take payment in the natural form of goods
and services.
As for the future. he says that the essential quality which made gold an
acceptable standard of value for international money, a stable value.
has been destroyed. It seems quite clear, he continues, that at the very
best several years must elapse before a restoration of an international gold
standard system can be seriously contemplated. For the countries remaining on the gold standard, the most urgent aim is to force down the
value of gold. The countries off the gold standard must attempt to obtain
the greatest possible stability for the internal purchasing power of their
paper currencies. But before doing this, they must first raise the price
level at least half
-way up to the price level of 1929. In order to obtain
the greatest possible stability to the exchanges betwcen the paper currencies, it seems necessary that Great Britain should take the lead with
the aim of creating a "sterling group," Professor Cassel says.
Bank of France Withdraws Her Last Gold from New
York—Dollar Value Rises—Payment of $55,000,000
In One Day Ends $2,250-000-000 Movement of Foreign Holdings Since 1929—New York Bankers
Reported Elated—Termination of Export Drain
Seen as Removing Major Barrier Toward Recovery—
Foreign Currencies Drop Below Point at Which
Metal Can Be Exported Profitably.
The last of the Bank of France's dollar balances, amounting to $55,000,000, was withdrawn from the New York market on June 14, a part being converted into earmarked gold
and part being exported in the form of gold bullion. Observing that this action brought to a conclusion one of the most
remarkable achievements in financial history—the repayment by the United States since 1929 of all but $700,000,000
of the $3,6%,060,000 of the short-term funds lodged in this
market by foreign central banks, Governments and plivate
interests the New York "Times" of June 15 said:
The incident, according to Wall Street bankers, brings to a close the
prolonged loss of gold which this country has sustained since the suspension
of the gold standard by Great Britain on Sept. 211931.
Further exports of gold may be looked for in the next few months, but
these will be made out of stocks already earmarked for foreign account here,
which amount to about $451,000,000, and will involve no loss to the monetary gold stocks of the country.
•
Bankers Are Gratified.
The sudden ending of the long, anxious strain involved in nine months
of almost constant gold exports, during which the monetary stocks of the
country had been reduced from a record high of $5,015,000,000 on Sept.
16 1931, to $3,979,000,000 as of last Wednesday,[June 81 a reduction of
$1.036,000,000. was celebrated in the foreign exchange market by the
strongest bull movement in dollars witnessed in many weeks. Among
leading bankers the greatest satisfaction was expressed that this disturbing
element had at length been removed from the financial situation.
The recovery of the dollar, marked by a sharp fall in the dollar quotapoint to 3.93
tions of European currencies, carried the franc down
cents, the lowest since April 1. Sterling fell 1% cents to $3.663; Dutch
Tune
18 1932
guilders dropped five points to 40.45 cents, beiges 1 ti points to 13.94
cents, Swiss francs 4ti points to 19.50 cents and marks four points to
23.64 cents. At the close of trading not a single foreign exchange was
quoted above the price at which gold can be exported profitably from this
country, in contrast to the situation a week ago and for many weeks before.
when the exchanges of France, Belgium, Switzerland and Holland all
stood above the gold export point.
Movement Caused by Depression.
The repatriation of their foreign balances by European central banks
and Governments since last September has constituted one of thestrangest
phases of the economic depression. It represented the wholesale rejection of the gold exchange standard, adopted after the conclusion of the
World War as a means of economizing in the use of gold and to assist in the
process of stabilizing currencies on their new bases.
The movement was set in motion by the shock to confidence all over
the world involved in the fall of the pound sterling from the gold standard.
Between the Fall of 1929. when foreign balances in this market totaled
about $3,000,000,000, and September of last year there has been a gradual
recall of funds previously held here. But the movement was not sufficient
to offset the flow of gold to this market arising out of the favorable balance
of trade, and the gold stocks of the country continued to expand until the
high record of more than 85,000,000.000 was reached in mid-September.
With the suspension of the redemption of its notes in gold, causing a
of $100,000,000 to the Bank of France on its sterling balances and
smaller losses to nearly all other central banks, fear for the safety of all foreign balances spread over Europe.
. Gold Withdrawals Followed.
As a means of strengthening their positions, foreign Central Banks began hurriedly to convert their holdings of dollars into gold and to carry
the metal home or else place it under earmark here. Their action evoked
fears among private banks and individuals who held balances in this market,
and a steady outflow of gold, interrupted only briefly at the close of last
year, set in. In the foreign exchange market the dollar was subjected to
constant selling pressure, augmented from time to time by speculative bear
raids.
Since Sept. I. shipments of gold to the four gold standard countries
of Europe have amounted to $1,130.014,200, of wh.ch France has received $747.979,800, Switzerland 5113.644,900, Holland $180,058,000 and
Belgium $88.331,500. In addition there has been a net increase during the
period of $337,246,800 in the amount of gold earmarked for foreign account,
practically all of it being set aside for the account of these four countries.
Combining exports and earmarkings, a total of more than $1,500,000,000
gold has been withdrawn by these nations. A corresponding rise has
been shown In the gold holdings of their respective central banks.
The monetary gold stocks of the United States, however. have shown
a very much smaller reduction than the 31,500.000,000 of gold lost to Europe would Indicate. Up to last Wednesday the reduction in the monetary gold stocks from the September high was 31,036,000,000, while since
then, up to and including yesterday's movements of gold, there has been
an indicated additional loss of $75.000,000, bringing total monetary gold
stocks down to about $3.904,000,000. Since the Fall of 1929, however,
when foreign balances here were at their peak, the net decline in the monetary gold stocks has amounted to only about $400,000,000. On this basis
bankers pointed out yesterday, it is fair to say that this market has repaid
about $2,250.000.000 of foreign balances since 1929. with a loss of only
3400,000.000 of gold.
Foeeign Balances Below Normal,
Foreign balance.- remaining In this market now have been reduced to
about $700,000,000, which is considered a subnormal figure. Of this
amount about $300,000,000 represents the short-term holdings of Canada,
Latin America, the Far East and other non-European sections of the
world. Of the $400,000,000 remaining in European balances, roughly
$170,000,000 is in British balances, leaving possibly $230,000,000 of Continental European funds here.
The exhaustion of the Bank of France's balance in this market was
forecast last week, when reports were received here from Paris that the
French bank of issue would have completed the liquidation of its dollar
balances within ten days. It had been estimated at the close of last week
that total French balances in this market were down to between $125,000.000
and 5135.000.000. The recall by the Bank of France yesterday of $55,000,000, leaves an indicated balance of $70,000,000 to 380,000.000 of
private French dollar balances. Dollar balances of the central banks of
Switzerland and the Netherlands have been virtually exhausted,
Ne Loss Yesterday 354.010.300.
Yesterday's record of gold transactions, including the operations on
behalf of the Bank of France, showed a net loss to the gold stocks of the
country on the day of $54,010,300. The day's exports amounted to
55,235.400, of which 55,138.000 went to France, $66,400 to Germany and
131,000 to Switzerland. The increase in earmarked gold came to 349,995,100. By import, additions of 81,220.200 were made to the gold stocks,
consisting of $1,199,000 from Canada and $21,200 from Mexico.
The increase of nearly $50,000.000 in earmarked gold reported yesterday, while large, was by no means the largest on record. Last
September net increases of more than twice that amount were reported on individual days.
The importance attached by leading bankers to what was Interpreted as
the end of the gold export movement arose from their
belief that one of
the principal factors making for lack of confidence and hesitation in biumiess
and financial circles had at last been removed.
While bankers have consistently expressed complete confidence in the
ability of the United States to stand the strain of repaying foreign balances in gold without weakening the dollar, the movement has created
great concern in other quarters, leading to hoarding last Autumn and
earlier this year and to some exportation of American money abroad by timid
capitalists.
While it never appeared dangerous, there was the possibility that Americans themselves might lose confidence in the dollar as Europe
had. That
possibility, bankers said yesterday, has now been completely removed.
Personnel of Gold Delegation of the League of Nations
That Urged World to Return to Gold Standard.
Members of the gold delegation of the League of Nations
who drafted the final report of the financial committee
included the following, according to the New York "Times"
of June 11:
Albert Janssen, Chairman; Professor at the University of Louvain;
Vice-President of the Societe Beige de Banque;formerly Minister of Finance.
Professor M. J. Bonn of the University of Berlin.
Professor Gustav Cassel of the University of Stockholm.
Volume 134
Financial Chronicle
Comte de Chalendar, Managing Director of the Compagnie d'Assurances Generales sur la Vie, formerly financial attache to the French
Embassy in London; formerly Inspector of Finance.
Guido Young, President of the Istituto Naztonale per l'Esportazione,
Rome.
Sir Reginald Mant, member of the Council of India; member of the
Royal Commission on Indian Currency and Finance, 1925-26.
Dr. Fellks Mlynarski, Professor of Banking at the Academy of Commerce in Warsaw; formerly Vice-Governor of the Bank of Poland.
Dr. Vilem Pospisil, Governor of the National Bank of Czechoslovakia.
George E. Roberta, Economic Adviser of the National City Bank of
New York; replaced at the last session by his son, George B. Roberts
Vice-President of the National City Bank of New York.
Sir Henry Strakosch, Chairman and Managing Director of the Union
Corporation, Ltd., London.
Dr. L. J. A. Trip, Governor of the Nederlandsche Bank.
Among those who also took part in the work of the first session were:
Professor Alberto Beneduce, President of the Credit Institute for Public
Works, Rome.
Professor 0. M. W.Sprague of the Bank of England, formerly Converse
Professor of Banking and Finance at the Graduate School of Business
Administration, Harvard Univresity.
Gold Is Purchased by Bank of England—British
Government Holds No Responsibility in Recent
Acquisitions.
A special cablegram, June 10, from London, to the New
York "Times" stated:
Bankers here are greatly puzzled by the statement of the Chancellor in
the House of Commons that the recent gold purchases of the Bank of
England were not made for the account of the Exchange Equalization Fund.
Instead, he said, they were made directly for the issue department of the
Bank, which shows these purchases in its weekly return.
The difference is that the Government holds no responsibility for purchases
for the issue department. The gold purchases now exceed £12,000,000.
It is estimated that the Equalization Fund now holds a huge amount of
francs and dollars. There is much nervousness as to the wisdom of holding
francs in view of the unsettled state of Continental affairs and the poor
outlook as to results at the Lausanne Conference.
Finance Bill Passed.
The House of Commons passed the finance bill, which brings the budget
to the Lords. In addressing the Commons the Chancellor said that the
monetary policy of the Government has created the conditions under which
a rise in prices should become possible.
The above paper, commenting on its London advices,
June 11, said:
The sharp increases in gold holdings of the Bank of England have been
watched closely in Wall Street. The gold is believed to have been acquired
through earmarking operations in Paris. The Bank of England would
pay for the gold either by selling francs, dollars or possibly pounds to
the Bank of France. The increase in foreign exchange reported by the
Bank of France may have been due to British payments, it was thought.
British Gold Store Totals £135,000,000—Holdings
Virtually Equal to Amount on Hand When Nation
Went Off the Gold Standard.
From the New York "Evening Post" we take the following
(copyright) from London, June 11:
A waiting attitude characterizes all markets, although there is rather more
hopefulness regarding the Lausanne conferences. This is not based on any
known grounds except a possible change in the French attitude.
One rumored suggestion is that France might be willing to abrogate
reparation claims if England is willing to stand beside her in open repudiation of the dollar debt.
Chancellor Chamberlain's speech yesterday may improve the market tone
on Monday as regards the gilt-edged stocks. No financial importance is
attached in London to the Irish repudiation.
It is interesting to note in the light of American gold exports that Great
Britain's gold purchases have brought the gold holdings to £133,300,000,
which is virtually equal to the amount when Britain suspended the gold
standard.
The British gold stock, including all purchases, is still valued at par. If
revalued at present sterling values, the stock would be more than £175,000,000, or equal to the previous high record holdings by the Bank of
England.
Gustav Cassel Doubtful of Return to Gold—Urges
End of War Debts and Freedom of Trade As Necessary Conditions.
The breakdown of the gold standard is a direct consequence of the war debts of the maldistribution of gold connected with their payment, Gustav Cassel, noted Swedish
economist and member of the League of Nations gold delegation, said in his third and closing Rhodes lecture, delivered
at Oxford. Reporting this, in special correspondence front
London, June 4, the New York "Times," in its June 12 issue,
likewise said:
Professor Cassel laid down four conditions which, he said, must be
fulfilled before the world can return to the gold standard. The prospect
of these conditions being met are, he added, unpromising.
"Our generation," he concluded, "seems to have no other remedy for
Its troubles than rnetponement. That attitude has brought ever-growing
difficulties, now threatening to end in complete disaster. We have no
security that our society can survive such a catastrophe."
The first condition for a restoration of an international gold standard,
Professor Cassel said, is a radical cancellation of all war debts, including,
of course, in this category reparations. The second condition is restoration of a reasonable freedom of international trade; the third, a radical
reduction in the demand for central banks' gold reserves, and the fourth,
definite guarantees that for the future sincere co-operation will be given
toward the stabilization of the value of gold.
4411
Urges Immediate Action.
The best thing that the gold standard countries could do for a rapid
economic recovery, Professor Cassel said, would be to start at once an
inflation of their currencies. If, at the same time that this were done,
France and the United States had the foresight and the courage to adopt.a
program for fulfilling the conditions previously enumerated for the restoration of the gold standard, they would thereby make their best contribution
toward the restoration of general prosperity. But Professor Cassel
despaired of such an outcome.
"In the United States," he said, "opinion on monetary and financial
policy very much differ from one another. Every now and then new
schemes are brought forward, and nobody can tell what course is going
to be taken. The effect is an extreme instability of the whole situation,
an instability which affects not only the value of the dollar but also
that of gold. In fact, it is quite impossible at present to form any idea
of what the value of gold will be even in the near future. As regards
France, I doubt whether anybody is able to find out a definite and
rational program of monetary reconstruction behind the present administration of that country and its central bank.
Cling to the Old Conception.
"In the paper-standard countries a great obscurity prevails as to the
real significance of having abandoned the gold standard. More or less
consciously people cling to the old conception of gold as a standard of
value, and the value of the pound sterling, for instance, is quoted as so
many 'shillings per pound,' which means a quotation in gold. When
speaking of 'stabilization,' even men in a leading position do not know
whether they mean stabilization in terms of commodities or in terms of
gold. Sometimes the stabilization of a certain dollar exchange is set up
as the goal of monetary policy. This, of course, involves a still greater
confusion, since nobody knows whether the dollar will remain on its
old gold parity.
"In England a huge fund has been voted for what is described as the
'protection of the pound,' but nobody seems to have got a clear conception
even of the fundamental principle upon which this fund is to be used.
The most probable effect of this equalization fund is that British resources
will be used for supporting the dollar—a rather risky undertaking which
may easily lead to considerable losses."
Concluding his series of lectures on a note of discouragement, Professor
Cassel said:
"Wherever in the world we look for help we only find an appalling lack
both of insight and resolution. Those supposed to be in power proclaim
themselves to be absolutely powerless in monetary matters and refuse to
recognize any responsibility for the course of affairs. Thus chances are
lost which perhaps will not recur. Still there has never been such an
opportunity for true leadership as the present. The other side of opportunity is responsibility. If we do not act we shall be responsible for the
consequences of delay."
End of Gold Drain in United States Thought Near—
Paris Sees "Dollar Credits" of European Banks
Down to Small Proportions — France Holds
$100,000,000 — Bankers Predict Completion of
Liquidation Will Restore Normal Exchange Market.
Stating that the attention of the Paris market is still
riveted on the movements of dollar exchange, a wireless
message from that city, June 10, to the New York "Times"
went on to say:
The final announcement of the revenue bill by Congress was considered a
clearly favorable event. The reason why it had less effect on European
markets than might have been expected was that Wall Street did not react
to the news as had been anticipated, which gave a chance for pessimism
to get the upper hand in Europe, so that such questions as the unemployment relief schemes and the veterans' bonus were used as a theme for
bears to renew their sales of dollar exchange. Probably, also, the fact
that the dollar rate was for a time supported only by the purchases of one
American bank, which absorbed all offers at 25.325, was not regarded
altogether favorably.
Nevertheless, the Bank of France seems to have ceased its sales of
dollars on Thursday [June 9], and this sufficed to cause recovery in American exchange to a rate at which gold exports were no longer possible.
This was taken to show that selling by the European Central Banks was the
real cause for the present outflow of gold from New York, and the inference was drawn that the dollar exchange market, if left to normal influences, would naturally tend to favor the United States. The week's
incidents also show that the Bank of France, while not abandoning its
general policy of recalling foreign balances, suspends selling when it is
seen to have a bad effect on the market.
It is not possible to ascertain the exact amount of dollar credits still
held by the Bank of France, but in banking quarters it is felt that the
amount must certainly be nearer $100,000,000 than the $200,000,000 which
has been commonly suggested. As for the Bank of Switzerland, Its total
foreign balances have already been reduced to 78,000,000 Swiss francs
as of May 31, and the holdings are not likely to contain much dollar
exchange. The result is that virtually the only withdrawals by Central
Banks which still have to be allowed for are those of the Banks of
England and France.
It is believed, therefore, that the moment is not far off when European
Central Banks will have finished their liquidation of dollar balances.
Responsible financial circles here think that the dollar exchange market
will then return to normal conditions, and, barring unforeseen events, that
the outflow of gold from the United States will cease. Up to this time,
the mere fact of a continuous drainage of gold from the American market
Is the factor which has given most encouragement to speculators for the
fall in dollar exchange. But that means that if and when the outflow
terminates, the only recourse of bears will be to cover.
Policy of Rebuilding London Gold Reserve—Bank of
England Added £11,000,000 in Four Weeks—Drew
on Paris.
London advices, as follows, June 10, are taken from the
New York "Times":
Following last September's suspension of gold payments the Bank of
England, chiefly through liquidation of last year's emergency foreign
credits, lost about £15,000,000 gold. Since the present policy of gold
purchases by the Bank of England was inaugurated, on May 14, the Bank's
acquisitions have aggregated about £11,000,000. The more recent
4412
Financial Chronicle
additions were made up largely of American gold bought in Paris. The
market's belief is that the Bank intends to purchase sufficient gold to
reduce the fiduciary note issue by £15,000,000, the amount in which it
was increased under the emergency proviso in the exceptional conditions
prevailing last year.
Since the end of last month England's direct gold imports have aggregated £1,435,740, most of which came from India. A further consignment
of £703,000 left Bombay on June 4.
Australia Produced More Gold in 1931 Than in Previous
First Months of This Year
Year—Output in
Heavier.
A combination of social and economic conditions, combined with the stimulus of a Government bounty, gold production In Australia increased sharply in 1931, and present
Indications are that the increase is continuing in 1932, according to a report from Vice-Consul Ralph H. Hunt, Melbourne, made public by the Commerce Department on June 7.
The Department's announcement added:
The report states that total production was 595,213 ounces in 1931 cowpared with 466,593 ounces in the previous year. Victoria alone contributed
43,637 ounces to the total in 1931 compared with 24,119 ounces for 1930.
Among the factors credited with contributing to the increase in gold
production are the gold bounty paid by the Government, higher exchange,
the enhanced price of gold, and the larger number of unemployed men who
turned to prospecting for a livelihood, the report stated. The gold bounty
Is in the form of a premium paid by the Government on gold mined in
the Commonwealth.
Great Britain Sees Delay in Economic Parley—Opening
Is Not Expected Until After Ottawa Conference
in September at Earliest—Resolution of Executive
Committee of Liberal Council Welcomes United
States Stand.
Stating that it is possible that the machinery of summoning the world economic conference will be set in motion
soon after the Lausanne conference, a wireless message
June 6 to the New York "Times" from London also said
in part:
There is no expectation that the London conference itself can be held
until after the imperial economic conference at Ottawa, which probably
will run into September.
The executive committee of the Liberal Council, with Viscount Grey
of Fallodon presiding, adopted a resolution to-day "warmly welcoming
the announcement that the Government of the United States is prepared
to co-operate with the British Government in calling an international
economic conrerence."
Sees Turning Point.
"In the opinion of this executive," continues the resolution, "such a
conference may well prove the turning point in the present world difficulties and we hope our Government will do everything in its power
to promote its success."
The proposed conference also was referred to in the House of COMM=
this afternoon and the answers of Ministers to questions on the subject
Intimated there was no likelihood of such an international meeting in
the immediate future.
In reply to one question as to whether the British Government was
contemplating any negotiations with other countries on economic subjects
except at Lausanne that might have a bearing on Ottawa, Stanley Baldwin,
Acting Prime Minister, replied:
"His Majesty's Governmentt s maintaining for itself complete freedom
of action at Ottawa."
Another member asked whether invitations were being sent to other
powers to participate in the proposed conference with Great Britain and
the United States.
"The conversations which have taken place on this question." replied
Sir John Simon, Foreign Secretary, "have not yet reached the stage where
the issue of invitations to the conference can be considered. As I explained to the leader of the Opposition on June 1, the matter still is in
an entirely preliminary stage. I have explained the whole matter to the
representatives in London of the other five powers who, with ourselves,
issued the invitations to the Lausanne conference and have invited their
views upon it. The question cannot be carried further until these views
have been received and considered."
Formation of Canadian Foreign Credit
Ltd., to Insure Exporters Against
Underwriters,
Insolvency of
Foreign Buyers.
In a Montreal dispatch June 3 to the New York "Times"
it was stated that an announcement was made of the formation of the Canadian Foreign Credit Underwriters, Ltd.,
to aid Canadian exporters by providing a credit factor,
including insurance against insolvency of foreign buyers.
It was further stated:
The formation of the company extends into Canada all the facilities
of the American Foreign Credit Exchange. The latter organization
consists of leading exporters, co-operating on a reciprocal basis, who, by
free exchange of credit experience, which supplements information gathered independently by the managing company, are enabled to trade abroad
with safety.
The resources of the organization include the possession and maintenance
of credit files containing information determining the buying ability and
insurability of nearly 400,000 foreign importers of merchandise from
this Continent.
Increase in Iron and Steel Duties by Great Britain.
A British Treasury order, effective June 14, adds to the list
of articles bearing a duty of 33 1-3% ad valorem, on importation into the United Kingdom from non-British countries, all pig iron (except that smelted wholly with charcoal),
June 18 1932
stampings, pressings, and rough or machined castings weighing seven pounds or more (except gutters, domestic tanks
and cisterns), iron and steel ingots (except those poured
from pure charcoal iron), and spring steel, according to a
cablegram received from Commercial Attache William L.
Cooper, London. The Department's advices also state:
All of the above have formerly been dutiable at 10% ad valorem under
the terms of the general tariff, with the exception of spring steel (previously
dutiable at 20% ad valorem under an earlier Treasury order). The present
action represents either modification of or addition to the temporary iron
and steel tariff schedule of 33 1-3% ad valorem now in force.
Effective the same date, mercury, gallnuts, kelp, argot and other crude
tartrates, and unground crude emery were added to the list of goods admitted into the United Kingdom duty free from all sources.
British Tariff Advisory Committee Acts to Reorganize
Nation's Steel Trade—Sets Up Group to Frame
Plans to Aid Industry.
The British Government's Tariff Advisory Committee
has established a national group to formulate proposals for
the reorganization of the Birtish iron and steel industry
under the Chairmanship of Charles Mitchell, Chairman of
Dorman, Long & Co., Ltd. A London cablegram June 4
to the New York "Times" further said:
This committee was formed, according to Sir George May, Government
adviser, for the definite purpose of supplying British users of iron and steel
with material at such prices and quality as to enable them to compete in
the world's markets.
Sir George promised to-day that if the work were not completed within
the three months for which the additional tariff of 33 1-3% operates the
advisory committee would not hesitate to recommend an extension.
The producers must work out their own plans for reorganization, he told
the body of ironmasters to-day, but added that the tariff commission would
not hesitate to criticize the plans if it thought them inadequate to meet the
emergency.
now
The iron and steel industry normally employs 100.000 men, but
roughly half are unemployed.
French Treasury 30-Year Loan.
"Wall Street Journal" of June 10 reports the following
The
from Paris:
-year
,
The French Government has announced the issue of 435% 30
Treasury bonds at 94 in order to finance public works and simultaneously
Treasury. This loan, for which no total
to restore the liquidity of the
is announced, was authorized during the session of the last Parliament,
but the issue was delayed owing to market conditions.
Lack of working funds on the part of the Treasury Is reflected by the
reduction of the Treasury's balance with the Bank of France to 125,000,000
francs, compared with over 2.000,000,000 francs a month ago after the
issue of 3,000,000,000 francs of Treasury bills.
Larger French Credits—Week's Increase in Foreign
Balances Laid to Special Operation.
From Paris a wireless message to the New York "Times"
stated:
Foreign sight credits as reported on Thursday (June 9) by the Bank of
France, covering the position of June 3, increased 939,000,000 francs.
while short-term balances abroad decreased 543,000,000. This left a net
increase for the week in the bank's foreign credit fund of 396.000,000
francs; which may appear surprising, since the bank has not been buying
foreign exchange but has been selling.
The increase, however, was in reality only a temporary movement; it
arose from a special operation with a foreign bank in connection with
gold imports, the traces of which will doubtless disappear in the next
Bank of France return. The bank's gold reserve again rose 700,000,000
francs, and the reserve ratio went from 72.92% to 73.47.
Foreign Credits of France.
From the New York "Times" of June 12 we take the
following:
Reports from Paris that the Bank of France will have concluded the
liquidation of its dollar balances within 10 days conformed with the understanding of financial circles here; that is, that French dollar balances had
been reduced by the end of the week to less than $135,000,000. Under
the circumstances, the lengthy period during which the franc has had
the artificial support in the foreign exchange market of continuing recall
of official balances from abroad appears to be about over. It would not
be surprising to bankers here if the sequel were to be a considerable reaction
of French exchange from its position of complete dominance. As long
ago as last summer it was believed that the French trade position indicated
an outflow of gold from France. The movement was only averted by
the repatriation of Franch balances now being concluded. If, as seems
likely, there is to take place a redistribution of some of France's unwieldly
gold holdings, on top of the redistribution of more than $1,000,000,000 of
this country's holdings, the much-discussed question of the maldistribution
of the world's monetary gold stocks certainly appears to be in the way
of solution.
Paris-Lyons-Mediterranean Railroad Co. to Redeem
$19,752,000 Outstanding 7% Bonds on Sept. 15.
Paris-Lyons-Mediterranean Railroad Co.(Compagnie Des
Chemis De Fer De Paris A Lyon Et A La Mediterranee),
through the Bankers Trust Co., announce that the company
will redeem on Sept. 15 1932 all of the remaining $19,752,000
outstanding 7% external sinking fund gold bonds due
Sept. 15 1958 and issued under an agreement dated Sept.
25 1924.
Volume 134
Financial Chronicle
Payment of the outstanding bonds will be made on the
date mentioned at the office of the fiscal agents, Bankers
Trust Co., New Yo..k, at the principal amount thereof,
together with accrued interest to Sept. 15 1932 and a premium
of 3% on the said principal. From and after Sept. 15 1932
interest will cease to accrue on said bonds. Bonds surrendered for redemption should have attached all coupons
maturing after Sept. 15 1932. The coupons maturing on
Sept. 15 1932 may be detached and collected in the usual
manner.
Dr. Luther Sees Holiday on Germany's Private Debts—
Country May Have to Act If Exports Continue to
Shrink.
Before the Langnamverein, an association of business men
of the Rhineland and Westphalia, Dr. Hans Luther of
Germany, discussed the Reichsbank's policy in a speech in
Berlin on June 11 that was remarkable chiefly for its admission that a foreign debt moratorium might have to be
declared if the German export surplus continued to shrink.
A cablegram from Berlin to the New York "Times" continued:
Heretofore the President of the Reichsbank had always maintained that a
moratorium was out of consideration.
Now that foreign creditors have become accurastomed to this possibility, it will be approved by the whole world and w 11 not provoke reprisals, he added, seeking to justify the Government's policy to postpone
the declaration of a moratorium as long as possible.
A certain modification of his oppostion to economic self
-containment
was seen in his statement that as far as agrarian goods are concerned self
containment to-day is a recognized policy. With respect to other goods
he said the relegation of world trade to the systematic exchange of one
kind of goods for another would only increase Germany's difficulties because
the domestic market, aside from the necessity for the reorganization of
industries, was not large enough to provide work for all the workmen.
Dr. Luther again went on record against credit expansion, referring
to the American experiences as evidence that this was not the way to
stimulate business effectively. He advocated the maintenance of the
gold standard, predicting that the world would not be able to do away
with gold as an international standard of measuring values.
Dr. von Prittwitz, German Ambassador, Offers Economic Remedies—German Envoy Urges Restoring
World Financial Relations and Facilitating Trade
—Sees Crux at Lausanne.
In an address at Chestertown, Md., on June 11, at the
sesquicentennial commencement of Washington College,
Dr. Friedrich W. von Prittwitz und Gaffron, the German
Ambassador, proposed a return to normal international
relations as the first of four remedies for the present economic
breakdown of the world, said a dispatch from Chestertown
to the New York "Times" which likewise stated:
The three other remedies suggested by him were.
The facilitation of international commerce and trade.
The co-ordination of production and normalization of prices.
The reduction of costs of Governments, especially those for armaments.
After asserting that "the statesmanlike initiative of President Hoover
and the agreements concerning private credits reached simultaneously
have saved Germany from an almost complete economic breakdown which
was imminent last summer and would have affected the whole world," Dr.
von Prittwitz took up the German outlook with reference to the world
situation.
Dependence on Lausanne Parley.
He asserted that the actual credit situation in the world had forced
Germany further to shrink her imports, and added:
"Under these circumstinces, the forthcoming conference of Lausanne,
which meets in order teTind a definite settlement of the reparations problem,
is of world-wide importance. On the outcome of this conference will depend to a great extent the success of the world's fight against depression."
Ambassador von Prittwitz then said that while the correction of world
evils depended in large measure upon the "co-ordination oi production,"
and the "normalization of actual price levels," attempts at such co-ordination had been rendered futile by national frontiers.
Hope for Era of Justice and Peace.
Discussing the Geneva disarmament conference as a test case for inter'
national common sense and sincerity," Dr. von Prittwitz said:
"It is with great satisfaction that I see the United States and Germany
In agreement concerningTie principles of peace and justice in the world.
As long as the fear of vi ience and the use of force is not definitely eliminated from our political and economic relations, the progress of humanity
will remain slow and constantly endangered.
"There is no return of yesterday in the history of mankind. If the world
finally emerges from the present convulsion it will not be the same as
before.
"But why could it not be a better one, less egotistical and less antagonistic- This will depend to a large extent upon the attitude of the younger
generation and their spirit.
"In the answer given to the French proposal in favor of a closer European
union, the German Government expressed the belief that any such discussion should be underteken in a spirit of courageous reform and understanding of conditions which are now recognized as untenable."
No Sudden Action Expected on Germany's External
Bonds.
Under the above head the New York "Times" had the
following to say in a Berlin cablegram June 10:
In regard to the discussion concerning possible action on the service of
Germany's foreign bonds, there is no suggestion of one-sided action by
Germnay. In banking quarters, It is thought that, supposing such action
4413
were to be contemplated,Berlin would first seek to arrange with its creditors.
Among the suggestions made is that the amortization on the bonds be
stopped but interest continued. The interest liability on public and
private bonds for 1932 is 398,000.000 marks, the amortization liability
129.000,000.
The Reichsbank's view is that suspension or reduction of the debt service
is not inevitable, because, it home credit were to be sufficiently restricted,
export surpluses may again increase. However this may be. it is considered
that in any case no step is likely to be taken until after the reparation
conference.
Moratorium Gives Hungary a Problem—$8,750,000 Paid
to National Bank for Foreign Creditors Cannot
Be Transferred—Held in Special Account—Accumulation of Funds Might Starve Country of
Currency—Inflation Feared If Money is Reinvested.
From its correspondent at Budapest, June 10, the New
York "Times" reports the following:
The Hungarian National Bank has received and paid into a special
"closed account 50.000.000 pengos [nominally $8,750.0001 owed by State,
provincial and municipal bodies and private individuals to creditors abroad,
but is prohibited from transterring it under Hungary's moratorium.
The National Bank has this money but does not know what to do with
it. Its decision, when it arrives at one, will be of great importance not
only to Hungary but to other Central European countries that are likely to
impose transfer moratoria soon, and to their creditors.
Among these countries are Austria, Bulgaria and Greece, and among
the creditors the Americans bulk large with some $200,000,000. If Germany
should be added, the total amount of foreign money tied up in Central
European transfer moratoria would become immense.
Twenty per cent of Hungary's creditors have thus far accepted payment
in pengos that they have succeeded in realizing through some circuitous
process of trade or have been satisfied to invest in the country.
Loan Proposal Rejected.
What is to be done with the remaining millions of dollars' worth? The
suggestion that it should be lent to the Hungarian Government and used
to buy real estate or purc.hal.e Hungarian bonds abroad has been made.
but it has not been accepted.
If the money is allowed to accumulate in a hermetically sealed account,
it may eventually starve Hungary of currency. If reinvested in the country,
It might cause inflation. Meanwhile it must be kept liquid and its value
constant if the foreign creditor is to be protected.
This question, together with steadily shrinking trade and a monthly
harvest of gold exchange just barely sufficient to meet the coupons on the
League of Nations loan—also exempted from the transfer moratorium—
and the necessary imports are among the problems that perplex Baron
Koranyi. the Finance Minister.
Baron Soranyi recently declared that in order to realize the same
amount of money as a few years ago Hungary would now have to sell
three times the quantity of agriculatural products and thus pay foreign
loans three times over as far as her products were concerned.
"The unsold quantities of our production, which are the chief cause of
Hungary's economic crisis, are comparatively small," he added. Sale
abroad of only 500,000 metric tons of wheat at only $2 to $3 over the
Present extremely low home price would assure profitable wheat-growing.
Creditors at Variance.
"Hungary is always a loyal debtor. Our endeavors are now directed at
the conclusion of standstill agreements. Equal treatment in this respect
is a natural stipulation by our creditors but this can be assured only if
they adopt identical platforms.
"Our endeavors to attain this by negotiation show hopes at present
but no tangible success, because the various groups of creditors of the
different categories of countries are still at variance.
"Until a satisfactory arrangement is reached with them, the Govern
ment must take suitable measures for a period of transition to insure continuity of production, the discontinuance of which would also mean incalculable losses for the creditors. I hope they understand that it is also
to their interest to act, and urgently."
This warning by Hungary's Finance Minister was pointed by an even
more tannhatic statement in Parliament this week.
Funds Received for Payment of July 1 Coupon on Bonds
of Westphalia United Electric Power Corp.
Speyer & Co., as fiscal agents for $19,723,000 Westphalia
United Electric Power Corp. first mortgage 6% gold bonds,
series A, announce that they have received from Germany
the regular remittance for payment of the July 1 1932
coupons of these bonds.
Credit to Gold Discount Bank, Affiliate of German
Reichsbank, Renewed-6% Payment Reduces
Total to $45,000,000.
The renewal for one year, subject to a reduction in principal amount from $50,000,000 to $45,000,000 of the credit
to the Gold Discount Bank, an affiliate of the Reichsbank,
which was announced in Berlin, was confirmed in New York
on June 13 by the International Acceptance Bank, Inc.,
which headed the group of American banks extending the
credit. The credit will fall due on July 1, but the repayment of 10%, it was stated, would be made June 14. The
New York "Times" of June 15, from which the foregoing
is taken, added:
The terms of the renewal are similar to those governing the old credit.
which provided that a rate of interest equal to 1% above the rediscount
rate of the Federal Reserve Bank of New York, but in no case less than 5%,
was to be charged. The repayment of 10% corresponds to the reduction
made on March 4 of the central banking credit to the Reichsbank and the
repayment made on March 1 on standstill credits in connection with the
renewal of the standstill agreement. The repayment, it is understood.
Consists in part of a reduction of the unused portion of the credit line rather
than a cash disbursement.
Financial Chronicle
4414
The credit was originally arranged several years ago by the late Paul M.
Warburg, but was never used until July of last year, when the German
crisis became acute. The Gold Discount Bank has undertaken, under
the terms of the standstill agreement, to guarantee a part of the acceptance
credits covered by the agreement.
Rumania's Foreign Exchange Regulations.
George Boncesco, Financial Counsellor of the Rumanian
Legation at Washington, made available on June 16 the
following regulations on foreign exchange in Rumania:
1. The exportation of Rumanian currency and foreign exchange is
allowed only on special authority from the National Bank of Rumania.
2. Prohibition ofimportation of foreign exchange into Rumania, provided
by decision of the Council of Ministers No. 557 of May 11 1932, is hereby
rescinded, the importation being free from any restrictions.
3. The National Bank of Rumania has the exclusive right to handle all
transactions in foreign exchange.
4. The National Bank has the right to buy checks, drafts, credits in
•
foreign currencies and foreign exchange, which, by virtue of these regulations can be negotiated only through its intermediary. The checks, drafts
and credits in foreign currencies and foreign exchange not acceptable to
the National Bank can be negotiated on the Stock Exchange by special
authority from the National Bank.
5. The National Bank of Rumania can sell foreign exchange for payment
of: Goods imported into Rumania, foreign deposits, settlement of matured
foreign credit and for any other payments warranted by trade necessities
and supported by documentary proofs.
• 6. All checks, drafts and credits in foreign currencies and foreign exchange of any kind obtained in payment for goods exported from Rumania
must be handed over to the National Bank which will pay to the interested
parties the equivalent in lie at the current rate of exchange in Rumania.
7. Foreign depositors in Rumanian banks will continue to dispose freely
of their deposits in lei or foreign exchange.
8. Money orders for all countries, with the exception of Austria and
Hungary, can be drawn without any restrictions up to the equivalent of
lei 10.000; and for England and non-European countries whose foreign
exchange transactions are carried out through the intermediary of,England,
up to lei 17,000. For larger sums the authorization of the National Bank
is necessary.
Prevous items bearing on Rumania's foreign exchange
restrictions appeared in these columns May 21, page 3734,
and May 28, page 3902.
Sr
Greece
•
Repudiates Rumor of Demanding Suspension
War Debts by United States.
of
The following from Athens, June 16, is from the New
York "Times":
It was reported to-day that the Greek Government had instructed its
Minister at Washington to inform the United States Government that,
regardless of the results of the Lausanne conference, Greece would have to
suspend payment of its war debts to the United States, but this was denied
in an official statement to-night.
The newspaper "Messager d'Athenes" says that if the new moratorium
predicted yesterday in the London "Daily Telegraph" did not extend to
Greece, the Greek Government would be forced to ask Washington for a
moratorium of thirty months. It adds, however, that nothing will be done
before the end of the Lausanne conference.
Bulgaria to Remit Only Half the Amount Required
for Interest Payments on Two Loans for Period
from April to September 1932.
On June 17 the following announcement was issued by
Speyer & Co.:
The trustees of the Bulgarian 7% Stabilization Loan of 1928 and 7%
Settlement Loan of 1926 are to-day publishing a notice here and in London
that for the period from April to September 1932, the Bulgarian Government intends to remit only one-half of the amount required for the payment
of interest and sinking fund of the two loans and that the remaining onehalf is to be paid in Leva to the National Bank of Bulgaria and temporarily used, subject to the consent of the Commissioner of the League of
Nations, for the liquidation of budget arrears.
The trustees have called the attention of the Secretary-General of the
League of Nations to the serious nature of the default,and have protested to
the Bulgarian Government against these infractions of the loan agreements.
They further announce that the Bulgarian Government has requested the
trustees to notify the bondholders of the loans to form a committee to
negotiate in regard to the future service of the loans.
$4,500,000 of the 7% bonds and $9,000,000 of the 714% bonds were
offered in this country by a group composed of Speyer & Co., J. Henry
Schroder Banking Corp. and Bancamerica-Blair Corp. Rederring to the
trustees' notice, these bankers have been carefully watching developments
and intend to continue to do so and also to take every action possible in the
interest of the bondholders in co-operation with the trustees, who,it appears
from the advertisement, have energetically protested to the Bulgarian
Government, and are endeavoring to obtain compliance by the Government
with its obligations under the loan agreements.
Under these circumstances, the bankers believe it unnecessary at the
present time to form a bondholders' committee.
Speyer & Co. and J. Henry Schroder Banking Corp., as fiscal agents,
announce that the funds are in hand to pay the July 1 1932, coupons of the
Kingdom of Bulgaria 7% Settlement Loan of 1926 when due.
In the New York "Times" of June 17 it was noted:
The Bulgarian 7s closed yesterday on the Stock Exchange at 20 and the
-point higher for the day. These have sold this
7;is at 22%, both a half
year as low as 10 and 14%,respectively.
Decrees Cuts in Private Salaries When They
Dissipate Income of Business.
In an effort to aid business and labor, as well as to insure
the payment of taxes, the Polish Government has undertaken to provide that incomes of private business shall not
be dissipated through the payment of salaries that are
Poland
June 18 1932
considered too high. A Warsaw message June 12 to the
New York "Times" went on to say:
Under a decree issued by the President it is provided that the salaries
of executives of private enterprises in industry, commerce, banking and
insurance should be in proportion to the paying capacity of the enterprises
as well as the earning power of the employes and the state of the employment market.
Where salaries exceed 3,000 zlotys ($350) monthly, reductions may be
demanded by members ot the board of directors of a company or by the
officials of the income tax department. in case taxes are in arrears, or
by the Ministry of Labor, when there are arrears in the payrolls.
If any company should refuse to heed a demand for such reductions
the matter may be taken to the courts and they are empowered to fix
salaries in accordance with the business situation. Contracts which might
conflict with such readjustments would be invalidated.
It is explained on behalf ot the Government that the decree was made
necessary by the fact that excessive executive salaries were draining various
enterprises of their capital at a time when the pay of minor officials and
the wages of workers were falling, unemployment was growing and taxes
and social insurance contributions were not paid.
Incidentally the decree will make many Influential business leaders
largely dependent on the Government departments for their standard of
living, because officials will be in a position to demand reductions in their
salaries.
First Turkish Branch Bank to Open in Germany—
Expected to Facilitate Trade Between Germany
and Near East.
An announcement as follows was issued June 6 by the
Department of Commerce at Washington.
For the first time in history, a Turkish branch bank will open in Germany some time this month, according to a report from Consul John H.
Bruins, Hamburg, made public by the Commerce Department. The bank
Is to be opened in Hamburg, where it is expected to assist in developing
German exports to the Near East, the report stated.
Germany lathe second best customer for Turkish commodities and Turkey
requires the products of German industry in the modern sugar refinieries.
it Is pointed out. The existence of the bank is expected to aid materially
in commerce between Germany and Turkey.
The institution is the Ish Bank of Istanbul. (Constantinople) considered
one of the important industrial banks of Turkey. The branch will be
under the direction of Sadullah Bey, former owner of the Riza Frucht
Co. of Hamburg.
Poland's
Gold
Basis
Declared
Secure—Vice-Premier
is Determined to
Hold to Standard.
The Poiish Government is determined to adhere to the
gold standard and maintain the zloty's internal and external
value at the present rate of 1.72 zlotys to the gold franc,
according to Vice-Premier Zawadski who spoke on June 2 at
the monthly meeting of the Government party. Warsaw
advices June 2 to the New York "Times" further reported:
Zawadski Asserts Government
"Poland is one of the few European countries without any foreign
exchange restrictions," he said. "All efforts have been made to balance the
budget. The Government has never turned to the Bank of Poland's safe
to cover a budget deficit, and the zloty is safe as far as new emission for
budget purposes is concerned.
"The Government is well aware the zloty will remain strong if the budget
Is balanced, and the Bank of Poland's note circulation will be based on
strong gold reserves."
Professor Zawadski's optimism appears justified by a recent Bank of
Poland statement showing gold reserves of nearly $60,000,000 and a total
note circulation of $135,000,000. The bank has increased its gold holdings
through a considerable exchange of dollar notes which the public offered
at 8.85 zlotys to the dollar instead of the normal 8.90.
A few weeks ago it was rumored Poland might ask a debt moratorium,
which, however, was categorically denied by the Government. Poland is
able to meet all foreign obligations and postponements are entirely out of
the question, it is understood in well-informed circles.
Dollar Notes Rise in Poland—Speculators Make Rich
Gains.
A cablegram as follows from Warsaw, May 27 is taken from
the New York "Times":
After the slump in American dollars following the news of the adoption of
the Goldsborough bill by the United States House of Representatives,
dollars again were in great demand here to-day and they rose several points.
In the last few days large quantities of dollars have been exported to
Paris, where they are exchanged at their face value for gold. A single trip
by a speculator with $100,000 worth of notes hjs yielded a handsome profit
of $2,000 to $3,000.
The Bank of Poland readily buys dollar notes and exchanges them for
gold. The bank has increased its gold holdings by $1,500,000 in the last
decade.
Associated Press advices from Warsaw, May 27, said:
As a result of alarmist newspaper stories concerning America's currency,
more than $150,000 in greenbacks are being changed daily into American
gold coin at a premium of two cents on the dollar. A grout) of exchange
operators is traveling between Warsaw and Paris, where gold Is obtained
at Par.
Bank of Poland Suspends Dollar Sales.
The Bank of Poland has suspended the sales of dollar
currency, according to a report to the Commerce Department
from Commercial Attache Clayton Lane, Warsaw. The
Department's announcement June 6 likewise said:
It will continue to purchase all amounts offered, however, and will send
them to New York for conversion into gold, it was stated. The foreign
currency reserve of the Bank is practically limited to French francs. There
is no limitation on the sale of dollar drafts.
Volume 134
Financial Chronicle
New
York Stock Exchange.
The following notice was issued by Ashbel Green,Secretary
of the New York Stock Exchange, on June 13:
Bonds of State of San Paulo Dealt in "Flat" on
Notice having been received that payment of $32 per $1,000 bond will
be made on July 1 1932, on account of the interest then due on State of
San Paulo 25-yr. 8% secured sinking fund gold bonds, external loan of
1925. due 1950.
The Committee on Securities rules that beginning Tuesday,June 14 1932,
and until further notice the said bonds shall be dealt in "flat";that the bonds
be quoted ex-interest $32 per $1,000 bond on Friday, July 1 1932. and to be
a delivery after that date must carry the July 1 1932, coupon stamped as
to payment of $32 per $1,000 bond,and subsequent coupons. Such coupons
must be securely attached and bear the same serial number as the bond.
New Institution • in Brazil, "Banking Mobilization
House," to Operate Under Supervision of Bank
of Brazil.
Associated Press advices from Rio de Janeiro (Brazil),
June 11 said:
President Getulio Vargas to-day created a banking institution to be
known as the "Banking Mobilization House," whose function will be to
assist in improving credit conditions. It will operate under the supervision of the Bank of Brazil.
President of Brazil Signs Decree Establishing Fund
of 833,500,000 for Modernization of Navy in Next
Twelve Years.
Associated Press accounts June 11 from Rio de Janeiro
said:
Brazil's "Navy Day" was celebrated to-day by the signing of a Presidential decree establishing a $33,500,000 fund for the modernization of the
navy within the next 12 years.
The decree was signed by President Getulio Vargas on a platform in
the naval shipyards, where he was surrounded by Admirals and members
of his Cabinet.
rho decree provides for the building of 24 or 25 ships, including two
cruisers, eight or nine torpedo boats, six or seven submarines and six
tankers, as well as the reconstruction of arsenals and naval bases. The
tonnage to be built is estimated at 35,000. The average age of the present
fleet is 20 years.
Creation in Chile of State Monopoly in Importation of
Oil.
The Department of Commerce on May 19 stated:
Importation and distribution of petroleum and petroleum products will
be handled under a Chilean State monopoly, according to a law signed
May 17, by the Executive. states a cable to the Commerce Department
yesterday from Commercial Attache Carl Ackerman, Santiago.
The monopoly will permit, the law states, participation of 25% foreign
capital and 10% foreign labor. The law also provides for the expropriation
of existing private installations.
The two companies doing about 90% of the business in Chile are the West
Indian Oil Co., of New York and the Royal Dutch Shell group. The two
companies represent a combined capital of $15,000,000.
An item on the New Chilean law authorizing a State
gasoline monopay appeared in our issue of May 21, p. 3720.
Barco Oil Concessions in Colombia Now Undisputed
Property of South American Gulf Oil Co.—Last
Obstacles to Title Removed by Court.
The Barco oil concession in Colombia is now the undisputed property of the South American Gulf Oil Co., subsidiary of the Gulf Oil Corporation and the last remaining
obstacle in the wo,p of revalidating the grant has been removed, it was learned here on May 25, said the New York
"Journal of Commerce" of May 26, from which we also
quote as follows:
Final approval of the concession from the Gulf unit rested with the settlement by the company with certain minority interest and the withdrawal
of all litigation pending before the Supreme Court of that country not later
than yesterday. The last suit was dismissed on Monday of this week and
the long controversy is now a closed episode.
According to a bill passed June 1931 by the Colombian House of Repre-year contract of the corporation for the developsentatives approving a 50
ment of the National oil lands In the Catabumo district, minority claims
be dismissed within nine months or the grant would be void.
had to
The question has been under discussion for nearly five years. The
legislative measure of 1931 was the result of the cancellation by the Colombian Government of the Barco concession in 1926 on the ground that the
terms had not been fulfilled. The new bill failed to acknowledge that the
cancellation of the old contract was unjustified.
Under the terms of the agreement the Gulf company must drill wells
until it is evidenced that the oil does not exist in commercial quantities or
until a total daily minimum production of 3,000 tons is reached. At
least 125,000 acres must be exploited during the first five years and the
total area to be exploited must be increased to 500,000 acres during the
second five years.
Further terms provide that if minimum production is obtained the company is required to construct a pipe line within Colombian territory to a
Point on the Atlantic Coast and if production reaches 4,000 tons a refinery
must be built in Colombia.
The concessionaire is obligated to pay the Government of Colombia $25.States currency annually until the Government's royalty on oil
000 in United
produced amounts to or exceeds 10% of gross output in the field or 8%
fit maritime ports when cash payments will cease. Properties of the company will belong to the Colombian Government upon expiration of the
concession.
From the New York "Times" we quote the following from
Bogota (Colombia), May 20:
4415
The Gulf Oil Company's concession in the Catatumbo fields was saved
yesterday when plaintiffs presented in the Supreme Court motions to
quash all pending suits filed in 1928 and 1929 by the Gulf company and the
minority royalty interests for reinstatement of the Barco concession, which
was declared forfeited in 1926.
The Government's attorney also moved to quash the Nation's countersuits. Filing of these motions prevents lapsing of the Gulf company's
-year Catatumbo concession on the 25th.
new 50
Cuban Senate Ratifies Commercial Agreement with
Portugal.
Special correspondence as follows from Havana June 6
was published in the New York "Times" of June 12:
A commercial treaty covering the exchange of wines and liquors produced by Portugal and tobacco from Cuba has been ratified by the Cuban
Senate. The treaty is for one year from the date it becomes effective
and may be extended for similar periods at the option of both countries.
Portugal is granted the minimum tariff conceded to a most favored
nation, with the exception of the reciprocity treaty existing between the
United States and Cuba, and protection is given to exporters against the
sale in Cuba of wines oearing similar names to those for which Portugal is
famous.
Cuba gets protection in regard to cigars, tobacco and cigarettes.
Cuba's
Budget Fixed—Estimate Set at $50,400,000
New Taxes Are Contemplated.
and
Cuba's 1932-33 budget, effective on July 1, was fixed
on June 13 at $50,400,000 at a special Cabinet meeting,
which unanimously decided to refrain from further reduction
and to create new taxes to bring the revenue up to that
figure in the coming fiscal year. A cablegram from Havana
June 13 to the New York "Times" further reports:
It is estimated that in view of the present $9,000,000 deficit in the 193132 budget these taxes must produce about $10,000,000.
Certificates of indebtedness will not be issued by the Government in
Payment of salaries due to public employees for May and June. but an
effort will be made to pay them in cash, the Cabinet decided. The proPosed $10 tax on each foreigner residing In Cuba was discarded.
The budget will go immediately to Congress, with a Presidential message recommending new taxes.
Earlier advices to the same paper from Havana June
stated:
9
While the National budget for 1932-33, which must go into effect July 1.
will not be definitely fixed until June 13,it was learned to-day after a Cabinet
meeting that the total will be about $50,000,000, a reduction of $10,000.000
compared with the 1931-32 budget.
It was found necessary last October to reduce the 1931-32 budget 25%.
but despite the reduction the fiscal year will close with a deficit of $9,000.000„ which must be considered in acing the next budget.
President Machado and Congress are opposed to a further cut In public
employees' salaries and believe easily collected taxes should be imposed
to increase revenue. Several taxes have been suggested, among them a levy
on sugar consumed locally, a tax on the salaries of employees of the Government and of private enterprises and a $10 tax on each foreigner's identification card. It is estimated there are 500,000 foreigners on the island, but
thousands of these are laborers who are virtually penniless.
The interior floating indebtedness of the Republic. which is steadily
Increasing, Is estimated to be more than $50,000,000. The Government
must pay June 30 a total of $11,600,000 on foreign obligations, $8,000,000
of which is due on public works bonds held by the Chase National Bank
and the rest covers the interest and amortization on the Morgan and
Speyer loans.
Just how these are to be met is not quite clear because officials frankly
admit the full amount is not available. However, it is reported the
Chase National Bank has agreed to lend Cuba another $2,000.000 to
apply on these payments.
Cuban Government Will Pay All.
Havana advices June 11 to the "Wall Street Journal"
stated that the Secretary of State has declared that the
Cuban Government intends to pay its external obligations
to the last penny.
at New South Wales Election of Labor Party
Headed by Former Premier Lang—Premier Stevens
Regards Election of His Party as Pledge to Meet
Defeat
Debts.
In Sydney Associated Press accounts June 12 it was
stated that the voters of New South Wales recorded one of
the most important political decisions in the history of
their State by repudiating th,e Labor Party headed by
J. T. Lang, former Premier, in the election on June 11.
Unofficial returns showed the United Australia Party,
headed by Premier B. S. B. Stevens, had a majority of 42,
said the press advices, which further reported:
"The people," said Mr. Stevens,"have shown beyond a doubt that they
will not tolerate repudiation of public debts nor sacrifice their free democracy
for any form of Communist dictatorship. The vote is also an expression of
loyalty to the throne and to empire unity."
Tabulation of the vote showed 66 seats in the legislative assembly for
the United Australia party and 24 for the Labor party. At dissolution the
standing was: Labor, 55; United Australia, 23: Country party, 12.
Mr. Lang was ousted from the Premiership about a month ago, when a
controversy was raging between the Premier and the Commonwealth
Government. Governor Sir Philip Game then called on Mr. Stevens to
form a Cabinet.
For weeks before his dismissal Mr. Lang had blocked attempts by the
Commonwealth to obtain from New South Wales funds with which to pay
interest on obligations of the State Government which had been sold abroad.
Under the Premiership of Mr. Lang the Government had defaulted. and
Financial Chronicle
4416
Interest payments had been kept up by the Commonwealth to protect
Australia's credit.
Although his party lost heavily, Mr. Lang was returned from Auburn.
Five Members of his former Cabinet were defeated.
Items regarding the removal of Premier Lang and the
swearing in of B. S. B. Stevens as his successor appeared
in these columns May 14, page 3565,and May 21, page 3738.
On June 12 Canadian Press advices from Sydney stated:
Prime Minister Joseph Lyons, head of the Commonwealth United Australia party, expressed himself delighted at the overthrow of the Socialist
majority in the New South Wales elections yesterday.
"The people of New South Wales must be congratulated on the magnificent victory of the United Australian party, which is a complete vindication of the Commonwealth's policy," he said.
The Prime Minster assisted Premier Stevens of New South Wales throughout the campaign.
"I would ask the people of other countries," declared Premier Stevens of
New South Wales,"to remember that this is the first opportunity the people
have had to voice an opinion at the bsllot box on the Lang Government's
acts ofrepudiation,which were committed without the electorate's authority.
"Yesterday's verdict will vindicate the honor of New South Wales in the
eyes of the world. It will also be an instruction to future governments that
financial obligations must be met and only honest and progressive administration will enable this to be done and be acceptable to the people."
In characteristic fashion Mr. Lang attributed his defeat to a policy of
suppresssion by the New South Wales metropolitan press which, he said,
"succeeded in misleading the public," In the Opposition Labor would
continue the policies the party had adopted, he declared.
Labor Party Sweeps Queensland, Australia.
The following from Brisbane, Australia, June 12(Canadian
Press) is from the New York "Times":
The Labor party beaded by William Forgan Smith won 75% of the seats
In the Legislature, an unofficial compilation of returns from yesterday's
Queensland election showed to-day.
The swing of popular sentiment in industrial areas toward the Labor
party caused the defeat of the Nationalist Government. The Nationalists
retained all their country seats but were able to hold only six in the cities.
Mr. Smith, in a declaration of policy, said the new government was not
prepared to support any policy which would mean reduction of the standard
of living to that existing 25 years ago. This, presumably, was a reference
to the Nationalists' program of economy.
All Ministers in the Nationalist Government, except Attorney General
N. F. Macroarty, retained their seats.
At dissolution the standing of the parties was: Nationalists and country
Progressives, 41; Country party, 3; Labor, 26; Independents, 2. The
number of seats in the Legislature was cut from 72 to 62 by a new redistribution bill.
Defeat of Lang
Government.
The following is from the "Wall Street Journal" of June 13:
Australian
Bonds Gain with
Bonds of New South Wales and Australian city issues responded vigorously to news of the overwhelming defeat of the Lang government in the
New South Wales elections by rising from one to 4 points in active trading.
Sydney 5s and Brisbane 5s jumped 2% and 4, respectively, while gains
of more than a point each were recorded by New South Wales 5s 1958. and
5s 1957. Metropolitan Water, Sewer and Drainage Board 5s gained
more than 2 points. Australian Government issues were firm to fractionally
higher.
Japan Will Call Diet to Aid Needy Farmers----Session
Not Expected Before Fall—Government Rejects
Money Revaluation.
Under date of June 11 a Tokio message to the New York
"Times" stated:
The Cabinet accepted to-day the proposal of the Selyukai (majority
party) that a special session of the Diet be called to pass measures for the
relief of the farmers. It is not expected, however,that the call will be issued
before September.
While rejecting a recommendation of the Seiyukai that the currency be
-burdened rural population, the Government
devalorized to aid the debt
accepted its suggestions that means of adjusting their debts must be found
and that new public works be started and efforts be made to maintain the
prices of farm commodities.
The President of the Seiyukai was asked to have the terms of the party's
resolution on devalorization altered.
The Seiyukai leaders themselves were divided on the question when they
considered it last night. Several former Ministers supported devaluation
question,
with considerable obstinacy, causing fear of a party split over the
with undesirable consequences to the Cabinet. The attitude of the Cabinet
Kore-klyo Takahashi,
Is strongly supported by the Minister of Finance,
who is also a Seiyukai leader.
Associated Press accounts from Tokio reported:
The House of Representatives passed unanimously to-day a resolution
urging the Government to call another extraordinary session of the Diet as
soon as possible to pass farm relief measures.
Japan's farmers are her most distressed class and the proposed relief
measures include both ordinary legislation and appropriations. The resolution was sponsored by both the Seiyukal and Minseito parties.
Japanese Farmers Propose Moratorium on Debts.
Agricultural societies have placed before the Diet a pro-year moratorium on their debts, the principal
posal for a 3
and interest to be met by Government loans, to which the
hypothec bank is sympathetic, according to a cablegram to
the Commerce Department from Commercial Attache
Hafleck A. Butts, Tokio. A sympathetic devaluation of the
yen has been suggested by high members of the Seiyukai
party, according to the announcement issued by the Department on June 11, which also states:
June 18 1932
There is little possibility at this time, however,the cable stated, that such
action would be successful. The proposed tariff increases were passed by
the House.
Domestic bond issues have reached a total of 500.000,000 yen. The discount rate of the Bank of Japan has again been reduced .73%. Commercial
bills now 5.11%. The Industrial Bank debentures issued are now yielding
8.22%.
Goods in warehouses increased 37,000,000 yen over April's stocks.
(Yen valued at about 32 cents, United States on June 9.)
Would Allow Hiding Japan Bond Losses—Bill in
Diet Would Remove Necessity of Reducing Book
Values on Public Issues.
The "Wall Street Journal" of June 11 carried the following
item from Tokio:
Finance Ministry officials have sponsored a bill calling for "better treatment for public bonds." The salient feature of the measure appears to be
that commercial firms and banks which have Government bonds in their
portfolios would not be obliged to write down their inventories if these bonds
depreciated in value. They accordingly would be able to hide losses and
to declare dividends as if these losses had not been incurred. The present
law provides that all securities must be appraised at current values.
The proposed act would allow new bonds (issued after the first of the
current year) to be appraised at issue prices even when they are selling for
less. Bonds issued before 1932 might be carried at the prices ruling on Dec.
31 1931. Any bonds bought above the issue price might be carried at
purchase price. If bonds should rise in value there would be no income or
capital profits tax on capital appreciation. Government bonds might be
delivered in payment of inheritance taxes.
Despite the assassination of Premier Tsuyoshi Inukai on May 15, practically every measure sponsored by his Cabinet will be placed before the
Imperial Diet.
The Diet convened on May 23 and adjourned pending complete organization of the new Government. Most of the bills before the lawmakers were
prepared by permanent officials in the various ministries and, while designed
to accord with enunciated official policies and with conditions, need undergo
no marked change simply because the leaders of the regime have changed.
Japan's Foreign Lands Valued at $120,000,000.
Forest and wild lands of Japan were valued at about
$120,000,000 for 1930, according to the recently issued
statistical abstract of the Ministry of Agriculture and Forestry, which contains data on arable land resources and the
food-producing capacity of Japan. As to this the Department of Commerce at Washington on June? also said:
During 1930 the aggregate area of forests and wild lands was 56,890,000
acres, or about 88,000 square miles, of which 86% consisted of forested
tracts and 14% bare tracts. Forests and wild lands occupy about 66% of
Japan's total land area.
The area of protection forests amounted to 5,085,000 acres which was
an increase of 0.6% over the area in 1929. Encouragement on the part of
the Government, local authorities, and other public bodies appears to have
produced results, as the increase is attributed chiefly to this impetus.
During 1930, 250,090 acres of land were afforested; 334,900,000 trees
being planted, over one-third being cedar, over one-sixth cypress and over
one-sixth pine. of Japanese sorts. 879,689 acres of land were cleared and
the total value of production was approximately $60,000,000, of which
57.9% represented lumber, 39.4% fuel wood, or construction wood, and
2.7% bamboo.
Miscellaneous products and non-timber crops from forest lands were
valued at nearly $48,000,000. the most important products being charcoal,
coal, green grasses, mushrooms, bamboo sprouts, and wasabl.
During the last 10 years forest products have tended to decrease, in spite
of the area of land cleared. Since the Great War, and particularly since
the earthquake of 1925, Japan has changed from a lumber-exporting to a
lumber-importing country. Douglas fir from the United States is the
leading import.
Resolution Adopted by Senate Authorizes Distribution
by Red Cross of 40,000,000 Buskels of Government-of Cotton—EstiOwned Wheat and 500,000 Bale'.
mate of Cash Wheat on Hand.
Authority for the distribution of 40,000,000 bushels of
government-owned wheat and 500,000 bales of governmentowned cotton by the American National Red Cross and other
organizations is contained in a resolution (H. J. Res. 418)
adopted by the House, June 16. The measure, approved by
the House without a record vote, now goes to the Senate.
From the "United States Daily" of June 17 we also quote
as follows:
A committee amendment which also was agreed to before the measure was
adopted would permit the use of some of the wheat for feed for livestock in
the 1932 crop failure areas. The wheat and cotton could be exchanged for
various other commodities, under another amendment adopted.
"It 113 provided that no part of the expenses incident to the distribution of
such wheat or cotton shall be borne by the United States or the Federal
Farm Board," sponsors of the bill said.
If bills pending in Congress to provide about 50,000,000 bushels additional
of wheat for free distribution to the needy are enacted, the Federal Farm
Board and the Grain Stabilization Corporation will be practically "out of
.
the picture' as far as the wheat stocks situation is concerned, James 0.
Stone, Chairman of the Farm Board, stated orally June 16.
Such action. Mr. Stone said, would leave the Stabilization Corporation
with only about 30.000.000 bushels of cash wheat on hand. This would
represent, he stated, a reduction of stocks from about 257,000,000 bushels
a year ago. During this period sales have been handled in such a way that
wheat prices in the United States have ranged consistently from 6 to 18
cents a bushel above world price level.
Ile gave the following additional information.
The wheat situation in the United States has shown material Improvement
statistically, largely because of prospects for a small crop, of some 650,000.much, if
000 to 675,000,000 bushels. The carry-over, July 1, wlll not be
any,larger than a year ago, and it may be smaller.
Volume 134
Financial Chronicle
Last year's carry-over was about 319,000,000 bushels. The latest figures
on supplies, issued recently by the Department of Agriculture, showed
about 340,000,000 bushels, which may be reduced somewhat before July.
The Red Cross has asked for 30,000.000 of the 40,000,000 bushels of
wheat previously set aside by Congress for relief purposes. The measures
pending in Congress provide for reimbursement of the Board's revolving
fund for the wheat taken from the Stabilization Corporation.
There is a possibility of further sales of stabilization wheat to foreign
governments if credit is provided, although there are no definite offers in
the Board's hands. Comment received on the effect of the sale of wheat to
China some time ago by the Stabilization Corporation indicates that the
Chinese liked the grain and many transferred their preference from rice to
wheat. A possible new market thus may have been provided.
4417
The variation in rates at this time is largely accounted for by the fact
that some of the banks had more or less money on hand from previous sales
of debentures bearing a much higher rate of interest.
The Federal Intermediate Credit Banks make two types of loan.
1. Loans to farmers' co-operative marketing associations, based upon
their notes, backed by warehouse receipts representing staple agricultural
products stored in acceptable, bonded warehouses and
2. Loans to or discounts for local lending institutions such as agricultural
credit corporations, livestock loan companies or banks which have made
loans to farmers for production purposes or the feeding, breeding or raising
of livestock.
Last year the 12 banks did more than a quarter of a billion dollars' worth
of business which was divided approximately evenly between the cooperatives and the financing institutions. Business is transacted directly
with the farmers' co-operative marketing organizations but the other
agricultural and production loans or discounts are always handled through
financing institutions.
Announcement that $100,000,000 of Bonds of New
York State Savings & Loan Bank Will Be Sold
A previous item with reference to the reduction in interest
This Year in Behalf of Home Seekers.
rates by the Intermediate Credit Banks appeared in our
Charles O'Connor Hennessy, Chairman of the Executive
Committee of the Savings & Loan Bank of the State of New ssue of May 28, page 3905.
York, revealed to the convention of the New York State
Bankers' Association at Rye, N. Y., on June 15 that the Notice Issued by New York Stock Exchange That
Commissions Must Be Charged on All Dealings.
committee of bankers and industrialists headed by Owen
D. Young had arranged, through leading New York banks,
A notice, as follows, was issued June 10 by the New York
an underwriting agreement by which $10,000,000 of the Stock Exchange:
Savings & Loan Bank bonds will be purchased during the
NEW YORK STOCK EXCHANGE,
Committee on Quotations and Commissions.
year. A dispatch from Rye to the New York "Times,"
June 10 1932.
from which we quote, also stated:
To the Members of the Exchange:
Mr. Hennessy explained that the proceeds would be!advanced to savings
and loan associations to help home owners seeking new mortgage loans and
eager to improve their property, and to those who were called upon to refinance mortgage debts due. He pointed out that the market for bonds
of the Savings & Loan Bank had never fallen below par.
Commissions must be charged on purchases and sales of securities dealt
in upon the Exchange under ail circumstances. This includes orders
executed for other members during their temporary or other absence from
the Crowd.
ASHBEL GREEN, Secretary.
Banks Put Flat 1% Charge on Circular Letters of
Credit—Recommended by Informal Committee on
Foreign Banking.
The New York "Journal of Commerce" of June 11 said:
The commission rates on orders executed by members for other members
is understood to average about $3 per hundred shares and applies to business
done by the so-called "two-dollar brokers" for other members, as well as to
executions by members of firms for other members.
Leading banks have established a uniform charge of 1%
for circular letters of credit, of which 1-10th of 1% is payable
in advance and is retained by the issuing bank, whether or
not the letter of credit is drawn against. Noting this the
New York "Times" of June 14 added:
The rates, which became effective on June 1, were recommended by the
Informal Committee on Foreign Banking consisting of representatives of
the principal New York banks and banking houses, as well as of out-oftown institutions.
Hitherto the rates charged for opening travelers letters of credit have
varied among the banks between Bi of 1% and 1%. The 1-10 of 1%
initial charge is to recompense the banks for their services in opening the
credits in cases where they are not drawn against, but are later turned in
unused. The rate of 1% on circular letters of credit compares with fees
of 3.,5 to % of 1% for travelers' checks.
New York Stock Exchange Widens Regulations Governing Changes in Collateral Underlying Mortgage
or Indenture Bonds.
The New York Stock Exchange has increased its regulations governing changes in collateral underlying mortgage
or trust indenture bonds listed on the Exchange, it was noted
in the New York "Times" of June 10, in which it was stated:
Listed applications of the Pure Oil Co. and the St. Louis Southwestern
Railway Co., which were approved by the Exchange Wednesday [June 8],
contained a new clause under which the companies agree:
"To notify the Stock Exchange immediately of any change or removal
of collateral deposited under any .of its mortgage or trust indentures under
which listed securiti# are outstanding."
The new regulation is the second change to be made since the collapse
'of the Kreuger companies revealed a long delay in notifying the Exchange
of substitutions of collateral underlying Kreuger & Toll debentures.
The first change required companies to notify the Exchange immediately
of any revisions in the collateral. The companies were required, however,
merely to announce changes "of a substantial extent" in the collateral.
Under the latest ruling the words "of a substantial extent" have been
stricken from this clause of the listing agreements. Henceforth any
change must be reported at once to the Exchange officials.
Lower Rate of Interest on Loans Announced by 11
Federal Intermediate Credit Banks.
A lower rate of interest on all new loans to financing institutions and farmers' co-operative marketing organizations
was announced June 15 by 11 of the 12 Federal Intermediate
Credit Banks, due to the low rates of interest borne by their
last sale of debentures, aggragating about $30,000,000. The
debenture rate is attributed to the lower interest rates in the
money markets and the fact that the passage of the NorbeckStenall bill by Congress made the debentures of thsee banks
eligible collateral for loans from Federal Reserve banks.
The announcement in behalf of the Intermediate Credit
Banks says:
The banks located at Springfield, Mass.; Baltimore, Louisville, New
Orleans, St. Louis and Wichita will reduce their rates on June 15 from
4M to 335%•
%•
St. Paul. from 5 to
Spokane, Omaha and Berkeley, Calif., from 4% to 4%.
Houston from 4 to 3.% %•
6
,
The Colombia bank rate will remain at 43 %.
The branch bank at l'orto Rico will reduce its rate from 5% to 4%.
Removal of
National Industries Shares, Series B (1946),
from List of Investment Trusts Approved by New
York Stock Exchange—Trust Is in Process of
Liquidation.
Under date of June 9 the following notice was issued by
the New York Stock Exchange:
Acting under Section 2 of Chapter XIV of the rules adopted by the
Governing Committee pursuant to the Constitution, the Committee on
Stock List has determined that National Industries shares, series B (1946),
an investment trust of the fixed or restricted management type is removed
from the list of investment trusts of the fixed or restricted management
type found unobjectionable as to membership association, as this trust is in
the process of dissolution.
References to the fixed trusts approved by the Stock
Exciliange have appeared from time to time in these columns;
the last item was given in our issue of March 26, page 2251.
Change in Trading Hours of Cincinnati Stock
Exchange.
According to the Cincinnati "Enquirer" of June 4, the
Board of Trustees of the Cincinnati Stock Exchange adopted
a section of by-laws changing the hours of trading, effective
Monday, June 6. The section reads as follows:
"Except as otherwise ordered by the Board of Trustees, the hours of
trading in all locally listed stocks, with the exception of stocks jointly
listed on the New York Stock Exchange and the Cincinnati Stock Exchange,
shall be from 10 a. in. to 11 a. m. and from 1 p. m. to 2 p. m. Trading
in stocks listed jointly shall conform with the hours of trading on the
New York Stock Exchange, or New York City local time.
"On Saturdays the hours of trading in all locally listed stocks, with
the exception of stocks listted jointly, shall be from 10 a. m. to 11 L In.
Trading in stocks listed jointly, on Saturday, shall conform with the hours
of trading on the New York Stock Exchange."
Governing Committee of New York Stock Exchange
Adopts Amendments Providing for Cut in Commission Rates on Bonds—Flat Commission Would
Be Superseded by Sliding Scale Based on Market
Prices.
The Governing Committee of the New York Stock Exchange adopted, on June 15, an amendment to the Constitution of the Exchange whereby a cut of 50% in the commission rates of bonds selling from $10 to $100 a $1,000 bond
would be effected. On those selling at less than $10 per
$1,000 bond there is to be mutual agreement on commissions.
The New York "Evening Post" of June 15 said:
Under the old commission rules of the Stock Exchange the rate was a
flat $2.50 on every $1,000 bond regardless of the market price of the
security. Under the proposal now made, the suggested new rate will be
$1.25 per $1,000 bond, selling in the market between 10 and 100, while
the commission is to be agreed upon on bonds selling at less than $10 per
$1,000 bond.
In the case of bonds selling at $100 per $1,000 bond, the new arrangement calls for a commission of not less than $2.50.
For members of the Stock Exchange, which means business between
brokers where the principal is not given up, the rate on bonds selling at
less than $10 will be mutually agreed upon, while on bonds so sold at
Financial Chronicle
4418
prices between $14.. and $100 the commission will not be less than 62%c.,
against the former $2.50.
When bonds are selling at more than $100 per $1,000 bond transactions
between broker members will call for a commission of not less than $1,25,
which is the same as the old rate.
At the same time it was announced that when there is a give-up between
brokers the commission on bonds selling at between $10 and $100 will be
/
2
not less than 371c., as against the old $2.50. On bonds selling at $100
and more the rate will be not less than 75c., which is the same as
the old rate.
New York Stock Exchange Stiffens Rules for Trading—
Brokers Required to Seek Better Terms Than
Specified Before Accepting Orders—New Regulations for Specialists Also Provide Price Must Be
Justified by Market.
A. drastic revision of the regulations of the New York
Stock Exchange with the apparent object of meeting criticisms that have been directed against the specialist system
was announced on June 15. The New York "Times" notes
that under the new rules brokers are specifically prohibited
from accepting stock offered or supplying stock wanted
until they have made an effort to obtain in the open market
more advantageous terms than those named in their orders.
The "Times" further noted:
New Rules in Effect.
The change in the regulations affecting specialists is already effective,
having been adopted by the Governing Committee. Under the old rules a
member of the Exchange who had an order to buy securities was authorized
to supply them through his own account "provided the price was justified
by the condition of the market and provided that the member who gave
the order shall directly, or through a broker authorized to act for him,
after prompt notification, accept the trade and report it."
As amended, the rules provide that where a member, whether he is
acting for a specialist or otherwise, receives an order to sell securities,
he "may only take the securities named in the order, provided he shall have
offered the same in the open market, if bonds at % of 1%, and if stocks,
at % of $1, higher than his bid" and provided further that the price
is justified by the condition of the market. Where a broker receives an
order to buy, he may sell them to the customer through his own account
only if he has made a similar attempt to obtain more favorable terms by
bidding, similarly in the open market. Similar rules applicable to specialists
have been adopted by the New York Curb Exchange.
The rules of the Exchange stipulate that "a member who, by reason
of his neglect to execute an order, is compelled to take or supply on
his own account the securities named in the order, is not acting as a
broker, and shall not charge a co:minion."
The announcement made by the Stock Exchange follows:
NEW YORK STOCK EXCHANGE.
Office of the Secretary.
June 15 1932.
To the Members:
At a meeting of the Governing Committee, hold June 14 1932, Section 13
of Chapter I of the Rules adopted by the Governing Committee pursuant
to the Constitution, was amended to read as follows:
Sec. 13. When a member has an order to buy and an order to sell the
same security, he must offer such security, if bonds at % of 1%, and If
stocks, at % of one dollar, higher than his bid before making a transaction
with himself.
At the same meeting Section 1 of Chapter n was amended to read
as follows:
Sec. 1. No member, while acting as a broker, whether as a Specialist
or otherwise, shall buy or sell directly or indirectly for his own account
or that of a partner, or for any account in which either he or a partner
has a direct or indirect interest, securities the order for the sale or
purchase of which has been accepted by him or his firm or a partner
for execution; except as follows:
(Exception (a).) A member who, by reason of his neglect to execute
an order, is compelled to take or supply on his own account the securities
named in the order, is not acting as a broker, and shall not charge a
commission;
(Exception (b).) A member may only take the securities named in the
order, provided he shall have offered the same in the open market, if bonds
at % of 1%, and if stocks, at % of one dollar, higher than his bid, and
provided the price is justified by the condition of the market, and that
the member who gave the order shall directly, or through a broker authorized to act for him, after prompt notification, accept the trade and
report It;
(Exception (c).) A member may only supply the securities named in
the order, provided he shall have bid for the same in the open market,
if bonds, at % of 1%, and if stocks, at 2 4 of one dollar, lower than his
,
offer, and provided the price is justified by the condition of the market,
and provided that the member who gave the order shall directly, or
through a brokqe authorized to act for him, after prompt notification,
accept the trade and report It;
(Exception (d).) A member, acting as a broker, is permitted to report
to his principal a transaction as made with himself when he has orders
from two principals to buy and to sell and not to give up, such orders
being executed in accordance with Section 13 of Chapter I, in which case
he must add to his name on the report the words "on order."
These ohanges are provided for in the reprint of pages 79, 80, 105, 106,
107 and 108 which are sent you herewith and which should be substituted
In your loose-leaf copy of the Constitution in lieu of the present pages
of those numbers.
ASHBEL GREEN, Secretary.
New
York Curb Exchange Amends Constitution
Relative to Dealings by Members for Their Own
Account—Similar to New Regulations of Stock
Exchange Affecting Specialists.
At a special meeting of the Board of Governors of the
New York Curb Exchange, held June 14, the rules in the
Constitution relative to regular members dealing for their
own account were amended as follows:
June
18 1932
Sec. 1. No regular member, while acting as a broker, whether as a
specialist or otherwise, shall buy or sell, directly or indirectly, for his
own account or for that of a partner, or for any account in which either
he or a partner has a direct or indirect interest, securities, the order for
the sale or purchase of which has been accepted for execution by him, or
by his firm, or by a partner, except as follows:
(Exception (a).) A regular member who, by reason of his neglect to
execute an order, is compelled to take or supply on his own account the
securities named in the order, is not acting as a broker, and shall not
charge a commission;
(Exception (b).) A regular member may only take the securities named
In the order, provided that he shall have offered the same is the open
market, if bonds, at % of 1%, and if stocks, at the minimum fraction of
trading, above his bid, and provided that, the price is justified by the
condition of the market, and that the member who gave the order shall
directly, or through a broker authorized to act for him, after prompt
notification, accept the trade and report it;
(Exception (c).) A regular member may only supply the securities
named in the order, provided that he shall have bid for the same in the
1
4
open market, if bonds, at / of 1%, and if stocks at the minimum fraction
of trading, below his offer, and provided that the price is justified by the
condition of the market, and that the member who gave the order shall
directly, or through a broker authorized to act for him, after prompt
notification, accept the trade and report it;
(Exception (d).) Exceptions (b) and (c) of this Chapter do not authorize a regular member, as specialist or otherwise, to take from, or to supply
the securities named in the order to, an associate member, or a regular
member who does not exercise his floor privileges, even though the associate
member, or the regular member not exercising his floor privileges, accepts
the trade;
(Exception (e).) A regular member, acting as a broker, is permitted
to report to his principal a transaction as made with himself when he has
orders from two principals to buy and to sell and not to give up, such
'orders being executed in accordance with Section 13 of Chapter I, in
which case he must add to his name on the report the words, "on order."
Annual Commencement Dinner of New York Stock
Exchange Institute.
The eleventh annual commencement dinner of the New
York Stock Exchange Institute was held June 14 in the
Stock Exchange Luncheon Club. Among the 350 students
and guests were 14 Governors of the Exchange. Richard
Whitney, President of the Exchange, acted as toastmaster,
introducing Oliver C. Billings, Chairman of the Committee
of Arrangements, who awarded the scholarghips and prizes
after the dinner. He also awarded certificates of graduation to 30 graduates and an honorary certificate to Allen L.
Lindley, Vice-President of the Exchange, who has been a
pioneer in the cause of education, and who has awarded the
coveted scholarship and endeavor prize of $50. Dr. Lewis
Perry, Principal of the famous boys' school, Phillips Exeter
Academy, delivered the address of the evening.
Over $1,400 was distributed in prizes. The ranking man
in the group was Thomas Finnerty, who received the Allen
L. Lindley prize on his graduation from Fordham University,
where he received the Bachelor of Science degree. During
the next school year eight scholarships awarded last night
will be used by the lucky winners. At New York University
three scholarships of $200 each were awarded, two by
President Whitney, and one by Benjamin Einhorn, of Albert
Fried & Co., to Fred H. Van Ness, Robert L. Hebeau, and
Robert E. Palmer, respectively. Andrew Varick Stoitt, Jr.,
of Dominick & Dominick, headed the Yale alumni award to
Allen Hussey of his second year scholarship at Yale. Edward C. Fiedler, of Jacquelin & DeCoppet, sponsored the
Columbia University scholarship of $200 to Theodore H.
Von Fischer-Benzon.
The New York Stock Exchange Institute was founded in
1921 to give employees of the Stock Exchange an opportunity
of continuing their studies. Under the direction of Dr. Binl
E. Shultz, courses are offered in Accounting, Economics,
Finance, Investments, Work of the Financial District, and
other related subjects. Many of the courses are given by
officers and members of the Exchange. Last year, for the
first time, employees of member firms were permitted to
enroll for the courses offered by the Institute. The total
number of individuals attending the Institute during the
year was 2.156, and the total class enrollments 4,201.
Paul H. Davis Re-Elected President Chicago Stock
Exchange—Paul B. Skinner Re-Elected Treasurer,
Paul H. Davis was re-elected President of the Chicago
Stock Exchange on June 6 at the Exchange's annual election.
Paul B. Skinner was re-elected Treasurer. Members of
the Governing Committee were elected as follows:
To serve three years, Laurance H. Armour, Ford R. Carter, Warren A.
Lamson, Charles Sincere, Benjamin F. Stein, Stuart Webster, R. Arthur
Wood.
To serve one year, S. Louis Reinhardt Jr
Members of the Nominating Committee for 1933 were
elected as follows: Walter S. Aagaard, Chairman, Frederick
C. Aldrich, Seymour Ballard, Merrill B. Johns, Edwin T.
Wood. Of the eight elected to the Governing Committee
Carter, Lamson, Sincere and Stein succeed themselves.
Financial Chronicle
Volume 134
The new members of the Governing Committee are Armour,
Reinhardt, Webster, and Wood.
4419
Formation of Association of Unit Banks of America—
Peter G. Cameron, Former Secretary of Banking
of
Samuel Knighton Elected President New York Produce
Exchange Co.—Other Elections at Annual Meeting.
Samuel Knighton, of Samuel Knighton & Son, Inc., was
elected President of the New York Produce Exchange at the
annual elections held June 6. Mr. Knighton had been serving as Vice-President for the last year-and-a-half, and
succeeds Herbert L. Bodman as President. Thomas F.
Baker, of Wessel, Duval & Co., was elected Vice-President,
and F. H. Teller was re-elected Treasurer.
The following members were re-elected to the Board of
Managers to serve two years: Carl F. Andrus, of C. W.
Andrus & Son; Robert W. Capps, of Zimmerman, Alderson
Carr Co.; Gerald F.Earle, of Earle & Stoddart, Inc.; Leonard
C. Isbister, of Isbister & Schied; Clifford B. Merritt, of
Bowring & Co.; and T. R. VanBoskerck, of G. W. VanBoskerck & Son.
L. G. Leverich, of Shaw & Truesdell Co., was elected a
trustee of the Gratuity Fund to serve three years.
San
Distributes $250,500
Cash.
The following from San Francisco is from the "Wall Street
Journal" of June 14:
Francisco
Curb
Exchange
Distribution of surplus funds to members in the aggregate amount of
$250,500 and the purchase of 10 regular memberships and one bank membership have been made by the San Francisco Curb Exchange. Total amount
of casa funds involved is $303,000.
The 78 regular members of the Curb received $3,000 each under the
disbursement plan. Eleven bank and associate members were recipients
of $1,500 each. The 10 seats formerly held by regular members were
purchased at $5,000 each. The bank membership was purchased for $2,500.
Names of members who disposed of their seats have not been made public.
During the five years of its existence the Curb Exchange has amortized
all outstanding obi(rations and for some time past all physical assets,
building, property and equipment have been owned free of encumbrance.
During the last two months,due to an extremely favorable finer cial position.
the institution was able to eliminate membership dues.
Margin Is Raised on Stock of Auburn Automobile Co.
with Rise in Stock Market Price.
It was stated in the New York "Evening Post" of June 13
that at least two well-known New York Stock Exchange
firms were known to have increased their marginal requirements on the stock of Auburn Automobile on that day
and two others were considering such action as a result
of the performance of the stock in the last week. The
"Post" said:
One firm, it is understood, has lifted the marginal requirement on the
stock 25%, while another is contemplating the establishment of a 50%
coverage in an attempt to "work out some new plan" in connection with
carrying of the stock on margin.
The movement In Auburn shares to-day was just as spectacular as some
of the trading sessions of last week although the range of prices was not
so wide. The stock last week pyramided approximately 130% in one of the
most rapid advances of an individual issue in many months.
Starting at about $30 a share, the velocity of the advance carried the stock
to $76 last Saturday !June 11]in a span of seven trading days. The revival
of pyrotechnics In Auburn caused considerable nervousness among
the hear
contingent and by and large the "sqeeze" was unappreciated.
Following further wide demonstrations in the stock to-day,it was rumored
that the governors of the Exchange had held a meeting for the
purpose
of determining what action to take in connection with the movement. It
was further reported that one of the governors was scrutinizing the action
of the shares on the floor of the Exchange.
Inquiry among brokers late this afternoon revealed that the action of the
stock might easily result in a "corner." On the other hand, consideration
of marginal requirements in the stock indicates that leading firms "are not
taking any chances."
The "Times" of June 14 said in part:
The squeeze of an ever-extended short interest in the stock of the Auburn
Automobile Co., which resulted last week in a rise of 28U
Points, was
transferred yesterday to the loan crowd of the New York Stock Exchange,
where the shorts were compelled to pay a premium of 75 cents a share for
borrowing the stock overnight. This is the highest premium commanded
by an active issue on the Exchange in several years. . . .
The establishment of a high premium on the stocks was regarded as an
indication that the short interest is still fighting the rise. Last Saturday,
the lending rate on the stock was a half point.
Premiums on other active stocks were generally small yesterday. CocaCola was quoted at a quarter point, and several other market leaders, such
as United States Steel, Case and Union Pacific, were quoted at a premium
of 1-256.
Owing to the small floating supply of Auburn, the stock is regarded by
brokers as one that lends itself readily to pool operations. There are
211,000 shares listed, of which a large part is owned by the Cord Corp., a
holding company. Last January, E. L. Cord. President of the Cord
organization, said all the stock owned by the Cord Corp. was available for
loans to the short interest. At that time, he denied that he or his associates
had formed any pool to buy and sell the stock.
The recent advance coincided with a cut in the price of Auburn cars,
which Mr. Cord said would enable the company to go into capacity production. In April, the company advanced prices $100 a car.
Pennsylvania, Executive Secretary of New
Organization—Branch Banking Feature of Glass
Bill Opposed.
Peter G. Cameron, former State Secretary of Banking,
announced at Harrisburg, Pa., on June 5 the organization
of the Association of Independent Unit Banks of America
for the purpose of "upholding the autonomy of State laws
as a cardinal principle in Federal branch banking legislation."
In announcing that an Advisory Committee for Pennsylvania has been named and a similar Committee for each of
the other States is to be chosen, a statement indicated as
follows the Committee for Pennsylvania:
The announcement June 6,in behalf of the new Association
also says in part:
In announcing that an advisory committee for Pennsylvania has been
named and a similar committee for each of the other States Is to be chosen.
A statement indicated as follows the Committee for Pennsylvania.
C. J. Kirshner, Committee Chairman, Vice-President Markle Banking
& Trust Co., Hazelton (Past President Pennsylvania Bankers Association); Andrew S. Patterson, Associate Treasurer, President Union Trust
Co. of Pennsylvania, Harrisburg; H. B. McDowell, Vice-President
McDowell National Bank, Sharon (Past President Pennsylvania Bankers
Association); Claude E. Bennett, President Tioga County Savings and
Trust Co., Wellsboro; E. B. Harshaw, Vice-President Grove City National
Bank, Grove City (Past President Pennsylvania Bankers Association);
W. S. McKay, President First National Bank, Greenville (Chairman
Committee on Agriculture, P. B. A.); B. B. McCreight, Vice-President
Deposit National Bank, Dubois; Charles F. Zimmerman, President First
National Bank, Huntingdon (Secretary Pennsylvania Bankers Association); Peter G. Cameron, Executive Secretary, former Secretary of Banking of Pennsylvania.
The billions of dollars on deposit in the thousands of existing independent
unit banks, the most of which are utilized in the promotion of the welfare
of the communities in which they operate, are to be acquired by a few
gigantic banks, located in the large money centers, and utilized as their
centralized and disinterested control may see fit.
Incredible as it may seem, all these things—and many others equally as
desirable and destructive of our American traditions and institutions.—
will most certainly be accomplished in the not far distant future if Section
19 of the so-called Glass Bill, now pending in the United States Senate,
or any other bill authorizing National banks to maintain branches in contra vention of State laws, should be enacted. . . .
There can be no doubt of the determination of certain powerful banking interests and Federal authorities to ultimately obtain nationwide branch
banking powers for National banks, the entering wedge having been the
restricted branch banking privileges provided for by the McFadden Act
of February 25 1927, the next step being the provisions of Section 19 of
the Glass Bill, which is designed to confer upon National banks the power
to operate State-wide branches,regardless of the laws of the several States,
and even to operate branches within a radius of 50 miles beyond the boundaries of the State in which the main office is located. . . .
Charles F. Zimmerman, President of the First National Bank of Huntingdon, Pa., and Secretary of the Pennsylvania Bankers Association for
many years, in an address delivered April 9th last at the Convention of
Group Four, Pennsylvania Bankers Association, suggested the organization
of a Nation-wide association of independent unit bankers to preserve and
promote the interests of unit banking under our present State and National
systems. The independent unit bankers of Pennsylvania have, accordingly.
inaugurated the movement to organize the Association of Independent Unit
Banks of America, with headquarters in Harrisburg, Pa. The details of
the organization and a statement of the plans of the association for the
future are set forth in another article in this Bulletin under the caption,
"Organization and Plans."
It is also stated:
Failure to enact at this session of Congress Section 19 of the Glass Bill
(granting State-wide branch banking privileges to National banks) will
make no change in the need either for this Association or the work cut out
for it to do. The subtle forces moving constantly in the interest of centralized control of banking in this country will continue to merit and will receive our individual attention.
As soon as there is a prospect of improved business conditions, the
movement to gather unit banks into groups and expand those already set
up, will start anew in the hope that through enabling legislation at Washington they can later on be consolidated into branch banking systems. The
purpose of the A. I. U. B. of America will be to face the issue squarely.
keep our membership informed and fight to a finish all attempts to injure
the unit bank, which as Senator Norbeck has said, is an American institution.
Decline in Volume of Outstanding Bankers'
Acceptances—Total May 31, $787,414,750—Decrease
in Month, $91,624,120.
Sharp
The monthly report of the American Acceptance Council
released June 16 shows a reduction of $91,624,120 in the
outstanding volume of bankers' acceptances during the
month ending May 31. The total volume of dollar acceptances now stands at $787,414,750, which is a reduction of
more than $625,000,000 from the total that was outstanding
at the end of May 1931, says Robert H. Bean, Executive
Secretary of the American Acceptance Council, who in
presenting his survey also states:
This is an unusually heavy shrinkage in bUl volume even for these quiet
times, and while it is recognized that a considerable portion of the reduction
was due to the retirement of one large commodity acceptance credit secured
by warehouse receipts, the remainder of the monthly volume loss is greatly
In excess of normal expectations at this period of the year.
A drop of nearly 8100,000,000 in the hill volume during a single month
creates additional difficulties for the dealers who continue to have 3 good
investment demand for the bills of the best known accepting banks, most
of them being in the New York district.
Financial Chronicle
4420
The most important change in the classified acceptance group was in
bills drawn against warehouse receipts which decreased $31.000,000. or
about the amount of the wheat credit referred to.
Other sizeaole changes in the classified totals were in import bills, which
declined $14,800,000; export bills, which declined $15,200,000, and bills
arising from credits based on goods stored in or shipped between foreign
countries which declined $25,400,000.
It is important to note in this connection that the total of these foreign
bills at $268.000,000 is only about half the total which was outstanding a
year ago just prior to the news of the beginning of the credit difficulties in
Germany. At that time the volume stood at 2504,000,000.
During the month of May domestic shipment credits declined $2,000,000
to 317,900,000, and dollar exchange bills declined 32,600.000 to a new low
for several years of only $14,000,000.
The shrinkage in bill volume was particularly heavy this past month
In the Second Federal Reserve District, where the banks reported a volume
of only 3634,000,000, which is $68,500,000 less than their totals at the end
of April. Here again we find a cause in the ending of one large credit and
the retirement of bills drawn thereunder.
Other declines of note were in the First or Boston Federal Reserve District,
which went off $8,000,000; in the Atlanta District, which went off 34,400,000, and in the Chicago District, which went off $4,700,000.
The report of the Council shows a continuance of the investment concentration of bills which has been noted for the past two or three months
With the total of only $787,000,000, the reporting accepting banks
were holding on May 31 a total of 3510,000,000, of which $396,000,000 were
held by banks, bankers and trust companies in New York City. On the
same date the Federal Reserve banks were holding for the account of foreign
correspondents $179,500,000 and for their own account 835,400,000, while
the dealers' portfolios stood at approximately $25,000,000. Thus we have
In the hands of four groups, principally in New York City, a total of $750,000,000 out of a total available outstanding volume of 2787,000,000.
Rarely since the bill market was established in this country has there
been such a scarcity of desired bills as at present. With bill rates at present
quoted at 1% bid and Ti% asked, the rate has proved ineffective in bringing
out a supply and it is not beyond the realm of possibility that we shall see
that oft
-predicted 3i% bid rate which has been known in London, butInever
In our market.
Detailed statistics made available by Mr. Bean follow: TOTAL OF BANKERS DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
May 31 1932.
Federal Reserve Distrid.
1
2
$46,024,900
634,243,058
14,125,198
11,141,659
2,227,234
6,581,655
46,283,478
1,823,115
1,188,606
900,000
530,955
22,294,892
-
s
4_
IS-
a
7
8
9
10
11
12
$787,414,750
Grand total
Decrease
Aprtl 30 1932. May 29 1931.
$54,054,579
702,780,619
15,076,157
12,563,260
2,301,063
10,990,594
50,959,946
2,025,542
1,245,325
1,100,000
1,749,380
24,192,405
$106,129,965
1,114,050.685
23,406,860
22,767,121
5,726,412
13,989,280
74,407,052
2,417,626
1,204,765
250,000
2,459,836
45,705,798
8879,038,870 61,412,515,400
91,624,120
625,100,650
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
May 31 1932.
Imports
Exports
Domestic aliments
Domestic warehouse credits
Dollar exchange
Based on goods stored in or shipped
between foreign countries
April 301932. May 291931.
$103,123,762
183,683,700
17,943,233
199,314,595
14,623.874
$117,950,293
198,858,734
19,895,082
230,886,605
17,249,589
$207,479,351
361,160,805
28.248,371
235,668,989
75,170,067
268,725,586
294,198,587
504,787.813
CURRENT MARKET QUOTATIONS ON PRIME BANKERS'
ACCEPTANCES JUNE 15 1932.
Days—
30
60
on
Dealers'
Dealers'
Buying Rate. Riling Rate.
1
1
1
IN
Ti
V.
Days—
120
150
180
Dealers'
Dealers'
Buying Rate. Selling Rate,
169
166
134
1
164
l'4
Amendment to Martin Act to Provide Closer Supervision Over Security Dealers in New York State
Effective July 1.
New York State Attorney-General John J. Bennett, Jr.,
announced on June 6 that the amendment to the Martin Act,
designed to secure closer supervision over dealers in securities, will become effective on July 1. In discussing the
cthanges in the Martin Act, Mr. Bennett said:
"It is hoped that this new legislation will secure the most stringent
supervision of that class which in times past has defrauded the people of
the State of countless millions through the sale of worthless securities,
or by otherwise 'engaging in fraudulent practices in the issuance, promotion, and sale of stock. If a dealer fails to file the required statements
and continues to engage in the securities business, he will be guilty of a
misdemeanor punishable by a fine not to exceed $5,000, or imprisonment
not to exceed two years, or both. I intend that the new law shall be
vigorously enforced, and delinquents who fail to furnish the required
Information will be prosecuted to the limit of the law. If it is possible
to drive the stock racketeer out of this State, we shall do everything to
accomplish that end. If not, I promise that his lot will be an unhappy one."
The announcement from the Attorney-General's office in
New York City, June 6, said:
In the last session of the Legislature, Subdivision E. Section 359 of
the General Business Law, popularly known as the Martin Act, was amended
by Chapter 397 of the Laws of 1932 to provide that "no dealer shall
sell or offer for sale to the public within this State as principal, broker,
agent or otherwise any security or securities issued or to be issued, unless
and until such dealer shall have cauaed to be filed in the Department of
Law a statement, duly verified, to be known as a 'dealer's statement.'"
This amendment is of far-reaching significance because of the broad
definition given to the word "dealer" in the Act, which includes "every
person, partnership, corporation, company, trust or association excepting
a domestic municipal corporation who engages directly or through an agent
In the business of trading in securities in such manner that as part of
June 18 1932
such business any of such securities are sold or offered for sale to the
public in this State; or who deals in futures or market quotations of
prices or values of any securities or accepts margins on prices or values
of said securities."
Attorney-General Bennett stated that forms have been prepared which
will shortly be ready for distribution to all dealers in securities. Every
such dealer must file an Original Dealer's Statement which will include
the name under which the business is conducted, and the street address
of the principal office; also a list of branches in the State of New York,
the managers thereof, and the number of salesmen employed. In all
cases, whether the dealer is a corporation, assooiation, partnership or
individual, additional sworn statements must accompany the Original
Dealer's Statements. These sworn statements are designed to furnish to
the Attorney-General's Office an adequate record of the previous stock
selling activities of the persons making them. The sworn statements
will provide information concerning previous criminal record, if any;
whether the person or persons making the statements have ever been
enjoined from the sale of securities or from engaging in practices in
connection therewith; whether any license or authority to sell securities
as dealer, broker or salesman has ever been revoked. Whether the person
or persons making the affidavits have previously been engaged in the
securities business, information as to his or their activities for the fiveyear period preceding the filing of the sworn statement must be furnished.
The affidavits will also require complete disclosure as to the last issue of
securities with which the person or persons making the statement were
in any way connected, either as principal, agent or otherwise.
In the event that a corporation files an Original Dealer's Statement,
affidavits will be required from the President, Vice-President, Second VicePresident, Secretary, Treasurer, and also from the directors. Substantially
the same will be required where the dealer is an association. If the
dealer is a corporation, the name of each stockholder owning 10% of the
corporate stock must be submitted. Where the dealer is a foreign corporation, proof that it is authorized to carry on business within the State of
New York will be required.
If the dealer is a partnership, the names of each general, limited or
special partner and any other person participating in the profits of the
business must be submitted, and such persons will be required to file
sworn statements.
If the dealer is an individual, in addition to the Original Dealer's Statement, he will be required to file a sworn statement. In all cases the
sworn statement filed by individuals will require answers to identical
questions.
The new amendment also provides that whenever changes occur in
personnel or in the principal or branch offices or from any event resulting
in a change of facts furnished in previously filed sworn statements, a
Supplemental Dealer's Statement must be filed in which will be indicated
the changes that have occurred.
All forms must be in duplicate with the sworn statements attached
thereto.
The Attorney-General has drafted a set of rules to guide dealers in
securities in the drafting and filing of the new forms. The rules point
out that Sections 1620 and 1633 of the Penal Law provide that any person
who makes a false statement as to a material fact under oath is guilty of
perjury, punishable by imprisonment not to exceed 10 years. The Martin
Act has also been amended to provide that any false statement contained
in any Dealer's Statement or Supplemental Dealer's Statement or in any
affidavit attached thereto shall constitute a misdemeanor, punishable by
a fine not to exceed $5,000, or imprisonment for not more than two years,
or both. In addition thereto, a civil penalty of $1,000 may be collected
for each offense.
It is also provided in the Martin Act that "any person, partnership,
corporation, company, trust or association representing in any manner that
the State, the Department of Law or any officer thereof has recommended
the purchase of any stocks, bonds or other securities, in advertising or
offering such stocks, bonds, or other securities for sale shall be guilty of a
misdemeanor punishable by a fine of not more than $5,000, or imprisonment for not more than two years or both."
The forms will be distributed from the Bureau of Securities, 80 Centre
Street, New York City, where a central record bureau to cover the entire
State will be established.
Federal Reserve Board's View of Banking Conditions
in May—Finds Flow of Gold from United States
and Open Market Operations Increase Credit Expansion Here and Abroad.
According to the Federal Reserve Board the flow of gold
to Europe "has exerted an influence toward easing conditions in the international money markets." In its review
of banking conditions in May (in its June Bulletin) the
Board reports that "gold exports, which had begun in
April, were in considerably larger volume in May, the
loss to the country's stock of monetary gold during that
month and up to June 8 being $385,000,000. The exports
were largely to France, Netherlands, Switzerland, and
Belgium. The Board also says, "in the United States the
stock of monetary gold on June 8 was $3,980,000,000, showing a decrease of $825,000,000 from the corresponding date
a year ago, and of $475,000,000 since the beginning of the
year."
As to the Board's review, the "United States Daily" notes:
_Inflow and Outflow of Gold.
Tracing the three recent periods of increase in the country's gold supply.
1915-17, 1921-24 and 1928-31, the Board points out that each increase has
been followed by a recession.
In American itself, the open market operations of the Federal Reserve
banks, which added 2660.000,000 worth of Government securities to the
Reserve banks' holdings between April 13 and June 8, have been followed
by less rapid liquidation of loans on the part of member banks, according
to the Board. March marked the slowing down of bank credit contractions
and member banks in New York especially have increased both their loans
and investments slightly in the last eight weeks, the statement says.
Use of Available Credit.
Of the credit made available to member banks, through open market
operations, $127,000,000 has been used to reduce borrowing from the Federal Reserve banks, and $16,000,000 for the liquidation of acceptances.
according to the Board's statement, which follows in full text.
Volume 134
Board's Statement.
Open-market purchases of United States Government securities by the
Reserve banks continued in recent weeks at a somewhat reduced rate.
Between April 13 and June 8 total purchases of these securities amounted
to $660,000,000.
The funds placed at the disposal of member banksthrough these purchases
were used to the extent of $127,000,000 in the reduction of borrowings at
the Federal Reserve banks and to the extent of 816,000,000 in the liquidation of acceptances held by these banks, the holdings of acceptances at the
beginning of June being at a very low level.
Total Reserve bank credit showed an increase of $510,000,000 during the
eight'week period, $400,000,000 of which was used in meeting a demand
for gold for export and $100,000.000 was added to the reserve balances of
member banks.
Cause of Gold Movements.
Gold exports, which had begun in April, were in considerably larger
volume in May,the loss to the country's stock of monetary gold during that
month and up to June 8 being $385,000,000. The exports were largely to
France, Netherlands, Switzerland, and Belgium.
This flow of gold to Europe has exerted an influence toward easing conditions in the international money markets and increasing the volume of
loanable funds in foreign countries. In the United States the stock of
monetary gold on June 8 was $3,980,000,000, showing a decrease of $825,000,000 from the corresponding date a year ago and of $475,000,000 since
the beginning of this year.
Three Periods of Gold Inflow.
A chart shows the course of monetary gold stock in the United States
since the establishment of the Federal Reserve System. There were three
periods of large increase in gold stock. From the beginning of 1915 to the
middle of 1917,from 1921 to the middle of 1924, and from the end of 1928
to the autumn of 1931.
The first period, during which about $1,400,000,000 was added to the
country's stock of gold, was a period when European countries were at war
and belligerent powers were making large purchases of war supplies in the
United States.
The second period from the autumn of 1920 to the late summer of 1924,
during which about $1,650,000,000 was added to the stock of gold of the
United States, was a period of monetary disorganization in Europe when
purchases of goods in the United States were paid for to a considerable
extent by the shipment of gold.
During the latest period, front the end of 1929 to the autumn of 1931,
about $850,000,000 was added to this country's stock of gold, largely because of unfavorable balances of payment in outlaying countries, reflecting
the decline in the value of raw materials.
Outflow Follows Gold Increases.
Each of the periods of gold inflow was followed by some outflow of gold.
In 1919-1920 the outflow was about $350,000,000, representing the removal
from this country of balances accumulated by South American and oriental
countries during the war-time gold embargo.
In 1927 and 1928 the loss of about $500,000,000 of gold followed upon a
period of extreme ease in the money market in America and the flotation of
a large amount of foreign securities. In the autumn of 1931 the loss of
gold followed upon the suspension of the gold standard in England and the
desire of many foreign central banks to convert their foreign balances into
gold.
During the period from 1914 to the autumn of 1931, taken as a whole,
there was a net increase in the gold stock of this country of $3,000,000,000,
or more than 150% of the amount in the country at the beginning of the
period. After the decrease of about $1,000,000,000 from the high point
reached in September of 1931, the amount of monetary gold in this country
is about $4,000,000,000. compared with $1,800,000,000 in 1914, and more
than at any time prior to 1923. At the beginning of June, reserves of the
Reserve banks were $1,034,000,000 in excess of legal requirements.
Loans and investments of reporting member banks in leading cities, after
declining by $3,500,000,000, or 15%. between March 18 1931, and Feb. 24
1932, declined further by $550,000,000 between Feb. 24 and April 13.
From the middle of April to the beginning of June the decline in the total
volume of this credit was at a slower rate, as there was a considerable
Increase in investments, which offset the continued decline in loans.
New York Loans and Investments.
At New York City banks, for which figures are available for June 8. the
volume of loans and investments on that date was slightly higher than
eight weeks earlier, while at banks outside of New York City there was a
further decline. Investments increased considerably at New York banks,
and up to June 1 also increased somewhat in the outside banks, the increase
being shown both in holdings of Government securities and of other securities
in New York, but only in the latter class of securities outside of New York.
A chart shows the course ofloans and investments of all reporting member
banks for the past five years, with separate lines for banks in New York
City and outside. It is apparent from the chart that the rapid decline in
bank credit, which began early in 1931, became much slower after the beginning of March of the present year.
Situation in New York and Elsewhere.
At the New York banks there has been no decrease in loans and investments since that time, while at the banks outside the decrease has continued.
though at a slower rate. At the beginning of June loans and investments
of all reporting banks were slightly lower than in the early part of 1927,
while at New York City banks they were in larger volume than five years ago.
The decline In time deposits, which was rapid from the Spring of 1931 to
the end of the year, became more gradual after the end of January 1932,and
since that time there has been little change in the volume of time deposits.
Net demand deposits, after a sharp and prolonged decline lasting until the
latter part of March,showed an increase in recent weeks, reflecting in part
an increase in balances held by country banks with their city correspondents.
Bancamerica-Blair Corporation Calls Meeting to Act
on Reduction of Par Value of Stock.
Stockholders of the Bancamerica-Blair Corporation have
been called to a special meeting for June 20 to act on a
reduction in the amount of capital stock from $14,710,120 to
$1,471,012, indicative of a reduction in the par value from
$10 a share to $1, it was reported on June 17,according to the
New York "Evening Post" of that date which went on to
say:
Holders of record June 6 will be entitled to a vote at the meeting. Shares
of Bancemerica-Blair are held entirely by stockholders of the Bank of
America National Association, share for share, and Is transferable only
with the stock of the bank.
4421
,
Financial Chronicle
Senate Drop Glass Banking Bill and Farm Relief
Legislation.
Throwing farm relief legislation and the Glass banking
bill into the discard, the Senate on June 15 began to clear
its program in order to adjourn before the Democratic
convention. A dispatch, June 15,to the New York "Times"
from which we quote also said in part:
Farm relief legislation was the first to fall by the wayside. After a sixhour debate, the Senate recommitted the NicNary three-way plan which
would have given the Federal Farm Board the choice of using the equalization fee, the debenture and the allotment, or all, in order to handle crop
surpluses. Agrarian Senators such as Frazier, Norbeck, Norris and Gore.
fought valiantly but vainly, and challenged the Senate with refusing to do
anything for the farmer at this session.
Glass Makes a Vain Fight.
Sidetracking the Glass bill also led to acrid discussion. That measure
was recently displaced by appropriations bills and pending business. This
afternoon Mr. Glass strove to restore it to preferred position, but was
beaten by a vote of 44 to 25 when Senator Hale moved to take up the
naval bill.
Chairman Norbeck of the Banking and Currency Committee, which
sponsored the Glass bill, said the measure could not pass at this session,
that 12 important amendments to it loomed on the horizon, and that he
objected to the branch banking features.
Senator Wheeler also strongly opposed the branch banking sections
and warned that the bill would entail "long discussion."
"I want to know if I shall waste my time longer with it." said Senator
Glass of the bill to which he has devoted two years' work. Although Mr.
Glass offered to lay the bill aside at any time for relief and bonus legislation
and the appropriation bills, the Senate voted him down.
Nine Democrats deserted him on the ballot, namely, Bratton, Broussard,
Copeland, Dill, Neely, Thomas of Oklahoma, Trammell, Walsh (Massachusetts) and Wheeler. On the other hand, three Republicans, Borah,
Howell and Thomas of Idaho, voted with him.
"There is no soundness in the argument that the bill should be laid aside
because it is too important to pass before adjournment; the limit of this
session is what we set," said Senator Borah.
Lewis Opposes Haste.
"There is a tendency to hasten certain measures so certain members
can attend a convocation by the name of the Democratic Convention."
said Senator Lewis. "As long as there remain bills dealing with the public
welfare there should be no adjournment merely for the purpose of attending
an exhibition. All theory of adjourning for a political convention should be
banished until we have disposed of the important measures."
Senator Wheeler said he was willing to remain here "all summer" to
handle relief and other important subjects, but did not agree that all
pending legislation, such as the banking bill, came within that category.
Acting Speaker Rainey told newspaper men that Congress would be
"lucky" if it adjourned by June 25.
Total Subscriptions of $2,797,377,400 Received to Combined Treasury Certificate and Treasury Note
Offering of $750,000,000 or Thereabouts—Total
Allotments $790,459,300.
Subscriptions totaling $2,797,377,400 were announced by
Acting Secretary of the Treasury Ballantine on June 15 as
having been received to the recent offering of Treasury
Notes attd Treasury Certificates of Indebtedness. The
amount of the offering as we indicated in these columns
June 11, page 4253, was $750,000,000 or thereabouts, of
which $400,000,000 or thereabouts represented Treasury
Notes, maturing in three years and bearing 3% interest, and
$350,000,000 or thereabouts was in the form of Treasury
Certificates of Indebtedness, running for one year, and
carrying interest at 13/%. Both the notes (series A-1935)
and the certificates (Series TJ-1933) will be dated and bear
interest from June 15 1932, the certificates maturing June
15 1933 and the notes becoming due June 15 1935. In
announcing the offering the Treasury Department stated
that it would accept in payment for the new Treasury Notes
and Certificates of Indebtedness at par Treasury Certificates of Indebtedness of Series TJ-1932 maturing June 15
1932 and subscriptions in payment of which such Treasury
Certificates of Indebtedness are tendered will be given
preferred allotment. The allotments totaled $790,459,300.
In the case of the Treasury Certificates the total subscriptions received were $1,653,814,000; the cash subscriptions
were $1,540,682,500, and the exchange subscriptions
$113,131,500; the allotments were $373,856,500. The total
subscriptions received to the Treasury Notes were $1,143,563,400, comprising cash subscriptions of $1,008,804,100
and exchange subscriptions of $134,759,300; the total subscriptions alloted were $416,602,800. In each case the
exchange subscriptions were allotted in full these aggregating
$247,890.800.
The Treasury Department's announcement June 15 of
the results of the offering follow:
Acting Secretary Ballantine June 15 announced the final subscription
and allotment figures on the June 15 offering of 1H% Treasury certificates
-1933, maturing June 15 1933. and 3% Treasury
of indebtedness of series TS
notes of series A-1935, maturing June 15 1935. Subscriptions and allotments were divided among the several Federal Reserve Districts and the
Treasury as follows.
4422
Financial Chronicle
1% TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES TJ-I933.
Federal
Rexene
District.
Total Cash •
Subscriptions
Received.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis—.-Kansas City
Dallas
San Francisco
Treasury
$67,141,000
805,881,000
114,989,500
78,231,000
.51,661,000
63,961,000
137,529,000
13,617,000
11,339,500
17,192,500
46,129,000
132,981,000
30,000
Total Exchange
Total
Subscriptions Subscriptions
Received.
Received.
36,620,500
64,100,000
1,780,000
714,500
467,000
425,000
23,308,500
4,506,000
1,062,000
3,236,500
42,500
6,822,500
46,500
873,761,500
889,981.000
116,769,500
78,945,500
52,128,000
64,386,000
160,837,500
18,123,000
12,401,500
20,429,000
46,171,500
139,803,500
76,500
Total
Subscriptions
Allotted.
520,992,500
178,239,500
24,800,000
17,024,000
14,149,000
19,144,000
45,125,500
7,504,000
2,775,000
6,725,500
12,891,000
24,428,000
58,500
Total
81.540.682.500 8113.131.500 31.653.814.600 .3373.856.500
•Includes $113,131,500 exchange subscriptions, which were allotted in full.
3% TREASURY NOTES OF SERIES A-I935.
Federal
Reserve
District.
Boston .
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Total Cash
Total Echange
Total
Subscriptions Subscriptions Subscriptions
Received,
Received.
Received.
$43,810,400
473,787,900
73,816,500
71,120,900
22,770,400
23,780,200
105,665,400
18,637,500
13,552,000
26,376,000
27,189,300
108,276,100
11,500
$3,547,000
83,644,300
698,000
245,000
52,0(0
517,000
25,311,500
6,385,000
2,833,000
4,287,000
4,159,500
3,080,000
847,387,400
557,412.200
74,514,500
71,365.900
22,822,400
24,297,200
130,976,900
25,022,500
16,385,000
30.663,000
27,189,300
112,435,600
3,091,500
Total
Subscriptions
Allotted.
520,974,300
201.167,500
21,500,000
20,821,300
9,251,600
10,577,400
57,440,300
13,791,900
6,598,800
11.991,600
11,928,300
27.470,600
3,089,200
Total
31:003.804.100 3134.759.300 31.143.563.400 .5416.602,800
• Includes $134,759,300 exchange subscriptions, which were allo ted in full.
Bill Introduced in House Would Reduce Gold in
Dollar Coin—Would Make It Easier to Pay Debts,
Says Representative Busby.
A bill to reduce the amount of gold in the dollar from 25.8
grains to 16.5 grains for the purpose of bringing the dollar
into proper relation to commodity prices, was introduced
in the House, June 7, by Representative Busby (Dem.), of
Houston, Miss., a member of the Committee on Banking
and Currency. "United States Daily" of June 8 from which
we quote reports Representative Busby as saying:
"If this bill is enacted into law, as in justice it ought to be, it would
Immediately strike out the 36% difference between commodity values and
the high price of money.
"When the dollar is made 36% cheaper it will be that much easier for
us to pay our debts. In a word. it will strike down the difference between
the price of the commodity and property people have to sell and the dollar
which they have to buy in order to pay their debts."
June
18 1932
United States Supreme Court Adjourns with Docket
Cleared—Tribunal Will Reconvene in October—
Chief Justice Announces Changes Made in Rules
of the Court.
The Supreme Court of the United States, after a final session on May 31, adjourned its present term. The tribunal
will reconvene on Oct. 3 next. The "United States Daily"
of June 1 reports:
Prior to adjournment, Chief Justice Hughes announced from the bench
that the Court had disposed of all cases it had under advisement and had
acted on all petitions, motions and other matters awaiting its action, thus
clearing its docket.
Opinions in four cases were handed down by the Court on May 31. One
case, that involving the dispute between Louisiana and Texas ports relating to export, import and coastwise freight rates, was ordered to be reargued at the next term. In the only other remaining case which had
been argued and which the Court had under advisement, the writ of
certiorari was ordered dismissed. the Court ruling that it had improvidently
granted the petition for review.
The Court at its laet session of the term also announced its action in
51 cases on petitions and motions which had been formally presented to
It one week ago. Changes in its own rules, and in the rules governing procedure in equity, admiralty and bankruptcy cases, were also announced
by the Chief Justice.
President Hoover Approves Tariff Changes.
President Hoover approved on June 14 the finding of the
Tariff Commission specifying no change in the 40% ad
valorem rate of import duty on furniture made of wood.
Associated Press accounts from Washington June 14 said:
The 40% ad valorem rate on umbrellas and the 60% ad valorem rate
on umbrealla parts also were left unchanged. The rate on infants' unembroldered wool knit outerwear valued at more than $2 a pound was reduced
to 50 cents a pound,plus 25% ad valorem. The duty on other such clothing
not of jersey fabric was increased to 50 cents a pound and 75% ad valorem.
The announcement June 14 by the Tariff Commission
follows:
The Tariff Commission announced to-day that the President had approved the reports in three investigations recently completed under Section 336 of the Tariff Act of 1930 and submitted to him.
A decrease was proclaimed on infante unembroidered wool jersey outerwear valued at more than $2 per pound. An increase was proclaimed on
such outerwear not of jersey fabric. No change in rates was specified by
the Commission with respect to intents' embroidered wool outerwear.
furniture of wood, and umbrellas and parts.
The new rates on infants' unembroidered wool outerwear proclaimed
by the President will become effective July 11 1932.
The United Kingdom, Austria, Canada, France and Germany are the
countries principally concerned in the trade in these commodities.
All of these investigations were made in response to Senate resolutions.
Herbert Hoover Renominated for President at Republican National Convention—Charles Curtis Again
Named for Vice-President.
New One Dollar Bills, First to Be Signed by Secretary
Mills to Be Put Into Circulation in Fall.
With about $200,000,000 in one-dollar bills bearing the
signature of Andrew W. Mellon on hand at the.Treasury,
those carrying the signature of his successor, Ogden L. Mills,
will not go into circulation until about Sept. 1, W.0. Woods,
Treasurer of the United States, said on May 24. A Washington dispatch May 24 to the New York "Times" also said:
At the Republican National Convention in Chicago on
June 16 Herbert Hoover was renominated for President
and Charles Curtis (of Kansas) was renominated for VicePresident. On the first ballot President Hoover received
1,1263/i votes (out of a total of 1,154) and his renomination
was immediately after made unanimous. The 22 votes in
the ballotting for President which were withheld from Mr.
Hoover were cast as follows:
The printing of the bills with Mr.Mills's signature has been started and
the first two sheets of notes have been delivered to the Treasury. Bills
of the first sheet were kept by Mr. Mills, while he presented the second
sheet of notes, specially autographed, to correspondents who are responsible for writing the news which develops at the Treasury.
J. J. Blaine, of Wisconsin
Calvin Coolidge
Joseph I. France
Charles G. Dawes
J. W. Wadsworth Jr
Senate Resolution Calls for Statistics on National
Income—Asks Compilation of Industry and Trade
Data.
The Secretary of Commerce would be requested, under a
Senate resolution (S. Res.220) presented,June 8, by Senator
La Follette (Rep.), of Wisconsin, to compile data on national
income originating in various lines of commerce and industry
for Senate information in future legislation. The "United
States Daily" of June 9 said:
Senator La Follette was unable to obtain consideration of his proposal
Immediately and it was laid over under the rule.
In presenting the resolution Senator La Follette explained there were no
data of the kind he sought covering the years of 1929, 1930, and 1931.
He pointed out that Congress obviously, then, could have no accurate
information relating to those years in drafting legislation of a fiscal or
economic character.
The resolution follows in full text:
Resolved, that the Secretary of Commerce Is requested to report to the
Senate of the United States on or before Dec. 15 1933, estimates of the total
national income of the United States for each of the calendar years 1929.
1930 and 1931 including estimates of the portions of the national income
originating from agriculture, manufacturing, mining, transportation, and
other gainful industries and occupations, and estimates of the distribution of the national income in the form of wages,rents, royalties, dividends.
Profits and other types of payments.
These estimates shall be prepared by the Bureau of Foreign and Domestic
Commerce, and the Bureau shall use available official and unofficial statistics and such relevant data as may be in the possession of the various departments, bureaus, and independent establishments of the Federal Government
13
4
1
1
At the roll call three delegates were registered as not
voting, with one absent.
From Chicago June 16 the New York "Journal of Commerce" said:
Vice-president Curtis won by a narrow margin in a field of 12 other candidates hastily named after General Dawes had refused to permit presentation of his name. Curtis got 63434 votes, a majority of 55k. General
Harbord of New York and Hanford Macnider of Iowa, now Minister to
Canada. were his leading opponents.
In its Chicago dispatch June 16 the New York "Times"
said in part:
Under the disclosed domination of the President. the Republican Na
tional Convention to-day renominated Herbert Hoover and gave a grudging
but safe majority to Charles Curtis of Kansas, renominated as the party
candidate for Vice-President. . .
Mr. Curtis, the beneficiary of a last-minute switch of Pennsylvania's
75 votes from its Republican State Chairman, General Edward Martin, to
the Vice-President, had a first ballot majority of 5531, with a total of 8.3434•
His nomination also was made unanimous. Until Pennsylvania responded
to the Administration goad, Mr. Curtis lacked 1931 votes of the sum required for his renomination.
It has been 20 years since the obvious will of a Republlcan National
Committee has been so completely and publicly subordinated to a President's program. In 1912, as to-day both President and Vice-President
were renominated, the only time in its history that the Republlcan Party
has repeated its ticket.
But then Theodore Roosevelt bolted the convention and formed the
Bull moose party, badly defeating the regular Republicans under William
H. Taft In the election and assuring the victory of the Democratic ticket
headed by Woodrow Wilson.
In another item in this issue we give the platform adopted
at the convention, which covered three days (June 14-16)
Volume 134
Financial Chronicle
and is described in the New York "Herald Tribune" as the
shortest convention of the Republican Party in a generation.
The platform was adopted at 1:30 a. m. June 16 by a viva
voce vote, after the rejection by a vote of 681 to 472 of a
report on the prohibition plank by minority members of the
Resolutions Committee calling for repeal. Following the
defeat of the Bingham minority report declaring for straight
repeal the vote for the adoption of the dry-wet plank came
at the end of a colorful session of confusion and disorder
(we quote from the New York "Eevning Post") unparalleled
in recent Republican conventions as an enthusiastic gallery
of 20,000 Chicagoans displayed its obvious preference for
the Bingham platform. The "Post" also said in its Chicago
dispatch June 16:
4423
I am not a candidate for the himination for Vice-President. No one is
or will be authorized to present my name to the convention and I request
my friends not to embarrass me by their support.
A still later statement was given out as follows by General
Dawes at Washington on June 15:
The situation in the convention as to the Vice-Presidential nomination
as reported by the press this morning would seem to call for a more explicit
statement of my attitude.
To have been considered for this nomination is a high honor and I appreciate the proffers ofsupport.
I have given the question considerable thought.
I could not accept the nomination if made.
General Dawes resigned as President of the Reconstruction
Finance Corporation on June 15.
Repeal Gets Big Blocks.
The largest blocks of repeal votes were cast by New York, 76 to 21.
New Jersey, 35 to O.
Wisconsin, 22 to 5.
Pennsylvania, 51 to 23.
Vermont,9 to O.
Michigan, 253 to 153i.
,
6
Arizona, 9 to 0.
Connecticut, 19 to 0.
Rhode Island, 8 to 0.
Illinois, 45 to l53.
Washington, 11 to 8.
Kentucky, 14 to 10.
Mississippi, 11 to 0.
Massachusetts. 16 to 17.
Wyoming,9 to O.
Ohio went strongly for the Administration plank, 42 7-9 to 12 2-9.
California, 41 to 6, and Missouri, 23 to 83i
The debate which preceded the vote was noteworthy for the wild enthusiasm with which Senator Hiram Bingham, author of the minority report,
was greeted; the attention and respect which Secretary Ogden Mills, a selfassured and commanding figure before a hostile audience, obtained in
arguing for the Administration plank; the nearness to disruption of the
convention when James R. Garfield. Chairman of the Resolutions Committee,infuriated an already antagonistic gallery, and the statement of John
L. McNab of California, closing the debate, that "it is a plain question
whether you will support the President of the United States, it is a question
whether you will disrupt the Republican Party."
Platform Adopted by Republican Party in National
Convention at Chicago—Gold Standard Upheld—
Relief by Currency Inflation Held Unsound—
Plank Calling for Repeal of Eighteenth Amendment Rejected—Modified Plank Accepted for Resubmission Embodying President Hoover's Siews
Would Allow States to Deal with Issue Subject to
Jurisdiction of Federal Government—Revision of
Banking Laws to Place Banking Structure on
Sounder Basis Favored—Participation in International Monetary Conference Endorsed.
In the platform adopted after midnight on June 15 by the
Republican National Convention, assembled at Chicago,
it is declared that "the Republican party established and
will continue to uphold the gold standard and will oppose
any measure which will undermine the government's credit
or impair the integrity of our national currency" The
platform further declared:
Telegram Notifying President Hoover of His Renomination at Republican National Convention—Mr.
Relief by currency inflation in unsound in principle and dishonest in
results. The dollar is impregnable in the marts of the world to-day and
must remain so. An ailing body cannot be cured by quack remedies.
This is no time to experiment upon the body politic or financial.
Hoover's Reply.
Following the renomination as President of Herbert
Hoover at the Republican National Convention in Chicago
on June 16, the President was informed of the action of the
convention in a telegram as follows addressed to him by
B. H. Snell, Chairman of the convention:
REPUBLICAN NATIONAL COMMITTEE.
The Stadium Chicago.
June 16 1932.
Honorable Herbert Hoover,
The White House, Washington, D. C.:
I have the honor to inform you that the Republican National
Convention
has just conferred upon you the highest honor within its power to
bestow,
a renomination for the Presidency of the United States. I desire to
extend
to you personally, as well as officially as Chairman of this
convention and
on behalf of the delegates here assembled and the people of the
Nation,
our best wishes. We pledge our support in your arduous duties as
Chief
Executive.
BERTRAND H. SNELL,
Permanent Chairman,
Republican National Convention.
In answer to the above, President Hoover sent the following telegraphic message to Mr. Snell in which he expressed himself as "deeply grateful for the highest honor
the party can confer":
The White House,
Washington, June 16, 1932.
Honorable Bertrand H ,Snell,
Permanent Chairman,
Republican National Convention, Chicago, Ill.
I have your telegram advising me that the Republican
Convention has
renominated me as the party's candidate for President of the United States.
I am deeply grateful for the highest honor that the party can confer.
It
marks your approval and your confidence. I shall labor as I have
labored
to meet the effects of the world-wide storm which has devastated us
with
trials and sufferings unequaled in but few periods of our history. That
storm still surrounds us.
The measures which we have adopted and the policies which you have
outlined will, with patience and courage, restore confidence and with it
employment, agricultural and business. These policies and measures
will hold our hard-won American system of ordered liberty and Government. Our youth will continue to find that the doors of equal opportunity
are open.
But beyond platforms and measures there lies that sacred realm of ideals,
of hopes and aspirations, those things of the spirit, which make the greatness and the soul of the Nation.
These are our objectives, and with unceasing effort, with courage and faith
Almighty God, they will be attained.
If the American people shall again commit to me the high trust of this
great office, I pledge to them the full measure of my devotion to their setHERBERT HOOVER.
Charles G. Dawes Indicating That He
Would Not Be a Candidate for Vice-President.
Charles G. Dawes formally declared on June 13 that he
was not a candidate for the Republican Vice-Presidential
nomination and requested his friends not to embarrass him
with their support. After press reports that the Illinois
delegation to the Chicago convention was considering presenting his name for the nomination, General Dawes issued
the following statement at Washington:
Statements by
At the convention, which was opened on June 14, the
prohibition issue claimed major attention. As finally adopted
in the early morning hours(June 16) the plank hearing on the
18th amendment declares "we do not favor a submission
limited to the issue of retention or repeal." The plank goes
on to say in part:
We, therefore, believe that the people should have an opportunity to
pass upon a proposed amendment, the provision of which, while retaining
in the Federal Government power to preserve the gains already made in
dealing with the evils inherent in the liquor traffic, shall allow States to
deal with the problem as their citizens may determine, but subject always to
the power of the Federal Government to protect those States where
prohibition may exist and safeguard our citizens everywhere from the return
of the saloon and attendant abuses.
Such an amendment should be promptly submitted to the States by
Congress, to be acted upon by State conventions called for that sole purpose in accordance with the provisions of Article V of the Constitution.
and adequately safeguarded so as to be truly representative.
Recording the action of the convention on the prohibition
issue the dispatch from Chicago to the New York "Times,"
said:
Under the pressure of the administration, a reluctant Republican National Convention shortly before 1.30 o'clock this morning (June 161 voted
1
down the minority's effort to have flat repea4 of prohibition submitted to
the American people.
The vote on the plank offered for the minority of the Resolutions Cornmittee by Senator Hiram Bingham of Connecticut was 681 against, 472
for, with one absentee. Only Mississippi broke away from the powerful
control of the administration.
After the minority report had been defeated the entire platform was
adopted by a viva voce vote.
Though the most serious economic problems press for solution, and the
platform was full of discussions of these and plans for the reconstruction
of the Nation, the convention debated only the subject of prohibition.
The question was whether, as Senator Bingham put it, the party would
offer a clean-cut chance for a yes and no vote on the Eighteenth Amendment or whether, as Secretary Mills defined it, a new amendment should
be °commended which would give the Federal Government power, should
the adoption of a new amendment make prohibition a matter for State
instead of National solution, the power to keep dry those States which
wished to remain that way and to prevent the open saloon from being established in States which choose to be wet.
Appeals In Hoover's Name.
The debate began in an atmosphere of heat and emotion, much stimulated
by galleries devoted to the idea of flat repeal. Chairman James R. Garfield
of the Resolutions Committee was hissed and booed, and so were other
speakers for the compromise plank. But as the night wore on, the galleries
wearied, and the epochal decision Vi as taken in a quiet stadium.
Before it ended a personal appeal to the convention to stand by the
majority report in the name of President Hoover was made by John McNab.
a California delegate, who put Mr. Hoover in nomination at Kansas City
In 1928. This is the first time that there has been public admission that the
President has been directing the decisions of the convention.
Though what was to-night publicly confessed had been well known unofficially for weeks. New York, Pennsyli,ania, New Jersey, Illinois. Indiana
and Michigan. all Republican stalwarts, cast more votes for the Bingham
motion than for the proposal sanctioned by Mr. Hoover. It was evident
that the sentiment of the convention was overwhelmingly for repeal. But
the word had been passed down the line from the White House and, as is
the unvarying rule of American politics, a President on renomination eve
controlled the declarations of his party.
The plank which Senator Hiram Bingham, of Connecticut,
offered a substitute (but rejected) for the majority proposal
follows:
4424
Financial Chronicle
We recommend that the Congress of the United States immediately
prepare an amendment to the Federal Constitution repealing the Eighteenth
Amendment thereto to be submitted to conventions of the people of the
several States called for the sole purpose in accordance with the provisions
of Article V of the Constitution of the United States.
Should the Eighteenth Amendment be repealed we pledge our best effort
toward enactment of such measures in the several States as will actually
promote temperance, effectively abolish the saloon, whether open or concealed, and bring the liquor traffic itself under complete public supervision
and control, with revenues properly drawn from legalized sources for the
relief of the burden of taxpayers.
With reference to the prohibition issue a Chicago dispatch
June 13 to the "Times" had the following to say:
Just before midnight on the very eve of the opening of the Republican
convention here to-morrow, a group composed of President Hoover's
intimates and Cabinet associates agreed upon a resubmission plank on
prohibition which they will offer in the committee on resolutions to-morrow.
The text and conditions of the plank were held in secrecy by the conferees, who included Secretary Mills, Secretary Stimson, Walter H. Newton, one of Mr. Hoover's secretaries, and Henry J. Allen, former Governor
of Kansas and representative of the Methodist Church board of strategy.
But it was said by one of the group to be a "safe guess" that the plank will
steer a middle course between an advocacy of repeal and reiteration of the
1928 law enforcement plank.
Chief Points of Plank.
A friend of the President who was not in the conference but who said
he had seen the draft of the plank agreed on.said it controverts the proposition that, in times of great economic stress, prohibition is a major issue.
denies that prohibition is or should be a party issue. thus offering the Democratic convention a chance to say likewise; states the right of the people to
express their will; pledges resubmission by Congress but does not mention
either "retention" or "repeal" and pledges Congress to erect proper safeguards, defining strong powers to be added to the Federal provisions already
In the Constitution, for the States which wish to remain dry.
The same paper, reporting from Chicago June 15 said:
At 1:30 o'clock this morning the platform-drafting subcommittee of the
resolutions committee, named late last night by Chairman James R. Garfield at the end of five hours of open hearings, began its work on the final
shaping of the planks to be submitted to the Republican National Convention.
For an hour and a half before that time the full committee, encouraged
by Chairman Garfield to state individual views freely, took him at his
word and held up the tack of the subcommittee.
Sentiment for prohibition repeal was voiced vigorously and some were
Inclined to ascribe to this the addition by Chairman Garfield of a firm
dry, former Governor R. A. Nestos of North Dakota. to the subcommittee, making its total 17 members.
The drafting group is now safely controlled by administration men and
moderate drys, Secretaries Mills and Hyde, Ambassador Walter E. Edge
and Senator Hastings of Delaware being relied upon to see that no vital
change is made in the prohibition submission plan favored by President
Hoover. The subcommittee will work through the night and the full
committee has been called to reassemble at 11 a. m.
As the subcommittee began its work, party leaders announced that a
tentative draft of the prohibition plank had been found acceptable to
President Hoover.
Drafters of Platform.
Besides Mr. Nesto.. the subcommittee included.
California—Charles Collins Teague.
Colorado—William V. Hodges.
Delaware—Daniel 0. Hastings.
Illinois—Garrett D. Kinney.
Iowa—Jay N. Darling.
Kansas—Charles F. Scott.
Massachusetts—William M.Butler.
Michigan—Fred W. Green.
Missouri—Arthur M. Hyde.
New Hampshire—John G. Wynant.
New York—Ogden L. Mills.
New Jersey—Walter E. Edge.
Pennsylvania—John J. McClure.
Texas—James K. Fowler.
Washington—John J. Sullivan.
Secretary Mills, who has been most influential in the Cabinet group
which shaped the prohibition and economy planks, indicated that there
might be some changes in the rough draft of the prohibition plank, but in
his opinion it would be ratified by the full committee without substantial
change.
The wet members of the committee who had been informed of the tenor
of the prohibition plank were up in arms and threatened to present a minority report to the convention demanding repeal. Senator Bingham of
Connecticut and Jeremiah Everts of Vermont notified their colleagues
on the committee of their intention to carry the fight to the floor. Senator Bingham, who moved to create the subcommittee, did not obtain a
place on it and no other wet advocates, except those amenable to administration influences, received appointments on it. The wet leaders while
planning to fight for repeal by presenting a minority report to the convention, admitted that they had no hope of upsetting the majority report.
The platform as adopted embodies 37 planks, one of which
bears on "Banks and the Banking System." Under this
head it is declared:
There is need of revising the banking laws so as to place our banking
structure on a sounder basis generally for all concerned and for the better
protection of the depositing public there should be more stringent supervision and broader powers vested in the supervising authorities. We
advocate such a revision.
One of the serious problems affecting our banking system has arisen from
the practice of organizing separate corporations from under and controlled
by the same interests as banks, but participating in operations which
the banks themselves are not permitted legally to undertake. We favor
requiring reports of and subjecting to thorough and periodic examination
all such affiliates of member banks until adequate information has been
acquired on the basis of which this problem may definitely be solved in a
permanent manner.
Other principles enunciated in the platform, are summarized in Associated Press accounts from Chicago, as
follows:
Wholehearted indorsement of the Hoover leadership in the economic
crisis.
June 18 1932
Emergency loans to States for unemployment relief.
Participation in international conference on monetary questions, including silver.
Establishment of a Home Loan Discount System.
Encouragement of co-operative marketing through the Federal Farm
Board; support of "any plan which will help agriculture balance production
against demand"; promotion of a National land utilization policy.
Revision through the Tariff Commission of duties affected by depreciated
currencies of foreign countries.
Tariff protection for natural resources, including products of forests,
farms, mines and oil wells.
Revision of veterans' legislation to eliminate inequalities and to effect
all possible economies.
Enactment of legislation to authorize participation by the United States
In an international conference in event of a threat against the Kellogg Peace
Pact.
Participation in the World Court.
Declaration for principle of high wages and short working hours.
Federal regulation of electric current transmitted across State lines.
Development of the Great Lakes-St. Lawrence seaway.
Rigid laws against gangsters, racketeers and kidnapers.
Introduction.
We, the representatives of the Republican party, in convention assembled, renew our pledge to the principles and traditions of our party and
dedicate it anew to the service of the nation.
We meet in a period of widespread distress and of an economic depression
that has swept the world. The emergency is second only to that ot a great
war. The human suffering occasioned may well exceed that of a period of
actual conflict.
The supremely important problem that challenges our citizens and
Government alike is to break the back of the depression, to restore the
economic life of the nation and to bring encouragement and relies to the
thousands of American families that are sorely afflicted.
The people themselves, by their own courage, their own patient and
resolute effort in the readjustments of their own affairs, can and will work
out the cure. It is our task 88 a party, by leadership and a wise determination of policy, to assist that recovery.
To that task we pledge all that our party possesses in capacity,leadership.
resourcefulness and ability. Republicans, collectively and individually, in
nation and State, hereby enlist in a war which will not end until the promise
of American life is once more Whined.
Leadership.
For nearly three years the world has endured an economic depression of
unparalleled extent and severity. The patience and courage of our people
have been severely tested, but their faith in themselveb, In their institutions and in their future remains unshaken. When victory comes, as It
will, this generation will hand on to the next a great heritage unimpaired.
This will be due in large measure to the quality of the leadership that
this country has had during this crisis. We have had in the White House a
leader—wise, courageous, patient, understanding, resourceful, ever present
at his post of duty, tireless in his efforts and unswervingly faithful to
American principles and ideals.
At the outset of the depression, when no man could foresee its depth and
extent, the l'resident succeeded in averting much distress by securing
agreement between industry and labor to maintain wages and by stimulating programs of private and governmental construction. Throughout the
depression unemployment has been limited by the systematic use of parttime employment as a substitute for the general discharge of employees.
Wage scales have not been reduced except under compelling necessity. As
a result there have been fewer strikes and less social disturbance than
during any similar period of hard times.
The suffering and want occasioned by the great drouth of 1930 were
mitigated by the prompt mobilization of the resources of the Red Cross
and of the Government. During the trying Winters of 1930-31 and 1931-32
a nation-wide organization to relieve distress was brought into being under
the leadership of the President. By the Spring of 1931 thepossibility of a
business upturn in the United States wa, clearly discernible when,suddenly,
a train of events was set in motion in Central Europe which moved forward
with extraordinary rapidity and violence, threatening the credit structure
of the world and eventually dealing a serious blow to this country.
The President foresaw the danger. He sought to avert it by proposing a
suspension of intergovernmental debt payments for one year, with the
Purpose of relieving the pressure at the point of greatest intensity. But
the credit machinery of the nation: of Central Europe could not withstand
the strain, and the forces of disintegration continued to gain momentum
until in September Great Britain was forced to depart from the gold
standard. This momentous event, followed by a tremendous raid on the
dollar, resulted in a series of bank suspensions in this country, and the
hoarding of currency on a large scale.
Again the President acted. Under his leadership the National Credit
Association came into being. It mobilized our banking resources,saved
scores of banks from failure, helped restore confidence and proved of
inestimable value in strengthening the credit structure.
By the time the Congress met the character of our problems was clearer
than ever. In his message to Congress the President outlined a constructive
and definite program which in the main has been carried out; other portions
Tn Ba
La y yet nks
ma heRbe carried
Credit
dout Corp. was creat. The capital of the Federal
it
created,
Land
was increased. The Reconstruction Finance Corp. came into
being and brought protection to millions of depositors, policy holders and
others.
Legislation was enacted enlarging the discount facilities of the Federal
Reserve System, and, without reducing the legal reserves of the Federal
Reserve Banks, releasing a billion dollars of gold, a formidable protection
against raids on the dollar and a greatly enlarged basis for an expansion
cru.
orcredit.
An earlier distribution to depositors in closed banks has been brought
about through the action of the Reconstruction Finance Corp. Above all.
the National credit has been placed in an impregnable position by provision
for adequate revenue and a program of drastic curtailment of expenditures. All of these measures were designed to lay a foundation for the
resumption of business and increased employment.
But delay and the constant introduction and consideration of new
and unsound measures has kept the country in a state of uncertainty and
fear, and offset much of the good otherwise accomplished.
The President has recently supplemented his original program to provide for distress, to stimulate the revival of business and employment.
and to improve the agricultural situation, he recommended extending the
authority of the Reconstruction Finance Corp. to enable it:
(a) To make loans to political subdivisions of public bodies or private
corporations for the purpose of starting construction of income-producing
or self-liquidating projects which will at once increase employment,
(b) To make loans upon security of agricultural commodities so as to
insure the carrying of normal stocks of those commodities, and thus
stabilize their loan value and price levels;
Volume 134
Financial Chronicle
(c) To make loans to the Federal Farm Board to enable extension of
loans to farm co-operatives and loans for export of agricultural commodities
to quarters unable otherwise to purchase them;
(d) To loan up to $300.000,000 to such States as are unable to meet
the calls made on them by their citizens for distress relief.
The President's program contemplates an attack on a broad front.
with far-reaching objectives, but entailing no danger to the budget. The
Democratic program, on the other hand, contemplates a heavy expenditure
of public funds, a budget unbalanced on a large scale, with a doubtful
attainment of at best a strictly limited objective.
We strongly endorse the President's program.
Unemployment and Relief.
True to American traditions and principles of Government, the administration has regarded the relief problem as one of State and local responsibility. The work of local agencies, public and private, have been
co-ordinated and enlarged on a Nation-wide scale under the leadership of
the President.
Sudden and unforseen emergencies such as the drought have been met
by the Red Cross and the Government. The United States Public Health
Service has been of inestimable benefit to stricken areas.
There has been magnificent response and action to relieve distress by
citizens, organizations and agencies, public and private, throughout the
country.
To provide against the possible failure of local and State agencies.
the President has urged the Congress to create an emergency relief fund
to be loaned temporarily to any State on a showing of actual need and temporary failure of its financial resources.
The Republican party endorses this record and policy and is opposed to
the Federal Government entering directly into the field of private charity
and direct relief to the individual.
4425
commodity prices, industrial as well as agricultural, have fallen to disastrous levels. A period of decreasing demand and of National calamities
such as drouth and flood has intensified the problem of agriculture.
Nevertheless, after only a little more than two years' efforts, the Federal
Farm Board has many achievements of merit to its credit. It has increased
the membership of the co-operative farm marketing associations to co-ordinate efforts of the local associations. By co-operation with other Federal
agencies, it has made available to farm marketing associations a large
column of credit, which, in the emergency, would not have otherwise been
available. Larger quantities of farm products have been handled co-operatively than ever before in the history of the co-operative movement. Grain
crops have been sold by the farmer through his association directly upon
the world market.
Due to the 1930 tariff Act and the Agricultural Marketing Act, it can
truthfully be stated that the prices received by the American farmer for
his wheat, corn, rye, barley, oats, flaxseed, cattle, butter and many other
products, cruelly low though they are, are higher than the prices received
by the farmers of any competing Nation for the same products.
The Republican party also has aided the American farmer by relief of the
sufferers in the drouth striken areas, through loans for rehabilitation and
through road building to provide employment, by the development of the
inland waterway system, by the perishable product Act,by the strengthenng
of the extension system,and by the appropriation of $125.000,000 to recapitalize the Federal Land Banks and enable them to extend item to worthy
borrowers.
to
The Republican party pledges itself to the principle off assistance
co-operative marketing associations, owned and controlled by the farmers
Act, which
themselves, through the provisions of the Agricultural Marketing
necessary
will be promptly amended or modified as experience shows to be
Act.
to accomplish the objects set forth in the preamble of that
Tariff and the Marketing Act.
schedules as
The party pledges itself to make such revision of tariff
to agriculeconomic changes require to maintain the parity of protection
ture with other industry.
schedules on his proThe American farmer is entitled not only to tariff
ducts but to protection from substitutes therefor.
production against
We will support any plan which will help to balance
economically
demand, and thereby raise agricultural prices, provided it is
bureaucracy.
sound and administratively workable without burdensome
land constitutes
The burden of taxation borne by the owners of farm
one of the major problems of agriculture.
upon real propPresident Hoover has aptly and truly said, "Taxes
taxes. The tenderty are easiest to enforce and are the least flexible of all
in times of
ency under pressure of need is to continue these taxes unchanged
price
depression, despite the decrease in the owner's income. Decreasing
upon property
and decreasing income results in an increasing burden
Banks and the Banking System.
The tax
owners . . . which is now becoming almost unbearable.
upon other
The efficient functioning of our economic machinery depends in no small
burden upon real estate is wholly out of proportion to that
needed to-day
measure on the aid rendered to trade and industry by our banking system.
forms of property and income. There is no farm relief more
There is need of revising the banking laws so as to place our banking structhan tax relief."
of our tax systems. Federal,
ture on a sounder basis generally for all concerned, and for the better
The time has come for a reconsideration
co-ordination, reducing
protection of the depositing public there should be more stringent superState and local, with a view to developing a better
party pledges
vision and broader powers vested in the supervising authorities. We
duplication and relieving unjust burdens. The Republican
advocate such a revision.
itself to this end.
that. In the administration of
One of the serious problems affecting our banking system has arisen
More than all else, we point to the fact
President for the co-orfrom the practice of organizing separate corporations under and controlled
executive departments, and in every plan of the
financial structure,
by the same interests as banks, but participating in operations which the
dination of National effort and for strengthening our
and laying the
banks themselves are not permitted legally to undertake. We favor requiring
for expanding credit, for rebuilding the rural credit system
the interest
reports of and subjecting to thorough and periodic examination all such
foundations for better prices, the President has insisted upon
affiliates of member banks until adequate information has been acquired
of the American farmer.
is the control of
on the basis of which this problem may definitely be solved in a permanent
The fundamental problem of American agriculture
In the
manner.
production to such volume as will balance supply with demand
farmers to plan
International Conference.
solution of this problem the co-operative organization of
market for American farmers,
production, and the tariff, to bold the home
We favor the participation by the United States in an international
control of the
are vital elements. A third element equally as vital is the
conference to consider matters relating to monetary questions, including
to
acreage of land under cultivation, as an aid to the efforts of the farmer
the position of silver, exchange problems, and commodity prices, and
balance production.
possible co-operative action concerning them.
which looks to National
We favor a National policy of land utilization
Such a
needs, such as the administration has already begun to formulate.
Home Loan Discount Bank System.
by tax
policy must foster reorganization of taxing units in areas beset
has initiated legislation for the
The present Republican administration
to
delinquency and divert lands that are submarginal for crop production
creation of a system of Federally supervised home loan discount banks,
the acquisition
other uses. The National welfare plainly can be served by
designed to serve the home owners of all parts of the country and to enprotection, grazing, forestry, public
of submarginal lands for watershed
courage home ownership by making possible long term credits for homes
parks and game reserves. We favor such acquisition.
on more stable and more favorable terms.
There has arisen in the last few years a disturbing trend away from home
The Tariff.
ownership. We believe that everything possible should be done by governof the
The Republican party has always been the stanch supporter
mental agencies, national, State and local, to reverse this tendency: to aid
American system of a protective tariff. It believes that the home market,
home owners by encouraging better methods of home financing; and to
market in the world,
built up under that policy, the greatest and richest
relieve the present inequitable tax burden on the home. In the field of
pretext
belongs first to American agriculture, industry and labor. No
national legislation we pledge that the measures creating a home loan
our farms,
can justify the surrender to such competition as would destroy
discount system will be pressed in Congress until adopted.
estabmines and factories and lower the standard of living which we have
Agriculture.
lished for our workers.
recently abandoned the gold
Because many foreign countries have
Farm distress in America has its root in the enormous expansion of
produced in
standard, as a result of which the costs of many commodities
agricultural production during the war, the deflation of 1919, 1920 and
terms of
such countries have, at least for the time being,fallen materially in
the dislocation of markets after the war. There followed, under Republican
American currency, adequate tariff protection is to-day particularly
Administrations, a long record of legislation in aid of the co-operative
essential to the welfare of the American people.
organization of farmers and in providing farm credit. The position of
The Tariff Commission should promptly investigate individual comagriculture was gradually improved. In 1928 the Republican party pledged
further measures in aid of agriculture, principally tariff protection for
modities so affected by currency depreciation and report to the President
agricultural products and the creation of a Federal Farm Board "clothed
any increase in duties found necessary to equalize domestic with foreign
costs of production.
with the necessary power to promote the establishment of a farm marketing
system of farmer-owned and controlled stabilization corporations."
To fix the duties on some thousands of commodities, subject to highly
complex conditions, is necessarily a difficult technical task. It is unavoidAlmost the first official act of President Hoover was the calling of a
able that some of the rates established by legislation should, even at the
special session of Congress to redeem these party pledges. They have
time of their enactment, be too low or too high. Moreover, a subsequent
been redeemed.
change in costs or other conditions may render obsolete a rate that Was
The 1930 tariff Act increased the rates on agricultural products by 30%
supbefore appropriate. The Republican party has, therefore, long
upon industrial products only 12%. That Act equalized, so far as legisported the policy of aflexible tariff, giving power to the President. after
lation can do so, the protection afforded the farmer with the protection
investigation by an impartial commission and in accordance with prescribed
afforded industry, and prevented a vast flood of cheap wool, grain, liveprinciples, to modify the rates named by the Congress.
stock. dairy and other products from entering the American market.
We commend the President's veto of the measure, sponsored by DemoBy the Agricultural Marketing Act. the Federal Farm Board was created
cratic Congressmen, which would have transferred from the President to
and armed with broad powers and ample funds. The object of that Act,
the Congress the authority to put into effect the findings of the Tariff
as stated in its preamble, was:
Commission. Approval of the measure would have returned tariff making
"To promote the effective merchandising of agricultural commodities in
to politics and destroyed the progress made during ten years of effort to
. . agriculture will be placed
Inter-State and foreign commerce so that
lift it out of log-rolling methods. We pledge the Republican party to a
on the basis of economic equality with other industries . • • By enpolicy which will retain the gains made and enlarge the present scope of
couraging the organization of producers into effective association for their
greater progress.
own control . . . and by promoting the establishment of a farm
We favor the extension of the general Republican principle of tariff
marketing system of producer-owned and producer-controlled co-operative
protection to our natural resource industries, including the products of our
associations."
farms, forests, mines and oil wells, with compensatory duties on the manuThe Federal Farm Board, created by the Agricultural Marketing Act,
factured and refined products thereof.
has been compelled to conduct its operations during a period in which all
Public Economy.
Constructive plans for financial stabilization cannot be completely
organized until our national, State and municipal governments not only
balance their budgets but curtail their current expenses as well to a level
which can be steadily and economically maintained for some years to come.
We urge prompt and drastic reduction of public expenditure and resistance
to every appropriation not demonstrably necessary to the performance of the
essential functions of government, national or local.
The Republican party established and will continue to uphold the gold
standard and will oppose any measure which will undermine the government's credit or impair the integrity of our national currency. Relief by
currency inflation is unsound in principle and dishonest in results. The
dollar is impregnable in the marts of the world to-day and must remain so.
An ailing body cannot be cured by quack remedies. This is no time to
experiment upon the body politic or financial.
4426
Financial Chronicle
Veterans.
Our country is honored whenever it bestows relief on those who have
faithfully served its flag. The Republican party, appreciative of this
solemn obligation and honor, has made its sentiments evident in Congress.
I creased hospital facilities have been provided, payments in compensation have more than doubled and in the matter of rehabilitations, pensions
and insurance, generous provision has been made.
The administration of laws dealing with the relief of the veterans and
their dependents has been a difficult task, but every effort has been made
to carry service to the veterans and bring about not only a better and
generous interpretation of the law but a sympathetic consideration of the
many problems of the veteran.
We believe that every veteran incapacitated in any degree by reason of
Illness should be cared for and compensated, so far as compensation is
possible, by a grateful nation, and that the dependents of those who lost
their lives in war or whose death since the war in which service was rendered
is traceable to service causes, should be provided for adequately. Legisla
thin should be in accord with this principle.
Disability from causes subsequent and not attributable to war and the
support of dependents of deceased veterans whose death is unconnected
with war have been to some measure accepted obligations of the nation
as a part of the debt due.
A careful study should be made of existing veterans' legislation with a
view to elimination of inequalities and injustices and effecting all possible
economies, but without departing from our purpose to provide on a sound
basis full and adequate relief for our service disabled men, their widows
and orphans.
Foreign Affairs.
Our relations with foreign nations have been carried on by President
Hoover with consistency and firmness, but with mutual understanding and
peace with all nations. The world has been overwhelmed with economic
strain which has provoked extreme nationalism in every quarter, has overturned many governments, stirred the springs of suspicion and distrust and
tried the spirit of international co-operation, but we have held to our own
course steadily and successfully.
.
The party will continue to maintain its attitude of protecting our national
interests and policies wherever threatened but at the same time promoting
common understanding of the varying needs and aspirations of other
nations and going forward in harmony with other peoples without alliances
or foreign partnerships.
The facilitation of world intercourse, the freeing of commerce from
unnecessary impediments, the settlement of international difficulties by
conciliation and the methods of law and the elimination of war as a resort
of national policy have been and will be our party program.
Friendship and Commerce.
We believe in and look forward to the steady enlargement of the principles
of equality of treatment between nations great and small, the concession
of sovereignty and self
-administration to every nation which is capable of
carrying on stable government and conducting sound orderly relationships
with other peoples, and the cultivation of trade and intercourse on the
basis of uniformity of opportunity of all nations.
In pursuance of these principles, which have steadily gained favor in
the world, the administration has asked no special favors in commerce,
has protested discriminations whenever they arose, and has steadily cemeted
this procedure by reciprocal treaties guaranteeing equality for trade and
residence.
The historic American plan known as the most
-favored-nation principle
has been out guiding program, and we believe that policy to be the only one
consistent with a full development of international trade, the only one suitable for a country having as wide and diverse a commerce as America, and
the one most appropriate for us in view of the great variety of our industrial,
agricultural and mineral products and the traditions of our people.
Any other plan involves bargains and partnerships with foreign Nations,
and as a permanent policy is unsuited to America's position.
Conditions on the Pacific.
Events in the Far East, involving the employment of arms on a large
scale in a controversy between Japan and China, have caused world-wide
concern in the past year and sorely tried the bulwarks erected to insure
peace and pacific means for the selltement of international disputes.
The controversy has not only threatened the security of the nations bordering the Pacific but has challenged the maintenance of the policy of the
open door in China and the administrative and political integrity of that
people, programs which upon American initation were adopted more than a
generation ago and secured by international treaty.
The President and his Secretary of State have maintained throughout the controversy a just balance between Japan and China, taking always
a firm position to avoid entanglement in the dispute, but consistently
upholding the established international policies and the treaty rights
and interests of the United States, and never condoning developments
that endangered the obligation of treaties or the peace of the world.
Throughout the controversy our Government has acted in harmony with
the Governments represented in the League of Nations, always making
It clear that American policy would be determined at home, but always
lending a hand in the common interest of peace and order.
In the application of the principles of the Kellogg pact the American
Government has taken the lead, following the principle that a breach
of the pact or a threat of infringement thereof was a matter of international
concern wherever and however brought about.
As a further step the Secretary of State, upon the instruction of the
President, adopted the principle later enlarged upon in his letter to the
Chairman of the Committee on Foreign Relations of the Senate that this
Government would not recognize any situation, treaty or agreement brought
about between Japan and China by force and in defiance of the covenants
of the Kellogg pact.
This principle, associated as it is with the name of President Hoover,
was later adopted by the Assembly of the League of Nations at Geneva as
it rule for the conduct of all those Governments. The principle remains
to-day as an important contribution So international law and a significant
moral and material barrier to prevent a nation obtaining the fruits of
aggressive warfare. It thus opens a new pathway to peace and order.
We favor enactment by Congress of a measure that will authorize our
Government to call or participate in an international conference in case of
any threat of non-fulfillment of Article 2 of the Treaty of Paris (KelloggBriand pact).
Latin-America.
The policy of the administration has proved to our neighbors of LatinAmerica that we have no imperialistic ambitions, but that we wish only to
promote the welfare and common interest of the independent nations
In the Western Hemisphere.
We have aided Nicaragua in the solution of its troubles and our country,
in greatly reduced numbers, at the request of the Nicaraguan Government
only to supervise the coming election. After that they will all be returned
to the United States.
June 18 1932
In Haiti, in accord with the recommendations of the Forbes
commission,
appointed by the President, the various services of supervision are
being
being rapidly withdrawn, and only those will be retainecj,which
are mandatory under the treaties.
Throughout Latin America the policy of the Governkent of the United
States has been and will, under Republican leadership, continue to
be one
of frank and friendly understanding.
World Court.
The acceptance by America of membership in the World Court
has
been approved by three successive Republican Presidents and we
commend
this attitude of supporting in this form the settlement of international
disputes by the rule of law. America should join its influence and
gain a
voice in this institution, which would offer us a safer, more judicial
and
expeditious instrument for the constantly recurring questions between us
• and other nations than is now available by arbitration
Reduction of Armament.
Conscious that the limitation of armament will contribute to security
against war, and that the financial burdens of military preparation
have
been shamefully increased throughout the world, the Adnainsitration
under President Hoover has made steady efforts and marked progress in
the direction of proportional reduction of arms by agreement with other
nations.
Upon his initiative a treaty between the chief naval powers at London
in 1930, following the path marked by the Washington Conference of 1922,
established a limitation of all types of fighting ships on a proportionate
basis as between the three great naval powers. For the first time, a general
limitation of a most costly branch of armament was successfully accomplished.
In the Geneva disarmament conference, now in progress, America
is an active participant and a representative delegation of our citizens
Is laboring for progress in a cause to which this country has been an earnest
contributor. This policy will be pursued.
Meanwhile maintenance of our navy on the basis of parity with any nation
Is a fundamental policy to which the Republican party is committed. While
In the interest of necessary Government retrenchment, humanity and relief
of the taxpayer we shall continue to exert our full influence upon the nations
of the world in the cause of reduction of arms, we do not propose to reduce
our navy defences below that of any other nation.
National Defense.
Armaments are relative and, therefore, flexible and subject to change
as necessity demands. We believe that in time of war every material resource in the nation should bear its proportionate share of the burdens
occasioned by the public need and that it is a duty of Government to perfect
plans in time of peace whereby this objective may be attained in war.
Wesupport the essential principles of the National defence Act ofamended
in 1920 and by the Air Corps Act of 1926, and believe that the army of
the United States has, through successive reductions accomplished in the
last twelve years, raeched an irreducible minimum consistent with the selfreliance, self-respect and security of this country.
Wages and Work.
We believe in the principle of high wages.
We favor the principle of the shorter week working and shorter work day
with its application to Government as well as to private employment, as
raplidly and as constructively as conditions will warrant.
We favor legislation designed to stimulate encourage and assist in home
building.
Immigration.
The restriction of immigration is a Republican policy. Our party formulated and enacted into law the quota system, which for the first time has
made possible an adequate control of foreign immigration.
Rigid examination of applicants in foreign countries prevented the coming of criminals and other undesirable classes, while other provisions of the
law have enabled the President to suspend immigration of foreign wageearners who, otherwise, directly or indirectly, would have increased unemployment among native-born and legally resident foreign-born wage-earners
in this country. As a result, immigration is now less than at any time during
the past 100 years.
We favor the continuance and strict enforcement of our present laws upon
this subject.
Department of Labor.
We commend the constructive work of the United States Department of
Labor.
Labor.
Collective bargaining by responsible representatives of employers and
employees of their own choice, without the interference of any one, is
recognized and approved.
Legislation such as laws prohibiting alien contract labor, peonage labor
and the shanghaing of sillors; the 8
-hour labor law on Government contracts
and in Government employment; provision for railroad safety devices,
of methods of conciliation, mediation and arbitration in industrial labor disputes, including the adjustment of railroad disputes; the providing of
compensation for injury to Government employees (the forerunner of Federal worke s' compensation Acts), and other laws to aid and protect labor
are of Republican origin, and have had and will continue to have the unswerving support of the party.
Employment.
We commend the constructive work of the United States Employment Service in the Department of Labor. This service was enlarged
and its activities extended through an appropriation made possible by
the President with the co-operation of the Congress. It has done high
service for the unemployed in the ranks of civil life and in the ranks of
the former soldiers of the World War.
Freedom of Speech.
Freedom of speech, press and assemblage are fundamental principles
upon which our form of Government rests. These vital principal should be
Preserved and protected.
Public Utilities.
Supervision, regulation and control of inter-State public utilities in the
interest of the public is an established policy of the Republican party.
to the credit of which stands the creation of the Inter-State Commerce
Commission, with its authority to assure reasonable transportation rates.
sound railway finance and adequate service.
As proof of the progress made by the Republican party in Government
control of public utilities, we cite the reorganization under this administration of the Federal Power Commission, with authority to administer the
Federal water power Act. We urge legislation to authorize this Commission
to regulate the charges for electric current when transmitted across State
lines.
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Financial Chronicle
Transportation.
'['ho promotion of agriculture, commerce and industry requires coordination of transportation by rail, highway, air and water. All should
be subjected to appropriate and constructive regulation.
The public will, of course, select the form of transportation best fitted
to its particular service, but the terms of competition fixed by public authority should operate without discrimination, so that all common carriers by
rail highway, air and water shall operate under conditions of equality.
The railroads constitute the backbone of our transportation system and
perform an essential service for the country. The railroad industry is our
largest employer of labor and the greatest consumer of goods. The restoration of their credit and the maintenance of their ability to render adequate
service are of paramount importance to the public, to their many thousands
of employees and to saNings banks, insurance companies and other similar
institutions, to which the savings of the people have been entrusted.
We should continue to encourage the further development of the merchant marine under American registry and ownership.
Under the present administration the American merchant fleet has been
enlarged and strengthened until it now occupies second place among the
merchant marines of the world.
By the gradual retirement of the Government from the field of ship operations and market economies in costs, the United States Shipping Board
will require no appropriation for the fiscal year 1933 for ship operations.
St. Lawrence Seaway,
The Republican party stands committed to the development of the
Great Lakes-St. Lawrence seaway. Under the direction of President
Hoover negotiation of a treaty with Canada for this development is now at
a favorable point. Recognizing the inestimable benefits which will accrue
to the Nation from placing the ports of the Great Lakes on an ocean base,
the party reaffirms allegiance to this great project and pledges its best
efforts to secure its early completion.
Highways.
The Federal policy to co-operate with the States in the building of roads
was thoroughly established when the Federal highway Act of 1921 was
adopted under a Republican Congress. Each year since that time appropriations have been made which have greatly increated the economic value
of highway transportation and helped to raise the standards and opportunities of rural life.
We pledge our support to the continuation of this policy in accordance
with our needs and resources.
Crime.
We favor the enactment of rigid penal laws that will aid the States in
stamping out the activities of gangsters, racketeers and kidnappers. We
commend the intensive and effective drive made upon these public enemies
by President Hoover and pledge our party to further efforts to the same
purpose.
Narcotics.
The Republican party pledges itself to continue the present relentless
warfare against the illicit narcotic traffic and the spread of the curse of drug
addiction among our people. This administration has by treaty greatly
strengthened our power to deal with this traffic.
Civil Service.
The merit system has been amply justified since the organization of the
Civil Service by the Republican party. As a part of our Governmental
system it is now unassailable. We believe it should remain so.
The Eighteenth Amendment.
The Republican party has always stood and stands to-day for obedience
to and enforcement of the law as the very foundation of orderly government
and civilization. There can be no national security otherwise. The duty
of the President of the United States and of the officers of the law is clear.
The law must be enforced as they find it enacted by the people. To these
courses of action we pledge our nominees.
The Republican party is and always has been the party of the Constitution. Nullification by non-observance by individuals or state action
threatens the stability of government.
While the Constitution makers sought a high degree of permanence, they
foresaw the need of changes and provided for them. Article V limits the
proposals of amendments to two methods: (1) Two-thirds of both Houses
of Congress may propose amendments; or (2) on application of the Legislatures of two-thirds of the States a national convention shall be called by
Congress to propose amendments. Thereafter ratification must be had in
one of two ways:(1) By the Legislatures of three-fourths of the several States.
Congress is given power to determine the mode of ratification.
Referendums without constitutional sanction cannot furnish a decisive
answer. Those who propose them innocently are deluded by false hopes;
those who propose them knowingly are deceiving the people.
A nation-wide controversy over the Eighteenth Amendment now distracts
attention from the constructive solution of many pressing national problems.
The principle of national prohibition as embodied in the amendment was
supported and opposed by members of both great political parties. It was
submitted to the States by members of Congress of different political faiths
and ratified by State Legislatures of different policital majorities. It was
not then and is now not a partisan policital question.
Members of the Republican Party hold different opinions with respect to
it and no public official or member of the party should be pledged or forced
to choose between his party affiliations and his honest convictions upon
this qvestion.
We do not favor a submission limited to the issue of retention or repeal,
for the American nation never in its history has gone backward, and in this
case the progress which has been thus far made must be preserved, while
the evils must be eliminated.
We therefore believe that the people should have an opportunity to pass
upon a proposed amendment the provision of which, while retaining in the
Federal Government power to preserve the gains already made in dealing
with the evils inherent in the liquor traffic, shall allow States to deal with
the problem as their citizens may determine, but subject always to the
power of the Federal Government to protect those States whom p:ohibition
may exist and safeguard our citizens everywhere from the return of the
saloon and attendant abuses.
Such an amendment should be promptly submitted to the States by
Congress. to be acted upon by State conventions called for that sole put pose
in accordance with the provisions of Article V of the Constitution and adequately safeguarded so as to be truly representative.
Conservation.
The wise use of all natural resources freed from monopolistic control is a
Republican policy, initiated by Theodore Roosevelt. The Roosevelt.
Coolidge and Hoover reclamation projects bear witness to the continuation
of that policy. Forestry and all other conservation activities have been
supported and enlarged.
The conservation of oil is a major problem to the industry and the Nation.
The administration has sought to bring co-ordination of effort through the
4427
States, the producers and the Federal Government. Progress has been
made and the effort will continue.
The Negro.
For 70 years the Republican Party has been the friend of the American
Negro. Vindication of the right of the Negro citizen to enjoy the full
benefits of life, liberty and the pursuit of happiness is traditional in the
Republican Party, and our party stands pledged to maintain equal opportunity and rights for Negro citizens. We do not propose to depart from
that tradition nor to alter the spirit or letter of that pledge.
Hawaii.
We believe that the existing status of self-government which for many
the citizens of the Territory of Hawaii should
Years has been enjoyed by
be maintained, and that officials appointed to administer the Government
should be bona fide residents of the Territory.
Puerto Rico.
Puerto Rico being a part of the United States and its inhabitants American citizens, we believe that they are entitled to a good-faith recognition
of the spirit and purposes of their organic act. We. therefore, favor the
inclusion of the island in all legislative and administrative measures enacted
.
or adopted by Congress or otherwise for the economic benefit of their fellowcitizens of the mainland.
We also believe that, in so far as possible, all officials appointed to
administer the affairs of the island government should be qualified by at
least five years of bona fide residence therein.
Alaska.
We favor the policy of giving to the people of Alaska the widest possible
territorial self-government and the selection so far as possible of bona-fide
residents for positions in that Territory and the placing of its citizens on an
equality with those in the several States.
Welfare Work and Children.
The children of our nation, our future citizens, have had the most solicitous thought of our President. Child welfare and protection has been a
major effort of this administration. The organization of the White House
Conference on Child Health and Protection is regarded as one of the outstanding accomplishments of this administration.
Welfare work in all its phases has the support of the President and the
aid of the administration. The work of organized agencies—local. State
and Federal—has been advanced and an increased impetus given by that
recognition and help. We approve and pledge a continuation of that policy.
Indians.
We favor the fullest protection of the property rights of the American
Indians and the provision for them of adequate educational facilities.
Re-Organization of Government Bureaus
Efficiency and economy demand re-organization of Government bureaus.
The problem is non-partisan and must be so treated if it is to be solved.
As a result of years of study and personal contact with conflicting activities
and wasteful duplication of effort, the President is particularly fitted to
direct measures to correct the situation. We favor legislation by Congress
which will give him the required authority.
Democratic Failure.
The vagaries of the present Democratic House of Representatives offer
characteristic and appalling proof of the existing Incapacity of that
party for leadership in a National crisis. Individualism running amuck
has displaced party discipline and has trampled under foot party leadership.
A bewildered electorate has viewed the spectacle with profound dismay
and deep misgivings.
Goaded to desperation by their confessed failure, the party leaders have
resorted to "pork barrel" legislation to obtain a unity of action which could
not otherwise be achieved. A Republican President stands resolutely
between the helpless citizen and the disaster threatened by such measures;
and the people, regardless of party, will demand his continued service.
Many times during his useful life l•as Herbert Hoover responded to such a
call, and his response has never disappointed. He will net disappoint
us now.
Party Government.
The delays and differences which recently hampered efforts to obtain
legislation imperath ely demanded by prevailing critical conditions strikingly illustrate the menace to self-government brought about by the weakening of party ties and party fealty.
Experience has demonstrated that coherent political parties are indispeasable agencies for the prompt and effective operation of the functions of
our Government under the Constitution.
Only by united party action can consistent, well-planned and wholesome legislative program be enacted. We believe that the majority
of the Congressmen elected in the name of a party have the right and duty
to determine the general policies of that party requiring Congressional
action, and that Congressmen belonging to that party are, in general.
bound to adhere to such policies. Any other course inevitably makes of
Congress a body of detached delegates which. instead of representing the
collective wisdom of our people, become the confused voices of a heterogeneous group of unrelated local prejudices.
We believe that the time has come when Senators and Representatives
of the United States should be impressed with the inflexible truth that their
first concern should be the welfare of the United States and the well-being
of all of its people, and that stubborn pride of individual opinion is not a
virtue, but an obstacle to the orderly and successful achievement of the objects of representative Government.
Only by co-operation can self-government succeed. Without it election under a party aegis becomes a false pretense.
We earnestly request that Republicans through the Union demand
that their representatives in the Congress pledge themselves to these principles, to the end that the insidious influences of party disintegration may
not undermine the very foundations of the Republic.
Conclusion.
In contrast with the Republican policies and record, we contrast those
of the Democrats as evidenced by the action of the House of Representatives
under Democratic leadership and control, which includes:
1. The issuance of fiat currency.
2. Instructions to the Federal Reserve Board and the Secretary of the
Treasury to attempt to manipulate commodity prices.
3. The guarantee of bank deposits.
4. The squandaing of the public resources and the unbalancing of the
budget through pork-barrel appropriations which bear little relation to
distress and would tend through delayed business revival to decrease rather
than increase employment.
Generally on economic matters we pledge the Republican Party:
1. To maintain unimpaired the National credit.
2. To defend and preserve a sound currency and an honest dollar
3. To stand steadfastly by the principle of a balanced budget.
Financial Chronicle
4428
4. To devote ourselves fearlessly and unremittingly to the task of eliminating abuses and extravagance and of drastically cutting the cost of
Government so as to reduce the heavy burden of taxation.
5. To use all available means consistent with sound financial and economic
principles to promote an expansion of credit, to stimulate business and relieve unemployment.
6. To make a thorough study of the conditions which permitted the credit
and the credit machinery of the country to be made available, without
adequate check, for wholesale speculation in securities, resulting in ruinous
consequences to millions of our citizens and to the National economy, and
to correct those conditions so that they shall not recur.
Recognizing that real relief to unemployment must come through a
revival of industrial activity and agriculture, to the promotion of which our
every effort must be directed, our Party in State and Nation undertakes to
do all in its power that is humanly possible to see that distress is fully
relieved in accordance with American principles and traditions.
No successful solution of the problems before the country to-day can
be expected from a Congress and a President separated by partisan lines
or opposed in purposes and principles. Responsibility cannot be placed
unless a clear mandate is given by returning to Washington a Congress and a
Chief Executive united in principles and program.
The return to power of the Republican Party with that mandate is the
duty of every voter who believes in the doctrines of the party and its
program as herein stated. Nothing less, we believe, will insure the orderly
recovery of the country and that return to prosperous days which every
American so ardently desires.
The Republican Party faces the future unafraid.
With courage and confidence in ultimate success, we will strive against
inthe forces that strike at our social and economic ideals, our political
titutions.
President Hoover Declares Against Re-Establishment
of Council of National Defense—Answers Petition
of Gen. Albert L. Cox Signed by Edsel Ford,
John Hays Hammond, &c.—Reply to President
by Howard L. Coffin.
In answer to a petition signed by John Hays Hammond
and others, President Hoover has registered himself as opposed to the re-establishment of the war time Council of
National Defense. The President indicated that he was not
"in accord" with the proposal, in a letter made public on
June 10. The petition in the form of a letter signed by 86
civilians was presented at the White House on June 10 by
General Albert L. Cox of Raleigh, North Carolina, Chairman of the American Legion's Defense Committee. It was
signed by Edsel Ford, August Heckscher, John Hays Hammond, William Green, Commander Stevens of the Legion,
Clark Howell, the Atlanta publisher, and a long list of
bankers, railroad executives, industrialists and labor leaders.
In his reply to Gen. Cox, President Hoover referred to an
earlier statement which he had allowed the press to use
indirectly. As to this the Associated Press said:
In this he pointed out that the Council was formed for war purposes
•though he language employed in creating it "might be subverted into
use for any purpose of the general welfare"; that the body was strictly
advisory and that the composition of the present Cabinet, Reconstruction
Finance Corporation, Federal Reserve Board, Farm Board and Farm
Loan Board, and other linked advisory units, furnished the Administration with the most effective economic council possible.
Mr. Hoover also disclosed that he had canvassed the members of the
war-time board on the possibilities and received a thoroughly negative
response.
The President's letter to Gen. Cox follows:
The White House
Washington, June 10, 1932.
General Albert L. Cox, Raleigh, N. C.
My dear General: I have your letter to-day signed by a number of
gentlemen throughout the country proposing that we re-establish the Council of National Defense. It is my impression that but few of the gentlemen
are familiar with the law bearing on this subject.
In this connection you may be interested in a "background" statement
I made to the press correspondents in Washington on May 20, a copy of
which I inclose herewith.
I am most desirous of receiving from yourself and your able assoeiates
suggestions of any specific action that might be taken by Government
or private agencies which would improve the situation.
Although I do not find myself in accord with your immediate proposal
of another committee, I believe that if the signatories were fully informed
as to the present effective organization they would agree with me. Yours
faithfully.
HERBERT HOOVER.
The following is the letter presented by Gen. Cox:
May 19, 1932.
Hon. Herbert Hoover,
President of the United States,
C.
Washington,
Dear Mr. President:
This letter comes to you from a non-partisan group of citizens representing all sections of the country. We believe, as you by your public statements obviously do, that a national emergency of the first magnitude exists
and that it needs emergency treatment. We therefore ask you to set in
motion that agency of Government especially designed for such purpose.
You have said recently "we used emergency measures to win the war.
We can use them to fight the depression, the misery and suffering from
which are equally great." With these words we are in full agreement and
consider immediate action imperative.
From 1916 to 1921 the Council of National Defense well earned the
faith and confidence of the American people. No other agency is so well
equipped to win this present fight. The Council, first called the "Council
of Executive Information," was created by a Federal statute. It was then
strengthened by the passage of uniform State laws.
The act creating it requires the Council to nominate to you, and you
to appoint, an advisory commission of not more than seven persons having
special knowledge of our country's industries and resources. The Council
and its advisory commission are charged with "co-ordination of industries
p.
June 18 1932
and resources for the national security and welfare" and with "the creation of relations which will render possible in time of need the immediate concentration and utilization of the resources of the nation." It was
created during peace for the peacetime duty.
It was not intended that the Council, with its advisory commission,
should cease to function with the successful completion of the task before
it sixteen years ago. We join with you in opposing the establishment of
new commissions, but are impressed with the present necessity for utilizing
this well-tested and legally constituted body.
We are confident that an examination of the Council's records will
convince you that it is the one legalized agency available to bring together
representatives of the civil body to assist in co-ordinating the country's
energies in definite accomplishment for the common good and for meeting
and overcoming the present nation-wide feeling of confusion and fear. It
awaits your command.
President Hoover's Background Statement.
The "background" statement referred to by President
Hoover in his letter was given as follows in the "Times" of
June 11:
The resurrection of the old Council of National Defense is being advocated by certain parties. You will recollect that the Council of National
Defense is a statutory body comprised of five members of the Cabinet and
an advisory body comprised of civilians. The duties outlined for it are
absolutely war duties and it can only advise Cabinet members.
It is contended that there are one or two expressions in the act which
might be subverted into use for purposes of the general welfare, and I
presume it is the creation of the advisory body in which the various promoters are interested. The old advisory body may still exist, but in any
event it appears to have been recently canvassed to see what its opinion
would be on the subject.
Several of the members have written to me and stated that if it is still
alive that they would not serve on such a body, because they do not believe it has any constructive purpose and they do not believe there is anything to be accomplished by it. That it would simply clog the situation.
Oiled Present Organization.
In any event, if you will consider that we already have a Cabinet in
which there are eminent representatives of agriculture and labor and finance
and industry; that we have the Reconstruction Corporation, with six or
seven directors who represent directly industry and finance and agriculture;
that we have the Federal Reserve Board, which represents finance and
industry and agriculture; that we have the Farm Board, which represents
seven different branches of agriculture; that We have the Farm Loan Board,
with representatives of both agriculture and finance; that we have the
President's Organization for Unemployment Relief, which is an advisory
body of 100 leading citizens of the United States; that we have recently
formed joint committees of industry and finance in leading centres to coordinate the credit facilities; and back of all these organizations we have
the bureaus of the Government with their mass of information and all of
their expert advice; that all of these bodies are co-operating closely; that
they are comprised of men of both political parties, and, in fact, in their
total sum and their daily conferences they constitute the most effective
economic council that could be devised because they have behind them both
authority and co-operation.
So it does not seem that the creation of any more commissions or committees is so much needed at this moment. I am a strong exponent of the
desirability of committees of leading men which are created for some
specific purpose or some specific duty where there is some definite and
positive goal that can be set and methods by which it can be arrived at.
Memorandum Explains Purpose.
The letter sent to the President was accompanied by a memorandum explaining the purpose of the movement and the functions of the Council of
National Defense, together with a presentation of what is deemed the
urgent need of reviving the Council. The memorandum read:
A COUNCIL OF EXECUTIVE INFORMATION—THE NEED.
In the opinion of many thoughtful men, time is now the essence of
our economic salvation. Are we to sink into the mire, overwhelmed in
the chaos of repudiation, bankruptcies, riots and receiverships?
In times of national stress, it is highly important to have the many
communities of the country co-ordinated into one uniform campaign for
serving and co-operating with the executive branch of the Federal Government.
AGENCY AT HAND.
There is now a legally constituted agency of the Government which was
instituted in time of peace to serve the country in times of need. To call
this agency into use now requires no action by Congress, as the legislative
machinery is in existence and also uniform laws exist on the statutes of
the various States.
The Council of National Defense was instituted in 1916 by an act of
Congress. Significantly, this Council was originally called the "Council
of Executive Information." The function of this council is not limited to
times of war. It is a peace-time body formed before the United States
entered the war; it served during the war and continued to serve until
1921.
THE PROVISIONS.
The function and purpose of this branch of the Federal Government are
following excerpts from the act approved Aug. 29 1916:
made clear by the
"That a Council of National Defense is hereby established for the coordination of industries and resources for the national security and welfare, to consist of the Secretary of War, the Secretary of the Navy, the
Secretary of the Interior, the Secretary of Agriculture, the Secretary of
Commerce and the Secretary of Labor.
"The Council of National Defense shall nominate to the President, and
the President shall appoint, an advisory commission consisting of not more
than seven persons, each of whom shall have special knowledge of some
industry, public utility, or the development of some natural resource, or
be otherwise specially qualified, in the opinion of the council, for the
performance of the duties hereinafter provided. . . .
"It shall be the duty of the Council of a National Defense to supervise
and direct investigations and make recommendations to the President and
the heads of executive departments as to . . . the creation of relations which will render possible in time of need the immediate concentration and utilization of the resources of the nation. . . .
"That the Council of National Defense shall adopt rules and regulations for the conduct of its work, which rules and regulations shall be
subject to the approval of the President, and shall provide for the work
of the advisory commission, to the end that the special knowledge of
such commission may be developed by suitable investigation, research and
inquiry and made available in conference and report for the use of the
Council; and the Council may organize subordinate bodies for its assistance in special investigations, either by the employment of experts or
Volume 134
by the creation of committees of specially qualified persons to serve
without compensation, but to direct the investigations of experts so employed."
THE EFFECT.
The Secretary of War is the Chairman of the Council, but most of the
detail work, as was the case during the war, devolves upon the advisory
commission. The fact that no additional legislation is required will
obviate the necessity for a long wrangle in Congress. The President immediately may appoint the seven members of the advisory commission, and
the Council of National Defense would begin to function instantly.
It would be impossible to over-estimate the constructive importance of
such a step. The appointment of this body, selected from the experienced
talent of the country, would exert an influence upon national psychology
that would be electrical in its effect. The commission must be nonpartisan in composition.
WHAT IT DOES.
This agency of Government would:
1. Quiet alarm throughout the country.
2. Collect business and economic data as a fact-finding body.
3. Co-ordinate the opinions and suggestions of the country into a complete economic program.
4. Consolidate this work for concise presentation to the President so
that he may act upon it as he sees fit.
This agency of Government is solely to permit the representatives of the
civil body to assist the executive branch of the Government This agency
of Government has no executive powers itself and therefore it is:
1. Not a super-Cabinet.
2. Not a coalition Government.
3. Not fascism.
4. Not a dictatorship.
The council with its commission is the right arm of the Executive because it accomplishes the following:
1. It finds facts.
2. It co-ordinates facts.
3. It presents condensed reports to the Executive for his own use.
The body of outstanding American citizens which the President would
appoint would command the attention, the respect and the full co-operation
of the whole country.
The fundamental problems with which the advisory commission would
deal in assisting the President are largely economic, and not political, and
some of them should be taken out of the realm of national politics. The
council and its commission would be the most effective instrument possible
for directing and unifying public opinion on the great problems which
confront us.
Mr. Howard E. Coffin, a member of the original Council's
advisory commission and one of those who framed the law
creating the Council in 1916, has written President Hoover
that he was in error regarding that organization a war
measure only. He maintained it was intended for nonpartisan economic planning for the country's immediate and
future welfare. Associated Press accounts from Washington June 13, from which we quote, added:
Further, Mr. Coffin criticized the past and present policy of the Government in meeting the "destructive tide which threatens to overwhelm
us" as "delayed defensive" tactics instead of "aggressive offensive," and
said there seemed to be an obsession that "dollars—and dollars alone—can
be used as ammunition by our defending forces."
He reminded Mr. Hoover that he himself was "first brought into the
American picture" by the Defense Council and its advisory commission,
which was responsible for his appointment as head of the food administration.
Mr. Coffin suggested that at least the "States Council Section" of the
national defense machinery be revived and put to work under the Reconstruction Finance Corporation for an aggressive campaign in every community against "the spiritual slump which lies at the root of much of our
present trouble."
"Establish within each little community's immediate horizon a responsible and respected local body representing that well-remembered States
Council organization," he said, "and rumor, fear, gloom and hopelessness
will soon give way to that renewed confidence and spiritual uplift incident
to trustworthy information, constructively directed thought and purposeful community endeavor."
Only Two Members of President Hoover's Cabinet
Present at Regular Weekly Meeting—Absentees
•
at Republican National Convention.
The fact that there were only two members of his Cabinet
in Washington on Tuesday, June 14, did not deter President
Hoover. from holding the regular Tuesday Cabinet meeting
that day, said a Washington dispatch to the New York
"Times," which noted:
"'The President sat at the head of the Cabinet table, with only AttorneyGeneral Mitchell and Secretary Adams in attendance.
The other eight members of the Cabinet were in Chizago attending the
Republican Convention.
Oldest White House attaches could not recall when a meeting of the
Cabinet had been held before with but two members present.
To'day's session of the Cabinet lasted less than half an hour.
President Hoover's Program to Hasten Economic
Recovery—Plans Developed at Recent Conference
with Members of Reconstruction Finance Corporation—Four Recommendations Aim to Help
States, Industries, Farmers and Labor—Program
Includes Proposal for Finance Board to Aid in
Exporting Country's Products.
President Hoover's program to hasten economic recovery,
evolved at his recent week-end conference at his Rapidan
Camp, with members of the Reconstruction Finance Corporation, and made known June 5, has since been indicated in
greater detail. A reference to the program appeared in our
Issue of June 11, page 4264. As stated therein, the plans
4429
Financial Chronicle
embrace four principal items affecting the Reconstruction
Finance Corporation. An increase in the resources of the
latter is proposed and the enactment of the bill creating the
system of Home Loan Discount Banks is part of the program. Noting that bills along the Administration lines,
covering the points where Congressional action is necessary, *
have been introduced in Senate and House. The New York
"Times," in its Washington advices, June 7, gave as follows
a summary of the President's program, and how it would be
expected to operate:
RECOMMENDATION I.—PART A.
The Plan.
The President would have the resources of the Reconstruction Finance
Corporation expanded:
To buy bonds from political subdivisions or public bodies or corporations so as to start construction on income-producing or self-liquidating
projects which will at once increase employment
Its Operation.
The Reconstruction Finance Corporation would obtain funds by the
sale of its securities from which it would be empowered to make loans
to any State or political subdivision (county, city, or town), or to any
agency formed under the authority of a State, or to any private corporation organized under the laws of any State or of the United States, for
projects which, when completed, would yield sufficient income to be selfsustaining, including the repayment of the loan made by the corporation,
with interest.
Such projects as toll bridges and tunnels, model tenements and possibly
factories producing commodities for which proven consumer demand exist,
have been mentioned as in this classification, among them the proposed
Triborough Bridge and Thirty-eighth Street Tunnel planned under the
supervision of the Port of New York Authority.
In order to obtain loans the applicant would be compelled to satisfy
the Reconstruction Finance Corporation that the project was sound and
practical; that it was unable to obtain sufficient funds for the purpose from
the sale of bonds or other securities to the public or through the usual
banking channels and supply security which the Finance Corporation considered fully adequate. The Corporation would be authorized to make
loans for a period of not more than five years.
It would also be necessary for the applicant to establish that the projected work would provide employment at an early date for a substantial
number of people.
PART B.
The Pkvt.
To make loans upon security of agricultural commodities so as to assure
the carrying of normal stocks of these commodities and thus, by stabilizing
their loan value, thereby at once steady their price level.
Its Operation.
The Reconstruction Finance Corporation would be authorized to make
Icons to financial institutions organized under the laws of any State or
of the United States and having adequate resources, for the purpose of
financing the carrying and orderly marketing of staple commodities.
The theory is that banks or others interested in the stabilization of agricultural commodity prices would set up institutions to which loans could
be made by the Finance Corporation on a basis that would assure their
payment, the loans to avert the dumping of large holdings of such commodities on the market with resulting price declines.
Loans would be secured by the commodities, or, where such security was
unacceptable to the Corporation, by other collateral supplied by the institutions formed by the banks or other interested individuals or associations.
In each instance the Finance Corporation would require adequate security.
A similar plan was employed by the old War Finance Corporation.
PART 0.
The Plan.
To make loans to the Federal Farm Board to enable extension of loans
to farm co-operatives, and loans for export of agricultural commodities
to quarters unable otherwise to purchase them.
Its Operation.
The first proposal would authorize the Finance Corporation until June
30 1933 to make available to the Federal Farm Board not to exceed
$50,000,000 to make additional loans to co-operative association and stabilization corporations in carrying out the Board's present program of maintaining prices and orderly marketing.
The Board has operated with a revolving fund of $500,000,000, all of
which is now being employed in its various operations, and no direct
additional appropriation has been made by Congress.
That part of the plan to assist in the exportation of agricultural commodities would be handled through the Department of Agriculture, to
which the Finance Corporation would be authorized to make available not more than $50,000,000 at the request of the Secretary.
Details covering the period for which such loans would be granted to
prospective foreign purchasers and the security which would be regarded
as acceptable have not been worked out as yet by the Agricultural Department. Government guaranteed acceptances from foreign purchasers is
being considered as one form of security which might be taken.
PART D.
The Plan.
The authority to lend up to $300,000,000 to such. States as are unable
to finance themselves for distress.
Its Operation.
The Finance Corporation would be empowered until June 30 1933 to snake
loans not exceeding $300,000,000 in the aggregate to States when all
reasonable means of otherwise obtaining such funds have been exhausted.
This means that, when it can be established that the borrowing power
of the States as well as adequate funds from private sources have been
exhausted, Government aid may be extended.
Loans would be made only upon the application of a Governor following
action by the State Legislature. Bonds of the State would be accepted as
collateral for repayment, and where a State, by its Constitution, was
unable to furnish such bonds because the legal borrowing limit had been
reached, loans would be made if the Corporation was assured that the
necessary legislative action would be initiated by the States to permit
the necessary additional bond issues.
In connection with the above recommendations the President said:
"It was considered desirable that temporary non-partisan committees
should be set up to pass upon loans to States for distress and of engineers
Financial Chronicle
4430
to pass upon loans for income-producing works, both of these committees
to function in much the same way as the Inter-State Commerce Commission
now acts in passing upon loans to railroads."
The Inter-State Commerce Comm.ssion, under the Reconstruction Finance
Corporation Act, must first give its approval to loans made by the latter
organization to railroads. The Commission passes upon the necessity for
such loans and also upon the collateral offered by the railroads to the
Corporation.
RECOMMENDATION II.
The Plan.
The enactment of the legislation which has been recommended creating
the system of Home Loan Discount Banks.
Its Operation.
A bill for the creation of from eight to 12 Federal Home Loan Banks in
various districts to be set up in the United States has been introduced by
Representative Reilly. Building and loan associations, co-operative banks,
homestead associations, savings banks, trust companies and other banks
with time deposits (except National banks), and insurance companies could
become members of the system and receive aid in the rediscounting of home
loan mortgages.
The bill provides for the use of not in excess of $125,000,000 of funds of
the Reconstruction Finance Corporation for purchase of capital stock in
the banks.
In no case can the amount advanced by any of the Home Loan Banks
exceed 40% of the value of the real estate and no mortgage on a home
of a value greater than $20,000 would be accepted for discount.
Senator Watson has a bill in the Senate which would create 12 banks
and limit mortgages acceptable for discount to those where the unpaid
principal does not exceed $15,000. The theory of the proposal is that with
such a system in existence giving Government aid. many foreclosures on
home mortgages could be averted and home building stimulated.
RECOMMENDATION III.
The Plan.
The joint Committee of Industry and Finance now being created by the
Federal Reserve System in each district for the purpose of organized
application of the credit facilities now available through the system, to
be developed in other cities and co-ordinated with the work of the Reconstruction Finance Corporation.
Its Operation.
The first of these committees was organized by the Federal Reserve
Bank of New York, and Owen D. Young was selected as Chairman. Its
purpose is to speed the use of additional credit made available by the
adoption of the Glass-Steagall Bill, broadening the credit facilities of the
Federal Reserve System, and by the purchase of Government securities in
the open market by the Federal Reserve banks.
The recommendation is for the early formation of similar committees
in other Federal Reserve Districts and close co-operation between these
committees and the Reconstruction Finance Corporation.
RECOMMENDATION IV.
This part of the Administration program called for the strictest economy
In Government expenditures, so as to hold them within the limit of the
revenues provided by taxation, and opposed the expansion of non-productive
public works which might cause a budget deficit and render the financing
operations of the Reconstruction Finance Corporation difficult.
House Passes Bill Calling for Cash Payment of Soldier
Bonus—"Beer" Amendments to Bill Rejected in
House—Federal Reserve Board May Direct Sale of
Bonds—Bill Adversely Reported by Senate Committee.
The House on June 15, by a vote of 211 to 176 passed the
Patman bill, calling for the immediate cash payment of
$2,400,000,000 soldier bonus. On June 16, the Senate
Finance Committee reported the bill adversely. According
to a dispatch from Washington, June 16, to the New York
"Times" the bill was opposed in the Finance Committee by
14 of the 16 members present. Those voting for the adverse
report were Senators Watson, Reed, Shortridge, Couzens,
Keyes, Thomas of Idaho, Metcalf and Smoot, all Republicans, and King, George, Walsh of Massachusetts, Connally,
Gore and Harrison, Democrats. Those voting favorably
were Senators La Follette and Jones of Washington, both
Republicans. Late on Friday night the Senate voted the
proposition down by 62 to 18.
The Washington dispatch, June 16, to the "Times"said:
Senator La Follette later explained on the floor that he felt that a measure
so important should not have had an adverse report, but should have been
reported without recommendation.
A motion by Senator Connally to pay the present value of the adjusted
compensation certificates, giving the veterans the option of cashing and
surrendering them now or of holding them until 1945, was defeated by
vote of 11 to 4.
Senator Connally then proposed an amendment to change the interest
rate on loans on the certificates from 4% to 3. but this also was voted down.
A similar fate met a proposal of Senator Thomas of Oklahoma, principal
proponent of the bonus payment in the Senate. that the cert ficates be
cashed when the holders presented proof of absolute want.
When the bill was reported to the Senate by Senator Smoot, Senator
Thomas blocked immediate consideration, explaining that because of the
changes made in the bill in the House yesterday afternoon another day was
necessary to permit the Senators to familiarize themselves with it.
As he spoke the galleries were crowded with veterans, many of them
in clothes still wet from the drenching rains which descended on the Capital
last night and to-day.
A statement declaring their opposition to the bill was issued to-night by
the two Senators from New York, Copeland and Wagner, and the two
Senators from Massachusetts, Walsh and Coolidge. They said payment
would bring financial ruin to the country.
June
18 1932
Before the adoption of the bill by the House on June 15,
the House on June 13 paved the way for formal consideration of the bill. The "United States Daily" reporting the
House action, June 13, said:
This came about when tin House on the former date by a roll-call vote
,
of 226 ayes to 175 nays agreed to the motion to discharge the House Committee on Rules from further consideration of the rule to bring the proposal
before the House, and by a roll-call vote of 225 ayes to 169 nays adopted
the rule itself. This automatically makes it in order to call up the socalled "bonus" bill on June 14.
Associated Press accounts, June 13, from Washington on
that date said:
This action represented a step toward victory for the 20,000 war veterans
who have poured into Washington to demand immediate payment of the
bonus certificates.
While the vote was being taken and long before, the House galleries
were packed with former service men who watched tensely all proceedings.
Outside long lines of veterans stood, hoping to gain admittance.
If the House approves the bonus payment on the final vote, the legislation still must run the gauntlet of the Senate and the White House. What
action the Senate will take is problematical, but President Hoover has
promised a veto.
Action to-day came on a motion to bring the resolution by Representative
Patman (Dem.) of Texas up for consideration. The vote was obtained
through a petition signed by 145 House members.
Chairman Byrns of the House Appropriations Committee to-day gave
his support to the bonus bill. . . .
As soon as the House convened, a motion to discharge the Rules Committee of the bonus
-payment resolution was presented by Representative
Patman (Dem.) of Texas.
Meanwhile the Senate voted 63 to 9 to take up for consideration a resolution by Senator Brookhart (Rep.) of Iowa, to create a standing committee
on veterans' legislation.
A final vote on the bill in the House had been scheduled
for June 14, but the consideration of the measure on that
day was abruptly halted by the sudden death of Representative Edward E. Eslick (Democrat) fo Tennessee, who
was stricken during the course of a speech in which he
pleaded for the passage of the bill. When the bill was passed
by the House on June 15, those voting for it included 57
Republicans and one Farm-Labor member, who aligned
themselves with the 153 Democrats in support of the Patman
bill, while 50 Democrats sided with 126 Republicans in
opposing it.
From the "Times" account from Washington, June 15.
we take the following:
Provisions of Patman Bill.
Summarized briefly, the provisions of the Patman bill are as follows:
The veterans' administrations is authorized to pay the full face value,
less amounts previously borrowed and the accrued interest, to the holder
of adjusted service certificates, which are not legally due until 1945. The
estimated amount to meet all outstanding certificates Is $2,400,000,000.
Any person may file an application for a veteran who has died since the
certificate was issued, and guardians are authorized to collect the amount
due to mentally incapable veterans.
The Secretary of the Treasury is authorized to issue the amount necessary to meet the obligation in additional currency: he shall issue a like
amount of United States bonds bearing 355% interest, and deposit them
with Federal banks as agents of the Government.
The Federal Reserve Board, by resolution in writing, may at any time
direct the sale to the public of such portions of the bonds as it may decide,
and the currency thus received from the sale shall be returned to the TressurY to be exchanged for the notes issued to pay the bonus.
The bonds will be payable in 20 years, but subject to the call of the
Treasury after 10 years. . • .
The House met at 11 o'clock this morning, an hour earlier than usual.
In order to complete the bill before the funeral train tearing the body of the
late Representative Eslick left for Tennessee. Representative Bankhead
of Alabama was chosen to preside over the Committee of the Whole while
the bill was under consideration.
Amendment after amendment was offered, and Mr. Bankhead's gavel
worked with piston-like precision as he ruled them out of order. Not once
was he compelled to ask the advice of the House Parliamentarian, and
frequently he ruled before the objector could voice his reasons.
Two "Beer" Amendments Ruled Out.
Two "beer" amendments were among the first to be ruled out as not
germane to the bonus bill. Representative Cochran of Missouri offered
the first. It would have provided that the Treasury pay the adjusted
service certificates with small bonds, and it would have authorizied the
taxation of 3% beer.
The other beer amendment was offered by Representative Kieberg of
Texas, its purpose being to create a sinking fund against which bonds could
be sold to pay the bonus.
Mr. Kleberg bald his oill would raise more than $400,000,000 annually
for the sinking fund. His plan was virtually the O'Connor-Hull beer bill,
which the House rejected by a vote of 228 to 169 on May 23.
Representative Griffin of New York proposed an amendment to pay the
bonus balance at the rate of $30 a month, with a provision against payment
to any beneficiary drawing compensation of more than $40 a month.
It was declared in order by Mr. Bankhead, but rejected by 110 to 80 votes.
A Committee amendment offered by Representative Ragon of Arkansas.
substituting the so-called "Ownes plan" for the Patman program, authorizing the sale of bonds when commodity prices "shall fall as much as 2% below
the average value of 1926," was adopted 161 to 79.
The original Patman bill provided that the bonds against the "fiat
money" could be sold by the Federal Reserve Board only In the event that
the purchasing power of the doilar in the wholesale commodity markets,
as ascertained by the Department of Labor, fell as much as 2% below the
average value of the year 1926.
The proponents in the Committee. Mr. Ragon told the House, had
agreed to eliminate that provision, and his amendment left with the Federal
Reserve Board the power to dispose of the bonds "as it may from time to
time desire." The provision for retiring the "fiat money" with currency
received through the sale of the bonds was left intact in the amendment.
Volume 134
Financial Chronicle
Wagner Unemployment Relief Bill Passed by Senate—
Recommended by Senate Committee as Substitute
for Garner Bill.
The Wagner relief bill, providing for the distribution of
$300,000,000 among the States in accordance with population during the next six months for use in direct relief of
unemployment, was passed by the U. S. Senate on June 10
by a vote of 72 to 8. According to the New York "Herald
Tribune," only a little group of eight Senators—most of
them hailing from New England—stood out against the
measure at the end.
The "Herald Tribune" account from Washington June 10
also said:
In the all-day discussion, the bill was criticized because its terms contemplate the advance of relief in proportion to population instead of in
proportion to needs, and the "Liberal-Insurgent" group seized the occasion
to accuse the Administration and the regular Republicans of delay in
meeting the problem and of inadequacy in the final approach to the subject.
There was also a prediction that the States would never return the Federal
advances contemplated. Nevertheless, the evident and announced disposition was to accept and hurry into effect the application of Federal
funds to provide emergency relief for the foodless and unsheltered unemployed.
The 72 votes in support of the bill were cast by 35 Republicans and 37 Democrats, while the eight votes in opposition were those of seven Republicans and one Democrat.
From the "United States Daily" of June 15 we take the
following:
The so-called Wagner relief bill (S. 4755) was recommended, June 14.
as a substitute for the so-called Garner relief bill (H. R. 12455) by the
Senate Banking and Currency Committee.
The Wagner bill, which received favorable action by the Committee
several days ago, authorizes the Reconstruction Finance Corporation
to make $1,4600,000,000 in loans to States, municipalities and political
subdivisions of States and public or quasi-public corporations, to aid in
financing projects authorized under State or municipal law which are selfliquidating in character.
It provides further that such leans are to be made "through the purchase
of securities or otherwise, and for such purpose the Reconstruction Finance
Corporation is authorized to bid for such securities."
Provision is made for $40,000,000 to finance sales of agricultural products
in foreign countries.
Funds totaling $1.500,000,000 are to be provided by issuance of notes,
bonds, debentures, or other such obligations.
The bill also appropriates $500,000,000 to provide emergency construction
of certain authorized public works with a view to increasing employment.
Acting Speaking Rainey (Dem.),of Carollton, Ill., stated orally. June 14.
that Speaker Garner (Dem.) of Uvalde, Tex., probably would appear before
the House Committee on Banking and Currency, on the $300.000.000
Wagner relief bill, which the Senate passed and which was referred, June
13, to the House Committee.
Mr. Rainey said he understood the rivers and harbors provisions of the
Garney-Rainey bill, which the House has passed, are to be reported out of
committee to the Senate as a separate rivers and harbors measure.
He said title one of the Garner-Rainey bill differs only in amount with
the Wagner bill, the Garner bill authorizing $100,000,000 for the use of
the President in relief of destitution and the Wagner bill $300.000,000
for relief.
The differences between the two measures will be threshed out In conference, Mr. Rainey said.
The Wagner substitute for the Garner bill was favorably
reported to the Senate on June 15 by the Senate Banking
and Currency Committee by Senator Fletcher.
Approval of Federal Home Loan Bank Bill By Secretary
of Treasury Mills in Letter to Senator Norbeck.
The view that the enactment of legislation creating a
system of home loan banks "would greatly improve the
country's financial structure," was expressed by Secretary
of the Treasury Ogden L. Mills, in a letter made public
June 13 by Senator Norbeck (Rep.), of South Dakota,
Chairman of the Senate Committee on Banking and Currency. According to the "United States Daily" Secretary
Mills's letter, written under date of June 10, was in response
to an inquiry by Senator Norbeck for a report of Treasury
views. The so-called Reilly bill, which first was presented
to the House, was substituted for the original Senate proposal
by Senator Watson (Rep.), of Indiana, and it was upon this
measure that Mr. Mills commented.
Secretary Mills's letter follows:
"My dear Senator: In response to your request for a report on Senate
Bill 2959 'to create Federal Home Loan Banks, to provide for the supervision thereof, and for other purposes,' the following is submitted:
"The Treasury believes that a better organization of facilities for financing home mortgage loans would be highly desirable and that the
provision of a nation-wide system of Federal Home Loan Banks for the
purpose of extending credit accommodations to member institutions engaged in making home mortgage loans would greatly improve the country's
financial structure. The organization of such a system of banks, insurance
companies and other institutions should relieve the pressure not only upon
savings banks, insurance companies and other institutions operating in
this field, but also upon present owners of home properties. It should
moreover promote home ownership."
Bill Creating System of Federal Home
Loan Banks.
By a viva voce vote the House on June 15 passed the
bill providing for the creation of a system of Federal home
House Passes
4431
loan banks. A similar bill was ordered favorably reported
to the Senate on June 14 by the Senate Banking and Currency Committee.
In noting the passage of the bill by the House on June 15
the "United States Daily" said:
Before the measure was given House approval, two major amendments
were injected. One offered by Representative Stevenson (Dem.)of Cheraw.
S. C. ranking majority member of the Banking and Currency Committee,
would eliminate from the institutions which may participate in the proposed
system insurance companies, trust companies, State banks, or other
banking
organizations. This restricts the membership to building and loan associations. savings and loan associations, co-operative banks, homestead associations and savings banks. This amendment was adopted by a vote of
77 ayes to 69 nays.
Limit on Interest Rate.
The other major amendment which the House adopted was that offered
by Representative La Gaurdia (Rep.)of New York City, placing the foliosins new section n the measure:
"No institution shall be admitted to or retained in membership,or granted
the privileges of non-member borrowers,if the combined total of the amounts
paid to it for interest, commission, bonus, discount, premium and other
similar charges, legs a proper deduction for all dividends, refunds, and cash
credits of all kinds, creates an actual net cost to the home owner in excess
of the maximum legal rate of interest (regardless of any exemption from
usury laws) in the State where such property is located."
This measure was recommended to Congress by President Hoover in his
annual message to Congress, and is the last of the emergency financing
recommendations made in that message to be favorably acted upon by
Congress, all the rest having become law.
Purpose of Measure.
The sponsors of the bill say that it is patterned after the Federal Reserve
Act. the Federal Land Bank Act, and the Reconstruction Finance Corporation Act. They said It is. to meet present and future emergencies and to
allow capital to function more in the home loan field.
Reprsentative Reilly (Dem.) of Fond du Lac, Wis., sponsor of the measure, told the House that there is special need for this legislation to enable
the provision of funds for the poor and moderate income classes through
buididing and loan association channels especially, pointing out that 10,000,000 investors in those associations include many who are in distress
and want to get out their funds locked up in these institutions because of
Inability to meet their contracted payments on their homes.
Provisions of Bill.
The bill would create a home loan bank system with eight to twelve
Federal Home lean banks in districts to be determined by a Federal Home
Loan Board to be set up by the President, comprising five members he
would appoint subject to confirmation by the Senate and salaried at $10,000
per year
Each Home Lean bank would have a minimum capital of $5,000.000,
but may have more in the discretion of the Board
The amount of that
capital not subscribed for by members of the system within 30 days after
the books have been opened for stock subscriptions, would be subscribed
by the Secretary of the Treasury. The funds for this Treasury subscription
would be furnished by the Reconstruction Finance Corporation in a sum
not to exceed a total of $125,000,000.
The bill would amend the Reconstruction Finance Corporation Act
for the purpose of enabling the purchase of stock by the Treasury for the
purpose.
The bill also authorizes an appropriation up to $500,000 for salaries,
travel and other expenses of the Board, and the Board would be empowered
to levy semi-annually upon these banks an assessment to pay its estimated
expenses.
Summary of Functions.
The designed purposes of the bill as summarized by its sponsors are:
(1) To refinance existing mortgages to permit smaller payments and
accommodate the needs of withdrawing members and depositors.
(2) To give the institutions funds, permitting them to carry along
with the borrowers having difficulties in meeting interest or installment
payments.
(3) To assist borrowers in paying taxes and insurance costs, which it is
contemplated would be maintained regardless of conditions.
(4) To provide funds for modernization, repairs and maintenance of
existing homes, thus increasing employment.
(5) To provide a source of funds to refinance thousands of short-time
mortgages which have been called for payment because of bank failures,
and due to like financial institutions converting their resources into liquid
funds.
Thousands of home owners, according to the advocates of the bW, are in
distress for mortgage money to-day.
(6) To help the building of small homes.
There was a discussion of views among the members of the House Committee on Banking and Currency when the bill was reported, and it was
finally considered in the House under a special rule. The original measure
on the subject was formulated, following a White House conference, by
Representative Luce (Rep.) of Waltham, Mass., who supported the Reilly
bill which replaced his own.
From the New York "Times" Washington dispatch June 15
we take the following:
Bonds, guaranteed by mortgages accepted by the home loan system,
will be offered to the public to increase the circulation of money.
Each of the eight or more home loan banks will be under the management
of a board of 11 directors. Two will be appointed by the board and the
other nine by the small member banks. In no case, the bill stipulates,
shall more than 40% of the value of real estate be advanced as a mortgage
loan, and not more than $20,000 would be advanced on home property,
regardless of its value.
The bill approved to-day was introduced by Representative Reilly of
Wisconsin, a member of the banking and currency committee. It is a
revised edition of the Hoover plan, which the President recommended
last year, and which was first introduced at this session by Representative
Luce of Massachusetts. The minor changes, principally the
method of
obtaining the capital stock for each of the district home loan
banks, are
acceptable to the President. Leaders on both sides of the Capitol
expect
the bill to be sent to the White House as soon as the
Senate acts upon
the bonus bill.
The principal objections to the bill, the Banking and
Currency Committee reported to the House were.
It further intrudes the Government into private business.
There is no lack of funds at present for the use of home
mortgage institutions.
The bill would encourage unhealthy home
building.
The bonds of the home loan banks could not be sold.
4432
Financial Chronicle
Eighty-three witnesses were heard by the committee during hearings on
the bill. Sixty-one from 22 States, appeared in behalf of the measure, and
22 from 13 States opposed the bill. Charles G. Dawes, Secretary Lamont,
Dr. John M. Grim, Secretary of the President's Conference on Home
Building and Home Owning, and many others prominent in the industrial
world, the committee reported, urged passage of the bill.
As to the Senate Committee action June 14 Associated
Press accounts from Washington on that date said:
The Committee approved the Watson-Luce bill in the form in which it
is now before the House, providing for the creation of a system of eight
to 12 home loan banks to loosen credit for home building.
A substitute offered by Senator Couzens (Rep., Mich.) to set up a home
loan discount division of the Reconstruction Finance Corporation with a
capital of $400,000,000 was defeated on a vote,8 to 8.
The home loan system would be capitalized with a maximum of $125,000,000 from the Government together with the sale of securities and subscription of stock by building and loan associations.
The Committee amended the bill to include Porto Rico and the 'Virgin
Islands.
Quiet Buying Pursued by $100,000,000 Bond Pool—
New York Bankers' Group Confines Deals to
Over-the-Counter Market.
The American Securities Investing Corp., recently organized by more than 20 leading New York banks, is
reported in usually well-informed circles to be much
more aggressively active than is generally believed. The
New York "Evening Post" of June 13,from which we quote,
also had the following to say:
The corporation is understood to have acquired substantial quantities of
high-grade bonds, its purchases having been carried through in a manner
which have tended to keep such operation more or less secret.
In short, the company, formed as the spokesmen for the organizing
group declared as a profit-making institution and not as a rescue party,
has been quietly but nevertheless actively picking up selected bonds.
Over-the-Counter Deals.
Its operations, however, have been carried on chiefly through dealings
In the over-the-counter market, and thus have not reflected on the tape as
would have been the case had its transactions been negotiated in the listed
market on the Stock Exchange.
Report has it that the corporation has done a small amount of what
might be termed "salvage" buying, but the bulk of its purchases, reported
to have averaged as much as $2,000,000 a day at times, have been restricted to the highest type of railroad and utility liens.
Pressure Is Lifted.
While operations have been held to dealings in the outside market, there
is no gainsaying the fact that though actual buying in the listed market
has been nominal, the influence of the corporation's activities has nevertheless reflected in the latter part of the investment market.
In short, it has served to lift pressure of offerings which might otherwise
have found their way into bonds dealt in on the Stock Exchange and has
moreover, resulted in a broadening tendency to withdraw offerings which
had been raising havoc in lieu of firm bids a fortnight or more back. The
corporation is reported still keeping bids under a substantial list of firstgrade liens in the listed market.
The organization of the new corporation was noted in
these columns June 4, page 4096, and June 11, page 4262.
Committee Named in Boston Federal Reserve District
to Co-Operate with Reconstruction Finance Corporation in Extending Federal Reserve Credit.
A Boston committee to promote wider use of Federal
Reserve credit available through the open market policy of
the System, was formed on June 14 with Carl P. Dennett
Chairman. The Boston "Herald" of June 15 said:
The organization meeting was held in the office of Gov. Roy A. Young
of the Federal Reserve Bank and was attended by about 30 business leaders
in this district, and also by Gov. Eugene Meyer,Jr.. of the Federal Reserve
Board and Charles S. Hamlin, a member of the Board.
The committee is similar to that formed in other cities to aid the work
of the Reconstruction Finance Corp. in expanding the use of Federal Reserve credit
Other members of the committee are Thomas Nelson Perkins, Chairman of Boston & Maine,RR.;
Louis E. Kirstein of William Filene's Sons Co.;
Dr. Arthur W. Gilbert, State Commissioner of Agriculture;
George H. Clough of the Russell Co.
P. A. O'Connell of E. T. Slattery Co.;
Nathaniel F. Ayer, cotton manufacturer;
Frank D. Comerford President of New England Power Association;
Harry K. Noyes of Noyes-Buick Co.;
Philip Stockton. President First National Bank of Boston;
Walter S. Bucklin, President National Shawmut Bank;and
Wilmot R. Evans, President Boston Five Cents Savings Bank.
June 18 1932
Building and Loan Societies in Illinois Advised to
Limit Borrowing from Reconstruction Finance
Corporation—Restriction to Amounts to Refinance Existing Debts Is Advocated.
Borrowings of building and loan associations from the
Reconstruction Finance Corporation should be restricted to
amounts which will enable them to refinance existing obligations to local banks, and not extended to permit'the payment of all withdrawals and maturities, in the opinion of
Oscar Nelson, Auditor of Public Accounts. A statement by
Mr. Nelson, appearing In "Building and Loan Bulletin,"
issued by his Department, was given as follows in the
"United States Daily" of June 8:
Borrowing for IVithdrawats.
Should an Association borrow up to its limit from the Reconstruction
Finance Corporation, the home loan bank or from any other source to pay
withdrawals and maturities?
In the opinion of the Department, it should not.
While in normal times it might be advisable to borrow temporary funds
to meet the balance of a maturing series or even to care for a few
unexpected withdrawals, it does not seem proper at this time, when there
are scores and scores on the list of withdrawals and maturities, for an
Association to pledge or create a lien against the assets of the many in
order to pay off the comparatively few who, for any reason at all, wish
to get out.
Of course, every possible dollar that can be spared out of the normal
receipts of the Association should be applied in payment of shares listed
on this list, in any one of the several ways authorized by law, but borrowed
money has its hazards far greater than the withdrawal feature. In few
eases is it wise to change from a liability to shareholders to a liability to
creditors.
The Reconstruction Finance Corporation and like agencies can be of
material help, nevertheless, by making long-term loans to Associations to
enable them to refinance already existing obligations to local banks.
Most of the borrowings from the Corporation are for this purpose, and
there seems to be a threefold advantage arising out of a refinancing operation of this character.
Refinancing Operations.
First, the Association is enabled to pay off its 60- or 90-day loan and
to refinance such paper for periods from one year up to three years. Next,
the payment to the bank helps that institution to maintain its cash reserves
at the high percentage now desirable and necessary. Lastly, the fact that
several thousands of dollars of outside money is brought into the community
helps the Association, the bank, the local merchants and all local industry
and trade in general.
Borrow just enough to refinance. Keep under the 10% limitation so
that the Association will have a reserve borrowing power in case it becomes
Imperative at some later date to have some ready cash to conserve and
preserve the assets, to meet the payment of taxes, insurance premiums,
Interest, expenses and other obligations requiring a cash outlay.
Theodore Prince iews Inter-State Commerce Commission as "‘irtual Dictatorship Within a Democracy"—Says Commission "Dictates" Rather Than
Allows Directors of Reconstruction Finance Corporation to Decide on Loans to Railroads—Action
in Case of St. Louis-San Francisco Ry.
Theodore Prince has written a paper In whict he says
"it is difficult to discover any line of thought or course of
conduct on the part of the Inter-State Commerce Commission that can exonerate them from the blame attached to
the present plight of the railroads." "Even now," says Mr.
Prince, "when Congress and the President and the Reconstruction Finance Corporation want to help the railroads,
the Inter-State Commerce Commission adopts a consistent
destructive policy."
Mr. Prince declares that the Commission has "contrary
to the spirit and even letter of our Constitution, absorbed
administrative, executive and judicial powers all in one.
It is a virtual dictatorship within a democracy."
It is the view of Mr. Prince "that it will be impossible for
us to make any progress along the road of prosperity if the
railroads are not put in the position of operating with some
degree of confidence." He likewise says:
As long as bonds are looked upon as speculative ventures, with values
shifting from day to day, and as long as the portfolios of our many institutions are diminishing in value, the disasrous course of deflation will
continue on its way. If this be the object of the Inter-State Commerce
Commission it can be well said it is the best work they have done since
they have been appointed.
Bills to Amend New Jersey Bank Laws Approved—
Measures Signed by Governor Relate to Powers
of Receivers and Evaluation of Insurers' Bonds.
Two measures amending the laws governing the State
Banking Department have been approved by Governor
Moore. The first (S. 266) allows receivers of corporations
under the jurisdiction of the Department to extend mortgages for the benefit of creditors. Trenton, N. J., advices
to the New York "Times" also stated:
Among other things Mr. Prince refers to the course of
the Commission respecting the application for loans through
the Reconstruction Finance Corporation of the Missouri
Pacific and St. Louis-San Francisco roads. "Why," asks
Mr. Prince, "does the Inter-State Commerce Commission
take it upon itself to dictate rather than to allow the directors of the Reconstruction Finance Corporation to decide
whether the applicant railroad was or was not "unable to
obtain funds upon reasonable terms through banking channels or from the general public." Mr. Prince's criticism of
the Commission made public june 12 and we reproduce
below the latter half of it:
The other (S. 357) permits insurance companies doing business in the
State to value bonds which they own, when amply secured and not in default, on the same basis permitted in other States.
The President and Congress, despite present failings and criticism have
passedpasaed certain measures that are calculated to restore confidence and
arrest the deflationary movement. The Reconstruction Finance Corpora-
Volume 134
Financial Chronicle
4433
Mortgage 4%% gold bonds, Series "A," be issued immediately and "be
tion, the Glass Steagall Bill and the National Credit Corporation are calsold at not less than 9414 and interest." The bonds were sold and reculated to be of inestimable value in this most unusual and extraordinary
distributed without much difficulty and the same bonds not very long
world wide depression. But what has happened? The Inter-State Comago sold down to 9%, shortly after the decision of the Inter-State Commerce Commission has again cast its evil eye on the benign measure menmerce Commission on the St. Louis-San Francisco situation above referred
clear' to the ordinary business man that the
tioned above? It must be
to. Extraordinary as it may seem this financing of bands and preferred
plight of the railroads is due to the system of strangulation which has
stock was approved in order to permit the St. Louis-San Francisco to
not permitted them in the normal course of events to set aside a reredeem $103,078,000 par value of adjustment mortgage bonds and income
serve for periods of stress and abnormality. The importance of maintainmortgage bonds, interest on which was payable only if earned. These ining their stability has been clear to everyone except the Inter-State Comcome and adjustment mortgage bonds were thus paid off, redeemed by the
merce Commission. The pooling of the additional revenue from the inissuance and sale of these bonds and preferred stock and were approved
creased freight rates under the auspices of the Railroad Credit Corporation
by the Inter-State Commerce Commission. Less than two years ago the
afforded little relief. For it is found judging from the first quarter that
Commission approved an issuance of bonds at a price of over 90 of par
the increase in revenues afforded by such freight rates will amount to
for 434% bonds!
only half of the estimaed $120,000,000. It needs no expert to realize that
According to the computation made at that time, the bonds were acto increase freight rates in times of depression is as inexpedient and uncepted as legal investments as defined by the Banking Department of the
wise as it is to increase steel prices when demand is low and production
State of New York, so that trustees and savings banks could feel they
is high. It is also obvious that the railroads, owing to the unelasticity of
were amply protected in thus purchasing these bonds at 94%. They are
labor, the rigidity of low freight rates, diminishing business and increasing taxes, could not be helped by any sound banking proposition. People
now selling at 9% and threatened with receivership. What a beautiful
commentary on the skillful management of the railroads by the Inter-State
who are ill, it is obvious, cannot be treated as though they were strong
and vigorous. So the Reconstruction Finance Corporation was formed to
Commerce Commission.
aid the railroad industry as a Governmental agency for the reason that it
It is quite clear that if these $103,073,000 of adjustment mortgage and
needed assistance outside of the normal and usual channels of giving finanincome bonds on which interest was not payable unless earned had not
cial assistance.
been so redeemed, the St. Louis-San Francisco Railway would not now be
Accordingly when the proposition of a loan to the Missouri Pacific for
in a position to require the recapitalization. This is a perfectly clear in$13,000,000 came before them, Commissioner Eastman, with his usual flare
stance of where the Inter-State Commerce Commission approved a refor quixotic attitude said:
capitalization which increased the fixed charges and without the slightest
sense of responsibility now insists that these fixed charges although made
"No good reason has been shown for approving a Government loan to enable
the applicant to make a 50% payment on the bank loans maturing April 1. . . . with their approval four years ago must now be cut down.
The theory is apparrently that a Government loan . . . is necessary to prevent
When and where and what are the Commission going to strike next?
a Missouri Pacific receivership. No such necessity exists."
Who knows? Who knows when and where and what lightning is going
The price of 12 for the mortgage bonds of the Missouri Pacific road
to strike? They are alone responsible for the serious plight of the railmakes it perfectly clear that despite what our good friend Commissioner
roads and now they have evolved a new theory to vindicate their past.
Eastman says, necessity for receivership or re-organization for the Missouri
First, in order to justify their rate structure, they claimed the roads were
Pacific does appear to be in the offing!
over capitalized; as stated before, after spending hundreds of millions of
What help can the President or Congress or the Reconstruction Finance
dollars they discovered that theory was wrong. Secondly, when they should
Corporation give if the Interstate Commerce Commission is going to
have allowed the roads to earn 514,% according to the mandate given them
take the position of demanding sound security and safety for all help
they refused it on the grounds that the roads were too prosperous. (See the
given to the railroads? What phantom of conscience demands that they
O'Fallon decision of 1927.) Then when the Commission realized that the
refuse help when the mandate of Congress requires it should be given? If
railroads needed the increased rates, the Commission discovered that
these loans can be made on ordinary business judgment, the Reconstruction
business was too poor to grant it. Thirdly, now, when the railroads come
Finance Corporation would never have been founded and the plight of the
for help, and everybody is willing to help them, even labor, and the
railroads would never have taken place. It seems to be too obvious for
mandate for help that has been given by Congress, the Inter-State Comeven moronic reasoning.
merce Commission again follows obstructive tactics in the role of deAgain, what phantom conscience does the Inter-State Commerce Comfenders of the faith—what faith? Lastly, it is now apparent that everymission follow. Under what mandate do they pursue this course of
one of these loans from the Reconstruction Finance Corporation testify
financial surveillance. The law characterizing the giving of these loans
mutely to the failure of the Inter-State Commerce Commission to have
seems to advise the giving of them in the following language of Section
regulated our transportation industry with ordinary ability and prudence.
five of their Reconstruction Finance Corporation: "When in the opinion
In self defense therefore, the only way Inter-State Commerce Commission
of the Board of Directors of the Corporation such railroads or railways
can rehabilitate itself is to blame the situation on the railroads and cut
are unable to obtain funds upon reasonable terms through banking channels
down fixed charges. Otherwise the amount of money that the Reconstrucor from the general public and the Corporation will be adequately secured."
tion Finance Corporation must loan during the depression would be such
Further, Section eight of the Act creating the Reconstruction Finance
as would evidence all too obviously the neglect of the Interstate CamCorporation states: "In order to enable the Corporation to carry out the
merce Commission. To admit openly their failure is unthinkable; so they
provisions of this Act, the Inter-State Commerce Commission are hereby
enter into this bureaucratic sabotage on a mysterious principle of over
authorized to make available to the Corporation in confidence such reports,
capitalization that was decided years ago in favor of the railroads! To
records or other information as they may have available, etc." This incompel a railroad to reduce fixed charges on the ground that otherwise they
dicates that the seven Directors, including Charles S. Dawes, Eugene Meyer,
"cannot operate successfully in the future" is not an indirect but a direct
Governor of the Federal Reserve Bank and the Secretary of the Treasury,
claim of over capitalization.
would have something to say about when and how these loans should be
Under the present setup of the railroads they are and have been between
made, notwithstanding that such loans should have the approval of the
the upper and nether millstone; diminishing rates and income as against
Inter-State Commerce Commission.
increasing taxes and rigidity of payments to labor. Under such circumWhy does the Inter-State Commerce Commission take it upon itself to
stances the percentage of their fixed charges to net operating income bedictate rather than to allow the Directors of the Reconstruction Finance
comes relatively larger and larger.
Corporation to decide, whether the applicant railroad was or was not
If the statement in reference to the St. Louis-San Francisco be the
"unable to obtain funds upon reasonable terms through banking channels
keynote to their policy, namely:
or from the general public." Are not the Directors of the Reconstruction
"We do not believe that this carrier can operate successfullypn the future!without
Finance Corporation themselves specified and directed by the Act to dea reduction of fixed charges,"
termine and pass upon this very situation. It is not a bank or banker's
then the following table should be of sinister significance: fWe omit
business to carry frozen loans. In doing so they not only endanger their
this table—Ed.]
own standing but they deprive other much needed sources from the steady
Can any road operate successfully in the future without a reduction of
and continuous flow of credit. That is what the banks and bankers are for
fixed charges, as the Inter-State Commerce Commission says, should
and the Reconstruction Finance Corporation was formed to thaw out frozen
present conditions continue?
situations, and thus have the Government take the responsibility; a reWhat does this mean? Wholesale receivership? Or as in 1893 when
sponsibility that would not be expected to be undertaken by a banker whose
we had 74 railroad receiverships! Who knows what these Stalins of the
capital is strictly limited, for active liquidating operations. A bank is
railroad industry have in their minds!
handling other people's money, and which oan be withdrawn from them
It is difficult indeed to discover any line of thought or course of conat a moment's notice, leaving them no other recourse than to close their
duct on the part of the Inter-State Commerce Commission that can exbank; certainly it is clear that the banks should be relieved of such situaonerate them from the blame attached to the present plight of the rail.
tions for the common good.
roads. Even now when Congress and the President and the Reconstruction
The whole theory of the Reconstruction Finance Corporation was to
Finance Corporation want to help the railroads, the Inter-State Commerce
pledge the credit of the Government to any difficult situation, where
Commission adopts a consistent destructive policy.
assistance in the ordinary course of business from bank and banker could
It will be impossible for us to make any progress along the road of
not be expected; particularly in the critical stress of these times when the
prosperity if the railroads are not put in the position of operating with
fundaments of the whole world are quaking. This is practically what the
some degree of confidence. As long as bonds are looked upon as speculaAct says and what it means.
tive ventures with values shifting from day to day and hour to hour and
But our learned Commission has only begun; there can never be any
as long as the portfolios of our many institutions are diminishing in value
division of judgment or power with them; the supreme decision must rest
from day to day, the cruel and disastrous course of deflation will continue
entirely in their hands. They alone must be the arbiters of our destinies.
on its way. If this be the object of the Inter-State Commerce CommisSo, the final apotheosis of deification takes place in the application for a
sion it can be well said it is the best work they have done since they have
loan of the St. Louis and San Francisco Railway when these supermen bebeen appointed.
come Gods! They grant the application on condition practically that the
The Inter-State Commerce Commission have contrary to the spirit and
road effect a reorganization! How do they reach this decision? On what
even letter of our constitution absorbed administrative, executive and
authority do they order a reorganization? By what act, law, or precedent
judicial powers all in one. It is a virtual dictatorship within a democracy.
do they seize such autocratic power? It is not to be found in the TransIt is time for Congress, the President and citizens to wake up. What are
portation Act that created them or in the Reconstruction Finance Coryou going to do about it!
poration, that called them in to collaborate and give the Directors of that
corporation the special and intimate knowledge that the commission had
as to conditions, capital, credit and operations of railroads. Shades of
Additional Loans of $762,600 to Two Roads from ReconTorquemada, have mercy on us! The Gods have spoken in their (the
Commission's) report respecting the St. Louis-San Francisco—page 8 of
struction Finance Corporation Approved—New
their opinion, as follows:
Applications for Loans Filed.
"We do not believe that this carrier can operate successfully In the future without
Additional Loans to two railroads aggregating $762,600
a reduction of its fixed charges,"
What protection has anybody against an undisclosed operation of the
from the Reconstruction Finance Corporation have been
mind of these autocrats? The price of the bonds of many railroads
approved by the Inter-State Commerce Commission, bringIndicate that the question of operating successfully in the future with the
ing the total approved to date to approximately $177,374,000
present scale of fixed charges is seriously in doubt. Industries whether
transportation or otherwise with large fixed charges, with no opportunity
to 42 roads. The additional Loans approved are as follows:
given them for "fattening up" in times of prosperity, are now bound to
Amount
Amount
be in the condition of the St. Louis-San Francisco.
Name of Company—
Approred.
Term.
Applied for.
About four years ago the Inter-State Commerce Commission approved
Chicago & Eastern Illinois RY---- *WO,000
7 mos.
$7,196,436
bond issue of $110,000,000 (this is over one-third of
Sand Springs By
and authorized a
162,600
3 years
269,498
their entire bonded indebtedness), and an Issue of preferred stock of
*Under dates of Feb. 27. March 15 and April 29 loans of
$49,000,000; it further required that $102,000,000 of these Consolidated
$3,629.500.
882,080 and $595,500 respectively were approved.
4434
Financial Chronicle
Further details regarding the loans follow:
Chicago & Eastern Illinois Ry.
The original application was submitted Feb. 15 1932, and was supplemented under dates of Feb. 25, March 4, April 7 and May 20 1932. BY
the original application a total loan of $7,196,436 was requested from the
Reconstruction Finance Corp., to be advanced in the amounts and at the
dates specified therein. Under dates of Feb. 27, March 15 and April 29
1932, we approved loans to the applicant of $3,629.500, $82,080 and $595r
500. respectively, and deferred action with respect to the remaining items
of the application. The loans referred to were secured by the pledge of
$5.262,500 of the applicant's prior lien mortgage 6% bonds, series A.
and $3,590.200 of its prior lien mortgage 53i% bonds, series B, both issues
maturing in 1961.
Necessities of the Applicant.
The original application was restricted to items of taxes, interest, and
maturities of fixed obligations. No provision was made for overdue or
current expenses of maintenance and operation, which the applicant then
anticipated it would be in position to pay from current income. Due to
strikes in the Illinois and Indiana coal fields, which have been in progress
since April 1 1932. the additional operating revenues anticipated by the
applicant were not realized and as a result its revenues have been reduced
to unprecedented low levels. The applicant now seeks a further temporary
loan of $600.000, at a rate of interest to be fixed by the corporation, to
enable it to discharge certain audited and unpaid vouchers, such loan to be
repaid on or before December 31 1932.
From a statement made by the applicant's president at a meeting of
its board of directors held on April 18. 1932, which statement is incorporated
in the supplementary application, the following audited and unpaid vouchers for material and supplies and other expenses, exclusive of fixed charges
and taxes, were on hand at the beginning of business on April 15 1932:
379 vouchers in favor of companies and individuals, other than $429,472
railroads
114,764
216 vouchers in favor of railroad companies
71,197
Outstanding vouchers in the form of sight drafts
$615,433
Total
The first two items. aggregating $544,236, represent invoices and accounts of the Mowing dates:
$34.568
September 1931, and prior thereto
40,246
1931
October
Q1,378
November 1931
70,227
December 1931
81,295
January 1932
108,225
February 1932
148,267
1932
March
$544,236
Total
The application further shows that the applicant's voucher status, as of
April 15 1932, was approximately the same as at the close of business Dec.
31 1931. the difference being less than $3,000, and that approximately
$450,000 of the vouchers on hand as of April 15 1932. were more than 30
days overdue.
During the period Jan. 11932. to May 20 1932, the applicant has applied
monthly to the payment of vouchers such portions of its cash balances and
current income as were deemed advisable having due regard to the absolutely essential payments with which it might be confronted in the operation of its properties. In its supplemental application, dated May 20 1932,
the applicant shows unpaid vouchers outstanding and cash balances on hand
at the beginning of business as follows:
To
Total
Outstanding
To
Companies
Cash
of
as Sight
Railroad
and
Vouchers. Balances.
Individuals. Companies. Drafts.
Date.
$280,633
$119,964 $191,516 $662,463
$344,983
Jan. 1 1932
202.974
713,542
135,731
141,131
436,680
Feb. 1 1932
152,253
723,292
171.068
129,995
422,229
Mar. 1 1932
221,441
645,498
137,214
123,123
385,161
Apr. 1 1932
180,986
707,584
165,803
401,204
140,577
May 1 1932
130,963
813.965
213.768
160,017
440,180
May20 1932
The applicant represents that its creditors to whom the foregoing unpaid
and overdue vouchers are owing are pressing for settlement.
Security.
As security for the loan of $600.000 now applied for, the applicant requests that the $8,852,700 of prior lien mortgage bonds now pledged with
the Reconstruction Finance Corp. as collateral security for the loans aggregating $4,307,080 heretofore approved by us be held and treated also as
security for the additional loan now under consideration.
Included in the total of $4,307,080 of loans heretofore approved by us
were two items of interest maturities aggregating $158,580 as additional
security for which we required the deposit with the Reconstruction Finance
Corp. of applicant's irrevocable orders upon the Railroad Credit Corp.
authorizing and directing the latter corporation to pay to the Reconstruction
Finance Corp. for account of the applicant the sum of $158,580, the apCorp.
plicant having included in its application to the Railroad Credit
the two items of interest maturities aggregating this amount. Subsequent
of Interest were into the time we approved the loans in which these items
cluded,an arrangement was made by the corporation and the Railroad Credit Corp. whereby the Credit Corp. took over the applicant's note of $76,500
which had been delivered to the corporation under date of March 1 1932.
The applicant was further required by the corporation to obtain the interest
item of $82,080, approved by us on March 15 1932, from the Railroad
appliCredit Corp. which it did, March 30 1932, and on the same date the
of
cant delivered to the Railroad Credit Corp. a new note in the amount
$158,580, which included the two interest items of $76,500 and $82,080.
thereby reduced from
The total loans heretofore approved by us were
prior
$4,307,080 to $4,148,500 presently secured by the $8,852,700 of
lien mortgage bonds, as aforesaid.
Conclusions.
Upon consideration of the application, and after investigation thereof,
we conclude:
That we should approve a further loan of $600,000 to the applicant by
the Reconstruction Finance Corp., for a period not exceeding 7 months,
to be secured by the further pledge with the corporation, as collateral
security therefor, of applicant's prior lien mortgage bonds of 1961 in the
aggregate principal amount of $8,852,700 now pledged as security for the
loans of $4,307,080, heretofore approved by us as aforesaid:
Sand Springs Ry.
On May 17 1932, the Sand Springs Ry. submitted to UB an application
to the Reconstruction Finance Corp.. for a loan under the provisions of
section 5 of the Reconstruction Finance Corp. Act.
The Application.
The amount of the loan applied for is $269.498, to be repaid on or before
the corthree years from date and to bear interest at a rate to be fixed by
poration. The purposes of the loan and the uses to which it will be applied
interest on funded debt,
are the payment of delinquent and current taxes,
principal of equipprincipal on unfunded debt, maturing installment of
June 18 1932
ment-trust obligation, and public liability claims and interest thereon,
all as more particularly set out below:
Delinquent Federal income taxes, including interest (in accord$98,175
ance with decision of Board of Tax Appeals)
25,118
General taxes, State of Oklahoma. 1931
3,810
Deferred paving taxes and interest
18,000
Interest due Dec. 31 1931, on first mortgage bonds
75,000
Notes held by Sand Springs Home (overdue)
10,000
Notes held by Exchange National Bank of Tulsa, Okla
7.695
Maturing installment of principal of equipment trust obligation
7.200
Injuries and damages
20,000
Injuries and damages (case pending before State Supreme Court)
4,500
Interest for 45 months on foregoing judgment
$269,498
Total
The applicant requests that the funds be made available in amounts of
during June, $3,278 during July, $26.200
$36,618 during May. $192,875
during August,$1,700 during September. $395 during October. $200 during
November, and $200 during December. Small monthly amounts aggregating $8.032 are requested during 1933, 1934 and 1935.
The applicant states that it has been unable to obtain the necessary
funds in whole or in part from any other source. Efforts were made to
borrow from the First National Bank of St. Louis, Mo., and from the St.
Louis-San Francisco Ry. without success. The bank declined to make the
loan because the railroad securities offered as collateral are not marketable
under present business conditions and the railroad company, while favorable
to the loan, was, itself, financially unable to undertake it. It is our view
that the question of the applicant's ability to procure the funds through
banking channels or from the general public is committed by the Reconstruction Finance Corp. Act primarily to the corporation.
The applicant has become a party to the "Marshaling and Distributing
Plan. 1931," of the Railroad Credit Corp., and has neither applied for nor
received any loans from that corporation. For the year 1932 revenues
from increased rates are estimated at a maximum of $8,477 and a minimum
of $7,852.
Necessities of the Applicant.
The most pressing necessities of the applicant are its tax assessments now
overdue. On Jan. 5 1932, March 9 1932, and March 311932. the Board
of Tax Appeals entered final orders In proceedings involving Federal income
taxes of the applicant for the years 1918, 1919. 1920, 1921, 1922, 1923 and
1929. The deficiency determined under these decisions, with interest
to June 15 1932. Is stated in the application as $98,175. Information subsequently furnished shows that the correct amount is $101,385.
The general taxes to the State of Oklahoma for 1931. amounting to $25,118, are past due and are subject to a monthly penalty until paid.
The item of $3,810 designated deferred paving taxes and interest is made
up of three installments; $1,578. due July 11932, $1,203 due July 1 1933.
and $1.029 due July 1 1934.
The applicant is in arrears on the payment of $18,000 interest due Dec.
31 1931. on its first-mortgage bonds of 1937.
The overdue notes held by the Sand Springs Home consist of a demand
note for 65,000 dated May 29 1931, a promissory note for $20,000 dated
August 29 1931, due Sept. 27 1931, and a promissory note for $50,000.
dated Oct. 27 1931. due Nov. 26 1931. The general balance sheet of the
applicant as of Dec. 31 1931, shows a total of $104.621 for miscellaneous
accounts receivable. An analysis of this account discloses that the Sand
Springs Home is indebted to the applicant in the amount of $79,046.
We see no reason why the notes payable to the Sand Springs Home and the
amount receivable therefrom by the applicant should not be considered as
offsetting items.
As of Dec. 311931, the applicant was indebted to the Exchange National
Bank, Tulsa, Okla., on a promissory note for $25,000, dated Jan. 1 1932.
due Feb. 11 1932. As of the date of the application this note had been
reduced to $10.000. Information subsequently furnished shows that the
loan has been further reduced to $9,000 and the maturity date advanced
to June 12 1932.
The equipment-trust obligation of the applicant is evidenced by a note
handled by the Exchange National Bank,of Tulsa, under an agreement that
$1,500 per month would be paid thereon until retired. The principal
amount remaining as of April 30 1932, was $7,695, as shown in the application. The monthly installment of $1.500 due May 5 1932, has been paid
by the applicant, leaving as remaining principal $6,195.
The amount of $7,200 requested for injuries and damages represents payments of $200 per month during the next three years on three personal injury claims aggregating $21,650. The additional amount of $24,500 is
requested in anticipation of an adverse decision in the Supreme Court of
Oklahoma on an appeal by the applicant of a judgment rendered against
it on Nov. 2 1928, in the amount of $20.000. The amount of $4,500 represents interest for three years and nine months on the foregoing judgment.
Security.
As security for the loan applied for, the applicant offers to pledge $300,000
of its first-mortgage 6% gold bonds, dated July 11912, due July 1 1937.
These bonds are a first lien on all the applicant's property without limitation,
and are held by the Sand Springs Home, which directly controls the applicant through ownership of its entire capital stock, except directors' qualifying shares. They are not listed on any stock exchange.
The applicant's past operating experience warrants confidence in its
ability to repay the loan within the term prescribed by the statute.
Conclusions.
Upon consideration of the application and after investigation thereof, we
conclude:
1. That we should approve an immediate loan to the Sand Springs
Railway by the Reconstruction Finance Corp. in the amount of $162,600.
for a term of not exceeding three years from the making thereof, the proceeds
to be used for the following purposes:
$101,383
(a) To pay delinquent Federal income taxes
25,118
(b) To pay general taxes, State of Oklahoma, for 1931
1,578
) To pay deterred paving taxes, 1931
18,000
d) To pay past due interest on first mortgage bonds
9,000
pay bank loan
) To
6,195
f) To pay maturing installments on equipment trust obligation
.g) To pay maturing monthly installments from June 15 to
1,400
Dec. 15 1932, on personal injury claims
Total
$162,676
2. That the Sand Springs Railway Co.should pledge with the Corporation,
as collateral security for such loan, $300,000, principal amount, of its firstmortgage 6% bonds of 1937.
Applications for loans have been filed by additional roads,
viz.: Louisiana Arkansas & Texas Ry.for a loan of $685,756;
an additional loan of $1,505,554 by the Western Pacific
RR., and also an additional loan of $2,780,316 by the
Central of Georgia Ry. This brings the total amount
sought to date to approximately $383,000,000, allowing
for amended applications and withdrawals.
Volume 134
Financial Chronicle
• 4435
Western Pacific RR. Co.
The company in a supplemental application to the Inter-State Commerce
Commission June 11 increased from $759,000 to $2,264.554 the amount
of the loan it is asking from the Reconstruction Finance Corp. It has
requested the additional $1,505,554, to be used entirely for interest obligations,from the Railroad Credit Corp.; the road had already received $1,303,000 for interest requirements from the Reconstruction Finance Corp.,
which made the advance in the absence of available Railroad Credit Corp.
funds.
Applications for both loans had originally been filed with the Railroad
Credit Corp., and the Reconstruction Finance Corp.in making the advance,
made the stipulation that it must be taken over by the credit pool when
its funds became ample.
Not having been released from the obligation of taking over the loan,
however, the Railroad Credit Corp. is unable to meet the new request
for $1,505,554, and the Reconstruction Finance Corp. has again been
asked to bridge the gap by providing the needed capital.
Instalments on the full loan as now requested are sought for use on the
following dates: June 20, $625,584; July 1. $109,000; Aug. 1 $136,045; Aug.
20, $1,293,440; Nov. 20, $100,485.
The heavy August 20 maturities involve $1.232.252 for semi-annual interest payment on the road's outstanding first mortgage 5% gold bonds,
due Sept. 1 1932, and $61,188 for semi-annual interest payment on its
outstanding Series B 53- % equipment trust certificates, due on the same
date.
Louisiana Arkansas & Texas Ry.
The company requests the loan for three years to pay taxes, interest,
past due vouchers, and to make additions and betterments. A first lien
on the road's property is offered as security.
1931, page 2701; in our issue of March 5 1932 (page 1701)
it was noted that the Federal Board had denied a parole to
Fall. On May 5 Associated Press advices from Washington
stated:
Central of Georgia Ry.
The company has filed an amended supplemental application with the
Inter-State Commerce Commission asking for a further loan of $2,780,316
for three years from the Reconstruction Finance Corp. The company
has already received advances of $2,130,450. The application supersedes the request filed in March for $3,899,727 and increases this figure
to $4.910,766. The carrier in February received a loan of $1,418,700
and another for $711,750 in April. The latest request states that on account
of the unexpected further decrease in the road's earnings during April and
May, and because of a decided shortage in the peach crop in its territory,
the road has revised its income estimate for this year. This shows that the
carrier now expects a deficit of $3,144,623 in 1932, as against the $2,170.462
deficit estimated in March.
The revised forecast of cash receipts and requirements this year including cash receipts and disbursements through January 1932, shows the
applicant will have a cash deficiency of $2,780,316 for the year, after
including the loans of $2,130,450 received from the Reconstruction Finance
Corp.
The applicant is unable to obtain funds through banking channels or
elsewhere to meet its requirements. The previous loans have furnished
funds to the carrier to meet its requirements to and including July 1 1932.
Fall, who entered prison a sick man, emerged in no better health, Dr.
E. F. Fiske reported after an examination at the request of the family.
"He came into the penitentiary an invalid and he went out an invalid,"
said Dr. Fiske. "He is a year older now and his various chronic illnesses
are progressive.
"The progress these diseases have made, however, IS no greater than
would have been expected had Mr. Fall remained in any other institution
or had he been at home.
"The arthritis of the spine and resulting neuritis (in the legs) and inco-ordination of movement are al, very little more advanced than when he
came into the penitentiary."
The ambulance in which the released man left the prison was the one
In which he was taken there July 20 last year from his home in El Paso.
Final Disposition of Proceedings Against Albert B.
Fall, Former Secretary of the Interior—Quashing
of Conspiracy Charges in Elk Hill Oil Lease Cases
Against Ex-Secretary Harry F. Sinclair and E. L.
Doheny and Latter's Son—Fall Released From
Prison.
In a brief and perfunctory legal proceeding, the final
chapter of the criminal cases growing out of the oil scandals
of the Harding Administration was written on June 2 in
the District of Columbia Supreme Court. Associated Press
dispatches from Washington, June 2, in indicating this, said:
Within five minutes Justice James M. Proctor heard and granted a
request by Atlee Pomerene, Government prosecutor, that conspiracy indictments be dropped against Albert B. Fall, Harry F. Sinclair, Edward L.
Doheny and Edward L. Doheny, Jr.
That cleared the docket of all criminal cases resulting from the lease
of Teapot Dome to Sinclair and the Elk Hills Oil Reserve to Doheny.
This was done by Fall while Secretary of the Interior, and produced violent
repercussions in the form of colorful trials and Senate investigations.
In sharp contrast to the dramatic proceedings spread back through the
years, the finish was drab and colorless. It consisted only of a short
statement by Pomerene and the granting of the request by the judge.
After conferring with President Hoover, Mr. Pomerene asked that three
indictments be quashed, two against Fall and Sinclair and the other
against Fall and the Dohenys. He made the request on the ground either
that one of the defendants had been acquitted or the indectments had been
supplanted by new ones and those disposed of.
Fall recently completed a prison term for accepting a $100,000 bribe from
Doheny, who himself was acquitted. The former Cabinet member was the
only person convicted in the long series of trials.
Sinclair was acquitted of a charge of conspiring with Fall to defraud
the Government. However, he served a term in the District of Columbia
jail for contempt of court, growing out of his employment of detectives to
shadoW a jury.
Another indictment charged the same thing against Fall and Sinclair.
It had been supplanted by the indictment on which Sinclair was acquitted.
The third, against Fall and the Dohenys, also had been displaced by a new
Indictment, on which they were acquitted. The younger Doheny died some
time ago.
Albert B. Fall, Former Secretary of Interior, Released
From Prison—Term Grew Out of Conviction of
Accepting Bribe From Edward L. Doheny in Elk
Hills Oil Lease Case.
Albert B. Fall, formerly Secretary of the Interior, who
had been convicted of accepting a bribe from Edward L.
Doheny in the Elks Hill Naval Oil Lease Case, was freed
from the New Mexico State Penitentiary, at Santa Fe,
N. M., on May 9 He had been sentenced to serve one
year and one day, and had served nine months and 19 days--the time off for good behavior having made possible the
completion of his prison term on May 8. The former Secretary's conviction was referred to in these columns April 11
Attorney-General Mitchell said to-day he would order New Mexico State
Penitentiary authorities to release Albert B. Fall on Sunday.
Mr. Mitchell explained that a judgment for $100,000 stands against the
former Secretary of the Interior for the fine which he failed to pay. It was
imposed, with a year and a day sentence, after Fall's conviction of accepting
a bribe in connection with Naval oil reserve leases.
The Attorney-General said that Warden Swope of the Penitentiary—
who announced he would hold Fall for payment of the fine or to serve an
extra 30 days and take the pauper's oath—might not understand the
situation, and therefore he would be instructed.
The fine is collectable, Mr. Mitchell explained, whenever Fall is able to
pay it, and the judgment "stands as a legal charge."
Associated Press accounts, May 9, from Santa Fe, said:
Fall's release came after Warden Ed Swope of the penitentiary had engaged in a long-distance argument with Federal officials in Washington
over whether Fall had really served his full sentence.
Swope refused to release Fall until he received amended commitment
papers which eliminated the phrase providing that he should remain confined "until this fine is paid." The fine, $100.000, stands as a judgment
against Fall, collectible when and if he gets the money.
Collection is regarded as doubtful in view of repeated assertions by
Fall that he has no money and the fact that his ranch has been claimed on a
foreclosure by Doheny,who held a mortgage on the property.
The following is from the same dispatches:
Henry M. Blackmer, Missing Witness in Teapot Dome
Oil Case, Pays United States Government $3,730,784
in Taxes and Fines—Adjudged Guilty of Contempt
for Failure to Appear at Fall-Sinclair Trial.
It was stated in Associated Press dispatches from Washington, May 25, that Henry M. Blackmer, missing witness
in the Teapot Dome oil trials, has paid the Government
$3,670,784 to settle civic tax evasion charges and $60,000
in fines for contempt of court, but still faces arrest should
he return to the United States. The Associated Press account, May 25, as given in the New York "Herald Tribune,"
added:
Indictments charging tax evasion are pending against him in Federal
Court at Denver, and Treasury officials said to-day that the indictments
would be pressed should Blackmer return. George Gordon Battle, Blackmer's lowyer, said he had received no intimation that the Colorado oil
man would break his exile and come back from France.
$100,000 Seized Bonds Returned.
Mr. Battle paid the fines to-day and received the $100,000 in 314,%
Liberty bonds which were seized by the Government in 1927 when Blackmer
was adjudged guilty of contempt of court for failure to appear at the
Fall-Sinclair conspiracy trial.
It was Liberty bonds traced by the United States Secret Service which
first connected Blackmer with the oil lease scandals in which the Government charged that Albert B. Fall, then Secretary of the Interior, had
conspired with Harry F. Sinclair, the oil man, to defraud the Government
of the Teapot Dome naval oil reserves. The bonds, it was found on
investigation, were part of the proceeds of an oil deal in which Blackmer,
Sinclair and other oil men participated in the purchase and resale of oil.
The oil men formed the Continental Trading Co. for handling their
transactions. The Secret Service traced some of the bonds from the company to Sinclair and Fall. Blackmer, summoned as a Government witness
in the Fall-Sinclair trial in 1927, failed to appear. Contempt proceedings
and seizure of the $100,000 in Liberty bonds followed.
Twice Fined for Contempt.
He was found guilty of contempt of court a second time when he refused
to appear at the trial of Sinclair in 1928. Later the court imposed a fine
of $30,000 on each of the charges under a newly enacted law giving the
courts authority to seize up to $100,000 of the property of any person
who refused to return from abroad and testify in a criminal trial.
Other oil men involved in the Continental Trading Co. deal paid to the
Treasury the tax and penalties assessed against them on their unreported
profits. Blackmer was assessed $8,498,935 by the Internal Revenue Bureau
for back taxes, penalties and Interest. A short time later he was indicted
in Denver and the Government placed liens on all of his property it
could locate, which amounted to only $1,589,398.
Blackmer appealed to the Board of Tax Appeals for a redetermination of
the amounts and the Government compromised assessments for 1916, 1917
and 1919, which amounted to $2,626,354, for $1,500,000, and collected
the tax, penalties and interest for 1920, 1921, 1922 and 1923. The tax
amounted to $1,049,254, and the penalties and interest aggregated
$1,121,530.
The Condition of the American Mortgage Co. of
California.
Frank C. Mortimer, Federal receiver, the American
Mortgage Co. of California, exposed further irregularities
in the affairs of the company in his second report recently
filed with the Federal Court in Los Angeles.
The current statement shows a deficit of over $7,000,000,
subject to further readjustment. The capital and surplus
4436
Financial Chronicle
accounts were wiped out four times over. His first report
was replete with representations of misconduct on the
part of executives of the company, who subsequently
pleaded guilty to charges filed against them by public
authorities and were sent to San Quentin.
Receiver Mortimer holds out no hope for stockholders,
but reports that recoveries may be expected by creditors,
depending upon the ultimate value of equities in real estate
which is subject to foreclosure due to long existing delinquencies. In his report, he again recommends to first
lien holders the formation of a common law or business
trust, under which the holdings of first lien holders and all
others would be protected and equity values recognized,
the result being that the many thousnds of investors would
benefit under such plan.
B. M. Anderson, Jr., of Chase National Bank of New
York on Misunderstandings Between Congress and
Bankers—Declares Business Revival Could Be
Effected With Dropping of Prejudices and the
Study of Things Realistically.
Taking as his subject "The Congress and the Financial
Community," Benjamin 11. Anderson, Jr., Ph.D., Economist
of the Chase National Bank of the City of New York, addressed the New York State Bankers' Association on June
15 at the Westchester Country Club, Rye, N. Y. Dr. Anderson spoke of the "important differences between the political mind and the business and financial mind." "When these
groups are wide apart," he said, "each finds it easy to
ignore the problems and difficulties of the other." Dr.
Anderson declared that "there ought to be much greater
interest In politics on the part of business men and bankers than there has been in the past, but it should be a
very discriminating interest." He added: "It should seek
to learn from men in public life, as well as to give them
information." "If in this country," Dr. Anderson asserted,
"we could pool the information and the good intentions
which exist in the world of business and finance and in
Washington, forget prejudices and mutual distrust, and
study things realistically, there is little doubt, I think,
but that we could bring our country quickly enough to a
frame of mind where it would co-operate with the rest of
of the world in bringing about business revival." An extract
from Dr. Anderson's address follows:
Both the Congress and the financial institutions of the country have
been subject to fierce criticism in the course of our economic crisis. The
Congress has been particularly critical of the financial community, and
both the financial community and the business connnunity have been very
critical of Congress. But we must recognize that both Washington and
the financial and business world have been faced with problems of unprecedented difficulty and complexity, for the solution of which adequate precedents did not exist, and we must further recognize, I think, that there is
very little justice in the accusations which each has made against the
other of deliberate mischief-making and bad faith, for selfish financial
reasons, or for selfish political reasons.
Spectacular episodes and spectacular utterances, the kind which easily
receive conspicuous headlines, have led to fierce, indiscriminate denunciations, both of Congress and of the financial community, while the steady,
quiet work of the great majority of men charged with responsibility in
both fields, honestly and intelligently trying to keep things steady, has
received few headlines. And yet the fact remains that the disciplined
financial forces of the country have kept the general financial fabric
solvent and strong, and that the sober, steady men in Congress have
generally prevailed in the actual legislation adopted.
Many of the difficulties which have arisen in the past year would not
have arisen if the political leaders and the industrial and financial leaders
of the country had been better acquainted personally with one another.
In most European countries the political capital and the financial center
are in the same great city. In London, political, industrial and financial
leaders are part of the general social group. With personal contacts,
myths are exploded. Men come to know one another for what they are.
Leaders in each field come to know which ones among the leaders in the
other fields can be trusted, which ones have good judgment, which ones
have good intentions, which ones will turn sharp corners, which ones will
make insincere utterances for political purposes or merely for dramatic
effect.
There are important differences between the political mind and the
business and financial mind. There are important differences between
the men who think in terms of balance sheets and profit and loss accounts
on the one hand, and those who think in terms of votes and majorities
In elections on the other b.zno. When these groups are wide apart, each
finds it very easy to ignore the problems and difficulties of the other.
It is easy for the politician to seek votes by a proposal that Would make
chaos in the balance sheets of businesses, and it is easy for the business
or banking mind to make demands for legislation which would wreck
the public man who proposed it.
And yet the politician has no desire to wreck the business of the
country; on the contrary, there is nowhere a greater desire to bring about
business revival than one finds among the rank and file of the members
of the House of Representatives and the Senate of the United States. When
convinced by the testimony of informed men that particular legislative
proposals will do definite harm to business, or will work in ways other
than those intended, they modify those proposals. And business and
banking leaders, when convinced that their economic policies are going to
have an adverse effect upon the political parties to which they, individually,
belong, are disposed to make more concessions than, in my judgment, they
ought to make, to these political consequences.
The misunderstandings on both sides are very great. One does not
need to be long in Washington, talking frankly with personal acquaintances
June 18 1932
and friends in C,ongress, to discover incredible misconceptions of what
goes on in the financial district. And, on the other hand, the undiscriminating criticisms of Congress en bloc, on the basis of wild utterances
on the floor of one or the other of the legislative bodies, is appalling.
One Congressman received, two or three weeks ago, in a single day, approximately a hundred letters from chambers of commerce and business men,
denouncing him and denouncing Congress for a financial measure against
which he, individually, had worked and voted. None of his correspondentS
had taken the trouble to look up his individual record. It was disheartening to a good and steady man. Another, one of the conspicuous pioneers
in the movement against prohibition, had received, during the current
year, over a thousand letters and telegrams demanding that he do something against prohibition. His correspondents had not taken the trouble
to find out what he had done.
The bulk of the actual work in Congress is not done on the floor, particularly in the House of Representatives. The speeches made on the
floor do not, as a rule, change votes. It is in the committees, and, even
more, in the informal discussions in offices and in Washington hotels in
the evening, that plans and decisions are made. The number of wellinformed and thoroughly patriotic men in the Congress is large, and they
are doing Trojan work. The number of well-intentioned men, bewildered
with the complexity of national and international economics, who are
seeking information and acting on the best information they have or can
get, is very much larger. One cannot overlook the -fatigue and nervous
stress which is found both in Washington and in the financial center on
the part of men who are working hard every day to hold things steady
and to carry on. These men are entitled to sympathy and respect, rather
than to indiscriminate denunciation.
All of the Representatives, and a third of the Senators, face the problem
of renomination and re-election in the coming summer and autumn. There
seems to be a disposition on the part of the voters to strike, without
discrimination, at the sitting members. I want to raise some questions
about this. With respect to the November elections, I have nothing to
say except that they ought to end the present situation, in which no party
controls, and in which, consequently, party discipline, on which we ordinarily rely for quick and effective action, cannot be enforced. One of
the chief reasons for Congressional delay in passing necessary measures has
been precisely this. No party has been in control, but our system works
well only when there are definite and manageable majorities of a single
party. A majority that is too large is also difficult to hold together with
the whip of party discipline. With us, effective Congressional action
usually comes when one party has enough votes and not too many.
But I do wish to say something with respect to the nominations. I
think that the country has a good deal to lose and very little to gain if it
fails to renominate the large majority of the sitting members and replaces
them with untrained men. There are doubtless a good many individual
cases where very great improvement could be made. In most cases, however, the new men coming in would be of the same general type as the
men going out, and would lack the experience and knowledge of affairs
which the sitting member has.
There ought to be much greater interest in politics on the part of
business men and bankers than there has been in the past, but it should
be a very discriminating interest. It should study and analyze the records
of individual members of Congress. It should give strong support to the
numerous steady men who have been holding the lines against dangerous
and unsound proposals, who have been working to protect the credit of the
Government and the soundness of the currency. It should not turn against
the numerous well-intentioned men who, through lack of information, have
given some measure of support to measures which are technically wrong
and dangerous, but should seek rather to put before them, in a fair and
temperate way, the technical objections to the measures they have supported. Above all, it should seek to increase the face to face personal
acquaintanceships between those charged with responsibility for government and those charged with responsibility for industrial and financial
leadership. It should seek to learn from men in public life, as well as to
give them information. The Congress knows many things which the
financial and business world needs to know.
This great world difficulty is to be conquered by building up, rather
than by tearing down. Recriminations, prejudices and bitterness must
give way to loyal co-operation for the common good. Wherever there is
ability and honesty in finance, in business, or in government, we should
work with it rather than against it. If France and Germany can find
again a Briand and a Stresemann who can develop personal friendship and
confidence and who can, at the same time, command the confidence of
their own people, the worst of the problem is solved in Europe. And if,
in this country, we could pool the information and the good intentions
which exist in the world of business and finance and in Washington,
forget prejudices and mutual distrust, and study things realistically, there
is little doubt, I think, but that we could bring our country quickly enough
to a frame of mind where it would co-operate with the rest of the world
in bringing about business revival.
I am convinced that the American people are more than ready to give
up political preconceptions for the sake of economic revival. But this is
difficult to accomplish when the political world and the business and
financial world look upon one another with distrust.
The party conventions are coming soon. The party platforms to be
adopted will have a great deal to do with crystallizing our foreign and
domestic policy in the next few weeks. The usual way of making party
platforms is to consider which planks will get votes, which planks will
appeal to public prejudice of one or another kind, which will alienate
votes; then to strike a balance and put them in. Bad platforms for
either of the major parties, or bad planks in either platform, will not only
have an adverse effect on our policies in the future, but will have an
immediately adverse effect on our markets.
There are many high-minded men among the leaders of both political
parties who will try to keep out bad planks and try to put in good planks.
It is eminently desirable that the informed economists, bankers and business men of the country should put these men in possession of the technical
information that they need with respect to the current issues, to help
them hold things steady. It is eminently desirable that the financial and
business world should do this, not in the spirit of protecting particular
Interests, but in the spirit of seeking the common good—if only because
every interest has more to gain from promoting the common good and
bringing about a general revival than it could possibly gain by getting
special advantages in the present adverse situation.
It is particularly important that those of us in the financial center, who
are in the best position to see how much the American trouble is part
of the world trouble, should be active in trying to get declarations favorable
to the settlement of inter-allied debts and reparations and favorable to a
moderate reduction of the tariffs, so that our export trade can be revived
on a sound basis. With this, the buying power of our farmers and other
export interests can be restored—an objective which, if quickly reached,
would bring about a radical revival of business at home and abroad.
But these purposes are not to be accomplished by the mere denunciation
of Congress and the politicians. They are to be accomplished, rather, by
Financial Chronicle
Volume 134
co-operation, and by the honest presentation of facts and figures, both to
men in public life and to the people at large. And prompt action is
necessary.
Lee Higginson & Co. to Discontinue Issuance and
Distribution of Securities—Liquidation of Assets
by Partnership—New Lee Higginson Corp. to Engage in Securities Business—London Firm to Continue as Heretofore.
The decision of the New York Stock Exchange house of
Lee, Higginson & Co. to discontinue the issuance and distribution of securities, and with certain exceptions to withdraw from the deposit business was made known on June 14.
A new corporation—the Lee, Higginson Corp.—will be
formed to conduct a securities business in New York, Boston
and Chicago.
It is stated that the present offices in 16 other cities will be
discontinued. The banking house dates back to 1848, and
since its founding has distributed more than $1,000,000,000
of securities. The firm acted as American bankers for the
late Ivar Kreuger. According to the New York "Times"
the last piece of public financing done by the firm was late in
April, when it headed a syndicate which offered and quickly
sold an issue of $30,000,000 Edison Electric Illuminating Co.
of Boston 41 2 and 5% notes. The "Times" also noted:
Not only has the firm headed major banking groups of its own in marketing securities, but it has participated in many others.
The announcement made by the banking house on June 14
follows:
June 14 1932.
Lee, Higginson & Co. announce the following important changes to be
made effective shortly.
The firm plans to discontinue the issuance and distribution of securities
and will, with certain-exceptions, withdraw from the deposit business.
A corporation to be known as Lee, Higginson Corp., with its capital
Paid in from sources outside the present partnership, is presently to be
formed to engage in the securities business with offices in New York.
Boston and Chicago.
The assets of Lee, Higginson & Co. will remain with the partnership,
and following the formation of the new corporation the firm will devote
Itself to the protection and eventual liquidation of its assets and to the
handling of its existing acceptance business.
The Paris firm of Lee. Higginson at Cie, will similarly reduce its activities.
The above statement does not apply to the London firm of Higginson &
Co. which will continue all their business as heretofore
LEE. HIGGINSON & CO.
The partners in Lee, Higginson & Co. in New York are
Frederic W. Allen, Jerome D. Greene, Donald Durant,
George Murnane and Edward N. Jesup.
The Boston partners are George C. Lee, who is the only
partner to hold a membership in the New York Stock Exchange; N. Penrose Hallowell, Francis L. Higginson, James
Nowell, Charles E. Cotting, Edward H. Osgood and Ralph
Lowell.
The Chicago partners are Charles H. Schweppe, Barrett
Wendell Jr. and William McCormick Blair.
The London partner is Sir W. Guy Granet.
From the New York "Times" we take the following:
4437
with Straus Securities Corp., and adoption of name of
S. W. Straus & Co., Inc., pursuant to the provisions of
Section 85 of the Stock Corporation Law. The announcement by the Banking Department also said:
This merger brings about the merging of the corporate existence of S. W.
Straus & Co. Incorporated into that of Straus Securities Corp. which
continues in business pursuant to the Stock Corporation Law under the
name "S. W. Straus & Co. Incorporated", thus, S. W. Straus & Co. Inc.
Is removed from the provisions of the Banking Law and is, therefore, no
longer under the supervision of this Department.
Incident to the merger, Nicholas Roberts, President of
Straus & Co., issued the following statement:
The business of S. W. Straus & Co., Inc., New York corporation, has
heretofore been conducted in the State of New York under sections of
the New York banking law entitled Industrial Banking Corporations, but
prior to 1931 known as "investment companies." These sections were designed primarily for mortgage bond corporations and were not satisfactory
with respect to carrying on a general security business.
The general business law permitting the sale of general market securities
has recently been broadened to permit a business corporation also to carry
We, therefore, felt that charter under
on a real estate bond business.
this section of the general law would be more desirable, especially as we
Intend to go more and more into general securities. As an example of this.
we recently have added a municipal bond department to our business.
We therefore, with the acquiescence of the State Banking Department.
effected a merger between Straus Securities Corp., which is incorporated
under the general business laws, and S. W. Straus & Co., Inc.(New York).
thereby obtaining advantages under this much ,.reader charter with the
privilege of conducting a diversified msiness dealing in all types of securities.
The Straus Securities Corp. was incorporated in 1930 under the general
business laws with this idea in mind.
The business will be conducted as heretofore under the title of S. W,
Straus & Co., Inc., a New York Corp. The stock is owned as heretofor
by S. W.Straus Co.,Inc.,a Delaware Corporation, with the same personnel.
officers and directors. The new corporation owns all the assets and assumes
all liability.
New Protective Committee Formed for Defaulted
Bonds of S. W. Straus & Co.
Formation of the "Independent Protective Committee
for Defaulted Straus Bonds" to succeed the Bondholders'
Protective Committee of the S. W. Straus & Co. Defaulted
Bonds, was announced on May 30 by Vere Brown, former
Executive Vice-President of the Industrial Finance Corp.,
who heads the new committee. The New York "Times"
of May 31 said:
The new group will have its headquarters at 521 Fifth Ave.
Other members of the new committee are:
Reubin S. Adler. Vice-Chairman.
Philip D. Phillips. Secretary.
Michael H. Cahill, former President of the New York State Bankers'
Association.
William 11. Carpenter of the Dexter-Carpenter Coal Co.
Professor Roswell C. McCrea, Dean of the School of Business, Columbia
University.
Willis G. Nash, formerly Vice-President of the Irving Trust Co. and
former President of the New York State Bankers' Assn.
George F. Parton,former Vice-President and Treasurer of the Plaza Trust
Co.
Dr. N. I. Stone, director of the National Bureau of Economic Research.
In connection with its functions and activities, the Committee has announced that it is organized to act exclusively for the protection of Straus
bondholders and to take such specific measures for the conservation of the
mortgaged properties as the circumstances of each case may warrant.
Counsel for the committee are Cadwalader, Wickersham & Taft; House.
Grossman & Vorhaus; Satterlee & Canfield, and Maurice B. and Danie1
W.Blumenthal.
Has Exchange Memberships.
The firm has memberships in the New York, Chiacgo and Boston Stock
Exchanges,the Investment Bankers Association and associated membership
in the New York Curb Exchange. It has its own wire system. Branch
offices are located in Hartford, Conn.; Portland, Me.; Springfield, Mass.;
Worcester, Mass.; Concord, N. H.; Providence, R. I.; Cleveland, Ohio;
Newark, N. J.; Philadelphia, Pa.; Pittsburgh, Pa.; Milwaukee, Wis.;
St. Louis, Mo.; Minneapolis, Minn.; St. Paul, Minn.; Indianapolis, Ind.,
and Kansas City,'Mo. In addition, it has representatives in several other
cities.
Some of the corporations for which Lee, Higginson & Co. have acted as
bankers are as follows:
Bell Telephone Co. of Canada, Budd Wheel Co., Ujigawa Electric Power
Co., Ltd. of Japan, Puget Sound Power & Light Co., Savannah Electric &
Power Co., Galveston-Houston Electric Co., Houston Electric Co., ByProducts Coke Co., European Mortgage & Investment Corp., Rhine-MainDanube Corp., United States Smelting, Refining & Mining Co., West
Kentucky Electric Power Co., Good Hope Stool & Iron Co. of Germany,
Bridgeport (Conn.) Hydraulic Co., Buffalo General Electric Co., W.F. Hall
printing Co., Pacific Mills, Atlantic Gypsum Products Co., Dallas Power
& Light Co., Niagara, Lockport & Ontario Power Co., Montana Power Co.,
Oxford-Miami Paper Co., Fairbanks, Morse & Co., Follansbee Bros. Co.,
Soya) American Investment Corp., Remington Arms Co., Shell Union Oil
,
Co.
The firm headed syndicates which marketed bonds for the Dominican
Republic, the city of Porto Alegre, Brazil; the State of Rio Grande do Sul,
Brazil; the Central Bank of the German State and Provincial Banks, Inc.,
city of Leipzig, Germany, and Hanover-Prussia Germany Harz Water
Works.
Its initial financing in connection with the Swedish match interest
came in July 1925, with the offering of an issue of $24,250,000 of preferred
stock of the International Match Corporation.
s, W.Straus & Co., Inc., Merged
with Straus Securities
Corp.
The New York State Banking Department announced
on June 10 the filing of a certified copy of certificate of
merger, dated May 18 1932, of S. W. Straus & Co., Inc.,
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Arrangements were made June 13 for the sale of a New
York Stock Exchange seat at $83,000, up $6,000 from the
previous sale, June 6.
Arrangements were made June 9 for sale of the New York
Coffee & Sugar Exchange membership of Frederick R. Crego
to Harold L. Bache for $3,000.
The Bank of New York & Trust Co. reduced its dividend
rate on June 14 from $4.50 to $3.50 quarterly. This change
makes the annual rate $14 as compared with $18 previously.
The dividend is payable July 1 to stockholders of record
June 24.
The customary dividend of $25 a share was voted by the
First National Bank on June 14. By this action the bank
thereby maintains its record of paying 100% a year on its
capital stock.
The Manufacturers Trust Co. on June 14 declared its
usual quarterly dividend of 50 cents a share.
The regular quarterly dividend of 45 cents per share has
been declared on the capital stock of the Chemical Bank &
Trust Co., payable July 1 1932 to stockholders of record
June 20 1932.
June 15 marked the 120th anniversary of the organization of The National City Bank of New York. On June 16
1812, the New York State Legislature granted a charter to
4438
Financial Chronicle
the City Bank of New York, an institution with capital of
$800,000 created to supply the need for additional banking
facilities arising from the expiraton of the charter of the
first Bank of the United States. Incident to the anniversary
it is noted in an announcement in the matter.
More than a majority of the original stock of the City Bank was issued
in exchange lor the stock of the first Bank of the United States so that
the National City can trace its heritage back directly to that enterprise
of Alexander Hamilton. Four days after its charter was issued, the City
Bank opened for business under the Presidency of Colonel Samuel Osgood
in the banking quarters at 52 Wall Street, previously occupied by the
New York branch of the Bank of the United States. This address was to
be the home of the bank for almost a century, until on Dec. 21 1908, it
moved into the present head office at 55 Wall Street.
The war of 1812 made heavy financial demands upon the comparatively limited banking equipment of the country. The City Bank took a
major part in financing the Government's requirements. By the end
of the war, the new institution had established its position among the
leading banks of New York.
In 1864, the bank assumed its present title, giving up its State charter
to enter the National Banking system created in that year. This occurred
under the Presidency of Moses Taylor, merchant and banker, who had
been elected head of the hank in 1856. During the Civil War, Mr.
Taylor was one of the strongest of the group of New York bankers who
helped finance the Union cause. In 1861, after the disastrous battle of
Bull Run, Salmon P. Chase, Secretary of the Treasury, asked the bankers
of New York City to take the Government's notes for $50,000,000 at once
and $100,000,000 in installments. Mr. Taylor, as Chairman of the Bankers'
Loan Committee, announced that the funds would be forthcoming as required.
Mr. Taylor served the National City for 26 years as its President and
as a Director for 45. From 1856 to 1909; the bank was to have only
three Presidents, Mr. Taylor being followed by Percy R. Pyne and James
Stillman, who became Chairman of the Board in the latter year.
The foundation of the present world-wide organization of the bank
was laid in 1914 when the National City, taking the lead under the Federal
Reserve Act's authorization, established its first foreign branch in Buenos
Aires. The bank has consistently pursued the policy then inaugurated of
supporting American business abroad by providing direct banking facilities
in the more important foreign markets. It has to-day 99 branches in 24
foreign countries, supplementing this organization with correspondents in
all principal cities of the world.
When Charles E. Mitchell, now Chairman of the bank, assumed its
Presidency in 1921, the National City had a capital of $40,000,000, its
total resources at the end of that year amounting to $821,908,000. Its
foreign organization was well established but in New York City, because
of the limitations then imposed by the National Banking Laws, the bank
had but one office—that at 55 Wall Street. Through the acquisition of
the Commercial Exchange Bank in 1921, it was enabled to open the first
of its New York branches, the system subsequently being expanded until
to-day the bank has 72 branches throughout the Greater City.
Early in 1922, the compound interest department was created and is
now operative at all New York branches and at several foreign branches
as well. The number of accounts in this department alone, at home and
abroad, is in excess of 650,000, deposits aggregating almost $150,000,000.
Later the work of this department was expanded to provide personal loan
facilities for salaried and professional workers on a straight 6% discount
basis with repayments spread over a year. At the beginning of the year,
the bank had 77,000 loans of this class outstanding of an aggregate amount
of just over $25,000,000.
In 1929, when Mr. Mitchell assumed the newly-created post of Chairman
of the bank and its affiliates, Gordon S. Rentschler, of Hamilton, 0., who
had been with the bank as a Vice-President, was elevated to its Presidency.
Capital of the bank now stands at $124,000,000 and, as of March 31,
the date of the latest published statement, total resources were
$1,671,062,619.
The Hibernia Trust Company, 57 William Street, New
York, has filed an application, dated May 25th 1932, with
the New York State Banking Department, for permission
to change the name of-the institution to the "Colonial Trust
Company." The application was filed June 7.
Bank For Savings of New
The trustees of the S
York City, voted on June 10 to maintain the 4% interest
rate on small deposits, ranging from $5 to $1,000, which constitute approximately 70% of its total deposits. A dividend
at the rate of 4% annually was declared for the quarter
ended June 30 on sums ranging up to $1,000. On deposits
/
in excess of $1,000. a dividend at the rate of 312% annually
was declared. It is noted that this action on the part of
the Seamen's represents the first time in 103 years that
that institution will pay less than 4% interest on part of
its deposits. The "Post" of June 10 stated:
It has paid as high as 12% in 1869, 1871, 1873 and 1874. For a
long period, from 1848 to 1868, it paid 6%. The rate dropped to 4 in
1882.
It is expected that some of the other six Manhattan savings banks which
now pay 4% will reduce their rates for the current quarter. Seventeen
others already are paying 3%, as also do most of the Brooklyn savings
banks.
It is not considered likely that any of the savings banks will cut their
rates below 3%.
The National Exchange Bank & Trust Company, Brooklyn, N. Y., announced on June 14 the election of Henry R.
Lathrop as President. He succeeds the late Arthur S.
Somers who died early this year. Mr. Lathrop has been a
director of the Bank since its opening in April 1930. He is
also President of H. R. Lathrop & Company.
The directors of the Brooklyn Trust Co. on June 15
declared a quarterly dividend of 82.50 a share. This re-
June 18 1932
duces the annual rate to $10 from $16, previously paid. The
dividend is payable July 1 to stock of record June 24. The
following statement was issued by George V. McLaughlin,
President of the bank:
Earnings of the company for the first six months of 1932 will be substantially the same as those for the corresponding period of 1931, but in continuance of a conservative policy earnings in excess of the reduced dividend
were applied to reserve accounts.
That the State Bank of Hilton, N. Y., which on Dec. 16
last was taken over by the State Superintendent of Banks
for liquidation, is to be reopened to-day (June 18) was
reported in Associated Press advices from Rochester, N. Y.,
on June 16. The dispatch continuing said:
Supreme Court Justice William F. Love authorized Superintendent
Broderick to-day (June 16) to surrender property of the bank to its directors.
The expenses of the liquidation will be paid from the bank's assets. The
petition to resume business shows that $234,000 has been raised for that
purpose.
Joseph A. Broderick, State Superintendent of Banks for
New York, on June 9 took possession of the business and
property of the Arcadia Trust Co. of Newark, N. Y., at the
request of its directors. In a statement issued by the Banking Department the reasons for the closing of the institution were given as heavy withdrawals, non-liquid condition
and depreciation in the value of Its assets. As of June S
1932, the bank's deposit liabilities were $2,200,000.
The New York State Banking Department on June 9 approved on increase in the number of shares of stock of the
Auburn Trust Co., Auburn, N. Y., from 1,500 to 2,500, having a par value of $100 a share, and an increase in the
capital from $150,000 to $250,000.
From the New York "Evening Post" of June 11 it is
learned that Waldron H. Rand, Jr., has been elected President of the Atlantic National Bank of Boston, Mass., to
represent stockholders while the bank's assets are being
liquidated under the contract by which the First National
Bank of Boston recently took over the Atlantic National's
assets and guaranteed the deposits.
According to the Boston "Transcript" of June 9, the
capital stock of the First National Bank of Boston, Mass.,
was that day placed on a $2 annual dividend basis when
directors ordered a quarterly distribution of 50c., payable
July 1 to holders of record June 16. Heretofore, quarterly
dividends of 80c. a share were paid on the stock since
July 1929, when the present $20 par stock received the initial
distribution. We quote further from the paper mentioned,
as follows:
A statement issued after the meeting of directors said that while earnings for the quarter and for the six mopths have been at the annual rate
of over $4 per share, directors believed that owing to prevailing conditions
It was wiser to reduce the dividend and add substantially to profit and loss
and reserve accounts.
It is learned from the Boston "Transcript" of June 11
that at a recent meeting of the stockholders of the Kidder
Peabody Trust Co. of Boston it was voted to Change the
capital of the bank by reducing the stock from 5,000 shares
of par value of $100 each to 5,000 shares at par value of $50
each, and to issue 5,000 additional shares of par value of $50
each so that the capital stock of the corporation, as so
Increased, shall be $500,000, divided into 10,000 shares of
par value of $50 each. Such additional stock was subscribed
and paid for in full by the stockholders at $60 per share
cash, of which $50 was carried to the capital account and
$10 to the surplus account: The paper mentioned furthermore said:
The bank owns no stocks. By vote of the directors all bonds have been
marked down to market value as of June 1 1932; doubtful loans have been
charged off; a reserve for slow loan accounts has been set up; and cost
of office and vault equipment has been charged off in full. After giving
effect to the above changes, the financial statement of the bank, as at the
opening of business June 4 1932, is as follows:
Assets—
Liabillties—
t500,000
Cash on hand and In banks_ _ _ 6655,471 Capital
200,000
U. S. Govt. and Mass. bonds. 288,023 Surplus
14,438
Other bonds
331,970 Undivided profits
70,000
Loans with collateral
1,046,716 Reserve for contingencies
1,754,132
Other loans and discounts.... 219,837 Deposits
4,211
764 Other liabilities
Other assets
Total assets
12,542,781
Total liabilities
$2,542,781
William Woods Chandler, President of the Simsbury Bank
& Trust Co. of Simsbury, Conn., and one of the directors
since its organization, died in a Hartford hospital on June
12. Mr. Chandler, who was 58 years of age, was born in
New Haven, Conn., the son of Dr. William Chandler of Yale
Volume 134
Financial Chronicle
University, and was graduated from Yale in 1896. Five
years later he received the degree of Bachelor of Music. In
addition to his banking interests, he was organist of the
Congregational Church of Simsbury.
From the Hartford "Courant" of June 10 it is learned that
Charles D. Makepeace has been appointed Executive VicePresident of the First-Stamford National Bank & Trust Co.
of Stamford, Conn.,and entered upon his new duties June 15.
Latterly Mr. Makepeace has been a Vice-President of the
Chase National Bank of the City of New York, and prior
to that a Vice-President of the Equitable Trust Co. of
New York.
10
The Pennsylvania State Banking Department on June
taken over the Royersford Trust Co.
announced that it had
advices
at Royersford, Pa., according to Associated Press
g, which went on to say:
from Harrisbur
On Tuesday night, June 14, the Leonia Bank & Trust Co.,
of Leonia, N. J., absorbed the Central National Bank of
that place and will liquidate the assets and liabilities of the
institution. The following morning the Central National
Bank was closed and depositors were informed that they
would find their accounts at the Leonia Bank & Trust Co.
The "Jersey Observer" of June 15, from which the above
information is obtained, went on to say:
The boards of directors of the institutions met last night (June 14) and
the agreement whereby the Leonia Bank & Trust Co. was named as liquidating agent for the National bank was reached. The action was approved
by the State Department of Banks and Insurance.
The Central's assets are $250,000. The absorbing bank has assets of
$1.550.000, which are increased to about $1,800,000 by the absorption.
Fred Hill is President of the Central National and Theodore Willich
Is President of the Leonia Bank & Trust Co.
The Central was organized three years ago and it is stated that the
earnings from the deposits did not pay the overhead.
Announcement was made on June 16 of the election of
Bert E. Myrick as Vice-President and Treasurer of the
Princeton Bank & Trust Co. of Princeton, N. J., following
the quarterly meeting of the board of directors, according
to Princeton advices on that day, which added that Mr.
Myrick takes the post left vacant by the death of John
W. Leigh.
The New Jersey National Bank & Trust Co. of Newark,
N. J., which on Dec. 31 last reported deposits of $13,822,942
and combined capital, surplus and undivided profits of
$3,490,545, failed to open its doors on June 11. Its four
branches in different parts of Newark were also closed.
The closing followed a meeting of the directors of the
institution held the previous night, at which it was decided
to close the batik and place its affairs in the hands of the
Comptroller of the Currency. A statement issued by the
directors—as printed in the Newark "News," from which
the foregoing information is obtained—said:
The directors of the New Jersey National Bank & Trust Co., at a meeting
held in the office of said bank, Friday evening, June 10 1932, voted to
suspend operations of the bank and to place its affairs in the hands of the
Comptroller of the Currency for reorganization, if possible, or liquidation. This action was made necessary as a result of unusually heavy withdrawals within recent weeks, and was deemed advisable and expedient in
order to avoid possible discrimination among the depositors and other
creditors and to conserve the interests of all concerned.
The decision of the Board of Directors and officers to suspend the
operations of this bank was reached only after every possible effort had
been made to avert closing. It was made as a result of mature deliberation
after many conferences held with local bankers as well as representatives of
the Federal Reserve Bank and of the Federal Banking Department.
Hon. Morgan F. Larson, former Governor of New Jersey,
is Chairman of the Executive Committee and a director of
the institution, and Harvey G. Redden is President. Mr,
Redden was elected President of the institution on May 5
last, succeeding John J. Stamler, who resigned because of
ill health. We quote below from the account of the failure
which appeared in the New York "Evening Post" of June 11:
The institution began business on Jan. 1 1911, as the Broad and Market
National Bank, with capital of $200,000 and a surplus of $100,000. On
Sept. 29 1927 it was merged with the Forest Hills National Bank, and the
capital was increased to $1,325,000. On Sept. 29 1928 it was merged
with the Guardian Trust 00., and the capital was increased to $2,630,000,
with a surplini of $1,000,000.
The capital of Dec. 31 1931 was $2,800,000.
The bank was not a member of the Federal Reserve System. It accepted
savings accounts.
The closing of the bank, which is located at Broad and Market Streets,
one of the busiest corners in the world, was not marked by any excitement.
The Cumberland National Bank of Bridgeton. N. J., and
the Cumberland Trust Co. of that place, both capitalized
0
at $150,0 0, have merged under the title of the former. The
enlarged institution is capitalized at $200.000, with surplus
and undivided profits of $396,595, and has deposits of
$4,394,908 and total resources of $5,117,332. Officers are
of the Board;
as follows: William A. Logue, Chairman
George E. Diament, President; Frank E. Riley, Vice-PresiT.
dent and Cashier, and Leland 0. Winn and Arthur Wright,
Cashiers. The Cumberland National Bank of
Assistant
4439
Bridgeton Is said to be the oldest institution in South Jerd
sey, having been established in 1816. The Cumberlan
trust
Trust Co. was founded in 1896 and had quite a large
department which will be a valuable asset to the consolidated institution.
t. It said that
The Department declined to amplify the announcemen
closing of State banks.
in the future it would make no statements on the
, on
A dispatch by the Associated Press from Royersford
concernJune 10, gave the following additional information
ing the closed bank:
a new
and erected
The Royersford Trust Co. was organized in 1891
Officials said assets
building in 1927 at an estimated cost of $150,000.
stated.
are approximately $1,000,000. Liabilities were not
That the Homewood People's Bank of Pittsburgh, Pa.,
which closed its doors on Oct. 26 1931, with deposits at that
time of $3,000,000, would reopen in a few weeks under reorganization plans which have been under way for some
time, was indicated in Pittsburgh advices on June 9 to the
New York "Times." The dispatch, continuing, said:
of Cleveland, and a
Hugh G. Nevin, formerly of the Union Trust Co.
branch of the
son of Joseph C. Nevin, Managing Director of the Pittsburgh operate under
will
Federal Reserve System, will be President. The bank
assets.
a new charter and will take over most of the old regime's
The Corn Exchange National Bank & Trust Co. of Philadelphia, Pa., on Tuesday of this week, June 14, announced
the election of Paul Thompson as President. Mr. Thompyears,
son, who has been a director of the institution for 20
and has recently acted as Chairman of the Board, is thoroughly familiar with the policies of the bank. He succeeds
in the Presidency Charles S..Calwell, whose death occurred
May 6 1932.
In noting Mr. Thompson's appointment as President, the
Philadelphia "Record" of June 15, after stating that Mr.
to
Thompson would continue as Chairman of the Board,
which position he was elected May 10 last, went on to say:
local utility circles.
Besides his banking affiliations, he is well known in
a in 1885 as a
Upon being graduated from the University of Pennsylvani
a RR.
civil engineer, he became an employee of the Pennsylvani
Co. and 31
In 1898 Thompson joined the United Gas Improvement
President of the
years later was made a Vice-President of U. G. I. and
Philadelphia Gas Works Co.
dates back 20
Although his membership on the Corn Exchange Board
the affairs of the
years, it was in 1929 that he became an active figure in
himself to
bank. At that time he retired from the U. G. I. and devoted
banking. • • •
The Philadelphia "Finance Journal" of June 13 stated that
an inventory and appraisal of the Olney Bank & Trust Co.
of Philadelphia as of date of closing, Oct. 2 1931, filed
D.
that day at the Prothonotary's Office by Dr. William
Secretary of Banking for Pennsylvania, shows
Gordon, State
total available assets, less offsets and indebtedness, of $2,072,444 and total deposit liability of $3,966,852, indicating
payment to depositors of slightly over 50% of deposits.
One advance payment of 10% was made March 17 1932.
The paper mentioned continuing said:
Olney Bank,
Appraisal discloses that the Enloy Realty Co., owned by the
of the loans inhad loans of $514.000 secured by mortgages. Appraisal
dicate a shrinkage of 67%.
estate operaThe Olney sustained a net loss of $123,000 through its real bank in its
the
tions with the Enloy company, and real estate, owned by
books of
operations, appeared on the books of the Enloy, but not on the
the bank, the inventory disclosed.
bank, of
the
Books disclosed a loan to Paul Franz, son of a director of
$101,000, secured by a collateral note.
Associated Press advices from Scranton, Pa., on June 10
reported that the Pennsylvania State Banking Department
on that day had closed the Taylor Discount & Deposit Bank,
In Taylor Borough, giving as the reason seepage of deposits.
The closed bank was established in 1905 and had deposits of
over $2.000,000. George B. Jerymn, of Scranton, was President, the dispatch said.
Edward E. Meek, a director of the Diamond National
Bank of Pittsburgh, Pa., has been chosen President of the
Institution to succeed the late J. D. Callery, according to
the Pittsburgh "Post Gazette" of June 11. Mr. Bieck is
also Chairman of the Reick-McJunkin Dairy Co. and a
director of the National Dairy Products Corp..
A dispatch by the Associated Press from Laurel, Del., on
June 13 stated that, according to an announcement on that
day, the People's National Bank of Laurel, which closed
Jan. 11 last, will reopen for business on June 20 in a
strengthened financial condition. The institution will have
4440
Financial Chronicle
a capital of $100,000, with a surplus of like amount, and
will have 634 stockholders and more than 2,000 depositors.
Prior to closing the bank had 193 stockholders, it was
stated. An item regarding the failure of the People's National Bank appeared in our Jan. 16 issue, page 456.
Effective April 29 1932, the Mount Jackson National
Bank at Mount Jackson, Va., went into voluntary liquidation. The institution, which was capitalized at $50,000,
has been absorbed by the Peoples Bank of the same place.
On May 17 1932, the First National Bank of Cumberland,
Ohio,capitalized at $40,000, went into voluntary liquidation.
This bank was absorbed by the Cumberland Savings Bank
of Cumberland.
Charles H. Mylander, whose resignation as a Vice-President of the First National Bank of Cincinnati, Ohio, was
noted in our June 11 issue, page 4272, has become a VicePresident of the Huntington National Bank of Columbus,
according to an announcement made June 3 from that city.
The Cincinnati "Enquirer" of June 3, in indicating this,
went on to say in part:
•tlm
The announcement was made by B. G. Huntington, President of
Huntington Bank, who stated that the appointment would take effect
Immediately. . . .
It is understood that his new work will be similar to that done in this
city with the First National.
More than 10,000 persons are said to have visited the
handsome new quarters of the main office of The Fifth
Third Union Trust Co. of Cincinnati, on June 1, when the
formal opening of the new banking rooms took place. The
new structure is an addition to the 17-story building at the
Northwest corner of Fourth and Walnut Streets, in which
the bank has been located since Jan. 1 1901. E. W. Edwards,
President of the institution, at the opening, said in part:
"In opening the doors of our new main office there is both a feeling
of pride in achievement and a sense of great responsibility.
"Into the structure has been built every equipment and device that
banking experience has proven worth while, for the expedient transaction
of business and for the comfort of patrons. The bank, as a whole, has
been planned and built to meet requirements of to-day and for years to
come.
"Through the greater coherence of departments and personnel, as provided at the new main office, The Fifth Third Union Trust Co. will be
able to render a larger service to every client and depositor, from the
smallest to the greatest. These advantages will also be reflected in the
services at the other 19 offices located at strategic points where they will
best serve every section of the city. Each of these offices is a complete
banking unit having all the service and resources of the entire banking
organization, yet forming a closer contact with the customers in the communities served."
In addition to Mr. Edwards, the chief officers of The Fifth
Third Union Trust Co. are as follows: Edward a Seiter,
Monte J. Goble, Charles H. Deppe, Louis G. Pochat, Edward
F. Romer, Edward A. Vosmer, Charles H. Shields (and
Cashier), Edgar Stark (and Trust Officer) and Louis E.
Miller, Vice-Presidents; Samuel McFarland, G. William
Gale, William B. Huesing, Harry Nagel, Louis C. George,
Gustavus G. Hampson, Claude E. Ford, Charles N. Evans,
W.Carroll Shanks. Frank R. Acomb and Albert Reik, Assistant Cashiers; William L. Thede, Secretary, and William E.
Gray, Treasurer.
Regarding the affairs of the defunct First National Bank
of Wauseon, Ohio, the closing of which in August last year
was noted in our Sept. 5 issue, page 1560, a dispatch from
Wauseon on June 14, appearing in the Toledo "Blade,"
stated that a dividend of 16% was being paid to the depositors. The first dividend, which was 10%, was paid
in March last, the dispatch said.
That the Farmers' Savings & Trust Co. of Mansfield,
Ohio, which was closed Nov. 4 1931 would reopen for
business on June 15, was reported in Associated ,Press
advices from Mansfield on June 13, which added:
Officials said the Christmas savings fund of $40.000 would be paid in
full Wednesday, and 10% would be paid on other deposits. They predicted the balance would be payable within a short time.
A later Mansfield dispatch, June 14, printed in the Toledo
"Blade," stated that Harry S. Black would be elected
President of the institution following the reorganization.
The closing of the Farmers' Savings & Trust Co. was referred
to in our issue of Nov. 14 1931, page 3201.
A. S. Allsup, receiver for the closed National Bank of
Defiance, Ohio, on June 11 announced the payment, beginning June 13, of a second 20% dividend within 90 days
to the depositors, according to advices from Defiance printed
in the Toledo "Blade," which also said:
June 18 1932
The dividend totals $20.3,000. Alisup said the bank still has unclaimed
about $25,000 of the original $203.000 dividend.
The closing of the Defiance bank was noted in our Sept.
12 1931 issue, page 1719, and reference was made to its
affairs March 19 last, page 2090
Chicago advices to the New York "Times" on June 14
stated that the United American Trust & Savings Bank of
that city, located at 1,200 North Ashland Ave., had closed
on that day. The institution was capitalized at $750,000
and had deposits totaling $1,300,000. State Auditor
Nelson based his action in closing the institution on "insufficient cash and readily convertible securities," the dispatch
said.
Regarding the affairs of the Comstock Park State Bank
at Comstock Park, Mich., the "Michigan Investor" of June
11 stated that the institution is now out of temporary receivership and officers are pressing reorganization plans. Frank
I. Card was discharged as receiver by Circuit Judge W. B.
Brown on his own petition after Card had reported that the
bank now has assets of $312,553 and liabilities of $278,885,
It was said.
That two small Michigan banks, the Miners' State Bank
of Iron River and the Commercial Bank of Stambaugh, Iron
County, had closed last week was reported in the Detroit
"Pioneer-Press" of June 10, which said:
The Miners' State Bank, of Iron River, Mich., suspended business Thursday (June 9), the Board of Directors placing the institution in the hands
of the State Banking Department. It was the second West Side bank to
close its doors in 24 hours, the Commercial Bank of Stambaugh having
failed to open its doors Wednesday morning (June 8). The familiar
"frozen assets" were blamed /or Miners' Bank troubles, heavy withdrawals
having been experienced for the last few months, while deposits have not
made up the deficiency. The directors of the bank, in a statement Thursday morning (June 9) declared that the suspension was voted to effect a
reorganization and to protect the stockholders and depositors.
Clifford B. Longley, President of the Union Guardian
Trust Co., Detroit, Mich., has announced the promotion of
Henry .C. Murphy to an Assistant Vice-President of the
institution, according to the Michigan "Investor" of June 11,
which, continuing, said:
Mr. Murphy has been with the trust company since 1929 and has had
long experience in investment analysis. He graduated from the University
of California with his master's degree in economics. Murphy, with Dr.
R. E. Badger, Senior Vice-President of the trust company in charge of
trust investments, was co-author of "Problems in Investment," published
in 1930. Mr. Murphy will continue his work in Dr. Badger's department.
The following concerning the Sunfield State Bank at
Sunfield, Mich., which closed several months ago because
of heavy withdrawals, appeared in the "Michigan Investor"
of June 11:
The date for reopening the Sunfield State Bank has been fixed tentatively
as Sept. I. This followed a recent conference between stockholders' conimittee and officials of the State Banking Department.
The First National Bank of Le Sueur Center, Minn., on
June 10 changed its title to the First National Bank of
Le Center.
The "Commercial West" of June 11 states that the depositors of the closed Security National Bank of Milford, Iowa,
are receiving a second dividend of 25%.
Depositors of the closed Bank of Syracuse at Syracuse,
Neb., are receiving a dividend of 35%, according to the
"Commercial West" of June 11.
The defunct Brainard State Bank of Brainard, Neb., is
paying its depositors a dividend of 40%, according to the
"Commercial West" of June 11.
The First National Bank of Forgan, Okla., with capital
of $25,000, was placed in voluntary liquidation on Dec. 30
1931. It was taken over by the First State Bank of Forgan.
A new banking Institution—The Bratt State Bank—was
opened recently at Siloam Springs, Ark. The institution
Is capitalized at $25.000, with surplus of like amount, and
has the following officers: J. E. Bratt, President; Shelby
Ford, Vice-President and Cashier, and Eva M. Gravett, Assistant Cashier.
As of May 25 last, the Lorena National Bank at Lorena,
Tex., capitalized at $25,000, was placed in voluntary liquida-
tion. The institution was absorbed by the Citizens' National
Bank of Cameron, Tex.
-4---
Volume 134
Concerning the affairs of the City National Bank of Paducah, Ky., closed since Oct. 28 last, a dispatch from that
city on June 10, printed in the Memphis "Appeal,"contained
the following:
Depositors and creditors of the defunct City National Bank will receive
10% dividend checks within the next few weeks, it was announced to-day.
Jeff H. Hooker, receiver, said that 8,400 checks, representing between
$400,000 and $500,000, have been made out. They will be turned over to
creditors and depositors as soon as they have been officially approved in
Washington.
Mr. Hooker said the receivers' organization has been working day and
night for the last six months in an effort to adjust the bank's affairs. Liquidation has of necessity been slow, especially because of the economic situation, he said. No prediction can be made at this time as to subsequent
dividends, Mr. Hooker said.
The closing of this institution, which was capitalized at
$300,000 and had deposits aggregating $4,800,000, was
reported in the "Chronicle" of Oct. 31 1931, page 2869.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The New York stock market has shown considerable
irregularity the present week, though the trend of price,
on the whole, was toward higher levels until Friday when the
market moved downward. Modest gains, ranging from
fractions to 3 or more points, have been recorded from day
to day, but these advances were many of them offset by subsequent recessions. Trading generally has been light, and
while Auburn Auto has been considerably in the limelight
on account of its sensational upward movements, there has
been little else in the way of noteworthy features. Railroad
shares were slightly stronger toward the end of the week,
but the late gains were insufficient to offset the previous
losses. Traction shares have generally been heavy and
industrials have made little progress upward. Specialties
have attracted some speculative attention and in a number
of instances show modest gains. Call money renewed at
2%% on Monday, continued unchanged at that rate during
the balance of the week.
The market was fairly strong during the first hour of the
abbreviated session on Saturday, but week-end realizing
during the last half of the session quickly cancelled the
early gains and most of the active stocks showed fractional
losses at the close of the market. Another violent advance
in Auburn Auto carried that stock to a new high at 76, with
a net gain of 9 points, but most of this gain was lost before
the end of the session. American Tel. & Tel. ran up about
3 points and then lost all but a fraction of its advance.
United States Steel common recorded a new top on the rally
and then yielded most of its gain. Similar movements were
recorded by such stocks as American Can, Allied Chemical
& Dye,Standard Oil of New Jersey and American Tobacco B.
Railroad stocks were irregular, Union Pacific moving up
about 3 points and closing with a fractional loss. This was
also true of Delaware & Hudson. The principal declines
for the day included such active stocks as J. I. Case pref.,
5 points to 3432; International Business Machine, 23/i
4
points to 69; Johns-Manville pref. 33 points to 6034, and
Woolworth, 1 point to 253%. Trading in Auburn Auto was
thefeature of the dealings on the Stock Exchange on Monday.
From a low of 61% it shot upward to 74 and then worked
back to 683 , with a net gain of 2 points on the day. For a
4
time the movements of this stock stimulated the rest of the
list, but the market soon settled down and the trading was
without noteworthy occurrence up to the close. Among the
changes on the side of the decline were Detroit Edison, 3
points to 64; Gillette Safety Razor pref., 3 points to 47;
Reynolds Tobacco, 4 points to 67; National Lead pref. B,
2% points to 753/s, and Atchison pref., 13% points to 47.
Stocks displayed considerable improvement during the
late trading on Tuesday, though the market was somewhat
irregular during the forenoon. Practically every group
participated to some extent in the advance, the gains at
the close ranging from 1 to 3 or more points. The best
gains were recorded among the specialties which were in
fairly good demand throughout the day. The outstanding
changes were on the side of the advance and included such
4
stocks as Allied Chemical & Dye which gained 13 points
to 53, American Power & Light pref. which advanced 3
4
points to 213 , American Tobacco which forged ahead
2 points to 48 and Auburn Auto which made a further advance of 33% points to 653/2. Other noteworthy gains were
Standard Gas & Electric 7% pref. 5 points to 35, J. I. Case
4
4
Co. pref. 43 points to 393 , Columbian Carbon 234 points
to 203%, Corn Products 13% points to 313%, Delaware &
Hudson 13/2 points to 44, Johns-Manville 134 points to 13,
Pacific Tel. & Tel. 2 points to 67, Union Pacific 13% points
Myers pref. 33% points to 106.
to 39 and Liggett &
4441
Financial Chronicle
Trading again showed improvement on Wednesday as the
market pushed ahead to higher levels. Dealings were comparatively small, but the improvement held until the final
hour when a few of the more active stocks yielded a part of
their gains. In the early trading, some of the more active
issues managed to push through their previous highs, the
list including such prominent stocks as Allied Chemical &
Dye, New York Central, American Can, Case Threshing
Machine, Air Reduction, Johns-Manville and Consolidated
Gas. The gains recorded at the close included among
4
others Air Reduction, 234 points to 413 ; American Can,
234 points to 4032; Amer. Tel. & Tel., 2 points to 873%;
Auburn Auto, 73/ points to 73; Brooklyn Union Gas, 3
points to 563/2; J. I. Case Co., 234 points to 273/2; Union
Pacific, 13 points to 40%;International Business Machines,
%
3
234 points to 733 ;Eastman Kodak,2 points to 45%;Detroit
4
to 95; ConsoliEdison, 5 points to 69; Coca-Cola, 2 points
/
dated Gas, 15g points to 39%; Peoples Gas Chicago, 23/2
points to 53;Pullman Corp.,234 points to 143/8; International
Silver, 234 points to 12, and Western Union Telegraph, 134
points to 15. Stocks managed to creep slightly higher on
Thursday, though the gains for the most part were fractional Railroad shares were somewhat stronger and the
industrials improved to some extent, while most of the
stocks in the general list moved fractionally higher. The
principal gains for the day were Westinghouse pref., 234
points to 633%; Standard Gas & Electric pref., 13/2 points to
36; New York & Harlem, 234 points to 97; General Motors
/
pref., 2 points to 68; American Snuff, 13 points to 23%;
Gillette Safety Razor pref., 2 points to 51, and New York
Central, 1 point to 13%•
Irregularity again marked the movements of the market
on Friday, and while there was some activity in the oil shares
and sugar stocks, the general list was quiet and numerous prominent issues were off fractionally at the close.
Eastman Kodak attracted some speculative attention but
turned downward as a result of profit taking and weekend selling. American Tel. & Tel. also came under
the selling influence and lost 33% points at 843%. Other
prominent stocks closing on the side of the decline included
Allied Chemical & Dye, 3 points to 50%; American Can, 3
points to 36%; Auburn Auto, 938 points to 62; Brooklyn
4
4
Union Gas,33 points to 533 ;J. I. Case,33% points to 223%;
Norfolk & Western, 4 points to 66; Peoples Gas, 334 points
to 50; Union Pacific,4 points to 37, and Worthington Pump,
23/8 points to 10. As the market closed, many stocks were
slightly above their lows for the day.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
June 17 1932.
Slate
Railroad
Stocks.
Number of and Miseell Municipal &
Porn Bonds.
Bonds.
Shares.
Saturday
Monday
Tuesday
Wednesday_ Thursday
Friday
Tnta I
Sales at
New York Stock
Exchange.
809,330
587.673
755,720
1,155,051
851.245
786.274
$2,409,000
3,468,000
4,065,000
3,979,000
4.795.000
3,956,000
51.392.000
888,000
2,922.000
3.378.000
3.230.850
3.945,000
55,465.000
7.077,000
9,605,000
9,848,500
10,989,350
10.555,000
492.t.203 $22 672 000 $15.112.000 $15,755,850 553,539,850
Jan 1 to June 17.
Weak Ended June 17.
1931.
1932.
4,925,293
-No. of shares_
Stocks
Bonds
Government bonds.__ $15,755,850
15,112,000
State & foreign bonds_
Railroad & misc. bonds 22.672,000
Total
$1,664,000
2,721,000
2.618,000
2,491,500
2,963,500
2,654,000
Total
Bond
Sales.
United
Slates
Bonds.
1931.
1932.
6,135,756
170,386,519
304.792,982
$2,887,000
17,103,500
32,962,000
$364,148,400
358.395,000
707,559,300
$81,765,050
370,826,100
867,945,000
$53,539,850 852,952,500 51.430,102.700 $1,320,556,150
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
June 17 1932.
Philadelphia.
BaUimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. 8tmdScact.
355
32
549
1,119
487
144
$3,000
4,300
$10,440
2,686
$25,300
$34.150 105.816 5113.800
Prey. wk. revised_ 131.753
a In addition, sales of rights were: Wednesday, 25.
4.314
535.900
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
15,297
10.501
12,745
16,794
14,766
3,346
$12.000
13,000
1,000
4,000
6,000
9,587
9,788
12,218
a16,906
13,261
6,195
513.100
16.000
18,000
39,000
18.300
Total
73,449
536,000
67,955
3,000
15,000
THE CURB EXCHANGE.
The Curb Exchange maintained a fairly steady tone this
week as it moved slowly upward under the leadership of the
oil shares and public utility issues. On Friday, however,
the trend was downward and slight losses occurred in a
number of the more active stocks. Trading has been light
and there has been a moderate amount of selling, but the
4442
Financial Chronicle
upward swing has carried many of the so-called pivotal
stocks to higher levels. The feature of the trading on Saturday was Arkansas Power & Light pref., which led the upturn with a gain of 43% points to 55. The selling on Monday
was centered largely around Commonwealth Edison, which
yielded 23 points to 533%. Standard Power & Light pref.,
4
receded about 4 points following the announcement on Tuesday of the reduction in the common dividend of Standard Gas
& Electric. Perfect Circle also slumped about 634 points
to 19 during the same period. The offer announced on
Wednesday by Atlas Utilities to acquire additional shares of
Goldman Sachs Trading pushed the latter upward % point
or more, the trading in that stock showing a substantial
increase over previous days. While the upward progress of
share prices on the Curb Exchange was fairly steady, the
advances continued within a narrow range as the frequent
appearance of reactionary tendencies acted as a brake of
the upward movement. The break in the shares of Bell
Telephone of Canada which occurred on Friday, forced that
issue off about 9 points to 70, and a number of prominent
stocks slipped slowly downward as the day progressed and
the volume of offerings increased. The gains and losses for
the week were about evenly balanced as the market closed on
Friday. Prominent among the stocks showing advances for
the week were Standard Oil of Indiana, which moved upward
from 173% to 18; Pennroad Corp., which advanced from 13%
to 1%; Gray Tel. Pay Sta., which moved ahead from 133/i
to 14; Ford of Canada A, which improved from 6 to 7, and
Atlas Utilities from 53% to 53%. Noteworthy among the
declines were Electric Bond & Share, 73% points to 7; Cities
%
Service, 2% to 23/2; Niagara Hudson, 35 to 33%; United
Light & Power A,23% to 2; Aluminum Co. of America, 243%
7
to 233s; Commonwealth Edison, 57% to 56; New Jersey
/
Zinc, 173 to 173 ; Deere & Co., 67% to 5; Consolidated Gas
4
%
3
of Baltimore, 45% to 45; American Gas & Electric, 183%
to 173%, and Great Atlantic & Pacific Tea Co., 1st pref.,
115 to 114.
A complete record of the Curb Exchange transactions for
the week will be found on page 4471.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
June 17 1932.
Stocks
(Number
of
Shares).
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Curb
Exchange.
Foreign
Foreign
Domestic. Government. Corporate.
86,150 $1,404,000
99.475 1,821,000
100,251
1.829,000
116,249 2,365,000
76,665 2.145,000
90.135 2,088,000
568,929 $11,652,000
$34.000
66.000
123,000
176.000
69,000
96,000
$120.000 $1,558.000
202.000 2,089.000
257,000 2.209,000
158,000 2,699.000
209.000 2,423.000
219,000 2.403,000
$564.00C $1,165.000 $13,381.000
Week Ended June 17
1932.
Total.
1931.
813,381.000 $18,641,000
Jan. 1 to June 17.
1932.
1931.
23,557,717
60.429,948
$342,631,100
13,589,000
33.923.000
3444,843,000
13.908,000
20,065,000
$390.143.100
$478,816,000
THE ENGLISH GOLD AND SILN ER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 1 1932:
GOLD.
The Bank of England gold reserve against notes amounted to £125,032,420 on the 25th ultimo, thus showing an increase of £2,202,380 as
compared with the £122.830,040 held on the 18th ultimo. In the meantime the expectation that further acquisitions of gold might be made by
the Bank has been realized, purchases of bar gold to the value of £1,233,918, £800,637 and £1,542,483 having been announced on the 27th
and 30th ultimo and to-day respectively.
Moderate amounts of gold have been available in the open market and
most of the offerings have been secured by Continental hoarders.
Quotations during the week:
Per Fine
Equivalent Value
Ounce.
of E Sterling.
May 26
112s. 6d.
15s. 1.2d.
May 27
112s. 9d.
15s. 0.8d.
May 28
112s. 5d.
15s. 1.4d.
May 30
112s. 6d.
15s. 1.2d.
May 31
1125. 5d.
15s. 1.4d.
June 1
112s. 9d.
15s. 0.8d.
Average
112s. 6.7d.
15s. 1.1d.
The following were the United Kingdom imports and exports of
gold
registered from mid-day on the 23rd ultimo to mid-day on the 30th ultimo:
Imports.
Exports.
British South Africa
£1,083,033 France
£933,062
British India
108,728 Netherlands
197,764
Australia
163.271 Belgium
139,900
Brazil
133,200 Other countries
6.959
France
18,364
Belgium
15,945
Iraq
24,964
Straits Settlements and
Dependencies
6,743
Other countries
15,927
SILVER.
Movements in prices during the past week have been small,
but the
steady tone of the market has been maintained.
The cessation of Continental sales was not followed by
any marked
advance in quotations, as buying orders were limited as to price,
buyers
showing no inclination to press the market. China has been
the chief
factor and has both bought and sold in a moderately active market.
The
Indian Bazaars have shown no decided tendency, as they also have
operated
both ways during the past week, whilst American operators
have been
somewhat inactive.
The market at the moment seems rather restricted and failing the
appearance of some fresh factor, price movements in the near future may
be confined within narrow limits.
The following were the United Kingdom imports and exports
of silver
registered from mid-day on the 23rd ultimo to mid-day on
the 30th ultimo:
Imports.
Exports.
France
£36,734 Hong Kong
£13,012
British India
16,576 Denmark
2,280
Australia
9,988 Netherlands
1,950
Canada
5,741 Other countries
3,808
British South Africa
4,053
Belgium
3,170
Other countries
60
£76,322
Quotations during the week:
£1,570,175
£1,277,685
£21,050
NLONDON.
IN NEW YORK.
Silver per Oz., Standard.
(Cents per Ounce, .999)
Cash.
2 Mos.
M a y:r
B
167d.
May 25
28
Mny 2
a y 27
8
1631d.
16'Ad
65.i d
.
May 26
28
May
16 13-16d. 16 13-16d. May 27
May 3?
16 13-16(1. 16%cl.
May 28
16 15-16d. 16 15-16d. May 30
Holiday
7 v
147
June 1
17d.
16 15-16d.
May 31
285.
Average
16.854d.
16.878(1. I
The highest rate of exchange on New York recorded during the period
from the 26th ultimo to the 1st instant, was $3.71 and the lowest $3.67.11.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Notes in circulation
Silver coin and bullion in India
Gold coin and bullion in India
Securities (Indian Government)
Bills of Exchange
May 22.
16808
11012
1061
4735
May 15.
16786
111611
0
4735
May 7.
16783
1109912
06
4730
The stocks in Shanghai on the 28th ultimo consisted of about 70,500,000
ounces in sycee. 215,000,000 dollars and 4,500 silver bars, as compared with
about 70,000,000 ounces in sycee, 215,000.000 dollars and 5,260 silver
bars on the 21st ultimo.
Statistics for the month of May last are appended:
Bonds (Par value).
Stocks
-No. ot shares.
568,929
1,099,177
Bonds.
Domestic
$11,652,000 817,197,000
Foreign Government
564,000
570,000
Foreign corporate
1.165,000
874,000
Total
June 18 1932
The total gold shipments made from Bombay last week amounted
to
about £540,000.
The Southern Rhodesian gold output for April last amounted
to 46,487
fine ounces, as compared with 47,239 fine ounces for
March 1932 and
43,776 fine ounces for April 1931.
Highest price
Lowest price
Average price
-DeliveryCash.
2 Mos.
1754d.
1734d.
16 9-16d. 16%d.
16.867d.
16.948(1.
Bar Gold
Per Fine
Ounce.
113s. 7d.
1128. 5d.
1126. 10.04d.
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ended to-day
(Saturday, June 18), bank exchanges for all the cities of
the United States from which it is possible to obtain weekly
returns will be 39.2% below those for the corresponding
week last year. Our preliminary total stands at $5,426,304,020, against $8,916,557,714 for the same week in 1931.
At this center there is a loss for the five days ended Friday
of 42.3%. Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ending June 18.
1932.
1931.
Per
Cent.
New York
Chicago
Philadelphia
Bataan
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$2,976,679,870 15,154,619,114
191,004,692
313,542,824
221,000,000
356,000,000
171.000,000
359,000,000
56,430,398
79.620,405
56.400,000
87.600,000
87.876,000
119,193,000
No longer will r eport clearings.
68,724,618
115,755,318
*75.000.000
122,053,804
60.637,807
104,020,599
51,854,547
66,946,355
23.096.140
40,741,572
-40.6
-38.6
-41.7
-22.5
-43.3
Twelve cities, five days
Other cities, five days
$4,039,704,072
482,215,945
16,919,092,991
731,449,760
-41.6
-34.1
Total all cities five days
All cities, one day
84,521,920,017
904,384,003
17,650,542.751
1,266,014,963
-40.9
-28.6
Total all cities for week
35,426.304.020
88.916.557.714
-39.2
-42.3
-39.1
-37.9
-52.4
--29.11
-35.6
-26.3
*Estimated.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous, the week ended June 11.
For that week there is a decrease of 44.9%, the aggregate
of clearings for the whole country being $4,557,453,262,
SUMMARY OF BANK CLEARINGS.
1Veek Ended June 111932.
1932.
1931.
Int.or
Dec.
1930.
Federal Reserve Dists.
let Boston_ ___12 cities
2nd New York_12 "
3rd Philadelpla 10 "
4th Cleveland__ 6 "
5th Richmond _ 6 "
6th Atlanta.---11 '
7th Chicago__ 20 "
8th St. Louis-- 5 "
.
9th Minneapolis 7 "
10th RansasCitY 10 "
11th Dallas
5 "
12th San Fran_ _14 "
$
$
%
198.580,071
409,867,332 -51.6
2,994,416,500 5,560,036,013 -46.1
233,369,246
459,110,393 -49.2
177,598,467
298,230,775 -40.5
102,969,598
139,714,470 -26.3
86,858,718
116,527,588 -25.5
316,033,202
637,652,151 -50.4
85,744.415
123,692,578 -30.7
72,368,003
98,702,557 -26.8
91,695,430
132,768,208 -30.9
37,966,328
49,643,343 -23.5
190,011,284
234,747,416 -34.6
Total
118 cities
Outside N. Y. City
4,557,453,262
1,649,527,021
s
505,909,934
7,644,290,729
584,939,183
418,848,598
169,157,068
152,133,936
841,878.789
188.950,746
125,203,345
186,405,203
55,165,553
337,792,625
1929.
$
528,162,356
7,417,424.940
615,118,849
476,142,637
176,082,792
179,970,471
978 62,436
.1
195,910,465
134,011,485
210,440,057
74,408,967
371.312,416
IVeek Ended June 11.
Clearings at
1932.
32 cities
251 851 121
551 IRA 501 -965
395 455 317
483.175.317
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
iVeek Ended June 11.
Clearings at1932.
1931.
Inc. or
Dec.
1930.
1929.
,
o
First Federal Reserve Dist net-Boston
Maine- Bangor_
657,536
703,990
Portland
2,822,130
2,207,424
-Boston _ _
Mass.
168.258,868 369,093.341
Fall River_ _ _ _
672,650
1.143,266
I.owell
521,315
310,815
New Bedford_ _
933,039
573,740
Springfield_ _ _ _
3.993,805
3,027.342
Worcester _ _ _ _
3.033,230
2,093,464
Conn.- Hartford
9,423,618
7,360,537
New Haven_ _ _
5.001,001
6,130,167
R.I.-Providence
8,039,300
11,528,700
N. H.-Mancher
377,544
540,731
Total(12 cities)
198,580,171
760.477
3,980.816
450,971,082
1.287,511
528,193
999,800
4,381,175
4,150,775
16,275,409
7,539.486
14,199,000
786,250
655.377
3,889,165
464,256.398
1,559,775
1,353,506
1,514,360
5,704,016
4,037,410
18,900,262
8,628,428
16,811,400
802.259
409,867,332 -51.6
505,909,934
528.162.356
Second Feder al Reserve D istrict-New
-Albany._
N. Y.
4,029,221
5,140,537
Binghamton _ _
1,007,851
690,022
Buffalo
23,240,018
33,740,628
Elmira
631,327
1,121,596
Jamestown__ _
1,046.943
*700,000
New York_ __ _ 2,907,926,241 5.423,539,549
Rochester
9,952,979
6,556,887
Syracuse
3,474,314
4,425,336
Conn.
-Stamford
3,232,937
3,901,641
-Montclair
N. J.
807,319
559,480
Newark
20,122,612
33,230,850
Northern N. J_
42,779,438
22,584,737
York
6,797.634
6.103,135
21.6
1,344,117
-31.5
1,763,600
65,302.700
55,822,496
31.1
1,432.745
954.316
-43.8
1,618,915
1,328.702
33.1
-46.4 7,471,175,341 7,217.516,452
15,984,325
11,868,446
34.2
7,978,318
6,859,691
21.5
5,021,908
5,246,747
20.7
987,661
855,852
30.7
35,967,495
38,498,259
36.4
43,543,133
-47.2
57,747,686
Total(12 cities) 2,994.418,500 5,560,036,013 -46.1 7.644,290,729 7,417,424.940
Third Federal Reserve Dist rict-Philad elphia
-Altoona _ _
Pa.
429,472
531,591 26.2
Bethlehem- _
2,108,874
3,177,89 -33.6
8
Chester
349,191
747,614 53.3
Lancaster
1,212,578
2,619,099 -53.7
Philadelphia
220,000,000 436,000,000 -49.5
Reading
2,045,396
2,904,415 -29.6
Scranton
2,001,976
3.971,182 -49.6
WIlkes-Barre_ 1,533,457
2,949,282 -43.3
York
1,135,302
1,724,312 34.2
-Trenton.
2,503,000
N.J,
4.435.000 -43.6
1,378,000
4,331,16
1,021,946
2,111,381
558,000,000
3,787.114
4,969.01
3.224,65,
2,228,92
3.887,000
1,541,0.55
7,405,855
1,325,332
2,358.657
531,000,000
4.917,446
6,386.731
3,486.274
2,245,499
4,451,000
459.110,393 -49.2
584,939,183
615,118,849
Reserve D Istrict-Clev eland
399.000
3,113,000 -87.2
38,414.759
55.014,187 -30.2
55,562,491 100,740,860 -44.8
7,427,000
13,544,400 -45.2
1,004,429
1,407,584 -28.6
74,732,788 124,410,764 -39.9
5,633,000
69,450,347
141,269,035
17,288,500
1,820,790
183.386,926
8,811.000
76,450,346
172,635,609
19,950,700
2,070,734
196.224,248
298.230,775 40.5
418,848,598
476,142,637
Fifth Federal Reserve Dist rict-Richm ondW.Va.-HungTn
373,802
598,643 -37.3
3,057,603
vs.- Norfolk..
4,489,176 -31.9
Richmond
-31.783,577 -18.6
25,870,138
1,714,410 34.7
-Charleston
1,119.286
S.C.
52,563,158
74,629,115 -29.6
Md.-Baltimore.
26.501,550 -24.6
D.C.-Washing'n
19,985,611
1,154.554
4,310,183
43.103.000
2,436,000
89,532,540
28.620,791
1.155,658
4,782,926
40,971,000
2,600,000
98,191.264
30,381,944
Total(10 cities)
233,389,246
Fourth Feder al
Ohio-Akron....
Cincinnati
Cleveland
_
Columbus
Mansfield
pa.-Pittsburgh_
Total(6 cities).
177,540,467
102,969,598
26.3
139,714,470 -
169.157,068
178,082,792
Sixth Federal Reserve Dist rict-Atlant a-Knoxville
2,469,654
2.000,000 +23.5
Tenn.
9,285,14r
12,486,161 -25.6
Nashville
24.2
34,708,229 26,300,000
Ga. Atlanta
803,941
1,258,509 -36.1
AU90.8t11
20.1
635,916
795,837 Macon
9,270,525
27.4
12,769,746
37.4
8,441,185
13.480.266 Ala.-Birming'm
829.625
1,474,058 -43.8
Mobile
-24.9
873,000
1,162,000 -Jackson..
Miss.
112,333
136,298 17.6
Vicksburg 23.2
27,838,390
36,256,486 La.-NewOrlearm
3.125,000
22,110,641
42,635.881
1,564,807
1.883,844
12,818.040
19,363,063
1,847.610
2,485,000
205.239
41,094,751
4,000,000
27,322,262
53,191.663
1,993,763
1.668.230
15,166,793
24.767.053
1,857,947
2,222,424
317,921
47,460,415
25.5
116,527,588 -
152,133,926
179,970.471
Total(6 cities).
Total(11 cities)
88,858.718
1930.
I
1929.
313.219
239,411
935,056
918,779
151,481,289 219,509,497
6,810,743
5,222.596
3,800,000
3,451.670
4,869.929
3.498,545
26,144,000
23,252,000
2,832.646
2,546,582
5,078,690
4,917,849
38,717.994
32,463,752
3,311,098
3,043,204
11.051,091
8,084,908
7,071.474
6,139.811
1,665,788
1,410,350
1,906,145
2,023,450
581,140.486 629.312.884
1,710,238
1,268,842
6,131.166
4,852,848
4,276,904
3,248,778
2,713,874
2,673,639
637,652,151 -50.4
841,878,789
978,162.436
Eighth Faders 1 Reserve Dia trict-St. Lo uis-87,900,000 --31.9
59,900.000
o.
-St.Louis..
-28.9
22,329,582 15,877,897
Ky.-Louisville
-25.5
12,527,741 9,331,482
Tenn.
-Memphis
135,159 --6.4
126,469
-Jacksonville
Ill.
800,096 --36.4
508,567
Quincy
125,300.000
43,539,856
18,696,762
187,058
1,227.070
133,900.000
39,210,291
20.909,364
405,494
1,485,316
Total(20 cities)
316.033,202
30.7
123,692,578 -
188,950,746
195,910.465
Ninth Federal Reserve Di,trict-Minn eapolis
6,748,211 -23.8
5,145,000
Minn. Duluth _
65,304,022 -30.0
45,699,473
Minneapolis_ _ _
20,494,534 -18.9
16,615,202
St. Paul
2,090,391 -17.1
1,732,462
N. Dak.-Fargo_
895.511 -29.8
628,712
-Aberdeen..
S. 6.
24.6
562,532 424,430
-Billings _
Mont.
22.4
2,607,306 2,022,724
Helena
7,286,408
85,707,537
25,122,069
2.133,778
1,106.572
663,820
3,183,111
9,604.418
89,557.386
27,000,585
2,366,079
1,345,876
652,427
3,484,714
Total (5 cities)
85,744,415
93,702,557 -26.8
125,203,345
134,011,485
Tenth Federal Reserve Dig trict Kane as City
-42.7
275,270 157,827
Neb -Fremont _
-55.4
365,118 162,680
Hastings
-39.0
3,075,283 1,874,877
Lincoln
34,407,781 -41.1
20.264,202
Omaha
2,814,853 --36.5
1.787,312
Kan.
-Topeka -10.9
4.349,355 3,873,225
Wichita
-28.9
81,226,560 59,346.402
Mo.-Kan. city_
3,940,987 --31.1
2,714,348
St.Joseph _
-33.6
.148,126 761,961
Colo.
-Colo.Spg
a
a
a
Denver
1,164,875 --35.4
752,576
Pueblo
355,864
616,677
3.576,131
41,497,715
3,372,454
6,917,402
121,542,098
5,536,586
1,446,415
a
1,493.661
442,465
746,692
3.828,561
45,530,584
3,170,037
8,542,689
137,584.227
7,233,571
1,594,895
a
1.766.336
132,768,208 -30.9
186,405.203
210,440,057
-Da hasEleventh Fede ral Reserve District
46.9
1,827,487 970.868
-Austin _ _
Texas
-25.2
34,988,128 26.172,211
Dallas
7,439,466 --12.5
6,511,337
Fort Worth _
-26.I
2.120,000 1,566,000
Galveston
3,268.262 --I6.0
2,745,912
La.
-Shreveport.
t-
1,474,069
38,139,222
9,535,751
2,560,000
4,456,511
1.828.539
49.902,195
13,941,563
3,924,495
4,812,175
49,643,343 -23.5
55,165,533
74.408,967
Total 10 cities)
(
--2I.8
--54.4
-41.2
--40.4
-33.5
-24.2
--31.0
-21.9
-18.4
--30.3
-30.2
-
Inc. or
Dec.
$
Seventh Feder al Reserve D istrict Chi ca go149,408 --22.0
116,470
-Adrian _
Mich.
801,051 --33.8
530,351
Ann Arbor_ _ _ _
55,788,585 111,599,531 --50.0
Detroit
4,492,888 --39.7
2,710,755
Grand Rapids_
-60.8
2.865,801 1,124,800
Lansing
-59.5
2,404,946 974,014
Ind.
-Ft. Wayne
16,483.000 --28.0
11,875,000
Indianapolis_ _ _
-55.0
2,505,458 1,126,975
Bend _ _
South
4,229,637 --33.5
2,814,653
Terre Haute_ _ _
-43.8
26.636,852 14,975,639
Wis.-Milwaukee
-66.0
2,467,779 839,773
Iowa-Ced. Raps
6.495,669 --17.0
5,388,951
Des Moines__ _
-49.I
4,048,847 2,058,871
Sioux City. ---72.9
757,988 205,789
Waterloo
1,379,219 --31.7
942,148
IIL-Bloomgintn
-52.5
209,790,343 441,473,023 Chicago
-51.0
1.070,583 524,910
Decatur
-25.9
2,987,149 2,214,310
Peoria
2.583,794 --81.8
470,857
Rockford
2,219,528 --29.7
1,560,028
Springfield
Total (7 cities)
8,270,692,824 -44.9 11,211,675,699 11,357,147,871
2,847,153,275 -42.1 3,740.500.358 4,139,631,419
1931.
Total(5 cities).
72,266,003
91,695,430
37,966.328
Twelfth Feder al Reserve D istrict-San Franci sco-43,466,567
31,538,793 --30.8
21.811,827
Wash -Seatl.
12,346,000
-49.3
10,521,000 5,337.000
Spokane
1,082,872
896,000 --50.5
443,786
Yakima
36,985.159
-46.3
30,177,877 18,203,278
Ore -Portland..
17,632,621
12,970,524 --32.4
8,771,644
Utah-S.Lk.CiLy
6.966,071
5,450,628 --46.2
2,930,722
.-Lg Beach
Calif
Los Angeles_ _ _ No longer will report dearth Cs.
5,926,637
-37.9
4,698,755 2,916,034
Pasadena
8,880,172
-23.8
8,259.469 6,290,29
Sacramento...
5.833,399
-13.3
4,311,951 3.738.14
San Diego - 128,827,337 --32.4 189,809.518
87,037,06
San Francisco.
2,583,252
-39.0
2,343,373 1,430.53
San Jose
2,155,584
1,668,576 --38.9
1,018,92
Santa Barbara.
2,032.473
-45.2
1,637,533 897.86
Santa Monica _
2,112,300
1,445,600 --22.0
1,128,16
Stockton
.55,326.672
13,904,000
1.563,548
40,375,561
19,588,376
9,464.217
7.425,657
9,161,21.5
6.541.225
197,474,135
3.057.290
2.276.729
2,535,491
2,618.300
Total(14 cities) 160,011,284 244,747,416 -34.6 337,792.625 371.312.416
Grand total (118
44.9 11211 675,699 11357 147,871
4 557,453,262 8,270,692,824 cities)
52.1 3,740.500,358 4,139.631.419
Outside N. Y____ 1.649.527.021 2,847.153,275 Week Ended June 9.
Clearings 04
1932.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St.John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _
New Westminster
Medicine Hat.. _
Peterborough _ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert__ -Moncton
Kingston
Chatham
Sarnia
Sudbury
Total(32 cities)
1931.
$
$
75,416,283 122,528,537
78,435,109 106,193,710
51,049,129
41,793,486
11,220.966
20,167,927
5,112,799
7,158,261
4,486.888
5,826,090
2,629.529
3,388,632
3,741,288
5,662,826
5,547,341
6,432,197
1,674.036
2,607.091
1,397,472
2,030.686
3,033,822
3,213,955
4,225.995
5,348,382
2,810,714
3,812,701
375,436
452.087
328,793
448,570
1,600,887
1,893,118
555,209
778,932
- 890,551
1,102,167
618,115
855,248
434,748
640,028
192,415
236,284
575.53!
775,782
594,326
868,904
1.513,193
1,214,270
2.231,670
3,537,934
389,189
290,932
927.104
713,137
716,837
652,599
553,3231
400,947
443,739
576,7121
897,607
498,637
263,893,321
Inc. or
Dec.
IIIIIIIiiiiiiIiiIIIIIIIIIiiii+lin
ObO
ww..0m7wIno
Kt
4,.w.40wencam.000t0.4100000ww,...wmwwmoo
against $8,270,692,824 in the same week in 1931. Outside
of this city there is a decrease of 42.7%, the bank clearings
at this center recording a loss of 46.4%. We group the
cities now according to the Federal Reserve districts in
which they are located, and from this it appears that in the
New York Reserve District, including this city, the totals
record a contraction of 46.1%,in the Boston Reserve District
of 51.6% and in the Philadelphia Reserve District of 49.2%.
The Cleveland Reserve District suffers a loss of 40.5%, the
Richmond Reserve District of 26.3% and the Atlanta
Reserve District of 25.5%. In the Chicago Reserve District
the decrease is 50.4%, in the St. Louis Reserve District of
30.7% and in the Minneapolis Reserve District of 26.8%.
In the Kansas City Reserve District the totals have been
diminished by 30.9%, in the Dallas Reserve District by
23.5% and in the San Francisco Reserve District by 34.6%.
In the following we furnish a summary of Federal Reserve
districts:
Canada
4443
Financial Chronicle
Volume 134
353,338,501 -25.3
1930.
1929.
$
$
135,114,830 163,806,557
123,952,583 156,463,594
55.228,173
82,607,158
22,783.185
17,672,365
8,498,513
7,743,789
7,159.743
7,280.257
4,290,002
3,325.430
6,736,085
5,971,491
10,380.436
9,644.402
3,499.774
2,536,392
3.032.173
2,829.923
3,359.173
3,393.499
7,930,675
6,944,417
5,580.499
4,478,112
655.706
540.797
650,193
571,835
2,590,359
3,056,792
1,244,422
1,029,041
1,511,340
1.272,693
999,629
834,915
944,191
960.923
468,883
317,903
1,012,779
667,129
1,055,651
1,016,598
1.535,443
1,776.876
7,592.895
5,459,415
450,401
459.807
1,053.768
1,292,031
822.764
1,051,627
748.890
618,075
887,052
816,167
1,325,425
396,455,317
483.175.317
a No longer reports weekly clearings. b Clearing house not function ng at present.
c Clearing house reopened in February. d Figures smaller due to merger of two
Estirav.ted.
largest banks.
4444
Financial Chronicle
June 18 1932
ENGLISH FINANCIAL MARKET
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Ask.
Bid.
East Prussian Power 6%,1953
35
32
European Mortgage & Investment 7348, 1966
3034
2934
French Government 53.4s, 1937
109
106
French National Mall S. S. Line 6%. 1952
10134
10234
Frankfurt 7s to 1945
21
18
Sal.,
Tues.,
Fri.,
Wed.,
Mon.,
Thurs..
German Atlantic Cable 7%, 1945
35
40
June 11. June 13. June 14. June 15. June 16. June 17.
German Building & Landbank 634%, 1948
22
20
25
35
Sliver, per oz._ 1734d.
1634d.
1674cl.
16 13-16(1. 16 13-16d. 16 15-16d. Hamburg-American Line 634410 1940
Housing & Realty Imp. 78, 1946
32
35
Gold, p.fine oz. 112s.8d. 112s.54. 1128.8d. 1123.11d. 1123.11d. 113.s.1d.
Hungarian Central Mutual 78. 1937
24
123
Consols,234%
6334
6434
6434
633-4
6334
Hungarian Discount & Exchange Bank 78, 1963
17
18%
Hungarian Italian Bank 7%% 1932
British, 5%
10234
168
102
10234
6934
.
10234
10234
Koholyt 630,1943
23
20
British, 434%.
102
102
102
102
102
Land Mortgage Bank, Warsaw 8%. 1941
46
50
French Rentes
Leipzig Overland Power 614%. 1946
3234
3534
(in Paris) 3%
Leipzig Trade Fair 7s, 1953
23
20
Mannheim & Palatinate 7s. 1941
23
francs______
25
74.30
74.20
74.00
74.60
74.10
Munich is 10 1945
22
25
French War L'n
Municipal Bank Hessen 7% to 1945
17
20
(in Parts) 5%
Municipal Gas & Elec. Corp. Recklinghausen. 78.1947
17
20
Nassau Landbank 6%%. 1938
98.00
98.80
francs______
98.60
98.00
98.90
31
33
National Central Savings Bank of Hungary
32
/29
The price of silver in New York on the sime days has been: Nati. Hungarian & Ind. Mtge 7%. 1948 7348, 1962
12834
2935
Oberpfalz Electric 7%, 1946
20
29
Silver in N. Y.,
Oldenburg-Free State 7% to 1945
17
22
per oz.(eta.). 271
273.4
273.4
273
273.4
273-(
Pomerania Electric 6%. 1953
2035
2234
Porto Alegre 7%, 1288
1644
Protestant Church (Germany) 78. 1946
25
2334
ProvincialBank of Westphalia 6%. 1933
33
30
PRICES ON PARIS BOURSE.
Rhine Westphalia Electric 7%, 1936
3334
3034
Roman Catholic Church
42
44
Quotations of representative stocks on the Paris Bourse Roman Catholic Church 634%. 1946 1946
Welfare 7%,
2534
27
as received by cable each day of the past week have been Saarbruerkon Mortgage Bank 68. 1947
61
es
Salvador 7%, 1957
15
7
as follows:
Santa Catharine (Brazil) 8%, 1947
6
1434
June 17 Santander (Colombia) 7%. 1948
June 11 June 13 June 14 June 15 June 16
110
1131
1932. 1932. 1932. 1932. 1932. 1932.
Sao Paulo (Brazil) 6%, 1947
1734
934
Francs. Francs. Francs. Francs. Francs. Francs, Saxon State Mortgage 6%. 1947
29
31
170
Bank of France
200
11,300 11,300 11,000 11,600 11,400 Siemens & Halske debentures 6%.2930
14
15
1.330
1,370 1,390 South American Railways 6%, 1933
Banque de Paris et Pays Bea
1,290 1,330
Stettin Public Utilities 7%, 1946
337
2834
368
303..
340
Banque de Union Parisienne
323
241
19
239 Tucuman City 7s. 1951
23
Canadian Pacific
229
227
229
Vamma Water 535%. 19
60
50
Canal de Suez
13,600 13,650 13,425 13,780
57
Veston Electric Railway 7%, 1947
14%
1234
Cie Distr d'Electricitie
2,025 2,110 2,080 2,180
20
1,900 1,870 1,870 1,980 Wurtemberg is to 1945
25
Cie General d'Electricitle
1,870
320
Citroen B
308
319
297
I Flat price
1,120
Comptoir Nationale d'Escompte
1,040 1,070 1,060 1,090
180
200
Coty Inc
190
190
200
390
349
350
354
Courrierce
640
Credit Commerciale de France
615
610
619
Credit Fonder de France
4.400 4,456
4,320 4,370 4,350
Credit Lyonnais
1,770
1.850 1,860
1,740 1,790
Distribution d'Electricitie is Par
2,080
2,220 2,200
2,020 2,110
-All
Breadstuffs figures brought from page 4520.
Eaux Lyonnais
2,270 2,280
2,180 2,190 2,200
_
Energie Electric:Me du Nord
682
627
612
613
the statements below, regarding the movement of grain
Energle Electricitie du Littoral
975
916
922
928
receipts, exports, visible supply, &c., are prepared by us
French Line
73
70
65
67
79
Gales Lafayette
82
81
81
82
83 from figures collected by the New York Produce Exchange.
Gas Le Bon
750
750
750
750 First we give the receipts at Western lake and river ports
Kuhlmann
Holl440
410
420
420
430
L'Air Liquide
day
710
760
690
720
770 for the week ending last Saturday and since Aug. 1 for
Lyon (P. L. M.)
980
980
990 1.020
each of the last three years:
Mines de Courrieres
350
390
350
350
360
Mines des Lens
420
420
450
410
450
Nord RY
1.470
1,520 1.540
1,450 1.480
Corn.
Receipts at- i Flour. I Wheat. I
Rye.
Parts, France
1,150 1,160
1,200 1.150 1,150
Pathe Capital
123
120
117
'bbis.1961bs bush. 60 lbs2bush. 56 lbs.
115
bush.4815s. bush.561bs.
Pechiney
1.160
1.240
1.250 Chicago
1.180
1.150
111,000
413,00
1
134,000
15,000
1,000
I
Rentee 3%
74.00 74.30 Minneapolis
74.20 74.60 74.10
63,00
495,000
123,000
47,000
I
Rentes 5% 1920
119.10 119.20 118.00 119.50 115.50 Duluth.
303,000
18,000
42,000
Reuss 4% 1917
88.70 89.10 88.60 89.60 88.80 Milwaukee
57,000
8,000
69,000
7,000.
,
Rentes 5% 1915
269,000
98.80 98.60 98.00 98.80 98.00 Toledo
52,00
3,000
2,000
1
Rentes 6% 1920
10,001
17,000
100.50 100.50 100.40 101.00 100.50 Detroit
'
10,000
2,000
Royal Duteh
1.260
1,190 1,220 1,210
1.270 Indianapolis..
96,000
38,000
Saint Cobin C.& 0
St. Louis_
1,975
1,855
1,910 1,880
68,000
137,000
275,000
18,000
Schneider & Cle
38,011
Peoria
1,130 1,175
1.151
1,186
14,000
40,000
116,000
Societe Andre Citroen
300
320
12,000 1,044,0001
330 Kansas City
320
38,000
300
Societe General Foncdere
198
164 Omaha
192
11,000
184,000
193
190
Societe Lyonnais
18,000
97
101 St. Joseph.
15,000
Societe Marseillatse
214,000
601
599
600
Wichita
2,000
600
Suez
14,000
19,
13.600 13,600 13,400 13,800 13,900 Sioux City
3,00
Tubize Artificial Silk, prof
1,836,000
,
100,
145
151
Buffalo(lakes)
150
157
Union d'Electricitie
840
850
840
880
890
Union des Mines
824,
200
190
200
372,000
200
94.000
200 Total wk.1932 330,000 4,840,000 1,216,
Wagon-Lite
Same wk.193I
322,000 5,789,000 2.957,000 1,146,000 568,000
71
70
68
66
162,000
2,107,00
Same wk.1930 407,000 3,681,000 5,321
582,000
120,000
ominerciaiand pAiscellantonsRows
Since Aug.
THE BERLIN STOCK EXCHANGE.
18,315,000 295,385,0001 117,541.00 66,680,000]30,663,000 7,613,000
1931
18,731,000403,385,000 184,104,000 101.025,0 45,952,000 20.202,000
1930
The Berlin Stock Exchange resumed trading on Friday, 1929
19.289,000 339,236,000 238,237,0 127,670,00062.136,00022,947,000
April 29 1932 after having been closed by Government decree
-Changes in Totals of, and in Deposited
since Sept. 18. Prices suffered heavy declines. Closing Bank Notes
Bonds, licc.
prices of representative stocks as received by cable each day
We give below tables which show all the monthly changes
of the past week have been as follows:
June June June June June June in National bank notes and in bonds and legal tenders on
11.
13.
14.
15. 16.
17. deposit therefor:
Reichsbank (12%)°
123
Berliner Handels-Geselischaft (4%)•
87
Commerz-und-Privat Bank A. G.(0%)•
16
Deutsche Bank und Disconto-Oce.(0%)*-31
Dreedner Bank (0%)'
18
Allgemeine Elektrizitaets Ges.(AEO)(0%)•
21
Gesfuerel (4%)•
Hog- 52
Siemens & Halske (9%).
day 116
2.0. Farbenindustrte (7)•
91
Salzdethfurt (15%)•
145
AbeMischa Braunkohie (10%)•
163
Deutsche Erdoel (5%)•
64
Mannesmann Roehren(6%)•
40
EaPag (0%)•
11
North German Lloyd (0%)•
12
Per Cent of Par
124
125 125
87
86
86
16
16
16
30
30
31
18
18
18
20
20
20
52
54
53
116
118
117
91
92
93
147
148
148
162
164
166
64
64
64
40
39
40
11
11
12
12
12
12
124
86
16
30
18
20
53
117
92
146
158
64
40
12
13
•Last dividend.
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of June 17:
Anbalt 7810 1946
Argentine 5%, 1945, 5100-pieces
Autioquia 8%. 1946
Bank of Colombia 7%, 1947
Bank of Colombia 7%, 1948
Bavaria 6345 to 1945
BavarianPalatinate Cons. Cit. 7% 10 1945
Bogota (Colombia) 83.4%, 1947
Bolivia 6%. 1940
Brandenburg Electric 6%. 1953
Brasil Funding 5%. 1931-1951
British Hungarian Bk. 7345. 1962
Brown Coal Ind. Corp. 6148. 1953
Gall (Colombia) 7%, 1947
Callao (Peru) 734%. 1944
Ceara (Brazil) 8% 1947
Central German Po: of Madeburg 6% 1934
City Savings Bank Budapest 78, 1953
Dortmund Municipal 11.11.634%, 1948
Duisberg 7%. to 1945
Dusseldorf 78 to 1943
Bid.
21
56
f1334
121
121
2134
1734
1834
1234
2234
26
29
193.4
/5
1431
14
23
26
16
18
18
Au
25
60
---24
2034
Amount Bonds
on Deposit to
Secure Circulaion for National
Bank Notes.
Legal
Tenders.
Total.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes May 311932:
U. S. Bonds Held May 31 1932 to Secure
Bonds on Deposit
June 1 1932.
30
31
233.4
7
--
28
Bonds.
669.827,590
May 31 1932
668,580,423
70.036.500
738,616,923
668,882,490
666,472,241
Apr. 30 1932
71,523,840
737,996,081
667.669,240
Mar. 31 1932
666.238,578
71,700.685
737,939,263
664.944,440
Feb. 29 1932
665.138,348
67,238,875
732,377,223
660,409.240
Jan. 30 1932
654,580,738
61,183.878
715,764,616
666,474.590
Deo. 31 1931
664.798,311
45,813.585
710,611.896
660,625,090
658,491,916
Nov.30 1931
43,896,465
702,388,381
665,255,340
Oct. 811931
665.182,578
33,826,453
699,099,031
667,098,590
Sept.30 1931
665,271,853
32,861,923
698,133,776
667,950,100
Aug. 811931
666.020,536
698.260,281
32,239,745
668,305,100
July 31 1931
666.594.576
31,911.240
698,505,816
667.154,800
June 30 1931
665,591,438
697,004,446
31.413,008
667.419.300
May 811931
665.889.688
30.709,438
696,599,126
668,503.700
Apr. 30 1931
666.770.878
31,278.173
698.049.051
82.772,040 Federal Reserve bank notes outstanding June 1 1932, secured by
lawful money, against 52.973.982 or June 11931.
iiii
28
20
23
23
National Bank Circulation
Afloat on
-
25, U.S. Consols of 1930
2s, U. S. Panama of 1936
2s, U. S. Panama 0( 1933
Totals
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes,
Notes,
Total
Held.
595,454,45
48,671.060
25,702,080
595,454,450
48,671.060
25,702,080
669,827,590
669,827.590
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits May 2 1932
and June 1 1932 and their increase or decrease during the
month of May:
National Bank Notes-Total Afloat
Amount afloat May 2 1932
Net increase during May
$737,996,081
620,842
Amount of bank notes afloat June 1
Legal-Tender Notes
Amount on deposit to redeem National bank notes May 2
Net amount of bank notes redeemed in May
3738,616,923
571,523,840
1,487,340
Amount on deposit to redeem National bank notes June 1 1932_
Merchandise Movement at New York.
Month.
Imports.
July
August
September
October_
November,
December_
84,823,090 99,990,234
81,423,455 99.085,287
94,872,046 110,496,855
92,059,201 124,376,643
86.585,196102,937,471
87,837.295 99,742,695
1931.
1930.
Customs Receltd:
at
New York.
Exports.
1
1931.
1931.
1930.
07,058,129
59.208.716
67.749,087
65,352,268
51,967,285
55.939.911
98.069.398
97.722,024
92.321,673
95,822,991
93,543,704
95.875,509
1931.
January
1
65,450,212 87,278;8071 44,388:825 94,604.323
February _ 68,324.224 83,741,723 47.040,635 91,336.302
March_._ 67,088,157 101,718,7971 48,261,354 85,927,653
1
17,237,635
20.162.713
21,683,259
18,500,473
15,161,993
15.902.204
1932. 1
13,177,166
12,756,949
12,047,238
1930.
15,617.549
16,700.854
20,672.440
22.811,138
19,861,973
15.596.868
1931
15.764.232
15.741,196
17,612,788
Total _ _ 728,462,785 909,368.512 500,966,210845.223,577 146,635,630 160,378,855
Movement of gold and silver for nine months:
I
Gold Movement at New York.
Imports.
1931.
1
July
10,926,6081
August__ _ 25,844,790
September 35.034,945
[
October_ _ 25,656,339
November. 6,840,308i
December_ 13.248,219
January..1932.
19.067.9371
February
7,221.315'
March_ __ _ 6.630.355
1930.
Exports.
I
1931.
1930.
Silver-New York.
Imports.
1931.
1
13,156,5771 1,000,328 30,001,977
525,184,
4,592,811
32,500 35,314,272 1,590,5571
5,263,713 28,690,327 3,974.842
639,872
791,382
17,825.288398.471,050
30,000'
1,200
841,678
21,480,117
11,317,784 32.622,524
2,013,826
1931.
1931.
9,404.455107,842,041
919:079
11,309,143 128.185.769
829,844
20,320,5311 43,902,866
2,000 1,116,271
Total_ __ 150,470,816 114,670,4191745,682,697 69,324,291
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Sh.
5150T. N. D. Associates, Inc_ _5150 lot
20 Philadelphia Nat. Bank, par $20_ 47
25 Real Estate-Land Title & Trust
11
Co., par $10
30 Integrity Trust Co., par $10._ _ _ 10
50 Pennsylvania Co. for Insurances
on Lives & Granting Annuities,
par 510
2834
8 per Sh.
Shares. Stocks.
30 Jefferson Title & Trust Co., par
$1 lot
$50
3 Camden Safe Deposit & Trust Co.,
Camden, N. J., par $25
9
5 units Inter-County Mtge. & Finance Co. (units consists of 1 sh.
41
pref. and 2 ohs, corn.)
12 United N.J. RR.& Canal Co__ _170
By A. J. Wright & Co., Buffalo, June 7:
per Sh.
per Sh. Shares. Stocks.
Shares. Stocks.
10 Angel Intern Corp., cons par $1_ 15c.110 Internat. Rustless Iron, par $1_ 27c.
570,036,500
Foreign Trade of New York-Monthly Statement.
Month.
4445
Financial Chronicle
Volume 134
9,267,693
Exports.
1931.
1.321,509
1,234,391
1,282,981
1.181,579
697.934
1,741.027
572257
494.562
700,483
9,226,723
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
$3
July 1 Holders of rec. June 20
Allegheny & Western RY (5.-a.)
- - *51.58 July 2 *Holders of rec. June 26
Aron Geneseo az Mount Morris
July 1 *Holders of rec. June 17 .
Burlington Ced. Rap. dc Nor. Ky.(s.-a.) *$3
51% Aug. I Holders of rec. July 1
Canada Southern Ky. Co.(s.-a.)
Caro. Clinch.& Ohio Ky., Mrs.(quar.).. *5134 July 11 *Holders of rec. June 30
Cincinnati Union Ter. Co., p1. (quar.)_ _ $1% July 1 Holders of rec. June 20
Chicago Junction R. U. S. Y.(War.) $24.4 July 1 *Holders of rec. June 15
&
*$144 July 1 *Holders of rec. June 15
Preferred (quar.)
Aug. 1 Holders of rec. July I
Connecticut & Passumpsic, pf. (s.-a.). _ $3
July 5 Holders of rec. June 20
Detroit. Hillsdale az Southwest Co.(s.a.) $2
June 19 *Holders of rec. June 14
053
Greene RR. Co. (ff.-a.)
Hestonville Mantua & Fairm. Pass. RR.
9834c July 1 *Holders of rec June 17
Common (semi-ann.)
Joliet az Chicago RR (quar.)
*8134 July 5 *Holders of rec. June 24
50c. July 15 Holders of rec. June 30
Kansas City Southern Ky. Co., pf. (qu.)
MahonIng Coal RR. Co., Common
8634 Aug. 1 Holders of rec. July 15
*5134 July I *Holders of rec. June 24
-a.)
Preferred (s.
Aug. 1 Holders of rec. July 1
$3
Massawippi Valley RY. (s.-a.)
mined
New York New Haven & Hartford, pref. -Dividend
July 15 Holders of rec. June 30
4
Northern Central (semi-ann.)
Northern Pacific RY. Co.
-Dividend on itted.
Pittsburgh & Lake Erie RR
*5134 Aug. 1 *Holders of rec. July 1
*5234 July 1 *Holders of rec. June 21
Rome & Clint RR
St. Louis Rocky Mt.& Pac., V.to,corn. 12tic June 30 Holders of rec. June 15
Texas dr Pacific Ky. Co.
-$5 pref. div. o mitted
*MS July I *Holders of rec. June 18
Valley RR. of New York (s•-a.)
Virginian Ry., com. (quar.)
*5134 July 1 *Holders of rec. June 18
*5134 July I *Holders of rec. June 30
West N.Y & Pennsylvania KY.
Y.
nisi July I *Holders of rec. June 30
Preferred (s -a.)
Public Utilities.
July 15 Holders of rec. June 15
.
Am ref l?ist. Telerraph Co., corn. (qu.)_ $1
per.e red (iva g )
4134 July 15 *Holders of rec. June 15
CHANGE OF TITLE.
American Superpower, lot prof -Divide nd omi tted
June 10
-The First National Bank of Le Sueur Center, Minn., to
$6 preferred-Dividend omitted
*500. Aug. 1 *Holders of rec. July 1
"The First National Bank of Le Center."
Artesian Water
*53
July 1 *Holders of rec. June 15
Attleboro Gas Light Corp. (guar.)
VOLUNTARY LIQUIDATIONS,
*50c. Aug. 1 *Holders of rec. July 11
Bangor Hydro-elec.(quar.)
June 6
-The First National Bank of Forgan, Okla
13.4 July 1 *Holders of rec. June 20
$25,000 Battle Creek Gas Co., 56 pref. (quar,).
Effective close of business Dec. 30 1931. Liquidating
*1% July I *Holders of rec. June 20
Cairo Water Co., 7% pref. (guar.)
agent, J. L. Hall, Forgan, Okla.
Central Illinois Light,7% pref.(guar.)._ *al% July 1 *Holders of rec. June 15
Absorbed by the First State Bank of Forgan, Okla.
*$1.4 July 1 *Holders of rec. June 15
6% preferred (guar.)
June 6
-The Mount Jackson National Bank, Mt. Jackson, Va_ $50,000 Capital Traction Co., corn. (quar.)
25c. July I Holders of rec. June 14
Effective April 29 1932. Liquidating agent, George R.
Central States Edison. 7% pref.(quar.)_ *1% July I *Holders of rec. June 15
Geary, Mt. Jackson, Va.
Cincinnati Gas az Elec. Co. pref. (quar.) El% July 1 Holders of rec. June 15
Absorbed by the Peoples Bank, Mt. Jackson, Va.
Citizens Water Co. of Washington (p a.)
une 7
-The Lorena National Bank, Lorena, Tex
*1% July 1 *Holders of rec. June 20
7% preferred (quar.
$25,000
Effective May 251932. Liquidating committee, Board
Cleveland Elec. Illuminating, pr. (qu.).. 081 34 Sept. 1 *Holders of rec. Aug. 15
of directors of the liquidating bank.
Columbia Gas dr Elec. Corp., corn. (qu.) 1250. Aug. 15 Holders of rec. July 20
Absorbed by the Citizens National Bank of Cameron,
5% cum. pref. (quar.)
3131 Aug. 15 Holders of rec. July 20
Tex., No. 5484.
5% cony. pref.(quar.)
$134 Aug. 15 Holders of rec. July 20
June 9
-The First National Bank of Cumberland, Ohio
$134 Aug. 15 Holders of rec. July 20
$40,000
6% pref.. series A (guar.)
Effective May 17 1932. Liquidating agents, L. A.
Consumers Power Co., $5 pref. (quar.)_ $114 Oct. 1 Holders of rec. Sept. 15
$134 Oct. 1 Holders of rec. Sept. 15
Claypool and C. E. Knowles care of the liquidating
6% preferred (quar.)
bank.
$11 64 Oct. 1 Holders of rec. Sept. 15
$.
6.6% preferred (guar.)
Absorbed by Cumberland Savings Bank, Cumberland,
Oct. 1 Holders of rec. Sept. 15
7% preferred (quar.)
Ohio.
500 Aug. 1 Holders of rec. July 15
6% preferred (monthly)
50c. Sept. 1 Holders of rec. Aug. 15
6% preferred (monthly,
APPLICATION TO ORGANIZE RECEIVED WITH
50c. Oct. 1 Holders of rec. Sept. 15
6% preferred (monthly)
TITLE REQUESTED.
55c. Aug. 1 Holders of rec. July 15
6.6% preferred (monthly)
June 8
-The First National Bank of Griggsville, Ill
325,000
550. Sept. I Holders of rec. Aug. 15
6.6% preferred (monthly)
Correspondent, Harold S. Hunter, Griggsville, Ill.
55c. Oct. 1 Holders of rec. Sept. 15
6.6% preferred (monthly)
Cuban Telephone Co.'s com, dividend o misted
Med
Delaware Valley Utilities, pref.-Divide nd
Auction Sales.
-Among other securities, the following, Elizabethtown %Voter Consol.,com.(s.-a) *$2om June 30 *Holders of rec. June 20
not actually dealt in at the Stock Exchange, were sold at auction Foreign Light & Power,6% 1st p1. (qu.) *$1 34 July 1 *Holders of rec. June 20
Telephone Pay Station Co.(guar.)
50c. July 1 Holders of rec. June 18
in New York, Boston, Philadelphia and Buffalo, Wednesday Gray dr Stock Telegraph Co.(quar.)_
Gold
$134 July 1 Holders of rec. June 30
of this week:
Havana Electric Utilities. 1st pref.-Div Mend omitted
*Wm July 1 *Holders of rec. June 15
Haverhill Gas Light (quar.)
By Adrian H. Muller & Son, New York:
Honolulu Gas Co. (monthly)
*15c. June 20 *Holders of rec. June 15
Shares. Stocks.
$ per Sh. Shares. Stocks.
5 Per Sh. Inter. Hydro-El. System. $334 pf. (qu.) 8734c. July 15 Holders of rec. June 270
5,883 Fourth & First Banks, Inc.
July 1 Holders of rec. June 15
Kansas Gas & Elec. Co.. 7.% p1. (guar.,
Sundry Installment paper aggregatof Nashville. Tenn, par 520
July 1 Holders of rec. June 15
15
56 preferred (guar.)
ing approximately $12,000 ac950 Decade Incinerator Corporation
July 1 *Holders of rem. June 20
Manchester Gas Co., corn. (guar.)
*:
:2 4
1‘ A
1
1
quired by Commercial Investment
(N.Y.),com
July 1 *Holders of rec. June 20
Trust Co., Inc., from Joseph H.
50c
Preferred (quar.)
1,000 Municipal Sanitary Service
$134 July I Holders of rec. June 20
Gottliev, Corona, L. I
51.200 lot Manhattan Ay. Co.,7% guar.(quar.)
*1% JIRY 1 *Holders of rec. June 20
Corp.(N. Y.), class A, no par__ _ 50c $400 Euroamerican Cellulose ProdMarion Water Co., pr. (guar.)
31 Janata Park South Realty Corp.
-Dividend omitt ed.
ucts. par $5
$3 lot Memphis Natural Gas.
capital
7% preferred (quar.)
850 Cornstalk Products,Inc.,no par $5 lot
*51% July 1 *Holders of rec. June 20
511
100-553,700th share in certificate of
BondsPer Cent. Minneapolis Gas Light, initial (qu.)_
134 July 1 Holders of rec. June 20
beneficial Interest In certain assets
$5.000 Texas Consumers Water Co.,
Minnesota Pr.& Light Co.,7% p1.(qu.
134 Ally 1 Holders of rec. June 15
formerly owned by the Continlot mtge. (is. ser. A, due Oct. 1
$6 preferred (guar.)
$134 July 1 Holders of rec. June 15
ental Bk.& Tr. Co., of New York:
1939: $5,000 Omaha Brick Co.,
Mountain Status Power Co.. pref. (qu.). 134 July 20 Holders of rec. June 30
144 Guantananio Sugar Co., corn.,
151 lien coll. tr. 6s, due March I
National Fuel Gas Co., corn.(guar.) _ _
25c. July 15 Holders of rec. June 30
• no par: 100 Statist' Sugar Co.,
1931: $5,000 Associated Public
Nat. Pow. & Lt. Co., $6 prof. (guar.)_ _ $134 Aug. 1 Holders of rec.•July 7
corn.: 150 Southern Holding &
Service Co.,6s, lot lien 6r coll. tr.
New England Public Service $6 & $7 pnlo r lien d Widend omitted.
Securities Corp., no par: 500 Allen
ser. A, due Sept. 1 1935
$6 az $7 preferred dividends omitted.
$175 lot
011 Co.. par El: 30 The Brooklyn
$32,000 Bond and 2d mtge.,4-story
Adjust. pref. dividend omitted.
Dist. Telegraph Co., Ltd., par
apartment building, located at
$6 cony, preferred dividend omitted.
1568 Sterling Place, Brooklyn,
$25: 1,000 Colonial Syndicate,
Northstates Power, cons. A (quar.
Aug. 1 *Holders of rec. June 30
.42
N. Y. Recorded in Kings Co.,
*$t54 Aug. 20 *Holders of rec. June 30
Ltd., no par; 200 Cornstalk Prod7% preferred (quar.)
Aug. 5 1927
ucts Co., Inc.. com., no par:
5100 lot
6% preferred (quar.)
*S1 ti July 20 *Holders of rec. June 30
$32 Bond and 2d mtge., 4-story
800 Habirshaw Elec. Cable Co.,
Northwestern Bell Tel.
4
r)
June 30 Holders of rec. June 28
corn.(guar.) 52
apartment building, located at
corn., no par: 13 Interocean 011
preferred (quar.)
1% July II Holders of rec. June 30
1578 Sterling Place, Brooklyn,
Pacific dr Atlantic Tel.(8.-a.)
Co., B, par I cent: 3 Samoset 011
*500. July 1 *Holders of rec. June 15
N. Y. Recorded in Kings Co.,
Pacific Lighting Corp., $6 pf. (guar.: _ _. $134 July 15 Holders of rec. June 30
Co.,corn., par *100:8250 Nassau
Aug.5 1927
Development Co., {Artie. ctfs_ _561 lot
550 lot Providence Gas Co. (quar.)
30c. July 1 Holders of rec. June 15
Public Service Co. of Oklahoma
6% prior lien (quar.)
July 1 Holders of rec. July 1
$1
By R. L. Day & Co., Boston:
7% prior lien (quar)
$1% July 1 Holders of rec. July 1
S Per Sh. Shares. Stocks.
3 Per Sh.
Shares. Stocks.
'
,idend action.
Radio Corp. of America A pref.-No dB
Nat. Bk.,Boston 45
15 Lowell Electric Light Co., par 25 43
10'Webster & Atlas
South Carolina Power Co.,$6 pf (quar.) $134 July 1 Holders of rec. June IS
350 Oxley Engineering Co., Inc.,
4 Merchants National Bank, Bos2 at 250, 2 at 255
Pref., par 10, 2,000 cam., par 5_5100 lot Southern Counties Gas Co. of Calif.
ton
*513.4 July 15 *Holders of rec. June 30
6% preferred (guar.)
40 U. S. Trust Co., Boston, par 510 334 20 Eastern Utilities Associates, convertible
Naumkeag Steam Cotton Co---- 3211
134 Southwestern Gas ttc Elec. Co.
2 July 1 Holders of rec. June 15
8% preferred (guar.)
corn _ __MO lot 50 Moxie Co., new B
26c
20 Middletown Oil Terml,
Southwestern Lt. & Pr. Co.. $6 pf. (qu.) 5134 July 1 Holders of rec. June 15
50c July 25 Holders of rec. June 30
Standard Gas & Elec. Co., corn.(quar.)_
J. Wright & Co., Buffalo, June 15:
By A.
$1% July 25 Holders of rec. June 30
$6 preferred (quar.)
$ Per Sh.1Shares. Stocks.
5 Per Sh.
Shares. Stocks.
87 preferred (quar.)
$1% July 25 Holders of rec. June 30
$1
15c 110 The Como Mines, par $1
110
10 Zenda Gold Mines, par
Capital.
4446
Name of Company.
Financial Chronicle
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Public Utilities (Concluded).
Tennessee Electric Power Co.
5% preferred (guar.)
$114 Oct.
Holders of rec. Sept. 15
6% preferred (guar.)
$1 34 Oct
Holders of rec. Sept. 15
7% preferred (guar.
$1% Oct.
)
Holders of rec. Sept. 15
7.2% preferred (guar.)
31 4-5 Oct.
Holders of rec. Sept. 15
6% preferred (monthly)
50c. Aug.
Holders of rec. July 15
6% preferred (monthly)
50e. Sept.
Holders of rec. Aug. 15
6% preferred (monthly)
50e. Oct.
Holders of rec. Sept. 15
7.2% preferred (monthly)
60e. Aug.
Holders of rec. July 15
7.2% preferred (monthly)
60c. Sept.
Holders of rec. Aug. 15
7.2% preferred (monthly)
60e. Oct.
Holders of rec. Sept. 15
Twin States Gas & Elec.,7% pr. In.(gu.) 11% July
*Holders of rec. June 15
Washingtog Gas & El settle Co., pf.(qu.) ▪ fi July
*Holders of rec. June 15
West Texas Utilities Co., 116 pf. (guar.) _ $134 July
Holders of rec. June 25
West Texas Utilities Co. $6 pref.(guar.) $1 34 July
Holders of rec. June 15
Western Union Telegraph Co.
-Common divide ad orni ted
Ban'I.
First National Bank (guar.)
$2.5
July
Trust Companies.
Bank of New York & Trust Co.(quar.) 1
3% July
Bronx County Trust Co.(guar.)
250. July
Brooklyn Trust Co. (guar-)
$234 July
Fulton Trust Co.(guar.)
3
July
Manufacturers Trust Co. (guar.)
50e. July
Marine Midland Trust Co.(guar.)
2% June
New York Trust Co. (guar.)
5
June
Westchester Trust Co.,(guar.)
434 July
Fire Insurance Cos.
Aetna Fire Insurance Co. (guar.)
50c. July
*54
Boston Insurance Co
July
Boston Insurance Co
Oct.
.Continental Insurance Co. (s.
60
Fitly
-a.)
Eagle Fire Insurance-Dividend action postpo ted
Fidelity P,henix Fire Ins. Co.(s.
60e July
-a.)-- Hartford Fire Insurance Co.(quar.)- -.50c July
New Hampshire Fire Ins., extra
*10c July
-Dividend o miffed
New England Fire Ins. Co.
1 Holders of rec. June 25
1
1
1
1
1
23
30
1
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of res. June
Holders of rec. June
Holders of rec. June
24
20
24
20
18
20
18
27
Holders of rec. June 13
1 *Holders of rec. June 20
1 *Holders of rec. Sept. 20
9 Holders of rec. June 30
9
Holders of rec. June 30
Holders of rec. June 25
*Holders of rec. June 18
Miscellaneous.
A raham & Straus pref. (guar.)
'$134 Aug. 1 *Holders of rec. July 15
Acme Steel Co., corn. (guar.)
25c July 1 Holders of rec. June 20
Adams Express, pref.-Dividend omitte a.
-Div. action deferred
Addressograph-Multlgraph Corp.
Aeolian Co., pref.-Action deferred.
Aetna Rubber, 7% pref.-Dividend onn tted.
Ajax Oil & Gas Co.(guar.)
3
July 15 Holders of rec. June 30
Allen & Fisher Inc.(guar.)
10c July 1 Holders of rec. June 22
Amer. Bakeries Corp.,7% pref.(quart. SI% July 1 Holders of rec. June 16
American Brake Shoe & Foundry Co.
Common (guar.)
15e June 30 Holders of rec. June 24
Preferred (guar.)
1% June 30 Holders of rec. June 24
American Discount(Ga.) corn.(guar.)
•12)4c July 1 *Holders of rec. June 20
63% preferred (s.-a.)
11% July 1 *Holders of rec. June 20
Amer. Gen. Insur.(Houston)(guar.).
.150 June 30 *Holders of rec. June 20
Amer. Maize Products Co., corn.(qu.)- 250 June 30 Holders of rec. June 22
"
June 30 Holders of rec. June 22
Preferred (guar.)
American Roller MIII., pf. B (quar.)113. July 1 *Holders of rec. June 15
6% preferred (guar.)
•3134 luly 15 *Holders of rec. June 30
American Yvette Co. pref.-Div. °mine d
Angio-Norweglan Holdings Ltd.
Preferred (s.
(33c. June 30 Holders of ree. June 23
-a.)
July 30 *Holders of rec. June 14
Anglo-Persian Oil Co.. Ltd., ord.reg- - *5
*5
Amer. dep. rec. for ord. reg
Aug. 6 *Holders of rec. June 14
July 30 *Holders of rec. June 14
1st pref. (reg.)
*4
Amer. dep. rec. for 1st pref. (reg.)- - 4
Aug. 6 Holders of rec. June 14
3d pref. (re" )
July 30 *Holders of rec. June 14
134
Preferred (req.)
*434 Aug. 6 'Holders of rec. June 14
Atlantic Ice di Coal, class A-Dividend p assed.
Atlantic Macaroni (guar.)
'$134 July 15 *Holders of rec. July 15
Austin. Nichols & Co., Inc., A (guar.).- 15c. Aug. 1 "Holders of rec. July 15
Bayuk Cigars, Inc., 1st pref. (guar.). *$1 gi July 15 "Holders of rec. June 30
Bird & Son, Inc., corn. (guar.)
'1234c July 1 *Holders of rec. June 25
-Amer.dep.
Boot's Pure Drug Co., Ltd.
July f Holders of rec. June 15
rec. for ord. ref. (quar.)
rug
Boston Herald-Traveler,
d omit ted.
Boston Storage & Warehouse (guar.)-- - 11% June 30 "Holders of rec. June 23
Brantford Cord 1st pref.(guar.)
100. July 21 *Holders of rec. June 20
Broad Street Investing Co.. Inc.(qu.)- - *25e. July 1 'Holders of ree. June 24
Bucyrus-Erie Co.. pf. (guar.)
SI% July 1 Holders of rec. June 23
June 30 Holders of rec. July 27
Budd Wheel Co.. 7% pref. (guar.)
*1
July 2 'Holders of rect. June 15
Canada Bread pref.(guar.)
25c. July It Holders of rec. June 30
Canada Bud Breweries, Ltd., corn.(qu.)
Canada Packing Ltd., pref.(guar.)
1134 June 30 'Holders of rec. June 15
Capital Adminls. Co.6% pref.-Div. om itted.
Carey (Philip) Mfg. Co., com.(guar.)-50e. June 11 Holders of rec. June 11
Preferred (guar.)
11 3 June 30 'Holders of rec. June 20
4
Carnation Co.cam.(quar.)
3734c. July / Holders of rec. June 20
Preferred (quar.)
I 34 July I Holders of rec. June 20
Charles St. Garage 7% pf.-Div. passed.
Chase Brass & Copper Co.. pref.(quar.) 1134 June 30 "Holders of rec. June 20
Cincinnati Union Stockyards Co.
40e. June 30 Holders of rec. June 22
Quarterly
-Corn. div. action postpo ned
City Investors Co.
Preferred-Dixidend action postponed
1234e. July 1 Holders of rec. June 1
Clark (D. L.) Co.. common (quar.)
June 30 "Holders of rec. June 25
Confederation Life Association (quar.)
100. July 1 "Holders of rec. June 15
Conn. Gas & Coke Security (quar.)
"75e. July 1 'Holders of rec. June 15
$3 preferred (guar.)
Consolidated Bakeries of Canada, Ltd.. 1234c July 2 Holders of rec. rune 18
Congo!. Clear Corp.com.-No action tak en
Consol. Film Industries, Inc., pcef.-Di vtdend omitte
Consolidated Hotels, Inc., pref. A-Div Mend passed
Continental Casualty Co.
-Dividend act Ion def erred
July II "Holders of rec. July 1
Creamery Package Mfg. Co.corn.(qu.)_
Preferred (guar.)
July 11 'Holders of ree. July 1
Cream of Wheat Corp. (guar.)
50e. July 1 Holders of rec. June 20
Crum & Foster. corn. (quar.)
'15c. July 15 *Holders of rec. July 5
Cunard Steamship Co., Ltd.
1st pref, dividend omitted
2d pref, dividend omitted
Danohy Fawn (guar.)
150 June 30 *Holders of rec. June 16
Davenport Hosiery Mills, Inc.,coin.
2
,4
(qu $1 50 July 1 Holders of rec. June 20
July 1 Holders of rec. June 20
Preferred (quar.)
Deco Restaurasts 7% pf.(guar.)
1734c July I *Holders of rec. June 20
Detroit Bankers Co.(glum.)
250. June 30 Holders of rec. June 20
Detroit River Tunnel (s.-a.)
July 15 *Holders of rec. July 8
•34
Diamond Elec. Mfg. Co., pf. (quar.)..._ 11% June 30 *Holders of rec. June 20
Diamond Shoe Corp., corn.(guar.)
25e. July 1 Holders of rec. June 20
634 preferred (guar.)
$1 34 July 1 Holders of rec. June 20
6% 2nd preferred (s.-a.)
30e. July 1 Holders of ree. June 20
Dominion Foundries dr Steel. Ltd.
8% preferred (guar.)
713134 June 1 Holders of rec. May 25
Dominion Rubber, Ltd., pref. (quar.)- •134 June 30 *Holders of rec. June 21
Dominion Tar & Chemical Co.-Pref. di vldend omitted
Dow Drug Co., pf.-Div. omitted.
Dowington Paper pref.-Div. omitted.
Eastern Dairies, Ltd., corn. (quar.).- - 25c. Aug. 1 Holders of rec. June 30
Preferred (guar.)
1% July 5 Holders of rec. June 30
*25c. July 15 *Holders of ree. July 1
Economy Grocery Stores (guar.)
Edmont City D'y Co.Ltd.634% Pf.(qu.) 1134 July 1 *Holders of rec. June 15
Elder Mfg. Co.,coin. div. omitted.
July 1 *Holders of rec. June 20
1st preferred (guar.)
11% July I Holders of rec. June 20
Class A stock
300. July I Holders of rec. June 22
Electric Auto-Lite Co., corn. (quar.).._ _
Empire Safe Deposit Co.(guar.)
1234 June 29 Holders of rec. June 22
Eureka Stand. Consol. Min. Co. (guar.)
3c. June 29 Holders of rec. June 17
Family Loan Society, Inc., pref. (guar.) 17340 July 1 Holders of rec. June 11
Extra preferred
1734c July 1 *Holders of rec. June 11
15e. July 1 Holders of rec. June 24
Federal Amer. Co.. corn. (guar.)
$l% July I Holders of rec. June 24
Preferred (guar.)
June 18 1932
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Finance Co. of America (Baltimore)
Common class A & B (guar.)
10e. July 15 Holden( of rec. July 5
7% preferred (guar.)
1% July 15 Holders of rec. July 5
7% preferred class A (quar.)
1% July 15 Holders of rec. July 5
Fisher Flour Mill, pref. (guar.)
11% July 1 *Holders of rec. June 15
Fishman (M. H.), pref. A & B (guar.)... 11% July 15 *Holders of rec. July 1
First Bank Stock Corp.(guar.)
*123ic July 1 *Holders of rec. June 18
-Formica Insulation Co.
-Dividend omit ted
Freiman (A.J.) Ltd.,6% pref.(quar.).. $134 July 2 Holders of rec. June 15
Fund Trust Shares A (s.
*15e. June 30
-a.)
B (5.-a.)
10e. June 30
Gen. Mach. Corp. pref. (quar.)
11% July 1 *Holders of ree. June 20
Globe Grain & Milling Co.1st pr.(qu.)-- 13Sic July 1 *Holders of rec. June 20
2nd preferred (guar.)
*50o. July 1 *Holders of rec. June 20
Goodyear Tire & Rubber Co. of Calif. Pref. d ividend omitted.
Goodyear Textile Mills, pref. (quar.)--- '$134 July 1 *Holders of rec. June 20
Grand Rapids Varnish corn. (quar.)_ _ '734t. June 30 *Holders of rec. June 20
Granite Gold Mining Co.(guar.)
•lc. July 1 *Holders of rec. June 23
250. July 1 Holders of rec. June
Grant (W. T.) Co. corn. (guar.)
•1zi July 1 *Holders of rec. July 30
Griggs, Cooper & Co., pref.(guar.)
I
1100 June 30 *Holders of rec. June 10
Group No. I Oil Corp. (guar.)
Curd (Charles) & Co., Ltd., corn. (qu.).. 100. July 1 *Holders of rec. June 15
Preferred (guar.)
11% July 1 *Holders of rec. June 15
Guardian Bank Sits. Inv. Tr.. pf. (qu.). 18340 July 1 Holders of rec. June 15
Guardian Detroit Union Group-Div. o miffed
200. July
Guardian Invest. Trust, pref. (quar.)_
Holders of rec. June 15
150. July
Guardian Pub. UHL Inv. Tr., pf. (qu.)..
Holders of reo. June 15
200. July
Guardian Rail Shares Inv. Tr., pf. (qu.)
Holders of ree. June 15
Hall Baking Co., pref.(quar.)
17Sic July
*Holders of rec. June 20
Hamilton Bridge pref.(guar.)
11% Aug.
*Holders of rec. July 15
Harrisburg Hotel Co., cont. (8.-a.)-11)4 July
*Holders of rec. June 20
Heath(D.C.)& Co.. pref.(guar.)
June 30 Holders of rec. June 28
0
Hollinger Cons.Gold Mines Ltd.(mthlY.) .5 July 14 *Holders of rec. July 1
Extra
'Sc. July 14 *Holders of rec. July 1
Holly Dev. Co. (guar.)
•234c July 15 *Holders of rec. June 20
Hunts Ltd. A (guar.)
15c July 1 *Holders of rec. June 18
B (quarterly)
15c July 1 *Holders of ree. June 18
Huston (Tom) Peanut Co., Ltd" 7% pf. -Div dend
milted.
•50c July 1 *Holders of rec. June 15
Ideal Cement Co. (guar.)
Ideal Finance. $8 pref. (guar.)
"32
July 1 *Holders of rec. June 15
*50c July 1 *Holders of rec. June 15
$2 convertible pref. (guar.)
Independent Pneumatic Tool Co.(qU.)
*50c July 1 *Holders of rec. June 24
Insur. Co.of North Amer.(s.-a.)
$I
July 15 Holders of rec. June 30
Insurartshares Ctfs., Inc -Div.omitted.
Intereolonial Coal Co., corn. (s.
-a.)- - *50e July 2 *Holders of rec. June 21
-a.)
July 2 *Holders of rec. June 21
Preferred (s.
25e July 1 Holders of rec. June 18
Interlake Steamship corn. (guar.)
Internat. Button Hole Sewing Mach.Co.
20c July 1 Holders of rec. June 15
Quarterly
'Sc. July 1 "Holders of rec. June 27
International Carriers, Ltd. (guar.)International Superpower Corp. (qu.) •
1235 July 1 *Holders of rec. June 24
Investment Corp. of Phila., corn. (qu.).. 15c June 15 *Holders of rec. June I
Irving Air Chute Co., Inc.,corn. city. acti on de erred.
50c July 1 Holders of rec. June 23
Island Creek Coal Co., corn. (quar.)- - Preferred (guar.)
$134 July 1 Holders of rec. June 23
Rehm (E.) Sons, 1st pref. (quar.)
*SI 3.1 July 1 *Holders of rec. June 20
Kaufmann Dept. Stores, Inc. (corn. qu.)
20e July 28 Holders of rec. June 9
King Royalty Co., pref. (guar.)
2
June 30 Holders of ree. June 15
Kirsch, pref.-Dividend omitted.
Kuehne mfg. Co., class A pref.(quar.)-500 July 1 Holders of rec. June 20
Land Title Building Corp. (guar.)
50c June 30 Holders of rec. June 15
Lams & Bros. Co. (qual.)
July 1 *Holders of rec. June 23
Lawyers Westchester Mtge. & Title Co.,
(New York)
SI
July I Holders of rec. June 18
Life Insurance Co. of Va.(guar.)
*75e July 1 *Holders of rec. June 18
Limestone Products Corp. of Amer.. 7% pref. ividend passed.
Lucky Tiger Combination Gold M.(qu.)
3e July 20 Holders of rec. July 9
30 Oct. 20 Holders of rec. Oct. 10
Common (guar.)
Mabbett & Sons Co., lot pref. (quar.)_ 11% July 1 *Holders of rec. June 20
Second preferred (guar.)
11% July 1 *Holders of rec. June 20
Macy (R. II.) & Co.. corn. (quar.)
50e Aug. 15 Holders of rec. July 22
25c July 15 Holders of rec. June 30
MacAndrews & Forbes, corn. (guar.).-11% July 15 *Holders of rec. June 30
Preferred (guar.)
12% July 15 Holders of rec. June 30
Magma Copper Co. (quar.)
-Common dividend o miffed
Magnin (I.) & Co.
Manufacturers Finance Co.. pref. (qu.). 43% June
n of rec. June 17
Massachusetts Bonding & Ins.-Com. di viden
taken
11%
e o 0 'Holders of rec. June 17
u
MeGavin. Ltd., pref. (guar.)
11 °ilta dere
:
ll
.75e July 1 *Holders of rec. June 20
McQuay-Norri) Mfg.(guar.) July 1 *Holders of rec. June 20
Merchants Exchange (sink. fund) (8.-a.)
Merchants Ice & Cold Storage, pref. DI video omitted
$2
Merck Corp., 8% pref. (quar.)
Holders of rec. June 17
Metropo'ltan Coal Co., pref. (quar.) 11)i June 30
Metropo!itan Paving Brick Co., pf.(qu.) 1% July 1 Holders of rec. June 15
July 20 *Holders of rec. June 17
Mexican Petroleum Co., nref. (guar.) _
Minneapolis-Honeywell Regulator Co.
51% July 1 Holders of rec. June 20
6% preferred (guar.)
Moore Corp., Ltd., class A pf (guar.).-- 11% July 2 *Holders of rec. June 15
Morris 5 & 10e. to 51 Stores, Inc.
11% July 1 *Holden( of rec. June 20
7% preferred (guar.)
Morris (Philip) & Co.. Ltd., Inc.(guar.) 25e. July 15 Holders of rec. July 1
'$23.4 July 2 *Holders of rec. June 15
Morristown See. Corp., $3.5 pref.
Murphy (G. C.) Co., pref. (qua?.)..
$2
July 2 Holders of rec. June 21
National Baking Co.-Pref. dividend om Med
70e. Oct. 15 Holders of rec. Sept. 15
National Biscuit Co.. corn. (guar.)
$1 34 Aug. 31 Holders of rec. Aug. 12
Preferred (guar.)
National Casket Co., pref. (quar.)
'$1 34 June 30 *Holders of rec. June 15
National Founders,Initial class A dividen d omit ted.
Nat'l Industries Shares, sec. B.liquIdat'g *42.27
National Licorice Co., pref. (guar.)-81 34 June 30 Holders of rec. June 17
July 1
National 011 Products Co.. Inc. (s.-a.). $t
$t JulyJuly
Extra
50e.
National Screen Service Corp. (guar.)._
1 Holders of rec. June 20
National Sewer Pipe Co.. Ltd.. com.(g11) •30c. June 15
20e July 2 Holders of rec. June 23
National Steel Car Corp.(guar.)
Newberry t.J.J.) Rlty. C0..634% Pl.(qu) 31% Aug. 1 Holders of rec. June 15
6% preferred (guar.)
$13.4 Aug. 1 Holders of rec. June 15
New England Equity. pref.(guar.)
$2
July nul tedolders of rec. June 15
nd n t H
Niagara Wire Weaving Co., Ltd.
-Corn divide
750. June 30 Holders of rec. June 22
Preferred (guar.
)
Northland Greyhound Lines, Inc., corn.
dend p assed.
North Star 011, Ltd., pref.(guar.)
134 July 2 Holders of rec. June 15
_Si
Novadel-Agene Corp., c)rn. (guar.) _
July 1 Holders of reo. June 23
$t
July 1 Holders of rec. June 23
Preferred (guar.)
•53
Northwestern Yeast Co. (guar.)
June 15 "Holders of rec. June 11
Norwich Pharmacal Co.(guar.)
$I
July 1 Holders of rec. June 20
25c. June 30 Holders of rec. June 20
Occidental Petroleum Corp. (guar.)Ogilvie Flour Mills Co., Ltd., com.(qu.) $2
July 2 Holders of rec. June 21
Otis Elevator Co., cam.(guar.)
37%c July 15 Holders of rec. June 30
Preferred (guar.)
$1% July 15 Holders of rec. June 30
Pacific Mutual Life Insurance Co.(qu.). 10c. July 1 'Holders of rec. June 20
• Extra
•I0c. July 1 *Holden; of rec. June 20
Packer Corp. (guar.)
15e. July 1 *Holders of rec. June 20
Pan American Petroleum & Transport
New common (initial) (guar.)
15c. July 20 *Holders of rec. June 30
New common B (initial) (quar.)
"25c. July 20 *Holders of rec. June 30
-Common dividend omit ted
Paraffine C04.
Paton Mfg. Ltd., pref.((wan)
413i June 15 *Holders of rec. May 31
Penna. Co. for Insur. & Annuities (qu.).
The. July 1 Holders of rec. June 14
Pennsylvania Salt Mfg. Co. (guar.). _ _
750. July 15 Holders of rec. June 30
Peoples Collateral, corn.(semi-ann.)_ _ _ 1134 June 30 *Holders of rec. June 20
8% preferred (semi-ann.)
*52
June 30 *Holders of rec. June 20
7% preferred (semi-ann.)
4114 June 30 *Holders of rec. June 20
Petrol Oil & Gas, corn.(Interim)
.ic. June 20 *Holders of rec. June 15
-Dividend omitted.
Pfaulder Co.
Philadelphia Dairy Products. pref. (qu.) $14 July 1 Holders of rec. June 30
Phoenix Securities, pref.-Dividend pass ed.
Plitgly Wiggly (Can.). Ltd., pref. (s.-a.).. 4433% July 11 *Holders of rec. June 30
Pioneer Mill Co., Ltd. (monthly
*I0c. July 1 *Holders of rec. June 21
Prentice-Hall, Inc.. $3 pref.-Dividend p used.
Procter & Gamble Co.,8% nref. (qu.)
$2
July 15 Holders of rec. June 25
Financial Chronicle
Volume 134
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Provincial Paper, Ltd., pref. (cluar.)--13 July 2 Holders of rec. June 15
Pullman, Inc., corn. (quar.)
n5e. Aug. 15 *Holders of rec. July 23
Rand Mines, Ltd., corn. interim
2s.
Rath Packing Co., corn.(quar.)
50c. July 1 Holders of rec. June 20
Sc. July 1 Holders of rec. June 15
Reece Folding Machine Co. (quar.)_ _ _ _
Reece Button Hole Machine Co.
-Div' dend o mitted
Rice-Stlx Dry Goods Co..1st & 2d pf.(qu) "Sl.
July 1 *Holders of rec. June 15
*75c. July • 1 *Holders of rec. June 18
Richman Bros. (guar.)
Ritter Dental MN. pref. (quar.)
*SI% July 1, *Holders of rec. June 20
St. Regis Paper, pref.-Dividend omitte d.
Sayers & Scovill Co.. corn. (quar.)
*El% July I *Holders of rec. June 20
Preferred (quar.)
*51.34 July 1 "Holders of rec. June 20
Schwartz(B.) Cigar,$2 pret.(quar.)._-- h25c. July 1 Holders of rec. June 20
Selected American Shares (8.-a.)'"
19.5c June 30 Holders of rec. June 16
Selected Cumulative Shares (8.-a.)
18.5c July 1 Holders of rec. June 16
Selected Income Shares (s.-a.)
23.8c July 1 Holders of rec. June 15
Selected Industries, Inc.(cUL)
July 1 Holders of rec. June 16
$1.
Shawmut Association (quar.)
515c. July 1 *Holders of rec. June 18
Singer Mfg. Co.(quar.)
June 30 Holders of rec. June 10
52
Slattery (E. T.) Co., pref.(quar.)
*$134 July 1 *Holders of rec. June 25
Sparta Foundry Co.(guar.)
"25c. June 30 *Holders of rec. June 15
Spencer Trask Fund, Inc. (guar.)
25c. June 30 Holders of rec. June 15
Standard Screw Co. corn. (quar.)
*500. July 1 *Holders of rec. June 18
Preferred (8.-a.)
853 July 1 *Holders of rec. June 16
State Street Exchange, corn -Dividend omitte d.
Sun Life Assurance Co. of Canada (qu.) $3% July 1 Holders of rec. June 15
Taggart Corp., pref.-Dividend omitted.
Tide Water Associated 011 Co.,pref (qu.) $135 July 1 Holders of rec. June 20
Tide Water Oil Co., corn.(quar.)
25c. June 30 Holders of rec. June 20
Tintic Stand Mining (quar.)
'Sc June 29 'Holders of rec. June 17
Twin City Bldg. & Loan, cl. A
_ *5234 July 1 *Holders of rec. June 30
Class B (8.-a.)
*52ft July I *Holders of rec. June 30
United Molasses Co., Ltd.. pref.-Divid end pa seed.
Valve Bag Co.. 6% pref -'-Dividend oml tted.
Van Du.sen-Harrington, pref. (quer.). *El% July 1 *Holders of rec. June 20
Washington 011 (quar.)
.
75c. June 20 "Holders of rec. June 13
Wayne Knitting Mills, pref. (8.-a.)
'$134 July 1 'Holders of rec. June 15
Wellman Engineering. pref. __Dividend omitte d.
Western Grocer (Iowa), 7% pref.(s.-a.). •134 July 1 *Holders of rec. June 20
Western GrocersLtd.(Mentreal),pf.(qu.) Si Si July 15 Holders of rec. June 20
Western Massachusetts Cos.(quer.). 80c. June 30 Holders of rec. June 17
Winn & Lovett Grocery Co., cl. A (qu.) _
50e. July 1 Holders of rec. June 20
Preferred (quar.)
1% July 1 Holders of rec. June 20
Wurlitzer (R.) & Co., 7% pref.(guar.)._ 41% July 1 *Holders of rec. June 20
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Boots Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, pref. (s. a.)._ 3
Aug. lb Holders of rec. July 9
Albany & Susquehanna (a. a.)
July
Holders of rec. June 15
Atchison, Topeka dr Santa Fe By. Co.
Preferred (s.
234 Aug. 1 Holders of rec. June 30a
-a.)
Atlanta Birming. AZ Coast.5% M.(8. a.). 2)4 July 1 Holders of reo. June 13
*234 July 5 *Holders of rec. June 15
Augusta dr Savannah RR.(s.
-a.)
*25c. July 5 'Holders of rec. June 15
Extra
Semi-annual
'234 Jana.
1)11
Extra
O26e. Jan5 1)33
Bangor dr Aroostook. corn. (quar.)
1500. July 1 Holders of rec. May 31a
Preferred (quay.)
134 July 1 Holders of rec. May 31a
*50c. July 1 "Holders of rec June 15
Beech Creek RR.(guar.)
214 June 30 Holders of rec. May 3Ia
Boston & Albany RR.Co., cap.stock
214 July 1 Holders of rec. June 20a
Boston & Providence (guar.)
50c. July 1 Holders of rec. June 8
Chesapeake Corn.(quar.)
Chesapeake & Ohio, corn.(quar.)
8234c July 1 Holders of rec. June 8
215 July 1 Holders of rec. June 50
Common(quar.)
-a.)
314 July 1 Holders of rec. June 50
614% pref. series A (e.
"3
June 25 "Holders of rec. June 18
Chicago Burlington & QuIncY (s•-a.)June 24 Holders of rec. June 6
N.O.& Texas Pacific By.CO111.01.10 4
Cincinnati Union Terminal. pf.(quar.).
July 1 *Holders of rec. June 20
*El
Dayton & Michigan, pref.(quar.)
July 5 *Holders of rec. June 15
Delaware AL Hudson Co., corn.(guar.)._ 234 June 20 Holders of roe. May 28
Delaware RR.Co.(s. a.)
July 1 *Holders of reo. June 15
1
11
234 July 15 Holders of rec. July I
Georgia RR.& Banking Co.(quar.)
-a.)
*2
Grand Rapids & Indiana By.(s.
June 20 *Holders of rec. June 10
JulY 1 Holders of rec. June 17
Illinois Central Co.(leased line) (s. a.)- - 2
Lackawanna RR. of N. J., 4% Pf. (qu.) "51
July 1 *Holders of rec. June 8
Little Sehuylkill Navigation RR.& Coal
$1.09 July 15 Holders of rec. June 170
Co.,(8.-a.)
Mobile & Birmingham RR.Co..pref(s.a.) 2
July 1 Holders of rec. June 1
Morris & Essex (s. a.)
5154 July 1 Holders of reo. June 6
*5234 July 1 *Holders of rec. June 15
New London & Northern (quar.)
New York & Harlem RR.Co., com(s.a.) 6
July 1 Holders of rec. June 15
5
Preferred (s. a.)
July 1 Holders of rec. June 15
114 July 1 Holders of rec. June 15
N. Y. Lackawanna & Western (guar.)._
Norfolk Western By.,corn.(quar.)
2% June 18 Holders of ree. May 31
Norwich & Worcester
2
July 1 Holders of reo. June 15a
1% July 1 Holders of rec. June 18a
Old Colony RR.(quar.)
Peterborough RR.(semi-ann.)
*114 Oct. 1 *Holders of rec. Sept.26
Phila. Bait. & Washington (3.-a.)
3
June 30 *Holders of rec. June 15
Pittsb. Ft. Wayne & Chic.,Corn. (qu.)._
154 July 1 Holders of ree. June 1
Common(quar.)
*134 Oat. 1 *Holders of reo. Sept. 10
Common ,
quar.)
$181 Jan2 1111 "Holders of rec. Dec. 10
.
Preferred (quar.)
134 July 5 Holders of reo. June 10
Preferred (quar.)
*1/4 Oct.
*Holders ot reo. Sept. 10
Preferred (quar.)
*134 Jan 3113 *Holders of reo. Dee. 10
Pittab McKeesport & Youngstown (8.-a) 3
July
Holders of rec. June 15
Providence & Worcester RR.(quar.)__ _
234 June 3 Holders of rec. June Sc
Reading Company. 2c1 Preferred (quay.)
50c. July 1 Holders of rec. June 23
Rensselaer & Saratoga (8.-a.)
4
July
*Holders of rec. June 15
Southwestern of Georgia (e. a.)
234 July 1 Holders of ree. June 1
Tunnel RR.(St. Louis) (s.
-a.)
53
July
*Holders of rec. June 30
114 July 1 Holders of rec. June la
Union Pacific corn
254 July 10 Holders of tee. June 20
United N. J. RR. ar canal (quar.)
West Jersey & Seashore (9.-a.)
3
July 1 Holders of rec. June 15
Newtons Railway of Alabama (3.-a.)
2
June 80 Holders of reo. June 20
Public Utilities.
$1% July 1 Holders of rec. June 15
Alabama Power Co., $7 pt.(guar.)
$1% July 1 Holders of rec. June 15
so preferred (guar.)
•1yi July 1 "Holders of rec. June 15
$5 preferred (guar.)
American Electric. SecUr. prof.(bl-mthly) 250. Aug. 1 Holders of rec. July 15
American Gas & Elec. Co. corn.((Mar.).
25o. July 1 Holders of rec. June 9
Common (semi-ann.)
July 1 Holders of rec. June 9
/2
134 Aug. 1 Holders of rec. July 8
Preferred (quar.)
$1% July 1 Holders of rec. June 13
American Power & Light Co.,$6 pf.
$131 July 1 Holders of rec. June 13
$5 preferred (quar.)
American Telep. & Teleg. Co.(quar.)_. $2)X July 15 Holders of rec. June 20a
American Water Works & Elec. Co.. Inc.
50o. Aug. 1 Holders of rec. July 8
Common (guar.)
501) Aug. 1 Holders of rec. July 8
Common v.t.c. (quar.)
51)4 July 1 Holders of reo. June 10
First preferred (guar.)
Appalachian Elec. Power,$7 pref.(qu.). 141 July 1 Holders of rec. June 4
*134 July 1 *Holders of rec. June 4
so preferred (quay.)
July 1 *Holders of rec. June 24
•
82
Arizona Power Co.,8% pf.(qu.)
Augusta & Say. Power Co.(corn.) (8.-a,) O214 July 5 *Holders of rec. June 15
0250. July 5 *Holders of reo. June 15
Extra
Bell Telephone Co. of Canada corn.(qr.) 51)4 July 15 Holders of rec. June 23
$2
June 30 Holders of rec. June 30
Bell Telephone Co.(Pa.), corn.
$144 July 15 Holders of rec. June 20
34% preferred (quar.)
Binghamton Lt., Ht. dr Power $6 pf.(qu) $114 July 1 Holders of rec. May 31
'
$134 July 1 *Holders of rec. May 318
Common (quar.)
Brazilian Traction, Light & Power Co ,
18114 July 2 Holders of reo. June 16
(guar.)
pref.
Name of Company.
4447
Per
Whet
Cent. Payable
Boots Closet.
Days IncWeise.
Puhlit Utilities 'Continuo/1.
Boston Elevated Ry., common (quar.)
$134 July 1 Holders of rec. June 10a
Bridgeport Gas Light Co., (quar.)
60c. June 30 Holders of rec. June 16
British Columbia Pr.Corp..Ltd.cl.A (qu) t50c. July 15 Holders of rec. June 30
Brooklyn & Queens Tram 36 pf.(quar.)
134 July I Holders of rec. June 15
Brooklyn Union Gas Co.. corn. (qUar.)- $1
July 1 Holders of rec. June 1
Buffalo,Niagara &EastPr.Corp.,pf.(qq.) 40c. July 1 Holders of rec. June 15
$5 preferred (quar.)
5154 Aug. 1 Holders of rec. July 15
Calgary Power Co., Ltd., com.(quar.)_
134 July 1 Holders of rec. June 15
Calif. Elec. Generating,6% pref.(qu.)
•136 July 1 *Holders of rec. June 6
Ca nada North.Pr.Corp ,Ltd com.(qu.)_
20c. July 25 Holders of rec. June 30
7% preferred (quar.)
134 July 15 Holders of rec. June 30
Capital Traction Co. (guar.)
25c. July 1 Holders of rec. June 14
Carolina Power dr Light, 87 pref.(quar.) 5134 July 1 Holders of rec. June 13
$6 preferred (quar.)
5134 July 1 Holders of rec. June 13
Central III. Public Service Co.pt.(quar.) $134 July 15 Holders of rec. June 30
Central Main Power Co., 7% pf.(guar.) 13.4 July 1 Holders of rec. June 10
*134 July 1 'Holders of rec. June 10
6% Preferred (quar.)
$6 preferred (quar.)
*5134 July 1 'Holders of rec. June 10
Cincinnati & Suburban Bell Telephone
Co.,(quar.)
51.12 July 1 Holders of rec. June 17
Cities Water Co. (Pa.), 7% prof.(QM) "134 July 1 "Holders of rec. June 20
Citizens Passenger By.,(Phila.)
*UM July 1 *Holders of rec. June 29
Cleveland Railway. corn. (quay.)
*5114 July 1
Certificates of depreciation (guar.). *3114 July 1
Clinton Water Works. 7% pref.(quay.). "144 July 15 *Holders of rec. July 1
Commonwealth Water & Light
7% preferred (quar.)
'$13.4 July 1 *Holders of reo. June 20
Commonwealth & South. Corp. p1.(qr.)- 5134 July 1 Holders of rec. June 10
Connecticut Elec. Service Co.. corn.(qu) 75c July I Holders of rec. June 15
Consolidated Gas Co.(N. Y.)5% preferred (quay.)
134 Aug. 1 Holders of rec. June 30
Consol. Gas, Elec. Lt.& Pow.Co.(Balt.)
goo, July 1 Holders of rec. June 15
Common (quar.)
134 July 1 Holders of ree. June 15
5% preferred series A (quar.)
114 July 1 Holders of rec. June 15
6% preferred series D (quar.)
114 July 1 Holders of rec. June 15
514% preferred series E (guar.)
Consolidated Gas (Toronto) (quar) - "5234 July 2 *Holders of rec. June 15
Consumers Power Co..6% MM.(Quar.)- 1)( July 1 Holders of rec. June 15
154 July 1 Holders of rec. June 15
8% preferred (quay.)
1.65 July 1 Holders of ree. June 15
6.6% preferred (quar.)
114 July 1 Holders of reo. June 15
7% preferred (quar.)
500. Jul) 1 Holders of rec. June 15
6% preferred (monthly)
6.6% preferred (monthly).- 550 July 1 Holders of reo. June 15
Continental Gas 8: Elec. Corp.scom.(qu.) $1.10 July 1 Holders of rec. June 13
13.4 July 1 Holders of rec. June 13
7% preferred (quar.)
Continental Passenger By.(s•-a.)
8234 Arne 30 Holders of rec. May 31
134 June 30 Holders of rec. June 166
Cuban Telephone Co.. pf. (guar.)
Cunninghan Nat'l Gas,el. A corn.(qu.)- *I Me July 1 *Holders of rec. June 15
50c July 1 Holders of rec. June 20
Dayton Power & right.6% pt.(mthly.)_
Detroit Edison Co., cap. stk. (quay.)...
$2 July 15 Holders of rec. June 20
June 30 Holders of rec. June 30
Diamond State Telephone Co.com.(qu.) 2
034% pref.(Minn) ,
134 July 15 Holders of rec. June 20
Duke Power Co., coin. (quar.)
134 July 1 Holders of rec. June 15
194 July 1 Holders of ree. June 15
Preferred (quar.)
Duquesne Light Co.5% pref.(guar.)._ 114 July 15 Holders of reo. June 15
East. G.& Fuel Assoc. 434% p1.(qu.)-5 1.12)4 July 1 Holders of rec. June 150
$114 July 1 Holders of rec. June 15a
-56 preferred (quar.)
Electric Bond & Share Co.. corn. (guar.) 1114 July 16 Holders of rec. June 6
$13.4 Aug. 1 Holders of rem July 5
$6 preferred (guar.)
$1 it Aug. 1 Holders of roe. July 5
5.5 preferred (quar.)
5154 July 1 Holders of rec. June 15
Elec. Pow. & Lt. Corp.$7 Pf.(quar.)
$134 July 1 Holders of rec. June 10
56 preferred (guar.)
50c. July 1 Holders of rec. June 15
Empire Dist. El. Co..6% of.(mthly).
Empire Power Corp.86 pref.(quay.)-... 3154 July 1 Holders of rec. June 16
Public Service Co.. corn.(qu.) 25c July 1 Holders of rec. June 17a
Engineers
$154 July 1 Holders of rec. June 17a
$5 cony. pref.(guar.)
$1 34 July 1 Holders of rec. June 17a
5534 pref.(quar.)
$1 34 July 1 Holders of rec. June 17a
$8 pref.(quay.)
Eboanaba(Mlob.)Pow.&Tr..6% p.Ore.) '134 Aug. 1 *Holders of rec. July 27
*134 Nov. 1 *Holders of rec. Oct. 27
6% preferred (guar.)
50c. July 1 Holders of rec. June 16
Fall River Elect. Lt. Co..(quar.)
Federal Lt. ds 'Traction corn. (quar.)-- - 3734c July 1 Holders of rec. June 13a
July 1 Holders of rec. June 13e
Common payablelin common stock)_ _ 11
(
Florida Power & Light Co.. pf.(guar.).- 194 July 1 Holders of rec. June 15
Gen.Gas dr El. Corp.
$134 July 1 Holders of rec. June 3
7% preferred A (quar.)
$2
July 1 Holders of rec. June 3
8% preferred A (quar.)
Georgia Power Co.,$6 pref.(quar.)
$154 July 1 Holders of rec. June 16
$114 July 1 Holders of rec. June 16
$5 preferred (guar.)
•1% July 1 *Holders of rec. June 24
Great Lakes Transit Corp.7% ift.
Greenwich Water dr Gas System, Inc
'$134 July 1 *Holders of rec. June 20
Preferred (guar.)
$134 July 1 Holders of rec. June 20
Gulf Power Co.. $6 pref.(quar.)
Hackensack Water Co.. pref. A (guar.). 4334c June 30 Holders of rec. June 16
Illinois Pow. a, Lt. Corp., 6% Pf. (q.) 134 July 1 Holders of rec. June 10
$134 Aug. 1 Holders of rec. July 9
cum. preferred
Illinois Water Service 6% pref.(quay.).. *50c July 1 *Holders of rec. June 15
Indianapolis Pr.& Lt.Co..6ft% pf.(qu.) 144 July 1 Holders of rec. June d4
"134 July 1 *Holders of rec. June 15
6% preferred (quar.)
Indianapolis Water Co.. 5% Pt. A (qu.) 114 July 1 Holders of rec. June 110
Interstate Power Co.. $7 pref. (guar.).- $154 July 1 Holders of rec. June 20
$1 34 July 1 Holders of rec. June 20
$6 preferred (guar.)
Iowa Power & Light 00,7% pf.(quar.)'$134 July 1 *Holders of rec. June 15
6% preferred (guar.)
"S134 July 1 *Holders of rec. June 15
Iowa Railway & Light Corp.
•1ti June 3 *Holders of rec. June 15
7% preferred (quar.)
June 3 *Holders of rec. June 15
634% preferred B (quar.)
"134 June 30'Holders of rec. June 15
6% preferred C (quar.)
Jamaica Public Soy. Co.,Ltd.,corn.(quar .)"25c. July 2 *Holders of rec. June 15
$114 July 2 *Holders of rec. June 15
Preferred (quar.)
Jersey Central Pr.& Lt.Co.,7% pi.(qu) 5194 July 1 Holders of rec. June 10
$134 July 1 Holders of rec. June 10
6% preferred (quar.)
$154 July 1 Holders of rec. June 10
534% preferred (quay.)
Joplin Water Works,6% prof. (quay.).. 4134 July 15 *Holders ot rec. July 1
Kansas Electric Power,7% DI.(quar.)-- 154 July 1 *Holders of rec. June 15
114 July 1 *Holders of rec. June 15
6% Junior preferred (quar.)
K.C.Pow.& Lt.Co.ser.Id rd.(qu.)---- 134 July 1 Holders of rec. June 15
Public Service Co., pf. (quay.) "70e. July 1 *Holders of rec. June 15
Keystone
Kings County Lighting Co..7% pf.(qu.) 134 July 1 Holders of rec. June 18
154 July 1 Holders of rec. June 18
6% preferred (quar.)
5% preferred (quan)
134 July 1 Holders of rec. June 18
154 July 1 Holders of rec. June 18
Common (quar.)
116c. June 30 Holders of rec. June 15
Lone Star Gas Corp. corn.(quay.)
Long Island Lighting Co.,7% p1. A (qu.) 194 July 1 Holders of rec. June 16
6% preferred B (quar.)
134 July 1 Holders of rec. June 16
43940 June 25 Holders of reo. May 31
Louisville Gas & Elec.(Del.),ol.A
Class B common (quar.)
43940 June 25 Holders of reo. May 31
Maritime Telep. & Teleg., Coin.(Quar.)_ 1200. July 1 Holders of rec. June 15
7% preferred (quay.)
11734c July 1 Holders of rec. June 15
Memphis Power de Lt. Co.$7 pt.(qu.).. 8134 July 1 Holders of rec. June 11
513.4 July 1 Holders of rec. June 11
$6 preferred (quar.)
Metropolitan Edison Co.. corn.(quay.)..
*SI June 30 *Holders of rec. May 31
.
0194 July 1 *Holders of rec. May 31
$7 preferred (quar.)
$6 Preferred (quar.)
$IM July 1 Holders of rec. May 31
*six July 1 *Holders of rec. May 31
$5 Preferred (quar.)
Michigan Electric Power 7% p1.
Ell( July 1 Holders of rec. June 15
6% preferred (quar.)
$114 July 1 Holders of roe. June 15
'$154 July 1 'Holders of rec. June 15
$6 Jr. preferred (guar.)
MichiganPublic Service561unlor pf.(qu.) '$136 July 1 *Holders of rec. June 15
7% preferred (guar.)
134 July 1 Holders of rec. June 15
134 July 1 Holders of rec. June 15
6% preferred (quar.)
Miss. River Power prof.(quar.)
8134 July 1 Holders of rec. June 15
Mohawk Hudson Power Corp.
154 July 1 Holders of rec. June 15
ST second preferred (guar.)
Monongahela West Penn Public Service
433lc July 1 Holders of rec. June 15
7% preferred (quar.)
June 1 'Holders of rec. June 1
Muncie Water Works Co.. 8% Pf. (qU.) *2
Mutual Telep. Co.of Hawaii(mthly.)- 'Sc. June 20 *Holders of rec. June 10
Nassau & Suffolk Lug. Co. 7% Pr.(qu.).
134 July 1 Holders of MO. June 16
New England Gas & Elect. Association
$144 July 1 Holders of reo. May 31a
$554 preferred ((Mar.)
4448
Name of Company.
Financial Chronicle
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
June
When
Per
Cent. Payable.
18 1932
Books Closed.
Days Inclusive.
Public Utilities (Continued.
Public Utilities (Concluded).
New England Power Assoc., corn. (flu.).
50e. July 11 Holders of rec. June 100 Wisconsin Pub. Serv. Corp.. 7% Pf.(qu.) 5154 June 20 Holders of rec. May 31
6% preferred (guar.)
1% July I Holders of tee. June 100
654 preferred (guar.)
5134 June 20 Holders of reo. May 31
$2 preferred (guar.)
50o. July I Holders of roe. June 10a
$134 June 20 Holders of rec. May 31
0% Preferred (guar.)
New England Teiep. dr Tel,Co.(QUO- 52
June 30 Holders of tee. June lea
New Hampshire Pow.Co.. pf.(quar.)
July 1 *Holders of rec. June 15
"52
Banks.
New Jersey Power & Light $6 pf.(guar.) *SIM July 1 *Holders of rec. May 31
Chase National Bank (guar.)
50c. July 1 Holders of rec. June 10
$5 preferred (quar.)
Com. Nat. Bk. dr Tr. Co. of N.Y.(q11.) $2
*UM July 1 *Holders of rec. May 31
July 1 Holders of rec. June 15
New Jersey Water Co., 7% pref.(qu.)
Fifth Avenue Bank (N. Y.).(gust.).... 56
•13$ July 1 *Holders of roe. June 20
July 1 Holders of rec. June 30
New York Central Electric Corn.
Extra
$20 July 1 Holders of rec. June 30
7% preferred (guar.)
Manhattan Co., capital stock (quar.)--•134 July 1 *Holders of rec. May 31
234 July 1 Holders of rec. June 150
N.Y.Pow.& Lt. Corp.$8 pf.(quar.)
Nat. City Bank (guar.)
$134 July 1 Holders of rec. June 15
50c. July 1 Holders of rec. June 11
7% preferred (guar.)
West New Brighton Bank (3.-a.)
*53
$134 July 1 Holders of rec. June 15
July 1 Holders of rec. June 30
New York Steam Corp,$6 pf.(Ou.)
5134 July 1 Holders of rec. June 15
57 preferred (guar.)
Trust Companies.
5134 July 1 Holders of rec. June 15
New York Telephone Co.,634% Pf.(qU.) $134 July 15 Holders of rec. June 20
Bankers Trust Co.(guar.)
754 fuly 1 Holders of rec. June 13
Niagara Hudson Power Corp. (guar.).Guaranty Trust Co. of N.Y.(guar.)..._ 5
100 June 30 Holders of rec. May 21
June 30 Holders of rec. June 3
North American Co.. corn.
Irving Trust Co.,(gust.)
12)4 July 1 Holders of tee. June 8
400. July 1 Holders of rec. June 6
New Rochelle Trust Co., N. Y.,(guar.). '51
(gust.)Prefd
750 July 1 Holders of tee. June 6
(guar.)
July 1 Holders of ree. June 15
North Am. Lt. & Power $8 pf,(guar.).- $134 July 1 Holders of rec. June 20
Rochester Tr.& Safe Deposit N.Y. (qu.) '$1 34 June 30 Holders of rec. June 15
,
North Shore Gas. prof.(quer.)
United States Trust Co.(guar.)
1
.134 July 1 *Holders of tee. June 10
$15 July 1 Holders of rec. June 20
Preferred (guar.)
*134 Oct. 1 *Holders of tee. Sept.10
Northern Ontario power Co., Ltd.
Fire Insurance.
Common (guar.)
Halifax Fire Insurance Co.(s.
.500 July 25 Holders of rec. June 30
60e. July 2 Holders of rec. June 10
-a.)
6% preferred (quar.)
Hanover Fire Insurance (guar.)
134 July 25 Holders of rec. June 30
40c. July 1 Holders of rec. June 170
Northwestern Telegraph Co. (s.
Phoenix Fire Insur. Co. (guar.)
-a.)--- El% July 1 Holders cd rec. June 15
50c. July 1 Holders of rec. June 15
Nova Scotia Light dr Power (guar.)
Springfield Fire & Marine Ins. (gust.).. *51.12 July 1 *Holders of rec. June 15
July 2 Holders of rec. June 18
51
Ohio Edison Co., 5734 pref.(guar.).- il 4-5 July I Holders of rec. June 15
$7 preferred (guar.)
Miscellaneous,
5154 July 1 Holders of rec. June 15
$8 .60 preferred (guar.)
Abbott Laboratories (guar.)
$1.65 July I Holders of rec. June 15
50e. July 1 Holders of rec. June 16
$6 preferred (quar.)
Extra
$134 July I Holders of rec. June 15
1234c. July 1 Holders of rec. June 16
$5 preferred (guar.)
Abraham & Straus common (guar.)
5134 July 1 Holders of rec. June 15
300. June 30 Holders of rec. June 21
Ohio Public Serv. 7% pref. (monthly).- 68180. July 1 Holders of rec. June 15
Admin. & Research class A (guar.)
*250. July 15 *Holders of rec. June 11
6% pref.(monthly)
Affiliated Products. Inc.(monthly)---- 13 1-3c July 1 Holders of rec. June 17
50e. July 1 Holders of rec. June 15
5% pref.(monthly)
Agnew Surpass Shoe Stores 7% pf.(qu.). 134 July 1 .Holders of rec. June 15
411,o. July 1 Holders of rec. June 15
Ohio Telep. Serv. Co., pf.(guar.)
Air Reduction Co., Inc.,(guar.)
13$ July I Holders of rec. June 24
75e. July 15 Holders of rec. June 30
Orange dr Rockland El. Co. 7% pf.(go) •13$ July I *Holders of rec. June 25
Allied Chemical & Dye Corp., prof.(gu.) 154 July 1 Holders of rec. June 10
Aloe(H.0.) Co.. pref.(guar.)
.
1,134 July 1 *Holders of rec. June 25
4.$154 July 1 *Holders of rep. June 21
6% Preferred (oust.)
Ottawa Light, Heat & Power Co.. Ltd.,
Preferred (guar.)
%154 Oct. 1 *Holders of rec. Sept. 21
ocan. (guar.)
134 June 30 Holders of rec. June 15a Aluminium Goods Mfg..corn.(go.)
15e. July 1 Holders of rec. June 20
Preferred (gust.)
134 July 1 Holders of rec. June 1 a Aluminum Co. of America. pref. (guar) 750. July 1 Holders of rec. June 15
Otter Tall Pow. Co.(Del.) 56 pf.(gu.).. *8134 July 1 "Holders of rec. June 1
Aluminum Manufactures. oom.
*500. June 80 *Holders of rec. June 15
*$134 July 1 *Holders of rec. June 1
$554 preferred (guar.)
Common (guar.)
*600. Sept.30 *Holders of tee. Sept. 15
.5013. July 15 *Holders of rec. June 3
Common (oUtar.)
Pacifrn Gas & Electric. corn. (quar.)..
*600 Dee 31 *Holders of rec. Dec. 15
Pacific Northwest Public Service
Preferred (gust.)
'154 June 30 *Holders of rec. June 16
7.2% 1st preferred (guar.)
*51.80 Aug. 1 *Holders of rec. July 1
4,134 Sept. 30 *Holders of tee. Sept.15
Preferred (guar.)
'51 54 July 1 *Holders of rec. June 1
7% preferred (guar.)
Preferred (guar.)
*144 Dec. 31 *Holders of tee. Dee. 15
*8114 July 1 *Holders of rec. June 1
6% Preferred (guar.)
American Bank Note Co., pref.(guar.)
75e. July 1 Holders of rec. June 10a
Pacific Tel. dc Tel. Co., corn (quar)
June 30 Holders of rec June 2
134
American Can Co. pref.(quar.)
154 July 1 Holders of rec. June 16a
134 July 15 Holders of rec. June 3
Preferred (guar)
American Car & Fdy. Co., pref.(guar.). 5134 July 1 Holders of rec. June 16
Peninsular Telephone cam.(quar.)... *35e. July 1 *Holders of tee. June 1
American Cast Iron Prod.,6% pf.(8.-a.)'53
July 1 *Holders of rec. June 20
Common (guar.)
."
*35e. Oct. 1 *Holders of roe. Sept. 1
American Chicle Co(guar.)
50e. July 1 Holders of tee. June 11
Common (guar.)
0350. Jan1'33 *Holders of tee. Dee. 1
Extra (guar.)
250. July 1 Holders of tee. June 11
7% preferred (guar.)
*14$ Aug. 15 'Holders of tee. Aug.
American Cigar Co.. pref.(guar.)
5134 July 1 Holders of rec. June 20
7% preferred (guar.)
•134 Nov. 15 *Holders of roe. Nov.
Amer. Crayon Co.. 8% pref. (gust.)
01134 Aug. 1 *Holders of rec. July 20
7% preferred (guar.)
*134 2-16-'33 *Holders of roe. Feb.
6% preferred (gust.)
*134 Nov. 1 *Holders of roe. Oct. 20
Penn Central Light dr Power Co.
American Envelope. 7% prof. (gust.)
0134 Sept. 1 Molders of tee. Aug. 25
$2.80 ser. pref. (guar.)
70e. July 1 Holders of rec. June 1
7% Preferred ((Mar.)
0194 Dee. 1 *Holders of rec. Nov. 25
$5 preferred (guar.)
$13$ July 1 Holders of rec. June 1
American Express Co., (guar.)
$134 July 1 Holders of rec. June 17
Penna. Pow. & Lt. Co. $7 pf. (1111.)
5154 July 1 Holders of rec. June 1
American Hard Rubber, pf. (guar.)._ _ "$2
July 1 *Holders of rec. June 15
$6 Preferred guar
$134 July 1 Holders of rec.June 1
a
American Hardware CO., common (t1t1.)50e. July 1 Holders of rec. Juned17
$5 preferred (guar.)
•$134 July 1 Holders of rec. June 1
Common (guar.)
50c. Oct. 1 Holders of rec. Sept.d16
Penn. Water & Power Co., corn.(guar.) 750. July 1 Holders of rec. June I
COMMOD (guar.)
50e. Janl'33 Holders of rec. Dec.d16
Philadelphia Co. common (guar.)
- 35e. July 25 Holders of rec. July 1
American Hawaiian Steamship Co.(qu.)
25*. July 1 Holders of rec. June 15
$.5 preference (guar.)
5134 July 1 Holders of rec. June 1
American Home Products (monthly)
350. July 1 Holders of rec. June 14a
$8 preferred (guar.)
5134 Ally 1 Holders of rec. June 1
American Hosiery, corn. (gust.)
50c. July 1
Philadelphia & Darby Ry.,(5.-a.)
July 1 'Holders of rec. June 20
'51
Common (guar.)
500. Sept. 1
Phila. Elec. Pow. Co..8% Df.(qLL).50c. July 1 Holders of rec. June 10
American roe. prof. (Oar.)
$1.60 July 25 Holders of rec. July 8e
Ponce Electric Co.. pref.(guar.)
*154 July 1 *Holders of rec. June 15
Preferred (guar.)
51.50 Oct. 25 Holders of tee. Oct. 7.
Porto Rico Pow. Co.. Ltd. pf.(quar.)_
13$ July 2 Holders of rec. June 15
American Locomotive Co., pref.(go.)... 5154 June 30 Holders of rec. June 13
Public Service Co. (Colorado) 7% pref.
AmericanMfg. Co., pref. (guar.)
5134 July 1 Holders of rec. June 15
(monthly)
7I3 of 1 July 1 Holders of rec. June 15
Amer. Natl. Co.(Toledo). pref. A (rm.) .
11)( July 1 *Holders of roe. June 20
*It of 1 July 1 Holders of tee. June 15
6% Preferred (monthly)
Preferred A (quarterly)
*144 Oct. 1 *Holders of rec. Sept. 20
5% preferred (monthly)
xis of) July 1 Holders of rec. June 15
Preferred A (quarterly)
. 54 Jan1'33 *Holders of tee. Dec. 20
01
Publlo Service Corp.(N.J.) corn.(guar.) 85e. June 30 Holders of rec. June 1
Preferred B (quarterly)
*134 July 1 *Holders ot rec. June 20
8% preferred (guar.)
June 30 Holders of tee. June 1
2
Preferred B (quarterly)
•134 on. 1 *Holders of too. Sept. 20
7% preferred (guar.)
134 June 30 Holders of tee. June I
Preferred B (quarterly)
0134 Jun113 "Holders of too. Dee. 21)
$5 preferred (guar.)
5134 June 30 Holders of tee. June 1
American Optical. 7% pf. ((Plan)
July 1 Holders of rec. June 8
$1
6% preferred (monthly)
500. June 30 Holders of tee. June I
American Safety Razor (guar.)
750. June 30 Holders of rec. June 10
Public Service Electric & Gas Co
American Snuff Co., corn.(gust.)
750. July I Holders of rec. June 10
7% preferred (guar.)
lit June 30 Holders of rec. June 1
Preferred (quar.)
154 July 1 Holders of rec. June 10
$1)( June
Holders of rec. June 1
$5 preferred (guar-)
American Steel Foundries Pref.(guar.). •134 June 30 *Holders of rec. June 15
Queensborough G.& El. Co.8% pf.(go.) 134 July 1 Holders of rec. June 16
American Stores Co.(guar.)
500 July 1 Holders of roe. June 15
Rochester Cent.Pr. Corp.8% pref.(qu.) '134 July 1 *Holders of roe. May 31
American Sugar Ref. Co., corn.
or 1 July 2 Holders of rec. June 90
Rochester Telephone Corp., corn.(guar.) •5134 July 1 *Holders of rec. June 20
154 July 2 Holders of rec. June 40
Preferred (gust.)
•134 July 1 *Holders of rec. June 20
634% preferred (guar.)
Amer. Thermos Bottle, pref. (guar.). *8734 July 1 *Holders of tee. June 20
Savannah Elec.& Power8% pf A (el u.).
*2 July 1 *Holders of rec. June 16
American Thread Co.. pref. (s. .)_ _ _ l254c July 1 Holders of rec. May 31
-an
754% prof. 1 (guar.)
*134 July 1 *Holders of rec. June 16
American Tobacco Co., pf.(qu.)
3
114 July 1 Holders of rec. June 10
7% pref. C (guar.)
*134 July 1 *Holders of rec. June 16
American Wringer Co.(guar.)
.3734C July 1 'Holders of rec. June 15
(guar.)
July 1 "Holders of tee. June 16
•134
634% pref. D
Amoskeag Co.. common
051 July 2 *Holders of tee. June 18
Second & 34815.(Phila.)Pam. Ry.(qu.) 93
July 1 *Holders of Me. June 1
Preferred
*52.25 July 2 *Holders of res. June 18
413
Oct. 1 *Holders of ree. Sep,. 1
Quarterly
Anchcr Cap Corp.. corn.(guar.)
30c. July 1 Holders of rec. June 20
South Pittsburgh Water Co.7% p1.(qu.) 134 July 15 Holders of rec. July 1
Preferred (guar.)
5134 July 1 Holders of rec. June 20
134 July 15 Holders of rec. July 1
6% preferred (guar.)
Anglo-Persian 011 Co.. Ltd.
July 15 Holders of rec. June 20
California Edison Co. Pf. (11U.) 2
Southern
Ordinary shares. final 1931
=5 Aug. 8 Holders of rec. June 14
134 July 15 Holders of rec. June 20
554% preferred. set. C (guar.)
Apponaug Co., corn. (guar.)
50c. June 30 Holders of rec. June 15
Southern Canada Pr.Co.Ltd.,6% pf.(gu) 8134 July 15 Holders of rec. June 20
634% preferred (Oust.)
$134 July 1 Holders of rec. June 15
Holders of rec. June 20
Southwestern Bell Tel. Co.7% pf.(qu.). 5134 July
Armour & Co. of Delaware, pref.(quay) 154 July 1 Holders of roe. June 10
Holders of rec. June 15
Southwestern Gas & El. Co.7% PI.(au.) I% July
Assoc. Brew. of Can., Ltd., COM.(qu.)
I 15c. June 30 Holders of rec. June 15
Southwestern Light & Power Co
13$ July 1 Holders of rec. June 15
Preferred (qua?.)
$3
Holders of rec. June 15
July
Common class A (s.
-a.)
Associate,Investment com. (quar.)
June 30 Holders of roe. June 20
$1
Holders of rec. June 15
Springfield Gas & El. Co. pt. ser. A.(qu.) 5134 July
Preferred (guar.)
5154 June 30 Holders of roe. June 20
Tennessee Electric Power Co.
Auburn Automobile Co.corn.(qu.)
July 1 Holders of rec. June 21
51
Holders of tee. June 16
Common (in stock)
131 July
5% first preferred (guar.)
e2
July 1 Holders of rec. June 21
Holders of tee. June 15
6% first preferred (guar.)
Axton Fisher Tobacco A (guar.)
154 July
80e. July 1 Holders of rec. June 15
Holders of tee. June 15
7% Met preferred (guar.)
Preferred (guar.)
154 July
4134 July 1 *Holders of rec. June 15
Holders of rec. June 15
Babcock & Wilcox CO.(corn.)(MO-- 50o. July I Holders of tee. June 20
1.80 July
7.2% first preferred (guar.)
Holders of ree. June 16
8% first preferred (monthly)
Balaban & Kats corn. vet. tr. etfa.(att.). 3734e July 2 Holders of tee. June 18
50e. July
Holders of rec. June 15'
7.2% first preferred (monthly)
800. July
7% preferred (guar.)
144 July 2 Holders of tee. June 18
Holders of rec. June 15
Toledo Edison Co., 7% pref.(toonthly)- 'It of 1 July
Bancohlo Corp.(guar.)
•28c. July 1 'Holders of rec. June 18
Holders of rec. June 15
6% preferred (monthly)
Handful Petroleum (monthly)
ht of 1 July
'Sc. June 20 *Holders of rec. May 31
Barber(W. II.) Co. 7% pr.(guar.)
Holders of rec. June 15
5'1 preferred (monthly)
ht of 1 July
'134 July 1 'Holders of rec. June 20
*Holders of rec. June 15
Beaton & Caldwell Mfg.. oom. (mthly.) 012440 July 1 *Holders of too. June 30
a Union Electric L.& P.
(Mo.)7% PL(Q11.) *51.74 July
6% preferred (quit.)
Beatrice Creamery common (quar.)
Holders of rec. June 15
$1.50 July
*50o. July 1 *Holders of rec. June 14
Holders of rec. June 15
Beech-Nut Packing Co.,corn.(oust.)..- 750. July 1 Holders of tee. June 13
. Union Eler L. & P.(111.) 8% pf. Viol-. $1.50 July
.85
Bell View Oil Synd. (extra)
Holders of rec. June 15
Union Passenger Ry. (13.-a.)
July
54
Union Traction (s.
Bethlehem Steel Corp.. pref.(guar.).
-a)
Holden of rec. June 9
51.50 July
- UM July 1 Holders of rec. June 3
Holders of rec. June 3
United Corporatton. 83 prof.(guar.).Bickford.% Inc.. corn. (guar.)
75e. July
25o. July 1 Holders of rec. June 20
Common (qua?.)
Preferred foliar )
Holden) of rec. June 3
10o. July
6244e July 1 Holders of rec. June 20
June 16
United Gas & Elec. Corp.
Block Bros. Tobacco, tom.(guar.)._ *117340 Aug. 16 *Holders of roe. Aug. 10
Holders of rec.
(Conn.)pf.(qu.) 134 July
United Gas & Eke. Corp.(N.J.)Pf.(qu.) 154 July
Common (guar.)
Holders of rec. June 16
08734e Nov. 16 *Holders of rec. Nov. 10
United 0.4 Impr"vetnent Co.emu.(qu.) 30e. June 30 Holders of tea. May 31
Preferred (guar.)
*114 June 30 *Holders of rec. June 24
Preferred (qua,'
Preferred (guar.)
*154 Sept.30 *Holders of me. Sept. 24
6134 June 30 Holders of ree. May 31
United Light & Railways Co.(Del.)
Preferred (guar.)
'154 Dee. 31 *Holders of rec. nee. 24
Blumenthal (Sidney) dr CO, Pt (guar.)
3 I-3c. July 1 Holders of rec. June 15
5154 July 1 Holders of rec. June 15
7% preferred (monthly)
,
Bon Ami Co., class A corn.(guar.)
6.38% preferred (monthly)
53c. July 1 Holders of rec. June 15
$1
July 31 Holders of rec. June 15
8% preferred (monthly)
Class B common (guar.)
500. July 1 Holders of rec. June 15
500. July 1 Holders of rec. June 19
Borg Warner Corp., pref.(guar.)
Utah Power & Light Co.57 pref.(guar.)_ 5134 July 1 Holders of rec. June 4
2141 July 1 Holders of tee. June 15
$8 preferred (guar.).
Boston Wharf Co.. corn. (s.
-a.)
5134 July 1 Holders of rec. June 4
53
June 30 Holders of roe. June 1
Utilities Power & Light, 7% pref. (qu.). 5134 July 1 Holders of rec. June 20
Bower Roller Bearing Co., corn.(gust.)
200. July 25 Holders of rec. June 30
Virginia Elec. & Pow.,$6 pref. (guar.). 5134 June 20 Holders of roe. may 21
Bridgeport Hydraulic Co. (guar.)
400. July 15 Holders of rec. June 30
Virginia Pub. Serv. Co., 7% pf.((M.).- 134 July 1 Holders of rec. June 10
Briggs & Stratton Corp., corn.((Mar.)
- 25c. June 30 Holders of rec. Juno 20
6% preferred (guar.)
Brill° Mfg. Co..Inc., of. A guar.)
134 July 1 Holders of tee. June 10
50o. July 1 Holders of too. June 15a
(
Common (guar.)
15o July 1 Holders of too. June 155
West Penn Electric Co. class A (guar.)._
144 June 30 Holders of rec. June 17
rec. July 5
British American Oil Co., Ltd.reg.(11U.). 120o July 2 Holders of rec. June 14
144 Aug. 1 Holders of
West Penn Power Co.7% prof.(guar.)._
6% preferred
Brit.
-Amer,Tob. Co.. Ltd.
134 Aug. 1 Holders of rec. July 5
tolOd. July 8 Holders of tee. June 3
West Phila. Passenger Ry. Co. (s.
Amer. dep. reo. ord. reg. (lnterim).__ to105. July 8 Holders of rec. June 3
843$ July 1 Holders of roe. June 15
-a.)
West United Gas dr Elec.634% pf.(au.). •141 July 1 *Holders of rec. June 15
Bucyrus-Monighan Co. class A (guar.)
45c July 1 Holders of rec. June 20
Builders Exchange Building Co.(s.
*134 July 1 *Holders of rec. June 15
-a.). 3
6% Preferred (guar.)
July 8 Holders of roe. June 23
Wisconsin El. Pow. Co.. 634% M.(gu.) *184 JUIY 1 *Holders of me. June 15
Extra
5
July 8 Holders of rec. June 23
6% preferred (guar.)
Building Prods. Ltd.,el. A&B corn.(qu.) 0350. July 2 *Holders of rec. June 16
•134 Ray 1 'Holders of tee. June 15
Wisconsin Hydro Elec. Co.,6% pf.(qu.)'$1 34 July 1 'Holders of rec. June 15
Burco, Inc.. pref.(guar.)
75* July 1 Holders of rec. June 10
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
60e. July 2 Holders of rec. June 15
Burt (F. N.) Co., corn. (guar.)
$1% July 2
Preferred (guar.)
Bush Term. Bldg. Co.. 7% pref. (guar.) 114 July 1 Holders of rec. June 30
134 Aug. 1 Holders of rec. July 15
Byers (A. M ) Co., pret. (guar.)
50c. June 30 Holders of rec. June 15
Byllesby (H. NI.) & Co., pref. (guar.).- 40o. July 1 Holders of roe. June 16
Calamba Sugar Estates, COM.((Par.).
7% preferred (guar.)
*36o. July 1 *Holders of roe. June 16
500. July 1 Holders of rec. June 20
California Ink Co..el.A & B corn.(quar.)
Canada Cement Co.,614% pref.(guar.) 114 June 30 Holders of rec. May 31
Canada Permanent Mtge. Corp.
£3
July 2 Holders of rec. June 15
Capital stook (guar.)
Canadian Canners. Ltd., 1st pf,(quar.) 18134 July 2 Holders of rec. June 15
I 10e. July 2 Holders of roe. June 15
2nd preferred (guar.)
144e. July 9 Holders of rec. June 25
Canadian Car & Foundry Co.. pf.(qu.)
134 June 30 Holders of rec. June 15
Canadian Celanese Ltd. 7% pf.(qui- - Canadian Converters Ltd., corn. (qu.).- *50e. Aug. 15 *Holders of rec. July 31
15134 July 4 Holders of roe. June 18
Canadian Cottons Ltd. pf.(guar.)
Canadian Fairbanks Morse, pref. (qu.)- *5114 July 15 *Holders of rec. June 30
Canadian Gen.El. Co., Ltd.,7% pf.(qu) 1% July 1 Holders of ree. June 15
Common (guar.)
July 1 Holders of rec. June 15
*1
Canadian Oil Cos. Ltd.. pref.(guar.)... 52
July 1 'Holders of rec. June 20
Canadian Permanent Mtge. (guar.). _ _ *53 July 2 *Holders of rec. June 15
Canadian Wireb. Boxes, cl. A (quar.) 25c July 1 Holders of rec. June 25
Canfield Oil, common (guar.)
*51
June 30 *Holders of roe. June 20
7% Preferred (guar.)
•13i June 30'Holders of rec. June 20
7% preferred (guar.)
*134 Sept. 30 *Holders of rec. Sept. 20
7% preferred (quar.)
•134 Dec. 31 'Holders of rec. Dec. 20
Cannon Mills Co., corn.(guar.)
25e July 1 Holders of rec. June 18
Carnation Co., pref.(guar.)
"5114 July 1 'Holders of rec. June 20
Carreras, Ltd.
Ordinary registered
to 15% June 18 Holders of rec. May 27
Class A ordinary registered
to 15% June 18 Holders of rec. May 27
Class B ordinary registered
to 15% Juhe 18 Holders of rec. May 27
Amer. dep. rec. A ord. Interim
zw15 June 25 Holders of rec. May 31
Amer. dep. rec. B ord. interim
zw15 June 25 Holders of rec. May 31
Amer.dep.rec.ord.reg.Interim
zw15 June 25 Holders of rec. May 31
Case (J. I.) Co., pref. (quar.)
$111 July 1 Holders of rec. June 12
Celanese Corp. of Amer. 7% pf.(quar.)_ 8714c. July 1 Holders of rec. June 18
Central Aguirre Associates (guar.)
3714c July 1 Holders cf rec. June 20
Centrifugal Pipe (guar.)
150. Aug. 15 Holders of roe. Aug. 6
Quarterly
150. Nov. 15 Holders of rec. Nov it
Chain Store Products pref.(quar.)
3714e. July I Holders of rec. June 20
Champion Coated Paper Co.
Special preferred (Quer)
"UM July 1 *Holders of rec. June 20
First preferred (guar.)
'$1 34 July I *Holders of roe. June 20
Champion Fibre Co.. 7% pref.(guar.).- '134 July 1 'Holders of roe. June 20
Chatham Mfg. Co.(N.C.)7% pf. (qu.)_ $111 July I *Holders of rec. June 20
6% preferred (guar.)
'81 34 July 1 *Holders of rec. June 20
Cherry Burrell Corp., Pref. (guar.)
*1% Aug. 1 *Holders of rec. July 15
June 30 Holders of reo. June 9
Chesebrough Mfg., Coneol. (guar.)
81
50o. June 30 Holders of roe. June 9
Extra
*3111 July 1 *Holders of rec. June 20
Chicago Towel, pref. (guar.)
250. June 30 Holders of rec. June 1
Chrysler Corp.. common (guar.)
40e. July 1 Holders of rec. June 20
Claude Neon El. Prod. corn. (guar.)
.35c. July 1 *Holders of rec. June 20
7% preferred
50c. July 1 Holders of rec. June 30
Clorox Chemical Co. (qu.)
Mat.Peabody & Co., Inc., Pf• (guar.)- 3114 July I Holders of rec. June 20
Coats(J. P.) Ltd.. Am.dep.rec. for reg. ='6d. July 8 Holders of rec. May 20
Coca Cola Bottling Co.of St. L.(guar.)_ "400. July 15 'Holders of roe. July 6
Quarterly
*400. Oct. 15 *Holders of roe. Oct. 5
$134 July 1 Holders of roe. June 14
Coca Cola Co., corn. (guar.)
25e. July 1 Holders of roe. June 14
Extra
$13.4 July 1 Holders of roe. June 14
-a.)
Class A (s.
Coca-Cola Internat'l Corp., corn.(guar.) $334 July 1 Holders of rec. June 14
60c. July 1 Holders of rec. June 14
Common (extra)
Class A (s..a.)_ _
July 1 Holders of rec. June 14
$3
Colgate-Palmolive-Peet. pref. (guar.)" 0134 July 1 Holders of roe. June 10
25c. June 30 Holders of rec. June 11
Colts Patent Fire Arms Mfg.(guar.).Commercial Credit corn.(guar.)
l2 34c June 30 Holders of rec. June 10
5114 June 30 Holders of rec. June 10
614% 1st preferred (guar.)
4311c June 30 Holders of rec. June 10
7% Preferred (guar.)
50e. June 30 Holders of rec. June 10
8% preferred (quar.)
75e. June 30 Holders of rec. June 10
53 cony. pref. A (guar.)
Commercial Investment Trust Corp.
50c. July 1 Holders of rec. June 4a
Common (guar.)
134 July 1 Holders of rec. June 4a
7% 1st preferred (guar.)
614% 1st preferred (quar.)
134 July 1 Holders of rec. June 4a
Cony. pref. opt, series of '29 (guar.) f5114 July 1 Holders of rec. June 4a
15c June 30 Holders of rec. June 4
Commercial Solvents Corp., corn, (qu.).
Community State Corp..class A (guar.). •1234o June 30 *Holders of roe. June 24
.1234c Sept. 30 *Holders of roe. Sent. 26
Class A (quar.)
•12 34c Dec. 31 *Holders of rec. Dec. 27
Class A (guar.)
25e. June 30 Holders of rec. June 14
Congress Cigar Co.(guar.)
Connecticut Gen. Life Insur. Co. (qu.)30e. July 1 Holders of rec. June 20
25e. July 1 Holders of rec. June 15
Consolidated Laundries common (guar.)
Preferred (guar.)
"$114 Aug 15 "Holders of rec. July 15
Continental Assurance Co. tquar.)
"50e. June 30 *Holders of rec. June 15
$114 July I Holders of rec. June 20a
Continental Baking Corp.. Pf. (quo).
Continental Gin Co.. pref.(guar.)
*5114 July 1 *Holders of rec. June 15
Courier Post. corn. (quar.)
5114 July 1 Holders of rec. June 15
7% preferred (quar.)
5134 July 1 Holders of rec. June 15
*214 July 1
Courtaid.s, Ltd. 5% pf. reg. (n.
-a.)
Amer. dep. rec. for 5% pref. reg (s.
-a.) 214 July 9 Holders of rec. June 10
Crowell Publishing Co.(CM.)
*70e. June 24 *Holders of rec. June 14
30e, June 20 Holders of roe. May 31a
Crown Cork & Seal Co.. Inc. tom.(qu.)_
July 1 Holders of rec. June 13
Crown Willamette Pap. Co.. 1st pf.(qu.) 51
Cudahy Packing Co., common (quar.)
6234t July 15 Holders of rec. July 5
5111 July I Holders of rec. June 20
Curtis Publishing Co., pref.(guar.) _
De Long Ilook Sr Eye Co. (guar.)
50e. July 1 Holders of rec. June 20
Deposited Bank Shares(N.Y.), A (s.
-a.) 0214 July 1 *Holders of rec. May 16
Devoe & Reynolds, 1st and 2d pref.(CM.) $ui July 1 Holders of rec. June 20
Dictaphone Copr., pref.(guar.)
$2
Sept. 1 Holders of rec. Aug. 19
Diesel-Wemmer-Gilbert 7% pt. (s.
-a.)- - '$314 July 1 *Holders of rec. June 15
Distributors Group. Inc. (guar.)
260. July 1 Holders of rec. June 20
*300. Sept. 1 "Holders of roe. Aug. 18
Doctor Pepper Co.(guar.)
*30o. Deo. 1 *Holders of rec. Nov. 18
Quarterly
250. July 20 Holders of rec. June 30
Dome Mines. Ltd.. corn.(guar.)
20o. July 20 Holders of rec. June 30
Extra
Dominion Glass Co. Ltd, corn. (guar.). 1111 July 2 Holders of rec. June 16
1134 July 2 Holders of rec. June 15
Preferred (guar.)
30e. July 1 Holders of rec. June 15
Dominion Stores Ltd.. corn. (411.)
Dominion Textile corn.(guar.)
134 July 2 Holders of rec. June 15
134 July 15 Holders of rec. June 30
0
Preferred (guar.)
.2,4
July 1
Dover Mills. 8% pref. (5.-a.)
50e. July 1 Holders of rec. May 28
Draper Corp. (guar.)
•111 July 1 *Holders of rec. June 6
Driver Harris 7% prof.(guar.)
$2
July 1 Holders of rec. June 20
Dunkin Silk Corp.. pref.(guar.)
DuPont de Nemours&Co.,Ino. deb.(qu.) 134 July 25 Holders of rec. July 9
*50c. June 30 *Holders of rec. June 20
Early & Daniel Co., corn. (guar.)
"111 June 30 *Holders of rec. June 20
7% preferred (WA%)
76e. July 1
ESSACIII Food Corp class A (auar.)
Steamship Lines tom.(guar.)._ 1214c July 1 Holders of rec. Juned170
Eastern
8734e July 1 Holders of rec. June 17a
Preferred (guar.)
134 July 1 Holders of rec. June 17a
1st preferred (quar.)
-a.)
50c. July 1 Holders of rec. June 15
Eastern Steel Products, Ltd., corn.(s.
5111 July 1 Holders of rec. June 15
Preferred ((Mar.)
Kodak Co.. common (guar.)._ 5134 July 1 Holders of rec. June 4
ENCOMIA
5114 July 1 Holders of rec. June 4
Preferred (guar.)
$111 July 1 Holders of rec. June 22
Electric Auto-Lite Co., pref. (quar.)
Electric Controller & Mfg. Co.. com.(qu) '75e. July 1 *Holders of roe. June 20
15e. Aug. 1 Holders of rec. July 15
Electric Pr. Associates, Inc, corn.(qu.)_
15c. Aug. 1 Ilolders of rec. July 15
Cl. A (guar.)
750. July 1 Holders of rec. June 11
Electric Storage Battery Co.. corn. (qu.)
Holders of rce. June 11
75c. July
tquar.)
Preferred
50c. July 1 Holders of rec. June 15
Emerson's Br Seltz. Inc.,com.A&Blgu.)5.50c. July 1 *Holders of rec. June 15
8% preferred (guar.)
75c. July 1 Holders of rec. June 20
Endicott Johnson Corp., corn.(guar.) _ _ _
51% July 1 Holders of rec. June 20
Preferred (Uttar.)
*2
Aug. 1 *Holders of roe. July 26
Smith & Co
Eppens,
2e July 1 Holders of rec. June 10
Equadorian Corp. common (guar.)
315 July 1 Holders of rec. June 10
Preferred (8.-a.)
4449
Financial Chronicle
Volume 134
Name of Company.
I Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
EqUitable Office Bldg. Corp.. corn.(qu.) 373.4e July 1 Holders of rec. June 15
134 July 1 Holders of rec. June 15
Preferred (guar.)
60e. Aug. 15 Holders of rec. Aug. 5
Ewa Plantation Co. (guar.)
50e June 25 Holders of rec. June 2
Famous Players Can. Corp., corn.(qu.)_
Farmer Candy Shops. Inc.
Fanny
"600. July 1 *Holders of roe. June 5
Preferred (guar.)
50c July 1 Holders of rec. June 15
Faultless Rubber Co., common (guar.).15e July 1 Holders of rec. June 21
Federated Department Stores, Inc.(qu.)
160. June 29 Holders of rec. June 15
Fifth Ave Bus Sees. Corp.(guar.)
20c June 30 Holders of rec. June 250
Filene's (Wm.) Sons, corn. (guar.)
$144 July I Holders of rec. June 250
Preferred (guar.)
July 1 Holders of rec. June 18
53
Finance Co. of Pennsylvania (guar.).6234c July 1 Holders of roe. June 96
First National Storer, Inc., corn.(qu.)
1% July 1 Holders of rec. June 4
7% 1st preferred (guar.)
Holders of rec. June 14
j uly
20c. July
8% preferred (guar.)
*Holders of rec. June 15
Fisher Flouring Mills 79 pref. (guar.) .3114
1% July 1 Holders of roe. June 16
Florsheim Shoe Co., pref. (guar.)
.87
$134 July 1 Holders of rec. June 13
Foster Wheeler Corp., pref.(guar.)
60e. July I Holders of rec. June 166
Fourth National Investors Corp., com_ _
*Holders cf rec. June 20
y
*50c. .Iuly
Frick Co., Inc., (s.
-a.)
*Holders of rec. June 20
y
Fruehauf Trailer 7% pf. el. A (quar.)_ _ _
5,j l y 1 Holders of rec. June 15
30: Ju
0c u
General American Tank Car, corn (s.
-a.)
Holders of rec. June 18
General Baking Co., corn. (guar.)
Holders of rec. June 18
Preferred (guar.)
y 1
32
10c. July 25 Holders of rec. June 24
General Electric Co., COM. (qu.)
15c. July 25 Holders of rec. June 24
l
1
Special stock
5114 July 1 Holders of rec. June 14a
General Mills, Inc.. pref.(quer.)
8134 Aug. 1 Holders of rec. July 5
General Motors Corp.. $5 pref.(attar.) _
Holders of rec. June 20
General Printing Ink Co.. pref. (guar.). 5134
Holders of rec. June 10
July
General Ry. Signal Co., corn. (guar.)...
Holders of rec. June 10
$1July
25 •
1
1
Preferred (quar.)
500. July 1 Holders of rec. June 20
Gibson Art CO. Common (quarterly). -873.4e July 1 Holders of rec. June 18
Gilbert(A.C.)$334 pref.(guar.)
250. June 30 Holders of rec. June la
Gillette Safety Razor Co. (guar.)
$134 Aug. 1 Holders of rec. July la
Preferred (quar.)
July 1 Holders of rec. June 15
4
Glens Falls Insurance Co. (guar.)
$134 July 1 Holders of rec. June 17
Glidden Co., pref. (guar.)
*35c. ne 1
Elev.& Trans. Co., Ltd.(qtr./- $1 5,5 Jul y 30 "Holders of rec. June 15
Goderlch
Holders of rec. June 17
Gold Dust Corp.. pref. (guar.)
53714 eJuly 1 "Holders of rec. June 10
Gold Matt Bros (quar.)
134 July 1 Holders of roe. June I
Goodyear Tire & Rubber 1st prof.(guar.)
Goodyr. T.& R. Co. Canada. corn.(qu.) *5134 July 2 *Holders of rec. June 15
*5111 July 2 *Holders of rec. June 15
Preferred (guar.)
*Holders Of MC, June 23
*504. iuly
1 Jul
Gorton-Pew Fisheries (guar.)
Holders of rec. June 20
Gottfried Baking Co.Inc.. prof.(guar.).
134 Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
Holders of rec. Doe. 20
Preferred (guar.)
Juno 3
1U jan.3 Holders of roe. June 29
230
Grace(W.R.)& Co., 6% pref. Is. a.).. 3
Dee. 29 Holders of rec. Dec. 28
3
6% preferred (a. a.)
2
June 30 Holders of rec. June 29
Preferred A & B (quar.)
2
Sept.30 Holders of roe. Sept. 29
Preferred A & B (guar.)
2
Dec. 29 Holders of roe. Dec 28
Preferred A & B (guar.)
25e. June 30 Holders of rec. June 15
Granite City Steel Co.(guar.)
*25c. July 1 *Holders of rec. June 13
Grant (W. T.), corn. (guar.)
50c. July 1 Holders of rec. June 15
Gray Processes Corp., corn. (s.
-a.)
50c. July 1 Holders of rec. June 15
Common (extra)
25c. July 1 Holders of rec. June 16
Graymur Corp.(quar.)
Great Western Sugar Co.. Pref.(guar.).- 1% July 2 Holders of rec. June 15
*114 July 1 *Holders of rec. June 20
Green (Daniel) pref. (glair.)
*5114 July 15 'Holders of rec. June 30
Guarantee Co. of No. Amer. (quar.)*5214 July 15 'Holders of rec. June 30
Extra
*25c. July 1 'Holders of rec. June 15
Haloid Co., common (guar.)
"25e. July 1 'Holders of rec. June 15
Common (extra)
4
)5111 July 1 *Holders of rec. June 15
Preferred (guar.)
Hamilton United Theatres 7% p1. (qu.)_ '134 June 30 'Holders of roe. May 31
Hammermill Paper, 6% pref. (guar.).-- O114 July 1 'Holders of rec. June 15
$1% July 1 *Holders of rec. June 20
114
Hanes (P. H.), Knitting Co., pref. (qu.) "
June 20 Holders of rec. Jim •
Mama (M. A.) Co., pref. (guar.)
(guar.) 1A July 20 Holders of rec. July
Harbison-Walker Refrao..6% pl.
elyi Sept. 1 *Holders of rec. Aug. 15
Hardesty(B.) Mtg..7% pref.(guar.).
*154 Dee. 1 *Holders of roe. Nov. 15
7% Preferrel (quar.)-75e. July 1 Holders of rec. June 18
Hazel Atlas Glass Co.,(guar.)
e. J ne 1
1% july 30 Holders of rec. June 18
Extra
Holders of rec. June 28
(quar.)..
Heath (D. C.). & Co.. pref•
Helme(Geo. W.) Co., common (quay.).. $134 July 1 Holders of rec. June 10
5134 July 1 Holders of rec. June 10
Preferred (guar.)
50c. June 25 Holders of rec. June 14
Hercules Powder, common (quay.)
July 1 *Holders of roe. June 20
*2
Hewitt Bros. Soap, pref. (guar.)
Oct. 1 *Holders of me. Sept. 2
0
*2
Preferred (guar.)
Jan 1'33 *Holders of rec. Dee. 20
*2
Preferred (guar.)
Hayden Chemical Corp. pref. (guar.), _ "5134 July 1 *Holders of rec. June 20
2150.. June 24 Holders of roe. June 17
3c
1
Hibbard.Spencer. Bartlett & Co,
(mthly'
IIolders of rec. June 15
July
Holland Furnace Co. common (guar.).- '$314 July I *Holders of rec. June 15
Preferred (s.
-a.)
Holmes (D. IL), Co., Ltd. (guar.).- *114 July 1
75e. June 25 Holders of rec. June 20
Homestake Mining Co.(monthly)
Horn & Herded Bak.(Phila.) (quar.).- 51% July 1 Holders of roe. June 20
Oc. June 26 Holders of rec. June 11
Hoskins Mfg., common (quar.)
Household Finance Corp. pref.(qu.)_ _ $1.05 July 15 Holders of rec. June 350
July 15 Holders of rec. June 30a
Common class A & B
June 30 *Holders of rec. June 20
Howes Bros. Co.7% 1st pref.(guar.)._ _
June 30 *Holders of rec. June 20
7% preferred (guar.)
June 30 *Holders of rec. June 25
6% preferred (guar.)
July 1 Holders of rec. June 1
Humble 011 & Refining Co.(quay.)
June 30 *Holders of rec. June 15
Humphrey's Mfg. Co. 8% Pf• (quar.
).
July 2 'Holders of rec. June 15
'Turco & Erie Mtge.(guar.)
July 1 Holders of rec. June 16
pf.(guar.) _
Hurlers of Del., Inc.
July 1 Holders of rec. June 109
Hygrade Sylvania Corp. tom.(quar.)
July 1 Holders of rec. June 150
Preferred (guar.)
Imperial Tobacco Co. of Canada. Ltd.
June 30 Holders of rec. June 1
Ordinary shares (Interim)
July 15 *Holders of rec. June 21
Incorporated Investors, Inc. (guar.).
Sept. 1 Holders of rec. Aug. I
indtatrial d: Power Securities Oguar.)__.
Doe. 1 Holders of roe. Nov. 1
Quarterly
July 1 Holders of rec. June 15
Industrial Rayon Corp. coin. (guar.).- July 1 Holders of rec. June 8
Ingersoll-Rand Co., pref.(semi-annual).
June 30 *Holders of rec. June 24
inter-Island Steam Navigation (mthly.)..
July 31 'Holders of rec. July 24
Monthly
Aug. 31 *Holders of rec. Aug. 24
Monthly
Sept.30 *Holders of rec. Sept.24
Monthly
Oct. 31 *Holders of rec. Oct. 24
Monthly
Nov. 30 'Holders of rec. Nov.24
Monthly
Dec. 31 *Holders of rec. Dec. 24
Monthly
Holders of rec. June 226
July 1
Internat. Business Mach. Corp.(quay.)
Oct. 10 Holders of rec. Sept.22
Quarterly
July 1' Holders of rec. June 29
International Harvester Co. (quar,) .
Holders of rec. July 2
International Nickel of Canada, pf.(qu.) $111 Aug.
Holders of rec. June I5a
International Salt Co.. CAP. stk. (guar.) 37340. July
Holders of rec. June 15
International Shoe common (guar.)
75c. July
Holders of rec. June 15
50c. July
Preferred (monthly)
Holders of rec. July 15
Preferred (monthly)
50e. Aug.
Holders of rec. Aug. 15
Sept.
Preferred (monthly)
50e.
Preferred (monthly)
50e. Oct. 1 Ilolders of rec. Sept. 15
Preferred (monthly)
50e. Nov. 1 Holders of rec. Oct. 15
Preferred (monthly)
50c. Dec. 1 Holders of rec. Nov. 15
July 1 Holders of rec. June 14a
International Silver Co.. prof.(guar.).
$1
July 1 *Holders of rec. June 15
Intertype Corp. 1st pref. (guar.)
*$2
50c June 30 Holders of rec. June 20
Investors Royalty Co.8% pref. (guar.).
Ivanhoe Foods,Inc., pref.(guar.)
• 8730. July 1 *Holders of rec. June 10
Jewel Tea Co..Inc., common (quay.)... $1 July 15 Holders of rec. July 1
July 1 *Holders of rec. June 18
"$1
Johansen Bros. Shoe, pref.(guar.)
Johns-Manville Corp., pref.((mar.) ---. 114 Jul/ 1 Holders of rec. June 16
July 1 Holders of rec. June 13
Jones St Laughlin Steel 7% prof.(guar.). 81
Kalamazoo Vegetable Parchment (au.). •15o. June 30 "Holders of roe. June 20
•150. Sept.30 *Holders of rec. Sept.20
Quarterly
•15c. Dee. 31 "Holders of rec. Dec. 21
Quarterly
*1234c July 1 *Holders of rec. June 20
Kemper-Thomas Co., corn.(quar.)
Common (guar.)
•1234c Oct. 1 "Holders of rec. Sept. 20
*12%e Jan 1'33 "Holders of rec. Dee. 20
Common (guar.)
•11 Sept. 1 *Holders of rec. Aug. 20
/
4
Preferred (guar.)
•154 Dec. 1 *Holders of roe. Nov.20
Preferred (guar.)
4450
Name of Company.
Financial Chronicle
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
June 18 1932
Per
When
Cent. Payable.
Books Closed.
Days Inclustre.
Miscellaneous (Conttnued).
Miscellaneous (Continued).
Katz Drug preferred (guar.)
1% July 1 Holders of rec. June 15
Northland Greyhound Lines, pr. (qu.) •114 July 1 "Holders of rec. June 20
Kaufmann Dept. Store, Inc.. pf. (qu.)-14 July 1 Holders of rec. June 10
Northwest Bancorporation (guar.)
"25e. July 1 *Holders of rec. June 20
Keystone Cold Storage
Norwalk Tire az Rubber, pref.(qua?.).. 8714c July 1 Holders of rec. June 22
•51.25 Oct. I *Holders of roe. Sept.20
Kimberly-Clark Corp.. Pref. (guar.).
- I% July 1 Holders of rec. June 11
Oahu Sugar Co., Ltd., com.(monthly)_
Sc. July 15 Holders of rec. July 6
Common (guar.)
25c. July 1 Holders of rec. June 11
Ohio Finance Co.,corn (guar.)
50c. July 1 Holders of rec. June 10
Klein (D. Emil) com.(guar.)
Class A (guar.)
25e. July 1 Holders of rec. June 20
*$2 July 1 *Holders of rec. June 10
Knapp-Monarch Co.. Pref. (quer.).-- *81 Sic July 1 *Holders of rec. June 18
8% preferred (guar.)
52 July 1 Holders of rec. June 10
Knudsen Creamery, class A & B (guar.). '3734c Aug. 20 *Holders of rec. July 31
Omnibus Corp., 8% pref.(guar.)
July 1 Holders of rec. June 15
$2
Class A and 13 (guar.)
Onomea Sugar Co.(monthly)
•3734e Nov.20 *Holders of rec. Oct. 31
20e. June 20 Holders of rec. June 10
Koppers Gas & Coke Co.. pref.(guar.)._ $134 July 1 'Holders of rec. June 11
Ontario Loan & Debenture Co.(quar.).. t3
July 2 Holders of rec. June 15
Kresge (S. S.) coin. (quar.)
Ontario Mfg. Co., corn. (qua:.)
25e. June 30 Holders of rec. June 10
1234c July I Holders of rec. June 20
Preferred (guar.)
Preferred (guar.)
31% June 30 Holders of rec. June 10
*31% July 1 'Holders of rec. June 20
Kroger Grocery az Bak. Co.
Owens Illinois Glass pref.(grim.)
3134 J011' 1 Holders of rec. June 15
6% 1st preferred (quar.)
Pacific Financial Corp., corn. (guar.). _
•134 July 1 *Holders of reo. June 20
Sc. July 1 Holders of rec. June 15
7% 2d preferred (quar.)
Cl. A preferred (quar.)
•11 Aug. 1 *Holders of reo. July 20
,
1
20e. Aug. 1 Holders of rec. July 15
Lagendorf United Bak. class A (quar.)...
50c. July 15 Holders of rec. June 30
Cl. C preferred (guar.)
164c Aug. 1 Holders of rec. July 15
Lambert Co. (guar.)
Holders of rec. June 17
July I
Si
Cl. D preferred (guar.)
1734c Aug. 1 Holders or rec. July 15
Extra
July 1 Holders of rec. June 17
31
Pacific Indemnity Co.(guar.)
.35e. July 7 *Holders of rec. June 15
Landed Banking & Loan (guar.)
July 2 *Holders of rec. May 25
*32
Package Machinery. lit prof. (quar.)31- *14 Aug. 1 *Holders of roe. July 20
Landers. Frary & Clark (guar.)
•82140 June 30 *Holders of rec. June 20
First preferred (guar.)
*14 Nov. 1 *Holders of rec. Oct. 20
'6234c Sept.30 *Holders o free. Sept. 20
Page Hersey Tubes, Ltd., corn.(guar.)._ 13134 July 1 Holders of rec. June 21
Quarterly
•82140 Doe. 31 *Holders of rec. Dec. 21
,
Quarterly
Preferred (quar.)
*St
July 1 *Holders of rec. June 21
Lawyers Title & Guaranty Co.(quer.)-1
July 1 Holders of rec. June 20a Parke, Davis & Co.(guar.)
25c. June 30 Holders of rec. June 18
10e. June 30 Holders of rec. June 20
Lazarus(F.& R.) corn.(qua?.)
Penney (J. C.) Co., common (quar.).-60c. June 30 Holders of rec. June 20
Lehigh Portland Cement Co.. Pf.(guar.) $14 July I Holders of rec. June 14
$134 June 30 Holders of rec. June 20
Preferred (guar.)
60c July 6 Holders of rec. June 22
Lehman Corp. (quar.)
Peoples Drug Stores, Inc.(guar.)
25c. July 1 Holders of rec. June 8
250 June 30 Holders of rec. June 11
Leasing, Inc. (quar.)
Pet Milk Co., pref. (guar.)
1% July 1 Holders of rect. June 10
14 July 1 Holders of rec. June 10
Liggett & Myers Tobacco Co., pref
Piedmont Mtg. Co. (5.-a.)
0$3
July 1
•114 July I *Holders of rec. June 16
Link-Belt, pref. (guar.)
Pittsburgh Plate Glass Co.com.(cu.)...
25e. July 1 Holders of rec. June 10
Lock Joint Pipe Co., cons. (monthly)... •680. June 30'Holders of rec. June 30
Plume & Atwood Mfg.(guar.)
050e. July 1 *Holders of MO. June 25
.87e. July 31 *Holders of rec. July 31
Common (monthly)
ewe. Oct. 1 *Holders of roe. 13ept.25
Quarterly
•1370. Aug. 31 *Holders of rec. Aug. 31
Common (monthly)
25e, July 1 Holders of rec. June 10
Plymouth OS Co., common
Common (monthly)
"680. Sept. 30 *Holders of rec. Sept.30
Pollock Pap.& Box, pref.(guar.)
•5134 Sept. 15
Common (monthly)
•670. Oct. 31 *Holders of rec. Oct. 31
Preferred (guar.)
*$144 Dec. 16
•870. Nov. 30 'ltolders of roe. Nov. 30
Common (monthly)
Perfect Circle Co., corn. (guar.)
50c. July 1 Holders of ree. June 18
•813e. Dec. 31 *Holders of rec. Dec. 31
Common (monthly)
Pittsfield Coal & Gas
June 20 *Holders of rec. June 20
*31
Preferred (guar.)
July 1 'Holders of ree. July 1
*52
114 July 1 *Holders of reo. June 15
Powdrell & Alexander, pref. (quar.)---- 4
•52
Preferred (guar.)
Oct. I 'Holders of roe. Oct. 1
Pratt & Lambert, corn. (quar.)
25e. July 1 Holders of rec. June 16
J'n1 '33 *Holders of rec. Jan. 1
*52
Preferred (altar.)
Premier Gold Mining Co., Ltd
3e. July 2 Holders of rec. June 10
75e. June 30 Holders of rec. June 13
Loew's, Inc., common (guar.)
Publications Corp., com.(guar.)
•40c. July 1 *Holders of rec. June 18
Loonds-Sayles Mutual Fund (quar.)..-- "80c. July 1 *Holders of rec. June 2
Pure 011 Co., 8% pref. (guar.)
2 July 1 Holders of rec. June 10
Loose Wiles Biscuit Co., lot pf. (guar.)- 314 July 1 Holders of rec. June 17
6% preferred (guar.)
13.4 July 1 Holders of rec. June 10
Lord & Taylor, common (guar.)
324 July 1 Holders of rec. June 17
134 July 1 Holders of rec. June 10
514% preferred (guar.)
30c. July 1 Holders of rec. June 15
Lorillard (P.) Co.. corn. (guar.)
Quaker Oats Co., common (quar.)
July 15 Holders of rec. July 1
$1
Preferred (quar.)
31% July 1 Holders of rec. June 15
313.4 Aug. 31 Holders of rec. Aug. 1
Preferred (quar.)
Loudon Packing, common (qua:.)
6234e July 1 Holders of rec. June 15
Reliance Mfg.of Illinois, pf. (quar.)_ _ _ _ *3114 July 1 *Holders of rec. June 20
Lunkenheimer Co.. preferrea (quar.)... 4
.14 July 1 *Holders of rec. June 20
Reynolds(R.J.) Tobacco com.(qua:.).- 75e. July 1 Holders of rec. June 18
Preferred (guar.)
'154 Ott. 1 *Holders of roe. Sept.20
75e. July 1 Holders of rec. June 18
Common 13(guar.)
*14 Jan 233 *Holders o reo Deo. 32
Preferred (quar.)
14 June 30 Holders of roe. June If.
Rich's, Inc.,64% prof. (11lar.)
black Trucks. Inc., corn. (quar.)
25c. June 30 Holders of rec. June 17
*14 July 1 *Holders of rec. June 20
Rlke-Kumler, prof.(quar.)
pref. (quar.)
Mackay Cos.,
51
July 1 Holders of rec. June 17
Riverside Silk Mills (guar.)
*25c. July 2 *Holders of rec. June 17
Magnin (I.) dt Co.,8% pref.(quar.).._. 01% Aug. 15 *Holders of reo. Aug. 5
Ross Gear & Tool Co.. common (guar.).
30 July 1 Holders
rec. June
*14 Nov. 15 *Holders of roe. Nov. 5 Royal Baking Powder Co., corn.(qu.)--- *25c. July 1 *Holders of rec. June 20
6% preferred ((Bar.)
of
6
Mapes Consolidated mfg. co..(guar.).
750. July 1 Holders of rec. June 15
6% preferred (quar.)
'3134 July 1 *Holders of rec. June 6
Extra
25c. July 1 Holders of rec. June 15
Safeway Stores, Inc., corn. (guar.)
313.4 July 1 Holders of rec. June 17
Margay 011 Corp. ((uar.)
25c. July 11 Holders of rec. June 20
7% preferred (guar.)
3134 July 1 'folders of rec. June 17
Marine Midland Corp. (guar.)
20o. June 30 Holders of ree. June la
6% preferred (quar.)
$134 July 1 Holders of roe. June 17
Marlin-Rockwell common (quar.)
25e. July 1 Holders of rec. June 20
St. Louis Bridge Co., lot pf.(s-a)
"53 July 1 *Holders of rec. June 30
Mathleson Alkali Works,Inc.. com.(qr.) 3734c. July 1 Holders of rec. June 13a
2d preferred (s-a)
$134 July 1 'folders of rec. June 30
1% July 1 Holders of rec. June 13
Preferred (guar.)
St. Louis, Rocky Mountaln az Pacific
McCall Corp.(guar.)
50c. Aug. 1 Holders of rec. July 15
Co., common
1214c. June 20 Holders of rec. June 15a
NIcColl Frontenac Oil pref. (quar.)
13114 July 15 Holders of rec. June 30
Preferred (quar.)
.5114 June 30 llolders of rec. June 150
McKee (Arthur G.) Co., claw B (guar.)
50c. July 1 Holders of rec. June 20
Scott Paper, com.(quar.)
35e. June 30 Holders of rec. June 18
McKeesport Tin Plate Co., Inc.(guar.). $1
July 1 Holders of rec. June 10
Scovill Mfg. Co (guar.)
37140 July 1 Holders of rec. June 15
Mead Johnson & Co., com.(quar.)
75c. July 1 Holders of rec. June 15
Second Nat'l Investors Corp. 55 pf.(qu.) 53134 July 1 Holders of rec. June 180
Preferred (s -a.)
.35e. July 1 *Holders of rec. June 15
Security Investment az Internal Exchang o
.
Merchants dz Miners Transp. Co.
Common (guar.)
June 20 Holders of rec. May 31
12
Common (guar.)
3734c June 30 Holders of rec. June 15
Selected Industries, Inc., $54 Ff.(qu.). $134 July 1 Holders of.rec. June 180
Mergenthaler Lino Co.cap.stk.(qu.)
400. June 30 Holders of rec. June la Selected Managements, Inc
•1 0.637c Jan, 15 *Holders of rec. Dec. 31
Capital stock (guar.)
35e. Sept.30 Holders of rec. Sept. 7a Serval, Inc., preferred (quar.)
*31.75 Aug. 1 *Holders of reo. July 20
Mesta Machine Co.. corn. (guar.)
25e. July 1 Holders of rec. June 18
Preferred (quar.)
4
11.75 Nov. 1 *Holders of roe. Oct. 20
Preferred (quar.)
3134 July I Holders of rec. June 18
Shattuck (Frank G.) Co.(guar.)
1234c July 1 Holders of rec. June 21
Metal Package Corp.. corn. (quar.)- -.
$1 July 1 Holders of rec. June 10
Shell Tramp. az Traci Co., Ltd. (final) '74
Metropolitan Ice. pf. extra
"30e. July 1 *Holders of rec. June 15
Sherwin Williams Co. (Can.) Ltd., pf.
NlIckelberry's Food Products (quer.).- - *874e July 1 *Holders of rec. June 21
31% June 30 Holders of rec. June 15a
(guar.)
Midland Grocery Co., pref.(8.
-an.)
*3
July 1 'Holders of ree. June 20
South Pennsylvania Oil Co.,(quari - 25c. June 30 Holders of rec. June 15
Midland Steel Products 8% pt.
July 1 Holders of rec. June 21
_ 32
South Porto Rico Sugar Co.. pref.(qu.)- 2
July 1 Holders or too. June 11
Midvale Co. capital stock (guar.)
e$1 July 1 'folders of rec. June 18
South West Pennsyl. Pipe Lines (guar.).
$1 July 1 'folders of rec. June 15
Miller & Hart. Inc.. 331.4 Pref.(guar.)
*15c. July 1 *Holders of rec. June 15
Southern Acid & Sulphur Co. pf.(quar.)_ 51% July 1 Holders of roe. June 20
Mitchell (J. S.) & Co., Ltd.. pf. (qui- 1% July 2 Holders of rec. June 16
"64
Spartan Mills (s.
June 30
-a.)
Monroe Chemical pref.(guar.)
8714c. July 1 Holders of rec. June 15
Spencer Kellogg & Sons (quar.)
15e. June 30 *Holders of reo. June 15a
Monsanto Chemical Works (St. Louts)
Spicer Mfg. Corp.. pref. sec. A (guar.).
75o. July 15 Holders of rec. JIM
, 1
313ic. July 1 Holders of rec. June 10
(guar.)
Standard Brands, Inc., com. (qua:.)...
30o. July 1 Holders of rec. June
Morgan Plan Co.. Inc.(s-a)
"31.60 June 30 'Holders of rec. June 10
Preferred sec. A (guar.)
1% July 1 'folders of roe. June
Morris (Philip) CMS..Inc.. cl. A (guar.) 4356c July 1 Holders of rec. June 15
Standard Chemical Co., Ltd.(annual)
•50c June 27 'Holders of rec. May 27
Morris Finance Co., class A (guar.)
July 2 *Holders of rec. June 18
.$1
Standard Oil Co.(Ky.), COM.(guar.).- 30c. June 30 Holders of rec. June 15
Class B (quar.)
"2714c June 30'Holders of rec. June 20
Standard Oil Co.(Neb.) (quar.)
250. June 20 Holders of reo. May 28
Preferred (guar.)
*31% June 30'Holders of rec. June 20
Standard 011 Co.(Ohio) corn.,(guar.)._ _
214 July 1 Holders of rec. June 15
Motor Products Corp.coin.(guar.)
500. July 1 Holders of rec. June 20
5% preferred (guar.)
1% July 15 Holders of reel
Mountain Producers Corp. (quar.)
20c. July 1 Holders of rec. June 15a Standard 011 Export Corp., 5% M.(1.-a.) 5234 June 30 Holders of rec. June 30
June 9
'stairheads Cafeteria, preferred
"250. July 1 *Holders of rec. June 15
Standard Steel Cons- class A (riar.).-75e. July 1 Holders of rec. June 16
3.50. June 30 Holders of rec. June 15
Myers(F. E.) az Bro. Co., com.(quar.)
•3134 June 30 *Holders of rec. June 18
Starrett (L. S.) Co.. $6 Pref.
Preferred (guar.)
4114 June 30 'Holders of rec. June 15 Statler, Hotel, com. (guar.) (guar.).- *50e. June 30 *Holders of rec. June 15
National Battery pref.(guar.)
55c. July 1 Holders of rec. June 15
6% preferred (quar.)
*3734c June 30 *Holders of rec. June 15
National Biscuit. common (quar.)
700 July 15 Holders of reo. June 17a
*5134 June 30 *Holders of rec. June 15
7% Preferred (guar.)
National Breweries, Ltd.. Corn.(guar.).- 140c.July 2 Holders of rec. June 15
Stein (A.) de Co., pref.(guar.)
5154 July 1 Holders of rec. June 15
t44
July 2 Holders of rec. June 15
Preferred (guar.)
&ix Baer & Fuller. 7% prof.(quiz.).... •434o June 80 *Holders of ree. June 15
National Candy Co., corn. (guar.)
25c July 1 Holders of rec. June 13
7% preferred (quar.)
'
4
33(c Sept.80 *Holders of rec. Sept. 15
1st preferred (guar.)
July 1 Holders of rec. June 13
$114
7% preferred (guar.)
4
1340 Dee. 31 *Holders of rec. Dec. 15
31% July 1 Holders of rec. June 13
2nd preferred (guar.)
Sunshine Biscuit lot pref. (guar.)
31, July 1 Holders of rec. June 170
;,i
National Dairy Prod.. corn.(quar.)_..
65e July 1 Holders of rec. June 3
Superheater Co.(guar.)
250. July 15 Holders of rec. June 5
Preferred A & B (guar.)
134 July 1 Holders of rec. June 3
Supertest Petroleum Co., com.(quar.)..
25o. July 2 Holders of tee. June 17
National Distillers Products, pref.(qu.). 13234c July 1 Holders of rec. June 21a
Preferred A guar.)
$iq July 2 Holders of rec. June 17
National Finance of America com.(au). •15c. July 1 *Holders of rec. June 10
Preferred B (guar.)
3734c July 2 Holders of rec. June 17
Preferred (guar.)
•15c. July 1 "Holders of rec. June 10
Swedish Ball Bear. Co. cl. B Am,abs.. •31.33
Preferred (extra)
•15c. July 1 *Holders of rec. June 10
Swift az Co., com.(guar.)
1
July 1 Holders of rec. June 10
National Gypsum Co., pref. (quar.).... $134 July 1 Holders of rec. June 15
Sylvanite Gold Mines, Ltd. (3.-a.) ---.
sae. June 30 Holders of rec. May 31
National Lead Co, common (qua:.).... $I% June 30 Holders of rec. June 17
Extra
u140. June 30 Holders of rec. May 31
Preferred class B (guar.)
$114 Aug. 1 Holders of rec. July 22
Tacony-Palmyra Bridge Co.
National Refining Co., pf. (guar.)
"52
July 1 *Holders of rec. June 15
Class A and common (guar.)
75e. June 30 Holders of reo. June 10
National Standard Co
30c. July 1 Holders of rec. June 20
Tawle Mfg. Co.(guar.)
$1 14 July 1 *Holders of ree. June 25
National Steel Corp.(guar.)
25e. June 30 Holders of rec. June 20
Taylor & Colquitt, com. (quar.)
•40e. July 1 *Holders of rec. June 15
National Sugar Refining Co.(N. J.)
Taylor Milling Corp. ((War.)
150. July 1 Holders of reo. June 10
Capital (guar.)
50e. July 1 Holders of rec. June 1
Texas Corporation (quar.)
1
July 1 Holders of roe. June 80
National Tea Co., common (guar.)-- -15e. July 1 Holders of rec. June 14
Tenon 011 az Land Co., com.(guar.).- 25e. June 30 Holders of rec. June 10
National weaving.7% 2d pref. rquar )-- •134
*Holders of rec. June 30
Third Nat'l Investors Corp., COM. (qu.)
50c. July I Holders of rec. June 16a
Baker & Co.(War.)
Nelson,
•15e. June 30 *Holders of reo. June 26
Thompson (John R.) Co. (quar.)
25c. July 1 Holders of rec. June 23
Quarterly
•160. Sept.30 *Holders of fee. Sept.24
Thompson's Spa, Inc.. Pref. (guar.).
-•5114 July 1 *Holders of roe. June 30
Neptune Meter, pref. (guar.)
2
Aug. 15 Holders of reo. Aug. 1
Tip-Top Tailors, pf. (guar.)
14. July 1 Holders of reo. June 150
Preferred (Guar.)
2
Nov.15 Holders of roe. Nov. 1
Todd Shipyard Co.. (quar.)
25c. June 20 Holders of rec. June 3
New England Grain Prod..$7 pref.(qu.) 91.75 July 1 'Holders of rec. June 20
Toronto Mtg. Co.(guar.)
$134 July 1 Holders of rec. June 15
'1.75 Oct. 1 'Holders of roe. Sep11.20
$7 preferred (qua:.)
Torrington Co.(guar.)
75e. July 1 Holders of rec. June 160
$7 preferred (gum.)
411.75 Ia.2'33 *Holders of rec. Dec. 20
'Fri-Continental Corp. $6 pref. (guar.).- $114 July 1 Holders of rec. June 17
$6 preferred A (qua?.)
•$1.50 July 15 *Holders of rec. July 1
Trico Products Corp., (quar.)
8234c July 1 Holders of rec. June 10
$6 preferred A (guar.)
411.50 Oct. 15 *Holders of rec. Oct. 1
Trumbull Cliffs Furnace Co. Pref. Btu.). •5114 July 1 *Holders of rec. June 15
VI preferred A (guar.)
111.50 Ja 15'33 "Hold. of reo. Jan. 1 '38
TUbtze-Chatilion, $7 pref. (quar.)
134 July 1 'folders of rec. June 20
New York Shipbuilding pref.(guar.)._ 1% July 1 'folders of rec. June 20
Tuckett Tobacco., pref.(quar.)
'$154 July 15 *Holders of roe. June 30
New York Transportation Co. (guar.)._ 500.J une 28 Holders of roe. June 15
Underwood-Efflott-Fisher Co., com.(qu)
25e. June 30 Holders of rec. June 114
Newberry (J. J.) Co.. com.(guar.)
2734c July 1 Holders of rec. June 18
Preferred (quar
$14 Juno 30 Holders of rec. June 110
Noranda Mines, Ltd., (s.
-a.)
u500. June 30 Holders of rec. June 15
Union Carbide & Carbon Corp.(qua:.).
30c. July 1 Holders of roe. June 3
North Central Texas 011 Co.. Inc.
Union Storage (guar.)
'62340 Aug. 10 *Holders of tee. Aug. 1
Preferred (guar.)
$114 July 1 Holders of rec. June 10
Quarterly
'62340 Nov. 10 *Holders of rte. Nov. 1
Niagara Shares Corp.(Md.)
Union Twist Drill Co., corn.(quar.)- -25c. June 30 Holders of rec. June 20
Common B
e211 July 15 Holders of rec. June 24
Preferred (guar.)
•114 Juno 30 *Holders of rec. June 20
53114 July 1 Holders of rec. June 17
$6 preferred (qua?.)
United Aircraft & Transport Corp.. 0%
New preferred (quar.)
314 July 1 Holders of rec. June 17
Pref.(quar.)
750. July 1 Holders of reo. June 10
Class A, preferred (quar.)
$14 Oct. 1 Holders of rec. Sept. 10
United Biscuit of Amer.,corn.(Guar.)...
50c. Sept. 1 Holders of rec. Aug. 18
$14 Jan3'33 Holders of rec. Dec. 18
Class A preferred (guar.)
Preferred (guar.)
3134 Aug. 1 Holders of rec. July 16
35e. July 1 Holders of rec. June 15
North Amer. Creameries, Inc.. A (qu.).
United Dyewood, pref. (quar.)
134 July 1 Holders of rec. June 15
Northern Pipe Line Co.,cap.stk.(d8.
25e. July 1 Holders of rec. June 17
-s.)
United Elastic Corp. (guar.)
100. Juno 24 Holders of rec. June 9
3
Northern Securities Co.(s.
July 9 Holders of rec. June 20
-a.)
United Fruit Co. common (guar.)
500. July 1 Holders of roe. June la
Volume 134
Financial Chronicle
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
United Piece Dye Works, pref.(guar.).
July 1 Holders of rec. June 20a
Preferred (quar.)
1% Oct. 1 Holders of rec. Sept.20a
Preferred (quar.)
1% Jan 2 33 Holders of rec. Dec. 20a
.
United Shoe Mach'y Corp.,corn.(quar.) 62)4c. July 5 Holders of rec. June 14
Preferred (quar.)
373c. July 5 Holders of rec. June 14
U. S. Dairy Prod. Corp., el. A (quar.)_
50e. June 30 Holders of rec. June 10
United States Foil Co.
Common class A & B (guar.)
7Sic July 1 Holders of rec. June 15a
Preferred (guar.)
al% July 1 Holders of rec. June 15a
United States Gauge, corn. (8.-14.)
4113/6 July 1 *Holders of rec. June 20
Preferred (5.-a.)
*$131 July 1 *Holders of rec. June 20
United States Gypsum Co.(guar.)
40c. June 30 Holders of rec. June 15
Preferred (quar.)
1% June 30 Holders of rec. June 15
United States Leather Co., prior pt.(qu.)
1% July I Holders of rec. June 10
(5.8. Pipe & Fdy.. core. (Qum.)
50e. July 20 Holders of rec. June 30a
Common (guar.)
500 Oct. 20 Holders of rec. Sept. 300
Common (mar.)
50e Ja.20'33 Holders of rec. Dee. 310
First preferred (quar)
30e July 20 Holders of roe. June 30a
First preferred (quar.)
800 Oct. 29 Holders of ref. Sept. 80a
First preferred (quay.)
30e Ja.20'33 Holders of rec. Dee. 31a
U.S. Playing Card Go.(quan)
37 Me July I Holders
United States Tobacco Co., corn.(quar.) 81.10 July 1 Holders of rec. June 20
of rec. June 13
Preferred (quar.)
$1 fi July 1 Holders of rec. June 13
Universal Crane pref.(guar.)
411.75 June 30 *Holders of rec. June 15
Universal Pictures 1st pref. (quar.)
$2
July 1 Holders of rec. June 24
Upressit Metal
h*S2 July 1 *Holders of rec. June 17
Watt Biscuit. 1st pret. (quar.).
*$19$ July 2 *Holders of rec. June 22
Victor Monozhan. pf. (quar.)
*31M July 1 *Holders of rec. June 20
Vortex Cup Co., corn. (quar.)
3731c July 1 Holders of rec. June 13
Class A (quar.)
*623$c July 1 *Holders of rec. June 13
Vulcan Detinning Co.. prof.(quar.)___
I Si July 20 Holders of roe. July 7a
Wagner Elec. Corp., pt. (quar.)
*I% July 1 *Holders of rec. June 20
Waldorf System.Inc.. corn.(quar.)
37He. July 1 Holders of rec. June 200
Walgreen Co., Pref.(quar.)
31% July 1 Holders of rec. June 20
Ward Baking Corp., pref. (quar.)
July 1 Holders of rec. June 17
$1
Waukesha Motor Co.,corn.(quar.)
50c. July 1 Holders of rec. June 15
Wesson Oil& Snowdrift Co., Inc.
Common (quar.)
25c July I Holders of rec. June 15
West Coast 011 (quar.)
*813i July 5 *Holders of rec. June 25
West Marylard Dairy, pt.(guar.)
*$13i July 1 *Holders of rec. June 20
Westmoreland, Inc
30e. July 1 Holders of tee. June 15
Westmoreland Coal Co
30c. July
Weston Elec. Instrument Co., cl. A (qu.) 50c. July 1 Holders of rec. June 15
Holders
Westvaco Chlorine Prods.Corp., pt.(qu.) $IM July 1 Holders of rec. June 18
of rec. June 15
1
Whitaker Paper Co., pref.(guar.)
•151 July 1 *Holders of ree. June 20
White Motor, pref. (quar.)
'151 June 30 *Holders of roe. June la
White Rock Mineral Springs Co., Corn.
(quar.)
50c. July 1 Holders of rec. June 20
1st preferred (quar.)
154 July 1 Holders of rec. June 20
25 preferred (guar.)
234 July 1 Holders of rec. June 20
Wilcox-Rich, cl. A (quar.)
62Sic June 30 Holders of rec. June 20
Will& Baumer Candle Co., Inc.
Preferred (OW.)
July 1 Holders of rec. June 15a
82
Misted Hosiery (guar.)
*2
Aeg. I *Holders of rec. July 15
Quarterly
:'Inv. I *Holders of rec. Oat. 15
*2
Wiser 011 Co., corn. (quar.)
*23c. July 1 *Holders of rec. June 11
Woolworth(F.W.)&Co.,Ltd.(interim) zu is. 6d. June 22 Holders of rec. May
Wright Hargreave Mines, Ltd..(qu.).... u234c. July 1 Holders of rec. June 27
15
Extra
u234c. July I Holders of rec. June 15
Wrigley (William) Jr. Co.(monthly)
25c. July 1 Holders of rec. June 20
Wurlltzer (Rudolph) Co., 7% pref.(qu.) *1
July 1 *Holders of rec. Jan. 19
Yale & Towne Mfg. Co
25c. July 1 Holders of rec. June 10
Young(L. A.) Spring & Wire Co.(qu.) 25c. July 1 Holders of rec. June 20
•From unofficial sources. t The New York Stock Exchange has ruled
stock will not be quoted ex-dividend on this date and not until further notice.that
O The New York Curb Exchange Association has ruled that stock will not be
Quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
S Goldblatt Bros. dividend payable in cash or common stock. Holders desiring
cash must notify company.
d Correction. e Payable in stock.
f Payable in common stock. g Payable in scrip. h On account of accumulated
dividends. ,f Payable in preferred stock.
I Payable in Canadian funds.
u Payable in United States funds.
w Less deduction for expenses of depositary.
z Less tax.
z National Industries Shares liquidating dividend payable by Guaranty
Trust
Co., New York.
Weekly Return of New York City Clearing House.
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now make only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING
HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JUNE
11 1932.
Clearing House
Members.
*Capital.
*Surplus and Net Demand
Undivided
Deposits,
Profits.
Average.
Time
Deposits,
Average,
$
$
11
$
Bank of N.Y & Tr. Co_
.
6.000,000
9,866,800
76,938,000
11,442,000
Itank of Manhat.Tr. Co.
22,250,000
44,436,300
220,359,000
35,117.000
National City Bank.- 124,000,000 101,347,500 2940,868,000
178.407,000
Chemical Bk.& Tr. Co._
21,000,000
44,895,100
203,115,000
22,754,000
Guaranty Trust Co
90,000,000 104,963,400 6760,166,000
57,904,000
Manufacturers Tr. Co__
32,935,000
27,122,900
240,118,000
84,194,000
Cent. Hanover Bk.& Tr.
21,000,000
75,023,500
404,431,000
42,619,000
15,000,000
Corn Exch.Bank Tr. Co.
22,710,400
161,690,000
24,569,000
10,000,000 112,537,200
First National Bank__
286,782,000
26,269,000
Irving Trust Co
50,000.000
75,564,900
278,841,000
38,742,000
Continental Bk. & Tr.Ce
4,000,000
6,747,800
20,424,000
2,453,000
Chase National Bank- 148,000,000 143,075,000 c1,042,774,000 111,888,000
500,000
Fifth Avenue Bank
3,630,500
32,107,000
2,978,000
25.000,000
Bankers Trust Co
76,307,900 d419,881.000
41,911,000
10,000,000
Title Guar.& Trust Co
21,193,200
30,937,000
607,000
Marine Midland Tr. Co
10,000,000
7,022,000
39,257,000
5,396,000
3,000,000
Lawyers Trust Co
2,498,000
10,460,000
1,086,000
New York Trust Co---12,500,000
26,928,600
174,335,000
18,501,000
7,000,000
Comml N.Bk.& Tr. Co.
9,235,600
42,134,000
1,775,000
Harriman N.B.& Tr.Co.
2,000,000
2,863,200
26,277,000
5,897,000
8,250,000
Public N. B. & Tr. Co.._
7,876,400
33,444.000
28,325,000
622,435,000 1,015,846,200 5,445,338.000 742.834.000
Totals
'As per official reports: National, Dec. 31 1931; State, March 28 1932; Trust
Companies, March 28 1932.
Includes deposits In foreign branches as follows: (a) $215,961,000: (b) $53,506.000; (a) $56,296,000; (d) $24,482,000.
4451
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Pubiic
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending June 10:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING OF
BUSINESS FOR THE WEEK ENDED FRIDAY, JUNE 10 1932.
NATIONAL BANKS
-AVERAGE FIGURES.
Loans,
Other Cash Res. Dep., Dep. Other
Disc. and
Gold. Including N. F. and Banks and
Gross
Investments
Bank Notes Elsewhere. Trust Cos. Deposits.
3,500
75,841 1,314,655
Brooklyn
Peoples Nat'l__
5,000
98,000
6.037,000
$
$
$
s
$
Manhattan
Grace National 15,661.197
$
517.650 11,593,771
370,000
35,000
5,360,00
TRUST COMPANIES
-AVERAGE FIGURES.
Loans,
Disc. and
Investments.
$
Cash.
$
Res've Dep., DepoS.Gther
Gross
N. Y. and Banks and
Elsewhere. Trust Cos. Deposits
$
$
Manhattan
Empire
Fulton
United States
51,467,600 *2,675,800 12,060,900
16,401,200 *2,301,500 1,596,000
61,805,502 8,562,405 18,267,639
Brooklyn
Brooklyn
Kings County
84,761,000
23,981,177
2,715,000 34,355.000
1,658,793 6,584,609
$
2,098.900 56,310,900
1,250,900 16,925,900
60,703,292
362,000 100,198.003
25,533,046
* Includes amount with Federal Reserve as follows: Empire, $1,398,300: Fulton,
$2,152,700.
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended
June 15
1932.
Changes from
Prato=
Week.
8
$
79,900,000 Unchanged
Capital
73.835,000 Unchanged
Surplus and profits
Loans, disets de invest'ts_ 793,206,000 -2,001,000
Individual deposits
535.733,000 +4,360,000
Due to banks
129,736,000 -2,124,000
Time deposits
195,613,000 -1,160,000
7,346,000 -4,556,000
United States deposits
10,107,000 -1,181,000
Exchanges for Cig. House
Due from other banks.__ 115,720,000
+518,000
Res've in legal deposit'les
84,974,000 -1,034,000
Cash in bank
8,492,000
-326,000
Res. In excess in F.R.Bk. 22.439,000
-902,000
Week Ended
June 8
1932.
$
79,900,000
73,835,000
795,207,000
531,373,000
131,860,000
196,773,000
11,902,0
11,288,000
115,202,000
86,008,000
8,818,000
23,341,000
Week Ended
June 1
1932.
$
79.900.000
73,835,000
796,908.000
534,211.000
123,679,000
199,774,000
20.241.000
12,584,000
114,394,000
80,902.000
8,468.000
18,603,000
Philadelphia Banks.
-Beginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
June 11
1932.
Changesfrom
Previous
Week.
Week Ended
June 4
1932.
Week Ended
May 28
1932.
8
$
$
$
77,052,000 Unchanged
77,052,000
Capital
77,052,000
205.718,000 Unchanged
Surplus and profits
205.718.000 205,718,000
Loans, discts. and Invest- 1,125,310,000 -1,745,000 1,127.055,000 1,135,609,000
16,542,000
13,587,000 -2,955,000
Exch. for Clearing Hotta&
14,787,000
108,604,000 -9,367,000 117,971,000 112,258,000
Due from banks
160.511,000
-.43,000 160,554,000 159,163,000
Bank deposits
596,616.000 599,249,000
Individual deposits
585,531,000 -11.085,000
260,414,000 -1,724,000 262,138,000 263,528,000
Time deposits
1,006,456,000 -12,852,000 1,019,308,000 1,021,940,000
Total deposits
Sleeve with F.R.Bank
87,387.000
89,019.000 +1.516.000
87.503.000
4452
Financial Chronicle
June 18 1932
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board
showing the condition
a the twelve Reserve banks at the close of business on Wednesday.Thursday afternoon,June 16,and results for the System
In the first table we present the
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 4406, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 15 1932.
June 15 1932. June 8 1932. June 1 1932.IMay 25 1932. May 18 1932. fay 11 1932 May 4 1932. Apr. 27 1932. June171931.
RESOURCES.
$
Gold with Federal Reserve agents
1,897.307.000 1,943,700,000 2.038.319,000 2,113,407.000 2,177.750.000 2.219,609.000 2,269,181,000 2.269.856,000 1,908,344,000
Gold redemption fund with U.S.Tress
- 48.915.000
46,928,000 41,729,000
40,388,000
36.954.000
34.838.000
35.510,000 36.100.000
32,666,000
Gold held exclusively eget. F. R.notes_ 1,946,222.000 1,990,828,000 2,080,048.000 2.153,775.000 2,214.704.000 2,254.447,000 2.304,891,000
Gold settlement fund with F. It. Board_ 283,224,000 310.724,000 300.348,000 362.593,000 370,787,000 335.320,000 321,685,000 2.305,956.000 1.941,010,000
Goldand gold certificates held by banks. 331,749.000 325,609,000 370,671.000 340,713.000 333,541.000 386.650.000 386,045,000 313,878.000 466,969,000
394.700,000 947,310,000
Totalgold reserves
Reserves other than gold
2.561.195,000 2,626,961,000 2,751,067,000 2,857,081.000 2.919.032,000 2,956,417.000 2.992,421,000 3.014.534,000 3.355.289,000
205.280.000 203,339,000 201.577.000 207,131.000 203.123.000 207.733.000 210.825,000 218.502.000 170,985.000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obilgatIons
Other bills discounted
2.766.475.000 2,830.300,000 2,952,644,000 3,064.212,000 3.122.155,000 3,164,150.000 3,203,246,000 3.233.036,000 3,526,274,000
72,397.000
69,012 000
71,143,000
76,136,000
72.905.000
77.209.000
72,354,000
71.114,000
80.448.000
202,225,000
294,014.000
210,518,000
291,393,000
204,770.000 190,168.000
289.831,000 281.099.000
496.239,000
65,661.000
501.911.000
35,717,000
429,056.000
194.997,000
429,990.000
174,619,000
189,083.000
275,860.000
190,555.000
280,818,000
220,079,000 239.458,000
285,722,000 292.366,000
76,323,000
109,065,000
494,601,000
35,479,000
471.267.000 464.943.000
38,373.000
40.643.000
471,373.000
42,719.000
505,801,000
44,522.000
531.824.000
45.874.000
185,388,000
106.814,000
396,794,000
171,622,000
374,784.000 358.658,000
166,372.000 165,422,000
348,147,000
153.740.000
346,149,000
111,222,000
346.399,000
95.447.000
117,209,000
52,233,000
942.323.000 885,380.000 829,510,000 749.386.000
1,692,207.000 1,644,587,000 1.575,200,000 1,525,198.000 1,466,403,000 1.385.287.000 1,2813,881,000 1.191,232.000
8,778,000
5.611.000
5,144.000
5.220,000
5.023.000
5,042.000
4,929.000
4.815.000
429.562,000
Total bills and securities
2.259.718.000 2.187,973,000 2,110,424,000 2.040.056,000 1.977.012.000 1,904,401,000 1,842.133,000 1.773.745.000
Due from foreign banks
3,643.000
3,645,000
3.642.000
4,644.000
4,629.000
4,699.000
5.692.000
5,695.000
Federal Reserve notes of other banks
- - 15.500.000
13.623,000
12,102.000 14,624,000
14,733,000
14,994,000
14,392,000
14.914.000
Uncollected items
418.230.000 337,720,000 403,247,000 337.924,000 393,311.000 354,586.000 370.840,000 347.315.000
Bank premises
58,083.000
58,083,000
58,084,000
58,084,000
58,084,000
58,082,000
58.083,000
57,855.000
All other resources
42,316,000
42,908,000
40.903,000
39,541,000
37.519,000
38.457,000
37.178,000
35.100.000
900,454,000
699,000
15,467.000
570,441,000
58,730,000
22,692,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
Total U. S. Government securities
Other securities
Foreign loans on gold
Total resources
LIABILITIES.
F. R. notes In actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
1,068.154.000 1,039,958,000 1,008,784.000 984.040,000
599.004,000
9,248,000
5,63.5,110.000 5,546.646,000 5,650.059,000 5,635,221,000 5,681.286.000 5.815.640.000 5,803,918.000 5,548.108.000 5,165,871,000
2,575,799,000 2,557,119,000 2.564,339,000 2,532,714.000 2.558.107.000 2.551,363.000 2,581,646.000 2.526,572.000 1,668,313,000
2,101,243.000 2,111,673,000 2,124,685,000 2,214.384,000 2,192,403.000 2.144.373.000 2,147.148,000 2,114.423.000 2,401,114,000
36,596,000
2,695,000
12,985,000
36,368,000
26,429,000
51,075,000
43,573,000
12,837,000
49.155.000
60,122,000
41,696,000
74,035,000
40,706.000
45.578,000
44,177,000
5,676,000
45.063,000
49,698.000
20,237,000
34.358,000
31,378,000
29,319.000
25.125,000
33,3.50.000
22,136,000
32,054,000
21.024.000
2.198,428.000 2.210,202,000 2,243,081,000 2,320.775.000 2.289.535.000 2,272,975,000 2,237.102,000 2,234,200,000 2,472,499,000
411.713.000 330,996,000 394,972.000 334.481,000 387.068,000 344.884.000 359,198,000 341.318,000
. .
154,809,000 154.779,000 154.801,000 154.749.000 154.784.000 154.806.000 154,892,000
155,240.000 168,325,000
259,421,000 259,421,000 259,421,000 259.421,000 259,421.000 259.421,000 259,421,000 259.421.000 274,636,000
34,129,000
34.940,000
33,385,000
33,081,000
32,371.000 32,191,000
31,859.000 31,357.000
17,256,000
Total liabilities
5.635.110,000 5.546.646.000 5,650.059,000 5.635.221.000 5,681,286,000 5,615,640.000 5,603.918,000 5,548,108.000 5,165,871,000
Ratio of gold reserve to deposits and
F. R. note liabilities combined
55.1%
54.0%
57.2%
58.7%
61.2%
82.3%
60.2%
83.3%
81.0%
Ratio of total reserves to deposits and
F. R. note liabilities combined
59.4%
57.9%
61.4%
63.1%
65.6%
84.4%
66.8%
85.2%
67.9%
Contingent liability on bills purchased
for foreign correspondents
102.212.000 150,342,000 179,564,000 218.402.000
239.948.000 270.741.000 278,042,000 297.735.000 378,717,000
Maturity Distribution of Bias and
$
Short-Term Securities
1-15 days bills discounted
354.211.000 359.396,000 335,698,000 334.792,000 331.176.000 332.185,000 368,450.000 388.169,000 116,017,000
16-30 days bills discounted
38.911.000
36,443.000
35,449.000
32.074,000
34.455.000
31.844.000
33,571.000
15.101,000
35.894,000
31-60 days bills discounted
44,680.000
46,978.000
46.420,000
50172.000
50,427.000
49,932.000
51,976.000
20,938,000
50,743,000
81-90 days bills discounted
36.272.000
36,323,000
34.265,000 29.485,,000
30.758,000
28.665,000
30.923.000
14,767,000
37,239,000
Over 90 days bills discounted
24.165.000
22,771,000 22,769,000
24.764000
23.548.000
23,526.000
22.881,000
18,565.000
19,779,000
Total bills discounted
496,239,000 501,911,000 494,601,000 471,267,000 464,943,000 471,373,000 505,801.000 531,824,000 185.388,000
1-15 days bills bought in open market
26,979,000
3,091.000
7.506.000
6.054,000
11,410,000
11,160.000
8.042.000
49,808,000
8.567.000
16-30 days bills bought in open market
9.793,000
4,000,000
7.447,000
10.092,000
4.953.000
7,600.000
6,583,000
32.025.000
10,769,000
31-60 days bills bought in open market
1.761.000
2,212,000
8,019,000
10,095.000
8.049.000
12,830.000
9,584.000
20,665,000
6.988.000
61-90 days bills bought in open market
27,128,000
26,414,000
12.493,000
11,892,000
18.067.000
11,931.000
16,928.000 19,280,000
4,200,000
Over 90 days bills bought in open market
14,000
240.000
240,000
240,000
287.000
270.000
116,000
Total bills bought in open market
65.661,000
35,717,000
35.479,000
38.373,000
42,719.000
40.843.000
44.522.000
45,874,000 106,814,000
1-15 days U.S. certificates and bil1s
36,550.000
39,590,000
39.550.000
54.500.000
53.591.000
81,980.000
50.986,000
24,855,000
9,300,000
16-30 days U. S. certificates and bills
74.000.000
36,550,000
36.550,000
39.550.000
54.500.000
40,550,000
80,980.000
53.591.000
20,500,000
31-60 days U. S. certificates and bills
175.025.000 316,104,000 158.625.000 152,025.000 112,050.000
79.100,000
95,784,000
31,850,000
99,050,000
61-90 days U. S. certificates and bills
208,750,000 330,749,000 204.649,000 187.816.000 159,525,000 213.025,000 213.025.000 152,525.000 155,297,000
Over 90 days certificates and bills
573.829.000 516,965,000 567.410,000 550,149,000 548,218.000 485,064.000 388.755,000 419,365,000 212.615,000
Total U. S. certificates and bills
1,068.154.000 1,039.958,000 1,006.784.000 984,040.000 942.323,000 885.380.000 829.510.000 749,388,000 429,562,000
1-15 days municipal warrants
4,791.000
5.542,000
4.580.000
3,656.000
4,726.000
3.819.000
4.613.000
3.202,000
16-30 days municipal warrants
785,000
201,000
463,000
111.000
1.419,000
1.031.000
111,000
1,388.000
31-60 days municipal warrants
35,000
142.000
110.000
110.000
107.000
52,000
48,000
warrants
81-90 days municipal
31,000
28,000
110,000
Over 90 days municipal warrants
35,000
35.000
35,000
63.000
35,000
35.000
98 000
63,000
Total municipal warrants
5.778.000
5.611.000
5.144,000
5.042,000
5,023,000
5.220.000
4.921 000
4,815.000
48,000
Federal Reserve Notes
Issued to F. It. Bank by F. R. Agent.-- 2,791,931.000 2,786,801.000 2,765,241,000 2.758.223.000 2.762,673.000 2,765,345,000 2,735,601,000
Held by Federal Reserve Bank_
216,132,000 229,682,000 200,842,000 225,509,000 204.566,000 213.982.000 173.955.000 2,762,674,000 2,099,019,000
236,102,000 430,706,000
-In actual circulation
2,575,799.000 2,557,119,000 2,564.399.000 2.532.714.000 2.558.107.000 2.551,363,000 2.581,646.000 2,526,572,000 1,668,313,000
Collateral Held by Agent as Security for
Notes Issued to Bank
By gold and gold certificates
831.342,000 840.635,000 797,624.000 880,812.000 915.160.000 955,969.000 966,651,000 968.726,000 612.364,000
Gold fund-Federal Reserve Board
1,065,965,000 1.103,065,000 1,240,695.000 1.232.595,000 1,262.590,000 1,263.640.000 1,302.530,000 1,303,130,000 1,295,980,000
By eligible paper
519,313,000 497,002,000 488,992,000 489,274.000 465.844,000 474,219,000 510,044,000 539,668.000 277,190,000
U. S. Government securities
401,700,000 360,200,000 263,300.000 196,400,000 148.300.000 97.300.000
Total
.Revised figures.
2,818.320.000 2,800,902,000 2.790,611.000 2.779 081 000 2.791.894.000 2.791.128.000 2,779,225,000 2.809.524,000 2.185,534.000
WEEKLY STATEMENT 01? RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE
OF BUSINESS JUNE 15 1932
Two Ciphers (00) em Wed.
Federal Reserve Bank ofTotal.
Boston. New York.1 Fiala. Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan.City,
Dallas. San Fran.
RESOURCES.
8
$ I
$
$
$
$
$
$
I $
$
8
$
$
Gold with Federal Reserve Agents 1.897,307,I 173,627,0, 417.947,0157,700.0 173,470,0 53,500,0 58,000,0 559,395,0 57,550,0
41,590,0 50,880,0 25.085,0 128,763.0
Gold redo fund with U.S. Treas._
48,915.01 1,315,0 11,986,0 5,882,0 6,579,0 2,095,0 4,149.0 2,788.0 1,969,0 1,891,0 2,582,0
962,0 6.737,0
Gold held excl. agst. F. R. notes 1,946,222, 174,942,0 429,933,0163,662,0 180,049,0 55,595,0 62,149,0 562,183,0 59,519,0
Gold settle't fund with F.R.Board 283,224. 17,033,0
94,524,0 9,251.0 22,959.0 11,204,0 8,344,0 60.833,0 8,305.0 43,481,0 53,262,0 26,047,0 135,500.0
9.704,0 11,960,0 4.881,0 24,228,0
Gold and gold ctts. held by banks_ 331,749. 15,843,0 190,315.0 9,972,0 17,918,0 6.365,0 8,052,0
30,029.0 9.031,0 3,245,0 11,291,0 4,146,0 25,542.0
Total gold reserves
2,561,195,1 207,818,0 714,772,0182,785,0 220,926,0 73,164,0 78,545,0 653,045,0 76,855,0 56,430,0
Reserves other than gold
205,280,1 20,989,0 52,646,0; 30,343,0 18.398,0 11,493,0 5,788,0 24,926,0 9,716,0 3,809,0 78,513,0 35,074.0185.268,0
7,012,0 10,320,0 9,840.0
,
Total reserves
2.766,475d 228.807,0 767,418,0213,128,0 239,324,0 84,657,0 84.333,0 677,971,0 86.571,0
Non-reserve cash
71,143,1 5,547,0
19,314,0; 3.079,0 3,556,0 3,432,0 5,185,0 13,160,0 3,824,0 60,239,0 83,525,0 45,394.0 195,108,0
2,127,0 2,190,0 3,812,0 5.937.
0
Bills discounted:
I
,
Sec. by U. S. Govt. obligations_ 202,225, 13,720,0 64,010,0 22,919,0 27,864,0 4,391,0 7,661,0 10,568.0 7,712,0 1,720,0
3,210,0 2,834,0 36.516,0
294,014,1 15,835.0
Other bills discounted
37,735,0 42,943,0 31,563,0 20,146,0 24,671,0 19,300,0 5,327,0 8,817,0 22,059,0 12,541,0 53,077,0
,
Total bills discounted
496,239,0 29,555,0; 101.745,0 65,162,0 59.427,0 24,537,0 32,332.0 29,868,0 13,039,0 10,537,0 25,269,0 15,175,0 89,593,0
3Ilis bought In open market
65,661.0 4,352,0
23,724,0. 5.365,0 8,232.0 3.787.0 2.585.0 7.843.0 2.237.0
632.0
891.0
924.0 7.089.0
Volume 134
Financial Chronicle
90 Cts,ters (00) omIttea.
To'at.
Boston, New York,
PMla.
4453
Cies,land, Richmond Atlanta. Chicago, St. L0111.3. Minneap. Kan.elly. Dallas. Sao Fran.
-BSOURCES (Concluded)—
u. S. Government securities:
Bends
rreasurr notes
Jertlficates and bills
429,056,0 21.027,0
194,997,0 12,045,0
1,068,154,0 63,657,0
5
$
3
$
$
$
S
$
5
184,635,0 30,005,0 35,119,0 9.980,0 10,721,0 60,851,0 12.565,0 16,824,0 10,600,0 14,149,0 22,580,0
76.361,0 15,708,0 20,739.0 5,894,0 6,221,0 23,455,0 7,125,0 5,448,0 6,217,0 2,450,0 13,334,0
439,963.0 83,320,0 110,005,0 31,259,0 33,110,0 123,457,0 37,790,0 28,875,0 32,993,0 12,997,0 70,728,0
Total U. S. Govt.securities
rifler securities
1,692,207,0 96,729,0
5,611,0
700,959,0 129,033,0 165,863,0 47,133.0 50,052,0 207,763,0 57,480,0 51,147,0 49,810,0 29,596,0 106,642.0
3,988,0 1,623,0
.otsi bills and securities
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All ether resources
•
$
$
2.259,718.0 130,636,0 830,416,0 201,183,0 231,522,0 75,457,0 84,969,0 245,474,0 72,756,0 62,316,0 75,970,0 45,695.0 203,324.0
3.645,0
295,0
1,273,0
400,0
374,0
148.0
137,0
12,0
20.0
520,0
107,0
104,0
255,0
15,500,0
282,0
5.401,0
384,0
798,0
945,0
767,0 1,956,0 1,501,0
371,0 1,064,0
266.' 1,765,0
418.230,0 46,391.0 121.924,0 35,452,0 43,606,0 30,595.0 9.114,0 50,936,0 16,502,0 8,244,0 21,410,0 9,891,0 24,165.0
58,083,0 3,336,0
14,817,0 2,873.0 7,965,0 3,612,0 2.489,0 7,827,0 3,461,0 1,834,0 3,649,0 1,787.0 4,433,0
42,316,0 1.703,0
23.304,0
820,0 1,607,0 3,910,0 3.688,0 1,464,0 1,269,0
1,363,0
921,0 1,292.0
975.0
5,635,110,0 416,997,0 1.783,867.0 457.319,0 528,752.0 202.756.0 190,662,0 999,308,0 185,904,0 136,506,0 188.836,0 108,241,0 435.962.0
Total resources
LIABILITIES.
F. R. notes in actual circulation_ _ 2,575,799,0 195.297,0
Deposits:
Member bank reserve account_ _ 2.101,243,0 136,521,0
Government
2,695,0
175,0
Foreign bank
60,122,0 4,621,0
Other deposits
34,368,0
376.0
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
$
2,198,428,0 141,693,0
411,713,0 47,314,0
154,809,0 11,521,0
259,421,0 20,039,0
34,940,0 1,133,0
574,175,0 247,239.0 287,949.0 88,324,0 112.921,0560.806.0 90,519,0 74,510,0 81,348.0 34,785,0 227.928,0
912,267,0 122,953,0 143,823,0 61,210,0 47,087,0 319,371.0 57,669,0 41,747,0 71,464,0 42,716,0 144,415,0
203,0
64,0
216,0
281,0
207,0
17,0
645,0
91.0
263,0
155,0
378,0
19,143,0 6,262,0 6,141,0 2,432.0 2,250,0 8,147,0 2,128,0 1,338,0 1,763,0 1,702,0 4.195,0
22,725,0
176,0 3,522,0
146,0
415,0
469,0
124,0
396.0
878,0
527,0 4,614.0
954,338,0 129,455,0 153,702.0 64,069,0 49,959,0 328.632,0 60,692,0 43,572,0 73,614,0 45.100,0 153,602.0
109,487,0 35,686,0 42,047,0 32.450,0 9,785,0 49,942,0 18,837,0 7,564,0 20,815,0 14,363,0 23,423.0
59,182,0 16,228,0 14.267,0 5,205,0 4,876,0 17,309,0 4,479,0 2,923,0 4,069,0 3,961,0 10,789.0
75,077,0 28,486,0 27,640.0 11,483,0 10,449,0 38,411,0 10,025,0 6,356,0 8,124,0 7,624,0 17,707.0
11,608,0 2,225,0 3,147,0 1.225,0 2,672,0 4,208.0 1,352,0 1,581,0
866,0 2,408,0 2,515.0
Total liabilities
5,635,110,0 416,997,0 1,783,867.0 457,319,0 528,752,0 202,756,0 190,662,0 999.308,0 185,904,0 136,506,0 188,836,0 108,241.0 435,962,0
Memoranda.
Reserve ratio (per cent)
57.9
67.9
50.2
56.6
.54.2
55.6
51.8
51.1
76.2
53.9
51.0
57.3
56.8
Contingent liability on bills pur
chased for foreign correspond'
102.212.0 7.7110 0
52 511 n In A2A n In 29A 0 4 ono n A 722 n 13 AAR 11 2 575 (1 9 2400 2 ORS (1 2.862.01 7.054.6
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at—
Total.
Boston.
New York.
4w,. ...Inhere (00) omitted.
$
$
Federal Reserve notes:
Issued to F.R.Bk. by F.R.Agt- 2,791,931.0 213,386,0
Held by Federal Reserve Bank- 216,132,0 18,089,0
$
2,818,320.0 213,980,0
$
$
$
$
$
8
5
8
8
$
638,724,0 259,091.0 299,467,0 93 670 0 132,090,0 594.226.0 95,915,0 78,233,0 89,616,0 39,918,0 257,595,0
64,549,0 11,852,0 11,518.0 5:346,0 19,169,0 33,420,0 5,396.0 3,723,0 8,268,0 5.133,0 29,669,0
In actual circulation
2,575,799,0 195,297,0
Collateral held by Agt. as security
for notes Issued to bank:
Gold and gold certificates
831,342,0 47,010,0
Gold fund—F.11.Board
1,065,965,0 126,617,0
Eligible paper
519,313,0 31,053,0
U. S. Government securities
401,700,0 9,300,0
Total collateral
P800.' .eveland. Richmond Atlanta. Chicago. St. Louis. Afiruseap. Kan.City. Dallas. SanFran.
574,175,0 247,239,0 287,949.0 88,324,0 112,921,0 560,806,0 90,519,0 74,510,0 81,348,0 34.785.0227,926.0
358,947,0
59,000,0
112,937,0
113,000,0
74,120,0 71.970,0
83,580,0 101,500,0
66,485,0 62,342,0
35,000,0 65,000,0
13,220,0
40,280,0
26,956,0
13.500,0
13,500,0 120,395,0
44,500,0 439,000,0
33,240,0 33,361,0
42,000,0 14,000,0
17,050,0
40,500,0
13,429,0
25,000,0
12.790,0 9.880,0 13,460,0 79,000.0
28,800,0 40,800,0 11,625,0 49,763,0
10,167,0 24,799.0 14,983,0 89,561,0
26,900,0 16,000,0
42,000,0
643,884,0 259,185,0 300.812.0 93,956,0 133,240.0 606.756,0 95,979.0 78,657,0 91,479,0 40.068,0 260,324,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 4406, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the
loan figures exclude "Acceptances of
all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills of exchange or drafts sold with endorsement, and Include
with endorsement were included with loans, and some
of the banks included mortgages In investments. Loans secured by U. S. Government other banks and bills sold shown
separately, only the total of loans on securities
obligations are no longer
being given. Furthermore, borrowing at the Federal Reserve Is not any more subdivided to
show the amount secured by U. S. obligations and those secured by commercial
paper, only a lump total being given. The number of reporting banks is now omitted; in it,
place the number of cities included (then 101). was for a time given, but beginning Oct. 9 1929 even this has been omitted. The figures have also been revised to exclude a
on Jan.2 1929, which had then recently merged with a non-member bank. The figures are nowbank in the San Francisco district with loans and investments of 5135,000,000
given in round millions instead of in thousands.
PRINCIPAL. RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER
BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JUNE 8 1932 (In millions of dollars).
Federal Reserve District—
Total.
Boston. New York
Leans and Investments—total
S
18,712
$
1,194
Loans—total
11,397
4.798
6,599
Phila.
Cleveland, Richmond Atlanta. Chicago. St, Louis. Minneap. Kan.City. Dallas. San Fran.
Reserve with F. R. Bank
Cash in vault
Net demand deposits
'rime deposits
Government deposits
Due from banks
Due to banks
Borrowings from F R Bank__ ____
774
4,354
645
294
480
2.012
2,342
322
323
420
3.117
224
196
1,927
1.190
1,639
96
205
16
10,991
706
5,624
413
114
9
1.203
122
2,727
135
207A
U.S. Government securities
Other securities
$
1,931
7,315
Investments—total
$
1.084
4,077
3,238
On securities
All other
$
7,471
793
53
5,425
1,190
44
109
1,140
573
505
$
2,437
1,185
336
333
537
648
126
210
111
222
439
746
237
169
270
402
344
113
124
71
12
620
264
12
97
168
9
103
25
833
815
7
74
211
9.
48
13
286
225
4
68
87
.90
$
$
Condition of the Federal Reserve
$
532
332
.535
384
$
1,734
1,698
319
197
277
246
1,033
786
912
125
194
55
142
80
197
77
169
273
760
172
739
213
135
258
138
701
87
85
422
317
82
131
65
70
131
127
82
56
373
328
29
7
223
193
9
60
78
cw
.
282
35
1,314
983
12
220
370
It.
37
6
284
203
2
80
99
9
21
5
174
145
1
58
62
49
12
352
179
2
108
138
in
26
6
229
127
5
81
79
Al
84
15
545
887
7
126
160
79
$
$
$
New
York.
Bank of
The following shows the condition of the Federal Reserve
of New York at the close of business June 15 1932,in
comparison with the previous week and the corresponding dateBankyear:
last
Resources—
Gold with Federal Reserve Agent
Gold redemp.fund with U.S.Treasury.
June 15 1932. June 8 1932. June 171931,
417,947,000
11,986,000
465,860,000
11,440,000
386.919.000
12,960,000
Gold held exclusively agst.P.R.notes
Gold settlement fund with F. R. Board.
Goldand gold ctfs. held by bank
429,933,000
94,524,000
190,315,000
477.300,000
108,209,000
181,845,000
399,879,000
130,493,000
652,212,000
Total gold reserves
Reserves other than gold
714.772.000
52,646,000
767.354,000 1,182,584,000
52,996,000
61,498,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations-Other bills discounted
767,418,000
19,314,000
820,350,000 1,244,082,000
20,047,000
20,404,000
64,010,000
37,735,000
63,291.000
37,173,000
21,067,000
12,197,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury Certificates
Certificates and bills
101,745,000
23,724,000
100,464,000
11,323.000
33,264,000
32,807,000
184,634,000
76,361,000
181,584,000
66.958,000
30,558,000
11,380,000
439,964,000
419,062,000
103,232,000
700,959,000
3.988,000
667,604,000
4,123,000
145,170,000
3,570.000
Total U.S. Government securities._
Other securities (see note)
Foreign loans on gold
Resources (Concludecl)—
Due from foreign banks (see note)
Federal Reserve notes of other banks
Uncollected Items
Bank premises
All other resources
Total resources
June 15 1932. June 8 1932. Junet7 1931.
$
$
$
229,000
1,273.000
1,270,000
4,927,000
5.401,000
4,523,000
121,924,000
90,650.000 156,180,000
15,240,000
14,817,000
14,817,000
6,647,000
23,304,000
23,304,000
1,783.867.000 1,758,475,000 1.662.520,000
Liabilities—
Fed. Reserve nOtes In actual circulation_
Deposits—Member bank reserve awl
Government
Foreign bank (see note)
Other deposits
574,175.000
912,267,000
203,000
19,143,000
22,725,000
561,130,000 273,577,000
920,675,000 1,053,047,000
21,747,000
23,735.000
13,388,000
1,443.000
10.462,000
8.098,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
954,338,000
109.487,000
59,182,000
75,077,000
11,608,000
963,908,000 1,088,687,000
88,085,000 149,071,000
59,130,000
65,495,000
75,077,000
80,575,000
11,145,000
5,115,000
TOW liabilities
1,783,867,000 1,758,475.000 1,662,520,000
Ratio of total reserves to deposit and
Fed. Reserve note liabilities combined..
53.8%
91.3%
50.2%
Contingentliability on bills purchased
Total bills and securities (See note)
830 416.000 783.514,000 214.811,000
for foreign correspondents
33.311.000
47.294.000 126,640,000
NOTE.—BegInning with the statement of Oct. 17 1925, two new items were added
in order to
foreign correspondents. In addition, the caption "All other earnings assets," OfeVi011ily wads Opsnow separately tne 831Jaat Of 08/8.11CO3 held auraaci aad amounts due to
Of Federal Intermadiate Credit Bank debentares was chanted to "Other
securities." and the caption,"Total earnings assets" to "Total bills and securities." The
latter term was adopted as a more accurate description of the total of the discount
acceptances and securities acquired under the provisions Of section 13 and 14 of the
Federal Reserve Act, which it was stated are the only items included therein.
Financial Chronicle
4454
Dip
•xf
Tarruntoo
ginanriat
gitP dmattirle
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
6 Mos.
including Postage—
12 Mos.
$6.00
Within Continental United States except Alaska
$10.00
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In Dominion of Canada
11.50
South and Central America, Spain, Mexico. U. B.
7.75
13.50
Possessions and Territories
Great Britain, Continental Europe (except Spain), Asia,
8.50
15.00
Australia and Africa
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WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce. New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert; Business Manager. William D. Riggs;
Treas., William Dana Seibert; See.. Herbert D.Seibert. Addresses of all. Office of Co.
Wall Street, Friday Night, June 17 1932.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 4941.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended June 17.
Sales
for
Week.
Indus. & Miscell.—
Affiliated Products— _*
Amalgamated Leather •
American Ice pref lie
Arch Daniels Mid p1100
Austin Nichols prior A
Barker Bros pref._ _1 ii
Brown Shoe pref. _ _100
Burns Bros cl A v t c__•
Preferred
1
2,700 5%June
lii
%June
lii 40 June
50 90 June
lee 12 June
640 16 June
10 110 June
650 1%June
100 4%June
11
13
17
16
11
16
13
14
17
4%June 15
11 %June 14
18 June 13
62%June .13
49%June 15
9 June lb
75 June II
8 June 16
8 June 16
9 June 11
3 June 1
200
180
100
40
30
60
1901
150
120
10
90
0
Hamilton Watch
1
Hat Corp pref
Island Creek Coal pre 1
Kelth-Aibee-Orpptlii
Kelly Spgfd Tire ctfs__*
lii
8% pref cUs
Kresge Dept St p1.1
Loose-Wiles Bis lstpfl
McLellan Stores pf.100
. lOs
Mengel Co pref.
Mesta Machine
80 2 June
2
8 June
10 86 June
100 7 June
%June
500
100 10%June
1 17 June
80 100 June
74 12%June
30 22 June
100 5%June
Scott Paper
•
Shell Tramp & Trad.E2
Sloss-Sheff St de Ir.._1
1
Preferred
lii
United
Unit Piece Dye pfd_100
lii
Maly Leaf Tob
Vulcan Detinning p1111
Walgreen Co pret..1II
5 per share.
30%June 13
30%June 15
12%June 15
19 June 17
1 June 16
4%June 16
Highest.
per share.5 Per share.
30
Apr 30% June
24% May 48
Jan
12
May 26% Jan
15% June 36
Jan
% June 3
Jan
3% June 9% Jan
250 23 June 11 26 %June 13 23
%
%June 11
40
%June 11
60 9 June 14 11 June 16 7%
%June 13
%June 13
100
%
%June 16
%June 16
200
Columbia Pictures v t 00
Comm Cred pref (7).5
Crown Cork & Seal pr.*
Cushm Sons pt(7%)100
Preferred (8%)_*
Fuller Co prior pref.—0
General Cigar pref_ _1 ii
Gen Gas & Elec pf A(7)*
Preferred A (8)
Gen Steel Castings pref.,
Guantanamo Sug pf iii
Nat Distillers Prod pf 5
Newport Industries__ _1
N Y Shipbuilding._ ...*
iii
Preferred
100
Outlet Co pref
Pan-Am Pet & Trans_•
Class B
Pirelli Co of Italy
Procter&Gamblepflss
Lowest.
Highest.
Par. Shares. 3 per share.
Railroads—
20 30 June 13
Canada Southern__ _100
300 29 June 15
Hudson & Manh pf_100
100 12%June 15
III Cent preferred _ _100
100 19 June 17
100
Leased lines
%June 1
120
Int Rys of Cent Am__
100 3%June 14
lii
Preferred
Manhat Elev guar- _1
lii
Market St RY
Nash Chatt & St L.1
Nat Rysof Mex lot p1111
100
Wabash pref B
Range Since Jan. 1.
Range for Week.
Lowest.
June 46% Mar
May
% Jan
may 27% Jan
May
if May
June 3
Jan
17
13
17
16
11
16
13
14
17
4%
%
40
85
12
10
05
1
4%
May 16%
Apr
fi
June 68
Apr 95
May 16
Apr 30
June119%
Jan 1%
June 30
Mar
Mar
Mar
Feb
Jan
Jan
Jan
Jan
Jan
5%June 15
12%June 16
18 June 13
64%June 13
52%June 13
9 June 15
79%June 16
10 June 16
15 June 16
9 June 11
3 June 14
4%
11%
17%
62%
49%
2%
75
6
8
8
3
May 7%
June 21%
June 24
June 90
June 76
May 9
June101
Apr 29%
June 40
Mar 16
June 3%
Mar
Mar
Jan
Mar
Mar
June
Feb
Feb
Feb
Jan
May
Feb
June
June
Feb
May
May
Feb
Jan
Mar
Jan
Jan
6%June
%June
40 June
90 June
12 June
16 June
10 June
1 %June
4%June
11 2 June
8%June
1
1 86 June
14 7 June
/,June
7
11
16 10%June
14 17 June
1 1003.(June
1 12%June
17 23 June
5%June
1
11
14
15
14
17
16
14
16
17
14
17
2 June 12
8 June 8%
Apr 86
85
May 25
7
% May 1
9 June 11%
17 Jane 33%
97% June1154
12% June 36
May 38
20
5% May 19%
25%June
1 %June
1%June
25 June
98 June
7%June
7%June
22 June
90 June
11
14
1
17
16
1
1
1
17
29 June
1 %June
2% June
30 June
98 June
7%June
13%June
22%June
91 June
1
14
16
13
16
1
1
1
11
20%
1%
1%
20
98
7%
May 32%
June 2%
June 6%
June 57
0
j nel17%
Ju
Feb
Mar
Feb
Mar
Jan
June
7% June 8% June
June 31% Mar
21
Jan
89% June103
30r19%June
130 10%June
100 3%June
10 10 June
10 1 Arne
50 65 June
30 72 June
20 63 June
100 60 June
16
1
1
17
13
16
1
11
13
20%June
10%June
3%June
10 June
1 June
65 June
72 June
64 June
60 June
14
17
13
1
1
16
1
11
13
18
8
3%
7%
%
65
7114
62
60
May
Apr
June
Mar
Apr
June
May
May
June
1,000
800
800
120
50
100
300
200
80
42
15%
10
14
1%
93%
90
71
72
Feb
Mar
Feb
Jan
Mar
Jan
Mar
Mar
Apr
No par value.
Quotations for United States Treasury Certificates of
Indebtedness, &c.
Maturity.
Int.
Rate.
Bid.
Asked.
Maturity.
Sept. 15 1932.-June 15 1933___
Mar. 151933...
May 2 1933...
Sept. 15 1932....
May 2 1933--
1%%
1%%
2%
2%
3%
3%
100in
100$o
1001,
33
100%
,
100 n
s2
101,,
100 o
,
,
100 32
100wn
1002s,
100,112
101un
June 15 1935--Aug. 1 1932.-Oct. 151932...
Dec. 15 1932...
Feb. 1 1933.—
Mar. 15 1933._
Int.
Rate.
Bid.
June 18 1932
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Below we furnish a daily record of the transactions in
Liberty Loan and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Asked.
3%
10098 100no
.10013.1
314% 10010
334% 1002783 1001082
% % 101",, 1011in
3
1,
3
% %101 25.. 1010
,
334% 101un 102 s:
Daily Record of U. S. Bond Prices. June 11 June 13 June 14 June 15 June 16 June 17
First Liberty LoanMet 10020s
.
334% bonds of 1932-47—{Low_ 10010
Close 1001.3
(First 3%s)
Total sales in $1,000 units-92
Converted 4% bonds of High
of(
---1932-47 (First 43)____ Low.
----Total sales in $1,000 units._---Converted 434% bonds1High 101102
of 1932-47 (First 4%s) Low_ 101",
Mae 10114
Total sales in $1,000 units.—
16
Second converted 434% High
---bonds of 1932-47(Fkst) Low---(Second 434s)
Fourth Liberty Loan
{High
434% bonds of 1933-38
Low.
(Fourth 434s)
Close
Total sales In $1,000 units_
{High
Treasury
Low.
4%s, 1947-52
Close
Total sales In $1,000 units_
(High
Low_
48, 1944-1954
Close
Total sales in $1.000 units_
{men
3%o, 19464958
Low.
Close
Total sales in $1,000 wilts__
{High
Low_
330, 1943-1947
Close
Total sales in $1,000 units_..
(High
Low.
38, 1951-1955
Close
Total sales in $1,000 units.-{
High
Low.
3348, 1940-1943
Close
Total sales in UAW units.—
{
High
334s, 1941-43
Low.
Close
Total sales in $1,000 units._
(High
3%1I, 1946-1949
Low.
Close
Total sales in 51.000 units_
100"st
10013
6
10018,,
37
- -- -—------1011,n
101",,
101",,
11
---- ---
10020s: 100223 101
1001, 1002
6
.6 10022
6
1001h, 10022,, 1002.,,
74
118
350
---- 100".. 1003
6
---- 100.6 100..
---- 100 6 100 ..
,
,
11
---101u101",,101u101",,101,0a:
101"32 101173, 101.,
17
1011,21 101",, 101171:
8
36
17
------.
_._
----------
101
1002
.6
10027u
170
-----101":1
1011713
1011,32
43
...._
—
1021282 102"3: 102,, 1021% 102",,10214
s1
..
.102.
10210
. 1023
. 102.
. 10210. mi..
1021.3 1020a: 102 n 102,0st 102ust 10212t:
,
140
265
288
235
427
207
1044n 104 22 104,4n 1050n 10511,, 1042032
,
10331
.104 6 104 6 104.. 104.2. 1040).
,
,
1043
6 1044,, 104 82 105 st 104un 104":2
,
,
82
78
326
290
260
458
,
101'st 101'n 1011% 10211 2 103
102"st
101
101.
100n.
. 101n
.
102"., 102 .,
,
., 1013, 10210,, 10210
1011,, 1011
., 102n..
6
227
131
311
350
192
250
980,
n 98"st 99 32
,
9924n 100 22 100
,
98",, 98 n 98",,98u
,,
99
99,,
s2 99un
98203, 982012 98'',, 99,4n 998022 991832
31
118
895
563
344
199
96,432 98"st 96ut
97,4
:2 98
98 st
,
953132 96 n
,
96113
97
971,
6 9710
..
98,,n 9810st 961231 97,2ss 9724n 98 st
,
19
11
205
569
26
147
91.. 91,
22
92,4n
91ust 92"st 93 n
,
4n 91 1
.. 9210
. 92101,
90"n 90,1st 91,
91
91 s2
,
9120:1 92"st 92"12 9220st
219
44
671
790
460
564
: 982
961,
6 96",, 97
9830
.,
.. 98,,
9020,, 96241
N un 9612,,
98utt 98"st
, 98,0n 982011
9012,2 9615n 96,6s: 98,,
39
91
59
26
29
77
98",, 98'n
96",, 96116 9622
6 98
97,0:2 97"te
96',,
98 22
,
98"st 97
9010,2 Nun 972,st 970082 981st
98 st
,
159
242 1,050
287
41
27
92332
92',, 93
93":: 94 st
,
93uss
91122
91ust 92"2, 92",, 93":: 93",,
912,32 92',, 921'33 9320,
93,0s2 9322st
21e
les
204
620
390
353
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st 4%s
9 4th 4%,
1 Treasury 4119
1011232 to 1011h:
1020,2 to 102 :t
,
103"n to 103 0s,
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 3.610
3.63% for checks and 3.61%@3.64 for cables. Commercial on banks.
sight. 3.60%(3.63 ; sixty days, 3.59%©3.61; ninety days, 3.59%@
3.60%, and documents for payment, 3.66%@3.67%. Cotton for payment, 3.60%, and grain, 3.60% •
To-day's (Friday's) actual rates for Paris bankers' francs were 3.92 9-16
(43.93 1-16 for short. Amsterdam bankers guilders were 40.33@40.34.
Exchange for Paris on London, 92.06; week's range, 93.34 francs high
and 92.06 francs low.
The week's range for exchange rates follows:
Sterling, Actual—
Checks.
Cables.
High for the week
3.69
3
.69%
Low for the week
3.61
3.6134
Paris Bankers' Francs—
High for the week
3.94%
3.94 7-16
Low for the week
3.92%
3.92%
Germany Bankers' Marks—
High for the week
23.68
23.69
Low for the week
23.60
23.63
Amsterdam Bankers' Guilders—
High for the week
40.49
40.52
Low for the week
40.29%
40.33%
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 0000.
A complete record of Curb Exchange transactions for the
week will be found on page 4471.
CURRENT
NOTICES.
—Announcement is made of the formation of Herold, Middleton & Co.,
Inc., to transact a general business in investment securities, with offices at
111 Devonshire St., Boston. Members of the firm are: Paul J. Herold,
John L. Middleton and Harvey L. Alexander.
—Dunne & Co.,40 Wall St., N.Y.,announces that Stanley McCullough,
formerly with Stranahan, Harris & Co., Inc., is now associated with them
In their Florida Municipal Bond Department.
—A. Fred Matzke. formerly manager trading department Fletcher
American Co.. Indianapolis, is now associated with Pfaff & Hughel, Inc.
investment security dealers of Indianapolis.
—State National Securities Corp.
,Indianapolis, has been formed to assume
and carry forward the operation of the Investment and Insurance Depart
,
monis of the Peoples State Bank.
—O. P. Nelson & Co., municipal bond specialists, have moved their
offices to 50 State St., Boston. Their telephone number has been changed
to Lafayette 0484.
—Clark, Dodge & Co. announce the opening of a branch office in Boston
under the management of Ralph Lowell. The office will be located at 70
Federal Street.
—Ira B. Wagner announces the formation of the firm of Wagner dc Co.
to conduct a general investment business with offices at 70 Wall Street.
—A. F. Schiff & Co., members New York Stock Exchange, Ill Broadway, New York, has been dissolved as of June 10 1932.
—Smith & Marache announce the removal of their offices to 40 Wall
Street.
Report of Stock Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages—Page One
Kr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE PAGE PRECEDING.
HIGH AND LO1V SALE PRICES—PER SHARE, NOT PER CENT.
Saturday
June 11.
Monday
June 13.
1Vednesday
June 15.
Tuesday
June 14.
Thursday
June 16.
Friday
June 17.
Sales
for
the
Week.
PER SHARE
Range for Year 1932
On basis of 100
-share tots
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest
Highest
$ per share
per share $ per share $ per share $ Per share $ per share Shares
Par $ per share
Railroads
4
27
/ 301s 2712 2812 278 2014 283 303
1
4
4
3112 2712 30
2 29
/ 86,300 Ateh Topekr,& Santa Fe-100 2314May 31
1
4
47
4812 47
48
4612 4612 4612 4912 4914 51
*47
4812 2.500
Preferred
100 4212June 2
15
15
14
14
14
143
14
4 15
1514 15
16
1412 2,300 Atlantic Coast Line RR-100
0 4MaY 26
3
512 65
2
53
4 612
6
/ 7
1
4
5
/ 612 20,400 Baltimore & Ohio
1
4
52 5
,
/
1
4
612 652
3
/
1
4June 1
100
*8
9
*7
/ 9
1
4
83
4 83
4
*712 8
900
8 2 94
,
/
1
9
/ 914
1
4
Preferred
100
6 June 3
*11
/
4
151 *111 1512 *1112 14
*1212 16
1312 1312 *1312 154
/
1
100 Bangor & Aroostook
912June 2
50
62
*50
*50
62
*56
70
56
*56
70
564 *5612 70
/
1
20
Preferred
100 50 June 1
*4
9
9
*4
*4
9
*5
9
*5
8
*5
8
5 May 4
Beaton & Maine
100
4
*312 4
.25
8
*252 4
*252 4
*3
4
*31 4
/
4
3 June 10
Brooklyn & Queens Tr_NO Par
*31
35
35
3512 3314 3314 x32
32
*2812 45
*2812 45
400
No par 31 June 3
Preferred
1214 131
1234 1578 144 1614 123 143
/
1
4
4 1312 143
2 1212 133 125,300 Bklyn-Manh Tran vie No Par
4
1112June 8
3314 371
34
4014 3912 42
3812 4112 4012 4112 40
/ 411 27,300
1
4
/
4
No par 3112June 8
Preferred•to
*12
2
8
2
4
•
/
1
4
*12
as
12 Apr 13
as
100 Brunswick Ter&Ry See No par
*12
/
1
4
/
1
4
*13
34
91
812 8
9
9
9
/
1
4
/
1
4
/
1
4
714May 31
4 9
84 9
/
1
83
25
8
/ 914 16,600 Canadian Pacific
1
4
*40
65
40
40 *- - - 3912 •____ 45 *____ 38
38
10 Caro Clinch & Ohio etpd--100 40 June 13
12
133
8 113 1214 113 123
4
4
4 1214 1314 13
14
113 1312 64,000 Chesapeake & Ohio
4
25 1012May 31
/
4
*13
4 2
*112 13
4 *11 2
11 13
/
4
Patine 2
4 *13
4 2
200 Chicago Great Western___100
13
4
11
/
4
*43
4 5
43
4 43
4 *414 43
212May 25
43
4 5
43
4 43
4
5
/
1
4
4 2,100
100
5
Preferred
1
11
/
4
1
1
•1
112
%June 1
1
1
1
1
1
1
1,500 Chicago Milw St Paul & P_.
112 112 *114 .112
112
412 13
4
18
118May 26
112 112
413
4
900
112
Preferred
314 314 *3
3
/
1
4
23
2 May 31
4 312
314 312
3
3 18 4,400 Chicago & North Wmtern_100
3
/ 3
1
4
/
1
4
*512 9
*512 9
*512 9
53 June 16
4
618 618
200
100
5
/ 53
1
4
4
*512 7
Preferred
/ *252 314
1
4
23
4 314 *212 3
2
/ 314
1
4
112May 25
3
/ 3
1
4
/
1
4
2
/ 312 2,000 Chicago Rock 121 & Pacifle_100
1
4
*43
8 63
414May 26
8 *41 61 *412 858 *5
/
4
/
4
/
4
8
6
/ *5
1
4
6
/ *51 63
1
4
100
7% preferred
*312 5
44 412
/
1
4
4 14
2 May 2'
412 412
5
5/
1
4
700
100
*312 5
6% preferred
*512 1612 *512 1612 *512 1612 *512 161 *512 15
5 May 18
100
*512 15
/
4
Colorado & southern
5
*2
5
*2
*2
4
*212 5
*3
5
6 Apr lb
*3
5
Consol RR Of Cuba PveL-100
42
45
*41
44
45
44
4312 4012 44
44
5.500 Delaware & Hudson
463
4 43
100 37 June 2
/
4
1214 1234 1212 13
812100e 1
/ 1114 12
1
4
4,400 Delaware Lack & Western-60
1114 1114 1112 1112 111 12
212 *13
8
8 2
/
1
4
*11 252 *132 25
/
4
8 *132 24 *132 212 •13
/
1
112May 28
200 Eene & Rlo Or West Pre7
Drie
-100
3
/ 3
1
4
/ *33
1
4
4 4
2 May 31
"312 4
3
/ 3
1
4
/
1
4
100
/
1
4
/ *312 3
1
4
*312 3
"43
4 512
/
4
45
8 4
/
1
4
4 4 43
3
45
2 5
2
/
1
4May 19
4 .412 512 *412 51
500
100
First preferred
.25
8 3 2 *2
312 *212 312 *2
312
3
3
*214 3
/
1
4
2 May 25
,
100
100
Second preferred
852 81
8
8
/
1
4
8
/ 83
1
4
4
8
8
/
1
4
814 8
/
1
4
/
4
512May 28
7 4 73
3
4 3,000 Great North*rn preferred-100
6
*1
6
*1
*I
6
*1
6
*I
6
*1
6
2 May 3
Gulf Mobile & Northern_.100
th
414 *3
414 *3
*3
414 *3
414 *3
414 *3
414
3 June 1
100
Preferred
•1214 123 *1214 143
4 13
13
*1318 15
15
4
15
*14
16
8
200 Hudson & Manhattan
100
85,
712 8
852 712
812 7
7
73
4
/ 13.100 linnets Central
1
4.
7
652 7
4
/
1
4June 1
100
8
8
*4
*4
*5
8
612 *5
6
6
*5
6121
10
4 May 5
RR See stook certificates_ -23
4 3
312 412
312 4
214June 10
3
/ 414
1
4
3
/ 33
1
4
3
/ 33 12,800 Interboro Rapid Tram•s o_100
1
4
4
41
412 *3 • 412
4
412
414 414 *414 514 *352 4121
*3
214June 1
400 Kansas city Southern-100
*522 94 *5 2 912 *512 712
/
1
5 June 9
73
4 912
,
952 9
/
1
41
9
/ 914
1
4
500
100
Preferred
8
614 *512 6
5
/ 614
1
4
5 June 8
5
/ 612
1
4
54 014
/
1
5
/ 5
1
4
/ 2.200 Lehlgb Valley
1
4
50
712may 26
10
11
11
1134 113 13
3
4
11
9 4 9 4 1014 11
3
1212 3.900 Louisville & Nash vIlle__ _100
412 5
6
714
81 6
51 6
/
4
6 6
4 June 8
/
4
/
1
4
6
6 14 9,900 Manhat Elm modified guar 100
,
*23
4 3 4 *23
4 314 *2
,
4 314 *3
314 *3
314
37,4J Uaayn
188 ts.T ne
/ 3 4 *23
1
4
,
Market St By prior pref_.100
*l
14
11
*12
14
12
•18
18*
14
*1
/
4
14
*1
/
4
14
Minneapolis & St Louis— _100
3
*3
4 28
*3
4 2
/
1
4
*3
4 2
/
1
4
118 112
13
*3
4 2
/
1
4
100 Minn St Paul & 8 S Varie- 100
"4
8
18
4
*2
2
/ •13
1
4
4 212
11 11 *2
/
4
/
4
2
/
1
4
2
/ 212 '17
1
4
8 2
/
1
4
114May 26
600 Me
-Kan-Texas RR----No par
7
512 512 1,100
*54 6
/
1
5
5
*514 6
6
614
6
314June 1
/
1
4
100
Preferred
2
212
2
2
*2
218
212 218
2
212
2
/ 2
1
4
/ 1,800 Missoirt Pacific
1
4
112May 25
100
3
/ 4
1
4
34 3
3
4
4
/
1
4
4
/
1
4
3
/ 4
1
4
2 21:1ay 28
11
44sy
4,500
34 4
3
412
100
Preferred
•12
14
14
*Is
14
18 Feb 9
*1
/
4
14
*18
*1
/
4
1
14
*Is
/
1
4
Nat FOS of Mesta,20 pre!_100
11
123
2 1012 1132 1112 12
111 12
/
4
/ 121 1414 113 1312 126.200 New York Central
1
4
/
4
83
4June 2
4
100
312 *3
*3
31. *3
312
500 N Y Chic & St Louis Clo 100
18
33
4
2
/ 3
1
4
312 312 *3
*3
312 "23
4 314
312
3
3
3
3
400
2 June 2
109
3 4 314 *3
,
Preferred
9712 9712 *95 100
9714 9714 *95
99
97
96
93
160 N Y& Harlem
96
59 8214May 18
5l
928
8
912
8
73
4
Ks 18,700 NYNH& Hartford
78 824
81
/
4
100
6 May 26
712 814
*17
18
1814 1624 153 161
16
4
163
4 1614 18141 1712 18
1418May 31
/ 2.500
1
4
Preferred
*41 5
/
4
*412 5
*412 5
400 N Y Ontario & Western-100
412June 2
5
5 5
8 51 *5
/
4
514
5
A1
/
4
2
8
*1
/
4
1
*12
5,
*is
13
*is
121
N Y Railways pref.--NO Dar
/
1
4
14 Apr 19
138110* 1
*1 14
/
4
*1 13
/
4
4
*1 13
/
4
4
*
/ 13
1
4
*
/ 13
1
4
4
*3
4 13
4
100
Norfolk Southern
69
73
71
71
*6612 71
7014 71
71
71
7314 1 68
2,500 Norfolk & Weetarn
100 6112June 2
269
14
7514 1 *69
*65
71
*65
751 *89
7514 *69
75
75,
4
100 6712 Jan 2
Preferred
512may 26
8
/ 87
1
4
8
8
9
712 82
8
814
8
8 ' 8
/
1
4
814 7,200 Northern Pacifie
100
*14 214
*14
214
*14 21
*14 214
1 Mar 17
*14 2141
*14 214
100
Pugh, Coast
812 8
/
1
4
812 81
/
1
4
812 83
4
83
2 8
83
8 912
814 9
18,600 Pennsylvania
612June 1
60
"1
4
/ *I
1
4
47
*1
4
/ "1
1
4
41 *1
/
4
284t •1
2
/
1
4
/
1
4May 27
100
Peoria & Eastern
*222 314
23
4 23
*222 31
4
314 314 *212 4
2 June 1
300 Pere Marquette
212 25,
100
41 4
/
4
/ *4
1
4
63
422
63
4
4
*4
412 5
220
312June 2
*43
/
1
4
100
4 6
Prior preferred
*3
/ 5
1
4
"352 5
3is 352 *3
/ 5
1
4
/ 5
1
4
212June 1
/ *3
1
4
30
3
/ 3
1
4
100
Preferred
*2
8
8
*2
"2
8
*2
8
*4
8
"4
9 Apr 2
Pittsburgh & West vtrifinia 100
1012 1012 1014 101
1012 1012 *12
1212 12
9i2june 10
123
4 1212 1212 1,000 Reading
50
•I5
19
*15
19
*15
19
*15
19
*15
22
*15
22
60 19 May 16
let preferred
*15
16
15
15 *--- 16 *____ 16
1113
17
16
16
400
15 May 2
Rd preferred
Ps 11
*1
112
•
1
14
,
11 134
/
4
11 11
/
4
/
4
152 11 1,000 St Louis-San Francisco.
/
4
..100
52May 28
•14 17
/
1
2
11 vs *114
/
4
11
/
4
112 2
214 212
2
2
2.200
/
1
4
I May 2
100
let preferred
•3
512 *28
4 6
•3
6
*3
6
*4
6
*4
6
3 May 21
St Louis Southwestern- —100
*714 193
4 *71 193
4 *714 193
4 *714 193
/
4
4 *714 19 4 *714 19 4
3
3
9 Apr 15
/
1
4
3
2
4
2
14
14
300 Seaboard Air Line
*14
/
1
4
No per
*14
/
1
4
*14
3
2
*14
/
1
4
14 Jan
*14
3
2
/
1
4
*1
/
4
*14
3
8
*14
/
1
4
*14
100
/
1
4
•1
/
4
/
1
4
Preferred
812 9,2
914 1014
85
8 91
/
4
83
4 912
9
1058 30,200 Southern Pacific Co
6121111ln 1
914 1012
100
4
4
312 4
3
/ 41
1
4
/
4
3
/ 4
1
4
4
4
2,900 Southern Railway
212May 16
3
/ 4
1
4
100
5
5
*41 5
/
4
*4
5
5
5
4
/ 514
1
4
5
5
1,500
43
8June 1
100
Preferred
*5
20
.5
20
"5
20
*5
20
*5
20
•5
20
Texas & Paelflo
100 15 May 12
.32
4 37
8
4
/ 5
1
4
• 43
4 43
4 *44 5
/
1
4
/ 5
1
4
412 412 1,300 Third Avenue
3
/
1
4May 28
100
•112 2
"112 13
4 *112 3
4 *112 13
*112 134 *112 11
/
4
13 Apr 20
8
Twin City Rapid Transit-100
*7
9
•7
9
*7
9
*7
9
10
7
7
7 June 16
*714 9
Preferred
100
3812 37
41
37
37
4014 39
/ 411 39 4 4212 37
1
4
/
4
3
/
1
4June 2
407 51,000 Union Faatfle
8
100 32
*40
43
43
/
1
4
*383 45
8
43
*4012 45
700
44
441 4312 45
/
4
Preferred
100 40 May 31
114 *1
112 "1
114 *I
*1
114
100 Wabash
1
1
*1
1 14
%June 2
100
2
*1
*1
•1
2
112
114
114
300
112 112
11 1 12
/
4
Preferred A
100
1 June 1
11 11
/
4
/
4
218 214
•11 214
/
4
212 2
/ 1,300 Western Maryland
1
4
212 3
2
2
112May 28
100
*112 4
*112 4
*112 4
*2
100
4
•2
/ 4
1
4
23
4 2
/
1
4
2 May 26
26 preferred
100
*1 1
/
4
/
4
.7
8
*1 1
*1 1
/
4
100 Western Paelfle
igune 9
*5
4 1
5
8
5
8
100
112 •118 112 *114
112
300
118 114 *1
112 112 *11 11
/
4
/
4
4May 31
Preferred
100
3
May 31
7
8
1
2
3
*9
13
*68
80
2
2/
1
4
25
16 " 2
3,
/
4
1012 101
*11
/
4
2
40
/ 38
1
4
4,18
1
8
83
*4
/
1
•5
8
2
88
12
•118
13
*112
*7
8
•7
8 2
.2
8
3
.514 7
*514
3
1
•2
13
068
2
25
•1338
"1012
•12
8
385
8
.
/
1
4
812
84
*7,
/
1
4
2
112
1412 *9.
82
214
2
26
24
"13
16
/
1
4
1012 10
2
*11
/
4
4 39
393
•12
8
812
As,
2
5
5
5
8
*Ds
13
*7
8
13
48
8
13
•524
73
I
.1
2
13
4 •134
143
4 *9
82
_
218
2
24
2214
16
.14
10
•10
2
"11
/
4
40
/ 4014
1
4
.18
8
/
1
4
84
/
1
2
•
/
1
4
/
1
4
134
1
13
4
*1
/
4
*
/
1
4
1,
4
784 *514
1
*7
2
2
*13
4
1434 *9
82
214
214
2412 23
1612 *133
8
102 10
2
*112
423
4 41
•
/
1
4
1
914
9
.
112
2
/
1
4
/
1
4
11
*1
13
*1
/
4
114
1
74 *514
/
1
Industrial & Miscellageou
1
7
8
/
1
4
900 AbitIbl Power & Paper_No par
2
*13
8 2
500
Preferred
100
1434
1434 *9
200 Abraham & Straus----No par
82
82
Preferred
100
8 7,700 Adams Expresso
2
/ .214 23
1
4
No par
27
620
*22
25
Preferred
10
16
•13
/ 161
1
4
Adams Millis
No pa
1,000 Addrenograph Int CorpNe per
10
9 4 10
3
2
•112 2
Advance Runlet" new_Ne pa
39,900 Al, Reduction Ine__ __No pa
42
/ 381 41
1
4
/
4
*12 1
1
Air-way glee Appliance No par
/ 914 13,800 Alaska Juneau Gold Min__ _1
1
4
8
9
/
1
4
2
*4 2
/
1
Never
A P W Paper Co
8,700 Allegnany Corp
No par
3
4
5
8
3
11
500
13
4 •1
Pref A with $30 weer-- —100
*1 13
/
4
Pref A with $40 wan----100
13
4
4 8 114
,5
1
200
Prof A without warr— --100
73
4 *514 73
Allegheny Steel 0oNo pep
, • g„.211,44.ni
lbw 18
•Bid and asked Priem* no *ale on
80% stook d1v16•126 paid
ra Apr 29
112June 14
10 June 1
72 June 6
/
4May 31
11
2214June 15
12 June 1
3
9 4June 17
114June 8
344may 4
12June 6
73
4Jurie 9
2 Apr 22
sMay 31
3
3
4Nfay 31
%June 3
3 lune 11
4
5 May 27
• 141-4111r1dand
PER SHARE
Range Jo Previous
Year 1931
Lowest
Highest
per share $ per share $ per share
94 Jan 1
794 Dec 203 Feb
/
1
4
375 Dec 1084 Apr
86 Jan 1
25 Dec 120 Jan
4112 Jan 1
14 Dec
213 Jan 2
8
87: eb
80 r
71 F
25 Dec
411 Jan 1
/
4
663 Feb
4
18 Dec
2412 Jan 1
/
4
80 Dec 1131 Mar
7912 Jan 1
86 Feb
144 Jan
10 Dec
13s8June
612 Oct
101 Mar
/
4
644June
/
1
58 Mar
46 Dec
693 Mar
8
311 Oct
/
4
5014 Mar
944 Feb
/
1
63 Dec
7838 Mar
911 Feb
11 Dec
/
4
2 Jan 1
3
45 2 Feb
2038 Mar
1046 Dec
72 Dec 102 AV
70 Feb
464 Feb
23 Dec
/
1
4
8112 Jan 1
7 Feb
/
1
4
2 Dec
12
438 Jan 1
7 Dec
12
2713 July
15 Jan 22
/
1
4
87 Jan
8
3 Jan 1
/
1
4
112 Dec
/
1
5 Jan I
/
1
4
24 Dec
/
1
154 Feb
6512 Feb
12 Jan 1
/
1
4
5 Dec
13 Dec 116 Mar
/
1
4
31 Jan 2
8512 Jan
7 Dec
/
1
4
164 Jan 2
/
1
14 Dec 101 Mar
2712 Jan 1
90 Jan
2412 Jan 1
1011 Dec
118 Jan
712 Dec
17 Mar 6
424 Feb
/
1
1113 Jan 2
10 Dec
8912 Feb 13
64 Dec 15714 Feb
284 Jan 13
/
1
173 Dec 102 Jan
4
45114 Feb
818 Dec
9 Jan 15
5 Dec
393 Feb
4
10 Jan 22
451 Feb
/
4
131 Jan 28
/
4
8 Dec
/
1
4
4012 Jan
5 Dec
94 Jan 11
/
1
69 Feb
/
1
4
154 1)ec
/
1
25 Jan 14
3 Dec
/
1
4
3714 Feb
8 Jan 14
18 Dec
75 Jan
1412 Jan 21
4412 Feb
254 Dec
/
1
2
30 4 Jan 18
99 Feb
9 Dec
/
1
4
1814 Jan 22
61 Jan
7 Dec
144 Jan 28
34 Mar
4 Dec
/
1
4
1438 Mar 7
45 Feb
/
1
4
13 Jan 22
/
1
4
6 Dec
54 Feb
2324 Jan 18
15 Dec
61 Jan
8 Dec
18 Jan 12
32 Jan 14
/
1
4
2014 Dec lii Feb
39 Feb
6 8 Dec
7
2034Mar 8
22 Feb
511 Dec
93814 ; 2
8 11arn 162
J
:n 6
Dec
2 Jan
4
1112 Feb
1 Dec
Vs Dec
7 4 Jan 22
2
264 Jan
/
1
85 Jan
104 Dec
214 Jan 22
/
1
4
422 Feb
11 Jan 22
6 Dec
/
1
4
12 Dec 107 Feb
2a Jan 26
12 Jan
1 Oc
8
se Jan 12
247k Dec 13214 Feb
86 Jan 16
/
1
4
212 Dec
88 Feb
912 Jan 12
5 Dec94 Mar
15 Jan 22
/
1
4
125 Jan 15 s101 Dec 227 Feb
/
1
4
17 Dec
94 Feb
313 Jan 21
8
3
52 Dec 119 8 Vet
783 Jan 14
4
514 Oct1378June
814 Jan 22
8 Feb
3 un
4
1 Feb 26
14 Dec
1s uo
2 Jan 14
/
1
4
185 Feb 17 10538 Dec 217 Feb
6512 Dec93 Mar
78 Jan 22
60 11 Jan
7
144 Dec
2314 Jan 22
7 Mar
11
/
4June
112 Feb 18
64 Feb
1614 Dec
23 Jan 21
/
1
4
94 Jan
14 Dec
8 Jan 14
85 Feb
4 Dec
13 Jan 14
9214 Feb
/
1
4
8 Dec
19 Jan 14
80 Jan
54 Dec
1714 Jan 14
86 Jan
11 Dec
15 Jan 11
97 Feb
/
1
4
62 Jan 14
80 Dec
46 Jan
28 Dec
33 Jan 29
47 Jan
2748 Dec
30 Jan 22
62 Jan
/
1
4
3 Dec
/
1
4
6 Jan 14
76 Jan
414 Dec
93 Jan 22
4
1112 Jan 28
614 Dec
3312 Jan
138 un
80 Feb
814 Dec
4
2012 Jan 28
7 Jan 28
,
8
4 Dec
212 Jan
Feb 2
37 Jan 21
/
1
4
3612 Dec 1094 Feb
657 Feb
4
638 Dec
13 Jan 14
83 Feb
10 Dec
2011 Jan 22
22 Dec 100 Jan
33 Feb 2
511 Apr1154 July
14 Mar 8
17 Feb
/
1
4
412.1une 10
2 Dec
82 Feb
111 Dec
/
4
244 Jan 26
/
1
944 Feb 13
7018 Dec 20515 Feb
67 May
51 Dec
83 Jan 18
25 Jan
7 Dec
8
4 Feb 2
51 Jan
112 Dec
6 Jan 28
192 Feb
6
5 Dec
72 Jan 22
4
20 Feb
5 Dee
812 Jan 22
147 Feb
2
4 Jan 14
12 Dec
4
$12 Feb
6
3 Dec
62 Jan 22
2
8 Feb 13
914 Jan 15
24 Jan 18
98 Mar 1
52 Jan 11
4
70 Mar 3
3038 Mar 8
13 Feb 11
812 Mar 7
6212 Mar 8
4 Mar 3
164 Jan 21
/
1
4 Mar 15
34 Jan 14
732 Jan 22
612 Jan 22
614 Jan 15
13 Jan 7
p Et-rights
2 Dec
/
1
4
2 Dec
18 Dec
96 Dec
312 Dec
60 Dec
/
1
4
2214 Jan
10 Oct
2 Sept
47 Dec
/
1
4
14 Dec
7 Jan
2 Dec
/
1
4
118 Dee
2 Dee
11 Dee
/
4
4
12 Dec
10 Dec
1414 Fels
52 Feb
39 Aug
1064May
2312 Feb
92 AV
3312 Aug
2312 Feb
111 Mar
/
4
1014 Feb
/
1
4
10 8 Feb
3
2018.1uoe
9 Aug
122 Feb
4
5916 Feb
59 Feb
5512 Feb
4614 Feb
4456
tarFOR SALES DURING
New York Stock Record—Continued—Page 2
THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE
PRECEDING.
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday
June 11.
$ Per share
5114 5
4,2
*98 104
5
514
'5 4 6
3
1412 141.
*4
43
4
7
7
*2712 36
*3
8
12
*214 3
.7
8
45 45
3710 39%
•10212 105
3% 3%
1812 2114
.218 2%
217 2212
8
.27
8 6
13
1314
•12, 2
*3
4%
2% 2%
6% 612
3% 3%
*6
7
*318 3 4
,
112 Ps
8% 8%
2812 30%
11% 113
4
2% 312
*14
3
8
•
2
31
43
4 43
4
33% 33%
914
1
1
*13
4
*7
11
513
27
27
20
20
33
428
15
*7
8
*18
*11
8
33
•18
"213
4
"9312
33
4
-13;
15
13
4
14
13
83
s
331.2
27
24
95
Monday
June 13.
tWednesday
June 14.
une
June 15.
Thursday
June 16.
Friday
June 17.
Sates
for
the
Week.
per share 3 per share
per share $ per share $ per share Shares
5018 5212 50 4 53% 533 5512 5312 553, 5014 5312 134,300
3
4
104 104
103 103
104 104 *102 105
102 102
400
5
5,
4
6
618
6
6141
63
8 7
6
63
8 2,400
6
6
*5 4 712 *53
4 64
3
,
400
512 53
4
514 514
•I4
15
14
14
1412 •I4
15
14
15
14
900
*4
412
4
4% •414 5 4
5
5
3
400
412 412
*612 71
. 714 714
7% 7 *
7
718 *63
3
500
4 7
*2712 36
"2712 36 .2712 36
*2712 36
*2712 36
12
12
*3
s
12
3
4 1
3
4
7
8
*12
1 la 1,200
•1
3
278
278
3
70
13
4 13
3
4
3
3
*7
7
8
7
7
7
"7
8
*7
500
8
*42
42
4712 42
45
45
42
43
4018 42
440
36% 38
37
4118 3928 4034 363 3912 210,100
39 4 39
,
4
104 104
105 105% .10418 108 '104 108
10312 104
600
.312 4
*312 4
4
3% 3%
4%
4
418 1,700
1914 2112 20
2014 2134 2314 220
4
217
4 1,850
8 183 193
212 *2
218 218 "2
212 *2
212 "2
100
212
•20
22 "20
8
213
4 217 2214 22
2214 '2018 21% 2,300
*2% 6
"27
8 6
*27
.27
8 6
8 6
*27
8 6
13
1412 1412 15% 15
1512 14% 15
133 1412 9,700
8
.112 2
*1
2
•114 2
114
*114 2 4
114
,
300
•
3
"3
438 .3
4% •318 5
4% '3
4%
218 214
2% 212
214 2%
214
228
214 23
8 7,800
*612 7 4
612 612
,
68 64 *61 1 712 *614 7%
600
4 37
8
37
37
3% 33
3% 33
378 37
4
4 *33
700
*518 7
*512 7
*5% 7
'518 7
*518 7
312 312 2312 312 •
312 31.
3%
328 *3
3
500
212 '114 212 *118 15
•1
5
1,
4
13
8
1 14 "118
460
*718 814 *6% 81 4 *712 814 *73
s 814
7% 7%
300
2812 2812 22938 31)
30% 3212 32
3214 30
317
3,500
1112 11% II% 12
11
1212 1214 1214 1112 1214 2,600
14 33, 10,100
23
314 312
*3
4 3
3%
312 312
3
•14
*14
3
8
%
*14
3
8 *1 14
*11
3
8
3
8
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314 *2
314 •2
314 '2
314 "2
314
414 412 "43, 43
*4% 43
43
4
4 *4
4% 4%
500
x3118 31% •30% 32 '308 3128 *30% 313
, 30% 30%
400
9
9
914 10
84 912
8% 8%
4 4,400
8% 93
17
*14
13 •
*1% 2
4
•13
s
114
1,
2 •114
500
I% 2
2
*2
214
2
*2
I% I% 1,900
214
.7
1,
11
10
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11
10
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*7
10
10
20
--8r8
528
5 8 512
,
*2112 26 .20
263 *25
213 213
•1914 23
4
21
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27
22
5* 534 12.700
25
26
600
2012 203
4 1,300
5% 5¼
*25
27
*2012 217
8
--134 17- —514
4
41
•143 16
8
4'8
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8
.
7
8
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74
74 74
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27
27
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2214 22 4 2214
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16
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8
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32
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316
16
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34 *38 34 038
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8
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3212 3212 '31
33
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23% 23% *2318
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- 45, -1;ioo
17
3
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11
83
4
30
22
24
95
300
100
90
6,900
700
100
400
------
412 --314
56
26
8
263
4 257
1414 1414 1414
*5112 551/1 *5112
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83% 87 4 823
4
,
463 4712 46
4
48% 52% 48%
*97% 10018 973
8
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15
13%14% 13
1278 *11
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40
38
2
212 212
"18
19
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212 312 *212
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1
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14
,
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3
4
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11•____ 54
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8 17
5518 *5212 5518 53
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84% 83% 86% 8614 8812 86 8 8818 84 8 87 200,600
3
,
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4934 507
8 50
51
4812 51
12,700
51
483 52 4 523 543g 53
4
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4 5018 53% 88,700
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8
100 100
100 100
10214 10214
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97
7
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1428 1518 1318 1414 15,700
1312 1212 1212 1212 1255 *12
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2,300
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8
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800
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,
,
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1,300
3
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3
4
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3
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12
12
500
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312 *212 3 2 *212 312 *212 312 *212 312
,
I% .112 134 '113 13
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4
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4
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5
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100
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9
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88
111 *118 114 •118 2
4
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____
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312 312
33
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25
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8
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812 91s
8%
25
25% 2514
*4% 5
'4%
7
7
*718
50 •--_6% 6%
6
.36
5112 *34
•18
14
•18
*12
1,2
•12
24
247
8 233
4
4% 412
4%
.
18
12
.18
414 4%
4%
77%
11
4
14
1
24
,
3%
11
75
2
4 14
6
42
197
8
70 8
,
36
3%
59
6
814
91s
25%
5
9
50
7
5112
112
24%
412
12
4%
62
•I2
•
18
4.12
218 24
2% 3 4
,
10
10
72
72,
4
*5
8 2
4% 412
*4
6
*36
18%
*69
'31.
3%
59
5%
74
,
812
*25
'43
8
•714
6
'34
'
108
*12
22%
414
*13
438
• RM and naked orloas: no sales on MI8 day. z Ex-divIdend.
7- 7234 1- 6,4543
13
4
14
4,400
1,900
50
90
8.000
20
STOCKS
NEW YORK STOCK
EXCHANGE.
L4110(418
Indus. & Miscell. (Coe.) Par
A lied Chemical & Dye_No par
Preferred
100
Allis-Chalmers Mfg__ __No par
Alpha Portland Cement No par
Amerada Corp
No par
Amer Agrie Chem (Del) No par
American Bank Note
10
Preferred
50
American Beet Sugar_ _No par
7% preferred
100
Am Brake Shoe & Fdy.No par
Preferred
100
American Can
25
Preferred
100
American Car & Fdy. No par
Preferred
100
American Chain
No par
American Chicle
No Par
Amer Colortype Co.. .NoPar
Am Cornell Alcohol new _ _20
Amer Encaustic Tiling No Par
Amer European Seca _ _No par
Amer & Fors Power__ _No par
Preferred
No par
20 preferred
No par
36 preferred
No par
Am Hawaiian S S Co
In
Amer Hide & Leather_ _No par
Preferred
100
Amer Home Products _ _No par
American Ice
No par
Amer Internet Corp_ No par
Am L France&Foamite.No par
Preferred
100
American Locoinotive_No par
Preferred
100
Amer Mach dr Fdy new..No par
Amer Mach & Metals __No par
Amer Metal Co Led.
No par
8% preferred
100
Amer Nat Gan pre( __No par
AM Power & Light..---No par
No par
Preferred
No par
$6 Preferred
Pref A stamped
No Par
Am Rad & Stand Ban'y _No par
American Republics__ _No par
American Rolling MU
25
American Safety Razor No par
Amer Seating v t a
No par
Amer Ship & Comm. No par
Amer Shipbuilding new_ No par
Amer Smelting & Refg_No par
Preferred
100
20 preferred 6% cum._100
American Snuff
25
Preferred
100
Amer Solvents dr Chem_No par
Preferred
No pa
Amer Steel Foundries_ _No par
Preferred
100
American Storm
No par
Amer Sugar Refining
100
Preferred
100
Am Sumatra Totaeoo__ No par
Amer Telep & Teleg
100
American Tobacco new w 1_25
Common class B new w 1_ _25
Preferred
100
American Type Founder* 100
Preferred
100
Am Water Wk* & Elea _No Par
Com vol tr infs
No par
let preferred
No par
American Woolen
Preferred
100
Am Writing Paper ctfs_No par
Preferred certificates_ _.100
Am Zinc Lead & Eimelt_No par
25
Preferred
Anaconda Copper Mining_ .50
Anaconda Wire & Cable No par
No par
Anchor Cap
Andes Copper Mining_ _No par
Archer Daniels MidYcl_No par
Armour & Co (Del) pref. _ _100
Armour or Illinois elaas A_ _.25
25
Class B.
Preferred.,
100
Arnold Constable Corp_ No par
Artloom Corp
Ns par
Associated Apparel Ind_No Par
No par
Assoc Dry Gonda
25
Amociated Oil
All O&WI SS Line ___No par
100
Preferred
25
Atlantic Refining
No par
Atlas Powder
100
Preferred
No par
Atlas Stores Corp
Auburn Automobile__ _No par
No par
Austin Nichols
No par
Autoeales Corp
Preferred
50
No par
Aviation Corp
No par
Baldwin Loeo Works
100
Preferred
Bamberger (L) & Co Peet -100
No par
Barker Brothere
Barnedal Corp clue A_ _ 26
No par
Bayuk Cigars Ins
30
42
100
1st preferred
1,300 Beatrice Creamery _ _.
19
50
100
83
100
Preferred
38
200 Beech-Nut Peeking Co_
20
3 2 1,100 Balding Hem'way Co_ No par
,
600 Belgian Nat Rye Part Pref.-59
No par
57
s 4,500 Bandit Aviation
N.Par
7 5 3,600 Beat & Co
7
9% 15,500 Bethlehem Steel Corp_ _Ne par
500
32
100
7% preferred
5
Blaw-Knox Co
No Par
40 Bloomingdale Brotbere_No par
9
100
50
Preferred
71s 2.100 Bohn Aluminum & Br—No Par
5112
No par
Bon A031 clads A
Booth Fisheries
No Par
14
112
1011
let preferred
243 24,700 Borden Co
s
25
4% 3.200 Borg Warner Corp
10
12
100 Botany Cone Mills Claw A._50
43
4 3,500 Briggs Manufacturing_ Ne par
Ex-rights
PER SHARE
Range for Year 1932
On lasts of 100
-share tots
I per share
47 June 2
981 Apr 14
/
4
4 June 1
514J11110 17
12 Jan 25
312.I tine 2
3 May 3i
2914.1utie 2
14 Apr 29
I Apr 29
812June 2
4018June 17
3412May 31
93I2June 2
318June 2
1812June 11
/
1
14 Apr 22
18/8June 1
3 May 27
11 May 26
1 May 28
2 Apr 11
/
1
4
2 May 31
5 May 31
2
/
1
4May 26
1
3 4June 1
3 May 27
May 31
47
aMae 3
25 June 1
9 June 2
212.1une 2
/ Jan 6
1
4
11 Apr 8
/
4
4 June 1
3014 Jan 6
1312June 2
1 June 9
112June 1
612June 2
1 Jan 4
3 June 2
16 June 2
1412May 24
3 -Tune 1
/
1
4
14 Apr 29
3 May 25
14 May 14
78June 14
la Apr 22
11 June 3
518May 31
27 June 13
17%June 2
2I%June 1
90 Jan 11
la Feb 15
14 Feb 18
3 May 31
58 May 4
20 May 31
13 June 2
45 May 31
2 4 Apr 29
1
8012June 9
4012June 1
44 June 1
9514June 2
4 June 3
14 June 1
11 May 26
11 May 27
26 June 2
158May 25
151i Jan 4
14May 10
213May 21
114May 25
10 June 1
33
3June 2
3 Apr 11
514May 2
I1
/
4May 31
7 Apr 18
24 May 31
%June 2
%June 7
312May 31
1 May 3
21 Apr 19
/
4
ni.1une 8
3 May 16
6% Apr 13
6 June 8
7 June 8
8% Feb 9
7 4June 2
3
46I2June 17
41s Apr 12
281
4May 16
13 Feb 19
la May 17
7 Mar 311
1
112.June 1
2 May 31
8 May 27
7112June 3
12 Apr 9
3 Junc 1
/
1
4
4 June 2
36 May 16
16%MaY 17
70 May 20
2914May 31
2 2 Jan 4
1
57
/
1
4June 1
4I2May 27
514June 2
712June 1
25 June 15
3
/
1
4June I
612June 1:1
50 Apr 22
4 aJune 2
7
31 June 1
laMay 13
12May 11
20 4May 31
1
312May 26
t4 Apr 26
2 3June 1
7
Highest
PER SHARI)
Range for Preview
Year 1981
Lowell
Highest
$ per share $ per share $ ver Oast
371 Mar 8
84 Dec 1823 Feb
4
119 Mar 11
100 Dec 126 AP
1352 Jan 18
4214 Feb
1012 Dec
10 Jan 11
758 Dec
1978 Feb
16%May 12
111 Dec
/
4
23 Mat
718 Jan 16
2911 Feb
/
4
518 Oct
1812 Jan 14
1214 Dec
6214 Feb
67 Feb 15
35 Dec
661 Feb
,
113.1101e 17
414 Jan
/ Dec
1
4
312 Jan 12
112 Dec
177 Jan
8
1512 Jan 15
1312 Dec
38 Feb
90 Feb 18
71 Dec 12412 Mal
73 Mar 8
/
1
4
5812 Dec 12954 Mai
129 Mar 14
115 Dec 15212 ape
8 Mar 8
/
1
4
418 Dee
881 Fel
4
397 mar
8
204 Dec
/
1
86 Mar
6 Jan 13
5 Dec
431 Fet
4
371 Mar 8
/
4
3014 Dec
48% Mal
6 Jan 13
5 Oct
3114 Fell
15i2June 15
5 Jan 9
2 Dec
/
1
4
18 Mar
10 Jan 10
/
1
4
7 Dee
/
1
4
8318 Feb
914 Jan 14
612 Dee
5114 Feb
3813 Jan 21
20 Dee 100 Mar
1714 Jan 14
10 Deo
7912 Feb
33 Jan 18
18 Dee
90 Feb
6 Feb 17
4 Dee
10', Jan
212 Jan 7
1 tioty
8 Mar
12 Jan 6
71 Dec
,
30 A vr
511 Mar 9
/
4
37 Get
84 Mar
211 Mar 8
/
4
101 On
.
31 2 Feb
,
812 Feb 19
5 Dec
26 Feb
58 Jan 12
1 12 Jac
84 Doe
4 Feb 3
15 July
us Dec
918 Jan 18
5 Dec
304 Feb
/
1
444 Mar 7
/
1
2912 Dec
8414 Mat
2214 Jan 14
18 Oct
434 Mar
/
1
3/4 Mar 9
114 Oct
7 Mar
6% Jan 11
47 Dec
8
2314 Feb
1912 Jan 14
14 Dec
8912 Fell
17 Jan 11
8
1 Oct 89
/ Jan
1
4
167 Jan 13
8
111 Dec
/
4
647 Feb
2
58 Jan 14
4412 De
102 Mir
494 Jan 14
/
1
85 Dec
85 AP
8 Jan 8
/
1
4
2118 Mai
5 Dec
4 Feb 19
114 Dec
121 Fel
/
4
13 Mar 8
74 Dec
/
1
37/2 Fel,
x2914 Mar 7
1914 Dec
66 Fel
11 Dec
/
4
2 Jan 21
/
1
4
9 Fel
12 Jan 6
15 Fel
8
12 Dec
254 Jan 14
/
1
20 Oct
42 Jar
18 Jan 2
/
1
4
1712 Dec
5812 Fel
85 Jan 29
75 Dec 13812 Ma.
55 Feb 19
65 Dec 102 Mai
/
1
4
341 Mar 3
/
4
4214 Ma,
28 Oct
103 Mar 14
97 Dec 1107 Job
2
/
1
4
Is Jan 14
411 Fel
14 Nov
114 Jan 20
1112 Fell
1 Dec
8
814 Jan 21
5 Der
3114 Fel
80 Feb 18
68 Dec 113 Fell
3614 Mar 3
481 Mat
33 Dec
/
4
3914 Jan 13
344 Oct
/
1
,
60 Ms
881a Jan 13
8412 Dec 10812 Ma,
6 Jan 7
34 Der
1118 Fel
18718 Feb 19 11218 Dee 9013 Feb
4
8814 Mar 9
/
4
801 Dec 128/ AP
4
893 Mar 8
4
84 Dec 1321 A pi
/
4
11012 Jan 21
96 Dec 132 Ma)
25 Jan 25
19 Dec 105 Jai
70 Jan 8
72 Dec 11014 Fel
3412 Mar 8
8014 Fel
2318 Dec
31 Mar 8
211 Dec
4
80% Fet
75 Jan 15
8412 Dec 107 Mar
5 Feb 25
/
1
4
25 Dec
8
117 Jar
,
804 Mar 7
/
1
40 July
1514 Dec
4 Jat
34 J1111 11
Is Dec
5 Apr 6
214 Dec
18 Fel
3 Jan 9
/
1
4
212 Dec
4
81 Fe
23 Jan 18
19% Dec
Ws km
123 Jan 14
4
9% Dec
4314 Fell
9 Feb 11
2614 Ma
Dec1
,
171 Mar 2
/
4
13 Sent
36 Feb
414 Jan 8
6 Dec
IP, Vet
.
12 Feb 16
18 Vet
3 May
44 Mar 9
72 Jar
20 Oct
2 Mar 9
44 Dec
2.2 Jac
118 Mar 10
/
4
21 Jan
Is Oct
1414 Mar 9
5 Dec
/
1
4
67 Jet
Feb 1
11 Dec
/
4
9 Jul)
514 Apr 4
Oct
1012 Fet
2 Jan 7
/
1
4
114 Dec
281 Pet
/
4
854 Dee
814 Jan 15
291 Mat
/
4
944 Jan 2
81 Dee
/
4
31 Feb
1018 Jan 22
10 Dec
39 Jac
1512 Jan 27
15 Dec
5312 Jao
121 Mar 9
/
4
81 Dee
/
4
234 Fib
/
1
2512 Feb 2
18 Dec
54 Feb
7912 Jan 13
7714 Dee
994 Jam
/
1
514 Feb 18
21 Dec
/
4
Fell
151/ Jan 14
4
8412 Oct 39512 AP
1 Jan 12
4
214 Mai
II BOLA
78 Jan 8
Is Dec
212 Jul?
2 Jan 11
1 Dec
5 Vet
34 Jan 2
/
1
2 Dec
/
4
61 Mai
812 Jan 14
41 Dec
/
4
277 Mar
2
281 Jan 15
/
4
15 Dec 10412 Mai
99 Feb 25
85 Dec 107 Iret,
24 Jan 4
/
1
1% Oct
10 Jar
5 Jan 14
/
1
4
4 Dec
1411 Yet,
13 Feb 1
14 Dee
113 Jae
59 Jan
60 Dec
90 Mar
4312 Jan 1
Si Mai
37 Oct
05 Jan 1
90 Dec III Mai
444 Mar 1
/
1
62 AP
871 Oct
/
4
4 Feb 2
/
1
4
618 Aug
11
4June
624 Jan
/
1
4
80 Jan
547 Dec
/
1
4
18 Jan 1
/
1
4
125 Oct
8
2512 Feb
24% Feb 1
4014 Mar
19/4 Dec
242 Feb 1
2
1714 Dec
7018 Feb
74 Jan
60 Dec 1381 Mat
/
4
8 Jan 1
/
1
4
29 Feb
6 Dec
14 Feb 1
21 Nov
15 Oct
61 Jan
95 Jam
75 Dee
2214 Jan 1
43 Atte
31512 Dec
5114 Mar
49 Oct 26814 Ala
5 Feb
5 Feb
8
4 Dec
114 Jan
Ii, Dec
1714 Feb
431 Mar
/
4
7612 Mar
3512 Dee
$0+2 Fell
1258 Mar
9 Dec
I2 Dec
4
31 July
11 Mar
/
4
712 Dee
22% Ma
1114 Mar
New York Stock Record-Continued-Page 3
4457
12111' FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE THIRD PAGE PRECEDING.
111011 AND LOW' SALE PRICES
-PER SHARE, NOT PER CENT. 1 Sales
for
Monday
Wednesday
Tuesday
Thursday 1
Friday
the
June 13.
June 14.
June 15.
June 16.
June 17.
Sleek.
Saturday
June 11.
$ Per share
53
*5
8
8
3
3
*1
134
5414 56
2812 2812
•114 214
*112 2
.3
33
4
*1014 39
*3
4
7
8
114
114
*2
3
.212 3
/
1
4
712 712
5
/ 512
1
4
*1114 1112
*28
30
*1
/
4
3
4
*12
/
1
4
•114 2
94 11
/
1
.42
45
514 5 4
,
14
-8
0
"2
7
.10
/
1
4
*212
*20
2412
3412
512
212
73
4
117
8
314
24
287
8
3412
5
/
1
4
*112
.
/
1
4
212
11
/
4
$ per share $ per share
*5
53
4 *5
53
4
4.14
1.,
3
8
38
*1
134 *1
134
54
54
5212 5312
27 .26
.26
27
•13
a 214 *13
8 214
.112 11
/
4
178
14
/
1
33
*3
331 *3
39
39 .32
39
h
h
7
s
7
8
112 *1
*1
112
*2
3
*2
2
/
1
4
*214 3
/ *214 338
1
4
78 7
3
/
1
4
7
73
8
4
/ 4
1
4
/
1
4
412 412
1114 111 4
97 1018
8
.28
30
29
/ 297
1
4
8
/
1
4
11
/
4
3
8
5
8
' /
12
1
4
3
2
53
*11 2
/
4
.1
/ 2
1
4
9
938
9
/ 10'
1
4
13
45
45
*45
461
•53
3 51
. 512 512
14
17
1
14
14
*1,8 iis
--214 -14
1.
210 *2
.2
212
*63
8 7
/ •7
1
4
712
*11
111 .11
/
4
1178
*214 3 4 *214 3 4
3
3
20h 2134 *21
23
2312 26
2312 25
/
1
4
3412 35
4
35313 393
53
.53
3 53 . 4
5
4
,
"t".118 "11;
.
7
3
1
-1.Es
*7
8
is;
$ per share
.5
53
4
12
12
.1
134
56
5612
27
27
.13
214
*112 17
8
33
*3
39
39
*3
4
7
8
*1
13
3
214 214
.23
4 38
3
7 3 712
3
43
43
104 1038
/
1
30
30
*3
3
3
12
12
.1
/ 2
1
4
1012 113
8
*45
643
53
3 58
•18
173
212
72
,
•1112
*214
20
2512
41
53
8
IS
$ per share
.5
53
12
1,
13
4
13
4
*58
60
.2612 27
.11 214
/
4
112 112
3
3
35
35
7
8
7
8
*1
112
*2
2
/
1
4
3
3
/
1
4
712 7
/
1
4
412 412
*107 11
8
2814 30
.5
3 -3*
12
12
2
2
1012 1114
*45
643
4
53
3 57
3
*14
14
21*
2
212
233
814
9
1178 1178
3
*214
22
19
2814 253
4
41
*3818
53
53
4
*112 -- .2
21.
/ 1
1
4
lit
4.78
2
212
814
12
318
19%
2712
40
57
s
- 2
1711
312 .112 312 "112 3
.
112 312 .112 3
*9
912
912 912 10
11
11
I1'8 1114 13h
.23
4 5
*23
4 5
•
2
5
.2 4 5
3
2h
23
4
70
70
•
86
697
8 66
66
6614 6614 *65
70
4
4
414 4
3
/ 412
1
4
/
1
4
43
3 47
8
41 5
/
4
.1
lh *1
134 "1
13
4 .1
134 "1
13
4
.8
8
.8
8
*6
.7
8
8
8
8
*1514 16
16
16
1518 1512 .15
/ 18
1
4
154 153
/
1
8
*54
55
55
55
55 .54
55
55
54
54
.4 212 .
11
/
2
212 .2
212 *2
2 12 *218 212
71
, 7 s ,138 8118
3
714 8
67
s 714
7
/ 8
1
4
*114
.1
2
17e
11 .1 18
/
4
178 .1
11
/
4
.212 3'
*212 3
+212 3
.
212 3
*212 3
.8
912 .
8
9 2 "3
,
912 *8
9 2 '8
,
912
*5
7
*5
7
*5
7
*5
7
*5
7
.2
24
/
1
2
2
.2
212 *2
23
4
2
2
63
3 714
612 63
4
6
/ 712
1
4
812 6h
7
73
8
3
8
12
*1
/
4
12
3
8
/
1
4
12
12
.3
8
12
•4
4I., *4
412 *4
433 *4
412 *4
412
1112 .10
.10
111; *10
13
1113 1112 *1012 13
.90
95 •
90
95
*9014 95 .9014 95 .9014 95
9418 97
/ 9314 95
1
4
39212 933
9314 95
94
953
8
45
45
453 451 344
8
/
4
44 .421 43 .423 433
4
14
143
8 14
1418
1378 14
14
1412 13
/ 1414
1
4
7512 7512 .741 78
/
4
*7413 78
*7412 78 '7412 741
/
4
3 8 37
7
8
3 4 33
3
37
3
4
3,
4
2 32
,
943 *____ 65
4
54
•54
65 .
948 *54
6018
*9
11
•9
11
*9
11
•9
11
•9
11
.4
412 .418 413 *4
412 412
412 *44 412
1812 198
13
1818 1814 2114 2038 22
203 21,
8
2
63
4 718
618 6
/
1
4
6
/ 714
1
4
7
7 1+
7. 7
1
•46
50
*46
*46
52
52
52
4314 46
•46
4
4
*4
41.
4
4
414
433
4
414
*1212 1512 *1312 1512 .1314 15
15
15
15
15
12
12
.1112 12
1012 111
12
12
12
12
4112 4112 4112 413
43
44
4534 453
8 4412 451
/
4
•1318 14
*1212 14
•1234 151
14
1412 .13h 144
/
1
•60
611 *60
/
4
60
/
1
4
59 '58
59
60
*88 105
*88 105
*89 105
•89 100 *89 100
47
3 514
43
4 5
4
/ 5
1
4
5
53
8
54 5 4
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214
2
214
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11 214
/
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36
36
88
36
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371
37
373
4 3714 3712
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•118 2
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*113 2
338 4
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,
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8 3618 3712 364 381
3614 387
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3812 4018 3812 39
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•784 7914 .
4
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78
81
8112 8212 8312
.8 8
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3218 3218 3218 3313 3318 33
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/
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8 2112 22
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10912 10912 *108 109
•10814 11214 110 11214 *10912 110
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- 512 6
*412 5
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53
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112
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11214
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8
*812
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13
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- 121 2
1212 12
1212
58
*5312 58
1
7
8
1
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4
13
4 •13
54
3
34 4
3
212 212
2,
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3
•1
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4
2212 2114 22
• Bid and uked orison no eater nn 1111* jay
P!**11,14.nd
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1932
On basis of 100
-Mars lots
Lowest
Metes:
PER SHARE
Range for Previous
Year 1931
Laval
Highest
per share Shares Indus.& MIsce11.(Con.) Pm II per share
per share $ per share $ per Mart
53
*5
Briggs le Stratton
No par
4 May 26 1012 Jan 14
8 Sept
2412 Mat
*as
I,
400 Brockway Mot Truck_ _No par
1 Mar 11
4
1 Jan 23
3 Dec
3
514 Mat
*1
100
13
7% preferred
4
11
Vs Jan 9
2 Oct
11
26 Feb
533 53 4 1,300 Brooklyn Union Ges
4
3
par
No 1M 4612June 22 894 Mar 8
AP 2
724 Dec 129 2 Mal
3
2412 2412
300 Brown Shoe Co
No per 2412June 17 36 Feb 15
45l July
3
32 4 Jan
"13
8 24
/
1
Bruns-Balke-Collender _No par
14 Apr 14
3 Mar 2
218 Dec
15 Feb
*112 17
3
200 Bucyrus-Erie Co
10
112June 2
5 Jan 9
314 Dec
201 Feb
4
*2 4 3 4
3
3
200
Preferred
10
212May 31
84 Mar 7
4% Dec
344 Feb
•39
42
100
preferred
100 35 June 16 75 Feb 4
P o„
E
75 Dec 114 Apr
*7
3 1
300 Budd(
2 4 Jan 14
12 Apr 9
3
No per
112 Dec
54 Feb
*1
114
100 Budd Wheel
412 Jan 14
NO par
%Mae 26
13 Feb
24 Dec
*2
2
/
1
4
100 Bulova Watch
34 Jan 25
113 Apr 11
No par
34 Dec
154 Jet
'212 3
/
1
4
300 Bullard Co
No per
218May 28
733Mar 7
34 Dec
23 Yet'
712 7
/ 2,600 Burroughs Add Mach Ne per
1
4
8
14June 1 13 Mar 7
10 Oct
3214 Feb
*414 412 1.200 Bush Terminal
No par
4 May 16 2134 Mar 9
153 Dec
5
31 Fet
103 11
4
260
Debenture
100
9 June 7 65 Mar 9
49 Dec 104 Jan
.2914 30
100 Bush Term Bldg@ pref
100 2514June 3 85 Jan 7
85 Dec 113 Mar
*33 8 4
3
200 Butte & Superior Mining...10
4 Jan 8
7 Mar 8
3
11 Feb
4
3
4May
*12
3
3
700 Butte Copper & Zinc
114 Jan 14
5
12 Apr 5
1 Dec
24 July
.11 2
/
4
'Wane 10
100 Butterick Co
No par
44 Mar 7
3 Dec
204 Feb
93 1012 16,700 Byers & Co (A M)
4
7 May 16 19 Feb 19
No par
101 Dec
4
6914 Feb
*45
643
4
36
100 3514May 23 61 Mar 19
Preferred
68 Oct 1087 Feb
3
•514 53
1
4
414june 17 117 Feb 13
1 8J
800 California Packing ____No vito
3
cr
8 Dec
63 Feb
300 Callahan Zinc-Lead
ls
4 Oct
4 Jan 15
13 Mar
3
------ Calumet & Arizona Mini/m.20
321 Get
4333 Mat
2
2
112May 27
4 Jan 13
700 Calumet & Hula
25
3 Dec
1134 Fet
.2
2
/
1
4
212June 1
300 Campbell W & C Fdy__No par
71s Jan 7
534 Dec
164 Mat
8
8 / 3,900 Canada Dry Ginger Ale No par
1
4
6 June 2 13 Jan 14
12
10 8 Dec
3
45 June
*11
16
200 Cannon Mills
No per 1018June 2 20 Mar 21
17 Jan
25 Mar
618 Feb 19
218 Apr 8
•212 3
Capital Adminis el A No par
412 Dec
16 Feb
19 4 193
3
4 1.000
Preferred A
24 Dec
50 19 June 16 30 May 10
3613 Feb
2218 2612 153,200 Case (J I) Co
100 163
4June 9 433g Jan 18
3314 Oct 13112 Feb
351 361
/
4
90
/
Preferred certificates__ 100 30 May 17 75 Jan 12
4
53 Sept 116 Mar
512 53
2,200 Caterpillar Tractor __No par
3June 2 15 Jan 18
43
104 Dec
5214 Feb
------ Cavanagh-Dobbs Inc-NO per
113 Jan 7
4 Feb 11
4 Feb
12 Dec
100
7 Jan 12 2234 Feb 11
13
53 Dec
8
Preferred
26 Mar
112 112 1,200 co ansCorD of AmNo pa
112May 31
Oniotoz C rp
es
o
5 Jan 14
24 Dec
16 Feb
*7
8 1
3 3 Jan 18
3
No par
1 May 27
218 Dec
143 Mat
3
Certificatee
1 Feb 8
214 Feb 29
14 Dee
No per
133 Mar
4
10
13
4 18
ihJune 17
712 Mar 15
No per
Preferred
4
373 Mat
71 Dec
3
13
131 7,900 Central Aguirre Aseo No pa
/
4
4June 16
11 Dec
3June 2 133
25 4 July
73
3
*2
47
3
100 Century Ribbon Mills_No par
614 Jan 9
3June 2
23
814 Sept
24 Jan
.65
70
30
Preferred
100 66 June 9 85 Jan 33
90 Sept
50 May
4
5
8.000 Cerro de Pasco Copper_No per
312June 2 315 Jan 14
9 sSept
7
804 Feb
.
1
Certain-Teed Producte-Ne Par
13
4
1 May 26
814 Feb 17
24 Jan
74 mar
.6
9
103
7% preferred
8 May 24 154 Feb 23
11 Jan
100
115 Aug
153 15
8
/
1
4
700 City Ice & Fuel
37% Feb
251s Dec
No par 15 Apr 13 2812 Feb 19
.54
56
40
Preferred
90 Apr
634 Dec
100 534June 1 68 Jan 5
"218 212
Checker (Jab
17
8June 9
7 Jan 14
3 Sept
No par
14
334 Feb
7
7 12 4,500 Chesapeake Corp
No par
5 June 1 20% Jan 14
5411 Feb
13 4 Dec
7
112 112
100 Chplcarefgoro deumat Tool_No P
I May 25
34 Oct
par
154 Feb
n
6 4 Jan 22
1
212 212
100
Preferred
No par
212June 17 117 Jan 22
6 4 Dec
8
1
85 Feb
'8
912
Chicago Yellow Cab-N.per
8 May 27 14 Mar 12
23 Jan
8 Sept
*5
7
Chickasha Cotton 0111
5 June 10
9 Mar 28
8 Dec
10
12% Mar
.2
27
8
200 Childs Co
712 .1110 13
.2June 1
:
par
par
33 4 Feb
11
8
51s Dec
6
/ 7 4 27.800 Chrysler Corp
1
4
,
111 Oct
4
25% Mar
5 June 2 1534 Jan 14
.3
8
12
214 Jan 14
700 City Stored new
413 Feb
se Apr 14
No par
4 Dec
*4
412
8114 Jan 7
Clark Equipment
2278 Mar
312June 1
812 Dec
No par
*101
100 Cluett erred
prel Peabody & 00 Ne Par 10 Apr 14 22 Mar 5
15 Dec
8418 Feb
.9014 95
92 Dec 105 July
100 90 June 1 96 Feb 15
313
90/ 9412I 49.600 Coca Cola Co
1
4
974 Oct 170 Feb
No Par 86 June 2 120 Mar 8
433 433
3
41
700
434June 17 60 Mar 22
4538 Dec
Claes A
12June
53
1312 14141 5,900 Colgate-Palmolive-Peet No par 123
4May 14 3112 Mar 9
24 Dec
Ne a
5012 Mar
7412 74121
200
100 65 June 1 95 Mar 11
797 Dec 10418Sept
2
33
4 33
4 1,000 Collins refAitgan
6S p& err
612 Dec
4
No per
17123une
23
4MaY 31 107 Mar 7
60
60
200
Non-voting preferred__ _100 55 June 9 80 Mar 17
95 Aug
68 Dee
.9
11
9 Jan 11 11 Apr 28
Colonial Beacon Oil Co_No per
712June
1012 Nov
*4
57
8
64 Dec
100 Celorado Fuel & Ir new_No Par
34May 26 12% Jan 14
1912June
1814 203 20,600 Columbian Carbon v t o No per
8
1312MaY 3
4174 Mar 9
32 Dec 1114 Feb
612 718 20.100 Columbia Gas & Eleo-No Par
1618 Mar 9
414June
114 Dec
45% Mar
4312 4312
600
100 40 Apr
79 Jan 16
Preferred scrim A
7218 Dec 10912 Mar
4
433 2,200 Commercial Credit____Ne par
11 Mar 6
34June
8 Sept
2314 Feb
15
15
400
Class A
1914 Dec
60 13 May 26 2814 Mar 7
857 Feb
8
117 12
8
450, Preferred li
25 1012June 1
20 4 Jan 22
24's July
15 Oct
3
44
443
3
410
64% let preferred
100 40 June
687 Mar 14
92 Sten
2
52 Dec
*1314 1414
800 Comm Invest Trust___No par
104June
2778 Mar 3
/
1
84 Mal
151284
30
59
58
700
par
Cone preferred
No 1oo 5512June
77 Mar 2
90 J11111
60 Dec
*89 100
6)4%preferred
let prefe
83 June
95 Mar 11
94 Dec 106 Aug
41
4 514 12,800 Commercial Solvents No par
214 Feb
312May 28 1014 Mar 8
612 Dec
2
2 13 15,861 Commonvelth & Sou_ _ _No par
11
44 Jan 14
12 Feb
/
4June 2
3 Dec
37
/ 38
1
4
1.900
No per 273
$4 preferred series
46 Dec 100 3 Mat
8June 2 684 Mar 11
1
*4
10
Cende Nut Publica'ne_No par
5 May 25 10 Jan 6
10 Dec
3414 Fitt
74 714
600 Congoleum-Nairn Ino__No par
14% Aug
612June 2 11 Feb 18
61 Jan
4
*4
812
200 Congress Cigar
No per
4 May 28
9112 Mar 8
3
80 4 Mar
64 Dec
*5
7
Consolidated Cigar__ __No per
3734June
ar
20 Sep
5 June 26 244 Jan 8
'21
*21
27
Prior preferred
100 17 June 2 00 Mar 7
73 Mar
42 Dec
•118 2
Consol F1912 Indus__ _ _ No pa
5% Jan 11
N
15 Feb
1 June 1
1
8 4.1un
•24 3
3.000
Preferred
181 Feb
2
214June 14 11% Mar 7
7% Oct
361 39 124.200 Cense' Gas N Y)
/
4
No per 3112June 2 6814 Mar 8
5714 Dec 10938 Mar
8212 824 1.200
/
1
68 Dec s107 July
No par 7212June 2 95 Mar 3
Preferred
614 614 1,500 ()onset Laund Corp
15 4 Mar
7
81s Dec
No per
5 June 2 10% Jan 13
4
/ wig 31,400 Consol Oil Corp
1
4
15 8 Feb
1
41s Dec
No oar
714 Jan 7
4 June 1
98
98
300
100 79 Feb 6 9912June 10
8% pref
64 Dec 103 Mar
900 ConeoUdatecl Testlie_....No par
14
14
14 Jan
14 Mar
% Jan 20
14 Mar 22
1
200 Container Corp A vot-No per
24 Feb 19
3
4May 25
71 Dec
812 J101
*14
12
100
Jan
14 Jan 18
No par
14 Dec
Clue B voting
',May 4
300 Continental Bak el A No par
3 4 314
,
412 Dec
30 Feb
27 May31
7 J1112 14
s
"13
/ 1.800
1
4
4 Dec
Class B
33 Feb
1 Jan 8
3
No par
4 Apr 7
31
30
800
100 247
Preferred
7713 Feb
60 Sent
8June 2 4734 Mar 5
211 23
/
4
13.500 Continental Can Ine_ _ _No par 194May 3
6234 Mar
41 Mar 8
8014 Dec
*3
314
600 Cont'l Diamond Flbre_No par
434 Feb 17
312 Dec
1673 Feb
3 Apr 6
67 1014 7,000 Continental Ins
s
10
514 Feb
2514 Mar 8
1814 Dec
4May 2
(13
7
8
600 Continental Motors_-_Ne par
*3
1
414 Feb
13 Jan 14
%May 2
4
1 Dec
44 41
/
1
2 8.500 Continental Oil
No par
12 Feb
3 3June
7 Mar 8
3
5 June
18
300 Continental Shares__ No par
Is
12 Feb
4 Dec
18June 15
Si Jan 13
311 15.900 Corn Products Reflning_25 25 2June
/
4
30
4733 Mar 8
3614 Oct
3
86% Feb
109 109
70
Preferred
100 9912June
118 Dec 1524 API
12912 Jan 11
13
4 2
900 Cot, Ine
112May 3
2 Dec
No per
/
1
4
18 Feb
4 4 Jan 16
1
•154 16
300 Cream of Wheat
No per
15 May 27 23 Mar 9
8412 Mar
20 Sep
*163 19
4
100 1014 Jan
Ores Carpet
104 Nov
1914 Mar 21
19% Ayr
•23
3 4
300 Crosley Radio Corp __No per
214May
24 Dec
412 Jan 7
8% Feb
912 9 4 1,100 Crown Cork & Seal__.No par sr/1May 31 157 Mar 5
3
3814 Feb
131 Dec
4
4
•1
113
674 Jan
triune 9
Crown Zellerbach
24 Feb 15
114 Dec
No par
8
8
600 Crucible Steel of Americsa__100
63 Feb
20 Dec
6 May 31 2314 Jan 14
1712 1712
190
367 Dec 106 Jan
4
100 1514May 19 4978 Jan 14
Preferred
11/
1
11s 1,300 Cuba Co
Dec
14 Jan 14
Vs Jan
12June 6
No per
14 Dec
23 Jan
14 Jan 15
3
Cuba Cane Products_ No per
14 Apr 19
-1
400 Cuban-American Sugar __10
1114 Jan 11
4May 25
1 Dec
54 Mar
8
6
312May 26
III, Jan 18
6 Dec
100
100
85 Jan
Preferred
_ ---- Cuban-Dornin Sugar __No par
112 Jan
18July
21 2
2212 - 1700 Cudaby Packing
687 Mar
4
60 20 May 26 mil Mar 9 z29 Oct
1218
.12
1114June 3 81 Jan 15
20 Dec 100 Feb
600 Curtis Publishing Co---No Par
58
*55
70 Dec 1183 Mar
No per 47 June 1 86 Jan 14
3
Preferred
/
1
4
/ 4.600 Ourtise-Wright
1
4
2114 Feb 2
1 Dec
sMay 5
No per
57 Feb
4
7
3% Feb 1
llg Mar 28
500
los Dec
11 13
/
4
100
4
84 Mar
Class A
378 4
61 Jan
700 Cutler-Hammer M fg __ _No par
7 Dec
312May 2S 10 Jan 21
54 Jan 15
814 Dec
23
4 2 4 1.500 Davison Chemical
3
MI Feb
I May 28
No par
"1
3
1hMay 25
114Sept
124 Jan
112May 27
Debenham
22 Jan
134 Dec
*6
84
3
8.1une 4 1514 Jan 15
600 Deere & Co pre!
20
83
65 65
11014 Dec 195 Feb
100 63 June 9 122 Jan 1G
700 Detroit Edison
v618 814
1914 Feb
7 May 28 1814 Feb 24
203 Devoe & Reynolds A No par
812 Dec
4
133 134 2,500 Diamond Match
23 Mar
10 4 Dec
3
3
No par 12 Apr 9 167 Mar 10
*2112 2212
1912 Dee
700
25 2012May 13 2612 Mar 18
2812 Aug
Preferred
4
22, 2,,15imi 4n4
New York Stock Record—Continued—Page 4
4458
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FOURTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday
June 11.
Monday
June 13.
Tuesday
June 14.
Wednesday
June 15.
Thursday
June 16.
Friday
June 17.
$ per share $ per share $ Per share $ per share $ per share $ per share
*818 93
8 *9
912 *0
912
914 914
914 914
914 914
1232 122 *12
1314 *12
1212 *12
$
123
4 118 1134 *115, 12
•5
53
4 *514 512
512 512
6
6
5 4 53 .512 62,
3
4
2714 29
2738 2834 28
29
2914 30
29
2934 273 2914
8
.01
114 *1
114 *1
114 *1
11 *1
/
4
114 *1
114
*5
10
*5
9
*5
9
*5
9
*5
9
*5
9
88 88
91
91
91
91
*8612 91
*8612 92 *91
92
•112 2
*112 2
*112 2
•134 2
*134 2
134
134
401, 421 413 443
40% 43
/
4
4
4414 45% 42
454
4 433 46
4
*11012 117 *11012 115 *11012 112 *11012 112 *11012 112 *11012 112
*33
4 5
3 4 3 4 *A 418 *33
3
4
3
4
2 *4
412
27 2812 2612 2734 27 2832 2814 2912 2812 30
2712 293
8
*85 8612 8612 8612 86
87
87 87
87
*8512 87
87
*14
3
1,
8
*14
3
8
*14
ss
014
14
1
8
18
*14
*2 4 4
8
*234 4
*234 4
*234 4
*234 4
*23
4 4
1012 1214 1038 1118 1034 1114 1112 117
4
8 113 1218 1012 12
*62
70 *62
80 "67
70 *67 80 "67 80
*67
80
*5
8
ki
ks
3
4
"8
"8
3
4
3
4
*3
2
3
4
3
4
*3
8
.1% 112
138 112
112 138
/
1
112 14
11 13
/
4
4
18 1%
4 8 43
3
4
418 414
4% 43
37
8 412
4
412 47
412 43
2
4
1612 18
1712 1712 163 1688 *1712 1814 167 167
8
8
8 157g 16
135, 133, 1414 1414 *1434 1712 .1438 1734 *1412 1734 14
14
*15
1711 1712 18
*1614 173
4 178 173
4
17% 173 "1612 1714
15 "---*---14 *---14 *---14 *- --14 *-- -14
Sales
far
the
Week.
Shares
300
800
600
24,900
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Precious
Year 1931
Lowest
Highest
Indus.& Miscall.(Con.) Par I per share $ per share $ per share I per Man
Dome Mines Ltd
74 Jan 4 1138 Mar 5
No Dar
65, Oct z134 Mar
Dominion Stores
No par 1114June 2 18 Mar 5
11 Oct
24 Apr
Douglas Aircraft Co Ino No par
5 June 2 1111i Feb 1
7% Dec
2114June
Drug Inc
No par 23 May 31 67 Feb 13
4244 Oct
4
783 Mar
Dunhill International_No par
I Mar 28
112 Feb 4
14 Dec
814 Mar
Duplan Silk
No par
512June 1 1018 Jan 23
10 Sept
1416 Feb
155 Duquesne Light Ist pref___100 87 May 31 97 Mar 14
924 Dec 10712 Aug
/
1
100 Eastern Rolling Mill
No par
514 Mar 5
1 June 1
24 Dec
1314 Mar
64,800 Eastman Kodak Co
No par 373
4June 9 8734 Jan 14
77 Dec 185% Feb
8% cum preferred
100 99 Jan 22 11912 Feb 18 108 Dec 136 Sent
300 Eaton Mfg Co
No par
3
14May 31
8 Feb 19
5% Dec
2172 Mar
72,400 E 1 du Pont de Nemoure___20 2518.1une 2 5984 Feb 19
50 Dec 107 Mar
1,000 6% non-voting deb
100 8034June 2 105 Mar 17
94 Dec 124% Aug
1,000 Eitingon Bend
No par
leJunel7
114 Jan 6
11 Dec
1111 Feb
614% preferred
100
214May 9 1212 Jan 6
71s Dee 69 Feb
14,400 Electric Autolite
8131une 1 8234 Mar 7
No par
20 Oat
741 Mar
8
Preferred
100 61 June 1 1004 Feb 16
94 Dec 110 Jan
100 Electric Boat
34June 8
No par
212 Jan 6
412July
8 Dec
4
5,400 Eleo & MUB Ind Am shares-118May 31
4 Jan 8
97g July
2
128ept
11,100 Electric Power & LIght_No par
2 8June 2 153 Mar 9
7
8
9 Dec 601 Feb
4
700
Preferred
No par 1214May 24 64 Jan 14
41 Dec 10818 Mas
600 14 preferred
No par 1012May 24 5512 Jan 14
32 Dec 9814 Mat
700 Eleo Storage Battery _No par 125,
-tune 2 3314 Mar 7
33 Dec
66 Mai
Elk Horn Coal Corp....No par
Is Jan 13
14 Jan 13
4 Dee
114 Pet
Emerson-Brant ol A
No Par
14 Dec
234 Mar
*22 30 *22
2312 •23
2312 *2314 2312 "2334 2712 *233 271*
4
Endicott-Jobneon Corp_---50 23 June 10 36% Feb 15
2312 Dec
4532 Sept
'104 115 104 104 •104 11012 *10334 11018 .102 11018 *103 1104
200
Preferred
100 98 May 31 10714 Mar 17 4981 Dec 118 AM/
*5
714 *5
714 *5
712 *5
714 *6
• Engineers Public Serv__NO par
714 *51s 714
4 June 2 26 Feb 16
14 Dec
49 Mar
"20 40 *20
40 *15
40 *15 40 *20 40 *20
30
$4 preferred
No par 21 June 4 61 Feb 23
42 Dec
87 Jan
•22 35 *23 35 *23 30 *23 40 *2314 40
*20
24
No par 23 June 3 57 Mar 16
3514 Preferred
42 Dec
91 Mar
1234 1234 1212 1212 *123 13 *1212 13 *1212 1234 *1212 1234
200 Equitable Office Bldg—No par 1212June 13 19 Jan 4
4
1818 Oct
353 Jan
8
*2
312 *3
4
*3
4
*3
*3
4
4
*3
4
Eureka Vacuum Clean_No par
2 June 9
714 Mar 29
121, Mar
3 Dec
/
1
4
0*2
5
200 Evans Auto Loading
*3
4
*12
12may 26
7
8
7
8
4
34
"2
7
8
7
8
*12
214 Mar 6
7
8
1 Dec
8 Feb
/
1
4
1
.10
10 •10
1034 10
1034 *10
4
1034 *10
103 "10
120 Exchange Buffet Corp.No par
4
103
934 Jan 30 118, Jan 11
10 Dec
25 Jan
4,14 23
4
*1 234
/
4
"4 23
*14 224
*14 23
4
*14 23
4
Fairbanks Co
4
25
3 Mar
1sSept
*1
314 *1 • 314 *1
212 *1
212 *1
212 *1
212
34 Mar 31
Preferred
100
112 Mar 31
2 Dec
13 June
*3
3
34
/
1
*3
3
34 *3
/
1
3
/ *3
1
4
55, Jan 19
314 *3
500 Fairbanks Morse
34
/
1
3 May 25
No par
312 Dec
29% Mar
*2
18
*2
18
*4
*2
18
18
•4
18
*4
18
Preferred
100 19121May 28 47% Mar 8
40 Dec 1097 Feb
1
al, 1
1
.12
.I2
1
1
*12
12
12
.12
1
100 Fashion Park Assoo___No par
12311110 13
114 Jan 25
612 Feb
1 Dec
*614 144 *614 10
•634 14
*61 10
/
4
"614 10
*64 10
/
1
Federal Light & Yrs',
15
Ali Apr 20 22 Jan 25 1154 Dec
491 Feb
36
*36
36
48
*30 33
33 33
30 *30
30
48
70
Preferred
No par 30 June 16 04 Mar 11
92 Mar
48 Dec
*112 178 *14 I% *112 17
8 *112 214 •112 218
8 *112 17
112:May 26
Federal Motor Truck No par
338 Feb 6
21s Dee
7 Feb
/
1
4
.4
8 1
*12 1
*12 1
.12 1
"12 1
*3
2 1
12May 25
2 Jan 14
Federal Screw Worke__No par
154 Feb
118 Dec
34 3 8
3
31
; 33
8
3's 3 4
4 *33
3 2 312 3,200 Federal Water Seen A__No par
,
3
3 May 31 ISA Mar 16
8 4
312 33
8 Dec
30 Jan
*532 1234 *538 1234 *538 10
*6
10
*6
9
612 612
612June 17 14 Jan 7
100 Federated Dept.Stores_No par
1014 Dec
274 A Uli
912 1034
838 8%
812 838
934 1014 3,743 Fidel Phen Fire Ins N Y...10
838 8%
85, fil.
20 Dec 6614 Feb
6 May 23 2734 Jan 15
8
s 6sg *534 63
8 *534 63
8 6
8 63
/ *57
1
4
*57
s 63
2 *57
3 *57
Fifth Ave Bus
4June 2
9 Feb
812 Mar 8
53
No par
418 Oct
.7 20
20
*7
"7
20
*7
20
*7
20
*7
20
8 May 19
Filene's 801111
1514 Oct
7 Mar 3!
No par
24 Aug
30 "78
*78
7912 *77
7914 *77
79
77
77 *75
79
100
100 77 June 16 94 Jan 18
Preferred
8514 Feb 104 May
*1012 11
1012 11
*1012 11
11
11
11
1118 1012 11
900 Firestone Tire & Rubber —_I0 1012 Juno 14 15 Mar 8
20 June
/
1
4
1274 Dec
*46
4612 46
46
46
46
46
47
46 .46
46 46
700, Preferred
495, Dec 6618June
100 4512,June 1 5912 Jan 26
423 431 40
8
/
4
41% 401s 4112 4112 4212 4178 43
404 4214 9.0001Firet National Stores_No par 37 May 27 53 Mar 7
41 Jan
63 Aug
3
4
18
'Is
Is
is
14
4
*Is
*18
14
"4
13 1,400 Fisk Rubber
11 Feb 1
No par
?a Feb
is Jan II
14 Sept
•14
14
14
14
14
*14. as
2
2
•14
*14
as
2,
80' 1st preferred
100
issept
14 Feb 2
3 Feb
78 Jan 9
.3
8 14,
*3.
3 114
3
8
3
8
*3
5 114
*3
8 j14
*38 1 14
301 lit pre! convertible
I2Sept
34 Mar
100
112 Apr 13
/ Feb 8
1
4
0
6
*6
8
8
*6
8
*6
8
"6
*6 • 8
8
77 Dec
Florsheim Shoe class A _No par
44 Apr 29 10 Feb 20
364 Jan
74
76
*75 93 *7512 95 *74
95 *74
95
95 *74
100 6% preferred
100 65 Feb 5 8212 Apr 14
80 Dec 1024 Mar
*212 3
*2
*2
5
5
*2
3
•2
5
*2
2 June 2
No par
191 Feb
/
4
4 Dec
74 Mar 7
I Follansbee Bros
43
55
43
4
4
5
512 53
5
*53
4 6
2,100 Foster-Wheeler
53
4
34 6
3
3 May 25 12 Mar 10
No par
8 Dec 644 Feb
*118 2
*1 18 2
*118 2
•158 2
*138 2
118 1',
100 Foundation Co
Ifs Apr 11
No par
1612 Mar
412 Jan 14
212 Dec
1312 1413 *1212 13 .13
1412 14
147 5I4
13
14
14
1.700 Fourth Nat Invest w w
I
1014,pice 1 214 Mar 9 s14% Dee
3212 Feb
13
8 112
lte 13
; *13
8 11*
112 112
138 14
112 112 1,500 Fox Film class A
55 Jan 14
No par
3888 Feb
24 Dec
118May 27
115s 1178 *1118 113
1 1138 1134 112, 1214 •12
1214 1112 12
2,200 Freeport Tow Co
No par 10 May 31
1912 Jan 15
UN Oct
634 Mar
/
1
12
14
12
3
8
14
*11
400 Gabriel Co (The) ol 4 No par
"2
12
12
5
8
12
172 Jan 4
*12
I Dec
6% Feb
1 1.1unc 11
6
618 618
612
61s 618
63
64 *6
8 63
8
6
612
500 Garnewell Co
4May 31 17 Jan 11
No par
16 Dec 60 Feb
53
2% Mar
Gardner Motor
6
3 Oct
8
i -8 ----8 --i- .2:300 Gen Amer Investors___No par
s 7- *7
71 Mar
7
8
*i4 I
-81
7
8
*8
4
-7
8
8
4
382 Jan 14
12June 9
24 Dec
26
.26
26
29
*25
50
27 27 •28
29
/ 31
1
4
30
ROO
45 Dec 88 Mar
Preferred
100 26 June 9 61 Feb 16
115 12
1112 1112 11
12 z1114 1178 1114 12
11
11% 7.500 Oen Amer Tank Car__No par 10 June 2 35 4 Mar 8
3
28 Dec
7318 Feb
A
6
5
532
5
5
578 618
6
614
6
6 12 3.000 General Asphalt
434June 8 1512 Jan 16
No par
47 Mar
95,Sept
1184 12 *1212 13
*1212 13
1234 123
4
4 12
/ 123 *12
1
1212
4
500 General Baking
6 1012.fune 2 192, Mar 4
912 Dec
255, Apr
*90 95 *90 94 *90 95 *90 95 *90
92
92
92
No par 90 June 2 10534 Mar II
95 Dec 114 Mas
10 88 preferred
118 14 *1
112 *1
1
1
1*, *1
112 "1
112
300 General Bronze
12June 2
318 Jan 8
No par
912 Feb
11 Dee
/
4
.12 112
.1.
7
8
*12 112
.12 112
.12 112
*1. 1 12
14May 31
14 Dec
2 Feb 1
/
General Cable
1
4
No par
18 Feb
*113 2
"112 2.
*112 2
*112 2
2
2
*112 24
100
112May 14
512 Jan 13
Clam A
212 Dee
No pa,
Ws Feb
*4
*4
67
7
"4
*4
7
68 *31; 674
7
8 7
20 7% cum preferred
334June 1 1612 Jan 4
100
1112 Dec 66 Jan
21
2034 21
*22
24
20% 20 4 *20
3
21
21
21
21
700 General Cigar Ines
No par 20 June 1 388* Mar 10
28 Oct
4811 Feb
10% 107
1014 1138 1014 107
8 107 1114 103 113
8
4
s 1018 1114 105.800 General Electric
8121May 31 264 Jan 14 22272 Dec 548 Feb
No par
4
3 107
4 10
103 107
4
1034 107
8 108 107
s 107 10% 103 107 13.890
8
8
/
4
10 1034 Apr 22 111 Jan 14
4
Special
121 Jan
/
4
10% Dec
4
,2 2312 22 2 2314 21
218 2314 213 2238 217s 2232 22
227 18,300 General Foods
,
8
No par 1938May 31 4012 Mar 9
2814 Dec
66 Apr
3
4
3
4
% . 54
3
4
84
234 Feb 17
7
8
7
8
7
8
7
8 1,600 Gen'i Gas & Elea A
3
4
%
812 Feb
114 Des
'Juno 1
No Pa
/
4
*5,
8 8
*51. 614 *6
51 6
,
4
6 4 6 4 1.100
,
512 6,
612
314June 9 2434 Jan 14
Cony pref ser A
No Pa
1444 Dec
764 Mar
/
1
*185,
•1814
__
1914 1914 "184 ---_ *1914
•1812
100 Gen 5th l Edison Elea Corp_ _ —
184 Apr 29 25 Mar 11
2038 Dec
8584 Mar
29i
3
0
2914 - 4 2978 3034 3014 31
29330 - - 14 2938 - - 3
3012 -3012 4,100 General Mills
No par 28 May 28 37 Feb 16
294 Dec 60 Mar
*771. 7812 783 784 178
4
4
500
4 78
7814 *7712 783
783 *7712 80
100 78 June 10 88 Jan 29
Preferred
85 Dec 1004 Sent
93 44.500 General Motors Corp
8
9
10
83
87
91s 93
sJune 2 2418 Jan 14
8 95,
9
84 9
9
/
1
4
94 912
48 Mar
214e Dec
6612 1.500
66
65 65
66
66
6712 68
*6212 66 "6212 66
OA Apr 8 8714 Mar 12
No par
85 preferred
798 Dee 102
4
/
1
4July
.414 5
*41 5
.414 5
/
4
*414 .5
*414 5
*414 5
Gen Outdoor Adv A__ _No par
9 Feb 13
414June 3
28 Jae
64 Oct
100
4 Jan 5
314.1une 2
33
4 33
No par
4 *34 314
4 •34 35,
34 33
3
4 *318 3 4 *318 33
Common
84 Oat
1014 Feb
*45
434 434
70 General Printing Ink No par
4 6'2
434Juue 9 14 Jan 28
43
812 *43
4 43
4 *212 43
4
4 *1 18 43
1014 Oct
81 Mar
*2712 35
*2912 35 *2912 35 *2912 35 *2712 35 *2712 35
No pat 2912June 2 60 Feb 18
86 preferred
76 Jan
48's Sept
114 13
112
112 112
8 *114
800 Gen Public ServIce___No par
*11 112 *114 112 *114 112
1 May 4
/
4
8 Jan 18
2% Dec
28 Feb
734June 1 285, Jan 14
934 *7
400 Gen Ry Signal
9
912
812 912 *7
9
9
/
1
4
9
No poe
912 *7
21 Dee
341 Mar
/
4
200 6% preferred
100 75 Mar 81 90 Jan 18
75 *_ 75 •_-_- 75 ....._- 75
*__ _ _ 75 •__-- 75 •___
81 Dec 114 Mar
14May 19
% 1.700 Gen Realty & Utilitise-No par
*14
118 Dec
114 Mar 6
s
*14
3
4
14
3
8
3
8
*as
3
2
14
12
912 Mar
*15 June 10 1612 Feb 19
138, Dec
No par
700 86 preferred
4
4
3
512 53
53
4 53
58 58
3
3 2 512
,
512 512
*414 54
744 Mar
234 June 2 1416 Jan 9
600 General Refractories---No par
312 312 *314 312
312 31
4
4
12 Dec
*312 4
*312 4
5744 Feb
GenTbestreeEdutp•teNo par
Ismer 31
12 Dee
14 Jan 11
1512 Feb
1412 1332 1512 1312 15 44,300 Gillette Safety Rasor—No par 103 Jan 6 2414 Mar 8
117
-ii- *Ill; -1234 Iiii "lg., - 8 - 13F8 - - 8814May
914 Oct
2
800
52
No par 47 June 1 68Is Mar 3
4912 51
49
47 49 •47 49
52
.46
Cony preferred
50
51
65 Dec
767
234a7
1 May 26
500 Gimbel Bros
118
No par
114 *1
24 Jan 14
1
11a "I
Da •1
Ds *1
lls *1
771 Feb
I% Dec
100
100 Preferred
8 May 31 81 .18.1113
9
*8
9
*8
*8
9
*8
•8
9
9
9
9
62 July
261s Dec
800 Glidden CO
318Jurie 3
No par
7 Mar 9
334
334
334 33
4 *3 4 4
3
312 312 *312 414 *312 414
412 Oct164 Feb
/
1
100 35 Apr 28 64 Feb 13
*40 41
41
*40
*40
41
*40 41
*40
•40
41
41
Prior preferred
Ml Dec
82 Aug
45, 472 10,100 Gobs!(Adolf)
No par
81 Oct9s MAtr
23
8May 14
312 3
/
1
4
334 412
612 Jan 21
33
4% 5
8 33* .34 312
7
814May 31 19% Mar 9
Va 103
i
2 103 10 4 1035 108
9 4 1014 10
10
3
103
4 8,800 Gold Dust Corp• a-- _ No par
8
4 10
8
1412 Dee
4,1111 Ater
79 "61
*60
79 *60
79
78 *60
79 "61
79 *61
86 cony preferred---No par 83 May 11 96 'Feb 6
86 Dec 11712MM
34 318 3,000 GOodrich Co (B F)____No par
214May 28
3
34
3
34 314
3
*23
3
4 3
538 Jan 14
3
Ps Dec1072 Feb
100
100 Preferred
*84 11
.818 11
7 May 31 17 Jan 8
*818 11
812 812 •84 11
*814 11
10 Dee
68 Feb
812 gss
914 914
7
7% 85, *7
7%
75
4 8
pa 7,000 Goodyear Tire & Rub_No par
512May 31 1884 Mar 9
12
183 Dec52 Feb
4
2412 2412 26
No Dar 3193
24
1.400
24
26
24 *23 25
2514 2712 26
let preferred
4June 1 61 Mar 10
91 Feb
$6 Dec
1214 1214 1212 1234 1212 1212 1238 121 12
71 Jan 5 1412),lay 6
/
4
No par
1234 13
1214 2,200 Gotham Silk Hose
/
4
188, Apr
83 Sept
4
100 601 Jan 11 651s Mar 1
*55
60
58 .56
/
74 *55 63 •55 63 .54
4
60
55
55
Preferred
72 AD
80 Jan
,
"38 118
*38 11
/
1
4May 2
/
4
No par
*38 118
Gould Coupler A
1 Jan 11
"8 ill
"8 118
*38 118
01 Feb
/
4
114 Dec
1 May 27
11
13
112
lls 114 36,800 Graham-Paige Motors_No par
612Ma7
45 Jan 12
8
112
14 112
17/ Sept
1% 1%
1 3 15,
.3
37
37, •3
2% 2% •238 4
212 212
*212 37
23
Cons M Sm & Pr_ _100
14
500 Granby
*3
8June
7% Jan 14
61 Dec
/
4
228, Feb
14
14
*18
14
14
14
14
14
14
14
18
18
18June 17
800 Grand Sliver Stores__ No par
8 Jan 22
264 Mar
112 Dec
j
4
4
*334 412 *334 438
4% 435
414 43
No par
600 Grand Union Co
312.1une 1
38 38
9IeMar 4
7 Oct
18% Mal
*2212 25 "2218 25 .22, 25 ' 8 25 .2218 23
24
11
100
24
322,
Preferred
No par 22 June 1 3514 Mar 7
46 Mar
21 Dec
*8
10
10
*8
No par
10
.8
*84 10
.8
674June 1 1312 Feb 23
10
•8
Granite City Steel
10
291 Feb
4
113 Dec
4
1614 1,400 Grant (W Y)
16
8
16
1512 163 *1514 163* •15l4 16
16
No par 1412May 28 8014 Mar 8
16
16
62 Aug
344 Dec
678
634 63
612 634
4 *612 7
63
67
s *612 7
800 Gt Nor Iron Ore Prop_ _No par
* 63
514June 2 131 Jan 14
3312 API
/
4
10 Dec
37
512
514 6
534 0
314 *5
312 312
*312 37
6,900 Great Western Sugar_No par
3 Apr 5
/
1
4
Ill, Jan
612 Jan 8
IN Oct
53 255
50
50
55 *55 60
590
*4912 50
100 48 June 1 8114 Jan 8
60
50
60
Preferred
73 Dec
9612 Jan
"5,
38
38 2,100 Grigsby-Grunow
No par
Is Apr 13
3
4
3
4
3
4
3
4
•
/
1
4
3
8
3
4
5
8
/
1
4
11 Jan 11
/
4
58 Mar
4
I Doe
•12
14 "
8
14
.18
14
14
14
100 Guantanamo Sugar_ _ _No par
*14
Mar 7
3
8
*14
3
8
14 Jan 12
112 Jan
IA Dec
2
/ 234 *234 812 *27g 6
1
4
100 Gulf States Steel
*234 3
*234 6
.234 3
No pa
8 Feb 16
212June 8
4 Doc
374 Feb
20
*5
*5
20
*5
20
20
*5
20
100 20 Mar 8 20 Mar 8
*5
*6
20
--..
Preferr d
16 Dec 80 Mal
16%
1638 •16
16% •16
•16
165, •16
Hackensack Water
165, •16
168, *16
804 Mal
22 Dec
,
25 15 N1113 27 23 Jan 12
24
021
*21
24 *2012 24
24
*21
*2012 24
24
*21
30 Apt
2614 Sept
7% preferred class A21 19 May 27 28 Apr 26
/
1
4
%
*1 1
/
4
3
4
78 9.200 Hahn Dept Storm
1
118
1
No par
/
4
.78 11 *1
%June 17
re Mar
14 Dec
24 Jan 1st
100
4 *714 83
3
712June 10 19 Jan 16
4 *714 9 4 *714 83
83
4 *714 53
4 *7
*7
Preferred
8%
8tis Mar
16 Dec
5
*4
*4
514 *4
5
5
10
200 Hall Printing
*4
5
5
4 June 2 114 Jan 7
5
5
II Sept
100.
110
_
i
*Bid and ma d pl
um no gales on ma day .
eir.diefeend fr ErrIghte 8 Rx-alwidentls
New York Stock Record-Continued-Page 5
4459
J e FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE
PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
June 11.
Monday
June 13.
Tuesday
June 14.
per share $ per share S per share
•____ 70 •----90 •_ _ __ 90
36
37
36
37
37
37
*7
8
7
7
*7
914
512
7
8
*12
7
8
7
6
"
12
•14 2
•14
2
*12 2
*114 4
*114 458 *3
458
12
*3
8
3
8
3
3
12
*3
8
*5113 60 '5112 60
*5112 60
*414 512 *4
5'
2
5
5
•157 16
8
.157 16
3
•153 16
8
*7012 85
*7010 80 "7013 80
51 12 5178 493 50
3
4912 4912
*5918 60
5914 59,4 57
59
•14 5
*14 5
*14 5
.
812 912
4
*93 11
812 812
*3
47
8 '3
433 "318 438
'122 130 '122 130 •124 130
•138 112 •118
112
118
114
*43
45
*43
45
43
43
1014 1138 •1o38 11
103 11
4
23
8 238 32
238 2 2
,
*54, gt.
*514 6
*514 6
313 3 4
3
33
3 358
34 34
3
3
13
4 17
3 .13
4 2
17
8 Ps
Is
3
8
5
8
*3
8
5
3
*3
3
118 •1
*1
118 •1
11
14
14
"13
14
14
141
18
2012 18
1818 19
1934
'11
1212 12
12
"11
12
114
114
114
114
114 114
2
2
2
13 -13
2
4
4
•4
414
4
4
418 418
•1,
53
"11
3
2
"2
34
"13
4 218
2
2
214
.
2
.18 I
*12 1
1
*12
•4
6
6
*4
6
'4
69
7312 6912 7012 7112 7112
13
4 13
2 173 "112
4 *15
17
8
*5
53
4 *5
53
4 *5
534
12
12
•12
2
2
3
2
53
8
8
.
712 83
3
8
8
15
17
143 1512 143 15 8
4
4
7
69
69 •
69
69
33
8 4
3
33
8 34
314 P
Wednesday
June 15.
Thursday
June 16.
3 per share
90
"36
3812
*7
914
*12
7
8
*13 2
"4
43
8
*14
12
*5114 5 4
93
*412 512
147 15
8
*7013 80
4
• 4912 497
58
57
' 5
3
3
X8'4 8 4
,
*414 43
8
124 124
*114
13
8
.4314 4513
1118
23
4
*6
34
3
17
3
*12
"1
x14
1912
•11
*114
2
414
•14
"2
.
12
"4
725
8
*152
52
,
*12
8
15
1234
238
812
37
8
2
5
8
113
1438
20
3
12
15
2
41
.53
214
1
6
733
4
2
52
,
3
3
838
163
8
Friday
June 17.
per share $ per share
90
90
*37
3812 .37
3812
914
*7
914 *7
12
12
7
a
"4
.12 112
*12 1
*4
45
8 *4
43
8
•14
12
12
*14
*5114 597 '5114 60
8
512 512
*4
512
'15
16
•1512 16
'7012 80
7012 703
8
495 495
3
3 4912 4912
8
*5814 637 '5814 637
8
"8 5
.
3
3 5
•
81. 11
8'
81i
814
414 414 *3
43
8
12812 12812 128 128
•112 13
8 *113 112
43
4314 4312 4312
113 12
2
113 123
8
2
238 212
23
2 212
*Ms 612
6
6
4
4
4 414
33
17
8 2
13
4 2
53
*12
•12
3
3
•1
118
1
1
*1312 14 '123 14
4
1912 20
18
1914
1114 1114 '11
12
112 11
112 11
2
2
2
21
41
411
47
'4
*14
53
*14
513
'2
214 '2
214
.
18 1
*12 1
'4
6
'4
6
7314 741
69
7214
2
2
•13
4 2
57
8 61
53
2 Ps
53
53
53
513
83 10
4
*94 101
1514 16
15
16
69
76
*6912 75
4
4
3.4 3 4
1
681 683
4
4
38 4
3
---- -'114
184
mlii
184
13
4
114
114 *114
-14
1
37
3 4
4
414
418 438
413 412
4
414
.54
60 "53
60 '53
60 "53
5812 *53
60
312 312 '314 618 *314 6 4
*314 614
614 614
,
5
8
•111
33
133
53
52
5
8
52
52
7
2
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.
3
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7
8
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5
7
8
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52
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$
8 .
14
14
14
3
8
3
8
*14
3
8
3
3
312 312 *312 33
3
3
4 *312 33
4
•414 5
414 414
4
4
•4
412 *4
412
35
32
32
"32
35 '32
35
*32
35
113 113 •101, 12
8
8
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11
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8
4
31
36
3412 23314 333
34
4 33 4 345e 3318 333
3
4
*514 103
4
93 103
4
93 12
8
4
113 1212 *10
4
12
30
30
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32
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32
32
3212 33
33
3
312 3 4
353 3 4
32 3
5
7
3
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313 3 8
3
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4 218 •178 218
4 '13
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8
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28
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8
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,
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•1712 173 •1712 185
8 1812 1812 183 183
4
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113 123
8
4 1112 131, 1314 141_ 13
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131
611 .60
'60
61
6112 62 260
60
60
60
.39
40
40
40
40
40
40
39
40
39
*95
*9312 99
9934 *9312 993 *9312 993 *9312 993
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118
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114
118
3
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'8 314
,
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314 3 s
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;
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106 106 .106 110 '106 110 *1074 110
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•14311 147 '143 147 . 8 147 '1438 1478 .1434 147 '143 147
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1612 1612 174 1613 1738 16 • 1612
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.2012 21
2012 2012 21
21
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213 212 '214 31
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9
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8
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3
7
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90 •60
90 •60
90
90 •60
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•1218 1234 113 121
4
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113 13
4
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/
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19
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187 23
s
2114 2214 2018 215
203 223
8
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.
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*212 3
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4 51
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8 134 *13
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13
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8 13
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*334 4
4
4
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714 73
8
712 73
4
73
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4
71* 73
4
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4 V.
73
6
6
*5114 63
*53
6
4 612
6
8
53
4 57
*6
2
612
4
,12 1
*3
3
34
3
3
4
4
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*53
"2
3
4
*3
2
4
312 312
3 33
3 8 37
37
5
8 4
3
8
*35
8 37
37
8 37
3 *33
•12 4
*12 4
*13 4
*12 4
"
12 4
*12 4
112
112
4
4 14
"53
60
•
3
614
3
4
"
12
•12 1
3
3
/
1
4
*312 3 4
3
'414 5
•_ _.- 32
*101 12
,
37
36
"9
912
32
*30
312 4
*13
4 218
•18
28
*312 414
1
1
103 1038
8
*1712 18
1134 133
3
6014 601
40
40
*95
993
•14
.34
312 31
514 53
4
*3
4 1
*7
101
•16
25
*1
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313 3 8
3
25
25
512 57
8
'93 1312
4
'
1
114
*43
4 7
87
8 9
*1812 20
•BM and sated priest no sales on this day
a Ex-dividend
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus. & Miscall. (Coss.) Par
Hamilton Watch pref
100
120 Hanna prat new
No par
100 Harbison-Walk Refrae_No par
200 Hartman Corp clam B_No par
Clam A
No par
Hawaiian Pineapple Co Ltd_20
100 Hayes Body Corp
No Par
Heime (0 W)
25
400 Berenice Motors
Na par
300 Hercules Powder
No par
20 Hercules Powder $7 cum p1100
1,500 Hershey Chocolate
No Par
Preferred
1,100
No par
No par
Hoe(R)& Co
300 Holland Furnace
No par
100 Hollander & Sone (A) No par
500 Homeetake MlnIng
100
300 Houdallie-Herehey el B No par
400 Household Finance part 01_50
4,900 Houston 011 of Tex tern ette100
2,800
Voting trust otte new..._ 28
No par
100 Howe Sound
2,500 Hudson Motor Car._.
.100 par
1.800 Hupp Motor Car Corp
10
300 Indian Motocygle
No Par
10
100 Indian Refining
1.100 Industrial Rayon
No par
8,000 Ingersoll Rand
No par
600 Inland Steel
No par
1,100 Inspiration Cons Copper-20
2,100 Insurensharee Ctfe Ine_No par
900 Ineuraushares Corp of Del-1
.
Intereont'l Rubber_ _ No par
No par
100 Interlake Iron
Internal Agrloul
No par
Prior preferred
100
4,600 Int Buainese Machines No Par
300 Internal Carriers LtdNo pa
2,001) International Cement__No pa
1,400 Inter Comb Eng Corp--No Par
1,600
Preferred
100
19,200 Internet Huvester-Ne par
400
Preferred
100
2,700 Int Hydro-El Sys el A- _No Par
66 International Match pref.._35
Int Mercantile Marine elfe_100
37,000 Int Nickel of Canada-No Par
Preferred
100
20 Interns Papcc 7% pref.-- UV
600 Inter Pap & Pow el A- _No par
Clare R
No par
1,200
Class C
No par
800
Preferred
100
200 Int PrInting Ink Corp-NO Par
180
Preferred
100
200 International Salt
100
14,900 International Shoe_ _ --No Par
1,300 International Silver
100
190
100
7% preferreed
14,300 Inter'relay & Teleg-- __No par
200 Interstate Dept Storee_Nz Par
Preferred ex-warrants-100
No par
Intertype Corp
700 Investors EuultY
No Par
500 Island Creek Coal
1
300 Jewel Tea me
No pa
34,700 Johna-ManvIlle
No Pa
210
100
Preferred
100 Jones & Laugh Steel pref 100
K C P & Lt let pf ear B_No par
Karatadt (Rudolph)
1.400 Kaufmann Dept Stores 213.50
300 EaYser (J) Co•I a--No par
800 Kelly-Springfleld Tire-N4t Par
100
8% preferred
100
6% preferred
100
400 Kelsey Hayee Wheel-No par
2.800 KeivInator Corp
No par
30 Kendall Co pref
No par
18,400 Kennecott Copper
No par
100 Kimberley-Clark
No par
No par
Kinney Co
No par
Preferred
3,300 Krerwa (5 En co
10
Kress Co
No par
16,200 Kreuger & Tell
7.400 Kroger Groo & Bak- No par
7.100 Lambert Co
No Par
No par
Lane Bryant
500 Lee Rubber & Tire- No Par
100 Lehigh Portland C.sment___50
100
7% preferred
100
200 Lehigh Valley Coal____No pat
Preferred
50
2,000 Lehman Corp (Tbo)....-NO Par
400 Lehn az Fink
par
2,000 Libby Owen' Glass_
No or
No a'.
12:400 Ugee 4 & Myers Tobaeoo.-25
1 1 00
isette s B
25
100
Preferred
100
Lily Tulip Cup Corp-Ne par
at Works _ _No par
400" h°e°
2
°° I-1T elt Co
No par
S
1,300 Liquid Carbonic
No par
12,2 0
2 0
0
0
I" tirerP"sted
Pw. n a
Preferred
N par
No
N° Pa'
2,200 Loft Incorporated
No par
Long Bell Lumber A.
-No par
1,400 Looee-Witee Bigeult
26
20,600
No par
200
7% preferred
100
Louisiana 011
No par
Preferred
100
700 Louisville G & El A----No par
500 Ludlum Steel
No per
Preferred
No par
200 MacAndrews & Forbee No par
6% preferred
100
3.700 Mack Trucks Ins
No par
25,600 Many CoNo par
Madison S0 Garden_ No par
200 Magma Copper
No par
100 Mallison (H R) & Co No pa?
Manat1 Sugar
100
70
Preferred
100
Mandel Bros
No par
300 Manhattan Shirt
25
Maracaibo 011 Ex plor..No Pat
3,200 Marine Midland Corp
10
500 Marlin-Rockwell
No par
Marmon Motor Car_ No par
700 Marshall Field & Co..
.No pa?
Martin-Parry Corp._ No Pat
r Ex-rIghte
PER MARK
Range for Year 1932
On basis of 100
-share lots
Local
Highest
per share
30 Mar 7
33 May 28
7 May 26
12June 9
112June 2
3 4May 9
1
14June 7
50 June 2
4114June 8
147
2June 15
7012June 1
46 June 2
57 June 14
la At 1
8 May 24
312May 31
110 Feb 15
1 May 25
4214June 3
8 4May 31
1
112May 4
5 June 2
025 sy 21
27 1 36
ay
5 per share
30 Mar 7
70 Jan 14
15 Jan 6
17 Jan 15
2
4 Mar 8
10 Jan 12
112 Jan 12
78 Mar 9
812 Jan 16
2812 Feb 18
95 Jan 12
83 Mar 9
83 Mar 8
11 Jan 12
4
1173 Jan11
1012 Mar 10
1318
4June 4
4 Mar 5
574 Jan 5
244 Mar 8
512 Mar 8
1612 Jan 12
111 Jan 8
533 Ja
4
11
14 Jan 9
1 Jan 21
12
8812Mar 7
3912 Feb 19
2 13 Feb 13
4
Jan 14
34 Jan 7
8 Jan 12
7 Jan 19
2
414 Jan 22
112 Jan 9
74 Jan 18
117 Mar 9
512 Jan 13
181 Jan 14
4
172 Jan 15
21 Jan 15
4
298 Jan 18
108 Jan 8
1152 Mar 9
2412 Feb 19
4 Jan 7
94 Mar 7
86 Mar 7
1012 Jan 16
2 Jan 21
12
14 Jan 21
N Jan 4
11 Jan 15
814 Mar 10
40 Apr 15
234 Feb 17
441 Jan 15
8
2472 Mar 10
65 Feb 13
1214 Feb 19
11 Jan 9
5212 Jan 8
7 Apr 1
2 Jan 14
12
18 Jan 14
35 Feb 13
2512 Feb 19
99 4 Jan 22
1
84 Jan 5
1134 Jan 23
112 Jan 6
914 Mar 7
972 Feb 19
27 Mar 7
2
2272 Mar 8
65 Mar 9
414 Jan 14
103 Feb 19
38 Feb 23
13 Jan 14
1912 Jan 9
212 Jan 22
1312 Jan 23
19 Jan 14
37 Jan 21
94 Jan 26
187 Mar 8
2
564 Jan 14
4 Apr 1
214May 17
64 Jan 28
7313 Jan 12
5
Jan 8
9 Jan 9
4653 Mar 7
2414Mar 7
8 Jan 20
5972 Mar 7
6133 Mar 8
11812Mar 7
21 Mar 8
1
16 4 Jan 14
14 Mar 9
22 Mar 8
34 Mar 5
72 Feb 19
4 Mar 12
12
14 Jan 29
6632 Feb 17
Ms Mar 10
9314 Mar 8
IN Mar 8
18 Jan 9
23N Mar 8
6 Jan 21
20 Mar 3
154 Feb 17
6212 Jan 6
184 Mar 4
604 Jan 14
3 4 Mar 9
1
8 4 Jan 14
1
14 Jan 18
1 Jan 11
2 Jan 25
3 Jan 5
7 Jan 15
1 Mar 14
1214 Jan 14
1112 Mar 8
2 Jan 9
1312 Jan 14
34 Star 23
%June 1
1 Apr 1
918May 31
1414 Apr 29
11Az 25
34m t 30
1 June 1
3 4June 10
1
14 Apr 6
2 May 26
14 Apr 7
3 Apr 16
34
65 June 2
1 14Nlay 31
1
37 June 3
12May 23
47$ Jan 6
13 June 9
68
14June 15
2aJune10
14 May 2
114May 31
3'IMaP31
54 June 8
130ne
831ua
2
14May 25
14 Apr 14
2 May 31
4 June 2
g2433 Jan 15
9 4June 2
1
3318June 17
8 June 2
26 May 7
253May 31
112May 31
2112May 26
352June 2
NMay 27
1014 Apr 18
1512May 31
10 May 31
52 May 19
36 May 31
904 Apr 8
as Apr 11
3 May 21
512.1une 3
12June 1
6114 Jan 6
20 Jan 2
1 Apr 8
214May 16
2012May 25
5 May 31
10I2June 14
12 Apr 4
5 Apr 12
814June 1
19 June 2
',,May 25
10 May 31
25 May 31
2 May 26
133 Apr 12
352 Apr 6
47.1iine 14
I 5a3 1 5
i ,
231J1L1,e S
30143101e 1
6 May 26
314May 13
3214June 2
3412May 31
110 May 31
1412June 2
84 Apr 4
612June 2
9 May 3
1314May 31
45 May 31
3June 2
17
4May 26
1612May 23
9 May 31
7312 Jan 5
8
4May 2
8 May 18
812June 2
14 Jan 6
612 Jan 5
11311une 16
5712Nlay 3
10 June 2
17 June 14
212 Jan 8
412 Apr 14
12 Jan 6
4 Mar 2
3,,3mie 13
14.1Apr
312.1une 2
12 Apr 9
0121u1,e 2
.134Nlay 31
12 Apr 21
3i2June 11
14 Apr 19
PER SHAER
Ewe for Presto's
Year 1081
Lowest
Mass;
Per share per short
94 JUDO 103 Jan
67 Dec
94 Feb
1112 Dec
$44 Feb
1 Dec
75 Feb
2
17 Dec
2
1052 Feb
814 Nov
4212 Jan
1 Dec
8 Mar
60 Oct 100 Feb
5 Dec
18 Mar
26 Dec 258 Mar
95 Dec 11912 Mar
68 Dec 103 4 Mar
8
7012 Dee 104 Mar
IN Dec
84Mar
1014 Dec
37 Feb
191a Apr
514 Dec
81 Jan 138 Dec
24 Dec
94 Mar
5212 Sept
65 Mar
154 Dec
6812 Feb
1412 Feb
3 Dec
114 Dee
2912 Feb
7 4 Oct25 Jan
1
314 Oct
1312 Feb
7 Dec
2
4 4 Feb
1
112 Dec
64 Feb
21 Oct
86 Feb
251 Dec 182 Jan
4
194 Dee
71 Feb
3 Dec
1112 Feb
214 Dec
94 Feb
44 Dec
1233 July
14 Sept
412 Feb
27 Dec
2
15 Jan
1 Dec
514 Feb
5114 Feb
Vs Dec
92 Oct 1791 Feb
4
3 Dec
1212 Feb
16 Dee
6212 Feb
12 Oct
4 Feb
34 Dec
391 Feb
4
2212 Dec
6012 Mar
105 Dec 14312 Mar
9 12 Dee
31 Feb
11 Dec
7833 Mw
24 Dec
164 Jan
7 Dec
204 Feb
80 Dec 123 Max
7 Dec
42 Mar
1014 Feb
2
17 Oct
11 Dec6 Jan
412 Feb
4 Oct
64 Dec
4312 Mar
414 Dec
1614 Feb
25 Dec
6912May
18 Dec
42 Feb
37 Dec
54 June
157 Dec
51 Ma?
2
50 Dee
9018 Max
74 Dec
334 Feb
8 Dec2112 Feb
6712 Mat
5312 Dec
Pa Dec1812 Feb
114 Dec94 Feb
141 Dec31 Jan
4
24 Oct
5712 Feb
151 Deo
2
80 4 Mat
1
834 Dec 126 Apr
68 Dec 1234 Mar
1111 Oct 11512 Apr
4
Dec
Jan
n
6'3D80
7 Feb
4
2433 Mat
74 Dec
312May
1 Oct
4
26 Mar
51s Oct
10 Sept
65 Max
2914 Feb
3 Dec
6 Sept
1512 Mat
20 Jan
60 Apr
95 Dec
3112 Feb
13 4 Dec
7
41 Jan
2012 Jan
14 Dec
70 Jar
5 Dec
15 Dec
2952 Au,
264 Dec
55 Feb
274 Mat
484 Dec
12 Dec s3512MaY
12
1104 Octsys Mat
54 Dee
174 Jan
17 Oct4 4 Mar
2
1
5 Dec
181 Feb
4
72 Dee 101N Feb
11 Dec
812 Jan
4
30 July
8 Dec
35 Oct6912 Feb
4
1812 Oct341 Yet
54 Dec
2
207 AP
39 Oct91 Feb
8
60 Oct911 Feb
110 Dee 148 Mal
261anne
16 Sept
$414 Fet
12 4 Dee
1
14 Dec
53 Feb
1312 Dec
551s Feb
2372 Dec
634 Feb
56 Dec
99 Mar
23 J03
1
6
4'11
Ij
Apr1 JaIl
297 Deo
1
54 s/star
7
10 Oct
214 July
74 4 Dee 1024 Aug
3
1 Dee
44 Feb
20 Dee
66 Jan
364 Feb
17 a Dee
7
19 Mar
4 Dec
10 Dec
524 Feh
13 Dec
25 Feb
60 Sept 10012 Apr
7
12 Dec
43 2 Feb
60 Dec 10614 Feb
74 Mar
2 Sept
271 Feb
712 Oct
2
12 Dec4% Mar
5 Mar
%Nov
127 Jan
N Dee
8
3 Sept
8 June
12 Feb
44 Dec
3 4 Feb
125ept
1
2414 Feb
94 Dec
32 8 Feb
9 2 Dec
1
1
10 Feb
114 Dec
94 Dee
11233 Feb
Ills Jan
4 Dec
New York Stock Record-Continued-Page 6
4460
kir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
June 11.
Monday
June 13.
Tuesday
June 14.
Wednesday
June 15.
Thursday
June 16.
Friday
June 17.
$ per share $ per share $ per share $ per share $ per share $ per share
12
12
x1158 1158
1158 115
8 1112 1218 1218 1218 1218 1218
*91 100
*8914 100
*8914 100
*90
95
95
*90
95
*90
1118 1118 *1112 113
4 107 1112 11
8
1158 11
11
10 4 114
3
*1
2
112 112 *112 2
*114 2
*1
2
*1
2
*314 37
33
4 38 *312 4
312 312 *314 312
3% 314
*____ 30 *____ 30 *___ _ 30 *__ _ _ 30 *____ 30 *____ 30
1214 1214 1214 1212
12
1218 12
1212 13
13
*1214 1212
*7
1018 *7
101 *7
/
4
104 *7
1018 *7
/
1
101 *7
/
4
104
/
1
*7
10
*7
10
*7
10
*7
10
10
10
*7
10
24
24
24
24
2412 2412 *20
2212 23
25
*2018 2412
*212 412
212 212
4 412
/
1
258 258 *23
4 412 °A 44 *23
*1358 137
8 1338 1338
1338 14
1412 1412 *1314 1438 *133 1414
4
3218 3418 317 33
3418 3612 3258 353
4
35
307 324 32
*134
17
2
2
2
2
17
8 17
8
2
218
13
4 14
5
5
*44 5
*412 53
4 *438 5
4 *43
53
4 *412 48
*1
112 *1
112 *1
112 *1
112 *1
13
2 *1
158
*858 10
*9
11
*9
11
9
1014 *812 1018 *812 104
/
1
*118 13
8 *118 Ils *118 158 *114
t *114 138
13
138 *114
1412 1412 *1412 15 4 *1412 153
16
*15
16
3
4 153 153 *15
4
*13
4 2
*13
4 2
*13
4 2
*13
4 2
13
4 14 *13
4 2
44 414
418 418
414 48
418 418
414 458
414 414
*178 212 *214 238
214 214
238
238 *214
212 *24 212
*2512 35
*28
35
*28
35
*28
34
*28
34
28
28
13
*13
1312 *12
127 127 *12
8
8
1312 *12
14
1312 14
*2
8 1
*38
1
*3
1
4
%
1
*3
7
8
4
7
8
3
4
*5
__
*5
8
*5
8
*5
8
612 612 *5 _ _ _
5
*6
7
*6
7
6
4 6% *53 _6
*5 4 6,
4 *53
4 6
4
.117
18
1812 1814 1814 173 18
1812 *1614 173 *1718 18
314 6
5
53
8
51 5 2
/
4
3
54 5118
43
4 538
538 584
2612 *20
32
*21
26
*20
26
*20
26
*20
2612 *20
14
*1
/
4
14
•Is
3
8
•
/
1
4
14
•18
14
*18
14
•I8
*3
8
12
*3
8
12
*3
8
12
*3
8
12
*4
12
*4
12
3
*914 11
*9
10 4 *9
1218 103 11
4
*10
123
4 10
10
*158 134
3
214 214
212 2 4 *212 27
8 *214 27
8 *212 3
4
4
4
*3
412 *3
412 *3
412 *4
5
4
9
*8
10
10
10
*914 12
8
8
8
8
8
62 *____ 62
*10
11
*10
11
*10
20 *____ 62 *
314 314
3
3
318
3
3
3
3%
314 312
338
*718 12
12
*712 12
*718 12
*718 12
*8
12
*8
10
1014
912 1018 10
103
8
97 10
8
938 9%
914 9 8
7
*14 2
17
*114
*114 13
4 *114 2
*114' 17
8 *114
13
4
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---*78 1
*18
1
*18
283 308 2734 2812 2818
4
110 110
11012
109 109
8
73
4 8%
73
4 84
1614
1658 1712 1614 17
*4
5
8
3
8
4
*14
1_
4 *____
*____
4 . ___
1012 1738 1734
1612 17
*312 9
*312 9
*312
6012 6012 *6014 66
*6014
*98
9912 98
987 *9614
8
7518 7512 75
78
78
84 912
82 9
,
9
1
*18
29
2914
11012 *110
818
8
1738 1714
12
*14
4 *____
1912 1958
9
*312
66
*6014
99
*9614
75
70
9 12
914
1
*18 1
*18 1
3114 307 323 x287 304
8
8
8
111
110 111 *110 115
73
814
734 84
8
1814 1714 177
8 1614 1758
12
*14
12
*14
12
4 *__ .. _
4 *____
4
2014 18
/ 1938 1718 1814
1
4
9
*312 9
*312 9
4
66
6012 6012 *583 647
9614 99
99
98
96
*70
89
70
70
70
95
958
93
94
3
9
1612 1612 *153 1612 1612 1612 148t 16
4
1412 1412 *1412 1514
*412 8
*412 8
*412 8
*412 8
*5
8
*5
8
*16
20
*16
20
*17
20
*16
20 *17
20
*17
20
6
6
*6
7
*6
7
*614 7
*6
7
614 614
*5
58
3
5
512
5
5
*47
8 558
5
*43
4 5 2 *5
,
*2
•112 214 *112 214 *114 214
2
2 14
212 3
3
8
27
314
*212 23
4
4
23
4 24
3
318 318 *3
258 23
Sales
for
the
Week.
70 *6514
3
4
*12
33
4 *314
*1212
15
74 *____
3
5518 50 4
*5
10
312
312
412
5
- - -
70
69
3
4
*12
4
5%
15
*1212
*____
72
% 5012
531
*5
10
3
/
1
4
312
412
48
- - -
69
70
71
70
*12
3
4
*12
3
4
4
*314 512 *314
15
*1212 15
.1 1212
.
743 *60
4
73
60
5012 53
548
4 5312
10
*5
10
*5
312
312 3
/
1
4
338
47
8
5
5
5
- - -
900
70
70
70
3
4
*12
34
200
*3 4 5%
,
51
15
*1212 15
20
65
*57
67
5518 50
5314 5,800
10
*5
10
3% 35
6,000
338
3,400
5
47
8 5
- --- - -
.
2
66 »ia 16 *i5 16 ;25 16 *ia - 6 ii 1i
;22r4 212
214
214
214
238
214
214 214
214 2%
*214 212
/ 812 *7
1
4
/ 812 *712 8 2
1
4
,
*714 8 2 *7% 812 *714 838 *7
,
83
4 *3
84 *3
83
*3
83
4 *3
83
4
84 *3
*3
*10
14
*10
14
*10
14
1.10
14
14
*10
14
*10
37
35
37
35, 4
4
37
4
3
33
5
312 3%
4 *___ _
4
*1
4
4
4 1 _ __
._
4
*___ _
4 1 _ __
._
*1
4
*1
4
*1
4
*114 4
*114 4
*114 4
3
2
* 14
3
3
*14
*14
3
8
14
4
3
8
*1
/
4
4
4
512 *388 512
338 34
44 418 *3% 512 *3% 558 *4
/
1
5
8
5
8
5
8
3
4
*5
8
3
4
3
8
*3
8
3
4
*5
8
3
4
*12
13
13
*13
1312 1312 1312 13
13
*123 13
4
*1234 13
•I313 and .89.0 prices: no sales on Shim dar
PER SHARE
Range for Year 1932
On basis of 100 share lots
Lowest
Highesi
PER SHARE
Range for Previous
Year 1931
Lowest
Highest
Shares Indus. & Miceli. (Cox.) Par $ per share 5 per share 5 per share S per chart
900 Mathieson Alkali WorkeNo par
9 June 1 2078 Mar 10
12 Dec
3112 Jan
Preferred
100 893 Apr 13 105 Jan 13 104 Oct 12558 Mar
4
1.700 May Dept Stores
25 1012June 2 20 Jan 13
39 Mar
15% Dec
100 Maytag Co
1I2May 26
3 Jan 14
112 Dec
No par
8% Feb
800
Preferred
No par
3 Apr 14
84 Jan 13
6 Sept
2438 Mar
Prior preferred
No par 34 Mar 24 8514 Jan 7
35 Dec
711 Mar
/
4
1,400 McCall Corp
No par 10 May 31 21 Jan 14
1512 Dec
36 Jan
McCrory Stores elms A No par
8 June 1 16 Apr 18
15 Dec
5114 Feb
10
Class B
714June 4 19 Jan 14
No par
1418 Dec
5118 Feb
50
Preferred
100 21 June 2 02 Feb 18
54 Dec
9318 Mar
200 McGraw-Hill Publiaa's No par
712 Jan 7
218May 13
6 Dec
29 Feb
400 McIntyre Porcupine Mines_ _5 13 May 25 1512 Mar 16
12 Oct
2612 Mar
20.600 MoKeesport Tin Plate_No par 28 June 2 6214 Feb 19
3812 Oct 1034 Atu
/
1
2,400 McKesson & Robbins_ _Ns par
118June 1
512 Feb 15
33 Dec
8
17 Jan
100
50
318May 31 23 Feb 13
Preferred
15 Dec
373 Feb
8
McLellan Stores
No par
1 May 26
4 Mar 5
111 Dec
1012 Mar
500 Melville Shoe
8 May 25 18 Jan 9
1413 Dec
34 Mar
No par
23 Jan 8
4
818 Feb
Mengel Co (The)
No par
11 Apr 6
/
4
2 Sept
200 Metro-Goldwyn PIP pref_27 14 June 9 2214 Jan 14
15 Dec
27 Apr
10.1 Miami Copper
112June 1
4 Jan 13
/
1
4
10% Feb
5
24 Sept
33 Apr 9
1,800 Mid-Cont Petrol
No par
018 Mar 8
5 Oct
16% Jan
300 Midland Steel Prod._No par
2 June 9 10 Jan 14
7 Oct
311 Feb
/
4
100
8% cum 188 pref
94 Feb
3514 Oct
100 25 June 2 5114 Mar 9
200 Minn-Honeywell Regu_No par
11 June 3 23 Jan 18
15 Dec
58Is Feb
/
1
4
400 Minn-Moline Pow Impl No par
%June 8
2 Jan 18
/
1
4
14 Dec
7 Feb
/
1
4
100
618 Dec
48 Mar
Preferred
5 May 27 11 Jan 25
No par
100 Mohawk Carpet Mille_No par
2138 Mar
734 Dec
5 4June 2 10% Jan 20
3
1,300 Monsanto Chem Wks No par
1614 Oct
28% Aug
133
sMaY 31 3018 Mar 8
25,100 Mont Ward Co In Corp No par
312May 31
1114 Mar 5
63 Dec
8
2914 Feb
Mortal (.7) & Co
58 Feo
28 Dec
No par 20 May 14 3514 Mar 12
3 Feb
4
Mother Lode Coalition_No par
18 Jan 4
1/
1May 20
14Sept
4 Mar
/
1
4
1 Jan 9
MotoMeter Gasge&Eo No par
14 Apr 22
/ Dec
11
4
300 Motor Products Cori)
47% Apr
15 Oct
--No par 10 June 17 2618 Mar 2
600 Motor Wheel
197 Feb
8
5 Dee
No pet
6 Jan 14
/
1
4
2 June 10
200 Mullins Mfg Co
3578 Mar
814 Dec
2 June 1 1858 Jan 13
No pat
160
72 Mar
/
1
4
20 Dec
Preferred
5 June 1 27 Jan 13
No Par
3114 Jan
Munsingwear Ina
No par
10 May 23 15 Feb 25
11 Dee
2,500 Murray Body
No par
212May 26
8 Oct
97 Mar 2
s
183 MP
4
1151 Mar
,
8 June 2 19 Feb 18
Myers F dr E Bros
No par
20 Oct
10,100 Nash Motor• Co
No par
8 May 31 191 Jan 14
,
15 Dec
4038 Mar
37, Jan 14
114May 25
10 4 Mar
3
2 Dec
/
1
4
National Acme stamped _ _ _ _10
18 Mar
Nat Air Transport
513 Jan 5
7 Jan 21
/
1
4
4 Sept
No par
14 Mar 17
10 Feb
11 Jan 5
/
4
7 Dec
8
No par
82 Feb
378 Dec
18May 25
8 Feb 17
100_
Preferred
83 4 Feb
3
8
8June 2 407 Mar 7
303 Dec
34,500 National Biscuit new
10 267
,
/
1
4
600
7% eum pref
100 101 May 31 130 Feb 19 119 Dec 15314MaY
8914 Feb
4June 2 1438 Mar 7
7 Dec
/
1
4
5,700 Nat Cash Register A w INo par 63
20 Dec
501 Mat
4
45,800 Nat Dairy Prod
No par 15 May 26 81% Mar 8
ts Dec
7 Feb
/
1
4
100 Nat Department Stores No par
%May 31
1 Feb 19
60 Jan
671 Dec
8 Jan 2
100
213 Apr 6
Preferred
3688 Feb
30,900 Nat Distil Prod etfe-No par
13 June 1 24 Mar 8
/
1
4
10 Dec
3778 Feb
Nat Enam & Stamping_ _100
358June 6
8 Jan 21
514 Dec
200 National Lead
100 4914May 2 92 Jan 8 S7812 Dec 132 Jan
260
111 Dec 148 June
100 96 June 16 125 Mar 11
Preferred A
530
100 70 June 15 105 Jan 13 100 Dec 12014July
Preferred B
4414 Feb
22,900 National Pr dr Li
133
8June 2 1038Mar 8
1014 Dec
No par
11 Feb
/
4
18May
218 Jan
No par
12Sent
5818 Feb
1418June 2 23 Jan 8
/
1
4
2,400 Nat Steel Corp
No par
1812 Oct
914 Mar 4
5 Dec
7014 Feb
National Supply
50
312June 2
20 Dec 111 Feb
Preferred
100 1312May 26 34 Mar 5
200 National Surety
sJune 1
1758 Jan 14 110 Dec
7518 Mar
50
47
8
300 National Tea Co
247 Mar
3
/
1
4May 26 10 Mar 8
No par
614 Dec
2,000 Nebular Bros
11 Apr 26
/
4
5 Jan 14
/
1
4
254 Feb
No par
3 Dec
5
3,500 Nevada Consol Copper No par
212MaY 31
191 Jan 14
4 4 Dec
143 Feb
4
1% *14 214 *111 2% *18
4 2
*17
8 D4 *114
*13
4 2
*412 4%
*412 5
43
4 43
4
414 412 *414 5
*412 5
300
10
4
4
*4
10
*4 • 10
*4
10
*4
*4
10
100
*10
35
*10
35
*10
35
*10
35
*10
35
*10
35
5
8 1,000
*3
4 1
5
8
3
4
4
3
4
*3
4 114
%
3
4
3
4
3
*72
75
75
7212 7212 *7212 74
7814 80
80
*73
77
50
92
92
92
*9012 92
*88
92
9312 .92
95
92
92
70
12
1112 2,700
12
117 1218 x12
113 117
4
8 11
12
1258 12
2038 188 20
8
1712 19 4 58,200
3
173 1912 173 1814 173 1912 19
4
*31
33
33
33
*32
34
*3218 34
33
33
*33
34
300
2
17
218 4,800
178 2
17
g
17
17
2
2
17
2
8
60
*56
60
65
200
65
*56
5612 5612 *5612 597 *56
*56
*312 4
4 513
*23
100
*312 414
312 312 *23
*2 4 5
3
4 4
*1414 20
41)
17
17
16
1612 *1414 20 *1414 20
*17
24
*7
8
1
*7
8 1
*7
8 1
*7
8 1
1
1
100
•7
8 1
7
78
8 6,000
714
758
64 64
7
714
74 712
718 712
,i,g, 1
1
*28
118
*ss
1
1
1
1
500
3
4
3
4
*2
6
1
.2
6
*3
6
100
*314 6
*212 6
4
4
214 214 *218 214
500
2% 218
2% 218 *218 214 *218 214
100
*314 5
*314 4
*34 5
*318 5
33
4 33
4
*4
5
314
314
*312 55
8
/ *314 512 *314 538
1
4
120
*31 5
/
4
5
5
4
8,000
1174 1238 1114 1114 1112 1238 1212 1318 1214 1212 118 12
*93
98
*93
98
98
*92
98
*92
98
*93
*90
95
138
11 1,400
/
4
/
4
112
112
112 112
112 11
112 112
112 112
50
4
4
*3 4 4
3
4 4
*312 4
312 312 *33
4
4
2312 20
2014 5,100
2118 20% 217
22
2312 23
2034 2112 21
8,400
2212 2058 213
21
2158 2158 225
8 22
20 4 21
3
21
22
264 274 2,400
28
2614 2614 2612 2714 2712 28
2712 2812 26
*312 412
3
4 412 *312 412 *312 5
*312 414 *3 4 48 *33
73
73
170
6818 6818 *71
73
66
67
67
*6612 694 65
17
8 2
6.500
17
8 2
2
2
17
2
2
2
18 2
---- ---- ---- --- - -- -- --- - ---- ----- - - - ----- -- - - - --- - - -- - - -1,305
638
a 118 234 14 5 112 512 -1
i
/
1
4
'i
12
*3
8
12
*4
*3
11
12
*4
12
*4
12
*4
12
*12
52
*12
5
8
*12
%
100
12
12
*12
5
8
*12
%
218 212 43,000
2
212
218 238
212 27
24 25,
212 23
4
5
400
38
3
4
3
4
*
/
1
4
3
4
*
/
1
4
3
4
*5
8
3
4
5
8
53
*14
3
8
3
8
12 1,600
*14
12
*38
12
28
38
14
14
8
2,100
212 3
*214 254
214 214 *218 23
4 .2% 25
4
258 23
3
100
*312 4
*312 3 4
5
334
334 *35
8 334 *312 35, *312 3 8
.
/
1
44
1
500
4
4
1
3
1
*3
3
4
*3
4
*3
4
1
*3
4
1
1)
600
17
18
*183 197
4
*1712 18
17
19
1912 2014 *1912 20
15,700
1612 1735 1612 17
163 1714 1714 1818 1738 1838 1713 18
4
70
*12
33
4
*12
/
1
4
*_
2
*5
3
/
1
4
412
STOCKS
NEW YORK STOCK
EXCHANGE
WO
700
6,300
20
300
400
1,300
900
No par
ao
Class A
No par
Newton Steel
N Y Air Brake
No par
100
New York Dock
100
Preferred
No per
NY Investors Inc
No par
N Y Steam 26 pref
87 lat preferred
No par
•
Noranda Mines Ltd
North American Co-No par
50
Preferred
5
North Amer AviaUon
No Amer Edison pref__No par
North German Lloyd
Northwestern Telegraph-50
Norwalk Tire & RubberNo par
No par
Ohio 011 Co
Oliver Farm Equip new No par
No par
Preferred A
No par
OmnIbus Corp
Oppenheim Coll & Co_ _No par
Orpheum Circuit IP pref._100
No par
0811 Elevator
100
Preferred
No Par
Otis Steel
100
Prior preferred
-24
Owens-1111nots Glass Co
25
Perrino Gas & Eleetrie
No Wu
Pacific) Lig Corp
100
Peer!. Mills
Paolfie Telep & Tales- .100
Packard Motor Car.....No Par
Pan-Amer Petr & Trans____50
50
Class B
No par
Park-Tilford Ina
Parmelee Transporla'n No par
Panhandle Prod & Ref_No par
No par
Paramount Publis
1
Park Utah C M
No par
Pathe Exehange
No par
Class A
Patine Mines & EnterprNo par
3
Peerless Motor Cat
No par
Penlok & Ford
N par
Penney (JO)
100
Preferred
Ipenn_D1 Cement_ ...No pat
/
4
/
1
4
100
Preferred
-N.par
People, Drag Store
sop preferred.- __100
014%
People's a L & C(mho--.100
No par
Pet Milk
Petroleum Corp of Am_No par
25
Phelps-Dodge Corp
Philadelphia Co (PlIteb). 50
50
0% preferred
Phil& & Read C & I____ No par
Phillip Morris & Co Ltd. _ _10
Phillip Jones Corp__No par
100
Phinlps Jones pref
.
Phillips Petroleum_ _ _No par
5
Phoenix Hosiery
Pierce-Arrow Wail A-N.Par
25
Pierce 011 Coro
100
Preferred
No par
Pierce Petroleum
Pillsbury Flour Mille_ _No par
11 Ex-dividend and ex-right.,a Er-dividend.
y 1,1-rIgbts.
10IsJune
41 June
2 Apr 6
Vs Jan 18
314 Dec
414June 13
8 Feb 28
4 Dec
/
1
4
4 June 17
7 Jan 2
/
1
4
74 Dec
20 Apr 9 20 Apr 9 • 20 Sept
12June 2
2 Jan 14
11 Dec
/
4
70 Mai 28 98 Feb 5
8018 Dee
90 June 4 10918 Mar 14
94 Dec
1034May 31 17% Mar 15
10 Oct
4June 2 40 Feb 19
26 Oct
133
4June 2 4734 Mar 8
4018 Dec
273
114May 31
414 Feb 1
238 Dec
/
1
79 Dec
5612.1une 14 864 Jan 18
3 May 24
8 Jan 21
4 Dec
21 Dec
15 June 3 28 Jan 29
I, Feb 9
1% Mar 10
Is Jan
6 Jan 5
814May 10
5 Dec
/
1
4
13 Apr 28
2 Jan 15
3 Dec
8
212May 24
6 Jan 15
/
1
4
218 Dec
43 Mar 8
4
lls Jan 4
111 Oct
/
4
7
3 June 7
9 Jan 21
8 Dec
/
1
4
4 Dec
314Ju0e 16 144 Jan 13
/
1
4
9 May 31 224 Jan 8
/
1
1618 Dee
90 May 26 105 Jan 15
97 Dec
44 Jan 7
8 Dec
/
1
4
114May 27
318May 19 14 Jan 16
8 Dec
20 Dee
12 June 2 27 Feb 19
8June 1 37 Feb 18
I67
2958 Oct
2034-June 2 414 Mar 7
35 Oct
314May 26 1014 Jan 11
7% Dec
58 June 1 10484 mar 6 x93 Dec
/
1
4
13
4June 2
54 Jan 11
878 Dec
171s Mar 18 34 June 3
20 Oct
10 Feb 6 347
8June 4
18 Dec
2 Apr 28
Cs Jan 18
3 Sent
14June 1
2 Jan 8
1 Dec
Is Jan 28
14 Jan 15
3
3 Dec
112May 28 111 Jan 14
/
4
84 Dec
3 Apr 14
8
114 Jan 4
7 Sept
8
14May 12
1 Feb 17
4 Dec
114June 1
IA Feb 17
11 Dec
/
4
1
3 Apr 8
9 Feb 18
41813ept
438 Apr 12
3 June 8
4
2 Oct
16 June 8 a224 mar 8
22 Oat
13 May 31 84 Mar 8
/
1
4
20% Dec
60 June 1 91 Mar 6
Is Apr 14
11, Jan 2
311June 9
0 Mar 22
1212June 1
1611May 17
60 June 16 96 Feb 25
4512June 2 121 Jan 15
812May 31
12Is Jan 7
2 4May 5
1
438 MI 7
3 8June 1
7
8 Jan 8
/
1
4
18 June 3
218June 8
7 June I
3 Apr 25
/
1
4
10 Apr 26
2 June 1
3 Mar 23
/
1
4
114June 1
/ Jan 2
1
4
3 Jan 5
/
1
4
IsMay 17
93
4May 31
41 Mar 10
818 Feb 20
10 Mar 8
94 Jan 5
$2 Feb 10
618 Mar 8
4May 19
53
9 Jan 13
18 Jan 8
74 Mar 8
Ds Jan 7
224 Jan 9
79 4 Dee
3
38 Dec
2 Dee
/
1
4
15 Dec
78 Dec
107 Dec
9 Dec
Vs Dec
578 Dec
150 May
30 Dec
238 Dec
8 Dec
988 Dec
36 Dec
A Dec
818 Dec
61 Oct
/
4
4 Dec
3 Dee
/
1
4
Is Dee
19$4 Dec
20 8 Mar
7
554 Oct
24 Feb
25 Jan
ID% Jan
80 Jan
121 Jan
/
4
1074 Mar
118 API
29IsMaY
9014 Feb
87 Mar
11 Apr
10718 Aug
8
852 Apr
471sM117
2 Nov
191 Jan
,
53 Feb
8
20 gal)
61,Mar
291, Feb
72 Mar
6858 Jan
12912 Mar
1058 Feb
6911 Feb
3934 Jan
5478 Mar
6911 Mar
3614 Mat
1814 Mar
117 Feb
s
8518 Jan
361 Jan
/
4
11 Mar
47 Jan
8
44 Feb
5014 Feb
214 Mar
238 Feb
8'* July
1511 Feb
458 Feb
6611 Feb
4
641 Ana
10014Bept
6 Feb
/
1
4
29 Jan
/
1
4
85 Mar
1044 Aug
250 Feb
1718 Jan
8
107 Feb
25% Feb
155 June
5618Mar
1214 Mar
173 Aug
2
147 Nov
s
52 Jan
HIS Jan
104 am
274 Feb
11 Feb
/
4
73 4 Feb
5
8% Feb
37 Ma.
New York Stock Record-Continued-Page 7
4461
lir FOR SALES DURING THE WEEK OF STOCKS NOT
RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDIN
G*
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Monday
Tuesday
Wednesday Thursday
Friday
June 13.
June 14.
June 15.
June 16.
June 17.
$ per share I per share $ per share $ per share $ per share $ per share
•3
6g*3
3
*3
63
4 •3
63
4 *3
63
4 *3
64
3
*20
*121 25 *20
23
23
20
20
20
20
*19
23
*2
3
*218 3
*218 3
218 24 *214 314 *218 314
•15
18
*15
18
15
15 *14
15
15
15
*14
15
111
118 *1
118 *1
118 *1
118 *1
118 •1
118
*1512 17 *1358 1712 *1512 1712 *153 171 *1634 1712 *163
4
4 1712
.
/ 3
1
4
.
/ 3
1
4
.
/ 3
1
4
.
/ 3
1
4
.
/ 3
1
4
.3, 3
*131 118 *134 2
*134 2
4 2
*13
*134 17
3
4 17
8
•11 3
/
4
*158 214 *lh 24 *11 214 *158 212 *13
/
4
2
2
*
/
1
4
7
8
*5
3
713
al
3
1
*3
1
7
8
*31
7
8
3
1
3
4
*3
4
*3
4
*3
4
3
3
*3
314
*418 513 *418 512 *413 512 *412 512 *414 314 *3
53
4 *44 .53
4
Ps 67
8
612 612
65
8 65
8
7
7
7
7
7
7
*111 1
*3
4 1
3
4
3
4
*3
4 1
*3
4 1
*3
4 1
*258 5
258
258 *258 .5
*258 4
*258 5
*25
3 5
27 2734 26
2678 2512 2714 2712 29
2734 283
4 2712 2778
14
els
14
*18
14
*18
4
14
*14
3
8
*14
3
3
*118 13
4 *118 134 *118 11 *113 13
/
4
4 *114 13
4
13
4 13
4
3338 3478 33 33
/ 3314 35
1
4
35
3612 35
363
4 3312 3514
*62
7418 *6213 75 *6712 75
*6614 73 *6514 71
*6612 71
*79 82
8012 8012 7913 79h *80 82
80 80
7912 80
*84
98
82 98
*84
98
*8513 98 *88
98
98
•102 10914 *10214 114h *10214 11412 *10214 11413 *10214 11412 *84
*10214 11412
*8012 100 *8012 100 *8314 100 *8314 98 *8314 98
*8314 98
1314 1414 13
13
12
123
13
1418 14
1458 1334 143
8
Saturday
June 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1932
On basis of 100-sharo lots
Lowest
Highest
Shares Indus. & Miacell.(Con.) Par I per share $ ye share
Pittsburgh Coal of Pa
100
3 May 4
71 Jan 14
200
Preferred
100 1812May 20 AO Jan 28
200 Pittsb Screw & Bolt___Ns par
2 Apr 12
a Feb 16
30 Pitts Steel 7% cum prof__ _100 10 May 27 24 Jan 18
Pittsburgh United
25
1 Jan 4
212 Mar 8
Preferred
100 14 May 17 4(1 Jan 21
Pittston Co
No par
2 June 1
2 June 1
Poor & Co class B
112May 25
No par
4 Jan 14
/
1
4
100 Porto Rican-Am Tob el A__100
1I4May 27
5 Jan 15
14
600
Claw B
No par
58May 6
1 Jan 14
/
1
4
100 Foetal Tel& Cable 7% pref 100
2 4June 8
3
9 Jan 14
Prairie Oil & Gas
25
312June 2
)18 Mar 8
900 Prairie Pipe Line
25
93 Mar 8
512June 2
100 Pressed Steel Car
No par
%June 1
258 Jan 14
100
Preferred
100
25
8June 13 11 Jan la
11,000 Procter & Gamble
No par 247
8June 9 4234 Jan le
200 Producers & Refiners Corp-50
'WRY 2
5
1h Mar 9
60
Preferred
50
1 May 10
934 Mar 30
27.803 Pub Be, Corp of N J___No par 29 4June 2 60 Mar 7
3
15 preferred
No par 6312June 3 87 Mar 7
800 8% preferred
100 7112June 2 1'058 Mar 11
7% preferred
100 9212May 27 114 Mar 10
8% preferred
100 z10012June 1 13014 Mar 5
Pub Ber El & Gas pf MN* par 83 Jude 3 96 Mar 9
9,400 Pullman Inc
No par 1012June 2 25 Jan 14
50
18 Feb 17
Punta Alegre Sugar
/ Jan 2
1
4
314 314 *318 34
34 314
33
3 33
5
312 31
312 312 1,900 Pure 011 (The)
25
3June 2
*5012 55 *52 55 *52
27
513 Jan 15
55
*52
55
55
55 *52
55
10 8% preferred
100 50 Jan 5 6012 Jan 14
513 612
512 57
8
57
8 57
8
6
67
8
61 658
/
4
578 6
4.700 Purity Bakeries
No Dar
4
/
1
4May 25 15 Mar 7
/
1
4
334 3 s
3 4 44
3
7
34 4
3
33
7
a
4
438
334 4 19,900 Radio Corp of Amer_ _No var
•I2
212May 26 1038 Feb 19
15 *11
15
*1112 15 *12
1414 *123 15
4
*1212 25
Preferred
*614 61
50 10 June 2 3278 Jan 12
*6
618
6
6 18
612 612
6
63
4
6
6
1,700
Preferred B
214 258
No par
3 8May 31 1873 Jan 14
3
214 214
214 214
214 214
24 218 *2
214 1.150 Raello-Keith-Orph
No par
1I2June 1
54 .54
7 Jan 14
514 514
5
5 14 *5
54 *5
51
/
4
518 5
/
1
4
700 Raybestos Manhattan_Ne par
412June 2 1158 Feb 15
33
8 3
/ *3
1
4
33
313 34
33; 33
3 *3
3
/
1
4
313 318
600 Real Silk Hosiery
•10
10
24 Jan 4
1034 *10
513 Mar 12
10 *10
103
4
812 101
*812 1012 *813 10'z
.
/ 1
1
4
Preferred
100
8 May 12 16 Mar 14
*18
1
•121
14
*ls
14
*13
14
•13
14
Rata (Robt) & Co
*2
NO par
2
/
1
4
le Apr 12
2
13 Jan 12
2
*I
24 *1
/
1
2
/ *1
1
4
2
284
/ *1
1
4
50
let preferred
*134 11
100
/
4
11 Apr 15
/
4
134 13
4 Feb 4
178 178
134 178
134
134 *134 178 1,100 Remington-Rand
No par
1 May 28
338 Jan 14
*512 63
4 *512 6
*512 6
/ *612 63
1
4
612 634
7
7
300
lit preferred
*212 5
100
4 June 3 1312 Mar 24
*212 5
5
5
*5
1214 *5
1214 *5
1214
20
26 preferred
100
11 134
5 June 14 12 Jan 21
/
4
158 11
/
4
158 11
/
4
11 158
/
4
15
e 1511
15
8 13
4 3,800 Reo Motor Car
10
112 Apr 4
338 Jan 8
212
212
212 212
212 21
212 21
238
238
258 238 3,700 Republic Steel Corp___No par
7
178June 2
7
072 Jan 14
6
7
67
8 64
/
1
678 7
*7
734
7
7
1,800
6% cony preferred
100
•1
534June 1 1538 Mar 5
214 *1
214 *1
4
*1
4
*1
4
*1
4
Revere Copper & Brase_No par
1I2June 1
*3
4
314 Jan 29
*3
4
*314 4
*314 4
*31 4
/
4
*34 4
Clan A
No par
212May 3
6
/ 7
1
4
6 Jan 30
612 612 *63s 63
4 *614 6
612 658
/
1
4
612 658
800 Reynolds Metal Co
No par
*34 44 *318 418 *34 44 *318 44 *34 4
6 Apr 21 10 Mar 3
*34 4
Reynolds
29 30
8 Feb 23
2858 29
55 Jan 14
3
29
291
2912 30
2913 3014 x2818 2878 21,100 Reynolds Spring new No par
(RI) Tob °lase B_10 26 4June 1 4014 Jan 14
3
71
71
6614 711 67 67 *6514 66
/
4
66
661
6518 6518
310
Class A
10 64 May 2 7118June 13
12
12
*1
/
4
12
"8
12
3
8
/
1
4
*14
3
38 1,000 Richfield 01101 Calif __No par
8
*14
*2
21
/
4
2
2
*2
IsMaY 5
21
34 Jan 11
*2
21 *.
/
4
218
2
2
300 Rio Grande 011
*414 6
l'*May28
No par
*414 6
212 Mar 18
*414 51
.438 41
413 41
*418
.518
100 Ritter Dental Mfg
*24 258 *2
No par
412June
3
*24 3
Jan 9
*2
23
4 *214 2
/
1
4
214 214
500
1512 16
10
112May 28
1514 1512 1534 161
612 Jan 14
153 1618 164 1638 1614 163, 5,300 Rossi& Insurance Co
4
Royal Dutch Co (N Y shares) 1218 Apr 21 23 Mar 4
*51 558
/
4
53
4 5
/
1
4
5
/ 67
1
4
3
514 5
/
1
4
5h 51z
5
/ 57
1
4
1,500 St Joseph Lead
3814 4012 37
10
518 Apr 11 10 Feb 15
3812 3712 3914 3918 40
12
/ 3912
1
4
x37
6,800 Safeway Stone
No par 35 June 9 5914 Mar 5
*6514 727 *6412 727 *6514 727 •6614 7278 *6612 4058 .06412 381
8
8
8
7278
727
6% preferred
100 60 May 26 84 Mar 8
775 78
8
79
/ 7978 79
1
4
7912 79
79
7934 79 4 79 79
3
180
7% preferred
•112 312 *2
100 69 June 2 94 Jan 15
258 *2
3
*2
3
2
/ 23
1
4
4 *2
4
100 Savage Arms Corp___No par
*1
118 *1
11
/
4May 31
7 Feb 1
/
1
4
14 *1
14 *1
11
*1
118 *1
118
Schulte Retail Storee__No par
*8
7sMay3l
20
*8
4 Jan 13
9
*8
20
*8
20
*8
20
*8
20
Preferred
100
74 77
8 May 28 30 Jan 5
/
1
3
74 712
712 7 4
3
7 8 814
3
8
814
7
/ 84 9.700 Seaboard 011 Cool Del_Ne par
1
4
118 118 *1
65 Apr 12
3
978 Mar 8
112 *1
112 *1
11
*I
11
*1
lh
200
1434 161 1414 1478 14
NO par
/
4
1 Apr 12
2 Jan 21
/
1
4
141 14
/
4
151 1413 1518 134 1518 30,000 Seagrave Corp
/
4
/
1
Sears, Roebuck & Co__No par 1212June 2 37 8 Jan 18
3
*3
4 1
*1 13
/
4
.3
4 1
8
*1 13
/
4
3
*3
4 1
*1 1
/
4
Second Nat Investors
.2114 31
'*May 25
1
*2114 31
11 Jan 12
/
4
*2114 31
*2114 31
*2214 31 .
2214 31
Preferred
1 2314May 28 32 Jan 2
*1
/
4
h
•18
/
1
4
•
/
1
4
h
18
'
"8
3
8
•18
200 Seneca Conner
3
8
%may 4
2
No par
24
2
12 Jan 4
2
178 178
2
2
2
2
2
2
2.600 Serval Inc
N.par
512 534
11
/
4May 4
533 Jan 13
512 512 *5 4 6
3
53
4 6'4
6
6
5
/ 6
1
4
2.200 Shattuck (F 0)
No par
*112 2
5 May 28 1234 Mar 8
*112 2
*112 2
11 13
/
4
*112 21
*112 212
100 Sharon Steel Hoop
No par
*178 2
158May 20
17
8 17
6 Jan 14
s
178 178 *17; 21
*178 284 •17
; 214
200 Sharp & Dohme
No par
178June 13
*13
14
13
13 *1212 14
5 Jan 13
/
1
4
*1212 14 *1213 14
*1234 14
100
Preferred
258 258
No Par 13 June 13 30 Jan 18
258 234
14
212 238
234 27
234 27
278 278 2.600 Shell Union OH
No par
•1912 22
212 Apr 23
1912 1912 *19
618 Mar 9
1978 1934 20
1914 1914 19
19
800
Preferred
100 18 May 31 81 Mar 7
ls
1s
'18
'
1
14
13
18
.18
14
.18
14
"8
14
300 Shubert Theatre CorD-No par
34 34
18June 2
3
3 Jan 14
4
/ 333
1
4
33
8 33
3
312 312
32 4
3 4 33
3
4 5,100 Simmons Co
No Pa
4
234June 1 1012 Mar 5
4
4
4
*3
/ 4
1
4
*3
/ 4
1
4
4
4
4
4
3,300
10
314 Apr 8
6 Feb 19
---- ---- ---- -- -- ---- -- ----- --- - ---- ---- ---- --- - ...... Simms Petroleum
Sinclair Cons 011 CorP_No par
44 Jan 4
713 Jan 7
Preferred
*3
100 79 Feb 6 96 Mar 24
312
24 3
/
1
*2,
8 31
/
4
3
3
278 3
278 27g 1,100 Skelly 011 Co
25
18
18 *17
212 Feb 8
/ 1812 *173 1812 *18
1
4
44 Mar 8
4
1812 *18
19 *18
19
700
Preferred
100 12 Jan 4 19 Mar 12
•18
4
*18
14
•18
14
18
14 .
12
3
3
•Is
3
8
300 Snider Packing
No par
*1
258
Is Apr 18
1
1 Jan 11
1
*I
212 *1
212
138 138 *138 212
200
Preferred
No par
6
1 June 13
/ 74
1
4
6
/ 7
1
4
414 Jan 11
612 7
678 74
718 7 8
3
6
/ 714 34.400 *mon, Vacuum Corp
1
4
26
*3612 40
514May 31 1034 Feb 16
3612 3612 3612 3612 37
38
3712 38
37
3712 2.000 Solvay Am In- .
t pref
55
8 618
638
614 712
6
714 712
714 8r2
712 812 16,200 Bo Porto Rico Bug r....No_100 36 June 2 63 Jan 19
par
91
91
44 Apr 12
8714 873
4 89 89 *90 109 *92 109 .92 109
812June 16
140
Preferred
100 86I2May 27 93 Jan 5
2012 201
1912 1938 1938 1934 193 203
4
4 20
2014 19h 20
4,100 Southern Calif Edison
26 15 4June 2 32 4 Feb 19
*13
3
3 653 *11 55
/
4
3
8 *13
s 6
*11 6
/
4
*138 8
*138 6
2.534 61
Southern Dairies Cl B__No par
*53
114May 28
4 612 *53
3 Feb 20
4 612 *53
4 6
5
5
/ *5
1
4
63
3
200 Spalding Bros
No par
*32 40 *32
5 May 26 12 Jan 12
40
32 32
*3012 40 *3012 40 .3012 40
10
lit preferred
*2
II
100 32 June 3 05 Jan 9
*2
11
*2
11
*2
5
•2
5
*2
5
BpangChalfant&Colne_No par
32 *.___ 39 •____ 32 •__ _ _ 32
834 Mar 7
934 Mar 8
___ 32 •____ 32
Preferred
Vs 11
100 40 Mar 9 48h Jan 2
14 118
118 lh •14 112
112 134
138 Pa 1,400 Sparks Withington___No par
.8
858 *8
1 May 28
858 *8
312 Jan 14
858 x8
8
*8
14
*8
14
100 spencer Kellogg & Sons No par
*5
6
8 May 4 10 Jan 16
*514 6
512 .5
514 538 *5
6
.5
6
300 Spicer Mfg Co
Nova,
*9
16
5 Apr 20
16 .10
*9
632 Feb 19
16
*10
16
*104 16
*1014 16
Preferred A
No par
•114 212 *14 312 *114 312 *114 312 •114 31
912June 1 15 Mar 22
*114 313
iiplegei-May-Stern Co_No par
8 1018 1014 1014 1012 1012 1078 10
1018 105
%May 31
Ps Jan 14
/ 11
1
4
1014 104 15,450 Standard Brands
/
1
No par
•109 115 *10938 11534 *109 115 4 *109 1153
/
1
4
838June 2 14 Mar 5
3
4'111 115 *112 1153
4
Preferred
No par 110 June 2 1194 Jan 22
•1
134 *1
134 *1
13
4 •1
11 .1
/
4
11 *1
/
4
13
4
Stand Comm Tobaoco_No par
1 May 25
9
/ 105
1
4
914 12
01 10
/
4
2
2 Jan 4
111 124 1158 1238 1118 12 28.100
/
4
Standard Gas & El Co_No par
1312 *13
14
13
14
75
8June 2 344 Mar 8
1712 16
17
1638 17
15
1614 5,200
Preferred
No par
•2614 30 *28
31
30
914June 2 4114 Jan L_
30 *27h 33 *3013 33 *30
33
100
te cum prior pref_-_No par 243
*20
30
32
298 30
4June 3 6112 Jan 11
3513 3412 3412 36
36
35
351 1,500
/
4
87 cum prior prat_ _ _ No par 28 June 3 75 Jan 15
*11
'2
.14
12
*4
12
*14
12
*14
12
*14
12
Stand Investing Corp.-No
se Mar 26
8412 8412 8412 8412 8412 85
78 Jan 13
85 85
85
85
841 8434 1.200 Standard 011 Export pref par
/
4
1712 1853 1712 1778 17
_100
/ 183
1
4
8 18
1834 1818 1853 18
1878 22.700 Standard 011 of Calif_ _Ant par z81 June 9 9113 Jan 9
1518.June 2 R714 Mar 9
*7
714 *7
7
7
718
714 714 *7
712 *7
712
300 Standard 011 of Hansas____25
2412 253
7
8 243 253
/
1
244 26
4
4 254 263
/
1
4
8 254 26
/
1
243 2618 72.800 Standard 011 of New Jersey.26 197 Apr 7 12 Jan 21
4
2 Apr 23 3112 Mar 9
___. -- -- -- -- --- - - - -- ---- -- -- --- - ---- ---- ------Standard 011 of New York_ _ 26
44
412 *4
412 *24 4
*212 414 *212 414 *212 414
Starrett Co (The) L S__No par
3 4June 2
3
*3
2
12
738 Jan 22
31I
14
3
8
14
*14
38
7
8
3
8
•1I
3
8
300 Sterling Securities el AN.par
*58 112
h
18May 21
3
4
14 Jan 9
*8
4 1
1
*84 1
1
*78 118
400
Preferred
.161 1612 161 1614 1614 1738 1713 173
/
4
No par
/
4
X4June 13
3 Mar 5
8 174 1714 17
1714 2.100
Convertible preferred-50 1312June 2 2312 Jan 2
214 212
2
2
/
21 21
1
4
/ 212
/
1
4
4
4 2
/
4
212 238
24 213 1.800 Stewart
/
1
-Warner Speed Corp 10
5
/ 6
1
4
6
512 614
172May 26
612
512 512
6 Jan 14
/
1
4
613 638
512 64 6,009 Stone & Webster
No par
312 33
518.1une 10 1558 Mar 10
8
3 4 37
3
8
8 37
37
8
33
4 3
/ *3
1
4
/ 4
1
4
3
/ 33
1
4
1,100 Studebaker Corp (The) No par
.36
50 •38
50 *38
212May 28 1314 Jan 14
50 *38
50 *38
50 *38 .50
Preferred
100 32 May 25 10472 Mar 31
27 •26
27 *265 27
8
•2512 27 *26
27
27 •26
27
100 Bun 011
No par 2434 Apr 13 32 Mar 1
._ _ _ 72 •__.- 72 *....,- 72 •_-_. 72 *69
72
*69
72
Preferred
100 6912June I 87 Mar 16
7
7
7
712 *7
712 *7
712
712 712
74 712
500 Superheater Co (The)
--Ns par
•
I.
/
1
4
*I/
7 June 11 1312 Jan 18
. *3
1
8
12
*3
8
12
*3
8
12
12
12
100 13111162102 OH
No Pax
.2
/ 5
1
4
*258 5
*25
8 5
14 Jan 5
*258 5
Is Jan 18
*258 5
*25
8 .5
Superior Steel
100
214May 26
•112 PI *112 23
712 Feb 13
4
4 *112 23 .2
234 *2
23
4 *2
2
/
1
4
Sweets Co of America
60
2 May 27 11 Jan 4
.
/
1
4
I.
12
*3
3
1
*h
12
*4
/
1
*3
8
12
3
3
/
1
4
100 Symington
No par
It Mar 31
.
/
1
4
h Jan 21
78
•
/
1
4
7
3
"8
7
8
"8
7
e
*5
8
7
8
"8
7
8
Class A
No per
12Nlay 26
.7I7
2 Jan 19
1
4
7
*Vs 814 *7
7
8
714 714 *714 8
fl n/
,
200 Telautograpb Corp- No par
612June 2 13 4 Mar 23
3
8 *112 211 *13
•112 44 •112 211 *112 17
8 214 *138 214
Tennessee Corp
No par
I May 25
Ps Jan le
1018
9
/ 1018 10
1
4
101 1033 10
/
4
1038 104 1012 10
103; 10.800 Texas Corporation
25
938June 2 13 1 Jar 14
/
4
7
141 1412 15
14
/ 144 14
1
4
/
1
133 14
4
1413 15
1514 15
10.400 Texas Gulf Sulphur. __No par 124June 2 2644 Feb 17
.
14 11 *134 11
/
4
15
/
4
8 178 •158 11 *184 11 *11 11
/
4
/
4
/
4
/
4
500 Texas Pacific Coal 43011
10
112 Apr 12
234 Jan 15
• Bid and ailked trims: no sales 011 this day. 3 Ex-dIvidend
s Ex-rights.
PER SHARE
Range for Preolays
Year 1981
Lowell
Highest
a per share $ per share
4 Dec
2812 Jan
27 Dec 80 Jan
/
1
4
3 Dec
1512 Feb
211 Dec 87 Jan
/
4
1 Dec
15 Feb
40 Dec
994 Feb
/
1
5 Dec
/
1
4
1814 280
3 Oct
1334 Jan
27 Feb
2 Sept
%Sept
8 Feb
II Dec
3912 Jan
44 Dec
203 Feb
8
57 Dec
2
264 Feb
114 Dec
718 Feb
54 Dec
4758 Feb
3618 Dec
714 Mar
1 Dec
6 Feb
3 Dec
16 Feb
1194 Dec 9613 Mar
78 Dee 10212MaY
92 Dec 12014 Aug
11212 Oct 1393 Aug
4
118 Dee 16013 Aug
3
87 4 Dec 10714 Aug
5812 Feb
154 Dec
14 Aug
2 Jan
3 Dee
14
1178 Jan
5312 Dee 1011 Jan
/
4
554 Mar
103 Dec
4
518 Dec
2712 Feb
20 Dec
5518 Mar
912 Dec
60 Mar
4
23 Dec6 Dee
2913 Mar
812 Dec
3072 Feb
14 Dec
/
1
5 Dec
90 Feb
18 Dec
178 Jan
6 Sept18 Apr
17s Dec
4
193 Feb
61 Dec
4
88 Jan
10 Dec
98 Jan
272 Dec
1013 Feb
2638 Feb
Cs Dec
/
4
54 Feb
81 Dec
218 Dec
13 Jan
8 Dee
80 Jan
2213 Mar
7 Sept
212 Oct
1814 Mar
5412June
3212 Dec
69 June
754 Feb
38 Dec
63 Jan
8
114 Nov
104 Feb
3 4 Dee
3
418 Mar
4
26 Feb
34 Dec
8
425 Feb
13 Dec
7 Deo
30 Feb
/
1
4
3858 Jan
6912 Ang
6314 Dec 981sSeP1
71 Dec 10312 Aug
358 Dec
2014 Feb
1112 Mar
3 Dec
30 Dec 65 Mar
512 Oct
204 AP
11 Feb
214 Dec
304 Dec
6314 Feb
812 Feb
32 Dec
684 Feb
37 Dec
/
1
/
1
14 Feb
14SePt
/
4
111 Ayr
34 Dec
294 Feb
814 Dec
/
1
1378 Feb
212 Dee
21 Mar
3 Oct
/
1
4
28 Dec
6112 Mar
213 Dec
104 Jan
78 Feb
15 Dec
4 Dec
914 Mar
678 Dec
2332 Feb
11 Pet
8 Dec
/
1
4
1578 Feb
Vs Dec
64 Dec 103 Mar
1272 Jan
2 Dec
62 JIB
10 May
2SePt
6 4 Feb
5
7
2 Oct16 8 Feb
5
21 Aug
832 Dec
95 Mar
40 Dec
174 Jan
4
63 Dee
87 Oct1124July
2838 Oct 5412 Feb
2lsSept
5 Mar
36 Jan
8 Dec
94 Dec 11513May
274 Feb
934 Dec
4812 Oct9212 Jac
2 Dec
IP. Mar
9 Sept1612 Nal
8 Sept17 4 Fet
3
3312 Feb
1114 Dec
174 Mar
3 Dec
1013 Dec 2012 Feb
1148 Dec 124 July
4
11 Dec
4
4 Feb
8838 Mat
2512 Dec
/
1
2978 D44 644 Mar
SO Dec 101 Mar
55 Dec 109 Mar
/
1
4
Is Dec
44 Feb
8718 Dec 106 Sept
511 Feb
2318 Dec
/
4
732 Dec
19 Jan
5212 Feb
26 Dee
1378June
26 Feb
8 Dec
344 Feb
18 Dec
5 1 Feb
7
11 Dec
/
4
94 Feb
3
1812 Dec
40 Mar
434E40
2172 Mar
9 Dec
/
1
4
544 Mar
9 Oct
20 Mar
75 Dec 1184 Apr
/
1
4
4514 Feb
26 Oct
75 Dec 10413 Feb
4058 Feb
11 Dec
11 Feb
/
4
4 Dec
278 Dec
1878 Mar
1578 Aug
104 Dec
Is Dee
212 Feb
612 Jan
1 Oct
2112 Mar
114 Dee
94 Jan
2 Dec
97 Dec
3
113711 Jan
1918 Dec
5534 Feb
14 Dec
We Jan
4462
Jar
New York Stock Record-Concluded-Page 8
•
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
HIGH AND LOW SALE PTICES-PER SHARE, NOT PER CENT.
Saturday
June 11.
Monday
June 13.
Tuesday
June 14.
Wednesday
June 15.
$ per share
278 3
.3
418
*2312 27
*414 6
*1
112
*10
117
8
*83
4 94
*234 4
8.,
3,
*12
154
218 214
2812 2812
*6
9
3312 3312
*258 278
1178 1212
---- ----
$ per share
23
4 278
*3
44
*2312 27
*414 6
lls
118
*10
11711
"83
4 97
8
•2 4 4
5
.1,,
7
8
*12
1518
214 214
8
2813 287
*6
9
*31
36
25
8 25
8
1012 103
4
---_ -___
$ per share
23
4 27
8
312 313
*2313 28
*414 6
*1
112
*1012 1178
*83
4 94
*23
4 4
*3
8
7
8
*12
1518
214 214
28
2812
*6
9
*3112 36
*23
8 212
107 1112
8
____ ____
$ per share
278 3
312 312
*2312 28
*414 6
*1
112
*1118 117
8
*83
4 97
8
*23
4 37
8
*3
8
7
8
*12
1518
214 214
2812 2812
*6
9
*31
37
212 212
11
114
____ ____
234
*3
17
8
5112
"2012
*12
*3
*12
9
614
1712
958
*1212
83
8
42
1418
814
*3
8
*2
43
4
25
*212
14
1318
7812
*14
*458
7
8
*3012
•16
*2814
*53
812
12
*1
*18
*4
*114
*30 4
3
*1214
*2
1514
*112
*314
*4812
212
2
4
103
4
*323
4
2612
64
*59
28
*3
3
*11
67
8
*3
4
*414
*2614
*60
1112
912
•118
*312
•1
*15
7
8
*214
Thursday i Friday
June 16. I June 17.
Sales
for
the
Week.
tlTOCKEI
NEW YORE STOOK
EXCHANGE
$ per share Shares Indus_ & ?Miceli.(Cond.)Par
3,900 Texas Pacific Land Trust--1
3
3
400 Thatcher Mfg
312 33
4
No par
No par
*2312 28
Preferred
No par
100 The Fair
412 412
No par
200 Tberrnold Co
13
8
13
8
Third Nat Investors
1
*103 117
4
8
25
Thompson (.1 R) Co
*83
4 94
Thompson Products Ina No par
*23
4 34
*12
78
100 Thompeon-Starrett Co_No par
No par
83.50 cum pref
*12
1518
. 218 214 2,800 Tidewater Assoc OIL-No par
100
2814 2838 2,800
Preferred
100
100 Tide Water Oil
6
6
100
200
Preferred
3313 3312
10
212 212 1,300 Timken Detroit Axle
1012 1034 3,100 Timken Roller Bearing_No par
____ _:.__ ______ Tobacco Products Corp No par
Class A
No par
2 8 273
3
,
24 14
258 - -7
3
24
ii8 - -34
r
28
2l2 --3- 15666 Transamerica Cortp......No par
2
518 *3
300 Transue & Williams 8V1No par
3
3
518
*3
5
*3
518 *3
5
2
112 13
2
218
8
2
218 7,200 TrI-Conttnental Corp No par
2
2 18
4
13
4 17
No par
x5038 5038 1,300
8
6% preferred
5112 5014 5112 5018 5014 5114 8114 503 51
No par
100 Trier) Products Corp
4
2234 *2012 223 *2012 225
4
4
4
4 224 223 *2012 223 *2012 223
Cl,
Truax Traer Coal
No par
4
*12
7
8
*12
7
8
*12
*12
7
8
7
8
78
10
600 Truscon Steel
3
3
38
3
358
3
*3
33
8
27
8 3
*3
3
No par
400 Ulan de Co
3
4
*12
*12
5
8
12
12
3
4
3
4
3
4
3
4
3
4
1,400 Under Elliott Fisher Co No par
10
*9
9
9.
9
83
4 83
87 10
8
8 8 83
5
4
4
200 Union Bag&Paper Corp No par
*612 7
7
*6
*6
7
*614 7
612 *614 7
50,600 Union Carbide A Carb_No par
8 1718 18
1818 187
18
1838 1718 173
8
8 177 185
4 17
25
8 914 3,200 Union 011 California
87
914
9
914 93
8
8 914
87
912 *91s 912
No par
200 Union Tank Car
13
13
*1214 1212 1212 1212 *12
12
12
*1214 13
818 84 33,700 United Aircraft & Tran_No par
83
4 9
918
8
87
8
93
8
84
3
818 87
8
Preferred
50
4
8 4258 423 *3514 4214 1,300
4118 4118 4112 4113 4214 427
43
No par
600 United Biscuit
15
*1214 154 *1214 15
4
4 1412 1412
*14
1512 143 143
100
Preferred
4
93 *___ 90 *____ 8978 *__
8934 *____ 8934 *___ - 893
No INif
1,900 United Carbon
9
1012 1014 1013 1014 1014
.83
8 9
8
8
814
12 1,700 United Cigar Stores---No par
12
12
12
*3
8
12
12
12
3
8
19
12
3
100
Preferred
4
4 *212 5
4
5 1 *212 5 4 *212 53 .212 53
3
5 4 *2
3
No par
47
8 518 32.100 United Corp
8
44 54
514
518 53
518 512
43
4 518
No par
5,100
Preferred
2.53 *2414 25
4
Ms 2518 2612 25
2612 2412 2612 25
100 United Parana Coal
No par
*234 3
*212 3
3
*212 3
"212 3
3
3
No par
1312 133
15
4 1314 1458 5,000 United Fruit
1414 14 4 1414 143
4 1313 14
3
13
134 41,700 United Gas Improve___No per
133
4 1258 1338 1278 1338 1312 14
1338 14
Preferred
No par
600
784 784
77
77
77
7612 77
*7814 80
7712 78
100
*It
1
United Paperboard
*14 1
1
*14
1
•14
1
*14
I
100 United Piece Dye Wke_No par
428 44
*438 512 4 8 512 *438 512
512 *433 51
3
78
1
7
8 1,000 United Stores elan A__No par
*7
1
7
8
8 lis
7
8
7
8
7
3
7
8
34
600
Preferred class A__ _N• par
*31
*3012 33
*3012 33
31
33
*3012 33
33
600 Universal Leaf Tobacco No par
1612 15
1612
1612 *15
"16
17
*15
15
15
16
100 Universal Pictures 1st pfd 100
"26
30
27
*2814 29
*29
30
30
27
2714 29
34
300 Universal Pipe & Rad_ _No par
*12
3
4
*1*
'8
12
*53
8
4
*53
5
at
2,600 U B Pipe & Foundry
812 9
20
814 858
9 - 914
87
8 94
83
4 .814 834
"113 14
4
100
1st preferred
No par
*113 14
4
*1134 14
12
*113 14
4
*113 14
4
*1
5
US Dletrib Corp
5
*1
5
No par
*1
*1
5
*1
5
5
U B Express
100
34
*18
1
•18
1
*Is
1
"
*4
12
"13
12
4
4
No pa
200 U 8 Freight
4
4
*4
5*3
5
*3
5
5
Ne pa
1,000 US & Foreign Beeur
*112 2
138
13
112 11, •112 2
11. 11
112
29
No par
300
29
30 - 303 *28
Preferred
31
33 - *281i 33 *29
36
20
1214 1212 z13
1212 121
13
1312 1312 131z 1312 1312 1.300 II 8 Gypsum
*2
3
3
100 U S Hoff Mach Corp-No par
*2
*2
3
*2
3
2
2
3
154 1714 22,800 U S Industrial Aleohol_No par
18
1512 173
8 173 1814 17
8
167
8 1518 161i
*114 2
100 US Leather
*13
8 13
4
8
13
No par
4 17
13
4 13
4 *13
13
4 *13
No par
*34 4
500
dais A
*314 37
8 *34 4
31 t 34 *318 4
4
*4814 57
*4814 57
*484 57
Prlor preferred
100
*4814 57
57
*4814 57
214 212 3.400 0 fil Realty & Impt„-No par
27
8 27
23
8 3
8 28
3
23
214 214
212
Re par
23
8 212 2,700 U 5 Rubber
212 25
8
214 23
2
214 Vs
2
2
2
100
54 518
47
lit preferred
700
4
*4
458 *3 4 414
4
43
4 43
4
3
1112 1112
800 U S Smelting Ref & Min---60
1114 113 *114 12
114 *1112 12
8
10 4 *11
3
3214 3214
50
000
4
Preferred
3418 *323 3418 3212 3318 3312 3312 *3214 35
8
100
28'1 2518 273 192,600 U Et Steel Corp
2812 27
4
5
8 253 2714 27
2814 25 8 265
6514 18,100
63
85
65
Preferred
100
6914 6514 67
663
4 68
8812 63
Ns par
200 U B Tobacco
*58
80
60
60
*58
58
58
x5813 5818 *58
60
4 1,600 Utilities Pow & Lt A.
-_N. par
25
8 23
8
23
4 27
27
8 3
3
3
234 27
8
3
No par
200 Vadsoo Bales
12
*3
8
3
3
12
3
8
3
8 .
"8
12
*33
'2
12
100
*11
30
*11
30
*11
30
*11
30
30
*11
Preferred
30
No par
4
758 83 24,400 Vanadium Corp
814 84
818 918
7
814
64 714
74
800 Virginia-Carolina Chem N par
3
4
1
7
8
7
8
7
8
*3
4
*3
4
7
8
*3
4
7
8
7
8
100
400
6% preferred
54 6
*514 614
5
5
*412 5
*4
6
6
100
4
3
3412 333 33 4
3414 *30
100
2814 2814 *29
7% preferred
30 "2714 30
67
"60
*60
67
*63
66
Virginia El & Pow VS pf No par
*58
66
*60
66
66
12
100
680 Vulcan DetInnIng
12
12
12
1212 13
12
1234 1234 12
13
No par
300 Waldorf By8teM
91
3
*412 912 *812 912 *812 912
3
93
4 9 4 *8 4 9 4
3
No par
1
lla
114
300 Walworth Co
*118
114 *118
1
1
*1
114
11
13
*4
*33 13
4
Ward Bakeries elan A_No par
*33 10
4
*33 10
4
*312 13
13
*7
8 1
No par
400
.78
1
1
1
1
Class B
1
118
118 *1
100
200
*1312 15
*15
16
16
16
Preferred
19
*16
18
1914 *15
7
8
1
1
7
8
7
8
7
8
7
8
7
8
6,000 Warner Bros Platures_No par
1
3
4
1
No par
10
*3
500
*3
8
Preferred
*3
6
5
5
5
5
7
*12
*2
*312
*77
8
4
8
• *93
4512
153
8
*10
213
4
61
*3 8
5
*11
*25
37
*33
32
6814
.414
*134
*41 1
*5
*7
•12
*14
•7
8
*278
*1312
1
1214
*12
*134
•12
2518
938
*15
*10
*312
3014
*63
4
113
*16
*5
6
est
.
478
3
212
4
812
1
95
8
4512
17
101,
237
8
81
5
14
30
3712
4()
85
6814
7
17
8
613
512
814
14
3
8
I
314
2312
118
1214
4
3
2
15
2712
117
8
20
20
7
3014
8
67
It.
25 67
8
6
7,
5
*12
*2
*31"
*77
;
*34
933
*45
13%
*97
8
2114
*5912
*33
4
*11
*30
37
*32
*7018
*67
*312
13
4
*414
*5
*7
4
3 . 12
217 *214
*317
4
;
812 *77
1
1
938
93
8
*45
46
1512 1312
912
10
8
223
8 217
5912
61
*334
4
*11
14
3512 *3014
37
*36
40 .32
*8014
89
6912 6912
4
7
13
4 *158
618 *418
512 *5
84 *7
.13
14
7
8
*27
8
*1312
1
101*
*12
134
*12
25
912
*10
*1178
*312
2812
67
8
117
*121;
*47
8
612
est
v.474
14
as
7
3
3
2312
118
1012
3
4
13
4
15
25 4
3
10
3
20
20
7
281
67
8
11
25
57
8
61_
7
8
5
1.1
212
4
812
1
938
454
8
147
94
3
2318
5912
61
14
37
3934
40
89
6912
4
184
618
512
818
12 . 1218
3
8
*14
3
4
3
4
27
8 27
8
*1312 .2313
1
1
10
416
31
*12
13
4
*158
*12
15
8
2478 263
113
4
10
20
*16
197
8
.13
*312 7
3514
*30
*63
4 78
3
112
112
25
*16
512 512
*618 7
7
8
*3
4
5
5
$ per share
3
3
312 312
*2312 28
*414 6
*1
13
8
*103 117
4
8
7
*834 9
*23
4 37
8
*12
7
8
*12
154
218 214
2814 2812
*6
9
*3112 35
214 212
4
103 1112
____ ____
.
'S
*211
*312
*77
8
5
8
*9
"45
1414
912
23
61
*33
4
*11
*333
8
*38
.32
*85
*70
*4
*152
*418
5
8
*5
8
3
4
21 t
212
*35
8
4
814 •778
7
3
513
912 *9
4612 *45
15
16
4 1014
93
2412 2318
61
6313
4
614 *33
*11
14
*30
37
39
39
*35
39
*85
89
7013 704
*4
7
*152
13
918 *418
5 *..___
814 *7
4
*123
*14
*12
318
*13
1
10
*12
*134
1312
2612
1113
*13
*15
*3 4
3
*3012
*63
4
158
20
*6
*612
*3
8
5
1412
3
8
1
312
2312
118
10
3
4
2
1312
2712
1312
25
20
7
32
74
15
8
20
712
7
7
8
4
53
14
*14
*12
312
*13
1
*712
.5
8
*134
*13
263
4
1114
.14
*1314
*312
*303
4
*81
4
112
19
514
65
8
*3
8
95
8
4
3
4
214 *2
8
*35
4
77
8
812
4
*3
7
s
934 *9
4612 *45
4 1312
153
1012
1014
4 2112
243
6314 6312
614 *418
*11
14
3812 *30
395
8 40
*35
39
*85
89
7212
71
•4
7
131
13
4
47
8
618
6 *__ _ _
83
4 *712
1312
14
*14
3
8
rt,
1
34
3
414
14
15
118
114
10
10
12
3
4 .
*134
2
*13
15
273
.1 254
128 10
2212 1518
*1314
20
*312
7
303
8
35
*63
4
7
112 *112
20
20
514 *512
67
8 *65
*8
8
7
8
518
6
-dividend
• ma sad asked prier: no salee on this dav. •Es
4
212
4
77
8
7
11
94
4812
1412
1012
2418
6312
EN
14
3812
40
40
89
7212
7
13
4
47
8
6
83
4
1312
5
8
7
8
418
14
1 18
10
3
4
2
15
274
124
1518
20
7
31
7
13
4
20
8
7
78
54
PER SHARE
Range for Year 1932
-share Ids
On deals of 100
Lowest
Highest -
PER SHARE
Range for Previous
Year 1931
Lowest
Highest
a per share $ per share 9 Per Share $ per short
611 Mar 8
414 Dec
212June 2
17% Feb
41; Jan 16
2 Apr 8
3 8 Dec
7
22 Feb
24% Dec
22% Apr 19 29 Jan 21
61 Mar
23 Jac
538 Dec
7 Jan 12
4 May 17
3 Jan 12
Ds Dec
7
8June 2
9 Feb
1114 Dec
10 May 31 1612 Misr 3
27 Feb
12 Dec
834 Feb 9 16a4Mar 5
85 Mar
2 4June 3 10 Feb 29
3
18 Feb
6s Oct
78 Dec
%June 11
111 Jan 9
Ws Mar
12 June 2 1410 Jan 30
3414 Mar
14% Dec
31; Feb 18
218 Dec
2 Apr 8
9 Jac
3
20 Feb 3 30 8May 12
5g Jan
201k Oct
18 Mar
9 3Nov
7
5 June 6 29 Mar 18
83 Feb
80 Dec
30 Feb 9 41 Mar 11
5 Jan 6
8 Dec
12
12 Feb
214June 3
151; Dec
912June 10 23 Jan 9
59 Feb
638 Mar 5
413 Nov
2 8 Jan 8
7
Panne
9 Mar 8
6 Dec
alle Jan 4
14 A91
2% Jan 2
6 Feb 17
18 Feb
2 Dec
5 Mar 4
23 Apr 11
4
278 Dee
1712 Miu
112May 26
414 Jan 14
11% Feb
2 Dec
4
42 8 Jan 2 563 Mar 8
7
9414June
Ws Dec
8May 31 3113 Mar 9
24 Dec
193
4558 Feb
3% Jan 14
14MaY 27
10 Jan
1 Dec
638 Jan 12
2 Apr 19
24 Feb
878 Dec
8 Jan 13
12May 4
2184 Mar
2 Dec
83
8June 15 2312 Mar 7
133 Dec
8
75 4 Feb
3
512June 2 104 Jan 20
14 Aug
5 Dec
,
1512May 31 3638 Mar 7
72 Feb
271 Dec
8
818June 2 137 Jan 7
11 Dec
28 8 Feb
,
12 May 4 1914 Jan 2
16 Dec
254 Jan
1
3878 Mar
612May 24 187 Feb 17
97 Dec
3
40 Oct
8114 Aug
3014May 13 48 Feb 18
1114June 1 2812Mar 4
4134 Mar
18 Dec
8814May 25 103 Mar 23
90 Dec 122 Mar
14 Mar 8
688June 1
284 Feb
618 Oct
71; Apr
118 Dec
% Apr 5
134 Jan 11
20 Jan 11
20 Dec 275 Apr
213May 21
3114 Mar
713 Dec
312June 2 1013 Jan 15
524 Mar
2818 Dec
20 June 2 384 Mar 7
12 Feb
3 Jan
55 Mar 23
8
212May 27
8734 Feb
174 Dec
1014June 2 3012 Mar 9
374 Mar
153 Dec
8
4
914June 2 213 Mar 8
83 Dec 1083 Aug
4
70 June 2 94 Mar 10
314 Jan
2 Sept
4
313 Feb
914 Dec
412May 27 11 Jan 6
95 Apr
Ils Dec
3 Jan 28
3
4May 23
52 Apr
21 Oct
27 Jan 4 6814 Mar 9
411; Apr
1674 Oot
11 May 31 20 Jan 7
;
571 Aug
24 May
23 June 2 50 Jan 27
4 Feb
1 Feb 2
Is Oct
It Apr 7
1 Ma!
37;
10 Dec
714June 2 1512 Jan 21
2014 mar
1358 Dec
113
4June 9 1612 Feb 8
10 Mat
6 Dec
1
3 4 Jan 27
2 June 9
4 Dec
134 Jan
as Jan 28
14 Jan 18
412 Dec
8011 Mar
8 Jan 14
312May 27
12% Feb
17; Oct
34 Feb 18
13
8June 16
90 Feb
60 Dec
26 June 2 51% Mar 11
50 Mar
1412 Dec
1012June 2 2514Mar
128 Apr
8
.1 Feb 1
3 Apr 29
4
212 Dec
2058 Oat
77 Feb
/
1
4
1314June 2 311; Mar
158 Del
818 Mar
10% Mar
114May 31
15 3 Mar
7
74 Mar
314June 13
814 De
861;July
5714 Dec
56 Apr 14 85 Marl
51; Dec
364 Feb
Ws Feb 1
2 June 2
203 Mar
8
8% Dec
5 8 Jan 1
3
114June 2
36% Mar
318June 10 1112 Mar
518 Dec
354 Nov
38ep
123
8
10 June 2 197 Mar
35 Sept47 APT
3214June 17 39 Mar
35 Dec 152% Feb
24 June 9 8238 Feb 1
94 Dec 150 Mar
6212June 10 113 Feb 1
5878 Dec
71% Mar
55 June 2 66 Apr 2
31 Feb
77 Dec
8
112May 25 1058 Jan 1
4 Mar 3
2 Feb
38 Dee
13 Jan
28 Feb
14 May
12 June 1 20 Jan
76% Mar
11 Dec
514May 31
187g Feb 1
la Oct314 Feb
1 May 21
II Mar 14
818 fro 26
17 Feb
638May 23
234 Dec
71% Jan
34 Dec
20 Apr 12 398; Jan 14
81 Dec109 May
60 June 9 88% Jan 22
714 Feb
2014 Dec
7
8 June 1 29 3 Jan 12
7
173 Oct27 8 Feb
8
718May 31 19 Jan 2
15 Feb
lls Dec
3 Jan 14
4 Apr 8
2712 Mar
61 Apr
4
214May 14 1014 Jan 13
811s Jan
lls Dec
2 8 Jan 14
5
3
4May 7
5712 Jan
12 May 31 604 Mar 18
24 Apr
204 Feb
21s Dec
4% Jan 13
12June 2
4919 Jae
812 Dec
4 June 2 20 Feb 1
112 Jan 11
12May 26
Pa Feb
4001 Warner Quinlan
No par
1
7 Dec
MN Feb
1014 Dec
7 Feb 19
114May 28
No par
100 Warren Brae new
3g
2 June 2 171; Jan 14
1234 Dec
49 Feb
Convertible pref---No par
82 Feb
1314 Dec
200 Warren Fdy A Pipe_ _ -Ns par
712MaY 13 14 Feb 3
6 Feb
14 Dec
2 Jan 18
5
81Slay 4
No par
400 Webster Eisenlohr
2614 Mar
12 Dec
93
8June 2 1512 Jan 14
500 Wesson 011 & Snowdrift No par
4414 Oct574 Feb
No par 4512June 9 80 Jan 6
200
Preferred
8812 Dec 15058 Feb
1318Juno 13 50 Feb 19
20.400 Western Union Telegraph_100
351s Feb
11 Dec
914 Apr 8 1714 Feb 18
1,500 Wastingh'se An Brake_N• par
4
2219 Dec 1073 Feb
86,600 Westinghouse El & Mfg__50 184May 28 3578 Feb 19
6014 Dec 11912 Feb
50 521tJune 2 7234 Jan 20
160
1st preferred
28 Feb
6 Dec
9% Feb 19
212 Apr 8
,
Weston Eleo Instruml_Ne pa
861g Jan
134 Apr 8 19 Jan 19 219 Dec
No par
Class A
8018 Dec 10614 Apr
West Penn Elect class A_No par 25 May 27 70 Feb 14
100 22 June 1 75 Jan 11
170
65 Dec 112 Mar
Preferred
4919 Dec 103 Mar
100 20 June 2 70 Jan 12
100
6% preferred
40 West Penn Power pret
9314 Dec 120 Feb
100 80 June 10 110 Mar 17
88 Dec 11312Jul7
100 13612June 10 10134 Mar 28
100
8% preferred
641; Feb
814 Dec
4 June 10 1813 Mar 3
100 West Dairy Prod el A--No par
12 s Mar
7
218 Dec
No par
1 June 1
600
4% Mar 4
Class B
60 Mar
75 Dec
8
1258 Mar 9
10() Westvaco Chlorine ProdNo par
3 June 1
2014 July
9 Dec
5 June 15
100 Wheeling Steel Corp
No pat
5la Apr 9
2614 Jed
7 8 Ott
1
No par
200 White Motor
67
sJune 2 12 Mar 5
67a4Ma
20 Dec
400 White Rock Mtn Spring stfSO 12 June 14 2812Mar 7
6 AP
7 Dec
8
1 Jan 2
300 White Belying Maehlne_No par
4 Apr 8
10 4 AD
3
1 Dec
13* Feb 8
200
34 Apr 8
Preferred
No par
94 Ma
24 Dec
634 Mar 8
234Nlay 4
7.700 Wilcox Oil & GM
No par
30 Ma
1714 Dec
300 Wilcox-Rich el A eonv-N• par
2 2012 Mar 17
1312Juno
13 Oct8 Ma
4
3 Jan 13
r8N1ay 26
7,400 Willy. Overland (The)
S
1413 Oct5814M aS
500 Preferred
6 June 7 25 Jan 26
100
Se Oct4 Feb
Mar 14
114
5
8June 2
Wilson a Co Ins
No Da
10 4 Fet
3
14 Oe
leg Mar 9
100
1 8May 31
,
No pa
Class A
4
15 Oct518 Jar
8 Jan 7 31 Mar 10
100
Preferred
100
72114 Au
36 Dec
1
53,100 Woolworth (F W)Co
10 22 June 2 4518Mar 8
s
1514 Dec 1067 Fe
5 May 31 3311 Feb 19
21,900 Worthington PAM
100
95 Ma
8814 Dec
Preferred A
100 1412June 2 41 Jan 16
200
83% Ma
23 Dec
100 12 May 27 80Is Jan 11
Profaned B
27 Fe
718 Dec
811 Jan 14
3 8 Apr 8
7
Wright Aeronautical_ N. par
8058 Ma
45 Dec
400 Wrigley (Wm)Jr (De1)_Ne par 2514June 1 57 Jan 18
80 Jan
814 Dec
87
8June 9 1013 Jan 18
26
200 Yale as Towne
1513 Ma
8 Dec
5 Jan 14
13
8June 1
900 1ellow Truok & Coach el 13_10
76 Ma
1512 Dee
100 12 May 17 24 Jan 12
50
Preferred
29 Feb
6 Dec
912 Mar 8
3 June 2
.No pa
200 Young Spring & Wire..
78 Feb
12 Dec
4 May 25 1714 Feb 17
700 Youngstown Sheet & TN.par
514 Feb
is Dec
2 Jan 22
12Nlay 17
Zenith Radlo Corp---No par
14 June
6114 Dec
97 Mar 8
s
243
4June 2
15.900 Zonite Products Corn
9 Ex-rights
I Ex-warrants.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
4463
Os Jan. 1 1909 ills lisciange nwthod of sooting bonds was changed and prices are now "and
ititereitr--araept for income and defaulted bonds.
1;
BONDS.
t
Price
113
Week's
,1Range
BONDS
`t
I
Price
Weers
;•
Range
N. Y. STOCK EXCHANGE .., t
Friday
fences,
,
a1
s
Eine.,
N Y STOCK EXCHANGE t
Friday
5...
Range o
,
Since
Week Ended June 17.
,.... a:. June 17.
Lena sale.
gZ.:
Jan. 1.
Week Ended June 17.
.....2: June 17.
Loaf dale
CO to
Jas. 1.
U. S. Government.
8141
Ask Lew
High Ne. Low
Blob
Bid
Ala Low
Mph No, Lew
Hillh
First Liberty LoanCundinamarca (Dept) Colombia
3., of 1932-47
J D 1003132 Sale 1001232 101
%
731 94222 101 222
External s f 634O
1959 MN
6 Sale
6
358 17
612 20
Cony 4% of 1932-47
t D 1002122 102 100332 1001132 12 96322101 “si Cteeb0810rakIll(Rep of) 84_1931 A 0
80 Sale 74
80
13
673 100
4
J D 1011332 Sale 10114321015
Cony 411% of 1932-47
.32 129 971144 10222)
Sinking fund 8, ger 13_ _1352 A 0 7818
7213
70 100
77
10
12
J 13
26000, 434 % of 1932-47
1011623sep31 ____ ____ ____ Denmark 20-year exti 5i..,.5942 J J 6814 88
Sale 6618
35 a6534 87
69
Fourth Liberty LoanExternal gold 5348
1955 F A 657 Sale 61
8
603 855
8
65% 42
4
415% of 1933-88
A 0 1021132 Sale 102332 102,332 1570 981002142
External 5 4140_ .Apr 15 1962 A
5334 124 )24718 71
treasury 4 Siii
1947-1952 A 0 104 132 Sale 103"32105,132 1369 98",,106",, Deutsche Bk Am part ctf 65_1932 M 0 5312 Sale 5218
5 74 Sale 66%
57
75% 98
755
1044-19542 D 1021222 Sale 1003132 103
treasury 4.
1439 94 1031322 Dominican Rep Oast Ad 534e '42 M B 37
____ 37
38
2
37
5612
Treaoury 3141
1946-1956 M B 9922 Sale 9811132 100132 2136 89142101'ln
"
2d eerlee a f 5348
1942 M S --------3913 June'32 ____
35
60
Treasury 314e
1943-1947 4 D 98232 Sale 953132 98232 977 873%29915
"
lot ser 63.4. of 1926
1940 A 0 3013 Sale 3012
3012
1
30
65
Treasury 3s___5ept 15 1951-1955 M S 923%2 Sale 90142 93332 2748 82222 95522
26 series sink
1940 A 0 2914 Sale 2858
2914
283g 44
3
Treasury 1112. June 15 1940-1943 J D 932532 Sale 961532 982832 320 871429924n Dreaden (City) fund 5341
external 70_1945 M N 32%___ 32 June'32 ____
243 45
4
Treasury 33.3s
1941-1943 M 5 98132 Sale 96132 981132 1806 88122 991322 Dutch East Indies esti 62_1947 J J 84
89
8218
7913 92
838
21
Treasury 33411-June 15 1946-1943 J /3 932232 Sale 912032 94832 1882 88
961222
-year external as
1962 M 8 8513 Sale 7814
40
7514 89
853
34
-year ext 5 Ho____Mar 1953 M B 794 82
30
76
80
7412 087
3
Stale and City SeeurItlea.
30-year eat 5 Hs____Nov 1953 M N
7914 92
76
80
75
8
3712
N Y C 3328 Corp otk__Nov 1954 M N
92 Nov'30 ____
__ ___ El Salvador (Republic) 81
1948 2 J 25
30
34
20
34
3
61
514e
1955 M N
9234 Apr'31 __-- ---- ---- Estonia (Republic of) 7s_1967 J .1 3814 Sale 3712
3814
8
3212 395
4
4. registered
1936 81 N10013 Apr'31 ____ ..__ _-__
Finland (Republic) extl 65..1945 NI 5 453 48
4
453
4
45%
41
4
56%
4s registered
1956 M N
9913 July'31 ____
___- ---External sinking fund 78_ _1950 M B 4712 Sale 4512
48
38
42
597
5
4% corporate 'took
1957 M N
102 Nlay'31 ____
-External oink fund 6 12s_ _1956 M 5 43 Sale 43
44
26
40% 56
434% corporate stook _
1957 M N
9813 Dec'31 ____
External sink fund 5145_1958 F A
---44 Sale 4312
45
61512 52
29
414% corporate otock _ __ -1957 M N
109 May'31 ____
---- Finnish Mun Loan 6141) A1954 A 0 42
47
42
4334
4
4018 5414
4% corporate stock
1958 NI N
10012 Apr'31 ____
___ ____
External 8342 series B
1954 A 0 42
4714 40
44
10
40
54 8
,
4% corporate etock
1959 lid N
10012 Sept'31 ---_
__-- _--- Frankfort (City 01) 81 6141I_A953 M N
1618 19
1418
16
1418 30
18
132% corporate stock__.. _1960 M B
9912 Oct'31 --__ ____ ____ French Republic call 7130..1941 J 11 1 1713 Sale 116
1173 132 110% 12312
4
414% corporate stock
1963 M 8
10614 Dec'31 ____
____ ____
19492 D 112 Sale all0
External 70 of 1924
112
46 al0878 118
414% corporate stock
1985 1 D
10513 Dec'30
New York State 434s
1963 M 5
112
Jan'31 ____ ____ ____ German Government international 35-yr 51321 of 1930_1965 J D 3512 Sale 277
8
3714 1173
24
4458
Foreign Govt. A Municipals.
1949 A 0 548 Sale 44
German Republic esti 74_
65
584
4134 6514
Agrio Mtge Bank of (ia
1947 F A
233 26
2212
25
12
22
33
German Prey dr Communal Bko
Sinking fund 65 A__Apr 15 1948 A 0 233 257g 23
8
26
19
2213 33
3312
17 Sale 1514
(Cons Agric Loan)614e-1958 .1 D
18
14
SS
Akershus (Dept) ext 51
1963 M N (30 Sale 60
64
5
497 61
8
1954 M N 3712 Sale 34
Graz (Municipality )8s
3712
9
21558 60
Antlogula (Dept) col 70 A
31,
3 5
3
1945 J J
5
6
3
1612 CR Bet & Ire (1J K of) 5341_1937 F A 993 Sale 9912 1023 999 a8912 10614
4
4
External of 7. aer B
1945 J J
June'32
318 5
38, 157
33
4
F A ____ __ 102 May'32 ____
Registered
100 102
External a t 7s ser C
1945 J 4
3
13
4 33 June'32 __
4
334 15
*4% fund loan E opt 1960_1990 MN *a7418 Sale *a74
a743
4 32 442513 •a7658
External 8 f 76 oer D
1945.3 4
3
7
314
4
4
314 15
.5% War Loan f opt 1929_1947 J D *7313 74% *a743 a75
4
10 M653
4.a77
External 86 Te let ser
1957 A 0
4
5
4 June'32 ____
121 Greater Prague (City) 7348_1952 MN ____ 73
4
70
9812
70
73
13
External sec e 1 7s 26 ser_1957 A 0
412 5
54 June'32 ____
5
143 Greek Government of ear 76_1964 MN 20
4
30 a2012 a2012
17
631,
5
External sec St 7e ad ser 1957 A 0
413 5
514
3
514
5
14
1968 F A
1
1212 48
15___ 17
Sinking fund 900 Be
17
Antwerp (City) external 15a _1958 .11 13 6512 687 693
8
8
2 a65 r77
693
4
Halt!(Republic) of 60
1952 A 0 53 52
54
58
11
52
0613
Argentine Govt Pub Wks 60_1960 A 0 39 Sale 3814
4238 40
3714 86
1946 A 0 2112 267 1914
Hamburg (State) 68
24
2
1614 36
IS
Argentine Nation (Govt of)Ileidelberg(Gerrnany)ext1 71.4550.3 J 30
____ 3034
32
8
20
36
Sink funds 6803 June 1925-1959 J D 39
42
38%
43
62
3818 67% Heleingfors (City) eat 6 30._1960 A 0 4212 Sale 42
4212 20
36
62
Ext1 s f 613 of Oct 1925_1959 A 0 39 Sale 38%
37
42
3818 67
1018 251e
Hungarian 8101310 Loan 71411 1948.3 .1 --------1334
157
12
EMI 01 (lo scrim A
1917 M S 3834 Sale 3818
42
49
3712 68
10
1334 11
153
External e f 78_ _Sept 1 1948 J .1
16
93 25
3
External Se aeries BDeo 19582 D 39 Sale 3812
433
81
3814 67
2313 Sale 24
Hungarian Land M Toot 714s '61 M N
27
17
17
30
EU! Of Loot May 1926
1960M N 3858 Sale 385
4214 65
383 87
8
25 Sale 25
Sinking fund 71355er B.. _ _1961 M N
27
143 81
4
16
External of 6s (State Ry)_1980 M 5 3812 Sale 3813
423
8 52
3813 87
7348_1944 F A
26
Hungary (KingC1 01) 81
30
1812 55
223
27
13
Ext1 Os Sanitary Worke_1961 F A
3814 Sale 3814
7 67
42
76
37
761 80
Iriell Free State extl of 51_1960 M N
76
7712 30 069
771
Ext1 68 pub wke NJ ay'27)_1961 M N
398 03812
38
4114
18
3812 87
9118
Italy (Kingdom of) mai 78_1951 J D 8614 Sale 8412
8613 125 a82
Public Works ext1 534s-1982 F A
3672 Sale 36
35
3313 5984 Italian Cred Consortium 78 A '37 1121 8 80
8413
90
86
10
82 100
Argentine Treasury 5a _ __1945 M S 5018 59% 61 June'32 99
5412 67
7412 74
75
External sec of 7i ser B1247 M B 74
15
7013 83
Australta 30-yr 5s_ __July15 19552 J 6013 Sale 591
E6112 107
465 6212 Italian Public Utility extl 78_1952 J J a63 Sale 593
64
25
55
77
External Soot 1927-5ep1 1957 M S 6058 sale 5914
614 154
461 6212 Japanese Gov 30-yr of 6348_1954 F A 604 Sale 57%
6012 232
52 3 84
,
External g 4131) of 1928
1956 MN 548 Sale 534
56
112
41
5612
1965 MN 4612 473 4412
47
Extl shaking fund 514e
26
4313 784
Austrian (Govt) a 1 7s
1943 .1 D 8212 Sale 77
83
79
628 98
Bank)
Jugoslavia (State Mtge
Internal a f 78
19072 J 33 Sale 28
3312 89
20
55
3212 3112
1957 A 0 31
34
Secured of 570
26
29
43
24 Sale 2112
1947 F A
24
Leipzig (Germany) of 7e
1612 35
17
Bavaria (Free State) 6335......1945 F A
257 Sale 22
2
26
48
22 r43
38
93
36
Lower Austria (Prey) 734s..1950. D 34
5
53
3
50
Belgium 25-yr eat! 63.4e
1949 M 5 9313 Sale 93
7
94
46
83
95
104
-year 68..1934 M N 104 10418 103
12
Lyone (City of) 15
98% 1043
3
External o f (18
1955 4 J
8613 Sale 854
87
67
80
8913
External 30-year of 724_ _ _1955 j D 98 8 sale 971a
99
270
91840101
Marseilles (City of) 15-yr 68_1934 NI N 10378 Sale 103
104
31
933
010514
Stabilization loan 7e
9838 Sale a97
M N
1956
99
137
9134 101, NledellIn (Colombia)6143_1954 .1 D
4
8
9
7
812
812
2
1812
Bergen (Norway)Mexican Irrig Asetng 41481943 MN --------28 Feb'32 ____
Esti oink fundells__Oct 15 1949 A 0 59
21s 54
60 June'32 _ _ ._._
64
55
63
Apr'30
Mexico (US) est! 521 of 1899 1 '45 Q J ____ _ __ 26
External sink fund 51_ _ _ _1960 M S 62
80
63
214 1945 ____
2 May'32
4
Assenting 58 of 1899
.
/ 19
1
4
46
6578
2
3
Berlin (Germany) o 1(31321_ _1950 A 0 1812 Sale 155
8
20% 57
152 817
212
112 May'32 ____
Assenting 55 large
112 5
External e t t3,___Jun 15 1958 J I) 1812 Sale 154
1918 96
15
287
8
Aes)entIng 45 of 1904
114 5
214 i% 5 June'32 __
Bogota (City) e68I5 f 8s_
712 Sale
1945 A 0
712
812
5
63 022
4
Aseenting 48 01 1910
314 Apr'32
_
2% 43
214 10
2
Bolivia (Republic of) Intl 88_1947 M N
312 Sale
312
4
21
314 10
__-- --- - - Amenting 40 01 1910 large
2
5
212 June'32 ____
External secured 7a (Haf)_1958 J J
38
314 Sale
3
9
213
.
113 /14 2%
813
21
2
14 4'8
Amenting 48 of 1910 small_ _ __
External I t 78 (flat)
1961) M 5
3
3
312 3
1
2
81
,
Trees 68 of '13 assent(large) '33 J 3 ____ ____
3 June'32 ____
25
8 3
Bordeaux (City of) 15-Yr 612_1934 M N 10378 Sale 103
104
42
988 104%
314 June'32 __
Small
214 6
Milan (Cite. Italy) esti 6 Ms 1952 A 0 6412 Sale 595
8
63
57
Brasil(U S of) external 881941 J I) 1814 Sale 18
5718 707
1
197
36
16
3118 Minas Geraes (State) BrashExternal a t6 He of 1926..1957 A 0 1612 Sale 1413
17
1332 r2513
37
External a I 83.4s
1958 114 S 1013 12
1012
11
8
7
Externals f 6348 01 1927 _1957 A 0 1614 Sale 158
1658
1614 36 a14
2538
1959 M S 1013 103 1034
11
Esti sec 6148 series A
812 17
5
7.(Central Ry)
1362 J D 14 Sale 14
1413
1258 25
5
8
8% 7
Montevideo (City of) 7e1952 J D
614 2814
10
7
714s (coffee secur) i(flai)_1952 A 0 75
773 78
7818
4
6513 86
8 Sale
7
8
External of 813 series A.._1959 MN
614 25
13
Bremen (State of) esti 7e
1935 M S 36 Sale 33
3758 40
26
4312 New So Wales (State) esti 5s 1957 F A
5912 Sale 563
8
594 71
8012 59,
Brisbane (City) a f 58
4
1957 M 8 43% Sale 42
4318 27
3313 4858
Apr 1958 A 0 594 Sale 5614
External e f 5s
5914 96
29% 5914
Sinking fund gold 5s
1958 F A 43 Sale 38
43
4812 Norway 20-year esti ilio
46
32
71
76
1943 F A
7218
70
84
7512
8
30-year of 60
1950 4 D 50
51
454
49
13
37
5758
7413 7412
1944 F A 71
75
213-year external Be
17
7118 8413
Budapeet (City) esti s 1 6s 1962 J D 19
21
1713
2012 19
1112 2
6111
4
1932 A 0 713 Sale 713
30-year external 811
4
70
84
733
60
Buenos Aires (City) 634,2 B 1955.3 4 384 Sale 3814
4012 43
35
5858
1965 4 13 70 Sale 70
72
40
-year a f 63312
12
64% 79
External of fla ser C-2 _
347 June'32
1960 A 0 32
3312 50
3
831, 7614
71
4
External a f 5sMar 15 1963 Pd B 673 7158 70
External of 68 ser C-3
196( A 0 23 Sale 28
2912 13
28
53
597 7112
4
Municipal Bank sill e f 55_1987 .1 I) 7018 718 7112 June'32
Buenos Aires (Prov) extl 63_1901 M B a3314 Sale 23
r2534 142
374
muffle'pal Bank esti e f 55_1970 1 D a70 Sale 70
23
70
5 643, 73
Esti of 634e
1061 F A 233 Sale 2318
26
199
2313 37
16
18
1614 20
1952 F A
Nuremburg (City) extl 6e
8
15
Bulgaria (Kingdom)a t 7e_ 1907 J J 20 Sale 1213
8112
2014 82
10
34
42
Oriental Devel guar 65
1953 M B 43 Sale 40
15
SUMP!) of 7145-Nov 15 1968 NI N 2213 24
3658 72
21
22%
8 al412 4112
Exti deb 534e
8
1958 MN 37 Sale 367
38% 28
35
681
4
65
65
Oslo(City) 30-year a t 8e
1955 MN 6412 68
°Aldan Dept of(Colombla)7346'46 J .3
60
75
9
813 11
813
11
19
8
2
014
Canada (Dom'n of) 80-yr 40.1960 A 0 7314 Sale 7212
737
's 55
71
81
Panama (Rep) ext1 5 Hs_
9312 90
1953 J D 91
90
4
85
9712
511
1952 M N 8913 Sale 88858
9012 66
87
9
658
Est) of 5e ser A __May 15 1963 PA N 50 Sale 4812
50
15
65
4145
64 2
,
1936 F A 9212 Sale 9212
9314 46
86
95% Pernambuco (State of) on'75 '47 M B
91
5 Sale 4
5
16
Carlsbad (City) of 812
3
1954 J 1 65
70
61 June'32 ___
61
90
38 19%
514 513 54
Peru (Rep of) external 7s
1959 M S
Cauca Val (Dept) Colom 7348'46 A 0
512 13
513 6
8% June'32 -__ __
518 1912
Nat Loan call If 65 let ser 1960 .3 D
314
4 Sale
414 36
3
Central Agri» Bank (Germany)7%
712
312
3% Sale
Nat loan extl e f tle 2d ser_1961 A 0
3
4
Farm Loan of 78_ _Sept 151010 M 23 303 Sale a2812
30
32
89 025134778 Poland (Rep of) gold 11e
1940 A 0 4713 Sale 4512
49
Farm Loan of 88__July 15 1960 J J
64
5
60 4
,
2912 Sale 26
30
116
2114 4113
Stabilisation loans f 781
A 0 4418 Sale 41
444 105
1947
3912 5812
Farm Loan of 63--Oct 15 1960 A 0 283 Sale 2514
4
30
390
21% 4214
External sink fund g 8s
4
1950 J J 463 Sale 4512
4312 64
47
113
Farm Loan 68 ser A Apr 15 1938 A 0 3012 Sale 0288
4
3114 141
23 r43
11 Sale 102
Porto Alegre(City of) 80
1961 J D
11
10
10
16
1942 M N
413
413 Sale
Chile (Re1.1) Ext of 7s
43
10
412 19
Extl guar sink fund 734e 1968 J .1
15 Sale
7
758
618
7
External sinking fund fle_ _1960 A 0
513 1112
3
312
45/3 14
34 15
Prussia (Free State) extl 6340 '51 M S 2358 Sale 21
2312 47
External sinking fund 6s 1961 F A
17
85
45 Sale
312
414
12
4
3
148
External of 6s
22
1952 A 0 21 Sale 201
151
Ry ref esti of 6s
1512 834
45
8 512 313
1061 J J
312
3
314 In
71
73
Queensland (State) e:tle 1 7s 1941 A 0 70
6
7213 11
7
4 - 15581558533
Esti sinking fund 65
1961 NI S
6014 88
3 5
4
458
yearuternal
1947 F A 61 Sale 591
61
S
312 Sale
Esti &liking fund So
47
69
16
1962 M
358
358 1412
56
5
313 Sale
HUI oinking fund 60
1903 M N
312
5
15
3i
24 1f
2 .. Rbine-Maln-Danube 7s A __ _1950 M S 26 Sale 26
43
2812 29
24
56
Chile Mtge Ilk 634s June 30 1957 J D
4
5
5
4
4
20
Rio Grande do Sul extl of 88_1946 A 0 11 Sale 10
1012 10
8
21
13 f 634e of 1926__June 30 1961 .1 1) 1313 Sale 12
14
30
85 1-32
8
53
External sinking fund 68_19118 J I)
43
6 Sale
67
8 10
112 111
4
Guar a f 65
Apr 80 1961 A 0
4
4
45
8
8
4
1511
55
External of 70 31' 1926 _ __ ..1966 M N
718
914 61
5
144
18
Guar s fas
10 Sale
1962 al N
6
334
334 1534
10
External s f7s motile loan_1967 J D
513 7
6
7
4
5
13
213 Sale
Chilean Cone Music 7e
1960 M S
212
25
8
7
212 13
Rio de Janeiro 25-year of 88_1946 A 0
8
73
4
11
11
5
73 11
Chinese(Hukuang 117) 58
7
18
93
4
l951 .1 I)
93
4
1
7
13
External.f 6140
612 Sale
1953 F A
513
612 15
Chrietiania (Oslo) 20-yr a tts .54 m S ____ 66
5
1244
6513
6512
5
64
75
Rome (City) e311 6140
1952 A 0 6813 Sale 65
6812 30
62
744
Rotterdam (City) ext1 65_1964 M N 9018 ____ 93
840 94
93
1
2058 40
COlogne(CI1Y)GermanY 6 He 1950 M S 207 sale 1619
16 1-3813
1961 j j 22 sale 2214
3018 Sale 3018
Roumania (Monopolies) 7e 1959 F A
Colombia (Republic) 68
36
44
283 56
4
2812 113
13% 30
Saarbruecken (City) 68
55
39
1953 .1 1 40
39
External of 6e of 1928
1
39
60
_1961 A 0 22 Sale 22
2612 145
1312 30
Sao Paulo(City) of 88_ _Mar 1952 MN
103 Sale
8
7
10
3
Colombia Mtge Bank 6348 of 1947 A 0 2313 Sale 2212
7
23
244 39
1812 27%
External of 6
:4;8o: 1927._1957 M N
10 June'32 __
7
10
Sinking fund 712 of l926
1946 MN 2213 Sale 2113
10 r17
23
2
35
18
27
San Paulo (State) extl of 80_1938 1 J 303 317 31
314
3
3014 50
Sinking fund 712 of 1927.....1947 F A 244 Sale 24
17
18
2812
93
External me°
12
1950 .1 J all Sale
17
8
1952 1 13 5612 57
35
5612
17
57
55% 71'8
Copenhagen (City) 53
External s f 7o Water L'n _1956 M S 1012 118 113
113
1
10
18
1953 M N 503 54
4
25-yr g 4 13e
5012
5
5012
46
67
External s ffle
17
8
8
912 8 June'32 ____
1968 J J
1917 F A
1612 Sale 1612
Cordoba (City) extl of 75
1814
9
1414 34
Secured a f 7/1
59
4
1940 A 0 573 Sale 5512
78
46
External if 7s_ _Nov 15 1937 MN 3412 Sale 3412
6
414
38
13
32
46
Banta Fe (Pray Arg Rep) 78_1942 M 5 39 Sale 28
30
17
28
4512
2218 2838 3578 May'32 ____
Cordoba (Pro!) Argentina 73 '42 J J
3014 42
Baton Pub Wks(Germany) 78'45 F A 2414 Sale 203
4
25
83
1612 3458
4
Costa Elea (Repub) ext! 78_1951 MN 263 Sale 25
r273
4 16
2412 r45
Gen ref guar 634e
21
195 Sale 165s
8
1951 M N
121
13
33
r91
Cuba (Republic) loot 1904_1944 m s rel. sale 87
14
78% 1-96
Baton State Mtge Inet 78_1945 J D 38 Sale 29
38
40
25
68
847 85 June'32
External 53 of 1914 eer A 1949 F A 82
s
84
9218
Sinking fund e 634e_ _Dec 1946.3 D 36
36
_ __ 353
13
2111 4213
External loan 4 He ser C 1949 F A 64 Sale 64
64%
6
52
74
Serbs Create & Slovene» 8s_ _1962 M N
3112 24
31 Sale 31
30
50
737
Sinking fund 5138 Jan 15 1953.3 J 7312 Sale 73
16
694 80
267g 54
External sec 7s eer B
1962 M N 2513 Sale 25
25
47
Public wks 514e June 30 1945 J 13 367 Sale 3612
37 1 108
33
4034
a r.
,
r Cash sate. • At the exobange rate of 14.8665 to the t sterling. a Deferred delivery.
New York Bond Record—Continued—Page 2
4464
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 17.
br
a
-.a.
Price
Friday
June 17.
Foreign Govt. &Municipals.
BØ
Sheila (Prot. of) eta 7a
,
1958 JD 3014
BIleelan Landowners Aeon 6e_1947 PA 15
&demons(City of) titles-- 1936 MN 104
Styria (Prov) external 7e. _1946 PA
_1946
Sweden external loan 5341-1954 MN 797
3
SwItserland Govt 830530..1946 AO 104
Sydney (City) at She
1955 PA 4812
Weer*
Range or
Last Bale.
4 •
g3
rQA
Vane'
Bises
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 17.
Price
Friday
June 17.
Weer.
Range or
Last Bale.
a•
s
Range
&see
time. 1.
485 Low
High No Low
High
Bid
Ask Low
High No, Low
High
3112 28
2513 47
49
Chile Burl & Q—III Div 3344-1949 J J 79
31
78 June'32 _ _ _
81
73 84
24
7
1312
15
J J
Registered
1312 28
-- 91
Jan'31 97 106
Illinois Division 45
---- 10512 106
37
1049 J J 8512 Sale 81
590
8512
8 76
32
28% 42
32 June'32
_
General 45
1958 MS 82
83 82
8318 17
74
48
51
92
let & ref 4344 eer B
r8012 32
75
Bale 7914
1977 FA 75 Sale 74
76
9
74
884
let & ref 5e Berke A
Sale 10312 10453 98 101 10512
1971 P A 85 Sale 85
8614 15 68
9912
Sale 4214
50
Chicago & East Ill let 6s
4812 57
1934 AO 50
60 5014 May'32 _50
7012
C & E III By (new so) gen 54_1951 MN 10 Sale
9
1012 65
7
17
Taiwan Elea Pow s f 5348_1971 J J 3712 Sale 3712
3618 675 Chic & Erie let gold 5s
4
1982 MN 80
3914 49
86
80
80
2
79% 87
Tokyo City 56 loan of 1912_1952 M
34
36
3
4512 Chicago Great West let 413_1959 MS 3414 Sale 3112
36 Sale 34
35
155
24
1104
External aI 530 guar
1961 AO 3618 Sale 36
70 Chic Ind & Conley ref6a1947
36
408 45
39 June'32
3114 40
3812 80
Tolima (Dept of) cal 7s
1947 MN
512 18
612 714 7 June'32
Refunding gold fa
1947 JJ 2012 40
35 June'32
35 50
Trondhjem (City) lit 530-1957 MN
4114 58
59 45 June'32
Refunding 4s eerie@ C_
1947 JI
91 Apr'31
_
Upper Austria (Prov) 7a
41
1945 JD 32 Sale 32
16
let & gen 58 series A
32
5
1966 MN 20 Sale 1712
20
17
17 li
External if 6348_June 15 1957 JD
15 4 3812
5
lot & gen 6e ser B___May 1966 J J 15
20 June'32
2912 20 June'32
18
40
Uruguay (Republic) evil 86_1946 FA 29
29
50
Chic Ind & Sou 50-yr 41__ _ A956 JI
30 29
2
29
70 80 Mar'32
80 80
External s 160
1960 MN 62112 Sale 62112
2212 69
2013 3514 Chic L S de East lot 4 tta _ __ _1969 ID
_ 93 93 Dec'31
En! f /
(
1
4
May 1 1964 MN 22 Sale 22
22
34 s Ch M & St P gen 4e A_May 1989 JJ 5838 Sale 5712
7
2218 64
59
7
49 67
Venetian Pray Mtge Bank 71 '52 AO 85 4 Sale 853
8012 9112
Gen g 3340 ser BMay 1989 JJ 52
3
1
4
55 55 Apr'32
853
4
51
58
Vienna (City of) evil a f 613._1952 MN 3012 Sale 45
31
5446
Gen 434. tenet C_May 1989 JJ 5812 65 57 June'32
503
8 40
57 72
Warsaw (City) external 7e__1958 PA 3114 Sale 30
2454 4514
Gen 43413 series E_May 1989 JJ 60
70 60
3114 15
6012
3
52
7112
Yokohama (City) esti 68-1961 JO 4118 Sale 4118
4478 29 40 75
Gen 4341 aeries F_ __May 1989 JJ ____ 66
68 Apr'32
59
73
Chia Milw Bt P & Pao &I_ -1975 P A 1812 Sale 18
1912 273
1412 42
Railroad
414 Sale
Cony adj So
Jan 1 2000 * 0
312
4 4 64
3
278 1134
Ala Gt Sou let cone A 5e____1943 JO
---- 105 Sept'31
Chic & No West gen g 334s-1987 MN 44 Sale 44
44
3 41
81
830,
let 0001 4,set B
78
1943 JO 71
Q F
833 8012 Feb'32
4
Registered
7912 Mar'31
Alb & Sum let guar 3348_1946 *0
/
1
4
67% 70
MN 40
53 4812
7014 Feb'32
General 4o
1987
4812
3 36 16'
AO
Alieg & West let g an 4i
1998
71 71
71 Feb'32
Btpd 4s non-p Fed Inc tax '87 MN 49 Sale 49
49
3
464 70
/
1
Agee Val gen guar g 4e
1942 MS :::: - - 78 May'32
78 89
78
5978
Gen 41 stpd Fed Inc tax.1987 MN _ _ 68
/
4a
597
8
5 597 72
s
Ann Arbor let g 4e_ _ __July 1995 Q J 1312 2114 135 June'32
1312 28
_ 57
8
Gen I.stud Fed Inc tax_ ._1987 MN
57
13, 501s 83
Atch Top & S Fe—Gent 431_1995 AO 823 Sale 8138
4
84
194 07412 91
63
Sinking fund deb So
62
1933 MN 42 - - 58
41 55 85
AO
Registered
77 8612
_ 72 Feb'32
MN
77 May'32
Registered
60 75
Adjustment gold 48—July 1995 Nov
1 70 8412 I5-year secured g 6)0 —1936 MS 60 Sale 5912 60
70
70
15
87
55
Stamped
July 1995 MN 7612 79 75 8
63 85
78
,
7
let ref g 5e
May 2037 J D 21 Sale 20
2712 16
20
57
MN
Registered
80 80
72 80 Mar'32
J D 22 Sale 21
let & ref 430
24
9
May 2037
21
46
Cony gold 40 of 1909_1955 JD 6612 75 06312
65
7 60 84
,
lat & ref 434a ger C May 2037 J D 21 3 Sale 2138
22
4
20
46
Cony 40 of 1905
1955 JD 6612 7112 64
MN 12 Sale 1112
68
3 60 8314
Conv434sserIesA
1312 283
1949
812 39
Cony g 4a Issue of 1910_1960 JD ___ 817 74 Jan'32
74 74%
8
Cony deb 434a
1948 ID 80 Sale 78
68 a94 Chia RI & P Railway gen 40 1988 J J 6238 Sale 60
80
48
6238
3
53 80
Rocky Mtn Div lit 4a. .i965 J J
79 82
J J
79 May'32
59
71 Nov'31
Registered
Trans
-Con Short L let 40_1958 J J 8014 86 8012
77 4 89
5
Refunding gold 40
8118 31
1934 * 0 30 Sale 27
3054 186
80
Cal-Arli let & ref 434e A_1962 1W S 85 9014 84 June'32
9214
*0
9614 Apr'31 _ _
Registered
All Knoxv & Nor let g 5a-1946 J 0
- 10312 Feb'31
Secured 434e series A
1952 M S 2414 Sale 23
243
4 80
AU& Chart A L let 434a A 1944 J
131
. 50--- 8014 Apr'32
6212 73
Cony g 414a
1980 M N 1414 Sale 12
1414 117
lot 30-year 5e series B_1944 J J 66
60 90 Ch St L & NO ftiJune 15 1951 ID 6518 81
75 62 June'32
6012 June'32
46
75
j 50 ---- 89 Mar'31
Atlantic City lot cone 44_1951
ID
6412 6412 May'32
Registered
6412 6412
Atl Coaat Line let cone 48 July'52 M
'Er,
6712 Sale 6712
6712
8512 May'31
Gold 33411
June 16 1931 ID 4014 60
General unified 4341
1984 JD 5312 59 60 June'32
5318 82
_
7212 50 June'32
Memphis Div lit g 4e----1951 J
45% 59
L & N coil gold 48____Oct 1952 MN 3112 Sale 3112
25 65 Ch St L & P
34
20
8
4
cone g 5a_-__1932 * 0 997 --- 993 June'32
99 10014
/
1
4
J 18 Sale 15
Atl & Dan lot g 41
1948
15
18
35
6
AO
97 June'32
Registered
97
97
J
3048
10
1948
318 12
10 May'32
36
30 Chic T H & So East let 5s-1960 J O 344 Sale 3414
11
30
46
All & Yad let guar 40
1949 *0 16
197 15 June'32
3
7
16
1512 18
Inc gu 513
1512
1512 11
15
Deo 1 1960 M
37
Austin & N W lit an g 56_1941 J J
98 104 Mar'31
894 Sale 8712
/
1
Chic LIn Bta'n lit gu 4340 A_1983 .1
90
17
94
86
99
let 58 aeries B
1963 ii 9812 Sale 9633
27
90 102%
Bait & Ohio let g 4a_ __July 1948 AO 7134 Sale 6814
58
8612
715
4 57
9512 92 June'32
Guaranteed g 51
1944 J O 93
92 99
Registered
55 81
July 1948 Q J 61
78
55 June'32
let guar 630series0
10453 Sale 10312 10512 19 100 11114
1963 J
20
-year cony 434a
31
1933 MS 42 Sale 4018
4312 130
87
Chic & West Ind eon 44
61
15
1952 J J 58 Sale 58
65
79
2454 7112
Refund et gen 51 series A_I995 JO 3414 Sale 3118
58
3512
1st ref 5%a series A
55
59
7 55
1982 MS
875
4
let gold 5e
6312 9653 Choc Okla & Gulf cons 511952 MN
July 1948 AO 77 Sale 7514
7714 13
78 80 Dec'31
Ref & gen t3s aeries C____1995 JO 3918 Sale 3512
30
7954 Cin & D 2d gold 434a
40
54
90 May'32
90
1937• J
MN 573 5912 5718
PLE&W Va Sys ref 40..1941
8
58
15 a45 80 OIStL&C latuili—Aug 21938
•F
71
71
1
95
71
Bouthw Div let 50
40% 8212
1950 JJ 53 Sale 5018
54
19
•F
85 Jan'32
Registered
Aug 2 1936
85
85
Tol & Cln Div let ref 45 A_1959 JJ 30
32
62 Cin Leib & Nor lot con an 41_1942 MN
9
3712 38
3812
77
75
Ref & gen Se series D
25
71
2000 MS 32
36
3118
35
26
Cin Union Term let 434e___-2020 J J 89 glife 87 Mar9
" 7
9
8 321---1:
86 95
Cony 434e
15
59
1980 PA 21 Sale 1934
2212 258
let m 5i series B
r977
3
2020 J J 0912 Sale 94
7 93% 99
Bangor & Aroostook lot 5e_ J943 J J 7814 85 78 June'32
70
88
793 9814 Apr'31
4
Clearfield & Mah lit III 6a._1943 j
Con ref 413
1951 JJ 59 Sale 59
5978
6612 Cleve Cin Ch & St L gen 4a 1993 ID 62
3 48
6612 65
65
6 63
77
Battle Crk & Mut' let gu 36_1989 JO
95 97 Nov'31'
General fie series B
1993 ID
Beech Creek let gu g 4s_ __ _1938 Ji
IF WI:
:
EU- SI 1= SI
7
Ref & Impt 13e ser C
1941 Ii ___ 62 8 75 May'32
75 99
2d guar g 5a
1938 JJ
- 100 Jan'30
50
J
60
50
Ref & Impt 58 aer D
50 I
5 50 84
1983
Beech Crk ext let g 3340_1951 A0
88 Mar'31
Ref & impt 434e ear E
3712
3912 31
1
1977 J J 39 40
2814 71%
Belvidere Del cons gu 350-1943 JJ
Cairo Div lot gold 48
8038 May.321-1939 J J __ 86
75 85
Big Bandy let 40 guar
-I:1We let
1944 ID 70 __-- 85 4 Jan'32
3
__ 75 5912 60 I 10 59% 70
Cin W & M Div let g 4e_1991 J J
Boston & Maine let 1% A C.1987 MS 507 Sale 46
43
51 ' 26
8
7814
Bt L Div let colt tr g 4.....1990 MN
65
7412
lot M 58 melee 2
4.5
1965 MN 51 Sale 49
77
51
10
94
MS 65
Spr & Col Div let g 4s_ _ _ A940
65
7112
let g 41 ear JJ
/
4e
1961 *0
5178 5334 May'32
53 4 74
3
W W Val Div 1st g 4a
_— 96 69 julY:39
77 J 6 3f
914 une
/
1
1940 J J _85
A 45
Boston & NY Alr Line lot 4311955
51% 75
55 55 June'32
Brune & Weat lat gu g 48-1938 ii 70
82 88 Oct'31
98 10014 Apr'321 _ _ _
COCA'gen cone go 6o_._1934 J J
94 10014
Buff Roch & Pitts gen g Se_ _1937 MS
88 87 Apr'32
87 16- Clay Lor & W con let g 5a___1933 AO
9612 98 June'32
90 97
Congo! 434e
2611 (11
1957 MN 3014 Sale 28
32
24
95 101 Sept'31
Cleve!& Mahon Val g 51_1938 J J
Burl C R & Nor let & eon 513_1934 *0 55
40 83 CI dc Mar lei gu g 4%a
/
1
4
74 55
55
2
_
9912 Oct'31
1935 MN
Cleve & Paso gu 434a ear B 1942 A0 903 ---- 91
s
91 I
2
Canada Sou cone gu 5a A_ 1982 A0 73
7478 894
/
1
81
7478
75
10
887:82 M yr 2
Alapr 339
:
1942 A0 8234, ---- 996 i‘ a' 02 ;;;;
SerieeB334a
MS 757 Sale 75
Canadian Nat 434e_Sept 16 1954
8312
75
7 68
8
Settee A 4 Ma
1942 J J 9038 --- 98 Dec'30
80
73% 83%
-year gold 434e
1957 J J 7412 747 7438
8
75
28
Beriee C Ufa
763
4
3
1948 MN 7614 --- 7634
Gold 4348
72
/ 8214
1
4
1968 JO 7412 Sale 74
75
17
Banes D 330
1950 AP
Guaranteed g 5e____July 1969 J
80 90
81 Sale 81
82
14
Gen 4340 eer A
1977 P A
891. 2 8912
Guaranteed g &
801g 90 Cleve Shor Line lit an 4344_1961 * 0
Oct 1969 AO 8112 Sale 81
82
54
87% May'32
80 87%
Guaranteed a 54
1970 PA 81
8134 8058
/
1
4
8112
5 a7934 88 Cleve Union Term lit 5341 1972 * 0 68 Bale 68
70 I 28
133 103%
Guar gold 41e___June 15 1955 JD 7714 7814 7714
/
4
75 85
9
773
8
late f 5a series B
70
1973 * 0 68 Sale 6712
4 53 93
/
1
4
Guar g 43413
73
8314
1958 PA 743 Sale a7438
75
4
39
let if guar 434,series 0_1977 AO 60 Sale 57
84%
60
40
55
Guar g 432s
83 Coal River By let gu 411
/
1
4
75
Sept 1951 MS 7534 7614 7512
7688 42
82 82 May'32
1945 ID 70
82
8812
Canadian Nona deb o 1 70._1940 JO 9478 Sale 9312
92
99% Colo & South ref & lit 4341_1935 MN
947
8 82
Sale
49
60 93
25
-year e f deb 63411
911 102
/
4
1946
9412 Sale 941,
95
13
75111 ale 4111
Genl m 414seer A
75
45
7 4 19
3
1980 MN 4
70
35
83 93 4 Col & H V let °ate 4s
10-yr gold 4 Me __Feb 16 1935 PA 9014 Sale 8934
8
9012 14
4
1948 AO 6812 833 75 Feb'32
76
75
Canadian Pao By 4% deb stock_ _ J J 5612 Sale 5312
5612 76 64712 6914 Col & Vol let eat 41
1955 P A 6514 80 80 Apr'32
80
77
81
54
Coll tr 4348
1946 MS 60
607 58
8
6014 18
Conn & Paseum Riv let 45_1043 * 0
90 Dec'30
88 Congo! Ry non-cony deb 44-1954 J J 26
5e equip tr ate
1944 J
73 Sale 72
73
9 68
447 50 Jan'32
8
5060
6112 8314
Coll tr g 5s
Dec 1 1954 JO a68 Sale 6518
68
11
Non-cony deb 4s
45
4112 Apr'32
1955 J J 26
4112 5714
Collateral trust 434e
56 8014
1960 J J 61 Sale 58
65
84
Non-cony deb 40
44 Dec'31
1955 * 0
17
21
Caro Cent let cons g 4e_ _ _1949 J J 17
17 May'32
70
Non-cony deb 45
6614 45 Dec'31
1956 J J 26
86
90 Cuba Nor Ry let 534a
Caro Clinch &0lot 30-yr 50_1938 JD 80 84 89 Apr'32
1942 J D 1638 Sale 1614
17
38 "jai, 80
let & cong 60 aer A_Dect 15'52 JO __— 5712 577
57% 94 Cuba RR let 50
8
577
1
-year fie g- —1952• J 22 Sale 2114
23
6
18
45
Cart & Ad let gu g 4a
1981 JO
75 80 Oct'31
let ref 734. series A
30 26
28
1936 ▪ D 26
7
26
4114
Cent Branch U P let g 413.. _1948
-511 47
35 38 Apr'32
18
let Ilen & ref 6e ear B
3412 25
1936 Jo 25
26
9
25
38
Central of Ga lot g 5sNoy 1945 A 31
63 r81
60 63 May'32
55
Coneol gold &
16
1945 MN 2212 Sale 2212
2212
Del & Hudsowt et & ref 48-1943 MN 7312 Sale 7278
7358 32 63 87
ttl
Ref & gen 15345 aeries B
14
1518
1959*0
14
14
30
-year cony 55
93 87 May'32
1935 40 85
821e 91
15
Ref & gen 58 aeries C
38
15
15
1959 *0
6f4 15
15
-year 534a
1937 MN 7912 803 77
4
8012
6
74 4 95
5
Chatt Div pur money a 48_1951 JD 15
---- D RR & Bridge lot gu g 411-1936 FA
501e 75 Sept'31
90
Oct'31 _
Mao & Nor Div Iota 58_1946
J
June'31
81
9314
---- ---- DOD & R Gut ooris g 45
3454 Sale 35
3 Bal
8
4
3
1936 J
6
9
121 "ii- 59
12
MId Ga & AU Div Dorm 5.'47 J J
- - 0212 Nov'30
---- ---Conaol gold 430
1938 .1 J
70
35
Mobile Div let g So
1946 J
15
40 95 Sept'31
Den & R G West gen 55 Aug 1955 FA 1314 8ale 19
---3
7
l
38
0 813
1012 33
Ref & impt 5a ear 5- —Apr 1978 * 0
14
23
12% 494
Cent New Rag lot an 4a
4912 73 Dee M & Ft D let gu tle
1961 J J 4612 5(1 4912
7
5354
212 25
8 Feb'32 _
8
1935 J
8
Cent RR & Bkg of Ga con be 1937 MN
35
50
39 35 May'32
Certlfloatee of deposit
I
6
2
25
4 Feb'32
_
J J
76
Central of NJ gen gold 51 1987ii 781- 8712 7912
98 Dee Plaines Val let gen 414e-1947 MS 25
4
7912
45 99 Nov'30
Registered
71 r94 Dot& Mao let lien g 40
1987
7014 7712 71 June'32
34 24 Apr'32
1955 ID
"ii" 16General 4.
76 82
1987 J J _
80 82 June'32
Gold 40
35 25 Mar'32
25
1995 ID
25
Cent Pao let ref tug 413._ 1949 FA 6884 Sale 65
69
108 64712 85
Detroit River Tunnel 430-1961 MN 72
89
74
7112
74
2
71
PA
Registered
9914 July'31
Dill Mamba & Nor gen 55 —1941 J J 100 _--- 9812 Feb'32
98
9812
Through Short L let an 46 1954 AO 63
771k Dul & Iron Range lit 54
74 66
66
13 60
967 9412 June'32
8
1937 AO 91
94% 100
Guaranteed g 5a
1980 FA 42 Sale 40
30 79 Dul Sou Shore & At1 g 5e —1937 J J 15
4512 86
3212
17
17 May'32
17
Charleston & Sav'h let 71_1938
J
11 June'31
Beat Ry Minn Nor Div 1.1 40'48 *0
9754 July'31 ____
Chen & Ohio letcon g
MN 10012 Sale 9912 10012 44 "OF 108 East T Va & Gs Thy let 58-1956 MN 6614 __-- 6614
6614
2 65 If
977 98
k
MN
Registered
10014 98 Apr'32
Elgin Joliet & East lit g 54 1941
N ____ 8612 9 June32
80
8
80 95
General gold 414e
1992 MS 8218 833 81
4
70% 9312 El Paso & W lit &
4
813
s
88
Sept'31
1965 *0
Reglitered
MS 73
83 Feb'32
83 83 Ede let cony g 44 prior
1996 ▪ I 62
633 603
4
8
50
62
21
Ref & Impt 434a
199340 7214 Sale 7214
73
6012 85
19
6.1 _ 3 : 4 32
„ 5 1 June' 12
Reglatered
1996 J
, 8
7
0
5711 6612
Ref & impt 434e Der B._ _ _1995 J J 72 Sale 7112
74
60 8614
50
let consol gen lien g 40
19116 J J
61 a2812 6314
Cralg Valley let 5a_May 1940 J J ____ 9912 9934 Feb'32
9954 995
4
Registered
1996 J J
57 Mar'32.,,.
4812 58
Potte Creek Branch let 48_1948 J J
85 945 Aug'31
8
Penn coll trust gold 40-1951 P A 99 Rif" 99
993
s
99
2 99
R & A Div let con g 43.. 1989 J J 78
72
8l'
79 4 76 June'32
3
50
-year cony 43 series A....1953 * 0 25 Sale 26
25
22 3 5112
5
10
2d consol gold 40
1989 J J 6212 70 70 Apr'32
79
70
1953 * 0 25
28
22 June'32
Beriee B
22
491s
Warm Spring V lilt 5a1941 MS
043 Mar'31
4
1953 AG
51
Gen cony 4a series D
6712 Aug'31
498
4
40
Chic & Alton RR ref g 38_1949 AO 401841
40
3388 11/ 11
1
4
Ref & Mut 58
1967 MN 18 Sale 18
1912 73
Railway first lien 334s-1950
7914
75
7914 ---- 79'l June'32
Ref & impt Soot 1930
1975 * 0 18 Sale 18
1453 49
1912 107
74% 93
68
Er% & Jersey 1st a f 1313.- —1955 J J 60
748 June'32
91
77
77
83
77
77
3
Geneeeee River 1.1 5!64-1957
r Casa sale. a Deterred delivery.
-
New York Bond Record—Continued—Page 3
N
BONDS
21
Y. STOCK EXCHANGE.
Week Ended June 17.
e,cr,
Price
Prldos
June 17.
Weeks
Range or
Lass Said
;
•t
;
81i1
Ast Low
NOR
Erie & Pitts gu g 334e ear 119403 .1 8712 ___- 83
Jan'32
Series (.1 33.48
19403 J
9518 July'31
Fla Cent & Pen let cons g 5s '43 J J 30
4212 32 May'32
Florida East Coast 1st 4348_1959 J D 45
60
47 May'32
1st & ref 5e series A
314 312 31,
1974 M S
312
Certificates of deposit
212 5
314
314
Fonda Johns & Gloy 1st 4345 1952 M N
612 812 8 May'32
5
(Amended) 160 eons 4 349-1982 MN
912 Apr'32
8
Fort St 11 D Co 1st g 4345...1941 J I
96
Oct'31
Ft W & Den C 1st g 634s_ _ _1961 J D
9612 81 May'32
From Elk SC NI° Val let 6e__1933 A 0
---- 90 June'32
Gala Ilous & head 1st 58_1933 A 0 ____ 84
65 Mar'32
Oa & Ala Ely let cons be Oct 1945 J J
810
812 Sale
8,2
Ga Caro & Nor 1st gu g 55 '29—
Extended at 6% to July 1_1934 J
20
35
20 May'32
Georgia Midland 1st 3s
1946 A 0
_ 497 63 Mar'32
s
Gouv & Oswegatchle let 155_ _1942 1 I)
Jan'31
---- 100
Or R & I ext lst gu g 434s 1941 J .1 ____ 85
85
Apr'32
Grand Trunk of Can deb 7e_1940 A 0 94 Sale 93
9418
15-years f 65
1936 M S 927 Sale 9118
8
927
8
Grays Point Term 1st 5s
1947 J 0
- --- 96 Nov'30
Great Northern gen 7s ser A_1936 I J 63 Sale 6112
6412
Registered
J J
9712 Oct'31
let & ref 434s series A____1981 J 2 7112 7414 72
72
General 574s series B____1952 JI 4812 Sale 48
4812
General be swam C
1973 J
461 Sale 45
.
4712
General 434s series D
1976 J 2 40
46
4712 June'32
General 434s series E
1977 J
45 Sale 44
4612
Green Bay & West deb ctfe A___ Fe
40
6712 Apr'31
Debentures etre 13
Fe
2
5
2 May'32
Greenbrier Ry let gu 45_ __A940 M N
9538 Mar'31
Gulf Mob & Nor 1st 5%8_1950 A 0 20
34
2612 June'32
1st M Se series C
1950 A 0 30
58
35
35
Gulf & S list ref & ter 5s_Feb '52 J
'2212 40
22 May'32
Flocking Val 1st cons g 4345_1999 J
77
85
7834
783
4
Registered
1999 J
10012 Apr'31
Housatonic Ry cons g 5s__1937 M N -79E8 88
7
88 .May'32
Fl dc T C lat g 5s int guar_ _ _1937 J
8512 100 a8518 Apr'32
Houston Belt & Term let 58_1937 J
84
85
85 June'32
Houston E & W Tex 1st g 548_1933 MN 85
95
90
90
let guar is redeemable_ _ _1933 M N 87
96
94 May'32
Efud & Manhat let 55 ser A_1957 F A
71 Sale 673
8
713
4
Adjustment income is Feb 1957 A 0 3514 Sale 33
36
Illinois Central let gold 45._ _1951 J J
76
72
76 June'32
let gold 3345
1951 J J
70
51
70 Dec'31
Registered
J J
8614 June'31
Extended let gold-334s_1951 A ()
62 June'32
1st gold 3s sterling
1951 MS
73 Mar'30
Collateral trust gold 413
1952 AO 467 Sale 43
8
467
8
1st refunding 4s
1965 MN 4218 Sale 4218
4514
Purchased lines 334s
1962 J
8412 July'31
Collateral trust gold 4s
1953 Si N 35 Sale 35
35
Refunding 58
1955 MN 44
60
50 June'32
I5
-year secured 6
50 Sale 50
4-- -1936
51
40-year 4 he
Aug 1 1966
A 25 Sale 2412
2612
Cairo Bridge gold 45
1950
4812 -- -- a50 June'32
Litchfield Div 1St gold 35_1951
303
5
- 70 Sept'31
Loulay Div & Term aS Sie 1953
525 ---- 55 June'32
8
Omaha Div lat gold 3s_ _ _1951
A
42 June'32
St Louis Div & Term g 13e_1951
50
36
7218 Sept'31
Gold 334e
1951
86
35
50 May'32
Springfield Div let g 3341_1951
50
7812 85 Sept'31
Western Linea 1st g 45___ _1951
A 5112 85
5112 Apr'32
Registered
F A
9012 July'31
III Cent and Chic St L & N 0—
Joint let ref is series A__ A963
3012 Sale 303
8
33
let & ref 434s series C _ _1963
273 Sale 273
4
31
4
Ind Bloom & West let ext 46_1940 A 0
80 Dec'31
tud III & Iowa let g 4s
1950
68
8514 61 June'32
fad & Louisville 1st an 4e
1956
7212 45 Mar'32
Ind Union fly gen is ser A 1965
79 May'32
Gen & ref Se series 11
1965
12
85 10318 Oct'31
Int & On Nor let fie ser A_ _1952
223 2412 24
4
2412
Adjustment 65 ser A_July 1952 A
5 Sale
4
1st is series 11
1956
16 Sale 16
19
let g is series C
1958
19
17
20
20
int Rye Cent Amer lot Se._1972 MN 29 Sale 29
30
let coil tr 6% notes
1941 MN 20
283 30
4
30
let lien & ref 6345
1947 FA
183 223 19
4
4
19
Iowa Central 1st gold 5e_
1938 J I)
23
4 5 2 3 May'32
,
Certificates of deposit
J D
23
4 7
8
21 June'32
lot & ref g 461
1951 M
5
5
17
8
12 May'32
James Frank & Clear let 48_ _1959 J
70
60
79 Mar'32
Kal A &
It lat
g 58_1938 J J
103 May'31
Kau & M let go g 48
1990 A 0 57 Sale 57
57
K C Ft S& Silty ref g 45_ _ _1936 AO 427 44
8
403
8
423
4
Kan City Sou 181 gold 8s_ _ _1950 A 0 543 5612 05012
4
55
Ref & hunt 58
2 38 Sale 37
Apr 1950
3812
Kansas City Term lot 4a__ _1960 J
8212 Sale 8114
823
4
Kentucky Central gold 461_1987 J J
10
693 68 Mar'32
8
Kentucky & Ind Term 434e1961 J J
84 Aug'31
Stamped
1961 J
8914 July'31
Plain
1961 J J
89
Apr'30
Lake Erie & West lot g 5,.
.1937 J
5312 Sale 5312
55
3d gold be
1941 J
40
68 Apr'32
I.ake 9111 A Mich So g 8 34s_ _1997 J I) 7214 73
, 72
4
7318
Registered
1997 J I)
_ 67 May'32
Leh Val harbor Term au 55_1954 FA _ _ _ _ 8412 9012 Mar'32
Leh Val N Y let go g 43is 1940 J J 56
70
Lehigh Val (Pa) cons g 48_2003 MN 3412 Sale 55 June'32
34
3618
Registered
MN
90
64 Nov'31
General cons 434.
2003 MN 3614 397 3514
8
3714
Gen cons be
2003 MN 4014 413 40
4
413
4
Leh V Term Ry let gu g 58_1941 AO --__ 807 90
8
May'32
Lehigh & NY Iti 15115 40__ _1946 SI S
80
9514 Aug'31
Lea & East let 150-yr be gu 1965 AO 70
90
70 June'32
Little Miami gen 4e series A1902 M N
9112 May'31
Long 1)ock =Rol g 85
1935 AO 94 1914 100 May'32
Long Island—
General gold 48
1938 3D 80
88
8714 June'32
Gold 45
1932 ii)
_ 98
Feb'32
Unified gold 45
1949
B 7318 - 7
i 7318 June'32
Debenture gold 55
1934
D 88
913 90 June'32
4
20-year p m deb 5e
MN 73
1937
77
70 June'32
Guar ref gold 45
1949 MS 7312 80
73 June'32
Nor Sh 11181 con 511 58 Oct '32 Q
100 10018 100
100
Louisiana & Ark let is ser A1969 J J
2412 2712 25
26
Louis &Jeff Bilge Co gd g 45_1945 MS
64 June'32
Louisville & Nashville 6s _1937 MN 88
94
94 June'32
Unified gold 45
1940
J 77
78
743
4
777
8
Registered
J J
SO May'32
let refund 53-45 aeries A._2003 AO 5214 843 53
4
54
1st & ref 55 series 11
2003 AO
50
50
2003 AO 50 Sale 49
let & ref 434s series C
51
1041 AO 8612 93
10-yr sec g 55
95 Dec'31
Paducah & Mom Dly 41 1916 FA
68 June'32
St Louis Div 2d gold 35_1980 M
55 Apr'32
Mob & Montg 1st g 4341_1945 MS
81
Feb'32
south Ry joint Monon 4s_1952ii 20 Sale 20
20
N
All Knoxv & Cln Div 48_ _1955
81 Mar'32
Mahon Coal RR lot 58
1934 3 J ---_ 101
Manila RR (South Lines) 421_1939 M N 5214 Sale
1959 M N 52
let ext 4s
5214
Manitoba SW Colentiren fe 1934 J D
J
Man GB&NW ln 334e_1941
r Cash sale. a Deferred delivery
100 Sept'31
5314
5314
5214
5214
96 Dec'31
8712 Aug'31
Range
Since
Jan. 1.
No Low
89
3
5
50
43
170
9
5
17
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 17.
92
t
4465
Price
Friday
June 17.
High
Bid
83
Mex Internal 151 4.amid ___1977 MS
Mich Cent—Mich Air L 4s_ _1940 .1 3
30
4212
Jack Lane & Sag 334s_ _ __1951 MS
4418 80
let gold 334e
1952 MN
3
712
Ref & impt 4344 ser C
1979 J J
55
23
4 611 Mid of N J let eat Se
1940 A0 26
8
17
Mil & Nor Meat 434s (1880)1934 3D
III 912
Cons eat 4345 (1884) _
1934 3D
Mil Spar & NW 1st gu 4e_.A947 MS
-Bi- 12
.- Milw & State Line let 3343_1941
'
3
8612 98
NIUE)& St Louis 1st cone 58_1934 MN
25s
65 65
Ctis of deposit
1934 M N
34
,
814 18
1949 M S
let & refunding gold 461
1
78
Ref dr ext 50-yr be aer A _ 1962 Q F
15
20
Certificates of deposit
Q F
63 63
M St P & SS M con g 41 lot go'38• J
let cone ba
1938 J
-1885 -W let cons be gu as to Int
1938
4112
923 99
8
let & ref 68 series A
1946• .;
8712 u9714
25
-year 534e
1949 MS
1st ref 5348 ser B
1978 33 20
-4513 Ws;
lot Chicago Term a f 45
1941 MN
61
3813
43
463
4
423
4
85
85
7812
737
8
7412
Week's
Range or
Last Sale
41 •
E•2
1
Range
Since
Jan, 1
All Low
High No Low
212 Dec'30
98 Aug'31
---74
79 May'26
76
713 June'32
8
90
48 May'32
45
48
42 May'32
42
87
87 June'32
76
843 50
4
Apr'32
50
45
51 May'32
51
A pr'28
_ - 90
212 May'32
'JIg
10
4 May'32
4
212 1 May'32
1
8
5 Mar'32
6
14
5 Mar'32
5
35
2
38
38
36
22
15 June'32
13
43
4
42
4314
35
20
20 May'32
18
18
s13
1314 May'32
45
40
40
40
9958 Dec'30
High
---
if
52
42
87
7112
69 8
,
32
6
24
8
5
051.1
89
5114
2211
31
654
J
MiselsallaPi Central lot 5i._1949
85
72 June'32
80
72
Mo-III RR let is ser A
1959 33 i612 1812 18
18
111/ 62
NW Kan & Tel let gold 49 1990 3D 6718 Sale 06512
5514 80
6710 23
Mo-K-T RR pr lien is ser A_1962 J J
45 Sale a4212
79
47
45
38
23
'
3 33
40
-year 45 series B
1962
3212
35 2 3118
6
,
31 12 68
Prior lieu 4 34e tier D
1978 3' _ _
45
40 June'32 _
40
6912
Cum adjust be ser A_Jan 1987 A0 il Sale 20
22
Ts
30 a12
80
Mo Pac 1st & ref is ser A...1965 P A
631/
.
42
21
30
291 Sale 2712
20
60
• B 12 Sale 1014
General 418
1975
123 141
8
411f
7
33
50
1
• S 2814 Sale 27
1st & ref 55 series F
1077
29
199
21
80
22
40
lot & ref g is ser 0
1978 Si N
80
29
20
22
29 Sale 27
64
8812
Cony gold 534 6
1949 MN
10
54
613 48,5
,
9 Sale
9
let ref g be eerie§ H
1980 AO 28 Sale 2718
22
29
36
80
79
88
1st & ref 5s ger I
1081 P A
28 Sale 27
2112 60
283 122
4
08012 09518
8112 89
MN 50
Mo Pao ad 78 ext at 4% July 1938
53
53
55
53 Apr'32
90
9414 Mob & Bit prior lien g 5s____1945 J J
1
95 Aug'31
94
96
• J
Small
97 Sept'31
60
89
61
J
1945
let NI gold 45
69 Nov'31
27
64
39
I
Small
55
81 July'31
.
Mobile & Ohio gen gold 4s 1938 Si S
52
80 May'31
76 088
Montgomery Div lat g 55_1947 P A __
487 9512 Sept'31
8
1977 51
Ref & Rapt 434s
212
212
1
Ts
if2 3
318
318 Sale
.1939 M S
318
See 5% note.
212 28
5
61 1s 62
Mob & Mal let gu gold 4e _1991 St S 35
74 67 Apr'32
7884
67
J J
Mont C 1st gu 155
1937
95 089 June'32
aS9
9314
67
29
3
J
1st guar gold is
1937
82
82
82 May'32
90
35
56
63
D 67
Morrie & Essex let go 3348_2000
7018 67
7014 19
*
6612 733
MN
be ser A
Constr
90
86 Feb'32
80
88
25 Wig
5
19 5 • N
1951
Constr M. 4 %seer B
-- 68
65
65 June'32
7914
45
60
833 Nash Chatt & St L 4s ser A 1978 P A 52 Sale 471:2
4
35
6
52
23
46
7012
19
52
150
P A
N. Fla & 1,4 gu g 5s
8212 99 Dec'31
60
56
1 5
Nat Ry of blex pr lien 4 341 - _1937 J J
-18 July'28
3 .1
July 1914 coupon on
4
-- 183 July'28
a'SC 118
Assent cash war rct No.4 on
112 118 Apr'32
42
43
Guar 48 Apr'14 coupon___1977
123 July'31
4
---Assent cash war rct No. So,
2
212 2
5
Nat RR blex pr lien 434e Oct '26 JJ
3512 July'28
---Apr'32
1
Assent cash war rct No. 4 on
13
4 1
1
211
5112
1951
1st come! 48
Apr'28
22
Assent cash war rct No. 4 on
112 118 May'32
1
11
.
1954 MN 40
70
Naugatuck RIt let g 4s
5212
5212
1
5212 5312
25
54
54
New England RR cons 561_1945 J J
100 Sept'31
2212 52
32
J J 55
Consul guar 45
70
90 Sept'31
NJ June RR guar let 4s
1946 FA
91
8
82 Mar'30
61
61
NO & NE 1st ref & taint 4345A'52 .1
3012 351, 30 May'32
29 157;
45
45
New Orleans Term let 4s_ 1953 J
583 61 May'32
4
55
60
66
79
79
84
N 0 Tex & blex n-e Ito 55_1035 A0
35 May'32
30
397
f
1954 AO 20 Sale 20
let be series B
'23
22
1612 41
5 -15- 80
1956 FA 20
let be series C
27
4
193 Jun'32
181 3971
8
2
30
14
1956 FA
let 4345 series D
19
11
20
8
19
18
644
1312 50
9
1954 AO 21-7 26
let 534e series A
23
19
19
415
20
18
4812 N & C lidge gen guar 4340_ _1945 J
1
67% 89
8212 Feb'32
80
821:
243 64
5
7
NY BAM 11 let con It 516
1935 AO
97 4 941.2 Jan'32
,
9411 941/
27, 50 4
4
,
1
18
26
1
NY Cent RR cony deb 611_1935 MN 51 Sale 4838
5112 46
3518 92
25
8 54
,
1999 P A 6112 Sale 611.
Cense'4s series A
63
56
80.
3
56
21
8 312
Ref & !met 4348 series A 2013 AO 39 Sale 3814
72
397
8 36
32
13
12
When issued
39 Sale 38
72
397 133
8
32
_2013 AD 42 Sale 41
Ref &'mut Is series C
4312 80
35
78 4
3
80
_
_ 75
NY Cent Bud RIv M 3345 1997 J J 733 Sale 711 1
733
4 43 46712 Ms
8
1997 j
Registered
Apr'32
70
8712 70
37
57
1
1934 MN 70 Sale 68
Debenture gold 45
9312
71
65
51
34
70
59
J 66
69
30-year debenture 4e
7312
737
8
6
78
8212
35, 70
4
34
19 2
4
Lake Shore coil gold 8345_1999 P A 6212 65
65
65
7
2
72 f
60
257 7118
5
17
Registered
.._1998 P A
59 May'32
59
884
8714
79
49
Mich Cent coil gold 3348_ 1993 P A 6314 6514 63
63
1
70
61
68
68
P A
Registered
8212 Mar'31
NY Chic.'.
L let g 4e-1998 AO 66 2 68
6378 June'32
,
1937
-ais 82
1937 AO
Registered
9314 Mar'30
AO 3314 Sale 30
8% gold notes
34
22I! 747k
60
Lefut.dIng 5345 serlee A 193 A 0 18'2 2012 18
94
72
1914 12
1414 41311
5314 8312
MS 16 Sale 15
sertel C
Ref 4
163 132
4
1212 40
61,
69
:
N Y Connect 1st gu 43,4s A 195 P A 7512 83
97
77
16
75
88
77
66
76
• A
let glitz 58 series It_
68 June'32
UN 93
67
67
N Y & Erie let ext gold 45. 194' MN
Dec'31
SI
8712 9012
193J. MA
3d ext gold 4345
100 Sept'31
55
80
2712 59
40
N Y & Greenw L gu g 5s__ _ _194r MN
2012 7514 40
40
40
9412
NY & Harlem gold 33461_200( M N 71
6814 June'32
6814 77
19 -55i4 63
NY Lack & W ref 4(4e II_ 1973 M N 75 - - r82 May'32
83
75 r82
40
65
7
N Y & Long Branch gen 461_1941 M S
8412 Dec'31
84
90
N Y d- N E Bost Term 4s_ __1939 A 0
9512 July'31
_
NY NH& 11 n-e deb 4s_1947 M
Apr'32
41
60
69
62
66
Non-cony debenture 3345_1947 M
Apr'32
35
-- 51
51 r67
Non-cony debenture 3348_11)54 A 0 38
10
42
42
61
35
-E 101
Non-cony debenture 4e_ __1955 J J 41
45
40
40
40
8644
Nen-cony debenture 4s__.1956 M N 4218 50
42
41
48
40
68
8214 89
Cony debenture 3
_1956 J
38
4514 43 June'32
43
58
98
98
Cony debenture es
1948 .1 J 647 Sale 6412
8
67
493 95
4
26
7014 90
Registered. J J ---- -- 75 May'32
92
75
90
95
Collateral trust 5.
1940 A 0 6612 70
6412
67
29
94
55
603 80
8
Debenture 4s
1957 M N
35
37 June'32
59
37
70
82
let & ref 4 %a ser of 1927_ _1087 J D 5214 Sale 5038
77
5212 49
42
99 10014
Harlem R& Pt Ches 1st 48 1954 M N 71
78
74
4
74
42
63
1318 50
21
61
75
NYO&Wrefg4sJune___1992 MS 487 Sale 4478
8
487
8 42
383 55
4
90
98
General 4s
1955 1 D 3714 Sale 3714
2
3714
35
40
66
883 N Y Providence & Boston 48 1942
4
21
A 0 78
96 Mar'31
7611 8210 N Y Putnam lot eon gu 48_1933 A 0 70 90
"io- WI;
70 June'32
Si
53
4
N Y Susq & West let ref 562_1937 J J 23 Sale 23
24
54
6
20
50
78
2
.s
g 3i
4 ld
1937 F A
__ 65
75 May'30
40
7512
26
General
is
1940 F A
1518 18
18
5
1518
15 19 4
-1
Terminal
gold
1943 M N 60
98
921/
9212 Feb'32
92
"CW' IO1- N y W Cbes1st11 lat 55
2
&
ger I 430'46 J J 39 Sale 3512
44
39
62
24
65
56
Nord Ry ext sink fund 6345 1950 A 0 10312 104 a10314 1043
'
.
2 31
962 10512
4
81
81
Norfolk South 1st & ref A 58_1961 F A
412 201,
5 Sale
5
1
5
20
20
7
Ncrfolk dc South 1st gold Se.1941 M N
15
30
31 June'32
31
150
74132 81
Norf & West RR impt&ext 6e '34 F A 10214 103 10214
10214
3 100 10314
N & W Ry let cora g 4s
1996 A 0 8614 Sale 8
753 9212
4
87
29
614
_
Registered
1996 A 0
_
_ 86 May'32
8015 86
5 -1013 84
Div'l let lien & gen g 4s 1944 J J 9212 9314 9214
9214
6
87
92 4
1
52
63
1
Pocab C dr C joint 4s
867 85
1941 J P 80
8
85
6 079
921/
-ai-
New York Bond Record -Continued-Page 4
4466
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 17.
Price
Friday
June 17.
Went e
Range or
Last Sale.
•
41
-
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 17.
Price
Friday
June 17.
Week.
Range or
Last Sale.
41(e
Range
Sines
Jan. 1.
Bid
Ask Low
High
High No.1 Low
Bid
Ask Low
High No Low
Higk
North Cent gen & ref 55 A __1974 M S
4
103
993 993 Seaboard All Fla 1st gu Os A_1935 F A
4
9934 Apr'32
112 23
4
1 13 June'32 _ _ _
III 6
Certificates of deposit----------114 2
Gen & ref 434s ser A
1974 M S
85 154 Sept'31
---- ---114
111
112 June'32
North Ohio tot guar g 68_ _1945 A 0
1935 1-A.
4
783 Oct'31
118 Sale
lls
118 ill
1,
g
25
2
:
SeCertB
rie8 ilicates of deposit ______
North Pacific prior lien 421_.1997 Q J 77 Sale 75
6.,
8214
07714 55
114
_
212 Feb'32 __ __
212
64
753 Seaboard & Roan 1st Ss extd 1931 1
4
Registered
-.1
Q J 6918 74
71 June'32
9012 Aug'31
48
63
S dc N Ala cons gu g be
553 Sale 53
5712 73,
Gen lien ry & Id g 3s_Jan 2047 Q F
1936 F A
85
8712 Apr'32
-8712 1412
50
558
4
Gen cons guar 50-yr be
Registered
Jan 2047 Q F 46
5412 553 Apr'32
1963 A 0 ____ 85 100 Nov'31 __ _ _
4
38
76
So Pac coil 45(Cent Pao coil) k '49 J D 38 Sale 36
Ref & Rapt 434s series A __2047 J .1 50 Sale 4412
12
50
40
35
29
71
1st 430(Oregon Lines) A.1977 M 5 60 Sale 58
Ref. & !mot Is series B___2047 J 1 61 Sale 5712
45
9012
6114 78
60
44
50
843
4
20 year cony Is
Ref & Inlet 55 series C___2047 J J 54 Sale 54
48
78
1934 J D ____ 60
5412 ii
70 May'32 ____
5512 97
Gold 414s
Ref & Inlet 58 series D___2047 J J 54
4812 78
1968 M 8 3712 Sale 37
5412 54
1
54
39
31
50
7312
d 4434se with war
Nor Pee Term Co let g 68_1933 J I 9712 103 10012 June'32
10012 10012
1969 M N 353 Salo 3512
4
373 152
4
3014 74
Gold
Nor It) of Calif guar g 58_1938 A 0
1981 M N 3612 Sale 36
9514 Oct'31
39
102
2812 721
:
Ban Fran Term let 4s__ _ _1950 A 0 07212 Sale 673
Og & L Chem let gu g 48_1948 J J 31
35
-37- - -5
49
35
35
4
7212 20
097 84
5
So Pao of Cal let con gu g 68_1937 MN 9412 _
Ohio Connecting Ry let 4s__1943 51 S 35
97 Mar'31
100
- So Pao Coast let gu a 45 1937 1 J --------96 May'32 ___. 98 100
Ohio River RR let g bs
"foi" "i6
1936 1 D ____ 91
87 June'32
Jan'30
Re llIt ls
7512 783 Apr'32
0
783 7838 So Pac gisteret ref 45
8
1955 J J 673 Sale 6512
General gold 55
1937 A 0
8
4
68
43 "55" -161;
Oregon Eli.& Nay corn (.; 45_1946 J D 7912 85
77
87
79
1 J ---- ----9512 Nov'31
79
_
Stamped (Federal tax)_1955 1 .1 --------9212 May02 __ 16
Ore Short Line let cons g 58_1946 J-___ 90
88
09
92 June'32
'30
__
9131 100
SoutRegisR redet cone g 5s 1994 1 .1 62 Sale 61
hern tey l
7
Guar atpd cons 55
1948 1 .1 9214 ____ 9134
92
597 861i
k
6012 83
J J --------104 July'31 _i5
Oregon-Wash 1st & ref 4s__.,1961 I .1 6918 Sale 67
96
70
Devel & gen 45 series A_956 A 0 17 Sale 17
__1
"ii" 54
Devel & gen 65
18
Pacific Coast Co lit g 511___1946 .118 17
1918
22
18 June'32
1956 A 0 2234 Sale 2012
23
17
1512 67
Devel & gen 6424
Pao RR of Mo lit tut g 413._1938 P A
72
90
72
83
72
72
6
1956 A 0 23 Sale 221
24
20
72
18
Stem Div let g Ss
26 extended gol 1 Is
74
93
1096 1 J ____ 5734 5112 June'32 ____
65
9112 74 May'32
1938 .1
5112 GI
St Louis Div let g 4s
93
Paducah & Ills 1st erg 4148_1955 J J 45
90
93 Mar'32
1951 .1 .1 10
951s
547 6314 Feb'32 ____
81
673
4
60
East Tenn reorg lieu g 58_1938 M S
8
91 101
Paris-Lyons-Med RR ext 65_1958 FA 10312 Sale 10312 1033 --54
91 101 Sept'31
8
Mob & Ohio coil tr 4s
10418 75
98 1045
Sinking fund external 75..1958 51 S 16118 Sale 10358
1938 NI 5 'LI
20
17 June'32
1
-F
MS 1023 Sale 1017s
8812a10412 Spokane Internet let g 55.19551 J
Parts-Orleans RR eat 534s 1968
4
1023
4 28
165 21
25 Apr'32 _ _ _
1918 RI
41
Staten Island Ry 1st 4349_1043 1 D --------60 May'32
•S
65
Pauline Ry let & ret 51 7s 1942
45 June'32 _
60
GO
_
6(8
Pa Ohio& Det let & ref 434s A'77 AO 60
787 Sunbury & Lewiston let 4s_ -1936 J J --------9714 Nov'31 .._ _
63 63 June'32
e
_
92
88
Pennsylvania RR cons g 4(4_1943 MN 8914
9012 June'32
8514 9314 Venn Cent 1st Cs A or 13_ _ 1947 A 0 1312 20
Comm! gold 45
4
87
18
II June'32
1948 MN S7 Sale 853
11
33
N 85
9134 Term Assn of St L 1st g 4345_1939 A 0 93
86
25
85
45 steel sptd dollar May 1 1948
867 86
s
9612 94
94
0854 95
let cons gold 58
9112 13
Consol sinking fund 4345_1960 FA 91 Sale 9012
1944 F A 86 Sale 86
867 98
8
86
2
80
90
Gen refund s f a 48
68
35
1953 J J 7314 80
501 1 8712
General 434e series A_.....1965 J D 67713 Sale 65
1
7312
7312
70
79
7512 39 r5412 923 Texarkana & Ft 8 lot 6348 A 1950 F A 543 Sale 5234
General Si series 13
4
4
1968 ID 74 Sale 7312
55
25
513 74
4
N 0 Con gold 58_ _1943 J J
913
8 31
7514 10212 Tex
15-year secured 634s
88 10012 Nov'31
1936 FA 91 Sale 8812
_
FA
833 Mar'31
4
Texas & Pao let gold be_ __ _2000 J D 8412 85
Registered
8414
6:12
5 "(IV
26 inc bs(Nlar'28 epon)Dec2000 Mar
53
4
6
13
88
40-year secured gold 55___1904 MN 62 Sale4l2I
95 Mar29
Gen & ref 58 series B.
44
3212 743
Deb g 434s
4712 238
39
4
3512
1977 A 0 37
1970 AO
36
14 ' 28
To
47
63
Gen dr ref be series C
79
General 448 ser D
1981 A 0 6218 Sale 6012
33
1979 A 0 36
38
3212
36
8
25
70
M S 60
____ 87 Nov'31
(len & ref be series D
37
37
1080 1 D 35
37
1
28
76
Feb'32
_ "ii" If" Tex Pac-Mo Pao Ter 530_1981 St S 5012 70
79
81
Guar 3349 coil trust ser 13_1941 FA 60
50 June'32
8912
853 853 Tot & Ohio Cent let f(U be_ _1035 I .1 70
Guar 3349 trust ctfs C1942ID
8
78
4
78 May'32
9252
78
78 j a 2
a:
76
8538 Alttr332
78
, Guar 3348 trust etts D1944 J o 60
Western Div 1st g be
807
8
1935 A 0
96 Mar'32
96
96
MN 633 7
4
70 May'32
70
Guar 45 ser E truat etfa___1952
Gen gold be
78
95 Sept'31
1935 J D
6118
64
34
5514 82
Secured gold 434s
1963 MN 6212 64
Tol St L & W 50-yr g 48
60 60 June'32
1950 A 0
"E54 66"
30
30
Peoria & Eastern 1st cons 48_1940 AO 3012 39
10012 Oct'30
30
55 '['01W V & 0gu 43413 ser B 1933 J J 20
212 6
258 Apr'32 _ 1
Income is
9612 Apr'31
25
8 23
April 1990 Apr
let goar 45 series C
8
1942 M S
Peoria dr Pekin Un let 5348_1974 FA
65
Toronto Ham & Buff let g 45 1946 J D
79
88 Dec'31
31
6212 52
35
Pere Marquette let ser A 68_1956 .1 .1 31 sale 65
1
30
89
Ulster & Del 1st 5s
1928
34
31 June'32
32
32
let 4s series 13
55
1956 1 1 30
Ctts dep stpd as to Dec 1930
31
3
let g 4345 serles C
26
lint and $570 ret of min
58
1980 M S
1538 May'32
15
20
1538 7712
893 8934
4
Phlia 13alt A Wash 1st g 4e.._1943 MN 85
893
4
5
86
917s Union Pao let RR & Id an 48_1947 JI 9012 Sale a8912
0112 102 88412 9372
90 10812 Sept'31
General 58 series B
10 4 F 1 78
9 71
7
Registered
86 Apr'32
90
J 85
86
91
Jan 32
77
77
Gen'l g 434s ser C
1st lien & ref 4s
8014
7712 76
77
June 2008 St S 76
7
84
70
1812 1912 1812 June'32
167 2112
s
Philippine Ry 1st 30-yr 8 f 48 17 1 J
Gold 43483
70
1967
J 70 Sale 6734
40 05712 8712
100 Apr'32
Pine Creek reg 1st 13(3
100 100
let lien & ref 58
19 : 1 D
91
91
June 2008 51
1
09
85
955
a9212 96
40-year gold 4s
PCC&StLgu434sA
19 C A 0 9318 - 8 9212 June'32
6538
69
67
1068 J 1) 66
57
513112 80
9211
Series B 4349 guar
9112 967 U N J RR & Can gen 4(1_1944 MS
1942 A 0 9214 Sale 9214
/3
90 June'32
9315
90
90 June'32
8
917 ___
9() 04
Series C 4}is guar
Utah & Nor let ext 45
100 July'31
1933 j j
8812 8712 Mar'32
Series D 45 guar
864 90
2:6 1 14 86
1
773 ___ 95 Mar'30
8
Series E 434s guar gold_1949 F A
Vandalla cons g 48 series A.1955 FA
9538 June'31
Series F 45 guar gold
1
Cons 5 f 4s Series 11
1953. D 8118 ____ 98 S7pt'31
9312 Sept'31
1957 • N
793 ___ 8114
8
-814 8314 Vera Cruz & P mist 4348
Series 0 4s guar
N
1
112 114 June'32
1933 J J
- -1
1;
783 ____ 80 A "'2
8
80
80
Series II cons guar 4s
Virginia Midland gen 5s
86 June'32
1036 AI 1; ____ 86
g67 Sri
5
0
95
86
8414 90
Series I cons guar 4345_1963 F A 8518 ____ 8414 Jul n'32
Va & Southw'n let to 6s__ _2003 J J
55
73 80 Feb'32
80
80
June'32
_
87
93
Series J cons guar 4345__,.1964 MN
1612 28
let eons 50-year Is
24 June'32 "..".";
1958 AO
5" 24 45
6714
2
5212 9212 Virginia Ry let 5s series A _ _1962 MN 80 Sale 783
General M Is series A_.1970 J D 6714 Sae 6512
8
82
70'.i 91
35
6512 12
9412
55
Gen mtge guar us ser B 1975 A 0 6712 73
1St M 434s series B
8712 76 May'32
1962 MN 65
767s
70
June'32
68
8518
62
Gen 434e series C
1977 J 1 60
10012 502 May'32
9912 100, Wabash RR let gold 5s
Pitts McK & Y let gu 6s
6
1932 J J
1939 MN 56 Sale 56
5612 12
5214 79
993 June'32
4
3d guar 6s
99 4 100
,
26 gold be
1934 J 1
2314
2212 24
24
1939 FA
10
21
59
Oct'31
99
Pitts FM Sc L E let e Si
1940 A 0
Deb& series B regIstered_1939 J J
9818 May'29
10014 Aug'28
let consol gold ba
let lien 60-year g term 48_1954 J J "5" "70" 87 July'31 ____
9838 June'31
Pitts Va & Char let 43
Del & Chia ext let 55.......1941 J
1943 '11 N
56 Sale 56
913 5 I
58
1 -51 - .
if
54 Mar'32
"45 16" Dee Moines Div 1st g 45_1939 J J
"
1
Pitts & W Va let 4 125 see A.1958 J D
32 Feb'32
46
30
92
35
5314 Feb'32
47
let M 4345 ernes B
5314
Omaha Div 1st g 334e_,1941 A0
79 Aug'311._ _
.
35
5
1st 51 434s sedes C
35
Igg A 0 _8.7_8 Sale 35
_
66 4
,
70 50 Feb'32....
Tol & Chic Div g 4s
1941 M
60
9514 Sept'31
Pitts Y & Ash let 4s ser A I948 / D
512 812 5
Wabash Ry ref & gen 5345 A _1975 MS
.
6141 13
2 4 19
3
_ "8812 "66"
90 June'32
let gen 5s series B
614 Sale
lief & gen 5s(Feb'32 coup)11 '7(1 P A
614
614
1
312 19
7134 July'311____
Providence Hecur deb 48_ _1967 M N
5 Sale
Ref & gen 434s series C__ _1978 AO
5
5
5 1
2
19 2 F A
238 1612
75 June'32
-7413 - --75
Providence Term 1st 4s
614 83
8 4 June'321 ____
Ref & gen be aerie(' D
1080 AO
1956 M S 75
23 161,
8
Warren 1st ref gu g 3 As_ _2000 P A
78 July'31__
647 75 Mar'32
8
76
79
Reading Co Jersey Cen coll 45'51 AO 47
56 Mar'32
Washington Cent let gold 45_1948 QM _ _ __ 87
56
69
12
57
8112 Wash 'rerm 1st au 314s
Gen & ref 41483 series A_1997 .1 J 69 Sale 65
8412 8214 June'32;____
1945 FA 78
7714 8212
7612 65 June'32
67
5514 82
Gen & ref 434s series 13_1997 j
8312 Apr'321___ _
8
1st 40-year guar 45
1045 FA 835 _ _
8312 833
8
113
Oct'30
Rensselaer & Saratoga 6s .1941 MN
Western Maryland let 49._ _1952 AO 48 Sale 46
48
40
3712 62
16" 7912 Sept'31 -Rich & Mech 1st g 45
42
44
45
1948 51 N
1st & ref 5348 series A_,.1977 J J 43
35
2818 63
0612 9638 Apr'32
"55" 6612 West NY A Pa [eta 5s___ _1937 II 90 Sale 90
!Rehm Term Ry lit gu 58_1952 II
9112
4 a8915 98
90
85 Sept'31
Rio Grande Juno let go 5
7414 May'32 ___ _ a741s 9112
Gen gold 4e
1943 A0
5-1939 ID
214 June'311 ____
Rio Grande Sou 1st gold 4s._1949 Ii
Western Pac let be ser A
2812 61
•S 28 Sale 2578
1046
217 49
8
712 Apr'28'____
73
Guar 48 (Jan 1922 coupon)'40 II
West Shore let 9s guar
7018
2361 J J 72
72
26
78
65
5014
5014
45
75
64
6634 65
RIo Grande West let gold 48_1039 J J 51 15
Registered
2361 J
68
2
74
62
36
36
40
1
36
66
55
1st con & coil trust 45 A...1949 AO 30
Wheel & L E ref 4345 ser A..1986 MS 45
50 May'32
50 r8114
27
44
20
70
__ _- 9712 Aug'31
R I Ark & Louis 1st 434s
1934 MS 26 Sale 2518
Refunding Is series B
1966 MS 51
30 May'32
45
30
3()
48
5914 5212 June'32
Rut-Canada let gu g 48
RR let cense! 4s
1949 MS 53
1949 ▪ J
"6212 1618
.
35
41
35
6
35
47
20 June'32
19
Wilk & East 1st gu g Si.... _1042 J 13 15
Rutland 1st con 434s
1941 • J 31
29
11
WIII & S F let gold Se
8
1938 J
- - 913 Oct'31
71
75
71
71
61
84
8t Jos & Grand 1st let 4e___. 11147
Winston-Salem 8 11 let 4s_ _1960 II
- -12 68 June'32 __
00
80
68
95 Apr'31
88
St Lawr & Adr 1st g ba
Wls Cent 50-yr let gen 4a 1949 I I "55" 3312 31
34
1006 1 0
9 6 5 .1
9
60
897 Feb'32
8
167; Bun & Dui dly & term let 4s '36 MN 11 27 22 June'32 15 22 404
2d gold Os
34
Wor & Conn East 1st 414s._1943 Ii
St Louis Iron Mt & Southern8814 Sept 31
5012 52
353 8312
4
Riv & Div 1st g 48
1933 MN 5012 Sale 4812
1412 96
84
11
9t I.
-San Fran pr lien 45 A_ _1050 II 14 Sale 1312
INDUSTRIALS
1214 247
912 2614 Abitibi Pow & Pap 1st bs_ _1053 J I) 15 Sale 15
Con M 434s series A
1978 MS 1214 Sale 1034
21 12 77
15
41
1312 May'32 ____
1312 1312 Abraham & Straus deb 5348_1943
J o
Registered
1538
16
20
13
42
With warrants
Prior lien 58 series 13
A0 71
77
1950 j j 1514 18
70
8812 843
2
4
7014
65 154 Aug'31
05
St L Peor & N W let gu 65_ _1948 II
Adams Express coil trg 45__1948 M
5012 541_ 5012
5012
2
70
48
54
6038
-- -- Adriatic Elea Co extl 7s_._1952 AO
47 4 66
.(
St L SW let g 45 bond etfa_1989 SIN 54
69
69
2
60
8212
40
4
37
497 Max Rubber 1st 15.-yr et 88.1936 JO
3
49
40
2d g 45 Inc bond ctfs Nov 1089 J 1 40
218 1712 218 June'32
218 6
8
6118 June'32 __
42 100
Congo! gold 45
Alaska Oold M deb 65 A___1925 MS 103 13
8
1932 ID 225 29
1038 June'32
8
147
2
24
2214
24
8
15
65
let terminal & unifying 58_1952 .1 .1 17
Cony deb tis aeries II
13
103
1920 MS 10
9
14
8
103
s
8
4
283
4
1
27
60
St Paul & K C Sh List 4345_1041 FA ____ 283 283
Albany Perfor Wrap Pap 651048 AG 2534 2614 2534 June'32
1612
24
_
_ 73 Mar'32 ____
73
73
St P & Duluth 1st con g 49_1968 ID
Allegany Corp coil tr 5e_ 1944 FA x1314 Sale 1112
oh .1112
14
60
St Paul E Gr Trk let 4348_1947 II ---- ii 9918 Aug'30 __
Coll & cony be
7
10 Sale
40
1949 J D
103
4 33
4
93
94 May'32 __ -- -fil.- - ii
St Paul Minn & Man con 48_1933 J J ____ 92
Coll & cony Bs
73 Sale
4
1950 AG
714
814 53
512 33
92 10014 Allis-Chalmers 181fg deb be_ _1937 MN 7012 Sale 69
1st consol g 6s
1933 J J 9138 9312 92 June'32 ____
7012
5
66
91
92
92
5
90
98
683 reduced to gold 434i.._.1933 II
Alpine-Montan Steel let 78 _1056 MS 38
40 a30
38
514
6 a30
100
Apr'31 __ ____._
ID
Registered
Sag
22
16
1712 20
16
03_1935
84 18l
ii" Amer BeetChaincony deb 65_1933 FA 41 Sale 41 June'32
"Ili" "
May'32
Mont ext. 1st gold 45
1937• D __ __ 87
American
deb 5 f
4218
AO
41
8712
65
7338 76 May'32 __
70
81
Pacific ext gu 4s (sterling)_1940 II
Am Cyanamid deb 5s
80
65
65
5
1942 AO 65 Sale .
65
89
9
8712 99
St Paul Un Dep let Jr ref 55_1972 11 88 Sale 8712
Am & Foreign Pow deb 58_2030 M
21 Sale 20
22
133
18
47
8
54
13
4712 8012 Amer Ice s f deb be
A & Ar Pass 1st go g 4s,..._,.1943 j j 527 Sale 50
65
70
2
75
1953 J O 70 Sale 6812
90 90 June'32 ____
90
93
Santa Fe Pres & Phen let 58.1942 M S 85
Amer I G Chem cony 5348_1949 M
0613 Sale 59
4
62
49
5114 7011
99 r10718 sere31 _- ---- ---- Am Internet Corp cony 534s 1949 J
1934 AO
Say Fla & Wen 1st g 65
8312 r73
643 Sale 6434
4
663
4 26
101
Oct'31
1st gold 6a
1934 AO
Am Mach & Fdy e I 6t3
8
3 10214 10314
1939 AO 1025 10312 10314
10314
82
82
5 -5112 85
Scioto V & N E let gu g 423_1989 MN 8014 82
Amer Metal 534% notes_ I934 AG 03914 Sale 3718
37
88
41
124
51223
16 Mar'32 ____
16 r25
Seaboard Air Line 1st g 45_ _1950 AO
112 2
Am Nat Gas 634s (with war) 1942 AO
at June'31
Ill
41
512 11
436 June'32 ___
438 1984 Am Bm & 11 1st 38)-yr Is ear A '47 A0 74 Sale a72
Gold 46 stamped
1950 AO
96
76
57 a72
5
1318 Amer Sugar Ref 5-yr 8s
5 May'32 ___
AO
Certificates of deposit
8
1037 12 101 1023 101
98 105
10212 28
12 I
1 May'32 ____
I
112 Am Telep & Teleg cony 45_ _1936 MS 0538 Sale 97
P A
Adjustment 55
Oct 1949
9414 10013
7
9714
2
2
2 Sale
2
112 534
0738 10212
Refunding 48_
1959 AO
101
30-year coil tr 53
109
1946 J o 101 Sale 100
132
13 May'32 __
8
138
7
Certificates of depogit------ -35
-years filch 55
1960 II 9514 Sale 9412
913 1007
4
8
96
243
2
3
2
2
16
2
614
deposit1945 M S
20
-year s f 5145
1943 51 N 101 Sale 10012 10114 204
99 10514
let & cons Is series A
214 3
214
214 10
132 7
8
10112 61
Cony deb 4145
9512 107
Certificates of
1939 ▪ J 10012 Sale 007
618 11
818 June'32 ___
811 20
9512 Sale 943
4
4
96
221
35
-year deb 5s
1985 FA
9112 1002
Ati & Blrin 30 yr let g 49-419331 M S
r Cash sale
4 Due May. 1 Due A ugust.
a Deterred delivery.
New York Bond Record-Continued--Page 5
Price
FridayWeek's
Rang..?
Last Bait.
BONDS
N. Y.STOCK EXCHANGE
Week Ended June 17.
Am Type Found deb es--1940 A 0
Am Wet Wks & El coils? 511-1934 A 0
1973 M N
Deb g 6, series A
J
Am Writing Paper let g 86-1947
Anglo-Chilean if deb la.....1945 M N
Ark & Mem Bridge & Tel 5s-1964 1411
Armour & Co (Ill) 111 410-1939 .1 D
Armour & Coot Del 5145-1943 J 7
Armstrong Cork cony deb 55 1940 J D
Associated 0116% gold notes 1935 M 5
1947 J D
Atlanta Gas L let 56
Atl Gulf & W I SS L coil Sr 581959 J
Atlantic Refining deb be__ _1937 J J
June 17.
Bid
45
75
55
20
2
Baldwin Loco Works 1st 58._1940 M N
J
Baragua (Comp Asuc) 7340_1937
Batavia° Petr guar deb 41481942 .2 J
Belding-HemingwaY 05
1938 J 7
Bell Telep of Pa 55 series B_ _1948 J
1st & ref lie series C
1960 A 0
Beneficial Indus Loan deb as 1946 M B
Berlin City Elea Co deb 6345 1951 7 D
Deb status fund 834e-- _1959 F A
1955 A 0
Debenture Os
Berlin Elea El & Undergo Hs 1958 A 0
Beth Steel let & ref 50 guar A '42 M N
50
-year p m & Rapt if 58_1936 J J
Bing & Bing deb 614s
1950 M s
Botany Cons Mills 61411--1934 A 0
Bowman-BM Hotels lat 76..1934 M 8
R'way & 7th Ave let cons 198_1948
D
J D
Certificates of deposit
Brooklyn City RR let 5e_ ___1941 J J
Bklyn Edison Inc gen 15s A-1949 J
Bklyn-Manb R T sec 6s_ _ _ _1988
Bklyn Qu Co & Bub con VA 5s'41 MN
let fw stamped
1941
Brooklyn R Tr lat cony g 48 2002
Bklyn Union El lst a 55_1950 F A
bklyn LID Gas 1st cons g 5e_.1945 M N
lot 11M1 & ref Bs series A
1947 M N
1938 J J
Cony deb a 5140
1950 J D
Debenture gold Is
D
But & Snag Iron let ,f 55-1932
Buff Gen El 4148 aeries B1981 F A
1952 AG
Bush Termlnal 181 4.
1955 J
Consol So
Bush Term BlOgs tia an tax ex 60 A 0
N
By-Prod Coke lit 5345 A-1945
AM
55
Sale
Sale
Sale
5
- - -663 Sale
4
56 Sale
5418 56
9753 99
Low
High
60 May'32
72
77
52
55
20
20
1 June'32
75 May 32
65
69
5318
5612
5514
55 4
,
9418
98
95 June'32
3012 Sale 29
3012
94 Sale 9312
94
Bang,
Sinai
co
Jan. 1.
No. Low
5812
13
66
19
48
6
12
1
75
__-8014
85
104
49
1
50
9418
4
____
95
29
7
8515
17
High
97 4
1
95
1
81
30
121i
80
79
69
70
1011
4
9514
44
9518
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 17,
4467
Price
Friday
June 17.
Weirs.
Range to
Lou Bak.
E
Bid
Federated Metals a 1 75
1939 ID 57
1948 I" 6334
Fiat dabs f g 7s
1941 MS 22
Fisk Rubber 1st f 8/
'I 84
Framerican Ind Day 20-yr 7,4.'42
1942 MN 10
Francisco Sug lst if 7As
FIRM No, Low
A sl Low
Hiol
60 June'32
62
58
80 •
63 4 20
3
60
Sale 61
82
2214 11
Sale 20
16
28
Sale 84
85 I 24
81% 913
4
15 June'32
16
20
15
•
PA 72 Sale 72
72 I 11
Gannett Co deb Oa
89
1943
78
__ _ _ 10314 Sept'31
Gas & El of Berg Co eons g 581949 JD 98
32181 90
Gelsenkirchen Mining (Ia.__ _1934 MB 3218 Sale 28
11"
Can Amer Investors deb 541_ _1952 VA 68
24
69
67
67
75
82
Can Baking deb if 534s
17
94
1940 AO 9312 Sale 9312
8912 9812
Gen Cable lat f6,41 A
25
58%
6
30
1947I, 30 Sale 28
Can Electric deb a 3,4.
_
_ _ _ 95 June'32
93
9812
1942 PA
'I 95267 5012
26%
29
27% 34
8
7
Gen Elea(Germany)7s Jan 15'45
t deb 6145
9
r32
28
1940 ID 30
19
34% 29
20
-yens if deb de
41
26
1948 MN 2512 Sale 22%
22% 43
Gen Mot Accept deb tle
97% 10214
1937 VA 101 Sale 10012 10114 86
Genl Petrol 1st s t 55
95% 101
28
1940 PA 9912 Sale 99
100
Gen Pub Bay deb 5144
73
1939 Ii 7218 73
7212 84
6
7314
Can Steel Cast firls with warr '49 II 3812 40
38
39
38
8112
213 11
Can Theatres Equip deb 8a _ _1940 AO
2 Sale
1
784
_
112 2
Certificates of deposit
13 June'32
4
13
4 4
12% a
Good Hope Steel & Iliac 75.1945 AO 2112 Sale 194
31
23
14
73
Goodrich(B F)Col st8,4s-1947II 7212 Sale 7212
60
80
3812 483
Cony deb as
34
39
4
1945 ID 3714 Sale 3714
6112 8214
60
67
Goodyear'Fire & Rub lit 541_1957 MN 67 Sale 65
75
Gotham Silk Hosiery deb 8s_191141 ID 73
721a 8012
73 June'32
10
14 4 16 June'32
Gould Coupler 1st it 81
16
3
25%
1940 VA
41
15
r45
Cit Cons El Pow(Japan)7s...1944 PA 145 Sale 41
69
3512 18
31% 60
8
lat & gen• 8145
1950 II 34 Sale 325
21
24 I 14
Out!States Steel deb 5,45-1942 ID 224 25
38
22
9214 95
9212 June'32 ____
90 10112
3 4- 10
3
718
5 Apr'32
5
7258 Sale 72
72
5
17 a70% 8212
80
80
90
80 June'32
1013 sale 1007
8
9814 10412
8 10112 50
10034 Sale 10058 101
985g 1041a
83
64
11
64
6614 64
64
80
3018 Sale 2712
2012 472:
3112 130
2618 Sale 237
8
69
27
2012 42
23 Sale 20
1912 37
2353 68
234 384
25
2614 2312
22
27
80 sale a78
69
97
7
80
81
83
82
19
83
7212 98
12
1612 15 May'32 ____
13
30
6
7
6 June'32
6
171
4
38
50
38 June'32 ____
33
50
2
3
114 May'32 ____
114 478
1
1
1 Mar'32
8212 5612
52
1 Hackensack Water let 48_1952II 87
,
5612
1
55
86
9012 8612 June'32
1023 Sale 10112 1023
4
974
0105
4 11
22
18
Hansa SS Lines 6s with warr 1939 AO 18 Sale a1312
73 Sale 6934
68
914 HarpenIfinthe (is with stk purcb
7414 417
55
_
55 May'32
2315 Bale 2112
55
58
24 I 37
war for com stock of Am she'49 .11
6553 5518 Apr'32
55
15
16
55% Havana Elea consol g Be_ _._1952 VA
16 June'32
65 9212 June'29
3
5
Deb 5)1e series of 1926.-1951 M
5 May'32
65 Sale 64
8 65
712 9
Hoe(R)& Co 1st 6 sis mer A_1934 A0
85- 79
7 May'32
10234 Sale 10234 10312
8 100 104
10
20
Holland-Amer Line Be(pan _1947 M
197 Mar'32
10312 10718 104
3 103 111
105
Houston Oi'sink fund 51511._1940 MN 4712 Sale 4712
17
50
110 -- 47 Feb'32 ___ 147 147
Hudson Coal bat i f 55 ger A _1982 ID 2814 Sale 2712
2814 18
9214 Sale 9214
9212 19
90
99
4
1949 MN 9814 993 9878
1
98%
Hudson Co Gas let g 5e
-- 96 Nov'31 _ _ _ _
Humble Oil & Refining 5 >g 5 _1932 J J 10018 Sale 100
10014 74
9412 Sale 9412
9514 30 14 2
1
4
Deb gold 56
22
1937 AO 993 Sale 9912 100
58
80
60 June'32_..
35 Sale 3114
35
28
71
16
Illinois Bell Telephone 5e_ _ _191e ID 10138 Sale 10018 1013
4 56
47 Sale 45
3114 911
9
4
50
95
1940 AO 943 Sale 94
Illinois Steel deb 41is
38
37 Sale 354
2
37
3412 so
21
4
Raeder Steel Corp mtge 6s 194.8 PA 203 22
17
17
5
10
Indiana Limestone 1s8 it 85_1941 MN
514 June'32
991 102
4
19
CalO & E Cori)unit & ref 51-1987 MN 10114 102 10118 102
91
9118 Apr'32
Ind Nat Gas & 011 rat 5s_-1988 MN
8 5014
1940.3 J 5114 52
Cal Pack cony deb 55
5114 20 a4912 71
70
1978 AO 66
Inland Steel 1s8 4145
61 June'32
74
77
8112 80 4
6
76
76
Cal Petroleum cony deb 51381939 F A
3
11
67
1981 VA 67 Sale 66
1st M et 41isserB
1938 MM 8012 804 8012 June'32
Cony deb eta 8345
84
82
Interboro MetroP 4,4s
10 Apr'32
1956 AO
AO
Camaguey Bug let 5 f 7.----1942 A 0
2
514
3 May'32 ____
212 7
3 Mar'32
8
Certificates of deposit
Be_ _1941 A 0 19 Sale 19
1
19
Canada SS L 1st & gen
19
3814 Interboro Rap 'Fran let 36_1986 1.3 36 Sale 33
38 4 87
3
Cent Dist Tel let 30-yr 5s_ .1943.3 D 10112 103 103
II 36 Sale 32 4
09% 1033
8
7
1033
8
3
Stamped
38 4 195
3
8412 ---- r99 June'32 ____
8534 r99
Cent Foundry let a !Be May 1931 F A
1932 A0 13 Sale 13
10
1814 209
-year 6a
Cent Hudson 0 & E As Jan 1957 M 0 99 10014 10014 10112
2
9634 10111
60
55
-year eon, 7% notes.._ 1932 MS 54 Sale 49
10
6014 64
6112
63
Cent III Elea & Gas let 50..„1951 F A
54
77
8
3512 32
6
1951 MN 30
Interlake Iron 1st 5a B._
32
1941 M N 65 Sale 65
97
65
3
65
Central Steel let g if 8s
Int Agar Corp 1st Az coil hr 53
1948 M B 29 Sale 28
30
3712 46
26
Certain-teed Prod 5346 A
2318 443
4
5
45%
457
8
Stamped extended to 1942_ __ _ MN
8
5
6
Apr'32 ___
5
12
4712 Sale 47
Cespedea Elugar Co 1st e f 7 As'39 M S
39
49
Int Cement cony deb 5s_ _ 1948 MN
4112 Sale 40
43
35
76
63
Cheeap Corp cony 5e May 15 '47 M N
96
r26
Internet Hydro El deb fls_ _ _1944 AO a25 Sale 2314
4
433 2718 July'31 _ _ __
3 4 Sale
3
Chic City & Conn Rya 5s Jan 1927 A 0 42
334
41
32
1947 MN
Internet Match f deb 5s
4 -or led8
112
2
13 Sale
4
100
Ch G L & Coke 1st gu g 5s_ .1937.3 J 10018 1017 100
1941
40
Cony deb fsi
Chicago Rya let Si stpd rcta 15%
8
311
Inter Mere Marine if 6s._ _ _1941 AO 3014 3212 30
4112 11
4012 43
principal and Aug 1981 Int__ F A
81
50
40
371
36 Sale 36
12
Internet Paper Se sir A & B.1947
2184 2012
2112
1943 A 0 20
20
48
9
Chills Co deb 55
3
37
191
1955 MB 1714 19 4 16%
Ref s f Els series A
2212 47
2012 Sale 20
1947 J J
20
Chile Copper Co deb fis
1912 Sale 1812
42
8012 Jot Telep & Teleg deb g 4-34s 1952
20
8
Cin 0& E let M 45 A
1988 A 0 873 Sale 8714
8218 9212
84
89
1939 .1 I 22 Sale 2112
Cony deb 450
23% 131
____ 74
77 Dec'30 ___ _
Clearfield Blt Coal let 4a.. 1940 J
2312 Sale 2112
114
24
1955 VA
Deb 5e
1938.3 J 33 Sale 31%
3414 31 -517). -C6- Investors Equity deb 5e A 1947 ID 68
Colon Oil cony deb 6s
,
73 4 663 June'32
3
4
45
67
45 June'32 ____
Colo Fuel & Ir Co gene f 58_1943 F A
Deb 56 ger B with warr _1948 AO
63 June'32
Col Indus lat & call fts gu...1934 F A
13
55
1
23
26
22
30
70 6818
Without warrants
1948 AO 68
3
70
Sale 66
Columbia 0& E deb S. May 1952 M N
6812
597 8512
8
688 26
Debentures fie____Apr 15 1952 A 0 65
60
85
1
66
86
70
4
4
9412
923 94
94
K 0Pow & Lt lit 414a ser B_1957 J J
6714 85
, let M 414s
Debenture 55
Jan 15 1961 J .1 6714 Sale 65
7
58
78
93
92 8 Sale 9218
1961 VA
841
Columbus Gas let gold 56_ _1932 7 7 9053 9
90
8112 14
8
96 May'32
3
9
8% Kansas Gas & Electric 450_1980 ID 8112 Sale 79 4
82
82
85
Columbus Ry P & L let 4148 1957 J .1 SI
92
17 Sale 15
79
56
17
1
Karstadt (Rudolph) lst 65..1943 MN
4
28
Keith (B F) Corp 1st 85_ _ _1946 MB 28 Sale 2614
Commercial Credits t fis_ -1934 MN 93
93
84
31
48
88
95
6
93
Kendall Co 534. with wary...194E MS 47 Sale a46
Coll tr 511% notes
9
65
8312 9112 Keystone Telep Co let Si.._193 7 1 64 Sale 64
12
90
95 90
1935 J 1 90
Comm') Invest Tr deb 5345_1949 F A
843 Sale 8453
8
92
4
79
86
37
Kings County El L & P 55..1937 A0 1013 -- 1028 June'32
ComputIng-Tab-Rec f 66_1941
J 10518 108 104 June'32
6
8
199 A0 1165 120 11618 11712
104 10612
Purchase money 85
Coma Ry & L let & ref g 4 Ks 1951 J .1
6012 65 653
_
a8714 May'32
2
65 4
3
08714 418714 Kings County Elev let g 4a 194 F
4
Stamped guar 414e
89 ---- 91 May'32.._
.1951
2
4
92% Kings Co Lighting 1st 5s
95%
96
195 I .1 903 96
89
Consolidated Hydro-Elea Works
1954 J J 10714 - -- 10812 June'32
First and ref 8,4a
of Apper Wuertemberg 71_1956 J 7 28 Sale 2412
50
D 35
3518 Kinney(OR)& Co 7,4% notea'36
28
1
22
29
35
35
Cons Coal of Md let & ref 51.1950 J 1:1
614 Sale
614
7
49
57 22% Kresge Found'n coil Sr 85_1930 ID 49 Sale 4412
8
12
10
Consol,Gas(NY)deb 1114s -1945 F A 102 Sale 1014 1023 102 a99 105
814
878 54
4
84 Sale
Kreuger & Toll sacs I 5a _ _ 1959 M
Debenture 445
9114 96
1951 J D 90 4 Sale 9014
3
87
98
Consumer,Gas of Chic gu 551938
7014 10
D ___ 97
96
96
95 101
2
7012 75 4 68
3
Lackawanna Steel let Es A..1950 M
Consumers Power 188 5s- A952 M N 10018 Sale 9912 101
96% 102
32
8212 25
-L
Laclede G ref & ext 5e._..1934 *0 8112 Sale 81
Contaluer•Corp let Os
1948 ID 22 Sale 20
20
3712
19
22
22
51% 52
52
1953 FA
Coll & ref 5,44 series C
5012
15-year deb 55 with warr_.1948 ID
7
712 10
5
24
3
812
51.
15
48
50
Coll & ref S4,series D_ _ _1960 VA
48
Copenhagen Telep 5,Feb 15 1954 VA
51 ---.51
53
5018 7214 Lautaro Nitrate Co cony 68_1954
33
Corn Prod Retg 181 25-yr a f 5.'34 PA N 10314 l034 10314 1033
14
ii
5
8
5
6 100 8 1083
4
4
Without warrants
1
4 32
14
Crown Cork•& Seal s f Oa.l947 J 0 82 Sale 62
62
84
1
85
3
838
85 Sale 85
A __1954
Lehigh C& Na,st 4
7
57
Crown Willamette Paper 81.1951 J .1 57 Sale 551
2
56
7512
85
85
85
88
Cons sink fund 4,4a ser 0.1954 J
Crown Zellerbaoh deb 08w w 1940
a4414 Sale 4414
4414 60
24
45
1
497
8
498
Lehigh valley Coal let g 51- -1953 J
498 50
Cuban Cane Prod dab
12 114 1
7
.1950
.1
1
3
4 2%
5
94 Dee'31 _ _
55
st 40-yr gu int red to 4%_1933
Cuban.Dom Sugar 1st 7340_1944 MN
214 ___
5 Dec'31
__
98% 10018 10014 May'32
1934 VA
st&retstbs
Blvd with porch warr attached 253
214 ---- 2 Mar'32
1
42
st&retsfas
1944 VA
Ctrs of lap atpd and unittpd.. _
214 8
2 May'32 _
31
1% 2
35 Feb'32
st&refaffs
1954 FA
Comb TA T 1e$.& gen 5a....1937 "
1013 Sale 10112 102
4
97% 103
17
Jan'32
31
43
at &ref at Se
1984 VA
Jan'32
30 41
1974 VA
st&refst5s
J 9118 Sale 9118
Del Power & Light lat 41)4a.1971
9118
85
93
5
62
117
Liggett & Myers Tobacco 75.1944 AO 116 Sale 116
let & ref 4J-(s
1989 J J
79
82
78 June'32 _
78
78
3
5s
1951 PA 102 103 10218 104 4 25
let mortgage 4145
1969 J J
8
-- 867 June'32 _
88% 92
34
Loaw'elnedebafOs
68
70
70
1941 AO 68
Den Gas & El L 1st & ref s f 5,'51 MN
8612 Sale 86
89
85
9212 Lombard Elea 7s without war.'52 JO 57 Sale 533
7
23
4
57
Stamped as to Penns tax 1951 M N
8512 91
89 June'32
85
93
With warrants
D
- - 69 Nov'31
Deny (D 421) Corp lit s t 72_ _1942 M
81
Oct'29
Lorillard (P) Co deb 7s
6
10414
1944 AO 104C4 10512 104
26 Ts stpd Sept 1980 coupon_ M
1 Dec'31
21
90
91
5.
1951 FA 9012 92
Detroit Edison 181 0011 Sr 58_1933 .1 .1 10f4 Sale 101
10112 - 20 1064 101% Louisville Gas & El(Ky) 544.1952 MN 96
964 18
9612 95
Oen & ref ba eerie/1A
1949 A 0 88 Sale 97
9912 70
95% 10214 Lower Austria Hydro El Pow
Can & ref 5s series B
1956 J D 99 Sale 99
100
94 '104
9
later 810
1944 PA
19
28
28 Sale 25
99 Sale 99
1982 FA
Gen & ref Ea series C
99
5
se 1025
8
9218 Sale 9184
Gen & ref 4 %a wiles D_ _1981 F A
93
16
55
87
95 4 McCrory Stores Corp deb 0)41'4 Jo 56
3
55
82
2
75 Sale 73
..1940 MN
75
Dodge Bros eon, deb Os.
99
66
86
McKesson & Robbins deb 5145'50 MN 33 Sale 32
3312 76
56 Sale 551
Dold (Jacob) Pack let 6a.._1942 M N
56
5048 5812 Mama! Sugar late f 7tge_ _ _124 AG
14
_
3
512 3 Mar'32
52 Sale 50
1942
52
Donner Steel 1s8 ref 714
6
50
3612
Stamped Oct 1931 coupon 194 AG
214
214 15
2
5
40 Sale 40
N
Duke-Price Pow 188 0,ear A 1966
44
40
8112
23
Certificates of deposit
112
Duquesne Light let 4145 A_ _1967 A 0 97 Sale9853 64
93144100
Manhat Ry(NY)eons g 41_1990 AO 2312 Sale 2312
2614 73
2d 4a
8
1512
1512 Sale 1512
2013 ID
37 June'32
412 5
East Cuba Sug 15-yr s f g 714s'37 M S
3
512 Manila Elea RR &
s f 5s _ _1953 MB 60
85 85 May'32
__
412 Dec'31
. .. -- Stamped as to a t guar
Mfrs 'Tr Co cats of partic in
9812
Ed El III Bklyn 1s8 con 48_ 1939.3 J -iii.) 9814 98
9 "
U.' W.
' A 1 Namm & Son let 138_ _1943 ID 64
65 64
8
65
4
Ed Elea (N Y) let cons g 6s 19953 1 104 1073 10518
5 105 110
10553
Marion Steam Shovel.f Bis _1947 *0 25 4 27
3112 May'32
3
26
42
20
38
El Pow Corp (Germany) 034a '50.8 8 '28 Sale 2014
Market St Ry 7.ser A _ A prll 1940
8112 10
8012 Sale 78%
8
2014
1953 A 4, 243 28
13
24
374
183 38
4
1st sinking fund 814e
N 3714 Sale 34
Mead Corp 1,5 6. with warr_ 1945
8
20 June'32
20
6
20
21% Meridlonale Cleo 1st 7s A..1957 AO 84
Elk Horn Coal 1st & ref 614s 1931 2 D
63 63 June'32
5 June'32
8
3
4 5
Deb 7% notes (with wart') 1931 J D
8
58
53 Metr Ed lst & ref Se aer C_ _1953 12 7512 7934 75
80
Co let m 79..1954
Erneato Breda
71 Sale 70
1st g 44s series D
1988
71% 28
3714 Sale 383
4
3712
85
7
523 Metrop Wat Sew & Dr 5142_1950 AO 4714 51
8
With stock purchase warrants. w A
48
28
44
53 June'32
70
53
76
Federal Light & Tr let 55.._ 1942.8 8 48
5
193
4
19% 27
Met West Side El(ChM)45_1938 PA
193
4
69
5312 June'32 _ _ _ _
53% 7612 Miag Mill Mach let if 75_1956 ID 17
lit lien a f 61 stamped....1942 M 8 48
1
19
19
19
50 June'32 __ _ _
65
46
82
let lien tie stamped__ _ ..1942 M 8 56
Midvale St &0 coil Sr. 61-1938 MB 804 Sale 7812
52
81
1054 3 n
eiah lialearlea P
4' June'32 _ __ _
41.
60
41
4215 66
r Cash sale.
a Doterred 40111417.
Range
dime
Jas. 1.
7814 8612
11
27
183
8.4814
15
23
4
8
8141 28
17% 19%
45 4 70 4
3
1
2814 64
98 10112
9912 100%
94 100
96%1 1(14
.
90 4 9912
3
15 8 30
3
5
18
91
96
61
84
53
59
912 10%
3
5
8.
31% 59
31% 59
3
10 4 44 4
3
44
79
30
so
32
42
19
2*
%
30
3012
18%
14%
1714
16
55
55
65
46%
70
14
64
421,
64
5414
54
33%
51
69
54%
70%
70
70
90
96
9012 983
4
74% 86
12
25%
24
63
4
55
64
70
9812 10312
116% 123%
57
7612
93
98
108 109%
028
58
40
911
,
5911
8
53
71
46
48
92 4
1
98
85
15,
3
14 1412
84
90
84) 90
14
48
93
1664
59% 44
894
.
35
43
13
61
41
118 119
9812 1013
4
64
90..
53 4 71
3
jail'', 168
8114 921t
100
91
20
46
52
26
3
2
91
80
10
8
2312 131,
1212 80
783 85
s
64
83
21
38
85
12 92
30
81
58
841
75 100
70
38
33
. 50
1
1912 881
14
30
7312 27
New York Bond Record-Concluded-Page 6
4468
BONDS
N. Y.STOCK EXCHANGE
Week Ended June 17.
11
0.
Mllw El Ry & Lt lit 611B---1961 J D
1971 J J
lit mtge fie
Montana Power let Si A---.1943 .1
1962 3D
Deb 5. aeries A
Montecatinl Min & Agile
Deb 75 with warrants_ _ _ .1987 J J
.• 1
Without warrant,
.1
Montreal Tram let & ref 56-1941
Gen & ref e f 55 eerie' A _1966 * 0
1966 A0
Gen & ref e f for B
1966 * 0
Oen & ref e f 4 Me ser C
1968 * 0
Gen & ref ti f6a eer D
Morrie & Co 1st f 4 Me. _ _.1939 .1 1
Mortgage-Bond Co 4/ ser 2_ _1966 A0
Murray Body 1s1 6 45- - - --1934 JO
Mutual Fuel Gas let go g 5e_1947 MN
lint Up Tel gtd fis ext at6% 1941 MN
NIMBI (A I) & (3012 _See Mfrs Tr
J
Nassau Elea guar gold 4e. _195i
1942.1 0
Nat Acme let e 6/5
Nat Dairy Prod deb 6145
1948 F A
1947 F A
Nat Radiator deb 644e
1966 A 0
Nat Steel let coil 65
Newark Canso' Gas eons 6..19483 D
NJ Pow & Light lat 444e_ _1960 A 0
Newberry (ii) Co6M% notes'40 A 0
_1962 J D
New Eng Tel & Tel fie A
1961 MN
let g 4 Me sariee B
New Or1 Pub Berv let 65 A..1962 A 0
First & ref 65 settee B. _ _1955 .1 13
-year let g 45_1951 F A
NY Dock 60
_ _1938 A 0
Serial 6% Doom_.
Y Eateon let & ref6 Me A.1941 A 0
let lien & ref 6e series B_ _ _1944 A 0
N Gm El Lt H & Pow g 1551 1948 J 0
Purchase money gold 48_ _1949 F A
NY LEA WCoal& RR 5445'42 M N
NYLE&WDock&Imp 66'43J
N Y Rye let R E & ref M._ _1942 J .1
Certificates of depotdt
110-year ad) Inc 5._. _ _Jan 1942 A 0
A 0
.
certificates of deposit...
N Y Rye Corp Inc fle. __Jan 1965 Apr
1965 .11 .1
Prior lien fie series A
N Y & Richm Gas let(15 A_ _1961 MN
N Y State Rye let coos 440_1962 MN
M N
Certificate@ of deposit
60-yr I st cone6 Me ser 8_1962 MN
Certificates of deposit
N Y Steam 1st 25-yr 68 set A 1947 MN
1961 MN
1st mortgage 158
1966 MN
ht Ml.
NY Telep let & gene 4440_1939 MN
1946 J D
N Y Trap Rock let 651
Pies
Friday
June 17.
Bid
78
4
753
7812
5612
Mk
80
795
83
60
Sale
8
757
Sale
6314
4
1
/
63
63
6314
70 Sale
4014 5014
78
69
8918 93
86
72
5
68 8
77
60
WNW*
Range or
Lase Sale.
LOW
7814
79
76
54
72
7114
6814
7712
78
77
60 Dec'31
94 May'31
60 Feb'32
9312 May'31
7212
67
4014 Mar'32
70
70
9012 May'32
997 Nov'31
8
32
36
3518 38
54 June'32
54
80
8014 Sale 8014
8112
12 Sale 12
12
68 Sale 6714
69
99 100 100 June'32
90
87 Sale 7912
61
621z 62 June'32
10112 Sale 10014 10112
95 Sale 9412
9719
55 Sale 54
55
5414
54111 Sale 53
46 Sale 45
46
4
37
3612 38 8 363
3
108 Sale 1063
108
4
8
103
1023 Sale 102
8 10312
10312 Sale 1023
93 Sale 923
8
9314
80
76
90 I 80
____ 95 100 June'31
43 8
_ _1 4338 Apr'32
3
43 s 50 40 Dec'31
3
1 18 212 Dec'30
18
14 July'31
---1
5June'32
1
la
2818 33
28
3212
87
8512 89
8514
4
4
4
3
2
3
2 May'32
3
5
3 June'32
2
3
2 May'32
1013 10112 100 4 102
5
3
,
925 9312 91
9212
92 Sale 90
92
100 Sale 993
3
100 4
4
53
70 5314
5312
El
Pacific Gas & El gen & ref 68_1942 .1 .1
1936 M 8
Pm Pub Sery 6% notes
1937.1 .1
Pacillc Tel & Tel let 56
1962 M N
Ref mtge 68 series A
Pan-Amer P & T cony Cf 8s1934 M N
D
Pan-Am PetCo(olCal)cony 6e 40.1'
Certificates of depoett
.1
Paramount-B'way let 6445..1951
Paramount-Fam'e-Lasky 85_1947 .1 D
Paramount Public Corp 534e 1950 F A
Park-Len let leasehold 634._1953 .1 .3
1944 A 0
Parmelee Trans deb 68
Pat & Passaic & El combs 1949 M S
Pathe Etch deb le with wary 1937 M N
Penn-Dixie Cement let 66 A.1941 M S
penneylvania P & L let 4448_1981 A 0
Peon Gas L & C let cons 65_ _1943 A 0
1947 M S
Refunding gold 65
M S
Registered
19673 D
Phil* Co sec 1545 series A
Phila Elea Co 1s1 & ref 410_1967 MN
1971 F A
1st & rat Of
.1
& Reading C & I ref 56_1973
1949 M
Cony deb 6e
1939 .1 D
Phillip. Petrol deb Ms
Mille 20-yr 64_1943 A 0
Pillsbury
Pirelli CO (itai)) cony 7s1952 M N
3
4
13
jai
2
13
_
98
3
33
64
132
37
18
39
15
5
78
27
45
54
---____--__
3
2
2
_
_
24
16
5
180
2
18
52
1
52
9
24
68
10
26
4
3
86
83
7
91
39
85
14
63
23
1
6
3
1
26
2
2
5
101
100
78h June'32
10138 102
100
10214
8
1013
8
1013
1712
14
11
14
35
43
1914
16
13
1712
1478
1478
7 June'32
9958 June'32
57
5614
2812 Sale 28h
3012
82
8112 Sale 80 8
5
10014 10712 10014 10014
92 89
91
91
96 Apr'32
77
76 Sale 75
97
9638 Sale 9612
8
865 Sale 853
4
8714
541
5314 58
53
3414
3212 Sale 2912
58
58 Sale 5514
95
92 Sale 9018
8412 80
80
79
53
0 83 4
3
A
8014
A
6
A
91
.1 3314
N a85
22
84
83
7
13 8
92
Sale
Sale
Sale
86
80h
7
91
3314
8212
3
63 4
22
8
1003 Sale
764 80
1015 Sale
8
101 Sale
8
1013 Sale
1614 Sale
1212 18
41
45
19 Sale
1714 Sale
1018 15
412 12
9914 100
4
813 80
Poeta) Con Collieries let. iSi'673 .3 60
8
Port Arthur Can & Di 6e A.1963 F A ____ 553 80
104
1963 F A
Ist M (Miseries B
Port Gen Elea let 444e ser C.1960 M S 4414 Sale 4312
90
87
.1 85
Poniard Gen Elea let fa _ 1935J_
15
1514 17
.1
Porto Rican Am Tob cony 66 1942
17 Sale 16
Postal Teleg & Cable coil 68_1963 J J
1414 493 72
1
Pressed Steel Car con,g fle_ _1933 J J
9712 97
Pub Barr El & 1st & ref 4 Ms 67 .1 D 92
1970 F A 96 Sale 96
1st & ref 434u
1971 A 0 86 Sale 8512
1st & ref 45
47
.1
Punta Alegre Sugar deb 75_1937
1937 F A -6814 Sale 6614
Pure Oils f 844% notes
6712 Sale 64
1940 M 8
8 f 544% notes
Purity Batelle,I f deb be-.1948 J 3 5214 5312 51
"ans.
MAN
/as. 1.
BONDS
N. Y.STOCK EXCHANGE
Week Ended June 17.
Mar'32
Feb'32
Mar'31
4512
90
16
17
Apr'32
97
975
4
873
Jan'32
7012
6712
5312
38
18
1
91
7
10
52
74
4
3
10
96
1
18
37
20
79
6
45
461
4
65
2
10
28
12
17
56
27
16
7
Radlo-Keith-Orpheum pars paid
8
oafs for deb fle & oom etk..1937 MN ____ 553 5014 June'32
7
5512
5512
Remington Arms let s f 6e_ _1937 M N 3934 40
17
40
Rem Rand deb 544s with war '47 MN 39 Sale 39
46% 20
4912 45
8 10-80-yr fis s f ._1940 A 0 45
Repub I &
44
45
45
35
1958 J .1 33
Ref & gen 644s eerie. A
7
49
Revere Cop & Base 6a_July 1948 M El 48 Sale 48
2612 106
1946.1 .1 2412 Sale a1814
Rbeinelbe Union I f 7.
11
19
Rhine-Ruhr Water aeries 61963.5 J 1814 Sale 18
3
30
33 4 16
Rhine-Weetpltalla El Pr 75_1960 M N 3134 38
28h 64
1962 N N 28 Sale 2312
Direct mige 6s
261 126
4
1963 17 A 253 Sale 211
Com M 6s of 1928
2638 272
253 Sale 21
8
Con M 6e of 1930 with war 1956
5
14h
13 Sale 13
1944 M N
Illehfield 011 of Calif 6s
2
1112
1112
1212 20
MN
Certificated Of depOsiS--
r Cash sale. a Deferred delivery. 4 nolon 011 65 series C 106/3 sold on Jan 8. 51.000 at 73 "deferred delivery
Price
Friday
June 17.
Wsaa •
Range or
Lass Sale.
4143
All Low
High No.
BO
High
3
29
11
1966 F A
26
27
941k Rime Steel 111 i f 7e
3
96 4 Sale 9612
95
Rod)O&M gen mtge 644s ser C'48 M
9614 24
7
so
ao
Gen mtge 494. aeries D...1977 M S
9514
511 85 Dec'31
8214 Roch & Pitts C&I pm fie 1946 MN _
4
6914 47
Royal Dutch 4e with wary. _1946 A 0 6912 Sale 683
11
17
20
28
68
s
823 Ruhr Chemical e V fie. _ _ _ _1948 A 0 15
67
8212
1
6712 6712
2
757 8412 St .lorepb Lead deb 6 Ms. _1941 M N 65
6712
75
75 June'32
St Joe Ry Lt, Hz & Pr let 6..1937 MN 65
40 June'32
St L Rocky Mt & P5e.tpdA96SJ 1 3612 40
92
50 Apr'32
50
-645- 60 St Paul City Cable eon/ 5.19373
50
50
1
69
Guaranteed fa
19373.1 50
4
75
72
7514 78
78
Ban Antonio Pub Bary 1,1 6. 19523
61
4
34
35
33
34
4014 404 Schuler) Co guar 6141
19463
1
/
50
5
50
50
9512
68
Guar e 5 644, series B._ _ _1946 A 0 49
1
23 Sale 23
23
9012 100
Sharon Steel Hoop e f 540_1948 F A
6412 101
4
Shell Pipe Line 5 f deb 5e_ _ _1952 MN 61 Sale 603
5714 64
Shell Union Oil ef deb 5.5....1947 N N 56 Sale 55
117
58
3
Deb Si with warranta.._ _1949 A 0 055 4 Sale 55
37
3814 52
3014 60
Shinyetau El Pow 1st 614s. _1962 J D 3818 40
7414 May'32
2
1
Shubert Theatre fle_June 16 1942 3 D
54
60
7112 9512
20
45
50
8
2112 Siemens & Halite e t 7s_ _ _1936 J J 50h 70
108
42
40 Sale 45h
80
60
Debenture.1 634'
84 June'32
1949 M S
96 100
Sierra & San Fran Power fis..1851 F A 8314 92
4
3
1614
16 Sale 15 4
77
96/4 Silesia Elec Corp e 5614a -.1946 F A
24
7
62
8114 Sllestan-Am Corp coil tr 751941 F A 24 Sale 2214
87 Sale 861
8712 81
9712 1041 131nolair Cone 011 15-yr 70-1937 ra
4
8412 42
8412 Sale 8414
99
91
let lien 6145 series B
4612 82
10012 52
38
383 D
19
Sinclair Crude 0115 Ms ser A-18 3J 10014 Sale 100
26
8
96
4514 80 8 Sinclair Pipe Line a f 65
1942 A 0 957 Sale 957
5
5718 5812 57
45
68
5712 23
Skelly 011 deb 6 Ms
2
9612
39
33
19 M 8
80
43
Smith (AG) Coro let 6 Ms.A9 N N 9612 Sale 96
4
82
80
82
87
10612 11014 Solvay Am Invest fa
3
.1
1941
9712 104
& Tel lit.16.'42 7 8 101 Sale 10038 100 4 57
South Bell Tel
77
10014 107
Erweet Bell Tel lit & ref 54 19641 F A 10012 Sale 10012 1015
7
8718 on
74
67
67
65
Southern Colo Power 615 A .19473
280
101
80
80
Stand 011 of N deb 66 Dec 15'48 F A 10034 Sale 100
4
88h 35
853 Sale 853
4
_4378 43.4 Stand 011 of N Y deb 4, 1961 ./
Ma_
15
12
1014Bale 1012
le
1 21a1
Stevens Hotel 1st fle merles A 1946.1 J
3
Sugar Esumes (Oriente) 7.1942 M S
1 June'32
1
1 Sale
M S
Certificates of depcalt
10012 ____ 10012June'32
lir racuse Ltit. Co. lot g 5._ 19613
5 02
5
9514 95h May'32
60
28
Tenn Coal Iron & RR igen 65 1981 .1 .1 93
2
S 42
45
47 45
8E14 98
Tenn Copp & Chem deb 8e B 1944
8 35
897
1947 3D 898 Sale 88
14 4
Tenn Elec. Power lit 65
8
4
788 144
1944 80 78 Sale 765
1
55
2
Texas Corp cony deb
31
43
.• / 42h Sale 4112
1960
Third Ave Ry let ref 4s
2212 87
9 12 1064'
9
2
2
3
Ad)Inc 6e tax-ex N V Jan 1960 AG 2134 Sale 2012
12
11
85
8
.1
845 99 845
1937
Third Ave RR let g 65
853
4 93
9014 98
2022 MN 8512 Sale 8212
Tobacco Prods(NJ)6 Me
3912
4012 38
MS 35h 46
88
941 Toho Electric Power let 76.-1965
4
1
8
8
997
1 997 10014 997
:
95 5 7014
93 4 101
.......1932
6% gold notes_
Tokyo Elea Light Co. Ltd
103
3
32 4
35
1963 ▪ D 34 Sale
let fle dollar series
gm. 97
9914
9914
•S 99 100
Trenton G & El lit g 5e.- _1949
1
1414 22 a1414 01414
39
7012 Truax-Traer Coal cony 614s 1943 MN
7
5
16 8 3512 Trumbull Steel late f 6s. _._1940 MN 52 Sale 5014
5214
10 Feb'32
1112 26% Twenty-third St Ry ref 55 1962 I
9
34
39
46
53
88
Tyrol Hydro.Elec Pow 744a 1986 MN 38
35
40
31
65
4
373 47
91
1962 FA
Guar See f 7,
60
94
5
4223 Sale 42 8
3
45 4 20
57
89
Uligswe Elea Power s 5 7e...1945 M
4 18
90% 101
Union Elea Lt & Pr (Mo)6e 1932 MS 1005, Sale 10012 1003
1013
MN 1013 104 10114
8 29
9915
8
89
1933
Ret & ext 56
9
993
4
10114
100 105% Un E L & P (111) let g 54e A 1954
.•/ 9912 100
7
48
35
3612
9712 Union Elev Ry (Chic) U.__ _1946 AO 33
80
3
66
9414
9412
44
Union Oil 80-yr 65 A __May 1942 P A 9412 97
10
92
let lien 5 515e eer ._Feb 1936 AO 92 Sale 9112
16
74
74 Sale 72
73 1061
4
Deb fle with warr_ _. _Apr 1946 J D
87 June'32 _
71 10414 United Biscuit of Am deb 6s 1942 MN 8612 87
59
72
20
6
_ _1953 M P 69 Sale 69
Drug 25
-year
United
4
30
30
83
3712 30
96
United Rye St L let g 4e_ _ -1934 J
4
3314 64
333
4 72
US Rubber let & ref 55 tor A 1947 3.1 33h Sale (2323
80 Apr'32
MN
96
80
-year 6e.-..1937
United 88 Co 15
6014 7114 Un Steel Works Corp 644s A 1951 ID 23 Sale 1812
231s so
60
60
19
237
15
1951 • D 2012 25
Sea I 6 Me /erica C
56
22 Sale 18
22
Sinking fund deb 614.serA1947 .1
0
414 1015 United Steel Wks of Burbach8
7812 90
68 68 June'32
.._ _1961 AO 63
Esch-Dudelange e f 7e_
20 Dec'31
a97 r103
Universal Pipe & Red deb 66 1936 J o
15
aa% 10214 Untereibe Power & Light 65A963 AO 23 2558 2212 25
7
8
loo 1017 Utah Lt & Trete let & ref 5.1944 A0 6014 64 5934 64
712 21
6914 51
3
Utah Power & Light let 65_1944 P A 6814 Sale 67 4
14
4
Jan'32
L & P let s f B 60_1960 33 9714 1051 97
Utica Elea
35
82
Utica Gas & Elea ref & ext 54 1967 JJ 100 105 100 June'32
16
6058 Utll Power & Light 54410
15
26
1947 JD 25 Sale 2414
247
13
55
25
1969 P A 2312 Bale 22h
Deb 6e with warranta
10
P A
37
20
Without warranta
23%
7
6
4
991 99% Vanadium Corp of Am cony Lis'41 A 0 3938 Sale 37
395g
1
238
3
28 7
8
23
8012 Vertlentes Sugar let ref 71._ _1942• D
66
10 Apr'32 -24
14 Victor Fuel let s f 651
63
1963 .1
1
9012
73
9012
89% Vs Elea & Pow cony 5 Me_.1942 M 8 9012 94
45
40 June'32 - -100 10748 Vs Iron Coal & Coke let g 6.1949 MS 40
8 20
983
98 Sale 97
86
9712 Va Ry & Pow let & ref 5a_ _ _1934 .1
96
96
19
12
90
68
Walworth deb 694.with wart 1935 A 0 1112 Sale 1112
11
11
1
A 0 1112 12
9212 100
Without warrants
9212
1314 17
83
1st sinking fund descries A 1945 A 0 1314 Sale 12
57
11
69
14
15
63
Warner Bros Pict deb 6s____1939 M S 12
63
29
5412 60 Apr'32
Warner Co 1.1 6. with warr_1944 A 0
65
62
A 0
5612 66 Mar'32
Without warrants
16 I 24
90 101
Warner-Quinlan Co deb 6e_ _1939 hi 13 1514 1712 1514
92
78
Warner Sugar Refin let 7e194lJ 0 98 100 98 June'32 -8 712 May'32 ---212 77
Warner Sugar Corp lit 7s1939 J .1
Feb'32
89
212 5
80
Stamped July 1931 mop on 893'
2614 10
80
80
1941 81 8 2514 263 25
4
Warren Bros Co deb fle
_
00 June'32
Wash Water Power s f 61.....1939J J
103141 12
38 117; Westchester LW 5. etpd 20 1960 J D 102 Sale 02
8
10012 45
4
85
981 West Penn Power ear A 65_1946 Al 8 1003 Sale 00
10012 68
8
143 424
1963 MB 100 Sale 99
1st be series E
27
101
89
15
D 100 Sale 99
eerie. G let sea 6s
49
93
91
93
66
797 Weetern Electric deb 13e_...1944 A 0 92
s
.8
op, 100
56
60
Western Union call Duet 65_1938 3 .1 6012 65
63
2
63 60
983
/
91
Funding & real eat g 4448.195^ MN 58
18
61
1938 F A 6014 6212 59
93
83
-year 614
15
4714 35
472
dh
1961 J D 4714 Sale 4414
-year gold Si
26
4618 16
46 Sale 4414
1960 al
65% 76
-year be
30
1612 152
73
62
Westphalia Un El Power Oi..1958J J 1612 Sale 14
79
61
8
46% 26
J 465 Sale 4518
Wheeling Steel Corp 1s1 64411 1948
39
38
3712
40
19113 A 0 38
let & ref 4 Me series B
50 104% White Eagle Oil& Ref deh6 Ms'37
2
10018
4
4
52% 8 %
5
With stock purch warrants_ _ _ N 8 993 Sale 993
812 May'32
2814 5414 White Sew Mach 6e with wary '36 3
7h 812 812 June'32 - 3 .1
'.5
Without warranta
9h May'32
1940 M N
712 28
20 61
Parte f deb 65
312 Feb'32 ---.1
56
48
w(akyrire Spencer Eit'l 1st 7a 1936
118 June'32 1418 41
Ctf dep Chase Nat Bank_
14 Dec'31
_
11s
212
30
12
7s(Nov 1927 coup on) Jan 1935
3
118
212
68%
28
CU dep Chase Nat Bank___ M N ____
70 1
67 65
46
116445._ _1933 54 S 60
21
Willie-Overland
6714 29
18% 4114 Wilson & Co lst 26-yr e f 61_1941 A 0 6714 Sale 67
18 5 4
1
014
mix 38
J 56 Sale saki
1
6 4 17
Youngstown Sheet & Tube Ca '78
39
57
4
1970 A 0 56 Sale 523
6e eer B
4
14 4
5
1st mtge
ENO No. LOtt
7215
8014 20
72
25
80
Ito
4
7714
54
5718 16
95
94 June'32
Nag Lock &0Pow let 6e A.1966 * 0 94
43
1960 MN 4112 43
39
Niagara Share deb 634e
22
8
NorddeutscheLloyd 20-yr 5f 68'47 MN 2114 Sale 185
l3l2
Nor Amer Cam deb 644e A 1940 MS 1312 Sale 131z
6812
1961 FA 6612 Sale 65
North Amer Co deb fie
7114 75 069
7014
No Am Edison deb baser A 1967 M
7014
70 Sale 6912
Deb 534. tier B. _Aug 16 1963 P A
66
Deb 68 aeries C _ _ _Nov 16 1969 MN 6512 Sale 6312
9312
Nor Ohio Tree & Light 65 -1947 MS 9018 95 9114
1
797
Nor.State5 Pow 25-yr 6e A _ _1941 * 0 95 4 Sale 9414
10134
let & ref 5-yr 6e ser B._ _ _1941 *0 101h Sale 10138
91
91 May'32
North W T let fd g 434s lia4L1934 ii 82
44
Norueg Hydro-El Nit 644e-1967 MN 44 Sale 44
Ohio Public Service 734. A _1946 A
1947 F
let & ref 7% serial B
1944 F
Old Ben Coal 1,1 6,
Ontario Power N F let 611_ _1943 F
Ontario Power Serv let 6%8_1960 J
Ontario Tranemisalon 1st 551_1946 M
Oslo GAB & El Wks esti 6e_ _1963 M
Otis Steel 1st M 65 ser A_ _ _1941 M
•
Rowse
Bina
Jan. 1.
Low
26
90
87
MO
39
fet
4
.
92
65
17
7e
Bo
6712
75
37
60
40
70
32
50
23
5718
47
47
32
Il
el
85
42
50
53
98
MP,
82
48
78
71
714
691
4
r414
42
78
27
5914
80
961s
10
28
20
4111
72% 93
12
90
68
9114 10112
4
89% 961
61
43
87 10112
89
66
97% 102 1
7
1
9611 108 5
9312
65
1
98 4r102
82
93%
10
28
12 q
1
8
1
0814 1(18
9512
39
85%
71%
33
1812
84
75%
5
1011
63
102
83
5012
PO%
91
93
sal, 68
9413 99%
3
32 4
99
8
45
Ill
25
22
62
.0014
26
65
10
6212
61
42% 71
t/911 101
9
8
9 101 4
9 14 10,11
2
3
9112
d90
67
87
101
9812
80
9912
9
0
43
9
227 8 4
3
8
79
13%
5
141
1012
a65
8412
82
3018
8014
9238
7
/272
56
60
97
98%
1212
10
80
91%
97
4
1081
89
1
1177
30
1
10
89
60
9814
78
10
16
4s
95
6914
100
22
23
28
do
68
68
$2
106
1s
7
0
6
60
21
9651 10112
4
100 1061
1
904 103 1
9815 103
98 1'102
89 Halt
ao 8614
80
49
60
97
76
38
724
36
s
114 27
10
11
14
10
old
60
60
614
974
40
30
77
56
96% 1011s
8% 1J
714 10%
111a 1112
312 818
118
118
-.
1
65
67
64
85
93
66112
72
1
7
Volume 134
Financial Chronicle
4469
Outside Stock Exchanges
Boston Stock Exchange.—Record of transacti
ons at
the Boston Stock Exchange, June 11 to June 17, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Railroads—
Bosom & Albany
100
Boston Elevated
100
Boston & Maine —
let preferred ohm A etpd
Class B 1st pre(stpd_ _ _
Ser C 1st pref stpd —100
Prior preferred stampen
Boston & Providence. 100
Eastern Mass St RY Co—
llin preferred
Adjustment
100
NY NH& Hanford. —10r
Old Colony
100
Pennsylvania RR
. tn
Prov & Worcester Ky._100
Miscellaneous—
% mer Continental Corp...
American Founders
a met Tel & Tel
100
ft moskeag Mfg Co
umelow csauford Carpet •
Preferred
Boston Personal Prop TrBrown Co preferred
Crown Cork Intl Seal Corp
East Gal & Fuel AlienCommon
•
434% Prior preferred 100
6% sum preferred
Ion
Eastern 58 Lltolie cum._ •
Edison Elea ilium
100
Employers Group Assn Milers! Capita Corp
•
1111c81e Safety Razor
•
Hygrade-Sylvanta Lamp_
Internet! But Hole Mach _
Mass 11111111151 A115110 • 1 •
hierganthaler Linotype 100
National Leather
New Eng Equity pref.
—1(0
New England Public story_
New Ens Tel & Tel__ Ion
Pacific Mills
100
Reece Folding Machine- __
Shawmus Assn T
•
Stone & Webster
•
Swift & Co new
•
Torrington Co
•
Union Twist Drill
United Found Corp oom •
United Shoe Mien Corp_26
Preferred.
U S Elec Power Corp
Warren Bros Co new
•
Mining—
Calumet & Heels
20
Copper Range
25
Island Creek Coal
1
Preferred
100
Mohawk Mining
26
North Butte
Pond Creek Poeohontas Co
Juluey Mining
Shannon Mining Co_ _10
Utah Apex Mining
5
Utah Metal &'Menet_
1
68
60
49
8434
so
- 4
26
175
181
117
5
64
25
735
118
1,340
3
3
34
h
83
8834
3
3
834 9
60
60
734 734
3
4
14 1%
2
80
225
2
24
134
134
715 9
49
52
8
94
67% 67%
5
72
624
4
534
5
6
44 54
15
15%
105 105
60
15
25
6,110
5
25
100
20
110
10
334
35
35
3
35
33%
6
1394 1364
5
1034
12%
11
11
10
134
24
20c
20c
68
68
2
754 7334
3%
1
1
4%
5%
934
24
24
8
%
28
27%
2534 25%
%
2%
1%
10%
34
1%
1%
10%
85
9
22c
4
%
30
45e
34
Bonds—
Chic Jet Ry & Un Ry 45'40 75
75
55
1940 84
81
IC Masa St RY ser A 434e 48
24
Series B 5s
1948
254
Series D 6s
1948
29
New Eng Tel & Tel 6.1942
10034
Pond Creek Pocohon 7s '35
62
Swift & Company 58..1944
95
• No par value. z Ex-dividend.
334
.5074
36
614
141
54
1034
154
11
10
134
24
20c
6834
2
77
4%
1
414
6%
10%
25%
8
34
30
27%
34
2%
765
286
330
400
378
240
210
889
10
10
130
30
750
17
10
676
45
110
315
248
1,132
744
220
93
2,080
205
50
20
2%
1%
11%
85
10%
%
4
%
30
450
h
695
271
145
7
234
500
100
2,095
100
650
500
75
1,000
84
6.000
2434 6,000
2534 10,000
29
1,000
100% 4,000
62
2.000
954 2.000
Foote Bros G & M Co
Urest Lakes D & D.
_ _•
Range Since Jan. 1.
Grigsby Grunow Co corn.•
Hall Printing CO own
10
Low.
High.
Hart,Shaft&Marx com.100
Houdall1e-HentheY Cern—
Chow A
•
6735 June 130
Jan
Class B
•
59
June 765a Jan Illinois Brick Co
25
Insult rot Invest %so
•
334 June 26
Jan
Preferred series 2
•
5 June 24
Jan Jefferson Electric corn •
3 June 32
Jan
Kellogg Switchlid corn..10
14
May 62
ism
Kentucky UM jr cum tlif_50
105
June 135
Feb Keystone Steel&WIre corn*
La Salle Ext Unit com__10
,
June
2
6
Jan Lawbeck 6% cum pref _100
900 Mar
1% Jan Lion Oil Ref corn
•
June 31% Jan
6
Lynch Corp corn
45
June 100
Jan McQuay-Norris Mfg
•
254 la. Marshall Field corn
Jun
635
•
674 Jun 110
Feb McWilliams Dredging Co *
Met & Mfrs Sec A corn •
Middle V. eel UM new. •
Apt
614 Mar
86 cony pref A
35 Apr
134 Jan Midlend United cony pfd.'
804 Jun 1354 Fen
Midland fitilltles CO134 May
431 Feb
7% prior lien
100
Jun
6
22
Mar
100
6% prior lien
May 70
60
Jan Monroe Chemical corn_ _ _•
634 May
1234 Feb Muskegon Motor epee A...•
2 Jun
94 Jan Nachman Springfilled corn*
14 Jan
1% Feb N i Elee Pow A cone . •
National Leather corn_ _10
235 May
Feb
10
Nat Set= Inv Co eom---11
35
64
Jun
Jan
1181
6
% Preferred. .
70
28
Jun
Jan
National Standard corn ...*
Iii
5
Feb National Term part pref.
May
__*
119
Jun 205
Mar Noblitt-Sparks Ind corn_ •
434 Jun
II
Jan North Amer Car Corp tom.
10
Jun
204 Mar Nor Am Lt As Pow corn...*
1034 Jan
24 34 Mar North woo liennorp eum.50
11
2435 Jan Ontario Mfg corn
AP
•
9
Jan
10 June Parker Pen corn
10
134 Jun
234 J&D Peabody Coal B corn_ - -*
21
Jun
53
Jan Pecples G L & Coke cap 100
50
Jan 35c
Feb Perfect Circle (The) CO..'
65
AD
70
Apr Pit"'
171111/ 1r0111 0001 •
5
Apr
1
Jan Pclymet Mfg Corp
9
corn..'
734 Jun 116
Jan Process Corp corn
•
3
May
11
Jan Pub 131117 of Nor In
1
Jar
1
Jan
Common
•
834 June
735 Mai
Common
190
535 May
154 Mat
7% preferred
7
Jun
20
Apr Quaker Oats Co—
23
June 32
Jao
1 orn -----n
•
731 May
13
Jan
100
Preferred
34 Ma
214 Jan Railroad Shares common.
2234 June 4034 Mar Raytheon
Mfg Co corn_
2334 Jun
82
Feb Seaboard Util Shares Carp'
94 AP
135 Jan Shaler Co class A
•
161 May
7
Fen Standard Dredge cony pf •
Swift Internacional— 16
Swift & Co
25
1% May
3% Jan Telep B'd & ShIi. Apr
84 Jao
7% lst
104 May 154 Jan Thompsonpreferred. _ _ _100
Jan 85% May Unit Corp Co Li RI onm 25
85
of Amer pref..*
9
May
18% Feb United Gas common
•
18e May 60e
Jan 0 PI Or panto
20
4
Jun
834 Jan
Preferred
100
34 May
24 Jan • Radio & Tele, two_•
3c June
Feb O1114 led Corp COM --•
5c
40c Apr 600 Feb
cgmvertitee preferred..
•
66e
Feb UM Pow & Lt corn n v _.•
14 Jan
Vortex Cup Co corn
•
•
Claes A
Walgre-n
onmmon.
81
June 95
Jan Ward (Montg)
Co A..*
1734 Jan 814 Mar w Moons n Sank & oorn.10
811s
20
Jan 314 Mar Zenith Radio corn
•
23
Feb 334 Mar
Pilti Jan inn% June
Bonds—
60
May 85
Jan Chicago
9234 June 100% Apr Chicago City Ry 5s. -1927
Rye—
let fie
1927
5s series B
1927
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange, June 11 to June 17, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Pri:e. Low. High. Shares.
bbott Laboratories eum •
onie Steel Co
25
•
!rims hire common
Amer & Dominion corn.
.3
snow Pub Sere Co prat WO
Associated Apparel rem—
.
Associates Investment Co
%roe Tel litit Co corn.. •
Balaban & Katz corn...25
13astian-BlessIng corn_
•
Bend% Aviation corn ..•
Singe Mfg Co cony prof .11.•
Borg-Warmer Corp oom 10
100
7% preferred
Brach & Sons(E J) corn__'
Brown Fence & Wire A__•
Bruce Co(ELI °mullion •
Butler Brothers - .. .20
Cent Illinois Ses(In nom •
Convertible preferred..'
•
Central MPS prel
Cent Pub Serv class A....•
Cent 8 WUsk erne new _ •
Prior lien au mul pre, •
Chicago Yellow Cab Inc _•
.•
Cities Service CO corn
Club Aluminum Uten__ •
Commonwealth McKeon 100
Constr Marl 3334 pref_.'
Conti Chicago COW—
Common
•
Preferred
.
6
Cord Corp—
Corp Sec of Chi allot ctfs_•
•
Common
Crane Co Preferred . .1110
25
Common
5
Curtis Mfg Co corn
5
Dexter Co corn
40
534
4
534
1
34
8
2%
55)5
9
3
20
3%
Range Since Jan.l.
Low.
31
616
31
6
6%
34
34
5
5%
18
18
2
1154
20%
4
34
4
36
34
2734
7%
434 June
1
May
Jan
4
la Apr
64 May
434 June
34 Apr
14
June
3
Apr
35 Mar
20
June
14 June
1035 June
20% June
366' May
May
3
134 May
64 Apr
134 Apr
14 June
431
3%
2%
4
4
14
36
34
274
734
1
1(%
2%
s
10
434
3
%
5134
1934
13
4
%
3
40
20
100
20
200
750
1,500
1,650
700
200
100
300
350
150
100
200
15
100
6
200
100
80
50
3
Apr
2 May
235 June
34 MAY
334 June
1
Apr
34 June
34 Apr
254 June
734 June
1
June
10
Mar
234 Apr
434 Apr
934 June
466 May
3 June
66 Jan
5166 June
13
June
35 May
14 Mak
3
Apr
700
50
30
2934 June
2835 June
60
May
35
2734
7%
1
10%
24
y.
10
4%
3
%
5134
18
1%
34
3
58
97
13
6%
74
2%
94
2
6234
100
34
34
34
1
34
%
4% 434
1
14
1534 1731
934 1034
1,39
15
800
15
750
100
200
8,70
3,200
5031
95
ti
35
64
434
1
934
7
30
934
3(
I
12
85
6
h
2%
h
6
15%
934
25
2
34
50
5
15
5
35
50
2,45
300
1,250
200
650
50
1,300
350
950
200
1154
4
54
N,
17
12
3
48
6
1
36
215
1834
35
13
1034
6
7
54
1566
50
45
43.4
10
5%
12
35
2
46
2034
1
1511
ti
24
2)4
694
531
254
63%
2774
654
1
434
37
22,000
41
5
41
5
5.000
1.000
Mar
Mar
Jan
Jar;
Jan
Jan
Feb
Jan
Jan
Feb
Apr
Jan
Feb
Feb
Jan
Jan
Jan
1511
Jan
Jan
Jan
Jan
Feb
Feb
Feb
15/3
Mar
Jan
Jan
Jan
June
Mar
Jan
Jar
Jar
Apr
Jan
Jan
Apr
Mar
Jeo
Jan
Jan
126
115
114
30
30
94
94
I
21335
95
7%
34
336
34
634
1535
1054
35
2%
45
36
5
High.
Feb
35 Feb
June IS, Jar
14 Jan
Apr
June • .114 Ian
June 18 June
100
100
100
5,750
200
50
250
60
100
200
270
300
450
50
100
150
250
7,600
100
50
61
17%
934
ti
634
4
sg
18
435
135
4
31
34
435
2
i7!A
334
35
3.5
134
1134
2034
3'4
4
131
34
1%
h
31% 36%
32
32
61
62%
Si
Low.
434
1%
4
4
34
434
2
14
334
34
20
h
1034
2034
34
4
1.54
h
134
h
31%
34
100
150
550
250
20
4
3
2%
4
3%
1
4
10
31
Range Since Jan. 1.
Jar
Feb
Jan
June 103
June 10734
May
154
Apr
2
Max
13.4
June
534
Apr
33-4
May 26%
May
19
Mar
Mar
Jan
Jan
Jan
Apr
Jan
Mar
Mar
June 95
Ai Feb
164
34 Mar
11
1
Apr
235
11
June 26
85 June 114
6
Mar 12%
Jan
14
234 June 1114
34 Slay
234
54 June 144
1434 June 23%
t174
834 Apr
25
Jane 73
2
Apr
35 May
134
Jan
Mar
Jan
Jan
Mar
Feb
Jar
Jan
Feb
Jan
Jan
Jou
Ja,
Jan
Jan
Jan
34%
Jan
Apr
25
Apr
434 Mar
45
50
Jan
74 Jan
• No par value. z Ex-dividend. y Ex-rights
Toronto Stock Exchange.—Record of transactions at
the Toronto Stock Exchange, June 11 to June 17, both inclusive, compiled from official sales lists:
High.
20
20
50 184 June 11134 Jan
9
9
50
9
May 1734 Jan
534 5%
10
534 June 12
Jan
2
2
100
2 June
3 June
6
6
90
5
May 50
Jan
fi
54
310
34 June
34 June
40
40
50 40
June 54
Jan
135
135
350
i5( May '34 Jae
5
5
10
5 June 26
Mar
4
4
50
2 May
8
Feb
535 6
1,900
434 May
18% Jan
134
194
50
135 June
54 Jan
4% 3,950
834 May
12m Mar
53
53
90 5035 May 80
Jan
4% 44
250
495 June
734 Jan
535 531
150
534 June
8% Feb
215 3
2,100
234 May
16
Jan
1
1
650
May
1
34 Jae
34
34
150
94 June
14 Jan
84 84
60
8% May
15
Jan
28
29%
160 15
May 49% Jan
34
Si
700
35 May
334 Jan
94
550
1
34 May
6,t Feb
6
7
130
4
May 44
Jan
11
11
10
9
Apr RA
Jan
8
8
S
May
13
Mar
254 24 5:566
131 May
titi Jan
34200
94
34 May
I
Feb
5234 59
6,550 4834 June 122
Jan
1
1
50
1
June
634 Feb
34
% 1,000
54 June
204 Jan
9
934
950
9
June 21
Jan
3% 3% 23,500
2
June
JI111
35
35
100
34 Apr
4
Jan
50
35
35
35 Apr
2
Jan
20
20
120 15
Rs
Jun
Jan
334 34
50
13
334 AP
Jan
34 6
230
234 May
5
Mar
2
2
70
2
Anr
5
Jan
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Stocks—
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Abitibi Pr & Pap corn....'
8% preferred
100
Atlantic Sugar corn
•
Preferred
100
Beatty Bros corn
Preferred
100
Bell Telephone
100
Blue Rib Corp 655% Id-50
Brantford Cordage let pf 25
Brazilian T L & Pr cam...*
B C Power A
•
Burt 1' N Co com
25
Canada Bread corn
•
Canada Cement corn
•
Preferred
100
Can Steamship Lines corn *
Canadian Canners corn...'
Cony preferred
•
lot pref
100
Caned Car & Fdry corn _ _ _•
Can Dredging & Dock corn*
caned Gen Elec pref.__ _50
Can Indust Alcohol A _ _ _ _•
Canadian 011 corn
*
Can Pac Ry
25
Cockshutt Plow corn
•
Consol Bakeries
•
Cons Food Prods corn....'
Cons Mining & Smelting 25
Consumers Gas
100
Cosmos Imp Mills pfd_ _100
Cons Industries
•
Dominion Stores corn _ _.
.•
Ford Co of Canada A _ _ _ _•
General Steel Wares corn.*
Goodyear T & Rub pref 100
Gynstim. Lime & Alabaat_•
•
234
42
8134
10
934
20
52%
3.4
74
10
434
4
324
149
4554
14
8
1
130
2
40
2%
2834 94
75
120 110
20
4
4
10
42
43
10
81
83
683
10
10
15
1834 184
30
94 10
1,663
1634 16%
30
1934 20
90
14
134
100
254 234
5
2034 2034
50
2% 235
10
2
2
200
331 4%
385
40
45
6
33.4 34
5
8% 84
100
52
5234
30
140
1
7
734
200
94 10% 2,553
3% 436
115
4
44
233
34
490
34
30
3534
526
149 151
15
4534 45%
10
2
2
5
134 15
646
7
8% 3,155
34
34
71
71
2
3
33.5
Range Since Jan. I.
Low.
High.
35 June
2 June
1931 Apr
120 June
4 June
42 June
77
June
10
June
1731 Jan
735 May
1534 May
17
May
131 June
234 June
2034 June
235 June
2
June
34 June
40 June
2% May
7 June
52 June
34 May
7 June
8% May
3% June
4
June
% June
25
June
142
May
45 June
2 June
13 34 June
531 June
35 May
70 June
2
June
334 Mar
10
Mar
29% June
120 June
1034 Apr
60
Apr
119
Feb
25
Jan
20
Mar
144 Mar
243.4 Mar
32
Jan
3
Apr
7
Mar
66
Jan
2% June
531 May
9
Apr
80
Jan
735 Jan
17
Mar
59
Mar
135 Jan
13
Mar
22% Mar
6
Feb
8
Jan
1
Mar
75
Mar
166
Jan
68
Jan
5
Jan
20
Mar
1634 Mar
234 Feb
9334 Mar
5
Feb
Financial Chronicle
--Last Week's Range for
Week.
of Prices.
Sale
Stocks(Concluded) Par. Price. Low. High. Shares
Internet Milling 1st p1..100
100
6% 1st series A
International Nickel corn.*
*
International Util A
*
B
Laura Secord Candy cam.*
Loblaw Croceterlas A__ _*
•
B
Maple Leaf Milling corn_ •
*
Massey-Harris corn
Moore Corp corn
100
B
',range Crush 1st pref. WO
Page-Hersey Tubes corn_ _•
•
Pressed Metals corn
Simpson s Ltd pref. ....100
Steel Co cf Canada com_ •
is
Preferred
*
- Valkers preferred
.
Walkers-Gooder Worts_ _ _•
'eat Can Flour Mills corn •
Weston Ltd, Geo, pret_100
Winnipeg Electric corn. •
Bank—
Commerce
Dominion
Imperial
Mcntreal
Nova Scotia
Royal
Toronto
90
431
934
834
2%
40
12
931
434
100
100
100 135
100 150
100
100 129
100
loan and Trust—
Canada Perm Mtge.......100
Huron & ErieMtge__ _100
.50
Ont Loan & Debenture.
50
Toronto Mortgage
95
90
77
434
3
Si
33
9
8
3
231
434
72
18
3934
5
15
1 134
21
934
434
534
67
334
90
77
534
3
%
33
934
9
3
234
5
72
18
4031
6
18
1231
21
934
531
534
67
334
125
133
133
150
238
128
140
126
133
135
153
242
130
147
144
100
95
85
144
100
95
92
530
200
3,941
10
25
5
1,845
265
5
315
25
5
2
672
37
45
440
25
3,809
5,886
10
20
10
42
10
31
91
35
118
23
Range Since Jan. 1.
Low.
90
77
4
2
%
3234
9
8
2
234
4%
72
18
35
5
13
1031
20
9
234
531
65
2
121
133
13234
150
238
120
140
3 144
11 100
25 95
18 85
June
June
June
May
June
June
June
June
Feb
May
June
June
June
June
June
Apr
June
June
June
Apr
June
June
May
High.
97
77
11
834
234
39
1034
1034
5
431
10
97
45
66
10
5534
2334
29
12
531
8
70
331
Mar
June
Jan
Mar
Apr
Apr
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Mar
Mar
Mar
Apr
191
194
193
225
274
149
193
Jan
Jan
Feb
Jan
Jan
May
Feb
June 186
June 100
June 102
June 92
Toronto Curb.—Record of transactions at the Toronto
Curb, June 11 to June 17, both inclusive, compiled from
official sales lists:
Stocks--
Brewing Corp common....
Preferred
Canada Bud Brew corn_ _ _•
•
Canada Malting Co
•
Can Wire Bd Boxes A_
Cosgrave Export Brew _AO
Distillers Corp Seagrams.•
10
Dominion Motors
Gocdyr Tire & Rub corn...*
Hamilton Bridge com____•
_5
Imperial Tobacco ord _
Montreal L H & P Cons_ _•
National Steel Car Corp_ •
Power Corp of Can com__*
Rogers Majestic
Service Stations pref. _100
Shawinigan Water & Pow -*
Stand Pay dr Mat pref_ _l00
Oil—
•
British American Oil
Crown Dominion Oil Co- •
•
Imperial 011 Ltd
International Petroleum._*
McColl Frontenac Oil corns
Supertest Petroleum ord. •
Union Natural Gas Co_ _.•
10
234
434
134
42
7%
934
Si
134
7%
11
5
234
434
134
45
3
631
26
734
7%
134
27
934
28
3
42
40
290
25
50
590
35
150
10
90
117
5
75
5
20
50
110
834 9
234
234
754 834
934 11
8
831
13
13
2%
2
3,225
100
3,046
2,120
347
25
299
34
134
731
10
5
234
3%
134
41
3
634
25
734
7I4
134
27
934
27
18
• 18
Arundel Corporation
2
2
•
Black & Decker corn
III
Ches & PotTel of Balt pf100 111
12
Conner. Cr. pref. 13- _25
44
Consol Gas, E L dr Power.• 45
103
100 103
6% pret ser D
100
534% pref w 1 ser E 100
93
100
5% preferred
1
•
Eastern Rolling Mill
7
Fidelity&Guar Flre Corp 10
30
50
Fidelity & Deposit
4
Finance Co of Am class A__
Houston 011 preferred
23.4
10
Mfrs Finance 1st pre —25
3
Maryland Cas Co
17
Monon W Penn P S pref 25
1334 13
New Amsterdam Can Ins__
Penne Water dr Power_ __ _* 3834 3834
234
3
LT S Fidelity & Guar new_10
Bonds—
Baltimore City
4s sewerage impt._ _1961
330 public impt _ _ _1940
Wash Bait & Annap 5s1941
United Ry& El fund 581936
1949
1st 45
Jan
June
May
June
June
June
June
June
June
May
June
• No par value.
Asses
?rum!,
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Stocks—
Range Since Jan. 1.
Low.
High.
Si May
June
1
634 Apr
10 June
434 June
234 June
334 Apr
1% June
June
38
Apr
2
June
6
June
21
734 June
June
6
134 June
JUne
27
734 May
June
27
I
334
9
1431
731
334
BNi
5
82
7
834
38
1231
8
4
46
33
46
Mar
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Mar
Feb
Jan
Jan
Mar
May
Mar
Feb
Feb
Mar
June
May
June
June
Apr
June
June
1134
3
1034
11%
1031
1831
5
Mar
Jan
Mar
May
Jan
Jan
Jan
8
9%
8
2%
834
2
734
934
7
974
I%
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. I.
Late.
:25% 25%
•
American Stores
734
7
7
Bankers Secure pref
Bell Tel Cool Pa pref..100 102% 101% 102%
34
%
Budd (E G) Mfg Co
•
31
32% 32%
Cambria Iron
50
17% 17%
Electric Storage Batty _ loo
434
334
3%
10
Fire Association
%
34
(I) Fishman & Sons
85
75
75
Horn & Hard (Phila)corn.
16
16
Horn & Hard(NY) corn.'
23% 2434
Insurance Cool N A _ _10 24
7% 9
Lehigh Coal & Navigation.
7%
5%
Lehigh Valley
134
1
Mitten Bank Sec Corp phi_
100
700
250
400
10
59
1,900
50
570
200
800
1,500
68
300
20
7
96%
34
3231
12%
234
34
75
15
19
534
5%
%
131
9%
9134
26%
534
2%
15%
10%
87
%
29
6p
2,300
2.800
70
900
200
100
1,000
20
50
200
110
10
800
200
1,100
15,500
1
634
86
22%
4%
234
13
10%
83
Si
28%
6%
1%
91%
26%
4%
16
2834
its
13
Bonds—
Elec dz Peoples tr Ws 48 '45
Penne Pow az Lt 4348_1981
Peoples Pass 48 T C elf den
Mile Elee(Pa) 1st s t 4s '66
1967
1st 4348 series
1971
1st dr ref 43
1966
1st 58
Phila Elec Pow Co 534s '72
Phila Sub Co 434
Reading Terminal 5s
•No par value.
1%
834
89
2434
4%
2%
14%
10%
83
%
2834
6:i
34 4
834 9
12% 14
1% 134
134 134
so
Pio
June
June
June
June
June
June
June
June
June
Apr
June
June
11. Apr
1,4 May
8% May
934 June
134 June
134 June
1631 1731 $29,000 16
81
81
3,000 72
2234 2234
1,000 2234
3.000 87
88
88
97
97
7,000 03
3,000 84
87
87
102 10334 33,400 100
101% 102% 29,000 98
9634 9634 5,000 8431
98
98
1.000 98
High.
June 3634
Apr 1034
May 113
274
Apr
May 38
June 33%
9%
May
Feb
34
June 150
June 34
June 40
June 1431
June 1734
May
374
3%
22%
9834
38%
18
5%
2834
35
9834
3
38%
7
34
17%
2134
7
5%
June 29
Feb 8734
June 35
Jan 91
Feb 99
June 104
Feb 104
June 104
9634
Jan
June 99
Feb
Jan
Mar
Jan
Feb
Feb
Jan
Mar
Apr
Apr
Apr
Jan
Jan
Feb
Jan
Jan
Mar
Feb
Jan
Feb
Jan
Feb
Mar
Jan
Apr
Jan
Feb34
Jan
Jan
Mar
Jan
Mar
Feb
Mar
Feb
Feb
May
AM*
Apr
Apr
Jan
Feb
x Ex-dividend.
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, June 11 to June 17, both inclusive, compiled from official sales lists:
Low.
235 16
May
45
Mar
1
June
24 110
25 12 June
136 39
June
25 103 June
16 97
May
99 93 June
1
41
May
7 June
5
21 2834 May
3
6
Apr
2 June
190
100
734 Jan
23.1 June
195
18 17 'June
Apr
699 12
112 34
June
838
234 May
9534 9534
3300
9434 9434
1,000
5
7,000
5
5
1,000
5
1334 14
16.000
90
9434
5
5
13
Feb
June
Apr
June
Jure
High.
2634 Mar
4% Jan
11634 Feb
Jan
20
6831 Mar
11134 Jan
Jan
107
100
Jan
4% Feb
15
Jan
8534 Jan
734 Mar
3
May
10% May
834 Jan
Mar
20
2134 Jan
5334 Jan
534 Jan
98%
9434
7
12
1834
May
June
Apr
Jan
May
Pittsburgh Stock Exchange.—Record of transactions
at Pittsburgh Stock Exchange, June 11 to June 17, both
inclusive, compiled from official sales lists:
Stocks—
sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Arkansas Nat Gas pref _ _10
Armstrong Cork Co corn...*
•
Blew-Knox Co
•
Clark (I) L) Candy
Columbia Gas & Elec con •
10
Devonian 011
General Motors Corp_ _ _10
25
Gulf 011 Corp
•
Hab Walker Ref corn
Independent Brew corn SO
50
Preferred
Koppers Gas dr Coke pf 100
•
Lone Star Gas
5
Mesta Machine
50
Pennsylvania RR
Pittsburgh Brewing._ _ _50
50
Preferred
Pittsburgh Plate Glass...25
Pitts Screw dc Bolt Carp_ •
5
Plymouth Oil Co
25
Standard 011 (N J)
Standard Steel Spring....'
United Lng & Fdry corn.'"
United States Steel_ .100
Westinghouse Air Brake.*
West'house Elec & Mfg.50
Unlisted—
•
Pennroad Corp v t c
Ns eetern Pub Serv v t c___•
1054
2234
234
4
5
6
634
4%
834
25
7
234
3
30
3%
6
8
4
8
1234
234
r6
2434
8
13
2534
934
2234
234
434
5
6
73.4
5
934
25
7
3
3
31
434
8
934
,5
9
1231
234
7
2634
6
13
2834
1054
2434
10
360
175
10
914
75
311
500
100
575
175
60
3,012
120
297
638
1,047
425
200
485
170
300
50
468
342
317
3
134
3
134
334
162
1,937
434
6
7
4
6
5
1234
6
Range Since Jan. I.
Low:
234
3
334
534
434
4
834
25
7
2
2
30
334
6
634
334
6
1234
234
6
2234
534
12
2434
934
18%
June
June
June
Apr
June
Mar
June
June
June
Jan
Jan
June
June
May
June
Jan
Feb
June
May
Apr
June
Apr
May
June
Jan
May
34 June
2% June
High.
534
10
8%
834
16
7
974
25
14
3
3
61
934
1934
934
6
934
20
4
734
2634
1031
2334
29
16%
2731
Feb
Jan
Mar
Mar
Mar
May
June
June
Jan
Jan
Jan
Jan
Jan
Mar
June
Jan
Apr
Mar
Jan
Jan
June
Jan
Jan
June
Feb
Mar
2
5
Apr
Feb
" No par value. Ex-dividend.
834
Philadelphia Stock Exchange.—Record of transactions
at Philadelphia Stock Exchange, June 11 to June 17, both
inclusive, compiled from official sales lists:
Pennroad Corp
Pennsylvania RR
so
Phila Flee of Pa $5 pref..
Phila Elee Power prat__ _25
Phila Rapid Trans 7% p150
Plana & Read Coal & Iron_ _
Philadelphia Traction_ _.50
Reading RR
Scott Paper series A
Shreve El Dorado P
Tacony-Palmyra Bridge.-*
Telephone Secur Corp pret
Tono-Belmont Develop.
.1
1
,Tonopah Mining
Union Traction
so
United Gas Impt corn new•
US Dairy Prod corn cl 13.•
Warner Co
5
5
1334
1834
2
11234
1234
46
105
100
94
134
7
30
4
231
1031
334
17
14
3934
334
Range Since Jan. I.
• No par value.
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, June 11 to June 17, both inclusive, compiled from official sales lists,
sates
rrtaair
• No par value.
Stocks—
June 18 1932
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Stocks—
Last Week's Range for
1Veek.
ofPrices.
Sale
Par. Price. Low. High. Shares.
•
Byers Machine A
•
City Ice dr Fuel
Cleve Elec 111 6% pfd...100
Cleve Railway ct/s den.100
Cleve & Sandusky Brew100
100
Freferred
Columbus Auto Pt, pfd- _•
•
Dow Chemical corn
Faultless Rubber corn_ _ _ _•
Ferry Cap & Set Screw_ _ _•
_ _100
Glidden prior pre!
Goodyear Tire & Rub corn'
Hanna (M i) $7 cum pf _•
India Tire & Rubber com_•
•
Kelley Isl L & Tr corn....
•
Lamson Sessions
•
Medusa Cement
Mohawk Rubber com_ _ _ •
.
10
NatIonalAcme com
National Carbon pref_100
*
Patterson Sargent
•
Richman Bros corn
SelberlIng Rubber coin _ •
•
Selby Shoe corn
Sherwin-Williams cora _ _25
100
AA preferred
Thompson Products Inc_ •
Union Metal Mfg corn_ •
•
Weinberger Drug
Youngstown S & T pfd.100
5
1834
2
2
8
334
134
1034
1531
7%
2334
79
734
14
54
1534
9634
41
334
4
2
2434
183.4
134
40
774
37
2
8
334
5
1%
1%
100%
10
1534
131
734
233.4
79
234
4
7%
14
%
1534
97
41
5
4
2
24%
18.35
2
40
8%
37
2
8
33.4
534
,
134
1%
101
1034
17
134
834
2334
79
231
4
734
14
Range Since Jan. 1.
Low.
High.
34 Jan
34 Feb
100
Feb
15 15
Apr 28
67 9134 Apr 10334 Jan
Jan
Apr 43
25 35
5 June
234 Jan
305
June
4
Jan
3
30
534 Jan
2 June
25
Feb
434 May 36
50 2
Jan
12 1834 June 25
2 June
6,679
134 June
Apr 5054 Mar
200 40
1834 Mar
75
53.4 May
Jan
300 37 June 65
Feb
5
134 Apr
50
Jan
15
560
May
8
Jan
7
334 June
520
Jan
7
4% Mar
140
1
25
234 Jan
Jan
50
1% June
334 Jan
Jan
85 100% June 120
May 1734 Jan
540 10
Feb
79 1434 May 31
May
1
20
434 Jan
7% June 1034 Jan
234
Jan
May 35
25 21
June 10034 Jan
34 76
934 Feb
50
234 June
Feb
6
June
4
110
Jan
7% June 10
10
Feb
June 47
25 14
• No par value.
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange, June 11 to June 17, both
inclusive, compiled from official sales lists:
....
r
Stocks—
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Amer Laund Mach com_20
Amer Rolling Mill com__25
CM Gas & Elec pref_ _100
Cincinnati Street Ry _ _ _ 50
50
Cin & Sub Tel
•
City Ice az Fuel
•
Croaley Radio A
Eagle-Picher Lead cons_ _20
*
Formica Insulation
•
Hobart Mfg
•
Kroger corn
Printing Mach com..._100
100
Pure Oil 6% pref
•
Richardson corn
10
U S Playing Card
US Print dr Lith pref. .50
•
Waco Aircraft
• No par value.
68
8
2734
1134
4
68
8
53
1531
3
3
5
14
1174
26
4334
4
10
6
134
1134
434
70
9
53
1534
3
3
5
14
1234
2834
4334
434
12
6
1%
5
87
58
1,057
34
10
100
50
110
25
399
2,243
5
100
176
20
2
Range Since Jan. 1.
Low.
8% May
331 May
June
68
8 June
50 'June
15 . May
234 May
3 June
June
5
May
12
June
10
2474 June
May
40
Jan
7
June
10
June
5
134 Jan
High •
17
1274
903.4
1734
69
28
4
534
12
24
1834
4231
50
4
24
10
234
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Mar
Jrit
Jan
June
Jan
Jan
Apr
• 4471
Financial Chronicle
Volume 134
-Record of transacSan Francisco Stock Exchange.
-Following is
Milwaukee Grain & Stock Exchange.
the record of transactions at the Milwaukee Grain & Stock tions at San Francisco Stock Exchange, June 11 to June 17,
Exchange, June 11 to June 17, both inclusive, compiled both inclusive, compiled from official sales lists:
from official sales lists:
Friday
Sates
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
-Par.Price. Low. High. Shares.
Stocks
10
Bucyrus Erie
Firemen's Insurance- _ _ _10
*
Harnischfeger
250
Hecla Mining
Insurance Securities_ _ _ -10
*
Modine Mfg
•
Outboard Motors A
*
B
*
VV'eukesba Motor
Wisconsin Bankshares_ _10
100
125
50
500
200
50
200
200
20
554
2
2
5
534
4
4
211 234
34
%
5
5
135 1%
11
35
20
20
234 234
531
234
36
Range Since Jan. 1.
Low.
Stocks-
High.
2
June
434 May
4
Jan
254 June
% May
5 June
134 May
34 June
18
June
235 Apr
4'4
1134
5
5
234
934
274
1
35
4
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Jan
• No par value.
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, June 11 to June 17, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Miscellaneous Stocks
100
Brown Shoe corn
Burkart Mfg pref
*
*
Como Mills Co
Curtis Mfg corn
5
Ely lit Walk Dry Gds com25
Hamilton-Brown Shoe_ _25
Huttig S dr D met
100
Hydraulic Pr Brk cOm-100
International Shoe corn. 5
.
Preferred
100
Mo Portland Cement_ _25
Rice-Stix Dry Gds com_ *
2nd preferred
100
Southw Bell Tel pref. _100
Wagner Electric com___100
Street Railway Bonds
City at Sub PS 55_ _ _ _1934
United Railways 4s___1934
27
27
4
13
4
6
234
20
100
34
10034
5
234
1
10234
434
5
30 2535 May 3634
June
6
4
10
11
13
June 1634
334 June
7
20
June
6
834
2,053
2 June
3
100
June 20
5 20
10c June
1
1
June 4334
30 34
5 10031 June 105
5 June 15
25
2
May
4
310
27
4
13
4
6
215
20
10c
3534
10031
5
234
1
103
5
30
30
2934 31
31
High.
Mar
Feb
Mar
Feb
Jan
Mar
June
Feb
Jan
Mar
Feb
Mar
30
28
June
June
30
40
436
20
634
7
1
8234
3%
%
254
134
58
534
331
140
285
335
135
105
48
500
1.18.
150
286
20
2
885
37.4
1834
414
6
.14
65
234
31
234
134
57
514
234
834
June
June 36
May 103(
935
Apr
1
Apr
May 100
334
Jan
154
Jan
6
June
174
June
June 6034
June 1534
June
534
Feb
Jan
Jan
Mar
June
Jan
Mar
Feb
Mar
Jan
May
Mar
Peb
7
Occidental Ins Co
--- _
Oliver United Filters B
2031
-Pacific Gas & Elec com
6% 1st preferred
2134
534% preferred
2631
Pacific lighting Corp corn_
80
6% preferred
Pac Pub Serv non vot COm
634
non vot preferred
6834
Pac Tel dr Tel corn
92
6% preferred
Paraffine Cos corn
7
1
2034
2134
1834
2634
7634
134
534
66
92
8
7
1
2234
22
1934
28
80
134
7
71
92
8
15
100
7.640
1,295
816
2,680
250
880
4,110
109
10
749
534
35
1634
191
4
17 34
2136
6334
35
5
5834
85
5
1274
May
234
June
June 3634
June 2635
June 2434
May 4131
May 95
334
May
June 1435
June 104
May 112
May 2534
Feb
Mar
Feb
Jan
Jan
Feb
Jan
Mar
Mar
Mar
Jan
Jan
834
Railway Eq & Rlty let pfSeries 1
Richfield Oil 7% pref
Roos Bros common
Preferred
73
S J L & P 7% Pr Prat
Schlesinger&Sons(BF) corn
Shell Union 011 corn
Sherman Clay dr Co Pr pref
Socony Vacuum Corp
935
Southern Fee Co
736
So Pac Golden Gate A
B
---- -Spring Valley Water Co_
18
Standard Oil of California_
8
5
%
211
3354
73
%
25
%
45
7
936
734
4
6
1715
854
5
31
236
3355
73
35
234
4534
735
1034
735
4
6
1834
45
5
300
162
10
10
800
681
17
200
1,683
175
358
100
4,042
8
4
35
2
3315
63
%
254
40
55.5
615
634
3
6
1534
June 1111
5
Apr
34
Jan
55-4
Jun
June 50
June 107
May
1
4
Apr
Apr 51
May 1035
June 3755
May 1134
1036
May
7
June
June 2734
Jan
June
Feb
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Jam
Mat
Mar
Jar
Pet
June
Jan
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, June 11 to June 17,
both inclusive, compiled from official sales lists:
Stocks-
Bernsdall Oil A
25
10
Bolos Chien 011A
California Bank
25
Central Investment Co..100
Citizens Nat! Bank
20
Claude Neon Elec Prod_ •
Chrysler Corp
Emsco Derrick dt Eq Co. *
Goodyear T & Rub pref 100
Hancock Oil corn A
25
Holly Sugar pref
100
Internet! Re-ins Corp _ _.10
Los Ang Gas & Elec pref100
Los Ang Investment Co.10
Monolith Portld Cem corn *
Preferred
10
Mortgage Guarantee Co100
Pacific Finance pref ser A10
Pacific Gas dr Elec corn.
.25
1st preferred
25
Pacific Lighting corn
Pacific Mut Life Insur-10
Pacific Public Serv 1st pfd*
Pacific Western 011 Co_ *
Republic Petroleum Co_10
Richfield 011 Co corn
•
Preferred
25
Rio Grande 011 corn
25
San J & P 7% pr pref_100
Sec First Nat Bk L A_ _25
So Calif Edison Corn_ _ ..25
25
7% preferred
25
6% preferred
53450 preferred
,
25
So Cal Gas 6% pref ---.25
Southern Pacific Co._ _100
Standard Oil of Calif
Superior Oil common_ _25
Title Ins & Trust Co_ -25
•
Trans-America Corp
Union Oil Associates_ _ _ _25
25
Union Oil of Calif
Weber Showcase & Fix pfd•
234
37
26%
5%
14%
21%
2
71
3715
19%
22%
20%
1934
9
1831
2%
8
9
3
4
300
436
800
134 2%
200
37%
37
10
9
9
50
3535 3535
4% 415
200
100
6% 6%
3
500
3
30
2634 29%
500
53-4 5%
odd 30
1
14
14% 1.400
123
79
80
415 4%
1,000
100
%
%
1%
1,100
1%
20
1834 19
300
8
8
400
20% 22%
100
21% 21%
100
27
27
100
27% 2714
100
615 6%
100
3
3
1%
300
ig
100
34
34
200
%
34
2
400
234
47
7015 71
37% 38%
850
19% 20/1
3,600
22% 23%
500
19
2015
700
1834 1934 1,500
20
20
100
814 974
1,000
17% 18% 6,20
12
12
odd 1
23
2415
20
274
255
3,400
735 8% 2.900
9
9% 3,800
3
390
334
Range Since Jan. 1.
Low.
374
115
37
9
35
435
6
3
25
4%
High.
5;1
4
61
1315
55
10%
1534
3%
57%
7
Apr
Apr
June
Feb
June
May
May
Jan
May
May
14
June
May
66
33-4 June
11 Apr
1% June
10 June
8 June
17 June
May
20
21% May
May
25
5% June
3;1 June
35 Jan
35' June
35 June
1% May
June
64
36% June
16% June
21;1 May
1835 May
17% June
22% AD
634 Jun
15% Jun
Feb
12
23 Jun
2% Jan
7% May
8% Jun
Jun
3
Jan
Jan
Jan
Mar
Mar
Feb
Jan
Feb
Jan
Jan
Jan
Jan
l
Mar,
Feb
415
19
534
7
31
80
334
34
234
134
57
534
215
.
No par value.
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low, High. Shares.
High.
L.
Golden State Co Ltd
20
Hawaiian C & S Ltd
5%
Honolulu(MCorp Ltd....
Langendorf United Bak A.
Leighton Ind A
LA Gas & Elec Corp pref. 8234
Lyons Magnus Inc A
Magnavox Co Ltd
34
(I) Magnin & Co corn
Merchant Cal Mch corn__
13-4
Mere Amer Realty 6% pref
No Amer Inv 6%
- __
prel__---215
North Amer Oil Cons
June 115
Mar
146 100
974 Feb
434 June
577
$2,000
11,000
Range Since Jan. 1.
10 145 June 280
3
134 June
240
May 162
50 99
235
34 June
316
50
834 May 1235
434 June 1135
1,175
434 May 15
1,423
855 May 1734
690
June
234
1
750
834 May 1635
61
8 June 15
10
75 10 June 2034
834
622 18 June 4
11
May
4
1,144
145 145
Anglo Calif Trust
134
134
135
Atlas Imp Diesel En A.,. __
110 110
Bank of Calif N A
11
11
Byron Jackson Co
9
9
Calamba Sugar 7% pref.
511 57'
Calif Packing Corp
536 574
554
Caterpillar Tractor
11
954 1131
Cons Chem Indus A
131
134
______
Crown Zellerbach v t c
934 10
Preferred A
934 934
Preferred B
12
13
Fireman's Fund Indemnity
27
2534 25
Fireman's Fund Ins
4
434
Food Mach Corp com
434
Range Since Jan. 1.
Low.
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Jan
Jan
Mar
Feb
Jan
Mar
Jan
Feb
Mar
Jan
25
Mar
loo
Jan
Feb
7
1% Mar
335 Mar
115
Jan
9% Apr
Feb
37
Jan
26
4034 Feb
39
Mar
13
Mar
634 Jan
134 Feb
5.4 Jan
34 Mar
2% Mar
108
Jan
65
Mar
3234 Feb
2734 Jan
Mar
25
23
Jan
2454 Jan
Jan
37
Feb
27
Feb
12
Jan
55
Feb
6
1234 Jan
1334 Jan
5 31 Mar
*No par value.
2
600
236
234
234
Tide Water Assoc Oil corn_
5 20
2934 293-4
6% preferred
234
214 10.952
234
255
Transamerica Corp
734
2,599
77.4 8
77
Union Oil Associates
85-4
1,092
934
9
9
Union 011 Co of California_
35 139
Tr_ ------ 155 155
Wells Fargo Ilk & UM Q
1 OnG
n
In1/
...
_ _ .
pe
eaten
334 Jar
Apr
May
Feb 30
Fat
6
Jan
June 1211 Jar
Jar
June 14
Mel
May 200
on
F..)
Xfos,
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, June 11 to June 17,
both inclusive, compiled from sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
100
Admiralty Alaska Gold___1
1 25c
Bagdad Copper
10
Bancamerica Blair
Corporate Trust Shs AS... -----Detroit & Canada Tunnel *
1
Fade Radio
51
10
Fuel Oil Motors
10
Golden Cycle
9c
25c
1
1.50
10c
211
51
8%
11c
30c
135
1.50
10c
331
%
8%
6,500
1,000
400
200
500
1,300
5,400
100
4%
4%
18c
19c
14
535
1 .
34
34
60c
11
2
1.c
4%
19c
21c
14
7%
111
54
.%
60c
1
2
I2c
150
4.000
2.500
1
1,700
200
100
2,600
500
2,200
300
500
*
H Rubenstein pref
1
Intl Restless Iron
1
Macassa Mines
Macfadden Public Pr.._ _*
Mid Continent Pub Ser A*
Petroleum Conversion__ _5
Rhodesian Selection Tr 5sh
Shortwave & Television__1
1
Siscoe Gold
1
Western Television
York Penn Gas & Util_ _ _I
1
Zenda Gold
14
6
%
%
Range Since Jan. 1.
High.
Low.
7c May
Apr
20c
June
1
1.50June
Jan
10c
2% June
31 June
8 June
4
May
150 June
12c May
Jun
14
4
Jun
Jun
1
15 May
11 May
50c May
74 Mar
174 June
Feb
Sc
Feb
23c
Jan
70c
215 Jan
1.50June
29c Feb
334 June
Jan
4
113.4 Jan
1014
42c
37c
30
1335
3%
131
2
70c
234
2%
24c
Mar
Feb
Mar
Feb
Jan
Feb
Feb
Jan
Mg
Jan
May
Apr
No par value
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last(June 11 ;9:2 and ending the present Friday (June 17 1932). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bonds, In
which any dealings occurred during the week covered.
Frtddi
Saks
Last IVeek's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Week Ended June 17.
Stocks
Indus. & Miscellaneous.
4A
•
Ainsworth Mfg corn
Air Investors Inc v t C.
All Amer General CorP--20
•
Allied Mills Ins
oommon. • 23%
100 35%
6% Preference
• 50
hp:ileum f roods M la
Aluminum Ltd 6% pref 100
Class D warrants
436
Amer Beverage Corp
Amer Capital CorP•
class B
Common
•
$3 preferred
234
B..'
Amer Cyanamid corn
storesAmerican Dept
7% cony pref ser A-100
'
•
Amer Founders Corp- _
4% 434
31
31
6% 634
311 315
22% 26
35
3634
9
9
2555 2515
134
135
,
314 43
z%
3
2
4
34
54
315
214
4
;5
Range Since Jan. 1.
Low.
High.
6%
%
9
4%
61 M
67
1034
2.5%
10
434
Jan
Feb
Jan
Jan
.160
ran
Jan
June
Jan
June
100
100
100
1,000
1,450
200
1,100
100
99
4,100
434 June
a5 Jan
614 June
234 Apr
May
22
34
May
83.1 May
23 June
134 June
23-4 Jan
800
400
4.300
215 June
27.4 May
1% June
Apr
1
85-4 Mar
5% Mar
May
4
14 Jun
10
Mar
115 leo
•
2
40
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Continued) Par. Price. Low. High Shares.
Range Since Jan. 1.
Arcturus Radio Tube...-.
•
Armstrong Cork com
•
Assoc laundries corn
Atlas Utilities Corp coin...
.. •
$3 preferred
Warrants
Automatic Vot Mach new.
Beneficial Indust Loan_ _ _•
•
Diu. Ridge Corp corn
SO
L", flpteflflvnrnf
.
134
High.
17-4 June
% Feb
4
June
1% Jun
% Ja
7
Ma
74
15
100
200
100
555 Mar
15 May
June
1
34 351
1% Fe
Jun
1
Jan
May
June
Jan
June
may
May
May
May
June
3% Ma
9
Ja
Ja
731 M
38
M
2
Ja
2% Ma
1114 J
234 M
134
15
4
1
5%
34
115
2
834
34
17%
Low.
100
1,000
100
54
15-4
17-4
7-16
4
34
Amer Investors corn new_l
Warrants
Amer Salamandra Corp-SO
Amer Util & Gen CorpClassBvtc
Amer Yvette Co Inc
Anglo-Norwegian Hold.. *
1
111
13.4
3% 4%
%
5
531
3334 34
1
134
174
8% 8%
%
17%
17
300
1%
600
3
35
100
434
8,125
400 32
3.5
2.200
1,100
134
700
834
A
500
1 300 '
7
4472
Stocks (Continued)
Financial Chronicle
Friday
Sales
Last Weeks. Range for
Sale
ofPrices.
Week.
Price. Low. High. Shares.
Brill Corp class A
131
11.1
•
100
Class 13
•
200
34
31
31
Brit
-Amer Tobacco Co Ltd
Am dep rets ord bear stk
1234 1234
100
Am dep rcts ord regshs£1
1234 12%
300
Brown Fence dr, s) Ire Co
Class A cony pref
5
5
100
Bulova Watch prat
•
934 1034
400
Burro Inc 6% cony pref
with warrants
50
x18 418
100
Burma Corp
Am dep rota reg
1% 134 1,300
Butler Bros
20
131 134
100
Cable Radio Tube v t c__*
1,000
Si
Si
Carnation Co common •
100
736 734
Carrier Corp common •
334 334
251
Chain Store Stocks
4
4
4
•
100
Childs Co. pref
9
100
9
9
200
Cities Service common_ •
2%
2% 23£ 34,000
Preferred -13
13
1634 1,800
Claude Neon Lights
1
300
34
34
Cleveland Tractor coM_ •
134 134
100
Colombia Syndicate
1 1-16
1-16 1-16
10
Consol Retail Stores
•
20
34
34
Continental Shares Inc
Converted preferred-100
100
3.4
31
Cooper-Bessemer Corp- •
1% 1%
100
$3 pref A with warr__100
334 3%
100
Cord Corp.-.
_ .6
33.4
334 33.4 14,000
Crosse & Blackwell Inc
$3.50 preferred
3
3
100
Crowley Milner & Co- •
6%
100
34
Cuban Cane Prod warr
1-32 1-32
100
Cuneo Press Inca%% pref with warr _100
100
5834 58%
Curtis Mfg (Del) class A...
3%
34 3% 3,400
Deere & Co common
•
5
634 1,700
De Forest Radio corn ' h
34 30,600
5.1
Detroit Aircraft Corp- •
300
14
Si
Draper Corporation
• 20
20
20
100
Dubilier Condenser Corp_•
500
34
Durant Motors Inc
700
• 3-16 3-16 3-16
Duval Texas Sulphur..._•
100
34
34
Range Since Jan. 1.
Low.
34 May
14 Jan
,
1236 Jan
12% June
I
High.
134
si
Jan
Jan
15
Mar
13% Mar
5 June
7% o.pr
534 Apr e12
Jan
18
Jan
20% May
1%
Si
34
6%
334
3%
7
13£
10
%
134
1-16
34
Apr
Apr
May
June
June
June
Apr
May
May
June
June
Jan
Apr
34
1%
334
2
June
June
June
May
3% Jan
3% Jan
934 Jan
81a Jan
3 June
4% May
1-32 Jan
14% Mar
7 June
1-32 Jan
5834
%
4
34
34
19
its
%
34
June
Slay
June
June
Jan
June
Apr
Apr
May
131
234
1%
16
10
6%
30
6%
53%
1%
314
%
2
65
13
14%
1%
34
2234
134
34
7,4
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Feb
Mar
Mar
Mar
Jan
Jan
Feb
Mar
Jan
Jan
Jan
June 18 1932
Friday
Sales
Last Weeks. Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Reliance Intermit sow A •
Reliance Management_ __•
Republic usa
_ •
Reybarn Co Inc
_10
34
Reynolds Invading Own_ •
Rike-Kumler corn
•
Royal Typewriter
•
Ruberold Co
100 1434
Safety Car Heat & Ltg_100 14
St Rests Paler' 5• erM, 50
1%
Seaboard Ur II Shares corn.*
Becurniee Allls0 UM-- •
534
Seeman Bros common_
•
Segal Lock & Hardware-.
•
Seiberling Rubber Co....*
Selby Shoe Co corn
•
734
Selected Ilndustries Inc
New common
1
34
New $5.50 prior stock-25
New allotment Mrs
31
Sentry Safety Control...*
31
Shenandoah Corp com_ •
6% cony pref
50
Silica Gel Corp v t c
•
Simmons Boardman Pub
Convertible prof
•
Singer Mfg
100
Smith (A 0) Corp
•
•
Southern Corp corn
1%
Spiegel. May, Stern
634% preferred
100
Starrett Corp 6% Pref__50
Sun Investing $3 cony pf•
Swift & Co
934
25
Swift International
15 1734
Syracuse Wash Mach B_ •
Range Since Jan. 1.
Low.
High.
%
Si
34
Si
34
531
334
1434
14
2
54
534
23%
54
134
7%
100
200
200
100
100
100
600
100
75
1,100
200
6.1,00
200
1,700
100
100
14
54
33
33
33
30
Si
X
16
Si
5% 6%
35
si
600
100
600
200
200
200
500
% Juneuu e
%3'1 J'iM y
%
2
8 J e
834 June
3% 33.4
8234 863£
13% 14
134 134
100
30
400
100
3%
75
11%
1
June
9% Mar
May 134
Jan
June 59
Jan
Ma
131 Mar
100
200
100
2,800
5,500
300
1731
31
18
7
10
1
June
Jun
Jun
May
May
Jun
Si
34
%
Si
5%
3
1434
14
1%
%
43*
2334
54
134
734
1734
31
1834
9%
16
1
1731
3-4
1834
1034
17%
134
Or,
54 j ne
34 J tr
U
% Apr
jJan
' Jan
1
534 June
12% S ay
4
filtry
1234 June
134 June
May
434 June
% rvi a
2334 June
May
34
34
434 June
pprr
34 Apr
It*
I.
1334
834
38
3134
5%
1%
7
29
2
4
10
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Feb
Feb
Feb
Jan
Jan
Jan
Jac
Jan
Mar
.
5
4
3434
3434
1
2
1234
1%
June
June
June
Jan
Jan
Mar
Jan
26
Mar
234 Jan
24
Jan
22
Mar
26
Mar
3
Jan
Tastyeast Inc class A- •
400
34
7/1
31 Apr
34 Feb
Technloolor Inc corn.. -.
100
•
74
34 June
3% Jan
Tobacco & Allied Stocks...*
1534 15%
200 15% Jun
24
Mat
Tobacco Prod (Del) new.. -----500
34
Si
34 May
51 Jan
Tobacco Prod Export__ •
200
34
Ma
34
34 Mar
Transtiont Air Tramp •
1% 1%
400
31. ,M1
134 Jun
Tr -Continental Co warr.. -----200
34
54
34 May
134 Feb
/
74
Eisler Elec Corp
1%
•
5,800
% June
2% Jan Tung-Sol Lamp Works_ •
234 234
100
2% Jun
694 Mar
Else Power Assoe corn
•
3%
3% 3%
900
2% June
83.1 Jan Ungerlelder Financial_ _*
17
17
200 17
Ma
24
Jan
Class A
334
3
•
334 2,000
2% June
9% Jan United Dry Docks corn..'
300
31
31
54 May
34 Jan
Electric Shareholding
United Founders corn...*
34 5,600
34
2o, Jan
% May
Common
•
13£
134
34 June
434 mar United Molasses Ltd
100
• 25
$6 cum pref w w
23% 25
400 19
May 49% Mar
Amer dep rcts ord reg £1
200
34
34
% June
1% Mar
FarJardo Sugar
10
100
13
450
9% June 16% Feb United Shoe Mach corn_ _25
29
28
175 21% June
4034 M at
Federated Metals
•
June
4
434
800
4
6
Jan United Stores Corp v t C.
200
Si
Si
54 June
54 Jan
Flat Amer dep rec
534 6
5
May
600
734 Feb U S & Internet Securities
Ford Motor Co Ltd
lit prof with warr
115,4 13
•
200 931 June 30
Jan
Amer dep rots ord reg_ £1
2,4
3,500
234 2%
2% Ma)
634 Jan U S Financial Holding
Ford Motor of Can cl A...•
7
6
734 1,800
5 may 15 Mar
Common with warr_ __I
1,100
% Apr
34 Apr
3£
31
Class B
•
836 1034
150
835 June 25
Mar US Lines Inc pref
100
34 Jan
34
34
3i Mar
Foundation Co(Foreign
U S Playing Card corn_ _10
11
25 10 June 23
11
Jan
Shares) new stock
3% 4
4,400
4
334 June
June Utilities Equity corn
300
•
34
2% Jan
34
34 June
Fox Theatres corn A
•
300
31
31 May
34
1% Jan Van Camp Pack com
•
3£
100
34
34 June
2
34
Jan
General Alloys Co
234
134 2% 3,400
•
3
.14 Jan
Apr Vick Financial Corp
4
1,000
4
6
4% Mar
334 May
General Aviation Corp_ •
2
2
700
134 May
234
334 Jan Waitt de Bond class A...'
934
934 934
100
9
May 1134 Jan
Gen Elec Co (Gt Britain)
Walgreen Co corn
934 10
400
•
834 Apr 1134 Jan
Am dep rcts ord reg..-£1
5% 6
1,000
534 June
3% Mar (H)Walker Good'm & Wort
General Empire Corp - •
6
100
6
June 16
5
Jan
Common
334 434
900
•
2% May
354 Apr
Gen'l Theatres Equip pt-•
3-16 3-16
200
31 Mar
154 Jan
New preferred
100
831 834
•
8% Apr
854 June
Glen Alden Coal-------*
634
6% 7% 2,100
June 2234 Jan Watson (J Warren) Co...'
6
200
Si
34
34 Jan
34 June
Globe Underwriters. Inc_ •
3
3
-200
3
May
4% Jan Western Cartridge 6% pf
47% 473i
50 4734 June 53% Mar
(ioldman-Sachs Trading..'
1%
134 9,200
1
June
1
394 Jan West Va Pulp & Pap cam.*
834 834
100
834 June
834 June
Gold Seal Electrteal Co...'
1,000
3-16
34
% Feb
Si
Si June Williams tR C) & Co_ _ _•
6
6
100
6
June 1034 Mar
Gorham Inc $3 cum
Wil-low Cafeteries pref__*
10
10
25 10
Feb
May 20
Preferred with warrants_
4
434
4
200
4 JUDO
9
Jan Wilson Jones Co
5
5
100
•
5
June log Mar
Gt Ati & Pac Tea
Woolworth (F W) Ltd
Non vot corn stock___* 118
115 120
80 10331 May 150
Jan
Amer dep nets for ord abs
934 9%
700
7% Jan 10% Mar
7% first preferred--100 114
10934 114
290 108
June:118
Feb
Grocery Stores Prod v t c_"
200
54
%
34 May
Public Utilities
134 Jan
Hires(Chas E) ci A corn. •
17
17
100 17
June 21
Jan Alabama Power $7 pref...
5934 6054
70 58 June 93
Jan
Huyler's of Delaware Inc
$6 preferred
5134, 5154 5154
30 47
Jan
May 85
Common
•
100
54 June
54
2
34
Mar Amer Cities P & L corn A 50
1731 1934
600 1654 June as% mar
430 430
7% prof
100
100 30
May 33% Feb
COCODIOD B
1
•
134 1,800
3
Mar
54 June
Hydro Electric Secure- •
4% 4%
200
434 June 11% Mar Am Com'w'th Pow corn A•
it,
is,
400
54 may
Jan
I
IlYgrade Food Prod
2
2
200
*
2
May
4
Jan
Amer & Foreign Pow Wart.
13.1
134
13.6
1,100
13* Apr
Mar
8
Insurance Co of No Am_10 2434 23
2434
600 1834 May 40
Mar Amer Gas & Else com„--• 1734 17
1934 20,800 1434 June 894 Jan
Insurance Securities_
_10
300
34 May
234 Jan
Preferred
6234 65
•
800 6234 June 8834 Mar
Internatl Clg Mach com_ •
15
15
100 12
June 30
Jan
Amer L & Tr corn
13
14
25 14
300 10 May 24
Jan
Interstate Equities corn_ •
400 26-16 Apr
%
154 Feb Am superpower Corp COM •
134
13£ 13,800
134 June
431 Jan
53 cony pref
8
6
100
•
6
June 12
Feb
First preferred
• 34
293£ 35% 8,200 2834 June 6214 Mai
Irving Air Chute com____•
2% 234
2%
200
2 June
•
4% Feb
S6 cum Prof
11
1134
600 10
Jan
May 42
Warrants
100
% June
31
51
34 Feb Arkansas Pow & Lt $7 Pf-•
55
55
10 5031 June 8734 Jan
Johnson Motor Co
200
3.4
34
34 June
134 Jan Assoc Gas & Else dive ___A
134
134 2
7,600
134 Apr
434 Jar.
Kleinert IL B) Rubber_ •
334 3%
100
434 Feb
334 Apr
58 Int bear allot elf,....
23% 243£
75 21
Jan
Apr 46
Bell Telep of Canada._100 70
70
70
50 70 June 100
Star
Lackawanna Securitleo_ *
17% 18%
800 16% June 29% Feb Brannan Tr Lt & Pr ord..
834
854 4,800
8
7
May 13% Mar
Lefcourt Realty Corp pref'
636 6%
200
634 June 18% Feb Buff Niag & Ewa Pr of.
16% 173*
.25
1,400 1591 May 22% Feb
Lehigh Coal & Nay
5% May 12% Jan Cables & Wireless Ltd
714 8% 1,400
•
Libby Me N & Lib corn1
1
200
•
1
May
4
Jan
Am dep rcts pref ohs_.41
134 1%
100
134
1,4 Apr
Louisiana Ld & Expl com_•
4,000
34 Mar
34
34
Jan Canadian Marconi-See M arconi Wireless Tel. of Am erica. June
Ludlow Mfg Associates...'
35
35
40 34
June 5234 Mar Cent Hud 0 dr E vot troll' 1234
12% 1234
400 1234 June 16
Jan
Mapes Consol Mfg
27
25
200 25
June 43
•
Feb Cent Pub Serv class A_.•
34
54
1,300
34
434 June
3% Jan
Mavis Antenna ones A-.5
400
34
14 Jan cent Suttee Fri•a corn._ __•
34
34 May
34
5( 4,900
54
s% May
2% Jan
Midland Royalty pref__ •
3
3
2
Apr
334 May Cities Service P&L 57 pref. 19
100
19
23
350 11
May 56
Jan
Miller (I) & Sons
2
2
134 Mar
234 Jan Cleve liter Ilium corn..•
200
•
,
2434 2431
200 19
Feb
June 30
Miss River Fuel warr
3
3
100
3 June
6
Mar
95
6% prof
100
95
10 92% Apr 103
Jan
Moody's Invest Serv pref-•
200
834
8
5% Jan 10
Apr Columbia GM dc Erne
National A viation_
100
..•
334
334 334
8% Feb
2% Jan
50
Cony 5% Prof
45
50
180 40
May 90
Mar
Nat Rend & Share Cori)- •
18% 18%
600 18 June 23% Feb Commonwealth Edison 109 56
5234 5834 3,000 49% June 122
Jan
Nat Invedors corn
June
1
134
314 Jan Com'with & Son Corp
200
1
534% preferred
75 1534 Apr
1934 1934
100
1934 June
Warrants
34
2"i•
59,500
zi56 June
% Jar
National Leather corn....'
100
34 June
Si
Si
Si May Community Water Serv..'
100
"I•
*ir
% May
1% Jan
Nat Union Radio com____•
134 Feb Consol0 E LAP Halt cam*
Si 2,600
34
X
Si June
x45
47
700 37% June 69% Mal
Nauheim Pharmacies pret•
100
54 June
31
34
Si Mar
Newberry (J J) 7% prof 100
64
62
100 62 June 7934 Feb Duke Power Co
40
40
10 40
25 40
June 73% Jan
Niagara Share of Md cl B__ -----434 534
600
4 June
6
May Beat Gas & Fuel Assoc--_•
234
234 334
500
23.4 June
8% Mar
Nlies-Bement-Pond Co...'
434 434
300
8% Jan East States Pow corn B..'
4 June
1
1
200
31 May
354 Feb
Nitrate Corp of Chile•
$6 preferred B
14
14
25 14
June 22% Jan
Ctfs for ord B abs
1-16
1-16 1-16 2,000
1-16 May
34 Jan East Util Associates
Noma Elect Corp corn...'
2
2
100
334 Jan
Apr
Common
2
•
14% 1434
100 143£ June 25
Jan
Oil Stocks Ltd new corn...5
234
234
2
800
2 June
634
23.4 May EleeBond&I3hare new com5
631 7% 46,200
5 June 32% Mat
Pan Amer Airways Corp.'
13% 143£
300 12% Jan
16% Mar
21
$5 cum pref
21
21%
400 17
Jan
May 64
Parke. Davis & Co..
12% 11% 12%
900 1134 Apr 19
Jan
2534 2534 26
36 cum preferred
1,000 19 May 62
Jan
Parker Rustproof com--•
2334 23%
50 20
May 55
Mar Elea Pow & Lt 2d pref A.
9% 11
500
Mar
714 Mar' 45
Peoriroad Corp cow•t e-•
134
134 3,600
134
Mar
I
June
Warrants
134 1,000
154
13.4
1% May
6
Jan
Perfect Circle Co
19
19
•
200 19 June 19
June Empire 0 & F 8% 1)1_100 14
14
15
100
May 5254 Mar
7
PhIllp Morris Inc
234 234
1,600
10
434 Jan
234 June
7% preferred
100
10
1034
150
6
May 46% Jan
Pie Bakeries Inc corn
3
2
•
300
Feb Empire Pow nart stock_ •
5
2 June
831 8%
200
7% may 18
Mar
Pierce Governor Co com_ •
1
1
100
Mar
1
154 Jan Gen OAR $fl prof B
•
534 634
250
Jan
434 May 25
Phoenix Securities com---•
1,200
31
%
31
gio Jan
3-4 May Gen Pub Serv $6 pref.. •
1234 123£
100 1034 May 60
Feb
Cony pref class A
8
8
8
•
100
8 May
• 5034 5034 5034
107% Mar Georgia Pow $6 prof
150 47
Jan
May 82
Pilot Radio &Tube el A_ •
100
34
34
34 June
ilk Jan Hamilton Gas corny t c__1
34
1,500
Jan
34
34
54 May
1
Pitney-Bowes Postage
Hartford Flee Lt Co__ _25
43
43
25 37
May 56% Jan
Meter
1%
134 134
•
400
1% June
3% Mar Illinois P & L 86 pref.-. 2834 2834 2854
25 21
June 63% Mat
Pittsburgh Plate Glass. 25 1234 1234 1234
1,300 12% June 1954 Mar Int Ilydro El cone pref_ •
1234 1234
25 1234 June 23.5( Feb
PolYmet Mfg Corp cora- •
200
34
31
1% Jan Internet !super Power....'
% Apr
43£ 57,4
634
1,100
3% May 12% Jan
Pratt & Lambert
9
9
200
•
9 June 19
Jan Internet Ut11 class B
•
34
Jan
100
34
if
3
34 May
Prudential Investors
3
3
•
1,000
531 Feb Interstate Pow $7 prof...'
234 May
18
19
30 1434 June 6234 Jan
Public Utility Holding Corp
Italian Super Power A_ •
31
34
200
1% Jan
% May
Corn without warrants *
3-16
1.000
X
% Jan
34 May
Warrants
ors
% Jan
ors
100
Iir June
1 3.4
$3 cum preferred
1%
13.4
•
400
Jan Long laid Ltg 7% pref 100
134 June
65
65
Mar
30 64
June 101
Warrants
1-32 1-16 3,900
8-32 Jan Marconi Wire! T of Can...1
1-32 Apr
131( Fet
300
54
Si May
Si
Quaker Oats Co corn
60
10 55 June 102
60
Mar Mass Util Associates
Radio Products aom
3%
2% 3% 16,400
•
Jan
3
1
Jan
5% cony partic Pref.-.50 1634 16% 1634
Jan
25 1434 June 23
Railroad Shares Corp__ •
200
14 Jan Memphis Nat Gan eom .•
Si
Si
31 may
234
234
234
400
234 June
64 Jan
3.
4473
Volume 134
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Public Utilities
Par. Price. Low. High. Shares.
(Concluded)
Range Since Jan. 1
Bonds (Continued)
-
High.
Low.
40
40
Met Edison 36 pref
he
44
Middle west Mil nom...*
61% 6144
Mohawk&Hud Pow 1st p1*
50
50
•
Second preferred
22
22
MontrealLt.Ht&Pow com• 22
1
1
1
Nat Elee Power class A •
New Eng Pow Assn
2544
23
_ -100 23
6% preferred
7544 7544
New Eng Tel & Tel__ _100
31
31
•
N Y Steam Corp oom-.
N Y Taint)64% pref.-100 1074 104 108
44
Niagara Hud Pow com. 10
9% 10
New common w 1---15 10
tit
35
Class A opt warr new....
144 134
Class B opt warr new__ -----404 42
Nor States Pow corn A_100 42
61
68
100 67
7% preferred
50
1,500
75
50
100
100
40
4
55
50
2044
1
150
50
100
350
1,400
3,900
1,000
100
400
250
2044 June 59% Jan
Jun
75% June 115
Mar
30 June 55
Mar
98 June 114
74 Jan
2% June
9 June 14% Apr
44 June
44 Jun
1% June
14 Jun
Jan
40% June 83
9444 Jan
Jun
46
214 22
39
40
73
73
5
5
8
84
1,600
200
10
25
600
204
35
73
5
634
May
Jun
Jun
Jun
May
26%
53
87
20
10
Jan
Mar
May
Jan
May
18%
18%
4
274
22%
%
32
20
14
1%
44
14
2
9%
34
1,300
1,200
100
10
450
2,100
50
1.100
600
100
3,90.)
1,900
2,900
1,300
2,400
1,900
150
1744
174
2
2734
20
44
30
18
144
134
34
8%
1%
834
54
44
12
June 25
June 22%
Apr 15
70
Jun
May 187
344
May
May 5441
32
Jun
444
Jun
4
Jun
21-8
May
55
Jun
854
May
June 53%
14
Apr
3,4
May
June 61%
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
2544 25%
100
400
36
373:
7% 5,200
100
6%
200
6% 634
100
124 124
1744 18% 23.500
1,200
94: 10
204 2334
400
200
1%
1%
24%
35%
64
6%
8
9%
184
834
1514
1%
May
June
June
May
June
Jan
Apr
June
Apr
June
35
ail
9
9%
1044
1434
1944
15%
284
2
Jan
Mar
Mar
Mar
Feb
Mar
May
Mar
Jan
Apr
Pacific G & E 6% let pf.35 21%
Pa Water &Power Co- •
Peninsular Tel 7% prat 100
Ry & Light Secur corn_ •
Shawinigan Wet & Pow--•
8
Sou Calif Edison
25 204
Preferred B
54% pee class 0- 28 19%
Southern Colo Power el A 25
So'west G & E
pref 100
Standard P & L Pret
28
Stand Publ Sere part A..*
Swifts Amer Elee Prat
Tampa Electric common.*
Union Gas of Can Ltd._ •
United Corp warrants_
United Gas Corp nom...*
34
Pref non-voting.... ...• 144
United U & Pow nom A....
2
36 cony let prat
•
9%
U B Elea Pow with ware_ •
Utll Power & Light corn..'
%
7% Preferred
100 19
Former Standard Oil
Subsidiaries
Buckeye Pipe Line
50
Humble 011k Ref1ning-25
Imperial 011(Can) cettl)-•
Registered
•
National Transit.--12 50
South Penn Oil
25
Standard 011(Indiana)
-25
Standard 011 (KY)
10
Stand 011 (Ohio) com__25
Swan-Finch Oil Corp- -.25
Other Oil Stocks
Amer Maracaibo Co
1
Ark Nat Gm Corp nom-.
•
Claes A
Preferred
100
British Amer 011 Co Ltd
Coupon stock (bearer).'
Carib Syndicate
25c
Colon Oil Corp corn
•
Columbia0& Gas t e.-•
•
Cosden 011 Co corn
•
Creole Petroleum Corp •
Crown Cent Petrol Co__ a
Darby Petroleum cow_ •
Gulf Oil Corti of Penna-25
Indian Ter Ilium Oil el A •
Intercont Petroleum
5
internat1Petroleum
•
Kirby Petroleum
•
Lone Star Gas Corp
.....•
Magdalena Syndicate_...l
Michigan Gas & 011 corp.*
Middle State-. Petrol
Class A v te
•
Class 13 v t
Mo-Kansas Pipe I. com-O
Mountain Producers...JO
Nor European Oil
•
Pacific Western Oil
•
Pandem 011 Corp corn....'
Pantepets Oil of Vanes-.
•
Plymouth O1lCo
Pure 011Co 6% nref___101.
Reiter-Foster 011
•
Richfield 011 Co of Cal pf 25
Salt Creek Cons 011
10
Salt Creek Prod Assn...lit
Southland Royalty
•
Sunray MCorp
5
Texon 011 & I.and
•
Union Oil Associates_...25
Venezuela Pet
"Y" 011 de Gas Co
Mining Stocks
Bunker 11111.4 SuPlyan_10
Congo! Copper Mines..
Evans Wallower Lead. •
Evans
Hecht Mining Co
25e
litid Bay Min & Smelt...*
.1
Lake Shore Mines Ltd...
25
New Jersey Zinc Co
Vewmont Mining Corp 10
NIpissing Mines
5
1
Ohio Copper Co
Pioneer Gold Mines Ltd 1
l
Premier Gold Mining.
1
4? Anthony G Mines
Shattuck Dann Mining_ •
5
So Amer Gold & Plat
Standard Silver Lead.. _1
1
Teak Hughes;Mines
United Verde Extens'n_50e
1
Walker Mining Co
Wenden Copper Mining_l
Bonds
Alabama Power Co
1946
let 54
1961
Are? Se
let
1956
1st & ref Ss
1967
ist & ref 441
1968
letAreiSS
aluminum Cosf deb 521952
Aluminum Ltd, deb Si 1948
am Commonw In Pr 5.1940
Debenture 54s_ _ _1953
Am & Cons Corp 55.-1943
Am El Pow Corp deb Si '57
Mn Gas & El deb 5i 2028
Am Gas & Pow dab fls 1939
1953
Secured deb 5/4
Am Pow & Lt deb 68_2016
km Rolling Mill deb 541948
. Nov 5933
,
44% not
7
6
6%
18
9%
21%
'le
19
20%
194
4
27%
30
1%
32
22
244
14
1
16
2%
1034
4:
1
20
'le
34
44
244
23:
34
734
7%
34
34
7%
44
34
2%
234
555
25
8%
4
234 244
24% 254
44
34
z93:
3%
ifs
3
34
344
z34: 334
34
34: 344
34
44
Si
64 64
4244 45
34:
1-4
8
Si
17%
6%
1.6
3
'is
34
34
3
54
83:
3-4
16
24
14
4%
34
16
14
4
4
214
14 1%
22
22
17% 14
if
v
34
Si
t
3
3 I4
34
11,
,
2%
92
854
834
72%
81%
904
59
1%
25
74%
51%
39
4734
9144
854
834
724
8034
90%
59
1
3
504
24%
734
18
1544
4945
384
4734
93
88
8434
7434
814:
91
61
134
3
504
23%
76
20
174
5234
3934
411
900
300
900
200
2,500
1,900
1,400
300
20
4,20
1,00
200
3,10
10
500
7,500
June
Apr
June
June
June
June
14 Janl
44 May
34 May
2% June
7
June
34 Jan
44 June
44 May
44 May
144 Jan
44 Apr
144 Jar
23 June
34 June
'it Mar
if
June
700
1,50(
1,000
100
94
3%
W.
44
Jan
Apr
Jan
Jan
400
100
200
1,403
500
200
100
400
100
130
500
00
200
800
1,500
1,700
200
300
1,000
4,700
44
st.
214
)i's
3%
IA
34
6
41
)fi
44
44
2%
234
54
414
74
3-4
)4
Apr
Jan
Apr
Apr
June
June
Jan
Feb
Apr
May
June
Apr
Jan
June
June
Feb
May
May
June
Feb
250
1,400
2.000
100
1,900
101
1,400
41,0
200
2.900
2,100
600
1,500
800
100
100
1,600
5'10
400
8,8,00
16,000
13,000
3,000
42,000
23,000
46,000
4,000
4,000
3,000
3,000
41,00
121,000
10,000
18,000
155,000
51,000
24.000
15%
34
44
244
44
214
1 454
4%
7 it
111
MAY
June
Apr
June
Isla,/
June
Apr
May
June
Jan
Apr
44 May
514 Jan
June
44 Jan
Mar
24 May
14 Apr
'ii Apr
hi Jan
90
58
83
70
75
81
65
134
%
41
18)4
62%
14
12
38
33
46
June
Feb
Apr
May
May
May
May
May
Apr
Jan
Jun
May
May
May
May
may
An
7514
7
934
50
26
104
Jan
Ian
Mar
June
Apr
Jan
54 Apr
244 Jan
2% Jan
Jan
94
44
1%
1
2%
34
234
3514
444
Si
10%
34
94,
%
2
Mar
Jan
Jan
Jan
Mar
Apr
Jan
Apr
Mar
Jan
Jan
May
Feb
Jan
Jan
Jan
134 Jan
44 Feb
2l.. Jan
3% May
44 Jan
634 Jan
4 Jan
34 Feb
7% Apr
494: Jan
4 Jan
1
Feb
44 Apr
444 Mar
344 Jan
34 Jan
6% Mar
Jan
12
4 Jan
ti June
24
11
4
Tit
54
244
2834
28%
144
1
Jan
.lan
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Jut.
Alnr
tit Jan
Jan
214 Jan
54 Jan
% Jan
434 Jul.
4% Jan
44 Feb
'4 Jan
4
10134
954
9644
544
91
98%
74
Ii
6234
4234
Mt%
464
874
824
67
711
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Ian
Jan
Mat
Mar
Mar
Jan
Jan
Jan
Mar
Mar
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Price. Low. High.
Range Since Jan. 1.
Low.
2,000 20
22
22
Ames Seating cony 6s_1936 22
794 104 64,000 7244
Appalachian El Pr 56_1956 80
15,000
3
4
244
Appalachian Gas Os _1945
6,000
44
4% 5
Cony deb 641 set B...19415
4%
584 59% 9,000 54
Appalachian Pow 69..2024 53
3 000 964
99 100
1941
5s
ArkaneasPower&Le561956 73% 724 73% 23 000 67
374 59,000 32%
Associated Elea 4s4s__1963 3534 34
Associated Oes& Electric
Cone deb 51
18
1935 19%
41
1934 72,000 17
2,000 17
18
20
CODY deb 43:s
1948 18
Cony deb 4 -,a
1734 45,000 14
1949 174 16
Cony deb 541
1950 19% 183: 193: 154,000 171-4
1944 184 19% 295,000 17
196$1
Debenture Be
(:onv deb 51 6
1
1971 234: 224 23% 20,000 19
2,000 19
25
21
Associated Rayon 5s. _1950 25
23
Amoo T & T deb 5411 A '55 25
374 64.000 23
Assoc Telep Call 545 1944
1934 a183.4 214 101.000 16
notes_
31
33% 18,000 25
1033
55
1.000 55
Baldwin Locomotive54:s'33
55
Hell Tel of Canada 55_5967 873: 8634 87% 71,000 83%
let mtge 64 Mr A..1955 87
87
88% 60,000 84
4
8834 14,000 1/81
88
let mtge Si set C 1980
3,000 75
92
89
Binghamton 1.11 & P lt,s '46
3,000 65
65
68
Birmingham Elea 434s 1968 68
954 9545 2,000 92
BlackstoneVal GA l. fie '52
93% 93% 3,000 934
Boston Conaol Gae ha 1947
804 8,000 80
Boston & Maine RR 6s '33 8044 80
Broad River Pow 54..1954 444 4334 4445 22,000 40
80,000 97
Bklyn Edison Sa ser E 1952 10134 10134 102
103% 1023: 6,000 101
Buffalo Gen Elee 56 _1939
Canada Nat Ry esz 75 1936
Capital Admin 55..-1953
Without warrants
Carolina Power & 1.0 itis 1960
Caterpillar Tractor As 1935
Cent Arizona
P 5s 1960
Cent Ill P 14 44e F_1967
59 series E
1956
tat mtge Se set G-1968
1981
434s series 11
Cent Maine Po 44s E 1957
Is series D
1955
Cent Ohio L & P 5s 1950
Central Pow 5e sty D 1957
Cent Pow & Lt 1st re 1958
Cent Pub See, 6.4s 1949
With warrants
.
1946
Cent Stem Elea Se
Deb 544s _Sept 15 1954
With warrants
Cent States PiP L 14%11 '53
Chic Diet Elee ran 44.'70
Debenture 5%,Oct 1 '35
Chic Pneu Tool 5348_1942
Chic Rye 55 ctf of deP-11/27
Cigar Stores Realty HOIO
19414
Deb 544s Mew A
Cincinnati St Ry 53:s A'52
1055
6s series B
Cities Service 56
1906
Cony deb 5e
1950
Cities Sere Gas 548_1942
Cities Sere Gas Pipe L 68'43
Cities Sere P & L 5348_1952
Cleve Elee Ill lit 58_1939
1954
Gen fse wiles A
5s series B
1961
Comma,: und Priem
Bank 6)46..
_ _ _ _1937
Commonwealth Edison Co
set A._1953
1st mtge
1st mtge tie, sal' it..1954
let 45 series C__ _1958
1957
1st m 44e ser D
1961.
1st M
s ter E
_1981
let M 4e,er F
Com'wealth Silt/Ad 510 *45
Community Pr & 1.06. leav
Conn Lt & Pow 54s B_'54
Coneot is. El Lt & P(Balt,
1st ref t 4s
1st & ref 0348 set E-1952
1989
4%a series G
bat & ref 444s ser H..1970
CO111,01 Gas Utll
& coil as eer A 1943
Deb 6.4s with warr 1943
Consumers Power 4 ye 19104
Ist & rot 5.
1936
rota', & El Se
1958
Continental ()II 64a 1937
CrsneCoSs
Aug 1 1940
1941
Cuban TelPp 7
Cud.hy Park deb 5Ii• 1937
1114/1
Pinking trine it,
Cumberld Co P&L 4 54,56
9.000
97% 984
2,000
2a,(,00
11,000
1,000
29,000
3.000
3,000
17,000
4,000
2,(00
9,000
8,000
98,000
I
High.
Mar
May 67
Mar
May 92
IA
Jar
Apr
l3 t, Jan
Apr
Jan
June 55
Apr 100% June
sie
mar
May
May 573. Cub
Apr
Apr
May
Apr
Apr
Apr
June
June
May
June
June
Jan
Jan
Jan
Apr
June
Apr
June
June
May
Feb
Mar
94
81.
JbO
43
Jan
810% Jan
44% Jan
444 J
47
Jan
40)4 Jan
72 , Feb
144 - Jan
7A% loll
Jan
90
1544 Mar
9314 Mar
Star
94
June
92
8134 May
9634 MaY
100
Jan
Mar
97
68
Alm
103% 411r
10341 June
Apr 100
Jan
68
58
7914
7944
55%
64
64
58
74
83
55
RI 4
42
June 80
June no
til
May
June 90%
June 74%
Apr 70
June 85
soc 75
May 8944
June 92
May 58
May e70
June 714
Apr
Jan
Mar
Jan
Mar
May
Jan
Jan
Jan
Jan
June
Feb
Jan
52%
68
67
81
723:
594:
68
644
593:
77
84
60
564
51
33:
234
33: 4% 85,000
224 2334 59,000
3
17
May
June
274 Jan
3934( Jan
244
294
63
21%
284
63
51
23
40
25
30
66%
524
23
41
18
23
6414
191
20
34
May
May
Apr
May
June
Apr
Jan
42
Feb
59
7314 Mar
Jan
79
5054 Jan
ao Jan
113:
40
4344
26
27%
40%
.533:
30%
13%
45
45
29
3034
43
544
324
13.000 1044
7.000 3944
2,000 4344
16,000 16
378,000 :17
79,000 3
3
22,000 493:
144.000 284:
June
June
June
May
Slay
May
May
May
Mi
62
67
474
52%
5934
65
6854
61
61
23
404
123:
4334
26
28
42
5444
3134
70
64
83
724
62
70
643:
61
77
84
60
59
53%
44,000
32,000
16,000
11,000
3,000
6.000
10345 1034 10344 51,000
1014 102
5.000
101
10344 27,000
34
303: 37
914 934
903: 91%
84
87
8344 83
85
843: 844
7535
724 71
47
444 50
414 4135
45
105 105%
9334
914:
Mar
Mar
Mar
Jan
Jan
Mar
Mar
Jan
June
994( Jan 104
May
Feb 104
99
99
Feb 103% Mar
113.000 52944 June
50,000 86
33,000 82%
8.000 78
11,000 78
6,000 78
161,000 694
107.000 40
30,000 46
10,000 103
874 873: 88% 42,000 82
104
7,000 102
102 105
1,000 98
100
100 100
96% 96% 2,0(10 94
6614 Feb
June 9854
June 98
June 9314
June 93
May 9814
May 84
May 56
May 614
May 100%
Mar
Mar
Mar
Jan
Jan
Mat
Apr
Feb
June
Jan 92%
June 108
Mar 10434
Feb 100
Mar
MAY
May
May
22% 213: 233: 22,000 164 May
4
May
50,000
15
13
16
92% 924 9334 53,000 574j se,
27,000 100% Mar
1014 1014 102
44
46
May
474 125,000 35
84% 84
04
844 16,000 8 4 Apr
May
6034 584 604 24,000 aa
2,060 55 June
55
55
14,000 59
Jun
654 67
67
9 000 95
95
95
Jun
95
5.000 72% Jun
7294 74
32
2044
98
Apr
Jan
Ape
1029.4 June
67 • Mat
SalAI
1415
lag,
Ma
47
Mal
86
May
Apr
Dallsa Paw & Lt 6s...1949
Jan
1952
34 series C
May
Dayton Pow & Lt 38_1941
May
Del Elea Pow 544.4-1959
APT
Denver Galt & Elea 56.1949
Mar
Derby Gas & Elee 56-.1946
eel',
Det City Gas See,, A 1947
Mat
114110
Ie$eerlssB..
Dixie Gulf Gas 6-45 1937
Feb
With warrants
524 554 5,000 46 June 74
June 94% Mar
4,000 85
Duke Power 44s
87
87
1967 87
97
Duquesne Lt let 4%e 1957 97
975-1 19,000 9331 Mar 9844 May
East Utilities Investing
1- eh
Apr 30
74,000
10
144 16
13e with warrants_.,i954 1534
ai Ian 1123-4 May
Edison El(Boston) 54.1933 1014 10144 101% 37,000
1,000 100% May 101% May
4% notes __Nov 1 1952
100% 100%
1933
444% notes
10045 100% 12,000 10044 May 101% June
May 9944 June
1935 99% 99
99% 124,000 98
Jan
Power * it Se- 2030 39
37
42 213.000 29 -Jun
64
Empire Diet El 8e
85% Jar
8,000 40
Jun
40
42
1952 40
Jar
Fm owe oh * Rote 51 45 '42 34
45
.
72,000 26
32% 35
May
Emote Mareill Fl Mfg
4s with warranta 1553
Jan 634 Mar
al7 a4734 3,000 45
Mar
Erie Lighting 5*
Jun
1957 94% 92
954 26,000 92
99
European Eler 6',e. 1966
P tenon* warrants__
Mai
40
41
29,000 38
40
Apr 49
Jai
European MU& Inv 7a C 67 294 29
.
304 61,000 1954 Apr 38
1004 101
93
93
100
994 100
57
57
934
933: 93
534 554
76
74
65
664
Fairbanks Morse deb 5s '42
Farmers Nat mtge 7s-1963
Federal water Sere 634.64
Finland Residential Mtge
1961
Rank els. .
Plemmons TA Rob II 1942
First Bohemian GI Works
1st 7s
1957
Fisk Robber 6%' - '031
Certificates of deposit .._ _
Fla Power Corp 514s-1979
Florida Power & 18 55.1954
Garlock Pk deb 6s_ _ _ _1939
Gary El & 0..Reset A 1084
10,000
1,000
2.000
1,000
10,000
3,000
18,000
14,000
97
91
95
55
92
5354
7034
6434
Jun .103%
.
1
,tir 99
Jan 1014
June 73
Apr 95
June 6834
May 5574,
May 59
40
204
34
4044 16,000
40
21,000
1744 23
3244 3544 34.000
38
14
28
73
3514 37% 18,000
5,000
73
74
26
7044
Jan
Feb
32
10)4
8
4934
50
60
51
June
APT
Apr
June
May
June
May
36
164
a1454
5134
574 534
60
60
5134 51
15
36
14
16
53
59%
60
0234
1,000
7,001
20,000
19,000
145,000
1,000
17,000
May
May
Pet'
Pilaf
410
29% Jan
62
Mitt
48
Si
Mai
Mat
Jan
60
18 June
16
June
6234 Mar
Feb
78
82
Apr
Feb
85
Financial Chronicle
4474
Bonds (Continued)-
Sales
!Friday
Last Week's Range for
Week.
Sale
ofPrices.
Price. Low. High,
9atinesu Power lat Be 1958
Deb gold 8s June 161941
Define ser B A &O.1941
General Cigar serial 6s 1932
1935
6s
Gen Bronze Corp deb 811 40
Gen Indus Alcohol 645 '44
Gen Motors Accept Corp
1933
5% serial notes
5% serial notes
1934
1935
5% serial notee
5% serial notes-1938
Gen Pub Serv 58
1953
Gen Pub UM 13340 A 195C
1933
614s
Gen Rayon deb 8s A_ -1948
Gen Refractories le.. _1933
Gen Wat Wka Corp Se 1943
Gen Wat Works Gas& El
Cony deb 613B
1944
Gen Vending Corp 88.1937
With warrants
Without warrants
Georgia Power ref 15e__1967
Georgia Pow & Lt 58.-1978
1953
Gestural deb Os
Without warrants
Gillette Safety Razor Se'40
1935
Glidden Co 534s
1935
Gobel (Adolf) 635s
With warrants
Properties
Grand (F
Cony debentures 6s_1948
Grand Trunk RY 6)41_1938
Grand Trunk West 4s_1950
Great Nor Power 5s_ _1935
Cilt Wert Power let 56 1948
Guantanatno & West 6.'58
Guardian Investors 56_1948
With warrants
Gulf 011 of Pa 8.- ----1937
Sinking fund deb 56_1947
Gulf States Mil Si. _19513
1st dr ref 4355 ser H_1981
Hamburg Electric 7a_ _1935
Hamburg E & Unct 6%8'38
Hood Rubber 76
1938
10
-year 534s.-Oct 15 '38
Houston Gulf Gas
Debenture 635s Apr 1 '43
nous L & P 1st 4 35e E1981
1st & ref 435s ser D.1978
1st Is series A
1953•
Hudson Bay M & S 6s 1935'
Hungarian-Ital Ilk 794a'63
Hydraulic Power (Niagara
Falls) ref & imp 5s._1951
HYgrade Food 86 /sr A_ '49
1947
Idaho Power 58
IWnols Nor DUI 5a-- -.1957
III Pow & L 1st 6a ser A '53
1933
1st 5s
let & ref 554 s ser B.1954
1st & ref 58 SET C _1958
13f deb 5 58..Mav 1957
,
Indiana Elea Is ser C_1951
let M 13s series A _ _1947
Ind Gen Service Is..1948
Indian Hydro-Elec System
1958
5s series A
Ind & Mich Elea Si
1957
1st & ref be
1955
Indiana Service Ee___..1983
let & ref 56 .
.1950
Indianapolis Gas laser A'52
lnd'poilaP&LSeserA'67
Instill Util Invest 66..1940
With warrants
58 series A
1949
It-Cent Power 65.. _1948
_1948
With warrants
Internal Pow Sec64s 13'be
Secured 646 ser C__1955
Secured 7s set D__1938
7s series E.. . ._1957
International Salt 5s._1951
Internat Securities fa 1947
Interstate Iron & Steel 534s
Interstate Power 84_1957
Debenture 6e
1952
Interstate P S as D1968
lot & ref 4t4a
_ 1958
Investment Coot Am Si'47
Without warrants
Iowa-Nob L & pó... _1957
50 serlea B
1961
Iowa Pow dr Lt 448_1958
Iowa Pub Service 56_1957
Marco Hydro-Eleo 7e.1952
'Botta Fraschini 7s_ _ _1942
Without warrants
Italian Superpower of Del
Del% Os without war '63
Leto.
64,000 55%
55% 57
33,000 3754
43
41
40
42% 37,000 37
100% 100% 2.000 100
100 10034 2,000 98
100
z234 z234 1,000 z2334
104 104 104 1,000 10
55%
42
40
96%
23
28
1004 1004 5,000
984 984 9,000
964 964 12,000
,
4 3,000
964 961
66
664 7,000
224 234 43,000
3,000
29
29
1,000
25
25
1,000
36
36
2731 284 16,000
754
44
784
48.4
274
814
70
8
27
66
37
31
38
17,000
5,000
34 n5
4% 4% 5,000
37,000
7734 79
27,000
48
50
98
9632
94
9334
62
19
24
22
31
2234
R334 June
21
Feb
1
4
83%
45,‘
Apr
June
May
June
June 47
May s93
May 78
Feb
Mar
Jan
Mar
Jan
8
434 June
Jan
90
6634 Mar
35,000
58
May
2
87
45
904
914
13
June 29
Jan
Jan 100
Jan
Mar
June 69
June 100% Mar
Feb 9834 Mar
Apr 19% Jan
25
90
83
62
59
Feb
June
June
June
June
3
5.000
41,000
93
2,000
50
91
5,000
9534 8,000
al531 5,000
26
9435
a88
66
59
36
2835
49
38
2735
94%
90
6835
61
16,000
13,000
56,00
31,000
11,00
70
2951 Mar
96
Mar
91334 Feb
Jan
84
Jan
75
3834 21.000 34
May r80
3134 58,000 62334 May 444
49
3,000 43
Apr 55
Jan 45
3855 5,000 85
99
26
99
28
90
77
5831
96%
5735
51
38
67
63
91
90%
79%
6354
9635
61
57%
42
68%
6335
91
8434
58
92;4
83
23
24
75
84
1,000
58
3,000
94
5,000
85
3,000
24
23,000
26
75
1,000
84% 25,000
1
1
1
1
1% 17,000
334 2,000
94
83
24
Jan 100% May
Jan 99% May
May 9831 Mar
Jan 9734 Mar
Apr
Apr 75
May 41% Jan
Apr
June 35
Mar
May 25
Jan
June 70
Feb
May 40
70
59
99
28
6135
574
394
Mar
Mar
Mar
May
May
Jan
Feb
23
77
62
314
63
MAY 74
June 70
June 68
Feb 101
Jan 1004
June 40
Jan 15
53,000
25,000
2,000
22% 22% 2,000
11,000
78% 79
78
78% 11,000
so 90
2,00
56 57 35,000
31
3394 38,000
79
7834
High.
2434 28
79
85
a72 a72
2
9234
93
45
50
9094 90%
94%
all34
5,000
8,000
8,000
6,000
52,000
1,000
25,000
68,000
36,000
7,000
10,000
2,000
17%
73
75
8534
554
20
Jan
Feb
Mar
Mar
June 50
Jan
Mar
May 88
May 88
Mar
June e9434 Jan
May 63
Mar
Mar 4834 Feb
954 Feb '101
June
214 May 4914 Jan
8804
724
58
96
50
484
3034
61
63
91
Feb
Apr
June
AM
June
June
June
Jan
June
Jan
58
91
83
20
22
75
72
June 71
Jan
Mar
May 98
June s9335 Mar
June 82
Feb
Feb
may 63
May
June 86
Jan
MAY 96
% May
35 May
984
90
9134
97%
88
83
7434
79
90
95%
38%
27
Mar
Feb
Jan
Apr
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Jan
6
1% June
Jan
June 98
Jan
77
61
June 78
Jan
Feb
801
4 Jan 97
Jan
8434 June 87
5734 June 73% Mar
39% June 51
Jan
32 June 48
Feb
464 Apr .89% Mar
19
Jan
May 61
Feb
614 Apr 79
Feb
5134 Apr 75
2
2
81
77
61
62
84
84
6434 a6634
8094 6034
3994 41
32
32
5034 5294
2734 2994
69%
64
6034 63
2,000
31,000
14,000
10,000
31,000
1,000
33,000
2,000
48,000
55,000
34,000
30,000
65
8534
6634
7554
6535
48
65
68%
6714
77
8634
4835
19,000
10,000
3,000
18,000
21,000
29
25
29
11,000
25
24
2334 25
53,000
213( May
6234
Jan
4634 1,000
4,000
91
8835 15,000
44,000
81
4434 May
DO
May
793i May
7434 May
86
9535
9634
8634
Feb
Jan
Jan
Jan
38,000 9234 June 6101
8,000 87
June 90
8.000 65
May 84
6,000 62 June 82
8,000 61
June 82
8,000 4834 June 56
2,000 81
Jan 86
54.000 46
June 88
53,000 62 June 9004
4,000 80
May 95
1,000 79% June 95
2,000 38 June 65
3,000 32
Feb 42
85,000 4834 June 83
20,000 28 June 51
10,000 54% June 78
8,000 4231 May 81
June 99
12,000 279
1,000 93 June 10034
5.000 7735 June 96
15,000 68
May 93
2,000 90
May 90%
17,000 38% June 81
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Apr
Jan
Mar
Mar
Jan
Mar
Jan
Mar
Mar
Mar
May
Jan
81
61
65
13034
3934
5234
2794
64
62
88%
Jacksonville Gas ba-- 1942 4635
Jamaica Water Sup 534s'55 91
ler C P & L 1st ba B__1947 88
let 446 series C..--1961 78%
Jones & Laughlin Steel&
1939 94
Kansas Power 58
1947
Kansas Pow & IA Is BI957
Kentucky Dill let 56_1961
let Mtge 5s ear 1...19139
Keystone Telen 5%a_ _1955
Kimberly-Clark 5e__ _1943 84
Koppem 0& C deb 58 1947 54
Sink fund deb 546_1950 62
Kresge (SS) Co 5a- _1945
Certificates of deposit_._ -----Laclede Gas Lt 5356._1935
Laruton Gas Corp 635s '35
Lehigh Pow &cur 81_2028 60
Leonard Tletz 734s
1946 30
Lexington Utilities Si _1952
Libby MoN & Libby 56 '42
Long Island Ltg (ls_ _ _1945 78
LosAngelesG&E 534s 11949
1st & general 5s_ _ _ _1961
Louisiana Pow & LS as 1957 7854
Louisville (I & E 434s C '61
Manitoba Power 646.1961
Mansfield Min & Smelts
7s with warrants_ 1941
Mass Gee Co 546.--1060 7534
Sink fund deb 56.....1955
Mass Util Assoc 5s _ _1949
McCord Rad & mfg 681943
With warrants
Melbourne El Stipp 734s'48
Range Since Jan. 1.
48%
90%
88
78%
92%
72
88%
62
61%
4834
84
5234
60
85%
82
43
39
5735
28
5435
55
z78
9535
8551
75%
90
37
95
72
7151
64
63%
49
89
58
664
88
82
43
41
614
30
56
57
794
95%
85%
764
90
40
Lobo
15
75
704
68
3,000
19
51,000
76
72% 58,000
7154 3,000
9
79
9
8034
2,000
8,000
4734 Apr 6734
644 June 80
88 June e79
75
June .8.034
May 8214
61
60
48 June
June
48
Mar
Jan
Jan
Jan
Jan
Jan
Feb
June
Jan
33
9734 Jan
Mar
90
Jan
90
54 June
Feb
(10
Jan
28
8034 June
15
65
84
65
May
June
JUDO
Bonds (Continued)
June 18 1932
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
Range Since Jan. 1.
Low.
High.
3,000 91% May 90
95
94
Jan
Memphis P & L Si A_1948 95
25,000 66 June 80
70
66
Jan
Metropolitan Edison 4s '71
1004 1004 2.000 98
Apr 100% June
Michigan Light Co 5s_1946
Middle West UtilitIes134M
May
6
84 37,000
8934 Jan
1932
Cony 5% note..
6
2
May 59
6
734 13,000
Jan
Cony 5% notee__1933
6
May 85
6
74 66,000 z2
Jan
Cony 5% notes_ _1934
6
735 57,000 z2
,
Jan
May 80
Cony 5% note.
----1686
894 894 2,000 88
June 96
Mar
Milw Gas Lt
.1967
4,000 62 June 7834 Jan
74
70
Minneap Gas Lc 44s-1950 74
6,000 70
73
73
May 7954 Apr
Minn P & L 181 448_1978
1,000 70
71
June 9034 Apr
71
1955
1st & ref Is
59
594 8,000 54% May 7734 Mar
Mississippi Power Se._1955
40,000 5651 May 82% Mar
Miss Power & Light Si '57 694 624 70
Miss River Fuel 63-1944
8,000 65 June 90
65 a88
65
Mar
With warrants
1,000 63 May 84
85
65
Mar
Without warrants
19,000 8654 June 98% Jan
93
Miss Riv Power 10* 56 1951 924 92
Monon West Penn Pub der
434 May 804 Mar
let lien & ref 53.4. B '53 (144 6134 6435 23,000 5
Montreal L H & P
25,000 8234 Feb 98
Mar
dr ref Ss ser A__ _1951 8-1,‘ 8435 85
1970 844 84% 84% 20,000 8134 Feb 874 Mar
Is series B
Narragansett Else Si A '57 90% 894 914 24,000 89% June 9834 Mar
54 84 73,000
June 4634 Jan
5
7
Nat'l Elea Power 56-1978
5,000 20
21
20
May 3434 Jan
Nat Food Prod (is__ _1944
10,000 52% June 8435 Mar
6034 64
Nat Pow & Lt 86 A__ -2026 64
51,000 40% June 72
55
Jan
2030 53% 49
Deb 58 series B
164 184 127,000 15% June 45
Jan
Nat Public Service 56_1978 18
634 634 1,000 8035 June 78
Mar
National Tea Co 56.-1935
90
904 6,000 88
Feb 94
Mar
Nebraska Power 448 1981
19
4,000 15 June 314 Jan
15
Nelsner Bros Realty 651948 19
634 42,000 80 May
60
Jan
77
Nevada-Calif Elea 56.1958 63
79,000 403( Apr 67% Jan
454 50
N B Gan & El Assn 86_1947 50
38,000 40
454 47
Apr 68
1948
Jan
Cony deb 68.
Apr 6434 Jan
1950 46% a4554 47% 82,000 41
Cony deb Si
384 60,000 3354 June 674 Jan
New Eng Pow Assn 86-1948 37% 36
33,000 3834 May 70
1954 40% 364 41
Jan
Deb 5146
96
1,000 94
96
New Engl Power Co 5s_'51
AM 98
Apr
444 46
14,000 44% June 804 Jan
New On Pub Serv 4348.'35
NY & Foreign Inv 534s'48
38
39
3,000 38
June 60
Feb
With warrants
Jan 10334 Mu
NY Edison Si ser C1951 1014 1014 1024 122,000 97
854 103,000 73 May 90.34 Apr
NYP&L Corp 1.1 454.67 85% 85
N Y State G & E 4 346_1980 734 a7194 734 28,000 68% June 824 Mar
4,000 10135 Jan 105
103 104
Mar
Niagara Falls Pow 06_1950
24,000 33
364 38
Apr 69
Feb
Nippon El Pow 63411-1953
1,000 54
54
Jun
54
77
Apr
Nor Amer Lt & Pow 6%'36
23% 11,000 21
May 40
Mar
Nor Cons 1,7til 646 __1948 234 21
7335 3,000 62
73
Jun
8714 Jan
Nor. Ind. P.S. be C--1988
2,000 6434 Jun
71
Jan
70
88
1st St ref 5s ser D___1969 71
2,000 6235 may 814 Jan
65
65
1st & ref 4348 ser E-1970
June 96% Mar
8854 20,000 85
Nor Ohio Pr & Lt 534.1951 884 86
Jan 8934 Mar
Nor Ohio Trac & Lt fts 1956 804 7935 80% 8,000 79
May 92
Jan
764 9,000 75
No States Pr 554% notes'40 754 75
28,000 79
Apr 91
84
Mar
82
Refunding 434a....1961 82
54
54
Mar
1,000 50 June 85
Nor Texas URI 75____1935
6,000
12
14
May 43% Mar
8
N'western Pow 6e A-1960
Oblo Edison 1st 56.-1960 874
OM Power let as 13-_1952 8954
let & ref 414e ear D.19513 84
Ohio Public Servtoe Co
1st Sr ref 68 ser C.. _1953
1st & ref 5s ser D_ _1954
1st & ref 534s ear E.1981
Okla Gas & Eleo 56-._1950 75
(is deb series A
1940 64
Osgood 6s with wart_ _1938 28
Oawego Falls Corp 613_1941
Pao Gas & El 1st 6%8.1957 8834
1941 102%
1st Os series B
let & ref fifis C
1952 99
5s series D
1955 98%
& ref 44e F___ _1960 8734
Pao Invest deb bs__ _ _1948
Pao Ltg & Pow 5s._ _1942
Pao Pow & Light 86_1955 66
Pacific Western 011 84643
50
With warrant.
Penn Cent L & P 4346_1977
Penn Dock & Warehouse
(is with warrants_ _.1949
Penn glee let & ref 46.1971 8835
Penn Glass Sand 65_ _ _1052
Penn Ohio Ed 535s 13_1959 54%
Deb fls series A
1950
Penn-Ohio P & L 54s A '54 8935
Penn Power 56
1958 8734
Penn Wat & Pow be_ _1940
1st & ref 435s ser B_1968
PMI's Electric Co 6s. .1986
Phila Elea Pow 54e. 1972 10135
Pulls Suburban G & E1957 08
Ist & ref 4%s
Phila Suburban Wat 58 '55
Piedmont Hydro-El Co
1st & ref 6346 ol A _1960 40
Piedmont & Nor fly 5.11954
Pittsburgh Steel 88_1948 60
1939
Poor & Co Cs.
Potomac Edison 64 E 1956
434s series I
1961 8935
Power Corp (N Y)5346_17
Procter & Gamble 4341 '47 9955
Prussian Elea deb 06-_1954
Pub Serv of NJ 6% °Us
- 10251
Pub Sem of Not Illinois
1st & ref be sec C.-.1966 73
1st & net 435a ser D.1978
1st & ref 434s ser E_1980
& ref 434i Der F_1981
1968 73
5s
Pub Sera (Okla) Sa 13_1967 6035
Pub Serv Subsid 534 A1949
Puget Sound P & L 546'49 6254
let & ref 64 ear 0-1950 5934
let & ref 4345 ear D.1950 55
Radio-Keith-Orpheum1941
tls full paid
Remington Arros 5345.1933 77%
Republic Gas Os June 16'45
Rochester Cent Pow 561953 20%
Ruhr Gas Corp 646..1953 2135
Ruhr Housing 6346 A.1958
Ryerson Cs T)& Sons 5. 43 61
Salmon Illy Pow 5e_1952 10034
St Louis G & Coke go 1947
Sale Harbor watPr 4%8'79
1955 914
Sauda Falls 55Saxon Pub Works Se...1932 424
Schulte Real Estate 138 '35
With warrants
Serino(E WI deb 6346 1943 53
Shawinigan W & P 434e'67 554
1ss&ooii4.4.aarBl968 55
1970 624
let 5e series C
let 415s series D
1970 554
Sheffield Steel Corp 534018
South Carolina Pr 58-.1957
Houtheast P & 1. 6.- 2026
withnnl warrant.
- - 55%
31,000
86
88
884 8954 24,000
45,000
85
84
May
June
June
80
83
74
70
70
1.000 70
3.000 85
68
65
741% 74% 2.000 70
73
75% 34,000 (17
64
6534 16,000 64
28
28
2,000 24
40
40
4,000 35
884 89
26,000 8234
1024 1034 17,000 100
99
994 547,000 0434
9.44 964 14.000 91
874 884 45,000 82
594 61
3,000 56
100 100
2,000 100
a61.4 66
12,000 5034
49
51
69,000 z47
67.4 684 7,000 67
20
18
66
67
72
72
534 56
60
60
854 8934
8534 8735
100 100%
90
90
102% 103
101% 102%
96
96%
90% 90%
394 40
50
55
58
60
45
45
76
74
69
6954
5234 .52%
99 10035
1754 21
102 103
72
86
66
86
70%
60
38%
6134
57
55
73
68
6735
6834
73
6231
40%
6335
60
5634
04
90
Jan
Jan
Apr
June 88
June 884
June 33
May 8734
June 75
June 50
June 67
May 94
June 10534
June 6103
May 9854
May 9334
Jan 87
June 10334
June 86
Apr
Jan
Apr
Jan
May
Jan
Mar
Apr
May
Apr
May
Apr
Mar
May
Mar
June
May
2,000 18'
18,000 65
1,000 70
67.000 41
1,000 55
8,000 84
14,000 8114
6,000 100
1,000 8835
16,000 1014
61,000 98
9,000
1.000
95
98
92%
June
May
Apr
May
June
may
June
Apr
Jan
Apr
June
Jan
June
714 Mar
794 Jan
25
76
75
8335
84%
1004
92
102
914
11/4
105%
Jan
Mar
June
Apr
Mar
Mar
Apr
May
May
Apr
Apr
97
June
9431 May
9,000 3454
11,000 50
6,000 5634
1,000 40
8,000 74
3,000 69
1,000 52%
26,000 96!e
14,000 154
12,000 100%
May 63% Mat
May 84% Feb
June 85
Jan
MAY 70
Mar
June 90
Mar
June 81
Mar
Mar
June 72
Feb 1064 MAY
June 31
Feb
Apr 107
Mar
7,000
7,000
4,000
31,000
9,000
16,000
5,000
88,000
7,000
12,000
June 90
Jan
June e813.5 Mar
June 84
Jan
June 82% Jan
June 7434 June
May 7934 Jan
Jan
June 50
June 81% Mar
June 7734 Mar
73 Mar
June
70
66
68
6334
7034
55%
3835
56%
5534
52%
49
49
5,000
63
77% 25,000
10
12
5,000
20% 2054 8,000
1934 24 118,000
20
2254 19,000
61
61
2,000
100 34 10035 6,000
8;4 10
10,000
91
92% 22,000
90
91% 18,000
36% 43% 138,000
40
May 106
53
May 81
7 May 25
184 May 40
13 May 35
15
MAY 27
80
May 11434
95
Feb 10054
5
May 23
8731 June 9414
8434 May 994
263i Jan 44
Jan
Mar
Jan
Jan
.1110
Feb
Jan
May
Jan
Apr
Feb
Fer
15
15
52%. 57
53
564
54
55
61
624
54
57
60
58
47
48
2,000
16,000
107,000
22,000
46,000
70,000
5,000
5,000
June 40
15
5235 June 7034
5234 May 76
584 June *76
6934 MAY 86
52 June 76
52
Apr 70
June 70
47
Jan
Mar
Mar
Mar
Mar
Mar
Jan
Mar
53% 513
200,000
44
June
s5
Mar
Bonds (Concluded)
4475
Financial Chronicle
Volume 134
Sales
Friday
Last Week's Range for
Wee.t.
of Prices.
Sale
Price. Low. High.
Range Since Jan. 1.
High.
Low.
Feb 9934 May
974 43,000 94
Sou Calif Edison 56___1951 97it 97
964 974 5,000 93)4 Feb 994 May
1952
Refunding 5e
23,000 93
Feb 99 May
964 98
Refunding 55 June 1 1954 98
3,000 98% Feb 102% Mar
102% 102
1939
Gen & ref fa
4,000 90 June 90 June
90
90
1955
44s
Mar
88
2,000 88 June 97
SS
Sou Calif Gas Co 54s 1952
Southern Natural Oaslis'4..
Feb 43
Mar
30
44,000 26
28
30
With Privilege
Apr
43
2,000 30 June 55
43
So'west Assoc Tel 5s_ 1961 43
Feb
Apr 80
694 24,000 68
63
Southwest0 & E 5..4_1957 69
Jan
7,000 4734 June 72
56
53
Sou'west I.t & Pow 58_1057 55
Mar
Elo'west Nat Gas 6a__.1945 154 134 154 5,000 114 May 84
Jan
47
504 28,000 3534 June 81
Pow & Lt 6s__2022 50
So'west
Jan
484 2,000 47 June 70
1942 484 47
Staley Mfg 65
434 474 63,000 324 June 7814 Mar
Stand Gas & Cleo 6a 1935 46
Mar
464 441.4 a484 58,000 35 June 79
1935
Cony 6$
Jan
373.4 404 103,000 30 June 73
1951 38
Debenture 6s
Jan
384 n43
30,000 30
May 71
Debenture 65 Dee 11968 40
56
55
7,000 5034 May 6034 May
1989 56
Stand Invest 5sis
53
533.4 7.000 60 June 60 .May
1937
10-yr deb 5a
33
384 90,000 26 June 684 Jan
Stand Pow & Lt 6.......1957 37
Jan
31
31
3,000 27
May 51
Stand Telephone 530.1943
ethnics(Hugo) Corp
Mar
234 25
19.000 22
Mar e31
78 Oct 1 '36 without warn
21
35,000 174 June 2944 Jan
7s without warr._ 1946 204 18
Mar
9044 92
4.000 88
Jan 96
Sun Oil deb 544a_ _ 1939 92
June
Feb 94
94
1,000 86
94
1934
5% notes
Jan
594 16,000 54% May 74
Super Pow of Ill 4nte'.68 594 58
Mar
954 974 38,000 9234 June 101
Swift & Co let Mp t 56.1944 96
Mar
794 82
79,000 67 May 95
5% notes
1940 82
Apr 9736 June
Syracuse TA us ser B I057 954 954 974 48,000 14
May
103 1034 10,000 100 June 104
1st & ref 5%s
1954 103
79
4,000 78 June 924 Mar
80
Tenn Mao Power 5a- .1950
Feb
May 61
Tared Hydro-Kier 6tie 63 424 424 434 20,000 42
324 33
6,000 324 June 4834 Mar
Texas Cities Gas 5s- - _1948 33
73
Texas Electric Sera 58.1960 7254 71
21,000 63 May 8514 Mar
Feb
94 10
16,000
Apr 24
8
Texas Gas Util tle _ 1945
944
36,000 67 June P2H Feb
79
Texas Power & Lt 66..1956 774 77
May
22.000 90 June 98
92
Bs_ ........
1937 914 90
% Apr z334 Jan
3.1
Tri-Utillties deb 58_ _1979
34
54 2,000
Twin city Rap Tr 6%.'62 284 284 294 33,000 2454 May 314 Apr
11
June 34% Mar
12
42,000 11
Glen Co Oeh 6s.. .._.1944 12
Un Amer Invest 58-1948
634 634 2,000 63 May 714 Feb
With warrants
Mar
Feb 100
97
984 13,000 90
Un El L & P 58 ser B._1967
May e9614 mar
12,000 84
884 89
Union Gulf Corp Ss Jul 1'50
May
May 86
z75 z75
2.000 zS6
Union Terminal 5a.__ A942
1,000 92
Apr 93% May
92
92
United Elec(NJ) let 4s 49
United Etta Serv 7s__1956
Feb
434 4344 2,000 32 June 65
Without warrants
Jan
2344 128,000 1416 May 32
United industrial 6Hs 1941 234 20
Mar
May 33
23
44,000 19
20
let 6s
1945 23
Jan
3644 29.000 30 May 66
United Lt & Pow 65..1975 364 32
Jan
Deb g 6 Hs
1974 3574 34 n404 22,000 34 June 66
On
RY8 548.-1952 364 324 364 112,000 32)4 June 68% Jan
Mar
62% 14,000 61 June 88
(is series A
1952 624 61
38% 2.000 38 June 65% Mar
38
&series A
1973
12
12
5,000 12 June 12 June
Un Porto Rican Sug 6 He'32 12
Feb
204 8,000 15 [June 31
15
Un Rys of Havana 7%s'36
13 Rubber
15,000 59% Jan 69)4 Jan
68
65
3-year 65t. notes_. 1933 66
Jan
5,000 35 May 63
50
44
834% serial notea_ - _1934 48
13,000 21% June 4314 Mar
28
26
64% serial notes 1937 28
254 284 8,000 24
Apr 39% Mar
644% serial notes_ 1938
Apr 39
Jan
11,000 21
28
25
1939 28
644% serial notes
Jan
27
25
12.000 2214 Apr 40
6Si serial notes
1940
5,000 50 May 7054 Apr
55
55
Utah Pow de Lt 6s A _2022
3,000 88 June 94% Mar
904 91
Utica Gas & El 5s 1E 1952
Jan
7,000 80 June 97
Va Elea & Pow 58-1955 834 834 84
Apr 79% Feb
Pa Public Serv 544sA_1946 614 594 614 11,000 54
Feb
15,000 554 May 74
554 57
121 ref So earl,. B___1950
19,000 3431 June 70% Feb
42
38
20
-year deb Os_ -.._1946 40
Waldorf-Astoria Corp
3% May 204 Jan
19.000
7 n10
let 7s with warr.___1954
May 904 Mar
79% 80
2,000 78
Ward Baking Co 6s. _1937
Feb
7,000 3544 May 66
45
43
West Penn Elec 5s- -2030
Mar
7,000 85 June 92
86
85
West Penn 4s series 11_1961 85
Feb
73,000 27 June 65
West Tessa UM 5e A 1957 384 364 40
Western Newspaper Union
8,000
14)4 Apr 29% Jan
064 17
Cony deb Os
1944 17
Western United Gas & Elee
Mar
16.000 6234 May 80
6814 75
1st 5 Sis ser A _
.1955
Westvaco Chlorin ProdFeb 102 May
100% 101% 5,000 99
10-yr deb 545
1937
954 May
Wise Elec Pow 5s
1954 9444 934 9434 4,000 90 Jun
Jan
91
723.4 12,000 694 Jun
Wise Pow & Lt fa F
1958 724 70
Jan
89
714 7144 1,000 714 Jun
1st dr ref Sneer
.1956
Jan
93
Jun
84
24,000 81
81
Yadkin Ely Pow 58...1941 81
834 Apr
2,000 70 Jun
7544 77
York Railways Bei. _1937
Forelen Government
And afunicipeitiesAerie Mtge Bk (Colombia)
1946
20
-years 17a
20-yr s f 7s_ _ _Jan 15 1947
Baden (Conant) 7a..1951
Buenos A iree(Prov) 7%0'47
Ext 7s .
_Apr 1952
1948
Cauca Valley 7a
Cot Bk of German State a
Prov Banks 68 A__.1952
1951
.
Se series El
Danish Cons 548 - .1955
1953
53
Moyle Port & Waterways
July 1 1952
6 Sis
German Cons Munie Te 47
_1947
Secured 6a.
1939
ifanover (City) 7s
Hanover(Prov)64s...1949
Indus Mtge Bk (Finland)
let mtge soli a f 76..1944
Medellin 75 series E.._1951
Mendes& (Prow) Argentine
External if g 743..1951
%engage Bank of Bogota
7s issue of May '27 1947
7s issue of Oct '27 1947
Mtge Bank of Chile 65 1931
Parana(State) Brazil 78.58
Rio de Janet*,654s_ _1959
Saar Basin Counties 7.1955
Saarbrueeken (City) 78 '35
Sante Fe (City) 7s- - _ _1945
2734
2544
6
227
32
22
21
18
24
2314
244
274
2544
5%
264
264
28
3144
284
544
11,000
10,000
25,000
27,000
24,000
2,000
22
21
16%
27)6
25%
3
Jan
Jan
May
June
Apr
May
35
34
30
44
63%
15%
224 59,000
324 85,000
664 4,000
564 1,000
1114
23
53
45
May
May
Jan
Feb
36%
4034
75
64%
Feb
Feb
Mar
Mar
24
1844
1744
164
16
24
234
214
194
18
24
15
1334
164
14
June
May
May
June
June
44)4
3514
32
35
31
Jan
Jan
Mu
Jan
Jan
70
13
Apr
Jan
41
Apr
.
504 514
10
10
23
26
344
30
See alphabetical list below for "Deterred Delvery" sales effecting Ins rens,
for the year.
American Capital Corp., corn. el. B, June 14, 700 at H.
Amer. Gas & Elea.. pref.. April 12. 100 at 68.
American Solyente & Chem.644a. w. w., 1936. Mar 17. 51.000 at 1614.
Associated Tel. & Tel., 5445. 1955. May 31, $1,000 at 28.
Bell Telephone of Canada 5s. 1957, Mar. 7. 59,000 at 9414.
Central Public Service, class A. June 7. 100 at Si.
Central States Electric. corn., June 1, 100 at H.
Cities Service, deb. 5s, 1950, May 28,51,000 at 16%.
Commerz-and-Privat Bank, 534s, 1937. May 28. 51,000 at 29.
Commonwealth & Southern, warrants, June 15,500 at Si.
General Bronze Corp., 68 1940, June 16, 81,000 at 234.
General Water Wks. & Elec. 6s ger. B, 1944, June 6, 510,000 at 6.
Gillette Safety Reser 55. 1940. Mar. 7, 31.000 at 114.
Hamburg Elev., Underground & St Ry., 554s, 1938, May 25. 55.000 at 2314..
Indiana dr Michigan Elec. 5s. 1955. Mar 12. 12,000 at 94.
Industrial Mortgage Bank of Finland 7 1944. Jan 2 11.000 as 60
Interstate Power 50. 1957. Mar. 10. 55,000 at 70.
Interstate Equities Corp., May 21, 200 at Si •
Long Island Lighting, 68 1945, June 16, 51,000 at 78.
Middle West Utilities, 58. 1934, May 28. 51,000 at 14.
Middle West Utilities, 58, 1935, May 28, 55,000 at 14.
New Bradford OIL Feb 8. 500 at si
Ohio Public Service,.6s, ser C. 1953, June 2, 51,000 at 704
.
Pacific Western Oil 6%s, w.w. 1943, June 7, 51,000 at 46%.
Penn. Public Service 6s ser. C, 1947, May 4. 51,000 ta 8944.
Public Service of No. tll. 7% pref., April 5, 76 at 68.
Securities Coro. General, April 9. 300 at 2.
Southwest Dairy Products leo 640 luaR Jan. 20. 51,006 05 7
Super Power Co., 68 1961. June 7, 51.000 at 77.
09
Corp. deb. 58, 1979. Pen. 1. 42.0 at 94
Union Terminal (Dallas). 5s 1942. June 14, 52.000 at 75.
Jan
Jan
Feb
Apr
Jan
Jan
IS
26
66
5644
Jones & Laughlin Steel 55, 1939. Mar. 81. $8,000 at 103%
Hanaae City Gas 6e, 1942. Mar. 1. 54.000 at 98.
Netherlands 68 1972. Jan. 5. 510,000 at 106.
Massing Mines, March 23, 100 at 14.
Pacific Gas & Elec. 545 ser. C 1952. Apr. 27, 52.000 at 103H.
Rio de Janeiro liSis 1959. Jan. 18, 512.000 at 1644.
Public Service of No. III.. 414s, 1978, Feb.8. 81.000 at 86
Rueedan Govt. 61.4is etas.. 1921. Feb. 4, 51.000 at 144.
Shawinigan Water & Power 4S4a. series B. 1968. Mar. 10. 32,000 at178
SUnnes (H.) deb. 78. 1936. Jan. 25. 81.000 at 3144.
galvanic. Gold Minas, Jan. 27. 100 at 44
Toledo Edison 58, 1947, Apr. 26, 81,000 at 94.
Union Gulf Corp. 58. 1950. Mar. 9, $1,000 at 98.
United Light & Rya. deb. 65. 1973. Mar. 9. 32,000 at 654.
Welch Grape Juice corn.. Jan. 37. 25 at 374
Wheeling Electric 53. 1941. May 18. S1,000 at 101.
224 23
254
244
9
334
3
8944
9944
27
6,000
89,000
48.000
30,000
15,000
6.000 s50
May
934 May
1,000
10,000
254 2,000
264 14.000
7,000
9
3,000
4
34 5,000
2,00
90
44,00
103
11,000
30
• No par value. a Deferred deliver,. I Correction
WI when leaned. r Ex-dividend
r Sold for ()ash.
20% May
20%
20%
9
3)(
3
83
88
20
Jai) 3?
Jan 37
June 16
June 11%
June set
Jan 95
Mar 103
May 3834
Jan
Jan
Feb
Jan
Jan
Feb
June
Mar
a Sold Under the
ror
e See alphabetical list below for "Under the Rule" sales affecting the range
pe year.
Blackstone Valley Can & El. 5.9, 1939, May 19, 51,000 at 1024.
Bulova Watch pref., Feb. 2 10 at 124
Central Power 58 series D, 1957. Mar. 7. 21,000 et 72.
Jan. 11, 10 at 6.
Cities Service. pref. B.
1949, April 5. 81.000 at 105
Dallaa Power & Light 6.
& Power 5s. series A. 1953, May 3, 53,000 at 96.
Houston Lt.
at 68.
Interstate Telephone 55, series A, 1961. May 9, 52,000
1958. April 1, 51,000 at 814
IOWA Power & Light 434..
1959. Feb. 1. 51,000 at 84.
510.
Iowa Public Service
CURRENT
NOTICES.
-Laurence M. Marks of Lee, Higginson & Co. was elected President of
the Bond Club of New York at its annual meeting this week, succeeding
G. Munro Hubbard of J. G. White & Co.. Inc.. who has served for the past
year. Mr. Marks has been Vice-President of the club. Other officers
elected were John D. Harrison of the Guaranty Co. of New York, VicePresident; Nathaniel F. Glidden of Glidden, Morris & Co.. Secretary: and
Frank M.Stanton, Chase Harris Forbes Corp., Treasurer. Three members
were elected to the board of governors to serve for a term of three years.
They are the retiring President, Mr. Hubbard, Harry P. Davison of J. P.
Morgan & Co., and B. A. Tompkins of Bankers Trust Co. Governors
whose terms carry over are Pierpont V. Davis, Frank E. Gernon, George N.
Lindsay, Francis F. Randolph, Henry S. Sturgis and Frank F. Walker.
-Following the dissolution of the firm of Llano, Wasserman & Co.,
announcement is made of the formation of two new firms with membership
on the New York Stock Exchange. Harry Grabosky, member New York
Stock Exchange, H. Richard Hano and Leonard B. Geis have formed the
firm of Hano & Co.for the transaction of a general securities business with
offices at 1616 Walnut St., Philadelphia. The New York correspondents
for the firm will be L. F. Rothschild & Co. Harold B. Blumenthal, member
New York Stock Exchange, and Robert J. Levy announce the formation
of the firm of Robert J. Levy & Co. with offices at Hirsch, Lilienthal & Co.,
165 Broadway, New York.
Beason Investment Co., Salt Lake City, Utah, have announced that
on June 13 1932. they took over wire connections with E. A. Pierce & Co..
members of the New York Stock Exchange. The firm of Lewis & Banff,
who formerly had the wire connection, have decided to retire from active
brokerage business, and arrangements have been made whereby accounts
of customers of Lewis & Ballif may be transferred to this company. Beason
Investment Co. will continue active in the general investment business.
and the brokerage business will be a new and separate department.
-Organization of a new investment house to be known as William R.
Stuart Sr Co., Inc., with offices at 231 So. La Salle St., Chicago, is announced by William R. Stuart, recently vice-president and sales manager
of Folds, Buck & Co. Associated with the new firm are Charles It. Richardson, Frederick E. Jansen, Charles E. Fisher, Arthur R. Hebblethwaite,
J. E. Moran, George I. Vercouter, Irwin Burton,and Clarence W.Straubel.
Barr Brothers & Co.. Inc., 35 Wall St., N.Y., have prepared a booklet
on New York State bonds presenting a concise statement of all the essential
details relating to the debt of the State of New York. In addition the work
includes Transfer regulations, a record of State sales since 1914, a financial
statement at five-year intervals since 1885, and a brief analysis of Income
and Expenditure to June 30 1931.
-Although neither an affiliate nor a subsidiary, State National Securities
Corp. will work in close association with the Peoples State Bank as an
Independent investment and insurance correspondent and counsel. The
officers are Montgomery S. Lewis, Pres., Marcus It. Warrender, Vice-Pree.
and R. H. Northway. Mgr. Ins. Dept.
-Pask & Walbridge. members New York Stock Exchange, announce the
admission of R. Gould Morehead,formerly a partner of Tucker. Anthony &
Co., who will assume charge of the firm's Investment Department, and
Lloyd W. Georgeson, formerly associated with Russell, Miller & Co., to
be in charge of the Stock Department.
-Leonard L. Campbell, formerly Vice-President of Fletcher American
Co.. Indianapolis, in charge of their municipal department, has become a
member of the firm of Campbell & Co., Fletcher Trust Building. Indianapolia, Mr. Campbell will continue to specialize in Indiana municipal bonds.
-Hixson & Co., of 55 Broadway, New York, announce that Joseph R.
}Limon is now associated with their organization. Mr. Mason Who has been
n the securities business for the past 18 years was formerly a partner of
Dresser & Esther. from which firm he has resigned.
4476
Financial Chronicle
June 18 1932
Quotations for Unlisted Securities
Public Utility Bonds.
Am Com'th P 534s'53.11 1iN
4
Amer S PS 630 1948-68&N
Appalach Pow Se 1941 _J&D
Appetite. P deb 6s 2024-1&J
Atlanta 0 L 5e 1947__J&D
Braun KIT P fer 1954_MiS
Can
& E 5348 1933_ .F&A
let Hen coil U 534.4 MD
6
let lien coil ix 65'46 _MS
Cen Ohio Li P 5e'50 _A&O
Derby 0 & E 5. 1.946..F&A
Fed P 5 let 13. 1947_ _Jail)
Federated Util 554e'57 fdiS
Gen Pub U1116 34e '58.1.A.10
Houston Gas & Fuel 5e.1952
Ill Was Ser nis be 1963.2k.)
Interstate PS 434s '58 MiS
Iowa So Util 534s 1950..J&J
Jamaica W S 5345 1955-1.1./
Lexington QUI 5e 1952.F&A
Loui3O& E 4;fe 1961 _ F&A
Deb s t 65 1937 ._ A&O
Louis Light 1st 5e 1953_A&O
New On P 86. 1949_ _J&D
Bld Alt
1
312
4212 46
9912 .0012
5814 6114
94
43 45
133 1812
4
28
3112
29
3212
5712 6012
53
55
1514 1814
31
3312
22
17
3012 3412
61
64
6212 6412
4712 49 4
3
87 90 4
3
564 62
8812 9112
96
963 --4
38
35
Newp Ni Ham 55 •44_J&.J
NY Wet Eler lie 1961_MiN
N Y & Wes L 45 2004_ _J&J
N Am L&P et debfl 34e'56J&J
Otis 0 & Z re
Old Dom Pow 55.May 15'51
Parr Shoals P 55 1952-A&O
Peoples L & P 530 1941 J&J
Pow Corp NY 6345'42 MiN
Pow Bee coil tr 65'49__F&A
Queens0& E 430'58 _Meal
Roanoke W W55 1950-J&J
Sierra & S F Si 1949-1&./
Tide Wad Pow ISe 19__F&A
United L
ee '73-J&J
United Wad Gas & E te 1941
Virginia Pow 5s 1942__J&D
Wash Hy
E 4. 1951 _J&D
Western P55348 1980_F&A
Wheeling Else 55 '41_111iN
Wichita Ry & L 5e 1932....
Wise Elm Pow 55 '54_ _ FicA
W lec Minn L&P 59'44 MIN
Wiso Pow & Lt 55 '158.111iN
Investment Trusts (Concluded).
BMAsk
Per Bid
68
78
Public oerwkie Truss Shares
17
8
7112 7414
81
85
Representative Trust Shares 4 67
31
341z Royalties Management....
14
64
6712 Second Interval Sea Corp A
14
5812 62
Common B
1-16
7412 79
6% preferred
10
2312 2812 Securities Corp Gen
Prof 410
6912 7212 Selected American Shares... 1.30
39
44
Selected Cumulative Sba_ _ _
3
/
1
4
81
8512 Selected Income Shares.
2
531.2 5612 Selected Mau Trustees Elba. 2.55
7212 7712 Shawmut Bk Inv Trust. _ d
12
56
5812 Spencer Truk Fund
•
74
3
- 40
Standard All Amer Corp... 2.10
81
Standard Amer Trust Shares 1.90
9314 901- Standard Collet Trust Sha.
4
24
3
75 80
4
_ 60 Standard Invest 534% Pf--- 3412
State Street Inv Corp
95 100 Super Corp or Am Tr She A 134
80
2
92 (1638
3
70
75
3
70
75
Public Utility Stocks.
Par
Alabama Power $7 Pref.-100
Arizona Power 7% pref-100
Ark Pow & Lt ST pre
•
Assoc Gas & El orlit prof.'
$6.50 preferred
•
$7 rgbferred
Atlantic City Elea $6 pref •
Per
Memphis Pr &
75
87 MN. 65
Metro Edison $7 pre B__• 41
45
$6 preferred C
44
• 41
Mississippi P & L $6 pref •
45
Mies River Power pre:__100
69
Mo Public Sere 7% pref-100 16 33
98
Mountain States Power _ _.•
6
7% Preferred_
100
40
Bangor Hydro-El 7% p1 _Ill
9512 9712 Nassau & Suffolk Ltg pre
- 67
Binghamton LH&P $6 fif.• 78
Nat Pub fiery 7% pf
4
8
Birmingham Elm 7% Prete 48
51
Nebraska Pow 7% pref _100 83
Broad River Pow 7% P1-10
25 Newark Consol Gas_ _ _100 91
0
99
Buff %lag & E Pr Pre-25 x1612 1712 New Jersey Pow & Lt $6 pf• 55 65
New Orleans P 7% p1.100 39
4112
Carolina Pow & Lt $7 pre • 47
52 N Y & Queens EL & P D1100 90
Cent Ark Pub eery pref-100
69 Nor States Pow (Del) corn A
Cent Maine Pow 6% pi-100 53 60
Preferred
67
74
7% preferred
100 65
75
Cent Pow & Lt 7% Pre-10
38 Ohio Edison $6 met
0 34
• 56 60
13
4 23
Cent Pub Seri Corp pre_ •
,
4
$7 preferred
65
70
Cleve El Ilium 6% pref-i00 95
97 Ohio Pub Sere 6% pref...
35
45
Col Ry P & L 6% let of.100 60
7% preferred
100 41
44
634% preferred B_ _ _ _100 60
OkLa Oaa & El 7% pre-100 60
70
1712 21 Par Gas & El $1.50
Como! Traction N
_100
21
Pre--85 20
Consumers Pow 5% oref...• 5912 61 Par Northwest Pub Sere__
10
6% preferred
100 8914 7214
Preferred
8%
6
6.80% preferred
100 72
75
Prior preferred
13
I612
Cont'l Gas& Elea 7% p1.100 42
45 Pao Pow & Lt 7% pref--100 50 60
Pa Pow & Lt 7% pre
x78 80
Dallas Pow Lt 7% pre 100 85
90 Phil& Co $5 pref
42 . 48
Dayton Pow & Le 6% p1.100 85
Piedmont Northern Ry-100 20
30
Derby Gas& Eke $7 pref_.• 30
45 Pub Sere Cool Col 7% 0100
55
Detroit Canada Tunnel__
18
3 Puget Sound Pow & Lt pr pt. 38
s
41
Erie Railways
•
2 Rochester G & E 7% pf B100 53 58
Preferred
100
30
6% preferred C
100 42
48
Essex-Hudson Gas
100 130
Sioux City0& E 7% p1_100 53
58
Foreign Lt & Pow unite.... 20
28 Somerset Un Md Li...
.100 72
79
Gas& Eleo of Bergen--100 90
95 South Calif El $1.60 PM -2
24
5 21
Gen Gas & El part etre
20
$1.75 Preferred
25 18
20
Hudson County Ges.---100 128 133 So Colo Pow corn A
4
25
6
Idaho Power 6% pre
63
7% preferred
100 70 00
100 71
75 South Jersey Gas& Eleo-100 128 133
7% Preferred
Illinois Pow & Lt 6% p1.100 25
30 Teen Elee Pow 6% pref-100 51
.53
Inland Pow & Lt 7% p1.100
15
7% preferred
100 8012 65
Interstate Power $7 pref..' 1914 2012 Tema Pow .1 Lt 7% 910.100 78
Si
Jamaica Water BUDD Dr-50 4412 4612 Toledo Edison pre A._.100 55 60
Jersey Cent P & L
p1100 51
55 United 0& E (Cone) p1-100 35
38
Kansas City Pub Service_ _•
12 United G& E(N .r) ot 100
45
14 2 United Public Service pro!..
Preferred
•
212
Kansas Gas & El 7% pf-100 79
85 Utah Pow & Lt 7 pref
• 4312 46
Kentucky See Corp corn.100 225 230 Utica Gas & El 7% pref..100 80 8212
6% preferred
100 49
.
Utll Pow & Lt 7% prat-100 1812 21
Kings County Ltg 7% p0100 280
-- Virginian Ry corn
100 40
60
Long Island Lt 6% pfd_ 100 4912 51
Wash Ry A Elea WM
100 125 200
Preferred A _____ ._100 62
68
5% preferred..... _100 7212 7712
Log Ang Gas El 6% p1_100 74
Western Power 7% pref-100 64
84
70
59
62
54
55
10
12
14
99
Investment Trusts.
Ask
AN
Per MO
23 Trust Sharer of America... 4138 2
s
Trustee Stand Investment C 1 30 1.50
4.92
1 25 1.45
12 Trustee Standard 011 She A
11s
27
s 314
12 Trusteed Amer Bank Shares
214
15
Series A
2
214
25 Trusteed N Y City Bk She.
212 3
1.50 20th Century Fixed Tr Shs.
13
s 2
4
Two-year Cruet Shame....
43
4 614
2 3 United Bank Trust
8
435
2.95 United Fixed Shares
112
112 Linn Founders Corp 1-70ths
20.
83 United Ins True
8
414
.S & Brit Internet elms A.
12
1
II --Cims B
1-16
12
Preferred
315
5
7
5 U 8 thee Lii Pow Shares A
12
10
3612
B.
2
214
2 U S Shares C 3
43 4
21s
414 -.37
s
4
3 12
A2
27 --s
Industrial Stocks.
Adams Millis $7 Prof--- II
•• - 2 - 75 Liberty Baking corn
Aeolian Co $7 pre
101) a ill
23
Preferred
100
212 4,
2
Atheism Weber P&P oom 100
3 Locomotive Firebox Co...•
4
7
Preferred_ .. .. . 100
3
Alpha Port) Cement 0 100 80 90 Madadelen PublIcens oom.5
2
312
American Book $7
60
100 54
• 13
$8 preferred
16
Amer Canadian Properties.•
1
24 Merck Corp $8 pref. _100 x 48
53
American Cigar pre__ _100 100
Amer Hard Rubber__-. 1004 4
8 National Casket $3
35
• 30
Amereuto Hardware.. .25 1412 1612
$7 preferred
x 79
82
Amer Manufacturing corn..
15 National Licorice corn. 100 18
9
24
Preferred
16e 43 55 National Paper & Type CO
20
American Meter new_ .
.• 10
13 New Haven Clock pre .100
30
New Jersey Worsted pref
16
Babcock & Wilcox 2% _ _100 19
1, Northwestern Yeast_ ..I00 85
9 24
91
Baker (J T)Chemical corn_•
Bancroft (J) & Sons corn.. •
Ohio Leather
10
Preferred
5
7412
2
100 15
5
7
let preferred
8(1 70
Bliss (E W) let pref.__ 50
ed preferred
45
55
2(1 pref B
10
°tonne Co $7 pre
50
100
Bohn Refrigerator 8% pf 100
_ 55
• Bon Aml Co B oom..
2? Petroleum Derivative,...
20
412
2
Bowman-Filltmore Hotels..
Publication Corp $3 20 corn• 10
20
let preferred... .....100
4
1(111 85
$7 let preferred
20 preferred
100
2
Brunsw-Balke-Col pref.- • 21
24
Bunker Hill & Bull corn-10 16
Riverside Silk Mill..
17
7
Burden Iron prof
20
35 Rockwood & Co
•
$8 preferred_ _.... _. .100 47
55
Cannes& Corneas.. corn....
2
4 Rolle-Royce of America
Preferred.
--100 39
44
Preferred
00
Carnation Co 11.50
_ •
712 9 Boxy Theatres unit
1- 2
2
Preferred
.......100
90
Common
Chimes Smith corn
12 112
Preferred A
Preferred
4
10 Rubel Corp men
7
5
Childs Co pre.
6
11
100
Preferred...........
20
17
Clinchned Coal Corp.. 101
2
5 Rebored Co $2
100
1512 1812
Preferred
100 25
30
Color Pictures Inc
14
ss
Columbia Baking corn....'
12 Safety Car Heat & Ltg_100 12
16
•
let preferred
1
2 Smell! Manufacturing
_25 1412 1612
2d preferred
I; Singer Manufactories -100 x 8312 8812
Colts Pat Fire Arms Mfg_25
5
612 Solid Carbonic Ltd
2
1
Congoleum-Nalre $7 pt. WO 98 101 Splitdorf Beth Kim
Cro,,e& Blackwell corn
2 Standard Screw Co
28
100 23
Crowell Put co $3 own new 214
2012 Standard Textile Pro? -100
$7 preferred
85
75
Class A
100
Clams B
4
100
De Forest Priononlin Corp
34 11s Stetson (J B) Co oom ._.•
5
3
Dictaphone Corp corn.
4
6
•
$2 preferred .._. _____25
14
8
$8 preferred
100
75
Dinar (Joe) Crucible 54-100 27
3 12 Taylor Mill Corp corn.... •
7
4
24 5
3
Doehler Dle Cast prat -60
Taylor Wharton In St corn'
_
414
Preferred
•
15
Preferred
-100
312 6
Douglas Shoe pre
100
15 Tenn Products Corp ore 50
10
Draper Corp
100 18
22 TubiseChatillot7%cu.pf.100 a 32 3712
Driver Harris $7 pro!.. 100 38
48
Dry-Ice Holding Corp
30 Ube:welled Mfg Co 40c...10
114 214
United Business Pub pref100
10
Eisemann Maurer* ooze- _
United Publishers pref.-100
12
Preferred
100
ao U El Fleeing pref.
10()
10
4
Franklin Ry Supply
1012
Walker Dishwasher corn...'
212 412
Welch Grave Jules pref-100 85
92
Gee Fireproofing $7 Pf-100
78 W VaPuirk1 Pap $1.00 cem•
812 1012
•
Graton & Knight eons
14 114
$8 preferred
100 7112 74
Preferred
100
4
9 White Rock Min Spring
Ch Northern Paper $2.40.25 15
17
St 1st preferred
100 70 80
Herring-Hall-Mary Safe-100 13
18
$2020 preferred
100 70
Howe Scale
3
6 Willcox & Gibbs $2.50 corn. 20
30
Preferred
100 15
18 Woodward Iron
100
112 4
Industrial Accept corn - •
4 Worcester Salt $5
100
70
Preferred
100 27
29
Internet Textbook
100
412 Young (I 8) Co oom
100 68
Lawrence Pell Cam 84 100
6
9
Preferred
100 75
•
Amer Bank Stock Corp....
112 13 Equity Coro cam stamped-.
4
414
5
4
Amer Brit & Coot $6 pref--•
4 Equity Trust Shares A
1.65 1.85
Amer Composite Tr Shares.
13
,
4 24
Amer Founder,Corp
Federated Cap Corp Pt
d8
812
812 14 Five-year Fixed Tr Shares.
6% preferred
112
7% Preferred
81 14 Fixed Trust 011 Shares
dl
Amer & General Sec coin A.
13 3 Flied Trust Shares A.---•
5
-;
51
Common B
12
1-16
4
•
412
34 Fundamental Tr Shares A.
6% Preferred
30
21s 212
Amer Insuranstocks Corp_•
12 114
Shame B
2 s 234
3
Assoc Standard 011 Shares._
27
8 33 General Pub Serv 0% p1... d5
8
10
All & Pao Intel Corp units 41218
GrangerTrading Corp....' 44
7
Common with warrants_
418
Guardian Invest. corn
12
Preferred with warrants._
12
Pref with warrants
10
At/antic Securities Coro Pf22 Gude-Whamill Trod Corp..' as
• 18
Telephone and Telegraph Stocks.
Huron Holding Corp
a38 3s
Bancamerica-Blair Corp
7
2 114
Am Dist Tel of N J
32 New York Mutual Tel_ 100
Bankers Nat invearg Corp• 410
15
14 Incorporated Inveetors----• 10 s 1114
3
referred
7
100 65 70 Northw Bell Tel p16 34%100 4 10
Banalcilla Corp
3
4 112 Bell Tel(Can)7% pref-100 67
3
312 Incorp Investors Equities_
0 10312
72 Pao Atl I'eiegUSl%..25410
Basle Industry snarea_-__•
10
7
13
s
lot Sec Corp of Am oom A.. 1-16
Bell Tel of Pa 634% pre 100 x1(11) 103 Peninsular a'eleph
1612
$1.40. _• 13
British Type Invest
•
.65 1.15
CommonB
16_ Cie & Sub Bell Telep-..-50 52 55
7% Preferred A
100 70
75
634% preferred
61i
Cuban Telephone
00 Porto Rico Telephone
Central Nat Corp clam A... (11112 12
6% preferred
6
10
7% preferred
40 50 Roch Telep $6.50 let p1.100 97 100
ClassB
100
cflz 2 Independence Trust Shares_
1.25 1.50 Empire & Bay State rahloo 20
30 So& Atli
254 0
Century Trust Shares
12
123 Investment Co of Amer
12
4
112 Franklin Telex $2.50-100 20 30 Bo & N E eieg $1.25
12
Telephone 8%.100 88
Chain di Gen'l Equities Ina •
02
1 , 7% preferred
1
11
lot Ocean Teleg 6%---100 30
ao
xv Bell Tel 7% pref.- 100 102 104
Chartered Inveatore com._ _
414
Investment Trust of N Y...
214
Lincoln Tel & Tel 8%
95
Tri-Statee Tel & Tel 86... 480
Preferred
•
439
42 Investors Trustee Shares.
2
Mountain Statee Tel & Tel. 78
82
8.60 preferred
10
Chelsea Exchange Coro A..
412 112 Leaders of Industry A
612 712
2,1
New England Tel & Tel_100 76
78
Wisconsin Tem 7% pre 100 100
ClassB
41-16 3-16
Corporate Trust Shares.... 1.40 1.45
ale
vs
Chain Store Stocks.
Series AA
1.31 1.40 Low Prices Shares
13
5
Accumulative series_
1.31 1.40 Major Shame Corp
1711 Boback (H C) Inc corn....' 17
20 Melville Shoe Corp
Crum & Foster Ins Shares
Mass Investors Trust
1012 1118
7% lt preferred
100 62
lit pref 6% with warr.100
Common B
50
8 Mutual Invest Trust et A_.
5
10
4
3
Butler (James) common. _ _
Miller (I) & Sons pref.._100
7% preferred
15
100 460 65 Mutual Management corn.'
24
3
Preferred
100
7 MookJudei Voehringerpf100 36
Crum & Foster Ins corn....
40
7
12 9 Nat Industries Shared A.-. 1.20
Diamond Shoe pref with war 45
52 Murphy
C) 8% pref_100
8% Preferred
90
67
70 National Trust Shares
33 "
s 37; Edison Bros Stores pref_100 .
55
Cumulative Treat Shares...
2
2 e Nation Wide Securities Co-.
3
17
s 215 Fan Farmer Candy Sh pI..z 17
20 Nat Shirt Shops corn
•
4
1
N Y Bank Trust Shares
214 23
4 Fishman (H M)Stores cam_
16
Preferred 8%
DepositedBk She see N Y- 1.90
No Amer True Shares
35
100
1.60 1.65
Preferred
•
00 Newberry (J) Co 7% p1-10 67
Depos Bk Elba N Y ger A... 513
72
- 14
2
Series 1955
4
1.42 1.60 Ot AU & Pao Tei pref-100 110 114 N Y
Merchandise 1st 01-100 70
Deposited 'flour fibs A
17
s 214
Seim 1956
1.42 1.50
512
Diversified Trustee She A-.
5
ICobacker Stores pref.--100
40 Parlf-Wtsfur Corp
•
8
4
414
Northern Securities
20
35
%rem (S H)6% pre!
934 1012 Reeves (Daniel) pref....-100 95
1.55 1.60 OU Shares Inc Units
24 6
3
Lerner Stores 634% Prefww
40 Rogers Peet Co corn.
...100
artr
2 4 3 Old Colony Inv Trust corn3
414 I
Lord
Taylor
100 el SO 120 Schiff Co pref
60
100
Old Colony Trust Agee lib • .1514 614
181 preferred 6%
100 50
85 Silver (Isaac) & Bros 01 100
11
Equitable Invest, Units...-.
10 Petrol & Tradl Corp el A 25 d3
434
6
Sea preferred 8%....100 50
85 tf El Stores 1St prat
5 15
100
• No par value. 4 LAIMI reported marked.
Er
-dock dividend. s Ex-dividend. y axeasts
4477
Financial Chronicle
Volume 134
Quotations for Unlisted Securities-Concluded-Page 2
Insurance Companies.
Sugar Stocks.
Fajardo Sugar
Eerier/ Corp Amer
Savannah Sugar corn
7% Preferred
Par Bid
Par Bid 140
Sugar S.'states Oriente 91 100
100 15
United Porto Rican corn.
311 Preferred
- - sv1
40
80
100 75
AI&
1
5
8
Federal Land Bank Bonds.
4s 1957 optional 1937_M&N 78121 79 I 430
48 1958 optional 1938.M&N 7812 79 430
430 1956 opt 1938____J&J 793 80 4 430
4
,
434s 1957 opt '37
4'
J&J 793 8014 430
434s 1957 opt 1937_ _ _M&N 79341 8014 430
410 1958 opt 1938___MAN 7934) 8O14
e
bs 1941 optional 1931_M&N 90 9012, 430
430 1933 opt 1932_ J&D 100 1100121
1942
1943
1953
1955
1956
1953
1954
opt 1932__M&N
opt 1933____J&J
opt 1933____J&J
opt 1935-J&J
opt 1936_ __J&J
opt 1933____J&J
opt 1934____J&J
85141
8514
8414
8414
8414
8514
8514
85 4
3
853
4
843
4
843
4
84 4
3
853
4
85 4
3
New York Bank Stocks.
Bank of Yorktown
100)
Chase_
20
City (National)
20
Comml Nat Bank & Tr 100
Fifth Avenue
100
First National of N V 100
Flatbush National
100
Grace National Bank
100
Harbor State Bank
25
Harriman Nat Bk & Tr_100
Kingaboro Nat Bank _ _ .100
Lafayette National
25
22
2512
90
940
965
-_-_
--__
-_
19
8
35
24
2712
98
1040
1065
60
500
50
1190
59
12
Manhattan Company _--.20
100
Merchants
Nat Bronx Bank
60
National Exchange
Nat Safety Bank & Tr___26
Penn Exchange
25
Peoples National
100
Public Nat Bank & Tr_ __25
Went g Nat Bank & Tr.
.26
Textile Bank
Trade Bank
100
WashIngton Nat Bank..100
Yorkville(Nat Bank 00.100
1714
1914
70
37
14
11
4
7
9
5
200
13
20
9
12
24
27
30
15
ii 5
30
20
16
Trust Companies.
Ba.tco Comm Itallana Tr 100 145 155
Bank of Sicily True
2(1
15
17
Bank of New York & Tr 100 210 230
Bankers
44
10 42
Bronx County
20 12
17
Brooklyn
.100 110 125
96
Central Hanover
20 92
Chemical Bank & Trust_ 10 293 31%
8
ClInthn Trust
40
100 25
Coot Esk & Trust
10 11
13
Corn Etch ilk & Trust
45
20 42
19
26 17
County.
Empire
20 1410 1812
100 19112 19612
Fulton
10ii 193 193
Guaranty
17
Hibernia Trued
100
15
Irving Trust
10 14
100 2100 2200
Kings County
38
Lawyers
& Guar_.J00 33
8
Manufacturers (new __VI z1758 195
112 312
Mercantile Bank & Tr w I_ _
62
25 z59
New York
2912 3212
Title Guarantee A Trust..21
rime Co of N A
100
Underwriters Trust
7
5
20
United States
100 1000 1100
Chicago Bank Stocks.
Central Republic
100 50 1 53 I
Chic Ilk of Commerce....
912 1012
Continental 11 14k & Tr_100 68 I 70 I
First National...100 148 152
Earns Trust & Savings_ 100 173
Northern Trust Co
100 213
Peoples Tr & Bay Bank.100
Strauss Nat Ban; & Tr_100 50
178
213
Per 544 Art
Per Bia 4s8
22 Kansas City Lite
100 400 .500
Aetna Casualty & Surety_10 19
4
4
2
4
10 103 213 Knickerbocker (new)
Aetna Fire
3
4
10 123 14 4
Aetna Life
512
3
10
34 Lincoln Fife (new)
Agricultural
25 24
112 212
5
10
8 Lloyds Casualty
10
American Alliance
112 212
6
Voting trust certffs._ 10
American Colony
8
4
American Constitution
2
5
6
10
9 Male/tic Fire
American Equitable (new)
5
3
25
712 Maryland Casualty
4
American Home
19
9
25
American of Newark
5 5 6 Masa Bonding & Ina
18 Merchants Fire Amur comb0 12
14
American Re insurance_ _
3
Merch & Mfrs Fire Newark 5
6
American Reserve
10
4
3 4 43
3
10
3
73 10 4 Missouri State Life
4
American Surety
25
11
9
Morrie Plan Insurance
Automobile
10
Carolina
10
City of New York
100
Colonial Statea Fire__
0
Columbia National LIfe.100
Connecticut General Lite_10
Consolidated Indemnity
Constitution
10
Continental Casualty _
Cosmopolitan Insurance____
Fagie
Excess Insurance
Federal Insurance
10
Fidelity & Deposit of Md_50
Firemen's
20
Franklin Fire
General Alliance
Glenn Falls Fire
10
Globe & Republic
Globe & Rutgers Fire__ _100
Great American
10
Great Amer Indemnity.._10
Halifax Insurance
10
Hamilton Fire
60
Hanover
10
Harmonia
10
Hartford Fire
10
Reef St'm Boller Ins&Ins 10
10
Home
Home Fire Security
10
Homestead
Hudson Insurance
10
Importers & Exp of N Y..26
Independence Indemnity_
7
2512
314
14
15
83
4
13
2512
8
9
77
30
62
28
4 Pacific Fire
3
211
.1312 5 Phoenix
10 31 4 3314
3
6
20
2712 3112 Preferred Accident
35 Providence-Washington. _10 1212 1412
30
112 312
4% 63 Public Fire
5
8
75
8 95 Public Indemnity (formerly
7
8 2%
Hudson Casualty)
212 412
2
4
2712 2912 Reliance them of Phila. _
6
3
.10
8 Rhode Island
5
30
25
3712 5212 Rochester American
618 75 St Paul Fife & Marine__ _26 7712 8712
8
8 Seaboard Fire & Marine__
4
19
Security New Haven. 10 17
44
8 Springfield Fire & Marine 25 39
6
100 Standard Accident
45
50 lb
ygi. 1712 Stuyvesant
10
6
25
100 130 150
8 Sun Life Assurance
6
4
253 273
4
100 290 315
2
9 Travelers Fire
26
8
78 97
8
5
25
12 112 U 8 Casualty
23
4 43
7 U B Fidelity & Guar Co_ _10
5
4
10
74
3
17 tISFIre
93
4
US Merch & Shippers...100 80 100
4,
2
9 Victory
6
10
5
7
10
6
4
Westchester Firs
85
Industrial and Railroad Bonds.
Adams Express 41 '47 J&D 46
American Meter 66 1Q45... 75
Amer Tobacco 4s 1951 FAA
89
Am Type Fdre134 1937 MAN 91
Debenture tis 1939.M&N
Am Wire Fab 76 '42. _M&S - --2112
Bear Mountain-Hudson
River Bridge in 1953 A &O 73
BlItmore Comm 7s '34 Math 35
Chicago Stock Yds fie 1981 61
Consol Coal 410 1934 MAN
25
Consol Mach Tool 71 1942
6
Consol Tobacco 4s 1951_
a 88
Continental Sugar 7s 1938_
Equit Othce Bldg fat 1952.. 48
Flak Tire Fabric 830 1935
Elaytian Corp 85 1938
712
Hoboken Ferry 5. '46 MAN 60
Internet Salt 58 1951 Aar° 56
Journal of Comm 630 1937 35
Kane City Pub Seri/ Be 1951 19
5
2312
13
4
9
13
63
4
8
2010
4
7
57
2
20
52
10
214 National Casualty
45 National Fire
10
230 National Liberty
2
National Union Fire
5
10 New Amsterdam Casual...10
8
10
65 New Brunswick
50
10
6 New England Fire
4
110 135 New Hampshire Fire_ ...10
20
4
273 303 New Jester
4
114 314 New York Fire corn
North River
6
4
5
25
7 Northern
Northwestern National...
8
5
1
Baltimore Amer Insurance _5
Bankers & Shippers
25
Boston
100 205
Realty, Surety and Mortgage Companies.
4912 Loew's New Brd Prop
68 1945
J&D 54
85
92 Merchants Retrig 6s 1937.. 92
N 0 Gr No RR 5s '55_F&A
10
80 NY Hob Ferry 5s '46 J&D 55
2812 NY Shipbidg 58 1940_NIAN 75
Piedmont & No By 58 54J&J 46
.
312
78 Pierce Butler & P 630 1942
45 Realty Assoc Sec Os '373&J 3712
66 Securities Co of N Y 4s
40
3114 61 Broadway 55.5s '50_A&O 50
13 So Indiana By 4s 1951_F&A
2812
Stand Text Pr 630 '42 M&S
8
6 Struthers Wells Tltusville6I4s 1943
4512
20 Tol Term RR 43.4s'57 MAN 65
10 IT S Steel 5s 1951
114
6712 Ward Baking 6s '37.J&D 15 78
512
61
Witherbee Sherman 68 1944_
45 Woodward Iron 5s 1952_J&J
3512
21
5812
9612
1112
65
8
42
.50
54
32
14
49
70
3
.
(112
Bond & Mortgage Guar_ _20
Empire Title & Guar......100
Guaranty Title dr Mortgage.
.26
Home Title Insurance...
21
11
24
40
150
16
International Germanic Ltd
20
Lawyers Mortgage
National Title Guaranty 100
State Title Mtge (new).
.100
20
15
7
5
7
10
1812 2812
Aeronautical Stocks.
Alexander Indus 8% pret_
American Airports Corp....
Aviation Sec of New Engl.Central Airport
Cesima Aircraft corn
Curtiss Reid Aircraft coax-
2
2
40
'
5
4
III
Ill
KinDet Airplane & Mot new
2
Sky Specialties
42
Southern Air Transport.
a_
Swallow Airplane
Warner Aircraft Engine
14
WhItteisty Merkur/L(10nm
4
5
2
If
SI,
3912
Quotations for Other Over-the-Counter Securities
Short Term Securities.
Ad
70
7012
90
91
38
387
8
80 85
39
3912
39
40
9112 94
77
78
8712 8812
5459 53
65
66
.844
Anis-ChM Mfg S. May 1937
Alum Co of Amer S. May '52
Amer Metal 530 1934 StatO
Amer Bad deb 430 May '47
Am Roll Mill deb fts Jan '48
433% notes 1933___M&N
Amer Thread 530'38_M&N
Amer Wat Wks S. 1934A&O
Bell Tel of Can Si A Mar'55
Baldwin Loco 530 '33 M&S
Cud Pkg deb 530 Oct 1937
Edition Elea 111 Boston
4% notes Nov 1 '32 MAN 100 4 10114
3
5% noted Jan 15'33__J&J 10152 102
Gulf 011 Corp of Pa
Debenture ba___Deo 1037 94
95
Debenture bs___Feb 1947 89
90
Railroad Equipments.
tad
4.8
General Motors Accept
5% ser notes___Mar 1933 10012 101
5% ear notes__.Mar 1934 95121 9914
5% ear nOtee___Mar 1935 9612 97
5% ser notes___Mar 1936 96
97
Koppers Gam & Coke
5712
Debentures 5a..June 1047 56
Mag Pet 430 Feb 15 '30-'35 9812 101
Maas Gas Co.530 Jan 1948 75
76
Proo & Gamb 430 July 1947 99 100
Swift & Cob% notee 1940
M&S 31
82
Union 011 Si 1935_ _ F&A 92
9214
United Drug deb Its '33 A&O 100
60
75
60
65
55
80
80
75
83
83
85
85
70
78
85
88
V 0,CO -4 10 0 , , OD CO CO c..1 .4CO ..11
t.7.04)0+00 , ,0000.0.000
, I
Water Bonds.
kiton Water 54 1956.-A&O
Irk Wat lot S. A 1958 A&O
ishtabula W W5a 1958A&O
itlantic Co Wat ba '58M&B
3Irm W W lit 514aA'51A&O
let m be 1954 tier B_J&O
let 58 1957 se C----Fara
Sutler Water Si 1957_A&O
NV W (Chat) ba B '54 J&D
1st lis 1967 ger C__M&N
lommonwealth WaterFAA
1st 54 1955 B
le m bs 1957 ger C_F&A
Davenport W Si 1961..J&J
3 B L & Int W Ifts '43 J&J
1st m 131 1942 mar B_J&J
F&A
is; fd 1960 ier D
HuntIon W let 64 '54 WAS
lei m bs 1954 ser B_M&S
ba 1982
Joplin W W58'57 ear A M&S
Kokomo W W 6, 1958 J&D
Monm Con W 18t be'56J&D
Monon Val W 530 '50 J&J
Richm'd W Wlet 5s'137M&N
St Joeeph Wat ba 1941 A.140
South Pitts Water Cole 54 1955
FAA
lot & re Si '60 set A J&J
Ist & re 54 80 ser B J&J
Terre WO W W tis'49AJ&D
1st m 541 1956 ser B_J&D
Texarkana W 1st 5e '58F&A
Wichita Wat 1st fla '49 M&S
lat m 5a '58 ser B__F&A
la m fa lnarl ea ei Illk1.4
90
82
7512
60
60
70
80
70
88
94
86
77
70
70
75
85
74
92
90
80
80
90
80
60
90
81
94
84
68
95
85
111
Atlantic Coast Line fts
Equipment 630.
Baltimore & Ohio On
Equipment 410 &
Butt Roch & Pitt,equip es
Canadian Pacific 430 & 6a...
Central RR of N J 6a
Chesapeake & Ohio 64
Equipment 6)4
,
Equipment ba
Chicago & North We.; On..
Equipment630
Chic RI & Pao 430& 5a
Equipment tla
Colorado & Southern 1311
Delaware & Hudson 6a_ _
Erie 430 & Si
Equipment 64
Great Northers Ss
Equipment 64
Hocking Valley bs
Equipment 6s
Illinois Central 430 &
Equipment 6.
Equipment 7. dt 654.....
Kanawha & Michigan Si...
Ca
95
4.8
6 25 Kansas City Southern )5 tse
6 25 Louisville & N•ehelle 6.
Equipment 630
6 00
6,00 Michigan Central 58
Equipment Ets
R.so
7.00 Minn St PA SS M 430 & Si
Equipment 634. & 7.....
6.00
6 00 MissouriPacific 648- - -5.75
Equipment Os
5.50 Mobile & Ohlo bs
7.00 New York Central 444a & 5.
7.00
Equipment 611
Equipment 7.
8.00
8.00 Norfolk & Western 4)4a
7.00 Northern Pacific 76
6.25 Pacific Fruit Express 70....
7.00 PennsylvaniaRR equip 58
7.00 Pittsburgh & Lake Erle 630
5.50 Reading Co 430 & 6s
5.50 St Louis & San Fran 6a_ _ _ _
5.75 Seaboard Air Line 530 & Si
5.75 Southern Pacific Co 4)4....
Equipment 7.
7.50
7.50 Southern Ry 4 34I &
_
7.50
Eauipmer t 6s
6.00 Toledo & Ohio Central 6a _ _
Union Pacific is
eta
8 50
a An
7 00
A SO
7 59
60
9
6 25
554) 600
9.00 7 00
9.00 7.00
8.00 700
8 25 700
8 00 7 00
7.00 6 25
7 00 6.25
7.00 6.25
6.50 5.00
7 00 6.50
6 50 5.50
5.60 500
7 00 650
550 5.0(1
900 8 00
7.50 8.50
6 10 6.50
7.00 6.00
7.50 7.00
7.50 7.00
7.00 6 25
6.75 5.75
Investment Trust Stocks and Bonds.
Bankers Nat Invest corn A-Beneficial Indus Loan pref..
Colonial Investors Shares___
Continental Metrop Corp A
Cont &cur Corp pref.
Industrial & Pow Sec
Invest Fund of N J
Mohawk Invest
• NO par value. a And dividend. S Last reported market. 1 Pint Deft. zEz-diedane
Bta
5 75
75
7 00
6.6(1
6.60
8 00
6.75
6.50
6.25
6.00
8.00
8.00
9.00
9.00
8.00
7.00
8.00
8.00
6.00
6.00
6.50
6.50
8.25
8.25
8.25
7.00
Ex-rIghtm
ici"312 4
22
2314
Old Colony Inv Tr 4)4% Ma
Shawmut Association cora-Shawmut Bank Invest Trust
430
1942
1952
Si
Standard OS Trust Shares A
Claes B
z414
-1
42
44
44
23
4
2
- 14
3
212
Current Cariung5
uartertp anb jOati
pearly.
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUES.
Below will be found all returns of earnings, income and profits for current periods, whether monthly, quarterly or half-yearly, that have appeared the present week. It covers all classes of corporate entities, whether
railroads, public utilities, industrial concerns or any other class and character of enterprise or undertaking.
It is all inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however, is not confined to the returns which have come to hand the present week.
It includes those given in our issue of June 11, June 4, May 28 and also some of those given in the issue of May 21.
The object of this index is to supplement the information contained in our "Monthly Earnings Record," which
has been enlarged so as to embrace quarterly and semi-annual statements, as well as monthly reports. The
"Monthly Earnings Record" was absolutely complete up to the date of issue, May 20, embracing every monthly,
semi-annual and quarterly report which was available at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The
figures in most cases are merely for a month later, but there are also not a few instances of additions to the
list, representing companies which had not yet made up their returns when the May number of the
"Monthly Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week, furnishing a reference to
every return that has appeared since the last preceding number of the "Monthly Earnings Record." The
latter is complete in end by itself, and for most persons will answer all purposes. But to those persons who are
desirous of seeing the record brought down to date every week, this further and supplemntary index in the
"Chronicle" will furnished an invaluable addition. The "Chronicle" index in conjunction with the "Monthly
Earnings Record" will enable any one at a glance to find the very latest figurea of current earnings and income,
furnishing a cumulative record brought down to date each and every week—an absolutely unique service. A
further valuable feature is that at the end of every return, both in the "Chronicle" and the "Monthly Earnings
Record," there is a reference line showing by date and page number the issue of the "Chronicle" where the
latest complete annual report of the company was published.
Issue of Chronicle.
Name of Company
When Published Pape.
(J. D.) Adams Mtg. Co
June 11__4325
Affiliated Products, Inc
May 21__3807
Akron Canton & Youngstown
May 28._ 3967
Alabama Power Co
May 28__3970
Alabama Great Southern
June 4_4144
Alabama Water Service Co
June 18_ _4480
Alaska Juneau Gold Mining Co
June 11__4313
Allied Motor Industries, Inc
June 18.4494
Allegheny Corp
May 21..3807
Alton RR
June 11__4312
Alton & Southern
June 18_ _4480
Aluminum Industries, Inc
June 18__4494
Amalgamated Sugar Co
June 18_ _4494
American Austin Car Co
June 18 4495
American Beet Sugar Co
June 18 4495
American I. G. Chemical Corp
June 11_4326
American La France & Foamite Corti.June 4_ A147
American Maize-Products Co
June 11__4326
American Power & Light Co
June 11__4313
American Public Service Co
June 4__4146
American Seating Co
June 18_ _4480
American Superpower Corp
June 18__4487
American Tel. & Tel. Co
June 11_4313
American Vitrified Products Co
June 18_ _4496
Amer. Water Wks. & Elec Co.,Inc_June 4_4146
Amoskeag Mfg. Co
June 11_-4326
Ann Arbor RR
June 4..4140
Art Metal Works
June 11..4326
Arundel Corporation
June 4_4147
Associated Electric Co
June 18_ _4480
Associated Gas & Electric Co
June 18__4480
Associated Rayon Corp
June 11..4326
Associated Simmons Hardware Cos_ _June 18..4496
Atchison Topeka & Santa Fe
June 4_4140
Atlanta & West Point
June 4..4I40
Atlanta Birmingham & Coast
June 4_4140
Atlantic City
June 4_4140
Atlantic Coast Line
June 4_4141
Atlantic Gulf & West Indies SS LinesMay 28...3970
Atlas Tack Corp
May 21..3808
Baldwin Locomotive Works
June 18 __4480
Baltimore & Ohio
June 4._4141
Baltimore & Ohio Chic. Terminal__ _June 4...4141
Bangor & Aroostock RR
June 4_4145
Bangor Hydro-Electric Co
June 11__4313
Barcelona Tree., Lt&Pow. Co., Ltd_June 4__4147
Barnet Leather Co
June 11-4313
Baton Rouge Electric Co
June 11_ _4313
Bendix Aviation Co
June 11-.4313
Beaumont Sour Lake & Western
June 4__4143
Beaver Valley Water Co
June 18_ _4488
Belt Ry of Chicago
June 4__4141
Bessemer & Lake Erie
June 4_4141
Bickford's Inc
June 18_4480
Bing & Bing,Inc
June 11-4328
Birmingham Electric Co
-June 11_4313
Boston Elevated Ry
June 11__4313
Boston & Maine
June 4__4141
Brazilian Traction,Light & Pow Co.May 28._397I
BMW Mfg. Co
June 11- _4313
British Columbia Corp., Ltd
June 11--4313
Broad River Power Co
June 4_4147
Brooklyn Eastern District Terminal.May 28..3967
Brooklyn Edison Co.,Inc
May 21..3821
Brooklyn Manhattan Transit Syst._May 21_3808
Brooklyn & Queens Transit System_ May 21_3808
Brown Shoe Co
June 4__4147
Brunswick Term & Ry Securities Co_May 28_3971
Burlington-Rock Island
June 4_4141
June 18..4497
(F. N.) Burt Co., Ltd
Bush Terminal Co
May 21_3808
Butterick Co
June 4__4147
California Water Service Co
June 18..4480
June 4__4141
Cambria & Indiana
Canada Northern Power Corp., Ltd_June 4__4147
June 4__4161
Canada Steamship Lines
June 18_ _4497
Canada Wire & Cable Co
June 18..4497
Canadian Consol. Felt Co.. Ltd
Canadian Fairbanks Morse Co., Ltd_June 18..4498
Canadian Hyrdo-Electric Corp., Ltd.June 4-_4147
Canadian Nat Lines in New Eng.-May 28__3967
May 28..3969
Canadian National Rys
June 4.A145
Canadian Pacific Ry, Co
June 4_4141
Canadian Pac. Lines in Maine
June 4_4141
Canadian Pacific Lines in Vt
June i8..4480
Caterpillar Tractor Co
June 11-4314
Celotex Co
Central Arizona Light & Power Co June II- _4313
June 4_4141
Central of Georgia
June 11-4313
Central Main Power Co
June 18 _4480
Central Power Co
Issue of Chromes('
Name of Company-When Published Page.
Central of New Jersey
June 4__4141
Central & Southwest Utilities Co
May 28..3971
Central States Utilities Corp
June 11-4321
Central Public Service Co
June 18__4481
Central Vermont Public Sees. Corp_June 4_4147
Central Vermont Ry
June 18_ _4480
Central West Public Service Co
May 21_3821
Century Electric Co '
June I5..4498
Charleston & Western Carolina
June 4_4141
Cherry Burrell Coro
June 11__4314
Chesebrough Mfg. Co.(Consol.)
June 4__4161
Chesapeake & Ohio Lines
June 18_4480
Chesapeake & Ohio RR
May 21_3807
Chester Water Service Co
June l8..4481
Chicago Burlington & Quincy
June 4_4141
Chicago Daily News, Inc
June 18__4498
Chicago & Eastern Illinois
June 4__4141
Chicago & Erie
June 4__4142
Chicago Great Western
June 4_4141
Chicago & Illinois Midland
June 4_4141
Chicago Indianapolis & Louisville_June 4._414I
Chicago Milwaukee St. Paul & Pac June 4_4141
Chicago & North Western
June 4._4141
Chicago Rapid Transit Co
May 28..3979
Chicago River & Indiana
June 11-_4312
Chicago Rock Island & Gulf
June 4__4141
Chicago Rock Island & Pacific
June 4_4145
Chicago St. Paul Minn.& Omaha
June 4.414l
Chicago Union Station Co
June 11_ _4319
Chicago Yellow Cab Co
June 4_4147
Cincinnati Advertising Products Co_May 28__3971
One. New Orleans & Texas Pacific_June 4__4144
Cities Service Co
June 18_4481
City Stores Co
June 18_4481
Cleveland Terminals Bldg.Co
June 4_4162
Clinchfield
June 4_4141
Colorado & Southern
June 4..4141
Columbus Dela & Marion Elec Co May 28__3971
Columbus & Greenville
June 4__4141
Columbus Ry, Power & Light Co—May 28_3979
Commercial Credit Co
May 28_3971
Commonwealth & Southern Corp_ -June 11..4314
Commonwealth Utilities Corp
May 28-3979
Conununity Power & Light Co
June 11..4314
Conemaugh & Black Lick
May 21..3806
Connecticut Power Co
June 4__4147
Consolidated Aircraft Co
June 18 _4499
Consolidated Film Industries
June 4_4147
Consolidated RR.of Cuba
June 4__4145
Consolidated Gas Utilities Co
June 4__4147
Cons. Oka Sand &'ravel Co., Ltd_ June 18_ _4499
Consolidated Retail Stores,Inc
June 18__4499
Consumers Power Co
June 11-4314
Continental-Diamond Fibre Co
May 28-3
971
Continental Insurance CO
June 18_4499
Cooper Bessemer Corp
May 21_3828
Cosgrove Meehan Coal Corp
June 18..4500
Creole Petroleum Corp
May 21._3828
Crosby Radio Corp
June 4__4162
Crown Cork & Seal Co.. Inc
June 18__4481
Cuba Company
Juhe 4-4147
Cuba Northern Rys. Co
June 4._4145
Cuba RR. Co
June 4..4145
June 4__4156
Cuban Telephone Co
Cutler-Hammer, Inc
June 4__4I63
Dallas Power & Light Co
June II_ _4314
June 18..4500
Davis Coal & Coke Co
June 18 _4481
Deep Rock Oil Carp
June 11_.4329
De Forest Radio Co
Delaware & Hudson
May 28..3967
Delaware Lackawanna & Western—Mae 28-3
967
Denver & Rio Grande Western
June 4..4145
Denver & Salt Lake
June 4_4141
Derby Gas & Electric Corp
June 11_4322
Detroit Edison Co
June 18_4481
Detroit & Mackinac
June 4..4142
Detroit Street Rys
May 21..3809
Detroit Terminal
June 4..4142
Detroit & Toledo Shore Line
May 28_ _3967
Detroit Toledo & Ironton
May 28..3967
Diamond Match Co
June 4__4147
Diamond Shoe Corp
June 18. _4500
Doehler Die Casting Co
June 18_ _4501
Duluth Missabe & Northern
June 4__4142
Duluth South Shore & Atlantic_ _June 4_4142
Duluth Winnipeg & Pacific
.4142
June 4.
Dunhill International Inc
June 4_4163
Duquesne Light Co
June 4_4148
Eastern Gas & Fuel Associates
June 18..4481
Eastern Shore Public Service Co._ _May 28__3971
Eastern Steamship Lines, Inc
June 11_ -4314
Issue of Chronicle.
Name of Company—
When Published. Page.
Eastern Steel Products, Ltd
June 11.-4330
Eastern Texas Electric Co
June 11_4314
Eastern Utilities Associates
June 18_4481
Eastern Utilities Investing Corp
May 21-_3822
East Kootenay Power Co
June C.4147
East Kootenay Power Co., Ltd
June 18..4491
Edison Bros. Stores
June 18..4501
Edmonton Radial Ry
May 28_3971
Eitingon Schad Co., Inc
June 4__4163
Electric Boat Co
June 4__4164
Electric Power Corp., Germany
June 18_ _4491
Electric Power & Light Corp
June 4_4157
Rice. Prod. Co. of Seattle, Wash____May 21._3829
Elgin Joliet & Eastern
June 4__4142
Elizabethtown Water Co. Consol
May 21_3822
El Paso Electric Co
June 11__4314
Emporium Capwell Corp
June 18_4481
Eneinee.'s Public Service Corp
May 28__3971
Equitable Office Bldg. Corp
June 18..4481
Erie
June 4_4142
Evans Products Co
June 4_.4164
Fairmount Park Transit Co
May 21..3823
Fall River Gas Works
June 11-4314
Famous Players Canadian Corp.,Ltd.June 18_ _4501
Federal Light & Traction Co
June 11__4314
Federal Water Service Corp
June 18..4481
Feltman & Curme Shoe Stores Co.
.May 21__3829
Fidelity-Phenix Fire Ins. Co
June 18_4502
Fifth Ave. Bus Securities Corp
June 4._4148
First National Stores
June 11.-4318
Florida East Coast
May 28-3967
Florida Power & Light Co
June 11__4314
Florida Public Service Co
June 11..4314
Fonda Johnston & Gloversville RR_ June 11-4313
.
Ford Motor Co
May 28-_3988
Ford Motor of France
May 28..3987
Ford Motor of Germany
May 28..3987
Ford Motor Co.. Ltd
May 21..3829
Fort Smith & Western
June 4_4142
Fort Worth & Denver City
June 4.4141
Fort Worth & Rio Grande
June 4_4144
Foundation Co
June 4_4148
Fox Film Corp
June 4_4148
Fuller Brush Co
June 18_ _4502
Gabriel Co
June 11..4314
(Robert) Gair Co
June 18...4502
Galveston Wharf
May 28...4967
Gatineau Power Co
June 4..4157
General American Tank Car Corp...May 21..3809
General Aviation Corp
June 4..4165
General Gas & Electric Co
May 21..3809
General Italian Edison Elec. Corp„.1fay 21. .4823
General Motors Co
May 78 3972
General Water Works & Elec. Corp_ _June 18_ _4491
Georgia & Florida RR
June 4..4l46
Georgia Power Co
May 28_3972
Georgia Power & Light Co
May 21_3809
Georgia RR
June 4..4l42
Georgia Southern & Florida
June 4_4144
Glidden Co
May 21..3809
Gorham,Inc
June 11__4332
(F. & W.) Grand Silver Stores Inc_June 4_4165
Grand Trunk Western
May 28..3967
Granite City Steel Co
May 28..3972
Greater London & Counties Tr.,Ltd.June 11- _4323
Great Northern
June 4_4142
Great Western sugar Co
June 11-4332
Green Bay & Western
June 11..4312
Greif Bros. Cooperage Corp
June 18_ _4481
Gulf Coast Lines
May 28..3969
Gulf Colorado & Santa Fe
June 4..4140
Gulf Mobile 8c Northern
June 4_4(42
Gulf Power Co
May 21_3809
Gulf & Ship Island
June 4_4142
Gulf States Utilities Co
June 11-_4315
Hamilton Watch Co
June 4..4165
Haverhill Gas Light Co
June 11__4314
Hayes Wheels & Forgings, Ltd
June 18..4504
Hazeltine Corp
June 1I..4332
Hecla Mining Co
May 2l..3809
Hercules Motor Corp
June 4_4148
Holland Furnace Co
June 18_4504
Honolulu Rapid Transit Co, Ltd.
--May 28-3972
Houitton Electric Co
June 18_4481
Houston Lighting & Power Co
June 11-4315
Hudson & Manhattan
May 28-3972
Illinois Bell Telephone Co
June 11_4315
Illinois Central System
June 4_4142
Illinois Central RR
June 4_4142
Illinois Terminal
June 4_4142
Illinois Water Service Co
June 18_ _4482
Volume 134
Financial Chronicle
4479
Issue of Chronicle.
Issue of Chronicle
a *sue of Chronicle.
When Published. Page.
Name of Company
When Published. Page.
Name of Company
When Published. Pays
Name of Company
Shell Transport & Trading Co., Ltd_June 4__4151
June 4.4l44
June 18_ _4485 New Orleans Terminal
Indiana Harbor Belt RR
June 11__4316
June 4_ _4143 Sierra Pacific Electric Co
June 11__4323 New Orleans Texas & Mexico
Indianapolis Power & Light Co
May 28_ _3996
June 11..4324 Signal Oil & Gas
May 21..3810 Newport Electric Corp
Indian Motocycle Co
May 21..3836
June 4..4169 (Franklin) Simon & Co., Inc
June 18_ _4505 Newport Industries Inc
Industrial Finance Corp
June 18_ _4483
June 44146 Sioux City Gas & Electric Co
4__4166 New York Central
June
Insurenshares Certificates, Inc
May 28__3996
4__4148 Sisto Financial Corp
June
Interborough Rapid Transit Q. _may 21_3810 N. Y. Central Electric Corp
May 28__3996
May 28__3968 Sloss-Sheffield Steel & Iron Co
International Coal & Coke Co., Ltd _June 4_1166 New York Chicago & St Louis
June 4..4143 (L. C.) Smith & Carona Typew..Inc_June 18..4508
June 4_4142 New York Connecting
International Great Northern
June 4__4I73
May 28__3973 Snia Viscose
International Hydro-Electric SystemJune 4__415" New York Dock Co
May 283970
June 4_ _4148 Soo Line System
,
New York Investors, Inc
International Mercantile Marine Co.May 28_ 398
_June 4__4143 South Bay Cons. Water Service Co_ _June 18_ _4483
June 4...41$1 New York New Haven & Hartford
Internntional Paper & Power Co
June 18_ _4483
June 4_4143 South Carolina Power Co
International P. & Pow. Co. of NfId.June 11-.4333 New York Ontario & Western
June 4__4149
May 28_3973 Southern Bell Tel.& Tel. Co
Internet Rys of Central kiderit _ slay 28 -1969 New York & Richmond Gas Co
May 28_ _3974
Southern Calif Edison Co. Ltd
New York State Electric & Gas Corp_ May 21..3824
June 18_ _4482
International Tel. & Tel. Corp
June 4__4149 Southern Canada Power Co., Ltd___June I84483
51_3824 New York State Railways
Mr
Interstate Power Co
June 4._4149
Jun.. 4_4158 New York Susquehanna & Western_June 4_4143 Southern Colorado Power Co
Interstate Telephone Co
June 4_4144
June 4..4148 Southern Pacific Co
Investment Bond & Share Corp .May 28_3989 New York Telephone Co
May 28_ _3996
June l84482 Southern Pacific Golden Gate Co
May 28_3990 New York Water Service Corp
,
Investors Corp. vation
May 28_ _3970
Southern Pa Mc Lines
June 11-4323 N Y Westchester & Boston Ry Co May 28_3973
'tale-Argentine Electric Co
June 4..4144
June 4_4169 Southern Pacific SS. Lines
May 28.._3972 Nipissing Mines Co., Ltd
(Byron) Jackson Co
June 4_4144
June 4_4143 Southern RR
Western
June 18.4482 Norfolk &
Jamaica Public Service Co
June 18_ _4483
Gas & Elec. Co
June 4__4143 Southwestern
May 28..3972 Norfolk Southern
Jersey Central Power & Light Co
May 28_3973 Southwestern Light & Power Co__ _June 18_ _4483
June 4 4142 Northeastern Public Service Co
Southern
Kansas City
May 28..3997
21._3825 Spicer Manufacturing Co
May
North Penn Gas Co
June II_ 4315
Kansas Gas & Electric Co
June 4.4l44
June 4_4149 Spokane International
June 4_4142 North West Utilities Co
Kansas Oklahoma & Gulf
June 4_4144
June 4_4144 Spokane Portland & Seattle
May 28__3990 Northern Alabama
Katz Drug Co
May 28__3983
& Electric Co
June 4_4143 Springfield Gas
June 18 _4505 Northern Pacific
Kaybee Stores Inc
June 18_ _4483
June 4..4149 Springfield Street Ry
May 21__3810 Northern States Power Co
Corp
(B.F.) Keith
June 4_4173
June 4_4143 (E. R.) Squibbs & Sons
Kellog Switchboard & Supply Co-..June 4_4166 Northwestern Pacific
May 28..3997
May 28..3973 S ware D Company
June 18_ _4482 Northwestern Public Service Co
Kentucky Utilities Co
June 18__4509
Nova Scotia Light & Pr. Co.,Ltd_ May 21__3825 (A. E.) Staley Mfg. Co
May 28_3972
Keystone Public Service Co
June 18_4509
June 4__4169 Standard Dredging Co
June 4__4I66 Novadel-Agene Corp
Keystone Watch Case Corp
June 18_ _4483
May 28__3973 Standard Gas & Electric Co
June IL _4315 Ohio Edison Co
Key West Electric Co
..June 4_4173
28..3973 Standard Motor Construction Co.
May
June 4_1167 Ohio Electric Power Co
(B. R.& R.) Knight Corp
May 21..3815
June 18_ _4482 Standard Oil Co.of New Jersey
May 2I__3832 Ohio Water Service Co
Knott Corp
June 4..4173
.4143 Standard Oil Export Co
June 4.
June 4_4144 Oklahoma City-Ada-Atok
Long Island
June 11_-4316
Standard Oil Co. of Kansas
June 18 4482
May 21..3810 Old Dominion Power Co
Los Angeles Gas & Electric Corp
May 28..3983
June 4__4169 Standard Public Service Co
May 28_.3991 Oliver United Filters, Inc
Los Angeles Investment Co
May 28_3997
May 28..3974 Standard Screw Co
June 4_ _4142 Orange & Rockland Electric Co
Los Angeles & Salt Lake
May 28__3997
June 4__4145 Standard Textile Products Co
June 4_4146 Oregon Short Line
Louisiana & Arkansas Ry. Co
May 28_3997
June 4__4145 Stanley Works
4..4142 Oregon-Wash. RR. Navigation
June
Louisiana Arkansas & Texas
May 28_3997
June 4_4148 Oregon-Washington Water Sect. Co_June 18_ _4482 Standlind Pipe Line Co
Louisiana Oil & Refining Corp
June 11.4324
June 4...4170 Staten Island Edison Corp
June 4_ _4148 Owl Drug Co
Louisiana Power & Light Co
May 28__3968
June 4_4149 Staten Island Rapid Transit
June 4_ _4148 Pacific Gas & Electric Co
Louisville Gas & Electric Co
June II_ _4337
June 4.1149 Stern Brothers
June 4__4143 Pacific Lighting Corp
Louisville 8c Nashville
June II_ _4337
May 28_ _3981 Pacific Northwest Public Sect Co .May 28-3982 Strawbridge & Clothier. Inc
Lowell Electric Light Corp
.May 28_ _3998
June 18..4492 Stromberg-Carlson Teleph rag Co.
May 2i..3832 Pacific Power & Light Co
Lynch Corp
May 28_ _3998
May 28..3974 (B T)Sturtevant Co
June 4__4148 Pacific Public Service Co
Lake Superior District Power Co
June 11_ _4337
America
June 4_4142 Pacific Telephone & Telegraph Co_ _June 11_ _4315 Stutz Motor Car Co. of
Lake Superior & Ishpeming
May 28_3998
Signal Co
May 28_3968 Pan Amer.Petroleum & Transp.Co May 21__3835 Submarine
Lake Terminal
June 4_4149
June 4..4140 Superior Oil Corp
May 21__3832 Panhandle & Santa Fe
Lamson & Sessions Co
June 4_4174
June 4_4170 Swedish Ball Bearing Co
May 28..3990 Parker Pen Co
Lawbeck Corporation
May 28_3998
May 28__3974 Syracuse Washing Machine Co
May 28..3972 Park & Tilford, Inc
Lee Rubber & Tire Corp
June I1..4337
May 28_3974 Taggart Corp
28__3968 Parmelee Transportation Co
May
Lehigh Valley
June II_ _4316
June 4_4167 Paterno Mines & Enterprises Consol.June 4__4149 Tampa Electric Co
Lehigh Valley Coal Sales Co
May 28_3998
June 4__4143 Tacony-Pahnyra Bridge Co
June 4_4142 Pennsylvania
Lehigh & Hudson River
June 114316
May 21_3811 Tennessee Electric Power Co
Pennsylvania Electric Co
June 4_4142
Lehigh & New England
June 4_4144
May 21-3811 Tennessee Central
June 18__4482 Pennsylvania Gas 8c Electric Co
Lincoln Printing Co
June 4-4167 Pennsylvania Power & Light Co__ __June 11__4315 Terminal RR. Assn. of St. Louis__ June 18_ _4487
Lit Brothers
June 4..4142
System_June 4__4146 Texarkana & Fort Smith
May 28_3972 Pennsylvania RR. Regional
Loblaw Groceteries, Ltd
June 4...4144
June 4__4155 Texas & New Orleans
June 18_1482 Peoria 8c Eastern Ry.Co
Loft, Inc
June 4__4144
May 28_3968 Texas & Pacific
May 21__3W.2 Peoria & Pekin Union
Long Bell Lumber Co
June 4._4i44
Texas Mexican
May 28_ _3968
June 18_ _4506 Pere Marquette
McColl Frontenac Oil Co., Ltd
June 4..4149
May 21_3832 Petroleum Heat & Pr. Co. of N. Y_May 21..3812 Third Avenue Ry. System
McCord Radiator & Mfg. Co
May 28_3998
June 4..4149 Thompson's Spa,Inc
Philadelphia Co
McIntyre Porcupine Mines, Ltd___ _June 18_ 1506
May 28-3974
June 11__4312 Tide Water Power Co
May 21._3835 (The) Philippine Ry. Co
McQuay Norris Mfg.Co
May 28-.3998
June 11__4335 Tobacco Products Export Corp
May 2i._3833 Pie Bakeries,Inc
McWilliams Dredging Co
June 4__4174
28__3994 Todd Shipyards Corp
May
May 21..3833 Pitney-Bowes Postage Meter Co
MacAndrews & Forbes
June 4....41144
June 11_1316 Toledo Peoria & Western
June 4__4146 Pittsburgh & Lake Erie RR
Mahoning Coal RR
June 4__4I45
June 4_4144 Toledo Terminal
& Shawmut
June 4_4143 Pittsburgh
Maine Central
May 28_3991 Pittsburgh Shawmut & Northern_ _June 4.4144 Tonopah Belmont Development Co_May 28_3999
Manhattan-Dearborn Corp
June 4_4146
June 4..4171 Toronto Hamilton & Buffalo
June 11__4315 Pittsburgh Steel Foundry Corp
Manitoba Power Co
May 28__3999
June 4_4167 Paul:, Suburban Water Sect. Co_ _ _June 118_1482 Towle Mfg Co
Maracaibo Oil Exploration Corp
May 28..3994 Trans-Lux Daylight Pict Screen CorpMay 28..3999
May 28..3991 Pittsburgh United Corp
Marine Bancorporation
May 28__3999
June 4..4144 Trauma Label & Lithograph Co
Pittsburgh & West Virginia
June 18.4482
Market Street Ry
June 4_4150
June 4__4171 Twin State Gas & Electric Co
May 28..3981 Pittston Co
Massachusetts Lighting Cos
June 4_4145
June 11_4315 Union
June 4__4168 Ponce Electric Co
Massey-Harris Co., Ltd
May 28__3969
June 18_ _4482 Union RR of Seneca
May 21..3833 Portland General Electric Co
Material Service Co
June 18_4484
.June 18_ _4483 Union Water Service Co
June 11_4334 Porto Rican American Tobacco Co.
(Oscar) Mayer & Co
June 4....4158 United Cigar Stores Co.of America_.May 21-3837
Porto Rico Telephone Co
June 11..4315
Memphis Power & Light Co
May 28__3999
June 18_4483 United Dry Docks, Inc
Merchants & Manufacturers Sec. Co.June 11_4334 Postal Telegraph-Cable Co
June 18._4484
June 18_ _4483 United Gas Corp
June 4_4168 Postal Telegraph & Cable Corp
Merck & Co., Inc
June 4_4150
June 18_ _4508 United Light & Power Co
June 4_1168 Potrero Sugar Co
Merck Corporation
June 11..4318
June 11__4336 United Shoe Machinery Corp
May 28_3991 Price Brothers & Co., Ltd
Metchum Tully Partic Inc No. 2
May 28_3999
June 4_4171 U S Finishing Co
process Corp
May 28_3972
Metro-Got wyn Pictures Corp
May 28_ _4000
June 4_4171 U s Printing & Lithograph Co
June 18..4492 producers & Refiners Corp
Metropolitan Edison Corp
May 28_4000
June I l__4315 public Service Co. of New Hampsh_June 4_4149 United Steel Works Corp
Mexican light & Power Co
June 1l..4316
28__3974 Universal Pipe & Radiator Co
May
Mexican Petroleum Co.,Ltd.,of Del_May 21..3834 Nubile Service Co of Oklahoma
June 4__4145
Mexican Telephone & Telegraph Co_June 4_ _4158 Public Service Corp.of New Jersey May 21..3812 Utah
May 28-_3984
Slay 21_3835 Utah Light & Traction Co
June 11-4315 Public Utility Investing Corp
Mexico Tramways Co
May 28..3984
June 11.43l5 Utah Power & Light Co
June 18_4482 Puget Sound Power & Light Co
Michigan Gas & Electric Co
June 11_4317
June 11__4316 Utilities Power & Light Corp
June 18_4482 (The) Pullman Company
& Boston St. By
Middlesex
May 21__3837
May 28__3983 Yadsco Sales Corp
Co
June 4_1143 Quebec Power
Midland Valley
June 4__4174
June 4_.4146 Van Sweringen Corp
June 4_4150 Railway Express Agency
Minneapolis & St. Louis RR
May 211__4000
May 28_3974 Venezuelan Petroleum Co
June 4__4143 Raybestos Manhattan, Inc
Minneapolis St. Paul & S. S. Marle
June 11--4316
Electric & Power Co
June 4..4144 Virginia
June 11_ _4315 Reading Co
Minnesota Power & Light Co
May 28-3984
June 4_4171 Virginia Public Service Co
June 4._4l43 (Robert) Reis & Co
Mississippi Central
June 4.4145
May 28_ _3994 Virginian Ry
June 18_1482 Republic Petroleum Co
Mississippi Power Co
June 4__4145
June 4_1172 Wabash Ry
June 4_4148 Reynolds Investing Co
Mississippi Power & Light Co
June 4__4174
May 21_3825 Waltham Watch Co
June 4_4(43 Rhode Island Public Service Co
Missouri & North Arkansas
June 4_4175
Corp
June 4....4143 Richmond Fredericksburg & Pot- June 4..4144 Warchel
Missouri Illinois
June 11--4316
June 4_4172 Warner Bros. Pictures, Inc
June 4..4143 Richmond Radiator Co.of N.Y
Missouri-Kansas-Texas
June 4__4175
May 28..3974 (S. D.) Warren Co
Dental Mfg Co,Inc
Ritter
June
Missouri Pacific
May 28-3984
May 28..3974 Washington Gas Light Co
June 4__4143 Rochester Gas & Electric Corp
blobile & Ohio RR
June 4_4175
June 4__4I43 Koch.& Lake Ont. Water Serv. Co_ -June 18.4483 Washington Oil Co
Monongahela
May 21_3826
Washington Ry.& Electric Co
June 4_4172
June 18 _4480 Ross Gear & Tool Co
Montour RR
June 4_4150
June 4_4152 Water Service Cos., Inc
Montreal Lt., Ht & Pow., Consol_June 4_4148 Royal Dutch Co
May 28-3975
June 4_4146 West Texas Utilities Co
June 4.4168 Rutland RR
Morris & Co.. Ltd
(Philip)
June 18_4484
May 28_ _3973 (Joseph T.) Ryerson & Son, Inc- -June 4_4172 West Virginia Water Service Co
Motor Wheel Corp
May 21..3812
May 21_3834 St. Joseph Grand Island
June 4__4145 Western Dairy Products Co
Mountain Producers Corn
June 4.4145
Western Maryland
May 28-3972 St Lawrence Corp, Ltd
May 28..3995
Municipal Service Co
June 18.4484
May 28..3973 St. Louis Brownsville & Mexico
June 4__4143 Western New York Water Co
Murray Corp of America
June 18_4484
May 21-_3810 St. Louis San Francisco of Texas_ June 4_ _4144 Western Pacific RR. Co
(F. E.) Myers & Bros. Co
June 18..4485
June 4..4146 Western Pacific RR. Corp
Nashville Chattanooga & St.Louis- _June 4..4i43 St. Louis Southwestern Ry
June 11.-4316
June 11..4335 San Antonio Uvalde & Gulf
June 4__4144 Western Public Service Co
National Air Transport, Inc
June 41..4145
Ry.of Alabama
May 28_ _3992 San Diego & Arizona
June 4__4144 Western
National Candy Co
June 18..4484
June 4_4168 San Diego Consol Gas & Eke Co May 28_ _3974 Western Union Telegraph Co
National Food Products Corp
May 28._3973 San Joaquin Light 8c Power Corp..
.June 4__4159 Weston Electrical Instruments Co. June 11-.4316
National Power & Light Co
June 4-4145
May 21-.3834 St. Louis-San Francisco Ry. Co
June 18 _4483 Wheeling & Lake Erie
National Service Cos
June 4_4145
May 28-_3981 St. Louis San Francisco of Texas-June 4.-4144 Wichita Falls & Southern
Nebraska Power Co
May 28__4000
June 4._4143 Sangamo Electric Co
May 28-3995 Wieboldt Stores, Inc
Newburgh & South Shore
June 18-4510
aah Electric & Power Co
June 11.4316 Wilson Line Inc
Nevada-California Electric Corp_...May 28_3973 S
May 28_3975
May 28..3973 Schiff Co
May 28..3994 (H F) Wilcox Oil & Gas Co
Nevada Consolidated Copper CoJune 4_4175
June 4...4143 Scranton Spring Brook Wat.Serv.Co.June 18_ _4483 Winn & Lovett Grocery CO
Nevada Northern
June 11.-4316
June 4_1169 (E. W.) Scripps Co
June 4__4172 Winnipeg Electric Co
New England Equity Corp
June 4_ _4150
May 28__3968 Wisconsin Power & Light Co
Power Association__ May 21_3811 Seaboard Air Line
New England
June 4_ _4176
June 4..4169 Seaboard Public Service Co
May 21_3812 Wright Aeronautical Corp
New Haven Clock Co
June 4_4142
June 4.4142 Second Investors Corp
May 28.-3995 Yazoo & Mississippi Valley
Jersey & New York
New
May 28_ _3975
May 28..3992 Securities Corp General
May 28.-3995 York Railways Co
Newmarket Mfg Co
May 28_3985
June 4._4l44 Segal Lock & Hardware Co, Inc-- -May 28_3995 York Utilities Co
New Orleans & Northeastern
Arne 18_4510
June 4..4i43 Serve!,Inc
Northern
June 4_4149 Zenith Radio Corp
New Orleans Great
Shawmut Bank Investment Trust June 18-4483
4480
Financial Chronicle
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
Current
Year.
2,842,251
2,223,000
14,650
142,505
1,646,031
245,000
190,008
Period
Covered.
2nd wk of June
1st wk of June
1st wk of June
4th wk of may
1st wk of June
1st wk of June
1st wk of June
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Southern
St Louis Southwestern
Western Maryland
Previous
Year.
3,560,252
2,998,000
22,200
223,834
2,530,458
378,874
286,404
Inc.(+) or
Dec.(-)•
$
-718,001
-775.000
-7.550
-81,329
-884,427
-133,874
-96.396
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class I roads in the country.
Cross Earnings.
Month.
1931.
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
Inc. (+) or
Dec.(-).
1930.
365.416,905
336,137.679
375.588.834
369,106,310
368,485,871
369.212,042
377,938,882
364,010.959
349.821,538
362,647,702
304,896.868
288,239.790
1932.
274,976.249
266.892.520
289,633,741
267.473,938
Length of Road.
450,731.213
427,465,369
452,261,686
450.567.319
462,577,503
444.274.591
458.088.890
465.762.820
466.895,312
482,784.602
398.272,517
377.499,123
1931.
385.522,091
336,182,295
375,617,147
369,123,100
1931.
Miles.
--85,314.308 242,657
--91,327,690 242,660
--76.672.852 242,366
--81.461,009 242,632
--94.091,632 242,716
--75,062.879 242,968
--80.150.008 242,819
--101.751.881 243,024
--117.073.774 242,815
--I20.136,900 242,745
--93,375.649 242,734
-89.259.333 242,639
1932.
--90,545,842 244,243
---69,289,775 242,312
--85.983,406 241,996
--101,649,162 251,876
1930.
242.332
242.726
242,421
242,574
242,542
242,494
234.105
242,632
242,593
242,174
242,838
242,319
1931.
242,365
240.943
241,974
241,992
Inc. (-I-) or Dec.(-).
Net Earnings.
Month.
1931.
$
71.952.904
64,618,641
84,648.242
79,144,653
81,038.584
89.687,807
96,965,387
95.118,329
92.217.886
101.919,028
66,850.734
47,141,248
1932.
45,940.685
57.375,537
67,670,702
ranuary
Febniary
Vfarch
UAL_
$
94,836,075
97,622,762
101,541,509
103.030.623
111,359,322
110,264.613
125,430,843
139,181,475
147.379.100
157,141,555
99.557,310
79,982,841
1931.
72.023.230
68,078,525
84,706,410
$
-22.883.171
-32.904,121
-16.893,267
-23,885,970
---30,320,788
-20.587,220
-28,465,456
---44,043,146
-55,181,214
-55,222,527
-32,706,576
-32.841.593
-24.13
-33.76
-16.66
-23.21
-27.23
-18.70
-22.73
--31.64
-37.41
-35.14
-32.85
-41.08
-26.082,545
--8,702,988
-17,035,708
-36.21
--13.17
-20.11
AA 2RA A2A
January
February
March
April
May
June
July
August
September
Detober
November
December
1930.
70 1525070
-22022.500
-9504
Amount.
Per Cent.
Net Earnings Monthly to Latest Dates.
Alton & SouthernMay
-1932.
1931.
1930.
1929.
Gross from railway_ _ _
$72,793
$94.238
$106,023
Net from railway_ _ _ _
18,268
43,172
27,863
Net after rents
9.741
18,362
30,904
From Jan. 1
Gross from railway
393,352
452,897
450.057
Net from railway
129,897
151,965
139.702
Net after rents
77.147
99,987
93,795
Central VermontMay
-1932.
1931.
1930.
1929.
Gross from railway_ _ $478.185
$708,232
$641,795
$783,538
Net from railway
27,456
13.766
93.696
110,208
Net after rents
-1,426
7.909
77,670
94,024
From Jan. 1
Gross from railway
2,914,334 3,186,180 3.489.990
2,217,531
Net from railway
366,864
478.770
752,459
151.076
Net after rents
358.624
17,352
398,706
671,550
Chesapeake & Ohio LinesMay1932.
1931.
1929.
1930.
Gross from railway_ -- $7,588,623 $10,392,703 $12,121,466 $12,514,896
Net from railway_
4,222,215 4,694,896 4,376,792
Net after taxes
2,263,072 3.283.918 3,836,319 3,664.810
From Jan 1
Gross from railway
39,198,696 48,514,001 56.740.864 59,670.944
Net from railway
16,614.716 18,824,083 19.421.907
Net after rents
11,529,844 12,362,622 15,032,613 15,989,610
MontourMay
-1932.
1931.
1930.
1929.
Gross from railway
$220,656
$185,128
$259,212
$100,069
Net from railway
101,402
74,943
73,983
14,094
Net after rents
73.071
99,627
31,514
88,598
From Jan. 1
Gross from railway_ _ _
846,487
842,532
993,359
623.603
Net from railway...._..
310.390
259,036
273,062
182.797
Net after rents
251,164
334,064
301,515
257,277
INDUSTRIAL AND MISCELLANEOUS COS.
Associated Electric Co.
12 Months Ended March 31Electric revenues
Gas revenue
Miscellaneous revenues
1931.
1932.
$16,281,966 $16.700,154
3,529,218 4,005,146
5.551,329 6,055.446
Total operating revenues
$25,362,514 $26,760,746
Operating expenses and maintenance
13,472,977 14,325,108
Provision for retirement (renewals, replacements)
offixed capital, depreciation, &c
1,739,848 1,688,925
Taxes (incl. provision for Federal income taxes).- 1,136,307 1,068,974
Operating income
Other income
$9,013,382 $9,677,739
x639,166
315.273
Gross income
$9,652.548 $9.993,012
Underlying Companies
Interest on funded debt
1,756.257 1,376,778
Interest on unfunded debt
33,678
18,088
Interest during construction
Cr355,737 Cr596,078
Dividends on preferred stock
1,473
Income applicable to stocks of subsidiary companies held by public
5,161
13,448
Associated Electric Co.-Int. on funded debt
3,544,923 3,188.988
Balance available for interest on advances,
$4.668,267 $5,990,315
dividends and surplus
x Excludes non-recurring interest of $243,317 on temporary investments.
rWLast complete annual report in Financial Chronicle June 18 '32, p. 4488
June 18 1932
Alabama Water Service Co.
12 Months Ended April 30-Operating revenues
Operating expenses
Maintenance
General taxes
1932.
$828.346
297.212
38,054
97.145
1931.
$858,019
319,414
33,435
87,086
Net earnings from operation
Other income
$395,936
4,067
$418,084
3.742
Gross corporate income
Interest on long term debt
Miscellaneous interest charges
Reserved for retirements,replacements and Federal
income tax and miscellaneous deductions
$400,003
215,490
975
$421.827
205.337
1,273
53,947
68,749
Net income
$129,591
$146,468
Dividends on preferred stock
40,647
40,365
fO Last complete annual report in Financial Chronicle Apr. 30 '32, p. 3270
-
American Seating Co.
(And Subsidiaries)
Quarter Ended March 311932.
Gross revenue
$738,265
Costs, expenses and depreciation......_
863,544
Operating loss
Other income
1931.
1930.
$853,017 $1,139,773
911,774
1.195,618
$125,279
28.462
$55,845
21,348
$96,817
14,832
47,370
Net loss
Other expenses
Interest
$58,757
33,082
$25,675
10,550
60,000
$34,497
13,963
60,000
Total loss for period
$159,019
$96,225
$108,460
120 Last complete annual report in Financial Chronicle Feb. 13 '32, p. 1197
-
Associated Gas & Electric System.
Consolidated Statement of Earnings and Expenses of Properties Since Dated
of Acquisition (Actual).
Increase
12 Months Ended April 30Amount.
%
1932.
1931,
Electric
$$77,237,73177,518,652.
Gas
17,498,715
18,770,272 1,271,557* 7*
Ice
3,967,021
4,134,611
167.590* 4*
Transportation
1,948,184
2,014,630
66,446* 3*
Heating
1,525,916
1,746,863
220,947* 13*
Water
1,288,602
1.562,665
274,063* 18*
Total gross oper. revenues_ 3103,747.090 $105,466,772 31.719,682* 2*
Oper.exps.,maint.,all taxes,&c 56,776.859 56,481,615
295,244 1
Prov. for retirements (deprec.) 9.986.993
7,048,708 2,938,285 42
Operating income
$36,983,238 $41,936,449 $4,953,211* 12*
* Decrease.
Note.
-The above figures include the results of operations of substantially the same properties in both periods.
"Last complete annual report in Financial Chronicle May 7 '32, p. 3453
Baldwin Locomotive Works.
Consolidated Earnings 12 Months Ended March 311932.
Sales
$17,698,359
Cost of sales, incl. sell., administ. & gen. expenses
19.172,292
Provision for depreciation
1,812,805
Operating loss
Dividends received
Interest & miscellaneous income
$3,286,739
43,679
688,922
Net loss
Interest
Miscellaneous
Provision for Federal income tax
Equity of min.stkholders in net profit of Midvale Co
$2,554,137
1,139,185
506,343
26,500
200,730
Loss
$4.426.895
ra'Last complete annual report in Financial Chronicle Feb. 20 '32, p. 1363
Bickford's, Inc.
Quar. End. Mar. 311932.
x1931.
1930.
1929.
Net profit after all chg.'s.
and taxes
$142.914
$211,238
8183,038
$125,463
Sh13. COM.stk. outstand'g
(no par)
287.388
287,413
248,744
248,744
Earnings per share
$0.38
$0.62
$0.60
$0.37
x Includes operations of Foster Lunch System, Ltd., acquired as of
Jan. 1 1931.
WLast complete annual report in Financial Chronicle Apr. 2 '92, p. 2525
California Water Service Co.
Statement of Earnings Since Dates of Acquisition (Actual)
12 Months Ended April 30-1932.
1931.
Operating revenues
$2,048,321 $2,143,312
Operating expenses
774,073
780,848
Maintenance
70,869
75,106
General taxes
145,698
157,044
Net earnings from operations
31,057,681 $1,130,314
Other income
19,028
24,447
Gross corporate income
31,076,709 31,154,761
Interest on long term debt
433,897
427,095
Reserved for retirements, replacements & Federal
income tax & miscellaneous deductions
183.192
171,004
Net income
3459,620
8556.663
Dividends on preferred stock
173,956
162,699
Interest on 6% notes
40,426
40,427
Disregarding Dates of Acquisition (Earning Power).
Operating revenues
$2,139,556 $2,148,047
Operating expenses
815,152
833,254
Maintenance
73,235
78,143
General taxes
147,810
144,420
Net earnings from operations
$1,103,358 $1,092,231
Other income
12,589
16,333
Gross corporate income
$1,115,947 $1,108,563
WLast complete annual report in Financial Chronicle April 16'32, p. 2903
Caterpillar Tractor Co.
Earnings for 5 Months Ended May 311932.
Net sales ______---------------------------------------- $6,638,034
Costs, expenses, &c
6,146,741
Depreciation
721,333
Interest
206,258
Net loss------------------ -------r--3436,298
Net sales ---- the month of May amounted to ----,388,904 and net profit
after taxes was $25,746.
Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1029
tar
Central Power Co.
Period End. Mar.31- 1932-3 Mos.-1931,
1932-12 Mos.-1931.
Gross open revenues- - _ 3303,204
$305,535 $1,286,475 $1,248,229
135,438
Available for int. &c___
142,720
600,262
613,594
65,519
'
Int. on long-termdebt-59,181
220,892
257.326
8,419
Other deductions
7,218
26,958
32,363
Yit
$61,500
Net for retire. & diva..
$76,321
$3352,412
$3323,905
tarLast complete annual report in Financial Chronicle April 16'32, p.2903
4481
Financial Chronicle
Volume 134
Central Public Service Corp.
Period End. ApriI30-- 1932-4 Months
-1931: 1932-12 Mos.-1931
,
Operating revenues
$12,709,009 $13,766,773 $38,102,417 $40,523,231
-Oper.expenses, maint.&
general taxes
7,402.451
8,409,187 22,999,656 24,927,843
Net operating income_ $5,306,558 $5,357,586 $15,102,761 $15,595,388
Non-operating revenues_
245,438
279,121
651,568
939,103
Net earnings
$5,551,996 $5,636,707 $15,754,329 $16,534,491
Eastern Utilities Associates.
(And Constituent Companies)
-Month of April- -12 Mos.End. Apr 30.
1932.
1931.
1932.
1931.
Gross earns., constituent
companies
$681,520
$770,512 38.744.657 $9.009,650
E. U. A.income from investments and other
sourced
12,909
12,909
264.405
175,562
$694,430
$783,421 $9,009,062 $9,185,213
12 Months Ended April 30-Operating revenues
'Operating expenses
Maintenance
'General taxes
1932.
$526,136
139,843
25.490
18,814
1931.
$566,953
141,617
21,181
18,522
Operation
Maintenance
Taxes
$313,752
24,358
74,154
$362,212 $3,990,063 $4,154,364
30,913
346,947
353,681
73,392
925,996
855,253
Net revenue
Interest and amortiz_ _ -
$282,164
75,927
$316,903 33,746,054 $3,821,913
67,042
808,416
824,641
Net earnings from operation
-Other income
$341,988
6.471
$.385.633
13,614
Balance
$206,236
Appropriation to retirement reserve_*
Gross corporate income
Interest on long term debt
Miscellaneous interest charges
Reserved for retirements, replacements & Federal
income tax & miscellaneous deductions
$399,248
$348,459
145,066
148,995
921 •
Chester Water Service Co.
$249,860 $2.937,638 $2,997,272
725,000
725,000
Balance
Dividends on preferred stock of constituent cos
$2,212,638 32.272,272
127,152
127.152
33.579
53,158
Net income
3201,024
$164,964
Dividends on preferred stock
66,000
66,000
10'Last complete annual report in Financial Chronicle April 16'32, p. 2903
Balance
$2,085,486 $2,145,120
Amount applicable to common stock ofconstituent
companies in hands of public
85,454
96,276
Cities Service Co,
Balance
$629,142
$678.223
* Amount set aside by the directors of constituent companies during the
12 months' period.
Note-The 1931 figures have been rearranged to conform with the new
presentation of the results of operation adopted Dec.31 1931.
KN'Last complete annual report in Financial Chronicle Mar. 26 '32, p. 2335
-Month of April- -12 Mos. End. Apr..301932.
1931.
1932.
1931.
$3,246,544 $3,436,088 $36,864,456 $53,715,817
174,868
2,687,190
190,695 2,158,301
'Gross earnings
Expenses
Net earnings
$3,071,676 $3,245,392 $334,706,155 $51,028,627
Int. & disc. on debent's_
936,383
1,014,467 11,872,348 11,233,951
Net to stocks & res- - _ $2,135,292 $2,230,925 $22,833,806 $39,794,675
Dividends pref.stock- _ 613,466
613,465 7,361,587 7,361.559
Net to corn. stk.& res. $1,521,826 $1,617,460 $15,472,219 $32,433,115
"Last complete annual report in Financial Chronicle Apr. 23'32, p. 3088
City Stores Co.
3 Months Ended April 30-Net loss after reserve for deprec., conting. & deduc.
of minority interests
Estimated Federal Income taxes
1932.
1931.
$394,239
3,556
$99,075
Net loss
$99,075
$397.795
10P*Last complete annual report in Financial Chronicle June 4 '32, p. 4162
Crown Cork & Seal Co., Inc.
(And Domestic Smbsidiaries)
Quarter Ended March 31x1932.
1931.
Netsales$1,558,028 $1,854,626
Costs and expenses
1,377.134
1.547,227
Interest, &c
55,279
69,953
Depreciation
134,110
113,667
Federal taxes
15,000
Minority interest loss
Cr.13
Net profit
Preferred dividends
Common dividends
lossi8,482
95,995
112,250
$108,779
97,431
177,821
Deficit
$216,727
$166,473
x Includes Detroit Gasket & Mfg. Co. and Western Stopper Co., Inc.,
in 1932 but excludes those companies in 1931.
larLast complete annual report in Financial Chronicle Apr. 23 '32, p. 3103
Deep Rock Oil Corp.
(And Subsidiaries and Affiliated Companies)
12 Months EndedMar. 31 '32. Dec. 31 '31.
Gross earnings
$13,149,374 $13,541,490
Operating expenses, maintenance and taxes
11,640,566 11,933,734
Net earnings
$1,508.808 $1,607,756
IZPLast complete annual report in Financial Chronicle May 7 '32, p. 3466
Detroit Edison Co.
(And Subsidiary Utility Companies)
12 Months Ended May 31Operating revenues
$44,688,i22 $48,550,245
Steam revenue
1,900,072
2,424,582
Gas revenue
465.678
456,971
Dr8,259
Miscellaneous revenue
Dr2,689
Total operating revenue
Non-operating revenue
347,042,675 $51,432.247
69,772
47,571
Total revenue
Operating and non-operating expenses
$47,090,246 $51,502,019
31,516,927 34.412,410
Gross corporate income
Interest on funded and unfunded debt
Amortization of debt discount and expense
Miscellanous deductions
$15,573,319 $17,089,609
5,687,172
5,808,631
260,864
193,439
38.308
46,411
Net income
$9,524,838 $11,103.265
WLast complete annual report in Financial Chronicle Jan. 23 '32, p. 668
Eastern Gas & Fuel Associates.
Earnings for 12 Months Ended May 31 1932.
Total income
Depreciation and depletion
Other reserves
Interest, Federal taxes, minority interest
Net income
Dividends paid on 4% prior preference stock
Dividends paid on 6% preferred stock
$13,858,079
2,677,274
1,516,394
4,467,292
$5,197,119
1,102,089
2.472,645
Surplus
$1,622,385
10"Last complete annual report in Financial Chronicle Apr. 16 '32, p. 2904
Equitable Office Building Corp.
Balance
Dividends paid on E. U. A.common
$2,000,031 $2,048,843
1,370,889 1,370,620
Emporium Capwell Corp.
• Earnings for 12 Months Ended April 30 1932.
Net profit after depreciation, interest and Federal taxes
Preferred dividends
Balance available for common stock
$113,102
Earnings per share on 412,853 shares capital stock (no par)
$0.27
W'Last complete annual report in Financial Chronicle April 16 1932, p.
2917 and April 9 1932, p. 2730.
Federal Water Service Corp.
(And Subsidiaries).
Consolidated Statement of Earnings from Properties Now Owned (Disregarding
Dates of Acquisition)•
12 Months Ended April 301932.
1931.
Operating revenues
$17,075,725 $17.456,501
Operation expense Sr maintenance
5,627,319 6,088,544
Reserved for retirements, replacements & conting- 1,091,773
931,977
General taxes
1,304,738 1,266,969
Net earnings from operation
$9,051,895 $9,169,011
Consolidated Statement of Income-Per Books (Including Earnings of Properties Only During Period Owned).
Operating revenues
$17,043,483 $16,684,504
4,881,038 4,992,545
Operating expense
Maintenance
727,182
734,537
Reserved for retirements & replacements
917,921
840,248
1,302,948 1.214,366
General taxes
Reserved for contingencies
170,000
Net earnings from operation
Other income
$9,044,393 $8,902,809
696,418
320,085
Gross corporate income
$9.364,478 $9,599,227
Charges of subsidiary companies:
Interest on funded debt
5,047,771
4,604,618
Amortization of debt discount, miscel. interest,.3cc
121,647
315,025
Dividends on preferred stock-paid or accrued_
922,433 1,260,008
Dividends on preferred stock-not declared
413,874
Provision for Federal income tax
214,165
367,673
Charges of Federal Water Service Corp.:
386,158
Interest on debentures
384,503
Miscellaneous interest dc other charges
271,150
63,660
Net income
Dividends paid on Federal preferred stock
Dividends on Federal pref. stock-not declared
$1.793,903 $2,797,117
411,421
982,032
583,776
Balance
$798,706 31,815,085
Shares of class A stock outstanding
567,237
560,344
Earnings-per share
$1.40
$2.62
farLast complete annual report in Financial Chronicle April 2 '32, p 2516
Greif Bros. Cooperage Corp.
(And Subsidiaries)
6 Mos. End. Apr.30
1932.
1931.
Mfg. profit after deduct.
for materials used,
labor, mfg. exp. & depletion
$272,347
$390,468
Depreciation
101,374
103.499
Selling, gen. & admin.
195,671
expense
183.411
44,684
Other deductions (net)-8,403
Pro's,forest. Fed. taxes
5,000
$486,222
98,227
$612,146
90,729
248,397
20,680
12,000
238,636
49,938
24,000
Net profit
Previoussurplus
1930
Totalsurplus
Divs, paid on class A
common stock
$43,737
695,228
$106,916
801,507
$208,841
585,597
$496,453
$738,965
$908,423
$794,438
51,200
51,200
102,400
102,400
Balance April 30
$445,254
3692,038
$687,765
3806,023
110"Last complete annual report in Financial Chronicle Jan. 2 '32, p. 142
Houston Electric Co.
Gross earnings
-Month,of March- -12 Mos.End.Mar.311932.
1931.
1932.
1931.
$190,463
$244,396 $2,572,115 $2,997,483
1932.
$447,415
86,439
22,981
1931.
$520.110
90,506
22,982
1930.
$539,500
97,123
22.982
1929.
$512.512
98.827
22.982
Operation
Maintenance
Taxes
$93,346
32,067
21,920
Net oper. revenue
Inc. from oth. sources_x
$43,128
26,665
$74,328
27,699
$681,550
Balance
Other income
$337.995
10,593
$406,622
3,749
$419,395
5,785
$390,703
8,157
Balance*
$16,463
Interest and amortization (public)
$46,629
$6681,550
316,136
Total income
Int., real estate tax, &c..
Federal tax
$348,588
192,778
21,000
$410,371
185,443
27,000
3425,180
181,720
27,000
$398,860
180.070
27.000
Profit
Reserve for add'l deprec.
$134,810
10,743
$197,927
9,255
$216,460
7,792
$191,790
6,352
1929
loss$22,967
519,420
Month of MailGross earnings
Expenses
Depreciation
$124,067
$188,672
$208,668
$185,438
Net profit
WEast complete annual report in Financial Chronkle June 11 1932, la.
4330 and June 4 1932, p. 4163.
$130,623
17.521
$112,117 $1,246,433 $1,417,455
35,820
392,667
461,564
22,129
251,464
262,367
$856,095
1.140
$857,235
327,643
Balance
$365.414
$529,591
x Interest on funds advanced G. H.E. Co.
* Interest on 8% secured income bonds is deducted from surplus when
declared and paid. Last payment was Feb. 1. 1932 and interest for two
months since then not declared or paid is $4,000 and is not included in this
statement.
During the last 31 years, the company has expended for maintenance a
total of 13.27% of the entire gross earnings over this period, and in addition during this period has set aside for reserves or retained as surplus a
total of 9.38% of these gross earnings.
4482
Financial Chronicle
Illinois Water Service Co.
12 Months Ended April 301932.
1931.
Operating revenues
$657,109
$673,460
Operating expenses
235,588
255.997
Maintenance
40,276
44,669
General taxes
37,402
49,489
Net earningsfrom operation
$343,844
$323,305
Other income
804
1,868
,
Gross corporate income
$345,711
$324.109
Interest on long term debt
157,356
153,039
Miscellaneous interest charges
7,742
4,761
Reserved for retirements, replacements & Federal
income tax & miscellaneous deductions
31.281
30.374
Net income
$149,332
$135,936
Dividends on preferred stock
53,400
53,400
'Last complete annual report in Financial Chronicle Apr 16 '32, p. 2905
International Telephone & Telegraph Corp.
(And Associated Companies)
Quar.End. Mar. 311932.
1931.
1930.
1929.
Earnings
$19,035,933 $24.165,338 $25,685,887 $24,555,473
Expenses
15,568,068 18,938.931 19,776,871 17,934,846
Net earnings
$3,467,866 $5,226,407 $5,909,016 $6,620,628
Charges ofassoc'd cos_
1,336,242
951,668
1,411,451
1,541,872
Int. on debenture bonds_ 1,442,437 1,442,437 1,143,826
891.725
Net income
$689.186 $2,832,302 53,353,739 $4,187,031
Earned surplus at beginning of period
18.472,356 22,645.817 28,054,707 21,471,677
$19,161,542 $25,478,119 $31,408,446 $25,658,708
Total
Divs. paid or accrued..
3,321,254 2,935,782 2,505,898
Sundry surp. ch'gs (net)
24,014
196,154
Bond interest
x223
Earned surplus at end
of period
$19,137,528 $21,960,711 $28,472,441 $23,152,810
Stock outs. (no par) (including shares to be
issued)
6,399,970 6,642.508 5,871.739 y1,670.462
Earnings per share_ _ _ _ _
$0.11
$0.43
$0.57
$2.51
x In 1930interest on debenture bonds not converted into stock is deducted
before net income. Interest paid during the quarter on debenture bonds
later converted into stock is deducted from surplus. y Par $100.
Last complete annual report in Financial Chronicle Mar. 19 '32, p. 2145
kWand Mar. 12 '32, p. 1940.
Jamaica Public Service, Ltd.
(And Subsidiary Companies)
-Month of April- -12 Mos. End. Apr.301932.
1931.
1932.
1931.
$62,666
Gross earnings
$68,968
$807,748
$845,748
Oper.expenses & taxes..39,787
40,395
486,694
491,110
Net earnings
Inc. from other sources*
$22,878
9,326
$28,572
9.401
$321,054
3,911
$354,638
Balance
$13,551
Interest & amortization charges
$19,170
$324,965
112,493
$354,638
109,308
Balance for reserves,retirements tz dividends_ _ _ $212,472
$245,330
*Interest on funds for construction purposes.
During the 83 years under Stone & Webster supervision, the Company
has expended for maintenance, which is included in operating expenses,
a total of 10.59% of the entire gross earnings over this period.
10 Last complete annual report in Firancial Chronicle Mar 7 '32, p. 3456.
.
Kentucky Utilities Co.
Period End. Mar.31- 1932-3 Mos.-1931. 1932-12 Mos.-1931.
Gross operating revenues $1,498,391 $1,572,728 $6,326,324 $6,535,499
919.470
Available for interest, &c
882,185 3.685,358 3,607,377
Int. on long term debt _ _
370,965
358,225
1,445,639
1,375,954
39,747
Other deductions
60,897
213,513
235.166
Net for retire. & dive _ $508,758
$463,063 $2,026,206 $1,996,257
WLast complete annual report in Financial Chronicle Mar. 26 '32, p. 2336
Lincoln Printing Co.
Quar. End. Mar. 311932.
1931.
1930.
1929.
Net profit after charges
$260,751
$255,718
and Federal taxes......
$11,961
$197,187
Earns,per sh.on 175,000
Nil
$1.35
$1.30
$0.97
shs. corn. stk.(no par)
10PLast complete annual report in Financial Chronicle April 2 '32, p. 2537
Loft, Inc.
Earnings for 3 Months Ended March 31 1932.
$3.587.296
Net sales
109.241
Net profit after taxes, depreciation, amortization, &c
$0.10
Earnings per share on 1,073,259 shares no par stock
10
-Last complete annual report in Financial Chronicle Mar. 26 '32, p. 2353
Market Street Railway Co.
1932.
1931.
12 Months Ended May 31$8,271,079 $8,928,584
Gross earnings
Net earnings, including other income before pro1,340,277
1,142,554
vision for retirements
n9=1..ast complete annual report in Financial Chronicle Apr. 16 '32, p. 2905
Michigan Gas & Electric Co.
1932-12 Mos.-1931.
Period End. Mar.31- 1932-3 Mos.-1931
$359,150 $1,378,976 $1,349,388
Gross operating revenues $313,356
572,872
560,920
151.129
Available for interest, &c
140,242
177,211
229.681
Int. on long term debt__
53,330
58,087
28,944
52.798
Other deductions
11,662
9,661
$314,247
$330,911
Netfor retirement & diva
$86,137
$72,494
1ZPLast complete annual report in Financial Chronicle April 23'32, p. 3097
Middlesex & Boston Street Ry.
(As Reported to Massachusetts Dept. of Public Utilities)
1930.
1931.
Quarter Ended March 311932.
2,587,369 2,898,352 3,067,698
Passengers carried
$59,315
$66,640
$52,504
Gross income
39,078
31,259
26,592
Interest, &c
$20,237
$35,382
$25,912
Mississippi Power Co.
(The Commonwealth & Southern Corp. System)
-Month of April-- -12 Mos. End. Apr. 301931.
1931.
1932.
1932.
$245,209
$276,650 $3,256,687 $3,491.562
Gross earnings
Oper. exp., incl. taxes &
170,490
171.287 2,113,536 2,233,810
maintenance
Netincome
Gross income
Fixed charges
$74,719
Net income
Provision for retirement reserve
Dividends on first preferred stock
Balance
$105,362 $1,143,150 $1,257,751
695,917
743,856
$399,293
73,200
267,651
$561,834
72,000
264.291
$58,442
$225,542
June 18 1932
New York Water Service Corp.
(And Subsidiary Rochester and Lake Ontario Water Service Corp.)
12 Months Ended Apr. 301932.
1931.
Operating revenues
$2,825,008 $2,794,355.
Operating expense
745,426
829,156
Maintenance
101,230
taxes
85,174Genral
264.351
249.158
Net earningsfrom operation
$1,714,002 $1,630,867
Dividends on pref. stocks of Western N. Y. Water
Co.& South Bay Consolidated Water Co.,Inc__
29,123
14,592
Miscellaneous income
21,749
55,499
Gross corporate income
$1,764.874 $1,700,959'
Interest on mortgage debt
794,078
734,122
Interest on gold notes
102,500
37,500
Miscellaneous interest charges
18,467
29,232
Interest received from affiliated cos.-Cr
24,735
36,481
Reserved for retirements and replacements
153,250
166,500
Federal income tax and miscellaneous deductions.. _
110,718
93,405
Net income
$610,596
$676.680
Earnings accruing to common stock holdings in
subsidiaries not consolidated_a
122,460
,
Balance
$733,056
$676,680
Dividends on preferred stock_ b
104,430
261,078
a The conmion stocks of Western New York Water Co., South Bay Con •
solidated Water Co., Inc. and Cortlandt-Harmon Water Service Corp. are
shown as investments, and the earnings accruing to the common stock
holdings in these companies are included as an addition to net income.
b 3174,495 which have not been declared nor accrued on the books, but
which are cumulative, are not included in the preferred dividends for the
year ended April 30 1932.
'." -Last complete annual report in Financial Chronicle Apr. 30 '32, p. 3272
Ohio Water Service Co.
12 Months Ended April 301932.
Operating revenues
$520.929
Operating expenses
159,630
Maintenance
21,197
General taxes
76,534
1931.
$605,101
184.392
26.294
69,577
Net earnings from operation
Other income
$263.567
20,352
$324,838
21,855
Gross corporate income
Interest on long-term debt
Miscellaneous interest charges
Interest on construction capitalized
Res. for retire., replace. & Federal income tax &
miscellaneous deductions
$283,919
191,153
3.131
Cr28,917
$346,693
178.968
11.117
Cr31,286
42,822
52,255
Net income
$75,730
$135,639
xDividends on preferred stock
41.674
72,753
x $35,419 which have not been declared nor accrued on books, but which
are cumulative, are not included in the preferred dividends for the year
ended April 30 1932.
OrLast complete annual report in Financial Chronicle April 16 '32, p. 2908
Old Dominion Power Co.
(& Subsidiary)
Period End. Mar. 31
- 1932-3 Mos.-1931.
1932-12 Mos.-1931.
Gross operating revs...._ _ 5179.978
$793,060
5194,835
$737.721
Available for int., &c___
90.396
105,698
378,366
407,559
36.562
Int. on long-term debt....
36.563
146.250
146,250
10,481
Other deductions
35,952
9,995
39,518
Net for retire. & diva..
$43,353
559,140
8192,598
5225,357
OregonWashington Water Service Co.
12 Months Ended April 30-1932.
Operating revenues
$487.203
Operating expenses
157,661
Maintenance
18,188
General taxes
62,677
1931.
$505,808
175,861
17,446
61,011
Net earnings from operation
Other income
5248,677
4,102
$251,490
9,618
Gross corporate income
Interest on long-term debt
Res. for retire., replace. & Federal inc. tax &
miscellaneous deductions
$252,779
136,998
$261,107
135,211
30,113
37,154
$85,669
$88,742
Net income
38,496
38,788
Dividends on preferred stock
Note.
-The decrease in revenues, expenses and charges is partly due to
the sale of Hoquiam plant during May 1930.
ItarLast complete annual report in Financial Chronicle April 16 '32, p. 2908
Pittsburgh Suburban Water Service Co.
1932.
1931.
12 Months Ended April 30Operating revenues
$333,220
$344,107
113,104
Operating expenses
124,733
15.388
Maintenance
22,123
8,871
General taxes
8,346
Net earnings from operations
Other income
$195,856
637
$188,906
808
Gross corporate income
Interest on long-term debt
Miscellaneous interest charges
Res. for retire., replace. & Federal inc. tax &
miscellaneous deductions
$196,493
93,466
$189,714
88,473
1,039
23,673
20,869
$79,335
Net income
$79.354
Dividends on preferred stock
27,500
27,500
ItgrLast complete annual report in Financial Chronicle April 16 '32, p.2205
Portland General Electric Co.
(And Subsidiaries)
(Controlled by Central Public Service Corp.)
Period End. Mar. 31- 1932-3 Mos.-1931,
1932-12 Mos.-1931.
Operating revenues-- $2,077,328 82,145,571 $8,221,361 $8,216,944
7,229
12,624
24,974
Nn-oper. revenues _ _
37,980
Total gross revenues.... 52,084,557 $2,158,195 $8,259,341 $8,241,918
455,209
513,768 2,043,202 2,239,941
Operating expenses
40,854
297,084
Maintenance
71,548
235,977
39,417
20,307
Uncollectible accounts
10,676
53.163
266.150
1,017,425
267,837 1,029,072
General taxes
$1,302,036 $1,294,365 $4,897,926 $4,648,051
Net earnings
Net int. inc. on receiv.
283,462
from affil. cos
$5,181,388
Total
Annual int. require. on
on fd. dt. less $128,121
int. during construe
Remainder
Prem, for retirements..-..
2,309,329
$131.709
$125,721
$2,872.059
1508,638
$477,863
Financial Chronicle
Volume 134
Porto Rican American Tobacco Co.
(And Subsidiaries)
Earnings for Quarter Ended March 31 1932.
Consolidated net loss after interest, discounts, &c
$40,834
gerLast complete annual report in Financial Chronicle Apr. 2 '32, p. 2542
Postal Telegraph-Cable Co.
(Includes Land Lines Only)
-Month of April- -4 Mos. End. Anr. 301932.
1931.
1932.
1931.
Tel. & cable oper. revs__ $1,867,284 $2,291,681 $7,799,717 $8,772,238
Repairs
418,938
547,375
130,333
109,955
All other maintenance_ _
241,027
928.686
876,974
232,683
Conducting operations_ _ 1,466,060
6,991.428
1,752.130 6,080,946
General & misc.expenses
327,091
279,111
67,365
78,722
Tot.tel. & cab. oper. exp 1,876,064
7,707,681
8,742,868
2,202,212
Net tel. & cable oper.
revenues
def$8,780
Uncoil. oper. revenues_ _
15,000
Taxes assign. to oper
50,000
$89,469
6,250
42,500
$92,035
47,500
200,000
$29,371
25,000
170,000
Operating income_ ___ def$73.780
Non-operating income_ _
3,919
$40,719 def$155,465
7,955
20,907
$48,674 def$134,557 def$128.690
178,189
852,510
705,087
Net earningsfrom operation
Other Income
$331,474
1.570
5231.159
7,585
Gross corporate income
Interest on long-term debt
Miscellaneous interest charges
Reserved for retirements, replacements & Federal
income tax & miscellaneous deductions
$333,044
158,189
21.623
$238,744
158,973
5,881
41,725
33,476
Netincome
$40,414
$111,507
62.464
Dividends on preferred stock
x62.664
x Cumulative preferred dividends in the amount of $15.666 payable
May 15 1932 were not declared in the meeting of the board of directors held
May 2 1932.
-Last complete annual report in Financial Chronicle Apr. 16 '32, p. 2909
10
$165,630
36,940
Gross income
Deduct.from gross inc
Net income
def$69,860
215,673
def$285,534 def$129,514 def$987,067 def$833,777
Inc. bal. transferred to
profit and loss
def$285,534 def$129,514def $987,067 def$833,777
Postal Telegraph & Cable Corp.
3 Mos. End. Mar. 31- 1932.
1931.
1930.
1929.
Earnings
$7,651,229 $8,864,166 $9,624,541 810,065,451
°per., gen. exp., taxes
and depreciation
7,182,963
8,509,653
8,645,247
8,693,946
Gen. int. and charges of
associated companies_
31,319
202,533
6,625
53,560
Int. on collateral trust 5s
633,378
633.378
626,051
633,378
Net income
loss$196,432 loss$285,490
Div. on 7% non-cum.
pref. stock
$143,383
Gross earnings
Operating expenses
Rochester & Lake Ontario Water Service
12 Months Ended April 301932.
Operating revenues
$549,312
Operating expenses
159,971
Maintenance
26,108
General taxes
49.846
•
Net earningsfrom operation
$313.357
Other income
215
Co.
Southwestern Gas & Electric
Co.
(And Subsidiaries)
Period End.Mar.31- 1932-3 Mos.-1931. 1932-12 Mos.-1931.
Gross operating revs_
$1,423,267 51,096,176 56,036,485 54.917,770
2,493.571
Avail,for interest. &c_ _ _
525,676 x3,484,189
819,616
950,763
903,230
Int. on long-term debt
225.807
260,307
152,762
Other deductions
187.298
62.714
34.304
Net for retirement &
dividends
$496,595
$265,565 $2,346,128 $1,437,579
x Excludes extraordinary profit of $315,000.
IZFEast complete annual report in Financial Chronicle Apr. 16 '32, p. 2910
Southwestern Light & Power Co.
(And Subsidiary)
Period End. March 31- 1932-3 Mos.-1931. 1932-12 Mos.-1931.
Gross operating revs__ _ _
$654.766
$709,974 $2,528,297 $2,873,798
Avail.for interest,&c_ __
1,227.814
1,040,287
285,196
301,566
Int. on long-term debt__
105 09
21: 09
40
104.514
420.000
415,764
Other deductions
64,419
46,779
16,886
1931.
$569.925
183.750
21,451
41,637
Net for retirement &
5555.868
dividends
$158,697
$180,166
$765,271
erLast complete annual report in Financial Chronicle Apr. 9 '32, p. 2722
$323.087
1,010
(As reported to the Massachusetts Dept. of Public Utilities.)
1930.
Quarter Ended March 311932.
1931.
PassenFers carried
6.946,331
7.209,984
7.874.771
Operating income
$131.884
$151,504
$102,685
Non-operatink income
399
1,196
1.472
5313,601
125,000
5324.097
125,000
43,237
42,535
Net income
$145.364
$156,562
larLast complete annual report in Financial Chronicle May 7 '32, p. 3459
Springfield Street Ry.
Gross income
1(13,082
133.080
152,976
63,861
81.727
Net income
38,968
CZPLast complete annual report in Financial Chronicle April 2 '32, p. 2523
Standard Gas & Electric Co.
Scranton-Spring Brook Water Service Co.
12 Months Ended April 30Water revenues
Gas revenues
Total income
Operating expenses
Maintenance
General taxes
Contingency reserve
Net earnings from operation
Other income
1932.
1931.
54,019,152 $4,058.012
1.118,730
1.133,360
,
$5,137,881 $5,191,372
1,178,601
1,254,370
256,613
280,853
164,463
146,898
170.000
83,368,204 53,509,251
14,613
17,208
Gross corporate income
$3,382,817 $3,526,459
Interest on mortgage debt
1,614,098
1,513,524
Interest on gold notes
147.368
163,125
Miscellaneous interest charges
718
31,310
Reserved for retirements & replacements, Federal
Income tax & miscellaneous deductions
366,398
370,190
Net income
$1,254,236 $1,448,309
Dividends on preferred stock
.234
$23
408.927
x $188,891 which have not been declared or accrued on the books, but
which are cumulative, are not included in the preferred dividends for the
Year ended April 30 1932.
MrLast complete annual report in Financial Chronicle April 30'32, p. 3274
Shawmut Bank Investment
3 Months Ended May 31Interest and dividends
Expenses and interest
Net loss
Trust.
1932.
$66,512
77,082
$10,570
1931.
$78,614
87,599
S 8,985
Sioux City Gas & Electric Co.
(Controlled by American Electric Power Corp.)
mm,
io
12 Months Ended May 31
Gross earnings
53,262,1.75 53,410,38
Operating expenses and taxes
1.539.010
1,616,997
Bond interest
533,916
532,239
Other deductions
23.958
35,575
Balance
$1,165,291 $1,226,027
Preferred dividends
338.709
338,709
Balance before provision for retirement reserve_ - $826,582
5887.318
100 Last complete annual report in Financial Chronicle April 30'32, p. 3275
South
Carolina Power Co.
(The Commonwealth & Southern Corp. System.)
-Month ofApril- -12 Mos.End. Apr.30-1932.
1931.
1932.
1931.
Gross earnings
$170,129
5211,046 52.375,056 $2,477,208
Oper. exps., incl. taxes &
maintenance
85,788
107,813
1,271,494
1.302.318
Gross income
$84,341
$103,232 $1.103,561 51,174.890
Fixed charges
716,967
669.880
NetIncome
Provision for retirement reserve
Dividends on first preferred stock
386,594
120,000
142,187
505,010
120,000
130,746
(And Subsidiary and Affiliated Companies)
12 Months EndedMar. 31 '32. Dec. 31 '31.
Gross Earnings
Public utility companies
$142,128,332 $145,528,803
Deep Rock Oil Corp. & its sub. & affiliated cos_ 13,149,374
13.541.490
Totals5155.277.706 5159.070,293
Operating Expenses, Maintenance and Taxes
Public utility cos.(after deducting contingent
reserve withdrawal of *$231,309 and *$245.000 extraordinary oper. exp. to be amortized
73,105,095
approved by regulatory commission)
72,096,847
11.933.734
Deep Rock Oil Corp. & its sub. & affiliated cos_ 11,640,566
$83,737,413 885,038,832
Totals
Net Earnings$70,031,485 672,423,705
Publlc utility companies
1,607.756
1,508,808
Deep Rock Oil Corp. & its sub. & affiliated cos..
571,540,293 $74.031,461
Totals
Other income, net
-Ins, & dive. on outside investments, profits on engineering & supervision fees (incl. those capitalized by sub. &
4,089.797
3,944,437
affiliated companies), Stc
Net earnings, incl. other income, before appropriation for retire, of prop. & for deplet_ $75.484,730 878.121.258
Interest (less interest charged to construction).
amortization of debt disc. & exp.,rent of leased
properties, miscell. charges & approp. for retirement of property & for deplet. (except
Deep Rock Oil Corp. & its sub. & affil. cos,for
43.414.210
43,355,583
which no appropriation is made)
$32.129,147 534.707.048
Net income
Dividends on capital stocks of subsidiary and
18,022,187
affiliated companies held by public
18,035,800
Undistributed net income accrued to capital /Aka.
1,412,425
of sub. & affil. cos. held by public
940.300
Totals
518,976,100 319,434.612
Remainder
-Netincome of Standard Gas & Elec.
Co. and undistributed net income accrued to
capital stocks of sub, and affiliated cos. held
15,272.436
by Standard Gas & Electric Co
13,153.047
Dividends paid and accrued on Standard Gas &
6.565.767
Electric Co. preferred stocks
6,566,359
Surplus before deduction for dividends on
Standard Gas & Elec. Co. common stock.... 56.586.688
$8,706.669
2,162,607
Shs. of com. stk. outstanding at end of period-2,162,607
$4.02
Earnings per share_
$3.04
*Corresponding figures in 1931 were $308,412 and $300.000,respectively.
Earnings of Standard Gas & Electric Co., not incl. its proportion of
undistributed surplus earnings of subsidiary and affiliated companies, for
the same periods compare as follows:
12 Months EndedMar.31 '32. Dec. 31 '31.
Gross revenue
$16.786,696 516,789.730
16,507,166 16,514,124
Net revenue
4,738.879
Interest charges it amortiz. of debt disc. & exp
4,826.331
Net income
Preferred dividends
$11.680,835 $11,775,245
6.566,359
6,565.767
Balance
$5.114,476 $5,209,478
2.162.607
of corn. stk. outstanding at end of period
2,162.607
$2.36
Earnings per share
$2.40
farLast complete annual report in Financial Chronicle May 7 '32, p. 3444
SEW.
Balance
$124,406
$254,263
"Last complete annual report in Financial Chronicle Apr. 30 '32, p. 3275
Month of May- 8 Mos. Ended Mau 31
1931.
1932.
1932.
1931.
$173,424
5183,418 51.519.922 $1,587,080
619,713
553.983
62,329
72.697
Net earnings
5967.367
$965.939
$111,095
$110,721
10'Last complete annual report in Financial Chronicle Dec. 5 '31, p. 3790
531,841
Balance,deficit
$196,432
$285,490
$390.883pref$160.053
10'Last complete annual report in Financial Chronicle Mar. 19 '32, p. 2147
and Mar. 12 '32, p. 1940.
Gross corporate income
Interest on long-term debt
Reserved for retirements,replacements and Federal
Income tax and miscellaneous deductions
Southern Canada Power Co., Ltd.
$691,894
534,266
4483
South Bay Consolidated Water Co., Inc.
12 Months Ended April 30-Operating revenues
$543,569
$479,808
Operating expenses
141,451
159.148
Maintenance
26,334
27,266
General taxes
43,378
63,168
4484
Financial Chronicle
Union Water Service Co.
(And Subsidiaries)
12 Months Ended April 30'Gross revenue (Incl. other income)
Operating expenses
Maintenance
General taxes
1932.
$509,575
143,046
16,387
56,339
Gross corporate income
Interest on long term debt
Reserved for retirements, replacements & Federal
income tax & miscellaneous deductions
1931.
2504,756
134.235
15,831
59.399
8293,804
143,925
$295,292
146.520
44,987
45,304
Net income
$103,467
$104,892
Dividends on preferred stock
30,000
x33,283
s Included in the $33,283 is 215,000 which have been accrued on books
but which have not been declared.
Last complete annual report in Financial Chronicle Apr. 30 '32, p. 3276
W-
United Gas Corporation
(And Subsidiaries)
(Intercompany Items Eliminated)
-12 Mos. End. Apr. 30Subsidiaries1931.6
1932.
Operating revenues
$27,976.734 $23,527,218
Operating expenses, including taxes
11,691,909 10.244.943
Net revenues from operation
Other income
$16,284,825 $13,282,275
935,093
Gross corporate income
$14,217,368
Interest to public and other deductions
1.537,660
Preferred dividends to public
20.061
Retirement (depreciation) and depletion reserve appropriations
1,920.000
Portion applicable to minority interests
20.093
Balance applicable to United Gas Corp
$10,719,554
United Gas Corporation-Balance of subsidiaries' income applicable to United Gas Corp.
(as shown above)
$10,719,554
Other income
53,317
Total income
Expenses, including taxes
Interest to public and other deductions
$10,772,871
128,146
3,226,217
•
Balance applicable to $7 preferred stock
Dividends on $7 preferred stock
a Dividends on $7 2d preferred stock applicable to period_
_
$7.418,508
3,121,134
5,194.093
Deficit
$896,719
a Paid to March 1 1932. b United Gas Corp. did not begin business
until June 3'1930. and revenues shown for comparative purposes for the
12 months ended April 30 1931 are for all present subsidiary companies,
drrespective of dates of acquisition.
WLast complete annual report in Financial Chronicle Mar. 26'92, p. 2339
Western New York Water Co.
-1932.
12 Months Ended Apr. 30
1931.
Operating revenues
2787.466
$762,378
Operating expenses
251,325
185,730
Maintenance
27,078
15.433
General taxes
84.139
90,630
Net earnings from operation
Other income
470,585
1.100
424,923
2,319
Gross corporate income
Interest on mortgage debt
Interest on 6% debentures
Miscellaneous interest charges
Reserved for retirements, replacements & Federal
kk income tax & miscellaneous deductions
471,685
204.947
58,620
427,242
181.237
58,750
25,197
65,639
72,631
PIF Net incomepreferred stock
Dividends on
$96,420
$135.487
51.530
51.441
"Last complete annual report in Financial Chronicle Apr. 16 '32, p. 2911
Western Union Telegraph Co.
-Month of April- -4 Mos. End. qr. 30
Tel. & Cable oper. revs_ 27,079,691 29,671,693 $29,177,253 $37,549,594
Repairs
608,642 2,105,929 2,570,434
492,354
980,141
3,344,072 3,970,264
803,455
All other maintenance_ _
Conducting operations_ _ 4.552,812 5,817,055 18,467,634 23.409,074
1.602,315
1,794,950
446,014
Gen. & misc. expenses_ _
389,406
Tot.tel. & cab. oper.exp 6,238,027 7,851,852 25,519,950 31,744,722
Net tel. & cable oper.
revenues
Uncoil, operating revs_ _
Taxes assign. to oper
$841,664 $1,819,841 $3,657,303 $5,804.873
112,649
29,017
131,298
31.859
1,170,666
1,274,667
318.667
292,666
Operating income_
Non-operating income
$517,139 $1,472,157 $2,355,339 $4,417,557
210,043
683,428
592,112
183,733
Gross income
Deduct,from gross Mc-
2700,872 21,682,200 22,947,450 25,100,985
719,743
713,885 2,878,233 2,872,485
Net income
$69.217 22,228,500
$968,315
def$18,871
Inc. bal. transferred to
$69,217 $2,228,500
$968,315
profit and loss
def$18,871
M"Last complete annual report in Financial Chronicle Apr. 9 '32, p. 2705
West Nirginia Water Service Co.
12 Months Ended Apr. 30Operating revenues
Operating expenses
Maintenance
General taxes
Net earnings from operation
Other income
Gross corporate income
Earns, on new properties for period prior to acquis_
Interest on long term debt
Miscellaneous interest charges
Reserved for retirements, replacements & Federal
income tax & miscellaneous deductions
1931.
1932.
21.150.874 $1,198,126
485,549
430,329
54,234
51,362
133,147
137,378
2531,804
2,450
2525,197
L485
534,254
24,418
247,835
4,953
526,682
151,261
193,334
5,808
110.354
66,282
Net income
2109,996
$146,693
Dividends on preferred stock
69,000
68,985
xDividends on second preference stock
7,500
x $17.500 which have not been declared nor accrued on the books, but
whcih are cumulative, are not included in the second preference dividends
for the year ended Apri130 1932.
tarLast complete anua lreport in Financial Chronicle Apr. 16 '32, p. 2911
FINANCIAL REPROTS
Western Pacific Railroad Co.
-Year Ended Dec. 31 1931.)
(16th Annual Report
Charles Elsey, President, says in part:
-There were issued and sold for cash at 9734% and int.
Funded Debt.
33.650,000 1st mtge. 5% gold bonds maturing March 1 1946. being a part
June 18 1932
of $5,000,000 authorized under I.-9. C. Commission Finance Docket 8473.
Proceeds of these bonds, namely, $3,558,750. were used in financing construction of this company's Northern California E tension.
Bonds were sold on following dates: Feb. 11. 1931. $1,000,000; June 25
1931, $1.000,000; July 23 1931, $900,000; Nov. 25 1931. $750,000.
Nov. 25 1931 there were issued and sold for cash at 97)4% and int.
2645,000 1st mtge. 5% gold bonds, maturing March 1 1946, authorized
under L-S. C. Commission Finance Docket 8958. Proceeds of this issue,
namely $628.875. were used to reimburse, in part, the company's treasury
for capital expenditures made between July 1 and Dec. 311930.
There were issued and sold for cash at par and int. $4.154,000 5% gold
debentures maturing Jan. 1 1950, being a part of $5,000.000 authorized
under I.-8. C. Commission Finance Docket 8548. Proceeds of these
debentures were used in financing construction of this company's Northern
California Extension.
Debentures were sold on following dates: Feb. 27 1931, 21,000,000:
March 26 1931. $200,000; April 20 1931, $400,000; May 25 1931. $530,000:
June 20 1931. 2995,000: Aug. 25 1931. $309,000; Oct. 20 1931, $600.000;
Nov. 25 1931, $120.000.
There were redeemed and cancelled during the year: $52,000 5% 30
-year
gold bonds; $375.000 534% equipment trust certificates, issue of March 1
1923: 2207.000 5; % equipment trust certificates, issue of March 15 1924;
,
6
273,000 5% equipment trust certificates. issue of May 1 1929.
Investment Road and Equipment.
-During the year investment in road
and equipment increased $9,628,404.
Great Northern-Western Pacific.
-The 112-mile Northern California extension of the Western Pacific from Keddie. Calif., to Bieber, Calif.. VMS
connected at Bieber on Nov. 10 1931, with the Great Northern Ry's 91mile southern extension from Klamath Falls, Ore. Freight service was then
inaugurated under the jurisdiction of the construction department. Owing
to the near approach of the winter-season, complete ballasting of the line
as well as the completion of certain other facilities was deferred until 1932.
Date for the inauguration of passenger service has not yet been definitely
determined.
San Francisco-Redwood City-Niles.
-On account of the current business
and financial conditions, it was deemed necessary to seek an extension of
time from the I. C. Commission for the initiation of construction on this
-S.
line. On Dec. 14 1931. the Commission granted such an extension to
Jan. 1 1933.
GENERAL STATISTICS AND EQUIPMENTFOR CALENDAR YEARS.
1931.
1930.
1929.
1928.
Miles of road operated-1,052
1,052
1,052
1,052
173
167
Locomotives
169
164
Passenger train cars.. _ _ _
89
86
86
61
Freight train cars
9.441
9,460
9,470
9,153
94,271
Revenue pass.carried_ _ _
115,787
136,966
157,436
Passengers carried 1 mile 35,082.690 41.830,624 51,400.099 58,217,585
2.58 cts.
Rev, per pass. per mile
2.20 cts.
2.67 cts.
2.67 cts.
Revenue tons carried- _ _ 3.070.835 3,776.297 3,982,840 3,997,058
Rev,tons carried 1 mile_ 1131045928 1404507743 1573510,774 150,1222,337
Rev, per ton per mile_ _ _
0.98 cts.
0.98 eta.
0.95 cts.
0.98 cts.
INCOME ACCOUNT FOR.CALENDAR YEARS.
1930.
Operating Revenue1931.
1929.
1928.
$11,079,322 $13,796,557 $14,927,798 214,647,031
Freight
Passenger
772.732 1,081,138„1,494,645
Mail
105,088
68.641
74,561
67,673
Express
338.241
259,821
381,595
362.111
Miscellaneous
156,729
86,650
124,924
157,999
Incidental
878,500
641,307
742,144
860,211
Joint facilities
6,053
4,661
4,439
4,405
Operating income_ _ _ 412,914,527 $16,298,581 $17,687,896 $17,594,075
Operating ExpensesMaint. way & structures $2,118,535 $2,609,862 $3,173,070 $3,344,713
Maint.ofequipment _ _ _ 2,226,652 2,641,269 3,262,187 3,011,619
Traffic
801.920
822,628
856,470 ' 729,794
Transportation __
5,464,625 5,953,314 6,068,117 6.044,422
Miscellaneous operat'is_
510.735
694,106
587,057
679.146
General
592.267
573,598
596,364
562,631
Transp. for invest.-Cr..
256,263
160,608
105,222
166.117
Operating expenses -211,439,804 $13,152,839 $14,438,043 $14,206,209
Net from ry. operations_ 1,474,722 3,145.742 3,249,853 3,387,866
Railway tax accruals _ _ _ 1,106,614
1,113,279 1,287,403
1,171,177
Uncollectible ry.rev---544
459
1,325
890
21.107.159 $1,113,738 $1,288,729 $1,172,067
Total
Operating income
367,564 2,032,004
1.961,125 2,215,799
Non-Operating Income
Equipment rentals
$904,306 21,040,299 $1,450,675 $1,359,748
Joint facil. rent income _
426,466
447,145
456,457
452.706
Inc.from lease of road- 2,569
3,522
3,524
3,519
56,031
Miscell.rent income_
62,791
75.713
82,421
82,199
Misc. non-op. pnys. prop
86,655
32,334
68,068
Dividend income
135
150
150
150
Incomefrom funded sec571,432
498.518
365,021
286.015
Inc.fr. unfd.sec.& sects
74,714
42.735
111,539
111,126
Miscellaneousincome_ _ _
40
1.158
79
314
-Profit
Sep.oper. props.
38,619
Non-oper.income_ -__ 22,119,191 $2,221.591 $2,531,225 22,328,334
Grossincome
2,486,755 4,253,595 4,492,350 4,544,134
Deductions
Equipmentrentals
$1,227,288 $1,386,126 $1,177,234 21,266,673
Joint facility rents
207,777
222,562
189,507
180,569
3,600
Rental ofleased lines ..-3,600
3,600
3.200
Miscellaneou srents43,057
41,974
41,406
40,698
scell. tax accrued
15,600
14,671
8,189
Int.on funded debt _ _
2,764,607 2,612,667 2,449,659 2,288,656
Int. on unfunded debt _ _
17,810
738
704
4,176
138,800
Amort.of disc. on fd. dt134,846
129,603
122,863
17,311
Misc.income charges_ _ _
15,595
17,273
15,831
Sep.oper. props -Loss.
172.738
123,893
deductions
$4,613,917 $4.557,601 $4,023,656 $3,930,856
Total
Netincome
def2,127,162 def304.006
468,693
613,278
Sinkingfund
50,000
50,000
50,000
Balance,sur. or def-_def2,127,162 def$354,006 sur$418,694 sur$563,278
BALANCE 9
FIEET DEC. 31.
1931.
1930.
1931.3
1930.
Liabilities,$
Assets$
Road & equip_ _138,404,243 128,775.839 Preferred stock_ 28,300,000 28,300,000
Inv.in affli. cos_ 14,781,335 14,021.549 Common stock_ 47,500,000 47,500,000
Misc,phys. prop 1,816,930 1,872,576 let mtge. bonds_ 47,940,100 43,697,100
Dep. in lieu of
Equip. tr. etre
4,925,000 6,580,000
mort, property
5% gold dohs_ 4,154,000
12,791 TraffIc,&c., bale
said
404,567
383,975
326
50,686 Due to affil. cos_ 6,606,143 4,387.008
Sinking fund_ _ 6,280 Accts.& wages - 1,348,807 1,482,239
85,889
Other inveetm•ts
22,812 Accrued interest
12,187
Special deposits_
841,110
781,658
Cash
846.117
540,758 Matured Interest
116,037
452.441
446,691 Misc. accts. pay
Traffic,&c., bal.
68,627
11,7122
U04
Misc.accts. rec_ 1,424,580 1,302,223 Fund, debt mat.
189.137
190,453 unpaid
Int.receivable_ _
11,100
0th. curr. assets
15 Unmatured rents
Disc. on td. debt 1,929,484 1,950,441
accrued
4,684
4,667
Mat'is & supp_ _ 2,255,824 2,815,788 0th. curr. Dabs_
48,911
76,392
Accrued taxes
Agents and con211,923 • 207,758
115,404
128,817 Accr.deprec - 7,537,332 6,708,950
ductors
408.721
860,377 Sur.inveet. eq.&
Unacb.debts- - 76,225
92,510 oth. prop. our 7,171,557 7,171,556
Other def. assets
defycrdits.,j
Others ; ab 1 515 661
r
01 yr
5 599
331:652
167 846
thr.inc.& sur. 8,081,569 7,426,810
Fund. debt ret'd
thro. Income
ng
surplus...
599,314
649,674
326
Sinking fund...
50,686
Profit and loss 10884.632,716 loss1,843,863
162,793,342 153,090,604
Total
-V.134, p 2519.
Total
162,798,842 153,090,604
Volume 134
Financial Chronicle
Indiana Harbor Belt RR.
(Annual Report
-Year Ended Dec. 31 1931.)
OPERATING RESULTS FOR CALENDAR YEARS.
Earnings1931.
1930.
1929.
1928.
Railway oper. revenues- $9,214,027 $10,856,069 $12,967,446 $12,722,774
ExpensesMaint. of way & struc-953,169 1,131,847 1,132,406
1,170,174
Maint. of equipment_ _ 901,233
1,188.404
1.342.411
1.328.370
Traffic
55,825
58.540
61.182
57,705
Transportation
4,004,426 4,533,252 5.095,518 4.892,926
Miscell.-stock yards_
238,905
174.779
147,161
154,396
General
327,949
381,470
327.497
307,461
Trans.for inv.-credit __ _
16,610
312
3.598
345
Total expense
$6,464,897 $7.467,978 $8,105.830 $7,907,434
Net rev.from ry. opera.., 2,749,130 3.388,090 4,861.616 4,815,340
Percent. of exp. to revs_
(70.16)
(68.79)
(62.51)
(62.15)
Railway tax accruals_
546,826
550.329
776,341
758.236
Uncollectible ry.revs _ 714
973
6.750
8.088
Railway oper. income_ $2,201,589 $2,836,787 $4,078,526 $4,049,016
Equip,rents. net debit
526.139
205,859
369.388
386,145
Joint facility rents, net
debit
148.905
283.049
302.671
301.727
Net ry. oper.income $1,526,552 82,347.880 $3,406,467 $3,361.144
Non-Operating Income
Inc. from lease of road
$770
82.302
$5,626
$5.560
Miscall,rent income_
33,597
Dr.9,104
25,869
Dr.5,062
Misceilaneous non-oper,
physical property_ _ _ _
5.899
4,958
6,032
6,136
Dividend income
54
108
Inc.from funded secur_ _
968
1,997
653
3.000
Inc. from unfunded sec.
and accounts
36,085
127,142
195.881
84,692
Miscellaneous income_ _ _
1.493
1,032
1,001
940
Total non-oper. inc.__
$78,866
$162,063
3201.538
$95,162
Gross income
1,605,418 2,509,943 3,608,005 3,456,306
Deductions
Rent for leased roads_ _ _
61,859
39,095
26,452
29.625
Miscellaneous rents....
32.253
31,372
40.691
26,690
Miscell, tax accruals _ __ _
86
99
2,972
Int. on funded debt - - _ 426,771
432,641
438,511
453,420
Int. on unfurnded debt
270
751
173
1,769
Amort. of discount on
funded debt
12,384
12,899
13,587
14.128
Miscall, income charges_
3.131
3,101
295
2.028
Total deductions
$536,754
$519,958
$521,306
$529,037
Net income
1,068,664
1,989,985 3,086,699 2.927,269
Dividends
(10%)760,000 (50)3800000(50)x3800000(10)760.000
x $760.000 of this was appropriated from net income.
COMPARATIVE CONDENSED GENERAL BALANCE SHEET DEC.31.
1931.
1930.
1931.
Assets8
$
Liabilities
-Inv.in road&equIp23,770,067 23,907,540 Capital stock
7,600,000
Inv.In attn. cos._ _
216,001
221,807 Long term debt _ _ _ 9,845,000
Other investments
45,255
50,517 Traffic & car ser.
Cash
937.874 1.450,045
balances payable 697.446
Special deposits...
135
22 Audited accts. &
Loans & bill rec _ ....
2,880
750
wages payable_ _
438,584
Traffic & car-sec.
Misc. accts. pay_ _
26,308
balances receiv_
324.032
387,275 Int. matured unii'd
197.135
Net bal. rec. from
Unmat'd Int. accr.
2,583
agents & conduc 167,820
207,057 Unroard rents accr 291,756
Misc.accts.reedy. 782,725
507.913 Other curr. liablL. 102,055
Materials & sum). 438,007
574,962 Other def. Habil_ _ _
67.321
Rents receivable..
29,895
34.631 Tax liability
843,774
Other curr. assets_
6,3135
6.473
& casualty res.
46,380
Working fund adv.
2,200
1,442 Accrued deprec.Other def. asserts_
305,747
equipment
23.804
2,056.130
Rents & ins, prem.
Other unadj. cred. 614,547
paid In advance_
948
1.074 Add. to property
Disc,on fund. debt 249.163
through inc. &
261,547
Other unadj.debits 437,564
359,175
surplus
64,620
4,823,037
P. & L. balance
Total
27,716,679 27,996,038
Total
1930.
1,191.068
625.788
92,944
197,022
2,937
291,846
74,244
799
925.115
29,065
1,851.030
591,322
63.618
4,529.239
27,716,679 27,996,038
St. Louis-San Francisco Ry.
(Including Subsidiary Lines.)
(Annual Report
-Year Ended Dec. 31 1931.)
A condensed report for the year 1931 was given in V. 134, p. 2137. A
more complete statement follows:
CONSOLIDATED INCOME ACCOUNTFOR YEARS ENDED DEC. 31.
Operating Revenues:
1931.
1930.
1929.
1928.
Freight
$446,758,543 $59,491,571 $70,376,366 $67,281,964
Passenger
5,389,327 8,341,715 10,902,914 11,781.415
Mail
1,682.504 1,833,872 2,704,357 1,730,959
Express
1,025,456 1,749,586 2.286,604 2.215,356
Switching
1,069,569 1,366.357 1,614,552 1,594,563
Other oper. revenues... 1,187,595 1,425,663 1,224,488 1.178,560
Total oper.revenues_ -357,112,998 $74,208,767 $89,109,286 $85,782,818
Operating Expenses:
Maint.of way &struct_ - 6,661,241
9,529,861 12,224,649
Maint. of equipment_ _ _ 6,908,217 9,470,255 13,473,716 10,604,109
Maint. of equip. deprec_ 3,568,623 3,420,269 3.797,471 12,922.658
3,528,789
Traffic
1,536,761
1,651,352 1,719,338 1,607,238
Transportation
20,945,057 26,069,558 29,259,175 28,942.184
Miscellaneous operations
514,042
338,837
35,190
35.450
General
2,531,664 2,859,065 3,018,198 2,966,829
Transp.for invest_Cr 138,239
395,617
679,778
823.457
Net oper.revenue_ _ _314,585.633 $21,265,188 $26,261,328 325,999.017
Operating Charges:
Railway tax accruals.-- 4.308,717 4,356,187 5,222,248 5,212.202
Uncollectible ry. revs--12,566
12,313
12,665
11,288
Hire of equipment(net)_
621.474
144.916 Cr.156,952 Cr.342,136
Joint facility rents(net)207,374
186,131
155.126
148.217
Netry.open income- $9.435,502 $16,565,641 $21,028,240 $20.969.445
Non-operating Income:
176,865
Rentals
187.258
163.035
157,174
524,202 1,670,652 1,713,395 3.590,677
Interest & dividendsMiscellaneous
75.216
135,946
20,690
30,777
$10,211.785 $18,559,497 $22,925,367 824,748.074
Gross income
Deductionsfrom Income:
58.683
Rentals
67.688
96,137
59,240
22,140
21,325
Miscell,tax accruals_ _
20,871
10,810
56,023
Miscell. income charges_
64.437
79,118
129.684
211
396
Sink. & other res. funds_
36,788 cr.88.089
Bal.available for int_ _310,074,729 $18,405.651 $22,692,455 $24,636,429
Int. on fixed charge oblig 13,330,492 12,784.115 12,500,381 13.620.863
Int. on cum. adjust.
mortgage bonds
1,216,319
Int. on income mtge. bds
1,582,740
def$3,255.763 35,621,536 $10,192,073 $88,216,507
Balance
Divs. on pref. stock_ _ _ _ 2,949,444 2,949.444 2,457,870 1,012,164
1,308,650 5,234,624 5.234,192 5,234,092
def$7,513,857df$2,562,532 32,500,011 $1,970.251
Balance
1931.
1930.
1931.
Assets
Liabilities
Invest, in road
Common stock,, 65,543,226
& equipment _452,124.905 450.534.835 Pref. cl. A stock
900
Dep. In lieu of
Preferred stock,, 49,157.400
mtged. prop.
Receipts outseg
sold
15.623
for Install. pd_
Misc. phys. prop
333,356
474,293 Long-term debt_293,760.767
Invests. in attn.
Bank loans
5.974,722
companies _ _ _
530,690
.528,995 Traffic & car serOther invests_ _ _ 11,623,943 11,790,048
vice bal. pay. _
659,460
Cash
6.366,275
7.205,039 Audited accts. &
Time drafts & dep
3,750
3.125
wages payable 4.664.368
Special deposits_
245,914
234,154 Misc.accts. pay.
233.907
Loans & bills rec
1.918
701 Int. mat'd unp'd 2,631,293
Traffic & car serFunded debt mavice bal. rec. _ 1,036,236
1,405,781
tured unpaid_
111,300
Net bal. rec.from
Unmatured int.
agents & cdtrs
343,915
436.293
accrued
2,569,197
Mscell,accts. rec 1,361.294
1.638.884 Divs, matured
Material & supps 4,446.031
5.666.038
unpaid
15,264
Int.& diva. rec._
3,608
8.266 Un matured rents
Other curr. assets
32,506
39.360
accrued
583
Deferred assets_
267,527
273,891 Other curr. liaUnadjusted debs 1.911.010
2.071,499
bilities
1.210,347
Def'd liabilities_
214.968
Unadj. credits_ _ 43,996,259
Add. to proplY
through income
and surplus,,. 1.893,971
Profit & loss bal. 8.015.619
Total
480,654.060 482,361,204
Total
1930.
65,543,226
900
49.157,100
300
296,380,267
765,035
4,345.938
203.647
2,889,735
84,750
2,435,304
16.345
583
1,205,775
272,015
41.510,030
1,864,952
15.685,302
480,654,060 482,361.204
-V. 134. p. 3633.
Western Pacific Railroad Corp.
(Annual Report
-Year Ended Dec. 30 1931.)
INCOME ACCOUNT
-CALENDAR YEARS.
1931.
1930.
1929.
Interest received
3937,430
5841,401 81,104,686
Profit on securities sold71,422
38,716
82.963
Refund of 1918 Federal
income taxes
Miscellaneous income_
640
Total income
$1,008,852
8880.117 81,188,290
General expenses
81,084
79.922
92.384
Taxes
31,771
3,236
Int. on 4% secured notes
276,470
280,246
245,562
Loss on securities sold_
251.937
Miscellaneous charges
-20
4.043
Net income
7,600,000
9.930,000
-V.134, p.4154.
Divs. on common stock_
4485
CONSOLIDATED GENERAL BALANCE SHEET DEC. 31.
$651,297
$488,158
8591,128
1928.
$394,579
290.774
222,916
$908.270
111,489
19.243
198,591
4,688
$574,259
COMPARATIVE BALANCE SHEET DEC. 31.
Assets-
1931.
1930.
Investments and
advances_ _ _ x113,937,769 107.549,054
U.S.Liberty loan
& Treas.4 yi%
bonds
2,458,517
Undiv. half int.
In note receiv..
Salt Lake &
Utah RR. Co.
(note & collat.
held In trust by
bondlidrs, protective comlt.)
62,500
Deposits under
bid for $350,000
bonds& for stk
scrip purchases
29,653
Cash
166,042
310.623
Furnit.& fixtures
5,903
5.903
Accts. receivable
210.709
Treasury stockPref. stock... 1,127,054
1,126.993
Corn, stock..
681,058
681.036
Total
116,009,978 112,342,835
Liabilities-
1931.
1930.
6% pref.stock_ 40,000,000 40.000.000
Common stock_ 60,000,000 60.000,600
Notes pay.. cash
& investments
pledged as coil 9,361,000
Due to The Western Realty Co
788,000
Bills payable
7.118,000
Accts. payable_
892
Surp.arising from
donated stock,
revaluation of
Investmts..&c 2.675.491
Earned surplus_ 3,185.487 5.223,942
Total
116,009,978 112,342.835
x See detailed statement below.
INVESTMENTS IN AND ADVANCES TO WHOLLY OWNED & 50%
OWNED COMPANIES AS AT DEC.31 1931.
Investments in and advances to wholly owned companies and their subsidiaries at amounts at which carried on books:
Western Pacific RR.
828.300.000 par value pref. and $47.500,000 par value
corn, stock (book value per published unconsol. balance
sheet as at Dec. 31 1931, $79,898,854)
875,796.400
1st mortgage 57 gold bonds, series A, due March 1 1946,
value 510.352,027(510,336,000 pledged as collateral) 10.100,330
par
Advances
6,503,275
Subsidiaries of Western Pacific RR.
Tidewater Souther Railway Co.,1st mortgage 5% bonds,
due April 15 1942, $100,000 par value
85,679
Sacramento Northern By., advances
856,260
Standard Realty & Development Co., advances
120.000
Western Realty Co.
$300,500 par value capital stock (pledged as collateral).1,500.000
Advances
694
Total
$94,962,638
Investments in 507 owned companies and their subsidiaries at amounts
at which carried on books:
Denve & Rio Grande Western RR.
150,000 shares of corn,stock of no par value and equity in
50.000 shares capital stock Utah Fuel Co.(book value of
railroad company stock per published unconsol. balance
sheet as at Dec. 31 1931, $38,949,856)
312.500,000
32,070.000 par value pref. stock and $33,751,875 par value
gen. mtge.5% bonds due Aug.1 1955(pledged as collat.) 5,175,000
$1.000,000 par value refund.& impt. mtge.6% bonds, due
Oct. 1 1974 (pledged as collateral)
1.000,000
Subsidiaries of Denver & Rio Grande Western RR.
Rio Grande Western Railway Co.. $364,000 par value
1st consol. mtge. 4% bonds, due April 1 1949 (pledged
as collateral)
273.131
Denver & Rio Grande Railroad Co., $10,000 par value
1st concol. mtge.4% bonds, due Jan. 1 1936 (pledged
as collateral)
8,250
Rio Grande Southern Railroad Co., $4,000 par value
1st mtge.4% bonds. due July 1 1940 (in default)....1,250
W-M Corp.. 1,000 shares of capital stock of no par value.17.500
Total
518,975.131
Grand total
-V.133, P. 2432.
3113,937,769
Financial Chronicle
4486
June 18 1932
eenerat Corporate anb 31nbottnent jati130.
STEAM RAILROADS.
-Committees representing rail-Hour Day.
3 Rail Groups Ban Test of 6
roads in the Eastern, Southeastern and Western sections of the country
Commission that they were unwilling, even as an
-S. C.
advised the I.
put into effect a six-hour day on their respective roads.
experiment to ,
N. Y. "Times, June 17, D. 29.
Matters Covered in the "Chronicle" of June 11.-(a) Railroad receiverships
in 1931 largest since 1917, p.4216;(b)The falling off in the railway revenues
of the different countries of the world, p. 4216; (c) Additional loans aggre-S. C.
gating $9,380,222 from Reconstruction Finance Corp. approved by I.
Commission to four railroads-Additional applications amounting to
denied, p. 4264.
$25,780,000 filed-Loans to two short lines
Atchison Topeka & Santa Fe Ry.-Acquisition.-
-S. C. Commission on May 28 approved the acquisition by the
The I.
company of control, by lease, of the railroad and property of the Verde
,
Valley By. The /Milkier Southern Ry, and the Laton & Western RR.
The Atchison owns all the capital stocks of the lessors except directors'
qualifying shares, and it also owns all the lessors' outstanding bonds. The
roads have been leased and now are operated by the Atchison.
The Atchison now desires to execute new leases effective Jan. 1 1932,
for a term ending Dec. 31 1941, and thereafter from year to year, subject
to the right of either party to terminate the lease on 90 days' notice in
writing of its election so to do. The new leases will supersede and cancel
-V. 134, p. 4319, 3631.
the old leases.
-Cuts Salaries.
Atlantic Coast Line RR.
The directors have approved a reduction of 10% in the salaries of all
officers and officials occupying supervisory positions, effective July 1.
This is the second cut the company has made this year, a similar reduction
of 10% having been put into effect on Jan. 1.-V. 134, p. 3818.
-Gets $15,000 Fine-Pleads
Baltimore & Ohio RR.
Guilty to Elkins Act Violations-Concerns Accepting Cut Rates
to Be Tried.
The company was fined $15,000 by Federal Judge Frank C. Coleman,
three
June 10, on its plea of guilty, through its counsel, L. H. Hall, to
indictments charging violations of the Elkins Act. Each indictment
counts and the Court imposed a fine of $1,000 on each
contained five
count. The company faced a maximum fine of $500,000. shippers
The Government alleged that the company charged certain Joseph
less than the published tariff rate, namely the Kellogg Sales Co., 27 on
Moskowitz and Jacob Kulla Sons. These will be tried on Junerate.
charges of having accepted lower than the legally established
V. 134. p. 4153.
Canadian Pacific Ry.-Treasurer to Retire.
W.
John Leslie, Vice-President and Treasurer, will retire on July 1, E.
has spent
Beatty, President, announced on June 14. Mr. Leslie, who E. Lloyd,
by E.
53 years in the company's service, will be succeeded
-V. 134, p. 3451.
Controller.
Central of Georgia Ry.-Seeks Additiosal Loan of
-See
$2,780,316 from Reconstruction Finance Corporation.
-V. 134, p.
under "Current Events" on a preceding page.
3818.
Charleston & West Carolina Ry.-Bonds Authorized.
to procure
-S. C. Commission on June 1 authorized the company
The I.
authentication and delivery of $373,000 of 1st consolidated mortgage,
-year coupon gold bonds in reimbursement for capital expendiseries B. 50
-V. 132. p. 4751.
tures.
Chicago & Eastern Illinois Ry.-Additional Loan of
$600,000 from Reconstruction Finance Corporation Approved.
-V.134,
-See under "Current Events" on a preceding page.
p. 3818.
-Firemen and EngineDelaware & Hudson RR. Corp.
men Sign One-Year Agreement.
Representatives of the road and the Brotherhood of Locomotive Firemen and Enginemen signed June 15 a one-year agreement on new working
conditions, effective June 16 and based on the company's monthly wage
men
plan which was started in February. About 6501,100 are affected.
members employed
The Brotherhood of Railroad Trainmen, with
has not yet started negotiations.
by the railroad,
by G. D.
The Brotherhood of Firemen and Enginemen was represented
-Treasurer; C. J.
Morgan, general chairman; C. J. Mahoney, Secretary
railroad, by F. L. Hanlon, supervisor of wages.
and John J. McGinnis; the
-V. 134. p. 2509.
-Second Extension
Denver & Rio Grande Western RR.
from June 15 to Sept. 15 Granted in Which to Construct Dotsero
t Until March 15
-Asked Postponemengranted the company 1933. time exCut-off
a second
-S. C. Commission has
The I.
of the
tension from June 15 to Sept. 15 1932 in which to begin construction
-mile Dotsero cut-off in Eagle County, Colo.
42
asked for an extension to March 15 1933. This request
The carrier had
District and other
was opposed by the Moffatt Tunnel Improvement
& Salt Lake By.
municipal organizations together with the Denver Mahaffie, Eastman and
opposed by Commissioners
The extension was
dissent. Mahaffie
McManam, with the last two joining in the former's cut-off was highly
the Dotsero
said that because he was convinced that be assured if the Denver & Salt
would
desirable and that its construction
to approve that acLake were acquired by the Rio Grande, he had voted with the acquisition,
quisition. "The Rio Grande cannot at present proceed of time and has not
deal
nor with the construction. It has already had a goodof this request would at
done so. Possibly some other interest can. Denial
-V. 134, p. 4154.
least afford an opportunity to try."
-Abandonment.
Toledo & Milwaukee RR.
Detroit
permitting the
-S. C. Commission on June 4 issued a certificate abandonment
The I.
Milwaukee, and the
abandonment by the Detroit, Toledo & and the Michigan Central, of all
operation by the New York Central Toledo & Milwaukee east of the
of
that part of the railroad of the Detroit
and the railroad of the Battle
point of connection between that railroadin Emmet Township', Calhoun
Creek & Sturgis By. at Morgan Park, Creek and 5.13 milesfrom the
Battle
'
County, southeast of the City of
extending from that point of
westerly end of the railroad in that city, and
a distance of 88.81
connection in a general easterly direction to Dundee,
and Monroe counties,
miles, all in Calhoun, Jackson, Hillsdale, Lenawee
Mich.
of the two other roads,
The Detroit,Toledo &Milwaukee is a subsidiary
-V. 124. p. 639.
stock.
each of which owns one-half of its capital
-Loan of $2,775,000 from Reconstruction Finance
Erie RR.
-See last week's "Chronicle," p.
Corporation Approved.
4264.
Would Put Up $16,084,000 6s As Security for New ShortTerm Notes.
to
-S. C. Commission for permission
The company has asked the I.
ref. & impt. mtges. 6% bonds, series
pledge and repledge $16,084,000 notes which it may issue if and when
short-term
1932, as security for
its financial condition so requires.
company seeks to pledge
The application states the bonds which the
6% bonds which the
are part of the $25,000,000 of its ref. & impt. mtge.
and delivered
Commission in February authorized to be authenticated
this amount $8,916,000 has been authenticated and
to the carrier. Of
Finance Corporation for
delivered and pledged with the Reconstruction
near future to have
a loan of $4,458,000. The applicant expects in theit.
134, p. 4319.
the remaining bonds authenticated and delivered to -V.
Kansas City Southern Ry.-Reduces Dividend on Pref.
-The directors on June 15 declared a dividend of
Shares.
50c. per share on the outstanding $21,000,000 4% non-cum.
pref. stock, par $100, payable July 15 to holders of record
June 30. Quarterly distributions of $1 per share had been
made on this issue from October 1908 to and incl. April
1932.-V. 134, p. 3632.
Louisiana & Arkansas Ry.-New President.
C. P. Couch, Vice-President for two years, has been elected President.
Executive to succeed his brother, Harvey C. Couch, who is a director of
--V. 134, p. 2141.
the Reconstruction Finance Corporation.
Louisiana Arkansas & Texas Ry.-Seeks Loan of
-See under
$685,756from Reconstruction Finance Corporation.
-V. 134, p. 3452.
"Current Events" on a preceding page.
-Reduces Salaries.
Louisville & Nashville RR.
The company has reduced salaries of officers and officials OCCUpying
supervisory positions 10%, effective July I. A similar reduction of 10%
was put into effect on Jan. 1.-V. 134, p. 3819.
-A
-Halves Common Dividend.
Mahoning Coal RR.
was declared on June 15 on the outstanddividend of 12
ing $1,500,000 common stock, par $50, payable Aug. 1 to
holders of record July 15. Previously the company made
quarterly distributions of 25% on this issue. A record of
dividends paid on this issue since and incl. 1912 follows:
x1932.
1912. 1913. 1914. 1915-19. 1920. 1921. 1922.1923. 1924-31.
20% 70% 60% 50% p.a. 110% 50% 90% 80% 100% p.a. 621.c%
x Includes payment of 121.5% to be made on Aug. 1 1932.-V. 134, p.
4154.
-Loan of $1,650,000 from ReconMaine Central RR.
-See last week's
struction Finance Corporation Approved.
"Chronicle," p. 4264.-V. 134, p. 4320.
-Bonds Paid.
Mason City & Clear Lake RR.
The portion of the $316.000 6% bonds due June 1 outstanding in hands
-V. 96, p. 420.
of the public were paid off at maturity.
Minneapolis St Paul & Sault Ste Marie Ry.-Seeks to
Issue Notes.
-S. C. Commission for authority to issue
The company has asked the I.
$5,000,000 of two-year 6% notes payable Aug. 1 1934.
It is proposed to pledge as collateral $6.250,000 1st & ref. mtge. bonds,
fell
series B. now pledged as collateral for $10,000,000 of notes which outdue Aug. 1 1931. The owners of more than half of the notes now
standing have agreed to purchase the new issue of notes at par. Finance
The road has an application pending before the Reconstruction
Corporation for a $5,000,000 loan which will be used to take up the other
-V. 134, p. 4320.
half of the $10,000,000 notes outstanding.
-Reduces Salaries.
New York Central RR.
Salaries of all officers of this company receiving more than $300 a month
will be cut by 5% on July 1 and thereafter, it was announced on June 14.
The reduction is the second levied within a year. They were cut last
fall an initial 10%.
All non-union employees of the road also took cuts of between 10 and
20% last fall, while the union workers came under the general agreement
signed last February by the railroads with the labor brotherhoods for a
nation-wide 10% cut. Office workers of the Central recently have been
reduced in number.
Air "Rights" Suits.
Wins
14 the
The U. S. Circuit Court of Appeals upheld unanimously JuneYork &
District Court's decision denying minority interests in the New 401-year
under the
Harlem RR. an accounting of profits and interestCentral RR.operates
York
lease dated April 11873, through which the New the
Phoenix Insurance Co.
the terminal line. The action was brought by
1928.
of Hartford and Samuel Dempster in to divert to New York & Harlem
was started in an effort
The action
in leasing
stockholders the largo profits made by the New York Central controlled
the property of the
"air rights" in the Grand Central zone overfor rentals of the New York &
contended that the use
line. The plaintiffs
Harlem's property, which runs north of 42nd Street and embraces the
the Park
sites of the Grand Central Station and hotels and apartments in railroads.
the two
Avenue area, was contrary to the agreement between
The plaintiffs alleged that improvements for real estate purposes had
exchanges
violated the terms of the lease and charged particularly that the bridge
,
of property made with the city for the purpose of building
from Park Avenue to the balconade around the Grand Central
approach
of
were in violation of the contract. The Appellate Court, consisting
presiding Judge Martin T. Manton and Judges Learned Hand and Augustus
that the uses made of the leased facilities by the New
N. Hand, set forth
York Central were ProPor•
"Under the provisions of the lease and rules governing landlord and
York
tenants." the Court stated, "we hold that the New herein Central RR.
was properly
the
was well within its rights under the lease and the decree
exchanges made with the
The decision held further that
entered.'
-V. 134, p. 4320.
city benefited the railroad.
Lose Suit.
New York & Harlem RR.-.11inorityp. 3819. -
-V. 134,
See New York Central RR. above.
-Suspends
New York New Haven & Hartford RR.
-The directors on June 14
Dividend on 7% Preferred Stock.
decided to defer the quarterly dividend due July 1 on the
$49,036,700 7% cum. pref. stock, par $100, "on account
of prevailing business conditions." The last previous
payment of $1.75 per share was made April 1 1932.
President J. J. Pelley states:
traffic
There are no signs of a recovery in business as yet. Our June May
In
is showing about a 30% drop from the same month last year. allowing
our charges in May after
traffic was off about 28%. We covered
-V.134, p. 4320
for preferred dividends, guarantees and other deductions.
-The directors
Northern Pacific Ry.-Dividend Omitted.
on June 15 took no action on the dividend due at this time
on the outstanding $248,000,000 capital stock, par $100.
On March 23 last the board resolved that dividends on the
capital stock be considered semi-annually at the June and
as
December meeting of the board instead of quarterly
theretofore.
A distribution of The. per share was made on Feb. 1 1932
and on Nov. 2 1931, as compared with $1.25 per share each
quarter from May 1 1922 to and incl. Aug. 1 1931. A
record of dividends paid since and incl. 1906 follows:
1932.
1931.
1923-30.
1907. 1908. 1909-21. 1922.
1906.
4%%
757
7% p.a. 5% 5% p.a.
x7%
7%
surplus of North Western Improvex In addition 11.26% was paid from
ment Co.
as
President Charles Donnelly is quoted in substance
follows: Liaila
Volume 134
The present estimate is that our May gross is about 30%, or $1,500,000
off from the same month last year.
Crop conditions in our territory continue ideal. The grasshopper menace
occasioned some anxiety a few weeks ago, but we think that this has now
been overcome, through artificial and natural means.
Our passenger schedule will be rearranged, effective June 19. This will
save at the rate of 750,000 passenger miles annually, making a total of
3,750,000 passenger miles saved through like rearrangements during the
-V.134, p. 3089.
past three years.
-To Redeem $19,752,Paris-Lyons-Mediterranean RR.
000 Outstanding 7% Bonds.
This company, through the Bankers Trust Co., announces that it will
redeem on Sept. 15 1932 at 103 and int, all of the remaining $19,752,000
outstanding 7% external sinking fund gold bonds due Sept. 15 1958 and
issued under an agreement dated Sept. 25 1924.
Payment of the outstanding bonds will be made at the office of the
-V. 134.
fiscal agents, Bankers Trust Co., 16 Wall Street, N. Y. City.
p. 3819.
-Reduces Semi-Annual
Pittsburgh & Lake Erie RR.
-The directors on June 15 declared a semi-annual
Dividend.
dividend of 2
on the outstanding $43,182,000 capital
stock, par $50, payable Aug. 1 to holders of record July 1.
This compares with semi-annual payments of 5% made
previously. A record of dividends paid since and incl.
1909 follows:
'09. '10. '11. '12. '13. '14-'15. '16.'17-'26. '27. '28. '29. '30. '31. '32.
Reg.%10 50 35 22 15 10 p.a. 10 10 p.a. 10 10 10 10 10 75i
Ext.
30 -- 10 10 10 -20
-V. 134, p. 4316. 4154.
Pittsburgh & West Virginia Ry.-Loan cf $3,805,222
-See
from Reconstruction Finance Corporation Approved.
last week's "Chronicle," p. 4264.-V. 134, p. 4320.
Railroad Securities Co.
-Omits Payment.
The New York Stock Exchange has received the following notice from the
Railroad Securities Co.; Illinois Central 4% stock certificates series A:
"No payment July 1 1932."
The company reduced its payment as of Jan. 1 1932, to $17.50 semiannually from $20 semi-annually previously.
-V. 134, p. 135.
St. Joseph & Grand Island Ry.-Proposed Sale.
A special meeting of the stockholders will be held on July 19 1932 for
the purposes (1) of approving and ratifying the leasing by this company
to Union Pacific RR. of its railroads, with the franchises, rights and other
property appertaining thereto, and its miscellaneous physical properties
upon terms and conditions approved by the directors, and of approving
and ratifying all action taken by the board in respect of such leasing;(2) of
authorizing and approving the sale and conveyance of all the railroads and
all or any part of the other property of the company to Union Pacific RR.
Whenever a sale and conveyance may be convenient and practical in the
judgment of the directors; and (3) of taking any and all other action appropriate or incidental to the purposes aforesaid.
The board has authorized such lease, subject to approval or ratification
by the holders of record of at least two-thirds of the capital stock issued
and outstanding, and has also recommended to the stockholders that
authority be granted to make such sale and conveyance whenever a sale
and conveyance may be convenient and practicable in the judgment of
the board.
The directors of Union Pacific RR. have authorized the taking of such
lease, subject to approval by stockholders which approval has been given,
and has also recommended to the stockholders of the company that authority be granted for the purchase of all the lines of railroad and all or any
part of the other properties of the St. Joseph & Grand Island Ry. Co..
whenever such purchase may be convenient, and practicable in the judgment
of the board, and the stockholders of Union Pacific RR. Co. have author-V. 126, p. 105.
ized and approved such purchase.
-Closing of Line
Sandy River 8c Rangeley Lakes RR.
Authorized.
The receivers have been authorized by Chief Justice Pattangall of the
Maine Supreme Judicial Court to cease operation after July 8. The
petition of the receivers stated that "on account of truck competition said
-V. 122, p. 2796.
railroad is unable to earn operating expenses."
Seaboard Air Line Ry.-Plan of Receivers Operative.
The plan of L. R. Powell Jr. and E. W. Smith, receivers, which was
announced March 31 1932 and provides for exchange for receivers' certificates of $10,558,000 equipment trust certificates of the company maturing
prior to 1935, has now been declared operative by the receivers as to all
trusts except second lien equipment trust certificates, series Z. 4% of the
requisite 76% of the exchangeable second lien certificates, series Z. remains
to be deposited before deliveries of receivers' certificate and interest for
this series can be made. Receivers' certificates and checks for matured
unpaid interest have been delivered to all holders of equipment trust certificates of other series who have deposited their certificates.
The receivers urge that all holders of exchangeable equipment trust
certificates and particularly those who hold second lien equipment trust
certificates, series Z, deposit their certificates with Chase National Bank,
New York, in order that they may promptly obtain receivers' certificates
and checks for defaulted interest
The receivers are now prepared to purchase coupons representing matured
unpaid Interest upon equipment trust certificates maturing after Dec. 31
1934, with the exception of series Z. second lien certificates, and intend in
the future to purchase coupons relating to such later maturities of equipment trust certificates from time to time as they mature.
The ready response of equipment trust certificate holders to their plan
has been gratifying to the receivers who are pleased that the deposits of
requisite percentages of the various series have permitted defaults upon
the equipment trust certificates to be promptly remedied.
The following percentages of the exchangeable equipment trust certificates of each series had been deposited as of June 3 1932:
Percentage
Percentage!
Deposited.
SeriesDeposited. Series84%
94% Z (first lien)
66
/
720
93
Z (second lien)
100
79, AA
71
83
BB (first lien)
V
83
100%
BB (second lien)
89
82% DD (first lien)
X
100
92% DD (second lien)
-V. 134, p. 4320.
Southern Pacific Co.
-7'o Borrow from Banks.
-S. C. Commission for authority to pledge
The company has asked the I.
up to $35,646,106 Central Pacific Ry. European loan bonds of 1911 as
collateral security for short term notes which it proposes to issue in order
to meet its temporary financing requirements within the next few months.
The road also asked authority to guarantee the bonds which it will use as
-V. 134, p. 4155.
collateral.
-At a
Texas & Pacific Ry.-Omits Preferred Dividend.
meeting of the board of directors held June 14 no action
was taken regarding the dividend on the 5% non-cum.
red. pref. stock for the second quarter of 1932. The last
regular quarterly payment of 1%% was made on this issue
on March 31 1932.-V. 134, p. 3270, 3265.
-Proposed Acquisition.
Union Pacific RR.
-V. 134. P. 3978.
Bee St. Joseph & Grand Island Ry. above.
-Seeks Additional Loan of
Western Pacific RR. Co.
-See
$1,505,554 front Reconstruction Finance Corporation.
-V. 134,
under "Current Events" on a preceding page.
p. 2519.
4487
Financial Chronicle
-Earnings.
Terminal RR. Assn. of St. Louis.
calendar YearsRevenues
Switching
Incidental
Joint facility Dr.
1931.
1930.
1929.
1928.
$7,352,205 $9,613,005 $11,894,424 $12,154,505
977,477
961.290
805,075
648,674
354,368
324,125
274,245
233,420
Total ry. oper. revs_ - $7,767,451 $10,140,836 $12,531,589 $12,777,614
ExpensesMaint. of way & struct _ $999,939 $1,526,109 $2,072,332 $2,054.548
1,042,515
1.055,794
965,586
693.783
Maint. of equipment
29,633
32,792
37.693
47.581
Traffic
5,401,818
5.509,907
4.755.583
Transportation-rail line 3,815,686
39,388
41,861
40,999
35,889
Miscellaneous operations
355.421
330,611
311,619
267,066
General
16.892
3.119
3,090
809
Transp.for inv.-Cr_
$5.859,135 $7,634,499 $9,040.177 $8,906,432
Total ry. oper. exp.
3.871.182
3,491.412
2,506.337
1,908,316
Net rev, from ry. oper
1.169.275
1,189,013
1,279,094
Railway tax accruals_ _ _ 1,003,884
279
347
1,268
620
Uncollectible ry. revs__ _
Railway oper. income.. $903,812 $1,225,976 $2,302,051 $2,701,626
loss16,726 loss25,864 loss32.660
Net rev. from miscel. op.) See x
933
943
1.387
Tax,on misc. oper. prop.)
5903,812 $1,207,862 $2,275,244 $2.668,032
Total oper. income_
1,815,548
2,217,016
2,250,282
Total non-oper. income_ 2,269,896
$3.173,708 $3,458,144 $4,492,259 $4,483,580
Gross income
171,449
162.332
128,061
y94,608
Hire of freight cars
-deb
26.566
30,653
18,415
16.570
Joint facility rent
696,900
696,900
696.900
696,900
Rent for leased roads
381,192
379,588
392.092
390.728
Miscellaneous rents_
153.481
142,149
89,300
63,200
Miscell. tax accruals_
1.821,233
2,022.580 2.003.198
1,982.129
Int. on funded debt
18,498
9.709
9.411
Int. on unfunded debt_ 7,860
Amortization of discount
25.769
65.987
75,611
87,096
on funded debt
12,800
14,084
11,152
x23,646
Miscell. income charges_
Inc. applic. to sinking &
100.000
100.000
100,000
other reserve funds
$887.657 $1,075,692
def$189,032 def$85.379
Income balance
x Includes expenses of miscellaneous operations and taxes on miscellaneous
operating property. y Includes rent for locomotives of 85 cents and rent
for work equipment of $9.
•
Consolidated Comparative General Balance Sheet Dec. 31.
1930.
1931.
1930.
1931.
Liabilities
s
AssetsS
Common stock_ _ _ 3,293.700 3,293,700
Invest. In road and
47,381.200 47,404.000
42.410,433 42.292,090 Funded debt
equipment
Traffic & car serv.
ImPt. on leased ry.
279.672
balance payable 179,776
12,184,225 12,065,103
property
Misc.',flys. prop 6,118,371 3.996,706 Audited accts. &
wages payable 1,304,457 1,438,429
Invest.in Mill. cos.:
231,174
34.324
7,272,322 7,272,322 Misc, accts. pay- _
Stocks
710.797
2 Int. matured unpd 710,111
2
Stocks unpledg'd
3 Funded debt mat.
3
Bonds pledged_ 7,000
unpaid
Other Invest'ts:
186,052
4 Unmat. int. word_ 185,425
4
Stocks. unpl_ _ _
57,507
49,575
5,052,790 5.532.690 Unmat.rents accrd
Bonds. unpl
740,525
619,945
2,490 Tax ItabllitY
2,490
Notes
1 Accrd deprec.-rd. 4,354,591 4.235,541
Miscellaneous_
703,034 Accrd. deprec.-eq 2,520,092 2,392.174
389,860
Cash
Time drafts & dep. 754,000 1,232,541 Accrued deprec.79,863
85,304
misc. phys. prop
716,902
Special deposits -.. 709,178
10,350 0th. unac11. credits 4,517,204 4.503.168
5,013
Loans & bills rec__
Additions to prop.
from
Net bal. rec,
through income
agents & conduc157,902
2.714,752
533,442 & surplus
344,873
tors
958,993 Fund,debt, retired
1%1Isc. accts. rec.__ 743,074
through income
779.959
554,327
Material de suppl
96.163 2.479,663
& surplus
148,7.58
116,932
Int. & diva. rec
50.000
705 Sinking fund res
555
M orking fund adv.
18,536,149 18,770,856
Ins. & other funds. 5,982,523 5.299.783 Profit & loss
9,936
Other def. assets 1.455.551
Rents & las, prem.
63,894
29,544
paid in advance_
Disc, on cap.stock 3,293,600 3,293,600
Disc,on fund.debt 1,842,841 1,929.933
69,720
Other unadj.debits 320,259
86,582.770 87,018,022
Total
-V. 134. p. 1575.
Total
86,582,770 87,018.022
PUBLIC UTILITIES.
Matters Corered in the "Chronicle" of June 11.-(a) Electric output for
week ended June 4 1932. p. 4221; (b) Annual convention of National
Electric Light Association-B. C. Cobb traces development of industry in
past 50 years-President Owens favors unemployment insurance for
employees in power industry-George B. Cortelyou newly elected president.
p.4261.
-Earnings.
Alabama Water Service Co.
For income statement for 12 months ended April 30 see "Earnings
Department on a preceding page -V. 134. p. 3978.
American Commonwealths Power Corp. (Del.).
Receivers Confirmed.
Judge Caffey. sitting in the U. S. Court for the Southern District of
New York. confirmed June 6 the appointments of John K. Garrigues,
Herbert W. Briggs and Herbert L. Nichols as ancillary receivers, and of
Albridge C. Smith as their solicitor, for the American Commonwealths
Power Co. and of Messrs. Garrigues and Briggs as ancilliary receivers and
Mr. Smith as their solicitor for the American Community Power Co.
At the hearings to which stockholders and creditors of the two companies
were summoned it was brought out that the receivers for American Commonwealths Power hold free within the jurisdiction of the court 5,000 preference shares of the American Gas & Power Co. and 50,000 common shares,
or the entire amount of the American Community Power Co. In addition,
there is a claim against the New York Trust Co. for $17,761 interest in the
hands of the bank at the time when the receivers were first appointed early
In January.
It was also set forth that the American Community Power Co. had
%
assets under pledge within this jurisdiction, as follows: $5.000,000
bonds due in 1953 are secured by deposit with the Chase National Bank,
as trustee, of 250,000 common shares of Community Power & Light and
506.400 common shares of the General Public Utilities Co.; $1,800.000 oneyear 6% notes due Nov. 1 1931, secured by the pledge of $2.250,000 1st
mtge. 654% bonds of General Public Utilities Co.; a loan due Chase National Bank in the amount of $1.500,000 secured by the pledge of a note
of the Community Power & Light Co. of like amount, which is in turn
secured by various underlying securitles.-V. 134, p. 4321.
-Suspends Preferred DiviAmerican Superpower Corp.
-The directors on June 14 voted to suspend the
dends.
payment of the quarterly dividends due July 1 on the
no par $6 cum. 1st pref. and no par $6 cum. pref. stocks.
The last previous distribution was 81.50 per share made on
both classes of stock on April 1. (See also V. 134, p.3094.)
L. K. Thorne, President, says:
As will be seen from the annexed balance sheet, as of June 9 1932 the
total stated capital of the corporation was $59,503,885, the capital represented by the first preferred stock and preference stock was 554.231.507.
while the market value of the corporation's total assets was $53,709.880.
Under these conditions, the laws of the State of Delaware, under which
corporation is organized, prohibit the payment of dividends upon any of
the stocks of the corporation.
4488
Financial Chronicle
The corporation has no debts, and has over $24,000,000 of cash and U. S.
Government securities. It therefore is in no danger of being compelled to
dispose of any of its assets. It still owns all of the stocks that it held at
the first of the year. During January it sold $23,900,000 of U. S. Government long-term securities for $21,961,406, which was $2,636,185 less than
their cost and reinvested the proceeds in short-term U. S. Government
Issues, some of which have matured.
Since the first of the year the corporation has purchased in the open market from time to time 34,192 shares of its first preferred stock for an aggregate amount of $1,718,122.
The principal holdings of corporation are as follows:
United Corp.$3 preference stock
285,700 shs.
Commonwealth & Southern Corp.common stock
5,000.000 shs.
Commonwealth & Southern Corp.option warrants
2,721,447
United Corporation common stock
1,000,000 shs.
United Corporation option warrants
993,400
Consolidated Gas Co.of New York
75,000 shs.
Niagara Hudson Power Corp.common stock (new)
54,634 shs.
Niagara Hudson Power Corp. A warrants
300,000
Niagara Hudson Power Corp. C warrants
300,000
Electric Bond & Share Co. common stock
59.790 shs.
These securities have a present market value of$27,212,813. Corporation
also has minor holdings in the Associated Telephone Utilities Co.. Brazilian
Traction, Light dt Power Co., Ltd., Italian Superpower Corp., and several
other companies, which have a present aggregate market value of$1.800,948.
The income of corporation from interest and cash dividends, including
accruals, for the first five months of 1932. after expenses and reserve for
taxes, amounted to $1,272.753. Dividends were paid on the first preferred and preference stocks on April 1 1932 amounting to $1,213,051.
Expenses in re issue and transfer of stocks, legal expenses, &c., were $11,167 and all other expenses were $3,039.
Comparative Balance Sheet.
June 9 '32. etc. 31 '31.
June 9 '32. Dec. 31 '31.
Assets
5
$
Cash
6,267,364 2,255,212 1st pref. stk. $6
U.S.Govt.secs.
(no par,
53,996,300 57,415,500
(at cost)
17,817,000 26,652,592 Prefer. stock 66
Int. & diva. roc_
477,176 1,186,779 (no par)
235,207 23,520,700
Bonds (at cost)_
17,261
Corn. stock (&
Preferred stocks
sunius)
x71,220,754 48,814,964
(at cost)
4,828,183 4,816,158 Res.
-Inc.tax &
Common stocks
seer. divi. on
(at cast)
87,235,867 87,235,867
pref. & prerce y25,000 1,232,781
Option warrants
Miscellaneous_ _
936
948
(at cost)
8,835,065 8,837,004
Aliscell. assets..
281
281
Total
125,478,199 130,984,893
Total
125,478,199 130,984,893
x Represented by 8,293,005 shares (no par) valued at $5,272,379 and
includes earned surplus of $38.481,8 9 and capital surplus of $27.466,558.
y Reserve for taxes only. z Market value June 9 1932, $53,709,881.V. 134, p. 4321.
Associated Gas 8c Electric Co.
-Output of System.
-
Electric output of the Associated Gas & Electric System for the 12
months ended May 31 1932 totaled 2,637,420.013 units (kwh.), a decrease
of 4.4% from the amount produced during the same period of last year.
This volume, exclusive of sales to other utilities, largely reflected the
smaller demands from industrial users of power. A partial offset was
created, however, in certain portions of Associated's territory in increased
consumption of electricity from domestic consumers. This is attributable
to some extent to the policy of offering inducement rates, now prevalent
throughout a great part of the System's area, and by means of which
domestic consumers may earn a lower rate as consumption increases.
Output of electricity for the month of May was 191,408,409 units (kwh.),
a decline of 12.3% from the production of the same month of last year.
Gas sendout for the 12 months' period to May 31 last was 17.074,044.100
cubic feet,a decrease of7%. The month's production totaled 1,359,433,700
cubic feet.
Consumption of water in territory served by the System's properties
increased 7.7% to 4,955,042,000 gallons for the 12 months. During May
water gallonage was 402,086,000, an increase of 22,232,000 gallons.
V. 134, p. 4155.
Earnings.
For income statement for 12 months ended April 30 see "Earnings
Department" on a preceding page.
-V. 134, p. 4155.
Associated General Utilities Co.
-Income Bonds Offered.
The Public Utility Investment Corp. of New York in February last
offered $1.000.000 income gold bonds at 83. and int. to yield over 7%.
Each $10 bond will have a non-detachable warrant attached entitling the
holder to receive, without charge, 1-10th share ofcommon stock (v. t, c.)
and the dividends paid thereon.
Bonds are dated Nov. 11931; due Nov. 11956, Entitled to cumulative
interest at 5% per annum, payable May and November, from available
net income, determined as provided in the indenture. Additional noncumulative interest at the annual rate of 3% must be declared by the
board of directors for the current semi-annual interest period before any
dividends may be declared on the common stock during such period. Red.
in whole or in part at any time on 30 days' notice at 110 and int. Issuable
in registered form in denoms. of $10 and authorized multiples. Public
National Bank & Trust Co. of New York, trustee.
-Organized in Delaware. Has broad corporate powers, inCompany.
cluding, among other things, authority to buy and sell securities. The
primary present purpose of the company is the investment of the proceeds
from the sale of its securities in bonds and fixed interest debentures of
companies in the Associated Gas & Electric System and other public
utility enterprises with which the management is fully familiar and in
which the Associated System may have an active interest.
-From the proceeds of 50,000 shares of common stock and
Earnings.
$1.000.000 of income bonds, already issued, there has been acquired $2.520,000 of debenture bonds of the Associated Gas & Electric Co. with a market
value at Dec. 31 1931 of $1,013,670 yielding an annual income of $125.755.
It is proposed to issue an additional $1,000,000 of income bonds, making
a total of 85,000,000. The initial payment of interest on these income
bonds will be at the rate of 6% per annum.
It is intended that all of the above 50,000 shares of common stock (all
of which as well as any additional shares of common stock will be represented by voting trust certificates) will be distributed ultimately upon
the exercise of the warrants attached to the $5,000.000 income bonds
proposed to be offered, so that the purchasers of these income bonds,
through the conversion of the warrants into common stock, will have the
benefit of all of the appreciation in value of the investments of the company.
Additional Bonds and Stock.
-Additional income bonds, in excess of
$5,000,000. may be issued and sold separately or in units consisting of
income bonds and common stock (or warrants) of the same or lesser amounts.
I' issued in units, the amount of common stock, which may accompany
such additional income bonds, or be deliverable on exercise of the warrants.
will not exceed 10 snares for each $1.000 of income bonds, unless the excess
amount of common stock shall have been fir.4 offered to the stockholders
of the company. No additional common stock, or warrants for common
stock, will be issued or sold except to stockholders pro rata or with income
bonds in a ratio not exceeding 10 shares for each $1,000 of income bonds,
except as stated above.
Management.
-The directors of the company are all persons actively
interested in the conduct and development of the Associated Gas dr Electric
System, with especial reference to its financial affairs. The officers and
directors will serve without compensation until further notice. From
the nature of the company's business, very little expense will be required
.
for its operation.
June 18 1932
other concerns engaged in or connected with the telephone business. Company also owns stocks, carrying all or a majority of voting power of manufacturing companies situated in the United States, Canada, England
and Belgium, which produce automatic telephone equipment and other
telephone supplies.
Capitalization Outstanding in the Hands of the Public Dec. 15 1931.
25
-year 53 % gold debentures, series A (incl. this issue)
$12,900,000
First preferred stock
-7% cumul.($100 par)
3,500,000
$6 cumul. (no par)
62,631 shs.
$4 preference stock (cumul. at $4 per sh. ann.), no par
24,461 shs.
Class A stock (cumul. at $4 per sh. ann. & partic.), no par_ _ _122,000 shs.
Common stock, no par
518,440 shs.
The subsidiary companies as of June 30 1931 had outstanding in the
hands of the public:
Funded debt
$10,839,320
Non-controlling pref. & partic. stocks incl, partic, interest in
surplus (voluntary liquidating value $12.496.629)
11,685,447
Minority interests in controlling stocks and applicable surplus_ 9,250,304
-V. 134, p. 2715.
Associated Electric Co. (& Subs.).
-Earnings.
Calendar YearsOperating revenue
Electric
Gas
Miscellaneous
1931.
1930.
1929.
1928.
$16,598,812 $16.746.819 $15.236.241 $16,329,vo2
3.703,858 4,072,528
1.096.4481 3,744,375
5,942,451
5,814.473
2,611,891f
Total revenue
$26,245,121 $26,633,820 $18,944,581 $20,073,827
Oper.exps., maint.& tax 15,361,577 15,162,882
9,947,757 10,406,866
Operating income_ _ _ _$10.883.544 811,470,938 $8,996,824 $9,666,961
Other income
684,691
236,879
3,498,626
463,303
811,568,235 $11,707,817 $12,495,449 $10,130.264
Gross income
Fixed charges and other
deductions of underlying companies
1,320,262
754,023
773.220
886,985
Assoc. Elec. Co. int. on
3,510.572
funded debt
3,111,299
1,505,559
1.962,394
Prov. for retire, renewals
and replacements_ _ _ _ 1,889,858
1.600,376
1,238,511
1.268.579
Bal. avall.for Fed.inc.
taxes, int. on advances from stockholders, diva.& surp $4,847,542 86,242,119 $8,978,159 $6.012,306
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, p. 1950.
Consolidated Surplus Account Year Ended Dec. 31 1931.
[After giving effect to reduction of stated capital by certificates filed June 3
1932 and the disposition of the investment in American Utilities Co. and
Southern Ice & Utilities Co.]
Earned.
Capital.
Total.
Balance, Jan. 1 1931
$31,676 815,600,090 $15,631,767
Write off cost of refinancing
2,715.108
2,715,108
Consolidation adjustment
593,308
593,308
$31,676 813,478,290 $13,509,967
Add: Bal. (transferred from consolidated income account)
4,847,541
4,847,541
Reduction ofstated capital for stock
30,000,000 30,000.000
Adjustment ofsurplus at acquisition
and minority stockholders' int.,
applicable to prior period
502.211
87,853
590,064
Transfer from corporate surplus (see
below)
85,121
85,121
Interest earned on temporary invest
120,375 120,375
Adjustment ofaccrued tax liability..
21,607
21,607
Adjustment applic. to prior period_
684,195
684,195
Adjustment of book val. of fixed cap
259,638
259,638
Additional deprec. charges during
year 1930 now charged to earned
surplus
217,058
217,058
Miscellaneous credits
64,092
28,726
92,819
Total
$5,587,505 $44,840.884 $50,428,389
Deduct: Additional depreciation applicable to prior period
$295,152
$295,152
Interest on advances
262,703
262,703
Transfer to capital surplus of credit
arising from sale of property_ _ _ _
85,121
85,121
Loss in disposition of stocks in subsidiary cos. and write down of
investments in affiliated cos_ _ _ _
12,227 22.014,788 22,027,015
Unamortized debt discount & exp. _
35,500
9,418,288
9,453,788
Write off of portion of cost of subsidiary companies
4,966,979
4,966,979
Write offofintangibles
3.344,048
3,344,048
Adjust. In consolidation offixed cap
697,305
697,305
Miscellaneous debits
59,152
684,195
743,347
Dividends on common stock
2,275,000
2,275,000
Balance, Dec.31 1931
$2.562,648 $3,715,279 $6,277,927
Consolidated Balance Sheet Dec. 31.
b1931.
1930.
b1931.
1930.
Assets$
Liabilities$
$
Plants, prom.
Assoc. Elec. Co.
franchlses,&c:158.807.862 191.621,164
common stk_ _y35,000,000 65,000,000
Investments _ _ 12,658,657 4,470,538 Sub, cos. pref.
Depos, to pay.
stock1
151,700
969,207!
mat, bond int
41,062
stk.
z1,229,939
Cash & special
Advances
6,140,8061
2703,037 1,515,648 Notes & bonds of
deposits
Sink. td. deposit
109,162
subs, maturing
Notes receivable
26,148
328,374
within 1 year. 9,104,000
Accts. receivable 2,598.798 3,403,247 Notes payable..
321,000
Int. receivable_ _
160,500
M it erest bond
nturing
Mat). & supplies 1,140,229 2.195.436
41,062
Prepayment,,...
112,415
291,974 Funded debt_ _103,371,000 112,347,800
.
Unamort. debt
.taxyat_ .
Pa esht_
594,607 1,084,804
discount & exp
9.709,714 Aecrt8
ce .
Est.asserted Fed.
& dividends_. 2,705,308 2,970,593
inc. tax being
deps
549,476
667,594
600,000
contested_ _
Reseryes
12,265,773 14,960,458
Miscall. unadi.
Surplus
6,277,928 15,631,767
382,298
debits
508.5.59
177,340,167 214.044,656
Total
Total
177,340,167 214,044,656
x Stated at reproduction cost plt a subsequent net additions at cost.
z Includes 9,377 shares Clarion River Power
Co. participating stock, par value $100. a Cash only. b After giving
effect to reduction of stated capital by certificate filed June 3 1932 and the
disposition of the investment in American Utilities Co. and Southern Ice &
-Y. 134. p. 1950.
Utilities Co.
y 650,000shares no par value.
Beaver Valley Water Co.
-Earnings.
info,,,,. (aunt Jan . 1 to Dec. 31 1931.
Operating revenue
Operating expenses
$354.325
139,255
Associated Telephone & Telegraph Co.-Securities
.Offered
Net income
Non-operating revenue
$215.071
35.169-
The Telephone Securities Co., Chicago,in January last offered $3,000,000
25
-year 5% gold debentures, series A. dated May 1 1930 and due May 1
1955 (price on application) and 30,000 shares of $6 1st preferred stock
(at market).
iliP41111611
Company directly or indirectly owns stocks carrying all or a majority
of voting power of telephone operating companies located in Canada,
Portugal, Colombia, Venezuela, Jamaica, Philippine Islands and the
Dominican Republic and has investments in the securities of various
Total
Non-operating expense, excl. of funded debt interest, amortization of bond discount & expense, depreciation, & Federal
income tax
$250,240
Net profit available for bond interest, bond discount &
expense & before provision for depreciation & Federal
Income tax
2,250
$247,989
Volume 134
Financial Chronicle
Balance Sheet March 1 1932.
Assets
LtabiltiiesFixed capital
$3,623,867 Preferred stock (net)
5389,700
Investment securities
28,062 Preferred stock subscriptions_
2,010
Special deposits
1,318 Common stock
1,000,000
Cash
40,663 Funded debt(net)
1,109,000
Accounts receivable (net)
35.522 Funded debt (net), maturing
Materials and supplies
25,928 In 1932
779,000
Accrued assets
27,443 Consumer's deposits
1,065
Prepaid expense
228 Accounts payable
16,366
Deferred charges
76,657 Matured int. on funded debt_
818
Accrued liabilities
37,735
Reserve for depreciation
344,899
Res. for injuries and damages
945
Surplus
178,150
Total
$3,859,687
Total
$3,859,687
On May 1 1932 the 1st mtge. 5% gold bonds became due. There were
issued and oustanding $933,000 thereof, of which $159,000 had been reacquired by the company and pledged by It under its 1st lien and refunding
mortgage.
Company requested holders of the bonds to extend the payment of the
principal thereof for a period of three years, and in consideration of such
extension will pay to holders thereof $25 in cash per $1,000 bond when the
extension became operative, and will pay semi-annual interest at the rate
of6% per annum upon such bonds during the three-year period of extension.
-V. 134, p. 2715.
*--- Beauh rnois Power Corp., Ltd.
"
-Bondholders' Corn-
mzttee.
The boil1htl1ders at a meeting held June 10 appointed a committee composed of 12 members to represent them in all matters pertaining to
the
affairs of the corporation. The committee consists of: L. Nioraud, Quebec;
G. M. Todd, Montreal; Gordon W. Scott, Montreal; Major-General Hon.
S. C. Mewburn, Hamilton: R. H. Collis. London, Eng.; Norman
J. Dawes,
Montreal; M. S. Kilpatrick, London, Eng.; T. A. Russell, Toronto;
Long, Toronto; J. H. Fortier, Quebec; Mark Irish, Toronto; and E. G.
James
Richardson, of Winnipeg.
T. A. Russell has been elected Chairman; G. W.
E. G. Long
of Toronto Vice-Chairmen, and W. L. Gatehouse of Scott and Secretary.
Montreal
Further $32,000,000 Needed to Complete Project.
-
The Toronto "Globe" of June 10 had the following:
If the Beauharnois power undertaking is to be carried to a successful
conclusion, and contracts for power delivery met within stipulated periods,
further substantial amounts of money must be raised, Arthur F. White,
V.-Pres., told the second annual general meeting of shareholders June 9.
The condition of the financial market had made new financing extremely
difficult, and since the exhaustion of the initial bond issue proceeds, the corporation has relied on bank loans, the securing of which had been facilitated
by the Dominion Government, Mr. White said. These loans, he stated,
total about $16,000,000; for the balance of 1932 approximately $6,500,000
will be required, and requirements for the period 1933-37 will total about
S9,500,000, a grand total of $32,000,000.
Government Aid Needed.
The members of the board, continued Mr. White, have given much
thought to the future of the enterprise, but they recognize that any plan of
reorganization is dependent on further Governmental assistance, and the
Government has intimated that it desires the collateral trust bondholders
to take the necessary steps to form a representative committee before it can
act to facilitate additional financing.
Financing Difficulties.
Prior to moving the adoption of the annual report, A.F. White commented
as follows:
"I would like briefly to refer to some of the difficulties company has had
to meet since the last annual meeting.
"Firstly, I should perhaps mention that as a result of the Government
inquiry into the affairs of the company the resignations of the board have
been made available as requested, and that in the interval and pending
further developments your board has been carrying on to deal with only
routine matters.
"As you are all aware, financing difficulties have been very acute. particularly in view of the absolute necessity of continuing construction work
to complete the first installation within the stipulated time for delivery of
power by October 1 next.
"The temporary borrowings now amount to $15.991.000,
balance of this year there is needed approximately $6.500,000. and for the
"The further requirements for the period of 1933-37. inclusive, to meet
contract obligations, including interest on temporary loans (but not on the
outstanding collateral trust bonds) amount to approximately $9,500,000.
This makes a grand total of $32,000.000.
Bondholders' Committee.
"Realizing that financial markets since the first of the year have
rather worse than better, the Government has been good enough to grown
recognize the situation by facilitating the advance of the necessary moneys to
enable satisfactory progress to coAtinue. The Government has, however, as
you know, intimated that it desires the collateral trust oo idholders to takb
the necessary action to form a committee to represent them. [To that end a
meeting of these bondholders took place June 10 as mentioned above.]
"While the members of the board have given much thought to the
future of the enterprise, they recognize that any plan of reorganization is
dependent upon further Government assistance and must, therefore,
await developments following the appointment of the bondholders' committee.
"Meanwhile, every effort has been made to evolve a plan to give fullest
protection to bondholders and shareholders, but, to date, no workable
scheme acceptable to all interests has been presented."
Mr. White's Report.
The report of Mr. White, as Vice-President, follows: "The proceeds of
use issue of the $30,000,000 Beauharnois Power Corp. Ltd.. 6% collateral
trust bonds were exhausted in January 1931, with ' exception of the
the
sum of $1,800,000, being the balance of the $3,600,000 deposited in escrow
for the purposes of meeting the interest upon these bonds for a period of
two years. This balance was used in making the interest payments which
fell clue on April 1 and Oct. 1 1931.
"Construction work has since been financed by
by Bauharnois Light, Heat & Power Co., which atbank borrowings effected
to $13,896,000, such borrowings being secured by March 31 last amounted
first mortgage bonds of
Beauharnois Light, Heat & Power Co., with ample margin and,
extent that such advances were made subsequent to August 1931, to the
under
the protection of the Dominion Government,
Bond Interest Defaulted.
"The corporation found it necessary to default in the payment of the
interest of the collateral trust bonds which fell due on April 1
default was due to the exhaustion on Oct. 11931,tf the amount last. This
set aside in
t he escrow fund for interest purposes; to the inability of Beauharnois Light,
I feat & Power Co. to make an issue of first mortgage bonds as originally
contemplated; and to the impossibility of borrowing from any source
except for strictly construction purposes.
"The construction work to date has been carried on within the estimates
of the corporation's engineers both as to time and amount, with thc exception of the extra expenditure of $200,000 for a temporary control dam
below the canal entrance which has been required by the Government
engineers. If the necessary funds are fi rthcoming for the completion of
the work there should be no difficulty in making delivery of the power
called for under existing contracts.
"To correct possible misunderstandings regarding the disposition of the
proceeds received from the sale of the $10,000,000 Beauharnois Power
Corp., Ltd., 6% collateral bonds, the directors have had the auditors of
the corporation prepare a menirrandum showing the manner in which these
funds were expended. This memorandum is presented herewith."
Consolidated Balance Sheet (Corporation c4e Subsidiaries) March 311931.
Assets
Liabilities
Properties,fie
$50.402,814 Bonds
$30,000,000
Securities on deposit_ _ ______ 1,011,250 Common stock
1,800,000
Investments
250,420 a Bank loans
13,896,000
218,912 Accounts payable
Cash, receivable,Sze
2,579,818
Deferred debt
150,000 Accrued Interest
900,000
y Sundry
2,857,577
Total
52,033,396
Totals
$52.033,395
x Secured by deposit of $24,544.500 first mortgage bonds of Beauharnois
Light, Heat & Power Co. y Construction and contract commitments
not yet due.
4489
The memorandum to which Mr. White referred was submitted by P. S_
Ross & Sons, auditors, who prepared from the corporation records an
accounting of the proceeds of the $30,000,000 bond issue. It follows in
part:
"The total combined assets of Beauharnois Power Syndicate. Beauharnois Light, Heat & Power Co. and Beauharnois Construction Co.,
at Dec. 17 1929, amounted to $10,010,677, the distribution of which is
for the purpose of this accounting, included with the expenditure subsequently made by Beauharnois Power Corp.. Ltd., up to Jan. 31 1931.
Outstanding liabilities of$7,510.677 and the capital of the syndicate amounting to $2,500,000 represent the total assets, amounting to $10,010.677.
Terms of Agreement.
"Under the terms of agreement dated Oct. 31 1929. Beauharnois Power
Corp., Ltd., sold $30,000,000 6% collateral trust sinking fund bonds and
770,000 class A shares of no par value common stock for the sum of $27,000,000. The sum of $4,750,000 was paid to Beauharnois Power Syndicate
under the terms of an'agreement dated Dec. 17 1929, between Beauharnois
Power Syndicate and Beauharnois Power Corp., Ltd., as part consideration of the purchase by the corporation of the assets and undertaking of
the syndicate, as well as to refund to the syndicate the capital invested
by it prior to the organization of Beauharnois Power Corp., Ltd. The
balance, amounting to $22,250,000. together with $1,000.000 representing
the proceeds of the sale of 1,000,000 class A shares referred to below, was
made available for the purpose of the corporation and its subsidiaries.
the whole being included in the following memorandum:
"Under the terms of agreement dated Dec. 17 1929. between Beauharnois
Power Syndicate and Beauharnois Power Corp., Ltd., the syndicate subscribed for 1,000,000 shares class A no par value common stock of the
Beauharnois Power Corp., Ltd., at a price of SI per share. The sum of
$3,750.000 and 1,000,000 class A shares of Beauharnois Power Corp., Ltd.,
were distributed to the members of Beauharnois Power Syndicate. This
distribution was equivalent to $150 in cash and 40 class A shares for each
of the 25,000 part interests of the Beauharnois Power Syndicate outstanding
at Dec. 17 1929."
Auditors' Memorandum.
The auditors' memorandum shows the distribution of proceeds from the
sale of $30,000,000 principal amount of 3
-year 6% collateral trust sinking
fund bonds as follows:
Received:
$30,000.000 at 90
$27,000.00rt
1,000,000 shares sold to syndicate
1,000,000
Interest received
176,417
Total
$
98.176,417
Accounted for as follows:
Construction
$10,948,695
Rights acquired
3,620,100
Real estate, &c
5,195,498
Miscellaneous fees
637.788
Deposit to meet two years' interest ($3,600,000, less cancelled
coupons,$708,246)
2.891,753
Dep. and inv
1,360.676
Sterling Industrial Corp
200,000
Marquette Construction Corp
120,000
Advance re National Press Co., Ltd
150,000
Net paid Beauharnois Syndicate
2,250.000
Paid first Beauharnois Syndicate
739,000
Total
528,176,417
Address of Norman J. Dawes.
Norman J. Dawes, who has headed the temporary committee of bondholders, formed after the default on the interest at April 1 at the bondholders' meeting June 10, was called upon to report progress by that body
since its formation. The committee had been headed by Norman Dawes,
with the following personnel: Mark Irish, E. G. Long, Hon. S. C. Mewburn, Lucien Moraud and T. A. Russell, with F. Somerville and G. M.Todd
added subsequently. This committee, stated Mr. Dawes, had enquired
fully into the corporation's affairs, and had discussed ways and means
of aiding in its successful rehabilitation. The corporation had readily
made available all its records, stated Mr. Dawes, facilitating the committee's effort. From its investigations and consideration of various
proposals submitted to it, the committee became satisfied that three
principal factors were involved: Providing funds necessary to meet pressing
obligations for materials and supplies; providing the necessary financing
to complete the undertaking, to the stage of 500,000 hp., and readjusting
on a fair basis, having regard to the necessities of the enterprise. the rights
and position of the present bondholders.
The financial position of the company, said Mr. Dawes, as at April 30,
and its future requirements, appear as follows:
Bank advances to date (partially guaranteed by Dominion
Government)
$14.686,000
Cash required to meet current liabilities and to carry on to
end of 1932
7.640.000
Subsequent to 1932 requirements to be as follows, after crediting
operating income: 1933
2,282,000
1934
2,369,000
1935
3.938,000
1936
1,313.000
It is estimated that in 1937 the net operated income would cover
estimated cost of construction in that year, and leave a surplus of
624,000
And in 1938 a surplus of
9,000,000
The above figures include interest at 6% on advances, but do not include any interest on the collateral trust bonds of the corporation. The
committee has been satisfied, continued Mr. Dawes, that the first essential
is financial co-operation in some form by the Dominion Government. No
plan can be formulated until this has been settled, and a definite statement
by the Government can'only be obtained by duly appointed representatives
of the bondholders.
-V. 134, p. 3820.
Boston Elevated Ry.-To Issue Bonds.
The trustees have petitioned the Mass. Department of Public Utilities
for authority to issue $5,709,000 of bonds or notes, payable in not to exceed
30 years from their date, and bearing interest at a rate not exceeding 6%.
Proceeds are to be used for retiring five issues of West End Street Ry.
bonds totaling $5,709,000 maturing Aug. 1 1032. The Department is
also asked to approve inclusion of a provision whereby the bonds may be
called at 10234 on any interest date at or subsequent to expiration of two
years from date of the bonds.
-V. 134, p. 3820.
Brooklyn Union Gas Co.
-Bond Issue Approved.
-
The stockholders on June 14 approved the issuance of $10,000,000 of
1st lien & ref. mtge. series 8, 5% bonds. Application for authority to
market the issue has been filed with the New York P. S. Commission.
Actual marketing of the securities now depends on the securities market,
it was stated. The company had approximately $7,000,000 of bank loans
at the beginning of this year. See also V. 134, p. 3821.
California-Oregon Power Co.
-Harris
-Bonds Offered.
Trust & Savings Bank; H. M.Byllesby & Co.; W.C. Langley
& Co.; A. C. Allyn & Co., Inc.; J. Henry Schroder Banking
Corp., and Chase Harris Forbes Corp. are offering at 93
and int. to yield 7.50% $4,000,000 ref. mtge. gold bonds,
63/2% series, due 1942.
Dated May 1 1932: due May 1 1942. Int. payable M. & N. 1 in New
York, Chicago and San Francisco. Red. all or part at any time on 45 days'
notice until and incl. May 1 1937 at 102 and int.; and thereafter at 100 and
int. Denom. c5$500 and $1,000, and 51,000, $5,000 and $10,000r. American
Trust Co., San Francisco, trustee.
Convertible at the option of the holder, at any time on or before May 1
1941, or, if called for redemption on or prior to such date, on or before the
10th day prior to redemption date, into an equal principal amount ofrefunding mtge. gold bonds,6% series due 1962. which series, will be redeemable,at
the option of the company, as a whole or in part at any time on 60 days'
notice until and incl. May 1 1942 at 105 and int., the premium thereafter
decreasing 4 of 1% for and during each year or fraction thereof thereafter
elapsed to and including May 1 1961. such bonds being redeemable thereafter at 100 and int. Company will agree to pay the holder, upon conversion,
cash at the rate of $50 per $1,000 principal amount of the bonds so converted. Interest to be adjusted in each case.
Issuance.-Authorized by the Railroad Commission of the State of
California.
Financial Chronicle
4490
Tax Provisions -Interest payable without deduction for any normal
Federal income tax not exceeding 2% per annum of such interest. Company
will agree to refund, as provided in the indenture, upon proper and timely
application, the Penn. and Conn. personal property taxes at a rate not
exceeding 4 mills, the California personal property tax at a rate not exceeding 2 mills, the Maryland securities tax at a rate not exceeding 4M mills, the
District of Columbia personal property tax at a rate not exceeding 5 mills,
or the Mass, income tax at a rate not exceeding 6% per annum of interest,
to holders resident in those States.
Data from Letter of B. W.Lynch, Vice-President of the Company.
-The company supplies without competition
Business and Territory.
electricity for power and light in 59 communities and contiguous territory
in northern California and southern Oregon, having an estimated combined
population of more than 105,000. Water service is also furnished in several
communities. The present installed capacity of the company is 100,490
kw., over 99% of which is hydro-electric. In addition the company leases
from Mountain States Power Co. and operates the -15,000 kw. capacity
COOS Bay steam electric generating station located at North Bend, Ore.
-The capitalization of the company, as of March 31 1932
Capitalization.
and after giving effect to present financing, is as follows:
Common stock (no par) 82,061 shares outstanding, at amount of
$6,847,100
stated capital as shown by balance sheet of company
9,727,600
Cumulative preferred stock, 7% and 6% ($100 par)
7,000,000
51-6% debentures due 1942
4,000,000
,
Refunding mtge. bonds,61 6% series due 1942(this issue)
4,201,600
-6% series B due 1942
1st & ref. (closed) mtge. bonds
2368,000
53% series C. due 1955
-Proceeds will be used to reimburse the company in part for
Purpose.
additions and extensions heretofore made to its properties and for other
corporate purposes.
-The net earnings of company for the year ended March 31
Earnings.
1932, as shown below, were more than 2.5 times the annual interest requireof $647.836 on the total mtge. bonds to be presently outstanding,
ments
Including this issue. Earnings for the past five calendar years and for the
year ended March 31 1932 were as follows:
Net Earnings
Gross Earnings Oper. Exps.,
(Before
Mnint., Taxes
& Other
&Lease Rentals. Depreciation).
Income.
Calendar Years31,793,442
51,125,841
52,919,283
1927
2.239,653
1.177,394
3.417,047
1928
2,033.253
1,369,963
3.403,216
1929
2,121,230
1.809.013
3.930.243
1930
1,543.629
2.314.712
3.858.341
1931
1,637,388
2.203,482
3,840.870
:1932
x Year ended March 31.
After deducting retirement (depreciation) reserves, averaging $285,793
per year, the net earnings for the five years ended Dec. 31 1931 averaged
anntially $1,660,448 or more than 2.56 times the above annual Interest
requirements.
Of the total gross earnings, as above, for the year ended March 311932.
over 93% was derived from the sale of electricity, over 6% from the sale of
water and less than 1%, from non-operating income.
-Bonds will be secured, in the opinion of counsel, by a direct
Security.
mortgage on all fixed properties now owned by the company, subject to
56,669.600 1st & ref. (closed) mtge. sinking fund gold bonds.
-Company is an important unit in the Standard Gas &
Management.
Electric Co. System. The properties of the company are under the management of Byllesby Engineering & Management Corp., the entire capitaliza-V. 134, p. 3979.
tion of which is owned by Standard Gas & Electric Co.
Hickory, Shenango and Taylor Townships in Lawrence County, l'a. Total
population served is estimated at 56,000.
Purpose.
-Proceeds from the sale of $464,000 of these bonds were used
in connection with the retirement of 5429.500 sinking fund gold bonds due
June 1 1932, and for other corporate purposes.
Security.
-Upon completion of present financing, bonds will be secured
by a first closed mortgage on all the fixed property now owned by the
Company.
. Earnings 12 Months Ended March 31 1932.
$235,513
Gross earnings
83,148
Operating expenses, maintenance and taxes
$152,365
Net earnings (before interest, Federal taxes, &c.)
50,000
-year gold bonds (incl. this issue)
Annual interest on 40
Net earnings, as shown above, for the 12 months ended March 31 1932,
-year
were equal to over three times the annual interest charges on the 40
gold bonds, which will constitute the entire funded debt of the company
on completion of present financing.
Capitalization.
-To be outstanding (on completion of present financing):
-year gold bonds, 5%,due 1941 (first closed mortgage)
40
508 8
1 00 , 00
6% cumulative preferred stock ($100 par)
721,700
Common stock ($100 par)
x American Water Works & Electric Co.owns $509,000 of the bonds
outstanding
-All of the common stock, except directors' shares, is
Management.
-V.95, p. 1544.
owned by American Water Works & Electric Co., Inc.
-Common Dividend
Ns...Columbia Gas & Electric Corp.
Payable in Preference Stock.-
California Water Service Co.-Earnings.
For income statement for 12 months ended April 30 see "Earnings De-V. 134, P• 3979.
partment" on a preceding page.
Capital Traction Co.-Common Dividend Halved.
A quarterly dividend of 25 cents per share has been declared on the
common stock. payable July 1 to holders of record June 14. Distributions
of 50 cents per share were made on Jan. 1 and April 1 last as compared
with $1 per share each quarter from July 1 1930 to and incl. Oct. 1 1931
-V. 134. p. 1757.
and $1.75 per share previously.
-Earnings.
Central Power Co.
For income statement for 3 and 12 months ended March 31 see "Earnings
-V. 134, p. 2903.
Department" on a preceding page.
-Earnings.
Central Public Service Corp.
For Income statement for 4 and 1 months ended April 30 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
Apr. 30'32. Dec. 31 '31.
Liabilities.
Apr. 30'32. Dec. 31 '31.
Preferred stock:
$
5
AssetsCen. Pub.Ser.
Plant & franch_317.879,220 319,608,189
Corp
26,343.864 26,586.067
Investments__ _ _ 16,294,391 15,281,388
Subsidiaries
12,816,080 12.819.260
Sinking funds &
37,141.478 37.137,978
special deo_ _ _ 1,318,362 1,417.811 Class A stock _
2.062.273 3.038,275 Com.stk.ol corp. 4,078,485 4,078,4E5
Cash
Capital surplus_ 12,943,785 12,607,297
Accts. rec.-con.:
176,007
189,155
3,550,827 3,486,195 Min.Interest_ __
Service
& jobb'g 2.575,144 2,914,034 Funded debt:
Merch.
Cen.Pub.Ser.
Other accts. and
49,657,509 49,662,509
Corp
notes rev. _ _ _ 2.597,024 3,883.133
Subsidiaries_ _174,385,928 174,875,533
Merch., mat'ls &
3.461,360 3,844,024 Prop. purch. obsupplies
gallons due'32 3.010.774 3,314,165
Prepay.-Insur.,
194,017 Notes pay.-bks. 5,650,000 6,804,875
368.429
taxes. &c_ _ _
Accts. payable_. 1,393,858 1,834,006
Rec. from RUH.
141,693 Accr. Int. & pfd.
141,178
companies._ _ _
dividends_ _ _ 2,373,349 4,543,173
Unamort. debt
disc.& exp_ _ _ 6.037,616 6,25.5,993 Accrued taxes_ _ 2,313,817 2.040,854
Def. liabilities_ _ 2,546.722 2,385,629
Improvements to
45.646
49,128
294,850 Pay.to attn. cos.
292,163
leased prop...
221,890
322.886
Def. credit items
Sund. def. debit
809,046 Res. for retire_ _ 17.183,859 17.379,809
946,403
items
Res. for cont. &
other purposes 5,138,713 4.895.665
357.524,390 361,158.648
Total
-V. 131, p. 1951.
Total
357,524,390 361.168,648
-Earnings.
Chester Water Service Co.
For income statement for IL months ended April 30 see
-V. 134. p. 3979.
partment" on a preceding page.
Earnings De-
-Acquisition.
Chicago & Calumet District Transit Co.
-V. 133, P. 953•
See Midland United Co. below.
-Loan of
Chicago North Shore & Milwaukee RR.
$1,150,000from Reconstruction Finance Corporation Approved.
-See last week's "Chronicle," p. 4264.-V. 134, p. 4322,
4156.
-Employees Accept Wage Cut.
Chicago Surface Lines.
Chicago surface lines workers have accepted a wage cut of 9% by a vote
,
of 5,734 to 2,708. Approximately 3,500 workers did not vote. Under the
new scale, workers will receive 70 cents an hour as against 77 cents prior
to May 31, when the old scale expired. The reduction is retroactive to
June 1.-V. 134, p. 3144.
-Bonds Offered.
City of New Castle (Pa.) Water Co.
.W. C. Langley & Co., New York, recently offered at 87
and int. $464,000 40-year gold bonds (first closed mtge. 5%).
Dated Dec. 2 1901; due Dec. 2 1941. Interest payable J. dv D. at City
Bank Farmers Trust Co., New York. trustee. Redeemable at any time
In whole or in part at the election of the company on at least six weeks'
Published notice at 100 and int. Denom.$1,000. Interest payable without
deduction for the Penn. four mills tax.
Data from Letter of D. M. Watt, President of the Company.
-Company. organized in Pennsylvania. Aug. 15 1902, supplies
Business.
water for domestic, industrial and public use in the City of New Castle,
in the Borough of South New Castle, and in parts of Union, Neshannock,
June 18 1932
The directors on June 16 announced a quarterly dividend of 25c, a
share on the common stock, payable Aug. 15 in convertible 5% preference
stock at par, to holders of record July 20. A similar payment was made on
May 15. A distribution of 37;ic. a share in preference stock was made on
Feb. 15 last, while on Nov. 15 1931 a cash dividend of 37,)ic. per share was
paid on the common stock, as compared with 50c. per share in cash previously each quarter.
The directors also declared a quarterly dividend of 1;1% on the 5%
cum.cony, preference stock. par $100, payable Aug. 15 to holders of record
July 20. An initial distribution of like amount was made on May 15.-V.
134, p. 3821.
-To Liquidate Employee
Commonwealth Edison Co.
Investment Fund.
Plans have been adopted for liquidation of the company's employees'
investment fund No. 1 and for repayment of subscriptions over a period
of ten years ending June 15 1942.
The fund will shortly pay back to subscribers 10% of the amounts they
have paid in, and on each June 15 hereafter proposes to pay back at least
5% of the paid-in amounts. Interest at 3% will be paid on balances.
Any profits made by the fund over the 3% interest requirements will go
to the company, which in turn guarantees repayments to employees should
the fund's resources prove insufficient.
This investment fund was launched in August 1929 and subscriptions
to it were to extend over a period of four years. Of the 12,700 eligible
employees at the time, a large majority subscribed to the fund. Cash
subscriptions totaled $1,355,000 and installment subscriptions $7,110,000,
of which about $5,000,000 would normally have been paid in by this
time. The actual amount paid in to date is undoubtedly less, One to
employee layoffs, part-time work and a number of other factors. Em-V. 134, p. 4322.
ployees laid off received repayment in full at the time.
Consolidated Gas Co. of N. Y.-$30,000,000 Bond
Issue Approved.
The New York P. S. Commission June 15 authorized the company
to issue $30,000,000 25
-year 5% gold debenture bonds, to be sold with 60
days at not less than 94 and interest. The proceeds of not less than
to be applied to the discharge of the company's obligations.
$28,200,000 are
It is not expected that an announcement of a public offering of the new
bonds will be made until the bond market conditions are improved.
V. 134. p. 3455.
Consolidated Gas, Electric Light & Power Co.,
-Power Sales.
Baltimore.
Industrial sales of electricity of this company (exclusive of power supplied to the Bethlehem Steel Corp. and the Baltimore Copper Smelting &
Rolling Co.) totaled 31.547.367 k.w.h. in April against 35,860,418 k.w.h.
in April 1931. a decline of 12.03%. For the first four months industrial
sales were 132.102,895 k.w.h., a decrease of 5.32% from the corresponding
period in 1931.
Sales of was for Industrial and commercial purposes totaled 239.135.500
cubic feet in April, a decrease of 14.01% from the same month last year.
4 5
F 5 t he
3 ni. . first four months sales were 1,006.234.600 cubic feet against 1.162.291,400 cubic feet in the like 1931 period, a drop of 13.43%.-V. 134, p.
-Reduces Rates.
'Detroit City Gas Co.
The company has made voluntary reduction in rates, effective immediately. The charge to the household consumer is reduced to 77 from 79
cents per 1,000 cubic feet, with a minimum monthly charge of 80 cents.
instead of $1. Varying reductions are made on other classifications of
consumers.
It is estimated the new rates will save consumers about $850,000 a year.
The reductions follow extended negotiations between this company and
city officials, who have been seeking lower rates. This move by the company is part of its natural gas program, and anticipates expected savings
In operating costs. It has agreed to introduce natural gas as soon as a
Permanent, dependable supply can be made available, and at such time to
further reduce the maximum rate to the equivalent of 75 cents per 1,000
cubic feet of 530 B. T. U. gas. The company says Introduction of natural
can be
sae offers the only means through which a further reductionWoolfolkmade.
says
In a letter to the City Council of Detroit, President
"Since the negotiations of this agreement the revenues of the Detroit City
Gas Co. have fallen materially; certain operating costs have been Increased.
and it Is also facing an increase in taxes for the current year of approximately
5
ina0,000 over 1931, none of which was anticipated when the agreement was
$3 de
"However, the company is prepared to stand by its agreement, but
respectfully submits in making voluntary reductions it must not exceed
the limits of prudence or reason or do anything which may impair the
company's financing ability, nor would it feel called upon indefinitely to
charge rates which failed to produce a reasonable return to the company."
-V. 134, p. 2904.
-Earnings.
Detroit Edison Co.
For income statement for 12 months ended May 31 see "Earnings De-V. 134, p. 4322.
partment" on a preceding page.
Eastern Gas & Fuel Associates.-Earnings.For income statement for 12 months ended May 31 1932 see "Earning
-V. 134, v. 3821.
Department" on a preceding page.
-Offer cf Exchange
Eastern Utilities Investing Corp.
Made to Holders of Preferred and Preference Shares.
The Associated Gas & Electric Securities Co. Is offering to holders or
preferred and preference stocks of the Eastern Utilities Investing Corp.
the opportunity, of exchanging their shares for certain securities of the
Associated Gas & Electric Co. For each share of $6 dividend preferred or
each share of participating preference stock of the Eastern company, holders
,
are offered the following exchanges: (a) $100 principal amount of 5'7,
convertible obligations of 1932; or (b) one share of $5 dividend preferred
stock, into which the obligations are convertible: or (c) $100 of 6% obligations of 1932, or (d) one share of $6 preference stock into which the 6%
obligations are convertible.
Each share of Eastern's prior preferred is offered $100 of Associated 6%
convertible obligations of 1932. or one share of $5 dividend preferred, into
which the obligations are convertible.
The holders of $7 preferred stock are offered for each share $100 of the
Associated 6% obligations of 1932 or one share of $6 dividend preferred
stock, into which the former are convertible.
In all instances, the convertible obligations are convertible at the option
of the Associated company.
1
3 18p
p.A9 oft he foregoing offers expire at the close of business June 30.-V. 134.
Financial Chronicle
Volume 134
-Earnings.
East Kootenay Power Co., Ltd.
Year End. Mar.31Gross earnings
Oper. taxes and maint_ Discount on securities_
Interest
Netincome
Previous surplus
Total surplus
Preferred dividends..
1932.
$480,511
175,976
1931.
$541,811
188,569
1930.
$585,730
230,880
234,610
276.355
252,030
1929.
$498,755
181,339
19,849
211,466
$69,925
72,033
$76.887
65,146
$102.820
32,326
$86.101
16,225
$141,958
70,000
$142,033
70,000
$135,146
70,000
$102,326
$5,607,878 $5,557,832
Electric Power Corp. (Elektrowerke Aktiengesellschaft), Berlin, Germany.
-Earnings.
Earnings for Year Ended Dec. 31 1931.
(In German Reichmarks)
Profit from operations
Interest and dividends
Total income
General and administrative expenses
Interest on loans
Other interest
Depreciations-Vehicles and equipments
Discount of German loan
Reserve for renewals and replacements
Reserve for employees'welfare
Reserve for insurance
$19,667.660
2,601,013
22,268,674
2,804,943
3,895,889
1.779,829
8.444
240,000
8.851.000
199.803
74,660
4.415.107
320,062
Netincome
Surplus broughtforward from 1930
4,735.168
Balance Sheet Dec. 311931.
(In German Reichmarks)
.
Liabilities
Assets3,010,828 Capital stock
90,000.000
Lands
23,500,000
33,790,350 Legal reserves
Coal mines
Power plants
147,909,621 Res. for renewals & replace 67,774,872
Res. for employees' welfare._ 1.250,000
Transmission lines, switch
500,000
and transformation stations 30,317,895 Reserve for insurance
1 American loan 6 Si%
50.925,000
Office vehicles and equipment
11,966 German loan 7%
12,000.000
Cash on hand
17,815,449
Investments and securities.- _ 83.723,522 Loan given by the Viag
4,199,194 Rest liabilities to pay for
Removed overburden
1,649,090 effected participations_ _ _ 10.321,437
Inventories
15,066,988
Discount of German loan_ _. 480,000 Other creditors
856,123 Surplus
Cash on deposit
4,735,168
7,940,122
Accounts receivable
Total surplus
Total
-V. 134, p. 2717.
293,888,717
Total
293,888,716
-Smaller Div.
Elizabethtown Water Co. Consolidated.
A semi-annual dividend of $2 per share has been declared on the capital
stock, par $100. payable June 3010 holders of record June 20. Previously,
-V. 134,
the company made semi-annual payments of $2.50 per share.
p. 3822.
General Water Works &
Earnings.
Calendar YearsGross revenues
Operating expenses
Electric
Corp.(& Subs.).-
x1931.
*1930.
*1929.
$3,422,513 $7.551.739 $7,500.001
1.488,208
3.805.319 3,353,523
Netrevenues
$1,934,306 33,746,420 $4,146.478
1,463,159 2,511,193
Deduct-Interest charges
1,930.350
209.869
Provision for retirements
402.883
538.763
89,441
Amortization of debt disct.& expenses
166.814
175,506
Other deductions
20,938
Preferred & common diva. ofsubs_ _ _ _
20,944
307,567
Net earnings of predecessor cos. not
acquired
2,091
150.893
Balance
347379
1,489,611
* Includes operating results of all properties owned at Dec. 31.irrespective of dates of acquisition. x Excludes Texas-Louisiana Power Co. and
its subsidiaries.
Consolidated Balance Sheet Dec. 31.
1930.
d1931.
d1931.
1930.
Liabilities5
Assets
Funded debt
18,425,000 16,250,000
Prop., plant &
39,630,501 69,940,527 Fund, debt of subs 7,592,700 28,772,100
equipment
Pure. money &
Invest. in bonds,
equip. oblig.
218,473
notes & stocks of
517,778
Bank loans
3,601.500 2,807.500
Tex. - Louisiana
Accts. & notes pay
x7,827,762
65,950
Power Co
568,526
Accr. int., taxes,
Sink.funds & misc
30,023
dividends, &c... 419,250
58.782
938,870
invest
759,547 Consumers' depos. 139,258
113.294
355,826
Cash
Accts. & notes rec. 521,848 1,178,629 Deferred credits to
Income
47,856
54,341
Invet. of materials
704,460 Retire, res., &c.. 3,560,639 4,768,319
189,029
& supplies
138,863 Subsc. to pref stks
53,808
Miscellaneous. _ _
of subs
182,900
Due from subs, to
132,839 $7.00 ser pref. stk.83,250,000 3,250.000
pref. stk. of subs
Deferred items_ _ 1,657,694 2,904,853 $6.50ser. pref stk b1,750.000 1,750,000
Pref. cap. stk. of
subsidiaries_ _ _ _ 290,000 4.493,300
Minor, int. in cap.
stk. & surpl. of
subsidiaries. _ _ _
22,190
18,413
Corn.stk.& surp.c12,469,900 13,051,688
Total
49,852,717 75,789,541
49,852,717 75.789.541
Total
a Represented by 32.500 no par shares. b Represented by 17,500 no
282,439 class A shares and 500.000 class B
par shares. c Represented by d
Excludes Texas-Louisiana Power Co. and
shares, both of no par value.
-V. 134. P. 1022.
its subsidiaries.
-Reduces Stated Value of ParticiEmpire Power Corp.
pating and Common Shares.
The stockholders have approved a reduction in the capital of the com$11,283,000 in order to comply with the statutory
pany front $23,733,000 toState prohibiting the declaration or payment of
provision in New York
unless the "value of assets" remaining after the dividends shall
dividends
the company's capital and other liabilities.
he at least equal to of the 77,000 preferred shares remains at $7,133.000,
The stated value of the 400,00(1 shares of participating stock is reduced
but the stated value $3,150.000 or from $31.50 to $7.87.1i per share, and
from $12,600,000 to
shares of common stock from $4,000,000 to $1.000.000,
that of the 400,000 per share.
$2.50
or from $10 to
The directors have credited the amount of the reduction, $12.450,000.
to a capital surplus account and transferred $12,000,000 from the existing
-V. 132.
surplus account to one entitled "reserve for contingencies."
P. 1616.
-Earnings.Federal Water Service Corp.
For income statement for 12 months ended April 30 see "Earnings De-V. 134. p. 4322
partment" on a preceding page.
Gary Rys.-Sale.-V. 134, p. 2145.
See Midland United Co. below.
-Suspends Dividends.
nom -------,Flavana Electric & Utilities Co.
$32,326
565.146
$71,958
$72,033
Balance Sheet March 31.
.
1931.
1932.
Liabilities1931.
Assets1932.
$2,146,000 $2,189,000
Plant investment.S5,467,059 85,430,344 Funded debt
Demand notes pay 1,954,248 1.862,826
Balances owing by
17.218
Accounts payable.
29,067
employees
on
stock subscrip _
.
8,007 Prov.for Dominion
8,257
Sinking fund cash_
49 & provincial in49
12,298
9.181
come taxes
Cash
27,259
26,996
39,109
Accts. receivable_ _
42,736 Interest accrued on
86,959
83,822
Mats.& supplies__
bonds, Arc
53,158
29,381
.
Preferred stock_ _ 1,000.000 1.000,000
Prepaid accounts &
150,000
19,105 Common stock_ _ _ x150,000
deferred expense
12,520
175,450
Deferred repairs__
730
747 Reserve for deprec. 175,450
72,032
71,958
Profit and loss.._
Surp.carried forward_
Total
Total
$5,607,878 $5,557,832
x 30.000 shares of no par value.
-V.134. p. 3271.
4491
The directors have decided to suspend the pay-ment of quarterl dividends
due Aug. 16 on the 6% cum. let pref. stock, par $100. and on the $5 cum.
pref. stock, no par value. Regular quarterly distributions of $1.50 and
-V. 123, p. 3319.
$1.25 per share, respectively, were made on May 16 last.
Mantua & Fairmount Passenger RR.Smaller Dividend.
A dividend of 98.856 cents per share has been declared on the common
stock, par $50, payable July 1 to holders of record June 17. Six months
-V. 118, p. 2824.
ago a distribution of $1 per share was made.
-Earnings.
Illinois Water Service Co.
For income statement for 12 months ended April 30 see "Earnings
-V. 134, p. 3980.
Department" on a preceding page.
-Bonds Offered.Indiana Associated Telephone Corp.
Bonbright & Co., Inc.; Paine, Webber & Co., and Mitchum,
Tully & Co., n April offered at 77 and int., to yield 8.04%,
82,031,000 ist & ref. mtge. 6% gold bonds, series A.
Dated Jan. 1 1932; due Jan. 1 1962. Denom. c*$1.000 and $500. Interest payable J. & J. in Chicago and New York without deduction of
Federal income taxes not in excess of 2%. Red. at any time and from
time to time at the option of the corporation in whole or in part on 30
days' notice at following prices and int.: On or before Dec. 31 1936 at 105;
after Dec.31 1936, but on or before Dec.31 1941 at 104: after Dec.311941.
but on or before Dec. 31 1946 at 103; after Dec. 31 1946 but on or before
Dec. 31 1951 at 102; after Dec. 31 1951, but on or before Dec. 31 1956 at
101; after Dec. 311956, but on or before Dec. 31 1960 at 1003.i and after
Dec. 31 1960 at 100. Corporation agrees to refund, if requested within
60 days after payment, the Penn.. Calif. or Conn. 4 mills tax, Maryland
434 mills tax, District of Columbia 5 mills tax or Mass. income tax or tax
measured by income up to 6%. First Union Trust & Savings Bank,
Chicago, trustee.
-Authorized by the P. S. Commission of Indiana.
Issuance.
Data from Letter of J. F. O'Connell, Pres. of the Corporation.
-Corporation organized in Indiana in December
Properly & Territory.
Imp, is controlled, through ownership of its entire common stock, by the
Associated Telephone Utilities Co., and. in connection with the present
financing, has acquired all of the operating properties of the Associated
Telephone Utilities System in the State of Indiana. These acquisitions
have been made with the consent of the Public Service Commission of
Indiana. The properties provide, without competition, local and long
distance telephone service to 41.384 telephones in 35 communities throughout the State. Long distance toll service is provided by toll lines owned
and operated by the corporation, and, through interconnections with lines
of the Bell Telephone companies, the long distance lines of the Bell System
are available to all subscribers. Among the communities served are
Elkhart, Goshen, Logansport, Connersville, La Porte, Greencastle. Lafayette and Wabash.
Earnings.-Earnings (including earnings of all properties now owns*
for the period of 12 months ended Dec. 31 1929, Dec. 31 1930 and Feb. 29.
1932 were as follows:
1930.
1932.
1929.
$1,357.863 $1.403,173 $1,361,694
Gross earnings*
681,672
698.376
719,401
Oper.exp., maintenance & taxes
$704.796
1638,462
Net before depreciation
Annual interest requirements on $2,031,000 1st & ref. mtge.
bonds (this issue) and $1,118,900 divisional underlying
gold
bonds (closed issues)
$680.021
183,375
$496,646
Balance available for reserves. Federal taxes and dividends_ * Include non-operating revenues of $6,754, $15,965 and $28,766 for the
three periods, respectively.
Net earnings before depreciation, as set forth above, for the year ended
Feb. 29 1932 were more than 3.7 times annual interest requirements on
the let and ref. mtge. gold bonds and all divisional underlying bonds to
be presently outstanding. After deducting provision for depreciation for
the year, amounting to $242,309, net earnings were more than 2.3 times
the annual Interest requirements on such bonds.
-Bonds were issued for the purpose of making part payment
Purpose.
for the properties which the corporation has acquired.
Securtty.-Bonds are secured by a first mortgage on approximately
50% in value, of all the fixed properties, rights and franchises of the corporation now owned and by a mortgage on all the remainder of such fixed
properties, rights and franchises, subject to divisional underlying bonds
and will be a lien on property
outstanding in the amount of
11,118.900'
hereafter acquired or constructed against which any bonds may be issued
under the indenture subject only to the lien of the aforementioned divisional
underlying bonds to the extent and only to the extent such bonds constitute
a lien. These 1st & ref. mortgage gold bonds, together with divisional
underlying bonds will be outstanding in an amount less than 61% of the
depreciated physical reproduction cost as reported to the Commission by
its engineering department.
Outstanding.
Authorized.
Capitalization$557.000
1557,000
Div. underlying bds. (closed issues) 6% -561,900
561,900
5%
1st & ref. mtge. 6% gold bonds, series A
(this issue)62,031,000
15,750 ells.
25.030 shs.
$6 dividend cum. pref. stock (no par).63,000 shs.
100,000 has.
Common stock (no par)
provisions of trust indenture. b The issuance
a Unlimited, subject to
of these bonds has been authorized by the P. S. Commission of Indiana.
-Corporation is a part of the Associated Telephone Utilities
Management.
-V. 134, p. 2336.
System.
-To Take Over Transportation
Indianapolis Rys., Inc.
Properties of Indianapolis Street Ry.-
This company, which on June 7 completed acquirement of title to the
railways, cars, buses and pole lines ok the former Indianapolis Street Railway Co. has applied to the Indiana P. S. Commission for authority to
-year 5% gen. mtge. bonds: 13,000 shares of $3
issue $6,278,000 of 35
cony, preferred stock and 104.965 shares of no par common stock.
The new corporation, which received the designation of a public utility
in an order by the Commission on June 6 was incorporated with authority
to issue 13.000 shares of the $3 cony. pref, stock and 120.000 shares of
common stock. Under the reorganization plan, the preferred stock is
convertible into common stock at the rate of six shares of preferred for
five shares of common stock.
Announcement of the selection of five "voting trustees," who will hold
and vote all the common stock of the new Indianapolis Railways, Inc., for
five years, pursuant to an agreement among security holders of the Indianapolis Street Ry., was made on June 3. They are: Arthur L. Gilliom,
,
Attorney for the general mortgage bondholders of the former company;
Ross H. Wallace, Chairman of the former preferred stockholders' committee;
Irving W. Lemaux, Chairman of the Citizens Street Ry. 1st mtge. bondholders' committee and Charles W. Chase, former President of the Gary
Street Ry.
The trustees selected as members of the new board of directors: R. Malott
Fletcher, George C. Forrey Jr., Receiver for the defunct company; John P.
Frenzel Jr., Mr. Gilliom, Mr. Lematix, Mr. Shaneberger, Mr. Wallace,
Mr. Chase and David E. Watson, former Acting President of the Indianapolis Street Ry.
New officers of the company are Mr. Chase, President; Mr. Watson and
Mr. Forrey, Vice-Presidents and L. T. Hixson, Secretary-Treasurer.
Readjustment managers on June 7 completed the transfer also of the
Traction Terminal properties at Market and Illinois Sts.. Indianapolis,
Ind.. which formerly were a part of the Indianapolis Street Ry.. to a
second new corporation known as the Traction Terminal Corp. This will
issue $3,206,000 of 1st mtge. 5% gold bonds without approval of the
4492
Financial Chronicle
Commission, since it is not a public utility. These bonds and general
mortgage bonds of the Indianapolis Railways, Inc., will be traded with
security holders of the former company who were the purchasers at receiver's
sale of the street railway properties for a price of approximately $3,000,000.
Title transfers were approved by Judge Harry O. Chamberlin, of Marion
County Circuit Court.
Directors of the Terminal corporation are Mr. Chase, Mr. Forrey and
Mr. Shaneberger.
Indianapolis Street Ry.-Transfer of Properties Effected.
p. 3980.
International Metropolitan Co.
-Securities Off List.
-
See Indianapolis Railways, Inc. above.
-V. 134,
The New York Stock Exchange on June 15 announced that the following
securities of this company had been stricken from the list: Coll. trust
% gold bonds, due April 1 1956;stamped assented certificates of deposit
as to 16% subscription; stamped certificates of deposit as to delivery of
16% deposit: stamped certificates of deposit as to surrender of 60% of
bonds.
-V. 126, p. 1980.
International Telephone & Telegraph Corp.
-Quarterly Report-Reduces Notes Payable-$27,000,000 Notes Due
Aug. 1 Extended Six Months.
A statement of the consolidated income and surplus accounts of the
corporation and its associated companies for the three months ended
March 31 is given in the "Earnings Department" on a preceding page.
The statement has been prepared, in part, from preliminary reports and
is subject to minor adjustments.
Hernand Behn, President, says:
Total notes payable of corporation and its associated companies, have
been reduced from $44.217,772 outstanding on Dec. 31 1931,to $42,623,670
on March 31 1932. The foregoing are notes of subsidiaries of which $15,623,670 are principally local banking credits in favor of manufacturing
companies. The remainder, $27,000,000, is indebtedness of operating
subsidiaries endorsed by International Telephone & Telegraph Corp.,
purchased from the corporation under banking credits maturing Aug. 1
1932, for which a 6 months' extension beyond that date has already been
arranged.
-V. 134, p. 4323.
Kentucky Utilities Co.
-Earnings.
-
For income statement for 3 and 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, p. 4323.
Los Angeles Ry. Corp.
-Tenders.
-
The Security-First National Bank of Los Angeles. trustee, Los Angeles.
Calif.. will until 2 p. m. on June 23 receive bids for the sale to it of 1st and
ref. mtge. 5% bonds, due Dec. 1 1940 to an amount sufficient to absorb
$99.749 now in the sinking fund.
-V. 134, P. 2718.
Market Street Railway Co.
-Earnings.
-
For income statement for 12 months ended May 31 see "Earnings Department" on a preceding page.
-V. 134, p. 2905.
Memphis
Dividend.
-
Natural Gas
Co.
-Defers Action on Common
The directors on June 16 took no action with respect to a dividend on the
no par common stock, as they considered it advisable first to liquidate a
bank loan incurred in connection with the construction of the Memphis
Jackson (Tenn.) extension in 1931. The last quarterly dividend of 15 cents
per share was made on this stock on April 15.
The regular quarterly cash dividend of $1.75 per share has been declared
on the $7 cum, pref. stock, no par value, payable July 1 to holders of record
June 20.-V. 134, p. 2336.
June 18 1932
Midland United Co.
-Withdraws from Local Transportation Field in the Calumet District.
Sale of the Gary Railways Co. to the Chicago & Calumet District Transit
Co.. of which Walter J. Cummings is President, was announced on June 13
by William A. Sauer, Executive Vice-President of the Midland Utilities Co.
The Gary Railways Co. has been a subsidiary of the Midland Utilities
Co. and consummation of the sale marks the complete withdrawal of the
Midland United Co. group from the local transportation field in the Calumet
district of northwestern Indiana.
Last August Mr. Cummings purchased the properties of Calumet
ways,Inc., Shore Line Motor Coach Co. and Midwest Motor Coach RailCo.,
which served Hammond, Whiting and East Chicago and interconnected
those cities with Chicago. With the acquisition of the Gary Railways Co.,
Mr. Cummings will furnish all of the local transportation service in
Gary,
Hammond, Whiting and East Chicago and between Gary and Valparaiso.
Hobart and Crown Point.
-V. 134 p. 3824.
England Public Service Co.
-Suspends Dividends
on Prior Lien Stocks.
-The directors on June 13 voted to
suspend the payment of the quarterly dividends due June 15
on the $7 and $6 cum. prior lien stocks, both of no par
value. The last regular quarterly payments of $1.75 and
$1.50 per share, respectively, were made on March 15 1932.
This action automatically forestalls payments in four other
classses of preferred stock.
Inasmuch as the dividends on the prior lien preferred
stocks are cumulative, no further dividends can be paid on
the $6 and $7 preferred, the adjustment preferred or the •
convertible $6 preferred stocks, until all dividends on the
prior lien shares have been cleared up. Payments on common
shares were discontinued in March (see V. 134, p. 2146).
Walter S. Wyman, President. issued the following statement:
The company has only $50,000 bank debt of its own and does not owe
any money to the Middle West Utilities Co. It has a liability to an asso
dated company of the latter of $19,500. New England Public Service Co.
subsidiaries, however, have bank loans of $2,835,000, representing a reduction by $930,000 since the first of the year. Early in the year it was believed such a rate of reduction could be maintained throughout the year
and at the same time pay dividends to the New England Public Service Co.
sufficient to enable it in turn to pay dividends on its preferred stock.
General business conditions, however, have not improved since that
time, but on the contrary have grown more difficult. It is the feeling of
the directors that such operating subsidiaries as have bank loans should
pay them as rapidly as possible, which means substantially reducing dividends to the New England Public Service Co. Such dividends as are
received by the New England Public Service will be used to reduce the
bank debt of the subsidiaries and meet expenditures necessary for the
proper conduct and conservation of its business and investments.
[Regular quarterly cash dividends of $1.75 per share on the $7 div. series
pref. stock, $1.50 per share on the $6 div. series pref. stock, $1.75 per share
on the adjustment series pref. stock and $1.50 per share on the $6 cony.
pref. stock, were paid on April 15 to holders of record March 31.-Ed.1
-V. 134, p. 2146.
New Jersey Power & Light Co.
-Acquisition.
-
See Metropolitan Edison Co. above.
-V. 134, p. 3825.
Metropolitan Edison Co.
-Acquisition.
Since Dec. 31 last this company and New Jersey Power & Light Co.
have acquired all of the non-voting common stock of Staten Island Edison
Corp. The latter was formerly controlled by New York State Electric &
Gas Corp.
-V.134, p. 3824.
Metropolitan Edison Corp.(& Subs.)
-Earnings.
Consolidated Income Account Year Ended Dec. 31 1931.
Electric revenues
$16,098,259
Gas revenues
814,009
Steam heating revenues
95,318
Total operating revenues
$17.007,587
Operating expenses and maintenance
6.874,752
Prov.for retire. (renewals, replace.) offixed cap.-deprec.,&c- - 2,644,076
Taxes (including provision for Federal income taxes)
725.274
New York State Elgctric & Gas Corp.
-Sale.
-
See Metropolitan Edison Co. above.
-V. 134, p. 2148.
New York Steam Corp.
-Tenders.
-
The corporation has asked sealed tenders of series A preferred stock.
which it will purchase until $41,930 is exhausted. The stock will be
bought on July 1 at the lowest price not exceeding $105. The National
City Bank, as fiscal agent, will receive tenders until June 23.-V. 134.
p. 2337. 2146.
New York Water Service Corp.
-Earnings.
-
For income statement for li. months ended April 30 see "Earnings
Department" on a preceding page.
-V. 134. p. 3982.
Northwestern Public Service Co.
-Bonds Extended.
-
Operating income
Other income
$6763486
453,852
The Huron Light Sr Power Co. first mortgage 6% gold bonds, due May
11932. have been extended for a term of five years.
-V. 134. p.3982.
Gross income
Subsidiary Companies: Int. on funded & unfunded debt
Dividends on preferred stocks
Income applicable to stocks of sub. cos. held by public
Interest on funded debt of Metropolitan Edison Corp
$7,217,339
2,300,027
836,752
73,089
322,250
For income statement for 12 months ended March. 31 see "Earnings
Department" on a preceding page.
-V. 134, p. 3982.
Balance (transferred to consolidated surplus account)
83,685,221
Note.
-The above statement does not include amortization of debt discount and expense, all of which has been charged to capital surplus.
Consolidated Surplus Account Year Ended Dec. 311931.
Earned.
Capital.
Total.
Balance, Jan. 1 1931
$29,391 $4,513,765 $4,543,156
Bal. (transferred from consolidated
Income (account) (as above)
3,685,221
3,685,221
Contribution from stockholders.....
627,332
627.332
Int.earned on temporary investments
499,989
499,989
Interest during construction
89.544
89,544
Miscellaneous (net)
32,494
57.766
90,259
Total surplus
$4,336,638 $5,198,863 $9,535,501
Interest on advances
2,864,648
2,864,648
Adjust. applicable to prior period--1,905,340
1.905,340
Unamortized debt discount & expense
1,578,231
1,578.231
Dividends on common stock
1,438,211
1,438.211
Balance, Dec.31 1931
$33,778 $1,715,292 $1,749,071
Consolidated Balance Sheet Dec. 31 1931.
Assets
Liabilities
Fixed capital
$131,992,722 Common stock
$30,000,000
Investments affiliated cos.:
Subsidiary companies' pref.
Stocks (including subscrip) 1,812,000
14,926,096
& common stock
Bonds (par value $22.796.17,243,709
Advances
000)
18,892,600 Funded debt
76.700,200
Other investments
2.503 Matured Interest payable_ _ _
197,146
Spec.depos.for sink. fds.Arc
80,986 Notes payable
371.500
Spec.depos.for mat.interest
197.146 Accounts payable
723,123
Cash
623,355 Dividends declared
219,056
Notes receivable
8.165 Taxes accrued
347,187
Accounts receivable
2,547,324 Interest accrued
1,125,424
Interest receivable
301,968 Miscellaneous accruals
48,241
Materials and supplies
739.934 Consumers'serv.& line dep.
630,483
Prepayments
86.006 Retire. (replace., renewals)
Miscellaneous unadj. debits_
35,106
of fixed cap.-deprec., &c. 11,702.246
Estimated asserted Federal
Est. asserted Federal Income
I lc. taxes being contested_
382.176
taxes being contested_ _ _
382,176
Res.for taxes-prior years
550,000
Other reserves
828,334
Surplus
1,749,071
T stal
8157,741,991
Total
$157,741,991
-Certain securities of subsidiary companies which eliminate in
Note.
the above statement are pledged as security for bonds of the Metropolitan
Edison Corp.
-V. 134. p. 1954.
Michigan Gas & Electric Co.
-Earnings.
For income statement for 3 and 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134. p. 3097.
Middlesex & Boston Street Ry.-Earnings.For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134. p. 1195.
Ohio Water Service Co.
-Earnings.
-
Old Dominion Power Co.
-Earnings.
-
For income statement for 3 and 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 133, p. 3094.
Oregon Washington Water Service Co.
-Earnings.
-
For income statement for 12 months ended April 30 see "Earnings
Department" on a preceding page.
-V. 134. p. 3982.
Pacific Power & Light Co.
-Earnings.
Calendar YearsOperating revenues
Operating expenses, including taxes
Rent for leased property
1931.
1930.
1929.
$4.541,446 $4,993,680 $4,765,594
2,390,868
2,322,188 2,437,912
25,920
204,146
702,485
Balance
$2,124,658 $1,967,346 $1,625,697
Other income
459,600
91,990
38,135
Gross corporate income
$2,584,258 $2,059,336 $1,663,832
Interest on long-term debt
918,056
620,138
955.950
Other interest & deductions
191,761
99,753
111,496
Balance
$1,474,441 $1,339.445 $1,096,386
Dividends on preferred stock
429,050
412,566
406,123
Dividends In 2d preferred stock_ _ _ _ _
9,975
13,300
Retirement (deprec.)res.appropriat'n
600,000
575,000
420,000
Balance
$445,391
$341,904
$256,963
Balance Sheet Dec. 31.
1930.
1931.
1030.
Assets
Liabilities
Plant & investmla33,573.440 32.729,224
Capital stock_ ..13,763,100 13,310,000
187,277
Cash
98,103 Capital stock subNotes & loans ree_b8.264,186
30.737
scribed (pre()- Accts. receivable.. 1.127,641 1,102,203 1st mtge. dr prior 261,200
Materials & suppls 363,242
478,784
lien gold bonds,
Prepayments
35.650
24.474 8% aeries
20,500,000 17,000,000
Mhic, cure. assets_
15,455
Notes & loans pay_ 6,039,500
207,134
Re-acquired capital
Accounts payable_ 127.128
236,500
stock (pref.)- - - 146,900
37,900 Customers'cleposits 220.594
218,327
Special deposits_
12,056 Accrued accounts_ 1,030,205
5,700
924,999
Redemption fund_
8.435
59,000 Misc, cure. liabils_
1,004
Unamortized debt
c Matured interest
191.788
disc. & expense_
long-term debt.
4,235
5.700
Sundry debits1,494 Redemption acct._
59,000
8,435
27
Reserves
1,661,092 1,460.901
Surplus
1,298.242 1,152,851
43.919,713 34,573,974
Total
Total
43,919,713 34,573,974
a Represented by: 7% pref. stock ($100 par value),58,100 shares in 1931.
58,100 shares in 1930: $6 pref. stock (no par value), 9,531 shares in 1931.
5,000 shares in 1930;common stock (no par value), 1.000,000 shares in 1931.
1,000,000 shares in 1930. b Includes $8,222,133 advances to Inland Power
& Light Co. covering that company's floating debt. This is offset on the
credit side of the balance sheet in long-term debt and notes and loans
payable. c Gash for payment Included in special deposits.
-V.134, p.3982,
1931.
Volume 134
Financial Chronicle
4493
Philadelphia Rapid Transit Co.
-Curtails Working
Force.
-
Staten Island Edison Corp.
-Time for Exchanging Notes
Extended.
-
Coincident with the establishment of the usual summer schedules on
June 12 the company finds it necessary to temporarily lay off approximately
;AO extra" trainmen, it was announced on June 10. When fall and winter
"
schedules are resumed in September, the company expects to re-employ
practically all these men.
Under arrangements made by the co-operative committees, employees
affected by this lay-off will be permitted to withdraw each month a portion
of their holdings in the co-operative wage fund, during their absence from
work.
-V. 134. p. 3825.
Field, Glore & Co., Chase Harris Forbes Corp and Halsey, Stuart & Co..
Inc.,state the time has been extended to June 25 for depositing one-year 3%
notes maturing June 15 1932 in exchange for refunding & improvement
mortgage 6% bonds to be dated June 15 to mature June 14 1933, bearing
interest from June 14 plus $10 in cash for each $1,000 principal amount of
notes exchanged.
Stock Ownership.
-See Metropolitan Edison Co. above.
-V.134. p. 4324.
Pittsburgh Suburban Water Service Co.
-Earnings.
--
For income statement for 12 months ended April 30 see "Earnings
Department" on a preceding page.
-V. 134, p. 3982.
Portland General Electric Co.
-Earnings.
-
For income statement for 3 and 12 months ended March 31 see"Earnings
Department" on a preceding page.
-V. 133, p. 3257.
Postal Telegraph & Cable Corp.
-Earnings.
-
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, p. 4158.
Public Service Co. of Northern Illinois.
-To Terminate
Stock Plan and Repay Subscribers.
-
Subscribers to the company's Employees' Investment Fund No. 1
been notified that the fund will be terminated and the full amounts have
paid
in by subscribers repaid to them.
The bast of repayment is the same as that offered subscribers to the
Commonwealth Edison employees' investment fund, namely, 10% as
as subscribers sign termination agreements and at least 5% a year soon
after, with full repayment by June 15 1942. All payments will betheremade
in cash and are guaranteed by the company.
The directors decided that continued operation of the fund under existing conditions would result in such a loss to subscribers that the amounts
paid in by them would be seriously impaired.
-V. 134, p. 4325.
Public Service Electric & Gas Co.
-Increases Capacity.
The company has placed in preliminary operation at its Kearny generating
station a new 75,000-kilowatt turbine generator, which is the largest electric
power generating unit in New Jersey. The new unit will increase the
capacity of Kearny station from 214,500 to 289,500 kilowatts.
-V. 134.
P. 2721.
Rapid Transit in New York City-City Votes to Run Its
Subway Lines.
Municipal operation of New York City's independent subway,system
by the Board of Transportation, was approved June 14 by the Board of
Estimate, sitting in committee of the whole, with Joseph V. McKee,
President of the Board of Aldermen, the sole dissenter.
The committee's approval was voiced in a resolution which was adopted
at a special meeting of the Board of Estimate yesterday (Friday).
The resolution approves, in its entirety, the municipal operation plan
recently submitted by the Board of Transportation and authorizes that
bod_y to take all steps necessary to carry out the plan.
The resolution, which was adopted by a vote of 13 to 3, rejects private
contract operation of the lines "at this time" as "inexpedient and prejudicial to the public interest."
-V. 134, p. 4324.
Texas Power Corp.
-Notes Offered.
-Emery, Peck &
Rockwood, Chicago, recently offered *$175,000 7% serial
gold notes, dated Dec. 1 1931.
The maturities and prices were: $40,000 Dec. 1 1932, 99% to yield
7zoYty791e;ld$670C.R.
1 1933, 99 to yield 7%Dec. %: 575.000 Dec. I 1934, 98
Principal and interest payable at office of Northern Trust Co., Chicago.
trustee. Interest payable (J. & D.). 1932 and 1933 maturity coupon
notes in interchangeable denominations of $1,000 and $500. 1934 coupon
notes in interchangeable denominations of $1,000. $500 and $100. Notes
are redeemable at any time before maturity, on 30 days' notice, as follows:
1932 maturity at 100%; 1933 maturity at 10114 until Dec. 1 1932, at 10014
thereafter until maturity: 1934 maturity at 102 until Dec. 1 1932. at 101%
thereafter until Dec. 1 1933, at 10034 thereafter until maturity. Int.
payable without deduction for Federal income tax now or herafter deductible at the source, not to exceed 2%.
Corporation was organized in July 1926, in Texas, for the purpose of
constructing, maintaining and operating power plants with all necessary
equipment and transmission lines. Corporation owns three hydro-electric
plants on the Guadalupe River between the city of New Braunfels and a
point a short distance below the city of Seguin and approximately 30 miles
northeast of San Antonio. All necessary water and flowage rights are owned
The three hydro-electric plants comprising reinforced concrete dams and
sub-structures, brick and steel station buildings, are equipped with water
wheels and electrical units of latest design, with an aggregate rated capacity
of 11,100 kVa.
Outstanding.
Authorized.
Common stock (no par value)
9,988 shs.
10,000 shs.
Preferred stock $7 cum.(no par value)
3.970 shs.
5,000 shs.
First mtge.6% gold bonds
$1,537,500
$1.600,000
General mtge. 634% gold bonds
385,000
400.000
7% serial gold notes(this issue)
x175.000
200.000
x $159,000 outstanding as of Dec. 31 1931.
Earnings Year Ended Dec. 311931.
Gross corporate earnings
$298,017
Operating expenses incl. maintenance & taxes (except Federal)
38.752
Net corporate revenue
Miscellaneous deductions
$259.265
4.036
Net'revenue avail,for int., deprec.. amortization,&c
Prior interest charges
$255,229
117,628
Balance
$131.1W
Interest on 7% notes (this issue)
-Proceeds were used for refunding the balance of $225:000
Purpose.
1-year notes due Dec. 1 1931.-V. 132. p. 4590.
Union Water Service Co.
-Earnings.
For income statement for 12 months ended April 30 see "Earnings
Department" on a preceding page.
-V. 134. p. 3984.
Radio Corporation of America.
-No Dividend Acticn.No action was taken by the board of directors at its meeting
United Gas Corp.
-Earnings.
on June 17 regarding the payment of a dividend on the
For income statement for 12 months ended April 30 see "Earnings Department" on a preceding page.
-V. 134. p. 3984. 3975.
series A 7% cum. pref. stock, par $100.
The last regular quarterly payment of 1% was made
United Light & Power Co.
-Exchange of Bonds.
on this issue on April 15. V. 134, p. 3983.
It is stated that about 10% of the holders of $11,000,000 United Light
& Rys. Co.(Me.) 1st & ref. 5% bonds that matured on June 1 have accepted
an offer
734% bonds that have a ranking
Rochester & Lake Ontario Water Service Corp.- claim onto exchange for the matured issue covered
the company's assets formerly
-V. 134, p.
by the 5s.
Earnings.
4325, 4159.
For income statement for 12 months ended April 30 see "Earnings
."---United Public Service Co.
-Receiver's Report.
Department" on a preceding page.
-V. 134. p. 3459.
Scranton-Spring Brook Water Service Co.
-Earnings.
For income statement for 12 months ended April 30 see "Earnings
Department" on a preceding page.
-V. 134, p. 4324.
Shawinigan Water & Power Co.
--Subsidiary Granted
New Power Franchise in Important Industrial Centre.
The company announces that the Beauharnois Electric Co. a wholly
owned subsidiary, has been granted a ten-year franchise by the city of
Valleyfield. Que.. to supply power for municipal and general purposes.
The city is the centre of an important industrial development.
The new franchise will replace an arrangement entered into four years
ago through which the Shawinigan interests acquired the distribution system previously operated by the Montreal Cottons Co.
Among the important industrial enterprises in the Valleyfield district are
the factories of Montreal Cottons. Ltd.. Canadian Bronze Powder Works,
Brupbackor Silk Mills, Valleyfield Coated Paper Mills, Valleyfield Canning
Factory, McDonald & Robb Flour Mills, as well as manufacturers of
aerated waters, clothing, sashes and doors, gloves, gasoline motors and
eVoWer is being supplied at present from the St. Timothee development of
m
the Shawinigan company. Within a short time it is expected that the company's additional vast water power resources will be made available to the
'Valleyfield industries through the construction of an already authorized
high tension transmission line.
-V. 134, p. 3825.
Sioux City Gas & Electric Co.
-Earnings.
-
For income statement for 12 months ended May 31 see "Earnings Department" on a preceding page.
-V. 134, p. 4324.
South Bay Consolidated Water Co., Inc.
-Earnings.
--
For income statement for 12 months ended April 30 see "Earnings Department" on a preceding page.
-V. 134, p. 3983.
Southwestern Gas & Electric Co.
-Earnings.
-
For income statement for 3 and 12 months ended March 31 see "Earnings Department" on a preceding page.
-V. 134, p. 2910.
Southwestern Light & Power Co.
-Earnings.
-
For income statement for 3 and 12 months ended March 31 see Earnings
"
Department" on a preceding page.
-V. 134, p. 2722.
Springfield Street Ry.-Earnings.-For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134. p. 2523.
Standard Gas & Electric Co.
-Annual Dividend Rate on
Common Stock Decreased 4e-s2 fiTnn-s375e-per Sirrirt.-The directors on June 14 declared a quarterly dividend of
50c. per share on the common stock, no par value, payable
July 25 to holders of record June 30. From April 1927 to
and incl. April 1932 quarterly distributions of 873/Ic. per
share were made on this issue.
New Member of Executive Committee.
-President John J.
O'Brien announces that at a meeting of the directors on
June 14 Henry C. Cummins was elected a member of the
executive committee to succeed Halford Erickson, deceased.
-For income statement for 12 months ended March 31 1932.
Earnings.
page.
-V. 134, p. 3444.
see "Earnings Department" on a preceding
A report was submitted in the Federal court at Chicago, June 14 by the
receivers for the United Public Service Co., United Public Utilities Co.
and Southern United Gas Co., subsidiaries of the Middle West Utilities
System.
The report. although not revealing earnings, lists by book value the
assets and liabilities of the three concerns. The book value of the assets
for April 14 was given as $23.940.854 for United Public Service Co.. $32.445.629 for United Public Utilities Co. and $6,306.905 for Southern United
Gas Co.
From Jan. 1 to April 14, the report states, United Public Service had a
$38.962 loss, United Public utilities a $93,419 profit, and Southern Gas
a loss of $29,397. The United Public Service group, the report continues.
owes to the Middle West Utilities Co., and subsidiaries, $5,957,500; to
banks, 5456,500. and to others, $10,000.-V. 134, p. 3276.
Western New York Water Co.
-Earnings.
For income statement for 12 months ended April 30 see "Earnings
Department" on a preceding page.
-V. 134, p. 4325.
---......Western Union Telegraph Co., Inc. Omits Divi.-The
directors on June 14 voted to omit the quarterly dividend
usually payable about July 15 on the $104,527,999 capital
stock, par $100. On April 15 last a distribution of $1 per
share was made, as against $1.50 per share on Jan. 15 1932
and $2 per share each quarter from Jan. 15 1925 to and incl.
Oct. 15 1931.
In connection with the dividend omission, a statement
issued by the board said:
"The results for the first six months of this year will show that the fixed
charges have been earned but without sufficient excess for a quarterly
dividend. Total working and current assets exceeded current liabilities.
including bank loans, by $14,000,000. The current bank loans amount
to $1,500,000 and there is no important debt maturity for a number of
years. On April 30. last, the outstanding capital stock of the company
was E104,528,000, the bonded debt $109,690,000 and there was a surplus
of $92,344,000.
"The Western Union system has a capacity of about $200.000,000 a year
of gross revenues whereas present gross revenues are at the rate of less
than half that amount. The company's plant is being well maintained
and the fine energy and spirit of the employees and the high quality of
service are unimpaired."
-V. 134, p. 3637.
West Virginia Water Service Co.
-Earnings.
-
For income statement for 12 months ended April 30 see "Earnings
Department" on a preceding page.
-V. 134, p. 3985.
Worcester Street Ry.-New Capital Issues Approved.
-
The Mass. Department of Public Utilities has approved the issuance
by the company (successor to the Worcester Consolidated Street Ry. which
was acquired by a bondholders' protective committee at a foreclosure sale)
of 15 common shares ($100 par) for cash at par, also 44,985 common shares.
($100 par): $2,332.000 principal amount of 5% bonds due 1947: assumption
of $252,000 of equipment trust obligations, and $84,334 conditional sales
obligations.
The Department says: "We are satisfied that the issuance of the securities proposed will not be an unreasonable capitalization of the property
acquired. If the street railway property can be operated at a profit, it will
sustain the proposed capitalization and we think in fairness to those who
have invested their money in the original property and in whose interests
the property has been purchased, the company should be allowed to
capitalize the property to the extent that it will be reasonably worth if it
can be made to earn a profit. If it cannot be made to earn a profit sufficient
to sustain the proposed capitalization, it is unlikely that it can be operated
at any profit at all.
4494
Financial Chronicle
June 18 1932
"The entire capital stock is to be issued at this time and it is proposed
later to exchange 23.910 shares of common stock for a like number of 6%
preferred. We cannot, at the present time, with propriety, pass upon this
-xchange as it is not now before us."
-V. 134. p. 4325.
narily payable about July 10 on the common stock, no par value. Distributions of 25 cents per share were made on Jan. 10 and April 11 1932
and on Oct. 10 1931, as against 35 cents per share in preceding quarters.
-V. 134, p. 4160.
INDUSTRIAL AND MISCELLANEOUS.
The directors on June 14 voted to defer action on the quarterly dividend
due June 30 on the 7% pref. stock, par $100, until the meeting to be held
on June 28. The last regular quarterly dividend of 1%% was made on
this issue on April 1 1932. Dividends are guaranteed by the Aeolian Weber
Plano & Piandla Co.
-V.134, p. 3826.
(The) Aeolian Co.
-Defers Action on Preferred Dividend.
-
Socony Adopts New Price Basis.
-As of June 10, the Standard Oil Co. of
New York, Inc., has adopted a new method of quoting tank-car prices on
Socony gasoline of 65 octane and above. The delivered price will be not
more than 5
cents a gallon under Standard Oil of New York's posted
service-station price at point and date of delivery, and in no event is to be "
.
-Suspend Preferred Dividends.
"----Aetna Rubber Co.
less than seven cents a gallon f.o.b. New York Harbor. "Wall Street
The directors have voted to suspend payment of the quarterly dividend
Journal," June 10, p. 3.
due July 1 on the 7% pref. stock, par $100. The last regular quarterly
Fail to Settle Jersey Steel Strike.
-A conference at the Jersey City plant
dividend of 1% on this issue was paid on April 1.-V. 132, p. 1801.
of the Crucible Steel Co. of officials of the company and a committ
representing 300 employees who have been on strike for almost four weeks
Alles & Fisher, Inc.
-Smaller Dividend.
, . .
N. Y.
to settle a wage dispute.
The directors have declared a quarterly dividend of 10 cents per share,
-The strike tit more than 2,000 miners
Pittsburgh Coal Strike Ends.
Payable July 1 to holders of record June 22. Three months ago, the
employed by the Pittsburgh Terminal Coal Corp. at Castle Shannon,
quarterly dividend was reduced to 15 cents from 25 cents per share.
-V.134.
Molenaur, Coverdale, and Horning. Pa. in protest against a 10% wage
P. 2150, 2911.
cut proposed by the company ended with the return of the men to work.
The strike lasted 10 days. "Wall Street Journal," June 13. p. 10.
Allied Motor Industries, Inc.(& Subs.).
-Earnings.
-A wage cut of approximately
Strike in Building Ends With 15% Cut.
Calendar Years1930.
1931.
1929.
1928.
15% for journeymen and 17% for helpers was agreed to on behalf of 130,000
Gross operating income.. $357.572
$206,902
$687,329
$574,952
building trades workers at a conference held at the headquarters of the
Sell., gen. & adm. exps_
481,181
432,678
527,077
435,048
Building Trades Employers Association, and 25,000 men who have been
on strike or locked out since May 2 are at liberty to return to work. N. Y.
Net operating income_loss$75,106 loss$274,278
$160,252
$139,904
"Times," June 16, p. 3.
Additions to inc. (net)__
74.695
104,461
7,302
78,177
Matters Covered in the "Chronicle" of June 11.-(a) American Woolen
Co. cuts prices on men's worsted suitings-Lowest prices since 1914, P•
Total income
$264,713
$3,070 loss$199,583
$147,206
4228; (b) Wages reduced 10% by Great Western Sugar Co., p. 4235; (c)
Deductions
194,996
26,613
110.094
53,182
-Local agrees to daily drop of $1.20
Newark steamfitters' wages cut
Prov.for Fed.taxes (est.)
26,500
8,156
beginning June 1, To. 4235;(d) Receiver for St. Louis joint stock land banks
reported outstanding-Suit filed against
-Total bonds of $18,134,000
Net earnings
def$107,024 def$394.579
$211,600
685,867
stockholders, p. 4247; (e) Market value of bonds listed on New 'York
Conso.idated Balance Sheet Dec. 31.
Stock Exchange-Figures for June 1 1932, p. 4247: (f) Market value of
listed shares on New York Stock Exchange June 1 516,141,061.080. comAssets
Liabilities1931.
1930.
pared with $20,319,088,631 May 1-Classification ofsted locks, p. 422
Cash
$51,975 Notes payable_ _ _ $212,845 $220,000
256,194
.
Montreal brokerage firm of Craig,Luther &Co..
Receivables
30,836
473,639 Accounts payable_
226,220
53,634
on liquidating
o'coass rAn formed
rpo
p.42
Inventories
29,034
520,911 Accruals
348,311
40,472
to handle the company's affairs, p. 4248; (i) Palmer & Co., former New
Due from affil. COIL
Res. for guar. of
York Stock Exchange firm, files schedules in bankruptcy, p. 4249; (J)
and misc. assets_ 403,732
369,326
affil. cos. liabils_
53,000
Reconstruction Finance Corporation disbursed $181,404,010 in May
Inv.in affil. cos_
221,001 1.349,500 Customers' credit
-Makes use of funds from sale of debentures
Highest monthly total
Plant. prop., &c
783,228 1.336,212
bal. A: dep
8,631
Advances to banks, railroads, insurance companies and farmers, p. 4269.
Deferred items_
54,487 Due officers and
48,247
employees
2,756
Abitibi Power & Paper Co., Ltd.-Protective Committees
Funded debt
1,500,000 1,500,000
Preferred stock_ _ _81,084,350 1,084,350
Common stock_ _ _63,944,611 3.934,549
Protective committees have been formed and are requesting deposit of the
Paid-1n surplus._ _
90,230
90,230
bonds and preferred stocks of the company. This action follows failure of
Def. from red. in
the company to pay the interest which was due June 1 on its 1st mortgage
2,536,322
investment _
5% gold bends, series A, due 1953, of which approximately $48,267,000
283,862
Prof. & loss def._ 4,816,361
are outstanding.
Dividends are in arrears for more than a year on the 6% cumulative preTotal
$2,086,933 64,156,051
$2,086.933 $4,156,051
Total
ferred stock, outstanding in the amount of $34,881,800 and two quarterly
a Represented by 24,500 shares, no par value. b Represented by
dividends are in arrears on the 7% cumulative preferred stock, of which
-V. 132, p. 3341.
242,253 shares, no par value.
about $1,000,000 par value is outstanding.
()
r
Cement Co.
-Omits Dividend.
City Co., is Chairman of the bondholders' protective committee which----Alpha Portland
The directors have decided to omit the quarterly dividend ordinarily
comprises also Charles M. Bowman, Chairman of the board, Mutual Life
payable about July 25 on the outstanding 711,000 common stock, no par
Assurance Co. of Canada, Waterloo, Ont.; Milton C. Cross, National City
value. From April 25 1931 to and incl. April 25 1932 quarterly distributions
Adair Coal Co., Ltd., Montreal;
Co., New York; Andrew Fleming, Hartt
of 25 cents per share were made.
Stanton Griffis, Hemphill, Noyes & Co., New York; Harold P. Janisch,
Shawmut Bank, Boston; John Leslie, Vice-Pros.,
President G. S. Brown said: "The present demand for cement is less
Vice-Pres., National
than it has been for many years. The price received is below cost. The
Canadian Pacific By..Montreal; George W.Pearson, Vice-Pres., Continendirectors of the company feel that under these circumstances the present
tal Illinois Co., Chicos°, and Edward E. Reid, Managing Director, London
the committee includes
strong cash position of the company should be maintained, therefore no
Life Insurance Co.. London. Ont. Counsel for
action was taken on the dividend ordinarily declared on the conunon stock
Shear & Sterling, New York; LaFleur, MacDougall, MacFarlane & Barclay,
at this time,"
-V. 134, p. 3099.
Montreal,and Blake, Lash, Anglin & Cassels, Toronto. Frederick G. Curry,
22 William St., who may also be addressed at Room 611, Royal Bank
-Earnings.
-Aluminum Industries, Inc.
Building, Montreal. is Secretary of the committee.
1931.
Catendar Years1930.
1929.
Preferred Stockholders' Committee.-Lieut.-Col. Herbert Molson, C.M.G.,
52.219,019 $2,729,931 $2.778,5 9
Net sales
M.C., President of Molson's Brewery Ltd., Montreal, Is Chairman of the
4
1,467,023
Cost of sales (incl. deprec.)
1.988,547
1,925,683
preferred stockholders' committee which is acting for both the 7% cumul.
591,369
Selling & general expenses
589,126
574.092
preferred stock and the 6% cumulative preferred stock. Other members of
this committee are: J. Armitage Ewing, K.C., Ewing & MacFadden, Mon$160,627
$215.122
Profit from operations
$215,910
treal; William Hastie, assistant to the president, Canada Life Assurance Co.,
60,354
Other income
55.288
63.310
Toronto; Allen G. Hoyt, Vice-Pres., City Bank Farmers Trust Co., New
York, and J. Colin Kemp, National City Co., Ltd., Montreal. Counsel tor
6220,981
$270,410
$279.219
Gross income
this committee includes Davis Polk, Wardwell, Gardiner & Reed of New
86,838
84,677
Income charges
69,785
York and Meredith, Holden, Heward & Holden, Montreal. James P. Angus,
511 Place d'Armes, Montreal, who may also be addressed at 22 William St..
5134,143
5185,733
$209,435
Net income
New York, is Secretary of the committee.
236.701
233,827
149.733
Previous surplus
Depositaries for the bonds and preferred stocks are the City Bank
Farmers Trust Co., New York, and the Montreal Trust Co. at Montreal
$370.843
$419.560
$359,169
Gross surplus
Sub-depositaries include the Continental Illinois Bank &
and Toronto.
149,993
149,994
112,495
Dividends
Trust Co., Chicago; Bank of America N. T. & S. A. San Francisco; Na9.699
5,791
12,846
Reorganization expenses. &c., net.
Bonet City Bank of New York, London, Eng., and Montreal Trust Co.,
23,167
3,500
Loss on property retired
bonds and
London, Eng. The committees urge the prompt deposit of the
preferred stocks with any depositary or sub-depositary to the end that
$211,559
$233,827
$236,700
Surplus. Dec. 31
concerted action may be taken on behalf of and in the interest of the
Condensed Ba.ance Sheet Dec. 31.
security holders.
•h
s 4*
When company failed to pay the interest due June 1 on hbondit
Liabilities1930.
1931.
1930.
1931.
Assets
announced that "for the present and mail pendin t arrangements regarding
$91,696 $110,387 Notes payable_ _ -- 2200,000 $200,000
Cash
one of the conyany's subsidiaries have been completed,the directors do not
Accts. de rebates
Notes, trade acthe interest due June 1. It is understood that the
think it advise le to pay
payable
152,372
124,477
cepts. & accts.
subsidiary referred to is the Ontario Power Service Corp., which has under266,534
288,997 Payrolls. commis's,
receivable
taken the construction of a power project in Ontario estimated to cost
623,581
royalties & taxes
29,609
610,219
44,027
Inventories
the extent of only
approximately $23,000,000 and for which funds to
Federal income tax
17.706
23,964
Notes reedy, from
,
11.692 Capital stock
618,000,000 were provided through the sale of 1st mortgage 53i% bonds of
6,967
y1,580,006 1,580,003
employees
Power & Paper Co., Ltd., guaranteed completion
Surplus
the subsidiary. As Abitibi
z733,983
Life insur., cash
809,772
15,539
9.661
of the undertaking by Oct. 1 1932, one of the company's most pressing
surrender value_
problems is the provision of the approximately $5,000,000 needed to com9,838
Spec. deposits,&c.
plete the project. A bank loan of $4,250.000, incurred in connection with
Plant property_ _ _x1,643,998 1,679,308
65,883
58,619
the purchase of the Thunder Bay Paper Co.. which purchase was made
Deferred charges-.
jointly by Abitibi Power & Paper Co., Ltd., and Canada Power & Paper Co.,
$2,713,675 22,782,246
and additional commitments recently entered into in connection with the
Total
Total
22,713,675 $2,782,246
default of the Canada Power 5z Paper Co. on certain of its obligations in
y Represented by 100,000 shares
z After depreciation of $674.388
connection with the purchase, constitute another of Abitibi's problems.
(no par). z Of which $522.424 is surplus arising from appreciation of
While Abitibi is understood to be one of the lowest cost newsprint producers
-V. 134, p. 3461.
property.
in Canada and while its showing under present conditions as to newsprint
prices and levels of production has been remarkable, the capital obligations
Amalgamated Sugar Co.
-Earnings.
-V. 134,
referred to have probably precipitated the present situation.
1932.
Years Ended March 311931.
1930.
p. 4325.
Net operating income from sugar sales
$17,946
$427,596
$148,622
loss58,214
7.941
7,907
- Other income (net)
-Reduces Quarterly Dividend.
Steel Co., Chicago.
The directors have declared a quarterly dividend of The, per share on
Total net operating income
1055$40,268
$156,563
5435,503
the common stock, par $25, payable July 1 to holders of record June 20.
Interest, discount, &c
171,145
203,244
222,274
A distribution of 30c. per share was made on this issue on April 1 last.
Depreciation
714,430
549,143
472.803
40c. per share on Jan. 2 1932, 50c. per share on Oct. 1 1931 and 62;4c.
quarter.
-V. 134. p. 2150.
per share previously each
Net loss for year
$925,843
$259,574
$595,824
-Preferred Dividend 'Suspended.
Consolidated Balance Sheet March 31.
Adams Express Co.
1932.
1931.
1931.
1932.
The directors on June 13 voted to suspend the payment of
$
Assets
the quarterly dividend due June 30 on the 5% cum. pref. Cash 422,916
430,186 Preferred stock_
3,687,000 3,687,000
stock, par $100. The last regular quarterly payment of Accts.receivable_ _ 382,264 354,384 Common stock_ _ _ y6,165,468 6,165.468
6,911
11,573 Bankers accept_ _ _ 1,912,500
Notes receivable_
IY was made on this issue on March 31. The investment Inventories
L%
3,826,265 4,947,287 Notes payable.
2,295,000
5.411 Accounts payable_
3,300
158,802
trust issued this statement:
Adv. acct. crops-..
125,722
136,492
92,238 Accruals
111,416
Freight paid on sug
106,642
The earnings of the company to date in 1932 from dividends and interest
Funded debt
Cash in hand of
1,409,500 1,623,600
than sufficient to cover the preferred dividend
on investments are more
334
334 Oth.long term nab.
28,908
sink. fd. trustees
28,287
requirements. The abnormally depressed prices of all securities have
Corp. bonds, land
Equities of min.
caused an impairment of capital which prevents the declaration of the
369.918
49,691
331.647
sale contr.. &c._
stockholders__ _
48,516
regular quarterly dividend on the 5% pref. stock at this time.
82,826 Reserves
29,385
65,855
Deferred charges
13,655
Dividends on this stock are cumulative and the managers trust that
Bleigs.dt mach.,&c.15,403,694 5,926,911 Deficit
2 554,379 1,573,808
there will be at an early date sufficient improvement in conditions to
Farm lands, water
permit resumption of dividends. The Adams Express Co. has no bank
357,231
rights,&c
354,393
loans. Its 4% collateral trust bonds, which do not mature until 1947 and
-V. 134, p. 840.
1948, are its only indebtedness of any kind.
10,942,911 12,575,462
10.942,911 12,575.462
Total
Total
----Addressograph-Multigraph Corp.-Div.Action Deferred.
x After reserve for depreciation of $5,475,227. y Represented by 724.
--V. 133, P. 3792.
624 no par shares.
The directors on June 16 deferred action on the quarterly dividend ordi-
4495
Financial Chronicle
Volume 134
American Agricultural Chemical Co.(Del.).-Registrar
in Boston.-
-Moves Bus
American Car & Foundry Motors Co.
Manufacturing Activities to Philadelphia.
The State Street Trust Co., Boston. Mass., has been appointed Boston
registrar for the capital stock -V. 133, p. 1929.
The company will transfer its bus manufacturing activities from Detroit
to the plant in Philadelphia of the J. G. Brill Co. The combining of the
manufacturing facilities of the two companies is expected to result in
economies. Both companies are controlled by the American Car & Fdry.
Co.
-V. 134, p. 3639.
-Earnings.American Austin Car Co., Inc.
PeriodProfit on operations at standard
Inventory adjustment of values
Unabsorbed burden
Unabsorbed tools, dies, jigs, &c
Selling and administrative expenses
Jan. 1 '31 to Apr. 1 '31 to
Mar. 31'31. Mar. 31'32.
loss$9,275
$19,792
3,331
43,951
109,294
57,170
127,385
79,833
151.198
82.692
Operating loss
Other Income
$232,301
1,153
$412.036
6,889
Net loss
Amortization of expenses prior to operations
Interest payable
Loss on branch operations
Research and development expenses
Miscellaneous
$231,148
47,213
18,338
2.498
$405,147
73,450
19,201
40.802
6,688
224
Loss, carried to deficit account
$545,287
$299,421
Deficit Account as at March 31 1932.
Balance, per annual report for fiscal year ended Dec.31 1930-- $883,059
Capital surplus written off
195,338
Reduction or writing off of assets:
Tools, dies, jigs, &c
225.000
Expenses prior to operations
142,997
Development expense
105,696
Licenses, rights, &c
212,202
Discount and expense of note issue
70.429
Deferred advertising
117,878
Body plant expenses
18,863
Organization expenses, &c
39.353
Loss from operations
299.421
-Jan. 1 1931 to Mar. 31 1931 (as above)
Total
Adjustment of excessive reserve for inventory values
$2,310,236
16,998
Deficit as at March 31 1931
Adjustment of excessive reserves: Pennsylvania taxes, &c
For replacement of tools and defective parts
For price reductions
$2,293,238
5.530
23.425
60,970
Net loss
$2,203,313
Loss from operations
545.287
-April 1 1931 to March 31 1932 (as above)_
Deficit as at March 31 1932
$2,748.599
Comparative Balance Sheet.
3far.31'32. Des.31'30.
AssetsLtaailtttesMar.31'32. Dec.31'30.
1 8308,394
Cash
598,07)1 Notes payable_
$9,486
Accounts payable_
Notes & accts. rec.
588,9591
net)
b15,416
97,642 Accrued charges79,537
29,489
Int., wanes. &c_
556,324
Inventories (net) _
303,365
30,052
5,273
2,513 Distributors' dem
Dep.-power. &e.
5,553
19,135
Res, for retail ctfs.
4.925
Invest.-Canadian
16,742
Austin Car Co.,
140,365
Other reserves_ ___
x325,158
10.000 Def. accts. pay_
Ltd
f
Land, bldes.,mach.
150,000
Mtge. pay. (1934) e150,000
equip.. &c
904,500
c1.163,785 1,497,574
conv.s.f.notes_ 1004,506
Body plant-unCapital stock_ _ _ _d2,738,305 2,727.625
18,863 Cap. stk. warrants a47.250
completed work
60.000
Tools, dies, pat495,290
terns. &e
61,774
Licenses, rithts.&c
212,20'3
1
Deferred charges._
339,179
2.641
Exp. prior to oper.
158,885
(net)
Deficit
2,748,600
883,059
Total
$4,310,602 $4.419,610
54,310,102 84,419,610
Total
it As follows: Trade creditors, $222,521; notes payable for royalties,
$421.599; interest accrued on 3
-year 7% notes, $58.039.
a The notes with warrantS were purchased by the bankers at 97, of which
91 was allocated to the purchase price of the notes to conform to the Pennsylvania law and 6 to the purchase price of the warrants attached thereto.
The reason for placing a price of 6 on the warrants was that each warrant
called for the delivery, after one year, of one share of common stock which.
at that time was selling at $6 per share on the Pittsburgh Stock Exchange.
b After reserve for doubtful accounts of $47,759. c After reserve for depreciation ot $397.331. d Represented by 297.905 no par shares. e As interest
and taxes are In default, the mortgage originally payable Aug. 23 1934 is
by its terms, now due. It is understood, however, that negotiations for
continuance thereof are in progress. f A reserve of $10,000 has been set
sip for loss on this investment.
-V. 134. P. 4326.
"American Bakeries Corp.
-Omits Class A Dividend.
The directors have decided to omit the quarterly dividend ordinarily
payable about July 1 on the class A stock, no par value. On April 1 last a
distribution of 25 cents per share was made on this issue as against 75 cents
per share previously each quarter.
-V. 134, p. 2150.
American Beet Sugar Co.
-Earnings.
(Excluding Amalgamated Sugar Co.)
Years End. Mar. 311930.
1931.
1932.1929.
Net Inc.from sugar oper_ loss$50.715 loss$917.631
$526,546 $1,080,317
Other income
986.464
145.353
592,472
368,113
Gross income
Interest & discounts, &c
Depreciation
891.638 los4549.518 $1,513,010
486,041
418,595
501.205
891.259
773,760
714.237
$1,672,789
473,585
670.975
Net income
$320,654
loss$1.285.6611a$1,764,961
Shs. corn. stk. outstanding (no par)
362.882
358,166
358,166
Earnings per share
Nil
Nil
Nil
Consolidated Balance Sheet March 31.
(Exclnding Amalgamated Sugar Co.)
1932.
1932.
19.31.
Assetss
3
LiaStlittesIS
Fixed assets
518,322.757 19,001,91(1 Preferred stock_ _ _ 4,840,000
Investments
2,709,307 2,709,349 Common stocky14,500,693
Cash
359,149
3,845,000
666.799 Funded debt
Unsold swan% &c_ 5,516.377 8,431.543 Accounts payable_
180,785
Accounts reedy_ _ _
538,930
630.543 Notes payable. &c 4,378,379
Farm product.. _
15,010
134.104
39.919 Accrued taxes, itze_
Materials & sum)]. 404,710
833 Coating. res.. &e. 253,020
520.
Advances
94,900
121,378 Other long-term
RtietS_
Other cum
17,500
107,273
liabilities
Sinking fund
1,264
e60,493
611 Surplus
Deferred charm_
227,228
296.447
$528.228
303.000
$0.59
1931.
s
4,840,000
14,500,696
3,935.000
300,225
7,175,000
239,003
203.406
1,313,897
Total
28,239,982 32,527,257
28,239.982 32.527.257
Total
it After depreciation of $7,188,701. y Represented by 358,166 no par
shares, excluding 5,851 shares in treasury. z Capital surplus, $238,741;
deficit from operations, $178,243; balance (as above). 366,498. V. 132,
p. 4245.
•---,American Brake Shoe & Foundry Co.
-Dividend Rate
Again Decreased.
-The directors on June 14 declared a
dividend of 15c. per share on the outstanding
627,776
shares of no par value common stock, payable June 30 to
holders of record June 24. This compares with 40c. per
share paid on March 31 last and on Dec. 31 1931, and
quarterly distributions of 60c. per share made on this issue
from June 29 1920 to and inch Sept. 30 1931.-V. 134, p.
2151.
-Successor Company
American & Dominion Corp.
Rights, &c.
See American Utilities & Genes! Corp. below.
American Encaustic Tiling Co. (Ltd.).-To Vote on
Bonds.A special meeting of stockholders has been called for June 21 to vote on
the authorization of an issue of 6% coupon bonds, payable July 1 1942, in
an amount not to exceed $1.000,000.
Edward It. Meyer, President. sates the company's indeotedness to the
bank is at present $550.000 "which must oe liquidated in the very near
future and it is apparent that additional cash will be needed soon for the
proper conduct of the company's business due in great part to the decline
in demands for building materials and the slowness of collections of accounts
due the company."
Mr. Meyer said that since the beginning of the current year this company
has maintained its position in the industry, selling approximately the same
proportion of tile as in fbrmer years. However, due to general business
conditions, the lack of building operations and a strike on the building trade
in N. Y. City, the company has sustained further losses. To offset this
situation, a further program for the reduction of expenses has been put into
-V. 134, p. 3639.
effect.
-Gets $479,007 Tax Credit.
American Radiator Co.
The company has received an income tax credit and refund of $479.007
for the years 1927. 1928 and 1929, the Internal Revenue Bureau announced
June 13.-V. 133. p. 4592.
-Earnings.
American Seating Co.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
Balance sheet as of March 31 1932 shows total assets of $7.650.601,
compared with $9,371.600 on March 311931. Capital surplus was $1,065.083, against $1,726,594. and operating deficit was $377,176, compared
with an earned surplus of $524,258. On March 31 last current assets,
Including $780,845 cash, short-term securities and company's own bonds.
at cost. amounted to 54,204.028. and current liabilities were $298.606,
as compared with cash and short-term securities of $1,443,718. current
assets of $5.350.027 and current liabilities of $208,507 on March 31 1931.V. 134, p. 4160.
-Plan
American Solvents & Chemical Corp. (Del.).
Time for Deposits Extended.
Consummated
1
1 The plan for reorganization (V. 134. p. 1374) has been consummated and
.
the securities of the new company, which is to be known as Roassille
Alcohol & Chemical Corp., are now ready for delivery, according to announcement made June 15 by the reorganization committee. Holders of the
three issues of debentures affected by the reorganization-American
-year sinking fund gold debs.;
Solvents & Chemical Corp. (Md.) 63i% 10
% sinking fund debs
General Industrial Alcohol Corp. convertible
-year sinking fund 6%
Rossville Commercial Alcohol Corp. (Md.) 20
and
convertible debs.-may now receive the preferred and common stock
certificates of the new company and the cash payment to which they are
entitled under the plan.
The conunittee has extended to July 31 the time during which deposits
may be made and announces that holders of the debentures who deposit
will receive stock certificates and cash provided for by the plan instead of
certificates of deposit as previously. The committee has more than 92%
-V. 134, p. 2523. 2341.
of the debentures on deposit.
American Sumatra Tobacco Corp.-Compar. Bal. Sheet.
A pr. 30 '32.July 31 '31
AssetsPlantations, livestock,equip.,3ica$4.999.138 $4.794.718
385.303
411,443
Cash
519,235
51°,312
Notes& accts. rec_
Crops harvesteslAc 1,515,863 1,651.590
Prepaid taxes, ins.,
42,542
45.736
11,191
7,315
Emp. stock acct._
Capital stock of
317,399
corporation__ _ _c 365,749
275,000
Mortnane recely
Apr. 30'32.July 3131
.
/fa,fiitissCapital stock_ _144,884,000 $2,884,000
3,334
11,468
A ecoutts payable_
23,013
7.645
Accruals
& conting
Incur.
39,855
37.928
reserves
2,132,564 2,132,564
Ir Mal surplus_
Capital surplus__ _ 2.470.667 2.493.489
418,723
Earned surplus__ _d 319.289
$7,863,531 $7.999,978
Total
$7,863,3°1 17.999,978
Total
a After depreciation. b Represented by 216.300 no par shares. c 19.395
final cost cannot be determined until the close of fiscal year,
shares. d As
nor cash earnings from sales be established until then, the earned surplus
reflects the earned surplus as stated at conclusion of last fiscal year, less
all expenses, excluding profits or losses from sales, since July 31 1931.
-V. 134, p. 2725.
-15c. Dividend on
American Trustee Share Corp.
Standard All-America Trust Shares.
The corporation announces a distribution of 15.5318 cents per share on
Standard All-America Trust Shares (formerly All-America Investors Trust
Shares-cumulative series A) payable June 15 1932. at Central Hanover
Bank & Trust Co. During 1931 distributions were made as follows:
28.516 cents on June 15 and 20.734 cents on Dec. 15.
This corporation, distributor of Diversified Trustee Shares, reports that
more series D shares were issued during May than in any previous month
since the inception of this trust over a year ago. April was the second
largest month since the inception of this trust. Sales were trade by a large
dealer group throughout the United States and parts of Europe.
Diversified Trustee Shares, series A, will distribute 34.996 cents per
share on July 1, and series C win distribute 9.681 cents a share on June 30.
Until July 15 holders of series C shares may reinvest their distribution in
either series C or D shares at the etfering price less 5%. A distribution
of 42.824 cents was made Jan. 1 1932 on the series A shares and one of
-V. 134. p. '6462.
13.222 cents Dec. 31 1931 on the series C shares.
-To Dissolve--American Utilities & General Corp.
's"
Rightzi-ofit
"
Pursuant to the plan of reorganization dated March 14 1932. which was
approved by the necessary vote of stockholders on May 2 (see V. 134.
p. 2524) all of the assets of this corporation have been transferred to a new
corporation which has been organized in Maryland. under the name of
American & Dominion Corp.. in consideration of 292.474 shares of its
common stock and 623.644 stock purchase warrants and the assumption
of all of the liabilities of the American Utilities & General Corp. by Amercan
& Dominion Corp. As contemplated by the plan, American Utilities &
General Corp. is being placed in dissolution and the securities of the new
corporation now held by it will be distributed to its stockholders.
Holders of $3 cumul. pref. stock, class A stock, class B stock and voting
trust certificates for class B stock of the corporation will receive as their
distributive share of the assets of the corporation the follcwiog•
-Each share of $3 cumul. pref. stock will entitle the holder thereof to
1.
receive two shares of common stock of American & Dominion Corp.
-Each two shares of class A stock will entitle the hrldor thereof to
2.
receive a 6
-year stock purchase warrant granting the right to purchase
five shares of common stock of American & Dominion Corp. No warrants
granting the right to purchase a fractional part of a share of common stock
of American & Dominion Corp. will be issued and holders of class A stock
who on the above basis would receive a warrant granting the right to purchase full shares and a fractional part of a share will be entitled to a warrant
granting the right to purchase only such full shares.
-Each three shares of class II stock or voting trust certificates for
3.
-year BLOCK purchase
class 13 st c; will e little the holder thereof to receive a 6
,
w.'tt gra.iti..g the • iglit to purchase one share f c n,too stoc rf
t •
' urch se
11.1 Co. No warrants grami. • ths
•
A .e
0-0.
minion stocs of Ame-icao & Doigi..:
s
I .-t
•!
s
w.l bc fsre.jr1 h 1 is- of class 13 stock or voting trust certificates for
L_ss B stut w:11 oitos abovs basis would receive a warrant granting the
4496
Financial Chronicle
June 18 1932
right to purchase full shares and a fractional part of a share will be entitled
Comparattre Balance .Sheet Oct. 31.
to a warrant granting the right to purchase only such full shares.
Assets
1931.
1930.
LiabilitiesThe investments were taken over by the American & Dominion Corp. at
1931.
1930.
Fixed assets _
x 34.644.768 $4,560,846 Preferred stock _ _ _81,234,300 $1,280,900
the book valuation less depreciation reserve of the former corporation, and
Inv. In assoc. co_ _
29,142
138,235 Common stock. _ _ 3,500,000 3,500,000
further reserves of $800,000 were set up by the board of directors of AmeriSundry invest_ _ _ _
8,509
41,170 Notes payable_ _ -- 262,119
can Sz Dominion Corp. reducing the net book value of the investments to
225,000
Inventory
709,947
952,616 Accts. payable__ - _
$1,544,642. This figure is less than 20% of the original cost of these in24,389
30,053
Notes & accts. rev. 225,137
293,224 Accruals
vestments. In view of the successful consummation of the reorganization
44,972
67,421
Accts. other cos.._
190,715 Pref.stock divs.
the banks have agreed to continue their present loans.
22,578
Cash
129.919
33,759 Surplus
Of the stock of the new corporation 300,000 shares have been set aside
699,330 1,110,087
Deterred charges
18,188
25,475
for subscription prior toJu1y15 1932 by the present stockholders ofAmerican Utilities Sz General Corp. at $2.50 per share. If subscriptions exceed
Total
$5,765,610 16,236,0401 Total
the number of shares reserved, the subscriptions will be reduced pro rata.
$5 765,610 $6,236,040
x After deducting reserve for depreciation of $2,428,926.-V.
It is proposed to offer stock to the general public at $3 per share.
133. D.3793.
Under the provisions of the certificate of incorporation of the new corpo- -----......
ration, the sale of common stock below $6 per share prior to April 16 1934
Armour Fertilizer Works.
-To Merge With Virginiaautomatically reduces the several prices at which the warrants to be exCarolina Chemical Corp.
-T. G. Lee, President of Armour
changed for class A stock and class B stock of American Utilities & General
Corp. may be exercised. For example, if the total amount of this offering
& Co., authorizes the following:
of 300,000 shares is taken by the stockholders at $2.50 per share, the current
Plans have been perfected for arranging a merger between
Virginiaprice of the warrants would be reduced to $4.23 per share instead of $6
Carolina Chemical Corp. and Armour Fertilizer Works.
assets of
per share.
these two companies now employed in the fertilizer businessThe be
will
transcorporation organized under
A circular describing the American & Dominion Corp. ferred to a known as Virginia-Carolina the laws of the State of Delaware
and to be
Fertilizer Corp.
states:
Virginia-Carolina Chemical Corp. was incorporated March
The American & Dominion Corp., incorporated in Maryland, May 25
Virginia. Its capitalization represents 100,100 shares of 7% 24 1926 in
preference
1932. was organized as an investment company with broad powers to
stock, 213,392 shares of 6% participating preferred stock. and 480,780
acquire, hold, sell, underwrite, offer and generally deal in securities. Its
shares of no-par common stock outstanding.
investments consist mainly of stocks and bonds of companies engaged in
Amour Fertilizer Works is a wholly-owned subsidiary of Amour & Co.
producing and distributing gas and electricity. The management is of the
of Delaware. Armour Fertilizer Works was originally organized with a
opinion that these industries in the public utility field are fundamentally
view to utilizing various by-products of the packing business of Armour &
among the soundest Industrie., offering excellent opportunities for profitable
Co. Since the company was organized, however, the nature of the fertilizer
investment in the future as in the past.
business has so changed that the company's manufacturing activities are
now based almost wholly upon chemical processes having little or no relation
Presently
to the by-products of the packing-house. The proposed merger,accordingly,
CapitalizationAuthorized.
Outstanding.
enables Armour & Co. to pursue a policy of disassociating itself from the
Common stock (par value $3
-voting) _ _ _ _a2,500,000 shs.
293,474 shs.
Stock purchase warrants for
operation of business not directly related to the manufacture and sale of
623,644
4 shs.
a Including 623.644 shares reserved for stock purchase warrants.
packing-house products.
shs.6
The major consideration which leads to bringing the activities of these
Transfer agent is Guaranty Trust Co., New York; registrar is Manufactwo companies together is to make possible and render more certain the
turers Trust Co., New York.
achievement of certain economies which are indispensable in the present
Stock Purchase Warrants.
-The stock purchase warrants have been deunsatisfactory state of business, which economies neither company, acting
livered to American Utilities & General Corp. In connection with the
alone, is capable of accomplishing fully. The achievement of these economies
purchase ofits assets and will be distributed by that corporation to itsclass A
will tend to permit the sale of fertilizers to farmers at the lowest possible
and class B stockholders and holders of voting trust certificates for class B
prices without, at the same time, involving the companies in such losses
stock pursuant to the plan of reorganization. These warrants are in bearer
as both of them now suffer on account of the drastic decline in business.
form and give the bearer thereof the right to subscribe for one or more full
The new Virginia-Caroline Fertilizer Corp. will have a total
shares of corn, stock at any time on or before April 15 1934 at $6 per share:
stock of 180,000 shares of 7% preferred (par $100), and 1,000.000capital
thereafter and on or before April 15 1936 at $8 per share; and thereafter
shares
of common (par $10.)
and on or before April 15 1938 at $10 per share,such prices being subject to
The 180,000 shares of 7% preferred stock of the new company will be
decrease as provided in the certificate of incorporation. The warrants are
divided equally between Virginia-Carolina Chemical Corp. and Armour
Issued under provisions contained in the certificate ofincorporation designed
Fertilizer Works. Of the 1,000,000 shares of common stock of the new
to protect the holders in the event of stock dividends, the change of authcompany. 61% will be delivered to Armour Fertilizer Works and 39% to
orized stock into a greater or less number of shares, capital reorganization
Virginia-Carolina Chemical Corp.
or reclassification, or a merger or consolidation of the corporation, and the
Subsidiary companies not engaged in the fertilizer business and certain
sale ofcommon stock at less than the current subscription price.
unemployed real estate and surplus cash assets are not included in the
-The portfolio of the corporation as at May 25 1932 conInvestments.
merger. Each of the companies will contribute to the new company $9,sisted of the following securities:
000.000 in cash, inventory, and receivables, together with its respective
Shares.
fertilizer plants, brands. good-will and equipment.
Dominion Gas & Electric Co.$7 2d pref. stock
13,291
The effective date of the transfer of assets of the two present corporations
Dominion Gas & Electric Co.common stock
163,200
to the new Virginia-Carolina Fertilizer Corp. Is to be not later than Aug.
Consolidated Gas Utilities Co.class B stock (v,t.c.)
275.996
31 1932.
Freeport Texas Co.capital stock
8,700
It is the understanding that at the organization meeting of the stockMissouri Valley Gas Co.capitalstock
31,250
holders of the new corporation, a board of directors consisting of not less
United Gas Corp.$7 pref.stock
800
than 10 members shall be elected, one-half of whom shall be nominated
United Gas Corp.option warrants
29,800
by Virginia-Carolina Chemical Corp. and one-half by Armour & Co. of
United Gas Corp.common stock
100
Delaware; and that at the organization meeting of the board of directors,
United Light & Power Co.class A common stock
Charles G. Wilson of Richmond. Va.. now President of Virginia-Carolina
The Dixie Co.capitalstock
30,000
Chemical Corp., shall be elected Chairnian of the new board of directors
Consolidated Gas Utilities Co.6,46% deb. 1943w. w.(face value)__ -318,000
and John E. Sanford of Chicago, now President of Armour Fertilizer Works,
Pro Forma Balance Sheet of American & Dominion Corp. as of May 251932.
shall be elected President of Virginia-Carolina Fertilizer Corp. The general
Assets
Liabilities
offices of the new corporation will be located in Richmond, Va.
Cash
$33,805 Bank loans
31525,943
The fertilizer business throughout the world has suffered inordinately
Investments
x1.544,642 Accounts payable
12,576
because of the present business depression, which has visited with disAccts. dr accrued interest rec
1,929 Federal & State taxes payable_ 128,557
astrous severity all agricultural activities. For several years prior to 1929,
Organization tax and filing fees
900 Accrued interest & salaries.-- 2,720
when the present crisis was precipitated, the low prices of agricultural
Reserve for taxes
12,573
products had found reflection in the inability of the farmers to purchase
Common stock. par $3
880,422
adequate fertilizers.
Initial surplus
18,484
The sales of both Armour Fertilizer Works and Virginia-Carolina Chemical
Corp. have shown very serious declines in the last two years. Both com11,581.276
Total
Total
$1,581,276
panies are to-day operating at a loss and at about one-third of their capacity.
The proposed combination, accordingly, grows out of a necessity for
x These investments are carried on the same basis of net book value as
meeting the change.' economic conditions, and creates a new enterprise
shown by the books of the predecessor corporation on Dec. 31 1931. As
which it is expected will be able to effect such economies as will enable
most of the investments held are composed of securities for which there is
the new company to maintain a successful existence and at the same time
no current market,the directors have deemed it advisable to set up arbitrary
be in a position to sell its products advantageo sly under the highly competireserves of $800,000. y Secured by above investments.
tive conditions which prevail in the fertilizer industry.
-The management of the corporation will be under the
Management.
On the basis of present activities, the new company will market a sales
board of directors, consisting of Chas. G. Benjamin, D. G.
direction of the
volume, on a tonnage basis. of 16.7% of the total fertilizer business of the
Boissevain, Chas. S. Breslin, E. G. Diefenbach, L. A. Eddy Jr., E. A.
United States, with 83.3% in the hands of competing companies. At
Harden, J. S. Judge and Hamilton Pell.
the present time there are more than 700 independent fertilizer operators
-The investments of the former corporation have been set up
General.
in the United States, with a total of 832 Plants engaged in manufacture.
on the books of the new corporation at a net value less than 20% of their
The over-capacity of the industry is such that it could produce
cost and with the return of favorable conditions in the security
original
double the amount of mixed fertilizers now being manufactured. almost
market these assets should show considerable enhancement in value. The
It is a distinctive characteristic of the fertilizer business and particularly
position of the new corporation will be improved when a substantial amount
of Virginia-Carolina Chemical Corp. and Armour Fertilizer Works, two
of the presen rights granted to stockholders are exercised. Funds thus
of the largest enterprises in the business, that none of the companies owns
realized will be used to improve the currrent position of the corporation and
or controls the sources of supply of raw materials necessary for the in-V. 134, p. 3462.
for investments in income bearing securities.
dustry; most of the raw materials and supplies, with the exception of
Inc.-Preferred Dividend Deferred. phosphate rock, is obtained from independent produczors and under highly
American Yvette
competitive conditions. There are numerous sources of supply of phosphate
Co.,
The directors have voted to defer the quarterly dividend due July 1 on
rock and fertilizer companies have free choice as to whether they will mine
the $2 cony. cum. preference stock of no par value. From April 1 1929 to
their own rock or buy from any of the many independent sources.
and incl. April 1 1932 regular quarterly payments of 50 cents per share were
It is contemplated that at the earliest possible date the plans and terms
-V. 132, p. 2969.
made on this issue.
of the proposed merger will be presented to the stockholders of Virginia-Listing of Carolina Chemical Corp. and of Armour Fertilizer Works for appropriate
American Zinc Lead & Smelting Co.
-V. 130, p. 1118.
Common Stock ($1 Par Value) Voting, to Replace No Par Shares. ratification.
The New York Stock Exchange has authorized the listing of 200,000
Art Metal Construction Co.
-Boston Transfer Agent.
common stock (par $1) on official notice of issuance in exchange
shares of
The Old Colony Trust Co. has been appointed Boston transfer agent for
for 200.000 shares common stock (no par).
the capital stock.
-V. 134, p. 3639.
The stockholders May 9 voted to reduce the number of common shares
from 1,000,000 to 200,000 and to change the par value of the common stock
Asbestos Corp., Ltd.
-Bond Interest Delayed.
from no par value to $1. The directors May 19 authorized the issue of
The Eastern Trust Co. has been advised by the corporation that it in200.000 shares (par $1) each in exchange for the outstanding 200,000 shares
tends to avail itself of the 90 days' grace clause with regard to bond interest
(npar)
.
whica was due June 1 on a subsidiary, Maple Leaf Asbestos Corp.
There have been substituted on the list of the Boston Stock Exchange
Interest payment will be duly announced by the parent company, This
it is
for the 200.000 shares (no par) common stock the same number of comstated, on or before Sept. 1.-V. 134, P. 4160.
mon shares of a par value of $1 each.
"Atlantic Sugar Refineries, Ltd.
-Plan-A pproved:Comparative Consolidated Balance Sheet.
The preferred and common shareholders accepted June 10 the offer of
.1far.31'32. Der.31'31.
AssetsMa /PitiesMar.3112. Dec.31'31.
General Sugar Refineries, Ltd., to purchase the assets, undertakings and
Property accountxS5,002,017 $5,058,822 Preferred stock_ _S2,008,213 $2,008,212
good-will of their company. See-e1410-V7134,
-p.-4160.
323,540 Common stock_ _ _ y4,222,177 4,222,177
Invest.& advances 327,327
72,909
74,930
Reserves
Ore stocks invenAtlas Utilities Corp.
-Makes Offer to Acquire Stock of
25,000
25,000
tories, &c
1,750,475 1,769,980 Purch. mon. oblig.
176,401
157,969
Goldman Sachs Trading Corp.
277.185 Accounts payable_
Cash
302,441
-See latter below.
-V. 134,
65,698
65,783
Drafts in transit_ _
Notes and accts.
p. 4327.
36,750
35,513
417,652 Taxes accrued_ _ _ _
413,026
receivable
25,000
25,000
Res.for Fed.inc.tax
Deferred charges
Associated Simmons Hardware Cos. •(& Subs.)
1,290,187 1,306,094
91,064 Earned surplus_
109,486
to operationsCalendar Years1931.
1930.
Loss for the year after depreciation and interest on
Total
57.904,772 $7,928,243
Total
$7,904,772 $7,938,243
bank loans, but before deducting interest charges
on gold notes
x After reserves for depreciation and depletion of $6,475,672. y Repre$1.922,555 $1,393,361
-V. 134, p. 3099, 2524.
Interest on gold notes
sented by 200,000 no oar shares.
402,153
415,695
Amortization of discount and expense on issue of
Effective July 1 1932, the American Zinc. Lead & Smelting Co. will act
gold notes
as transfer agent for its preferred and common stock at 331 Madison Ave.,
65,894
68,955
made with the Bankers Trust Co.
N. Y. City. Arrangements have been
Total loss for year ending Dec. 31
for the acceptance of certificates at their downtown offices for re-delivery
$2,390,602 $1,878,011
-V. 134, p. 3099, 2524.
Book value of 1.000,000 common participation
the company's office to be transferred.
to
shares outstanding
def765,886 prof714,053
(& Subs.).-Ear1929
nings.
American Vitrified Products Co.
Years Ended Oct. 31Net loss (Incl. subs.)
Profit and loss surplus
Earns, per share on 70,000 shares
common stock (par $50)
1931.
$103,561
699,330
Nil
1930.
$119,877 prf$250,198
1,440,446
1,110,087
Nil
$2.26
Total
83,156,489 $1,163,957
Excess of par value over cost of gold notes purchased for betterment during the year
621,605
398,071
Deficit as at Dec. 31
$765,886
$2.534,884
Volume 134
Financial Chronicle
4497
Consolidated Balance Sheet Dec. 31.
‘,„/,-1931.
Lfaouitfes1930.
1931.
1930.
Cash
$398,027 $373,556 Accounts payable_ $397,731 $454,044
Accts. & notes rec. 2,188,323 3,722,728 Notes payable to
Misc.invest.&adv.
6,189
16,566
banks
400.000
Prepaid ins
10,341
14,621 Due to employees
Adv. to employees
for commissions
12,598
42.238
for expense
17,703
21,980 Accrued taxes_
47,091
51,453
Inventories
1,955,973 3,443,521 10
-year6% gold
Cash in bank from
notes
5,228,000 6,189,500
liquidated cont.
Preferred stock_ _ _ 3,587,900 3,587,900
cos., not avail.
Deficit
x2,534,884
765.886
for curr. purl?..
43,252
Real est. & bidgs.
held for sale_ _ _ _ 1.517,875 1,564,953
Invest. in Grant
Leather Corp__ _ 352.446
379,977
Capital assets__
122,451
203,810
Deferred charges to
future operations 125,855
217,584
This machine automatically counts and prints the number of checks
posted to each account each day. It will carry forward on the bank's
records the number of checks to date for each account.
Other recent developments by the company in adding and listing machines
are also equipped with automatic counting devices.
The company has just received an order for 199 bookkeeping machines
from Westminster Bank of London, involving £71.000. or $260,570, based
on current exchange rates. This follows a smaller order from the same
source last December.
-V. 134, p. 1961.
Total
$6.738,436 $9,959,298
Total
$6,738,436 $9,959,298
x Company has outstanding 1.000.000 shares (no par value)
-V. 134. It•
3278.
Balance, surplus
$123.917
8183,931
$20,236
def$30,938
Profit & loss surplus_ __ _ 1,146,910
1,186,848
1.042,695
1,166,612
Balance Sheet Dec. 31.
Assets
1931.
Lta§taftes1931.
1930.
1930.
Cash
$504.242 $277,862 Accounts payable_ $97.037 $117,903
Receivables
377,448 Pref. diva. pay_ _ _
1,090
253,332
1.190
Common diva. pay
80.460
Balance sale price
30,631
53,382
paper cup dept.
35,359
50,000
100,000 Ftes. for Fed. taxes
Marketable securs.
62,300
69,000
16,915
19,515 7% pref. stock__ _
Inventories
825,443 Common stock__ 2,687,700 2,832,000
747.863
Inv. in other cos
362,582 Surplus
1,146,910 1,186,848
362,562
Land, bldgs., &c_a2,042,323 2,0:2.00'
72,354
Patents
89.365
1
Good-will
1
56.433
Prepaid expenses_
61,079
(F. N.) Burt Co., Ltd.
-Earnings.
Calendar YearsProfits for year
Res. for depreciation.._
Written off patents
Res.for Fieral taxes_ _ _
1931.
$532,162
188,776
23.599
33,000
1930.
$592.560
188,5.9
23,222
34,000
1929.
$785,288
195,028
25,726
61,000
1928.
$789,843
187.445
25.609
67,000
Net profits
$503.534
$346,809
$509.789
$286,786
Pref. dividends (7%).._ _
4,799
5,799
4,587
5,394
Common dividends__ _(12%)322.137 (12)321,774 (14)374,224 (12)320.058
Auburn Automobile Co.
-Increases Working Force.
-
With all departments working full six-day
-a-week schedules, more than
700 employees have gone back to work in the company's plants at Auburn.
Ind., in the last two days, officials of the company announced June 14.
The production program of 12
-cylinder Auburns for June has been
increased to 600 cars, with an equal number of Straight-Eight convertible
models. All closed Auburn Straight-Eight cars are built at the Connersville
plants of the company.
The prices of all 1932 Auburn models have been slashed drastically,
the price of the big 100 hp. Straight-Eight brought to within about $200
of the Ford, Chevrolet and Plymouth levels. The Auburn 12
-cylinder.
160 hp. models have been reduced to a price level of many small eights
in the industry. The result has been a deluge of orders from dealers in
every section of the country for cars to meet the demand of buyers who
have visited their salesrooms, officials said.
-V. 134, p. 4327.
$4,111,029 $4.195,284
$4,111.029 34,195,284
Total
Total
a After reserve for depreciation of $1,964.065.-V. 132. p. 3154
Camaguey Sugar Co.
-Depositary.
-
-,Austin, Nichols & Co., Inc.
--Smaller Dividend on Prior
A Stock.
-
Chemical Bank & Trust Co., 165 Broadway. N. Y. City, has been
appointed depositary for a protective committee formed for the protection
of holders of first mortgage sinking fund 7% gold bonds.
-V. 134, p. 3101.
The directors on June 15 declared a dividend of 25 cents per share on the
prior A sto.k, no par value, payable Aug. 1 to holders of record July 15.
Distributions of 37% cents per share were made on this issue on Feb. 1 -----....Cambridge Investment Corp.
-Dividends Decreased.
and May 1 last, as compared with quarterly payments of 75 cents per share
The directors have declared a quarterly dividend of 1236c. per share
,
made from Aug. 1 1930 to and incl. Nov. 1 1931. The prior A stock is
on the class A and class B stocks, no par value, payable July 1 to holders
entitled to dividends of $5 per share per annum, cumulative from 1934 on.
of record June 20. Quarterly distributions of 25c. per share were made
-V. 133, p. 3465, 4162.
-V.133, p. 3971.
In Jan. and April last as against 35c. per share previously.
Baldwin Locomotive Works.
-Earnings.
-
Canada Biscuit Co., Ltd.
-Bondholders Asked to Waive
Interest Payments.
For income statement for 12 months ended March 31 see "Earnings Department" on a preceding page.
-V. 134, p. 4327.
The holders of 1st mtge, bonds will vote July 5 on approving a plan of
reorganization under which they will be asked to waive three half
-yearly
interest coupons, due May 1 and Nov. 1 1932, and May 1 1933. and are
to agree that in the event of the company not finding it feasible to meet
Interest due Nov. 1 1933 they will not press for action. This Nov. 1 1933
interest thereupon becomes a deferred charge of the company.
-yearly interest coupons sacrificed
To recompense them for the three half
under the arrangement, the bondholders are to receive 10 shares of new
capital stock for each $1,000 of bonds held.
Arrangements have been completed for an additional $300,000 of working
capital in the event of the bondholders approving the proposed plan of
capital adjustment.
For this advance of$300,000 the company is to issue an equivalent amount
of 67, prior lien bonds due May 1 1946.
J. W. Ross, General Manager of the Viau Biscuit Co., will manage
the company.
The outstanding capitalization of the company, in addition to the
$1.790,000 of 1st mtge. bonds, consist of $3.519,000 of 7% cumul, pref.
stock of $100 par (dividends on which have been suspended since May 1
1927) and 90,780 no-par common shares. Under the plan of reorganization the preferred and common are to be wiped out and replaced by an
issue of' 89,000 shares of new no par common stock. The new interests
In the company will receive an allotment of common stock.
Proxies for the bondholders' meeting are being called in the names
of R. D. Bell, It. W. Steele and P. S. Glassco.
It is provided under the terms of the plan that all payments on account
of interest, sinking fund or principal shall be made in Canadian funds
only, and with respect to the sinking fund no further payments shall be
made to the trustees until May 1 1935.-V. 134. p. 4328.
-------Bancamerica-Blair Corp.
-To Reduce Par Value of Shares.
The stockholders will vote June 20 on reducing the amount of capital
stock from $14,710,120 to $1,471,012, indicative of a reduction in the par
value from $10 a share to $1. 'folders of record June 6 will be entitled
to vote at the meeting. Shares of Bancamerica-Blair are held entirely
by stockholders of the Bank of America National Association, share for
share, and is transferable only with the stock of the bank.
-V. 134, p. 3100.
-----(Bastian-Blessing Co.--A-rtjttioitio+t-Ap-pr-oz.
aThe stockholde)on June 15 approved the proposed plan for acquiring
Russ Mfg. Co throtign an-exchange of- securities.
The stockholde also voted to increase the membership of the board of
directors to nine from seven, and C. J. Palmer was elected a director. The
other director will be a representative of the present Russ interests and will
be elected upon completion of the merger.
The stockholders of the Russ company will consider the plan on June 20.
See also V. 134, p. 4327.
th
Bethlehem Foundry & Machine Co.
-New Contract.
-
The company on June 10 announced that it had made a five-year contract whereby all equipment formerly manufactured by the Oil Electric
Engineering Corp. in Minneapolis would be constructed hereafter at the
plant of Bethlehem company. More than 300 men will be put on at once,
it was said.
-V. 128. p. 3191.
Bickford's, Inc.
-Earnings.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134. p. 4327.
& Son, Inc.
-Dividend Decreased.
-
---Canada Vitrified Products, Ltd.
-Adjudged Bankrupt.
A quarterly dividend of 12% cents per share has been declared on the
common stock, no par value, payable July 1 to holders of record June 25.
Previously, the company made quarterly payments of 25 cents per share
on this issue.
-V. 132, P. 3889.
-Boston Herald-Traveler Corp.-Ornits Dividend.
The directors on June 10 omitted the declaration of the dividend due at
this time on the common stock. Action had been deferred last March
until the meeting of the board this month.
On Jan. 2 last a quarterly distribution of 10 cents per share was made
as aga nst 20 cents per share n each of the three preced ng quarters and
10 cents per share prey ously.-V. 134. p. 2152.
Botany Consolidated Mills, Inc.
-Transfers Garfield
Rights.
With the approval of the stockholders and bondholders the merchandise
supplies and trademark rights of the Garfield Worsted Mills have been transferred to the Botany Worsted Mills by the receivers of the holding corporation for the sum of $185,000.-V. 134, p. 4161.
Botany Worsted Mills.
-Acquires Garfield Rights.
See Botany Consolidated Mills, Inc. above.
-V. 133. p. 2439.
British Columbia Pulp & Paper Co., Ltd.
-To Postpone
Bond Interest.
Holders of the 7% general mortgage sinking fund bonds at a special
meeting May 17 approved the plan for a postponement of interest until
-yearly interest, due May 1 last ,was deferred, and in
1934. Payment of half
view of the uncertain position of the industry for the immediate future, the
officials of the company proposed a plan which provided for the deferment
-yearly interest due May 1 and Nov. 1 1932, and May 1 and Nov.
of the half
11933. until Nov. 11934, when the total interest due, and the accumulated
Interest thereon, would be paid in one gum. The directors retained the
right to make payments earlier if conditions warranted. The operations
of the sinking fund are also to be cancelled as at Nov. 1. for each of the
next three years, 1932, 1933 and 1934. The plans of the directors were
-V. 134, p. 3464.
folly endorsed by the bondholders.
Budd Wheel Co.-Dectares Regular Preferred Dividend.
-
The directors have declared the regular quarterly dividend of $1.75 per
share on the 7% 1st pref. stock, payable June 30 to holders ofrecord June 27.
A statement issued following the directors' meeting said: "This action
Is in recognition of the favorable position of the company, which has enjoyed an incrense in its sales each month of the current year over toe preceding month.
A month ago the directors deerred action on the preferred dividend until
the June meeting. In February the company omitted the usual extra
quarterly participating dividend of 75 cents per share on the 7% pref.stock.
-V. 134, p. 3827.
Builders Exchange Building (Baltimore).
-Extra Div.
The directors have declared an extra dividend of 6% in addition to the
regular semi-annual dividend of 3%, both payable July 8 to holders ot
record June 23.-V. 132, p. 4594.
Burroughs Adding Machine Co.
-New Product.
To assist banks in handling the increase in accounting work involved in
collecting and paying the new tax on checks provided under the new revenue
act, the company is introducing a new bank ledger posting and statement
machine that provides most of the required information automatically.
Canada Trust Co. having taken over possession of the company as trustee
for the first mortgage bondholders, is calling a meeting of bondholders to be
held in St. Thomas, Ont.. on July 4. The company was adjudged bankrupt by the Supreme curt of Ontario on May 26 and N. L. Martin was
appointed interim receiver.
The bondholders will be asked to approve the actions of the trustee.
-Earnings.
Canada Wire & Cable Co., Ltd.
Calendar Years. 1931.
Profits front operation after depreciation and overhead
$291,171
Other income
42,977
Total income
$334,148
Dividends
534,036
Charter & patents, written off
Reserve for Dominion income tax___
52,000
1930.
1929.
$706.726
32,018
$943,86;
26,865
$738,744
410,049
$970,726
241,617
5,168
80,000
53.000
Surplus Dec. 31
def$251,888
$643.943
$275.694
Earned per share on class A stock_ _ _ _
$17.23
$3.09
$17.67
Earned per share on class B stock_ _ - $5.67'
Nil
$2.90
Comparative Balance Sheet Dec. 31.
AssetsLiabilities1930.
1931.
1930.
1931.
x Fixed assets_ _ _ .84.409,048 $3,366,886 Preferred stock_ _ _$3,000,000 $3,000,000
Current assets.,__ 3,312,696 3,496,842 Class A &It
y3,664,898 2.894,898
Iiiscell. assets...,96,881
439,431
105,392 Current liabilities_ 683,014
Montreal factory:
Montreal factory:
135,098
Construction_ __
231,509 Accounts pay_
919,638
Cash
126,876
188.436 Surplur
597,589
Total
$7,945,501 $7,389,035
Total
$7,945,501 $7,389,065
x Less depreciation. y Represented by 29,669 shares class A stock and
150,662 shares class B stock.
-V. 134, p. 852.
Canadian Consolidated Felt Co., Ltd.
-Earnings.
Calendar YearsNet sales
Costs & gen.exp.,&c_ _ Int. on bonds,&c
Prov.for deprec
Preferred dividends_
1931.
$744,739
739,807
11,887
33.548
1930.
$942,293
903.396
15.021
25.000
1928.
1929.
$1,188,515 $1,255,886
1,114,536
1,158.655
26,318
22,272
50.000
Balance surplus
def$40,502 def $1,124
81,706
P.& L.sur. Dec.31 _ _ _ 349,386
389,888
391,013
Balance Sheet, Dec. 31.
Assets1931.
Liabilities1930.
1931.
Cash
$31,957
866.314 Accounts payable_
538,855
Dominion of CanAccrued interest..
2,940
ada bonds
46,000
Funded debt
196,000
Invest.In other co's
826
Preferred stock_ __
500,000
Accts. received...
32.260
57,688 Common stock_ _ _ 1,500,000
Inventories
80,842
83,156 Capital surplus
Goodwill
1,925,787 2,160,000 Surplus
349,386
14,645
Sink.fund
14,020
Property. &c
454,416
476,649
Prepaid, ..trc
448
466
$2,587,181 $2,858,295
Total
-V. 132. P. 3890.
Totals
$70,912
389.306
1930.
$26.119
3,075
205,000
500,000
1,500,000
234,212
389,883
$2,587,181 $2,858,295
4498
Financial Chronicle
Canadian Fairbanks-Morse Co., Ltd.
-Earnings.
Calendar Years1931.
1930.
1929.
1928.
a Profitfor year...
$79,561
$425,205
$742,457
$754,735
Interest
Pension fund contrib_Provision for deprec_ -- Bad debts written off-Provision for taxes
16,968
23,563
16,355
6,074
19,098
25,369
18,390
34,000
Balance,surplus
$16,601
$328,348
Pref. dividends paid_ _ _ _(6%)90,000 (6%)90,000
Common dividends
120,000
160,000
5,270
33,175
37,745
17,453
40,000
6,071
29,451
60,166
3,275
53,000
$602,771
$608,815
(6)90,000 (21)315,000
160,000
Balance,surplus
3287.771
$78,348
$358,815
def$193,399
Earns, per sh. on 80,000
shs, corn, stk. (no par)
Nil
$2.98
$6.50
$6.49
a After selling, general and administration expenses.
Balance Sheet, Dec. 31.
1931.
Liabilities1931.
1930.
Assets1930.
Ld., bldgs.& eqpt _$1,388,482 $1,389,141 Preference stock_ _31,500,000 $1,500,000
Gd.-wIll & pats.,&c
1
1 Corn.stk.& surpl_ x2,689,098 2,819,996
256,151
Accounts payable_
Invest. in E. & T.
146,762
Fairbanks,Morse&
Fairbanks & Co.
Co. & its subs
6,035
8,389
Ltd
1
1
Sell*g comm. sec .
Mtge. on Toronto
& other liabil__ _
11,320
67,674
prop.sold,& int.
70.342 Prov. for Dom. &
accrued
50,006
3,021
35,835
1,267,824 1,384.604 Provincial taxes
Inventories
22,500
22,500
Accts. dr bills rec_ _ 1,056,349 1,279,293 Div. on pref. stock
385,026
228,498 Res.for deprec'n__ 400,769
Other investments y444,250
95,000
93,769
275,000 Res. for accts. rec_
Call loans
62,500
682.126
683,346 Res,for dividends_
Cash
4,011 Miscell. reserves__
60,000
61.798
15.464
Deferred charges
Total
$4,934,505 $5,313,638
$4,934,505 $5,313,638
Total
x Represented by 80,000 shares of no par value. y Market value $405,195.
Contingent Liability.-Guarantee in respect to dividend on $300,000, 7%
-V. 134,
pref. stock of E. & T. Fairbanks & Co., Ltd., Sherbrooke, P. Q.
p. 3641.
-Reduces Div/
"
--.......Canadian General Investments, Ltd.
A quarterly dividend of 10 cents per share has been declared, payable
July 2 to holders of record June 15. Distributions of 15 cents per share
were made on Jan. 2 and on April 1 last, as against 20 cents per share on
Oct. 1 1931.-V. 133. p. 4335.
June 18
1.22
Central Zone Building.
-Depositary.
Manufacturers Trust Co. has been appointed depositary for the bondholders' protective committee of $2,000,000 Central Zone Building 1st
mtge. fee 6% sinking fund gold bond certificates.
Century Electric Co.
-Earnings.
Earnings for Year Ended Dec. 31 1931.
Gross profit from manufacturing operation
Sundry receipts and surplus adjustments
$1,415,010
129,360
Total income
Selling and adminis. exps.,inventory adj., &c
Depreciation
$1,544,370
1,253,325
340,144
Net loss
Dividends
$49,099
111,747
Total charge to surplus
Previous surplus
$160,846
1,053,033
Balance end of period
Consolidated Balance Sheet Dec. 31.
Assets1931.
Liabilities1930.
1931.
Cash
$183,630 $187,339 Notes
_ $600,000
Account receivable 577,364
payable__689,805 Real est. notes ttc
bonds maturing
thy,finished prod_ 1,234,869 1,692,230
Inv. raw & partly
current year- _
17,500
Accts. payable_fin. materials &
Sr
supplies
accrued payroll_
726,619
977,373
82,049
Other assets
133,199
181,287 Res.for Fed.&State
Fixed assets
taxes
6,000
Empl. saving fund
Century El. Co.,
45,663
St. Louis, Mo.a3,092,578 3,192,484 Deferred liabilities 888,997
Sundry reserves_ _
Century Foundry
34,396
Market St_
b962.267
912,269 Capital stock
4.689,400
Roth Bros.& Co.
Surplus
892,187
Chicago, Ill.._ c78,428
79,255
Prepaid exps. &
supplies invent'y • 67,239
79,675
Patents. tr-mks.,
good-will
200,000
200.001
$892,187
1930.
81,100,000
50,000
150.740
3,000
67,195
1,137,500
47,850
4,582,400
1,053,033
$7,256,193 $8,191,718
Total
Total
$7,256,193 $8,191.718
a After deprec. of$3,508.133. b After deprec. of $29,346. c After deprec.
$30. .
• 133, P. 4335,
Canadian Industries, Ltd.
-To Increase Cellophane ....."--Charles Street Garage.
-Omits Preferred Dividend.
Production.
The directors have voted to omit the quarterly dividend due July 1 on
Additional equipment designed to double the Capacity of the company's
new cellophane plant at Shawinigan Falls, Quebec, is now being installed,
although the plant was completed and production commenced only a few
weeks ago, it is announced. This is regarded as the beginning of an enormous chemical production on the part of this company, whose parent
organizations, Imperial Chemical Industries of Great Britain and E. I.
•du Pont de Nemours & Co. of the United States, control processes which
are utilized in many lines of industry.
An interesting feature of the cellophane plant is that electricity mipplied
by The Shawinigan Water & Power Co. provides not only mechanical
power but all the steam required for process work in the mill. A 20,000 kw.
substation was erected alongside the cellophane plant. This station
supplies the power for the machinery, and includes two 10,000 kw. electric
steam boilers which eliminate the building of a coal-fired boiler plant
with the necessary coal-handling and storage facilities.
As continuity of power is vital to the manufacture of cellophane, a dual
source of supply is provided by tapping the trunk lines from three separate
hydro-electric developments in the vicinity which have an installed capacity of 560,000 hp.
Continuous power in enormous quantities
-as well as an abundance of
pure water, is a dominant factor in the production of cellophane, as it is
in many other chemical processes, and at Shawinigan Falls the Canadian
Industries, Ltd., found the ideal conditions which they sought.
-V. 134,
p. 2343.
Capital Administration Co., Ltd.
-Suspends Preferred
-The directors on June 14 decided to suspend the
Dividend.
payment of the quarterly dividend of PA% due July 1 on
the 6% cum. pref. stock, par 350. The last regular quarterly
payment at this rate was made on April 1 1932.
The company's statement to the New York Stock Exchange
follows:
Due to the fact that this company had a net impairment of capital we are
.advised by our attorneys that we should not pay the dividend on the 6%
.cum. pref. stock ordinarily pay-able July 1, and accordingly at a meeting
- of the board held June 14, the dividend was passed.
-V.134, p. 2728.
(Philip) Carey Mfg. Co.
-Dividend Again Decreased.
A quarterly dividend of 50c. per share has been declared on the common
-stock, payable June 15 to holders of record June 11. In the previous
quarter the company paid $1.25 per share on this issue, prior to which
quarterly distributions of 82 per share were made.
The directors also declared the usual quarterly dividend of $1.75 per
share on the vet'. stock, payable June 30 to holders of record June 20.V. 134, p. 1961.
Co.
-Halves Common Dividend.
A dividend of 37tic. per share has been declared on the conunon stock,
.no par value, payable July 1 to holders of record June 20. Previously
the company paid semi-annual dividends of 75c. per share on this issue.
The regular quarterly dividend of $1.75 per share on the pref. stock
also was declared payable July 1 to holders of record June 20.
The reduction of the common dividend was based on smaller earnings
and the uncertain outlook and was aimed to conserve cash position. The
action, according to the company, was taken without "any bought of
establishing a new dividend precedence on the common stock."
-V. 134,
p. 2344.
Caterpillar Tractor Co.
-Earnings.
--For income statement for five months ended May 31 1932 see "Earnings
Department" on a preceding page.
-V. 134, p. 4328.
Cedric Apartments (Cedric Apartment Co.), Washington, D. C.
-Call for Deposits-Sale.
The committee for the protection of the holders of bonds sold through the
F. H. Smith Co. (George E. Roosevelt, Chairman), announces that on
June 30 1932 the Cedric Apartments property will be sold at trustee's sale
under the terms of the mortgage securing these bonds. Bondholders
wishing to have the committee represent them at the trustee's sale should
deposit their bonds on or before such time with the depositary of the committee, Irving Trust Co., 1 Wall St. N. Y. City. The committee will
issue no further calls for deposits of bonds of this issue.
Deposits are being made under the terms of deposit agreement dated
May 28 1930.-V. 134, p. 3827.
the 7% pref. stock, par $100. Three months ago a dividend of $I per
share was paid, prior to which the stock was on a $7 annual dividend
-V. 134, p. 2527.
basis.
Chevrolet Motor Car Co.
-Sates Cain.
Chevrolet dealore reported sales of 48,218 new passenger cars and trucks
in May, or within 200 units of domestic production for the month, according to W. S. Knudilen, President and General Manager.
In the first 10 days of that month dealers reported sales of 13,870 units.
In the second like period the total advanced to 16,227 units and in the last
period it rose to 18,121 new cars and trucks.
-V. 134, p. 3827, 3644.
Chicago Daily News, Inc.(& Subs.).
-Earnings.
--Earnings for the Year Ended Dec. 31 1931.
Circulation, advertising and other revenue312,362,441
Operating costs & expenses (Incl. prov.for derifee. of $629,146)- 10,403.095
Net operating revenue
Other income (interest, &c.)
$1,959,346
28,536
Total income
Interest and special charges
Federalincome taxes
$1,987,882
1.020,262
59,343
Net profit for year
Balance at Dec. 31 1930
Total surplus
Loss on retirement ofdiscontinued plants
Dividends on preferred stock
$908,276
4,888,206
$5,796,483
473,813
214,407
Balance at Dec. 31 1931
$5,108.264
Earns, per sh.on 400,000 shs.corn.stodk (no par)
$1.70
Consolidated Balance Sheet-Dec. 311931.
Assets
Cash on hand and in banks__ $766,779 Accounts payable
$389,593
Cash with trustee for current
Accrued payroll
38,914
requirements under mtge.
Accrued property taxes
393,510
bond indentures
32,.12 Feil
igc
ijr; r ILncI.. pyroaovrs.
os e
e( ,
,
Bankers' acceptances
years).._
333,642
Receivable, less reserves
1,006,152 10-year 6% sink, fund gold
Inventories
222,737
debs. of the Chicago Daily
86.699 870Neivg,inIze..dugeol
Temporary inv. in co.'s debs.,
at cost
'I ton d193f 5,690,6C10
da . 1 s o
6
Cash with sink. fd trustee of
Chicago Daily News Printcompany's debentures_ __
.
125,435
log Co
4,360,000
Secs, with escrow agent of
554% gen. mtge. gold bonds
co.'s mtge. bonds, at cost__
115,726
of Chicago Daily News
cos., at cost ____
Inv. In other
294,900
Printing Co
. .
Advances to other companies_
60,500 Deferred credit
b576,687
Land, bldgs. ar equipment ___a12,865,002 Preferred stock
c4,445,900
Unamortized bond .5r deb.
Common stock
d5.680,000
(Met. & other def. charges..
507,082 Earned surplus
5,108.264
Circulation, good-will, assoc.
Press french. & reference
library
12,280,000
Total
$28,771,110
Total
328,771.100
aAfter deprec. of $1.598,019. b Representing portion of proceeds
from leasing and operating arrangement of radio station deferred over period
to Oct. 311934. c Represented by 61,259 no par shares.
from Jan. 1 1932
d Represented by 400,00000 par shares.
-V.134, p. 331.
Chicago Mill & Lumber Corp.
-Receiver Is Asked A receivership suit was filed in Chancery Court at Wilmington, Del.,
June 11, against the corporation by David Schrader, New York, a bondholder. He alleges the corporation is insolvent and on May 1 defaulted
in the payment of interest due on its serial bonds.
The corporation, the bill states, has total assets in excess of $18,000.000;
owns 950,000,000 feet of standing timber in North Carolina, Arkansas.
Louisiana and Mississippi, and operates mills in a number of cities. It
adds that for the last two years the corporation has suffered heavy losses
because of a slump in the building trade, the use of wood
substitutes, forced
price reductions to meet competition and insufficient capItal.-V. 132.
P. 1419.
Chicago National Life Insurance Co.
-Receivership.
-
-Celotex Co.
-Receivers Named.
The company has been placed in receivership by Judge William J.
Hobart P. Young of Chicago and Conn C. Bell of Wilmington were
of Chicago Superior Court and the temporary receiver has been Lindsay
given a
appointed receivers June 16 oy the U. S. District Court at Wilmington.
mandate by the court to reinsure business in Pacific States Life of HollyThe receivership bill was filed by MacManus. Inc.. advertising agency
wood, Calif.
The oopc ration filed an answer admitting insolvency and consenting to
appointment of receivers.
-------Chicago Railway Equipment Co.-Pref. Dividend
Federal Judge George H. Wilkerson of the U. S. District Court of DisReduced.
trict of Northern Illinois, Eastern Division. has appointed Hobart P.
Young as ancillary receiver on petition of MacManus, Inc., advertising
The directors have declared a dividend of Tg of 1% on the 7% cum, pref.
agency.
stock, par $25, payable July 1 to holders of record June 20. Previously',
The bill of complaint states the corporation's funded debt is $2.423,500.
the company made regular quarterly payments of
,
% on this Issue.
and that on April 30 last, the corporation's assets were valued at $11,130,-V. 134. p. 4328.
000. and that although assets exceed liabilities, the oorporation does not have
L.) Clark Co.
-Dividend Rate Halved.
sufficiert cash on hand to meet maturing obligations.
The bill of complaint states that a suit has been filed in Chicago by
A quarterly dividend of 1234c. per share has been declared on the common stock, no par value. payable July 1 to holders of record June 15.
two stockholders to compel officers ol the company to make an accounting
for expenditures of certain of the corporation's money.
A distribution of 25c. per share we made on this issue on April I last as
-V. 134, p. 4161.
against 311.4c. per share previously each quarter.
-4328.
-V. 134. p. 1962.
Volume
134
Financial Chronicle
City Stores Co.
-Earnings.
-
For income statement for three months ended April 30 see "Earnings
Department" on a preceding page.
-V. 134, p. 4162, 3986.
ommander-Larabee
corporation has acquired the G. V. R. Smith Milling Co. of Sherman,
TeiJ and contemplates the erection of additional milling capacity to
create a total daily capacity of 4,000 barrels in that State. This acquisition
has been made necessary by the ability of Texas mills to reach export
and Eastern points earlier than mills located farther north. Guy A. Thomas,
President of the Commander-Larabee Corp., states.
-V. 133. p. 3261.
Crompton & Knowles Loom Works.-Bal. Sheet Dec. 31.
AssetsFixed assets
Inventories
Cash & receivable_
Patent rights, &c.
MIscel. assets_
1931.
1930.
1931.
1930.
Liabilities
3,912,811 3,698,642 Preferred stock_ __ 2,987,800 2.967,800
1,337,510 1,537,837 Common stock_ _ _x6,000,000 t 000,000
3,144,276 3,535,735 Accounts payable
1,750,000 1,750.000
and accrued__ _ _
177,649
254,575
939.596
667,059 Surplus
1.938,746 2,014,698
Total
11,084,195 11,237,074
Total
x Represented by 240,000 shares of no par value.
11.084.195 11,237.074
-V. 132. p. 3892.
Consolidated
Aircraft Corp.(& Subs.).
-Earnings.
-
Earnings for Year Ended Dec. 31 1931.
Sales-United States Army
United States Navy
Foreign
Commercial
Miscellaneous
$1.544.056
40,179
142,426
309.723
15.699
Total sales
Cost of goods sold and expenses of operations
Net operating loss
Interest earned
Purchase discounts
Miscellaneous
$2,052,082
2,259,811
$207.729
19.265
3,719
7,297
Net loss for the period charged to surplus
Consolidated Bllance Sheet-Dec. 31 1931.
Assets
Cash
$75,265
Time certificates of deposit.- _
385.000
U. S. Treasury notes
100.000
Accrued interest receivable_ _ _
3,233
Accounts receivable-net_
154.000
Inventories, materials and
work In process
977,911
Cash surrender value of life
Insurance policies
80.078
Unexpired insurance premiums
6,323
Prepaid rent
417
Buildings, mach. & equip., &c. 2449,180
Drawings and current airplane
deiign values
-net
475,000
Notes receivable from employees for stock purchases_
55,893
Factory and office supplies. _ _
19.037
Securities owned, at market
2,750
Treasury stock
7.900
Total
32.791.969
$177.449
Liabilities
Accounts payable-creditors. $122,535
Accrued salaries and wa-es___
16.191
Deferred accounts payable. _ _
10.161
Deposits on sales contracts_ __
21,123
Liability on employees stock
purchase contracts
79.625
Reserves for Federal income.
N. Y. State, and other taxes
54.596
Minority stockholders interest
In subsidiary company:
Capital stock
2.500
Surplus
12.771
Capital stock
b26,950
Surplus
2,443.517
Total
a After depreciation of $399,594.
shares.
-V. 133, p. 293.
suspend payment of the
due July 1 on the $2 cum. & partic, pref. stock, no quarterly payment'
The last
on
The company issued the following statement: "Although April 11932.
earnings cover
the dividend requirements on the preferred stock. it
the dividend at tills time, enabling additional funds was decided to omit
for working capital.
All salaries have been substantially reduced."
-V. 134, p. 4162.
Consolidated Oka Sand & Gravel Co., Ltd.
-Earnings.
Calendar Years-
Net profit
Previous surplus
Prior year adjustments
Total surplus
Dividend on preferred stock
Balance, surplus
Earnings per share on 21.000 shares
common stock (no par)
1931.
$127,201
44,403
43,487
2,878
1930.
$158,261
45,348
43.908
2.878
2,000
3 ' 16
7.245
28
2,333
4.284
10,000
3,100
$36,433
63.992
Dr.4,761
$64.127
50.990
Dr2,006
$97.604
4.679
Dr2.041
$95,663
49.119
$113.111
49.119
$100,242
49.252
$46,544
$63,992
$50.990
Nil
$0.71
$2.30
Assets1931.
1930.
Liabilities
$40.651
Cash
649,212 Accts. payable_
Accts. receivable.
47.527
70.025 Dividend payable_
Inventories
60,246
89.594 Bank loan
Ins.,rent. tax., &c.
17,936
19,607 Accr. bond lot.. _ _
Insurance claims._
1.142
463 Res. for disc, on
x1,572,468 1,642.681
Fixed assets
bonds redem
Mining rights and
Res. for doubtful
leases
143,000
143,000 accts., claims and
hands of
Cash in
discounts
trustee for sink.
Amt. due on acct.
257
fund
Robertson prop.
7,202
12.158 Bonds
Def. exvenses
Organization exps.
2.878 7% 1st pref. cum.
cony. stock....
Common stock_ _ _
Capital surplus...
Surplus
Total
$1,890.431 $2,029,520
x After depreciation of $140,978.
-V. 134, P. 2729.
par.)
Total
y Represented
1931.
330.170
12,280
45,000
7.269
1929.
$202,884
45,500
1930.
$72,908
12.280
45,000
7,432
350
2.324
49.833
671,000
85,000
686,000
701,700
y105,000
221,284
46,545
701,700
352.884
63,992
$1,
890.431 62.029.520
by 21,000 shares (no
Consolidated Oil Corp.
-Offer $18,000,000 for Richfield
--Payment to Be Made in Preferred Stock.
Oil Co. Properties
-
An offer of $18,000,000 in the form of 6% non-voting ($100. par) prof
stock of the corporation has been made to the various committees representing bondholders and creditors of Richfield Oil Co. of California. The
offer, it is stated, was made for all the Richfield properties as a unit and
It has been left to the different committees representing creditors to allocate
the total according to their claims.
Total net income
def$350,996
$235,283
$579.279
$933,252
Shs. common stock outstanding (no par)
269,933
298.432
298.432
287.908
Earnings per share
Nil
$0.31
$1.45
$2.72
Statement of Surplus Year Ended Dec. 311931.
Balance Dec. 31 1930
31,494,056
Transfer from the capital stock account, occasioned by the
change in the common capital stock from shareq of no par
value to shares of $5 par value as follows:(Capital stock account: Before the change, 298,432 shares. $2,448.745; after
the change, 298,432 shares at $5 per share, $1.492,160); reduction passed to surplus account
956.585
Dividends received from affiliated companies
30,000
Discount realized on preferred stock purchased and retired_ __ _
10.760
Total
$2,491,401
Operating loss for the year (incl. amortization and depreciation)
380,996
Adjustment of inventory values at Dec. 31 1931 of merchandise
at women's apparel stores, due to change in method of valuat'n
55,061
Excess over par on 1,494 shs, of com.stk. purch. under contract
41,085
Dividends paid on preferred stock
102,300
Good-will (representing difference between cost to holding company and book value of subsidiaries at dates of acquisition)
now written off
432.577
Increase in insurance reserves and sundry adjustments
19.457
Balance Dec. 31 1931
Comparative Balance Sheet Dec. 31.
AssetsCash
Accts. receivable
Surrender value
of insurance on
lives of officials_
Inventories
Investments and
other assets....
Leaseholds, ImProvemls. store
furniture & fists.
Deferred chargesGood will, at cost_
b Represented by 579,000 no par
par
regular dividend of 50 cents per share was paid on this issuevalue.
Operating profit for year
Bond interest
Depreciation
Organization expenseswritten off__
Sinking fund
Reserve for bad debts
Special depreciation on barges
Reserve for discounts and claims_
Consolidated Retail Stores, Inc.
-Earnings.
-
Years Ended Dec.311931.
1930.
1929.
1928.
Sales
$15,607,662 $18,250.467 $19,835.248 $18.422,276
Gross profit, incl. disc.
taken on purch. & inc.
from leased departm't 5.859.020
7,179,954
7,905,155
7,569,724
Oper. exp., incl. provis'n
for income tax
6,240,016
6.974,671
7,355,126
6,689.960
Net income of wholly
owned
def$380,997
$550,029
$205.283
$879,764
Propor. of net income of
partially owned Mill.
cos. applicable to stock
ownership
30.000
30.000
29,250
53.488
$2,791,969
'-..Consolidated Cigar Corp.
-Postpones Common Dividend.
-The directors on June 15 postponed action on the quarterly
dividend usually payable about July 1 on the outstanding
250,000 shares of common stock, no par value. On April 1
last a distribution of 75c. per share was made on this issue,
as against $1.25 each quarter from July 1 1930 to and incl.
Jan. 7 1932 and $1.75 per share quarterly from Oct. 1
1926 to and incl. April 1 1930.
It was announced that the directors would consider the
dividend at a meeting to be called later.
-V.134, p. 3642.
'".Consolidated Film Industries,Inc.-Suspends Pref. Div.
The directors have voted to
4499
It the offer is accepted and is distributed among the various classes of
creditors on a basis suggested, it would work out as follows: 5 shares of
Consolidated pref. stock for each $1,000 Pan American bond; 3Si shares
of pref. stock for each $1,000 6% Richfield bond and the balance to be
distributed among the unsecured creditors.
-V. 134, p. 4329.
$1,459,924
1931.
Liabilities
1930.
1931.
6426,227 6409,690 Notes payable_2- $700.000
1.954.163 2,572,071 Accts. pay. &
exps., incl. prov.
for income taxes 853.901
245,108
246,738 Pref. div. payable_
1,218,199 1,607.773 Reserve for general
insur. & claims_
30,955
836,336
892,455 Periodical install.
pay. on knots.,
leasehd.prop.,&c.
79,452
1,342,746 1,497,196 Res. for plate glass
286,118
184,594
breakage
471,202 8% pref. stock.... 1,700,000
Common stock
x1,484,665
Surplus
1,459,924
1930.
$1.000,000
1,018,195
35.200
109,842
15,682
1,760,000
2.448,745
1,494.056
Total
$6,308.897 $7,881.721
Total
$6.308,897 $7.881,721
x Represented by 269,933 shares of no par value.
Note.
-29,970 shares of the unissued common shares are reserved to meet
warrants evidencing the right to purchase such unissued shares.
-V.134.
p. 4329.
Constitution Indemnity Co. Phila.-Proposed Consol.
A special stockholders' meeting, scheduled for June 10, to approve a
merger with the Lloyds Insurance Co. of America, now in process of organization, has been postponed until June 24.-V. 134, p. 3642.
Continental Insurance Co., N. Y.
-Decreases Dividend.
The directors on June 16 declared a semi-annual dividend of 60 cents
per share on the capital stock, payable July 9 to holders of record June 30.
From Jan. 10 1930 to and incl. Jan. 9 1932 the company made semi-annual
distributions of $1.20 per share.
Listing of Capital Stock, $2.50 Par Value, to Replace Shares
of $10 Par Value.
The New York Stock Exchange has authorized the listing of 1,957,500
shares of capital stock (par $2.50) upon official notice of the approval by
the Superintendent of Insurance of the State of New York of the reduction
of the par value of the shares from $10 to $2.50 each, the number of shares
remaining the same.
Stockholders June 7 approved the reduction in capital from $20,000,000
to $5.000,000 by changing the par value from $10 per share to $2.50 per
share and authorized directors to transfer to surplus the sum of $7.50 per
share of issued and outstanding capital stock.
Income and Profit and Loss Accounts Joe Calendar Years.
Income1930.
1931.
1929.
1928.
Premiums
$22,500,538 325,014,094 326,117.506 325.979.673
Interest, divs. & rents.. 4,732,149
5,483.389
4,563,823
3,717,693
Special Fire Companies
Bldg. Corp. dividend_
800,000
Profit on sales of stocks
& bonds (net)
152.0E1
1,537,041
1,130.660
Increase by adj. in book
val. ofstks. & bds.(net)
3,419.328
5,459.970
Decrease in unearned
premium reserve
993.519
1,485,119
Decrease in voluntary res
5,508.817
24,862
Disbursements
Losses
Expenses
Cash dividends
$28.717,807 *37.951,872 335.662,561 $36,287,997
12,580,801
9,809,432
4,678,820
Stock dividend
Loss on sales of stocks &
bonds (net)
1,230,248
Decrease by adj. in book
val. ofstks.& bds.
(net) 4,080,694
Increase in unearned
premium reserve
Increase Involuntary res 14,588.803
14.154.470 12.408.317 11.898.479
11,058,051 11./90.889 11.777.558
4.669,745
3,830.353
2,998.288
17,370,022
342,130
969.481
Increase in surplus def$18,250.991def$9.300,417 it7.163.519 $9,321.540
Previous surplus
34,972,752 44,273,169 37.109,650 27.788.109
Surplus Dec.31
$16,721,760 334.972,752 $44,273.169 $37.109.650
Comparative Balance Sheet As of Dec. 31.
1931.
1930.
Assets
Bonds & stocks- _b74,313,397a81,214,454
Real estate
1,768,102 1,769,006
Premiums In course
of collection _ 3,317.734 3,261,329
Interest, dividends
& rents accrued_
873,372
Interest and rents
accrued
233,897
Cash on deposit &
In office
3.132,045 1,271,233
Total
82.765.177 88,389,396
1931.
Liabilities$
Unearn. premiums24,559,657
Losses in process of
adjustment _ ___ 3,018,532
All other claims _ _ _ 1,080,286
Reserve for contingencies & diva 2.750,000
Reserve for security
values
15.138,982
Cash capital
19,495,958
Net surplus
16.721,760
Total
1930.
26,044.777
3,158,420
1,418,981
3,300,000
19,494,464
34,972,752
82,765.177 88,389,396
a Market value as of date of statement. b Valuations approved by
National Convention of Insurance Conatnissioners.-V. 134. p. 4329.
4500
Financial Chronicle
Continental Terminals, Inc.-Partial Distribution to
Debenture Holders.
On or after June 20 the New York Trust Co., as trustee, will make to the
holders of the 63 % convertible deventures, series A, dated April 1 1927 a
partial distribution in cash of $53.31 per $1,000, face amount of debentures,
upon presentation of such debentures with Oct. 1 1929, and subsequent
coupons attached, at its corporate trust department, 100 Broadway, N.
Y. City, for endorsement of such distributive payment thereon.
-V. 127,
p. 1812.
Conveyancers Title Insurance & Mortgage Co.
Plan of Readjustment Proposed.
-
June 18 1932
--Creamery Package Machinery Co.
-Div. Again Cut.
-
The directors have declared a quarterly dividend of 25 cents per share
on the outstanding 155,000 shares of common stock, no par value, payable
July 11 to holders of record July 1. Three months ago, the quarterly
dividend was reduced to 37j cents from 50 cents per share.
'
3
-V. 134, p.
"Crosse & Blackwell, Inc.
-Reorganization Approved.
-
A plan of reorganization proposed by the directors of Crosse & Blackwell,
Inc., canners, was approved on June 14 by the stockholders at a special
meeting. The plan provides for an exchange of shares of the Maryland
Corporation for shares of a new company to be chartered in that State and
the sale of the company's Canadian subsidiary at Toronto to the English
company of the same name.
A letter to stockholders points out that the Maryland company, with a
plant in Baltimore, has been operating at a profit since its inception while
the Canadian company has been operating at a loss.
Adoption of the plan, the letter adds, would add to the Maryland company's working capital, enable it to liquidate its bank loans, and put an
end to further losses from the Canadian business.
As it would provide also for a write-down to the present economic value
of assets of the business, the letter says it is hoped, on adoption of the plan,
that "earnings of the business from the United States, within a reasonable
time, will be sufficient to pay all cumulative dividends."
John C.Legg,Jr., of Baltimore:Parry D.Saylor,of New York,and Lionel
J. Matthews, of London, England, are acting as a committee for the stockholders in connection with the proposed reorganization. The Baltimore
Trust Co. is depositary.
-V. 129. p. 1747.
This company, which is engaged in lending money on first mortgages on
real estate and selling its mortgages and mortgage securities, is proposing a
plan of readjustment which embodies the following major features:
1. Present maturities of all securities, including parti-mortgage receipts
matured or unmatured, to be extended for five years.
2. Interest rate on all securities outstanding to be reduced 1%. company
to have privilege of postponing payments for one year's interest to extent
not collected.
3. Provisions for payment of =matured securities upon death of holder
to be eliminated.
The readjustment plan is being undertaken without underwriting charge
and failure to assent to the plan will not create any preferential minority.
President William Minot says:
"Conditions now existing in the market for real estate and mortgages have
continued so long that the company finds itself unable to meet its obligations
on its outstanding securities. Balance sheet as of April 30 1932, discloses
Crown Cork & Seal Co., Inc.(& Subs.).
-Earnings.
that the outstanding securities amount to $17,053,700. All of these securFor income statement for 3 months ended March 31 see "Earnings
ities have underlying them first mortgages, dollar for dollar, which were
Department" on a preceding page.
purchased by the company because in the opinion of the long
selected and
Consolidated Balance Sheet March 31.
experienced officials the properties were sound,income-producing and worth
d1932.
1931.
the amount of the mortgages, with ample margin for safety. Officers still
d1932.
1931.
Assets$
believe in the soundness of the underlying mortgages as a whole and that the
Liabilities$
$
$
aLand, buildings,
return of normal business conditions will enable holders of the securities
$2.70 cum.pref.stkb6,180,355 6,180,355
in full. Immediate liquidation would be disastrous
eventually to be paid
machinery, &c.. 7,027,877 6,819,929 Common 5tock___c1,920,610 1,510,590
Cash
579,494
874,711 Gold bonds
to the interests of the security holders.
4,408,500 4,494,500
U. S. Treas. notes 505,187
"In addition to the mortgage underlying the securities, the company
Accounts payable_ 230,885
72,205
Notes & accts. rec 1,470,017 1,822,620 Accrued accounts_ 192,406
holds first and second mortgages representing a cost to it of $2,400,858.
195,335
Inventories
Of these, first mortgages amounting to $453,125 are pledged to secure the
3,160,698 3,505,776 Federal tax reserve 410,126
467,253
Prepaid ins.& cash
loans of $280,000 and $600,000 of first mortgages are required by
Accounts payable
bank
89,644 (not current)_ __ 116,653
val. life insur__ _ 102,002
law to be held as a guaranty fund for the protection of title insurance policy25,110
Invest, in subs. &
holders.
Reserve including
"On all of the mortgages, totaling approximately $19,500,000, the comaffiliated cos.__ 2,440,232 2,628,306
minority interest
32,294
29,966
Empl. stock acct_ 290.773
208,179 Surplus
pany has foreclosed on $1,068,648 and is in possession of properties awaiting
2,533,621 3,458,354
Patents & pat. rts_
1
1
foreclosure on which the mortgages amount to $1,335,350.
Bond discount &
"Up to November 1931, the company had promptly paid all maturing
484,492
deferred expense 449,169
parti-mortgage receipts, whether the underlying mortgage had been paid
or not, although company was entitled to a year after maturity in which
16,025,450 16,433,658
Total
Total
to make payment. Since Nov 25 1931. company has been obliged to take
16,025,450 16,411,658
the benefit of the one-year provision and up to May 1 1932, the total of
a After depreciation. b Represented by 145,420 no par shares. c Repmatured parti-mortgage receipts which have not been paid amounted to
resented by 384,122 no par shares. d Includes Detroit Gasket & Mfg.
$1,017,350, and additional amounts will mature during the next few months
Co. and Western Stopper Co., Inc., in 1932, and excludes those companies
as follows:
in 1931.-V. 134, p. 3103.
$365,000 I July
$100,000
May
'
--- "-Crum 8r Forster, Inc.
-Reduces Common Dividend.
147,250 I August
223,700
June
A quarterly dividend of 15 cents per share has been declared on the
'In addition,there are unpaid first mortgage certificates or parti-mortgage
common stock, par $10, payable July 15 to holders of record July 5. Prereceipts which, by reason of the death of the holders, company has been
viously, the corporation made regular quarterly distributions or 25 cents
called upon to pay $133,750. There are also $87,000 of parti-mortgage
per share on this issue.
-V. 133, p. 806.
receipts sold under special contracts by which company agreed to purchase
them back upon 30 ro 60 days' demand.
Cuban Cane Products Co., Inc.-Steek-Off-Lrist."If the plan were accepted unanimously, the 1% reduction in interest on
The common stock no par v
ry,was stricken from the list of the New
the outstanding securities, would make available approximately $150,000 a
York Stock Exchange on June 8. The latter recently received notice from
year with which to take care of taxes, upkeep and repairs on foreclosed or
the transfer agent for the co
on stock that on instructions from the
secueities where interest is not
possessed property and to meet obligation on
receivers, they discontinued transferring this stock on May 19 1932.cc:ilected on the underlying mortgage. Plan contemplates assent by
el
V. 134, p. 4329 3103.
substantially 100% of the security holders and it cannot become effective
unless the holders of at least 90% assent, and then it is in the discretion of
Cumulative Shares Corp.
-Shares Given Face Value of
the directors whether or not to declare it effective. Clearly, it cannot be
declared effective unless sufficient holders assent so that company will not
$1 Each.
be embarrassed by maturities of securities held by non-assenting holders.
A notice to the holders of certificates for cumulative trust shares states
"The company has been advised that in case of receivership, security
In
holders whose securities have not matured prior to the appointment of a
agreement dated July 1 1930 has been amended under date of'
permanent receiver, or within 30 days thereafter, may not have any provable
June 10 1932 to provide that the trust shares issued thereunder, whether'
difference between the face amount of their securities and the
claim for the
then outstanding or thereafter to be issued,shall have a face value of$1 each.
amount which may be realized on the underlying mortgages. Plan pro-V. 133, p. 806.
vides for a change in the wording of the new securities to remove this doubt,
so that holders will clearly have provable claims in receivership whether -"Davenport Hosiery Mills, Inc.-Com. Div. Decreased.
their securities have matured or not.
The directors on June 10 declared a dividend of 25 cents per share on the
"To make sure that all available assets shall be applied to the benefit
common stock and the regular quarterly dividend of $1.75 per share on
of the security holders until all of the new securities have been paid or
the pref. stock, both payable July 1 to holders of record June 20. From
otherwise retired, company will agree with every holder of the new securities
April 1929 to and incl. April 1932 the company made quarterly distributions
not to pay any dividends on its capital stock until such securities have been
of 50 cents per share on the common stock.- V. 134, p. 1963.
retired.
"The directors believe it for the best interests of all security holders that
Davis Coal & Coke Co.(& Subs.).-Earnings.
a receivership be avoided. Such event would result in a long process of
Calendar Years1931.
1928.
liquidation, which would undoubtedly take many years, with probable
Sales
„ 2 52,386,903 $2,739,119 $2,546,111
loss of income during the period and possible eventual loss of some of the
Oper. costs, sell. & gen.
principal. It is my belief that it is greatly to the advantage of the security
expenses, taxes, &c_ _ 1,757,310
2,192,671
2,476,496
2,413,238
holders that the orderly management of the mortgazes and foreclosed propEmpl. group life insur.-Az
-V. 134, p. 853.
Indus. relation activs_
erties be continued by the present company."
9,628
10.413
9,162
13.840
Depletion, depreciation,
royalties & amortien_
-Earnings.
Cosgrove-Meehan Coal Corp. (& Subs.).
94,717
108,300
149,211
149.622
1931.
Calendar Years1930.
Profit from operations def$23,702
$75,518
$104,250 def$30,588
$3,061,175 $4,433,385
Net coal sales
Net inc. Sr. other sources
159.724
164,411
166,227
154,373
2,228,372
3,724,558
Cost of coal sales
303,864
384,971
Selling, administrative and general expenses
Profit before interest_
$136,022
$239,929
$270.477
$123,785
427,979
and repairs to plant and equipment_
Maintenance
Prov. for Federal taxes,
contingencies, &c_ _ _ _
7,100
21,400
22,550
6,656
$323,856
$100,960
Net operating profit
26,780
81,427
Other income
Net income
$128.921
$218,529
$117,129
5247,927
Dividends declared_ _ _ _
162,693
$127,740
$405,283
Total profit
Profit & less adjust
DrI1,661
Cr8,992
Cr5,413
Cr11,760
98.990
109,286
Interest on notes, accounts and mortgages on bonds
124,442
122.438
Interest on bonds
Balance, surplus
$117,261
564,829
$128,889
$253,340
72,378
82.683
Provision for depreciation
Shares of capital stock
65,774
47,666
Provision for depletion
outstanding par ($100)
52.547
53,091
54,242
54.294
16,124
Prov. for amortiz. of bond discount and expense_
Earns.per sh.on cap.stk.
$2.45
$4.57
2
0
193 .1
: 0
Condensed Consolidated Balance 3heet December 31.
.5 l1
4
loss$215,737
$8,978
Net profit after all charges
1931.
1930.
1931.
Balance Sheet Dec. 31.
Consolidated
Assets$
$
Liabilities$
1931.
1930.
1931.
1930.
Coal lands,leasehds.
Cap,stock outstz_ 5.254,651 5,309,101
Liabilities
ssets$
min'g rights,plant
$
Cur. Bab. (incl.
322,708 Notes & accep.pay. $6915,000 $963,000
198,721
Cash
& equipment_ _ _x8,112,943 8,170,897
co.'s estimate of
Notes pay., others
76,825
19,979
Notes & accounts
Securities owned_ _ 2,825,392 2,313,389
Federal taxes on
890,383 Accounts payable,
634,383
receivable
Current assets_
1,031,831 1,425,950 income)
264,147
Incl. payrolls__ _ 292,091
166,682
366,130
Inventories
Deferred charges- 18,859
27,894 Res.for conting.,&c. 287209
9: 8
4 3
24 : 89
147 0 7
5 94
Accrued note int_ _
8,039
180
Notes & accounts
Capital surplus_ .._ 3,000,000 3,000,000
Accrued bond int.
20,740
receiv.- officers
Prof.& loss surplus 3,353,253 3,235,902
1,177 Accrued mtge. int.
employees 32,121
and
1.000 Accrued taxes_ _ 1
Deposits on tundra
41,037
{31,119
Total
11,989,024 11,938,129 Total
11,989,024 11,938,129
Accrued expensesf
Invest. In & adv.
11,974
x After reserves.
-V. 132, p. 3348.
137,193 Trade coin outst'g
914
to associated cm. 182,316
133,919 Compens. awards
Deferred charges_ _ 134,957
Deep Rock Oil Corp.
-Earnings.
88,102
87,670
Pay. (current)_ 33,880
57,444
Other assets
For income statement for 12 months ended March 31 1932 see "Earnings
Deferred liabilities 148,653
Surface lands, coal
126,250
Department" on a preceding page.
-V. 134, p. 3643
1st mtge. bands__ 2,059,683 1,914,500
lands and coal
unmined, strucMtge.notes(cur't)_ 191,000
141,000 ---,Detroit Bankers Co.
-Quarterly Dividend Reduced.
Mtge. notes due
tures, dwellings
A quarterly dividend of 25c. per share has been declared on the capital
later
400,000
and equip., &c.a11,401,424 11,514,338
450.000
stock, payable June 30 to holders of record June 20. Three months ago
336 Accrued int. on
Organization exp
a dividend of 60c. per share was paid, prior to which the stock was on a
s. f. seam notes
Good-will and
$3.40 annual basis.-V. 134. p. 4163.
105,000 7% cum. pref. stk. 558,900
105,000
558,900
trade-marks._
Common stock__ _09,394,755 8,707,221
-nonOther assets
Diamond Shoe Corp.-Earnings.
16
18
current
Calendar Years
1930.
1931.
Sales
517.442,993 518,071,748
Total
12,911,171 13,458,319
12,911,171 13,458,319
Total
Net profit after Federal taxes
882,344
557.640
a After reserve for depreciation of 51,699,923. b Authorized 350,000
Dividends paid
554,904
498,006
shares of no par value; outstanding, 230,988 shares, represented by initial
Balance for common
capital, capital surplus arising through revaluation of properties, earned
$327,440
$59,634
Earnings per share on 210,000 shares common stock
surplus of certain subsidiaries at date of acquisition and earned surplus
-V. 132. p. 3892.
outstanding (no par)
since date of organization.
$3.31
$1.78
part:
Volume 134
Financial Chronicle
Condensed Consolidated Balance Sheet Dec. 31.
Assets1931.
1930.
Cash
$961,243 $549,939
Accts. receivable_ - 377.221
416,602
Nils°, accts. remit
,
23,561
25,619
Mdse.Inventories_ 2,174,563 3,205,11
Adv. to assoc. cos.
on mdse. much_
121,744
211,779
Other assets
111,734
105,638
Real, est., mach'Y,
fixtures, leaseh'd
impts., &c
2,966,264 3,046,534
Leaseh'ds, at cost,
less amortization 517,351
167.086
Dep. on leases, &c
19,223
19,727
Prepaid rentals, insurance, &e__
88,242
124,625
Good-will
1
1
Total
$7,361,149 $7,872,6671
Liabilities1931.
1930.
Accts. payable &
accrued expense $640,495 $390,004
Notes & loans pay_
400.000
Dividends payable 113,994
167,822
Res.for taxes (incl.
taxes on current
earnings)
97,335
139,503
Real estate mtge.
installments due
within one year.
50,000
7,530
Mgrs' seen!'. dep's
20.872
25,183
Deposits on leases
& sub-lease s__ _
15,983
17,049
Real est. mtge. pay 540,750
340.750
6 tt% cum. pt.stk. 1,736,000 1,834,200
6% cumul.2d pref.
stock
1,100,000 1,100,000
Common stock__ _ a920,000
920,000
Paid-in surplus__
550.107
517.209
Earned surplus_ _ _ 1,575.611 1,513,445
Total
a Represented by 210.000 no par shares.
-V. 133,
Edison Brothers Stores, Inc.
-Earnings.
Years Ended Jan. 31Net profit for year
Adjust, of reserves for deprec. to the
basis established by the Department of Internal Revenue
Total
10.794.030 10.683,614
Total
10,794,030 10,683,614
1931.
$241,368
46,735
1930.
$323,327
58,739
Total income
Deprec. & amortization_
Interest
Minority interest divs
Fed. taxes
$288,103
96,469
52,521
$282.066 $1,021,947
180,137
148,630
56.088
23,945
2.240
1.865
1.170
69,164
Net income
Pref. & preference dive_
$139,113
100,005
$142.430
135,384
1929.
$948.117
73,830
1928.
Not
Available
$479,105
x Represented by 153.717 no par shares. y After deducting depreciation
of $1,111,239. z Represented by 9 015 shares, no par value.
-V. 134.
p. 3281.
Dominion Foundries & Steel, Ltd., Hamilton, Ont.Dividend Paid on Account of Accruals.
-
A dividend of $1.50 per share was recently declared on the
stock, par $100. payable June 1 to holders of record May 25. 8% cum. pref.
was on account of accumulations which amounted on June This payment
1 to $71.50 per
share -V. 132. p. 3534.
(W. L.) Douglas Shoe.Co.
-Balance Sheet Dec. 31.-
Assets1931.
1930.
1931.
1930.
Plant and fixtures_ $590,142 $560,806 Preferred stock_ _
.$3,800.000 $3,800,000
Good-will
933,034
933,033 Common stock_ _ _
770,000 1,540,000
Cash
403,088
502,980 Accounts payable_
64,161
53,945
Customers' accts.
Reserve for taxes,
and notes receiv. 289,907
270.121
conting., &c_ _ _
x544
44,527
Inventories
2,433,835 2,845.125 Reserve for sinking
Sinking fund
36,760
fund
36,760
Treasury stock_ __
21,485
15,227 Surplus
941,817
617,310
Prepaid expense_ _
210,533
237,526
Sundry assets_ _ _ _
674,499
690,982
$5,613,282 $6,055,782
a Reserve for Federal income taxes only.
-V. 133. D. 3467.
****•••• Dow Drug Co.
-Preferred Dividend Deferred.
The directors have
voted to defer the quarterly dividend due July 1 on
the 79' cum. pref. stock, par $100. The last regular quarterly payment
was made on this issue en April 1 1932.-V. 134, p. 2730.
of 1I
•
\pownington (Pa.) Paper Co.
-Defers Pref. Dividend.
The directors have decided to defer the
semi-annual dividend due July 1
on the 7% cum. pref. stock, par $100. The last semi-annual distribution
of 334% was made on this Issue on Dec. 311931.
Draper Corp.
-Comparative Balance Skeet.
Assets
Dec. 3131. Dec. 2730.
$
$
Liabilities-
Dec. 3131.lice. 2730.
$
$
2,661.052 2,639,231 Accounts payable_
Real estate
28,109
454,511
Mach. and tools.. 1,954,942 1,890,327 Tax reserve
75,000
150,000
13,000
Other reserves_ -- 435,560
Office furniture,&c
.
576.255
1,416,153 1,437, 09 Capital &sure-118,031,976 19,504.207
2
In
misMill stocks &
cellaneous secur_ 1,684,750
1,153,563
Cash
2,353,637
Receivables
Government scour. 4,836.000
750,000
Patents
33,144
.
Accrued interest_
Treasury stock_ _ _ 1.709,404
2,224.749
359,949
2.616,707
6,863,460
850,000
59,527
1,680.815
18,570,645 20,684,973
Total
18,570,645 20.684.973
Represented by 350,000 shares (no par).
-V. 134. p. 2346.
Total
Eagle Fire Insurance Co. of N. J.
-Dividend Postponed
To Decrease Capitalization. action on
postponed
directors have
the quarterly dividend, due
The
June 30, pending readjustment of capital structure. The last quarterly
payment t:tf 25 cents per share was made March 31.
of the capital from $1,630,000 to $815,000 by
- Plans for the reductionthe shares
from $5 to $2.50, and for transferring
reducing the par value of
$514,839
$491.054
52,500
40.278
43,059
52,010
55,000
*340,986
1,926
5,696
$1.70
$1,944,432 $1,801,384
Total
1931.
$241,891
4.868
26,000
6.562
750,000
110,000
240,000
422.062
$1,944,432 $1,801,384
"Elder Mfg. Co.
-Dividend Omission.
-
The directors have decided to omit the quarterly dividend ordinarily
payable about July 1 on the common stock, no par value. From July 1 1927
to and incl. April 1 1932 the company paid quarterly dividends of 25 cents
per share on this issue.
-V. 130, p. 4423.
150.000
$3.19
Assets1931.
1930.
Liabilities1931.
1930.
Prop. & plant, less
7% cum. pref.stk _ S1,000.000
depreciation__ y$3,735,938 $4,243,520 7% preference stk.. z901,500 $1,000,000
.
930,000
Cash
95.741
137,218Common stock_ __ x550,358
550,358
Receivables
894,573
928,333 Notes payable_ __ _
700,000
650,000
Inventories
810,387 1,013,760 Dividends payable
33,732
Patents
1
771,100 Minority interests 186,100
222,899
by.in sub.& Mill.
Res.forexps.& pose
companies
40,088
loss on the resitz.
Prepaid expenses_
65,035
119,498
of assets of sub.
Invest, in stocks &
cos. in process of
sundry real est_
46,451
liquidation
150,000
Mortgage payable 433,500
438,500
Prov. for Fed. Inc.
taxes
1,170
Accounts payable_
191,592
220,344
Surplus
1,535,076 3,176,515
Total
$5,648,126 $7,223,518
Total
$5,648,126 $7,223,518
Total
$232,149
258,905
a Market value of 543,370. y Lees allowance for depreciation
amortization of $191,048. z Represented by 110.000 shares of no and
par
value.
-V. 134, p. 4163.
$608.380
129,275
Surplus
$39,108
$7,046
$630,065
Shares corn. stock outstanding (no par)
153.717
153.717
150,268
Earnings per share
$0.04
$0.04
$4.19
Consolidated Balance Sheet Dec. 31.
$5,613,242 $6.055,782
$173,853
340,986
Total
$768,343
138,278
Total
$30.419
422,062
Assets1932.
1931.
Liabilities1932.
Cash
$502,687 $411,038 Accounts payable_ I
Market.securities_
423,324
x58,392 Accrued expenses_ } $239,885
Vendors' debit bals
4,933
11,013 Federal & State in-]
Inventories
325,722
662,143
come taxes
Cash val. of life ins
630
1,215 Notes payable_ _
300.000
Deps. on leases &
Res. for divs. on
meters
14,118
pref.stock
Sundry note & sects
17,606
986 7% pref.stock__
734,000
Sundry securities_
19,293
Common stock.... z110.000
Real est. not used
Capital surplus_ _ _
240.000
in operations__ _
1,486
1,486 Earned surplus..
320.547
Cap, stock purch.
for resale to employees & unpaid
subscriptions_
28,227
58,633
Furniture, fixtures
& improvements
to leased prop_
y493,535 y449,339
Leasehold invests.)
.
51,343
Deferred
126,9881
1
2 ,299
Organizat'n exp.
60,374
Doehler Die Casting Co. (& Subs.).
-Earnings.- •
Calendar Years-
Operating profit
Other income
1930.
$230,223
Consolidated surplus Jan 31
$320,547
$422,062
Earnings per share on 110,000 shares
corn. stk. outstanding (no par)_ _ __
Nil
$1.10
Consolidated Balance Sheet Jan. 31.
$7,361,149 $7,872,666
111,233
-V. 134, p. 2528.
1931.
$173,853
Totalsurplus
$458,177
Reduct. of cost value of securities.. _ _
15,022
Adjust. of book val. ofstk. held (not)..
29.950
Preferreddividends
51,905
Common dividends
40.753
Common stock dividends
1931.
1930.
1931.
1930.
$
Liabilities
356,140
388,035 Capital stk. outst'g 5,000,000 5,000,000
810,862
822,312 Surplus & reserves 3,694,279 3,887,932
1,145,069
987,083 Reserve for deprec. 1.903,644 1.795,682
2,523,498 2,507,970 Bills payable
103,016
2,171,098 2,174,955 Accounts payable_
93,092
3.687,854 3,692,026
99,509
1932.
$30,419
Net income
Previous surplus
Disc, on purch. of pref. stock held in
treasury
p. 4164.
(Jos.) Dixon Crucible Co.
-Balance Sheet Dec. 31.-
AssetsCash
Investments
Accts. &
reo_ _
Real estate
Machy. & equip
Prods. & materials
Adv. pay. & def.
assets
4501
the released capital to surplus, will be presented to the stockholders at a
special meeting to be held on June 28.-V. 134, p. 333.
Elk Horn Coal Co.
-70% of Bonds Deposited.-
Charles W. Johnson, secretary of the bondholders protective committee,
reports that 709' of the 1st & ref. gold bonds, due Dec. 1 1931, have
deposited with Niercantile Trust Co. of Baltimore, as depositary. been
The
committee set June 15 as the time limit for acceptance of the bonds which
will be represented by them. Temporary receiver for the company
was
appointed last August.
-V. 133, p. 3795.
Emporium Capwell Corp.
-Earnings.
-
For income statement for 12 months ended April 30 1932 see "Earnings
Department" on a preceding page.
-V. 134. p. 2917.
Equitable Office Building Corp.
-Earnings.
-
For income statement for month of May see "Earnings Department"
on a preceding page.
-V. 134, p. 4330.
Equity Securities Corp.
-Smaller Distribution.
-
Equity Trust Shares in America is making a semi-annual distribution
of 9c. per share payable June 30. Arrangements have been
enable holders to reinvest the proceeds of the distribution into made to
additional
Equity Trust Shares at a discount of 33 % under the offering
,
6
price at
the time additional shares are purchased.
On Dec. 31 last a payment of 12c. per share was made. See
V. 134.
p. 333.
Ethyl Gasoline Corp.
-Adopts Five-Day Week.
-
Adoption of the five-day week by this corporation M announced
by
dent E. W. Webb. The change, effective July 1, applies to the Presientire
organization.
The action of the corporation, it is said, was taken to
conditions of industry, which demand a wider diffusionmeet the changed
of
labor without additional total expense to industry. Under the service of
the new plan
the income of each employee will be reduced by 1-11th, which
corresponds
to the reduction in the number of working hours.
"Except as above stated," according to the announcement,"the corporation will continue to function and conduct its business as heretofore,
that
is to say, the hours of the corporation, as such, will continue as
at present,
and as has been customary. The maximum of five days
the employees, an is not to affect the accustomed hours a week applies to
of business of the
corporation itself."
-V. 133. p. 487.
Exchange Buffet Corp.
-May Sales 19% Lower.
-
Month of MaySales
-V. 134. p.3829.
1932.
$363,595
1931.
$450,789
1930.
$555,640
Family Loan Society, Inc., N. Y.
-Extra Dividend.
-
An extra dividend of 373i cents per share has been
cum. and panic, pref. stock, no par value,in addition declared on the $3.50
to the usual
payment of 87% cents per share, both payable July 1 to holders quarterly
of record
June 11. Like amounts were paid three months ago.
-V.1344p. 2156.
Famous Players Canadian Corp., Ltd. (& Subs.).
-
Years EndedOperating profit
Dec. '.6 '31. Aug.30'30.
$2,478,721 $4,268,893
561,292
614.170
Depreciation
969,323
484,559
Deferred charges
289,346
Propor, of cost of Movietone equip. & instal_
633.338
Prov.for Dom,inc. taxes
125,000
176,190
Port. applic. to min.int.
165.035
Net profit
$823.106 $1,906.255
Divs. 1st pref. stock_
Divs. 2d pref. stock_
Divs,on capital stock__
757,555
735,730
Balance, surplus
$65,549 $1,170,525
Pnevious surplus
3,217.681
3.071.433
Net profits for 4 mos.
ended Dec.27 1930__
519,660
Profit from sale of prop_
nterest
-
Aug.31 '29. Aug.25'28.
$3,376,845 $1.507,067
57,5,852
250,446
225,507
301.632
152,980
87,398
208,280
170,000
73,466
$2,044,223
$794.124
252,054
60,000
52444,223
986,151
$482,070
583,346
111.058
Total surplus
$3,802.800 $4,241,958 $3.071.433 $1,045,416
Taxes. &c., prior years_
59,265
Value ofabs.issued to retire old pref.stock_
20,000
Dividends paid (4 mos)_
389,358
Special approp. for contingency, &c
1.024,278
Profit & loss surplus_ - $3,613,535 $3,217,681 53.071.433
$986.151
June 18 1932
Financial Chronicle
4502
Comparative Balance Sheet.
Dee.2831. dun.30•30.
Dee.26'31. Aug.30'30.
3
3
LiabilitiesS
Assets-Property account..12,615.317 12,997,636 Common stock_ _ x8,991,725 8,987,825
7,403,283 7,766,96.5 Stocks of subs, not
Franchises,
1,005,863
held
124,076
193,103
Adv to BM.cos- _ _
9,219,242 8,558.500
Funded debt
Adv. on film rent. 372,684
Int. of min. stockPrepaid expenses_ 247,973
890,449
holders
338,557
Dom.of Can. bds. 557,510
188.343
Accounts payable_
Equity acquired in
affiliated cos_ __ 2.417,874 2 756,738 Purch. money obli21,415
gation (current)_ 281,180
35,458
Dep.to see. contr_
37,171
Res. for U. S. Ex.
Cash in hands of
7,520
408 Adv. pay.,&c466
trustee
403.373 1.422,723 Mtges. on theatres 1,494,406 1,059,890
Cash
190,595
73,232 Dividends payable
97,460
• Mtges. receivable.
375,000
50,000
110,466 Res. for conting
133,356
Sundry debtors
87,148
23,544 Deferred liabilities
Inventories
547,052
688.412 1.872,912 Sundry creditors_ _
Deferred charges
Amount owing re14.621
our. of sec. prop
239,860
Accr. int.,taxes,&c 267.703
178,870
125.000
Res, for taxes__ _ _
Rm. for deprec. of
3,045,767
bldgs.& equip_ _
3,613,535 3,217.681
Surplus
25,166,274 27.508.673
Total
25,166,274 27,508,673
Total
x Represented by 378,790 no par shares -V. 132, p. 3535.
The equity petition sets forth that liabilities total $1,900,000 and assets
$2,900,000. Company consented to the appointment of an equity receiver,
-V.127, p. 2276.
admitting temporary embarrassment.
-Sales Agreement.
Ford Motor Co. of Canada, Ltd.
A reciprocal agreement has been concluded between W. R. Campbell.
President of the above company, and Sir Percival Perry, Chairman of Ford
Motor Co., Ltd. of England, whereby the Canadian Company will market
and sell throughout India, Australia. Soutd Africa and other parts of the
British Empire, the new midget 8-hor3epower car manufactured by the
British company.
In return, Ford. Ltd., will sell In the United Kingdom, throughout
Europe and in other territories controlled by the British company the new
V-8 Ford model and component parts produced by the Canadian company.
-V. 134, p. 3268.
-Omits Dividend.Formica Insulation Co.
The directors have voted to omit the quarterly dividend ordinarily payable
about July 1. A distribution of 125 cents was made on April 1 last, one
of 25 cents per share on Jan. 2 1932 and 50 cents per share each quarter
from April 1 1930 to and incl. Oct. 1 1931.-V. 134, p. 1381.
Franklin Fire Insurance Co.,Phila.-Dividend Meetings
This company, an affiliate of the Home Insurance Co., is understood to
have decided to hold the board meetings for action on quarterly dividends
in July, October, January and April. Heretofore action has been taken
one month earlier. The change will correspond to that just made by the
-V. 130. p. 2036.
Home Insurance Co.
-Earnings.
Fuller Brush Co.(& Subs.).
-Reduces Capital.
& Deposit Co. of Maryland.
The stockholders on June 14 approved a reduction of the capital stock
value to $20 from $50. the
to $2,400,000 from $6,000.000 and the par
-V. 134, p. 3829.
$3,600,000 difference to be transferred to surplus.
1928.
1929.
1930.
1931.
Calendar Years$9,192.683 $10,115,367 $10,392,966 $11,589,564
Sales
468,390
426,183
368,631
354,531
Net before Fed.taxes_
279,384
251,044
222,328
211,350
Divs, on pf. & com.stk_
-Annual
Fidelity-Phenix Fire Insurance Co. of N. Y.
Dividend Rate Reduced to $1.20from $..60 per Share.
Balance
Profit & loss surplus_ _ _ _
-V. 133, p. 3974.
Fidelity
The directors on June 16 declared a semi-annual dividend of 60 cents
per share on the capital stock, payable July 9 to holders of record June 30.
This compares with semi-annual payments of $1.30 per share made from
Jan. 10 1930 to and incl. Jan. 9 1932.
Listing of Capital Stock, $2.50 Par Value, to Replace Shares
of $10 Each.
The New York Stock Exchange has authorized the listing of 1,392,500
shares of capital stock (par $2.50) upon official notice of the approval by
the Superintendent of Insurance of the State of New York of the reduction of the par value of the shares from $10 to $2.50 each, the number of
shares remaining the same.
The stockholders, June 7 1932. approved the following proposition,
which was recommended by the directors: That the capital of the company be reduced from $15.000,000 to $3,750,000; that the par value of
the stock be reduced from $10 per shareto $2.50 per share; that the number
of shares into which the capital stock of the company is divided shall
remain 1,500,000 and that the board of directors be authorized to transfer
to surplus the sum of $7.50 per share of issued and outstanding capital stock.
Income and Profit and Loss Accounts for Calendar Years.
1928.
1929.
1930.
1931.
Income$17.726,002 $20,454,122 $21,945.321 $21,468,796
Premiums
2,981.179
3,726,894
4,669,449
3,943.205
Interest, diva. & rents
Special Fire Cos. Bldg.
800,000
-dividend
Corp.
Profit on sales ofstocks
1,173,825
1.599,880
262,027
and bonds(net)
Increase by adj. in book
5,022,955
4,534,213
(net)
val.of stlos.& bds.
Decrease in unearned
1.112,181
1.745,027
premium reserve
5,007,846
'
Decrease in volun. res....
$23,414,235 $32,305,626 $31,806,309 $30,646,756
Disbursements
$10,383,133 $12,677,597 $10,362,553 $9,546,402
Losses
9,820,751
9,984.844
9,110,833
7,847,735
Expenses
1,999,852
2,793,640
3,595,282
3,603.276
Cash dividends
&
Loss on sales of stocks
1,257,197
bonds (net)
Decrease by adj. in book
(net) 3,756,774 15,515.694
val.of stics.& bds.
Increase in unearned
410,208
226,137
premium reserve
1,000,000
506,297
Inc. in voluntary res_ _ _ 12,297,821
Increase in surp___dec$15,731,701dc$8,593,781
28,867,143 37,460,924
Previous surplus
$7,932,835 $7,869,542
29,528,088 21,658.546
$13,135,441 $28,867,143 $37.460.924 $29,528,088
Comparative Balance Sheet Dec. 31.
1930.
1931.
1930.
1931.
Liabilities
Assets
_a58,953,326b55,091,786 Unearned prems_ _20.095,632 21,840,660
Bonds 2e stocks_
1,738,102 1,739,003 Losses in process of
Real estate
adjustment ____ 2,481,016 2,749,869
Premiums In course
884,288 1,090,534
2.539,343 2,490,273 All other claims_ _
of collection
Res. for canting.
Int., dim. & rents
& dividends__ _ _ 2,250,000 2,800,000
723,653
accrued
Rm.for secur. val.12,847.981
Int.* rents accr'd 176,384
13,859,299 13,858,068
Cash capital
Cash on deposit &
13,135,441 23.867,143
1,156,556 Set surplus
2,145,501
in office
Surplus, Dec. 31
65,553,659 71,206,275
Total
65,553,659 71,203,275
Total
Coma Valuations approved by National Convention of Insurance 4331.
-V. 134, p.
of date of statement.
missioners. b Market value as
-Chairman Resigns.
(Marshall) Field & Co., Chicago.
to beJames Simpson resigned last week as Chairman of this company Co. of
come head of the Commonwealth Edison Co., the Public Service 1769.
-V. 134, p.
Northern Illinois and the Peoples Gas Light & Coke Co.
-Sales.
First National Stores, Inc.
Decrease.
1931.
1932.
Four Weeks Ended May 28$268.165
$3.158,748 $8,426,914
Sales
Massachusetts food index number is approximately 16% lower than
The
approximately 12.2% for
a year ago, indicating increased tonnage sales of
First National Stores, Inc. for the four weeks ended May 28 1932.
line
During the month of May 1932 24 retail prices in the corporation's
is still a downward
were increased and 55 were decreased,showing that there -V. 134, p. 4318,
we sell.
trend in the prices of the food commodities which
3829.
502 Park Avenue (502 Park Ave. Corp.), N. Y. City.
Bondholders' Committee.
The committee for the holders of the 1st mtge. fee 6% sinking fund gold
bonds, dated June 1 1926, consists of Nicholas Roberts. Chairman; 11. R.
Amott, John L. Laun. Charles Ridtgely, W. R. Gillespie.
Foreclosure proceedings have been instituted and the trustee under the
has been
mortgage took possession of the property. New management operation
appointed and is committed to a policy of rigid economy in the
of the hotel.
The Continental Bank & Trust Co. of New York is depositary. Holders
-V. 122.
of undeposited bonds are urged to deposit their bonds at once.
p. 3611.
-Receivership.
Foltis-Fischer, Inc.
$143,181
1,233,805
$146,303
1,241.367
$175,139
1,217.471
$189,006
1,587,842
-Changes in Personnel.
Gabriel Co.
The following officers have been elected: John J. Batterman, formerly
Vice-President and Treasurer, as President and Treasurer; David Benjamin,
previously Secretary,as ice-President; Harry D.Kinnear, as Vice-President
In charge of manufacturers sales and Charles F. Gurruno, formerly Comptroller, as Secretary.
The board of directors remains the same as follows: George H. Balls,
Dr. Alfred R. L. Dohme, John J. Batterman, David Benjamin, Charles F.
Gummo, Josn W. Browning. and L. Arnold Weissburger.
In addition to the manufacture of shock absorbers, this company controls
the Gabriel Karl-Keen Co., of Sioux City, manufacturers of Kari-Keen
luggage carriers, and the Gabriel Pneumatic Vulcanizer, Inc., producers of
-V. 134, p. 4331.
vulcanizing equipment.
-Plan Operotive.(Robert) Gair Co.
Holders of more than 95% of each class of stock of company having
committee,
deposited under the plan and agreement, dated April 8 last, theof directors,
headed by F. Winchester Denio, with the assent of the board
plan
has declared the plan operative and is proceeding to constunmate the
as rapidly as possible. Stockholders who have not yet deposited under
the plan may obtain the benefits thereof by depositing their stock be ore
the close of business June 30, with either of the depositaries, Old Colony
Trust Co., Boston, or First of Boston Corporation, New York.
Income Account for Calendar Years.
1928.
1929.
1930.
1931.
Profit on production- _ _ _ $2,311.265 $2,297,861 $2,591,647 $3,069.506
189,768
158,574
49,359
31,870
Other income
$2,343,135 $2,347,220 $2,750,220 $3,259,271
Total income
2,282,039
2,505.832
2.311,853
2,074.209
Expenses, &c
704,376
725,370
584,767
578.132
Depreciation
7,459
Loss on sales ofsecurs_ _ _
Taxes, bond and other
238,548
interest, &c
296.157
109,276
Adjust. of inventory......
60,573
Invest, written down _ _ _
Prov.for doubt. accts.&
130,000
notes receiv
42,265
Miscellaneous charges_ _
525.026
x Special expenses
Deficit
Proton sale of cap.assets
$651,320 $1,370,583
$188,441 sur.$34,310
1,408,357
Deficit_ _ _ _ _ - -- - - Preferred dividends_ _ _ Common dividends
Class A partic.shares_
$651.320 $1,370,583
$488,441 sr$1,442,668
110,717
118,750
265,833
535,173
$651,320 $1.370.583 $1,023,614 sur$947,368
Deficit
500,000
500,000
500,000
498,900
Shs,com.outst.(no par)
Nil
Nil
$2.13
Nil
sh. on com_ _ _
Earns. per
x Adjustments and special expenses in respect of investments written
value, salaries of releasea employees, moving exps., &c.
down to market
-V. 134. p. 3645.
General Alliance Corp.-Se/is Holdings in English Co.
The corporation has sold its entire holdings in the United British Insurance Co., Ltd.. to the Motor Union Insurance Co. of London. England.
and the General Reinsurance Corp. has absorbed the United States branch
of the United British concern.
E. H. Boles, President of General Alliance Corp., said that out of the
funds from the sale, the company would, as owner of the entire stock of
the General Reinsurance Corp. and of the North Star Insurance Co., make
a substantial contribution to the surpluses of each of these three co mpanies.
-V. 134. p. 1203.
-Registrar-Foreign Expansion..
General Alloys Co.
The First National Bank. Boston, Mass., has been appointed registrar
for the shares of the above company.
A contract has been concluded between General Alloys Co. of Boston
and C. M. Stein, head of Fours Et Apparelle Stein of Paris. whereby that
company together with Ste Ed Electro Chinni() Eet Acieries Electriques
D'Ugine, will immediately form a new corporation in France to have exclusive sales rights for all heat and corrosion resisting alloy products of the
-V. 134. p. 1965.
General Alloys Co. ("Boston News Bureau.")
-Listing of
General American Investors Co., Inc.
.
$6 Cum. Pref. Stock (No Par Value) to Replace Shares of
$100 Par Value.
The New York Stock Exchange has authorized the listing of 84,000
shares of $6 cumulative preferred stock (without par value), of which
83,990 shares have warrants attached entitling holders thereof to purchase
2 shares of common stock for each share of preferred stock so held, upon
official notice of the filing of the certificate of amendment of the agreement
of merger dated Aug. 6 1929, changing the authorized preferred stock consisting of 100,000 shares of the par value of $100 a share, to 100,000 sham;
without par value. See also V. 134, p. 4331.
General Electric Co. (Allgemeine Elektrizitaets Ge-Debentures Called for Redemption.
sellschaft), Germany.
The National City Bank of New York, as trustee, is notifying holders
of 20-year sinking fund 7% gold debentures, due Jan. 15 1945, that $333,000
of these debentures have been selected for redemption at 105 on July 15 1932.
Debentures drawn for redemption are required to be surrendered with all
interest coupons maturing subsequently to July 15 next, at the head office
of the National City Bank of New York, 55 Wall St., N. Y. City. Interest
on drawn debentures will cease to accrue on the redemption date.
It was also announced that 537,000 of these debentures, previously
-V. 134.
called for redemption, had not been presented on June 9 last.
p.3988.
The company was petitioned into equity receivership June 14 by Coudert
Brothers, attorneys for the Model Dairy Co., which has an overdue claim
for $4,000. The Irving Trust Co. was appointed receiver by Federal Judge
William Bondy. Then an involuntary petition in bankruptcy was filed by
three creditors, Erhard Djorup, an employee, $1,047; Emil Koref, Inc., - x
-7'o Reduce Capital." General Realty & Utilities Corp. stockholders will be held
33.023. and John T. Stanley Co.. Inc., $1,086.
special meeting of common and preferred
The equity petition was filed after a default in the payment on $1,360,000
July 11 to vote on a proposal that the capital of the company be decreased
a 634% sinking fund 10-year convertible gold notes outstanding.
Volume 134
Financial Chronicle
by reducing the amount of capital represented by the shares of outstanding
no par preferred stock ($6 optional stock dividend series) to $50 a share
from $100 a share. Stockholders of record June 20 are entitled to vote
-V. 134, p. 2158.
at the meeting.
-Offer to Atlantic Sugar
General Sugar Refineries Ltd.
-See Atlantic Sugar Refineries, Ltd.,
Refineries Approved.
above.
-V. 134, p. 4165.
General Theatres Equipment, Inc.-Stricken_fram_List.
...."
-
frkm
Deposits of Debentures Urged.
-
he voting trust certificates for common stock, no par ylue, was stricken
the list of the New York Stock Exchange on June 8.
4503
F. & W. Grand 5-10-25 Cent Stores, Inc. is the lessee of all the properties
of F. & W. Grand Properties Corp. which are mentioned in the trust agreement dated as of Dec. 15 1928 under which the debentures were issued.
The rent paid by the lessee formerly constituted the principal source of
income of F. & W. Grand Properties Corp. This lease has been disaffirmed by the receivers, although arrangements are understood to be
pending for the payment by the receivers of a reasonable use and occupancy
rental for such of the stores as the receivers are continuing to operate.
A protective commiteee in behalf of the debenture holders, consisting
of Darragh A. Park, Chairman, Walter C. Brown, Philip Masiansky,
William B. Neergaard and William S. Wilson, was organized under a
protective agreement dated April 25 1932 under which Manufacturers
Trust Co. is acting as depositary and Cadwalader, Wickersham & Taft as
counsel.
It is understood that over $650,000 debentures have already been deposited under the protective agreement, but that additional deposits are
necessary in order to cause the trustee under the trust agreement to declare
the principal of the debentures due and to bring action thereon. The
committee,therefore,is actively soliciting additional deposits, which should
be made with Manufacturers Trust Co. as depositary at its office, 149
Broadway, New York City. All debentures must be accompanied by interest coupons maturing on and after June 15.
All debentures deposited must be in negotiable form.. and registered
debentures must be duly endorsed in blank for transfer or be accompanied
by transfers in blank, duly executed, with the signatures properly guaranteed. Certificates of deposit in registered form will be issued by the
depositary for all debentures deposited.
Frank P. Ohimuller, 57 William St., New York City, is Secretary of the
Committee, to whom all requests for information should be addressed..
The consolidated protective committee representing the 10
-year 6%
cony, gold debentures, due April 1 1940, has sent a notice to debenture
holders urging the necessity of immediate deposit of their holdings with
City Bank Farmers Trust Co., as depositary. The committee, of which
Arthur W. Loasby is Chairman, reports actual deposits amounting to
approximately 30% of the $29,554,000 of debentures outstanding, with
promises for early deposit of an additional 7%.
Declaring that it has been earnestly endeavoring , in co-operation with
the receiver, to preserve the property of the company, the committee says
further:
"We have also been working on the details of a plan of reorganization
along the lines outlined in our letter of April 23 1932. and feel sure that with
the support of the debenture holders a plan substantially as outlined can
be consummated.
'At our request the trustee has declared the principal of the debentur
due and payable, demanded payment and filed proof of claim for the
-Reduces Dividend.
--,Grand Rapids Varnish Co.
elL"-principal of and interest on all the debentures in the Delaware Chancery
The directors have declared a quarterly dividend of 7;ic. per share on
Court.
the capital stock, no par value, payable June 30 to holders of record June 20.
"Our counsel has had in the past and undoubtedly in the future will have
A quarterly distribution of 10c. per share was made on March 31 last.
to appear in court on behalf of depositors, and in this connection, as well as
Compare V. 134, p. 856.
to make reasonably certain the carrying through of the very favorable
arranagement made with the Chase National Bank, it is vitally important "----.Gray Telephone Pay Station Co.
-Omits Extra Dividend.
to your interests that you deposit your debentures at once."
The directors have declared the regular quarterly dividend of 50 cents
Under the arrangement with the Chase National Bank, that institution
per share, payable July 1 to holders of record June 18. No action was taken
gave assurances to the committee of its willingness to co-operate in effecting
in respect to an extra dividend usually declared at the same time.
a reorganization and agreed, subject to the satisfactory working out of
On April 1 last an extra of 25 cents and a quarterly of 50 cents per share
details, to participate in respect of its bank loans in a reorganization plan
were paid on April 1, while on Jan. 1 a special of 25 cents, an extra of 50
meeting certain specified conditions.
cents and a quarterly of 50 cents were distributed.-V. 134, p. 3467.
In addition to Mr. Loasby, the membership of the committee comprises:
Edward C. Delafield, Harry S. Durand, Lloyd S. Gilmour, Arthur Peck,
-Sales.
Great Atlantic & Pacific Tea Co.
Conrad H. Poppenhusen, Seton Porter and Ray W. Stephenson.
-V. 134,
Sales as estimated by the company for the periods from beginning offiscal
P. 4332.
year Feb. 28 1932 to May 28 1932, compare as follows:
Dec.
%
1932.
1931.
Gillette Safety Razor Co.
-Report on Stockholders' Suit 5 weeks ended April 2
15.1
$88,912,192 $104.742,250 $15.830.058
14.9
85,026.365 12,657.701
to Be Filed in August.
72,368,664
4 weeks ended April 30
10.6
8.620.709
72,432,886
81,053,595
4 weeks ended May 28
The report of Judge William M. Prest on his hearing o the $21,000,000
suit of minority stockholders against certain former directors of the com13.7
$233,713,742 $270.822.210 $37,108,468
Total
pany is to be filed no later than the first week of August, according to
Tonnage sales as compiled from company's estimates for periods from
Boston press dispatches. This was established at a hearing before Judge
1932, compare as follows:
Feb. 28 1932 to May 28
Prest on a motion to admit a newly discovered piece of evidence.
Dec.
1931.
1932.
The petitioners stated that one of counsel had discovered in the Harvard
51.
32,627
552,825
452220;719148
5 weeks ended April 2
School of Business Administration Library a statement of the company
7.4
33,990
456,704
4 weeks ended April 30
for the year 1918 in which shipments to foreign subsidiaries were carried
1.3
5,762
437,687443,449
4 weeks ended May 28
as receivables. Judge Prest admitted this evidence subject to the objection
-V. 134, p. 3988:.
of several counsel for the defendants.
72.379
4.9
1,452,978
1,380,599
Total
Globe Underwriters Exchange, Inc.
-Stock Off List.
- -V. 134, p.4332.
The Boston transfer and registration agencies having been discontinued,
-Omits Dividend.
\Great Northern Iron Ore Properties.
the capital stock was dropped from the list of the Boston Stock Exchange-on June 13.-V. 134, p. 1966.
The trustees have voted to omit the semi-annual dividend ordinarily
payable about this time on the certificates of beneficial interest.DistriGoldman Sachs Trading Corp.
-Atlas Utilities Corp. butions of $1 each were made on June 25 and Dec. 28 1931, while in 1930
the following payments were made: 75 cents per share on April 29 and
Makes Offer to Acquire Stock.
$1 regular and 50 cents per share on Dec. 29.
The Atlas Utilities Corp. has made an offer to acquire holdings of capital
Louis W. Hill, President of the trustees, June 17, in a
stock of the Goldman Sachs Trading Corp. by exchanging for each share
thereof 3-10 of a share of Atlas common stock. In lieu of delivering fracletter to the holders of trustee's certificates, says:
tional shares, there will be delivered scrip exchangeable, on the conditions
Under date of Dec. 29 1930, in connection with distribution No. 42, the
to be therein provided, in integral amounts for full shares without cost.
certificate holders of the Great Northern Iron Ore Properties received notice
The Atlas Utilities Corp. and controlled companies already hold large
that because of additional minimum royalties accruing under new leases
amounts of the stock of the Goldman Sachs Trading Corp., and are repreconcluded during that year, the trustees anticipated at that time that there
sented on its board of directors.
would be funds available to justify regular $2 per year distributions upon
Stockholders desiring to accept this offer, must on or before the close of
certificates of beneficial interest, payable $1 in June and $1 in December,
business on June 30 1932 (or on or before the close of business on such explus such extra distributions as the royalty receipts for each season might
tended date or dates not later than July 22 1932, as may be specified by
warrant.
Atlas Utilities Corp.) deposit their certificates representirg shares of capital
Because of existing economic conditions and the unprecedented depression
stock of the Goldman Sachs Trading Corp., with the Commercial Trust
in the steel and iron industry, the trustees have found it necessary and
Co. of New Jersey, 15 Exchange Place, Jersey City, N. J., or Wells Fargo
advisable to defer the minimum royalty requirements of a number of leases,
Bank & Union Trust Co., 4 Montgomery St., San Francisco, Calif. The
thereby substantially reducing the income of the Great Northern Iron Ore
depositary with which deposit is made will issue its transferable deposit
Properties during the current year.
receipts which will call for the delivery of the appropriate securities of Atlas
In view of these reductions, and in order to meet such exigencies that
Utilities Corp. as therein provided.
might arise, there will be no distribution to certificate holders in June
The Atlas Utilities Corp. reserves the right to declare the period for dethis year.
posits closed after 1,000,000 shares of capital stock of the Goldman Sachs
The resumption and amount of subsequent distributions must necessarily
Trading Corp. have been deposited, even though such deposits occur prior
-V. 134, p. 2706.
depend upon future developments in the industry.
to June 30 1932, or such extended date or dates, but Atlas Utilities Corp.
(because of the delay incident to the transmittal of this offer to the Pacific
-Earnings.
Grief Bros. Cooperage Corp.
coast) agrees, in any event, to accept the first 300,000 shares of capital
For income statement for 6 months ended April 30 see "Earnings Destock of the Goldman Sachs Trading_Corp. that are deposited with Wells
partment" on a preceding page.
Fargo Bank & Union Trust Co., San Francisco, Calif., provided such shares
Balance Sheet April 30.
are deposited within the time limit specified.
1931.
Liabilities1932.
1931.
1932.
.4sortsAttention is directed to the fact that additional transfer stamps will be
Coal. stk. & sur_ x83,542,309 83,961,455
Land, bldzs., mach
necessary on deposits made after the close of business on June 20 1932 by
10-yr. 6% sinking
reason of the new Federal Revenue Act.
& equip. &c.,
less depreciations1,512.110 $1,744,222 fund gold notes_ 1,028,500 1,133,500
Sequestration Upheld-Bond of $500,000 to Be Filed by Cash
33,487
20,051
299,540
165,838 Cap.stk. of subs _.
Notes payable for
Customers notes&
Complainants.
accts. receivable 351,039
651.609
moneyborrowed.
An opinion denying the motion of Goldman Sachs Trading Corp. to vacate
purch. of prop.,
U. S. Liberty loan
the sequestration ordes against it in the accounting suit of Eddie Cantor
379,201
&c
& Treas. bonds_ 194,438
and Benjamin F. Holzman has been filed by Chancellor J. 0. Wolcott,
Accts.pay. for pur.
Liberty bonds on
at Wilmington, Del. The order, which in effect would allow seizure of
62,465
30,292
expenses, dre.._.
dep. with State
all property of the individual defendants found in Delaware to compel their
33,223
Accr.taxes, int.okc
30.496
of New York._
23,613
appearance in court to defend the suit, directs that complainants file a
Other liabilities_
28,000
Empl. accts. rec
13,863
bond to indemnify the individual defendants against any loss they might
Inventories
1,533,909 1,879.297 Accts. payable (to
suffer through seizure of their stock holdings in event the suit is dismissed.
Officers, employ.
Mill. cos. partly
The bond may exceed $500,000.
24,302
21.751
& misc. notes &
owned)
Co-defendants in the suit are the co-partners of the corporation and
accts. receivable
36,517
89,989 Res, for cording.,
States Electric Corp. and others.
the Central
-V. 134, p. 2158.
173,221
206.117
Inv.in oth.cos., &c
25.500
64,752
&c
Involt.(MM.cos.) 127,197
294,423
Goodyear Tire & Rubber Co. of California.
Notes & accts. rec.
The directors have voted to defer the quarterly dividend due July 1
(affiliated CDS.1 _ 298,594
366,823
on the 79' cum. pref. stock, par $100. The last regular quarterly payTimber nroperties. 455,032
495,717
ment of 1 % was made on this issue on April 1.-V. 134. p. 1771.
Good-will
1
48,182
Graham-Paige Motors Corp.
-Begins Shipments of New Deferred charges.. 29,101
Model.
The corporation on June 15 announced that it has begun shipments of
the 1933 Graham six, shortly to be introduced as a companion to the
-inch wheelbase, will follow the streamGraham eight. The new model, 118
line eight-cylinder car in appearance and mechanical features. Its 80
-hp.
engine will have a high-compression composite aluminum head for operation
on regular grades of fuel. Another new feature is the automatic clutch in
combination with a syrichro-silent gearshift. First shipments are the fourdoor sedan models, listing at $925 at the factory. Two coupes and a convertible will be added shortly, the business coupe to list at $875.
The company's announcement declares that the success of the advanced
streamline eight has created a wide demand for a lower-priced car of similar
styling, stating that the eight has attained fifth place among all cars of
-V. 134, p. 3105.
more than six cylinders.
(F. & W.) Grand Properties
Default.
-
Corp.
-Debentures in
The interest payable June 15 on the 69' convertible sinking fund gold
debentures was not paid and it is understood that payment cannot be made.
On March 19 1932 receivers in equity were appointed for F. & W. Grand
5-10-25 Cent Stores, Inc., by the U. S. District Court for the Southern
District of New York and ancillary receivership proceedings have been
instituted in the numerous districts where the properties of the corporation
are located.
Total
84,907,515 $5,800,854
Total
84,907.515 95,800,855
x Represented by 64,000 shares of class A cum, common stock and 54,000
shares of class B common stock, both of no par value, of which $605,942
unearned surplus, $445,254 profit and loss, and $2,491,113 capital surplus.
-V. 134, p. 4332.
Griswoldville (Mass.) Mfg Co.
-Consolidation.
See Kendall Co. below.
-V. 110, p. 265.
Guardian Investment Trust, Hartford., Conn.
Special Dividend of 20c. a Share on Preferred Stocks.
The directors have declared a special dividend of 20c. a share on the
cony, and non-cony. pref. stocks, no par value, payable July 1 to holders
of record June 15. A payment of 25c. a share was made on Jan. 1
and April 1 last and on Aug. 1 and Oct. 15 1931. Regular quarterly
dividend payments of 37)'c. on these stocks were paid up to and incl.
Jan. 2 1931. The regular April 1931 dividend of 3734c. is still unpaid.
Both classes of pref. stock are cumulative and consequently accumulated
dividends, as per and incl. July! 1932,amount to $1.05 a share.
-V.134.
sHambleton Corp.
-Receivership Asked.
Receivership proceedings against Hambleton & Co., stock brokers and
bankers, and the Hambleton Corp. were begun June 10 in Circuit Court
4504
Financial Chronicle
at Baltimore, by William E. Bauer and other stockholders, who alleged
that the first-named concern was hopelessly insolvent.
It was asserted in one petition that because of the heavy indebtedness
of Hambleton & Co., receivers would be necessary for the Hambleton Corp.
since its assets are endangered.
The concerns were given until June 25 to show why receivers should not
be appointed.
Hambleton & Co., the suit averred, has been in involuntary liquidation
some months.
The Hambleton Corp. was said not to be technically insolvent. It was
alleged to be dominated by the other concern and the suit alleged that
receivers should be appointed for it to protect its assets.
-V.134. P. 2919.
Harrisburg (Pa.) Hotel Co.
-Smaller Distribution.
-
The directors have declared a semi-annual dividend of 51.50 per share
on the common stock, par $50, payable July 1 to holders of record June 20.
The company on Jan. 1 last made a semi-annual distribution of 81.75
per share in addition to an extra payment of 50 cents per share.
-V. 134.
p. 1036.
Hayes Wheels & Forgings, Ltd. Subs.).
(&
-Earnings.
-
Calendar Years1931.
1930.
aProfit from opera. &
other income
loss$153,363 loss$67.435
Deprec. of plant & equip
94.801
Bond interest
31,457
Amts. written offinvent.
51,174
Loss on sale of plant dz
equipment
8,218
Income taxes
3.071
Approp.against invest
10,000
Net profit before inc.
tax
bloss$225.8261055$193.694
Preferred dividends_
30.503
Common dividends
32,500
1929.
1928.
$457.212
152,141
33.224
$460,381
121,253
34.856
$271.846
40.670
110,000
$304,273
43,750
Balance
10688225,826 loss$256,697
$121,176
8260,523
Shares corn, stock outstanding (no par)__
68,000
68.000
60,000
50,000
Earnings per share
Nil
Nil
$3.48
$4.33
a After providing for all manufacturing, selling and administrative
expenses. la Before depreciation.
Consolidated Balance Sheet Dec. 31.
Assets1931.
LiaMlUies1930.
1931.
1930.
Cash
5226,489 5304,713 Capital stock: 7%
Cash in hands of
CUM. B.f. of. stk. $581,000
$581,000
trustees for bondCommon stock_ _ _ x89,000
68,000
holders
1,500
Accounts payable_
74.741
83,336
Sink, fund cash__
97 1st mt e. 8% B. f.
Accts. es bills rec.
68,256
107.99
0 sold b.mds
454.000
489,700
Inventories
394,570 Capital surplus.. _ 756.243
265,341
829,748
Life insur. policies
12,750
9.300 Earned surplus._ _ 591,372
807,198
Investments
127,683
127.685
Deferred charges_ _
28,064
65,120
Fixed assets
y1,795,274 1.849,515
Total
$2,515,357 32,959,992
Total
$2.515.357 32,858,981
x Represented by 68.000 shares of no par value. y Less reserve for
depreciation of 8778,610.-V. 134. p. 3283.
;
Hershey Chocolate Corp.
-To Omit Sales Figures.
-
The New York Stock Exchange has granted permission to this corporation
to omit all figures on its net sales from its published reports.
Similar permission has been given recently to other food companies, such
as the General Foods Corp., and the National Dairy Products Corp.
-V. 134, p. 3468.
Holland Furnace Co.
-Earnings.
-
Years Ended March 311932.
1931.
Net sales
813,214.156 $17,085,956
Cost of sales
5,881,447
7,597,597
Selling, advertising. gen.& administrative expenses 6,454,155
7.276,734
Operating profit
Other income (net)
Total profit
Interest paid
Depreciation
Provision for Federal income tax
Net profit
Profit and lose-Surplus at April 1
3878.554 $2,211,626
Dr228,985
64,065
8649,569 82.275,690
226.828
234,324
145,724
137,192
11,111
227.772
$265,906 $1,676,403
3.347,372
2,962.242
Total surplus
83,613.278 84.638.645
Preferred dividends
88,022
97.517
Common dividends
1,188,539
752,652
Prov.for possible allowance on stock sold to employ
5.217
Profit and loss-Surplus March 31 1931
82,772.602 $3,347,372
Earn, per share on 432,196 no par common shares_
$0.41
$3.65
Balance Sheet March 31.
1932.
1931.
1932.
1931.
Assets
Lia6ilities3
380,293 1,078,844 Notes payable_ _
900,000
900,000
Cash
Accts.receivable 8,280,617 9,246,666 Accts. pay.. accrd.
Inventories
849,257
1,841,239 1,735,030 expenses. &c_
613,737
Fed.Inc. tax
139,745
58,115
Cash surr. value of
life Insurance_
277,340 Sink.fund 6% gold
321,843
debentures
2,422,000 2,571,000
Agts. & salesmen's
495,409
449,403
Has. for canting
accts. & adv. to
employees,&c_
595,717 Preferred stock.... 1.105,550 1,366,150
623,714
Invest.& advances 548,082
549,016 Common stock.....y4,321,960 4,321,960
Cash on deposit In
Capital surplus__ 1,534.165 1,534,165
closed banks_ _ _
95.391
Profit dr loss surp_ 2.772,602 3,347,372
Treasury stock_ _ _
33.103
45,280
Due from employ.
on stock purch.
agreement
180,738
155,979
Real est, not used
in operations_ _ _
39,229
43,959
Miscellaneous sects
30,208
16,736
Land, laldgs. and
equipment
xl,591,943 1,520,459
Patents
1
1
Deferred charges._ 212,426
259,735
Total
14.177,533 15.526,057
Total
s After reserve for depreciation of $845.640.
no par shares.
-V. 134, p. 3106.
14,177.533 15.526,057y Represented by 432.196
June 18 1932
Subscription Privileges -Holders of certificates of deposit representing
1st mtge. leasehold 6V sinking fund gold bonds are entitled to subscribe to the income bonds of the new company at the principal amount
thereof, payable in cash on or before June 27 1932, to the extent of 10%
of the principal amount of bonds represented by such certificates of deposit.
Holders of certificates of deposit representing 1st mtge. leasehold bj %
sinking fund gold bonds who exercise their rights to subscribe for the income
bonds of the new company will receive in reorganization without further
payment therefor upon surrender of their certificates of deposit, the following securities of the new company:$250 principal amount of income debentures; 1 share of class A stock and 4 shares of class B stock for each $100
principal amount of income bonds of the new company so subscribed for.
Holders of 10
-year sinking fund 6% income gold debentures and unsecured creditors of Hotel Pierre, Inc., will be entitled to subscribe to the
income bonds of the new company on the same basis as outlined above.
In the event that the entire 5975,000 of income bonds of the new company are subscribed for by the holders of certificates of deposit representing
1st mtge. leasehold 6 % sinking fund gold bonds and 10
-year sinking fund
6% income gold debentures of Hotel Pierre, Inc., the committee reserves
the right to increase proportionately the authorized amount of income
bonds,income debentures, class A stock and class B stock of the new company to enable the unsecured creditors of Hotel Pierre, Inc., to subscribe
to the income bonds upon the basis set forth above.
In the event and to the extent that the holders of 1st mtge. leasehold
63- % sinking fund gold bonds and unsecured creditors of Hotel Pierre, Inc.,
do not avail themselves of the subscription privileges set forth above,
the committee reserves the right to offer such subscription rights to such
stockholders of Hotel Pierre, Inc., or to such other firms, persons or corporations as may be satisfactory to the Committee.
The plan of reorganization is contingent upon and will not be declared
effective unless and until cash subscriptions to income bor.ds of the new
company in an aggregate amount of at least $600,000 shall be received.
Subscriptions will not be accepted after June 27 1932.
Distribution of New Securities.
-Molders of certificates of deposit representing 1st mtge. leasehold
% sinking fund gold bonds, who assent to
the plan, whether or not they exercise all or any of their subscription rights
as hereinab e provided, shall be entitled to receive in reorganization,
upon surrender of their certificates of deposit, the following securities of
the new company for each 51,000 principal amount of bonds represented
by such certificates of deposit: 8400 principal amount of income debentures; 1 share of class A stock, and 4 shares of clam B stock.
The Gerry Estates. Inc., as lessor under the ground lease, shall receive
in reorganization. in consideration of. among other things, the amendment
of the ground lease 22.500 shares of class A stock and 10,000 shares of
class B stock of the new company.
Holders of certificates of deposit representing 1st mtge. leasehold 63-1%
sinking fund gold bonds who shall not have deposited the same with the
committee under the bondholders deposit agreement dated July 15 1931,
on or before June 27 1932,or such later date as the committee may determine
shall not be entitled to any of the benefits of the plan of reorganization.
Holders of 10
-year sinking fund 6% income gold debentures and unsecured creditors of Fotel Pierre, Inc., shall not be entitled to any of the
benefits of the plan of reorganization except the subscription privileges
hereinabove described.
Summary of Rights of Security Holders and Creditors Under Plan.
(1) Folders of certificates of deposit representing 1st mtge. leasehold
% sinking fund gold bonds who exercise their full subscription rights
will receive the following securities of the new company for each 11.000
principal amount of bonds: $100 p-incipal amount of income bonds; $650
principal amount of income debentures: 2 shares of class A stock, and 8
shares of class B stock.
(2) Holders of ce*Ificates of deposit representing 1st mtge. leasehold
634% sinking fund gold bonds who do not exercise their subscription rights
but who assent to the elan will receive the following securities of the new
company for each $1.001 principal amount of bonds: 8100 principal amount
of income debentures; 1 share of class A stock, and 4 shares of class B
stock.
(3) Holders of 10
-year sinking fund 6% income gold debentures who exercise their full subscription rights will receive the following securities of
the new company for each $1,0)0 principal amount of debentures: $100
principal amount of income bonds: 1.50 principal amount of income debentures; 1 share of c lass A stock. and 4 shares of class B stock.
(4) Holders of 10-yea- sinki, g fund 6% income gold debentures who
do not exercise their subscription rights are not entitled to receive any
securities of the new company.
Amendment of Ground Lease.
When the plan of reorganization is consummated. The Gerry Estates.
Inc.. lessor under the ground lease, dated March 30 1929, has agreed in
consideration of the shares of stock of the new company above mentioned
and the transfer and assignment to it of a remainder interest in the furniture
and equipment used in the operation of the hotel, to amend and modify
the ground lease as follows: The annual net rental thereunder for a period
of 3 years beginning on June 1 1932 shall be payable only out
the net
earnings from the operation of the hotel property over and aboveof
operating
expenses, taxes, insurance and other current expenses up to the sum of
$100,000; for the 4 years from June 1 1935 the andual net rental shall be a
fixed minimum of $100.000: for the 3 years from June 1 1939. the annual
net rental shall be a fixed minimum of $150,000. and for the remaining
period of the term of the lease from June 1 1942 the annual net rental shall
be determined and fixed by a revaluation of the leased premises. The modified lease will further provide that prior to June 1 1942, the net earnings
from the operation of the hotel properties over and above the fixed annual
rentals shall be applied upon an agreed basis to payment
interest on and
the retirement of income bonds and income debenturesof the new comof
pany and as additional rental.
Deposits -Holders of 1st mtge. leasehold 634% sinking fund gold bonds
who have not as yet deposited their bonds are requested to
their
bonds with the depositary for the committee promptly. deposit
Bank & Trust Co. of New York, 30 Broad St., N'. Y. City. Continental
Committee
consists of Nicholas Roberts. Chairman, Ralph C. Baker, James E.
Friel,
John L. Laun and Charles Ridgely.
To Be Sold at Auction July 1.It was announced June 10 that the property will be sold at
on
July 1. The sale will be held in the Vesey Street salesroom andauction P.
Joseph
Day will be the auctioneer. The sale lathe result of foreclosure proceedings
and has been ordered to satisfy a judgment obtained by the Continental
Bank & Trust Co. as trustee for a bond issue.
-V. 134. p. 1967; V. 133.
p.2111.
Hudson River Navigation Corp.-Reseivership-Deeision.
gl he Circuit Court of Appeals has annulled the banaptcy receivership
'
th
0
e corporation in the Northern District of New York thereby annulling
all-orders-isaued by Judge Frank Cooper in that dist
. •The protective
committee_ representing the 63-i% convertible first mortgage 25
-year
sinking
-fund bonds, of which F. J. Lismsn is Chairman;
-says this means
a complete legal victory for the committee because the Irving Trust Co.,
receiver in equity for the bondholders, is now in full charge of the situation.
The boats owned by the company are now bein_:g operated under a lease
- bythe Southern District Court to the McAllister Navigation Co. of roughkeePsle• V• 134. IL 3830.
-Dividends Decreased.
'Hunt's, Ltd.
-
Hotel Pierre, Inc.
-Reorganization Plan.
A quarterly dividend of 25 cents per share has been declared on the
class A and class B stocks, no par value, payable July 1 to helders of record
The Bondholders' Committee for Hotel Pierre 1st mtge. leasehold 63.1%
June 18. From April 1 1931 to and incl. April 1 1932, ouarterly distribusinking fund gold bonds, dated April 1 1929 has adopted a plan of reorganitions of 35 cents per share were made on these Issues.
zation which (in substance) provides as follows.
-V. 133. p. 1460.
New Company.
-A new corporation shall be organized, which will acquire
through continuance of the existing foreclosure proceedings, the entire ......, (Tom) Huston Peanut Co.
-Omits Preferred Dividend.
properties of Hotel Pierre. Inc.. comprising the Fotel Pierre located at 61st
The directors have decided to omit the dividend due June 30 on the 7%
St. and Fifth Ave.. N. Y. City, laluding the building, plant, furniture.
pref, stock, par $100. Regular semi-annual distributions of $33.50 per
o re i anmetr
dnfrgeant cles cioe
fu exerr s f
uigmentt
l ns
h oldpletiate a he
leancom eston ofne allgannaorpro
share were made on this issues up to and including Dec. 31 1931.-V. 134,
Is• 2532.
of the subscription rights mentioned below. and the exchange of the entire
Issue of outstanding 1st mtge. leasehold 6Si% sinking fund gold bonds
Insull Utility Investments
Extended.company as set forth below, the capitalization
for the securities of the new
Judge Walter C. Lindley has extended to June 24. the time within which
d
of the new company will be as follows:
company may file answer to bankruptcy petition against It.
-V. 134.
Authorized.
Outstanding.
p, 4333,
$975,000
15
-year6% leasehold mtge.income bonds_ _
5.037,500
5,03 :500
3 75 00
97 0
-year 5% income debentures
25
Insuranshares Certificates, Inc.
-New Chairman, &c.
44.750 shs.
38,750 shs.
Class A stock (no par value)
J. F. Schoellkopf has been elected Chairman to succeed Edward B.
99,000 shs.
75.000 shs.
Class B stock (no par value)
Twombly. He is President of the Niagara Share Corp., which has long had a
substantial, though not controlling, stock interest in the investment trust.
The 8975,000 of income bonds of the new company will be issued for
cash at their principal amount upon the exercise of subscription privileges
Sifford Pearre has been reelected President; Hobart B. Brown and Thomas
F. Trail have been elected Vice-Presidents, and Harry S. Middendorf,
and the remaining securities of the new company will be issued in reorganixation as provided below.
Secretary.
-V. 134, p. 4333.
n
Financial Chronicle
Volume 134
Industrial Finance Corp.
-Earnings.
Years End. Jan.311932.
Total earnings
loss$267,304
Dividends on pref.stocks
82,426
Kaybee
1930.
1929.
1931.
$653,509 $1,244,194 $1,117.835
341,693
301,592
317,719
Balance
def$349.830
$311,816
$932,602
$800,116
Capital Surplus As at Jan. 31 1932.
Balance Jan.31 1931
$1,770,691
Revaluation of investment in Morris Plan Insurance Society to
12% times average income for three years to Dec. 31 1931....
936,313
Excess of book value as at Dec. 31 1930 over cost of stocks purchased during the year
1,815
Miscellaneous adjustments (net) applicable to prior periods36.436
Undistributed earnings of the Morris Plan Corp. of America as
at Jan.31 1932
5,371
Total
$2,750,626
Adjustment of book value ofstocks of Morris Plan banks & cos.
at Dec.31 1931
199,541
Appreciation (net) realized during the year transferred to undivided Profits
23,953
Balance
Surplus from Reduction of Common Stock.
Undivided profits as at Jan.31 1931
Dividends paid on preferred stocks
Premium on capital stock repurchased (net)
$2,527,132
$1.831.20
82.426
68,599
4505
Stores, Inc.
-Earnings.-
Income Account for Year Ended Jan. 31 1932.
Net sales
Cost of sales
Store, administrative and general expenses and depreciation
$1,921,849
870.771
917,549
Profit from operations
Other income
$133,529
105,990
Total income
Deductions from income
$239,520
408.298
Loss for the period
3168.779
Balance Sheet Jan. 31.
Liabilities1931.
1931.
1932.
Assets
1932.
Cash
$53,697 $102,382 Notes payable____ $182,366 $257,500
74,415
51,321
Acc'ts receivable
x863,863
993,897 Accounts payable_
Accrued dividends
Cash surrender val.
2,717
of life insurance_
668
11,165 Accrued interest__
140
280,598 Reserves
88,908
Merch. inventory_ 208,041
Insurance fund
13,080 Cap. stk. equity_ _a1,004.730 1,108.039
Fixed assets
127,213
y109.937
Prep. ins. & lot. &
sundry dep. rec_
2,209
3,402
1
1
Good-will
Total
$1,233.417 $1,531,722
Total
$1,238,417 $1,531,722
x After allowance for doubtful accounts of $271,387. y After deducting
Balance
$1,680,269
reserve for depreciation and amort zation of $58.938.
Net operating loss for year ended Jan. 31 1932
267.204
a Represented by 18,610 shares of cumulative convertible class A stock
Reduction of investment in Industrial Acceptance Corp. to book
of 20,000 shares authorized and 94,625 shares of common stock of 250.000
value based on its balance sheet as at Dec. 31 1931
1,041,831
shares authorized, both classes of no par value.
-V. 134. p. 2734.
Liability to Industrial Acceptance Corp. under guaranty of
foreign losses up to
1,000,000 --Keith-Albee-Orpheum Corp.-Cotock.......Strisken Depreciation realized on other investments
170.012
fr
Miscellaneous charges(net)
24.136
The common stock of no par value, a majority of which is owned bK
Deficit as at Jan.31 1932
$822,914
R io-Keith-Orpheum Co,was stricken from the list of the New Yor
Surplus created by reduction in par value ofissued common stock 1,957,904
Stock Exchange on June 1 -V. 134. p. 3831.
Reduction in par value of common stock held in treasury
210.472
. ..
,Kendall Co.-
Balance
Balance Sheet Jan. 31.
81932.
1931.
al932.
Assets
Cash In banks and
7% cum. pref. stk. 4,592,374
on hand
$27,631 5709,376 6% cum. pref. stk..
3,300
Notes receivable_ _ 103,797
206,692 Common stock_ _ _ 194,159
Sundry debtors dr
Capital surplus_ _ _ 3,451.649
accrued interest
27,534
36,961 Undivided profits_
Investments & adCollat. trust notes
vances (party
Notes payable piedzed per conbanks(see. _ _
1.400,000
tra)
12,457,218 13,722,747 Duet°subs.'partly
Due from subs. dr
4,637,634
secured,
affiliated cos_ _ 1,586.883
13,239
Accounts payable_
Morris Plan Corp.
Divs. pay. Feb. 2_
of Am.. transRes. for confirm__ 100,000
feree of "The
Morris Plan"_
1,000,000
Furn. & fixtures,
less depreclat'n_
8,374
6,208
Deferred expenses_
7,074
19,762
Other assets
176,009
35,254
-
$924,517 ...--'... h3company has acttretil Ciriswoldville Mfg. Co. of Griswoldville.
i
i"
le
The Kendall Co.'s Lewis Mfg. Co. division of Walpole and the
M
1931.
Gris oldville company both have been in the cheese cloth and surgical
$
textile fields and a merging of these interests is regarded as a logical devel4,726,037
opment. The transaction was effected through an exchange of stock.
3.300
-V. 134, p. 1968.
2,149,479
1,770,690
-Extends Exchange Offer.
Kennecott Copper Co.
1,831,290
The corporation on June 16 announced the extension until July 15 of
440.000
Its otter to exchange one of its shares for two shares of the stock of the
Nevada Consolidated Copper Co. The extension, it was said, was because
2,350,000
owners of substantial blocks of Nevada stock who are abroad cannot make
the exchange within the time of the original offer. It was reported also that
2,314,363
the Kennecott corporation now owns,including the holdings of its subsidiary,
37,021
the Utah Copper Co., between 75 and 80% of the stock of the Nevada
82,581
company.
-V. 134, p. 3648.
34,406
Total
14,392,355 15,739,167
Total
14.392,355 15.739,167
a After giving effect to the reduct on in the par value of common stock
from $10 to $1 per share and to the retirement of preferred stocks held in
treasury.
-V. 133, p. 810.
Insuranshares Corp. of Del.
-New Chairman, &c.
A t the adjourned annual meeting held on June 14, the stockholders elected
Julius H. Barnes as Chairman of the Board and a director, succeeding
Edward B. Twombly as Chairman. Mr. Twombly will remain a director,
however.
New directors elected include: Franklin Derwin, Percy F. Biglin, Frank
Cohen, Edward Denby, Chase Donaldson, Esmond P. O'Brien, Carl
Sherman and Victor Sincere, succeeding Edgar H. Boles, George E. Devendoff, Daniel T. Pierce, Sterling Pile, Louis H. Seagrave. Henry B. Tombly,
Arthur P. Day, Joseph Porter Harris and Edwin K. Hoover. Other directors were reelected.
-V. 134, p. 3648.
International Carriers, Ltd.
-Decreases Dividend.
-
A quarterly dividend of Sc. per share has been declared, payable July 1 to
holders of record June 27. A distribution of 10c. per share was made
on April 1 last as compared with 123c. per share each quarter from April 2
1931 to and incl. Jan. 2 1932.
The stockholders on •June 16 approved a proposal changing the par
value of the capital stock from no par to $1 per share, each present share
to be exchangeable for one new share.
-V. 134. p. 3989.
International Superpower Corp.-Smaller Distribution.
The directors have declared a quarterly dividend of 123c. per share,
payable July 1 to holders of record June 24. Previously quarterly dividends
of 25 cents were paid.
The stockholders on June 16 approved a proposal to change the par value
of the capital stock from no par to $1. The stated value of the stock was
$10 per share.
-V. 134, p. 1206.
Investors Equity Co., Inc.
-Stock Off List.
-
The common stock of no par value was stricken from the list of the New
York Stock Exchange on June 15.-V. 134. p. 3990.
Irving Air Chute Co., Inc.
-Div. Action Deferred.
-
-Irving Trust Co. Seeks Facts for
Kreuger 8c Toll Co.
Match Combine-Wants Impartial Probe of Kreuger Companies
by Price, Waterhouse & Co.
As the first step in disentangling the confused assets of Kreuger & Co..
Co., Swedish Match Co., and International Match Corp., the Irving
Trust Co., trustee for International Match, favors the appointment of
Price, Waterhouse & Co. as an "impartial fact finding agency" for all
three of the companies. James N. Rosenberg, counsel for the trustee,
declared that arrangements with Swedish interests to this end would
probably be worked out within the next few days. Price, Waterhouse
& Co. has already functioned as auditors for the independent commission
appointed by the Swedish Government to investigate Kreuger's affairs
Immediately after the match king's suicide.
The Irving Trust Co. then proposes that on the basis of the facts established by such an impartial investigation, authorized representatives of
each company meet in conference to work out a constructive settlement
of the complex Kreuger affairs, involving the formation of a consolidated
company to take over the sound assets of the Kreuger group. If such a
settlement can not be reached. "the trustee believes that the outcome for
the creditors of International Match will be decidedly unfavorable," Mr.
Rosenberg said.
He cautioned that his statement should not be construed to indicate
that "this arrangement will mean the clearing up of all the mazes and
mysteries involved in Kreuger's affairs. This, in my opinion will never
be done." He declared, however, that the trustee believes that the assets
of the Kreuger group, considered and treated as a whole, are of great value
and considerable potential earning power, but that the question of "great
critical importance" was which of these three companies can claim ownership of the assets of the group as a whole.
In revealing the steps contemplated by the trustee to preserve International Match's assets for American investors, Mr. Rosenberg declared
that negotiation with Swedish Match Co. and Kreuger & Toll on a "basis
of equity, fairness and complete candor" was the essential requirement
for further procedure, particularly in view of the confused and complex
,
nature of the assets of the three companies. "The day for secrecy and
concealment of facts ended with Mr. Kreuger's death, Mr. Rosenberg
said.
He cited as an example of the confusion encountered by Kreuger investigators the fact that no "paper evidence" has yet been found of International Match's interest in the German match monopoly despite the
fact that the American corporation subscribed to 350.000.000. or 40%.
of the $125,000,000 loan to the German Government made to obtain the
concession.
-V. 134, p. 4334.
-Bondholders' Protective Committee.
Lake Superior Corp.
The directors on June 14 deferred action on the quarterly dividend
A bondholders' protective committee is being organized for the first
ordinarily payable about July 1.
mortgage & collateral trust 54 due 1944. Tentative members of the comA distribution of 10 cents per share was made on April 2 last, one of 12%
mittee include A. V. Morton, Pennsylvania Co. for Insurances on Lives &
cents on Jan. 2 1932, 25 cents quarterly from July 2 1930 to and incl.
Granting Annuities; J. M. Wynn,of J, W.Sparks & Co.; Norman J. Greene,
Oct. 1 1931 and 37h cents per share previously.
-V.134, p. 2160.
of Greene & Co., and William Lilley, of Lilley & Co.
Interest due June 1 was not paid and as it is believed that the coupon
Island Creek Coal Co.
-Smaller Dividend.
-The diorganized.
rectors on June 14 declared a quarterly dividend of 50c. will not be paid the committee is beingCorp. 1st mtge. & coll. trust 5s outThere are 35,278,000 Lake Superior
per share on the outstanding $593,865 1-3 shares of common standing secured by pledge with the trustee of 35,800.000 Algoma Steel Co..
outstanding
Ltd., purchase money mortgage 54. Inasmuch as the
stock, par $1, payable July 1 to holders of record June 23. approximately $14 500,000 1st & refg. mtge. 5s it islatter has that it is
pointed out
'
Distributions of 75c. per share were made on Jan. 1 and very important to have united action and co-operation on the part of
April I last, as compared with $I per share previously each holders of Lake Superior Corp. bonds in order to protect their position.
V. 134, p. 4334.
-V. 134, p. 4333.
quarter.
James River Bridge Corp., Norfolk, Va.-Interest
Adjustment.
-
The protective committee for the 6%% first mortgage bonds, due in
1958, of which $4,500,000 are outstanding, has evolved a plan for adjustment of the interest, which was not paid on July 1. The plan follows:
For each $1,000 bond, holders will receive $10 a bond on July 1 1932;
Jan. 1 1933,and July 1 1933;$15 a bond on Jan. 1 1934, and July 1 1934,
and $20 a bond semi-annually from Jan. 1 1935, to July 1 1937.
inclusive. Non-interest bearing scrip certificates, payable 10 years after
date of the principal amount, ()gust to the interest waived for the period,
namely. 3177.50 per $1,000 bond, will be issued and attached to each
deposited bond.
-V. 126, p. 4092.
First National Bank of Maryland. depositary.
Lane Drug Stores, Inc.
-Receivers' Sale.
The receivers, by order of Harry Dodd, referee in bankruptcy, Atlanta,
Ga. will sell at auction to the highest bidder for cash, all of the assets of
the company June 17. The sale is to be cohducted before Harry Dodd.
'
referee, at his office 325 Grant Building, Atlanta, Ga. Sale will include all
assets of the bankrupt, including interests in leases, merchandise, choses
in action, and all trade fixtures.
The receivers are William Co. Neilly and Linton C. Hopkins.
-V. 134,
D. 686.
Lawyers Westchester Mortgage & Title Co., White
Plains, N. Y.
-Dividend Rate Reduced.
A quarterly dividend of $1 per share has been declared, payable July 1
to holders of record June 18. Three months ago a dividend of $1.50 per
share was PET Prior to which the stock was on an $8 annual basis.V. 134, p. 21 1.
(Rudolph) Karstadt, Inc.
-Transfer Agent in Boston.
The Old Colony Trust Co. has been appointed transfer agent in Boston
---- "Limestone
shares of the above corporation.
-V. 134, p. 2534.
for the
-Common Dividend Omitted.
r"-----Kaynee Co.
The directors have decided to omit the quarterly dividend usually paycommon stock, par $10. On April 1 last a disable about July 1 on the
tribution of 25c. per share was made, prior to which the stock was on a
-V. 134. p. 2734.
basis.
$2 annual
Products Corp. of America, Newton.
-Dividend Rescinded.
N. J.
The directors crcently decided to rescind the quarterly dividend of
62 34c. per share previously declared on the 7% cum. pref. stock, par
$50. for payment on April I to holders of record March 15. The last
previous distribution at this rate was made on Jan. 1 1932.
4506
Financial Chronicle
Lee Rubber & Tire Corp.
-To Change Par Value.
The New York Stock Exchange has received a notice from the corporation
of a proposed change in the authorized capital stock from 300.000 shares of
no par value to 300,000 shares of $5 par value.
-V. 134, p. 3990.
Lincoln Printing Co.
-Earnings.
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134. p. 3107.
Loft, Inc.
-May Sales Higher.
1932
-May
-1931.
Increase. I 1932-5 Mos.-1931.
Increase.
$1,230,844 $1,194,635
$36,209 $5,894,460 $5.459,003
$435.457
The number of customers served by Loft in the first five months of 1932
increased 1,214,975 or 8.9% as compared with the same period in 1931.
The company reports that in May the investment in newspaper advertising was increased by 77% compared with May last year and the result
was an increase in the number of customers of 296,635, or 10%.
Earnings.
For income statement for 3 months ended March 31 1932 see "Earnings
Department" on a preceding page.
-V.134, p. 3649.
MacAndrews & Forbes Co.
-Reduces Common Dividend.
Quarterly dividends of 13% on the pref. stock and 25 cents per share
on the no par value common stock on June 16 were declared payable July 15
1932 to holders of record June 30.
The company on April 15 made a distribution of 35 cents per share on
the common stock, while from April 15 1931 to and incl. Jan. 15 1932
regular quarterly dividends of 50 cents per share were paid.
-V. 134, p.
3832.
McColl-Frontenac Oil Co., Ltd.(& Subs.).
-Earnings.
13 Mos. End.
Years Ended Jan. 311932.
Jan. 31 '29.
1930.
1931.
Operating profit
$3,370,186 $2,449,546 $2,171.394 $1,622,660
Bond interest
586.311
522,038
Other interest. &c
2.900
80,309
14,943
132,211
Depreciation
600,000
300,000
450,000
260,250
Bond debt reserve
154,928
22
78,319
.742
Tax provision
146,400
97,000
105,000
50,287
Res.for bad & dbtfl. accts
167,833
Res. for contIng., &c__ _
384,741
Amort. of bond disc_ _ _ _
43,563
U. S. Exch. pd. & accr'd
on bond interest
57,087
Unpaid dividend
94.237
12,350
Balance
Preferred dividend
Common dividend
$1,381,350 $1,191,984
473,392
480,237
297.352
298.181
Balance
$610,605
Res. for invest. in atilt.
cos. & adj. affecting
prior years
Losses on realiz. of inv.
adj. ofsales, tax & 0th.
chgs. affect, prior yrs
Previous surplus
1.428,537
$413.566
$1,431,972
473,898
74.990
$1,126.060
416,621
106.250
$883.084
$603,189
Dr358,274
1.373,246
113,022
603,187
Profit & loss balance__ $2,039.143 $1,428,537 $1,373,249
Consolidated Balance Sheet Jan. 31.
1932.
1931.
1932.
A sle
LiabilitiesCash
524,228
770,434
244,779 Accounts payable_
Securities
542,050
229,546 Accrued interest_ _
215.160
Accts.receivable
1,363,584 1,589,515 Income tax reserve
158,725
Inventories
3,273,662 3,147,259 Deferred contract_
271,298
Investment, &c_ _ _ 1,040,102 1,040,313 Mortcace payable 350,760
Deferred charges
944.549 1,018,349 Bonds
9,780,000
Plant, &c
16,802,197 16,333,679 Frontenac 011 bds_
Prem.pd. on purch.
Reserves
2,195,134
of subs.cap.stk.s.,
Freferred stock__ _ 7,806,900
trade-marks, &c 7,685,316 7,685,316 Common stock_ _ x8,890,000
Cost of corn.abs. of
Surplus
2,039,143
on. purch, under
by-law
307,765
$603,189
1931.
S
655,285
195,300
155.297
470,491
432,275
9,765,000
10,100
1,504,032
8,003,800
8,667,651
1,428,537
32,483,454 31,287,761
Total
Total
32,483,454 31,287,761
x Represented by 500.000 shares (no par).
-V. 134. p. 3649.
McIntyre Porcupine Mines, Ltd.
-Earnings.
Years End. March 311932.
Bullion recovery
• $5,305,521
Operating costs
2,813,624
1931.
$4,633,324
2.547,274
1930.
$4,457,001
2,431.164
1929.
$4,212,625
2,324,912
Operating profit
Other income
$2,491,897
101,986
$2,086,048
206,496
$2,025,837
168.661
$1,887,712
130,755
Total income
Taxes
$2,593,882
220.134
$2,292,545
158,168
$2,194,498
122,198
$2,018,468
115,154
Net income
$2,373,748 $2.134,376
Previous surplus
4,653,623
4.158,140
Sundry adjustments_ _ _ _
15,034
$2.072.300
3.809,536
$1,903,314
3.563,555
3,688
Total surplus
$7,042,406
Dividends
798,000
Sundry deductions
Devel. written off
10,585
Depreciation
261,105
Cost of dismantling old
plant & equipment,&c
38,383
Workmen's comp. spec.
assessment,re solicosis
nrov. for Dominion
Add.
& Provincial taxes.
prior years
41,582
Amt. trans. to gen. res
500,000
$5,881,836
798,000
12,889
254,502
258,305
$5,470,557
798.000
$6,292,516
798,000
5,202
42.287
355,570
25,949
37,833
400,000
230,960
355,098
401i:000
2517a
-
Profit & loss surplus.. $5,392,750 $4,653,623 $4,158,140 $3,809,536
Shares of capital stock
outstanding (par $5)..
798.000
798.000
798.000
798.000
Earns. per sh. on cap.stk
$1.94
$2.65
$2.23
$2.27
Balance Sheet March 31.
1932.
1931.
1931.
1932.
Assets3
Liabilities
Mining prop., plant
Capital stock
3,990,000 3,990,000
& equip., &c _
9,364,442 9.160.160 Accounts payable_
231,592
71,138
Oper. & admin.
Payrolls
84,525
65,564
expenses prepaid
53,392
34,337 Unclaimed divs
22,350
Cash
143,025
36,178 Prov. tor solicosis
Bullion
299,399
243.332
asressment
32,000
Marketable securs. 2,720,564 2,829,215 Prov.for lanes..
223,493
329,554
Investments
894.493
864,993 Sundry liabilities
30,341
21,698
Accts. & int. recle
22,521 General reserve_
25,606
400,000
Supplies at cost__
303,144
333,262 Depreciation
3.834,016 3,907,427
Surplus
5,392,750 4,653,623
13,809,068 13,523,999
Total
-V.134, p. 686.
Total
13,809.068 13,523,999
-----. McLellan Stores Co.
-Dividend Action Postponed.
The New York Stock Exchange has received the following communication from the company:
"In regard to the quarterly dividend upon the preferred stock, the
regular meeting of the board of directors which was scheduled in May
has been omitted. The next meeting of the board will be held on June 22
at which time it is expected that they will consider this matter."
The last regular quarterly distribution of 134% on the series A 6% cum.
cony. pref. stock, par $100, was made on April 1 1932.-V. 134, p. 4334.
June 18 1932
• (I.) Magnin & Co.
-Common Dividend Omitted.
The directors have decided to omit the quarterly dividend ordinarily
payable about July 15 on the no par value common stock. On April 15 last
a distribution of 1234 cents per share was made on this issue as compared
with 20 cents per share on Jan. 15 1932, and on Oct. 15 1931, and quarterly
distributions of 3734 cents per share from April 15 1929 to and incl. July 15
1931.
The company issued the following statement: "Due to current economic
conditions, a desire on the part of the directors to conserve the company's
cash resources, and the uncertain outlook. it has been decided to discontinue
dividends on the common stock for the time being."
-V. 134, p. 2537.
Manufacturers Casualty Insurance Co.-Tc Dec. Stock.
A special meeting of the stockholders has been called for Aug. 16 to
vote on a proposal to reduce the capital stock from $2,500,000 to $1,000,000.
-V. 134, p. 2353.
Marmon Motor Car Co.
-Listing of Additional Shares
To Be Issued per Plan of Financial Reconstruction and to
Retire Preferred Stock.
The New York Stock Exchange has authorized the listing of 234 800
additional shares of common stock (no par) upon official notice of Issuance,
making the total amount applied for 500,000 shares.
Authority and Purpose of Issue.
The directors Jan. 22 1932, authorized and directed G. M. Williams.
President, to offer, on behalf of the company, common stock and debenture
notes as outlined in the "plan of financial reconstruction," to the creditors'
committee and creditors of the company in settlement of creditors' claims
against the company as of May 16 1931, except claims for undelivered
commitments, which offer was made as of Jan. 23 1932.
The total indebtedness of the company as of May 16 1931 was $2,751.922.
The creditors' committee at its meeting held April 29 1932, accepted by
resolution the otter of Jan. 23 1932 for creditors represented by it whose
claims amounting to $2.354.317 had been assigned to the committee.
Subsequent to Jan. 23 1932, and at various times prior to April 29 1932,
the otter had been accepted by creditors with claims against the company
amounting to $73,862, which claims had not been assigned to the creditors'
committee.
The directors at a meeting held May 2 1932, authorized and directed the
proper officers of the company to execute and deliver to all creditors who
had accepted the otter of settlement, whose claims amount to $2,428,179,
common stock of the company at a value of $10 per share for 50% of the
claims of such creditors, and 5
-year 5% debenture notes of a closed issue
of $2,000,000 for the remaining balance of claims.
The settlement with creditors, whose claims amount to $2,428,179, will
require the issuance of 121,408 shares of the common stock, which, at $10
per share, will settle 50% of their claims of $1,214,080 and the remaining
balance of $1,214,099 will be settled by the issuance of 5
-year 5% debenture
notes. If all creditors as of May 16 1931 accept the offer, 137,596 shares
will be refinanced for such settlement. In which case certain stockholders
have agreed to donate up to 2,796 shares to carry out the plan.
The directors at a meeting held May 2 1932. by resolution adopted an
amendment of the articles of reorganization changing the capital stock to
500,000 shares of no par value and eliminating all preference and other
clauses relating to preferred stock.
At a meeting held on May 19 1932, the shareholders adopted the amendment and directed the proper officers to issue to the holders of the preferred
stock 100,000 shares of stock of no par value in exchange for the 10,000
shares of such preferred stock (par $100) now outstanding. The preferred
stockholders have agreed to accept this exchange on the basis of 10 shares
of common stock for 1 share of preferred stock -V. 134, p. 4334.
Maryland Casualty Co., Balt.-Decreases Capital.
-
The stockholders on June 14 approved a reduction of the capital stock
to $1.000,000 from $5.000.000, and the par value to $2 from $10 a share,
the difference of $4,000,000 to be transferred to surplus.
-V. 134„n• 3991.
Massachusetts Bonding & Insurance Co.
-Omits Div.
The directors, at their meeting this week, took no action on the dividend
due to be declared at this time and normally payable in July. Three months
ago a dividend of 50 cents a share was paid, prior to which the stock was on a
$1 quarterly basis.
• In connection with the omission of the dividend. President Falvey says:
"Because of the continuance of the depression, resulting in further deflation
of the market value of securities and income from investments, directors
deemed it advisable not to declare the usual dividend heretofore payable
July 15. This decision was made after giving careful consideration to the
existing business situation and with view also of conserving company's
best interests.
"The character of securities in which our funds are invested is such as
reasonably insures a substantial appreciation in market value with upturn
of business.
"In keeping with the let-down in business, the lowering of values, and
lessening of earnings, we have endeavored to put into effect every possible
economy without impairing the efficiency of our service.
"The discouragements of to-day have not obscured our vision of the
future. That the depression through which we have been passing is ending,
we feel confident; and that from the constructive work we are doing to-day
we shall derive additional benefits, we are likewise confident."
-V. 134.
P. 2736.
Massachusetts Investors Trust.
-21c. Dividend.-
•
The directors have declared a quarterly cash dividend of 21 cents per
share on each share of beneficial interest, payable June 30 to holders of
record June 15.
The trust on March 31 last paid a cash dividend of 27 cents per share and
a I% stock dIvidend.-V. 134, p. 2537.
Mayflower Associates, Inc.
-Registrar.
-
The Chase National Bank of the City of New York has been appointed
registrar for the no par value capital stock.
-V.134. P. 4334.
Merchants Mfg. Co., Fall River.
-Liquidating Dividend.
The directors recently declared a liquidating dividend of 35 cents per
share on the capital stock, payable June 10. This makes a total of $52.25
Per share now paid in liquidation.-V. 133. p.3638.
Mercury Mills, Ltd.
-Reduces Stated Value.
The shareholders have approved a bylaw recommended by the directors.
permitting the company to reduce the capital value of the common shares
from $1,403,235 to $900,000 and transfer the difference of $503,235 to
surplus account. After effecting this change, surplus will be $220,253 as at
Dec. 31 1931, instead of showing a deficit of $282.982.-V. 132, p. 4777.
Merrimack Mfg. Co.
-Changes in Personnel.
-
Arthur Lyman has resigned as I'resident and has been elected Chairman
of the board. Frederick R. Flather was elected President and was also
made a director to fill the vacancy caused by resignation of Robert Ifomans.
-V. 134. p. 2922.
Mississippi Glass Co.
-Highland-Western Glass Defends
Sale.
The Highland-Western Glass Co. of Washington. Pa. has filed an answer
in Chancery Court at Wilmington, Del., to the injunction suit filed against
it recently by Tucker. Mitchell & Co. stockholders, to enjoin sale of the
corporation's assets to the Mississippi Glass Co. of New York. The answer
declares that the proposed plan to sell the assets was fair and equitable to
stockholders and would result in more generally stabilized conditions in
the rolled glass industry and reduce to a minimum destructive over production and overlapping of operations.
-V. 134, p. 4334.
Morristown Securities Corp., N. Y.
-Omits Corn. Div.
The directors recently decided to omit the quarterly dividend ordinarily
payable about June 15 on the common stock, no par value. Previously,
the company made regular quarterly distributions of 1234 cents per share
on this issue.
A semi-annual dividend of $2.50 per share has been declared on the new
$5 cum. pref. stock, par $25, payable July 2 to holders of record June 15.
A similar payment was made six months ago on the old pref. stock of $100
par value. See also F. 134. p. 3991.
Volume 134
Financial Chronicle
Mount Hope Bridge Co.
-Distribution.
Holders of 1st mtge. sinking fund 63 % gold bonds. due Dec. 1 1957,
are notified that Rhode Island Hospital Trust CO., trustee, has subject
to the completion of payment of the purchase price by the purchaser at
the foreclosure sale fixed June 15 as the time for payment to the holders
of the bonds of their pro rata shares of the net proceedsfrom such foreclosure
sale. Bondholders should present their bonds with interest coupons attached to Rhode Island Hospital Trust Co., 15 Westminster St. Providence. R.
for payment of, and stamping thereon, of the amount of their
'
pro rata shares of the net proceeds ofsuch foreclosure sale.
-V.134, p. 2538.
-...,Murray Corp. of America.
-To Decrease Capital.
-
4507
Nitrate Co. of Chile (Cosach).-Chilean Minister Says
Negotiations for Reorganization Must Take Place There.
According to Washington dispatch, the Minister of Hacienda of Chile
has issued a statement in which he said that all negotiations for reorganization of liquidation of Cosach must take place in Chile, in accordance
with the policy and interest of the State, according to dispatches. Pending
a solution of this problem, the Government guatantees continued operation
of nitrate plants, and it is said that Cosach must deliver the necessary
foreign exchange.
The Minister indicated that in obtaining a solution, sacrifice must be
made by those who in the past have only profited from the industry.
-V.134,
p. 3992.
The stockholders will at a special meeting to be held on July 11 consider a
proposal to change the present no par common shares into an equal number
North American Trust Shares.
-Shares Given Face
of shares of $10 par value, reducing the stated capital to $8,089,120 from
$22,745.127. The directors intend to utilize a portion of the resulting
Value of $1 Each.
capital surplus of $14,656,007 to write down net physical assets, by $8.896,A notice to the holders of certificates for North American Trust 'Shares,
654 and to eliminate an item of $295,851 carried on the books as good-will
1955 and 1956 says in part:
of Jenks & Muir Mfg. Co., a wholly owned subsidiary.
The trust agreement dated July 1 1931, has been amended under date
"The present land, buildings and equipment of the corporation are carried
of June 10 1932, to provide that the trust shares issued thereunder, whether
on the balance sheet at April 30 1932, at $19,479,058 after deduction of
then outstanding or thereafter to be issued, shall have a face value of $1.
reserves for depreciation," President C. W. Avery reported.
each.
-V. 134, p. 3470.
"Reduction in the book value of the plants have been approved to provide
for (1) the adjustment necessary to reflect present day reproductive values;
(2) obsolescence of present plant equipment, which is the result of changes -Omits Dividend.
---Northland Greyhound Lines, Inc.
In the business of the corporation; (3) changes in economic values due to
The directors have decided to omit the dividend ordinarily payable about
the fact that the present capacity of the automotive industry is in excess of
July 1 on the common stock. A distribution of 50 cents per share was
anticipated needs."
-V. 134, P. 4335.
made on Jan. 1 last as against 90 cents previously each six months.
-V.133.
p. 3978.
National Baking Co.
-Preferred Dividend Deferred.
-
The directors recently voted to defer the quarterly dividend of 1 Yi%
due June 1 on the 7% cumul. pref. stock, par $100.-V. 133, p. 1624.
National Biscuit Co.
-Alleges Unfair Competition.
-
Northwestern Yeast Co.
-Regular Dividend.
The airectors have declared the regular quarterly dividend of $3 Per
share, payable June 15 to holders of record June 11.
That the directors did not act on the dividend until June 13 when the
books were actually closed June 11 is a coincidence resulting from the
by-laws of the company which provide that stock books shall be closed
on the 12th of the month on which dividends are paid and that directors'
meetings shall be held the second Tuesday of the month. Ordinarily
calendar dates have allowed for the declaration at least two or three days
prior to the time when books must be closed. Effort is being made by
T. R. Hair. Secretary-Treasurer, to have the by-laws changed so as to
avoid situations regarding dividend action such as occurred this time.
V. 131, p. 4226.
The National Biscuit Co. of New Jersey has filed an unfair
suit in U. S. District Court at Wilmington, Del., against the competition
of Battle Creek, Mich., alleging the company has competed Kellogg Co.
unfairly by
advertising and placing on the market a shredded wheat biscuit similar to
that made by the National Biscuit Co. The court is asked to enjoin the
Kellogg Co.from manufacturing and selling whole wheat biscuits said to be
made in imitation of the National Biscuit Co.'s product and to enjoin the
Kellogg Co. from using the words "shredded wheat" in its advertising.
The National Biscuit Co. states that it already has been damaged to the
extent of $250,000 and values its trade mark at upwards of $5,000,000,
and declares that during 1928 and 1929 it sold in each year more than
-Again Reduces Div.
-----Old Colony Trust Associates.
1,000,000,000 shredded wheat biscuits.
-V. 134, p. 3108.
A dividend of 15 cents per share has been declared on the first series trust
of record June 15. A
shares, no par value, payable July 1 to holders
National Bond & Share Corp.
-Asset Value.
distribution of 25 cents per share was made on April I last as against 50
At the close of business May 31 1932, on which date the first quarter of
cents per share each quarter from Oct. 1 1928 to and incl. Jan. 2 1932.
the current fiscal year ended, the assets of the corporation taken at market
-V. 134. p. 2356.
values were distributed as follows:
Cash and U. S. Government securities
49.1% .."`Otis Elevator Co.
-The
-Reduces Common Dividend.
Bonds and preferred stocks
31.6%
Common stocks
19.3%
directors on June 15 declared a quarterly dividend of 37
After providing for the dividend of 25 cents per share payable June 15,
per share on the outstanding 2,000,000 shares of common
the net asset value at the close of business May 31 1932 of the 189.300 shares
stock, no par value, payable July 15 to holders of record
of the capital stock then outstanding, was $29.76 per share.
At the annual stockholders' meeting held April 18 1932, the retirement
June 30. This compares with 50c. per share paid on
of 6,800 shares of the capital stock of corporation was authorized and was
per share
April 15 last and quarterly distributions of 62
effected by the reduction of capital from $5,000,000 to $4,830,000 and the
number of shares Issued and outstanding from 200,000 to 193,200. Theremade on this issue from April 15 1930 to and incl. Jan. 15
after to May 31 1932, directors caused to be purchased and placed in the
1932.-V. 134, p. 3289.
treasury for subsequent retirement 3.900 additional shares, leaving 189,300
shares outstanding.
-V. 134, p. 2355.
Nationat Commercial Title & Mortgage Guaranty Co.,
Newark, N. J.
-Reduces Dividend Payment.
-
The directors have declared a quarterly dividend of 10 cents per share
on the capital stock, par $10, payable July 1 to holders of record June 15.
Previously, the company made quarterly distributions of 20 cents per share.
-V. 133, p. 1136.
' '-National Founders Corp.
-Omits Dividend.
-
The directors recently voted to omit the quarterly dividends ordinarily
payable about May 5 on the class A and 2d pref. stocks of no par value.
Initial quarterly distributions of 73-i cents and 93'% cents per share, respectively, were made on Feb. 51932.-v. 134, p.1777.
National Industries Shares.
-Removed from List.
-
As National Industries Shares, series B (1946) is in process of dissolution
the New York Stock Exchange committee on stock list determined that
it be removed from the list of fixed or restricted management type of investment trusts found unobjectionable as to membership association.
---National Sewer Pipe Co.
-Dividend Decreased.
-
A quarterly dividend was recently declared on the common stock, no
par value, payable June 15.
From March 15 1930 to and incl. March 15 1932 quarterly distributions
of 50 cents per share were made on the above issue.
-V. 133, p. 4169.
National Steel Car Corp., Ltd.
-Reduces Dividend.
-
A quarterly dividend of 20c, per share has been declared on the capital
stock, no par value, payable July 2 to holders of record June 23. From
April 2 1929 to and incl. April 1 1932 the company paid quarterly dividends
of 50c. per share.
-V. 134, p. 1971.
National Surety Co.
-Changes Par Value.
-
The stockholders on June 17 approved a proposal to change the par value
of the 300,000 shares of capital stock from $50 to $10 per share, each present
share to be exchangeable for one new share. The $12,000,0000 thus
released will be added to net surplus
.-V. 134, p. 3834. 3650.
National Union Fire Insurance Co.
-Plans Second
Capital Reduction.
The directors have called a special meeting of the stockholders for Aug. 4
to vote on a proposal to reduce the capital from $2.750.000 to $1,000,000.
This will make the second reduction in capital by the company, the last
cut having been approved by the stockholders on Dec. 30 19'31. At that
time the capital was reduced from $10,000,000, of which $5,500,000 was
outstanding, to $2,750.000. and the par value of the stock changed from
$100 to $50 a share. The difference was applied to surplus.
Although underwritings have been materially better for the first quarter
of this year over 1931, the company has been affected by the "continued
and unprecedented shrinkage in the market value of securities, as have all
other owners and financial institutions," the letter says.
As of Dec. 31 1931, with bonds and stocks carried at average values
recommended by the National Convention of Insurance Commissioners,
the company reported total surplus to policyholders of $4,360,626. of which
$2,750,000 represented capital and $1.610,626 surplus.
-V. 133, p. 299.
New Hampshire Fire Insurance Co.
-Extra Dividend.
The directors recently declared an extra dividend of 1% in addition to
the regular quarterly dividend of 4%, both payable July I to holders
of record June 18. Like amounts were paid in each of the six preceding
quarters.
-V. 134, p. 2738.
New River Co.
-Bond Interest Coupons.
-
Coupons covering interest due July 1 on the bonds will be paid upon
presentation at The Old Colony Trust Co. of Boston.
-V. 134, p. 3289.
Niagara Wire Weaving Co., Ltd.
-Omits Common Div.
The directors have voted to omit the quarterly dividend usually payable
about July 1 on the common stock, no par value. Distributions of 25 cents
each were made on this issue on Jan. 2 and April 1 last, compared with
quarterly payments of 373.i cents per share from July 2 1930 to and incl.
Oct. 1 1931.-V. 33, p. 4339.
-Increases Working Force.
Owens-Illinois Glass Co.
Inauguration of four six-hour daily shifts on a seven-day basis in each
of 14 plants of the company, providing employment to 2,000 additional
workers, is announced by William E. Levis, President. This new policy
is being rout into effect immediately and will bring the total factory persennel of the company to 8,000 workers, which, Mr. Levis declares, is
normal.
-hour a day schedule
The company's plants have been working on a 24
which has heretofore been divided into three eight-hour shifts. The
new program will divide the day into four six-hour shifts, making room
for a complete additional shift, in accordance with the trend of operating
demands.
Mr. Levis hopes by this move to call in approximately 2,000 former
employees of the company off the streets and back to jobs. It is his
purpose to give first preference to those who have previously been employed in Owens-Illinois plants and to give priority to men with families.
So far as is practicable only men are being placed, as the new schedule
is not readily applicable to employment of additional women.
This company, manufacturers of glass containers, with general offices
at Toledo, Ohio, operates plants in Alton, Ill.; Carlyle, Ill.; Chicago
Heights, Ill.; Streator, Ill.; Evansville, Ind.; Gas City, Ind.; Bridgeton,
N. J.; Columbus. Ohio: Newark, Ohio; Clarion, Pa.; Charleston, NV. Va.;
Clarksburg, W. Va.; Fairmont, W. Va.; Huntington, W. Va.; Brackenridge, Pa.; San Francisco. Calif.; Oakland, Calif., and Los Angeles, Calif.
V. 134. p. 4170.
Pacific Mutual
Extra Dividend.
-
Life Insurance Co.,
Los
Angeles.
-
The directors have declared a quarterly dividend of 50c. per share and
an extra dividend of 10c. per share, payable July 1 to holders of record
-V. 134,
June 20. Like amounts were paid on Jan. 1 and on April 1 last.
p. 2356.
Packard Motor Car Co.
-May Sales Up.
May retail sales by Packard distributors and dealers showed an increase
of 7% over last May, although deliveries of cars to customers were 8%
below May 1931. During the first five months of the year Packard registrations fell only 13% below those of the like period last year, a dispatch
from Detroit states.
Shipping orders on hand in the Packard factories are said to be sufficient to take care of the entire twin-six production for nearly two months.
New car stocks in the hands of Packard distributors and dealers have
further declined during May. Fewer cars have been shipped than are
delivered so far in June, further reducing the already low inventories of
cars in the field.
"Each succeeding month since its introduction." said H. W. Peters.
Vice-President of distribution, "the Packard light eight has increased
its proportion of the business done in its price field. At the same time the
standard and de luxe eights continue to hold their proportions in their
respective markets."
-V. 134, p. 3470.
Palmer Shares Corp.
-Trust Being Liquidated.
The New York Stock Exchange has received notice that National Industries Shares, series B. a fixed trust, is being liquidated and that a liquidation distribution of $2.27 per trust share is now being paid by the Guaranty
Trust Co. of New York upon receipt of the trust shares for cancellation.
National Industries Shares, series B. has been removed from the list of
fixed trusts unobjected to.
-V. 134, p. 3639.
Pan American Petroleum & Transport Co.
-Initial
Dividend on New Common and Class B Common Stocks
Decreases Directorate.•
The directors on June 14 declared an initial quarterly dividend of 25c.
per share on the new common and class B common stocks, both of $5
par value, payable July 20 to holders of record June 30.
The stockholders recently received in exchange for each share of common
and class B common stock of $50 par value one new $5 share of this company and one share of stock (par $1) of the Pan-American Foreign Corp.
(see V. 134, p. 3993). Regular quarterly distributions of 40c. per share
were made on the old $50 par shares on April 20 last.
Regarding the future operating policy of the company President E. G.
McKeever stated that supplies of gasoline and crude oil might be purchased
In the open market, or produced by the company Itself, as the directors
decide.
4508
Financial Chronicle
June 18 1932
The board was reduced in numbers to nine from 15 and the following
-Dividend Omissionwere elected: C. J. Barkbull, E. J. Bullock, J. A. Carroll Jr., J. W. Con- -\.... Reece Button-Hole Machine Co.
The directors have voted to omit the quarterly dividend ordinarily
nolly, C. F. Hatmaker, Allan Jackson Mr. McKeever E G Seubert
payable about July 1 on the capital stock, par $10. Distributions of 25 cents
and J. S. Wood.
per share were made on Jan. 2 and April 1 last, prior to which the stock was
The stockholders approved an amendment to the by-laws eliminating
on a $1.40 annual dividend basis.
classes of directors and giving them the power to revise the by-laws. They
The directors issued the following statement:
also approved participation by the company's employees in the stock
"The directors believe that the severity and prolongation of the present
purchase plan of the Standard Oil Co. of Indiana which becomes effective
depression makes it their unquestioned duty to conserve the cash resources
July 1 for a period of three years. Under the plan employees are perof the company. The management has been in full accord with this belief,
mitted to purchase stock up to 10% of their salaries. The Pan-American
and
company will contribute 50c. for every dollar subscribed by employees.
- time in consequence has reduced salaries, has put employees on a partbasis and has effected substantial savings in manufacturing costs.
v. 134, P. 3993
.
The company is in a strong financial position, but its volume of business
has been greatly reduced, in line with general business throughout the
Paraffine Companies Inc.
-Dividend Omitted.
country, which directly affects its earnings. The directors therefore have
The directors have voted to omit the quarterly dividend ordinarily payconsidered it inadvisable to declare a dividend at this time."
-V.134,p.3979.
able about June 27 on the no par common stock. A cash dividend of 50c.
per share was paid on March 27 last, as compared with 75c. per share paid
Richfield Oil Co. of Calif.
-Offer of $18,000,000 in
on Dec. 28 1931 and quarterly distributions of $1 per share, while from
Preferred Stock for Entire Properties Made by Consolidated
Dec. 27 1928 to and incl. Sept. 28 1931. A semi-annual stock dividend
was also paid on June 27 and Dec. 27 1929 and on June 27 1930, while an
Oil Corp.
-See latter company.
-V.134, p. 4336.
extra cash dividend of 25c. per share was distributed on Dec. 27 1928.
-V. 134, p. 2541.
Russ Mfg. Co., Cleveland.
-To Vote on Merger.
See Bastian-Blessing Co. above.
-V.134, p. 4172.
Penn General Casualty Co., Phila.-To Halve Capital.
-Receivers Named.
The stockholders will vote July 21 on reducing the authorized capital ---- Russell Mfg. Co.
Appointment of temporary receivers for the company was ordered in
stock to $250,000 from $500,000 by changing the par value from $10 to $5
Connecticut Superior Court June 15 on petition of two stockholders, W. C.
a share and transferring $250,000 to surplus.
-V. 134, p. 3993.
Fisher and the estate of Henry D. Hubbard.
T. McDonough Russell, President, and Daniel R. Weedon, Treasurer
Perryman Electric Co.
-Receivership Suit.
and General Manager of the company, were appointed receivers.
Homer McKee Co., Inc., of Indiana has filed receivership suit in ChanThe company manufactures automobile brake linings, clutch facings,
cery Court at Wilmington. Del., against the company, for which receivers
web belting and similar products.
-V. 134, p. 520.
were appointed in New Jersey last October. The complainant is a creditor
in the amount of $16,603. The receivers appointed by the New Jersey
Regis Paper Co. Ltd.
-Dividend Deferred.courts were John Milton and Isaac Gross, both of Jersey City, according
The directors have voted ti3 defer the quarterly dividend of 1U' due
%
to the bill of complaint.
-V. 133, p. 1625.
July 1 on the 7% cum. pref. stock, Par $100. The last regular quarterly
payment at this rate was made on April 1 1932.-V. 134, p. 3652.
-----Pfaudler Co.
-Omits Dividend.
-
The directors have voted to omit the quarterly dividend ordinarily payable about July 1 on the common stock, par $100. A distribution of
62,1i cents per share was made on April 1 1932, $1 per share on Jan. 1 1932
and $1.75 per share previously each quarter.
-V. 134, p. 2167.
Phoenix Securities Co.
-Dividend Deferred.
The directors have decided to defer the quarterly dividend due July 1
.
on the $3 cum. pref. stock. The last regular quarterly payment of '75
cents per share was made on this issue on .April 1 1932.-V. 134, p. 2357..
ThPolymet Mfg. Corp.
-Receivership.
Isidore Schagrin and Reginald B. Reed. both of New York, have been appointed receivers by Chancery Court at Wilmington. Del.. for the corporation, manufacturer of radio parts. The receivership application Was
filed by Monroe Flegenheimer of Red Bank, N. J., owner of 50 shares of
the company's stock. The corporation at the same time filed an answer
admitting insolvency and consenting to appointment of receivers.
-V. 133,
p.494.
Porto Rican American Tobacco Co.
-Earnings.
For income statement for three months ended March 31 1932,see "Earnings Department" on a preceding page.
-V. 134, p. 2542.
Potrero Sugar Co. (8c Subs.).
-Earnings.
12 Months
5 Mos.
Period Ended Oct. 311931.
1930.
1929.
1928.
Sales
$1,518,512 $1,905.888 $2,291,136 $1,707,729
Cost of goods sold
1,086,084
1,052,477
1,324,350
1,104,193
Shipping,selling, genera& adminis. expenses
353,989
381,114
352,453
262,103
Oper. profit for period
Other income credits__ _
Total profit
Bank int. (net), disc.,
exchange, &c
Mexican Federal special
sugar tax
Prov.for doubtful sects_
Interest on 1st mtge. 75..
Depreciation
Foreign income taxes_
-May Sales.
Schiff Co.
-May
-1931.
1932
$896.634
$875,695
-V. 134. p. 3994, 3652.
Decreased 1932-5 Mos.-1931.
$20,939 $3,439,498 13,893,484
Decrease.
1453,986
-Omits Dividend.
-Sears, Roebuck & Co., Chicago.
The directors on June 17 voted to omit the quarterly dividend
ordinarily payable about Aug. 1 on the no par common
stock. Quarterly cash distributions of 623'c. per share
were made from May 1 1926 to and incl. May 2 1932. From
Sept. 1 1928 to and incl. May 1 1931 quarterly dividends
-V. 134, p. 4173.
of 1% each in stock were also paid.
Selected Shares Corp.
-Semi-Annual Dividends.
Semi-annual distributions on the three Selected unit type trusts sponsored
by this corporation have just been announced. Selected American Shares
will pay 1.195358 per share on June 30: Selected Income Shares, $.238730
on July 1: and Selected Cumulative Shares will pay $.189558 on July 1.
Selected American and Selected Cumulative will go ex-dividend on June 16
and Selected Income Shares on June 15. Through operation of its reinvestment fund, Selected Cumulative Shares recently added one additional
share of General Electric and Woolworth to each outstanding unit.
Selected American Shares paid its fifth regular semi-annual distribution
of 25 cents a share on Dec. 30 1931. Selected Income Shares paid its
third regular semi-annual distribution of 30 cents a share on Jan. 1 1932,
and Selected Cumulative Shares paid an initial dividend of 23.283 cents a
share on Jan. 1 1932.-V. 133, p. 3979.
$78,439
15,286
$472,297
17,323
$614,333
10,112
$341,433
16,756
$358.189
74,
-Smaller Diaribution.586,5hawmut Association.
A quarterly dividend of 15 cents per share has been declared on the
no par value common stock, payable July 1 to holders of record June 16.
This compares with 20 cents per share paid each quarter from Jan. 1 1929
to and incl. April 1 1932.-V. 134, p. 3293.
125,222
147,575
$93,725
$489,620
$624,445
109,332
48.636
82,951
192,800
11,262
74,037
124,488
6,171
89,966
143.998
6,983
128,328
153,773
3;801
Net profit
loss$424,367
$200,037
$255,592
$10,804
Earns. per sh. on 200,000
shares capital stock_
Nil
$1.00
$1.28
$0.05
Consolidated Balance Sheet Oct. 31.
LIaMIislesAssets
1931.
1930.
$39;462 Sugar loans
$2,267
$716,074 $245,779
Cash
9,369
34,000 Bank overdraft.._ 111,726
Notes receivable_ _
12,309
28,644 Notes dr bills p ay_ 189,071
Accts.receivable_ _
545,740
136,231 Accts. payable and
Advs. to Colonos_ 103,415
accrued expenses 165,401
344,350
Sugars on hand__ _ 434,417
91,427
92.680 Federal Inc. taxes_
Due for sugars sold 164,835
2,591
Mach. accept. pay
Mdse. on hand in
24,602
13,053
22,648 Interest accrued on
company's stores
mortgage bonds
Materials and sup33,912
34,105
Deferred credits
22,118
plies on hand &
19,323
173,881 1st mtge.7% sink.
83,388
In transit
395,458
fund gold bonds 1,150,000 1,150,000
Growing cane_ __ _ 260,834
144,186
156,290 Capital stock
Investments
x2,800,000 2,800.000
Surplus
53,746
Adv. secured by
570.708
18,717
10,149
mortgage
National Agrarian
Corn. of Mmdco
9,288
Lands,b1dg.,mach. •
sugar house eq.,
&c
3,959,863 3,933,359
Deferred charges
53,296
89.911
Total
$5,269,241 $5,457,082
Total
$5,269,241 $5,457,082
x Represented by 200,000 no par shares.
-V. 134, p. 1387.
Pullman Co.
-Valuation Brought to Date.
The I.
-S. C. Commission has issued a tentative valuation report on
the Pullman Co. appraising its total owned properties at $174,822,456
and total used properties at $174,261,251 as of Dec. 311931. This report
is the first valuation brought down to a current date under the Commission's valuation work.
The Commission in May issued a final report appraising the Pullman
Co. owned and used common carrier properties at 1119.750.000 as of
June 30 1919. Owned but not used properties of the company were valued
as of that date at 1237,786, and its leased properties at $44,710.-V. 134
p. 3471.
Pure Oil Co.
-Listing of Common Stock (no Par) to Replace
Shares of $25 Par.
The New York Stock Exchange has authorized the listing of 3,038,370
shares of common stock (no par value) upon official notice of issuance in
exchange for certificates for 3,038,370 shares of common stock (par $25)•
See also V. 134, p. 4336.
Rainbow Luminous Products, Inc.
-New President.
Ezra C. Bull has been elected President to succeed R. R. Machlett.
-V. 131,
Mr. Bull has also been elceted President of Rainbow Light, Inc.
P. 3721.
-New President.Real Silk Hosiery Mills Inc.
G. A. Efroymson has been elected President and General Manager to
-V. 134.
fill the vacancy caused by the resignation of Porter M. Farrell.
p. 2543.
-May Sales.
Sally Frocks, Inc.
Decreased 1932-5 Mos.-1931. Decrease.
1932
-May
-1931.
$416,748
$367,269
149.379111,678,422 $1,987,374
$308,952
Unit volume in May 1932 was about 5,000 larger than in May 1931.V. 134, p. 3652.
Shawmut Bank Investment Trust.
-Earnings.
-
For income statement for three months ended May 31 see "Earnings
Department" on a preceding page.
Investments which cost $5.390,442 had a market value on May 31 of
$2,247,400. Classification of investments as of May 31 follows:
Percent of
Market
Market.
Class
Cost.
Value.
5-31-32.
Bonds
$2,334,238
$1,231,700
42.05
Preferred stocks
124,368
.96
28,100
RR common stocks
84,075
17,900
.61
Public utility com.stks
1,025,248
10.97
321,400
Industrial com.stocks
1,822,513
22.14
648,300
Partic. in cred. to for concerns
196.500
*6.71
*196,500
Accrued int. rec
39,169
1.34
39,169
Cash in hank
445.649
15.22
445,649
Total
*At cost.
-V.134, p. 3111.
16,071,760
12,928,718
100%
Simmons Co.
-May Sales.
-Excluding
Month of May
MaY
First five months
Including Subsidiaries
Months of May
First five months
-V. 134, p. 3653.
1932.
Decrease.
1931.
$1,361,805 $2,482,802 $1,120,997
6,184,079 10,498,692 4,314,613
$1,667,504 $2,881,885 81,214,381
7,996,285 12,676.407
4,680,122
Socony-Vacuum Corp.
-New Directors, dec.-
Arthur F. Corwin,a Vice-President of the Standard Oil Co. of New York.
Inc., and George V. Holton, General Counsel of the Vacuum Oil Co., Inc.,
have been elected directors of the Socony-Vacuum Corp. Mr. Corwin
succeeds Herbert Baker, who retired as a director; but Mr. Holton was
elected an additional director.
Peter M. Speer, who has been General Counsel of Socony-Vacuum Corp..
was retired at his own request, having reached the age of 70 years. It is
understood that Mr. Holton will succeed him as general counsel.
-V. 134.
p. 3293.
(L. C.)Smith & Corona Typewriters,Inc.(& Subs.).
Calendar Years1931.
_
Net earns,from oper._ _loss$701,522
Depreciation
225,149
Federal income tax
Inc. of Miller-BryantPierce Co
1930.
1928.
1929.
1273,956 $1,553,340 $1,155,880
239,848
202,761
241.490
32,000
142 500
115,000
Net income for year._loss$926,672
Previous balance
395,79.5
$39,195 $1,169,349
1,151,693
783,547
544,648
$756,384
658,096
Total
def$530,877 $1,190,888 31.952,896 $1,414,480
Preferred stock
38,500
154,000
154,000
154,000
Common stock
466,203
322,802
484,203
Adri'l Federal income
tax prior years
84,382
Adjustments
430
10,730
318,291
78.618
Balance,surplus
def$569,807
$395,795 111,161,693
She. com.stk. outstand_
161,401
161,401
161,401
Earned per sh. on corn_ _
Nil
Nil
$6.29
a Applicable prior to period to date of acquisition.
$783,547
161,401
$3.73
Financial Chronicle
Volume 134
Consolidated Balance Sheet Dec. 31
1931.
1930.
1931.
Assets
$
548,994
787,449 Notes payable_ -- 450,000
Cash
19,901
Value of life 'Baur13,095 Acels pay. & ac
Acc'ts & notes rec. 1,533,319 2,664,395
crued expenses__ 454,195
Inventories
2,305,116 2,614,154 Dividends payable
Non-current rec.
Res. for Federal
& Investments_ - 275,857
income taxes_ _ _
330,459
Prepaid caps.& deSerial bonds
6,000
ferred charges- - 320,434
364,897 Funded debt
1,233,800
Plants & equipm't y2,534,209 2,500.486 Mtgee. payable.,.
4,410
G'd-will, pats..&c_ 3,828,061 3,790,482 Deferred income
3,794
Cash with sinking
Res. for self-ins_ _
19,461
fund trustee- _ _
333
313 Sundry reserves__ _
Minority interest_ 250.499
Preferred stock- _ _ 2.200.000
Common stock_ _ _x4,143,025
Capital surplus_
2.705,363
Burp.from revel. of
plants .1, equip_ _ 465,484
Earned surplus_ def569,807
1930.
$
900,000
492,850
78,850
32,000
3,500
1.296,800
4,608
5.524
83,825
245,629
2.200,000
4,143,025
2,660,458
4509
duction to a five-day basis does not affect salaries of $100 or less a month,
nor result in a cut below $100 for those receiving more than that amount.
-V. 134, p. 4336.
Standard Oil Export Corp.
-Balance Sheet Dec. 31.1931.
1930.
Assets$
$
Cash
201,765
7,644
Accts.receivable_ _ 189.837
9,835
Other curr. assets_
7,108
Corporate stockAnglo-American
Oil Co.,Ltd _ -.77.061,486 77.049,434
Deferred charges
5.955
1931.
1930.
Liabilities$
i
Accounts payable_
3.044
19,854
Loans payable_ ___ 400.000
400,000
Res. for annuities_ 315,002
273,200
Preferred stock_ _ _76.493.500 76,488,500
100
Common stock_ _ _
100
54.429
Surplus
85.335
Total
Total
77.266,075 77,266,989
77,266,075 77.266,989
Our usual comparative income statement for the year ended Dec. 31
1931 was published in V. 134, p. 4173.
''Standard Safe Deposit Co.
522,866 -Smaller Dividend.
395,795
The directors have declared a quarterly dividend of 50 cents per share.
payable June 30, to holders of record June 27. Three months ago a payTotal
11,366,225 13.065.731 Total
11,366,225 13,065,731
ment of $1.50 per share was made.
x Represented by 161.401 shares of no par value. y After reserves for
During 1931 the following distributions were made: $2.50 per share on
depreciation of $2,569.660.-V. 134. p. 3653.
March 31: $2 per share on June 30 and Sept. 30 audit' per share on Dec.
31.-V. 134, p. 2169.
Snider Packing Corp.
-Special Meeting.
A special meeting of stockholders has been called for June 22 to approve
(L. S.) Starrett Co.
-Registrar in Boston.
the re-organization plan; to consider the formation of a new company and
the transfer to it of the assets, etc., of the present concern and the possible
The National Shawmut Bank has been appointed Boston registrar for
change of the company's name. Stockholders of record June 20 are entitled
the shares of the above company.
-V. 134, p. 2169.
to vote. Time of deposits for assent to the reorganization plan will expire
July 1.-V. 134, p. 3996.
-Omits Dividend.
---State Street Exchange, Boston, Mass.
The directors recently voted to omit the quarterly dividend ordinarily
(A. E.) Staley Mfg. Co. & Subs.
-Earnings.
payable about June 15 on the capital stock. par $100. The last quarterly
Consolidated Statement of Income Year Endino Dec. 31 1931.
payment of $1 per share was made on March 15 1932.
Gross profit from operations
$2,527,421
Operating expense
-Bondholders' ComStevens Brothers Corp., Chicago.
1.764.069
Other income
$763.357
128,533
Net profit from operations before depreciation
Depreciation
Fixed general charges incl. bond interest
$891,891
696.010
341.627
Net loss for period
Previous period adjustments
$145,746
4.675
Dividends on preferred stock
Reserve for decline in marketable securities
$141.071
175,000
16,000
Net reduction from surplus
Consolidated Balance Sheet Dec. 31 1931.
AssetsLiabilities
Cash
51,262,458 Accounts payable
Notes receivable
904,676 Sundry current accurals
Inv.in co.'s own bonds at cost
602,982 Accrued general taxes..
Marketable securities
34,307 Accrued interest on bonds__ _
Products on hand
679,862 Bonds outstanding
Grain on hand
349,237 Capital stock
Material and supplies
317,824 Surplus & Reserve
Sundry assets
55.748
Rolling stock
37,632
Real estate & perm. assets_ _ 11.403,905
.
Sundry deferred charges
404,172
Total
-V. 134, p. 339.
516,052,804
Total
$332.071
107,538
14,363
120,599
96,000
4,800,000
7,125,200
3,779,104
516,052.804
Standard Brands, Inc.
-No. of Stockholders Increases.
The corporation had 93,400 stockholders on June 1, which compares
with 86,780 on Dec. 1 last year, or an increase of 7.6% in six months.
Holders of common stock increased from 85,650 to 92.200 in the period and
holders of the pref. stock, of these are now only 96,757 shares outstanding,
remainded about stationary.
When the first dividend checks of Standard Brands, a merger of Fleischmann's Yeast, Royal Baking Powder, Chase & Sanborn and other food
companies, were mailed on Oct. 1 1929. there were 26,969 stockholders
so the present list Is about 33 times the original number of stockholders.
New Market for Yeast.
The corporation is opening up a new market for Fleischmann*s irradiated
dry yeast by issuing to dairies throughout the country licenses to produce
vitamin D milk. When cows are fed a required amount of irradiatedl yeast,
according to a statement by Standard Brands, they produce vitamin D
milk which does not differ in taste from ordinary milk and which experimentation has shown to be effective not only in preventing but in curing
advanced cases of rickets, the most common nutritional disorder among
infants and children.
The exclusive right to irradiate yeast has been granted to Standard
Brands by the Wisconsin Alumni Research Foundation, and the irradiated
yeast, in powdered form, is being shipped to diaries from the Fleischmann
plant at Peekskill, N. Y.
-V. 134.
Standard Dredging Co. (& Subs.).
-Earnings.
-
Calendar )
tars-1928.
1931.
1929.
1930.
Gross income
$8,823,588 $8,082,918 $8,544,742 $8,081.224
Operating expense
7,000,723
6,395,475 4,874.178
7,695,817
Admin.& gen. expense..
672.196
601.278
614,135
757.234
Depreciation
535,251
430,883
308,543
349.055
Bond interest, &c
87,871
116,758
32,347
Federal taxes
161.554
105.463
Allow. on settled contracts & res. for accts.
rec., doubt. accts.,
claims. &c., on business of prior years_ _ _ _
863,763
Net income
loss$365,103 loss$745,788 81.093.470 51.947.368
Common stock outstanding (no par)
404.218
400,020
404,188
400.000
Earnings per share
NH
Nil
$1.98
$4.11
Consolidat:d Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
AssetsII
S
Liabilities5
$
278,544
Cash
320,795 Current liabilities_ 1,956,591 3,307,035
Contracts earned
Funded debt-subs
due & payable_ _ 1,546,675 2,249.433
corporation....
75.000
Other eurr. assets_ 499,069 1,235,484 Deferred liabilities 791,316
214.292
Plant & equipml_ 9,112,441 8,911,188 Deferred income..
15,847
Real est. & misc.
Minority interest
properties
2,386,537 1,700.452 subs. core
71,581
77.540
Invest. & advances
1,851.722 Reserve for depree. 3,397.896 2,849,491
Claims & miscell.
Reserves for other
1.103,438
accounts rec_ _ _.
purposes
589.765
Deferred charges-. 199,429
53,860 Capital & surplus_18,886,943 9.215.770
15,126.135 16.322,934
Total
Total
15,126,135 16,322,934
x Represented by 149,930 shares of no par convertible preferred stock
-V. 132, p. 4078.
and 404,2173 shares no par common stock.
mittee.Announcement has been made of the formation of a bondholders' committee to protect the interests of holders of the first mortgage 5% bonds.
series A, and 5% sinking fund mortgage bonds, series B. This corporation
owns the Stevens, Columbus Memorial and Venetian buildings in Chicago.
Because of the marked decrease in income from rentals, the corporation
has failed to make the semi-monthly payments required under the mortgage.
to be used for the payment of bond interest and the retirement of the bonds,
and it is unlikely that payment will be made on the interest coupons due
Sept. 1. It is pointed out that the corporation, following the receivership
for Chas. A. Stevens & Bros., has not received rentals from the store space
occupied by Chas. A. Stevens & Bros. on the basis of $720.000 annually.
The chairman of the bondholders' committee is Gilbert H. Scribner of
Winston & Co. Other members are Joseph Solari of Peabody Coal Co..
Henry G. Lodge of E. H. Rollins & Sons, Inc.. and Arthur E. Swanson of
Swanson Ogilvie Co. Two of the members of the committee represent substantial holders of the bonds and the other two have agreed to serve because
of their particular ability and experience which should prove of material
assistance in working out the situation confronting the bondholders.
In the announcement it is stated that the trustee of the bonds Is not
required to take steps to protect the bondholders unless instructed to do so
by holders of a substantial percentage of bonds. In order to give the committee power to take such action as may be necessary, it is being urged that
holders promptly forward their bonds to Halsey, Stuart & Co., ChIckgo,
the depositary. Bonds should be accompanied by a signed letter of transmittal and will be held under a bondholders' agreement. copies of which
may be obtained from Harry R. Mosser, 209 So. La Salle St., Chicago, Sec.
of the committee.
Stevens Hotel, Chicago.
-Protective Committee.
A protective committee for the 1st mtge,series A. bonds has been formed
and deposit of bonds is being requested. Members of the committee are:
Stanley A. Russell (V.-Pres. National City Co.); B. C. Lingle (V.-Pres.
Harris Trust & Savings Bank); Percy B. Eckhart (Pres., B. A. Eckhart
Milling Co.); Willoughby G. Walling (Pres. Personal Loan & Savings
-V. 134,
p 43 .
Rank3 .and William 11. Mitchell (Mitchell, Hutchins & Co.).
)
7
Stillwater Worsted Mills.
-Trustee Resigns.
See M. J. Whittall Associates, Ltd., below.
-V. 126, p. 1212.
Stone & Webster, Inc.
-Transfer Agent in Boston.
The Stone & Webster Service Corp. has been appointed transfer agent
in Boston for shares of the above company.
-V. 134, p. 3473.
Studebaker Corp.
-New York Sales Up.
Retail sales in New York City by the Studebaker Corp. of New York
for the first five months of 1932 were 1.774 cars as compared with 1,541
In the same period of last year. Used car sales in May were the largest in
the history of this branch, totaling 709 against 458 in May 1931.-V. 134.
p.4173.
-Smaller Dividend.
Sun Life Assurance Co. of Canada.
A quarterly dividend of 34% ($3.75 per share) has been declared.
payable July 1 to holders of record June 15.
Previously the company has been paying quarterly dividends of 6321%.
with extras from time to time.
-V. 134. p. 2926.
Swift & Co.
-Trustee Appointed.
Harry S. New, former Postmastee General, was appointed June 15 as
trustee for all the stock owned by company and its subsidiaries in stock yard
companies. The appointment was made by the District of Columbia Supreme Court. in connection with the recent packers' consent decree order.
on the application of Attorney General Mitchell.
The companies were directed to transfer their stock to the trustee for
the purpose of carrying out the decree, which directed them to divest themselves of ownership or control of stock in the stock yards.
The trustee was directed to find purchasers for the stock on terms to
be approved by the court.
The First Union Trust Co. of Chicago, was designated custodian
the
stock pending its sale.
-V.134, p. 4337.
` --Taggart Corp.
-Suspends Preferred Dividend.
The directors have decided to suspend the payment of the quarterly
dividend due July 1 on the $7 cum. pref. stock, no par value. The last
recita clup.t:r8 payment of $1.75 per share was made on Apri 31 1932.
l
% ar 6
lx
Title Insurance & Trust Co., Los Angeles.-Decreases
Dividend.
The directors have declared a quarterly dividend of 40 cents
-per share,
payable July 1, to holders of record June 20. Previously, the company
made quarterly payments of 65 cents per share.
-V. 133. p. 4173.
Todd Shipyards Corp.
-New Director.
Sanford S. Cox, Treasurer, has been elected a director. John D. Reilly,
recently elected President to succeed William H. Todd. deceased, was
re-elected a director.
-V.134, p.4174.
-Tower Mfg. Corp.
Standard Oil Co.(New Jersey).
-Receivership Petition.
-Hour Week. ---Adopts 40
To give Its personnel "all practicable Insurance of continued employment, and with the idea of providing occupation for a greater number
June 14 announced that, effective on July 1. It
of workers, the company onfor
its entire domestic operations. This change
-hour week
would adopt a 40
labor policy is not considered an emergency measure.
In
The readjustment in hours of work does not involve a reduction in the
hourly rate of pay, which will remain on the basis of time actually worked
as heretofore. Salaried employees, however, now on a five and a half
day schedule, will go on a five-day basis with 1-11th less pay. The re-
Albert A. Marsh has petitioned the Massachusetts Supreme Court for
appointment of a receiver for the corporation. Petition sets forth that the
plaintiff owns 100 shares of Tower Manufacturing stock. Tower has a
lease from the Suburban Realty Corp. for two floors at 124 Brookline
Ave. running until June 1 1937 at $2,000 a month. The company now
owes $27,900 for rent.
The Suburban Realty Corp. is willing to take preferred stock of a new
corporation for the discharge of this lease and to enter into a new lease.
Eugene N. Foss, President of Suburban, would become a director of the
Financial Chronicle
4510
new
eorporation. Tower has outstanding 130,000 shares of stock held
by over 1,300 shareholders and because so much of the stock is represented
by "street certificates" the company has been unable to obtain the necessary stockholders' approval to a reorganization plan it is said.
-V. 134, p.
411
'
3735.
Trans-Lux Daylight Picture Screen Corp.
-To Decrease
Stated Capitalization-To Cancel Options on Stock.
A special meeting of the stockholders has been called to be held on
June 30 for the purpose of authorizing a change in the capital stock from
1,000,000 share of no par value to 1,000,000 shares of $1 par, and to reduce
the stated value of the outstanding capital stock from $7.50 a share to
$1 a share.
The meeting will also consider the question of cance ing outstanding
options on stock and of giving new options under the same terms and
conditions at a lesser price for an extended term for services performed.
-V. 134, P. 3299
.
Tr -Continental Corp.
-Further Expansion.
It is understood that this corporation has acquired an interest in the
Broad Street Management Corp. and will be associated with the present
group in the direction and management of that company and of the Capital
Administration and Broad Street Investing Co.
-V. 134, p. 3837.
United Engineering & Foundry Co.
-New Product.
The company has acquired an exclusive license for the manufacture of
the Perrett rod reel, a new Invention of importance in the metal industry.
The device consist of two buckets, one replacing the other in continuous
operation when a coil is finished. The machine's also self-discharging
with automatic coil arms protecting the material during the movement.
Any size of coil can be handled.
-V. 134, p. 3295.
-Merger Approved.
United States Casualty Co.
Over 80% of the stock of this company was voted June 14 in 'favor of
the proposal of the New Amsterdam Casualty Co. to buy its entire outstanding 60,000 shares.
A proposal for reinsurance by the New Amsterdam of the ultimate
liability of United States Casualty was also approved.
The New Amsterdam company, as a result of this action, will deliver
30,000 shares of its own stock in exchange for the 60,000 shares of United
States Casualty stock. No increase in outstanding New Amsterdam
stock, however, is contemplated.
The United States company will continue to operate as an independent
company, with Edson S. Lott as President.
As directors of the New Amsterdam company have already approved
the deal, the proposal will become effective.
-V. 134, p. 4000.
United States Fidelity &
Reduces Capitalization.
-
Guaranty Co. of Balt.-
The stockholders on June 6 approved a proposal to reduce the par avalue
of the capital stock from $10 to $2 a share, or a reduction of capital from
$10,000.000 to $2,000,000, and a transfer of the difference of $8,000,000
from capital to surplus. The equity of stockholders is not affected.
V. 134, p. 3999.
United States Merchants & Shippers Insurance Co.Merger.
See Westchester Fire Insurance Co. below.
-V. 134, p. 522.
United States Steel Corp.
-New Officers of Subs.
F. L. Stone and Paul C. Van Zandt have been elected Vice-Presidents of
the Universal Atlas Cement Co., a subsidiary.
-V. 134, p. 4338.
University Tower Corp.
-Interest Defaulted.
Interest due May 1 on the 63i% convertible sinking fund general mortgage bonds has not been paid. Bondholders are considering ways and
means of handling the problem that has been created by the failure of the
corporation to meet the interest.
One of the proposed plans is the hoisting of interest for a period of three
years, and a suspension of sinking fund operation on both the first mortgage
issues until the maturity of the respective issues.
Valve Bag Co., Toledo, Ohio.
-Dividend Deferred.
The directors have decided to defer the quarterly dividend due July 1 on
the 6% cum. pref. stock. par $100. The last quarterly regular payment of
134% was made on this issue on April 1.-V. 126,P• 265.
Van
Sweringen Corp.
-Balance Sheet Dec. 31.1931.
1930.
Assets
Cash on deposit_ _ _
20.628 1,143,850
Invest. unpledged
segregated assets:
U.S. Govt.oblig
4,946,777
Cash
70,686
Accrued interest
6,209
Rec. under agreement with 0. P.
Van Sweringen:
U.S. Govt.oblig
10,037,000
Cash (interest received on secs.
144.208
held,
Accr. interest on
securities held
12,747
Invest,in and adv.
to Cleveland Terminals Bldg_ _z56.386,591 56,173,583
1931.
1930.
Liabilities$
Capital stock_ _ _ _x34,896,000 34.896,000
6% gold notes_ _ _ _15,000,000 30,000,000
Notes pay.to banks 549,000
Accounts payable_
30,039
Accrued interest_ _
155,124
300,000
Non-negotiable obligations: y
Notes payable__ 2,595,399 10,037,000
Int. rec. on secur
held
78,900
144,208
Int. accr. on se12,747
curities held_
Surplus
3,102,706 df2,854,895
56,407,218 72,585,080
Total
56,407,218 72,585.060
Total
x Represented by 1,744,800 no par shares. y For United States Govern
ment obligations received, under agreement. from 0. P. and M. J. Van
Sweringen interest contingently payable May 1 1935, not being accrued
currently. z Capital stock at cost at date of acquisition, $29,253,066;
open account, $27,133,524.
Our usual income statement for the year ended Dec.31 1931 was published
In V. 134, p. 4174.
Virginia-Carolina Chemical Corp.
-Proposed Merger.
See Armour Fertilizer Works.
-V. 134, p. 1392.
Virginia-Carolina Fertilizer Corp.!
---New Company.
See Armour Fertilizer Works above.
Washington Oil Co.
-Larger Dividend.
A dividend of 75 cents per share has been declared on the oustanding
$592,150 common stock, par $25, payable June 20 to holders of record
June 13.
The company on March 19 last paid a dividend of 25 cents per share as
compared with 75 cents per share on Dec. 20 1931.-V. 134, p. 4175.
(Hiram) Walker-Gooderham & Worts, Ltd.-Pref. Div.
The initial quarterly dividend recently declared on the new no par $1
cum, preference stock was paid on June 15 to holders of record May 27 (not
May 25 as previously reported). See V. 134, p. 4000.
-Wellman Engineering Co.
---Suspends Preferred Dividend.
The directors have decided to suspend payment of the quarterly dividend
due July 1 on the 7% pref. stock, par $100. The last regular quarterly
distribution of 1%% was made on April 1.-V. 134, p. 2549.
Westchester Fire Insurance Co.
-Proposed Merger.
Plans for a merger of this company and the United States Merchants St
Shippers Insurance Co. into one bearing the name of the Westchester Fire
Insarance Co. have been approved by the directors of each concern, subject
to the approval by their stockholders and the State Superintendent. of
Insurance.
June 18 1932
The capital of the merged companies will be $1,000,000. The fire
business of both is managed by Crum St Forster, while Appleton & Cox
manage the marine business. It is planned to continue these associations.
It is also proposed to continue the automobile operations of United States
Merchants company as the United States Merchants & Shippers Underwriters of the Westchester Fire Insurance Co., and this branch will be
managed by Appleton & Cox.
-V.134. p.3118.
Western Grocer Co.(Iowa).
-Halves Preferred Dividend.
A semi-annual dividend of 1%% has been declared on the 7% cum. pref.
stock, par $100. payable July 1 to holders of record June 20. Previously,
the company made regular semi-annual distributions of3%% on this issue.
-V. 133, p. 2449.
\
(M. J.) Whittall Associates.
-Trustee Resigns.
The Lee, Higginson Trust Co. of Boston, Mass., which is discontinuing
its business, has resigned as trustee of the gold debenture issues of the M.J.
Whittall Associates, Ltd., and the Stillwater Worsted Mills. The resignation is to take effect July 15 1932. or upon the earlier appointment of a
successor trustee.
-V. 133, p. 2449.
Wickwire-Spencer Steel Corp.
-Sub-depositary.
The Irving Trust Co. has been appointed sub-depository for the 10
-year
7%% secured convertibile notes, due on Sept. 1-V. 134, p. 4175.
Wilson Line, Inc. (& Subs.).
-Earnings.
Years Ended March 31- 1932.
Gross income from all
sources (incl. equity in
earnings of sub. co.)_ _
$887,493
Maintenance
48.136
Traffic & advertising_ _ _
78,274
Operation of vesiels_
296,448
Operation of terminals
121,520
Insurance
29,922
Rents,salaries, taxes, &c
63,671
Interest on funded debt_
51,387
Int. on unfunded debt
9.540
Balance available for
dividends Sr deprec_
Dividends on pref. stock
Prov. for depreciation_ _
Prov.for Fed.inc. taxes..
Non-recur. prof. (net)_ _
$188,592
62,300
54.238
1931.
1930.
$922,492
49,668
70,578
320,971
x145.316
35,274
62,979
53,340
12,659
$921.910
55,234
70,790
321,613
121,234
28,746
63.725
52,995
9,192
$821,778
30.106
52.354
296,274
114,662
27,694
64,069
54,060
14,100
8171,707
62,300
58.002
$198,381
53,725
50,544
2,900
$168,460
52,500
50.082
y1929.
Cr47,578
Balance, surplus
865,877
$51,405
$91,211
$119,632
x 1931 results principally arise from acquisition of the Bush Line and
represent temporary increase. Present total monthly expenses are lower
than those for 1930. y 1929 includes earnings of predecessor company
for comparative purposes.
General Balance Sheet March 31.
1931.
Assets1562.
LIaOUUies1932.
Floating equip__31,304.345 $1,372,637
Preferred stock_ -- $890.600 $890,000
37,500
Land
x37,500
569,296 Common stock_ _ _
594,296
872,500
Terminal property 450,168
839,400
442,377 Funded debt
144.000
Investments
174,750
695,352
720,352 Due to subs. so_ _ _
120,000
Cash
20,145
40,000
7.262 Loans pay., banks
Notes de accts. rec_
34,223
34,324
48,457
50,125 Accts.& wages pay
Materials & surpl_
513,654
14,629
17,221 Depreciation res_ _ 565,531
Prep'd rents, taxes,
128,258
178,761
Surplus
insurance. dm_ _ _
11,049
11,629 Surplus arising from
tined). debit items
462.868
9.396
appraisal of assets 387,522
12.102
Total
83,147,838 83,203,003
Total
33.147,838 53,203,003
x Represented by 37.500 no Par shares.
-V. 132, p. 4081.
Worcester Salt Co.
-Transfer Agent.
The City Bank Farmers Trust Co. has been appointed transfer agent for
20,000 shares of common stock. $100 par value, and 10,000 shares of preferred stock, $100 par value.
-V. 127, p. 839.
York Mfg. Co., Saco, Me.
-To Close.
George E. Spofford, Treasurer of the New England Industries, Inc.,
recently made the following statement in regard to the reported closing of
the York Mfg. Co.. at Saco, Me.: "We are running down the stock on hand
with what orders we have, and after that the mill must close. This is due
to unsatisfactory conditions and prices."
-V. 133, p. 4174.
(L. A.) Young Spring & Wire Co.
-Div. Outlock.The stockholders may look forward to continence of the current dividend
rate of $1 a year, in the opinion of L. A. Young, President, who expects
earnings this year to cover dividend requirements. The cash position of
the company is said to be strong.
"Based on current operations and business booked for the future, I do
not anticipate the need for drawing upon our cash surplus to maintain the
present dividend rate," said Mr. Young. "
We have maintained the strong
financial position with which we began the current year when cash and
Government securities totaled 81,378,261. With a long established business such as ours, this is ample for our requirements. I do not foresee any
unusual expenditures, either for buildings, equipment or for other purposes.
"This is no time for hoarding cash, and inasmuch as we expect to earn the
dividend. I see no reason for not continuing to pay it. The dividend
policy has the unanimous approval of the directors and the endorsement of a
majority of the stockholders," he declared.
The company recently has been stepping up production. Operations
currently are on a 5
-day week basis, although the plant has been doing
some work on Saturdays. Forces have been increaser' despite the fact that
during slack periods the work has been spread among a large number of
employees.
Several new accounts have been added, and the company this year is
getting a larger percentage of Ford and General Motors business, as well as
of other customers.
-V. 134, p. 3118.
Zenith Radio Corp.
-Earnings.
Years Ended April 30-- 1932.
Mfg. profits after deduct,
ofroyalties & mfg. exp.
incl.maint.of plant.&c. $546.984
Reserve for inventories_
50,000
Excess overhead due to
idle plant
168.495
Selling and admin. exps..
583,367
Depreciation
108,608
Int. paid & finan. exps_
35.883
Federal taxes
1931.
1930,
1929.
$159,343 81.028,283 82.461,735
466,704
144.180
31,197
1,026.025
163,298
95,720
1,254
1,126,605
59,930
165.598
Net loss
Earnings per share
$399,370
$482,740
8258.014 pr$1,109,602
Nil
Nil
$2.77
Nil
Balance Sheet April 30.
1932.
Assets
1931.
Liabilities
1931.
1932.
1208,685 $567,192 Accounts payable_ $23,137 $102,632
Cash
U.S. Lib. loan bds. 606,820
518,842 Sundry accounts
139.154
Receivables
179,239
2,981
Payable
4,302
Mdse.inventory_ _ 282,655
478,047 Accrued liabilities_ 203,999
264,070
27,005
Other assets
Capital and surFurniture,fixtures,
plus
y3,054.772 3,454,142
x277,929
351.092
&c
Broadcasting sta1
tions and equip_ ,
1
Pats.,licenses,contracts,trade mks.
and good-will. _ 1,684,441 1.663,941
Cash value of in43,360
29,040
surance policies.
31.162
36,433
Deferred charges- $3.286,212 $3,823,827
Total
Total
$3,286,212 $3,823,827
x After reserve for depreciation of 8389,105. y Represented by 500,000
shares (no par) after deducting cleric t of $555,138.-V. 134, p. 2741.
4511
Financial Chronicle
Volume 134
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-ETC.
PETROLEUM-RUBBER-HIDES-METALS-DRY GOODS-WOOL
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed INDICATIONS OF BUSINESS ACTIVITY.
Friday Night, June 17 1932.
COFFEE on the spot was dull, with Santos 4s at 103.c.
to 103 e. and Rio 7s at 8%c. The easiness in the local
4
futures market and falling off in demand for roasters and
wholesalers' account has resulted in a sharp decrease in the
number of cost and freight offers from Brazil in the last day
or two. Prices have been somewhat irregular, but with a
downward trend. Offerings in the market at the end of last
week for prompt shipment included Santos Bourbon 2-3s
at 10.85e.; 3s at 10.35 to 10.40c.; 3-4s at 10.25c.; 3-5s at
10.10 to 10.15c.; 4-5s at 9.95 to 10.10c.; 5-6s at 9.65c.;
6s at 9.45e. No offers were reported Friday from Rio or
Victoria. Trujillo 93' to 9%c.; Cucuta fair to good, 103
to 103 c.; prime to choice 11 to 113/ic.; washed, 103/ to
%
103 e.;Colombian,Ocana,10 to 10lic.; Bucaramanga natural
4
4
103'. to 103/2c.; washed, 103/ to 103 c.; Honda, Tolima and
Giradot, 103 to 11c.; Medellin, 12 to 123c.; Manizales,
%
10% to 11c.; Mexican washed, 14 to 15c.; Ankola,25 to 34c.;
Mandheling, 25 to 32c.; Genuine Java, 23 to 24c.; Robusta
washed, 93c.; Mocha, 133 to 143/ic.: Harrar, 12 to 1234c.;
Abyssinian, 10% to 10 Mc.,• Guatemala good, 113' to 12c.;
Bourbon, 10% to 11c. On the 15th, cost and freight
offerings were more plentiful, with prices ranging from unchanged to 10 points lower. For prompt shipment, Santos
Bourbon 2s were here at 10.65c.• 2-3s at 10.85 to 11c.; 3s
at 10.10 to 10.70e.• 3-4s at 9.90 to 10.450.; 3-5s at 10 to
'
10.40c.; 4-5s at 9.8 to 10.30c.; 5-6s at 10c.; 6s at 9.35 to
10c.; 7s at 9.150.; 7-8s at 9c.• Peaberry, 3s at 10.50c. and
part Bourbon 3-5s at 10.20c. Various descriptions of
'
coffees for shipment from Rio were offered, including
Bourbon 3s at 10c.; 4s at 9.75e.; Sao Paulo Bourbon 4s
at 9.90c., and Sol do Minas 4s at 10c. Rio 7s for JuneAugust shipment were here at 7.650. and 4s at 8.20c.
One shipper was said to have cabled as follows on the 16th:
"Useless offering until disparity shipment, spot coffee
ceases." A Comtelburo cable from Rio de Janeiro to the
Coffee & Sugar Exchange said: "Rio daily receipts reduced
to 12,950 bags, on order to keep stock allowed limit."
On the 13th inst., futures were irregular ending with Santos
3 points lower to 2 points higher with sales of 10,750 bags.
Rio ended 7 to 10 points off with sales of only 1,250 bags.
That is the interest centered in Santos. Brazil sold March
Santos, a leading feature. Brazil has destroyed 7,916,000
bags.
On the 14th inst. Santos futures here fell 3 to 11 points.
Rio futures were 2 points lower to 4 points higher and the
trading was small. On the 15th inst. futures opened 8
points lower and closed net unchanged to 4 points higher;
sales 1,000 bags. Santos futures here opened 1 point lower
and closed 1 to 6 points net higher with sales of 4,000 bags.
Europe sold but Brazil bought with exchange stronger.
Rio 7s were quoted at 8 to 83'c. and Santos 4s at 103/i to
103e. On the 16th inst. Rio futures here closed 8 to 11
points higher with sales of 3,000 bags and Santos futures
.ended 13 to 17 points higher with sales of 11,000 bags.
To-day Rio futures here closed unchanged to 3 points lower
with sales of 3,000 bags and Santos futures unchanged to
4 points higher with sales of 7,000 bags. Final prices for the
week are 2 points lower to 5 points higher on Rio and 11 to
17 points higher on Santos futures.
Rio coffee prices closed as follows:
Spot unofficial
July
September
8.000 -- I December
6.350?
I March
6.3510
I May
6.29@nom
6.27 ©nom
6.270nom
Santos coffee prices closed as follows:
Spot unofficial
July
September
11312
9.23(0
I December
March
May
9.070 --. 44 _
8.92 ©nom
COCOA to-day ended unchanged to 1 point lower with
sales of 146 lots. July ended at 4.03c.; Sept. at 4.13e.;
Dec. at 4.26c.; Jan. at 4.30e. and March at 4.39e. Final
prices are 11 to 17 points higher than a week ago. On the
16th Liverpool futures at 1.30 p. m. were net unchanged.
The Liverpool spot market opened 3 to 6d. higher while
London was unchanged to 3d. higher. Local licensed warehouse stocks on June 15 were 559,152 bags against 560,053
on the previous day and 223,219 last year. Arrivals in
New York since June 1, 57,725 against 81,585 last year.
-On the 13th inst. spot raws suddenly presented
SUGAR.
a strong front and futures advanced 2 to 4 points and sales
jumped to 44,700 tons. Spot raws rose to 2.72c. delivered.
It all meant that President Machado of Cuba had signed the
decree permitting exports in 1933 of the unsold surplus on
Dec. 13 1932 of sugar allotted to the United States this
year, said to be about 800,000 tons. This restriction woke
up the shorts with a start. They covered freely. Not for
months past had the market been so active. Big Cuban
interests bought aggressively. Hedges were covered as the
sales of actual sugar increased. New "long" buying was
reported and 10,000 bags of Porto Ricos due June 27 sold
at 2.72c. One •refinery was the biggest buyer at 2.70c.
Previously there were sales of 6,000 bags of St. Croix prompt
shipment; 3,371 tons of Philippines, June arrival; 1,000 tons
of Philippines same; 35,000 bags of Puerto Ricos, due June
20 and 4,100 tons of Puerto Ricos, loading June 21; also
2,500 tons of Philippines nearby at 2.70e. and 4,400 tons of
Puerto Ricos, loading June 24 at 2.72e. Receipts at U. S.
Atlantic ports for the week were 41,073 tons against 49,520
in the previous week and 64,921 in the same week last year;
meltings 44,991 tons against 41,124 in the previous week and
53,778 in the same time last year; importers' stocks 162,432
tons against 162,432 in the previous week and 156,145 in
the same week last year; refiners' stocks 179,612 against
183,530 in the previous week and 169,567 in the same week
last year; total stocks 342,044' tons against 345,982 in the
previous week and 325,712 in the same week last year.
On the 14th inst. futures advanced 2 to 3 points. Spot
raws advanced 3 points. Refined advanced 10 points
effective Wednesday night; 3,000 bags Philippines June
arrival sold at 2.75e., 25,000 bags of Porto Rico late June
at 2.75c.; also 3,200 tons of Philippines nearby or prompt
at 2.75c.
On the 15th inst. futures opened 1 point lower to 1 point
higher and closed net unchanged to 1 point lower with sales
of 26,700 tons. July liquidation continued and about 20%
of the business was in July. Refined was active and firm at
3.80c., and at times attracted much attention. The firmness
of spot raws was the backbone of the market at 2.78 to 2.80e.
Private cables reported from Cuba that the leaders are now
canvassing among the small holders to get them to agree.
The opinion is that the majority will. London sales on
Tuesday were 15,000 to 20,000 tons at 5s. 53/2d. Some
1
3
1,500 tons brought 5s. 4d. and 3,000 tons 5s. 14d. Not
,much was offered. Cuban and trade interests boug'ht
futures here supposedly to cover hedges against recent sales
of actual sugar. There was some selling against purchases
of refined sugar. On the 16th inst. futures opened 1 point
lower to 1 point higher and closed 7 to 8 points net higher
with sales of 35,350 tons. The trade bought and there was
less pressure to sell. Raw sugar advanced 5 points. A
.
New Orleans refiner paid 0.80c.c.&f.for 15,000 bags of Cubas
prompt shipment and the National paid 2.80c. for Porto
Ricos in prompt position, for two cargoes and 6,000 bags.
On the 16th London opened July 1%d. higher but later
deliveries from % lower to %d. higher. The London sugar
market at 3.15 p. m. was firm with prices unchanged to Id.
higher than the opening levels. London also cabled: 'Terminal
market firm after hedge sales. Maritius sellers asking 5s. 3d.
Other cables reported sales of parcels yesterday at 5s. 234d.
and to-day at 5s. 3d. with further buyers at 5s. 23<d. Other
cables reported a sale of 10,000 tons of Cubas yesterday at
5s. 1%d. To-day futures here closed 2 to 4 points higher
with sales of 63,450 tons. Final prices show an advance for
the week of 9 to 12 points.
Glosing quotations follows:
Spot unofficial
July
September
December
January
0.90
March
0.80
May
0.87
0.93(00.94
0.94© --1.00
1.05@1.06
LARD.
-On the 11th inst. futures advanced 3 to 7 points.
On the 13th inst., futures closed 5 to 8 points lower, though
hogs were up 5 to 10c. Cash markets were a bit weaker
at the close; prime Western 4.25 to 4.35c.; refined for the
Continent, 43. to 4%e.; South America, 43 to 43/sc.; for
4
Brazil, 53' to 5%c. On the 14th inst., futures declined
2 to 5 points, but hogs advanced 5 to 10 points. On the
15th inst., futures were 5 points higher with grain up and
hogs steady. Western hog receipts were 77,000 against
67,000 on the same day last year. Cash markets were
steady. In Liverpool lard closed unchanged to 3d. lower.
Stocks of contract lard at Chicago increased in the first two
weeks in June 5,421,757 lbs., against an increase of 1,966,398
in the same period last year. Middle Western 4.20 to
4.30e. in tierces, c.i.f. New York; refined to Continent 45 c.;
4
South America, 47 c.; for Brazil, 5%c. On the 16th inst.,
4
futures were unchanged to 2 points higher, with hogs steady
and grain markets motionless. To-day futures advanced
5 to 8 points, closing with a net advance for the week of the
same amount.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
July
3.95
3.90
3.87
3.92
3.92
4.00
September
4.05
4.00
3.97
4.02
4.02
4.07
October
4.10
4.02
4.00
4.05
4.05
4.10
Season's High and Wizen MadeSeason's Low and When Made
July
5.50
Feb. 1 1932 July
3.62
June 2 1932
September
4.10
June 11 1932 September
3.72
June 2 1932
October
4.15
June 17 1932 October
June 2 1932
3.77
PORK steady; mess, $17.25; family, $15.25; fat backs,
$11.25 to $13.75. Ribs,'Chicago, cash, 4.37e. Beef, dull;
4512
Financial Chronicle
June 18 1932
mess, nominal; packet, nominal;family, $12.50 to $13; extra 870 tons, closing with July 2.710.;
India mess, nominal; No. 1 canned corned beef, $2; No. 2, October 2.85c.• December, 2.95c. September, 2.80 to 2.8204
Actual rubber was quiet
$3.50; six pounds, South America, $10.50; pickled beef at 2 11-16 to 2%c. for spot, June and July.
'
No. 1 B contongues, $40 to $50. Cut meats, steady; pickled hams, tract June 2.68c.; July, 2.710.; A and
AB June, 2.650.;
14 to 16 lbs., 93c.; 10 to 12 lbs.,93c.; pickled bellies, clear, July 2.650.
%
6 to 12 lbs.,7ye. 8 to 10 lbs.,7%c.;bellies,clear, dry salted,
;
On the 15th inst. London
boxed, 18 to 20 lbs., 5%c.; 14 to 16 lbs., 63c. Butter, unchanged to 1-16d. lower; rubber market closed quiet and
June and July, 1 11-16d.;Aug.,
lower grades to higher than extra, 14 to 183/20. Cheese, 13 d.• Sept., 130.; Oct.
%
/
-Mar., 17 1.;
4
flats, 10 to 20c.; daisies, 1054 to 16c. Eggs, medium to April-June, 1 15-16d. -Dee., 1 13-16d.; Jan,
Singapore closed steady and unspecial packs, 1254 to 19c.
changed: June, 1 7-16d.; July-Sept., 1 15-32d.; Oct.
-Dec.,
OILS.
-Linseed was rather easier despite an improvement 1 17-32d. On the 16th inst. futures fell 3 to 11 points with
in seed markets. Crushers were understood to be willing sales of 280 tons. Spot, 2 11-150. Wall Street sold. Into shade car-lot business 2 or more points from the basic creases of 11 to 15% have been made in prices of tires to
5.9c. price. Cocoanut, Manila Coast, tanks 23/8c.; tanks conform to the new government tax. On the 16th London
New York, 33/80.; corn, crude, tanks, f.o.b. Western mills, opened steady, unchanged to 1-16d. advance, and at 2:38
4
4
2%c.; olive, denatured, spot 60 to 61c.; shipment, 63c.; p.m. was quiet; June, 13 d. and Sept., 13 d. Singapore
Chinawood, N. Y., drums carlots, 6Y0.; tanks, 538c.; closed quiet, unchanged to 1-32d. advance; June, 1 7-16d.;
/
-Dec., 1 17-32d. London closed
Pacific Coast tanks, 5%c. Soya bean, tank cars f.o.b. July-Sept., 13/2d. and Oct.
%
Western mills, 2.80c.; carlot delivered New York,33 to 4c.; steady, 1-16d. to %d. higher; June, 13 d.; July-Sept.,
%
less carload, 43/2 to 40. Edible olive oil, $1.65 to $2.15. 1 13-16d.; Aug., 1 13-16d.; Sept., 1 13-16d.• Oct.-Dec.,
-March, 1 15-16d., and April-June, 2d. To-day
'
Lard, prime, 83c.; extra strained winter, New York, 6c. 154d.; Jan.
Cod, Newfoundland, 21 to 26c. Turpentine, 443. to 49%c. No. 1 standard contract closed 4 points lower to 3 points
Rosin, $8.15 to $6. Cottonseed off sales to-day, including higher with sales of 53 lots and No. 1 "B" standard was
switches, 39 contracts. Crude S. E. 254 to 3c. Prices 5 points lower to 3 points higher; new "A" 3 off to 2 up;
new 5 off to 2 up. No. 1 standard July ended at
closed as follows:
2.67 to 2.650.; Sept., 2.75c.; Oct. 2.77c.• Dec., 2.90c.;
Spot
3.40
October
3.821 3.88
Jan., 2.95c.; arch, 3.08c. and April, 3.16e. Final prices
June
3.501 3.80 November
3.84
3.94
July
3.70
3.75 December
3.92
3.97
show an advance on No. 1 standard contract for the week
August
3.65
3.85 Jarman
4.00
,
4.04
of 7 to 8 points. London closed steady, generally net unSeptember
3.80 changed, except July
PETROLEUM.
-Gasoline for retail is tending higher. June, July, August, and Aug. which were 1-16d. lower,
13 d.; Sept., 1 13-16d.; Oct.-Dec.,
%
There was a report current that retail tank wagon gasoline 13/sd.;
-March, 1 15-16d. and April-June, 2d. Singapore
prices would probably be advanced in the metropolitan closed Jan.
steady, net
area early next week. Kerosene showed a slightly easier 1 15-32d.; July-Sept.,unchanged to 1-32d. higher; June,
13/2ci. and Oct.
-Dec., 1 9-16d.
tone although no price reductions were reported. There
was a fair demand for 41-43 water white at 53/2 to 6c.in tank • HIDES.
-On the 11th inst. old contracts closed 2 points
cars at refineries. There was a fair export inquriy. Grade lower to 5 points higher and new unchanged to 25 points
C bunker oil was a little firmer with leading interests asking lower, closing with Sept. old at 3.750.; Dec. old at 4.25 to
75e. at refineries while Diesel oil was fairly active at $1.50. 4.350. and March new at 4.750. On the 13th inst. futures
Domestic heating oils were somewhat easier. Pennsylvania closed 5 to 10 points lower on both contracts with sales of
lubricating oils were in fair demand, and steady.
560,000 lbs., ending with June old 3.31c.; new, 3.30c.;
Tables of prices usually appearing here will be found on an earlier page in
Sept. old, 3.61 to 3.69c.; new, 3.650.; Dec. old, 4.20 to
our department of "Business Indications," in an article entitled "Petroleum
4.30c.; new, 4.200.; March old, 4.65 to 4.85c. and new,
and Its Products."
4.70 to 4.80c. On the 14th inst. old contract closed
RUBBER-On the 11th inst. futures advanced 3 to 4 points higher and new unchanged to 10 points higher5 to 10
ending
points closing with July 2.63 to 2.65c. Dec., 2.87 to 2.90c. with June old, 3.41c.; new, 3.400.; Sept. old, 3.750.; new,
and March at 3.08 to 3.10c. On the 11th inst. London 3.40c.; Dec. old, 4.25 to 4.350.; new, 4.250.; March old.,
closed quiet and unchanged to 1-16d. higher; June, July and 4.70c.; new, 4.70 to 4.80c. On the 15th inst. prices closed
Aug. 1 11-16d.• Sept., 1%d.; Oct.
-Dec., 1 13-16d.; Jan.- 10 to 20 points higher on the old contract and 10 to 15 points
March, 1 13-16d. and April-June, 1 15-16d. Singapore higher on the new with sales of 600,000 lbs., ending with
closed steady and unchanged; June, 1 13-32d.; July-Sept., June old at 3.61 to 3.700.; new, 3.500.; Sept. old, 3.85 to
1 7-16d. and Oct.
-Dec., 13/2d. Consumption of crude 3.90c.• new, 3.55c.; Dec. old, 4.40c.; new, 4.40c.• March
rubber by manufacturers in the United States in May old, 4.80c. new, 4.85 to 4.90c. On the 15th inst. 2,000
'
June
amounted to 29,197 long tons, compared with 25,953 tons frigorifico light steers sold at Sc. Packer, native
steers, 40.;
in April and 37,817 tons in May 1931, according to the butt brands, 4c.; Colorados,
3320.; Bulls, 3c., Chicago
Rubber Manufacturers' Association. Imports of crude native cows, Oct.
-Dec., 4c. New
calfskins,
rubber for May were 32,224 long tons, a decrease of 12.9% 9-12s, $1.15; 7-9s, 60c.; 5-75, 450. York City to
According
a prefrom the total for April, but an increase of 1.6% over May liminary estimate by the Tanners' Council, the production
1931. Total domestic stocks of crude rubber on May 31 of shoes during May showed a marked decrease
from April
were 346,231 tons, compared with 343,098 on April 30. The totaling 22,000,000 pairs against 25,900,000
pairs in
total at the end of last month was 56.8% above the stocks and 28,452,000 pairs in May 1931. Shoe productionApril
this
on May 31 1931. Companies participating in the compila- year up to the end of April had been running slightly ahead
tion reported there were 50,453 tons of crude rubber en route of last year but the decrease during May brought the
total
to United States ports on May 31 against 40,387 tons on production for the first five months of this
April 30 1932, and 55,173 long tons on May 31 1931. On that of the corresponding period last year.year 4.4% below
To-day futures
the 13th inst. prices advanced 5 to 8 points with sales of 260 closed 16 to 35 points lower with sales of 31 lots.
tons No. 1 standard. London was firmer with English stocks at 3.40c.•, Sept. at 3.59c.; Dec., 4.05 to 4.10c.; July ended
1,467 tons less. No. 1 standard July closed at 2.68 to 2.69c.; Feb. 4.30o. and March 4.450. Final prices Jan., 4.15c.;
are 15 points
Sept. at 2.77e. and March at 3.13c.; spot 25 to 23 c.
%
lower for the week.
4
On the 13th inst., London closed steady, unchanged to
OCEAN FREIGHTS.
-Trade was slow. Later business
1-16d. advance;June 1 11-16d.; July 13 d.; August 1 11-16d.;
%
September 154d.• October-December 1 13-16d.; January- was more active. Grain was quiet.
CHARTERS included: Bookings: Few loads New York-MediterMarch 1%d. and April-June 2d. Singapore closed steady ranean, 8c.; few loads New York-Rotterdam, Sc.; five
'
Antwerp.
and unchanged; June 1 13-32d.• July-September 1 7-16d. five loads Sc.: few loads Montreal-Mediterranean, 10c. loads New YorkJune, 9Mc. JulY;
New York-Antwerp, Sc.; six loads New
October-December 1%d. London rubber stocks for 7c.; few loads Montreal to Antwerp, Rotterdam,York to Havre-Dunkirk,
and
to Antwerp-Rotterdam, 7c. June. Sugar: 12s.Sc.; six loads Montreal
the week ended June 11 totaled 54,636 tons, a decrease of
6d. Santo Domingo,
13s.
Cuba to United Kingdom-Havre899 tons from the previous week. Liverpool stocks de- 13s. 6d. Cuba to United Kingdom-Contin Hamburg range, June loading;
tid.
ent, first half July; Santo Docreased 568 tons to 59,551 tons. The net decrease of 1,467 ming° to United Kingdom, 138. 6d.; Cuba to United Kingdom, 14s. (id.;
Cuba to
tons in the British stocks for the week was slightly in excess of Cuba,United Kingdom, Continent, 148. 3d., first half July; north side
one port, 14s.
June-July*
of expectations, estimates on Friday having been for a de- United Kingdom, 13s. 9d., June. Time: part cargo north side Cuba to
6d... Bermuda round
crease of 1,300 tons. On the 14th inst., prices advanced West Indies round trip, 80c.; West Indies round. 50 to 55c.trip, 90 to 95c.;
slightly but reacted later and closed unchanged to 2 points
COAL.
-Trade had a summerlike appearance in both hard
net lower, with sales of 320 tons of No. 1 standard which and soft coal. Production for the country as a whole for
closed with July 2.630.; September 2.75 to 2.80c.• October the past week registered a total of 4,000,000 tons. According
2.810.; December 2.91 to 2.92c.; March 3.11 to 3.12e. to an estimate of the National Coal Association this netted
No. 1 B standard closed nominally with June 2.63c.; July only 3,650,000 or the lowest weekly figure in 25 years except
2.650.• August 2.72c. and September 2.750. Outside prices: during strikes. The low output is attributed to dullness. The
Plantation R. S. sheets, spot, June and July 254 to 23 c., production for the same period a year ago totalled 6,585,000
%
August-September 23c.; October-December 23/sc.; January- tons and the year before in a like week 8,255,000 tons.
%
%
March 354c.; spot, first latex, thick 35 to 33c.; thin pale Spot prices on Illinois and Indiana shipments were reported
%
latex 354 to 3%c.; clean thin brown No. 2 25gc.; rolled to be Sc. higher. Screenings from the Illinois, Indiana and
/
brown crepe 25-16 to 254e.; No. 2 amber 2 11-16c.; No. 3 western Kentucky mines were sparingly offered and firm.
25 c.; No. 4, 23/2c.; Paras up-river fine, spot, 23/20.; Acre, The packers in Chicago coal market paid $2.66 delivered as
%
/
fine spot, 53143. On the 14th inst., London closed steady, against $2.56 last week. The tendency of prices was upward
1-16d. advance to 1-16d. decline; June, July and August, owing to the scarcity of screenings at the mines in all the
1%d.; September 1%d.; October-December, 1 13-16d.; Midwestern fields. But for the wage situation in Illinois
January-March, 1%d.• April-June 1 15-16d. Singapore and Indiana the screenings market it is believed would be
closed steady, 1-32 to 1-16d. advance; June, 1 7-16d.; much stronger.
July-September, 1 15-16d.; October-December, 1 17-32d.
TOBACCO.
-There has
On the 15th inst., prices advanced 2 to 5 points, partly on steady prices. Sales for been the usual routine business at
a bullish May report. The sales of No. 1 standard were markets were as follows: the past week in the Southern
At Mayfield, 20,970 lbs., at an
Volume 134
4513
Financial Chronicle
average of $3.19 or 26c. lower than in the preceding week; of automobiles may have to be reduced. It was expected
at Paducah, 86,055 lbs., averaging $2.62 or 63c. lower; to be noticeably larger than that in May.
at Murray, 20,490 lbs., average of $2.43 or 80c. lower;
PIG IRON has remained as quiet as ever at $14 at furat Hopkinsville, 162,095 lbs. of dark tobacco, average of
$3.12 or 72c. lower; at Clarksville, 465,420 lbs., averaging nace in the East on the larger orders and $14.50 on smaller
$5.65 or 7c. lower; at Springfield, 385,205 lbs., at an average lots. No new features appeared. It is still simply a dreary
of $5.77 or 6c.lower. San Juan,P.R.,to the U.S."Tobacco period of waiting for better times.
Journal": "The new crop is entirely out of the hands of the
WOOL has been comparatively firm. Certainly low bids
farmers and in the hands of speculators, as those who have have been rejected and before long if the oft-repeated prebought this tobacco this year are termed. The total crop diction is verified trade will be better but at this time it is
grown this year amounts to only a little over 6,000,000 lbs. quiet. Boston wired a government report on June 14th as
against 30,000,000 lbs. on the average. The big operators follows: "Trading is very light- but there is some interest
have refrained from buying. Owing to the adverse condi- that offers a little encouragement to wool men. A few sales
tions under which this crop was grown, comparatively few reported this week have been mostly on medium quality
of the formers being supplied with capital for fertilizer, the fleeces, including combing and clothing staple of 56s. and
crop is on the average very poor. It does, of course, con- 48s-50s qualities. These wools are bringing 12 to 13
in
tain some good tobacco, which brought a top price of 17c. the grease, depending upon shrinkage. Scoured basis
The quantity of old tobacco on the island is greater than the values on these wools are estimated at about the same level
entire new crop. Sixty per cent of the old tobacco on the that has prevailed for the past two weeks."
island is owned by the co-operatives." Washington, D. C.:
Ohio & Pennsylvania fine delaine, 15X to 16c.: fine clothing, 13 to 14c.:
"Plans for Federal-State tobacco grading service at auction 31 blood combing, 154 to 16c.; X blood clothing, 13 to 14c.: X combing,
combing, 14 to 15c.: X combing.
154 to 16c.: X clothing, 13 to 14c.;
markets the coming marketing season are being formulated 14 to 15c.:
Territory clean basis, fine staple, 38 to
by the U.S. Department of Agriculture." Conditions favor 40c.: fine, low X blood,12 to 13c.:
fine medium, French clothing, 35 to 37c.: fine, fine medium
the new crop in the Connecticut area. At Tampa 29,000,000 clothing, 33 to 35c.; Texas clean basis fine, 12 months, 37 to 38c.: fine
40c.: B super,
A super,
cigars were turned out in Tampa during past month, a de- 8 months, 30 to 32c.; Pulled, scoured basis. fall, kid, 38 tospring kid, 40c.
50c.;
32 to 33c.: Mohair, original Teas adult, 18c.;
crease of 2,000,000 from April. The 1932 acreage in Wis- Australian clean basis, in bond 64s, combing, 28 to 30c.: Montevideo,
grease basis. in bond 58-60s, 14 to 15c.
consin is smaller by 25% than in 1931.
At Sydney on June 14th wool sales closed. A miscelSILVER on the 11th inst. closed 3 points lower to 14 laneous selection met with fairly general competition.
points higher with sales of 100,000 ounces. June closed Compared with the opening, prices were unchanged. The
at 27.95c.; July, 28 to 28.13c.; Sept., 28.30c.; Oct., 28.45 new season will open on Aug. 29. The Adelaide new season
to 28.50c., and Dec. at 28.75c. On the 13th inst. prices sales will open Sept. 8 and 150,000 bales will be offered
closed 4 points lower to 5 higher with sales of 100,000 between that time and Christmas. At Adelaide on June 16
ounces, closing with June, 27.95c.; July, 28 to 28.120.; 9,000 bales were offered and 6,250 sold. Withdrawals were
Oct., 28.50c. On the 14th inst. prices closed barely steady due to owners' reservations. The selection was mixed,
and 10 points lower to one point higher with sales of 200,000 containing a proportion of the new clip and completion was
ounces, ending with July at 27.98 to 28.10c.; Sept., 28.25 limited. Australian mills were the chief buyers, with
to 28.33c.; Oct., 28.48 to 28.51c. On the 15th inst. prices Yorkshire and Japan supporting. Prices were unchanged
closed 15 to 42 points lower, with sales of 1,550,000 ounces, compared with the latest Sydney sales, but compared with
closing with June at 27.75 to 27.80c.; July, 27.75c.• Sept., Adelaide sales on April 7, quotations on the best wools were
28c.; Oct., 28.10c., and Dec., 28.40 to 28.50c. '
To-day 5% lower and others were 10 to 15% cheaper.
futures closed with July at 27.78c.; Sept. at 28c.; Oct. at
WOOL TOPS futures on the 14th inst. were unchanged
28.18 to 28.20c.; Nov., 28.32c.; Dec., 28.47c. Final prices
at 49.50c. for June, July, Aug. and Sept. and 50c. for Oct.,
are 14 to 25 points lower than a week ago.
Nov. and Dec. Boston spot unchanged at 53c. On the
COPPER to-day was easier at 5%c. for domestic delivery 15th inst. prices were again unchanged. On the 16th inst.
and 5Y c. i. f. Europe. London on the 16th inst. advanced prices were unchanged to 50 points lower. Boston spot
243.
2s. 6d. on spot standard to £27 6s. 3d.; futures up is. 3d. to declined 50 points to 52.50c. To-day there was a decline of
£27; sales, 200 tons spot and 600 tons of futures. Electro- 100 to 200 points with all months closing at 48c. Antwerp
lytic unchanged at £31 bid and £31 10s. asked; at the second unchanged to Md.lower with sales of 100,000 lbs. Roubaix
London session spot standard advanced 3s. 9d.• futures rose unchanged to 10 lower with sales of 110,000 lbs.
5s. on sales of 150 tons of futures. On the 11th inst. futures
'
-On the 11th inst. futures here closed 2 points
SILKS.
here closed steady and unchanged to 10 points lower, July
closing at 4.25c.; September at 4.35c.; December at 4.50c. lower to 3 higher with sales of 12 bales. Oct. and Dec.
and March at 4.65c. On the 13th inst. futures here closed ended at $1.28 and Jan. at $1.28 to $1.29. On the 13th inst.
net unchanged to 5 points higher with sales of 50 tons ending futures here closed unchanged to 1 point lower with sales of
with July at 4.25c.; September, 4.35 to 4.50c.; December, 130 bales. July ended at $1.21 to $1.26; Sept. at $1.25 to
4.50c. On the 14th inst. futures closed 15 to 20 points higher $1.28; Oct. and Nov. $1.27 to $1.28. On the 14th inst.
with sales of 200 tons, ending with July, 4.40c.• September, futures closed 1 point lower to 2 points higher; no sales.
4.51c.; December, 4.70 to 4.80c. and March 4A5c. On the July ended at $1.23 to $1.26; Sept. $1.25 to $1.28 and
15th inst. futures here closed 5 to 25 points higher with sales Dec. $1.28 to $1.30. On the 15th inst. futures here closed 1
of 75 tons closing with July 4.50c.; September, 4.60c.; to 5 points lower with sales of 220 bales, ending with Aug.
October,4.65c.; December,4.75c.and March,5.05c. To-day $1.20 to $1.22; Sept., $1.22 to $1.24; Oct., $1.24 to $1.26;
futures here closed with July, 4.50c.; September, 4.65c.; Nov., $1.23 to $1.26; Dec., $1.25 and Jan. $1.24 to $1.26.
October, 4.60c.; December, 4.70c.; May, 5.05c. Sales were To-day futures here closed 4 points lower to 1 point higher
with sales of 52 lots or 520 bales. July ended at $1.09
two lots.
Aug. at $1.20 to $1.21; Sept. at $1.20 to $1.21; Oct., $1.20
TIN remained unchanged here on the 16th inst. despite to $1.24; Nov., $1.22 to $1.24; Dec., $1.23 to $1.24 and
an advance in London of 15s. in the first session and 10s. Jan., $1.24. Final prices are 5 points lower to 1 point higher
more in the second session. Spot Straits tin here was for the week.
quoted at 19ic. with little demand. On the 11th inst.
futures here closed 15 to 35 points higher; no sales. June
ended at 19.200.; July at 19.35c.• Sept. at 19.65c.; Dec. at
COTTON
20.25c.; Jan. at 20.45c. On the 13th inst. futures here
Friday Night, June 17 1932.
closed 15 points higher; no sales. July ended at I9.50c.
and Sept. at 19.80c. On the 14th inst. futures closed 70 to
THE MOVEMENT OF THE CROP,as indicated by our
80 points higher with July at 18.70c.• Sept., 19.10c., and telegrams from the South to-night, is given below. For the
Dec., 19.70c.; no sales. On the 15th inst. futures here
'
closed 15 to 25 points higher; no sales. July ended at 18.90c.; week ending this evening the total receipts have reached
19.25c.; Dec. at 19.85c.; Mar. at 20.45c., and May 24,783 bales, against 30,591 bales last week and 64,258
Sept. at
at 20.85c. To-day there were no sales and June ended at bales the previous week, making the total receipts since
19.50c.; July at 19.25c.; Aug. at 19.40c.; Sept. at 19.55c.; Aug. 1 1931 9,514,011 bales, against 8,396,418 bales for the
Oct. at 19.70c.; Nov. at 19.85c.; Dec. at 20c.; Jan. at 20.15c.;
period of 1930-31, showing an increase since Aug. 1
Feb. at 20.35c.; Mar. at 20.55c.; April at 20.75c., and May same
1931 of 1,117,593 bales.
at 20.95c.
Total.
Receipts atSat.
Mon. Tues. Wed. Thurs. Frt.
LEAD was less active but firm at 3c. New York and 2.90c.
East St. Louis. London on the 16th inst. advanced Is. 3d. Galveston
16'7
320 1,820
20'7
484
46'7
175
524
524
to £9 5s. for spot and £9 15s. for futures; sales 150 tons spot Texas City
Houston
591
601
377
445 1,031 3,608
563
and 600 tons futures; at the second session prices advanced Corpus Christi
____
____
____
131
--------131
444
75
462 9,902
New Orleans_ _ _ _ 2,916 2,362 3,643
2s. 6d. on sales of 300 tons of futures.
Moblle
ZINC was firm at 2.90c. East St. Louis, but trading was
quiet. In London on the 16th inst. spot advanced 3s. 9d.
to £11 us. 3d.; futures up 5s. to X11 18s. 9d.• sales 100 tons
spot and 1,150 futures. Zinc to-day was 2.80c. East S.
Louis.
STEEL has remained quiet and it is now stated that the
production is down to 17% of capacity. Fabricated steel
fact,
is in some demand;inthat it sells better than any other sort.
the estimates of June production
It is said, however,
158
51
486
123
208
3,725
Savannah
Charleston
531
255
50
1,221
167
101
97
----
30
15
495
__--
Wilmington
Norfolk
Baltimore
102
4
60
13
78
39
5
16
103
--__
____
636
42735
4.819
5.556
1.391
1.080
Tntals this week_
4,751
21
1.370
1,592
8
230
190
636
7.201 24.783
The following table shows the week's total receipts, the
total since Aug. 1 1931 and the; stocks to-night, compared
with last year:
•114
Financial Chronicle
June 18 1932
COTTON.
-The rise this week was predicated almost
,
.
1931-32.
1930-31.
Stock.
Receipts to
entirely on persistent rains, fear. of the weevil, and some
June 17.
This Since Aug This Since Aug
advance in stocks. Also the general feeling ill this country
Week. 1 1931.
Week. 1 1930.
1932.
1931.
as regards the business outlook was rather more favorable.
Galveston
1,8202,262,942 1,314 1,395,255 557.389 482.987
Texas City
524 243,044
__ - 111,548
23.184
On the 11th inst. prices declined 6 to 8 points under July
16.359
Houston
' 3,6083.161,5.80 2,559 2,832,068 1.199,411 857.395
Corpus Christi
131 428,855
liquidation and other selling, due largely to a break in the
29 573,513
48.662
32,039
Beaumont
25,959
25,240
stock market, a decline in wheat, and a favorable weekly
New Orleans
9.9022,005,364 9,637 1,434,853 983,517 650.898
Gulfport
weather forecast. The Cochran Bureau estimated the deMobile
4.751 499,082
444 593,253 156,887 248,311
Pensacola
72,444
64,029
crease in acreage at only 10.4%. Local operators were still
Jacksonville
21
27,763
493
--- 17,071
1,348
Savannah
bearish and selling more or less freely. They saw nothing
1.370 328,758 1,165 710,218 232.429 349,738
Brunswick
43,4-10
49,050
to buy the market on. Most of the crop reports were fair
Charleston
1,592 133,027
170 293,274 100,059 150,418
Lake Charles.8 138.007
____
60,558
to good. Supplies were large; trade backward. Manchester
55,885
Wilmington
230
52,821
122
63.831
7.429
11,585
Norfolk
was dull. Spot markets were quiet. On the other hand,
190
65,139
440 155,328
49,348
63,691
Newport News_
the continued rains excited comment here and in New OrNew York1,175 203,590 228,296
Boston
933
54
6,583
14.328
3.574
leans. The precipitations were in the Western belt, includBaltimore
636
24,806 1,013
26,137
3.488
1.083
Philadelphia
ing Texas and Oklahoma, and also in the Eastern belt.
77
---12
5,389
5.253
They were not wanted. It is true that in Liverpool there
Totals
24.783 9,514,011 16.977 8.396.418 3,662.222 3.098.819
Was considerable liquidation by the Continent, and also
In order that comparison may be made with other years,
hedging sales. The Shanghai sales were unsatisfactory.
we give below the totals at leading ports for six seasons:
But some do not like what is termed the weevil weather
and are not too eager to follow the short side.
Receipts at- 1931-32. 1930-31. 1929-30. 1928-29. 1927-28. 1926-27.
On the 13th inst. prices advanced 10 to 12 points on heavy
Galveston_ _ _ _
1.820
1,314
3,060
6,664
9.038
2,403
Houston
3,608
2,589
rains and fears of weevil. Tile rains were heaviest in the
4,767
1,940
3,726
3.980
New Orleans_
9,902
9,637 • 6,723
5,444
7.473
13,590
Eastern belt and Texas. Fosdick reported that the boll
Mobile
4.751
444
2,127
550
1.003
2,175
Savannah_ __ _
1.370
1.165
9.391
736
2,210
10,268
weevil is likely to be a serious menace this year. In parts
Brunswick
Charleston_ _ _
1,592
170
8,001
of the belt' where rains fell almost uninterruptedly ill the
78
955
4.669
Wilmington..
230
122
64
43
128
3,979
Norfolk
last three weeks the weevil propogation is said to have been
190
440
581
658
538
1,994
,
Newport News
rapid. There was foreign fixing of prices here. Spot
All others
1.320
1.096
1,797
2,353
1.366
2.338
houses bought near months. They were called the best buyTotal this wk. 24,e83
16,977
36,511
18.466
26,447
45,396
ers. One house is said to have bought 12,000 to 15,000 bales
ince Aust. 1... 9.514.011 8.396.418 8.108.840 8.963.812 8.196.805 12513811
of July. Tile technical position, too, was considered better.
The exports for the week ending this evening reach a Last week the trade in print cloths in some quarters was
total of 81,775 bales, of which 13,772 were to Great Britain, rather better and prices were firm Or even higher.
5,577 to France, 14,022 to Germany, 11,521 to Italy, nil to ter was still dull. Stocks reacted after some early Manches•
advance.
Russia, 26,704 to Japan and China, and 10,179 to other
Waco, Tex., wired that the spot demand was slow, but the
destinations. In the corresponding week last year total
basis was very firm, especially for middling and strict
exports were 46,410 bales. For the season to date aggregate
middling 15/16-inch and under. In Liverpool low grade
exports have been 8,057,092 bales, against 6,356,080 bales staple was in demand. British exports of cloth
in May
in the same period of the previous season. Below are the
were 201,000,000 yards against 199,000,000 ill April and 141,exports for the week.
000,000 in May last year; total thus far this year, 963,o00,000
yards against 714,000,000 for tile same time last year; tile
exports of yarns in May were 13,030,000 pounds against
Exported to
Week Ended
14,000,000 pounds in April and 11,000,000 pounds last year;
June 17 1932.
Great
GerJa an&
,
total thus far this year 70,000,000 pounds against 55,030,000
Exports from
- Britain. France. many. Italy. Russia. China. Other. Total.
pounds in the same time last year. As for the crop, it was
Galveston
1,392 1.201
1,684 1,802
5,593 1,627 13.299
said that on the whole it was making fair to good growth.
Houston
1,651
702 3,907 2,035
6,220 4,299 18.814
Texas City
934
On the 14th inst. prices advanced 7 to 9 points, and July
934
Corpus Christi_ _
344
-613
-ioo 1,057 at one time was 15 points
New Orleans__ -- 3,545 3,330 2,550 7.684
above the low of the morning,
14.891 3,503 35,503
Savannah
3,694
4,262
owing to continued rains. They outweighed a decreased
400 8,356
Charleston
2,556
2,556
consumption in May of 132,000 bales compared with the
Norfolk
756
756
Lake Charles- same month last year. Decreased consumption is getting
250
-i&f•
500
to be an old story; that bearish salt is losing its savor.
Total
13.772 5,577 14,022 11,521
26.704 10,179 81.775
Nor did the lower wheat market, with wheat in Liverpool
Total 1931
1,091 4,074 13,719 1,650
15.074 10,802 46,410
dawn to the lowest in some 300 years, have very
Total 1930
2,036
much
730 7,719 4,633
4,060 3,056 22,234
weight. The stock market advanced. But in the end it all
came back to those incessant rains, and growing out of them
From
Exported to-.
Aug.1 1931 to
the fear of ultimate damage by the boll weevil.
June 17 1932. Great
GerJapan&
the weather is usually nearly perfect for cotton. In June
Exports from- Britain. !France.' many. Italy. Russia China. Other.
Total.
so this year. Half the month has been too wet But not
Galveston. _ _ 253,252112.803! 242,383174,626
956.114311.191 2.050,369
The trade, Liverpool, the Continent and the and cool.
Houston. - - 218.677207,389 550.673214.891
Far East
971,401 362.4892.525,520
bought. The Far East bought near months and
Texas City_ _
26.022 16,758
46,466. 8,064
43,236 30,720 171,266
Ccrp. ChrLst
81,020 19,161
31,464 32.850
139.205 38,021 341,721
months. Far Eastern concentrated buying early sold later
Beaumont__ _
in the day
8.408 2.128
5.970
6,059 3,237
25,802
amounted to 10,000 bales. Worth Street was
New Orleans_ 299,688 80,587 217,703 149.026
402,752 113,934 1,263.690
116,010 10,349 136,342 17,668
Mobile
firm. Liverpool closed 6 to 7 points higher on quiet but
207.768 25,574 513,711
Continental
Jacksonville _
4,840
____
7,086,
12,048
buying and covering. But Manchester was
Pensacola.- _
14,492
11,449 1,966
61.7621
- __
374
90,043
labor uncertainties. And in New York the unsettled by
Savannah - - - 100.563
102,692.
17
75
197,887 13,733 415,804
nett rise was
Brunswick _
16,228
-__
26,3671 - 61
200
43,410
only 2 to 4 points. There was no enthusiasm
Charleston -. 65,113
3 69,120
35,046 17,287 186,589
in the buying; far from it. May consumption made a
Wilmington _
____
186
11,896 23,900
2.358
38,337
poor
Norfolk
23,474
522
13,663
7.863 2,761
48,283
Stocks were large. Outside speculation is absent showing.
York_ _ _
New
3,080
2,0771
225
18,974 3,160
100
or nearly
27,616
so. There was some further July liquidation.
Boston
959
42
100
3,141
4,242
Local operBaltimore...
45
45
ators, New Orleans and the South sold. The
Philadelphia.
34
34
stated the domestic consumption for :gay at Census report
Los Angeles.
24,848
610
12,143 1,842
145,752 6,205 191,400
2,084
__
San Francisco
142
41.769 1,56
compared with 367,280 in April and 465,363 332,439 bales
45,560
ill
Seattle
760
760
year. Cotton held in consuming establishments May last
Lake Charles
6,208 9,507
28,004 7,261
9,882
60,862
on May 31
totaled 1,463.389 bales against 1,532,967 on
April
1,265,197440,221 1,566.026631,452 ____ 3,185,475948,721 8,057,092
Total
1,257,616 on May 31 last year. Cotton held in public 30 and
and at compresses amounted to 7,608,604 bales storage
Total 1930-311,064,331 929.4041.653,141 465.92929,27 1,474,184 739,8126,356,080
against
Total 1929-60 1,243,403811,866 t.724,614653,264 78,04 1,201.741 691.291 6,404,219
8,163.937 bales on April 30 and 5,490,017 bales
at the end
of May last year. Cotton spindles active
during May were
In addition to above exports, our telegrams to-night also 21,639.352 against 20,379.082
in May of last year. The New
give us the following amounts of cotton on shipboard, not York Cotton Exchange
Service said: "Foreign mill centers
cleared, at the ports named:
report either a more or less pronounced downward
trend or a
continuation of the unfavorable situation
which has preOn Shipboard Not Cleared for
vailed for several months; England cables
and
that
Great
GerOther
CoastLeaving
cloth business is very slow. Lack of confidence,yarn
currency
June 17 at
- Britain. France. many. Foreign wise. Total. Stock.
restrictions, and undercutting by Japanese
are limiting the
Galveston
1.000 1.500 4.000 12.000
500 19,000 538.389
demand for British goods in Lancashire's export markets.
New Orleans_ _ 3,055 5,229 5.864 25.656
609 40.413 943,104
In India. Japanese are cutting yarn and cloth
Savannah
232.429
prices to force
Charleston_ _ _ _
sales. In China, cloth auctions have been resumed,
100.059
-ai
but
Mobile
-165
4,637
- 5;a5 151,264
clearances are small; speculators are buying
Norfolk
the greatly
49.348
under-priced Japanese goods despite the boycott.
Other ports *_ _ 1.000 2.000 3.000 17.666
- - 23:666 1.559.593
labor
dispute in Lancashire entails the possibility of aAstrike.
Total 1932... 5,741 9,029 12.864 59.293 1.109 88,036 3,574.186
In consequence of the slow movement of yarns and cloths
Total 1931.. 8,495 3.642 7,222 45.920 2,200 67.479 3,031.340
Total1930.. 8,519 4.483 7.816 46.826 2,632 70,276 1,632.192
for the past several weeks, English spinning and weaving
* Estimated.
mills are gradually reducing onerations. thus 011'1112' up th.,
Volume 134
Financial Chronicle
4515
gains which they achieved after England went off gold Staple Premiums
last fall. Most countries of the Continent report an intensi- 60% of average of
Differences between grades established
fication of the depression, with yarn and cloth sales irregu- lax markets quoting for delivery on contract June 23 1932
for deliveries on
lar and barely sufficient to balance the low output. In
Figured from the June 16 1932 average
June 23 1932.
Germany, France and Czechoslovakia old plans for uniform
quotations of the ten markets designated
15-16 1-inch &
Curtailment of mill activity, previously considered and reby the Secretary of Agriculture.
Inch.
longer.
jected, are now being revived. In Germany, two of the
.19
.08
Middling Fair
White
.62 on Mid.
largest federations of weavers have reduced operations uni.19
Strict Good Middling.08
do
do
.51
formly another 20%, and it is considered certain that the
Good Middling
.08
.19
do
38
do
.08
.19
Strict Middling
do
.22
de
spinners will follow suit. French mills are not selling their
.19
Middling
.08
Basis
do
output. Italy reports that domestic trade is slacker and
.08
.16
Strict Low Middling23 oft Mid.
do
.15
48
Low Middling
.07
do
do
export trade is still very poor. Polish mills did a good
"Strict Good Ordinary_
do
do
79
business in May and are running at 85%; this is largely
"Good Ordinary
do
1.08
do
Good Middling
Extra White
.38 on do
the result of drastic curtailment earlier in the year. SwedStrict Middling
.22
do
do do
ish and Spanish mills are operating at close to normal.
Middling
Even
do
do do
Japan cables that mill activity is irregular but about unStrict Low Middling__ do do
23 off do
.48
Low Middling
do
do do
changed on an average, with margins too narrow to cover
.08
.19
Good Middling
.20 on do
Spotted
pioduction costs on yarns but fairly good on cloths. Dis.08
.19
Strict Middling
Even off do
do
.08
.16
do
.22 oft do
Middling
trust of current values is retarding yarn and cloth sales
"Strict Low Middling- do
.47
do
In Japan, and it is anticipated that unless business improves
*Low Middling
do
do
.79
.08
Strict Good Middling-Yellow 'ringed
.17
.02 on do
the Japanese mills will reduce their activity." There are
.08
.17
.24 off do
Good Middling
do do
large stocks of American cotton in the world, but in India
.08
Strict Middling
.17
do
.37
do do
the stock in all hands is 2,477,000 bales against 2,964,000 last
'Middling
do
.50
do do
"Strict Low Middling_
do
84
do do
year and 3,295,000 in 1930.
'Low Middling
do
1.20
do do
.08
Good Middling
.17
Light Yellow Stained .36 off do
On the 15th inst. prices advanced 12 to 14 points follow*Strict Middling
do
.59
do
do
do
ing stocks and grain, and also spurred upward by continued
*Middling
do
.89
do
do
do
.07
.16
48 off do
Good Middling
rains in the belt where they are injurious. There was a
'Yellow Stained
"Strict Middling
do
85
do do
certain amount of liquidation of July cotton, but the demand
'Middling
119
do
do do
;I s strong enough to offset it. Offerings were not
.os
.17
Good Middling
.17 off do
Gray
large.
Strict Middling
.17
do
.37
do
.
08
,r ts bought. So did the trade, spot firms, and Wall
'Middling
do
.57
do
Street. Liverpool reported a good spot demand. Though
"Good Middling
.550!! do
Blue Stained
"Strict Middling
do
.86
do do
the weekly report was in some respects favorable, it stressed
*Middling
do
1.12
do do
the rains, which had prevailed all the week, as something
"Not deliverable on future contracts.
tending to propagate the weevil. A straw is that the disThe official quotations for middling upland cotton in the
covery near Miami, Fla., of the cotton pink boll worm, according to the Department of Agriculture, which said that New York market each day for the past week has been:
June 11 to June
Sat. Mon. Tues. Wed. Thurs. Fri.
immediate steps had been taken to eradicate the pest. They Middling upland 175.35
5.35
5.20
5.15
5.05
5.25
were also found in wild cotton In a section extending south
between Miami and Key West. The summary of the weekly
MARKET AND SALES AT NEW YORK.
report said: "The temperature averaged approximately
The total sales of cotton on the spot each day during the
normal in all parts of the cotton belt, and there were moderate to heavy rains over wide areas, especially in Eastern week at New York are indicated in the following statement.
and Northwestern sections. In Texas growth was fair to For the convenience of the reader, we also add columns
good, though some shedding was reported in the extreme which show at a glance how the market for spot and futures
south due to dryness; standards are about average. In closed on same days.
Oklahoma much cotton is small and late, but growth was
SALES.
Futures
mostly fair to good, with chopping and cultivating proSpot Market
Market
Closed.
gressing. In the Central States of the belt cotton advanced
Closed.
Spot. Contr't. 7'o at.
favorably in most places, especially in Arkansas, though
Saturday_ _ - Quiet,5 pts. dec _ _ _ Steady
2,200
2.200
there are complaints of dryness in a few localities of other Monday _ Quiet. 10 pts. adv.. Steady
Tuesday __- Quiet. 5 pts. adv_
Steady
States. Heavy rains were unfavorable in Florida, but in
Wednesday_ Quiet, 15 pts. adv_ _ Steady
other parts of the Atlantic area growth was good. The Thursday _- Quiet, unchanged_ - Steady
Quiet, 10 pts. dec. Steady
weather has been favorable for boll weevil in a good many Friday
places." But to some it seemed plain that large spot Inter- Total week..
2,200
2.200
____
ests preferred to keep on buying July at the low current Since Aug. 1
153.883 160.700 314.583
prices rather than take the chance of missing the market
FUTURES.
-The highest, lowest and closing prices at
by waiting further. Liverpool reported covering and forNew York for the past week have been as follows:
eign buying.
On the 16th inst. prices advanced 6 to 8 points on further
Saturday, Monday,
Friday,
Tuesday, Wednesday Thursday,
undesirable rains in the Eastern belt. The spot houses
June 11.
June 13.
June 14.
June 15.
June 16.
June 17.
continued to buy freely. Recently their purchases are said
June
to have reached 30,000 to 40,000 bales of July. As "action$
Range...
Closing. 4.91 - 5.02- 5.85 -- 5.18- 5.17- 5.09speak louder than words," this plainly showed nervousness July
over the situation. Rains would mean delay in field work
Range... 4.94- 5.10 4.96- 5.11 5.02- 5.17 5.12- 5.25 5.20- 5.30 5.13- 5.28
Closing.. 4.97- 5.08 -- 5.11- 5.12 5.24 -- 5.23- 5.25 5.15and perhaps more or less serious damage by boll weevil.
In any case, the belt has not been getting the traditional Aug.
Range.June weather. In nine years out of 10 June has been almost
Closing_ 5.06- 5.16 -- 5.19 -- 5.32- 5.32- 5.24Sept.
perfect. This year persistent coolness and rain have been
Range..
a bad exception. The Clemson College reported weevil
Closing. 5.14- 5.24 - 5.27 -- .5.40- 5.40- 5.32Increasing in South Carolina. In Mississippi the infestaRange__ 5.20- 5.35 5.21- 5.35 5.30- 5.41 5.37- 5.49 5.44- 5.55 5.36- 5.5:
.
1
tion is larger. Liverpool, the co-operatives, and the shorts
closing. 5.22- 5.23 5.32- 5.33 5.35- 5.48- 5.49 5.48- 5.49 5.40joined in the buying. Later came a reaction from realizing, Nov.
Range....
- -- 5.35- 5.35
considerable July liquidation, and selling by local traders
Closing. 5.29 -- 5.39- 5.42- 5.55- 5.55- 5.47and Liverpool, and the ending was one point lower to three Dec.
Range... 5.34- 5.50 5.36- 5.49 5.44- .5.55 5.52- 5.64 5.58- 5.69 5.51- 5.61
points higher. The exports, according to one report. were
Closing. 5.37- 5.46 - 5.49- 5.63- 5.64 5.62- 5.63 5.541,700,000 bales larger up to date than during the same time
Jan.(1933)
nature._ 5.41- 5.56 5.44- 5.55 554- 5.62 5.57- 5.70 5.67- 5.77 5.60- 5.79
last year. They include 3,430,000 bales to the Far
Closing. 5.43- 5.53 -- 5.57- 5.69 -- 5.72- 5.73 5.62East
against 1.549,000 a year ago and 460,000 to Prance against Feb.
Range
929,000 last year. In Nith cases it will be seen that
Closing. 5.51 - 5.62- 5.65- 5.77- 5.79- 5.70total is double that of a year ago. Print cloths werethe Mar.
in
Range._ 5.57- 5.71 5.59- 5.71 5.69- 5.78 5.73- 5.86 5.84- 5.93 5.77- 5.91
better demand at lower bids, which were, it seems, generally
Closing. 5.59 -- 5.71 -- 5.73- 5.86 -- 5.85- 5.86 5.78rejected. but in some cases, it appears, prices were reduced
AnrilRange-1/16c. The South still sells row cotton sparingly. On the
Closing _ 5.66 - 5.78- 5.80 -- 5.93- 5.94- 5.85other hand, some call it a weather market, which
May
would
quickly decline if the weather should become favorable
Range __ 5.74- .5.87 5.74- 5.86 5.83- 5.92 5.87- 6.01 5.98- 6.08 5.93- 6.0,
for a
Closing. 5.74- 5.85 -- 5.87- 5.88 6.01 -- 6.02- 5.93few days.
June
To-day prices ended 8 to 10 points lower, with wheat
Range._
Ciestnzdown, the stock market lower, and new lows on cotton
touched for the season on all popular months. It is true
Range of future prices at New York for week ending
that spot houses were good buyers in the forenoon and ,June 17 1932 and
since trading began on each option:
continued to buy July on a scale down later on. Liverpool
and the Continent were buying early in the day. There was Option for
Range for Week.
Range Sinte Beginning of Option.
some outside buying. The South sold on only a moderate
June 1932.
5.70 May 21 1932 974 July 27 1931
scale. There was considerable long liquidation of July. July 1932._ 4.94 June
11 530 June 18 4.91 June 10 1932 9.15 Aug. 1 1931
Local 'operators, however, were the chief sellers, owing to Aug. 1932_
5.23 June 1 1932 7.57 Oct. 30 1931
1932_
5.33 June 1 1932 7.68 Oct. 30 1931
the generally favorable report of the Dallas "News" on the Sept. 1932_ _ 5.20 June 11
Oct.
5.55 June 16 5.15 June 9 1932 7.67 Nov. 9 1931
Texas crop, lessened rainfall, and the bearish Wall Street Nov. 1932__ 5.3.5 June 13 5.35 June 13 .5.35 June 13 1932 7.32 Feb. 11 1932
Dec.
5.34 June
news. The decline was considered by some a natural reac- Jan. 1932. 5.41 June 11 5.69 June 16 5.30 June 8 1932 7.77 Feb. 19 1932
1933._
11 5.77 June 16 5.36 June 8 1932 7.84 Feb. 19 1932
tion. Final prices show a net rise for the week of a down
Feb. 1933
Mar. 1933._
Points. Spot cotton ended at 5.25c. for middling, a deePne Apr.1933 5.57 June 11 5.93 June 16 5.54 June 8 1932 7.16 Apr. 15 1932
for the day of 10 points, but a rise for the week of 15 points. May 1933._ 5.74 June 11 6.08 June 16 5.69 June 8 1932 6.41 May 251932
Financial Chronicle
4516
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows: Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
June 17Stock at Liverpool
Stock at London
Stock at Manchester
1932.
bales.. 600.000
1931.
836.000
190,000
Total Great Britain
tock at Hamburg
tock at Bremen
tock at Havre
tock at Rotterdam
tock at Barcelona
tock at Genoa
tock at Ghent
tock at Antwerp
Total Continental stocks
1930.
742.000
1929.
845,000
202,000
141,000
106.000
790.000 1,038,000
883,000
951.000
336,000
176.000
22,000
96.000
70,000
428.000
343,000
11.000
115,000
45.000
358,000
217,000
9,000
88,000
47,000
334.000
176,000
8,000
59,000
49.000
700,000
942,000
719,000
616.000
Total European stocks
1,490,000 1,980,000 1,602,000 1.567.000
96,000 127,000 127,000
India cotton afloat for Europe... 51,000
99,000 174,000
American cotton afloat for Europe 236,000 118.000
96,000 125,000
74.000
Egypt, Brazil,&c.,afFt for Europe 93,000
571,000 627.000 512,000 301,000
Stock in Alexandria. Egypt
863.000 928.000 1,265,000 1,188,000
Stock in Bombay. India
3,662.222 3,098,819 1,702,468 877,335
Stock in U. S. ports
Stock in U. S. interior towns_ -.1,476.605 943.151 687,981 324,575
13,403
4,094
U.S.exports to-day
8,446,921 7.878,373 6.091,449 4,683.910
Total visible supply
Of the above, totals of American and Other descriptions are as follows:
American
280,000 412,000 293,000 483,000
Liverpool stock
70.000
58,000
84,000
114,000
Manchester stock
662,000 823.000 614,000 534,000
Continental stock
99,000 174,000
236.000 118,000
afloat for Europe
American
3,662,222 3,098,819 1,702,468 877,335
U. S. port stocks
1,476,605 943,151 687,981 324,575
U. S. interior stocks
13,403
4.094
U. S. exports to-day
Total American
East Indian, Brazil, &c..
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
Total East India, &a
Total American
6.434.921 5.492,373 3.454,449 2.462,910
320,000 424.000 449,000 362,000
76,000
38.000
51,000
93,000
571,000
863,000
36,000
83.000
118.000
82,000
119.000 105,000
96,000 127,000 127,000
96.000 125,000
74,000
627,000 512.000 301.000
928,000 1,265,000 1,188,000
2,012,000 2,386,000 2,637,000 2,221,000
6,434,921 5,492.373 3,454,559 2,462,910
8,446.921 7,878.373 6,091.449 4.683,910
Total visible supply
7.81d. 10.254.
4.754.
4.31d.
Middlthg uplands, Liverpool_
14.054. 18.454.
8.854.
5.254.
Middling uplands, New York._
8.65d. 13.50d. 17.106.
7.206.
Egypt. good Sake', Liverpool..._ _
14.506.
Peruvian, rough good, Liverpool.
8.604.
5.554.
3.96d.
3.944.
Broach, fine, Liverpool
9.754.
6.90d.
4.61d.
4.07d.
Tinnevelly, good. Liverpool
Continental imports for past week have been 79,000 bales.
The above figures for 1932 show a decrease from last
week of 136,217 bales, a gain of 568,548 over 1931, an
increase of 2,355,472 bales over 1930, and a gain of
3.763,011 bales over 1929.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in
detail below:
Movement to June 17 1932.
Towns.
Receipts.
Week. Season.
Ship- Stocks
meats. June
17.
Week.
Movement to June 19 1931.
Receipts.
Week. Season.
Ship- Stocks
ments. June
Week. 19.
442 33,631
171 101.711
51 15,921
1
3
5 74,29(
Ala., Birming'm
351 8,448
8 28,767
48 6,237
2 12,66
Eufaula __ - 481 54,112 1,172 72,483 2,116 52,947
385 39,368
Montgomery.
74. 37,291
131 100,198
75 46,612
63 88,923
Selma
210 14.405
76,832
•
501 31.825
28 120,081
Ark..Blytheville
91 3,020
15.753
---43 15,081
33,911
-___
Forest City
41.761 ' 192 10,837
_ _
5 35,910
77,915
Helena
404
37
32.529
--__
59.529 ____ 9,637
Hope
72 1,226
-- -. 26.4g
1.762
9
21,162
____
Jonesboro_
1,291 19,842
4 102,1
1,627 50.019
224 191,77
Little Rock
171 2,823
27,965
1
63 11.370
48,577
1
Newport__ - _
685 10,455
145 88,076
343 179,382 2,197 42,401
Pine Bluff. _ _
24,009 --- _ 1,704
1
55 5,072
47,13
Walnut Ridge
7.4041 ---- 3,596
____
200 3,409
5,316
--_
Gs.. Albany....
45,213 ---- 24,602
200 40.595-__
50 39,10
Athens
1.851172,949
85,661 1,717 165,322 3,618 236.46
84
Atlanta
2,713102,205 1,528 336.26! 2,196 61,590
838 186,84
Augusta
49,630 ---- 5,900
--__
300 23,790
58,78
-_-_
Columbus_ __
466 27,960
32,78
1331 37,929247 93.614
51
Macon
411 8,552
20,88,
____
14,64
3
...I 11,101
Rome
401 60,247
1 108,20
147 112.301 1.1231 70,236
Shreveport
La.,
783 18,165
124 113,23
4081 73,793
27 198,046
kJiss..Clarksdale
801 3,989
6 25,25
291 7.916
112 23,02:
Columbus_
2 138,206 2,00• 26,740
1,291 73,319
Greenwood_ _
17 170.69
212 20,587
16 66,30
650 21,132
50 44,33
Meridian_ _ _ _
547 5,286
12,87
17
112 4,782
12,58.
36
Natchez
420 6,881
35.087
____
,
245 10,950
17 41,229
Vicksburg- -293 5.585
32,89.
___
579 16,687
3 47,283
Yazoo City _ 798 1,696 238,347 2.388 5,390
tin.. St. Louis. 1,271 146,387 1,289
1,317 35,586
1721 52,10
299 20,935
21,37
388
sl.C.Greensbor.
I
31dahoma258 26,983
1331 533,276
580 36,755
138 621,22
15 towns._
848 169,782 1,459 83,136 1,0791 144,301 2,461 42,835
3.C.,Greenville
2,055,90 11,930302,723 4,77911,356.09 18.203161.383
Fenn..Memphis 4.671
124
____
405
---.1 27,194
57 56.34:
---.1
texas, Abilene_
319
____
24.884
____
2091 2,265
28,491
28
Austin
197 3,757
19,499
15
19,996
7
•
.
Brenham
901 6,568
942 14,327
3551 145,927
97 144,866
Dallas
371
4
589 4,953
97,951
31
41 63,571
Pails
454
9 1,231
.._ _ _1
31,13
____
Robstown_
II 54.74
____ 3,029
551
-- -I
17,91
1
---_1 27.934
San Antonio_
-___ 2,798
290 8,654 ....f34,67,
18 65.629
Texarkana..
61,74, - __ 4,015
- -__
57 6.681
58 81,982
Waco
n-.., SR •dstono In 1 IR k 1190 210 RR 427147RMIS 15 R41 4 R44 47R 42 515942 1M
*Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
decreased during the week 21,310 bales and are to-night
523,454 bales more than at the same period last year. The
receipts at all towns have been 5,505 bales less than the
same week last year.
June 18 1932
NEW YORK QUOTATIONS FOR 32 YEARS:
The quotations for middling upland at New York on
June 17 for each of the past 32 years have been as follows:
1932
1931
1930
1929
1928
1927
1926
1925
12.854.11908
9.80c.11907
13.40c.11906
12.406.11905
11.80c.11904
15.50c.11903
15.05c.11902
11.406.11901
29.554.11916
29.10c.11915
22.554.11914
11.406.11913
39.25c.11912
32.50c.11911
30.50c.11910
25.30c.11909
5.254.11924
8.906.11923
15.10c.11922
18.80c.11921
20.954.11920
16.75c.11919
18.35c.11918
24.154.11917
12.00c.
12.90c.
11.206.
9.154.
11.706.
12.506.
9.31c.
8.506.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-1931-32Since
Week. Aug. 1.
1,280 151,996
25.203
52
583
8.150
93
3,636 166.087
3.600 416,437
-1930-31Since
Week. Aug. 1.
2.388 246,959
165
55.664
1,602
---22
18,242
4,013 172,535
8.370 561.096
8.661
768.456
14,958 1,056,098
636
194
2,089
26,072
12,190
204,324
1,067
355
4,053
Total to be deducted
2,919
242,586
5,475
347,789
Leaving total net overland
5,742
525.870
9.483
708,309
June. 17Shipped
Via St. Louis
Via Mounds, &a
Via Rock Island
Via Louisville
Via Virginia points
Via other routes. 8cc
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, atc
Between interior towns
Inland, &a.,from South
33,907
14,640
299,242
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 5,742 bales, against 9,483 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 182,439 bales.
-1931-32-- -1930-31
Since
Since
In Sight and Spinners'
Aug. 1.
Aug. 1.
Week.
Week.
Takings.
16,977 8,396.418
24.783 9.514,011
Receipts at ports to June 17
708,309
9,483
525,870
5,742
Net overland to June 17
Southern consumption to June 17- 75.000 3.967.000 80,000 4.000,000
105,525 14,006.881 106,460 13,104,727
Total marketed
419,522
686,378 *29.920
*21,310
Interior stocks in excess
Excess of Southern mill takings
125.845
513,472
over consumption to June 1_
Came into sight during week___ 84,215
15.206,731
Total Insight June 17
North.spinn's' takings to June 17- 9,605
900.686
76.540
13,650,094
10.919 1,015,995
* Decrease.
Movement into sight in previous years:
Bales.
14,500,462
15,332.175
13.819,127
Bales. I Since Aug. 197,35411929
108,03711928
112.04011927
Week1930
-June 22
1929
-June 23
1928
-June 24
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Closing Quotations for Middling Cotton on
Week Ended
June 17.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
New Orleans_ - _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock- --Dallas
Fort Worth_ _ _ _
5.00
5.00
4.75
4.92
5.05
5.15
4.75
4.55
4.90
4.47
4.60
5.10
5.10
4.85
5.03
5.15
5.10
4.88
4.70
5.00
4.58
4.70
4.70
5.10
5.13
4.90
5.07
5.20
5.15
4.94
4.70
5.05
4.61
4.75
4.75
5.20
5.25
5.00
5.19
5.30
5.20
5.06
4.85
5.15
4.74
4.85
4.85
5.10
5.15
4.90
5.10
5.23
5.35
5.13
4.75
5.10
4.65
4.80
4.80
5.20
5.25
5.00
5.20
5.30
5.35
5.19
4.85
5.15
4.74
4.85
4.85
NEW ORLEANS CONTRACT MARKET.
Saturday,
June 11.
Monday,
June 13.
Tuesday, Wednesday, Thursday,
June 14. June 15. June 16.
Friday,
17.
June
tune
4.99- 5.00 5.10- 5.11 5.13- 5.24- 5.25 5.27- 5.14- 5.11
luly
kugust- - 3eptember
5.19- 5.20 5.30- 5.32- 5.44- 5.48 -- 5.34 3ctober
govember 3ecember_ 5.34- 5.35 5.44- 5.46- 5.60 -- 5.61 ---- 5.48ian.(1933) 5.41 Bid. 5.53- 5.53 Bid. 5.67 Bid. 5.88 Bid. 5.55February.
-- --- darch _ __ _ 5.56 - 5.66 Bid. 5.69 Bld. 5.81 Bid. 5.85 - 5.71 Bid
kpril
Bid. 5.81 Bid. 5.84- 5.86 5.96 Bld. 5.98- 5.99 5.85- 5.8;
day
5.71
lune
Tone
Steady.
Quiet.
Steady. . Quiet.
!pot
Quiet.
Quiet.
Steady.
Steady.
Steady.
Rtendv.
Steady.
)ptions
Steady.
CENSUS REPORT ON COTTONSEED OIL PRODUCTION DURING APRIL.
-Persons interested in this
report will find it in the department headed "Indications
of Business Activity" on earlier pages.
CENSUS REPORT ON COTTON CONSUMED AND
-This report, issued on June 14
ON HAND,ezc., IN MAY.
by the Census Bureau, will be found in an earlier part of
our paper in the department headed "Indications of Business Activity."
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening denote that temperatures have
averaged about normal in all parts of the cotton belt. There
were moderate to heavy rains over wide sections, especially
in eastern and northwestern portions of the cotton belt.
-Growth of cotton in this State has been fair to
Texas.
good, though there has been some shedding in the extreme
south, due to dryness.
-Cotton is progressing and fields are
Memphis, Tenn.
well cultivated. Rain would be beneficial.
Financial Chronicle
Volume 134
Rain. Rainfall.
Thermometer
1 day 0.52 in. high 90 low 73 mean 82
1 day 0.14 in. high 100 low 62 mean 81
3 days. 2.06 in high 94 low 66 mean 80
dry
high 96 low 74 mean 85
high 90 low 74 mean 82
dry
1 day 0.26 in. high 96 low 64 mean 80
3 days 0.56 in. high 96 low 60 mean 78
2 days 0.40 in. high 96 low 58 mean 77
2 days 0.92 in. high 98 low 64 mean 71
2 days 2.98 in. high 96 low 64 mean 80
1 day 0.14 in. hIgh 98 low 68 mean 83
2 days 0.30 in. high 92 low 60 mean 76
1 day 0.26 in. high 96 low 64 mean 80
1 day 0.08 in. high 92 low 62 mean 77
2 days 0.11 in. high 98 low 70 mean 84
2 days 0.44 in. high 94 low 64 mean 79
2 days 0.12 in. high 94 low 68 mean 81
1 day 0.03 in. high 94 low 54 mean 74
3 days 0.86 in. high 102 low 61 mean 81
dry
high 95 low 62 mean 78
1 day 0.15 in. high 93 low 53 mean 73
2 days 0.32 in. high 90 low 60 mean 75
1 day 0.15 in. high 97 low 63 mean 80
3 days 1.74 in. high 92 low 63 mean 77
3 days 0.41 in. high 92 low 63 mean 77
2 days 1.23 in. high 99 low 66 mean 82
1 day 0.75 in. high 91 low 61 mean 76
3 days 2.54 in. high 92 low 68 mean 81
2 days 0.49 in. high 96 low 67 mean 81
2 days 1.25 in. high 93 low 62 mean 77
1 day 0.10 in. high 95 low 63 mean 79
3 days 0.79 in. high 88 low 67 mean 77
2 days 1.46 in. high 90 low 69 mean 79
3 days 2.44 in. high 88 low 66 mean 77
7 days 1.71 in. high 89 low 68 mean 78
6 days 4.97 in. high 92 low 70 mean 81
5 days 5.59 in. high 90 low 70 mean 80
7 days 3.08 in. high 91 low 64 mean 78
6 days 3.02 in. high 89 low 63 mean 76
6 days 1.63 in. high 87 low 69 mean 78
7 days 3.01 in. high 90 low 66 mean 78
6 days 4.24 in. high 85 low 69 mean 77
7 days 3.68 In. high 85 low 63 mean 74
5 days 3.20 In. high 84 low 68 mean 76
4 days 3.20 in. high 89 low 65 mean 77
4 days 4.32 in. high 88 low 66 mean 75
6 days 2.48 in. high 91 low 70 mean 80
3 days 1.58 in. high 89 low 61 mean 75
1 day 0.43 in. high 89 low 64 mean 76
(lalveston, Texas
Abilene, Texas
Brenham, Texas
Brownsville, Texas
Corpus Christi, Texas
Dallas. Texas
Henrietta, Texas
Kerrville, Texas
Lampasas, Texas
Longview, Texas
Luling. Texas
Nacogdoches. Texas
Palestine, Texas
Paris, Texas
San Antonio, Texas
Taylor, Texas
Weatherford, Texas
Ada. Okla
Hollis, Okla
Okmulgee, Okla
Oklahoma City, Okla
Helena, Ark
Eldorado, Ark
Little Rock, Ark
Pine Bluff, Ark
Alexandria, La
Amite. La
New Orleans, La
Shreveport, La
Columbus, Miss
Greenville, Miss
Vicksburg, Miss
Mobile, Ala
Birmingham, Ala
Montgomery, Ala
Gainesville, Fla
Madison, Fla
Savannah, Ga
Athens, Ga
Augusta, Ga
Columbus, Ga
Charleston, 8. C
Greenwood, S. C
Columbia, S. C
Conway, S. C
Charlotte, N. C
Newbern, N. C
Weldon, N. C
Memphis, Tenn
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above zero of gauge..
Above zero of gauge_
Above zero of gauge_
June 17 1932. June 19 1931.
Feet.
Feet.
1.5
2.6
11.2
11.9
9.8
7.0
13.4
5.6
17.0
13.9
Dallas Cotton Exchange Weekly Crop Report.
The Dallas Cotton Exchange each week publishes a very
elaborate and comprehensive report covering cotton crop
conditions in the different sections of Texas and also in
Oklahoma and Arkansas. We reprint this week's report,
which is of date June 13, in full below:
TEXAS.
WEST TEXAS.
Brady (McCulloch Co.)
-Cotton all planted,90% up. Some cotton plowed
out. Some fields are grassy. Will commence chopping next week. Rained
few days ago, need dry hot weather. Some grasshoppers and weevil reported.
Floydada (Ftoyd Co.)
-Crop condition of both wheat and cotton up till
last week would be considered in general good. Cotton three to five inches
high, state of cultivation good. Past week have had hall storms over
different section of this territory damaging both cotton and wheat. Last
Friday a strip estimated 10 miles wide was almost wiped out by hail across
the eastern portion of county. Almost all cotton will be replanted.
Haskell (Haskell Co.)
-Heavy local rains in some parts of county, other
parts a little too dry. Taking county as a whole I do not remember a better
all round crop.
Snyder (Scurry Co.)
-Not much improvement during past week due to
scattered rains and hail storm. 95% planted. 85% up, state of cultivation
very poor. Condition about 75% of normal.
Stamford (Jones Co.)
-9()% of crop is planted, 85% up. Have plenty of
moisture. Two or three weeks fair weather will be beneficial. Some grasshoppers have been reported but no serious damage. Fields are fairly clean
and well worked. General outlook is good.
NORTH TEXAS.
Clarksville (Red River Co.)
-Chopping done, stands good, growth good.
early cotton squaring. Warm enough. Beneficial rain but eastern
part
getting dry. No report of insect damage.
Gainesville (Cooke Co.)
-75% of crop chopped. Season normal. Plant
healthy and vigorous. Fields clean. Weather past week almost perfect,
in
fact, no complaint of anything anywhere at this time
concerning crop
progress.
Sherman (Grayson Co.)
-Cotton prospects in this section are fine. Plant
is showing Plenty of growth and the fields are in fine state of cultivation.
We had nice rains past week which will carry us for a long time. So far
no
complaint of insects but we will have to have hot dry weather for a
while.
Wias Point (Van ,.andt Co.)
-Crop looks mighty good right now. A good
rain fell Saturday which will benefit all crops. The fields on an average
are
In good shape and 70% of the cotton has been chopped. Acreage in cotton
shows 14% reduction.
CENTRAL TEXAS.
Austin (Travis Co.)
-Crop prospects continue good.
Ennis (Ellis Co.)
-8% to 10% reduction in acreage. Warm first half last
week and cool last half with a big rain Thursday and another Saturday.
First of week favorable, and last half unfavorable account rains and
being
too cool. Unless rains stop some farmers will be unable to clean their crops.
Planting about finished. Plant is normal size, healthy and vigorous. Labor
plentiful at 75 cents per day. Lots of lice and some weevil and a small
amount of web-worms.
Navasota (Grimes Co.)
-Cotton generally doing fairly well. The small
farmers up with their work, the larger ones still in the grass. Had good rain
Will make the corn crop but will keep workers out of the river
yesterday.
crops a few days. Dry hot weather needed.
Taylor (Williamson Co.)
-Excellent rains fell Thursday and Friday
making wonderful improvement in all crops growing in this section. Chopping about completed. Fields are fairly clean and well cultivated. Cotton
needs dry hot weather. No reports of insects of any kind so far.
-:-During past week weather in this section has
Waco (McLennan Co.)
been favorable to cotton with exception of few showers, in some spots rains,
4517
which were not needed and increased grassy condition of fields. On whole,
however,farm work is well up,and condition offields is, generally speaking.
normal. No complaint about weevil or other insect damage, and most
farmers are well ahead with chopping. Crop looks normal altho will be
ten days to two weeks late.
Waxahachie (Ellis Co.)
-Crop making satisfactory progress. Fields clean.
No insects.
EAST TEXAS.
Jefferson (Marion Co.)
-Weather has been unfavorable past week. We
need rain. Plant is not growing. Fields are clean, stands good. Grasshoppers and other insects but no damage to date. Crops are well worked
and in good state of cultivation. No replanting.
SOUTH TEXAS.
Gonzales (Gonzales Co.)
-Cotton irregular as to size and stand. Considerable complaint of flea and weevil but plant not far enough advanced to
determine amount of damage. Early cotton blooming and some bolls.
Weather condition good.
Edinburg (Hidalgo Co.)
-Past two weeks favorable cotton this section.
Made excellent progress, stalks two to two and one-half feet high, well
fruited, bolls half grown with favorable weather. Lower Rio Grande Valley
should yield 45,000 to 55,000 bales against 59,000 last season. No movement before latter part July.
OKLAHOMA.
Chickasha (Grady Co.)
-Entirely too much rain and hail last ten days.
About 25% washed and hailed out in Grady and Caddo Counties. Most
of it will be replanted, but don't think much of cotton planted this late.
Most fields grassy, need clear hot weather.
Hugo (Choctaw Co.)-Crlfical state of crop is here. First squares are
being stung. Rains this week have been in favor of first crop of weevils.
Dry hot weather needed for next 30 days. If first production of weevils
heavy and rains continue a bad condition will develop. Early cotton
knee-high.
Mangum (Greer Co.)
-Cotton has made good growth past week and have
had ample showers with scattered hail storms and sandies which caused
some replanting, otherwise no complaints.
Wynnewood (Garvin Co.)
-Rained three days last week and unable to
get in fields. Some bottom-land overflowed will have to be planted to late
feed or June corn. Need 30 days hot dry weather. Farmers badly discouraged.
ARKANSAS.
Ashdown (Little River Co.)
-No rain since May 7. 10% of planted acreage
abandoned giving us 15% to 20% reduction from last year. Plant very
small, fully 65% only ranging in height from four to eight inches, balance
fair size, 10% or 15% beginning to set squares.
Blytheville (Mississippi Co.)
-Weather past week was about ideal for
cotton. Warm with light to heavy rains and crop is in good state of cultivation with 80% to 85% chopped. No report of insects. No squares reported
yet.
Conway (Faulkner Co.)
-Cotton has improved past week. Weather has
been warm and showers to good rains have fallen over the whole county.
Some boll weevil reported but no damage thus far. Condition at this
time is good.
Little Rock (Pulaski Co.)
-Past week favorable, stands fair to good,fields
clean, rains beneficial.
Magnolia (Columbia Co.)
-Weather past two weeks favorable, crops
making good progress. 75% chopped to a stand, some early cotton putting
on squares. Season five days late, stands fair to good. Cultivation fair
to good. Acreage slightly reduced. Lack of fertilizers showing on thin
lands, plants small, a few reports of weevil appearing in early cotton. A
good rain would benefit.
Newport (Jackson Co.)
-Showers have fallen in spots in this district, but a
general rain is badly needed. Crop is undersize and in many cases insufficient moisture to bring seed up. Perfect stands are impossible until we have
additional rains. Altogether, crop is getting off to bad start, crop two
weeks late.
Pine Bluff (Jefferson Co.)
-Since our last reports good rains have fallen
throughout the county and crops of all kinds are doing well. Cotton blooms
have been exhibited here for several days.
Searcy (White Co.)
-About 95% of cotton up to good stands, plants
healthy hitt small on account of very little rain until this week. We have
had three rains during week and two of these were just the kind we needed.
About 50% chopped, temperature good.
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
We
Ende
Receipts at Ports.
1932.
1931. 1930.
Stocks at Interior Towns.
1932.
1931.
1930.
Receiptsfrom Plantations
1932.1931. ! 1930.
Feb.
I
26-- 161.669119,362 55.7482,032.812 1,514,6821,288,139 113,020
Mar.
6..184,065 118,571 50.3121.997.909 1,461,836 1.256,076 149,662
11._ 158,701 93,477 44,9191,961,116 1,420.753 1,228,668 121,908
18._ 125.715 68,139 46,41. 1,908,5101,379,376 781.60 73,109
25-- 130.968 61,738 46.
1.872,8781.349.018 1,163,17 95,336
Apr.
I
1-- 115,587 53,1011 49,351 1.847.155 1,312,856 1,113,692 89,864
8-- 93,799 40.4261 47,498 1,812,832 1,264,845 1,066,544 69,476
15-- 62,040 62.1191 46.69 1.781,096 1,213,990 1,024,125 30,304
22._ 76.1591 83,8721 60,2391,747,767,1,175,730 980.279 42.8
29.. 86.6241 37.7201 50.0241,710,8301,136.594,
940,995 49.68
MAY
6-- 53.102 31.266 49,161 1,664.13511,112,593 893.425 6.40
13.- 62,170 27.481 74,761 1.622,896 1.091.370 843.575 20,931
20-- 37.536 20,6161 64.642 1,588.105 1.060,746 809.649 2.74
27._ 54.967 18,9111 36.228 1,554,722 1,037,599 778,788 21,
June
II
3-- 64.258 20,90Z 42,83: 1,526.180 1,009,231 740,0021 35.716
10.. 30.591 18,6001 31.4191.497,9151 973,071 714,860; 2,326
17_ _ 24.783 18,9771 36,511 1.476,605 943,151 687,9811 3.47
77,047 37.255
66.726 13.248
41,083 17.610
26.762 20.692
31,378 7.133
16.939
._
450
1,264 4.274
-__ 6,393
37:195 10,740
6,731
6.256
___!
-___
1,690
24.911
30,716
5.367
____
_ __
Nil
4.368
6,277
9.632
The above statement shows: (1) That the total receipts
from the plantations since Aug.1 1931 are 10,127,141 bales;
in 1930 were 8,857,662 bales, and in 1929 were 8,567,454
bales. (2) That, although the receipts at the outports the
past week were 24,783 bales, the actual movement from
plantations was 3,473 bales, stock at interior towns
having decreased 21,310 bales during the week. Last year
receipts from the plantations for the week were nil bales
and for 1930 they were 9,632 bales.
Financial Chronicle
4518
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1- for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Cotton Takings,
Week and Season.
1931-32.
Week.
1930-31.
Season.
Week.
Season.
Visible supply June 10
8,058,309
8,583,138
Visible supply Aug. 1
5.302.014
6,892.094
American in sight to June 17__ _
76,540 13,650,094
84,215 15,206,731
Bombay receipts to June 16_ _ _ _
25.000 3,181,
29,000 1,956,000
587,111
Other India shipls to June 16._
7,000
343,000
3,000
Alexandria receipts to June 15
16,000 1,411.100
1,000 1,415,000
Other supply to June 15_*b
581,000
8,000
9,000 . 510,000
Total supply
• Deduct
Visible supply June 17
8,709,353 26,322,825 8,190.849 24.712.208
8,446,921 8,446,921 ,878.373 7.878,373
Total takings to June 17_a
262,432 17,875,904 312,476 16,833,835
Of which American
195.43213,287,904 191,476 11.564,735
Of which other
67,000 4,588,000 121,000 5.269,100
* Embraces receipts in Europe from Brazil, Smyrna, West Ind:04. &n•
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 3,967,000 bales in 1931-32 and 4,000,000 bales in 1930 -31
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 13,908,904 bales in 1931-32 and 12,833,835 bales in
1930-31, of which 9,320,904 bales and 7.564,735 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all Indian ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1931-32.
June 16
Receipts at
Week.
1930-31.
Since
Aug. 1.
Week.
1929-20.
Since
Aug. 1.
Week.
Since
Aug. 1.
__ 29.000 1,956,000 25,000 3,131,000 36.001)'3,384,000
Bombay
Since August 1.
For the 1Veek.
Exports
from
-
Grail ContiBrPain. nent,
Bombay
1931 -32_
1930-31_.
1929-30_ _
Dther India1931-32_
1930-31_ _
1929 -30
Total all
1931-32_ _
1930-31_.
1929-30_ _
Total.
2.000 1,000 19.000 22.
4,000 10,000 21,000 35,000
11,000 15,000 28,000
3.01)0
7,000
11,000
3,000
7,000
11,000
19.000 132.000 840.0001 991,000
122,000 643,000 1,702,
2,467,000
76,000 771,000 l,443,00012,290,000
93.000 250.000
139.000 448,000
151,00 608,000
343,000
587,000
759,000
112,000 332.000 840,0001,334,000
2,000 4,000 l9,000 25.
4,000 17,000 21,000 42,000 261,0001.091,000 l,702.00(3,054.000
____ 22,000 15.000 37,000 227,000 1.379.000 1,443.000 3,049,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
4,000 hales. Exports from all India ports record a decrease
of 17,000 bales during the week, and since Aug. 1 show a
decrease of 1,720,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
June 15.
1931-32.
1930-31.
13 • --.M.
Receipts (Cantors)
This week
Since Aug. 1
5,000
6,830.854
80,000
6,900,530
8,000
8,386,939
Export (Bales)-
This Since
Week. Aug. 1.
This Since
Week Aug. 1.
This Since
Week. Aug. 1.
7,000 196.829 5,000 124,033
_ 112,291
144,253
11,000 546,654 11.000 526.935
2,000 45,781 1,000 20,902
1,000140,447
_ 146,099
7,000 440,094
---- 101,905
To Liverpool
To Manchester,&c
To Continent and India
To America
20,000933.517 17,000 784.161 8,000828,545
Total exports
-A cantor is 99 lbs. Egyptian bales weigh about 750 lbs.
Note.
This statement snows that the receipts for the week ending June 16
were 5,000 cantors and the foreign shipments 20,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that' the market in
both yarns and cloths is steady. Demand for cloth is
improving. We give prices to-day below and leave those of
previous weeks of this and last year for comparison.
1931.
1932.
32s Cop
Twist.
32s Cop
Twist.
s. d.
d.
s. d.
d.
1 0
4
5.79
91401034
4 0
0
618
9 0104
84401034
83401034
840010
1 0
0 0
0 ta
0 0
4
3
3
3
0.73
5.51
91401034
9 010
9 010
9 01034
4
4
4
4
0
0
@
0
0
0
0
0
6.09
4.97
0.93
.85
0
0
1
1
0
0
0
0
3
4.81
3
4
4.73
5.00
9 01034
8340 934
4
1
4.95
4.82
834(81034
834@1034
4
4
4
4
4
CO
0
0
0
@
0
0
0
0
0
0.70
5.59
5.56
0.62
5.45
4.53
85400034
0
0
0
0
0
0
0
0
5.39
5.26
5.12
5
5
5
8940
8340
gx @
834(8
834(8
d. s. d.
914
954
994
954
ON
8 0 934
7)(@ 914
7940 9i.i
27-- 7940 934
JUDO
5.....„ MO 894
10-- 7)(4)) 894
17 ____ 714 00 8%
5.51
0.15
d.
d. s. d.
834(81054
@
4
0 ©
0 (4)
3
3
0 0
3
4.08
4.53
02)
3
4.45
834010
844@ 944
8 0 934
4
4
4
2
0 0
0 0
3
3
4.10
8 @ 94
1 0
0 (4
3
4.09
4.31
73.4@ 954
734(8934
1
1
0
©
00
SHIPPING NEWS.-Shipmonts in detail:
GALVESTON-To Bremen-June 7
-City of Cmaha, 511_ _June 15 Bales.
Grieshelm, 858
1,369
To Hamburg
-June 7
-City of Omaha,315
515
To Japan-June 8-Elmsbank, 1,700
1,700
To China-June 8-Elrnsbank, 3,893
3.893
To Liverpool
-June 13-Councellor, 552
552
83
-June 11-Western Queen, 119___June 13To Manchester
Councellor, 384
503
To Liverpool-June 11-Western Queen,337
337
To Havre-June 11-Nishmatia, 1,178
. 1,178
To Dunkirk-June 11-Nishmaha, 23
23
To Antwerp-June 11-Nishmaha, 172
172 .
To Ghent
-June 11-Nishmaha, 295
295
To Rotterdam-June 14
-Maine,911
915
To Genoa-June 15-Montflore, 1,802
1,805
12
To Copenhagen-June 14
-Maine, 245
245
SAVANNAH-To Liverpool
-June 10
-Tulsa, 1,742
1,742
To Manchester
-June 10
-Tulsa, 1,952
1,952
To Bremen-June 10
-Liberty Glo 4,262
4,262
To Rotterdam-June 10
-Liberty Glo, 400
400
CORPUS CHRISTI
-City of Omaha, 200_ --To Bremen-June 9
200
To Hamburg
-June 9
-City of Omaha,413
To Havre-June 11-Nemaha,344
To Antwerp-June 11-Nemaha 100
NEW ORLEANS
-To Liverpool
-June 8-Mercian,2,261
2, 199
34143
2 1
46
.
To Manchester-June 8
-Mercian, 1,284
9 27
1 184
: 6
To Bordeaux-June 9-Espagne,280
280
To Japan-June 10-Elmsbank,4,717 _June 12, 4,459
To China-June 10-Elnisbank, 2,500_ __June 12-Silveryew,
3.215
5,715
To Colon-June 2-Contessa, 12
12
To Genoa-June 10-Monflore, 7.684
To India-June 10-Monfiore, 200
To Lapaz-June 9-Saramacca, 100
To Guatemala-June 8Heredia. 200
3,26100
70 0
'7
24
99
8
To Havre-June 14-÷Sihiertir, 3,050
TO Bremen-June 14-Silverfir, 2.550
2,550
To Canada-June 14
-Canadian Cruiser, 2,971
2,971
To Maracaibo-June 14-Toloso,20
2()
CHARLESTON-To Liverpool-June 12
-Tulsa, 1,836
1,836
To Manchester-June 12
-Tulsa,720
720
NORFOLK
-To Bremen-June 15-Iserlehn, 756
756
-June 10
-Western Queen, 260_ _ _June
HOUSTON-To Liverpool
• 11-Counsellor, 503
763
To Manchester-June 10
-Western Queen, 298___June 11
Counsellor 590
•
888
To Havre-June 13-Nishmaha,675
675
To Dunkirk-June 13-Nishmaha, 27
27
To Antwerp-June 13-Nishmaha, 28
•
28
To Ghent
-June 13-Nishmaha,.5
5
To Rotterdam-June 13-Nishmaha, 250__ _June 1L-Maine,
•
485
735
To Genoa-June 14-Monflore, 2,0.
2,035
To Salonica-June 14-Monfiore, 36
To Bremen-June 13-Griesheim, 3.70
:
33,707
6
To Hamburg
-June 13-Grieshelm, 200
200
To Oslo-June 14-Stureholm, 150
150
To Gdynia-June 14-Stureholm,473
473
To Gothenburg-June 14-Stureholm, 1,517
1,517
To Norrkoping-June 14-Stureholm, 750
To Stockholm-June 14-Stureholm, 50
To Copenhagen-June 14-Stureholm, 100_ ....June 15Maine, 455
To Japan-June 14-Silveryew,700
:705g
7555
5 0
300
To China-June 14-Silveryew, 5,520
5,520
TEXAS CITY
-To Liverpool
-June 11-Western Queen, 255
June 13
-Counsellor, 45
To Manchester-June 11-Western Queen, 161_ __June 13
Counsellor, 473
634
LAKE CHARLES
-To Bremen-June 12
-City of Omaha, 250-- 250
To Gdynia-June 12
-City of Omaha, 100
100
To Ghent
-June 10-Nishmaha. 150
150
Total
81,775
•
•
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Burrowes, Inc., are
as follows, quotations being in cents per pound:
High
Density.
.45c.
Manchester .45e.
Hatwe
An vr erp
.45r.
.2 c.
Rotterdam .3E0.
Genoa
.40e.
Oslo
•
b open.
Liverpool
4.90
4.78
4.75
4.75
Standard.
.60c.
.60c.
.60c.
.420.
.50c.
.55c.
Stockholm
Trieste
Flume
Lisbon
Oporto
Barcelona
o. Japan
High
StandStandHigh
a
Density. ard.
Density. ard..
.500.
.65c. Shanghai
.500.
.65c. Bombay
.40c.
.55c.
.500.
.65c. Bremen
.45c.
.60c.
.45c.
.60c. Hamburg .
45c,
.
60c•
.60c.
.75c. Piraeus
.90e.
.75c.
.35c. '.500. Salonica
.750.
.900.
• Venice
.500.
65,Rate
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales,stocks, &c.,at that port:
May 27. June 3. June 10. June 17.
54,00
49,000
51,000
42.000
620.000 624.000 600,000 600,000
296,000 297,000 279,000 280,000
51,000
67,000
37,000
19,000
35,000
37,000
8,000
22,000
141,000 131,000 143,000 153,000
80,000
75,000
85,000
79,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Tuesday.
Wednesday. Thursday.
Friday.
Market,(A fair
12:15
Moderate
Good
Quiet.
Good
Good
busInem
demand,
P.M.
demand,
demand,
demand.
dolne.
Mid.Uprds
4.16d.
Sales ..... , ---Futures.1 Steady, onMarket
8.1.1' Lb. Shirt- Colton
ingo. Common Middro
Uprds.
to Finest.
9 01014
d.
hib26.Mar4.-11-18---.
25.....
April1-....
8.--us__
22.....
29-May
6._._
13---20--....
814 Lb. Shirt- Cotton
ings, Common Mtclag
UMW*.
to Finest.
June 18 1932
opesed
4.17d.
4.18d.
----
----
4.27d,
4.31d.
4.3(34.
Steady,
Steady,
Steady.
Steady, Sty. unchd.
ch'gd to 13 to 4 pts 4 to 5 pts 1 to 2 p18.4 to 5 pts. to 3 pts.
pt adv. advance. advance.
advance, advance. advance.
Quiet,
Very st'dy, Steady.
Market, I Steady.
Steady, Very stdY..
4
2 to 3 pts 2 to 3 pts 6 to 7 pts. 2 to 3 pts. 6 to 7 pts. 8 to 9 pt4decline,
P. M. I advance,
advance, advance, advance.
advance.
Prices of futures at Liverpool for each day are given below:
Sat.
Mon.
Tues, I
• June 11
to
June 17.
Wed, I Thurs.
Fri.
12.15 12.30 12.15 4.1112.15 .40012.15 4.0012.15 4.00 12.151 4.00
,
p.
p. m. p.
p.m.p.
p.
p.
p.
p.
p. m. p. m. p. in-
New Contract. d.
June
July
August
September-October ......
November -- December
January (1933)
February
March
April
May
JUne
d.
3.8
3.83
3.85
3.84
3.84
3.8
3.86
3.88
3.91
3.94
3.96
3.98
4.00
d.
3.87
3.85
3.86
3.85
3.85
3.86
3.88
3.90
3.92
3.95
3.97
4.00
4.02
d.
d.
d.
d.
d.
d.
3.83 3.88 3.90 3.97 3.03 4.00 4.00 4.01 4.09
,
3.81
3.82
3.81
3.81
3.82
3.84
3.86
3.88
3.91
3.9
3.96
3.98
3.88
3.87
3.86
3.86
3.87
3.89
3.91
3.93
3.96
3.98
4,01
4.03
3.88
3.89
3.88
3.88
3.80
3.90
3.93
3.95
3.89
4.00
4.03
4.05
3.95
3.96
3.95
3.95
3.96
3.97
3.99
4.02
4.05
4.07
4.09
4.11
3.91
3.92
3.911
3.911
3.92
3.93
3.95
3.98
4.01
4.03
4.06
4.08
3.98
3.98
3.98
3.98
3.99
3.99
4.01
4.04
4.07
4.09
4.11
4.13
3.98
3.98
3.97
3.97
3.98
4.00
4.02
4.04
4.07
4.09
4.12
4.14
7
3..99 4.00
3 98 4.• 9 ;
69
'8 4• 0
.7
3 9 419'
3 00 4.07:
4.
.
99 .
4.02 4.11
08 4.• 13:
4..03 4'18
44.103 4 Y
4 :
4.15 4.23
4519
Financial Chronicle
Volume 134
B RE AD STUFFS
Friday Night, June 17 1932.
FLOUR was steady early in the week despite the decline
in wheat. There was said to be a good demand for new
flour. On the 14th inst., winter wheat flour was weak or
even lower. Spot demand was quiet but new crop flour
sold well. On the 15th inst., the tone was steady in response to a stronger cash wheat market. On the 16th inst.,
mill feed prices were advanced fully 50c. to $1 a ton. This
was a surprise to some, with only a routine demand. The
feeling was that nothing worthwhile was coming on the
market.
WHEAT has declined 23/2c., with more favorable rains in
the winter wheat section, and a generally favorable outlook
in the spring wheat region, both in this country and in
Canada. Also there has been less export inquiry. Big
professionals on the long side have been disappointed in the
recent action of the market. On the 11th inst., prices
advanced early, but ran into selling by the West and the
to-operatives and ended unchanged to %c. higher. Liverpool prices were not up to expectations. Stocks declined.
Politics threatened. At the close prices were about 7c.
under the closing on April 8 when the Government issued a
very bullish estimate of the winter wheat crop. But spring
wheat crop reports were more favorable and some advices
from parts of Kansas were a bit more promising. Export
sales were 400,000 to 500,000 bushels of Canadian wheat,
including some durum. Hard winter was neglected.
On the 13th inst. prices ended 13%c. lower. They got
down pretty close to the lowest of the season. Vigorous
support was lacking. Wheat has disappointed its best
friends. Kansas City ended 13% to 13 c.lower on liquidation
4
and partly on stop orders from the country, though hedging
sales were absent. Harvesting has begun in Kansas and in
parts of Oklahoma, stopping field work and it was feared
doing some damage. The visible supply in the United
States decreased last week some 2,792,000 bushels. The
total is now 168,129,000 bushels, against 192,876,000 a year
ago. But a large quantity is held in bond in Canada,
supposedly owned by the Federal Farm Board. On the 14th
inst. prices declined 13/c. to the lowest since 1852,except for
2
a very short time last autumn. Liverpool led the way
downward, with prices the lowest for 300 years owing to
favorable weather in Canada and in Western and Southern
Europe causing general liquidation and a decline of 13%d.
to 13 d. The net decline in Chicago was % to 13/8c. The
A
export sales were only 300,000 bushels. Liverpool's weakness, the lack of export demand and the discouragement of
the bulls after the recent decline were the outstanding and
depressing factors.
On the 15th inst. prices advanced 1%c. owing to a rise in
the stock market, a better technical position and covering
of shorts. The whole business situation seemed to be better.
Offerings were smaller. Crop reports were favorable from
the American and Canadian Northwest and the impending
crop movement in the Southwest made some cautious.
Export trade too was small. Chicago and Liverpool were
only 2c. apart. Liverpool rallied sharply after an early
decline and ended % to 3 c. higher. On the 16th inst.
A
prices closed %c. lower to %c. higher. Wall Street sold.
That was nothing new. It was supposed to be closing out
"long" wheat. But the price is so low that short selling is
cautious. To-day prices ended 13% to 238c. lower on profittaking which sent prices into new lows for the season, stop
orders being uncovered. Also the reports from the Southwest were more favorable and there seemed to be some uncertainty in Washington as to what the next Senate would do
with the bonus bill. Heretofore, it has been assumed that
the Senate would defeat it. At the same time it is believed
that President Hoover, if the Senate passes the bill, will veto
it, and the understanding is that Congress cannot pass this
bill over the President's veto. The House passed the bill
giving the Red Cross an additional 40,000,000 bushels of
Farm Board wheat for near delivery but this was called a
bearish factor, as such wheat would compete with regular
holdings at the market prices. Final prices show a decline
for the week of 2% to 234c.
/
DAILY CLOSING PRICES OF BONDED WHEAT AT NEW YORK.
Sat. Mon. Tues Wed. Thurs. Fri.
July
51
50
49
50
504 494
October
5254 5154 5254 5254 5154
53
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
653% 647% 64
6354 65% 633
%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Frt.
517% 50
4954 50% 50% 4854
July
September
53% 5254 513% 53
531'& 517%
December
5654 5554 5454 56
56
5454
Season's High and When Made- I Season's Low and When Made7354Nov. 7 1931 I July
June 17 1932
4554
Apr. 14 19321September
50
June 17 1032
6654
September
Apr. 26 1932 I Dec.(new) 534
June 171932'
66
Dec.(new)
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs Fri.
55
5554 5454
5654 553% 54
July
5
3
5854 577% 5654 57% 574 5654
October
58% 574
58
December
5854 5954 57
INDIAN CORN has acted very well. Some export business has been reported. The interior is offering sparingly.
Cash demand of late has improved. On the 11th inst.,
1
prices ended unchanged to /0. higher on a local demand
3
partly from shorts. On the 13th inst., prices closed 4c.
higher on July, whose position was tight with little offered.
Distant months too closed only %c. lower, with offerings
from the interior small. But the difference between Chicago
and Buenos Aires had been reduced within a day or two to
about 1%c. and the chances of export trade in this country
correspondingly diminished. Shipping demand too was
small. The crop outlook remained favorable. On the 14th
inst., prices declined N to %c., with wheat depressed, but
there was no great pressure to sell and the estimated receipts
at Chicago were only 12 cars. Later came a rally that left
final prices unchanged to 3/sc. lower.
3
On the 15th inst. prices rose % to lc. with a sale of 45,000
bushels of white corn to a Seaboard exporter and charters
to take the corn to Montreal. The domestic shipping
demand was also better. The rise in wheat and stocks
counted. Country offerings increased on the advance.
On the 16th inst. prices closed %c. lower to %c. higher.
Cash corn was dull. The country sold 24,000 bushels to
arrive. Crop reports remained favorable. To-day prices
closed 13% to 2c. lower sympathizing with wheat. There
was general selling. Liquidation of long holdings was more
of a feature. December went to a new low for the season.
On the other hand the cash demand was reported good.
Country offerings were light. Outside markets were buying
lc. above Chicago prices. Final prices show a decline of
3 to 13%c. for the week.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
46
464 4454
447% 4554 45
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
3054 293%
2954 297
July
% 297% 31
3154 317% 317% 32% 3254 3154
September
ee r
3154
3254 32% 32% 33% 33
Season's High and When Made- 1 Season's Low and When MadeJuly
t
12%
June 17 1932
3154
Apr. 26 1932 December
December
397%
June
Ln 2 INtembr
Nov.. 131gember NW
183
OATS have shown very little change. There has been no
pressure to sell and at the same time there has been no active
speculation for a rise. On the 11th inst. prices advanced
3
% to /c. with no pressure to sell. On the 13th inst. prices
declined % to 3%c. with a small amount of buying of September by the Northwest. It was not enough to act as much
of a support. On the 14th inst. oats were quiet and ended
unchanged to Vic. lower. On the 15th inst. prices closed
to Ytc. higher with offerings light. On the 16th inst.
prices ended 3/sc. lower to 3/se. higher in a monotonous
ze.
market. To-day prices closed % to y lower following
other grain downward with some pressure from room traders.
Final prices were unchanged to %c. higher for the week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Fri.
Thurs.
Wed.
Sat.
Mon. Tues.
No. 2 white
31-3154 3054-31 3054-31 314-314 314-31% 31-314
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
203% 20% 2054
2054 2054 20
July
2054 207%
20% 2054 2054 21
September
2254 2254 227% 22% 227% 22%
December
I Season's Low and When MadeSeason's High and When MadeSeptember
Ply
December
ptember
24=gtgelY
.IA
R
Apr. 28 1932IDecember
3354
1P
21 /,
3
DAILY CLOSING PRICES OF OATS FUTURES
Sat. Mon. Tues.
3554 3454 3354
July
October
3054 29% 28%
IZ
TI :gli
June 7 1932
IN WINNIPEG.
Wed. Thurs. Fri.
3
33% 33% 323%
2854
283% 29
RYE has declined in the absence of export business and
also from some sympathy with the drop in wheat. On the
11th inst., prices ended IA to %c. lower. A cable asked for
offerings of 100,000 bushels, c.i.f. Montreal. On the 13th
inst. prices declined % to / with wheat and got within
31c.,
%c. of the low of the year. On the 14th inst., prices
ended % to /0.lower. Cash rye was the lowest since 1896.
3
/
On the 15th inst., prices advanced 138c., with wheat up and
1
the East buying. On the 16th inst., prices closed % to 4c.
lower, though the crop reports from the Northwest were
less favorable, but the crop has started to head. To-day
prices closed 1 to 13%c. lower. They were steady early but
weakened later with wheat and on good weather as well as
an absence of export demand. Final prices show a decline
s
for the week of 1% to 15/c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
3154 3154 3054
July
3154 303% 30
September
347% 335/, 327% 344 3454 33
/
December
375 3 367% 3654 3754 37% 3631
Season's High and When Made- I Season's Low and When Made
June 14 1932
294
July
6354
Nov. 9 1931 July
June 13 1932
September
3254
September
Feb. 6 1932
5454
June 14 1932
35%
December
394'
June 3 1932 December
Closing quotations were as follows:
GRAIN.
Oats. New York
Wheat. New York
No.2 white
No.2 red. c.i.f., domestic_
63
3114313%
304304
No. 3 white
Manitoba No.1.f.o.b. N.Y 6354
Rye No.2.f.o.b. bond N.Y. 42%
Chicago. No. 2
Corn. New York
4454 Barley
No. 2 yellow, all rail
h 23%
N. IC.. c.i.f.. domestic
No.3 yellow, all rail
437%
Chicago. cash
32@34
4520
Financial Chronicle
FLOUR.
Spring pat. high protein $4.45 $4.95 Ryeflour patents
$3.25@$3.50
$3.50
1
Spring paten
patents
4.10
4.35 Seminola, bbl., Nos. 1-2 5.10
5.30
Clears, M•st sprint
i
3.80
4.05 Oats goods
1.65
1.70
Soft winter strai to-- 3.20
3.55 Corn flour
1.25
1.30
Hard winter stra ghts_ 3.50
3.85 Barley goods
Hard winter patents.- 3.85
4.20
Coarse
3.20@ Hard winter clears
3.25
3.65
Fancy pearl, Nos. 2.
Fancy Minn. patents_ 5.20
5.90
4and 7
6.15(4 6.50
City mills
5.20
5.90
For other tables usually given here see page 4444.
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, June 11 follows:
Receipts at-
Flour.
Wheat. I
Oats.
Corn.
Barley.
Rye.
bbls.196Ibs bush.60lbs.lbush.56 lbs. bush.32 lbs. bush.481bs .bush561bs.
New York_ _ _
110,000
937,600,
15,
55,11/
142,000
Philadelphia__
37,000
3,000
Baltimore._ _ _
11,000
1,000
8,
10,000
Newport News
1,000
1
New Orleans.
60,000
141,000,
42 i II
30
Galveston_
324,000;
Montreal.__ _
39,111 2,531,000,
94,
194.000 259,000
Boston
24,11,
6,000
1,000
Sorel
187,000!
Total wk. '32 282,000 4,124,0001
107,000
Since Jan.1 '32 7,352,001 58,050,000, 2,123 1 § 1
153,000
194,000 402,000
4,132,0002.702,0,6,053,000
Week 1931
48,111
357,000 3,590,000;
417,000 1,456,000
93,000
Since Jan.1 '31 9,533.000 64.866,000 1,597,001 5,040,00012,722,000 1,180,000
Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, June 11 1932, are shown in the annexed
statement:
Exportsfrom-
1Vheat.
Corn.
Flour.
Oats.
Rye.
Barter
.
Bushels. Bushels. Barrels Bushels. Bushels. Bushels.
2,000
724,000
4,703
9,000
317,000
368,000
168,000
2,000
1,000
16,000
20,000
9,000
14,000
784,000
2,531,000
39,000
94,000 259,000 194,000
187,000
New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Montreal
Sorel
Total week 1932._ 5,095,000
Same week 1931_ _ _ _ 3.960.000
22,000
3.000
55.703
132.694
108.000
385.000
268.000 194,000
91.000 1.618 000
The destination of these exports for the week and since
July 1 1931 is as below:
Flour.
Exports for Week
Week
and Since
Since
July 1 toJune 11 July 1
1932.
1932.
Wheel.
Week
June 11
1932.
Corn.
Week
June 11
1932.
Since
July 1
1931.
Since
July 1
1931.
Barrels. Barrels.
Bushels.
Bushels. Bushels. Bushels.
United Kingdom. 20,065 2,818,313
955,000 40,666,000
339,000
Continent
24,638 1,664,709 3,468,000 106,756,000
187,000
So. & Cent. Amer_ 3,000
219,453
597,000 14,839,000
11,000
West Indies
6,000
458,914
4,000
200,000
22,000
114,500
Brit. No.Am.Col.
____
11,962
Other countries... 2.000
218,662
71,000 2,986,000
Total 1932
Total 1931
55,703 5,392,013 5,095,000 165,447,000
132,694 10,850,227 3,960,000 190,262,000
22,000
3.000
651,000
293,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, June 11, were as follows:
United States- New York
"
afloat
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
Hutchinson
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
GRAIN STOCKS.
1Yheat,
Corn,
Oats,
Rye,
Barley.
bush,
bush,
bush,
bush.
bush.
8,000
1,878.000
23,000
2,000
3,000
452,000
90,000
84,000
1,122,000
1,000
6,000
3,531,000
29,000
80,000
7,000
4,808,000
81,000
24,000
30,000
585,000
1,274,000
31,000
128,000
1,000
2,130,000
66,000
209,000
1,457,000
250,000
1,000
14,000
12,750,000 3,432,000 11,412,000
221,000
136,000
377,000
246,000
834,000
42,000
3,831,000
7,000
5,000
148,000
10,000
27,000
35,000
30,000
101,000
16,595,000 10.677,000 1,839.000 3,066,000
366,000
214,000
6,369,000
192,000
426,000
15,521,000
35,000 1,024,000 2,016,000
280,000
76,000 2.328,000 3,616,000 1,240,000
24,102,000
19,000
1,269,000
7,000
53,000
6,376,000 1,018,000
214,000
5,000
368,000
37,343,000
67,000
47,000
38,000
1,044,000
43,000
3,870,000
4,923,000
368,000
405,000
156,000
1,252,000 1,353,000
312,000
282,000
17.000
15.271,000
3,000
259,000
385,000
14,000
50,000
40,000
Total June 11 1932-188,128,000 19,330,000 9,809,000 9,262.000 2.168,000
Total June 4 1932...170,921,000 20,049,000 10,492,000 9,237,000 2,234,000
Total June 13 1931...192,878,000 8,919,000 8,140,000 9,438,000 4,221.000
Note.
-Bonded grain not included above: Oats
-New York, 40.000 bushels:
total, 40,000 bushels, against 85,000 bushels in 1931. Barletl-."Jew York, 1,000
bushels; Erie, 282.000; total, 283,000 bushels, against 726,000 bushels in 1931.
Wheat
-New York, 1,397,000 bushels; N. Y.afloat, 1,536,000; Buffalo, 1,670,000;
Buffalo afloat, 169,000; Erie, 126,000; on Lakes, 272,000; Canal, 900,000; total,
6,070,000 bushels, against 5,556,000 bushels in 1931.
Wheat,
Corn,
Oats,
Barley,
Rye,
Canadianbush,
bush,
bush.
bush.
Montreal
6,051,006
517,000 1,945,000
627,000
Ft. William & Port Arthur43,669,000
645,000 4,846,000 1,802.000
8,826,000
Other Canadian
882,000
286,000
199,000
Total June 11 1932...56,546,000
2,044,000
2,249,000
Total June 4 1932._ 57,452,000
Total June 13 1931...48.574,000
5,062,000
Summary
168,128,000 19,330.000 9,809,000
American
56,546,000
Canadian
2,044,000
7,077,000 2,628,000
7,490,000 2,875,000
10,883,000 9,254,000
9,262,000 2.168,000
7,077,000 2,628,000
Total June 11 1932...224,674,000 19,330,000 11,853,000 16,339,000 4,796,000
Total June 4 1932...228,373,000 20.049.000 12,741,000 16,727,000 5,109,000
Total June 13 1931...241,450,000 8,919,000 13,202,000 20,321,000 13,475,000
June 18 193Z
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ended Friday, June 10, and since July 1 1931 and 1930
are shown in the following:
Wheat.
Exports.
Week
June 10
1932.
Since
July 1
1931.
Corn.
Since
July 1
1930.
Week
June 10
1932.
Since
July 1
1931.
Since
July 1
1930.
Bushels.
Bushels.
Bushels.
Bushels. Bushels, I Bushels.
North Amer_ 7,334,000317,433,000353,678,000
11,000 2,260,000, 1,562,000.
Black Sea... 240,111 110,316,000105,478,000 1,300..''35,047,000 32,956,000.
Argentina _ _ _ 3,646,111 140,121,000110,085,000 9,842,111 370,942,000 245,789,000
Australia _
3,228,111 155,135,000 125,528,000
India
600,000 9,016,000
0th. countr's 560.111 32,902,000 38,672,000
153,
20,894,000 41,174,000
Total
756,507,000 742,457,000 11,306,000 429,143,000 321,481,000.
15,008,
AGRICULTURAL DEPARTMENT REPORT ON
WINTER WHEAT, RYE, &c.
-This report, issued by
the United States Department of Agriculture at Washington
on June 9, will be fonnd in our issue of June 11, page
4224
.
WEATHER REPORT FOR THE WEEK ENDED
-The general summary of the weather bulletin
JUNE 15.
issued by the Department of Agriculture, indicating the influence of the weather for the week ended June 15, follows:
At the beginning of the week decidedly cool weather for the season prevailed in the Northeast and in the middle Atlantic area, with some local
frost damage, but thereafter temperatures were mostly moderate. Widespread rains occurred in the interior States and in the Southeast.
Chart I shows that the temperature for the week, as a whole, averaged
decidedly below normal from Virginia and Kentucky northward, with
some localities having deficiencies of nearly 10 deg. There were large minus
departures also in central and northern Rocky Mountain districts where
the weekly mean temperatures were from 3 deg. to 7 deg. below normal.
On the other hand, it was decidedly warm in the central and northern
Pacific area, and there was mostly from 3 deg. to 7 deg, above normal
warmth in central-northern districts. The South and interior valleys had
moderate temperatures for the season. The highest reported from a firstorder station was 108, deg. at Yuma and Phoenix, Ariz., toward the close
of the week.
Chart II shows that precipitation was mostly generous and extensive
from the Mississippi Valley westward to the Rocky Mountains. As a
general rule, this entire area had from about 1 inch to 2, or more, inches
of rainfall during the week, with unusually heavy amounts in much of
the northern Great Plains. Western North Dakota and northeastern and
eastern Montana had unusually heavy rains, the falls being locally recordbreaking and damaging. For example, Williston and Crosby, in northwestern North Dakota, each had more than 4 inches of rainfall, while
Havre and Lewiston, Mont., had 3.5 inches. In the more eastern States
there were good rains in most places from extreme southern New England, southern New York, and eastern Pennsylvania southward to Florida
and the east Gulf coast. Some further heavy rains occurred in Florida:
Jacksonville has had 17.8 inches during the past two weeks. The falls
were mostly light in the Ohio Valley and Lake region, while west of the
Rocky Mountains the week was rainless in most sections.
The outstanding feature of the week's weather, as affecting agriculture,
was the further widespread moisture supply between the Mississippi River
and Rocky Mountains. The additional rains in the northwest, where
recent years have been harmfully dry, were especially noteworthy. The
entire northern area from Iowa and Minnesota westward over the Dakotas,
Nebraska, Montana, and the northern Rocky Mountain section is now
generally supplied with ample moisture, with large areas the most favorable in this respect in many years. All growing crops and pastures are
progressing nicely and livestock have shown marked improvement in
most places.
East of the Mississippi River conditions are less generally favorable.
During the past week showers were helpful in extreme southern New
England, southern New York. and from New Jersey and eastern Pennsylvania southward to the Carolinas, but heavier rains are needed in these
sections. The southeast, especially Georgia and Florida, has ample moisture, and most other east Gulf sections had generally favorable weather.
There is a large area, however, including most of Tennessee and Kentucky,
considerable portions of Indiana. practically all of Ohio, much of Pennsylvania and New York, and most of New England still needing rain. In
these sections crops are making rather slow progress and pastures are
short. There was considerable frost damage in portions of New York
early in the week, with some tender vegetation nipped in exposed places
in adjoining States.
Frequent rains interrupted farm work to some extent in the middle
West and Northwest, but elsewhere favorable progress was reported, as a
rule. The cultivation of row crops advanced, and cutting winter wheat
had begun as far north as southern Virginia; harvest is progressing in
southeastern Kansas.
-Winter wheat is spotted in the Ohio Valley, with
SMALL GRAINS.
much only fair, and deterioration noted in the drier areas; the crop is heading
short generally and some is not filling well; ripening is _general in some
southern portions, with harvest expected to begin soon locally. In the
middle Mississippi Valley wheat is headed rather poorly: much la ripening
In Missouri, with the rains coming too late to be of material benefit, Some
improvement was noted in northern and western Kansas, while harvest is
progressing in the southeast and south-central portions and is espected to.
be_general in the eastern two-thirds of the State within two weeks.
In the Southwest harvest of wheat was interrupted by wet weather in.
Oklahoma, but is largely completed in Texas, except in tho northwest,
with threshing proceeding. Generally favorable weather for winter wheat
prevailed in the Northwest, except in the north Pacific area where some
grain on dry lands is showing deterioration. Harvest has been completed
in the Southeast, with some cutting started as far north as Virginia; rain
t
nrine Northeast.
p thg wnenreg
I.
on favorable advance continued generally, with
nIneeilhade s
i
the soil moisture conditions in large areas the best in many years at this
srason. In the more eastern portions of the belt progress and condition
were only fair, with moisture needed in many places. Winter oats follow winter wheat closely in progress and condition, but spring oats are
making good advance in some north-central parts. Rye is largely headed,
while flax in the Northwest is doing well generally. Ample moisture for
rice is reported in Louisiana, while the crop is far to good in Texas.
-The week brought good corn-growing weather to nearly all secCORN.
tions west of the Mississippi River, but in parts of Iowa, and locally in
other States, cultivation was interrupted by frequent rains and wet soil.
However, in Iowa the second cultivation is completed in the drier localities of the east, with some early corn waist-high and being laid by unusually early. East of the Mississippi River the weather was less favorable. In Illinois progress was very good, except locally in the south, but
considerable areas in the central and eastern Ohio Valley need rain, especially
southern Indiana. Kentucky, and Ohio. Fairly good progress was reported
from the more eastern States, with showers the latter part of the week
beneficial.
COTTON.-The temperature averaged approximately normal in all parts
of the Cotton Belt, and there were moderate to heavy rains over wide
areas, especially in eastern and northwestetn sections.
In Texas growth was fair to good, though some shedding was reported
In the extreme south, due to dryness;stands are about average. In Oklahoma
much cotton is small and late, but growth was mostly fair to good, with
chopping and cultivating progressing. In the central States of the belt
cotton advanced favorably in most places, especially in Arkansas, though
there are complaints of dryness in a few localities of other States. Heavy
rains were unfavorable in Florida, but in other parts of the Atlantic area
growth was good. The weather has been favorable for boll weevil in a good
many places.
Volume 134
Financial Chronicle
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia.—Richmond: Temperatures slightly below normal. Ample rainfall latter half of week decidedly beneficial to cotton, corn, truck, peanuts,
pastures, and fruit. Subsoil still dry. Average condition of most crops fair.
Transplanting sweet potatoes and tobacco near completion. Wheat ripening
and some cutting started.
North Carolina.—Raleigh: Moderate temperatures; beneficial rains latter
half of week. Cotton, corn, tobacco, peanuts, sweet potatoes, and truck
improving, though condition poor to only fair in parts of North and West
account previous unfavorable weather. Progress of cotton fair to very good.
Beginning to harvest wheat.
South Carolina—Columbia: Copious to heavy rains; temperatures seasonable. Cotton progress and condition good, with chopping practically completed and first bloom reported near Orangeburg on 8th, or three days
earlier than normal. Winter cereal and commercial potato harvests ended.
Corn growing well and early crop being laid by. Tobacco and lesser crops
much improved.
Georgia.—Atlanta: Warmth and plentiful moisture causing rapid growth
of all crops. Condition of cotton much improved and progress good; blooming freely in South, and chopping practically finished, except in a few
northern counties; weather favored weevil activity. Truck, pastures,and all
minor crops doing very well; they look thrifty and well cultivated. Blackberries very abundant; watermelons ready for shipment from south.
Florida.—Jacksonville: Deficient sunshine and ample to excessive rains
in most sections. Much corn seriously damaged. Citrus improved, except
too wet on some lowlands; fruit holding. Tobacco fair to good; priming
active. Peanuts doing well,and cane much improved in Okeechobee district.
Shipping melons active in central, but work delayed by showers. Rain
unfavorable for cotton in peninsula.
Alabama.—Montgomery: Temperatures normal; frequent light to heavy
rains. Farm work retarded and fields grassy locally. Progress and condition
of corn, oats, potatoes, sweet potatoes, truck, and pastures mostly fair to
good; miscellaneous crops poor to fair. Condition of cotton poor to fair in
south, but mostly fair to good in north; many reports of plants small; chopping nearly finished in north; bloom reported in extreme southeast.
Mississippi.—Vicksburg: Mostly moderate temperatures, with rather
general rains in extreme east, along coast, and in numerous central localities,
but mostly light in northwest and extreme north. Cultivation of cotton
fair in southeast, with progress otherwise mostly fairly good, except only fair
of
in drier localities. Progress . gardens, pastures, and truck fair to good.
Louisiana—New Orleans: Weather favorable for crops, except corn and
gardens showing need of rain in most northern localities. Progress and
condition of cotton generally good, but mostly one to two weeks late;
squares plentiful in early-planted; rain favoring weevil activity. Ample
moisture in rice fields, and sugar cane growing well. Potato and truck
shipments in fair quantities.
Texas—Houston: Mostly moderate temperatures; continued dry in extreme south, southwest, and west where rains badly needed; moderate to
heavy showers elsewhere. Progress and condition of cotton fair to good,
though some shedding reported in extreme south, due to dryness; chopping
completed in south and advancing rapidly in north; stands about average.
Condition of oats fair to good; wheat, corn, and barley mostly good; some
wind and hail damage to these crops locally in north-central; wheat and oat
harvests practically completed, except in northwest, and threshing proceeding.
Oklahoma.—Oklahoma City: Seasonable temperatures and moderate to
heavy rains general. Considerable damage by hail, washing rains, and
flooding. Harvest of wheat and oats retarded as too wet;condition of wheat
averages fair, except very poor in extreme northwest; oats mostly poor.
Progress and condition of corn very good; normally advanced. Progress and
condition of cotton fair to good; cultivating and chopping; much small and
late. Minor crops and pastures fair to good and
improving.
Arkansas.—Little Rock: Progress of cotton good to excellent in nearly all
portions, due to warmth and good rains; crop clean and well cultivated;
condition good to excellent. Progress of corn very good to excellent, except
in some northeastern and extreme southern portions where poor, due to
dryness; some early laid by. Very favorable for all other crops.
Tennessee.—Nashville: Showers in portions of east and south, but dry
over large areas. Progress and condition of wheat generally fair; oats somewhat short account dryness. Tobacco about all transplanted under unfavorable weather: plants below normal. Progress and condition of cotton
in east mostly good, but plants small in a few counties; fair to good in west,
except growth slow in dry sections.
Kentucky—Louisville: Temperatures subnormal; light to heavy local
showers, but large areas dry, resulting in uneven progress of crops. Setting
tobacco continued by machine and where rain enough, but not completed;
starting well where rain, but feebly in dry areas. Wheat ripening; harvest
begins in south soon. Progress and condition of corn fair to excellent; becoming more variable and growing more slowly in dry spots;fields clean.
THE DRY GOODS TRADE
New York, Friday Night, June 17 1932.
A fairly general though moderate improvement in salesvolume at retail which developed a short time ago has been
fairly well sustained, and re-ordering of seasonal merchandise has developed similarly improved volume as a result.
The improved demand from which wholesalers are now
benefiting, 'however, is not directly attributed to any material strengthening of buyers' confidence as much as to
the depleted state of the latters' stocks, which has forced
them to order more generously. In general, the disposition
of both wholesalers and retailers to avoid contract business
and hold off orderng of spot and nearby requirements until
the last moment, continues as prevalent as ever, not only
because of the general unsettlement of wholesale prices and
stagnation in business at large, and the disturbing political
uncertainties which continue in evidence, but also on the
theory that textile prices are at present in process of further readjustment to new levels. Revised quotations on
sheetings are cited as one source of such unsettlement,
which has lately been acting as a special deterrent to
demand. Wholesale re-ordering of late has centered •in
washable dresses in particular, with a fairly good movement of various types of novelties in evidence, and the
relative popularty of "white" goods continuing to be a
feature. The trade is said to expect fairly good activity
in summer goods for the rest of the month, with some
further movement possible thereafter as retailers round
out stocks in preparation for early July clearance sales.
Primary markets, in which a large volume of curtailment
continues in evidence, nevertheless continue to suffer from
unsettlement in values. However, while current conditions
are as bad as any that have yet been faced during the depression, the trade seems much more able to take a constructive attitude toward the situation than in previous
emergencies. The trade is courageously recognizing the
probability that the process of stabilizing prices through
curtailment of production, which appears to be the only
course open in view of the very dubious outlook for any
marked early upswing in business activity, is going to entail
more time, losses, and effort before its purpose is finally
achieved. The disposition which has been noted in recent
4521
weeks to make the best of a bad job until the "powers that
be," on earth and off it, remove the fundamental causes
with which it is beyond the powers of any single industry
to cope. Observers in primary markets expect that there
will not be any material improvement in textile volume, at
least until after the early July holidays. What kind of
business will be done then depends, it is considered, in no
small measure on what Congress will achieve in the interim,
whether an early adjournment can be counted on, and
whether the conference at Lausanne will result in elimination or lightening of the international debts burden, among
the more prominent factors.
DOMESTIC COTTON GOODS.—There was no noticeable
change in the tenor of actual business in cotton goods during the week, business continuing generally slow, with occational moderate spurts of buying, notably in low-count broadcloths appearing to be of little significance as concerns
the trend of buying of cotton goods in general. Well sustained firmness in gray goods was an encouraging feature,
though there were sgns of weakening toward the end of
the week as pressure for concessions, and very slow business, continued to tempt sellers. The most important feature of the current cotton goods market, however, is the
progressive broadening and intensification of curtailment.
This practice, which at first was strongly apparent only
in print cloths, is now noted to be in evidence in a greater
or less degree in all divisions of the cotton goods trade.
Production of all types of yarns and fabrics is estimated
to be on the lowest scale since 1914. This condition, is
stimulating hope. While there is much less disposition to
take a prematurely optimistic view at this stage of the depression than was apparent earlier, producers reason, logically, that the industry is at least working itself into a
position to take advantage of any sudden improvement in
business. Such an improvement, it is widely conceded, must
be preceded by at least a working solution of the major
problems now confronting the national Congress, and the
conference at Lausanne. Noticeably better retail activity
has been noted since the passage of the tax bill, to which
it Is partly attributed, and a further stimulation of confidence conceivably might start a recovery of which the
improving internal conditions in cotton goods should enable
the trade to take full advantage. An additional source of
hopefulness is the belief that a point has already been
reached at Which consumption of nearly all Industrial lines,
and cotton goods especially, is disproportionately low in
relation to the decline in purchasing power. Meanwhile,
print cloths and carded broadcloths have continued to move
out of producers' hands on small orders at somewhat less
frequent intervals than during the previous week, when
demand showed some improvement. Continued stagnancy
In finished goods necessarily -restricts the possibility of
any marked improvement in the grays. Pine goods, which
'have not yet registered any material pick-up in activity,
are nevertheless more firmly held in some instances. Concessions which were allowed a short time ago on small
orders are now being refused steadfastly by a number of
mills. Extensive cuts in production are having their effect
here more evidently, for the time being, than in some other
divisions of the cotton goods trade. Print cloths 27-inch
64x60's construction are quoted at 2 5/16c., and 28-inch
64x60's at 2 7/16c. Gray goods 39-inch 68x72's construction
/sc.
-inch 80x80's at 41
are quoted at 3%c., and 39
WOOLEN GOODS.—Indications that well-informed buyers are placing considerable confidence in prices named on
fall men's wear goods is an encouraging feature in the
woolens and worsteds trade. It is reported that many
clothing manufacturers have delayed ordering of needed
goods so drastically that they are in danger of shortages,
and predictions are accordingly voiced that substantial
orders will be coming to hand in the course of the next
fortnight. A fair volume of business has recently been
placed with manufacturers by retailers, and indications are
that when that business has been filled the manufacturers
will in many cases have to fill up the gap with orders for
piece goods in quick time. Prices, meanwhile, are steady
at the extremely low levels obtaining. Competent observers
predict, in many instances, that further unsettlement is
unlikely, notwithstanding persistent pressure for further
concessions from some quarters. They are, no doubt, impressed with the uncompromising opposition with which
such pressure is being met. The retail trade is selling out
its spring stocks in good volume, much of them at sacrifice
prices. Activity in the women's wear division continues
largely confined to sampling of fall coatings and suitings.
Some manufacturers are receiving a fairly brisk demand
for low-priced tropical suits and flannel trousers. Abnormal emphasis continues to rest on low-priced clothing, and
the prediction is made that the bulk of business next season
will center in suits and coats retailing at from $15 to $25.
FOREIGN DRY GOODS.—Replenishment orders of linen
dress goods and suitings continued to be received by importers, as the vogue for linen clothing, as measured by
retail sales, was seen to be still strong. Supplies are none
too plentiful. Burlaps continued very quiet, but prices
showed a slight net improvement on the week, the favorable undertone being attributed to the fact that stocks declined during May notwithstanding greatly curtailed consumption during the same month. Light weights are quoted
at 3.05c., and heavies at 4.30c.
4522
Financial Chronicle
tate an Txtg pepartment
NEWS ITEMS
Annual Analysis of City Debts Shows Increased
Borrowing.—In a tabulation and analysis of the bonded
indebtedness of 273 cities in the United States and 16 in
Canada having population of 30,000 or more, presented in
the June issue of the "National Municipal Review" by C.
E. Rightor, Chief of the Detroit Bureau of Governmental
Research and published by the National Municipal League
at 309 East 34th St., New York,it is shown that the trend of
municipal debt is still upward. The figures presented are
as at Jan. 1 1932 and demonstrate that the average per capita
debt of municipalities for which comparable data were
available rose from $109.04 for 1931 to $114 for 1932, an
increase of $4.96, as compared with an increase of $4.92
one year ago. It is stated that this increase is due in great
measure to a disproportionate rise in the debts of the largest
cities. Smaller communities showed declines in aggregate
indebtedness but these recessions were more than offset
by the debt increases of the bigger cities. The present
tabulation is the tenth of a series of annual studies of statistical matter covering details of municipal indebtedness.
Chicago, Ill.—City to Pay Interest on July 1 Bond Maturities.—Assurances have been given to holders of bonds
by city officials, bankers here are advised, regarding prompt
payment on July 1 of $9,245,000 debt service due at that
time on bonds of Chicago and the Board of Education,
according to the New York "Herald Tribune" of June 16.
It is stated that questions had been raised on this point,
owing to the continued default by Cook County and some
of the park districts. According to report efforts are currently being made to get a loan from the larger Chicago
banks in order to provide funds for meeting bond interest
and amortization payments. It is said that the payments
will be made even if the negotiations prove unsuccessful,
as special funds will be used in that contingency.
Detroit, Mich.—Bankers Renew $29,000,000 Short Term
Notes—Injunction Sought to Prevent Sale of Tax Liens.—A
New York, Detroit and Chicago banking group has agreed
to renew $29,000,000 short-term notes of this city that are
to mature this month, according to an announcement made
on June 12 by G.Hall Roosevelt, City Comptroller. Property
owners were expected to take steps on June 13 to secure an
injunction restraining the sale of 90,000 tax liens scheduled
for June 15. This sale would be the first step against property
owners who will not or cannot pay their taxes and will mean
the loss of their property unless some means of redemption
is found. A dispatch from Detroit to the New York "Times"
of June 13 reported on the above disclosures as follows:
G. Hall Roosevelt, City Controller, announced to-day an agreement by a
Chicago. New York and Detroit banking group to renew $29,000,000 of
Detroit's short-term notes that will fall due this month. Concern was
expressed, however, over the tax delinquencies ofapproximately $19,500,000
which are greater by $1,500.000 than was expected.
Of the $29.000.000 notes which are to be renewed beginning to-morrow,
$12,182.000 will be taken by the Chase Nationa. and National City Banks
and Guaranty Trust of New York. and the Continental Illinois Trust Co.
of Chicago. The remainder will be provided by Detroit banks.
Property owners' spokesmen will bring to a climax to-morrow their fight
to prevent the sale of 90,000 tax liens, scheduled by the city to open on
Wednesday morning. The sale would be a first step toward loss of the
property by owners who do not pay. Steps will be taken to-morrow in the
United States District Court here for an injunction to restrain the sale, and
If that should .ail, the ruling o. Judge Fred S. Lamb refusing to restrain
the sale wilt be appealed to the Supreme Court. If the sale is held the city
will not be allowed to accept more than the tax due plus interest for any
bid. The question of what right of redemption the property owner has will
be left in doubt until settled in court after the sale.
Controller Roosevelt will ask the council to-morrow to restore the 100%
penalty on thee taxes and on taxes not before offered tor sale that pass into
the hands of private buyers after June 15. Without this penalty right, he
say., private buyers will not bid at the regular city tax sales, much less
at the special one scheduled for Wednesday.
June 18 1932
The closing session, which lasted 15 hours, resulted in the Democratic
Assembly passing 40 Senate bills to assure approval by the upper branch of
the gross receipts tax measure wanted by Hudson County. The gross
receipts measure, permitting apportionment of the taxes to municipalities
on the basis of ratabies as compiled by Aocal assessors, means that Jersey
City will get $750,000 already budgeted, which it otherwise would lose.
The entire closing session revolved around this bill and it was the last
business transacted by either house. House leaders knuckled down and
passed everything wanted by the Senate.
After Senate Majority Leader Richards got every Senate bill passed that
was wanted, the gross receipts tax measure came up. For a few minutes it
looked as if the Republicans wou.d not be able to deliver on their part of the
agreement for several Republican Senators opposed it. Only eight votes
were cast on the first roll call, but Senator Richards quickly aligned four
more and it passed. Satisfied that everything else was approved he sent
the bill back to the Assembly. House members, led by Speaker Greenberg.
marched to the Senate and President Reeves banged his gavel for final
adjournment.
Governor Moore Signs Bond Bills.—Two measures have
recently been signed by Governor Moore, authorizing the
diversion of $20,000,000 from the $83,000,000 State highway
bond issue that was approved in 1930 and the reappropriation
of the money for relief purposes—V. 134, P. 4352—after
approval at a referendum to be held next fall, according to
news reports from Trenton on June 15. Another bill that has
received the approval of the Governor provides for the
use of $10,000,000, which is the major portion of New
Jersey's share from the sale of the Camden-Philadelphia
bridge bonds for emergency relief. It is stated that another
measure signed diverts payment of $3,000,000 from the
highway commission to relief funds.
Royal Oak, Mich.—Protective Committee Urges Deposit of
Defaulted Bonds.—In a notice made public on June 10 by
the recently-formed Bondholders' Protective Committee—
V. 134, p. 2948—the immediate deposit of the defaulted
bonds and notes of the village and of the city of Royal Oak
with either of two depositaries named is urged so that unified
and concerted action for an early settlement may get under
way. The text of the notice reads as follows:
Bondholders' Protective Committee for Royal Oak, Mich.
The City and School District of Royal Oak, Mich., are in default in
the payment of the principal and(or) interest of outstanding bonds and
notes issued or assumed by them. To authoritatively represent the interests of the owners of these obligations, a Bondholders' Protective Committee, composed of the undersigned, has been organized. Present business
conditions, substantial tax delinquencies, and the closing of certain local
banks, have combined to create a serious situation in this municipality.
Unified and concerted action of bondholders is essential to accomplishment
of practical results and an orderly working out of the problem.
The holders of the bonds described herein are requested to immediately
forward the bonds, accompanied by all unpaid coupons, to either of the
depositaries, the Detroit Trust Co. or the Union Guardian Trust Co.,
Detroit, Mich. Copies of the deposit agreement and forms for the deposit
of the bonds to be addressed to the depositaries may be obtained from
them or from the Secretary of the Committee. The bonds which the
Committee invites for deposit include those issued with the following titles:
Village of Royal Oak, City of Royal Oak (waterworks, paving. street
improvements, sewer, market, general improvement bonds, and tax
anticipation notes).
School District of the City of Royal Oak:
School District No. 6, Royal Oak Township.
School District No, 1, Erect'', Royal Oak and Southfield Townships.
School District No. 2, Erect'', Royal Oak and Troy Townships.
School District No. 5, Erect'', Royal Oak and Troy Townships.
(Various school site and building bonds and school tax anticipation notes.)
Hugh J. Ferry, Treasurer, Packard Motor Car Co.
John S. Harris, President. Stranahan, Harris & Co. Inc.
Henry Hart, Chairman, Executive Vice-President, First Detroit Co.
'
Norman H. F. McLeod, Secretary-Treasurer, Parke, Davis & Co.
Lawrence J. Toomey, Vice-President, Union Guardian Trust Co,
Committee,
Beaumont, Smith & Harris. Counsel, 2900 Union Guardian Building,
Detroit, Mich.: Cushman McGee, Secretary, 816 Fidelity Trust Building,
Detroit, Mich.
Ruling of Revenue Bureau Holds Discounts on Bond
Sales Are Exempt from Taxation. — The "United
States Daily" of June 13 carried the following decision of the
Bureau of Internal Revenue, holding that a discount received
in connection with a sale of State or municipal interest-bearing obligations should be placed in the same category as a
discount received on Treasury bills, which means that such
discounts are tax exempt. The decision follows in full text:
Bureau of Internal Revenue. I. T. 2629.
The city of Y sells 4% bonds direct to the public, and due to the market
conditions at the present time the bonds are sold at a discount to yield 4.5%.
The question is raised whether, at the time these bonds mature and are
paid at par, the owners will be subject to a tax because of having purchased
them at a discount.
The discount received in connection with State or municipal interestbearing securities issued at a discount should be treated for income
purposes in the same manner as discount on Treasury bills is treatedtax
in
Treasury Decision 4276, which provides in part as follows:
"Accordingly, in the case of an original purchaser from the Government
who holds a Treasury bill to maturity, the entire amount of the discount
at which the bill was issued is exempt from income tax. If a bill is sold
before maturity, each respective holder is entitled to treat as exempt
from income tax that proportion of the amount of the discount at which
the bill was issued which the number of days (computed on an actual
calendar-day basis) the bill was owned by him bears to the total number of
days (computed on an actual calendar-day basis) from the date of the issuance of the bill to the date of its matirity.
"In other words, the amount of the discount at which the bill was issued
Is to be apportioned among the holders according to the periods of their
holdings. The gain from the sale or other disposition of a Treasury bill
(that is, the excess of the amount realized therefrom less discount from
the date of acquisition to the date of its disposition over the cost or other
basis of the bill) is taxable as ordinary income.
"A loss from the sale or other disposition of a Treasury bill (that is, the
excess of the cost or other basis of the bill over the amount realized therefrom less discount from the date of acquisition to the date of its disposition)
is allowable as a deduction."
In this connection see General Counsel's Memorandum 10452 1page 21.
relating to the exempt status of discount received on noninterest bearing
municipal securities.
Oakland and Macomb Counties Mich.—Supreme
Court Denies Rehearing on Decision Holding Drain Bonds
Invalid.—Associated Press dispatches from Lansing on
June 7 report that a rehearing of the decisions given in the
case of the Nine Mile-Halfway drain in Macomb County
and that of the Southfield storm sewer drain, was denied by
the State Supreme Court on the previous day. In opinions
handed down by the court on March 2 it was held that the
project, although built under the drain law, was in fact a
sewer—V. 134, p. 2001. The taxes levied for the payment
of some $6,000,000 in bonds issued for this project were
declared illegal and the bonds themselves were technically
invalidated by the court order.
New Jersey.—Legislative Session Ends.—After a regular
session which lasted 19 weeks, the 1932 Legislature adjourned
sine die at 4:10 a. m. on June 11, according to Trenton
dispatches to the Newark "News" of June 11. The leaders
of both parties are said to have predicted that a special
session will have to be called by Governor Moore early in the
Tampa, Fla.—Deposits Large Under New Bond Refunding
fall in order to pass legislation that failed of enactment. The Plan.—B. J. Van
Ingen & Co., Inc., as fiscal agents for the
above newspaper reported in part on the recently adjourned
refunding plan of the above city (V. 134, p. 3502), are notifysession as follows:
ing holders of the 432,43 and 5% bonds of the city maturing
%
The 1932 Legislature adjourned sine die at 4:10 a. m. to-day with leaders
on July 1 1932 to Dec. 31 1935 (not including water bonds
of both parties predicting a specia..ession will have to be called by Governor
Moore early in the fa.1 to pass legislation that failed of enactment.
and refunding bonds now outstanding) that holders of apA state deficit between $4,000,000 and $5,000,000 looms because of a
proximately 75% of the bonds to be refunded have signified
marked falling off in state revenues. To offset this it is admitted the
Legislature may have to impose some form of additional tax, and to make
their intention to exchange for refunding bonds. To make
further reductions in the appropriation measures. Republicans believe the
the plan operative, it is necessary for bondholders who have
municipal bond and budget restrictive legislation will have to pass to restore
not yet deposited their bonds, or agreed to exchange, to do
municipal credit.
The sine die adjournment ended a regular session of 19 weeks. If Governor
so without delay. The new refunding bonds will be ready
Moore signs the flood of legislation passed in the closing sessions the 1932
for delivery on or about July 1, it is announced.
laws will aggregate about 300.
Volume 134
Financial Chronicle
BOND PROPOSALS AND NEGOTIATIONS
ADAMS COUNTY (P. 0. Decatur), Ind.
-BOND OFFERING.
John Wechter, County Treasurer, will receive sealed bids until 10 a. m. on
July 2 for the purchase of $3,600 4 Si% Blue Creek and Monroe Twps. road
impt. bonds. Dated July 15 1931. Due one bond semi-annually from
July 15 1932 to Jan. 15 1942.
AKRON, Summit County, Ohio.
-BONDS NOT SOLD.
-Two issues
of coupon or registered bonds, aggregating $89200 offered OD June 13
-V. 134, p. 4022
-were not sold, as no bids were received. The offering
comprised:
$72,000 6% street improvement bonds. Due Oct. 1 as follows: $14,000
from 1933 to 1935, incl., and $15,000 in 1936 and 1937.
17,200 5)407 water works extension and improvement bonds. Due Oct. 1
as follows: $3,200 in 1933; $3,000 in 1934 and 1935. and $4,000
In 1936 and 1937.
Each issue is dated June 1 1932.
ALBANY COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Laramie),
Wyo.-BONDS CALLED.
-It is reported that the County Treasurer
Is calling for payment at his office on July 1, on which date interest shall
cease. Nos. 1 to 34 of school bonds, dated July 1 1922. Denom. $500.
Due on July 1 1942 and optional on July 1 1932.
ALICE INDEPENDENT SCHOOL DISTRICT (P. 0. Alice), Jim
Wells County, Tex.
-BONDS VOTED.
-At the election held on May 27
-V. 134, p. 3855
-the voters approved the issuance of $15,000 in school
equipment refunding bonds by a small majority.
ALLIANCE, Stark County, Ohio.
-BOND OFFERING.
-H. F. Bohecker, City Auditor, will receive sealed bids until 12 M.on June 23 for the
purchase of $7,500 5% water works improvement bonds. Dated July 1
1932. Due on Oct. 1 as follows: $500 in 1933, and $1,000 from 1934 to
1940 incl. Interest is payable in April and Oct. Bids for the bonds to bear
Interest at a rate other than 5%, expressed in a multiple of % of 1%. will
also be considered. A certified check for $100, payable to the order of the
City, must accompany each proposal.
AMERICAN RIVER FLOOD CONTROL DISTRICT (P. 0. Sacramento), Sacramento County, Calif.
-BOND SALE CONTEMPLATED.
-It has recently been stated by Rolland A. Vandegrift, State Director of
Finance, that the State intends to purchase $215,000 of the $565,000 not to
exceed 7% semi-ann. improvement bonds that were offered for sale without
success on March 1-V. 134. p. 1809. It was expected that the District
Trustees would accept the State's offer at a meeting held recently.
ANDOVER, Essex County, Mass.
-TEMPORARY LOAN.
-The
$100,000 temporary loan offered on June 13-V. 134. p. 4354-was awarded
to the Merchants National Bank, of Boston, at 2.84% discount basis.
Due on Nov. 3 1932. Bids received at the sale were as follows:
BidderDiscount Basis.
Merchants National Bank (successful bidder)
2.84
Day Trust Co
2.94%
Faxon, Gade & Co
Second National Bank
3..07%
303'1
3 .°
.177
0
Jackson & Curtis
ARLINGTON, Middlesex County, Mass.
-TEMPORARY LOAN.
The Second National Bank, of Boston, purchased on June 14 a $200.000
temporary loan at 2.71% discount basis. Due on Nov. 18 1932. Bids
received at the sale were as follows:
BidderDiscount Basis.
Second National Bank of Boston (successful bidder)
2.71%
Jackson & Curtis
2.77
F. S. Moseley & Co
3..17071
Shawmut Corp
3.19%
ATTALA COUNTY (P. 0. Kosciusko), Miss.
-BOND REFUNDING
REPORT.
-The County Board of Supervisors is reported to have given
notice that $889,000 bond issues of nine road impt. districts will be proposed
for refunding. Senate Bill No. 529, approved on May 18-V. 134, p. 4022
-authorized counties to call in road district bonds and exchange therefor
county road bonds bearing the same rate of interest, but with maturities
extended.
ATTLEBORO, Bristol County, Mass.
-TEMPORARY LOAN.
-The
$150,000 temporary loan offered on June 13-V. 134, p. 4354-was awarded
to the First National Bank, of Boston, at 3.07% discount basis. Dated
June 131932. Due $100,000 on Nov.8 1932 and $50,000 on Nov. 291932.
Bids received at the sale were as follows:
Bidder
Discount3 a7 s.
B siv
.0
First National Bank of Boston (successful bidder)
Faxon, Gade & Co
3.12
Attleboro Trust Co
3.24
BARBERTON, Summit County, Ohio.
-BONDS AUTHORIZED.
The city council has adopted an ordinance providing for the issuance of
$73,501.92 59' water main construction bonds. Dated July 1 1932. One
bond for $901.92, others for $1,000 and $200. Due Oct. 1 as follows:
$7,901.92 in 1933 and $8,200 annually from 1934 to 1941 incl. Interest
will be payable in April and October.
'
BAY COUNTY (P. 0. Bay City), Mich.
-BOND OFFERING ATTRACTS ONE BID.
-Oscar LaLonde. Clerk of the Board of County
Commissioners, reports that an offer of a price of 90.09 was the only bid
received at the offering on June 15 of $333,000 4% courthouse construction
bonds
-V. 134. p. 4354. Mr. LaLonde made no mention as to the Identity
of the bidder or whether the tender has been acted upon. Bonds are
dated June 1 1932 and will mature annually on June 1 from 1933 to 1944 incl.
BAYONNE, Hudson County N. J.
-BOND ,SALE.-Williarn P.
Lee, City Clerk, informed us on June 14 that the Board of City Commissioners had decided to accept the offer of Adams & Mueller, of Newark,
to purchase as 65, at a price of par, the $1,016.000 coupon or registered
bonds which were scheduled for award on June 7-V. 134. p. 4022. Only
one offer was made for the bonds. The sale comprised:
$621,000 general impt. bonds. Due May 1 as follows: $20,000 from 1934
to 1957, incl.; $30,000 from 1958 to 1961, incl., and $21,000 in
196.
304,000 library bonds. Due May 1 as follows: $10,000 from 1934 to
1956, incl.; $15,000 from 1957 to 1960, Incl., and $14,000 in 1961.
91,000 school bonds. Due May 1 as follows: $3,000 from 1934 to 1958,
incl., and $4,000 from 1959 to 1962, Inclusive.
Each issue is uate I May 11932.
BEDFORD, Cuyahoga County, Ohio.
-BOND SALE.
-The issue of
$730.30 534% refunding special assessment bonds unsuccessfully offered
31 1931-V 133, p. 3286
-has since been purchased at par by the
on Oct.O
State Sinking Fund Commission. Dated Nov. 1 1931 and due on Nov. 1
from 1933 to 1941 incl.
BEDFORD TOWNSHIP (P. 0. Bedford), Cuyahoga County, Ohio.
-The issue of $10,000 5)4% poor relief bonds unsuccess-BOND SALE.
-has since been sold. Dated
fully offered on Nov. 14-V. 133, p. 3656
Sept. 15 1931. Due $2,000 on Sept. 15 from 1933 to 1937 incl.
BEE AND LIVE OAK COUNTIES COUNTY LINE CONSOLIDATED
SCHOOL DISTRICT NO. 1 (P.0. Beeville), Tex.
-BONDS REGISTER-The State Comptroller on June 10 registered a $5,000 issue of 5%
ED.
serial school bonds. Denom. $250.
BELLEVILLE Essex County, N. J.
-BOND OFFERING.
-John J.
Daly, Town Cleric, will receive sealed bids until 8 p. m. (daylight saving
time) on June 28 for the purchase of $616,000 4.4% coupon or registered
bonds, divided as follows:
$165,000 series C bonds. Due July 1 as follows: $18,000 in 1933 and
$21,000 from 1934 to 1940 incl.
150,000 series D bonds. Due July 1 as follows: $20,000 from 1933 to
1938 incl. and $30,000 in 1939.
154,000 series F bonds. Due July 1 as follows: $35,000 in 1933 and 1934
and $42,000 in 1935 and 1936.
70,000 series B bonds. Due July 1 as follows: $6.000 in 1933 and $8,000
from 1934 to 1941 incl.
50,000 series E bonds. Due July 1 as follows: $8,000 from 1933 to 1937
incl. and $10,000 In 1938.
27,000 series A bonds. Due July 1 as follows: $2,000 from 1933 to 1935
incl. and $3,000 from 1936 to 1942 incl.
Each issue is dated July 1 1932. Denom. $1,000. If the bids received
of bonds at
do not permit of the award in a multiple434 %, then the bonds shall bear
such higher rate, expressed of the bondsof 34 of 1%, as may be named
are to bear the same rate. Prinby the successful bidder. All
4523
cipal and interest (January and July) are payable at the First National
Bank, Belleville. No more bonds are to be awarded than will produce a
premium of $1,000 over the amount of each issue. A certified check for
2% of the amount bid for, payable to the order of the town, must accompany each proposal. The approving opinion of Reed, Hoyt & Washburn
of New York will be furnished the successful bidder.
BELL COUNTY ROAD DISTRICT NO. 9-A (P. 0. Belton), Tex.
-It is reported that the purcnasers
BOND SALE NOT CONSUMMATED.
after taking a total of $147,000 of the $625,000 issue of 5% road bonds
-have come to an
that was contracted for in April 1931-V. 132• p. 4276
agreement with the county officials whereby the remaining bonds will be
returned to the county and the contract cancelled.
BENNINGTON (Town of), Bennington County, Vt.-BOND SALE.
% coupon refunding bonds offered on June 16-V. 134.
The $200,000
p. 4354
-were awarded to E. H. Rollins *& Sons of Boston, at a price of
97.51, a basis of about 4.83%. Dated July 1 1932. Due $10,000 on Jan. 1
from 1933 to 1952 incl. Bids received at the sale were as follows:
Rate Bid.
Bidder97.51
E. H. Rollins & Sons (successful bidders)
97.26
First National Old Colony Corp
96.67
Chase Harris Forbes Corp
BENNINGTON (Village of), Bennington County, Vt.-BOND
SALE.
-The $60,000 434% coupon refunding bonds offered on June 16-were awarded to Halsey, Stuart & Co. of New York,
V. 134, p. 4354
at a price of 98.275. a basis of about 4.8807. Dated May 15 1932. Due
$20.000 on May 15 from 1936 to 1938 incl.
-W. H.
-BOND OFFERING.
BEREA, Cuyahoga County, Ohio.
Parshall, City Auditor, will receive sealed bids until 12 M.on July 1 for the
purchase of $69,520.70 6% street impt. bonds. Dated April 1 1932. One
bond for $520.70, others for $500. Due as follows: $3.520.70 Aprill 1 and
$3,000 Oct. 1 1933, and $3,500 on April and Oct. 1 from 1934 to 1942 incl.
Interest is payable in April and October. Bids for the bonds to bear interest
at a rate other than 6%. expressed in a multiple of % of 1%, will also be
considered. A certified check for $100, payable to the order of the city,
must accompany each proposal. The unconditional approving opinion of
Squire, Sanders & Dempsey of Cleveland, will be furnished the successful
bidder, without charge, upon request.
-The
BETTENDORF, Scott County, lowa.-BOND DETAILS.
$9,846 issue of 5% sewer bonds that was purchased at par by the White-is dated May 1 1932. Coupon
-V.134. p.4022
Phillips Co. of Davenport
bonds in denoms. of $500, one for $846. Due from Nov. 1 1933 to 1942
incl. Int. payable M. & N.
-TEMPORARY LOAN.
-The $200.BEVERLY,Essex County, Mass.
000 temporary loan offered on June 9-V. 134, p. 4191-was awarded to
Faxon, Gade & Co., of Boston, at 2.53% discount basis. Dated June 9
1932 and due on Dec. 28 1932. Bids received at the sale were as follows:
Discount Basis.
Bidder2.53%
Faxon, Gade & Co. (successful bidder)
2.65%
First National Bank of Boston
Jackson & Curtis
2.937:
3.04%
F. S. Moseley & Co
3.16%
Beverly National Bank
BLACKWELL COUNTY INDEPENDENT SCHOOL DISTRICT
-BONDS VOTED.
-At the
(P. 0. Blackwell), Nolan County, Tex.
-the voters approved the issuelection held on May 28-V. 134. p. 3669
ance of the $25,000 in 5% school construction bonds by a count reported
to have been 157 "for" to 33 "against." Denom. $500. Dated June 1
1932. Due on June I as follows: $1,000, 1958 to 1962. and $2,000. 1963
to 1972, all incl. It is stated that the record has been filed with the Attorney-General for approval.
-NOTE SALE.
-The $300,BRIDGEPORT,Fairfield Ce3unty, Conn.
-were
000 current expense notes offered on June 15-V. 134. p. 4355
awarded to F. S. Moseley & Co. of Boston, the only bidder, which named an
interest rate of4.90%, and paid par plus a premium of $25. Dated June 20
1932 and due on June 20 1933.
-TEMPORARY LOAN.
BRUNSWICK. Cumberland County, Me.
S. L. Forsaith, Town Treasurer, reports that the $30,000 temporary loan
offered on June 10 was awarded to the Merchants National Bank,of Boston,
at 5°7discount basis. Dated June 10 1932 and due on Nov. 1 1932. Payable
at the Merchants National Bank, of Boston. Legal opinion of Storey,
Thomdike, Palmer & Dodge, of Boston. Bids received at the sale were as
follows:
Discount Basis.
Bidder5%
Merchants National Bank, of Boston (Successful bidder)
5.50%
First National Bank, Brunswick (Plus $1 premium)
5%
Trust Co., Brunswick (For $10.000 only)
Fidelity
BONDS AWARDED.
BUFFALO, Erie County, N. Y.-$4,000,000
The $4,000,000 coupon or registered bonds, comprising a $2,000,000 work
and (or) home relief issue, due July 1 1937, and a $2.000,000 tax sale
relief
-were
Issue, also due on July 1 1937, offered on June 15-V. 134, p. 4355
awarded as 4.70s to a_grouR composed of the First National Bank; Banc america-Blair Corp.: First Detroit Co.. Inc.; Phelps, Fenn & Co.; F. S.
Moseley & Co.; Darby & Co., and Dewey, Bacon & Co., all of New York.
at a price of 100.09, a basis of about 4.68%. The bonds are dated July 1
1932 and are being re-offered for general investment at a price to yield
4.50%. Legal investment for savings banks and trust funds in New York
State, according to the ankers, in addition to being direct and general
obligations of the entire city, payable from unlimited at valorem taxes
levied against all the taxable property therein.
BURLINGTON, Des Moines County, lowa.-BONDS NOT SOLD.
semi-ann. sewer bonds offered on June 9The $105,000 issue of 4% %
-was not sold as all the bids received were rejected. Due
4355
V. 134, p.
from Nov. 1 1933 to 1951 incl.
-We are informed by Robert Schlampp, City
BONDS REOFFERED.
Clerk, that he will again receive bids for the purchase of the above bonds.
until 10 a. m. on June 27.
-Sealed
-BOND OFFERING.
BUTLER COUNTY (P. 0. Butler), Pa.
bids addressed to the Clerk of the Board of County Commissioners will be
received until 1 p. m. on June 24 for the purchase of $400,000 434. 43jor
% coupon county bonds. Dated July 1 1932. Denom. $1,000. Ellie
$25.000 on July 1 from 1941 to 1956 incl. Principal and interest (Jan. and
July; are payable in Butler. A certified check for $5,000 must accompany
each proposal. Bidders will be given the opportunity to have own counsel
approve bonds before accepting the Issue.
-BONDS DEFEATED.
BUTLER COUNTY (P. 0. Allison), Iowa.
-the voters rejected the
At the election held on June 6-V. 134, p. 3856
proposal to issue $450.000 in primary road bonds.
-OFFERING DETAILS.
CALIFORNIA,State of(P.O. Sacramento).
_we are informed that the $244,000 issue of 454% semi-ann. park bonds
to be offered for sale by the State Treasurer on July 14-V. 134. p. 4192
is due on Jan. 2 as follows: $61,000 in 1950 and $183.000 in 1951.
CALUMET COUNTY (P. 0. Chilton), Wis.-BOND OFFERING.
Sealed bids will be received until 10 a.m. on June 21, by J. H. Brocker,
County Clerk, for the purchase of an issue of $175,000 434% highway
construction, class D bonds. Denom. $1,000. Dated May 1 1932. Due
on May 1 as follows: $25,000 in 1940; $115,000, 1941 and $35,000, 1942.
Prin. and int. (M. & N.) payable at the office of the County Treasurer.
Printed bonds will be furnished by the county. The issue is authorized
by Sections 67.13 and 67.14 of Wisconsin Statutes 1929, by vote held on
June 10 1930. It Is stated that another block of these bonds amounting to
$175.000 will be offered for sale about Aug. 10 1932. A certified check
The official
for 5% par value of the bonds must accompany the bid.
offering notice furnishes the following information:
The present outstanding bonded indebtedness of the county, including
this issue, is $765.000. The total bonded indebtedness authorized is
$1,620,000. the remaining bonds to be issued before 1935.
Calumet County has a population of 16,623 and an assessed valuation of
$31.441,515; and the last equalized assessment thereof for State taxes made
by the Wisconsin Tax Commission pursuant to Section 70.57 of the Statutes,
is $34,548,183.
The total taxes levied in Calumet County and all delinquent taxes for
past three years as shown by the County Treasurer's books are as follows:
Totat
June 14 1932.
Tax Leried.
Year$8.973.43
$607.163.10
1929
12,364.24
558,863.92
1930
36,179.85
453,657.78
1931
4524
Financial Chronicle
CAMBRIDGE, Washington County, N. Y.
-BONDS DEFEATED.
At an election held on June 7 the voters disapproved of a proposed $115,
000 water works system bond issue, the adverse vote being 156 to 62.
CAMERON COUNTY WATER CONTROL AND IMPROVEMENT
DISTRICT NO. 19 (P. 0. Brownsville), Tex.
-BOND ELECTION.
-It
LI reported that an election will be held on July 5 in order to vote on the
proposed issuance of $950,000 in not to exceed 6% irrigation construction
bonds. Due in not to exceed 40 years.
CANTON, Stark County, Ohio.
-BOND SALE.
-The $3,256 coupon
storm water sewer construction bonds offered on June 13-V. 134, P.
4022
-were awarded as 6s. at a price of par, to the Timken Roller Bea-ing
Co., the only bidder. Dated June 1 1932. Due June 1 as follows: $756
in 1934: $500 in 1935; $750 in 1936; $500 in 1937, and $750 in 1938.
CHANNING INDEPENDENT SCHOOL DISTRICT (P. 0. Channing), Hartley County, Tex.
-BOND ELECTION.
-It is reported that
an election will be held on June 26 in order to have the voters pass on the
proposed issuance of $25,000 in school building bonds.
CHICAGO,Cook County,Ill.
-WARRANTS CALLED FOR REDEMPTION.
-Publication was made on June 13 of a notice signed by M. S.
Szymczak, City Comptroller. informing holders of city tax anticipation
warrants that the money for the payment of the following warrants is
available and that said warrants will be paid on presentation through any
bank to the City Treasurer of the City of Chicago, or the Guaranty Trust
Co. of New York:
ISSUED ACCOUNT 1930 TAXES. No.
Dated.
Amount.
Corporate.
163
April 9 1930_ - 6,400.00
No.
Dated,
Amount.
166-167.-.AprIl 14 1930__ 2,000.00ea.
19
Feb.27 i930_..$ 1,000.00
168
Apr1114 1930.-- 1,900.00
21
March 8 1930_ _ 1,200.00
169
Apr1114 1930___ 1,000.00
23
March 8 1930_ _ 7,500.00
183
May 8 1930_ _ _ 5,000.00
25
March 101930. 5,000.00
186-188_-_ May 8 1930_ ___ 1,000.00 ea.
39-40__
March 13 1930_ 2,000.00 ea 258 & 260.July 31 1930.-100,000.00 ea.
41
March 13 1930_ 1,000.00
42
March 19 1930_ 1,000.00
Public Library, Maintenance and
53-54_
_March 211930. 1,000.00 ea.
Operation.
March 21 1930_ 3,500.00
63
No.
Dated.
Amount.
65-66_ _ _ _March 21 1930_ 1,000.00
24
Dec.31 1930
850.000.00
70-71_ _ _ _March 22 1930_ 1,000.00 es 37
Jan. 14 1931
25,000.00
March 21 1930_ 1,000.00
74
Municipal Tuberculosis Sanitarium.
79
March 21 1930. 5,000.00
63-64_-_ _Oct. 31 193G_ ...$50,000.00 ea.
82
March 29 1930_ 9,000.00
Firemen's Pensicn Fund.
105
Apr115 1930.
9
1,000.00
Oct. 15 1930
525,000.00
Apr118 1930____ 3,000.00
107
Interest accrual will be stopped on
132-134-Apr114 1930_ ___ 3,000.00ea. June 21 1932, If foregoing notes are not
Apr1123 1930..
135
8,000.00
presented for payment on or before that
1,000.00
April 4 1930_
160
date.
SCHOOL WARRANTS CALLED.
-Lewis E. Myers, President of the
Board of Education, in a notice issued on June 9 informed holders of the
Board of Education tax anticipation warrant notes, described below, that the
money is available for their payment and the same are called for payment
on or before June 17. The warrants will be paid on presentation through any
bank to the office of the City Treasurer. Halsey, Stuart & Co.. of Chicago,
or at the Guaranty Trust Co., of New York:
1930 Educational fund. Ncs.84 to 88 at $250.000 each. Dated June 5 1930.
Interest at 6%.
1930 Building fund.. Nos. 1711 to 1812 at $5.000 each. Dated Nov. 1 1930.
Interest at 5,1%•
The City Comptroller is calling for redemption on or before June 24
the following described tax anticipation warrants:
Issued against 1930 taxes, corporate purposes. Nos. 262. 264 and 279, for
$100,000 each, dated July 31 1930: Nos. 301 to 303. for $250.000 each,
dated July 8 1930.
Municipal tuberculosis sanitorium No.65,for $50,000. dated Oct. 311930.
Firemen's pension fund No. 10. for $25.000. dated Oct. 15 1930.
CLARK COUNTY(P.O.Jeffersonville),Ind.
-FONDS RE
-OFFERED.
-INTEREST RATE ADVANCED.
-The issue of861,900 road construction
bonds unsuccessfully offered as 4s on March 19-V. 134. p. 2379
-is
being re-offered far award on June 30, with the rate of interest increased to
5%. Sealed bids for the issue will be received until 10 a. m. on the date
aforementioned by George Groher, County Treasurer. Bonds are dated
April 4 1932. Denom. $619. Due $3,095 on May and Nov. 15 from 1933
to 1952 incl. Interest is payable on May and Nov. 15.
ADDITIONAL BONDS OFFERED.
-Mr. Groher will receive sealed bids
until 10 a. m. on June 28 for the purchase of an additional issue of $11,500
5% Oregon Twp. road impt. bonds. Due one bond semi-annually from
July 15 1933 to Jan. 15 1943.
CLARK COUNTY SCHOOL DISTRICT NO. 55 (P. 0. Vancouver),
Wash.
-BOND OFFERING.
-Sealed bids will be received until 10 a. m.
on June 25, by C. A. Pender, County Treasurer, for the purchase o a $6,500
issue of school bonds. Int. rate is not to exceed 6%, payable semi-annually.
Dated July 8 1932. Due in from 2 to 10 years. Prin. and int. payable at
the office of the County Treasurer. A certified check for 5% must accompany the bid.
CLEVELAND, Cuyahoga County, Ohio.
-ADDITIONAL INFORMATION.
-We now learn that the McDonald-Callahan-Richards Co.. of
Cleveland, and Braun, Bosworth & Co.. of Toledo, were associated with
Mitchell, Herrick & Co., of Cleveland. In the award on June 10 of $450,000
bonds as 6s. at 100.11, a basis of about 5.99%.-V. 134. p. 4355.
CLIFTON MILLS,Breckinridge County, Ky.-BOND OFFERING.
It is stated that sealed bids will be received until 8 p. m. on June 20, by
William A. Ruff Jr. City Clerk, for the purchase of a $20.000 issue of 67a
semi-ann. funding bonds. Dated June 1 1932. Due $1,000 from June 1
1933 to 1952 incl. The city will furnish the purchaser with legal opinion
and transcript proceedings. No offer at less than par will be considered.
CLOVIS, Curry County, N. Mex.-FINANCE REPORT.
-The city
government is said to have agreed to a 30% reduction in maintenance ex0
pense for the coming year to cover all departments. This decision is
expected to be placed before the State Tax Commission for action. The
reduction is in line with a 20% cut in valuations put into effect by the
Tax Appraisal Board.
COLLINGSWOOR, Camden County, N. J.
-BOND OFFERING.
Albert F. Canton, Borough Clerk., will receive sealed bids until 8 p. m.
(daylight saving time) on June 28 for the purchase of 5404,000 6% coupon
or registered bonds, divided as follows:
$230,000 water bonds. Due July 1 as follows: $5.000 from 1933 to 1939
incl., $6,000 in 1940 and $7,000 from 1941 to 1967 incl.
134,000 general improvement bonds. Due July 1 as follows: $10,000 from
1933 to 1945 incl. and $4,000 in 1946.
40,000 street assessment bonds. Due $5,000 on July 1 from 1933 to
1940 incl.
Each issue is dated July 11932. Denom.$1,000. Principal and interest
(January and July) are payable at the Collingswood National Bank, Collingswood. No more bonds are to be awarded than will produce a Premium
of 81,000 over the amount of each issue. A certifled check for 2%_ of the
bonds bid for, payable to the order of the borough, is required. The approving opinion of Caldwell & Raymond of New York will be furnished
the successful bidder.
COLUMBUS, Franklin County, Ohio.
-BOND OFFERING.
-Samuel
J. Willis, City Clerk, will receive sealed bids until 1 13. m.(Eastern standard
time) on June 30 for the purchase of $94,373 454% bonds, divided as
follows:
$68,031 special asst. at. impt. bonds. Due March 1 as follows: $7,031
1934:87,000 from 1935 to 1941 incl., and $6,000 in 1942 and 1943.
25.000 municipal electric light plant impt. bonds. Due March 1 as
follows: $1,000 from 1934 to 1938 incl., and $2,000 from 1939
to 1948 incl.
1,342 special asst. sewer construction bonds. Due March 11938.
All of the bonds will be dated July 15 1932. Principal and interest
(March and Sept.) are payable at the office of the agency of the city of
Columbus in New York City. Bonds to be in coupon form, registerable
as provided bylaw. Bids for the bonds to bear interest at a rate other than
43.°f, expressed in a multiple of h' of 1%, will also be considered. A
certified check for 1% of the bonds bid for, payable to the order of the
City Treasurer, is required. Transcripts of proceedings will be furnished
successful bidders and sufficient time allowed within 15 days from the time
of said award for the examination of such transcript by bidder's attorneys
and bids may be made subject to approval of same.
June 18 1932
COOK COUNTY,(P. 0. Chicago), III.
-NOTES CALLED FOR REDEMPTION.
-Joseph B. McDonough, County Treasurer, has called for
payment $100,000 series E, 1929 highway fund notes, Nos. E-751 to E-850,
dated Sept. 15 1929 and bearing maturity date of March 15 1931. Notes
should be presented for payment to the office of the County Treasurer.
Interest accrual wid cease after June 15.
CORTLAND,Cortland County, N. Y.
-FINANCIAL STATEMENT.
-In connection with the proposed sale on June 21 of $35,000 not to exceed
6% interest coupon or registered bridge bonds, notice and description of
which appeared In
-we have received the following:
-V. 134. p. 4356
Financial Statement (June 1 1932).
Estimated actual value of real estate
$20,000,000.00
Assessed valuation (1931) real estate, incl. special franchises_ 14,384,763.00
Bonded debt, excl. of present issue, & excl. of bonds due in
1932. for which appropriation has been made & taxes levied 1,240,400.00
Floating debt (certificates of indebtedness)
126,679.43
Total debt
$1.367,079.43
Deduct from total debt: Water bonds
209,000.00
Total net debt
81.158.079.43
Population, 1930 census, 15,041.
The city has no separate school indebtedness. All bonds issued for school
purposes in the City of Cortland are included in the above statement of
bonded debt.
Tax levy and collection:
1929.
1930.
1931.
Tax levy
$651,438.72 $619,073.06 5607,754.86 $713,484..24
1932
Collected
651,088.32 618,647.46 598,619.23 455.129.18
Uncollected
• 350.40
425.60
9,135.63 258.355.06
The uncollected taxes for 1929 and 1930 represent the purchase price of
properties which were bid in by the city on tax sale and which have not been
redeemed. The tax sale for 1931 taxes has not taken place as yet. This sale
will take place about July 15 and between now and that time most of the
unpaid taxes for 1931 will be collected.
Taxes in the City of Cortland are payable in two installments at the option
of the property owners. The first installment may be paid up to the last day
of February without penalty. The second installment may be paid up to the
last day of August without penalty. The second installment of 1932 taxes
will not be delinquent until Aug. 31 1932, and it will be seen that the unpaid
taxes for 1932 are much less than one-half of the tax levied, showing that
the property owners have elected in a great many cases to pay all of their
taxes in February.
COUNTY HIGH SCHOOL DISTRICT (P. 0. Livingston), Park
County, Mont.
-BONDS CALLED.
-It is reported that Mrs. Chas. A.
Berg, County Treasurer, is calling for payment on July I, on which date
interest shall cease. Nos. 1 to 20 of school addition bonds. Denom.$1,000.
Dated July 1 1917
CRANFORD TOWNSHIP (P. 0. Cranford), Union County, N. J.
-After no competitive bids had been received at the offering
BOND SALE.
on June 14 of $174.000 coupon or registered bonds
-V. 134, p. 4192
the township sold the issues privately as 6s, at a price of 99, a basis of
about 6.185%. Name of purchaser not made public. The sale corn$116,000 assessment bonds. Due June 15 as follows: $12,000 from 1933
to 1941 incl. and $8,000 in 1942.
58,000 impt. bonds. Due June 15 as follows: $3,000 from 1933 to 1946
incl. and $4,000 from 1947 to 1950 incl.
Each issue is dated June 15 1932.
DALLAS, Polk County, Ore.
-BONDS DEFEATED.
-At the election
held on June 6-V. 134. p. 3134-the voters rejected the proposal to issue
$22.000 in 6% city hall bonds, by what is reported to have been a small
margin.
DEER LODGE, Powell County, Mont.
-BONDS NOT SOLD.
-The
$200.000 issue of not to exceed 6% semi-ann. water works bonds offered on
June 6-V. 134. p. 3856-was not sold as there were no bids received.
Due in 20 years.
DELAWARE RIVER JOINT COMMISSION (P. 0. Camden), Camden County, N. J.
-OFFICIALS DISCUSS EARLYSALE OF $42,000.000
BONDS
-FEDERAL APPROVAL OF COMMISSION OBTAINED.
-Upon
receipt of notification on June 15 that President Hoover had signed the
Kean-Wolverton resolution giving Federal sanction to the creation of the
Joint Commission by the Legislatures of the States of New Jersey and
Pennsylvania. the Commission's finance committee decided to meet on
Friday. June 17. to take upon the matter of the early sale of the 542,000.000
bonds, for the purpose o. re-imbursing the aforementioned States and the
City ch Philadelphia for their investment in the Delaware River Bridge
and to finance the construction of a rail transit line across the bridge.
The advice of New York and Philadelphia bankers will be sought before
final steps are taken toward placing the bonds on the market, it was said.
The State of New Jersey, according to report, will use about half of its
313,000.000 refund for unemployment relief purposes. Sale of the issue
has been deferred pending Federal approval of the creation of the Commission, which was applied for upon the advice of counsel for the bankers
interested in the bonds.
-V. 134. p. 3857.
DES MOINES, Polk County, Iowa.
-BOND OFFERING.
-Sealed
bids will be received until 10 a.m. on June 23. by R. P. Bailey, City
Treasurer, for the purchase of a $45,000 issue of 4%% semi-ann. airport
bonds. Denom. $1,000. Dated July 1 1932. Due on Jan. 1 as follows:
$2,000, 1934: 88,000, 1935; 510.000, 1937: 54,000, 1938: 52.000, 1939:
$3,000. 1940: 35,000, 1941, and $11,000 in 1942. The city will furnish
the bonds and the approving opinion of Chapman & Cutter of Chicago.
and all bids must be so conditioned. A certified check for $1.000,
Payable
to the City Treasurer, must accompany the bid.
DOUGLAS COUNTY (P.O. Omaha), Neb.-TAX REPORT.
-County
Treasurer Otto Baumann states that contrary to fears held by city and
county officials that the tax collections might show a decided drop this year
it is now shown that a slight Improvement exists for this year In the collection of city taxes and the tax collections for the county show a reduction
of only 2-3 of 1%.
DURHAM, Durham County, N. C.
-BOND SALE.
-A $200,000 IMMO
of refunding bonds was offered for sale on June 14 and purchased by the
Fidelity Bank of Durham, as 6s at par.
EASTCHESTER UNION FREE SCHOOL DISTRICT NO. 2 (P. 0.
Tuckahoe), Westchester County, N. Y.
-BOND SALE.
-The $35.250
coupon or registered school bonds odered on June 13-V. 134, p. 4356
were awarded as 5.803. at a price ot par, to Phelps. Fenn & Co., of New
York. Dated July 1 1932. Due Jthy 1 as follows: $2,000 from 1942 to
1958 incl., and 81.250 in 1959
EAST JEFFERSON WATER WORKS DISTRICT NO. 1 (P. 0.
Gretna), Jefferson Parish, La.
-BOND ELECTION POSTPONED.
It is stated that the election scheduled to be held on June 7 on the proposed
issuance of $500,000 in improvement bonds
-V. 134, P. 3870-was potsponed until June 28.
ENGLEWOOD,Bergen County, N. J.
-FINANCIAL STATEMENT.
-The statement below has been issued in connection with the proposed
award on June 21 of 81,012,000 coupon or registered bonds, fully described
in-V. 134, p. 4356.
Financial Statement.
Gross Debt
-Bonds(outstanding)
82.979,500
Floating debt (Including temporary bonds outstanding)
726,765
83.706.265
$298.124
Net debt
$3,408.141
Bonds to be issued-School purposes. S800,000: improvement,
$212,000: total. 51,012,000. Floating debt to be funded by
such bonds, $691,982; net bonds to be issued
320,018
Deductions-Sinking funds, other than for water bonds
Net debt including bonds lobe issued
$3.728.159
Assessed Valuations:
Real property including improvements 19
535,772.263
932
Personal property
3,841,983
Real property
1931
Real property
1930
Population census of 1930. 17.805. Tax rate, fiscal year 19332. $4:915193
.80
355:0055490
Per thousand.
Volume 134
Financial Chronicle
EUSTIS, Frontier County, Neb.-BOND DETAILS.
-The $6,000
issue of 4M % semi-ann. Street Impt. Dist. No. 2 bonds that was reported
sold-V. 134, p. 4356
-was purchased at par by the Pioneer Bank of Eustis.
Due from March 15 1933 to 1942.
FARNHAM,Erie County, N. Y.
-BOND OFFERING.
-John Carbeck,
Village Clerk, will receive sealed bids until 7 p.m.(Eastern standard time)
on June 27, for the purchase of $31,000 not to exceed 6% interest coupon
or registered water bonds. Dated July 1 1932. Denom. $1,000. Due
$1,000 on July 1 from 1937 to 1967, incl. Rate of interest to be expressed
in a multiple of 3i of 1%. Principal and Interest (January and July) are
payable at the First National Bank, Silver Creek. A certified check for
2% of the bonds bid for must accompany each proposal. The approving
opinion of Reed, Hoyt & Washburn, of New York, will be furnished the
successful bidder.
FAYETTEVILLE, Washington County, Ark.
-BOND SALE.
-It is
stated that the $65,000 issue of 5% veterans' hospital site purchase bonds
authorized for sale by the city in March-V. 134, p. 2200
-has been purchased by local investors. Due in from 1 to 20 years.
FLOYD COUNTY (P. 0. Floydada), Texas.
-BONDSREGISTERED.
-A $61,000 issue of 6% funding, series 1931-A bonds was registered by
the State Comptroller on June 9. Denom. $1,000. Due serially.
FORGAN, Beaver County, Okla.
-At an
-BONDS DEFEATED.
election held on May 24 the voters rejected a proposal to issue $12,000 in
community building bonds. (This corrects the previous report given
in V. 134, p. 4356.)
FORT LEE SCHOOL DISTRICT, Bergen County, N. J.
-BONDS
NOT SOLD.
-John C. Abbott, Jr. District Clerk, reports that the issue
of $45,000 coupon or registered school bonds unsuccessfully offered as 6s on
Nov. 23-V. 133. p. 3657
-is still unsold. Dated Dec. 1 1931. Due
Dec. 1 as follows: $4,000 from 1933 to 1937 incl., and $5,000 from 1938 to
1942 incl.
GARFIELD HEIGHTS, Ohio.-BONDS NOT SOLD.
-The issue
of $4,704.43 6% special assessment improvement bonds offered on June
1I-V. 134, p. 4193
-was not sold, as no bids were received. Dated
June 11932. Due on Sept. 1 from 1933 to 1942 inclusive.
GIRARD, Trumbull County, Ohio.
-BONDS NOT SOLD.
-The issue
of 810.000 6% storm and sanitary sewer construction bonds offered on June
11-V. 134, p. 4193
-was not sold, as no bids were received. Dated March
1 1932. Due $2,000 on Oct. 1 from 1933 to 1937 incl.
GLOUCESTER, Essex County, Mass.
-PROPOSED BOND ISSUE.
An order proposing an issue of S45,000 water department bonds, to bear
interest at not to exceed 43i %, was introduced in the city council on
June 1. Bonds would be dated July 1 1932 and mature $3,000 annually
rom 1933 to 1947 incl.
GLOUCESTER CITY, Camden County, N. J.
-BOND OFFERING.
Ernest M. Ritchie, City Clerk, will receis e reatea bids until 8 p. m.(Daylight saving time) on June 28 for the purchase of Sk85.000 41., 4%, 5.
534, 5. 534 or 6% coupon or registered bonds, divictea as follows:
$201.000 street and sewer bonds. Due July 1 as follows: 810.000 in 1934:
$11,000 in 1935, and $15 000 from 1936 to 1947 incl. •
63,000 tax title bonds. Due July 1 as follows: $6,000 from 1933 to
1939 incl., and $7,000 from 1940 to 1942 incl.
21,000 assessment bonds. Due $7.000 on July 1 from 1934 to 1936 incl.
Each issue is dated July 1 1932. Denom. $1,000. Prin. and int.
(J. & J.) are payable at the office of the City Treasurer. No more bonds
are to be awarded than will produce a premium of $1,000 over the amount
of each issue. A certified check for 2% of the bonds bid for, payable
to the order of the city, is required. The approving opinion of Caldwell
& Raymond, of New York, will be furnished the successful bidder.
GOOSE CAMP SCHOOL DISTRICT NO. 10 (P. 0. Selfridge) Sioux
County, N. Dak.-CERTIFICATES NOT SOLD.
-The $1.000 issue of
certificates of indebtedness offered on June 4-V. 134. p. 4023
-was not
sold as there were no bids received. Dated June 4 1932. Due 16500 on
June 4 1933 and 1934.
GRAFTON, Walsh County, N. Dak.-BONDS AUTHORIZED.
At a meeting held on June 6 the City Council authorized the issuance of
$20,000 in bonds to take care of delinquent special paving taxes. It is
said that a contract was entered into with T. H. Evenson of Minneapolis,
to supervise the issuance and sale of the bonds.
GRANT COUNTY (P. 0. Marion), Ind.
-BONDS NOT SOLD.
The issue of $100,000 6% poor relief bonds offered on Jute 7-V. 134, p.
-was not sold. Due $50.000 on May and Nov. 15 1933.
3857
GREENBURGH UNION FREE SCHOOL DISTRICT NO. 6 (P. 0.
Dobbs Ferry), Westchester County, N. Y.
-BONDS NOT SOLD.
The issue of $600,000 coupon school bonds offered at not to exceed 5%
interest on June 10-V. 134, p. 4193
-was not sold, as no bids were received.
Due July 1 as follows: $20,000 from 1936 to 1950 incl., and $25,000
from 1951 to 1982 incl.
GREGG COUNTY (P. 0. Longview), Tex.
-The
-BOND DETAILS.
$200,000 issue of 5% courthouse and jail, series of 1931 bonds that was
purchased by Geo. L. Simpson & Co. of Dallas-V. 134, p. 3134-is dated
Oct. 1 1931. the bonds are in $1,000 denominations and mature $20,000
from April 1 1933 to 1942 incl.
HADDON TOWNSHIP (P. 0. Westmont), Camden County, N. J.
BOND OFFERING.
-Richard Griffith, Township Clerk, will receive
sealed bids until 8 p. m.(Daylight saving time) on Jime 28 for the purchase
of $125,000 6% coupon or registered sewer bonds. Dated July 1 1932.
Denom. $1,000. Due July 1 as follows: $4,000 from 1934 to 1953 incl.,
and $5,000 from 1954 to 1962 incl. Prin. and int. (J. Sz J.) are payable
at the Camden Safe Deposit & Trust Co., Camden. No more bonds are
to be awarded than will produce a premium of $1.000 over $125,000. A
certified check for 2% of the amount of bonds bid for, payable to the
order of the Township Clerk, must accompany each proposal. The approving opinion of Caldwell & Raymond, of New York, will be furnished
the successful bidder.
HARRISBURG, Dauphin County, Pa.
-VALIDITY OF BOND
ISSUE CLEARLY ESTABLISHED.
-In order to diesipate any possible
reflection as to the validity of the $120,000
% sewer construction
bonds awarded on May 19 to the First National Old Colony Corp., of
New York-V. 134, p. 3857-the Dauphin County Court on June 10
ratified the election returns authorizing the issue, thereby removing the
possibility of a technicality which was raised by State officials. The
returns cast at the election in November had been certified by the then
Sheriff and Register of the city, inasmuch as the County Commissioners
and the court judges also were being considered at the same time. Opinion
was expressed that such approval might result in some objection being
raised as to the validity of the issue and the matter was therefore brought
before the County Court.
HAWTHORNE SCHOOL DISTRICT, Passaic County, N. J.
-BOND
SALE.
-Adrian E.Patmas, District Clerk, reports that the issue of $475.000
high school building construction bonds authorized at an election on Oct.
-has been purchased at par by the State Teachers
20 1931-V. 133, p. 2793
Retirement System, at Trenton.
The bonds are in registered form and bear interest at 6%. Denom.
$1,000. Due serially from 1934 to 1972 incl. Interest is payable in May
and Nov.
HENDRICKS COUNTY (P. 0. Danville), Ind.
-BOND SALE.
The $8,000 436% Brown Twp. road improvement bonds offered on June
-have been purchased at par and accrued interest by
3-V. 134, p. 4024
the First National Bank, of Danville. Dated June 1 1932. Denom.
$400. Due one bond each six months from July 15 1933 to Jan. 15 1943.
HIDALGO COUNTY (P. 0. Edinburg). Tex.
-REFINANCING REPORT -The County Advisory Board recently endorsed a plan for county
refinancing. The total bonded debt, including interest to June 1 1932,
a
is 116,894,003.57. It is planned to refinance by orcash payment of $400.000
warrants in the principal
now in various sinking funds and to issue bonds
$1,965,000, to run 20 years with an average rate of 3.2% interest.
°um of
of June
The "Wall Street Journal"Hidalgo 15 had the following to say:
County adopted by the Hidalgo County
The refinancing plan for
Advisory Board, has been approved by creditors holding $1.250,000 county
warrants. Before the proposal is put into effect it must be made final
decree of the Federal Court.
..The plan comprehends refinancing the total warrant indebtedness,
figuring with interest to June 11932. at $6.894,003.
4525
The plan probably will be put into effect by an agreed judgment in the
Federal Court by Sept. 1, next.
HILLSIDE TOWNSHIP (P. 0. Hillside), Bergen County, N. J.
BOND EXCHANGE.
-It was reported on June 16 that the township had
arranged to exchange $550,000 of its new 6% improvement and assessment
bonds for a like amount of securities which became due on Jan. 1 1932.
On that date a total of $1,438,000 bonds became payable and the township
has met without success on three occasions when attempts were made to
fund all of the bonds. Following the most recent of these failures on May
25 it was stated that the township would continue to effect exchange of the
funding bonds for those that have matured. At that time it was given
out that H. L. Allen & Co., of New York, had agreed to assist the township in its endeavor. The current exchange was completed through that
investment house, on the basis of the municipality issuing the new bonds
at a price of 99 for each $100 worth of matured obligations.
IBERIA SCHOOL DISTRICT, Morrow County, Ohio.
-BOND
SALE.
-The Clerk of the Board of Education reports that the State Teachers Retirement System has purchased at par an issue of $60,000 school
building construction bonds,authorized at the general election in Nov.1931.
ILLINOIS (State of).
-NOTE SALE.
-A syndicate composed of the
First Union Trust St Savings Bank, Continental Illinois Bank Sz Trust Co.,
Central Republic Bank & Trust Co., the Harris Trust & Savings Bank, and
the Northern Trust Co., all of Chicago, is reported to have purchased at
par $5,075,000 6% revenue notes of the issue of 86,250.000 for which bids
were invited until June 16. The notes will be dated June 20 1932 and will
be redeemable at any time not earlier than Dec. 1 1932. Prin. and int.
payable at the office of the State Treasurer. Complete further details in
reference to the purpose and nature of the notes and the manner in which
they are to be retired will be found in our issue of Feb. 13 1932.-V. 134.
p. 1229.
IMPERIAL IRRIGATION DISTRICT (P. 0. Imperial), Imperial
-PROPOSED REFINANCING
County, Tex.
.-A proposal has been made
by Chas. L. Childers, an attorney, for the refinancing of the district debt,
before the State Securities Commission. This proposal was made to prevent
a default on July 1 of principal and interest on $14.500.000 bonds, of which
$300.000 is principal and $404,000 is interest. It is proposed to refinance
all bonds maturing within the next three years at 536%. the same rate now
being carried.
INDIANAPOLIS SANITARY DISTRICT, Marion County, Ind.
-The three issues of 431% district bonds aggregating
BONDS NOT SOLD.
$409,000 offered on June 15-V. 134. p.4024
-were not sold, as no bids were
received. The offering consisted of:
$266.000 bonds, fourth issue of 1932. Denom. $950. Due 513.300
annually on Jan. 1 from 1934 to 1953 incl.
108.000 bonds, second issue of 1932. Denom. $900. Due 55.400 annually on Jan. 1 from 1934 to 1953 incl.
35,000 bonds, third issue of 1932. Denom. $875. Due 81.750 annually on Jan. 1 from 1934 to 1953 incl.
Each issue will be dated June 15 1932.
INDIANAPOLIS SCHOOL DISTRICT, Marion County, Ind.
LEGAL OPINION.
-The legality of the issue of $48,000 4344 bonds
7,
awarded on June 7, at 103.36, a basis of about 4.13%, to the Fletcher
American Co., of Indianapolis
-V. 134. p. 4357
-has been approved by
Matson. Ross, McCord & Clifford of Indianapolis. The assessed valuation of the school district is reported as $674.660,240 and the debt. including the present issue, is $11,314.000.
-ADDITIONAL DETAILS.
IRON COUNTY (P.O.Parowan), Utah.
-The $10.000 issue of tax anticipation notes that was purchased by
Walker Bros. of Salt Lake City
-V. 134. p. 4193
-was awarded at 7%.
Due on Dec. 31 1932.
-REFUNDING BONDS
IRONTON, Lawrence County, Ohio.
AUTHORIZED.
-The city council has adopted an amended ordinance
providing for the issuance of $40,000 6% of refunding bonds, to be dated
April 1 1932 and mature $4,000 on Oct. 1 from 1933 to 1942 incl. Denom.
$500. Interest will be payable in April and October.
JACKSON COUNTY ROAD DISTRICT NO.6(P.O. Edna), Tex.
BOND ELECTION.
-It is reported that an election will be held on June 20
in order to have the voters pass on the proposed issuance of $80,000 in not
to exceed 534% road bonds. Due in not more than 30 years.
-BOND OFFERING.
JASPER COUNTY (P. 0. Rensselaer), Ind.
Louis E. Barber, County Treasurer, will receive sealed bids until 2 p. m.
on June 25 for the purchase'of 86.2005% Hanging Grove Twp. road improvement bonds. Dated May 15 1932. Denom. $310. Due one bond
each six months from July 15 1933 to Jan. 15 1943.
-Forest
JAY COUNTY jP. 0. Portland), Ind.
-BOND OFFERING.
L. Miller, County Treasurer, will receive sealed bids until 10 a. m. on June
24 for the purchase of810.900434% Pike and Jefferson Twps. road impt.
bonds. Dated June 24 1932. Denom. $545. Due one bond each six
months from July 15 1933 to Jan. 151943.
-BOND OFFERING.
JOHNSON COUNTY (P. 0. Olathe), Kan.
Bids were received until 11 a. m. on June 17. by W. H. Moore. County
Clerk, for the purchase of a $45,000 issue of 434% semi-ann. county road
impt. bonds. Dated June 11932. Due in from 1 to 20 years•
JOLIET TOWNSHIP HIGH SCHOOL DISTRICT (P. 0. Joliet)
-BOND SALE.
Will County, III.
-The $50.000 coupon refunding bonds
offered on June 13-V. 134, p. 4193
-were awarded as 54. at a price of par,
to Glaspell. Vieth of Duncan, of Davenport, the omy bidder. Dated July
1 1932 and due on July 11948.
-BOND OFFERING.
JUNCTION CITY, Geary County, Kan.
Sealed bids will be received by T. W. Dorn, City Clerk, until 9 a. m. on
June 20, for the purchase of a $10,000 issue of 4347 semi-annual impt.
bonds. Dated July 1 1932. Due $1,000 from July 1 1933 to 1942 Incl.
The city will print and register the bonds. A certified check for 2% of
the bid is required.
-We are
KANSAS CITY, Jackson County, Mo.-NOTE SALES.
advised by A. L. Darby, Director of Finance, that on May 2 a 8.300.000
issue of tax anticipation notes, series of 1932, was purchased by a local
bank, at 4%. paying par. It is also stated that a sale of similar amount at
the same price and rate of interest was made to the same purchaser on
May 16. (This supplements the report given in V. 134, p. 3671.)
KANSAS CITY SCHOOL DISTRICT (P. 0. Kansas City), Jackson
-It is stated by C. W. Allendoerfer.
County, Mo.-BOND OFFERING.
Treasurer of the Board of Directors, that sealed bids will be received until
11 a. m. on June 21, by the Board of Directors of the School District, for
the purchase of a $300.000 issue of 431'% school bonds. Denom. $1,000.
Dated July 11932. Due on July 1 as follows: 827,000, 1942 to 1951 and
$30,000 in 1952. Prin. and int. (J. & J.) payable at the Guaranty Trust
Co. in N. Y. City. These bonds are sold for Kansas City payment and
delivery. Legality approved by Clay, Dillon & Vandewater of New York.
A certified check for $25,000 must accompany the bid.
These bonds are part of a $5,000,000 issue authorized at an election
held on Oct. 19 1929. They are issued under authority of Article XVI,
Chapter 57, R. S. Mo. 1929. They will be registered by the City Auditor
and will be known as series E.
KENT, King County, Wash.
-It is stated that
-BOND ELECTION.
an election will be held about the middle of July in order tosubmit a proposal
to issue 515.000 in trunk sewer line bonds to the voters.
-TAX REPORT.
-It is reported
LANE COUNTY (P.0. Eugene), Ore.
that due to a shortage of 20% in tax receipts the County Court has decided
to reduce by 831.500 the county road work scheduled for this year.
LANSING. Ingham County, Mich.-BOND OFFERING -Robert
Sanderson, City Comptroller, introduced a resolution in the city council on
June 13 providing for the receipt ofsealed bids until June 27 for Use purchase
of $150,000 bonds, to be dated July 1 1932. Proceeds of the bond sale
will be used temporarily to tide the city over until taxes are collected in
July. When taxes are collected to replace the bond funds used temporarily
for other purposes the funds probably will be applied to extension of the
sewerage system.
-BOND OFFERING.
LAPORTE COUNTY (P. 0. LaPorte), Ind.
Roy W. Leets. County Auditor. will receive sealed bids until 10 a. m.
(Central Daylight saving time) on July 9 for the purchase of 5245.000 not
to exceed 6% interest township poor relief bonds. Dated July 9 1932.
Denoms. $1,000 and $500. Due $122,500 on May and Nov. 15 1933.
Interest will be payable on May and Nov. 15.
4526
Financial Chronicle
LARAMIE COUNTY SCHOOL DISTRICT NO.11 (P.O. Cheyenne),
Wyo.-BOND SALE.
-The $3,300 issue of 5% semi-ann. school bonds
offered on May 21-V. 134, p. 3858
-was purchased at par by the State
of Wyoming. Due in 10 years and optional after five years.
LAUREL, Jones County, Miss.
-BONDS OFFERED.
-It is reported
that sealed bids were received until June 17, by G. L. Lightsey, City
Clerk, for the purchase of an $11,000 issue of refunding bonds.
LAWRENCE, Essex County, Mass.
-BOND SALE.
-It is reported
that an issue of $500,000 bonds was sold on June 7 in Boston at 5.14 %• Proceeds were used to take up overdue temporary loans. The sale is expected
to lead to the completion of negotiations with Boston and New York
bankers for the sale of further loans aggregating $2,000,000.
LEOMINSTER,Worcester County,Mass.
-BOND SALE.
-Charles D.
Hamden, City Treasurer, reports that the issue of $30,000 coupon water
main bonds offered on June 15 was awarded as 55. at a price of par, to the
Merchants National Bank of Boston. The First National Bank of Boston,
also bid for the issue on the same terms. Dated June 1 1932. Denom.
$1,000. Due $2.000 on June 1 from 1933 to 1947 incl. Prin. and int.
(J. & D.) are payable at the Merchants National Bank of Boston. Legal
opinion of Ropes, Gray, Boyden & Perkins of Boston.
-BOND SALE.
LIBERTY (P. 0. Liberty), Sullivan County, N. Y.
The $10,000 6% Stevensville Water District bonds offered on June 10-have been purchased at a price of par by the National
V. 134, p. 4193
Bank of Liberty. Dated June 151932. Due 81,000 on June 15 from 1935
to 1944 inclusive.
LIGONIER TOWNSHIP SCHOOL DISTRICT (P. 0. Ligonier),
-BOND SALE.
-The issue of $12,000 5%
Westmoreland County, Pa.
-was
coupon school bonds unsuccessfully offered on June 8-V. 134. p. 4358
purchased subsequently, at par, by the State Teachers Retirement System.
Dated May 1 1932. Due $1,000 on May 1 from 1933 to 1944 inclusive.
-C. H. Churchill,
-BOND OFFERING.
LIMA, Allen County, Ohio.
City Auditor, will receive sealed bids until 2 p. m. on July 8 for the purchase of $25,000 6% first series Memorial Hospital.bonds. Dated July 15
1932. Denom. $1.000. Due $1,000 on Jan. 15 from 1934 to 1958 incl.
Prin. and int. (J. & J.15) are payable at the office of the sinking fund
trustees. Bids for the bonds to bear int. at a rate other than 6%. expressed in a multiple of 5.1 of 15, will also be considered. The notice of
sale states that the full faith, credit and revenue of the city are irrevocably
pledged for the prompt payment of prin. and int. at maturity. A certified
check for $2,000, Payable to the order of the City Treasurer, must accompany each proposal. The expense of delivery of the bonds (if desired outside of Lima) and of the legal opinion of Peck, Shaffer & Williams of Cincinnati, is to be borne by the success ul bidder. The city will print the
bonds at its own expense.
LONG CREEK SCHOOL DISTRICT (P. 0. Meridian), Lauderdale
-BONDS NOT SOLD.
-We are informed by Mack Cameron,
County, Miss.
Chancery Clerk, that no action was taken on the sale of the $6,000 not to
exceed 6% semi-ann. school bonds scheduled for June 7-V. 134, p. 3858
as an election on the proposal must first be held before the bonds can be
sold.
LONE PINE ELEMENTARY SCHOOL DISTRICT (P. 0. Inde-BONDS NOT SOLD.
-The $22.000
pendence), Inyo County Calif.
issue of 5% semi-annual school bonds offered on June 7-V. 134, p. 4193
was not sold as there were no bids received.
-OFFERED.
-Sealed bids will again be received for the
BONDS RE
purchase of the above bonds by Louis H. Bodle, County Auditor, until
1 p. m.on July 5. Due $1,000from June 1 1933 to 1954. Interest payable
J. & D.
LONOKE SPECIAL SCHOOL DISTRICT (P. 0. Lonoke), Lonoke
-BONDS NOT SOLD.
-It is reported by the Secretary of
County, Ark.
o
the Board of Education that the 5% W or 6% semi-ann. school bonds in
the amount of between $35,000 and $45,000, offered on June 2-V. 134, p.
-were not sold.
3858
-Frank Ayres,
-BOND OFFERING.
LORAIN, Lorain County, Ohio.
City Auditor, will receive sealed bids until 12 M. (Lorain city time) on
July 1 for the purchase of $38,317.65 6% street impt. bonds. Dated
June 1 1932. One bond for $317.65, others for $1,000. Due Sept. 15 as
follows: $6,317.65 in 1933, and $8,000 from 1934 to 1937 incl. Prin. and
interest(M.& S. 15) are payable at the office of the Sinking Fund Trustees.
Bids for the bonds to bear interest ar a rate other than 6%,expressed in a
of 1%, will also be considered. A certified check for 2% of
multiple of
the bonds bid for must accompany each proposal. A complete transcript
of the proceedings had relative to the above bonds will be furnished the
successful bidder upon the day of sale. The right to reject any and all bids
is reserved. Bids to be sealed and endorsed "special assessment bonds."
-BOND OFFERING.
LORAIN COUNTY (P. 0. Elyria), Ohio.
F. L. Ellenberger, Clerk of the Board of County Commissioners, will receive
0
sealed bids until 2 p. m. on June 30 for the purchase of $_,2 900 6% East
Carlisle County Sewer District No. 3, Water Supply Impt. No. 101 bonds.
Dated July 1 1932. Denoms. $150 and $100. Due semi-annually as follows: $150 April and Oct. 1 from 1933 to 1936 incl.• $150 April and $100
'
Oct. 1 1937; $150 April and Oct. 1 from 1938 to 1941 incl., and $150 April
and $100 Oct. 1 1932. Principal and interest (April and Oct.) payable at
the County Treasurer's office. Bids for the bonds to bear interest at a
rate other than 6%, expressed in a multiple of ki of 1%. will also be considered. A certified check for $200, payable to the order of the County
Commissioners, is required. Purchaser will be obliged to pay expense of
delivery of the bonds, also to satisfy himself at his own cost as to the legality
of the issue. He will be furnished with a transcript of the proceedings had
in relation to the issue.
-TAX REPORT.
LOS ANGELES, Los Angeles County, Calif.
Ills stated by W. A. Ashcroft, General Bookkeeper, that the delinquent
taxes are running about 11.22% this year, as compared with 7.56% for
last year.
-BUDGET
LOS ANGELES COUNTY (P. 0. Los Angeles), Calif.
REDUCTION.
-Henry W. Wright, Chairman of the Board of Supervisors,
predicts a reduction of nearly $4,000,000 in the county budget for the
fiscal year beginning July 1 next. This is in order to keep the general
tax rate at 88 cents on the 8100 of assessed valuation, the same as in 1931-32.
-The
-BONDS RE
-OFFERED.
LOUISVILLE, Stark County, Ohio.
issue of $16,925 6% refunding bonds unsuccessfully offered on May 28V. 134. p. 4193
-is being re-offered for award at 12 M. on July 2. Sealed
bids will be received by Earl E. Lautzenheiser, Village Clerk, Dated April 1
1932. Due Oct. 1 as follows: $1.925 in 1933:$2,000from 1934 to 1936 incl.;
$1,500 in 1937; $2,000 from 1938 to 1940 incl., and $1,500 in 1941. Int.
is payable in April and October. Bids for the bonds to bear interest ar a
rate other than 6%.expressed in a multiple of ti of 1%, will also be considered. A certified check for $200, payable to the order of the village, must
accompany each proposal.
-BOND SALE.
-Following the
LOWELL, Middlesex County, Mass.
failure to receive a formal bid at the offering on June 10 of$1,100,000 coupon
-V. 134, p. 4193
-the city concluded negotiations
or registered fund bonds
for the sale of the issue to a group composed of the Chase Harris Forbes
Corp.. Estabrook & Co., F. S. Moseley & Co., R. L. Day & Co. and the
First National Old Colony Corp., all of New York City and Boston. This
group placed the bonds on the market on June 11 at prices to yield 5.00%
for the 1933 maturity, 5.125% for that of 1934. and 5.25% for the maturities from 1935 to 1942 incl. Issue bears interest at 5V5' and is dated
June 1 1932. Due $110.000 annually on June 1 from 1933 to 1942 incl.
Legal investment for savings banks in the States of Massachusetts and
New York, according to the bankers, and, in the opinion of counsel, are
direct general obligations of the city, payable from taxes levied against
all the taxable property therein, and the city pledges its full faith and credit
for the prompt payment of the bonds.
On June 16 the bankers announced that all of the bonds had been subscribed for.
-BONDS AUTHORIZED.
LUCAS COUNTY (P. 0. Toledo), Ohio.
The State Relief Commission has granted authority to the Board of County
Commissioners to issue $563,000 poor relief bonds, also to divert $65.482
from the gasoline and motor vehicle tax collections for relief purposes.
-BOND PROPOSAL MADE.
McKEESPORT, Allegheny County, Pa.
-A bond issue of $125,000 for the purpose of paying the city's share of the
-Duquesne bridge, which amount has been
construction of McKeesport
claimed by the county, has been proposed in the city council.
-BONDS RE
-OFFERED
MADISON COUNTY (P. 0. Anderson), Ind.
AT INCREASED INTEREST RATE -Albert A. Hupp, County Auditor,
will receive sealed bids until 10 a. m. on July 9 for the purchase of $11,000
June 18 1932
5% l'ipe Creek Bridge bonds, previously offered as 456s on May 16-V. 134.
,
p.3320. Dated July 9 1932. Denom.$1,100. Due one bond annually on
July 1 from 1933 to 1942 incl. Principal and interest (J. & J.) payable at
the office of the County Treasurer. A certified check for 3% of the bonds
bid for, payable to the order of the Board of County Commissioners, is
required. Cost of the examination of the transcript of proceedings to be
paid for by the county out of the proceeds of the sale.
-0. E.
MAGNOLIA, Camden County, N. J.
-BOND OFFERING.
Hagen, Borough Clerk, will receive sealed bids until 8 p. m. (daylight
saving time) on June 27 for the purchase of $63,500 coupon or registered
bonds, divided as follows:
$43,500 assessment ponds. One bond for $500. others for $1,000. Due
July 1 as follows: $6,000from 1933 to 1938 incl. and $7,500 in 1939.
20,000 general impt. bonds. Denom. $1,000. Due $1,000 on July 1
from 1933 to 1952 incl.
Each issue is dated July 1 1932. Bidder to name the rate of int., expressed in a multiple of 5.1 of 1%. Prin. and int. (J. & J.) are payable
at the First Camden National Bank & Trust Co., Camden. No more
bonds are to be awarded than will produce a premium of $1,000 over the
amount of each issue. A certified check for 2% of the bonds bid for,
payable to the order of the Borough, is required. The approving opinion
of Caldwell & Raymond of New York will be furnished the successful bidder.
-CERTIFICATE
MAHASKA COUNTY (P. 0. Mahaska), Iowa.
OFFERING.
-Both sealed and open bids will be received until 2 p. m. on
June 21 by E. R. Rafferty, County Treasurer, for the purchase of a $79,000.
issue of5% road anticipation certificates. Denoms. $100 to $1,000. Dated
June 1 1932. Due on Dec. 31 as follows: $45,000 in 1932, and $34,000 in
1933. Sealed bids will be received up to the hour of calling for open bids.
Purchaser to pay for printing of certificates and satisfy himself as to the
legality of the issue. Prin. and int. payable at the office of the County
Treasurer. A certified check for 3%, payable to the County Treasurer, is
required.
-BOND SALE.
-The $2,000,000 4% coupon highMAINE (State of).
way and bridge bonds offered on June 15-V. 134. p. 4194
-were awarded
to a syndicate composed of the First National Bank, the First Detroit Co.,
Inc., Salomon Bros. & Hutzler, R. W. Pressprich & Co., Darby & Co.
and Graham, Parsons & Co., all of New York. at a price of 99.499, a basis
of about 4.04%. Dated July 11932. Due $200,000 on July 1 from 1945
to 1954 incl. Immediate re-offering of the bonds was made at 100.25
and int. for all maturities. They are described by the bankers as being
legal investment for savings banks and trust funds in the States of New
York and New Jersey and in all of the New England States. It is further
stated that the bonds are unqualified and direct obligations of the State
of Maine, the full credit and full faith of which is pledged for payment of
both prin, and int.
An official tabulation of the bids received at the sale is as follows:
Rate Bid.
SyndicateFirst National Bank; First Detroit Co., Inc.; Salomon Bros. &
Hutzler; R. W. Pressprich & Co.; Darby & Co., and Graham,
99.499
Parsons & Co., N.Y
The National CM,Co., Boston; First National Old Colony Corp.,
Boston; E. B. Smith & Co., N. Y.; W. S. Hammons Co., Port99.1199
land,and Timberlake, Estes Co.. Portland
,
Guaranty Co.of New York; R.L. Day & Co.. Boston; Bankers Trust
• Co.. N.Y.. N:W.Harris & Co., N.Y.and Shawmut Corp., Boston98.609
Eastern Trust & Banking Co., Bangor, and Estabrook & Co.,
98.43
Boston,jointly
Chase Harris Forbes Corp., Boston; Brown Bros. Harriman & Co..
Boston; Stone & Webster and Blodgett, Inc.. Boston; Merrill
Securities Corp., Bangor; Fidelity Ireland Corp., Portland, and
97.85
F. S. Moseley & Co., Boston
-The City
-LOAN OFFERING.
MALDEN, Middlesex County , Mass.
Treasurer will receive sealed bids until 7:30 p. m. on June 22 for the purchase at discount basis of a $200,000 temporary loan, to mature on Dec.
30 1932.
MAMARONECK (P.0. Mamaroneck), Westchester County, N. Y.PUBLICLY OFFERED.
-Morris Mather & Co., Inc., of New York, made
public offering on June 13 of $232,983 6% coupon or registered highway
13onds at prices to yield 5.50% for all maturities, which are from 1933
to 1952 incl. The bonds are described as being legal investment for
savings banks and trust funds in New York State, and direct general obligations of the entire Town, payable from unlimited ad valorem taxes levied
against all the taxable property therein.
(Award of this issue was referred to in-V. 134, p. 4358.)
MANITOWOC, Manitowoc County, Wis.-OFFERING DETAILS.
The following information is furnished in connection with the offerini,
scheduled for June 17 of the $75,000 issue of 4%% coupon school, series 2.
bonds.
-V. 134, p. 4358:
Tax Delinquencies.
1928.
1931.
Year1929.
1930.
Levy real estate
$922,687.17 $960,815.20 $906,764.34 $857,360.40
892,459.59 921,520.09 827,266.83 737,951.71.
Amount collected
Amount uncollected- - -- 30.227.48
39,295.11
79,497.51 119,408.69
Levy personal property_ 188,408.60 188,491.38 165,267.12 108,537.43
162,855.04 179.561.30 154,901.32 101,791.63
Amount collected
6,745.80
Amount uncollected.. _ _ _ 25,553.56
8,930.08
10,365.80
Delinquent real estate taxes at the time the Tax Roll is turned over to
the County Treasurer in March, are paid to the City by the County. so
that the City carries no delinquent taxes on real estate. Under State law.
taxpayers were privileged to file an affidavit for an extension of tax payment
until June 1 1932, and a considerable percentage of the uncollected taxes
for the year 1931 as shown in above report has been collected by the County
Treasurer.
MAPLE, Douglas County, Wis.-BOND ELECTION.
-It is reported
that an election will be held on July 1 in order to have the voters pass on
the proposed issuance of $37,000 in 5% semi-ann. sewerage construction
bonds. Due as follows: $3,000, 1933 to 1935 and $4,000, 1936 to 1942.
all incl.
MARTIN COUNTY (P. 0. Shoals), Ind.
-BOND OFFERING.
-J. R.
Marshall, County Treasurer, will receive sealed bids until 10 a. in. on June
18 for the purchase of $3,940 4
Center Twp. road construction bonds.
Dated June 18 1932. Denom. $197. Due one bond each six months from
July 15 1933 to Jan. 15 1943.
MASSACHUSETTS (State of).
-NOTE SALE.
-State Treasurer
Charles F. Hurley made award on June 14 of $500,000 notes to the Shawmut
Corp., of Boston, which named an interest rate of 1.17%, and paid par plus
a premium of $17. The issue is dated June 16 1932 and matures on Nov.22
1932. The notes have been issued in anticipation of assessments against
the metropolitan district on account of highway construction, under
Chapter 420 of the Acts of 1930 as amended. The current interest rate
compares with that of 1.11%, the lowest in the history of the State, which
was obtained at a sale on June 1 of $2,000,000 revenue notes, dated June 7
1932 and due Oct. 21 1932-V. 134, p. 4194.
Bids received in the present instance were as follows:
Premium.
BidderInt. Rate
Shawmut Corp. (successful bidder)
1.17
$17
First National Bank of Boston
29
1.20
Bankers Trust Co. of New York
17
1.25
Rutter & Co
1.25
Salomon Bros. & Hutzler
i
•
1.44
Day Trust Co
1.44%
-Faxon, Gade & Co
2.25%
-MASSILLON, Stark County, Ohio.
-The
-BONDS RE-OFFERED.
two issues of 48%% Property owner's portion street impt. bonds aggregating
$83,000 unsuccessfully offered on April 4-V. 134, p. 2952-are being readvertised for award on June 24. Bids will be received until 12 m (Eastern
standard time) on that date by Lewis Holcomb, City Auditor. The offering consists of:
$64,500 street improvement bonds. Due Oct. 1 as follows: $8,000 from
1933 to 1938 incl. and $8.250 in 1939 and 1940.
18,500 street improvement bonds. Due Oct. 1 as follows: $6,000 in 1933
and $6,250 in 1934 and 1935.
Each issue is dated Oct. 11931. Principal and interest (April and October) are payable at the State Bank in Massillon. Bids for the bonds to
bear interest at a rate other than 434 V,. expressed in a multiple of Si of 1%
will also be considered. A certified check for 3% of the amount of bonds
bid for, payable to the order of the City Treasurer, must accompany each
proposal. Successful bidders to pay the cost of printing the bonds. (Ordinances authroizing the sale of these bonds were adopted recently-V. 134
P. 1618.)
MAYFIELD HEIGHTS (P. 0. Cleveland), Cuyahoga County, Ohio.
-The issue of $2,100 6% sidewalk construction
-BONDS NOT SOLD.
-was not sold, as no bids were
bonds offered on May 23-V. 134, p. 3505
received. Dated June 1 1932. Due on June 1 as follows: $500 from
1933 to 1935 incl., and $600 in 1936.
-S.
-LOAN OFFERING.
MELROSE, Middlesex County, Mass.
11 a. m.
Homer Buttrick, City Treasurer, will receive sealed bids until basis of a
for the purchase at discount
(daylight saving time) on June 21
$25,000,
3200,000 temporary loan. Dated June 22 1932. Denoms. 22 1932.
Dec.
310,000 and $5.000. Due $100.000 on Nov. 22 and on signatures and
The First National Bank, of Boston, will guarantee the
will certify that the notes are issued by virtue and in pursuance of an
order of the Board of Aldermen, the validity of which order has been
approved by Ropes, Gray, Boyden & Perkins, of Boston.
MIAMI BEACH,Dacha County,Fla.-BONDRETIREMENTREPORT.
-It is stated by Clafide A. Renshaw, City Manager, that this city is
at par
probably the only one in Florida that advertised to buy its bondsable to
before maturity. It is said, however, that so far the city has been
$400.000 for which it advertised.
obtain only $109,000 worth of the
of bond
V. 134, p. 707. According to the City Manager although the peakpreclude
in 1934, reduction in interest requirements should
maturities comes
the necessity for further tax increase because maturities are so distributed
that no refunding operations should ever be necessary.
MILLBURN TOWNSHIP (P. 0. Milburn) Essex County, N. J.
BOND SALE -The $238,000 coupon or registered general improvement
-were awarded as 6s, at a price
bonds offered on June 13-V. 134, p. 4194
of par, to a group composed of Adams & Mueller, of Newark. C. A. Preim
& Co., of New York, and Charles A. Dunning St Co., of Newark. the only
bidder. Dated June 15 1932. Due June 15 as follows: $6,000 from 1934
to 1953 incl.; $7,000 from 1954 to 1957 incl., and $9,000 from 1958 to 1967
Inclusive.
Public reoffering of the bonds is being made at prices to yield 5.60%•
The bonds, according to the bankers, are legal investment for savings
banks and trust funds in the State of New Jersey.
Financial Statement.
$26,217.549.00
Assessed valuation, 1932
721.000.00
Total bonded debt
52,171.46
Less sinking funds
668,828.54
Net bonded debt
1930 census, 8,543.
Population,
The bonded indebtedness of the school district, which is co-extensive
with the Township of Millburn. is $1,300,500.
MINIDOKA COUNTY INDEPENDENT SCHOOL DISTRICT NO. 3
-BONDS CALLED.-It is announced by F. J. Toevs,
(P.O. Rupert), Ida.
District Treasurer, that $20.000 in 5% school bonds are called for payment
on July 1, on which date interest shall cease. Denom. $1,000. Dated July 1
1919. The bonds are to be presented for payment at any Boise bank, or
at the Department of Public Investments in Boise, who will pay the face
value of the bonds.
-BOND OFFERING.
MINNEAPOLIS, Hennepin County, Minn.
Both sealed and auction bids will be received by Geo. M. Link, Secretary
until 11 a. m. on June 24 for the
of the Board of Estimate and Taxation,
purchase of a $200,000 issue of coupon or registered poor relief bonds.
Interest rate is not to exceed 6%,stated in a multiple of 51 of 1%. Bids
offering an amount less than par cannot be accepted. Denom. $1.000.
Dated July 1 1932. Due $40,000 from July 1 1933 to 1937 incl. Prin,
and int. (J & J.) payable in gold at the office of the City Treasurer, or
at the fiscalagency in New York City. The approving opinion of Thomson,
Wood & Hoffman of New York will be furnished. A certified check
for 2% of the amount of bonds bid for, payable to C. A. Bloomquist,
City Treasurer, Is required.
Bonded Indebtedness as of June 1 1932.
$50,792,420.00
Sinking fund obligations outstanding
262,500.00
Court house and city hall certificates
2,048,000.00
bonds, serial
Auditorium
12,768,743.70
Local street and park improvement bonds
2.200.000.00
Tax anticipation notes (School Board)
$68,071,663.70
Gross debt as of June 1 1932
therefrom authorized by Minnesota Statutes:
Deductions
$6,263,255.20
Accumulated sinking funds
1,007,391.34
Less reserves for special bonds
Net
Water works bonds
Airport bonds
Auditorium bonds
Electric light plant bonds
Public market bonds
River Terminal bonds
Revolving fund bonds
Assessable portion of local impt. bonds
$5.255,863.86
3,990,000.00
530,000.00
2,048,000.00
50,000.00
22,000.00
676,000.00
1,853,000.00
9,854,032.55
24,278.896.41
Net indebtedness balance
Maximum permissible net indebtedness in 1932
Margin as of June 1 1932 for additional issues
Assessed valuation. 1931-Real property
Personal property
Money and credits
$43,792,767.29
45,511.561.90
1.718.794.61
285.323,569.00
45,530.071.00
124.261,979.00
Total
Full and true valuation, 1931-Real property
Personal property
Money and credits
$455.115,619.00
714,554.825.00
134,356,352.00
124,261,979.00
5973.173.156.00
Total
Population, National Census-1910,301.408;1920,380,582; 1930.464,753.
-BOND REPORT -The State
MISSISSIPPI,State of(P.O.Jackson),
Bond Commission recently announced that negotiations with an undisclosed
concluded without disposing of the $12,500,000 issue of
bidder have been
deficit and refunding bonds, which have been up for purchase since May 19
-V. 134, p. 4025. It is stated that the issue will not be advertised at
present. The Commission is said to have taken no action on the request of
the State Highway Department to advertise the $5,000,000 issue authorized
to open the 510,000.00D0 highway program.
-VALUATIONS
MISSOULA COUNTY (P. 0. Missoula), Mont.
-Newspaper reports state that blanket reductions of from
REDUCED.
to 25% on assessed valuations of all real estate property in the county
20
were granted by the State Board of Equalization after a public hearing,
the timberlands excepted. The reduction amounts to $2,467,996 and
takes effect with this year's assessment.
-The
MITCHELL, Scotts Bluff County, Neb.-BOND DETAILS.
$8,500 issue of sewer bonds that was purchased by Wachob__, Bender & Co.
-was awarded as 5%s at par. Due in 1952 and
of Omaha-V.134, p. 4359
optional in 1944.
-BOND OFFERING.
-The City
MONROE, Monroe County, Mich.
Commission voted on June 13 to receive sealed bids until June 27 for the
urchase of $65,000 bonds for the purpose of refunding a similar amount
becoming due on July 1. This action was made necessary because of the
closing of two local banks carrying $400,000 of city funds. The Commission
also approved of an issue of $15,000 sewer construction bonds.
-BONDS NOT
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
SOLD.
-The $357,600 6% refunding bonds offered on June 9-V. 134,
-were not sold, as no bids were received. Private disposition of
p. 3859
the issue will be attempted. Dated May 1 1932. Due serially from
1933 to 1941 incl.
-The $1.768.000
-BOND SALE.
MONTCLAIR, Essex County, N. J.
-were
coupon or registered bonds offered on June 16-V. 134, p. 4359
6s to a syndicate composed of B. J. Van Ingen & Co., H. L.
awarded as
York,
Allen & Co. and M. F'. Schlater & Co., all of New a basisalso J. S. Rippe'
of about 6.11%.
banks, at a price of 99,
& Co.. of Newark, and local
The award comprised:impt. bonds. Due July 1 as follows: 530.000 from
134,000 permanent
31,
1933 to 1942 incl.; $35.000, 1943 to 1952; $40,000 from 1953
to 1962 incl., and $42,000 in 1963 and 1964.
319,000 assessment bonds. Due July 1 as follows: $79,000 in 1933,
and $80.000 from 1934 to 1936 incl.
315,000 temporary improvement bonds. Due July 1 1935.
Each issue is dated July 1 1932.
4527
Financial Chronicle
Volume 134
Public re-offering of the bonds is being made at prices to yield from
5 to 5.70% according to maturity.
-CERTIFICATE
MOUNT VERNON, Westchester County, N. Y.
-The First National Bank, of Mount Vernon. and the Mount VerSALE.
non Trust Co., jointly, have purchased an issue of $65,000 4% certificates
of indebtedness, at a price of par. Due in one year.
MULTNOMAH COUNTY JOINT SCHOOL DISTRICT NO.42(P.O.
-The $15,000 issue of not to exceed
-BONDS NOT SOLD.
Sylvan), Ore.
-was not
6% semi-ann, school bonds offered on April 28-V. 134, p. 3136
sold.
-Sealed bids will again be received for the purBONDS REOFFERED.
chase of the above bonds, by Elide Barrell, District Clerk, until 8 p. m.
on June 24. Dated June 1 1932. Due on Dec. 1 as follows: $500, 1935
and 1936: $1,000. 1937 to 1942; $1,500. 1943 to 1946. and $2,000 in 1947.
Prin. and int. (J. & D.) payable at the office of the County Treasurer.
These bonds were authorized at an election held on Dec. 12 1931. A
certified check for $200 must accompany the bid.
-NOTES
MUSKEGON HEIGHTS SCHOOL DISTRICT, Mich.
-Jay W. Brooks, Secretary of the Board of Education, reports
NOT SOLD.
on June 16 of $68,000 6% notes,
that no bids were received at the offering
to be dated June 15 1932 and due on Feb. I 1933. Prin. and int. payable
at the First State Savings Bank, of Muskegon Heights.
-BONDS NOT
MUSKOGEE COUNTY (P. 0. Muskogee), Okla.
-The $250,000 issue of road and bridge bonds offered on May 23SOLD.
not sold. It is stated by the County Clerk that the
-was
V. 134. p. 3672
sale has been postponed indefinitely. Due $2,000 from 1937 to 1956, and
510,000 in 1957.
-Fred L.
-BOND OFFERING.
NEWARK, Licking County, Ohio.
Simross, City Auditor, will receive sealed bids until 12 m.(Eastern standard
time) on July 6 for the purchase of $224,750 6% bonds, divided as folloAs:
for $1,000
$99,310 special asst. impt. bonds. One bond for $1,310, others from 1934
Due Oct. 1 as follows: $11,310 in 1933, and $11,000
to 1941 inclusive.
$1.000.
53,400 special asst. impt. bonds. One bond for $1,400, others for 1934 to
Due Oct. 1 as follows: $11,400 in 1933. and $13.000from
1937 inclusive.
$1,000.
62,040 city's portion impt. bonds. One bond for 51,040. others for1934 to
Due Oct. 1 as follows: $10,040 in 1933, and $13,000 from
1937 inclusive.
and Oct.
Each issue is dated April 11932. Interest will be payable in Aprilthe order
A certified check for 2% of the amount of bonds bid for, payable to
of the City Treasurer, is required.
-BOND SALE -The followNEW BOSTON, Scioto County, Ohio.
14ing issues of 6% coupon bonds aggregating $30,202.16 offered on June First
and accrued interest to the
V. 134. p. 4194-were awarded at par
National Bank, of Portsmouth:
1 as
$17,450.00 refunding bonds. Dated March 1 1932. Due on Nov.
follows: $2,000 from 1933 to 1940 incl., and $1,450 In 1941.as
I
12,752.16 final judgment bonds. Dated June 1 1932. Due June 1938.
follows: $2,500 from 1934 to 1937 incl., and $2,752.16 in
-Charles T.
OFFERING.
-NOTE
NEW HAMPSHIRE (State of).
Patten, State Treasurer, will receive sealed bids until 11 a. m. (Eastern
standard time) on June 23 for the purchase of $1,600,000 4%% coupon
notes dated July 1 1932 and due $100.000 on June 30from 1933 to 1936 incl.:
none in 1937, and $100,000 from 1938 to 1949 incl. Notes are being issued
pursuant to the provisions of chapters 156, 22.170,169 and 178 of the laws
of 1931, and in pursuance of chapter 41 of the laws of 1929. Principal and
Bank, of Boston,
semi-annual interest are payable at the National Shawmut date of maturity,
Notes may be registered in multiples of$1.000 according to
Bids
in which case interest will be paid only at the State Treasurer's office.
must be for "all or none" of the issue. The opinion of the Attorney-General
of the State as to the legality of the notes will be furnished the successful
bidder. Payment will be required on July 1 1932, and notes will bear
interest from that date: and will be delivered at that time or as soon after
July 1 as they can be prepared.
Valuation of State.
5623.381.852.00
Assessors'valuation, April 1 1931
233.719,516.24
Savings bank deposits, April 1 1931
6,812,650.00
April 1 1931
Insurance capital,
Valuation of public utilities corporations assessed by State
52,103,038.00
tax commission
$916.017,056.24
7,356,600.00
Total bonds (April 30 1932)
-$250,000 BORROWED.
County,Conn.
NEW HAVEN, New Haven
The borrowing on June 14 of $250,000 from the Chase National Bank, of
increased to $650,000 the amount that the city has obtained
New York,
city over
of the $1,000,000 authorized by the Board of Finance to tide the closing of
its present financial difficulties, which resulted from the recent municipal
which about $1,300,000 of
the Mechanics Bank of New Haven, in
local
funds are on deposit. The remaining $400.000 has been obtained from issue
banks. The loan from the Chase Bank enabled the city to meet a note
of 5250,000, held by R. W. Pressprich & Co., of New York, which became
due on June 15.-V. 134, p. 4359.
-SALE
-BANKERS REPORT RAPID RE
NEW JERSEY (State of).
-A large syndicate managed by the
OF $18.000.000 BOND AWARD.
National City Co., the Guaranty Company of New York. Chase Harris
Forbes Corp. and the Bankers Trust Co., all of New York, and participated
and only
in by 30 other investment banking houses, was the successful,registered
bidder, at the offering on June 16 of $18.000.000 coupon or issue of
improvement
bonds, comprising a $15,000,000 series B highway
19301930 and a S3,000.000 series B State institutional building issue ofprice of
V. 134. p. 4195. The bankers bidding for "all or none," named a
par plus a premium of $5,400 for the issues at 4%% interest, the maximum
rate permitted under the terms of sale, the State receiving a price of 100.03
per $100 bond, the net interest cost of the financing being about 4.49%.
of either
The notice of sale requested bidders to name an interest rate State. on
4. 43( or 4%%. At the previous bond sale conducted by the the PruSept. 10 1931. award was made of 520.000.000 bonds as 34s to of about
dential Insurance Co. of America, of Newark. at 103.01, a basis
3.55%. The company held the issue for its own investment account.
Three banking groups submitted offers for the issue. A syndicate headed
by the Chase Harris Forbes Corp. named a price of 102.588; another under
the guidance of the Bankers Company of New York and the Guaranty
Company of New York bid 101.639. while a further offer of 101.311 was
tendered on behalfof Lehman Bros.and associates. The State.incidentally,
on this previous occasion was obliged to advertise for bids on three different
dates and to advance the rate of interest from 34 to 3%% before an
acceptable bid was received.-V. 133, p. 1795.
-The current issue of $18.CURRENT ISSUE QUICKLY SOLD.
000.000 4%% bonds was accorded a ready reception by investors, the
of subscription books prior to the
bankers having announced the closing
close of business on June 16, the day of the award. The terms of the
re-offering to investors are set forth n the following table:
Amounts, Maturities and Prices (Accrued Interest to Be Added).
Approx.
Price. Yield %.
Due.
Amount.
Price.
Due.
Amount.
A
4.35
101.93
1951
5490.000
101.92 3.50
$240.000 1934
4.35
101.99
520.000 1952
3.75
102.11
240,000 1935
4.35
102.05
540,000 1953
4.00
101.83
250.000 1936
4.35
102.11
560.000 1954
4.10
101.79
270,000 1937
4.35
102.17
590,000 1955
4.20
280,000 1938 101.58
102.22 4.35
610.000 1956
4.20
290.000 1939 101.80
4.35
102.27
650,000 1957
4.30
300.000 1940 101.34
4.35
670.000 1958 102.32
4.30
101.48
320.000 1941
4.35
700.000 1959 102.37
4.35
330.000 1942 101.21
4.35
730.000 1960 102.41
4.35
350.000 1943 101.30
4.35
102.46
770,000 1961
4.35
1944
101.39
360,000
800.000 1962 102.50 4.35
4.35
380,000 1945 101.48
840,000102.54 4.35
4.35
101.56
400.000 1946
4.35
102.58
880.000 1964
4.35
101.64
410,000 1947
4.35
102.61
910,000 1965
430,000 1948 101.72 4.35
4.35
102.65
960,000 1966
4.35
450,000 1949 101.79
4.35
102.68
1967
1.000,000
4.35
480.000 1950 101.86
the successful syndicate appear
All of the participating members in
herewith: The National City Co.; Guaranty Company of New York;
Chase Harris Forbes Corp.; Bankers Trust Co.; Continental Illinois Co.,
Inc.; First National Old Colony Corp.; Chemical Bank & Trust Co.;
arcri°&.
4528
Financial Chronicle
Brown Brothers Harriman & Co.: Kidder, Peabody &
Harris Co., Inc.: J. S. Rippel & Co.: R. W. Pressprich Co.; the N. W.
& Co.; Salomon
Bros. & Hutzler; Kean. Taylor & Co.; R. L. Day & Co.; Edward B. Smith
& Co.; Geo. B. Gibbons & Co., Inc.; Phelps. Fenn & Co.; Wallace, Sanderson & Co.; L. F. Rothschild & Co.; the Philadelphia National Co., Phila.;
Graham, Parsons & Co.; Hannahs, Bailin & Lee; the Trust
Jersey. Jersey City; Batchelder & Co.; Robert Winthrop & Co. of New
Co.: S. W.
Straus & Co., Inc.; Edward Lowber Stokes & Co.: Schaumburg, Rebhann
& Osborne; Wells-Dickey Co., Minn.; Hemphill. Noyes & Co.: First
Securities Corp. of Minn.; Boatmen's National Co., St. Louis and William
R. Compton Co.. Inc.
Financial Statement (As Officially Reported).
Assessed valuations for 1932
$6.417,891,877
First class railroad property
298.230.938
Total
Total bonded indebtedness,including this issue_ __ _ _ _ ______ $6.716,122.815
159,000.000
Sinking funds
-investments
$64.653.429
Cash
546,405
Total
June 18 1932
Corp. of Boston. Dated June 10 1932 and payable on
Dec. 10 1932 at
the First National Bank of Boston.
PLEASANTVILLE, Atlantic County, N. J.
-BOND SALE.
-The
E78,000 6% coupon or registered bonds unsuccessfully offered
on May 2V. 134, p. 3674-have since been sold privately as follows:
Bank, of Pleasantville, $33,000; Pleasantville Trust Co., First National
National Bank, Absecon, $6,000; Pleasantville National $31,000; First
and $3,000 to the Whitman Estate. The $78.000 bondsBank, $5,000,
comprise the
following issues:
$35,000 street and sewer assessment bonds. Due Jan. 1 as
follows:
$17.000 in 1933, and $18,000 in 1934.
34,000 street and sewer assessment bonds. Due Jan. 1 as follows:
$3,000
from 1933 to 1938 incl., and $4,000 from 1939 to 1942 incl.
9,000 general impt. bonds. Due Jan. 1 as follows: $2,000
from 1933
to 1936 incl., and $1,000 in 1937.
Each issue is dated Jan. 1 1932.
POLK COUNTY (P. 0. Livingston), Tex. •
-TAX REPORT.
-A 10%
reduction on tax returns in this county for 1932 has been
made public by
the Commissioners Court.
PORTAGE COUNTY (P. 0. Ravstana), Ohio.
-BONDS NOT SOLD.
-The issue of $18,840,57 6% speM t a.sessment road
improvement bonds
offered on June 13-V. 134, p. 4026
-was not sold, as no olds were received. Dated July 11932. Due on April and Oct. 1 from
1933 to 1937,
inclusive.
PROSPECT PARK (p. G. Moores), Delaware
County, Pa.
OFFERING.
-Albert 4). Forrest, Borough Secretary, will receive -BOND
sealed bids
until 12 M. on July 13 for the purchase of
coupon borough bonds. Dated July 1 1932. $25,000 43.4, 444, 434 or 53'
Denom. $1,000. Due July 1
as follows: $3,000 in 1937: $5.000 in 1942; $7,000 in
1947. and $10,000 in
1952. Only one rate of interest to be stipulated in the bid.
Interest will
be payable in Jan. and July. A certified check for 2% of
the amount bid
for, payable to the order of the Borough Treasurer,
must accompany each
proposal. The bonds are being offered subject to the
favorable opinion of
Townsend, Elliott & Munson, of Philadelphia, as
ing to the notice ofsale. the bonds and interest willto their legality. Accordbe
or taxes now or hereafter levied or assessed thereon payable free of any tax
under
future law of the Commonwealth of Pennsylvania or subjectany present or
to such taxes.
but no bid combining tax free and taxable bonds will be
accepted.
PROVIDENCE,Providence County, R. I.
-BOND SALE.
-Walter F.
Fitzpatrick, City Treasurer, reports that the joint legislative
body has
authorized the sale of $3,500,000 4% bonds as follows:
$2,500,000 various purposes bonds to the Sinking Fund Commissioners
of
the city.
1,000,000 water supply issue to the Employees' Retirement System.
It was previously reported that the amount of bonds to be
sold would be
13,000,000.-V. 134, p. 4380.
$65,199.834
65.199,834
Net debt
$93,800,166
The bonds of this issue are payable from moneys received from Motor
Fuel Tax amounting to $18.000,000 annually.
The act authorizing this debt provides that if in any year the income
derived from the Motor Fuel Tax is insufficient to pay the interest and
principal on the bonds. the Comptroller of the Treasury shall levy a tax
upon the real and personal property of the State sufficient to raise the
required amount.
The State levies no tax upon real and personal property for the general
expenses of the State, the only tax levied being one mill for interest and
amortization on $70,000,000 bonds issued previously to 1930; 2,4 mills
for schools and a sum slightly in excess of 3i mill for Soldiers' Bonus bonds.
The taxes thus levied are due and payable Dec. 20 in each year.
The taxes levied for 1930 have been paid 100%.
The taxes levied for the year 1931 have all been paid except $957,514.91.
The budget of the State for the year ending June 30 1933 is approximately 14.000.000 lower than that for the period ending June 30 1932. and
the budget for the next fiscal year has been balanced by the Legislature.
No further bonds will be issued during the year 1932.
All interest on bonds issued by the State of New Jersey has been paid to
date and sufficient moneys are in possession of the Treasurer to pay the
interest for the year 1932.
NEW MEXICO, State of (P. 0. Santa Fe).
-FINANCE REPORTS.
It is estimated by Governor Seligman that the State will fall from $115,000
to $120,000 short of balancing the budget at the end of the fiscal year, June
30. after issuing $10,000 in casual certificates of indebtedness to reduce
the overdraft in the general appropriations account.
QUAY COUNTY (P. 0. Tucumcari), N. Mex.-PLACE
R. L. Ormsbee, Deputy State Treasurer estimates that by the end of
OF
MENT.
-It is announced by Cleo Jackson, County Treasurer, PAYthe fiscal year there will be a $375,000 overdraft in the general appropriations
of the county rural and municipal school district bonds and interest that all
account, out of which all appropriations made by the Legislature are paid.
coupons
will be paid, when due, at the office of the County Treasurer, rather
This is said to be a high record. It is reported that this estimate includes
than
through the designated fiscal paying agent, as done heretofore.
$70,000 in casual certificates of indebtedness remaining unpaid of the
$110,000 issued to take up last year's indebtedness. Mr. Ormsbee said
RAPID CITY, Pennington County, S. Dak.-BONDS NOT SOLD.
that the falling off in expected tax receipts is the cause. According to
The $175,000 issue of 5% sewage disposal plant bonds offered on
June 13him the tax collections have been only 78% instead of the usual 90%.
V.134,p.4360
-was not sold as there were no bids received. Dated Nov. 15
1931. Due on Nov. 15 1951.
NILES, Trumbull County, Ohio.
-BONDS NOT SOLD -The $13.390
8% park system improvement bonds, comprising two issues, offered on
RAMSEY COUNTY (P. 0. St. Paul), Minn.
-BOND OFFERING.
May 18-V. 134, p. 3321-were not sold, as no bids were received.
Sealed bids will bereceived until 2 p. m.on July 18, by Geo. J. Ries,
County
Auditor, for the purchase of a $500,000 issue of court house and city
NORTH MANKATO (P. 0. Mankato), Blue Earth County, Minn.
hall
bonds,series C. Interest rate is not to exceed 67,payable F.&
BOND ELECTION.-lt is reported that an election will be held on June 20
A. Interest
rate is to be stated in a multiple of 34 of 1%. Bids
to vote on the proposed issuance of $15,000 in street impt. bonds.
interest. Denom. $1,000. Dated Aug. 11932. Duemust bear one rate of
on Aug. 1 as follows
NORWOOD, Hamilton County, Ohio.
-BONDS AUTHORIZED.
- $16,000. 1933 and 1934: $17,000, 1935; $18,000. 1936; $19.000,
The city council has authorized an issue of $15,000 6% water works and
120.000. 1938; $21.000, 1939: 122,000. 1940; $23,000. 1941 and 1937
1942
park impt. bonds, to be dated April 1 1932 and due $3,000 on Oct. 1 from
$25,000, 1943: $26.000, 1944: 127.000. 1945; $28,000, 1946:
$30,000. 1947
1933 to 1937 incl. Denom. $1,000. Prin. and int. (A. & 0.) will be
S.31,000, 1948: 132.000, 1949: $34,000, 1950:
payable at the First National Bank, of Norwood.
in 1952. Prin. and int. payable at the County$35.000, 1951, and $37,000
Treasurer's office; the First
National Bank of St. Paul, or at the Chase National Bank in
OAKLAND,Bergen County, N. J.
-BOND SALE.
-It is reported that
Bonds can be registered as to principal only. The approving New York.
no bids were received at the offering on June 1 of $120.000 coupon or
opinions of
Wm. F. Hunt of St. Paul, and Thomson, Wood & Hoffman
registered water bonds, offered at not to exceed 6% interest
-V.134. p.3860
,
of New York
City, will be furnished. Bonds will not be sold below
-and that the bonds will be purchased by the State Teachers Retirement
authority of Chapter 397, S. L. Minnesota for 1929. A par. Issued under
8:ystem. at Trenton. Dated Nov. 15 1931. Due on Nov. 15 as follows:
2% of the amount of bonds bid for, is required. (This certified check for
$3.000 from 1933 to 1968 incl., and $4,000 from 1969 to 1971 incl.
notice supplements
the preliminary report given in V. 134, p. 4360.)
OHIO (State of).
-$6,000,000 AUTHORIZED FOR PCOR RELIEF
RIDGEFIELD, Fairfield County, Conn.
PURPOSES.
-BOND SALE.
-The State Relief Commission announced on June 3 that a
000 coupon State Aid road bonds offered on June 16-V. -The $140.total of $6,000,000 had been made available to counties in the State for
134, p. 4195
were awarded as 43,4s to the Bridgeport City Co.
poor relief purposes, in accordance with the two relief measures passed at
a premium of $770. equal to a price of 100.55. of Bridgeport, at par plus
the special session of the State Legislature which adjourned on April 1.a basis of
Dated June 15 1932. Due 510.000 on June 15 from 1933about 4.41%•
V. 134, p. 2766. The first of these, known as the Espy-Roberts "charityto 1946 in.
Bids received at the sale were as follows:
bond" law, authorizes counties, unon approval of the State Relief CommisBiddersion and the State Tax Conuniss:on to issue bonds for poor relief purposes,
At. Rale, Rate Bid.
Bridgeport City Cs.(successful bidder)
to be retired from the proceeds of an additional 1% excise levy on the
43.4 V
100.55
Halsey,Stuart & Co
gross revenues of public utilities in the State. except railroads and pipe
4
100.40
R.L.Day &Co
lines. The other permits the diversion of gasoline and automobile license
4 •
100.29
Phelps, Fenn & Co(190.000. 1933 to 1941)
taxes also for relief purposes. It is said that a total of $11,750.000 bonds
Par.
Phelps, Fenn & Co.($50.000, 1942 to 1946)
may be issued under the bond Act. Of the approximately $6,000,000
4
Conning & Co
already authorized, $3.500,000 will be available through bond issues and
5
100.761
Estabrook & Co
remaining $1,500,000 from tax diversions.
the
5
100.09
ROCHESTER, Monroe County, N. Y.
OYSTER BAY (P. 0. Massapequa), Nassau County, N. Y.
-BONDS
TION.
-The $500,000 emergency welfare -ADDITIONAL INFORMAnotes sold during April to the
-At an election held on June 2 the voters approved of an issue of
VOTED.
Union Trust Co.. of Rochester, at 4.06% interest rate
$30,000 Massapequa Water District bonds.
basis, plus
of$17-V. 134. p. 3322
-are dated May 2 1932 and mature on a premium
Nov. 2 1932
PARK RIVER, Walsh County, N. Dak.-BOND.SALE.
-The $8.000
ROCKVILLE CENTRE, Nassau County, N. Y.
issue of 6% coupon semi-ann. water tower and tank bonds offered on
-BOND SALE.
The $25.000 coupon or registered water bonds offered on June
June 4-V. 134. p. 4195
-was purchased by a local investor, at par. Due
15-V.
/
n• 4196-were awarded as 53 is to Sherwood & Merrifield, Inc. of New 134.
$500 from 1933 to 1948 incl. No other bids were received.
York.
at a price of 100.44. a basis of about 5.69%. Dated
June 1 as follows: $2,000 from 1937 to 1948 incl.. and June 1 1932. Due
PENNS GROVE, Salem County, N. J.
-BOND SALE.
-The issue of
$1,000 in 1949.
$41,000 6% street improvement and construction bonds unsuccessfully
ST. JOSEPH SCHOOL DISTRICT (P. 0. St. Joseph),
offered on April 19-V. 134, p. 3137
-has since been purchased at par by
Buchanan
County, Mo.-BOND ELECTION.
-We are informed that an election
local investors. Dated June 1 1932. Due Dec. 31 as follows: $3,000 from
will be held on July 12 in order to have the voters pass on
1933 to 1935 incl.; $4,000. 1936 to 1939; $5,000 in 1940 and 1941, and
the proposed
issuance of 5160.000 in school bonds.
$6.000 in 1942.
SALEM, Essex County, Mass.
-BOND SALE.
-The
PERRY COUNTY (P.O. New Lexington), Ohio.
-BOND OFFERING.
coupon street paving bonds previously offered on May issue of $100,000
Alfred J. Bailey, Clerk of the Board o County Commissioners, will receive
19
owing to a tachnicality in the bond proceedings, -V. 134. but not sold
sealed bids until 12 m. on July 2 for the purchase of $36,500 6% poor relief
ro.
-was
re-offered on June 16 and awarded as 4s to Jackson & Curtis of 4027
bonds, authorized by the State Relief Commission on June 2-V. 134.
Boston, at a
price of 100.422. a basis of about 3.85%. Dated June 1
p. 4360. Bonds will be dated June 1 1932. Due March 1 as follows:
1932. Denona.
$1,000. Due 120.000 on June 1 from 1933 to
$6,500 in 1934; $7,000 in 1935 and 1936. and $8,000 in 1937 and 1938.
(J. & D.) are payable in Boston, or at the office1937 incl. Prin. and int.
of City
Interest is payable semi-annually. Bid._ for the bonds to bear interest at a
G. F. Coker. The bonds will be engraved under the Treasurer Charles
rate other than 6%, expressed in a multiple of .44 of 1%. will also be consnpervision of and
authenticated as to genuineness by the First National Bank
sidered. A certified check for $365, payable to the order of the Board of
of Boston.
Legality to be approved by Storey. Thorndike, Palmer &
County Commissioners, must accompany each proposal.
Bidders were asked to name the rate of interest within a Dodge of Boston.
43.4% limit. The
tenders submitted were as follows:
PINE PLAINS CENTRAL SCHOOL DISTRICT (P. 0. Pine Plains),
BidderDutchess County, N. Y.
-BOND ELECTION.
-A bond election has been
Int. Rate. Rate Bid.
Jackson & Curtis(successful bidder)
called for June 25 at which the voters will pass upon a proposed $300,000
4%
100.422
Merchants National Bank of Salem
school building construction and site acquisition issue.
47
100.138
Naumkeag Trust Co.. Salem
PITTSBURGH, Allegheny County, Pa.
-PROPOSED BOND ISSUE.
100.01
R. L. Day & Co.. Boston
43.
The city is preparing to offer for sale an issue of $1,200,000 43j% public
100.529
F.S. Moseley & Co.,
improvement bonds.
100.273
/tnncial Statement June 1 1932. 44i
B ins
B
The Pittsburgh "Post Gazette" of June 14 reported as follows on the
Assessed valuation for year 1931
action taken by the city council in respect to the issue:
161,229.350
Total bonded debt (inc. this issue)
"After having amended the measure so as to reduce the rate of interest
1,866,000
Water debt(included in above)
the city would pay from 4( to 43(%. council yesterday laid over for
365,000
Sinking funds
printing an ordinance proposing an issue of $1.200,000 funding bonds.
None.
Population, 43.287.
Councilman W. Y. English suggested that the city offer the bonds at
the lower rate.
SAN FRANCISCO (City and County) Callf.-BOND OFFERING.
"The purpose of this issue is to fund floating debt of the city, made up
Sealed bids will be received until 3 p. in. on June 20, by J. S. Dunnigan,
Clerk of the Board of Supervisors, for the purchase of two issues
of contractors claims, damages and other items related to street and
of bonds
sewer improvement projects. As floating debt these obligations bear
aggregating 56,836.000 divided as follows:
6% interest and they are funded at intervals to take advantage of the
15.447.000 Hetch Hetchy water bonds. Int, rate is not to exceed 6%.Paylower interest charges on bonds. The issue, if authorized, will be payable
able J. & D. Dated June 1 1932. Due on June 1 as follows:
in 30 equal annual installments.
$169.000_, 1939 to 1970 and $69,000 in 1971.
(On June 7 the city awarded $300,000
% general impt. bonds to
1,359,000 Hetch Hetchy water bonds. Bonds bear interest at 444%.
Halsey, Stuart & Co. and the Central Republic Co., both of Chicago,
payable J. & J. Dated July 1 1928. Due on July 1 gs follows:
jointly, at 102.04, a basis of about 4.43%.-V. 134, P. 4360.)
$14,000. 1942; $50,000, 1943 to 1952; 145,000, 1953, and $50,1962 to 1977.
PITTSFIELD, Berkshire County, Mass.
-TEMPORARY LOAN.
Following the failure to receive a bid at the formal offering on June 10The larger block is a portion of the 16.500,000 issue approved at the
-the city effected the sale of the $$00,000 temporary
special election held May 3-V. 134, p. 3675. The smaller block of bonds is
V. 134. p. 4026
part of an issue authorized in 1928.
loan privately at 4)4% discount basis to the First National Old Colony
Volume 134
Financial Chronicle
4529
Denom.$1,000. The bonds may be registered as to principal and interest.
Prin. and int. payable, at the option of the holder, at the office of the Treasurer of the City and County,or at the fiscal agency of the City in New York
City. The successful bidder will be furnished with the approving opinion
of Thomson, Wood & Hoffman of New York. The bonds will not be sold
at less than par and accrued interest. A certified check for $10,000, payable to the above named Clerk, must accompany the bid.
For the reason that Retch Hetchy 1932 bonds cannot be printed until
bids are received for the purchase thereof, interim certificates authorized
by resolution of the Board of Supervisors will be delivered to the purchaser. Said :nterim certificates to be exchanged for the definitive bonds
as soon as bonds can be executed. The right is reserved by the Board of
Supervisors to reject any and all bids.
The bonds will be awarded to the bidder or bidders offering to purchase
the same, bearing the lowest rate or rates of interest, and if two or more
bidders offer to purchase the bonds bearing the same lowest rate or rates
of interest, the bonds will be awarded to the bidder offering to purchase
the same, at such rates of interest and in such amounts that the net interest
cost to the City and County of San Francisco of the accepted bid will be
the lowest net interest cost, considering the amount of interest to be paid
on said bonds during the life thereof at the rates specified, and deducting
any premium or premiums bid in addition.
Controller's Financial Statement.
$39.000,000
Spring Valley, 1928(exemptfrom charter limit)
33,000,000
Water,1910(exemptfrom charter limit)
9,250,000
Retch Hetchy,1925(exemptfrom charter limit)
Retch Hetchy. 1928(exemptfrom charterlimit)
21,835.000
1,400.000
Exposition, 1912(exemptfrom charter limit)
-The
-BONDS NOT SOLD.
STRUTHERS, Mahoning County, Ohio.
113,639 17 6% special assessment improvement bonds offered on June 13
,
-were not sold, as no bids were received. Dated July 1
-V. 134, p. 4196
1932. Due Oct. 1 as follows: $727.83 in 1933 and 1934, $727.85 in 1935
and $727.83 in 1936 and 1937.
$104,485.000
50,084,300
$290,353,805
Total
Estimated actual value of property (real, personal and special
771.061.415
franchise)
County tax rate per 8100-1924. 8.34: 1925. 8.34; 1926, $.30; 1927, 8.30;
1928, 8.45; 1929, 3.44; 1930, 8.49; 1931, 8.475.
Statement of Indebtedness as of June 1 1932.
Bonded debt, exclusive of this issue
84,39gign
Sinking fund cash and investments
Other bonds(not exempt)
$154,560,300
Total
The City has no floating indebtedness nor uebt created in anticipation of
taxes. The assessment roll for the current fiscal year is
City and County non-operative property
$1.203,343,830
State operative property after equalization
396.358,633
Total assessment
$1.599,702,463
Property assessed at approximately 50% of its value.
SAN FRANCISCO (City and County),Calif.
-BOND SALEREPORT.
-It is reported that $2.900,000 of the aggregate $3.064,000 of 4
Retch Hetchy water, public parks, squares and boulevards, sewer and
county jail bonds which have been offered for sale without success, some
on April 18, others on April 25, and still others on May 9-V. 134, P.3675have since been sold over-the-counter.
SANTA FE COUNTY (P. 0. Santa Fe), N. Mex.-TAX REPORT.It is stated by Benjamin Ortega, County Treasurer, that taxes totaling
$359,534.17, or 75.79% of the tax roll have been collected. This compares
with a collection total of 81.11% for the same period last year.
-We
SCOTTS BLUFF, Scotts Bluff County, Neb.-BOND SALE.
are informed that a $20,000 issue of refunding bonds has been purchased
recently by the Omaha National Co. of Omaha.
SEQUIN SCHOOL DISTRICT (P. 0. Port Angeles), Clallam
-Sealed bids will be received until
-BOND OFFERING.
County Wash.
June 27;by W. A. Saar, County Treasurer, for the purchase of a $27,500
Issue ofschool bonds. Int. rate is not to exceed 6%.payable semi-annually.
Due in 10 years, optional in 2 years. These bonds were voted at an election
held on May 12.
-J. G.
-BOND OFFERING.
SHERMAN, Chautauqua County N. Y.
Pratt, Village Clerk, will receive sealed bids until 7 p. m. on June 20 for
the purchase of $15,000 5% coupon water works extension bonds, issued
under the provisions of the General Village Lhw. Bonds will be dated
July 1 1932. Denom. $1,000. Due 81.000 on July 1 from 1933 to 1947
incl. Prin. and ann. int. (J 1) are payable at the State Bank of Sherman.
The village reports an assessed valuation for 1931 of $719,993 and a total
debt of 811,500, comprising $10,000 of bonds and a floating debt of $1.500.
Tax rate per $1.000, $36, including the State and county tax of $17.50.
SMITH TOWNSHIP SCHOOL DISRTICT (P. 0. Langeloth),
Washington County, Pa.
-C. A. Wamilton,
-BOND OFFERING.
Secretary of the Board of Directors, will receive sealed bids until 7:30 p. m.
on June 20 for the purchase of 870,0005% refunding bonds. Dated July 1
1932. Denom. $1,000. Due Jan. 1 as follows: $4,000 in 1936; 85,000
from 1937 to 1939 incl.; $6,000 from 1940 to 1944 incl., and $7,000 from
1945 to 1947 incl. Interest is payable in January and July. A certified
check for $500 must accompany each pi oposal. According to the notice of
sale, the bonds will be issued free of all State, county and municipal taxes
assessed in the State. No bids for less than par will be considered.
SOUTHAMPTON UNION FREE SCHOOL DISTRICT NO. 6 (P. 0.
Southampton),Suffolk County, N.Y.-BONDSP UBLICLYOFFERED.
-Batchelder & Co., of New York, offered for public investment on June 11
an istlue of $410,1110 5.70% coupon or registered school bonds at prices to
yield 5.30% for the 1937 to 1943 maturities, 5.407,, for those from 1944
to 1950, and 5.50% for the bonds due from 1951 to 1957. The bonds, according to the bankers, are legal investment for savings banks and trust
funds in New York State. The descriptive advertisement states that the
school tax buiget for the current year is reported as being fully paid to the
School District, and that 1931 village taxes are over 9807 collected.
(Mention of the award of these bonds was made in-V.134, p. 4361.)
-NOTE ISSUANCE.
SOUTH CAROLINA,State of(P.O.Columbia).
-The following report on the issuance of $3,400,000 in tax anticipation
notes by the State, through the Reconst •uction Finance Corporation.
,
aided by the South Carolina National Bank, is taken from the "United
States Daily" of June 16. and supplements the notice of public offering
given in V. 134. p. 4027:
"The State Finance Committee of South Carolina has issued tax anticipation notes in the sum of $3,400,000 through the South Ca-olina State Bank
to the Reconstruction Finance Corporation for credit of $3,400.000 to pay
back-salaries to school teachers, and other school obligations, and to pay
pensions to Confederate veterans. These notes were authorized by the
recent General Assemby and notes were first offered to the public in various
denominations. Then negotiations were started, and successfully concluded
to get the money from the Reconstruction Finance Corporation, through the
South Carolina State Bank.
"In addition, a note of $690,000 was executed to the South Carolina
State Bank, on which no interest will be paid. It was issued, the statement
said. 'to enable the Bank to margin the loan as required by the Reconstruction Corporation.' Proceeds of the note were pledged to the credit of the
State Treasurer in the Bank, which deposit is not to be withdrawn and is
secured. It will be used to retire the 8600,000 note when it matures,
without interest."
SOUTH EUCLID-LYNDHURST VILLAGE SCHOOL DISTRICT
(P.O.South Euclid), Cuyahoga County, Ohlo.-BOND OFFERING.
Paul 11. Prasse, Clerk of the Board of Education, will receive sealed bids
until 12 m.(Eastern standard time) on June 24 for the purchase of $5.000
like amount of bonds that
607 bonds, for the purpose of retiring a ofWred will be dated June became
1 1932
due on June 1 1932. The bonds now
mature $500 on Dec. 1 from 1933 to 1942 incl. Interest will be payable
and
in June and Dec. Bids for the bonds to bear interest at a rate other than
607,expressed in a multiple of X of 1%,will also be considered. A certified
check for $500, payable to the order a the District Treasurer, must accompany each proposal.
-BOND OFFERING.
SPENCER COUNTY (P. 0. Rockport), Ind.
James H. Kirkland, County Treasurer, will receive sealed bids until 10 a. m.
5 for the purchase of 88.883 4% Hammond Twp. road improve,
on July
ment bonds. Dated July 5 1932. Denom. $334.15. Due one bond each
six months from July 15 1933 to Jan. 15 1943.
-BOND OFFERING.
SPRING VALLEY, Rockland County, N. Y.
p. m.
Frank M. Eckerson, Village Clerk, will receive sealed bids until 8exceed
time) on June 29 for the purchase of $39,000 not to
light saving(dy
bonds. Dated July 1 1932. Denom.
6% interest coupon or registered sewer from 1934 to 1952 incl., and $1.000
31,000. Due July 1 as follows; $2,000 in a multiple of ;.‘ or 1-10th of 1%.
interest to be expressed
n 1953. Rate of
Principal and interest(Jan .and July) are payable at the office of the Village
Treasurer, or at the Chase National Bank, of New York. A certified check
of the Village, must ac
far 2% of the bonds bid for, payable to the orderof Hawkins, Delafield &
=Any each proposal. The approving opinion
York, will be furnished the successful bidder.
ceo="••ub.ellow, of New
STUART INDEPENDENT SCHOOL DISTRICT (P. 0. Stuart),
-The $8,000 issue of school
-BOND DETAILS.
Guthrie County, Iowa.
bonds that was purchased by the First National Bank of Shannon City
as 43•is, at a price of 100.325-V. 134, p. 4361-is due in 5 years, giving
a basis of about 4.43%•
-BOND OFFERING.
SUFFOLK COUNTY (P.O. Riverhead), N. Y.
Mks T. Terry, County Treasurer, will receive sealed bids until 2 p. m.
(daylight saving time) on June 23 for the purchase of 8550.000 not to exceed
6% interest coupon or registered highway bonds. Dated July 1 1932.
Denom.$1,000. Due July 1 as follows: 820,000 from 1933 to 1937 incl.. and
$30,000from 1938 to 1952 incl. Rate of interest to be expressed in a multiple
of 3.4 of 1% and must be the same for all of the bonds. Principal and interest
(Jan. and July) are payable at the Suffolk Trust Co., Riverhead, or at the
Irving Trust Co., New York City. A certified check for $11,000, payable
to the order of the County Treasurer, must accompany each proposal.
The approving opinion of Clay. Dillon & Vandewater, of New.York, will
be furnished the successful bidder.
Financial Statement.
1931 assessed value of real property, incl. special franchise_ _ _ 3290.089.905
263,900
Assessed value of personal property
Net bonded debt
No water bonds. Population, Census of 1930. 160.871.
$4,395.000
-TAX COLLECTIONS.
SYRACUSE, Onondaga County, N. Y.
,,
City Treasurer Latterner has reported that tax c llections for the first
about $1.000,000 in excess of
Installment period ended May 31 have been
advance estimates, while collections for city purposes have amounted to
approximately $5,365,000 of the total city tax budget of 810.315.667.
-BONDS AUTHORIZED -At a
TACOMA, Pierce County, Wash.
meeting on June 8 the City Commissioners passed an ordinance providing
for the issuance of $500,000 in 6% bonds to replenish the general fund of
the city.
-At a
-BONDS AUTHORIZED.
TAMPA, Hillsborough County, Fla.
special meeting of the Board of Aldermen held on June 9, resolutions were
adopted authorizing the city to borrow $350,000 against the new tax roll.
An issue of 6% tax anticipation notes was purchased by the Exchange and
First National Banks, and the First Savings & Trust Co. It is said that
bids on the loan were opened in the Mayor's office.
-BOND OFFERING.
TARRYTOWN, Westchester County, N. Y,
J. Wyckoff Cole, Village Clerk, will receive sealed bids until 8 P. m. (daylight saving time) on June 29 for the purchase of $141,500 not to exceed
5% interest coupon or registered bonds, divided as follows:
$50,000 Andre Brook impt. bonds. Due July 1 as follows: $2,000 from 1933
to 1942 incl. and. $3,000 from 1943 to 1952 incl.
47,000 Central Ave.impt. bonds. Due July 1 as follows:$2,000 from 1933
to 1945 incl. and $3,000 from 1946 to 1952 incl.
32.000 Leroy Ave. impt. bonds. Due July 1 as follows: $2.000 from 1933
to 1944 incl. and $1,000 from 1945 to 1952 incl.
12,500 road impt. bonds. Due July 1 as follows: $1,500 in 1933 and $1.00
from 1934 to 1944 incl.
Each issue is dated July 11932. The issues of $50,000 and $47,000 were
,
previously offered on Dec. 28. at which time the bids submitted were rejected-V. 134, p. 166. Bidder to name the rate of interest in a multiple
of) of 1%. which must be the same for all of the issues offered. Principal
and interest (January and July) are payable at the Washington Irving
Trust Co. and the Tarrytown National Bank, both of Tarrytown. A
certified check for 2% of the bonds bid for is required. The approving
opinion of Reed, Hoyt & Washburn of New York will be furnished the
successful bidder.
-CITY NEGOTIATING FOR SALE
TOLEDO, Lucas County, Ohio..
-It is reported that Carl Tillman. Acting Finance Director,
OF BONDS.
has been negotiating with New York bankers for the sale of approximately
$1,846,062 bonds and notes,including a 8500.0006% refunding issue. The
city has been temporarily embarrassed financially as a result of the tieing up
of $1,250,000 municipal funds on deposit in closed institutions.
-The two issues
-BOND SALE.
TOPEKA, Shawnee County, Kan.
% coupon bonds aggregating 8163.097.40. offered for sale on June 14
of
-were awarded to the Columbian Securities Corp. of
-V. 134, p. 4196
Topeka, at a price of 100.49, a basis of about 4.40%. The issues are
divided as follows:
$90,259.52 paving bonds. Due from July 15 1933 to 1942 incl.
72.837.88 sewer bonds. Due from July 15 1933 to 1942 incl.
The following is a complete, official list of the bids received:
The Columbian Securities Corp., Topeka, for both issues, par, accrued
int. tu date of delivery, plus a premium of $4.92 per 81.000.
Halsey. Stuart & Co.. Chicago, and Baum, Bernheimer Co. of Knasas
City, Mo., Jointly, on both issues par, accrued int, to date of delivery,
plus a premium of $685.
Mercantile-Commerce Co., St. Louis, Mo., on both issues, a total sum
of $163,699.23.
Chase Harris Forbes Corp., for both issues, a total sum of 8163,586.69
and accrued int, to date of delivery.
First Union Trust & Savings Bank, Chicago. and Prescott-Wright,
Snider Co. of Kansas City, Mo., jointly, on both issues, par, accrued int.
to date of delivery plus a premium of $1.80 per $1,000.
Central Trust Co., Topeka, and Harris Trust & Savings Bank, Chicago,
jointly, on both issues, par, accrued int. to date of delivery, plus a premium
of $1.77 per $1,000.
Northern Trust Co. and the City Bank of Kansas City, Mo., jointly,
on both Issues, par, accrued int, to date of delivery, plus a premium of
$0.71 Per $1,000.
Stern Brothers & Co., Kansas City, Mo., par, accrued int, to date of
delivery, on both issues, less $6.65 per 81,011.
Commerce Trust Co. and Stern Brothers & Co. jointly, on Series No.
1932-428 issue, par, accrued int, to date of delivery, less a commission of
$361.
Commerce Trust Co. and Stern Brothers & Co., jointly, on series No.
1932-430 issue, par accrued int. to date of delivery less a commission
of $278.
TRUXTON CENTRAL SCHOOL DISTRICT (P. 0. Truxton),
-Anna R. Wallace, Clerk
-BOND ELECTION.
Cortland County, N. Y.
of the Board of Education, reports that an election has been called for June
23 to permit of the consideration of a proposed $165,000 school building
construction bond issues.
TUSCALOOSA COUNTY(P.O.Tuscaloosa), Ala.-BONDSSOLD.We are now informed that the $75,000 issue of refunding courthouse bonds
-has since been puroffered unsuccessfully on June 4-V. 134. p. 4362
chased by Steiner Bros. of Birmingham as 6s. Dated July 1 1932. Due
$2,000 from 1935 to 1937. and $3,000, 1938 to 1960. all incl. Prin. and
int. (J. & J.) payable at the Guaranty Trust Co. in New York. Legality
to be approved by Storey, Thorndike, Palmer & Dodge of Boston.
TUSCARAWAS COUNTY (P. 0. New Philadelphia), Ohio.
-The county has received permission from both
BONDS AUTHORIZED.
the State Relief Commission and the State Tax Commission to issue $92,
604.17 poor relief bonds.
UPPER DARBY TOWNSHIP (P. 0. Upper Darby), Delaware
-The township received a price of 100.77
-PRICE PAID.
County, Pa.
%
for the issue of $200,000 4j coupon improvement bonds recently pur
4530
Financial Chronicle
chased by M. M. Freeman & Co. of Philadelphia-V. 134, p. 4362. Interest coast basis about 4.69%. Bonds are dated July 1 1932 and mature on
July 1 as follows: $20,000. 1942; $30,000, 1947; $40,000. 1952; $50,000
in 1957, and $60.000 in 1962.
VALLEY TOWNSHIP SCHOOL DISTRICT (P. 0. Coatesville),
Chester County, Pa.
-BOND OFFERING.
-Sealed bids addressed to the
Secretary of the Board of Education will be received until June 29 for the
purchase of $40,000 4%% school bonds.
VERONA, Allegheny County, Pa.
-BOND ELECTION.
-A proposal
to issue $200,000 funding bonds will be considered at an election to be held
on July 26.
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND OFFERING.
J. F. Shandy, County Treasurer, will receive sealed bids until 10 a. m. on
June 22 for the purchase of $2,800 5% Nevins Twp. road impt. bonds.
Dated June 15 1932. Denom. $140. Due one bond each six months from
July 15 1933 to Jan. 15 1943.
WASHBURN, McLean County, N. Dak.-BONDS VOTED.
-At
the election held on June 9-V. 134, p. 4196
-the voters approved the
issuance of$3,000 in 5% water works bonds by a large majority.
WASHINGTON,Franklin County, Mo.-BOND OFFERING.
-Sealed
bids will be received until 5 p. m. on June 20 (to be opened at 8 p. m.), by
Frederick H. Bauznann, City Olerk, for the purchase of a $30,000 issue of
5% coupon public sanitary sewer bonds. Denom. $500. Dated July
1 1932. Bidders must submit prices for the purchase of said bonds a.
follows:
1. Upon callable bonds. known in the bond market as 5-20 bonds, the
city reserving the right after five years from the date of the issuance of
said bonds to call any or all of said series at par with accrued interest.
2. Upon bonds known in the bond markets as "serial." The manner
of retiring said bonds shall be according to schedule on file in the City
Clerk's office, except as herein set out.
Under this call and notice $25,000 worth of said bonds will be sold to the
highest and best bidder, and the successful bidder shall bind himself to
purchase so much ofthe remainder ofsaid issue, if and when the city council
authorizes the same, at the same price and terms as paid for the first issue,
and provided that the council so authorizes the same within 60 days from
the date of said bonds.
Prin. and int. payable at the City Treasurer's office, or at the Boatmens'
National Bank in St. Louis. The legal approval of B. H. Charles of St.
Louis, will be furnished.
WAITE HILL, Ohio.
-BOND OFFERING.
-D. R. Hanna Jr., Village
Clerk, will receive sealed bids until 12 M. on June 30 for the purchase of
$3,385.55 57 road improvement bonds. Dated June 30 1932. One bond
0
for $385.55. others for $500. Due Dec. 30 as follows: $1,000 in 1933 and
1934. and $1,385.55 in 1935. Interest is payable in June and Dec. Bid;
for the bonds to bear interest at a rate other than 57 expressed in a multiple of y, of 1%. will also be considered. A certified check for 1% of the
bonds bid for, payable to the order of the Village Treasurer, must accompany
each proposal.
WASECA, Waseca County, Minn.
-BONDS VOTED.
-It is reported
that at an election held on June 7 the voters approved a proposal to issue
15.000 in unemployment relief bonds by a small majority.
WATERTOWN, Middlesex County, Mass.
-NO BIDS.
-At a recent
offering of a $200.000 temporary loan, to mature on Dec. 28 1932. the
city failed to receive a bid.
WAUSHARA COUNTY(P.O. Wautoma), Wis.-BONDS1VOTSOLD.
-The $448,000 issue of43 7 semi-ann. highway bonds offered on May 28°
-was not sold as the only told received was rejected, accordV. 134. p. 4028
ing to the County Clerk. Due on March 1 1941.
WAYNE COUNTY (P. 0. Wooster), Ohio.
-PROPOSED BOND
ISSUE.
-The State Relief Commission has under considerat on the application of the county for authority to issue $34,750 unemployment relief
bonds, in accordance with the provisions of the Espy-Roberts bond act.
0. V. Gardner, Chairman of the Board of County Commissioners, proposes to distribute $18,750 of the proceeds among 12 townships, the remainder going to the city of Wooster.
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-CERTIFI-Charles M. Miller, County Treasurer, reports that the
CATE SALE.
County Trust Co. of White Plains purchased on June 14 an issue of $80,000
unemployment work relief certificates of indebtedness as 448 at par.
Dated June 15 1932. Denom.$5,000. Due $20.000 on June 15 from 1933
to 1936 incl. Principal and interest (June and December) are payable
at the County Treasurer's office. Legality approved by Hawkins, Delafield & Longfellow of New York. The county received the following bids
for the issue:
Bidder.
Int. Rate. Rate Bid.
County Trust Co., White Plains (purchaser)
Par
4Si.%
R. W. Pressprich & Co
Par
44%
Salomon Bros. & Hutzler
100.05
53 %
WHEATLAND, Platte County, Wyo.-BOND OFFERING.
-Sealed
bids will be received until 7.30 p. m. on June 27, by Charles Lundy, Town
Clerk, for the purchase of a $13,000 issue of fire station bonds. Int. rate
Is not to exceed 5%, payable J. & J. Denom. $500. Dated July 11932.
Due on July 1 1962, and optional after July 11942. Prin. and int. payable
at the office of the Town Treasurer. Said bonds will not be sold for lea
than par value. The approving opinion of Pershing, Nye, Tallmadge,
Bosworth & Dick. of Denver, will be furnished. A certified check for
5% of the amount bid, payable to the Town Treasurer,is required. (These
bonds were voted on May 10-V. 134, p. 3862.)
WILDWOOD, Cape May County, N. J.
-PAYMENT OF BOND
INTEREST DELAYED.
-It Is reported that the city commissioners are
delaying in the payment of interest due June 8 on $430,000 beach front
purchase bonds, pending the outcome of new litigation attacking the validity
of title to the beach property of the persons from whom the city purchased
the land. Joseph Clark, City Treasurer, has stated that the action is not a
repudiation of the issue by the city, but a safeguarding of the municipal
interests until the current suits are settled. The money has already been
set aside by the city.
It was reported on June 13 that application has been made in Supreme
Court for a writ of mandamus to compel the city to pay the bond int,
In question. The application was applied for on behalf of Charles Norton,
who through his attorney, claims the bondholders are not interested in
what the city bought, but hold legal promises to pay, and as holders of
this paper are entitled to their money. The City Commissioners, however. contend the bond issue is tied up tightly with the entire controversy
and that they are safeguarding the taxpayers' interests by withholding
payment until the land question has been judicially settled.
WILMINGTON, New Hanover County, N. C.
-BONDS AUTHOR-The issuance of $175,000 in refunding bonds is reported to have
IZED.
recently been authorized by the city.
WICHITA, Sedgwick County, Kan.
-BOND SALE.
-The $84.882.79
Issue of 43. % coupon semi-ann. internal impt. sewage disposal bonds
offered for sale on June 13-V. 134, p. 4362
-was awarded to Stern Bros. &
Co. of Kansas City, at a price of 99.626, a basis of about 4.55%. Dated
June 1 1932. Due in from 1 to 20 years.
WILLCOX, Cochlea County, Ariz.
-BONDS DEFEATED.
-At the
election held on May 23-V. 134, p. 3323
-the voters rejected the proposal
to issue $72.000 in bonds, divided as follows: $54,000 water, and $18,000
sewer bonds.
WOODBURY COUNTY (P. 0. Sioux City), Iowa.
-BOND OFFERING.
-Sealed bids will be received until 2 p. m. on June 27, by Norman
H. Nelson, County Treasurer, for the purchase of an issue of $100,000
funding bonds. Interest rate is not to exceed 5%, payable M. & N.
Dated March 11932. Due on Nov. 1 as follows: $17.000, 1936 to 1940.
and $15,000 in 1941. Open bids will be considered when all sealed bids
have beed filed. The approving opinion of Chapman & Cutler of Chicago,
will be furnished. A certified check for $2,500 payable to the County
Treasurer, must accompany the bid.
WORCESTER, Worcester County, Mass.
-BOND OFFERING.
Harold J. Tunison, City Treasurer and Collector of Taxes, will receive
sealed bids until 12 M.(daylight saving time) on June 20 for the purchase
of $335,000 4% registered municipal memorial auditorium bonds. Due
$67,000 on Jan. 1 from 1938 to 1942 incl. Prin. and int. (J. & J.) are
-mentioned official. Legal opinion of
payable at the office of the above
Ropes, Gray, Boyden & Perkins of Boston will be furnished the successful
bidder.
June 18 1932
WRIGHT COUNTY (P. 0. Clarion), lowa.-BONDSOFFERED.Bids were received until 2 p. m. on June 17. by W.H. Trowbridge, County
Treasurer, for the purchase of a 3300.000 issue of primary road bonds.
Denom. $1,000. Dated July 11932. Due $25,900 from May 1 1934 to
1945 incl. Optional after May 1 1938. Int. payable annually. The
approving opinion of Chapman & Cutler of Chicago, will be furnished by
the County, purchaser to furnish blank bonds. These bonds are part of
the $1,400,000 issue voted at the election on April 23-V. 134, p. 3324.
_ _WYANDOTTE COUNTY(P.O. Kansas City), Kan.
-BOND OFFERING.
-Sealed bids will be received until 2 p. m. on June 23, by William
Beggs, County Clerk. for the purchase of two issues of 4%, 4%; or 5%
special impt. bonds aggregating 322.000. divided as follows:
$8,500 North 38th St. road bonds. Due on July 1 as follows: $1.000, 1933
amd 1934. and $500. 1935 to 1947 incl.
13,500 Series C. H. N. Moore road bonds. Due on July 1 as follows:
$1,000, 1933 to 1944. and $500. 1945 to 1947, all incl.
Dated July 1 1932. Interest payable J. & J. Bonds will be sold subject
to the legal approval of Bowersock, Fizzell St Rhodes of Kansas City, whose
opinion will be furnished by the county. A certified check for 2% of the
total amount of such bid, payable to the Chairman of the Board of County
Commissioners, is required.
YONICERS, Westchester County, N. Y.
-BOND OFFERING.
James E. Hushion, City Comptroller, will receive sealed bids until 12 m.
(daylight saving time) on June 23 for the purchase of 32,420,000 not to
exceed
interest coupon or registered bonds, divided as follows:
$660,000 series A general impt. bonds. Due 3330,000 June 1 in 1936 and
6%1937.
575,000 revenue bonds. Due June 11936.
405,000 series C local impt. bonds. Due June 1 as follows: $30,000 front
1934 to 1943 incl., and $35,000 from 1944 to 1946 incl.
300,000 series A assessment bonds. Due $30,000 June 1 from 1933 to
1942 incl.
250.000 series A funding bonds. Due $50.000 June 1 from 1933 to 1937 incl.
170,000 series B funding bonds. Due $34,000 on June 1 from 1933 to
1937 incl.
60,000 school bonds. Due $5,000 on June 1 from 1934 to 1945 incl.
Each issue is dated June 1 1932. Denom. $1,000. Principal and interest
(April and Oct.) are payable at the City Treasurer's office. Bidiler to name
the rate of interest in a multiple of % of 1%,and, although, different rates
may be named on different issues, no split rate bids on any one issue will
be considered. A certified check for 2% of the amount of bonds bid for,
payable to the order of the City Comptroller, must accompany each proposal. The approving opinion of Hawkins, Delafield & Longfellow, of
New York, will be furnished the successful bidder.
YOUNGSTOWN, Mahoning County, Ohio.
-BONDS AUTHORIZED.
-The council recently adopted an ordinance providing for the issuance of $86,326.15 6% special assessment improvement bonds, to be dated
June 1 1932. One bond for $326.15, others for $1.000. Due Oct. 1
as follows: $8,326.15 in 1933; $8,000 from 1934 to 1936 incl., and $9,000
from 1937 to 1942 incl. Principal and Ltterest (April aid Oct.) will be
payable at the office of the Trustees of the sinking fund.
CANADA, its
Provinces and Municipalities
DUFFERIN COUNTY (P. 0. Box 210, Orangeville), Ont.-BOND
OFFERING.
-James Henderson, County Treasurer, will receive sealed bids
until 12 in. on June 20 for the purchase o f$65,000 6% coupon bonds, due
serially from 1932 to 1952 incl. Interest to be payable annually.
FOREST HILL, Ont.-BOND SALE.
-The Dominion Securities Corp.,
of Toronto, has purchased an issue of $423,782 improvement bonds, bearing
Interest at the rates of 5 and 67, at a price of 95.48. The bonds mature
in 5, 10, 15 and 20 annual installments.
GUELPH, Ont.--BOND SALE.
-Wood, Gundy & Co. of Toronto
have purchased an issue of $145,000
% bonds, due in 10 years.
-An issue of $60,000 6% Hamilton
HAMILTON, Ont.-BOND SALE.
Separate School bonds has been purchased by Dyment, Anderson & Co.,
of Toronto, at a price of 96.50. a basis of about 6.31%. Issue matures on
Dec. 1 1951.
MONCTON, Ont.-BOND SALE.
-An issue of $19,000 4% bonds
has been purchased by the city's sinking fund. Due in 20 years.
KINCARDINE, Ont.-BONDS NOT SOLD.
-W. Butler, TOWII Clerk.
reports that bids received at an offering on June 11 of $16,355 6% 8
-year
average maturity improvement bonds were rejected.
KITCHENER, Ont.-BOND SALE.
-A syndicate composed of the
Dominion Securities Corp., A. E. Ames & Co.. Griffis, Fairclough Sr Noraworthy,and the Dominion Bank,all of Toronto, has purchased the following
bond issues aggregating $569,970:
3227,5505% improvement bonds. Due on Dec. 1 from 1932 to 1960 incl.
183,695 6% improvement bonds. Due on March 15from 1933 to 1952 incl.
158.725 6% improvement bonds. Due on Dec. 1 from 1932 to 1961 incl.
Re-offering of the bonds for general investment is being made at prices
to yield from 6 to 6.10%.
MONTREAL, Que.-SYNDICATE MAKES PUBLIC OFFERING OF
-CITY ALSO ISSUES $5,000.000 SHORT-TERM
$9,415.500 BONDS
TREASURY BONDS.
-A comprehensive syndicate of Canadian banks
and investment houses, under the leadership of the Bank of Montreal,
made public offering on June 14 of $9,415,500 6% coupon (registerable
as to principal) bonds at a price of par and accrued interest. In addition
to this issue, the bankers have also purchased $5,000.000 6% Treasury
bonds, dated April 15 1932 and due $2.500,000 on Oct. 15 in the years
1933 and 1934. On June 16 it was reported that virtually all of the bonds
had been subscribed for. The short-term loans have not been placed
on the market.
The $9,415,500 bonds are dated May 15 1932 and will mature $3,949,500
on May 15 1940 and $5,466,000 on May 15 1944. This latter amount will
be used to refund an issue of Montreal Water & l'ower Co. bonds, now an
obligation of the city. The remainder of the proceeds, comprising the
15,000,000 Treasury bonds and the balance of the issue now offered for
investment, will be used for unemployment work relief and other municipal
purposes. The bonds being offered by the bankers are in denominations of
31,000 and 3500, and are payable as to principal and interest (May and
Nov. 15) in lawful money of Canada at the office of the City Treasurer or
at the principal office of the Bank of Montreal or the Banque Canadienne
Nationale in the city of Quebec. or at the principal office of the Bank of
Montreal in the cities of Toronto, Winnipeg, Vancouver, Halifax and
St. John, N. B. L3gal opinion of Meredith, Holden, Howard & Holden
for the bankers toll Charles Laurendeau for the city.
Those concernei in the underwriting of the bonds are as follows: Bank
of Montreal; Banque Canadienne Nationale; The Royal Bank of Canada:
The Canadian Bank of Commerce; The Bank of Nova Scotia; La Banque
Provinciale du Canada; A. E. Ames & Co. Ltd.' Dominion Securities
Corp., Ltd.; Wood, Gundy & Co., Ltd.; HansOn Bros., Inc.; Royal Securities Corp., Ltd.; Nesbitt, Thomson & Co., Ltd.; McLeod, Young, Weir
,
& Co., Ltd.; The National CitA Co., Ltd.; Harris, Forbes & Co., td.;
L. G. Beaublen & Co., Ltd.; Drury & Co.; Ernest Bayard, Ltd.;'W. C.
Pitfleld & Co.: F. W. Kerr & Co.; Fry, Mills, Spence & Co., Ltd.: Bell.
Goulnlock & Co., Ltd.; Credit Anglo-Francais, Ltd.; Mead & Co., Ltd.:
Hannaford, Birks & Co., Ltd.: Geoffrion &Rainville; R. A. Daly & Co..
Ltd.; Societe de Placements du Canada; Collier, Norris & Henderson, LtdRene-T. Leclerc, Inc.; Williams, Partridge & Angus. Ltd.; A. S. McNichols
.St Co., Ltd.; Hodgson Bros. & Co., Ltd.; Greenshields & Co. Inc.; Societe
Generale de Finance, Inc:: John Gordon,Inc.; Lajole, Robitaille & Cie Ltee;
Geo. Beausoleil & Cie.
MONTREAL METROPOLITAN COMMISSION, Que.-SALE OF
-The Conunission has been authorized
$1,800,000 BONDS AUTHORIZED.
to place on the market an issue of $1,800,000 unemployment relief bonds.
PERTH, Ont.-BOND SALE.
-Local investors have purchased an
issue of $59,144.45 6% impt. bonds, due serially on June 15 from 1934 to
1942 incl.
VERDUN ROMAN CATHOLIC SCHOOL DISTRICT, Que.-BOND
-An issue of 5181,0006% bonds has been purchased by A. E. Ames
SALE.
& Co. of Montreal at a price of 98. a basis of about 6.75%. The bonds
mature in from 1 to 5 years.
@FedFRASER